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, Massachusetts 02111

(Address of principal executive offices) (zip code)

Joshua A. Weinberg, Esq.

Managing Director and Managing Counsel

SSGA Funds Management, Inc.

One Lincoln Street

Boston, Massachusetts 02111

(Name and address of agent for service)

Copy to:

W. John McGuire, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

Registrant’s telephone number, including area code: (617) 664-7037

Date of fiscal year end: June 30

Date of reporting period: December 31, 2016

Item 1. Reports to Shareholders.

Semi-Annual Report

31 December 2016

SPDR^® Series Trust – Fixed Income Funds

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.

TABLE OF CONTENTS (Unaudited)

Portfolio Statistics
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (formerly, SPDR Barclays 1-3 Month T-Bill ETF) (BIL)	1
SPDR Bloomberg Barclays TIPS ETF (formerly, SPDR Barclays TIPS ETF) (IPE)	2
SPDR Bloomberg Barclays 0-5 Year TIPS ETF (formerly, SPDR Barclays 0-5 Year TIPS ETF) (SIPE)	3
SPDR Bloomberg Barclays 1-10 Year TIPS ETF (formerly, SPDR Barclays 1-10 Year TIPS ETF) (TIPX)	4
SPDR Bloomberg Barclays Short Term Treasury ETF (formerly, SPDR Barclays Short Term Treasury ETF) (SST)	5
SPDR Bloomberg Barclays Intermediate Term Treasury ETF (formerly, SPDR Barclays Intermediate Term Treasury ETF) (ITE)	6
SPDR Bloomberg Barclays Long Term Treasury ETF (formerly, SPDR Barclays Long Term Treasury ETF) (TLO)	7
SPDR Bloomberg Barclays Short Term Corporate Bond ETF (formerly, SPDR Barclays Short Term Corporate Bond ETF) (SCPB)	8
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF (formerly, SPDR Barclays Intermediate Term Corporate Bond ETF) (ITR)	9
SPDR Bloomberg Barclays Long Term Corporate Bond ETF (formerly, SPDR Barclays Long Term Corporate Bond ETF) (LWC)	10
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF (formerly, SPDR Barclays Issuer Scored Corporate Bond ETF) (CBND)	11
SPDR Bloomberg Barclays Convertible Securities ETF (formerly, SPDR Barclays Convertible Securities ETF) (CWB)	12
SPDR Bloomberg Barclays Mortgage Backed Bond ETF (formerly, SPDR Barclays Mortgage Backed Bond ETF) (MBG)	13
SPDR Bloomberg Barclays Aggregate Bond ETF (formerly, SPDR Barclays Aggregate Bond ETF) (BNDS)	14
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (formerly, SPDR Nuveen Barclays Municipal Bond ETF) (TFI)	15
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (formerly, SPDR Nuveen Barclays Short Term Municipal Bond ETF) (SHM)	16
SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)	17
SPDR Citi International Government Inflation-Protected Bond ETF (WIP)	18
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (formerly, SPDR Barclays Short Term International Treasury Bond ETF) (BWZ)	19
SPDR Bloomberg Barclays International Treasury Bond ETF (formerly, SPDR Barclays International Treasury Bond ETF) (BWX)	20
SPDR Bloomberg Barclays International Corporate Bond ETF (formerly, SPDR Barclays International Corporate Bond ETF) (IBND)	21
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (formerly, SPDR Barclays Emerging Markets Local Bond ETF) (EBND)	22
SPDR Bloomberg Barclays High Yield Bond ETF (formerly, SPDR Barclays High Yield Bond ETF) (JNK)	23
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (formerly, SPDR Barclays Short Term High Yield Bond ETF) (SJNK)	24

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (formerly, SPDR Barclays Investment Grade Floating Rate ETF) (FLRN)	25
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (CJNK)	26
SPDR Dorsey Wright Fixed Income Allocation ETF (DWFI)	27
Schedules of Investments
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)	28
SPDR Bloomberg Barclays TIPS ETF (IPE)	29
SPDR Bloomberg Barclays 0-5 Year TIPS ETF (SIPE)	30
SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX)	31
SPDR Bloomberg Barclays Short Term Treasury ETF (SST)	32
SPDR Bloomberg Barclays Intermediate Term Treasury ETF (ITE)	35
SPDR Bloomberg Barclays Long Term Treasury ETF (TLO)	38
SPDR Bloomberg Barclays Short Term Corporate Bond ETF (SCPB)	40
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF (ITR)	58
SPDR Bloomberg Barclays Long Term Corporate Bond ETF (LWC)	100
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF (CBND)	121
SPDR Bloomberg Barclays Convertible Securities ETF (CWB)	138
SPDR Bloomberg Barclays Mortgage Backed Bond ETF (MBG)	142
SPDR Bloomberg Barclays Aggregate Bond ETF (BNDS)	146
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI)	187
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM)	212
SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)	228
SPDR Citi International Government Inflation-Protected Bond ETF (WIP)	246
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ)	250
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX)	255
SPDR Bloomberg Barclays International Corporate Bond ETF (IBND)	265
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (EBND)	274
SPDR Bloomberg Barclays High Yield Bond ETF (JNK)	279
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (SJNK)	295
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (FLRN)	310
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (CJNK)	322
SPDR Dorsey Wright Fixed Income Allocation ETF (DWFI)	335
Financial Statements	336
Financial Highlights	359
Notes to Financial Statements	386
Other Information	406

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.

SPDR BLOOMBERG BARCLAYS 1-3 MONTH T-BILL ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	U.S. TREASURY BILL 4.13% 02/02/2017	U.S. TREASURY BILL 4.69% 03/02/2017	U.S. TREASURY BILL 4.77% 03/30/2017	U.S. TREASURY BILL 4.32% 02/09/2017	U.S. TREASURY BILL 4.32% 02/16/2017
MARKET VALUE	$204,432,012	199,902,948	199,817,901	168,860,480	168,844,884
% OF NET ASSETS	13.0	12.7	12.7	10.7	10.7

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
U.S. Treasury Obligations		99.9	%
Short-Term Investment		0.1
Liabilities in Excess of Other Assets		(0.0	)**
TOTAL		100.0	%

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

** Less than 0.05% of net assets.

1

SPDR BLOOMBERG BARCLAYS TIPS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2018	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2019	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2020	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2021	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 01/15/2022
MARKET VALUE	$33,694,624	33,352,260	33,351,686	29,465,913	28,229,391
% OF NET ASSETS	4.3	4.3	4.3	3.8	3.6

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
U.S. Treasury Obligations		99.7	%
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

2

SPDR BLOOMBERG BARCLAYS 0-5 YEAR TIPS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2018	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2019	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2020	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2017	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2021
MARKET VALUE	$530,742	528,917	526,534	480,994	474,505
% OF NET ASSETS	10.8	10.8	10.7	9.8	9.6

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
U.S. Treasury Obligations		99.6	%
Short-Term Investment		0.2
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

3

SPDR BLOOMBERG BARCLAYS 1-10 YEAR TIPS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2018	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2019	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2020	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 04/15/2021	TREASURY INFLATION PROTECTED INDEXED NOTES 0.13% 01/15/2022
MARKET VALUE	$3,393,559	3,358,757	3,357,475	2,966,943	2,842,933
% OF NET ASSETS	5.8	5.7	5.7	5.1	4.9

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
U.S. Treasury Obligations		99.7	%
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

4

SPDR BLOOMBERG BARCLAYS SHORT TERM TREASURY ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TREASURY NOTES 1.25% 11/30/2018	TREASURY NOTES 3.13% 05/15/2019	TREASURY NOTES 2.63% 11/15/2020	TREASURY NOTES 1.38% 04/30/2020	TREASURY NOTES 1.13% 06/30/2021
MARKET VALUE	$3,331,959	2,930,767	2,825,470	2,821,611	2,780,293
% OF NET ASSETS	2.4	2.1	2.0	2.0	2.0

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
U.S. Treasury Obligations		99.5	%
Short-Term Investments		2.8
Liabilities in Excess of Other Assets		(2.3	)
TOTAL		100.0	%

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

5

SPDR BLOOMBERG BARCLAYS INTERMEDIATE TERM TREASURY ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TREASURY NOTES 2.13% 05/15/2025	TREASURY NOTES 1.13% 04/30/2020	TREASURY NOTES 1.38% 10/31/2020	TREASURY NOTES 3.63% 02/15/2020	TREASURY NOTES 1.50% 08/15/2026
MARKET VALUE	$9,312,737	8,361,596	7,934,582	7,875,973	7,351,969
% OF NET ASSETS	1.8	1.6	1.5	1.5	1.4

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
U.S. Treasury Obligations		99.5	%
Short-Term Investments		2.9
Liabilities in Excess of Other Assets		(2.4	)
TOTAL		100.0	%

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

6

SPDR BLOOMBERG BARCLAYS LONG TERM TREASURY ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TREASURY BONDS 2.88% 05/15/2043	TREASURY BONDS 3.63% 02/15/2044	TREASURY BONDS 2.88% 08/15/2045	TREASURY BONDS 3.75% 11/15/2043	TREASURY BONDS 3.00% 11/15/2044
MARKET VALUE	$16,840,277	16,209,845	13,488,221	13,433,515	13,078,507
% OF NET ASSETS	4.9	4.7	3.9	3.9	3.8

