N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08839

SPDR^® SERIES TRUST

(Exact name of registrant as specified in charter)

One Lincoln Street, Boston, MA 02111

(Address of principal executive offices) (zip code)

Ryan M. Louvar, Esq.
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
(Name and address of agent for service)

Copy to:

W. John McGuire, Esq.
Morgan, Lewis and Bockius LLP
1111 Pennsylvania Ave., NW
Washington, DC 20004

Registrant’s telephone number, including area code: (866) 787-2257

Date of fiscal year end: June 30

Date of reporting period: December 31, 2011

Item 1: Reports to Shareholders

SPDR^® Series Trust — Equity Funds Semi-Annual Report December 31, 2011 Precise in a world that isn’t. SM

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)	7
SPDR S&P 500 Value ETF (SPYV)	10
SPDR Dow Jones Mid Cap ETF (EMM)	13
SPDR S&P 400 Mid Cap Growth ETF (MDYG)	16
SPDR S&P 400 Mid Cap Value ETF (MDYV)	19
SPDR S&P 600 Small Cap ETF (SLY)	22
SPDR S&P 600 Small Cap Growth ETF (SLYG)	25
SPDR S&P 600 Small Cap Value ETF (SLYV)	28
SPDR Global Dow ETF (DGT)	31
SPDR Dow Jones REIT ETF (RWR)	34
SPDR S&P Bank ETF (KBE) (formerly SPDR KBW Bank ETF)	37
SPDR S&P Capital Markets ETF (KCE) (formerly SPDR KBW Capital Markets ETF)	40
SPDR S&P Insurance ETF (KIE) (formerly SPDR KBW Insurance ETF)	43
SPDR S&P Mortgage Finance ETF (KME) (formerly SPDR KBW Mortgage Finance ETF)	46
SPDR S&P Regional Banking ETF (KRE) (formerly SPDR KBW Regional Banking ETF)	49
SPDR Morgan Stanley Technology ETF (MTK)	52
SPDR S&P Dividend ETF (SDY)	55
SPDR S&P Aerospace & Defense ETF (XAR)	58
SPDR S&P Biotech ETF (XBI)	59
SPDR S&P Health Care Equipment ETF (XHE)	62
SPDR S&P Health Care Services ETF (XHS)	65
SPDR S&P Homebuilders ETF (XHB)	66
SPDR S&P Metals & Mining ETF (XME)	69
SPDR S&P Oil & Gas Equipment & Services ETF (XES)	72
SPDR S&P Oil & Gas Exploration & Production ETF (XOP)	75
SPDR S&P Pharmaceuticals ETF (XPH)	78
SPDR S&P Retail ETF (XRT)	81
SPDR S&P Semiconductor ETF (XSD)	84
SPDR S&P Software & Services ETF (XSW)	87
SPDR S&P Telecom ETF (XTL)	88
SPDR S&P Transportation ETF (XTN)	91
SPDR Wells Fargo® Preferred Stock ETF (PSK)	94
Schedules of Investments
SPDR Dow Jones Total Market ETF (TMW)	97
SPDR Dow Jones Large Cap ETF (ELR)	108
SPDR S&P 500 Growth ETF (SPYG)	117
SPDR S&P 500 Value ETF (SPYV)	121
SPDR Dow Jones Mid Cap ETF (EMM)	126
SPDR S&P 400 Mid Cap Growth ETF (MDYG)	132

SPDR S&P 400 Mid Cap Value ETF (MDYV)	136
SPDR S&P 600 Small Cap ETF (SLY)	140
SPDR S&P 600 Small Cap Growth ETF (SLYG)	148
SPDR S&P 600 Small Cap Value ETF (SLYV)	153
SPDR Global Dow ETF (DGT)	159
SPDR Dow Jones REIT ETF (RWR)	162
SPDR S&P Bank ETF (KBE)	164
SPDR S&P Capital Markets ETF (KCE)	165
SPDR S&P Insurance ETF (KIE)	166
SPDR S&P Mortgage Finance ETF (KME)	167
SPDR S&P Regional Banking ETF (KRE)	168
SPDR Morgan Stanley Technology ETF (MTK)	169
SPDR S&P Dividend ETF (SDY)	170
SPDR S&P Aerospace & Defense ETF (XAR)	172
SPDR S&P Biotech ETF (XBI)	173
SPDR S&P Health Care Equipment ETF (XHE)	174
SPDR S&P Health Care Services ETF (XHS)	175
SPDR S&P Homebuilders ETF (XHB)	176
SPDR S&P Metals & Mining ETF (XME)	177
SPDR S&P Oil & Gas Equipment & Services ETF (XES)	178
SPDR S&P Oil & Gas Exploration & Production ETF (XOP)	179
SPDR S&P Pharmaceuticals ETF (XPH)	180
SPDR S&P Retail ETF (XRT)	181
SPDR S&P Semiconductor ETF (XSD)	183
SPDR S&P Software & Services ETF (XSW)	184
SPDR S&P Telecom ETF (XTL)	186
SPDR S&P Transportation ETF (XTN)	187
SPDR Wells Fargo® Preferred Stock ETF (PSK)	188
Financial Statements	192
Financial Highlights	222
Notes to Financial Statements	250
Other Information	267

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, 2011 is 0.20%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					DOW JONES U.S.						DOW JONES U.S.
	NET ASSET		MARKET		TOTAL STOCK MARKET		NET ASSET		MARKET		TOTAL STOCK MARKET
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		−4.68%		−4.73%		−4.96%		N/A		N/A		N/A
ONE YEAR		1.01%		0.87%		1.08%		1.01%		0.87%		1.08%
THREE YEARS		51.35%		51.04%		52.70%		14.81%		14.73%		15.16%
FIVE YEARS		0.87%		0.57%		1.23%		0.17%		0.11%		0.24%
TEN YEARS (1)		36.02%		35.78%		46.09%		3.12%		3.11%		3.86%

(1) Effective June 14, 2005, the Fund has changed its benchmark index to the Dow Jones U.S. 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.

1

SPDR Dow Jones Total Market ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1) Effective June 14, 2005, the Fund changed its benchmark index to the Dow Jones U.S. 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

SPDR Dow Jones Total Market ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

			INTERNATIONAL
DESCRIPTION	EXXON MOBIL CORP.	APPLE, INC.	BUSINESS MACHINES CORP.	CHEVRON CORP.	MICROSOFT CORP.
MARKET VALUE	$5,057,290	4,332,690	2,612,567	2,545,939	2,420,251
% OF NET ASSETS	3.1	2.6	1.6	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, 2011*

	PERCENT OF
INDUSTRY**	NET ASSETS
Oil, Gas & Consumable Fuels		9.5	%
Pharmaceuticals		5.4
Computers & Peripherals		4.1
Insurance		3.7
Software		3.6
IT Services		3.4
Media		3.4
Commercial Banks		2.8
Machinery		2.6
Real Estate Investment Trusts		2.6
Semiconductors & Semiconductor Equipment		2.6
Specialty Retail		2.5
Health Care Providers & Services		2.5
Diversified Telecommunication Services		2.4
Aerospace & Defense		2.4
Hotels, Restaurants & Leisure		2.3
Diversified Financial Services		2.3
Food & Staples Retailing		2.2
Energy Equipment & Services		2.2
Beverages		2.1
Household Products		2.1
Communications Equipment		2.1
Chemicals		2.1
Industrial Conglomerates		2.0
Electric Utilities		1.9
Food Products		1.8
Health Care Equipment & Supplies		1.8
Biotechnology		1.8
Tobacco		1.8
Internet Software & Services		1.7
Capital Markets		1.6
Multi-Utilities		1.1
Road & Rail		1.1
Metals & Mining		1.0
Multiline Retail		0.9
Electronic Equipment, Instruments & Components		0.8
Air Freight & Logistics		0.8
Internet & Catalog Retail		0.7
Consumer Finance		0.7
Electrical Equipment		0.7
Textiles, Apparel & Luxury Goods		0.6
Commercial Services & Supplies		0.6
Life Sciences Tools & Services		0.6
Wireless Telecommunication Services		0.5
Household Durables		0.5
Auto Components		0.4
Automobiles		0.3
Paper & Forest Products		0.3
Personal Products		0.3
Diversified Consumer Services		0.3
Construction & Engineering		0.2
Independent Power Producers & Energy Traders		0.2
Professional Services		0.2
Trading Companies & Distributors		0.2
Leisure Equipment & Products		0.2
Thrifts & Mortgage Finance		0.2
Containers & Packaging		0.2
Airlines		0.1
Office Electronics		0.1
Distributors		0.1
Water Utilities		0.1
Real Estate Management & Development		0.1
Gas Utilities		0.1
Building Products		0.1
Construction Materials		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.

3

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.

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 Large Cap ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.20%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					DOW JONES U.S.						DOW JONES U.S.
	NET ASSET		MARKET		LARGE-CAP TOTAL		NET ASSET		MARKET		LARGE-CAP TOTAL
	VALUE		VALUE		STOCK MARKET INDEX		VALUE		VALUE		STOCK MARKET INDEX
SIX MONTHS		−4.26%		−4.26%		−4.24%		N/A		N/A		N/A
ONE YEAR		1.60%		1.50%		1.71%		1.60%		1.50%		1.71%
THREE YEARS		49.35%		49.35%		49.91%		14.30%		14.31%		14.45%
FIVE YEARS		0.10%		−0.13%		0.40%		0.02%		−0.03%		0.08%
SINCE INCEPTION (1)		18.70%		18.68%		19.34%		2.83%		2.83%		2.91%

(1) For the period November 8, 2005 to December 31, 2011.

4

SPDR Dow Jones Large Cap ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

5

SPDR Dow Jones Large Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

			INTERNATIONAL
DESCRIPTION	EXXON MOBIL CORP.	APPLE, INC.	BUSINESS MACHINES CORP.	CHEVRON CORP.	MICROSOFT CORP.
MARKET VALUE	$1,167,739	1,071,630	620,963	611,268	556,660
% OF NET ASSETS	3.3	3.0	1.8	1.7	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil, Gas & Consumable Fuels		9.9	%
Pharmaceuticals		5.9
Computers & Peripherals		4.3
Insurance		3.9
IT Services		3.7
Software		3.6
Media		3.3
Diversified Telecommunication Services		2.7
Commercial Banks		2.5
Diversified Financial Services		2.5
Beverages		2.4
Industrial Conglomerates		2.4
Real Estate Investment Trusts		2.4
Semiconductors & Semiconductor Equipment		2.4
Chemicals		2.3
Aerospace & Defense		2.3
Food & Staples Retailing		2.2
Household Products		2.2
Hotels, Restaurants & Leisure		2.1
Health Care Providers & Services		2.1
Specialty Retail		2.1
Communications Equipment		2.0
Machinery		2.0
Electric Utilities		2.0
Energy Equipment & Services		2.0
Food Products		1.9
Internet Software & Services		1.9
Tobacco		1.9
Health Care Equipment & Supplies		1.8
Capital Markets		1.7
Multi-Utilities		1.5
Biotechnology		1.5
Metals & Mining		1.0
Road & Rail		0.9
Internet & Catalog Retail		0.8
Air Freight & Logistics		0.8
Multiline Retail		0.8
Consumer Finance		0.7
Textiles, Apparel & Luxury Goods		0.7
Electrical Equipment		0.6
Electronic Equipment, Instruments & Components		0.6
Automobiles		0.5
Commercial Services & Supplies		0.5
Wireless Telecommunication Services		0.5
Life Sciences Tools & Services		0.4
Auto Components		0.4
Household Durables		0.3
Professional Services		0.2
Construction & Engineering		0.2
Containers & Packaging		0.2
Personal Products		0.2
Gas Utilities		0.2
Independent Power Producers & Energy Traders		0.2
Trading Companies & Distributors		0.2
Paper & Forest Products		0.2
Airlines		0.2
Diversified Consumer Services		0.1
Distributors		0.1
Thrifts & Mortgage Finance		0.1
Leisure Equipment & Products		0.1
Real Estate Management & Development		0.1
Office Electronics		0.1
Building Products		0.1
Health Care Technology		0.1
Water Utilities		0.1
Construction Materials		0.1
Short Term Investments		8.7
Other Assets & Liabilities		(8.4	)
TOTAL		100.0	%

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

6

SPDR S&P 500 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. 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 S&P 500 Growth ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.20%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P 500		NET ASSET		MARKET		S&P 500
	VALUE		VALUE		GROWTH INDEX		VALUE		VALUE		GROWTH INDEX
SIX MONTHS		−2.09%		−2.10%		−2.00%		N/A		N/A		N/A
ONE YEAR		4.43%		4.38%		4.65%		4.43%		4.38%		4.65%
THREE YEARS (1)		66.56%		66.55%		58.42%		18.54%		18.53%		16.57%
FIVE YEARS (1)		15.35%		15.17%		12.51%		2.90%		2.87%		2.38%
TEN YEARS (1)		20.01%		19.54%		23.46%		1.84%		1.80%		2.13%

(1) Effective December 17, 2010, the Fund has changed its benchmark index to the S&P 500 Growth Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to December 17, 2010.

7

SPDR S&P 500 Growth ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1) Effective December 17, 2010, the Fund has changed its benchmark index to the S&P 500 Growth Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.

8

SPDR S&P 500 Growth ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

			INTERNATIONAL BUSINESS	JOHNSON &	GOOGLE, INC.
DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	MACHINES CORP.	JOHNSON	(CLASS A)
MARKET VALUE	$12,581,730	8,687,900	7,249,653	5,986,798	5,451,396
% OF NET ASSETS	6.1	4.2	3.5	2.9	2.6

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil, Gas & Consumable Fuels		9.6	%
Pharmaceuticals		7.4
Computers & Peripherals		6.9
IT Services		6.5
Software		4.6
Beverages		4.4
Household Products		3.5
Hotels, Restaurants & Leisure		3.2
Internet Software & Services		3.1
Chemicals		3.1
Aerospace & Defense		3.1
Energy Equipment & Services		2.9
Tobacco		2.8
Health Care Equipment & Supplies		2.7
Health Care Providers & Services		2.4
Semiconductors & Semiconductor Equipment		2.4
Biotechnology		2.2
Machinery		2.2
Food Products		2.0
Specialty Retail		1.9
Real Estate Investment Trusts		1.8
Communications Equipment		1.8
Media		1.6
Food & Staples Retailing		1.5
Internet & Catalog Retail		1.5
Air Freight & Logistics		1.4
Road & Rail		1.3
Textiles, Apparel & Luxury Goods		1.2
Industrial Conglomerates		1.0
Diversified Telecommunication Services		1.0
Insurance		0.9
Multiline Retail		0.9
Electrical Equipment		0.8
Electric Utilities		0.8
Capital Markets		0.7
Metals & Mining		0.6
Life Sciences Tools & Services		0.5
Multi-Utilities		0.5
Consumer Finance		0.5
Wireless Telecommunication Services		0.4
Trading Companies & Distributors		0.3
Personal Products		0.2
Diversified Financial Services		0.2
Electronic Equipment, Instruments & Components		0.2
Commercial Services & Supplies		0.2
Health Care Technology		0.1
Diversified Consumer Services		0.1
Professional Services		0.1
Distributors		0.1
Leisure Equipment & Products		0.1
Gas Utilities		0.1
Auto Components		0.1
Construction & Engineering		0.1
Automobiles		0.1
Containers & Packaging		0.1
Building Products		0.0	**
Household Durables		0.0	**
Short Term Investments		1.4
Other Assets & Liabilities		(1.1	)
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.

9

SPDR S&P 500 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. 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 S&P 500 Value ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.20%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P 500

NET ASSET

MARKET

S&P 500

VALUE

VALUE

VALUE INDEX

VALUE

VALUE

VALUE INDEX

SIX MONTHS

−5.49%

−5.46%

−5.43%

N/A

N/A

N/A

ONE YEAR

−0.66%

−0.74%

−0.48%

−0.66%

−0.74%

−0.48%

THREE YEARS (1)

34.30%

34.35%

38.80%

10.33%

10.34%

11.55%

FIVE YEARS (1)

−13.25%

−14.10%

−13.96%

−2.80%

−2.99%

−2.96%

TEN YEARS (1)

30.11%

30.11%

41.31%

2.67%

2.67%

3.52%

(1) Effective December 17, 2010, the Fund has changed its benchmark index to the S&P 500 Value Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to December 17, 2010.

10

SPDR S&P 500 Value ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1) Effective December 17, 2010, the Fund has changed its benchmark index to the S&P 500 Value Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.

11

SPDR S&P 500 Value ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	GENERAL				WELLS
DESCRIPTION	ELECTRIC CO.	AT&T, INC.	PFIZER, INC.	EXXON MOBIL CORP.	FARGO & CO.
MARKET VALUE	$5,819,801	5,514,839	5,119,981	4,497,450	4,473,705
% OF NET ASSETS	3.6	3.5	3.2	2.8	2.8

(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, 2011*

	PERCENT OF
INDUSTRY **	NET ASSETS
Oil, Gas & Consumable Fuels		11.0	%
Insurance		6.8
Commercial Banks		5.8
Diversified Financial Services		5.6
Diversified Telecommunication Services		5.1
Pharmaceuticals		4.9
Media		4.9
Industrial Conglomerates		4.4
Electric Utilities		3.6
Food & Staples Retailing		3.4
Capital Markets		3.1
Multi-Utilities		2.6
Communications Equipment		2.4
Semiconductors & Semiconductor Equipment		2.2
Software		2.2
Specialty Retail		2.1
Aerospace & Defense		2.1
Computers & Peripherals		2.0
Food Products		1.9
Machinery		1.8
Health Care Providers & Services		1.7
Real Estate Investment Trusts		1.6
Metals & Mining		1.3
Chemicals		1.2
Consumer Finance		1.1
Tobacco		1.0
Household Products		0.9
Energy Equipment & Services		0.9
Automobiles		0.9
Electronic Equipment, Instruments & Components		0.8
Multiline Retail		0.8
Commercial Services & Supplies		0.8
Hotels, Restaurants & Leisure		0.7
IT Services		0.7
Health Care Equipment & Supplies		0.7
Internet Software & Services		0.7
Beverages		0.6
Air Freight & Logistics		0.6
Paper & Forest Products		0.5
Auto Components		0.5
Household Durables		0.4
Road & Rail		0.4
Independent Power Producers & Energy Traders		0.4
Electrical Equipment		0.3
Construction & Engineering		0.2
Life Sciences Tools & Services		0.2
Office Electronics		0.2
Containers & Packaging		0.2
Wireless Telecommunication Services		0.2
Gas Utilities		0.2
Thrifts & Mortgage Finance		0.1
Personal Products		0.1
Leisure Equipment & Products		0.1
Airlines		0.1
Real Estate Management & Development		0.1
Diversified Consumer Services		0.1
Construction Materials		0.1
Professional Services		0.1
Trading Companies & Distributors		0.1
Distributors		0.1
Building Products		0.0	**
Internet & Catalog Retail		0.0	**
Short Term Investments		1.9
Other Assets & Liabilities		(1.5	)
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 the net assets.

12

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.

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 Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES U.S.

DOW JONES U.S.

NET ASSET

MARKET

MID-CAP TOTAL STOCK

NET ASSET

MARKET

MID-CAP TOTAL STOCK

VALUE

VALUE

MARKET INDEX

VALUE

VALUE

MARKET INDEX

SIX MONTHS

−9.29%

−9.31%

−9.25%

N/A

N/A

N/A

ONE YEAR

−0.83%

−0.99%

−0.67%

−0.83%

−0.99%

−0.67%

THREE YEARS

78.78%

79.01%

80.05%

21.37%

21.42%

21.65%

FIVE YEARS

15.65%

15.69%

16.22%

2.95%

2.96%

3.05%

SINCE INCEPTION (1)

36.73%

36.68%

37.75%

5.22%

5.21%

5.35%

(1) For the period November 8, 2005 to December 31, 2011.

13

SPDR Dow Jones Mid Cap ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

14

SPDR Dow Jones Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		LIBERTY MEDIA CORP. -	KANSAS CITY	DIGITAL REALTY	CELANESE CORP.
DESCRIPTION	PHARMASSET, INC.	LIBERTY CAPITAL (CLASS A)	SOUTHERN	TRUST, INC.	(SERIES A)
MARKET VALUE	$404,343	394,231	328,760	309,149	305,552
% OF NET ASSETS	0.6	0.6	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Real Estate Investment Trusts		7.9	%
Insurance		6.3
Machinery		4.5
Specialty Retail		3.8
Chemicals		3.3
Software		3.3
Multi-Utilities		3.1
Oil, Gas & Consumable Fuels		3.1
Energy Equipment & Services		3.0
Commercial Banks		2.9
Household Durables		2.8
Electronic Equipment, Instruments & Components		2.7
Health Care Providers & Services		2.7
IT Services		2.4
Commercial Services & Supplies		2.2
Metals & Mining		2.1
Health Care Equipment & Supplies		2.1
Semiconductors & Semiconductor Equipment		2.1
Media		2.1
Electric Utilities		2.0
Containers & Packaging		2.0
Hotels, Restaurants & Leisure		1.9
Professional Services		1.9
Biotechnology		1.8
Capital Markets		1.7
Gas Utilities		1.6
Construction & Engineering		1.5
Electrical Equipment		1.5
Internet Software & Services		1.4
Road & Rail		1.3
Auto Components		1.2
Aerospace & Defense		1.2
Food Products		1.1
Textiles, Apparel & Luxury Goods		1.1
Communications Equipment		1.1
Diversified Consumer Services		1.0
Computers & Peripherals		0.9
Thrifts & Mortgage Finance		0.8
Household Products		0.8
Life Sciences Tools & Services		0.8
Wireless Telecommunication Services		0.7
Building Products		0.6
Diversified Financial Services		0.6
Pharmaceuticals		0.6
Paper & Forest Products		0.6
Personal Products		0.6
Water Utilities		0.6
Construction Materials		0.5
Real Estate Management & Development		0.5
Independent Power Producers & Energy Traders		0.4
Airlines		0.4
Diversified Telecommunication Services		0.4
Trading Companies & Distributors		0.3
Distributors		0.3
Multiline Retail		0.3
Beverages		0.3
Marine		0.2
Leisure Equipment & Products		0.2
Health Care Technology		0.2
Industrial Conglomerates		0.2
Office Electronics		0.1
Internet & Catalog Retail		0.0	**
Short Term Investments		10.7
Other Assets & Liabilities		(10.3	)
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.

15

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.

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 S&P 400 Mid Cap Growth ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P MIDCAP 400

NET ASSET

MARKET

S&P MIDCAP 400

VALUE

VALUE

GROWTH INDEX

VALUE

VALUE

GROWTH INDEX

SIX MONTHS

−10.51%

−10.50%

−10.51

N/A

N/A

N/A

ONE YEAR

−1.07%

−1.23%

−0.94%

−1.07%

−1.23%

−0.94%

THREE YEARS (1)

94.74%

94.99%

82.47%

24.88%

24.93%

22.20%

FIVE YEARS (1)

26.39%

26.38%

29.21%

4.80%

4.79%

5.26%

SINCE INCEPTION (1) (2)

46.86%

46.76%

41.62%

6.45%

6.44%

5.83%

(1)	Effective December 17, 2010, the Fund has changed its benchmark index to the S&P MidCap 400 Growth Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to December 17, 2010.
(2)	For the period November 8, 2005 to December 31, 2011.

16

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

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1) Effective December 17, 2010, the Fund has changed its benchmark index to the S&P MidCap 400 Growth Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.

17

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

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	HANSEN NATURAL	AMETEK,	CHURCH & DWIGHT	GREEN MOUNTAIN	HENRY
DESCRIPTION	CORP.	INC.	CO., INC.	COFFEE ROASTERS, INC.	SCHEIN, INC.
MARKET VALUE	$758,957	730,856	711,614	636,152	635,924
% OF NET ASSETS	1.3	1.2	1.2	1.1	1.1

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Real Estate Investment Trusts		9.3	%
Software		6.7
Machinery		5.6
Specialty Retail		5.0
IT Services		4.3
Health Care Equipment & Supplies		4.3
Health Care Providers & Services		3.9
Oil, Gas & Consumable Fuels		3.8
Energy Equipment & Services		3.8
Textiles, Apparel & Luxury Goods		3.0
Food Products		2.7
Semiconductors & Semiconductor Equipment		2.6
Electrical Equipment		2.6
Chemicals		2.3
Electronic Equipment, Instruments & Components		2.1
Road & Rail		2.0
Biotechnology		1.9
Containers & Packaging		1.8
Commercial Banks		1.8
Multi-Utilities		1.8
Internet Software & Services		1.8
Commercial Services & Supplies		1.8
Household Products		1.8
Communications Equipment		1.6
Hotels, Restaurants & Leisure		1.6
Life Sciences Tools & Services		1.4
Beverages		1.3
Aerospace & Defense		1.3
Trading Companies & Distributors		1.3
Capital Markets		1.2
Pharmaceuticals		1.1
Gas Utilities		0.9
Professional Services		0.9
Distributors		0.8
Auto Components		0.8
Diversified Financial Services		0.7
Leisure Equipment & Products		0.7
Metals & Mining		0.7
Health Care Technology		0.7
Diversified Consumer Services		0.6
Household Durables		0.6
Insurance		0.6
Media		0.6
Marine		0.5
Airlines		0.5
Electric Utilities		0.5
Office Electronics		0.3
Diversified Telecommunication Services		0.3
Construction Materials		0.3
Water Utilities		0.3
Paper & Forest Products		0.3
Industrial Conglomerates		0.2
Building Products		0.2
Computers & Peripherals		0.2
Internet & Catalog Retail		0.1
Multiline Retail		0.1
Short Term Investments		11.5
Other Assets & Liabilities		(11.4	)
TOTAL		100.0	%

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

18

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.

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 S&P 400 Mid Cap Value ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P MIDCAP 400

NET ASSET

MARKET

S&P MIDCAP 400

VALUE

VALUE

VALUE INDEX

VALUE

VALUE

VALUE INDEX

SIX MONTHS

−8.46%

−8.56%

−8.40%

N/A

N/A

N/A

ONE YEAR

−2.60%

−2.73%

−2.43%

−2.60%

−2.73%

−2.43%

THREE YEARS (1)

56.04%

56.13%

60.20%

15.99%

16.01%

17.01%

FIVE YEARS (1)

0.43%

0.26%

7.09%

0.09%

0.05%

1.38%

SINCE INCEPTION (1) (2)

20.99%

20.87%

26.48%

3.15%

3.13%

3.90%

(1)	Effective December 17, 2010, the Fund has changed its benchmark index to the S&P MidCap 400 Value Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to December 17, 2010.
(2)	For the period November 8, 2005 to December 31, 2011.

19

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

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1) Effective December 17, 2010, the Fund has changed its benchmark index to the S&P MidCap 400 Value Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.

20

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

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	NEW YORK
	COMMUNITY	HOLLYFRONTIER		EVEREST RE
DESCRIPTION	BANCORP, INC.	CORP.	AVNET, INC.	GROUP, LTD.	ASHLAND, INC.
MARKET VALUE	$274,404	245,700	234,667	229,986	227,668
% OF NET ASSETS	1.1	0.9	0.9	0.9	0.9

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Real Estate Investment Trusts		8.2	%
Insurance		8.2
Commercial Banks		6.6
Machinery		5.6
Specialty Retail		4.4
Oil, Gas & Consumable Fuels		4.2
Health Care Providers & Services		3.9
Chemicals		3.4
Electronic Equipment, Instruments & Components		3.4
Electric Utilities		3.2
Capital Markets		2.8
Multi-Utilities		2.7
Semiconductors & Semiconductor Equipment		2.5
Gas Utilities		2.3
Construction & Engineering		2.3
Household Durables		2.2
Energy Equipment & Services		2.2
Containers & Packaging		2.0
Metals & Mining		1.9
Software		1.8
Commercial Services & Supplies		1.7
Hotels, Restaurants & Leisure		1.6
Food Products		1.6
IT Services		1.5
Media		1.5
Thrifts & Mortgage Finance		1.5
Aerospace & Defense		1.3
Road & Rail		1.2
Computers & Peripherals		1.0
Professional Services		1.0
Electrical Equipment		1.0
Diversified Consumer Services		1.0
Health Care Equipment & Supplies		1.0
Communications Equipment		0.8
Building Products		0.7
Internet Software & Services		0.7
Biotechnology		0.6
Real Estate Management & Development		0.5
Marine		0.5
Paper & Forest Products		0.5
Wireless Telecommunication Services		0.5
Household Products		0.5
Trading Companies & Distributors		0.4
Textiles, Apparel & Luxury Goods		0.4
Multiline Retail		0.4
Food & Staples Retailing		0.4
Construction Materials		0.3
Industrial Conglomerates		0.3
Water Utilities		0.3
Air Freight & Logistics		0.3
Automobiles		0.2
Tobacco		0.2
Diversified Telecommunication Services		0.2
Airlines		0.2
Life Sciences Tools & Services		0.2
Internet & Catalog Retail		0.1
Short Term Investments		27.3
Other Assets & Liabilities		(27.2	)
TOTAL		100.0	%

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

21

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.

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 S&P 600 Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.20%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P SMALLCAP 600		NET ASSET		MARKET		S&P SMALLCAP 600
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		−6.07%		−6.17%		−6.06		N/A		N/A		N/A
ONE YEAR		0.92%		0.75%		1.02%		0.92%		0.75%		1.02%
THREE YEARS (1)		81.53%		82.16%		60.22%		21.99%		22.13%		17.01%
FIVE YEARS (1)		15.43%		15.24%		10.10%		2.91%		2.88%		1.94%
SINCE INCEPTION (1) (2)		39.41%		39.32%		28.50%		5.55%		5.54%		4.17%

(1)	Effective December 17, 2010, the Fund has changed its benchmark index to the S&P SmallCap 600 Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to December 17, 2010.
(2)	For the period November 8, 2005 to December 31, 2011.

22

SPDR S&P 600 Small Cap ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1) Effective December 17, 2010, the Fund changed its benchmark index to the S&P SmallCap 600 Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.

23

SPDR S&P 600 Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		SALIX
	HEALTHSPRING,	PHARMACEUTICALS,	BIOMED REALTY	QUESTCOR	TANGER FACTORY
DESCRIPTION	INC.	LTD.	TRUST, INC.	PHARMACEUTICALS, INC.	OUTLET CENTERS, INC.
MARKET VALUE	$579,597	446,728	440,411	414,386	402,564
% OF NET ASSETS	0.8	0.6	0.6	0.6	0.6

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Real Estate Investment Trusts		7.8	%
Commercial Banks		5.6
Semiconductors & Semiconductor Equipment		4.8
Specialty Retail		4.7
Electronic Equipment, Instruments & Components		4.3
Software		4.1
Health Care Providers & Services		4.0
Machinery		3.7
Health Care Equipment & Supplies		3.4
Hotels, Restaurants & Leisure		3.1
Insurance		2.9
Textiles, Apparel & Luxury Goods		2.6
Commercial Services & Supplies		2.6
Food Products		2.5
Energy Equipment & Services		2.4
Aerospace & Defense		2.3
Gas Utilities		2.3
IT Services		2.2
Chemicals		2.2
Pharmaceuticals		2.2
Communications Equipment		2.0
Internet Software & Services		1.9
Electrical Equipment		1.7
Oil, Gas & Consumable Fuels		1.7
Electric Utilities		1.4
Building Products		1.3
Food & Staples Retailing		1.2
Household Durables		1.2
Diversified Consumer Services		1.1
Paper & Forest Products		1.1
Metals & Mining		1.1
Capital Markets		1.1
Consumer Finance		1.0
Professional Services		1.0
Road & Rail		0.9
Thrifts & Mortgage Finance		0.9
Construction & Engineering		0.8
Multi-Utilities		0.8
Biotechnology		0.7
Leisure Equipment & Products		0.7
Media		0.7
Computers & Peripherals		0.6
Trading Companies & Distributors		0.5
Construction Materials		0.5
Air Freight & Logistics		0.5
Diversified Telecommunication Services		0.5
Life Sciences Tools & Services		0.4
Distributors		0.3
Airlines		0.3
Auto Components		0.3
Internet & Catalog Retail		0.3
Health Care Technology		0.2
Personal Products		0.2
Household Products		0.2
Beverages		0.2
Multiline Retail		0.2
Water Utilities		0.1
Wireless Telecommunication Services		0.1
Diversified Financial Services		0.1
Real Estate Management & Development		0.1
Industrial Conglomerates		0.1
Containers & Packaging		0.1
Tobacco		0.1
Automobiles		0.0	**
Short Term Investments		28.9
Other Assets & Liabilities		(28.8	)
TOTAL		100.0	%

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

24

SPDR S&P 600 Small 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. 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 S&P 600 Small Cap Growth ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		S&P SMALLCAP 600		NET ASSET		MARKET		S&P SMALLCAP 600
	VALUE		VALUE		GROWTH INDEX		VALUE		VALUE		GROWTH INDEX
SIX MONTHS		−6.90%		−6.96%		−6.89%		N/A		N/A		N/A
ONE YEAR (1)		3.49%		3.30%		3.62%		3.49%		3.30%		3.62%
THREE YEARS (1)		97.91%		97.84%		70.22%		25.55%		25.54%		19.40%
FIVE YEARS (1)		25.99%		24.92%		20.53%		4.73%		4.55%		3.81%
TEN YEARS (1)		61.69%		61.33%		104.66%		4.92%		4.90%		7.42%

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

25

SPDR S&P 600 Small Cap Growth ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1) Effective December 17, 2010, the Fund changed its benchmark index to the S&P SmallCap 600 Growth Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.

26

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

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	HEALTHSPRING,	SALIX	QUESTCOR	CUBIST	PROASSURANCE
DESCRIPTION	INC.	PHARMACEUTICALS, LTD.	PHARMACEUTICALS, INC.	PHARMACEUTICALS, INC.	CORP.
MARKET VALUE	$2,261,719	1,746,142	1,611,641	1,505,204	1,500,616
% OF NET ASSETS	1.6	1.2	1.1	1.0	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Semiconductors & Semiconductor Equipment		7.1	%
Software		6.8
Real Estate Investment Trusts		6.1
Health Care Providers & Services		5.4
Health Care Equipment & Supplies		4.9
Specialty Retail		4.9
Pharmaceuticals		4.1
Textiles, Apparel & Luxury Goods		3.5
IT Services		3.5
Electronic Equipment, Instruments & Components		3.4
Hotels, Restaurants & Leisure		3.4
Food Products		3.1
Internet Software & Services		2.8
Machinery		2.5
Aerospace & Defense		2.4
Gas Utilities		2.4
Energy Equipment & Services		2.4
Insurance		2.0
Consumer Finance		2.0
Chemicals		1.8
Commercial Banks		1.8
Communications Equipment		1.7
Commercial Services & Supplies		1.7
Diversified Consumer Services		1.6
Paper & Forest Products		1.5
Oil, Gas & Consumable Fuels		1.4
Electric Utilities		1.4
Food & Staples Retailing		1.3
Biotechnology		1.3
Electrical Equipment		1.3
Road & Rail		0.9
Household Durables		0.8
Capital Markets		0.8
Air Freight & Logistics		0.7
Building Products		0.6
Computers & Peripherals		0.6
Multi-Utilities		0.5
Trading Companies & Distributors		0.5
Leisure Equipment & Products		0.5
Media		0.4
Beverages		0.4
Professional Services		0.4
Metals & Mining		0.3
Airlines		0.3
Health Care Technology		0.3
Diversified Telecommunication Services		0.3
Distributors		0.3
Life Sciences Tools & Services		0.3
Water Utilities		0.3
Household Products		0.3
Internet & Catalog Retail		0.2
Construction Materials		0.2
Thrifts & Mortgage Finance		0.2
Personal Products		0.1
Short Term Investments		15.0
Other Assets & Liabilities		(14.7	)
TOTAL		100.0	%

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

27

SPDR S&P 600 Small 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. 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 S&P 600 Small Cap Value ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P SMALLCAP 600

NET ASSET

MARKET

S&P SMALLCAP 600

VALUE

VALUE

VALUE INDEX

VALUE

VALUE

VALUE INDEX

SIX MONTHS

−5.23%

−5.17%

−5.18%

N/A

N/A

N/A

ONE YEAR (1)

−1.53%

−1.61%

−1.38%

−1.53%

−1.61%

−1.38%

THREE YEARS (1)

67.03%

67.51%

51.10%

18.65%

18.76%

14.75%

FIVE YEARS (1)

6.62%

5.83%

0.62%

1.22%

1.14%

0.12%

TEN YEARS (1)

120.77%

120.22%

91.08%

8.24%

8.21%

6.69%

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

28

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

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1) Effective December 17, 2010, the Fund changed its benchmark index to the S&P SmallCap 600 Value Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.

29

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

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	BIOMED REALTY	DELPHI FINANCIAL	LASALLE HOTEL	EMCOR GROUP,	BRISTOW
DESCRIPTION	TRUST, INC.	GROUP, INC.	PROPERTIES	INC.	GROUP, INC.
MARKET VALUE	$1,422,191	1,240,533	1,037,398	915,132	877,331
% OF NET ASSETS	1.2	1.1	0.9	0.8	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Commercial Banks		9.7	%
Real Estate Investment Trusts		9.5
Electronic Equipment, Instruments & Components		5.2
Machinery		5.0
Specialty Retail		4.5
Insurance		3.9
Commercial Services & Supplies		3.5
Hotels, Restaurants & Leisure		2.7
Chemicals		2.6
Energy Equipment & Services		2.4
Semiconductors & Semiconductor Equipment		2.4
Health Care Providers & Services		2.4
Communications Equipment		2.3
Aerospace & Defense		2.2
Gas Utilities		2.1
Electrical Equipment		2.1
Oil, Gas & Consumable Fuels		2.0
Building Products		2.0
Health Care Equipment & Supplies		1.9
Metals & Mining		1.9
Food Products		1.7
Thrifts & Mortgage Finance		1.7
Construction & Engineering		1.7
Textiles, Apparel & Luxury Goods		1.6
Professional Services		1.6
Household Durables		1.6
Electric Utilities		1.4
Capital Markets		1.3
Software		1.2
Multi-Utilities		1.1
Food & Staples Retailing		1.1
Media		1.0
Internet Software & Services		0.9
Leisure Equipment & Products		0.9
IT Services		0.9
Road & Rail		0.9
Paper & Forest Products		0.8
Construction Materials		0.7
Computers & Peripherals		0.7
Diversified Consumer Services		0.7
Auto Components		0.6
Diversified Telecommunication Services		0.6
Life Sciences Tools & Services		0.6
Trading Companies & Distributors		0.5
Distributors		0.4
Multiline Retail		0.3
Personal Products		0.3
Airlines		0.3
Wireless Telecommunication Services		0.3
Diversified Financial Services		0.3
Internet & Catalog Retail		0.3
Real Estate Management & Development		0.2
Air Freight & Logistics		0.2
Industrial Conglomerates		0.2
Containers & Packaging		0.2
Household Products		0.2
Health Care Technology		0.1
Pharmaceuticals		0.1
Tobacco		0.1
Automobiles		0.1
Biotechnology		0.1
Short Term Investments		18.0
Other Assets & Liabilities		(17.8	)
TOTAL		100.0	%

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

30

SPDR Global Dow 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 Global Dow ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.50%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

DOW JONES GLOBAL

NET ASSET

MARKET

DOW JONES GLOBAL

GLOBAL

VALUE

VALUE

TITANS 50 INDEX

GLOBAL DOW INDEX (2)

VALUE

VALUE

TITANS 50 INDEX

DOW INDEX (2)

SIX MONTHS

−14.68%

−15.13%

−4.10%

−14.74%

N/A

N/A

N/A

N/A

ONE YEAR (1)

−11.58%

−12.14%

0.70%

−11.70%

−11.58%

−12.14%

0.70%

−11.70%

THREE YEARS (1)

14.27%

14.14%

29.67%

25.88%

4.55%

4.51%

9.05%

7.97%

FIVE YEARS (1)

−24.61%

−24.99%

−14.32%

N/A

−5.49%

−5.59%

−3.04%

N/A

TEN YEARS (1)

−4.46%

−4.79%

11.54%

N/A

−0.46%

−0.49%

1.10%

N/A

(1)	Effective May 2, 2011 the Fund has changed its benchmark index to the Global Dow Index from the Dow Jones Global Titans 50 Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 2, 2011.
(2)	The Global Dow Index inception date is November 9, 2008.

31

SPDR Global Dow ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1)	Effective May 2, 2011, the Fund has changed its benchmark index to the Global Dow Index from the Dow Jones Global Titans 50 Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 2, 2011.
(2)	The Global Dow Index inception date is November 9, 2008.

32

SPDR Global Dow ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		SAMSUNG ELECTRONICS			GOOGLE, INC.
DESCRIPTION	THE HOME DEPOT, INC.	CO., LTD. GDR	LG ELECTRONICS, INC.	INTEL CORP.	(CLASS A)
MARKET VALUE	$864,721	845,845	819,175	813,127	801,562
% OF NET ASSETS	0.9	0.9	0.8	0.8	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Commercial Banks		8.4	%
Oil, Gas & Consumable Fuels		7.8
Pharmaceuticals		6.4
Metals & Mining		5.1
Semiconductors & Semiconductor Equipment		3.6
Capital Markets		3.3
Aerospace & Defense		2.9
Food & Staples Retailing		2.8
Industrial Conglomerates		2.8
Diversified Telecommunication Services		2.8
Electric Utilities		2.8
Chemicals		2.6
Wireless Telecommunication Services		2.5
Media		2.4
IT Services		2.2
Communications Equipment		2.2
Computers & Peripherals		2.2
Insurance		2.1
Machinery		2.0
Household Durables		2.0
Automobiles		2.0
Diversified Financial Services		1.9
Software		1.9
Multi-Utilities		1.8
Air Freight & Logistics		1.5
Biotechnology		1.5
Internet Software & Services		1.5
Hotels, Restaurants & Leisure		1.5
Beverages		1.4
Household Products		1.4
Food Products		1.4
Textiles, Apparel & Luxury Goods		1.4
Health Care Equipment & Supplies		1.4
Trading Companies & Distributors		1.2
Specialty Retail		1.2
Electrical Equipment		1.1
Tobacco		0.8
Airlines		0.7
Health Care Providers & Services		0.7
Auto Components		0.7
Office Electronics		0.7
Consumer Finance		0.6
Construction & Engineering		0.6
Energy Equipment & Services		0.6
Building Products		0.6
Internet & Catalog Retail		0.5
Short Term Investments		2.5
Other Assets & Liabilities		(2.0	)
TOTAL		100.0	%

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

33

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. 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 REIT ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

DOW JONES U.S.

NET ASSET

MARKET

DOW JONES U.S.

VALUE

VALUE

SELECT REIT INDEX

VALUE

VALUE

SELECT REIT INDEX

SIX MONTHS

−1.47%

−1.48%

−1.41%

N/A

N/A

N/A

ONE YEAR

9.16%

9.07%

9.37%

9.16%

9.07%

9.37%

THREE YEARS

79.33%

79.10%

79.93%

21.49%

21.44%

21.63%

FIVE YEARS

−9.88%

−9.91%

−9.81%

−2.06%

−2.07%

−2.04%

TEN YEARS

157.60%

157.37%

162.23%

9.92%

9.91%

10.12%

34

SPDR Dow Jones REIT ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

35

SPDR Dow Jones REIT ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	SIMON PROPERTY
DESCRIPTION	GROUP, INC.	PUBLIC STORAGE	HCP, INC.	EQUITY RESIDENTIAL	BOSTON PROPERTIES, INC.
MARKET VALUE	$171,589,613	86,171,380	76,449,081	76,337,678	65,902,531
% OF NET ASSETS	11.2	5.6	5.0	5.0	4.3

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Specialized REITs		26.9	%
Retail REITs		25.0
Residential REITs		19.3
Office REITs		16.2
Diversified REITs		6.8
Industrial REITs		5.5
Short Term Investments		4.2
Other Assets & Liabilities		(3.9	)
TOTAL		100.0	%

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

36

SPDR S&P 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.

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 S&P Bank ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P BANKS

S&P BANKS SELECT

SELECT

NET ASSET

MARKET

INDUSTRY

NET ASSET

MARKET

INDUSTRY

VALUE

VALUE

KBW BANK INDEX

INDEX (3)

VALUE

VALUE

KBW BANK INDEX

INDEX (3)

SIX MONTHS (1)

−16.36%

−16.36%

−17.60%

N/A

N/A

N/A

N/A

N/A

ONE YEAR (1)

−22.16%

−22.20%

−23.17%

N/A

−22.16%

−22.20%

−23.17%

N/A

THREE YEARS (1)

−5.69%

−5.76%

−6.89%

N/A

−1.93%

−1.96%

−2.35%

N/A

FIVE YEARS (1)

−61.20%

−61.19%

−61.82%

N/A

−17.25%

−17.24%

−17.51%

N/A

SINCE INCEPTION (1)(2)

−53.09%

−53.08%

−53.59%

N/A

−11.58%

−11.58%

−11.74%

N/A

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Banks Select Industry Index from the KBW Bank 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, 2011.
(3)	The S&P Banks Select Industry Index inception date is September 12, 2011.

37

SPDR S&P Bank ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Banks Select Industry Index from the KBW Bank Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to October 24, 2011.
(2)	The S&P Banks Select Industry Index inception date is September 12, 2011.

38

SPDR S&P Bank ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

			HUDSON CITY
DESCRIPTION	CAPITALSOURCE, INC.	BB&T CORP.	BANCORP, INC.	POPULAR, INC.	ZIONS BANCORPORATION
MARKET VALUE	$31,428,809	30,966,852	30,851,062	30,823,803	30,744,536
% OF NET ASSETS	2.8	2.7	2.7	2.7	2.7

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Regional Banks		68.8	%
Thrifts & Mortgage Finance		10.5
Diversified Banks		7.8
Other Diversified Financial Services		7.4
Asset Management & Custody Banks		5.2
Short Term Investments		7.2
Other Assets & Liabilities		(6.9	)
TOTAL		100.0	%

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

39

SPDR S&P 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.

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 S&P Capital Markets ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P CAPITAL MARKETS

S&P CAPITAL MARKETS

SELECT

NET ASSET

MARKET

KBW CAPITAL MARKETS

SELECT INDUSTRY

NET ASSET

MARKET

KBW CAPITAL MARKETS

INDUSTRY

VALUE

VALUE

INDEX

INDEX (3)

VALUE

VALUE

INDEX

INDEX (3)

SIX MONTHS (1)

−19.50%

−19.54%

−19.64%

N/A

N/A

N/A

N/A

N/A

ONE YEAR (1)

−25.39%

−25.45%

−25.41%

N/A

−25.39%

−25.45%

−25.41%

N/A

THREE YEARS (1)

11.78%

11.89%

12.71%

N/A

3.78%

3.81%

4.07%

N/A

FIVE YEARS (1)

−55.18%

−55.25%

−54.71%

N/A

−14.83%

−14.86%

−14.65%

N/A

SINCE INCEPTION (1) (2)

−40.73%

−40.76%

−39.83%

N/A

−8.16%

−8.16%

−7.94%

N/A

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Capital Markets Select Industry Index from the KBW Capital Markets Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to October 24, 2011.
(2)	For the period November 8, 2005 to December 31, 2011.
(3)	The S&P Capital Markets Select Industry Index inception date is September 12, 2011.

40

SPDR S&P Capital Markets ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Capital Markets Select Industry Index from the KBW Capital Markets Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to October 24, 2011.
(2)	The S&P Capital Markets Select Industry Index inception date is September 12, 2011.

41

SPDR S&P Capital Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	JEFFERIES		AMERIPRISE
DESCRIPTION	GROUP, INC.	LAZARD, LTD. (CLASS A)	FINANCIAL, INC.	SEI INVESTMENTS CO.	BLACKROCK, INC.
MARKET VALUE	$702,199	699,147	678,728	665,876	664,657
% OF NET ASSETS	3.1	3.1	3.0	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Asset Management & Custody Banks		62.1	%
Investment Banking & Brokerage		37.5
Short Term Investments		24.4
Other Assets & Liabilities		(24.0	)
TOTAL		100.0	%

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

42

SPDR S&P 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.

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 S&P Insurance ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P

INSURANCE

S&P INSURANCE

SELECT

NET ASSET

MARKET

SELECT INDUSTRY

NET ASSET

MARKET

INDUSTRY

VALUE

VALUE

KBW INSURANCE INDEX

INDEX (3)

VALUE

VALUE

KBW INSURANCE INDEX

INDEX (3)

SIX MONTHS (1)

−9.85%

−9.83%

−10.14%

N/A

N/A

N/A

N/A

N/A

ONE YEAR (1)

−12.17%

−12.18%

−12.31%

N/A

−12.17%

−12.18%

−12.31%

N/A

THREE YEARS (1)

42.27%

42.25%

43.16%

N/A

12.47%

12.46%

12.70%

N/A

FIVE YEARS (1)

−28.71%

−28.59%

−27.89%

N/A

−6.54%

−6.51%

−6.33%

N/A

SINCE INCEPTION (1) (2)

−20.71%

−20.71%

−19.46%

N/A

−3.70%

−3.70%

−3.46%

N/A

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Insurance Select Industry Index from the KBW Insurance Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to October 24, 2011.
(2)	For the period November 8, 2005 to December 31, 2011.
(3)	The S&P Insurance Select Industry Index inception date is September 12, 2011.

43

SPDR S&P Insurance ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Insurance Select Industry Index from the KBW Insurance Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to October 24, 2011.
(2)	The S&P Insurance Select Industry Index inception date is September 12, 2011.

44

SPDR S&P Insurance ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	ALLIED WORLD ASSURANCE		THE TRAVELERS	VALIDUS	BROWN &
DESCRIPTION	COMPANY HOLDINGS, LTD.	THE PROGRESSIVE CORP.	COS., INC.	HOLDINGS, LTD.	BROWN, INC.
MARKET VALUE	$3,140,018	3,129,521	3,104,354	3,066,368	3,055,276
% OF NET ASSETS	2.6	2.6	2.6	2.5	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Property & Casualty Insurance		32.3	%
Reinsurance		21.5
Life & Health Insurance		19.3
Multi-line Insurance		16.7
Insurance Brokers		10.0
Short Term Investments		2.7
Other Assets & Liabilities		(2.5	)
TOTAL		100.0	%

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

45

SPDR S&P 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.

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 S&P Mortgage Finance ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P

MORTGAGE

FINANCE

S&P MORTGAGE

SELECT

NET ASSET

MARKET

KBW MORTGAGE

FINANCE SELECT

NET ASSET

MARKET

KBW MORTGAGE

INDUSTRY

VALUE

VALUE

FINANCE INDEX

INDUSTRY INDEX (3)

VALUE

VALUE

FINANCE INDEX

INDEX (3)

SIX MONTHS (1)

−12.53%

−12.60%

−14.14%

N/A

N/A

N/A

N/A

N/A

ONE YEAR (1)

−19.70%

−19.79%

−21.09%

N/A

−19.70%

−19.79%

−21.09%

N/A

SINCE INCEPTION (1) (2)

−13.89%

−13.98%

−15.06%

N/A

−5.43%

−5.47%

−5.92%

N/A

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Mortgage Finance Select Industry Index from the KBW Mortgage Finance Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to October 24, 2011.
(2)	For the period April 29, 2009 to December 31, 2011.
(3)	The S&P Mortgage Finance Select Industry Index inception date is September 12, 2011.

46

SPDR S&P Mortgage Finance ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Mortgage Finance Select Industry Index from the KBW Mortgage Finance Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to October 24, 2011.
(2)	The S&P Mortgage Finance Select Industry Index inception is September 12, 2011.

47

SPDR S&P Mortgage Finance ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	ALLIED WORLD ASSURANCE	THE PROGRESSIVE	OCWEN FINANCIAL	THE TRAVELERS	HUDSON CITY
DESCRIPTION	COMPANY HOLDINGS, LTD.	CORP.	CORP.	COS., INC.	BANCORP, INC.
MARKET VALUE	$93,577	93,336	93,309	92,542	92,369
% OF NET ASSETS	2.8	2.8	2.8	2.8	2.8

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Insurance		54.8	%
Thrifts & Mortgage Finance		24.0
Household Durables		18.4
Commercial Banks		2.6
Short Term Investments		26.8
Other Assets & Liabilities		(26.6	)
TOTAL		100.0	%

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

48

SPDR S&P 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.

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 S&P Regional Banking ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P

REGIONAL

BANKS

NET ASSET

MARKET

KBW REGIONAL

S&P REGIONAL BANKS

NET ASSET

MARKET

KBW REGIONAL

SELECT INDUSTRY

VALUE

VALUE

BANKING INDEX

SELECT INDUSTRY INDEX (3)

VALUE

VALUE

BANKING INDEX

INDEX (3)

SIX MONTHS (1)

−2.92%

−2.81%

−2.55%

N/A

N/A

N/A

N/A

N/A

ONE YEAR (1)

−5.64%

−5.74%

−5.14%

N/A

−5.64%

−5.74%

−5.14%

N/A

THREE YEARS (1)

−11.65%

−11.44%

−11.06%

N/A

−4.04%

−3.97%

−3.83%

N/A

FIVE YEARS (1)

−43.73%

−43.71%

−43.47%

N/A

−10.86%

−10.86%

−10.78%

N/A

SINCE INCEPTION (1) (2)

−40.39%

−40.34%

−39.56%

N/A

−8.92%

−8.91%

−8.69%

N/A

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Regional Banks Select Industry Index from the KBW Regional Banking Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to October 24, 2011.
(2)	For the period June 19, 2006 to December 31, 2011.
(3)	The S&P Regional Banks Select Industry Index inception date is September 12, 2011.

49

SPDR S&P Regional Banking ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(1)	Effective October 24, 2011, the Fund has changed its benchmark index to the S&P Regional Banks Select Industry Index from the KBW Regional Banking Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to October 24, 2011.
(2)	The S&P Regional Banks Select Industry Index inception date is September 12, 2011.

50

SPDR S&P Regional Banking ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		WEBSTER			SUSQUEHANNA
DESCRIPTION	CAPITALSOURCE, INC.	FINANCIAL CORP.	TRUSTMARK CORP.	BB&T CORP.	BANCSHARES, INC.
MARKET VALUE	$12,951,891	12,870,188	12,852,835	12,762,524	12,731,131
% OF NET ASSETS	1.8	1.8	1.8	1.8	1.8

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Regional Banks		97.9	%
Thrifts & Mortgage Finance		1.8
Short Term Investments		10.0
Other Assets & Liabilities		(9.7	)
TOTAL		100.0	%

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

51

SPDR Morgan Stanley Technology 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 Morgan Stanley Technology ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.50%.

PERFORMANCE AS OF DECEMBER 31, 2011

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

−10.17%

−10.19%

−10.01%

N/A

N/A

N/A

ONE YEAR

−10.60%

−10.65%

−10.28%

−10.60%

−10.65%

−10.28%

THREE YEARS

75.62%

75.83%

78.09%

20.65%

20.70%

21.21%

FIVE YEARS

6.16%

5.97%

8.48%

1.20%

1.17%

1.64%

TEN YEARS

18.21%

17.92%

24.00%

1.69%

1.66%

2.17%

52

SPDR Morgan Stanley Technology ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

53

SPDR Morgan Stanley Technology ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		TELEFONAKTIEBOLAGET LM			SEAGATE
DESCRIPTION	JUNIPER NETWORKS, INC.	ERICSSON (CLASS B) ADR	YAHOO!, INC.	APPLE, INC.	TECHNOLOGY PLC
MARKET VALUE	$4,873,520	4,736,312	4,723,848	4,658,715	4,657,207
% OF NET ASSETS	3.1	3.1	3.0	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Software		19.2	%
Communications Equipment		17.7
Semiconductors & Semiconductor Equipment		17.5
Computers & Peripherals		14.3
IT Services		14.1
Internet Software & Services		11.5
Electronic Equipment, Instruments & Components		2.7
Internet & Catalog Retail		2.7
Short Term Investments		6.3
Other Assets & Liabilities		(6.0	)
TOTAL		100.0	%

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

54

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.

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 S&P Dividend ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

	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		1.50%		1.50%		1.66%		N/A		N/A		N/A
ONE YEAR		7.25%		7.15%		7.63%		7.25%		7.15%		7.63%
THREE YEARS		48.74%		48.88%		49.51%		14.15%		14.19%		14.35%
FIVE YEARS		7.18%		6.93%		7.88%		1.40%		1.35%		1.53%
SINCE INCEPTION (1)		28.34%		28.32%		29.46%		4.14%		4.14%		4.29%

(1) For the period November 8, 2005 to December 31, 2011.

55

SPDR S&P Dividend ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

56

SPDR S&P Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

			CINCINNATI
DESCRIPTION	PITNEY BOWES, INC.	AT&T, INC.	FINANCIAL CORP.	HCP, INC.	LEGGETT & PLATT, INC.
MARKET VALUE	$321,179,080	281,720,225	253,753,092	242,224,514	234,361,405
% OF NET ASSETS	3.9	3.4	3.1	2.9	2.8

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Insurance		9.4	%
Household Products		7.6
Gas Utilities		6.6
Machinery		5.6
Chemicals		5.0
Food & Staples Retailing		5.0
Real Estate Investment Trusts		4.7
Multi-Utilities		4.6
Commercial Services & Supplies		4.5
Pharmaceuticals		4.0
Containers & Packaging		3.8
Beverages		3.4
Diversified Telecommunication Services		3.4
Capital Markets		2.9
Health Care Equipment & Supplies		2.9
Household Durables		2.8
Food Products		2.7
Electrical Equipment		2.3
Commercial Banks		2.1
Metals & Mining		2.0
IT Services		1.8
Distributors		1.8
Hotels, Restaurants & Leisure		1.7
Industrial Conglomerates		1.5
Media		1.4
Specialty Retail		1.4
Oil, Gas & Consumable Fuels		1.3
Multiline Retail		1.2
Computers & Peripherals		1.2
Textiles, Apparel & Luxury Goods		1.0
Short Term Investments		6.8
Other Assets & Liabilities		(6.4	)
TOTAL		100.0	%

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

57

SPDR S&P Aerospace & Defense ETF —
Portfolio Summary

The Fund had less than six months of operations at reporting end and therefore does not have performance history to provide in this report.

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		ESTERLINE	LOCKHEED	NORTHROP
DESCRIPTION	RAYTHEON CO.	TECHNOLOGIES CORP.	MARTIN CORP.	GRUMMAN CORP.	EXELIS, INC.
MARKET VALUE	$354,335	353,563	348,598	345,909	344,678
% OF NET ASSETS	4.2	4.2	4.2	4.1	4.1

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Aerospace & Defense		99.9	%
Short Term Investments		0.1
Other Assets & Liabilities		0.0	**
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.

58

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.

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 S&P Biotech ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

	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		−9.10%		−9.16%		−9.00%		N/A		N/A		N/A
ONE YEAR		5.27%		5.23%		5.53%		5.27%		5.23%		5.53%
THREE YEARS		24.36%		24.57%		25.06%		7.54%		7.60%		7.74%
FIVE YEARS		46.42%		46.44%		48.48%		7.92%		7.93%		8.23%
SINCE INCEPTION (1)		36.04%		36.01%		38.48%		5.34%		5.33%		5.66%

(1) For the period January 31, 2006 to December 31, 2011.

59

SPDR S&P Biotech ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

60

SPDR S&P Biotech ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	VERTEX		MOMENTA		ALEXION
	PHARMACEUTICALS,	UNITED	PHARMACEUTICALS,		PHARMACEUTICALS,
DESCRIPTION	INC.	THERAPEUTICS CORP.	INC.	INCYTE CORP.	INC.
MARKET VALUE	$15,197,859	15,115,984	15,079,373	14,834,278	14,768,825
% OF NET ASSETS	3.5	3.5	3.5	3.5	3.4

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Biotechnology		99.9	%
Short Term Investments		17.9
Other Assets & Liabilities		(17.8	)
TOTAL		100.0	%

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

61

SPDR S&P Health Care Equipment 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 (1/26/11, 1/27/11, 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.

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 S&P Health Care Equipment ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P HEALTH CARE

S&P HEALTH CARE

NET ASSET

MARKET

EQUIPMENT SELECT

NET ASSET

MARKET

EQUIPMENT SELECT

VALUE

VALUE

INDUSTRY INDEX

VALUE

VALUE

INDUSTRY INDEX

SIX MONTHS

−10.46%

−10.48%

−10.31%

N/A

N/A

N/A

SINCE INCEPTION (1)

−2.02%

−2.12%

−1.70%

N/A

N/A

N/A

(1) For the period January 26, 2011 to December 31, 2011.

62

SPDR S&P Health Care Equipment ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

63

SPDR S&P Health Care Equipment ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		EDWARDS	ZIMMER	WRIGHT MEDICAL
DESCRIPTION	ZOLL MEDICAL CORP.	LIFESCIENCES CORP.	HOLDINGS, INC.	GROUP, INC.	THORATEC CORP.
MARKET VALUE	$633,000	539,724	534,200	534,105	532,429
% OF NET ASSETS	2.9	2.4	2.4	2.4	2.4

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Health Care Equipment		83.1	%
Health Care Supplies		16.9
Short Term Investments		0.0	**
Other Assets & Liabilities		0.0	**
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.

64

SPDR S&P Health Care Services ETF —
Portfolio Summary

The Fund had less than six months of operations at reporting end and therefore does not have performance history to provide in this report.

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	TENET HEALTHCARE	BROOKDALE SENIOR			LINCARE
DESCRIPTION	CORP.	LIVING, INC.	MEDNAX, INC.	AMERIGROUP CORP.	HOLDINGS, INC.
MARKET VALUE	$133,257	126,025	125,657	123,773	123,716
% OF NET ASSETS	2.4	2.2	2.2	2.2	2.2

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Health Care Services		32.3	%
Managed Health Care		27.2
Health Care Facilities		23.8
Health Care Distributors		16.5
Short Term Investments		0.2
Other Assets & Liabilities		0.0	**
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.

65

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.

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 S&P Homebuilders ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P HOMEBUILDERS

S&P HOMEBUILDERS

NET ASSET

MARKET

SELECT INDUSTRY

NET ASSET

MARKET

SELECT INDUSTRY

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

−4.88%

−4.81%

−4.77%

N/A

N/A

N/A

ONE YEAR

−0.89%

−0.87%

−0.61%

−0.89%

−0.87%

−0.61%

THREE YEARS

47.68%

48.23%

48.60%

13.88%

14.02%

14.11%

FIVE YEARS

−50.67%

−50.74%

−50.81%

−13.18%

−13.21%

−13.23%

SINCE INCEPTION (1)

−60.51%

−60.48%

−60.55%

−14.53%

−14.52%

−14.54%

(1) For the period January 31, 2006 to December 31, 2011.

66

SPDR S&P Homebuilders ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

67

SPDR S&P Homebuilders ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		MOHAWK
DESCRIPTION	MASCO CORP.	INDUSTRIES, INC.	THE HOME DEPOT, INC.	SELECT COMFORT CORP.	OWENS CORNING, INC.
MARKET VALUE	$39,179,773	36,853,655	36,682,927	36,676,358	35,813,783
% OF NET ASSETS	4.4	4.2	4.1	4.1	4.0

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Homebuilding		26.8	%
Building Products		24.4
Home Furnishing Retail		18.1
Home Furnishings		14.2
Home Improvement Retail		9.7
Household Appliances		6.7
Short Term Investments		8.3
Other Assets & Liabilities		(8.2	)
TOTAL		100.0	%

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

68

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.

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 S&P Metals & Mining ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P METALS & MINING

S&P METALS & MINING

NET ASSET

MARKET

SELECT INDUSTRY

NET ASSET

MARKET

SELECT INDUSTRY

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

−28.99%

−28.98%

−28.99%

N/A

N/A

N/A

ONE YEAR

−28.20%

−28.20%

−28.08%

−28.20%

−28.20%

−28.08%

THREE YEARS

80.92%

81.30%

82.37%

21.85%

21.94%

22.18%

FIVE YEARS

4.39%

4.24%

5.60%

0.86%

0.83%

1.10%

SINCE INCEPTION (1)

18.89%

18.94%

20.50%

3.17%

3.18%

3.42%

(1) For the period June 19, 2006 to December 31, 2011.

69

SPDR S&P Metals & Mining ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

70

SPDR S&P Metals & Mining ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	STEEL	RELIANCE STEEL &	ALLEGHENY	CARPENTER
DESCRIPTION	DYNAMICS, INC.	ALUMINUM CO.	TECHNOLOGIES, INC.	TECHNOLOGY CORP.	NUCOR CORP.
MARKET VALUE	$22,197,581	22,101,754	21,872,181	21,864,431	21,792,663
% OF NET ASSETS	3.1	3.1	3.1	3.1	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Steel		33.5	%
Diversified Metals & Mining		23.0
Coal & Consumable Fuels		17.2
Gold		10.8
Precious Metals & Minerals		7.9
Aluminum		7.4
Short Term Investments		14.1
Other Assets & Liabilities		(13.9	)
TOTAL		100.0	%

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

71

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.

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 S&P Oil & Gas Equipment & Services ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P OIL & GAS EQUIPMENT &

S&P OIL & GAS EQUIPMENT &

NET ASSET

MARKET

SERVICES SELECT INDUSTRY

NET ASSET

MARKET

SERVICES SELECT INDUSTRY

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

−16.28%

−16.24%

−16.16%

N/A

N/A

N/A

ONE YEAR

−5.23%

−5.25%

−4.98%

−5.23%

−5.25%

−4.98%

THREE YEARS

106.86%

107.21%

108.78%

27.42%

27.49%

27.81%

FIVE YEARS

21.65%

21.78%

23.30%

4.00%

4.02%

4.28%

SINCE INCEPTION (1)

27.82%

27.85%

29.80%

4.53%

4.54%

4.82%

(1) For the period June 19, 2006 to December 31, 2011.

72

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

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

73

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

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	KEY ENERGY	BASIC ENERGY	McDERMOTT	HERCULES
DESCRIPTION	SERVICES, INC.	SERVICES, INC.	INTERNATIONAL, INC.	OFFSHORE, INC.	HALLIBURTON CO.
MARKET VALUE	$9,092,570.00	9,047,284	9,000,670	8,912,461	8,844,050
% OF NET ASSETS	2.7	2.6	2.6	2.6	2.6

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil & Gas Equipment & Services		72.4	%
Oil & Gas Drilling		27.4
Short Term Investments		8.9
Other Assets & Liabilities		(8.7	)
TOTAL		100.0	%

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

74

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.

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 S&P Oil & Gas Exploration& Production ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P OIL & GAS EXPLORATION &						S&P OIL & GAS EXPLORATION &
	NET ASSET		MARKET		PRODUCTION SELECT		NET ASSET		MARKET		PRODUCTION SELECT
	VALUE		VALUE		INDUSTRY INDEX		VALUE		VALUE		INDUSTRY INDEX
SIX MONTHS		−10.01%		−10.00%		−10.04%		N/A		N/A		N/A
ONE YEAR		0.91%		0.91%		1.05%		0.91%		0.91%		1.05%
THREE YEARS		81.54%		81.81%		83.01%		21.99%		22.05%		22.32%
FIVE YEARS		42.29%		42.54%		44.10%		7.31%		7.35%		7.58%
SINCE INCEPTION (1)		60.76%		60.83%		63.01%		8.95%		8.96%		9.22%

(1) For the period June 19, 2006 to December 31, 2011.

75

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

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

76

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

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	COBALT
	INTERNATIONAL	MAGNUM HUNTER		SANDRIDGE ENERGY,
DESCRIPTION	ENERGY, INC.	RESOURCES CORP.	TESORO CORP.	INC.	SUNOCO, INC.
MARKET VALUE	$15,803,178	12,539,097	11,471,489	11,414,698	11,290,919
% OF NET ASSETS	2.1	1.7	1.6	1.5	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Oil & Gas Exploration & Production		76.2	%
Oil & Gas Refining & Marketing		13.2
Integrated Oil & Gas		10.3
Short Term Investments		13.9
Other Assets & Liabilities		(13.6	)
TOTAL		100.0	%

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

77

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.

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 S&P Pharmaceuticals ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					S&P PHARMACEUTICALS						S&P PHARMACEUTICALS
	NET ASSET		MARKET		SELECT INDUSTRY		NET ASSET		MARKET		SELECT INDUSTRY
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX
SIX MONTHS		1.51%		1.54%		1.52%		N/A		N/A		N/A
ONE YEAR		12.75%		12.67%		12.85%		12.75%		12.67%		12.85%
THREE YEARS		76.61%		76.52%		77.81%		20.88%		20.86%		21.15%
FIVE YEARS		58.18%		58.25%		59.41%		9.60%		9.61%		9.77%
SINCE INCEPTION (1)		74.99%		74.99%		76.70%		10.63%		10.63%		10.82%

(1) For the period June 19, 2006 to December 31, 2011.

78

SPDR S&P Pharmaceuticals ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

79

SPDR S&P Pharmaceuticals ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

			SALIX
DESCRIPTION	HOSPIRA, INC.	MYLAN, INC.	PHARMACEUTICALS, LTD.	ELI LILLY & CO.	MERCK & CO., INC.
MARKET VALUE	$12,907,311	12,800,804	12,651,779	12,625,720	12,605,297
% OF NET ASSETS	4.5	4.4	4.4	4.4	4.3

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Pharmaceuticals		100.0	%
Short Term Investments		12.0
Other Assets & Liabilities		(12.0	)
TOTAL		100.0	%

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

80

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.

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 S&P Retail ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

	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		−1.16%		−1.13%		−1.09%		N/A		N/A		N/A
ONE YEAR		9.68%		9.61%		9.89%		9.68%		9.61%		9.89%
THREE YEARS		167.12%		167.71%		169.24%		38.75%		38.85%		39.12%
FIVE YEARS		37.12%		37.23%		39.22%		6.52%		6.53%		6.84%
SINCE INCEPTION (1)		52.25%		52.27%		54.88%		7.89%		7.89%		8.22%

(1) For the period June 19, 2006 to December 31, 2011.

81

SPDR S&P Retail ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

82

SPDR S&P Retail ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	WINN-DIXIE			CVS	CASEY’S GENERAL
DESCRIPTION	STORES, INC.	SUPERVALU, INC.	RUDDICK CORP.	CAREMARK CORP.	STORES, INC.
MARKET VALUE	$10,989,871	6,778,820	6,667,574	6,638,250	6,565,310
% OF NET ASSETS	1.9	1.2	1.1	1.1	1.1

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Apparel Retail		30.3	%
Specialty Stores		15.5
Automotive Retail		12.6
Food Retail		9.6
General Merchandise Stores		7.3
Department Stores		7.0
Internet Retail		6.1
Computer & Electronics Retail		3.9
Hypermarkets & Super Centers		3.3
Drug Retail		3.3
Catalog Retail		1.0
Home Improvement Retail		0.0	**
Short Term Investments		11.4
Other Assets & Liabilities		(11.3	)
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 the net assets.

83

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.

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 S&P Semiconductor ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P SEMICONDUCTOR

S&P SEMICONDUCTOR

NET ASSET

MARKET

SELECT INDUSTRY

NET ASSET

MARKET

SELECT INDUSTRY

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

−20.48%

−20.46%

−20.72%

N/A

N/A

N/A

ONE YEAR

−18.24%

−18.30%

−18.41%

−18.24%

−18.30%

−18.41%

THREE YEARS

88.65%

88.96%

89.64%

23.56%

23.63%

23.78%

FIVE YEARS

−6.50%

−6.51%

−7.29%

−1.33%

−1.34%

−1.50%

SINCE INCEPTION (1)

−13.57%

−13.56%

−14.05%

−2.43%

−2.43%

−2.53%

(1) For the period January 31, 2006 to December 31, 2011.

84

SPDR S&P Semiconductor ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

85

SPDR S&P Semiconductor ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	MICRON		MICROCHIP	SKYWORKS
DESCRIPTION	TECHNOLOGY, INC.	SEMTECH CORP.	TECHNOLOGY, INC.	SOLUTIONS, INC.	LSI CORP.
MARKET VALUE	$885,506	874,831	872,710	868,581	861,042
% OF NET ASSETS	2.5	2.5	2.5	2.5	2.4

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Semiconductors & Semiconductor Equipment		99.9	%
Short Term Investments		6.4
Other Assets & Liabilities		(6.3	)
TOTAL		100.0	%

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

86

SPDR S&P Software & Services ETF —
Portfolio Summary

The Fund had less than six months of operations at reporting period end and therefore does not have performance history to report.

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	AKAMAI	VIRNETX HOLDING			WEBMD
DESCRIPTION	TECHNOLOGIES, INC.	CORP.	OPENTABLE, INC.	AOL, INC.	HEALTH CORP.
MARKET VALUE	$71,371	69,492	68,321	67,376	67,027
% OF NET ASSETS	0.8	0.8	0.8	0.8	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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Application Software		32.6	%
Internet Software & Services		22.2
Data Processing & Outsourced Services		20.9
Systems Software		11.5
IT Consulting & Other Services		10.4
Home Entertainment Software		2.2
Short Term Investments		0.2
Other Assets & Liabilities		0.0	**
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.

87

SPDR S&P Telecom 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 (1/26/11, 1/27/11, 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.

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 S&P Semiconductor ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P TELECOM SELECT

NET ASSET

MARKET

S&P TELECOM SELECT

VALUE

VALUE

INDUSTRY INDEX

VALUE

VALUE

INDUSTRY INDEX

SIX MONTHS

−18.46%

−18.33%

−18.38%

N/A

N/A

N/A

SINCE INCEPTION (1)

−17.30%

−17.18%

−17.09%

N/A

N/A

N/A

(1) For the period January 26, 2011 to December 31, 2011.

88

SPDR S&P Telecom ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

89

SPDR S&P Telecom ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

				VERIZON
	LEAP WIRELESS	SBA COMMUNICATIONS	NII	COMMUNICATIONS,	TW
DESCRIPTION	INTERNATIONAL, INC.	CORP. (CLASS A)	HOLDINGS, INC.	INC.	TELECOM, INC.
MARKET VALUE	$146,698	139,362	139,153	137,972	137,772
% OF NET ASSETS	2.3	2.2	2.2	2.2	2.2

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Communications Equipment		59.4	%
Wireless Telecommunication Services		18.5
Integrated Telecommunication Services		12.3
Alternative Carriers		9.5
Short Term Investments		0.3
Other Assets & Liabilities		0.0	**
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.

90

SPDR S&P Transportation 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 (1/26/11, 1/27/11, 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.

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 S&P Semiconductor ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P TRANSPORTATION

NET ASSET

MARKET

S&P TRANSPORTATION

VALUE

VALUE

SELECT INDUSTRY INDEX

VALUE

VALUE

SELECT INDUSTRY INDEX

SIX MONTHS

−14.83%

−14.90%

−14.70%

N/A

N/A

N/A

SINCE INCEPTION (1)

−10.99%

−11.09%

−10.71%

N/A

N/A

N/A

(1) For the period January 26, 2011 to December 31, 2011.

91

SPDR S&P Transportation ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

92

SPDR S&P Transportation ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	ALASKA AIR GROUP,	UNION PACIFIC	JETBLUE AIRWAYS	KANSAS CITY	C.H. ROBINSON
DESCRIPTION	INC.	CORP.	CORP.	SOUTHERN	WORLDWIDE, INC.
MARKET VALUE	$387,840	375,134	371,036	369,158	367,392
% OF NET ASSETS	3.4	3.3	3.3	3.3	3.3

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Trucking		38.5	%
Airlines		21.0
Air Freight & Logistics		20.1
Railroads		15.6
Marine		4.6
Short Term Investments		0.2
Other Assets & Liabilities		0.0	**
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.

93

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.

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 Wells Fargo Preferred Stock ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.45%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

WELLS FARGO HYBRID

WELLS FARGO HYBRID

AND PREFERRED

AND PREFERRED

NET ASSET

MARKET

SECURITIES

NET ASSET

MARKET

SECURITIES

VALUE

VALUE

AGGREGATE INDEX

VALUE

VALUE

AGGREGATE INDEX

SIX MONTHS

−3.97%

−4.05%

−4.22%

N/A

N/A

N/A

ONE YEAR

0.90%

1.04%

0.87%

0.90%

1.04%

0.87%

SINCE INCEPTION (1)

22.21%

22.21%

23.10%

9.14%

9.14%

9.50%

(1) For the period September 16, 2009 to December 31, 2011.

94

SPDR Wells Fargo Preferred Stock ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

95

SPDR Wells Fargo Preferred Stock ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	BARCLAYS BANK PLC	HSBC HOLDINGS	WELLS FARGO & CO.	CREDIT SUISSE	METLIFE, INC.
DESCRIPTION	SERIES 5, 8.13%	PLC, 8.00%	SERIES J, 8.00%	GUERNSEY, 7.90%	SERIES B, 6.50%
MARKET VALUE	$2,973,199	2,744,379	2,526,716	2,261,098	2,217,856
% OF NET ASSETS	2.4	2.2	2.0	1.8	1.8

(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, 2011*

	PERCENT OF
INDUSTRY	NET ASSETS
Commercial Banks		30.6	%
Diversified Financial Services		26.9
Insurance		12.3
Capital Markets		9.8
Real Estate Investment Trusts		5.7
Electric Utilities		3.8
Media		3.7
Diversified Telecommunication Services		3.3
Multi-Utilities		1.8
Consumer Finance		0.9
Wireless Telecommunication Services		0.4
Independent Power Producers & Energy Traders		0.4
Short Term Investments		16.7
Other Assets & Liabilities		(16.3	)
TOTAL		100.0	%

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

96

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 2.4%
BE Aerospace, Inc. (a)		2,369	$	91,704
Ceradyne, Inc. (a)(b)		407		10,900
Exelis, Inc.		2,747		24,860
General Dynamics Corp.		3,717		246,846
Goodrich Corp.		2,140		264,718
Honeywell International, Inc.		8,220		446,757
Huntington Ingalls Industries, Inc. (a)(b)		699		21,865
L-3 Communications Holdings, Inc.		1,696		113,089
Lockheed Martin Corp. (b)		3,827		309,604
National Presto Industries, Inc. (b)		548		51,293
Northrop Grumman Corp. (b)		4,199		245,558
Precision Castparts Corp.		1,484		244,548
Raytheon Co.		5,400		261,252
Rockwell Collins, Inc. (b)		2,685		148,668
Textron, Inc. (b)		3,386		62,607
The Boeing Co.		8,044		590,027
United Technologies Corp.		10,319		754,216
				3,888,512
AIR FREIGHT & LOGISTICS — 0.8%
C.H. Robinson Worldwide, Inc.		1,948		135,931
Expeditors International of Washington, Inc.		2,858		117,064
FedEx Corp.		3,523		294,206
Forward Air Corp. (b)		2,609		83,618
United Parcel Service, Inc. (Class B)		8,995		658,344
UTI Worldwide, Inc. (b)		2,847		37,837
				1,327,000
AIRLINES — 0.1%
Delta Air Lines, Inc. (a)		7,532		60,934
JetBlue Airways Corp. (a)(b)		4,108		21,362
Southwest Airlines Co.		8,907		76,244
United Continental Holdings, Inc. (a)(b)		3,854		72,725
US Airways Group, Inc. (a)		2,276		11,539
				242,804
AUTO COMPONENTS — 0.4%
American Axle & Manufacturing Holdings, Inc. (a)(b)		598		5,914
BorgWarner, Inc. (a)(b)		1,159		73,875
Gentex Corp. (b)		4,172		123,449
Johnson Controls, Inc.		8,138		254,394
Modine Manufacturing Co. (a)(b)		5,536		52,371
Shiloh Industries, Inc. (a)(b)		2,503		20,975
The Goodyear Tire & Rubber Co. (a)		4,084		57,870
				588,848
AUTOMOBILES — 0.3%
Ford Motor Co. (a)		38,067		409,601
Harley-Davidson, Inc.		3,663		142,381
Thor Industries, Inc. (b)		429		11,767
				563,749
BEVERAGES — 2.1%
Beam, Inc.		1,838		94,160
Central European Distribution Corp. (a)		645		2,822
Coca-Cola Enterprises, Inc.		4,660		120,135
Constellation Brands, Inc. (Class A) (a)		3,325		68,728
Dr. Pepper Snapple Group, Inc.		3,110		122,783
Hansen Natural Corp. (a)		977		90,021
Molson Coors Brewing Co. (Class B)		1,737		75,629
PepsiCo, Inc.		18,089		1,200,205
The Coca-Cola Co.		23,995		1,678,930
				3,453,413
BIOTECHNOLOGY — 1.8%
Acorda Therapeutics, Inc. (a)		1,053		25,103
Alexion Pharmaceuticals, Inc. (a)		1,990		142,285
Alkermes PLC (a)(b)		1,952		33,887
Alnylam Pharmaceuticals, Inc. (a)(b)		892		7,270
AMAG Pharmaceuticals, Inc. (a)		246		4,652
Amgen, Inc.		12,570		807,120
Amylin Pharmaceuticals, Inc. (a)(b)		2,150		24,467
AVI BioPharma, Inc. (a)(b)		9,044		6,738
Biogen Idec, Inc. (a)		3,611		397,390
BioMarin Pharmaceutical, Inc. (a)(b)		1,570		53,976
Celgene Corp. (a)		5,743		388,227
Chelsea Therapeutics International, Ltd. (a)		5,567		28,559
Cubist Pharmaceuticals, Inc. (a)(b)		1,063		42,116
Dendreon Corp. (a)(b)		3,256		24,745
Gilead Sciences, Inc. (a)		11,117		455,019
Human Genome Sciences, Inc. (a)(b)		5,087		37,593
Incyte Corp. (a)(b)		1,196		17,952
InterMune, Inc. (a)(b)		471		5,935
Isis Pharmaceuticals, Inc. (a)(b)		1,871		13,490
Medivation, Inc. (a)(b)		2,382		109,834
Myriad Genetics, Inc. (a)		1,143		23,934
Neurocrine Biosciences, Inc. (a)(b)		1,598		13,583
Novavax, Inc. (a)		2,936		3,699
Onyx Pharmaceuticals, Inc. (a)		927		40,742
PDL BioPharma, Inc. (b)		2,908		18,030
Pharmasset, Inc. (a)		604		77,433
SIGA Technologies, Inc. (a)(b)		6,132		15,453
Spectrum Pharmaceuticals, Inc. (a)		2,543		37,204
Vertex Pharmaceuticals, Inc. (a)		1,934		64,228
				2,920,664
BUILDING PRODUCTS — 0.1%
Fortune Brands Home & Security, Inc. (a)		1,838		31,301
Masco Corp.		4,867		51,006
Quanex Building Products Corp. (b)		462		6,939
Simpson Manufacturing Co., Inc. (b)		1,153		38,810
USG Corp. (a)(b)		4,491		45,629
				173,685
CAPITAL MARKETS — 1.6%
Affiliated Managers Group, Inc. (a)		546		52,389
Ameriprise Financial, Inc.		3,023		150,062
BlackRock, Inc.		468		83,416
Diamond Hill Investment Group, Inc. (b)		100		7,398
E*TRADE Financial Corp. (a)		2,494		19,852
Eaton Vance Corp. (b)		1,562		36,926
Federated Investors, Inc. (Class B) (b)		732		11,090
Franklin Resources, Inc. (b)		1,829		175,694
Intl. FCStone, Inc. (a)		2,164		51,006
Invesco, Ltd.		5,313		106,738
Janus Capital Group, Inc. (b)		4,498		28,382
Jefferies Group, Inc. (b)		1,750		24,063
KBW, Inc. (b)		636		9,654

See accompanying notes to financial statements.

97

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Knight Capital Group, Inc. (Class A) (a)(b)		572	$	6,761
Legg Mason, Inc.		2,644		63,588
Medallion Financial Corp. (b)		800		9,104
Morgan Stanley		14,346		217,055
Northern Trust Corp.		2,817		111,722
Raymond James Financial, Inc.		1,342		41,548
SEI Investments Co.		4,276		74,189
State Street Corp. (c)		6,025		242,868
T. Rowe Price Group, Inc.		3,183		181,272
TD Ameritrade Holding Corp.		3,248		50,831
The Bank of New York Mellon Corp.		13,652		271,811
The Charles Schwab Corp.		11,928		134,309
The Goldman Sachs Group, Inc.		5,205		470,688
Waddell & Reed Financial, Inc. (Class A)		2,389		59,176
Walter Investment Management Corp.		343		7,035
				2,698,627
CHEMICALS — 2.1%
Air Products & Chemicals, Inc.		2,324		197,982
Airgas, Inc.		1,057		82,531
Ashland, Inc.		1,314		75,108
Cabot Corp.		1,514		48,660
Calgon Carbon Corp. (a)(b)		1,303		20,470
Celanese Corp. (Series A) (b)		2,214		98,014
CF Industries Holdings, Inc.		902		130,772
E. I. du Pont de Nemours & Co.		10,957		501,611
Eastman Chemical Co.		3,090		120,695
Ecolab, Inc.		4,780		276,332
FMC Corp.		912		78,468
Monsanto Co.		6,819		477,807
PPG Industries, Inc.		2,367		197,621
Praxair, Inc.		4,118		440,214
Sigma-Aldrich Corp. (b)		1,286		80,324
The Dow Chemical Co.		12,645		363,670
The Mosaic Co.		2,172		109,534
The Sherwin-Williams Co.		965		86,146
				3,385,959
COMMERCIAL BANKS — 2.8%
Arrow Financial Corp. (b)		3,363		78,829
Bank of Hawaii Corp. (b)		619		27,539
BB&T Corp.		7,909		199,070
CapitalSource, Inc.		1,322		8,857
Cathay General Bancorp (b)		866		12,929
Centerstate Banks, Inc.		1,766		11,691
CIT Group, Inc. (a)		2,409		84,002
Columbia Banking System, Inc.		3,385		65,229
Comerica, Inc.		1,757		45,331
CVB Financial Corp.		5,316		53,319
East West Bancorp, Inc.		1,536		30,336
F.N.B. Corp. (b)		4,809		54,390
Farmers Capital Bank Corp. (a)		1,562		7,013
Fifth Third Bancorp		9,244		117,584
First Bancorp (b)		1,989		22,177
First Commonwealth Financial Corp. (b)		4,723		24,843
First Horizon National Corp. (b)		3,000		24,000
First Merchants Corp. (b)		3,803		32,211
First Niagara Financial Group, Inc.		6,901		59,556
Green Bankshares, Inc. (a)(b)		9,506		11,978
Huntington Bancshares, Inc.		5,997		32,924
Independent Bank Corp.-Massachusetts (b)		2,449		66,833
International Bancshares Corp. (b)		1,168		21,415
Keycorp		6,205		47,716
Lakeland Financial Corp. (b)		3,456		89,407
M&T Bank Corp. (b)		1,022		78,019
National Penn Bancshares, Inc. (b)		5,238		44,209
Old National Bancorp		1,015		11,825
PacWest Bancorp (b)		1,420		26,909
Patriot National Bancorp, Inc. (a)(b)		14,920		26,110
PNC Financial Services Group, Inc.		7,076		408,073
Popular, Inc. (a)		4,041		5,617
Regions Financial Corp.		10,853		46,668
Renasant Corp.		4,162		62,430
Royal Bancshares of Pennsylvania, Inc. (a)(b)		995		1,323
Sandy Spring Bancorp, Inc. (b)		2,663		46,736
Simmons First National Corp. (b)		2,546		69,226
StellarOne Corp. (b)		4,388		49,935
Summit Financial Group, Inc. (a)(b)		108		295
SunTrust Banks, Inc.		6,084		107,687
Susquehanna Bancshares, Inc. (b)		4,579		38,372
Trustmark Corp. (b)		965		23,440
U.S. Bancorp		20,894		565,183
Umpqua Holdings Corp. (b)		4,054		50,229
United Bankshares, Inc. (b)		749		21,174
United Community Banks, Inc. (a)(b)		2,594		18,132
Wells Fargo & Co.		58,157		1,602,807
Zions Bancorporation		2,511		40,879
				4,574,457
COMMERCIAL SERVICES & SUPPLIES — 0.6%
Avery Dennison Corp.		1,898		54,435
Cintas Corp.		2,604		90,645
Courier Corp. (b)		2,249		26,381
Covanta Holding Corp.		1,848		25,299
Ennis, Inc. (b)		4,208		56,093
Herman Miller, Inc. (b)		2,447		45,147
Iron Mountain, Inc.		3,246		99,977
Kimball International, Inc. (Class B) (b)		10,036		50,882
Pitney Bowes, Inc. (b)		3,137		58,160
R.R. Donnelley & Sons Co. (b)		3,977		57,388
Republic Services, Inc.		3,385		93,257
Stericycle, Inc. (a)		892		69,504
Waste Connections, Inc. (b)		1,800		59,652
Waste Management, Inc.		5,915		193,480
				980,300
COMMUNICATIONS EQUIPMENT — 2.1%
Arris Group, Inc. (a)		3,197		34,591

See accompanying notes to financial statements.

98

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Brocade Communications Systems, Inc. (a)		3,380	$	17,542
Ciena Corp. (a)(b)		3,743		45,290
Cisco Systems, Inc.		68,710		1,242,277
Comtech Telecommunications Corp. (b)		645		18,460
EchoStar Corp. (Class A) (a)		771		16,145
Emulex Corp. (a)		457		3,135
F5 Networks, Inc. (a)		1,215		128,936
Finisar Corp. (a)(b)		2,990		50,068
Harmonic, Inc. (a)(b)		1,778		8,961
Harris Corp.		2,257		81,342
InterDigital, Inc. (b)		956		41,653
JDS Uniphase Corp. (a)		4,329		45,195
Juniper Networks, Inc. (a)		7,221		147,381
Motorola Mobility Holdings, Inc. (a)		3,431		133,123
Motorola Solutions, Inc.		3,921		181,503
Plantronics, Inc. (b)		619		22,061
Polycom, Inc. (a)		2,890		47,107
QUALCOMM, Inc.		19,685		1,076,769
Riverbed Technology, Inc. (a)		2,332		54,802
Tellabs, Inc.		7,928		32,029
				3,428,370
COMPUTERS & PERIPHERALS — 4.1%
Apple, Inc. (a)		10,698		4,332,690
Avid Technology, Inc. (a)(b)		1,037		8,846
Dell, Inc. (a)		21,521		314,852
EMC Corp. (a)		24,630		530,530
Hewlett-Packard Co.		29,317		755,206
Icad, Inc. (a)(b)		5,568		3,174
Lexmark International, Inc. (Class A)		1,313		43,421
NCR Corp. (a)		2,895		47,652
NetApp, Inc. (a)		5,384		195,278
Novatel Wireless, Inc. (a)(b)		1,151		3,603
QLogic Corp. (a)		3,613		54,195
SanDisk Corp. (a)		4,195		206,436
Seagate Technology PLC		6,301		103,336
Western Digital Corp. (a)		3,609		111,698
				6,710,917
CONSTRUCTION & ENGINEERING — 0.2%
Aecom Technology Corp. (a)		1,059		21,784
EMCOR Group, Inc. (b)		1,028		27,561
Fluor Corp.		2,374		119,294
Goldfield Corp. (a)		37,348		9,150
Jacobs Engineering Group, Inc. (a)		1,564		63,467
KBR, Inc.		1,938		54,012
Quanta Services, Inc. (a)		2,311		49,779
The Shaw Group, Inc. (a)		1,116		30,020
URS Corp. (a)		993		34,874
				409,941
CONSTRUCTION MATERIALS — 0.1%
Eagle Materials, Inc. (b)		1,028		26,379
Martin Marietta Materials, Inc. (b)		734		55,351
Vulcan Materials Co. (b)		1,538		60,520
				142,250
CONSUMER FINANCE — 0.7%
American Express Co.		13,193		622,314
Capital One Financial Corp. (b)		5,688		240,546
Discover Financial Services		5,678		136,272
SLM Corp.		6,238		83,589
				1,082,721
CONTAINERS & PACKAGING — 0.2%
Crown Holdings, Inc. (a)		3,232		108,531
Owens-Illinois, Inc. (a)		2,658		51,512
Sealed Air Corp.		3,616		62,231
Temple-Inland, Inc.		1,802		57,141
				279,415
DISTRIBUTORS — 0.1%
Genuine Parts Co.		1,312		80,295
LKQ Corp. (a)		2,249		67,650
Pool Corp. (b)		2,304		69,350
				217,295
DIVERSIFIED CONSUMER SERVICES — 0.3%
Apollo Group, Inc. (a)		1,841		99,175
Ascent Media Corp. (Class A) (a)		171		8,673
Capella Education Co. (a)		572		20,621
Career Education Corp. (a)		2,023		16,123
Corinthian Colleges, Inc. (a)(b)		1,552		3,368
DeVry, Inc.		787		30,268
H&R Block, Inc. (b)		3,942		64,373
ITT Educational Services, Inc. (a)(b)		635		36,125
Service Corp. International		8,404		89,503
Sotheby’s (b)		850		24,250
Strayer Education, Inc. (b)		224		21,770
				414,249
DIVERSIFIED FINANCIAL SERVICES — 2.3%
Bank of America Corp.		121,021		672,877
Citigroup, Inc.		27,120		713,527
CME Group, Inc.		836		203,708
IntercontinentalExchange, Inc. (a)		1,015		122,358
JPMorgan Chase & Co.		47,757		1,587,920
Leucadia National Corp.		3,106		70,631
Moody’s Corp. (b)		2,959		99,659
MSCI, Inc. (Class A) (a)		1,303		42,908
NYSE Euronext		4,050		105,705
PHH Corp. (a)(b)		837		8,956
The NASDAQ OMX Group, Inc. (a)		2,443		59,878
				3,688,127
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%
AT&T, Inc.		69,823		2,111,448
CenturyLink, Inc.		7,196		267,691
Cogent Communications Group, Inc. (a)(b)		2,164		36,550
Frontier Communications Corp. (b)		15,423		79,428
Level 3 Communications, Inc. (a)(b)		720		12,233
SureWest Communications		2,203		26,502
tw telecom, Inc. (a)(b)		2,888		55,969
Verizon Communications, Inc.		32,913		1,320,470
Windstream Corp.		6,482		76,099
				3,986,390
ELECTRIC UTILITIES — 1.9%
American Electric Power Co., Inc.		5,121		211,549
Central Vermont Public Service Corp.		3,544		124,394
Duke Energy Corp.		13,576		298,672

See accompanying notes to financial statements.

99

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Edison International		4,167	$	172,514
Entergy Corp.		2,236		163,340
Exelon Corp.		7,945		344,575
FirstEnergy Corp.		5,782		256,143
Hawaiian Electric Industries, Inc.		170		4,502
MGE Energy, Inc. (b)		2,429		113,604
NextEra Energy, Inc.		4,441		270,368
Northeast Utilities		1,800		64,926
Pepco Holdings, Inc.		5,170		104,951
Pinnacle West Capital Corp.		1,400		67,452
PNM Resources, Inc. (b)		3,466		63,185
PPL Corp.		5,020		147,688
Progress Energy, Inc.		2,701		151,310
Southern Co.		9,738		450,772
Unitil Corp.		1,953		55,426
				3,065,371
ELECTRICAL EQUIPMENT — 0.7%
Capstone Turbine Corp. (a)(b)		16,499		19,139
Cooper Industries PLC		1,023		55,395
Emerson Electric Co.		9,360		436,082
General Cable Corp. (a)		1,308		32,713
GrafTech International, Ltd. (a)(b)		2,116		28,883
Hubbell, Inc. (Class B)		1,646		110,052
PowerSecure International, Inc. (a)(b)		5,889		29,151
Rockwell Automation, Inc.		2,211		162,221
Roper Industries, Inc. (b)		1,865		162,012
The Babcock & Wilcox Co. (a)		1,797		43,380
				1,079,028
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%
Amphenol Corp. (Class A)		2,936		133,265
Arrow Electronics, Inc. (a)		2,824		105,646
Avnet, Inc. (a)		3,248		100,980
Benchmark Electronics, Inc. (a)(b)		2,387		32,153
Corning, Inc.		18,597		241,389
Dolby Laboratories, Inc. (Class A) (a)		858		26,178
FEI Co. (a)(b)		1,691		68,959
FLIR Systems, Inc. (b)		2,065		51,770
Itron, Inc. (a)(b)		537		19,208
Jabil Circuit, Inc.		3,190		62,715
Lightpath Technologies, Inc. (Class A) (a)(b)		12,109		12,957
Molex, Inc. (b)		3,031		72,320
National Instruments Corp.		1,786		46,347
Power-One, Inc. (a)(b)		1,026		4,012
Sanmina-SCI Corp. (a)(b)		1,930		17,968
TE Connectivity, Ltd.		2,887		88,948
Tech Data Corp. (a)		2,050		101,290
Trimble Navigation, Ltd. (a)		2,884		125,166
Vishay Intertechnology, Inc. (a)(b)		4,527		40,698
Vishay Precision Group, Inc. (a)(b)		324		5,177
				1,357,146
ENERGY EQUIPMENT & SERVICES — 2.2%
Baker Hughes, Inc.		5,983		291,013
Basic Energy Services, Inc. (a)(b)		5,116		100,785
Cameron International Corp. (a)		3,098		152,391
Complete Production Services, Inc. (a)		768		25,774
Diamond Offshore Drilling, Inc. (b)		619		34,206
Dresser-Rand Group, Inc. (a)		320		15,971
Exterran Holdings, Inc. (a)		1,534		13,959
FMC Technologies, Inc. (a)		3,266		170,583
Halliburton Co.		11,753		405,596
Helix Energy Solutions Group, Inc. (a)(b)		886		13,999
Helmerich & Payne, Inc.		1,592		92,909
ION Geophysical Corp. (a)(b)		14,804		90,749
McDermott International, Inc. (a)		3,595		41,378
Nabors Industries, Ltd. (a)		4,472		77,544
National Oilwell Varco, Inc.		5,809		394,954
Noble Corp. (a)		1,498		45,270
Oceaneering International, Inc.		532		24,541
Patterson-UTI Energy, Inc.		3,661		73,147
Rowan Cos., Inc. (a)		2,944		89,292
Schlumberger, Ltd.		16,943		1,157,376
Superior Energy Services, Inc. (a)(b)		2,890		82,192
TGC Industries, Inc. (a)		4,630		33,058
Tidewater, Inc. (b)		888		43,778
Weatherford International, Ltd. (a)		5,181		75,850
				3,546,315
FOOD & STAPLES RETAILING — 2.2%
Costco Wholesale Corp.		5,380		448,262
CVS Caremark Corp.		17,983		733,347
Safeway, Inc.		5,749		120,959
SUPERVALU, Inc. (b)		3,254		26,422
Sysco Corp.		7,817		229,273
The Kroger Co.		7,185		174,021
Wal-Mart Stores, Inc.		22,251		1,329,720
Walgreen Co.		11,272		372,652
Whole Foods Market, Inc.		1,799		125,174
				3,559,830
FOOD PRODUCTS — 1.8%
Archer-Daniels-Midland Co.		7,273		208,008
Bunge, Ltd.		1,787		102,217
Campbell Soup Co. (b)		3,997		132,860
ConAgra Foods, Inc.		7,210		190,344
Dean Foods Co. (a)		2,833		31,730
Flowers Foods, Inc. (b)		3,932		74,629
General Mills, Inc.		8,679		350,719
H.J. Heinz Co.		3,758		203,082
Kellogg Co.		2,583		130,622
Kraft Foods, Inc. (Class A)		17,516		654,398
McCormick & Co., Inc.		1,391		70,134
Mead Johnson Nutrition Co.		2,409		165,571
Sanderson Farms, Inc.		146		7,319
Sara Lee Corp.		10,298		194,838
Smithfield Foods, Inc. (a)(b)		1,996		48,463
The Hershey Co.		2,185		134,989
The J.M. Smucker Co.		1,237		96,696
TreeHouse Foods, Inc. (a)(b)		1,168		76,364
Tyson Foods, Inc. (Class A)		4,666		96,306
				2,969,289
GAS UTILITIES — 0.1%
Chesapeake Utilities Corp. (b)		2,995		129,833
Delta Natural Gas Co., Inc. (b)		200		6,870

See accompanying notes to financial statements.

100

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Gas Natural, Inc. (b)		402	$	4,587
Questar Corp.		1,859		36,920
				178,210
HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%
ABIOMED, Inc. (a)		1,462		27,003
Alere, Inc. (a)		1,392		32,141
Angeion Corp. (a)(b)		5,541		28,924
Baxter International, Inc.		7,442		368,230
Becton, Dickinson and Co.		3,051		227,971
Boston Scientific Corp. (a)		17,210		91,901
C.R. Bard, Inc.		1,596		136,458
CareFusion Corp. (a)		2,366		60,120
Covidien PLC		3,331		149,928
DENTSPLY International, Inc. (b)		1,495		52,310
Edwards Lifesciences Corp. (a)		2,431		171,872
Escalon Medical Corp. (a)(b)		24,908		24,908
Gen-Probe, Inc. (a)		748		44,222
Hologic, Inc. (a)		4,392		76,904
Intuitive Surgical, Inc. (a)		421		194,927
MAKO Surgical Corp. (a)(b)		500		12,605
Masimo Corp. (a)(b)		977		18,255
Medtronic, Inc.		13,971		534,391
NuVasive, Inc. (a)		714		8,989
ResMed, Inc. (a)		1,966		49,936
St. Jude Medical, Inc.		4,384		150,371
Stryker Corp.		3,417		169,859
Thoratec Corp. (a)		862		28,929
Varian Medical Systems, Inc. (a)		1,981		132,985
Vascular Solutions, Inc. (a)(b)		900		10,017
Zimmer Holdings, Inc. (a)		2,718		145,196
				2,949,352
HEALTH CARE PROVIDERS & SERVICES — 2.5%
Aetna, Inc.		5,423		228,796
Amedisys, Inc. (a)(b)		579		6,317
AmerisourceBergen Corp.		3,317		123,359
athenahealth, Inc. (a)(b)		572		28,097
Cardinal Health, Inc.		4,736		192,329
CIGNA Corp.		3,930		165,060
Community Health Systems, Inc. (a)(b)		816		14,239
Coventry Health Care, Inc. (a)		2,330		70,762
DaVita, Inc. (a)		1,749		132,592
Express Scripts, Inc. (Class A) (a)(b)		6,021		269,078
Health Management Associates, Inc. (Class A) (a)		3,592		26,473
Health Net, Inc. (a)		2,340		71,183
HEALTHSOUTH Corp. (a)(b)		2,415		42,673
Healthways, Inc. (a)(b)		310		2,127
Henry Schein, Inc. (a)		1,975		127,249
Humana, Inc.		2,442		213,944
Laboratory Corp. of America Holdings (a)		1,265		108,752
Lincare Holdings, Inc. (b)		2,878		73,993
McKesson Corp.		3,833		298,629
Medco Health Solutions, Inc. (a)		6,079		339,816
Omnicare, Inc.		2,012		69,313
Patterson Cos., Inc. (b)		2,015		59,483
PSS World Medical, Inc. (a)(b)		1,828		44,219
Quest Diagnostics, Inc.		1,639		95,160
Tenet Healthcare Corp. (a)(b)		7,350		37,706
UnitedHealth Group, Inc.		14,256		722,494
VCA Antech, Inc. (a)(b)		2,126		41,989
WellCare Health Plans, Inc. (a)		272		14,280
WellPoint, Inc.		6,238		413,268
				4,033,380
HEALTH CARE TECHNOLOGY — 0.0% (d)
Transcend Services, Inc. (a)(b)		300		7,119
HOTELS, RESTAURANTS & LEISURE — 2.3%
Biglari Holdings, Inc. (a)(b)		158		58,182
Bob Evans Farms, Inc. (b)		3,338		111,956
Brinker International, Inc. (b)		1,766		47,258
Carnival Corp.		5,112		166,856
Darden Restaurants, Inc. (b)		2,158		98,362
Gaylord Entertainment Co. (a)(b)		462		11,153
International Game Technology		4,928		84,761
Interval Leisure Group, Inc. (a)		690		9,391
Las Vegas Sands Corp. (a)		5,646		241,253
Marriott International, Inc. (Class A)		4,920		143,516
Marriott Vacations Worldwide Corp. (a)		548		9,404
McDonald’s Corp.		11,899		1,193,827
MGM Resorts International (a)		3,351		34,951
Panera Bread Co. (Class A) (a)(b)		554		78,363
Penn National Gaming, Inc. (a)(b)		1,608		61,216
Royal Caribbean Cruises, Ltd.		1,509		37,378
Scientific Games Corp. (Class A) (a)		2,450		23,765
Starbucks Corp.		8,963		412,388
Starwood Hotels & Resorts Worldwide, Inc.		2,944		141,224
The Cheesecake Factory, Inc. (a)(b)		2,535		74,402
Wyndham Worldwide Corp.		4,478		169,403
Wynn Resorts, Ltd.		1,476		163,083
Yum! Brands, Inc.		6,470		381,795
				3,753,887
HOUSEHOLD DURABLES — 0.5%
American Greetings Corp. (Class A) (b)		2,570		32,151
Bassett Furniture Industries, Inc. (b)		4,117		30,836
Brookfield Residential Properties, Inc. (a)		2,456		19,181
D.R. Horton, Inc. (b)		4,385		55,295
Garmin, Ltd. (b)		2,080		82,805
Harman International Industries, Inc.		1,351		51,392
KB HOME (b)		2,416		16,236
Leggett & Platt, Inc.		3,516		81,009
Lennar Corp. (Class A)		2,934		57,653
Mohawk Industries, Inc. (a)		619		37,047
Newell Rubbermaid, Inc.		4,810		77,681
NVR, Inc. (a)		105		72,030
Pulte Group, Inc. (a)(b)		6,412		40,460
The Ryland Group, Inc.		1,003		15,807
Toll Brothers, Inc. (a)(b)		2,027		41,391
Whirlpool Corp. (b)		1,109		52,622
				763,596
HOUSEHOLD PRODUCTS — 2.1%
Church & Dwight Co., Inc. (b)		3,522		161,167
Colgate-Palmolive Co.		5,787		534,661

See accompanying notes to financial statements.

101

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Energizer Holdings, Inc. (a)		1,053	$	81,586
Kimberly-Clark Corp.		4,429		325,797
The Clorox Co.		1,644		109,425
The Procter & Gamble Co.		33,288		2,220,642
				3,433,278
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2%
Calpine Corp. (a)		4,274		69,794
Constellation Energy Group, Inc.		2,485		98,580
GenOn Energy, Inc. (a)		14,985		39,111
NRG Energy, Inc. (a)		4,449		80,616
The AES Corp. (a)		8,986		106,394
				394,495
INDUSTRIAL CONGLOMERATES — 2.0%
3M Co.		7,675		627,278
Danaher Corp.		5,580		262,483
General Electric Co.		126,560		2,266,690
Tyco International, Ltd.		2,729		127,471
				3,283,922
INSURANCE — 3.7%
ACE, Ltd.		1,860		130,423
Aflac, Inc.		5,880		254,369
American International Group, Inc. (a)		3,861		89,575
AON Corp.		3,316		155,189
Arthur J. Gallagher & Co. (b)		1,296		43,338
Assurant, Inc.		1,819		74,688
Assured Guaranty, Ltd.		1,876		24,651
Berkshire Hathaway, Inc. (Class B) (a)		22,753		1,736,054
Cincinnati Financial Corp. (b)		1,990		60,615
Donegal Group, Inc. (Class A) (b)		1,700		24,072
Eastern Insurance Holdings, Inc.		800		11,400
Everest Re Group, Ltd.		822		69,122
Fidelity National Financial, Inc. (Class A)		3,304		52,633
Genworth Financial, Inc. (Class A) (a)		6,071		39,765
Hartford Financial Services Group, Inc.		5,359		87,084
Lincoln National Corp.		5,380		104,480
Loews Corp.		5,654		212,873
Marsh & McLennan Cos., Inc.		5,767		182,353
MBIA, Inc. (a)(b)		2,472		28,650
MetLife, Inc.		6,893		214,924
Old Republic International Corp.		5,067		46,971
PartnerRe, Ltd.		895		57,468
Principal Financial Group, Inc.		4,982		122,557
ProAssurance Corp.		1,526		121,805
Protective Life Corp.		368		8,302
Prudential Financial, Inc.		5,659		283,629
Reinsurance Group of America, Inc.		940		49,115
RenaissanceRe Holdings, Ltd.		1,012		75,262
Seabright Holdings, Inc. (b)		1,987		15,201
Selective Insurance Group, Inc. (b)		3,132		55,530
The Allstate Corp.		7,058		193,460
The Chubb Corp.		4,624		320,073
The Hanover Insurance Group, Inc.		1,387		48,476
The Phoenix Cos., Inc. (a)(b)		22,841		38,373
The Progressive Corp.		7,849		153,134
The Travelers Cos., Inc.		7,478		442,473
Torchmark Corp.		1,573		68,252
Transatlantic Holdings, Inc.		770		42,142
Unum Group		5,507		116,032
Validus Holdings, Ltd.		1,861		58,622
W.R. Berkley Corp.		1,756		60,389
XL Group PLC		3,918		77,459
				6,050,983
INTERNET & CATALOG RETAIL — 0.7%
Amazon.com, Inc. (a)		3,963		685,995
Expedia, Inc. (b)		2,043		59,288
HSN, Inc. (b)		690		25,019
Liberty Media Corp. — Interactive (Class A) (a)		7,881		127,790
Netflix, Inc. (a)		488		33,814
Priceline.com, Inc. (a)		467		218,421
TripAdvisor, Inc. (a)(b)		2,043		51,504
				1,201,831
INTERNET SOFTWARE & SERVICES — 1.7%
Akamai Technologies, Inc. (a)		2,684		86,640
AOL, Inc. (a)(b)		1,433		21,638
EarthLink, Inc.		4,705		30,300
eBay, Inc. (a)		12,419		376,668
Equinix, Inc. (a)		505		51,207
Google, Inc. (Class A) (a)		2,744		1,772,350
IAC/InterActiveCorp.		1,807		76,978
Internap Network Services Corp. (a)(b)		5,945		35,313
Local.com Corp. (a)(b)		4,135		8,849
Monster Worldwide, Inc. (a)(b)		2,632		20,872
VeriSign, Inc.		2,750		98,230
WebMD Health Corp. (a)(b)		799		30,002
Yahoo!, Inc. (a)		14,215		229,288
				2,838,335
IT SERVICES — 3.4%
Accenture PLC (Class A)		4,111		218,829
Alliance Data Systems Corp. (a)		808		83,903
Automatic Data Processing, Inc.		6,594		356,142
Broadridge Financial Solutions, Inc.		2,293		51,707
Cognizant Technology Solutions Corp. (Class A) (a)		4,307		276,983
Computer Sciences Corp.		2,456		58,207
Fidelity National Information Services, Inc.		5,573		148,186
Fiserv, Inc. (a)		2,796		164,237
International Business Machines Corp.		14,208		2,612,567
Jack Henry & Associates, Inc. (b)		1,746		58,683
Lender Processing Services, Inc.		1,648		24,835
Mastercard, Inc. (Class A)		1,028		383,259
Paychex, Inc. (b)		4,597		138,416
Rainmaker Systems, Inc. (a)		6,728		5,490
SAIC, Inc. (a)		2,669		32,802
Teradata Corp. (a)		2,885		139,951
The Western Union Co.		8,076		147,468
Total System Services, Inc.		2,584		50,543
Unisys Corp. (a)(b)		995		19,612
VeriFone Systems, Inc. (a)		470		16,694
Visa, Inc. (Class A)		5,531		561,562
				5,550,076

See accompanying notes to financial statements.

102

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
LEISURE EQUIPMENT & PRODUCTS — 0.2%
Brunswick Corp. (b)		2,138	$	38,612
Eastman Kodak Co. (a)(b)		4,295		2,790
Hasbro, Inc. (b)		2,775		88,495
Mattel, Inc.		6,445		178,913
				308,810
LIFE SCIENCES TOOLS & SERVICES — 0.6%
Affymetrix, Inc. (a)(b)		1,336		5,464
Agilent Technologies, Inc. (a)		5,310		185,478
Charles River Laboratories International, Inc. (a)		854		23,340
Covance, Inc. (a)(b)		783		35,799
Illumina, Inc. (a)(b)		1,616		49,256
Life Technologies Corp. (a)		2,651		103,150
PerkinElmer, Inc.		2,952		59,040
PURE Bioscience, Inc. (a)(b)		10,818		3,516
Sequenom, Inc. (a)(b)		1,032		4,592
Techne Corp.		1,226		83,687
Thermo Fisher Scientific, Inc. (a)		5,574		250,663
Waters Corp. (a)		1,654		122,479
				926,464
MACHINERY — 2.6%
AGCO Corp. (a)		939		40,349
Caterpillar, Inc.		7,363		667,088
CLARCOR, Inc. (b)		863		43,141
Commercial Vehicle Group, Inc. (a)(b)		10,320		93,293
Crane Co.		1,679		78,426
Cummins, Inc.		2,175		191,443
Deere & Co.		5,079		392,861
Donaldson Co., Inc. (b)		963		65,561
Dover Corp.		2,200		127,710
Eaton Corp.		4,192		182,478
Federal Signal Corp. (a)(b)		4,840		20,086
Flowserve Corp.		638		63,366
Graco, Inc.		258		10,550
Harsco Corp. (b)		1,725		35,501
IDEX Corp.		3,010		111,701
Illinois Tool Works, Inc.		7,504		350,512
Ingersoll-Rand PLC		1,854		56,491
ITT Corp.		1,375		26,579
John Bean Technologies Corp. (b)		351		5,395
Joy Global, Inc.		1,773		132,922
Lincoln Electric Holdings, Inc. (b)		1,564		61,184
Meritor, Inc. (a)(b)		16,282		86,620
Mueller Water Products, Inc. (Class A) (b)		24,842		60,614
Navistar International Corp. (a)		968		36,668
NN, Inc. (a)(b)		23,060		138,360
Oshkosh Corp. (a)		1,903		40,686
PACCAR, Inc. (b)		4,053		151,866
Pall Corp.		2,986		170,650
Parker Hannifin Corp.		2,480		189,100
Pentair, Inc. (b)		2,028		67,512
SPX Corp.		1,083		65,272
Stanley Black & Decker, Inc.		1,645		111,202
Terex Corp. (a)(b)		1,753		23,683
The Manitowoc Co., Inc. (b)		10,500		96,495
Timken Co.		2,294		88,801
WABCO Holdings, Inc. (a)		1,204		52,254
Watts Water Technologies, Inc. (Class A) (b)		2,011		68,796
Xylem, Inc.		2,747		70,570
				4,275,786
MARINE — 0.0% (d)
Genco Shipping & Trading, Ltd. (a)		340		2,298
MEDIA — 3.4%
AMC Networks, Inc. (Class A) (a)(b)		856		32,168
Cablevision Systems Corp. (Class A)		3,435		48,846
CBS Corp.		8,433		228,872
Comcast Corp. (Class A)		33,340		790,491
DIRECTV (Class A) (a)		12,168		520,304
Discovery Communications, Inc. (Series A) (a)		3,829		156,874
DISH Network Corp. (Class A)		3,863		110,018
Gannett Co., Inc. (b)		5,171		69,136
Journal Communications, Inc. (Class A) (a)(b)		4,496		19,782
Knology, Inc. (a)(b)		3,094		43,935
Lamar Advertising Co. (Class A) (a)(b)		1,547		42,543
Liberty Global, Inc. (Series A) (a)		4,957		203,386
Liberty Media Corp. — Liberty Capital (Class A) (a)		2,130		166,247
Live Nation Entertainment, Inc. (a)		1,883		15,648
News Corp. (Class A)		27,244		486,033
Omnicom Group, Inc.		3,730		166,283
Scripps Networks Interactive, Inc. (Class A)		864		36,651
Sirius XM Radio, Inc. (a)(b)		42,681		77,679
The Interpublic Group of Cos., Inc.		7,191		69,968
The Madison Square Garden Co. (Class A) (a)		856		24,516
The McGraw-Hill Cos., Inc.		4,751		213,652
The New York Times Co. (Class A) (a)(b)		1,431		11,062
The Walt Disney Co.		21,818		818,175
Time Warner Cable, Inc.		3,784		240,549
Time Warner, Inc.		15,572		562,772
Valassis Communications, Inc. (a)(b)		170		3,269
Viacom, Inc. (Class B)		6,485		294,484
Virgin Media, Inc. (b)		3,779		80,795
				5,534,138
METALS & MINING — 1.0%
AK Steel Holding Corp. (b)		3,140		25,936
Alcoa, Inc.		10,866		93,991
Allegheny Technologies, Inc.		1,226		58,603
Allied Nevada Gold Corp. (a)(b)		680		20,590
Century Aluminum Co. (a)(b)		1,215		10,340
Cliffs Natural Resources, Inc.		1,964		122,455
Coeur d’Alene Mines Corp. (a)		516		12,456
Commercial Metals Co.		1,848		25,558
Contango ORE, Inc. (a)(b)		24		324
Freeport-McMoRan Copper & Gold, Inc.		11,160		410,576
Molycorp, Inc. (a)(b)		572		13,717
Newmont Mining Corp.		5,854		351,299

See accompanying notes to financial statements.

103

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Nucor Corp.		3,561	$	140,909
Reliance Steel & Aluminum Co. (b)		648		31,551
Royal Gold, Inc.		1,064		71,745
Schnitzer Steel Industries, Inc. (Class A)		488		20,633
Southern Copper Corp.		2,853		86,104
Steel Dynamics, Inc.		2,641		34,729
Titanium Metals Corp.		1,808		27,084
United States Steel Corp. (b)		2,368		62,657
Walter Energy, Inc.		945		57,229
Worthington Industries, Inc. (b)		704		11,532
				1,690,018
MULTI-UTILITIES — 1.1%
Alliant Energy Corp.		530		23,378
Ameren Corp.		2,473		81,931
CMS Energy Corp. (b)		4,877		107,684
Consolidated Edison, Inc.		3,246		201,349
Dominion Resources, Inc.		7,449		395,393
DTE Energy Co.		1,485		80,858
NiSource, Inc.		3,491		83,121
PG&E Corp.		4,266		175,845
Public Service Enterprise Group, Inc.		5,438		179,508
Sempra Energy		2,862		157,410
TECO Energy, Inc.		5,156		98,686
Wisconsin Energy Corp.		2,450		85,652
Xcel Energy, Inc.		6,797		187,869
				1,858,684
MULTILINE RETAIL — 0.9%
Big Lots, Inc. (a)		2,207		83,336
Dillard’s, Inc. (Class A) (b)		772		34,647
Dollar Tree, Inc. (a)		2,412		200,461
Family Dollar Stores, Inc.		2,071		119,414
J.C. Penney Co., Inc. (b)		2,832		99,545
Kohl’s Corp.		3,592		177,265
Macy’s, Inc.		6,320		203,378
Nordstrom, Inc.		3,174		157,780
Sears Holdings Corp. (a)(b)		1,030		32,733
Target Corp.		7,775		398,236
				1,506,795
OFFICE ELECTRONICS — 0.1%
Xerox Corp.		20,762		165,266
Zebra Technologies Corp. (Class A) (a)		1,835		65,656
				230,922
OIL, GAS & CONSUMABLE FUELS — 9.5%
Abraxas Petroleum Corp. (a)(b)		17,469		57,648
Adams Resources & Energy, Inc.		300		8,694
Alpha Natural Resources, Inc. (a)		4,620		94,387
Anadarko Petroleum Corp.		6,366		485,917
Apache Corp.		4,490		406,704
Approach Resources, Inc. (a)		3,270		96,171
Arch Coal, Inc.		2,478		35,956
BPZ Resources, Inc. (a)(b)		11,860		33,682
Cabot Oil & Gas Corp.		986		74,837
Chesapeake Energy Corp.		7,232		161,201
Chevron Corp.		23,928		2,545,939
Cimarex Energy Co.		732		45,311
Clayton Williams Energy, Inc. (a)(b)		460		34,905
Concho Resources, Inc. (a)		1,320		123,750
ConocoPhillips		15,985		1,164,827
CONSOL Energy, Inc.		2,502		91,823
Contango Oil & Gas Co. (a)		200		11,636
Denbury Resources, Inc. (a)		4,805		72,556
Devon Energy Corp.		5,309		329,158
El Paso Corp.		10,006		265,860
EOG Resources, Inc.		3,177		312,966
EXCO Resources, Inc. (b)		2,604		27,212
Exxon Mobil Corp.		59,666		5,057,290
Forest Oil Corp. (a)		1,514		20,515
Goodrich Petroleum Corp. (a)(b)		992		13,620
Hess Corp.		3,493		198,402
Hollyfrontier Corp.		3,772		88,265
Houston American Energy Corp. (a)(b)		5,982		72,921
Marathon Oil Corp.		8,952		262,025
Marathon Petroleum Corp.		4,476		149,006
Murphy Oil Corp.		2,442		136,117
Newfield Exploration Co. (a)		1,646		62,104
Noble Energy, Inc.		2,534		239,184
Occidental Petroleum Corp.		9,925		929,973
Panhandle Oil & Gas, Inc. (b)		300		9,843
Patriot Coal Corp. (a)(b)		3,606		30,543
Peabody Energy Corp.		3,347		110,819
Pioneer Natural Resources Co.		2,219		198,556
Plains Exploration & Production Co. (a)		2,710		99,511
QEP Resources, Inc.		1,860		54,498
Quicksilver Resources, Inc. (a)(b)		596		3,999
Range Resources Corp.		2,560		158,566
Rex Energy Corp. (a)(b)		1,158		17,092
SandRidge Energy, Inc. (a)(b)		7,115		58,058
SM Energy Co.		2,354		172,077
Southwestern Energy Co. (a)		4,605		147,084
Spectra Energy Corp.		7,490		230,318
Sunoco, Inc.		1,921		78,799
Tesoro Corp. (a)(b)		2,769		64,684
The Williams Cos., Inc.		7,659		252,900
Toreador Resources Corp. (a)(b)		5,016		25,832
Ultra Petroleum Corp. (a)		1,692		50,134
Valero Energy Corp.		6,703		141,098
Zion Oil & Gas, Inc. (a)		2,009		4,440
				15,619,413
PAPER & FOREST PRODUCTS — 0.3%
Domtar Corp.		227		18,151
International Paper Co.		6,565		194,324
Louisiana-Pacific Corp. (a)(b)		2,992		24,146
MeadWestvaco Corp.		4,075		122,046
Weyerhaeuser Co.		6,579		122,830
				481,497
PERSONAL PRODUCTS — 0.3%
Avon Products, Inc.		5,767		100,749
Herbalife, Ltd.		2,276		117,601
The Estee Lauder Cos., Inc. (Class A)		2,153		241,825
				460,175
PHARMACEUTICALS — 5.4%
Abbott Laboratories		17,595		989,367
Allergan, Inc.		3,700		324,638

See accompanying notes to financial statements.

104

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Auxilium Pharmaceuticals, Inc. (a)(b)		743	$	14,808
Bristol-Myers Squibb Co.		22,473		791,949
Eli Lilly & Co.		11,165		464,017
Endo Pharmaceuticals Holdings, Inc. (a)		1,608		55,524
Forest Laboratories, Inc. (a)		4,246		128,484
Hospira, Inc. (a)		2,675		81,240
Johnson & Johnson		31,189		2,045,375
Merck & Co., Inc.		36,249		1,366,587
Mylan, Inc. (a)		4,706		100,991
Nektar Therapeutics (a)(b)		930		5,203
Perrigo Co.		1,347		131,063
Pfizer, Inc.		94,888		2,053,376
Questcor Pharmaceuticals, Inc. (a)		1,101		45,780
ViroPharma, Inc. (a)(b)		1,624		44,481
VIVUS, Inc. (a)(b)		3,198		31,180
Watson Pharmaceuticals, Inc. (a)		2,126		128,283
				8,802,346
PROFESSIONAL SERVICES — 0.2%
Dun & Bradstreet Corp.		1,166		87,252
Equifax, Inc.		2,530		98,012
IHS, Inc. (Class A) (a)		750		64,620
Manpower, Inc.		1,140		40,755
Robert Half International, Inc.		3,418		97,276
				387,915
REAL ESTATE INVESTMENT TRUSTS — 2.6%
Agree Realty Corp.		2,872		70,019
American Campus Communities, Inc. (b)		1,447		60,716
Annaly Capital Management, Inc.		7,794		124,392
Apartment Investment & Management Co. (Class A)		2,816		64,515
Ashford Hospitality Trust, Inc. (b)		6,980		55,840
AvalonBay Communities, Inc.		1,096		143,138
BioMed Realty Trust, Inc. (b)		2,370		42,850
Boston Properties, Inc. (b)		2,683		267,227
BRE Properties, Inc. (b)		899		45,382
Camden Property Trust		474		29,502
CBL & Associates Properties, Inc. (b)		2,029		31,855
Cedar Shopping Centers, Inc. (b)		2,075		8,943
Cogdell Spencer, Inc. (b)		1,437		6,107
Colonial Properties Trust		428		8,928
Corporate Office Properties Trust (b)		1,964		41,755
DDR Corp.		2,151		26,178
Digital Realty Trust, Inc. (b)		921		61,403
Duke Realty Corp.		2,380		28,679
Equity Residential (b)		4,336		247,282
Extra Space Storage, Inc. (b)		1,778		43,081
Glimcher Realty Trust		3,660		33,672
HCP, Inc.		3,756		155,611
Health Care REIT, Inc.		1,247		67,999
Home Properties, Inc. (b)		628		36,154
Hospitality Properties Trust		1,937		44,512
Host Hotels & Resorts, Inc.		8,752		129,267
Investors Real Estate Trust (b)		8,068		58,856
Kimco Realty Corp.		4,074		66,162
LaSalle Hotel Properties		2,856		69,144
Lexington Realty Trust (b)		1,860		13,931
Liberty Property Trust (b)		1,374		42,429
Monmouth Real Estate Investment Corp. (b)		5,182		47,415
National Retail Properties, Inc.		3,494		92,172
Pennsylvania Real Estate Investment Trust		2,610		27,248
Plum Creek Timber Co., Inc. (b)		2,789		101,966
Post Properties, Inc.		462		20,199
Power REIT (b)		3,330		36,297
ProLogis		3,620		103,496
Public Storage		1,327		178,428
Realty Income Corp.		1,778		62,159
Regency Centers Corp.		384		14,446
Senior Housing Properties Trust		1,556		34,917
Simon Property Group, Inc.		3,220		415,187
SL Green Realty Corp. (b)		842		56,111
Strategic Hotels & Resorts, Inc. (a)(b)		22,765		122,248
Sunstone Hotel Investors, Inc. (a)		674		5,493
Tanger Factory Outlet Centers, Inc. (b)		3,240		94,997
The Macerich Co. (b)		2,175		110,055
Transcontinental Realty Investors, Inc. (a)		684		1,108
UDR, Inc. (b)		2,275		57,103
Urstadt Biddle Properties, Inc. (Class A) (b)		4,416		79,841
Ventas, Inc.		2,779		153,206
Vestin Realty Mortgage II, Inc. (a)		2,024		2,368
Vornado Realty Trust		3,618		278,079
Weingarten Realty Investors (b)		1,392		30,373
				4,250,441
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Brookfield Office Properties, Inc. (b)		1,944		30,404
CBRE Group, Inc. (a)		4,913		74,776
Forestar Group, Inc. (a)		658		9,956
Jones Lang LaSalle, Inc.		798		48,885
The St. Joe Co. (a)(b)		1,143		16,756
				180,777
ROAD & RAIL — 1.1%
Avis Budget Group, Inc. (a)		1,196		12,821
Con-way, Inc.		340		9,915
CSX Corp.		15,977		336,476
Dollar Thrifty Automotive Group, Inc. (a)		1,263		88,738
J.B. Hunt Transport Services, Inc.		3,236		145,847
Kansas City Southern (a)		1,504		102,287
Landstar System, Inc.		2,059		98,667
Norfolk Southern Corp.		5,172		376,832
Union Pacific Corp.		5,796		614,028
				1,785,611
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%
Advanced Micro Devices, Inc. (a)(b)		6,899		37,255
Aetrium, Inc. (a)(b)		7,172		5,236
Altera Corp.		4,045		150,069
Anadigics, Inc. (a)(b)		2,193		4,803
Analog Devices, Inc.		4,337		155,178
Applied Materials, Inc.		17,555		188,014
AXT, Inc. (a)(b)		6,650		27,730

See accompanying notes to financial statements.

105

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Broadcom Corp. (Class A) (a)		6,554	$	192,425
Cirrus Logic, Inc. (a)(b)		1,366		21,651
Cree, Inc. (a)(b)		458		10,094
Cypress Semiconductor Corp. (a)(b)		2,079		35,114
Energy Conversion Devices, Inc. (a)(b)		22,420		4,529
First Solar, Inc. (a)(b)		680		22,957
Intel Corp.		66,035		1,601,349
International Rectifier Corp. (a)		1,428		27,732
Intersil Corp. (Class A)		3,763		39,286
KLA-Tencor Corp.		3,403		164,195
Lam Research Corp. (a)		2,691		99,621
Linear Technology Corp.		3,794		113,934
LSI Corp. (a)		8,006		47,636
Marvell Technology Group, Ltd. (a)		5,834		80,801
Maxim Integrated Products, Inc.		2,528		65,829
MEMC Electronic Materials, Inc. (a)		3,494		13,766
Microchip Technology, Inc. (b)		3,135		114,835
Micron Technology, Inc. (a)		9,741		61,271
Microsemi Corp. (a)		1,992		33,366
MKS Instruments, Inc.		252		7,011
Novellus Systems, Inc. (a)		2,896		119,576
NVIDIA Corp. (a)		7,886		109,300
ON Semiconductor Corp. (a)		3,698		28,548
Rambus, Inc. (a)(b)		1,775		13,401
Sigma Designs, Inc. (a)(b)		508		3,048
Skyworks Solutions, Inc. (a)		1,279		20,745
SunPower Corp. (a)(b)		121		754
Teradyne, Inc. (a)(b)		4,178		56,946
Texas Instruments, Inc.		15,718		457,551
Xilinx, Inc.		3,438		110,222
				4,245,778
SOFTWARE — 3.6%
Activision Blizzard, Inc.		7,824		96,392
Adobe Systems, Inc. (a)		7,964		225,142
Autodesk, Inc. (a)		4,276		129,691
BMC Software, Inc. (a)		2,984		97,815
CA, Inc.		5,743		116,095
Cadence Design Systems, Inc. (a)		5,889		61,246
Citrix Systems, Inc. (a)		3,511		213,188
Compuware Corp. (a)		6,619		55,070
Concur Technologies, Inc. (a)(b)		1,056		53,634
Electronic Arts, Inc. (a)		3,861		79,537
Intuit, Inc.		4,646		244,333
Microsoft Corp.		93,230		2,420,251
Nuance Communications, Inc. (a)		3,669		92,312
Oracle Corp.		46,844		1,201,549
Parametric Technology Corp. (a)		3,973		72,547
Red Hat, Inc. (a)		3,373		139,271
Rovi Corp. (a)		752		18,484
Salesforce.com, Inc. (a)		1,349		136,870
Smith Micro Software, Inc. (a)(b)		2,455		2,774
Solera Holdings, Inc.		1,380		61,465
Symantec Corp. (a)		11,188		175,092
Synopsys, Inc. (a)		3,269		88,917
TiVo, Inc. (a)(b)		2,440		21,887
Versant Corp. (a)		1,977		18,307
VMware, Inc. (Class A) (a)		484		40,264
Websense, Inc. (a)(b)		561		10,507
				5,872,640
SPECIALTY RETAIL — 2.5%
Abercrombie & Fitch Co. (Class A)		1,676		81,856
Advance Auto Parts, Inc.		1,832		127,562
Aeropostale, Inc. (a)(b)		976		14,884
American Eagle Outfitters, Inc.		3,377		51,634
AutoNation, Inc. (a)(b)		3,380		124,621
AutoZone, Inc. (a)		541		175,809
Bed Bath & Beyond, Inc. (a)		3,759		217,909
Best Buy Co., Inc. (b)		4,061		94,906
Chico’s FAS, Inc.		2,090		23,283
Dick’s Sporting Goods, Inc. (b)		1,324		48,829
Foot Locker, Inc.		3,001		71,544
GameStop Corp. (Class A) (a)(b)		1,845		44,520
Genesco, Inc. (a)		301		18,584
Limited Brands, Inc.		4,684		188,999
Lowe’s Cos., Inc.		16,474		418,110
O’Reilly Automotive, Inc. (a)		2,499		199,795
Office Depot, Inc. (a)(b)		4,741		10,193
OfficeMax, Inc. (a)(b)		854		3,877
Orchard Supply Hardware Stores Corp. (Class A) (a)(e)		51		384
PetSmart, Inc.		2,789		143,048
Pier 1 Imports, Inc. (a)(b)		768		10,698
RadioShack Corp. (b)		2,725		26,460
Rent-A-Center, Inc.		1,905		70,485
Ross Stores, Inc.		4,704		223,581
Staples, Inc.		8,984		124,788
The Gap, Inc. (b)		6,973		129,349
The Home Depot, Inc.		20,911		879,098
The Men’s Wearhouse, Inc.		619		20,062
Tiffany & Co.		2,067		136,959
TJX Cos., Inc.		4,874		314,617
Urban Outfitters, Inc. (a)		2,189		60,329
Williams-Sonoma, Inc.		1,696		65,296
				4,122,069
TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Carter’s, Inc. (a)(b)		1,212		48,250
Coach, Inc.		4,462		272,360
Crocs, Inc. (a)(b)		428		6,322
Hanesbrands, Inc. (a)		1,692		36,987
Iconix Brand Group, Inc. (a)(b)		554		9,025
Liz Claiborne, Inc. (a)(b)		3,429		29,592
NIKE, Inc. (Class B)		3,449		332,380
Quiksilver, Inc. (a)(b)		4,117		14,862
The Jones Group, Inc. (b)		2,850		30,067
Under Armour, Inc. (Class A) (a)(b)		707		50,756
V.F. Corp.		826		104,894
Wolverine World Wide, Inc.		2,711		96,620
				1,032,115
THRIFTS & MORTGAGE FINANCE — 0.2%
Astoria Financial Corp. (b)		1,572		13,346
Berkshire Hills Bancorp, Inc. (b)		2,067		45,867
Hudson City Bancorp, Inc.		3,828		23,925
MGIC Investment Corp. (a)(b)		3,660		13,652
New York Community Bancorp, Inc. (b)		3,584		44,334

See accompanying notes to financial statements.

106

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
OceanFirst Financial Corp.		3,896	$	50,921
People’s United Financial, Inc. (b)		4,237		54,446
Radian Group, Inc. (b)		4,451		10,415
TF Financial Corp.		299		6,781
TrustCo Bank Corp. NY		7,148		40,100
				303,787
TOBACCO — 1.8%
Altria Group, Inc.		24,715		732,800
Lorillard, Inc.		1,756		200,184
Philip Morris International, Inc.		22,515		1,766,977
Reynolds American, Inc.		4,986		206,520
				2,906,481
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co. (b)		5,018		218,835
Kaman Corp. (b)		2,185		59,694
W.W. Grainger, Inc.		542		101,457
Willis Lease Finance Corp. (a)(b)		402		4,784
				384,770
WATER UTILITIES — 0.1%
Aqua America, Inc. (b)		1,391		30,671
Artesian Resources Corp. (Class A) (b)		402		7,570
Cadiz, Inc. (a)(b)		1,954		18,817
Connecticut Water Service, Inc. (b)		976		26,479
Middlesex Water Co. (b)		4,520		84,343
Pennichuck Corp.		200		5,766
York Water Co. (b)		2,245		39,602
				213,248
WIRELESS TELECOMMUNICATION SERVICES — 0.5%
American Tower Corp. (Class A)		5,296		317,813
Crown Castle International Corp. (a)		3,646		163,341
Leap Wireless International, Inc. (a)		1,120		10,405
MetroPCS Communications, Inc. (a)		2,814		24,425
NII Holdings, Inc. (a)		2,484		52,909
SBA Communications Corp. (Class A) (a)(b)		1,750		75,180
Sprint Nextel Corp. (a)		31,849		74,527
Telephone & Data Systems, Inc. (b)		1,809		46,835
				765,435
TOTAL COMMON STOCKS —
(Cost $157,358,578)				163,321,549
PREFERRED STOCK — 0.0%
SPECIALTY RETAIL — 0.0%
Orchard Supply Hardware Stores Corp. (Series A) (a)(e) (Cost $311)		51		0
SHORT TERM INVESTMENTS — 4.6%
MONEY MARKET FUNDS — 4.6%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		7,361,899		7,361,899
State Street Institutional Liquid Reserves Fund 0.15% (g)(h)		242,268		242,268
TOTAL SHORT TERM INVESTMENTS —
(Cost $7,604,167)				7,604,167
TOTAL INVESTMENTS — 104.3% (i)
(Cost $164,963,056)				170,925,716
OTHER ASSETS & LIABILITIES — (4.3)%				(7,065,496	)
NET ASSETS — 100.0%			$	163,860,220

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(c)	Affiliated issuer. (Note 3)
(d)	Amount shown represents less than 0.05% of net assets.
(e)	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)
(f)	Investments of cash collateral for securities loaned.
(g)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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 1 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

107

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 2.3%
Exelis, Inc.		531	$	4,806
General Dynamics Corp.		862		57,245
Goodrich Corp. (a)		365		45,150
Honeywell International, Inc.		2,023		109,950
L-3 Communications Holdings, Inc.		301		20,071
Lockheed Martin Corp. (a)		761		61,565
Northrop Grumman Corp.		738		43,158
Precision Castparts Corp.		407		67,070
Raytheon Co. (a)		1,006		48,670
Rockwell Collins, Inc. (a)		467		25,858
Spirit Aerosystems Holdings, Inc. (Class A) (b)		294		6,109
Textron, Inc. (a)		687		12,703
The Boeing Co.		1,882		138,045
TransDigm Group, Inc. (a)(b)		128		12,247
United Technologies Corp.		2,258		165,037
				817,684
AIR FREIGHT & LOGISTICS — 0.8%
C.H. Robinson Worldwide, Inc. (a)		473		33,006
Expeditors International of Washington, Inc.		626		25,641
FedEx Corp. (a)		848		70,817
United Parcel Service, Inc. (Class B)		1,991		145,721
				275,185
AIRLINES — 0.2%
Delta Air Lines, Inc. (b)		2,363		19,117
Southwest Airlines Co.		2,151		18,412
United Continental Holdings, Inc. (a)(b)		893		16,851
				54,380
AUTO COMPONENTS — 0.4%
BorgWarner, Inc. (a)(b)		333		21,226
Gentex Corp. (a)		401		11,866
Johnson Controls, Inc.		1,920		60,019
Lear Corp.		289		11,502
The Goodyear Tire & Rubber Co. (a)(b)		689		9,763
TRW Automotive Holdings Corp. (b)		252		8,215
Visteon Corp. (a)(b)		128		6,392
				128,983
AUTOMOBILES — 0.5%
Ford Motor Co. (a)(b)		10,790		116,101
General Motors Co. (b)		1,686		34,175
Harley-Davidson, Inc.		697		27,092
				177,368
BEVERAGES — 2.4%
Beam, Inc.		448		22,951
Brown-Forman Corp. (Class B)		309		24,878
Coca-Cola Enterprises, Inc.		921		23,743
Constellation Brands, Inc. (Class A) (b)		559		11,555
Dr. Pepper Snapple Group, Inc. (a)		618		24,399
Hansen Natural Corp. (b)		213		19,626
Molson Coors Brewing Co. (Class B)		418		18,200
PepsiCo, Inc.		4,530		300,565
The Coca-Cola Co.		5,952		416,461
				862,378
BIOTECHNOLOGY — 1.5%
Alexion Pharmaceuticals, Inc. (b)		510		36,465
Amgen, Inc.		2,324		149,224
Biogen Idec, Inc. (b)		698		76,815
Celgene Corp. (b)		1,306		88,286
Gilead Sciences, Inc. (b)		2,243		91,806
Human Genome Sciences, Inc. (a)(b)		453		3,348
Pharmasset, Inc. (b)		204		26,153
Regeneron Pharmaceuticals, Inc. (a)(b)		203		11,252
United Therapeutics Corp. (a)(b)		146		6,898
Vertex Pharmaceuticals, Inc. (b)		618		20,524
				510,771
BUILDING PRODUCTS — 0.1%
Fortune Brands Home & Security, Inc. (a)(b)		448		7,629
Masco Corp. (a)		1,088		11,402
Owens Corning, Inc. (a)(b)		344		9,880
				28,911
CAPITAL MARKETS — 1.7%
Affiliated Managers Group, Inc. (b)		145		13,913
Ameriprise Financial, Inc.		700		34,748
BlackRock, Inc.		272		48,481
E*TRADE Financial Corp. (b)		692		5,508
Eaton Vance Corp. (a)		335		7,919
Franklin Resources, Inc. (a)		433		41,594
Invesco, Ltd.		1,272		25,555
Jefferies Group, Inc. (a)		346		4,758
Legg Mason, Inc. (a)		409		9,836
LPL Investment Holdings, Inc. (a)(b)		145		4,428
Morgan Stanley		3,801		57,509
Northern Trust Corp.		617		24,470
Raymond James Financial, Inc. (a)		283		8,762
SEI Investments Co. (a)		386		6,697
State Street Corp. (c)		1,453		58,570
T. Rowe Price Group, Inc. (a)		702		39,979
TD Ameritrade Holding Corp.		714		11,174
The Bank of New York Mellon Corp.		3,467		69,028
The Charles Schwab Corp. (a)		2,923		32,913
The Goldman Sachs Group, Inc.		1,215		109,873
				615,715
CHEMICALS — 2.3%
Air Products & Chemicals, Inc.		572		48,729
Airgas, Inc.		202		15,772
Albemarle Corp.		265		13,650
Ashland, Inc.		202		11,546
Celanese Corp. (Series A)		433		19,169
CF Industries Holdings, Inc.		195		28,271
E. I. du Pont de Nemours & Co.		2,720		124,522
Eastman Chemical Co.		376		14,687
Ecolab, Inc.		791		45,728
FMC Corp.		219		18,843
Huntsman Corp.		497		4,970
International Flavors & Fragrances, Inc. (a)		230		12,057
LyondellBasell Industries NV		941		30,573
Monsanto Co.		1,540		107,908
PPG Industries, Inc.		451		37,654

See accompanying notes to financial statements.

108

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Praxair, Inc. (a)		862	$	92,148
Rockwood Holdings, Inc. (b)		196		7,716
Sigma-Aldrich Corp. (a)		316		19,737
The Dow Chemical Co. (a)		3,302		94,965
The Mosaic Co.		783		39,487
The Scotts Miracle-Gro Co. (Class A) (a)		128		5,976
The Sherwin-Williams Co. (a)		260		23,210
Valspar Corp. (a)		270		10,522
				827,840
COMMERCIAL BANKS — 2.5%
BB&T Corp. (a)		2,019		50,818
BOK Financial Corp. (a)		63		3,461
CIT Group, Inc. (b)		523		18,237
City National Corp. (a)		119		5,257
Comerica, Inc. (a)		519		13,390
Commerce Bancshares, Inc. (a)		198		7,548
Cullen/Frost Bankers, Inc. (a)		162		8,571
Fifth Third Bancorp (a)		2,598		33,047
First Republic Bank (b)		200		6,122
Huntington Bancshares, Inc.		2,473		13,577
Keycorp		2,704		20,794
M&T Bank Corp.		370		28,246
PNC Financial Services Group, Inc.		1,521		87,716
Regions Financial Corp.		3,623		15,579
SunTrust Banks, Inc.		1,508		26,692
U.S. Bancorp		5,428		146,827
Wells Fargo & Co.		14,321		394,687
Zions Bancorporation		412		6,707
				887,276
COMMERCIAL SERVICES & SUPPLIES — 0.5%
Avery Dennison Corp. (a)		351		10,067
Cintas Corp. (a)		323		11,244
Copart, Inc. (a)(b)		172		8,237
Corrections Corp. of America (a)(b)		224		4,563
Covanta Holding Corp.		351		4,805
Iron Mountain, Inc.		522		16,078
Pitney Bowes, Inc. (a)		441		8,176
R.R. Donnelley & Sons Co. (a)		617		8,903
Republic Services, Inc.		904		24,905
Stericycle, Inc. (a)(b)		265		20,649
Waste Connections, Inc. (a)		347		11,499
Waste Management, Inc. (a)		1,180		38,598
				167,724
COMMUNICATIONS EQUIPMENT — 2.0%
Acme Packet, Inc. (a)(b)		164		5,069
Cisco Systems, Inc.		15,359		277,691
F5 Networks, Inc. (a)(b)		226		23,983
Harris Corp. (a)		400		14,416
JDS Uniphase Corp. (b)		644		6,723
Juniper Networks, Inc. (b)		1,546		31,554
Motorola Mobility Holdings, Inc. (b)		837		32,476
Motorola Solutions, Inc.		887		41,059
Polycom, Inc. (b)		480		7,824
QUALCOMM, Inc.		4,778		261,357
Riverbed Technology, Inc. (b)		395		9,282
				711,434
COMPUTERS & PERIPHERALS — 4.3%
Apple, Inc. (b)		2,646		1,071,630
Dell, Inc. (b)		4,739		69,332
EMC Corp. (b)		5,919		127,495
Hewlett-Packard Co.		5,700		146,832
NCR Corp. (b)		490		8,065
NetApp, Inc. (b)		1,036		37,576
SanDisk Corp. (b)		659		32,429
Seagate Technology PLC		1,196		19,615
Western Digital Corp. (b)		633		19,591
				1,532,565
CONSTRUCTION & ENGINEERING — 0.2%
Aecom Technology Corp. (a)(b)		278		5,718
Fluor Corp.		495		24,874
Foster Wheeler AG (b)		344		6,584
Jacobs Engineering Group, Inc. (b)		357		14,487
KBR, Inc.		488		13,601
Quanta Services, Inc. (b)		559		12,041
URS Corp. (b)		248		8,710
				86,015
CONSTRUCTION MATERIALS — 0.1%
Martin Marietta Materials, Inc. (a)		115		8,672
Vulcan Materials Co. (a)		337		13,261
				21,933
CONSUMER FINANCE — 0.7%
American Express Co.		2,934		138,396
Capital One Financial Corp.		1,282		54,216
Discover Financial Services		1,593		38,232
SLM Corp.		1,357		18,184
				249,028
CONTAINERS & PACKAGING — 0.2%
AptarGroup, Inc.		192		10,017
Ball Corp.		465		16,605
Bemis Co., Inc. (a)		293		8,813
Crown Holdings, Inc. (b)		469		15,749
Owens-Illinois, Inc. (b)		505		9,787
Sealed Air Corp.		480		8,261
Sonoco Products Co. (a)		286		9,427
				78,659
DISTRIBUTORS — 0.1%
Genuine Parts Co. (a)		476		29,131
LKQ Corp. (b)		415		12,483
				41,614
DIVERSIFIED CONSUMER SERVICES — 0.1%
Apollo Group, Inc. (a)(b)		351		18,908
DeVry, Inc. (a)		183		7,038
H&R Block, Inc. (a)		869		14,191
Weight Watchers International, Inc. (a)		113		6,216
				46,353
DIVERSIFIED FINANCIAL SERVICES — 2.5%
Bank of America Corp.		28,527		158,610
CBOE Holdings, Inc.		290		7,499
Citigroup, Inc.		8,257		217,242
CME Group, Inc.		182		44,348
IntercontinentalExchange, Inc. (b)		212		25,557

See accompanying notes to financial statements.

109

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
JPMorgan Chase & Co.		10,890	$	362,092
Leucadia National Corp.		476		10,824
Moody’s Corp. (a)		560		18,861
MSCI, Inc. (Class A) (a)(b)		341		11,229
NYSE Euronext		757		19,758
The NASDAQ OMX Group, Inc. (b)		328		8,039
				884,059
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.7%
AT&T, Inc.		16,973		513,264
CenturyLink, Inc. (a)		1,703		63,352
Frontier Communications Corp. (a)		2,909		14,981
Verizon Communications, Inc. (a)		8,085		324,370
Windstream Corp. (a)		1,631		19,148
				935,115
ELECTRIC UTILITIES — 2.0%
American Electric Power Co., Inc.		1,394		57,586
Duke Energy Corp. (a)		3,793		83,446
Edison International (a)		880		36,432
Entergy Corp.		508		37,109
Exelon Corp. (a)		1,859		80,625
FirstEnergy Corp.		1,217		53,913
ITC Holdings Corp. (a)		143		10,851
NextEra Energy, Inc.		1,178		71,716
Northeast Utilities		548		19,766
NV Energy, Inc.		685		11,200
Pepco Holdings, Inc.		626		12,708
Pinnacle West Capital Corp.		293		14,117
PPL Corp.		1,595		46,925
Progress Energy, Inc.		846		47,393
Southern Co.		2,500		115,725
Westar Energy, Inc. (a)		314		9,037
				708,549
ELECTRICAL EQUIPMENT — 0.6%
AMETEK, Inc.		459		19,324
Cooper Industries PLC		487		26,371
Emerson Electric Co.		2,147		100,029
Hubbell, Inc. (Class B)		156		10,430
Rockwell Automation, Inc.		421		30,889
Roper Industries, Inc. (a)		258		22,412
The Babcock & Wilcox Co. (b)		330		7,966
				217,421
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
Amphenol Corp. (Class A)		521		23,648
Arrow Electronics, Inc. (b)		357		13,355
Avnet, Inc. (b)		428		13,307
Corning, Inc.		4,358		56,567
Dolby Laboratories, Inc. (Class A) (a)(b)		156		4,760
FLIR Systems, Inc. (a)		397		9,953
Ingram Micro, Inc. (Class A) (b)		394		7,167
Jabil Circuit, Inc. (a)		614		12,071
Mettler-Toledo International, Inc. (a)(b)		96		14,180
Molex, Inc. (a)		390		9,305
TE Connectivity, Ltd.		1,188		36,602
Trimble Navigation, Ltd. (a)(b)		378		16,405
				217,320
ENERGY EQUIPMENT & SERVICES — 2.0%
Baker Hughes, Inc.		1,234		60,022
Cameron International Corp. (b)		700		34,433
Diamond Offshore Drilling, Inc. (a)		195		10,776
FMC Technologies, Inc. (a)(b)		681		35,569
Halliburton Co.		2,606		89,933
Helmerich & Payne, Inc. (a)		271		15,815
McDermott International, Inc. (b)		665		7,654
Nabors Industries, Ltd. (b)		837		14,513
National Oilwell Varco, Inc.		1,192		81,044
Noble Corp. (b)		769		23,239
Oceaneering International, Inc.		328		15,131
Patterson-UTI Energy, Inc.		456		9,111
Rowan Cos., Inc. (a)(b)		312		9,463
Schlumberger, Ltd.		3,862		263,813
Tidewater, Inc. (a)		154		7,592
Weatherford International, Ltd. (b)		2,051		30,027
				708,135
FOOD & STAPLES RETAILING — 2.2%
Costco Wholesale Corp.		1,255		104,567
CVS Caremark Corp.		3,825		155,983
Safeway, Inc. (a)		997		20,977
Sysco Corp. (a)		1,726		50,624
The Kroger Co.		1,605		38,873
Wal-Mart Stores, Inc.		5,031		300,652
Walgreen Co.		2,580		85,295
Whole Foods Market, Inc. (a)		420		29,224
				786,195
FOOD PRODUCTS — 1.9%
Archer-Daniels-Midland Co.		1,716		49,078
Bunge, Ltd.		446		25,511
Campbell Soup Co. (a)		592		19,678
ConAgra Foods, Inc.		1,162		30,677
Corn Products International, Inc.		218		11,465
General Mills, Inc.		1,723		69,626
Green Mountain Coffee Roasters, Inc. (b)		356		15,967
H.J. Heinz Co. (a)		917		49,555
Hormel Foods Corp. (a)		436		12,770
Kellogg Co.		695		35,146
Kraft Foods, Inc. (Class A)		4,694		175,368
McCormick & Co., Inc. (a)		395		19,916
Mead Johnson Nutrition Co.		582		40,001
Ralcorp Holdings, Inc. (b)		169		14,449
Sara Lee Corp.		1,574		29,780
Smithfield Foods, Inc. (a)(b)		365		8,862
The Hershey Co. (a)		477		29,469
The J.M. Smucker Co.		348		27,203
Tyson Foods, Inc. (Class A)		853		17,606
				682,127
GAS UTILITIES — 0.2%
AGL Resources, Inc.		328		13,861
Atmos Energy Corp.		268		8,938
National Fuel Gas Co. (a)		195		10,838
ONEOK, Inc. (a)		290		25,140
Questar Corp. (a)		508		10,089

See accompanying notes to financial statements.

110

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
UGI Corp.		312	$	9,173
				78,039
HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%
Baxter International, Inc.		1,616		79,960
Becton, Dickinson and Co. (a)		575		42,964
Boston Scientific Corp. (b)		4,299		22,957
C.R. Bard, Inc.		246		21,033
CareFusion Corp. (b)		601		15,271
Covidien PLC		1,369		61,619
DENTSPLY International, Inc. (a)		395		13,821
Edwards Lifesciences Corp. (a)(b)		329		23,260
Gen-Probe, Inc. (b)		162		9,577
Hologic, Inc. (a)(b)		737		12,905
IDEXX Laboratories, Inc. (b)		180		13,853
Intuitive Surgical, Inc. (b)		110		50,931
Medtronic, Inc.		3,062		117,121
ResMed, Inc. (a)(b)		440		11,176
St. Jude Medical, Inc.		916		31,419
Stryker Corp. (a)		850		42,254
Varian Medical Systems, Inc. (a)(b)		334		22,421
Zimmer Holdings, Inc. (b)		548		29,274
				621,816
HEALTH CARE PROVIDERS & SERVICES — 2.1%
Aetna, Inc.		1,063		44,848
AmerisourceBergen Corp.		767		28,525
Cardinal Health, Inc.		994		40,366
CIGNA Corp.		807		33,894
Coventry Health Care, Inc. (b)		435		13,211
DaVita, Inc. (b)		247		18,725
Express Scripts, Inc. (Class A) (a)(b)		1,288		57,561
HCA Holdings, Inc. (b)		513		11,301
Henry Schein, Inc. (a)(b)		272		17,525
Humana, Inc.		461		40,388
Laboratory Corp. of America Holdings (a)(b)		289		24,845
McKesson Corp.		717		55,862
Medco Health Solutions, Inc. (b)		1,071		59,869
Omnicare, Inc. (a)		304		10,473
Patterson Cos., Inc. (a)		290		8,561
Quest Diagnostics, Inc. (a)		416		24,153
UnitedHealth Group, Inc.		3,061		155,132
Universal Health Services, Inc. (Class B) (a)		270		10,492
WellPoint, Inc.		1,053		69,761
				725,492
HEALTH CARE TECHNOLOGY — 0.1%
Cerner Corp. (b)		407		24,929
HOTELS, RESTAURANTS & LEISURE — 2.1%
Carnival Corp. (a)		1,148		37,471
Chipotle Mexican Grill, Inc. (a)(b)		92		31,072
Darden Restaurants, Inc. (a)		384		17,503
Dunkin’ Brands Group, Inc. (b)		146		3,647
Hyatt Hotels Corp. (Class A) (a)(b)		113		4,253
International Game Technology		879		15,119
Las Vegas Sands Corp. (b)		1,120		47,858
Marriott International, Inc. (Class A)		899		26,224
Marriott Vacations Worldwide Corp. (b)		89		1,527
McDonald’s Corp.		2,940		294,970
MGM Resorts International (b)		889		9,272
Penn National Gaming, Inc. (a)(b)		193		7,348
Royal Caribbean Cruises, Ltd. (a)		404		10,007
Starbucks Corp. (a)		2,136		98,277
Starwood Hotels & Resorts Worldwide, Inc.		574		27,535
Wyndham Worldwide Corp. (a)		446		16,872
Wynn Resorts, Ltd. (a)		250		27,622
Yum! Brands, Inc.		1,351		79,723
				756,300
HOUSEHOLD DURABLES — 0.3%
D.R. Horton, Inc. (a)		798		10,063
Garmin, Ltd. (a)		363		14,451
Harman International Industries, Inc. (a)		148		5,630
Leggett & Platt, Inc. (a)		476		10,967
Lennar Corp. (Class A) (a)		508		9,982
Mohawk Industries, Inc. (a)(b)		157		9,397
Newell Rubbermaid, Inc.		801		12,936
NVR, Inc. (b)		15		10,290
Tempur-Pedic International, Inc. (a)(b)		191		10,033
Toll Brothers, Inc. (a)(b)		393		8,025
Tupperware Brands Corp.		172		9,627
Whirlpool Corp. (a)		216		10,249
				121,650
HOUSEHOLD PRODUCTS — 2.2%
Church & Dwight Co., Inc. (a)		404		18,487
Colgate-Palmolive Co.		1,284		118,629
Energizer Holdings, Inc. (b)		197		15,264
Kimberly-Clark Corp. (a)		1,115		82,019
The Clorox Co. (a)		354		23,562
The Procter & Gamble Co.		7,916		528,076
				786,037
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2%
Calpine Corp. (b)		1,050		17,147
Constellation Energy Group, Inc.		521		20,668
NRG Energy, Inc. (a)(b)		687		12,448
The AES Corp. (b)		2,195		25,989
				76,252
INDUSTRIAL CONGLOMERATES — 2.4%
3M Co.		1,857		151,773
Danaher Corp. (a)		1,641		77,193
General Electric Co.		30,354		543,640
Tyco International, Ltd. (a)		1,336		62,404
				835,010
INSURANCE — 3.9%
ACE, Ltd.		940		65,913
Aflac, Inc.		1,363		58,963
Alleghany Corp. (a)(b)		24		6,847
Allied World Assurance Company Holdings, Ltd.		99		6,230
American Financial Group, Inc.		224		8,263
American International Group, Inc. (b)		1,240		28,768
AON Corp.		929		43,477
Arch Capital Group, Ltd. (b)		332		12,360

See accompanying notes to financial statements.

111

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Assurant, Inc.		269	$	11,045
Assured Guaranty, Ltd. (a)		396		5,203
Axis Capital Holdings, Ltd.		322		10,291
Berkshire Hathaway, Inc. (Class B) (b)		5,438		414,919
Brown & Brown, Inc.		330		7,468
Cincinnati Financial Corp. (a)		441		13,433
CNA Financial Corp.		78		2,087
Erie Indemnity Co. (Class A)		78		6,096
Everest Re Group, Ltd.		128		10,764
Fidelity National Financial, Inc. (Class A)		684		10,896
Genworth Financial, Inc. (Class A) (b)		1,497		9,805
Hartford Financial Services Group, Inc.		1,257		20,426
HCC Insurance Holdings, Inc.		339		9,323
Lincoln National Corp. (a)		886		17,206
Loews Corp.		952		35,843
Markel Corp. (a)(b)		28		11,611
Marsh & McLennan Cos., Inc.		1,581		49,991
MetLife, Inc.		2,322		72,400
Old Republic International Corp. (a)		674		6,248
PartnerRe, Ltd.		208		13,356
Principal Financial Group, Inc.		771		18,967
Prudential Financial, Inc.		1,384		69,366
Reinsurance Group of America, Inc.		212		11,077
RenaissanceRe Holdings, Ltd. (a)		147		10,932
The Allstate Corp.		1,408		38,593
The Chubb Corp. (a)		813		56,276
The Progressive Corp.		1,712		33,401
The Travelers Cos., Inc.		1,183		69,998
Torchmark Corp. (a)		299		12,974
Transatlantic Holdings, Inc.		149		8,155
Unum Group		865		18,226
Validus Holdings, Ltd.		202		6,363
W.R. Berkley Corp. (a)		349		12,002
White Mountains Insurance Group, Ltd.		19		8,616
XL Group PLC		919		18,169
				1,362,347
INTERNET & CATALOG RETAIL — 0.8%
Amazon.com, Inc. (b)		1,001		173,273
Expedia, Inc. (a)		305		8,851
Groupon, Inc. (a)(b)		125		2,579
Liberty Media Corp. — Interactive (Class A) (b)		1,805		29,268
Netflix, Inc. (a)(b)		133		9,216
Priceline.com, Inc. (b)		144		67,350
TripAdvisor, Inc. (a)(b)		305		7,689
				298,226
INTERNET SOFTWARE & SERVICES — 1.9%
Akamai Technologies, Inc. (a)(b)		480		15,494
eBay, Inc. (b)		3,200		97,056
Equinix, Inc. (a)(b)		124		12,574
Google, Inc. (Class A) (b)		709		457,943
IAC/InterActiveCorp.		234		9,968
LinkedIn Corp. (Class A) (a)(b)		47		2,962
Rackspace Hosting, Inc. (a)(b)		325		13,978
VeriSign, Inc. (a)		477		17,038
Yahoo!, Inc. (b)		3,368		54,326
				681,339
IT SERVICES — 3.7%
Accenture PLC (Class A)		1,952		103,905
Alliance Data Systems Corp. (a)(b)		152		15,784
Automatic Data Processing, Inc.		1,402		75,722
Broadridge Financial Solutions, Inc.		425		9,584
Cognizant Technology Solutions Corp. (Class A) (b)		878		56,464
Computer Sciences Corp. (a)		443		10,499
Fidelity National Information Services, Inc.		713		18,959
Fiserv, Inc. (b)		390		22,909
Genpact, Ltd. (b)		301		4,500
Global Payments, Inc.		232		10,992
International Business Machines Corp.		3,377		620,963
Mastercard, Inc. (Class A)		298		111,100
Paychex, Inc.		951		28,635
SAIC, Inc. (b)		1,033		12,695
Teradata Corp. (b)		496		24,061
The Western Union Co.		1,843		33,653
Total System Services, Inc.		591		11,560
Visa, Inc. (Class A)		1,370		139,096
				1,311,081
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc. (a)		378		12,054
Mattel, Inc.		977		27,122
				39,176
LIFE SCIENCES TOOLS & SERVICES — 0.4%
Agilent Technologies, Inc. (b)		980		34,232
Covance, Inc. (a)(b)		192		8,778
Illumina, Inc. (a)(b)		361		11,003
Life Technologies Corp. (b)		491		19,105
PerkinElmer, Inc.		352		7,040
Techne Corp. (a)		109		7,440
Thermo Fisher Scientific, Inc. (b)		1,092		49,107
Waters Corp. (b)		272		20,142
				156,847
MACHINERY — 2.0%
AGCO Corp. (b)		261		11,215
Caterpillar, Inc.		1,645		149,037
Cummins, Inc.		506		44,538
Deere & Co. (a)		1,197		92,588
Donaldson Co., Inc. (a)		197		13,412
Dover Corp.		555		32,218
Eaton Corp.		961		41,832
Flowserve Corp. (a)		170		16,884
Gardner Denver, Inc.		149		11,482
Illinois Tool Works, Inc. (a)		1,200		56,052
Ingersoll-Rand PLC		941		28,672
ITT Corp.		265		5,122
Joy Global, Inc.		316		23,691
Lincoln Electric Holdings, Inc. (a)		238		9,311
Navistar International Corp. (b)		193		7,311
PACCAR, Inc. (a)		998		37,395
Pall Corp.		355		20,288
Parker Hannifin Corp.		469		35,761

See accompanying notes to financial statements.