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
U.S. Treasury Obligations		99.1	%
Short-Term Investments		1.6
Liabilities in Excess of Other Assets		(0.7	)
TOTAL		100.0	%

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

7

SPDR BLOOMBERG BARCLAYS SHORT TERM CORPORATE BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TREASURY NOTE 1.38% 12/15/2019	BANK OF AMERICA CORP. SERIES MTN 6.88% 04/25/2018	JPMORGAN CHASE & CO. 6.00% 01/15/2018	ANHEUSER-BUSCH INBEV FINANCE, INC. 1.90% 02/01/2019	GOLDMAN SACHS GROUP, INC. 6.15% 04/01/2018
MARKET VALUE	$47,881,919	19,639,158	18,891,532	16,577,804	15,020,756
% OF NET ASSETS	1.4	0.6	0.5	0.5	0.4

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		97.7	%
U.S. Treasury Obligations		1.4
Short-Term Investments		0.7
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

8

SPDR BLOOMBERG BARCLAYS INTERMEDIATE TERM CORPORATE BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	ANHEUSER-BUSCH INBEV FINANCE, INC. 2.65% 02/01/2021	ANHEUSER-BUSCH INBEV FINANCE, INC. 3.65% 02/01/2026	VERIZON COMMUNICATIONS, INC. 5.15% 09/15/2023	GE CAPITAL INTERNATIONAL FUNDING CO. 2.34% 11/15/2020	CITIGROUP, INC. 2.90% 12/08/2021
MARKET VALUE	$5,035,864	4,689,938	4,626,319	4,423,685	3,844,379
% OF NET ASSETS	0.3	0.3	0.3	0.3	0.2

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		99.0	%
Short-Term Investments		0.4
Other Assets in Excess of Liabilities		0.6
TOTAL		100.0	%

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

9

SPDR BLOOMBERG BARCLAYS LONG TERM CORPORATE BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	ANHEUSER-BUSCH INBEV FINANCE, INC. 4.90% 02/01/2046	GE CAPITAL INTERNATIONAL FUNDING CO. 4.42% 11/15/2035	ANHEUSER-BUSCH INBEV FINANCE, INC. 4.70% 02/01/2036	VERIZON COMMUNICATIONS, INC. 6.55% 09/15/2043	VERIZON COMMUNICATIONS, INC. 5.01% 08/21/2054
MARKET VALUE	$1,658,041	1,563,777	937,299	912,405	839,099
% OF NET ASSETS	0.9	0.8	0.5	0.5	0.4

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		98.8	%
Short-Term Investments		0.3
Other Assets in Excess of Liabilities		0.9
TOTAL		100.0	%

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

10

SPDR BLOOMBERG BARCLAYS ISSUER SCORED CORPORATE BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	DEUTSCHE TELEKOM INTERNATIONAL FINANCE B.V. 8.75% 06/15/2030	PROLOGIS L.P. 3.75% 11/01/2025	SOCIETE GENERALE SA 2.75% 10/12/2017	BP CAPITAL MARKETS PLC 1.38% 11/06/2017	BNP PARIBAS SA 2.38% 05/21/2020
MARKET VALUE	$161,921	153,521	151,393	149,915	149,083
% OF NET ASSETS	0.5	0.5	0.5	0.5	0.5

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		98.3	%
Short-Term Investments		1.9
Liabilities in Excess of Other Assets		(0.2	)
TOTAL		100.0	%

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

11

SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	NVIDIA CORP. 1.00% 12/01/2018	MANDATORY EXCHANGEABLE TRUST 5.75% 06/03/2019	WELLS FARGO & CO. SERIES L 7.50% 12/31/2049	ALLERGAN PLC SERIES A 5.50% 03/01/2018	BANK OF AMERICA CORP. SERIES L 7.25% 12/31/2049
MARKET VALUE	$204,965,898	183,418,080	121,059,890	100,096,511	92,799,105
% OF NET ASSETS	6.6	5.9	3.9	3.2	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.)

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		60.3	%
Convertible Preferred Stocks		37.8
Short-Term Investments		4.4
Liabilities in Excess of Other Assets		(2.5	)
TOTAL		100.0	%

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

12

SPDR BLOOMBERG BARCLAYS MORTGAGE BACKED BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	FEDERAL HOME LOAN MORTGAGE CORP. TBA 3.50% 01/01/2047	FEDERAL HOME LOAN MORTGAGE CORP. TBA 4.00% 01/01/2047	GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 3.00% 09/20/2046	FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.00% 10/01/2046	FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.50% 04/01/2046
MARKET VALUE	$4,633,883	4,070,566	3,959,501	3,445,408	3,428,299
% OF NET ASSETS	1.5	1.3	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.)

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
U.S. Government Agency Obligations		99.1	%
Short-Term Investments		9.0
Liabilities in Excess of Other Assets		(8.1	)
TOTAL		100.0	%

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

13

SPDR BLOOMBERG BARCLAYS AGGREGATE BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TREASURY NOTES 1.38% 01/31/2020	TREASURY NOTES 0.75% 01/31/2018	TREASURY NOTES 2.63% 11/15/2020	TREASURY NOTES 2.50% 05/15/2024	TREASURY NOTES 2.00% 02/15/2023
MARKET VALUE	$17,234,261	13,846,417	12,502,063	10,884,874	8,967,680
% OF NET ASSETS	1.4	1.1	1.0	0.9	0.7

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
U.S. Treasury Obligations		35.5	%
U.S. Government Agency Obligations		30.7
Corporate Bonds & Notes		27.4
Foreign Government Obligations		3.3
Short-Term Investments		2.4
Mortgage-Backed Securities		1.1
Municipal Bonds & Notes		1.0
Asset-Backed Securities		0.4
Liabilities in Excess of Other Assets		(1.8	)
TOTAL		100.0	%

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

14

SPDR NUVEEN BLOOMBERG BARCLAYS MUNICIPAL BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	HAWAII, STATE GENERAL OBLIGATION SERIES FH 5.00% 10/01/2023	CALIFORNIA, STATE GENERAL OBLIGATION 5.00% 12/01/2024	CALIFORNIA, STATE GENERAL OBLIGATION 5.00% 09/01/2021	NEW YORK, NY, CITY TRANSITIONAL FINANCE AUTHORITY, FUTURE TAX SECURED REVENUE SUBSERIES FI 5.00% 08/01/2039	CALIFORNIA, STATE GENERAL OBLIGATION SERIES B 5.00% 08/01/2024
MARKET VALUE	$12,831,371	11,806,014	11,725,829	10,900,048	10,561,096
% OF NET ASSETS	0.6	0.6	0.6	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.)

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Municipal Bonds & Notes		99.4	%
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.5
TOTAL		100.0	%

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

15

SPDR NUVEEN BLOOMBERG BARCLAYS SHORT TERM MUNICIPAL BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	CALIFORNIA, STATE GENERAL OBLIGATION 5.00% 08/01/2020	CALIFORNIA, BAY AREA TOLL AUTHORITY, TOLL BRIDGE REVENUE SERIES C 1.88% 04/01/2047	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK 5.00% 10/01/2020	CALIFORNIA, STATE GENERAL OBLIGATION 5.00% 08/01/2020	CENTRAL PLAINS ENERGY PROJECT, NE, GAS SUPPLY REVENUE 5.00% 08/01/2039
MARKET VALUE	$29,331,488	28,056,510	25,610,784	25,068,029	23,330,523
% OF NET ASSETS	0.9	0.8	0.8	0.7	0.7

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Municipal Bonds & Notes		97.5	%
Short-Term Investment		0.7
Other Assets in Excess of Liabilities		1.8
TOTAL		100.0	%

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

16

SPDR NUVEEN S&P HIGH YIELD MUNICIPAL BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	NEW YORK LIBERTY DEVELOPMENT CORP., REVENUE SERIES 1 5.00% 11/15/2044	CITY OF IRVINE, CA, SPECIAL TAX REVENUE 4.00% 09/01/2049	BUCKEYE, OH, TOBACCO SETTLEMENT FINANCING AUTHORITY SERIES A-2 5.75% 06/01/2034	BUCKEYE, OH, TOBACCO SETTLEMENT FINANCING AUTHORITY SERIES A-2 5.88% 06/01/2047	CALIFORNIA, GOLDEN STATE TOBACCO SECURITIZATION CORP., REVENUE SERIES A-1 5.75% 06/01/2047
MARKET VALUE	$4,698,284	4,484,504	4,210,879	4,088,824	4,048,860
% OF NET ASSETS	0.9	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.)

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Municipal Bonds & Notes		93.7	%
Short-Term Investment		3.9
Other Assets in Excess of Liabilities		2.4
TOTAL		100.0	%

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

17

SPDR CITI INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	SPAIN GOVERNMENT INFLATION LINKED BOND 1.80% 11/30/2024	JAPANESE GOVERNMENT CPI LINKED BOND SERIES 20 0.10% 03/10/2025	SPAIN GOVERNMENT INFLATION LINKED BOND 0.55% 11/30/2019	UNITED KINGDOM GILT INFLATION LINKED SERIES 8MO 2.00% 01/26/2035	UNITED KINGDOM GILT INFLATION LINKED SERIES 3MO 1.25% 11/22/2055
MARKET VALUE	$9,032,768	7,985,505	7,922,712	7,207,538	7,130,012
% OF NET ASSETS	1.8	1.6	1.6	1.4	1.4

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Foreign Government Obligations		99.4	%
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.5
TOTAL		100.0	%

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

18

SPDR BLOOMBERG BARCLAYS SHORT TERM INTERNATIONAL TREASURY BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	GOVERNMENT OF JAPAN 5 YEAR BOND 0.10% 12/20/2019	GOVERNMENT OF JAPAN 5 YEAR BOND 0.20% 12/20/2018	AUSTRALIA GOVERNMENT BOND 5.25% 03/15/2019	GOVERNMENT OF JAPAN 5 YEAR BOND 0.20% 03/20/2019	BELGIUM GOVERNMENT BOND 3.00% 09/28/2019
MARKET VALUE	$4,577,717	2,851,097	2,432,155	2,204,695	2,203,626
% OF NET ASSETS	2.6	1.6	1.4	1.3	1.3

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Foreign Government Obligations		97.8	%
Short-Term Investment		1.3
Other Assets in Excess of Liabilities		0.9
TOTAL		100.0	%

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

19

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	GOVERNMENT OF JAPAN 10 YEAR BOND 0.10% 03/20/2026	GOVERNMENT OF JAPAN 10 YEAR BOND 0.10% 06/20/2026	GOVERNMENT OF JAPAN 10 YEAR BOND SERIES 344 0.10% 09/20/2026	DENMARK GOVERNMENT BOND 4.50% 11/15/2039	KOREA TREASURY BOND 3.50% 03/10/2024
MARKET VALUE	$10,369,066	6,908,115	6,898,718	6,752,593	6,501,729
% OF NET ASSETS	0.7	0.5	0.5	0.5	0.4

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Foreign Government Obligations		98.2	%
Short-Term Investment		0.9
Other Assets in Excess of Liabilities		0.9
TOTAL		100.0	%

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

20

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	DANONE SA 2.25% 11/15/2021	PANASONIC CORP. SERIES 12 0.39% 03/19/2020	ANHEUSER-BUSCH INBEV NV 1.50% 04/18/2030	VODAFONE GROUP PLC 2.20% 08/25/2026	DEUTSCHE BANK AG 1.13% 03/17/2025
MARKET VALUE	$923,554	862,782	824,604	780,801	700,567
% OF NET ASSETS	0.7	0.6	0.6	0.6	0.5

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		98.5	%
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		1.5
TOTAL		100.0	%

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

** Less than 0.05% of net assets.

21

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	BRAZIL LETRAS DO TESOURO NACIONAL SERIES LTN 01/01/2019	BRAZIL NOTAS DO TESOURO NACIONAL SERIE F SERIES NTNF 10.00% 01/01/2021	KOREA TREASURY BOND SERIES 1803 2.75% 03/10/2018	BRAZIL NOTAS DO TESOURO NACIONAL SERIE F SERIES NTNF 10.00% 01/01/2023	INDONESIA TREASURY BOND SERIES FR73 8.75% 05/15/2031
MARKET VALUE	$1,846,039	1,774,607	1,627,286	1,569,005	1,473,379
% OF NET ASSETS	1.6	1.5	1.4	1.3	1.3

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Foreign Government Obligations		98.2	%
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		1.7
TOTAL		100.0	%

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

22

SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	SFR GROUP SA 7.38% 05/01/2026	SPRINT CORP. 7.88% 09/15/2023	SFR GROUP SA 6.00% 05/15/2022	WESTERN DIGITAL CORP. 10.50% 04/01/2024	FRONTIER COMMUNICATIONS CORP. 11.00% 09/15/2025
MARKET VALUE	$85,423,500	79,471,365	66,166,825	65,682,340	64,851,654
% OF NET ASSETS	0.7	0.7	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.)

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		98.2	%
Short-Term Investments		2.4
Warrants		0.0	**
Liabilities in Excess of Other Assets		(0.6	)
TOTAL		100.0	%

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

** Less than 0.05% of net assets.

23

SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	HCA, INC. 6.50% 02/15/2020	WIND ACQUISITION FINANCE SA 7.38% 04/23/2021	REYNOLDS GROUP ISSUER, INC./ REYNOLDS GROUP ISSUER LLC/ REYNOLDS GROUP ISSUER LU 5.75% 10/15/2020	SOFTBANK GROUP CORP. 4.50% 04/15/2020	EMC CORP. 1.88% 06/01/2018
MARKET VALUE	$25,281,246	23,136,202	22,461,714	20,169,950	19,033,437
% OF NET ASSETS	0.7	0.6	0.6	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.)

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		95.2	%
Short-Term Investments		7.3
U.S. Treasury		0.7
Common Stocks		0.1
Senior Floating Rate Loans		0.0	**
Warrants		0.0	**
Liabilities in Excess of Other Assets		(3.3	)
TOTAL		100.0	%

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

** Less than 0.05% of net assets.

24

SPDR BLOOMBERG BARCLAYS INVESTMENT GRADE FLOATING RATE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	JPMORGAN CHASE & CO. 1.78% 01/25/2018	GOLDMAN SACHS GROUP, INC. SERIES MTN 2.01% 11/15/2018	WACHOVIA CORP. 1.23% 06/15/2017	NEDERLANDSE WATERSCHAPSBANK NV 1.13% 02/14/2018	WELLS FARGO BANK NA 1.62% 01/22/2018
MARKET VALUE	$6,038,580	5,503,166	5,451,798	5,162,629	5,071,361
% OF NET ASSETS	0.8	0.7	0.7	0.7	0.7

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		80.1	%
Foreign Government Obligations		17.6
Short-Term Investments		2.5
Liabilities in Excess of Other Assets		(0.2	)
TOTAL		100.0	%

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

25

SPDR BOFA MERRILL LYNCH CROSSOVER CORPORATE BOND ETF —

PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	NAVIENT CORP. SERIES MTN 8.00% 03/25/2020	NXP B.V./NXP FUNDING LLC 4.63% 06/01/2023	FIAT CHRYSLER AUTOMOBILES NV 5.25% 04/15/2023	BARCLAYS PLC 4.38% 01/12/2026	FORD MOTOR CREDIT CO. LLC 3.20% 01/15/2021
MARKET VALUE	$221,875	210,500	204,000	202,564	200,292
% OF NET ASSETS	0.6	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.)

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

PORTFOLIO COMPOSITION	PERCENT OF NET ASSETS
Corporate Bonds & Notes		98.2	%
Short-Term Investments		1.3
Other Assets in Excess of Liabilities		0.5
TOTAL		100.0	%

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

26

SPDR DORSEY WRIGHT FIXED INCOME ALLOCATION ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF	SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF	SPDR BLOOMBERG BARCLAYS INTERMEDIATE TERM CORPORATE BOND ETF	SPDR WELLS FARGO PREFERRED STOCK ETF
MARKET VALUE	$3,042,554	3,035,086	2,966,447	2,906,673
% OF NET ASSETS	25.0	25.0	24.4	23.9

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

ASSET ALLOCATION AS OF DECEMBER 31, 2016*

	PERCENT OF NET ASSETS
Domestic Equity		23.9	%
Domestic Fixed Income		74.4
Short-Term Investment		2.0
Liabilities in Excess of Other Assets		(0.3	)
		100.0	%

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

27

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
U.S. TREASURY OBLIGATIONS (a) — 99.9%
U.S. Treasury Bill:
4.13%, 2/2/2017	$	204,506,000	$	204,432,012
4.32%, 2/9/2017		168,939,000		168,860,480
4.32%, 2/16/2017		168,939,000		168,844,884
4.51%, 2/23/2017		162,270,000		162,159,395
4.54%, 3/16/2017		155,602,000		155,444,311
4.55%, 3/9/2017		155,602,000		155,465,596
4.69%, 3/2/2017		200,059,000		199,902,948
4.77%, 3/23/2017		155,602,000		155,430,446
4.77%, 3/30/2017		200,059,000		199,817,901
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,570,387,441)				1,570,357,973
Security Description	Shares		Value
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $2,591,394)		2,591,394	$	2,591,394
TOTAL INVESTMENTS — 100.0% (Cost $1,572,978,835)				1,572,949,367
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)				(502,363	)
NET ASSETS — 100.0%			$	1,572,447,004

(a) Rate shown is the discount rate at time of purchase, not a coupon rate.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) Amount shown represents less than 0.05% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
U.S. Treasury Obligations	$	—	$	1,570,357,973	$	—	$	1,570,357,973
Short-Term Investment		2,591,394		—		—		2,591,394
TOTAL INVESTMENTS	$	2,591,394	$	1,570,357,973	$	—	$	1,572,949,367