112

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Pentair, Inc. (a)		285	$	9,488
SPX Corp.		162		9,764
Stanley Black & Decker, Inc. (a)		460		31,096
Timken Co.		245		9,484
Xylem, Inc. (a)		531		13,641
				710,282
MEDIA — 3.3%
AMC Networks, Inc. (Class A) (a)(b)		166		6,238
Cablevision Systems Corp. (Class A)		665		9,456
CBS Corp.		1,776		48,201
Charter Communications, Inc. (Class A) (b)		100		5,694
Clear Channel Outdoor Holdings, Inc. (Class A) (b)		119		1,493
Comcast Corp. (Class A) (a)		7,860		186,361
DIRECTV (Class A) (b)		2,100		89,796
Discovery Communications, Inc. (Series A) (a)(b)		821		33,636
DISH Network Corp. (Class A)		623		17,743
Gannett Co., Inc. (a)		540		7,220
John Wiley & Sons, Inc. (Class A) (a)		147		6,527
Liberty Global, Inc. (Series A) (b)		770		31,593
Liberty Media Corp. — Liberty Capital (Class A) (b)		345		26,927
News Corp. (Class A)		6,584		117,459
Omnicom Group, Inc.		815		36,333
Scripps Networks Interactive, Inc. (Class A) (a)		237		10,054
Sirius XM Radio, Inc. (a)(b)		10,105		18,391
The Interpublic Group of Cos., Inc.		1,424		13,855
The McGraw-Hill Cos., Inc.		865		38,899
The Walt Disney Co. (a)		4,903		183,862
The Washington Post Co. (Class B) (a)		18		6,783
Time Warner Cable, Inc.		901		57,277
Time Warner, Inc. (a)		2,972		107,408
Viacom, Inc. (Class B)		1,523		69,159
Virgin Media, Inc. (a)		873		18,665
				1,149,030
METALS & MINING — 1.0%
Alcoa, Inc. (a)		2,959		25,595
Allegheny Technologies, Inc. (a)		276		13,193
Allied Nevada Gold Corp. (b)		233		7,055
Cliffs Natural Resources, Inc.		388		24,192
Freeport-McMoRan Copper & Gold, Inc.		2,682		98,671
Molycorp, Inc. (a)(b)		161		3,861
Newmont Mining Corp.		1,388		83,294
Nucor Corp. (a)		844		33,397
Reliance Steel & Aluminum Co. (a)		185		9,008
Royal Gold, Inc.		155		10,451
Southern Copper Corp.		484		14,607
Steel Dynamics, Inc.		518		6,812
Titanium Metals Corp. (a)		160		2,397
United States Steel Corp.		413		10,928
Walter Energy, Inc.		177		10,719
				354,180
MULTI-UTILITIES — 1.5%
Alliant Energy Corp.		326		14,380
Ameren Corp.		682		22,595
CenterPoint Energy, Inc.		1,125		22,601
CMS Energy Corp. (a)		629		13,888
Consolidated Edison, Inc. (a)		843		52,291
Dominion Resources, Inc.		1,619		85,936
DTE Energy Co.		479		26,082
Integrys Energy Group, Inc.		227		12,299
MDU Resources Group, Inc. (a)		488		10,472
NiSource, Inc. (a)		792		18,858
NSTAR		311		14,605
OGE Energy Corp.		275		15,595
PG&E Corp. (a)		1,150		47,403
Public Service Enterprise Group, Inc.		1,489		49,152
SCANA Corp. (a)		322		14,509
Sempra Energy		661		36,355
TECO Energy, Inc. (a)		583		11,159
Wisconsin Energy Corp. (a)		693		24,227
Xcel Energy, Inc.		1,404		38,807
				531,214
MULTILINE RETAIL — 0.8%
Dollar General Corp. (a)(b)		381		15,674
Dollar Tree, Inc. (a)(b)		347		28,839
Family Dollar Stores, Inc.		294		16,952
J.C. Penney Co., Inc. (a)		457		16,064
Kohl’s Corp. (a)		749		36,963
Macy’s, Inc.		1,225		39,421
Nordstrom, Inc.		500		24,855
Sears Holdings Corp. (a)(b)		122		3,877
Target Corp.		1,740		89,123
				271,768
OFFICE ELECTRONICS — 0.1%
Xerox Corp. (a)		3,856		30,694
OIL, GAS & CONSUMABLE FUELS — 9.9%
Alpha Natural Resources, Inc. (a)(b)		598		12,217
Anadarko Petroleum Corp.		1,433		109,381
Apache Corp.		1,088		98,551
Arch Coal, Inc.		599		8,691
Cabot Oil & Gas Corp.		314		23,833
Chesapeake Energy Corp. (a)		1,918		42,752
Chevron Corp.		5,745		611,268
Cimarex Energy Co. (a)		235		14,547
Cobalt International Energy, Inc. (a)(b)		268		4,159
Concho Resources, Inc. (b)		290		27,188
ConocoPhillips		3,534		257,523
CONSOL Energy, Inc.		599		21,983
Continental Resources, Inc. (b)		164		10,940
Denbury Resources, Inc. (a)(b)		1,114		16,821
Devon Energy Corp.		1,129		69,998
El Paso Corp.		2,217		58,906
Energen Corp.		180		9,000
EOG Resources, Inc.		763		75,163
EQT Corp.		425		23,286
EXCO Resources, Inc. (a)		504		5,267
Exxon Mobil Corp.		13,777		1,167,739
Forest Oil Corp. (b)		326		4,417
Hess Corp.		860		48,848
Hollyfrontier Corp.		551		12,893
Kinder Morgan, Inc. (a)		254		8,171

See accompanying notes to financial statements.

113

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Marathon Oil Corp.		1,977	$	57,867
Marathon Petroleum Corp.		988		32,891
Murphy Oil Corp.		552		30,768
Newfield Exploration Co. (b)		377		14,224
Noble Energy, Inc.		497		46,912
Occidental Petroleum Corp.		2,307		216,166
Peabody Energy Corp.		795		26,322
Pioneer Natural Resources Co.		332		29,707
Plains Exploration & Production Co. (a)(b)		368		13,513
QEP Resources, Inc.		508		14,884
Range Resources Corp.		450		27,873
SandRidge Energy, Inc. (a)(b)		1,033		8,429
SM Energy Co. (a)		155		11,331
Southern Union Co. (a)		305		12,844
Southwestern Energy Co. (b)		1,002		32,004
Spectra Energy Corp.		1,845		56,734
Sunoco, Inc. (a)		349		14,316
The Williams Cos., Inc.		1,695		55,969
Ultra Petroleum Corp. (b)		442		13,096
Valero Energy Corp.		1,544		32,501
Whiting Petroleum Corp. (b)		352		16,435
				3,508,328
PAPER & FOREST PRODUCTS — 0.2%
International Paper Co. (a)		1,116		33,034
MeadWestvaco Corp.		488		14,616
Weyerhaeuser Co. (a)		1,508		28,154
				75,804
PERSONAL PRODUCTS — 0.2%
Avon Products, Inc.		1,258		21,977
Herbalife, Ltd.		344		17,774
The Estee Lauder Cos., Inc. (Class A)		346		38,863
				78,614
PHARMACEUTICALS — 5.9%
Abbott Laboratories		4,455		250,505
Allergan, Inc.		876		76,860
Bristol-Myers Squibb Co.		4,890		172,324
Eli Lilly & Co.		2,862		118,945
Endo Pharmaceuticals Holdings, Inc. (b)		301		10,393
Forest Laboratories, Inc. (b)		726		21,969
Hospira, Inc. (a)(b)		462		14,031
Johnson & Johnson		7,814		512,442
Merck & Co., Inc.		8,754		330,026
Mylan, Inc. (b)		1,222		26,224
Perrigo Co. (a)		251		24,422
Pfizer, Inc.		22,192		480,235
Warner Chilcott PLC (Class A) (b)		554		8,382
Watson Pharmaceuticals, Inc. (b)		388		23,412
				2,070,170
PROFESSIONAL SERVICES — 0.2%
Dun & Bradstreet Corp. (a)		158		11,823
Equifax, Inc.		380		14,722
IHS, Inc. (Class A) (a)(b)		138		11,890
Manpower, Inc.		224		8,008
Nielsen Holdings NV (a)(b)		168		4,988
Robert Half International, Inc. (a)		413		11,754
Towers Watson & Co. (Class A)		169		10,128
Verisk Analytics, Inc. (Class A) (b)		339		13,604
				86,917
REAL ESTATE INVESTMENT TRUSTS — 2.4%
Alexandria Real Estate Equities, Inc. (a)		161		11,104
American Capital Agency Corp.		645		18,112
Annaly Capital Management, Inc. (a)		2,762		44,082
AvalonBay Communities, Inc. (a)		257		33,564
Boston Properties, Inc. (a)		423		42,131
BRE Properties, Inc.		213		10,752
Camden Property Trust		202		12,573
Chimera Investment Corp. (a)		2,883		7,236
DDR Corp. (a)		645		7,850
Digital Realty Trust, Inc. (a)		290		19,334
Equity Residential		839		47,848
Essex Property Trust, Inc. (a)		96		13,489
Federal Realty Investment Trust (a)		165		14,974
General Growth Properties, Inc. (a)		1,148		17,243
HCP, Inc.		1,153		47,769
Health Care REIT, Inc.		574		31,300
Host Hotels & Resorts, Inc. (a)		2,077		30,677
Kimco Realty Corp. (a)		1,195		19,407
Liberty Property Trust (a)		266		8,214
Piedmont Office Realty Trust, Inc. (Class A) (a)		509		8,673
Plum Creek Timber Co., Inc. (a)		509		18,609
ProLogis		1,340		38,311
Public Storage		401		53,918
Rayonier, Inc. (a)		340		15,174
Realty Income Corp. (a)		362		12,656
Regency Centers Corp.		279		10,496
Simon Property Group, Inc.		836		107,794
SL Green Realty Corp. (a)		230		15,327
The Macerich Co. (a)		389		19,683
UDR, Inc.		661		16,591
Ventas, Inc. (a)		714		39,363
Vornado Realty Trust		519		39,890
				834,144
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Brookfield Office Properties, Inc. (a)		819		12,809
CBRE Group, Inc. (b)		719		10,943
Jones Lang LaSalle, Inc.		120		7,352
				31,104
ROAD & RAIL — 0.9%
CSX Corp.		3,054		64,317
Hertz Global Holdings, Inc. (a)(b)		711		8,333
J.B. Hunt Transport Services, Inc.		248		11,177
Kansas City Southern (b)		313		21,287
Norfolk Southern Corp.		981		71,476
Union Pacific Corp.		1,409		149,270
				325,860
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%
Advanced Micro Devices, Inc. (a)(b)		1,604		8,662
Altera Corp.		866		32,129
Analog Devices, Inc.		855		30,592
Applied Materials, Inc.		3,738		40,034
Atmel Corp. (a)(b)		1,273		10,311

See accompanying notes to financial statements.

114

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Broadcom Corp. (Class A) (b)		1,309	$	38,432
Cree, Inc. (a)(b)		309		6,810
First Solar, Inc. (a)(b)		159		5,368
Intel Corp.		14,636		354,923
KLA-Tencor Corp. (a)		510		24,608
Lam Research Corp. (b)		377		13,957
Linear Technology Corp.		600		18,018
LSI Corp. (b)		1,891		11,252
Marvell Technology Group, Ltd. (b)		1,378		19,085
Maxim Integrated Products, Inc.		860		22,394
Microchip Technology, Inc. (a)		534		19,560
Micron Technology, Inc. (a)(b)		2,624		16,505
NVIDIA Corp. (a)(b)		1,758		24,366
ON Semiconductor Corp. (b)		1,160		8,955
Skyworks Solutions, Inc. (b)		568		9,213
Texas Instruments, Inc.		3,274		95,306
Xilinx, Inc.		719		23,051
				833,531
SOFTWARE — 3.6%
Activision Blizzard, Inc. (a)		1,203		14,821
Adobe Systems, Inc. (b)		1,442		40,765
Ansys, Inc. (b)		267		15,294
Autodesk, Inc. (b)		665		20,169
BMC Software, Inc. (b)		543		17,800
CA, Inc.		1,200		24,258
Citrix Systems, Inc. (b)		527		31,999
Electronic Arts, Inc. (b)		926		19,076
Factset Research Systems, Inc. (a)		131		11,434
Informatica Corp. (a)(b)		334		12,335
Intuit, Inc.		781		41,073
Microsoft Corp.		21,443		556,660
Nuance Communications, Inc. (a)(b)		621		15,624
Oracle Corp.		11,163		286,331
Red Hat, Inc. (b)		555		22,916
Rovi Corp. (a)(b)		320		7,866
Salesforce.com, Inc. (a)(b)		336		34,091
Solera Holdings, Inc.		200		8,908
Symantec Corp. (b)		2,136		33,428
Synopsys, Inc. (a)(b)		409		11,125
TIBCO Software, Inc. (b)		483		11,548
VMware, Inc. (Class A) (a)(b)		179		14,891
				1,252,412
SPECIALTY RETAIL — 2.1%
Abercrombie & Fitch Co. (Class A)		250		12,210
Advance Auto Parts, Inc. (a)		210		14,622
American Eagle Outfitters, Inc. (a)		519		7,935
AutoNation, Inc. (a)(b)		129		4,756
AutoZone, Inc. (b)		75		24,373
Bed Bath & Beyond, Inc. (b)		711		41,217
Best Buy Co., Inc. (a)		867		20,262
CarMax, Inc. (a)(b)		644		19,629
Dick’s Sporting Goods, Inc. (a)		237		8,740
GameStop Corp. (Class A) (a)(b)		433		10,448
Guess?, Inc. (a)		183		5,457
Limited Brands, Inc.		748		30,182
Lowe’s Cos., Inc.		3,699		93,881
O’Reilly Automotive, Inc. (a)(b)		392		31,340
Orchard Supply Hardware Stores Corp. (Class A) (b)(d)		5		38
PetSmart, Inc. (a)		323		16,567
Ross Stores, Inc.		690		32,796
Staples, Inc.		2,060		28,613
The Gap, Inc. (a)		783		14,525
The Home Depot, Inc.		4,440		186,658
Tiffany & Co. (a)		363		24,052
TJX Cos., Inc.		1,100		71,005
Tractor Supply Co. (a)		203		14,240
Urban Outfitters, Inc. (b)		323		8,902
				722,448
TEXTILES, APPAREL & LUXURY GOODS — 0.7%
Coach, Inc.		798		48,710
Fossil, Inc. (a)(b)		152		12,063
NIKE, Inc. (Class B)		1,076		103,694
PVH Corp.		169		11,913
Ralph Lauren Corp. (a)		166		22,921
V.F. Corp.		253		32,128
				231,429
THRIFTS & MORTGAGE FINANCE — 0.1%
Hudson City Bancorp, Inc. (a)		1,435		8,969
New York Community Bancorp, Inc. (a)		1,187		14,683
People’s United Financial, Inc. (a)		1,037		13,325
TFS Financial Corp. (b)		277		2,482
				39,459
TOBACCO — 1.9%
Altria Group, Inc.		5,994		177,722
Lorillard, Inc.		407		46,398
Philip Morris International, Inc.		4,996		392,086
Reynolds American, Inc.		984		40,757
				656,963
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co. (a)		830		36,196
MSC Industrial Direct Co., Inc. (Class A) (a)		127		9,087
W.W. Grainger, Inc. (a)		165		30,886
				76,169
WATER UTILITIES — 0.1%
American Water Works Co., Inc.		482		15,357
Aqua America, Inc. (a)		390		8,599
				23,956
WIRELESS TELECOMMUNICATION SERVICES — 0.5%
American Tower Corp. (Class A)		1,151		69,071
Clearwire Corp. (Class A) (b)		320		621
Crown Castle International Corp. (b)		705		31,584
MetroPCS Communications, Inc. (b)		714		6,198
NII Holdings, Inc. (b)		483		10,288
SBA Communications Corp. (Class A) (a)(b)		340		14,606
Sprint Nextel Corp. (b)		8,211		19,214
Telephone & Data Systems, Inc. (a)		310		8,026

See accompanying notes to financial statements.

115

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
US Cellular Corp. (a)(b)		48	$	2,094
				161,702
TOTAL COMMON STOCKS —
(Cost $30,382,059)				35,191,456
PREFERRED STOCK — 0.0%
SPECIALTY RETAIL — 0.0%
Orchard Supply Hardware Stores Corp. (Series A), (b)(d) (Cost $23)		5		0
SHORT TERM INVESTMENTS — 8.7%
MONEY MARKET FUNDS — 8.7%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		3,041,648		3,041,648
State Street Institutional Liquid Reserves Fund 0.15% (f)(g)		39,919		39,919
TOTAL SHORT TERM INVESTMENTS —
(Cost $3,081,567)				3,081,567
TOTAL INVESTMENTS — 108.4% (h)
(Cost $33,463,649)				38,273,023
OTHER ASSETS & LIABILITIES — (8.4)%				(2,980,890	)
NET ASSETS — 100.0%			$	35,292,133

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Non-income producing security.
(c)	Affiliated issuer. (Note 3)
(d)	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)
(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)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

116

SPDR S&P 500 Growth ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 3.1%
General Dynamics Corp.		7,394	$	491,036
Goodrich Corp.		4,227		522,880
Honeywell International, Inc.		16,275		884,546
Lockheed Martin Corp.		8,900		720,010
Precision Castparts Corp.		3,040		500,962
Raytheon Co.		6,729		325,549
Rockwell Collins, Inc. (a)		3,735		206,807
The Boeing Co.		15,361		1,126,729
United Technologies Corp.		21,848		1,596,870
				6,375,389
AIR FREIGHT & LOGISTICS — 1.4%
C.H. Robinson Worldwide, Inc. (a)		5,526		385,604
Expeditors International of Washington, Inc.		5,052		206,930
United Parcel Service, Inc. (Class B)		32,291		2,363,378
				2,955,912
AUTO COMPONENTS — 0.1%
BorgWarner, Inc. (a)(b)		2,800		178,472
AUTOMOBILES — 0.1%
Harley-Davidson, Inc.		3,201		124,423
BEVERAGES — 4.4%
Brown-Forman Corp. (Class B)		3,341		268,984
Dr. Pepper Snapple Group, Inc.		3,723		146,984
PepsiCo, Inc.		52,206		3,463,868
The Coca-Cola Co.		75,948		5,314,082
				9,193,918
BIOTECHNOLOGY — 2.2%
Amgen, Inc.		26,535		1,703,812
Biogen Idec, Inc. (b)		8,138		895,587
Celgene Corp. (b)		14,815		1,001,494
Gilead Sciences, Inc. (b)		25,071		1,026,156
				4,627,049
BUILDING PRODUCTS — 0.0% (c)
Masco Corp.		3,700		38,776
CAPITAL MARKETS — 0.7%
BlackRock, Inc.		3,343		595,857
Franklin Resources, Inc. (a)		4,853		466,179
T. Rowe Price Group, Inc.		8,455		481,512
				1,543,548
CHEMICALS — 3.1%
Air Products & Chemicals, Inc.		4,628		394,259
Airgas, Inc.		1,619		126,412
CF Industries Holdings, Inc.		2,176		315,476
E. I. du Pont de Nemours & Co.		20,967		959,869
Eastman Chemical Co.		2,241		87,533
Ecolab, Inc.		10,000		578,100
FMC Corp.		2,322		199,785
International Flavors & Fragrances, Inc.		2,756		144,470
Monsanto Co.		17,856		1,251,170
PPG Industries, Inc.		5,184		432,812
Praxair, Inc.		10,055		1,074,880
Sigma-Aldrich Corp. (a)		4,059		253,525
The Mosaic Co.		6,302		317,810
The Sherwin-Williams Co.		2,840		253,527
				6,389,628
COMMERCIAL SERVICES & SUPPLIES — 0.2%
Iron Mountain, Inc.		3,195		98,406
Stericycle, Inc. (a)(b)		2,818		219,579
				317,985
COMMUNICATIONS EQUIPMENT — 1.8%
F5 Networks, Inc. (b)		2,702		286,736
Juniper Networks, Inc. (b)		11,587		236,491
Motorola Mobility Holdings, Inc. (b)		3,600		139,680
QUALCOMM, Inc.		56,129		3,070,256
				3,733,163
COMPUTERS & PERIPHERALS — 6.9%
Apple, Inc. (b)		31,066		12,581,730
EMC Corp. (b)		37,493		807,599
NetApp, Inc. (b)		12,032		436,401
SanDisk Corp. (b)		7,996		393,483
				14,219,213
CONSTRUCTION & ENGINEERING — 0.1%
Fluor Corp.		3,357		168,689
CONSUMER FINANCE — 0.5%
American Express Co.		20,311		958,070
CONTAINERS & PACKAGING — 0.1%
Ball Corp.		3,021		107,880
DISTRIBUTORS — 0.1%
Genuine Parts Co.		3,600		220,320
DIVERSIFIED CONSUMER SERVICES — 0.1%
Apollo Group, Inc. (b)		3,889		209,501
DeVry, Inc. (a)		2,016		77,535
				287,036
DIVERSIFIED FINANCIAL SERVICES — 0.2%
IntercontinentalExchange, Inc. (b)		2,449		295,227
Moody’s Corp. (a)		3,500		117,880
				413,107
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
Verizon Communications, Inc.		51,099		2,050,092
ELECTRIC UTILITIES — 0.8%
NextEra Energy, Inc.		8,200		499,216
Progress Energy, Inc.		5,800		324,916
Southern Co.		16,997		786,791
				1,610,923
ELECTRICAL EQUIPMENT — 0.8%
Cooper Industries PLC		3,200		173,280
Emerson Electric Co.		17,462		813,555
Rockwell Automation, Inc.		4,777		350,488
Roper Industries, Inc. (a)		3,175		275,812
				1,613,135
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%
Amphenol Corp. (Class A)		5,509		250,053
FLIR Systems, Inc. (a)		3,982		99,829
				349,882

See accompanying notes to financial statements.

117

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
ENERGY EQUIPMENT & SERVICES — 2.9%
Baker Hughes, Inc.		8,759	$	426,038
Cameron International Corp. (b)		8,183		402,522
Diamond Offshore Drilling, Inc.		2,337		129,142
FMC Technologies, Inc. (b)		7,949		415,176
Halliburton Co.		17,813		614,727
Helmerich & Payne, Inc. (a)		3,532		206,127
National Oilwell Varco, Inc.		9,894		672,693
Schlumberger, Ltd.		44,883		3,065,958
				5,932,383
FOOD & STAPLES RETAILING — 1.5%
Costco Wholesale Corp.		8,500		708,220
Wal-Mart Stores, Inc.		36,800		2,199,168
Whole Foods Market, Inc.		3,997		278,111
				3,185,499
FOOD PRODUCTS — 2.0%
Campbell Soup Co. (a)		3,285		109,193
General Mills, Inc.		14,387		581,379
H.J. Heinz Co.		8,099		437,670
Hormel Foods Corp. (a)		2,064		60,455
Kellogg Co.		8,296		419,529
Kraft Foods, Inc. (Class A)		31,843		1,189,654
McCormick & Co., Inc.		3,156		159,125
Mead Johnson Nutrition Co.		6,807		467,845
Sara Lee Corp.		7,304		138,192
The Hershey Co.		5,076		313,595
The J.M. Smucker Co.		2,200		171,974
				4,048,611
GAS UTILITIES — 0.1%
ONEOK, Inc.		2,100		182,049
HEALTH CARE EQUIPMENT & SUPPLIES — 2.7%
Baxter International, Inc.		18,883		934,331
Becton, Dickinson and Co.		7,223		539,703
C.R. Bard, Inc.		2,823		241,366
Covidien PLC		11,600		522,116
DENTSPLY International, Inc. (a)		2,888		101,051
Edwards Lifesciences Corp. (b)		3,824		270,357
Intuitive Surgical, Inc. (a)(b)		1,327		614,414
Medtronic, Inc.		22,921		876,728
St. Jude Medical, Inc.		10,639		364,918
Stryker Corp.		10,869		540,298
Varian Medical Systems, Inc. (a)(b)		3,739		250,999
Zimmer Holdings, Inc. (b)		6,005		320,787
				5,577,068
HEALTH CARE PROVIDERS & SERVICES — 2.4%
Aetna, Inc.		6,500		274,235
DaVita, Inc. (b)		3,084		233,798
Express Scripts, Inc. (Class A) (b)		16,305		728,671
Humana, Inc.		3,200		280,352
Laboratory Corp. of America Holdings (b)		3,288		282,669
Medco Health Solutions, Inc. (b)		12,981		725,638
Patterson Cos., Inc. (a)		1,561		46,081
Quest Diagnostics, Inc.		5,318		308,763
UnitedHealth Group, Inc.		35,600		1,804,208
WellPoint, Inc.		5,900		390,875
				5,075,290
HEALTH CARE TECHNOLOGY — 0.1%
Cerner Corp. (b)		4,840		296,450
HOTELS, RESTAURANTS & LEISURE — 3.2%
Chipotle Mexican Grill, Inc. (b)		1,060		358,004
Darden Restaurants, Inc. (a)		3,127		142,529
Marriott International, Inc. (Class A)		3,619		105,566
McDonald’s Corp.		34,203		3,431,587
Starbucks Corp.		24,946		1,147,766
Starwood Hotels & Resorts Worldwide, Inc.		3,702		177,585
Wynn Resorts, Ltd.		2,619		289,373
Yum! Brands, Inc.		15,365		906,689
				6,559,099
HOUSEHOLD DURABLES — 0.0% (c)
Pulte Group, Inc. (b)		4,400		27,764
HOUSEHOLD PRODUCTS — 3.5%
Colgate-Palmolive Co.		16,224		1,498,935
Kimberly-Clark Corp.		13,165		968,418
The Clorox Co.		3,057		203,474
The Procter & Gamble Co.		68,968		4,600,855
				7,271,682
INDUSTRIAL CONGLOMERATES — 1.0%
3M Co.		18,057		1,475,799
Danaher Corp.		14,661		689,653
				2,165,452
INSURANCE — 0.9%
Aflac, Inc.		15,553		672,823
AON Corp.		7,200		336,960
The Chubb Corp.		5,300		366,866
The Travelers Cos., Inc.		7,200		426,024
				1,802,673
INTERNET & CATALOG RETAIL — 1.5%
Amazon.com, Inc. (b)		12,121		2,098,145
Expedia, Inc. (a)		2,006		58,214
Netflix, Inc. (b)		1,814		125,692
Priceline.com, Inc. (b)		1,664		778,270
TripAdvisor, Inc. (a)(b)		2,006		50,571
				3,110,892
INTERNET SOFTWARE & SERVICES — 3.1%
Akamai Technologies, Inc. (b)		6,006		193,874
eBay, Inc. (b)		25,000		758,250
Google, Inc. (Class A) (b)		8,440		5,451,396
VeriSign, Inc.		2,577		92,050
				6,495,570
IT SERVICES — 6.5%
Accenture PLC (Class A)		16,066		855,193
Automatic Data Processing, Inc.		16,363		883,766
Cognizant Technology Solutions Corp. (Class A) (b)		10,132		651,589
Fiserv, Inc. (b)		4,699		276,019
International Business Machines Corp.		39,426		7,249,653
Mastercard, Inc. (Class A)		3,562		1,327,985

See accompanying notes to financial statements.

118

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Paychex, Inc. (a)		5,456	$	164,280
Teradata Corp. (b)		5,554		269,424
The Western Union Co.		9,726		177,597
Visa, Inc. (Class A)		17,003		1,726,315
				13,581,821
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc. (a)		2,243		71,529
Mattel, Inc.		5,122		142,187
				213,716
LIFE SCIENCES TOOLS & SERVICES — 0.5%
Agilent Technologies, Inc. (b)		8,100		282,933
Life Technologies Corp. (b)		5,970		232,293
Thermo Fisher Scientific, Inc. (b)		7,633		343,256
Waters Corp. (b)		2,968		219,780
				1,078,262
MACHINERY — 2.2%
Caterpillar, Inc.		14,036		1,271,662
Cummins, Inc.		4,882		429,714
Deere & Co.		13,870		1,072,844
Dover Corp.		4,287		248,860
Flowserve Corp.		1,386		137,658
Illinois Tool Works, Inc.		9,805		457,992
Joy Global, Inc.		3,504		262,695
Pall Corp.		3,862		220,713
Parker Hannifin Corp.		3,179		242,399
Snap-On, Inc.		952		48,190
Stanley Black & Decker, Inc.		3,064		207,126
				4,599,853
MEDIA — 1.6%
DIRECTV (Class A) (b)		23,597		1,009,008
Discovery Communications, Inc. (Series A) (b)		8,797		360,413
Omnicom Group, Inc.		5,337		237,923
Scripps Networks Interactive, Inc. (Class A)		3,221		136,635
The McGraw-Hill Cos., Inc.		5,734		257,858
Time Warner Cable, Inc.		7,210		458,340
Viacom, Inc. (Class B)		18,450		837,814
				3,297,991
METALS & MINING — 0.6%
Cliffs Natural Resources, Inc.		4,810		299,904
Newmont Mining Corp.		16,505		990,465
				1,290,369
MULTI-UTILITIES — 0.5%
Consolidated Edison, Inc.		5,200		322,556
Dominion Resources, Inc.		13,277		704,743
				1,027,299
MULTILINE RETAIL — 0.9%
Big Lots, Inc. (b)		1,275		48,144
Dollar Tree, Inc. (b)		4,000		332,440
Family Dollar Stores, Inc.		3,908		225,336
Kohl’s Corp.		5,492		271,030
Nordstrom, Inc.		4,103		203,960
Target Corp.		13,714		702,431
				1,783,341
OIL, GAS & CONSUMABLE FUELS — 9.6%
Anadarko Petroleum Corp.		8,121		619,876
Apache Corp.		8,963		811,869
Cabot Oil & Gas Corp.		3,529		267,851
Chevron Corp.		35,900		3,819,760
CONSOL Energy, Inc.		5,440		199,648
El Paso Corp.		12,365		328,538
EOG Resources, Inc.		8,981		884,718
EQT Corp.		2,956		161,959
Exxon Mobil Corp.		102,500		8,687,900
Newfield Exploration Co. (b)		3,045		114,888
Noble Energy, Inc.		3,663		345,751
Occidental Petroleum Corp.		19,557		1,832,491
Peabody Energy Corp.		9,084		300,771
Pioneer Natural Resources Co.		3,996		357,562
Range Resources Corp.		3,753		232,461
Southwestern Energy Co. (b)		11,653		372,197
Spectra Energy Corp.		9,731		299,228
The Williams Cos., Inc.		8,500		280,670
				19,918,138
PERSONAL PRODUCTS — 0.2%
The Estee Lauder Cos., Inc. (Class A)		3,756		421,874
PHARMACEUTICALS — 7.4%
Abbott Laboratories		52,021		2,925,141
Allergan, Inc.		10,186		893,720
Bristol-Myers Squibb Co.		34,585		1,218,775
Eli Lilly & Co.		23,879		992,411
Johnson & Johnson		91,290		5,986,798
Merck & Co., Inc.		66,185		2,495,175
Mylan, Inc. (b)		14,207		304,882
Perrigo Co. (a)		3,100		301,630
Watson Pharmaceuticals, Inc. (b)		4,203		253,609
				15,372,141
PROFESSIONAL SERVICES — 0.1%
Dun & Bradstreet Corp.		1,661		124,293
Equifax, Inc.		2,210		85,615
Robert Half International, Inc.		1,657		47,158
				257,066
REAL ESTATE INVESTMENT TRUSTS — 1.8%
Apartment Investment & Management Co. (Class A)		1,727		39,566
AvalonBay Communities, Inc.		2,169		283,271
Boston Properties, Inc. (a)		2,634		262,346
Equity Residential (a)		7,074		403,430
HCP, Inc.		6,041		250,279
Health Care REIT, Inc.		3,652		199,143
Plum Creek Timber Co., Inc. (a)		2,544		93,009
ProLogis		5,618		160,619
Public Storage		3,356		451,248
Simon Property Group, Inc.		6,511		839,528
Ventas, Inc.		9,629		530,847
Vornado Realty Trust		3,260		250,564
				3,763,850

See accompanying notes to financial statements.

119

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
ROAD & RAIL — 1.3%
CSX Corp.		16,537	$	348,269
Norfolk Southern Corp.		8,576		624,847
Union Pacific Corp.		16,176		1,713,686
				2,686,802
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%
Altera Corp.		10,707		397,230
Analog Devices, Inc.		6,081		217,578
Broadcom Corp. (Class A) (b)		16,225		476,366
First Solar, Inc. (a)(b)		1,877		63,367
Intel Corp.		86,819		2,105,361
KLA-Tencor Corp. (a)		5,556		268,077
Linear Technology Corp.		4,941		148,378
LSI Corp. (b)		9,089		54,080
Microchip Technology, Inc. (a)		6,469		236,959
Novellus Systems, Inc. (b)		1,156		47,731
NVIDIA Corp. (a)(b)		6,569		91,046
Teradyne, Inc. (a)(b)		3,603		49,109
Texas Instruments, Inc.		21,743		632,939
Xilinx, Inc.		8,796		282,000
				5,070,221
SOFTWARE — 4.6%
Adobe Systems, Inc. (b)		7,554		213,551
Autodesk, Inc. (b)		3,756		113,919
BMC Software, Inc. (b)		4,300		140,954
Citrix Systems, Inc. (b)		6,211		377,132
Electronic Arts, Inc. (b)		5,301		109,201
Intuit, Inc.		9,898		520,536
Microsoft Corp.		142,663		3,703,531
Oracle Corp.		131,458		3,371,898
Red Hat, Inc. (b)		6,423		265,206
Salesforce.com, Inc. (a)(b)		4,569		463,571
Symantec Corp. (b)		10,070		157,595
				9,437,094
SPECIALTY RETAIL — 1.9%
AutoZone, Inc. (b)		933		303,197
Bed Bath & Beyond, Inc. (b)		8,052		466,775
Limited Brands, Inc.		5,683		229,309
O’Reilly Automotive, Inc. (b)		4,241		339,068
Ross Stores, Inc.		7,732		367,502
The Home Depot, Inc.		23,700		996,348
Tiffany & Co.		4,235		280,611
TJX Cos., Inc.		12,640		815,912
Urban Outfitters, Inc. (a)(b)		2,829		77,967
				3,876,689
TEXTILES, APPAREL & LUXURY GOODS — 1.2%
Coach, Inc.		9,749		595,079
NIKE, Inc. (Class B)		12,366		1,191,711
Ralph Lauren Corp.		2,199		303,638
V.F. Corp.		2,897		367,890
				2,458,318
TOBACCO — 2.8%
Altria Group, Inc.		22,710		673,351
Lorillard, Inc.		3,020		344,280
Philip Morris International, Inc.		58,017		4,553,174
Reynolds American, Inc.		6,235		258,254
				5,829,059
TRADING COMPANIES & DISTRIBUTORS — 0.3%
Fastenal Co.		7,009		305,662
W.W. Grainger, Inc.		2,061		385,799
				691,461
WIRELESS TELECOMMUNICATION SERVICES — 0.4%
American Tower Corp. (Class A)		13,132		788,051
TOTAL COMMON STOCKS —
(Cost $176,337,054)				206,650,508
SHORT TERM INVESTMENTS — 1.4%
MONEY MARKET FUNDS — 1.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		2,420,920		2,420,920
State Street Institutional Liquid Reserves Fund 0.15% (e)(f)		391,332		391,332
TOTAL SHORT TERM INVESTMENTS —
(Cost $2,812,252)				2,812,252
TOTAL INVESTMENTS — 101.1% (g)
(Cost $179,149,306)				209,462,760
OTHER ASSETS & LIABILITIES — (1.1)%				(2,183,918	)
NET ASSETS — 100.0%			$	207,278,842

(a)	A portion of the security was on loan at December 31, 2011.
(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)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

120

SPDR S&P 500 Value ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AEROSPACE & DEFENSE — 2.1%
General Dynamics Corp.		4,193	$	278,457
Honeywell International, Inc.		8,769		476,595
L-3 Communications Holdings, Inc.		3,068		204,575
Northrop Grumman Corp. (a)		8,042		470,296
Precision Castparts Corp.		1,600		263,664
Raytheon Co.		4,497		217,565
Rockwell Collins, Inc.		1,300		71,981
Textron, Inc. (a)		8,041		148,678
The Boeing Co.		8,651		634,551
United Technologies Corp.		7,824		571,856
				3,338,218
AIR FREIGHT & LOGISTICS — 0.6%
Expeditors International of Washington, Inc.		1,846		75,612
FedEx Corp.		9,718		811,550
				887,162
AIRLINES — 0.1%
Southwest Airlines Co.		24,009		205,517
AUTO COMPONENTS — 0.5%
BorgWarner, Inc. (a)(b)		800		50,992
Johnson Controls, Inc.		20,910		653,647
The Goodyear Tire & Rubber Co. (b)		7,160		101,457
				806,096
AUTOMOBILES — 0.9%
Ford Motor Co. (b)		116,912		1,257,973
Harley-Davidson, Inc.		4,173		162,205
				1,420,178
BEVERAGES — 0.6%
Beam, Inc.		4,784		245,084
Coca-Cola Enterprises, Inc.		9,600		247,488
Constellation Brands, Inc. (Class A) (b)		5,204		107,567
Dr. Pepper Snapple Group, Inc.		3,200		126,336
Molson Coors Brewing Co. (Class B)		4,675		203,550
				930,025
BUILDING PRODUCTS — 0.0% (c)
Masco Corp.		7,612		79,774
CAPITAL MARKETS — 3.1%
Ameriprise Financial, Inc.		7,000		347,480
E*TRADE Financial Corp. (b)		7,185		57,192
Federated Investors, Inc. (Class B) (a)		2,849		43,162
Invesco, Ltd.		13,909		279,432
Legg Mason, Inc.		3,886		93,458
Morgan Stanley		45,713		691,638
Northern Trust Corp.		7,409		293,841
State Street Corp. (d)		15,110		609,084
The Bank of New York Mellon Corp.		37,303		742,703
The Charles Schwab Corp.		33,185		373,663
The Goldman Sachs Group, Inc.		15,197		1,374,265
				4,905,918
CHEMICALS — 1.2%
Air Products & Chemicals, Inc.		2,212		188,440
Airgas, Inc.		585		45,677
E. I. du Pont de Nemours & Co.		9,122		417,605
Eastman Chemical Co.		2,068		80,776
The Dow Chemical Co.		36,415		1,047,296
The Mosaic Co.		3,400		171,462
				1,951,256
COMMERCIAL BANKS — 5.8%
BB&T Corp.		21,474		540,501
Comerica, Inc.		6,194		159,805
Fifth Third Bancorp		28,294		359,900
First Horizon National Corp. (a)		7,630		61,040
Huntington Bancshares, Inc.		26,554		145,781
Keycorp		29,307		225,371
M&T Bank Corp. (a)		3,813		291,084
PNC Financial Services Group, Inc.		16,220		935,407
Regions Financial Corp.		36,990		159,057
SunTrust Banks, Inc.		16,511		292,245
U.S. Bancorp		58,692		1,587,619
Wells Fargo & Co.		162,326		4,473,705
Zions Bancorporation		5,197		84,607
				9,316,122
COMMERCIAL SERVICES & SUPPLIES — 0.8%
Avery Dennison Corp.		3,260		93,497
Cintas Corp.		3,199		111,357
Iron Mountain, Inc.		2,747		84,608
Pitney Bowes, Inc. (a)		5,549		102,878
R.R. Donnelley & Sons Co. (a)		5,601		80,822
Republic Services, Inc.		9,720		267,786
Waste Management, Inc. (a)		14,214		464,940
				1,205,888
COMMUNICATIONS EQUIPMENT — 2.4%
Cisco Systems, Inc.		165,422		2,990,830
Harris Corp. (a)		3,567		128,555
JDS Uniphase Corp. (b)		7,100		74,124
Juniper Networks, Inc. (b)		5,500		112,255
Motorola Mobility Holdings, Inc. (b)		4,742		183,989
Motorola Solutions, Inc.		8,877		410,916
				3,900,669
COMPUTERS & PERIPHERALS — 2.0%
Dell, Inc. (b)		47,029		688,034
EMC Corp. (b)		28,300		609,582
Hewlett-Packard Co.		61,197		1,576,435
Lexmark International, Inc. (Class A) (a)		2,355		77,880
Western Digital Corp. (b)		7,200		222,840
				3,174,771
CONSTRUCTION & ENGINEERING — 0.2%
Fluor Corp.		2,256		113,364
Jacobs Engineering Group, Inc. (b)		3,727		151,242
Quanta Services, Inc. (b)		6,375		137,317
				401,923
CONSTRUCTION MATERIALS — 0.1%
Vulcan Materials Co.		3,752		147,641
CONSUMER FINANCE — 1.1%
American Express Co.		12,468		588,115
Capital One Financial Corp.		14,159		598,784
Discover Financial Services		16,885		405,240

See accompanying notes to financial statements.

121

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
SLM Corp.		15,282	$	204,779
				1,796,918
CONTAINERS & PACKAGING — 0.2%
Ball Corp.		2,200		78,562
Bemis Co., Inc.		2,745		82,570
Owens-Illinois, Inc. (b)		4,419		85,640
Sealed Air Corp.		4,723		81,283
				328,055
DISTRIBUTORS — 0.1%
Genuine Parts Co.		1,404		85,925
DIVERSIFIED CONSUMER SERVICES — 0.1%
H&R Block, Inc. (a)		9,271		151,395
DIVERSIFIED FINANCIAL SERVICES — 5.6%
Bank of America Corp.		311,920		1,734,275
Citigroup, Inc.		90,028		2,368,637
CME Group, Inc.		2,061		502,204
JPMorgan Chase & Co.		116,913		3,887,357
Leucadia National Corp.		6,054		137,668
Moody’s Corp. (a)		2,746		92,485
NYSE Euronext		7,676		200,344
The NASDAQ OMX Group, Inc. (b)		4,114		100,834
				9,023,804
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.1%
AT&T, Inc.		182,369		5,514,839
CenturyLink, Inc.		19,031		707,953
Frontier Communications Corp.		30,630		157,744
Verizon Communications, Inc.		40,065		1,607,408
Windstream Corp. (a)		17,953		210,768
				8,198,712
ELECTRIC UTILITIES — 3.6%
American Electric Power Co., Inc.		14,876		614,527
Duke Energy Corp.		41,061		903,342
Edison International		10,020		414,828
Entergy Corp.		5,282		385,850
Exelon Corp.		20,392		884,401
FirstEnergy Corp.		12,920		572,356
NextEra Energy, Inc.		5,445		331,492
Northeast Utilities		5,147		185,652
Pepco Holdings, Inc.		7,003		142,161
Pinnacle West Capital Corp.		3,221		155,188
PPL Corp.		17,821		524,294
Progress Energy, Inc.		3,729		208,898
Southern Co.		10,837		501,645
				5,824,634
ELECTRICAL EQUIPMENT — 0.3%
Cooper Industries PLC		1,900		102,885
Emerson Electric Co.		6,604		307,680
				410,565
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%
Corning, Inc.		48,366		627,791
FLIR Systems, Inc.		1,100		27,577
Jabil Circuit, Inc. (a)		5,787		113,773
Molex, Inc. (a)		4,240		101,166
TE Connectivity, Ltd.		13,100		403,611
				1,273,918
ENERGY EQUIPMENT & SERVICES — 0.9%
Baker Hughes, Inc.		5,360		260,710
Halliburton Co.		11,848		408,875
Nabors Industries, Ltd. (b)		8,435		146,263
National Oilwell Varco, Inc.		3,900		265,161
Noble Corp. (b)		7,764		234,628
Rowan Cos., Inc. (b)		3,727		113,040
				1,428,677
FOOD & STAPLES RETAILING — 3.4%
Costco Wholesale Corp.		5,450		454,094
CVS Caremark Corp.		39,914		1,627,693
Safeway, Inc. (a)		10,207		214,755
SUPERVALU, Inc. (a)		5,168		41,964
Sysco Corp.		18,135		531,900
The Kroger Co.		18,331		443,977
Wal-Mart Stores, Inc.		19,867		1,187,252
Walgreen Co.		27,365		904,687
Whole Foods Market, Inc.		1,200		83,496
				5,489,818
FOOD PRODUCTS — 1.9%
Archer-Daniels-Midland Co.		20,591		588,903
Campbell Soup Co. (a)		2,697		89,648
ConAgra Foods, Inc.		12,414		327,730
Dean Foods Co. (b)		5,395		60,424
General Mills, Inc.		6,523		263,594
H.J. Heinz Co.		2,372		128,183
Hormel Foods Corp. (a)		2,362		69,183
Kraft Foods, Inc. (Class A)		25,028		935,046
McCormick & Co., Inc.		1,183		59,647
Sara Lee Corp.		11,417		216,010
The J.M. Smucker Co.		1,468		114,753
Tyson Foods, Inc. (Class A)		8,740		180,394
				3,033,515
GAS UTILITIES — 0.2%
AGL Resources, Inc.		3,500		147,910
ONEOK, Inc.		1,238		107,322
				255,232
HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Boston Scientific Corp. (b)		44,721		238,810
CareFusion Corp. (b)		6,571		166,969
Covidien PLC		4,200		189,042
DENTSPLY International, Inc. (a)		1,668		58,363
Medtronic, Inc.		11,475		438,919
				1,092,103
HEALTH CARE PROVIDERS & SERVICES — 1.7%
Aetna, Inc.		5,169		218,080
AmerisourceBergen Corp.		7,922		294,619
Cardinal Health, Inc.		10,659		432,862
CIGNA Corp.		8,800		369,600
Coventry Health Care, Inc. (b)		4,414		134,053
Humana, Inc.		2,102		184,157
McKesson Corp.		7,454		580,741
Patterson Cos., Inc. (a)		1,400		41,328
Tenet Healthcare Corp. (a)(b)		13,400		68,742

See accompanying notes to financial statements.

122

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
WellPoint, Inc.		5,272	$	349,270
				2,673,452
HOTELS, RESTAURANTS & LEISURE — 0.7%
Carnival Corp.		13,880		453,043
Darden Restaurants, Inc. (a)		1,200		54,696
International Game Technology		9,202		158,275
Marriott International, Inc. (Class A)		5,000		145,850
Starwood Hotels & Resorts Worldwide, Inc.		2,500		119,925
Wyndham Worldwide Corp.		4,700		177,801
				1,109,590
HOUSEHOLD DURABLES — 0.4%
D.R. Horton, Inc. (a)		8,598		108,421
Harman International Industries, Inc.		2,183		83,041
Leggett & Platt, Inc.		3,996		92,068
Lennar Corp. (Class A) (a)		4,934		96,953
Newell Rubbermaid, Inc.		8,511		137,453
Pulte Group, Inc. (a)(b)		6,298		39,740
Whirlpool Corp. (a)		2,274		107,901
				665,577
HOUSEHOLD PRODUCTS — 0.9%
The Clorox Co.		1,244		82,801
The Procter & Gamble Co.		21,137		1,410,049
				1,492,850
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.4%
Constellation Energy Group, Inc.		6,240		247,541
NRG Energy, Inc. (a)(b)		7,257		131,497
The AES Corp. (b)		19,517		231,081
				610,119
INDUSTRIAL CONGLOMERATES — 4.4%
3M Co.		4,934		403,256
Danaher Corp.		4,079		191,876
General Electric Co.		324,947		5,819,801
Tyco International, Ltd.		14,195		663,048
				7,077,981
INSURANCE — 6.8%
ACE, Ltd.		10,391		728,617
American International Group, Inc. (b)		13,426		311,483
AON Corp.		3,333		155,984
Assurant, Inc.		2,770		113,736
Berkshire Hathaway, Inc. (Class B) (b)		54,099		4,127,754
Cincinnati Financial Corp. (a)		4,815		146,665
Genworth Financial, Inc. (Class A) (b)		14,438		94,569
Hartford Financial Services Group, Inc.		13,119		213,184
Lincoln National Corp.		9,334		181,266
Loews Corp.		9,331		351,312
Marsh & McLennan Cos., Inc.		16,596		524,766
MetLife, Inc.		32,583		1,015,938
Principal Financial Group, Inc.		9,403		231,314
Prudential Financial, Inc.		14,283		715,864
The Allstate Corp.		15,305		419,510
The Chubb Corp. (a)		3,631		251,338
The Progressive Corp.		19,028		371,236
The Travelers Cos., Inc.		6,131		362,771
Torchmark Corp.		3,336		144,749
Unum Group		9,309		196,141
XL Group PLC		9,724		192,243
				10,850,440
INTERNET & CATALOG RETAIL — 0.0% (c)
Expedia, Inc.		1,100		31,922
TripAdvisor, Inc. (b)		1,100		27,731
				59,653
INTERNET SOFTWARE & SERVICES — 0.7%
eBay, Inc. (b)		12,400		376,092
VeriSign, Inc.		2,255		80,549
Yahoo!, Inc. (b)		38,200		616,166
				1,072,807
IT SERVICES — 0.7%
Accenture PLC (Class A)		4,900		260,827
Computer Sciences Corp.		4,532		107,408
Fidelity National Information Services, Inc.		7,747		205,993
Paychex, Inc.		4,828		145,371
SAIC, Inc. (b)		8,508		104,563
The Western Union Co.		10,100		184,426
Total System Services, Inc.		4,941		96,646
				1,105,234
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc.		1,500		47,835
Mattel, Inc.		5,700		158,232
				206,067
LIFE SCIENCES TOOLS & SERVICES — 0.2%
Agilent Technologies, Inc. (b)		3,200		111,776
PerkinElmer, Inc.		3,469		69,380
Thermo Fisher Scientific, Inc. (b)		4,408		198,228
				379,384
MACHINERY — 1.8%
Caterpillar, Inc.		6,931		627,949
Cummins, Inc.		1,500		132,030
Dover Corp.		1,750		101,587
Eaton Corp.		10,268		446,966
Flowserve Corp.		400		39,728
Illinois Tool Works, Inc.		5,765		269,283
Ingersoll-Rand PLC		9,600		292,512
PACCAR, Inc. (a)		10,980		411,421
Parker Hannifin Corp.		1,676		127,795
Snap-On, Inc.		982		49,709
Stanley Black & Decker, Inc.		2,401		162,308
Xylem, Inc.		5,650		145,148
				2,806,436
MEDIA — 4.9%
Cablevision Systems Corp. (Class A)		6,800		96,696
CBS Corp.		20,009		543,044
Comcast Corp. (Class A)		83,900		1,989,269
Gannett Co., Inc. (a)		6,984		93,376
News Corp. (Class A)		67,477		1,203,790
Omnicom Group, Inc.		3,542		157,902
The Interpublic Group of Cos., Inc.		14,200		138,166
The McGraw-Hill Cos., Inc.		3,849		173,090
The Walt Disney Co.		55,324		2,074,650

See accompanying notes to financial statements.

123

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
The Washington Post Co. (Class B) (a)		141	$	53,130
Time Warner Cable, Inc.		3,128		198,847
Time Warner, Inc.		30,850		1,114,919
				7,836,879
METALS & MINING — 1.3%
Alcoa, Inc.		31,409		271,688
Allegheny Technologies, Inc.		3,266		156,115
Freeport-McMoRan Copper & Gold, Inc.		29,200		1,074,268
Nucor Corp. (a)		9,717		384,502
Titanium Metals Corp. (a)		2,570		38,498
United States Steel Corp. (a)		4,437		117,403
				2,042,474
MULTI-UTILITIES — 2.6%
Ameren Corp.		7,091		234,925
CenterPoint Energy, Inc.		13,143		264,043
CMS Energy Corp.		7,753		171,186
Consolidated Edison, Inc.		4,238		262,883
Dominion Resources, Inc.		5,296		281,112
DTE Energy Co.		5,002		272,359
Integrys Energy Group, Inc.		2,421		131,170
NiSource, Inc. (a)		8,683		206,742
PG&E Corp.		12,537		516,775
Public Service Enterprise Group, Inc.		15,613		515,385
SCANA Corp. (a)		3,314		149,329
Sempra Energy		7,420		408,100
TECO Energy, Inc.		6,353		121,596
Wisconsin Energy Corp.		7,132		249,335
Xcel Energy, Inc.		14,491		400,531
				4,185,471
MULTILINE RETAIL — 0.8%
Big Lots, Inc. (b)		681		25,715
J.C. Penney Co., Inc.		4,227		148,579
Kohl’s Corp.		2,777		137,045
Macy’s, Inc.		12,899		415,090
Nordstrom, Inc.		1,200		59,652
Sears Holdings Corp. (a)(b)		1,275		40,519
Target Corp.		8,024		410,989
				1,237,589
OFFICE ELECTRONICS — 0.2%
Xerox Corp.		42,731		340,139
OIL, GAS & CONSUMABLE FUELS — 11.0%
Alpha Natural Resources, Inc. (b)		6,800		138,924
Anadarko Petroleum Corp.		7,817		596,672
Apache Corp.		3,575		323,823
Chesapeake Energy Corp.		20,266		451,729
Chevron Corp.		28,186		2,998,990
ConocoPhillips		40,733		2,968,214
CONSOL Energy, Inc.		2,000		73,400
Denbury Resources, Inc. (b)		12,200		184,220
Devon Energy Corp.		12,391		768,242
El Paso Corp.		12,359		328,379
EQT Corp.		1,853		101,526
Exxon Mobil Corp.		53,061		4,497,450
Hess Corp.		9,126		518,357
Marathon Oil Corp.		21,614		632,642
Marathon Petroleum Corp.		10,957		364,759
Murphy Oil Corp.		5,944		331,319
Newfield Exploration Co. (b)		1,300		49,049
Noble Energy, Inc.		2,044		192,933
Occidental Petroleum Corp.		6,965		652,620
QEP Resources, Inc.		5,198		152,301
Range Resources Corp.		1,353		83,805
Spectra Energy Corp.		11,036		339,357
Sunoco, Inc.		3,330		136,597
Tesoro Corp. (b)		4,217		98,509
The Williams Cos., Inc.		10,324		340,898
Valero Energy Corp.		16,650		350,482
				17,675,197
PAPER & FOREST PRODUCTS — 0.5%
International Paper Co.		13,409		396,906
MeadWestvaco Corp.		5,199		155,710
Weyerhaeuser Co. (a)		15,768		294,389
				847,005
PERSONAL PRODUCTS — 0.1%
Avon Products, Inc.		13,300		232,351
PHARMACEUTICALS — 4.9%
Bristol-Myers Squibb Co.		20,314		715,865
Eli Lilly & Co.		9,400		390,664
Forest Laboratories, Inc. (b)		8,204		248,253
Hospira, Inc. (b)		5,100		154,887
Merck & Co., Inc.		32,853		1,238,558
Pfizer, Inc.		236,598		5,119,981
				7,868,208
PROFESSIONAL SERVICES — 0.1%
Equifax, Inc.		1,471		56,987
Robert Half International, Inc.		2,451		69,755
				126,742
REAL ESTATE INVESTMENT TRUSTS — 1.6%
Apartment Investment & Management Co. (Class A)		2,169		49,692
AvalonBay Communities, Inc.		900		117,540
Boston Properties, Inc. (a)		2,057		204,877
Equity Residential		2,600		148,278
HCP, Inc.		7,008		290,341
Health Care REIT, Inc.		2,523		137,579
Host Hotels & Resorts, Inc.		21,754		321,307
Kimco Realty Corp.		12,555		203,893
Plum Creek Timber Co., Inc. (a)		2,614		95,568
ProLogis		9,099		260,140
Public Storage		1,268		170,495
Simon Property Group, Inc.		3,100		399,714
Vornado Realty Trust		2,696		207,215
				2,606,639
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc. (b)		10,000		152,200
ROAD & RAIL — 0.4%
CSX Corp.		17,139		360,948
Norfolk Southern Corp.		2,477		180,474
Ryder Systems, Inc.		1,422		75,565
				616,987

See accompanying notes to financial statements.

124

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%
Advanced Micro Devices, Inc. (b)		18,000	$	97,200
Analog Devices, Inc.		3,600		128,808
Applied Materials, Inc.		40,194		430,478
Intel Corp.		76,834		1,863,224
Linear Technology Corp.		2,500		75,075
LSI Corp. (b)		10,297		61,267
Micron Technology, Inc. (b)		30,400		191,216
Novellus Systems, Inc. (b)		873		36,046
NVIDIA Corp. (b)		12,756		176,798
Teradyne, Inc. (a)(b)		2,255		30,736
Texas Instruments, Inc.		15,100		439,561
				3,530,409
SOFTWARE — 2.2%
Adobe Systems, Inc. (b)		8,159		230,655
Autodesk, Inc. (b)		3,600		109,188
BMC Software, Inc. (b)		1,300		42,614
CA, Inc. (a)		11,427		230,997
Compuware Corp. (b)		700		5,824
Electronic Arts, Inc. (b)		5,689		117,193
Microsoft Corp.		99,100		2,572,636
Symantec Corp. (b)		13,400		209,710
				3,518,817
SPECIALTY RETAIL — 2.1%
Abercrombie & Fitch Co. (Class A)		2,644		129,133
AutoNation, Inc. (a)(b)		1,480		54,568
Best Buy Co., Inc. (a)		9,018		210,751
CarMax, Inc. (b)		7,000		213,360
GameStop Corp. (Class A) (b)		4,412		106,461
Limited Brands, Inc.		2,300		92,805
Lowe’s Cos., Inc.		38,502		977,181
Orchard Supply Hardware Stores Corp. (Class A) (b)(e)		57		429
Staples, Inc.		21,491		298,510
The Gap, Inc. (a)		10,664		197,817
The Home Depot, Inc.		25,669		1,079,125
Urban Outfitters, Inc. (b)		800		22,048
				3,382,188
THRIFTS & MORTGAGE FINANCE — 0.1%
Hudson City Bancorp, Inc.		16,263		101,644
People’s United Financial, Inc. (a)		10,900		140,065
				241,709
TOBACCO — 1.0%
Altria Group, Inc.		42,438		1,258,287
Lorillard, Inc.		1,359		154,926
Reynolds American, Inc.		4,858		201,218
				1,614,431
TRADING COMPANIES & DISTRIBUTORS — 0.1%
Fastenal Co.		2,600		113,386
WIRELESS TELECOMMUNICATION SERVICES — 0.2%
MetroPCS Communications, Inc. (b)		9,000		78,120
Sprint Nextel Corp. (b)		87,886		205,653
				283,773
TOTAL COMMON STOCKS —
(Cost $167,898,500)				159,626,613
PREFERRED STOCK — 0.0%
SPECIALTY RETAIL — 0.0%
Orchard Supply Hardware Stores Corp. (Series A) (b)(e) (Cost $311)		57		0
SHORT TERM INVESTMENTS — 1.9%
MONEY MARKET FUNDS — 1.9%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		2,788,882		2,788,882
State Street Institutional Liquid Reserves Fund 0.15% (g)(h)		325,150		325,150
TOTAL SHORT TERM INVESTMENTS —
(Cost $3,114,032)				3,114,032
TOTAL INVESTMENTS — 101.5% (i)
(Cost $171,012,843)				162,740,645
OTHER ASSETS & LIABILITIES — (1.5)%				(2,478,272	)
NET ASSETS — 100.0%			$	160,262,373

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Non-income producing security.
(c)	Amount shown represents less than 0.05% of net assets.
(d)	Affiliated issuer. (Note 3)
(e)	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)
(f)	Investments of cash collateral for securities loaned.
(g)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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 1 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

125

SPDR Dow Jones Mid Cap ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AEROSPACE & DEFENSE — 1.2%
Alliant Techsystems, Inc.		1,448	$	82,768
BE Aerospace, Inc. (a)		4,208		162,892
Spirit Aerosystems Holdings, Inc. (Class A) (a)		5,171		107,453
Textron, Inc. (b)		12,175		225,116
TransDigm Group, Inc. (a)		1,990		190,403
				768,632
AIRLINES — 0.4%
United Continental Holdings, Inc. (a)(b)		14,559		274,728
AUTO COMPONENTS — 1.2%
Gentex Corp. (b)		6,296		186,299
Lear Corp.		4,562		181,568
The Goodyear Tire & Rubber Co. (a)		10,692		151,506
TRW Automotive Holdings Corp. (a)		4,582		149,373
Visteon Corp. (a)		2,277		113,713
				782,459
BEVERAGES — 0.3%
Constellation Brands, Inc. (Class A) (a)		8,340		172,388
BIOTECHNOLOGY — 1.8%
Amylin Pharmaceuticals, Inc. (a)(b)		5,797		65,970
BioMarin Pharmaceutical, Inc. (a)(b)		5,079		174,616
Dendreon Corp. (a)(b)		6,622		50,327
Human Genome Sciences, Inc. (a)(b)		8,772		64,825
Onyx Pharmaceuticals, Inc. (a)		2,789		122,576
Pharmasset, Inc. (a)		3,154		404,343
Regeneron Pharmaceuticals, Inc. (a)(b)		3,219		178,429
United Therapeutics Corp. (a)		2,251		106,360
				1,167,446
BUILDING PRODUCTS — 0.6%
Armstrong World Industries, Inc. (a)(b)		980		42,993
Lennox International, Inc. (b)		2,230		75,262
Masco Corp.		15,868		166,297
Owens Corning, Inc. (a)		4,974		142,853
				427,405
CAPITAL MARKETS — 1.7%
Affiliated Managers Group, Inc. (a)		2,295		220,205
E*TRADE Financial Corp. (a)		11,387		90,641
Eaton Vance Corp.		5,183		122,526
Federated Investors, Inc. (Class B) (b)		4,555		69,008
Jefferies Group, Inc. (b)		6,391		87,876
Legg Mason, Inc.		6,015		144,661
LPL Investment Holdings, Inc. (a)(b)		1,795		54,819
Raymond James Financial, Inc.		4,490		139,011
SEI Investments Co.		6,593		114,389
Waddell & Reed Financial, Inc. (Class A)		3,808		94,324
				1,137,460
CHEMICALS — 3.3%
Airgas, Inc.		2,875		224,480
Albemarle Corp.		3,915		201,662
Ashland, Inc.		3,124		178,568
Celanese Corp. (Series A) (b)		6,902		305,552
Cytec Industries, Inc.		2,198		98,141
Eastman Chemical Co.		5,728		223,736
Huntsman Corp.		8,574		85,740
International Flavors & Fragrances, Inc.		3,541		185,619
Intrepid Potash, Inc. (a)		2,292		51,868
Kronos Worldwide, Inc. (b)		862		15,550
Rockwood Holdings, Inc. (a)		3,023		119,015
RPM International, Inc.		5,737		140,843
The Scotts Miracle-Gro Co. (Class A) (b)		1,846		86,190
Valspar Corp. (b)		3,820		148,865
W.R. Grace & Co. (a)		2,703		124,122
Westlake Chemical Corp.		877		35,290
				2,225,241
COMMERCIAL BANKS — 2.9%
Associated Banc-Corp.		7,663		85,596
Bank of Hawaii Corp. (b)		2,068		92,005
BOK Financial Corp.		1,179		64,762
City National Corp. (b)		2,166		95,694
Commerce Bancshares, Inc.		3,567		135,974
Cullen/Frost Bankers, Inc. (b)		2,560		135,450
East West Bancorp, Inc.		6,473		127,842
First Citizens BancShares, Inc. (Class A)		252		44,098
First Horizon National Corp.		11,430		91,440
First Niagara Financial Group, Inc.		12,926		111,551
First Republic Bank (a)		3,415		104,533
Fulton Financial Corp.		8,698		85,327
Hancock Holding Co. (b)		3,404		108,826
Huntington Bancshares, Inc.		37,976		208,488
Popular, Inc. (a)		44,676		62,100
Prosperity Bancshares, Inc. (b)		2,046		82,556
TCF Financial Corp.		6,619		68,308
Valley National Bancorp (b)		7,537		93,233
Zions Bancorporation		8,076		131,477
				1,929,260
COMMERCIAL SERVICES & SUPPLIES — 2.2%
Avery Dennison Corp.		4,722		135,427
Cintas Corp.		4,991		173,737
Clean Harbors, Inc. (a)		2,053		130,838
Copart, Inc. (a)(b)		2,587		123,891
Corrections Corp. of America (a)		4,391		89,445
Covanta Holding Corp.		5,262		72,037
Iron Mountain, Inc.		7,472		230,137
KAR Auction Services, Inc. (a)		1,342		18,117
Pitney Bowes, Inc. (b)		8,259		153,122
R.R. Donnelley & Sons Co. (b)		8,219		118,600
Rollins, Inc.		3,330		73,992
Waste Connections, Inc. (b)		5,013		166,131
				1,485,474
COMMUNICATIONS EQUIPMENT — 1.1%
Acme Packet, Inc. (a)		2,417		74,710
Brocade Communications Systems, Inc. (a)		20,555		106,680
EchoStar Corp. (Class A) (a)		1,811		37,922
InterDigital, Inc. (b)		2,002		87,227
JDS Uniphase Corp. (a)		10,124		105,695
Polycom, Inc. (a)		7,797		127,091
Riverbed Technology, Inc. (a)		6,856		161,116
				700,441

See accompanying notes to financial statements.

126

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMPUTERS & PERIPHERALS — 0.9%
Diebold, Inc. (b)		2,809	$	84,467
Lexmark International, Inc. (Class A)		3,504		115,877
NCR Corp. (a)		6,892		113,442
Seagate Technology PLC		18,483		303,121
				616,907
CONSTRUCTION & ENGINEERING — 1.5%
Aecom Technology Corp. (a)		4,524		93,059
Foster Wheeler AG (a)		5,166		98,877
Jacobs Engineering Group, Inc. (a)		5,622		228,141
KBR, Inc.		6,605		184,081
Quanta Services, Inc. (a)		9,195		198,060
The Shaw Group, Inc. (a)		3,161		85,031
URS Corp. (a)		3,483		122,323
				1,009,572
CONSTRUCTION MATERIALS — 0.5%
Martin Marietta Materials, Inc.		1,993		150,292
Vulcan Materials Co. (b)		5,105		200,882
				351,174
CONTAINERS & PACKAGING — 2.0%
AptarGroup, Inc.		2,724		142,111
Bemis Co., Inc.		4,524		136,082
Greif, Inc. (Class A)		1,780		81,079
Owens-Illinois, Inc. (a)		7,218		139,885
Packaging Corp. of America		4,480		113,075
Rock-Tenn Co. (Class A)		3,116		179,793
Sealed Air Corp.		8,388		144,358
Silgan Holdings, Inc.		2,044		78,980
Sonoco Products Co.		4,423		145,782
Temple-Inland, Inc.		4,705		149,196
				1,310,341
DISTRIBUTORS — 0.3%
LKQ Corp. (a)		6,434		193,535
DIVERSIFIED CONSUMER SERVICES — 1.0%
DeVry, Inc.		2,621		100,804
Education Management Corp. (a)(b)		1,219		34,120
H&R Block, Inc. (b)		13,455		219,720
ITT Educational Services, Inc. (a)(b)		1,197		68,097
Service Corp. International (b)		10,024		106,756
Sotheby’s (b)		2,981		85,048
Weight Watchers International, Inc. (b)		1,315		72,338
				686,883
DIVERSIFIED FINANCIAL SERVICES — 0.6%
CBOE Holdings, Inc. (b)		3,944		101,992
MSCI, Inc. (Class A) (a)		5,298		174,463
The NASDAQ OMX Group, Inc. (a)		6,146		150,638
				427,093
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
Level 3 Communications, Inc. (a)(b)		6,957		118,200
tw telecom, Inc. (a)(b)		6,722		130,272
				248,472
ELECTRIC UTILITIES — 2.0%
Cleco Corp. (b)		2,669		101,689
Great Plains Energy, Inc. (b)		5,915		128,829
Hawaiian Electric Industries, Inc. (b)		4,185		110,819
IDACORP, Inc. (b)		2,199		93,259
ITC Holdings Corp.		2,245		170,350
NV Energy, Inc.		10,326		168,830
Pepco Holdings, Inc.		9,979		202,574
Pinnacle West Capital Corp.		4,765		229,578
Westar Energy, Inc.		5,087		146,404
				1,352,332
ELECTRICAL EQUIPMENT — 1.5%
Acuity Brands, Inc. (b)		1,885		99,905
AMETEK, Inc.		7,083		298,194
Hubbell, Inc. (Class B)		2,478		165,679
Polypore International, Inc. (a)		1,766		77,686
Regal-Beloit Corp. (b)		1,686		85,936
The Babcock & Wilcox Co. (a)		5,103		123,187
Thomas & Betts Corp. (a)		2,305		125,853
				976,440
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.7%
Anixter International, Inc. (a)		1,330		79,321
Arrow Electronics, Inc. (a)		4,892		183,010
Avnet, Inc. (a)		6,537		203,235
AVX Corp.		2,304		29,399
Dolby Laboratories, Inc. (Class A) (a)		2,256		68,831
FLIR Systems, Inc. (b)		7,089		177,721
Ingram Micro, Inc. (Class A) (a)		6,856		124,711
IPG Photonics Corp. (a)		1,201		40,678
Jabil Circuit, Inc.		8,551		168,113
Mettler-Toledo International, Inc. (a)		1,406		207,680
Molex, Inc. (b)		6,545		156,164
National Instruments Corp.		4,073		105,694
Trimble Navigation, Ltd. (a)		5,373		233,188
				1,777,745
ENERGY EQUIPMENT & SERVICES — 3.0%
Atwood Oceanics, Inc. (a)(b)		2,454		97,645
CARBO Ceramics, Inc. (b)		878		108,284
Dresser-Rand Group, Inc. (a)		3,324		165,901
Dril-Quip, Inc. (a)		1,602		105,444
Helmerich & Payne, Inc. (b)		4,329		252,640
McDermott International, Inc. (a)		10,205		117,460
Oceaneering International, Inc.		4,774		220,225
Oil States International, Inc. (a)		2,260		172,596
Patterson-UTI Energy, Inc.		6,769		135,245
Rowan Cos., Inc. (a)		5,568		168,877
RPC, Inc.		2,187		39,913
SEACOR Holdings, Inc. (a)		944		83,978
Superior Energy Services, Inc. (a)		3,492		99,312
Tidewater, Inc. (b)		2,255		111,171
Unit Corp. (a)		2,096		97,254
				1,975,945
FOOD PRODUCTS — 1.1%
Corn Products International, Inc.		3,386		178,070
Dean Foods Co. (a)		8,014		89,757
Flowers Foods, Inc. (b)		6,021		114,278
Ralcorp Holdings, Inc. (a)		2,396		204,858
Smithfield Foods, Inc. (a)		6,801		165,128
				752,091

See accompanying notes to financial statements.

127

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
GAS UTILITIES — 1.6%
AGL Resources, Inc.		5,101	$	215,568
Atmos Energy Corp.		3,945		131,566
National Fuel Gas Co.		3,414		189,750
Piedmont Natural Gas Co., Inc. (b)		3,139		106,663
Questar Corp.		7,753		153,974
UGI Corp.		4,892		143,825
WGL Holdings, Inc.		2,271		100,424
				1,041,770
HEALTH CARE EQUIPMENT & SUPPLIES — 2.1%
Alere, Inc. (a)		3,742		86,403
DENTSPLY International, Inc. (b)		6,231		218,023
Gen-Probe, Inc. (a)		2,110		124,743
Hill-Rom Holdings, Inc. (b)		2,771		93,355
Hologic, Inc. (a)		11,561		202,433
IDEXX Laboratories, Inc. (a)(b)		2,488		191,477
ResMed, Inc. (a)(b)		6,491		164,871
STERIS Corp. (b)		2,395		71,419
Teleflex, Inc. (b)		1,799		110,261
The Cooper Cos., Inc.		2,074		146,258
				1,409,243
HEALTH CARE PROVIDERS & SERVICES — 2.7%
Accretive Health, Inc. (a)(b)		1,701		39,089
AMERIGROUP Corp. (a)(b)		2,091		123,536
Brookdale Senior Living, Inc. (a)(b)		4,429		77,020
Catalyst Health Solutions, Inc. (a)		1,902		98,904
Community Health Systems, Inc. (a)(b)		4,079		71,178
Coventry Health Care, Inc. (a)		6,516		197,891
Health Net, Inc. (a)		3,921		119,277
LifePoint Hospitals, Inc. (a)(b)		2,167		80,504
Lincare Holdings, Inc. (b)		3,894		100,115
MEDNAX, Inc. (a)(b)		2,133		153,597
Omnicare, Inc.		5,117		176,281
Owens & Minor, Inc. (b)		2,801		77,840
Patterson Cos., Inc. (b)		4,348		128,353
Tenet Healthcare Corp. (a)		19,191		98,450
Universal Health Services, Inc. (Class B)		4,002		155,518
VCA Antech, Inc. (a)(b)		3,762		74,299
				1,771,852
HEALTH CARE TECHNOLOGY — 0.2%
Allscripts Healthcare Solutions, Inc. (a)		8,229		155,857
HOTELS, RESTAURANTS & LEISURE — 1.9%
Bally Technologies, Inc. (a)		1,951		77,182
Brinker International, Inc.		3,510		93,928
Choice Hotels International, Inc. (b)		1,439		54,754
Dunkin’ Brands Group, Inc. (a)		1,958		48,911
International Game Technology		13,222		227,418
MGM Resorts International (a)		14,239		148,513
Panera Bread Co. (Class A) (a)(b)		1,310		185,299
Penn National Gaming, Inc. (a)(b)		2,975		113,258
The Wendy’s Co.		13,629		73,051
Wyndham Worldwide Corp.		6,832		258,455
				1,280,769
HOUSEHOLD DURABLES — 2.8%
D.R. Horton, Inc.		12,144		153,136
Harman International Industries, Inc.		3,133		119,179
Jarden Corp.		4,034		120,536
Leggett & Platt, Inc.		6,257		144,161
Lennar Corp. (Class A) (b)		7,073		138,984
Mohawk Industries, Inc. (a)		2,416		144,598
Newell Rubbermaid, Inc.		12,935		208,900
NVR, Inc. (a)		220		150,920
Pulte Group, Inc. (a)(b)		14,763		93,155
Tempur-Pedic International, Inc. (a)(b)		2,962		155,594
Toll Brothers, Inc. (a)		6,616		135,099
Tupperware Brands Corp.		2,652		148,432
Whirlpool Corp. (b)		3,326		157,819
				1,870,513
HOUSEHOLD PRODUCTS — 0.8%
Church & Dwight Co., Inc.		6,296		288,105
Energizer Holdings, Inc. (a)		3,060		237,089
				525,194
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.4%
GenOn Energy, Inc. (a)		33,765		88,127
NRG Energy, Inc. (a)(b)		10,632		192,652
				280,779
INDUSTRIAL CONGLOMERATES — 0.2%
Carlisle Cos., Inc.		2,670		118,281
Seaboard Corp. (a)(b)		16		32,576
				150,857
INSURANCE — 6.3%
Alleghany Corp. (a)(b)		365		104,131
Allied World Assurance Company Holdings, Ltd.		1,660		104,464
American Financial Group, Inc.		3,906		144,092
American National Insurance Co.		633		46,228
Arch Capital Group, Ltd. (a)		5,843		217,535
Arthur J. Gallagher & Co. (b)		4,915		164,358
Aspen Insurance Holdings, Ltd.		3,097		82,070
Assurant, Inc.		4,169		171,179
Assured Guaranty, Ltd.		7,401		97,249
Axis Capital Holdings, Ltd.		5,760		184,089
Brown & Brown, Inc.		5,082		115,006
Cincinnati Financial Corp. (b)		6,699		204,051
Endurance Specialty Holdings, Ltd.		1,770		67,702
Erie Indemnity Co. (Class A)		1,204		94,105
Everest Re Group, Ltd.		1,974		165,994
Fidelity National Financial, Inc. (Class A)		9,684		154,266
Genworth Financial, Inc. (Class A) (a)		21,572		141,297
HCC Insurance Holdings, Inc.		4,860		133,650
Markel Corp. (a)(b)		425		176,235
Mercury General Corp.		1,176		53,649
Old Republic International Corp. (b)		10,786		99,986
PartnerRe, Ltd.		2,955		189,740
ProAssurance Corp. (b)		1,283		102,409
Reinsurance Group of America, Inc.		3,229		168,715
RenaissanceRe Holdings, Ltd.		2,284		169,861
The Hanover Insurance Group, Inc.		1,988		69,481
Torchmark Corp.		4,635		201,113
Transatlantic Holdings, Inc.		2,731		149,468
Validus Holdings, Ltd.		3,096		97,524
W.R. Berkley Corp.		4,959		170,540

See accompanying notes to financial statements.

128

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
White Mountains Insurance Group, Ltd.		276	$	125,155
				4,165,342
INTERNET & CATALOG RETAIL — 0.0% (c)
HomeAway, Inc. (a)(b)		370		8,603
INTERNET SOFTWARE & SERVICES — 1.4%
Akamai Technologies, Inc. (a)		8,108		261,726
Equinix, Inc. (a)		2,064		209,290
IAC/InterActiveCorp.		3,265		139,089
Rackspace Hosting, Inc. (a)		4,715		202,792
WebMD Health Corp. (a)(b)		2,586		97,104
				910,001
IT SERVICES — 2.4%
Alliance Data Systems Corp. (a)(b)		2,245		233,121
Booz Allen Hamilton Holding Corp. (a)		688		11,868
Broadridge Financial Solutions, Inc.		5,411		122,018
Computer Sciences Corp.		6,779		160,662
DST Systems, Inc.		1,614		73,469
FleetCor Technologies, Inc. (a)		1,449		43,282
Gartner, Inc. (a)(b)		3,899		135,568
Genpact, Ltd. (a)		4,617		69,024
Global Payments, Inc.		3,488		165,262
Jack Henry & Associates, Inc. (b)		3,769		126,676
Lender Processing Services, Inc.		3,744		56,422
NeuStar, Inc. (Class A) (a)		2,917		99,674
Total System Services, Inc.		8,522		166,690
VeriFone Systems, Inc. (a)(b)		4,546		161,474
				1,625,210
LEISURE EQUIPMENT & PRODUCTS — 0.2%
Polaris Industries, Inc.		2,888		161,670
LIFE SCIENCES TOOLS & SERVICES — 0.8%
Bio-Rad Laboratories, Inc. (Class A) (a)		872		83,747
Bruker Corp. (a)		4,063		50,462
Charles River Laboratories International, Inc. (a)		2,271		62,066
Covance, Inc. (a)(b)		2,643		120,838
PerkinElmer, Inc.		4,975		99,500
Techne Corp.		1,521		103,824
				520,437
MACHINERY — 4.5%
AGCO Corp. (a)		4,221		181,376
CLARCOR, Inc. (b)		2,207		110,328
Crane Co.		2,220		103,696
Donaldson Co., Inc.		3,044		207,236
Gardner Denver, Inc.		2,235		172,229
Graco, Inc.		2,699		110,362
Harsco Corp.		3,561		73,285
IDEX Corp.		3,636		134,932
Kennametal, Inc.		3,511		128,222
Lincoln Electric Holdings, Inc. (b)		3,722		145,605
Navistar International Corp. (a)		3,184		120,610
Nordson Corp. (b)		2,736		112,668
Oshkosh Corp. (a)		3,982		85,135
Pall Corp.		5,092		291,008
Pentair, Inc. (b)		4,301		143,180
Snap-On, Inc.		2,569		130,043
SPX Corp.		2,250		135,608
Terex Corp. (a)(b)		4,775		64,510
Timken Co.		3,441		133,201
WABCO Holdings, Inc. (a)		2,960		128,464
Wabtec Corp. (b)		2,100		146,895
Woodward, Inc. (b)		2,544		104,126
				2,962,719
MARINE — 0.2%
Kirby Corp. (a)(b)		2,456		161,703
MEDIA — 2.1%
AMC Networks, Inc. (Class A) (a)		2,567		96,468
Charter Communications, Inc. (Class A) (a)		1,697		96,627
Clear Channel Outdoor Holdings, Inc. (Class A) (a)		1,802		22,615
DreamWorks Animation SKG, Inc. (Class A) (a)(b)		2,986		49,553
Gannett Co., Inc. (b)		10,512		140,545
John Wiley & Sons, Inc. (Class A)		2,277		101,099
Lamar Advertising Co. (Class A) (a)(b)		2,598		71,445
Liberty Media Corp. — Liberty Capital (Class A) (a)		5,051		394,231
Morningstar, Inc.		1,138		67,654
Pandora Media, Inc. (a)(b)		2,746		27,487
Regal Entertainment Group		3,483		41,587
The Interpublic Group of Cos., Inc.		20,347		197,976
The Washington Post Co. (Class B) (b)		217		81,768
				1,389,055
METALS & MINING — 2.1%
Allegheny Technologies, Inc.		4,688		224,086
Allied Nevada Gold Corp. (a)(b)		3,615		109,462
Coeur d’Alene Mines Corp. (a)		3,923		94,701
Compass Minerals International, Inc.		1,431		98,524
Molycorp, Inc. (a)(b)		2,708		64,938
Reliance Steel & Aluminum Co. (b)		3,247		158,096
Royal Gold, Inc.		2,385		160,821
Steel Dynamics, Inc.		9,564		125,767
Titanium Metals Corp. (b)		3,674		55,037
United States Steel Corp. (b)		6,307		166,883
Walter Energy, Inc.		2,753		166,722
				1,425,037
MULTI-UTILITIES — 3.1%
Alliant Energy Corp.		4,849		213,889
CMS Energy Corp.		11,125		245,640
Integrys Energy Group, Inc.		3,445		186,650
MDU Resources Group, Inc.		7,624		163,611
NiSource, Inc. (b)		12,365		294,411
NSTAR		4,553		213,809
OGE Energy Corp.		4,271		242,208
SCANA Corp. (b)		5,102		229,896
TECO Energy, Inc.		8,918		170,691
Vectren Corp.		3,544		107,135
				2,067,940
MULTILINE RETAIL — 0.3%
Big Lots, Inc. (a)		2,939		110,977
Dillard’s, Inc. (Class A) (b)		1,463		65,659
				176,636

See accompanying notes to financial statements.

129

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
OFFICE ELECTRONICS — 0.1%
Zebra Technologies Corp. (Class A) (a)		2,357	$	84,333
OIL, GAS & CONSUMABLE FUELS — 3.1%
Arch Coal, Inc.		9,357		135,770
Berry Petroleum Co. (Class A) (b)		2,342		98,411
Cobalt International Energy, Inc. (a)(b)		6,690		103,829
Energen Corp.		3,166		158,300
EXCO Resources, Inc. (b)		6,735		70,381
Forest Oil Corp. (a)		4,959		67,194
Oasis Petroleum, Inc. (a)(b)		3,081		89,626
Plains Exploration & Production Co. (a)		6,216		228,251
Quicksilver Resources, Inc. (a)(b)		5,400		36,234
SandRidge Energy, Inc. (a)(b)		16,962		138,410
SM Energy Co.		2,805		205,045
Southern Union Co.		5,126		215,856
Sunoco, Inc.		4,700		192,794
Teekay Corp. (b)		1,830		48,916
Tesoro Corp. (a)		6,271		146,491
World Fuel Services Corp. (b)		3,103		130,264
				2,065,772
PAPER & FOREST PRODUCTS — 0.6%
AbitibiBowater Inc. (a)(b)		3,289		47,855
Domtar Corp.		1,640		131,134
MeadWestvaco Corp.		7,503		224,715
				403,704
PERSONAL PRODUCTS — 0.6%
Herbalife, Ltd.		5,116		264,344
Nu Skin Enterprises, Inc. (Class A) (b)		2,592		125,893
				390,237
PHARMACEUTICALS — 0.6%
Endo Pharmaceuticals Holdings, Inc. (a)		5,142		177,554
Salix Pharmaceuticals, Ltd. (a)(b)		2,352		112,543
Warner Chilcott PLC (Class A) (a)		7,731		116,970
				407,067
PROFESSIONAL SERVICES — 1.9%
Dun & Bradstreet Corp.		2,151		160,959
Equifax, Inc.		5,342		206,949
IHS, Inc. (Class A) (a)(b)		2,108		181,625
Manpower, Inc.		3,601		128,736
Robert Half International, Inc. (b)		6,440		183,283
Towers Watson & Co. (Class A)		2,383		142,813
Verisk Analytics, Inc. (Class A) (a)		6,068		243,509
				1,247,874
REAL ESTATE INVESTMENT TRUSTS — 7.9%
Alexandria Real Estate Equities, Inc.		2,732		188,426
American Campus Communities, Inc.		3,043		127,684
Apartment Investment & Management Co. (Class A)		5,341		122,362
BRE Properties, Inc. (b)		3,299		166,533
Camden Property Trust		3,140		195,434
Chimera Investment Corp.		45,398		113,949
Corporate Office Properties Trust (b)		3,126		66,459
DDR Corp.		10,026		122,016
Digital Realty Trust, Inc. (b)		4,637		309,149
Douglas Emmett, Inc. (b)		5,573		101,651
Duke Realty Corp.		11,021		132,803
Equity Lifestyle Properties, Inc.		1,701		113,440
Essex Property Trust, Inc. (b)		1,480		207,955
Federal Realty Investment Trust		2,741		248,746
Highwoods Properties, Inc. (b)		3,205		95,092
Home Properties, Inc. (b)		2,101		120,955
Hospitality Properties Trust		5,399		124,069
Liberty Property Trust (b)		5,012		154,771
Mack-Cali Realty Corp.		3,805		101,555
MFA Financial, Inc.		15,585		104,731
Mid-America Apartment Communities, Inc. (b)		1,625		101,644
National Retail Properties, Inc.		4,247		112,036
OMEGA Healthcare Investors, Inc.		4,511		87,288
Piedmont Office Realty Trust, Inc. (Class A) (b)		7,591		129,351
Rayonier, Inc.		5,363		239,351
Realty Income Corp. (b)		5,863		204,970
Regency Centers Corp.		3,957		148,862
Senior Housing Properties Trust		7,231		162,264
SL Green Realty Corp.		3,767		251,033
Taubman Centers, Inc.		2,531		157,175
The Macerich Co.		5,795		293,227
UDR, Inc.		9,712		243,771
Washington Real Estate Investment Trust (b)		2,922		79,917
Weingarten Realty Investors (b)		5,283		115,275
				5,243,944
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.5%
CBRE Group, Inc. (a)		12,967		197,358
Jones Lang LaSalle, Inc.		1,901		116,455
				313,813
ROAD & RAIL — 1.3%
Hertz Global Holdings, Inc. (a)		10,348		121,279
J.B. Hunt Transport Services, Inc.		4,242		191,187
Kansas City Southern (a)		4,834		328,760
Landstar System, Inc.		2,118		101,495
Ryder Systems, Inc.		2,266		120,415
				863,136
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.1%
Advanced Micro Devices, Inc. (a)(b)		25,317		136,712
Atmel Corp. (a)		19,144		155,066
Cree, Inc. (a)(b)		5,105		112,514
Cypress Semiconductor Corp. (a)(b)		6,812		115,055
Lam Research Corp. (a)		5,488		203,166
LSI Corp. (a)		25,067		149,149
Novellus Systems, Inc. (a)		3,091		127,627
ON Semiconductor Corp. (a)		19,447		150,131
Skyworks Solutions, Inc. (a)		8,193		132,890
Teradyne, Inc. (a)(b)		8,200		111,766
				1,394,076
SOFTWARE — 3.3%
Ansys, Inc. (a)		4,054		232,213
Cadence Design Systems, Inc. (a)		11,882		123,573
Compuware Corp. (a)		9,545		79,414
Concur Technologies, Inc. (a)(b)		2,047		103,967
Factset Research Systems, Inc. (b)		1,835		160,159

See accompanying notes to financial statements.

130

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Fortinet, Inc. (a)		5,267	$	114,873
Informatica Corp. (a)		4,665		172,278
MICROS Systems, Inc. (a)		3,555		165,592
Nuance Communications, Inc. (a)		10,140		255,122
Parametric Technology Corp. (a)		5,168		94,368
Quality Systems, Inc. (b)		1,610		59,554
Rovi Corp. (a)		4,903		120,516
Solera Holdings, Inc.		3,074		136,916
Synopsys, Inc. (a)		6,418		174,570
TIBCO Software, Inc. (a)		7,316		174,926
				2,168,041
SPECIALTY RETAIL — 3.8%
Aaron’s, Inc.		3,126		83,402
Abercrombie & Fitch Co. (Class A)		3,891		190,036
Advance Auto Parts, Inc.		3,251		226,367
American Eagle Outfitters, Inc.		8,542		130,607
AutoNation, Inc. (a)(b)		1,505		55,489
Chico’s FAS, Inc.		7,704		85,823
Dick’s Sporting Goods, Inc.		3,980		146,782
Foot Locker, Inc.		6,879		163,995
GameStop Corp. (Class A) (a)		6,165		148,762
Guess?, Inc. (b)		2,819		84,063
PetSmart, Inc.		4,996		256,245
Sally Beauty Holdings, Inc. (a)		5,304		112,074
Signet Jewelers, Ltd.		3,832		168,455
Tractor Supply Co.		3,148		220,832
Ulta Salon Cosmetics & Fragrance, Inc. (a)		2,160		140,227
Urban Outfitters, Inc. (a)		5,349		147,418
Williams-Sonoma, Inc.		4,163		160,276
				2,520,853
TEXTILES, APPAREL & LUXURY GOODS — 1.1%
Deckers Outdoor Corp. (a)		1,687		127,487
Fossil, Inc. (a)		2,347		186,258
Hanesbrands, Inc. (a)(b)		4,252		92,949
PVH Corp.		2,720		191,733
Under Armour, Inc. (Class A) (a)(b)		1,688		121,181
				719,608
THRIFTS & MORTGAGE FINANCE — 0.8%
BankUnited, Inc. (b)		1,726		37,955
Capitol Federal Financial, Inc.		7,434		85,788
Hudson City Bancorp, Inc.		21,321		133,256
People’s United Financial, Inc. (b)		15,903		204,354
TFS Financial Corp. (a)		4,121		36,924
Washington Federal, Inc.		4,865		68,061
				566,338
TRADING COMPANIES & DISTRIBUTORS — 0.3%
Air Lease Corp. (a)		3,173		75,232
MSC Industrial Direct Co., Inc. (Class A)		1,943		139,022
				214,254
WATER UTILITIES — 0.6%
American Water Works Co., Inc.		7,674		244,493
Aqua America, Inc. (b)		6,115		134,836
				379,329
WIRELESS TELECOMMUNICATION SERVICES — 0.7%
Clearwire Corp. (Class A) (a)		6,494		12,598
MetroPCS Communications, Inc. (a)		14,113		122,501
SBA Communications Corp. (Class A) (a)(b)		4,917		211,234
Telephone & Data Systems, Inc. (b)		4,072		105,424
US Cellular Corp. (a)(b)		658		28,709
				480,466
TOTAL COMMON STOCKS —
(Cost $64,707,222)				66,273,496
SHORT TERM INVESTMENTS — 10.7%
MONEY MARKET FUNDS — 10.7%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		7,139,681		7,139,681
State Street Institutional Liquid Reserves Fund 0.15% (e)(f)		22,262		22,262
TOTAL SHORT TERM INVESTMENTS —
(Cost $7,161,943)				7,161,943
TOTAL INVESTMENTS — 110.3% (g)
(Cost $71,869,165)				73,435,439
OTHER ASSETS & LIABILITIES — (10.3)%				(6,881,257	)
NET ASSETS — 100.0%			$	66,554,182

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(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)

PLC = Public Limited Company

See accompanying notes to financial statements.

131

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 1.3%
Alliant Techsystems, Inc.		1,800	$	102,888
BE Aerospace, Inc. (a)		6,863		265,667
Esterline Technologies Corp. (a)		1,800		100,746
Triumph Group, Inc. (b)		4,707		275,124
				744,425
AIRLINES — 0.5%
Alaska Air Group, Inc. (a)		3,815		286,468
AUTO COMPONENTS — 0.8%
Gentex Corp. (b)		15,550		460,125
BEVERAGES — 1.3%
Hansen Natural Corp. (a)		8,237		758,957
BIOTECHNOLOGY — 1.9%
Regeneron Pharmaceuticals, Inc. (a)(b)		8,300		460,069
United Therapeutics Corp. (a)		5,642		266,585
Vertex Pharmaceuticals, Inc. (a)		12,035		399,682
				1,126,336
BUILDING PRODUCTS — 0.2%
Fortune Brands Home & Security, Inc. (a)		5,800		98,774
CAPITAL MARKETS — 1.2%
Affiliated Managers Group, Inc. (a)		2,861		274,513
Eaton Vance Corp.		7,000		165,480
Greenhill & Co., Inc. (b)		1,313		47,754
SEI Investments Co.		5,395		93,603
Waddell & Reed Financial, Inc. (Class A)		5,563		137,796
				719,146
CHEMICALS — 2.3%
Albemarle Corp.		9,675		498,359
Intrepid Potash, Inc. (a)		5,739		129,874
Minerals Technologies, Inc.		1,300		73,489
NewMarket Corp. (b)		1,148		227,430
Sensient Technologies Corp.		3,100		117,490
The Scotts Miracle-Gro Co. (Class A) (b)		3,152		147,167
Valspar Corp.		4,300		167,571
				1,361,380
COMMERCIAL BANKS — 1.8%
Bank of Hawaii Corp. (b)		2,520		112,115
Commerce Bancshares, Inc.		3,600		137,232
Cullen/Frost Bankers, Inc. (b)		3,700		195,767
Prosperity Bancshares, Inc.		2,900		117,015
Signature Bank (a)(b)		5,066		303,909
SVB Financial Group (a)(b)		2,291		109,258
Westamerica Bancorporation (b)		1,943		85,298
				1,060,594
COMMERCIAL SERVICES & SUPPLIES — 1.8%
Clean Harbors, Inc. (a)		5,148		328,082
Copart, Inc. (a)(b)		5,792		277,379
Mine Safety Appliances Co. (b)		1,600		52,992
Rollins, Inc. (b)		4,584		101,857
Waste Connections, Inc. (b)		8,366		277,249
				1,037,559
COMMUNICATIONS EQUIPMENT — 1.6%
ADTRAN, Inc. (b)		6,902		208,164
Ciena Corp. (a)		5,138		62,170
Plantronics, Inc. (b)		2,211		78,800
Polycom, Inc. (a)		11,568		188,558
Riverbed Technology, Inc. (a)		16,859		396,187
				933,879
COMPUTERS & PERIPHERALS — 0.2%
QLogic Corp. (a)		5,934		89,010
CONSTRUCTION MATERIALS — 0.3%
Martin Marietta Materials, Inc.		2,591		195,387
CONTAINERS & PACKAGING — 1.8%
AptarGroup, Inc.		7,189		375,050
Packaging Corp. of America		4,564		115,195
Rock-Tenn Co. (Class A)		7,710		444,867
Silgan Holdings, Inc.		3,309		127,860
				1,062,972
DISTRIBUTORS — 0.8%
LKQ Corp. (a)		15,976		480,558
DIVERSIFIED CONSUMER SERVICES — 0.6%
ITT Educational Services, Inc. (a)(b)		2,223		126,466
Matthews International Corp. (Class A) (b)		1,600		50,288
Sotheby’s (b)		2,904		82,851
Strayer Education, Inc. (b)		1,225		119,058
				378,663
DIVERSIFIED FINANCIAL SERVICES — 0.7%
MSCI, Inc. (Class A) (a)		13,086		430,922
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
tw telecom, Inc. (a)(b)		10,192		197,521
ELECTRIC UTILITIES — 0.5%
Cleco Corp.		3,600		137,160
IDACORP, Inc.		3,100		131,471
				268,631
ELECTRICAL EQUIPMENT — 2.6%
Acuity Brands, Inc. (b)		2,539		134,567
AMETEK, Inc.		17,360		730,856
Hubbell, Inc. (Class B)		4,740		316,916
Regal-Beloit Corp. (b)		2,495		127,170
Thomas & Betts Corp. (a)		3,916		213,814
				1,523,323
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.1%
Mettler-Toledo International, Inc. (a)		3,392		501,032
National Instruments Corp.		6,169		160,086
Trimble Navigation, Ltd. (a)		13,453		583,860
				1,244,978
ENERGY EQUIPMENT & SERVICES — 3.8%
Atwood Oceanics, Inc. (a)(b)		4,285		170,500
CARBO Ceramics, Inc. (b)		2,163		266,763
Dresser-Rand Group, Inc. (a)		8,214		409,961
Dril-Quip, Inc. (a)(b)		3,786		249,194

See accompanying notes to financial statements.

132

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Helix Energy Solutions Group, Inc. (a)		3,000	$	47,400
Oceaneering International, Inc.		11,737		541,428
Oil States International, Inc. (a)		5,603		427,901
Superior Energy Services, Inc. (a)		3,190		90,724
				2,203,871
FOOD PRODUCTS — 2.7%
Corn Products International, Inc.		8,207		431,606
Flowers Foods, Inc. (b)		6,244		118,511
Green Mountain Coffee Roasters, Inc. (a)(b)		14,184		636,152
Lancaster Colony Corp. (b)		2,178		151,023
Ralcorp Holdings, Inc. (a)		2,700		230,850
Tootsie Roll Industries, Inc. (b)		1,123		26,582
				1,594,724
GAS UTILITIES — 0.9%
National Fuel Gas Co.		5,212		289,683
Questar Corp.		5,800		115,188
WGL Holdings, Inc.		2,800		123,816
				528,687
HEALTH CARE EQUIPMENT & SUPPLIES — 4.3%
Gen-Probe, Inc. (a)		5,012		296,309
Hill-Rom Holdings, Inc.		3,583		120,711
Hologic, Inc. (a)		16,336		286,043
IDEXX Laboratories, Inc. (a)(b)		6,111		470,303
Masimo Corp. (a)(b)		4,625		86,418
ResMed, Inc. (a)(b)		15,992		406,197
STERIS Corp. (b)		3,235		96,468
Teleflex, Inc.		3,000		183,870
The Cooper Cos., Inc.		5,159		363,813
Thoratec Corp. (a)		6,545		219,650
				2,529,782
HEALTH CARE PROVIDERS & SERVICES — 3.9%
AMERIGROUP Corp. (a)(b)		5,181		306,094
Catalyst Health Solutions, Inc. (a)		5,446		283,192
Henry Schein, Inc. (a)		9,870		635,924
HMS Holdings Corp. (a)(b)		9,200		294,216
Lincare Holdings, Inc. (b)		5,608		144,182
MEDNAX, Inc. (a)(b)		5,318		382,949
Universal Health Services, Inc. (Class B)		6,748		262,227
				2,308,784
HEALTH CARE TECHNOLOGY — 0.7%
Allscripts Healthcare Solutions, Inc. (a)		20,729		392,607
HOTELS, RESTAURANTS & LEISURE — 1.6%
Bally Technologies, Inc. (a)(b)		2,607		103,133
Life Time Fitness, Inc. (a)(b)		4,643		217,060
Panera Bread Co. (Class A) (a)		3,241		458,439
Scientific Games Corp. (Class A) (a)		2,100		20,370
The Cheesecake Factory, Inc. (a)(b)		4,065		119,308
				918,310
HOUSEHOLD DURABLES — 0.6%
Tupperware Brands Corp.		6,284		351,715
HOUSEHOLD PRODUCTS — 1.8%
Church & Dwight Co., Inc. (b)		15,551		711,614
Energizer Holdings, Inc. (a)		4,092		317,048
				1,028,662
INDUSTRIAL CONGLOMERATES — 0.2%
Carlisle Cos., Inc.		3,000		132,900
INSURANCE — 0.6%
Arthur J. Gallagher & Co. (b)		6,520		218,029
Brown & Brown, Inc.		5,072		114,779
				332,808
INTERNET & CATALOG RETAIL — 0.1%
HSN, Inc.		2,200		79,772
INTERNET SOFTWARE & SERVICES — 1.8%
Equinix, Inc. (a)		5,148		522,007
Rackspace Hosting, Inc. (a)		11,238		483,346
ValueClick, Inc. (a)(b)		3,243		52,829
				1,058,182
IT SERVICES — 4.3%
Alliance Data Systems Corp. (a)		5,405		561,255
Broadridge Financial Solutions, Inc.		5,899		133,022
Gartner, Inc. (a)		10,296		357,992
Global Payments, Inc.		8,502		402,825
Jack Henry & Associates, Inc. (b)		9,478		318,556
Lender Processing Services, Inc.		5,230		78,816
ManTech International Corp. (Class A) (b)		1,261		39,394
NeuStar, Inc. (Class A) (a)		7,102		242,675
VeriFone Systems, Inc. (a)(b)		11,396		404,786
				2,539,321
LEISURE EQUIPMENT & PRODUCTS — 0.7%
Polaris Industries, Inc.		7,552		422,761
LIFE SCIENCES TOOLS & SERVICES — 1.4%
Bio-Rad Laboratories, Inc. (Class A) (a)		2,138		205,334
Charles River Laboratories International, Inc. (a)		2,531		69,172
Covance, Inc. (a)(b)		6,613		302,346
Techne Corp.		4,027		274,883
				851,735
MACHINERY — 5.6%
CLARCOR, Inc. (b)		3,900		194,961
Crane Co.		3,979		185,859
Donaldson Co., Inc.		8,081		550,154
Gardner Denver, Inc.		5,459		420,671
Graco, Inc.		4,150		169,693
IDEX Corp.		5,641		209,338
Lincoln Electric Holdings, Inc. (b)		4,736		185,272
Nordson Corp. (b)		4,710		193,958
Pentair, Inc.		4,400		146,476
SPX Corp.		2,948		177,676
Valmont Industries, Inc.		2,461		223,434
Wabtec Corp. (b)		5,168		361,502
Woodward, Inc. (b)		6,498		265,963
				3,284,957
MARINE — 0.5%
Kirby Corp. (a)(b)		4,499		296,214

See accompanying notes to financial statements.

133

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
MEDIA — 0.6%
AMC Networks, Inc. (Class A) (a)		2,403	$	90,305
John Wiley & Sons, Inc. (Class A)		3,671		162,992
Lamar Advertising Co. (Class A) (a)(b)		2,883		79,283
				332,580
METALS & MINING — 0.7%
Carpenter Technology Corp.		3,063		157,683
Compass Minerals International, Inc.		3,619		249,168
				406,851
MULTI-UTILITIES — 1.8%
Alliant Energy Corp.		5,700		251,427
Black Hills Corp.		2,591		87,006
NSTAR		6,800		319,328
OGE Energy Corp.		7,100		402,641
				1,060,402
MULTILINE RETAIL — 0.1%
99 Cents Only Stores (a)		2,611		57,311
OFFICE ELECTRONICS — 0.3%
Zebra Technologies Corp. (Class A) (a)		5,667		202,765
OIL, GAS & CONSUMABLE FUELS — 3.8%
Bill Barrett Corp. (a)		5,085		173,246
Cimarex Energy Co.		9,277		574,246
Energen Corp.		5,500		275,000
Northern Oil and Gas, Inc. (a)(b)		6,977		167,309
Plains Exploration & Production Co. (a)		5,400		198,288
SM Energy Co.		6,949		507,972
Southern Union Co.		7,500		315,825
				2,211,886
PAPER & FOREST PRODUCTS — 0.3%
Domtar Corp.		2,092		167,276
PHARMACEUTICALS — 1.1%
Endo Pharmaceuticals Holdings, Inc. (a)		12,662		437,219
Medicis Pharmaceutical Corp. (Class A) (b)		6,942		230,821
				668,040
PROFESSIONAL SERVICES — 0.9%
FTI Consulting, Inc. (a)(b)		4,497		190,763
The Corporate Executive Board Co.		1,987		75,705
Towers Watson & Co. (Class A)		4,167		249,728
				516,196
REAL ESTATE INVESTMENT TRUSTS — 9.3%
Alexandria Real Estate Equities, Inc.		3,682		253,947
American Campus Communities, Inc. (b)		4,898		205,520
BRE Properties, Inc. (b)		4,983		251,542
Camden Property Trust		5,253		326,947
Essex Property Trust, Inc.		3,727		523,681
Federal Realty Investment Trust		6,924		628,353
Highwoods Properties, Inc. (b)		3,290		97,614
Home Properties, Inc.		5,198		299,249
Liberty Property Trust (b)		5,045		155,790
National Retail Properties, Inc.		5,400		142,452
OMEGA Healthcare Investors, Inc.		4,973		96,228
Potlatch Corp. (b)		1,728		53,758
Rayonier, Inc.		9,043		403,589
Realty Income Corp. (b)		8,824		308,487
Regency Centers Corp.		4,620		173,804
Senior Housing Properties Trust		7,927		177,882
SL Green Realty Corp. (b)		4,838		322,404
Taubman Centers, Inc.		6,296		390,982
The Macerich Co.		7,194		364,016
UDR, Inc.		12,366		310,387
				5,486,632
ROAD & RAIL — 2.0%
J.B. Hunt Transport Services, Inc.		9,772		440,424
Kansas City Southern (a)		7,728		525,581
Landstar System, Inc.		3,750		179,700
				1,145,705
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%
Atmel Corp. (a)		21,590		174,879
Cree, Inc. (a)(b)		9,143		201,512
Cypress Semiconductor Corp. (a)(b)		5,575		94,162
Lam Research Corp. (a)		13,023		482,111
Semtech Corp. (a)(b)		7,153		177,537
Silicon Laboratories, Inc. (a)(b)		4,587		199,168
Skyworks Solutions, Inc. (a)		13,698		222,182
				1,551,551
SOFTWARE — 6.7%
ACI Worldwide, Inc. (a)		3,672		105,166
Advent Software, Inc. (a)(b)		3,464		84,383
Ansys, Inc. (a)		10,084		577,612
Cadence Design Systems, Inc. (a)		10,109		105,134
Concur Technologies, Inc. (a)(b)		5,031		255,524
Factset Research Systems, Inc. (b)		4,918		429,243
Fair Isaac Corp.		2,330		83,507
Informatica Corp. (a)		11,568		427,206
MICROS Systems, Inc. (a)		8,712		405,805
Parametric Technology Corp. (a)		6,018		109,889
Quest Software, Inc. (a)		3,399		63,221
Rovi Corp. (a)		11,911		292,772
Solera Holdings, Inc.		7,766		345,898
Synopsys, Inc. (a)		7,988		217,274
TIBCO Software, Inc. (a)		17,555		419,740
				3,922,374
SPECIALTY RETAIL — 5.0%
Aaron’s, Inc.		4,700		125,396
Advance Auto Parts, Inc.		7,868		547,849
Aeropostale, Inc. (a)(b)		5,442		82,991
Ascena Retail Group, Inc. (a)		4,729		140,546
Dick’s Sporting Goods, Inc.		7,468		275,420
Guess?, Inc. (b)		4,880		145,522
PetSmart, Inc.		12,181		624,763
Signet Jewelers, Ltd.		5,014		220,415
Tractor Supply Co.		7,749		543,592
Williams-Sonoma, Inc.		5,830		224,455
				2,930,949
TEXTILES, APPAREL & LUXURY GOODS — 3.0%
Deckers Outdoor Corp. (a)		4,150		313,616
Fossil, Inc. (a)		5,693		451,796
PVH Corp.		7,310		515,282
The Warnaco Group, Inc. (a)(b)		4,370		218,675

See accompanying notes to financial statements.

134

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Under Armour, Inc. (Class A) (a)(b)		4,009	$	287,806
				1,787,175
TRADING COMPANIES & DISTRIBUTORS — 1.3%
GATX Corp.		2,400		104,784
MSC Industrial Direct Co., Inc. (Class A)		4,981		356,391
United Rentals, Inc. (a)(b)		2,669		78,869
Watsco, Inc. (b)		3,090		202,889
				742,933
WATER UTILITIES — 0.3%
Aqua America, Inc. (b)		8,143		179,553
TOTAL COMMON STOCKS —
(Cost $58,869,044)				58,685,579
SHORT TERM INVESTMENTS — 11.5%
MONEY MARKET FUNDS — 11.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		6,757,476		6,757,476
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		29,064		29,064
TOTAL SHORT TERM INVESTMENTS —
(Cost $6,786,540)				6,786,540
TOTAL INVESTMENTS — 111.4% (f)
(Cost $65,655,584)				65,472,119
OTHER ASSETS & LIABILITIES — (11.4)%				(6,721,188	)
NET ASSETS — 100.0%			$	58,750,931

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(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.

135

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 1.3%
Alliant Techsystems, Inc.		805	$	46,014
BE Aerospace, Inc. (a)		2,000		77,420
Esterline Technologies Corp. (a)(b)		734		41,082
Exelis, Inc.		9,300		84,165
Huntington Ingalls Industries, Inc. (a)(b)		2,531		79,169
				327,850
AIR FREIGHT & LOGISTICS — 0.3%
UTI Worldwide, Inc. (b)		5,223		69,414
AIRLINES — 0.2%
JetBlue Airways Corp. (a)(b)		10,419		54,179
AUTOMOBILES — 0.2%
Thor Industries, Inc. (b)		2,269		62,239
BIOTECHNOLOGY — 0.6%
Vertex Pharmaceuticals, Inc. (a)(b)		5,019		166,681
BUILDING PRODUCTS — 0.7%
Fortune Brands Home & Security, Inc. (a)(b)		5,186		88,318
Lennox International, Inc. (b)		2,642		89,167
				177,485
CAPITAL MARKETS — 2.8%
Affiliated Managers Group, Inc. (a)		1,349		129,436
Apollo Investment Corp. (b)		10,045		64,690
Eaton Vance Corp. (b)		2,542		60,093
Greenhill & Co., Inc. (b)		813		29,569
Janus Capital Group, Inc. (b)		9,500		59,945
Jefferies Group, Inc. (b)		7,387		101,571
Raymond James Financial, Inc. (b)		5,224		161,735
SEI Investments Co. (b)		4,936		85,640
Waddell & Reed Financial, Inc. (Class A) (b)		1,700		42,109
				734,788
CHEMICALS — 3.4%
Ashland, Inc. (b)		3,983		227,668
Cabot Corp.		3,246		104,327
Cytec Industries, Inc. (b)		2,512		112,161
Minerals Technologies, Inc. (b)		287		16,224
Olin Corp. (b)		4,052		79,622
RPM International, Inc. (b)		6,686		164,141
Sensient Technologies Corp. (b)		1,140		43,206
The Scotts Miracle-Gro Co. (Class A) (b)		723		33,757
Valspar Corp. (b)		2,736		106,622
				887,728
COMMERCIAL BANKS — 6.6%
Associated Banc-Corp. (b)		8,790		98,184
BancorpSouth, Inc. (b)		3,590		39,562
Bank of Hawaii Corp. (b)		1,197		53,254
Cathay General Bancorp (b)		3,999		59,705
City National Corp. (b)		2,379		105,104
Commerce Bancshares, Inc. (b)		2,340		89,201
Cullen/Frost Bankers, Inc. (b)		1,359		71,905
East West Bancorp, Inc. (b)		7,504		148,204
First Niagara Financial Group, Inc.		17,624		152,095
FirstMerit Corp. (b)		5,528		83,639
Fulton Financial Corp. (b)		10,151		99,581
Hancock Holding Co. (b)		4,316		137,982
International Bancshares Corp. (b)		2,636		48,331
Prosperity Bancshares, Inc. (b)		985		39,745
SVB Financial Group (a)(b)		1,123		53,556
Synovus Financial Corp. (b)		40,048		56,468
TCF Financial Corp. (b)		8,013		82,694
Trustmark Corp. (b)		3,214		78,068
Valley National Bancorp (b)		9,445		116,835
Webster Financial Corp. (b)		3,730		76,055
Westamerica Bancorporation (b)		583		25,594
				1,715,762
COMMERCIAL SERVICES & SUPPLIES — 1.7%
Corrections Corp. of America (a)(b)		5,086		103,602
Deluxe Corp. (b)		2,598		59,130
Herman Miller, Inc. (b)		2,966		54,723
HNI Corp. (b)		2,247		58,647
Mine Safety Appliances Co. (b)		809		26,794
Rollins, Inc.		1,100		24,442
The Brink’s Co. (b)		2,348		63,114
Waste Connections, Inc. (b)		1,743		57,763
				448,215
COMMUNICATIONS EQUIPMENT — 0.8%
Ciena Corp. (a)		2,377		28,762
Plantronics, Inc. (b)		1,193		42,518
Polycom, Inc. (a)(b)		3,600		58,680
Tellabs, Inc.		18,500		74,740
				204,700
COMPUTERS & PERIPHERALS — 1.0%
Diebold, Inc. (b)		3,203		96,314
NCR Corp. (a)		7,979		131,335
QLogic Corp. (a)(b)		2,300		34,500
				262,149
CONSTRUCTION & ENGINEERING — 2.3%
Aecom Technology Corp. (a)(b)		5,855		120,437
Granite Construction, Inc. (b)		1,787		42,388
KBR, Inc.		7,538		210,084
The Shaw Group, Inc. (a)		3,271		87,990
URS Corp. (a)		4,034		141,674
				602,573
CONSTRUCTION MATERIALS — 0.3%
Martin Marietta Materials, Inc.		1,067		80,462
CONTAINERS & PACKAGING — 2.0%
Greif, Inc. (Class A) (b)		1,592		72,516
Packaging Corp. of America		2,808		70,874
Silgan Holdings, Inc.		924		35,703
Sonoco Products Co. (b)		5,088		167,700
Temple-Inland, Inc.		5,536		175,547
				522,340
DIVERSIFIED CONSUMER SERVICES — 1.0%
Matthews International Corp. (Class A) (b)		736		23,133
Regis Corp. (b)		2,902		48,028
Service Corp. International (b)		11,533		122,826

See accompanying notes to financial statements.

136

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Sotheby’s (b)		2,100	$	59,913
				253,900
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%
tw telecom, Inc. (a)(b)		2,800		54,264
ELECTRIC UTILITIES — 3.2%
Cleco Corp. (b)		1,349		51,397
Great Plains Energy, Inc. (b)		6,837		148,910
Hawaiian Electric Industries, Inc. (b)		4,861		128,719
IDACORP, Inc.		1,092		46,312
NV Energy, Inc. (b)		11,967		195,660
PNM Resources, Inc. (b)		4,000		72,920
Westar Energy, Inc. (b)		5,955		171,385
				815,303
ELECTRICAL EQUIPMENT — 1.0%
Acuity Brands, Inc. (b)		934		49,502
General Cable Corp. (a)(b)		2,617		65,451
Hubbell, Inc. (Class B) (b)		759		50,747
Regal-Beloit Corp. (b)		926		47,198
Thomas & Betts Corp. (a)		830		45,318
				258,216
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.4%
Arrow Electronics, Inc. (a)(b)		5,673		212,227
Avnet, Inc. (a)(b)		7,548		234,667
Ingram Micro, Inc. (Class A) (a)		7,792		141,736
Itron, Inc. (a)(b)		2,111		75,510
National Instruments Corp.		1,820		47,229
Tech Data Corp. (a)(b)		2,099		103,712
Vishay Intertechnology, Inc. (a)(b)		7,933		71,318
				886,399
ENERGY EQUIPMENT & SERVICES — 2.2%
Atwood Oceanics, Inc. (a)(b)		900		35,811
Helix Energy Solutions Group, Inc. (a)(b)		4,002		63,232
Patterson-UTI Energy, Inc.		7,848		156,803
Superior Energy Services, Inc. (a)(b)		2,600		73,944
Tidewater, Inc. (b)		2,622		129,264
Unit Corp. (a)		2,107		97,765
				556,819
FOOD & STAPLES RETAILING — 0.4%
Ruddick Corp. (b)		2,467		105,193
FOOD PRODUCTS — 1.6%
Flowers Foods, Inc. (b)		2,848		54,055
Ralcorp Holdings, Inc. (a)		1,543		131,926
Smithfield Foods, Inc. (a)(b)		8,245		200,189
Tootsie Roll Industries, Inc. (b)		668		15,812
				401,982
GAS UTILITIES — 2.3%
Atmos Energy Corp.		4,585		152,910
National Fuel Gas Co. (b)		1,731		96,209
Questar Corp. (b)		6,301		125,138
UGI Corp.		5,869		172,548
WGL Holdings, Inc. (b)		1,272		56,248
				603,053
HEALTH CARE EQUIPMENT & SUPPLIES — 1.0%
Hill-Rom Holdings, Inc. (b)		1,463		49,288
Hologic, Inc. (a)(b)		5,692		99,667
Masimo Corp. (a)(b)		845		15,789
STERIS Corp. (b)		1,457		43,448
Teleflex, Inc. (b)		657		40,267
				248,459
HEALTH CARE PROVIDERS & SERVICES — 3.9%
Community Health Systems, Inc. (a)(b)		4,569		79,729
Health Management Associates, Inc. (Class A) (a)		12,900		95,073
Health Net, Inc. (a)		4,201		127,794
LifePoint Hospitals, Inc. (a)(b)		2,416		89,754
Lincare Holdings, Inc.		1,900		48,849
Omnicare, Inc. (b)		5,817		200,396
Owens & Minor, Inc.		3,207		89,123
Universal Health Services, Inc. (Class B)		1,800		69,948
VCA Antech, Inc. (a)(b)		4,400		86,900
WellCare Health Plans, Inc. (a)		2,125		111,563
				999,129
HOTELS, RESTAURANTS & LEISURE — 1.6%
Bally Technologies, Inc. (a)		1,000		39,560
Bob Evans Farms, Inc. (b)		1,459		48,935
Brinker International, Inc. (b)		4,108		109,930
International Speedway Corp. (Class A)		1,408		35,693
Scientific Games Corp. (Class A) (a)		1,948		18,896
The Cheesecake Factory, Inc. (a)(b)		900		26,415
The Wendy’s Co. (b)		15,093		80,898
WMS Industries, Inc. (a)		2,800		57,456
				417,783
HOUSEHOLD DURABLES — 2.2%
American Greetings Corp. (Class A) (b)		1,972		24,670
KB HOME (b)		3,698		24,851
M.D.C. Holdings, Inc.		1,898		33,462
Mohawk Industries, Inc. (a)(b)		2,853		170,752
NVR, Inc. (a)(b)		251		172,186
Toll Brothers, Inc. (a)(b)		7,494		153,027
				578,948
HOUSEHOLD PRODUCTS — 0.5%
Energizer Holdings, Inc. (a)		1,504		116,530
INDUSTRIAL CONGLOMERATES — 0.3%
Carlisle Cos., Inc. (b)		1,694		75,044
INSURANCE — 8.2%
American Financial Group, Inc.		3,887		143,391
Arthur J. Gallagher & Co. (b)		2,722		91,024
Aspen Insurance Holdings, Ltd. (b)		3,585		95,003
Brown & Brown, Inc. (b)		3,488		78,933
Everest Re Group, Ltd.		2,735		229,986
Fidelity National Financial, Inc. (Class A) (b)		11,144		177,524
First American Financial Corp. (b)		5,296		67,100
HCC Insurance Holdings, Inc. (b)		5,777		158,868
Kemper Corp.		2,551		74,515
Mercury General Corp.		1,845		84,169
Old Republic International Corp.		12,970		120,232
Protective Life Corp. (b)		4,155		93,737

See accompanying notes to financial statements.

137

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Reinsurance Group of America, Inc.		3,694	$	193,011
StanCorp Financial Group, Inc. (b)		2,247		82,577
The Hanover Insurance Group, Inc.		2,318		81,014
Transatlantic Holdings, Inc.		2,919		159,757
W.R. Berkley Corp. (b)		5,606		192,790
				2,123,631
INTERNET & CATALOG RETAIL — 0.1%
HSN, Inc. (b)		1,000		36,260
INTERNET SOFTWARE & SERVICES — 0.7%
AOL, Inc. (a)(b)		4,926		74,383
Monster Worldwide, Inc. (a)(b)		6,500		51,545
ValueClick, Inc. (a)(b)		2,705		44,064
				169,992
IT SERVICES — 1.5%
Acxiom Corp. (a)(b)		4,007		48,925
Broadridge Financial Solutions, Inc.		3,529		79,579
Convergys Corp. (a)		6,078		77,616
CoreLogic, Inc. (a)(b)		5,389		69,680
DST Systems, Inc. (b)		1,748		79,569
Lender Processing Services, Inc.		1,800		27,126
ManTech International Corp. (Class A) (b)		550		17,182
				399,677
LIFE SCIENCES TOOLS & SERVICES — 0.2%
Charles River Laboratories International, Inc. (a)(b)		1,392		38,043
MACHINERY — 5.6%
AGCO Corp. (a)		4,931		211,885
CLARCOR, Inc. (b)		700		34,993
Crane Co.		672		31,389
Graco, Inc.		1,125		46,001
Harsco Corp. (b)		4,076		83,884
IDEX Corp.		1,574		58,411
ITT Corp.		4,700		90,851
Kennametal, Inc. (b)		4,028		147,103
Lincoln Electric Holdings, Inc. (b)		2,064		80,744
Nordson Corp. (b)		814		33,520
Oshkosh Corp. (a)		4,650		99,417
Pentair, Inc. (b)		2,992		99,604
SPX Corp. (b)		1,155		69,612
Terex Corp. (a)(b)		5,605		75,723
Timken Co.		4,298		166,376
Trinity Industries, Inc. (b)		4,064		122,164
				1,451,677
MARINE — 0.5%
Alexander & Baldwin, Inc.		2,104		85,885
Kirby Corp. (a)(b)		695		45,759
				131,644
MEDIA — 1.5%
AMC Networks, Inc. (Class A) (a)		1,800		67,644
DreamWorks Animation SKG, Inc. (Class A) (a)(b)		3,600		59,742
John Wiley & Sons, Inc. (Class A) (b)		635		28,194
Lamar Advertising Co. (Class A) (a)(b)		1,600		44,000
Meredith Corp. (b)		1,854		60,533
Scholastic Corp. (b)		1,328		39,800
The New York Times Co. (Class A) (a)		6,172		47,710
Valassis Communications, Inc. (a)		2,300		44,229
				391,852
METALS & MINING — 1.9%
Carpenter Technology Corp. (b)		842		43,346
Commercial Metals Co.		5,836		80,712
Reliance Steel & Aluminum Co. (b)		3,833		186,629
Steel Dynamics, Inc. (b)		11,110		146,096
Worthington Industries, Inc. (b)		2,725		44,636
				501,419
MULTI-UTILITIES — 2.7%
Alliant Energy Corp. (b)		3,025		133,433
Black Hills Corp.		842		28,274
MDU Resources Group, Inc.		9,536		204,643
NSTAR (b)		2,121		99,602
OGE Energy Corp. (b)		1,648		93,458
Vectren Corp. (b)		4,178		126,301
				685,711
MULTILINE RETAIL — 0.4%
99 Cents Only Stores (a)		1,210		26,559
Saks, Inc. (a)(b)		8,068		78,663
				105,222
OIL, GAS & CONSUMABLE FUELS — 4.2%
Arch Coal, Inc. (b)		10,716		155,489
Comstock Resources, Inc. (a)(b)		2,400		36,720
Energen Corp.		1,097		54,850
Forest Oil Corp. (a)		5,699		77,221
Hollyfrontier Corp.		10,500		245,700
Patriot Coal Corp. (a)(b)		4,627		39,191
Plains Exploration & Production Co. (a)		4,667		171,372
Quicksilver Resources, Inc. (a)(b)		6,100		40,931
Southern Union Co. (b)		2,845		119,803
World Fuel Services Corp. (b)		3,600		151,128
				1,092,405
PAPER & FOREST PRODUCTS — 0.5%
Domtar Corp.		884		70,685
Louisiana-Pacific Corp. (a)(b)		6,901		55,691
				126,376
PROFESSIONAL SERVICES — 1.0%
Korn/Ferry International (a)		2,477		42,258
Manpower, Inc. (b)		4,178		149,364
The Corporate Executive Board Co.		752		28,651
Towers Watson & Co. (Class A)		637		38,175
				258,448
REAL ESTATE INVESTMENT TRUSTS — 8.2%
Alexandria Real Estate Equities, Inc. (b)		1,418		97,800
American Campus Communities, Inc. (b)		1,322		55,471
BRE Properties, Inc. (b)		1,509		76,174
Camden Property Trust (b)		1,148		71,452
Corporate Office Properties Trust (b)		3,600		76,536
Duke Realty Corp. (b)		12,762		153,782
Equity One, Inc. (b)		2,996		50,872
Highwoods Properties, Inc. (b)		2,069		61,387
Hospitality Properties Trust (b)		6,245		143,510
Liberty Property Trust (b)		3,550		109,624

See accompanying notes to financial statements.

138

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Mack-Cali Realty Corp.		4,447	$	118,690
National Retail Properties, Inc.		2,700		71,226
OMEGA Healthcare Investors, Inc.		2,968		57,431
Potlatch Corp. (b)		1,222		38,016
Rayonier, Inc. (b)		1,879		83,860
Realty Income Corp. (b)		2,607		91,141
Regency Centers Corp.		2,440		91,793
Senior Housing Properties Trust		4,567		102,484
SL Green Realty Corp. (b)		2,100		139,944
The Macerich Co.		3,300		166,980
UDR, Inc.		5,372		134,837
Weingarten Realty Investors (b)		6,089		132,862
				2,125,872
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.5%
Jones Lang LaSalle, Inc.		2,200		134,772
ROAD & RAIL — 1.2%
Con-way, Inc. (b)		2,790		81,356
Kansas City Southern (a)		1,929		131,191
Landstar System, Inc.		642		30,765
Werner Enterprises, Inc. (b)		2,277		54,876
				298,188
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.5%
Atmel Corp. (a)(b)		13,400		108,540
Cree, Inc. (a)(b)		1,600		35,264
Cypress Semiconductor Corp. (a)(b)		5,300		89,517
Fairchild Semiconductor International, Inc. (a)		6,415		77,237
Integrated Device Technology, Inc. (a)(b)		7,041		38,444
International Rectifier Corp. (a)(b)		3,502		68,009
Intersil Corp. (Class A) (b)		6,412		66,941
MEMC Electronic Materials, Inc. (a)(b)		11,700		46,098
RF Micro Devices, Inc. (a)(b)		14,100		76,140
Skyworks Solutions, Inc. (a)		3,100		50,282
				656,472
SOFTWARE — 1.8%
Cadence Design Systems, Inc. (a)(b)		9,105		94,692
Compuware Corp. (a)		11,000		91,520
Fair Isaac Corp.		700		25,088
Mentor Graphics Corp. (a)(b)		4,698		63,705
Parametric Technology Corp. (a)(b)		3,097		56,551
Quest Software, Inc. (a)		1,300		24,180
Synopsys, Inc. (a)(b)		3,532		96,070
				451,806
SPECIALTY RETAIL — 4.4%
Aaron’s, Inc. (b)		1,658		44,235
Aeropostale, Inc. (a)(b)		1,600		24,400
American Eagle Outfitters, Inc.		9,845		150,530
ANN, Inc. (a)		2,700		66,906
Ascena Retail Group, Inc. (a)		1,200		35,664
Barnes & Noble, Inc. (a)(b)		2,097		30,365
Chico’s FAS, Inc. (b)		8,500		94,690
Collective Brands, Inc. (a)(b)		3,081		44,274
Dick’s Sporting Goods, Inc. (b)		1,400		51,632
Foot Locker, Inc.		7,737		184,450
Guess?, Inc. (b)		1,100		32,802
Office Depot, Inc. (a)(b)		13,826		29,726
RadioShack Corp. (b)		5,100		49,521
Rent-A-Center, Inc. (b)		2,979		110,223
Signet Jewelers, Ltd.		2,100		92,316
Williams-Sonoma, Inc.		2,500		96,250
				1,137,984
TEXTILES, APPAREL & LUXURY GOODS — 0.4%
Hanesbrands, Inc. (a)(b)		4,872		106,502
THRIFTS & MORTGAGE FINANCE — 1.5%
Astoria Financial Corp. (b)		4,312		36,609
New York Community Bancorp, Inc. (b)		22,183		274,404
Washington Federal, Inc.		5,443		76,147
				387,160
TOBACCO — 0.2%
Universal Corp. (b)		1,225		56,301
TRADING COMPANIES & DISTRIBUTORS — 0.4%
GATX Corp. (b)		1,269		55,404
United Rentals, Inc. (a)(b)		1,972		58,273
				113,677
WATER UTILITIES — 0.3%
Aqua America, Inc. (b)		3,259		71,861
WIRELESS TELECOMMUNICATION SERVICES — 0.5%
Telephone & Data Systems, Inc. (b)		4,615		119,482
TOTAL COMMON STOCKS —
(Cost $26,111,599)				25,860,021
SHORT TERM INVESTMENTS — 27.3%
MONEY MARKET FUNDS — 27.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		7,021,133		7,021,133
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		55,193		55,193
TOTAL SHORT TERM INVESTMENTS —
(Cost $7,076,326)				7,076,326
TOTAL INVESTMENTS — 127.2% (f)
(Cost $33,187,925)				32,936,347
OTHER ASSETS & LIABILITIES — (27.2)%				(7,035,031	)
NET ASSETS — 100.0%			$	25,901,316

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(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.

139

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 2.3%
AAR Corp. (a)		6,126	$	117,435
Aerovironment, Inc. (a)(b)		2,850		89,689
American Science & Engineering, Inc. (a)		1,433		97,602
Ceradyne, Inc. (a)(b)		3,833		102,648
Cubic Corp.		2,525		110,065
Curtiss-Wright Corp. (a)		7,390		261,089
GenCorp, Inc. (a)(b)		9,417		50,098
Moog, Inc. (Class A) (a)(b)		7,125		313,001
National Presto Industries, Inc. (a)		736		68,890
Orbital Sciences Corp. (b)		9,301		135,143
Teledyne Technologies, Inc. (a)(b)		5,809		318,624
				1,664,284
AIR FREIGHT & LOGISTICS — 0.5%
Forward Air Corp.		4,492		143,969
HUB Group, Inc. (Class A) (b)		5,982		193,996
				337,965
AIRLINES — 0.3%
Allegiant Travel Co. (a)(b)		2,341		124,869
SkyWest, Inc.		8,092		101,878
				226,747
AUTO COMPONENTS — 0.3%
Drew Industries, Inc. (a)(b)		3,007		73,762
Spartan Motors, Inc. (a)		5,166		24,848
Standard Motor Products, Inc. (a)		3,099		62,135
Superior Industries International, Inc. (a)		3,702		61,231
				221,976
AUTOMOBILES — 0.0% (c)
Winnebago Industries, Inc. (a)(b)		4,620		34,096
BEVERAGES — 0.2%
Boston Beer Co., Inc. (Class A) (a)(b)		1,337		145,145
BIOTECHNOLOGY — 0.7%
ArQule, Inc. (a)(b)		8,469		47,765
Cubist Pharmaceuticals, Inc. (a)(b)		9,755		386,493
Emergent Biosolutions, Inc. (a)(b)		3,976		66,956
Savient Pharmaceuticals, Inc. (a)(b)		10,895		24,296
				525,510
BUILDING PRODUCTS — 1.3%
A.O. Smith Corp.		6,129		245,895
AAON, Inc. (a)		2,920		59,831
Apogee Enterprises, Inc. (a)		4,499		55,158
Gibraltar Industries, Inc. (a)(b)		4,806		67,092
Griffon Corp. (a)		7,316		66,795
NCI Building Systems, Inc. (a)(b)		3,165		34,403
Quanex Building Products Corp. (a)		5,913		88,813
Simpson Manufacturing Co., Inc. (a)		6,389		215,054
Universal Forest Products, Inc. (a)		3,123		96,407
				929,448
CAPITAL MARKETS — 1.1%
Calamos Asset Management, Inc. (Class A) (a)		3,100		38,781
Financial Engines, Inc. (a)(b)		6,146		137,240
Investment Technology Group, Inc. (a)(b)		6,339		68,524
Piper Jaffray Co., Inc. (a)(b)		2,488		50,258
Prospect Capital Corp. (a)		17,403		161,674
Stifel Financial Corp. (b)		8,492		272,169
SWS Group, Inc. (a)		4,642		31,890
				760,536
CHEMICALS — 2.2%
A. Schulman, Inc. (a)		4,746		100,520
American Vanguard Corp. (a)		3,626		48,371
Balchem Corp. (a)		4,589		186,038
Calgon Carbon Corp. (a)(b)		8,978		141,044
H.B. Fuller Co.		7,774		179,657
Hawkins, Inc. (a)		1,403		51,715
Koppers Holdings, Inc.		3,300		113,388
Kraton Performance Polymers, Inc. (a)(b)		5,100		103,530
LSB Industries, Inc. (a)(b)		2,932		82,184
OM Group, Inc. (a)(b)		5,135		114,973
PolyOne Corp. (a)		14,321		165,408
Quaker Chemical Corp. (a)		2,078		80,813
Stepan Co. (a)		1,271		101,883
Tredegar Corp. (a)		3,652		81,147
Zep, Inc. (a)		3,418		47,784
				1,598,455
COMMERCIAL BANKS — 5.6%
Bank of the Ozarks, Inc. (a)		4,466		132,328
BBCN Bancorp, Inc. (b)		12,350		116,707
Boston Private Financial Holdings, Inc. (a)		12,339		97,972
City Holding Co. (a)		2,311		78,320
Columbia Banking System, Inc.		6,208		119,628
Community Bank System, Inc. (a)		5,795		161,101
F.N.B. Corp. (a)		21,999		248,809
First BanCorp- Puerto Rico (a)(b)		3,184		11,112
First Commonwealth Financial Corp. (a)		16,655		87,605
First Financial Bancorp. (a)		9,207		153,204
First Financial Bankshares, Inc. (a)		4,992		166,883
First Midwest Bancorp, Inc. (a)		11,752		119,048
Glacier Bancorp, Inc. (a)		11,370		136,781
Hanmi Financial Corp. (a)(b)		4,978		36,837
Home Bancshares, Inc. (a)		3,500		90,685
Independent Bank Corp.-Massachusetts (a)		3,421		93,359
National Penn Bancshares, Inc. (a)		19,437		164,048
NBT Bancorp, Inc. (a)		5,194		114,943
Old National Bancorp (a)		15,033		175,134
PacWest Bancorp (a)		5,330		101,004
Pinnacle Financial Partners, Inc. (a)(b)		5,466		88,276
PrivateBancorp, Inc. (a)		9,435		103,596
S&T Bancorp, Inc. (a)		4,402		86,059
Simmons First National Corp. (a)		2,713		73,766
Sterling Bancorp (a)		4,788		41,368
Susquehanna Bancshares, Inc. (a)		24,774		207,606
Texas Capital Bancshares, Inc. (a)(b)		5,905		180,752
Tompkins Financial Corp. (a)		1,275		49,100

See accompanying notes to financial statements.

140

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
UMB Financial Corp. (a)		5,135	$	191,279
Umpqua Holdings Corp. (a)		18,085		224,073
United Bankshares, Inc. (a)		7,169		202,668
United Community Banks, Inc. (a)(b)		2,834		19,810
Wilshire Bancorp, Inc. (a)(b)		9,431		34,235
Wintrust Financial Corp. (a)		5,712		160,222
				4,068,318
COMMERCIAL SERVICES & SUPPLIES — 2.6%
ABM Industries, Inc. (a)		7,597		156,650
Consolidated Graphics, Inc. (b)		1,363		65,806
Encore Capital Group, Inc. (b)		3,454		73,432
G & K Services, Inc. (Class A) (a)		2,982		86,806
Healthcare Services Group, Inc. (a)		10,525		186,187
Interface, Inc. (Class A) (a)		9,139		105,464
Mobile Mini, Inc. (a)(b)		5,575		97,284
Portfolio Recovery Associates, Inc. (a)(b)		2,737		184,802
Sykes Enterprises, Inc. (b)		6,320		98,971
Tetra Tech, Inc. (a)(b)		9,882		213,352
The Geo Group, Inc. (a)(b)		9,914		166,060
The Standard Register Co.		1,857		4,327
UniFirst Corp. (a)		2,462		139,694
United Stationers, Inc. (a)		6,779		220,724
Viad Corp. (a)		3,136		54,817
				1,854,376
COMMUNICATIONS EQUIPMENT — 2.0%
Arris Group, Inc. (a)(b)		18,682		202,139
Bel Fuse, Inc. (Class B) (a)		1,631		30,581
Black Box Corp. (a)		2,833		79,437
Blue Coat Systems, Inc. (a)(b)		6,789		172,780
Comtech Telecommunications Corp. (a)		3,254		93,129
Digi International, Inc. (a)(b)		4,030		44,975
Harmonic, Inc. (a)(b)		18,348		92,474
Netgear, Inc. (a)(b)		5,917		198,634
Oplink Communications, Inc. (a)(b)		3,012		49,608
PC-Tel, Inc.		2,778		19,002
Symmetricom, Inc. (a)(b)		6,798		36,641
Tekelec (a)(b)		9,754		106,611
ViaSat, Inc. (a)(b)		6,707		309,327
				1,435,338
COMPUTERS & PERIPHERALS — 0.6%
Avid Technology, Inc. (a)(b)		4,658		39,733
Intermec, Inc. (b)		8,000		54,880
Intevac, Inc. (a)(b)		3,489		25,819
Novatel Wireless, Inc. (a)(b)		4,778		14,955
Stratasys, Inc. (a)(b)		3,362		102,238
Super Micro Computer, Inc. (a)(b)		4,366		68,459
Synaptics, Inc. (a)(b)		5,077		153,071
				459,155
CONSTRUCTION & ENGINEERING — 0.8%
Aegion Corp. (a)(b)		6,137		94,141
Comfort Systems USA, Inc. (a)		5,832		62,519
Dycom Industries, Inc. (b)		5,375		112,445
EMCOR Group, Inc. (a)		10,549		282,819
Orion Marine Group, Inc. (a)(b)		4,284		28,489
				580,413
CONSTRUCTION MATERIALS — 0.5%
Eagle Materials, Inc. (a)		7,083		181,750
Headwaters, Inc. (a)(b)		9,677		21,483
Texas Industries, Inc.		4,384		134,939
				338,172
CONSUMER FINANCE — 1.0%
Cash America International, Inc. (a)		4,638		216,270
Ezcorp, Inc. (a)(b)		6,920		182,480
First Cash Financial Services, Inc. (a)(b)		4,774		167,520
World Acceptance Corp. (a)(b)		2,329		171,182
				737,452
CONTAINERS & PACKAGING — 0.1%
Myers Industries, Inc. (a)		5,309		65,513
DISTRIBUTORS — 0.3%
Pool Corp. (a)		7,488		225,389
VOXX International Corp. (a)(b)		3,006		25,401
				250,790
DIVERSIFIED CONSUMER SERVICES — 1.1%
American Public Education, Inc. (a)(b)		2,860		123,781
Capella Education Co. (b)		2,345		84,537
Career Education Corp. (b)		9,500		75,715
Coinstar, Inc. (a)(b)		4,858		221,719
Corinthian Colleges, Inc. (a)(b)		13,227		28,702
Hillenbrand, Inc. (a)		9,878		220,477
Lincoln Educational Services Corp. (a)		3,500		27,650
School Specialty, Inc. (a)(b)		2,428		6,070
Universal Technical Institute, Inc. (a)(b)		3,438		43,938
				832,589
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Interactive Brokers Group, Inc. (Class A)		6,180		92,329
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%
Atlantic Tele-Network, Inc. (a)		1,435		56,037
Cbeyond, Inc. (a)(b)		4,743		37,991
Cincinnati Bell, Inc. (a)(b)		30,750		93,173
General Communication, Inc. (Class A) (a)(b)		5,667		55,480
Lumos Networks Corp.		2,319		35,573
Neutral Tandem, Inc. (a)(b)		5,017		53,632
				331,886
ELECTRIC UTILITIES — 1.4%
ALLETE, Inc. (a)		5,086		213,510
Central Vermont Public Service Corp.		2,085		73,184
El Paso Electric Co.		6,362		220,380
UIL Holdings Corp. (a)		7,947		281,085
Unisource Energy Corp. (a)		5,827		215,133
				1,003,292
ELECTRICAL EQUIPMENT — 1.7%
AZZ, Inc. (a)		2,021		91,834

See accompanying notes to financial statements.

141

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Belden, Inc.		7,367	$	245,174
Brady Corp. (Class A) (a)		8,301		262,063
Encore Wire Corp. (a)		3,083		79,850
EnerSys (a)(b)		7,500		194,775
Franklin Electric Co., Inc. (a)		2,932		127,718
II-VI, Inc. (a)(b)		8,685		159,457
Powell Industries, Inc. (a)(b)		1,462		45,731
Vicor Corp. (a)		3,111		24,763
				1,231,365
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.3%
Agilysys, Inc. (b)		2,372		18,857
Anixter International, Inc. (b)		4,375		260,925
Badger Meter, Inc.		2,364		69,573
Benchmark Electronics, Inc. (a)(b)		9,273		124,907
Brightpoint, Inc. (a)(b)		10,831		116,542
Checkpoint Systems, Inc. (a)(b)		6,347		69,436
Cognex Corp. (a)		6,634		237,431
CTS Corp. (a)		5,332		49,054
Daktronics, Inc. (a)		5,716		54,702
DTS Inc. (a)(b)		2,696		73,439
Electro Scientific Industries, Inc. (b)		3,816		55,256
FARO Technologies, Inc. (b)		2,677		123,142
FEI Co. (a)(b)		5,981		243,905
Insight Enterprises, Inc. (a)(b)		7,059		107,932
Littelfuse, Inc. (a)		3,647		156,748
Measurement Specialties, Inc. (a)(b)		2,406		67,272
Mercury Computer Systems, Inc. (a)(b)		4,846		64,403
Methode Electronics, Inc. (Class A) (a)		5,733		47,527
MTS Systems Corp. (a)		2,533		103,220
Newport Corp. (a)(b)		5,986		81,470
OSI Systems, Inc. (b)		3,123		152,340
Park Electrochemical Corp. (a)		3,307		84,725
Plexus Corp. (a)(b)		5,463		149,577
Pulse Electronics Corp. (a)		6,192		17,338
RadiSys Corp. (a)(b)		3,572		18,074
Rofin-Sinar Technologies, Inc. (a)(b)		4,539		103,716
Rogers Corp. (b)		2,578		95,025
Scansource, Inc. (a)(b)		4,282		154,152
SYNNEX Corp. (a)(b)		4,079		124,246
TTM Technologies, Inc. (a)(b)		8,152		89,346
				3,114,280
ENERGY EQUIPMENT & SERVICES — 2.4%
Basic Energy Services, Inc. (a)(b)		4,648		91,566
Bristow Group, Inc.		5,757		272,824
Exterran Holdings, Inc. (b)		9,900		90,074
Gulf Island Fabrication, Inc. (a)		2,244		65,547
Hornbeck Offshore Services, Inc. (a)(b)		5,372		166,639
ION Geophysical Corp. (a)(b)		20,106		123,250
Lufkin Industries, Inc. (a)		4,812		323,896
Matrix Service Co. (a)(b)		4,018		37,930
OYO Geospace Corp. (a)(b)		726		56,142
Pioneer Drilling Co. (b)		9,778		94,651
SEACOR Holdings, Inc. (a)(b)		3,450		306,912
Tetra Technologies, Inc. (a)(b)		12,183		113,789
				1,743,220
FOOD & STAPLES RETAILING — 1.2%
Casey’s General Stores, Inc. (a)		5,985		308,287
Nash Finch Co. (a)		1,917		56,130
Spartan Stores, Inc. (a)		3,643		67,396
The Andersons, Inc. (a)		2,897		126,483
United Natural Foods, Inc. (b)		7,716		308,717
				867,013
FOOD PRODUCTS — 2.5%
B&G Foods, Inc. (a)		7,599		182,908
Cal-Maine Foods, Inc. (a)		2,305		84,294
Calavo Growers, Inc. (a)		2,028		52,079
Darling International, Inc. (a)(b)		18,576		246,875
Diamond Foods, Inc. (a)		3,506		113,139
Hain Celestial Group, Inc. (a)(b)		7,018		257,280
J&J Snack Foods Corp. (a)		2,240		119,347
Sanderson Farms, Inc. (a)		2,929		146,831
Seneca Foods Corp. (a)(b)		1,443		37,258
Snyders-Lance, Inc. (a)		7,363		165,667
TreeHouse Foods, Inc. (a)(b)		5,648		369,266
				1,774,944
GAS UTILITIES — 2.3%
New Jersey Resources Corp. (a)		6,599		324,671
Northwest Natural Gas Co. (a)		4,225		202,504
Piedmont Natural Gas Co., Inc. (a)		11,467		389,648
South Jersey Industries, Inc.		4,759		270,359
Southwest Gas Corp. (a)		7,222		306,863
The Laclede Group, Inc. (a)		3,559		144,033
				1,638,078
HEALTH CARE EQUIPMENT & SUPPLIES — 3.4%
Abaxis, Inc. (a)(b)		3,448		95,406
Align Technology, Inc. (b)		10,776		255,661
Analogic Corp.		1,940		111,201
Cantel Medical Corp. (a)		2,086		58,262
CONMED Corp. (a)(b)		4,430		113,718
CryoLife, Inc. (a)(b)		4,259		20,443
Cyberonics, Inc. (a)(b)		3,969		132,961
Greatbatch, Inc. (a)(b)		3,719		82,190
Haemonetics Corp. (a)(b)		3,903		238,942
ICU Medical, Inc. (a)(b)		1,895		85,275
Integra LifeSciences Holdings Corp. (a)(b)		3,144		96,930
Invacare Corp. (a)		5,028		76,878
Kensey Nash Corp. (a)(b)		1,205		23,124
Meridian Bioscience, Inc. (a)		6,505		122,554
Merit Medical Systems, Inc. (b)		6,602		88,335
Natus Medical, Inc. (a)(b)		4,657		43,915
Neogen Corp. (a)(b)		3,694		113,184
NuVasive, Inc. (b)		6,717		84,567
Palomar Medical Technologies, Inc. (b)		3,059		28,449
SonoSite, Inc. (a)(b)		2,243		120,808
SurModics, Inc. (b)		2,219		32,531
Symmetry Medical, Inc. (a)(b)		5,644		45,096
West Pharmaceutical Services, Inc. (a)		5,293		200,869

See accompanying notes to financial statements.

142

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Zoll Medical Corp. (b)		3,514	$	222,014
				2,493,313
HEALTH CARE PROVIDERS & SERVICES — 4.0%
Air Methods Corp. (a)(b)		1,756		148,294
Almost Family, Inc. (a)(b)		1,296		21,488
Amedisys, Inc. (a)(b)		4,551		49,651
AMN Healthcare Services, Inc. (a)(b)		6,395		28,330
AmSurg Corp. (a)(b)		4,973		129,497
Bio-Reference Laboratories, Inc. (a)(b)		3,852		62,672
Centene Corp. (b)		7,974		315,691
Chemed Corp. (a)		3,168		162,233
Corvel Corp. (a)(b)		1,016		52,537
Cross Country Healthcare, Inc. (a)(b)		4,979		27,633
Gentiva Health Services, Inc. (b)		4,756		32,103
Hanger Orthopedic Group, Inc. (a)(b)		5,235		97,842
Healthspring, Inc. (b)		10,627		579,597
Healthways, Inc. (a)(b)		5,241		35,953
IPC The Hospitalist Co. (a)(b)		2,636		120,518
Kindred Healthcare, Inc. (a)(b)		8,226		96,820
Landauer, Inc. (a)		1,473		75,860
LHC Group, Inc. (a)(b)		2,434		31,228
Magellan Health Services, Inc. (b)		4,443		219,795
Molina Healthcare, Inc. (a)(b)		4,456		99,503
MWI Veterinary Supply, Inc. (a)(b)		2,056		136,601
PharMerica Corp. (a)(b)		4,697		71,301
PSS World Medical, Inc. (a)(b)		8,328		201,454
The Ensign Group, Inc. (a)		2,628		64,386
				2,860,987
HEALTH CARE TECHNOLOGY — 0.2%
Computer Programs and Systems, Inc. (a)		1,706		87,194
Omnicell, Inc. (a)(b)		5,274		87,126
				174,320
HOTELS, RESTAURANTS & LEISURE — 3.1%
Biglari Holdings, Inc. (a)(b)		225		82,854
BJ’s Restaurants, Inc. (a)(b)		3,816		172,941
Boyd Gaming Corp. (a)(b)		8,588		64,066
Buffalo Wild Wings, Inc. (a)(b)		2,941		198,547
CEC Entertainment, Inc.		3,027		104,280
Cracker Barrel Old Country Store, Inc. (a)		3,672		185,105
DineEquity, Inc. (a)(b)		2,459		103,794
Interval Leisure Group, Inc. (a)(b)		6,264		85,253
Jack in the Box, Inc. (a)(b)		6,985		145,986
Marcus Corp. (a)		3,216		40,554
Marriott Vacations Worldwide Corp. (b)		4,193		71,952
Monarch Casino & Resort, Inc. (b)		1,732		17,649
Multimedia Games Holding Co., Inc. (a)(b)		4,163		33,054
O’Charleys, Inc. (a)(b)		2,885		15,839
P.F. Chang’s China Bistro, Inc. (a)		3,308		102,250
Papa John’s International, Inc. (b)		2,966		111,759
Peet’s Coffee & Tea, Inc. (b)		2,004		125,611
Pinnacle Entertainment, Inc. (a)(b)		9,786		99,426
Red Robin Gourmet Burgers, Inc. (a)(b)		1,812		50,192
Ruby Tuesday, Inc. (a)(b)		9,854		67,993
Ruth’s Hospitality Group, Inc. (a)(b)		5,561		27,638
Shuffle Master, Inc. (b)		8,448		99,011
Sonic Corp. (b)		9,690		65,214
Texas Roadhouse, Inc. (Class A) (a)		9,544		142,206
				2,213,174
HOUSEHOLD DURABLES — 1.2%
Blyth, Inc. (a)		802		45,554
Ethan Allen Interiors, Inc. (a)		4,146		98,302
Helen of Troy, Ltd. (b)		4,983		152,978
iRobot Corp. (a)(b)		4,231		126,295
La-Z-Boy, Inc. (a)(b)		8,205		97,639
M/I Homes, Inc. (a)(b)		2,866		27,514
Meritage Homes Corp. (a)(b)		4,382		101,619
Standard Pacific Corp. (a)(b)		15,739		50,050
The Ryland Group, Inc.		7,000		110,320
Universal Electronics, Inc. (a)(b)		2,288		38,598
				848,869
HOUSEHOLD PRODUCTS — 0.2%
Central Garden & Pet Co. (Class A) (a)(b)		6,616		55,045
WD-40 Co.		2,556		103,288
				158,333
INDUSTRIAL CONGLOMERATES — 0.1%
Standex International Corp. (a)		2,048		69,980
INSURANCE — 2.9%
AMERISAFE, Inc. (a)(b)		2,827		65,728
Delphi Financial Group, Inc.		8,602		381,069
eHealth, Inc. (a)(b)		3,136		46,099
Employers Holdings, Inc. (a)		5,526		99,965
Horace Mann Educators Corp.		6,347		87,017
Infinity Property & Casualty Corp. (a)		1,880		106,671
Meadowbrook Insurance Group, Inc. (a)		8,096		86,465
National Financial Partners Corp. (a)(b)		6,565		88,759
Presidential Life Corp. (a)		3,334		33,307
ProAssurance Corp. (a)		4,846		386,808
RLI Corp. (a)		2,588		188,562
Safety Insurance Group, Inc. (a)		2,428		98,286
Selective Insurance Group, Inc. (a)		8,554		151,662
Stewart Information Services Corp. (a)		2,995		34,592
The Navigators Group, Inc. (a)(b)		1,785		85,109
Tower Group, Inc. (a)		6,418		129,451
United Fire & Casualty Co. (a)		3,235		65,282
				2,134,832
INTERNET & CATALOG RETAIL — 0.3%
Blue Nile, Inc. (a)(b)		2,200		89,936
NutriSystem, Inc. (a)		4,423		57,190
PetMed Express, Inc. (a)		3,385		35,136
				182,262
INTERNET SOFTWARE & SERVICES — 1.9%
comScore, Inc. (a)(b)		5,269		111,703
DealerTrack Holdings, Inc. (a)(b)		6,539		178,253

See accompanying notes to financial statements.

143

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Digital River, Inc. (b)		5,900	$	88,618
InfoSpace, Inc. (a)(b)		6,238		68,556
j2 Global, Inc. (a)		7,554		212,570
Liquidity Services, Inc. (a)(b)		3,183		117,453
LivePerson, Inc. (a)(b)		7,505		94,188
LogMeIn, Inc. (a)(b)		3,376		130,145
Perficient, Inc. (a)(b)		4,841		48,458
RightNow Technologies, Inc. (a)(b)		4,055		173,270
Stamps.com, Inc. (a)(b)		1,980		51,737
United Online, Inc. (a)		14,075		76,568
XO Group, Inc. (a)(b)		4,624		38,564
				1,390,083
IT SERVICES — 2.2%
CACI International, Inc. (Class A) (a)(b)		4,202		234,976
Cardtronics, Inc. (b)		6,971		188,635
CIBER, Inc. (a)(b)		11,393		43,977
CSG Systems International, Inc. (a)(b)		5,405		79,508
Forrester Research, Inc. (a)(b)		2,306		78,266
Heartland Payment Systems, Inc. (a)		6,236		151,909
Higher One Holdings, Inc. (b)		4,865		89,711
iGate Corp. (a)(b)		4,783		75,237
MAXIMUS, Inc.		5,338		220,726
NCI, Inc. (Class A) (a)(b)		1,230		14,329
TeleTech Holdings, Inc. (a)(b)		3,992		64,670
Virtusa Corp. (a)(b)		2,925		42,354
Wright Express Corp. (b)		6,097		330,945
				1,615,243
LEISURE EQUIPMENT & PRODUCTS — 0.7%
Arctic Cat, Inc. (a)(b)		1,948		43,927
Brunswick Corp. (a)		14,132		255,224
Callaway Golf Co. (a)		10,104		55,875
JAKKS Pacific, Inc. (a)		4,173		58,881
Sturm Ruger & Co, Inc. (a)		3,051		102,087
				515,994
LIFE SCIENCES TOOLS & SERVICES — 0.4%
Affymetrix, Inc. (a)(b)		10,898		44,573
Cambrex Corp. (a)(b)		4,659		33,452
Enzo Biochem, Inc. (a)(b)		5,110		11,446
eResearch Technology, Inc. (a)(b)		6,648		31,179
PAREXEL International Corp. (a)(b)		9,369		194,313
				314,963
MACHINERY — 3.7%
Actuant Corp. (Class A) (a)		10,958		248,637
Albany International Corp. (Class A) (a)		4,481		103,601
Astec Industries, Inc. (a)(b)		3,185		102,589
Barnes Group, Inc. (a)		7,469		180,078
Briggs & Stratton Corp. (a)		7,880		122,061
Cascade Corp. (a)		1,323		62,406
CIRCOR International, Inc. (a)		2,762		97,526
EnPro Industries, Inc. (a)(b)		3,297		108,735
ESCO Technologies, Inc. (a)		4,255		122,459
Federal Signal Corp. (a)(b)		9,561		39,678
John Bean Technologies Corp. (a)		4,576		70,333
Kaydon Corp. (a)		5,085		155,092
Lindsay Corp.		2,038		111,866
Lydall, Inc. (a)(b)		2,748		26,078
Mueller Industries, Inc. (a)		6,053		232,556
Robbins & Myers, Inc.		7,289		353,881
Tennant Co. (a)		2,949		114,628
The Toro Co. (a)		4,844		293,837
Watts Water Technologies, Inc. (Class A) (a)		4,593		157,127
				2,703,168
MEDIA — 0.7%
Arbitron, Inc. (a)		4,335		149,167
Digital Generation, Inc. (a)(b)		4,242		50,565
Harte-Hanks, Inc. (a)		6,934		63,030
Live Nation Entertainment, Inc. (b)		23,361		194,130
The E.W. Scripps Co. (Class A) (b)		5,142		41,187
				498,079
METALS & MINING — 1.1%
A.M. Castle & Co. (a)(b)		2,591		24,511
AK Steel Holding Corp. (a)		17,500		144,550
AMCOL International Corp. (a)		3,958		106,272
Century Aluminum Co. (a)(b)		8,704		74,071
Haynes International, Inc. (a)		1,863		101,720
Kaiser Aluminum Corp. (a)		2,536		116,352
Materion Corp. (a)(b)		3,256		79,056
Olympic Steel, Inc. (a)		1,433		33,417
RTI International Metals, Inc. (a)(b)		4,741		110,039
				789,988
MULTI-UTILITIES — 0.8%
Avista Corp. (a)		9,177		236,308
CH Energy Group, Inc. (a)		2,393		139,703
NorthWestern Corp.		5,692		203,717
				579,728
MULTILINE RETAIL — 0.2%
Fred’s, Inc. (Class A) (a)		6,021		87,786
Tuesday Morning Corp. (a)(b)		6,796		23,446
				111,232
OIL, GAS & CONSUMABLE FUELS — 1.7%
Approach Resources, Inc. (b)		4,241		124,728
Contango Oil & Gas Co. (a)(b)		2,017		117,349
GeoResources, Inc. (a)(b)		3,108		91,096
Gulfport Energy Corp. (a)(b)		7,061		207,947
Overseas Shipholding Group, Inc. (a)		4,184		45,731
Penn Virginia Corp. (a)		7,052		37,305
Petroleum Development Corp. (a)(b)		3,739		131,276
Petroquest Energy, Inc. (a)(b)		9,019		59,525
Stone Energy Corp. (a)(b)		7,769		204,946
Swift Energy Co. (a)(b)		6,761		200,937
				1,220,840
PAPER & FOREST PRODUCTS — 1.1%
Buckeye Technologies, Inc. (a)		6,247		208,900
Clearwater Paper Corp. (b)		3,553		126,522
Deltic Timber Corp. (a)		1,669		100,791
KapStone Paper and Packaging Corp. (b)		6,169		97,100
Neenah Paper, Inc. (a)		2,334		52,095

See accompanying notes to financial statements.

144

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Schweitzer-Mauduit International, Inc. (a)		2,584	$	171,733
Wausau Paper Corp. (a)		7,794		64,378
				821,519
PERSONAL PRODUCTS — 0.2%
Inter Parfums, Inc. (a)		2,507		39,009
Medifast, Inc. (a)(b)		2,161		29,649
Prestige Brands Holdings, Inc. (a)(b)		8,000		90,160
				158,818
PHARMACEUTICALS — 2.2%
Hi-Tech Pharmacal Co., Inc. (b)		1,570		61,057
Par Pharmaceutical Cos., Inc. (a)(b)		5,675		185,743
Questcor Pharmaceuticals, Inc. (b)		9,966		414,386
Salix Pharmaceuticals, Ltd. (a)(b)		9,336		446,728
The Medicines Co. (b)		8,406		156,688
ViroPharma, Inc. (a)(b)		11,128		304,796
				1,569,398
PROFESSIONAL SERVICES — 1.0%
CDI Corp. (a)		1,961		27,081
Exponent, Inc. (a)(b)		2,103		96,675
Heidrick & Struggles International, Inc. (a)		2,778		59,838
Insperity, Inc. (a)		3,596		91,159
Kelly Services, Inc. (Class A) (a)		4,384		59,973
Navigant Consulting, Inc. (b)		8,304		94,749
On Assignment, Inc. (a)(b)		5,874		65,671
Resources Connection, Inc. (a)		7,020		74,342
The Dolan Co. (a)(b)		4,795		40,853
TrueBlue, Inc. (a)(b)		6,371		88,430
				698,771
REAL ESTATE INVESTMENT TRUSTS — 7.8%
Acadia Realty Trust (a)		6,743		135,804
BioMed Realty Trust, Inc. (a)		24,359		440,411
Cedar Shopping Centers, Inc. (a)		8,786		37,868
Colonial Properties Trust		13,821		288,306
Cousins Properties, Inc.		16,400		105,124
DiamondRock Hospitality Co.		26,561		256,048
EastGroup Properties, Inc.		4,240		184,355
Entertainment Properties Trust (a)		7,441		325,246
Extra Space Storage, Inc. (a)		14,965		362,602
Franklin Street Properties Corp. (a)		11,403		113,460
Getty Realty Corp. (a)		4,212		58,757
Healthcare Realty Trust, Inc. (a)		12,313		228,899
Inland Real Estate Corp.		12,068		91,837
Kilroy Realty Corp. (a)		9,273		353,023
Kite Realty Group Trust		9,829		44,329
LaSalle Hotel Properties		13,244		320,637
Lexington Realty Trust (a)		21,143		158,361
LTC Properties, Inc. (a)		4,820		148,745
Medical Properties Trust, Inc. (a)		17,564		173,357
Mid-America Apartment Communities, Inc. (a)		5,944		371,797
Parkway Properties, Inc. (a)		3,433		33,849
Pennsylvania Real Estate Investment Trust		8,766		91,517
Post Properties, Inc.		8,190		358,067
PS Business Parks, Inc.		2,950		163,519
Saul Centers, Inc.		1,885		66,767
Sovran Self Storage, Inc.		4,372		186,553
Tanger Factory Outlet Centers, Inc. (a)		13,730		402,564
Universal Health Realty Income Trust		1,961		76,479
Urstadt Biddle Properties, Inc. (Class A) (a)		3,575		64,636
				5,642,917
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Forestar Group, Inc. (a)(b)		5,580		84,425
ROAD & RAIL — 0.9%
Arkansas Best Corp. (a)		4,018		77,427
Heartland Express, Inc. (a)		9,106		130,125
Knight Transportation, Inc. (a)		9,277		145,092
Old Dominion Freight Line, Inc. (b)		7,412		300,408
				653,052
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.8%
Advanced Energy Industries, Inc. (a)(b)		7,026		75,389
ATMI, Inc. (b)		4,993		100,010
Brooks Automation, Inc. (a)		10,229		105,052
Cabot Microelectronics Corp. (a)(b)		3,594		169,817
CEVA, Inc. (a)(b)		3,748		113,414
Cirrus Logic, Inc. (a)(b)		10,139		160,703
Cohu, Inc. (a)		3,775		42,846
Cymer, Inc. (a)(b)		4,820		239,843
Diodes, Inc. (a)(b)		5,807		123,689
DSP Group, Inc. (a)(b)		3,535		18,417
Entropic Communications, Inc. (b)		13,707		70,043
Exar Corp. (a)(b)		6,894		44,811
GT Advanced Technologies, Inc. (a)(b)		20,185		146,139
Hittite Microwave Corp. (b)		4,434		218,951
Kopin Corp. (a)(b)		10,465		40,604
Kulicke & Soffa Industries, Inc. (a)(b)		11,528		106,634
Micrel, Inc. (a)		7,752		78,373
Microsemi Corp. (b)		13,772		230,681
MKS Instruments, Inc. (a)		8,349		232,269
Monolithic Power Systems, Inc. (b)		4,614		69,533
Nanometrics, Inc. (b)		2,694		49,623
Pericom Semiconductor Corp. (a)(b)		3,767		28,667
Power Integrations, Inc. (a)		4,423		146,667
Rubicon Technology, Inc. (b)		2,810		26,386
Rudolph Technologies, Inc. (a)(b)		4,933		45,680
Sigma Designs, Inc. (a)(b)		4,991		29,946
Standard Microsystems Corp. (a)(b)		3,584		92,360
STR Holdings, Inc. (b)		6,539		53,816
Supertex, Inc. (a)(b)		2,013		38,005
Tessera Technologies, Inc. (b)		8,178		136,982
TriQuint Semiconductor, Inc. (a)(b)		26,354		128,344
Ultratech, Inc. (b)		4,032		99,066
Veeco Instruments, Inc. (a)(b)		6,119		127,275
Volterra Semiconductor Corp. (a)(b)		3,870		99,111
				3,489,146
SOFTWARE — 4.1%
Blackbaud, Inc. (a)		6,914		191,518
Bottomline Technologies, Inc. (a)(b)		5,744		133,088

See accompanying notes to financial statements.

145

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
CommVault Systems, Inc. (b)		6,909	$	295,152
Ebix, Inc. (a)		4,961		109,638
EPIQ Systems, Inc. (a)		4,973		59,775
Interactive Intelligence Group (a)(b)		2,236		51,249
JDA Software Group, Inc. (b)		6,699		216,981
Manhattan Associates, Inc. (a)(b)		3,262		132,046
MicroStrategy, Inc. (b)		1,250		135,400
Monotype Imaging Holdings, Inc. (a)(b)		5,749		89,627
Netscout Systems, Inc. (b)		5,441		95,762
OPNET Technologies, Inc. (a)		2,303		84,451
Progress Software Corp. (a)(b)		10,142		196,248
Quality Systems, Inc. (a)		6,192		229,042
Sourcefire, Inc. (a)(b)		4,497		145,613
Synchronoss Technologies, Inc. (a)(b)		4,254		128,513
Take-Two Interactive Software, Inc. (b)		13,683		185,405
Taleo Corp. (Class A) (b)		6,616		255,973
THQ, Inc. (a)(b)		10,549		8,017
Tyler Technologies, Inc. (a)(b)		3,851		115,954
Websense, Inc. (a)(b)		6,108		114,403
				2,973,855
SPECIALTY RETAIL — 4.7%
Big 5 Sporting Goods Corp. (a)		3,436		35,872
Brown Shoe Co., Inc. (a)		6,637		59,069
Cabela’s, Inc. (a)(b)		6,834		173,720
Christopher & Banks Corp.		5,416		12,673
Coldwater Creek, Inc. (a)(b)		13,370		15,777
Genesco, Inc. (a)(b)		3,851		237,761
Group 1 Automotive, Inc. (a)		3,553		184,045
Haverty Furniture Cos., Inc. (a)		3,005		32,995
Hibbett Sports, Inc. (a)(b)		4,137		186,910
Hot Topic, Inc. (a)		6,516		43,071
Jos. A. Bank Clothiers, Inc. (a)(b)		4,391		214,105
Kirkland’s, Inc. (a)(b)		2,713		36,083
Lithia Motors, Inc. (Class A) (a)		3,439		75,177
Lumber Liquidators Holdings, Inc. (b)		4,340		76,644
MarineMax, Inc. (a)(b)		3,589		23,400
Midas, Inc. (a)(b)		2,316		19,894
Monro Muffler Brake, Inc. (a)		4,912		190,537
OfficeMax, Inc. (a)(b)		13,631		61,885
Pep Boys-Manny, Moe & Jack (a)		8,304		91,344
Rue21, Inc. (a)(b)		2,504		54,086
Select Comfort Corp. (b)		8,905		193,150
Sonic Automotive, Inc. (Class A) (a)		5,499		81,440
Stage Stores, Inc. (a)		4,872		67,672
Stein Mart, Inc. (a)(b)		4,224		28,765
The Buckle, Inc. (a)		4,262		174,188
The Cato Corp. (Class A) (a)		4,686		113,401
The Children’s Place Retail Stores, Inc. (a)(b)		3,912		207,806
The Finish Line, Inc. (Class A) (a)		8,216		158,446
The Men’s Wearhouse, Inc. (a)		8,110		262,845
Vitamin Shoppe, Inc. (a)(b)		4,623		184,365
Zale Corp. (a)(b)		4,194		15,979
Zumiez, Inc. (a)(b)		3,472		96,383
				3,409,488
TEXTILES, APPAREL & LUXURY GOODS — 2.6%
Carter’s, Inc. (a)(b)		8,040		320,072
Crocs, Inc. (a)(b)		14,300		211,211
Iconix Brand Group, Inc. (a)(b)		11,701		190,609
K-Swiss, Inc. (Class A) (a)(b)		4,107		11,992
Liz Claiborne, Inc. (a)(b)		15,003		129,476
Maidenform Brands, Inc. (a)(b)		3,677		67,289
Movado Group, Inc. (a)		2,707		49,186
Oxford Industries, Inc. (a)		2,236		100,888
Perry Ellis International, Inc. (b)		1,972		28,042
Quiksilver, Inc. (a)(b)		19,349		69,850
Skechers U.S.A., Inc. (a)(b)		5,880		71,266
Steven Madden, Ltd. (a)(b)		6,016		207,552
True Religion Apparel, Inc. (b)		4,084		141,225
Wolverine World Wide, Inc. (a)		7,651		272,682
				1,871,340
THRIFTS & MORTGAGE FINANCE — 0.9%
Bank Mutual Corp. (a)		7,284		23,163
Brookline Bancorp, Inc. (a)		11,056		93,313
Dime Community Bancshares (a)		4,333		54,596
Northwest Bancshares, Inc.		15,438		192,049
Oritani Financial Corp. (a)		7,233		92,365
Provident Financial Services, Inc. (a)		8,477		113,507
TrustCo Bank Corp. NY (a)		14,801		83,033
				652,026
TOBACCO — 0.1%
Alliance One International, Inc. (a)(b)		13,514		36,758
TRADING COMPANIES & DISTRIBUTORS — 0.5%
Applied Industrial Technologies, Inc. (a)		6,618		232,755
Kaman Corp. (a)		4,157		113,568
Lawson Products, Inc. (a)		632		9,752
				356,075
WATER UTILITIES — 0.1%
American States Water Co. (a)		3,014		105,189
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
NTELOS Holdings Corp.		2,319		47,261
USA Mobility, Inc. (a)		3,478		48,240
				95,501
TOTAL COMMON STOCKS —
(Cost $75,098,921)				72,356,351
SHORT TERM INVESTMENTS — 28.9%
MONEY MARKET FUNDS — 28.9%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		20,884,410		20,884,410
State Street Institutional Liquid Reserves Fund 0.15% (e)(f)		65,674		65,674
TOTAL SHORT TERM INVESTMENTS —
(Cost $20,950,084)				20,950,084
TOTAL INVESTMENTS — 128.8% (g)
(Cost $96,049,005)				93,306,435
OTHER ASSETS & LIABILITIES — (28.8)%				(20,876,530	)
NET ASSETS — 100.0%			$	72,429,905

See accompanying notes to financial statements.