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		2,358,376	$	2,358,376		2,002,001		4,360,377		—	$	—	$	2,761	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		5,556,988		2,965,594		2,591,394		2,591,394		1,335		—
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		1,697,956,260		1,697,956,260		—		—		28,949		—
TOTAL			$	2,358,376							$	2,591,394	$	33,045	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

28

SPDR Bloomberg Barclays TIPS ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 99.7%
Treasury Inflation Protected Indexed Bonds:
0.63%, 2/15/2043	$	15,418,209	$	14,152,529
0.75%, 2/15/2042		15,795,043		14,985,547
0.75%, 2/15/2045		15,063,560		14,207,347
1.38%, 2/15/2044		15,276,330		16,703,292
1.75%, 1/15/2028		11,516,650		12,880,452
2.00%, 1/15/2026		15,550,888		17,537,669
2.13%, 2/15/2040		10,831,453		13,439,559
2.13%, 2/15/2041		16,892,288		21,068,906
2.38%, 1/15/2025		22,924,206		26,339,454
2.38%, 1/15/2027		12,612,003		14,792,619
2.50%, 1/15/2029		10,171,057		12,286,637
3.38%, 4/15/2032		4,357,756		6,035,100
3.63%, 4/15/2028		16,012,574		21,094,485
3.88%, 4/15/2029		18,302,733		25,067,789
Treasury Inflation Protected Indexed Notes:
0.13%, 4/15/2018		33,378,860		33,694,624
0.13%, 4/15/2019		32,927,820		33,352,260
0.13%, 4/15/2020		32,991,093		33,351,686
0.13%, 4/15/2021		29,271,841		29,465,913
0.13%, 1/15/2022		28,147,763		28,229,391
0.13%, 7/15/2022		27,513,431		27,618,257
0.13%, 1/15/2023		27,410,633		27,240,139
0.13%, 7/15/2024		26,649,432		26,217,178
0.13%, 7/15/2026		23,718,434		22,959,918
0.25%, 1/15/2025		26,713,169		26,294,040
0.38%, 7/15/2023		27,187,576		27,462,715
0.38%, 7/15/2025		26,680,746		26,564,418
0.63%, 7/15/2021		24,540,083		25,344,016
0.63%, 1/15/2024		27,116,080		27,618,812
0.63%, 1/15/2026		27,553,834		27,816,973
1.00%, 2/15/2046		13,272,164		13,349,806
1.13%, 1/15/2021		25,874,144		27,174,578
1.25%, 7/15/2020		22,912,802		24,212,874
1.38%, 7/15/2018		10,715,411		11,123,346
1.38%, 1/15/2020		13,540,380		14,250,438
1.63%, 1/15/2018		11,980,725		12,299,052
1.88%, 7/15/2019		10,978,697		11,696,484
2.13%, 1/15/2019		10,607,318		11,210,663
TOTAL U.S. TREASURY OBLIGATIONS (Cost $779,173,261)				779,138,966
	Shares
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (a) (b) (Cost $1,067,857)		1,067,857		1,067,857
TOTAL INVESTMENTS — 99.8% (Cost $780,241,118)				780,206,823
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				1,661,449
NET ASSETS — 100.0%			$	781,868,272

(a) The rate shown is the annualized seven-day yield at December 31, 2016.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
U.S. Treasury Obligations	$	—	$	779,138,966	$	—	$	779,138,966
Short-Term Investment		1,067,857		—		—		1,067,857
TOTAL INVESTMENTS	$	1,067,857	$	779,138,966	$	—	$	780,206,823

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		37,009	$	37,009		11,390,399		11,427,408		—	$	—	$	1,367	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		4,194,323		3,126,466		1,067,857		1,067,857		265		—
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		13,173,870		13,173,870		—		—		184		—
TOTAL			$	37,009							$	1,067,857	$	1,816	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

29

SPDR Bloomberg Barclays 0-5 Year TIPS ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 99.6%
Treasury Inflation Protected Indexed Notes:
0.13%, 4/15/2017	$	479,861	$	480,994
0.13%, 4/15/2018		525,768		530,742
0.13%, 4/15/2019		522,186		528,917
0.13%, 4/15/2020		520,842		526,534
0.13%, 4/15/2021		471,380		474,505
0.63%, 7/15/2021		387,809		400,513
1.13%, 1/15/2021		410,172		430,788
1.25%, 7/15/2020		363,213		383,822
1.38%, 7/15/2018		170,383		176,869
1.38%, 1/15/2020		219,648		231,166
1.63%, 1/15/2018		191,186		196,266
1.88%, 7/15/2019		178,642		190,321
2.13%, 1/15/2019		168,652		178,245
2.38%, 1/15/2017		11		11
2.63%, 7/15/2017		164,912		168,923
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,894,558)				4,898,616
Security Description	Shares		Value
SHORT-TERM INVESTMENT — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (a) (b) (Cost $9,978)		9,978	$	9,978
TOTAL INVESTMENTS — 99.8% (Cost $4,904,536)				4,908,594
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				10,147
NET ASSETS — 100.0%			$	4,918,741

(a) The rate shown is the annualized seven-day yield at December 31, 2016.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
U.S. Treasury Obligations	$	—	$	4,898,616	$	—	$	4,898,616
Short-Term Investment		9,978		—		—		9,978
TOTAL INVESTMENTS	$	9,978	$	4,898,616	$	—	$	4,908,594

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		10,729	$	10,729		62,048		72,777		—	$	—	$	16	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		12,291		2,313		9,978		9,978		6		—
TOTAL			$	10,729							$	9,978	$	22	$	—

See accompanying notes to financial statements.

30

SPDR Bloomberg Barclays 1-10 Year TIPS ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 99.7%
Treasury Inflation Protected Indexed Bonds:
2.00%, 1/15/2026	$	1,565,572	$	1,765,589
2.38%, 1/15/2025		2,308,745		2,652,702
Treasury Inflation Protected Indexed Notes:
0.13%, 4/15/2018		3,361,757		3,393,559
0.13%, 4/15/2019		3,316,013		3,358,757
0.13%, 4/15/2020		3,321,175		3,357,475
0.13%, 4/15/2021		2,947,401		2,966,943
0.13%, 1/15/2022		2,834,713		2,842,933
0.13%, 7/15/2022		2,771,174		2,781,732
0.13%, 1/15/2023		2,760,864		2,743,692
0.13%, 7/15/2024		2,683,550		2,640,023
0.13%, 7/15/2026		2,388,947		2,312,548
0.25%, 1/15/2025		2,689,636		2,647,436
0.38%, 7/15/2023		2,738,173		2,765,883
0.38%, 7/15/2025		2,686,748		2,675,034
0.63%, 7/15/2021		2,471,423		2,552,387
0.63%, 1/15/2024		2,730,974		2,781,606
0.63%, 1/15/2026		2,774,661		2,801,159
1.13%, 1/15/2021		2,605,459		2,736,410
1.25%, 7/15/2020		2,307,186		2,438,095
1.38%, 7/15/2018		1,079,129		1,120,211
1.38%, 1/15/2020		1,363,716		1,435,229
1.63%, 1/15/2018		1,204,348		1,236,347
1.88%, 7/15/2019	$	1,106,043	$	1,178,357
2.13%, 1/15/2019		1,068,544		1,129,323
TOTAL U.S. TREASURY OBLIGATIONS (Cost $58,895,902)				58,313,430
	Shares
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (a) (b) (Cost $69,593)		69,593		69,593
TOTAL INVESTMENTS — 99.8% (Cost $58,965,495)				58,383,023
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				94,293
NET ASSETS — 100.0%			$	58,477,316

(a) The rate shown is the annualized seven-day yield at December 31, 2016.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
U.S. Treasury Obligations	$	—	$	58,313,430	$	—	$	58,313,430
Short-Term Investment		69,593		—		—		69,593
TOTAL INVESTMENTS	$	69,593	$	58,313,430	$	—	$	58,383,023

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		17,436	$	17,436		555,350		572,786		—	$	—	$	72	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		140,825		71,232		69,593		69,593		17		—
State Street Navigator Securities Lending Government Money Market Portfolio*		—		—		2,906,950		2,906,950		—		—		12		—
TOTAL			$	17,436							$	69,593	$	101	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

31

SPDR Bloomberg Barclays Short Term Treasury ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 99.5%
Treasury Bonds:
7.88%, 2/15/2021	$	101,100	$	125,432
8.00%, 11/15/2021		489,600		627,124
8.13%, 8/15/2019		105,000		123,168
8.13%, 5/15/2021		93,200		117,662
8.13%, 8/15/2021		171,400		218,326
8.50%, 2/15/2020		84,400		102,370
8.75%, 5/15/2020		228,100		281,457
8.75%, 8/15/2020		326,600		407,832
8.88%, 2/15/2019		126,400		146,877
9.00%, 11/15/2018		105,000		120,237
9.13%, 5/15/2018		62,900		69,787
Treasury Notes:
0.63%, 4/30/2018		806,800		802,806
0.63%, 6/30/2018		1,919,300		1,907,304
0.75%, 1/31/2018		789,800		788,173
0.75%, 2/28/2018		1,603,500		1,599,427
0.75%, 3/31/2018		803,300		800,946
0.75%, 4/15/2018		309,200		308,245
0.75%, 4/30/2018		1,121,000		1,117,323
0.75%, 7/31/2018		438,300		435,933
0.75%, 8/31/2018		854,900		849,625
0.75%, 9/30/2018		764,400		759,301
0.75%, 10/31/2018 (a)		692,700		687,692
0.75%, 2/15/2019		1,878,300		1,859,536
0.75%, 7/15/2019		482,100		475,100
0.75%, 8/15/2019		854,900		841,769
0.88%, 1/15/2018		543,200		542,966
0.88%, 1/31/2018		673,300		672,775
0.88%, 3/31/2018		1,283,800		1,282,182
0.88%, 5/31/2018		373,800		373,082
0.88%, 7/15/2018		1,703,400		1,697,949
0.88%, 10/15/2018		464,300		462,067
0.88%, 4/15/2019		467,200		462,986
0.88%, 5/15/2019		467,200		462,734
0.88%, 6/15/2019		1,109,700		1,098,070
0.88%, 7/31/2019		210,700		208,250
0.88%, 9/15/2019		764,400		754,432
1.00%, 2/15/2018		745,500		745,806
1.00%, 3/15/2018		459,600		459,811
1.00%, 5/15/2018		570,900		570,740
1.00%, 5/31/2018		924,400		924,030
1.00%, 8/15/2018		537,100		536,380
1.00%, 9/15/2018		745,600		743,937
1.00%, 11/30/2018 (a)		538,600		536,871
1.00%, 3/15/2019		628,000		624,659
1.00%, 6/30/2019		1,474,400		1,462,782
1.00%, 8/31/2019		210,700		208,705
1.00%, 9/30/2019		961,900		951,790
1.00%, 10/15/2019 (a)		839,600		830,641
1.00%, 11/15/2019		734,400		725,543
1.00%, 11/30/2019		705,600		697,048
1.13%, 6/15/2018		559,300		559,893
1.13%, 1/15/2019		467,900		467,020
1.13%, 5/31/2019		147,400		146,771
1.13%, 12/31/2019		337,400		334,083
1.13%, 3/31/2020		232,100		229,094
1.13%, 4/30/2020		561,800		554,047
1.13%, 2/28/2021		845,400		822,616
1.13%, 6/30/2021		2,872,500		2,780,293
1.13%, 7/31/2021		876,500		847,277
1.13%, 8/31/2021		1,479,600		1,429,708
1.13%, 9/30/2021		2,523,300		2,433,950
1.25%, 10/31/2018		1,490,600		1,492,881
1.25%, 11/15/2018		353,100		353,640
1.25%, 11/30/2018		3,327,600		3,331,959
1.25%, 12/15/2018		467,900		468,373
1.25%, 12/31/2018 (b)		650,000		650,650
1.25%, 1/31/2019		820,600		820,961
1.25%, 4/30/2019		210,700		210,534
1.25%, 10/31/2019		356,800		355,255
1.25%, 1/31/2020		2,254,200		2,237,632
1.25%, 2/29/2020		813,900		807,340
1.25%, 3/31/2021		1,291,500		1,261,666
1.25%, 10/31/2021 (a)		1,091,200		1,058,191
1.38%, 6/30/2018		1,493,400		1,500,374
1.38%, 7/31/2018		953,900		958,231
1.38%, 9/30/2018		1,386,800		1,392,014
1.38%, 11/30/2018		189,400		190,078
1.38%, 12/31/2018		210,700		211,389
1.38%, 2/28/2019		1,493,400		1,497,357
1.38%, 12/15/2019		800,000		798,032
1.38%, 1/31/2020		312,700		311,512
1.38%, 2/29/2020		660,900		657,741
1.38%, 3/31/2020		751,800		747,838
1.38%, 4/30/2020		2,839,900		2,821,611
1.38%, 5/31/2020		717,400		712,816
1.38%, 8/31/2020		1,002,400		991,965
1.38%, 9/30/2020		558,700		552,342
1.38%, 10/31/2020		950,400		938,663
1.38%, 1/31/2021		797,400		784,721
1.38%, 4/30/2021		1,462,000		1,434,266
1.38%, 5/31/2021		1,159,700		1,136,808
1.50%, 8/31/2018		1,399,000		1,407,730
1.50%, 12/31/2018		1,274,700		1,282,132
1.50%, 1/31/2019		1,178,200		1,184,645
1.50%, 2/28/2019		1,402,200		1,409,828
1.50%, 3/31/2019		189,400		190,349
1.50%, 5/31/2019		1,145,200		1,150,388
1.50%, 10/31/2019		808,900		810,858
1.50%, 11/30/2019		1,872,700		1,876,427
1.50%, 5/31/2020		1,490,600		1,485,979
1.63%, 3/31/2019		1,168,100		1,177,281
1.63%, 4/30/2019		809,300		815,613
1.63%, 6/30/2019		868,200		874,729
1.63%, 7/31/2019		1,150,600		1,158,516
1.63%, 8/31/2019		1,704,600		1,716,294
1.63%, 12/31/2019		1,339,500		1,346,023
1.63%, 6/30/2020		2,003,500		2,004,341
1.63%, 7/31/2020		1,220,000		1,219,183
1.63%, 11/30/2020		656,000		653,369
1.75%, 10/31/2018		1,474,700		1,490,317
1.75%, 9/30/2019		1,100,100		1,110,804
1.75%, 10/31/2020		580,800		581,962
1.75%, 12/31/2020		979,300		979,045
1.75%, 11/30/2021 (a)		979,200		972,013
1.88%, 6/30/2020		234,500		236,751

See accompanying notes to financial statements.

32

SPDR Bloomberg Barclays Short Term Treasury ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
1.88%, 11/30/2021	$	979,200	$	976,497
2.00%, 7/31/2020		378,500		383,368
2.00%, 9/30/2020		1,394,600		1,410,415
2.00%, 11/30/2020		504,700		509,903
2.00%, 2/28/2021		1,692,800		1,706,512
2.00%, 5/31/2021		513,800		516,965
2.00%, 8/31/2021		854,900		858,320
2.00%, 10/31/2021		1,049,300		1,052,301
2.00%, 11/15/2021		1,224,000		1,227,390
2.00%, 12/31/2021 (b)		1,025,000		1,028,762
2.13%, 8/31/2020		1,292,300		1,313,080
2.13%, 1/31/2021		495,400		502,009
2.13%, 6/30/2021		1,216,100		1,229,088
2.13%, 8/15/2021		1,239,400		1,251,174
2.13%, 9/30/2021		873,800		881,612
2.13%, 12/31/2021		1,000,000		1,008,550
2.25%, 7/31/2018		147,400		150,071
2.25%, 3/31/2021		523,200		532,775
2.25%, 4/30/2021		560,600		570,500
2.25%, 7/31/2021		745,000		756,801
2.38%, 5/31/2018		295,300		300,778
2.38%, 6/30/2018		295,300		300,985
2.38%, 12/31/2020		724,200		741,914
2.63%, 1/31/2018		798,500		812,713
2.63%, 4/30/2018		210,700		215,146
2.63%, 8/15/2020		872,000		901,631
2.63%, 11/15/2020		2,733,700		2,825,470
2.75%, 2/28/2018		295,300		301,286
2.75%, 2/15/2019		757,900		781,531
2.88%, 3/31/2018		1,454,200		1,488,126
3.13%, 5/15/2019		2,811,800		2,930,767
3.13%, 5/15/2021		653,800		688,857
3.38%, 11/15/2019		1,085,700		1,145,413
3.50%, 2/15/2018		1,451,100		1,491,470
3.50%, 5/15/2020		590,400		627,501
3.63%, 8/15/2019		421,700		446,281
3.63%, 2/15/2020		1,533,100		1,631,203
3.63%, 2/15/2021		1,636,900		1,756,868
3.75%, 11/15/2018		636,200		666,381
3.88%, 5/15/2018		295,300		306,811
4.00%, 8/15/2018		316,000		330,858
TOTAL U.S. TREASURY OBLIGATIONS (Cost $142,292,439)				140,593,940
	Shares
SHORT-TERM INVESTMENTS — 2.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		1,782,752		1,782,752
State Street Navigator Securities Lending Government Money Market Portfolio (d) (e)		2,080,746		2,080,746
TOTAL SHORT-TERM INVESTMENTS (Cost $3,863,498)				3,863,498
TOTAL INVESTMENTS — 102.3% (Cost $146,155,937)				144,457,438
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3)%				(3,194,073	)
NET ASSETS — 100.0%			$	141,263,365

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) When-issued security.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
U.S. Treasury Obligations	$	—	$	140,593,940	$	—	$	140,593,940
Short-Term Investments		3,863,498		—		—		3,863,498
TOTAL INVESTMENTS	$	3,863,498	$	140,593,940	$	—	$	144,457,438

See accompanying notes to financial statements.