146

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

December 31, 2011 (Unaudited)

(a)	A portion of the security was on loan at December 31, 2011.
(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.

147

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 2.4%
Aerovironment, Inc. (a)		10,902	$	343,086
American Science & Engineering, Inc.		5,510		375,286
Cubic Corp.		9,778		426,223
Moog, Inc. (Class A) (a)		18,100		795,133
National Presto Industries, Inc. (b)		2,986		279,490
Teledyne Technologies, Inc. (a)		22,800		1,250,580
				3,469,798
AIR FREIGHT & LOGISTICS — 0.7%
Forward Air Corp.		17,576		563,311
HUB Group, Inc. (Class A) (a)		13,176		427,297
				990,608
AIRLINES — 0.3%
Allegiant Travel Co. (a)(b)		9,313		496,755
BEVERAGES — 0.4%
Boston Beer Co., Inc. (Class A) (a)(b)		5,181		562,449
BIOTECHNOLOGY — 1.3%
ArQule, Inc. (a)(b)		33,927		191,348
Cubist Pharmaceuticals, Inc. (a)(b)		37,991		1,505,204
Emergent Biosolutions, Inc. (a)		10,443		175,860
Savient Pharmaceuticals, Inc. (a)(b)		21,658		48,297
				1,920,709
BUILDING PRODUCTS — 0.6%
A.O. Smith Corp.		10,332		414,520
AAON, Inc. (b)		6,226		127,571
NCI Building Systems, Inc. (a)		3,450		37,501
Simpson Manufacturing Co., Inc.		11,000		370,260
				949,852
CAPITAL MARKETS — 0.8%
Financial Engines, Inc. (a)(b)		24,136		538,957
Stifel Financial Corp. (a)(b)		18,857		604,367
				1,143,324
CHEMICALS — 1.8%
American Vanguard Corp. (b)		5,500		73,370
Balchem Corp. (b)		17,840		723,234
Calgon Carbon Corp. (a)		15,057		236,546
H.B. Fuller Co.		13,900		321,229
Hawkins, Inc.		5,553		204,684
Koppers Holdings, Inc.		6,142		211,039
Kraton Performance Polymers, Inc. (a)		11,301		229,410
LSB Industries, Inc. (a)(b)		5,702		159,827
Quaker Chemical Corp. (b)		4,687		182,277
Stepan Co.		3,600		288,576
				2,630,192
COMMERCIAL BANKS — 1.8%
Bank of the Ozarks, Inc. (b)		10,191		301,959
City Holding Co. (b)		4,000		135,560
Community Bank System, Inc. (b)		10,465		290,927
First Financial Bancorp.		16,158		268,869
First Financial Bankshares, Inc. (b)		11,072		370,137
Hanmi Financial Corp. (a)		6,800		50,320
Home Bancshares, Inc.		5,700		147,687
PacWest Bancorp (b)		6,800		128,860
Texas Capital Bancshares, Inc. (a)		9,900		303,039
Tompkins Financial Corp. (b)		3,591		138,290
UMB Financial Corp. (b)		12,413		462,384
				2,598,032
COMMERCIAL SERVICES & SUPPLIES — 1.7%
Consolidated Graphics, Inc. (a)		3,340		161,255
Encore Capital Group, Inc. (a)		9,839		209,177
Healthcare Services Group, Inc. (b)		26,346		466,061
Portfolio Recovery Associates, Inc. (a)(b)		10,533		711,188
Tetra Tech, Inc. (a)		22,781		491,842
UniFirst Corp. (b)		6,859		389,180
				2,428,703
COMMUNICATIONS EQUIPMENT — 1.7%
Blue Coat Systems, Inc. (a)(b)		15,082		383,837
Netgear, Inc. (a)		23,219		779,462
Oplink Communications, Inc. (a)		7,414		122,109
ViaSat, Inc. (a)(b)		26,087		1,203,132
				2,488,540
COMPUTERS & PERIPHERALS — 0.6%
Stratasys, Inc. (a)		8,738		265,722
Synaptics, Inc. (a)		19,891		599,714
				865,436
CONSTRUCTION MATERIALS — 0.2%
Eagle Materials, Inc.		10,023		257,190
Headwaters, Inc. (a)(b)		15,400		34,188
				291,378
CONSUMER FINANCE — 2.0%
Cash America International, Inc. (b)		18,102		844,096
Ezcorp, Inc. (a)		27,085		714,231
First Cash Financial Services, Inc. (a)		18,552		650,990
World Acceptance Corp. (a)		9,047		664,955
				2,874,272
DISTRIBUTORS — 0.3%
Pool Corp.		13,800		415,380
DIVERSIFIED CONSUMER SERVICES — 1.6%
American Public Education, Inc. (a)(b)		11,018		476,859
Capella Education Co. (a)		8,920		321,566
Coinstar, Inc. (a)(b)		18,963		865,472
Hillenbrand, Inc. (b)		25,879		577,619
Universal Technical Institute, Inc. (a)		7,864		100,502
				2,342,018
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
Atlantic Tele-Network, Inc. (b)		5,690		222,195
General Communication, Inc. (Class A) (a)		9,455		92,564
Neutral Tandem, Inc. (a)		13,791		147,426
				462,185
ELECTRIC UTILITIES — 1.4%
ALLETE, Inc.		10,000		419,800
Central Vermont Public Service Corp.		4,000		140,400
El Paso Electric Co.		15,413		533,906
UIL Holdings Corp.		11,800		417,366

See accompanying notes to financial statements.

148

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Unisource Energy Corp.		13,700	$	505,804
				2,017,276
ELECTRICAL EQUIPMENT — 1.3%
AZZ, Inc. (b)		7,731		351,297
Belden, Inc.		10,649		354,399
Franklin Electric Co., Inc.		11,600		505,296
II-VI, Inc. (a)		33,706		618,842
Vicor Corp.		6,421		51,111
				1,880,945
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.4%
Badger Meter, Inc.		6,303		185,497
Cognex Corp. (b)		25,971		929,502
DTS Inc. (a)(b)		10,349		281,907
FARO Technologies, Inc. (a)		10,310		474,260
FEI Co. (a)		16,011		652,929
Littelfuse, Inc. (b)		14,212		610,832
Measurement Specialties, Inc. (a)(b)		6,180		172,793
Mercury Computer Systems, Inc. (a)(b)		10,203		135,598
MTS Systems Corp. (b)		9,671		394,093
OSI Systems, Inc. (a)		12,121		591,262
Park Electrochemical Corp. (b)		5,519		141,397
Rofin-Sinar Technologies, Inc. (a)		8,456		193,220
Rogers Corp. (a)		6,376		235,019
				4,998,309
ENERGY EQUIPMENT & SERVICES — 2.4%
Basic Energy Services, Inc. (a)(b)		6,344		124,977
Hornbeck Offshore Services, Inc. (a)		10,700		331,914
ION Geophysical Corp. (a)(b)		25,180		154,353
Lufkin Industries, Inc. (b)		18,799		1,265,361
OYO Geospace Corp. (a)(b)		2,824		218,380
Pioneer Drilling Co. (a)		16,400		158,752
SEACOR Holdings, Inc. (a)		13,408		1,192,775
				3,446,512
FOOD & STAPLES RETAILING — 1.3%
Casey’s General Stores, Inc.		23,500		1,210,485
United Natural Foods, Inc. (a)		17,762		710,658
				1,921,143
FOOD PRODUCTS — 3.1%
B&G Foods, Inc. (b)		13,500		324,945
Calavo Growers, Inc. (b)		4,713		121,030
Darling International, Inc. (a)		34,007		451,953
Diamond Foods, Inc. (b)		8,203		264,711
Hain Celestial Group, Inc. (a)		17,138		628,279
J&J Snack Foods Corp.		8,889		473,606
Sanderson Farms, Inc.		11,600		581,508
Snyders-Lance, Inc. (b)		12,367		278,257
TreeHouse Foods, Inc. (a)		22,211		1,452,155
				4,576,444
GAS UTILITIES — 2.4%
New Jersey Resources Corp.		13,800		678,960
Northwest Natural Gas Co.		9,739		466,790
Piedmont Natural Gas Co., Inc.		20,459		695,197
South Jersey Industries, Inc.		18,638		1,058,825
Southwest Gas Corp.		13,000		552,370
				3,452,142
HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%
Abaxis, Inc. (a)(b)		13,407		370,972
Align Technology, Inc. (a)		28,263		670,540
Analogic Corp.		7,564		433,569
Cantel Medical Corp.		5,399		150,794
Cyberonics, Inc. (a)(b)		15,379		515,197
Greatbatch, Inc. (a)		9,813		216,867
Haemonetics Corp. (a)(b)		15,410		943,400
ICU Medical, Inc. (a)(b)		7,468		336,060
Integra LifeSciences Holdings Corp. (a)		8,917		274,911
Kensey Nash Corp. (a)(b)		3,286		63,058
Meridian Bioscience, Inc. (b)		14,912		280,942
Merit Medical Systems, Inc. (a)		15,298		204,687
Neogen Corp. (a)(b)		14,392		440,971
NuVasive, Inc. (a)		26,042		327,869
SonoSite, Inc. (a)(b)		8,624		464,489
SurModics, Inc. (a)		3,146		46,120
West Pharmaceutical Services, Inc. (b)		13,514		512,856
Zoll Medical Corp. (a)		13,700		865,566
				7,118,868
HEALTH CARE PROVIDERS & SERVICES — 5.4%
Air Methods Corp. (a)(b)		6,973		588,870
AmSurg Corp. (a)		12,200		317,688
Bio-Reference Laboratories, Inc. (a)(b)		9,534		155,118
Centene Corp. (a)		20,800		823,472
Chemed Corp. (b)		12,294		629,576
Corvel Corp. (a)		3,967		205,134
Healthspring, Inc. (a)		41,469		2,261,719
IPC The Hospitalist Co. (a)(b)		10,177		465,292
Landauer, Inc. (b)		5,825		299,988
Magellan Health Services, Inc. (a)		17,211		851,428
MWI Veterinary Supply, Inc. (a)(b)		7,812		519,029
PSS World Medical, Inc. (a)(b)		20,467		495,097
The Ensign Group, Inc. (b)		10,274		251,713
				7,864,124
HEALTH CARE TECHNOLOGY — 0.3%
Computer Programs and Systems, Inc.		6,781		346,577
Omnicell, Inc. (a)		8,369		138,256
				484,833
HOTELS, RESTAURANTS & LEISURE — 3.4%
Biglari Holdings, Inc. (a)		881		324,420
BJ’s Restaurants, Inc. (a)(b)		14,903		675,404
Buffalo Wild Wings, Inc. (a)(b)		11,281		761,580
CEC Entertainment, Inc.		11,641		401,033
Cracker Barrel Old Country Store, Inc. (b)		9,191		463,318
DineEquity, Inc. (a)		9,558		403,443
Interval Leisure Group, Inc. (a)		11,276		153,466
Multimedia Games Holding Co., Inc. (a)		5,600		44,464
P.F. Chang’s China Bistro, Inc.		7,974		246,476
Papa John’s International, Inc. (a)		11,440		431,059
Peet’s Coffee & Tea, Inc. (a)		7,937		497,491

See accompanying notes to financial statements.

149

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Shuffle Master, Inc. (a)		14,528	$	170,268
Texas Roadhouse, Inc. (Class A) (b)		22,014		328,009
				4,900,431
HOUSEHOLD DURABLES — 0.8%
Blyth, Inc. (b)		2,200		124,960
Helen of Troy, Ltd. (a)		11,100		340,770
iRobot Corp. (a)(b)		16,729		499,361
The Ryland Group, Inc.		13,200		208,032
				1,173,123
HOUSEHOLD PRODUCTS — 0.3%
WD-40 Co.		9,897		399,938
INSURANCE — 2.0%
eHealth, Inc. (a)		8,553		125,729
Infinity Property & Casualty Corp.		7,300		414,202
ProAssurance Corp.		18,800		1,500,616
RLI Corp. (b)		10,300		750,458
The Navigators Group, Inc. (a)		3,700		176,416
				2,967,421
INTERNET & CATALOG RETAIL — 0.2%
Blue Nile, Inc. (a)(b)		8,398		343,310
INTERNET SOFTWARE & SERVICES — 2.8%
comScore, Inc. (a)(b)		19,952		422,982
DealerTrack Holdings, Inc. (a)		14,124		385,020
InfoSpace, Inc. (a)		24,300		267,057
j2 Global, Inc. (b)		29,024		816,735
Liquidity Services, Inc. (a)(b)		12,421		458,335
LivePerson, Inc. (a)(b)		29,227		366,799
LogMeIn, Inc. (a)(b)		13,050		503,077
RightNow Technologies, Inc. (a)		15,831		676,459
Stamps.com, Inc. (a)(b)		7,889		206,140
				4,102,604
IT SERVICES — 3.5%
CACI International, Inc. (Class A) (a)		16,300		911,496
Cardtronics, Inc. (a)		16,786		454,229
CSG Systems International, Inc. (a)		12,593		185,243
Forrester Research, Inc. (a)(b)		9,184		311,705
Heartland Payment Systems, Inc.		15,100		367,836
Higher One Holdings, Inc. (a)		19,200		354,048
iGate Corp. (a)(b)		8,509		133,847
MAXIMUS, Inc.		20,758		858,343
TeleTech Holdings, Inc. (a)		5,744		93,053
Virtusa Corp. (a)(b)		5,423		78,525
Wright Express Corp. (a)(b)		23,869		1,295,609
				5,043,934
LEISURE EQUIPMENT & PRODUCTS — 0.5%
Brunswick Corp. (b)		17,602		317,892
Sturm Ruger & Co, Inc.		11,810		395,163
				713,055
LIFE SCIENCES TOOLS & SERVICES — 0.3%
Enzo Biochem, Inc. (a)(b)		8,720		19,533
eResearch Technology, Inc. (a)		12,472		58,493
PAREXEL International Corp. (a)		16,043		332,732
				410,758
MACHINERY — 2.5%
Cascade Corp. (b)		2,520		118,868
CIRCOR International, Inc.		4,408		155,647
Kaydon Corp. (b)		7,726		235,643
Lindsay Corp.		7,843		430,502
Robbins & Myers, Inc.		20,379		989,400
Tennant Co. (b)		7,824		304,119
The Toro Co.		18,889		1,145,807
Watts Water Technologies, Inc. (Class A)		9,300		318,153
				3,698,139
MEDIA — 0.4%
Arbitron, Inc.		16,792		577,813
METALS & MINING — 0.3%
AMCOL International Corp. (b)		9,126		245,033
Haynes International, Inc.		4,779		260,934
				505,967
MULTI-UTILITIES — 0.5%
CH Energy Group, Inc. (b)		5,600		326,928
NorthWestern Corp.		11,600		415,164
				742,092
OIL, GAS & CONSUMABLE FUELS — 1.4%
Approach Resources, Inc. (a)(b)		16,450		483,794
Contango Oil & Gas Co. (a)		7,832		455,666
GeoResources, Inc. (a)		12,345		361,832
Gulfport Energy Corp. (a)(b)		18,195		535,843
Petroleum Development Corp. (a)(b)		5,786		203,146
				2,040,281
PAPER & FOREST PRODUCTS — 1.5%
Buckeye Technologies, Inc.		16,010		535,374
Clearwater Paper Corp. (a)		8,400		299,124
Deltic Timber Corp. (b)		6,664		402,439
KapStone Paper and Packaging Corp. (a)		16,830		264,904
Schweitzer-Mauduit International, Inc.		9,982		663,404
				2,165,245
PERSONAL PRODUCTS — 0.1%
Inter Parfums, Inc. (b)		5,100		79,356
Medifast, Inc. (a)(b)		8,469		116,195
				195,551
PHARMACEUTICALS — 4.1%
Hi-Tech Pharmacal Co., Inc. (a)(b)		6,300		245,007
Par Pharmaceutical Cos., Inc. (a)		16,395		536,608
Questcor Pharmaceuticals, Inc. (a)		38,760		1,611,641
Salix Pharmaceuticals, Ltd. (a)(b)		36,492		1,746,142
The Medicines Co. (a)		32,735		610,181
ViroPharma, Inc. (a)		43,538		1,192,506
				5,942,085
PROFESSIONAL SERVICES — 0.4%
Exponent, Inc. (a)		8,147		374,518
The Dolan Co. (a)(b)		18,578		158,284
				532,802
REAL ESTATE INVESTMENT TRUSTS — 6.1%
Acadia Realty Trust		15,917		320,568

See accompanying notes to financial statements.

150

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Colonial Properties Trust		15,613	$	325,687
EastGroup Properties, Inc. (b)		16,549		719,551
Entertainment Properties Trust (b)		15,335		670,293
Extra Space Storage, Inc. (b)		28,510		690,797
Healthcare Realty Trust, Inc.		19,746		367,078
Inland Real Estate Corp. (b)		14,806		112,674
Kilroy Realty Corp. (b)		18,404		700,640
LTC Properties, Inc.		10,123		312,396
Mid-America Apartment Communities, Inc.		23,310		1,458,040
Post Properties, Inc.		17,966		785,473
PS Business Parks, Inc.		11,506		637,778
Saul Centers, Inc.		4,960		175,683
Sovran Self Storage, Inc.		9,291		396,447
Tanger Factory Outlet Centers, Inc.		31,530		924,460
Universal Health Realty Income Trust (b)		5,209		203,151
Urstadt Biddle Properties, Inc. (Class A)		6,862		124,065
				8,924,781
ROAD & RAIL — 0.9%
Heartland Express, Inc. (b)		15,309		218,765
Knight Transportation, Inc. (b)		16,336		255,495
Old Dominion Freight Line, Inc. (a)		20,977		850,198
				1,324,458
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.1%
ATMI, Inc. (a)(b)		8,557		171,397
Brooks Automation, Inc.		27,100		278,317
Cabot Microelectronics Corp. (a)(b)		13,925		657,956
CEVA, Inc. (a)(b)		14,572		440,949
Cirrus Logic, Inc. (a)(b)		39,454		625,346
Cymer, Inc. (a)(b)		18,879		939,419
Diodes, Inc. (a)(b)		14,184		302,119
Entropic Communications, Inc. (a)		54,248		277,207
Exar Corp. (a)(b)		27,632		179,608
GT Advanced Technologies, Inc. (a)(b)		78,482		568,210
Hittite Microwave Corp. (a)		17,190		848,842
Kopin Corp. (a)(b)		19,697		76,424
Kulicke & Soffa Industries, Inc. (a)(b)		44,822		414,604
Micrel, Inc.		19,366		195,790
Microsemi Corp. (a)		38,015		636,751
MKS Instruments, Inc.		20,343		565,942
Monolithic Power Systems, Inc. (a)		11,859		178,715
Nanometrics, Inc. (a)(b)		7,133		131,390
Power Integrations, Inc. (b)		17,284		573,138
Rubicon Technology, Inc. (a)		10,772		101,149
Standard Microsystems Corp. (a)		6,101		157,223
STR Holdings, Inc. (a)		16,103		132,528
Supertex, Inc. (a)(b)		2,865		54,091
Tessera Technologies, Inc. (a)		20,631		345,569
TriQuint Semiconductor, Inc. (a)		59,553		290,023
Ultratech, Inc. (a)		10,744		263,980
Veeco Instruments, Inc. (a)(b)		23,901		497,141
Volterra Semiconductor Corp. (a)(b)		15,155		388,120
				10,291,948
SOFTWARE — 6.8%
Blackbaud, Inc. (b)		26,745		740,837
Bottomline Technologies, Inc. (a)		14,500		335,965
CommVault Systems, Inc. (a)		26,881		1,148,356
Ebix, Inc. (b)		19,257		425,580
EPIQ Systems, Inc.		9,200		110,584
Interactive Intelligence Group (a)		9,006		206,418
JDA Software Group, Inc. (a)		26,282		851,274
Manhattan Associates, Inc. (a)		12,756		516,363
MicroStrategy, Inc. (a)		5,000		541,600
Monotype Imaging Holdings, Inc. (a)		11,092		172,924
Netscout Systems, Inc. (a)		21,311		375,074
OPNET Technologies, Inc. (b)		9,200		337,364
Progress Software Corp. (a)(b)		18,572		359,368
Quality Systems, Inc.		24,352		900,780
Sourcefire, Inc. (a)(b)		17,834		577,465
Synchronoss Technologies, Inc. (a)(b)		16,454		497,075
Taleo Corp. (Class A) (a)		25,621		991,276
Tyler Technologies, Inc. (a)(b)		14,990		451,349
Websense, Inc. (a)(b)		23,949		448,565
				9,988,217
SPECIALTY RETAIL — 4.9%
Genesco, Inc. (a)		14,956		923,383
Hibbett Sports, Inc. (a)		16,358		739,054
Jos. A. Bank Clothiers, Inc. (a)		17,188		838,087
Kirkland’s, Inc. (a)		5,533		73,589
Lumber Liquidators Holdings, Inc. (a)		11,954		211,108
Midas, Inc. (a)		3,400		29,206
Monro Muffler Brake, Inc. (b)		18,972		735,924
Rue21, Inc. (a)(b)		9,618		207,749
Select Comfort Corp. (a)		14,599		316,652
The Buckle, Inc. (b)		16,663		681,017
The Cato Corp. (Class A) (b)		10,886		263,441
The Children’s Place Retail Stores, Inc. (a)(b)		15,376		816,773
The Finish Line, Inc. (Class A)		15,961		307,808
Vitamin Shoppe, Inc. (a)(b)		18,028		718,957
Zumiez, Inc. (a)(b)		9,140		253,726
				7,116,474
TEXTILES, APPAREL & LUXURY GOODS — 3.5%
Carter’s, Inc. (a)(b)		31,471		1,252,861
Crocs, Inc. (a)		20,073		296,478
Iconix Brand Group, Inc. (a)		32,716		532,944
Liz Claiborne, Inc. (a)(b)		29,218		252,151
Maidenform Brands, Inc. (a)		7,657		140,123
Oxford Industries, Inc. (b)		3,708		167,305
Steven Madden, Ltd. (a)		23,545		812,302
True Religion Apparel, Inc. (a)		15,817		546,952
Wolverine World Wide, Inc.		29,775		1,061,181
				5,062,297
THRIFTS & MORTGAGE FINANCE — 0.2%
Oritani Financial Corp. (b)		20,960		267,659
TRADING COMPANIES & DISTRIBUTORS — 0.5%
Applied Industrial Technologies, Inc. (b)		14,300		502,931
Kaman Corp.		8,700		237,684
				740,615

See accompanying notes to financial statements.

151

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
WATER UTILITIES — 0.3%
American States Water Co. (b)		11,602	$	404,910
TOTAL COMMON STOCKS —
(Cost $142,175,610)				145,266,135
SHORT TERM INVESTMENTS — 15.0%
MONEY MARKET FUNDS — 15.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		21,467,866		21,467,866
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		415,636		415,636
TOTAL SHORT TERM INVESTMENTS —
(Cost $21,883,502)				21,883,502
TOTAL INVESTMENTS — 114.7% (f)
(Cost $164,059,112)				167,149,637
OTHER ASSETS & LIABILITIES — (14.7)%				(21,391,255	)
NET ASSETS — 100.0%			$	145,758,382

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(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.

152

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.2%
AAR Corp.		19,920	$	381,866
Ceradyne, Inc. (a)		12,445		333,277
Curtiss-Wright Corp.		23,852		842,691
GenCorp, Inc. (a)(b)		30,762		163,654
Moog, Inc. (Class A) (a)		8,117		356,580
Orbital Sciences Corp. (a)		30,081		437,077
				2,515,145
AIR FREIGHT & LOGISTICS — 0.2%
HUB Group, Inc. (Class A) (a)		8,252		267,612
AIRLINES — 0.3%
SkyWest, Inc.		26,111		328,737
AUTO COMPONENTS — 0.6%
Drew Industries, Inc. (a)(b)		9,755		239,290
Spartan Motors, Inc. (b)		16,378		78,778
Standard Motor Products, Inc. (b)		10,035		201,202
Superior Industries International, Inc. (b)		12,133		200,680
				719,950
AUTOMOBILES — 0.1%
Winnebago Industries, Inc. (a)(b)		15,059		111,135
BIOTECHNOLOGY — 0.1%
Emergent Biosolutions, Inc. (a)		4,110		69,213
Savient Pharmaceuticals, Inc. (a)(b)		18,118		40,403
				109,616
BUILDING PRODUCTS — 2.0%
A.O. Smith Corp.		11,380		456,565
AAON, Inc. (b)		4,414		90,443
Apogee Enterprises, Inc.		14,574		178,677
Gibraltar Industries, Inc. (a)(b)		15,683		218,935
Griffon Corp.		23,719		216,554
NCI Building Systems, Inc. (a)(b)		7,161		77,840
Quanex Building Products Corp. (b)		19,100		286,882
Simpson Manufacturing Co., Inc.		11,633		391,567
Universal Forest Products, Inc. (b)		10,049		310,213
				2,227,676
CAPITAL MARKETS — 1.3%
Calamos Asset Management, Inc. (Class A)		10,346		129,428
Investment Technology Group, Inc. (a)		20,577		222,437
Piper Jaffray Co., Inc. (a)(b)		7,989		161,378
Prospect Capital Corp. (b)		56,371		523,687
Stifel Financial Corp. (a)		11,800		378,190
SWS Group, Inc. (b)		14,493		99,567
				1,514,687
CHEMICALS — 2.6%
A. Schulman, Inc.		15,106		319,945
American Vanguard Corp. (b)		7,451		99,396
Calgon Carbon Corp. (a)		16,645		261,493
H.B. Fuller Co.		13,585		313,949
Koppers Holdings, Inc.		5,522		189,736
Kraton Performance Polymers, Inc. (a)(b)		7,097		144,069
LSB Industries, Inc. (a)(b)		4,790		134,264
OM Group, Inc. (a)		16,568		370,958
PolyOne Corp.		46,498		537,052
Quaker Chemical Corp. (b)		2,700		105,003
Stepan Co. (b)		1,250		100,200
Tredegar Corp.		12,018		267,040
Zep, Inc.		11,279		157,680
				3,000,785
COMMERCIAL BANKS — 9.7%
Bank of the Ozarks, Inc. (b)		6,100		180,743
BBCN Bancorp, Inc. (a)		40,160		379,512
Boston Private Financial Holdings, Inc. (b)		40,159		318,862
City Holding Co. (b)		4,299		145,693
Columbia Banking System, Inc. (b)		20,285		390,892
Community Bank System, Inc. (b)		10,221		284,144
F.N.B. Corp. (b)		71,366		807,149
First BanCorp- Puerto Rico (a)(b)		9,194		32,087
First Commonwealth Financial Corp.		54,031		284,203
First Financial Bancorp. (b)		16,508		274,693
First Financial Bankshares, Inc. (b)		6,913		231,102
First Midwest Bancorp, Inc.		38,193		386,895
Glacier Bancorp, Inc. (b)		36,848		443,281
Hanmi Financial Corp. (a)		10,539		77,989
Home Bancshares, Inc. (b)		6,779		175,644
Independent Bank Corp.-Massachusetts (b)		11,017		300,654
National Penn Bancshares, Inc. (b)		62,958		531,366
NBT Bancorp, Inc. (b)		17,023		376,719
Old National Bancorp (b)		48,551		565,619
PacWest Bancorp (b)		11,530		218,493
Pinnacle Financial Partners, Inc. (a)(b)		17,618		284,531
PrivateBancorp, Inc. (b)		30,518		335,088
S&T Bancorp, Inc.		14,409		281,696
Simmons First National Corp. (b)		8,860		240,903
Sterling Bancorp (b)		15,916		137,514
Susquehanna Bancshares, Inc. (b)		79,936		669,864
Texas Capital Bancshares, Inc. (a)(b)		11,005		336,863
Tompkins Financial Corp. (b)		1,225		47,175
UMB Financial Corp. (b)		6,341		236,202
Umpqua Holdings Corp. (b)		58,529		725,174
United Bankshares, Inc. (b)		23,099		653,009
United Community Banks, Inc. (a)(b)		9,111		63,686
Wilshire Bancorp, Inc. (a)		30,813		111,851
Wintrust Financial Corp. (b)		18,440		517,242
				11,046,538
COMMERCIAL SERVICES & SUPPLIES — 3.5%
ABM Industries, Inc. (b)		24,585		506,943
Consolidated Graphics, Inc. (a)		1,800		86,904
Encore Capital Group, Inc. (a)		2,852		60,634
G & K Services, Inc. (Class A)		9,688		282,018
Healthcare Services Group, Inc.		12,400		219,356
Interface, Inc. (Class A) (b)		29,514		340,592
Mobile Mini, Inc. (a)(b)		18,074		315,391
Sykes Enterprises, Inc. (a)		20,443		320,137
Tetra Tech, Inc. (a)		13,130		283,477
The Geo Group, Inc. (a)		32,091		537,524
The Standard Register Co.		5,891		13,726

See accompanying notes to financial statements.

153

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
UniFirst Corp. (b)		2,142	$	121,537
United Stationers, Inc. (b)		21,800		709,808
Viad Corp. (b)		10,324		180,463
				3,978,510
COMMUNICATIONS EQUIPMENT — 2.3%
Arris Group, Inc. (a)		60,444		654,004
Bel Fuse, Inc. (Class B) (b)		5,188		97,275
Black Box Corp.		9,091		254,912
Blue Coat Systems, Inc. (a)(b)		9,500		241,775
Comtech Telecommunications Corp. (b)		10,423		298,306
Digi International, Inc. (a)(b)		13,239		147,747
Harmonic, Inc. (a)		59,731		301,044
Oplink Communications, Inc. (a)		3,600		59,292
PC-Tel, Inc.		9,418		64,419
Symmetricom, Inc. (a)(b)		21,953		118,327
Tekelec (a)(b)		31,580		345,170
				2,582,271
COMPUTERS & PERIPHERALS — 0.7%
Avid Technology, Inc. (a)(b)		15,109		128,880
Intermec, Inc. (a)		26,441		181,385
Intevac, Inc. (a)(b)		11,844		87,646
Novatel Wireless, Inc. (a)		16,500		51,645
Stratasys, Inc. (a)		3,600		109,476
Super Micro Computer, Inc. (a)(b)		14,202		222,687
				781,719
CONSTRUCTION & ENGINEERING — 1.7%
Aegion Corp. (a)(b)		20,041		307,429
Comfort Systems USA, Inc.		19,330		207,218
Dycom Industries, Inc. (a)		17,290		361,707
EMCOR Group, Inc.		34,134		915,132
Orion Marine Group, Inc. (a)(b)		14,000		93,100
				1,884,586
CONSTRUCTION MATERIALS — 0.7%
Eagle Materials, Inc.		14,563		373,687
Headwaters, Inc. (a)(b)		18,548		41,176
Texas Industries, Inc.		14,323		440,862
				855,725
CONTAINERS & PACKAGING — 0.2%
Myers Industries, Inc.		16,929		208,904
DISTRIBUTORS — 0.4%
Pool Corp. (b)		12,953		389,886
VOXX International Corp. (a)(b)		9,294		78,534
				468,420
DIVERSIFIED CONSUMER SERVICES — 0.7%
Career Education Corp. (a)		30,900		246,273
Corinthian Colleges, Inc. (a)(b)		43,684		94,794
Hillenbrand, Inc. (b)		10,645		237,597
Lincoln Educational Services Corp.		11,686		92,319
School Specialty, Inc. (a)(b)		7,991		19,978
Universal Technical Institute, Inc. (a)(b)		4,500		57,510
				748,471
DIVERSIFIED FINANCIAL SERVICES — 0.3%
Interactive Brokers Group, Inc. (Class A)		19,944		297,963
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%
Cbeyond, Inc. (a)		15,600		124,956
Cincinnati Bell, Inc. (a)(b)		100,894		305,709
General Communication, Inc. (Class A) (a)		10,042		98,311
Lumos Networks Corp.		7,568		116,093
Neutral Tandem, Inc. (a)		4,700		50,243
				695,312
ELECTRIC UTILITIES — 1.4%
ALLETE, Inc.		8,188		343,732
Central Vermont Public Service Corp.		3,628		127,343
El Paso Electric Co.		7,858		272,201
UIL Holdings Corp. (b)		16,021		566,663
Unisource Energy Corp.		7,604		280,740
				1,590,679
ELECTRICAL EQUIPMENT — 2.1%
Belden, Inc.		15,014		499,666
Brady Corp. (Class A)		26,814		846,518
Encore Wire Corp. (b)		9,881		255,918
EnerSys (a)		24,300		631,071
Powell Industries, Inc. (a)(b)		4,579		143,231
Vicor Corp.		4,800		38,208
				2,414,612
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.2%
Agilysys, Inc. (a)(b)		7,410		58,910
Anixter International, Inc. (a)		14,230		848,677
Badger Meter, Inc.		2,527		74,370
Benchmark Electronics, Inc. (a)(b)		29,604		398,766
Brightpoint, Inc. (a)		34,941		375,965
Checkpoint Systems, Inc. (a)(b)		20,680		226,239
CTS Corp. (b)		17,637		162,260
Daktronics, Inc.		19,014		181,964
Electro Scientific Industries, Inc. (a)		12,513		181,188
FEI Co. (a)		5,940		242,233
Insight Enterprises, Inc. (a)		22,612		345,738
Measurement Specialties, Inc. (a)(b)		2,600		72,696
Mercury Computer Systems, Inc. (a)		7,300		97,017
Methode Electronics, Inc. (Class A) (b)		19,045		157,883
Newport Corp. (a)		19,212		261,475
Park Electrochemical Corp. (b)		6,045		154,873
Plexus Corp. (a)(b)		17,670		483,805
Pulse Electronics Corp. (b)		21,208		59,382
RadiSys Corp. (a)(b)		11,712		59,263
Rofin-Sinar Technologies, Inc. (a)(b)		7,672		175,305
Rogers Corp. (a)		2,977		109,732
Scansource, Inc. (a)(b)		13,841		498,276
SYNNEX Corp. (a)(b)		13,175		401,311
TTM Technologies, Inc. (a)(b)		26,400		289,344
				5,916,672
ENERGY EQUIPMENT & SERVICES — 2.4%
Basic Energy Services, Inc. (a)(b)		9,861		194,262
Bristow Group, Inc.		18,513		877,331

See accompanying notes to financial statements.

154

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Exterran Holdings, Inc. (a)		31,900	$	290,239
Gulf Island Fabrication, Inc. (b)		7,368		215,219
Hornbeck Offshore Services, Inc. (a)(b)		8,494		263,484
ION Geophysical Corp. (a)(b)		44,601		273,404
Matrix Service Co. (a)		12,954		122,286
Pioneer Drilling Co. (a)		18,071		174,927
Tetra Technologies, Inc. (a)		39,546		369,360
				2,780,512
FOOD & STAPLES RETAILING — 1.1%
Nash Finch Co. (b)		6,232		182,473
Spartan Stores, Inc. (b)		11,759		217,541
The Andersons, Inc. (b)		9,480		413,897
United Natural Foods, Inc. (a)		10,251		410,143
				1,224,054
FOOD PRODUCTS — 1.7%
B&G Foods, Inc. (b)		13,192		317,531
Cal-Maine Foods, Inc.		7,343		268,534
Calavo Growers, Inc.		2,500		64,200
Darling International, Inc. (a)		31,800		422,622
Diamond Foods, Inc. (b)		4,483		144,666
Hain Celestial Group, Inc. (a)		8,406		308,164
Seneca Foods Corp. (a)(b)		4,741		122,413
Snyders-Lance, Inc. (b)		13,663		307,417
				1,955,547
GAS UTILITIES — 2.1%
New Jersey Resources Corp. (b)		9,741		479,257
Northwest Natural Gas Co. (b)		5,610		268,887
Piedmont Natural Gas Co., Inc.		20,030		680,620
Southwest Gas Corp.		12,689		539,156
The Laclede Group, Inc. (b)		11,377		460,427
				2,428,347
HEALTH CARE EQUIPMENT & SUPPLIES — 1.9%
Align Technology, Inc. (a)		11,600		275,210
Cantel Medical Corp.		2,028		56,642
CONMED Corp. (a)(b)		14,358		368,570
CryoLife, Inc. (a)(b)		14,539		69,787
Greatbatch, Inc. (a)(b)		3,898		86,146
Integra LifeSciences Holdings Corp. (a)		2,800		86,324
Invacare Corp. (b)		16,404		250,817
Kensey Nash Corp. (a)(b)		1,300		24,947
Meridian Bioscience, Inc. (b)		8,895		167,582
Merit Medical Systems, Inc. (a)		8,836		118,226
Natus Medical, Inc. (a)(b)		15,155		142,912
Palomar Medical Technologies, Inc. (a)		10,059		93,549
SurModics, Inc. (a)		4,908		71,951
Symmetry Medical, Inc. (a)		18,676		149,221
West Pharmaceutical Services, Inc. (b)		6,073		230,470
				2,192,354
HEALTH CARE PROVIDERS & SERVICES — 2.4%
Almost Family, Inc. (a)(b)		4,200		69,636
Amedisys, Inc. (a)(b)		15,131		165,079
AMN Healthcare Services, Inc. (a)		19,880		88,068
AmSurg Corp. (a)(b)		6,011		156,527
Bio-Reference Laboratories, Inc. (a)(b)		4,900		79,723
Centene Corp. (a)		8,532		337,782
Cross Country Healthcare, Inc. (a)(b)		15,182		84,260
Gentiva Health Services, Inc. (a)		15,910		107,393
Hanger Orthopedic Group, Inc. (a)		17,107		319,730
Healthways, Inc. (a)(b)		16,412		112,586
Kindred Healthcare, Inc. (a)		26,682		314,047
LHC Group, Inc. (a)(b)		8,128		104,282
Molina Healthcare, Inc. (a)(b)		14,577		325,504
PharMerica Corp. (a)(b)		15,145		229,901
PSS World Medical, Inc. (a)(b)		9,989		241,634
				2,736,152
HEALTH CARE TECHNOLOGY — 0.1%
Omnicell, Inc. (a)		10,048		165,993
HOTELS, RESTAURANTS & LEISURE — 2.7%
Boyd Gaming Corp. (a)(b)		28,056		209,298
Cracker Barrel Old Country Store, Inc.		4,100		206,681
Interval Leisure Group, Inc. (a)		11,100		151,071
Jack in the Box, Inc. (a)		22,626		472,883
Marcus Corp.		10,288		129,732
Marriott Vacations Worldwide Corp. (a)		13,900		238,524
Monarch Casino & Resort, Inc. (a)		5,897		60,090
Multimedia Games Holding Co., Inc. (a)(b)		9,099		72,246
O’Charleys, Inc. (a)(b)		9,069		49,789
P.F. Chang’s China Bistro, Inc.		4,300		132,913
Pinnacle Entertainment, Inc. (a)		31,976		324,876
Red Robin Gourmet Burgers, Inc. (a)(b)		5,606		155,286
Ruby Tuesday, Inc. (a)(b)		32,246		222,497
Ruth’s Hospitality Group, Inc. (a)(b)		18,152		90,216
Shuffle Master, Inc. (a)(b)		15,495		181,601
Sonic Corp. (a)		31,927		214,869
Texas Roadhouse, Inc. (Class A)		12,200		181,780
				3,094,352
HOUSEHOLD DURABLES — 1.6%
Blyth, Inc. (b)		811		46,065
Ethan Allen Interiors, Inc. (b)		13,309		315,556
Helen of Troy, Ltd. (a)		6,942		213,119
La-Z-Boy, Inc. (a)(b)		26,544		315,874
M/I Homes, Inc. (a)(b)		9,165		87,984
Meritage Homes Corp. (a)(b)		14,374		333,333
Standard Pacific Corp. (a)(b)		52,076		165,602
The Ryland Group, Inc.		11,900		187,544
Universal Electronics, Inc. (a)(b)		7,600		128,212
				1,793,289
HOUSEHOLD PRODUCTS — 0.2%
Central Garden & Pet Co. (Class A) (a)(b)		22,016		183,173
INDUSTRIAL CONGLOMERATES — 0.2%
Standex International Corp.		6,470		221,080
INSURANCE — 3.9%
AMERISAFE, Inc. (a)(b)		9,275		215,644
Delphi Financial Group, Inc.		28,003		1,240,533
eHealth, Inc. (a)		3,200		47,040

See accompanying notes to financial statements.

155

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Employers Holdings, Inc. (b)		17,958	$	324,860
Horace Mann Educators Corp.		20,520		281,329
Meadowbrook Insurance Group, Inc.		26,323		281,130
National Financial Partners Corp. (a)(b)		21,155		286,016
Presidential Life Corp. (b)		10,969		109,580
Safety Insurance Group, Inc. (b)		7,738		313,234
Selective Insurance Group, Inc.		27,805		492,983
Stewart Information Services Corp. (b)		9,952		114,946
The Navigators Group, Inc. (a)(b)		2,629		125,351
Tower Group, Inc. (b)		20,379		411,044
United Fire & Casualty Co.		10,668		215,280
				4,458,970
INTERNET & CATALOG RETAIL — 0.3%
NutriSystem, Inc. (b)		14,455		186,903
PetMed Express, Inc.		10,500		108,990
				295,893
INTERNET SOFTWARE & SERVICES — 0.9%
DealerTrack Holdings, Inc. (a)		9,587		261,342
Digital River, Inc. (a)		19,200		288,384
Perficient, Inc. (a)		15,800		158,158
United Online, Inc. (b)		45,901		249,701
XO Group, Inc. (a)(b)		14,742		122,948
				1,080,533
IT SERVICES — 0.9%
Cardtronics, Inc. (a)		8,600		232,716
CIBER, Inc. (a)		37,200		143,592
CSG Systems International, Inc. (a)		7,000		102,970
Heartland Payment Systems, Inc.		7,730		188,303
iGate Corp. (a)		8,300		130,559
NCI, Inc. (Class A) (a)(b)		4,083		47,567
TeleTech Holdings, Inc. (a)		8,212		133,034
Virtusa Corp. (a)		5,100		73,848
				1,052,589
LEISURE EQUIPMENT & PRODUCTS — 0.9%
Arctic Cat, Inc. (a)		6,342		143,012
Brunswick Corp. (b)		31,088		561,449
Callaway Golf Co. (b)		33,471		185,095
JAKKS Pacific, Inc. (b)		13,387		188,891
				1,078,447
LIFE SCIENCES TOOLS & SERVICES — 0.6%
Affymetrix, Inc. (a)(b)		36,260		148,303
Cambrex Corp. (a)		15,238		109,409
Enzo Biochem, Inc. (a)(b)		10,100		22,624
eResearch Technology, Inc. (a)		11,607		54,437
PAREXEL International Corp. (a)		17,000		352,580
				687,353
MACHINERY — 5.0%
Actuant Corp. (Class A) (b)		35,205		798,801
Albany International Corp. (Class A)		14,466		334,454
Astec Industries, Inc. (a)		10,207		328,768
Barnes Group, Inc. (b)		23,999		578,616
Briggs & Stratton Corp. (b)		25,611		396,714
Cascade Corp. (b)		2,388		112,642
CIRCOR International, Inc.		5,266		185,943
EnPro Industries, Inc. (a)(b)		10,700		352,886
ESCO Technologies, Inc.		13,659		393,106
Federal Signal Corp. (a)(b)		32,004		132,817
John Bean Technologies Corp.		14,719		226,231
Kaydon Corp. (b)		9,964		303,902
Lydall, Inc. (a)(b)		8,800		83,512
Mueller Industries, Inc.		19,524		750,112
Robbins & Myers, Inc.		6,533		317,177
Tennant Co. (b)		3,190		123,995
Watts Water Technologies, Inc. (Class A) (b)		7,192		246,038
				5,665,714
MEDIA — 1.0%
Digital Generation, Inc. (a)(b)		14,200		169,264
Harte-Hanks, Inc. (b)		22,691		206,261
Live Nation Entertainment, Inc. (a)		75,703		629,092
The E.W. Scripps Co. (Class A) (a)(b)		16,039		128,473
				1,133,090
METALS & MINING — 1.9%
A.M. Castle & Co. (a)(b)		8,119		76,806
AK Steel Holding Corp.		56,500		466,690
AMCOL International Corp. (b)		5,318		142,788
Century Aluminum Co. (a)(b)		28,143		239,497
Haynes International, Inc.		2,273		124,106
Kaiser Aluminum Corp. (b)		8,091		371,215
Materion Corp. (a)		10,404		252,609
Olympic Steel, Inc. (b)		4,712		109,884
RTI International Metals, Inc. (a)(b)		15,551		360,939
				2,144,534
MULTI-UTILITIES — 1.1%
Avista Corp. (b)		29,848		768,586
CH Energy Group, Inc. (b)		2,978		173,856
NorthWestern Corp.		8,962		320,750
				1,263,192
MULTILINE RETAIL — 0.3%
Fred’s, Inc. (Class A) (b)		19,853		289,457
Tuesday Morning Corp. (a)(b)		21,839		75,344
				364,801
OIL, GAS & CONSUMABLE FUELS — 2.0%
Gulfport Energy Corp. (a)		7,800		229,710
Overseas Shipholding Group, Inc. (b)		13,544		148,036
Penn Virginia Corp. (b)		22,412		118,559
Petroleum Development Corp. (a)(b)		7,216		253,354
Petroquest Energy, Inc. (a)(b)		29,392		193,987
Stone Energy Corp. (a)		24,979		658,946
Swift Energy Co. (a)		21,714		645,340
				2,247,932
PAPER & FOREST PRODUCTS — 0.8%
Buckeye Technologies, Inc.		6,900		230,736
Clearwater Paper Corp. (a)(b)		4,694		167,153
KapStone Paper and Packaging Corp. (a)		6,000		94,440
Neenah Paper, Inc. (b)		7,688		171,596
Wausau Paper Corp.		25,303		209,003
				872,928

See accompanying notes to financial statements.

156

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
PERSONAL PRODUCTS — 0.3%
Inter Parfums, Inc. (b)		4,100	$	63,796
Prestige Brands Holdings, Inc. (a)(b)		25,828		291,082
				354,878
PHARMACEUTICALS — 0.1%
Par Pharmaceutical Cos., Inc. (a)		4,800		157,104
PROFESSIONAL SERVICES — 1.6%
CDI Corp. (b)		6,249		86,299
Heidrick & Struggles International, Inc.		9,190		197,953
Insperity, Inc.		11,516		291,930
Kelly Services, Inc. (Class A) (b)		14,645		200,344
Navigant Consulting, Inc. (a)		26,908		307,020
On Assignment, Inc. (a)		19,038		212,845
Resources Connection, Inc.		22,754		240,965
TrueBlue, Inc. (a)(b)		20,488		284,373
				1,821,729
REAL ESTATE INVESTMENT TRUSTS — 9.5%
Acadia Realty Trust		8,319		167,545
BioMed Realty Trust, Inc.		78,661		1,422,191
Cedar Shopping Centers, Inc. (b)		28,768		123,990
Colonial Properties Trust		31,817		663,703
Cousins Properties, Inc.		53,400		342,294
DiamondRock Hospitality Co.		85,562		824,818
Entertainment Properties Trust (b)		11,228		490,776
Extra Space Storage, Inc. (b)		24,650		597,270
Franklin Street Properties Corp.		36,913		367,284
Getty Realty Corp. (b)		13,902		193,933
Healthcare Realty Trust, Inc. (b)		23,429		435,545
Inland Real Estate Corp.		27,463		208,993
Kilroy Realty Corp.		14,598		555,746
Kite Realty Group Trust		32,791		147,887
LaSalle Hotel Properties		42,850		1,037,398
Lexington Realty Trust (b)		68,813		515,409
LTC Properties, Inc.		7,092		218,859
Medical Properties Trust, Inc.		56,705		559,678
Parkway Properties, Inc. (b)		11,324		111,655
Pennsylvania Real Estate Investment Trust		28,667		299,283
Post Properties, Inc.		11,605		507,371
Saul Centers, Inc. (b)		1,896		67,156
Sovran Self Storage, Inc.		6,600		281,622
Tanger Factory Outlet Centers, Inc.		18,200		533,624
Universal Health Realty Income Trust		2,195		85,605
Urstadt Biddle Properties, Inc. (Class A)		6,159		111,355
				10,870,990
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
Forestar Group, Inc. (a)		18,168		274,882
ROAD & RAIL — 0.9%
Arkansas Best Corp.		13,114		252,707
Heartland Express, Inc. (b)		16,522		236,099
Knight Transportation, Inc. (b)		16,655		260,484
Old Dominion Freight Line, Inc. (a)		6,736		273,010
				1,022,300
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%
Advanced Energy Industries, Inc. (a)		22,856		245,245
ATMI, Inc. (a)(b)		9,184		183,955
Brooks Automation, Inc. (b)		10,616		109,026
Cohu, Inc.		12,457		141,387
Diodes, Inc. (a)(b)		7,200		153,360
DSP Group, Inc. (a)		11,622		60,551
Kopin Corp. (a)(b)		18,500		71,780
Micrel, Inc.		9,500		96,045
Microsemi Corp. (a)		12,937		216,695
MKS Instruments, Inc.		10,000		278,200
Monolithic Power Systems, Inc. (a)		5,300		79,871
Nanometrics, Inc. (a)		2,800		51,576
Pericom Semiconductor Corp. (a)		12,559		95,574
Rudolph Technologies, Inc. (a)(b)		16,404		151,901
Sigma Designs, Inc. (a)(b)		16,579		99,474
Standard Microsystems Corp. (a)(b)		6,173		159,078
STR Holdings, Inc. (a)		7,898		65,001
Supertex, Inc. (a)(b)		3,821		72,140
Tessera Technologies, Inc. (a)		9,336		156,378
TriQuint Semiconductor, Inc. (a)		36,000		175,320
Ultratech, Inc. (a)(b)		4,195		103,071
				2,765,628
SOFTWARE — 1.2%
Bottomline Technologies, Inc. (a)		6,500		150,605
EPIQ Systems, Inc. (b)		8,711		104,706
Monotype Imaging Holdings, Inc. (a)(b)		9,237		144,005
Progress Software Corp. (a)		17,400		336,690
Take-Two Interactive Software, Inc. (a)		44,400		601,620
THQ, Inc. (a)(b)		32,835		24,955
				1,362,581
SPECIALTY RETAIL — 4.5%
Big 5 Sporting Goods Corp. (b)		11,135		116,250
Brown Shoe Co., Inc. (b)		21,610		192,329
Cabela’s, Inc. (a)		22,100		561,782
Christopher & Banks Corp.		17,461		40,859
Coldwater Creek, Inc. (a)(b)		42,061		49,632
Group 1 Automotive, Inc. (b)		11,645		603,211
Haverty Furniture Cos., Inc. (b)		9,406		103,278
Hot Topic, Inc. (b)		21,743		143,721
Kirkland’s, Inc. (a)		3,800		50,540
Lithia Motors, Inc. (Class A)		11,073		242,056
Lumber Liquidators Holdings, Inc. (a)		4,300		75,938
MarineMax, Inc. (a)(b)		11,412		74,406
Midas, Inc. (a)(b)		4,613		39,626
OfficeMax, Inc. (a)(b)		44,374		201,458
Pep Boys-Manny, Moe & Jack (b)		27,138		298,518
Select Comfort Corp. (a)		16,717		362,592
Sonic Automotive, Inc. (Class A) (b)		17,893		264,995
Stage Stores, Inc. (b)		15,627		217,059
Stein Mart, Inc. (a)(b)		13,573		92,432
The Cato Corp. (Class A) (b)		6,045		146,289
The Finish Line, Inc. (Class A)		13,369		257,821
The Men’s Wearhouse, Inc.		26,108		846,160
Zale Corp. (a)(b)		12,462		47,480

See accompanying notes to financial statements.

157

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

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Zumiez, Inc. (a)		3,600	$	99,936
				5,128,368
TEXTILES, APPAREL & LUXURY GOODS — 1.6%
Crocs, Inc. (a)		29,600		437,192
Iconix Brand Group, Inc. (a)		10,600		172,674
K-Swiss, Inc. (Class A) (a)(b)		13,296		38,824
Liz Claiborne, Inc. (a)(b)		24,323		209,907
Maidenform Brands, Inc. (a)		5,700		104,310
Movado Group, Inc.		8,940		162,440
Oxford Industries, Inc. (b)		4,000		180,480
Perry Ellis International, Inc. (a)(b)		6,191		88,036
Quiksilver, Inc. (a)		63,014		227,481
Skechers U.S.A., Inc. (a)(b)		19,025		230,583
				1,851,927
THRIFTS & MORTGAGE FINANCE — 1.7%
Bank Mutual Corp. (b)		22,739		72,310
Brookline Bancorp, Inc. (b)		35,904		303,030
Dime Community Bancshares		14,396		181,390
Northwest Bancshares, Inc. (b)		49,914		620,930
Oritani Financial Corp. (b)		6,138		78,382
Provident Financial Services, Inc.		27,696		370,849
TrustCo Bank Corp. NY		48,096		269,819
				1,896,710
TOBACCO — 0.1%
Alliance One International, Inc. (a)(b)		45,050		122,536
TRADING COMPANIES & DISTRIBUTORS — 0.5%
Applied Industrial Technologies, Inc. (b)		9,663		339,848
Kaman Corp. (b)		6,181		168,865
Lawson Products, Inc. (b)		1,919		29,610
				538,323
WIRELESS TELECOMMUNICATION SERVICES — 0.3%
NTELOS Holdings Corp.		7,746		157,864
USA Mobility, Inc.		11,389		157,965
				315,829
TOTAL COMMON STOCKS —
(Cost $122,948,995)				113,870,339
SHORT TERM INVESTMENTS — 18.0%
MONEY MARKET FUNDS — 18.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		20,347,986		20,347,986
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		164,067		164,067
TOTAL SHORT TERM INVESTMENTS —
(Cost $20,512,053)				20,512,053
TOTAL INVESTMENTS — 117.8% (f)
(Cost $143,461,048)				134,382,392
OTHER ASSETS & LIABILITIES — (17.8)%				(20,348,616	)
NET ASSETS — 100.0%			$	114,033,776

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(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.

158

SPDR Global Dow ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.5%
AUSTRALIA — 1.3%
BHP Billiton, Ltd.		16,379	$	577,972
National Australia Bank, Ltd.		26,975		646,016
				1,223,988
BELGIUM — 0.8%
Anheuser-Busch InBev NV		12,340		757,787
BRAZIL — 2.0%
Cia Energetica de Minas Gerais Preference Shares		40,022		713,862
Petroleo Brasileiro SA ADR		25,942		609,378
Petroleo Brasileiro SA Preference Shares		1,500		17,282
Vale SA Preference Shares		28,037		568,481
				1,909,003
CANADA — 1.5%
Potash Corp. of Saskatchewan, Inc.		11,256		465,495
Research In Motion, Ltd. (a)		21,128		307,090
Royal Bank of Canada (b)		13,416		684,865
				1,457,450
CHINA — 3.1%
China Construction Bank Corp.		929,669		648,779
China Petroleum & Chemical Corp.		706,262		742,946
Industrial & Commercial Bank of China		1,067,204		633,457
PetroChina Co., Ltd.		548,241		682,601
Suntech Power Holdings Co., Ltd. ADR (a)		152,181		336,320
				3,044,103
DENMARK — 0.4%
Vestas Wind Systems A/S (a)(b)		35,338		382,676
FINLAND — 0.5%
Nokia Oyj		102,942		504,068
FRANCE — 5.5%
BNP Paribas		14,773		582,039
Carrefour SA		28,320		647,591
Compagnie de Saint-Gobain		14,790		569,557
GDF Suez		23,199		636,045
LVMH Moet Hennessy Louis Vuitton SA		4,140		587,953
Societe Generale		24,381		544,542
Total SA		14,148		725,466
Veolia Environnement		43,796		481,495
Vinci SA		13,889		608,693
				5,383,381
GERMANY — 4.9%
Allianz SE		7,218		692,540
BASF SE		10,221		715,034
Daimler AG		14,168		623,863
Deutsche Bank AG		19,112		730,289
E.ON AG		33,655		728,300
SAP AG		12,806		679,095
Siemens AG		7,000		671,896
				4,841,017
HONG KONG — 2.9%
China Mobile, Ltd.		64,882		634,067
China Unicom (Hong Kong), Ltd. (b)		309,126		650,364
CLP Holdings, Ltd.		73,072		621,431
Esprit Holdings, Ltd.		271,644		350,459
Hutchison Whampoa, Ltd.		74,137		620,942
				2,877,263
INDIA — 2.2%
Bharti Airtel, Ltd.		81,078		524,438
Infosys Technologies, Ltd. ADR		13,156		675,955
Reliance Industries, Ltd. GDR (c)		18,037		479,784
Tata Steel, Ltd. GDR		62,475		449,508
				2,129,685
ITALY — 1.1%
Assicurazioni Generali SpA		41,275		623,149
UniCredit SpA		56,729		472,786
				1,095,935
JAPAN — 10.2%
Bridgestone Corp. (b)		30,335		687,998
Canon, Inc. (b)		14,656		649,558
Honda Motor Co., Ltd. (b)		21,731		663,171
Komatsu, Ltd.		27,375		640,078
Mitsubishi Corp.		29,087		587,864
Mitsubishi UFJ Financial Group, Inc. (b)		157,625		669,916
Mitsui & Co., Ltd.		41,022		638,203
Mizuho Financial Group, Inc.		464,588		627,985
Nintendo Co., Ltd.		3,865		532,480
Nippon Steel Corp. (b)		222,823		556,044
Panasonic Corp.		67,011		569,602
Seven & I Holdings Co., Ltd.		24,742		689,779
Sony Corp.		33,119		594,885
Takeda Pharmaceutical Co., Ltd.		13,867		609,182
Toshiba Corp. (b)		172,011		704,230
Toyota Motor Corp.		19,124		637,550
				10,058,525
LUXEMBOURG — 0.6%
ArcelorMittal		33,793		619,860
MEXICO — 0.6%
America Movil SAB de CV		545,383		618,255
NETHERLANDS — 0.8%
Royal Dutch Shell PLC (Class A)		20,790		759,727
NETHERLANDS ANTILLES — 0.6%
Schlumberger, Ltd.		8,821		602,563
NORWAY — 0.2%
Renewable Energy Corp. ASA (a)(b)		426,679		237,364
PORTUGAL — 0.7%
EDP — Energias de Portugal SA		206,568		641,162
RUSSIA — 0.6%
Gazprom OAO ADR		56,525		602,557
SOUTH KOREA — 1.7%
LG Electronics, Inc. (a)		12,684		819,175
Samsung Electronics Co., Ltd. GDR		1,836		845,845
				1,665,020
SPAIN — 2.0%
Banco Bilbao Vizcaya Argentaria SA (b)		83,279		722,166
Banco Santander SA		83,032		632,716

See accompanying notes to financial statements.

159

SPDR Global Dow ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Telefonica SA		34,533	$	600,036
				1,954,918
SWEDEN — 0.6%
Telefonaktiebolaget LM Ericsson (Class B)		60,161		617,819
SWITZERLAND — 4.0%
ABB, Ltd. (a)		34,711		656,283
Credit Suisse Group AG (a)		26,935		635,713
Nestle SA		11,660		673,340
Novartis AG		11,764		675,571
Roche Holding AG		4,065		692,063
UBS AG (a)		51,886		620,346
				3,953,316
TAIWAN — 0.7%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		56,548		730,035
UNITED KINGDOM — 6.8%
Anglo American PLC		16,817		621,759
AstraZeneca PLC		14,513		671,001
BAE Systems PLC		149,468		662,254
BP PLC		108,861		779,078
GlaxoSmithKline PLC		31,527		720,978
HSBC Holdings PLC		80,237		612,321
HSBC Holdings PLC ADR		2		76
National Grid PLC		65,881		639,911
Rio Tinto PLC		11,213		544,567
Tesco PLC		109,273		685,144
Vodafone Group PLC		253,039		703,521
				6,640,610
UNITED STATES — 43.2%
3M Co.		8,360		683,263
Abbott Laboratories		13,010		731,552
Alcoa, Inc.		55,398		479,193
Amazon.com, Inc. (a)		3,022		523,108
American Express Co.		13,464		635,097
Amgen, Inc.		12,084		775,914
Apple, Inc. (a)		1,718		695,790
AT&T, Inc.		23,860		721,526
Bank of America Corp.		92,549		514,572
Baxter International, Inc.		12,154		601,380
Carnival Corp.		21,083		688,149
Caterpillar, Inc.		7,709		698,435
Chevron Corp.		6,750		718,200
Cisco Systems, Inc.		40,948		740,340
Colgate-Palmolive Co.		7,368		680,729
ConocoPhillips		10,076		734,238
Deere & Co.		8,585		664,050
E. I. du Pont de Nemours & Co.		14,356		657,218
eBay, Inc. (a)		21,794		661,012
Exxon Mobil Corp.		9,170		777,249
FedEx Corp.		8,860		739,899
First Solar, Inc. (a)		7,682		259,344
Freeport-McMoRan Copper & Gold, Inc.		15,005		552,034
General Electric Co.		43,083		771,617
Gilead Sciences, Inc. (a)		16,860		690,080
Google, Inc. (Class A) (a)		1,241		801,562
Hewlett-Packard Co.		27,863		717,751
Honeywell International, Inc.		14,456		785,684
Intel Corp.		33,531		813,127
International Business Machines Corp.		3,999		735,336
Johnson & Johnson		10,293		675,015
JPMorgan Chase & Co.		19,893		661,442
Kraft Foods, Inc. (Class A)		18,993		709,578
McDonald’s Corp.		7,568		759,297
Medco Health Solutions, Inc. (a)		12,435		695,116
Medtronic, Inc.		19,208		734,706
Merck & Co., Inc.		20,313		765,800
Microsoft Corp.		25,366		658,501
Monsanto Co.		9,840		689,489
News Corp. (Class A)		40,862		728,978
NIKE, Inc. (Class B)		7,775		749,277
Pfizer, Inc.		35,434		766,792
Philip Morris International, Inc.		9,749		765,101
Southwest Airlines Co.		81,945		701,449
SunPower Corp. (a)		53,277		331,916
The Bank of New York Mellon Corp.		33,127		659,559
The Boeing Co.		10,624		779,270
The Coca-Cola Co.		9,348		654,080
The Goldman Sachs Group, Inc.		6,371		576,130
The Home Depot, Inc.		20,569		864,721
The NASDAQ OMX Group, Inc. (a)		28,854		707,212
The Procter & Gamble Co.		10,617		708,260
The Travelers Cos., Inc.		13,354		790,156
The Walt Disney Co.		20,855		782,062
Time Warner, Inc.		22,082		798,043
United Parcel Service, Inc. (Class B)		10,117		740,463
United Technologies Corp.		9,151		668,847
Verizon Communications, Inc.		18,898		758,188
Visa, Inc. (Class A)		7,653		777,009
Wal-Mart Stores, Inc.		12,728		760,625
Wells Fargo & Co.		27,335		753,353
				42,417,884
TOTAL COMMON STOCKS —
(Cost $119,634,887)				97,725,971
SHORT TERM INVESTMENTS — 2.5%
MONEY MARKET FUNDS — 2.5%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		2,476,241		2,476,241
State Street Institutional Liquid Reserves Fund 0.15% (e)(f)		100		100
TOTAL SHORT TERM INVESTMENTS —
(Cost $2,476,341)				2,476,341
TOTAL INVESTMENTS — 102.0% (g)
(Cost $122,111,228)				100,202,312
OTHER ASSETS & LIABILITIES — (2.0)%				(1,986,220	)
NET ASSETS — 100.0%			$	98,216,092

See accompanying notes to financial statements.

160

SPDR Global Dow ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of December 31, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Investment 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

PLC = Public Limited Company

See accompanying notes to financial statements.

161

SPDR Dow Jones REIT ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
DIVERSIFIED REITS — 6.8%
Colonial Properties Trust		396,009	$	8,260,748
Cousins Properties, Inc.		380,659		2,440,024
Liberty Property Trust (a)		520,523		16,073,750
PS Business Parks, Inc.		85,125		4,718,479
Vornado Realty Trust		837,293		64,354,340
Washington Real Estate Investment Trust (a)		299,550		8,192,692
				104,040,033
INDUSTRIAL REITS — 5.5%
DCT Industrial Trust, Inc. (a)		1,116,440		5,716,173
DuPont Fabros Technology, Inc.		283,829		6,874,338
EastGroup Properties, Inc. (a)		122,451		5,324,170
First Industrial Realty Trust, Inc. (a)(b)		362,579		3,709,183
First Potomac Realty Trust		226,464		2,955,355
ProLogis		2,085,966		59,637,768
				84,216,987
OFFICE REITS — 16.2%
Alexandria Real Estate Equities, Inc.		281,510		19,415,745
BioMed Realty Trust, Inc.		697,171		12,604,852
Boston Properties, Inc.		661,672		65,902,531
Brandywine Realty Trust		611,035		5,804,833
CommonWealth REIT		380,184		6,326,262
Corporate Office Properties Trust (a)		326,530		6,942,028
Digital Realty Trust, Inc. (a)		477,033		31,803,790
Douglas Emmett, Inc. (a)		580,015		10,579,474
Duke Realty Corp.		1,145,797		13,806,854
Franklin Street Properties Corp. (a)		334,472		3,327,996
Highwoods Properties, Inc. (a)		329,005		9,761,578
Kilroy Realty Corp. (a)		265,661		10,113,714
Mack-Cali Realty Corp. (a)		395,161		10,546,847
Parkway Properties, Inc. (a)		100,204		988,011
Piedmont Office Realty Trust, Inc. (Class A) (a)		784,635		13,370,180
SL Green Realty Corp.		388,419		25,884,242
				247,178,937
RESIDENTIAL REITS — 19.3%
American Campus Communities, Inc. (a)		316,031		13,260,661
Apartment Investment & Management Co. (Class A)		548,970		12,576,903
AvalonBay Communities, Inc.		427,392		55,817,395
BRE Properties, Inc.		339,617		17,143,866
Camden Property Trust		323,467		20,132,586
Education Realty Trust, Inc.		409,549		4,189,686
Equity Lifestyle Properties, Inc.		176,947		11,800,595
Equity Residential		1,338,553		76,337,678
Essex Property Trust, Inc. (a)		153,692		21,595,263
Home Properties, Inc. (a)		219,309		12,625,619
Mid-America Apartment Communities, Inc.		168,825		10,560,004
Post Properties, Inc.		229,384		10,028,668
Sun Communities, Inc. (a)		90,005		3,287,883
UDR, Inc.		995,676		24,991,468
				294,348,275
RETAIL REITS — 25.0%
Acadia Realty Trust (a)		193,498		3,897,050
CBL & Associates Properties, Inc. (a)		639,630		10,042,191
Cedar Shopping Centers, Inc. (a)		242,205		1,043,904
DDR Corp.		1,030,732		12,544,008
Equity One, Inc. (a)		281,413		4,778,393
Federal Realty Investment Trust		282,637		25,649,308
General Growth Properties, Inc.		1,748,290		26,259,316
Inland Real Estate Corp. (a)		349,707		2,661,270
Kimco Realty Corp.		1,847,280		29,999,827
Kite Realty Group Trust		273,448		1,233,250
Pennsylvania Real Estate Investment Trust		251,092		2,621,401
Ramco-Gershenson Properties Trust		177,634		1,746,142
Regency Centers Corp.		408,567		15,370,291
Saul Centers, Inc. (a)		36,320		1,286,454
Simon Property Group, Inc.		1,330,771		171,589,613
Tanger Factory Outlet Centers, Inc. (a)		390,441		11,447,730
Taubman Centers, Inc.		263,093		16,338,075
The Macerich Co.		599,488		30,334,093
Weingarten Realty Investors (a)		549,205		11,983,653
				380,825,969
SPECIALIZED REITS — 26.9%
Ashford Hospitality Trust, Inc.		308,510		2,468,080
CubeSmart		518,027		5,511,807
DiamondRock Hospitality Co.		764,777		7,372,450
Extra Space Storage, Inc. (a)		428,358		10,379,114
FelCor Lodging Trust, Inc. (b)		569,088		1,735,719
HCP, Inc.		1,845,259		76,449,081
Health Care REIT, Inc.		862,462		47,030,053
Healthcare Realty Trust, Inc.		353,418		6,570,041
Hersha Hospitality Trust		682,433		3,330,273
Hospitality Properties Trust		560,755		12,886,150
Host Hotels & Resorts, Inc.		3,209,238		47,400,445
LaSalle Hotel Properties		386,677		9,361,450
Public Storage		640,870		86,171,380
Senior Housing Properties Trust		739,179		16,587,177
Sovran Self Storage, Inc.		124,921		5,330,379
Sunstone Hotel Investors, Inc. (b)		534,894		4,359,386
Universal Health Realty Income Trust (a)		53,633		2,091,687
Ventas, Inc.		1,190,782		65,647,811
				410,682,483
TOTAL COMMON STOCKS —
(Cost $1,518,185,743)				1,521,292,684

See accompanying notes to financial statements.

162

SPDR Dow Jones REIT ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
SHORT TERM INVESTMENTS — 4.2%
MONEY MARKET FUNDS — 4.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		61,436,309	$	61,436,309
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		3,209,222		3,209,222
TOTAL SHORT TERM INVESTMENTS —
(Cost $64,645,531)				64,645,531
TOTAL INVESTMENTS — 103.9% (f)
(Cost $1,582,831,274)				1,585,938,215
OTHER ASSETS & LIABILITIES — (3.9)%				(60,085,430	)
NET ASSETS — 100.0%			$	1,525,852,785

(a)	A portion of the security was on loan at December 31, 2011.
(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.

163

SPDR S&P Bank ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
ASSET MANAGEMENT & CUSTODY BANKS — 5.2%
Northern Trust Corp.		736,493	$	29,209,313
The Bank of New York Mellon Corp.		1,493,509		29,735,764
				58,945,077
DIVERSIFIED BANKS — 7.8%
Comerica, Inc.		1,104,621		28,499,222
U.S. Bancorp		1,113,484		30,119,742
Wells Fargo & Co.		1,087,761		29,978,693
				88,597,657
OTHER DIVERSIFIED FINANCIAL SERVICES — 7.4%
Bank of America Corp.		5,117,399		28,452,739
Citigroup, Inc.		1,017,453		26,769,188
JPMorgan Chase & Co.		882,129		29,330,789
				84,552,716
REGIONAL BANKS — 68.8%
Associated Banc-Corp.		2,745,964		30,672,418
Bank of Hawaii Corp. (a)		679,386		30,225,883
BB&T Corp.		1,230,308		30,966,852
CapitalSource, Inc.		4,690,867		31,428,809
CIT Group, Inc. (b)		857,167		29,889,413
City National Corp. (a)		684,216		30,228,663
Commerce Bancshares, Inc. (a)		776,202		29,588,820
Cullen/Frost Bankers, Inc. (a)		561,616		29,715,103
East West Bancorp, Inc.		1,526,985		30,157,954
Fifth Third Bancorp		2,339,892		29,763,426
First Horizon National Corp.		3,738,351		29,906,808
Fulton Financial Corp.		3,071,459		30,131,013
Hancock Holding Co. (a)		931,339		29,774,908
Huntington Bancshares, Inc.		5,564,995		30,551,823
Keycorp		3,966,358		30,501,293
M&T Bank Corp. (a)		400,862		30,601,805
PNC Financial Services Group, Inc.		523,570		30,194,282
Popular, Inc. (b)		22,175,398		30,823,803
Prosperity Bancshares, Inc. (a)		738,094		29,782,093
Regions Financial Corp.		7,104,677		30,550,111
Signature Bank (a)(b)		495,252		29,710,167
SunTrust Banks, Inc.		1,699,770		30,085,929
SVB Financial Group (b)		618,583		29,500,223
TCF Financial Corp. (a)		2,872,579		29,645,015
Valley National Bancorp (a)		2,441,348		30,199,475
Zions Bancorporation (a)		1,888,485		30,744,536
				785,340,625
THRIFTS & MORTGAGE FINANCE — 10.5%
First Niagara Financial Group, Inc.		3,352,920		28,935,700
Hudson City Bancorp, Inc.		4,936,170		30,851,062
New York Community Bancorp, Inc. (a)		2,433,284		30,099,723
People’s United Financial, Inc. (a)		2,341,670		30,090,460
				119,976,945
TOTAL COMMON STOCKS —
(Cost $1,243,594,439)				1,137,413,020
SHORT TERM INVESTMENTS — 7.2%
MONEY MARKET FUNDS — 7.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		80,284,283		80,284,283
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		1,785,280		1,785,280
TOTAL SHORT TERM INVESTMENTS —
(Cost $82,069,563)				82,069,563
TOTAL INVESTMENTS — 106.9% (f)
(Cost $1,325,664,002)				1,219,482,583
OTHER ASSETS & LIABILITIES — (6.9)%				(78,873,734	)
NET ASSETS — 100.0%			$	1,140,608,849

(a)	A portion of the security was on loan at December 31, 2011.
(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.

164

SPDR S&P Capital Markets ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
ASSET MANAGEMENT & CUSTODY BANKS — 62.1%
Affiliated Managers Group, Inc. (a)		6,719	$	644,688
American Capital, Ltd. (a)		90,962		612,174
Ameriprise Financial, Inc.		13,673		678,728
Apollo Investment Corp. (b)		91,095		586,652
Ares Capital Corp.		41,118		635,273
BlackRock Kelso Capital Corp. (b)		20,413		166,570
BlackRock, Inc.		3,729		664,657
Cohen & Steers, Inc. (b)		16,258		469,856
Eaton Vance Corp. (b)		26,453		625,349
Federated Investors, Inc. (Class B) (b)		41,231		624,650
Fifth Street Finance Corp. (b)		39,617		379,135
Financial Engines, Inc. (a)(b)		19,405		433,314
Franklin Resources, Inc. (b)		6,445		619,107
Hercules Technology Growth Capital, Inc. (b)		10,975		103,604
Invesco, Ltd.		30,917		621,122
Janus Capital Group, Inc. (b)		99,386		627,126
Legg Mason, Inc. (b)		24,657		593,001
MCG Capital Corp. (b)		21,562		86,032
Northern Trust Corp.		16,206		642,730
PennantPark Investment Corp. (b)		15,260		153,973
Prospect Capital Corp. (b)		63,188		587,016
SEI Investments Co. (b)		38,379		665,876
State Street Corp. (c)		15,734		634,237
T. Rowe Price Group, Inc. (b)		11,111		632,771
The Bank of New York Mellon Corp.		32,758		652,212
Triangle Capital Corp.		7,700		147,224
Waddell & Reed Financial, Inc. (Class A) (b)		24,305		602,035
				13,889,112
INVESTMENT BANKING & BROKERAGE — 37.5%
BGC Partners, Inc. (Class A)		47,681		283,225
E*TRADE Financial Corp. (a)		72,285		575,389
Evercore Partners, Inc. (Class A)		11,094		295,322
Greenhill & Co., Inc. (b)		16,124		586,430
Investment Technology Group, Inc. (a)(b)		23,476		253,776
Jefferies Group, Inc. (b)		51,069		702,199
KBW, Inc. (b)		12,965		196,809
Knight Capital Group, Inc. (Class A) (a)(b)		50,831		600,822
Lazard, Ltd. (Class A)		26,777		699,147
LPL Investment Holdings, Inc. (a)(b)		10,096		308,332
Morgan Stanley		39,318		594,881
Piper Jaffray Co., Inc. (a)(b)		8,760		176,952
Raymond James Financial, Inc. (b)		20,978		649,479
Stifel Financial Corp. (a)		20,391		653,531
TD Ameritrade Holding Corp.		39,463		617,596
The Charles Schwab Corp. (b)		53,803		605,822
The Goldman Sachs Group, Inc.		6,348		574,050
				8,373,762
TOTAL COMMON STOCKS —
(Cost $31,312,347)				22,262,874
SHORT TERM INVESTMENTS — 24.4%
MONEY MARKET FUNDS — 24.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		5,429,510		5,429,510
State Street Institutional Liquid Reserves Fund 0.15% (e)(f)		32,410		32,410
TOTAL SHORT TERM INVESTMENTS —
(Cost $5,461,920)				5,461,920
TOTAL INVESTMENTS — 124.0% (g)
(Cost $36,774,267)				27,724,794
OTHER ASSETS & LIABILITIES — (24.0)%				(5,363,484	)
NET ASSETS — 100.0%			$	22,361,310

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(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.

165

SPDR S&P Insurance ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
INSURANCE BROKERS — 10.0%
AON Corp.		63,528	$	2,973,111
Arthur J. Gallagher & Co. (a)		90,329		3,020,602
Brown & Brown, Inc.		135,010		3,055,276
Marsh & McLennan Cos., Inc.		94,644		2,992,643
				12,041,632
LIFE & HEALTH INSURANCE — 19.3%
Aflac, Inc.		67,135		2,904,260
Lincoln National Corp.		146,689		2,848,701
MetLife, Inc.		92,435		2,882,123
Principal Financial Group, Inc.		119,851		2,948,335
Protective Life Corp.		131,126		2,958,203
Prudential Financial, Inc.		58,353		2,924,652
Torchmark Corp.		68,116		2,955,553
Unum Group		136,904		2,884,567
				23,306,394
MULTI-LINE INSURANCE — 16.7%
American Financial Group, Inc.		80,435		2,967,247
American International Group, Inc. (b)		121,892		2,827,894
Assurant, Inc.		73,569		3,020,743
Genworth Financial, Inc. (Class A) (b)		435,462		2,852,276
Hartford Financial Services Group, Inc.		168,033		2,730,536
HCC Insurance Holdings, Inc.		108,661		2,988,178
Loews Corp.		76,238		2,870,361
				20,257,235
PROPERTY & CASUALTY INSURANCE — 32.3%
ACE, Ltd.		42,422		2,974,631
Allied World Assurance Company Holdings, Ltd.		49,897		3,140,018
Assured Guaranty, Ltd.		219,322		2,881,891
Axis Capital Holdings, Ltd.		94,195		3,010,472
Cincinnati Financial Corp. (a)		99,115		3,019,043
Fidelity National Financial, Inc. (Class A) (a)		183,306		2,920,065
Old Republic International Corp. (a)		317,428		2,942,557
ProAssurance Corp. (a)		36,839		2,940,489
The Allstate Corp.		109,185		2,992,761
The Chubb Corp.		42,690		2,955,002
The Progressive Corp.		160,406		3,129,521
The Travelers Cos., Inc.		52,465		3,104,354
W.R. Berkley Corp.		87,870		3,021,849
				39,032,653
REINSURANCE — 21.5%
Alterra Capital Holdings Ltd. (a)		97,911		2,313,637
Arch Capital Group, Ltd. (b)		78,534		2,923,821
Everest Re Group, Ltd.		35,347		2,972,329
PartnerRe, Ltd.		45,962		2,951,220
Reinsurance Group of America, Inc.		57,227		2,990,111
RenaissanceRe Holdings, Ltd.		40,222		2,991,310
Transatlantic Holdings, Inc.		53,545		2,930,518
Validus Holdings, Ltd.		97,345		3,066,368
XL Group PLC		142,959		2,826,299
				25,965,613
TOTAL COMMON STOCKS —
(Cost $130,186,612)				120,603,527
SHORT TERM INVESTMENTS — 2.7%
MONEY MARKET FUNDS — 2.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		3,187,950		3,187,950
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		142,450		142,450
TOTAL SHORT TERM INVESTMENTS —
(Cost $3,330,400)				3,330,400
TOTAL INVESTMENTS — 102.5% (f)
(Cost $133,517,012)				123,933,927
OTHER ASSETS & LIABILITIES — (2.5)%				(3,036,748	)
NET ASSETS — 100.0%			$	120,897,179

(a)	A portion of the security was on loan at December 31, 2011.
(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)

PLC = Public Limited Company

See accompanying notes to financial statements.

166

SPDR S&P Mortgage Finance ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
COMMERCIAL BANKS — 2.6%
First Niagara Financial Group, Inc. (a)		10,039	$	86,636
				86,636
HOUSEHOLD DURABLES — 18.4%
D.R. Horton, Inc. (a)		6,922		87,287
Lennar Corp. (Class A) (a)		4,462		87,678
M.D.C. Holdings, Inc. (a)		4,834		85,223
NVR, Inc. (a)(b)		130		89,180
Pulte Group, Inc. (a)(b)		13,867		87,501
The Ryland Group, Inc. (a)		5,484		86,428
Toll Brothers, Inc. (a)(b)		4,219		86,152
				609,449
INSURANCE — 54.8%
ACE, Ltd.		1,263		88,562
Allied World Assurance Company Holdings, Ltd. (a)		1,487		93,577
Amtrust Financial Services, Inc.		1,315		31,231
Aspen Insurance Holdings, Ltd. (a)		2,702		71,603
Assured Guaranty, Ltd. (a)		6,540		85,936
Axis Capital Holdings, Ltd.		2,809		89,776
Cincinnati Financial Corp. (a)		2,954		89,979
CNA Financial Corp.		1,414		37,824
Employers Holdings, Inc. (a)		1,579		28,564
Fidelity National Financial, Inc. (Class A) (a)		5,464		87,041
First American Financial Corp. (a)		5,830		73,866
MBIA, Inc. (a)(b)		7,762		89,962
Mercury General Corp.		1,409		64,279
Old Republic International Corp. (a)		9,464		87,731
ProAssurance Corp. (a)		1,097		87,563
RLI Corp. (a)		725		52,823
The Allstate Corp.		3,254		89,192
The Chubb Corp. (a)		1,273		88,117
The Hanover Insurance Group, Inc.		2,224		77,729
The Progressive Corp.		4,784		93,336
The Travelers Cos., Inc.		1,564		92,542
Tower Group, Inc. (a)		2,113		42,619
W.R. Berkley Corp. (a)		2,619		90,067
XL Group PLC (a)		4,262		84,260
				1,818,179
THRIFTS & MORTGAGE FINANCE — 24.0%
Astoria Financial Corp. (a)		8,337		70,781
BankUnited, Inc.		1,658		36,459
Capitol Federal Financial, Inc. (a)		7,310		84,357
Hudson City Bancorp, Inc. (a)		14,779		92,369
New York Community Bancorp, Inc. (a)		7,285		90,116
Northwest Bancshares, Inc.		5,013		62,362
Ocwen Financial Corp. (a)(b)		6,444		93,309
Oritani Financial Corp. (a)		4,790		61,168
People’s United Financial, Inc. (a)		7,011		90,091
Provident Financial Services, Inc. (a)		2,228		29,833
TFS Financial Corp. (b)		2,012		18,027
Washington Federal, Inc. (a)		4,911		68,705
				797,577
TOTAL COMMON STOCKS —
(Cost $3,265,153)				3,311,841
SHORT TERM INVESTMENTS — 26.8%
MONEY MARKET FUNDS — 26.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		874,219		874,219
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		13,463		13,463
TOTAL SHORT TERM INVESTMENTS —
(Cost $887,682)				887,682
TOTAL INVESTMENTS — 126.6% (f)
(Cost $4,152,835)				4,199,523
OTHER ASSETS & LIABILITIES — (26.6)%				(882,155	)
NET ASSETS — 100.0%			$	3,317,368

(a)	A portion of the security was on loan at December 31, 2011.
(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)

PLC = Public Limited Company

See accompanying notes to financial statements.

167

SPDR S&P Regional Banking ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
REGIONAL BANKS — 97.9%
Associated Banc-Corp.		1,131,602	$	12,639,994
BancorpSouth, Inc. (a)		1,153,187		12,708,121
Bank of Hawaii Corp.		279,959		12,455,376
Bank of the Ozarks, Inc. (a)		321,558		9,527,764
BB&T Corp.		507,053		12,762,524
BBCN Bancorp, Inc. (b)		542,854		5,129,970
BOK Financial Corp.		164,951		9,060,758
Boston Private Financial Holdings, Inc. (a)		918,601		7,293,692
CapitalSource, Inc.		1,933,118		12,951,891
Cathay General Bancorp (a)		697,016		10,406,449
Chemical Financial Corp. (a)		106,191		2,263,992
CIT Group, Inc. (b)		353,179		12,315,352
City Holding Co. (a)		128,750		4,363,337
City National Corp.		282,002		12,458,848
Columbia Banking System, Inc.		298,508		5,752,249
Commerce Bancshares, Inc.		319,868		12,193,368
Community Bank System, Inc. (a)		354,143		9,845,175
Cullen/Frost Bankers, Inc. (a)		231,366		12,241,575
CVB Financial Corp. (a)		1,078,123		10,813,574
East West Bancorp, Inc.		629,162		12,425,949
F.N.B. Corp. (a)		1,090,637		12,335,104
Fifth Third Bancorp		964,230		12,265,006
First Commonwealth Financial Corp. (a)		981,799		5,164,263
First Financial Bancorp. (a)		414,157		6,891,572
First Financial Bankshares, Inc. (a)		181,991		6,083,959
First Horizon National Corp.		1,540,607		12,324,856
First Midwest Bancorp, Inc.		883,256		8,947,383
First Republic Bank (b)		412,205		12,617,595
FirstMerit Corp.		832,464		12,595,180
Fulton Financial Corp.		1,265,772		12,417,223
Glacier Bancorp, Inc. (a)		863,029		10,382,239
Hancock Holding Co. (a)		383,827		12,270,949
Home Bancshares, Inc. (a)		135,318		3,506,089
Huntington Bancshares, Inc.		2,293,296		12,590,195
IBERIABANK Corp. (a)		245,584		12,107,291
Independent Bank Corp.-Massachusetts (a)		102,997		2,810,788
International Bancshares Corp.		367,887		6,745,208
Investors Bancorp, Inc. (b)		288,990		3,895,585
Keycorp		1,634,489		12,569,220
M&T Bank Corp.		165,246		12,614,880
MB Financial, Inc. (a)		505,459		8,643,349
National Penn Bancshares, Inc. (a)		1,424,832		12,025,582
Old National Bancorp (a)		1,027,435		11,969,618
Oriental Financial Group, Inc. (a)		316,041		3,827,257
PacWest Bancorp (a)		340,788		6,457,933
Park National Corp. (a)		90,907		5,914,409
Pinnacle Financial Partners, Inc. (a)(b)		393,022		6,347,305
PNC Financial Services Group, Inc.		215,828		12,446,801
Popular, Inc. (b)		9,138,366		12,702,329
PrivateBancorp, Inc. (a)		978,659		10,745,676
Prosperity Bancshares, Inc. (a)		304,188		12,273,986
Regions Financial Corp.		2,927,819		12,589,622
S&T Bancorp, Inc. (a)		183,708		3,591,491
Signature Bank (b)		204,198		12,249,838
Sterling Financial Corp. (b)		136,080		2,272,536
SunTrust Banks, Inc.		700,484		12,398,567
Susquehanna Bancshares, Inc. (a)		1,519,228		12,731,131
SVB Financial Group (b)		254,917		12,156,992
Synovus Financial Corp. (a)		8,546,260		12,050,227
TCF Financial Corp. (a)		1,179,855		12,176,104
Texas Capital Bancshares, Inc. (a)(b)		400,983		12,274,090
Trustmark Corp. (a)		529,141		12,852,835
UMB Financial Corp. (a)		249,223		9,283,557
Umpqua Holdings Corp. (a)		958,027		11,869,955
United Bankshares, Inc. (a)		388,504		10,983,008
Valley National Bancorp (a)		1,006,002		12,444,245
Westamerica Bancorporation (a)		229,034		10,054,593
Western Alliance Bancorp (b)		730,380		4,550,267
Wintrust Financial Corp. (a)		428,725		12,025,736
Zions Bancorporation		778,306		12,670,822
				695,324,404
THRIFTS & MORTGAGE FINANCE — 1.8%
Webster Financial Corp.		631,201		12,870,188
TOTAL COMMON STOCKS —
(Cost $741,848,462)				708,194,592
SHORT TERM INVESTMENTS — 10.0%
MONEY MARKET FUNDS — 10.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		69,796,255		69,796,255
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		1,201,764		1,201,764
TOTAL SHORT TERM INVESTMENTS —
(Cost $70,998,019)				70,998,019
TOTAL INVESTMENTS — 109.7% (f)
(Cost $812,846,481)				779,192,611
OTHER ASSETS & LIABILITIES — (9.7)%				(68,779,421	)
NET ASSETS — 100.0%			$	710,413,190

(a)	A portion of the security was on loan at December 31, 2011.
(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.

168

SPDR Morgan Stanley Technology ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
COMMUNICATIONS EQUIPMENT — 17.7%
Cisco Systems, Inc.		244,245	$	4,415,951
F5 Networks, Inc. (a)		41,709		4,426,159
Juniper Networks, Inc. (a)		238,781		4,873,520
Nokia Oyj ADR (b)		936,087		4,511,939
QUALCOMM, Inc.		83,565		4,571,005
Telefonaktiebolaget LM Ericsson (Class B) ADR		467,553		4,736,312
				27,534,886
COMPUTERS & PERIPHERALS — 14.3%
Apple, Inc. (a)		11,503		4,658,715
Dell, Inc. (a)		291,683		4,267,322
EMC Corp. (a)		196,887		4,240,946
Hewlett-Packard Co.		169,525		4,366,964
Seagate Technology PLC		283,976		4,657,207
				22,191,154
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.7%
Flextronics International, Ltd. (a)		756,629		4,282,520
INTERNET & CATALOG RETAIL — 2.7%
Amazon.com, Inc. (a)		24,250		4,197,675
INTERNET SOFTWARE & SERVICES — 11.5%
eBay, Inc. (a)		144,147		4,371,979
Google, Inc. (Class A) (a)		6,995		4,518,070
LinkedIn Corp. (Class A) (a)(b)		66,541		4,192,748
Yahoo!, Inc. (a)		292,861		4,723,848
				17,806,645
IT SERVICES — 14.1%
Accenture PLC (Class A)		80,947		4,308,809
Cognizant Technology Solutions Corp. (Class A) (a)		66,934		4,304,525
International Business Machines Corp.		23,881		4,391,238
Teradata Corp. (a)		88,917		4,313,364
Visa, Inc. (Class A)		44,949		4,563,672
				21,881,608
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 17.5%
Analog Devices, Inc.		128,286		4,590,073
Applied Materials, Inc.		424,059		4,541,672
Broadcom Corp. (Class A) (a)		152,525		4,478,134
Intel Corp.		188,285		4,565,911
NVIDIA Corp. (a)(b)		324,287		4,494,618
Texas Instruments, Inc.		152,688		4,444,748
				27,115,156
SOFTWARE — 19.2%
Activision Blizzard, Inc. (b)		368,815		4,543,801
Intuit, Inc.		84,578		4,447,957
Microsoft Corp.		168,492		4,374,052
Oracle Corp.		149,976		3,846,884
Salesforce.com, Inc. (a)(b)		40,891		4,148,801
SAP AG ADR		80,222		4,247,755
VMware, Inc. (Class A) (a)		51,034		4,245,519
				29,854,769
TOTAL COMMON STOCKS —
(Cost $170,535,396)				154,864,413
SHORT TERM INVESTMENTS — 6.3%
MONEY MARKET FUNDS — 6.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		9,347,150		9,347,150
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		441,324		441,324
TOTAL SHORT TERM INVESTMENTS —
(Cost $9,788,474)				9,788,474
TOTAL INVESTMENTS — 106.0% (f)
(Cost $180,323,870)				164,652,887
OTHER ASSETS & LIABILITIES — (6.0)%				(9,343,269	)
NET ASSETS — 100.0%			$	155,309,618

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(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

PLC = Public Limited Company

See accompanying notes to financial statements.

169

SPDR S&P Dividend ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
BEVERAGES — 3.4%
PepsiCo, Inc.		2,287,756	$	151,792,611
The Coca-Cola Co.		1,892,092		132,389,677
				284,182,288
CAPITAL MARKETS — 2.9%
Eaton Vance Corp. (a)(b)		5,987,045		141,533,744
T. Rowe Price Group, Inc. (a)		1,750,865		99,711,762
				241,245,506
CHEMICALS — 5.0%
Air Products & Chemicals, Inc.		1,504,685		128,184,115
PPG Industries, Inc.		1,346,996		112,460,696
RPM International, Inc. (a)(b)		7,023,956		172,438,120
				413,082,931
COMMERCIAL BANKS — 2.1%
Commerce Bancshares, Inc. (a)		2,874,951		109,593,132
United Bankshares, Inc. (a)		2,384,300		67,404,161
				176,997,293
COMMERCIAL SERVICES & SUPPLIES — 4.5%
ABM Industries, Inc. (a)		2,376,385		49,001,059
Pitney Bowes, Inc. (a)(b)		17,323,575		321,179,080
				370,180,139
COMPUTERS & PERIPHERALS — 1.2%
Diebold, Inc. (a)(b)		3,232,607		97,204,493
CONTAINERS & PACKAGING — 3.8%
Bemis Co., Inc. (a)		5,021,506		151,046,900
Sonoco Products Co. (a)		4,856,184		160,059,825
				311,106,725
DISTRIBUTORS — 1.8%
Genuine Parts Co. (a)		2,392,574		146,425,529
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.4%
AT&T, Inc.		9,316,145		281,720,225
ELECTRICAL EQUIPMENT — 2.3%
Brady Corp. (Class A) (a)		2,178,665		68,780,454
Emerson Electric Co.		2,665,902		124,204,374
				192,984,828
FOOD & STAPLES RETAILING — 5.0%
Sysco Corp. (a)		6,031,470		176,903,015
Wal-Mart Stores, Inc.		1,914,376		114,403,110
Walgreen Co.		3,600,584		119,035,307
				410,341,432
FOOD PRODUCTS — 2.7%
Archer-Daniels-Midland Co.		3,509,964		100,384,970
McCormick & Co., Inc. (a)		2,378,400		119,918,928
				220,303,898
GAS UTILITIES — 6.6%
National Fuel Gas Co. (a)		1,923,544		106,910,576
Northwest Natural Gas Co. (a)		976,893		46,822,481
Piedmont Natural Gas Co., Inc. (a)		3,101,191		105,378,470
Questar Corp.		7,937,888		157,646,456
WGL Holdings, Inc. (a)(b)		2,972,088		131,425,731
				548,183,714
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%
Becton, Dickinson and Co.		1,504,233		112,396,290
Medtronic, Inc.		3,324,740		127,171,305
				239,567,595
HOTELS, RESTAURANTS & LEISURE — 1.7%
McDonald’s Corp.		1,396,008		140,061,483
HOUSEHOLD DURABLES — 2.8%
Leggett & Platt, Inc. (a)(b)		10,171,936		234,361,405
HOUSEHOLD PRODUCTS — 7.6%
Colgate-Palmolive Co.		1,260,521		116,459,535
Kimberly-Clark Corp.		2,493,515		183,422,964
The Clorox Co.		2,587,188		172,203,233
The Procter & Gamble Co.		2,291,166		152,843,684
				624,929,416
INDUSTRIAL CONGLOMERATES — 1.5%
3M Co.		1,523,806		124,540,664
INSURANCE — 9.4%
Aflac, Inc.		3,182,036		137,654,878
Cincinnati Financial Corp. (a)(b)		8,330,699		253,753,092
Mercury General Corp.		1,792,473		81,772,618
Old Republic International Corp. (a)(b)		21,101,897		195,614,585
The Chubb Corp. (a)		1,560,246		108,000,228
				776,795,401
IT SERVICES — 1.8%
Automatic Data Processing, Inc.		2,753,538		148,718,587
MACHINERY — 5.6%
Dover Corp.		1,896,845		110,111,852
Illinois Tool Works, Inc.		3,172,390		148,182,337
Pentair, Inc. (a)		2,516,146		83,762,500
Stanley Black & Decker, Inc.		1,742,603		117,799,963
				459,856,652
MEDIA — 1.4%
The McGraw-Hill Cos., Inc.		2,494,880		112,194,754
METALS & MINING — 2.0%
Nucor Corp. (a)		4,242,545		167,877,506
MULTI-UTILITIES — 4.6%
Black Hills Corp. (b)		2,462,153		82,679,098
Consolidated Edison, Inc. (a)		3,092,095		191,802,653
Vectren Corp.		3,577,103		108,135,823
				382,617,574
MULTILINE RETAIL — 1.2%
Target Corp.		1,965,415		100,668,556
OIL, GAS & CONSUMABLE FUELS — 1.3%
Exxon Mobil Corp.		1,321,699		112,027,207
PHARMACEUTICALS — 4.0%
Abbott Laboratories		2,935,003		165,035,219
Johnson & Johnson		2,476,040		162,378,703
				327,413,922
REAL ESTATE INVESTMENT TRUSTS — 4.7%
Federal Realty Investment Trust (a)		1,605,530		145,701,847
HCP, Inc.		5,846,597		242,224,514
				387,926,361

See accompanying notes to financial statements.

170

SPDR S&P Dividend ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
SPECIALTY RETAIL — 1.4%
Lowe’s Cos., Inc.		4,418,876	$	112,151,073
TEXTILES, APPAREL & LUXURY GOODS — 1.0%
V.F. Corp.		681,069		86,488,952
TOTAL COMMON STOCKS —
(Cost $7,699,443,008)				8,232,156,109
SHORT TERM INVESTMENTS — 6.8%
MONEY MARKET FUNDS — 6.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		549,624,700		549,624,700
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		10,942,911		10,942,911
TOTAL SHORT TERM INVESTMENTS —
(Cost $560,567,611)				560,567,611
TOTAL INVESTMENTS — 106.4% (f)
(Cost $8,260,010,619)				8,792,723,720
OTHER ASSETS & LIABILITIES — (6.4)%				(531,730,812	)
NET ASSETS — 100.0%			$	8,260,992,908

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Affiliated issuer. (Note 3)
(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.

171

SPDR S&P Aerospace & Defense ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 99.9%
AAR Corp.		6,998	$	134,152
Aerovironment, Inc. (a)		2,897		91,169
Alliant Techsystems, Inc.		3,816		218,123
American Science & Engineering, Inc.		879		59,869
BE Aerospace, Inc. (a)		8,731		337,977
Ceradyne, Inc. (a)		3,788		101,443
Cubic Corp.		1,723		75,106
Curtiss-Wright Corp.		4,553		160,858
DigitalGlobe, Inc. (a)		5,602		95,850
Esterline Technologies Corp. (a)		6,317		353,563
Exelis, Inc.		38,086		344,678
General Dynamics Corp.		5,127		340,484
GeoEye, Inc. (a)		6,710		149,096
Goodrich Corp.		2,715		335,846
HEICO Corp.		2,984		174,504
Hexcel Corp. (a)		13,491		326,617
Honeywell International, Inc.		6,178		335,774
Huntington Ingalls Industries, Inc. (a)		5,427		169,757
L-3 Communications Holdings, Inc.		5,043		336,267
Lockheed Martin Corp.		4,309		348,598
Moog, Inc. (Class A) (a)		2,982		130,999
National Presto Industries, Inc.		619		57,938
Northrop Grumman Corp.		5,915		345,909
Orbital Sciences Corp. (a)		7,032		102,175
Precision Castparts Corp.		2,055		338,643
Raytheon Co.		7,324		354,335
Rockwell Collins, Inc.		6,185		342,463
Spirit Aerosystems Holdings, Inc. (Class A) (a)		16,470		342,247
Teledyne Technologies, Inc. (a)		3,047		167,128
Textron, Inc.		18,321		338,755
The Boeing Co.		4,638		340,197
TransDigm Group, Inc. (a)		3,427		327,895
Triumph Group, Inc.		5,681		332,054
United Technologies Corp.		4,372		319,550
TOTAL COMMON STOCKS —
(Cost $7,759,113)				8,330,019
SHORT TERM INVESTMENT — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.15% (b)(c) (Cost $5,312)		5,312		5,312
TOTAL INVESTMENTS — 100.0% (d)
(Cost $7,764,425)				8,335,331
OTHER ASSETS & LIABILITIES — 0.0% (e)				3,695
NET ASSETS — 100.0%			$	8,339,026

(a)	Non-income producing security.
(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)
(e)	Amount shown represents less than 0.05% of net assets.

See accompanying notes to financial statements.

172

SPDR S&P Biotech ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BIOTECHNOLOGY — 99.9%
Acorda Therapeutics, Inc. (a)		396,403	$	9,450,248
Alexion Pharmaceuticals, Inc. (a)		206,557		14,768,825
Alkermes PLC (a)(b)		674,183		11,703,817
Amgen, Inc.		229,410		14,730,416
Amylin Pharmaceuticals, Inc. (a)		1,286,204		14,637,002
ARIAD Pharmaceuticals, Inc. (a)(b)		1,155,721		14,157,582
Aveo Pharmaceuticals, Inc. (a)(b)		170,725		2,936,470
Biogen Idec, Inc. (a)		118,953		13,090,778
BioMarin Pharmaceutical, Inc. (a)(b)		399,646		13,739,829
Celgene Corp. (a)		211,447		14,293,817
Cepheid, Inc. (a)(b)		408,053		14,041,104
Cubist Pharmaceuticals, Inc. (a)(b)		355,668		14,091,566
Dendreon Corp. (a)(b)		1,688,563		12,833,079
Dynavax Technologies Corp. (a)(b)		899,917		2,987,724
Emergent Biosolutions, Inc. (a)(b)		180,886		3,046,120
Enzon Pharmaceuticals, Inc. (a)(b)		236,665		1,585,656
Exact Sciences Corp. (a)(b)		524,098		4,255,676
Exelixis, Inc. (a)(b)		1,906,435		9,026,970
Genomic Health, Inc. (a)		114,865		2,916,422
Gilead Sciences, Inc. (a)		344,581		14,103,700
Halozyme Therapeutics, Inc. (a)(b)		428,478		4,074,826
Human Genome Sciences, Inc. (a)(b)		1,782,631		13,173,643
Idenix Pharmaceuticals, Inc. (a)		455,885		3,394,064
ImmunoGen, Inc. (a)(b)		591,888		6,854,063
Incyte Corp. (a)(b)		988,293		14,834,278
InterMune, Inc. (a)		776,921		9,789,205
Ironwood Pharmaceuticals, Inc. (a)(b)		221,955		2,656,801
Isis Pharmaceuticals, Inc. (a)(b)		589,419		4,249,711
Lexicon Pharmaceuticals, Inc. (a)(b)		504,040		650,212
Medivation, Inc. (a)		275,512		12,703,858
Micromet, Inc. (a)(b)		364,552		2,621,129
Momenta Pharmaceuticals, Inc. (a)		867,129		15,079,373
Myriad Genetics, Inc. (a)		426,819		8,937,590
NPS Pharmaceuticals, Inc. (a)		1,134,819		7,478,457
Onyx Pharmaceuticals, Inc. (a)		330,841		14,540,462
Opko Health, Inc. (a)(b)		1,483,087		7,267,126
Pharmacyclics, Inc. (a)(b)		587,744		8,710,366
Pharmasset, Inc. (a)		104,150		13,352,030
Regeneron Pharmaceuticals, Inc. (a)(b)		251,782		13,956,276
Rigel Pharmaceuticals, Inc. (a)		292,346		2,306,610
Seattle Genetics, Inc. (a)(b)		743,008		12,419,379
Spectrum Pharmaceuticals, Inc. (a)(b)		634,814		9,287,329
Theravance, Inc. (a)(b)		302,033		6,674,929
United Therapeutics Corp. (a)		319,915		15,115,984
Vertex Pharmaceuticals, Inc. (a)		457,629		15,197,859
TOTAL COMMON STOCKS —
(Cost $452,253,341)				427,722,361
SHORT TERM INVESTMENTS — 17.9%
MONEY MARKET FUNDS — 17.9%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		76,053,401		76,053,401
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		559,202		559,202
TOTAL SHORT TERM INVESTMENTS —
(Cost $76,612,603)				76,612,603
TOTAL INVESTMENTS — 117.8% (f)
(Cost $528,865,944)				504,334,964
OTHER ASSETS & LIABILITIES — (17.8)%				(76,149,354	)
NET ASSETS — 100.0%			$	428,185,610

(a)	Non-income producing security.
(b)	A portion of the security was on loan at December 31, 2011.
(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)

PLC = Public Limited Company

See accompanying notes to financial statements.

173

SPDR S&P Health Care Equipment ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.0%
HEALTH CARE EQUIPMENT — 83.1%
Abaxis, Inc. (a)		5,385	$	149,003
ABIOMED, Inc. (a)		7,520		138,894
Analogic Corp.		3,771		216,154
ArthroCare Corp. (a)		6,583		208,549
Baxter International, Inc.		9,797		484,756
Becton, Dickinson and Co.		6,756		504,808
Boston Scientific Corp. (a)		92,156		492,113
C.R. Bard, Inc.		5,748		491,454
CareFusion Corp. (a)		19,859		504,617
Conceptus, Inc. (a)		7,073		89,403
CONMED Corp. (a)		6,279		161,182
Covidien PLC		11,105		499,836
Cyberonics, Inc. (a)		6,615		221,603
DexCom, Inc. (a)		37,020		344,656
Edwards Lifesciences Corp. (a)		7,634		539,724
Gen-Probe, Inc. (a)		8,402		496,726
Greatbatch, Inc. (a)		7,872		173,971
HeartWare International, Inc. (a)		6,022		415,518
Hill-Rom Holdings, Inc.		14,815		499,117
Hologic, Inc. (a)		28,611		500,979
IDEXX Laboratories, Inc. (a)		6,609		508,629
Insulet Corp. (a)		18,126		341,313
Integra LifeSciences Holdings Corp. (a)		13,763		424,313
Intuitive Surgical, Inc. (a)		1,119		518,108
Invacare Corp.		13,655		208,785
MAKO Surgical Corp. (a)		18,303		461,419
Masimo Corp. (a)		24,235		452,831
Medtronic, Inc.		13,695		523,834
NuVasive, Inc. (a)		37,640		473,888
NxStage Medical, Inc. (a)		24,479		435,237
Orthofix International NV (a)		4,462		157,196
Quidel Corp. (a)		6,433		97,331
ResMed, Inc. (a)		19,634		498,704
Sirona Dental Systems, Inc. (a)		11,155		491,266
SonoSite, Inc. (a)		7,233		389,569
St. Jude Medical, Inc.		13,978		479,445
STERIS Corp.		16,568		494,058
Stryker Corp.		10,295		511,764
Teleflex, Inc.		8,141		498,962
Thoratec Corp. (a)		15,865		532,429
Varian Medical Systems, Inc. (a)		7,647		513,343
Volcano Corp. (a)		22,325		531,112
Wright Medical Group, Inc. (a)		32,370		534,105
Zimmer Holdings, Inc. (a)		10,000		534,200
Zoll Medical Corp. (a)		10,019		633,000
				18,377,904
HEALTH CARE SUPPLIES — 16.9%
Alere, Inc. (a)		21,175		488,931
Align Technology, Inc. (a)		19,387		459,956
DENTSPLY International, Inc.		13,616		476,424
Endologix, Inc. (a)		28,300		324,884
Haemonetics Corp. (a)		7,626		466,864
ICU Medical, Inc. (a)		2,731		122,895
Meridian Bioscience, Inc.		11,043		208,050
Merit Medical Systems, Inc. (a)		12,013		160,734
Neogen Corp. (a)		7,188		220,240
The Cooper Cos., Inc.		7,265		512,328
West Pharmaceutical Services, Inc.		7,404		280,982
				3,722,288
TOTAL COMMON STOCKS —
(Cost $23,730,624)				22,100,192
SHORT TERM INVESTMENT — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.15% (c)(d) (Cost $6,688)		6,688		6,688
TOTAL INVESTMENTS — 100.0% (e)
(Cost $23,737,312)				22,106,880
OTHER ASSETS & LIABILITIES — 0.0% (b)				2,744
NET ASSETS — 100.0%			$	22,109,624

(a)	Non-income producing security.
(b)	Amount shown represents less than 0.05% of net assets.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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 1 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

174

SPDR S&P Health Care Services ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
HEALTH CARE DISTRIBUTORS — 16.5%
AmerisourceBergen Corp.		3,178	$	118,190
Cardinal Health, Inc.		2,759		112,043
Henry Schein, Inc. (a)		1,821		117,327
McKesson Corp.		1,450		112,970
MWI Veterinary Supply, Inc. (a)		876		58,201
Owens & Minor, Inc.		4,043		112,355
Patterson Cos., Inc.		3,940		116,309
PharMerica Corp. (a)		4,290		65,122
PSS World Medical, Inc. (a)		4,780		115,628
				928,145
HEALTH CARE FACILITIES — 23.8%
AmSurg Corp. (a)		1,715		44,659
Brookdale Senior Living, Inc. (a)		7,247		126,025
Community Health Systems, Inc. (a)		6,564		114,542
Emeritus Corp. (a)		1,952		34,179
Hanger Orthopedic Group, Inc. (a)		3,507		65,546
HCA Holdings, Inc. (a)		5,458		120,240
Health Management Associates, Inc. (Class A) (a)		15,813		116,542
HEALTHSOUTH Corp. (a)		6,824		120,580
Kindred Healthcare, Inc. (a)		9,577		112,721
LifePoint Hospitals, Inc. (a)		3,094		114,942
Tenet Healthcare Corp. (a)		25,976		133,257
Universal Health Services, Inc. (Class B)		3,087		119,961
VCA Antech, Inc. (a)		5,850		115,537
				1,338,731
HEALTH CARE SERVICES — 32.3%
Accretive Health, Inc. (a)		5,151		118,370
Air Methods Corp. (a)		977		82,508
Amedisys, Inc. (a)		8,136		88,764
Bio-Reference Laboratories, Inc. (a)		6,507		105,869
Catalyst Health Solutions, Inc. (a)		2,231		116,012
Chemed Corp.		2,303		117,937
DaVita, Inc. (a)		1,549		117,430
Express Scripts, Inc. (a)		2,513		112,306
HMS Holdings Corp. (a)		3,651		116,759
IPC The Hospitalist Co. (a)		1,497		68,443
Laboratory Corp. of America Holdings (a)		1,385		119,068
Landauer, Inc.		435		22,402
Lincare Holdings, Inc.		4,812		123,716
Medco Health Solutions, Inc. (a)		2,023		113,086
MEDNAX, Inc. (a)		1,745		125,657
Omnicare, Inc.		3,460		119,197
Quest Diagnostics, Inc.		2,022		117,397
Team Health Holdings, Inc. (a)		1,698		37,475
				1,822,396
MANAGED HEALTH CARE — 27.2%
Aetna, Inc.		2,826		119,229
AMERIGROUP Corp. (a)		2,095		123,773
Centene Corp. (a)		3,078		121,858
CIGNA Corp.		2,713		113,946
Coventry Health Care, Inc. (a)		3,648		110,790
Health Net, Inc. (a)		3,875		117,877
Healthspring, Inc. (a)		2,122		115,734
Humana, Inc.		1,331		116,609
Magellan Health Services, Inc. (a)		2,392		118,332
Molina Healthcare, Inc. (a)		4,067		90,816
UnitedHealth Group, Inc.		2,363		119,757
Universal American Corp.		3,174		40,342
WellCare Health Plans, Inc. (a)		2,058		108,045
WellPoint, Inc.		1,738		115,142
				1,532,250
TOTAL COMMON STOCKS —
(Cost $5,013,244)				5,621,522
SHORT TERM INVESTMENT — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.15% (b)(c) (Cost $11,264)		11,264		11,264
TOTAL INVESTMENTS — 100.0% (d)
(Cost $5,024,508)				5,632,786
OTHER ASSETS & LIABILITIES — 0.0% (e)				(178	)
NET ASSETS — 100.0%			$	5,632,608

(a)	Non-income producing security.
(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)
(e)	Amount shown represents less than 0.05% of net assets.

See accompanying notes to financial statements.

175

SPDR S&P Homebuilders ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BUILDING PRODUCTS — 24.4%
A.O. Smith Corp. (a)		875,639	$	35,130,637
Armstrong World Industries, Inc. (a)(b)		370,055		16,234,313
Griffon Corp.		358,268		3,270,987
Lennox International, Inc.		1,010,267		34,096,511
Masco Corp. (a)		3,738,528		39,179,773
Owens Corning, Inc. (b)		1,246,998		35,813,783
Quanex Building Products Corp. (a)		491,699		7,385,319
Simpson Manufacturing Co., Inc. (a)		347,351		11,691,835
Universal Forest Products, Inc. (a)		202,774		6,259,633
USG Corp. (a)(b)		2,665,696		27,083,471
				216,146,262
HOME FURNISHINGS — 14.2%
Ethan Allen Interiors, Inc. (a)		437,014		10,361,602
La-Z-Boy, Inc. (a)(b)		705,424		8,394,546
Leggett & Platt, Inc.		1,519,685		35,013,542
Mohawk Industries, Inc. (b)		615,767		36,853,655
Tempur-Pedic International, Inc. (a)(b)		666,363		35,004,048
				125,627,393
HOME FURNISHING RETAIL — 18.1%
Aaron’s, Inc.		823,216		21,963,403
Bed Bath & Beyond, Inc. (b)		555,264		32,188,654
Pier 1 Imports, Inc. (a)(b)		2,536,421		35,332,345
Select Comfort Corp. (b)		1,690,934		36,676,358
Williams-Sonoma, Inc.		889,548		34,247,598
				160,408,358
HOME IMPROVEMENT RETAIL — 9.7%
Lowe’s Cos., Inc.		1,405,847		35,680,397
Lumber Liquidators Holdings, Inc. (b)		787,821		13,912,919
The Home Depot, Inc.		872,572		36,682,927
				86,276,243
HOMEBUILDING — 26.8%
D.R. Horton, Inc.		2,772,861		34,965,777
Lennar Corp. (Class A) (a)		1,787,323		35,120,897
M.D.C. Holdings, Inc. (a)		1,739,026		30,659,028
NVR, Inc. (b)		51,951		35,638,386
Pulte Group, Inc. (a)(b)		5,554,466		35,048,681
The Ryland Group, Inc. (a)		1,967,159		31,002,426
Toll Brothers, Inc. (b)		1,690,191		34,513,700
				236,948,895
HOUSEHOLD APPLIANCES — 6.7%
Helen of Troy, Ltd. (b)		298,067		9,150,657
iRobot Corp. (a)(b)		565,520		16,880,772
Whirlpool Corp. (a)		705,039		33,454,100
				59,485,529
TOTAL COMMON STOCKS —
(Cost $933,946,343)				884,892,680
SHORT TERM INVESTMENTS — 8.3%
MONEY MARKET FUNDS — 8.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		73,350,878		73,350,878
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		237,876		237,876
TOTAL SHORT TERM INVESTMENTS —
(Cost $73,588,754)				73,588,754
TOTAL INVESTMENTS — 108.2% (f)
(Cost $1,007,535,097)				958,481,434
OTHER ASSETS & LIABILITIES — (8.2)%				(73,030,578	)
NET ASSETS — 100.0%			$	885,450,856

(a)	A portion of the security was on loan at December 31, 2011.
(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.

176

SPDR S&P Metals & Mining ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
ALUMINUM — 7.4%
Alcoa, Inc.		2,320,070	$	20,068,606
Century Aluminum Co. (a)(b)		2,199,194		18,715,141
Kaiser Aluminum Corp. (a)		216,106		9,914,943
Noranda Aluminium Holding Corp.		425,492		3,510,309
				52,208,999
COAL & CONSUMABLE FUELS — 17.2%
Alpha Natural Resources, Inc. (b)		953,719		19,484,479
Arch Coal, Inc.		1,439,238		20,883,343
Cloud Peak Energy, Inc. (b)		1,096,285		21,180,226
CONSOL Energy, Inc.		560,789		20,580,956
Patriot Coal Corp. (a)(b)		2,261,484		19,154,770
Peabody Energy Corp.		609,119		20,167,930
				121,451,704
DIVERSIFIED METALS & MINING — 23.0%
AMCOL International Corp. (a)		218,827		5,875,505
Compass Minerals International, Inc.		303,727		20,911,604
Freeport-McMoRan Copper & Gold, Inc.		562,907		20,709,348
General Moly, Inc. (a)(b)		1,039,388		3,211,709
Globe Specialty Metals, Inc. (a)		1,462,306		19,580,277
Horsehead Holding Corp. (a)(b)		747,272		6,732,921
Materion Corp. (b)		296,733		7,204,677
Molycorp, Inc. (a)(b)		765,473		18,356,043
RTI International Metals, Inc. (a)(b)		821,670		19,070,961
Titanium Metals Corp. (a)		1,389,194		20,810,126
Walter Energy, Inc.		333,169		20,176,715
				162,639,886
GOLD — 10.8%
Allied Nevada Gold Corp. (a)(b)		688,846		20,858,257
Newmont Mining Corp.		334,066		20,047,301
Royal Gold, Inc.		284,117		19,158,009
US Gold Corp. (a)(b)		4,970,581		16,701,152
				76,764,719
PRECIOUS METALS & MINERALS — 7.9%
Coeur d’Alene Mines Corp. (b)		764,652		18,458,699
Hecla Mining Co. (a)		3,467,568		18,135,381
Stillwater Mining Co. (a)(b)		1,862,274		19,479,386
				56,073,466
STEEL — 33.5%
AK Steel Holding Corp. (a)		2,597,712		21,457,101
Allegheny Technologies, Inc.		457,577		21,872,181
Carpenter Technology Corp.		424,717		21,864,431
Cliffs Natural Resources, Inc.		322,451		20,104,820
Commercial Metals Co.		1,560,799		21,585,850
Haynes International, Inc. (a)		171,576		9,368,050
Nucor Corp.		550,737		21,792,663
Reliance Steel & Aluminum Co.		453,928		22,101,754
Schnitzer Steel Industries, Inc. (Class A)		366,788		15,507,797
Steel Dynamics, Inc.		1,688,029		22,197,581
United States Steel Corp. (a)		813,888		21,535,477
Worthington Industries, Inc. (a)		1,057,506		17,321,948
				236,709,653
TOTAL COMMON STOCKS —
(Cost $1,021,446,647)				705,848,427
SHORT TERM INVESTMENTS — 14.1%
MONEY MARKET FUNDS — 14.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		98,655,865		98,655,865
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		1,339,768		1,339,768
TOTAL SHORT TERM INVESTMENTS —
(Cost $99,995,633)				99,995,633
TOTAL INVESTMENTS — 113.9% (f)
(Cost $1,121,442,280)				805,844,060
OTHER ASSETS & LIABILITIES — (13.9)%				(98,341,877	)
NET ASSETS — 100.0%			$	707,502,183

(a)	A portion of the security was on loan at December 31, 2011.
(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.

177

SPDR S&P Oil & Gas Equipment & Services ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
OIL & GAS DRILLING — 27.4%
Atwood Oceanics, Inc. (a)(b)		209,939	$	8,353,473
Diamond Offshore Drilling, Inc.		147,937		8,174,999
Helmerich & Payne, Inc.		144,211		8,416,154
Hercules Offshore, Inc. (b)		2,007,311		8,912,461
Nabors Industries, Ltd. (b)		485,776		8,423,356
Noble Corp. (b)		264,367		7,989,171
Parker Drilling Co. (a)(b)		714,927		5,126,026
Patterson-UTI Energy, Inc.		416,356		8,318,793
Pioneer Drilling Co. (b)		600,812		5,815,860
Rowan Cos., Inc. (b)		268,526		8,144,393
Transocean, Ltd.		201,935		7,752,285
Unit Corp. (b)		178,273		8,271,867
				93,698,838
OIL & GAS EQUIPMENT & SERVICES — 72.4%
Baker Hughes, Inc.		173,317		8,430,139
Basic Energy Services, Inc. (a)(b)		459,253		9,047,284
Bristow Group, Inc.		186,398		8,833,401
Cameron International Corp. (b)		164,772		8,105,135
CARBO Ceramics, Inc. (a)		61,851		7,628,084
Complete Production Services, Inc. (b)		255,193		8,564,277
Core Laboratories NV		74,507		8,490,073
Dresser-Rand Group, Inc. (b)		158,901		7,930,749
Dril-Quip, Inc. (b)		120,792		7,950,529
Exterran Holdings, Inc. (b)		816,330		7,428,603
FMC Technologies, Inc. (b)		168,439		8,797,569
Gulfmark Offshore, Inc. (Class A) (b)		155,028		6,512,726
Halliburton Co.		256,275		8,844,050
Helix Energy Solutions Group, Inc. (b)		516,535		8,161,253
Hornbeck Offshore Services, Inc. (a)(b)		252,243		7,824,578
ION Geophysical Corp. (a)(b)		1,286,298		7,885,007
Key Energy Services, Inc. (b)		587,755		9,092,570
Lufkin Industries, Inc. (a)		119,644		8,053,238
McDermott International, Inc. (b)		781,987		9,000,670
National Oilwell Varco, Inc.		118,987		8,089,926
Newpark Resources, Inc. (a)(b)		765,281		7,270,169
Oceaneering International, Inc.		181,219		8,359,632
Oil States International, Inc. (b)		113,908		8,699,154
OYO Geospace Corp. (a)(b)		27,402		2,118,997
RPC, Inc. (a)		476,020		8,687,365
Schlumberger, Ltd.		117,775		8,045,210
SEACOR Holdings, Inc. (b)		98,056		8,723,062
Superior Energy Services, Inc. (b)		300,351		8,541,982
Tetra Technologies, Inc. (a)(b)		560,682		5,236,770
Tidewater, Inc. (a)		169,982		8,380,113
Weatherford International, Ltd. (b)		583,034		8,535,618
				247,267,933
TOTAL COMMON STOCKS —
(Cost $361,664,552)				340,966,771
SHORT TERM INVESTMENTS — 8.9%
MONEY MARKET FUNDS — 8.9%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		29,649,518		29,649,518
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		610,452		610,452
TOTAL SHORT TERM INVESTMENTS —
(Cost $30,259,970)				30,259,970
TOTAL INVESTMENTS — 108.7% (f)
(Cost $391,924,522)				371,226,741
OTHER ASSETS & LIABILITIES — (8.7)%				(29,707,435	)
NET ASSETS — 100.0%			$	341,519,306

(a)	A portion of the security was on loan at December 31, 2011.
(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.

178

SPDR S&P Oil & Gas Exploration & Production ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
INTEGRATED OIL & GAS — 10.3%
Chevron Corp.		102,630	$	10,919,832
ConocoPhillips		148,712		10,836,643
Exxon Mobil Corp.		131,514		11,147,127
Hess Corp.		183,075		10,398,660
Marathon Oil Corp.		377,792		11,057,972
Murphy Oil Corp.		196,135		10,932,565
Occidental Petroleum Corp.		113,356		10,621,457
				75,914,256
OIL & GAS EXPLORATION & PRODUCTION — 76.2%
Abraxas Petroleum Corp. (a)(b)		2,333,649		7,701,042
Anadarko Petroleum Corp.		133,325		10,176,697
Apache Corp.		109,744		9,940,612
Approach Resources, Inc. (b)		339,762		9,992,400
ATP Oil & Gas Corp. (a)(b)		1,515,759		11,155,986
Berry Petroleum Co. (Class A)		262,401		11,026,090
Bill Barrett Corp. (b)		291,987		9,947,997
BPZ Resources, Inc. (a)(b)		2,533,425		7,194,927
Cabot Oil & Gas Corp.		131,823		10,005,366
Carrizo Oil & Gas, Inc. (b)		369,162		9,727,419
Chesapeake Energy Corp.		433,967		9,673,124
Cimarex Energy Co.		156,863		9,709,820
Clayton Williams Energy, Inc. (a)(b)		104,271		7,912,083
Cobalt International Energy, Inc. (a)(b)		1,018,246		15,803,178
Comstock Resources, Inc. (a)(b)		563,164		8,616,409
Concho Resources, Inc. (b)		106,347		9,970,031
Contango Oil & Gas Co. (a)(b)		172,421		10,031,454
Continental Resources, Inc. (a)(b)		153,580		10,245,322
Denbury Resources, Inc. (b)		650,951		9,829,360
Devon Energy Corp.		160,804		9,969,848
Energen Corp.		210,474		10,523,700
Energy Partners, Ltd. (a)(b)		401,322		5,859,301
Energy XXI Bermuda, Ltd. (b)		347,526		11,079,129
EOG Resources, Inc.		103,142		10,160,518
EQT Corp.		188,958		10,353,009
EXCO Resources, Inc. (a)		917,690		9,589,860
Forest Oil Corp. (a)(b)		632,423		8,569,332
GeoResources, Inc. (a)(b)		327,449		9,597,530
Goodrich Petroleum Corp. (a)(b)		696,715		9,565,897
Gulfport Energy Corp. (b)		332,439		9,790,329
Harvest Natural Resources, Inc. (a)(b)		1,164,340		8,592,829
Hyperdynamics Corp. (a)(b)		3,313,091		8,117,073
Magnum Hunter Resources Corp. (a)(b)		2,326,363		12,539,097
McMoRan Exploration Co. (a)(b)		686,372		9,986,713
Newfield Exploration Co. (b)		255,487		9,639,524
Noble Energy, Inc.		112,001		10,571,774
Northern Oil and Gas, Inc. (a)(b)		428,706		10,280,370
Oasis Petroleum, Inc. (a)(b)		354,404		10,309,612
Petroleum Development Corp. (a)(b)		285,748		10,032,612
Petroquest Energy, Inc. (a)(b)		1,651,441		10,899,511
Pioneer Natural Resources Co.		117,440		10,508,531
Plains Exploration & Production Co. (b)		297,796		10,935,069
QEP Resources, Inc.		334,059		9,787,929
Quicksilver Resources, Inc. (a)(b)		1,332,610		8,941,813
Range Resources Corp.		157,126		9,732,384
Resolute Energy Corp. (b)		804,880		8,692,704
Rex Energy Corp. (a)(b)		719,667		10,622,285
Rosetta Resources, Inc. (b)		211,664		9,207,384
SandRidge Energy, Inc. (a)(b)		1,398,860		11,414,698
SM Energy Co.		140,247		10,252,056
Southwestern Energy Co. (b)		290,900		9,291,346
Stone Energy Corp. (a)(b)		411,526		10,856,056
Swift Energy Co. (a)(b)		352,763		10,484,116
Ultra Petroleum Corp. (b)		310,984		9,214,456
VAALCO Energy, Inc. (b)		1,118,404		6,755,160
W&T Offshore, Inc.		477,896		10,136,174
Whiting Petroleum Corp. (b)		222,682		10,397,023
				561,916,069
OIL & GAS REFINING & MARKETING — 13.2%
Clean Energy Fuels Corp. (a)(b)		844,643		10,524,252
CVR Energy, Inc. (b)		562,925		10,543,585
Hollyfrontier Corp.		466,733		10,921,552
Marathon Petroleum Corp.		306,827		10,214,271
Sunoco, Inc.		275,254		11,290,919
Tesoro Corp. (b)		491,074		11,471,489
Valero Energy Corp.		505,921		10,649,637
Western Refining, Inc. (a)(b)		828,908		11,016,187
World Fuel Services Corp. (a)		252,822		10,613,468
				97,245,360
TOTAL COMMON STOCKS —
(Cost $898,729,259)				735,075,685
SHORT TERM INVESTMENTS — 13.9%
MONEY MARKET FUNDS — 13.9%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		97,352,044		97,352,044
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		4,739,457		4,739,457
TOTAL SHORT TERM INVESTMENTS —
(Cost $102,091,501)				102,091,501
TOTAL INVESTMENTS — 113.6% (f)
(Cost $1,000,820,760)				837,167,186
OTHER ASSETS & LIABILITIES — (13.6)%				(100,095,606	)
NET ASSETS — 100.0%			$	737,071,580

(a)	A portion of the security was on loan at December 31, 2011.
(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.

179

SPDR S&P Pharmaceuticals ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.0%
PHARMACEUTICALS — 100.0%
Abbott Laboratories		218,614	$	12,292,665
Akorn, Inc. (a)(b)		518,163		5,761,972
Allergan, Inc.		142,884		12,536,642
Auxilium Pharmaceuticals, Inc. (a)(b)		376,344		7,500,536
Bristol-Myers Squibb Co.		355,692		12,534,586
Eli Lilly & Co.		303,795		12,625,720
Endo Pharmaceuticals Holdings, Inc. (b)		350,768		12,112,019
Forest Laboratories, Inc. (b)		402,221		12,171,207
Hi-Tech Pharmacal Co., Inc. (b)		100,794		3,919,879
Hospira, Inc. (b)		425,002		12,907,311
Impax Laboratories, Inc. (a)(b)		364,333		7,348,597
Jazz Pharmaceuticals, Inc. (a)(b)		324,630		12,540,457
Johnson & Johnson		184,870		12,123,775
Medicis Pharmaceutical Corp. (Class A) (a)		363,378		12,082,318
Merck & Co., Inc.		334,358		12,605,297
Mylan, Inc. (b)		596,496		12,800,804
Nektar Therapeutics (a)(b)		636,767		3,562,711
Optimer Pharmaceuticals, Inc. (a)(b)		841,455		10,299,409
Par Pharmaceutical Cos., Inc. (b)		222,445		7,280,625
Perrigo Co. (a)		119,742		11,650,897
Pfizer, Inc.		580,242		12,556,437
Questcor Pharmaceuticals, Inc. (a)(b)		261,674		10,880,405
Salix Pharmaceuticals, Ltd. (a)(b)		264,405		12,651,779
The Medicines Co. (b)		268,014		4,995,781
ViroPharma, Inc. (a)(b)		433,151		11,864,006
VIVUS, Inc. (a)(b)		683,559		6,664,700
Warner Chilcott PLC (b)		777,693		11,766,495
Watson Pharmaceuticals, Inc. (b)		193,926		11,701,495
TOTAL COMMON STOCKS —
(Cost $251,234,730)				289,738,525
SHORT TERM INVESTMENTS — 12.0%
MONEY MARKET FUNDS — 12.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		34,786,959		34,786,959
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		13,235		13,235
TOTAL SHORT TERM INVESTMENTS —
(Cost $34,800,194)				34,800,194
TOTAL INVESTMENTS — 112.0% (f)
(Cost $286,034,924)				324,538,719
OTHER ASSETS & LIABILITIES — (12.0)%				(34,684,991	)
NET ASSETS — 100.0%			$	289,853,728

(a)	A portion of the security was on loan at December 31, 2011.
(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)

PLC = Public Limited Company

See accompanying notes to financial statements.

180

SPDR S&P Retail ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
APPAREL RETAIL — 30.3%
Abercrombie & Fitch Co. (Class A)		123,776	$	6,045,220
Aeropostale, Inc. (a)(b)		366,939		5,595,820
American Eagle Outfitters, Inc.		421,307		6,441,784
ANN, Inc. (b)		249,458		6,181,569
Ascena Retail Group, Inc. (b)		216,787		6,442,910
Brown Shoe Co., Inc. (a)		685,508		6,101,021
Charming Shoppes, Inc. (a)(b)		1,306,439		6,401,551
Chico’s FAS, Inc.		574,411		6,398,938
Collective Brands, Inc. (a)(b)		433,110		6,223,791
DSW, Inc. (Class A)		128,357		5,674,663
Express, Inc. (b)		308,515		6,151,789
Foot Locker, Inc.		247,909		5,910,151
Genesco, Inc. (b)		103,000		6,359,220
Guess?, Inc.		215,927		6,438,943
Jos. A. Bank Clothiers, Inc. (b)		121,787		5,938,334
Limited Brands, Inc.		152,895		6,169,313
Ross Stores, Inc.		133,418		6,341,358
Rue21, Inc. (a)(b)		265,209		5,728,514
Stage Stores, Inc. (a)		442,387		6,144,755
The Buckle, Inc. (a)		154,257		6,304,484
The Cato Corp. (Class A) (a)		216,121		5,230,128
The Children’s Place Retail Stores, Inc. (a)(b)		110,528		5,871,247
The Finish Line, Inc. (Class A)		288,712		5,567,811
The Gap, Inc.		331,292		6,145,467
The Men’s Wearhouse, Inc.		192,481		6,238,309
The Wet Seal, Inc. (Class A) (b)		1,764,043		5,750,780
TJX Cos., Inc.		98,743		6,373,861
Urban Outfitters, Inc. (b)		237,051		6,533,126
Zumiez, Inc. (b)		208,150		5,778,244
				176,483,101
AUTOMOTIVE RETAIL — 12.6%
Advance Auto Parts, Inc.		88,887		6,189,202
Asbury Automotive Group, Inc. (b)		297,502		6,414,143
AutoNation, Inc. (b)		169,245		6,240,063
AutoZone, Inc. (b)		18,950		6,158,182
CarMax, Inc. (b)		200,480		6,110,631
Group 1 Automotive, Inc. (a)		122,714		6,356,585
Lithia Motors, Inc. (Class A)		254,993		5,574,147
Monro Muffler Brake, Inc. (a)		159,270		6,178,083
O’Reilly Automotive, Inc. (b)		77,080		6,162,546
Penske Automotive Group, Inc. (a)		299,629		5,767,858
Pep Boys-Manny, Moe & Jack (a)		562,634		6,188,974
Sonic Automotive, Inc. (Class A) (a)		401,601		5,947,711
				73,288,125
CATALOG RETAIL — 1.0%
HSN, Inc. (a)		165,333		5,994,975
COMPUTER & ELECTRONICS RETAIL — 3.9%
Best Buy Co., Inc. (a)		222,109		5,190,687
GameStop Corp. (Class A) (b)		258,082		6,227,519
RadioShack Corp. (a)		545,866		5,300,359
Rent-A-Center, Inc.		169,368		6,266,616
				22,985,181
DEPARTMENT STORES — 7.0%
Dillard’s, Inc. (Class A) (a)		130,379		5,851,409
J.C. Penney Co., Inc.		186,027		6,538,849
Kohl’s Corp.		122,742		6,057,318
Macy’s, Inc.		190,444		6,128,488
Nordstrom, Inc.		129,573		6,441,074
Saks, Inc. (a)(b)		659,427		6,429,413
Sears Holdings Corp. (a)(b)		110,249		3,503,713
				40,950,264
DRUG RETAIL — 3.3%
CVS Caremark Corp.		162,782		6,638,250
Rite Aid Corp. (a)(b)		4,995,641		6,294,507
Walgreen Co.		182,448		6,031,731
				18,964,488
FOOD RETAIL — 9.6%
Casey’s General Stores, Inc.		127,457		6,565,310
Ruddick Corp. (a)		156,369		6,667,574
Safeway, Inc. (a)		296,411		6,236,487
SUPERVALU, Inc. (a)		834,830		6,778,820
The Fresh Market, Inc. (b)		152,304		6,076,930
The Kroger Co.		260,869		6,318,247
Whole Foods Market, Inc.		90,340		6,285,857
Winn-Dixie Stores, Inc. (a)(b)		1,171,628		10,989,871
				55,919,096
GENERAL MERCHANDISE STORES — 7.3%
99 Cents Only Stores (b)		285,376		6,264,003
Big Lots, Inc. (b)		167,648		6,330,389
Dollar General Corp. (b)		154,439		6,353,620
Dollar Tree, Inc. (b)		75,656		6,287,770
Family Dollar Stores, Inc.		107,877		6,220,188
Fred’s, Inc. (Class A) (a)		350,395		5,108,759
Target Corp.		116,785		5,981,728
				42,546,457
HOME IMPROVEMENT RETAIL — 0.0% (c)
Orchard Supply Hardware Stores Corp. (Class A) (b)(d)		5,878		44,261
HYPERMARKETS & SUPER CENTERS — 3.3%
Costco Wholesale Corp.		74,051		6,169,930
PriceSmart, Inc. (a)		93,344		6,495,809
Wal-Mart Stores, Inc.		107,074		6,398,742
				19,064,481
INTERNET RETAIL — 6.1%
Amazon.com, Inc. (b)		32,305		5,591,995
Blue Nile, Inc. (a)(b)		152,709		6,242,744
Expedia, Inc. (a)		109,604		3,180,708
Netflix, Inc. (b)		88,103		6,104,657
Priceline.com, Inc. (b)		13,005		6,082,569
Shutterfly, Inc. (a)(b)		244,540		5,565,730
TripAdvisor, Inc. (a)(b)		109,604		2,763,117
				35,531,520
SPECIALTY STORES — 15.5%
Barnes & Noble, Inc. (a)(b)		390,308		5,651,660
Cabela’s, Inc. (a)(b)		247,558		6,292,924
Dick’s Sporting Goods, Inc.		160,726		5,927,575
GNC Holdings, Inc. (Class A) (b)		225,474		6,527,472
Hibbett Sports, Inc. (b)		133,520		6,032,434
Office Depot, Inc. (b)		2,612,781		5,617,479

See accompanying notes to financial statements.

181

SPDR S&P Retail ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
OfficeMax, Inc. (a)(b)		1,243,908	$	5,647,342
PetSmart, Inc.		126,864		6,506,855
Sally Beauty Holdings, Inc. (b)		303,110		6,404,714
Signet Jewelers, Ltd.		138,558		6,091,010
Staples, Inc.		425,676		5,912,640
Tiffany & Co.		91,951		6,092,673
Tractor Supply Co.		83,014		5,823,432
Ulta Salon Cosmetics & Fragrance, Inc. (b)		84,290		5,472,107
Vitamin Shoppe, Inc. (a)(b)		162,630		6,485,684
				90,486,001
TOTAL COMMON STOCKS —
(Cost $637,882,583)				582,257,950
PREFERRED STOCK — 0.0%
HOME IMPROVEMENT RETAIL — 0.0%
Orchard Supply Hardware Stores Corp. (Series A) (b)(d) (Cost $36,618)		5,878		0
SHORT TERM INVESTMENTS — 11.4%
MONEY MARKET FUNDS — 11.4%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		64,973,143		64,973,143
State Street Institutional Liquid Reserves Fund 0.15% (f)(g)		1,658,018		1,658,018
TOTAL SHORT TERM INVESTMENTS —
(Cost $66,631,161)				66,631,161
TOTAL INVESTMENTS — 111.3% (h)
(Cost $704,550,362)				648,889,111
OTHER ASSETS & LIABILITIES — (11.3)%				(65,872,157	)
NET ASSETS — 100.0%			$	583,016,954

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Non-income producing security.
(c)	Amount shown represents less than 0.05% of net assets.
(d)	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)
(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.

182

SPDR S&P Semiconductor ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
SEMICONDUCTORS — 99.9%
Advanced Micro Devices, Inc. (a)(b)		149,672	$	808,229
Altera Corp.		23,119		857,715
Analog Devices, Inc.		23,555		842,798
Applied Micro Circuits Corp. (a)(b)		60,354		405,579
Atmel Corp. (b)		92,759		751,348
Broadcom Corp. (Class A) (b)		27,375		803,730
Cavium, Inc. (a)(b)		26,999		767,582
CEVA, Inc. (a)(b)		16,206		490,394
Cirrus Logic, Inc. (b)		49,647		786,905
Cree, Inc. (a)(b)		34,841		767,896
CSR PLC, ADR (a)(b)		693		7,921
Cypress Semiconductor Corp. (a)(b)		44,926		758,800
Diodes, Inc. (a)(b)		29,592		630,310
Entropic Communications, Inc. (b)		118,523		605,652
Fairchild Semiconductor International, Inc. (b)		64,431		775,749
First Solar, Inc. (b)		18,164		613,217
Freescale Semiconductor Holdings I, Ltd. (a)(b)		51,902		656,560
Hittite Microwave Corp. (b)		15,876		783,957
Integrated Device Technology, Inc. (b)		117,095		639,339
Intel Corp.		33,147		803,815
International Rectifier Corp. (b)		40,916		794,589
Intersil Corp. (Class A) (a)		80,348		838,833
Lattice Semiconductor Corp. (a)(b)		100,877		599,209
Linear Technology Corp.		27,443		824,113
LSI Corp. (b)		144,713		861,042
Marvell Technology Group, Ltd. (b)		58,020		803,577
Maxim Integrated Products, Inc.		32,369		842,889
Micrel, Inc. (a)		34,029		344,033
Microchip Technology, Inc. (a)		23,825		872,710
Micron Technology, Inc. (b)		140,780		885,506
Microsemi Corp. (a)(b)		42,519		712,193
Monolithic Power Systems, Inc. (b)		14,650		220,775
Netlogic Microsystems, Inc. (b)		16,731		829,356
NVIDIA Corp. (b)		55,637		771,129
OmniVision Technologies, Inc. (a)(b)		62,670		766,767
ON Semiconductor Corp. (b)		101,862		786,375
PMC-Sierra, Inc. (b)		154,137		849,295
Power Integrations, Inc. (a)		19,340		641,314
Rambus, Inc. (b)		109,529		826,944
RF Micro Devices, Inc. (a)(b)		147,554		796,792
Semtech Corp. (b)		35,247		874,831
Silicon Image, Inc. (b)		94,249		442,970
Silicon Laboratories, Inc. (a)(b)		19,160		831,927
Skyworks Solutions, Inc. (b)		53,550		868,581
Spansion, Inc. (b)		43,234		357,977
Standard Microsystems Corp. (a)(b)		9,068		233,682
SunPower Corp. (a)(b)		76,015		473,573
Texas Instruments, Inc.		27,695		806,201
TriQuint Semiconductor, Inc. (a)(b)		174,211		848,408
Volterra Semiconductor Corp. (a)(b)		15,979		409,222
Xilinx, Inc.		25,400		814,325
TOTAL COMMON STOCKS —
(Cost $42,593,713)				35,386,634
SHORT TERM INVESTMENTS — 6.4%
MONEY MARKET FUNDS — 6.4%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,237,457		2,237,457
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		34,156		34,156
TOTAL SHORT TERM INVESTMENTS —
(Cost $2,271,613)				2,271,613
TOTAL INVESTMENTS — 106.3% (f)
(Cost $44,865,326)				37,658,247
OTHER ASSETS & LIABILITIES — (6.3)%				(2,232,785	)
NET ASSETS — 100.0%			$	35,425,462

(a)	A portion of the security was on loan at December 31, 2011.
(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)

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

183

SPDR S&P Software & Services ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
APPLICATION SOFTWARE — 32.6%
ACI Worldwide, Inc. (a)		2,073	$	59,371
Adobe Systems, Inc. (a)		2,225		62,901
Advent Software, Inc. (a)		2,354		57,343
Ansys, Inc. (a)		1,006		57,624
Aspen Technology, Inc. (a)		3,343		58,001
Autodesk, Inc. (a)		1,814		55,019
Blackbaud, Inc.		2,069		57,311
Bottomline Technologies, Inc. (a)		2,867		66,428
BroadSoft, Inc. (a)		1,641		49,558
Cadence Design Systems, Inc. (a)		5,728		59,571
Citrix Systems, Inc. (a)		875		53,130
Compuware Corp. (a)		7,211		59,996
Concur Technologies, Inc. (a)		1,173		59,577
Ebix, Inc.		3,022		66,786
Factset Research Systems, Inc.		654		57,081
Fair Isaac Corp.		1,645		58,957
Informatica Corp. (a)		1,402		51,776
Interactive Intelligence Group (a)		2,437		55,856
Intuit, Inc.		1,171		61,583
JDA Software Group, Inc. (a)		1,870		60,569
Kenexa Corp. (a)		2,229		59,514
Magma Design Automation, Inc. (a)		8,664		62,208
Manhattan Associates, Inc. (a)		1,376		55,700
Mentor Graphics Corp. (a)		4,866		65,983
MicroStrategy, Inc. (a)		514		55,676
Monotype Imaging Holdings, Inc. (a)		2,971		46,318
Netscout Systems, Inc. (a)		3,520		61,952
Nuance Communications, Inc. (a)		2,521		63,428
Parametric Technology Corp. (a)		2,963		54,104
Pegasystems, Inc.		1,902		55,919
QLIK Technologies, Inc. (a)		2,050		49,610
Quest Software, Inc. (a)		3,281		61,027
RealPage, Inc. (a)		2,401		60,673
S1 Corp. (a)		6,411		61,353
Salesforce.com, Inc. (a)		504		51,136
Solarwinds, Inc. (a)		1,874		52,378
Solera Holdings, Inc.		1,338		59,595
SuccessFactors, Inc. (a)		1,565		62,397
Synchronoss Technologies, Inc. (a)		2,023		61,115
Synopsys, Inc. (a)		2,226		60,547
Taleo Corp. (Class A) (a)		1,477		57,145
TIBCO Software, Inc. (a)		2,301		55,017
TiVo, Inc. (a)		6,398		57,390
Tyler Technologies, Inc. (a)		1,948		58,654
Ultimate Software Group, Inc. (a)		889		57,892
Verint Systems, Inc. (a)		2,220		61,139
VirnetX Holding Corp. (a)		2,783		69,492
				2,745,800
DATA PROCESSING & OUTSOURCED SERVICES — 20.9%
Alliance Data Systems Corp. (a)		602		62,512
Automatic Data Processing, Inc.		1,189		64,218
Broadridge Financial Solutions, Inc.		2,752		62,058
Cardtronics, Inc. (a)		2,334		63,158
Computer Sciences Corp.		2,404		56,975
Convergys Corp. (a)		4,931		62,969
CoreLogic, Inc. (a)		4,621		59,749
CSG Systems International, Inc. (a)		3,795		55,824
DST Systems, Inc.		1,281		58,311
Euronet Worldwide, Inc. (a)		3,493		64,551
Fidelity National Information Services, Inc.		2,425		64,481
Fiserv, Inc. (a)		1,064		62,499
FleetCor Technologies, Inc. (a)		1,913		57,141
Genpact, Ltd. (a)		4,164		62,252
Global Payments, Inc.		1,389		65,811
Heartland Payment Systems, Inc.		2,711		66,040
Higher One Holdings, Inc. (a)		3,407		62,825
Jack Henry & Associates, Inc.		1,846		62,044
Lender Processing Services, Inc.		3,322		50,063
Mastercard, Inc. (Class A)		165		61,515
NeuStar, Inc. (Class A) (a)		1,868		63,830
Paychex, Inc.		2,075		62,478
Syntel, Inc.		1,274		59,585
TeleTech Holdings, Inc. (a)		2,993		48,487
The Western Union Co.		3,431		62,650
Total System Services, Inc.		3,088		60,401
VeriFone Systems, Inc. (a)		1,451		51,539
Visa, Inc. (Class A)		642		65,182
Wright Express Corp. (a)		1,155		62,693
				1,761,841
HOME ENTERTAINMENT SOFTWARE — 2.2%
Activision Blizzard, Inc.		5,096		62,783
Electronic Arts, Inc. (a)		2,837		58,442
Take-Two Interactive Software, Inc. (a)		4,424		59,945
				181,170
INTERNET SOFTWARE & SERVICES — 22.2%
Akamai Technologies, Inc. (a)		2,211		71,371
Ancestry.com, Inc. (a)		2,661		61,097
AOL, Inc. (a)		4,462		67,376
comScore, Inc. (a)		3,111		65,953
Constant Contact, Inc. (a)		2,485		57,677
DealerTrack Holdings, Inc. (a)		2,249		61,308
Dice Holdings, Inc. (a)		7,313		60,625
Digital River, Inc. (a)		4,085		61,357
EarthLink, Inc.		10,077		64,896
eBay, Inc. (a)		1,971		59,780
Equinix, Inc. (a)		599		60,739
Google, Inc. (Class A) (a)		99		63,944
IAC/InterActiveCorp.		1,493		63,602
j2 Global, Inc.		2,301		64,750
KIT Digital, Inc. (a)		6,385		53,953
Liquidity Services, Inc. (a)		1,662		61,328
LivePerson, Inc. (a)		4,652		58,383
LogMeIn, Inc. (a)		1,456		56,129
LoopNet, Inc. (a)		3,469		63,413
Monster Worldwide, Inc. (a)		7,827		62,068
NIC, Inc.		4,822		64,181
OpenTable, Inc. (a)		1,746		68,321
Rackspace Hosting, Inc. (a)		1,417		60,945
RightNow Technologies, Inc. (a)		1,459		62,343
United Online, Inc.		11,882		64,638
ValueClick, Inc. (a)		3,836		62,488
VeriSign, Inc.		1,838		65,653
Vocus, Inc. (a)		2,270		50,144
WebMD Health Corp. (a)		1,785		67,027

See accompanying notes to financial statements.

184

SPDR S&P Software & Services ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Yahoo!, Inc. (a)		3,913	$	63,117
				1,868,606
IT CONSULTING & OTHER SERVICES — 10.4%
Accenture PLC (Class A)		1,062		56,530
Acxiom Corp. (a)		4,908		59,927
Booz Allen Hamilton Holding Corp. (a)		3,731		64,360
CACI International, Inc. (Class A) (a)		1,090		60,953
Cognizant Technology Solutions Corp. (Class A) (a)		899		57,815
Forrester Research, Inc. (a)		1,329		45,106
Gartner, Inc. (a)		1,709		59,422
iGate Corp. (a)		3,617		56,895
International Business Machines Corp.		321		59,025
ManTech International Corp. (Class A)		1,864		58,231
MAXIMUS, Inc.		1,493		61,736
SAIC, Inc. (a)		5,006		61,524
Sapient Corp.		5,047		63,592
Teradata Corp. (a)		1,182		57,339
Unisys Corp. (a)		2,554		50,339
				872,794
SYSTEMS SOFTWARE — 11.5%
Ariba, Inc. (a)		1,795		50,404
BMC Software, Inc. (a)		1,798		58,938
CA, Inc.		2,913		58,886
CommVault Systems, Inc. (a)		1,268		54,169
Fortinet, Inc. (a)		2,542		55,441
MICROS Systems, Inc. (a)		1,327		61,812
Microsoft Corp.		2,427		63,005
NetSuite, Inc. (a)		1,307		52,999
OPNET Technologies, Inc.		1,584		58,085
Oracle Corp.		1,968		50,479
Progress Software Corp. (a)		2,893		55,980
Red Hat, Inc. (a)		1,255		51,819
Rovi Corp. (a)		2,321		57,050
Sourcefire, Inc. (a)		1,822		58,996
Symantec Corp. (a)		3,853		60,300
VMware, Inc. (Class A) (a)		647		53,824
Websense, Inc. (a)		3,399		63,663
				965,850
TOTAL COMMON STOCKS —
(Cost $7,873,343)				8,396,061
SHORT TERM INVESTMENT — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.15% (b)(c) (Cost $14,708)		14,708		14,708
TOTAL INVESTMENTS — 100.0% (d)
(Cost $7,888,051)				8,410,769
OTHER ASSETS & LIABILITIES — 0.0% (e)				610
NET ASSETS — 100.0%			$	8,411,379

(a)	Non-income producing security.
(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)
(e)	Amount shown represents less than 0.05% of net assets.

PLC = Public Limited Company

See accompanying notes to financial statements.

185

SPDR S&P Telecom ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
ALTERNATIVE CARRIERS — 9.5%
AboveNet, Inc. (a)		1,860	$	120,919
Cogent Communications Group, Inc. (a)		4,055		68,489
Iridium Communications, Inc. (a)		6,162		47,509
Level 3 Communications, Inc. (a)		7,187		122,107
Neutral Tandem, Inc. (a)		2,965		31,696
tw telecom, Inc. (a)		7,109		137,772
Vonage Holdings Corp. (a)		27,765		68,024
				596,516
COMMUNICATIONS EQUIPMENT — 59.4%
Acme Packet, Inc. (a)		3,824		118,200
ADTRAN, Inc.		4,086		123,234
Arris Group, Inc. (a)		12,540		135,683
Aruba Networks, Inc. (a)		6,263		115,991
Black Box Corp.		896		25,124
Blue Coat Systems, Inc. (a)		5,263		133,943
Brocade Communications Systems, Inc. (a)		23,815		123,600
Ciena Corp. (a)		10,774		130,365
Cisco Systems, Inc.		7,001		126,578
Comtech Telecommunications Corp.		4,473		128,017
EchoStar Corp. (Class A) (a)		2,543		53,250
Emulex Corp. (a)		12,402		85,078
F5 Networks, Inc. (a)		1,152		122,250
Finisar Corp. (a)		7,967		133,407
Harmonic, Inc. (a)		12,864		64,835
Harris Corp.		3,708		133,636
Infinera Corp. (a)		19,199		120,570
InterDigital, Inc.		3,104		135,241
Ixia (a)		4,252		44,689
JDS Uniphase Corp. (a)		12,190		127,264
Juniper Networks, Inc. (a)		6,616		135,033
Loral Space & Communications, Inc. (a)		771		50,022
Motorola Mobility Holdings, Inc. (a)		3,400		131,920
Motorola Solutions, Inc.		2,811		130,121
Netgear, Inc. (a)		3,522		118,234
Oplink Communications, Inc. (a)		1,892		31,161
Plantronics, Inc.		3,701		131,904
Polycom, Inc. (a)		7,830		127,629
QUALCOMM, Inc.		2,395		131,006
Riverbed Technology, Inc. (a)		4,889		114,891
Sonus Networks, Inc. (a)		25,335		60,804
Sycamore Networks, Inc. (a)		1,135		20,317
Tekelec (a)		11,993		131,083
Tellabs, Inc.		31,773		128,363
ViaSat, Inc. (a)		2,372		109,397
				3,732,840
INTEGRATED TELECOMMUNICATION SERVICES — 12.3%
AT&T, Inc.		4,553		137,683
CenturyLink, Inc.		3,700		137,640
Cincinnati Bell, Inc. (a)		17,892		54,213
Consolidated Communications Holdings, Inc.		2,022		38,519
Frontier Communications Corp.		25,514		131,397
Verizon Communications, Inc.		3,439		137,972
Windstream Corp.		11,277		132,392
				769,816
WIRELESS TELECOMMUNICATION SERVICES — 18.5%
American Tower Corp. (Class A)		2,256		135,382
Crown Castle International Corp. (a)		3,057		136,954
Leap Wireless International, Inc. (a)		15,791		146,698
MetroPCS Communications, Inc. (a)		15,604		135,443
NII Holdings, Inc. (a)		6,533		139,153
NTELOS Holdings Corp.		1,165		23,743
SBA Communications Corp. (Class A) (a)		3,244		139,362
Sprint Nextel Corp. (a)		53,302		124,727
Telephone & Data Systems, Inc.		5,147		133,256
US Cellular Corp. (a)		1,078		47,033
				1,161,751
TOTAL COMMON STOCKS —
(Cost $7,214,319)				6,260,923
SHORT TERM INVESTMENT — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Liquid Reserves Fund 0.15% (b)(c) (Cost $15,548)		15,548		15,548
TOTAL INVESTMENTS — 100.0% (d)
(Cost $7,229,867)				6,276,471
OTHER ASSETS & LIABILITIES — 0.0% (e)				2,562
NET ASSETS — 100.0%			$	6,279,033

(a)	Non-income producing security.
(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)
(e)	Amount shown represents less than 0.05% of net assets.

See accompanying notes to financial statements.

186

SPDR S&P Transportation ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AIR FREIGHT & LOGISTICS — 20.1%
Atlas Air Worldwide Holdings, Inc. (a)		7,264	$	279,155
C.H. Robinson Worldwide, Inc.		5,265		367,392
Expeditors International of Washington, Inc.		8,635		353,689
FedEx Corp.		4,329		361,515
Forward Air Corp.		4,538		145,443
HUB Group, Inc. (Class A) (a)		8,196		265,796
United Parcel Service, Inc. (Class B)		4,974		364,047
UTI Worldwide, Inc.		9,661		128,395
				2,265,432
AIRLINES — 21.0%
Alaska Air Group, Inc. (a)		5,165		387,840
Allegiant Travel Co. (a)		2,790		148,819
Delta Air Lines, Inc. (a)		42,392		342,951
JetBlue Airways Corp. (a)		71,353		371,036
SkyWest, Inc.		7,617		95,898
Southwest Airlines Co.		42,693		365,452
United Continental Holdings, Inc. (a)		17,475		329,753
US Airways Group, Inc. (a)		64,116		325,068
				2,366,817
MARINE — 4.6%
Alexander & Baldwin, Inc.		3,778		154,218
Kirby Corp. (a)		5,565		366,400
				520,618
RAILROADS — 15.6%
CSX Corp.		16,901		355,935
Genesee & Wyoming, Inc. (Class A) (a)		5,047		305,747
Kansas City Southern (a)		5,428		369,158
Norfolk Southern Corp.		4,883		355,775
Union Pacific Corp.		3,541		375,134
				1,761,749
TRUCKING — 38.5%
AMERCO, Inc.		803		70,985
Arkansas Best Corp.		10,007		192,835
Avis Budget Group, Inc. (a)		30,798		330,155
Con-way, Inc.		12,260		357,502
Dollar Thrifty Automotive Group, Inc. (a)		5,179		363,877
Heartland Express, Inc.		20,191		288,529
Hertz Global Holdings, Inc. (a)		31,144		365,008
J.B. Hunt Transport Services, Inc.		8,054		362,994
Knight Transportation, Inc.		17,673		276,406
Landstar System, Inc.		7,132		341,765
Old Dominion Freight Line, Inc. (a)		8,795		356,461
Ryder Systems, Inc.		6,796		361,139
Swift Transportation Co. (a)		37,670		310,401
Werner Enterprises, Inc.		14,725		354,872
				4,332,929
TOTAL COMMON STOCKS —
(Cost $12,230,561)				11,247,545
SHORT TERM INVESTMENT — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.15% (b)(c) (Cost $16,553)		16,553		16,553
TOTAL INVESTMENTS (d) — 100.0%
(Cost $12,247,114)				11,264,098
OTHER ASSETS & LIABILITIES — 0.0% (e)				2,049
NET ASSETS — 100.0%			$	11,266,147

(a)	Non-income producing security.
(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)
(e)	Amount shown represents less than 0.05% of net assets.

See accompanying notes to financial statements.

187

SPDR Wells Fargo Preferred Stock ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

Security Description	Shares		Value
PREFERRED STOCKS — 99.6%
CAPITAL MARKETS — 9.8%
Morgan Stanley Capital Trust III, 6.25%		50,969	$	1,052,510
Morgan Stanley Capital Trust IV, 6.25% (a)		36,318		753,962
Morgan Stanley Capital Trust V, 5.75% (a)		29,143		595,100
Morgan Stanley Capital Trust VI, 6.60%		49,961		1,084,653
Morgan Stanley Capital Trust VII, 6.60% (a)		64,142		1,395,730
Morgan Stanley Capital Trust VIII, 6.45% (a)		47,781		1,039,714
The Bank of New York Capital V Series F, 5.95% (a)		20,560		522,224
The Goldman Sachs Group, Inc., 6.50% (a)		33,272		833,464
The Goldman Sachs Group, Inc., 6.13% (a)		76,867		1,903,996
The Goldman Sachs Group, Inc. Series A, 3.75% (a)(b)		43,919		732,130
The Goldman Sachs Group, Inc. Series B, 6.20% (a)		46,345		1,112,743
The Goldman Sachs Group, Inc. Series D, 4.00% (a)(b)		78,731		1,352,598
				12,378,824
COMMERCIAL BANKS — 30.6%
Bank One Capital Trust VI, 7.20% (a)		30,742		783,921
Barclays Bank PLC Series 2, 6.63% (a)		37,612		689,804
Barclays Bank PLC Series 3, 7.10%		69,137		1,366,839
Barclays Bank PLC Series 4, 7.75% (a)		57,805		1,218,529
Barclays Bank PLC Series 5, 8.13% (a)		133,447		2,973,199
BB&T Capital Trust V, 8.95% (a)(b)		26,370		691,158
BB&T Capital Trust VI, 9.60% (a)		33,282		891,958
BB&T Capital Trust VII, 8.10% (a)		20,557		546,816
Fifth Third Capital Trust V, 7.25% (a)(b)		33,274		841,832
Fifth Third Capital Trust VI, 7.25% (a)(b)		50,282		1,273,140
HSBC Holdings PLC, 8.13% (a)		60,865		1,567,274
HSBC Holdings PLC, 8.00%		105,310		2,744,379
HSBC Holdings PLC, Series A, 6.20% (a)		40,110		958,629
HSBC USA, Inc. Series F, 3.50% (b)		14,480		221,544
HSBC USA, Inc. Series G, 4.00% (b)		10,443		171,578
KeyCorp Capital X, 8.00%		32,873		839,576
Lloyds Banking Group PLC, 7.75% (a)		50,280		1,284,654
M&T Capital Trust IV, 8.50%		20,554		533,787
National City Capital Trust III, 6.63% (a)		29,287		749,454
National City Capital Trust IV, 8.00%		30,303		773,636
PNC Capital Trust D, 6.13% (a)		17,451		439,591
PNC Capital Trust E, 7.75% (a)		26,375		689,179
Santander Finance Preferred SA Unipersonal, 10.50% (a)		48,103		1,263,666
Suntrust Cap IX, 7.88% (a)		39,668		1,003,600
UBS Preferred Funding Trust IV Series D, 0.98% (b)		17,335		177,684
US Bancorp Capital VIII Series 1, 6.35% (a)		22,014		554,973
US Bancorp Capital X, 6.50%		29,289		748,627
US Bancorp Capital XI, 6.60%		44,318		1,114,598
US Bancorp Capital XII, 6.30%		31,326		791,295
US Bancorp Series B, 3.50% (a)(b)		58,314		1,278,826
US Bancorp Series D, 7.88%		29,271		799,976
Wachovia Capital Trust IV, 6.38% (a)		51,011		1,281,906
Wachovia Capital Trust IX, 6.38%		46,647		1,170,840
Wells Fargo & Co. Series J, 8.00% (a)		88,875		2,526,716
Wells Fargo Capital IX, 5.63% (a)		20,560		515,028
Wells Fargo Capital VII, 5.85% (a)		20,563		521,272
Wells Fargo Capital XI, 6.25%		41,273		1,038,841
Wells Fargo Capital XII, 7.88%		65,096		1,691,845
				38,730,170
CONSUMER FINANCE — 0.9%
Capital One Capital II, 7.50% (a)		20,267		513,161
HSBC Finance Corp., 6.36% (a)		16,129		342,741
HSBC USA, Inc. Series H, 6.50%		10,430		254,596
				1,110,498
DIVERSIFIED FINANCIAL SERVICES — 26.9%
Citigroup Capital IX, 6.00%		19,120		409,359
Citigroup Capital VII, 7.13% (a)		19,838		480,080
Citigroup Capital VIII, 6.95% (a)		24,167		564,058
Citigroup Capital X, 6.10%		8,246		174,073
Citigroup Capital XI, 6.00% (a)		10,320		220,538
Citigroup Capital XII, 8.50% (a)(b)		51,122		1,286,230
Citigroup Capital XIII, 7.88% (a)(b)		49,924		1,301,019
Citigroup Capital XIV, 6.88% (a)		6,854		160,178
Citigroup Capital XIX, 7.25% (a)		12,536		305,252
Citigroup Capital XV, 6.50%		13,878		302,402
Citigroup Capital XVI Series W, 6.45% (a)		21,523		462,314
Citigroup Capital XVII Series E, 6.35% (a)		15,808		341,295
Citigroup Capital XX, 7.88%		10,013		251,326
Credit Suisse Guernsey, 7.90% (a)		88,497		2,261,098
Deutsche Bank Capital Funding Trust IX, 6.63% (a)		51,664		968,700
Deutsche Bank Capital Funding Trust VIII, 6.38%		26,853		491,947
Deutsche Bank Capital Funding Trust X, 7.35%		36,121		730,005
Deutsche Bank Contingent Capital Trust II, 6.55% (a)		35,879		669,143
Deutsche Bank Contingent Capital Trust III, 7.60% (a)		88,898		1,922,864
Deutsche Bank Contingent Capital Trust V, 8.05% (a)		62,297		1,420,995
General Electric Capital Corp., 6.63% (a)		47,578		1,253,205
General Electric Capital Corp., 6.50% (a)		12,010		335,679
General Electric Capital Corp., 6.10% (a)		47,575		1,223,629
General Electric Capital Corp., 6.05% (a)		28,486		730,666

See accompanying notes to financial statements.