33

SPDR Bloomberg Barclays Short Term Treasury ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		3,752,355	$	3,752,355		7,821,382		11,573,737		—	$	—	$	532	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		8,052,550		6,269,799		1,782,752		1,782,752		189		—
State Street Navigator Securities Lending Government Money Market Portfolio*		536,210		536,210		11,660,873		10,116,337		2,080,746		2,080,746		3,401		—
TOTAL			$	4,288,565							$	3,863,498	$	4,122	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

34

SPDR Bloomberg Barclays Intermediate Term Treasury ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 99.5%
Treasury Bonds:
6.00%, 2/15/2026	$	881,600	$	1,139,953
6.25%, 8/15/2023		358,800		448,636
6.50%, 11/15/2026		487,600		660,459
6.75%, 8/15/2026		448,400		614,115
6.88%, 8/15/2025		206,400		279,226
7.13%, 2/15/2023		160,200		206,357
7.25%, 8/15/2022		154,100		196,562
7.50%, 11/15/2024		160,100		220,379
7.63%, 11/15/2022		136,900		178,852
7.63%, 2/15/2025		136,600		190,465
7.88%, 2/15/2021		106,500		132,131
8.00%, 11/15/2021		259,400		332,263
8.13%, 8/15/2019		238,100		279,298
8.13%, 5/15/2021		50,100		63,250
8.13%, 8/15/2021		50,100		63,816
8.50%, 2/15/2020		106,500		129,176
8.75%, 5/15/2020		84,200		103,896
8.75%, 8/15/2020		457,600		571,414
8.88%, 2/15/2019		161,200		187,314
9.00%, 11/15/2018		125,200		143,368
9.13%, 5/15/2018		171,700		190,499
Treasury Notes:
0.63%, 4/30/2018		1,593,800		1,585,911
0.63%, 6/30/2018		1,793,900		1,782,688
0.75%, 1/31/2018		7,031,200		7,016,716
0.75%, 2/28/2018		2,270,900		2,265,132
0.75%, 3/31/2018		678,400		676,412
0.75%, 4/15/2018		704,500		702,323
0.75%, 4/30/2018		1,653,500		1,648,076
0.75%, 7/31/2018		448,400		445,979
0.75%, 8/31/2018		897,200		891,664
0.75%, 9/30/2018		487,600		484,348
0.75%, 10/31/2018 (a)		1,350,400		1,340,637
0.75%, 2/15/2019		1,330,000		1,316,713
0.75%, 7/15/2019		1,345,600		1,326,062
0.75%, 8/15/2019		1,793,900		1,766,346
0.88%, 1/15/2018		1,356,600		1,356,017
0.88%, 1/31/2018		829,900		829,253
0.88%, 3/31/2018		1,033,300		1,031,998
0.88%, 5/31/2018		5,788,600		5,777,486
0.88%, 7/15/2018		1,776,400		1,770,716
0.88%, 10/15/2018		1,214,400		1,208,559
0.88%, 4/15/2019		2,054,600		2,036,067
0.88%, 5/15/2019		3,692,400		3,657,101
0.88%, 6/15/2019		1,793,900		1,775,100
0.88%, 7/31/2019		307,700		304,121
0.88%, 9/15/2019		1,462,600		1,443,528
1.00%, 2/15/2018		4,299,300		4,301,062
1.00%, 3/15/2018		2,564,200		2,565,380
1.00%, 5/15/2018		797,600		797,377
1.00%, 5/31/2018		2,005,200		2,004,398
1.00%, 8/15/2018		889,400		888,208
1.00%, 9/15/2018		1,966,800		1,962,414
1.00%, 11/30/2018 (a)		1,316,200		1,311,975
1.00%, 3/15/2019		4,836,400		4,810,670
1.00%, 6/30/2019		352,500		349,722
1.00%, 8/31/2019		2,389,600		2,366,970
1.00%, 9/30/2019		1,022,300		1,011,556
1.00%, 10/15/2019 (a)		4,337,600		4,291,318
1.00%, 11/15/2019 (a)		1,950,000		1,926,483
1.00%, 11/30/2019		3,610,800		3,567,037
1.13%, 6/15/2018		3,005,200		3,008,386
1.13%, 12/31/2018		2,000,000		2,002,000
1.13%, 1/15/2019		886,200		884,534
1.13%, 5/31/2019		373,900		372,303
1.13%, 12/31/2019		614,400		608,360
1.13%, 3/31/2020		1,154,700		1,139,747
1.13%, 4/30/2020		8,478,600		8,361,596
1.13%, 2/28/2021		3,229,400		3,142,368
1.13%, 6/30/2021		2,467,200		2,388,003
1.13%, 7/31/2021		5,496,000		5,312,763
1.13%, 8/31/2021		3,005,400		2,904,058
1.13%, 9/30/2021		1,950,000		1,880,950
1.25%, 10/31/2018		2,971,900		2,976,447
1.25%, 11/15/2018		3,133,700		3,138,495
1.25%, 11/30/2018		2,569,700		2,573,066
1.25%, 12/15/2018		794,200		795,002
1.25%, 1/31/2019		2,990,200		2,991,516
1.25%, 4/30/2019		289,900		289,671
1.25%, 10/31/2019		3,278,100		3,263,906
1.25%, 1/31/2020		3,567,200		3,540,981
1.25%, 2/29/2020		534,400		530,093
1.25%, 3/31/2021		2,555,200		2,496,175
1.25%, 10/31/2021 (a)		2,550,000		2,472,862
1.25%, 7/31/2023		1,793,900		1,689,100
1.38%, 6/30/2018		1,045,400		1,050,282
1.38%, 7/31/2018		3,743,200		3,760,194
1.38%, 9/30/2018		5,646,900		5,668,132
1.38%, 11/30/2018		297,000		298,063
1.38%, 12/31/2018		375,300		376,527
1.38%, 2/28/2019		1,145,000		1,148,034
1.38%, 12/15/2019		1,250,000		1,246,925
1.38%, 1/31/2020		492,000		490,130
1.38%, 2/29/2020		2,314,000		2,302,939
1.38%, 3/31/2020		2,197,400		2,185,820
1.38%, 4/30/2020		3,005,000		2,985,648
1.38%, 5/31/2020		2,308,000		2,293,252
1.38%, 8/31/2020		6,968,400		6,895,859
1.38%, 9/30/2020		2,393,000		2,365,768
1.38%, 10/31/2020		8,033,800		7,934,582
1.38%, 1/31/2021		2,214,800		2,179,585
1.38%, 4/30/2021		2,925,100		2,869,611
1.38%, 5/31/2021		3,304,000		3,238,779
1.38%, 6/30/2023		1,928,600		1,832,536
1.38%, 8/31/2023		1,839,000		1,742,692
1.38%, 9/30/2023		2,145,000		2,031,744
1.50%, 8/31/2018		4,630,800		4,659,696
1.50%, 12/31/2018		2,252,400		2,265,532
1.50%, 1/31/2019		1,099,200		1,105,212
1.50%, 2/28/2019		4,153,000		4,175,592
1.50%, 3/31/2019		276,800		278,187
1.50%, 5/31/2019		3,284,300		3,299,178
1.50%, 10/31/2019		6,286,600		6,301,813
1.50%, 11/30/2019		2,021,100		2,025,122
1.50%, 5/31/2020		5,361,300		5,344,680
1.50%, 1/31/2022		3,355,900		3,280,191

See accompanying notes to financial statements.