188

SPDR Wells Fargo Preferred Stock ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
General Electric Capital Corp., 6.00% (a)		47,576	$	1,230,791
General Electric Capital Corp., 5.88% (a)		35,643		907,827
General Electric Capital Corp. Series A, 6.45% (a)		23,715		613,744
ING Groep NV, 8.50% (a)		87,580		1,907,492
ING Groep NV, 7.38% (a)		65,559		1,208,252
ING Groep NV, 7.20% (a)		47,990		897,413
ING Groep NV, 7.05% (a)		34,931		632,600
ING Groep NV, 6.38% (a)		45,676		764,616
ING Groep NV, 6.20% (a)		22,291		366,241
ING Groep NV, 6.13% (a)		30,516		497,716
JP Morgan Chase & Co., 8.63%		38,337		1,058,101
JP Morgan Chase Capital X, 7.00%		21,273		543,525
JP Morgan Chase Capital XI Series K, 5.88% (a)		22,876		572,129
JP Morgan Chase Capital XII, 6.25%		8,686		220,885
JP Morgan Chase Capital XIV, 6.20% (a)		13,054		331,311
JP Morgan Chase Capital XIX Series S, 6.63%		12,213		308,134
JP Morgan Chase Capital XVI, 6.35%		10,861		273,046
JP Morgan Chase Capital XXIV Series X, 6.88% (a)		15,201		386,409
JP Morgan Chase Capital XXIX, 6.70% (a)		31,982		816,181
JP Morgan Chase Capital XXVI, 8.00% (b)		38,643		1,000,854
JP Morgan Chase Capital XXVIII, 7.20% (b)		31,982		815,861
KKR Financial Holdings LLC, 8.38%		15,054		381,017
				34,000,200
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.3%
AT&T, Inc., 6.38% (a)		69,612		1,862,121
Qwest Corp., 7.50%		33,281		878,619
Qwest Corp., 7.38% (a)		38,295		1,016,349
Telephone & Data Systems, 7.00%		17,445		470,666
				4,227,755
ELECTRIC UTILITIES — 3.8%
Alabama Power Co. Series B, 5.88% (a)		14,530		385,336
American Electric Power, 8.75% (a)		18,504		530,140
BGE Capital Trust II, 6.20%		14,479		370,662
FPC Capital I Series A, 7.10% (a)		17,449		448,265
FPL Group Capital Trust I, 5.88% (a)		17,445		450,081
Georgia Power Co. Series D, 6.38% (a)		17,435		464,294
NextEra Energy Capital Holdings, Inc., 8.75%		21,991		638,838
NextEra Energy Capital Holdings, Inc., 7.45%		20,551		542,752
NextEra Energy Capital Holdings, Inc., 6.60%		20,556		521,711
Tennessee Valley Authority Series A, 4.50% (a)(b)		15,907		415,491
				4,767,570
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.4%
Tennessee Valley Authority Series D, 4.73% (a)(b)		19,205		502,211
INSURANCE — 12.3%
Aegon NV, 7.25%		61,220		1,353,574
Aegon NV, 6.88% (a)		32,237		674,398
Aegon NV, 6.50% (a)		29,341		580,952
Aegon NV, 6.38%		57,931		1,127,916
Aegon NV Series 1, 4.00% (a)(b)		14,436		230,254
American International Group, Inc., 7.70% (a)(b)		64,115		1,499,650
American International Group, Inc. Series A-4, 6.45% (a)(b)		43,880		891,203
Aviva PLC, 8.25% (a)		23,478		589,767
Axis Capital Holdings Series A, 7.25% (a)		14,482		363,788
Everest RE Capital Trust II Series B, 6.20% (a)		18,617		460,212
MetLife, Inc. Series A, 4.00% (a)(b)		35,131		773,233
MetLife, Inc. Series B, 6.50%		87,043		2,217,856
PartnerRe, Ltd. Series C, 6.75% (a)		16,872		427,705
PartnerRe, Ltd. Series E, 7.25%		21,938		581,357
Principal Financial Group, Inc. Series B, 6.52% (b)		14,481		364,487
Prudential Financial, Inc., 9.00% (a)		53,616		1,458,891
Prudential PLC, 6.75% (a)		14,481		367,673
Prudential PLC, 6.50% (a)		17,450		442,532
RenaissanceRe Holdings, Ltd. Series C, 6.08% (a)		14,551		358,828
RenaissanceRe Holdings, Ltd. Series D, 6.60% (a)		17,456		439,193
W.R. Berkley Capital Trust II, 6.75% (a)		14,541		376,176
				15,579,645
MEDIA — 3.7%
CBS Corp., 6.75% (a)		40,542		1,030,172
Comcast Corp., 6.63% (a)		33,279		868,249
Comcast Corp. Series B, 7.00% (a)		65,246		1,669,645
Viacom, Inc., 6.85%		43,445		1,090,470
				4,658,536
MULTI-UTILITIES — 1.8%
Dominion Resources Inc. Series A, 8.38% (a)		39,926		1,172,627
DTE Energy Co., 6.50%		16,134		434,635
Xcel Energy, Inc., 7.60% (a)		23,451		636,695
				2,243,957
REAL ESTATE INVESTMENT TRUSTS — 5.7%
CommonWealth REIT,		16,003		391,914
Digital Realty Trust, Inc. Series E, 7.00%		16,723		427,942
Harris Preferred Capital Corp. Series A, 7.38%		14,480		365,620
Hospitality Properties Trust Series C, 7.00%		18,474		456,862
Kimco Realty Corp. Series G, 7.75%		26,957		694,143
Public Storage Series M, 6.63%		27,927		710,742

See accompanying notes to financial statements.

189

SPDR Wells Fargo Preferred Stock ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Public Storage Series Q, 6.50% (a)		21,663	$	606,564
Public Storage Series R, 6.35% (a)		28,551		768,307
Vornado Realty LP, 7.88%		26,943		740,394
Vornado Realty Trust Series I, 6.63% (a)		15,707		395,659
Wachovia Preferred Funding Corp. Series A, 7.25% (a)		43,448		1,121,827
Weingarten Realty Investors Series F, 6.50% (a)		20,365		512,994
				7,192,968
WIRELESS TELECOMMUNICATION SERVICES — 0.4%
US Cellular Corp., 6.95%		19,890		529,472
TOTAL PREFERRED STOCKS —
(Cost $129,016,986)				125,921,806
SHORT TERM INVESTMENTS — 16.7%
MONEY MARKET FUNDS — 16.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		20,939,313		20,939,313
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		229,583		229,583
TOTAL SHORT TERM INVESTMENTS —
(Cost $21,168,896)				21,168,896
TOTAL INVESTMENTS — 116.3% (f)
(Cost $150,185,882)				147,090,702
OTHER ASSETS & LIABILITIES — (16.3)%				(20,667,234	)
NET ASSETS — 100.0%			$	126,423,468

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Variable rate security. The interest rate shown reflects the rate as of December 31, 2011.
(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)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

190

(This page intentionally left blank)

191

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2011 (Unaudited)

																			SPDR S&P									SPDR S&P
	SPDR Dow Jones									SPDR S&P						SPDR S&P 400			400			SPDR S&P			SPDR S&P 600			600
	Total Market			SPDR Dow Jones			SPDR S&P 500			500			SPDR Dow Jones			Mid Cap Growth			Mid Cap			600			Small Cap Growth			Small Cap
	ETF			Large Cap ETF			Growth ETF			Value ETF			Mid Cap ETF			ETF			Value ETF			Small Cap ETF			ETF			Value ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	163,078,681		$	35,132,886		$	206,650,508		$	159,017,529		$	66,273,496		$	58,685,579		$	25,860,021		$	72,356,351		$	145,266,135		$	113,870,339
Investments in securities of affiliated issuers, at value (Note 3)		7,847,035			3,140,137			2,812,252			3,723,116			7,161,943			6,786,540			7,076,326			20,950,084			21,883,502			20,512,053
Total Investments		170,925,716			38,273,023			209,462,760			162,740,645			73,435,439			65,472,119			32,936,347			93,306,435			167,149,637			134,382,392
Cash		1,775			267			5,156			—			—			—			—			—			—			—
Receivable for investments sold		60,590			11,534			—			50,395			185,895			—			57,924			63,180			—			249,624
Receivable for foreign taxes recoverable		—			7			—			—			125			—			—			—			—			—
Dividends receivable — unaffiliated issuers		259,106			53,919			266,283			282,977			82,599			46,451			33,127			77,979			97,352			171,329
Dividends receivable — affiliated issuers		5,578			1,038			953			4,350			3,718			2,392			1,883			6,427			10,102			7,580
TOTAL ASSETS		171,252,765			38,339,788			209,735,152			163,078,367			73,707,776			65,520,962			33,029,281			93,454,021			167,257,091			134,810,925
LIABILITIES
Payable upon return of securities loaned		7,361,899			3,041,648			2,420,920			2,788,882			7,139,681			6,757,476			7,021,133			20,884,410			21,467,866			20,347,986
Payable for investments purchased		—			—			—			—			—			—			101,346			126,732			—			402,475
Due to custodian		—			—			—			—			—			—			—			824			—			2,710
Accrued advisory fee (Note 3)		30,242			5,922			34,888			26,788			13,847			12,440			5,407			12,041			30,651			23,753
Accrued trustees’ fees and expenses (Note 3)		404			85			502			324			66			115			79			109			192			225
TOTAL LIABILITIES		7,392,545			3,047,655			2,456,310			2,815,994			7,153,594			6,770,031			7,127,965			21,024,116			21,498,709			20,777,149
NET ASSETS	$	163,860,220		$	35,292,133		$	207,278,842		$	160,262,373		$	66,554,182		$	58,750,931		$	25,901,316		$	72,429,905		$	145,758,382		$	114,033,776
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	171,814,543		$	31,667,189		$	231,100,666		$	182,749,451		$	65,117,491		$	66,457,597		$	27,889,006		$	76,684,689		$	167,793,299		$	129,572,999
Undistributed (distribution in excess of) net investment income		(11,399	)		(1,851	)		(76,547	)		9,387			1,154			15,966			(3,504	)		5,018			20,559			26,340
Accumulated net realized gain (loss) on investments		(13,905,584	)		(1,182,579	)		(54,058,731	)		(14,224,267	)		(130,737	)		(7,539,167	)		(1,732,608	)		(1,517,232	)		(25,146,001	)		(6,486,907	)
Net unrealized appreciation (depreciation) on:
Investments		5,962,660			4,809,374			30,313,454			(8,272,198	)		1,566,274			(183,465	)		(251,578	)		(2,742,570	)		3,090,525			(9,078,656	)
NET ASSETS	$	163,860,220		$	35,292,133		$	207,278,842		$	160,262,373		$	66,554,182		$	58,750,931		$	25,901,316		$	72,429,905		$	145,758,382		$	114,033,776
NET ASSET VALUE PER SHARE
Net asset value per share	$	93.63		$	58.82		$	58.39		$	62.83		$	57.87		$	73.44		$	51.80		$	65.84		$	112.11		$	67.03
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,750,138			600,000			3,550,130			2,550,870			1,150,000			800,000			500,000			1,100,023			1,300,107			1,701,340
COST OF INVESTMENTS:
Unaffiliated issuers	$	157,045,078		$	30,315,182		$	176,337,054		$	167,213,416		$	64,707,222		$	58,869,044		$	26,111,599		$	75,098,921		$	142,175,610		$	122,948,995
Affiliated issuers		7,917,978			3,148,467			2,812,252			3,799,427			7,161,943			6,786,540			7,076,326			20,950,084			21,883,502			20,512,053
Total cost of investments	$	164,963,056		$	33,463,649		$	179,149,306		$	171,012,843		$	71,869,165		$	65,655,584		$	33,187,925		$	96,049,005		$	164,059,112		$	143,461,048
* Includes investments in securities on loan, at value	$	7,116,836		$	3,003,955		$	2,356,979		$	2,909,582		$	7,174,750		$	6,556,105		$	6,864,075		$	20,158,395		$	20,784,927		$	19,548,084

See accompanying notes to financial statements.

192

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

193

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2011 (Unaudited)

																SPDR S&P			SPDR S&P			SPDR Morgan
										SPDR S&P Capital			SPDR S&P			Mortgage			Regional			Stanley			SPDR S&P			SPDR S&P
	SPDR Global			SPDR Dow Jones			SPDR S&P			Markets			Insurance			Finance			Banking			Technology			Dividend			Aerospace &
	Dow ETF			REIT ETF			Bank ETF			ETF			ETF			ETF			ETF			ETF			ETF			Defense ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	97,725,971		$	1,521,292,684		$	1,136,778,782		$	21,628,637		$	120,603,527		$	3,311,841		$	708,194,592		$	154,864,413		$	6,601,966,761		$	8,330,019
Investments in securities of affiliated issuers, at value (Note 3)		2,476,341			64,645,531			82,703,801			6,096,157			3,330,400			887,682			70,998,019			9,788,474			2,190,756,959			5,312
Total Investments		100,202,312			1,585,938,215			1,219,482,583			27,724,794			123,933,927			4,199,523			779,192,611			164,652,887			8,792,723,720			8,335,331
Cash		—			253,622			—			—			—			—			71,608			—			657,886			—
Foreign currency, at value		292,871			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold in-kind		—			24,359			3,982			—			—			—			8,352			—			—			—
Receivable for foreign taxes recoverable		117,269			—			—			—			3,627			111			—			12,294			—			—
Dividends receivable — unaffiliated issuers		142,145			4,526,915			1,698,648			90,126			180,675			4,744			1,093,667			57,362			13,407,896			6,162
Dividends receivable — affiliated issuers		2,885			18,085			22,806			7,362			1,033			326			29,851			2,550			6,214,951			2
TOTAL ASSETS		100,757,482			1,590,761,196			1,221,208,019			27,822,282			124,119,262			4,204,704			780,396,089			164,725,093			8,813,004,453			8,341,495
LIABILITIES
Payable upon return of securities loaned		2,476,241			61,436,309			80,284,283			5,429,510			3,187,950			874,219			69,796,255			9,347,150			549,624,700			—
Payable for investments purchased		—			3,173,817			—			—			—			12,146			—			—			—			—
Due to custodian		22,601			—			—			24,712			—			—			—			—			—			—
Payable for fund shares repurchased		—			—			—			—			—			—			—			—			2,917			—
Accrued advisory fee (Note 3)		42,425			295,917			313,845			6,731			33,893			967			184,997			67,969			2,366,803			2,436
Accrued trustees’ fees and expenses (Note 3)		123			2,368			1,042			19			240			4			1,647			356			17,125			33
TOTAL LIABILITIES		2,541,390			64,908,411			80,599,170			5,460,972			3,222,083			887,336			69,982,899			9,415,475			552,011,545			2,469
NET ASSETS	$	98,216,092		$	1,525,852,785		$	1,140,608,849		$	22,361,310		$	120,897,179		$	3,317,368		$	710,413,190		$	155,309,618		$	8,260,992,908		$	8,339,026
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	150,894,878		$	1,816,367,555		$	2,060,850,778		$	115,755,984		$	171,676,181		$	4,377,357		$	1,108,804,823		$	241,478,240		$	7,819,725,708		$	7,768,510
Undistributed (distribution in excess of) net investment income		65,761			242,983			227,141			4,603			(23,335	)		(260	)		(547,424	)		11,823			(11,605,415	)		(68	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(30,830,073	)		(293,864,694	)		(814,287,651	)		(84,349,804	)		(41,172,582	)		(1,106,417	)		(364,190,339	)		(70,509,462	)		(79,840,486	)		(322	)
Net unrealized appreciation (depreciation) on:
Investments		(21,908,916	)		3,106,941			(106,181,419	)		(9,049,473	)		(9,583,085	)		46,688			(33,653,870	)		(15,670,983	)		532,713,101			570,906
Foreign currency		(5,558	)		—			—			—			—			—			—			—			—			—
NET ASSETS	$	98,216,092		$	1,525,852,785		$	1,140,608,849		$	22,361,310		$	120,897,179		$	3,317,368		$	710,413,190		$	155,309,618		$	8,260,992,908		$	8,339,026
NET ASSET VALUE PER SHARE
Net asset value per share	$	50.35		$	64.43		$	19.82		$	27.95		$	37.20		$	33.17		$	24.41		$	58.61		$	53.89		$	55.59
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,950,583			23,681,892			57,552,118			800,000			3,250,000			100,000			29,102,585			2,650,108			153,303,658			150,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	119,634,887		$	1,518,185,743		$	1,242,468,497		$	30,186,405		$	130,186,612		$	3,265,153		$	741,848,462		$	170,535,396		$	6,100,811,802		$	7,759,113
Affiliated issuers		2,476,341			64,645,531			83,195,505			6,587,862			3,330,400			887,682			70,998,019			9,788,474			2,159,198,817			5,312
Total cost of investments	$	122,111,228		$	1,582,831,274		$	1,325,664,002		$	36,774,267		$	133,517,012		$	4,152,835		$	812,846,481		$	180,323,870		$	8,260,010,619		$	7,764,425
Foreign currency, at cost	$	297,546		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
* Includes investments in securities on loan, at value	$	2,371,517		$	59,668,770		$	81,062,942		$	5,259,729		$	3,084,603		$	855,413		$	66,808,578		$	9,050,311		$	531,616,142		$	—

See accompanying notes to financial statements.

194

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

195

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2011 (Unaudited)

															SPDR S&P			SPDR S&P
				SPDR S&P			SPDR S&P					SPDR S&P			Oil & Gas			Oil & Gas			SPDR S&P						SPDR S&P
	SPDR S&P			Health Care			Health Care		SPDR S&P			Metals & Mining			Equipment &			Exploration & Production			Pharmaceuticals						Semiconductor
	Biotech ETF			Equipment ETF			Services ETF		Homebuilders ETF			ETF			Services ETF			ETF			ETF			SPDR S&P Retail ETF			ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	427,722,361		$	22,100,192		$	5,621,522	$	884,892,680		$	705,848,427		$	340,966,771		$	735,075,685		$	289,738,525		$	582,257,950		$	35,386,634
Investments in securities of affiliated issuers, at value (Note 3)		76,612,603			6,688			11,264		73,588,754			99,995,633			30,259,970			102,091,501			34,800,194			66,631,161			2,271,613
Total Investments		504,334,964			22,106,880			5,632,786		958,481,434			805,844,060			371,226,741			837,167,186			324,538,719			648,889,111			37,658,247
Receivable for investments sold		—			—			—		—			—			2,444			2,792			—			—			14,742
Receivable for fund shares sold in-kind		—			—			—		13,593			—			—			—			—			—			—
Receivable for foreign taxes recoverable		—			104			—		—			—			—			—			—			—			—
Dividends receivable — unaffiliated issuers		—			9,251			1,489		516,342			500,972			28,151			138,346			161,213			635,828			—
Dividends receivable — affiliated issuers		24,779			6			1		31,928			72,224			8,262			386,632			21,528			107,412			1,252
TOTAL ASSETS		504,359,743			22,116,241			5,634,276		959,043,297			806,417,256			371,265,598			837,694,956			324,721,460			649,632,351			37,674,241
LIABILITIES
Payable upon return of securities loaned		76,053,401			—			—		73,350,878			98,655,865			29,649,518			97,352,044			34,786,959			64,973,143			2,237,457
Payable for investments purchased		200			—			—		—			—			—			3,014,267			—			1,405,469			—
Payable for fund shares repurchased		—			—			—		—			22,533			—			—			—			17,018			434
Accrued advisory fee (Note 3)		119,969			6,580			1,643		239,722			235,544			96,593			255,680			80,272			218,358			10,847
Accrued trustees’ fees and expenses (Note 3)		563			37			25		1,841			1,131			181			1,385			501			1,409			41
TOTAL LIABILITIES		76,174,133			6,617			1,668		73,592,441			98,915,073			29,746,292			100,623,376			34,867,732			66,615,397			2,248,779
NET ASSETS	$	428,185,610		$	22,109,624		$	5,632,608	$	885,450,856		$	707,502,183		$	341,519,306		$	737,071,580		$	289,853,728		$	583,016,954		$	35,425,462
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	634,403,441		$	23,891,806		$	5,000,000	$	1,169,699,713		$	1,440,287,643		$	439,834,835		$	1,118,277,817		$	258,658,402		$	706,165,557		$	77,251,343
Undistributed (distribution in excess of) net investment income		(524,091	)		921			17		(131,155	)		(45,901	)		8,883			257,532			(32,258	)		298,712			11,813
Accumulated net realized gain (loss) on investments		(181,162,760	)		(152,671	)		24,313		(235,064,039	)		(417,141,339	)		(77,626,631	)		(217,810,195	)		(7,276,211	)		(67,786,064	)		(34,630,615	)
Net unrealized appreciation (depreciation) on:
Investments		(24,530,980	)		(1,630,432	)		608,278		(49,053,663	)		(315,598,220	)		(20,697,781	)		(163,653,574	)		38,503,795			(55,661,251	)		(7,207,079	)
NET ASSETS	$	428,185,610		$	22,109,624		$	5,632,608	$	885,450,856		$	707,502,183		$	341,519,306		$	737,071,580		$	289,853,728		$	583,016,954		$	35,425,462
NET ASSET VALUE PER SHARE
Net asset value per share	$	66.39		$	49.13		$	56.33	$	17.08		$	48.96		$	34.67		$	52.65		$	51.30		$	52.52		$	44.28
Shares outstanding (unlimited amount authorized, $0.01 par value)		6,450,000			450,000			100,000		51,850,016			14,450,230			9,850,000			14,000,000			5,650,135			11,100,113			800,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	452,253,341		$	23,730,624		$	5,013,244	$	933,946,343		$	1,021,446,647		$	361,664,552		$	898,729,259		$	251,234,730		$	637,919,201		$	42,593,713
Affiliated issuers		76,612,603			6,688			11,264		73,588,754			99,995,633			30,259,970			102,091,501			34,800,194			66,631,161			2,271,613
Total cost of investments	$	528,865,944		$	23,737,312		$	5,024,508	$	1,007,535,097		$	1,121,442,280		$	391,924,522		$	1,000,820,760		$	286,034,924		$	704,550,362		$	44,865,326
* Includes investments in securities on loan, at value	$	73,775,375		$	—		$	—	$	71,111,777		$	96,746,799		$	28,587,133		$	94,491,062		$	38,804,397		$	62,948,987		$	2,171,399

See accompanying notes to financial statements.

196

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

197

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2011 (Unaudited)

	SPDR S&P Software & Services			SPDR S&P Telecom			SPDR S&P Transportation			SPDR Wells Fargo Preferred
	ETF			ETF			ETF			Stock ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	8,396,061		$	6,260,923		$	11,247,545		$	125,921,806
Investments in securities of affiliated issuers, at value (Note 3)		14,708			15,548			16,553			21,168,896
Total Investments		8,410,769			6,276,471			11,264,098			147,090,702
Receivable for investments sold		—			—			—			688,482
Dividends receivable — unaffiliated issuers		3,156			4,424			5,371			308,397
Dividends receivable — affiliated issuers		2			2			4			21,151
TOTAL ASSETS		8,413,927			6,280,897			11,269,473			148,108,732
LIABILITIES
Payable upon return of securities loaned		—			—			—			20,939,313
Payable for investments purchased		—			—			—			698,346
Accrued advisory fee (Note 3)		2,515			1,853			3,317			47,359
Accrued trustees’ fees and expenses (Note 3)		33			11			9			246
TOTAL LIABILITIES		2,548			1,864			3,326			21,685,264
NET ASSETS	$	8,411,379		$	6,279,033		$	11,266,147		$	126,423,468
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	7,889,828		$	8,247,689		$	12,982,514		$	132,541,988
Undistributed (distribution in excess of) net investment income		(209	)		2,164			(452	)		(523,268	)
Accumulated net realized gain (loss) on investments		(958	)		(1,017,424	)		(732,899	)		(2,500,072	)
Net unrealized appreciation (depreciation) on:
Investments		522,718			(953,396	)		(983,016	)		(3,095,180	)
NET ASSETS	$	8,411,379		$	6,279,033		$	11,266,147		$	126,423,468
NET ASSET VALUE PER SHARE
Net asset value per share	$	56.08		$	41.86		$	45.06		$	42.14
Shares outstanding (unlimited amount authorized, $0.01 par value)		150,000			150,000			250,000			3,000,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	7,873,343		$	7,214,319		$	12,230,561		$	129,016,986
Affiliated issuers		14,708			15,548			16,553			21,168,896
Total cost of investments	$	7,888,051		$	7,229,867		$	12,247,114		$	150,185,882
* Includes investments in securities on loan, at value	$	—		$	—		$	—		$	20,453,986

See accompanying notes to financial statements.

198

(This page intentionally left blank)

199

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2011 (Unaudited)

																												SPDR S&P
										SPDR S&P									SPDR S&P			SPDR S&P						600
	SPDR Dow Jones Total Market			SPDR Dow Jones			SPDR S&P 500 Growth			500						SPDR S&P 400 Mid Cap Growth			400 Mid Cap			600			SPDR S&P 600 Small Cap Growth			Small Cap
	ETF			Large Cap ETF			ETF			Value ETF			SPDR Dow Jones Mid Cap ETF			ETF			Value ETF			Small Cap ETF			ETF			Value ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	1,901,870		$	383,603		$	1,853,184		$	2,072,436		$	519,490		$	289,038		$	246,822		$	460,304		$	694,071		$	949,529
Dividend income on securities of affiliated issuers (Note 3)		2,694			592			261			5,657			138			135			54			92			143			121
Affiliated securities lending — net (Note 3 and Note 8)		29,059			5,089			10,634			13,628			20,962			14,864			6,927			27,895			56,812			36,878
Foreign taxes withheld		(91	)		(739	)		—			—			(93	)		—			—			—			—			—
TOTAL INVESTMENT INCOME		1,933,532			388,545			1,864,079			2,091,721			540,497			304,037			253,803			488,291			751,026			986,528
EXPENSES
Advisory fee (Note 3)		179,275			34,592			194,074			156,897			82,616			78,832			28,238			68,858			193,897			134,950
Trustees’ fees and expenses (Note 3)		2,253			434			2,423			1,966			829			795			280			860			1,955			1,349
Miscellaneous expenses		—			—			—			—			—			—			—			57			—			334
TOTAL EXPENSES		181,528			35,026			196,497			158,863			83,445			79,627			28,518			69,775			195,852			136,633
NET INVESTMENT INCOME		1,752,004			353,519			1,667,582			1,932,858			457,052			224,410			225,285			418,516			555,174			849,895
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		6,469,243			598,247			(6,785,248	)		4,325,900			2,346,750			(1,669,134	)		80,001			320,179			(7,310,192	)		1,062,069
Investments in securities of affiliated issuers		1,778			(688	)		—			—			—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		(17,245,818	)		(2,693,282	)		1,712,631			(15,790,771	)		(10,559,228	)		(6,346,021	)		(1,893,044	)		(5,723,476	)		(8,573,999	)		(10,089,051	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(10,774,797	)		(2,095,723	)		(5,072,617	)		(11,464,871	)		(8,212,478	)		(8,015,155	)		(1,813,043	)		(5,403,297	)		(15,884,191	)		(9,026,982	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(9,022,793	)	$	(1,742,204	)	$	(3,405,035	)	$	(9,532,013	)	$	(7,755,426	)	$	(7,790,745	)	$	(1,587,758	)	$	(4,984,781	)	$	(15,329,017	)	$	(8,177,087	)

See accompanying notes to financial statements.

200

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

201

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2011 (Unaudited)

										SPDR S&P						SPDR S&P						SPDR Morgan			SPDR S&P			SPDR S&P
	SPDR Global			SPDR Dow Jones			SPDR S&P			Capital Markets			SPDR S&P			Mortgage Finance			SPDR S&P Regional			Stanley Technology			Dividend			Aerospace & Defense
	Dow ETF			REIT ETF			Bank ETF			ETF			Insurance ETF			ETF			Banking ETF			ETF			ETF			ETF*
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	1,402,005		$	27,314,240		$	13,506,701		$	380,462		$	1,496,215		$	40,582		$	5,247,423		$	921,827		$	99,825,980		$	29,496
Dividend income on securities of affiliated issuers (Note 3)		45			1,335			146,465			36,828			117			6			591			214			28,684,291			5
Affiliated securities lending — net (Note 3 and Note 8)		12,147			159,317			75,901			12,561			22,471			1,222			163,681			17,725			553,737			—
Foreign taxes withheld		(68,747	)		—			—			—			(2,720	)		(83	)		(2,007	)		(2,152	)		—			—
TOTAL INVESTMENT INCOME		1,345,450			27,474,892			13,729,067			429,851			1,516,083			41,727			5,409,688			937,614			129,064,008			29,501
EXPENSES
Advisory fee (Note 3)		277,642			1,785,960			2,019,036			69,174			233,469			5,689			854,040			440,150			11,674,927			6,297
Trustees’ fees and expenses (Note 3)		1,405			17,898			14,527			512			1,689			41			5,912			2,227			82,289			44
Miscellaneous expenses		333			—			—			1,535			—			—			1,985			—			—			—
TOTAL EXPENSES		279,380			1,803,858			2,033,563			71,221			235,158			5,730			861,937			442,377			11,757,216			6,341
NET INVESTMENT INCOME		1,066,070			25,671,034			11,695,504			358,630			1,280,925			35,997			4,547,751			495,237			117,306,792			23,160
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(2,474,975	)		13,198,071			(398,327,251	)		(21,284,908	)		(32,399,132	)		(998,933	)		(84,624,319	)		(8,456,111	)		87,580,946			114,046
Investments in securities of affiliated issuers		—			—			(12,421,425	)		(2,343,841	)		—			—			—			—			(2,958,596	)		—
Foreign currency transactions		(40,142	)		—			—			—			—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		(18,168,906	)		(74,740,859	)		129,512,040			12,300,199			10,426,277			479,848			71,811,203			(13,206,825	)		(14,400,337	)		570,906
Foreign currency transactions		(16,715	)		—			—			—			—			—			—			—			—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(20,700,738	)		(61,542,788	)		(281,236,636	)		(11,328,550	)		(21,972,855	)		(519,085	)		(12,813,116	)		(21,662,936	)		70,222,013			684,952
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(19,634,668	)	$	(35,871,754	)	$	(269,541,132	)	$	(10,969,920	)	$	(20,691,930	)	$	(483,088	)	$	(8,265,365	)	$	(21,167,699	)	$	187,528,805		$	708,112

* For the period September 28, 2011 (commencement of operations) to December 31, 2011.

See accompanying notes to financial statements.

202

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

203

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2011 (Unaudited)

															SPDR S&P			SPDR S&P
				SPDR S&P Health			SPDR S&P Health		SPDR S&P			SPDR S&P			Oil & Gas			Oil & Gas			SPDR S&P						SPDR S&P
	SPDR S&P Biotech			Care Equipment			Care Services		Homebuilders			Metals & Mining			Equipment & Services			Exploration & Production			Pharmaceuticals			SPDR S&P Retail			Semiconductor
	ETF			ETF			ETF*		ETF			ETF			ETF			ETF			ETF			ETF			ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	154,176		$	55,434		$	5,836	$	4,633,963		$	4,853,598		$	1,096,512		$	2,859,721		$	1,204,652		$	4,520,525		$	197,465
Dividend income on securities of affiliated issuers (Note 3)		226			24			3		654			1,370			261			783			256			811			87
Affiliated securities lending — net (Note 3 and Note 8)		156,675			178			—		200,624			287,938			50,591			2,109,710			383,830			644,275			287,028
Foreign taxes withheld		—			—			—		—			—			(6,310	)		—			—			—			—
TOTAL INVESTMENT INCOME		311,077			55,636			5,839		4,835,241			5,142,906			1,141,054			4,970,214			1,588,738			5,165,611			484,580
EXPENSES
Advisory fee (Note 3)		827,904			37,330			4,846		1,221,679			1,499,688			635,747			1,490,959			419,772			1,153,329			106,609
Trustees’ fees and expenses (Note 3)		6,499			267			35		8,649			10,808			4,596			10,721			2,964			8,229			796
Miscellaneous expenses		765			—			—		—			—			—			5,909			—			62			—
TOTAL EXPENSES		835,168			37,597			4,881		1,230,328			1,510,496			640,343			1,507,589			422,736			1,161,620			107,405
NET INVESTMENT INCOME (LOSS)		(524,091	)		18,039			958		3,604,913			3,632,410			500,711			3,462,625			1,166,002			4,003,991			377,175
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(6,623,477	)		13,540			24,313		(24,373,591	)		(116,017,473	)		(5,285,638	)		(41,249,241	)		(2,352,808	)		(28,670,243	)		(16,367,537	)
Net change in unrealized appreciation (depreciation) on:
Investments		(63,433,101	)		(2,517,810	)		608,278		(19,869,004	)		(240,163,469	)		(76,869,509	)		(99,892,031	)		5,837,542			(26,902,700	)		(4,042,020	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(70,056,578	)		(2,504,270	)		632,591		(44,242,595	)		(356,180,942	)		(82,155,147	)		(141,141,272	)		3,484,734			(55,572,943	)		(20,409,557	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(70,580,669	)	$	(2,486,231	)	$	633,549	$	(40,637,682	)	$	(352,548,532	)	$	(81,654,436	)	$	(137,678,647	)	$	4,650,736		$	(51,568,952	)	$	(20,032,382	)

* For the period September 28, 2011 (commencement of operations) to December 31, 2011.

See accompanying notes to financial statements.

204

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

205

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2011 (Unaudited)

	SPDR S&P Software & Services			SPDR S&P Telecom			SPDR S&P Transportation			SPDR Wells Fargo Preferred
	ETF*			ETF			ETF			Stock ETF
INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	10,923		$	44,892		$	54,081		$	4,290,376
Dividend income on securities of affiliated issuers (Note 3)		5			14			13			392
Affiliated securities lending — net (Note 3 and Note 8)		—			9			—			70,323
Foreign taxes withheld		—			—			—			(6,427	)
TOTAL INVESTMENT INCOME		10,928			44,915			54,094			4,354,664
EXPENSES
Advisory fee (Note 3)		6,238			12,983			21,332			269,126
Trustees’ fees and expenses (Note 3)		43			94			154			1,496
TOTAL EXPENSES		6,281			13,077			21,486			270,622
NET INVESTMENT INCOME		4,647			31,838			32,608			4,084,042
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(958	)		(1,097,906	)		(912,914	)		(1,846,900	)
Net change in unrealized appreciation (depreciation) on:
Investments		522,718			(817,153	)		(1,561,507	)		(7,148,804	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		521,760			(1,915,059	)		(2,474,421	)		(8,995,704	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	526,407		$	(1,883,221	)	$	(2,441,813	)	$	(4,911,662	)

* For the period September 28, 2011 (commencement of operations) to December 31, 2011.

See accompanying notes to financial statements.

206

(This page intentionally left blank)

207

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 Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,752,004		$	3,278,042		$	353,519		$	707,683		$	1,667,582		$	2,284,380		$	1,932,858		$	3,738,117		$	457,052		$	805,383
Net realized gain (loss) on investments		6,471,021			9,072,966			597,559			4,127,062			(6,785,248	)		(1,546,228	)		4,325,900			9,349,989			2,346,750			4,165,387
Net change in unrealized appreciation (depreciation) on investments		(17,245,818	)		37,671,976			(2,693,282	)		5,710,945			1,712,631			52,905,782			(15,790,771	)		24,683,035			(10,559,228	)		13,587,927
Net increase (decrease) in net assets resulting from operations		(9,022,793	)		50,022,984			(1,742,204	)		10,545,690			(3,405,035	)		53,643,934			(9,532,013	)		37,771,141			(7,755,426	)		18,558,697
Net equalization credits and charges		6,102			(15,030	)		620			3,085			52,318			(10,007	)		—			282,714			305			15,560
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,796,034	)		(3,225,127	)		(358,867	)		(709,147	)		(1,805,217	)		(2,209,405	)		(1,923,471	)		(3,972,304	)		(455,898	)		(819,893	)
Total distributions to shareholders		(1,796,034	)		(3,225,127	)		(358,867	)		(709,147	)		(1,805,217	)		(2,209,405	)		(1,923,471	)		(3,972,304	)		(455,898	)		(819,893	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			16,525,970			2,869,120			14,842,768			19,903,455			—			—			53,271,237			5,697,898			18,782,168
Cost of shares redeemed		(18,846,961	)		(27,179,648	)		(2,728,736	)		(21,146,081	)		—			(26,132,811	)		—			(15,337,649	)		(11,260,897	)		(9,777,365	)
Net income equalization (Note 2)		(6,102	)		15,030			(620	)		(3,085	)		(52,318	)		10,007			—			(282,714	)		(305	)		(15,560	)
Net increase (decrease) in net assets from beneficial interest transactions		(18,853,063	)		(10,638,648	)		139,764			(6,306,398	)		19,851,137			(26,122,804	)		—			37,650,874			(5,563,304	)		8,989,243
Net increase (decrease) in net assets during the period		(29,665,788	)		36,144,179			(1,960,687	)		3,533,230			14,693,203			25,301,718			(11,455,484	)		71,732,425			(13,774,323	)		26,743,607
Net assets at beginning of period		193,526,008			157,381,829			37,252,820			33,719,590			192,585,639			167,283,921			171,717,857			99,985,432			80,328,505			53,584,898
NET ASSETS END OF PERIOD (1)	$	163,860,220		$	193,526,008		$	35,292,133		$	37,252,820		$	207,278,842		$	192,585,639		$	160,262,373		$	171,717,857		$	66,554,182		$	80,328,505
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			200,000			50,000			250,000			350,000			—			—			950,000			100,000			300,000
Shares redeemed		(200,000	)		(300,000	)		(50,000	)		(350,000	)		—			(500,000	)		—			(250,000	)		(200,000	)		(200,000	)
Net increase (decrease)		(200,000	)		(100,000	)		—			(100,000	)		350,000			(500,000	)		—			700,000			(100,000	)		100,000
(1) Including undistributed (distribution in excess of) net investment income	$	(11,399	)	$	32,631		$	(1,851	)	$	3,497		$	(76,547	)	$	61,088		$	9,387		$	—		$	1,154		$	—

See accompanying notes to financial statements.

208

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

209

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 Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	224,410		$	355,989		$	225,285		$	571,656		$	418,516		$	718,904		$	555,174		$	931,786		$	849,895		$	2,080,652
Net realized gain (loss) on investments		(1,669,134	)		18,039,734			80,001			4,435,011			320,179			12,183,026			(7,310,192	)		26,658,070			1,062,069			7,676,769
Net change in unrealized appreciation (depreciation) on investments		(6,346,021	)		6,928,726			(1,893,044	)		2,858,967			(5,723,476	)		5,925,353			(8,573,999	)		30,505,039			(10,089,051	)		23,607,068
Net increase (decrease) in net assets resulting from operations		(7,790,745	)		25,324,449			(1,587,758	)		7,865,634			(4,984,781	)		18,827,283			(15,329,017	)		58,094,895			(8,177,087	)		33,364,489
Net equalization credits and charges		(12,015	)		(6,383	)		4,903			(18,136	)		(437	)		(15,062	)		(26,136	)		(7,127	)		(7,522	)		(150,144	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(217,001	)		(334,614	)		(228,789	)		(577,286	)		(413,498	)		(712,057	)		(581,303	)		(880,548	)		(823,555	)		(2,127,002	)
Net realized gains		—			—			—			—			—			(40,489	)		—			—			—			—
Total distributions to shareholders		(217,001	)		(334,614	)		(228,789	)		(577,286	)		(413,498	)		(752,546	)		(581,303	)		(880,548	)		(823,555	)		(2,127,002	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		7,274,294			74,110,803			4,846,942			14,116,865			3,294,723			75,479,709			10,339,217			189,064,159			10,320,846			—
Cost of shares redeemed		(14,656,114	)		(84,882,842	)		—			(18,698,596	)		(3,059,493	)		(67,531,879	)		(36,102,779	)		(183,056,024	)		(12,135,570	)		(48,952,240	)
Net income equalization (Note 2)		12,015			6,383			(4,903	)		18,136			437			15,062			26,136			7,127			7,522			150,144
Net increase (decrease) in net assets from beneficial interest transactions		(7,369,805	)		(10,765,656	)		4,842,039			(4,563,595	)		235,667			7,962,892			(25,737,426	)		6,015,262			(1,807,202	)		(48,802,096	)
Voluntary contribution from Adviser		—			—			—			—			—			—			—			263,622			—			—
Net increase (decrease) in net assets during the period		(15,389,566	)		14,217,796			3,030,395			2,706,617			(5,163,049	)		26,022,567			(41,673,882	)		63,486,104			(10,815,366	)		(17,714,753	)
Net assets at beginning of period		74,140,497			59,922,701			22,870,921			20,164,304			77,592,954			51,570,387			187,432,264			123,946,160			124,849,142			142,563,895
NET ASSETS END OF PERIOD (1)	$	58,750,931		$	74,140,497		$	25,901,316		$	22,870,921		$	72,429,905		$	77,592,954		$	145,758,382		$	187,432,264		$	114,033,776		$	124,849,142
SHARES OF BENEFICIAL INTEREST:
Shares sold		100,000			1,000,000			100,000			300,000			50,000			1,150,000			100,000			1,750,000			150,000			—
Shares redeemed		(200,000	)		(1,150,000	)		—			(350,000	)		(50,000	)		(1,050,000	)		(350,000	)		(1,700,000	)		(200,000	)		(800,000	)
Net increase (decrease)		(100,000	)		(150,000	)		100,000			(50,000	)		—			100,000			(250,000	)		50,000			(50,000	)		(800,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	15,966		$	8,557		$	(3,504	)	$	—		$	5,018		$	—		$	20,559		$	46,688		$	26,340		$	—

See accompanying notes to financial statements.

210

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

211

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Global Dow ETF						SPDR Dow Jones REIT ETF						SPDR S&P Bank ETF						SPDR S&P Capital Markets ETF						SPDR S&P Insurance ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,066,070		$	3,212,599		$	25,671,034		$	33,298,814		$	11,695,504		$	13,165,726		$	358,630		$	1,308,110		$	1,280,925		$	3,150,713
Net realized gain (loss) on investments and foreign currency transactions		(2,515,117	)		(2,526,360	)		13,198,071			27,517,914			(410,748,676	)		48,750,087			(23,628,749	)		(6,348,532	)		(32,399,132	)		10,131,731
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(18,185,621	)		22,168,417			(74,740,859	)		332,025,926			129,512,040			(18,409,788	)		12,300,199			11,414,411			10,426,277			16,141,163
Net increase (decrease) in net assets resulting from operations		(19,634,668	)		22,854,656			(35,871,754	)		392,842,654			(269,541,132	)		43,506,025			(10,969,920	)		6,373,989			(20,691,930	)		29,423,607
Net equalization credits and charges		(65,403	)		149,587			(177,304	)		354,966			(1,275,285	)		(581,031	)		(61,247	)		(131,050	)		(158,255	)		144,065
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(816,420	)		(3,235,910	)		(25,428,051	)		(44,180,325	)		(12,905,395	)		(11,935,556	)		(519,518	)		(1,142,134	)		(1,316,929	)		(3,385,649	)
Total distributions to shareholders		(816,420	)		(3,235,910	)		(25,428,051	)		(44,180,325	)		(12,905,395	)		(11,935,556	)		(519,518	)		(1,142,134	)		(1,316,929	)		(3,385,649	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			61,316,265			190,257,813			274,494,969			2,018,820,994			6,248,898,890			48,561,451			130,640,378			388,744,920			783,450,214
Cost of shares redeemed		(30,118,971	)		(12,019,558	)		(160,190,977	)		(203,529,068	)		(2,280,423,554	)		(5,342,495,643	)		(83,837,393	)		(118,052,987	)		(460,735,955	)		(758,563,504	)
Net income equalization (Note 2)		65,403			(149,587	)		177,304			(354,966	)		1,275,285			581,031			61,247			131,050			158,255			(144,065	)
Net increase (decrease) in net assets from beneficial interest transactions		(30,053,568	)		49,147,120			30,244,140			70,610,935			(260,327,275	)		906,984,278			(35,214,695	)		12,718,441			(71,832,780	)		24,742,645
Net increase (decrease) in net assets during the period		(50,570,059	)		68,915,453			(31,232,969	)		419,628,230			(544,049,087	)		937,973,716			(46,765,380	)		17,819,246			(93,999,894	)		50,924,668
Net assets at beginning of period		148,786,151			79,870,698			1,557,085,754			1,137,457,524			1,684,657,936			746,684,220			69,126,690			51,307,444			214,897,073			163,972,405
NET ASSETS END OF PERIOD (1)	$	98,216,092		$	148,786,151		$	1,525,852,785		$	1,557,085,754		$	1,140,608,849		$	1,684,657,936		$	22,361,310		$	69,126,690		$	120,897,179		$	214,897,073
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			1,050,000			3,000,000			4,400,000			105,600,000			252,600,000			1,750,000			3,550,000			10,850,000			19,050,000
Shares redeemed		(550,000	)		(200,000	)		(2,700,000	)		(3,300,000	)		(118,250,000	)		(215,000,000	)		(2,900,000	)		(3,250,000	)		(12,750,000	)		(18,550,000	)
Net increase (decrease)		(550,000	)		850,000			300,000			1,100,000			(12,650,000	)		37,600,000			(1,150,000	)		300,000			(1,900,000	)		500,000
(1) Including undistributed (distribution in excess of) net investment income	$	65,761		$	(183,889	)	$	242,983		$	—		$	227,141		$	1,437,032		$	4,603		$	165,491		$	(23,335	)	$	12,669

See accompanying notes to financial statements.

212

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

213

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Mortgage Finance ETF						SPDR S&P Regional Banking ETF						SPDR Morgan Stanley Technology ETF						SPDR S&P Dividend ETF						SPDR S&P Aerospace & Defense ETF
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						For the Period
	12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			9/28/11*-
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			12/31/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	35,997		$	58,995		$	4,547,751		$	9,640,851		$	495,237		$	1,184,868		$	117,306,792		$	147,948,698		$	23,160
Net realized gain (loss) on investments		(998,933	)		(24,872	)		(84,624,319	)		(72,695,841	)		(8,456,111	)		7,569,213			84,622,350			101,909,097			114,046
Net change in unrealized appreciation (depreciation) on investments		479,848			(100,729	)		71,811,203			118,712,916			(13,206,825	)		39,563,278			(14,400,337	)		522,505,618			570,906
Net increase (decrease) in net assets resulting from operations		(483,088	)		(66,606	)		(8,265,365	)		55,657,926			(21,167,699	)		48,317,359			187,528,805			772,363,413			708,112
Net equalization credits and charges		—			(718	)		440,854			(628,044	)		(14,937	)		(23,364	)		7,125,663			12,082,144			207
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(37,259	)		(66,248	)		(6,047,055	)		(8,710,201	)		(483,414	)		(1,257,217	)		(128,912,207	)		(157,971,210	)		(23,228	)
Net realized gains		—			(12,065	)		—			—			—			—			—			—			—
Total distributions to shareholders		(37,259	)		(78,313	)		(6,047,055	)		(8,710,201	)		(483,414	)		(1,257,217	)		(128,912,207	)		(157,971,210	)		(23,228	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			2,156,762			1,411,019,805			3,167,296,529			5,708,237			9,544,380			2,460,683,121			4,239,233,832			10,146,766
Cost of shares redeemed		—			(2,089,624	)		(1,244,983,654	)		(3,358,767,950	)		(34,866,510	)		(32,673,433	)		(240,548,591	)		(821,095,621	)		(2,492,624	)
Net income equalization (Note 2)		—			718			(440,854	)		628,044			14,937			23,364			(7,125,663	)		(12,082,144	)		(207	)
Net increase (decrease) in net assets from beneficial interest transactions		—			67,856			165,595,297			(190,843,377	)		(29,143,336	)		(23,105,689	)		2,213,008,867			3,406,056,067			7,653,935
Net increase (decrease) in net assets during the period		(520,347	)		(77,781	)		151,723,731			(144,523,696	)		(50,809,386	)		23,931,089			2,278,751,128			4,032,530,414			8,339,026
Net assets at beginning of period		3,837,715			3,915,496			558,689,459			703,213,155			206,119,004			182,187,915			5,982,241,780			1,949,711,366			—
NET ASSETS END OF PERIOD (1)	$	3,317,368		$	3,837,715		$	710,413,190		$	558,689,459		$	155,309,618		$	206,119,004		$	8,260,992,908		$	5,982,241,780		$	8,339,026
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			50,000			62,300,000			129,600,000			100,000			150,000			47,450,000			83,050,000			200,000
Shares redeemed		—			(50,000	)		(55,150,000	)		(138,150,000	)		(600,000	)		(550,000	)		(4,800,000	)		(15,600,000	)		(50,000	)
Net increase (decrease)		—			—			7,150,000			(8,550,000	)		(500,000	)		(400,000	)		42,650,000			67,450,000			150,000
(1) Including undistributed (distribution in excess of) net investment income	$	(260	)	$	1,002		$	(547,424	)	$	951,880		$	11,823		$	—		$	(11,605,415	)	$	—		$	(68	)

* Commencement of operations

See accompanying notes to financial statements.

214

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

215

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Biotech ETF						SPDR S&P Health Care Equipment ETF						SPDR S&P Health Care Services ETF			SPDR S&P Homebuilders ETF						SPDR S&P Metals & Mining ETF
	Six Months Ended						Six Months Ended			For the Period			For the Period			Six Months Ended						Six Months Ended
	12/31/11			Year Ended			12/31/11			1/26/11*-			9/28/11*-			12/31/11			Year Ended			12/31/11			Year Ended
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			12/31/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(524,091	)	$	(1,595,620	)	$	18,039		$	6,203		$	958		$	3,604,913		$	6,212,055		$	3,632,410		$	6,583,198
Net realized gain (loss) on investments		(6,623,477	)		66,388,839			13,540			55,789			24,313			(24,373,591	)		58,692,936			(116,017,473	)		254,514,396
Net change in unrealized appreciation (depreciation) on investments		(63,433,101	)		97,269,968			(2,517,810	)		887,378			608,278			(19,869,004	)		107,036,548			(240,163,469	)		123,652,189
Net increase (decrease) in net assets resulting from operations		(70,580,669	)		162,063,187			(2,486,231	)		949,370			633,549			(40,637,682	)		171,941,539			(352,548,532	)		384,749,783
Net equalization credits and charges		564,211			(102,818	)		(281	)		781			—			125,432			631,502			(480,969	)		(93,574	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			—			(17,600	)		(5,721	)		(941	)		(3,736,068	)		(17,300,102	)		(4,164,350	)		(6,854,787	)
Net realized gains		—			—			(70,845	)		—			—			—			—			—			—
Total distributions to shareholders		—			—			(88,445	)		(5,721	)		(941	)		(3,736,068	)		(17,300,102	)		(4,164,350	)		(6,854,787	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		165,055,173			537,492,479			10,099,145			18,340,023			5,000,000			708,546,213			1,926,858,489			2,706,838,977			5,836,041,623
Cost of shares redeemed		(308,927,557	)		(507,777,366	)		(4,698,517	)		—			—			(553,102,256	)		(2,007,909,017	)		(2,773,812,653	)		(5,781,560,057	)
Net income equalization (Note 2)		(564,211	)		102,818			281			(781	)		—			(125,432	)		(631,502	)		480,969			93,574
Net increase (decrease) in net assets from beneficial interest transactions		(144,436,595	)		29,817,931			5,400,909			18,339,242			5,000,000			155,318,525			(81,682,030	)		(66,492,707	)		54,575,140
Net increase (decrease) in net assets during the period		(214,453,053	)		191,778,300			2,825,952			19,283,672			5,632,608			111,070,207			73,590,909			(423,686,558	)		432,376,562
Net assets at beginning of period		642,638,663			450,860,363			19,283,672			—			—			774,380,649			700,789,740			1,131,188,741			698,812,179
NET ASSETS END OF PERIOD (1)	$	428,185,610		$	642,638,663		$	22,109,624		$	19,283,672		$	5,632,608		$	885,450,856		$	774,380,649		$	707,502,183		$	1,131,188,741
SHARES OF BENEFICIAL INTEREST:
Shares sold		2,650,000			8,200,000			200,000			350,000			100,000			44,600,000			115,450,000			49,200,000			90,450,000
Shares redeemed		(5,000,000	)		(8,100,000	)		(100,000	)		—			—			(35,650,000	)		(121,500,000	)		(51,050,000	)		(89,450,000	)
Net increase (decrease)		(2,350,000	)		100,000			100,000			350,000			100,000			8,950,000			(6,050,000	)		(1,850,000	)		1,000,000
(1) Including undistributed (distribution in excess of) net investment income	$	(524,091	)	$	—		$	921		$	482		$	17		$	(131,155	)	$	—		$	(45,901	)	$	486,039

* Commencement of operations

See accompanying notes to financial statements.

216

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

217

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	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
	Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended						Six Months Ended
	12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	500,711		$	3,299,221		$	3,462,625		$	7,298,246		$	1,166,002		$	2,003,260		$	4,003,991		$	5,994,861		$	377,175		$	452,447
Net realized gain (loss) on investments		(5,285,638	)		71,715,426			(41,249,241	)		219,042,481			(2,352,808	)		25,057,046			(28,670,243	)		147,014,438			(16,367,537	)		6,782,622
Net change in unrealized appreciation (depreciation) on investments		(76,869,509	)		95,417,556			(99,892,031	)		41,010,922			5,837,542			27,624,650			(26,902,700	)		52,677,874			(4,042,020	)		12,427,303
Net increase (decrease) in net assets resulting from operations		(81,654,436	)		170,432,203			(137,678,647	)		267,351,649			4,650,736			54,684,956			(51,568,952	)		205,687,173			(20,032,382	)		19,662,372
Net equalization credits and charges		(10,054	)		249,460			(286,851	)		(112,354	)		29,793			6,723			(330,452	)		1,846,716			(12,572	)		(34,074	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(491,828	)		(3,626,611	)		(3,350,106	)		(7,573,972	)		(1,334,383	)		(1,867,137	)		(3,705,279	)		(8,163,249	)		(365,362	)		(638,284	)
Net realized gains		—			—			—			—			(419,092	)		(917,357	)		—			—			—			—
Total distributions to shareholders		(491,828	)		(3,626,611	)		(3,350,106	)		(7,573,972	)		(1,753,475	)		(2,784,494	)		(3,705,279	)		(8,163,249	)		(365,362	)		(638,284	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		66,181,687			410,043,559			6,049,900,941			9,359,931,260			61,560,106			119,016,440			7,034,925,502			19,662,887,170			101,422,346			301,832,098
Cost of shares redeemed		(131,966,010	)		(336,544,093	)		(5,765,371,771	)		(9,562,642,129	)		(18,901,455	)		(69,682,783	)		(6,944,799,255	)		(20,002,002,708	)		(160,440,578	)		(310,676,934	)
Net income equalization (Note 2)		10,054			(249,460	)		286,851			112,354			(29,793	)		(6,723	)		330,452			(1,846,716	)		12,572			34,074
Net increase (decrease) in net assets from beneficial interest transactions		(65,774,269	)		73,250,006			284,816,021			(202,598,515	)		42,628,858			49,326,934			90,456,699			(340,962,254	)		(59,005,660	)		(8,810,762	)
Net increase (decrease) in net assets during the period		(147,930,587	)		240,305,058			143,500,417			57,066,808			45,555,912			101,234,119			34,852,016			(141,591,614	)		(79,415,976	)		10,179,252
Net assets at beginning of period		489,449,893			249,144,835			593,571,163			536,504,355			244,297,816			143,063,697			548,164,938			689,756,552			114,841,438			104,662,186
NET ASSETS END OF PERIOD (1)	$	341,519,306		$	489,449,893		$	737,071,580		$	593,571,163		$	289,853,728		$	244,297,816		$	583,016,954		$	548,164,938		$	35,425,462		$	114,841,438
SHARES OF BENEFICIAL INTEREST:
Shares sold		2,000,000			10,700,000			112,600,000			178,950,000			1,250,000			2,600,000			138,050,000			430,150,000			2,250,000			5,450,000
Shares redeemed		(3,950,000	)		(8,850,000	)		(108,700,000	)		(182,600,000	)		(400,000	)		(1,500,000	)		(137,200,000	)		(439,250,000	)		(3,500,000	)		(5,900,000	)
Net increase (decrease)		(1,950,000	)		1,850,000			3,900,000			(3,650,000	)		850,000			1,100,000			850,000			(9,100,000	)		(1,250,000	)		(450,000	)
(1) Including undistributed (distribution in excess of) net investment income	$	8,883		$	—		$	257,532		$	145,013		$	(32,258	)	$	136,123		$	298,712		$	—		$	11,813		$	—

See accompanying notes to financial statements.

218

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

219

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Software & Services ETF			SPDR S&P Telecom ETF						SPDR S&P Transportation ETF						SPDR Wells Fargo Preferred Stock ETF
	For the Period			Six Months Ended			For the Period			Six Months Ended			For the Period			Six Months Ended
	9/28/11*-			12/31/11			1/26/11*-			12/31/11			1/26/11*-			12/31/11			Year Ended
	12/31/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,647		$	31,838		$	31,483		$	32,608		$	22,140		$	4,084,042		$	6,248,415
Net realized gain (loss) on investments		(958	)		(1,097,906	)		511,075			(912,914	)		(45,501	)		(1,846,900	)		1,203,067
Net change in unrealized appreciation (depreciation) on investments		522,718			(817,153	)		(136,243	)		(1,561,507	)		578,491			(7,148,804	)		4,520,718
Net increase (decrease) in net assets resulting from operations		526,407			(1,883,221	)		406,315			(2,441,813	)		555,130			(4,911,662	)		11,972,200
Net equalization credits and charges		228			(4,922	)		26,126			(2,511	)		6,098			53,672			471,387
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(4,856	)		(29,674	)		(51,678	)		(33,060	)		(22,140	)		(4,581,863	)		(6,669,746	)
Return of capital		—			—			—			—			(5,256	)		—			—
Total distributions to shareholders		(4,856	)		(29,674	)		(51,678	)		(33,060	)		(27,396	)		(4,581,863	)		(6,669,746	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		7,889,828			—			52,890,507			—			15,395,273			19,438,937			63,689,814
Cost of shares redeemed		—			(2,126,122	)		(42,927,094	)		(2,181,987	)		—			(2,131,061	)		(15,723,024	)
Net income equalization (Note 2)		(228	)		4,922			(26,126	)		2,511			(6,098	)		(53,672	)		(471,387	)
Net increase (decrease) in net assets from beneficial interest transactions		7,889,600			(2,121,200	)		9,937,287			(2,179,476	)		15,389,175			17,254,204			47,495,403
Net increase (decrease) in net assets during the period		8,411,379			(4,039,017	)		10,318,050			(4,656,860	)		15,923,007			7,814,351			53,269,244
Net assets at beginning of period		—			10,318,050			—			15,923,007			—			118,609,117			65,339,873
NET ASSETS END OF PERIOD (1)	$	8,411,379		$	6,279,033		$	10,318,050		$	11,266,147		$	15,923,007		$	126,423,468		$	118,609,117
SHARES OF BENEFICIAL INTEREST:
Shares sold		150,000			—			1,050,000			—			300,000			450,000			1,400,000
Shares redeemed		—			(50,000	)		(850,000	)		(50,000	)		—			(50,000	)		(350,000	)
Net increase (decrease)		150,000			(50,000	)		200,000			(50,000	)		300,000			400,000			1,050,000
(1) Including undistributed (distribution in excess of) net investment income	$	(209	)	$	2,164		$	—		$	(452	)	$	—		$	(523,268	)	$	(25,447	)

* Commencement of operations

See accompanying notes to financial statements.

220

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

221

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																		Six Months
	Ended																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	99.24		$	76.77		$	67.33		$	93.41		$	108.50		$	91.82		$	62.09		$	48.17		$	42.69		$	59.55		$	68.91		$	58.17
Income (loss) from investment operations:
Net investment income (loss)		0.90	(1)		1.59	(1)		1.41	(1)		1.66	(1)		1.74			1.61			0.59	(1)		1.04	(1)		0.93	(1)		1.09	(1)		1.18			1.11
Net realized and unrealized gain (loss) (2)		(5.59	)		22.46			9.36			(26.18	)		(15.07	)		16.69			(3.26	)		13.92			5.38			(17.02	)		(9.26	)		10.74
Total from investment operations		(4.69	)		24.05			10.77			(24.52	)		(13.33	)		18.30			(2.67	)		14.96			6.31			(15.93	)		(8.08	)		11.85
Net equalization credits and charges (1)		0.00	(3)		(0.01	)		(0.03	)		0.09			0.03			—			0.00	(3)		0.00	(3)		(0.02	)		0.21			(0.00	)(3)		—
Distributions to shareholders from:
Net investment income		(0.92	)		(1.57	)		(1.30	)		(1.65	)		(1.79	)		(1.62	)		(0.60	)		(1.04	)		(0.81	)		(1.14	)		(1.18	)		(1.11	)
Net realized gains		—			—			—			—			—			—			—			—			—			—			(0.10	)		—
Total distributions		(0.92	)		(1.57	)		(1.30	)		(1.65	)		(1.79	)		(1.62	)		(0.60	)		(1.04	)		(0.81	)		(1.14	)		(1.28	)		(1.11	)
Net asset value, end of period	$	93.63		$	99.24		$	76.77		$	67.33		$	93.41		$	108.50		$	58.82		$	62.09		$	48.17		$	42.69		$	59.55		$	68.91
Total return (4)		(4.68	)%		31.45	%		15.87	%		(26.18	)%		(12.36	)%		20.06	%		(4.26	)%		31.17	%		14.67	%		(26.44	)%		(11.84	)%		20.50	%
Net assets, end of period (in 000’s)	$	163,860		$	193,526		$	157,382		$	158,238		$	126,113		$	130,218		$	35,292		$	37,253		$	33,720		$	38,419		$	8,933		$	10,337
Ratio of expenses to average net assets		0.20	%(5)		0.22	%		0.20	%		0.21	%		0.20	%		0.20	%		0.20	%(5)		0.22	%		0.20	%		0.23	%		0.20	%		0.20	%
Ratio of net investment income (loss) to average net assets		1.95	%(5)		1.73	%		1.76	%		2.42	%		1.74	%		1.62	%		2.04	%(5)		1.80	%		1.84	%		2.63	%		1.80	%		1.69	%
Portfolio turnover rate (6)		1	%		2	%		2	%		10	%		1	%		2	%		2	%		5	%		5	%		10	%		7	%		4	%

(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. 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.

222

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

223

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

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																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	60.18		$	45.21		$	39.70		$	54.02		$	57.36		$	49.05		$	67.32		$	54.02		$	48.38		$	69.18		$	87.77		$	73.15
Income (loss) from investment operations:
Net investment income (loss)		0.49	(1)		0.67	(1)		0.39	(1)		0.52	(1)		0.44			0.47			0.76	(1)		1.51	(1)		1.51	(1)		1.93	(1)		2.37			1.99
Net realized and unrealized gain (loss) (2)		(1.78	)		14.96			5.52			(14.31	)		(3.33	)		8.32			(4.50	)		13.19			5.54			(20.78	)		(18.59	)		14.61
Total from investment operations		(1.29	)		15.63			5.91			(13.79	)		(2.89	)		8.79			(3.74	)		14.70			7.05			(18.85	)		(16.22	)		16.60
Net equalization credits and charges (1)		0.02			0.00	(3)		—			(0.03	)		0.01			(0.01	)		—			0.11			(0.03	)		0.07			(0.09	)		0.02
Distributions to shareholders from:
Net investment income		(0.52	)		(0.66	)		(0.37	)		(0.50	)		(0.46	)		(0.47	)		(0.75	)		(1.51	)		(1.38	)		(2.02	)		(2.28	)		(2.00	)
Return of capital		—			—			(0.03	)		—			—			—			—			—			—			—			—			—
Total distributions		(0.52	)		(0.66	)		(0.40	)		(0.50	)		(0.46	)		(0.47	)		(0.75	)		(1.51	)		(1.38	)		(2.02	)		(2.28	)		(2.00	)
Net asset value, end of period	$	58.39		$	60.18		$	45.21		$	39.70		$	54.02		$	57.36		$	62.83		$	67.32		$	54.02		$	48.38		$	69.18		$	87.77
Total return (4)		(2.09	)%		34.65	%		14.83	%		(25.58	)%		(5.04	)%		17.96	%		(5.49	)%		27.58	%		14.39	%		(27.33	)%		(18.85	)%		22.90	%
Net assets, end of period (in 000’s)	$	207,279		$	192,586		$	167,284		$	154,817		$	289,015		$	223,708		$	160,262		$	171,718		$	99,985		$	99,221		$	93,428		$	149,247
Ratio of expenses to average net assets		0.20	%(5)		0.22	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%(5)		0.22	%		0.20	%		0.21	%		0.20	%		0.20	%
Ratio of net investment income (loss) to average net assets		1.72	%(5)		1.22	%		0.83	%		1.27	%		0.81	%		0.92	%		2.46	%(5)		2.36	%		2.66	%		3.73	%		2.80	%		2.44	%
Portfolio turnover rate (6)		21	%		46	%		15	%		32	%		14	%		15	%		22	%		41	%		15	%		36	%		13	%		13	%

(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. 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.

224

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

225

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

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																		Six Months
	Ended																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	64.26		$	46.60		$	36.78		$	52.05		$	62.63		$	53.16		$	82.38		$	57.07		$	45.20		$	62.82		$	68.88		$	58.22
Income (loss) from investment operations:
Net investment income (loss)		0.40	(1)		0.76	(1)		0.69	(1)		0.74	(1)		0.65			0.78			0.27	(1)		0.36	(1)		0.30	(1)		0.33	(1)		0.28			0.51
Net realized and unrealized gain (loss) (2)		(6.39	)		17.65			9.67			(15.32	)		(7.80	)		10.28			(8.93	)		25.31			11.84			(17.64	)		(5.01	)		12.17
Total from investment operations		(5.99	)		18.41			10.36			(14.58	)		(7.15	)		11.06			(8.66	)		25.67			12.14			(17.31	)		(4.73	)		12.68
Net equalization credits and charges (1)		0.00	(3)		0.01			0.04			0.06			(0.01	)		—			(0.01	)		(0.01	)		0.01			0.01			(0.00	)(3)		—
Distributions to shareholders from:
Net investment income		(0.40	)		(0.76	)		(0.58	)		(0.75	)		(0.72	)		(0.80	)		(0.27	)		(0.35	)		(0.28	)		(0.32	)		(0.29	)		(0.52	)
Net realized gains		—			—			—			—			(2.70	)		(0.79	)		—			—			—			—			(1.04	)		(1.50	)
Total distributions		(0.40	)		(0.76	)		(0.58	)		(0.75	)		(3.42	)		(1.59	)		(0.27	)		(0.35	)		(0.28	)		(0.32	)		(1.33	)		(2.02	)
Net asset value, end of period	$	57.87		$	64.26		$	46.60		$	36.78		$	52.05		$	62.63		$	73.44		$	82.38		$	57.07		$	45.20		$	62.82		$	68.88
Total return		(9.29	)%		39.67	%		28.26	%		(27.89	)%		(11.53	)%		21.11	%		(10.51	)%		45.01	%		26.86	%		(27.51	)%		(6.85	)%		22.22	%
Net assets, end of period (in 000’s)	$	66,554		$	80,329		$	53,585		$	31,260		$	20,820		$	25,054		$	58,751		$	74,140		$	59,923		$	42,939		$	43,977		$	24,106
Ratio of expenses to average net assets		0.25	%(4)		0.27	%		0.26	%		0.30	%		0.25	%		0.25	%		0.25	%(4)		0.28	%		0.26	%		0.28	%		0.25	%		0.25	%
Ratio of net investment income (loss) to average net assets		1.38	%(4)		1.31	%		1.47	%		2.02	%		1.17	%		1.41	%		0.71	%(4)		0.50	%		0.52	%		0.75	%		0.45	%		0.83	%
Portfolio turnover rate (5)		11	%		23	%		31	%		58	%		45	%		40	%		27	%		88	%		45	%		74	%		59	%		55	%

(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)	Annualized.
(5)	Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

226

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

227

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

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																		Six Months
	Ended																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	57.18		$	44.81		$	35.29		$	50.34		$	63.10		$	54.63		$	70.54		$	51.57		$	41.18		$	55.27		$	66.57		$	58.03
Income (loss) from investment operations:
Net investment income (loss)		0.51	(1)		1.05	(1)		1.17	(1)		1.30	(1)		1.28			1.28			0.39	(1)		0.70	(1)		0.67	(1)		0.86	(1)		0.69			0.89
Net realized and unrealized gain (loss) (2)		(5.40	)		12.42			9.32			(14.89	)		(12.58	)		9.32			(4.71	)		19.03			10.28			(14.20	)		(11.19	)		9.78
Total from investment operations		(4.89	)		13.47			10.49			(13.59	)		(11.30	)		10.60			(4.32	)		19.73			10.95			(13.34	)		(10.50	)		10.67
Net equalization credits and charges (1)		0.01			(0.03	)		0.08			(0.09	)		(0.10	)		(0.01	)		(0.00	)(3)		(0.01	)		0.01			0.06			0.04			—
Distributions to shareholders from:
Net investment income		(0.50	)		(1.07	)		(0.85	)		(1.37	)		(1.36	)		(1.29	)		(0.38	)		(0.71	)		(0.57	)		(0.81	)		(0.84	)		(0.99	)
Net realized gains		—			—			—			—			—			(0.83	)		—			(0.04	)		—			—			—			(1.14	)
Return of capital		—			—			(0.20	)		—			—			—			—			—			—			—			—			—
Total distributions		(0.50	)		(1.07	)		(1.05	)		(1.37	)		(1.36	)		(2.12	)		(0.38	)		(0.75	)		(0.57	)		(0.81	)		(0.84	)		(2.13	)
Net asset value, end of period	$	51.80		$	57.18		$	44.81		$	35.29		$	50.34		$	63.10		$	65.84		$	70.54		$	51.57		$	41.18		$	55.27		$	66.57
Total return (4)		(8.46	)%		30.15	%		29.92	%		(27.27	)%		(18.18	)%		19.68	%		(6.07	)%		38.37	%		26.57	%		(23.98	)%		(15.76	)%		18.70	%
Net assets, end of period (in 000’s)	$	25,901		$	22,871		$	20,164		$	8,823		$	10,068		$	18,929		$	72,430		$	77,593		$	51,570		$	22,651		$	13,817		$	9,985
Ratio of expenses to average net assets		0.25	%(5)		0.28	%		0.26	%		0.34	%		0.25	%		0.25	%		0.20	%(5)		0.24	%		0.26	%		0.32	%		0.25	%		0.25	%
Ratio of net investment income (loss) to average net assets		1.99	%(5)		2.00	%		2.56	%		3.52	%		2.18	%		2.10	%		1.22	%(5)		1.11	%		1.27	%		2.16	%		1.34	%		1.18	%
Portfolio turnover rate (6)		27	%		82	%		50	%		73	%		51	%		45	%		9	%		82	%		20	%		28	%		24	%		16	%

(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. 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.

228

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

229

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

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																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	120.92		$	82.62		$	67.19		$	90.65		$	104.00		$	87.11		$	71.29		$	55.88		$	43.64		$	57.92		$	75.01		$	65.35
Income (loss) from investment operations:
Net investment income (loss)		0.39	(1)		0.61	(1)		0.26	(1)		0.56	(1)		0.42			0.20			0.51	(1)		1.03	(1)		1.30	(1)		1.52	(1)		1.25			1.62
Net realized and unrealized gain (loss) (2)		(8.75	)		38.10			15.35			(23.51	)		(11.83	)		16.88			(4.27	)		15.55			11.96			(14.33	)		(16.50	)		9.76
Total from investment operations		(8.36	)		38.71			15.61			(22.95	)		(11.41	)		17.08			(3.76	)		16.58			13.26			(12.81	)		(15.25	)		11.38
Net equalization credits and charges (1)		(0.02	)		(0.00	)(3)		(0.00	)(3)		0.04			(0.00	)(3)		—			(0.00	)(3)		(0.07	)		0.06			(0.02	)		0.01			0.02
Distributions to shareholders from:
Net investment income		(0.43	)		(0.57	)		(0.18	)		(0.55	)		(0.45	)		(0.19	)		(0.50	)		(1.10	)		(1.08	)		(1.28	)		(1.56	)		(1.73	)
Net realized gains		—			—			—			—			(1.49	)		—			—			—			—			(0.17	)		(0.29	)		(0.01	)
Total distributions		(0.43	)		(0.57	)		(0.18	)		(0.55	)		(1.94	)		(0.19	)		(0.50	)		(1.10	)		(1.08	)		(1.45	)		(1.85	)		(1.74	)
Voluntary contribution from Adviser		—			0.16			—			—			—			—			—			—			—			—			—			—
Net asset value, end of period	$	112.11		$	120.92		$	82.62		$	67.19		$	90.65		$	104.00		$	67.03		$	71.29		$	55.88		$	43.64		$	57.92		$	75.01
Total return (5)		(6.90	)%		47.08	%(4)		23.22	%		(25.21	)%		(11.01	)%		19.63	%		(5.23	)%		29.68	%		30.49	%		(22.20	)%		(20.46	)%		17.64	%
Net assets, end of period (in 000’s)	$	145,758		$	187,432		$	123,946		$	94,077		$	86,129		$	88,408		$	114,034		$	124,849		$	142,564		$	69,885		$	89,856		$	120,090
Ratio of expenses to average net assets		0.25	%(6)		0.27	%		0.25	%		0.26	%		0.25	%		0.25	%		0.25	%(6)		0.27	%		0.26	%		0.27	%		0.25	%		0.25	%
Ratio of net investment income (loss) to average net assets		0.72	%(6)		0.58	%		0.31	%		0.88	%		0.46	%		0.22	%		1.57	%(6)		1.56	%		2.29	%		3.32	%		2.12	%		2.27	%
Portfolio turnover rate (7)		29	%		102	%		34	%		42	%		38	%		25	%		31	%		88	%		35	%		38	%		28	%		23	%

(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)	If the Adviser had not made a voluntary contribution during the Year Ended 6/30/11, the total return would have been 46.88%.
(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. 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.

230

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

231

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Global Dow ETF																		SPDR Dow Jones REIT ETF
	Six Months																		Six Months
	Ended																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	59.50		$	48.39		$	47.27		$	66.79		$	79.11		$	66.98		$	66.59		$	51.05		$	34.00		$	65.40		$	80.93		$	75.98
Income (loss) from investment operations:
Net investment income (loss)		0.51	(1)		1.54	(1)		1.33	(1)		1.64	(1)		1.89			1.67			1.13	(1)		1.47	(1)		1.39	(1)		1.91	(1)		2.43			2.57
Net realized and unrealized gain (loss) (2)		(9.23	)		10.91			1.21			(19.47	)		(12.28	)		12.11			(2.17	)		15.98			17.37			(31.15	)		(14.86	)		6.27
Total from investment operations		(8.72	)		12.45			2.54			(17.83	)		(10.39	)		13.78			(1.04	)		17.45			18.76			(29.24	)		(12.43	)		8.84
Net equalization credits and charges (1)		(0.03	)		0.07			0.01			(0.09	)		0.03			—			(0.01	)		0.02			0.01			0.11			0.16			(0.02	)
Distributions to shareholders from:
Net investment income		(0.40	)		(1.41	)		(1.43	)		(1.60	)		(1.96	)		(1.65	)		(1.11	)		(1.93	)		(1.72	)		(2.27	)		(3.26	)		(3.33	)
Net realized gains		—			—			—			—			—			—			—			—			—			—			—			(0.54	)
Total distributions		(0.40	)		(1.41	)		(1.43	)		(1.60	)		(1.96	)		(1.65	)		(1.11	)		(1.93	)		(1.72	)		(2.27	)		(3.26	)		(3.87	)
Net asset value, end of period	$	50.35		$	59.50		$	48.39		$	47.27		$	66.79		$	79.11		$	64.43		$	66.59		$	51.05		$	34.00		$	65.40		$	80.93
Total return		(14.68	)%		25.99	%		5.10	%		(26.89	)%		(13.28	)%		20.72	%		(1.47	)%		34.55	%		55.42	%		(44.96	)%		(15.41	)%		11.43	%
Net assets, end of period (in 000’s)	$	98,216		$	148,786		$	79,871		$	70,923		$	163,654		$	170,108		$	1,525,853		$	1,557,086		$	1,137,458		$	908,890		$	1,289,796		$	1,247,893
Ratio of expenses to average net assets		0.50	%(3)		0.52	%		0.50	%		0.51	%		0.50	%		0.51	%		0.25	%(3)		0.26	%		0.25	%		0.25	%		(0.25	)%		0.25	%
Ratio of net investment income (loss) to average net assets		1.92	%(3)		2.66	%		2.45	%		3.20	%		2.55	%		2.33	%		3.59	%(3)		2.40	%		2.94	%		4.58	%		2.79	%		2.95	%
Portfolio turnover rate (4)		9	%		108	%		6	%		10	%		15	%		9	%		3	%		10	%		10	%		15	%		14	%		16	%

(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)	Annualized.
(4)	Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

232

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

233

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Bank ETF																		SPDR S&P Capital Markets ETF
	Six Months																		Six Months
	Ended																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	24.00		$	22.90		$	18.08		$	28.58		$	55.44		$	53.73		$	35.45		$	31.10		$	33.41		$	45.12		$	68.80		$	56.18
Income (loss) from investment operations:
Net investment income (loss)		0.20	(1)		0.23	(1)		0.18	(1)		0.94	(1)		1.60			2.54			0.27	(1)		0.73	(1)		0.22	(1)		0.52	(1)		0.53	(1)		0.41
Net realized and unrealized gain (loss) (2)		(4.12	)		1.08			4.80			(10.67	)		(27.35	)		1.64			(7.14	)		4.36			(2.26	)		(11.79	)		(23.68	)		12.60
Total from investment operations		(3.92	)		1.31			4.98			(9.73	)		(25.75	)		4.18			(6.87	)		5.09			(2.04	)		(11.27	)		(23.15	)		13.01
Net equalization credits and charges (1)		(0.02	)		(0.01	)		—			0.03			0.66			0.30			(0.05	)		(0.07	)		(0.01	)		(0.03	)		0.10			(0.04	)
Distributions to shareholders from:
Net investment income		(0.24	)		(0.20	)		(0.16	)		(0.80	)		(1.77	)		(2.77	)		(0.58	)		(0.67	)		(0.24	)		(0.41	)		(0.63	)		(0.35	)
Return of capital		—			—			—			—			—			—			—			—			(0.02	)		—			—			—
Total distributions		(0.24	)		(0.20	)		(0.16	)		(0.80	)		(1.77	)		(2.77	)		(0.58	)		(0.67	)		(0.26	)		(0.41	)		(0.63	)		(0.35	)
Net asset value, end of period	$	19.82		$	24.00		$	22.90		$	18.08		$	28.58		$	55.44		$	27.95		$	35.45		$	31.10		$	33.41		$	45.12		$	68.80
Total return (3)		(16.36	)%		5.63	%		27.55	%		(34.54	)%		(46.07	)%		8.28	%		(19.50	)%		16.04	%		(6.28	)%		(24.98	)%		(33.71	)%		23.14	%
Net assets, end of period (in 000’s)	$	1,140,609		$	1,684,658		$	746,684		$	821,694		$	883,280		$	72,068		$	22,361		$	69,127		$	51,307		$	80,188		$	117,300		$	86,003
Ratio of expenses to average net assets		0.35	%(4)		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%(4)		0.38	%		0.35	%		0.36	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets		2.03	%(4)		0.92	%		0.79	%		4.29	%		4.46	%		2.93	%		1.81	%(4)		2.00	%		0.60	%		1.65	%		0.89	%		0.52	%
Portfolio turnover rate (5)		52	%		16	%		18	%		51	%		23	%		8	%		48	%		14	%		9	%		52	%		52	%		96	%

(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. 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.

234

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

235

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Insurance ETF																		SPDR S&P Mortgage Finance ETF												SPDR S&P Regional Banking ETF
	Six Months																		Six Months									For the			Six Months
	Ended																		Ended									Period			Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			4/29/09*-			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	41.73		$	35.26		$	26.52		$	40.89		$	59.41		$	51.22		$	38.38		$	39.15		$	36.18		$	41.19		$	25.45		$	23.05		$	18.31		$	26.56		$	45.90		$	48.33
Income (loss) from investment operations:
Net investment income (loss)		0.35	(1)		0.67	(1)		0.54	(1)		0.67	(1)		1.02	(1)		0.76			0.36	(1)		0.80	(1)		0.78	(1)		0.15	(1)		0.21	(1)		0.37	(1)		0.40	(1)		0.94	(1)		1.43			1.84
Net realized and unrealized gain (loss) (2)		(4.44	)		6.49			8.67			(14.55	)		(18.56	)		8.17			(5.20	)		(0.40	)		3.18			(5.02	)		(1.01	)		2.42			4.66			(8.04	)		(18.58	)		(2.40	)
Total from investment operations		(4.09	)		7.16			9.21			(13.88	)		(17.54	)		8.93			(4.84	)		0.40			3.96			(4.87	)		(0.80	)		2.79			5.06			(7.10	)		(17.15	)		(0.56	)
Net equalization credits and charges (1)		(0.04	)		0.03			(0.02	)		0.14			0.12			(0.02	)		—			(0.01	)		(0.06	)		0.04			0.02			(0.02	)		0.01			0.07			(0.60	)		(0.43	)
Distributions to shareholders from:
Net investment income		(0.40	)		(0.72	)		(0.45	)		(0.63	)		(1.10	)		(0.72	)		(0.37	)		(0.92	)		(0.73	)		(0.18	)		(0.26	)		(0.37	)		(0.33	)		(1.22	)		(1.59	)		(1.44	)
Net realized gains		—			—			—			—			—			—			—			(0.24	)		(0.20	)		—			—			—			—			—			—			—
Total distributions		(0.40	)		(0.72	)		(0.45	)		(0.63	)		(1.10	)		(0.72	)		(0.37	)		(1.16	)		(0.93	)		(0.18	)		(0.26	)		(0.37	)		(0.33	)		(1.22	)		(1.59	)		(1.44	)
Net asset value, end of period	$	37.20		$	41.73		$	35.26		$	26.52		$	40.89		$	59.41		$	33.17		$	38.38		$	39.15		$	36.18		$	24.41		$	25.45		$	23.05		$	18.31		$	26.56		$	45.90
Total return (3)		(9.85	)%		20.35	%		34.65	%		(33.69	)%		(29.67	)%		17.46	%		(12.53	)%		0.77	%		10.67	%		(11.73	)%		(2.92	)%		12.00	%		27.70	%		(27.94	)%		(39.51	)%		(2.16	)%
Net assets, end of period (in 000’s)	$	120,897		$	214,897		$	163,972		$	139,205		$	63,374		$	59,413		$	3,317		$	3,838		$	3,915		$	5,427		$	710,413		$	558,689		$	703,213		$	434,937		$	709,284		$	128,523
Ratio of expenses to average net assets		0.35	%(4)		0.37	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(4)		0.36	%		0.35	%		0.35	%(4)		0.35	%(4)		0.36	%		0.35	%		0.35	%		0.35	%		0.36	%
Ratio of net investment income (loss) to average net assets		1.92	%(4)		1.62	%		1.49	%		2.56	%		1.99	%		1.32	%		2.21	%(4)		1.95	%		1.84	%		2.38	%(4)		1.86	%(4)		1.50	%		1.72	%		3.68	%		4.04	%		2.16	%
Portfolio turnover rate (5)		46	%		9	%		14	%		53	%		18	%		6	%		77	%		35	%		27	%		5	%		41	%		13	%		23	%		51	%		35	%		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)	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.

236

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

237

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

																																					SPDR S&P
																																					Aerospace
																																					&
	SPDR Morgan Stanley Technology ETF																		SPDR S&P Dividend ETF																		Defense ETF
																																					For the
	Six Months																		Six Months																		Period
	Ended																		Ended																		9/28/11*-
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)
Net asset value, beginning of period	$	65.43		$	51.32		$	44.96		$	55.15		$	61.90		$	49.11		$	54.06		$	45.13		$	37.96		$	44.30		$	62.57		$	55.70		$	60.00
Income (loss) from investment operations:
Net investment income (loss)		0.17	(1)		0.36	(1)		0.23	(1)		0.23	(1)		0.15			0.05			0.92	(1)		1.73	(1)		1.71	(1)		1.97	(1)		2.19	(1)		1.75			0.18	(1)
Net realized and unrealized gain (loss) (2)		(6.81	)		14.15			6.39			(10.18	)		(6.74	)		12.80			(0.21	)		8.80			6.97			(6.47	)		(17.49	)		6.87			(4.44	)
Total from investment operations		(6.64	)		14.51			6.62			(9.95	)		(6.59	)		12.85			0.71			10.53			8.68			(4.50	)		(15.30	)		8.62			(4.26	)
Net equalization credits and charges (1)		(0.01	)		(0.01	)		(0.03	)		(0.00	)(3)		(0.01	)		(0.00	)(3)		0.06			0.14			0.15			0.16			0.02			0.12			0.00	(3)
Distributions to shareholders from:
Net investment income		(0.17	)		(0.39	)		(0.23	)		(0.24	)		(0.15	)		(0.05	)		(0.94	)		(1.74	)		(1.57	)		(2.00	)		(2.19	)		(1.87	)		(0.15	)
Net realized gains		—			—			—			—			—			—			—			—			—			—			(0.80	)		—			—
Return of capital		—			—			—			—			—			(0.01	)		—			—			(0.09	)		—			—			—			—
Total distributions		(0.17	)		(0.39	)		(0.23	)		(0.24	)		(0.15	)		(0.06	)		(0.94	)		(1.74	)		(1.66	)		(2.00	)		(2.99	)		(1.87	)		(0.15	)
Net asset value, end of period	$	58.61		$	65.43		$	51.32		$	44.96		$	55.15		$	61.90		$	53.89		$	54.06		$	45.13		$	37.96		$	44.30		$	62.57		$	55.59
Total return		(10.17	)%		28.27	%		14.62	%		(17.97	)%		(10.67	)%		26.19	%		1.50	%		23.82	%		23.25	%		(10.06	)%		(25.05	)%		15.78	%		11.49	%
Net assets, end of period (in 000’s)	$	155,310		$	206,119		$	182,188		$	197,818		$	228,870		$	188,811		$	8,260,993		$	5,982,242		$	1,949,711		$	658,655		$	230,378		$	275,319		$	8,339
Ratio of expenses to average net assets		0.50	%(4)		0.53	%		0.50	%		0.50	%		0.50	%		0.50	%		0.35	%(4)		0.36	%		0.35	%		0.35	%		0.35	%		0.34	%		0.35	%(4)
Ratio of expenses to average net assets before waivers		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.35	%		N/A
Ratio of net investment income (loss) to average net assets		0.56	%(4)		0.57	%		0.42	%		0.56	%		0.26	%		0.09	%		3.52	%(4)		3.31	%		3.70	%		5.10	%		3.92	%		3.11	%		1.27	%(4)
Portfolio turnover rate (5)		21	%		10	%		17	%		19	%		24	%		22	%		37	%		52	%		44	%		105	%		48	%		41	%		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)	Amount is less than $0.005 per share.
(4)	Annualized.
(5)	Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

238

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

239

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

																									SPDR S&P
																									Health
																									Care
	SPDR S&P Biotech ETF																		SPDR S&P Health Care Equipment ETF						Services ETF			SPDR S&P Homebuilders ETF
																									For the
	Six Months																		Six Months			For the			Period			Six Months
	Ended																		Ended			Period			9/28/11*-			Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			1/26/11*-			12/31/11			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			(Unaudited)			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	73.03		$	51.82		$	50.71		$	57.47		$	50.93		$	45.90		$	55.10		$	50.37		$	60.00		$	18.05		$	14.32		$	11.77		$	16.53		$	30.37		$	33.86
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)(1)		(0.20	)(1)		(0.12	)(1)		0.44	(1)		0.66			0.18			0.04	(1)		0.03	(1)		0.01	(1)		0.08	(1)		0.13	(1)		0.13	(1)		0.24	(1)		0.36			0.28
Net realized and unrealized gain (loss) (2)		(6.65	)		21.42			1.23			(7.23	)		6.59			5.04			(5.81	)		4.72			(3.67	)		(0.97	)		3.93			2.55			(4.72	)		(13.82	)		(3.49	)
Total from investment operations		(6.72	)		21.22			1.11			(6.79	)		7.25			5.22			(5.77	)		4.75			(3.66	)		(0.89	)		4.06			2.68			(4.48	)		(13.46	)		(3.21	)
Net equalization credits and charges (1)		0.08			(0.01	)		0.00	(3)		0.00	(3)		(0.02	)		(0.05	)		(0.00	)(3)		0.00	(3)		—			0.00	(3)		0.01			(0.01	)		0.01			(0.06	)		0.01
Distributions to shareholders from:
Net investment income		—			—			—			(0.16	)		(0.69	)		(0.14	)		(0.04	)		(0.02	)		(0.01	)		(0.08	)		(0.34	)		(0.12	)		(0.29	)		(0.32	)		(0.29	)
Net realized gains		—			—			—			—			—			—			(0.16	)		—			—			—			—			—			—			—			—
Total distributions		—			—			—			(0.16	)		(0.69	)		(0.14	)		(0.20	)		(0.02	)		(0.01	)		(0.08	)		(0.34	)		(0.12	)		(0.29	)		(0.32	)		(0.29	)
Voluntary contribution from Adviser		—			—			—			0.19			—			—			—			—			—			—			—			—			—			—			—
Net asset value, end of period	$	66.39		$	73.03		$	51.82		$	50.71		$	57.47		$	50.93		$	49.13		$	55.10		$	56.33		$	17.08		$	18.05		$	14.32		$	11.77		$	16.53		$	30.37
Total return (6) (7)		(9.10	)%		40.92	%		2.20	%		(11.46	)%(5)		14.15	%		11.26	%		(10.46	)%		9.43	%		12.67	%		(4.88	)%		28.59	%		22.61	%		(27.30	)%		(44.63	)%		(9.51	)%
Net assets, end of period (in 000’s)	$	428,186		$	642,639		$	450,860		$	428,508		$	264,342		$	106,957		$	22,110		$	19,284		$	5,633		$	885,451		$	774,381		$	700,790		$	556,111		$	535,553		$	331,067
Ratio of expenses to average net assets		0.35	%(4)		0.37	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(4)		0.35	%(4)		0.35	%(4)		0.35	%(4)		0.37	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets		(0.22	)%(4)		(0.31	)%		(0.23	)%		0.83	%		1.48	%		0.51	%		0.17	%(4)		0.12	%(4)		0.07	%(4)		1.03	%(4)		0.78	%		0.84	%		1.84	%		1.80	%		0.64	%
Portfolio turnover rate (8)		24	%		74	%		80	%		78	%		79	%		74	%		24	%		21	%		9	%		23	%		38	%		48	%		82	%		76	%		16	%

*	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)	Annualized.
(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)	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.
(7)	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. Broker commission charges are not included in this calculation.
(8)	Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

240

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

241

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

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																		Six Months
	Ended																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	69.40		$	45.67		$	37.07		$	94.16		$	62.63		$	50.08		$	41.48		$	25.04		$	21.76		$	50.90		$	36.90		$	31.07
Income (loss) from investment operations:
Net investment income (loss)		0.24	(1)		0.40	(1)		0.38	(1)		0.55	(1)		0.39			0.39			0.05	(1)		0.28	(1)		0.16	(1)		0.18	(1)		0.11			0.08
Net realized and unrealized gain (loss) (2)		(20.34	)		23.76			8.59			(57.11	)		31.54			12.55			(6.81	)		16.44			3.27			(29.14	)		14.11			5.83
Total from investment operations		(20.10	)		24.16			8.97			(56.56	)		31.93			12.94			(6.76	)		16.72			3.43			(28.96	)		14.22			5.91
Net equalization credits and charges (1)		(0.03	)		(0.01	)		(0.02	)		0.04			—			(0.03	)		(0.00	)(3)		0.02			(0.00	)(3)		(0.00	)(3)		(0.00	)(3)		(0.00	)(3)
Distributions to shareholders from:
Net investment income		(0.31	)		(0.42	)		(0.35	)		(0.57	)		(0.40	)		(0.36	)		(0.05	)		(0.30	)		(0.15	)		(0.18	)		(0.12	)		(0.08	)
Net realized gains		—			—			—			—			—			—			—			—			—			—			(0.10	)		—
Total distributions		(0.31	)		(0.42	)		(0.35	)		(0.57	)		(0.40	)		(0.36	)		(0.05	)		(0.30	)		(0.15	)		(0.18	)		(0.22	)		(0.08	)
Net asset value, end of period	$	48.96		$	69.40		$	45.67		$	37.07		$	94.16		$	62.63		$	34.67		$	41.48		$	25.04		$	21.76		$	50.90		$	36.90
Total return		(28.99	)%		52.93	%		24.08	%		(59.95	)%		51.22	%		25.93	%		(16.28	)%		67.00	%		15.71	%		(56.87	)%		38.61	%		19.08	%
Net assets, end of period (in 000’s)	$	707,502		$	1,131,189		$	698,812		$	602,423		$	819,193		$	203,540		$	341,519		$	489,450		$	249,145		$	199,101		$	279,948		$	143,927
Ratio of expenses to average net assets		0.35	%(4)		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(4)		0.37	%		0.35	%		0.35	%		0.36	%		0.35	%
Ratio of net investment income (loss) to average net assets		0.85	%(4)		0.63	%		0.78	%		1.43	%		0.59	%		0.70	%		0.28	%(4)		0.77	%		0.56	%		0.75	%		0.28	%		0.36	%
Portfolio turnover rate (5)		18	%		68	%		43	%		68	%		59	%		31	%		14	%		96	%		39	%		42	%		51	%		43	%

(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)	Annualized.
(5)	Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

242

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

243

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Oil & Gas Exploration & Production ETF																		SPDR S&P Pharmaceuticals ETF
	Six Months																		Six Months
	Ended																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	58.77		$	39.02		$	31.67		$	70.10		$	45.93		$	39.12		$	50.89		$	38.66		$	30.00		$	31.08		$	35.57		$	31.88
Income (loss) from investment operations:
Net investment income (loss)		0.22	(1)		0.48	(1)		0.24	(1)		0.29	(1)		0.13			0.10			0.24	(1)		0.44	(1)		0.38	(1)		0.45	(1)		0.32	(1)		0.38
Net realized and unrealized gain (loss) (2)		(6.09	)		19.76			7.38			(38.46	)		24.16			6.81			0.51			12.40			8.56			(1.07	)		(4.51	)		3.80
Total from investment operations		(5.87	)		20.24			7.62			(38.17	)		24.29			6.91			0.75			12.84			8.94			(0.62	)		(4.19	)		4.18
Net equalization credits and charges (1)		(0.02	)		(0.01	)		(0.04	)		0.02			0.02			(0.00	)(3)		0.01			0.00	(3)		0.04			0.03			0.03			—
Distributions to shareholders from:
Net investment income		(0.23	)		(0.48	)		(0.23	)		(0.28	)		(0.14	)		(0.10	)		(0.27	)		(0.41	)		(0.32	)		(0.44	)		(0.33	)		(0.38	)
Net realized gains		—			—			—			—			—			—			(0.08	)		(0.20	)		—			(0.05	)		—			(0.11	)
Total distributions		(0.23	)		(0.48	)		(0.23	)		(0.28	)		(0.14	)		(0.10	)		(0.35	)		(0.61	)		(0.32	)		(0.49	)		(0.33	)		(0.49	)
Net asset value, end of period	$	52.65		$	58.77		$	39.02		$	31.67		$	70.10		$	45.93		$	51.30		$	50.89		$	38.66		$	30.00		$	31.08		$	35.57
Total return (4)		(10.01	)%		51.84	%		23.92	%		(54.44	)%		52.99	%		17.68	%		1.51	%		33.35	%		30.00	%		(1.89	)%		(11.73	)%		13.17	%
Net assets, end of period (in 000’s)	$	737,072		$	593,571		$	536,504		$	280,282		$	311,952		$	39,041		$	289,854		$	244,298		$	143,064		$	40,499		$	9,328		$	8,897
Ratio of expenses to average net assets		0.35	%(5)		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(5)		0.36	%		0.36	%		0.36	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets		0.81	%(5)		0.92	%		0.60	%		0.82	%		0.28	%		0.23	%		0.97	%(5)		0.96	%		1.00	%		1.59	%		0.97	%		0.95	%
Portfolio turnover rate (6)		21	%		87	%		33	%		45	%		44	%		48	%		20	%		50	%		47	%		80	%		50	%		23	%

(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. 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.

244

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

245

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Retail ETF																		SPDR S&P Semiconductor ETF
	Six Months																		Six Months
	Ended																		Ended
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	53.48		$	35.65		$	27.70		$	29.26		$	43.54		$	37.61		$	56.02		$	41.86		$	33.86		$	41.62		$	53.22		$	47.29
Income (loss) from investment operations:
Net investment income (loss)		0.31	(1)		0.46	(1)		0.36	(1)		0.40	(1)		0.37			0.11			0.30	(1)		0.21	(1)		0.38	(1)		0.35	(1)		0.24			0.16
Net realized and unrealized gain (loss) (2)		(0.91	)		17.69			8.30			(1.70	)		(14.39	)		5.93			(11.76	)		14.30			8.01			(7.84	)		(11.58	)		5.93
Total from investment operations		(0.60	)		18.15			8.66			(1.30	)		(14.02	)		6.04			(11.46	)		14.51			8.39			(7.49	)		(11.34	)		6.09
Net equalization credits and charges (1)		(0.03	)		0.14			(0.16	)		(0.01	)		(0.09	)		0.02			(0.01	)		(0.02	)		(0.02	)		0.02			0.01			(0.00	)(3)
Distributions to shareholders from:
Net investment income		(0.33	)		(0.46	)		(0.55	)		(0.43	)		(0.31	)		(0.13	)		(0.27	)		(0.33	)		(0.37	)		(0.29	)		(0.27	)		(0.16	)
Voluntary contribution from Adviser		—			—			0.00	(3)		0.18			0.14			—			—			—			—			—			—			—
Net asset value, end of period	$	52.52		$	53.48		$	35.65		$	27.70		$	29.26		$	43.54		$	44.28		$	56.02		$	41.86		$	33.86		$	41.62		$	53.22
Total return		(1.16	)%		51.46	%		30.67	%(4)		(3.61	)%(4)		(32.11	)%(4)		16.12	%		(20.48	)%		34.66	%		24.66	%		(17.88	)%		(21.30	)%		12.89	%
Net assets, end of period (in 000’s)	$	583,017		$	548,165		$	689,757		$	1,018,007		$	263,380		$	134,978		$	35,425		$	114,841		$	104,662		$	103,282		$	39,538		$	106,439
Ratio of expenses to average net assets		0.35	%(5)		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(5)		0.37	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets		1.22	%(5)		1.01	%		0.99	%		1.61	%		1.40	%		0.35	%		1.24	%(5)		0.40	%		0.87	%		1.12	%		0.52	%		0.35	%
Portfolio turnover rate (6)		14	%		69	%		26	%		69	%		50	%		71	%		21	%		88	%		19	%		41	%		65	%		52	%

(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)	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)%.
(5)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

246

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

247

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P
	Software
	&
	Services ETF			SPDR S&P Telecom ETF						SPDR S&P Transportation ETF						SPDR Wells Fargo Preferred Stock ETF
	For the
	Period			Six Months			For the			Six Months			For the			Six Months						For the
	9/28/11*-			Ended			Period			Ended			Period			Ended						Period
	12/31/11			12/31/11			1/26/11*-			12/31/11			1/26/11*-			12/31/11			Year Ended			9/16/09*-
	(Unaudited)			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			6/30/10
Net asset value, beginning of period	$	60.00		$	51.59		$	51.00		$	53.08		$	50.88		$	45.62		$	42.15		$	40.00
Income (loss) from investment operations:
Net investment income (loss)		0.04	(1)		0.19	(1)		0.15	(1)		0.12	(1)		0.09	(1)		1.50	(1)		2.98	(1)		2.41	(1)
Net realized and unrealized gain (loss) (2)		(3.93	)		(9.69	)		0.45			(8.00	)		2.18			(3.36	)		3.32			0.95
Total from investment operations		(3.89	)		(9.50	)		0.60			(7.88	)		2.27			(1.86	)		6.30			3.36
Net equalization credits and charges (1)		0.00	(3)		(0.03	)		0.13			(0.01	)		0.03			0.02			0.22			0.63
Distributions to shareholders from:
Net investment income		(0.03	)		(0.20	)		(0.14	)		(0.13	)		(0.08	)		(1.64	)		(3.05	)		(1.84	)
Return of capital		—			—			—			—			(0.02	)		—			—			—
Total distributions		(0.03	)		(0.20	)		(0.14	)		(0.13	)		(0.10	)		(1.64	)		(3.05	)		(1.84	)
Net asset value, end of period	$	56.08		$	41.86		$	51.59		$	45.06		$	53.08		$	42.14		$	45.62		$	42.15
Total return (4)		12.22	%		(18.46	)%		(2.54	)%		(14.83	)%		4.52	%		(3.97	)%		15.64	%		10.04	%
Net assets, end of period (in 000’s)	$	8,411		$	6,279		$	10,318		$	11,266		$	15,923		$	126,423		$	118,609		$	65,340
Ratio of expenses to average net assets		0.35	%(5)		0.35	%(5)		0.35	%(5)		0.35	%(5)		0.35	%(5)		0.45	%(5)		0.46	%		0.45	%(5)
Ratio of net investment income (loss) to average net assets		0.26	%(5)		0.86	%(5)		0.67	%(5)		0.54	%(5)		0.41	%(5)		6.83	%(5)		6.57	%		7.25	%(5)
Portfolio turnover rate (6)		11	%		25	%		64	%		11	%		19	%		21	%		26	%		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)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

248

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

249

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS

December 31, 2011 (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, 2011, the Trust offered sixty (60) 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 thirty-four (34) 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 Global Dow ETF, SPDR Dow Jones REIT ETF, SPDR S&P Bank ETF, SPDR S&P Capital Markets ETF, SPDR S&P Insurance ETF, SPDR S&P Mortgage Finance ETF, SPDR S&P Regional Banking ETF, SPDR Morgan Stanley Technology ETF, SPDR S&P Dividend ETF, SPDR S&P Aerospace & Defense ETF, SPDR S&P Biotech ETF, SPDR S&P Health Care Equipment ETF, SPDR S&P Health Care Services 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, SPDR S&P Software & Services ETF, SPDR S&P Telecom ETF, SPDR Transportation ETF and SPDR Wells Fargo Preferred Stock ETF. Each Fund operates as a non-diversified investment company. The other twenty-six (26) 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 in connection with these arrangements 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.   Summary of 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. These financial statements are presented in United States dollars.

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.

250

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

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 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 judgements 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.

The following table summarizes the inputs used in valuing the Funds’ investments as of December 31, 2011:

			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	$	170,925,332	$	384	$	—	$	170,925,716
SPDR Dow Jones Large Cap ETF		38,272,985		38		—		38,273,023
SPDR S&P 500 Growth ETF		209,462,760		—		—		209,462,760

251

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
SPDR Series Trust	Prices		Inputs		Inputs		Total
SPDR S&P 500 Value ETF	$	162,740,216	$	429	$	—	$	162,740,645
SPDR Dow Jones Mid Cap ETF		73,435,439		—		—		73,435,439
SPDR S&P 400 Mid Cap Growth ETF		65,472,119		—		—		65,472,119
SPDR S&P 400 Mid Cap Value ETF		32,936,347		—		—		32,936,347
SPDR S&P 600 Small Cap ETF		93,306,435		—		—		93,306,435
SPDR S&P 600 Small Cap Growth ETF		167,149,637		—		—		167,149,637
SPDR S&P 600 Small Cap Value ETF		134,382,392		—		—		134,382,392
SPDR Global Dow ETF		100,202,312		—		—		100,202,312
SPDR Dow Jones REIT ETF		1,585,938,215		—		—		1,585,938,215
SPDR S&P Bank ETF		1,219,482,583		—		—		1,219,482,583
SPDR S&P Capital Markets ETF		27,724,794		—		—		27,724,794
SPDR S&P Insurance ETF		123,933,927		—		—		123,933,927
SPDR S&P Mortgage Finance ETF		4,199,523		—		—		4,199,523
SPDR S&P Regional Banking ETF		779,192,611		—		—		779,192,611
SPDR Morgan Stanley Technology ETF		164,652,887		—		—		164,652,887
SPDR S&P Dividend ETF		8,792,723,720		—		—		8,792,723,720
SPDR S&P Aerospace & Defense ETF		8,335,331		—		—		8,335,331
SPDR S&P Biotech ETF		504,334,964		—		—		504,334,964
SPDR S&P Health Care Equipment ETF		22,106,880		—		—		22,106,880
SPDR S&P Health Care Services ETF		5,632,786		—		—		5,632,786
SPDR S&P Homebuilders ETF		958,481,434		—		—		958,481,434
SPDR S&P Metals & Mining ETF		805,844,060		—		—		805,844,060
SPDR S&P Oil & Gas Equipment & Services ETF		371,226,741		—		—		371,226,741
SPDR S&P Oil & Gas Exploration & Production ETF		837,167,186		—		—		837,167,186
SPDR S&P Pharmaceuticals ETF		324,538,719		—		—		324,538,719
SPDR S&P Retail ETF		648,844,850		44,261		—		648,889,111
SPDR S&P Semiconductor ETF		37,658,247		—		—		37,658,247
SPDR S&P Software & Services ETF		8,410,769		—		—		8,410,769
SPDR S&P Telecom ETF		6,276,471		—		—		6,276,471
SPDR S&P Transportation ETF		11,264,098		—		—		11,264,098
SPDR Wells Fargo Preferred Stock ETF		147,090,702		—		—		147,090,702

There were no material transfers between levels for the period ended December 31, 2011. The transfers that did occur were the result of fair value pricing using significant observable market inputs.

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.

252

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

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.

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.

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

253

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

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, 2011 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.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted. The Act modernizes several of the federal income and excise tax provisions related to RICs, and, with certain exceptions, is effective for taxable years beginning after December 22, 2010. Among the changes made are changes to the capital loss carryforward rules allowing for capital losses to be carried forward indefinitely. Rules in effect previously limit the carryforward period to eight years. Capital loss carryforwards generated in taxable years beginning after effective date of the Act must be fully used before capital loss carryforwards generated in taxable years prior to effective date of the Act; therefore, under certain circumstances, capital loss carryforwards available as of the report date, if any, may expire unused.

For the six months ended December 31, 2011, 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	$	6,366,016
SPDR Dow Jones Large Cap ETF		675,190
SPDR S&P 500 Growth ETF		—
SPDR S&P 500 Value ETF		—
SPDR Dow Jones Mid Cap ETF		2,317,426
SPDR S&P 400 Mid Cap Growth ETF		540,346
SPDR S&P 400 Mid Cap Value ETF		—
SPDR S&P 600 Small Cap ETF		(123,676	)
SPDR S&P 600 Small Cap Growth ETF		(581,606	)
SPDR S&P 600 Small Cap Value ETF		(668,701	)
SPDR Global Dow ETF		(2,208,880	)
SPDR Dow Jones REIT ETF		25,099,393
SPDR S&P Bank ETF		(105,850,522	)
SPDR S&P Capital Markets ETF		(8,500,834	)
SPDR S&P Insurance ETF		(12,923,107	)
SPDR S&P Mortgage Finance ETF		—
SPDR S&P Regional Banking ETF		(606,064	)
SPDR Morgan Stanley Technology ETF		2,845,008
SPDR S&P Dividend ETF		31,666,385
SPDR S&P Aerospace & Defense ETF		114,368
SPDR S&P Biotech ETF		30,097,587

254

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Net Gain (Loss)
	Reclassified to
	Paid in Capital
SPDR S&P Health Care Equipment ETF	$	151,155
SPDR S&P Health Care Services ETF		—
SPDR S&P Homebuilders ETF		27,245,752
SPDR S&P Metals & Mining ETF		(51,097,688	)
SPDR S&P Oil & Gas Equipment & Services ETF		4,252,794
SPDR S&P Oil & Gas Exploration & Production ETF		(1,736,102	)
SPDR S&P Pharmaceuticals ETF		4,000,551
SPDR S&P Retail ETF		(20,746,149	)
SPDR S&P Semiconductor ETF		(13,456,607	)
SPDR S&P Software & Services ETF		—
SPDR S&P Telecom ETF		(306,716	)
SPDR S&P Transportation ETF		(225,516	)
SPDR Wells Fargo Preferred Stock ETF		47,487

At December 31, 2011, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring June 30:

	2012			2013			2014			2015			2016			2017			2018			2019
SPDR Dow Jones Total Market ETF	$	(1,348,494	)	$	(153,659	)	$	(4,842,998	)	$	—		$	—		$	(1,378,715	)	$	(4,870,723	)	$	(1,146,926	)
SPDR Dow Jones Large Cap ETF		—			—			—			—			—			(131,432	)		(526,163	)		(227,965	)
SPDR S&P 500 Growth ETF		(2,821,107	)		(309,686	)		(3,652,975	)		—			—			(6,452,641	)		(26,035,843	)		(4,526,393	)
SPDR S&P 500 Value ETF		—			—			—			—			—			(1,227,992	)		(16,424,729	)		—
SPDR Dow Jones Mid Cap ETF		—			—			—			—			—			—			—			—
SPDR S&P 400 Mid Cap Growth ETF		—			—			—			—			—			(1,189,230	)		(3,258,647	)		—
SPDR S&P 400 Mid Cap Value ETF		—			—			—			—			—			(278,481	)		(1,312,574	)		—
SPDR S&P 600 Small Cap ETF		—			—			—			—			—			—			—			—
SPDR S&P 600 Small Cap Growth ETF		—			—			—			—			—			(2,152,440	)		(4,620,622	)		(597,565	)
SPDR S&P 600 Small Cap Value ETF		—			—			—			—			—			—			(4,541,473	)		—
SPDR Global Dow ETF		(984,760	)		—			—			(282,717	)		—			(12,535,918	)		(9,895,403	)		(1,919,341	)
SPDR Dow Jones REIT ETF		—			—			—			—			—			(1,122,565	)		(192,486,170	)		(41,263,965	)
SPDR S&P Bank ETF		—			—			—			—			(435,385	)		(118,852,502	)		(300,189,040	)		(58,102,723	)
SPDR S&P Capital Markets ETF		—			—			—			—			(9,042,847	)		(23,772,407	)		(28,551,883	)		(3,599,019	)
SPDR S&P Insurance ETF		—			—			—			—			(514,950	)		(1,401,569	)		(15,750,318	)		(2,228,942	)
SPDR S&P Mortgage Finance ETF		—			—			—			—			—			—			—			(4,121	)
SPDR S&P Regional Banking ETF		—			—			—			—			—			(24,075,194	)		(150,464,974	)		(69,415,296	)
SPDR Morgan Stanley Technology ETF		(19,143,628	)		(8,746,932	)		(3,784,746	)		(2,360,832	)		(745,443	)		(2,659,957	)		(20,984,667	)		—

255

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	2012		2013		2014		2015			2016			2017			2018			2019
SPDR S&P Dividend ETF	$	—	$	—	$	—	$	—		$	—		$	(15,532,281	)	$	(76,092,855	)	$	(11,266,407	)
SPDR S&P Aerospace & Defense ETF		—		—		—		—			—			—			—			—
SPDR S&P Biotech ETF		—		—		—		(2,145,212	)		(733,614	)		(24,363,945	)		(73,086,286	)		(31,726,818	)
SPDR S&P Health Care Equipment ETF		—		—		—		—			—			—			—			—
SPDR S&P Health Care Services ETF		—		—		—		—			—			—			—			—
SPDR S&P Homebuilders ETF		—		—		—		(4,745,039	)		(8,203,751	)		(24,813,335	)		(116,404,014	)		(6,579,404	)
SPDR S&P Metals & Mining ETF		—		—		—		(104,652	)		—			(49,841,508	)		(215,129,022	)		(37,272,818	)
SPDR S&P Oil & Gas Equipment & Services ETF		—		—		—		—			—			(1,830,538	)		(54,465,863	)		(10,490,714	)
SPDR S&P Oil & Gas Exploration & Production ETF		—		—		—		—			—			(11,779,459	)		(112,377,725	)		(24,606,261	)
SPDR S&P Pharmaceuticals ETF		—		—		—		—			—			—			—			—
SPDR S&P Retail ETF		—		—		—		—			(1,022,978	)		(250,690	)		(32,271,270	)		(5,453,137	)
SPDR S&P Semiconductor ETF		—		—		—		(1,832,423	)		—			(12,113,199	)		(5,691,659	)		(1,965,596	)
SPDR S&P Software & Services ETF		—		—		—		—			—			—			—			—
SPDR S&P Telecom ETF		—		—		—		—			—			—			—			—
SPDR S&P Transportation ETF		—		—		—		—			—			—			—			—
SPDR Wells Fargo Preferred Stock ETF		—		—		—		—			—			—			(18,976	)		(173,528	)

At June 30, 2011, SPDR S&P Health Care Equipment ETF, SPDR S&P Telecom ETF and SPDR S&P Transportation ETF had capital loss carryforwards that are short term and will not expire of $0, ($216,067) and ($45,501), respectively.

During the tax period ended June 30, 2011, the Funds utilized/expired capital loss carryforwards in the following amounts:

	Amount Utilized		Amount Expired
SPDR Dow Jones Total Market ETF	$	—	$	2,005,163
SPDR S&P 500 Growth ETF		—		4,738,409
SPDR S&P 500 Value ETF		5,119,295		—
SPDR Dow Jones Mid Cap ETF		1,941,032		—
SPDR S&P 400 Mid Cap Growth ETF		1,771,634		—
SPDR S&P 400 Mid Cap Value ETF		1,415,892		—
SPDR S&P 600 Small Cap Value ETF		2,815,595		—
SPDR Global Dow ETF		—		1,493,437
SPDR Morgan Stanley Technology ETF		2,278,714		7,959,316
SPDR S&P Pharmaceuticals ETF		687,927		—

256

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

Under current tax laws, capital and foreign currency 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, 2010 through June 30, 2011 that are deferred for tax purposes until fiscal 2012:

	Deferred Losses
SPDR Dow Jones Total Market ETF	$	—
SPDR Dow Jones Large Cap ETF		(24,177	)
SPDR S&P 500 Growth ETF		(3,252,694	)
SPDR S&P 500 Value ETF		—
SPDR Dow Jones Mid Cap ETF		—
SPDR S&P 400 Mid Cap Growth ETF		(823,407	)
SPDR S&P 400 Mid Cap Value ETF		(193,478	)
SPDR S&P 600 Small Cap ETF		(1,756,119	)
SPDR S&P 600 Small Cap Growth ETF		(10,505,219	)
SPDR S&P 600 Small Cap Value ETF		(3,206,738	)
SPDR Global Dow ETF		(5,018,872	)
SPDR Dow Jones REIT ETF		(37,042,232	)
SPDR S&P Bank ETF		(30,316,393	)
SPDR S&P Capital Markets ETF		(4,228,785	)
SPDR S&P Insurance ETF		(1,760,988	)
SPDR S&P Mortgage Finance ETF		(76,835	)
SPDR S&P Regional Banking ETF		(32,675,481	)
SPDR Morgan Stanley Technology ETF		(395,290	)
SPDR S&P Dividend ETF		(22,825,625	)
SPDR S&P Aerospace & Defense ETF		—
SPDR S&P Biotech ETF		(9,440,986	)
SPDR S&P Health Care Equipment ETF		—
SPDR S&P Health Care Services ETF		—
SPDR S&P Homebuilders ETF		(22,653,827	)
SPDR S&P Metals & Mining ETF		(48,455,225	)
SPDR S&P Oil & Gas Equipment & Services ETF		(708,998	)
SPDR S&P Oil & Gas Exploration & Production ETF		(29,241,814	)
SPDR S&P Pharmaceuticals ETF		(410,471	)
SPDR S&P Retail ETF		(20,862,034	)
SPDR S&P Semiconductor ETF		(9,993,073	)
SPDR S&P Software & Services ETF		—
SPDR S&P Telecom ETF		—
SPDR S&P Transportation ETF		—
SPDR Wells Fargo Preferred Stock ETF		(328,971	)

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.

257

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

Subsequent Events

Events or transactions occuring after year end through the date the financial statements were issued have been evaluated by management in the preparation of the financial statements and no items were noted requiring additional disclosure or adjustment.

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 Global Dow ETF		0.50
SPDR Dow Jones REIT ETF		0.25
SPDR S&P Bank ETF		0.35
SPDR S&P Capital Markets ETF		0.35
SPDR S&P Insurance ETF		0.35
SPDR S&P Mortgage Finance ETF		0.35
SPDR S&P Regional Banking ETF		0.35
SPDR Morgan Stanley Technology ETF		0.50
SPDR S&P Dividend ETF		0.35
SPDR S&P Aerospace & Defense ETF		0.35
SPDR S&P Biotech ETF		0.35
SPDR S&P Health Care Equipment ETF		0.35
SPDR S&P Health Care Services 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 S&P Software & Services ETF		0.35

258

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Annual Rate
SPDR S&P Telecom ETF		0.35	%
SPDR S&P Transportation ETF		0.35
SPDR Wells Fargo Preferred Stock ETF		0.45

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. See also Note 4.

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 period ended December 31, 2011, State Street earned securities lending agent fees from the following Funds:

	Securities Lending
	Agent Fees
SPDR Dow Jones Total Market ETF	$	5,109
SPDR Dow Jones Large Cap ETF		871
SPDR S&P 500 Growth ETF		1,873
SPDR S&P 500 Value ETF		2,406
SPDR Dow Jones Mid Cap ETF		3,694
SPDR S&P 400 Mid Cap Growth ETF		2,624
SPDR S&P 400 Mid Cap Value ETF		1,214
SPDR S&P 600 Small Cap ETF		4,863
SPDR S&P 600 Small Cap Growth ETF		10,031
SPDR S&P 600 Small Cap Value ETF		6,493
SPDR Global Dow ETF		2,143
SPDR Dow Jones REIT ETF		28,112
SPDR S&P Bank ETF		13,393
SPDR S&P Capital Markets ETF		2,206
SPDR S&P Insurance ETF		3,965
SPDR S&P Mortgage Finance ETF		214
SPDR S&P Regional Banking ETF		28,886
SPDR Morgan Stanley Technology ETF		3,127
SPDR S&P Dividend ETF		97,695
SPDR S&P Aerospace & Defense ETF		—
SPDR S&P Biotech ETF		27,650
SPDR S&P Health Care Equipment ETF		31
SPDR S&P Health Care Services ETF		—
SPDR S&P Homebuilders ETF		35,404

259

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Securities Lending
	Agent Fees
SPDR S&P Metals & Mining ETF	$	50,814
SPDR S&P Oil & Gas Equipment & Services ETF		8,928
SPDR S&P Oil & Gas Exploration & Production ETF		372,303
SPDR S&P Pharmaceuticals ETF		67,735
SPDR S&P Retail ETF		113,577
SPDR S&P Semiconductor ETF		18,592
SPDR S&P Software & Services ETF		—
SPDR S&P Telecom ETF		2
SPDR S&P Transportation ETF		—
SPDR Wells Fargo Preferred Stock ETF		12,401

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, 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 Shares 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 Chairman 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 SST 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, 2011 and for the period then ended are:

	Number of												Number of
	Shares Held		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
	at 6/30/11		6/30/11		Cost		Shares		Proceeds		Shares		at 12/31/11		12/31/11		Income		Gain/(Loss)
SPDR Dow Jones Total Market ETF		6,713	$	302,689	$	—		—	$	28,332		688		6,025	$	242,868	$	2,293	$	1,778
SPDR Dow Jones Large Cap ETF		1,453		65,516		4,034		119		3,882		119		1,453		58,570		523		(688	)
SPDR S&P 500 Value ETF		14,810		667,783		12,011		300		—		—		15,110		609,084		5,386		—
SPDR S&P Bank ETF		1,000,018		45,090,812		33,697,114		967,441		72,030,069		1,967,459		—		—		145,222		(12,421,425	)
SPDR S&P Capital Markets ETF		120,246		5,421,892		2,162,672		58,494		6,237,354		163,006		15,734		634,237		19,061		(2,343,841	)

260

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

The Funds listed below had affiliated investments as a result of their owning 5% or more of each company’s outstanding voting securities. Amounts relating to these investments at December 31, 2011 and for the period then ended are:

	Number of												Number of
	Shares Held		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
SPDR S&P Dividend ETF	at 6/30/11		6/30/11		Cost		Shares		Proceeds		Shares		at 12/31/11		12/31/11		Income		Gain/(Loss)
Black Hills Corp.		1,644,026	$	49,468,742	$	37,679,451		1,200,317	$	12,400,295		382,190		2,462,153	$	82,679,098	$	1,580,268	$	470,438
Cincinnati Financial Corp.		6,354,160		185,414,389		90,275,761		3,232,234		36,553,918		1,255,695		8,330,699		253,753,092		6,258,454		(1,173,657	)
Diebold, Inc.		2,693,163		83,514,985		34,082,022		1,141,144		17,937,590		601,700		3,232,607		97,204,492		1,763,144		(2,469,016	)
Eaton Vance Corp.		2,824,256		85,377,259		80,367,935		3,372,994		4,795,361		210,205		5,987,045		141,533,744		1,417,128		(620,400	)
Leggett & Platt, Inc.		6,320,500		154,093,790		92,932,323		4,270,991		8,776,608		419,555		10,171,936		234,361,405		5,046,378		802,534
National Retail Properties, Inc.		4,183,440		102,536,114		105,791,506		3,993,902		211,108,627		8,177,342		—		—		4,392,029		(4,254,668	)
Old Republic International Corp.		—		—		194,328,358		21,294,297		1,788,000		192,400		21,101,897		195,614,585		—		(10,276	)
Pitney Bowes, Inc.		10,125,240		232,779,268		152,296,305		7,844,735		12,008,420		646,400		17,323,575		321,179,081		9,299,965		(1,461,468	)
RPM International, Inc.		4,339,695		99,899,779		66,432,248		2,961,701		5,703,986		277,440		7,023,956		172,438,120		1,978,814		945,052
Universal Corp.		1,242,266		46,796,160		32,804,178		809,184		89,573,583		2,051,450		—		—		1,391,022		7,699,748
WGL Holdings, Inc.		1,281,754		49,334,712		74,548,551		1,799,709		4,412,310		109,375		2,972,088		131,425,731		1,329,690		558,197
	Number of												Number of
	Shares Held		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
SPDR Metals & Mining ETF	at 6/30/11		6/30/11		Cost		Shares		Proceeds		Shares		at 12/31/11		12/31/11		Income		Gain/(Loss)
James River Coal Co.		1,435,774	$	29,892,815	$	52,726,572		5,133,513	$	59,114,626		6,569,287		—	$	—	$	—	$	(26,960,068	)

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. Navigator 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.

Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at December 31, 2011 and for the period then ended are:

	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/11		Cost		Shares		Proceeds		Shares		12/31/11		Income		Gain/(Loss)
SPDR Dow Jones Total Market ETF	$	245,149	$	2,975,600		2,975,600	$	2,978,481		2,978,481	$	242,268	$	401	$	—
SPDR Dow Jones Large Cap ETF		38,518		739,271		739,271		737,870		737,870		39,919		69		—
SPDR S&P 500 Growth ETF		373,817		3,341,824		3,341,824		3,324,309		3,324,309		391,332		261		—
SPDR S&P 500 Value ETF		266,800		3,303,901		3,303,901		3,245,551		3,245,551		325,150		272		—
SPDR Dow Jones Mid Cap ETF		125,811		2,120,247		2,120,247		2,223,796		2,223,796		22,262		138		—
SPDR S&P 400 Mid Cap Growth ETF		69,605		3,872,462		3,872,462		3,913,003		3,913,003		29,064		135		—
SPDR S&P 400 Mid Cap Value ETF		34,030		1,110,931		1,110,931		1,089,768		1,089,768		55,193		54		—
SPDR S&P 600 Small Cap ETF		171,881		1,655,077		1,655,077		1,761,284		1,761,284		65,674		92		—
SPDR S&P 600 Small Cap Growth ETF		699,650		2,879,934		2,879,934		3,163,948		3,163,948		415,636		143		—
SPDR S&P 600 Small Cap Value ETF		225,206		2,912,658		2,912,658		2,973,797		2,973,797		164,067		121		—
SPDR Global Dow ETF		5,427		1,378,295		1,378,295		1,383,622		1,383,622		100		45		—

261

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/11		Cost		Shares		Proceeds		Shares		12/31/11		Income		Gain/(Loss)
SPDR Dow Jones REIT ETF	$	2,477,912	$	48,675,229		48,675,229	$	47,943,919		47,943,919	$	3,209,222	$	1,335	$	—
SPDR S&P Bank ETF		1,109,909		23,524,844		23,524,844		22,849,473		22,849,473		1,785,280		1,243		—
SPDR S&P Capital Markets ETF		77,276		909,063		909,063		953,929		953,929		32,410		67		—
SPDR S&P Insurance ETF		168,814		3,155,209		3,155,209		3,181,573		3,181,573		142,450		117		—
SPDR S&P Mortgage Finance ETF		12,930		83,672		83,672		83,139		83,139		13,463		6		—
SPDR S&P Regional Banking ETF		390,216		15,324,832		15,324,832		14,513,284		14,513,284		1,201,764		591		—
SPDR Morgan Stanley Technology ETF		254,424		1,883,138		1,883,138		1,696,238		1,696,238		441,324		214		—
SPDR S&P Dividend ETF		6,949,460		217,471,185		217,471,185		213,477,734		213,477,734		10,942,911		10,449		—
SPDR S&P Aerospace & Defense ETF		—		32,481		32,481		27,169		27,169		5,312		5		—
SPDR S&P Biotech ETF		440,877		4,047,240		4,047,240		3,928,915		3,928,915		559,202		226		—
SPDR S&P Health Care Equipment ETF		28,004		342,271		342,271		363,587		363,587		6,688		24		—
SPDR S&P Health Care Services ETF		—		18,764		18,764		7,500		7,500		11,264		3		—
SPDR S&P Homebuilders ETF		574,922		7,382,588		7,382,588		7,719,634		7,719,634		237,876		654		—
SPDR S&P Metals & Mining ETF		1,488,044		15,375,786		15,375,786		15,524,062		15,524,062		1,339,768		1,370		—
SPDR S&P Oil & Gas Equipment & Services ETF		438,931		1,817,725		1,817,725		1,646,204		1,646,204		610,452		261		—
SPDR S&P Oil & Gas Exploration & Production ETF		711,179		16,110,540		16,110,540		12,082,262		12,082,262		4,739,457		783		—
SPDR S&P Pharmaceuticals ETF		160,236		2,260,644		2,260,644		2,407,645		2,407,645		13,235		256		—
SPDR S&P Retail ETF		552,703		8,852,540		8,852,540		7,747,225		7,747,225		1,658,018		811		—
SPDR S&P Semiconductor ETF		245,872		800,633		800,633		1,012,349		1,012,349		34,156		87		—
SPDR S&P Software & Services ETF		—		70,296		70,296		55,588		55,588		14,708		5		—
SPDR S&P Telecom ETF		21,474		129,830		129,830		135,756		135,756		15,548		14		—
SPDR S&P Transportation ETF		17,450		59,181		59,181		60,078		60,078		16,553		13		—
SPDR Wells Fargo Preferred Stock ETF		347,984		10,507,806		10,507,806		10,626,207		10,626,207		229,583		392		—

	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/11		Cost		Shares		Proceeds		Shares		12/31/11		Income		Gain/(Loss)
SPDR Dow Jones Total Market ETF	$	13,804,801	$	34,751,043		34,751,043	$	41,193,945		41,193,945	$	7,361,899	$	28,173	$	—
SPDR Dow Jones Large Cap ETF		3,694,022		23,313,912		23,313,912		23,966,286		23,966,286		3,041,648		4,758		—
SPDR S&P 500 Growth ETF		11,843,174		48,456,277		48,456,277		57,878,531		57,878,531		2,420,920		10,606		—
SPDR S&P 500 Value ETF		11,171,737		49,488,736		49,488,736		57,871,591		57,871,591		2,788,882		13,529		—
SPDR Dow Jones Mid Cap ETF		14,783,115		25,024,931		25,024,931		32,668,365		32,668,365		7,139,681		20,884		—
SPDR S&P 400 Mid Cap Growth ETF		13,974,938		27,921,098		27,921,098		35,138,560		35,138,560		6,757,476		14,864		—
SPDR S&P 400 Mid Cap Value ETF		6,382,274		12,237,902		12,237,902		11,599,043		11,599,043		7,021,133		6,921		—
SPDR S&P 600 Small Cap ETF		21,819,706		22,959,592		22,959,592		23,894,888		23,894,888		20,884,410		27,895		—
SPDR S&P 600 Small Cap Growth ETF		39,363,170		60,760,160		60,760,160		78,655,464		78,655,464		21,467,866		56,812		—
SPDR S&P 600 Small Cap Value ETF		28,516,005		41,807,503		41,807,503		49,975,522		49,975,522		20,347,986		36,878		—
SPDR Global Dow ETF		—		13,401,392		13,401,392		10,925,151		10,925,151		2,476,241		12,147		—
SPDR Dow Jones REIT ETF		191,378,900		324,266,045		324,266,045		454,208,636		454,208,636		61,436,309		158,525		—
SPDR S&P Bank ETF		136,108,076		352,623,292		352,623,292		408,447,085		408,447,085		80,284,283		73,631		—
SPDR S&P Capital Markets ETF		5,330,408		50,011,058		50,011,058		49,911,956		49,911,956		5,429,510		12,503		—
SPDR S&P Insurance ETF		9,780,219		110,051,417		110,051,417		116,643,686		116,643,686		3,187,950		22,471		—
SPDR S&P Mortgage Finance ETF		1,089,305		2,380,800		2,380,800		2,595,886		2,595,886		874,219		1,221		—
SPDR S&P Regional Banking ETF		147,505,337		223,619,414		223,619,414		301,328,496		301,328,496		69,796,255		163,681		—
SPDR Morgan Stanley Technology ETF		11,458,990		116,917,100		116,917,100		119,028,940		119,028,940		9,347,150		17,725		—
SPDR S&P Dividend ETF		555,570,004		1,664,790,549		1,664,790,549		1,670,735,853		1,670,735,853		549,624,700		553,697		—
SPDR S&P Biotech ETF		120,553,488		242,873,572		242,873,572		287,373,659		287,373,659		76,053,401		156,675		—
SPDR S&P Homebuilders ETF		166,233,073		306,212,003		306,212,003		399,094,198		399,094,198		73,350,878		200,490		—

262

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/11		Cost		Shares		Proceeds		Shares		12/31/11		Income		Gain/(Loss)
SPDR S&P Metals & Mining ETF	$	192,488,820	$	404,965,876		404,965,876	$	498,798,831		498,798,831	$	98,655,865	$	287,607	$	—
SPDR S&P Oil & Gas Equipment & Services ETF		55,863,720		153,905,985		153,905,985		180,120,187		180,120,187		29,649,518		50,591		—
SPDR S&P Oil & Gas Exploration & Production ETF		197,417,176		499,621,845		499,621,845		599,686,977		599,686,977		97,352,044		2,108,722		—
SPDR S&P Pharmaceuticals ETF		33,652,274		118,935,860		118,935,860		117,801,175		117,801,175		34,786,959		383,830		—
SPDR S&P Retail ETF		109,987,556		476,616,564		476,616,564		521,630,977		521,630,977		64,973,143		644,232		—
SPDR S&P Semiconductor ETF		21,669,501		43,218,322		43,218,322		62,650,366		62,650,366		2,237,457		287,017		—
SPDR Wells Fargo Preferred Stock ETF		11,691,297		82,495,182		82,495,182		73,247,166		73,247,166		20,939,313		70,323		—

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. 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, 2011 was as follows:

			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)
SPDR Dow Jones Total Market ETF	$	164,963,056	$	31,415,552	$	25,452,892	$	5,962,660
SPDR Dow Jones Large Cap ETF		33,463,649		6,777,064		1,967,690		4,809,374
SPDR S&P 500 Growth ETF		179,149,306		34,692,777		4,379,323		30,313,454
SPDR S&P 500 Value ETF		171,012,843		12,955,901		21,228,099		(8,272,198	)
SPDR Dow Jones Mid Cap ETF		71,869,165		7,120,636		5,554,362		1,566,274
SPDR S&P 400 Mid Cap Growth ETF		65,655,584		3,846,950		4,030,415		(183,465	)
SPDR S&P 400 Mid Cap Value ETF		33,187,925		1,669,704		1,921,282		(251,578	)
SPDR S&P 600 Small Cap ETF		96,049,005		5,967,481		8,710,051		(2,742,570	)
SPDR S&P 600 Small Cap Growth ETF		164,059,112		13,568,639		10,478,114		3,090,525
SPDR S&P 600 Small Cap Value ETF		143,461,048		5,563,603		14,642,259		(9,078,656	)
SPDR Global Dow ETF		122,111,228		4,623,085		26,532,001		(21,908,916	)
SPDR Dow Jones REIT ETF		1,582,831,274		180,417,297		177,310,356		3,106,941
SPDR S&P Bank ETF		1,325,664,002		19,634,222		125,815,641		(106,181,419	)
SPDR S&P Capital Markets ETF		36,774,267		382,199		9,431,672		(9,049,473	)
SPDR S&P Insurance ETF		133,517,012		3,103,146		12,686,231		(9,583,085	)
SPDR S&P Mortgage Finance ETF		4,152,835		185,863		139,175		46,688
SPDR S&P Regional Banking ETF		812,846,481		15,359,156		49,013,026		(33,653,870	)

263

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)
SPDR Morgan Stanley Technology ETF	$	180,323,870	$	11,535,652	$	27,206,635	$	(15,670,983	)
SPDR S&P Dividend ETF		8,260,010,619		648,691,761		115,978,660		532,713,101
SPDR S&P Aerospace & Defense ETF		7,764,425		613,844		42,938		570,906
SPDR S&P Biotech ETF		528,865,944		49,969,133		74,500,113		(24,530,980	)
SPDR S&P Health Care Equipment ETF		23,737,312		825,480		2,455,912		(1,630,432	)
SPDR S&P Health Care Services ETF		5,024,508		660,209		51,931		608,278
SPDR S&P Homebuilders ETF		1,007,535,097		23,747,197		72,800,860		(49,053,663	)
SPDR S&P Metals & Mining ETF		1,121,442,280		90,152		315,688,372		(315,598,220	)
SPDR S&P Oil & Gas Equipment & Services ETF		391,924,522		19,420,759		40,118,540		(20,697,781	)
SPDR S&P Oil & Gas Exploration & Production ETF		1,000,820,760		2,129,542		165,783,116		(163,653,574	)
SPDR S&P Pharmaceuticals ETF		286,034,924		47,728,035		9,224,240		38,503,795
SPDR S&P Retail ETF		704,550,362		6,657,199		62,318,450		(55,661,251	)
SPDR S&P Semiconductor ETF		44,865,326		37,666		7,244,745		(7,207,079	)
SPDR S&P Software & Services ETF		7,888,051		717,718		195,000		522,718
SPDR S&P Telecom ETF		7,229,867		244,963		1,198,359		(953,396	)
SPDR S&P Transportation ETF		12,247,114		618,877		1,601,893		(983,016	)
SPDR Wells Fargo Preferred Stock ETF		150,185,882		2,004,351		5,099,531		(3,095,180	)

6.   Investment Transactions

For the six months ended December 31, 2011, the following Funds had in-kind contributions, in-kind redemptions and in-kind net realized gain/loss as follows:

					Realized
	Contributions		Redemptions		Gain/(Loss)
SPDR Dow Jones Total Market ETF	$	—	$	18,839,417	$	6,366,015
SPDR Dow Jones Large Cap ETF		2,866,358		2,726,370		675,190
SPDR S&P 500 Growth ETF		19,899,517		—		—
SPDR Dow Jones Mid Cap ETF		5,698,939		11,263,345		2,317,427
SPDR S&P 400 Mid Cap Growth ETF		7,275,013		14,654,951		540,346
SPDR S&P 400 Mid Cap Value ETF		4,846,190		—		—
SPDR S&P 600 Small Cap ETF		3,294,892		3,059,471		(123,676	)
SPDR S&P 600 Small Cap Growth ETF		10,340,694		36,104,166		(581,606	)
SPDR S&P 600 Small Cap Value ETF		10,320,986		12,089,545		(668,701	)
SPDR Global Dow ETF		—		28,225,432		(2,208,881	)
SPDR Dow Jones REIT ETF		171,583,900		141,572,139		25,099,393
SPDR S&P Bank ETF		1,788,482,192		2,049,447,697		(105,850,522	)
SPDR S&P Capital Markets ETF		42,032,989		77,305,697		(8,500,834	)
SPDR S&P Insurance ETF		324,366,930		396,376,252		(12,923,107	)
SPDR S&P Regional Banking ETF		1,217,789,351		1,051,947,901		(606,064	)
SPDR Morgan Stanley Technology ETF		5,708,237		34,866,663		2,845,008
SPDR S&P Dividend ETF		2,424,316,296		211,274,986		31,666,385
SPDR S&P Aerospace & Defense ETF		10,018,737		2,491,772		114,368

264

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

					Realized
	Contributions		Redemptions		Gain/(Loss)
SPDR S&P Biotech ETF	$	161,619,725	$	305,378,726	$	30,097,587
SPDR S&P Health Care Equipment ETF		10,099,247		4,697,966		151,155
SPDR S&P Health Care Services ETF		4,822,956		—		—
SPDR S&P Homebuilders ETF		617,608,686		462,167,600		27,245,752
SPDR S&P Metals & Mining ETF		2,076,441,395		2,143,335,737		(51,097,689	)
SPDR S&P Oil & Gas Equipment & Services ETF		56,851,556		122,635,127		4,252,794
SPDR S&P Oil & Gas Exploration & Production ETF		4,131,162,119		3,847,785,566		(1,736,102	)
SPDR S&P Pharmaceuticals ETF		61,559,899		18,901,874		4,000,551
SPDR S&P Retail ETF		5,126,819,222		5,034,899,809		(20,746,149	)
SPDR S&P Semiconductor ETF		101,417,659		160,388,638		(13,456,608	)
SPDR S&P Software & Services ETF		7,741,413		—		—
SPDR S&P Telecom ETF		—		2,126,214		(306,716	)
SPDR S&P Transportation ETF		—		2,182,013		(225,516	)
SPDR Wells Fargo Preferred Stock ETF		19,427,934		2,131,331		47,487

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 reflects gross shareholder transactions including any cash component of the transaction.

For the six months ended December 31, 2011, the Trust had purchases and sales of investment securities as follows:

	Purchases		Sales
SPDR Dow Jones Total Market ETF	$	1,126,254	$	1,027,424
SPDR Dow Jones Large Cap ETF		797,480		779,953
SPDR S&P 500 Growth ETF		41,485,810		41,556,506
SPDR S&P 500 Value ETF		35,568,284		35,550,668
SPDR Dow Jones Mid Cap ETF		7,882,532		7,511,236
SPDR S&P 400 Mid Cap Growth ETF		16,909,954		16,963,879
SPDR S&P 400 Mid Cap Value ETF		6,329,295		6,224,975
SPDR S&P 600 Small Cap ETF		6,640,551		6,507,474
SPDR S&P 600 Small Cap Growth ETF		44,576,901		44,455,526
SPDR S&P 600 Small Cap Value ETF		34,320,175		34,175,195
SPDR Global Dow ETF		9,897,774		11,766,308
SPDR Dow Jones REIT ETF		49,501,130		50,782,538
SPDR S&P Bank ETF		640,397,438		643,094,558
SPDR S&P Capital Markets ETF		19,703,298		19,856,189
SPDR S&P Insurance ETF		64,541,456		64,456,465
SPDR S&P Mortgage Finance ETF		2,569,510		2,563,644
SPDR S&P Regional Banking ETF		209,822,809		212,056,231
SPDR Morgan Stanley Technology ETF		36,162,757		36,288,308
SPDR S&P Dividend ETF		2,476,533,983		2,492,510,961
SPDR S&P Aerospace & Defense ETF		879,435		761,333
SPDR S&P Biotech ETF		117,161,938		117,978,459

265

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Purchases		Sales
SPDR S&P Health Care Equipment ETF	$	5,144,757	$	5,196,289
SPDR S&P Health Care Services ETF		633,078		467,103
SPDR S&P Homebuilders ETF		169,999,287		169,870,715
SPDR S&P Metals & Mining ETF		153,828,337		154,148,131
SPDR S&P Oil & Gas Equipment & Services ETF		54,311,480		54,506,526
SPDR S&P Oil & Gas Exploration & Production ETF		163,906,688		168,730,870
SPDR S&P Pharmaceuticals ETF		48,481,482		48,754,219
SPDR S&P Retail ETF		85,799,042		86,921,939
SPDR S&P Semiconductor ETF		13,509,506		13,310,504
SPDR S&P Software & Services ETF		916,428		746,685
SPDR S&P Telecom ETF		1,901,838		1,890,970
SPDR S&P Transportation ETF		1,378,340		1,376,461
SPDR Wells Fargo Preferred Stock ETF		24,460,662		25,132,331

For the six months ended December 31, 2011, 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 fluctuations 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, 2011 and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents 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.

266

SPDR SERIES TRUST
OTHER INFORMATION

December 31, 2011 (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 funds. It is based on an investment of $1,000 invested on July 1, 2011 and held for the six months ended December 31, 2011.

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 $500 to $12,000 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		7/1/11 to
Actual	Expense Ratio			7/1/11		12/31/11		12/31/11
SPDR Dow Jones Total Market ETF		0.20	%	$	1,000	$	953.20	$	0.98
SPDR Dow Jones Large Cap ETF		0.20			1,000		957.40		0.98
SPDR S&P 500 Growth ETF		0.20			1,000		979.10		0.99
SPDR S&P 500 Value ETF		0.20			1,000		945.10		0.98
SPDR Dow Jones Mid Cap ETF		0.25			1,000		907.10		1.20
SPDR S&P 400 Mid Cap Growth ETF		0.25			1,000		894.90		1.19
SPDR S&P 400 Mid Cap Value ETF		0.25			1,000		915.40		1.20
SPDR S&P 600 Small Cap ETF		0.20			1,000		939.30		0.97
SPDR S&P 600 Small Cap Growth ETF		0.25			1,000		931.00		1.21
SPDR S&P 600 Small Cap Value ETF		0.25			1,000		947.70		1.22
SPDR Global Dow ETF		0.50			1,000		853.20		2.33
SPDR Dow Jones REIT ETF		0.25			1,000		985.30		1.25
SPDR S&P Bank ETF		0.35			1,000		836.40		1.62
SPDR S&P Capital Markets ETF		0.36			1,000		805.00		1.63
SPDR S&P Insurance ETF		0.35			1,000		901.50		1.67

267

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2011 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		7/1/11 to
Actual	Expense Ratio			7/1/11		12/31/11		12/31/11
SPDR S&P Mortgage Finance ETF		0.35	%	$	1,000	$	874.70	$	1.65
SPDR S&P Regional Banking ETF		0.35			1,000		970.80		1.73
SPDR Morgan Stanley Technology ETF		0.50			1,000		898.30		2.39
SPDR S&P Dividend ETF		0.35			1,000		1,015.00		1.77
SPDR S&P Aerospace & Defense ETF**		0.35			1,000		1,114.90		0.95
SPDR S&P Biotech ETF		0.35			1,000		909.00		1.68
SPDR S&P Health Care Equipment ETF		0.35			1,000		895.40		1.67
SPDR S&P Health Care Services ETF**		0.35			1,000		1,126.70		0.96
SPDR S&P Homebuilders ETF		0.35			1,000		951.20		1.72
SPDR S&P Metals & Mining ETF		0.35			1,000		710.10		1.50
SPDR S&P Oil & Gas Equipment & Services ETF		0.35			1,000		837.20		1.62
SPDR S&P Oil & Gas Exploration & Production ETF		0.35			1,000		899.90		1.67
SPDR S&P Pharmaceuticals ETF		0.35			1,000		1,015.10		1.77
SPDR S&P Retail ETF		0.35			1,000		988.40		1.75
SPDR S&P Semiconductor ETF		0.35			1,000		795.20		1.58
SPDR S&P Software & Services ETF**		0.35			1,000		1,122.20		0.95
SPDR S&P Telecom ETF		0.35			1,000		815.40		1.60
SPDR S&P Transportation ETF		0.35			1,000		851.70		1.63
SPDR Wells Fargo Preferred Stock ETF		0.45			1,000		960.30		2.22
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		7/1/11 to
Hypothetical	Expense Ratio			7/1/11		12/31/11		12/31/11
SPDR Dow Jones Total Market ETF		0.20			1,000		1,024.09		1.02
SPDR Dow Jones Large Cap ETF		0.20			1,000		1,024.09		1.02
SPDR S&P 500 Growth ETF		0.20			1,000		1,024.09		1.02
SPDR S&P 500 Value ETF		0.20			1,000		1,024.09		1.02
SPDR Dow Jones Mid Cap ETF		0.25			1,000		1,023.84		1.27
SPDR S&P 400 Mid Cap Growth ETF		0.25			1,000		1,023.84		1.27
SPDR S&P 400 Mid Cap Value ETF		0.25			1,000		1,023.84		1.27
SPDR S&P 600 Small Cap ETF		0.20			1,000		1,024.09		1.02
SPDR S&P 600 Small Cap Growth ETF		0.25			1,000		1,023.84		1.27
SPDR S&P 600 Small Cap Value ETF		0.25			1,000		1,023.84		1.27
SPDR Global Dow ETF		0.50			1,000		1,022.59		2.54
SPDR Dow Jones REIT ETF		0.25			1,000		1,023.84		1.27
SPDR S&P Bank ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Capital Markets ETF		0.36			1,000		1,023.29		1.83
SPDR S&P Insurance ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Mortgage Finance ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Regional Banking ETF		0.35			1,000		1,023.34		1.78

268

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2011 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		7/1/11 to
Hypothetical	Expense Ratio			7/1/11		12/31/11		12/31/11
SPDR Morgan Stanley Technology ETF		0.50	%	$	1,000	$	1,022.59	$	2.54
SPDR S&P Dividend ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Aerospace & Defense ETF**		0.35			1,000		1,023.34		1.78
SPDR S&P Biotech ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Health Care Equipment ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Health Care Services ETF**		0.35			1,000		1,023.34		1.78
SPDR S&P Homebuilders ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Metals & Mining ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Oil & Gas Equipment & Services ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Oil & Gas Exploration & Production ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Pharmaceuticals ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Retail ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Semiconductor ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Software & Services ETF**		0.35			1,000		1,023.34		1.78
SPDR S&P Telecom ETF		0.35			1,000		1,023.34		1.78
SPDR S&P Transportation ETF		0.35			1,000		1,023.34		1.78
SPDR Wells Fargo Preferred Stock ETF		0.45			1,000		1,022.84		2.29

*	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 366.
**	Actual period is from commencement of operations 9/28/11. Hypothetical period is from 7/1/11.

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 the investment advisor voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number 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 Fund’s 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 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

269

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2011 (Unaudited)

Approval of Advisory Agreement

At in-person meetings held during the six-month period ended December 31, 2011, the Board of Trustees of the Trust (the “Board”) evaluated the proposals to continue the Investment Advisory Agreement (the “Agreement”) with respect to the operational series of the Trust (each a “Current ETF”, collectively, the “Current ETFs”) and continue and/or approve, as the case may be, the Agreement with respect to the previously approved non-operational series of the Trust (the “New ETFs” and together with the Current ETFs, 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 Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by 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 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 Agreement, (ii) investment performance of the Current 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 the fee levels in the Agreement reflect these economies of scale.

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 Agreement and the Adviser’s responsibilities for managing the investment operations of each of the Current ETFs and anticipated responsibilities for managing the investment operations of the New 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, or expected to be provided by, the Adviser to the Trust were necessary and appropriate.

The Board then reviewed the Current ETFs’ performance, noting that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. The Board was more concerned with the extent to which each Current ETF achieved its objective as a passively managed index fund. The Board reviewed information regarding the Current ETFs’ index tracking and tracking error, noting that each Current ETF satisfactorily tracked its benchmark index. The Board then determined that the performance of each Current ETF was satisfactory.

The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current 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 Current ETFs had been profitable, profitability was not excessive.

270

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2011 (Unaudited)

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 the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

The Board evaluated the SPDR ETFs’ unitary fee through the 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 Current ETFs, the estimated expense ratio of the New ETF, 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 Agreement after weighing the foregoing factors, none of which was dispositive in itself and each Trustee may have weighed each factor differently. The Board’s conclusions regarding the Agreement were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the Current ETFs and expected to be provided by the Adviser with respect to the New ETF were appropriate; (b) the performance and, more importantly, the index tracking, of each Current 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 relationships with the Adviser was not excessive; (e) any additional benefits to the Adviser were not of a magnitude to materially affect the Board’s conclusions; and (f) the 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 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 and international real estate securities. 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 each Trustee may have weighed each factor 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.

271

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 Global Dow ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR S&P Bank ETF (KBE)

SPDR S&P Capital Markets ETF (KCE)

SPDR S&P Insurance ETF (KIE)

SPDR S&P Mortgage Finance ETF (KME)

SPDR S&P Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Aerospace & Defense ETF (XAR)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Health Care Services ETF (XHS)

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 Software & Services ETF (XSW)

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 Short Term Treasury ETF (SST)

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 Issuer Scored Corporate Bond ETF (CBND)

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 S&P High Yield Municipal Bond ETF (HYMB)

SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)

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)

SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)

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 Small Cap Emerging Asia Pacific ETF (GMFS)

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 S&P Global Natural Resources ETF (GNR)

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 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)

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 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. Dell, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Scott E. Habeeb, Assistant Secretary
Jacqueline Angell, Chief Compliance Officer

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.

“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.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500, SPDR S&P MidCap 400 and SPDR Dow Jones Industrial Average, all unit investment trusts, and Select Sector SPDRs. ALPS Distributors, Inc. is not affiliated with State Street Global Markets, LLC.

Before investing, consider the fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 866.787.2257 or visit www.spdrs.com. Read it carefully.

SPDREQTYFDSAR

IBG-5653

For more complete information, please call 866.787.2257 or visit www.spdrs.com today

SPDR^® Series Trust — Fixed Income Funds Semi-Annual Report December 31, 2011

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 Short Term Treasury ETF (SST)	7
SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)	8
SPDR Barclays Capital Long Term Treasury ETF (TLO)	11
SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)	14
SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR)	17
SPDR Barclays Capital Long Term Corporate Bond ETF (LWC)	20
SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND)	23
SPDR Barclays Capital Convertible Securities ETF (CWB)	26
SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)	29
SPDR Barclays Capital Aggregate Bond ETF (LAG)	32
SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)	35
SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)	38
SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)	41
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)	44
SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)	47
SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)	50
SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)	53
SPDR DB International Government Inflation-Protected Bond ETF (WIP)	56
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)	59
SPDR Barclays Capital International Treasury Bond ETF (BWX)	62
SPDR Barclays Capital International Corporate Bond ETF (IBND)	65
SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)	68
SPDR Barclays Capital High Yield Bond ETF (JNK)	71
SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)	74
Schedules of Investments
SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)	75
SPDR Barclays Capital TIPS ETF (IPE)	76
SPDR Barclays Capital Short Term Treasury ETF (SST)	77
SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)	79
SPDR Barclays Capital Long Term Treasury ETF (TLO)	81
SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)	82
SPDR Barclays Capital Intermediate Term Corporate Bond ETF	91
SPDR Barclays Capital Long Term Corporate Bond ETF	103
SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND)	111
SPDR Barclays Capital Convertible Securities ETF (CWB)	121
SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)	124
SPDR Barclays Capital Aggregate Bond ETF (LAG)	125
SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)	136
SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)	143

SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)	146
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)	148
SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)	156
SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)	158
SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)	160
SPDR DB International Government Inflation-Protected Bond ETF (WIP)	164
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)	167
SPDR Barclays Capital International Treasury Bond ETF (BWX)	170
SPDR Barclays Capital International Corporate Bond ETF (IBND)	175
SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)	182
SPDR Barclays Capital High Yield Bond ETF (JNK)	186
SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)	192
Financial Statements	194
Financial Highlights	218
Notes to Financial Statements	234
Other Information	253

SPDR Barclays Capital 1-3 Month T-Bill 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.

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 Barclays Capital 1-3 Month T-Bill ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1345%.

PERFORMANCE AS OF DECEMBER 31, 2011

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

−0.05%

−0.04%

0.01%

N/A

N/A

N/A

ONE YEAR

−0.05%

−0.04%

0.07%

−0.05%

−0.04%

0.07%

THREE YEARS

0.03%

0.19%

0.35%

0.01%

0.06%

0.12%

SINCE INCEPTION (1)

4.47%

4.48%

4.89%

0.95%

0.96%

1.04%

(1) For the period May 25, 2007 to December 31, 2011.

1

SPDR Barclays Capital 1-3 Month T-Bill ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

2

SPDR Barclays Capital 1-3 Month T-Bill ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	U.S. TREASURY BILL	U.S. TREASURY BILL	U.S. TREASURY BILL	U.S. TREASURY BILL	U.S. TREASURY BILL
DESCRIPTION	0.01%, 3/8/2012	0.00%, 2/9/2012	0.00%, 2/16/2012	0.00%, 2/23/2012	0.00%, 3/1/2012
MARKET VALUE	$239,298,091	236,274,160	169,632,751	169,632,259	169,631,756
% OF NET ASSETS	14.5	14.3	10.3	10.3	10.3

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
U.S. Treasury Obligations		99.9	%
Short Term Investment		0.1
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.

3

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.

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 Barclays Capital TIPS ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1845%.

PERFORMANCE AS OF DECEMBER 31, 2011

	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		7.60%		7.84%		7.69%		N/A		N/A		N/A
ONE YEAR		13.77%		13.94%		13.98%		13.77%		13.94%		13.98%
THREE YEARS		34.24%		32.65%		33.91%		10.31%		9.88%		10.22%
SINCE INCEPTION (1)		43.45%		43.75%		44.34%		8.15%		8.20%		8.30%

(1) For the period May 25, 2007 to December 31, 2011.

4

SPDR Barclays Capital TIPS ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

5

SPDR Barclays Capital TIPS ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	TREASURY INFLATION	TREASURY INFLATION	TREASURY INFLATION	TREASURY INFLATION	TREASURY INFLATION
	PROTECTED INDEXED	PROTECTED INDEXED	PROTECTED INDEXED	PROTECTED INDEXED	PROTECTED INDEXED
	BOND,	NOTE,	BOND,	NOTE,	BOND,
DESCRIPTION	2.38%, 1/15/2025	1.13%, 1/15/2021	3.88%, 4/15/2029	0.13%, 4/15/2016	0.63%, 7/15/2021
MARKET VALUE	$32,497,823	32,161,495	31,777,309	31,088,370	29,270,968
% OF NET ASSETS	5.3	5.2	5.2	5.1	4.8

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
U.S. Treasury Obligations		99.3	%
Short Term Investments		1.5
Other Assets & Liabilities		(0.8	)
TOTAL		100.0	%

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

6

SPDR Barclays Capital Short Term Treasury ETF —
Portfolio Summary

The Fund had less than six months of operations at reporting period end and therefore does not have performance history to provide in this report.

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,
DESCRIPTION	0.13%, 12/31/2013	2.50%, 3/31/2015	2.38%, 2/28/2015	2.13%, 11/30/2014	2.50%, 4/30/2015
MARKET VALUE	$94,770	83,168	80,646	79,818	74,711
% OF NET ASSETS	1.6	1.4	1.3	1.3	1.2

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
U.S. Treasury Obligations		99.3	%
Short Term Investment		2.9
Other Assets & Liabilities		(2.2	)
TOTAL		100.0	%

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

7

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.

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 Barclays Capital Intermediate Term Treasury ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1345%.

PERFORMANCE AS OF DECEMBER 31, 2011

	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		4.22%		4.08%		4.28%		N/A		N/A		N/A
ONE YEAR		6.46%		6.43%		6.57%		6.46%		6.43%		6.57%
THREE YEARS		10.34%		10.23%		10.62%		3.33%		3.30%		3.42%
SINCE INCEPTION (1)		31.74%		31.66%		32.15%		6.16%		6.15%		6.24%

(1) For the period May 23, 2007 to December 31, 2011.

8

SPDR Barclays Capital Intermediate Term Treasury ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

9

SPDR Barclays Capital Intermediate Term Treasury ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	U.S TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,
DESCRIPTION	3.63%, 2/15/2020	3.63%, 2/15/2021	2.13%, 8/15/2021	2.63%, 11/15/2020	3.13%, 5/15/2021
MARKET VALUE	$3,771,507	3,656,930	3,582,351	3,491,544	3,138,706
% OF NET ASSETS	1.7	1.6	1.6	1.5	1.4

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
U.S. Treasury Obligations		99.3	%
Short Term Investments		16.9
Other Assets & Liabilities		(16.2	)
TOTAL		100.0	%

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

10

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.

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 Barclays Capital Long Term Treasury ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1345%.

PERFORMANCE AS OF DECEMBER 31, 2011

	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		26.85%		26.85%		26.99%		N/A		N/A		N/A
ONE YEAR		29.74%		30.07%		29.93%		29.74%		30.07%		29.93%
THREE YEARS		23.54%		22.83%		23.75%		7.30%		7.10%		7.36%
SINCE INCEPTION (1)		68.27%		68.15%		68.68%		11.95%		11.93%		12.00%

(1) For the period May 23, 2007 to December 31, 2011.

11

SPDR Barclays Capital Long Term Treasury ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

12

SPDR Barclays Capital Long Term Treasury ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	U.S. TREASURY BOND	U.S. TREASURY BOND	U.S. TREASURY BOND	U.S. TREASURY BOND	U.S. TREASURY BOND
DESCRIPTION	4.38%, 5/15/2041	4.38%, 5/15/2040	4.75%, 2/15/2041	3.88%, 8/15/2040	4.25%, 11/15/2040
MARKET VALUE	$3,405,990	3,175,566	3,163,176	3,112,660	3,102,148
% OF NET ASSETS	6.1	5.7	5.6	5.6	5.5

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
U.S. Treasury Obligations		99.0	%
Short Term Investments		10.4
Other Assets & Liabilities		(9.4	)
TOTAL		100.0	%

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

13

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 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 (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.

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 Barclays Capital Short Term Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1245%.

PERFORMANCE AS OF DECEMBER 31, 2011

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

−0.11%

−0.01%

0.13%

N/A

N/A

N/A

ONE YEAR

1.42%

1.59%

1.87%

1.42%

1.59%

1.87%

SINCE INCEPTION (1)

4.30%

4.68%

6.34%

2.08%

2.26%

3.06%

(1) For the period December 16, 2009 to December 31, 2011.

14

SPDR Barclays Capital Short Term Corporate Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

15

SPDR Barclays Capital Short Term Corporate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	GENERAL ELECTRIC		CREDIT SUISSE OF	GENERAL ELECTRIC	THE GOLDMAN SACHS
	CAPITAL CORP.,	CITIGROUP, INC.,	NEW YORK, NY,	CO.,	GROUP, INC.,
DESCRIPTION	4.80%, 5/1/2013	5.50%, 4/11/2013	5.00%, 5/15/2013	5.00%, 2/1/2013	5.25%, 10/15/2013
MARKET VALUE	$3,925,601	3,110,188	3,073,997	2,904,817	2,898,577
% OF NET ASSETS	1.0	0.8	0.8	0.7	0.7

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Corporate Bonds & Notes		97.9	%
Short Term Investment		2.7
Other Assets & Liabilities		(0.6	)
TOTAL		100.0	%

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

16

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 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 (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.

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 Barclays Capital Intermediate Term Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1500%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					BARCLAYS CAPITAL U.S.						BARCLAYS CAPITAL U.S.
	NET ASSET		MARKET		INTERMEDIATE CORPORATE		NET ASSET		MARKET		INTERMEDIATE CORPORATE
	VALUE		VALUE		BOND INDEX		VALUE		VALUE		BOND INDEX
SIX MONTHS		2.12%		2.31%		2.19%		N/A		N/A		N/A
ONE YEAR (1)		5.19%		6.02%		5.52%		5.19%		6.02%		5.52%
SINCE INCEPTION (1) (2)		24.21%		25.08%		33.66%		7.79%		8.05%		10.56%

(1)	Effective December 17, 2010, the Fund has 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 for periods prior to December 17, 2010.
(2)	For the period February 10, 2009 to December 31, 2011.

17

SPDR Barclays Capital Intermediate Term Corporate Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(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 for periods prior to December 17, 2010.

18

SPDR Barclays Capital Intermediate Term Corporate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	GENERAL ELECTRIC	AMERICAN		THE GOLDMAN	THE BEAR STEARNS
	CAPITAL CORP.,	EXPRESS CO.,	MORGAN STANLEY,	SACHS GROUP, INC.,	COS. LLC,
DESCRIPTION	4.80%, 5/1/2013	7.25%, 5/20/2014	3.45%, 11/2/2015	5.95%, 1/18/2018	7.25%, 2/1/2018
MARKET VALUE	$2,203,571	1,382,850	1,368,671	1,324,782	1,222,210
% OF NET ASSETS	1.0	0.6	0.6	0.6	0.6

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Corporate Bonds & Notes		98.6	%
Short Term Investments		4.1
Other Assets & Liabilities		(2.7	)
TOTAL		100.0	%

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

19

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 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 (3/10/09, 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.

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 Barclays Capital Long Term Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1500%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					BARCLAYS CAPITAL U.S.						BARCLAYS CAPITAL U.S.
	NET ASSET		MARKET		LONG CORPORATE		NET ASSET		MARKET		LONG CORPORATE
	VALUE		VALUE		BOND INDEX		VALUE		VALUE		BOND INDEX
SIX MONTHS		12.23%		13.58%		12.63%		N/A		N/A		N/A
ONE YEAR (1)		14.93%		17.00%		15.91%		14.93%		17.00%		15.91%
SINCE INCEPTION (1) (2)		55.36%		58.25%		66.17%		16.95%		17.72%		19.80%

(1)	Effective December 17, 2010, the Fund has 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 for periods prior to December 17, 2010.
(2)	For the period March 10, 2009 to December 31, 2011.

20

SPDR Barclays Capital Long Term Corporate Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

(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 for periods prior to December 17, 2010.

21

SPDR Barclays Capital Long Term Corporate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		VERIZON		GENERAL ELECTRIC
	AT&T, INC.,	COMMUNICATIONS, INC.,	NEWS AMERICA, INC.,	CAPITAL CORP.,	VALE OVERSEAS, LTD.,
DESCRIPTION	5.35%, 9/1/2040	7.75%, 12/1/2030	6.40%, 12/15/2035	5.88%, 1/14/2038	6.88%, 11/21/2036
MARKET VALUE	$781,716	581,641	544,385	538,860	537,110
% OF NET ASSETS	1.2	0.9	0.8	0.8	0.8

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Corporate Bonds & Notes		98.9	%
Short Term Investments		7.6
Other Assets & Liabilities		(6.5	)
TOTAL		100.0	%

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

22

SPDR Barclays Capital Issuer Scored 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 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 (4/6/11, 4/7/11, 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.

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 Barclays Capital Issuer Scored Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1600%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

BARCLAYS CAPITAL

NET ASSET

MARKET

ISSUER SCORED

NET ASSET

MARKET

ISSUER SCORED

VALUE

VALUE

CORPORATE INDEX

VALUE

VALUE

CORPORATE INDEX

SIX MONTHS

4.38%

4.61%

4.84%

N/A

N/A

N/A

SINCE INCEPTION (1) (2)

6.71%

7.09%

7.70%

N/A

N/A

N/A

(1) For the period April 6, 2011 to December 31, 2011.

23

SPDR Barclays Capital Issuer Scored Corporate Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

24

SPDR Barclays Capital Issuer Scored Corporate Bond ETF—
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	MANULIFE		FIRST HORIZON
	FINANCIAL CORP.,	LAZARD GROUP LLC,	NATIONAL CORP.,	VORNADO REALTY LP,	ASSOCIATED BANC-CORP.,
DESCRIPTION	4.90%, 9/17/2020	6.85%, 6/15/2017	5.38%, 12/15/2015	4.25%, 4/1/2015	5.13%, 3/28/2016
MARKET VALUE	$122,348	99,879	95,959	87,362	86,567
% OF NET ASSETS	0.6	0.5	0.4	0.4	0.4

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Corporate Bonds & Notes		98.0	%
Short Term Investment		1.3
Other Assets & Liabilities		0.7
TOTAL		100.0	%

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

25

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 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 (4/14/09, 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.

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 Barclays Capital Convertible Securities ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.4000%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

BARCLAYS CAPITAL

NET ASSET

MARKET

U.S. CONVERTIBLE

NET ASSET

MARKET

U.S. CONVERTIBLE

VALUE

VALUE

BOND >$500MM INDEX

VALUE

VALUE

BOND >$500MM INDEX

SIX MONTHS

−9.75%

−9.97%

−9.68%

N/A

N/A

N/A

ONE YEAR

−6.60%

−7.66%

−6.45%

−6.60%

−7.66%

−6.45%

SINCE INCEPTION (1)

38.41%

37.91%

45.85%

12.70%

12.56%

14.91%

(1) For the period April 14, 2009 to December 31, 2011.

26

SPDR Barclays Capital Convertible Securities ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

27

SPDR Barclays Capital Convertible Securities ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	WELLS FARGO & CO.,			BANK OF AMERICA CORP.,
	SERIES L,	GENERAL MOTORS CO.,	CITIGROUP, INC.,	SERIES L,	INTEL CORP.,
DESCRIPTION	7.50%, 12/31/2049	4.75%, 12/1/2013	7.50%, 12/15/2012	7.25%, 12/31/2049	3.25%, 8/1/2039
MARKET VALUE	$26,867,808	22,510,025	18,522,644	17,933,759	16,784,665
% OF NET ASSETS	3.9	3.3	2.7	2.6	2.5

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Convertible Corporate Bonds & Notes		73.2	%
Convertible Preferred Stocks		25.5
Common Stocks		0.6
Short Term Investments		8.1
Other Assets & Liabilities		(7.4	)
TOTAL		100.0	%

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

28

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.