35

SPDR Bloomberg Barclays Intermediate Term Treasury ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
1.50%, 2/28/2023	$	2,466,300	$	2,372,309
1.50%, 3/31/2023		1,572,400		1,511,469
1.50%, 8/15/2026		7,992,400		7,351,969
1.63%, 3/31/2019		2,354,400		2,372,906
1.63%, 4/30/2019		3,260,200		3,285,630
1.63%, 6/30/2019		2,352,700		2,370,392
1.63%, 7/31/2019		3,002,500		3,023,157
1.63%, 8/31/2019		2,668,900		2,687,209
1.63%, 12/31/2019		2,988,900		3,003,456
1.63%, 6/30/2020		4,108,900		4,110,626
1.63%, 7/31/2020		3,488,700		3,486,363
1.63%, 11/30/2020		2,008,600		2,000,545
1.63%, 8/15/2022		7,340,200		7,160,659
1.63%, 11/15/2022		5,084,700		4,949,905
1.63%, 4/30/2023		2,937,200		2,841,829
1.63%, 5/31/2023		2,756,900		2,664,158
1.63%, 10/31/2023		1,316,200		1,266,671
1.63%, 2/15/2026		5,458,900		5,101,561
1.63%, 5/15/2026		5,162,800		4,814,724
1.75%, 10/31/2018		334,700		338,244
1.75%, 9/30/2019		4,736,100		4,782,182
1.75%, 10/31/2020		5,682,200		5,693,564
1.75%, 12/31/2020		2,587,800		2,587,127
1.75%, 11/30/2021 (a)		2,486,300		2,468,051
1.75%, 2/28/2022		5,538,200		5,472,129
1.75%, 3/31/2022		3,042,800		3,002,757
1.75%, 4/30/2022		3,779,000		3,727,379
1.75%, 5/15/2022		885,900		873,099
1.75%, 9/30/2022		1,691,700		1,659,879
1.75%, 1/31/2023		1,662,000		1,624,372
1.75%, 5/15/2023		4,346,000		4,233,830
1.88%, 6/30/2020		416,300		420,297
1.88%, 11/30/2021 (a)		2,977,800		2,969,581
1.88%, 5/31/2022		5,361,300		5,319,106
1.88%, 8/31/2022		1,626,500		1,607,665
1.88%, 10/31/2022		3,495,400		3,449,226
2.00%, 7/31/2020		474,400		480,501
2.00%, 9/30/2020		2,928,100		2,961,305
2.00%, 11/30/2020		1,234,500		1,247,228
2.00%, 2/28/2021		5,253,200		5,295,751
2.00%, 5/31/2021		673,000		677,146
2.00%, 8/31/2021		2,260,100		2,269,141
2.00%, 10/31/2021		1,604,100		1,608,688
2.00%, 11/15/2021		1,733,000		1,737,800
2.00%, 12/31/2021		2,250,000		2,258,257
2.00%, 2/15/2022		2,018,800		2,022,252
2.00%, 7/31/2022		1,884,100		1,877,411
2.00%, 11/30/2022		1,698,700		1,687,540
2.00%, 2/15/2023		4,474,600		4,438,803
2.00%, 2/15/2025		5,412,500		5,269,123
2.00%, 8/15/2025		6,241,100		6,047,189
2.00%, 11/15/2026 (a)		3,157,600		3,038,527
2.13%, 8/31/2020		1,871,800		1,901,899
2.13%, 1/31/2021		2,156,700		2,185,470
2.13%, 6/30/2021		1,266,300		1,279,824
2.13%, 8/15/2021		5,951,400		6,007,939
2.13%, 9/30/2021		1,421,100		1,433,805
2.13%, 12/31/2021		3,373,600		3,402,444
2.13%, 6/30/2022		1,483,200		1,488,465
2.13%, 12/31/2022		2,657,100		2,656,064
2.13%, 11/30/2023 (a)		2,462,000		2,446,514
2.13%, 5/15/2025		9,496,300		9,312,737
2.25%, 7/31/2018		241,200		245,571
2.25%, 3/31/2021		1,420,600		1,446,597
2.25%, 4/30/2021		3,184,800		3,241,044
2.25%, 7/31/2021		1,504,400		1,528,230
2.25%, 12/31/2023		2,000,000		2,001,560
2.25%, 11/15/2024		5,360,500		5,328,927
2.25%, 11/15/2025		5,816,100		5,742,933
2.38%, 5/31/2018		352,700		359,243
2.38%, 6/30/2018		2,409,700		2,456,087
2.38%, 12/31/2020		1,291,900		1,323,500
2.38%, 8/15/2024		4,110,200		4,130,257
2.50%, 8/15/2023		1,424,000		1,449,689
2.50%, 5/15/2024		6,560,800		6,661,705
2.63%, 1/31/2018		1,103,200		1,122,837
2.63%, 4/30/2018		423,500		432,436
2.63%, 8/15/2020		2,549,900		2,636,546
2.63%, 11/15/2020		3,978,000		4,111,542
2.75%, 2/28/2018		387,000		394,844
2.75%, 2/15/2019		2,715,800		2,800,478
2.75%, 11/15/2023		2,587,100		2,672,422
2.75%, 2/15/2024		1,891,100		1,953,828
2.88%, 3/31/2018		4,536,500		4,642,337
3.13%, 5/15/2019		3,175,000		3,309,334
3.13%, 5/15/2021		2,240,600		2,360,741
3.38%, 11/15/2019		1,370,300		1,445,666
3.50%, 2/15/2018		5,461,600		5,613,542
3.50%, 5/15/2020		2,628,200		2,793,356
3.63%, 8/15/2019		2,444,500		2,586,990
3.63%, 2/15/2020		7,402,300		7,875,973
3.63%, 2/15/2021		3,497,500		3,753,832
3.75%, 11/15/2018		2,393,900		2,507,467
3.88%, 5/15/2018		317,400		329,772
4.00%, 8/15/2018		238,100		249,295
TOTAL U.S. TREASURY OBLIGATIONS (Cost $518,346,993)				510,464,069
	Shares
SHORT-TERM INVESTMENTS — 2.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c)		8,544,827		8,544,827
State Street Navigator Securities Lending Government Money Market Portfolio (c) (d)		6,615,303		6,615,303
TOTAL SHORT-TERM INVESTMENTS (Cost $15,160,130)				15,160,130
TOTAL INVESTMENTS — 102.4% (Cost $533,507,123)				525,624,199
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%				(12,445,573	)
NET ASSETS — 100.0%			$	513,178,626

See accompanying notes to financial statements.

36

SPDR Bloomberg Barclays Intermediate Term Treasury ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
U.S. Treasury Obligations	$	—	$	510,464,069	$	—	$	510,464,069
Short-Term Investments		15,160,130		—		—		15,160,130
TOTAL INVESTMENTS	$	15,160,130	$	510,464,069	$	—	$	525,624,199

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		12,300,642	$	12,300,642		22,743,239		35,043,881		—	$	—	$	1,938	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		22,644,692		14,099,865		8,544,827		8,544,827		918		—
State Street Navigator Securities Lending Government Money Market Portfolio*		3,114,199		3,114,199		32,862,746		29,361,642		6,615,303		6,615,303		7,175		—
TOTAL			$	15,414,841							$	15,160,130	$	10,031	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

37

SPDR Bloomberg Barclays Long Term Treasury ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 99.1%
Treasury Bonds:
2.25%, 8/15/2046 (a)	$	15,306,300	$	12,874,894
2.50%, 2/15/2045		14,056,800		12,526,436
2.50%, 2/15/2046		12,332,200		10,964,435
2.50%, 5/15/2046		12,197,400		10,843,611
2.75%, 8/15/2042		12,042,800		11,381,410
2.75%, 11/15/2042		11,313,900		10,686,657
2.88%, 5/15/2043		17,423,800		16,840,277
2.88%, 8/15/2045		14,013,300		13,488,221
2.88%, 11/15/2046		6,906,400		6,669,994
3.00%, 5/15/2042		3,497,800		3,469,958
3.00%, 11/15/2044		13,232,400		13,078,507
3.00%, 5/15/2045		11,649,500		11,495,377
3.00%, 11/15/2045		13,174,200		12,999,906
3.13%, 11/15/2041		3,617,300		3,672,681
3.13%, 2/15/2042		10,918,500		11,085,880
3.13%, 2/15/2043		8,426,700		8,540,291
3.13%, 8/15/2044		11,473,500		11,616,001
3.38%, 5/15/2044		10,445,300		11,081,002
3.50%, 2/15/2039		5,443,400		5,953,283
3.63%, 8/15/2043		9,034,000		10,022,501
3.63%, 2/15/2044		14,616,500		16,209,845
3.75%, 8/15/2041		5,193,900		5,852,175
3.75%, 11/15/2043		11,843,000		13,433,515
3.88%, 8/15/2040		4,417,100		5,072,553
4.25%, 5/15/2039		5,699,900		6,921,616
4.25%, 11/15/2040		5,133,600		6,233,371
4.38%, 2/15/2038		963,400		1,197,140
4.38%, 11/15/2039		2,677,300		3,305,261
4.38%, 5/15/2040		5,905,300		7,295,880
4.38%, 5/15/2041		6,385,800		7,902,683
4.50%, 2/15/2036		4,456,800		5,640,660
4.50%, 5/15/2038		1,848,200		2,334,406
4.50%, 8/15/2039		3,420,200		4,294,779
4.63%, 2/15/2040		5,860,300		7,489,991
4.75%, 2/15/2037		1,843,800		2,399,632
4.75%, 2/15/2041		5,696,000		7,427,128
5.00%, 5/15/2037		1,419,700		1,906,245
5.25%, 11/15/2028		3,310,200		4,214,248
5.25%, 2/15/2029		2,079,200		2,657,779
5.38%, 2/15/2031		4,139,900		5,515,589
5.50%, 8/15/2028		1,967,700		2,547,660
6.13%, 11/15/2027		2,851,500		3,827,027
6.13%, 8/15/2029		1,477,000		2,040,741
6.25%, 5/15/2030		2,299,200		3,253,115
6.38%, 8/15/2027		2,591,900		3,528,587
6.63%, 2/15/2027		487,700		669,519
TOTAL U.S. TREASURY OBLIGATIONS (Cost $383,935,142)				342,462,467
	Shares
SHORT-TERM INVESTMENTS — 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c)		765,796		765,796
State Street Navigator Securities Lending Government Money Market Portfolio (c) (d)		4,878,981		4,878,981
TOTAL SHORT-TERM INVESTMENTS (Cost $5,644,777)				5,644,777
TOTAL INVESTMENTS — 100.7% (Cost $389,579,919)				348,107,244
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%				(2,352,928	)
NET ASSETS — 100.0%			$	345,754,316

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
U.S. Treasury Obligations	$	—	$	342,462,467	$	—	$	342,462,467
Short-Term Investments		5,644,777		—		—		5,644,777
TOTAL INVESTMENTS	$	5,644,777	$	342,462,467	$	—	$	348,107,244

See accompanying notes to financial statements.