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 Barclays Capital Mortgage Backed Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.3200%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		BARCLAYS CAPITAL U.S. MBS INDEX		VALUE		VALUE		BARCLAYS CAPITAL U.S. MBS INDEX
SIX MONTHS		3.31%		3.28%		3.26%		N/A		N/A		N/A
ONE YEAR		6.29%		6.37%		6.23%		6.29%		6.37%		6.23%
SINCE INCEPTION (1)		17.99%		17.82%		17.44%		5.75%		5.69%		5.58%

(1) For the period January 15, 2009 to December 31, 2011.

29

SPDR Barclays Capital Mortgage Backed Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

30

SPDR Barclays Capital Mortgage Backed Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	FANNIE MAE,	FANNIE MAE,	FREDDIE MAC,	FANNIE MAE,	GINNIE MAE,
DESCRIPTION	5.50%, 30YR TBA	4.50%, 30YR TBA	4.50%, 30YR TBA	4.00%, 30YR TBA	4.50%, 30YR TBA
MARKET VALUE	$3,811,172	3,724,766	3,443,985	3,413,516	3,378,031
% OF NET ASSETS	9.3	9.1	8.4	8.3	8.2

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
U.S. Government Agency MBS TBA		99.7	%
Short Term Investment		101.3
Other Assets & Liabilities		(101.0	)
TOTAL		100.0	%

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

31

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.

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 Barclays Capital Aggregate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1745%.*

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		BARCLAYS CAPITAL U.S.		NET ASSET		MARKET		BARCLAYS CAPITAL U.S.
	VALUE		VALUE		AGGREGATE INDEX		VALUE		VALUE		AGGREGATE INDEX
SIX MONTHS		4.91%		4.95%		4.98%		N/A		N/A		N/A
ONE YEAR		7.61%		7.87%		7.84%		7.61%		7.87%		7.84%
THREE YEARS		20.65%		18.28%		21.71%		6.46%		5.76%		6.77%
SINCE INCEPTION (1)		35.78%		35.96%		35.19%		6.86%		6.89%		6.77%

(1)	For the period May 23, 2007 to December 31, 2011.
*	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, 2012.

32

SPDR Barclays Capital Aggregate Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

33

SPDR Barclays Capital Aggregate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	FREDDIE MAC,	FANNIE MAE,	FANNIE MAE,	FANNIE MAE,	GINNIE MAE,
DESCRIPTION	5.00%, 30YR TBA	5.50%, 30YR TBA	4.50%, 30YR TBA	4.00%, 30YR TBA	4.50%, 30YR TBA
MARKET VALUE	$12,358,906	11,977,969	8,513,750	6,669,484	6,320,187
% OF NET ASSETS	4.0	3.9	2.8	2.2	2.1

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
U.S. Treasury Obligations		35.0	%
U.S. Government Agency MBS TBA		30.7
Corporate Bonds & Notes		22.4
U.S. Government Agency Obligations		6.3
Foreign Government Obligations		2.0
Commercial Mortgage Backed Securities		1.9
Municipal Bonds & Notes		0.7
Asset Backed		0.3
Short Term Investments		37.6
Other Assets & Liabilities		(36.9	)
TOTAL		100.0	%

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

34

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.

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 Nuveen Barclays Capital Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.3000%.*

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		MUNICIPAL MANAGED		NET ASSET		MARKET		MUNICIPAL MANAGED
	VALUE		VALUE		MONEY INDEX		VALUE		VALUE		MONEY INDEX
SIX MONTHS		6.59%		7.24%		6.75%		N/A		N/A		N/A
ONE YEAR		11.87%		13.67%		11.96%		11.87%		13.67%		11.96%
THREE YEARS		25.36%		24.94%		26.86%		7.82%		7.70%		8.25%
SINCE INCEPTION (1)		26.47%		26.57%		28.19%		5.60%		5.62%		5.94%

(1)	For the period September 11, 2007 to December 31, 2011.
*	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, 2012.

35

SPDR Nuveen Barclays Capital Municipal Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

36

SPDR Nuveen Barclays Capital Municipal Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	NEW YORK, NY,	MILWAUKEE, WI,	CALIFORNIA, STATE
	TRIBOROUGH BRIDGE &	GENERAL OBLIGATION,	DEPARTMENT OF	LOS ANGELES, CA,	WASHINGTON, STATE
	TUNNEL AUTHORITY	PROMISORY NOTES,	WATER RESOURCES,	GENERAL OBLIGATION,	GENERAL OBLIGATION,
	REVENUE, SERIES A-2,	SERIES N1,	REVENUE, SERIES L,	SERIES B,	SERIES R,
DESCRIPTION	5.00%, 11/15/2029	5.00%, 2/1/2019	5.00%, 5/1/2020	5.00%, 91/12022	5.00%, 7/1/2016
MARKET VALUE	$13,935,256	13,623,806	12,410,400	11,924,300	11,746,800
% OF NET ASSETS	1.4	1.4	1.3	1.2	1.2

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Municipal Bonds & Notes		99.1	%
Short Term Investment		0.3
Other Assets & Liabilities		0.6
TOTAL		100.0	%

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

37

SPDR Nuveen Barclays Capital California 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.

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 Nuveen Barclays Capital California Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.2000%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		BARCLAYS CAPITAL MANAGED		NET ASSET		MARKET		BARCLAYS CAPITAL MANAGED
	VALUE		VALUE		MONEY MUNICIPAL CALIFORNIA INDEX		VALUE		VALUE		MONEY MUNICIPAL CALIFORNIA INDEX
SIX MONTHS		8.30%		9.09%		8.07%		N/A		N/A		N/A
ONE YEAR		15.44%		17.45%		14.28%		15.44%		17.45%		14.28%
THREE YEARS		29.82%		28.78%		30.10%		9.09%		8.80%		9.17%
SINCE INCEPTION (1)		26.89%		26.79%		27.75%		5.80%		5.77%		5.96%

(1) For the period October 10, 2007 to December 31, 2011.

38

SPDR Nuveen Barclays Capital California Municipal Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

39

SPDR Nuveen Barclays Capital California Municipal Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	LOS ANGELES		LOS ANGELES
	COUNTY, CA,	LOS ANGELES, CA,	COUNTY, CA,
	METROPOLITAN	UNIFIED SCHOOL	METROPOLITAN
	TRANSPORTATION	DISTRICT, GENERAL	TRANSPORTATION	CALIFORNIA, STATE	UNIVERSITY OF
	AUTHORITY, SALES	OBLIGATION,	AUTHORITY, SALES	DEPARTMENT OF WATER	CALIFORNIA,
	TAX REVENUE,	SERIES KY,	TAX REVENUE,	RESOURCES, SERIES M,	REVENUE, SERIES E,
DESCRIPTION	5.00%, 7/1/2026	5.00%, 7/1/2015	5.00%, 6/1/2020	4.00%, 5/1/2019	4.00%, 5/15/2019
MARKET VALUE	$2,769,455	2,641,363	2,375,646	2,330,380	2,325,550
% OF NET ASSETS	3.7	3.5	3.2	3.1	3.1

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Municipal Bonds & Notes		98.4	%
Short Term Investment		0.8
Other Assets & Liabilities		0.8
TOTAL		100.0	%

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

40

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.

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 Nuveen Barclays Capital New York Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.2000%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					BARCLAYS CAPITAL MANAGED						BARCLAYS CAPITAL MANAGED
	NET ASSET		MARKET		MONEY MUNICIPAL		NET ASSET		MARKET		MONEY MUNICIPAL
	VALUE		VALUE		NEW YORK INDEX		VALUE		VALUE		NEW YORK INDEX
SIX MONTHS		6.48%		6.08%		6.95%		N/A		N/A		N/A
ONE YEAR		11.45%		12.38%		11.94%		11.45%		12.38%		11.94%
THREE YEARS		26.93%		28.78%		28.99%		8.27%		8.80%		8.86%
SINCE INCEPTION (1)		25.26%		24.62%		26.56%		5.48%		5.35%		5.74%

(1) For the period October 11, 2007 to December 31, 2011.

41

SPDR Nuveen Barclays Capital New York Municipal Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

42

SPDR Nuveen Barclays Capital New York Municipal Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	NEW YORK, NY,			NEW YORK, STATE	NEW YORK, STATE
	MUNICIPAL WATER	OYSTER BAY, NY,	NEW YORK, STATE LOCAL	DORMITORY	DORMITORY
	FINANCE AUTHORITY	GENERAL	GOVERNMENT ASSISTANCE	AUTHORITY	AUTHORITY REVENUE,
	REVENUE,	OBLIGATION,	CORP. REVENUE,	REVENUE, SERIES A,	SERIES C,
DESCRIPTION	5.00%, 6/15/2032	4.00%, 8/15/2026	5.00%, 4/1/2019	5.00%, 7/1/2038	5.00%, 10/1/2031
MARKET VALUE	$1,100,290	786,191	703,929	681,902	642,036
% OF NET ASSETS	4.3	3.1	2.7	2.7	2.5

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Municipal Bonds & Notes		98.3	%
Short Term Investment		0.8
Other Assets & Liabilities		0.9
TOTAL		100.0	%

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

43

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.

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 Nuveen Barclays Capital Short Term Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.2000%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
											BARCLAYS CAPITAL
											MANAGED MONEY
	NET ASSET		MARKET		BARCLAYS CAPITAL MANAGED MONEY		NET ASSET		MARKET		MUNICIPAL SHORT TERM
	VALUE		VALUE		MUNICIPAL SHORT TERM INDEX		VALUE		VALUE		INDEX
SIX MONTHS		1.42%		1.42%		1.53%		N/A		N/A		N/A
ONE YEAR		3.50%		3.97%		3.79%		3.50%		3.97%		3.79%
THREE YEARS		10.38%		9.34%		11.65%		3.35%		3.02%		3.74%
SINCE INCEPTION (1)		17.90%		18.04%		20.40%		3.97%		4.00%		4.49%

(1) For the period October 10, 2007 to December 31, 2011.

44

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

45

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	VIRGINIA, STATE	MONTGOMERY COUNTY,		SOUTH CAROLINA,	NEW YORK,
	COMMONWEALTH	MD, GENERAL	ARKANSAS, STATE HIGHWAY	STATE GENERAL	STATE GENERAL
	TRANSPORTATION	OBLIGATION,	GRANT ANTICIPATION &	OBLIGATION,	OBLIGATION,
	BOARD,	SERIES A,	TAX REVENUE,	SERIES A,	SERIES C,
DESCRIPTION	5.00%, 5/15/2016	5.00%, 8/1/2015	4.00%, 8/1/2014	4.00%, 6/1/2015	3.00%, 2/1/2014
MARKET VALUE	$18,968,542	18,673,525	18,477,640	16,646,850	15,765,750
% OF NET ASSETS	1.3	1.3	1.3	1.1	1.1

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Municipal Bonds & Notes		99.0	%
Short Term Investment		0.5
Other Assets & Liabilities		0.5
TOTAL		100.0	%

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

46

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 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 (9/23/09, 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.

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 Nuveen S&P VRDO Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.2000%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET				NET ASSET		MARKET		S&P NATIONAL AMT-FREE
	VALUE		VALUE		S&P NATIONAL AMT-FREE MUNICIPAL VRDO INDEX		VALUE		VALUE		MUNICIPAL VRDO INDEX
SIX MONTHS		0.44%		0.51%		0.16%		N/A		N/A		N/A
ONE YEAR		0.86%		0.93%		0.31%		0.86%		0.93%		0.31%
SINCE INCEPTION (1)		1.49%		1.39%		0.74%		0.65%		0.61%		0.32%

(1) For the period September 23, 2009 to December 31, 2011.

47

SPDR Nuveen S&P VRDO Municipal Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

48

SPDR Nuveen S&P VRDO Municipal Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	DENVER, CO,	MASSACHUSETTS,	NAZARETH, PA, AREA	RHODE ISLAND,
	CITY & COUNTY	STATE WATER	SCHOOL DISTRICT,	HEALTH & EDUCATIONAL	BROOMFIELD, CO,
	AIRPORT	RESOURCES AUTHORITY	GENERAL	BUILDING CORP.,	URBAN RENEWAL
	REVENUE, SERIES C	REVENUE, SERIES B	OBLIGATION	REVENUE	AUTHORITY
DESCRIPTION	0.10%, 11/15/2022	0.15%, 8/1/2031	2.30%, 2/1/2031	2.00%, 10/1/2033	1.10%, 12/1/2030
MARKET VALUE	$500,000	500,000	500,000	410,000	400,000
% OF NET ASSETS	4.2	4.2	4.2	3.4	3.3

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Municipal Bonds & Notes		92.9	%
Short Term Investment		8.8
Other Assets & Liabilities		(1.7	)
TOTAL		100.0	%

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

49

SPDR Nuveen S&P High Yield 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 (4/13/11, 4/14/11, 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.

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 Nuveen S&P High Yield Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5000%.*

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P MUNICIPAL

NET ASSET

MARKET

S&P MUNICIPAL

VALUE

VALUE

YIELD INDEX

VALUE

VALUE

YIELD INDEX

SIX MONTHS

4.34%

9.81%

5.94%

N/A

N/A

N/A

SINCE INCEPTION (1) (2)

9.78%

10.01%

11.31%

N/A

N/A

N/A

(1)	For the period April 13, 2011 to December 31, 2011.
*	SSgA Funds Management, Inc. has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.4500% until October 31, 2012.

50

SPDR Nuveen S&P High Yield Municipal Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

51

SPDR Nuveen S&P High Yield Municipal Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

			HARBOR POINT		LOUISIANA, STATE
			INFRASTRUCTURE		ENVIRONMENTAL
	RANCHO MIRAGE, CA,		IMPROVEMENT	PUERTO RICO,	FACILITIES &
	JOINT POWERS		DISTRICT, CT,	SALES TAX	COMMUNITY
	FINANCING	ILLINOIS, FINANCE	SPECIAL OBLIGATION	FINANCING CORP.,	DEVELOPMENT
	AUTHORITY, SERIES A	AUTHORITY REVENUE	REVENUE, SERIES A	REVENUE, SERIES A	REVENUE, SERIES A-1
DESCRIPTION	5.00%, 7/1/2027	7.13%, 2/15/2039	7.88%, 4/1/2039	5.38%, 8/1/2039	6.50%, 11/1/2035
MARKET VALUE	$1,995,720	1,067,803	1,061,890	1,053,870	1,053,700
% OF NET ASSETS	4.2	2.3	2.2	2.2	2.2

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Municipal Bonds & Notes		98.0	%
Short Term Investment		1.0
Other Assets & Liabilities		1.0
TOTAL		100.0	%

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

52

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 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 (5/12/10, 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.

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 Nuveen Barclays Capital Build America Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.3500%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
	NET ASSET		MARKET		BARCLAYS CAPITAL BUILD		NET ASSET		MARKET		BARCLAYS CAPITAL BUILD
	VALUE		VALUE		AMERICA BOND INDEX		VALUE		VALUE		AMERICA BOND INDEX
SIX MONTHS		15.23%		15.46%		15.35%		N/A		N/A		N/A
ONE YEAR		26.12%		25.12%		26.53%		26.12%		25.12%		26.53%
SINCE INCEPTION (1)		24.44%		23.61%		26.04%		14.25%		13.79%		15.17%

(1) For the period May 12, 2010 to December 31, 2011.

53

SPDR Nuveen Barclays Capital Build America Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALIUE)

54

SPDR Nuveen Barclays Capital Build America Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

				NEW JERSEY,
	CALIFORNIA, STATE	CALIFORNIA, STATE	CALIFORNIA, STATE	STATE TURNPIKE	CALIFORNIA, STATE
	GENERAL OBLIGATION,	GENERAL OBLIGATION,	GENERAL OBLIGATION,	AUTHORITY REVENUE,	GENERAL OBLIGATION,
DESCRIPTION	7.55%, 4/1/2039	7.30%, 10/1/2039	7.70%, 11/1/2030	7.10%, 1/1/2041	7.60%, 11/1/2040
MARKET VALUE	$1,253,288	945,944	908,840	869,353	802,561
% OF NET ASSETS	3.1	2.4	2.3	2.2	2.0

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Municipal Bonds & Notes		98.8	%
Short Term Investment		0.2
Other Assets & Liabilities		1.0
TOTAL		100.0	%

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

55

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.

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 DB International Government Inflation-Protected Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5000%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					DB GLOBAL GOVERNMENT						DB GLOBAL GOVERNMENT
	NET ASSET		MARKET		EX-U.S. INFLATION-LINKED		NET ASSET		MARKET		EX-U.S. INFLATION-LINKED
	VALUE		VALUE		BOND CAPPED INDEX		VALUE		VALUE		BOND CAPPED INDEX
SIX MONTHS		−4.67%		−4.77%		−4.24%		N/A		N/A		N/A
ONE YEAR		2.49%		2.50%		3.48%		2.49%		2.50%		3.48%
THREE YEARS		29.75%		27.77%		32.46%		9.07%		8.51%		9.82%
SINCE INCEPTION (1)		4.09%		4.02%		8.93%		1.06%		1.04%		2.27%

(1) For the period March 13, 2008 to December 31, 2011.

56

SPDR DB International Government Inflation-Protected Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

57

SPDR DB International Government Inflation-Protected Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	GOVERNMENT OF JAPAN			UNITED KINGDOM
	10 YEAR BOND,	REPUBLIC OF ITALY,	REPUBLIC OF FRANCE,	TREASURY BOND,	REPUBLIC OF FRANCE,
DESCRIPTION	1.10%, 12/10/2016	2.60%, 9/15/2023	2.25%, 7/25/2020	1.25%, 11/22/2027	1.00%, 7/25/2017
MARKET VALUE	$53,603,938	48,625,428	48,078,670	45,859,086	40,544,316
% OF NET ASSETS	4.6	4.2	4.1	3.9	3.5

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Foreign Government Obligations		98.3	%
Short Term Investments		0.8
Other Assets & Liabilities		0.9
TOTAL		100.0	%

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

58

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.

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 Barclays Capital Short Term International Treasury Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.3500%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

BARCLAYS CAPITAL

1-3 YEAR GLOBAL

1-3 YEAR GLOBAL

NET ASSET

MARKET

TREASURY EX-US

NET ASSET

MARKET

TREASURY EX-US

VALUE

VALUE

CAPPED INDEX

VALUE

VALUE

CAPPED INDEX

SIX MONTHS

−5.36%

−6.31%

−5.07%

N/A

N/A

N/A

ONE YEAR

0.29%

−0.60%

0.85%

0.29%

−0.60%

0.85%

SINCE INCEPTION (1)

14.23%

13.40%

16.22%

4.59%

4.34%

5.21%

(1) For the period January 15, 2009 to December 31, 2011.

59

SPDR Barclays Capital Short Term International Treasury Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

60

SPDR Barclays Capital Short Term International Treasury Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

			GOVERNMENT OF		GOVERNMENT OF
		UNITED KINGDON	JAPAN 5 YEAR		JAPAN 5 YEAR
	KINGDOM OF SWEDEN,	TREASURY BOND,	BOND,	MEXICAN BONOS,	BOND,
DESCRIPTION	6.75%, 5/5/2014	2.25%, 3/7/2014	0.70%, 9/20/2014	8.00%, 12/19/2013	0.70%, 6/20/2014
MARKET VALUE	$4,880,468	4,736,756	4,480,183	4,356,228	4,278,950
% OF NET ASSETS	2.2	2.2	2.0	2.0	2.0

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Foreign Government Obligations		86.7	%
Short Term Investments		2.5
Other Assets & Liabilities		10.8
TOTAL		100.0	%

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

61

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.

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 Barclays Capital International Treasury Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5000%.

PERFORMANCE AS OF December 31, 2011

	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		−1.99%		−1.66%		−1.63%		N/A		N/A		N/A
ONE YEAR		3.60%		4.19%		4.25%		3.60%		4.19%		4.25%
THREE YEARS		14.91%		14.04%		16.68%		4.74%		4.48%		5.28%
SINCE INCEPTION (1)		24.42%		24.61%		28.61%		5.28%		5.31%		6.11%

(1) For the period October 2, 2007 to December 31, 2011.

62

SPDR Barclays Capital International Treasury Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

63

SPDR Barclays Capital International Treasury Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	GOVERNMENT OF	GOVERNMENT OF	GOVERNMENT OF	GOVERNMENT OF	GOVERNMENT OF
	JAPAN 10 YEAR	JAPAN 20 YEAR	JAPAN 20 YEAR	JAPAN 20 YEAR	JAPAN 10 YEAR
	BOND,	BOND,	BOND,	BOND,	BOND,
DESCRIPTION	1.50%, 9/20/2014	2.30%, 6/20/2027	2.90%, 9/20/2019	2.60%, 3/20/2019	1.40%, 12/20/2013
MARKET VALUE	$36,230,945	31,430,457	23,611,381	18,226,270	11,653,239
% OF NET ASSETS	2.2	1.9	1.5	1.1	0.7

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Foreign Government Obligations		94.7	%
Short Term Investments		2.5
Other Assets & Liabilities		2.8
TOTAL		100.0	%

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

64

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 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 (5/19/10, 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.

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 Barclays Capital International Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5500%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

GLOBAL AGGREGATE

BARCLAYS CAPITAL GLOBAL AGGREGATE

NET ASSET

MARKET

EX-USD > $1B: CORPORATE BOND

NET ASSET

MARKET

EX-USD > $1B: CORPORATE BOND

VALUE

VALUE

INDEX

VALUE

VALUE

INDEX

SIX MONTHS

−7.55%

−7.80%

−7.32%

N/A

N/A

N/A

ONE YEAR

0.44%

1.33%

0.78%

0.44%

1.33%

0.78%

SINCE INCEPTION (1)

9.91%

10.16%

10.81%

6.00%

6.15%

6.54%

(1) For the period May 19, 2010 to December 31, 2011.

65

SPDR Barclays Capital International Corporate Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED IN NET ASSET VALUE)

66

SPDR Barclays Capital International Corporate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

	COOPERATIEVE	COOPERATIEVE	COOPERATIEVE
	CENTRALE RAIFFEISEN-	CENTRALE RAIFFEISEN-	CENTRALE RAIFFEISEN-
	BOERENLEENBANK	BOERENLEENBANK	BOERENLEENBANK	DEUTSCHE	CREDIT SUISSE
	BA/NETHERLANDS,	BA/NETHERLANDS,	BA/NETHERLANDS,	BANK AG,	AG/LONDON,
DESCRIPTION	4.13%, 7/14/2025	3.38%, 1/18/2016	3.88%, 4/20/2016	5.13%, 8/31/2017	6.13%, 8/5/2013
MARKET VALUE	$535,249	465,432	377,574	354,381	341,550
% OF NET ASSETS	1.0	0.9	0.7	0.7	0.6

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Corporate Bonds & Notes		96.6	%
Short Term Investment		0.0	**
Other Assets & Liabilities		3.4
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.

67

SPDR Barclays Capital Emerging Markets Local 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 (2/23/11, 2/24/11, 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.

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 Barclays Capital Emerging Markets Local Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5000%.

PERFORMANCE AS OF DECEMBER 31, 2011

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL EM

BARCLAYS CAPITAL EM

LOCAL CURRENCY

LOCAL CURRENCY

NET ASSET

MARKET

GOVERNMENT

NET ASSET

MARKET

GOVERNMENT

VALUE

VALUE

DIVERSIFIED INDEX

VALUE

VALUE

DIVERSIFIED INDEX

SIX MONTHS

−6.59%

−6.77%

−6.61%

N/A

N/A

N/A

SINCE INCEPTION (1) (2)

−0.33%

0.77%

0.71%

N/A

N/A

N/A

(1) For the period February 23, 2011 to December 31, 2011.

68

SPDR Barclays Capital Emerging Markets Local Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED IN NET ASSET VALUE)

69

SPDR Barclays Capital Emerging Markets Local Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		BRAZIL NOTAS DO			BRAZIL NOTAS DO
	RUSSIAN FOREIGN	TESOURO NACIONAL,			TESOURO NACIONAL,
	BOND – EUROBOND,	SERIES F,	KOREA TREASURY BOND,	KOREA TREASURY BOND,	SERIES F,
DESCRIPTION	7.85%, 3/10/2018	10.00%, 1/1/2014	5.75%, 9/10/2018	3.75%, 6/10/2013	10.00%, 1/1/2017
MARKET VALUE	$1,737,851	1,486,763	984,316	933,423	901,734
% OF NET ASSETS	3.7	3.2	2.1	2.0	1.9

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Foreign Government Obligations		95.6	%
Short Term Investments		4.0
Other Assets & Liabilities		0.4
TOTAL		100.0	%

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

70

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, 12/04/07, 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.

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 Barclays Capital High Yield Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.4000%.

PERFORMANCE AS OF DECEMBER 31, 2011

	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN
					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		HIGH YIELD		NET ASSET		MARKET		HIGH YIELD
	VALUE		VALUE		VERY LIQUID INDEX		VALUE		VALUE		VERY LIQUID INDEX
SIX MONTHS		0.35%		0.73%		1.17%		N/A		N/A		N/A
ONE YEAR		4.70%		5.16%		6.05%		4.70%		5.16%		6.05%
THREE YEARS		79.62%		68.43%		99.55%		21.56%		18.98%		25.90%
SINCE INCEPTION (1)		25.79%		27.27%		44.32%		5.76%		6.07%		9.38%

(1) For the period November 28, 2007 to December 31, 2011.

71

SPDR Barclays Capital High Yield Bond ETF —
Performance Summary (continued)

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUES)

72

SPDR Barclays Capital High Yield Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

				ENERGY FUTURE
				INTERMEDIATE
				HOLDING CO.	HARRAH’S
	HCA, INC.,	SPRINT NEXTEL CORP.,	FIRST DATA CORP.,	LLC/EFIH FINANCE, INC.,	OPERATING CO., INC.,
DESCRIPTION	6.50%, 2/15/2020	9.00%, 11/15/2018	12.63%, 1/15/2021	10.00%, 12/1/2020	10.00%, 12/15/2018
MARKET VALUE	$135,119,850	126,813,750	111,593,160	102,292,800	98,826,320
% OF NET ASSETS	1.5	1.4	1.3	1.2	1.1

ASSET ALLOCATION AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Corporate Bonds & Notes		97.5	%
Short Term Investment		1.8
Other Assets & Liabilities		0.7
TOTAL		100.0	%

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

73

SPDR Barclays Capital Investment Grade Floating Bond Etf —
Portfolio Summary

The Fund had less than six months of operations at reporting period end and therefore does not have performance history to provide in this report.

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2011

		GENERAL ELECTRIC
	JPMORGAN CHASE & CO.,	CAPITAL CORP.,	MORGAN STANLEY,	HSBC BANK PLC,	WACHOVIA CORP.,
DESCRIPTION	1.16%, 2/26/2013	0.59%, 5/8/2013	2.02%, 1/24/2012	0.89%, 5/15/2013	2.20%, 5/1/2013
MARKET VALUE	$293,232	290,411	268,766	242,018	235,937
% OF NET ASSETS	4.9	4.9	4.5	4.0	3.9

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2011*

	PERCENT OF
	NET ASSETS
Corporate Bonds & Notes		95.1	%
Short Term Investment		4.9
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.

74

SPDR Barclays Capital 1-3 Month T-Bill ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
U.S. TREASURY OBLIGATIONS — 99.9%
Treasury Bills*
0.00%, 2/2/2012	$	160,548,000	$	160,547,289
0.00%, 2/9/2012		236,278,000		236,274,160
0.00%, 2/16/2012		169,636,000		169,632,751
0.00%, 2/23/2012		169,636,000		169,632,259
0.00%, 3/1/2012		169,636,000		169,631,756
0.01%, 3/29/2012		169,636,000		169,625,634
0.01%, 3/15/2012		169,636,000		169,629,025
0.01%, 3/8/2012		239,307,000		239,298,091
0.01%, 3/22/2012		169,636,000		169,628,365
TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $1,653,928,271)				1,653,899,330
	Shares
SHORT TERM INVESTMENT — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.15% (a)(b)(c) (Cost $1,063,508)		1,063,508		1,063,508
TOTAL INVESTMENTS (d) — 100.0%
(Cost $1,654,991,779)				1,654,962,838
OTHER ASSETS & LIABILITIES — 0.0% (e)				(499,654	)
NET ASSETS — 100.0%			$	1,654,463,184

*	Rate shown is the discount rate at time of purchase, not a coupon rate.
(a)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(b)	The rate shown is the annualized seven-day yield at period end.
(c)	Value is determined based on Level 1 inputs. (Note 2)
(d)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)
(e)	Amount shown represents less than 0.05% of net assets.

See accompanying notes to financial statements.

75

SPDR Barclays Capital TIPS ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
U.S. TREASURY OBLIGATIONS — 99.3%
Treasury Inflation Protected Indexed Notes
0.13%, 4/15/2016	$	29,802,968	$	31,088,370
0.50%, 4/15/2015		16,855,842		17,624,975
0.63%, 4/15/2013		11,685,675		11,888,305
1.13%, 1/15/2021		28,836,373		32,161,495
1.25%, 4/15/2014		12,414,630		13,006,311
1.25%, 7/15/2020		25,537,781		28,885,528
1.38%, 7/15/2018		11,941,396		13,521,720
1.38%, 1/15/2020		15,090,046		17,179,112
1.63%, 1/15/2015		17,115,662		18,447,431
1.63%, 1/15/2018		13,476,163		15,352,314
1.88%, 7/15/2013		18,736,077		19,605,619
1.88%, 7/15/2015		15,031,376		16,576,751
1.88%, 7/15/2019		12,237,109		14,418,741
2.00%, 1/15/2014		19,547,472		20,695,886
2.00%, 7/15/2014		17,337,930		18,678,845
2.00%, 1/15/2016		14,730,913		16,457,229
2.13%, 1/15/2019		11,822,738		14,056,172
2.38%, 1/15/2017		14,711,449		17,072,195
2.50%, 7/15/2016		17,034,999		19,701,999
2.63%, 7/15/2017		11,620,255		13,833,565
Treasury Inflation Protected Indexed Bonds
0.63%, 7/15/2021		27,348,122		29,270,968
1.75%, 1/15/2028		12,836,294		15,421,652
2.00%, 1/15/2026		17,333,238		21,295,443
2.13%, 2/15/2040		12,075,098		16,199,469
2.13%, 2/15/2041 (a)		18,835,344		25,457,097
2.38%, 1/15/2025		25,551,013		32,497,823
2.38%, 1/15/2027		14,057,956		18,154,585
2.50%, 1/15/2029 (a)		11,337,595		15,125,031
3.38%, 4/15/2032		4,857,865		7,477,324
3.63%, 4/15/2028		17,847,200		26,567,164
3.88%, 4/15/2029		20,400,671		31,777,309
TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $556,991,222)				609,496,428
	Shares
SHORT TERM INVESTMENTS — 1.5%
MONEY MARKET FUNDS — 1.5%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		8,390,661		8,390,661
State Street Institutional Liquid Reserves Fund 0.15% (c)(d)		508,895		508,895
TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $8,899,556)				8,899,556
TOTAL INVESTMENTS — 100.8% (f)
(Cost $565,890,778)				618,395,984
OTHER ASSETS & LIABILITIES — (0.8)%				(4,766,167	)
NET ASSETS — 100.0%			$	613,629,817

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Investments of cash collateral for securities loaned.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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.

76

SPDR Barclays Capital Short Term Treasury ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
U.S. TREASURY OBLIGATIONS — 99.3%
Treasury Bonds
7.25%, 5/15/2016	$	26,000	$	33,343
7.50%, 11/15/2016		20,000		26,376
9.25%, 2/15/2016		6,000		8,101
9.88%, 11/15/2015		6,000		8,136
10.63%, 8/15/2015		4,000		5,449
11.25%, 2/15/2015		12,000		16,015
Treasury Notes
0.13%, 8/31/2013		63,000		62,893
0.13%, 9/30/2013		70,000		69,865
0.13%, 12/31/2013		95,000		94,770
0.25%, 10/31/2013		63,000		63,016
0.25%, 11/30/2013		68,000		68,008
0.25%, 9/15/2014		62,000		61,852
0.25%, 12/15/2014		65,000		64,787
0.38%, 6/30/2013		68,000		68,167
0.38%, 7/31/2013		68,000		68,159
0.38%, 11/15/2014		62,000		62,043
0.50%, 5/31/2013		68,000		68,288
0.50%, 10/15/2013		44,000		44,193
0.50%, 11/15/2013		48,000		48,228
0.50%, 8/15/2014		62,000		62,291
0.50%, 10/15/2014		62,000		62,257
0.63%, 1/31/2013		62,000		62,302
0.63%, 2/28/2013		58,000		58,297
0.63%, 4/30/2013		58,000		58,339
0.63%, 7/15/2014		62,000		62,480
0.75%, 3/31/2013		66,000		66,462
0.75%, 8/15/2013		57,000		57,483
0.75%, 9/15/2013		54,000		54,467
0.75%, 12/15/2013		36,000		36,351
0.75%, 6/15/2014		62,000		62,678
0.88%, 11/30/2016		65,000		65,196
1.00%, 7/15/2013		52,000		52,627
1.00%, 1/15/2014		28,000		28,416
1.00%, 5/15/2014		44,000		44,731
1.00%, 8/31/2016		68,000		68,741
1.00%, 9/30/2016		68,000		68,699
1.00%, 10/31/2016		68,000		68,657
1.13%, 6/15/2013		56,000		56,744
1.25%, 2/15/2014		34,000		34,699
1.25%, 3/15/2014		36,000		36,767
1.25%, 4/15/2014		40,000		40,870
1.25%, 8/31/2015		60,000		61,597
1.25%, 9/30/2015		60,000		61,561
1.25%, 10/31/2015		60,000		61,544
1.38%, 1/15/2013		72,000		72,891
1.38%, 2/15/2013		70,000		70,930
1.38%, 3/15/2013		70,000		71,002
1.38%, 5/15/2013		64,000		65,016
1.38%, 11/30/2015		58,000		59,771
1.50%, 12/31/2013		45,000		46,125
1.50%, 6/30/2016		62,000		64,120
1.50%, 7/31/2016		68,000		70,307
1.75%, 4/15/2013		66,000		67,317
1.75%, 1/31/2014		46,000		47,416
1.75%, 3/31/2014		52,000		53,708
1.75%, 7/31/2015		54,000		56,347
1.75%, 5/31/2016		44,000		46,013
1.88%, 2/28/2014		36,000		37,223
1.88%, 4/30/2014		54,000		55,970
1.88%, 6/30/2015		46,000		48,196
2.00%, 11/30/2013		38,000		39,262
2.00%, 1/31/2016		58,000		61,198
2.00%, 4/30/2016		44,000		46,461
2.13%, 11/30/2014		76,000		79,818
2.13%, 5/31/2015		64,000		67,559
2.13%, 12/31/2015		28,000		29,701
2.13%, 2/29/2016		30,000		31,832
2.25%, 5/31/2014		54,000		56,489
2.25%, 1/31/2015		68,000		71,837
2.25%, 3/31/2016		42,000		44,801
2.38%, 8/31/2014		66,000		69,525
2.38%, 9/30/2014		70,000		73,866
2.38%, 10/31/2014		64,000		67,605
2.38%, 2/28/2015		76,000		80,646
2.38%, 3/31/2016		30,000		32,129
2.50%, 3/31/2013		32,000		32,912
2.50%, 3/31/2015		78,000		83,168
2.50%, 4/30/2015		70,000		74,711
2.63%, 6/30/2014		62,000		65,535
2.63%, 7/31/2014		64,000		67,759
2.63%, 12/31/2014		70,000		74,654
2.63%, 2/29/2016		24,000		25,948
2.63%, 4/30/2016		26,000		28,134
2.75%, 2/28/2013		28,000		28,828
2.75%, 10/31/2013		40,000		41,808
2.75%, 11/30/2016		42,000		45,857
2.88%, 1/31/2013		28,000		28,813
3.00%, 8/31/2016		44,000		48,470
3.00%, 9/30/2016		46,000		50,714
3.13%, 4/30/2013		38,000		39,471
3.13%, 8/31/2013		42,000		44,007
3.13%, 9/30/2013		42,000		44,095
3.13%, 10/31/2016		50,000		55,450
3.25%, 5/31/2016		32,000		35,510
3.25%, 6/30/2016		31,000		34,430
3.25%, 7/31/2016		44,000		48,929
3.38%, 6/30/2013		38,000		39,791
3.38%, 7/31/2013		36,000		37,789
3.50%, 5/31/2013		34,000		35,571
3.63%, 5/15/2013		30,000		31,397
3.88%, 2/15/2013		32,000		33,314
4.00%, 2/15/2014		48,000		51,774
4.00%, 2/15/2015		50,000		55,535
4.13%, 5/15/2015		42,000		47,119
4.25%, 8/15/2013		52,000		55,372
4.25%, 11/15/2013		54,000		57,995
4.25%, 8/15/2014		40,000		44,062
4.25%, 11/15/2014		42,000		46,633
4.25%, 8/15/2015		48,000		54,402
4.50%, 11/15/2015		40,000		45,995
4.50%, 2/15/2016		38,000		43,939
4.63%, 11/15/2016		36,000		42,522
4.75%, 5/15/2014		46,000		50,808
4.88%, 8/15/2016		32,000		37,961

See accompanying notes to financial statements.

77

SPDR Barclays Capital Short Term Treasury ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
5.13%, 5/15/2016	$	28,000	$	33,325
TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $5,957,787)				5,965,533
	Shares
SHORT TERM INVESTMENT — 2.9%
MONEY MARKET FUND — 2.9%
State Street Institutional Liquid Reserves Fund 0.15% (a)(b)(c) (Cost $173,115)		173,115		173,115
TOTAL INVESTMENTS — 102.2% (d)
(Cost $6,130,902)				6,138,648
OTHER ASSETS & LIABILITIES — (2.2)%				(130,910	)
NET ASSETS — 100.0%			$	6,007,738

(a)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(b)	The rate shown is the annualized seven-day yield at period end.
(c)	Value is determined based on Level 1 inputs. (Note 2)
(d)	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.

78

SPDR Barclays Capital Intermediate Term Treasury ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
U.S. TREASURY OBLIGATIONS — 99.3%
Treasury Bonds
7.25%, 5/15/2016	$	916,000	$	1,174,715
7.50%, 11/15/2016 (a)		387,000		510,372
7.88%, 2/15/2021 (a)		200,000		305,166
8.00%, 11/15/2021		698,000		1,090,653
8.13%, 8/15/2019 (a)		443,000		658,728
8.13%, 5/15/2021 (a)		296,000		460,463
8.13%, 8/15/2021 (a)		297,000		465,037
8.50%, 2/15/2020 (a)		199,000		306,032
8.75%, 5/15/2017 (a)		307,000		432,732
8.75%, 5/15/2020 (a)		170,000		266,137
8.75%, 8/15/2020		299,000		471,436
8.88%, 8/15/2017 (a)		519,000		743,063
8.88%, 2/15/2019 (a)		303,000		459,372
9.00%, 11/15/2018 (a)		240,000		362,786
9.13%, 5/15/2018 (a)		325,000		484,734
9.25%, 2/15/2016 (a)		237,000		320,004
9.88%, 11/15/2015		279,000		378,344
10.63%, 8/15/2015		173,000		235,668
11.25%, 2/15/2015 (a)		528,000		704,653
Treasury Notes
0.13%, 8/31/2013		1,505,000		1,502,442
0.13%, 9/30/2013 (a)		1,019,000		1,017,033
0.13%, 12/31/2013		1,400,000		1,396,612
0.25%, 10/31/2013 (a)		1,019,000		1,019,255
0.25%, 11/30/2013 (a)		1,505,000		1,505,181
0.25%, 9/15/2014		1,015,000		1,012,584
0.25%, 12/15/2014		1,000,000		996,720
0.38%, 6/30/2013		1,700,000		1,704,165
0.38%, 7/31/2013 (a)		1,505,000		1,508,522
0.38%, 11/15/2014 (a)		1,015,000		1,015,710
0.50%, 5/31/2013		1,506,000		1,512,385
0.50%, 10/15/2013 (a)		1,326,000		1,331,821
0.50%, 11/15/2013 (a)		842,000		845,999
0.50%, 8/15/2014		1,307,000		1,313,130
0.50%, 10/15/2014		1,015,000		1,019,202
0.63%, 1/31/2013		1,503,000		1,510,319
0.63%, 2/28/2013		1,207,000		1,213,180
0.63%, 4/30/2013 (a)		1,500,000		1,508,775
0.63%, 7/15/2014		1,307,000		1,317,116
0.75%, 3/31/2013		1,797,000		1,809,579
0.75%, 8/15/2013 (a)		1,384,000		1,395,723
0.75%, 9/15/2013		1,778,000		1,793,380
0.75%, 12/15/2013		1,095,000		1,105,676
0.75%, 6/15/2014		1,501,000		1,517,421
0.88%, 11/30/2016 (a)		1,505,000		1,509,545
0.88%, 12/31/2016		600,000		601,044
1.00%, 7/15/2013		1,272,000		1,287,328
1.00%, 1/15/2014		992,000		1,006,731
1.00%, 5/15/2014		1,686,000		1,714,004
1.00%, 8/31/2016		1,505,000		1,521,405
1.00%, 9/30/2016 (a)		1,019,000		1,029,475
1.00%, 10/31/2016 (a)		1,019,000		1,028,844
1.13%, 6/15/2013 (a)		1,759,000		1,782,360
1.25%, 2/15/2014		997,000		1,017,498
1.25%, 3/15/2014 (a)		901,000		920,191
1.25%, 4/15/2014		1,000,000		1,021,760
1.25%, 8/31/2015 (a)		1,075,000		1,103,617
1.25%, 9/30/2015 (a)		1,811,000		1,858,122
1.25%, 10/31/2015		1,470,000		1,507,838
1.38%, 1/15/2013		1,937,000		1,960,961
1.38%, 2/15/2013		1,745,000		1,768,174
1.38%, 3/15/2013 (a)		1,749,000		1,774,046
1.38%, 5/15/2013		1,759,000		1,786,933
1.38%, 11/30/2015		1,514,000		1,560,238
1.38%, 9/30/2018		1,011,000		1,016,429
1.38%, 11/30/2018 (a)		1,011,000		1,014,326
1.38%, 12/31/2018		700,000		701,316
1.50%, 12/31/2013		1,248,000		1,279,187
1.50%, 6/30/2016		1,988,000		2,055,990
1.50%, 7/31/2016		1,505,000		1,556,049
1.50%, 8/31/2018		1,203,000		1,220,564
1.75%, 4/15/2013		1,555,000		1,586,022
1.75%, 1/31/2014		1,141,000		1,176,120
1.75%, 3/31/2014		1,267,000		1,308,621
1.75%, 7/31/2015		1,257,000		1,311,642
1.75%, 5/31/2016		1,491,000		1,559,228
1.75%, 10/31/2018		1,011,000		1,040,582
1.88%, 2/28/2014		1,016,000		1,050,524
1.88%, 4/30/2014		1,597,000		1,655,259
1.88%, 6/30/2015		1,252,000		1,311,770
1.88%, 8/31/2017 (a)		1,311,000		1,372,368
1.88%, 9/30/2017 (a)		1,112,000		1,162,518
1.88%, 10/31/2017		1,115,000		1,165,654
2.00%, 11/30/2013		1,361,000		1,406,185
2.00%, 1/31/2016		1,693,000		1,786,335
2.00%, 4/30/2016 (a)		1,004,000		1,060,164
2.00%, 11/15/2021		1,005,000		1,016,387
2.13%, 11/30/2014		2,168,000		2,276,899
2.13%, 5/31/2015		1,590,000		1,678,420
2.13%, 12/31/2015 (a)		797,000		845,426
2.13%, 2/29/2016 (a)		702,000		744,857
2.13%, 8/15/2021		3,493,000		3,582,351
2.25%, 5/31/2014		1,259,000		1,317,027
2.25%, 1/31/2015		1,352,000		1,428,293
2.25%, 3/31/2016 (a)		1,002,000		1,068,813
2.25%, 11/30/2017 (a)		855,000		912,208
2.25%, 7/31/2018		905,000		962,567
2.38%, 8/31/2014		1,825,000		1,922,473
2.38%, 9/30/2014 (a)		1,842,000		1,943,734
2.38%, 10/31/2014		1,792,000		1,892,944
2.38%, 2/28/2015		2,020,000		2,143,483
2.38%, 3/31/2016 (a)		868,000		929,593
2.38%, 7/31/2017		1,500,000		1,612,590
2.38%, 5/31/2018		994,000		1,066,065
2.38%, 6/30/2018		1,002,000		1,073,673
2.50%, 3/31/2013		834,000		857,777
2.50%, 3/31/2015 (a)		2,022,000		2,155,957
2.50%, 4/30/2015		1,920,000		2,049,216
2.50%, 6/30/2017 (a)		809,000		874,901
2.63%, 6/30/2014		1,602,000		1,693,330
2.63%, 7/31/2014		1,723,000		1,824,192
2.63%, 12/31/2014 (a)		1,739,000		1,854,609
2.63%, 2/29/2016		503,000		543,828
2.63%, 4/30/2016		877,000		948,993
2.63%, 1/31/2018 (a)		995,000		1,083,784
2.63%, 4/30/2018		797,000		867,861

See accompanying notes to financial statements.

79

SPDR Barclays Capital Intermediate Term Treasury ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
2.63%, 8/15/2020	$	2,576,000	$	2,778,241
2.63%, 11/15/2020		3,243,000		3,491,544
2.75%, 2/28/2013		988,000		1,017,205
2.75%, 10/31/2013		1,175,000		1,228,110
2.75%, 11/30/2016		1,299,000		1,418,287
2.75%, 5/31/2017		903,000		988,415
2.75%, 12/31/2017 (a)		850,000		931,838
2.75%, 2/28/2018 (a)		990,000		1,085,654
2.75%, 2/15/2019		1,583,000		1,733,892
2.88%, 1/31/2013 (a)		850,000		874,692
2.88%, 3/31/2018 (a)		994,000		1,097,754
3.00%, 8/31/2016		1,083,000		1,193,011
3.00%, 9/30/2016		1,407,000		1,551,175
3.00%, 2/28/2017		1,209,000		1,337,214
3.13%, 4/30/2013 (a)		895,000		929,645
3.13%, 8/31/2013		1,332,000		1,395,656
3.13%, 9/30/2013		965,000		1,013,134
3.13%, 10/31/2016		816,000		904,936
3.13%, 1/31/2017 (a)		1,298,000		1,442,636
3.13%, 4/30/2017		902,000		1,004,711
3.13%, 5/15/2019 (a)		2,014,000		2,258,560
3.13%, 5/15/2021		2,811,000		3,138,706
3.25%, 5/31/2016 (a)		466,000		517,116
3.25%, 6/30/2016		960,000		1,066,205
3.25%, 7/31/2016 (a)		871,000		968,578
3.25%, 12/31/2016		908,000		1,013,982
3.25%, 3/31/2017		1,303,000		1,459,073
3.38%, 6/30/2013 (a)		748,000		783,261
3.38%, 7/31/2013		997,000		1,046,541
3.38%, 11/15/2019 (a)		2,107,000		2,402,212
3.50%, 5/31/2013		1,003,000		1,049,349
3.50%, 2/15/2018		1,392,000		1,587,325
3.50%, 5/15/2020		2,613,000		3,005,917
3.63%, 5/15/2013 (a)		327,000		342,225
3.63%, 8/15/2019 (a)		1,536,000		1,779,241
3.63%, 2/15/2020		3,252,000		3,771,507
3.63%, 2/15/2021		3,150,000		3,656,930
3.75%, 11/15/2018		1,747,000		2,032,215
3.88%, 2/15/2013 (a)		845,000		879,687
3.88%, 5/15/2018		857,000		999,768
4.00%, 2/15/2014		889,000		958,902
4.00%, 2/15/2015 (a)		1,613,000		1,791,543
4.00%, 8/15/2018		443,000		521,703
4.13%, 5/15/2015		915,000		1,026,529
4.25%, 8/15/2013		1,517,000		1,615,362
4.25%, 11/15/2013		1,150,000		1,235,077
4.25%, 8/15/2014		902,000		993,607
4.25%, 11/15/2014 (a)		718,000		797,203
4.25%, 8/15/2015		1,305,000		1,479,061
4.25%, 11/15/2017		1,084,000		1,280,486
4.50%, 11/15/2015		987,000		1,134,922
4.50%, 2/15/2016		1,236,000		1,429,187
4.50%, 5/15/2017		642,000		761,566
4.63%, 11/15/2016 (a)		997,000		1,177,636
4.63%, 2/15/2017		537,000		637,414
4.75%, 5/15/2014		1,241,000		1,370,722
4.75%, 8/15/2017		990,000		1,192,188
4.88%, 8/15/2016 (a)		1,092,000		1,295,429
5.13%, 5/15/2016		1,122,000		1,335,382
TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $213,311,484)				224,641,310
	Shares
SHORT TERM INVESTMENTS — 16.9%
MONEY MARKET FUNDS — 16.9%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		33,418,011		33,418,011
State Street Institutional Liquid Reserves Fund 0.15% (c)(d)		4,718,974		4,718,974
TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $38,136,985)				38,136,985
TOTAL INVESTMENTS — 116.2% (f)
(Cost $251,448,469)				262,778,295
OTHER ASSETS & LIABILITIES — (16.2)%				(36,648,797	)
NET ASSETS — 100.0%			$	226,129,498

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Investments of cash collateral for securities loaned.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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.

80

SPDR Barclays Capital Long Term Treasury ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
U.S. TREASURY OBLIGATIONS — 99.0%
Treasury Bonds
3.13%, 11/15/2041	$	1,843,000	$	1,930,966
3.50%, 2/15/2039		1,523,000		1,712,827
3.75%, 8/15/2041 (a)		2,637,000		3,100,875
3.88%, 8/15/2040		2,597,000		3,112,660
4.25%, 5/15/2039		1,812,000		2,304,683
4.25%, 11/15/2040 (a)		2,433,000		3,102,148
4.38%, 2/15/2038		923,000		1,193,273
4.38%, 11/15/2039		2,374,000		3,081,618
4.38%, 5/15/2040		2,445,000		3,175,566
4.38%, 5/15/2041		2,614,000		3,405,990
4.50%, 2/15/2036		1,340,000		1,753,537
4.50%, 5/15/2038		1,060,000		1,397,017
4.50%, 8/15/2039		1,748,000		2,311,083
4.63%, 2/15/2040 (a)		2,278,000		3,072,133
4.75%, 2/15/2037 (a)		743,000		1,008,972
4.75%, 2/15/2041		2,295,000		3,163,176
5.00%, 5/15/2037		840,000		1,181,720
5.25%, 11/15/2028 (a)		566,000		780,305
5.25%, 2/15/2029		567,000		783,407
5.38%, 2/15/2031 (a)		887,000		1,264,188
5.50%, 8/15/2028		481,000		678,984
6.00%, 2/15/2026		672,000		968,574
6.13%, 11/15/2027		977,000		1,451,685
6.13%, 8/15/2029		401,000		607,695
6.25%, 8/15/2023		1,059,000		1,515,185
6.25%, 5/15/2030		706,000		1,092,083
6.38%, 8/15/2027 (a)		361,000		547,157
6.50%, 11/15/2026		444,000		673,708
6.63%, 2/15/2027		362,000		557,049
6.75%, 8/15/2026 (a)		295,000		455,654
6.88%, 8/15/2025		523,000		805,342
7.13%, 2/15/2023		532,000		804,331
7.25%, 8/15/2022 (a)		502,000		759,767
7.50%, 11/15/2024 (a)		420,000		670,257
7.63%, 11/15/2022 (a)		270,000		420,447
7.63%, 2/15/2025		383,000		619,203
TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $52,880,329)				55,463,265
	Shares
SHORT TERM INVESTMENTS — 10.4%
MONEY MARKET FUNDS — 10.4%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		5,650,588		5,650,588
State Street Institutional Liquid Reserves Fund 0.15% (c)(d)		161,048		161,048
TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $5,811,636)				5,811,636
TOTAL INVESTMENTS — 109.4% (f)
(Cost $58,691,965)				61,274,901
OTHER ASSETS & LIABILITIES — (9.4)%				(5,257,602	)
NET ASSETS — 100.0%			$	56,017,299

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Investments of cash collateral for securities loaned.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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.

81

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
CORPORATE BONDS & NOTES — 97.9%
AEROSPACE & DEFENSE — 1.1%
General Dynamics Corp.:
4.25%, 5/15/2013	$	500,000	$	525,278
5.25%, 2/1/2014		950,000		1,036,920
Honeywell International, Inc. 4.25%, 3/1/2013		1,000,000		1,042,406
Northrop Grumman Corp. 3.70%, 8/1/2014		350,000		367,963
The Boeing Co.:
5.00%, 3/15/2014		250,000		273,127
5.13%, 2/15/2013		1,100,000		1,153,714
				4,399,408
AIR FREIGHT & LOGISTICS — 0.6%
FedEx Corp. 7.38%, 1/15/2014		250,000		278,783
GATX Corp. 8.75%, 5/15/2014		250,000		284,134
United Parcel Service, Inc.:
3.88%, 4/1/2014		700,000		749,331
4.50%, 1/15/2013		1,105,000		1,150,781
				2,463,029
AIRLINES — 0.0% (a)
Southwest Airlines Co. 5.25%, 10/1/2014		122,000		130,147
AUTO COMPONENTS — 0.1%
Johnson Controls, Inc.:
1.75%, 3/1/2014		250,000		252,331
4.88%, 9/15/2013		250,000		265,038
				517,369
AUTOMOBILES — 0.6%
Daimler Finance North America LLC 6.50%, 11/15/2013		1,250,000		1,358,944
PACCAR Financial Corp.:
1.55%, 9/29/2014		500,000		498,503
2.05%, 6/17/2013		300,000		303,261
PACCAR, Inc. 6.88%, 2/15/2014		250,000		279,010
				2,439,718
BEVERAGES — 3.1%
Anheuser-Busch InBev Worldwide, Inc.:
1.50%, 7/14/2014		1,600,000		1,613,485
2.50%, 3/26/2013		1,260,000		1,283,206
Bottling Group LLC 6.95%, 3/15/2014		1,000,000		1,125,657
Coca-Cola Enterprises, Inc. 1.13%, 11/12/2013		300,000		300,432
Coca-Cola HBC Finance BV 5.13%, 9/17/2013		350,000		367,109
Coca-Cola Refreshments USA, Inc. 7.38%, 3/3/2014		1,250,000		1,418,990
Diageo Capital PLC:
5.20%, 1/30/2013		1,000,000		1,047,833
7.38%, 1/15/2014		500,000		564,586
Diageo Finance BV 5.50%, 4/1/2013		250,000		264,270
PepsiAmericas, Inc. 4.38%, 2/15/2014		600,000		644,229
PepsiCo, Inc.:
0.88%, 10/25/2013		1,000,000		1,004,118
3.75%, 3/1/2014		700,000		743,300
4.65%, 2/15/2013		765,000		800,068
The Coca-Cola Co. 0.75%, 11/15/2013		1,000,000		1,000,063
				12,177,346
BIOTECHNOLOGY — 0.4%
Amgen, Inc. 4.85%, 11/18/2014		1,000,000		1,086,350
Biogen Idec, Inc. 6.00%, 3/1/2013		300,000		315,560
				1,401,910
BUILDING MATERIALS — 0.1%
CRH America, Inc. 5.30%, 10/15/2013		203,000		210,536
CAPITAL MARKETS — 5.9%
BlackRock, Inc. 3.50%, 12/10/2014		500,000		531,469
Morgan Stanley:
2.88%, 1/24/2014		1,750,000		1,670,917
2.88%, 7/28/2014		135,000		127,486
4.20%, 11/20/2014		1,000,000		958,962
4.75%, 4/1/2014		1,250,000		1,214,606
5.30%, 3/1/2013		2,015,000		2,025,102
6.00%, 5/13/2014		2,600,000		2,619,014
Northern Trust Corp. 5.50%, 8/15/2013		500,000		534,041
TD Ameritrade Holding Corp. 2.95%, 12/1/2012		250,000		253,868
The Bank of New York Mellon Corp.:
4.30%, 5/15/2014		1,800,000		1,927,393
5.13%, 8/27/2013		900,000		957,006
The Bear Stearns Cos. LLC 5.70%, 11/15/2014		1,000,000		1,084,888
The Charles Schwab Corp. 4.95%, 6/1/2014		700,000		756,026
The Goldman Sachs Group, Inc.:
4.75%, 7/15/2013		500,000		505,188
5.15%, 1/15/2014		1,000,000		1,015,200
5.25%, 4/1/2013		1,050,000		1,062,624
5.25%, 10/15/2013		2,850,000		2,898,577
5.50%, 11/15/2014		1,250,000		1,284,554
6.00%, 5/1/2014		1,500,000		1,550,487
				22,977,408
CHEMICALS — 1.7%
Airgas, Inc. 2.85%, 10/1/2013		250,000		254,513
E.I. du Pont de Nemours & Co.:
1.75%, 3/25/2014		500,000		510,920
5.00%, 1/15/2013		436,000		455,620
5.00%, 7/15/2013		750,000		799,316
ICI Wilmington, Inc. 5.63%, 12/1/2013		500,000		530,052

See accompanying notes to financial statements.

82

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Potash Corp. of Saskatchewan, Inc.:
4.88%, 3/1/2013	$	250,000	$	261,066
5.25%, 5/15/2014		150,000		163,751
PPG Industries, Inc. 5.75%, 3/15/2013		475,000		500,801
Praxair, Inc.:
2.13%, 6/14/2013		350,000		356,958
3.95%, 6/1/2013		350,000		365,516
The Dow Chemical Co. 7.60%, 5/15/2014		1,600,000		1,812,042
The Sherwin-Williams Co. 3.13%, 12/15/2014		500,000		526,197
				6,536,752
COMMERCIAL BANKS — 13.3%
Abbey National Treasury Services PLC/London 2.88%, 4/25/2014		250,000		230,473
American Express Bank FSB 5.50%, 4/16/2013		1,000,000		1,043,768
Bank of Montreal:
1.75%, 4/29/2014		250,000		253,366
2.13%, 6/28/2013		750,000		763,061
Bank of Nova Scotia:
2.25%, 1/22/2013		1,125,000		1,140,403
2.38%, 12/17/2013		1,250,000		1,278,465
Barclays Bank PLC:
2.38%, 1/13/2014		1,000,000		977,873
2.50%, 1/23/2013		1,015,000		1,010,814
5.20%, 7/10/2014		1,750,000		1,807,939
BB&T Corp.:
2.05%, 4/28/2014		800,000		808,877
3.38%, 9/25/2013		500,000		516,875
BBVA US Senior SAU 3.25%, 5/16/2014		1,050,000		985,551
Canadian Imperial Bank of Commerce/Canada 1.45%, 9/13/2013		850,000		849,333
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 1.85%, 1/10/2014		1,000,000		994,836
Credit Suisse of New York, NY:
2.20%, 1/14/2014		1,600,000		1,560,628
5.00%, 5/15/2013		3,000,000		3,073,997
5.50%, 5/1/2014		1,700,000		1,759,555
Deutsche Bank AG:
2.38%, 1/11/2013		1,315,000		1,306,782
4.88%, 5/20/2013		1,850,000		1,887,924
Deutsche Bank AG London 3.88%, 8/18/2014		1,650,000		1,687,820
Fifth Third Bancorp 6.25%, 5/1/2013		600,000		630,950
HSBC Bank USA NA 4.63%, 4/1/2014		750,000		767,058
HSBC Finance Corp.:
4.75%, 7/15/2013		500,000		510,434
5.25%, 1/15/2014		1,000,000		1,022,026
Key Bank NA 5.80%, 7/1/2014		1,050,000		1,114,787
Mercantile Bankshares Corp. 4.63%, 4/15/2013		450,000		467,601
National City Bank 4.63%, 5/1/2013		250,000		260,000
PNC Funding Corp. 5.40%, 6/10/2014		750,000		816,806
Royal Bank of Canada:
1.13%, 1/15/2014		500,000		500,133
1.45%, 10/30/2014		1,000,000		1,001,606
2.10%, 7/29/2013		1,000,000		1,017,228
2.25%, 3/15/2013		205,000		207,233
SouthTrust Corp. 5.80%, 6/15/2014		750,000		799,129
The Royal Bank of Scotland PLC:
3.25%, 1/11/2014		500,000		474,453
3.40%, 8/23/2013		1,250,000		1,212,120
The Toronto-Dominion Bank 1.38%, 7/14/2014		650,000		653,453
UFJ Finance Aruba AEC 6.75%, 7/15/2013		505,000		532,775
Union Bank NA 2.13%, 12/16/2013		500,000		505,556
US Bancorp:
1.38%, 9/13/2013		750,000		752,873
2.00%, 6/14/2013		1,000,000		1,012,259
2.88%, 11/20/2014		500,000		517,021
4.20%, 5/15/2014		500,000		533,615
US Bank NA 6.30%, 2/4/2014		1,500,000		1,631,073
Wachovia Bank 4.80%, 11/1/2014		500,000		528,975
Wachovia Corp.:
4.88%, 2/15/2014		500,000		524,258
5.25%, 8/1/2014		500,000		532,735
5.50%, 5/1/2013		2,750,000		2,898,497
5.70%, 8/1/2013		50,000		53,235
Wells Fargo & Co.:
3.75%, 10/1/2014		1,950,000		2,045,542
4.38%, 1/31/2013		515,000		532,517
4.95%, 10/16/2013		2,250,000		2,368,359
Westpac Banking Corp. 2.10%, 8/2/2013		1,600,000		1,608,799
				51,971,446
COMMERCIAL SERVICES & SUPPLIES — 0.4%
Avery Dennison Corp. 4.88%, 1/15/2013		250,000		259,333
Block Financial LLC 7.88%, 1/15/2013		405,000		418,162
Pitney Bowes, Inc.:
3.88%, 6/15/2013		500,000		512,678
4.88%, 8/15/2014		300,000		318,661
				1,508,834
COMMUNICATIONS EQUIPMENT — 0.4%
Cisco Systems, Inc.:
1.63%, 3/14/2014		1,250,000		1,270,768
2.90%, 11/17/2014		400,000		421,951
				1,692,719

See accompanying notes to financial statements.

83

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
COMPUTERS & PERIPHERALS — 3.3%
Dell, Inc.:
1.40%, 9/10/2013	$	250,000	$	251,267
4.70%, 4/15/2013		500,000		522,989
5.63%, 4/15/2014		500,000		547,271
Hewlett-Packard Co.:
1.25%, 9/13/2013		1,250,000		1,235,501
1.55%, 5/30/2014		1,000,000		983,365
4.50%, 3/1/2013		1,565,000		1,611,757
4.75%, 6/2/2014		500,000		526,704
6.13%, 3/1/2014		1,000,000		1,081,200
HP Enterprise Services LLC, Series B 6.00%, 8/1/2013		600,000		637,728
International Business Machines Corp.:
0.88%, 10/31/2014		1,500,000		1,494,287
1.00%, 8/5/2013		1,000,000		1,004,009
1.25%, 5/12/2014		575,000		580,211
2.10%, 5/6/2013		750,000		765,615
6.50%, 10/15/2013		1,150,000		1,265,167
Lexmark International, Inc. 5.90%, 6/1/2013		350,000		364,975
				12,872,046
CONSUMER FINANCE — 1.2%
Caterpillar Financial Services Corp.:
1.38%, 5/20/2014		813,000		821,867
1.55%, 12/20/2013		750,000		759,546
1.65%, 4/1/2014		200,000		202,832
2.00%, 4/5/2013		155,000		157,433
4.60%, 1/15/2014		500,000		535,062
4.90%, 8/15/2013		1,000,000		1,068,523
6.13%, 2/17/2014		1,000,000		1,106,233
				4,651,496
DIVERSIFIED FINANCIAL SERVICES — 18.0%
Allstate Life Global Funding Trusts 5.38%, 4/30/2013		1,500,000		1,580,414
American Express Co. 7.25%, 5/20/2014		600,000		669,121
American Express Credit Corp.:
5.13%, 8/25/2014		1,250,000		1,336,520
5.88%, 5/2/2013		1,300,000		1,366,109
7.30%, 8/20/2013		2,200,000		2,383,095
Bank of America Corp.:
4.75%, 8/15/2013		500,000		496,924
4.88%, 1/15/2013		1,750,000		1,759,263
4.90%, 5/1/2013		1,750,000		1,749,962
5.38%, 6/15/2014		600,000		596,766
7.38%, 5/15/2014		2,000,000		2,052,589
Boeing Capital Corp. 5.80%, 1/15/2013		255,000		268,721
BP Capital Markets PLC:
3.63%, 5/8/2014		1,250,000		1,315,272
5.25%, 11/7/2013		2,450,000		2,624,115
Capital One Bank USA NA 6.50%, 6/13/2013		350,000		369,569
Capital One Financial Corp.:
2.13%, 7/15/2014		350,000		345,416
6.25%, 11/15/2013		250,000		266,340
7.38%, 5/23/2014		1,200,000		1,318,571
Citigroup, Inc.:
5.00%, 9/15/2014		2,700,000		2,658,842
5.13%, 5/5/2014		750,000		760,079
5.50%, 4/11/2013		3,050,000		3,110,188
5.50%, 10/15/2014		1,250,000		1,281,941
5.85%, 7/2/2013		500,000		515,230
6.00%, 12/13/2013		1,000,000		1,032,463
6.38%, 8/12/2014		2,000,000		2,090,794
6.50%, 8/19/2013		2,700,000		2,799,183
CME Group, Inc. 5.75%, 2/15/2014		1,000,000		1,089,269
Credit Suisse USA, Inc. 5.50%, 8/15/2013		350,000		363,196
Franklin Resources, Inc. 2.00%, 5/20/2013		360,000		364,211
General Electric Capital Corp.:
1.88%, 9/16/2013		2,000,000		2,019,470
2.10%, 1/7/2014		1,500,000		1,515,965
2.80%, 1/8/2013		1,495,000		1,523,044
4.80%, 5/1/2013		3,750,000		3,925,601
5.45%, 1/15/2013		2,040,000		2,134,743
5.50%, 6/4/2014		500,000		542,309
5.65%, 6/9/2014		500,000		543,077
5.90%, 5/13/2014		1,500,000		1,637,744
JPMorgan Chase & Co.:
1.65%, 9/30/2013		700,000		702,443
2.05%, 1/24/2014		2,000,000		1,997,507
4.65%, 6/1/2014		1,500,000		1,580,139
4.75%, 5/1/2013		1,500,000		1,567,211
5.13%, 9/15/2014		1,500,000		1,567,780
5.75%, 1/2/2013		1,300,000		1,348,866
Mellon Funding Corp. 5.20%, 5/15/2014		49,000		53,556
Merrill Lynch & Co., Inc.:
5.00%, 2/3/2014		1,050,000		1,030,382
5.45%, 2/5/2013		1,220,000		1,225,759
6.15%, 4/25/2013		1,500,000		1,510,251
National Rural Utilities Cooperative Finance Corp.:
1.13%, 11/1/2013		500,000		500,256
5.50%, 7/1/2013		750,000		799,001
NYSE Euronext 4.80%, 6/28/2013		500,000		524,655
SLM Corp.:
5.00%, 10/1/2013		950,000		950,000
5.38%, 5/15/2014		600,000		594,000
The Western Union Co. 6.50%, 2/26/2014		850,000		920,574
Toyota Motor Credit Corp.:
1.25%, 11/17/2014		120,000		120,468
1.38%, 8/12/2013		1,150,000		1,160,644
UBS AG of Stamford, CT:
2.25%, 8/12/2013		1,000,000		984,438
2.25%, 1/28/2014		500,000		488,942
2.75%, 1/8/2013		255,000		253,739
				70,286,727
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
British Telecommunications PLC 5.15%, 1/15/2013		580,000		601,453

See accompanying notes to financial statements.

84

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Qwest Communications International, Inc. 7.50%, 2/15/2014	$	500,000	$	500,000
Telefonica Emisiones SAU 5.86%, 2/4/2013		505,000		509,524
Verizon Communications, Inc.:
1.95%, 3/28/2014		1,250,000		1,275,922
4.35%, 2/15/2013		900,000		935,136
				3,822,035
ELECTRIC UTILITIES — 3.7%
Baltimore Gas & Electric Co. 6.13%, 7/1/2013		250,000		268,010
CenterPoint Energy Houston Electric LLC, Series J 5.70%, 3/15/2013		500,000		527,171
Commonwealth Edison Co. 1.63%, 1/15/2014		500,000		503,140
Consolidated Edison Co. of New York, Inc.:
4.88%, 2/1/2013		345,000		359,379
5.55%, 4/1/2014		250,000		273,996
Consumers Energy Co., Series D 5.38%, 4/15/2013		114,000		119,997
Dominion Resources, Inc. 5.00%, 3/15/2013		250,000		261,806
Duke Energy Carolinas LLC 5.75%, 11/15/2013		250,000		271,253
Duke Energy Corp.:
3.95%, 9/15/2014		500,000		533,565
6.30%, 2/1/2014		500,000		551,631
Duke Energy Indiana, Inc. 5.00%, 9/15/2013		250,000		265,782
Exelon Generation Co. LLC 5.35%, 1/15/2014		400,000		427,785
Florida Power Corp. 4.80%, 3/1/2013		150,000		156,599
Georgia Power Co.:
1.30%, 9/15/2013		1,000,000		1,007,659
6.00%, 11/1/2013		500,000		544,849
NextEra Energy Capital Holdings, Inc. 5.35%, 6/15/2013		772,000		815,244
Nisource Finance Corp.:
5.40%, 7/15/2014		600,000		652,402
6.15%, 3/1/2013		230,000		241,639
Northeast Utilities 5.65%, 6/1/2013		150,000		157,831
Ohio Power Co. 5.50%, 2/15/2013		250,000		261,522
Ohio Power Co., Series L 5.75%, 9/1/2013		250,000		266,363
Oncor Electric Delivery Co. LLC 5.95%, 9/1/2013		500,000		537,367
Pacific Gas & Electric Co. 6.25%, 12/1/2013		125,000		136,682
Peco Energy Co. 5.00%, 10/1/2014		50,000		54,893
PG&E Corp. 5.75%, 4/1/2014		1,000,000		1,086,414
PPL Energy Supply LLC:
5.40%, 8/15/2014		350,000		380,603
6.30%, 7/15/2013		250,000		265,829
Progress Energy, Inc. 6.05%, 3/15/2014		500,000		552,481
PSEG Power LLC:
2.50%, 4/15/2013		605,000		615,051
5.00%, 4/1/2014		350,000		372,486
Public Service Electric & Gas Co. 0.85%, 8/15/2014		345,000		343,115
Sierra Pacific Power Co., Series Q 5.45%, 9/1/2013		250,000		266,632
Southern California Edison Co. 4.15%, 9/15/2014		100,000		107,242
Southern California Edison Co., Series 0 5.00%, 1/15/2014		500,000		540,668
The Cleveland Electric Illuminating Co. 5.65%, 12/15/2013		250,000		268,178
The Dayton Power & Light Co. 5.13%, 10/1/2013		200,000		213,382
The Detroit Edison Co. 6.40%, 10/1/2013		250,000		272,685
Wisconsin Electric Power Co. 4.50%, 5/15/2013		100,000		104,272
				14,585,603
ELECTRICAL EQUIPMENT — 0.2%
Emerson Electric Co. 5.63%, 11/15/2013		500,000		546,245
Roper Industries, Inc. 6.63%, 8/15/2013		400,000		432,074
				978,319
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.1%
Agilent Technologies, Inc. 2.50%, 7/15/2013		250,000		252,847
FOOD & STAPLES RETAILING — 2.1%
CVS Caremark Corp. 4.88%, 9/15/2014		500,000		547,196
Safeway, Inc. 6.25%, 3/15/2014		500,000		551,762
Target Corp.:
1.13%, 7/18/2014		385,000		389,009
4.00%, 6/15/2013		335,000		351,498
5.13%, 1/15/2013		250,000		261,975
The Kroger Co. 5.00%, 4/15/2013		1,000,000		1,047,166
Wal-Mart Stores, Inc.:
0.75%, 10/25/2013		750,000		754,113
1.63%, 4/15/2014		500,000		510,921
3.20%, 5/15/2014		500,000		529,820
4.25%, 4/15/2013		650,000		681,734
4.55%, 5/1/2013		1,750,000		1,844,141
Walgreen Co. 4.88%, 8/1/2013		900,000		959,847
				8,429,182

See accompanying notes to financial statements.

85

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
FOOD PRODUCTS — 1.9%
Bunge Ltd. Finance Corp.:
5.35%, 4/15/2014	$	250,000	$	263,676
5.88%, 5/15/2013		287,000		300,388
Campbell Soup Co. 4.88%, 10/1/2013		250,000		266,776
ConAgra Foods, Inc. 5.88%, 4/15/2014		600,000		656,527
Delhaize Group SA 5.88%, 2/1/2014		250,000		270,672
General Mills, Inc.:
1.55%, 5/16/2014		250,000		251,680
5.25%, 8/15/2013		400,000		426,301
H.J. Heinz Co. 5.35%, 7/15/2013		350,000		373,768
Kellogg Co. 4.25%, 3/6/2013		455,000		472,599
Kraft Foods, Inc.:
2.63%, 5/8/2013		1,000,000		1,019,782
6.00%, 2/11/2013		500,000		526,996
6.75%, 2/19/2014		600,000		669,085
Sara Lee Corp. 3.88%, 6/15/2013		500,000		513,404
The Hershey Co. 5.00%, 4/1/2013		200,000		210,176
Tyson Foods, Inc. 10.50%, 3/1/2014		500,000		576,209
Unilever Capital Corp. 3.65%, 2/15/2014		500,000		529,796
				7,327,835
HEALTH CARE EQUIPMENT & SUPPLIES — 1.1%
Baxter International, Inc. 1.80%, 3/15/2013		705,000		714,747
Boston Scientific Corp. 5.45%, 6/15/2014		646,000		686,789
CareFusion Corp. 5.13%, 8/1/2014		500,000		541,354
Covidien International Finance SA 1.88%, 6/15/2013		500,000		505,604
Hospira, Inc. 5.90%, 6/15/2014		350,000		377,630
Medtronic, Inc. 4.50%, 3/15/2014		550,000		591,108
St Jude Medical, Inc.:
2.20%, 9/15/2013		500,000		508,868
3.75%, 7/15/2014		250,000		264,849
Zimmer Holdings, Inc. 1.40%, 11/30/2014		200,000		200,502
				4,391,451
HEALTH CARE PROVIDERS & SERVICES — 0.8%
Cardinal Health, Inc. 5.50%, 6/15/2013		250,000		265,289
Coventry Health Care, Inc. 6.30%, 8/15/2014		350,000		383,900
Express Scripts, Inc. 6.25%, 6/15/2014		1,100,000		1,200,064
Laboratory Corp. of America Holdings 5.50%, 2/1/2013		250,000		260,989
UnitedHealth Group, Inc.:
4.88%, 2/15/2013		360,000		375,333
5.00%, 8/15/2014		350,000		383,162
WellPoint, Inc. 6.00%, 2/15/2014		200,000		218,674
				3,087,411
HOTELS, RESTAURANTS & LEISURE — 0.1%
McDonald’s Corp. 4.30%, 3/1/2013		500,000		521,793
HOUSEHOLD DURABLES — 0.2%
Whirlpool Corp. 8.60%, 5/1/2014		607,000		683,570
HOUSEHOLD PRODUCTS — 0.8%
Clorox Co. 5.00%, 3/1/2013		250,000		260,980
Colgate-Palmolive Co. 1.25%, 5/1/2014		350,000		354,351
Fortune Brands, Inc. 6.38%, 6/15/2014		162,000		176,811
Kimberly-Clark Corp. 5.00%, 8/15/2013		250,000		267,238
Newell Rubbermaid, Inc. 5.50%, 4/15/2013		350,000		367,351
The Procter & Gamble Co.:
0.70%, 8/15/2014		750,000		752,304
4.95%, 8/15/2014		850,000		942,244
				3,121,279
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
TransAlta Corp. 5.75%, 12/15/2013		500,000		538,817
INDUSTRIAL CONGLOMERATES — 1.2%
3M Co. 4.38%, 8/15/2013		750,000		796,936
General Electric Co. 5.00%, 2/1/2013		2,785,000		2,904,817
Koninklijke Philips Electronics NV 4.63%, 3/11/2013		360,000		375,467
Tyco International Finance SA:
4.13%, 10/15/2014		100,000		106,684
6.00%, 11/15/2013		500,000		541,409
				4,725,313
INSURANCE — 3.8%
ACE INA Holdings, Inc. 5.88%, 6/15/2014		715,000		789,005
Aegon NV 4.75%, 6/1/2013		350,000		357,708
American International Group, Inc.:
3.65%, 1/15/2014		500,000		483,667
4.25%, 5/15/2013		300,000		297,050
4.25%, 9/15/2014		1,050,000		1,017,042
Assurant, Inc. 5.63%, 2/15/2014		150,000		156,578
Berkshire Hathaway Finance Corp.:
1.50%, 1/10/2014		1,250,000		1,262,202
4.60%, 5/15/2013		500,000		525,546
5.00%, 8/15/2013		1,750,000		1,863,908

See accompanying notes to financial statements.

86

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Berkshire Hathaway, Inc. 2.13%, 2/11/2013	$	510,000	$	518,048
Chubb Corp. 5.20%, 4/1/2013		260,000		271,543
Genworth Financial, Inc. 5.75%, 6/15/2014		500,000		500,000
Hartford Financial Services Group, Inc. 4.63%, 7/15/2013		250,000		255,886
Jefferson-Pilot Corp. 4.75%, 1/30/2014		250,000		260,752
Marsh & McLennan Cos, Inc. 4.85%, 2/15/2013		350,000		361,219
MetLife, Inc.:
2.38%, 2/6/2014		500,000		505,766
5.00%, 11/24/2013		500,000		531,669
5.50%, 6/15/2014		250,000		271,731
Principal Financial Group, Inc. 7.88%, 5/15/2014		350,000		389,948
Principal Life Income Funding Trusts 5.30%, 4/24/2013		500,000		523,300
Prudential Financial, Inc.:
2.75%, 1/14/2013		55,000		55,649
4.50%, 7/15/2013		500,000		518,873
4.75%, 4/1/2014		670,000		706,349
5.10%, 9/20/2014		750,000		802,734
5.15%, 1/15/2013		155,000		160,652
The Allstate Corp. 5.00%, 8/15/2014		490,000		530,478
Travelers Property Casualty Corp. 5.00%, 3/15/2013		255,000		265,785
XL Group PLC 5.25%, 9/15/2014		500,000		526,183
				14,709,271
INTERNET SOFTWARE & SERVICES — 0.3%
eBay, Inc. 0.88%, 10/15/2013		350,000		350,486
Google, Inc. 1.25%, 5/19/2014		800,000		810,157
				1,160,643
IT SERVICES — 0.2%
Computer Sciences Corp., Series W 5.50%, 3/15/2013		660,000		661,873
LEISURE EQUIPMENT & PRODUCTS — 0.2%
Hasbro, Inc. 6.13%, 5/15/2014		350,000		388,938
Mattel, Inc. 5.63%, 3/15/2013		250,000		262,279
				651,217
LIFE SCIENCES TOOLS & SERVICES — 0.3%
Life Technologies Corp. 3.38%, 3/1/2013		400,000		406,552
Thermo Fisher Scientific, Inc. 2.05%, 2/21/2014		620,000		635,577
				1,042,129
MACHINERY — 1.6%
Black & Decker Corp. 4.75%, 11/1/2014		245,000		264,436
Caterpillar, Inc. 1.38%, 5/27/2014		460,000		464,509
Danaher Corp. 1.30%, 6/23/2014		455,000		461,000
Eaton Corp. 4.90%, 5/15/2013		350,000		368,817
Illinois Tool Works, Inc. 5.15%, 4/1/2014		500,000		548,259
Ingersoll-Rand Global Holding Co., Ltd.:
6.00%, 8/15/2013		645,000		688,677
9.50%, 4/15/2014		250,000		289,823
John Deere Capital Corp.:
1.25%, 12/2/2014		350,000		352,897
1.60%, 3/3/2014		500,000		508,467
1.88%, 6/17/2013		1,400,000		1,424,969
4.50%, 4/3/2013		600,000		628,085
Stanley Black & Decker, Inc. 6.15%, 10/1/2013		250,000		267,985
				6,267,924
MEDIA — 3.8%
CBS Corp. 8.20%, 5/15/2014		270,000		307,800
Comcast Cable Communications Holdings, Inc. 8.38%, 3/15/2013		1,236,000		1,345,772
Comcast Cable Communications LLC 7.13%, 6/15/2013		750,000		811,684
Comcast Corp. 5.30%, 1/15/2014		500,000		537,886
Cox Communications, Inc.:
4.63%, 6/1/2013		750,000		785,464
5.45%, 12/15/2014		1,000,000		1,105,756
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 4.75%, 10/1/2014		1,023,000		1,103,253
Historic TW, Inc. 9.13%, 1/15/2013		243,000		262,698
NBCUniversal Media LLC 2.10%, 4/1/2014		500,000		505,922
News America, Inc. 9.25%, 2/1/2013		250,000		269,331
Reed Elsevier Capital, Inc. 7.75%, 1/15/2014		250,000		279,314
The Walt Disney Co.:
0.88%, 12/1/2014		600,000		600,918
4.50%, 12/15/2013		743,000		797,038
Thomson Reuters Corp.:
5.70%, 10/1/2014		500,000		552,619
5.95%, 7/15/2013		500,000		533,351
Time Warner Cable, Inc.:
6.20%, 7/1/2013		1,390,000		1,484,470
7.50%, 4/1/2014		500,000		560,637
8.25%, 2/14/2014		650,000		732,249
Turner Broadcasting System, Inc. 8.38%, 7/1/2013		250,000		275,216
Viacom, Inc. 4.38%, 9/15/2014		650,000		697,350
WPP Finance UK:
5.88%, 6/15/2014		750,000		798,618

See accompanying notes to financial statements.

87

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
8.00%, 9/15/2014	$	350,000	$	392,587
				14,739,933
METALS & MINING — 2.5%
Alcoa, Inc. 6.00%, 7/15/2013		350,000		371,678
ArcelorMittal 5.38%, 6/1/2013		750,000		766,674
ArcelorMittal USA, Inc. 6.50%, 4/15/2014		500,000		527,472
Barrick Gold Corp. 1.75%, 5/30/2014		550,000		553,744
Barrick Gold Finance Co. 4.88%, 11/15/2014		200,000		217,948
Barrick Gold Finance Co. LLC 6.13%, 9/15/2013		350,000		378,718
BHP Billiton Finance USA, Ltd.:
1.13%, 11/21/2014		1,000,000		1,001,792
4.80%, 4/15/2013		500,000		526,608
5.50%, 4/1/2014		1,000,000		1,097,225
Nucor Corp. 5.00%, 6/1/2013		165,000		174,028
Rio Tinto Alcan, Inc. 4.50%, 5/15/2013		1,050,000		1,095,587
Rio Tinto Finance USA, Ltd. 8.95%, 5/1/2014		1,500,000		1,752,908
Teck Resources Ltd. 9.75%, 5/15/2014		500,000		587,890
WMC Finance USA, Ltd. 5.13%, 5/15/2013		750,000		794,210
				9,846,482
MULTI-UTILITIES — 1.2%
Ameren Corp. 8.88%, 5/15/2014		400,000		450,830
CenterPoint Energy Resources Corp. 7.88%, 4/1/2013		500,000		540,310
Dominion Resources, Inc. 1.80%, 3/15/2014		500,000		508,572
DTE Energy Co. 7.63%, 5/15/2014		185,000		211,018
Midamerican Energy Holdings Co. 5.00%, 2/15/2014		850,000		913,534
Sempra Energy:
2.00%, 3/15/2014		750,000		759,541
8.90%, 11/15/2013		350,000		392,101
Veolia Environnement 5.25%, 6/3/2013		840,000		884,804
				4,660,710
MULTILINE RETAIL — 0.3%
Macy’s Retail Holdings, Inc. 5.75%, 7/15/2014		619,000		664,834
Nordstrom, Inc. 6.75%, 6/1/2014		500,000		560,011
				1,224,845
OFFICE ELECTRONICS — 0.3%
Xerox Corp.:
5.65%, 5/15/2013		500,000		525,988
8.25%, 5/15/2014		450,000		510,760
				1,036,748
OIL, GAS & CONSUMABLE FUELS — 5.0%
Anadarko Petroleum Corp.:
5.75%, 6/15/2014		150,000		162,054
7.63%, 3/15/2014		500,000		556,206
Apache Corp. 6.00%, 9/15/2013		600,000		652,776
Atmos Energy Corp. 5.13%, 1/15/2013		255,000		264,501
Canadian Natural Resources, Ltd. 5.15%, 2/1/2013		335,000		349,395
Cenovus Energy, Inc. 4.50%, 9/15/2014		500,000		538,761
Chevron Corp. 3.95%, 3/3/2014		1,250,000		1,337,088
ConocoPhillips:
4.40%, 5/15/2013		750,000		787,862
4.75%, 2/1/2014		1,050,000		1,135,246
ConocoPhillips Australia Funding Co. 5.50%, 4/15/2013		300,000		318,455
Consolidated Natural Gas Co. 5.00%, 12/1/2014		150,000		165,325
Devon Energy Corp. 5.63%, 1/15/2014		500,000		544,304
Diamond Offshore Drilling, Inc. 5.15%, 9/1/2014		125,000		136,325
EnCana Corp. 4.75%, 10/15/2013		350,000		367,475
EnCana Holdings Finance Corp. 5.80%, 5/1/2014		850,000		923,012
Energy Transfer Partners LP 8.50%, 4/15/2014		350,000		392,153
Enterprise Products Operating LLC:
5.65%, 4/1/2013		800,000		837,912
9.75%, 1/31/2014		150,000		172,532
EOG Resources, Inc. 6.13%, 10/1/2013		500,000		543,908
Hess Corp. 7.00%, 2/15/2014		300,000		331,921
Husky Energy, Inc. 5.90%, 6/15/2014		725,000		789,468
Kinder Morgan Energy Partners LP 5.00%, 12/15/2013		400,000		424,511
Magellan Midstream Partners LP 6.45%, 6/1/2014		250,000		277,921
NuStar Pipeline Operating Partnership LP 5.88%, 6/1/2013		250,000		262,036
Occidental Petroleum Corp. 1.45%, 12/13/2013		350,000		355,098
Petro-Canada 4.00%, 7/15/2013		250,000		258,903
Plains All American Pipeline LP/PAA Finance Corp. 5.63%, 12/15/2013		250,000		267,061
Shell International Finance BV:
1.88%, 3/25/2013		1,765,000		1,795,971
4.00%, 3/21/2014		1,500,000		1,608,542

See accompanying notes to financial statements.

88

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Spectra Energy Capital LLC:
5.67%, 8/15/2014	$	500,000	$	545,784
6.25%, 2/15/2013		244,000		256,293
Total Capital Canada, Ltd. 1.63%, 1/28/2014		500,000		507,313
TransCanada PipeLines, Ltd. 4.00%, 6/15/2013		205,000		213,267
Transocean, Inc. 5.25%, 3/15/2013		300,000		307,214
Weatherford International, Ltd.:
4.95%, 10/15/2013		200,000		209,242
5.15%, 3/15/2013		543,000		561,629
XTO Energy, Inc. 5.75%, 12/15/2013		250,000		273,981
				19,431,445
PAPER & FOREST PRODUCTS — 0.1%
International Paper Co. 7.40%, 6/15/2014		250,000		280,193
PERSONAL PRODUCTS — 0.1%
Avon Products, Inc. 5.63%, 3/1/2014		500,000		531,517
PHARMACEUTICALS — 4.3%
Abbott Laboratories 4.35%, 3/15/2014		250,000		270,154
AstraZeneca PLC 5.40%, 6/1/2014		550,000		606,775
Bristol-Myers Squibb Co. 5.25%, 8/15/2013		150,000		160,744
Eli Lilly & Co. 4.20%, 3/6/2014		932,000		1,000,107
GlaxoSmithKline Capital, Inc.:
4.38%, 4/15/2014		400,000		431,304
4.85%, 5/15/2013		2,150,000		2,275,693
Johnson & Johnson:
1.20%, 5/15/2014		1,425,000		1,444,709
3.80%, 5/15/2013		246,000		257,272
McKesson Corp.:
5.25%, 3/1/2013		500,000		524,600
6.50%, 2/15/2014		250,000		277,612
Medco Health Solutions, Inc.:
6.13%, 3/15/2013		350,000		368,192
7.25%, 8/15/2013		250,000		270,854
Merck & Co, Inc. 5.30%, 12/1/2013		1,000,000		1,090,505
Novartis Capital Corp.:
1.90%, 4/24/2013		2,025,000		2,060,827
4.13%, 2/10/2014		850,000		906,899
Sanofi:
1.20%, 9/30/2014		650,000		653,305
1.63%, 3/28/2014		600,000		608,801
Teva Pharmaceutical Finance III 1.70%, 3/21/2014		250,000		251,023
Teva Pharmaceutical Finance IV LLC 1.70%, 11/10/2014		700,000		703,668
Wyeth:
5.50%, 3/15/2013		1,005,000		1,065,357
5.50%, 2/1/2014		1,500,000		1,641,697
				16,870,098
PIPELINES — 0.2%
Buckeye Partners LP 4.63%, 7/15/2013		350,000		362,789
Enbridge, Inc. 5.80%, 6/15/2014		285,000		311,456
				674,245
REAL ESTATE INVESTMENT TRUSTS — 0.7%
Duke Realty LP:
5.40%, 8/15/2014		200,000		211,173
6.25%, 5/15/2013		350,000		364,461
ERP Operating LP:
5.20%, 4/1/2013		250,000		257,631
5.25%, 9/15/2014		500,000		530,854
HCP, Inc. 2.70%, 2/1/2014		560,000		558,735
Hospitality Properties Trust 7.88%, 8/15/2014		350,000		377,879
Nationwide Health Properties, Inc. 6.25%, 2/1/2013		250,000		256,708
ProLogis LP 7.63%, 8/15/2014		150,000		164,136
				2,721,577
ROAD & RAIL — 0.5%
Burlington Northern Santa Fe LLC 4.30%, 7/1/2013		250,000		261,309
Canadian National Railway Co. 4.95%, 1/15/2014		500,000		540,164
CSX Corp.:
5.50%, 8/1/2013		500,000		532,012
5.75%, 3/15/2013		100,000		105,370
Ryder System, Inc. 5.85%, 3/1/2014		250,000		269,959
Union Pacific Corp. 5.45%, 1/31/2013		410,000		430,028
				2,138,842
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%
Analog Devices, Inc. 5.00%, 7/1/2014		228,000		249,798
Broadcom Corp. 1.50%, 11/1/2013		250,000		251,598
Maxim Integrated Products, Inc. 3.45%, 6/14/2013		250,000		256,081
Texas Instruments, Inc.:
0.88%, 5/15/2013		500,000		501,216
1.38%, 5/15/2014		925,000		937,214
				2,195,907
SOFTWARE — 1.0%
Microsoft Corp.:
0.88%, 9/27/2013		750,000		756,212
2.95%, 6/1/2014		1,400,000		1,481,878
Oracle Corp.:
3.75%, 7/8/2014		900,000		965,815

See accompanying notes to financial statements.

89

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
4.95%, 4/15/2013	$	800,000	$	844,643
				4,048,548
SPECIALTY RETAIL — 0.6%
Best Buy Co., Inc. 6.75%, 7/15/2013		250,000		266,148
Home Depot, Inc. 5.25%, 12/16/2013		750,000		813,240
Staples, Inc. 9.75%, 1/15/2014		1,000,000		1,140,818
				2,220,206
TOBACCO — 1.1%
Altria Group, Inc. 8.50%, 11/10/2013		1,450,000		1,641,131
Philip Morris International, Inc.:
4.88%, 5/16/2013		1,150,000		1,217,269
6.88%, 3/17/2014		900,000		1,012,960
Reynolds American, Inc. 7.25%, 6/1/2013		250,000		268,432
				4,139,792
WIRELESS TELECOMMUNICATION SERVICES — 5.7%
America Movil SAB de CV 5.50%, 3/1/2014		400,000		431,196
AT&T, Inc.:
4.85%, 2/15/2014		400,000		430,395
4.95%, 1/15/2013		1,775,000		1,849,227
5.10%, 9/15/2014		2,000,000		2,203,518
6.70%, 11/15/2013		1,000,000		1,102,556
BellSouth Corp. 5.20%, 9/15/2014		749,000		827,203
Cellco Partnership/Verizon Wireless Capital LLC:
5.55%, 2/1/2014		650,000		705,724
7.38%, 11/15/2013		2,250,000		2,499,892
Deutsche Telekom International Finance BV 4.88%, 7/8/2014		550,000		590,604
Deutsche Telekom International Finance BV 5.25%, 7/22/2013		1,500,000		1,576,863
Embarq Corp. 6.74%, 6/1/2013		350,000		364,301
France Telecom SA 4.38%, 7/8/2014		750,000		792,379
Rogers Communications, Inc. 6.38%, 3/1/2014		1,000,000		1,097,618
Telecom Italia Capital SA:
4.95%, 9/30/2014		750,000		693,750
5.25%, 11/15/2013		1,350,000		1,282,500
6.18%, 6/18/2014		1,000,000		955,000
Telefonica Emisiones SAU 2.58%, 4/26/2013		1,050,000		1,026,455
Verizon Communications, Inc.:
1.25%, 11/3/2014		194,000		194,206
5.25%, 4/15/2013		779,000		821,834
Verizon Global Funding Corp. 4.38%, 6/1/2013		500,000		523,700
Verizon Virginia, Inc. 4.63%, 3/15/2013		500,000		520,756
Vodafone Group PLC:
4.15%, 6/10/2014		700,000		742,367
5.00%, 12/16/2013		1,150,000		1,233,245
				22,465,289
TOTAL CORPORATE BONDS & NOTES —
(Cost $383,823,921)				382,421,780
	Shares
SHORT TERM INVESTMENT — 2.7%
MONEY MARKET FUND — 2.7%
State Street Institutional Liquid Reserves Fund 0.15% (b)(c)(d) (Cost $10,483,345)		10,483,345		10,483,345
TOTAL INVESTMENTS — 100.6% (e)
(Cost $394,307,266)				392,905,125
OTHER ASSETS & LIABILITIES — (0.6)%				(2,321,865	)
NET ASSETS — 100.0%			$	390,583,260

(a)	Amount shown represents less than 0.05% of net assets.
(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Value is determined based on Level 1 inputs. (Note 2)
(e)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

90

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
CORPORATE BONDS & NOTES — 98.6%
AEROSPACE & DEFENSE — 1.6%
General Dynamics Corp.:
4.25%, 5/15/2013	$	150,000	$	157,583
5.25%, 2/1/2014		100,000		109,149
5.38%, 8/15/2015		150,000		171,046
Goodrich Corp. 3.60%, 2/1/2021		150,000		155,610
Honeywell International, Inc. 5.00%, 2/15/2019		440,000		518,457
L-3 Communications Corp.:
3.95%, 11/15/2016		50,000		50,687
4.75%, 7/15/2020		250,000		246,143
Lockheed Martin Corp.:
3.35%, 9/15/2021		150,000		147,869
4.25%, 11/15/2019		145,000		153,716
Northrop Grumman Corp. 1.85%, 11/15/2015		250,000		248,244
Raytheon Co. 3.13%, 10/15/2020		300,000		300,022
Textron, Inc. 4.63%, 9/21/2016		100,000		103,358
The Boeing Co. 3.50%, 2/15/2015		500,000		536,897
United Technologies Corp.:
4.50%, 4/15/2020		250,000		281,755
5.38%, 12/15/2017		260,000		306,804
				3,487,340
AIR FREIGHT & LOGISTICS — 0.4%
FedEx Corp. 8.00%, 1/15/2019		150,000		195,896
United Parcel Service of America, Inc. 8.38%, 4/1/2020		100,000		141,498
United Parcel Service, Inc.:
4.50%, 1/15/2013		150,000		156,215
5.13%, 4/1/2019 (a)		250,000		301,096
				794,705
AIRLINES — 0.4%
American Airlines 2011-2 Pass Through Trust, Class A 8.63%, 10/15/2021		400,000		414,000
Delta Air Lines 2010-2 Pass Through Trust, Class A 4.95%, 5/23/2019		142,983		145,842
United Air Lines, Inc. 9.75%, 7/15/2017		222,336		243,458
				803,300
AUTO COMPONENTS — 0.2%
Johnson Controls, Inc.:
4.88%, 9/15/2013		200,000		212,030
5.00%, 3/30/2020		150,000		167,428
				379,458
AUTOMOBILES — 0.3%
Daimler Finance North America LLC 6.50%, 11/15/2013		440,000		478,348
PACCAR Financial Corp. 1.55%, 9/29/2014		150,000		149,551
				627,899
BEVERAGES — 2.4%
Anheuser-Busch InBev Worldwide, Inc.:
1.50%, 7/14/2014		100,000		100,843
2.50%, 3/26/2013		250,000		254,604
2.88%, 2/15/2016		45,000		47,391
3.63%, 4/15/2015		300,000		319,488
4.13%, 1/15/2015 (a)		195,000		209,912
5.38%, 1/15/2020		615,000		717,508
Coca-Cola Enterprises, Inc. 3.50%, 9/15/2020		150,000		155,429
Diageo Capital PLC 4.83%, 7/15/2020		250,000		282,717
Diageo Finance BV 3.25%, 1/15/2015		390,000		412,115
Dr. Pepper Snapple Group, Inc. 3.20%, 11/15/2021		200,000		201,284
PepsiCo, Inc.:
0.88%, 10/25/2013		350,000		351,441
2.50%, 5/10/2016		250,000		260,084
3.00%, 8/25/2021		20,000		20,552
3.10%, 1/15/2015		160,000		169,837
3.13%, 11/1/2020		250,000		258,820
3.75%, 3/1/2014		250,000		265,464
5.00%, 6/1/2018		285,000		330,221
The Coca-Cola Co.:
1.50%, 11/15/2015		500,000		506,809
3.15%, 11/15/2020		270,000		283,363
3.30%, 9/1/2021		150,000		157,299
				5,305,181
BIOTECHNOLOGY — 0.8%
Amgen, Inc.:
2.30%, 6/15/2016		250,000		250,638
4.10%, 6/15/2021		350,000		359,008
6.15%, 6/1/2018		350,000		408,931
Biogen Idec, Inc. 6.88%, 3/1/2018		150,000		182,271
Genentech, Inc. 4.75%, 7/15/2015		150,000		166,798
Gilead Sciences, Inc. 4.50%, 4/1/2021		375,000		396,083
				1,763,729
BUILDING MATERIALS — 0.2%
CRH America, Inc. 6.00%, 9/30/2016		359,000		383,508
BUILDING PRODUCTS — 0.1%
Owens Corning 9.00%, 6/15/2019		265,000		317,083
CAPITAL MARKETS — 5.9%
Ameriprise Financial, Inc. 5.30%, 3/15/2020		150,000		161,088
BlackRock, Inc. 5.00%, 12/10/2019		356,000		386,984
Jefferies Group, Inc. 5.13%, 4/13/2018 (a)		350,000		309,750

See accompanying notes to financial statements.

91

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Morgan Stanley:
2.88%, 7/28/2014	$	40,000	$	37,774
3.45%, 11/2/2015		1,500,000		1,368,671
3.80%, 4/29/2016 (a)		250,000		229,834
4.75%, 4/1/2014		1,245,000		1,209,748
5.50%, 7/28/2021		200,000		182,914
5.63%, 9/23/2019		1,235,000		1,129,733
5.75%, 1/25/2021		300,000		275,618
6.00%, 4/28/2015		150,000		149,364
Northern Trust Corp.:
3.38%, 8/23/2021		150,000		153,744
3.45%, 11/4/2020		100,000		101,726
TD Ameritrade Holding Corp. 5.60%, 12/1/2019		145,000		155,782
The Bank of New York Mellon Corp.:
1.50%, 1/31/2014		350,000		352,790
3.10%, 1/15/2015		640,000		664,699
4.15%, 2/1/2021		100,000		105,627
The Bear Stearns Cos. LLC 7.25%, 2/1/2018		1,045,000		1,222,210
The Goldman Sachs Group, Inc.:
3.63%, 2/7/2016		250,000		240,171
3.70%, 8/1/2015		750,000		729,374
4.75%, 7/15/2013		250,000		252,594
5.25%, 10/15/2013		750,000		762,783
5.25%, 7/27/2021		50,000		48,450
5.38%, 3/15/2020		400,000		389,657
5.95%, 1/18/2018		1,300,000		1,324,782
6.00%, 5/1/2014		160,000		165,385
6.00%, 6/15/2020		550,000		558,218
7.50%, 2/15/2019		150,000		166,317
				12,835,787
CHEMICALS — 2.1%
Air Products & Chemicals, Inc.:
2.00%, 8/2/2016		55,000		56,117
4.38%, 8/21/2019		100,000		112,049
Airgas, Inc. 2.85%, 10/1/2013		100,000		101,805
E.I. du Pont de Nemours & Co.:
3.25%, 1/15/2015		150,000		159,894
4.63%, 1/15/2020		350,000		400,468
5.00%, 7/15/2013		250,000		266,439
5.25%, 12/15/2016		250,000		292,144
Eastman Chemical Co. 3.00%, 12/15/2015		150,000		154,295
Ecolab, Inc. 4.35%, 12/8/2021		300,000		321,926
Lubrizol Corp. 8.88%, 2/1/2019		150,000		202,728
Monsanto Co. 2.75%, 4/15/2016		100,000		105,431
Potash Corp. of Saskatchewan, Inc. 3.75%, 9/30/2015		360,000		385,464
PPG Industries, Inc. 5.75%, 3/15/2013		250,000		263,580
Praxair, Inc.:
2.13%, 6/14/2013		320,000		326,361
4.05%, 3/15/2021		100,000		110,732
The Dow Chemical Co.:
4.25%, 11/15/2020		40,000		41,577
7.60%, 5/15/2014		355,000		402,047
8.55%, 5/15/2019		560,000		728,601
The Mosaic Co. 3.75%, 11/15/2021		150,000		151,552
				4,583,210
COMMERCIAL BANKS — 9.8%
Abbey National Treasury Services PLC 4.00%, 4/27/2016		250,000		221,654
Bank of Montreal 2.13%, 6/28/2013		250,000		254,353
Bank of Nova Scotia:
2.25%, 1/22/2013		555,000		562,599
2.90%, 3/29/2016		250,000		257,671
Bank One Corp. 5.25%, 1/30/2013		500,000		517,568
Barclays Bank PLC:
2.38%, 1/13/2014		350,000		342,255
5.00%, 9/22/2016		400,000		413,744
5.13%, 1/8/2020 (a)		500,000		511,587
5.20%, 7/10/2014		355,000		366,753
BB&T Corp.:
2.05%, 4/28/2014		100,000		101,110
3.95%, 4/29/2016		125,000		133,238
5.25%, 11/1/2019		250,000		269,540
BBVA US Senior SAU 3.25%, 5/16/2014		250,000		234,655
BNP Paribas:
3.25%, 3/11/2015		550,000		518,170
5.00%, 1/15/2021		250,000		238,212
Canadian Imperial Bank of Commerce/Canada 2.35%, 12/11/2015		250,000		251,508
Comerica Bank 5.20%, 8/22/2017		250,000		271,052
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4.50%, 1/11/2021		350,000		362,513
Credit Suisse of New York, NY:
2.20%, 1/14/2014		100,000		97,539
5.00%, 5/15/2013		350,000		358,633
5.30%, 8/13/2019		370,000		378,735
5.40%, 1/14/2020		160,000		149,363
5.50%, 5/1/2014		800,000		828,026
6.00%, 2/15/2018		350,000		341,698
Deutsche Bank AG London:
3.45%, 3/30/2015 (a)		250,000		253,918
3.88%, 8/18/2014		670,000		685,357
6.00%, 9/1/2017		370,000		410,343
Fifth Third Bancorp 6.25%, 5/1/2013		250,000		262,896
First Tennessee Bank 5.65%, 4/1/2016		250,000		252,895
HSBC Bank USA NA 6.00%, 8/9/2017		500,000		519,465
Huntington BancShares, Inc. 7.00%, 12/15/2020		25,000		28,431

See accompanying notes to financial statements.

92

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
JPMorgan Chase Bank NA 6.00%, 7/5/2017	$	350,000	$	373,799
KeyBank NA 4.95%, 9/15/2015		200,000		207,593
KeyCorp:
5.10%, 3/24/2021		40,000		41,416
6.50%, 5/14/2013 (a)		250,000		263,750
Lloyds TSB Bank PLC:
4.88%, 1/21/2016		125,000		122,016
6.38%, 1/21/2021		300,000		296,971
Manufacturers & Traders Trust Co. 5.63%, 12/1/2021		250,000		236,875
PNC Funding Corp.:
5.13%, 2/8/2020		360,000		404,362
5.40%, 6/10/2014		350,000		381,176
5.63%, 2/1/2017		350,000		382,825
Royal Bank of Canada:
1.13%, 1/15/2014		500,000		500,133
1.45%, 10/30/2014		100,000		100,161
2.30%, 7/20/2016 (a)		100,000		101,258
SunTrust Banks, Inc.:
3.50%, 1/20/2017		150,000		149,386
3.60%, 4/15/2016		55,000		55,676
7.25%, 3/15/2018		150,000		169,733
The Royal Bank of Scotland PLC:
3.40%, 8/23/2013 (a)		150,000		145,454
4.38%, 3/16/2016		500,000		474,776
The Toronto-Dominion Bank 2.38%, 10/19/2016		500,000		504,199
Union Bank NA 5.95%, 5/11/2016		255,000		273,761
US Bancorp:
1.38%, 9/13/2013		250,000		250,958
3.15%, 3/4/2015		640,000		667,760
4.13%, 5/24/2021		150,000		166,010
Wachovia Bank 4.80%, 11/1/2014		250,000		264,487
Wachovia Corp.:
5.50%, 5/1/2013		769,000		810,525
5.63%, 10/15/2016		500,000		542,099
Wells Fargo & Co.:
2.63%, 12/15/2016		250,000		249,832
3.63%, 4/15/2015		780,000		814,066
3.68%, 6/15/2016 (a)		250,000		261,362
4.60%, 4/1/2021		200,000		216,038
5.63%, 12/11/2017 (a)		700,000		789,624
Westpac Banking Corp.:
3.00%, 12/9/2015 (a)		500,000		499,268
4.20%, 2/27/2015		250,000		260,190
				21,373,020
COMMERCIAL SERVICES & SUPPLIES — 0.7%
Avery Dennison Corp. 4.88%, 1/15/2013		250,000		259,333
Cintas Corp. 6.13%, 12/1/2017		100,000		117,479
Pitney Bowes, Inc.:
5.00%, 3/15/2015		250,000		268,415
6.25%, 3/15/2019		135,000		144,893
Republic Services, Inc. 5.50%, 9/15/2019		305,000		344,253
Waste Management, Inc.:
4.60%, 3/1/2021		150,000		162,547
6.38%, 3/11/2015		200,000		228,011
				1,524,931
COMMUNICATIONS EQUIPMENT — 0.6%
Cisco Systems, Inc.:
1.63%, 3/14/2014		200,000		203,323
4.45%, 1/15/2020		250,000		284,840
4.95%, 2/15/2019		320,000		372,583
5.50%, 2/22/2016		300,000		347,491
Juniper Networks, Inc.:
3.10%, 3/15/2016		35,000		36,202
4.60%, 3/15/2021		100,000		105,972
				1,350,411
COMPUTERS & PERIPHERALS — 1.9%
Dell, Inc.:
4.70%, 4/15/2013		185,000		193,506
5.88%, 6/15/2019 (a)		165,000		193,189
Hewlett-Packard Co.:
2.65%, 6/1/2016		250,000		248,044
3.00%, 9/15/2016		250,000		250,110
3.30%, 12/9/2016		350,000		358,188
3.75%, 12/1/2020		250,000		247,682
4.50%, 3/1/2013		132,000		135,944
4.75%, 6/2/2014		690,000		726,852
International Business Machines Corp.:
1.25%, 5/12/2014 (a)		505,000		509,577
1.95%, 7/22/2016		100,000		101,800
5.70%, 9/14/2017		645,000		781,151
7.63%, 10/15/2018		250,000		336,513
				4,082,556
CONSUMER FINANCE — 0.9%
Caterpillar Financial Services Corp.:
1.38%, 5/20/2014		30,000		30,327
6.20%, 9/30/2013		785,000		855,562
7.15%, 2/15/2019		250,000		320,259
Discover Financial Services 10.25%, 7/15/2019		100,000		120,256
SLM Corp.:
6.25%, 1/25/2016		150,000		144,750
8.45%, 6/15/2018		505,000		517,625
				1,988,779
CONTAINERS & PACKAGING — 0.1%
Bemis Co., Inc. 4.50%, 10/15/2021		150,000		155,110
DIVERSIFIED CONSUMER SERVICES — 0.1%
Yale University 2.90%, 10/15/2014		305,000		322,526
DIVERSIFIED FINANCIAL SERVICES — 15.1%
Allstate Life Global Funding Trusts 5.38%, 4/30/2013		475,000		500,464
American Express Co.:
7.25%, 5/20/2014		1,240,000		1,382,850
8.13%, 5/20/2019		305,000		390,972

See accompanying notes to financial statements.

93

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
American Express Credit Corp.:
2.75%, 9/15/2015	$	400,000	$	402,953
2.80%, 9/19/2016		250,000		250,111
5.88%, 5/2/2013		200,000		210,171
Bank of America Corp.:
3.63%, 3/17/2016		1,000,000		918,313
3.75%, 7/12/2016		350,000		322,560
4.50%, 4/1/2015		755,000		722,171
4.90%, 5/1/2013		485,000		484,990
5.00%, 5/13/2021		350,000		316,452
5.25%, 12/1/2015 (a)		1,000,000		934,743
5.38%, 6/15/2014		350,000		348,113
5.63%, 7/1/2020		500,000		460,310
6.50%, 8/1/2016		350,000		348,073
Boeing Capital Corp.:
2.13%, 8/15/2016		100,000		102,152
2.90%, 8/15/2018		50,000		51,998
BP Capital Markets PLC:
3.88%, 3/10/2015		300,000		319,802
4.50%, 10/1/2020		450,000		495,270
5.25%, 11/7/2013		250,000		267,767
Capital One Bank USA NA 8.80%, 7/15/2019		395,000		454,201
Capital One Financial Corp.:
3.15%, 7/15/2016 (a)		60,000		60,153
6.15%, 9/1/2016		250,000		258,773
7.38%, 5/23/2014		185,000		203,280
Citigroup, Inc.:
4.59%, 12/15/2015		1,100,000		1,101,855
4.75%, 5/19/2015		400,000		403,220
5.00%, 9/15/2014		500,000		492,378
5.50%, 4/11/2013		710,000		724,011
6.13%, 11/21/2017		250,000		264,317
6.13%, 5/15/2018		250,000		262,753
6.38%, 8/12/2014		250,000		261,349
6.50%, 8/19/2013		350,000		362,857
8.50%, 5/22/2019		815,000		952,427
Credit Suisse USA, Inc.:
4.88%, 1/15/2015		5,000		5,147
5.85%, 8/16/2016		250,000		271,103
General Electric Capital Corp.:
3.75%, 11/14/2014		350,000		367,875
4.38%, 9/16/2020		450,000		463,163
4.65%, 10/17/2021		250,000		259,480
4.80%, 5/1/2013		2,105,000		2,203,571
5.30%, 2/11/2021 (a)		245,000		260,945
5.40%, 2/15/2017		750,000		831,491
5.63%, 9/15/2017		250,000		279,448
5.63%, 5/1/2018		770,000		861,091
HSBC Finance Corp.:
5.00%, 6/30/2015		810,000		815,433
6.68%, 1/15/2021 (b)		500,000		515,439
JPMorgan Chase & Co.:
2.60%, 1/15/2016		600,000		592,294
3.45%, 3/1/2016		1,000,000		1,010,064
4.25%, 10/15/2020		800,000		798,583
4.40%, 7/22/2020		500,000		504,477
4.63%, 5/10/2021		150,000		152,863
4.65%, 6/1/2014		1,020,000		1,074,495
Lazard Group LLC 6.85%, 6/15/2017		145,000		152,447
Merrill Lynch & Co., Inc.:
5.45%, 2/5/2013		250,000		251,180
6.40%, 8/28/2017		250,000		240,926
6.88%, 4/25/2018		1,167,000		1,132,158
National Rural Utilities Cooperative Finance Corp.:
5.45%, 2/1/2018 (a)		250,000		286,458
10.38%, 11/1/2018		185,000		264,141
Nomura Holdings, Inc.:
5.00%, 3/4/2015		170,000		171,780
6.70%, 3/4/2020		155,000		165,275
Royal Bank of Scotland Group PLC 5.63%, 8/24/2020		500,000		473,773
SLM Corp. 5.00%, 10/1/2013		265,000		265,000
The Charles Schwab Corp. 4.45%, 7/22/2020		250,000		265,080
The Nasdaq OMX Group, Inc. 5.25%, 1/16/2018		60,000		62,280
The Royal Bank of Scotland Group PLC 4.88%, 3/16/2015		250,000		240,547
The Western Union Co. 5.25%, 4/1/2020		135,000		148,034
Toyota Motor Credit Corp.:
1.38%, 8/12/2013		200,000		201,851
2.00%, 9/15/2016		100,000		100,270
2.80%, 1/11/2016		150,000		155,273
3.20%, 6/17/2015		150,000		157,845
3.40%, 9/15/2021		150,000		154,077
4.25%, 1/11/2021		150,000		163,818
UBS AG of Stamford, CT:
2.25%, 8/12/2013		250,000		246,109
2.25%, 1/28/2014		250,000		244,471
3.88%, 1/15/2015		250,000		248,127
4.88%, 8/4/2020		45,000		44,075
5.75%, 4/25/2018		555,000		572,003
5.88%, 12/20/2017		100,000		103,999
				32,809,768
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%
British Telecommunications PLC 5.95%, 1/15/2018		300,000		329,861
CenturyLink, Inc. 6.45%, 6/15/2021		250,000		250,451
Qwest Corp.:
7.50%, 10/1/2014		250,000		273,494
8.38%, 5/1/2016		205,000		231,725
Verizon Communications, Inc.:
1.95%, 3/28/2014		250,000		255,185
3.50%, 11/1/2021		150,000		156,035
8.75%, 11/1/2018		250,000		338,688
				1,835,439
ELECTRIC UTILITIES — 4.9%
Arizona Public Service Co. 6.25%, 8/1/2016		205,000		240,620
Baltimore Gas & Electric Co. 5.90%, 10/1/2016		150,000		174,606

See accompanying notes to financial statements.

94

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Carolina Power & Light Co. 5.25%, 12/15/2015	$	320,000	$	366,057
CenterPoint Energy Houston Electric LLC, Series M 5.75%, 1/15/2014		210,000		229,135
Commonwealth Edison Co.:
1.63%, 1/15/2014		100,000		100,628
3.40%, 9/1/2021		100,000		103,387
4.00%, 8/1/2020		60,000		64,634
5.80%, 3/15/2018		520,000		609,125
Consolidated Edison Co. of New York, Inc.:
4.88%, 2/1/2013		250,000		260,420
6.65%, 4/1/2019		155,000		194,786
Consumers Energy Co., Series M 5.50%, 8/15/2016		250,000		284,420
Duke Energy Carolinas LLC 3.90%, 6/15/2021		150,000		165,278
Duke Energy Corp. 3.95%, 9/15/2014		670,000		714,977
Edison International 3.75%, 9/15/2017		350,000		360,014
Entergy Corp. 5.13%, 9/15/2020		300,000		300,005
FirstEnergy Solutions Corp.:
4.80%, 2/15/2015		155,000		165,209
6.05%, 8/15/2021		250,000		276,406
Florida Power Corp. 3.10%, 8/15/2021		60,000		61,387
FPL Group Capital, Inc. 6.00%, 3/1/2019		320,000		368,691
Georgia Power Co.:
4.25%, 12/1/2019		360,000		397,537
6.00%, 11/1/2013		250,000		272,425
Great Plains Energy, Inc. 4.85%, 6/1/2021		75,000		79,213
Indiana Michigan Power Co., Series I 7.00%, 3/15/2019		165,000		204,769
Kentucky Utilities Co. 1.63%, 11/1/2015		250,000		251,723
LG&E and KU Energy LLC 3.75%, 11/15/2020		300,000		299,459
Nevada Power Co. 6.50%, 8/1/2018		155,000		187,457
Nisource Finance Corp. 6.40%, 3/15/2018		450,000		513,477
Ohio Power Co. 5.50%, 2/15/2013		250,000		261,522
Oncor Electric Delivery Co. LLC 6.38%, 1/15/2015		350,000		400,057
Pacific Gas & Electric Co.:
3.50%, 10/1/2020 (a)		250,000		259,088
8.25%, 10/15/2018		150,000		198,320
PG&E Corp. 5.75%, 4/1/2014		105,000		114,073
Progress Energy, Inc. 7.05%, 3/15/2019		150,000		190,502
PSEG Power LLC 5.13%, 4/15/2020		280,000		306,702
Public Service Electric & Gas Co. 0.85%, 8/15/2014		20,000		19,891
South Carolina Electric & Gas Co. 5.25%, 11/1/2018		200,000		231,979
Southern California Edison Co. 3.88%, 6/1/2021 (a)		35,000		38,787
TECO Finance, Inc. 5.15%, 3/15/2020		150,000		165,558
The Cleveland Electric Illuminating Co. 5.65%, 12/15/2013		250,000		268,178
The Detroit Edison Co. 3.45%, 10/1/2020		100,000		105,220
Union Electric Co.:
6.40%, 6/15/2017		250,000		300,288
6.70%, 2/1/2019		115,000		139,727
Virginia Electric and Power Co. 5.40%, 4/30/2018		155,000		179,944
Wisconsin Electric Power Co. 4.25%, 12/15/2019		150,000		167,984
				10,593,665
ELECTRICAL EQUIPMENT — 0.2%
Emerson Electric Co. 5.00%, 4/15/2019		400,000		461,240
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%
Agilent Technologies, Inc. 5.00%, 7/15/2020		200,000		221,607
Arrow Electronics, Inc. 5.13%, 3/1/2021		150,000		147,850
Avnet, Inc. 6.63%, 9/15/2016		160,000		179,009
				548,466
ENERGY EQUIPMENT & SERVICES — 0.2%
Cameron International Corp. 4.50%, 6/1/2021		50,000		53,675
Halliburton Co. 6.15%, 9/15/2019		125,000		154,093
Nabors Industries, Inc.:
4.63%, 9/15/2021		150,000		150,585
9.25%, 1/15/2019 (a)		145,000		180,953
				539,306
FOOD & STAPLES RETAILING — 2.1%
Costco Wholesale Corp. 5.50%, 3/15/2017		300,000		356,730
CVS Caremark Corp.:
4.13%, 5/15/2021		250,000		269,144
5.75%, 6/1/2017		315,000		365,872
Safeway, Inc. 5.00%, 8/15/2019		190,000		202,065
Target Corp.:
5.38%, 5/1/2017		250,000		293,313
6.00%, 1/15/2018		310,000		377,767
The Kroger Co.:
6.40%, 8/15/2017		250,000		295,946
7.50%, 1/15/2014		250,000		279,944
Wal-Mart Stores, Inc.:
1.63%, 4/15/2014		250,000		255,461

See accompanying notes to financial statements.

95

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
3.00%, 2/3/2014 (a)	$	545,000	$	570,230
3.25%, 10/25/2020		500,000		532,611
5.38%, 4/5/2017		350,000		411,773
Walgreen Co. 5.25%, 1/15/2019		250,000		296,358
				4,507,214
FOOD PRODUCTS — 2.0%
Archer-Daniels-Midland Co. 4.48%, 3/1/2021 (a)		150,000		169,926
Bunge Ltd. 8.50%, 6/15/2019		150,000		184,185
Campbell Soup Co. 3.05%, 7/15/2017		100,000		105,228
ConAgra Foods, Inc. 7.00%, 4/15/2019		250,000		293,135
General Mills, Inc. 5.70%, 2/15/2017		500,000		588,581
H.J. Heinz Co. 3.13%, 9/12/2021		150,000		149,391
Kellogg Co.:
3.25%, 5/21/2018		35,000		36,653
4.15%, 11/15/2019		150,000		161,753
4.25%, 3/6/2013		300,000		311,604
Kraft Foods, Inc.:
2.63%, 5/8/2013		300,000		305,935
4.13%, 2/9/2016		610,000		659,851
5.38%, 2/10/2020		410,000		472,482
Sara Lee Corp. 2.75%, 9/15/2015 (a)		200,000		201,124
The Hershey Co. 1.50%, 11/1/2016		250,000		248,963
Tyson Foods, Inc. 10.50%, 3/1/2014		150,000		172,863
Unilever Capital Corp.:
3.65%, 2/15/2014		155,000		164,237
4.25%, 2/10/2021		150,000		171,607
				4,397,518
GAS UTILITIES — 0.1%
National Grid PLC 6.30%, 8/1/2016		100,000		114,771
HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%
Baxter International, Inc. 4.00%, 3/1/2014 (a)		510,000		541,441
Becton Dickinson and Co. 3.25%, 11/12/2020		250,000		257,311
Boston Scientific Corp.:
5.45%, 6/15/2014		150,000		159,471
6.40%, 6/15/2016		350,000		391,694
C.R. Bard, Inc. 2.88%, 1/15/2016		75,000		77,861
CareFusion Corp. 5.13%, 8/1/2014		150,000		162,406
Covidien International Finance SA 2.80%, 6/15/2015		350,000		364,791
DENTSPLY International, Inc. 4.13%, 8/15/2021		100,000		102,404
Hospira, Inc. 5.90%, 6/15/2014		250,000		269,736
Johnson & Johnson 2.95%, 9/1/2020		250,000		265,252
Medtronic, Inc.:
3.00%, 3/15/2015		300,000		313,171
4.45%, 3/15/2020		185,000		209,792
St. Jude Medical, Inc. 2.50%, 1/15/2016		250,000		257,385
				3,372,715
HEALTH CARE PROVIDERS & SERVICES — 1.7%
Aetna, Inc. 6.00%, 6/15/2016 (a)		350,000		402,308
AmerisourceBergen Corp. 4.88%, 11/15/2019 (a)		250,000		279,415
Cardinal Health, Inc. 5.80%, 10/15/2016		250,000		289,584
CIGNA Corp. 4.50%, 3/15/2021		150,000		152,553
Coventry Health Care, Inc. 5.45%, 6/15/2021		190,000		211,136
Express Scripts, Inc. 6.25%, 6/15/2014		395,000		430,932
Humana, Inc. 7.20%, 6/15/2018		260,000		301,728
Laboratory Corp. of America Holdings 3.13%, 5/15/2016 (a)		250,000		259,698
McKesson Corp. 7.50%, 2/15/2019		135,000		173,454
Quest Diagnostics, Inc. 4.70%, 4/1/2021		150,000		158,952
UnitedHealth Group, Inc.:
3.88%, 10/15/2020 (a)		250,000		267,307
4.88%, 3/15/2015		150,000		165,588
WellPoint, Inc.:
5.25%, 1/15/2016		200,000		224,773
5.88%, 6/15/2017		300,000		345,722
7.00%, 2/15/2019		45,000		54,618
				3,717,768
HOTELS, RESTAURANTS & LEISURE — 0.6%
Darden Restaurants, Inc. 6.20%, 10/15/2017 (a)		150,000		173,690
International Game Technology 5.50%, 6/15/2020		100,000		106,433
Marriott International, Inc. 6.38%, 6/15/2017 (a)		150,000		172,940
McDonald’s Corp.:
3.50%, 7/15/2020		55,000		59,233
3.63%, 5/20/2021		50,000		54,358
4.30%, 3/1/2013		150,000		156,538
5.35%, 3/1/2018		140,000		166,420
Wyndham Worldwide Corp. 5.63%, 3/1/2021		250,000		260,000
Yum! Brands, Inc.:
3.75%, 11/1/2021		30,000		30,808
6.25%, 3/15/2018		100,000		118,125
				1,298,545

See accompanying notes to financial statements.

96

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
HOUSEHOLD DURABLES — 0.2%
Whirlpool Corp.:
4.85%, 6/15/2021	$	50,000	$	49,278
6.50%, 6/15/2016		250,000		286,916
				336,194
HOUSEHOLD PRODUCTS — 0.6%
Colgate-Palmolive Co. 2.95%, 11/1/2020 (a)		250,000		260,403
Fortune Brands, Inc. 6.38%, 6/15/2014		265,000		289,228
Kimberly-Clark Corp. 7.50%, 11/1/2018		195,000		256,984
Newell Rubbermaid, Inc. 6.25%, 4/15/2018		150,000		173,336
The Clorox Co. 3.80%, 11/15/2021		250,000		254,040
				1,233,991
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
TransAlta Corp. 5.75%, 12/15/2013		200,000		215,527
INDUSTRIAL CONGLOMERATES — 1.0%
3M Co. 4.38%, 8/15/2013		250,000		265,646
Cooper US, Inc.:
2.38%, 1/15/2016		100,000		102,468
3.88%, 12/15/2020		150,000		158,744
General Electric Co. 5.25%, 12/6/2017		760,000		875,001
Koninklijke Philips Electronics NV 5.75%, 3/11/2018		100,000		114,986
Tyco Electronics Group SA 6.55%, 10/1/2017		210,000		243,803
Tyco International Finance SA:
3.38%, 10/15/2015		115,000		119,504
3.75%, 1/15/2018		100,000		103,851
4.13%, 10/15/2014		170,000		181,362
				2,165,365
INSURANCE — 3.8%
ACE INA Holdings, Inc.:
2.60%, 11/23/2015		250,000		254,278
5.90%, 6/15/2019		155,000		183,422
AEGON Funding Co. LLC 5.75%, 12/15/2020		100,000		103,724
Aflac, Inc. 8.50%, 5/15/2019		145,000		177,226
Allied World Assurance Co., Ltd. 7.50%, 8/1/2016		100,000		112,562
American International Group, Inc.:
5.85%, 1/16/2018		1,150,000		1,111,782
8.25%, 8/15/2018		250,000		264,630
AON Corp. 5.00%, 9/30/2020		225,000		248,026
Axis Specialty Finance LLC 5.88%, 6/1/2020		100,000		102,673
Berkshire Hathaway Finance Corp.:
1.50%, 1/10/2014 (a)		100,000		100,976
4.25%, 1/15/2021 (a)		100,000		107,991
5.40%, 5/15/2018 (a)		145,000		168,940
Berkshire Hathaway, Inc. 3.20%, 2/11/2015		350,000		368,679
Chubb Corp. 6.38%, 3/29/2067 (c)(d)		195,000		189,150
CNA Financial Corp.:
5.88%, 8/15/2020		150,000		153,566
6.50%, 8/15/2016		150,000		161,805
Genworth Financial, Inc.:
5.75%, 6/15/2014 (a)		45,000		45,000
7.20%, 2/15/2021		150,000		135,000
8.63%, 12/15/2016		150,000		153,000
Hartford Financial Services Group, Inc.:
4.00%, 3/30/2015		100,000		100,481
6.30%, 3/15/2018		130,000		135,575
Lincoln National Corp. 8.75%, 7/1/2019		300,000		365,998
Marsh & McLennan Cos., Inc.:
4.80%, 7/15/2021		50,000		54,287
5.75%, 9/15/2015		185,000		205,525
MetLife, Inc.:
2.38%, 2/6/2014		150,000		151,730
6.75%, 6/1/2016		515,000		592,259
PartnerRe, Ltd. 5.50%, 6/1/2020		100,000		101,858
Prudential Financial, Inc.:
3.88%, 1/14/2015		125,000		129,108
4.75%, 4/1/2014		300,000		316,276
4.75%, 9/17/2015		320,000		339,060
7.38%, 6/15/2019		200,000		235,744
The Progressive Corp. 3.75%, 8/23/2021		150,000		155,235
The Travelers Cos., Inc. 6.25%, 6/20/2016		320,000		372,810
Transatlantic Holdings, Inc. 5.75%, 12/14/2015		100,000		106,190
Unum Group 7.13%, 9/30/2016		100,000		113,662
Willis North America, Inc. 7.00%, 9/29/2019		250,000		280,505
XL Group PLC 5.25%, 9/15/2014		250,000		263,091
				8,161,824
INTERNET & CATALOG RETAIL — 0.1%
Expedia, Inc. 8.50%, 7/1/2016		250,000		270,000
INTERNET SOFTWARE & SERVICES — 0.3%
eBay, Inc. 3.25%, 10/15/2020		150,000		152,019
Google, Inc.:
1.25%, 5/19/2014		250,000		253,174
3.63%, 5/19/2021		150,000		164,776
				569,969
IT SERVICES — 0.2%
Computer Sciences Corp., Series W 5.50%, 3/15/2013 (a)		210,000		210,596

See accompanying notes to financial statements.

97

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Fiserv, Inc. 6.80%, 11/20/2017	$	150,000	$	177,085
				387,681
LIFE SCIENCES TOOLS & SERVICES — 0.4%
Life Technologies Corp. 5.00%, 1/15/2021		250,000		262,536
Thermo Fisher Scientific, Inc.:
2.25%, 8/15/2016		250,000		255,644
3.20%, 5/1/2015		250,000		263,018
3.20%, 3/1/2016		40,000		42,338
				823,536
MACHINERY — 1.0%
Caterpillar, Inc.:
1.38%, 5/27/2014		50,000		50,490
3.90%, 5/27/2021		250,000		273,167
Danaher Corp. 5.40%, 3/1/2019 (a)		250,000		295,965
Eaton Corp. 6.95%, 3/20/2019		150,000		189,601
Illinois Tool Works, Inc.:
3.38%, 9/15/2021 (b)		45,000		47,092
6.25%, 4/1/2019		250,000		308,559
Ingersoll-Rand Global Holding Co., Ltd.:
6.00%, 8/15/2013		100,000		106,772
9.50%, 4/15/2014		180,000		208,673
John Deere Capital Corp.:
2.80%, 9/18/2017 (a)		250,000		262,272
3.90%, 7/12/2021		150,000		163,407
4.90%, 9/9/2013		250,000		266,517
Joy Global, Inc. 5.13%, 10/15/2021		80,000		86,059
				2,258,574
MEDIA — 4.4%
CBS Corp. 8.88%, 5/15/2019		145,000		185,742
Comcast Corp.:
5.70%, 5/15/2018		1,015,000		1,161,845
6.50%, 1/15/2015		500,000		562,242
Cox Communications, Inc. 4.63%, 6/1/2013		205,000		214,693
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 5.00%, 3/1/2021		150,000		160,533
DIRECTV Holdings LLC/ DIRECTV Financing Co., Inc.:
3.55%, 3/15/2015		395,000		409,676
5.20%, 3/15/2020		350,000		377,242
7.63%, 5/15/2016		111,000		117,660
Discovery Communications LLC:
5.05%, 6/1/2020		200,000		222,061
5.63%, 8/15/2019		100,000		115,016
NBCUniversal Media LLC:
2.10%, 4/1/2014		150,000		151,777
4.38%, 4/1/2021		250,000		266,665
5.15%, 4/30/2020		150,000		168,277
News America, Inc.:
4.50%, 2/15/2021		100,000		105,164
6.90%, 3/1/2019		260,000		307,029
Omnicom Group, Inc. 4.45%, 8/15/2020		250,000		260,467
Reed Elsevier Capital, Inc. 8.63%, 1/15/2019		150,000		186,218
The Interpublic Group of Cos., Inc. 6.25%, 11/15/2014		100,000		106,500
The Walt Disney Co.:
3.75%, 6/1/2021		200,000		218,684
4.50%, 12/15/2013		380,000		407,637
Thomson Reuters Corp. 6.50%, 7/15/2018		255,000		304,729
Time Warner Cable, Inc.:
4.00%, 9/1/2021		250,000		254,134
5.00%, 2/1/2020		500,000		546,003
5.85%, 5/1/2017		500,000		568,687
6.20%, 7/1/2013		535,000		571,361
Time Warner, Inc.:
4.88%, 3/15/2020		350,000		383,432
5.88%, 11/15/2016		290,000		333,342
Viacom, Inc.:
4.50%, 3/1/2021		200,000		212,755
6.25%, 4/30/2016		200,000		229,801
Virgin Media Secured Finance PLC 5.25%, 1/15/2021		125,000		130,259
WPP Finance UK 5.88%, 6/15/2014		250,000		266,206
				9,505,837
METALS & MINING — 3.0%
Alcoa, Inc.:
5.40%, 4/15/2021		250,000		247,755
6.75%, 7/15/2018 (a)		205,000		224,512
ArcelorMittal:
3.75%, 3/1/2016 (a)		250,000		236,658
5.38%, 6/1/2013		250,000		255,558
5.50%, 3/1/2021 (a)		200,000		183,434
6.13%, 6/1/2018		300,000		295,329
Barrick Gold Corp.:
1.75%, 5/30/2014		45,000		45,306
2.90%, 5/30/2016		50,000		51,380
6.95%, 4/1/2019 (a)		250,000		307,061
Barrick Gold Finance Co. LLC 6.13%, 9/15/2013		250,000		270,513
Barrick North America Finance LLC 4.40%, 5/30/2021		50,000		53,899
BHP Billiton Finance USA, Ltd.:
3.25%, 11/21/2021		250,000		256,741
5.25%, 12/15/2015		500,000		571,965
5.50%, 4/1/2014		715,000		784,516
Cliffs Natural Resources, Inc. 4.88%, 4/1/2021		100,000		99,635
Freeport-McMoRan Copper & Gold, Inc. 8.38%, 4/1/2017		205,000		217,044
Nucor Corp. 5.75%, 12/1/2017		250,000		293,082
Rio Tinto Finance USA, Ltd.:
3.50%, 11/2/2020		400,000		411,534
3.75%, 9/20/2021		150,000		156,537
6.50%, 7/15/2018		300,000		361,452

See accompanying notes to financial statements.

98

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
8.95%, 5/1/2014	$	250,000	$	292,151
Teck Resources, Ltd. 10.25%, 5/15/2016		300,000		345,750
Vale Overseas, Ltd. 5.63%, 9/15/2019		360,000		394,102
Xstrata Canada Corp. 6.00%, 10/15/2015		150,000		164,645
				6,520,559
MULTI-UTILITIES — 1.2%
Dominion Resources, Inc 4.45%, 3/15/2021		100,000		110,959
Dominion Resources, Inc.:
1.80%, 3/15/2014		250,000		254,286
5.60%, 11/15/2016		300,000		347,785
MidAmerican Energy Co. 5.13%, 1/15/2013		500,000		521,546
MidAmerican Energy Holdings Co. 5.75%, 4/1/2018		490,000		564,030
NSTAR 4.50%, 11/15/2019		150,000		165,406
Sempra Energy 6.50%, 6/1/2016		395,000		460,861
Veolia Environnement SA 6.00%, 6/1/2018		100,000		109,010
Xcel Energy, Inc. 4.70%, 5/15/2020		150,000		168,471
				2,702,354
MULTILINE RETAIL — 0.3%
Kohl’s Corp. 4.00%, 11/1/2021		150,000		154,001
Macy’s Retail Holdings, Inc. 5.75%, 7/15/2014		200,000		214,809
Nordstrom, Inc. 6.75%, 6/1/2014		200,000		224,004
				592,814
OFFICE ELECTRONICS — 0.3%
Xerox Corp.:
4.25%, 2/15/2015		395,000		413,333
5.63%, 12/15/2019		250,000		271,698
				685,031
OIL, GAS & CONSUMABLE FUELS — 7.6%
Anadarko Petroleum Corp.:
5.95%, 9/15/2016		300,000		338,001
6.95%, 6/15/2019 (a)		155,000		182,325
Apache Corp. 6.90%, 9/15/2018		300,000		381,572
Baker Hughes, Inc. 7.50%, 11/15/2018		185,000		241,383
Boardwalk Pipelines LP 5.75%, 9/15/2019		150,000		164,915
BP Capital Markets PLC 3.20%, 3/11/2016		500,000		525,265
Canadian Natural Resources, Ltd. 5.70%, 5/15/2017		355,000		416,848
Cenovus Energy, Inc. 4.50%, 9/15/2014 (a)		250,000		269,381
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		65,000		67,827
Chevron Corp.:
3.95%, 3/3/2014		150,000		160,451
4.95%, 3/3/2019		205,000		242,603
ConocoPhillips:
4.60%, 1/15/2015		150,000		165,935
5.75%, 2/1/2019 (a)		310,000		373,380
ConocoPhillips Australia Funding Co. 5.50%, 4/15/2013		350,000		371,531
Devon Energy Corp. 2.40%, 7/15/2016		250,000		255,527
Diamond Offshore Drilling, Inc. 5.88%, 5/1/2019		145,000		166,857
Enbridge Energy Partners LP 5.20%, 3/15/2020		250,000		276,808
Enbridge, Inc. 5.60%, 4/1/2017		250,000		282,129
EnCana Corp. 6.50%, 5/15/2019		310,000		370,541
Energy Transfer Partners LP 8.50%, 4/15/2014		320,000		358,540
Ensco PLC:
3.25%, 3/15/2016		250,000		253,539
4.70%, 3/15/2021		125,000		128,534
Enterprise Products Operating LLC:
3.20%, 2/1/2016		100,000		103,332
6.30%, 9/15/2017		360,000		418,994
9.75%, 1/31/2014		250,000		287,553
EOG Resources, Inc. 2.95%, 6/1/2015		350,000		365,773
EQT Corp. 8.13%, 6/1/2019		150,000		175,462
Hess Corp. 8.13%, 2/15/2019		100,000		129,853
Husky Energy, Inc. 7.25%, 12/15/2019		250,000		307,311
Kinder Morgan Energy Partners LP 6.00%, 2/1/2017		505,000		572,372
Magellan Midstream Partners LP 6.55%, 7/15/2019		150,000		176,563
Marathon Oil Corp. 6.00%, 10/1/2017		300,000		349,961
Marathon Petroleum Corp. 5.13%, 3/1/2021 (b)		150,000		157,272
Nexen, Inc. 6.20%, 7/30/2019		155,000		179,036
Noble Energy, Inc. 8.25%, 3/1/2019		150,000		197,330
Noble Holding International, Ltd. 4.90%, 8/1/2020		200,000		214,108
Occidental Petroleum Corp.:
1.45%, 12/13/2013 (a)		250,000		253,642
2.50%, 2/1/2016		150,000		157,200
ONEOK Partners LP:
3.25%, 2/1/2016		50,000		51,369
6.15%, 10/1/2016		150,000		172,273
Panhandle Eastern Pipeline Co. LP 6.20%, 11/1/2017		150,000		170,860

See accompanying notes to financial statements.

99

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
PC Financial Partnership 5.00%, 11/15/2014	$	250,000	$	271,472
Plains All American Pipeline LP/PAA Finance Corp. 5.75%, 1/15/2020 (a)		250,000		283,982
Rowan Cos., Inc. 7.88%, 8/1/2019		150,000		176,687
Shell International Finance BV:
3.10%, 6/28/2015		150,000		160,305
4.00%, 3/21/2014		680,000		729,206
4.30%, 9/22/2019		350,000		402,651
Southern Natural Gas Co. 4.40%, 6/15/2021		250,000		258,329
Spectra Energy Capital LLC 5.67%, 8/15/2014		250,000		272,892
Talisman Energy, Inc. 7.75%, 6/1/2019		150,000		186,618
Total Capital SA:
3.00%, 6/24/2015		250,000		263,198
4.13%, 1/28/2021 (a)		250,000		272,742
TransCanada PipeLines, Ltd.:
3.80%, 10/1/2020		350,000		374,915
7.13%, 1/15/2019		150,000		190,923
Transocean, Inc.:
4.95%, 11/15/2015		350,000		354,413
6.38%, 12/15/2021		250,000		265,130
Valero Energy Corp.:
6.13%, 6/15/2017		250,000		278,530
6.13%, 2/1/2020		145,000		161,606
Weatherford International, Ltd.:
4.95%, 10/15/2013		195,000		204,011
5.13%, 9/15/2020 (a)		250,000		260,702
Williams Partners LP:
3.80%, 2/15/2015		265,000		277,808
4.00%, 11/15/2021		150,000		153,394
XTO Energy, Inc. 5.75%, 12/15/2013 (a)		250,000		273,981
				16,507,651
PAPER & FOREST PRODUCTS — 0.3%
Celulosa Arauco y Constitucion SA 5.63%, 4/20/2015 (a)		250,000		270,700
International Paper Co.:
7.50%, 8/15/2021		250,000		309,722
9.38%, 5/15/2019		130,000		168,678
				749,100
PERSONAL PRODUCTS — 0.4%
Avon Products, Inc. 4.20%, 7/15/2018		200,000		200,864
The Procter & Gamble Co. 1.80%, 11/15/2015		750,000		772,171
				973,035
PHARMACEUTICALS — 3.8%
Abbott Laboratories 5.60%, 11/30/2017		780,000		933,975
Allergan, Inc. 5.75%, 4/1/2016		200,000		231,383
Aristotle Holding, Inc. 4.75%, 11/15/2021		250,000		259,501
AstraZeneca PLC 5.90%, 9/15/2017		250,000		300,235
Bristol-Myers Squibb Co. 5.25%, 8/15/2013		250,000		267,907
Eli Lilly & Co. 5.20%, 3/15/2017		350,000		403,426
GlaxoSmithKline Capital, Inc.:
4.38%, 4/15/2014		200,000		215,652
4.85%, 5/15/2013		395,000		418,092
Johnson & Johnson 5.55%, 8/15/2017 (a)		350,000		421,133
Medco Health Solutions, Inc. 7.13%, 3/15/2018		205,000		239,591
Merck & Co, Inc.:
5.00%, 6/30/2019		310,000		364,453
5.30%, 12/1/2013		250,000		272,626
Novartis Capital Corp. 4.13%, 2/10/2014		320,000		341,421
Novartis Securities Investment, Ltd. 5.13%, 2/10/2019		500,000		587,696
Pfizer, Inc.:
5.35%, 3/15/2015		350,000		396,845
6.20%, 3/15/2019		310,000		383,491
Sanofi:
2.63%, 3/29/2016		300,000		311,446
4.00%, 3/29/2021		250,000		273,773
Schering-Plough Corp. 6.00%, 9/15/2017		250,000		303,067
Teva Pharmaceutical Finance Co. BV 3.65%, 11/10/2021		300,000		304,375
Teva Pharmaceutical Finance III LLC 3.00%, 6/15/2015		250,000		259,670
Wyeth:
5.45%, 4/1/2017		350,000		406,296
5.50%, 3/15/2013		300,000		318,017
				8,214,071
PIPELINES — 0.2%
Buckeye Partners LP 4.88%, 2/1/2021		250,000		263,134
Williams Partners LP 4.13%, 11/15/2020		150,000		153,937
				417,071
REAL ESTATE INVESTMENT TRUSTS — 2.2%
AvalonBay Communities, Inc. 5.75%, 9/15/2016		100,000		112,967
Boston Properties LP:
5.63%, 4/15/2015		250,000		274,597
5.63%, 11/15/2020		150,000		167,766
Camden Property Trust 4.63%, 6/15/2021		50,000		50,770
CommonWealth REIT 6.25%, 6/15/2017		100,000		106,937
Digital Realty Trust LP 5.25%, 3/15/2021		100,000		99,103
Duke Realty LP 7.38%, 2/15/2015		300,000		332,776

See accompanying notes to financial statements.

100

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
ERP Operating LP:
5.75%, 6/15/2017	$	110,000	$	120,258
6.58%, 4/13/2015		250,000		275,830
HCP, Inc.:
3.75%, 2/1/2016		55,000		56,277
5.38%, 2/1/2021		250,000		262,847
6.30%, 9/15/2016		150,000		164,388
Health Care REIT, Inc.:
4.95%, 1/15/2021		200,000		191,917
6.20%, 6/1/2016		100,000		106,987
Healthcare Realty Trust, Inc. 6.50%, 1/17/2017		150,000		158,913
Hospitality Properties Trust 7.88%, 8/15/2014		100,000		107,965
Kimco Realty Corp. 6.88%, 10/1/2019		100,000		114,166
Liberty Property LP 5.50%, 12/15/2016		250,000		270,325
Nationwide Health Properties, Inc. 6.25%, 2/1/2013		270,000		277,245
ProLogis LP 6.25%, 3/15/2017		400,000		429,458
Regency Centers LP 5.88%, 6/15/2017		150,000		162,594
Simon Property Group LP:
5.10%, 6/15/2015		200,000		218,572
5.65%, 2/1/2020		400,000		462,408
5.88%, 3/1/2017		200,000		227,431
Ventas Realty LP/Ventas Capital Corp. 4.75%, 6/1/2021		100,000		97,232
				4,849,729
ROAD & RAIL — 0.9%
Burlington Northern Santa Fe LLC 7.00%, 2/1/2014		250,000		279,678
Canadian National Railway Co. 5.55%, 3/1/2019		150,000		180,130
CSX Corp.:
6.25%, 4/1/2015		250,000		284,878
7.38%, 2/1/2019		205,000		255,998
Norfolk Southern Corp. 5.90%, 6/15/2019 (a)		250,000		302,686
Ryder System, Inc. 3.15%, 3/2/2015		250,000		256,923
Union Pacific Corp. 5.13%, 2/15/2014		365,000		393,472
				1,953,765
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%
Applied Materials, Inc. 4.30%, 6/15/2021		100,000		105,372
Intel Corp. 3.30%, 10/1/2021		227,000		237,138
National Semiconductor Corp. 3.95%, 4/15/2015		150,000		162,304
Texas Instruments, Inc. 0.88%, 5/15/2013		250,000		250,608
				755,422
SOFTWARE — 1.1%
Adobe Systems, Inc. 3.25%, 2/1/2015		200,000		209,030
CA, Inc. 6.13%, 12/1/2014		150,000		165,147
Intuit, Inc. 5.75%, 3/15/2017		150,000		170,250
Microsoft Corp.:
2.50%, 2/8/2016 (a)		250,000		263,596
4.20%, 6/1/2019		435,000		496,671
Oracle Corp.:
3.75%, 7/8/2014		505,000		541,929
5.00%, 7/8/2019		400,000		471,955
Symantec Corp. 2.75%, 9/15/2015		125,000		126,587
				2,445,165
SPECIALTY RETAIL — 0.8%
AutoZone, Inc. 5.75%, 1/15/2015		300,000		331,236
Best Buy Co., Inc. 3.75%, 3/15/2016		150,000		147,476
Lowe’s Cos., Inc.:
2.13%, 4/15/2016		250,000		252,929
4.63%, 4/15/2020		125,000		139,089
O’Reilly Automotive, Inc. 4.63%, 9/15/2021		100,000		104,952
Staples, Inc. 9.75%, 1/15/2014		100,000		114,082
The Home Depot, Inc.:
3.95%, 9/15/2020 (a)		250,000		269,587
5.40%, 3/1/2016		250,000		288,802
TJX Cos., Inc. 4.20%, 8/15/2015		150,000		164,284
				1,812,437
THRIFTS & MORTGAGE FINANCE — 0.1%
Santander Holdings USA, Inc. 4.63%, 4/19/2016		250,000		238,581
TOBACCO — 1.1%
Altria Group, Inc.:
4.75%, 5/5/2021		250,000		274,219
8.50%, 11/10/2013		250,000		282,954
9.70%, 11/10/2018		440,000		594,653
Lorillard Tobacco Co.:
3.50%, 8/4/2016		45,000		45,400
6.88%, 5/1/2020 (a)		150,000		170,346
Philip Morris International, Inc.:
5.65%, 5/16/2018		500,000		591,502
6.88%, 3/17/2014		250,000		281,378
Reynolds American, Inc. 7.63%, 6/1/2016		155,000		184,871
				2,425,323
WIRELESS TELECOMMUNICATION SERVICES — 4.8%
America Movil SAB de CV:
5.00%, 3/30/2020		350,000		385,895
5.50%, 3/1/2014		250,000		269,498
American Tower Corp.:
4.50%, 1/15/2018		100,000		100,805

See accompanying notes to financial statements.

101

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
5.05%, 9/1/2020	$	100,000	$	100,525
AT&T, Inc.:
2.95%, 5/15/2016		250,000		260,539
4.45%, 5/15/2021		400,000		441,779
4.95%, 1/15/2013		255,000		265,664
5.50%, 2/1/2018		798,000		926,265
BellSouth Corp. 5.20%, 9/15/2014		750,000		828,308
Cellco Partnership/Verizon Wireless Capital LLC:
5.55%, 2/1/2014		515,000		559,150
8.50%, 11/15/2018		160,000		216,961
Deutsche Telekom International Finance BV:
4.88%, 7/8/2014		115,000		123,490
6.00%, 7/8/2019 (a)		250,000		290,582
6.75%, 8/20/2018		150,000		178,407
Embarq Corp. 7.08%, 6/1/2016		265,000		285,637
France Telecom SA:
4.38%, 7/8/2014		205,000		216,584
5.38%, 7/8/2019 (a)		200,000		221,486
Rogers Communications, Inc. 6.80%, 8/15/2018		280,000		341,137
Telecom Italia Capital SA:
6.18%, 6/18/2014		450,000		429,750
7.18%, 6/18/2019		150,000		139,500
Telefonica Emisiones SAU:
3.99%, 2/16/2016		105,000		100,945
4.95%, 1/15/2015		500,000		500,123
5.13%, 4/27/2020		255,000		238,713
6.22%, 7/3/2017		250,000		255,024
Verizon Communications, Inc.:
3.00%, 4/1/2016		250,000		261,806
5.25%, 4/15/2013		555,000		585,517
6.35%, 4/1/2019		800,000		980,800
Vodafone Group PLC:
4.15%, 6/10/2014		455,000		482,539
4.38%, 3/16/2021		250,000		272,765
5.63%, 2/27/2017		250,000		291,650
				10,551,844
TOTAL CORPORATE BONDS & NOTES —
(Cost $209,988,720)				214,597,398
	Shares
SHORT TERM INVESTMENTS — 4.1%
MONEY MARKET FUNDS — 4.1%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		6,775,435		6,775,435
State Street Institutional Liquid Reserves Fund 0.15% (f)(g)		2,155,171		2,155,171
TOTAL SHORT TERM INVESTMENTS — (h)
(Cost $8,930,606)				8,930,606
TOTAL INVESTMENTS — 102.7% (i)
(Cost $218,919,326)				223,528,004
OTHER ASSETS & LIABILITIES — (2.7)%				(5,951,299	)
NET ASSETS — 100.0%			$	217,576,705

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.3% of net assets as of December 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Variable rate security. Rate shown is rate in effect at December 31, 2011. Maturity date disclosed is the ultimate maturity.
(d)	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)
	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)	Value is determined based on Level 1 inputs. (Note 2)
(i)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

102

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
CORPORATE BONDS & NOTES — 98.9%
AEROSPACE & DEFENSE — 2.0%
Honeywell International, Inc. 5.70%, 3/15/2036 (a)	$	100,000	$	125,032
Lockheed Martin Corp. 6.15%, 9/1/2036		260,000		301,487
Northrop Grumman Systems Corp. 7.75%, 2/15/2031		150,000		216,618
Raytheon Co. 7.20%, 8/15/2027		50,000		66,609
The Boeing Co. 6.63%, 2/15/2038		115,000		160,937
United Technologies Corp.:
5.40%, 5/1/2035		150,000		175,001
6.13%, 7/15/2038		230,000		291,128
				1,336,812
AIR FREIGHT & LOGISTICS — 0.4%
United Parcel Service, Inc. 6.20%, 1/15/2038		225,000		299,533
AIRLINES — 0.2%
Delta Air Lines 2007-1 Pass Through Trust, Class A 6.82%, 8/10/2022		113,451		118,273
AUTO COMPONENTS — 0.1%
Johnson Controls, Inc. 5.70%, 3/1/2041		50,000		56,467
AUTOMOBILES — 0.4%
Daimler Finance North America LLC 8.50%, 1/18/2031		177,000		245,335
BEVERAGES — 1.3%
Anheuser-Busch InBev Worldwide, Inc.:
6.38%, 1/15/2040 (a)		115,000		156,812
8.00%, 11/15/2039		200,000		309,889
Diageo Capital PLC 5.88%, 9/30/2036		100,000		124,460
PepsiCo, Inc. 5.50%, 1/15/2040		200,000		249,709
				840,870
BIOTECHNOLOGY — 1.1%
Amgen, Inc.:
5.15%, 11/15/2041		250,000		253,241
6.38%, 6/1/2037		150,000		173,179
6.40%, 2/1/2039		150,000		174,417
Gilead Sciences, Inc. 5.65%, 12/1/2041 (a)		100,000		110,617
				711,454
BUILDING PRODUCTS — 0.1%
Owens Corning 7.00%, 12/1/2036		41,000		40,451
CAPITAL MARKETS — 1.8%
Jefferies Group, Inc. 6.25%, 1/15/2036		50,000		40,250
Morgan Stanley 6.25%, 8/9/2026 (a)		200,000		181,896
The Goldman Sachs Group, Inc.:
6.13%, 2/15/2033		200,000		192,211
6.25%, 2/1/2041		280,000		272,138
6.75%, 10/1/2037		522,000		479,505
				1,166,000
CHEMICALS — 1.1%
Agrium, Inc. 6.13%, 1/15/2041 (a)		25,000		30,544
E.I. du Pont de Nemours & Co. 5.60%, 12/15/2036 (a)		100,000		123,930
Monsanto Co. 5.88%, 4/15/2038		100,000		131,007
Potash Corp. of Saskatchewan, Inc. 5.63%, 12/1/2040		100,000		120,583
Rohm & Haas Co. 7.85%, 7/15/2029		100,000		128,016
The Dow Chemical Co.:
5.25%, 11/15/2041 (a)		100,000		104,410
9.40%, 5/15/2039		80,000		120,544
				759,034
COMMERCIAL BANKS — 3.9%
Bank One Corp. 7.63%, 10/15/2026		200,000		236,662
BB&T Capital Trust II 6.75%, 6/7/2036		150,000		148,875
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 5.25%, 5/24/2041		100,000		96,869
Fifth Third Bancorp 8.25%, 3/1/2038		100,000		123,856
HSBC Bank USA NA 5.88%, 11/1/2034		250,000		238,222
HSBC Holdings PLC:
6.10%, 1/14/2042		50,000		56,254
6.50%, 9/15/2037 (a)		320,000		317,399
6.80%, 6/1/2038 (a)		150,000		152,492
7.63%, 5/17/2032 (a)		100,000		102,711
JPMorgan Chase & Co.:
5.60%, 7/15/2041		200,000		209,984
6.40%, 5/15/2038		35,000		40,905
NBD Bank NA/Michigan 8.25%, 11/1/2024		100,000		111,597
Santander UK PLC 7.95%, 10/26/2029 (a)		125,000		104,375
Wachovia Bank NA 6.60%, 1/15/2038		250,000		277,964
Wachovia Corp.:
5.50%, 8/1/2035		200,000		198,298
7.50%, 4/15/2035		50,000		62,158
Wells Fargo Capital X 5.95%, 12/15/2036		100,000		102,000
				2,580,621
COMMERCIAL SERVICES & SUPPLIES — 0.7%
Republic Services, Inc. 4.75%, 5/15/2023		200,000		216,949
Waste Management, Inc. 7.75%, 5/15/2032		200,000		278,908
				495,857

See accompanying notes to financial statements.

103

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
COMMUNICATIONS EQUIPMENT — 0.7%
Cisco Systems, Inc. 5.90%, 2/15/2039 (a)	$	270,000	$	340,547
Harris Corp. 6.15%, 12/15/2040		50,000		56,945
Motorola Solutions, Inc. 7.50%, 5/15/2025		50,000		59,515
				457,007
COMPUTERS & PERIPHERALS — 0.9%
Dell, Inc. 7.10%, 4/15/2028		50,000		63,449
Hewlett-Packard Co. 6.00%, 9/15/2041		175,000		194,202
International Business Machines Corp. 5.60%, 11/30/2039 (a)		287,000		365,791
				623,442
DIVERSIFIED FINANCIAL SERVICES — 7.6%
American Express Co. 8.15%, 3/19/2038		100,000		147,381
Capital One Capital V 10.25%, 8/15/2039		50,000		51,000
Capital One Capital VI 8.88%, 5/15/2040		150,000		151,500
Citigroup Capital XXI 8.30%, 12/21/2057 (b)		150,000		150,750
Citigroup, Inc.:
4.50%, 1/14/2022		310,000		296,080
6.13%, 8/25/2036		150,000		128,225
6.63%, 6/15/2032		200,000		184,475
6.88%, 3/5/2038		480,000		527,283
Credit Suisse USA, Inc. 7.13%, 7/15/2032 (a)		50,000		58,794
FleetBoston Financial Corp. 6.88%, 1/15/2028 (a)		200,000		178,786
General Electric Capital Corp.:
5.88%, 1/14/2038		510,000		538,860
6.75%, 3/15/2032		430,000		499,958
6.88%, 1/10/2039		430,000		508,259
Goldman Sachs Capital I 6.35%, 2/15/2034 (c)		200,000		168,000
HJ Heinz Finance Co. 6.75%, 3/15/2032		50,000		65,101
JPMorgan Chase & Co. 5.50%, 10/15/2040		200,000		208,435
JPMorgan Chase Capital XXV 6.80%, 10/1/2037 (c)		200,000		200,000
JPMorgan Chase Capital XXVII 7.00%, 11/1/2039 (c)		250,000		250,625
Merrill Lynch & Co., Inc.:
6.11%, 1/29/2037 (a)		165,000		127,612
6.22%, 9/15/2026		200,000		165,526
7.75%, 5/14/2038		120,000		108,665
National Rural Utilities Cooperative Finance Corp. 8.00%, 3/1/2032		75,000		105,600
The Western Union Co. 6.20%, 11/17/2036		100,000		105,024
UBS AG of Stamford, CT 7.75%, 9/1/2026		100,000		108,003
				5,033,942
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.3%
British Telecommunications PLC 9.63%, 12/15/2030		145,000		205,818
Qwest Corp.:
6.88%, 9/15/2033		150,000		150,656
7.25%, 10/15/2035		100,000		100,381
Verizon Communications, Inc.:
4.75%, 11/1/2041 (a)		200,000		216,993
8.95%, 3/1/2039		100,000		161,208
				835,056
ELECTRIC UTILITIES — 11.3%
Alabama Power Co.:
5.20%, 6/1/2041		100,000		117,459
6.13%, 5/15/2038		170,000		224,670
Appalachian Power Co. 5.80%, 10/1/2035		50,000		58,894
Consolidated Edison Co. of New York:
5.70%, 12/1/2036		230,000		284,414
6.30%, 8/15/2037 (a)		50,000		66,715
Duke Energy Carolinas LLC 6.00%, 1/15/2038		150,000		197,820
Duke Energy Indiana, Inc. 6.45%, 4/1/2039		230,000		312,810
Entergy Louisiana LLC 5.40%, 11/1/2024		100,000		113,148
Exelon Corp. 5.63%, 6/15/2035		150,000		161,475
Exelon Generation Co. LLC 6.25%, 10/1/2039		170,000		207,124
FirstEnergy Corp. 7.38%, 11/15/2031		100,000		122,972
Florida Power & Light Co.:
5.25%, 2/1/2041		100,000		121,079
5.69%, 3/1/2040		115,000		147,314
6.20%, 6/1/2036		150,000		200,704
Florida Power Corp.:
5.65%, 4/1/2040		100,000		124,524
6.40%, 6/15/2038		80,000		107,715
Georgia Power Co. 4.75%, 9/1/2040 (a)		100,000		109,734
Interstate Power & Light Co. 6.25%, 7/15/2039		50,000		65,018
Kansas City Power & Light Co. 5.30%, 10/1/2041		50,000		54,227
Kentucky Utilities Co. 5.13%, 11/1/2040		75,000		90,599
Nevada Power Co. 5.38%, 9/15/2040 (a)		175,000		203,762
Nisource Finance Corp.:
5.95%, 6/15/2041		100,000		106,298
6.13%, 3/1/2022		50,000		58,013
Northern States Power Co. 5.35%, 11/1/2039		50,000		62,097
Oglethorpe Power Corp. 5.38%, 11/1/2040 (a)		65,000		76,302

See accompanying notes to financial statements.

104

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Ohio Edison Co. 6.88%, 7/15/2036	$	100,000	$	122,036
Ohio Power Co. 6.60%, 2/15/2033		102,000		131,578
Oncor Electric Delivery Co. LLC:
7.00%, 9/1/2022		50,000		64,055
7.00%, 5/1/2032		150,000		195,673
Pacific Gas & Electric Co.:
5.40%, 1/15/2040		50,000		57,877
5.80%, 3/1/2037		150,000		181,370
6.05%, 3/1/2034 (a)		265,000		325,848
PacifiCorp 6.00%, 1/15/2039		100,000		127,685
Potomac Electric Power Co. 7.90%, 12/15/2038		100,000		156,796
PPL Electric Utilities Corp.:
5.20%, 7/15/2041 (a)		5,000		6,020
6.25%, 5/15/2039		50,000		67,942
Progress Energy, Inc.:
6.00%, 12/1/2039		100,000		125,291
7.75%, 3/1/2031		40,000		56,802
Public Service Co. of Colorado 6.25%, 9/1/2037 (a)		150,000		206,386
Public Service Electric & Gas Co.:
5.50%, 3/1/2040		100,000		125,900
5.80%, 5/1/2037		100,000		129,160
Puget Sound Energy, Inc.:
5.64%, 4/15/2041		100,000		121,875
5.80%, 3/15/2040		55,000		68,204
San Diego Gas & Electric Co.:
3.95%, 11/15/2041 (a)		25,000		25,374
Series D 6.00%, 6/1/2026		100,000		125,967
South Carolina Electric & Gas Co.:
5.30%, 5/15/2033		50,000		56,080
5.45%, 2/1/2041 (a)		50,000		58,429
Southern California Edison Co.:
5.95%, 2/1/2038		200,000		264,167
6.00%, 1/15/2034		200,000		259,442
Southwestern Electric Power Co. 6.20%, 3/15/2040		130,000		162,312
Southwestern Public Service Co. Series F 6.00%, 10/1/2036		100,000		121,992
Tampa Electric Co. 6.55%, 5/15/2036		50,000		64,943
The Connecticut Light & Power Co. 6.35%, 6/1/2036		50,000		64,814
The Detroit Edison Co. 5.70%, 10/1/2037		50,000		61,596
The Toledo Edison Co. 6.15%, 5/15/2037		100,000		117,793
Union Electric Co. 8.45%, 3/15/2039		100,000		166,989
Virginia Electric and Power Co. 6.00%, 5/15/2037		200,000		257,148
				7,472,431
ELECTRICAL EQUIPMENT — 0.3%
Emerson Electric Co. 6.00%, 8/15/2032		150,000		190,259
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.1%
Corning, Inc. 7.25%, 8/15/2036 (a)		50,000		60,895
ENERGY EQUIPMENT & SERVICES — 0.6%
Cameron International Corp. 5.95%, 6/1/2041		100,000		116,008
Halliburton Co. 6.70%, 9/15/2038		200,000		267,401
				383,409
FOOD & STAPLES RETAILING — 4.2%
CVS Caremark Corp.:
5.75%, 5/15/2041		50,000		59,076
6.13%, 9/15/2039		100,000		119,920
6.25%, 6/1/2027		100,000		119,737
Delhaize America LLC 9.00%, 4/15/2031		50,000		68,315
Safeway, Inc. 7.25%, 2/1/2031		50,000		59,826
Sysco Corp. 6.63%, 3/17/2039		100,000		146,208
Target Corp.:
6.35%, 11/1/2032		150,000		189,266
7.00%, 1/15/2038		215,000		298,410
The Kroger Co.:
5.40%, 7/15/2040		150,000		161,099
7.50%, 4/1/2031		65,000		84,789
Wal-Mart Stores, Inc.:
4.88%, 7/8/2040 (a)		200,000		229,056
5.25%, 9/1/2035		430,000		505,524
5.88%, 4/5/2027		350,000		432,812
6.50%, 8/15/2037 (a)		200,000		271,180
				2,745,218
FOOD PRODUCTS — 1.9%
Archer-Daniels-Midland Co. 5.77%, 3/1/2041		150,000		188,815
ConAgra Foods, Inc. 7.13%, 10/1/2026		50,000		59,452
Kellogg Co., Series B 7.45%, 4/1/2031		45,000		60,804
Kraft Foods, Inc.:
6.50%, 2/9/2040		165,000		210,602
6.88%, 1/26/2039		45,000		59,356
7.00%, 8/11/2037		350,000		458,734
Ralcorp Holdings, Inc. 6.63%, 8/15/2039		50,000		52,350
The Hershey Co. 7.20%, 8/15/2027		50,000		66,609
Unilever Capital Corp. 5.90%, 11/15/2032		60,000		78,403
				1,235,125
GAS UTILITIES — 0.1%
AGL Capital Corp. 5.88%, 3/15/2041		70,000		85,358
HEALTH CARE EQUIPMENT & SUPPLIES — 0.8%
Becton Dickinson and Co. 6.00%, 5/15/2039		100,000		126,910

See accompanying notes to financial statements.

105

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Boston Scientific Corp. 7.38%, 1/15/2040	$	101,000	$	128,514
Covidien International Finance SA 6.55%, 10/15/2037		100,000		128,995
Medtronic, Inc. 5.55%, 3/15/2040		100,000		123,814
				508,233
HEALTH CARE PROVIDERS & SERVICES — 1.7%
Aetna, Inc. 6.63%, 6/15/2036		100,000		123,357
CIGNA Corp.:
4.00%, 2/15/2022		100,000		98,579
5.88%, 3/15/2041		150,000		158,913
McKesson Corp. 6.00%, 3/1/2041		50,000		63,411
Quest Diagnostics, Inc. 6.95%, 7/1/2037		75,000		93,240
UnitedHealth Group, Inc.:
5.95%, 2/15/2041		100,000		125,018
6.88%, 2/15/2038		215,000		288,306
WellPoint, Inc. 6.38%, 6/15/2037		130,000		164,058
				1,114,882
HOTELS, RESTAURANTS & LEISURE — 0.6%
McDonald’s Corp. 6.30%, 3/1/2038		175,000		241,162
Yum! Brands, Inc. 6.88%, 11/15/2037		100,000		126,787
				367,949
HOUSEHOLD PRODUCTS — 0.1%
Kimberly-Clark Corp. 5.30%, 3/1/2041		50,000		61,677
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
Constellation Energy Group, Inc. 7.60%, 4/1/2032		50,000		64,800
INDUSTRIAL CONGLOMERATES — 0.5%
3M Co. 5.70%, 3/15/2037		150,000		199,939
Koninklijke Philips Electronics NV 6.88%, 3/11/2038		100,000		127,816
				327,755
INSURANCE — 4.5%
ACE INA Holdings, Inc. 6.70%, 5/15/2036		100,000		128,574
Aflac, Inc.:
6.45%, 8/15/2040		50,000		52,597
6.90%, 12/17/2039		18,000		19,882
American International Group, Inc.:
6.25%, 3/15/2037		100,000		74,000
8.18%, 5/15/2058 (b)		300,000		264,000
AON Corp. 8.21%, 1/1/2027		55,000		63,526
Assurant, Inc. 6.75%, 2/15/2034		50,000		52,264
AXA SA 8.60%, 12/15/2030		115,000		112,219
Berkshire Hathaway Finance Corp. 5.75%, 1/15/2040		100,000		117,751
Chubb Corp. 6.50%, 5/15/2038		70,000		89,371
Endurance Specialty Holdings, Ltd. 7.00%, 7/15/2034		50,000		50,481
Hartford Financial Services Group, Inc. 6.63%, 3/30/2040		100,000		98,235
Lincoln National Corp. 6.30%, 10/9/2037 (a)		100,000		103,700
Marsh & McLennan Cos., Inc. 5.88%, 8/1/2033		50,000		54,585
MetLife, Inc.:
5.70%, 6/15/2035		250,000		279,012
6.40%, 12/15/2036 (a)		200,000		186,000
Principal Financial Group, Inc. 6.05%, 10/15/2036		50,000		52,543
Prudential Financial, Inc.:
5.63%, 5/12/2041 (a)		125,000		122,529
5.75%, 7/15/2033 (a)		75,000		74,405
6.63%, 12/1/2037		95,000		103,882
Swiss Re Solutions Holding Corp. 7.00%, 2/15/2026		85,000		95,482
The Allstate Corp.:
5.95%, 4/1/2036 (a)		130,000		144,012
6.13%, 12/15/2032		100,000		111,516
The Progressive Corp. 6.25%, 12/1/2032		50,000		62,051
The Travelers Cos., Inc. 6.25%, 6/15/2037		180,000		225,381
XL Group PLC 6.25%, 5/15/2027		200,000		202,652
				2,940,650
IT SERVICES — 0.2%
SAIC, Inc. 5.95%, 12/1/2040		100,000		110,113
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc. 6.35%, 3/15/2040		50,000		54,492
MACHINERY — 1.3%
Caterpillar, Inc.:
5.20%, 5/27/2041 (a)		215,000		258,739
7.30%, 5/1/2031		100,000		143,875
Deere & Co. 5.38%, 10/16/2029		150,000		186,668
Dover Corp. 5.38%, 3/1/2041		50,000		60,642
Illinois Tool Works, Inc. 4.88%, 9/15/2041 (d)		25,000		28,473
Parker Hannifin Corp. 3.50%, 9/15/2022		100,000		103,399
Stanley Black & Decker, Inc. 5.20%, 9/1/2040		50,000		54,622
				836,418

See accompanying notes to financial statements.

106

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MEDIA — 7.7%
CBS Corp.:
5.50%, 5/15/2033	$	150,000	$	156,451
7.88%, 7/30/2030		75,000		95,925
Comcast Cable Communications Holdings, Inc. 9.46%, 11/15/2022		200,000		285,017
Comcast Corp.:
5.65%, 6/15/2035		250,000		277,274
6.95%, 8/15/2037		260,000		329,888
7.05%, 3/15/2033		150,000		188,421
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 6.00%, 8/15/2040		250,000		271,143
Discovery Communications LLC 6.35%, 6/1/2040 (a)		50,000		61,189
Grupo Televisa SA 6.63%, 3/18/2025 (a)		50,000		57,659
NBCUniversal Media LLC 6.40%, 4/30/2040		250,000		306,433
News America, Inc.:
6.15%, 2/15/2041 (a)		70,000		80,323
6.40%, 12/15/2035		500,000		544,385
6.65%, 11/15/2037		140,000		156,543
The Walt Disney Co.:
4.13%, 12/1/2041		100,000		102,789
4.38%, 8/16/2041		50,000		52,655
Thomson Reuters Corp. 5.85%, 4/15/2040 (a)		50,000		57,100
Time Warner Cable, Inc.:
5.50%, 9/1/2041		100,000		105,053
5.88%, 11/15/2040		150,000		162,322
7.30%, 7/1/2038		305,000		377,895
Time Warner Entertainment Co. LP 8.38%, 3/15/2023 (a)		150,000		195,681
Time Warner, Inc.:
4.00%, 1/15/2022		200,000		205,439
6.10%, 7/15/2040		150,000		173,298
6.20%, 3/15/2040		150,000		175,403
7.63%, 4/15/2031		190,000		245,259
7.70%, 5/1/2032		150,000		196,371
Viacom, Inc. 6.88%, 4/30/2036		180,000		226,743
				5,086,659
METALS & MINING — 3.2%
Alcoa, Inc.:
5.87%, 2/23/2022 (a)		100,000		100,723
6.75%, 1/15/2028		50,000		52,690
ArcelorMittal 6.75%, 3/1/2041		285,000		257,782
Barrick North America Finance LLC 5.70%, 5/30/2041		50,000		59,593
Barrick PD Australia Finance Pty Ltd. 5.95%, 10/15/2039		100,000		116,432
Cliffs Natural Resources, Inc. 6.25%, 10/1/2040		100,000		98,481
Newmont Mining Corp. 6.25%, 10/1/2039 (a)		90,000		108,086
Nucor Corp. 6.40%, 12/1/2037 (a)		50,000		65,230
Rio Tinto Alcan, Inc. 6.13%, 12/15/2033 (a)		165,000		203,078
Rio Tinto Finance USA, Ltd. 5.20%, 11/2/2040		100,000		114,518
Southern Copper Corp. 6.75%, 4/16/2040		125,000		124,751
Teck Resources, Ltd.:
4.75%, 1/15/2022 (a)		52,000		55,760
6.13%, 10/1/2035		50,000		55,424
6.25%, 7/15/2041		150,000		170,783
Vale Overseas, Ltd. 6.88%, 11/21/2036 (a)		470,000		537,110
				2,120,441
MULTI-UTILITIES — 1.7%
Dominion Resources, Inc. Series E 6.30%, 3/15/2033		250,000		306,575
MidAmerican Energy Holdings Co.:
5.95%, 5/15/2037		250,000		301,708
6.13%, 4/1/2036		80,000		94,255
6.50%, 9/15/2037		230,000		284,815
Sempra Energy 6.00%, 10/15/2039		125,000		151,949
				1,139,302
MULTILINE RETAIL — 0.7%
Kohl’s Corp. 6.88%, 12/15/2037		100,000		124,294
Macy’s Retail Holdings, Inc. 6.65%, 7/15/2024		125,000		141,249
Nordstrom, Inc. 6.95%, 3/15/2028		150,000		190,247
				455,790
OIL, GAS & CONSUMABLE FUELS — 12.3%
Anadarko Finance Co. 7.50%, 5/1/2031		150,000		180,084
Anadarko Petroleum Corp.:
6.20%, 3/15/2040		75,000		84,045
6.45%, 9/15/2036		100,000		114,000
Apache Corp.:
5.10%, 9/1/2040		150,000		176,139
6.00%, 1/15/2037		125,000		161,611
Baker Hughes, Inc. 5.13%, 9/15/2040		200,000		233,835
Canadian Natural Resources, Ltd.:
6.25%, 3/15/2038 (a)		80,000		101,196
7.20%, 1/15/2032		100,000		132,773
Cenovus Energy, Inc. 6.75%, 11/15/2039		100,000		132,329
Conoco Funding Co. 7.25%, 10/15/2031		165,000		231,754
Conoco, Inc. 6.95%, 4/15/2029 (a)		165,000		220,000
ConocoPhillips 6.50%, 2/1/2039		175,000		239,212
Devon Energy Corp.:
5.60%, 7/15/2041		100,000		120,392

See accompanying notes to financial statements.

107

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
7.95%, 4/15/2032	$	100,000	$	144,467
Devon Financing Corp. ULC 7.88%, 9/30/2031		65,000		92,796
Enbridge Energy Partners LP Series B 7.50%, 4/15/2038		100,000		136,067
EnCana Corp.:
6.50%, 2/1/2038 (a)		150,000		178,513
6.63%, 8/15/2037		150,000		179,704
Energy Transfer Partners LP:
6.05%, 6/1/2041		75,000		73,832
6.63%, 10/15/2036		50,000		52,570
Enterprise Products Operating LLC:
6.13%, 10/15/2039		200,000		223,370
7.55%, 4/15/2038		115,000		145,376
Hess Corp.:
6.00%, 1/15/2040 (a)		50,000		58,634
7.30%, 8/15/2031		165,000		215,418
7.88%, 10/1/2029		100,000		135,501
Husky Energy, Inc. 6.80%, 9/15/2037 (a)		50,000		63,238
Kinder Morgan Energy Partners LP:
5.63%, 9/1/2041 (a)		100,000		103,831
6.95%, 1/15/2038		100,000		113,661
7.40%, 3/15/2031		200,000		242,947
Marathon Oil Corp.:
6.60%, 10/1/2037		50,000		60,970
6.80%, 3/15/2032		150,000		183,753
Marathon Petroleum Corp. 6.50%, 3/1/2041		50,000		55,921
Nexen, Inc. 7.50%, 7/30/2039		265,000		319,700
Noble Energy, Inc. 6.00%, 3/1/2041		50,000		57,927
Noble Holding International, Ltd. 6.05%, 3/1/2041		50,000		55,018
Occidental Petroleum Corp. 3.13%, 2/15/2022		50,000		51,318
ONEOK Partners LP:
6.13%, 2/1/2041		50,000		57,599
6.85%, 10/15/2037		100,000		119,811
Petro-Canada 6.80%, 5/15/2038		220,000		278,992
Plains All American Pipeline LP/PAA Finance Corp. 6.65%, 1/15/2037		50,000		58,411
Shell International Finance BV:
5.50%, 3/25/2040		150,000		187,415
6.38%, 12/15/2038		190,000		259,545
Southern Natural Gas Co. 8.00%, 3/1/2032		65,000		82,183
Suncor Energy, Inc. 6.85%, 6/1/2039		200,000		256,135
Sunoco Logistics Partners Operations LP:
4.65%, 2/15/2022		30,000		30,671
6.10%, 2/15/2042		50,000		53,501
Talisman Energy, Inc. 6.25%, 2/1/2038 (a)		100,000		117,047
Tennessee Gas Pipeline Co. 7.00%, 3/15/2027 (a)		100,000		116,271
Tosco Corp. 8.13%, 2/15/2030		150,000		220,120
TransCanada Pipelines, Ltd.:
6.10%, 6/1/2040		100,000		126,176
6.20%, 10/15/2037 (a)		70,000		87,860
7.63%, 1/15/2039 (a)		165,000		237,951
Transocean, Inc. 7.50%, 4/15/2031 (a)		155,000		160,361
Valero Energy Corp. 7.50%, 4/15/2032		225,000		266,790
Weatherford International, Ltd. 6.50%, 8/1/2036 (a)		125,000		136,990
Williams Cos., Inc. 8.75%, 3/15/2032		62,000		82,112
Williams Partners LP 6.30%, 4/15/2040 (a)		100,000		121,038
				8,128,881
PAPER & FOREST PRODUCTS — 0.8%
Georgia-Pacific LLC 8.88%, 5/15/2031 (a)		200,000		274,907
International Paper Co.:
4.75%, 2/15/2022		150,000		158,988
8.70%, 6/15/2038		50,000		68,083
				501,978
PERSONAL PRODUCTS — 0.4%
The Procter & Gamble Co. 5.55%, 3/5/2037		200,000		260,851
PHARMACEUTICALS — 4.8%
Abbott Laboratories:
5.30%, 5/27/2040		100,000		120,694
6.00%, 4/1/2039		150,000		191,692
AstraZeneca PLC 6.45%, 9/15/2037		250,000		334,779
Bristol-Myers Squibb Co. 5.88%, 11/15/2036		124,000		157,775
Eli Lilly & Co. 5.50%, 3/15/2027		165,000		194,747
GlaxoSmithKline Capital, Inc. 6.38%, 5/15/2038		230,000		306,390
Johnson & Johnson:
4.50%, 9/1/2040 (a)		150,000		167,815
6.73%, 11/15/2023		250,000		358,883
Merck & Co, Inc.:
5.85%, 6/30/2039		100,000		129,393
6.50%, 12/1/2033		250,000		344,495
Pfizer, Inc. 7.20%, 3/15/2039		210,000		302,078
Teva Pharmaceutical Finance Co. LLC 6.15%, 2/1/2036		100,000		122,174
Wyeth 6.50%, 2/1/2034		325,000		436,739
				3,167,654
PIPELINES — 0.2%
CenterPoint Energy Resources Corp. 5.85%, 1/15/2041		35,000		40,033

See accompanying notes to financial statements.

108

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Texas Eastern Transmission LP 7.00%, 7/15/2032	$	100,000	$	125,269
				165,302
REAL ESTATE INVESTMENT TRUSTS — 0.3%
Health Care REIT, Inc. 6.50%, 3/15/2041		86,000		85,268
Simon Property Group LP 6.75%, 2/1/2040		65,000		84,861
Vornado Realty LP 5.00%, 1/15/2022		50,000		50,491
				220,620
ROAD & RAIL — 2.4%
Burlington Northern Santa Fe LLC:
5.75%, 5/1/2040		250,000		298,620
7.95%, 8/15/2030		50,000		68,749
Canadian National Railway Co.:
6.38%, 11/15/2037		100,000		133,825
6.90%, 7/15/2028		95,000		127,201
Canadian Pacific Railway Co. 4.45%, 3/15/2023 (a)		100,000		100,665
CSX Corp.:
4.75%, 5/30/2042		115,000		118,087
6.22%, 4/30/2040		120,000		147,416
Norfolk Southern Corp.:
6.00%, 3/15/2105		100,000		114,923
7.25%, 2/15/2031		130,000		179,331
Union Pacific Corp.:
4.16%, 7/15/2022		75,000		81,602
5.78%, 7/15/2040		200,000		241,464
				1,611,883
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%
Intel Corp. 4.80%, 10/1/2041		164,000		183,166
SOFTWARE — 1.1%
Microsoft Corp. 4.50%, 10/1/2040		300,000		340,809
Oracle Corp. 6.13%, 7/8/2039 (a)		305,000		405,422
				746,231
SPECIALTY RETAIL — 1.0%
Home Depot, Inc. 5.95%, 4/1/2041		50,000		65,009
Lowe’s Cos., Inc.:
5.80%, 10/15/2036		150,000		173,637
6.65%, 9/15/2037		50,000		61,734
The Home Depot, Inc. 5.88%, 12/16/2036		265,000		334,914
				635,294
TOBACCO — 1.2%
Altria Group, Inc. 9.95%, 11/10/2038		315,000		476,193
Lorillard Tobacco Co. 8.13%, 5/1/2040		50,000		58,165
Philip Morris International, Inc.:
4.38%, 11/15/2041		100,000		102,703
6.38%, 5/16/2038		100,000		130,359
				767,420
WIRELESS TELECOMMUNICATION SERVICES — 8.8%
Alltel Corp. 7.88%, 7/1/2032		100,000		143,768
America Movil SAB de CV 6.13%, 3/30/2040 (a)		200,000		238,462
AT&T Corp. 8.00%, 11/15/2031		219,000		311,130
AT&T, Inc.:
5.35%, 9/1/2040 (a)		695,000		781,716
6.15%, 9/15/2034		400,000		473,228
6.30%, 1/15/2038		165,000		201,146
6.55%, 2/15/2039		250,000		315,286
BellSouth Telecommunications, Inc. 6.38%, 6/1/2028		200,000		227,759
Deutsche Telekom International Finance BV:
8.75%, 6/15/2030		280,000		392,224
9.25%, 6/1/2032		50,000		73,512
Embarq Corp. 8.00%, 6/1/2036		200,000		211,811
France Telecom SA 8.50%, 3/1/2031		200,000		285,180
GTE Corp. 8.75%, 11/1/2021		114,000		160,235
Koninklijke KPN NV 8.38%, 10/1/2030		100,000		127,635
New Cingular Wireless Services, Inc. 8.75%, 3/1/2031		150,000		218,468
Telecom Italia Capital SA:
6.38%, 11/15/2033		150,000		114,750
7.72%, 6/4/2038		150,000		128,250
Telefonica Emisiones SAU 7.05%, 6/20/2036		100,000		96,943
Telefonica Europe BV 8.25%, 9/15/2030		95,000		102,438
Verizon Communications, Inc.:
6.25%, 4/1/2037		200,000		250,194
7.75%, 12/1/2030		420,000		581,641
Vodafone Group PLC:
6.15%, 2/27/2037 (a)		165,000		206,757
6.25%, 11/30/2032		100,000		124,886
				5,767,419
TOTAL CORPORATE BONDS & NOTES —
(Cost $60,810,055)				65,118,709
	Shares
SHORT TERM INVESTMENTS — 7.6%
MONEY MARKET FUNDS — 7.6%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		4,448,463		4,448,463

See accompanying notes to financial statements.

109

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
State Street Institutional Liquid Reserves Fund 0.15% (f)(g)		584,540	$	584,540
TOTAL SHORT TERM INVESTMENTS — (h)
(Cost $5,033,003)				5,033,003
TOTAL INVESTMENTS — 106.5% (i)
(Cost $65,843,058)				70,151,712
OTHER ASSETS & LIABILITIES — (6.5)%				(4,305,018	)
NET ASSETS — 100.0%			$	65,846,694

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Variable rate security. Rate shown is rate in effect at December 31, 2011. Maturity date disclosed is the ultimate maturity.
(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)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents less than 0.05% of net assets as of December 31, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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)	Value is determined based on Level 1 inputs. (Note 2)
(i)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

110

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
CORPORATE BONDS & NOTES — 98.0%
AEROSPACE & DEFENSE — 2.5%
Exelis, Inc. 5.55%, 10/1/2021 (a)	$	50,000	$	51,421
General Dynamics Corp. 5.25%, 2/1/2014		50,000		54,575
Goodrich Corp. 3.60%, 2/1/2021		50,000		51,870
Honeywell International, Inc. 4.25%, 3/1/2021		50,000		56,369
L-3 Communications Corp.:
3.95%, 11/15/2016		25,000		25,343
4.75%, 7/15/2020		25,000		24,614
Lockheed Martin Corp. 2.13%, 9/15/2016		50,000		49,856
Northrop Grumman Corp. 1.85%, 11/15/2015		50,000		49,649
Raytheon Co.:
3.13%, 10/15/2020		50,000		50,004
4.88%, 10/15/2040		15,000		15,617
Textron, Inc. 6.20%, 3/15/2015		60,000		64,230
The Boeing Co. 5.88%, 2/15/2040		20,000		25,833
United Technologies Corp. 6.13%, 7/15/2038		25,000		31,644
				551,025
AIR FREIGHT & LOGISTICS — 0.6%
Federal Express Corp. 9.65%, 6/15/2012		50,000		51,936
GATX Corp. 8.75%, 5/15/2014		50,000		56,827
United Parcel Service, Inc. 4.88%, 11/15/2040		25,000		28,655
				137,418
AIRLINES — 0.4%
Continental Airlines, Inc. 5.98%, 4/19/2022		46,474		48,449
Southwest Airlines Co. 6.50%, 3/1/2012		30,000		30,241
				78,690
AUTO COMPONENTS — 0.5%
BorgWarner, Inc. 4.63%, 9/15/2020		50,000		53,131
Johnson Controls, Inc. 4.25%, 3/1/2021		50,000		53,023
				106,154
AUTOMOBILES — 0.6%
Daimler Finance North America LLC:
6.50%, 11/15/2013		50,000		54,358
8.50%, 1/18/2031		25,000		34,652
PACCAR Financial Corp. 1.55%, 9/29/2014		50,000		49,850
				138,860
BEVERAGES — 1.6%
Anheuser-Busch InBev Worldwide, Inc. 2.50%, 3/26/2013		50,000		50,921
Beam, Inc. 5.88%, 1/15/2036		25,000		24,872
Coca-Cola Enterprises, Inc. 2.13%, 9/15/2015		50,000		50,689
Coca-Cola HBC Finance BV 5.50%, 9/17/2015		25,000		27,188
Diageo Capital PLC 5.20%, 1/30/2013		25,000		26,196
Dr Pepper Snapple Group, Inc. 2.90%, 1/15/2016		50,000		51,758
PepsiCo, Inc. 3.13%, 11/1/2020		50,000		51,764
The Coca-Cola Co. 4.88%, 3/15/2019		50,000		57,878
				341,266
BIOTECHNOLOGY — 1.4%
Amgen, Inc. 6.38%, 6/1/2037		25,000		28,863
Biogen Idec, Inc. 6.88%, 3/1/2018		25,000		30,378
Celgene Corp. 3.95%, 10/15/2020		50,000		50,840
Genentech, Inc. 4.75%, 7/15/2015		35,000		38,920
Genzyme Corp. 3.63%, 6/15/2015		50,000		53,409
Gilead Sciences, Inc. 4.50%, 4/1/2021		50,000		52,811
Life Technologies Corp. 4.40%, 3/1/2015		50,000		52,423
				307,644
BUILDING MATERIALS — 0.3%
CRH America, Inc. 6.00%, 9/30/2016		50,000		53,413
BUILDING PRODUCTS — 0.1%
Owens Corning 7.00%, 12/1/2036		25,000		24,665
CAPITAL MARKETS — 2.3%
Ameriprise Financial, Inc. 7.30%, 6/28/2019		25,000		29,895
BlackRock, Inc. 3.50%, 12/10/2014		60,000		63,776
Janus Capital Group, Inc. 6.70%, 6/15/2017		25,000		26,530
Jefferies Group, Inc. 3.88%, 11/9/2015		50,000		44,250
Morgan Stanley 6.25%, 8/9/2026		25,000		22,737
Raymond James Financial, Inc. 8.60%, 8/15/2019		50,000		57,941
TD Ameritrade Holding Corp. 4.15%, 12/1/2014		50,000		52,650
The Bank of New York Mellon Corp.:
4.30%, 5/15/2014		55,000		58,893

See accompanying notes to financial statements.

111

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
5.45%, 5/15/2019	$	65,000	$	73,064
The Charles Schwab Corp. 4.95%, 6/1/2014		50,000		54,002
The Goldman Sachs Group, Inc. 5.50%, 11/15/2014		25,000		25,691
				509,429
CHEMICALS — 2.8%
Agrium, Inc. 6.13%, 1/15/2041		25,000		30,544
Air Products & Chemicals, Inc. 2.00%, 8/2/2016		15,000		15,305
E.I. du Pont de Nemours & Co. 6.00%, 7/15/2018		50,000		61,091
Eastman Chemical Co. 3.00%, 12/15/2015		25,000		25,716
FMC Corp. 3.95%, 2/1/2022		50,000		50,518
ICI Wilmington, Inc. 5.63%, 12/1/2013		42,000		44,524
Monsanto Co. 2.75%, 4/15/2016		25,000		26,358
Potash Corp. of Saskatchewan, Inc. 4.88%, 3/30/2020		50,000		57,102
PPG Industries, Inc. 5.75%, 3/15/2013		50,000		52,716
Praxair, Inc. 5.25%, 11/15/2014		50,000		55,682
RPM International, Inc. 6.13%, 10/15/2019		25,000		27,344
The Dow Chemical Co. 7.38%, 11/1/2029		50,000		63,798
The Mosaic Co.:
3.75%, 11/15/2021		25,000		25,259
4.88%, 11/15/2041		25,000		25,635
The Sherwin-Williams Co. 3.13%, 12/15/2014		50,000		52,620
				614,212
COMMERCIAL BANKS — 5.9%
Abbey National Treasury Services PLC 4.00%, 4/27/2016		50,000		44,331
American Express Bank FSB 6.00%, 9/13/2017		25,000		28,286
Associated Banc-Corp. 5.13%, 3/28/2016		85,000		86,567
Bank of Montreal 2.13%, 6/28/2013		50,000		50,871
Bank of Nova Scotia 3.40%, 1/22/2015		50,000		52,462
Barclays Bank PLC 5.13%, 1/8/2020		50,000		51,159
BB&T Corp. 3.20%, 3/15/2016		50,000		51,916
BBVA US Senior SAU 3.25%, 5/16/2014		50,000		46,931
BNP Paribas 5.00%, 1/15/2021		50,000		47,642
Canadian Imperial Bank of Commerce/Canada 1.45%, 9/13/2013		60,000		59,953
Credit Suisse of New York, NY 5.00%, 5/15/2013		50,000		51,233
Deutsche Bank AG 4.88%, 5/20/2013		50,000		51,025
Discover Bank/Greenwood DE 7.00%, 4/15/2020		50,000		51,986
First Horizon National Corp. 5.38%, 12/15/2015		95,000		95,959
KeyCorp:
5.10%, 3/24/2021		50,000		51,770
6.50%, 5/14/2013		75,000		79,125
Lloyds TSB Bank PLC 4.88%, 1/21/2016		50,000		48,806
PNC Funding Corp. 3.63%, 2/8/2015		20,000		20,887
Royal Bank of Canada 1.13%, 1/15/2014		50,000		50,013
SVB Financial Group 5.38%, 9/15/2020		50,000		50,346
The Toronto-Dominion Bank 2.38%, 10/19/2016		50,000		50,420
US Bancorp 4.20%, 5/15/2014		50,000		53,362
Wells Fargo & Co. 5.63%, 12/11/2017		50,000		56,402
Westpac Banking Corp. 3.00%, 8/4/2015		25,000		24,966
Zions Bancorporation 7.75%, 9/23/2014		25,000		26,125
				1,282,543
COMMERCIAL SERVICES & SUPPLIES — 0.8%
Avery Dennison Corp. 5.38%, 4/15/2020		35,000		36,546
Block Financial LLC 7.88%, 1/15/2013		50,000		51,625
Pitney Bowes, Inc. 4.88%, 8/15/2014		25,000		26,555
Republic Services, Inc. 5.25%, 11/15/2021		20,000		22,590
Waste Management, Inc. 6.38%, 11/15/2012		25,000		26,136
				163,452
COMMUNICATIONS EQUIPMENT — 1.1%
Cisco Systems, Inc. 5.90%, 2/15/2039		25,000		31,532
Harris Corp. 5.00%, 10/1/2015		50,000		55,317
Juniper Networks, Inc. 4.60%, 3/15/2021		50,000		52,986
Motorola Solutions, Inc. 6.00%, 11/15/2017		50,000		55,629
Nokia Oyj 5.38%, 5/15/2019		50,000		50,151
				245,615

See accompanying notes to financial statements.

112

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
COMPUTERS & PERIPHERALS — 0.8%
Dell, Inc. 5.40%, 9/10/2040	$	25,000	$	27,468
Hewlett-Packard Co. 4.75%, 6/2/2014		25,000		26,335
International Business Machines Corp. 5.70%, 9/14/2017		50,000		60,554
Lexmark International, Inc. 5.90%, 6/1/2013		50,000		52,139
				166,496
CONSUMER FINANCE — 0.3%
Caterpillar Financial Services Corp. 4.70%, 3/15/2012		50,000		50,424
SLM Corp. 5.00%, 4/15/2015		25,000		24,375
				74,799
CONTAINERS & PACKAGING — 0.4%
Bemis Co., Inc. 4.50%, 10/15/2021		50,000		51,703
Sonoco Products Co. 5.75%, 11/1/2040		40,000		41,942
				93,645
DIVERSIFIED FINANCIAL SERVICES — 4.8%
Allstate Life Global Funding Trusts 5.38%, 4/30/2013		50,000		52,680
Alterra Finance LLC 6.25%, 9/30/2020		50,000		52,665
AXA Financial, Inc. 7.00%, 4/1/2028		35,000		36,325
Boeing Capital Corp. 2.90%, 8/15/2018		15,000		15,600
BP Capital Markets PLC 3.13%, 10/1/2015		50,000		52,318
Capital One Financial Corp. 6.75%, 9/15/2017		17,000		19,187
Citigroup, Inc.:
3.95%, 6/15/2016		50,000		49,624
5.50%, 10/15/2014		60,000		61,533
CME Group, Inc. 5.40%, 8/1/2013		50,000		53,123
Countrywide Financial Corp. 5.80%, 6/7/2012		50,000		50,105
General Electric Capital Corp. 3.50%, 6/29/2015		50,000		52,279
HSBC Finance Corp. 6.38%, 11/27/2012		25,000		25,714
JPMorgan Chase & Co.:
4.75%, 5/1/2013		25,000		26,120
5.50%, 10/15/2040		25,000		26,054
Lazard Group LLC 6.85%, 6/15/2017		95,000		99,879
Moody’s Corp. 5.50%, 9/1/2020		50,000		52,189
Nomura Holdings, Inc. 5.00%, 3/4/2015		50,000		50,523
NYSE Euronext 4.80%, 6/28/2013		50,000		52,465
ORIX Corp. 5.00%, 1/12/2016		60,000		62,577
The Nasdaq OMX Group, Inc. 5.25%, 1/16/2018		30,000		31,140
The Western Union Co. 5.25%, 4/1/2020		25,000		27,414
Toyota Motor Credit Corp. 1.38%, 8/12/2013		50,000		50,463
UBS AG of Stamford, CT 2.25%, 8/12/2013		50,000		49,222
				1,049,199
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%
British Telecommunications PLC 5.15%, 1/15/2013		50,000		51,849
ELECTRIC UTILITIES — 4.9%
Appalachian Power Co. 5.80%, 10/1/2035		25,000		29,447
Arizona Public Service Co. 8.75%, 3/1/2019		50,000		64,402
Consolidated Edison Co. of New York 5.38%, 12/15/2015		50,000		57,022
Constellation Energy Group, Inc. 5.15%, 12/1/2020		50,000		54,771
Duke Energy Carolinas LLC 6.10%, 6/1/2037		25,000		32,777
Entergy Gulf States Louisiana LLC 5.59%, 10/1/2024		25,000		27,946
Exelon Generation Co. LLC 6.20%, 10/1/2017		50,000		58,277
Florida Power & Light Co. 4.13%, 2/1/2042		25,000		25,877
Georgia Power Co. 5.65%, 3/1/2037		25,000		30,531
Great Plains Energy, Inc. 4.85%, 6/1/2021		25,000		26,404
Kentucky Utilities Co. 5.13%, 11/1/2040		25,000		30,200
NextEra Energy Capital Holdings, Inc. 2.55%, 11/15/2013		50,000		51,062
Nisource Finance Corp. 5.95%, 6/15/2041		25,000		26,574
Oklahoma Gas & Electric Co. 5.25%, 5/15/2041		25,000		29,572
Pacific Gas & Electric Co. 5.80%, 3/1/2037		35,000		42,320
Potomac Electric Power Co. 7.90%, 12/15/2038		35,000		54,878
Progress Energy, Inc. 4.40%, 1/15/2021		50,000		54,785
Public Service Electric & Gas Co.:
0.85%, 8/15/2014		20,000		19,891
5.50%, 3/1/2040		15,000		18,885
Scottish Power Ltd. 5.38%, 3/15/2015		25,000		26,262
Southern California Edison Co. 3.88%, 6/1/2021		20,000		22,164
TECO Finance, Inc. 5.15%, 3/15/2020		50,000		55,186

See accompanying notes to financial statements.

113

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
The Cleveland Electric Illuminating Co. 5.70%, 4/1/2017	$	50,000	$	56,021
The Detroit Edison Co. 5.60%, 6/15/2018		50,000		59,767
UIL Holdings Corp. 4.63%, 10/1/2020		34,000		35,239
Wisconsin Electric Power Co. 5.70%, 12/1/2036		25,000		31,595
Wisconsin Power & Light Co. 5.00%, 7/15/2019		50,000		58,079
				1,079,934
ELECTRICAL EQUIPMENT — 0.5%
Emerson Electric Co. 4.25%, 11/15/2020		50,000		55,354
Roper Industries, Inc. 6.25%, 9/1/2019		50,000		59,086
				114,440
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%
Agilent Technologies, Inc. 6.50%, 11/1/2017		50,000		58,891
Arrow Electronics, Inc. 3.38%, 11/1/2015		50,000		50,062
Avnet, Inc. 6.63%, 9/15/2016		50,000		55,940
Corning, Inc. 5.75%, 8/15/2040		30,000		35,647
				200,540
ENERGY EQUIPMENT & SERVICES — 0.6%
Cameron International Corp. 5.95%, 6/1/2041		25,000		29,002
Halliburton Co. 6.70%, 9/15/2038		25,000		33,425
Nabors Industries, Inc. 9.25%, 1/15/2019		50,000		62,398
				124,825
FOOD & STAPLES RETAILING — 1.3%
Costco Wholesale Corp. 5.50%, 3/15/2017		25,000		29,728
CVS Caremark Corp. 6.13%, 8/15/2016		20,000		23,203
Safeway, Inc. 6.25%, 3/15/2014		50,000		55,176
Sysco Corp. 6.63%, 3/17/2039		25,000		36,552
Target Corp. 7.00%, 1/15/2038		25,000		34,699
The Kroger Co. 6.15%, 1/15/2020		50,000		60,485
Wal-Mart Stores, Inc. 6.20%, 4/15/2038		20,000		26,272
Walgreen Co. 4.88%, 8/1/2013		25,000		26,662
				292,777
FOOD PRODUCTS — 3.1%
Archer-Daniels-Midland Co. 5.77%, 3/1/2041		25,000		31,469
Bunge Ltd. Finance Corp. 5.35%, 4/15/2014		50,000		52,735
Campbell Soup Co. 4.25%, 4/15/2021		25,000		27,787
ConAgra Foods, Inc. 7.00%, 4/15/2019		50,000		58,627
Corn Products International, Inc. 4.63%, 11/1/2020		50,000		52,785
Delhaize Group SA 5.70%, 10/1/2040		25,000		25,480
General Mills, Inc. 5.70%, 2/15/2017		50,000		58,858
HJ Heinz Finance Co. 6.75%, 3/15/2032		27,000		35,154
Kellogg Co. 4.15%, 11/15/2019		50,000		53,918
Kraft Foods, Inc. 6.13%, 2/1/2018		35,000		40,778
Ralcorp Holdings, Inc. 6.63%, 8/15/2039		25,000		26,175
Sara Lee Corp. 2.75%, 9/15/2015		50,000		50,281
The Hershey Co. 4.13%, 12/1/2020		50,000		55,722
Tyson Foods, Inc. 10.50%, 3/1/2014		50,000		57,621
Unilever Capital Corp. 2.75%, 2/10/2016		50,000		52,913
				680,303
GAS UTILITIES — 0.9%
AGL Capital Corp. 5.25%, 8/15/2019		50,000		55,901
Atmos Energy Corp. 6.35%, 6/15/2017		50,000		58,951
National Grid PLC 6.30%, 8/1/2016		25,000		28,693
Southern California Gas Co. 5.45%, 4/15/2018		35,000		40,699
				184,244
HEALTH CARE EQUIPMENT & SUPPLIES — 2.0%
Baxter International, Inc. 6.25%, 12/1/2037		25,000		32,975
Becton Dickinson and Co. 3.25%, 11/12/2020		25,000		25,731
Boston Scientific Corp. 7.38%, 1/15/2040		35,000		44,535
C.R. Bard, Inc. 4.40%, 1/15/2021		25,000		28,018
CareFusion Corp. 6.38%, 8/1/2019		50,000		59,413
Covidien International Finance SA 4.20%, 6/15/2020		50,000		54,750
DENTSPLY International, Inc. 4.13%, 8/15/2021		50,000		51,202

See accompanying notes to financial statements.

114

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Medtronic, Inc. 3.00%, 3/15/2015	$	25,000	$	26,097
St. Jude Medical, Inc. 2.50%, 1/15/2016		35,000		36,034
Stryker Corp. 2.00%, 9/30/2016		50,000		50,751
Zimmer Holdings, Inc. 5.75%, 11/30/2039		25,000		29,209
				438,715
HEALTH CARE PROVIDERS & SERVICES — 2.4%
Aetna, Inc. 3.95%, 9/1/2020		50,000		51,957
AmerisourceBergen Corp. 4.88%, 11/15/2019		50,000		55,883
Cardinal Health, Inc. 5.80%, 10/15/2016		50,000		57,917
Cigna Corp. 8.50%, 5/1/2019		50,000		63,722
Coventry Health Care, Inc. 6.30%, 8/15/2014		30,000		32,906
Express Scripts, Inc. 3.13%, 5/15/2016		20,000		20,110
Humana, Inc. 8.15%, 6/15/2038		25,000		31,825
Laboratory Corp. of America Holdings 4.63%, 11/15/2020		35,000		36,957
McKesson Corp. 4.75%, 3/1/2021		50,000		56,437
Quest Diagnostics, Inc. 6.40%, 7/1/2017		15,000		17,577
UnitedHealth Group, Inc. 3.88%, 10/15/2020		50,000		53,461
WellPoint, Inc. 6.38%, 1/15/2012		50,000		50,089
				528,841
HOTELS, RESTAURANTS & LEISURE — 1.0%
Darden Restaurants, Inc. 6.80%, 10/15/2037		25,000		29,199
International Game Technology 5.50%, 6/15/2020		35,000		37,252
Marriott International, Inc. 6.38%, 6/15/2017		50,000		57,647
McDonald’s Corp. 5.35%, 3/1/2018		20,000		23,774
Starbucks Corp. 6.25%, 8/15/2017		35,000		41,361
Yum! Brands, Inc. 3.88%, 11/1/2020		25,000		25,470
				214,703
HOUSEHOLD DURABLES — 0.5%
Newell Rubbermaid, Inc. 4.70%, 8/15/2020		50,000		52,627
Whirlpool Corp. 8.00%, 5/1/2012		50,000		51,116
				103,743
HOUSEHOLD PRODUCTS — 0.9%
Church & Dwight Co., Inc. 3.35%, 12/15/2015		25,000		25,853
Colgate-Palmolive Co. 3.15%, 8/5/2015		25,000		26,765
Energizer Holdings, Inc. 4.70%, 5/19/2021 (a)		50,000		53,021
Kimberly-Clark Corp. 6.25%, 7/15/2018		25,000		30,668
The Clorox Co. 3.80%, 11/15/2021		50,000		50,808
				187,115
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.3%
TransAlta Corp. 6.65%, 5/15/2018		50,000		57,769
INDUSTRIAL CONGLOMERATES — 1.0%
3M Co. 1.38%, 9/29/2016		50,000		50,311
Cooper US, Inc. 2.38%, 1/15/2016		50,000		51,234
Koninklijke Philips Electronics NV 6.88%, 3/11/2038		25,000		31,954
Tyco Electronics Group SA 4.88%, 1/15/2021		50,000		53,590
Tyco International Finance SA 8.50%, 1/15/2019		25,000		32,424
				219,513
INSURANCE — 8.9%
ACE INA Holdings, Inc. 2.60%, 11/23/2015		50,000		50,856
AEGON Funding Co. LLC 5.75%, 12/15/2020		35,000		36,303
Aflac, Inc. 6.45%, 8/15/2040		50,000		52,597
Alleghany Corp. 5.63%, 9/15/2020		50,000		52,817
Allied World Assurance Co., Ltd. 7.50%, 8/1/2016		25,000		28,140
American Financial Group, Inc. 9.88%, 6/15/2019		30,000		37,679
American International Group, Inc.:
5.05%, 10/1/2015		50,000		48,195
5.45%, 5/18/2017		35,000		33,367
6.40%, 12/15/2020		20,000		20,102
AON Corp. 3.13%, 5/27/2016		35,000		35,338
Assurant, Inc. 6.75%, 2/15/2034		50,000		52,264
Axis Capital Holdings, Ltd. 5.75%, 12/1/2014		50,000		52,579
Cincinnati Financial Corp. 6.13%, 11/1/2034		50,000		49,753
CNA Financial Corp. 5.75%, 8/15/2021		25,000		25,510
Delphi Financial Group, Inc. 7.88%, 1/31/2020		25,000		28,613

See accompanying notes to financial statements.

115

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Endurance Specialty Holdings, Ltd. 7.00%, 7/15/2034	$	50,000	$	50,481
Fidelity National Financial, Inc. 6.60%, 5/15/2017		30,000		31,530
Genworth Financial, Inc. 6.52%, 5/22/2018		25,000		23,000
Hartford Financial Services Group, Inc. 6.30%, 3/15/2018		50,000		52,144
HCC Insurance Holdings, Inc. 6.30%, 11/15/2019		50,000		55,128
Lincoln National Corp. 6.25%, 2/15/2020		25,000		27,109
Loews Corp. 6.00%, 2/1/2035		25,000		27,261
Manulife Financial Corp. 4.90%, 9/17/2020		120,000		122,348
Markel Corp. 7.13%, 9/30/2019		50,000		57,360
Marsh & McLennan Cos., Inc.:
4.80%, 7/15/2021		25,000		27,143
5.75%, 9/15/2015		24,000		26,663
MetLife, Inc. 6.82%, 8/15/2018		25,000		29,662
PartnerRe, Ltd. 5.50%, 6/1/2020		50,000		50,929
Principal Financial Group, Inc. 8.88%, 5/15/2019		50,000		61,738
Protective Life Corp. 7.38%, 10/15/2019		50,000		55,125
Prudential Financial, Inc. 4.50%, 7/15/2013		50,000		51,887
Reinsurance Group of America, Inc. 6.45%, 11/15/2019		50,000		55,791
Swiss Re Solutions Holding Corp. 6.45%, 3/1/2019		50,000		55,674
The Hanover Insurance Group, Inc. 6.38%, 6/15/2021		50,000		53,101
The Progressive Corp. 3.75%, 8/23/2021		50,000		51,745
Transatlantic Holdings, Inc. 8.00%, 11/30/2039		50,000		57,007
Travelers Property Casualty Corp. 6.38%, 3/15/2033		25,000		31,105
Unitrin, Inc. 6.00%, 5/15/2017		50,000		52,713
Unum Group 7.13%, 9/30/2016		50,000		56,831
Validus Holdings Ltd. 8.88%, 1/26/2040		25,000		27,840
W.R. Berkley Corp. 6.25%, 2/15/2037		50,000		49,590
Willis North America, Inc. 7.00%, 9/29/2019		50,000		56,101
XL Group PLC 6.38%, 11/15/2024		50,000		52,700
				1,953,819
INTERNET & CATALOG RETAIL — 0.2%
Expedia, Inc. 5.95%, 8/15/2020		35,000		35,412
IT SERVICES — 0.5%
Computer Sciences Corp., Series W 5.50%, 3/15/2013		25,000		25,071
Fiserv, Inc. 3.13%, 6/15/2016		35,000		35,636
SAIC, Inc. 4.45%, 12/1/2020		50,000		54,314
				115,021
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Mattel, Inc. 6.20%, 10/1/2040		10,000		10,981
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Bio-Rad Laboratories, Inc. 4.88%, 12/15/2020		25,000		26,203
MACHINERY — 3.0%
Cummins, Inc. 7.13%, 3/1/2028		25,000		32,260
Danaher Corp. 5.40%, 3/1/2019		50,000		59,193
Deere & Co. 5.38%, 10/16/2029		25,000		31,111
Dover Corp. 5.38%, 3/1/2041		35,000		42,449
Eaton Corp. 6.95%, 3/20/2019		50,000		63,200
Harsco Corp. 2.70%, 10/15/2015		50,000		51,475
IDEX Corp. 4.50%, 12/15/2020		50,000		53,325
Illinois Tool Works, Inc. 4.88%, 9/15/2041 (a)		25,000		28,473
Ingersoll-Rand Global Holding Co., Ltd. 6.88%, 8/15/2018		35,000		42,798
Joy Global, Inc. 5.13%, 10/15/2021		20,000		21,515
Parker Hannifin Corp. 6.25%, 5/15/2038		25,000		31,197
Pentair, Inc. 5.00%, 5/15/2021		50,000		52,778
Snap-On, Inc. 6.13%, 9/1/2021		25,000		30,287
Stanley Black & Decker, Inc. 5.20%, 9/1/2040		35,000		38,236
Timken Co. 6.00%, 9/15/2014		50,000		54,191
Valmont Industries, Inc. 6.63%, 4/20/2020		25,000		29,357
				661,845
MEDIA — 3.0%
CBS Corp. 7.88%, 7/30/2030		25,000		31,975
Comcast Cable Communications LLC 7.13%, 6/15/2013		25,000		27,056

See accompanying notes to financial statements.

116

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
DIRECTV Holdings LLC/ DIRECTV Financing Co., Inc.:
5.20%, 3/15/2020	$	25,000	$	26,946
6.38%, 3/1/2041		25,000		28,700
Discovery Communications LLC 5.63%, 8/15/2019		35,000		40,256
Grupo Televisa SAB 8.50%, 3/11/2032		50,000		65,921
NBCUniversal Media LLC 5.15%, 4/30/2020		25,000		28,046
News America, Inc. 6.20%, 12/15/2034		50,000		54,087
Omnicom Group, Inc. 6.25%, 7/15/2019		50,000		57,351
The Mcgraw-hill Cos, Inc. 6.55%, 11/15/2037		25,000		26,069
The Walt Disney Co. 2.75%, 8/16/2021		25,000		25,373
Time Warner Cable, Inc. 5.40%, 7/2/2012		50,000		51,127
Time Warner, Inc. 4.70%, 1/15/2021		50,000		54,116
Viacom, Inc. 4.25%, 9/15/2015		25,000		26,823
Virgin Media Secured Finance PLC 5.25%, 1/15/2021		50,000		52,104
WPP Finance UK 8.00%, 9/15/2014		50,000		56,084
				652,034
METALS & MINING — 3.3%
Alcoa, Inc. 5.40%, 4/15/2021		25,000		24,776
Allegheny Technologies, Inc. 9.38%, 6/1/2019		50,000		62,102
AngloGold Ashanti Holdings PLC 5.38%, 4/15/2020		50,000		49,507
ArcelorMittal 5.50%, 3/1/2021		50,000		45,858
Barrick North America Finance LLC 6.80%, 9/15/2018		50,000		60,201
BHP Billiton Finance USA, Ltd. 6.50%, 4/1/2019		35,000		43,615
Cliffs Natural Resources, Inc. 4.80%, 10/1/2020		50,000		49,737
Freeport-McMoRan Copper & Gold, Inc. 8.38%, 4/1/2017		50,000		52,938
Kinross Gold Corp. 5.13%, 9/1/2021 (a)		50,000		48,700
Newmont Mining Corp. 5.88%, 4/1/2035		25,000		28,491
Nucor Corp. 6.40%, 12/1/2037		25,000		32,615
Rio Tinto Finance USA, Ltd. 8.95%, 5/1/2014		50,000		58,430
Southern Copper Corp. 7.50%, 7/27/2035		25,000		27,305
Teck Resources, Ltd. 4.75%, 1/15/2022		28,000		30,024
Vale Overseas, Ltd. 6.88%, 11/10/2039		25,000		28,747
Xstrata Canada Corp.:
5.38%, 6/1/2015		50,000		53,510
6.20%, 6/15/2035		25,000		25,736
				722,292
MULTI-UTILITIES — 2.1%
American Water Capital Corp. 6.09%, 10/15/2017		35,000		41,125
CenterPoint Energy Resources Corp. 7.88%, 4/1/2013		35,000		37,822
Dominion Resources, Inc. 5.60%, 11/15/2016		50,000		57,964
Integrys Energy Group, Inc. 4.17%, 11/1/2020		50,000		52,047
MidAmerican Energy Holdings Co. 6.13%, 4/1/2036		50,000		58,909
NSTAR 4.50%, 11/15/2019		25,000		27,568
Sempra Energy 6.00%, 10/15/2039		25,000		30,390
United Utilities PLC 6.88%, 8/15/2028		50,000		57,632
Veolia Environnement SA 6.75%, 6/1/2038		25,000		29,074
Xcel Energy, Inc. 4.70%, 5/15/2020		50,000		56,157
				448,688
MULTILINE RETAIL — 0.5%
Kohl’s Corp. 6.88%, 12/15/2037		25,000		31,074
Macy’s Retail Holdings, Inc. 6.70%, 7/15/2034		25,000		27,261
Nordstrom, Inc. 4.00%, 10/15/2021		50,000		51,955
				110,290
OFFICE ELECTRONICS — 0.2%
Xerox Corp. 4.50%, 5/15/2021		45,000		45,952
OIL, GAS & CONSUMABLE FUELS — 9.4%
Alberta Energy Co. Ltd. 7.38%, 11/1/2031		45,000		55,325
Anadarko Petroleum Corp. 5.95%, 9/15/2016		25,000		28,167
Apache Corp. 6.00%, 9/15/2013		25,000		27,199
Baker Hughes, Inc. 3.20%, 8/15/2021 (a)		50,000		51,362
Boardwalk Pipelines LP 5.88%, 11/15/2016		25,000		27,947
Canadian Natural Resources, Ltd. 5.15%, 2/1/2013		25,000		26,074
Cenovus Energy, Inc. 6.75%, 11/15/2039		25,000		33,082
Chevron Corp. 4.95%, 3/3/2019		35,000		41,420

See accompanying notes to financial statements.

117

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
ConocoPhillips 4.60%, 1/15/2015	$	50,000	$	55,312
DCP Midstream Operating LP 3.25%, 10/1/2015		50,000		50,546
Devon Financing Corp. ULC 7.88%, 9/30/2031		25,000		35,691
Diamond Offshore Drilling, Inc. 5.88%, 5/1/2019		50,000		57,537
Enbridge, Inc. 5.60%, 4/1/2017		50,000		56,426
Energy Transfer Partners LP 9.00%, 4/15/2019		25,000		29,987
Eni USA, Inc. 7.30%, 11/15/2027		35,000		45,959
Ensco PLC 4.70%, 3/15/2021		50,000		51,414
Enterprise Products Operating LLC 5.60%, 10/15/2014		35,000		38,388
EOG Resources, Inc. 4.40%, 6/1/2020		50,000		55,669
EQT Corp. 6.50%, 4/1/2018		50,000		56,337
Hess Corp. 7.88%, 10/1/2029		25,000		33,875
Husky Energy, Inc. 5.90%, 6/15/2014		25,000		27,223
Kinder Morgan Energy Partners LP 6.50%, 9/1/2039		35,000		38,533
Magellan Midstream Partners LP 6.55%, 7/15/2019		50,000		58,854
Marathon Oil Corp. 6.80%, 3/15/2032		35,000		42,876
Nexen, Inc. 6.40%, 5/15/2037		30,000		32,103
Noble Energy, Inc. 8.25%, 3/1/2019		25,000		32,888
Noble Holding International, Ltd. 4.63%, 3/1/2021		50,000		52,089
NuStar Logistics LP 4.80%, 9/1/2020		25,000		26,128
Occidental Petroleum Corp. 4.10%, 2/1/2021		50,000		55,292
ONEOK Partners LP:
3.25%, 2/1/2016		30,000		30,822
6.13%, 2/1/2041		65,000		74,879
ONEOK, Inc. 5.20%, 6/15/2015		50,000		54,721
Panhandle Eastern Pipeline Co. LP 6.20%, 11/1/2017		25,000		28,477
Petro-Canada 6.05%, 5/15/2018		25,000		29,513
Plains All American Pipeline LP/PAA Finance Corp. 5.75%, 1/15/2020		50,000		56,796
Rowan Cos., Inc. 7.88%, 8/1/2019		35,000		41,227
Shell International Finance BV 4.30%, 9/22/2019		25,000		28,761
Southern Natural Gas Co. 8.00%, 3/1/2032		25,000		31,609
Spectra Energy Capital LLC 8.00%, 10/1/2019		50,000		63,695
Statoil ASA 3.13%, 8/17/2017		50,000		53,008
Sunoco Logistics Partners Operations LP 4.65%, 2/15/2022		15,000		15,335
Talisman Energy, Inc. 5.85%, 2/1/2037		25,000		27,769
Total Capital SA 4.25%, 12/15/2021		25,000		27,618
TransCanada Pipelines, Ltd. 6.20%, 10/15/2037		25,000		31,379
Transocean, Inc. 6.50%, 11/15/2020		50,000		51,441
Valero Energy Corp.:
6.63%, 6/15/2037		25,000		26,974
9.38%, 3/15/2019		35,000		44,472
Weatherford International, Inc. 6.35%, 6/15/2017		50,000		56,651
XTO Energy, Inc. 6.25%, 8/1/2017		50,000		62,554
				2,061,404
PAPER & FOREST PRODUCTS — 0.3%
International Paper Co. 9.38%, 5/15/2019		50,000		64,876
PERSONAL PRODUCTS — 0.7%
Avon Products, Inc. 4.20%, 7/15/2018		25,000		25,108
The Estee Lauder Cos, Inc. 6.00%, 5/15/2037		50,000		65,226
The Procter & Gamble Co. 1.80%, 11/15/2015		50,000		51,478
				141,812
PHARMACEUTICALS — 2.4%
Abbott Laboratories 5.13%, 4/1/2019		25,000		29,283
Allergan Inc/United States 3.38%, 9/15/2020		25,000		25,764
AstraZeneca PLC 5.90%, 9/15/2017		25,000		30,023
Bristol-Myers Squibb Co. 6.13%, 5/1/2038		25,000		33,033
Eli Lilly & Co. 5.20%, 3/15/2017		50,000		57,632
GlaxoSmithKline Capital, Inc. 5.38%, 4/15/2034		25,000		29,566
Hospira, Inc. 6.05%, 3/30/2017		50,000		55,581
Johnson & Johnson 5.85%, 7/15/2038		25,000		32,941
Medco Health Solutions, Inc. 6.13%, 3/15/2013		50,000		52,599
Merck & Co, Inc. 3.88%, 1/15/2021		50,000		55,430
Novartis Capital Corp. 2.90%, 4/24/2015		25,000		26,385

See accompanying notes to financial statements.

118

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Teva Pharmaceutical Finance Co. LLC 6.15%, 2/1/2036	$	25,000	$	30,543
Watson Pharmaceuticals, Inc. 6.13%, 8/15/2019		25,000		29,222
Wyeth 5.50%, 2/1/2014		25,000		27,362
				515,364
PIPELINES — 0.4%
Northern Border Pipeline Co. 7.50%, 9/15/2021		25,000		32,041
Spectra Energy Partners LP 4.60%, 6/15/2021		60,000		62,218
				94,259
PROFESSIONAL SERVICES — 0.2%
Dun & Bradstreet Corp. 2.88%, 11/15/2015		50,000		51,359
REAL ESTATE INVESTMENT TRUSTS — 6.5%
AvalonBay Communities, Inc. 5.70%, 3/15/2017		50,000		56,230
BioMed Realty LP 3.85%, 4/15/2016		50,000		50,512
Boston Properties LP 4.13%, 5/15/2021		50,000		50,196
Brandywine Operating Partnership LP 4.95%, 4/15/2018		50,000		49,079
BRE Properties, Inc. 5.50%, 3/15/2017		50,000		54,126
Camden Property Trust 4.63%, 6/15/2021		25,000		25,385
CommonWealth REIT 6.25%, 8/15/2016		50,000		53,420
Duke Realty LP 6.75%, 3/15/2020		25,000		27,430
ERP Operating LP 5.25%, 9/15/2014		50,000		53,085
HCP, Inc. 5.65%, 12/15/2013		50,000		52,355
Healthcare Realty Trust, Inc. 6.50%, 1/17/2017		50,000		52,971
Highwoods Realty LP 5.85%, 3/15/2017		30,000		31,238
Hospitality Properties Trust 6.75%, 2/15/2013		50,000		51,549
Kilroy Realty LP 5.00%, 11/3/2015		50,000		51,510
Kimco Realty Corp. 4.30%, 2/1/2018		50,000		49,019
Liberty Property LP:
4.75%, 10/1/2020		70,000		71,384
6.63%, 10/1/2017		25,000		28,630
Mack-Cali Realty LP 7.75%, 8/15/2019		50,000		59,588
ProLogis LP 4.50%, 8/15/2017		40,000		39,823
Realty Income Corp. 6.75%, 8/15/2019		50,000		57,106
Regency Centers LP 5.25%, 8/1/2015		50,000		52,853
Senior Housing Properties Trust 4.30%, 1/15/2016		50,000		49,927
Simon Property Group LP 6.13%, 5/30/2018		50,000		57,562
Tanger Properties LP 6.15%, 11/15/2015		60,000		65,279
UDR, Inc. 5.25%, 1/15/2015		50,000		52,590
Ventas Realty LP/Ventas Capital Corp.:
3.13%, 11/30/2015		15,000		14,667
4.75%, 6/1/2021		25,000		24,308
Vornado Realty LP 4.25%, 4/1/2015		85,000		87,362
Washington Real Estate Investment Trust 4.95%, 10/1/2020		50,000		51,523
				1,420,707
ROAD & RAIL — 1.6%
Canadian National Railway Co. 6.20%, 6/1/2036		25,000		32,750
Canadian Pacific Railway Co. 4.45%, 3/15/2023		50,000		50,332
Con-way, Inc. 7.25%, 1/15/2018		25,000		27,799
CSX Corp. 3.70%, 10/30/2020		50,000		51,506
JB Hunt Transport Services, Inc. 3.38%, 9/15/2015		50,000		51,111
Norfolk Southern Corp.:
3.25%, 12/1/2021		25,000		25,245
7.25%, 2/15/2031		25,000		34,487
Ryder System, Inc. 3.15%, 3/2/2015		50,000		51,385
Union Pacific Corp. 5.13%, 2/15/2014		25,000		26,950
				351,565
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.2%
Analog Devices, Inc. 3.00%, 4/15/2016		50,000		52,912
Applied Materials, Inc. 5.85%, 6/15/2041		30,000		34,086
Intel Corp. 4.80%, 10/1/2041		35,000		39,090
KLA-Tencor Corp. 6.90%, 5/1/2018		30,000		33,798
Maxim Integrated Products, Inc. 3.45%, 6/14/2013		60,000		61,460
National Semiconductor Corp. 6.15%, 6/15/2012		47,000		48,152
				269,498
SOFTWARE — 0.7%
Adobe Systems, Inc. 3.25%, 2/1/2015		25,000		26,129
Microsoft Corp. 1.63%, 9/25/2015		50,000		50,977
Oracle Corp. 6.13%, 7/8/2039		25,000		33,231

See accompanying notes to financial statements.

119

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Symantec Corp. 2.75%, 9/15/2015	$	50,000	$	50,635
				160,972
SPECIALTY RETAIL — 1.4%
Advance Auto Parts, Inc. 5.75%, 5/1/2020		50,000		55,311
AutoZone, Inc. 5.75%, 1/15/2015		21,000		23,186
Best Buy Co., Inc. 3.75%, 3/15/2016		30,000		29,495
Lowe’s Cos., Inc. 3.75%, 4/15/2021		50,000		52,506
O’Reilly Automotive, Inc. 4.63%, 9/15/2021		25,000		26,238
Staples, Inc. 9.75%, 1/15/2014		35,000		39,929
The Gap, Inc. 5.95%, 4/12/2021		50,000		47,500
The Home Depot, Inc. 5.40%, 9/15/2040		25,000		30,142
				304,307
TEXTILES, APPAREL & LUXURY GOODS — 0.2%
V.F. Corp. 6.45%, 11/1/2037		25,000		32,105
THRIFTS & MORTGAGE FINANCE — 0.3%
First Niagara Financial Group, Inc. 6.75%, 3/19/2020		60,000		63,182
TOBACCO — 0.6%
Altria Group, Inc. 9.25%, 8/6/2019		25,000		33,478
Lorillard Tobacco Co. 3.50%, 8/4/2016		25,000		25,222
Philip Morris International, Inc. 6.38%, 5/16/2038		25,000		32,590
Reynolds American, Inc. 7.75%, 6/1/2018		25,000		30,300
				121,590
WIRELESS TELECOMMUNICATION SERVICES — 2.5%
American Tower Corp. 4.50%, 1/15/2018		50,000		50,402
AT&T, Inc. 2.50%, 8/15/2015		50,000		51,686
Cellco Partnership/Verizon Wireless Capital LLC 8.50%, 11/15/2018		25,000		33,900
Deutsche Telekom International Finance BV 8.75%, 6/15/2030		20,000		28,016
Embarq Corp. 7.08%, 6/1/2016		50,000		53,894
France Telecom SA 4.38%, 7/8/2014		50,000		52,825
Koninklijke KPN NV 8.38%, 10/1/2030		35,000		44,672
Rogers Communications, Inc. 6.38%, 3/1/2014		50,000		54,881
Telecom Italia Capital SA 7.18%, 6/18/2019		50,000		46,500
Telefonica Emisiones SAU 3.99%, 2/16/2016		50,000		48,069
Verizon New York, Inc., Series A 7.38%, 4/1/2032		50,000		58,545
Vodafone Group PLC 6.15%, 2/27/2037		25,000		31,327
				554,717
TOTAL CORPORATE BONDS & NOTES —
(Cost $21,026,740)				21,408,090
	Shares
SHORT TERM INVESTMENT — 1.3%
MONEY MARKET FUND — 1.3%
State Street Institutional Liquid Reserves Fund 0.15% (b)(c)(d) (Cost $289,696)		289,696		289,696
TOTAL INVESTMENTS — 99.3% (e)
(Cost $21,316,436)				21,697,786
OTHER ASSETS & LIABILITIES — 0.7%				150,740
NET ASSETS — 100.0%			$	21,848,526

(a)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.1% of net assets as of December 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Value is determined based on Level 1 inputs. (Note 2)
(e)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

120

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
CONVERTIBLE CORPORATE BONDS & NOTES — 74.0%
AEROSPACE & DEFENSE — 0.6%
L-3 Communications Holdings, Inc. 3.00%, 8/1/2035	$	4,474,000	$	4,266,451
AUTOMOBILES — 1.9%
Ford Motor Co. 4.25%, 11/15/2016		5,863,000		8,305,526
Navistar International Corp. 3.00%, 10/15/2014		4,022,000		4,345,248
				12,650,774
BEVERAGES — 0.5%
Molson Coors Brewing Co. 2.50%, 7/30/2013		3,344,000		3,544,673
BIOTECHNOLOGY — 7.5%
Amgen, Inc. 0.38%, 2/1/2013		16,233,000		16,321,957
Amylin Pharmaceuticals, Inc. 3.00%, 6/15/2014		3,820,000		3,332,885
Dendreon Corp. 2.88%, 1/15/2016 (a)		4,020,000		2,815,612
Gilead Sciences, Inc.:
0.63%, 5/1/2013		3,947,000		4,567,153
1.00%, 5/1/2014		8,988,000		9,803,481
1.63%, 5/1/2016		8,432,000		9,606,240
Illumina, Inc. 0.25%, 3/15/2016 (b)		6,000,000		4,838,802
				51,286,130
BUILDING PRODUCTS — 1.5%
Cemex SAB de CV:
3.25%, 3/15/2016 (b)		6,587,000		4,271,011
3.75%, 3/15/2018 (b)		4,788,000		3,097,836
4.88%, 3/15/2015		4,430,000		2,850,705
				10,219,552
CAPITAL MARKETS — 0.5%
Ares Capital Corp. 5.75%, 2/1/2016 (b)		3,657,000		3,469,030
COMMUNICATIONS EQUIPMENT — 1.0%
Alcatel-Lucent USA, Inc. Series B, 2.88%, 6/15/2025 (a)		5,498,000		4,812,026
Ciena Corp. 0.88%, 6/15/2017 (a)		2,800,000		2,109,548
				6,921,574
COMPUTERS & PERIPHERALS — 6.3%
EMC Corp. 1.75%, 12/1/2013		11,558,000		16,622,716
NetApp, Inc. 1.75%, 6/1/2013		8,114,000		10,288,552
SanDisk Corp.:
1.00%, 5/15/2013		8,358,000		8,215,538
1.50%, 8/15/2017 (a)		6,444,000		7,564,740
				42,691,546
CONTAINERS & PACKAGING — 0.6%
Owens-Brockway Glass Container, Inc. 3.00%, 6/1/2015 (b)		4,153,000		3,831,504
ELECTRICAL EQUIPMENT — 0.2%
Suntech Power Holdings Co., Ltd. 3.00%, 3/15/2013		3,370,000		1,502,346
FOOD PRODUCTS — 1.1%
Archer-Daniels-Midland Co. 0.88%, 2/15/2014		7,488,000		7,527,686
HEALTH CARE EQUIPMENT & SUPPLIES — 3.3%
Hologic, Inc. 2.00%, 12/15/2037 (c)		8,381,000		8,005,900
Medtronic, Inc. 1.63%, 4/15/2013		14,587,000		14,698,736
				22,704,636
HEALTH CARE PROVIDERS & SERVICES — 1.2%
LifePoint Hospitals, Inc. 3.50%, 5/15/2014		3,829,000		3,922,657
Omnicare, Inc. 3.75%, 12/15/2025		3,268,000		4,552,422
				8,475,079
HOTELS, RESTAURANTS & LEISURE — 2.0%
International Game Technology 3.25%, 5/1/2014 (a)		5,524,000		6,546,934
MGM Resorts International 4.25%, 4/15/2015 (a)		7,524,000		7,130,871
				13,677,805
HOUSEHOLD DURABLES — 0.6%
D.R. Horton, Inc. 2.00%, 5/15/2014		3,319,000		3,843,236
INSURANCE — 0.5%
Old Republic International Corp. 3.75%, 3/15/2018 (a)		3,861,000		3,328,568
INTERNET & CATALOG RETAIL — 0.9%
priceline.com, Inc. 1.25%, 3/15/2015 (b)		3,570,000		5,881,004
INTERNET SOFTWARE & SERVICES — 1.6%
VeriSign, Inc. 3.25%, 8/15/2037		8,948,000		10,704,045
IT SERVICES — 1.1%
Alliance Data Systems Corp. 1.75%, 8/1/2013		5,426,000		7,480,284
MACHINERY — 0.8%
Stanley Black & Decker, Inc. 4.75%, 11/17/2015 (a)		45,632		5,350,352
MARINE — 0.5%
DryShips, Inc. 5.00%, 12/1/2014		4,726,000		3,238,884
MEDIA — 3.8%
Liberty Media LLC:
3.13%, 3/30/2023		8,190,000		9,190,081
3.25%, 3/15/2031		3,961,000		3,194,004
Virgin Media, Inc. 6.50%, 11/15/2016		6,586,000		9,087,363
XM Satellite Radio, Inc. 7.00%, 12/1/2014 (b)		3,365,000		4,325,976
				25,797,424

See accompanying notes to financial statements.

121

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
METALS & MINING — 7.1%
Alcoa, Inc. 5.25%, 3/15/2014	$	3,770,000	$	5,715,018
AngloGold Ashanti, Holdings Finance PLC 3.50%, 5/22/2014 (b)		5,124,000		5,707,316
ArcelorMittal 5.00%, 5/15/2014 (a)		5,431,000		5,715,585
Goldcorp, Inc. 2.00%, 8/1/2014 (a)		5,986,000		7,324,470
Newmont Mining Corp.:
1.25%, 7/15/2014		4,023,000		5,588,148
1.63%, 7/15/2017		3,771,000		5,433,219
3.00%, 2/15/2012		3,317,000		4,358,140
Sterlite Industries India, Ltd. 4.00%, 10/30/2014		3,400,000		2,672,060
United States Steel Corp. 4.00%, 5/15/2014		5,582,000		6,171,515
				48,685,471
OIL, GAS & CONSUMABLE FUELS — 5.4%
Chesapeake Energy Corp. 2.50%, 5/15/2037 (a)		16,673,000		14,932,339
Massey Energy Co. 3.25%, 8/1/2015		4,352,000		4,009,641
Peabody Energy Corp. 4.75%, 12/15/2041 (a)		4,673,000		4,767,722
Transocean, Inc. Series C 1.50%, 12/15/2037 (a)		11,481,000		11,258,108
USEC, Inc. 3.00%, 10/1/2014		3,825,000		1,802,210
				36,770,020
PHARMACEUTICALS — 2.0%
Mylan, Inc.:
1.25%, 3/15/2012		4,320,000		4,357,152
3.75%, 9/15/2015		3,480,000		6,113,003
Teva Pharmaceutical Finance Co. LLC Series C 0.25%, 2/1/2026		3,250,000		3,338,465
				13,808,620
REAL ESTATE INVESTMENT TRUSTS — 3.8%
Annaly Capital Management, Inc. 4.00%, 2/15/2015 (a)		4,051,000		4,595,616
Boston Properties LP:
2.88%, 2/15/2037		4,774,000		4,788,036
3.63%, 2/15/2014 (b)		4,827,000		5,221,945
Host Hotels & Resorts LP 2.63%, 4/15/2027 (a)(b)		3,228,000		3,232,196
ProLogis 2.25%, 4/1/2037		4,000,000		3,991,280
The Macerich Co. 3.25%, 3/15/2012 (b)		4,055,000		4,046,205
				25,875,278
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.5%
Advanced Micro Devices, Inc. 6.00%, 5/1/2015		5,124,000		5,008,710
Intel Corp.:
2.95%, 12/15/2035		10,594,000		11,062,785
3.25%, 8/1/2039		13,320,000		16,784,665
Linear Technology Corp. Series A 3.00%, 5/1/2027		5,430,000		5,538,600
Microchip Technology, Inc. 2.13%, 12/15/2037		8,020,000		10,856,273
Micron Technology, Inc. 1.88%, 6/1/2014		6,073,000		5,866,518
Novellus Systems, Inc. 2.63%, 5/15/2041 (b)		5,000,000		6,007,800
Xilinx, Inc.:
2.63%, 6/15/2017 (a)		4,490,000		5,714,872
3.13%, 3/15/2037		4,323,000		4,907,383
				71,747,606
SOFTWARE — 4.3%
Electronic Arts, Inc. 0.75%, 7/15/2016 (a)(b)		4,000,000		3,885,400
Microsoft Corp. Zero Coupon, 6/15/2013 (a)(b)(d)		8,293,000		8,417,644
Nuance Communications, Inc. 2.75%, 11/1/2031 (b)		4,500,000		4,838,535
Salesforce.com, Inc. 0.75%, 1/15/2015		3,414,000		4,663,900
Symantec Corp. 1.00%, 6/15/2013 (a)		6,502,000		7,251,355
				29,056,834
WIRELESS TELECOMMUNICATION SERVICES — 2.9%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25%, 12/1/2040 (a)(b)		4,773,000		2,896,256
NII Holdings, Inc. 3.13%, 6/15/2012 (a)		7,045,000		7,103,192
SBA Communications Corp.:
1.88%, 5/1/2013		3,639,000		4,126,772
4.00%, 10/1/2014		3,587,000		5,456,903
				19,583,123
TOTAL CONVERTIBLE CORPORATE BONDS & NOTES —
(Cost $520,565,522)				503,919,535
	Shares
CONVERTIBLE PREFERRED STOCKS — 24.7%
AUTO COMPONENTS — 0.5%
The Goodyear Tire & Rubber Co. 5.88%, 4/1/2014		74,000		3,600,100
AUTOMOBILES — 3.3%
General Motors Co. 4.75%, 12/1/2013 (a)		657,227		22,510,025
COMMERCIAL BANKS — 3.9%
Wells Fargo & Co. Series L 7.50%, 12/31/2049		25,443		26,867,808
DIVERSIFIED FINANCIAL SERVICES — 5.4%
Bank of America Corp. Series L 7.25%, 12/31/2049		22,758		17,933,759

See accompanying notes to financial statements.

122

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
Citigroup, Inc. 7.50%, 12/15/2012		227,971	$	18,522,644
				36,456,403
ELECTRIC UTILITIES — 2.7%
AES Trust III 6.75%, 10/15/2029 (a)		63,478		3,116,135
PPL Corp.:
9.50%, 7/1/2013		147,474		8,233,473
8.75%, 5/1/2014		132,500		7,353,750
				18,703,358
FOOD PRODUCTS — 0.7%
Bunge, Ltd. 4.88%, 12/31/2049 (a)		49,500		4,653,000
HEALTH CARE EQUIPMENT & SUPPLIES — 0.3%
Alere, Inc. Series B 3.00%, 12/31/2049 (a)		10,961		2,301,810
INSURANCE — 3.6%
Hartford Financial Services Group, Inc. 7.25%, 4/1/2013 (a)		141,200		2,651,736
MetLife, Inc. 5.00%, 9/11/2013		263,300		16,224,546
Vale Capital II 6.75%, 6/15/2012 (a)		81,766		5,375,297
				24,251,579
METALS & MINING — 0.7%
AngloGold Ashanti, Holdings Finance PLC 6.00%, 9/15/2013		98,112		4,682,886
OIL, GAS & CONSUMABLE FUELS — 1.6%
Apache Corp. 6.00%, 8/1/2013 (a)		161,000		8,739,080
CenterPoint Energy, Inc. 0.48%, 9/15/2029 (e)		70,921		2,422,413
				11,161,493
REAL ESTATE INVESTMENT TRUST — 0.8%
Health Care REIT, Inc. Series I 6.50%, 12/31/2049		103,145		5,277,929
THRIFTS & MORTGAGE FINANCE — 0.6%
Sovereign Capital Trust IV 4.38%, 3/1/2034 (f)		87,300		3,993,975
WIRELESS TELECOMMUNICATION SERVICES — 0.6%
Lucent Technologies Capital Trust I 7.75%, 3/15/2017		6,105		3,748,470
TOTAL CONVERTIBLE PREFERRED STOCKS — (g)
(Cost $202,865,493)				168,208,836
COMMON STOCKS — 0.6%
AUTO COMPONENTS — 0.6%
Dana Holding Corp. (a)(d)		296,500		3,602,475
THRIFTS & MORTGAGE FINANCE — 0.0% (h)
Federal National Mortgage Association (a)(d)		100,000		20,120
TOTAL COMMON STOCKS — (g)
(Cost $5,394,421)				3,622,595
SHORT TERM INVESTMENTS — 8.1%
MONEY MARKET FUNDS — 8.1%
State Street Navigator Securities Lending Prime Portfolio (i)(j)		46,136,162		46,136,162
State Street Institutional Liquid Reserves Fund 0.15% (j)(k)		9,206,317		9,206,317
TOTAL SHORT TERM INVESTMENTS — (g)
(Cost $55,342,479)				55,342,479
TOTAL INVESTMENTS — 107.4% (l)
(Cost $784,167,915)				731,093,445
OTHER ASSETS & LIABILITIES — (7.4)%				(50,213,024	)
NET ASSETS — 100.0%			$	680,880,421

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 10.9% of net assets as of December 31, 2011, 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, 2011. 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, 2011. 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. Security value is determined based on Level 2 inputs. (Note 2)
(g)	Value is determined based on Level 1 inputs. (Note 2)
(h)	Amount shown represents less than 0.05% of net assets.
(i)	Investments of cash collateral for securities loaned.
(j)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

123

SPDR Barclays Capital Mortgage Backed Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
U.S. GOVERNMENT AGENCY MBS TBA — 99.7%
Fannie Mae
3.50%, 15yr TBA	$	1,500,000	$	1,568,672
3.50%, 30yr TBA		700,000		720,125
4.00%, 15yr TBA		1,000,000		1,055,000
4.00%, 30yr TBA		3,250,000		3,413,516
4.50%, 15yr TBA		500,000		532,969
4.50%, 30yr TBA		3,500,000		3,724,766
5.00%, 15yr TBA		850,000		914,281
5.00%, 30yr TBA		2,850,000		3,078,891
5.50%, 15yr TBA		500,000		542,500
5.50%, 30yr TBA		3,500,000		3,811,172
6.00%, 30yr TBA		1,350,000		1,487,109
6.50%, 30yr TBA		500,000		556,406
Freddie Mac
4.00%, 15yr TBA		750,000		787,734
4.00%, 30yr TBA		500,000		524,317
4.50%, 15yr TBA		400,000		423,625
4.50%, 30yr TBA		3,250,000		3,443,985
5.00%, 30yr TBA		1,750,000		1,880,703
5.50%, 30yr TBA		1,000,000		1,085,156
6.00%, 30yr TBA		1,250,000		1,373,438
6.50%, 30yr TBA		400,000		444,375
Ginnie Mae
4.00%, 2/15/2040		97,129		104,373
4.00%, 30yr TBA		1,500,000		1,608,984
4.50%, 30yr TBA		3,100,000		3,378,031
5.00%, 30yr TBA		2,050,000		2,270,695
5.50%, 30yr TBA		1,100,000		1,234,922
6.00%, 30yr TBA		650,000		736,328
6.50%, 30yr TBA		250,000		285,859
TOTAL U.S. GOVERNMENT AGENCY MBS TBA —
(Cost $40,729,567)				40,987,932
	Shares
SHORT TERM INVESTMENT — 101.3%
MONEY MARKET FUND — 101.3%
State Street Institutional Liquid Reserves Fund 0.15% (a)(b)(c)(d) (Cost $41,662,730)		41,662,730		41,662,730
TOTAL INVESTMENTS — 201.0% (e)
(Cost $82,392,297)				82,650,662
OTHER ASSETS & LIABILITIES — (101.0)%				(41,528,041	)
NET ASSETS — 100.0%			$	41,122,621

(a)	Security, or a portion of the security has been designated as collateral for TBA securities.
(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Value is determined based on Level 1 inputs. (Note 2)
(e)	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.

124

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
CORPORATE BONDS & NOTES — 22.4%
AEROSPACE & DEFENSE — 0.4%
General Dynamics Corp. 5.25%, 2/1/2014	$	220,000	$	240,129
Honeywell International, Inc.:
4.25%, 3/1/2013		100,000		104,240
4.25%, 3/1/2021		50,000		56,369
L-3 Communications Corp. 3.95%, 11/15/2016		100,000		101,373
Lockheed Martin Corp. 3.35%, 9/15/2021		100,000		98,579
The Boeing Co. 6.13%, 2/15/2033		165,000		211,498
United Technologies Corp.:
4.50%, 4/15/2020 (a)		60,000		67,621
5.70%, 4/15/2040 (a)		60,000		73,500
6.05%, 6/1/2036		100,000		126,029
				1,079,338
AIR FREIGHT & LOGISTICS — 0.1%
United Parcel Service, Inc.:
3.88%, 4/1/2014		100,000		107,047
6.20%, 1/15/2038		100,000		133,126
				240,173
AIRLINES — 0.0% (b)
Delta Air Lines 2010-2 Pass Through Trust, Class A 4.95%, 11/23/2020		95,322		97,228
AUTO COMPONENTS — 0.0% (b)
Johnson Controls, Inc. 4.25%, 3/1/2021		60,000		63,628
AUTOMOBILES — 0.0% (b)
Daimler Finance North America LLC 6.50%, 11/15/2013		100,000		108,716
BEVERAGES — 0.4%
Anheuser-Busch InBev Worldwide, Inc. 5.38%, 1/15/2020		335,000		390,837
Bottling Group LLC 6.95%, 3/15/2014		200,000		225,131
Diageo Capital PLC 5.75%, 10/23/2017		250,000		296,815
PepsiCo, Inc. 4.50%, 1/15/2020		100,000		113,519
The Coca-Cola Co.:
0.75%, 11/15/2013		100,000		100,006
1.50%, 11/15/2015		100,000		101,362
3.15%, 11/15/2020 (a)		70,000		73,465
				1,301,135
BIOTECHNOLOGY — 0.2%
Amgen, Inc.:
1.88%, 11/15/2014		100,000		100,735
4.10%, 6/15/2021		100,000		102,574
4.50%, 3/15/2020 (a)		50,000		52,720
5.15%, 11/15/2041		74,000		74,960
5.75%, 3/15/2040		55,000		59,748
Life Technologies Corp. 6.00%, 3/1/2020		100,000		112,155
				502,892
BUILDING MATERIALS — 0.0% (b)
CRH America, Inc. 6.00%, 9/30/2016		100,000		106,827
CAPITAL MARKETS — 0.9%
BlackRock, Inc. 3.50%, 12/10/2014		200,000		212,587
Jefferies Group, Inc. 5.13%, 4/13/2018 (a)		100,000		88,500
Morgan Stanley:
5.75%, 1/25/2021		150,000		137,809
6.00%, 5/13/2014		560,000		564,095
Svensk Exportkredit AB 5.13%, 3/1/2017		205,000		230,768
The Bank of New York Mellon Corp.:
3.55%, 9/23/2021		100,000		101,449
4.30%, 5/15/2014		100,000		107,077
The Goldman Sachs Group, Inc.:
4.75%, 7/15/2013		200,000		202,075
5.35%, 1/15/2016		555,000		565,272
5.95%, 1/15/2027		595,000		576,904
				2,786,536
CHEMICALS — 0.3%
E.I. du Pont de Nemours & Co. 5.25%, 12/15/2016		255,000		297,987
PPG Industries, Inc. 6.65%, 3/15/2018 (a)		100,000		120,687
Praxair, Inc. 2.13%, 6/14/2013		100,000		101,988
The Dow Chemical Co. 8.55%, 5/15/2019		330,000		429,354
				950,016
COMMERCIAL BANKS — 4.3%
African Development Bank 1.25%, 9/2/2016 (a)		100,000		100,536
Asian Development Bank:
2.50%, 3/15/2016		200,000		212,556
2.75%, 5/21/2014		205,000		215,321
Bank of Nova Scotia:
2.38%, 12/17/2013 (a)		100,000		102,277
2.90%, 3/29/2016		100,000		103,069
Barclays Bank PLC:
3.90%, 4/7/2015 (a)		150,000		150,270
5.13%, 1/8/2020 (a)		100,000		102,317
BB&T Corp.:
2.05%, 4/28/2014 (a)		100,000		101,110
3.95%, 4/29/2016		100,000		106,590
BNP Paribas 5.00%, 1/15/2021		100,000		95,285
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4.50%, 1/11/2021		100,000		103,575
Corp. Andina de Fomento 3.75%, 1/15/2016 (a)		100,000		101,349

See accompanying notes to financial statements.

125

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Council Of Europe Development Bank 1.25%, 9/22/2016	$	100,000	$	97,898
Credit Suisse of New York, NY:
4.38%, 8/5/2020		100,000		97,213
5.40%, 1/14/2020		100,000		93,352
5.50%, 5/1/2014		300,000		310,510
Deutsche Bank AG London 6.00%, 9/1/2017 (a)		250,000		277,259
European Bank for Reconstruction & Development 2.50%, 3/15/2016 (a)		200,000		209,355
European Investment Bank:
1.63%, 3/15/2013		100,000		100,652
2.38%, 3/14/2014		545,000		557,576
2.50%, 5/16/2016		450,000		464,796
2.75%, 3/23/2015		300,000		312,168
3.25%, 5/15/2013		200,000		205,445
4.00%, 2/16/2021 (a)		150,000		163,880
Export-Import Bank of Korea:
4.13%, 9/9/2015		200,000		205,034
5.88%, 1/14/2015		205,000		220,054
Fifth Third Bancorp 3.63%, 1/25/2016		100,000		101,266
HSBC Bank USA NA 4.63%, 4/1/2014		370,000		378,415
HSBC Finance Corp. 5.25%, 1/15/2014 (a)		200,000		204,405
HSBC Holdings PLC:
6.50%, 9/15/2037		100,000		99,187
6.80%, 6/1/2038		100,000		101,661
Inter-American Development Bank 5.13%, 9/13/2016		405,000		477,928
International Bank for Reconstruction & Development:
1.38%, 2/10/2014		100,000		100,034
1.75%, 7/15/2013		100,000		101,909
2.38%, 5/26/2015		300,000		315,954
4.75%, 2/15/2035		80,000		100,711
International Finance Corp. 2.25%, 4/11/2016		200,000		211,037
JPMorgan Chase & Co.:
3.70%, 1/20/2015		300,000		309,271
6.00%, 1/15/2018		150,000		166,174
6.40%, 5/15/2038		105,000		122,716
JPMorgan Chase Bank NA 6.00%, 10/1/2017		555,000		594,128
Key Bank NA 5.80%, 7/1/2014		205,000		217,649
Korea Development Bank 4.00%, 9/9/2016		100,000		101,224
Kreditanstalt fuer Wiederaufbau:
2.38%, 8/25/2021		200,000		199,777
2.63%, 2/16/2016		450,000		473,397
4.00%, 10/15/2013		720,000		759,362
4.50%, 7/16/2018 (a)		215,000		249,538
Landwirtschaftliche Rentenbank 3.13%, 7/15/2015		200,000		212,100
Lloyds TSB Bank PLC 6.38%, 1/21/2021		100,000		98,990
Nordic Investment Bank 2.50%, 7/15/2015		100,000		105,105
Oesterreichische Kontrollbank AG 2.00%, 6/3/2016		200,000		200,028
PNC Funding Corp.:
5.13%, 2/8/2020		150,000		168,484
5.25%, 11/15/2015		100,000		107,825
Royal Bank of Canada 1.13%, 1/15/2014		100,000		100,027
SunTrust Bank/Atlanta GA 5.00%, 9/1/2015		16,000		17,080
SunTrust Banks, Inc. 7.25%, 3/15/2018		60,000		67,893
The Royal Bank of Scotland PLC:
3.40%, 8/23/2013 (a)		100,000		96,970
6.13%, 1/11/2021		100,000		98,310
The Toronto-Dominion Bank 2.38%, 10/19/2016		100,000		100,840
Union Bank NA 5.95%, 5/11/2016		100,000		107,357
US Bancorp:
1.38%, 9/13/2013		100,000		100,383
2.45%, 7/27/2015		100,000		102,801
Wachovia Bank NA 5.85%, 2/1/2037		200,000		204,916
Wachovia Corp.:
5.50%, 5/1/2013		100,000		105,400
5.63%, 10/15/2016		200,000		216,839
Wells Fargo & Co. 5.63%, 12/11/2017		150,000		169,205
Wells Fargo Bank NA 4.75%, 2/9/2015		245,000		255,843
Westpac Banking Corp.:
3.00%, 12/9/2015 (a)		100,000		99,854
4.88%, 11/19/2019 (a)		100,000		105,698
				13,037,138
COMMERCIAL SERVICES & SUPPLIES — 0.1%
Pitney Bowes, Inc. 5.25%, 1/15/2037		100,000		99,782
Republic Services, Inc. 5.00%, 3/1/2020 (a)		100,000		110,021
Waste Management, Inc. 7.38%, 3/11/2019 (a)		100,000		125,001
				334,804
COMMUNICATIONS EQUIPMENT — 0.1%
Cisco Systems, Inc. 5.50%, 2/22/2016		240,000		277,993
COMPUTERS & PERIPHERALS — 0.3%
Dell, Inc. 2.30%, 9/10/2015 (a)		100,000		101,815
Hewlett-Packard Co.:
3.00%, 9/15/2016		100,000		100,044
4.30%, 6/1/2021		100,000		102,540
6.13%, 3/1/2014		200,000		216,240
International Business Machines Corp.:
5.70%, 9/14/2017		210,000		254,328

See accompanying notes to financial statements.

126

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
5.88%, 11/29/2032	$	165,000	$	212,270
				987,237
CONSUMER FINANCE — 0.2%
Caterpillar Financial Services Corp.:
1.65%, 4/1/2014		100,000		101,416
7.15%, 2/15/2019		220,000		281,827
SLM Corp. 6.25%, 1/25/2016		200,000		193,000
				576,243
DIVERSIFIED CONSUMER SERVICES — 0.1% (b)
Stanford University 4.75%, 5/1/2019		110,000		129,112
DIVERSIFIED FINANCIAL SERVICES — 2.3%
American Express Co. 8.13%, 5/20/2019		150,000		192,282
American Express Credit Corp. 5.88%, 5/2/2013		265,000		278,476
Bank of America NA 5.30%, 3/15/2017		385,000		344,572
Capital One Bank USA NA 8.80%, 7/15/2019		100,000		114,988
Capital One Capital VI 8.88%, 5/15/2040		155,000		156,550
Citigroup, Inc.:
4.59%, 12/15/2015		200,000		200,337
5.50%, 2/15/2017		150,000		149,729
6.00%, 12/13/2013		379,000		391,304
6.00%, 10/31/2033		100,000		85,277
6.13%, 11/21/2017		250,000		264,317
8.13%, 7/15/2039		150,000		185,231
General Electric Capital Corp.:
1.88%, 9/16/2013		250,000		252,434
2.25%, 11/9/2015		200,000		201,182
4.75%, 9/15/2014		200,000		214,893
5.63%, 5/1/2018		485,000		542,375
6.75%, 3/15/2032		340,000		395,315
JPMorgan Chase & Co.:
3.45%, 3/1/2016		200,000		202,013
4.25%, 10/15/2020		250,000		249,557
JPMorgan Chase Capital XXVII 7.00%, 11/1/2039 (c)		100,000		100,250
Merrill Lynch & Co., Inc.:
5.45%, 2/5/2013		200,000		200,944
6.05%, 5/16/2016		200,000		187,990
6.11%, 1/29/2037		100,000		77,340
6.88%, 4/25/2018		580,000		562,684
Morgan Stanley 6.63%, 4/1/2018		390,000		381,227
National Rural Utilities Cooperative Finance Corp. 8.00%, 3/1/2032		210,000		295,680
Nomura Holdings, Inc.:
5.00%, 3/4/2015		70,000		70,733
6.70%, 3/4/2020		21,000		22,392
ORIX Corp. 5.00%, 1/12/2016		200,000		208,589
The Nasdaq Omx Group, Inc. 5.55%, 1/15/2020		200,000		205,556
Toyota Motor Credit Corp. 1.38%, 8/12/2013 (a)		100,000		100,926
UBS AG of Stamford, CT 2.25%, 8/12/2013		250,000		246,109
				7,081,252
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
British Telecommunications PLC 9.63%, 12/15/2030		100,000		141,944
CenturyLink, Inc. 6.45%, 6/15/2021		100,000		100,180
Qwest Corp. 8.38%, 5/1/2016 (a)		15,000		16,955
Verizon Communications, Inc.:
1.95%, 3/28/2014		150,000		153,111
6.40%, 2/15/2038		300,000		380,788
8.75%, 11/1/2018		200,000		270,951
8.95%, 3/1/2039		100,000		161,208
				1,225,137
ELECTRIC UTILITIES — 1.3%
Ameren Illinois Co. 6.25%, 4/1/2018		100,000		115,168
Commonwealth Edison Co.:
1.63%, 1/15/2014		100,000		100,628
Series 1 5.90%, 3/15/2036		100,000		121,943
Consolidated Edison Co. of New York, Inc. 4.45%, 6/15/2020 (a)		100,000		112,959
Duke Energy Carolinas LLC 7.00%, 11/15/2018		220,000		281,769
Edison International 3.75%, 9/15/2017		50,000		51,430
Entergy Texas, Inc. 7.13%, 2/1/2019		25,000		30,337
FirstEnergy Corp. 7.38%, 11/15/2031		200,000		245,943
Florida Power & Light Co. 5.69%, 3/1/2040		65,000		83,265
Georgia Power Co. 4.75%, 9/1/2040		100,000		109,734
Great Plains Energy, Inc. 4.85%, 6/1/2021		50,000		52,809
Hydro Quebec 2.00%, 6/30/2016		100,000		102,313
LG&E and KU Energy LLC 3.75%, 11/15/2020		100,000		99,820
Nevada Power Co. 5.45%, 5/15/2041		60,000		71,277
NextEra Energy Capital Holdings, Inc. 4.50%, 6/1/2021		100,000		106,936
Nisource Finance Corp. 6.40%, 3/15/2018		100,000		114,106
Northern States Power Co.:
1.95%, 8/15/2015		100,000		102,509
4.85%, 8/15/2040		100,000		116,008
Oncor Electric Delivery Co. LLC 6.80%, 9/1/2018 (a)		100,000		121,966
Pacific Gas & Electric Co. 4.80%, 3/1/2014		430,000		461,931

See accompanying notes to financial statements.

127

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
PPL Electric Utilities Corp. 5.20%, 7/15/2041	$	50,000	$	60,197
Progress Energy, Inc. 7.75%, 3/1/2031		255,000		362,114
PSEG Power LLC 5.13%, 4/15/2020		80,000		87,629
Public Service Co. of Oklahoma 4.40%, 2/1/2021		100,000		109,197
Puget Sound Energy, Inc. 5.64%, 4/15/2041		80,000		97,500
San Diego Gas & Electric Co. 6.13%, 9/15/2037		115,000		155,951
South Carolina Electric & Gas Co. 5.45%, 2/1/2041		100,000		116,858
Southern California Edison Co. 3.88%, 6/1/2021 (a)		70,000		77,574
Southwestern Electric Power Co., Series G 6.45%, 1/15/2019 (a)		100,000		118,443
The Southern Co. 1.95%, 9/1/2016		100,000		99,603
				3,887,917
ELECTRICAL EQUIPMENT — 0.0% (b)
Emerson Electric Co. 4.88%, 10/15/2019		100,000		115,382
FOOD & STAPLES RETAILING — 0.6%
CVS Caremark Corp.:
5.75%, 6/1/2017		100,000		116,150
6.25%, 6/1/2027		150,000		179,606
Safeway, Inc. 5.63%, 8/15/2014		215,000		232,161
Target Corp. 7.00%, 1/15/2038		220,000		305,350
The Kroger Co. 6.15%, 1/15/2020 (a)		100,000		120,971
Wal-Mart Stores, Inc.:
0.75%, 10/25/2013		150,000		150,823
2.80%, 4/15/2016		150,000		159,423
5.00%, 10/25/2040 (a)		100,000		116,727
5.88%, 4/5/2027		200,000		247,321
Walgreen Co. 4.88%, 8/1/2013		100,000		106,650
				1,735,182
FOOD PRODUCTS — 0.4%
Archer-Daniels-Midland Co. 5.38%, 9/15/2035		240,000		279,483
General Mills, Inc. 5.70%, 2/15/2017		305,000		359,034
Kellogg Co. 3.25%, 5/21/2018		65,000		68,070
Kraft Foods, Inc.:
2.63%, 5/8/2013		100,000		101,978
5.38%, 2/10/2020		150,000		172,859
6.50%, 2/9/2040		100,000		127,638
				1,109,062
GAS UTILITIES — 0.1%
Atmos Energy Corp. 5.50%, 6/15/2041		100,000		118,715
National Grid PLC 6.30%, 8/1/2016		100,000		114,771
				233,486
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Baxter International, Inc. 6.25%, 12/1/2037		155,000		204,445
Boston Scientific Corp. 6.40%, 6/15/2016		100,000		111,912
Covidien International Finance SA 2.80%, 6/15/2015 (a)		100,000		104,226
				420,583
HEALTH CARE PRODUCTS — 0.0% (b)
Medtronic, Inc. 2.63%, 3/15/2016 (a)		100,000		103,782
HEALTH CARE PROVIDERS & SERVICES — 0.3%
Aetna, Inc. 3.95%, 9/1/2020		150,000		155,872
Cigna Corp.:
2.75%, 11/15/2016		50,000		50,136
4.00%, 2/15/2022		50,000		49,290
5.38%, 2/15/2042		50,000		49,341
Express Scripts, Inc. 6.25%, 6/15/2014		205,000		223,648
Quest Diagnostics, Inc. 6.95%, 7/1/2037		100,000		124,320
UnitedHealth Group, Inc. 6.00%, 2/15/2018		200,000		236,096
WellPoint, Inc. 5.80%, 8/15/2040		55,000		65,295
				953,998
HOTELS, RESTAURANTS & LEISURE — 0.1%
McDonald’s Corp. 5.35%, 3/1/2018 (a)		210,000		249,629
HOUSEHOLD DURABLES — 0.0%
Newell Rubbermaid, Inc. 4.70%, 8/15/2020 (a)		100,000		105,255
HOUSEHOLD PRODUCTS — 0.1%
Colgate-Palmolive Co. 1.30%, 1/15/2017 (a)		100,000		99,566
Fortune Brands, Inc. 6.38%, 6/15/2014		100,000		109,143
Kimberly-Clark Corp.:
5.00%, 8/15/2013		115,000		122,930
5.30%, 3/1/2041		45,000		55,509
				387,148
INDUSTRIAL CONGLOMERATES — 0.2%
3M Co. 4.38%, 8/15/2013		100,000		106,258
Cooper US, Inc. 3.88%, 12/15/2020		50,000		52,915
General Electric Co. 5.00%, 2/1/2013		200,000		208,604

See accompanying notes to financial statements.

128

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Tyco Electronics Group SA 4.88%, 1/15/2021	$	100,000	$	107,180
Tyco International Finance SA 3.38%, 10/15/2015		100,000		103,916
				578,873
INSURANCE — 1.0%
ACE INA Holdings, Inc. 5.70%, 2/15/2017		100,000		114,829
Aflac, Inc. 3.45%, 8/15/2015 (a)		100,000		102,781
American International Group, Inc.:
5.45%, 5/18/2017		640,000		610,141
8.18%, 5/15/2068 (d)		100,000		88,000
AON Corp. 3.13%, 5/27/2016		100,000		100,967
Berkshire Hathaway Finance Corp. 5.00%, 8/15/2013		215,000		228,994
Berkshire Hathaway, Inc. 3.75%, 8/15/2021		100,000		104,322
CNA Financial Corp. 7.35%, 11/15/2019		100,000		111,186
Genworth Financial, Inc. 7.70%, 6/15/2020 (a)		100,000		94,000
Hartford Financial Services Group, Inc.:
4.00%, 3/30/2015		100,000		100,481
6.63%, 3/30/2040		100,000		98,235
Lincoln National Corp. 6.30%, 10/9/2037 (a)		100,000		103,700
Marsh & McLennan Cos., Inc. 5.75%, 9/15/2015		100,000		111,095
MetLife, Inc. 5.70%, 6/15/2035		305,000		340,394
Prudential Financial, Inc.:
3.88%, 1/14/2015		135,000		139,436
4.50%, 11/16/2021		100,000		101,000
5.80%, 11/16/2041		50,000		50,245
The Allstate Corp. 5.95%, 4/1/2036 (a)		165,000		182,784
The Travelers Cos., Inc. 3.90%, 11/1/2020 (a)		100,000		106,347
				2,888,937
INTERNET SOFTWARE & SERVICES — 0.1%
eBay, Inc. 0.88%, 10/15/2013		35,000		35,049
Google, Inc. 2.13%, 5/19/2016 (a)		100,000		103,549
				138,598
IT SERVICES — 0.0% (b)
Fiserv, Inc. 3.13%, 6/15/2016		100,000		101,817
LEISURE EQUIPMENT & PRODUCTS — 0.0% (b)
Mattel, Inc. 2.50%, 11/1/2016 (a)		100,000		100,501
LIFE SCIENCES TOOLS & SERVICES — 0.1% (b)
Thermo Fisher Scientific, Inc.:
2.05%, 2/21/2014		30,000		30,754
2.25%, 8/15/2016		100,000		102,257
				133,011
MACHINERY — 0.2%
Caterpillar, Inc. 6.05%, 8/15/2036		165,000		217,201
Danaher Corp. 2.30%, 6/23/2016		100,000		103,499
Ingersoll-Rand Global Holding Co., Ltd. 6.88%, 8/15/2018		100,000		122,280
John Deere Capital Corp.:
1.88%, 6/17/2013 (a)		100,000		101,783
2.80%, 9/18/2017 (a)		100,000		104,909
Stanley Black & Decker, Inc. 3.40%, 12/1/2021		60,000		60,382
				710,054
MEDIA — 1.0%
CBS Corp. 8.20%, 5/15/2014		210,000		239,400
Comcast Corp.:
6.40%, 5/15/2038		210,000		254,034
6.50%, 1/15/2017		330,000		385,496
DIRECTV Holdings LLC/ DIRECTV Financing Co., Inc.:
5.20%, 3/15/2020		265,000		285,626
6.38%, 3/1/2041		100,000		114,800
Discovery Communications LLC 4.38%, 6/15/2021 (a)		100,000		106,380
NBCUniversal Media LLC:
3.65%, 4/30/2015		75,000		78,869
5.15%, 4/30/2020		35,000		39,265
News America, Inc.:
4.50%, 2/15/2021		50,000		52,582
6.15%, 3/1/2037		240,000		257,175
Omnicom Group, Inc. 4.45%, 8/15/2020		35,000		36,465
The Walt Disney Co. 3.75%, 6/1/2021		100,000		109,342
Thomson Reuters Corp. 4.70%, 10/15/2019		100,000		110,093
Time Warner Cable, Inc.:
4.00%, 9/1/2021		100,000		101,654
5.85%, 5/1/2017		330,000		375,333
6.55%, 5/1/2037		100,000		115,539
Time Warner, Inc.:
4.88%, 3/15/2020		100,000		109,552
7.70%, 5/1/2032		240,000		314,194
Viacom, Inc. 3.50%, 4/1/2017		100,000		104,440
				3,190,239
METALS & MINING — 0.7%
Alcoa, Inc. 5.40%, 4/15/2021 (a)		150,000		148,653
ArcelorMittal:
5.38%, 6/1/2013		100,000		102,223
5.50%, 3/1/2021 (a)		100,000		91,717

See accompanying notes to financial statements.

129

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Barrick North America Finance LLC 5.70%, 5/30/2041	$	100,000	$	119,186
Barrick PD Australia Finance Pty Ltd. 4.95%, 1/15/2020		100,000		111,017
BHP Billiton Finance USA, Ltd.:
5.50%, 4/1/2014		100,000		109,723
6.50%, 4/1/2019		100,000		124,613
Freeport-McMoRan Copper & Gold, Inc. 8.38%, 4/1/2017		100,000		105,875
Newmont Mining Corp. 6.25%, 10/1/2039		100,000		120,095
Rio Tinto Finance USA, Ltd.:
1.88%, 11/2/2015 (a)		300,000		302,058
3.75%, 9/20/2021		100,000		104,358
Teck Resources, Ltd.:
6.25%, 7/15/2041		200,000		227,711
10.75%, 5/15/2019		100,000		122,250
Vale Overseas, Ltd. 6.88%, 11/21/2036		330,000		377,119
				2,166,598
MULTI-UTILITIES — 0.1%
Dominion Resources, Inc. 1.80%, 3/15/2014		100,000		101,715
MidAmerican Energy Holdings Co. 6.13%, 4/1/2036		255,000		300,439
				402,154
MULTILINE RETAIL — 0.1%
Macy’s Retail Holdings, Inc.:
5.75%, 7/15/2014		60,000		64,443
6.70%, 7/15/2034		50,000		54,522
Nordstrom, Inc. 4.00%, 10/15/2021		100,000		103,910
				222,875
OFFICE ELECTRONICS — 0.1%
Xerox Corp. 5.65%, 5/15/2013		280,000		294,554
OIL, GAS & CONSUMABLE FUELS — 2.3%
Anadarko Petroleum Corp.:
5.95%, 9/15/2016		130,000		146,467
6.45%, 9/15/2036		100,000		114,000
Apache Corp. 5.10%, 9/1/2040		100,000		117,426
BP Capital Markets PLC 4.74%, 3/11/2021		200,000		224,836
Canadian Natural Resources, Ltd. 6.25%, 3/15/2038		105,000		132,820
Cenovus Energy, Inc. 4.50%, 9/15/2014		100,000		107,752
CenterPoint Energy Resources Corp. 6.13%, 11/1/2017		100,000		114,934
Chevron Corp. 3.95%, 3/3/2014		100,000		106,967
Conoco, Inc. 6.95%, 4/15/2029		100,000		133,333
ConocoPhillips Canada Funding Co. 5.63%, 10/15/2016 (a)		730,000		854,276
Devon Energy Corp. 6.30%, 1/15/2019		100,000		122,049
Encana Corp. 5.90%, 12/1/2017		100,000		113,641
Energy Transfer Partners LP 6.70%, 7/1/2018		100,000		111,543
Ensco PLC 4.70%, 3/15/2021		100,000		102,827
Enterprise Products Operating LLC 5.20%, 9/1/2020		200,000		221,690
EOG Resources, Inc. 4.10%, 2/1/2021		100,000		109,323
Halliburton Co. 7.45%, 9/15/2039		100,000		144,069
Hess Corp. 5.60%, 2/15/2041		100,000		112,221
Kinder Morgan Energy Partners LP:
5.63%, 9/1/2041		50,000		51,916
5.80%, 3/15/2035		175,000		181,472
Marathon Oil Corp. 6.80%, 3/15/2032		100,000		122,502
Marathon Petroleum Corp.:
3.50%, 3/1/2016		55,000		55,127
6.50%, 3/1/2041		25,000		27,961
Nexen, Inc. 5.88%, 3/10/2035		100,000		101,390
Noble Holding International Ltd. 3.05%, 3/1/2016		100,000		101,806
Occidental Petroleum Corp. 2.50%, 2/1/2016 (a)		100,000		104,800
ONEOK Partners LP 6.13%, 2/1/2041		100,000		115,198
Pemex Project Funding Master Trust:
5.75%, 3/1/2018 (c)		100,000		110,000
6.63%, 6/15/2035 (c)		115,000		129,950
Petro-Canada 5.95%, 5/15/2035		100,000		115,046
Petrobras International Finance Co.:
3.88%, 1/27/2016		100,000		102,126
5.75%, 1/20/2020		105,000		112,146
6.88%, 1/20/2040		105,000		121,597
Plains All American Pipeline LP/PAA Finance Corp. 6.50%, 5/1/2018		100,000		115,225
Shell International Finance BV 6.38%, 12/15/2038		220,000		300,526
Southern Natural Gas Co. 5.90%, 4/1/2017 (e)		580,000		650,943
Spectra Energy Capital LLC 8.00%, 10/1/2019		100,000		127,389
Statoil ASA:
3.13%, 8/17/2017		100,000		106,017
3.15%, 1/23/2022		50,000		51,200
4.25%, 11/23/2041		50,000		52,482
Talisman Energy, Inc. 3.75%, 2/1/2021 (a)		150,000		149,155
Total Capital Canada, Ltd. 1.63%, 1/28/2014		100,000		101,463

See accompanying notes to financial statements.

130

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
TransCanada PipeLines, Ltd.:
6.10%, 6/1/2040	$	100,000	$	126,176
6.50%, 8/15/2018		100,000		122,060
Transocean, Inc. 6.00%, 3/15/2018		55,000		55,922
Valero Energy Corp. 6.13%, 2/1/2020		65,000		72,444
Weatherford International, Inc. 6.80%, 6/15/2037		239,000		271,807
Williams Partners LP 5.25%, 3/15/2020		110,000		121,771
				7,067,791
PAPER & FOREST PRODUCTS — 0.0% (b)
International Paper Co. 7.50%, 8/15/2021 (a)		100,000		123,889
PERSONAL PRODUCTS — 0.1%
The Procter & Gamble Co.:
1.80%, 11/15/2015		100,000		102,956
5.55%, 3/5/2037		100,000		130,426
				233,382
PHARMACEUTICALS — 0.8%
Abbott Laboratories 5.13%, 4/1/2019		400,000		468,531
AstraZeneca PLC 6.45%, 9/15/2037		75,000		100,434
Eli Lilly & Co. 5.20%, 3/15/2017 (a)		225,000		259,345
GlaxoSmithKline Capital, Inc. 6.38%, 5/15/2038		155,000		206,480
Johnson & Johnson:
2.15%, 5/15/2016 (a)		100,000		104,735
4.85%, 5/15/2041		100,000		119,182
Novartis Capital Corp. 1.90%, 4/24/2013		160,000		162,831
Pfizer, Inc. 6.20%, 3/15/2019		135,000		167,004
Sanofi 2.63%, 3/29/2016		100,000		103,815
Schering-Plough Corp. 6.00%, 9/15/2017		305,000		369,742
Teva Pharmaceutical Finance IV BV 3.65%, 11/10/2021		50,000		50,729
Teva Pharmaceutical Finance IV LLC 1.70%, 11/10/2014		100,000		100,524
Wyeth 5.95%, 4/1/2037		240,000		306,522
				2,519,874
REAL ESTATE INVESTMENT TRUSTS — 0.3%
Boston Properties LP 4.13%, 5/15/2021		100,000		100,393
Duke Realty LP 6.75%, 3/15/2020		25,000		27,430
HCP, Inc. 5.38%, 2/1/2021		100,000		105,139
Health Care REIT, Inc. 5.25%, 1/15/2022		100,000		97,535
ProLogis LP 7.63%, 8/15/2014		100,000		109,424
Realty Income Corp. 5.88%, 3/15/2035		50,000		50,059
Simon Property Group LP 4.20%, 2/1/2015		300,000		318,808
Vornado Realty LP 4.25%, 4/1/2015		100,000		102,778
				911,566
ROAD & RAIL — 0.3%
Burlington Northern Santa Fe LLC 4.95%, 9/15/2041		100,000		109,679
Canadian National Railway Co. 2.85%, 12/15/2021		100,000		100,657
CSX Corp. 6.15%, 5/1/2037		165,000		199,787
Norfolk Southern Corp. 7.70%, 5/15/2017		330,000		416,330
Union Pacific Corp. 6.13%, 2/15/2020		100,000		121,621
				948,074
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%
Applied Materials, Inc. 5.85%, 6/15/2041		100,000		113,621
Intel Corp. 4.80%, 10/1/2041		185,000		206,620
Texas Instruments, Inc. 2.38%, 5/16/2016 (a)		100,000		104,169
				424,410
SOFTWARE — 0.2%
Microsoft Corp. 3.00%, 10/1/2020		200,000		211,464
Oracle Corp.:
5.75%, 4/15/2018		200,000		241,171
6.13%, 7/8/2039		100,000		132,925
				585,560
SPECIALTY RETAIL — 0.3%
Best Buy Co., Inc. 3.75%, 3/15/2016		100,000		98,317
Lowe’s Cos., Inc. 2.13%, 4/15/2016		100,000		101,172
Staples, Inc. 9.75%, 1/15/2014		100,000		114,082
The Home Depot, Inc. 5.40%, 3/1/2016		405,000		467,859
				781,430
TOBACCO — 0.3%
Altria Group, Inc.:
9.70%, 11/10/2018		200,000		270,297
9.95%, 11/10/2038		100,000		151,173
Lorillard Tobacco Co. 3.50%, 8/4/2016		45,000		45,400
Philip Morris International, Inc. 4.88%, 5/16/2013		280,000		296,378

See accompanying notes to financial statements.

131

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Reynolds American, Inc. 7.63%, 6/1/2016	$	100,000	$	119,272
				882,520
WIRELESS TELECOMMUNICATION SERVICES — 1.0%
America Movil SAB de CV:
5.00%, 3/30/2020		100,000		110,256
6.13%, 3/30/2040		100,000		119,231
American Tower Corp. 5.90%, 11/1/2021		100,000		105,924
AT&T Corp. 8.00%, 11/15/2031		16,000		22,731
AT&T, Inc.:
2.40%, 8/15/2016		150,000		153,039
4.45%, 5/15/2021		200,000		220,890
5.35%, 9/1/2040		320,000		359,927
5.63%, 6/15/2016		200,000		230,393
BellSouth Corp. 6.55%, 6/15/2034		100,000		117,541
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/1/2014		200,000		217,146
Deutsche Telekom International Finance BV 6.75%, 8/20/2018		210,000		249,770
Embarq Corp. 7.08%, 6/1/2016		165,000		177,849
France Telecom SA:
2.13%, 9/16/2015		100,000		99,417
4.13%, 9/14/2021		100,000		101,204
Rogers Communications, Inc. 6.80%, 8/15/2018		150,000		182,752
Telecom Italia Capital 5.25%, 10/1/2015		200,000		183,000
Telefonica Emisiones SAU 4.95%, 1/15/2015		210,000		210,052
Vodafone Group PLC 5.63%, 2/27/2017		240,000		279,984
				3,141,106
TOTAL CORPORATE BONDS & NOTES —
(Cost $64,419,011)				68,734,642
FOREIGN GOVERNMENT OBLIGATIONS — 2.0%
Brazilian Government International Bond:
7.88%, 3/7/2015 (c)		100,000		118,850
11.00%, 8/17/2040 (c)		150,000		198,900
Chile Government International Bond 3.25%, 9/14/2021		100,000		102,500
Colombia Government International Bond:
7.38%, 3/18/2019		100,000		126,700
7.38%, 9/18/2037		100,000		140,000
Export Development Canada 2.25%, 5/28/2015		200,000		209,878
Federal Republic of Brazil 8.25%, 1/20/2034 (c)		360,000		540,000
Hungary Government International Bond:
6.38%, 3/29/2021		135,000		120,150
7.63%, 3/29/2041		20,000		17,700
Israel Government International Bond 5.13%, 3/26/2019		100,000		111,250
Japan Finance Corp. 2.25%, 7/13/2016		250,000		257,694
Japan Finance Organization for Municipalities 4.00%, 1/13/2021		100,000		112,645
Panama Government International Bond:
5.20%, 1/30/2020 (c)		50,000		56,375
6.70%, 1/26/2036 (c)		50,000		65,125
Poland Government International Bond 5.13%, 4/21/2021		200,000		204,000
Province of British Columbia 2.10%, 5/18/2016		100,000		104,317
Province of Manitoba 1.38%, 4/28/2014		100,000		101,287
Province of Nova Scotia Canada 5.13%, 1/26/2017		100,000		117,154
Province of Ontario:
2.30%, 5/10/2016		300,000		309,790
4.10%, 6/16/2014		400,000		430,279
Province of Quebec 7.50%, 9/15/2029		455,000		684,745
Republic of Italy:
2.13%, 9/16/2013		200,000		187,636
6.88%, 9/27/2023		200,000		193,384
Republic of Korea 5.75%, 4/16/2014		100,000		108,488
Republic of Peru:
7.13%, 3/30/2019 (c)		100,000		125,500
8.75%, 11/21/2033		100,000		152,350
Republic of South Africa 5.50%, 3/9/2020		100,000		111,875
United Mexican States 5.63%, 1/15/2017 (c)		880,000		1,010,680
TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $5,709,741)				6,019,252
U.S. GOVERNMENT AGENCY MBS TBA — 30.7%
Fannie Mae
3.50%, 15yr TBA		3,350,000		3,503,367
3.50%, 30yr TBA		1,000,000		1,028,750
4.00%, 30yr TBA		6,350,000		6,669,484
4.00%, 15yr TBA		1,500,000		1,582,500
4.50%, 30yr TBA		8,000,000		8,513,750
4.50%, 15yr TBA		1,500,000		1,598,906
5.00%, 15yr TBA		2,000,000		2,151,250
5.50%, 30yr TBA		11,000,000		11,977,969
6.00%, 30yr TBA		2,750,000		3,029,297
6.50%, 30yr TBA		2,000,000		2,225,625
Freddie Mac
4.00%, 30yr TBA		2,350,000		2,464,287
4.00%, 15yr TBA		3,500,000		3,676,094
4.50%, 15yr TBA		1,000,000		1,059,063

See accompanying notes to financial statements.

132

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
4.50%, 30yr TBA	$	5,750,000	$	6,093,203
5.00%, 30yr TBA		11,500,000		12,358,906
5.50%, 15yr TBA		1,000,000		1,078,125
6.00%, 30yr TBA		4,000,000		4,395,000
Ginnie Mae
4.00%, 30yr TBA		3,350,000		3,593,398
4.50%, 30yr TBA		5,800,000		6,320,187
5.00%, 30yr TBA		4,900,000		5,427,516
5.50%, 30yr TBA		2,500,000		2,806,641
6.00%, 30yr TBA		1,200,000		1,359,375
6.50%, 30yr TBA		1,000,000		1,143,438
TOTAL U.S. GOVERNMENT AGENCY MBS TBA —
(Cost $93,498,469)				94,056,131
U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.3%
Fannie Mae
2.50%, 5/15/2014		1,235,000		1,292,474
4.50%, 10/1/2040		1,416,978		1,508,675
5.00%, 5/11/2017		510,000		607,283
6.00%, 6/1/2017		226,412		242,832
7.13%, 1/15/2030 (a)		525,000		806,983
Federal Home Loan Bank
0.70%, 8/23/2013		100,000		99,812
0.88%, 12/27/2013		250,000		252,429
1.38%, 5/28/2014		750,000		766,329
4.75%, 12/16/2016 (a)		500,000		587,706
4.88%, 5/17/2017 (a)		200,000		237,947
5.00%, 11/17/2017		300,000		361,089
5.13%, 8/14/2013		1,510,000		1,627,128
Federal Home Loan Mortgage Corp.
0.38%, 10/30/2013 (a)		500,000		500,090
0.50%, 2/15/2013		100,000		99,598
0.50%, 10/3/2013		100,000		99,588
0.50%, 10/18/2013		100,000		99,538
0.55%, 9/30/2013		200,000		199,306
0.55%, 12/27/2013		100,000		99,545
0.85%, 1/9/2015		100,000		99,786
0.88%, 12/19/2014		100,000		99,852
1.00%, 11/3/2014		100,000		100,017
1.00%, 12/5/2014		100,000		100,054
1.00%, 12/19/2014		100,000		100,179
1.00%, 6/30/2015		100,000		99,829
1.05%, 9/28/2015		100,000		99,751
1.50%, 7/13/2015		100,000		100,416
3.50%, 5/29/2013 (a)		1,000,000		1,045,673
4.00%, 6/12/2013		200,000		210,534
4.13%, 9/27/2013		500,000		532,779
4.38%, 7/17/2015 (a)		500,000		562,634
6.75%, 3/15/2031		200,000		300,961
Federal National Mortgage Association
0.50%, 8/9/2013 (a)		1,000,000		1,002,918
0.50%, 12/27/2013		100,000		99,464
0.60%, 10/25/2013		100,000		99,678
0.63%, 12/6/2013		200,000		199,363
0.70%, 9/19/2014		100,000		99,555
0.70%, 10/17/2014		100,000		99,606
0.90%, 12/29/2014		100,000		99,821
1.00%, 12/5/2014		100,000		99,952
1.13%, 10/8/2013		100,000		101,128
1.45%, 1/24/2014		100,000		100,054
1.55%, 1/27/2014		50,000		50,030
1.75%, 5/7/2013 (a)		500,000		510,125
1.75%, 11/14/2016		100,000		100,280
2.25%, 3/15/2016		300,000		314,630
2.25%, 6/6/2016		100,000		100,684
2.63%, 11/20/2014 (a)		300,000		317,616
Freddie Mac
0.80%, 1/13/2015		100,000		99,623
5.00%, 4/18/2017		723,000		859,925
Ginnie Mae
4.00%, 6/15/2040		235,809		253,395
4.50%, 7/15/2039		1,180,899		1,289,299
Tennessee Valley Authority
3.88%, 2/15/2021		65,000		74,138
4.75%, 8/1/2013		100,000		106,830
5.25%, 9/15/2039		200,000		254,494
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS —
(Cost $18,458,035)				19,273,425
U.S. TREASURY OBLIGATIONS — 35.0%
Treasury Bonds
3.13%, 11/15/2041		350,000		366,705
3.88%, 8/15/2040		2,500,000		2,996,400
4.38%, 5/15/2040		3,050,000		3,961,340
4.38%, 5/15/2041		600,000		781,788
4.50%, 8/15/2039		2,300,000		3,040,899
4.75%, 2/15/2041		500,000		689,145
5.38%, 2/15/2031 (a)		1,100,000		1,567,764
6.25%, 5/15/2030		500,000		773,430
6.50%, 11/15/2026		300,000		455,208
6.88%, 8/15/2025		750,000		1,154,888
7.13%, 2/15/2023 (a)		500,000		755,950
7.50%, 11/15/2016 (a)		515,000		679,177
8.75%, 8/15/2020		1,130,000		1,781,682
8.88%, 8/15/2017 (a)		713,000		1,020,816
Treasury Notes
0.13%, 12/31/2013		1,000,000		997,580
0.25%, 12/15/2014		1,200,000		1,196,064
0.50%, 5/31/2013		2,000,000		2,008,480
0.50%, 11/15/2013 (a)		5,000,000		5,023,750
0.50%, 8/15/2014		1,000,000		1,004,690
0.63%, 2/28/2013		3,300,000		3,316,896
0.75%, 8/15/2013 (a)		2,000,000		2,016,940
0.88%, 12/31/2016		600,000		601,044
1.00%, 5/15/2014		4,000,000		4,066,440
1.25%, 2/15/2014		1,500,000		1,530,840
1.38%, 1/15/2013		1,250,000		1,265,462
1.38%, 5/15/2013		3,800,000		3,860,344
1.38%, 11/30/2018 (a)		250,000		250,823
1.38%, 12/31/2018		300,000		300,564
1.50%, 12/31/2013		300,000		307,497
1.50%, 6/30/2016		2,000,000		2,068,400
1.88%, 6/30/2015		1,750,000		1,833,545
1.88%, 9/30/2017 (a)		2,000,000		2,090,860
2.00%, 11/15/2021		900,000		910,197
2.13%, 12/31/2015 (a)		1,800,000		1,909,368
2.13%, 8/15/2021		1,000,000		1,025,580
2.25%, 7/31/2018		1,000,000		1,063,610

See accompanying notes to financial statements.

133

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
2.38%, 10/31/2014	$	4,555,000	$	4,811,584
2.63%, 2/29/2016		1,500,000		1,621,755
2.63%, 4/30/2018		1,000,000		1,088,910
2.63%, 8/15/2020		3,500,000		3,774,785
2.63%, 11/15/2020		1,000,000		1,076,640
2.75%, 10/31/2013 (f)		2,565,000		2,680,938
2.75%, 11/30/2016		4,380,000		4,782,215
2.75%, 5/31/2017		300,000		328,377
3.00%, 2/28/2017		1,000,000		1,106,050
3.13%, 8/31/2013		4,945,000		5,181,322
3.13%, 10/31/2016		2,000,000		2,217,980
3.13%, 5/15/2019 (a)(f)		5,500,000		6,167,864
3.13%, 5/15/2021		3,250,000		3,628,885
3.38%, 11/15/2019 (a)		1,000,000		1,140,110
3.50%, 5/15/2020		600,000		690,222
4.00%, 2/15/2014		3,100,000		3,343,753
4.13%, 5/15/2015		1,000,000		1,121,890
4.75%, 8/15/2017 (a)		2,425,000		2,920,258
5.13%, 5/15/2016		810,000		964,046
TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $100,534,818)				107,321,750
COMMERCIAL MORTGAGE BACKED SECURITIES — 1.9%
Bank of America Commercial Mortgage, Inc. 5.62%, 6/10/2049 (d)		250,000		267,973
Bear Stearns Commercial Mortgage Securities 4.75%, 2/13/2046 (d)		550,000		587,903
GE Capital Commercial Mortgage Corp. 5.54%, 12/10/2049		400,000		419,050
Greenwich Capital Commercial Funding Corp. 4.80%, 8/10/2042 (d)		250,000		268,537
GS Mortgage Securities Corp. II:
5.40%, 8/10/2038 (d)		250,000		268,857
5.55%, 4/10/2038 (d)		250,000		270,749
JPMorgan Chase Commercial Mortgage Securities Corp.:
4.87%, 3/15/2046		250,000		261,418
4.88%, 1/12/2038 (d)		239,470		250,138
5.44%, 6/12/2047		510,000		546,961
5.81%, 6/12/2043 (d)		500,000		543,784
LB-UBS Commercial Mortgage Trust:
4.37%, 3/15/2036		450,000		470,097
5.17%, 6/15/2029 (d)		187,150		191,286
Merrill Lynch/Countrywide Commercial Mortgage Trust 5.38%, 8/12/2048		400,000		416,099
Morgan Stanley Capital I:
5.51%, 11/12/2049 (d)		475,000		525,133
5.61%, 4/15/2049		162,608		167,160
Wachovia Bank Commercial Mortgage Trust 4.96%, 11/15/2035 (d)		250,000		263,538
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES —
(Cost $4,455,601)				5,718,683
ASSET BACKED — 0.3%
CREDIT CARD RECEIVABLES — 0.3%
Capital One Multi-Asset Execution Trust 5.05%, 2/15/2016		245,000		257,759
Citibank Credit Card Issuance Trust:
4.90%, 6/23/2016		200,000		219,158
5.35%, 2/7/2020		295,000		349,805
TOTAL ASSET BACKED —
(Cost $744,013)				826,722
MUNICIPAL BONDS & NOTES — 0.7%
CALIFORNIA — 0.2%
California, State General Obligation:
5.95%, 4/1/2016		35,000		39,401
7.30%, 10/1/2039		300,000		354,729
San Francisco, CA, City & County Public Utilities Commission, Water Revenue 6.00%, 11/1/2040		50,000		57,796
				451,926
CONNECTICUT — 0.0% (b)
Connecticut, State General Obligation 5.09%, 10/1/2030		100,000		110,005
GEORGIA — 0.1%
Georgia, State General Obligation 4.50%, 11/1/2025		200,000		224,696
ILLINOIS — 0.1%
Illinois, State General Obligation:
4.07%, 1/1/2014		100,000		102,676
5.10%, 6/1/2033		200,000		181,528
				284,204
MASSACHUSETTS — 0.0% (b)
Massachusetts, State General Obligation 4.91%, 5/1/2029		100,000		111,990
NEW JERSEY — 0.1%
New Jersey, State Transportation Trust Revenue 6.10%, 12/15/2028		100,000		107,036
Rutgers University, Revenue 5.67%, 5/1/2040		80,000		96,323
				203,359
NEW YORK — 0.1%
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue 5.72%, 6/15/2042		65,000		78,052

See accompanying notes to financial statements.

134

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
New York, NY, City Transitional Finance Authority Revenue 5.51%, 8/1/2037	$	100,000	$	116,196
New York, NY, General Obligation 5.52%, 10/1/2037		85,000		96,338
				290,586
OHIO — 0.0% (b)
Ohio State University 4.91%, 6/1/2040		100,000		113,232
PENNSYLVANIA — 0.1%
Pennsylvania, Public School Building Authority Revenue 5.00%, 9/15/2027		100,000		104,659
Pennsylvania, Turnpike Commission Revenue 5.51%, 12/1/2045		75,000		84,070
				188,729
TEXAS — 0.0% (b)
Texas, State Transportation Commission, Revenue Series B 5.18%, 4/1/2030		100,000		116,169
TOTAL MUNICIPAL BONDS & NOTES —
(Cost $1,890,098)				2,094,896
	Shares
SHORT TERM INVESTMENTS — 37.6%
MONEY MARKET FUNDS — 37.6%
State Street Institutional Liquid Reserves Fund 0.15% (f)(g)(h)		98,103,680		98,103,680
State Street Navigator Securities Lending Prime Portfolio (g)(i)		17,130,969		17,130,969
TOTAL SHORT TERM INVESTMENTS — (j)
(Cost $115,234,649)				115,234,649
TOTAL INVESTMENTS — 136.9% (k)
(Cost $404,944,435)				419,280,150
OTHER ASSETS & LIABILITIES — (36.9)%				(113,070,885	)
NET ASSETS — 100.0%			$	306,209,265

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Amount shown represents less than 0.05% of net assets.
(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)	Variable rate security. Rate shown is rate in effect at December 31, 2011. Maturity date disclosed is the ultimate maturity.
(e)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.2% of net assets as of December 31, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	Security, or a portion of the security has been designated as collateral for TBA securities.
(g)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)	The rate shown is the annualized seven-day yield at period end.
(i)	Investments of cash collateral for securities loaned.
(j)	Value is determined based on Level 1 inputs. (Note 2)
(k)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

TBA = To Be Announced

See accompanying notes to financial statements.

135

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MUNICIPAL BONDS & NOTES — 99.1%
ALABAMA — 0.4%
Alabama, Auburn University, General Fee Revenue 5.00%, 6/1/2038 (a)	$	2,200,000	$	2,349,996
Alabama, Public School & College Authority Revenue 5.00%, 12/1/2023		1,500,000		1,705,545
				4,055,541
ALASKA — 0.3%
Alaska, State General Obligation Series A 5.00%, 8/1/2024		2,580,000		3,113,286
ARIZONA — 2.9%
Arizona, Salt River Project, Agricultural Improvement & Power District:
Series A 5.00%, 1/1/2016		500,000		578,865
Series A 5.00%, 1/1/2027		500,000		553,290
Series A 5.00%, 1/1/2033		5,000,000		5,409,850
Arizona, State Transportation Board, Excise Tax Revenue 5.00%, 7/1/2021		1,500,000		1,721,055
Arizona, State Transportation Board, Highway Revenue Series A 5.00%, 7/1/2028		7,145,000		7,919,661
Chandler, AZ, General Obligation 4.25%, 7/1/2026		5,000,000		5,384,350
Maricopa County, AZ, Community College District, General Obligation Series C 3.00%, 7/1/2022		2,000,000		2,072,060
Phoenix, AZ, Civic Improvement Corp., Wastewater System Revenue, Senior Lien 5.50%, 7/1/2019		1,000,000		1,234,600
Phoenix, AZ, General Obligation Series A 5.00%, 7/1/2017		1,000,000		1,201,270
Pima County, AZ, Industrial Development Authority, Lease Revenue 5.00%, 9/1/2039		2,000,000		2,022,040
				28,097,041
CALIFORNIA — 13.5%
California, State Department of Water Resources, Revenue:
Series L 5.00%, 5/1/2020		10,000,000		12,410,400
Series AG 5.00%, 12/1/2025		5,760,000		6,697,267
California, State University Revenue:
Series D 4.50%, 11/1/2037 (a)		3,120,000		3,138,907
Series A 4.50%, 11/1/2044 (a)		4,050,000		4,063,082
Series A 5.00%, 11/1/2033		3,500,000		3,651,865
Series A 5.00%, 11/1/2037 (a)		1,000,000		1,048,920
Eastern Municipal Water District, CA, Water & Sewer Revenue Series H 5.00%, 7/1/2033		4,035,000		4,244,739
Los Angeles, CA, Community College District, General Obligation:
Series A 5.00%, 8/1/2027		1,000,000		1,077,940
Series A 5.00%, 8/1/2032 (a)		1,345,000		1,423,252
Los Angeles, CA, Department of Water & Power Revenue:
Series A 4.00%, 7/1/2013		1,000,000		1,054,000
Series A 5.00%, 7/1/2020		7,400,000		9,170,968
Los Angeles, CA, General Obligation Series B 5.00%, 9/1/2022		10,000,000		11,924,300
Los Angeles, CA, Unified School District:
5.00%, 7/1/2018		330,000		390,628
Series H 5.00%, 7/1/2021 (a)		2,695,000		3,054,809
Los Angeles, CA, Unified School District, General Obligation Series A-1 4.00%, 7/1/2016		1,250,000		1,395,538
Los Angeles, CA, Wastewater System Revenue:
Series A 5.00%, 6/1/2029		1,000,000		1,097,760
5.00%, 6/1/2039		1,845,000		1,958,541
Los Rios, CA, Community College District Election of 2008 Series A 5.00%, 8/1/2035		5,000,000		5,322,350
Metropolitan Water District of Southern California, Waterworks Revenue Series A 5.00%, 1/1/2029		4,900,000		5,387,256
Oakland, CA, Joint Powers Financing Authority Lease Revenue Series B 5.00%, 8/1/2022 (a)		2,105,000		2,262,033
Palomar, CA, Community College District Series A 4.75%, 5/1/2032 (a)		3,000,000		3,099,480
Sacrament, CA, Sanitation Districts Financing Authority Revenue 5.00%, 12/1/2024		3,500,000		4,092,655
Sacramento, CA, Municipal Utility District Revenue Series U 5.00%, 8/15/2024 (a)		2,500,000		2,800,925
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue Series A 5.25%, 5/15/2039		1,000,000		1,072,380
San Diego, CA, Unified School District Series A Zero Coupon, 7/1/2025 (b)		485,000		246,201
San Diego, CA, Unified School District Election of 2008 Series A Zero Coupon, 7/1/2028 (b)		2,000,000		830,740
San Francisco, CA, Bay Area Rapid Transit District:
Series B 5.00%, 8/1/2022		1,500,000		1,718,250
Series B 5.00%, 8/1/2032		1,600,000		1,709,648
San Francisco, CA, Bay Area Toll Authority, Toll Bridge Revenue 5.13%, 4/1/2047		655,000		689,008
San Francisco, CA, Community College District, General Obligation Series B 5.00%, 6/15/2028 (a)		5,225,000		5,413,205
San Francisco, CA, Public Utilities Commission, Water Revenue:
Series B 5.00%, 9/1/2018		9,755,000		11,603,377
Subseries A 5.00%, 11/1/2024		6,750,000		7,953,727

See accompanying notes to financial statements.

136

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
5.00%, 6/15/2027	$	500,000	$	524,295
San Francisco, CA, Unified School District, General Obligation Series A 3.00%, 6/15/2027 (a)		1,000,000		894,150
San Joaquin County, CA, Transportation Authority, Sales Tax Revenue Series A 5.50%, 3/1/2041		4,700,000		5,205,391
University of California, Revenue:
Series S 5.00%, 5/15/2040		1,000,000		1,058,590
Series Q 5.25%, 5/15/2028		2,855,000		3,151,834
				132,838,411
COLORADO — 0.3%
City & County of Denver Co. 5.25%, 8/1/2018		325,000		405,613
Platte River, CO, Power Authority Revenue:
Series HH 5.00%, 6/1/2024		1,255,000		1,447,542
Series HH 5.00%, 6/1/2029		1,000,000		1,111,550
				2,964,705
CONNECTICUT — 1.9%
Connecticut, State General Obligation:
5.00%, 12/1/2020		7,500,000		9,192,900
5.00%, 12/1/2021		7,500,000		9,094,800
				18,287,700
DELAWARE — 0.4%
Delaware, State General Obligation 5.00%, 3/1/2013		1,000,000		1,054,530
New Castle County, DE, General Obligation Series A 5.00%, 7/15/2039		2,500,000		2,706,500
				3,761,030
DISTRICT OF COLUMBIA — 1.1%
District of Columbia, Water & Sewer Authority, Public Utility Revenue Series A 5.50%, 10/1/2039		5,000,000		5,541,600
Metropolitan Washington, DC, Airport Authority System Revenue Series C 5.00%, 10/1/2028		5,000,000		5,387,350
				10,928,950
FLORIDA — 5.0%
Florida, State Board of Education, Capital Outlay:
Series B 5.00%, 6/1/2015		2,600,000		2,955,784
Series A 5.00%, 6/1/2016		1,215,000		1,421,076
Series A 5.00%, 6/1/2017		5,000,000		5,997,300
Series A 5.00%, 6/1/2018		4,000,000		4,884,760
Series D 5.00%, 6/1/2024		7,550,000		8,781,254
Florida, State Board of Education, General Obligation 5.00%, 6/1/2037		1,000,000		1,067,780
Florida, State Hurricane Catastrophe Fund Revenue Series A 5.00%, 7/1/2014		1,045,000		1,129,217
Florida, Water Pollution Control Financing Revenue:
Series A 5.00%, 7/15/2013		2,575,000		2,753,190
Series A 5.00%, 7/15/2014		1,075,000		1,188,896
JEA, FL, Bulk Power Supply System Revenue, Scherer 4 Project Series A 5.63%, 10/1/2033		5,000,000		5,186,150
Miami-Dade County, FL, General Obligation:
4.75%, 7/1/2034		1,675,000		1,736,573
5.00%, 10/1/2023 (a)		500,000		545,905
5.00%, 7/1/2031		1,980,000		2,130,183
6.00%, 10/1/2023		1,270,000		1,521,396
Miami-Dade County, FL, School Board Certificates of Participation Series B 4.00%, 5/1/2017 (a)		1,000,000		1,095,710
Orlando Utilities Commission 5.00%, 10/1/2029		1,400,000		1,541,652
Palm Beach County, FL, Public Improvement Revenue 5.00%, 5/1/2038		5,000,000		5,265,200
				49,202,026
GEORGIA — 3.6%
Atlanta, GA, Metropolitan Rapid Transit Authority, Sales Tax Revenue Series B 5.00%, 7/1/2037 (a)		6,875,000		7,221,156
Augusta, GA, Water & Sewer Revenue 5.00%, 10/1/2014 (a)		1,085,000		1,208,202
County of Douglas GA 5.00%, 8/1/2016		4,000,000		4,715,280
Fulton County, GA, Water & Sewer Revenue 5.00%, 1/1/2017		1,430,000		1,688,573
Georgia, State Environmental Loan Acquisition Corp. Revenue 5.13%, 3/15/2031		5,000,000		5,477,250
Georgia, State General Obligation:
Series B 5.00%, 7/1/2022		4,500,000		5,430,195
Series I 5.00%, 7/1/2022		1,000,000		1,226,400
Series B 5.00%, 7/1/2024		1,145,000		1,346,966
Gwinnett County, GA, School District, General Obligation 5.00%, 2/1/2019		5,380,000		6,762,176
				35,076,198
HAWAII — 1.2%
City & County of Honolulu HI, General Obligation Series A 5.25%, 8/1/2034		1,500,000		1,701,465
City & County of Honolulu HI, Wastewater System Revenue Series A 5.00%, 7/1/2041		7,000,000		7,571,130
Hawaii, State General Obligation:
Series EA 5.00%, 12/1/2016		955,000		1,132,888
Series DJ 5.00%, 4/1/2023 (a)		1,090,000		1,250,088
				11,655,571
IDAHO — 0.6%
Idaho Housing & Finance Association Unemployment Compensation Revenue 5.00%, 8/15/2015		5,000,000		5,669,450

See accompanying notes to financial statements.

137

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
ILLINOIS — 3.4%
Chicago, IL, General Obligation Series A 5.25%, 1/1/2037	$	5,000,000	$	5,155,250
Chicago, IL, O’Hare International Airport Revenue Series A 5.00%, 1/1/2038 (a)		1,500,000		1,536,615
Chicago, IL, Water Revenue 5.25%, 11/1/2038		2,500,000		2,613,425
Cook County, IL, General Obligation:
Series A 5.00%, 11/15/2019		2,000,000		2,329,940
Series A 5.25%, 11/15/2033		8,520,000		9,052,671
Illinois State Toll Highway Authority 5.00%, 1/1/2028		1,300,000		1,415,024
Illinois, State General Obligation 5.00%, 1/1/2015 (a)		955,000		1,044,999
Illinois, University of Chicago, Finance Authority Revenue Series B 6.25%, 7/1/2038		5,000,000		5,757,550
Kendall, Kane, & Will Counties, IL, School District No. 308, General Obligation Zero Coupon, 2/1/2022 (a)(b)		5,000,000		3,365,200
Southwestern Illinois, Development Authority Revenue Zero Coupon, 12/1/2021 (a)(b)		1,125,000		761,411
				33,032,085
INDIANA — 1.3%
Indiana, State Finance Authority, Highway Revenue:
Series A 4.50%, 12/1/2020 (a)		1,000,000		1,103,440
Series A 4.50%, 6/1/2027 (a)		8,000,000		8,364,880
Indiana, State Finance Authority, Lease Revenue Series A-1 5.00%, 11/1/2015		3,000,000		3,390,960
				12,859,280
IOWA — 0.1%
Iowa, State Finance Authority Revenue 5.00%, 8/1/2020		600,000		749,292
KANSAS — 0.2%
Wichita, KS, Water & Sewer Utility Revenue Series A 5.00%, 10/1/2039		1,975,000		2,127,016
KENTUCKY — 0.7%
Kentucky, State Property & Buildings Commission Revenue:
5.00%, 11/1/2017 (a)		450,000		533,349
Series A 5.00%, 11/1/2017		375,000		444,457
5.00%, 11/1/2018		1,000,000		1,202,410
5.00%, 8/1/2020		2,475,000		2,985,766
Kentucky, State Turnpike Authority, Economic Development Road Revenue Series A 5.00%, 7/1/2028		1,475,000		1,634,005
				6,799,987
LOUISIANA — 0.1%
Louisiana, State Gas & Fuels Tax Revenue Series B 5.00%, 5/1/2025		1,000,000		1,161,470
MARYLAND — 3.0%
Howard County, MD, General Obligation Series B 5.00%, 8/15/2017		4,745,000		5,789,707
Maryland, State Department of Transportation Revenue:
5.00%, 2/15/2015		1,500,000		1,694,670
5.00%, 2/15/2017		1,925,000		2,306,650
Maryland, State General Obligation:
Series C 5.00%, 3/1/2017		2,900,000		3,502,533
Series E 5.00%, 8/1/2018		4,000,000		4,983,560
Montgomery County:
Series A 4.00%, 7/1/2030		5,000,000		5,183,450
Series A 5.00%, 7/1/2017		5,000,000		6,077,550
				29,538,120
MASSACHUSETTS — 2.1%
Massachusetts, State General Obligation:
Series C 3.00%, 1/1/2014		4,130,000		4,335,757
Series D 4.25%, 10/1/2027		2,750,000		2,977,892
Series A 5.00%, 3/1/2025		965,000		1,148,591
Series B 5.00%, 8/1/2025		5,000,000		5,853,850
Massachusetts, State Health & Educational Facilities Authority, Revenue Series A 5.50%, 11/15/2036		2,000,000		2,293,200
Massachusetts, State Port Authority Revenue 5.00%, 7/1/2040		405,000		432,103
Massachusetts, State School Building Authority Revenue Series A 4.35%, 8/15/2025		3,580,000		3,877,820
				20,919,213
MICHIGAN — 0.8%
Detroit, MI, General Obligation 5.00%, 11/1/2030		500,000		522,455
Michigan, Municipal Bond Authority Revenue:
4.63%, 10/1/2025		3,000,000		3,274,980
5.00%, 10/1/2029		2,905,000		3,274,777
Michigan, State Grant Anticipation Revenue 5.25%, 9/15/2021 (a)		450,000		516,573
				7,588,785
MINNESOTA — 0.9%
Minnesota, State General Obligation:
Series D 5.00%, 8/1/2018		2,000,000		2,480,320
Series D 5.00%, 8/1/2019		2,275,000		2,863,315
University of Minnesota, Revenue Series A 5.00%, 12/1/2018		2,750,000		3,395,370
				8,739,005
MISSISSIPPI — 0.4%
Mississippi, State General Obligation:
Series B 5.00%, 12/1/2013		1,000,000		1,084,430

See accompanying notes to financial statements.

138

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Series A 5.00%, 10/1/2036	$	3,000,000	$	3,316,320
				4,400,750
MISSOURI — 0.7%
Missouri, State Board of Public Buildings Special Obligation Series A 1.00%, 10/1/2026		965,000		632,336
Missouri, State Highways & Transit Commission, State Road Revenue, Second Lien:
5.25%, 5/1/2019		4,000,000		4,800,760
5.25%, 5/1/2020		1,000,000		1,192,810
				6,625,906
NEVADA — 0.9%
Clark County, NV, General Obligation 5.00%, 6/1/2026		390,000		424,698
Clark County, NV, School District, General Obligation Series B 4.50%, 6/15/2016 (a)		610,000		688,110
Las Vegas Valley, NV, Water District, General Obligation:
Series B 5.00%, 6/1/2015		1,500,000		1,713,405
Series A 5.00%, 2/1/2033		350,000		366,580
Las Vegas, NV, General Obligation 6.00%, 4/1/2039		4,265,000		4,762,171
Nevada, State Highway Improvement Revenue 5.00%, 12/1/2017 (a)		600,000		684,000
				8,638,964
NEW JERSEY — 2.4%
New Jersey, Environmental Infrastructure Trust Revenue:
Series A 4.00%, 9/1/2022		3,200,000		3,571,520
4.00%, 9/1/2027		2,520,000		2,685,035
New Jersey, State General Obligation 5.00%, 6/1/2019		8,825,000		10,788,298
New Jersey, State Higher Education Assistance Authority Revenue Series 1A 5.00%, 12/1/2017		1,410,000		1,609,035
New Jersey, State Transportation Trust Fund Authority Series A Zero Coupon, 12/15/2034 (b)		20,000,000		5,459,000
				24,112,888
NEW MEXICO — 1.9%
Albuquerque, NM, Municipal School District, General Obligation Series A 4.00%, 8/1/2022		6,650,000		7,421,666
New Mexico, Severance Tax Series A-1 4.00%, 7/1/2014		2,000,000		2,108,320
New Mexico, State Finance Authority 5.00%, 6/15/2017		3,000,000		3,618,390
New Mexico, State General Obligation 5.00%, 3/1/2017		5,000,000		6,016,450
				19,164,826
NEW YORK — 17.9%
Erie County, NY, Fiscal Stability Authority Sales Tax Revenue Series A 5.00%, 5/15/2020		1,000,000		1,228,180
Erie County, NY, Industrial Development Agency Revenue:
5.25%, 5/1/2029		1,390,000		1,550,712
Series A 5.75%, 5/1/2019 (a)		1,500,000		1,846,470
Series A 5.75%, 5/1/2021 (a)		3,000,000		3,495,960
Nassau County, NY, Sewer & Storm Water Finance Authority System, Revenue Series A 5.38%, 11/1/2028		1,275,000		1,440,355
New York & New Jersey, Port Authority Revenue:
4.25%, 7/15/2040		1,000,000		1,000,700
156th Series 4.75%, 11/1/2036		7,000,000		7,284,900
5.00%, 7/15/2039		4,500,000		4,845,960
New York, NY, City Municipal Water Finance Authority:
4.25%, 6/15/2031		3,000,000		3,145,110
4.50%, 6/15/2032		1,000,000		1,046,650
Series DD 4.50%, 6/15/2038		2,310,000		2,382,950
Series DD 4.63%, 6/15/2031		1,030,000		1,090,832
5.00%, 6/15/2026		3,000,000		3,479,520
5.00%, 6/15/2027		545,000		615,360
Series A 5.00%, 6/15/2038		1,000,000		1,053,970
5.00%, 6/15/2043		3,500,000		3,770,095
Series GG-2 5.25%, 6/15/2040		625,000		682,844
Series A 5.50%, 6/15/2021		1,150,000		1,421,998
New York, NY, City Transitional Finance Authority:
Series B 5.00%, 11/1/2014		1,050,000		1,171,244
Series B 5.00%, 11/1/2016		1,000,000		1,183,690
5.00%, 11/1/2020		1,000,000		1,229,210
5.00%, 5/1/2023		865,000		1,022,171
Series B 5.00%, 11/1/2026		8,000,000		8,994,880
Series C 5.00%, 11/1/2028		2,000,000		2,294,020
Series B 5.00%, 11/1/2030		1,365,000		1,506,086
New York, NY, General Obligation:
Series C 5.00%, 8/1/2015		5,000,000		5,681,200
Series C 5.00%, 11/15/2016		5,000,000		5,925,700
5.00%, 3/1/2017		5,000,000		5,925,050
Series B-1 5.25%, 9/1/2023		7,180,000		8,450,860
New York, NY, Liberty Development Corp. Revenue:
5.13%, 1/15/2044		5,750,000		5,861,665
5.63%, 1/15/2046		1,000,000		1,055,770
New York, NY, Triborough Bridge & Tunnel Authority Revenue:
Series A 5.00%, 1/1/2023		5,000,000		6,098,850
Series A-2 5.00%, 11/15/2029		12,620,000		13,935,256
New York, State Dormitory Authority Revenue:
Series B 5.00%, 7/1/2017		3,000,000		3,551,250
Series A 5.00%, 7/1/2038		3,350,000		3,514,418
5.25%, 7/1/2048		3,065,000		3,282,063

See accompanying notes to financial statements.

139

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
New York, State Dormitory Authority, State Income Tax Revenue:
Series E 4.50%, 3/15/2036	$	790,000	$	823,188
Series A 5.00%, 2/15/2020		7,850,000		9,818,387
5.00%, 7/1/2021		700,000		847,007
5.00%, 2/15/2029		750,000		828,203
New York, State Environmental Facilities Corp. Revenue:
Series A 4.50%, 6/15/2036		1,500,000		1,554,915
Series A 5.13%, 6/15/2038		1,000,000		1,089,930
New York, State General Obligation:
3.00%, 3/1/2017		4,255,000		4,659,097
4.00%, 3/1/2018		1,030,000		1,199,960
Series E 5.00%, 8/1/2018		635,000		773,595
Series A-1 5.25%, 8/15/2028		760,000		869,668
New York, State Housing Finance Agency, Personal Income Tax Revenue Series A 5.00%, 3/15/2039		2,760,000		2,952,289
New York, State Local Government Assistance Corp. Revenue Series A 5.00%, 4/1/2020		3,000,000		3,599,310
New York, State Thruway Authority, Personal Income Tax Revenue:
5.00%, 3/15/2022		6,510,000		7,916,355
Series A 5.00%, 3/15/2028		2,000,000		2,210,220
Series A 5.00%, 3/15/2029		2,000,000		2,210,680
New York, State Thruway Authority, Second General Highway & Bridge Trust Fund Series A 5.00%, 4/1/2021		500,000		578,025
New York, State Urban Development Corp., Revenue:
Series A-1 5.00%, 12/15/2016		2,630,000		3,120,889
Series B 5.00%, 3/15/2020		3,000,000		3,527,670
Series B-1 5.00%, 3/15/2036		1,000,000		1,071,610
Oyster Bay, NY, General Obligation 4.00%, 8/15/2026		3,910,000		4,154,062
				175,871,009
NORTH CAROLINA — 3.1%
Charlotte, NC, General Obligation Series B 5.00%, 6/1/2022		475,000		577,362
Charlotte, NC, Water & Sewer System Revenue 5.00%, 7/1/2038		8,585,000		9,311,119
Mecklenburg County, NC, General Obligation:
Series A 4.00%, 8/1/2015		3,135,000		3,495,807
Series A 5.00%, 8/1/2015		1,000,000		1,150,290
North Carolina, State Capital Improvement Revenue:
Series A 4.50%, 5/1/2026		4,500,000		5,098,635
Series A 5.00%, 5/1/2016		3,000,000		3,503,550
North Carolina, State General Obligation Series A 5.00%, 3/1/2018		2,165,000		2,673,429
North Carolina, State Turnkpike Authority 5.00%, 7/1/2041		1,000,000		1,095,680
North Carolina, University of North Carolina-Chapel Hill, Revenue 5.00%, 12/1/2031		3,640,000		4,008,441
				30,914,313
OHIO — 3.0%
Columbus, OH, General Obligation:
Series A 4.00%, 6/1/2014		10,000,000		10,793,300
Series A 5.00%, 9/1/2018		300,000		359,787
Ohio, State Common Schools, General Obligation Series C 5.00%, 9/15/2015		5,000,000		5,735,350
Ohio, State General Obligation 5.00%, 8/1/2021		4,885,000		6,112,405
Ohio, State Water Development Authority, Water Pollution Control Revenue 5.00%, 12/1/2020		2,630,000		3,227,957
Ohio, University of Akron, General Receipts:
Series A 5.00%, 1/1/2033 (a)		1,000,000		1,041,970
Series B 5.25%, 1/1/2023 (a)		1,970,000		2,211,325
				29,482,094
OKLAHOMA — 0.3%
Oklahoma, State Turnpike Authority Series A 5.00%, 1/1/2023		2,000,000		2,400,300
Tulsa County, OK, Educational Facilities Lease Revenue 5.50%, 9/1/2016		535,000		629,551
				3,029,851
OREGON — 1.7%
Oregon, State Department of Transportation Revenue:
Series C 5.00%, 11/15/2015		1,500,000		1,730,370
Series A 5.00%, 11/15/2033		1,500,000		1,654,050
Portland, OR, Sewer System Revenue:
Series A 5.00%, 6/1/2015 (a)		1,730,000		1,973,618
5.00%, 3/1/2035		4,550,000		4,939,571
Salem-Keizer, OR, School District No. 24J, General Obligation:
Series B Zero Coupon, 6/15/2021 (b)		2,010,000		1,522,917
Series B Zero Coupon, 6/15/2028 (b)		9,745,000		5,048,105
				16,868,631
PENNSYLVANIA — 2.9%
Central Bucks, PA, School District 5.00%, 5/15/2023		2,500,000		3,109,550
Pennsylvania, State General Obligation:
Series A 4.50%, 11/1/2021		1,390,000		1,581,695
Series A 5.00%, 11/1/2013		1,000,000		1,083,240
5.00%, 3/15/2015		4,750,000		5,385,978
5.00%, 5/15/2015		1,000,000		1,139,360
5.00%, 7/1/2015		5,000,000		5,715,550
5.00%, 3/15/2017		2,630,000		3,153,791
5.00%, 4/15/2021		4,000,000		4,896,840

See accompanying notes to financial statements.

140

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Pennsylvania, Turnpike Commission Revenue 4.50%, 12/1/2038	$	300,000	$	303,573
Philadelphia, PA, General Obligation Series A 5.00%, 8/1/2018 (a)		1,870,000		2,112,763
				28,482,340
PUERTO RICO — 0.4%
Commonwealth of Puerto Rico 5.00%, 7/1/2016 (a)		3,250,000		3,606,103
Puerto Rico, Sales Tax Financing Revenue Series A Zero Coupon, 8/1/2044 (b)(a)		4,500,000		617,805
				4,223,908
RHODE ISLAND — 0.1%
Rhode Island, State & Providence Plantations, Consolidated Capital Development Revenue:
Series A 4.00%, 10/1/2018		475,000		545,253
Series C 5.00%, 11/15/2025 (a)		600,000		654,450
				1,199,703
SOUTH CAROLINA — 1.0%
Charleston, SC, General Obligation 5.00%, 11/1/2023		1,035,000		1,288,678
South Carolina, State General Obligation Series A 2.00%, 4/1/2024		3,000,000		2,809,290
South Carolina, State Public Service Authority:
Series E 5.00%, 1/1/2017		2,500,000		2,976,075
Series E 5.00%, 1/1/2040		2,200,000		2,353,824
				9,427,867
TENNESSEE — 1.3%
Chattanooga, TN, Electric Revenue Series A 5.00%, 9/1/2027		3,950,000		4,400,260
Memphis, TN, Electric System Revenue 5.00%, 12/1/2018		1,500,000		1,833,240
Nashville & Davidson County, TN, Health & Educational Facilities Board Revenue:
Series A 5.00%, 10/1/2013		2,000,000		2,158,160
Series B 5.00%, 10/1/2039		1,000,000		1,088,140
Shelby County,TN, General Obligation Series A 5.00%, 4/1/2019		880,000		1,092,849
Tennessee, State General Obligation Series A 5.00%, 10/1/2031		2,000,000		2,304,520
				12,877,169
TEXAS — 7.7%
Dallas, TX, Area Rapid Transit, Sales Tax Revenue:
4.50%, 12/1/2027 (a)		2,000,000		2,126,460
Series A 5.00%, 12/1/2015		6,785,000		7,785,380
Dallas, TX, Civic Center Convention Complex Revenue 5.00%, 8/15/2028		700,000		764,708
Eagle Mountain & Saginaw, TX, Independent School District 5.00%, 8/15/2037 (a)		3,200,000		3,402,240
Garland, TX, General Obligation 5.00%, 2/15/2023		400,000		477,204
Harris County, TX, Metropolitan Transit Authority, Sales & Use Tax Series A 5.00%, 11/1/2031		5,395,000		6,029,182
Harris County, TX, Flood Control District Series A 5.00%, 10/1/2039		1,585,000		1,711,752
Harris County, TX, General Obligation 5.00%, 10/1/2024		7,000,000		8,305,500
Harris County, TX, Road Revenue Series B 5.25%, 8/15/2047		3,000,000		3,192,540
Houston, TX, Airport System Revenue, Senior Lien Series A 5.50%, 7/1/2034		1,850,000		1,998,444
Houston, TX, General Obligation Series A 5.00%, 3/1/2022		2,000,000		2,414,280
Houston, TX, Utility System Revenue Series A 5.25%, 11/15/2031 (a)		4,600,000		5,137,188
Hurst-Euless-Bedford, TX, Independent School District, General Obligation 5.00%, 8/15/2021		2,500,000		3,041,950
La Joya, TX, Independent School District, General Obligation 5.00%, 2/15/2034 (a)		3,300,000		3,545,685
Liberty Hill, TX, Independent School District 5.00%, 8/1/2035 (a)		1,000,000		1,091,350
San Antonio, TX, General Obligation 5.00%, 2/1/2019		3,000,000		3,738,480
San Antonio, TX, Independent School District, General Obligation 5.00%, 8/15/2025		2,000,000		2,362,200
Texas, State General Obligation:
4.75%, 4/1/2037		1,940,000		2,042,510
5.00%, 4/1/2019		1,485,000		1,815,205
Series A 5.00%, 8/1/2024		570,000		671,357
5.00%, 4/1/2029		1,000,000		1,123,870
Texas, State Public Finance Authority:
Series A 5.00%, 7/1/2014		1,225,000		1,355,058
Series A 5.00%, 1/1/2017		1,100,000		1,268,839
Texas, State Transportation Commission 5.00%, 4/1/2024		2,125,000		2,413,320
Texas, State Water Development Board, Revenue, Sub Lien A-1 5.00%, 7/15/2015		5,620,000		6,433,102
University of Texas 5.00%, 8/15/2018		255,000		300,816
Williamson, TX, General Obligation 5.00%, 2/15/2032		625,000		690,169
				75,238,789
UTAH — 0.5%
Utah, Transport Authority Sales Tax Revenue:
Series A 5.00%, 6/15/2028		410,000		454,173

See accompanying notes to financial statements.

141

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Series A 5.00%, 6/15/2036 (a)	$	3,850,000	$	4,143,717
				4,597,890
VIRGINIA — 2.3%
Fairfax County, VA, General Obligation Series A 5.00%, 4/1/2030		450,000		527,283
Montgomery County, VA, Industrial Development Authority Revenue 5.00%, 2/1/2024		445,000		498,258
Virginia, College Building Authority, Educational Facilities Revenue:
5.00%, 9/1/2022		5,945,000		7,153,559
5.00%, 2/1/2027		3,620,000		4,213,101
Virginia, State Public Building Authority, Public Facilities Revenue:
Series B 5.00%, 8/1/2017		3,000,000		3,625,260
Series B 5.25%, 8/1/2027		2,000,000		2,294,820
Virginia, State Resources Authority, Revenue Series B 5.00%, 11/1/2028		3,540,000		4,013,404
				22,325,685
WASHINGTON — 5.0%
Central Puget Sound, WA, Regional Transit Authority, Sales & Use Tax Revenue:
Series A 5.00%, 11/1/2032 (a)		3,000,000		3,225,210
Series A 5.00%, 11/1/2036		2,000,000		2,123,120
Energy Northwest, WA, Electric Revenue:
Series A 5.00%, 7/1/2014		1,000,000		1,104,860
Series A 5.00%, 7/1/2017		4,195,000		5,026,994
Seattle, WA, Municipal Light & Power Revenue 5.50%, 4/1/2022		1,435,000		1,748,103
Snohomish County, WA, School District No. 201 5.25%, 12/1/2024		2,825,000		3,295,363
Washington, State General Obligation:
Series R 5.00%, 7/1/2016		10,000,000		11,746,800
Series C 5.00%, 1/1/2021 (a)		2,100,000		2,442,153
Series A 5.00%, 7/1/2023		900,000		1,039,689
Series D 5.00%, 1/1/2027		6,945,000		7,810,555
Series A 5.00%, 7/1/2032		2,000,000		2,182,000
Series C 5.00%, 6/1/2041		7,000,000		7,583,940
				49,328,787
WISCONSIN — 1.8%
Milwaukee, WI, General Obligation, Promisory Notes Series N1 5.00%, 2/1/2019		11,020,000		13,623,806
Wisconsin, State General Obligation:
4.00%, 11/1/2016		1,300,000		1,482,481
Series C 5.00%, 5/1/2014		2,000,000		2,200,180
				17,306,467
TOTAL MUNICIPAL BONDS & NOTES —
(Cost $914,108,075)				973,281,999
	Shares
SHORT TERM INVESTMENT — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Tax Free Money Market Fund 0.00% (c)(d)(e) (Cost $2,805,845)		2,805,845		2,805,845
TOTAL INVESTMENTS — 99.4% (f)
(Cost $916,913,920)				976,087,844
OTHER ASSETS & LIABILITIES — 0.6%				6,131,633
NET ASSETS — 100.0%			$	982,219,477

(a) Bond is insured by one of these companies:

		As a % of
	Insurance Coverage	Net Assets
	Assured Guaranty Municipal Corp.		5.97	%
	Assured Guaranty Corp.		1.51	%
	National Public Finance Guarantee Corp.		1.44	%
	Permanent School Fund Guaranteed		0.82	%
	Ambac Financial Group		0.66	%
(b)	Non-income producing security
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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)

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.

142

SPDR Nuveen Barclays Capital California Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MUNICIPAL BONDS & NOTES — 98.4%
CALIFORNIA — 98.1%
Alameda County, CA, Joint Powers Authority, Lease Revenue 5.00%, 12/1/2034 (a)	$	1,760,000	$	1,810,635
Anaheim, CA, Public Financing Authority Revenue 4.50%, 10/1/2037 (a)		300,000		300,120
Antelope Valley-East Kern, CA, Water Agency, Certificates of Participation Series A-1 4.38%, 6/1/2037		550,000		533,153
Bakersfield, CA, Certificates of Participation Zero Coupon, 4/15/2021 (b)		500,000		406,645
Bakersfield, CA, Wastewater Revenue Series A 5.00%, 9/15/2032 (a)		300,000		313,881
California, Bay Area Toll Authority Revenue 5.13%, 4/1/2039		125,000		133,189
California, Educational Facilities Authority Revenue Series A 5.00%, 10/1/2039		500,000		533,815
California, State Department of Water Resources:
Series M 4.00%, 5/1/2019		2,000,000		2,330,380
Series H 4.38%, 5/1/2022 (a)		1,150,000		1,290,346
Series L 5.00%, 5/1/2019		500,000		617,010
Series AE 5.00%, 12/1/2022		1,000,000		1,179,510
Series AF 5.00%, 12/1/2026		660,000		738,019
California, State Public Works Board, Lease Revenue:
5.00%, 9/1/2020 (a)		250,000		302,915
5.00%, 4/1/2034		340,000		355,079
California, State University Revenue Series A 5.00%, 11/1/2033 (a)		1,500,000		1,565,085
Chabot-Las Positas, CA, Community College District, General Obligation Series B Zero Coupon, 8/1/2024 (a)(b)		1,400,000		748,776
Chaffey Community College District, CA, Election of 2002 Series C 5.00%, 6/1/2032 (a)		1,000,000		1,050,620
Eastern Municipal Water District, CA, Water & Sewer Revenue:
Series H 5.00%, 7/1/2033		160,000		168,317
Series H 5.00%, 7/1/2035		1,000,000		1,044,450
El Dorado, CA, Irrigation District, Certificates of Participation Series A 6.25%, 8/1/2029 (a)		1,200,000		1,274,988
Foothill-De Anza, CA, Community College District, General Obligation Series B 5.00%, 8/1/2027 (a)		1,000,000		1,091,710
Grossmont, CA, Union High School District, Election of 2004 5.00%, 8/1/2033		1,780,000		1,885,091
Los Angeles County, CA, Metropolitan Transportation Authority, Sales Tax Revenue:
5.00%, 6/1/2020		1,900,000		2,375,646
5.00%, 7/1/2026		2,450,000		2,769,455
Los Angeles, CA, Community College District, General Obligation:
Series F-1 5.00%, 8/1/2026		100,000		110,653
Series A 5.00%, 8/1/2032 (a)		1,000,000		1,058,180
Los Angeles, CA, Department of Airports Revenue:
Series A 5.00%, 5/15/2021		1,000,000		1,171,510
Series D 5.00%, 5/15/2040		1,000,000		1,066,760
Series C 5.25%, 5/15/2038		145,000		152,340
Los Angeles, CA, Department of Water & Power:
Series A 4.00%, 7/1/2013		100,000		105,400
5.00%, 7/1/2037 (a)		200,000		208,666
Los Angeles, CA, Harbor Department Revenue:
Series A 5.00%, 8/1/2029		1,515,000		1,666,030
Series C 5.25%, 8/1/2023		700,000		824,110
Los Angeles, CA, Unified School District, General Obligation:
Series A-1 4.00%, 7/1/2016		250,000		279,108
Series KY 5.00%, 7/1/2015		2,325,000		2,641,363
Series F 5.00%, 1/1/2034		1,000,000		1,049,630
Series D 5.25%, 7/1/2025		1,500,000		1,695,870
Los Angeles, CA, Wastewater System Revenue 5.00%, 6/1/2039		500,000		530,770
Los Angeles, CA, Water & Power Revenue Series A-1 5.00%, 7/1/2023 (a)		400,000		449,680
Los Angeles, CA, Water Utility, General Obligation Series A 4.00%, 9/1/2018		1,000,000		1,140,080
Los Rios, CA, Community College District Election of 2008 Series A 5.00%, 8/1/2035		340,000		361,920
Marin, CA, Community College District Election of 2004 Series B 4.75%, 8/1/2034		1,000,000		1,045,890
Metropolitan Water District of Southern California:
Series A 4.00%, 10/1/2017		250,000		292,488
Series A 5.00%, 1/1/2031		850,000		928,990
Newport Mesa, CA, Unified School District Election of 2005 Zero Coupon, 8/1/2041 (b)		4,000,000		550,600
Oakland, CA, Joint Powers Financing Authority Lease Revenue Series B 5.00%, 8/1/2022 (a)		800,000		859,680
Poway, CA, Unified School District, General Obligation Zero Coupon, 8/1/2046 (b)		4,000,000		497,680
Riverside, CA, Electric Revenue Series D 5.00%, 10/1/2027 (a)		835,000		911,135
Sacramento County, CA, Sanitation District Financing Authority Revenue Series A 5.25%, 12/1/2022 (a)		535,000		671,174
Sacramento, CA, Municipal Utility District, Electric Revenue:
5.00%, 8/15/2022 (a)		550,000		629,689

See accompanying notes to financial statements.

143

SPDR Nuveen Barclays Capital California Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Series U 5.00%, 8/15/2023 (a)	$	1,000,000	$	1,132,550
San Bernardino, CA, Community College District:
Series B Zero Coupon, 8/1/2028 (b)		1,050,000		421,775
Series D Zero Coupon, 8/1/2032 (b)		2,290,000		682,741
San Diego County, CA, Water Authority Revenue, Certificates of Participation:
Series 2008-A 5.00%, 5/1/2015 (a)		200,000		224,468
Series 2008-A 5.00%, 5/1/2018 (a)		200,000		238,078
San Diego, CA, Community College District 5.00%, 8/1/2032 (a)		1,000,000		1,058,690
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue Series A 5.25%, 5/15/2039		500,000		536,190
San Diego, CA, Public Facilities Financing Authority, Water Revenue 5.00%, 8/1/2024		1,000,000		1,169,930
San Diego, CA, Unified School District Election of 2008 Series A Zero Coupon, 7/1/2028 (b)		3,000,000		1,246,110
San Francisco, CA, Bay Area Rapid Transit District Series B 5.00%, 8/1/2022		500,000		572,750
San Francisco, CA, City & County Public Utilities Commission, Water Revenue Series D 5.00%, 11/1/2015		1,000,000		1,152,060
San Francisco, CA, City & County Unified School District Election of 2006 Series B 5.25%, 6/15/2022		800,000		945,608
San Joaquin County, CA, Transportation Authority, Sales Tax Revenue:
Series A 5.00%, 3/1/2027		1,000,000		1,127,450
Series A 5.50%, 3/1/2041		300,000		332,259
San Juan, CA, Public Power Agency Project Revenue Series L 5.00%, 7/1/2022 (a)		100,000		112,466
San Marcos, CA, Schools Financing Authority, Lease Revenue:
Zero Coupon, 8/15/2031 (a)(b)		1,000,000		324,630
Zero Coupon, 8/15/2034 (a)(b)		1,110,000		287,790
San Marcos, CA, Unified School District Election of 2010 Series A 5.00%, 8/1/2038		1,000,000		1,052,820
San Mateo County, CA, Community College District Series B 5.00%, 9/1/2031		315,000		334,984
San Mateo, CA, Unified High School District, General Obligation Series C Zero Coupon, 9/1/2027 (a)(b)		2,535,000		1,122,802
Santa Clara County, CA, Financing Authority, Lease Revenue:
Series L 5.00%, 5/15/2028		750,000		809,632
Series L 5.25%, 5/15/2036		1,000,000		1,066,070
Santa Clara Valley, CA, Transportation Authority, Sales Tax Revenue Series A 5.00%, 4/1/2036 (a)		500,000		528,960
Santa Clara Valley, CA, Water District, Certificates of Participation:
Series A 5.00%, 2/1/2030		200,000		213,156
Series A 5.00%, 6/1/2037 (a)		500,000		521,355
Southern California Public Power Authority:
5.00%, 7/1/2022		1,000,000		1,191,830
5.00%, 7/1/2030		1,500,000		1,643,235
Stanford University, Educational Facilities Authority Revenue:
Series T-4 5.00%, 3/15/2014		450,000		494,451
Series T-1 5.00%, 3/15/2039		350,000		453,267
Sweetwater, CA, Union High School District Election of 2006 Series A 5.00%, 8/1/2038 (a)		565,000		583,498
University of California, Revenue:
Series E 4.00%, 5/15/2019		2,010,000		2,325,550
Series J 4.50%, 5/15/2035 (a)		1,750,000		1,756,107
Series K 5.00%, 5/15/2020 (a)		250,000		280,423
Series Q 5.25%, 5/15/2023		1,000,000		1,145,360
University of Southern California, Educational Facilities Authority Revenue Series A 4.75%, 10/1/2037		740,000		765,093
Yosemite, CA, Community College District, General Obligation Zero Coupon, 8/1/2042 (b)		500,000		157,650
				73,730,019
PUERTO RICO — 0.3%
Puerto Rico, Sales Tax Financing Revenue Series A Zero Coupon, 8/1/2044 (a)(b)		1,500,000		205,935
				205,935
TOTAL MUNICIPAL BONDS & NOTES —
(Cost $69,069,094)				73,935,954
	Shares
SHORT TERM INVESTMENT — 0.8%
MONEY MARKET FUND — 0.8%
State Street Institutional Tax Free Money Market Fund 0.00% (c)(d)(e) (Cost $627,601)		627,601		627,601
TOTAL INVESTMENTS — 99.2% (f)
(Cost $69,696,695)				74,563,555
OTHER ASSETS & LIABILITIES — 0.8%				570,044
NET ASSETS — 100.0%			$	75,133,599

See accompanying notes to financial statements.

144

SPDR Nuveen Barclays Capital California Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

(a) Bond is insured by one of these companies:

		As a % of
	Insurance Coverage	Net Assets
	Assured Guaranty Municipal Corp.		16.29	%
	National Public Finance Guarantee Corp.		7.34	%
	Ambac Financial Group		4.03	%
	Assured Guaranty Corp.		2.84	%
(b)	Non-income producing security
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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.

145

SPDR Nuveen Barclays Capital New York Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MUNICIPAL BONDS & NOTES — 98.3%
NEW YORK — 95.4%
Albany County, NY, Airport Authority Revenue Series A 4.00%, 12/15/2024 (a)	$	300,000	$	307,566
Erie County, NY, Industrial Development Agency Revenue Series A 5.75%, 5/1/2024 (a)		500,000		575,375
Nassau County, NY, General Obligation:
Series C 5.00%, 7/1/2015 (a)		500,000		556,560
5.00%, 7/1/2022 (a)		100,000		112,214
Series C 5.13%, 10/1/2035 (a)		100,000		106,255
Nassau County, NY, Interim Finance Authority Revenue:
Series A 3.00%, 11/15/2014		400,000		424,372
5.00%, 11/15/2014		100,000		111,735
Nassau County, NY, Sewer & Storm Water Finance Authority System, Revenue Series A 5.38%, 11/1/2028		400,000		451,876
New York & New Jersey, Port Authority Revenue:
4.25%, 7/15/2040		500,000		500,350
5.00%, 7/15/2022		100,000		115,557
5.00%, 7/15/2039		500,000		538,440
New York City, NY, Cultural Resource Revenue, Museum of Modern Art Series A-1 5.00%, 4/1/2031		300,000		326,040
New York, NY, City Transitional Finance Authority Revenue:
3.20%, 11/1/2018		140,000		155,281
Series B 5.00%, 11/1/2015		200,000		229,762
5.00%, 11/1/2017		500,000		603,090
5.00%, 11/1/2018		200,000		245,082
Series C-1 5.00%, 11/1/2018		100,000		122,324
5.00%, 1/15/2026		200,000		222,628
5.25%, 7/15/2037		500,000		548,690
5.50%, 1/15/2033		500,000		551,665
New York, NY, General Obligation:
Series A 3.00%, 8/1/2017		200,000		217,768
Series K 5.00%, 8/1/2013		200,000		214,208
5.00%, 8/1/2021		300,000		361,653
5.00%, 8/1/2024		400,000		461,136
5.00%, 8/1/2025		155,000		176,306
Series A-1 5.00%, 8/1/2035		250,000		272,412
New York, NY, Liberty Development Corp. Revenue 5.13%, 1/15/2044		500,000		509,710
New York, NY, Municipal Water Finance Authority Revenue:
Series DD 4.75%, 6/15/2035		100,000		104,231
5.00%, 6/15/2032		1,000,000		1,100,290
Series GG-2 5.00%, 6/15/2035		100,000		107,179
Series DD 5.25%, 6/15/2024		200,000		228,832
5.38%, 6/15/2043		370,000		410,278
Series A 5.63%, 6/15/2024		130,000		156,701
New York, NY, Triborough Bridge & Tunnel Authority Revenue Series A 5.00%, 1/1/2023		500,000		609,885
New York, State Dormitory Authority Revenue:
Series C-1 4.00%, 1/15/2022		500,000		541,370
Series C 5.00%, 10/1/2031 (a)		600,000		642,036
Series A 5.00%, 7/1/2038		650,000		681,902
New York, State Dormitory Authority Revenue, Columbia University 5.00%, 7/1/2038		250,000		273,420
New York, State Dormitory Authority Revenue, Cornell University:
Series A 5.00%, 7/1/2034		355,000		386,396
Series A 5.00%, 7/1/2039		300,000		324,084
New York, State Dormitory Authority Revenue, Fordham University:
4.25%, 7/1/2039		150,000		150,146
5.00%, 3/15/2017		100,000		119,357
5.00%, 10/1/2019 (a)		125,000		145,784
Series B 5.00%, 7/1/2033 (a)		500,000		528,035
New York, State Dormitory Authority Revenue, New York University Series A 5.00%, 7/1/2029		240,000		260,155
New York, State Dormitory Authority Revenue, Non State Supported Debt 5.00%, 1/1/2019		250,000		295,827
New York, State Dormitory Authority, State Personal Income Tax Revenue:
Series B 5.00%, 2/15/2018		125,000		152,084
Series B 5.00%, 3/15/2028		260,000		288,265
New York, State Environmental Facilities Corp. Revenue:
5.00%, 6/15/2036		500,000		545,985
5.00%, 6/15/2041		250,000		270,930
Series A 5.25%, 12/15/2026		200,000		229,502
New York, State Housing Finance Agency, Personal Income Tax Revenue Series A 5.00%, 3/15/2039		550,000		588,318
New York, State Local Government Assistance Corp. Revenue:
Series C 5.00%, 4/1/2018		200,000		245,684
5.00%, 4/1/2019		580,000		703,929
Series A 5.00%, 4/1/2020		435,000		521,900
New York, State Municipal Bond Bank Agency Series C-1 5.00%, 2/15/2016 (a)		200,000		226,436
New York, State Power Authority:
Series A 4.50%, 11/15/2047 (a)		500,000		514,240
Series C 5.00%, 11/15/2020 (a)		250,000		293,697
New York, State Thruway Authority, General Revenue Series B 5.00%, 4/1/2027		300,000		327,435
New York, State Thruway Authority, Personal Income Tax Revenue 5.00%, 3/15/2018		250,000		304,545
New York, State Thruway Authority, Second General Highway & Bridge Trust:
Series A-1 5.00%, 4/1/2021		300,000		367,062
Series B 5.00%, 4/1/2028		250,000		274,055
Series B 5.00%, 4/1/2029		300,000		328,743

See accompanying notes to financial statements.

146

SPDR Nuveen Barclays Capital New York Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
New York, State Urban Development Corp. Revenue:
5.00%, 12/15/2017	$	200,000	$	242,836
Series A-1 5.00%, 12/15/2027		250,000		276,460
New York, Triborough Bridge & Tunnel Authority Revenue:
Series A-1 4.00%, 11/15/2038 (b)		200,000		206,324
5.00%, 11/15/2027		145,000		160,147
Oyster Bay, NY, General Obligation 4.00%, 8/15/2026		740,000		786,191
Suffolk County, NY, General Obligation Series C 4.00%, 10/15/2013		500,000		529,830
				24,468,561
PUERTO RICO — 2.9%
Puerto Rico, Electric Power Authority Revenue Series UU 5.00%, 7/1/2016 (a)		500,000		563,865
Puerto Rico, Sales Tax Financing Revenue Series A Zero Coupon, 8/1/2044 (a)(c)		1,335,000		183,282
				747,147
TOTAL MUNICIPAL BONDS & NOTES —
(Cost $23,841,326)				25,215,708
	Shares
SHORT TERM INVESTMENT — 0.8%
MONEY MARKET FUND — 0.8%
State Street Institutional Tax Free Money Market Fund 0.00% (d)(e)(f) (Cost $207,655)		207,655		207,655
TOTAL INVESTMENTS — 99.1% (g)
(Cost $24,048,981)				25,423,363
OTHER ASSETS & LIABILITIES — 0.9%				231,707
NET ASSETS — 100.0%			$	25,655,070

(a) Bond is insured by one of these companies:

		As a % of
	Insurance Coverage	Net Assets
	Assured Guaranty Municipal Corp.		8.81	%
	Assured Guaranty Corp.		5.86	%
	National Public Finance Guarantee Corp.		3.86	%
(b)	Variable Rate Security. Rate shown is rate in effect at December 31, 2011.
(c)	Non-income producing security
(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)	Value is determined based on Level 1 inputs. (Note 2)
(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.

147

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MUNICIPAL BONDS & NOTES — 99.0%
ALABAMA — 0.6%
Alabama, Federal Aid Highway Finance Authority 4.00%, 3/1/2016	$	5,000,000	$	5,561,500
Alabama, Public School & College Authority Revenue:
5.00%, 5/1/2014		850,000		934,447
Series A 5.00%, 5/1/2014		1,500,000		1,649,025
Series A 5.00%, 5/1/2016		600,000		702,936
				8,847,908
ALASKA — 0.1%
Alaska Municipal Bond Bank Authority 5.00%, 9/1/2016		1,000,000		1,163,650
ARIZONA — 2.5%
Arizona, Salt River Project, Electrical Systems Revenue:
Series A 3.00%, 1/1/2014		1,070,000		1,122,002
Series B 3.00%, 1/1/2014		5,000,000		5,243,000
Arizona, State Certificates of Participation:
Series A 5.00%, 10/1/2013 (a)		6,500,000		6,969,235
5.00%, 10/1/2014 (a)		10,375,000		11,319,229
Arizona, State Transportation Board, Excise Tax Revenue 5.00%, 7/1/2013		2,750,000		2,932,902
Gilbert, AZ, General Obligation 5.00%, 7/1/2013		8,740,000		9,276,811
				36,863,179
ARKANSAS — 1.3%
Arkansas, State Highway Grant Anticipation & Tax Revenue 4.00%, 8/1/2014		17,000,000		18,477,640
CALIFORNIA — 9.1%
California, State Department of Water Resources Revenue:
Series L 4.00%, 5/1/2015		7,630,000		8,415,585
Series M 4.00%, 5/1/2015		6,000,000		6,621,900
Series L 5.00%, 5/1/2014		5,075,000		5,586,661
Series L 5.00%, 5/1/2015		6,000,000		6,813,900
Series M 5.00%, 5/1/2016		4,900,000		5,731,530
Contra Costa, CA, Water District Revenue 3.00%, 10/1/2015		11,750,000		12,623,612
Los Angeles County, CA, Metropolitan Transportation Authority Sales Tax Revenue:
3.00%, 7/1/2013		3,000,000		3,114,300
4.00%, 6/1/2013		2,300,000		2,415,253
Series A 5.00%, 7/1/2013 (a)		1,000,000		1,067,440
Los Angeles County, CA, Public Works Financing Authority Revenue Series A 5.00%, 10/1/2014		4,800,000		5,306,352
Los Angeles, CA, Department of Water & Power Revenue Series A 4.00%, 7/1/2013		5,000,000		5,270,000
Los Angeles, CA, General Obligation Series A 2.50%, 9/1/2014		8,825,000		9,185,148
Los Angeles, CA, Unified School District, General Obligation:
Series A-1 4.00%, 7/1/2016		2,500,000		2,791,075
Series I 5.00%, 7/1/2013		2,250,000		2,402,437
Series H 5.00%, 7/1/2014 (a)		3,975,000		4,415,828
Series I 5.00%, 7/1/2014		2,000,000		2,203,460
Northern California Power Agency Revenue, Hydroelectric No-1 Series C 5.00%, 7/1/2014 (a)		1,500,000		1,641,300
San Diego County Water Authority 5.00%, 7/1/2016		10,000,000		11,667,900
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue:
5.00%, 5/15/2014		500,000		548,520
5.00%, 5/15/2015		2,165,000		2,446,667
San Francisco, CA, City & County Public Utilities Commission, Water Revenue Series D 5.00%, 11/1/2015		5,360,000		6,175,042
San Francisco, CA, City & County, Certificates of Participation:
Series B 4.00%, 9/1/2015		500,000		543,920
Series B 5.00%, 9/1/2016		5,260,000		6,051,525
San Francisco, CA, City & County, General Obligation:
Series 2008-R1 5.00%, 6/15/2013		3,000,000		3,190,890
Series A 5.00%, 6/15/2014		10,075,000		11,146,476
Southern California Public Power Authority 5.00%, 7/1/2016		725,000		851,991
University of California, Revenue:
Series J 5.00%, 5/15/2013 (a)		1,290,000		1,371,747
Series O 5.00%, 5/15/2013		3,000,000		3,190,110
				132,790,569
COLORADO — 1.1%
Colorado State, Certificates of Participation 5.00%, 11/1/2016		2,085,000		2,407,445
Colorado, State Department of Transportation Revenue 5.00%, 12/15/2016		10,000,000		11,893,000
Denver, CO, City & County General Obligation 5.50%, 8/1/2016		1,900,000		2,284,959
				16,585,404
CONNECTICUT — 5.1%
Connecticut, State General Obligation:
Series D 3.00%, 11/1/2016		2,595,000		2,842,563
5.00%, 3/15/2013		4,670,000		4,926,850
Series D 5.00%, 11/1/2013		1,000,000		1,082,280
Series A 5.00%, 1/1/2014		900,000		979,488
Series D 5.00%, 1/1/2014		450,000		489,744
5.00%, 12/1/2014		13,750,000		15,451,700
Series A 5.00%, 1/1/2015		12,750,000		14,364,787
5.00%, 3/15/2015		5,000,000		5,669,450

See accompanying notes to financial statements.

148

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Series D 5.00%, 12/1/2016	$	500,000	$	596,035
Connecticut, State Health & Educational Facility Authority Revenue:
Series A-3 4.00%, 7/1/2049 (b)		3,625,000		3,769,493
Series A-4 5.00%, 7/1/2049 (b)		5,000,000		5,630,750
Connecticut, State Special Tax Obligation Revenue:
Series A 5.00%, 12/1/2013		5,575,000		6,030,143
Series A 5.00%, 12/1/2014		3,750,000		4,189,913
5.00%, 11/1/2015		500,000		577,255
Series 1 5.00%, 2/1/2016		3,100,000		3,593,582
Series A 5.00%, 11/1/2016		2,650,000		3,143,642
University of Connecticut, Revenue Series A 3.00%, 2/15/2014		415,000		436,310
				73,773,985
DELAWARE — 0.4%
Delaware, State General Obligation:
Series 2009C 2.00%, 10/1/2014		225,000		233,730
Series 2009A 5.00%, 1/1/2014		1,200,000		1,308,744
Series A 5.00%, 7/1/2015		4,000,000		4,588,800
				6,131,274
DISTRICT OF COLUMBIA — 0.1%
District of Columbia, Income Tax Revenue Series B 4.00%, 12/1/2013		2,000,000		2,133,380
FLORIDA — 5.0%
Florida, State Board of Education, General Obligation:
5.00%, 6/1/2013		1,000,000		1,063,970
Series D 5.00%, 6/1/2013		1,000,000		1,064,700
Series C 5.00%, 6/1/2014		9,585,000		10,547,046
Florida, State General Obligation Series B 5.00%, 7/1/2014		8,070,000		8,912,024
Florida, State Hurricane Catastrophe Fund Revenue Series A 5.00%, 7/1/2014		2,000,000		2,161,180
Florida, State Hurricane Catastrophe Fund, Finance Corp. Revenue Series A 5.00%, 7/1/2016		5,485,000		6,158,009
Jacksonville, FL, Special Tax Revenue:
Series B 5.00%, 10/1/2013		7,705,000		8,250,129
5.00%, 10/1/2014		9,120,000		10,116,086
Series B 5.00%, 10/1/2015		7,705,000		8,732,924
Lakeland, FL, Energy Systems Revenue 5.00%, 10/1/2015 (a)		7,510,000		8,415,481
Miami-Dade County, FL, Water & Sewer Revenue:
4.00%, 10/1/2013		150,000		157,470
Series B 5.00%, 10/1/2014 (a)		3,250,000		3,566,940
Orlando, FL, Utilities Commission System Revenue 5.00%, 10/1/2013		1,975,000		2,130,097
Tampa Bay, FL, Water Revenue 5.00%, 10/1/2013		1,500,000		1,616,160
				72,892,216
GEORGIA — 4.0%
Forsyth County, GA, School District 5.00%, 6/1/2013 (a)		1,000,000		1,064,700
Fulton County, GA, Water & Sewer Revenue 5.00%, 1/1/2017		1,430,000		1,688,573
Georgia, State Environmental Loan Acquisition Corp. Revenue 2.40%, 3/15/2016		7,495,000		7,602,853
Georgia, State General Obligation:
Series A 3.00%, 1/1/2014		200,000		210,210
Series B 3.50%, 1/1/2013		560,000		578,021
Series B 4.00%, 1/1/2015		1,000,000		1,100,570
Series E-2 4.00%, 9/1/2016		4,400,000		5,037,824
Series F 5.00%, 12/1/2013		2,250,000		2,448,067
Series C 5.00%, 7/1/2014		5,000,000		5,551,900
Series G 5.00%, 11/1/2014		6,535,000		7,342,334
Series D 5.00%, 5/1/2015		400,000		456,664
Series E 5.00%, 7/1/2016		2,990,000		3,542,612
Series I 5.00%, 11/1/2016		7,480,000		8,951,316
Georgia, State Road & Tollway Authority Revenue:
Series A 5.00%, 3/1/2014		500,000		548,065
Series A 5.00%, 3/1/2016		4,590,000		5,388,706
Series A 5.00%, 6/1/2016		2,000,000		2,338,280
Gwinnett Country, GA, Water & Sewer Authority Revenue 5.00%, 8/1/2016		4,000,000		4,762,680
				58,613,375
HAWAII — 1.1%
Hawaii, State General Obligation:
2.25%, 11/1/2013		250,000		258,250
Series DT 4.00%, 11/1/2014		2,000,000		2,182,920
Series DG 5.00%, 7/1/2012 (a)		120,000		122,771
Series DK 5.00%, 5/1/2014		1,000,000		1,100,330
Series DY 5.00%, 2/1/2015		1,000,000		1,127,530
Series EA 5.00%, 12/1/2016		1,715,000		2,034,453
Honolulu, HI, City & County General Obligation:
Series A 2.75%, 4/1/2014		1,750,000		1,827,945
Series C 4.00%, 4/1/2013		2,035,000		2,127,002
Series B 5.25%, 7/1/2014 (a)		2,125,000		2,358,113
5.25%, 7/1/2016 (a)		2,250,000		2,662,200
				15,801,514
ILLINOIS — 1.2%
Chicago, IL, Water Revenue 5.00%, 11/1/2014 (a)		1,500,000		1,634,505
Cook County, IL, General Obligation:
Series B 5.00%, 11/15/2014 (a)		1,200,000		1,309,056
Series A 5.00%, 11/15/2016		1,755,000		2,010,827
Illinois, State Sales Tax Revenue:
Series B 3.00%, 6/15/2014		1,675,000		1,742,050
5.00%, 6/15/2015		2,575,000		2,898,600
Illinois, University of Chicago, Educational Facilities Authority Revenue Series B 1.88%, 7/1/2036 (b)		5,000,000		5,124,050

See accompanying notes to financial statements.

149

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
University of Illinois, Certificates of Participation Sereis B 5.00%, 10/1/2015 (a)	$	2,420,000	$	2,643,632
				17,362,720
INDIANA — 0.7%
Indiana, State Finance Authority Revenue Series A 5.00%, 2/1/2015		1,250,000		1,408,600
Indiana, State Finance Authority, Lease Revenue:
Series A-1 5.00%, 11/1/2014		5,000,000		5,515,350
Series A-1 5.00%, 11/1/2016		2,665,000		3,089,215
Purdue University, Revenue Series Z-1 5.00%, 7/1/2014		500,000		553,350
				10,566,515
IOWA — 0.1%
Iowa, State Special Obligation Series A 4.00%, 6/1/2013		1,200,000		1,260,828
KENTUCKY — 0.6%
Kentucky, State Property & Buildings Commission Revenue:
5.00%, 8/1/2014		225,000		247,253
Series A 5.00%, 11/1/2014		1,000,000		1,108,360
Series A 5.00%, 8/1/2016		4,690,000		5,428,440
Kentucky, State Turnpike Authority Revenue 5.00%, 7/1/2016		1,865,000		2,188,074
				8,972,127
LOUISIANA — 0.7%
Louisiana, Public Facilities Authority Revenue 4.00%, 6/1/2013 (a)		4,800,000		4,961,472
Louisiana, State General Obligation Series A 5.00%, 5/1/2014		5,000,000		5,499,200
				10,460,672
MARYLAND — 4.9%
Anne Arundel County, MD, General Obligation 5.00%, 4/1/2016		1,000,000		1,175,150
Baltimore County, MD, General Obligation:
5.00%, 2/1/2014		3,230,000		3,530,681
5.00%, 2/1/2016		2,000,000		2,335,000
Maryland, State Department of Transportation Revenue 5.00%, 2/15/2015		1,100,000		1,242,758
Maryland, State Department of Transportation, Revenue:
4.00%, 2/15/2014		2,500,000		2,678,575
5.00%, 5/1/2016		2,000,000		2,350,540
Maryland, State General Obligation:
Series A 3.00%, 3/1/2014		2,725,000		2,872,668
5.00%, 7/15/2013		1,175,000		1,259,118
Series B 5.00%, 8/1/2013		1,000,000		1,073,500
Series C 5.00%, 3/1/2016		2,240,000		2,624,742
Series B 5.00%, 8/1/2016		4,875,000		5,789,989
Series E 5.00%, 8/1/2016		5,500,000		6,532,295
Series C 5.00%, 11/1/2016		1,025,000		1,226,617
Series B 5.25%, 8/15/2014		200,000		224,390
Maryland, State Transportation Authority, Grant & Revenue Anticipation:
5.00%, 3/1/2013		3,950,000		4,163,023
5.25%, 3/1/2015		1,025,000		1,166,840
Montgomery County, MD, General Obligation:
Series A 5.00%, 5/1/2013		1,500,000		1,593,165
Series A 5.00%, 8/1/2015		16,250,000		18,673,525
Series A 5.00%, 7/1/2016		3,835,000		4,545,664
Series A 5.00%, 7/1/2016		1,900,000		2,252,089
Washington, MD, Suburban Sanitation District, General Obligation:
4.00%, 6/1/2016		2,700,000		3,074,517
Series A 5.00%, 6/1/2013		500,000		533,230
				70,918,076
MASSACHUSETTS — 3.0%
Boston, MA, General Obligation Series A 5.00%, 4/1/2016		7,115,000		8,322,273
Boston, MA, Water & Sewer Commission, Water Revenue Series B 5.00%, 11/1/2014		4,545,000		5,092,854
Massachusetts Bay Transportation Authority, Sales Tax Revenue Series A 5.00%, 7/1/2015		1,000,000		1,147,580
Massachusetts, State General Obligation:
Series C 3.00%, 1/1/2014		4,125,000		4,330,508
Series B 4.00%, 6/1/2013		1,000,000		1,051,130
Series C 4.00%, 12/1/2015		2,790,000		3,116,625
Series A 5.00%, 9/1/2014		1,500,000		1,670,235
Series C 5.00%, 1/1/2015		1,000,000		1,125,380
Series B 5.00%, 7/1/2016		1,000,000		1,176,600
Series A 5.00%, 8/1/2016		735,000		866,793
Series B 5.00%, 8/1/2016		10,000,000		11,793,100
Massachusetts, State School Building Authority, Sales Tax Revenue:
Series A 4.00%, 5/15/2013		1,975,000		2,070,847
Series A 5.00%, 8/15/2013 (a)		160,000		171,699
Springfield, MA, General Obligation 5.75%, 8/1/2014 (a)		1,025,000		1,150,839
				43,086,463
MICHIGAN — 0.5%
Michigan, Municipal Bond Authority Revenue 5.00%, 10/1/2013		1,025,000		1,103,074
University of Michigan, Revenue Series C 3.00%, 4/1/2014		5,920,000		6,236,839
				7,339,913
MINNESOTA — 3.1%
Minnesota, State General Obligation:
Series F 4.00%, 8/1/2015		350,000		390,019
Series A 5.00%, 6/1/2013		1,310,000		1,395,333
Series A 5.00%, 8/1/2013		9,075,000		9,736,023
Series H 5.00%, 11/1/2013		1,000,000		1,084,390

See accompanying notes to financial statements.

150

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Series A 5.00%, 6/1/2014	$	1,275,000	$	1,410,074
Series D 5.00%, 8/1/2014		2,825,000		3,146,400
Series A 5.00%, 6/1/2015		1,685,000		1,927,168
Series D 5.00%, 8/1/2015		7,675,000		8,822,566
Series D 5.00%, 8/1/2016		1,000,000		1,185,710
Series E 5.00%, 8/1/2016		1,550,000		1,837,851
Series A 5.00%, 10/1/2016		4,000,000		4,767,320
Northern Municipal Power Agency, Electric System Revenue Series A 5.00%, 1/1/2014 (a)		1,000,000		1,079,190
University of Minnesota, Revenue Series A 5.00%, 12/1/2015		7,000,000		8,078,490
				44,860,534
MISSISSIPPI — 0.4%
Mississippi, State General Obligation Series B 5.00%, 12/1/2014		4,750,000		5,334,963
MISSOURI — 0.6%
Missouri, State Highways & Transportation Commission, State Road Revenue Series A 5.00%, 5/1/2014		7,350,000		8,085,661
NEBRASKA — 0.2%
Omaha, NE, General Obligation 3.75%, 6/1/2013		1,000,000		1,047,770
Omaha, NE, Public Power District Electric Revenue Series A 5.00%, 2/1/2016		2,000,000		2,318,440
				3,366,210
NEVADA — 0.4%
Clark County, NV, Highway Improvement Revenue 5.00%, 7/1/2016		2,685,000		3,077,654
Clark County, NV, Sales and Excise Tax Revenue Series B 3.00%, 7/1/2015		2,985,000		3,105,594
Las Vegas Valley, NV, Water District General Obligation Series A 5.00%, 2/1/2013		275,000		287,518
				6,470,766
NEW JERSEY — 1.8%
New Jersey, Princeton University, State Educational Facilities Authority Revenue Series K 5.00%, 7/1/2013		500,000		535,585
New Jersey, State General Obligation:
5.00%, 8/1/2014		13,000,000		14,397,760
Series A 5.00%, 6/15/2015		220,000		240,552
5.00%, 8/1/2015		2,445,000		2,790,112
Series Q 5.00%, 8/15/2016		4,850,000		5,707,674
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue Series A 5.00%, 12/1/2014		250,000		270,990
Union County, NJ, General Obligation 4.00%, 3/1/2013		2,000,000		2,084,820
				26,027,493
NEW MEXICO — 1.2%
Albuquerque, NM, Municipal School District No 12 Series A 3.00%, 8/1/2015		8,250,000		8,857,695
New Mexico, State Severance Tax Revenue Series B 5.00%, 7/1/2014		8,230,000		9,092,998
				17,950,693
NEW YORK — 15.4%
City of New York, NY:
Series B 4.00%, 8/1/2015		1,000,000		1,101,310
5.00%, 8/1/2012		290,000		297,821
5.00%, 8/1/2013		1,645,000		1,761,861
5.00%, 8/1/2013		2,050,000		2,195,632
5.00%, 8/15/2013		685,000		734,861
Series A-1 5.00%, 8/1/2014		100,000		110,590
Series B 5.00%, 8/1/2014		115,000		127,179
5.00%, 6/1/2015		6,110,000		6,910,838
5.00%, 8/1/2015		3,000,000		3,408,720
Series I-1 5.00%, 8/1/2015		6,300,000		7,158,312
Series B 5.00%, 8/1/2016		5,000,000		5,862,300
New York, Metropolitan Transportation Authority Revenue Series A 5.00%, 11/15/2015		6,525,000		7,484,306
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue Series BB 5.00%, 6/15/2013		5,375,000		5,718,624
New York, NY, City Transitional Finance Authority Revenue:
3.00%, 11/1/2013		4,500,000		4,710,510
5.00%, 11/1/2014		395,000		444,628
5.00%, 11/1/2014		4,605,000		5,136,739
Series B 5.00%, 11/1/2014		6,735,000		7,512,690
Series B 5.00%, 11/1/2015		5,000,000		5,744,050
Series C 5.00%, 11/1/2015		9,865,000		11,333,011
Series E 5.00%, 11/1/2015		5,000,000		5,744,050
Series A 5.00%, 11/1/2016		1,500,000		1,775,535
New York, NY, General Obligation:
Series I-1 4.00%, 2/1/2013		1,040,000		1,080,019
Series C 4.00%, 8/1/2014		4,000,000		4,322,000
Series K 5.00%, 8/1/2013		5,000,000		5,355,200
New York, State Dormitory Authority:
5.00%, 3/15/2013		210,000		221,655
5.00%, 3/15/2013		700,000		738,759
5.00%, 10/1/2013 (a)		2,500,000		2,669,225
5.00%, 2/15/2014		1,000,000		1,093,270
5.00%, 3/15/2014		320,000		350,867
Series E 5.00%, 2/15/2015		250,000		282,280
5.00%, 6/15/2016		1,300,000		1,520,545
Series A 5.00%, 12/15/2016		4,265,000		5,061,062
New York, State Dormitory Authority, Personal Income Tax Revenue Series A 5.00%, 3/15/2014		3,980,000		4,363,911
New York, State Environmental Facilities Revenue:
Series A 3.50%, 12/15/2013		2,500,000		2,641,950
4.00%, 8/15/2015		1,400,000		1,562,330
Series A 5.00%, 12/15/2013		2,200,000		2,388,628

See accompanying notes to financial statements.

151

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
5.00%, 6/15/2016	$	3,690,000	$	4,312,540
Series A 5.00%, 8/15/2016		1,595,000		1,891,303
New York, State General Obligation:
Series C 3.00%, 2/1/2014		15,000,000		15,765,750
Series A 3.00%, 3/1/2015		13,245,000		14,189,766
New York, State Local Government Assistance Corp. Revenue:
Series A 5.00%, 4/1/2013		8,520,000		9,015,864
Series C 5.00%, 4/1/2013		2,220,000		2,349,204
Series A 5.00%, 4/1/2014		1,005,000		1,105,560
Series A 5.00%, 4/1/2015		3,200,000		3,631,040
New York, State Power Authority Revenue Series C 5.00%, 11/15/2014		1,625,000		1,825,541
New York, State Thruway Authority Personal Income Tax Revenue:
Series A 3.50%, 3/15/2014		2,330,000		2,478,654
Series A 4.00%, 3/15/2013		5,000,000		5,219,150
New York, State Thruway Authority, General Revenue 5.00%, 4/1/2014		2,310,000		2,528,618
New York, State Thruway Authority, Highway & Bridge Revenue Series B 5.00%, 4/1/2012 (a)		55,000		55,620
New York, State Urban Development Corp. Revenue:
4.00%, 1/1/2012		150,000		150,000
5.00%, 12/15/2013		1,400,000		1,525,188
5.00%, 1/1/2014		3,695,000		4,019,015
Series A 5.00%, 1/1/2014		2,780,000		3,023,778
Series A-1 5.00%, 1/1/2015		7,390,000		8,258,325
Series A-2 5.00%, 1/1/2015		2,610,000		2,916,675
Series B 5.00%, 1/1/2016		10,000,000		11,446,300
Series D 5.00%, 1/1/2016		2,075,000		2,375,107
Oyster Bay, NY, General Obligation 3.00%, 8/15/2016		4,430,000		4,803,228
Suffolk County, NY, General Obligation Series C 4.00%, 10/15/2013		500,000		529,830
Westchester County, NY, General Obligation Series A 2.00%, 10/15/2013		1,245,000		1,280,470
				223,621,794
NORTH CAROLINA — 3.9%
Charlotte, NC, Certificates of Participation 5.00%, 6/1/2014		5,455,000		5,990,135
Charlotte, NC, General Obligation 5.00%, 8/1/2015		550,000		631,609
Guilford County, NC, General Obligation Series A 4.00%, 2/1/2014		6,005,000		6,439,041
Mecklenburg County, NC, General Obligation:
Series A 3.00%, 8/1/2014		1,970,000		2,093,618
Series C 5.00%, 12/1/2016		4,000,000		4,806,560
Mecklenburg County, NC, Public Facilities Corp. 5.00%, 3/1/2013		3,920,000		4,129,994
North Carolina, State Annual Appropriation Series A 5.00%, 5/1/2016		1,190,000		1,389,742
North Carolina, State Capital Improvement Obligation Series A 4.50%, 5/1/2014		1,745,000		1,896,187
North Carolina, State Capital Improvement Revenue Series A 5.00%, 5/1/2016		6,000,000		7,007,100
North Carolina, State General Obligation:
5.00%, 6/1/2013		1,000,000		1,066,310
Series B 5.00%, 6/1/2015		1,125,000		1,287,911
Series A 5.00%, 3/1/2016		4,070,000		4,769,063
Series A 5.00%, 3/1/2016		5,000,000		5,858,800
Series A 5.00%, 5/1/2016		4,745,000		5,559,052
North Carolina, State Grant & Revenue Anticipation 5.00%, 3/1/2014		1,050,000		1,143,335
Wake County, NC, General Obligation 5.00%, 3/1/2013		3,000,000		3,164,310
				57,232,767
OHIO — 3.9%
Ohio, State Building Authority Revenue:
Series C 4.00%, 10/1/2015		3,145,000		3,446,605
Series C 4.00%, 10/1/2016		3,000,000		3,343,230
Ohio, State General Obligation:
Series A 5.00%, 6/15/2013		1,000,000		1,067,690
Series C 5.00%, 9/15/2015		10,000,000		11,470,700
5.00%, 7/1/2016		3,225,000		3,794,535
Series A 5.00%, 9/15/2016		1,000,000		1,180,460
Series C 5.00%, 9/15/2016		2,000,000		2,360,920
Ohio, State Highway Capital Improvements, General Obligation 5.00%, 5/1/2014		1,975,000		2,172,678
Ohio, State Infrastructure Project Revenue 5.00%, 6/15/2012		375,000		382,823
Series 2007-1 5.00%, 6/15/2013 (a)		4,960,000		5,290,534
Series 2008-1 5.00%, 6/15/2013		3,000,000		3,199,920
5.00%, 6/15/2015		475,000		538,997
Series 3 5.00%, 12/15/2016		12,930,000		15,254,555
Ohio, State Water Development Authority Revenue 5.00%, 6/1/2013		2,670,000		2,842,349
				56,345,996
OKLAHOMA — 0.9%
Oklahoma, Grand River Dam Authority Revenue Series A 4.00%, 6/1/2016		880,000		985,820
Oklahoma, State Turnpike Authority Series A 5.00%, 1/1/2017		5,000,000		5,928,050

See accompanying notes to financial statements.

152

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Tulsa County, OK, Industrial Authority, Educational Facilities Lease Revenue 4.00%, 9/1/2013	$	5,410,000	$	5,673,954
				12,587,824
OREGON — 1.0%
Oregon, State Department of Transportation, Highway Revenue Series C 5.00%, 11/15/2016		2,500,000		2,973,300
Oregon, State General Obligation Series J 5.00%, 5/1/2016		1,000,000		1,171,560
Portland, OR, Sewer System Revenue Series A 5.00%, 3/1/2015		8,690,000		9,827,869
Salem-Keizer, OR, School District No. 24J, General Obligation Series A 4.00%, 6/15/2015		1,250,000		1,376,650
				15,349,379
PENNSYLVANIA — 2.9%
Pennsylvania, Economic Development Financing Authority Revenue Series A 5.00%, 6/15/2014		9,175,000		9,805,689
Pennsylvania, Intergovernmental Cooperative Authority, Special Tax Revenue:
5.00%, 6/15/2014		2,000,000		2,197,800
5.00%, 6/15/2015		5,000,000		5,655,500
Pennsylvania, State General Obligation:
5.00%, 5/15/2013		3,350,000		3,561,318
5.00%, 7/1/2013		2,000,000		2,137,680
5.00%, 3/15/2014		8,920,000		9,780,423
Series A 5.00%, 2/15/2015		1,000,000		1,131,100
Pennsylvania, State Higher Educational Facilities Authority Revenue 5.00%, 6/15/2015		7,110,000		8,016,383
				42,285,893
RHODE ISLAND — 0.4%
Rhode Island, State & Providence Plantations, Consolidated Capital Development, General Obligation Series A 5.00%, 10/1/2014		4,995,000		5,542,002
SOUTH CAROLINA — 2.1%
South Carolina, State General Obligation:
Series A 4.00%, 6/1/2015		15,000,000		16,646,850
5.00%, 3/1/2016		5,000,000		5,849,850
South Carolina, State Public Service Authority Revenue:
Series B 5.00%, 1/1/2014 (a)		2,500,000		2,719,750
Series E 5.00%, 1/1/2014		1,000,000		1,087,900
Series B 5.00%, 12/1/2016		3,500,000		4,196,395
				30,500,745
TENNESSEE — 1.1%
Memphis, TN, Electric System Revenue 5.00%, 12/1/2014		3,500,000		3,897,775
Murfreesboro, TN, General Obligation 5.00%, 6/1/2013		1,500,000		1,598,370
Nashville & Davidson County, Health & Educational Facilities Board Revenue 5.00%, 10/1/2014		1,000,000		1,115,860
Sevierville, TN, Public Building Authority Revenue 5.00%, 6/1/2014		1,000,000		1,088,580
Shelby County, TN, General Obligation:
Series A 5.00%, 4/1/2013		320,000		338,541
Series A 5.00%, 4/1/2013		1,280,000		1,354,163
Tennessee, Metropolitan Government of Nashville & Davidson County 5.00%, 7/1/2016		2,300,000		2,717,289
Tennessee, State General Obligation Series A 4.00%, 5/1/2013		150,000		157,338
Tennessee, State School Bond Authority:
3.00%, 5/1/2014		1,950,000		2,050,347
4.00%, 5/1/2015		2,000,000		2,194,180
5.00%, 5/1/2013 (a)		60,000		63,727
				16,576,170
TEXAS — 6.3%
Arlington, TX, Independent School District, General Obligation 5.00%, 2/15/2014 (a)		1,640,000		1,794,045
City of Austin TX Electric Utility Revenue 5.00%, 11/15/2013 (a)		1,945,000		2,106,552
Dallas County, TX, Community College District, General Obligation 5.00%, 2/15/2014		1,340,000		1,462,905
Dallas, TX, General Obligation 5.00%, 2/15/2013		1,000,000		1,051,980
Dallas, TX, Independent School District, General Obligation:
4.00%, 2/15/2016		2,000,000		2,245,360
5.00%, 2/15/2013		1,000,000		1,050,370
El Paso, TX, Independent School District, General Obligation Zero Coupon, 8/15/2013 (a)(c)		1,980,000		1,963,190
Fort Bend, TX, Independent School District, General Obligation 4.00%, 2/15/2013		1,000,000		1,040,670
Fort Worth, TX, Independent School District, General Obligation 5.00%, 2/15/2013		2,000,000		2,103,500
Frisco, TX, Refunding Improvement, General Obligation 5.00%, 2/15/2016		4,000,000		4,653,360
Houston, TX, General Obligation:
Series A 5.00%, 3/1/2013 (a)		2,500,000		2,632,425
Series A 5.00%, 3/1/2016		5,000,000		5,812,050
Houston, TX, Utilities System Revenue:
Series C 5.00%, 11/15/2013		1,905,000		2,065,820
Series C 5.00%, 11/15/2015		4,685,000		5,375,710

See accompanying notes to financial statements.

153

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Series E 5.00%, 11/15/2016	$	10,745,000	$	12,695,217
Lamar, TX, Consolidated Independent School District, General Obligation 5.00%, 2/15/2013 (a)		180,000		189,232
Northside, TX, Tollway Authority Revenue Series A 5.00%, 9/1/2016		1,100,000		1,269,268
San Antonio, TX, Electric and Gas Series A 5.00%, 2/1/2014		200,000		218,094
Texas State University, Revenue:
5.00%, 3/15/2015		400,000		450,176
5.00%, 3/15/2016		1,000,000		1,157,640
Texas, State A&M University Revenue Series D 4.00%, 5/15/2016		750,000		848,175
Texas, State General Obligation:
Series B 5.00%, 4/1/2013		3,600,000		3,808,116
5.00%, 10/1/2015		3,495,000		4,029,001
Series A 5.00%, 10/1/2015		8,000,000		9,222,320
5.00%, 10/1/2016		4,000,000		4,757,080
Series A 5.00%, 10/1/2016		2,110,000		2,509,360
Texas, State Public Finance Authority Revenue 4.00%, 7/1/2013		7,220,000		7,608,797
Texas, State Transportation Commission Revenue Series A 5.00%, 4/1/2013		700,000		740,110
University of Texas, Revenue:
Series A 3.25%, 8/15/2013		2,650,000		2,771,158
Series A 5.00%, 8/15/2015		3,100,000		3,557,715
				91,189,396
UTAH — 0.8%
Utah, State General Obligation:
4.00%, 7/1/2013		2,000,000		2,109,840
Series A 5.00%, 7/1/2013		1,150,000		1,230,235
Series A 5.00%, 7/1/2015		6,800,000		7,798,444
Series C 5.00%, 7/1/2015		150,000		172,025
				11,310,544
VIRGINIA — 3.6%
Richmond, VA, General Obligation Series C 5.00%, 7/15/2016		2,000,000		2,349,400
Virginia, College Building Authority, Educational Facilities Revenue Series A 5.00%, 9/1/2013		2,000,000		2,152,340
Virginia, State Public Building Authority, Building Revenue Bonds:
Series B 5.00%, 8/1/2013		8,575,000		9,189,741
Series B 5.00%, 8/1/2014		1,500,000		1,663,725
Series B 5.00%, 8/1/2016		5,600,000		6,601,392
Virginia, State Public School Authority:
Series C 5.00%, 8/1/2013		8,570,000		9,194,239
Series B 5.00%, 8/1/2014		2,025,000		2,248,783
Virginia, State Revenue Transportation Board 5.00%, 5/15/2016		16,170,000		18,968,542
				52,368,162
WASHINGTON — 4.5%
Energy Northwest Washington, Electricity Revenue:
Series A 4.00%, 7/1/2014		1,375,000		1,485,344
Series A 5.00%, 7/1/2013		4,495,000		4,805,829
Series D 5.00%, 7/1/2014		850,000		939,131
Series C 5.00%, 7/1/2016		4,755,000		5,569,579
Series A 5.25%, 7/1/2016		960,000		1,134,951
Energy Northwest, WA, Electric Revenue Series A 5.00%, 7/1/2014		635,000		701,586
King County, WA, School District No 1:
Series A 5.00%, 6/1/2013		1,250,000		1,331,238
Series B 5.00%, 1/1/2016		4,500,000		5,190,705
Seattle, WA, General Obligation 5.00%, 5/1/2013		6,540,000		6,936,324
Seattle, WA, Municipal Light & Power Revenue:
5.00%, 4/1/2013		3,000,000		3,172,680
Series B 5.00%, 2/1/2015		7,540,000		8,481,972
Snohomish County, WA, Public Utility Revenue 4.00%, 12/1/2013		3,625,000		3,866,026
Washington, State General Obligation:
Series B-2 4.00%, 8/1/2013		5,000,000		5,285,900
Series D 4.50%, 1/1/2016 (a)		1,500,000		1,706,055
Series R 5.00%, 1/1/2015		10,500,000		11,803,260
Series C 5.00%, 1/1/2016		1,000,000		1,156,030
5.00%, 7/1/2016		1,240,000		1,456,603
				65,023,213
WISCONSIN — 2.4%
Milwaukee, WI, General Obligation:
5.00%, 2/1/2015		8,825,000		9,959,101
Series N3 5.00%, 5/15/2016		2,590,000		3,044,312
Wisconsin, State General Obligation:
3.00%, 5/1/2013		1,000,000		1,035,060
Series C 4.00%, 5/1/2013		5,000,000		5,241,200
4.00%, 11/1/2016		1,950,000		2,223,721
Series A 5.00%, 5/1/2015		1,380,000		1,567,197
Series C 5.00%, 5/1/2015		10,000,000		11,356,500
				34,427,091
TOTAL MUNICIPAL BONDS & NOTES —
(Cost $1,413,472,235)				1,440,498,704

See accompanying notes to financial statements.

154

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
SHORT TERM INVESTMENT — 0.5%
MONEY MARKET FUND — 0.5%
State Street Institutional Tax Free Money Market Fund 0.00% (d)(e)(f) (Cost $8,012,115)		8,012,115	$	8,012,115
TOTAL INVESTMENTS — 99.5% (g)
(Cost $1,421,484,350)				1,448,510,819
OTHER ASSETS & LIABILITIES — 0.5%				6,964,349
NET ASSETS — 100.0%			$	1,455,475,168

(a) Bond is insured by one of these companies:

		As a % of
	Insurance Coverage	Net Assets
	Assured Guaranty Municipal Corp.		4.26	%
	National Public Finance Guarantee Corp.		0.56	%
	Ambac Financial Group		0.35	%
	Permanent School Fund Guaranteed		0.27	%
(b)	Variable rate security. Rate shown is rate in effect at December 31, 2011. Maturity date disclosed is the ultimate maturity.
(c)	Non-income producing security
(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)	Value is determined based on Level 1 inputs. (Note 2)
(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.

155

SPDR Nuveen S&P VRDO Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MUNICIPAL BONDS & NOTES — 92.9%
CALIFORNIA — 9.6%
California, East Bay Municipal Utility District, Water System Revenue Series A 0.70%, 6/1/2025 (a)(b)	$	400,000	$	400,000
California, Eastern Municipal Water District, Certificates of Participation Series G 0.28%, 7/1/2038 (a)		400,000		400,000
California, Statewide Communities Development Authority 0.49%, 7/1/2036 (a)		200,000		200,000
Riverside, CA, Electric Revenue Series C 0.16%, 10/1/2035 (a)		150,000		150,000
				1,150,000
COLORADO — 7.5%
Broomfield, CO, Urban Renewal Authority 1.10%, 12/1/2030 (a)		400,000		400,000
Denver, CO, City & County Airport Revenue Series C 0.10%, 11/15/2022 (a)		500,000		500,000
				900,000
CONNECTICUT — 1.7%
Hartford, CT, Redevelopment Agency Revenue 2.00%, 6/1/2020 (a)(b)		200,000		200,000
MARYLAND — 0.8%
Montgomery County, MD, Economic Development Revenue 0.28%, 5/1/2031 (a)		100,000		100,000
MASSACHUSETTS — 4.2%
Massachusetts, State Water Resources Authority Revenue Series B 0.15%, 8/1/2031 (a)		500,000		500,000
NEBRASKA — 0.8%
Nebraska, Central Plains Energy Project Revenue 0.09%, 8/1/2039 (a)		100,000		100,000
NEW MEXICO — 0.8%
New Mexico, State Municipal Energy Acquisition Authority, Gas Supply Revenue 0.09%, 11/1/2039 (a)		100,000		100,000
NEW YORK — 19.1%
New York, NY, City Municipal Water Finance Authority Revenue:
Series B-4 0.05%, 6/15/2023 (a)		100,000		100,000
Series F-2 0.07%, 6/15/2033 (a)		400,000		400,000
New York, NY, City Transitional Finance Authority Revenue Series 3 1.00%, 11/1/2022 (a)		400,000		400,000
New York, NY, Metropolitan Transportation Authority Revenue 0.25%, 11/1/2035 (a)		100,000		100,000
New York, NY, Triborough Bridge & Tunnel Authority Revenue:
Series B-3 0.12%, 1/1/2032 (a)		390,000		390,000
Series B-4 0.24%, 1/1/2032 (a)		100,000		100,000
New York, State Housing Finance Agency:
Series A 1.00%, 11/1/2037 (a)		400,000		400,000
1.30%, 11/1/2041 (a)		400,000		400,000
				2,290,000
NORTH CAROLINA — 0.8%
North Carolina, Medical Care Commission, Health Care Facilities Revenue 0.10%, 12/1/2028 (a)		100,000		100,000
OHIO — 6.4%
Ohio State University, Revenue 3.00%, 12/1/2026 (a)(b)		380,000		380,000
Ohio, State Higher Educational Facility Commission Revenue 0.30%, 9/1/2036 (a)		385,000		385,000
				765,000
PENNSYLVANIA — 9.2%
Emmaus, PA, General Authority Revenue Series A 0.09%, 3/1/2030 (a)		400,000		400,000
Lower Merion, PA, School District, General Obligation Series B 0.09%, 4/1/2027 (a)		100,000		100,000
Nazareth, PA, Area School District, General Obligation 2.30%, 2/1/2031 (a)(b)		500,000		500,000
Pittsburgh, PA, Water & Sewer Authority 0.17%, 9/1/2033 (a)(b)		110,000		110,000
				1,110,000
RHODE ISLAND — 6.7%
Rhode Island, Health & Educational Building Corp., Revenue:
0.40%, 11/1/2036 (a)		400,000		400,000
2.00%, 10/1/2033 (a)		410,000		410,000
				810,000
TENNESSEE — 2.4%
Clarksville, TN, Public Building Authority Revenue 0.26%, 6/1/2024 (a)		100,000		100,000
Nashville & Davidson County, TN, Industrial Development Board Revenue 0.26%, 12/1/2031 (a)		187,000		187,000
				287,000
TEXAS — 11.7%
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue Series C 0.08%, 6/1/2024 (a)		400,000		400,000
Harris County, TX, Health Facilities Development Authority Revenue Series C 0.56%, 11/15/2047 (a)		400,000		400,000
Katy, TX, Independent School District, General Obligation Series C 0.12%, 8/15/2036 (a)		300,000		300,000
Texas, State General Obligation Series B 1.74%, 4/1/2030 (a)		300,000		300,000
				1,400,000

See accompanying notes to financial statements.

156

SPDR Nuveen S&P VRDO Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
VIRGINIA — 6.7%
Montgomery County, VA, Industrial Development Authority 0.12%, 2/1/2039 (a)	$	400,000	$	400,000
Virginia, Small Business Financing Authority Revenue 0.28%, 10/1/2024 (a)		400,000		400,000
				800,000
WASHINGTON — 3.3%
Washington, State General Obligation Series 96A 0.11%, 6/1/2020 (a)		400,000		400,000
WEST VIRGINIA — 1.2%
West Virginia, Hospital Finance Authority Revenue Series A-1 0.30%, 10/1/2033 (a)		140,000		140,000
TOTAL MUNICIPAL BONDS & NOTES —
(Cost $11,152,000)				11,152,000
	Shares
SHORT TERM INVESTMENT — 8.8%
MONEY MARKET FUND — 8.8%
State Street Institutional Tax Free Money Market Fund 0.00% (c)(d)(e) (Cost $1,053,546)		1,053,546		1,053,546
TOTAL INVESTMENTS — 101.7% (f)
(Cost $12,205,546)				12,205,546
OTHER ASSETS & LIABILITIES — (1.7)%				(201,025	)
NET ASSETS — 100.0%			$	12,004,521

(a)	Variable rate security. Rate shown is rate in effect at December 31, 2011. Maturity date disclosed is the ultimate maturity.
(b)	Bond is insured by one of these companies:

		As a % of
	Insurance Coverage	Net Assets
	Assured Guaranty Municipal Corp.		13.25	%
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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.

157

SPDR Nuveen S&P High Yield Municipal Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MUNICIPAL BONDS & NOTES — 98.0%
ALABAMA — 1.9%
Jefferson County, AL, School Warrant Revenue Series A 5.00%, 1/1/2024	$	1,000,000	$	887,480
CALIFORNIA — 14.4%
California, Golden State Tobacco Securitization Corp., Revenue:
Series A-1 5.00%, 6/1/2033		1,000,000		698,730
Series A-1 5.13%, 6/1/2047		850,000		551,046
Series A-1 5.75%, 6/1/2047		1,380,000		993,904
California, Health Facilities Financing Authority Revenue Series A 5.00%, 4/1/2037		1,000,000		1,000,840
California, Municipal Finance Authority Revenue Series A 5.50%, 7/1/2030		655,000		662,978
Rancho Mirage, CA, Joint Powers Financing Authority Series A 5.00%, 7/1/2027		2,000,000		1,995,720
San Benito, CA, Health Care District Revenue 5.40%, 10/1/2020		1,000,000		886,810
				6,790,028
COLORADO — 5.5%
Colorado, Health Facilities Authority Revenue Series A 5.90%, 8/1/2037		1,000,000		831,380
Compark Business Campus Metropolitan District, CO, General Obligation Series A 5.75%, 12/1/2027		1,000,000		920,650
Denver, CO, City & County Special Facilities, Airport Revenue Series A 5.25%, 10/1/2032		1,000,000		859,590
				2,611,620
CONNECTICUT — 2.2%
Harbor Point, CT, Special Obligation Revenue Series A 7.88%, 4/1/2039		1,000,000		1,061,890
FLORIDA — 10.0%
Escambia County, FL, Health Facilities Authority, Revenue Series A 5.75%, 8/15/2029		1,000,000		1,025,190
Hillsborough County, FL, Industrial Development Authority, Hospital Revenue 5.25%, 10/1/2026		1,000,000		1,018,420
Lee County, FL, Industrial Development Authority, Revenue Series A 5.38%, 6/15/2037		1,000,000		834,900
Madison County, FL, Revenue Series A 6.00%, 7/1/2025		750,000		688,973
Seven Oaks, FL, Community Development District Series A-2 6.50%, 5/1/2033		750,000		754,117
Tolomato, FL, Community Development District, Special Assessment 6.65%, 5/1/2040		1,000,000		426,670
				4,748,270
GUAM — 4.2%
Guam, Government General Obligation Series A 6.75%, 11/15/2029		1,000,000		1,039,130
Guam, Government Waterworks Authority, Water & Wastewater System Revenue 5.63%, 7/1/2040		1,000,000		956,310
				1,995,440
HAWAII — 2.2%
Hawaii, Pacific Health Special Purpose Revenue Series B 5.75%, 7/1/2040		1,000,000		1,029,790
ILLINOIS — 8.8%
Cook County, IL, Revenue 6.50%, 10/15/2040		1,000,000		1,040,240
Illinois, Finance Authority Revenue:
6.13%, 5/15/2027		1,000,000		1,037,340
7.13%, 2/1/2034		1,000,000		1,002,110
7.13%, 2/15/2039		1,100,000		1,067,803
				4,147,493
INDIANA — 5.9%
Indiana, Finance Authority, Environmental Revenue 6.00%, 12/1/2019		1,000,000		1,016,620
Indiana, Finance Authority, Hospital Revenue 5.50%, 8/15/2040		1,000,000		933,220
Vigo County, IN, Hospital Authority Revenue 5.75%, 9/1/2042 (a)		1,000,000		849,580
				2,799,420
LOUISIANA — 2.2%
Louisiana, State Environmental Facilities & Community Development Revenue Series A-1 6.50%, 11/1/2035		1,000,000		1,053,700
MICHIGAN — 4.9%
Conner Creek Academy East, MI, Public School Academy Revenue 5.00%, 11/1/2026		1,000,000		799,000
Detroit, MI, General Obligation Series A-1 5.00%, 4/1/2016		1,000,000		866,800
Kent County, MI, Hospital Finance Authority Revenue Series A 5.25%, 7/1/2030		740,000		666,637
				2,332,437
MINNESOTA — 2.7%
Minnesota, Tobacco Securitization Authority Revenue Series B 5.25%, 3/1/2031		375,000		385,691

See accompanying notes to financial statements.

158

SPDR Nuveen S&P High Yield Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
St. Paul, MN, Housing & Redevelopment Authority, Lease Revenue Series A 6.63%, 12/1/2023	$	875,000	$	884,485
				1,270,176
NEVADA — 0.4%
Las Vegas, NV, Local Improvement Bonds 6.25%, 6/1/2024		200,000		197,948
NEW JERSEY — 4.1%
New Jersey, Economic Development Authority, Revenue:
6.40%, 9/15/2023		1,000,000		995,490
7.10%, 11/1/2031		1,000,000		210,000
New Jersey, Tobacco Settlement Financing Corp., Revenue Series 1A 4.75%, 6/1/2034		1,000,000		718,040
				1,923,530
NEW YORK — 7.3%
Chautauqua County, NY, Industrial Development Agency, Exempt Facility Revenue 5.88%, 4/1/2042		1,000,000		1,013,410
New York, NY, Industrial Development Agency Revenue:
5.00%, 1/1/2031 (b)		1,000,000		912,900
Series A 6.50%, 3/1/2035		1,000,000		999,920
New York, NY, Industrial Development Agency Revenue, Civic Facility Revenue 5.75%, 10/1/2037		1,000,000		504,460
				3,430,690
OHIO — 3.5%
Buckeye, OH, Tobacco Settlement Financing Authority:
Series A-2 5.88%, 6/1/2030		1,000,000		740,650
Series A-2 5.88%, 6/1/2047		175,000		125,531
Series A-2 6.50%, 6/1/2047		1,000,000		787,820
				1,654,001
OKLAHOMA — 2.2%
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue Series A 7.13%, 11/1/2030		1,000,000		1,043,080
PUERTO RICO — 4.4%
Puerto Rico, Electric Power Authority, Revenue Series XX 5.25%, 7/1/2040		1,000,000		1,026,900
Puerto Rico, Sales Tax Financing Corp., Revenue Series A 5.38%, 8/1/2039		1,000,000		1,053,870
				2,080,770
TENNESSEE — 1.5%
Tennessee Energy Acquisition Corp., Gas Revenue Series A 5.25%, 9/1/2019		715,000		724,402
TEXAS — 6.0%
Central Texas, Regional Mobility Authority Revenue 5.75%, 1/1/2025		1,000,000		1,049,300
Texas, Brazos River Authority, Pollution Control Revenue Series D 5.40%, 10/1/2029		1,000,000		751,960
Travis County, TX, Health Facilities Development Corp., Revenue 7.13%, 11/1/2040		1,000,000		1,048,920
				2,850,180
VIRGIN ISLANDS — 3.7%
Virgin Islands, Public Finance Authority Revenue:
5.00%, 10/1/2031		775,000		774,938
6.50%, 7/1/2021		1,000,000		970,090
				1,745,028
TOTAL MUNICIPAL BONDS & NOTES —
(Cost $44,386,714)				46,377,373
	Shares
SHORT TERM INVESTMENT — 1.0%
MONEY MARKET FUND — 1.0%
State Street Institutional Tax Free Money Market Fund 0.00% (c)(d)(e) (Cost $475,196)		475,196		475,196
TOTAL INVESTMENTS — 99.0% (f)
(Cost $44,861,910)				46,852,569
OTHER ASSETS & LIABILITIES — 1.0%				465,554
NET ASSETS — 100.0%			$	47,318,123

(a)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.8% of net assets as of December 31, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)	Bond is insured by one of these companies:

		As a % of
	Insurance Coverage	Net Assets
	Ambac Financial Group		1.93	%
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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.

159

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MUNICIPAL BONDS & NOTES — 98.8%
ARIZONA — 0.8%
Arizona, Salt River Project, Agricultural Improvement & Power District Revenue 4.84%, 1/1/2041	$	180,000	$	202,426
Phoenix, AZ, General Obligation 5.27%, 7/1/2034		100,000		112,555
				314,981
CALIFORNIA — 33.5%
California, State General Obligation:
5.65%, 4/1/2039		50,000		52,397
6.65%, 3/1/2022		450,000		521,167
7.30%, 10/1/2039		800,000		945,944
7.35%, 11/1/2039		200,000		237,860
7.50%, 4/1/2034		600,000		719,910
7.55%, 4/1/2039		1,025,000		1,253,288
7.60%, 11/1/2040		650,000		802,561
7.63%, 3/1/2040		275,000		338,346
7.70%, 11/1/2030		800,000		908,840
7.95%, 3/1/2036		325,000		367,503
California, State Public Works Board, Lease Revenue 8.36%, 10/1/2034		265,000		306,698
East Bay, CA, Municipal Utility District, Water System Revenue 5.87%, 6/1/2040		150,000		184,811
Los Angeles County, CA, Metropolitan Transportation Authority, Sales Tax Revenue 5.74%, 6/1/2039		200,000		236,052
Los Angeles County, CA, Public Works Financing Authority, Lease Revenue:
7.49%, 8/1/2033		100,000		123,904
7.62%, 8/1/2040		25,000		30,932
Los Angeles, CA, Community College District, General Obligation:
6.60%, 8/1/2042		140,000		177,642
6.75%, 8/1/2049		200,000		254,768
Los Angeles, CA, Department of Airports Revenue 6.58%, 5/15/2039		65,000		78,390
Los Angeles, CA, Department of Water & Power Revenue:
5.72%, 7/1/2039		100,000		113,562
6.17%, 7/1/2040		105,000		114,340
6.57%, 7/1/2045		200,000		253,908
6.60%, 7/1/2050		150,000		196,340
Los Angeles, CA, Department of Water & Power Waterworks Revenue 6.01%, 7/1/2039		100,000		117,350
Los Angeles, CA, Unified School District, General Obligation:
5.75%, 7/1/2034		375,000		413,977
5.76%, 7/1/2029		50,000		54,453
6.76%, 7/1/2034		450,000		558,468
Orange County, CA, Local Transportation Authority, Sales Tax Revenue Series A 6.91%, 2/15/2041		100,000		131,921
Sacramento, CA, Municipal Utility District, Electricity Revenue 6.16%, 5/15/2036		50,000		57,887
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue 5.91%, 4/1/2048		135,000		169,730
San Diego County, CA, Water Authority Revenue 6.14%, 5/1/2049		300,000		377,244
San Francisco, CA, Bay Area Toll Authority, Toll Bridge Revenue:
6.26%, 4/1/2049		490,000		639,313
6.79%, 4/1/2030		265,000		314,558
6.91%, 10/1/2050		150,000		195,351
6.92%, 4/1/2040		350,000		447,121
San Francisco, CA, City & County Public Utilities Commission, Water Revenue:
6.00%, 11/1/2040		100,000		116,621
6.00%, 11/1/2040		125,000		144,491
6.95%, 11/1/2050		150,000		197,585
Santa Clara Valley, CA, Transportation Authority, Sales Tax Revenue 5.88%, 4/1/2032		195,000		228,928
Southern California, Metropolitan Water District Revenue 6.95%, 7/1/2040		100,000		117,161
University of California, Revenue:
5.95%, 5/15/2045		150,000		169,671
6.27%, 5/15/2031		60,000		65,975
6.55%, 5/15/2048		250,000		297,460
6.58%, 5/15/2049		300,000		360,159
				13,394,587
COLORADO — 1.4%
Colorado, Bridge Enterprise Revenue Series A 6.08%, 12/1/2040		100,000		124,631
Colorado, Regional Transportation District, Sales Tax Revenue 5.84%, 11/1/2050		100,000		127,677
Denver, CO, City & County School District No 1, General Obligation 5.66%, 12/1/2033		150,000		178,080
Denver, CO, General Obligation 5.65%, 8/1/2030		100,000		108,371
				538,759
CONNECTICUT — 0.6%
Connecticut, State General Obligation:
5.09%, 10/1/2030		125,000		137,506
5.63%, 12/1/2029		75,000		87,854
				225,360
DISTRICT OF COLUMBIA — 1.0%
District of Columbia, Income Tax Revenue:
5.58%, 12/1/2035		100,000		119,368
5.59%, 12/1/2034		100,000		120,473

See accompanying notes to financial statements.

160

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
District of Columbia, Water & Sewer Authority Revenue 5.52%, 10/1/2044	$	100,000	$	116,691
Metropolitan Washington, DC, Airport Authority, Dules Road Revenue 7.46%, 10/1/2046		50,000		54,458
				410,990
GEORGIA — 2.6%
Georgia, Municipal Electric Authority Revenue:
6.64%, 4/1/2057		285,000		296,240
6.66%, 4/1/2057		425,000		436,883
7.06%, 4/1/2057		175,000		177,842
Georgia, State General Obligation 4.50%, 11/1/2025		100,000		112,348
				1,023,313
ILLINOIS — 5.1%
Chicago, IL, Board of Education, General Obligation 6.14%, 12/1/2039		5,000		5,352
Chicago, IL, Metropolitan Water Reclamation District, General Obligation 5.72%, 12/1/2038		265,000		324,508
Chicago, IL, O’Hare International Airport Revenue 6.40%, 1/1/2040		200,000		241,268
Chicago, IL, Transit Authority, Sales Tax Revenue 6.20%, 12/1/2040		200,000		219,074
Chicago, IL, Waste Water Transmission Revenue 6.90%, 1/1/2040		100,000		125,093
Chicago, IL, Water Revenue 6.74%, 11/1/2040		80,000		100,562
Cook County, IL, General Obligation 6.23%, 11/15/2034		140,000		155,575
Illinois, State General Obligation:
6.63%, 2/1/2035		60,000		61,925
7.35%, 7/1/2035		450,000		496,404
Illinois, State Toll Highway Authority Revenue:
5.85%, 12/1/2034		245,000		278,438
6.18%, 1/1/2034		20,000		23,018
				2,031,217
INDIANA — 0.3%
Indianapolis, IN, Public Improvement Revenue 6.12%, 1/15/2040		100,000		125,680
KANSAS — 0.2%
Kansas, State Department of Transportation, Highway Revenue 4.60%, 9/1/2035		75,000		82,172
KENTUCKY — 0.3%
Louisville & Jefferson County, KY, Metropolitan Sewer District Revenue 6.25%, 5/15/2043		100,000		128,367
LOUISIANA — 0.3%
East Baton Rouge, LA, Sewer Commission Revenue 6.09%, 2/1/2045		100,000		104,276
MASSACHUSETTS — 3.4%
Massachusetts, State General Obligation:
Series E 4.20%, 12/1/2021		115,000		126,840
4.91%, 5/1/2029		200,000		223,980
5.46%, 12/1/2039		360,000		425,787
Massachusetts, State School Building Authority Revenue:
5.45%, 11/1/2040		200,000		233,484
5.72%, 8/15/2039		175,000		216,342
Massachusetts, State Water Pollution Abatement Trust 5.19%, 8/1/2040		105,000		120,538
				1,346,971
MISSISSIPPI — 0.4%
Mississippi, State General Obligation 5.25%, 11/1/2034		125,000		141,146
MISSOURI — 1.0%
Missouri, State Highways & Transportation Commission, State Road Revenue 5.45%, 5/1/2033		130,000		150,331
University of Missouri, Revenue:
5.79%, 11/1/2041		100,000		128,752
5.96%, 11/1/2039		105,000		131,163
				410,246
NEVADA — 1.3%
Clark County, NV, Airport Revenue:
6.82%, 7/1/2045		65,000		81,741
6.88%, 7/1/2042		265,000		293,286
Las Vegas Valley, NV, Water District, General Obligation 7.01%, 6/1/2039		125,000		157,388
				532,415
NEW JERSEY — 6.5%
New Jersey, State Transportation Trust Revenue:
5.75%, 12/15/2028		175,000		190,489
6.10%, 12/15/2028		225,000		240,831
6.56%, 12/15/2040		200,000		253,462
6.88%, 12/15/2039		210,000		234,146
New Jersey, State Turnpike Authority Revenue:
7.10%, 1/1/2041		635,000		869,353
7.41%, 1/1/2040		485,000		695,480
Rutgers University, Revenue 5.67%, 5/1/2040		100,000		120,404
				2,604,165
NEW YORK — 16.5%
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue:
5.44%, 6/15/2043		255,000		291,090
5.72%, 6/15/2042		200,000		240,158

See accompanying notes to financial statements.

161

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
5.75%, 6/15/2041	$	300,000	$	365,613
5.79%, 6/15/2041		80,000		86,054
5.88%, 6/15/2044		50,000		61,717
5.95%, 6/15/2042		150,000		183,849
6.01%, 6/15/2042		50,000		62,987
6.28%, 6/15/2042		100,000		112,586
New York, NY, City Transitional Finance Authority Revenue:
5.51%, 8/1/2037		225,000		261,441
5.57%, 11/1/2038		300,000		348,135
5.77%, 8/1/2036		5,000		5,856
6.83%, 7/15/2040		165,000		210,377
New York, NY, General Obligation:
5.21%, 10/1/2031		140,000		153,940
5.52%, 10/1/2037		75,000		85,004
5.85%, 6/1/2040		150,000		176,082
5.99%, 12/1/2036		325,000		388,771
6.25%, 6/1/2035		150,000		167,115
6.27%, 12/1/2037		220,000		271,247
6.65%, 12/1/2031		100,000		115,260
New York, NY, Metropolitan Transportation Authority Revenue:
6.09%, 11/15/2040		100,000		120,293
6.55%, 11/15/2031		75,000		89,061
6.65%, 11/15/2039		10,000		12,131
6.67%, 11/15/2039		275,000		337,087
6.69%, 11/15/2040		175,000		214,860
6.81%, 11/15/2040		300,000		376,392
New York, NY, Metropolitan Transportation Authority, Dedicated Tax Fund 7.34%, 11/15/2039		330,000		462,218
New York, State Dormitory Authority, State Personal Income Tax Revenue:
5.29%, 3/15/2033		75,000		84,115
5.39%, 3/15/2040		25,000		29,150
5.43%, 3/15/2039		255,000		291,353
5.50%, 3/15/2030		125,000		143,829
5.60%, 3/15/2040		350,000		413,703
5.63%, 3/15/2039		25,000		28,897
New York, State Urban Development Corp. Revenue 5.77%, 3/15/2039		350,000		413,868
				6,604,239
NORTH CAROLINA — 0.1%
North Carolina, Turnkpike Authority Revenue Series B 6.70%, 1/1/2039		40,000		45,366
OHIO — 4.7%
Ohio State University, General Receipts Revenue 4.91%, 6/1/2040		260,000		294,403
Ohio, American Municipal Power, Inc. Revenue:
5.94%, 2/15/2047		325,000		352,118
6.05%, 2/15/2043		20,000		22,025
6.45%, 2/15/2044		15,000		17,424
7.50%, 2/15/2050		250,000		326,143
7.83%, 2/15/2041		350,000		483,326
8.08%, 2/15/2050		100,000		139,572
Ohio, Northeast Regional Sewer District, Wastewater Revenue 6.04%, 11/15/2040		100,000		110,954
Ohio, State Water Development Authority, Water Quality Loan Fund 4.88%, 12/1/2034		100,000		111,008
				1,856,973
OREGON — 0.4%
Oregon, State Department of Transportation Revenue 5.83%, 11/15/2034		130,000		159,860
PENNSYLVANIA — 2.6%
Pennsylvania, State General Obligation:
4.65%, 2/15/2026		100,000		112,622
5.35%, 5/1/2030		100,000		106,096
5.45%, 2/15/2030		100,000		117,018
5.85%, 7/15/2030		150,000		167,890
Pennsylvania, Turnpike Commission Revenue:
5.51%, 12/1/2045		200,000		224,186
5.56%, 12/1/2049		225,000		255,814
6.11%, 12/1/2039		35,000		42,547
				1,026,173
PUERTO RICO — 0.3%
Puerto Rico, Electric Power Authority Revenue 6.13%, 7/1/2040		100,000		100,721
SOUTH CAROLINA — 0.5%
South Carolina, State Public Service Authority Revenue Series C 6.45%, 1/1/2050		150,000		202,223
TENNESSEE — 0.4%
Nashville & Davidson County, TN, Convention Center Authority Revenue 6.73%, 7/1/2043		150,000		176,360
TEXAS — 11.0%
Dallas County, TX, Hospital District General Obligation 5.62%, 8/15/2044		150,000		184,096
Dallas, TX, Area Rapid Transit, Sales Tax Revenue:
4.92%, 12/1/2041		115,000		128,064
5.02%, 12/1/2048		125,000		141,416
6.00%, 12/1/2044		210,000		267,072
6.25%, 12/1/2034		100,000		111,875
Dallas, TX, Convention Center Hotel Development Corp. Revenue 7.09%, 1/1/2042		175,000		196,507
Dallas, TX, Independent School District, General Obligation 6.45%, 2/15/2035		225,000		265,376
North Texas, Tollway Authority Revenue:
6.72%, 1/1/2049		310,000		373,823
8.91%, 2/1/2030		220,000		247,507

See accompanying notes to financial statements.

162

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
San Antonio, TX, Electric & Gas Revenue:
5.72%, 2/1/2041	$	150,000	$	184,419
5.99%, 2/1/2039		320,000		400,634
Texas, State General Obligation:
4.63%, 4/1/2033		100,000		110,108
4.68%, 4/1/2040		150,000		166,538
5.52%, 4/1/2039		370,000		449,591
Texas, State Transportation Commission, Revenue:
5.03%, 4/1/2026		335,000		387,022
Series B 5.18%, 4/1/2030		150,000		174,253
University of Texas, Revenue:
4.79%, 8/15/2046		10,000		11,424
5.13%, 8/15/2042		210,000		247,999
5.26%, 7/1/2039		300,000		358,668
				4,406,392
UTAH — 0.9%
Utah, State General Obligation 4.55%, 7/1/2024		100,000		114,895
Utah, Transport Authority Sales Tax Revenue 5.94%, 6/15/2039		205,000		261,721
				376,616
VIRGINIA — 0.9%
University of Virginia, Revenue 6.20%, 9/1/2039		100,000		137,967
Virginia, Commonwealth Transportation Board Revenue 5.35%, 5/15/2035		205,000		235,994
				373,961
WASHINGTON — 1.8%
Central Puget Sound, WA, Regional Transit Authority, Sales & Use Tax Revenue 5.49%, 11/1/2039		195,000		233,755
Washington, State Convention Center, Public Facilities Revenue 6.79%, 7/1/2040		100,000		122,192
Washington, State General Obligation 5.14%, 8/1/2040		325,000		372,440
				728,387
TOTAL MUNICIPAL BONDS & NOTES —
(Cost $34,805,360)				39,471,916
	Shares
SHORT TERM INVESTMENT — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.15% (a)(b)(c) (Cost $69,315)		69,315		69,315
TOTAL INVESTMENTS — 99.0% (d)
(Cost $34,874,675)				39,541,231
OTHER ASSETS & LIABILITIES — 1.0%				391,327
NET ASSETS — 100.0%			$	39,932,558

(a)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(b)	The rate shown is the annualized seven-day yield at period end.
(c)	Value is determined based on Level 1 inputs. (Note 2)
(d)	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.

163

SPDR DB International Government Inflation-Protected Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS — 98.3%
AUSTRALIA — 4.1%
Commonwealth of Australia:
3.00%, 9/20/2025 (a)	AUD	13,676,630	$	16,774,324
4.00%, 8/20/2015	AUD	12,127,972		13,665,620
4.00%, 8/20/2020	AUD	13,976,461		17,514,928
				47,954,872
BRAZIL — 4.3%
Federal Republic of Brazil:
6.00%, 8/15/2014	BRL	2,628,918		1,440,662
6.00%, 5/15/2017	BRL	39,667,229		21,918,478
6.00%, 8/15/2024	BRL	31,231,555		17,578,667
6.00%, 5/15/2035	BRL	16,442,310		9,372,400
				50,310,207
CANADA — 4.7%
Government of Canada:
1.50%, 12/1/2044	CAD	2,873,558		3,660,487
2.00%, 12/1/2041	CAD	7,189,916		10,083,888
3.00%, 12/1/2036	CAD	7,290,436		11,671,141
4.00%, 12/1/2031	CAD	4,633,084		7,885,685
4.25%, 12/1/2021	CAD	6,964,612		9,790,470
4.25%, 12/1/2026	CAD	7,477,941		11,908,157
				54,999,828
CHILE — 4.4%
Republic of Chile:
3.00%, 5/1/2017	CLP	2,073,344,790		4,099,241
3.00%, 1/1/2018	CLP	10,344,429,919		20,443,176
3.00%, 3/1/2028	CLP	3,500,162,710		6,887,003
3.00%, 1/1/2030	CLP	6,911,149,300		13,808,780
3.00%, 2/1/2031	CLP	1,203,877,620		2,368,638
5.00%, 1/1/2016	CLP	1,783,522,400		3,861,796
				51,468,634
FRANCE — 15.6%
Republic of France:
1.00%, 7/25/2017	EUR	30,973,750		40,544,316
1.60%, 7/25/2015	EUR	24,454,118		33,086,344
1.80%, 7/25/2040	EUR	7,921,843		10,716,685
2.25%, 7/25/2020	EUR	34,712,308		48,078,670
2.50%, 7/25/2013	EUR	9,522,022		13,026,653
3.15%, 7/25/2032	EUR	13,921,175		22,339,423
3.40%, 7/25/2029	EUR	9,716,504		15,694,321
				183,486,412
GERMANY — 4.5%
Federal Republic of Germany:
1.50%, 4/15/2016	EUR	18,191,983		25,780,322
1.75%, 4/15/2020	EUR	12,627,874		18,896,887
2.25%, 4/15/2013	EUR	5,962,957		8,043,092
				52,720,301
ISRAEL — 4.4%
State of Israel:
2.75%, 8/30/2041	ILS	5,185,340		1,313,561
4.00%, 7/30/2021	ILS	60,470,663		18,400,174
4.00%, 7/31/2024	ILS	49,802,700		15,277,263
5.00%, 4/30/2015	ILS	56,307,232		16,736,654
				51,727,652
ITALY — 9.0%
Republic of Italy:
2.10%, 9/15/2021	EUR	7,336,770		6,962,211
2.15%, 9/15/2014	EUR	15,974,330		19,087,442
2.35%, 9/15/2019	EUR	10,709,200		11,246,838
2.35%, 9/15/2035	EUR	23,077,758		19,597,282
2.60%, 9/15/2023	EUR	51,336,230		48,625,428
				105,519,201
JAPAN — 4.6%
Government of Japan 10 Year Bond 1.10%, 12/10/2016	JPY	4,013,904,600		53,603,938
MEXICO — 4.3%
United Mexican States:
3.50%, 12/19/2013	MXN	81,429,640		6,068,978
4.50%, 11/22/2035	MXN	303,357,416		24,466,983
5.00%, 6/16/2016	MXN	244,035,668		19,864,376
				50,400,337
POLAND — 2.8%
Republic of Poland:
2.75%, 8/25/2023	PLN	37,590,425		10,634,721
3.00%, 8/24/2016	PLN	74,803,059		22,266,977
				32,901,698
SOUTH AFRICA — 4.5%
Republic of South Africa:
3.45%, 12/7/2033	ZAR	197,435,555		29,228,581
6.25%, 3/31/2013	ZAR	173,778,937		23,227,469
				52,456,050
SOUTH KOREA — 3.2%
Republic of South Korea:
2.75%, 3/10/2017	KRW	11,127,578,398		10,346,644
2.75%, 6/10/2020	KRW	27,843,788,000		26,905,832
				37,252,476
SWEDEN — 4.7%
Kingdom of Sweden:
3.50%, 12/1/2015	SEK	100,521,848		16,757,573
3.50%, 12/1/2028	SEK	84,838,629		19,004,409
4.00%, 12/1/2020	SEK	98,284,110		19,322,577
				55,084,559
TURKEY — 4.4%
Republic of Turkey:
4.00%, 4/1/2020	TRY	34,740,816		18,900,872
9.00%, 5/21/2014	TRY	54,179,086		32,545,893
				51,446,765
UNITED KINGDOM — 18.8%
United Kingdom Treasury Bond:
0.38%, 3/22/2062	GBP	2,623,894		5,107,406
0.63%, 11/22/2042	GBP	3,192,485		6,118,227
0.75%, 11/22/2047	GBP	6,506,440		13,248,148
1.13%, 11/22/2037	GBP	6,866,570		14,243,091
1.25%, 11/22/2017	GBP	9,309,800		16,666,111

See accompanying notes to financial statements.

164

SPDR DB International Government Inflation-Protected Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
1.25%, 11/22/2027	GBP	23,619,886	$	45,859,086
1.25%, 11/22/2032	GBP	1,096,090		2,224,940
1.25%, 11/22/2055	GBP	6,055,189		15,099,885
1.88%, 11/22/2022	GBP	19,586,456		38,752,454
2.00%, 1/26/2035	GBP	8,250,970		19,301,849
2.50%, 7/26/2016	GBP	4,812,214		8,851,952
2.50%, 4/16/2020	GBP	1,977,798		3,923,788
4.13%, 7/22/2030	GBP	10,896,500		30,972,115
				220,369,052
TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $1,123,355,358)				1,151,701,982
	Shares
SHORT TERM INVESTMENTS — 0.8%
MONEY MARKET FUNDS — 0.8%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		8,837,323		8,837,323
State Street Institutional Liquid Reserves Fund 0.15% (c)(d)		497,273		497,273
TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $9,334,596)				9,334,596
TOTAL INVESTMENTS — 99.1% (f)
(Cost $1,132,689,954)				1,161,036,578
OTHER ASSETS & LIABILITIES — 0.9%				10,513,283
NET ASSETS — 100.0%			$	1,171,549,861

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Investments of cash collateral for securities loaned.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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)

At December 31, 2011, 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, 2011		for U.S. $			(Depreciation)			Counterparty
1/6/2012		9,500,000	AUD	$	9,737,185	$	(9,714,510	)	$	22,675		Morgan Stanley Co., Inc.
1/6/2012		16,000,000	EUR		20,770,613		(21,429,920	)		(659,307	)	Bank of America N.A.
1/6/2012		6,500,000,000	KRW		5,642,287		(5,752,212	)		(109,925	)	Morgan Stanley Co., Inc.
1/6/2012		2,000,000,000	KRW		1,736,088		(1,725,625	)		10,463		Morgan Stanley Co., Inc.
1/6/2012		7,500,000,000	KRW		6,510,331		(6,482,282	)		28,049		Morgan Stanley Co., Inc.
									$	(708,045	)

Forward Foreign Currency Contracts to Sell:

								Net Unrealized
				Value at		In Exchange		Appreciation/
Settlement Date	Contracts to Deliver			December 31, 2011		for U.S. $		(Depreciation)			Counterparty
1/6/2012		9,500,000	AUD	$	9,737,185	$	9,677,270	$	(59,915	)	Credit Suisse London
1/6/2012		7,400,000	EUR		9,606,409		9,914,817		308,408		Morgan Stanley Co., Inc.
1/6/2012		8,600,000	EUR		11,164,205		11,512,433		348,228		Morgan Stanley Co., Inc.
1/6/2012		16,000,000,000	KRW		13,888,706		14,128,035		239,329		Morgan Stanley Co., Inc.
2/6/2012		7,500,000,000	KRW		6,509,004		6,465,517		(43,487	)	Morgan Stanley Co., Inc.
								$	792,563
								$	84,518

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

EUR — Euro Currency

See accompanying notes to financial statements.

165

SPDR DB International Government Inflation-Protected Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

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.

166

SPDR Barclays Capital Short Term International Treasury Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS — 86.7%
AUSTRALIA — 3.0%
Commonwealth of Australia:
4.50%, 10/21/2014	AUD	600,000	$	637,480
5.50%, 12/15/2013 (a)	AUD	2,050,000		2,194,008
6.25%, 6/15/2014	AUD	1,125,000		1,237,487
6.50%, 5/15/2013	AUD	2,425,000		2,592,318
				6,661,293
AUSTRIA — 3.1%
Republic of Austria:
3.40%, 10/20/2014	EUR	700,000		966,044
3.80%, 10/20/2013 (b)	EUR	2,025,000		2,769,839
4.13%, 1/15/2014	EUR	600,000		826,636
4.30%, 7/15/2014	EUR	1,650,000		2,315,017
				6,877,536
BELGIUM — 3.0%
Kingdom of Belgium:
4.00%, 3/28/2013	EUR	1,525,000		2,040,811
4.00%, 3/28/2014	EUR	1,555,000		2,083,966
4.25%, 9/28/2013	EUR	1,800,000		2,417,472
4.25%, 9/28/2014	EUR	100,000		135,160
				6,677,409
CANADA — 4.7%
Government of Canada:
1.00%, 2/1/2014	CAD	200,000		196,602
1.75%, 3/1/2013	CAD	2,400,000		2,377,891
2.00%, 3/1/2014	CAD	2,100,000		2,108,002
2.50%, 9/1/2013	CAD	1,600,000		1,611,172
3.00%, 6/1/2014	CAD	2,150,000		2,212,689
3.50%, 6/1/2013	CAD	1,650,000		1,677,807
				10,184,163
DENMARK — 1.5%
Kingdom of Denmark 5.00%, 11/15/2013	DKK	17,150,000		3,266,239
FRANCE — 4.5%
French Treasury Note 3.00%, 7/12/2014	EUR	1,600,000		2,168,513
Republic of France:
2.50%, 1/12/2014	EUR	1,000,000		1,338,376
3.75%, 1/12/2013	EUR	735,000		988,012
4.00%, 4/25/2013	EUR	850,000		1,156,635
4.00%, 10/25/2013	EUR	1,050,000		1,441,706
4.00%, 4/25/2014	EUR	1,000,000		1,384,996
4.50%, 7/12/2013	EUR	975,000		1,340,852
				9,819,090
GERMANY — 9.0%
Bundesrepublik Deutschland 4.25%, 7/4/2014	EUR	2,525,000		3,605,510
Federal Republic of Germany:
1.50%, 3/15/2013	EUR	2,200,000		2,906,794
2.25%, 4/11/2014	EUR	1,650,000		2,245,939
2.50%, 10/10/2014	EUR	850,000		1,170,284
3.75%, 7/4/2013	EUR	2,900,000		3,970,937
4.00%, 10/11/2013	EUR	2,925,000		4,056,430
4.50%, 1/4/2013	EUR	1,350,000		1,832,103
				19,787,997
ITALY — 8.2%
Italy Buoni Poliennali Del 4.25%, 8/1/2014	EUR	2,000,000		2,532,431
Republic of Italy:
Zero Coupon, 4/30/2013 (c)	EUR	735,000		895,909
2.25%, 11/1/2013	EUR	1,600,000		1,987,644
3.00%, 4/1/2014	EUR	2,350,000		2,920,237
3.50%, 6/1/2014	EUR	950,000		1,180,337
3.75%, 12/15/2013	EUR	1,025,000		1,301,264
4.25%, 4/15/2013	EUR	2,296,000		2,968,332
4.25%, 8/1/2013	EUR	2,425,000		3,115,904
4.75%, 2/1/2013	EUR	860,000		1,109,990
				18,012,048
JAPAN — 21.4%
Government of Japan 2 Year Bond:
0.20%, 8/15/2013	JPY	165,000,000		2,146,872
0.20%, 2/15/2013	JPY	178,500,000		2,321,971
0.20%, 5/15/2013	JPY	200,000,000		2,601,983
0.20%, 4/15/2013	JPY	123,450,000		1,606,012
0.20%, 6/15/2013	JPY	80,000,000		1,040,835
0.20%, 3/15/2013	JPY	225,000,000		2,926,983
Government of Japan 5 Year Bond:
0.70%, 9/20/2014	JPY	340,000,000		4,480,183
0.80%, 3/20/2013	JPY	235,000,000		3,079,211
1.00%, 6/20/2013	JPY	290,250,000		3,820,315
0.70%, 6/20/2014	JPY	325,000,000		4,278,950
0.70%, 12/20/2013	JPY	185,950,000		2,443,374
0.80%, 3/20/2014	JPY	198,950,000		2,623,182
0.90%, 12/20/2013	JPY	215,000,000		2,836,577
Government of Japan 10 Year Bond:
1.40%, 12/20/2013	JPY	206,650,000		2,752,162
1.40%, 9/20/2013	JPY	261,750,000		3,475,461
1.50%, 3/20/2014	JPY	167,950,000		2,247,629
1.50%, 9/20/2014	JPY	155,000,000		2,085,951
				46,767,651
MEXICO — 2.5%
Mexican Bonos 8.00%, 12/19/2013	MXN	57,500,000		4,356,228
United Mexican States 7.00%, 6/19/2014	MXN	14,500,000		1,086,316
				5,442,544
NETHERLANDS — 4.0%
Kingdom of the Netherlands:
1.00%, 1/15/2014	EUR	2,275,000		2,986,663
1.75%, 1/15/2013	EUR	2,190,000		2,889,857
3.75%, 7/15/2014	EUR	2,050,000		2,874,903
				8,751,423
POLAND — 2.7%
Poland Government Bond 5.25%, 4/25/2013	PLN	6,825,000		2,001,420

See accompanying notes to financial statements.

167

SPDR Barclays Capital Short Term International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Republic of Poland:
Zero Coupon, 7/25/2013 (c)	PLN	2,650,000	$	717,841
5.00%, 10/24/2013	PLN	4,750,000		1,388,186
5.75%, 4/25/2014	PLN	5,775,000		1,712,126
				5,819,573
SINGAPORE — 2.3%
Government of Singapore:
1.38%, 10/1/2014	SGD	2,600,000		2,051,094
2.25%, 7/1/2013	SGD	3,725,000		2,954,768
				5,005,862
SOUTH AFRICA — 2.0%
Republic of South Africa 7.50%, 1/15/2014	ZAR	33,600,000		4,275,849
SOUTH KOREA — 3.7%
Korea Monetary Stabilization Bond:
3.83%, 4/2/2013	KRW	975,000,000		850,101
3.90%, 8/2/2013	KRW	2,000,000,000		1,746,764
3.99%, 2/1/2013	KRW	725,000,000		632,855
Korea Treasury Bond:
3.00%, 12/10/2013	KRW	1,895,000,000		1,634,832
3.50%, 6/10/2014	KRW	2,000,000,000		1,742,427
3.75%, 6/10/2013	KRW	1,750,000,000		1,526,626
				8,133,605
SPAIN — 4.5%
Kingdom of Spain:
2.50%, 10/31/2013	EUR	1,500,000		1,918,916
3.30%, 10/31/2014	EUR	100,000		128,970
3.40%, 4/30/2014	EUR	1,625,000		2,088,399
4.20%, 7/30/2013	EUR	1,550,000		2,030,262
4.25%, 1/31/2014	EUR	875,000		1,153,862
6.15%, 1/31/2013	EUR	1,820,000		2,434,457
				9,754,866
SWEDEN — 2.2%
Kingdom of Sweden 6.75%, 5/5/2014	SEK	29,475,000		4,880,468
UNITED KINGDOM — 4.4%
United Kingdom Treasury Bond:
2.25%, 3/7/2014	GBP	2,925,000		4,736,756
4.50%, 3/7/2013	GBP	1,820,000		2,967,539
5.00%, 9/7/2014	GBP	200,000		349,216
8.00%, 9/27/2013	GBP	900,000		1,583,778
				9,637,289
TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $195,024,395)				189,754,905
	Shares
SHORT TERM INVESTMENTS — 2.5%
MONEY MARKET FUNDS — 2.5%
State Street Institutional Liquid Reserves Fund 0.15% (d)(e)		4,364,538		4,364,538
State Street Navigator Securities Lending Prime Portfolio (d)(f)		1,154,731		1,154,731
TOTAL SHORT TERM INVESTMENTS — (g)
(Cost $5,519,269)				5,519,269
TOTAL INVESTMENTS — 89.2% (h)
(Cost $200,543,664)				195,274,174
OTHER ASSETS & LIABILITIES — 10.8%				23,644,398
NET ASSETS — 100.0%			$	218,918,572

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.3% of net assets as of December 31, 2011, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Non-income producing security.
(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)

See accompanying notes to financial statements.

168

SPDR Barclays Capital Short Term International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

At December 31, 2011, 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, 2011		for U.S. $			(Depreciation)			Counterparty
2/3/2012		1,100,000	AUD	$	1,123,880	$	(1,119,316	)	$	4,564		Societe Generale
2/3/2012		6,250,000	DKK		1,091,801		(1,091,837	)		(36	)	Citibank N.A.
2/3/2012		15,000,000	MXN		1,072,314		(1,073,614	)		(1,300	)	Morgan Stanley Co., Inc.
2/3/2012		3,500,000	PLN		1,016,557		(1,017,383	)		(826	)	Morgan Stanley Co., Inc.
2/3/2012		7,500,000	SEK		1,092,400		(1,091,767	)		633		Citibank N.A.
2/3/2012		1,350,000	SGD		1,041,093		(1,040,944	)		149		Morgan Stanley Co., Inc.
3/2/2012		74,940,000	TWD		2,477,905		(2,465,537	)		12,368		Royal Bank of Scotland PLC
3/2/2012		45,000,000	TWD		1,487,934		(1,490,930	)		(2,996	)	Royal Bank of Scotland PLC
2/3/2012		9,000,000	ZAR		1,109,400		(1,108,101	)		1,299		Morgan Stanley Co., Inc.
									$	13,855

Forward Foreign Currency Contracts to Sell:

								Net Unrealized
				Value at		In Exchange		Appreciation/
Settlement Date	Contracts to Deliver			December 31, 2011		for U.S. $		(Depreciation)			Counterparty
3/2/2012		43,500,000	TWD	$	1,438,336	$	1,438,017	$	(319	)	Royal Bank of Scotland PLC
3/2/2012		119,440,000	TWD		3,949,306		3,944,517		(4,789	)	Royal Bank of Scotland PLC
								$	(5,108	)
								$	8,747

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro Currency

GBP — Great 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

ZAR — South African Rand

See accompanying notes to financial statements.

169

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS — 94.7%
AUSTRALIA — 3.8%
Commonwealth of Australia:
4.50%, 4/15/2020	AUD	4,750,000	$	5,182,970
4.75%, 6/15/2016	AUD	6,050,000		6,580,813
4.75%, 4/21/2027	AUD	1,350,000		1,491,199
5.25%, 3/15/2019	AUD	5,285,000		6,019,928
5.50%, 12/15/2013 (a)	AUD	3,225,000		3,451,549
5.50%, 1/21/2018	AUD	3,525,000		4,024,472
5.75%, 5/15/2021	AUD	4,800,000		5,723,178
5.75%, 7/15/2022	AUD	3,500,000		4,192,060
6.00%, 2/15/2017	AUD	5,630,000		6,498,731
6.25%, 6/15/2014	AUD	5,800,000		6,379,935
6.25%, 4/15/2015	AUD	5,250,000		5,899,057
6.50%, 5/15/2013	AUD	5,050,000		5,398,435
				60,842,327
AUSTRIA — 4.0%
Republic of Austria:
3.20%, 2/20/2017	EUR	2,650,000		3,591,462
3.40%, 10/20/2014	EUR	4,900,000		6,762,310
3.50%, 9/15/2021 (b)	EUR	6,950,000		9,490,392
3.80%, 10/20/2013 (b)	EUR	4,460,000		6,100,485
3.90%, 7/15/2020	EUR	3,050,000		4,242,254
4.00%, 9/15/2016 (b)	EUR	4,700,000		6,670,642
4.15%, 3/15/2037 (b)	EUR	4,125,000		6,037,614
4.30%, 7/15/2014	EUR	2,850,000		3,998,665
4.30%, 9/15/2017 (b)	EUR	2,600,000		3,716,185
4.65%, 1/15/2018	EUR	5,545,000		8,058,432
6.25%, 7/15/2027	EUR	3,365,000		5,834,705
				64,503,146
BELGIUM — 4.7%
Kingdom of Belgium:
3.25%, 9/28/2016	EUR	2,925,000		3,805,252
3.50%, 3/28/2015	EUR	3,650,000		4,832,586
3.50%, 6/28/2017	EUR	2,300,000		2,992,911
3.75%, 9/28/2015	EUR	3,900,000		5,226,515
4.00%, 3/28/2013	EUR	3,550,000		4,750,741
4.00%, 3/28/2014	EUR	4,475,000		5,997,266
4.00%, 3/28/2019	EUR	4,220,000		5,599,809
4.00%, 3/28/2022	EUR	6,750,000		8,665,249
4.25%, 9/28/2013	EUR	4,500,000		6,043,680
4.25%, 9/28/2014	EUR	4,225,000		5,710,488
4.25%, 9/28/2021	EUR	3,200,000		4,195,496
4.25%, 3/28/2041	EUR	2,175,000		2,772,851
5.00%, 3/28/2035	EUR	6,025,000		8,584,249
5.50%, 9/28/2017	EUR	4,310,000		6,124,652
5.50%, 3/28/2028	EUR	1,020,000		1,505,477
				76,807,222
CANADA — 4.4%
Government of Canada:
1.50%, 3/1/2017	CAD	2,650,000		2,620,774
2.00%, 3/1/2014	CAD	4,750,000		4,768,100
2.00%, 12/1/2014	CAD	4,500,000		4,541,321
2.50%, 9/1/2013	CAD	3,800,000		3,826,534
2.75%, 9/1/2016	CAD	2,550,000		2,670,832
2.75%, 6/1/2022	CAD	1,000,000		1,046,531
3.00%, 6/1/2014	CAD	4,000,000		4,116,632
3.25%, 6/1/2021	CAD	3,000,000		3,275,620
3.50%, 6/1/2013	CAD	3,200,000		3,253,928
3.50%, 6/1/2020	CAD	3,000,000		3,325,293
3.75%, 6/1/2019	CAD	3,575,000		4,017,412
4.00%, 6/1/2016	CAD	7,530,000		8,267,655
4.00%, 6/1/2041	CAD	3,275,000		4,223,005
4.50%, 6/1/2015	CAD	4,000,000		4,372,993
5.00%, 6/1/2037	CAD	4,250,000		6,100,216
5.25%, 6/1/2013	CAD	3,300,000		3,434,690
5.75%, 6/1/2029	CAD	3,990,000		5,783,413
8.00%, 6/1/2027	CAD	1,000,000		1,710,847
				71,355,796
DENMARK — 3.3%
Kingdom of Denmark:
3.00%, 11/15/2021	DKK	16,650,000		3,258,140
4.00%, 11/15/2015	DKK	53,900,000		10,721,349
4.00%, 11/15/2017	DKK	30,330,000		6,216,926
4.00%, 11/15/2019	DKK	46,350,000		9,687,165
4.50%, 11/15/2039	DKK	41,735,000		10,929,309
5.00%, 11/15/2013	DKK	49,625,000		9,451,143
7.00%, 11/10/2024	DKK	12,050,000		3,332,795
				53,596,827
FRANCE — 9.7%
French Treasury Note:
2.00%, 9/25/2013	EUR	6,775,000		8,979,661
2.00%, 7/12/2015	EUR	2,900,000		3,817,490
2.25%, 2/25/2016	EUR	4,000,000		5,276,720
3.00%, 7/12/2014	EUR	2,750,000		3,727,131
Republic of France:
2.50%, 1/12/2014	EUR	2,775,000		3,713,993
2.50%, 1/15/2015	EUR	4,480,000		6,007,863
2.50%, 10/25/2020	EUR	4,600,000		5,703,788
3.00%, 10/25/2015	EUR	5,250,000		7,141,944
3.25%, 4/25/2016	EUR	4,450,000		6,096,512
3.25%, 10/25/2021	EUR	3,500,000		4,571,967
3.50%, 4/25/2015	EUR	3,900,000		5,381,386
3.50%, 4/25/2020	EUR	5,250,000		7,132,403
3.50%, 4/25/2026	EUR	2,600,000		3,357,302
3.75%, 4/25/2017	EUR	3,550,000		4,948,535
3.75%, 10/25/2019	EUR	2,430,000		3,360,872
3.75%, 4/25/2021	EUR	3,350,000		4,551,500
4.00%, 4/25/2013	EUR	3,140,000		4,272,745
4.00%, 4/25/2014	EUR	4,900,000		6,786,482
4.00%, 4/25/2018	EUR	3,250,000		4,596,545
4.00%, 10/25/2038	EUR	2,675,000		3,658,333
4.00%, 4/25/2055	EUR	2,150,000		2,934,872
4.00%, 4/25/2060	EUR	1,000,000		1,371,560
4.25%, 10/25/2017	EUR	2,225,000		3,185,440
4.25%, 10/25/2018	EUR	2,150,000		3,062,394
4.25%, 4/25/2019	EUR	3,500,000		4,979,522
4.25%, 10/25/2023	EUR	3,500,000		4,924,272
4.50%, 7/12/2013	EUR	4,750,000		6,532,356
4.50%, 4/25/2041	EUR	1,850,000		2,749,902
4.75%, 4/25/2035	EUR	3,125,000		4,731,351
5.00%, 10/25/2016	EUR	1,950,000		2,871,029
5.50%, 4/25/2029	EUR	4,250,000		6,812,010
5.75%, 10/25/2032	EUR	2,335,000		3,929,198
6.00%, 10/25/2025	EUR	100,000		165,280

See accompanying notes to financial statements.

170

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
8.50%, 4/25/2023	EUR	2,500,000	$	4,795,756
				156,128,114
GERMANY — 4.5%
Federal Republic of Germany:
2.25%, 4/11/2014	EUR	3,425,000		4,662,025
2.25%, 4/10/2015	EUR	3,930,000		5,400,181
2.50%, 10/10/2014	EUR	2,625,000		3,614,113
2.50%, 1/4/2021	EUR	1,975,000		2,736,393
3.00%, 7/4/2020	EUR	2,150,000		3,093,569
3.25%, 7/4/2021	EUR	2,650,000		3,886,622
3.25%, 7/4/2042	EUR	1,520,000		2,338,741
3.50%, 1/4/2016	EUR	3,000,000		4,346,985
3.50%, 7/4/2019	EUR	2,725,000		4,045,792
3.75%, 7/4/2013	EUR	3,400,000		4,655,581
4.00%, 7/4/2016	EUR	4,000,000		5,950,616
4.00%, 1/4/2037	EUR	3,000,000		5,005,342
4.25%, 7/4/2017	EUR	3,390,000		5,170,416
4.50%, 1/4/2013	EUR	6,235,000		8,461,601
5.50%, 1/4/2031	EUR	1,750,000		3,288,376
5.63%, 1/4/2028	EUR	3,115,000		5,754,238
				72,410,591
ITALY — 4.3%
Republic of Italy:
Zero Coupon, 4/30/2013 (c)	EUR	3,175,000		3,870,083
3.00%, 4/1/2014	EUR	3,250,000		4,038,626
3.00%, 6/15/2015	EUR	3,200,000		3,810,122
3.00%, 11/1/2015	EUR	2,100,000		2,477,793
3.50%, 6/1/2014	EUR	1,250,000		1,553,074
3.75%, 12/15/2013	EUR	1,600,000		2,031,241
3.75%, 8/1/2016	EUR	2,250,000		2,661,175
3.75%, 3/1/2021	EUR	1,980,000		2,107,676
3.75%, 8/1/2021	EUR	2,600,000		2,725,803
4.00%, 9/1/2020	EUR	2,250,000		2,433,729
4.00%, 2/1/2037	EUR	4,065,000		3,685,970
4.25%, 8/1/2013	EUR	1,450,000		1,863,118
4.25%, 2/1/2015	EUR	1,850,000		2,313,440
4.25%, 2/1/2019	EUR	1,750,000		1,997,743
4.25%, 9/1/2019	EUR	2,350,000		2,640,645
4.25%, 3/1/2020	EUR	1,500,000		1,680,455
4.50%, 8/1/2018	EUR	1,475,000		1,721,686
4.50%, 2/1/2020	EUR	1,750,000		1,990,873
4.75%, 2/1/2013	EUR	1,845,000		2,381,315
4.75%, 9/15/2016	EUR	3,700,000		4,552,512
4.75%, 9/1/2021	EUR	2,900,000		3,254,151
4.75%, 8/1/2023	EUR	1,475,000		1,571,070
5.00%, 3/1/2025	EUR	525,000		565,062
5.25%, 8/1/2017	EUR	1,525,000		1,891,920
5.25%, 11/1/2029	EUR	1,750,000		1,876,022
5.75%, 2/1/2033	EUR	2,275,000		2,526,954
6.00%, 5/1/2031	EUR	2,750,000		3,152,590
6.50%, 11/1/2027	EUR	2,135,000		2,619,392
				69,994,240
JAPAN — 23.2%
Government of Japan 2 Year Bond:
0.10%, 9/15/2013	JPY	575,000,000		7,469,089
0.20%, 2/15/2013	JPY	330,000,000		4,292,719
0.20%, 3/15/2013	JPY	525,000,000		6,829,626
0.20%, 4/15/2013	JPY	600,000,000		7,805,646
0.20%, 6/15/2013	JPY	640,000,000		8,326,679
0.20%, 8/15/2013	JPY	475,000,000		6,180,390
Government of Japan 5 Year Bond:
0.30%, 6/20/2016	JPY	545,000,000		7,076,847
0.40%, 6/20/2015	JPY	400,000,000		5,226,753
0.40%, 6/20/2016	JPY	175,000,000		2,282,447
0.50%, 12/20/2014	JPY	475,000,000		6,227,519
0.50%, 3/20/2015	JPY	510,000,000		6,687,045
0.50%, 3/20/2016	JPY	400,000,000		5,241,664
0.60%, 12/20/2015	JPY	289,750,000		3,812,634
0.60%, 3/20/2016	JPY	480,000,000		6,316,061
0.80%, 3/20/2014	JPY	510,000,000		6,724,417
1.50%, 6/20/2013	JPY	481,250,000		6,379,790
Government of Japan 10 Year Bond:
1.00%, 9/20/2020	JPY	579,000,000		7,627,599
1.10%, 9/20/2021	JPY	450,000,000		5,918,845
1.20%, 12/20/2020	JPY	748,250,000		10,003,181
1.20%, 6/20/2021	JPY	400,000,000		5,321,175
1.30%, 12/20/2019	JPY	447,000,000		6,075,610
1.30%, 3/20/2020	JPY	600,000,000		8,134,383
1.30%, 3/20/2021	JPY	150,000,000		2,016,798
1.40%, 12/20/2013	JPY	875,000,000		11,653,239
1.50%, 9/20/2014	JPY	2,692,200,000		36,230,945
1.50%, 9/20/2015	JPY	625,000,000		8,493,282
1.60%, 12/20/2015	JPY	409,500,000		5,597,797
1.70%, 9/20/2016	JPY	297,000,000		4,105,305
1.70%, 12/20/2016	JPY	505,100,000		6,997,939
1.70%, 3/20/2017	JPY	200,000,000		2,776,080
1.70%, 9/20/2017	JPY	723,000,000		10,068,400
1.80%, 6/20/2017	JPY	300,000,000		4,196,725
1.90%, 6/20/2016	JPY	202,600,000		2,817,198
Government of Japan 20 Year Bond:
1.80%, 9/20/2030	JPY	251,350,000		3,310,156
1.80%, 9/20/2031	JPY	225,000,000		2,955,486
1.90%, 12/20/2023	JPY	175,000,000		2,453,953
1.90%, 3/20/2029	JPY	804,300,000		10,875,497
1.90%, 9/20/2030	JPY	231,000,000		3,094,893
1.90%, 3/20/2031	JPY	305,000,000		4,083,167
2.10%, 9/20/2024	JPY	200,000,000		2,854,271
2.10%, 9/20/2025	JPY	340,000,000		4,820,633
2.10%, 9/20/2029	JPY	457,750,000		6,337,999
2.10%, 12/20/2030	JPY	150,000,000		2,067,044
2.30%, 6/20/2027	JPY	2,181,200,000		31,430,457
2.60%, 3/20/2019	JPY	1,228,300,000		18,226,270
2.90%, 9/20/2019	JPY	1,556,200,000		23,611,381
Government of Japan 30 Year Bond:
2.00%, 9/20/2040	JPY	575,000,000		7,627,987
2.20%, 3/20/2041	JPY	140,000,000		1,935,110
2.30%, 3/20/2039	JPY	287,500,000		4,087,974
2.30%, 3/20/2040	JPY	268,250,000		3,800,284
2.40%, 3/20/2037	JPY	460,700,000		6,671,947
				375,158,336

See accompanying notes to financial statements.

171

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MEXICO — 3.1%
Mexican Bonos:
6.00%, 6/18/2015	MXN	42,500,000	$	3,118,651
6.25%, 6/16/2016	MXN	29,000,000		2,138,800
6.50%, 6/10/2021	MXN	57,500,000		4,114,305
7.50%, 6/3/2027	MXN	31,750,000		2,352,879
7.75%, 5/29/2031	MXN	7,800,000		573,032
8.00%, 12/19/2013	MXN	56,500,000		4,280,467
8.50%, 5/31/2029	MXN	51,400,000		4,079,566
9.00%, 6/20/2013	MXN	37,500,000		2,844,769
9.50%, 12/18/2014	MXN	71,250,000		5,710,579
10.00%, 11/20/2036	MXN	45,000,000		3,993,807
United Mexican States:
7.25%, 12/15/2016	MXN	75,850,000		5,818,019
8.50%, 12/13/2018	MXN	48,250,000		3,963,423
10.00%, 12/5/2024	MXN	71,220,000		6,564,604
				49,552,901
NETHERLANDS — 4.4%
Kingdom of the Netherlands:
1.75%, 1/15/2013	EUR	6,475,000		8,544,212
2.50%, 1/15/2017	EUR	4,850,000		6,614,229
3.25%, 7/15/2015	EUR	5,150,000		7,216,968
3.50%, 7/15/2020	EUR	5,880,000		8,467,804
3.75%, 7/15/2014	EUR	6,275,000		8,800,006
3.75%, 1/15/2023	EUR	4,025,000		5,930,906
3.75%, 1/15/2042	EUR	2,550,000		4,192,804
4.00%, 7/15/2018	EUR	3,660,000		5,385,803
4.00%, 1/15/2037	EUR	2,470,000		4,076,560
4.50%, 7/15/2017	EUR	5,580,000		8,346,889
5.50%, 1/15/2028	EUR	2,430,000		4,358,516
				71,934,697
POLAND — 3.1%
Poland Government Bond:
5.00%, 4/25/2016	PLN	14,250,000		4,113,637
5.25%, 4/25/2013	PLN	13,273,000		3,892,285
5.25%, 10/25/2017	PLN	16,100,000		4,635,499
5.25%, 10/25/2020	PLN	15,650,000		4,371,035
5.50%, 4/25/2015	PLN	7,750,000		2,287,351
5.75%, 10/25/2021	PLN	6,000,000		1,729,786
5.75%, 4/25/2029	PLN	4,000,000		1,131,874
Republic of Poland:
Zero Coupon, 1/25/2013 (c)	PLN	10,650,000		2,957,620
Zero Coupon, 7/25/2013 (c)	PLN	10,150,000		2,749,466
5.00%, 10/24/2013	PLN	14,450,000		4,223,009
5.50%, 10/25/2019	PLN	10,025,000		2,885,470
5.75%, 4/25/2014	PLN	19,100,000		5,662,615
5.75%, 9/23/2022	PLN	11,260,000		3,243,281
6.25%, 10/24/2015	PLN	18,715,000		5,657,103
				49,540,031
SOUTH AFRICA — 3.0%
Republic of South Africa:
7.50%, 1/15/2014	ZAR	22,100,000		2,812,389
8.25%, 9/15/2017	ZAR	66,350,000		8,546,259
South Africa Government Bond:
6.25%, 3/31/2036	ZAR	61,000,000		5,572,312
6.75%, 3/31/2021	ZAR	36,500,000		4,171,545
7.25%, 1/15/2020	ZAR	72,285,000		8,608,768
8.00%, 12/21/2018	ZAR	22,750,000		2,869,181
10.50%, 12/21/2026	ZAR	57,600,000		8,342,418
13.50%, 9/15/2015	ZAR	52,025,000		7,846,860
				48,769,732
SPAIN — 4.5%
Kingdom of Spain:
2.50%, 10/31/2013	EUR	5,500,000		7,036,026
3.15%, 1/31/2016	EUR	4,410,000		5,535,922
3.25%, 4/30/2016	EUR	2,300,000		2,893,724
3.30%, 10/31/2014	EUR	3,500,000		4,513,947
3.40%, 4/30/2014	EUR	2,875,000		3,694,859
3.80%, 1/31/2017	EUR	3,825,000		4,819,440
4.00%, 4/30/2020	EUR	3,250,000		3,998,081
4.20%, 1/31/2037	EUR	3,985,000		4,046,793
4.40%, 1/31/2015	EUR	2,500,000		3,307,978
4.60%, 7/30/2019	EUR	5,220,000		6,751,271
4.65%, 7/30/2025	EUR	3,350,000		3,930,013
4.70%, 7/30/2041	EUR	3,850,000		4,170,969
5.50%, 4/30/2021	EUR	5,900,000		7,826,053
6.00%, 1/31/2029	EUR	3,150,000		4,137,425
6.15%, 1/31/2013	EUR	5,120,000		6,848,583
				73,511,084
SWEDEN — 3.0%
Kingdom of Sweden:
3.50%, 6/1/2022	SEK	35,600,000		6,107,509
3.50%, 3/30/2039	SEK	25,500,000		4,796,989
3.75%, 8/12/2017	SEK	26,385,000		4,363,438
4.25%, 3/12/2019	SEK	49,155,000		8,540,478
4.50%, 8/12/2015	SEK	50,350,000		8,273,784
5.00%, 12/1/2020	SEK	38,350,000		7,203,834
6.75%, 5/5/2014	SEK	59,550,000		9,860,284
				49,146,316
UNITED KINGDOM — 11.7%
United Kingdom Treasury Bond:
1.75%, 1/22/2017	GBP	4,200,000		6,753,848
2.00%, 1/22/2016	GBP	4,500,000		7,342,146
2.25%, 3/7/2014	GBP	4,975,000		8,056,534
2.75%, 1/22/2015	GBP	3,575,000		5,939,823
3.75%, 9/7/2019	GBP	4,000,000		7,173,853
3.75%, 9/7/2020	GBP	4,300,000		7,730,469
4.00%, 9/7/2016	GBP	2,650,000		4,709,352
4.00%, 3/7/2022	GBP	4,650,000		8,538,334
4.00%, 1/22/2060	GBP	2,750,000		5,299,056
4.25%, 12/7/2027	GBP	4,850,000		9,224,029
4.25%, 6/7/2032	GBP	2,625,000		4,987,491
4.25%, 12/7/2040	GBP	3,250,000		6,217,568
4.25%, 12/7/2046	GBP	2,075,000		4,046,105
4.25%, 12/7/2049	GBP	4,025,000		7,929,286
4.25%, 12/7/2055	GBP	2,700,000		5,416,205
4.50%, 3/7/2013	GBP	3,975,000		6,481,300
4.50%, 3/7/2019	GBP	4,200,000		7,867,000

See accompanying notes to financial statements.

172

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
4.50%, 9/7/2034	GBP	3,050,000	$	5,990,420
4.50%, 12/7/2042	GBP	2,725,000		5,466,016
4.75%, 9/7/2015	GBP	5,415,000		9,695,782
4.75%, 3/7/2020	GBP	2,600,000		4,994,662
4.75%, 12/7/2030	GBP	4,150,000		8,367,152
4.75%, 12/7/2038	GBP	3,414,000		7,085,231
5.00%, 9/7/2014	GBP	5,400,000		9,428,824
5.00%, 3/7/2018	GBP	2,000,000		3,800,522
5.00%, 3/7/2025	GBP	1,625,000		3,295,084
6.00%, 12/7/2028	GBP	3,350,000		7,679,668
8.00%, 6/7/2021	GBP	3,775,000		8,991,585
				188,507,345
TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $1,481,681,213)				1,531,758,705
	Shares
SHORT TERM INVESTMENTS — 2.5%
MONEY MARKET FUNDS — 2.5%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		1,809,470		1,809,470
State Street Institutional Liquid Reserves Fund 0.15% (e)(f)		38,241,576		38,241,576
TOTAL SHORT TERM INVESTMENTS — (g)
(Cost $40,051,046)				40,051,046
TOTAL INVESTMENTS — 97.2% (h)
(Cost $1,521,732,259)				1,571,809,751
OTHER ASSETS & LIABILITIES — 2.8%				44,725,391
NET ASSETS — 100.0%			$	1,616,535,142

(a)	A portion of the security was on loan at December 31, 2011.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.0% of net assets as of December 31, 2011, are 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)	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)

At December 31, 2011, 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, 2011		for U.S. $			(Depreciation)			Counterparty
2/3/2012		8,000,000	AUD	$	8,173,667	$	(8,140,480	)	$	33,187		Societe Generale
2/3/2012		45,000,000	DKK		7,860,967		(7,861,223	)		(256	)	Citibank N.A.
2/3/2012		110,000,000	MXN		7,863,637		(7,873,170	)		(9,533	)	Morgan Stanley Co., Inc.
2/3/2012		27,000,000	PLN		7,842,009		(7,848,381	)		(6,372	)	Morgan Stanley Co., Inc.
2/3/2012		55,000,000	SEK		8,010,932		(8,006,289	)		4,643		Citibank N.A.
3/2/2012		585,000,000	TWD		19,343,136		(19,243,421	)		99,715		BNP Paribas SA
3/2/2012		375,000,000	TWD		12,399,446		(12,435,749	)		(36,303	)	BNP Paribas SA
2/3/2012		65,000,000	ZAR		8,012,336		(8,002,955	)		9,381		Morgan Stanley Co., Inc.
									$	94,462

See accompanying notes to financial statements.

173

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Forward Foreign Currency Contracts to Sell:

								Net Unrealized
				Value at		In Exchange		Appreciation/
Settlement Date	Contracts to Deliver			December 31, 2011		for U.S. $		(Depreciation)			Counterparty
3/2/2012		70,000,000	TWD	$	2,314,563	$	2,320,955	$	6,392		BNP Paribas SA
3/2/2012		18,000,000	TWD		595,173		598,603		3,430		BNP Paribas SA
3/2/2012		345,000,000	TWD		11,407,491		11,404,959		(2,532	)	BNP Paribas SA
3/2/2012		1,235,000,000	TWD		40,835,510		40,772,532		(62,978	)	BNP Paribas SA
								$	(55,688	)
								$	38,774

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro Currency

GBP — Great 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.

174

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
CORPORATE BONDS & NOTES — 96.6%
AUSTRALIA — 2.9%
Australia & New Zealand Banking Group, Ltd.:
3.75%, 3/10/2017	EUR	100,000	$	132,650
5.25%, 5/20/2013	EUR	100,000		135,532
BHP Billiton Finance, Ltd. 6.38%, 4/4/2016	EUR	50,000		76,495
Commonwealth Bank of Australia:
4.25%, 11/10/2016	EUR	100,000		137,189
4.38%, 2/25/2020	EUR	50,000		67,291
National Australia Bank, Ltd.:
3.50%, 1/23/2015	EUR	100,000		132,611
4.00%, 7/13/2020	EUR	50,000		65,479
4.75%, 7/15/2016	EUR	50,000		69,013
4.88%, 1/21/2013	EUR	50,000		66,918
5.50%, 5/20/2015	EUR	100,000		140,567
6.25%, 4/1/2013	AUD	100,000		104,550
Telstra Corp., Ltd.:
4.25%, 3/23/2020	EUR	50,000		68,743
4.75%, 3/21/2017	EUR	50,000		72,365
Westpac Banking Corp. 4.25%, 9/22/2016	EUR	200,000		269,965
				1,539,368
AUSTRIA — 0.4%
Erste Group Bank AG 4.75%, 9/18/2013	EUR	50,000		65,850
OMV AG 6.25%, 4/7/2014	EUR	50,000		70,658
Raiffeisen Bank International AG 3.63%, 1/27/2014	EUR	50,000		65,384
				201,892
BELGIUM — 0.3%
Anheuser-Busch InBev NV 6.50%, 6/23/2017	GBP	50,000		92,144
Fortis Bank SA/NV 4.50%, 5/30/2014	EUR	50,000		66,126
				158,270
CANADA — 0.5%
The Toronto-Dominion Bank:
4.88%, 1/23/2013	EUR	100,000		134,201
5.38%, 5/14/2015	EUR	100,000		142,878
				277,079
CAYMAN ISLANDS — 0.1%
Hutchison Whampoa Finance 03/13, Ltd. 5.88%, 7/8/2013	EUR	50,000		68,413
DENMARK — 0.6%
Carlsberg Breweries A/S:
3.38%, 10/13/2017	EUR	50,000		65,005
6.00%, 5/28/2014	EUR	50,000		70,339
Danske Bank A/S 4.75%, 6/4/2014	EUR	150,000		198,267
				333,611
FINLAND — 0.3%
Nokia OYJ 5.50%, 2/4/2014	EUR	100,000		136,251
FRANCE — 13.0%
Autoroutes du Sud de la France 5.63%, 7/4/2022	EUR	100,000		138,633
AXA SA 4.50%, 1/23/2015	EUR	100,000		134,164
Banque Federative du Credit Mutuel:
4.13%, 7/20/2020	EUR	100,000		121,492
4.25%, 2/5/2014	EUR	50,000		65,936
4.38%, 5/31/2016	EUR	100,000		131,864
Banque PSA Finance SA 4.25%, 2/25/2016	EUR	100,000		118,497
BNP Paribas SA:
2.88%, 7/13/2015	EUR	100,000		128,900
3.50%, 3/7/2016	EUR	50,000		65,535
3.75%, 11/25/2020	EUR	200,000		254,138
5.00%, 12/16/2013	EUR	100,000		135,159
Bouygues SA:
4.25%, 7/22/2020	EUR	100,000		129,309
6.13%, 7/3/2015	EUR	50,000		71,918
Caisse Centrale du Credit Immobilier de France 3.75%, 3/10/2014	EUR	50,000		62,090
Carrefour SA:
3.88%, 4/25/2021	EUR	50,000		58,021
4.00%, 4/9/2020	EUR	50,000		59,697
5.13%, 10/10/2014	EUR	100,000		135,566
5.38%, 6/12/2015	EUR	50,000		68,409
Cie de St-Gobain 4.75%, 4/11/2017	EUR	150,000		202,603
Cie Financiere et Industrielle des Autoroutes 5.00%, 5/24/2021	EUR	50,000		66,827
Credit Agricole SA/London:
3.00%, 7/20/2015	EUR	100,000		126,018
5.13%, 4/18/2023	EUR	100,000		130,771
6.00%, 6/24/2013	EUR	100,000		134,491
Credit Mutuel Arkea:
5.00%, 6/28/2017	EUR	50,000		66,654
5.38%, 4/22/2014	EUR	100,000		133,957
Dexia Credit Local SA 5.38%, 7/21/2014	EUR	100,000		112,038
France Telecom SA:
3.63%, 10/14/2015	EUR	50,000		67,948
3.88%, 1/14/2021	EUR	50,000		65,579
4.75%, 2/21/2017	EUR	100,000		141,291
5.00%, 1/22/2014	EUR	100,000		137,697
5.00%, 5/12/2016	GBP	50,000		84,313
5.63%, 5/22/2018	EUR	100,000		148,288
7.25%, 1/28/2013	EUR	150,000		205,648
8.13%, 1/28/2033	EUR	100,000		171,514
GDF Suez:
2.75%, 10/18/2017	EUR	50,000		65,553
3.50%, 10/18/2022	EUR	50,000		64,478
5.00%, 10/1/2060	GBP	50,000		75,051
5.63%, 1/18/2016	EUR	50,000		73,085
6.13%, 2/11/2021	GBP	50,000		88,962

See accompanying notes to financial statements.

175

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
6.38%, 1/18/2021	EUR	50,000	$	79,711
6.88%, 1/24/2019	EUR	100,000		159,931
Gie GDF Suez Alliance 5.75%, 6/24/2023	EUR	50,000		76,611
HSBC France:
4.88%, 1/15/2014	EUR	100,000		135,861
5.75%, 6/19/2013	EUR	50,000		68,057
LVMH Moet Hennessy Louis Vuitton SA 4.38%, 5/12/2014	EUR	50,000		68,884
Pernod-Ricard SA 4.88%, 3/18/2016	EUR	150,000		203,271
Sanofi:
3.13%, 10/10/2014	EUR	50,000		67,662
3.50%, 5/17/2013	EUR	100,000		133,684
4.50%, 5/18/2016	EUR	100,000		143,641
Schneider Electric SA 4.00%, 8/11/2017	EUR	50,000		69,269
Societe Des Autoroutes Paris-Rhin-Rhone 5.00%, 1/12/2017	EUR	100,000		131,896
Societe Generale SA:
3.00%, 3/31/2015	EUR	100,000		124,920
3.13%, 9/21/2017	EUR	150,000		179,918
3.75%, 8/21/2014	EUR	150,000		193,826
5.13%, 12/19/2013	EUR	100,000		132,923
5.25%, 3/28/2013	EUR	50,000		66,144
Total Capital SA:
3.50%, 2/27/2014	EUR	50,000		67,710
4.75%, 12/10/2013	EUR	50,000		69,253
4.88%, 1/28/2019	EUR	100,000		148,105
Veolia Environnement SA:
4.38%, 1/16/2017	EUR	50,000		67,813
5.13%, 5/24/2022	EUR	50,000		67,591
5.25%, 4/24/2014	EUR	100,000		137,888
Vivendi SA 3.50%, 7/13/2015	EUR	100,000		130,737
				6,967,400
GERMANY — 4.3%
Bayer AG 4.50%, 5/23/2013	EUR	50,000		67,808
Bertelsmann AG 4.75%, 9/26/2016	EUR	50,000		70,243
BPCE SA:
2.88%, 9/22/2015	EUR	100,000		124,755
3.75%, 7/21/2017	EUR	50,000		62,325
Commerzbank AG:
3.88%, 3/22/2017	EUR	100,000		127,790
4.00%, 9/16/2020	EUR	50,000		59,750
4.75%, 1/26/2015	EUR	50,000		66,627
5.00%, 2/6/2014	EUR	100,000		133,228
Daimler AG:
3.00%, 7/19/2013	EUR	50,000		66,321
4.13%, 1/19/2017	EUR	50,000		69,124
4.63%, 9/2/2014	EUR	100,000		138,284
Deutsche Bank AG 5.13%, 8/31/2017	EUR	250,000		354,381
Evonik Degussa GmbH 5.13%, 12/10/2013	EUR	100,000		136,254
Henkel AG & Co. KGaA 4.63%, 3/19/2014	EUR	100,000		138,959
MAN SE 5.38%, 5/20/2013	EUR	50,000		68,085
Merck Financial Services GmbH:
3.38%, 3/24/2015	EUR	100,000		134,843
4.50%, 3/24/2020	EUR	50,000		69,618
Metro AG 7.63%, 3/5/2015	EUR	50,000		73,689
ThyssenKrupp AG 8.00%, 6/18/2014	EUR	50,000		70,938
Volkswagen Bank GmbH 2.38%, 6/28/2013	EUR	50,000		65,746
Volkswagen Financial Services AG:
3.38%, 7/28/2014	EUR	50,000		67,291
6.88%, 1/15/2014	EUR	50,000		71,146
Volkswagen Leasing GmbH 2.75%, 7/13/2015	EUR	50,000		65,999
				2,303,204
HONG KONG — 0.3%
Hutchison Whampoa Finance 09, Ltd. 4.75%, 11/14/2016	EUR	100,000		136,384
IRELAND — 2.8%
GE Capital European Funding:
2.88%, 10/28/2014	EUR	100,000		132,298
2.88%, 9/17/2015	EUR	100,000		131,727
3.50%, 2/14/2013	EUR	50,000		66,032
4.13%, 10/27/2016	EUR	150,000		202,628
4.25%, 2/6/2014	EUR	100,000		134,395
4.25%, 3/1/2017	EUR	100,000		134,641
4.75%, 7/30/2014	EUR	80,000		109,274
4.88%, 3/6/2013	EUR	100,000		133,594
5.25%, 1/31/2013	EUR	100,000		134,140
5.25%, 5/18/2015	EUR	100,000		138,932
5.38%, 1/16/2018	EUR	100,000		140,405
5.38%, 1/23/2020	EUR	50,000		70,059
				1,528,125
ITALY — 6.9%
A2A SpA 4.50%, 11/2/2016	EUR	50,000		61,675
Assicurazioni Generali SpA 5.13%, 9/16/2024	EUR	100,000		114,171
Atlantia SpA:
3.38%, 9/18/2017	EUR	150,000		181,696
5.63%, 5/6/2016	EUR	200,000		268,069
Banca Monte dei Paschi di Siena SpA:
4.13%, 11/11/2013	EUR	100,000		123,345
4.75%, 4/30/2014	EUR	50,000		62,326
Banca Popolaire di Milano Scarl 4.00%, 4/15/2013	EUR	100,000		120,733
Banco Popolare SC 4.13%, 10/22/2014	EUR	150,000		173,456
Enel SpA 5.25%, 6/20/2017	EUR	100,000		130,023
ENI SpA:
3.50%, 1/29/2018	EUR	50,000		63,582
4.00%, 6/29/2020	EUR	50,000		63,371
4.13%, 9/16/2019	EUR	100,000		128,683

See accompanying notes to financial statements.

176

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
4.63%, 4/30/2013	EUR	100,000	$	133,480
4.75%, 11/14/2017	EUR	50,000		67,909
5.00%, 1/28/2016	EUR	100,000		137,200
5.88%, 1/20/2014	EUR	50,000		68,753
Intesa Sanpaolo SpA:
3.38%, 1/19/2015	EUR	100,000		120,712
3.75%, 11/23/2016	EUR	100,000		116,282
4.00%, 11/8/2018	EUR	100,000		109,869
4.13%, 4/14/2020	EUR	100,000		106,162
4.75%, 6/15/2017	EUR	100,000		119,950
5.38%, 12/19/2013	EUR	150,000		193,819
Mediobanca SpA 4.88%, 12/20/2012	EUR	50,000		64,910
Telecom Italia SpA:
5.13%, 1/25/2016	EUR	100,000		123,484
5.25%, 2/10/2022	EUR	50,000		53,067
6.38%, 6/24/2019	GBP	100,000		141,594
7.38%, 12/15/2017	GBP	50,000		77,425
Terna Rete Elettrica Nazionale SpA 4.75%, 3/15/2021	EUR	100,000		120,076
UniCredit SpA:
3.63%, 8/21/2013	EUR	100,000		124,580
4.38%, 2/10/2014	EUR	100,000		124,629
4.88%, 2/12/2013	EUR	50,000		63,996
5.25%, 1/14/2014	EUR	100,000		126,997
				3,686,024
LUXEMBOURG — 1.9%
ArcelorMittal:
4.63%, 11/17/2017	EUR	50,000		60,679
8.25%, 6/3/2013	EUR	100,000		136,968
9.38%, 6/3/2016	EUR	50,000		72,060
Enel Finance International NV:
4.00%, 9/14/2016	EUR	100,000		128,060
5.63%, 8/14/2024	GBP	50,000		68,399
5.75%, 9/14/2040	GBP	100,000		123,201
Enel Finance International SA 5.00%, 9/14/2022	EUR	150,000		175,341
Glencore Finance Europe SA 5.25%, 3/22/2017	EUR	50,000		64,746
Novartis Finance SA 4.25%, 6/15/2016	EUR	100,000		143,226
Telecom Italia Finance SA 7.75%, 1/24/2033	EUR	50,000		56,907
				1,029,587
MEXICO — 0.3%
America Movil SAB de CV 3.75%, 6/28/2017	EUR	100,000		135,371
NETHERLANDS — 21.8%
ABN Amro Bank NV:
2.75%, 10/29/2013	EUR	200,000		258,602
3.63%, 10/6/2017	EUR	100,000		126,611
Allianz Finance II BV:
4.00%, 11/23/2016	EUR	100,000		137,734
4.75%, 7/22/2019	EUR	50,000		70,176
5.00%, 3/6/2013	EUR	100,000		134,451
BASF Finance Europe NV:
5.00%, 9/26/2014	EUR	50,000		70,837
5.13%, 6/9/2015	EUR	100,000		144,165
6.00%, 12/4/2013	EUR	100,000		141,000
Bayer Capital Corp. BV 4.63%, 9/26/2014	EUR	100,000		140,672
BMW Finance NV:
2.88%, 4/18/2013	EUR	50,000		66,126
3.25%, 1/28/2016	EUR	100,000		135,077
3.88%, 1/18/2017	EUR	100,000		136,895
4.00%, 9/17/2014	EUR	100,000		136,538
4.25%, 1/22/2014	EUR	100,000		136,164
8.88%, 9/19/2013	EUR	50,000		72,521
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands:
3.38%, 1/18/2016	EUR	350,000		465,432
3.88%, 4/20/2016	EUR	280,000		377,574
4.00%, 9/10/2015	GBP	100,000		162,547
4.13%, 1/12/2021	EUR	200,000		266,912
4.13%, 7/14/2025	EUR	410,000		535,249
4.25%, 4/22/2014	EUR	100,000		136,550
4.75%, 1/15/2018	EUR	200,000		279,937
4.75%, 6/6/2022	EUR	150,000		209,190
Daimler International Finance BV 7.88%, 1/16/2014	EUR	100,000		144,640
Deutsche Telekom International Finance BV:
4.00%, 1/19/2015	EUR	50,000		68,124
4.25%, 7/13/2022	EUR	100,000		133,906
4.50%, 10/25/2013	EUR	100,000		136,059
5.75%, 4/14/2015	EUR	100,000		143,547
6.00%, 1/20/2017	EUR	100,000		148,782
6.50%, 4/8/2022	GBP	50,000		91,197
Diageo Capital BV 5.50%, 7/1/2013	EUR	100,000		137,317
E.ON International Finance BV:
4.88%, 1/28/2014	EUR	50,000		69,174
5.13%, 5/7/2013	EUR	50,000		68,022
5.25%, 9/8/2015	EUR	50,000		72,409
5.50%, 1/19/2016	EUR	100,000		147,028
5.50%, 10/2/2017	EUR	150,000		224,246
5.75%, 5/7/2020	EUR	100,000		154,948
5.88%, 10/30/2037	GBP	50,000		90,190
6.00%, 10/30/2019	GBP	50,000		91,411
6.38%, 6/7/2032	GBP	50,000		94,995
6.75%, 1/27/2039	GBP	50,000		99,848
EADS Finance BV 4.63%, 8/12/2016	EUR	50,000		70,561
EDP Finance BV:
3.25%, 3/16/2015	EUR	50,000		55,507
4.75%, 9/26/2016	EUR	50,000		53,873
5.50%, 2/18/2014	EUR	50,000		62,723
Enel Finance International NV 4.63%, 6/24/2015	EUR	100,000		130,920
Fortis Bank Nederland NV:
4.00%, 2/3/2015	EUR	100,000		131,762
4.63%, 7/9/2014	EUR	100,000		134,148
Generali Finance BV 4.75%, 5/12/2014	EUR	100,000		130,106
HIT Finance BV 4.88%, 10/27/2021	EUR	100,000		112,859

See accompanying notes to financial statements.

177

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
ING Bank NV:
2.25%, 9/23/2013	EUR	100,000	$	128,610
3.38%, 3/3/2015	EUR	200,000		259,672
ING Groep NV:
4.75%, 5/31/2017	EUR	100,000		128,674
5.63%, 9/3/2013	EUR	100,000		133,995
KBC Internationale Financieringsmaatschappij NV:
3.88%, 3/31/2015	EUR	50,000		59,669
4.50%, 9/17/2014	EUR	150,000		184,681
Koninklijke KPN NV:
3.75%, 9/21/2020	EUR	150,000		194,662
4.75%, 1/17/2017	EUR	100,000		140,446
Linde Finance BV 4.75%, 4/24/2017	EUR	50,000		72,496
Nomura Europe Finance NV 5.13%, 12/9/2014	EUR	100,000		131,954
Portugal Telecom International Finance BV 6.00%, 4/30/2013	EUR	50,000		63,812
Repsol International Finance BV:
4.63%, 10/8/2014	EUR	50,000		67,173
5.00%, 7/22/2013	EUR	50,000		66,835
6.50%, 3/27/2014	EUR	50,000		69,219
Royal Bank Of Scotland NV:
4.25%, 5/11/2016	EUR	50,000		60,913
4.75%, 1/4/2014	EUR	100,000		128,192
RWE Finance BV:
5.00%, 2/10/2015	EUR	150,000		212,935
5.75%, 11/20/2013	EUR	50,000		70,077
6.13%, 7/6/2039	GBP	50,000		92,973
6.25%, 6/3/2030	GBP	50,000		93,404
6.50%, 8/10/2021	EUR	50,000		80,665
Schlumberger Finance BV:
2.75%, 12/1/2015	EUR	50,000		67,095
4.50%, 3/25/2014	EUR	50,000		68,871
Shell International Finance BV:
3.00%, 5/14/2013	EUR	100,000		133,282
4.38%, 5/14/2018	EUR	100,000		145,557
4.50%, 2/9/2016	EUR	100,000		143,792
4.63%, 5/22/2017	EUR	100,000		146,544
Siemens Financieringsmaatschappij NV:
4.13%, 2/20/2013	EUR	100,000		134,281
5.13%, 2/20/2017	EUR	100,000		147,815
5.38%, 6/11/2014	EUR	50,000		71,293
5.63%, 6/11/2018	EUR	100,000		152,660
Telefonica Europe BV 5.13%, 2/14/2013	EUR	100,000		132,372
ThyssenKrupp Finance Nederland BV:
6.75%, 2/25/2013	EUR	50,000		67,824
8.50%, 2/25/2016	EUR	50,000		72,917
Volkswagen International Finance NV:
3.50%, 2/2/2015	EUR	100,000		135,059
4.88%, 5/22/2013	EUR	50,000		67,809
5.38%, 11/15/2013	EUR	100,000		137,953
7.00%, 2/9/2016	EUR	50,000		75,749
				11,681,192
NORWAY — 1.1%
DnB NOR Bank ASA:
3.88%, 6/29/2020	EUR	200,000		258,137
4.50%, 5/29/2014	EUR	100,000		135,462
5.88%, 6/20/2013	EUR	100,000		136,177
Telenor ASA 4.88%, 5/29/2017	EUR	50,000		73,287
				603,063
SPAIN — 5.4%
Abertis Infraestructuras SA:
4.63%, 10/14/2016	EUR	50,000		61,987
5.13%, 6/12/2017	EUR	50,000		62,084
BBVA Senior Finance SAU:
3.25%, 4/23/2015	EUR	100,000		122,564
3.88%, 8/6/2015	EUR	50,000		62,196
4.88%, 1/23/2014	EUR	150,000		195,396
Caja Ahorros Barcelona 3.75%, 11/5/2013	EUR	50,000		63,411
Criteria Caixacorp SA 4.13%, 11/20/2014	EUR	100,000		124,805
Gas Natural Capital Markets SA:
4.38%, 11/2/2016	EUR	50,000		63,207
5.25%, 7/9/2014	EUR	100,000		132,680
Iberdrola Finanzas SAU:
4.13%, 3/23/2020	EUR	50,000		61,112
4.88%, 3/4/2014	EUR	100,000		132,508
7.50%, 11/25/2015	EUR	50,000		72,676
Santander International Debt SA Unipersonal:
2.88%, 9/20/2013	EUR	100,000		126,258
3.50%, 8/12/2014	EUR	150,000		188,861
3.50%, 3/10/2015	EUR	100,000		123,570
3.75%, 2/28/2013	EUR	100,000		128,842
4.13%, 10/4/2017	EUR	100,000		121,696
Telefonica Emisiones SAU:
3.41%, 3/24/2015	EUR	50,000		62,760
3.66%, 9/18/2017	EUR	50,000		59,410
4.38%, 2/2/2016	EUR	100,000		128,300
4.67%, 2/7/2014	EUR	100,000		130,635
4.69%, 11/11/2019	EUR	100,000		121,907
4.75%, 2/7/2017	EUR	100,000		127,669
5.38%, 2/2/2018	GBP	50,000		76,749
5.43%, 2/3/2014	EUR	100,000		132,558
5.50%, 4/1/2016	EUR	100,000		132,655
5.58%, 6/12/2013	EUR	50,000		66,371
				2,882,867
SWEDEN — 2.5%
Nordea Bank AB:
2.75%, 8/11/2015	EUR	50,000		64,905
3.63%, 2/11/2016	EUR	100,000		132,456
3.75%, 2/24/2017	EUR	100,000		131,984
4.00%, 6/29/2020	EUR	50,000		65,196
4.50%, 5/12/2014	EUR	150,000		203,497
Skandinaviska Enskilda Banken AB 5.50%, 5/6/2014	EUR	100,000		137,033
Svenska Handelsbanken AB:
3.75%, 2/24/2017	EUR	50,000		66,532
4.38%, 10/20/2021	EUR	100,000		134,491

See accompanying notes to financial statements.

178

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
4.88%, 3/25/2014	EUR	150,000	$	205,373
Swedbank AB 3.13%, 3/4/2013	EUR	100,000		130,942
Volvo Treasury AB 5.00%, 5/31/2017	EUR	50,000		67,082
				1,339,491
SWITZERLAND — 0.8%
Roche Kapitalmarkt AG 4.50%, 3/23/2017	CHF	70,000		88,735
Swisscom AG 3.25%, 9/14/2018	CHF	80,000		93,685
UBS AG/London:
5.63%, 5/19/2014	EUR	50,000		68,914
6.63%, 4/11/2018	GBP	100,000		173,455
				424,789
UNITED KINGDOM — 14.7%
Abbey National Treasury Services PLC/London 3.38%, 10/20/2015	EUR	150,000		182,010
Anglo American Capital PLC 5.88%, 4/17/2015	EUR	50,000		71,526
Bank of Scotland PLC 5.63%, 5/23/2013	EUR	50,000		65,930
Barclays Bank PLC:
3.50%, 3/18/2015	EUR	150,000		192,528
4.00%, 1/20/2017	EUR	100,000		128,507
4.88%, 8/13/2019	EUR	150,000		194,564
5.25%, 5/27/2014	EUR	150,000		201,967
5.75%, 8/17/2021	GBP	50,000		77,975
BAT International Finance PLC:
5.38%, 6/29/2017	EUR	50,000		73,003
5.88%, 3/12/2015	EUR	100,000		144,205
BG Energy Capital PLC:
3.00%, 11/16/2018	EUR	100,000		130,166
5.13%, 12/1/2025	GBP	50,000		86,703
BP Capital Markets PLC:
3.10%, 10/7/2014	EUR	100,000		134,495
3.83%, 10/6/2017	EUR	50,000		68,968
British Telecommunications PLC:
5.25%, 1/22/2013	EUR	50,000		67,089
6.50%, 7/7/2015	EUR	100,000		146,590
Centrica PLC 7.00%, 9/19/2033	GBP	50,000		101,693
Credit Suisse AG/Guernsey 2.88%, 9/24/2015	EUR	100,000		129,170
Credit Suisse AG/London:
3.88%, 1/25/2017	EUR	100,000		131,336
4.75%, 8/5/2019	EUR	150,000		202,674
5.13%, 9/18/2017	EUR	100,000		138,641
6.13%, 8/5/2013	EUR	250,000		341,550
Diageo Finance PLC 6.63%, 12/5/2014	EUR	50,000		73,822
GlaxoSmithKline Capital PLC:
3.88%, 7/6/2015	EUR	100,000		139,254
5.25%, 12/19/2033	GBP	100,000		184,767
5.25%, 4/10/2042	GBP	50,000		91,868
5.63%, 12/13/2017	EUR	100,000		153,394
HSBC Bank PLC:
3.13%, 11/15/2017	EUR	50,000		64,406
3.75%, 11/30/2016	EUR	100,000		133,964
3.88%, 10/24/2018	EUR	100,000		133,466
4.00%, 1/15/2021	EUR	100,000		131,883
HSBC Holdings PLC 4.50%, 4/30/2014	EUR	50,000		67,860
Imperial Tobacco Finance PLC:
4.38%, 11/22/2013	EUR	50,000		67,112
8.38%, 2/17/2016	EUR	100,000		153,844
9.00%, 2/17/2022	GBP	50,000		104,571
Lloyds TSB Bank PLC:
3.75%, 9/7/2015	EUR	150,000		183,952
5.38%, 9/3/2019	EUR	100,000		125,251
6.38%, 6/17/2016	EUR	150,000		200,759
6.50%, 9/17/2040	GBP	50,000		71,978
Nationwide Building Society 3.75%, 1/20/2015	EUR	100,000		127,882
SABMiller PLC 4.50%, 1/20/2015	EUR	50,000		68,904
Scottish & Southern Energy PLC 5.75%, 2/5/2014	GBP	50,000		83,831
Standard Chartered PLC:
3.63%, 12/15/2015	EUR	50,000		65,783
5.75%, 4/30/2014	EUR	150,000		207,395
Tesco PLC:
5.88%, 9/12/2016	EUR	50,000		75,481
6.13%, 2/24/2022	GBP	50,000		91,731
The Royal Bank of Scotland Group PLC:
4.75%, 5/18/2016	EUR	150,000		185,229
4.88%, 7/15/2015	EUR	50,000		62,947
4.88%, 1/20/2017	EUR	100,000		122,630
5.25%, 5/15/2013	EUR	150,000		194,749
5.38%, 9/30/2019	EUR	100,000		120,342
5.75%, 5/21/2014	EUR	100,000		129,995
6.63%, 9/17/2018	GBP	100,000		159,293
6.88%, 5/17/2025	GBP	50,000		75,220
UBS AG/London:
3.50%, 7/15/2015	EUR	100,000		132,489
4.88%, 1/21/2013	EUR	120,000		158,621
6.00%, 4/18/2018	EUR	100,000		143,279
6.25%, 9/3/2013	EUR	100,000		137,438
Virgin Media Secured Finance PLC 7.00%, 1/15/2018	GBP	50,000		82,367
Vodafone Group PLC:
4.63%, 9/8/2014	GBP	50,000		83,336
4.65%, 1/20/2022	EUR	50,000		72,055
6.25%, 1/15/2016	EUR	50,000		75,079
6.88%, 12/4/2013	EUR	100,000		143,131
				7,892,648
UNITED STATES — 15.7%
3M Co. 5.00%, 7/14/2014	EUR	50,000		70,504
American Express Credit Corp. 5.38%, 10/1/2014	GBP	50,000		81,855
ASIF III Jersey, Ltd. 4.75%, 9/11/2013	EUR	50,000		64,995

See accompanying notes to financial statements.

179

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
AT&T, Inc.:
4.38%, 3/15/2013	EUR	50,000	$	67,101
5.88%, 4/28/2017	GBP	50,000		89,679
6.13%, 4/2/2015	EUR	100,000		146,529
7.00%, 4/30/2040	GBP	50,000		104,801
BAA Funding, Ltd. 6.75%, 12/3/2026	GBP	100,000		180,828
Bank of America Corp.:
4.63%, 2/18/2014	EUR	50,000		62,803
4.63%, 8/7/2017	EUR	100,000		116,122
4.75%, 4/3/2017	EUR	100,000		117,831
5.13%, 9/26/2014	EUR	100,000		125,696
6.13%, 9/15/2021	GBP	50,000		70,305
7.00%, 6/15/2016	EUR	100,000		131,676
7.00%, 7/31/2028	GBP	50,000		73,565
BMW US Capital LLC 5.00%, 5/28/2015	EUR	100,000		141,262
Citigroup, Inc.:
3.50%, 8/5/2015	EUR	50,000		62,461
3.95%, 10/10/2013	EUR	50,000		64,598
4.00%, 11/26/2015	EUR	100,000		126,777
4.38%, 1/30/2017	EUR	100,000		126,618
4.75%, 11/12/2013	EUR	50,000		65,437
5.00%, 8/2/2019	EUR	150,000		190,703
6.40%, 3/27/2013	EUR	100,000		133,192
6.80%, 6/25/2038	GBP	50,000		79,864
7.38%, 6/16/2014	EUR	100,000		138,592
7.38%, 9/4/2019	EUR	50,000		72,960
7.63%, 4/3/2018	GBP	50,000		88,092
Daimler Finance North America LLC 4.38%, 3/21/2013	EUR	100,000		133,846
HSBC Finance Corp.:
3.75%, 11/4/2015	EUR	50,000		64,882
4.88%, 5/30/2017	EUR	50,000		67,183
Johnson & Johnson 4.75%, 11/6/2019	EUR	50,000		75,466
JPMorgan Chase & Co.:
3.88%, 9/23/2020	EUR	50,000		62,997
5.25%, 5/8/2013	EUR	100,000		134,479
5.25%, 1/14/2015	EUR	150,000		207,499
6.13%, 4/1/2014	EUR	100,000		138,772
Merck & Co., Inc. 5.38%, 10/1/2014	EUR	100,000		142,874
Merrill Lynch & Co., Inc.:
4.45%, 1/31/2014	EUR	50,000		61,821
4.63%, 10/2/2013	EUR	100,000		125,193
4.88%, 5/30/2014	EUR	50,000		61,831
6.75%, 5/21/2013	EUR	100,000		129,721
7.75%, 4/30/2018	GBP	50,000		76,583
Morgan Stanley:
4.00%, 11/17/2015	EUR	100,000		118,901
4.50%, 10/29/2014	EUR	100,000		124,859
4.50%, 2/23/2016	EUR	100,000		119,593
5.38%, 8/10/2020	EUR	100,000		114,499
5.50%, 10/2/2017	EUR	50,000		59,807
NYSE Euronext 5.38%, 6/30/2015	EUR	50,000		69,149
Pfizer, Inc.:
3.63%, 6/3/2013	EUR	100,000		133,852
4.75%, 6/3/2016	EUR	100,000		144,168
5.75%, 6/3/2021	EUR	100,000		157,377
6.50%, 6/3/2038	GBP	100,000		214,205
Roche Holdings, Inc.:
4.63%, 3/4/2013	EUR	200,000		269,084
5.50%, 3/4/2015	GBP	50,000		87,504
5.63%, 3/4/2016	EUR	150,000		223,950
6.50%, 3/4/2021	EUR	150,000		250,483
The Goldman Sachs Group, Inc.:
3.75%, 2/4/2013	EUR	100,000		128,104
4.00%, 2/2/2015	EUR	80,000		99,452
4.38%, 3/16/2017	EUR	100,000		121,557
4.50%, 1/30/2017	EUR	50,000		61,436
4.75%, 1/28/2014	EUR	100,000		129,211
5.13%, 10/16/2014	EUR	100,000		129,919
5.13%, 10/23/2019	EUR	50,000		61,020
5.38%, 2/15/2013	EUR	100,000		130,236
6.38%, 5/2/2018	EUR	100,000		133,139
The Procter & Gamble Co.:
3.38%, 12/7/2012	EUR	100,000		132,716
4.88%, 5/11/2027	EUR	100,000		151,367
5.13%, 10/24/2017	EUR	50,000		75,554
Toyota Motor Credit Corp. 6.63%, 2/3/2016	EUR	100,000		152,737
Wal-Mart Stores, Inc.:
4.88%, 1/19/2039	GBP	100,000		175,472
5.25%, 9/28/2035	GBP	100,000		183,887
Wells Fargo & Co.:
4.13%, 11/3/2016	EUR	50,000		67,797
4.63%, 11/2/2035	GBP	50,000		74,027
Zurich Finance USA, Inc. 4.50%, 9/17/2014	EUR	50,000		68,028
				8,441,083
TOTAL CORPORATE BONDS & NOTES —
(Cost $55,251,794)				51,766,112
	Shares
SHORT TERM INVESTMENT — 0.0% (a)
MONEY MARKET FUND — 0.0% (a)
State Street Institutional Liquid Reserves Fund 0.15% (b)(c)(d) (Cost $10,072)		10,072		10,072
TOTAL INVESTMENTS — 96.6% (e)
(Cost $55,261,866)				51,776,184
OTHER ASSETS & LIABILITIES — 3.4%				1,820,853
NET ASSETS — 100.0%			$	53,597,037

(a)	Amount shown represents less than 0.05% of net assets.
(b)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(c)	The rate shown is the annualized seven-day yield at period end.
(d)	Value is determined based on Level 1 inputs. (Note 2)
(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.

180

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

At December 31, 2011, Open Forward Foreign Currency Exchange Contracts were as follows:

Forward Foreign Currency Contracts to Buy:

							Net Unrealized
							Appreciation/
Settlement Date	Contracts to Deliver			In Exchange for			(Depreciation)			Counterparty
1/6/2012		106,400,000	JPY		1,045,450	EUR	$	(25,749	)	JPMorgan Chase Bank
1/6/2012		980,798	EUR		101,400,000	JPY		44,691		Westpac Banking Corp.
1/6/2012		47,872	EUR		5,000,000	JPY		2,840		Credit Suisse London
2/6/2012		978,882	EUR		99,400,000	JPY		21,539		JPMorgan Chase Bank
							$	43,321

AUD — Australian Dollar

CHF — Swiss Franc

EUR — Euro Currency

GBP — Great British Pound

JPY — Japanese Yen

See accompanying notes to financial statements.

181

SPDR Barclays Capital Emerging Markets Local Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS — 95.6%
BRAZIL — 11.8%
Brazil Letras do Tesouro Nacional:
Zero Coupon, 1/1/2013 (a)	BRL	810,000	$	394,542
Zero Coupon, 7/1/2013 (a)	BRL	1,075,000		497,997
Zero Coupon, 1/1/2015 (a)	BRL	500,000		196,514
Brazil Notas do Tesouro Nacional Series F:
10.00%, 1/1/2013	BRL	1,520,000		814,489
10.00%, 1/1/2014	BRL	2,800,000		1,486,763
10.00%, 1/1/2015	BRL	1,650,000		866,460
10.00%, 1/1/2017	BRL	1,750,000		901,734
10.00%, 1/1/2021	BRL	380,000		189,802
Brazilian Government International Bond 10.25%, 1/10/2028	BRL	250,000		152,794
				5,501,095
CHILE — 2.0%
Bonos del Banco Central de Chile en Pesos:
6.00%, 2/1/2016 (b)	CLP	95,000,000		194,784
8.00%, 6/1/2014	CLP	215,000,000		442,748
Chile Government International Bond 5.50%, 8/5/2020	CLP	150,000,000		300,318
				937,850
COLOMBIA — 4.6%
Colombia Government International Bond:
7.75%, 4/14/2021	COP	250,000,000		154,179
9.85%, 6/28/2027	COP	90,000,000		65,361
12.00%, 10/22/2015	COP	1,080,000,000		714,577
Colombian TES:
10.00%, 7/24/2024	COP	500,000,000		305,932
11.00%, 7/24/2020	COP	500,000,000		310,859
13.50%, 9/12/2014	COP	1,000,000,000		602,373
				2,153,281
CZECH REPUBLIC — 4.6%
Czech Republic Government Bond:
2.75%, 3/31/2014	CZK	1,700,000		87,902
2.80%, 9/16/2013	CZK	2,850,000		147,539
3.40%, 9/1/2015	CZK	5,500,000		289,372
3.70%, 6/16/2013	CZK	1,800,000		94,264
3.85%, 9/29/2021	CZK	6,100,000		316,381
4.00%, 4/11/2017	CZK	3,700,000		197,934
4.20%, 12/4/2036	CZK	2,400,000		120,481
4.60%, 8/18/2018	CZK	2,900,000		159,679
5.00%, 4/11/2019	CZK	2,500,000		141,217
5.70%, 5/25/2024	CZK	5,700,000		341,995
6.95%, 1/26/2016	CZK	4,300,000		255,480
				2,152,244
EGYPT — 2.6%
Egypt Government International Bond 5.75%, 4/29/2020 (c)	USD	500,000		426,250
Egypt Treasury Bills:
Zero Coupon, 6/12/2012 (a)	EGP	2,000,000		310,044
Zero Coupon, 9/11/2012 (a)	EGP	3,000,000		450,243
				1,186,537
HUNGARY — 3.3%
Hungary Government Bond:
5.50%, 2/12/2016	HUF	72,000,000		258,428
6.00%, 11/24/2023	HUF	9,000,000		27,871
6.75%, 2/24/2017	HUF	67,000,000		246,323
6.75%, 11/24/2017	HUF	20,000,000		71,365
7.50%, 10/24/2013	HUF	31,000,000		125,203
7.50%, 11/12/2020	HUF	80,200,000		284,883
8.00%, 2/12/2015	HUF	69,500,000		275,983
Republic of Hungary 6.75%, 2/12/2013	HUF	61,500,000		248,671
				1,538,727
INDONESIA — 4.5%
Indonesia Treasury Bond:
7.38%, 9/15/2016	IDR	470,000,000		56,068
8.25%, 7/15/2021	IDR	3,840,000,000		487,319
8.25%, 6/15/2032	IDR	500,000,000		61,906
8.38%, 9/15/2026	IDR	500,000,000		63,890
9.00%, 9/15/2013	IDR	1,530,000,000		179,945
9.50%, 7/15/2031	IDR	2,180,000,000		301,170
9.75%, 5/15/2037	IDR	1,250,000,000		175,869
10.00%, 9/15/2024	IDR	1,000,000,000		142,468
10.00%, 2/15/2028	IDR	1,400,000,000		198,287
11.00%, 11/15/2020	IDR	2,900,000,000		426,496
				2,093,418
ISRAEL — 4.4%
Israel Government Bond — Fixed:
4.25%, 8/31/2016	ILS	1,150,000		311,041
4.50%, 1/30/2015	ILS	2,040,000		556,953
5.00%, 3/31/2013	ILS	680,000		182,862
5.00%, 1/31/2020	ILS	650,000		178,521
5.50%, 2/28/2017	ILS	500,000		142,522
5.50%, 1/31/2022	ILS	370,000		104,163
6.00%, 2/28/2019	ILS	700,000		204,991
6.25%, 10/30/2026	ILS	710,000		210,048
Israel Government Bond — Shahar 7.50%, 3/31/2014	ILS	550,000		158,293
				2,049,394
MALAYSIA — 6.3%
Malaysia Government Bond:
3.43%, 8/15/2014	MYR	1,330,000		423,713
3.50%, 5/31/2027	MYR	600,000		179,455
3.70%, 2/25/2013	MYR	510,000		162,312
3.74%, 2/27/2015	MYR	1,825,000		586,564
4.01%, 9/15/2017	MYR	970,000		315,368
4.16%, 7/15/2021	MYR	840,000		275,170
4.23%, 6/30/2031	MYR	100,000		32,270
4.26%, 9/15/2016	MYR	1,360,000		446,496
4.38%, 11/29/2019	MYR	840,000		279,459

See accompanying notes to financial statements.

182

SPDR Barclays Capital Emerging Markets Local Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
4.39%, 4/15/2026	MYR	200,000	$	66,411
4.50%, 4/15/2030	MYR	100,000		33,456
5.09%, 4/30/2014	MYR	450,000		148,597
				2,949,271
MEXICO — 7.9%
Mexican Bonos:
6.00%, 6/18/2015	MXN	7,100,000		520,998
6.50%, 6/10/2021	MXN	2,200,000		157,417
7.50%, 6/3/2027	MXN	5,920,000		438,710
7.75%, 12/14/2017	MXN	1,700,000		133,488
8.00%, 6/11/2020	MXN	5,400,000		428,940
8.50%, 5/31/2029	MXN	4,100,000		325,413
8.50%, 11/18/2038	MXN	3,000,000		232,019
9.00%, 6/20/2013	MXN	3,300,000		250,340
9.50%, 12/18/2014	MXN	7,000,000		561,039
10.00%, 11/20/2036	MXN	2,800,000		248,504
United Mexican States:
7.00%, 6/19/2014	MXN	3,100,000		232,247
7.25%, 12/15/2016	MXN	1,800,000		138,068
				3,667,183
PERU — 2.4%
Peru Government Bond:
6.95%, 8/12/2031	PEN	250,000		97,478
7.84%, 8/12/2020	PEN	320,000		135,310
8.20%, 8/12/2026	PEN	880,000		389,498
Peruvian Government International Bond:
6.85%, 2/12/2042	PEN	520,000		196,893
7.84%, 8/12/2020	PEN	250,000		105,711
8.60%, 8/12/2017	PEN	200,000		87,684
9.91%, 5/5/2015	PEN	195,000		84,284
				1,096,858
PHILIPPINES — 4.2%
Philippine Government Bond:
5.88%, 1/31/2018	PHP	900,000		21,788
5.88%, 12/16/2020	PHP	2,000,000		48,380
6.25%, 1/27/2014	PHP	1,200,000		29,418
7.00%, 1/27/2016	PHP	13,700,000		342,438
7.75%, 2/18/2020	PHP	3,100,000		83,981
7.88%, 2/19/2019	PHP	8,500,000		229,643
8.00%, 7/19/2031	PHP	13,187,338		365,981
8.13%, 12/16/2035	PHP	18,200,000		509,262
8.38%, 5/22/2015	PHP	4,000,000		103,987
8.75%, 3/3/2013	PHP	4,200,000		103,217
Philippine Government International Bond 4.95%, 1/15/2021	PHP	5,000,000		115,722
				1,953,817
POLAND — 7.4%
Poland Government Bond:
5.00%, 4/25/2016	PLN	2,150,000		620,654
5.25%, 4/25/2013	PLN	1,220,000		357,763
5.25%, 10/25/2017	PLN	900,000		259,127
5.25%, 10/25/2020	PLN	1,540,000		430,121
5.50%, 4/25/2015	PLN	1,820,000		537,158
5.75%, 10/25/2021	PLN	1,000,000		288,298
5.75%, 4/25/2029	PLN	580,000		164,122
Republic of Poland Zero Coupon, 7/25/2013 (d)(a)	PLN	2,830,000		766,600
				3,423,843
RUSSIA — 3.7%
Russian Foreign Bond — Eurobond 7.85%, 3/10/2018 (c)	RUB	55,000,000		1,737,851
SOUTH AFRICA — 4.5%
Republic of South Africa:
7.50%, 1/15/2014	ZAR	800,000		101,806
8.25%, 9/15/2017	ZAR	2,900,000		373,537
South Africa Government Bond:
6.25%, 3/31/2036	ZAR	1,900,000		173,564
6.75%, 3/31/2021	ZAR	4,000,000		457,156
7.00%, 2/28/2031	ZAR	1,000,000		102,398
7.25%, 1/15/2020	ZAR	2,450,000		291,782
10.50%, 12/21/2026	ZAR	1,500,000		217,250
13.50%, 9/15/2015	ZAR	2,620,000		395,171
				2,112,664
SOUTH KOREA — 12.4%
Korea Treasury Bond:
3.00%, 12/10/2013	KRW	380,000,000		327,829
3.50%, 6/10/2014	KRW	370,000,000		322,349
3.75%, 6/10/2013	KRW	1,070,000,000		933,423
4.00%, 3/10/2016	KRW	500,000,000		443,034
4.25%, 9/10/2014	KRW	530,000,000		470,448
4.25%, 6/10/2021	KRW	400,000,000		359,969
4.75%, 12/10/2030	KRW	290,000,000		276,390
5.00%, 6/10/2020	KRW	150,000,000		141,708
5.25%, 3/10/2013	KRW	770,000,000		682,598
5.25%, 9/10/2015	KRW	590,000,000		543,345
5.50%, 12/10/2029	KRW	280,000,000		289,918
5.75%, 9/10/2018	KRW	1,010,000,000		984,316
				5,775,327
THAILAND — 4.6%
Thailand Government Bond:
2.80%, 10/10/2017	THB	4,500,000		139,285
3.13%, 12/11/2015	THB	3,050,000		96,518
3.63%, 5/22/2015	THB	16,400,000		527,729
3.65%, 12/17/2021	THB	1,000,000		32,660
3.65%, 6/20/2031	THB	1,000,000		30,922
3.85%, 12/12/2025	THB	2,500,000		81,240
3.88%, 6/13/2019	THB	1,000,000		33,106
4.13%, 11/18/2016	THB	4,500,000		148,497
4.25%, 3/13/2013	THB	4,600,000		147,690
4.88%, 6/22/2029	THB	7,500,000		271,460
5.13%, 3/13/2018	THB	2,500,000		87,411
5.40%, 7/27/2016	THB	1,100,000		38,108
5.67%, 3/13/2028	THB	1,700,000		67,126
5.85%, 3/31/2021	THB	11,700,000		442,415
				2,144,167
TURKEY — 4.4%
Turkey Government Bond:
Zero Coupon, 11/7/2012 (a)	TRY	650,000		313,553

See accompanying notes to financial statements.

183

SPDR Barclays Capital Emerging Markets Local Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Zero Coupon, 2/20/2013 (a)	TRY	640,000	$	300,514
Zero Coupon, 5/15/2013 (a)	TRY	720,000		330,340
8.00%, 10/9/2013	TRY	930,000		471,254
9.00%, 1/27/2016	TRY	910,000		462,565
10.50%, 1/15/2020	TRY	330,000		180,062
				2,058,288
TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $48,106,657)				44,531,815
	Shares
SHORT TERM INVESTMENTS — 4.0%
MONEY MARKET FUNDS — 4.0%
State Street Institutional Liquid Reserves Fund 0.15% (e)(f)		958,796		958,796
State Street Navigator Securities Lending Prime Portfolio (e)(g)		912,400		912,400
TOTAL SHORT TERM INVESTMENTS — (h)
(Cost $1,871,196)				1,871,196
TOTAL INVESTMENTS — 99.6% (i)
(Cost $49,977,853)				46,403,011
OTHER ASSETS & LIABILITIES — 0.4%				180,904
NET ASSETS — 100.0%			$	46,583,915

(a)	Non-income producing security
(b)	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)
(c)	A portion of the security was on loan at December 31, 2011.
(d)	Non-income producing security.
(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)	Investments of cash collateral for securities loaned.
(h)	Value is determined based on Level 1 inputs. (Note 2)
(i)	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.

184

SPDR Barclays Capital Emerging Markets Local Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

At December 31, 2011, 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, 2011		for U.S. $			(Depreciation)			Counterparty
1/10/2012		496,160	BRL	$	265,639	$	(276,411	)	$	(10,772	)	UBS AG London
1/10/2012		4,410,000	EGP		726,552		(718,944	)		7,608		UBS AG London
1/10/2012		510,000	EGP		84,023		(83,231	)		792		UBS AG London
1/10/2012		12,000,000	RUB		373,564		(386,966	)		(13,402	)	UBS AG London
1/10/2012		3,850,000	RUB		119,852		(124,230	)		(4,378	)	UBS AG London
2/8/2012		4,920,000	EGP		787,289		(787,610	)		(321	)	UBS AG London
2/8/2012		14,350,000	RUB		445,110		(448,832	)		(3,722	)	UBS AG London
									$	(24,195	)

Forward Foreign Currency Contracts to Sell:

								Net Unrealized
				Value at		In Exchange		Appreciation/
Settlement Date	Contracts to Deliver			December 31, 2011		for U.S. $		(Depreciation)			Counterparty
1/10/2012		496,160	BRL	$	265,638	$	273,689	$	8,051		UBS AG London
1/10/2012		4,920,000	EGP		810,575		807,725		(2,850	)	UBS AG London
1/10/2012		1,500,000	RUB		46,696		48,498		1,802		UBS AG London
1/10/2012		14,350,000	RUB		446,720		450,643		3,923		UBS AG London
2/8/2012		2,615,000	RUB		81,111		80,335		(776	)	UBS AG London
								$	10,150
								$	(14,045	)

BRL — Brazilian Real

CLP — Chilean Peso

COP — Colombian Peso

CZK — Czech Koruna

EGP — Egyptian Pound

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PLN — Polish Zloty

RUB — Russian Ruble

THB — Thai Baht

TRY — Turkish Lira

ZAR — South African Rand

See accompanying notes to financial statements.

185

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
CORPORATE BONDS & NOTES — 97.5%
AEROSPACE & DEFENSE — 2.0%
BE Aerospace, Inc.:
6.88%, 10/1/2020	$	26,058,000	$	28,403,220
8.50%, 7/1/2018		4,000,000		4,380,000
Bombardier, Inc. 7.75%, 3/15/2020 (a)		36,580,000		39,872,200
Kratos Defense & Security Solutions, Inc. 10.00%, 6/1/2017		27,975,000		28,674,375
TransDigm, Inc. 7.75%, 12/15/2018		69,648,000		74,871,600
				176,201,395
AIRLINES — 1.0%
Air Canada 9.25%, 8/1/2015 (a)		26,685,000		23,349,375
Continental Airlines, Inc. 6.75%, 9/15/2015 (a)		38,890,000		37,042,725
Delta Air Lines, Inc. 9.50%, 9/15/2014 (a)		29,116,000		29,989,480
				90,381,580
AUTO COMPONENTS — 1.4%
Exide Technologies 8.63%, 2/1/2018		29,222,000		22,500,940
The Goodyear Tire & Rubber Co.:
8.25%, 8/15/2020		36,742,000		40,048,780
10.50%, 5/15/2016		6,278,000		6,921,495
Tomkins LLC/Tomkins, Inc. 9.00%, 10/1/2018		48,587,000		53,870,836
				123,342,051
AUTOMOBILES — 1.2%
Chrysler Group LLC/CG, Inc. 8.25%, 6/15/2021 (a)		74,045,000		67,380,950
Navistar International Corp. 8.25%, 11/1/2021		39,476,000		41,992,595
				109,373,545
BUILDING PRODUCTS — 1.4%
Associated Materials LLC 9.13%, 11/1/2017		30,320,000		26,454,200
Building Materials Corp. of America 6.75%, 5/1/2021 (a)		40,810,000		42,850,500
Ply Gem Industries, Inc. 8.25%, 2/15/2018		35,355,000		30,803,044
Texas Industries, Inc. 9.25%, 8/15/2020		29,800,000		26,671,000
				126,778,744
CAPITAL MARKETS — 0.7%
Offshore Group Investments, Ltd. 11.50%, 8/1/2015		55,540,000		60,052,625
CHEMICALS — 3.5%
Ashland, Inc. 9.13%, 6/1/2017		28,085,000		31,314,775
Celanese US Holdings LLC 6.63%, 10/15/2018		25,762,000		27,372,125
CF Industries, Inc. 7.13%, 5/1/2020		36,185,000		42,788,762
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC 8.88%, 2/1/2018		42,985,000		40,298,438
Huntsman International LLC 5.50%, 6/30/2016		26,590,000		26,058,200
Lyondell Chemical Co. 11.00%, 5/1/2018		72,706,736		79,432,109
LyondellBasell Industries NV 6.00%, 11/15/2021 (a)		22,060,000		22,887,250
Momentive Performance Materials, Inc. 9.00%, 1/15/2021		26,200,000		19,912,000
Nalco Co. 6.63%, 1/15/2019 (a)		13,474,000		15,596,155
				305,659,814
COMMERCIAL SERVICES & SUPPLIES — 1.8%
ARAMARK Holdings Corp. PIK 8.63%, 5/1/2016 (a)		27,307,000		28,126,210
Interactive Data Corp. 10.25%, 8/1/2018		25,885,000		28,344,075
RR Donnelley & Sons Co. 7.25%, 5/15/2018		26,700,000		25,899,000
RSC Equipment Rental, Inc./RSC Holdings III LLC 8.25%, 2/1/2021		31,340,000		31,731,750
The Hertz Corp.:
6.75%, 4/15/2019		22,975,000		23,032,438
7.50%, 10/15/2018		19,540,000		20,419,300
				157,552,773
COMPUTERS & PERIPHERALS — 1.5%
Fidelity National Information Services, Inc. 7.63%, 7/15/2017		25,215,000		27,295,237
iGate Corp. 9.00%, 5/1/2016 (a)		32,530,000		33,587,225
Seagate HDD Cayman:
6.88%, 5/1/2020		6,795,000		6,981,863
7.75%, 12/15/2018 (a)		24,300,000		25,849,125
SunGard Data Systems, Inc. 7.38%, 11/15/2018		38,895,000		39,818,756
				133,532,206
CONSTRUCTION MATERIALS — 0.3%
Vulcan Materials Co. 7.50%, 6/15/2021		27,000,000		29,160,000
CONTAINERS & PACKAGING — 1.5%
Berry Plastics Corp. 9.75%, 1/15/2021		36,200,000		36,109,500
Crown Americas LLC/Crown Americas Capital Corp. III 6.25%, 2/1/2021 (b)		30,530,000		31,903,850
Owens-Brockway Glass Container, Inc. 7.38%, 5/15/2016		25,645,000		28,081,275
Sealed Air Corp. 8.38%, 9/15/2021 (a)		32,182,000		35,561,110
				131,655,735

See accompanying notes to financial statements.

186

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
DISTRIBUTORS — 0.5%
McJunkin Red Man Corp. 9.50%, 12/15/2016	$	46,861,000	$	47,563,915
DIVERSIFIED CONSUMER SERVICES — 0.7%
Reynolds Group Issuer, Inc. 9.00%, 4/15/2019 (a)		65,330,000		62,063,500
DIVERSIFIED FINANCIAL SERVICES — 7.2%
Ally Financial, Inc.:
8.00%, 11/1/2031		27,495,000		26,532,675
8.30%, 2/12/2015		54,750,000		57,761,250
CEVA Group PLC 11.50%, 4/1/2018 (a)		29,475,000		26,601,187
CIT Group, Inc.:
7.00%, 5/1/2017		96,630,000		96,630,000
7.00%, 5/2/2017 (a)		80,500,000		80,399,375
Ford Motor Credit Co. LLC:
5.88%, 8/2/2021		12,700,000		13,236,042
7.00%, 4/15/2015		74,270,000		79,840,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 8.00%, 1/15/2018		65,080,000		67,683,200
International Lease Finance Corp. 8.75%, 3/15/2017		65,895,000		67,871,850
Mizuho Capital Investment USD 2, Ltd. 14.95%, 12/31/2049 (a)(c)		37,155,000		45,170,077
TransUnion LLC/TransUnion Financing Corp. 11.38%, 6/15/2018		27,948,000		31,930,590
UPCB Finance III, Ltd. 6.63%, 7/1/2020 (a)		43,120,000		42,473,200
				636,129,696
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.4%
Cricket Communications, Inc. 7.75%, 10/15/2020		70,100,000		61,337,500
EH Holding Corp. 6.50%, 6/15/2019 (a)		49,376,000		51,474,480
Frontier Communications Corp.:
8.25%, 4/15/2017		3,300,000		3,374,250
8.50%, 4/15/2020		44,500,000		45,556,875
Inmarsat Finance PLC 7.38%, 12/1/2017 (a)		27,900,000		29,155,500
Intelsat Jackson Holdings SA 7.25%, 4/1/2019 (a)		62,650,000		63,589,750
Level 3 Financing, Inc.:
8.13%, 7/1/2019 (a)		38,855,000		38,272,175
10.00%, 2/1/2018		12,325,000		13,064,500
Virgin Media Finance PLC 9.50%, 8/15/2016		58,644,000		65,827,890
West Corp. 7.88%, 1/15/2019		27,720,000		27,512,100
Wind Acquisition Finance SA 11.75%, 7/15/2017 (a)		86,773,000		77,661,835
				476,826,855
ELECTRIC UTILITIES — 4.4%
Calpine Corp.:
7.25%, 10/15/2017 (a)		6,780,000		7,119,000
7.50%, 2/15/2021 (a)		79,855,000		85,444,850
Commonwealth Edison Co., Series 1 5.88%, 2/1/2033		75,000		90,744
Dubai Electricity & Water Authority:
7.38%, 10/21/2020 (a)		26,500,000		27,162,500
8.50%, 4/22/2015 (a)		31,975,000		34,533,000
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc. 10.00%, 12/1/2020		96,960,000		102,292,800
GenOn Energy, Inc. 9.50%, 10/15/2018		28,880,000		29,241,000
NRG Energy, Inc.:
7.63%, 1/15/2018		10,550,000		10,550,000
7.88%, 5/15/2021 (a)		33,550,000		32,711,250
8.50%, 6/15/2019		7,015,000		7,120,225
The AES Corp. 7.38%, 7/1/2021 (a)		44,836,000		48,310,790
				384,576,159
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%
CDW LLC/CDW Finance Corp. 8.50%, 4/1/2019		48,385,000		48,747,888
NXP BV/NXP Funding LLC, Series 1 9.75%, 8/1/2018 (a)		42,495,000		46,319,550
				95,067,438
ENGINEERING & CONSTRUCTION — 0.3%
Abengoa Finance SAU 8.88%, 11/1/2017 (a)		28,000,000		28,000,000
FOOD PRODUCTS — 1.6%
Bumble Bee Acquisition Corp. 9.00%, 12/15/2017 (a)		17,759,000		18,025,385
Del Monte Corp. 7.63%, 2/15/2019		55,585,000		53,361,600
JBS USA LLC/JBS USA Finance, Inc. 11.63%, 5/1/2014		30,061,000		34,081,659
Smithfield Foods, Inc. 10.00%, 7/15/2014		26,931,000		31,307,287
				136,775,931
HEALTH CARE EQUIPMENT & SUPPLIES — 0.8%
Kinetic Concepts, Inc. 10.50%, 11/1/2018 (a)		75,610,000		74,097,800
HEALTH CARE PROVIDERS & SERVICES — 5.7%
Apria Healthcare Group, Inc. 11.25%, 11/1/2014		29,650,000		30,613,625
CHS/Community Health Systems, Inc. 8.00%, 11/15/2019 (a)		45,340,000		45,793,400
DaVita, Inc. 6.63%, 11/1/2020		33,200,000		34,113,000
Emergency Medical Services Corp. 8.13%, 6/1/2019		41,683,000		41,578,792
Fresenius Medical Care US Finance, Inc. 5.75%, 2/15/2021 (a)		28,350,000		28,314,563

See accompanying notes to financial statements.

187

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
HCA, Inc. 6.50%, 2/15/2020	$	130,236,000	$	135,119,850
Health Management Associates, Inc. 7.38%, 1/15/2020 (a)		34,255,000		35,625,200
IASIS Healthcare LLC/IASIS Capital Corp. 8.38%, 5/15/2019		35,950,000		31,366,375
Multiplan, Inc. 9.88%, 9/1/2018 (a)		28,325,000		29,458,000
Tenet Healthcare Corp. 8.88%, 7/1/2019		40,454,000		45,409,615
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc. Series 1 8.00%, 2/1/2018		51,035,000		50,652,237
				508,044,657
HOTELS, RESTAURANTS & LEISURE — 3.6%
Ameristar Casinos, Inc. 7.50%, 4/15/2021		35,289,000		36,347,670
Burger King Corp. 9.88%, 10/15/2018		35,355,000		38,492,756
CityCenter Holdings LLC/CityCenter Finance Corp. 7.63%, 1/15/2016 (a)		39,000,000		39,975,000
Harrah’s Operating Co., Inc. 10.00%, 12/15/2018		144,272,000		98,826,320
MGM Resorts International 11.13%, 11/15/2017		36,940,000		42,111,600
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Series 1 7.75%, 8/15/2020		58,320,000		64,735,200
				320,488,546
HOUSEHOLD DURABLES — 1.1%
K Hovnanian Enterprises, Inc. 10.63%, 10/15/2016		35,375,000		28,211,562
Shea Homes LP/Shea Homes Funding Corp. 8.63%, 5/15/2019 (a)		32,020,000		29,938,700
Spectrum Brands Holdings, Inc. 9.50%, 6/15/2018		32,233,000		35,254,844
				93,405,106
INDUSTRIAL CONGLOMERATES — 0.6%
RBS Global, Inc./Rexnord LLC 8.50%, 5/1/2018		49,840,000		52,830,400
INTERNET SOFTWARE & SERVICES — 0.4%
Equinix, Inc. 8.13%, 3/1/2018		34,005,000		37,065,450
IT SERVICES — 1.6%
First Data Corp. 12.63%, 1/15/2021		128,268,000		111,593,160
GXS Worldwide, Inc. 9.75%, 6/15/2015		30,215,000		27,948,875
				139,542,035
MACHINERY — 1.8%
Case New Holland, Inc. 7.88%, 12/1/2017		65,775,000		74,325,750
Huntington Ingalls Industries, Inc. 7.13%, 3/15/2021 (a)		29,440,000		28,851,200
SPX Corp. 6.88%, 9/1/2017		26,940,000		29,095,200
The Manitowoc Co, Inc. 8.50%, 11/1/2020		28,055,000		29,562,956
				161,835,106
MEDIA — 7.9%
AMC Entertainment, Inc. 9.75%, 12/1/2020		26,243,000		24,930,850
AMC Networks, Inc. 7.75%, 7/15/2021 (a)		31,778,000		34,558,575
Cablevision Systems Corp. 8.63%, 9/15/2017		30,158,000		33,399,985
CCH II LLC/CH II Capital Corp. 13.50%, 11/30/2016		44,897,212		51,856,280
Cequel Communications Holdings I LLC and Cequel Capital Corp. 8.63%, 11/15/2017 (a)		78,845,000		83,575,700
Clear Channel Worldwide Holdings, Inc. 9.25%, 12/15/2017		89,120,000		96,249,600
CSC Holdings LLC 6.75%, 11/15/2021 (a)		11,685,000		12,298,463
Cumulus Media, Inc. 7.75%, 5/1/2019 (a)		28,545,000		25,333,687
DISH DBS Corp.:
6.75%, 6/1/2021		79,134,000		85,266,885
7.88%, 9/1/2019		8,290,000		9,367,700
Nielsen Finance LLC/Nielsen Finance Co. 7.75%, 10/15/2018		47,250,000		51,030,000
Sirius XM Radio, Inc. 8.75%, 4/1/2015 (a)		35,250,000		38,598,750
The McClatchy Co. 11.50%, 2/15/2017		38,580,000		37,326,150
Univision Communications, Inc.:
7.88%, 11/1/2020 (a)		9,785,000		9,931,775
8.50%, 5/15/2021 (a)		25,950,000		23,614,500
Visant Corp. 10.00%, 10/1/2017		33,788,000		30,916,020
WMG Acquisition Corp. 9.50%, 6/15/2016		44,380,000		48,152,300
				696,407,220
METALS & MINING — 2.4%
FMG Resources August 2006 Pty, Ltd. 7.00%, 11/1/2015 (a)		88,095,000		88,975,950
JMC Steel Group 8.25%, 3/15/2018 (a)		30,238,000		29,482,050
Novelis, Inc. 8.75%, 12/15/2020		60,399,000		64,777,928
United States Steel Corp. 7.38%, 4/1/2020		29,570,000		28,830,750
				212,066,678

See accompanying notes to financial statements.

188

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
MULTILINE RETAIL — 0.9%
Sears Holdings Corp. 6.63%, 10/15/2018	$	41,965,000	$	31,893,400
SUPERVALU, Inc. 8.00%, 5/1/2016		43,313,000		44,720,673
				76,614,073
OIL, GAS & CONSUMABLE FUELS — 13.0%
Alpha Natural Resources, Inc. 6.00%, 6/1/2019		37,964,000		36,825,080
Arch Coal, Inc. 7.25%, 6/15/2021 (a)		45,636,000		46,890,990
ATP Oil & Gas Corp. 11.88%, 5/1/2015		64,390,000		42,336,425
Chesapeake Energy Corp.:
6.63%, 8/15/2020		31,844,000		34,152,690
9.50%, 2/15/2015		23,513,000		26,922,385
Cie Generale de Geophysique — Veritas 6.50%, 6/1/2021		28,935,000		28,066,950
Concho Resources, Inc. 7.00%, 1/15/2021		26,281,000		28,219,224
Consol Energy, Inc. 8.00%, 4/1/2017		64,691,000		70,836,645
Crosstex Energy LP/Crosstex Energy Finance Corp. 8.88%, 2/15/2018		34,043,000		37,191,977
Denbury Resources, Inc. 8.25%, 2/15/2020		43,877,000		49,032,547
Energy Transfer Equity LP 7.50%, 10/15/2020		77,077,000		84,206,622
Energy XXI Gulf Coast, Inc. 9.25%, 12/15/2017		31,410,000		34,079,850
EXCO Resources, Inc. 7.50%, 9/15/2018		34,375,000		32,484,375
Expro Finance Luxembourg SCA 8.50%, 12/15/2016 (a)		60,247,000		53,017,360
Forest Oil Corp.:
7.25%, 6/15/2019		12,963,000		13,222,260
8.50%, 2/15/2014		16,320,000		17,788,800
Kodiak Oil & Gas Corp. 8.13%, 12/1/2019 (a)		28,380,000		29,408,775
Linn Energy LLC/Linn Energy Finance Corp. 8.63%, 4/15/2020		56,960,000		61,801,600
MEG Energy Corp. 6.50%, 3/15/2021 (a)		33,285,000		34,033,912
Murray Energy Corp. 10.25%, 10/15/2015 (a)(b)		29,630,000		29,407,775
Newfield Exploration Co. 5.75%, 1/30/2022		31,640,000		34,171,200
Oil States International, Inc. 6.50%, 6/1/2019		26,335,000		26,927,538
Peabody Energy Corp.:
6.00%, 11/15/2018 (a)		41,273,000		42,098,460
6.50%, 9/15/2020		26,710,000		28,045,500
Plains Exploration & Production Co.:
6.63%, 5/1/2021		24,225,000		25,436,250
6.75%, 2/1/2022		18,815,000		19,708,713
Precision Drilling Corp. 6.63%, 11/15/2020		28,993,000		29,645,343
QEP Resources, Inc. 6.88%, 3/1/2021		27,580,000		29,717,450
SandRidge Energy, Inc.:
7.50%, 3/15/2021		27,050,000		26,847,125
8.00%, 6/1/2018 (a)		13,920,000		14,059,200
SESI LLC 7.13%, 12/15/2021 (a)		17,450,000		18,322,500
Southern Union Co. 3.45%, 11/1/2066 (c)		25,000		23,313
W&T Offshore, Inc. 8.50%, 6/15/2019 (a)		24,375,000		25,228,125
WPX Energy, Inc. 6.00%, 1/15/2022 (a)		42,675,000		43,688,531
				1,153,845,490
PAPER & FOREST PRODUCTS — 0.0% (d)
Sino-Forest Corp. 6.25%, 10/21/2017 (a)		11,250,000		2,812,500
PHARMACEUTICALS — 3.3%
ConvaTec Healthcare E SA 10.50%, 12/15/2018 (a)		31,825,000		28,403,813
Elan Finance PLC/Elan Finance Corp. 8.75%, 10/15/2016		26,775,000		28,582,313
Grifols, Inc. 8.25%, 2/1/2018		45,981,000		48,280,050
Mylan, Inc. 7.88%, 7/15/2020 (a)		46,510,000		51,335,412
NBTY, Inc. 9.00%, 10/1/2018		29,680,000		32,648,000
Valeant Pharmaceuticals International 6.88%, 12/1/2018 (a)		45,350,000		45,236,625
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, Series 1 7.75%, 9/15/2018		56,105,000		57,297,231
				291,783,444
PIPELINES — 1.0%
Kinder Morgan Finance Co. LLC 6.00%, 1/15/2018 (a)		32,200,000		32,763,500
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. 6.25%, 6/15/2022		30,000,000		31,350,000
Regency Energy Partners LP/Regency Energy Finance Corp. 6.88%, 12/1/2018		25,219,000		26,795,188
				90,908,688
REAL ESTATE INVESTMENT TRUSTS — 0.7%
Evergrande Real Estate Group, Ltd. 13.00%, 1/27/2015 (a)		48,625,000		38,656,875
The Rouse Co. 6.75%, 11/9/2015		26,185,000		26,479,581
				65,136,456
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.2%
Agile Property Holdings, Ltd. 8.88%, 4/28/2017 (a)		24,325,000		19,946,500

See accompanying notes to financial statements.

189

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
Atlantic Finance, Ltd. Series 1 10.75%, 5/27/2014 (a)	$	53,425,000	$	58,526,553
Country Garden Holdings Co. 11.13%, 2/23/2018 (a)		36,082,000		31,210,930
Kaisa Group Holdings Ltd. 13.50%, 4/28/2015 (a)		26,790,000		22,034,775
Longfor Properties Co. Ltd., 9.50%, 4/7/2016 (a)		27,450,000		24,567,750
Realogy Corp., Series 1 7.88%, 2/15/2019 (a)		31,815,000		27,679,050
Renhe Commercial Holdings Co., Ltd. 13.00%, 3/10/2016 (a)		20,306,000		13,808,080
				197,773,638
REGIONAL BANKS — 0.3%
Regions Bank 7.50%, 5/15/2018		20,935,000		20,725,650
Regions Financial Corp. 7.75%, 11/10/2014		8,950,000		8,994,750
				29,720,400
SEMICONDUCTORS — 1.3%
Freescale Semiconductor, Inc. Series 1 9.25%, 4/15/2018 (a)		59,735,000		63,841,781
Sensata Technologies BV 6.50%, 5/15/2019 (a)(b)		32,190,000		31,787,625
STATS ChipPAC, Ltd. 7.50%, 8/12/2015 (a)		19,900,000		20,795,500
				116,424,906
SPECIALTY RETAIL — 3.3%
DineEquity, Inc. 9.50%, 10/30/2018		34,394,000		36,930,557
Inergy LP/Inergy Finance Corp.:
6.88%, 8/1/2021 (b)		17,971,000		18,060,855
7.00%, 10/1/2018		8,500,000		8,627,500
Ltd Brands, Inc. 6.63%, 4/1/2021		43,900,000		46,534,000
Michaels Stores, Inc. 7.75%, 11/1/2018		33,390,000		33,723,900
Phillips-Van Heusen Corp. 7.38%, 5/15/2020		29,865,000		32,403,525
Rite Aid Corp. 8.00%, 8/15/2020		29,639,000		32,751,095
Sally Holdings LLC/Sally Capital, Inc. 6.88%, 11/15/2019 (a)		30,905,000		32,295,725
Toys R Us Property Co. I LLC 10.75%, 7/15/2017		42,388,000		46,361,875
				287,689,032
TEXTILES, APPAREL & LUXURY GOODS — 0.5%
Hanesbrands, Inc. 6.38%, 12/15/2020		43,814,000		44,471,210
TOBACCO — 0.3%
Alliance One International, Inc. 10.00%, 7/15/2016		28,152,000		25,336,800
TRADING COMPANIES & DISTRIBUTORS — 0.4%
United Rentals North America, Inc. 8.38%, 9/15/2020		33,386,000		32,551,350
TRANSPORTATION INFRASTRUCTURE — 0.5%
CHC Helicopter SA 9.25%, 10/15/2020 (a)		47,250,000		42,525,000
WIRELESS TELECOMMUNICATION SERVICES — 6.4%
Avaya, Inc. 7.00%, 4/1/2019 (a)		42,833,000		41,548,010
Cincinnati Bell, Inc. 8.38%, 10/15/2020		33,450,000		33,366,375
Clearwire Communications LLC/Clearwire Finance, Inc. 12.00%, 12/1/2015 (a)		79,410,000		76,035,075
CommScope, Inc. 8.25%, 1/15/2019 (a)		61,503,000		61,503,000
Crown Castle International Corp. 9.00%, 1/15/2015		39,200,000		42,483,000
MetroPCS Wireless, Inc. 7.88%, 9/1/2018		45,425,000		46,049,594
NII Capital Corp.:
7.63%, 4/1/2021		41,345,000		41,034,912
10.00%, 8/15/2016		13,930,000		15,810,550
Sprint Nextel Corp. 9.00%, 11/15/2018 (a)		120,775,000		126,813,750
Telesat Canada/Telesat LLC 11.00%, 11/1/2015		30,350,000		32,588,313
Windstream Corp. 7.88%, 11/1/2017		47,425,000		51,337,563
				568,570,142
TOTAL CORPORATE BONDS & NOTES —
(Cost $8,696,085,385)				8,632,640,089
	Shares
SHORT TERM INVESTMENT — 1.8%
MONEY MARKET FUND — 1.8%
State Street Institutional Liquid Reserves Fund 0.15% (e)(f)(g) (Cost $159,590,049)		159,590,049		159,590,049
TOTAL INVESTMENTS — 99.3% (h)
(Cost $8,855,675,434)				8,792,230,138
OTHER ASSETS & LIABILITIES — 0.7%				64,151,818
NET ASSETS — 100.0%			$	8,856,381,956

See accompanying notes to financial statements.

190

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

(a)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 35.4% of net assets as of December 31, 2011, 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’ values are determined based on Level 2 inputs. (Note 2)
(c)	Variable rate security. Rate shown is rate in effect at December 31, 2011. Maturity date disclosed is the ultimate maturity.
(d)	Amount shown represents less than 0.05% of net assets.
(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)	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)

PIK = Payment in Kind

PLC = Public Limited Company

See accompanying notes to financial statements.

191

SPDR Barclays Capital Investment Grade Floating Rate ETF
SCHEDULE OF INVESTMENTS

December 31, 2011 (Unaudited)

	Principal
Security Description	Amount		Value
CORPORATE BONDS & NOTES — 95.1%
AUTOMOBILES — 1.2%
Daimler Finance North America LLC 1.74%, 9/13/2013 (a)(b)	$	76,000	$	75,023
BEVERAGES — 1.3%
Anheuser-Busch InBev Worldwide, Inc. 1.30%, 3/26/2013 (b)		76,000		76,366
CAPITAL MARKETS — 8.2%
Morgan Stanley 2.02%, 1/24/2014 (b)		292,000		268,766
The Goldman Sachs Group, Inc. 1.18%, 9/29/2014 (b)		244,000		221,500
				490,266
COMMERCIAL BANKS — 54.5%
Abbey National Treasury Services PLC 2.00%, 4/25/2014 (b)		74,000		67,368
African Development Bank 0.76%, 8/4/2014 (b)		76,000		76,460
Bank of Nova Scotia 0.70%, 10/18/2012 (b)		92,000		92,161
Barclays Bank PLC 1.44%, 1/13/2014 (b)		92,000		89,172
BNP Paribas SA 0.79%, 4/8/2013 (b)		122,000		114,710
Commonwealth Bank of Australia 1.11%, 3/19/2013 (a)(b)		200,000		199,505
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 0.62%, 7/25/2013 (b)		92,000		91,589
Credit Agricole SA/London 1.86%, 1/21/2014 (a)(b)		76,000		70,246
Danske Bank A/S 0.86%, 5/24/2012 (a)(b)		74,000		73,946
Dexia Credit Local/New York 0.93%, 3/5/2013 (a)(b)		92,000		87,087
European Investment Bank 0.83%, 3/5/2012 (b)		76,000		76,011
HSBC Bank PLC 0.89%, 5/15/2013 (a)(b)		244,000		242,018
ING Bank NV 1.60%, 3/15/2013 (a)(b)		164,000		160,181
Inter-American Development Bank 0.93%, 5/20/2014 (b)		76,000		77,065
Intesa Sanpaolo SpA 2.91%, 2/24/2014 (a)(b)		76,000		66,914
Kfw Bankengruppe 0.56%, 3/17/2014 (b)		140,000		139,892
Landwirtschaftliche Rentenbank 0.55%, 1/28/2014 (a)(b)		76,000		75,908
Lloyds TSB Bank PLC 2.77%, 1/24/2014 (b)		92,000		87,029
National Australia Bank, Ltd. 1.30%, 12/10/2013 (a)(b)		182,000		181,802
PNC Funding Corp. 0.63%, 1/31/2014 (b)		76,000		74,427
Royal Bank of Canada 0.70%, 4/17/2014 (b)		92,000		91,056
Santander US Debt SAU 1.38%, 3/30/2012 (a)(b)		76,000		75,864
Societe Financement de l’Economie Francaise 0.60%, 7/16/2012 (a)(b)		74,000		74,078
The Bank Of New York Mellon Corp. 0.71%, 1/31/2014 (b)		76,000		75,720
The Royal Bank Of Scotland PLC 0.78%, 3/30/2012 (a)(b)		200,000		199,967
The Toronto-Dominion Bank 0.60%, 7/26/2013 (b)		74,000		73,893
US Bank NA 0.64%, 10/26/2012 (b)		76,000		76,137
Wachovia Corp. 2.20%, 5/1/2013 (b)		232,000		235,937
Westpac Banking Corp. 0.96%, 6/14/2013 (a)(b)		214,000		213,740
				3,259,883
COMPUTERS & PERIPHERALS — 1.5%
Hewlett-Packard Co. 0.79%, 5/24/2013 (b)		92,000		91,094
DIVERSIFIED FINANCIAL SERVICES — 21.4%
American Express Credit Corp. 1.42%, 6/24/2014 (b)		92,000		90,233
Bank of America Corp. 1.85%, 1/30/2014 (b)		194,000		175,147
Citigroup, Inc. 1.31%, 2/15/2013 (b)		214,000		210,012
Credit Suisse USA, Inc. 0.64%, 4/12/2013 (b)		76,000		74,705
General Electric Capital Corp. 0.59%, 5/8/2013 (b)		292,000		290,411
JPMorgan Chase & Co. 1.16%, 2/26/2013 (b)		292,000		293,232
Nationwide Building Society 0.65%, 5/17/2012 (a)(b)		76,000		76,020
UBS AG of Stamford, CT 1.60%, 2/23/2012 (b)		74,000		74,091
				1,283,851
INSURANCE — 3.1%
Berkshire Hathaway, Inc. 0.88%, 2/11/2013 (b)		92,000		92,312
Metropolitan Life Global Funding I 0.89%, 4/10/2012 (a)(b)		92,000		92,079
				184,391
MACHINERY — 1.3%
Caterpillar, Inc. 0.65%, 5/21/2013 (b)		76,000		76,099
OIL, GAS & CONSUMABLE FUELS — 1.3%
Total Capital Canada, Ltd. 0.54%, 5/13/2013 (b)		76,000		76,131
PHARMACEUTICALS — 1.3%
Sanofi 0.77%, 3/28/2013 (b)		76,000		76,072
TOTAL CORPORATE BONDS & NOTES —
(Cost $5,707,306)				5,689,176

See accompanying notes to financial statements.

192

SPDR Barclays Capital Investment Grade Floating Rate ETF
SCHEDULE OF INVESTMENTS (continued)

December 31, 2011 (Unaudited)

Security Description	Shares		Value
SHORT TERM INVESTMENT — 4.9%
MONEY MARKET FUND — 4.9%
State Street Institutional Liquid Reserves Fund 0.15% (c)(d)(e) (Cost $292,603)		292,603	$	292,603
TOTAL INVESTMENTS — 100.0% (f)
(Cost $5,999,909)				5,981,779
OTHER ASSETS & LIABILITIES — 0.0% (g)				72
NET ASSETS — 100.0%			$	5,981,851

(a)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 32.8% of net assets as of December 31, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)	Variable rate security. Rate shown is rate in effect at December 31, 2011. Maturity date disclosed is the ultimate maturity.
(c)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(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)
(g)	Amount shown represents less than 0.05% of net assets.

See accompanying notes to financial statements.

193

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2011 (Unaudited)

																									SPDR Barclays
										SPDR Barclays									SPDR Barclays						Capital
							SPDR Barclays			Capital			SPDR Barclays			SPDR Barclays			Capital			SPDR Barclays			Issuer
				SPDR Barclays			Capital			Intermediate			Capital			Capital			Intermediate			Capital			Scored
	SPDR Barclays			Capital			Short Term Treasury			Term Treasury			Long Term Treasury			Short Term Corporate			Term Corporate			Long Term Corporate			Corporate
	Capital 1-3 Month T-Bill ETF			TIPS ETF			ETF			ETF			ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	1,653,899,330		$	609,496,428		$	5,965,533		$	224,641,310		$	55,463,265		$	382,421,780		$	214,597,398		$	65,118,709		$	21,408,090
Investments in securities of affiliated issuers, at value (Note 3)		1,063,508			8,899,556			173,115			38,136,985			5,811,636			10,483,345			8,930,606			5,033,003			289,696
Total Investments		1,654,962,838			618,395,984			6,138,648			262,778,295			61,274,901			392,905,125			223,528,004			70,151,712			21,697,786
Receivable for investments sold		747,978,414			9,879,487			—			—			722,181			—			—			—			—
Receivable for fund shares sold		—			—			—			—			—			3,002,780			—			—			—
Interest receivable — unaffiliated issuers		—			3,769,484			30,548			1,397,243			536,355			4,409,501			2,589,183			905,104			262,700
Interest receivable — affiliated issuers		30,983			2,316			2			5,634			1,209			735			2,261			1,026			48
TOTAL ASSETS		2,402,972,235			632,047,271			6,169,198			264,181,172			62,534,646			400,318,141			226,119,448			71,057,842			21,960,534
LIABILITIES
Payable upon return of securities loaned		—			8,390,661			—			33,418,011			5,650,588			—			6,775,435			4,448,463			—
Payable for investments purchased		748,196,589			9,931,653			159,557			3,695,067			735,388			8,352,721			469,358			483,887			48,264
Due to custodian		10,671			—			—			—			—			—			—			—			—
Distributions payable		69,285			—			1,281			911,622			125,549			1,340,323			1,270,250			270,579			60,808
Accrued advisory fee (Note 3)		222,154			93,664			610			26,350			5,626			40,982			27,269			8,039			2,878
Accrued trustees’ fees and expenses (Note 3)		10,352			1,476			12			624			196			855			431			180			58
TOTAL LIABILITIES		748,509,051			18,417,454			161,460			38,051,674			6,517,347			9,734,881			8,542,743			5,211,148			112,008
NET ASSETS	$	1,654,463,184		$	613,629,817		$	6,007,738		$	226,129,498		$	56,017,299		$	390,583,260		$	217,576,705		$	65,846,694		$	21,848,526
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	1,655,557,293		$	562,714,119		$	6,000,000		$	214,650,274		$	53,942,004		$	392,311,864		$	213,346,536		$	61,602,704		$	21,423,491
Undistributed (distribution in excess of) net investment income		(1,154,050	)		(957,393	)		—			(203,231	)		(107,254	)		(223,633	)		(387,521	)		(115,948	)		(3,967	)
Accumulated net realized gain (loss) on investments		88,882			(632,115	)		(8	)		352,629			(400,387	)		(102,830	)		9,012			51,284			47,652
Net unrealized appreciation (depreciation) on:
Investments		(28,941	)		52,505,206			7,746			11,329,826			2,582,936			(1,402,141	)		4,608,678			4,308,654			381,350
NET ASSETS	$	1,654,463,184		$	613,629,817		$	6,007,738		$	226,129,498		$	56,017,299		$	390,583,260		$	217,576,705		$	65,846,694		$	21,848,526
NET ASSET VALUE PER SHARE
Net asset value per share	$	45.83		$	57.89		$	30.04		$	61.11		$	70.02		$	30.04		$	32.97		$	38.73		$	31.21
Shares outstanding (unlimited amount authorized, $0.01 par value)		36,100,461			10,600,225			200,000			3,700,168			800,000			13,000,000			6,600,072			1,700,000			700,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	1,653,928,271		$	556,991,222		$	5,957,787		$	213,311,484		$	52,880,329		$	383,823,921		$	209,988,720		$	60,810,055		$	21,026,740
Affiliated issuers		1,063,508			8,899,556			173,115			38,136,985			5,811,636			10,483,345			8,930,606			5,033,003			289,696
Total cost of investments	$	1,654,991,779		$	565,890,778		$	6,130,902		$	251,448,469		$	58,691,965		$	394,307,266		$	218,919,326		$	65,843,058		$	21,316,436
* Includes investments in securities on loan, at value	$	—		$	8,205,133		$	—		$	32,792,999		$	5,554,767		$	—		$	6,650,957		$	4,375,385		$	—

See accompanying notes to financial statements.

194

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

195

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2011 (Unaudited)

													SPDR Nuveen
	SPDR Barclays			SPDR Barclays						SPDR Nuveen			Barclays						SPDR Nuveen
	Capital			Capital			SPDR Barclays			Barclays			Capital			SPDR Nuveen			Barclays
	Convertible			Mortgage			Capital			Capital			California			Barclays			Capital
	Securities			Backed			Aggregate			Municipal			Municipal			Capital New York Municipal			Short Term Municipal			SPDR Nuveen S&P VRDO Municipal			SPDR Nuveen S&P High Yield Municipal
	ETF			Bond ETF			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)	$	675,750,966		$	40,987,932		$	304,045,501		$	973,281,999		$	73,935,954		$	25,215,708		$	1,440,498,704		$	11,152,000		$	46,377,373
Investments in securities of affiliated issuers, at value (Note 3)		55,342,479			41,662,730			115,234,649			2,805,845			627,601			207,655			8,012,115			1,053,546			475,196
Total Investments		731,093,445			82,650,662			419,280,150			976,087,844			74,563,555			25,423,363			1,448,510,819			12,205,546			46,852,569
Cash		—			—			1,000			—			—			—			—			—			150
Receivable for investments sold		5,124,135			—			—			—			—			—			—			—			—
Receivable for fund shares sold		—			—			—			2,367,039			—			—			7,288,697			—			—
Dividends receivable		816,016			—			—			—			—			—			—			—			—
Interest receivable — unaffiliated issuers		2,551,487			72,613			1,943,452			11,643,098			890,327			308,591			16,984,133			5,670			815,677
Interest receivable — affiliated issuers		25,207			4,836			15,208			—			—			—			—			—			—
Receivable for when issued/ delayed securities		—			805,036			4,118,153			—			—			—			—			—			—
Due from Investment Adviser		—			—			13,603			59,272			—			—			—			—			3,775
TOTAL ASSETS		739,610,290			83,533,147			425,371,566			990,157,253			75,453,882			25,731,954			1,472,783,649			12,211,216			47,672,171
LIABILITIES
Payable upon return of securities loaned		46,136,162			—			17,130,969			—			—			—			—			—			—
Payable for when issued/delayed securities		—			41,566,483			98,648,090			—			—			—			—			—			—
Payable for investments purchased		—			—			—			2,349,881			—			—			13,028,107			200,003			—
Distributions payable		12,358,030			820,141			3,288,631			5,340,854			307,452			72,497			4,034,470			4,622			333,938
Deferred income for dollar rolls		—			17,155			46,245			—			—			—			—			—			—
Accrued advisory fee (Note 3)		235,227			6,656			47,650			244,418			12,643			4,315			242,208			2,033			20,003
Accrued trustees’ fees and expenses (Note 3)		450			91			716			2,623			188			72			3,696			37			107
TOTAL LIABILITIES		58,729,869			42,410,526			119,162,301			7,937,776			320,283			76,884			17,308,481			206,695			354,048
NET ASSETS	$	680,880,421		$	41,122,621		$	306,209,265		$	982,219,477		$	75,133,599		$	25,655,070		$	1,455,475,168		$	12,004,521		$	47,318,123
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	746,204,692		$	40,853,167		$	292,435,271		$	923,306,465		$	70,308,949		$	24,423,186		$	1,428,709,528		$	12,005,414		$	45,217,666
Undistributed (distribution in excess of) net investment income		(2,852,597	)		(52,944	)		(552,257	)		(1,394,593	)		(82,226	)		(17,898	)		(1,185,302	)		(893	)		25,687
Accumulated net realized gain (loss) on investments		(9,397,204	)		64,033			(9,464	)		1,133,681			40,016			(124,600	)		924,473			—			84,111
Net unrealized appreciation (depreciation) on:
Investments		(53,074,470	)		258,365			14,335,715			59,173,924			4,866,860			1,374,382			27,026,469			—			1,990,659
NET ASSETS	$	680,880,421		$	41,122,621		$	306,209,265		$	982,219,477		$	75,133,599		$	25,655,070		$	1,455,475,168		$	12,004,521		$	47,318,123
NET ASSET VALUE PER SHARE
Net asset value per share	$	36.22		$	27.42		$	57.77		$	23.72		$	23.48		$	23.32		$	24.30		$	30.01		$	52.58
Shares outstanding (unlimited amount authorized, $0.01 par value)		18,800,000			1,500,000			5,300,132			41,402,072			3,200,128			1,100,010			59,902,164			400,000			900,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	728,825,436		$	40,729,567		$	289,709,786		$	914,108,075		$	69,069,094		$	23,841,326		$	1,413,472,235		$	11,152,000		$	44,386,714
Affiliated issuers		55,342,479			41,662,730			115,234,649			2,805,845			627,601			207,655			8,012,115			1,053,546			475,196
Total cost of investments	$	784,167,915		$	82,392,297		$	404,944,435		$	916,913,920		$	69,696,695		$	24,048,981		$	1,421,484,350		$	12,205,546		$	44,861,910
* Includes investments in securities on loan, at value	$	45,228,676		$	—		$	16,812,485		$	—		$	—		$	—		$	—		$	—		$	—

196

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

													SPDR Nuveen
	SPDR Barclays			SPDR Barclays						SPDR Nuveen			Barclays						SPDR Nuveen
	Capital			Capital			SPDR Barclays			Barclays			Capital			SPDR Nuveen			Barclays
	Convertible			Mortgage			Capital			Capital			California			Barclays			Capital
	Securities			Backed			Aggregate			Municipal			Municipal			Capital New York Municipal			Short Term Municipal			SPDR Nuveen S&P VRDO Municipal			SPDR Nuveen S&P High Yield Municipal
	ETF			Bond ETF			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)	$	675,750,966		$	40,987,932		$	304,045,501		$	973,281,999		$	73,935,954		$	25,215,708		$	1,440,498,704		$	11,152,000		$	46,377,373
Investments in securities of affiliated issuers, at value (Note 3)		55,342,479			41,662,730			115,234,649			2,805,845			627,601			207,655			8,012,115			1,053,546			475,196
Total Investments		731,093,445			82,650,662			419,280,150			976,087,844			74,563,555			25,423,363			1,448,510,819			12,205,546			46,852,569
Cash		—			—			1,000			—			—			—			—			—			150
Receivable for investments sold		5,124,135			—			—			—			—			—			—			—			—
Receivable for fund shares sold		—			—			—			2,367,039			—			—			7,288,697			—			—
Dividends receivable		816,016			—			—			—			—			—			—			—			—
Interest receivable — unaffiliated issuers		2,551,487			72,613			1,943,452			11,643,098			890,327			308,591			16,984,133			5,670			815,677
Interest receivable — affiliated issuers		25,207			4,836			15,208			—			—			—			—			—			—
Receivable for when issued/ delayed securities		—			805,036			4,118,153			—			—			—			—			—			—
Due from Investment Adviser		—			—			13,603			59,272			—			—			—			—			3,775
TOTAL ASSETS		739,610,290			83,533,147			425,371,566			990,157,253			75,453,882			25,731,954			1,472,783,649			12,211,216			47,672,171
LIABILITIES
Payable upon return of securities loaned		46,136,162			—			17,130,969			—			—			—			—			—			—
Payable for when issued/delayed securities		—			41,566,483			98,648,090			—			—			—			—			—			—
Payable for investments purchased		—			—			—			2,349,881			—			—			13,028,107			200,003			—
Distributions payable		12,358,030			820,141			3,288,631			5,340,854			307,452			72,497			4,034,470			4,622			333,938
Deferred income for dollar rolls		—			17,155			46,245			—			—			—			—			—			—
Accrued advisory fee (Note 3)		235,227			6,656			47,650			244,418			12,643			4,315			242,208			2,033			20,003
Accrued trustees’ fees and expenses (Note 3)		450			91			716			2,623			188			72			3,696			37			107
TOTAL LIABILITIES		58,729,869			42,410,526			119,162,301			7,937,776			320,283			76,884			17,308,481			206,695			354,048
NET ASSETS	$	680,880,421		$	41,122,621		$	306,209,265		$	982,219,477		$	75,133,599		$	25,655,070		$	1,455,475,168		$	12,004,521		$	47,318,123
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	746,204,692		$	40,853,167		$	292,435,271		$	923,306,465		$	70,308,949		$	24,423,186		$	1,428,709,528		$	12,005,414		$	45,217,666
Undistributed (distribution in excess of) net investment income		(2,852,597	)		(52,944	)		(552,257	)		(1,394,593	)		(82,226	)		(17,898	)		(1,185,302	)		(893	)		25,687
Accumulated net realized gain (loss) on investments		(9,397,204	)		64,033			(9,464	)		1,133,681			40,016			(124,600	)		924,473			—			84,111
Net unrealized appreciation (depreciation) on:
Investments		(53,074,470	)		258,365			14,335,715			59,173,924			4,866,860			1,374,382			27,026,469			—			1,990,659
NET ASSETS	$	680,880,421		$	41,122,621		$	306,209,265		$	982,219,477		$	75,133,599		$	25,655,070		$	1,455,475,168		$	12,004,521		$	47,318,123
NET ASSET VALUE PER SHARE
Net asset value per share	$	36.22		$	27.42		$	57.77		$	23.72		$	23.48		$	23.32		$	24.30		$	30.01		$	52.58
Shares outstanding (unlimited amount authorized, $0.01 par value)		18,800,000			1,500,000			5,300,132			41,402,072			3,200,128			1,100,010			59,902,164			400,000			900,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	728,825,436		$	40,729,567		$	289,709,786		$	914,108,075		$	69,069,094		$	23,841,326		$	1,413,472,235		$	11,152,000		$	44,386,714
Affiliated issuers		55,342,479			41,662,730			115,234,649			2,805,845			627,601			207,655			8,012,115			1,053,546			475,196
Total cost of investments	$	784,167,915		$	82,392,297		$	404,944,435		$	916,913,920		$	69,696,695		$	24,048,981		$	1,421,484,350		$	12,205,546		$	44,861,910
* Includes investments in securities on loan, at value	$	45,228,676		$	—		$	16,812,485		$	—		$	—		$	—		$	—		$	—		$	—

197

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2011 (Unaudited)

	SPDR Nuveen						SPDR Barclays			SPDR Barclays			SPDR Barclays			SPDR Barclays						SPDR Barclays
	Barclays			SPDR DB International			Capital			Capital			Capital			Capital						Capital
	Capital			Government			Short Term International			International			International			Emerging			SPDR Barclays			Investment
	Build America			Inflation-Protected			Treasury			Treasury			Corporate			Markets			Capital			Grade Floating
	Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF			Local Bond ETF			High Yield Bond ETF			Rate ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	39,471,916		$	1,151,701,982		$	189,754,905		$	1,531,758,705		$	51,766,112		$	44,531,815		$	8,632,640,089		$	5,689,176
Investments in securities of affiliated issuers, at value (Note 3)		69,315			9,334,596			5,519,269			40,051,046			10,072			1,871,196			159,590,049			292,603
Total Investments		39,541,231			1,161,036,578			195,274,174			1,571,809,751			51,776,184			46,403,011			8,792,230,138			5,981,779
Cash		—			—			—			—			—			—			2,777,336			225
Foreign currency, at value		—			2,253,509			6,072,125			3,801,984			301,370			423,812			—			—
Receivable for investments sold		—			20,172,199			19,368,687			28,364,229			348,924			381,762			15,330,989			—
Receivable for fund shares sold		—			—			—			—			—			—			83,478,423			—
Unrealized appreciation on forward currency contracts		—			957,152			19,013			156,748			69,070			22,176			—			—
Interest receivable — unaffiliated issuers		563,374			7,884,904			2,201,929			18,922,094			1,378,658			896,489			172,240,941			8,234
Interest receivable — affiliated issuers		12			2,094			751			3,226			5			276			13,049			157
TOTAL ASSETS		40,104,617			1,192,306,436			222,936,679			1,623,058,032			53,874,211			48,127,526			9,066,070,876			5,990,395
LIABILITIES
Payable upon return of securities loaned		—			8,837,323			1,154,731			1,809,470			—			912,400			—			—
Payable for investments purchased		—			—			—			—			—			357,264			95,426,711			—
Unrealized depreciation on forward currency contracts		—			872,634			10,266			117,974			25,749			36,221			—			—
Distributions payable		160,355			10,545,264			2,786,303			3,920,953			226,219			217,853			111,387,919			7,770
Accrued advisory fee (Note 3)		11,599			499,387			66,446			670,973			25,170			19,773			2,855,206			761
Accrued trustees’ fees and expenses (Note 3)		105			1,967			361			3,520			36			100			19,084			13
TOTAL LIABILITIES		172,059			20,756,575			4,018,107			6,522,890			277,174			1,543,611			209,688,920			8,544
NET ASSETS	$	39,932,558		$	1,171,549,861		$	218,918,572		$	1,616,535,142		$	53,597,037		$	46,583,915		$	8,856,381,956		$	5,981,851
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	35,449,037		$	1,198,985,623		$	229,043,659		$	1,586,647,341		$	57,567,506		$	50,380,148		$	8,979,516,700		$	6,000,000
Undistributed (distribution in excess of) net investment income		(40,358	)		(10,217,395	)		(4,178,252	)		(13,815,844	)		130,284			311,553			(33,684,859	)		(19	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(142,677	)		(45,297,824	)		(431,218	)		(5,502,669	)		(561,946	)		(457,228	)		(26,004,589	)		—
Net unrealized appreciation (depreciation) on:
Investments		4,666,556			28,346,624			(5,269,490	)		50,077,492			(3,485,682	)		(3,574,842	)		(63,445,296	)		(18,130	)
Foreign currency		—			(267,167	)		(246,127	)		(871,178	)		(53,125	)		(75,716	)		—			—
NET ASSETS	$	39,932,558		$	1,171,549,861		$	218,918,572		$	1,616,535,142		$	53,597,037		$	46,583,915		$	8,856,381,956		$	5,981,851
NET ASSET VALUE PER SHARE
Net asset value per share	$	57.05		$	56.87		$	35.89		$	58.78		$	31.53		$	29.11		$	38.02		$	29.91
Shares outstanding (unlimited amount authorized, $0.01 par value)		700,000			20,600,483			6,100,000			27,500,019			1,700,000			1,600,000			232,923,812			200,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	34,805,360		$	1,123,355,358		$	195,024,395		$	1,481,681,213		$	55,251,794		$	48,106,657		$	8,696,085,385		$	5,707,306
Affiliated issuers		69,315			9,334,596			5,519,269			40,051,046			10,072			1,871,196			159,590,049			292,603
Total cost of investments	$	34,874,675		$	1,132,689,954		$	200,543,664		$	1,521,732,259		$	55,261,866		$	49,977,853		$	8,855,675,434		$	5,999,909
Foreign currency, at cost	$	—		$	2,249,726		$	6,156,473		$	3,804,319		$	309,017		$	429,167		$	—		$	—
* Includes investments in securities on loan, at value	$	—		$	8,865,119		$	1,095,232		$	1,722,452		$	—		$	895,600		$	—		$	—

198

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

	SPDR Nuveen						SPDR Barclays			SPDR Barclays			SPDR Barclays			SPDR Barclays						SPDR Barclays
	Barclays			SPDR DB International			Capital			Capital			Capital			Capital						Capital
	Capital			Government			Short Term International			International			International			Emerging			SPDR Barclays			Investment
	Build America			Inflation-Protected			Treasury			Treasury			Corporate			Markets			Capital			Grade Floating
	Bond ETF			Bond ETF			Bond ETF			Bond ETF			Bond ETF			Local Bond ETF			High Yield Bond ETF			Rate ETF
ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	39,471,916		$	1,151,701,982		$	189,754,905		$	1,531,758,705		$	51,766,112		$	44,531,815		$	8,632,640,089		$	5,689,176
Investments in securities of affiliated issuers, at value (Note 3)		69,315			9,334,596			5,519,269			40,051,046			10,072			1,871,196			159,590,049			292,603
Total Investments		39,541,231			1,161,036,578			195,274,174			1,571,809,751			51,776,184			46,403,011			8,792,230,138			5,981,779
Cash		—			—			—			—			—			—			2,777,336			225
Foreign currency, at value		—			2,253,509			6,072,125			3,801,984			301,370			423,812			—			—
Receivable for investments sold		—			20,172,199			19,368,687			28,364,229			348,924			381,762			15,330,989			—
Receivable for fund shares sold		—			—			—			—			—			—			83,478,423			—
Unrealized appreciation on forward currency contracts		—			957,152			19,013			156,748			69,070			22,176			—			—
Interest receivable — unaffiliated issuers		563,374			7,884,904			2,201,929			18,922,094			1,378,658			896,489			172,240,941			8,234
Interest receivable — affiliated issuers		12			2,094			751			3,226			5			276			13,049			157
TOTAL ASSETS		40,104,617			1,192,306,436			222,936,679			1,623,058,032			53,874,211			48,127,526			9,066,070,876			5,990,395
LIABILITIES
Payable upon return of securities loaned		—			8,837,323			1,154,731			1,809,470			—			912,400			—			—
Payable for investments purchased		—			—			—			—			—			357,264			95,426,711			—
Unrealized depreciation on forward currency contracts		—			872,634			10,266			117,974			25,749			36,221			—			—
Distributions payable		160,355			10,545,264			2,786,303			3,920,953			226,219			217,853			111,387,919			7,770
Accrued advisory fee (Note 3)		11,599			499,387			66,446			670,973			25,170			19,773			2,855,206			761
Accrued trustees’ fees and expenses (Note 3)		105			1,967			361			3,520			36			100			19,084			13
TOTAL LIABILITIES		172,059			20,756,575			4,018,107			6,522,890			277,174			1,543,611			209,688,920			8,544
NET ASSETS	$	39,932,558		$	1,171,549,861		$	218,918,572		$	1,616,535,142		$	53,597,037		$	46,583,915		$	8,856,381,956		$	5,981,851
NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	35,449,037		$	1,198,985,623		$	229,043,659		$	1,586,647,341		$	57,567,506		$	50,380,148		$	8,979,516,700		$	6,000,000
Undistributed (distribution in excess of) net investment income		(40,358	)		(10,217,395	)		(4,178,252	)		(13,815,844	)		130,284			311,553			(33,684,859	)		(19	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(142,677	)		(45,297,824	)		(431,218	)		(5,502,669	)		(561,946	)		(457,228	)		(26,004,589	)		—
Net unrealized appreciation (depreciation) on:
Investments		4,666,556			28,346,624			(5,269,490	)		50,077,492			(3,485,682	)		(3,574,842	)		(63,445,296	)		(18,130	)
Foreign currency		—			(267,167	)		(246,127	)		(871,178	)		(53,125	)		(75,716	)		—			—
NET ASSETS	$	39,932,558		$	1,171,549,861		$	218,918,572		$	1,616,535,142		$	53,597,037		$	46,583,915		$	8,856,381,956		$	5,981,851
NET ASSET VALUE PER SHARE
Net asset value per share	$	57.05		$	56.87		$	35.89		$	58.78		$	31.53		$	29.11		$	38.02		$	29.91
Shares outstanding (unlimited amount authorized, $0.01 par value)		700,000			20,600,483			6,100,000			27,500,019			1,700,000			1,600,000			232,923,812			200,000
COST OF INVESTMENTS:
Unaffiliated issuers	$	34,805,360		$	1,123,355,358		$	195,024,395		$	1,481,681,213		$	55,251,794		$	48,106,657		$	8,696,085,385		$	5,707,306
Affiliated issuers		69,315			9,334,596			5,519,269			40,051,046			10,072			1,871,196			159,590,049			292,603
Total cost of investments	$	34,874,675		$	1,132,689,954		$	200,543,664		$	1,521,732,259		$	55,261,866		$	49,977,853		$	8,855,675,434		$	5,999,909
Foreign currency, at cost	$	—		$	2,249,726		$	6,156,473		$	3,804,319		$	309,017		$	429,167		$	—		$	—
* Includes investments in securities on loan, at value	$	—		$	8,865,119		$	1,095,232		$	1,722,452		$	—		$	895,600		$	—		$	—

199

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2011 (Unaudited)

																SPDR Barclays
									SPDR Barclays				SPDR Barclays			Capital		SPDR Barclays		SPDR Barclays
	SPDR Barclays					SPDR Barclays			Capital		SPDR Barclays		Capital Short Term			Intermediate Term		Capital Long Term		Capital Issuer
	Capital 1-3 Month			SPDR Barclays		Capital Short Term			Intermediate Term		Capital Long Term		Corporate Bond			Corporate Bond		Corporate Bond		Scored Corporate
	T-Bill ETF			Capital TIPS ETF		Treasury ETF (1)			Treasury ETF		Treasury ETF		ETF			ETF		ETF		Bond ETF
INVESTMENT INCOME
Interest income on securities of unaffiliated issuers (Note 2)	$	130,647		$	5,341,321	$	1,902		$	2,155,624	$	629,860	$	3,432,594		$	3,521,189	$	1,282,343	$	279,804
Interest income on securities of affiliated issuers (Note 3)		359			692		2			738		120		2,769			533		281		205
Affiliated securities lending — net (Note 3 and Note 8)		212,309			20,018		—			25,478		4,505		—			12,937		4,197		—
TOTAL INVESTMENT INCOME		343,315			5,362,031		1,904			2,181,840		634,485		3,435,363			3,534,659		1,286,821		280,009
EXPENSES
Advisory fee (Note 3)		1,401,542			480,088		610			149,664		27,032		232,681			150,252		37,030		12,269
Trustees’ fees and expenses (Note 3)		26,538			6,444		13			2,784		494		4,675			2,497		604		186
Miscellaneous expenses		—			—		—			343		141		221			59		—		—
TOTAL EXPENSES		1,428,080			486,532		623			152,791		27,667		237,577			152,808		37,634		12,455
NET INVESTMENT INCOME (LOSS)		(1,084,765	)		4,875,499		1,281			2,029,049		606,818		3,197,786			3,381,851		1,249,187		267,554
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		65,126			4,330,723		(8	)		1,289,981		4,249,032		25,060			172,405		51,292		42,303
Net change in unrealized appreciation (depreciation) on:
Investments		(41,312	)		26,266,833		7,746			5,718,138		3,230,946		(3,573,388	)		673,601		3,604,465		258,396
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		23,814			30,597,556		7,738			7,008,119		7,479,978		(3,548,328	)		846,006		3,655,757		300,699
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(1,060,951	)	$	35,473,055	$	9,019		$	9,037,168	$	8,086,796	$	(350,542	)	$	4,227,857	$	4,904,944	$	568,253

(1) For the period November 30, 2011 (commencement of operations) to December 31, 2011.

See accompanying notes to financial statements.

200

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

201

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2011 (Unaudited)

												SPDR Nuveen		SPDR Nuveen		SPDR Nuveen
									SPDR Nuveen			Barclays Capital		Barclays Capital		Barclays Capital				SPDR Nuveen S&P
	SPDR Barclays			SPDR Barclays		SPDR Barclays			Barclays Capital			California		New York		Short Term		SPDR Nuveen S&P		High Yield
	Capital Convertible			Capital Mortgage		Capital Aggregate			Municipal Bond			Municipal Bond		Municipal Bond		Municipal Bond		VRDO Municipal		Municipal Bond
	Securities ETF			Backed Bond ETF		Bond ETF			ETF			ETF		ETF		ETF		Bond ETF		ETF
INVESTMENT INCOME
Interest income on securities of unaffiliated issuers (Note 2)	$	3,048,434		$	332,657	$	3,670,762		$	15,906,470		$	1,489,252	$	460,260	$	10,933,148	$	60,936	$	1,429,137
Interest income on securities of affiliated issuers (Note 3)		2,160			23,192		57,623			—			—		—		—		—		—
Dividend income (Note 2)		6,531,943			—		—			—			—		—		—		—		—
Affiliated securities lending — net (Note 3 and Note 8)		178,128			—		17,476			—			—		—		—		—		—
TOTAL INVESTMENT INCOME		9,760,665			355,849		3,745,861			15,906,470			1,489,252		460,260		10,933,148		60,936		1,429,137
EXPENSES
Advisory fee (Note 3)		1,512,426			35,742		261,083			1,357,459			73,624		25,332		1,368,473		11,730		111,971
Trustees’ fees and expenses (Note 3)		9,552			444		3,527			11,283			922		318		17,093		147		559
Miscellaneous expenses		767			—		—			807			—		—		1,337		309		488
TOTAL EXPENSES		1,522,745			36,186		264,610			1,369,549			74,546		25,650		1,386,903		12,186		113,018
Expenses waived by Adviser (Note 3)		—			—		(73,872	)		(328,646	)		—		—		—		—		(13,461	)
NET INVESTMENT INCOME		8,237,920			319,663		3,555,123			14,865,567			1,414,706		434,610		9,546,245		48,750		1,329,580
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		10,066,363			623,288		1,707,682			6,558,221			97,890		54,377		3,169,399		—		384,301
Net change in unrealized appreciation (depreciation) on:
Investments		(106,217,047	)		122,782		7,866,593			36,999,548			4,316,582		1,093,661		6,006,484		—		226,803
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(96,150,684	)		746,070		9,574,275			43,557,769			4,414,472		1,148,038		9,175,883		—		611,104
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(87,912,764	)	$	1,065,733	$	13,129,398		$	58,423,336		$	5,829,178	$	1,582,648	$	18,722,128	$	48,750	$	1,940,684

See accompanying notes to financial statements.

202

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

203

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2011 (Unaudited)

			SPDR DB									SPDR Barclays
	SPDR Nuveen		International			SPDR Barclays			SPDR Barclays			Capital			SPDR Barclays						SPDR Barclays
	Barclays Capital		Government			Capital Short Term			Capital			International			Capital Emerging			SPDR Barclays			Capital Investment
	Build America Bond		Inflation-Protected			International			International			Corporate Bond			Markets Local			Capital High Yield			Grade Floating Rate
	ETF		Bond ETF			Treasury Bond ETF			Treasury Bond ETF			ETF			Bond ETF			Bond ETF			ETF (1)
INVESTMENT INCOME
Interest income on securities of unaffiliated issuers (Note 2)	$	951,299	$	29,692,721		$	2,400,773		$	22,300,140		$	991,961		$	1,215,017		$	295,202,351		$	8,524
Interest income on securities of affiliated issuers (Note 3)		106		1,446			2,023			11,942			30			507			47,260			71
Affiliated securities lending — net (Note 3 and Note 8)		—		10,402			827			5,707			—			310			—			—
Foreign taxes withheld		—		(61,286	)		(24,887	)		(15,949	)		—			(46,827	)		—			(70	)
TOTAL INVESTMENT INCOME		951,405		29,643,283			2,378,736			22,301,840			991,991			1,169,007			295,249,611			8,525
EXPENSES
Advisory fee (Note 3)		62,728		3,265,211			430,894			3,942,165			153,457			99,374			14,960,580			761
Trustees’ fees and expenses (Note 3)		446		16,507			3,113			19,757			702			492			92,657			13
Miscellaneous expenses		—		278			54			—			—			67			539			—
TOTAL EXPENSES		63,174		3,281,996			434,061			3,961,922			154,159			99,933			15,053,776			774
NET INVESTMENT INCOME		888,231		26,361,287			1,944,675			18,339,918			837,832			1,069,074			280,195,835			7,751
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		244		(27,313,935	)		1,523,462			18,786,638			(623,721	)		(167,542	)		(19,723,048	)		—
Foreign currency transactions		—		(1,145,028	)		(1,035,591	)		(3,010,119	)		75,820			(283,441	)		—			—
Forward foreign currency contracts		—		—			(19,707	)		(219,262	)		36			43			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		3,977,015		(65,266,858	)		(15,486,523	)		(65,058,994	)		(4,892,714	)		(3,909,256	)		(201,261,299	)		(18,130	)
Foreign currency transactions		—		(750,658	)		(385,433	)		(1,605,033	)		(116,402	)		(68,689	)		—			—
Forward foreign currency contracts		—		84,518			7,669			37,866			44,067			(16,475	)		—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		3,977,259		(94,391,961	)		(15,396,123	)		(51,068,904	)		(5,512,914	)		(4,445,360	)		(220,984,347	)		(18,130	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	4,865,490	$	(68,030,674	)	$	(13,451,448	)	$	(32,728,986	)	$	(4,675,082	)	$	(3,376,286	)	$	59,211,488		$	(10,379	)

(1) For the period November 30, 2011 (commencement of operations) to December 31, 2011.

See accompanying notes to financial statements.

204

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

205

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS

													SPDR Barclays
													Capital Short
	SPDR Barclays Capital 1-3												Term Treasury			SPDR Barclays Capital Intermediate Term						SPDR Barclays Capital Long Term Treasury
	Month T-Bill ETF						SPDR Barclays Capital TIPS ETF						ETF			Treasury ETF						ETF
	Six Months						Six Months									Six Months						Six Months
	Ended						Ended						For the Period			Ended						Ended
	12/31/11			Year Ended			12/31/11			Year Ended			11/30/11*-			12/31/11			Year Ended			12/31/11			Year Ended
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			12/31/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,084,765	)	$	(24,311	)	$	4,875,499		$	16,013,763		$	1,281		$	2,029,049		$	4,450,342		$	606,818		$	1,116,098
Net realized gain (loss) on investments		65,126			141,985			4,330,723			5,048,284			(8	)		1,289,981			2,561,206			4,249,032			66,196
Net change in unrealized appreciation (depreciation) on investments		(41,312	)		48,486			26,266,833			7,956,560			7,746			5,718,138			(1,562,526	)		3,230,946			(2,166,685	)
Net increase (decrease) in net assets resulting from operations		(1,060,951	)		166,160			35,473,055			29,018,607			9,019			9,037,168			5,449,022			8,086,796			(984,391	)
Net equalization credits and charges		104,475			(15,250	)		130,163			84,741			—			(1,845	)		(40,997	)		81,458			5,228
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(69,285	)		—			(8,636,471	)		(14,198,063	)		(1,281	)		(2,371,967	)		(4,466,910	)		(760,589	)		(1,120,473	)
Net realized gains		—			—			—			—			—			(577,337	)		(427,780	)		—			—
Total distributions to shareholders		(69,285	)		—			(8,636,471	)		(14,198,063	)		(1,281	)		(2,949,304	)		(4,894,690	)		(760,589	)		(1,120,473	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		3,947,384,766			1,320,585,692			183,259,661			97,011,105			6,000,000			18,205,265			23,519,281			59,279,453			12,249,186
Cost of shares redeemed		(3,300,607,464	)		(1,366,467,544	)		(34,563,536	)		(53,489,195	)		—			(12,096,090	)		(52,855,546	)		(33,076,464	)		(11,316,783	)
Net income equalization (Note 2)		(104,475	)		15,250			(130,163	)		(84,741	)		—			1,845			40,997			(81,458	)		(5,228	)
Other capital (Note 4)		—			—			5,814			—			—			3,061			8,769			—			—
Net increase (decrease) in net assets from beneficial interest transactions		646,672,827			(45,866,602	)		148,571,776			43,437,169			6,000,000			6,114,081			(29,286,499	)		26,121,531			927,175
Net increase (decrease) in net assets during the period		645,647,066			(45,715,692	)		175,538,523			58,342,454			6,007,738			12,200,100			(28,773,164	)		33,529,196			(1,172,461	)
Net assets at beginning of period		1,008,816,118			1,054,531,810			438,091,294			379,748,840			—			213,929,398			242,702,562			22,488,103			23,660,564
NET ASSETS END OF PERIOD (1)	$	1,654,463,184		$	1,008,816,118		$	613,629,817		$	438,091,294		$	6,007,738		$	226,129,498		$	213,929,398		$	56,017,299		$	22,488,103
SHARES OF BENEFICIAL INTEREST:
Shares sold		86,100,000			28,800,000			3,200,000			1,800,000			200,000			300,000			400,000			900,000			200,000
Shares redeemed		(72,000,000	)		(29,800,000	)		(600,000	)		(1,000,000	)		—			(200,000	)		(900,000	)		(500,000	)		(200,000	)
Net increase (decrease)		14,100,000			(1,000,000	)		2,600,000			800,000			200,000			100,000			(500,000	)		400,000			—
(1) Including undistributed (distribution in excess of) net investment income	$	(1,154,050	)	$	—		$	(957,393	)	$	2,803,579		$	—		$	(203,231	)	$	139,687		$	(107,254	)	$	46,517

* Commencement of operations

See accompanying notes to financial statements.

206

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

207

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Barclays Capital Short Term						SPDR Barclays Capital Intermediate						SPDR Barclays Capital Long Term						SPDR Barclays Capital Issuer Scored						SPDR Barclays Capital Convertible
	Corporate Bond ETF						Term Corporate Bond ETF						Corporate Bond ETF						Corporate Bond ETF						Securities ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended						Ended						Ended						Ended			For the Period			Ended
	12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			4/6/11*-			12/31/11			Year Ended
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,197,786		$	4,557,463		$	3,381,851		$	5,139,144		$	1,249,187		$	1,763,430		$	267,554		$	97,465		$	8,237,920		$	9,647,870
Net realized gain (loss) on investments		25,060			1,530,039			172,405			1,481,854			51,292			692,393			42,303			5,349			10,066,363			15,343,463
Net change in unrealized appreciation (depreciation) on investments		(3,573,388	)		2,259,755			673,601			439,747			3,604,465			(1,262,797	)		258,396			122,954			(106,217,047	)		47,890,196
Net increase (decrease) in net assets resulting from operations		(350,542	)		8,347,257			4,227,857			7,060,745			4,904,944			1,193,026			568,253			225,768			(87,912,764	)		72,881,529
Net equalization credits and charges		32,995			61,360			33,257			146,079			65,190			18,779			5,425			—			(149,252	)		624,469
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,736,639	)		(4,388,246	)		(3,968,412	)		(5,083,803	)		(1,479,893	)		(1,769,548	)		(308,789	)		(60,197	)		(15,459,980	)		(20,952,356	)
Net realized gains		(781,714	)		(214,565	)		(657,849	)		(670,571	)		—			(664,892	)		—			—			(9,742,085	)		(1,537,389	)
Total distributions to shareholders		(4,518,353	)		(4,602,811	)		(4,626,261	)		(5,754,374	)		(1,479,893	)		(2,434,440	)		(308,789	)		(60,197	)		(25,202,065	)		(22,489,745	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		66,552,961			229,963,664			26,408,473			92,779,559			26,721,655			11,065,103			9,330,175			12,000,000			37,481,197			641,067,083
Cost of shares redeemed		(9,059,639	)		(57,696,272	)		—			(16,270,063	)		—			(7,200,153	)		—			—			(170,076,437	)		(24,551,048	)
Net income equalization (Note 2)		(32,995	)		(61,360	)		(33,257	)		(146,079	)		(65,190	)		(18,779	)		(5,425	)		—			149,252			(624,469	)
Other capital (Note 4)		33,447			15,433			1,896			2,333			146,969			20,420			51,316			42,000			18,142			35,696
Net increase (decrease) in net assets from beneficial interest transactions		57,493,774			172,221,465			26,377,112			76,365,750			26,803,434			3,866,591			9,376,066			12,042,000			(132,427,846	)		615,927,262
Net increase (decrease) in net assets during the period		52,657,874			176,027,271			26,011,965			77,818,200			30,293,675			2,643,956			9,640,955			12,207,571			(245,691,927	)		666,943,515
Net assets at beginning of period		337,925,386			161,898,115			191,564,740			113,746,540			35,553,019			32,909,063			12,207,571			—			926,572,348			259,628,833
NET ASSETS END OF PERIOD (1)	$	390,583,260		$	337,925,386		$	217,576,705		$	191,564,740		$	65,846,694		$	35,553,019		$	21,848,526		$	12,207,571		$	680,880,421		$	926,572,348
SHARES OF BENEFICIAL INTEREST:
Shares sold		2,200,000			7,600,000			800,000			2,800,000			700,000			300,000			300,000			400,000			1,000,000			15,700,000
Shares redeemed		(300,000	)		(1,900,000	)		—			(500,000	)		—			(200,000	)		—			—			(4,500,000	)		(600,000	)
Net increase (decrease)		1,900,000			5,700,000			800,000			2,300,000			700,000			100,000			300,000			400,000			(3,500,000	)		15,100,000
(1) Including undistributed (distribution in excess of) net investment income	$	(223,633	)	$	315,220		$	(387,521	)	$	199,040		$	(115,948	)	$	114,758		$	(3,967	)	$	37,268		$	(2,852,597	)	$	4,369,463

* Commencement of operations

See accompanying notes to financial statements.

208

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

209

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Barclays Capital Mortgage						SPDR Barclays Capital Aggregate						SPDR Nuveen Barclays Capital						SPDR Nuveen Barclays Capital						SPDR Nuveen Barclays Capital New
	Backed Bond ETF						Bond ETF						Municipal Bond ETF						California Municipal Bond ETF						York Municipal Bond ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended						Ended						Ended						Ended						Ended
	12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	319,663		$	598,053		$	3,555,123		$	6,257,927		$	14,865,567		$	31,440,104		$	1,414,706		$	2,759,960		$	434,610		$	877,707
Net realized gain (loss) on investments		623,288			788,469			1,707,682			4,043,185			6,558,221			7,087,750			97,890			534,874			54,377			183,745
Net change in unrealized appreciation (depreciation) on investments		122,782			(209,547	)		7,866,593			(2,280,889	)		36,999,548			(11,202,383	)		4,316,582			(1,322,812	)		1,093,661			(559,927	)
Net increase (decrease) in net assets resulting from operations		1,065,733			1,176,975			13,129,398			8,020,223			58,423,336			27,325,471			5,829,178			1,972,022			1,582,648			501,525
Net equalization credits and charges		1,304			21,788			41,684			54,020			84,579			(33,639	)		(4,671	)		41,450			—			492
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(371,595	)		(617,711	)		(4,134,455	)		(6,384,803	)		(17,447,189	)		(31,630,191	)		(1,638,085	)		(2,750,210	)		(502,938	)		(882,050	)
Net realized gains		(781,622	)		(668,150	)		(2,701,732	)		(3,289,893	)		(2,760,920	)		(5,638,860	)		(75,264	)		(547,910	)		—			(138,121	)
Total distributions to shareholders		(1,153,217	)		(1,285,861	)		(6,836,187	)		(9,674,696	)		(20,208,109	)		(37,269,051	)		(1,713,349	)		(3,298,120	)		(502,938	)		(1,020,171	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		19,416,167			21,896,498			40,434,050			73,695,114			119,307,782			78,013,855			2,302,262			15,721,737			—			4,558,910
Cost of shares redeemed		(13,778,990	)		(13,664,807	)		—			(33,643,931	)		(48,780,871	)		(146,875,012	)		(4,510,237	)		(6,511,015	)		—			(4,392,267	)
Net income equalization (Note 2)		(1,304	)		(21,788	)		(41,684	)		(54,020	)		(84,579	)		33,639			4,671			(41,450	)		—			(492	)
Other capital (Note 4)		16,598			71,122			43,528			14,366			22,053			—			—			7,861			—			1,122
Net increase (decrease) in net assets from beneficial interest transactions		5,652,471			8,281,025			40,435,894			40,011,529			70,464,385			(68,827,518	)		(2,203,304	)		9,177,133			—			167,273
Net increase (decrease) in net assets during the period		5,566,291			8,193,927			46,770,789			38,411,076			108,764,191			(78,804,737	)		1,907,854			7,892,485			1,079,710			(350,881	)
Net assets at beginning of period		35,556,330			27,362,403			259,438,476			221,027,400			873,455,286			952,260,023			73,225,745			65,333,260			24,575,360			24,926,241
NET ASSETS END OF PERIOD (1)	$	41,122,621		$	35,556,330		$	306,209,265		$	259,438,476		$	982,219,477		$	873,455,286		$	75,133,599		$	73,225,745		$	25,655,070		$	24,575,360
SHARES OF BENEFICIAL INTEREST:
Shares sold		700,000			800,000			700,000			1,300,000			5,100,000			3,400,000			100,000			700,000			—			200,000
Shares redeemed		(500,000	)		(500,000	)		—			(600,000	)		(2,100,000	)		(6,500,000	)		(200,000	)		(300,000	)		—			(200,000	)
Net increase (decrease)		200,000			300,000			700,000			700,000			3,000,000			(3,100,000	)		(100,000	)		400,000			—			—
(1) Including undistributed (distribution in excess of) net investment income	$	(52,944	)	$	(1,012	)	$	(552,257	)	$	27,075		$	(1,394,593	)	$	1,187,029		$	(82,226	)	$	141,153		$	(17,898	)	$	50,430

See accompanying notes to financial statements.

210

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

211

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Nuveen Barclays Capital Short						SPDR Nuveen S&P VRDO Municipal						SPDR Nuveen S&P High Yield						SPDR Nuveen Barclays Capital Build						SPDR DB International Government
	Term Municipal Bond ETF						Bond ETF						Municipal Bond ETF						America Bond ETF						Inflation-Protected Bond ETF
	Six Months						Six Months						Six Months						Six Months						Six Months
	Ended						Ended						Ended			For the Period			Ended						Ended
	12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			4/13/11*-			12/31/11			Year Ended			12/31/11			Year Ended
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	9,546,245		$	19,214,437		$	48,750		$	83,122		$	1,329,580		$	577,107		$	888,231		$	1,537,974		$	26,361,287		$	54,421,679
Net realized gain (loss) on investments and foreign currency transactions		3,169,399			6,421,088			—			—			384,301			—			244			169,390			(28,458,963	)		(10,258,472	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		6,006,484			2,658,575			—			—			226,803			1,763,856			3,977,015			599,730			(65,932,998	)		140,028,325
Net increase (decrease) in net assets resulting from operations		18,722,128			28,294,100			48,750			83,122			1,940,684			2,340,963			4,865,490			2,307,094			(68,030,674	)		184,191,532
Net equalization credits and charges		122,121			29,233			2,028			(1,678	)		9,251			—			8,910			31,488			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(11,317,299	)		(19,359,304	)		(58,402	)		(83,520	)		(1,533,975	)		(315,538	)		(1,037,001	)		(1,476,708	)		(45,531,927	)		(26,525,099	)
Net realized gains		(2,438,920	)		(4,028,194	)		—			—			(112,155	)		—			—			(9,797	)		—			—
Total distributions to shareholders		(13,756,219	)		(23,387,498	)		(58,402	)		(83,520	)		(1,646,130	)		(315,538	)		(1,037,001	)		(1,486,505	)		(45,531,927	)		(26,525,099	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		194,642,127			190,732,492			3,002,778			—			5,267,615			45,000,000			5,518,165			24,828,720			91,550,503			444,906,645
Cost of shares redeemed		(43,767,308	)		(148,473,640	)		—			(6,003,177	)		(5,269,471	)		—			—			(5,225,331	)		(168,050,921	)		(93,838,907	)
Net income equalization (Note 2)		(122,121	)		(29,233	)		(2,028	)		1,678			(9,251	)		—			(8,910	)		(31,488	)		—			—
Other capital (Note 4)		31,718			59,140			1,501			—			—			—			2,759			12,414			761,480			1,616,237
Net increase (decrease) in net assets from beneficial interest transactions		150,784,416			42,288,759			3,002,251			(6,001,499	)		(11,107	)		45,000,000			5,512,014			19,584,315			(75,738,938	)		352,683,975
Net increase (decrease) in net assets during the period		155,872,446			47,224,594			2,994,627			(6,003,575	)		292,698			47,025,425			9,349,413			20,436,392			(189,301,539	)		510,350,408
Net assets at beginning of period		1,299,602,722			1,252,378,128			9,009,894			15,013,469			47,025,425			—			30,583,145			10,146,753			1,360,851,400			850,500,992
NET ASSETS END OF PERIOD (1)	$	1,455,475,168		$	1,299,602,722		$	12,004,521		$	9,009,894		$	47,318,123		$	47,025,425		$	39,932,558		$	30,583,145		$	1,171,549,861		$	1,360,851,400
SHARES OF BENEFICIAL INTEREST:
Shares sold		8,000,000			7,900,000			100,000			—			100,000			900,000			100,000			500,000			1,500,000			7,400,000
Shares redeemed		(1,800,000	)		(6,200,000	)		—			(200,000	)		(100,000	)		—			—			(100,000	)		(2,900,000	)		(1,700,000	)
Net increase (decrease)		6,200,000			1,700,000			100,000			(200,000	)		—			900,000			100,000			400,000			(1,400,000	)		5,700,000
(1) Including undistributed (distribution in excess of) net investment income	$	(1,185,302	)	$	585,752		$	(893	)	$	8,759		$	25,687		$	230,082		$	(40,358	)	$	108,412		$	(10,217,395	)	$	8,953,245

* Commencement of operations

See accompanying notes to financial statements.

212

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

213

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Barclays Capital Short Term						SPDR Barclays Capital International						SPDR Barclays Capital International						SPDR Barclays Capital Emerging
	International Treasury Bond ETF						Treasury Bond ETF						Corporate Bond ETF						Markets Local Bond ETF
	Six Months						Six Months						Six Months						Six Months
	Ended						Ended						Ended						Ended			For the Period
	12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			Year Ended			12/31/11			2/23/11*-
	(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11			(Unaudited)			6/30/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,944,675		$	2,453,248		$	18,339,918		$	32,113,147		$	837,832		$	418,628		$	1,069,074		$	309,695
Net realized gain (loss) on investments and foreign currency transactions		468,164			4,139,691			15,557,257			39,801,628			(547,865	)		188,141			(450,940	)		(233,476	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(15,864,287	)		18,410,725			(66,626,161	)		104,140,455			(4,965,049	)		1,459,669			(3,994,420	)		343,862
Net increase (decrease) in net assets resulting from operations		(13,451,448	)		25,003,664			(32,728,986	)		176,055,230			(4,675,082	)		2,066,438			(3,376,286	)		420,081
Net equalization credits and charges		—			—			—			—			—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(7,810,394	)		—			(47,979,528	)		(11,382,075	)		(1,118,887	)		(226,681	)		(673,556	)		(166,472	)
Net realized gains		—			—			—			—			—			(1,035	)		—			—
Total distributions to shareholders		(7,810,394	)		—			(47,979,528	)		(11,382,075	)		(1,118,887	)		(227,716	)		(673,556	)		(166,472	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		15,373,987			98,578,048			276,270,950			450,283,038			16,953,653			44,261,032			21,851,225			28,081,162
Cost of shares redeemed		(26,308,205	)		(7,532,663	)		(162,493,818	)		(70,723,956	)		(9,844,665	)		—			—			—
Net income equalization (Note 2)		—			—			—			—			—			—			—			—
Other capital (Note 4)		8,130			129,336			392,983			917,974			73,752			115,334			218,512			229,249
Net increase (decrease) in net assets from beneficial interest transactions		(10,926,088	)		91,174,721			114,170,115			380,477,056			7,182,740			44,376,366			22,069,737			28,310,411
Net increase (decrease) in net assets during the period		(32,187,930	)		116,178,385			33,461,601			545,150,211			1,388,771			46,215,088			18,019,895			28,564,020
Net assets at beginning of period		251,106,502			134,928,117			1,583,073,541			1,037,923,330			52,208,266			5,993,178			28,564,020			—
NET ASSETS END OF PERIOD (1)	$	218,918,572		$	251,106,502		$	1,616,535,142		$	1,583,073,541		$	53,597,037		$	52,208,266		$	46,583,915		$	28,564,020
SHARES OF BENEFICIAL INTEREST:
Shares sold		400,000			2,600,000			4,600,000			7,500,000			500,000			1,300,000			700,000			900,000
Shares redeemed		(700,000	)		(200,000	)		(2,700,000	)		(1,200,000	)		(300,000	)		—			—			—
Net increase (decrease)		(300,000	)		2,400,000			1,900,000			6,300,000			200,000			1,300,000			700,000			900,000
(1) Including undistributed (distribution in excess of) net investment income	$	(4,178,252	)	$	1,687,467		$	(13,815,844	)	$	15,823,766		$	130,284		$	411,339		$	311,553		$	(83,965	)

* Commencement of operations

See accompanying notes to financial statements.

214

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

215

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Barclays Capital High Yield Bond ETF						SPDR Barclays Capital Investment Grade Floating Rate ETF
	Six Months
	Ended						For the Period
	12/31/11			Year Ended			11/30/11*-
	(Unaudited)			6/30/11			12/31/11
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	280,195,835		$	519,246,810		$	7,751
Net realized gain (loss) on investments		(19,723,048	)		327,623,154			—
Net change in unrealized appreciation (depreciation) on investments		(201,261,299	)		10,291,259			(18,130	)
Net increase (decrease) in net assets resulting from operations		59,211,488			857,161,223			(10,379	)
Net equalization credits and charges		7,726,149			7,548,278			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(332,136,636	)		(519,131,508	)		(7,770	)
Net realized gains		(60,929,083	)		(97,393,593	)		—
Total distributions to shareholders		(393,065,719	)		(616,525,101	)		(7,770	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		3,918,476,534			4,400,492,400			6,000,000
Cost of shares redeemed		(1,645,677,077	)		(2,028,216,846	)		—
Net income equalization (Note 2)		(7,726,149	)		(7,548,278	)		—
Other capital (Note 4)		1,898,755			1,374,626			—
Net increase (decrease) in net assets from beneficial interest transactions		2,266,972,063			2,366,101,902			6,000,000
Net increase (decrease) in net assets during the period		1,940,843,981			2,614,286,302			5,981,851
Net assets at beginning of period		6,915,537,975			4,301,251,673			—
NET ASSETS END OF PERIOD (1)	$	8,856,381,956		$	6,915,537,975		$	5,981,851
SHARES OF BENEFICIAL INTEREST:
Shares sold		103,000,000			110,900,000			200,000
Shares redeemed		(43,500,000	)		(50,700,000	)		—
Net increase (decrease)		59,500,000			60,200,000			200,000
(1) Including undistributed (distribution in excess of) net investment income	$	(33,684,859	)	$	18,255,942		$	(19	)

* Commencement of operations

See accompanying notes to financial statements.

216

(This page intentionally left blank)

217

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

																																					SPDR
																																					Barclays
																																					Capital
																																					Short
																																					Term
	SPDR Barclays Capital 1-3 Month T-Bill ETF																		SPDR Barclays Capital TIPS ETF																		Treasury ETF
																																					For the
	Six Months															For the			Six Months															For the			Period
	Ended															Period			Ended															Period			11/30/11*-
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			5/25/07*-			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			5/25/07*-			12/31/11
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)
Net asset value, beginning of period	$	45.85		$	45.85		$	45.86		$	45.88		$	45.96		$	45.74		$	54.76		$	52.74		$	49.74		$	52.00		$	47.88		$	48.01		$	30.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)(1)		0.00	(1) (2)		0.00	(1) (2)		0.23	(1)		1.32			0.20			0.54	(1)		2.21	(1)		1.78	(1)		0.54	(1)		2.86			0.41			0.01	(1)
Net realized and unrealized gain (loss) (3)		0.00	(2)		0.00	(2)		0.00	(2)		0.11			0.03			0.02			3.58			1.70			2.78			(1.19	)		4.24			(0.57	)		0.04
Total from investment operations		(0.02	)		0.00	(2)		0.00	(2)		0.34			1.35			0.22			4.12			3.91			4.56			(0.65	)		7.10			(0.16	)		0.05
Net equalization credits and charges (1)		0.00	(2)		0.00	(2)		0.00	(2)		0.02			0.09			—			0.01			0.01			0.01			0.07			(0.12	)		0.03			—
Other Capital (1)		—			—			—			—			—			—			0.00	(2)		—			—			0.00	(2)		—			—			—
Distributions to shareholders from:
Net investment income		(0.00	)(2)		—			0.00	(2)		(0.37	)		(1.52	)		—			(1.00	)		(1.90	)		(1.57	)		(1.68	)		(2.86	)		—			(0.01	)
Net realized gains		—			—			0.00	(2)		(0.01	)		—			—			—			—			—			—			—			—			—
Return of capital		—			—			(0.01	)		—			—			—			—			—			—			—			—			—			—
Total distributions		—			—			(0.01	)		(0.38	)		(1.52	)		—			(1.00	)		(1.90	)		(1.57	)		(1.68	)		(2.86	)		—			(0.01	)
Net asset value, end of period	$	45.83		$	45.85		$	45.85		$	45.86		$	45.88		$	45.96		$	57.89		$	54.76		$	52.74		$	49.74		$	52.00		$	47.88		$	30.04
Total return (4)		(0.05	)%		0.01	%		0.00	%(5)		0.79	%		3.18	%		0.48	%		7.60	%		7.55	%		9.33	%		(1.11	)%		14.96	%		(0.27	)%		0.15	%
Net assets, end of period (in 000’s)	$	1,654,463		$	1,008,816		$	1,054,532		$	985,943		$	284,435		$	36,766		$	613,630		$	438,091		$	379,749		$	288,501		$	93,602		$	57,457		$	6,008
Ratio of expenses to average net assets		0.14	%(6)		0.15	%		0.14	%		0.14	%		0.14	%		0.14	%(6)		0.19	%(6)		0.20	%		0.19	%		0.19	%		0.19	%		0.19	%(6)		0.12	%(6)
Ratio of net investment income (loss) to average net assets		(0.10	)%(6)		0.00	%(5)		0.00	%(5)		0.49	%		2.72	%		4.49	%(6)		1.87	%(6)		4.12	%		3.48	%		1.11	%		6.49	%		10.23	%(6)		0.25	%(6)
Portfolio turnover rate (7)		315	%		628	%		623	%		692	%		583	%		2	%		13	%		21	%		18	%		21	%		16	%		0.00	%(5)		3	%

*	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)	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.

218

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

219

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Barclays Capital Intermediate Term Treasury ETF																		SPDR Barclays Capital Long Term Treasury ETF																		SPDR Barclays Capital Short Term Corporate Bond ETF
	Six Months															For the			Six Months															For the			Six Months						For the
	Ended															Period			Ended															Period			Ended						Period
	12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			5/23/07*-			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			5/23/07*-			12/31/11			Year Ended			12/16/09*-
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07			(Unaudited)			6/30/11			6/30/10
Net asset value, beginning of period	$	59.42		$	59.19		$	57.22		$	55.32		$	52.56		$	52.57		$	56.22		$	59.15		$	55.00		$	53.39		$	49.67		$	50.12		$	30.44		$	29.98		$	30.00
Income (loss) from investment operations:
Net investment income (loss)		0.56	(1)		1.17	(1)		1.19	(1)		1.43	(1)		2.06			0.22			1.00	(1)		2.17	(1)		2.20	(1)		2.36	(1)		2.47			0.22			0.26	(1)		0.56	(1)		0.31	(1)
Net realized and unrealized gain (loss) (2)		1.94			0.37			2.02			1.92			2.81			(0.23	)		13.87			(2.94	)		4.06			1.64			3.72			(0.67	)		(0.29	)		0.48			(0.17	)
Total from investment operations		2.50			1.54			3.21			3.35			4.87			(0.01	)		14.87			(0.77	)		6.26			4.00			6.19			(0.45	)		(0.03	)		1.04			0.14
Net equalization credits and charges (1)		(0.00	)(3)		(0.01	)		0.03			0.06			0.17			—			0.13			0.01			0.08			0.01			(0.01	)		—			0.00	(3)		0.01			0.04
Other Capital (1)		0.00	(3)		0.00	(3)		—			—			—			—			—			—			—			—			—			—			0.00	(3)		0.00	(3)		0.06
Distributions to shareholders from:
Net investment income		(0.65	)		(1.18	)		(1.19	)		(1.51	)		(2.24	)		—			(1.20	)		(2.17	)		(2.19	)		(2.40	)		(2.45	)		—			(0.31	)		(0.56	)		(0.26	)
Net realized gains		(0.16	)		(0.12	)		(0.08	)		—			(0.04	)		—			—			—			—			—			(0.01	)		—			(0.06	)		(0.03	)		—
Total distributions		(0.81	)		(1.30	)		(1.27	)		(1.51	)		(2.28	)		—			(1.20	)		(2.17	)		(2.19	)		(2.40	)		(2.46	)		—			(0.37	)		(0.59	)		(0.26	)
Net asset value, end of period	$	61.11		$	59.42		$	59.19		$	57.22		$	55.32		$	52.56		$	70.02		$	56.22		$	59.15		$	55.00		$	53.39		$	49.67		$	30.04		$	30.44		$	29.98
Total return (4)		4.22	%		2.62	%		5.73	%		6.20	%		9.73	%		(0.02	)%		26.85	%		(1.24	)%		11.93	%		7.51	%		12.62	%		(0.90	)%		(0.11	)%		3.60	%		0.79	%
Net assets, end of period (in 000’s)	$	226,129		$	213,929		$	242,703		$	143,070		$	44,261		$	10,513		$	56,017		$	22,488		$	23,661		$	16,499		$	10,678		$	9,934		$	390,583		$	337,925		$	161,898
Ratio of expenses to average net assets		0.14	%(5)		0.16	%		0.14	%		0.14	%		0.14	%		0.14	%(5)		0.14	%(5)		0.15	%		0.14	%		0.14	%		0.14	%		0.14	%(5)		0.13	%(5)		0.13	%		0.13	%(5)
Ratio of net investment income (loss) to average net assets		1.82	%(5)		1.98	%		2.06	%		2.50	%		3.51	%		4.13	%(5)		3.02	%(5)		3.79	%		4.01	%		4.14	%		4.58	%		4.29	%(5)		1.71	%(5)		1.83	%		1.94	%(5)
Portfolio turnover rate (6)		16	%		33	%		39	%		49	%		36	%		7	%		12	%		26	%		54	%		17	%		11	%		4	%		23	%		46	%		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)	Annualized.
(6)	Portfolio Turnover rate excludes securities received or delivered from in kind processing of creations or redemptions.

220

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

221

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Barclays Capital Intermediate Term Corporate Bond ETF												SPDR Barclays Capital Long Term Corporate Bond ETF												SPDR Barclays Capital Issuer Scored Corporate Bond ETF						SPDR Barclays Capital Convertible Securities ETF
	Six Months									For the			Six Months									For the			Six Months			For the			Six Months									For the
	Ended									Period			Ended									Period			Ended			Period			Ended									Period
	12/31/11			Year Ended			Year Ended			2/10/09*-			12/31/11			Year Ended			Year Ended			3/10/09*-			12/31/11			4/6/11*-			12/31/11			Year Ended			Year Ended			4/14/09*-
	(Unaudited)			6/30/11			6/30/10			6/30/09			(Unaudited)			6/30/11			6/30/10			6/30/09			(Unaudited)			6/30/11			(Unaudited)			6/30/11			6/30/10			6/30/09
Net asset value, beginning of period	$	33.03		$	32.50		$	30.39		$	30.00		$	35.55		$	36.57		$	33.31		$	30.00		$	30.52		$	30.00		$	41.55		$	36.06		$	31.65		$	30.00
Income (loss) from investment operations:
Net investment income (loss)		0.56	(1)		1.14	(1)		1.31	(1)		0.59	(1)		0.96	(1)		2.00	(1)		2.07	(1)		0.65	(1)		0.55	(1)		0.24	(1)		0.41	(1)		0.68	(1)		1.43	(1)		0.35	(1)
Net realized and unrealized gain (loss) (2)		0.13			0.66			2.13			0.20			3.19			(0.22	)		3.30			3.13			0.67			0.32			(4.43	)		6.52			4.78			1.42
Total from investment operations		0.69			1.80			3.44			0.79			4.15			1.78			5.37			3.78			1.22			0.56			(4.02	)		7.20			6.21			1.77
Net equalization credits and charges (1)		0.01			0.03			0.09			0.05			0.05			0.02			0.06			—			0.01			—			(0.01	)		0.04			0.05			0.05
Other Capital (1)		0.00	(3)		0.00	(3)		0.00	(3)		—			0.11			0.02			—			—			0.10			0.11			0.00	(3)		0.00	(3)		0.02			0.05
Distributions to shareholders from:
Net investment income		(0.66	)		(1.15	)		(1.38	)		(0.45	)		(1.13	)		(2.01	)		(2.09	)		(0.47	)		(0.64	)		(0.15	)		(0.78	)		(1.63	)		(1.76	)		(0.22	)
Net realized gains		(0.10	)		(0.15	)		(0.04	)		—			—			(0.83	)		(0.08	)		—			—			—			(0.52	)		(0.12	)		(0.11	)		—
Total distributions		(0.76	)		(1.30	)		(1.42	)		(0.45	)		(1.13	)		(2.84	)		(2.17	)		(0.47	)		(0.64	)		(0.15	)		(1.30	)		(1.75	)		(1.87	)		(0.22	)
Net asset value, end of period	$	32.97		$	33.03		$	32.50		$	30.39		$	38.73		$	35.55		$	36.57		$	33.31		$	31.21		$	30.52		$	36.22		$	41.55		$	36.06		$	31.65
Total return (4)		2.12	%		5.72	%		11.85	%		2.86	%		12.23	%		5.20	%		16.76	%		12.70	%		4.38	%		2.23	%		(9.75	)%		20.38	%		19.92	%		6.24	%
Net assets, end of period (in 000’s)	$	217,577		$	191,565		$	113,747		$	27,349		$	65,847		$	35,553		$	32,909		$	6,661		$	21,849		$	12,208		$	680,880		$	926,572		$	259,629		$	44,307
Ratio of expenses to average net assets		0.15	%(5)		0.16	%		0.15	%		0.15	%(5)		0.15	%(5)		0.17	%		0.15	%		0.15	%(5)		0.16	%(5)		0.16	%(5)		0.40	%(5)		0.41	%		0.40	%		0.40	%(5)
Ratio of net investment income (loss) to average net assets		3.38	%(5)		3.45	%		4.13	%		5.22	%(5)		5.06	%(5)		5.49	%		5.85	%		6.82	%(5)		3.49	%(5)		3.42	%(5)		2.18	%(5)		1.68	%		3.85	%		5.33	%(5)
Portfolio turnover rate (6)		9	%		37	%		42	%		4	%		13	%		58	%		42	%		27	%		19	%		6	%		8	%		33	%		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.

222

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

223

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Barclays Capital Mortgage Backed Bond ETF												SPDR Barclays Capital Aggregate Bond ETF
	Six Months									For the			Six Months															For the
	Ended									Period			Ended															Period
	12/31/11			Year Ended			Year Ended			1/15/09*-			12/31/11			Year Ended			Year Ended			Year Ended			Year Ended			5/23/07*-
	(Unaudited)			6/30/11			6/30/10			6/30/09			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			6/30/07
Net asset value, beginning of period	$	27.35		$	27.36		$	26.26		$	26.05		$	56.40		$	56.67		$	54.47		$	53.13		$	52.09		$	52.36
Income (loss) from investment operations:
Net investment income (loss)		0.25	(1)		0.48	(1)		0.68	(1)		0.25	(1)		0.73	(1)		1.55	(1)		1.85	(1)		2.13	(1)		2.44			0.24
Net realized and unrealized gain (loss) (2)		0.62			0.50			1.29			0.14			1.98			0.58			3.13			1.41			0.91			(0.51	)
Total from investment operations		0.87			0.98			1.97			0.39			2.71			2.13			4.98			3.54			3.35			(0.27	)
Net equalization credits and charges (1)		0.00	(3)		0.02			0.07			—			0.01			0.01			0.01			0.03			0.31			—
Other Capital (1)		0.01			0.06			0.10			—			0.01			0.00	(3)		—			0.01			—			—
Distributions to shareholders from:
Net investment income		(0.29	)		(0.51	)		(0.73	)		(0.18	)		(0.85	)		(1.59	)		(1.86	)		(2.18	)		(2.62	)		—
Net realized gains		(0.52	)		(0.56	)		(0.31	)		—			(0.51	)		(0.82	)		(0.93	)		(0.06	)		—			—
Total distributions		(0.81	)		(1.07	)		(1.04	)		(0.18	)		(1.36	)		(2.41	)		(2.79	)		(2.24	)		(2.62	)		—
Net asset value, end of period	$	27.42		$	27.35		$	27.36		$	26.26		$	57.77		$	56.40		$	56.67		$	54.47		$	53.13		$	52.09
Total return (4)		3.31	%		3.88	%		8.31	%		1.51	%		4.91	%		3.83	%		9.36	%		6.90	%		7.13	%		(0.52	)%
Net assets, end of period (in 000’s)	$	41,123		$	35,556		$	27,362		$	5,252		$	306,209		$	259,438		$	221,027		$	196,090		$	116,880		$	10,419
Ratio of expenses to average net assets		0.20	%(5)		0.21	%		0.21	%		0.20	%(5)		0.13	%(5)		0.15	%		0.13	%		0.13	%		0.13	%		0.13	%(5)
Ratio of expenses to average net assets before waivers		N/A			N/A			N/A			N/A			0.19	%(5)		0.20	%		0.19	%		0.19	%		0.19	%		0.19	%(5)
Ratio of net investment income (loss) to average net assets		1.79	%(5)		1.77	%		2.55	%		2.14	%(5)		2.51	%(5)		2.74	%		3.33	%		3.98	%		4.13	%		4.42	%(5)
Portfolio turnover rate (6)		297	%		1,107	%		897	%		619	%		155	%		310	%		376	%		475	%		151	%		17	%

*	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.

224

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

225

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Nuveen Barclays Capital Municipal Bond ETF															SPDR Nuveen Barclays Capital California Municipal Bond ETF															SPDR Nuveen Barclays Capital New York Municipal Bond ETF
	Six Months												For the			Six Months												For the			Six Months												For the
	Ended												Period			Ended												Period			Ended												Period
	12/31/11			Year Ended			Year Ended			Year Ended			9/11/07*-			12/31/11			Year Ended			Year Ended			Year Ended			10/10/07*-			12/31/11			Year Ended			Year Ended			Year Ended			10/11/07*-
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08
Net asset value, beginning of period	$	22.75		$	22.94		$	21.95		$	21.73		$	22.16		$	22.19		$	22.53		$	21.25		$	21.74		$	22.18		$	22.34		$	22.66		$	21.49		$	21.64		$	21.96
Income (loss) from investment operations:
Net investment income (loss)		0.38	(1)		0.79	(1)		0.85	(1)		0.86	(1)		0.64			0.44	(1)		0.87	(1)		0.96	(1)		0.92	(1)		0.62			0.40	(1)		0.76	(1)		0.88	(1)		0.87	(1)		0.63
Net realized and unrealized gain (loss) (2)		1.11			(0.05	)		0.97			0.18			(0.53	)		1.38			(0.19	)		1.27			(0.52	)		(0.52	)		1.04			(0.20	)		1.16			(0.16	)		(0.39	)
Total from investment operations		1.49			0.74			1.82			1.04			0.11			1.82			0.68			2.23			0.40			0.10			1.44			0.56			2.04			0.71			0.24
Net equalization credits and charges (1)		0.00	(3)		0.00	(3)		0.02			0.03			0.05			(0.00	)(3)		0.01			0.01			0.02			0.02			—			0.00	(3)		0.01			0.01			—
Other Capital (1)		0.00	(3)		—			—			0.00	(3)		0.00	(3)		—			0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		—			0.00	(3)		0.00	(3)		0.00	(3)		—
Distributions to shareholders from:
Net investment income		(0.45	)		(0.79	)		(0.85	)		(0.85	)		(0.59	)		(0.51	)		(0.86	)		(0.96	)		(0.91	)		(0.56	)		(0.46	)		(0.76	)		(0.88	)		(0.87	)		(0.56	)
Net realized gains		(0.07	)		(0.14	)		—			—			—			(0.02	)		(0.17	)		—			—			—			—			(0.12	)		—			—			—
Total distributions		(0.52	)		(0.93	)		(0.85	)		(0.85	)		(0.59	)		(0.53	)		(1.03	)		(0.96	)		(0.91	)		(0.56	)		(0.46	)		(0.88	)		(0.88	)		(0.87	)		(0.56	)
Net asset value, end of period	$	23.72		$	22.75		$	22.94		$	21.95		$	21.73		$	23.48		$	22.19		$	22.53		$	21.25		$	21.74		$	23.32		$	22.34		$	22.66		$	21.49		$	21.64
Total return (4)		6.59	%		3.33	%		8.50	%		5.07	%		0.73	%		8.30	%		3.23	%		10.67	%		2.02	%		0.54	%		6.48	%		2.55	%		9.66	%		3.49	%		1.08	%
Net assets, end of period (in 000’s)	$	982,219		$	873,455		$	952,260		$	583,859		$	256,404		$	75,134		$	73,226		$	65,333		$	40,376		$	17,392		$	25,655		$	24,575		$	24,926		$	15,046		$	12,986
Ratio of expenses to average net assets		0.23	%(5)		0.22	%		0.20	%		0.20	%		0.20	%(5)		0.20	%(5)		0.20	%		0.20	%		0.20	%		0.20	%(5)		0.20	%(5)		0.20	%		0.20	%		0.20	%		0.20	%(5)
Ratio of expenses to average net assets before waivers		0.30	%(5)		0.30	%		0.30	%		0.30	%		0.30	%(5)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Ratio of net investment income (loss) to average net assets		3.29	%(5)		3.46	%		3.75	%		3.96	%		3.79	%(5)		3.84	%(5)		3.92	%		4.32	%		4.33	%		4.04	%(5)		3.43	%(5)		3.40	%		3.92	%		4.11	%		4.02	%(5)
Portfolio turnover rate (6)		8	%		16	%		9	%		3	%		0	%		1	%		29	%		12	%		24	%		17	%		4	%		37	%		9	%		33	%		32	%

*	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.

226

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

227

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF															SPDR Nuveen S&P VRDO Municipal Bond ETF									SPDR Nuveen S&P High Yield Municipal Bond ETF						SPDR Nuveen Barclays Capital Build America Bond ETF
	Six Months												For the			Six Months						For the			Six Months			For the			Six Months						For the
	Ended												Period			Ended						Period			Ended			Period			Ended						Period
	12/31/11			Year Ended			Year Ended			Year Ended			10/10/07*-			12/31/11			Year Ended			9/23/09*-			12/31/11			4/13/11*-			12/31/11			Year Ended			5/12/10*-
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			(Unaudited)			6/30/11			6/30/10			(Unaudited)			6/30/11			(Unaudited)			6/30/11			6/30/10
Net asset value, beginning of period	$	24.20		$	24.08		$	23.67		$	22.82		$	22.53		$	30.03		$	30.03		$	30.00		$	52.25		$	50.00		$	50.97		$	50.73		$	50.00
Income (loss) from investment operations:
Net investment income (loss)		0.17	(1)		0.36	(1)		0.42	(1)		0.55	(1)		0.45			0.13	(1)		0.24	(1)		0.06	(1)		1.57	(1)		0.64	(1)		1.38	(1)		2.74	(1)		0.34	(1)
Net realized and unrealized gain (loss) (2)		0.17			0.19			0.41			0.83			0.19			(0.01	)		—			—			0.66			1.96			6.30			0.16			0.49
Total from investment operations		0.34			0.55			0.83			1.38			0.64			0.12			0.24			0.06			2.23			2.60			7.68			2.90			0.83
Net equalization credits and charges (1)		0.00	(3)		0.00	(3)		0.01			0.03			0.06			0.01			0.00	(3)		0.00	(3)		0.01			—			0.01			0.06			—
Other Capital (1)		0.00	(3)		0.00	(3)		0.01			0.01			0.01			0.00	(3)		—			0.01			—			—			0.00	(3)		0.02			—
Distributions to shareholders from:
Net investment income		(0.20	)		(0.36	)		(0.44	)		(0.57	)		(0.42	)		(0.15	)		(0.24	)		(0.04	)		(1.79	)		(0.35	)		(1.61	)		(2.73	)		(0.10	)
Net realized gains		(0.04	)		(0.07	)		—			—			—			—			—			—			(0.12	)		—			—			(0.01	)		—
Total distributions		(0.24	)		(0.43	)		(0.44	)		(0.57	)		(0.42	)		(0.15	)		(0.24	)		(0.04	)		(1.91	)		(0.35	)		(1.61	)		(2.74	)		(0.10	)
Net asset value, end of period	$	24.30		$	24.20		$	24.08		$	23.67		$	22.82		$	30.01		$	30.03		$	30.03		$	52.58		$	52.25		$	57.05		$	50.97		$	50.73
Total return (4)		1.42	%		2.33	%		3.60	%		6.29	%		3.16	%		0.44	%		0.81	%		0.23	%		4.34	%		5.21	%		15.23	%		6.22	%		1.67	%
Net assets, end of period (in 000’s)	$	1,455,475		$	1,299,603		$	1,252,378		$	501,788		$	123,225		$	12,005		$	9,010		$	15,013		$	47,318		$	47,025		$	39,933		$	30,583		$	10,147
Ratio of expenses to average net assets		0.20	%(5)		0.20	%		0.20	%		0.20	%		0.20	%(5)		0.21	%(5)		0.21	%		0.21	%(5)		0.45	%(5)		0.45	%(5)		0.35	%(5)		0.35	%		0.36	%(5)
Ratio of expenses to average net assets before waivers		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.50	%(5)		0.50	%(5)		N/A			N/A			N/A
Ratio of net investment income (loss) to average net assets		1.40	%(5)		1.49	%		1.77	%		2.35	%		2.66	%(5)		0.83	%(5)		0.80	%		0.26	%(5)		5.94	%(5)		5.86	%(5)		4.96	%(5)		5.54	%		5.10	%(5)
Portfolio turnover rate (6)		14	%		25	%		14	%		4	%		2	%		57	%		77	%		173	%		8	%		33	%		12	%		58	%		16	%

*	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.

228

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

229

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR DB International Government Inflation-Protected Bond ETF															SPDR Barclays Capital Short Term International Treasury Bond ETF												SPDR Barclays Capital International Treasury Bond ETF
	Six Months												For the			Six Months									For the			Six Months												For the
	Ended												Period			Ended									Period			Ended												Period
	12/31/11			Year Ended			Year Ended			Year Ended			3/13/08*-			12/31/11			Year Ended			Year Ended			1/15/09*-			12/31/11			Year Ended			Year Ended			Year Ended			10/2/07*-
	(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			(Unaudited)			6/30/11			6/30/10			6/30/09			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08
Net asset value, beginning of period	$	61.86		$	52.18		$	51.90		$	60.71		$	61.85		$	39.24		$	33.73		$	35.05		$	33.05		$	61.84		$	53.78		$	54.19		$	55.14		$	51.55
Income (loss) from investment operations:
Net investment income (loss)		1.21	(1)		3.19	(1)		2.52	(1)		2.08	(1)		0.73			0.30	(1)		0.51	(1)		0.46	(1)		0.21	(1)		0.71	(1)		1.42	(1)		1.48	(1)		1.51	(1)		0.97
Net realized and unrealized gain (loss) (2)		(4.10	)		7.90			(1.96	)		(9.07	)		(1.35	)		(2.39	)		4.97			(1.41	)		1.83			(1.94	)		7.09			(1.48	)		(1.32	)		3.49
Total from investment operations		(2.89	)		11.09			0.56			(6.99	)		(0.62	)		(2.09	)		5.48			(0.95	)		2.04			(1.23	)		8.51			—			0.19			4.46
Net equalization credits and charges (1)		—			—			0.35			0.03			0.10			—			—			0.07			(0.06	)		—			—			(0.08	)		(0.01	)		0.11
Other Capital (1)		0.03			0.09			0.17			0.07			0.05			0.00	(3)		0.03			0.10			0.07			0.02			0.04			0.10			0.02			0.03
Distributions to shareholders from:
Net investment income		(2.13	)		(1.50	)		(0.80	)		(0.04	)		(0.67	)		(1.26	)		—			(0.54	)		(0.05	)		(1.85	)		(0.49	)		(0.43	)		(1.15	)		(1.01	)
Return of capital		—			—			—			(1.88	)		—			—			—			(0.00	)(3)		—			—			—			—			—			—
Total distributions		(2.13	)		(1.50	)		(0.80	)		(1.92	)		(0.67	)		(1.26	)		—			(0.54	)		(0.05	)		(1.85	)		(0.49	)		(0.43	)		(1.15	)		(1.01	)
Net asset value, end of period	$	56.87		$	61.86		$	52.18		$	51.90		$	60.71		$	35.89		$	39.24		$	33.73		$	35.05		$	58.78		$	61.84		$	53.78		$	54.19		$	55.14
Total return (4)		(4.67	)%		21.61	%		2.03	%		(11.34	)%		(0.73	)%		(5.36	)%		16.34	%		(2.32	)%		6.22	%		(1.99	)%		15.95	%		(0.01	)%		0.50	%		8.95	%
Net assets, end of period (in 000’s)	$	1,171,550		$	1,360,851		$	850,501		$	394,482		$	206,414		$	218,919		$	251,107		$	134,928		$	10,514		$	1,616,535		$	1,583,074		$	1,037,923		$	1,089,231		$	760,990
Ratio of expenses to average net assets		0.50	%(5)		0.52	%		0.50	%		0.50	%		0.50	%(5)		0.35	%(5)		0.36	%		0.35	%		0.36	%(5)		0.50	%(5)		0.52	%		0.50	%		0.50	%		0.50	%(5)
Ratio of net investment income (loss) to average net assets		4.04	%(5)		5.43	%		4.60	%		4.20	%		6.89	%(5)		1.58	%(5)		1.37	%		1.30	%		1.39	%(5)		2.33	%(5)		2.41	%		2.62	%		2.91	%		3.03	%(5)
Portfolio turnover rate (6)		21	%		23	%		40	%		50	%		2	%		43	%		85	%		95	%		39	%		26	%		63	%		80	%		43	%		54	%

*	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.

230

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

231

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

																															SPDR
																															Barclays
																															Capital
																															Investment
																															Grade
																															Floating
	SPDR Barclays Capital International Corporate Bond ETF									SPDR Barclays Capital Emerging Markets Local Bond ETF						SPDR Barclays Capital High Yield Bond ETF															Rate ETF
																															For the
	Six Months						For the			Six Months			For the			Six Months												For the			Period
	Ended						Period			Ended			Period			Ended												Period			11/30/11*-
	12/31/11			Year Ended			5/19/10*-			12/31/11			2/23/11*-			12/31/11			Year Ended			Year Ended			Year Ended			11/28/07*-			12/31/11
	(Unaudited)			6/30/11			6/30/10			(Unaudited)			6/30/11			(Unaudited)			6/30/11			6/30/10			6/30/09			6/30/08			(Unaudited)
Net asset value, beginning of period	$	34.81		$	29.97		$	30.00		$	31.74		$	30.00		$	39.88		$	37.99		$	34.30		$	43.82		$	47.29		$	30.00
Income (loss) from investment operations:
Net investment income (loss)		0.50	(1)		0.93	(1)		0.07	(1)		0.83	(1)		0.55	(1)		1.44	(1)		3.25	(1)		4.16	(1)		4.75	(1)		2.19			0.04	(1)
Net realized and unrealized gain (loss) (2)		(3.15	)		4.44			(0.14	)		(3.09	)		1.06			(1.40	)		2.53			3.70			(10.11	)		(4.04	)		(0.09	)
Total from investment operations		(2.65	)		5.37			(0.07	)		(2.26	)		1.61			0.04			5.78			7.86			(5.36	)		(1.85	)		(0.05	)
Net equalization credits and charges (1)		—			—			—			—			—			0.04			0.05			0.14			0.39			0.39			—
Other Capital (1)		0.04			0.26			0.04			0.17			0.41			0.01			0.01			0.00	(3)		0.00	(3)		0.01			—
Distributions to shareholders from:
Net investment income		(0.67	)		(0.78	)		—			(0.54	)		(0.28	)		(1.69	)		(3.34	)		(4.31	)		(4.55	)		(2.02	)		(0.04	)
Net realized gains		—			(0.01	)		—			—			—			(0.26	)		(0.61	)		—			—			—			—
Total distributions		(0.67	)		(0.79	)		—			(0.54	)		(0.28	)		(1.95	)		(3.95	)		(4.31	)		(4.55	)		(2.02	)		(0.04	)
Net asset value, end of period	$	31.53		$	34.81		$	29.97		$	29.11		$	31.74		$	38.02		$	39.88		$	37.99		$	34.30		$	43.82		$	29.91
Total return (5)		(7.55	)%		19.01	%		(0.10	)%		(6.59	)%		6.70	%		0.35	%		15.87	%		24.22	%		(10.13	)%(4)		(3.10	)%		(0.17	)%
Net assets, end of period (in 000’s)	$	53,597		$	52,208		$	5,993		$	46,584		$	28,564		$	8,856,382		$	6,915,538		$	4,301,252		$	1,900,709		$	394,346		$	5,982
Ratio of expenses to average net assets		0.55	%(6)		0.55	%		0.55	%(6)		0.50	%(6)		0.50	%(6)		0.40	%(6)		0.41	%		0.40	%		0.40	%		0.40	%(6)		0.15	%(6)
Ratio of net investment income (loss) to average net assets		3.00	%(6)		2.77	%		2.16	%(6)		5.38	%(6)		5.01	%(6)		7.49	%(6)		8.13	%		10.96	%		14.81	%		9.43	%(6)		1.53	%(6)
Portfolio turnover rate (7)		25	%		21	%		2	%		10	%		5	%		18	%		40	%		53	%		30	%		19	%		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)	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)%.
(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.

232

This page intentionally left blank. The content of this page is part of a ‘Double Page Spread’ table and appears on the previous page.

233

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS

December 31, 2011 (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, 2011, the Trust offered sixty (60) 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-six (26) Funds: SPDR Barclays Capital 1-3 Month T-Bill ETF, SPDR Barclays Capital TIPS ETF, SPDR Barclays Capital Short Term Treasury ETF, SPDR Barclays Capital Intermediate Term Treasury ETF, SPDR Barclays Capital Long Term Treasury ETF, SPDR Barclays Capital Short Term Corporate Bond ETF, SPDR Barclays Capital Intermediate Term Corporate Bond ETF, SPDR Barclays Capital Long Term Corporate Bond ETF, SPDR Barclays Capital Issuer Scored 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 S&P High Yield 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 Emerging Markets Local Bond ETF, SPDR Barclays Capital High Yield Bond ETF and SPDR Barclays Capital Investment Grade Floating Rate ETF. Each Fund operates as a non-diversified investment company. The other thirty-four (34) 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 in connection with these arrangements 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 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, Funds will not sell a fixed income security because the security’s issuer is in financial trouble, unless that security is removed from the Funds’ respective benchmark index.

2.   Summary of 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. These financial statements are presented in United States dollars.

234

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

Security Valuation

The value of each Fund’s portfolio securities and other financial instruments 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. 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 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.

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 Fund’s investments by industry, debt securities issued by the U.S. government or U.S. government agencies, corporate debt securities, foreign government obligations, commercial mortgage obligations, debt issued by states of the U.S. and political subdivisions of states.

235

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

The following table summarizes the inputs used in valuing the Funds’ investments as of December 31, 2011:

			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	$	1,063,508	$	1,653,899,330	$	—	$	1,654,962,838
SPDR Barclays Capital TIPS ETF		8,899,556		609,496,428		—		618,395,984
SPDR Barclays Capital Short Term Treasury ETF		173,115		5,965,533		—		6,138,648
SPDR Barclays Capital Intermediate Term Treasury ETF		38,136,985		224,641,310		—		262,778,295
SPDR Barclays Capital Long Term Treasury ETF		5,811,636		55,463,265		—		61,274,901
SPDR Barclays Capital Short Term Corporate Bond ETF		10,483,345		382,421,780		—		392,905,125
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		8,930,606		214,597,398		—		223,528,004
SPDR Barclays Capital Long Term Corporate Bond ETF		5,033,003		65,118,709		—		70,151,712
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		289,696		21,408,090		—		21,697,786
SPDR Barclays Capital Convertible Securities ETF		55,342,479		675,750,966		—		731,093,445
SPDR Barclays Capital Mortgage Backed Bond ETF		41,662,730		40,987,932		—		82,650,662
SPDR Barclays Capital Aggregate Bond ETF		115,234,649		304,045,501		—		419,280,150
SPDR Nuveen Barclays Capital Municipal Bond ETF		2,805,845		973,281,999		—		976,087,844
SPDR Nuveen Barclays Capital California Municipal Bond ETF		627,601		73,935,954		—		74,563,555
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		207,655		25,215,708		—		25,423,363
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		8,012,115		1,440,498,704		—		1,448,510,819
SPDR Nuveen S&P VRDO Municipal Bond ETF		1,053,546		11,152,000		—		12,205,546
SPDR Nuveen S&P High Yield Municipal Bond ETF		475,196		46,377,373		—		46,852,569
SPDR Nuveen Barclays Capital Build America Bond ETF		69,315		39,471,916		—		39,541,231
SPDR DB International Government Inflation-Protected Bond ETF		9,334,596		1,151,701,982		—		1,161,036,578
SPDR Barclays Capital Short Term International Treasury Bond ETF		5,519,269		189,754,905		—		195,274,174
SPDR Barclays Capital International Treasury Bond ETF		40,051,046		1,531,758,705		—		1,571,809,751
SPDR Barclays Capital International Corporate Bond ETF		10,072		51,766,112		—		51,776,184
SPDR Barclays Capital Emerging Markets Local Bond ETF		1,871,196		44,531,815		—		46,403,011
SPDR Barclays Capital High Yield Bond ETF		159,590,049		8,632,640,089		—		8,792,230,138
SPDR Barclays Capital Investment Grade Floating Rate ETF		292,603		5,689,176		—		5,981,779

236

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund — Other Financial Instruments*	Prices		Inputs			Inputs		Total
SPDR DB International Government Inflation-Protected Bond ETF	$	—	$	84,518		$	—	$	84,518
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		8,747			—		8,747
SPDR Barclays Capital International Treasury Bond ETF		—		38,774			—		38,774
SPDR Barclays Capital International Corporate Bond ETF		—		43,321			—		43,321
SPDR Barclays Capital Emerging Markets Local Bond ETF		—		(14,045	)		—		(14,045	)

* Other Financial Instruments are derviative instruments not reflected in the Schedules of Investments, such as forward foreign currency contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

All equity securities are valued at Level 1 quoted price and all fixed income securities are valued at Level 2 quoted prices. There were no transfers between levels for the six months ended December 31, 2011.

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 specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and 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. 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 and SPDR Barclays Capital Emerging Markets Local Bond ETF did not utilize equalization during the period due to book-tax differences affecting income from foreign currency. 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

237

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

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.

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.

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.

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 Treasury Bond ETF, SPDR Barclays Capital International Corporate Bond ETF and the SPDR Barclays Capital Emerging Markets Local 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 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, 2011 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 International Government Inflation-Protected Bond ETF (a)	Forward Contract	$	—	$	957,152	$	—	$	—	$	—	$	—	$	957,152
SPDR Barclays Capital Short Term International Treasury Bond ETF (a)	Forward Contract		—		19,013		—		—		—		—		19,013
SPDR Barclays Capital International Treasury Bond ETF (a)	Forward Contract		—		156,748		—		—		—		—		156,748

238

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

		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 International Corporate Bond ETF (a)	Forward Contract	$	—	$	69,070	$	—	$	—	$	—	$	—	$	69,070
SPDR Barclays Capital Emerging Markets Local Bond ETF (a)	Forward Contract		—		22,176		—		—		—		—		22,176

(a) Unrealized appreciation on forward 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 International Government Inflation-Protected Bond ETF (a)	Forward Contract	$	—	$	872,634	$	—	$	—	$	—	$	—	$	872,634
SPDR Barclays Capital Short Term International Treasury Bond ETF (a)	Forward Contract		—		10,266		—		—		—		—		10,266
SPDR Barclays Capital International Treasury Bond ETF (a)	Forward Contract		—		117,974		—		—		—		—		117,974
SPDR Barclays Capital International Corporate Bond ETF (a)	Forward Contract		—		25,749		—		—		—		—		25,749
SPDR Barclays Capital Emerging Markets Local Bond ETF (a)	Forward Contract		—		36,221		—		—		—		—		36,221

(a) Unrealized depreciation on forward currency contracts.

		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 International Government Inflation-Protected Bond ETF (a)	Forward Contract	$	—	$	—		$	—	$	—	$	—	$	—	$	—
SPDR Barclays Capital Short Term International Treasury Bond ETF (a)	Forward Contract		—		(19,707	)		—		—		—		—		(19,707	)

239

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (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 International Treasury Bond ETF (a)	Forward Contract	$	—	$	(219,262	)	$	—	$	—	$	—	$	—	$	(219,262	)
SPDR Barclays Capital International Corporate Bond ETF (a)	Forward Contract		—		36			—		—		—		—		36
SPDR Barclays Capital Emerging Markets Local Bond ETF (a)	Forward Contract		—		43			—		—		—		—		43

(a) Net realized gain (loss) on forward foreign currency 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 International Government Inflation-Protected Bond ETF (a)	Forward Contract	$	—	$	84,518		$	—	$	—	$	—	$	—	$	84,518
SPDR Barclays Capital Short Term International Treasury Bond ETF (a)	Forward Contract		—		7,669			—		—		—		—		7,669
SPDR Barclays Capital International Treasury Bond ETF (a)	Forward Contract		—		37,866			—		—		—		—		37,866
SPDR Barclays Capital International Corporate Bond ETF (a)	Forward Contract		—		44,067			—		—		—		—		44,067
SPDR Barclays Capital Emerging Markets Local Bond ETF (a)	Forward Contract		—		(16,475	)		—		—		—		—		(16,475	)

(a) Net change in unrealized appreciation (depreciation) on forward foreign currency contracts.

The volume of derivatives held at period end is indicative of the volume held throughout the year.

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

240

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

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.

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

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, amortization and accretion of premium and discount, for financial statement purposes, 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, 2011 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.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted. The Act modernizes several of the federal income and excise tax provisions related to RICs, and, with certain exceptions, is effective for taxable years beginning after December 22, 2010. Among the changes made are changes to the capital loss carryforward rules allowing for capital losses to be carried forward indefinitely. Rules in effect previously limit the carryforward period to eight years. Capital loss carryforwards generated in taxable years beginning after effective date of the Act must be fully used before capital loss carryforwards generated in taxable years prior to effective date of the Act; therefore, under certain circumstances, capital loss carryforwards available as of the report date, if any, may expire unused.

241

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

For the six months ended December 31, 2011, 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 Barclays Capital 1-3 Month T-Bill ETF	$	45,512
SPDR Barclays Capital TIPS ETF		4,558,425
SPDR Barclays Capital Short Term Treasury ETF		—
SPDR Barclays Capital Intermediate Term Treasury ETF		560,962
SPDR Barclays Capital Long Term Treasury ETF		4,239,089
SPDR Barclays Capital Short Term Corporate Bond ETF		4,075
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—
SPDR Barclays Capital Long Term Corporate Bond ETF		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—
SPDR Barclays Capital Convertible Securities ETF		6,267,360
SPDR Barclays Capital Mortgage Backed Bond ETF		—
SPDR Barclays Capital Aggregate Bond ETF		—
SPDR Nuveen Barclays Capital Municipal Bond ETF		3,004,890
SPDR Nuveen Barclays Capital California Municipal Bond ETF		3,349
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		786,457
SPDR Nuveen S&P VRDO Municipal Bond ETF		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		219,522
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		789,414
SPDR Barclays Capital International Treasury Bond ETF		12,759,415
SPDR Barclays Capital International Corporate Bond ETF		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		—
SPDR Barclays Capital High Yield Bond ETF		5,735,770
SPDR Barclays Capital Investment Grade Floating Rate ETF		—

At December 31, 2011, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring June 30:

	2017		2018		2019
SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—	$	—	$	—
SPDR Barclays Capital TIPS ETF		18,724		209,542		—
SPDR Barclays Capital Short Term Treasury ETF		—		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		—		—		—
SPDR Barclays Capital Long Term Treasury ETF		—		17,485		94,558
SPDR Barclays Capital Short Term Corporate Bond ETF		—		—		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—		—		—
SPDR Barclays Capital Long Term Corporate Bond ETF		—		—		—

242

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	2017		2018		2019
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		—		—		61,233
SPDR DB International Government Inflation-Protected Bond ETF		3,663,114		3,346,541		1,485,544
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		—		64,080
SPDR Barclays Capital International Treasury Bond ETF		—		532,370		5,552,225
SPDR Barclays Capital International Corporate Bond ETF		—		—		—
SPDR Barclays Capital High Yield Bond ETF		—		—		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		—		—		—

At June 30, 2011 SPDR Barclays Capital Issuer Scored Corporate Bond ETF, SPDR Nuveen S&P High Yield Municipal Bond ETF and SPDR Barclays Capital Emerging Markets Local Bond ETF had capital loss carryforwards that are short term and will not expire of $0, $0 and ($1,937), respectively.

During the tax period ended June 30, 2011, the Funds utilized/expired capital loss carryforwards in the following amounts:

	Amount Utilized		Amount Expired
SPDR Barclays Capital TIPS ETF	$	756,957	$	—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		140,934		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		186,141		—

Under current tax laws, capital and foreign currency 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, 2010 through June 30, 2011 that are deferred for tax purposes until fiscal 2012:

	Deferred Losses
SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—
SPDR Barclays Capital TIPS ETF		—
SPDR Barclays Capital Short Term Treasury ETF		—
SPDR Barclays Capital Intermediate Term Treasury ETF		—
SPDR Barclays Capital Long Term Treasury ETF		(298,287	)
SPDR Barclays Capital Short Term Corporate Bond ETF		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—
SPDR Barclays Capital Long Term Corporate Bond ETF		—
SPDR Barclays Capital Issuer Scored 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		—

243

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Deferred Losses
SPDR Nuveen Barclays Capital California Municipal Bond ETF	$	(10,926	)
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		(182,969	)
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Build America Bond ETF		(63,383	)
SPDR DB International Government Inflation-Protected Bond ETF		(11,563	)
SPDR Barclays Capital Short Term International Treasury Bond ETF		(28,196	)
SPDR Barclays Capital International Treasury Bond ETF		—
SPDR Barclays Capital International Corporate Bond ETF		(14,081	)
SPDR Barclays Capital Emerging Markets Local Bond ETF		(81,412	)
SPDR Barclays Capital High Yield Bond ETF		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		—

Distributions

Each Fund declares and distributes dividends from net investment income, if any, to its shareholders monthly. Each Fund 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.

Subsequent Events

Events or transactions occuring after year end through the date the financial statements were issued have been evaluated by management in the preparation of the financial statements and no items were noted requiring additional disclosure or adjustment.

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 Barclays Capital 1-3 Month T-Bill ETF		0.1345	%
SPDR Barclays Capital TIPS ETF		0.1845
SPDR Barclays Capital Short Term Treasury ETF		0.1200
SPDR Barclays Capital Intermediate Term Treasury ETF		0.1345
SPDR Barclays Capital Long Term Treasury ETF		0.1345
SPDR Barclays Capital Short Term Corporate Bond ETF		0.1245
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		0.1500
SPDR Barclays Capital Long Term Corporate Bond ETF		0.1500
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		0.1600
SPDR Barclays Capital Convertible Securities ETF		0.4000
SPDR Barclays Capital Mortgage Backed Bond ETF		0.2000

244

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Annual Rate
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 S&P High Yield Municipal Bond ETF		0.5000	*
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 Emerging Markets Local Bond ETF		0.5000
SPDR Barclays Capital High Yield Bond ETF		0.4000
SPDR Barclays Capital Investment Grade Floating Rate ETF		0.1500

* The Adviser has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.1345%, 0.23% and 0.45%, until at least October 31, 2012 for the SPDR Barclays Capital Aggregate Bond ETF, SPDR Nuveen Barclays Capital Municipal Bond ETF and the SPDR Nuveen S&P High Yield Municipal Bond ETF, respectively.

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.

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, 2011, State Street earned securities lending agent fees from the following Funds:

	Securities Lending
	Agent Fees
SPDR Barclays Capital 1-3 Month T-Bill ETF	$	37,450
SPDR Barclays Capital TIPS ETF		3,532
SPDR Barclays Capital Short Term Treasury ETF		—
SPDR Barclays Capital Intermediate Term Treasury ETF		4,498
SPDR Barclays Capital Long Term Treasury ETF		794
SPDR Barclays Capital Short Term Corporate Bond ETF		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		2,287
SPDR Barclays Capital Long Term Corporate Bond ETF		742
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—
SPDR Barclays Capital Convertible Securities ETF		31,433
SPDR Barclays Capital Mortgage Backed Bond ETF		—

245

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Securities Lending
	Agent Fees
SPDR Barclays Capital Aggregate Bond ETF	$	3,085
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 S&P High Yield Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Build America Bond ETF		—
SPDR DB International Government Inflation-Protected Bond ETF		1,835
SPDR Barclays Capital Short Term International Treasury Bond ETF		146
SPDR Barclays Capital International Treasury Bond ETF		1,007
SPDR Barclays Capital International Corporate Bond ETF		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		55
SPDR Barclays Capital High Yield Bond ETF		—
SPDR Barclays Capital Investment Grade Floating Rate 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.

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 Shares 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 Chairman 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 SST 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

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

246

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

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.

Amounts related to investments in Liquid Reserves Fund, Tax Free Money Market Fund and/or Prime Portfolio at December 31, 2011 and for the period then ended are:

	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/11		Cost		Shares		Proceeds		Shares		12/31/11		Income		Gain/(Loss)
SPDR Barclays Capital 1-3 Month T-Bill ETF	$	226,280	$	2,706,139		2,706,139	$	1,868,911		1,868,911	$	1,063,508	$	362	$	—
SPDR Barclays Capital TIPS ETF		129,656		21,308,740		21,308,740		20,929,501		20,929,501		508,895		698		—
SPDR Barclays Capital Short Term Treasury ETF		—		173,115		173,115		—		—		173,115		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		323,743		37,995,056		37,995,056		33,599,825		33,599,825		4,718,974		749		—
SPDR Barclays Capital Long Term Treasury ETF		34,859		5,344,390		5,344,390		5,218,201		5,218,201		161,048		120		—
SPDR Barclays Capital Short Term Corporate Bond ETF		8,323,883		77,237,162		77,237,162		75,077,700		75,077,700		10,483,345		2,783		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		2,268,396		15,499,920		15,499,920		15,613,145		15,613,145		2,155,171		568		—
SPDR Barclays Capital Long Term Corporate Bond ETF		357,309		8,557,629		8,557,629		8,330,398		8,330,398		584,540		286		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		115,794		4,740,080		4,740,080		4,566,178		4,566,178		289,696		205		—
SPDR Barclays Capital Convertible Securities ETF		7,049,069		79,970,557		79,970,557		77,813,309		77,813,309		9,206,317		2,398		—
SPDR Barclays Capital Mortgage Backed Bond ETF		35,610,780		20,468,370		20,468,370		14,416,420		14,416,420		41,662,730		23,192		—
SPDR Barclays Capital Aggregate Bond ETF		82,330,487		44,241,544		44,241,544		28,468,351		28,468,351		98,103,680		57,623		—
SPDR Nuveen Barclays Capital Build America Bond ETF		133,062		4,091,023		4,091,023		4,154,770		4,154,770		69,315		110		—
SPDR DB International Government Inflation-Protected Bond ETF		678,762		95,422,151		95,422,151		95,603,640		95,603,640		497,273		1,663		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		2,669,507		34,570,098		34,570,098		32,875,067		32,875,067		4,364,538		2,061		—
SPDR Barclays Capital International Treasury Bond ETF		11,380,351		120,369,179		120,369,179		93,507,954		93,507,954		38,241,576		11,942		—
SPDR Barclays Capital International Corporate Bond ETF		47,951		991,531		991,531		1,029,410		1,029,410		10,072		30		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		510,500		6,203,143		6,203,143		5,754,847		5,754,847		958,796		507		—
SPDR Barclays Capital High Yield Bond ETF		53,523,887		861,496,323		861,496,323		755,430,161		755,430,161		159,590,049		50,491		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		—		292,603		292,603		—		—		292,603		—		—

	Value at		Purchased				Sold				Value at				Realized
Tax Free Money Market Fund	6/30/11		Cost		Shares		Proceeds		Shares		12/31/11		Income		Gain/(Loss)
SPDR Nuveen Barclays Capital Municipal Bond ETF	$	623,561	$	60,752,174		60,752,174	$	58,569,890		58,569,890	$	2,805,845	$	—	$	—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		1,235,075		2,766,441		2,766,441		3,373,915		3,373,915		627,601		—		—

247

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	Value at		Purchased				Sold				Value at				Realized
Tax Free Money Market Fund	6/30/11		Cost		Shares		Proceeds		Shares		12/31/11		Income		Gain/(Loss)
SPDR Nuveen Barclays Capital New York Municipal Bond ETF	$	961,409	$	949,568		949,568	$	1,703,322		1,703,322	$	207,655	$	—	$	—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		4,806,799		90,411,430		90,411,430		87,206,114		87,206,114		8,012,115		—		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		441,285		9,304,185		9,304,185		8,691,924		8,691,924		1,053,546		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		136,806		2,841,680		2,841,680		2,503,290		2,503,290		475,196		—		—

	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/11		Cost		Shares		Proceeds		Shares		12/31/11		Income		Gain/(Loss)
SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—	$	4,316,028,848		4,316,028,848	$	4,316,028,848		4,316,028,848	$	—	$	212,309	$	—
SPDR Barclays Capital TIPS ETF		47,365,200		135,819,024		135,819,024		174,793,563		174,793,563		8,390,661		20,018		—
SPDR Barclays Capital Intermediate Term Treasury ETF		37,531,952		78,893,824		78,893,824		83,007,765		83,007,765		33,418,011		25,478		—
SPDR Barclays Capital Long Term Treasury ETF		4,287,060		30,529,466		30,529,466		29,165,938		29,165,938		5,650,588		4,505		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		12,787,112		27,889,788		27,889,788		33,901,465		33,901,465		6,775,435		12,937		—
SPDR Barclays Capital Long Term Corporate Bond ETF		3,188,498		14,802,510		14,802,510		13,542,545		13,542,545		4,448,463		4,197		—
SPDR Barclays Capital Convertible Securities ETF		98,903,836		258,736,879		258,736,879		311,504,553		311,504,553		46,136,162		178,128		—
SPDR Barclays Capital Aggregate Bond ETF		19,466,516		44,616,405		44,616,405		46,951,952		46,951,952		17,130,969		17,476		—
SPDR DB International Government Inflation-Protected Bond ETF		—		33,389,118		33,389,118		24,551,795		24,551,795		8,837,323		10,402		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		1,919,563		1,919,563		764,832		764,832		1,154,731		827		—
SPDR Barclays Capital International Treasury Bond ETF		4,774,225		14,421,881		14,421,881		17,386,636		17,386,636		1,809,470		5,707		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		—		952,400		952,400		40,000		40,000		912,400		310		—

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.

248

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

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, 2011 was as follows:

			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)
SPDR Barclays Capital 1-3 Month T-Bill ETF	$	1,654,991,779	$	518	$	29,459	$	(28,941	)
SPDR Barclays Capital TIPS ETF		565,890,778		52,505,206		—		52,505,206
SPDR Barclays Capital Short Term Treasury ETF		6,130,902		8,066		320		7,746
SPDR Barclays Capital Intermediate Term Treasury ETF		251,448,469		11,330,707		881		11,329,826
SPDR Barclays Capital Long Term Treasury ETF		58,691,965		2,582,936		—		2,582,936
SPDR Barclays Capital Short Term Corporate Bond ETF		394,307,266		1,431,769		2,833,910		(1,402,141	)
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		218,919,326		6,589,683		1,981,005		4,608,678
SPDR Barclays Capital Long Term Corporate Bond ETF		65,843,058		4,946,782		638,128		4,308,654
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		21,316,436		535,943		154,593		381,350
SPDR Barclays Capital Convertible Securities ETF		784,167,915		24,740,581		77,815,051		(53,074,470	)
SPDR Barclays Capital Mortgage Backed Bond ETF		82,392,297		258,537		172		258,365
SPDR Barclays Capital Aggregate Bond ETF		404,944,435		14,792,249		456,534		14,335,715
SPDR Nuveen Barclays Capital Municipal Bond ETF		916,913,920		59,462,654		288,730		59,173,924
SPDR Nuveen Barclays Capital California Municipal Bond ETF		69,696,695		4,884,209		17,349		4,866,860
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		24,048,981		1,384,314		9,932		1,374,382
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		1,421,484,350		27,251,176		224,707		27,026,469
SPDR Nuveen S&P VRDO Municipal Bond ETF		12,205,546		—		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		44,861,910		3,091,079		1,100,420		1,990,659
SPDR Nuveen Barclays Capital Build America Bond ETF		34,874,675		4,673,064		6,508		4,666,556
SPDR DB International Government Inflation-Protected Bond ETF		1,132,689,954		78,401,438		50,054,814		28,346,624
SPDR Barclays Capital Short Term International Treasury Bond ETF		200,543,664		3,439,128		8,708,618		(5,269,490	)
SPDR Barclays Capital International Treasury Bond ETF		1,521,732,259		97,207,471		47,129,979		50,077,492
SPDR Barclays Capital International Corporate Bond ETF		55,261,866		265,800		3,751,482		(3,485,682	)
SPDR Barclays Capital Emerging Markets Local Bond ETF		49,977,853		371,218		3,946,060		(3,574,842	)
SPDR Barclays Capital High Yield Bond ETF		8,855,675,434		148,076,734		211,522,030		(63,445,296	)
SPDR Barclays Capital Investment Grade Floating Rate ETF		5,999,909		3,744		21,874		(18,130	)

249

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

6.   Investment Transactions

For the six months ended December 31, 2011, the following Funds had in-kind contributions, in-kind redemptions and in-kind net realized gain/loss as follows:

					Realized
	Contributions		Redemptions		Gain/(Loss)
SPDR Barclays Capital 1-3 Month T-Bill ETF	$	3,947,867,510	$	3,302,057,512	$	45,512
SPDR Barclays Capital TIPS ETF		170,699,519		34,415,726		4,558,425
SPDR Barclays Capital Short Term Treasury ETF		5,898,690		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		12,020,796		11,973,475		560,962
SPDR Barclays Capital Long Term Treasury ETF		58,602,835		32,720,861		4,239,089
SPDR Barclays Capital Short Term Corporate Bond ETF		60,001,547		2,751,702		4,075
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		25,691,477		—		—
SPDR Barclays Capital Convertible Securities ETF		33,395,647		127,208,975		6,267,360
SPDR Barclays Capital Aggregate Bond ETF		7,210,336		—		—
SPDR Nuveen Barclays Capital Municipal Bond ETF		83,893,620		49,892,270		3,004,890
SPDR Nuveen Barclays Capital California Municipal Bond ETF		2,201,142		4,570,386		3,349
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		132,460,367		44,125,775		786,457
SPDR Nuveen S&P High Yield Municipal Bond ETF		4,972,903		5,253,935		219,522
SPDR Barclays Capital Short Term International Treasury Bond ETF		11,211,315		16,742,522		789,414
SPDR Barclays Capital International Treasury Bond ETF		130,273,731		105,727,756		12,759,415
SPDR Barclays Capital High Yield Bond ETF		3,484,373,594		1,404,842,800		5,735,770

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 reflects gross shareholder transactions including any cash component of the transaction.

For the six months ended December 31, 2011, 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 Barclays Capital Short Term Treasury, SPDR Barclays Capital Short Term Corporate Bond ETF, SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF and SPDR Nuveen S&P VRDO Municipal Bond ETF), as follows:

	U.S. Government Obligations				Other Securities
	Purchases		Sales		Purchases		Sales
SPDR Barclays Capital 1-3 Month T-Bill ETF	$	6,747,949,262	$	6,428,282,483	$	—	$	—
SPDR Barclays Capital TIPS ETF		73,035,569		66,474,479		—		—
SPDR Barclays Capital Short Term Treasury ETF		269,833		204,260		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		40,310,695		34,650,087		—		—
SPDR Barclays Capital Long Term Treasury ETF		5,250,928		5,222,080		—		—
SPDR Barclays Capital Short Term Corporate Bond ETF		—		—		84,147,811		83,673,108
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—		—		17,623,355		17,515,314
SPDR Barclays Capital Long Term Corporate Bond ETF		—		—		33,059,589		6,410,017
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—		—		12,144,959		2,755,795
SPDR Barclays Capital Convertible Securities ETF		—		—		62,535,298		111,540,825
SPDR Barclays Capital Mortgage Backed Bond ETF		111,208,512		107,377,047		—		—

250

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

	U.S. Government Obligations				Other Securities
	Purchases		Sales		Purchases		Sales
SPDR Barclays Capital Aggregate Bond ETF	$	308,108,073	$	299,806,046	$	124,708,476	$	132,157,294
SPDR Nuveen Barclays Capital Municipal Bond ETF		—		—		108,117,187		71,509,022
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—		—		1,060,978		1,231,527
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—		—		1,902,243		1,076,270
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—		—		251,960,524		186,749,738
SPDR Nuveen S&P VRDO Municipal Bond ETF		—		—		9,037,000		6,447,000
SPDR Nuveen S&P High Yield Municipal Bond ETF		—		—		3,463,805		3,520,590
SPDR Nuveen Barclays Capital Build America Bond ETF		—		—		9,601,532		4,051,791
SPDR DB International Government Inflation-Protected Bond ETF		—		—		262,929,787		374,527,923
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		—		96,704,936		113,173,439
SPDR Barclays Capital International Treasury Bond ETF		—		—		453,465,352		394,466,990
SPDR Barclays Capital International Corporate Bond ETF		—		—		20,336,129		13,583,115
SPDR Barclays Capital Emerging Markets Local Bond ETF		—		—		25,134,907		3,578,017
SPDR Barclays Capital High Yield Bond ETF		—		—		1,429,070,891		1,327,202,408
SPDR Barclays Capital Investment Grade Floating Rate ETF		—		—		5,703,596		91,997

For the six months ended December 31, 2011, 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

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 fluctuations 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

251

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2011 (Unaudited)

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, 2011 and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents 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.

252

SPDR SERIES TRUST
OTHER INFORMATION

December 31, 2011 (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 funds. It is based on an investment of $1,000 invested on July 1, 2011 and held for the six months ended December 31, 2011.

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 $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.

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		7/1/11 to
Actual	Expense Ratio			7/1/11		12/31/11		12/31/11
SPDR Barclays Capital 1-3 Month T-Bill ETF		0.14	%	$	1,000	$	999.50	$	0.70
SPDR Barclays Capital TIPS ETF		0.19			1,000		1,076.00		0.99
SPDR Barclays Capital Short Term Treasury ETF**		0.12			1,000		1,001.50		0.10
SPDR Barclays Capital Intermediate Term Treasury ETF		0.14			1,000		1,042.20		0.72
SPDR Barclays Capital Long Term Treasury ETF		0.14			1,000		1,268.50		0.80
SPDR Barclays Capital Short Term Corporate Bond ETF		0.13			1,000		998.90		0.65
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		0.15			1,000		1,021.20		0.76
SPDR Barclays Capital Long Term Corporate Bond ETF		0.15			1,000		1,122.30		0.80
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		0.16			1,000		1,043.80		0.82
SPDR Barclays Capital Convertible Securities ETF		0.40			1,000		902.50		1.91

253

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2011 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		7/1/11 to
Actual	Expense Ratio			7/1/11		12/31/11		12/31/11
SPDR Barclays Capital Mortgage Backed Bond ETF		0.20	%	$	1,000	$	1,033.10	$	1.02
SPDR Barclays Capital Aggregate Bond ETF		0.13			1,000		1,049.10		0.67
SPDR Nuveen Barclays Capital Municipal Bond ETF		0.23			1,000		1,065.90		1.19
SPDR Nuveen Barclays Capital California Municipal Bond ETF		0.20			1,000		1,083.00		1.05
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		0.20			1,000		1,064.80		1.04
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		0.20			1,000		1,014.20		1.01
SPDR Nuveen S&P VRDO Municipal Bond ETF		0.21			1,000		1,004.40		1.06
SPDR Nuveen S&P High Yield Municipal Bond ETF		0.44			1,000		1,043.40		2.26
SPDR Nuveen Barclays Capital Build America Bond ETF		0.35			1,000		1,152.30		1.89
SPDR DB International Government Inflation-Protected Bond ETF		0.50			1,000		953.30		2.45
SPDR Barclays Capital Short Term International Treasury Bond ETF		0.35			1,000		946.40		1.71
SPDR Barclays Capital International Treasury Bond ETF		0.50			1,000		980.10		2.49
SPDR Barclays Capital International Corporate Bond ETF		0.55			1,000		924.50		2.66
SPDR Barclays Capital Emerging Markets Local Bond ETF		0.50			1,000		934.10		2.43
SPDR Barclays Capital High Yield Bond ETF		0.40			1,000		1,003.50		2.01
SPDR Barclays Capital Investment Grade Floating Rate ETF**		0.15			1,000		998.30		0.13
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		7/1/11 to
Hypothetical	Expense Ratio			7/1/11		12/31/11		12/31/11
SPDR Barclays Capital 1-3 Month T-Bill ETF		0.14			1,000		1,024.40		0.71
SPDR Barclays Capital TIPS ETF		0.19			1,000		1,024.14		0.97
SPDR Barclays Capital Short Term Treasury ETF**		0.12			1,000		1,024.50		0.61
SPDR Barclays Capital Intermediate Term Treasury ETF		0.14			1,000		1,024.40		0.71
SPDR Barclays Capital Long Term Treasury ETF		0.14			1,000		1,024.40		0.71
SPDR Barclays Capital Short Term Corporate Bond ETF		0.13			1,000		1,024.45		0.66
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		0.15			1,000		1,024.35		0.76

254

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2011 (Unaudited)

								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		7/1/11 to
Hypothetical	Expense Ratio			7/1/11		12/31/11		12/31/11
SPDR Barclays Capital Long Term Corporate Bond ETF		0.15	%	$	1,000	$	1,024.35	$	0.76
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		0.16			1,000		1,024.30		0.81
SPDR Barclays Capital Convertible Securities ETF		0.40			1,000		1,023.09		2.03
SPDR Barclays Capital Mortgage Backed Bond ETF		0.20			1,000		1,024.09		1.02
SPDR Barclays Capital Aggregate Bond ETF		0.13			1,000		1,024.45		0.66
SPDR Nuveen Barclays Capital Municipal Bond ETF		0.23			1,000		1,023.94		1.17
SPDR Nuveen Barclays Capital California Municipal Bond ETF		0.20			1,000		1,024.09		1.02
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		0.20			1,000		1,024.09		1.02
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		0.20			1,000		1,024.09		1.02
SPDR Nuveen S&P VRDO Municipal Bond ETF		0.21			1,000		1,024.04		1.07
SPDR Nuveen S&P High Yield Municipal Bond ETF		0.44			1,000		1,022.89		2.24
SPDR Nuveen Barclays Capital Build America Bond ETF		0.35			1,000		1,023.34		1.78
SPDR DB International Government Inflation-Protected Bond ETF		0.50			1,000		1,022.59		2.54
SPDR Barclays Capital Short Term International Treasury Bond ETF		0.35			1,000		1,023.34		1.78
SPDR Barclays Capital International Treasury Bond ETF		0.50			1,000		1,022.59		2.54
SPDR Barclays Capital International Corporate Bond ETF		0.55			1,000		1,022.33		2.80
SPDR Barclays Capital Emerging Markets Local Bond ETF		0.50			1,000		1,022.59		2.54
SPDR Barclays Capital High Yield Bond ETF		0.40			1,000		1,023.09		2.03
SPDR Barclays Capital Investment Grade Floating Rate ETF**		0.15			1,000		1,024.35		0.76

*	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 366.
**	Actual period is from commencement of operations 11/30/11. Hypothetical period is from 7/1/11.

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 the investment advisor voted for the prior 12-months period ended June 30 is available by

255

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2011 (Unaudited)

August 31 of each year by calling the same number 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 Fund’s 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 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

Approval of Advisory Agreement

At in-person meetings held prior to December 31, 2011, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSgA Funds Management, Inc. (the “Adviser”) with respect to the operational fixed income series of the Trust (each a “Current ETF”, collectively, the “Current ETFs”) and to continue and/or approve, as the case may be, the Agreement with respect to the previously approved non-operational series of the Trust and SPDR Barclays Capital Investment Grade Floating Rate Bond ETF and SPDR Barclays Capital Short Term Treasury Bond ETF (collectively, the “New ETFs” and together with the Current ETFs, 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 Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust’s Administrator, Transfer Agent and Custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services to be provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) costs to the Adviser of its services, and (iii) the extent to which economies of scale would be realized if and as the SPDR ETFs grow and whether the fee in the Agreement reflects these economies of scale.

The Board considered the nature, extent and quality of services 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 Agreement and the Adviser’s anticipated responsibilities for managing investment operations of the SPDR ETFs, in accordance with each SPDR ETF’s investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of each SPDR ETF, as an exchange-traded fund (“ETF”), and the experience and expertise of the Adviser with ETFs. 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 of the Adviser, 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 ETFs in particular. The Board also considered the Adviser’s experience in managing fixed income ETFs. The Board then determined that the nature, extent and quality of services anticipated to be provided by the Adviser to the Trust were necessary and appropriate.

The Board considered whether the Adviser benefited in other ways from its 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 other 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.

256

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2011 (Unaudited)

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 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 the 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., ETFs tracking fixed income indexes, as applicable. 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 estimated expense ratio for the New ETFs. 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 its direct competitors.

The Board, including the Independent Trustees voting separately, approved the Agreement for each SPDR ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services expected to be provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the Adviser’s fee for each SPDR ETF and the unitary fee, considered in relation to services expected to be provided, were fair and reasonable; (c) any additional benefits to the Adviser were not of a magnitude materially to affect the Board’s conclusions; and (d) fees expected to be paid to the Adviser were expected to share economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust.

At in-person meetings held prior to December 31, 2011, the Board also considered the continuation of the Sub-Advisory Agreement (the “Nuveen Sub-Advisory Agreement”) between the Trust and Nuveen Asset Management (“Nuveen”) with respect to each of the Nuveen sub-advised municipal bond ETFs (the “Municipal Bond ETFs”).

In evaluating the Nuveen Sub-Advisory Agreement, the Board drew on materials provided to them by Nuveen and the Adviser. In deciding whether to approve the Nuveen Sub-Advisory Agreement, the Board considered various factors, including: (i) the nature, extent and quality of services expected to be provided by Nuveen with respect to the Municipal Bond ETFs under the Nuveen Sub-Advisory Agreement; and (ii) investment performance of municipal bond funds managed by Nuveen. The Board was apprised of the portion of the current advisory fee that the Adviser would pay to Nuveen under the Nuveen Sub-Advisory Agreement and also considered that such fees would be paid directly by the Adviser and would not result in increased fees payable by the Municipal Bond ETFs.

The Board considered the background and experience of Nuveen’s senior management and in particular Nuveen’s experience in investing in municipal securities. The Board noted that Nuveen brings significant municipal securities experience to bear in managing the Municipal Bond ETFs. The Board noted that Nuveen has extensive experience in managing municipal securities and reviewed Nuveen’s assets under management in portfolios of municipal securities for a wide array of mutual funds, closed-end funds, retail managed accounts and institutional managed accounts.

The Board, including the Independent Trustees voting separately, approved the Nuveen Sub-Advisory Agreement for the Municipal Bond ETFs after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services expected to be provided by Nuveen to the Municipal Bond ETFs were adequate and appropriate; and (b) Nuveen’s experience in managing municipal bond funds is extensive.

At an in-person meeting held prior to December 31, 2011, the Board also considered the continuation of the Sub-Advisory Agreement (the “SSgA Limited Sub-Advisory Agreement”) between the Trust and State Street Global Advisors Limited (“SSgA Limited”), an affiliate of the Adviser, with respect to the ETFs sub-advised by SSgA Limited (the “Foreign Fixed Income ETFs”).

In evaluating the SSgA Limited Sub-Advisory Agreement, the Board drew on materials provided to them by SSgA Limited and the Adviser. In deciding whether to approve the SSgA Limited Sub-Advisory Agreement, the Board considered various factors, including: (i) the nature, extent and quality of services expected to be provided by SSgA Limited with respect to the Foreign Fixed Income ETFs under the SSgA Limited Sub-Advisory Agreement; and

257

SPDR SERIES TRUST
OTHER INFORMATION (continued)

December 31, 2011 (Unaudited)

(ii) SSgA Limited’s experience in managing emerging markets fixed income securities. The Board was apprised of the portion of the current advisory fee that the Adviser would pay to SSgA Limited under the SSgA Limited Sub-Advisory Agreement and also considered that such fees would be paid directly by the Adviser and would not result in increased fees payable by the Foreign Fixed Income ETFs.

The Board considered the background and experience of SSgA Limited’s senior management and in particular SSgA Limited’s experience in investing in foreign fixed income securities. The Board noted that SSgA Limited would bring significant foreign fixed income securities experience to bear in managing the Foreign Fixed Income ETFs.

The Board, including the Independent Trustees voting separately, approved the SSgA Limited Sub-Advisory Agreement for the Foreign Fixed Income ETFs, after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services expected to be provided by SSgA Limited to the Foreign Fixed Income ETFs were adequate and appropriate; and (b) SSgA Limited’s experience in foreign fixed income securities was extensive.

258

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 Global Dow ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR S&P Bank ETF (KBE)

SPDR S&P Capital Markets ETF (KCE)

SPDR S&P Insurance ETF (KIE)

SPDR S&P Mortgage Finance ETF (KME)

SPDR S&P Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Aerospace & Defense ETF (XAR)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Health Care Services ETF (XHS)

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 Software & Services ETF (XSW)

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 Short Term Treasury ETF (SST)

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 Issuer Scored Corporate Bond ETF (CBND)

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 S&P High Yield Municipal Bond ETF (HYMB)

SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)

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)

SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)

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 Small Cap Emerging Asia Pacific ETF (GMFS)

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 S&P Global Natural Resources ETF (GNR)

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 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)

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 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. Dell, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Scott E. Habeeb, Assistant Secretary
Jacqueline Angell, Chief Compliance Officer

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.

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. 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 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 IndexSM“ are reprinted with permission. ^©Copyright 2008 Deutsche Bank AG. All rights reserved. “Deutsche Bank” and DB Global Government ex-US Inflation-Linked Bond Capped IndexSM 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.

“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.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Celtain State Street affiliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500, SPDR S&P MidCap 400 and SPDR Dow Jones Industrial Average, all unit investment trusts, and Select Sector SPDRs. ALPS Distributors, Inc. is not affiliated with State Street Global Markets, LLC.

Before investing, consider the fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, zcall 866.787.2257 or visit www.spdrs.com. Read it carefully.

SPDRFISAR

IBG-5652

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 is included as a part of the semi-annual reports to shareholders filed under Item 1 of this Form N-CSR.

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

The 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.

(a)(2) Separate certifications required by Rule 30a-2 under the Investment Company Act of 1940 for each principal executive officer and principal financial officer of the registrant are attached.

(a)(3) Not applicable

(b) A single certification required by Rule 30a-2(b) under the Investment Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SPDR^® SERIES TRUST

By:	/s/ James E. Ross James E. Ross
	President and Principal Executive Officer
Date:	March 7, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James E. Ross James E. Ross
	President and Principal Executive Officer
Date:	March 7, 2012
By:	/s/ Chad C. Hallett Chad C. Hallett
	Treasurer and Principal Financial Officer
Date:	March 7, 2012

EX-99.CERT

Exhibit 12(a)(2)

CERTIFICATIONS

I, James E. Ross, President and Principal Executive Officer of SPDR^® Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of SPDR^® Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 17, 2012	/s/ James E. Ross
	James E. Ross
	President and Principal Executive Officer

CERTIFICATIONS

I, Chad C. Hallett, Treasurer and Principal Financial Officer of SPDR^® Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of SPDR^® Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 17, 2012	/s/ Chad C. Hallett
	Chad C. Hallett
	Treasurer and Principal Financial Officer

EX-99.906.CERT

Exhibit 12(b)

SECTION 906 CERTIFICATION

     We, James E. Ross, President and Principal Executive Officer, and Chad C. Hallett, Treasurer and Principal Financial Officer, of the SPDR^® Series Trust (the “registrant”), certify that:

1.	The report on Form N-CSR of the registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

By:	/s/ James E. Ross James E. Ross
	President and Principal Executive Officer
Date:	March 7, 2012
By:	/s/ Chad C. Hallett Chad C. Hallett
	Treasurer and Principal Financial Officer
Date:	March 7, 2012