38

SPDR Bloomberg Barclays Long Term Treasury ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		24,456	$	24,456		9,814,344		9,838,800		—	$	—	$	1,922	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		7,434,640		6,668,844		765,796		765,796		775		—
State Street Navigator Securities Lending Government Money Market Portfolio*		8,981,133		8,981,133		53,380,424		57,482,576		4,878,981		4,878,981		6,553		—
TOTAL			$	9,005,589							$	5,644,777	$	9,250	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

39

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 97.7%
ADVERTISING — 0.0% (a)
Omnicom Group, Inc. 6.25%, 7/15/2019	$	1,390,000	$	1,529,848
AEROSPACE & DEFENSE — 1.1%
Boeing Capital Corp.:
2.90%, 8/15/2018		1,000,000		1,021,440
4.70%, 10/27/2019		2,000		2,156
Boeing Co.:
0.95%, 5/15/2018		2,040,000		2,029,127
6.00%, 3/15/2019		2,000,000		2,179,180
Harris Corp. 2.00%, 4/27/2018		2,016,000		2,016,967
L-3 Communications Corp. 5.20%, 10/15/2019		4,453,000		4,780,785
Lockheed Martin Corp.:
1.85%, 11/23/2018		1,605,000		1,611,115
4.25%, 11/15/2019		4,802,000		5,106,975
Northrop Grumman Corp.:
1.75%, 6/1/2018		2,200,000		2,205,434
3.50%, 3/15/2021		2,990,000		3,100,660
5.05%, 8/1/2019		1,000		1,074
Raytheon Co.:
6.40%, 12/15/2018		800,000		873,672
6.75%, 3/15/2018		1,505,000		1,598,822
Rockwell Collins, Inc. 5.25%, 7/15/2019		1,188,000		1,277,112
United Technologies Corp.:
1.50%, 11/1/2019		5,750,000		5,696,410
1.78%, 5/4/2018 (b)		4,900,000		4,900,000
				38,400,929
AGRICULTURE — 0.8%
Altria Group, Inc.:
9.25%, 8/6/2019		5,508,000		6,492,500
9.70%, 11/10/2018		200,000		228,426
Archer-Daniels-Midland Co. 5.45%, 3/15/2018		1,921,000		2,009,865
Bunge, Ltd. Finance Corp. 8.50%, 6/15/2019		4,352,000		4,987,044
Philip Morris International, Inc.:
1.38%, 2/25/2019		2,880,000		2,850,365
1.88%, 1/15/2019		507,000		507,269
5.65%, 5/16/2018		7,827,000		8,249,736
Reynolds American, Inc. 2.30%, 6/12/2018		4,817,000		4,847,347
				30,172,552
AIRLINES — 0.1%
Continental Airlines 2009-2 Class A Pass Through Trust Series A, 7.25%, 5/10/2021		1,343		1,491
Southwest Airlines Co. 2.75%, 11/6/2019		1,784,000		1,812,687
				1,814,178
APPAREL — 0.0% (a)
Ralph Lauren Corp. 2.13%, 9/26/2018		1,444,000		1,456,000
AUTO MANUFACTURERS — 4.4%
American Honda Finance Corp.:
1.50%, 11/19/2018		5,425,000		5,410,461
2.13%, 10/10/2018		366,000		368,851
Series MTN, 1.20%, 7/12/2019		4,099,000		4,024,111
Series MTN, 1.50%, 3/13/2018		3,489,000		3,482,511
Series MTN, 1.60%, 7/13/2018		3,405,000		3,407,860
Series MTN, 1.70%, 2/22/2019		2,940,000		2,930,445
Series MTN, 2.25%, 8/15/2019		4,670,000		4,702,363
Ford Motor Co. 6.50%, 8/1/2018		75,000		80,132
Ford Motor Credit Co. LLC:
1.72%, 12/6/2017		4,835,000		4,830,745
1.90%, 8/12/2019		3,305,000		3,248,683
2.02%, 5/3/2019		4,525,000		4,477,352
2.15%, 1/9/2018		2,580,000		2,583,973
2.24%, 6/15/2018		4,785,000		4,790,024
2.38%, 1/16/2018		3,200,000		3,212,832
2.38%, 3/12/2019		4,765,000		4,760,092
2.55%, 10/5/2018		4,920,000		4,946,912
2.60%, 11/4/2019		3,000,000		2,994,780
2.88%, 10/1/2018		4,116,000		4,164,157
5.00%, 5/15/2018		4,752,000		4,932,385
Series MTN, 2.94%, 1/8/2019		4,900,000		4,951,989
General Motors Co. 3.50%, 10/2/2018		5,234,000		5,332,137
General Motors Financial Co., Inc.:
2.35%, 10/4/2019		4,650,000		4,591,875
2.40%, 4/10/2018		561,000		561,701
2.40%, 5/9/2019		7,700,000		7,663,810
3.10%, 1/15/2019		4,900,000		4,949,000
3.25%, 5/15/2018		4,819,000		4,879,238
6.75%, 6/1/2018		250,000		265,250
PACCAR Financial Corp.:
1.40%, 5/18/2018		1,015,000		1,013,467
Series MTN, 1.20%, 8/12/2019		2,001,000		1,964,742
Series MTN, 1.30%, 5/10/2019 (c)		1,492,000		1,474,006
Series MTN, 1.45%, 3/9/2018		1,654,000		1,654,347
Series MTN, 1.65%, 2/25/2019		1,155,000		1,150,773
Series MTN, 1.75%, 8/14/2018		1,235,000		1,238,680
Toyota Motor Credit Corp.:
Series GMTN, 1.55%, 7/13/2018		4,950,000		4,946,288
Series MTN, 1.20%, 4/6/2018		2,960,000		2,946,651
Series MTN, 1.38%, 1/10/2018		3,359,000		3,353,525
Series MTN, 1.40%, 5/20/2019		4,706,000		4,647,316
Series MTN, 1.45%, 1/12/2018		4,721,000		4,719,867
Series MTN, 1.55%, 10/18/2019		4,700,000		4,642,754
Series MTN, 1.70%, 2/19/2019		4,875,000		4,856,280
Series MTN, 2.00%, 10/24/2018		4,397,000		4,420,744
Series MTN, 2.10%, 1/17/2019		4,409,000		4,430,207
Series MTN, 2.13%, 7/18/2019		3,496,000		3,509,459
				153,512,775
BANKS — 33.8%
Associated Banc-Corp. 2.75%, 11/15/2019		2,000,000		2,004,580

See accompanying notes to financial statements.

40

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Australia & New Zealand Banking Group, Ltd.:
2.05%, 9/23/2019	$	6,250,000	$	6,223,563
Series GMTN, 1.50%, 1/16/2018		1,400,000		1,398,124
Series MTN, 1.45%, 5/15/2018		700,000		697,235
Series MTN, 1.60%, 7/15/2019		4,405,000		4,346,634
Series MTN, 2.00%, 11/16/2018		2,138,000		2,143,302
Series MTN, 2.25%, 6/13/2019		4,800,000		4,811,424
Bank of America Corp.:
2.00%, 1/11/2018		12,120,000		12,144,240
5.75%, 12/1/2017		7,000,000		7,249,340
6.50%, 7/15/2018		2,570,000		2,741,008
6.88%, 11/15/2018		1,977,000		2,148,228
7.63%, 6/1/2019		1,300,000		1,458,821
Series L, 1.95%, 5/12/2018		3,320,000		3,322,125
Series L, 2.60%, 1/15/2019		13,523,000		13,648,629
Series L, 2.65%, 4/1/2019		10,101,000		10,205,949
Series MTN, 5.63%, 7/1/2020		7,081,000		7,775,292
Series MTN, 5.65%, 5/1/2018		12,725,000		13,330,456
Series MTN, 6.88%, 4/25/2018		18,482,000		19,639,158
Bank of America NA:
1.65%, 3/26/2018		6,765,000		6,764,662
1.75%, 6/5/2018		5,300,000		5,300,954
2.05%, 12/7/2018		4,815,000		4,837,920
Bank of Montreal:
1.40%, 4/10/2018		4,355,000		4,342,022
Series MTN, 1.35%, 8/28/2018		3,810,000		3,784,511
Series MTN, 1.45%, 4/9/2018		3,650,000		3,645,145
Series MTN, 1.50%, 7/18/2019		5,225,000		5,153,156
Series MTN, 1.80%, 7/31/2018		2,255,000		2,256,894
Series MTN, 2.10%, 12/12/2019		7,149,000		7,165,013
Series MTN, 2.38%, 1/25/2019		2,319,000		2,337,135
Bank of New York Mellon Corp.:
5.45%, 5/15/2019		1,125,000		1,212,188
Series G, 2.20%, 5/15/2019 (c)		105,000		105,531
Series MTN, 1.30%, 1/25/2018		1,687,000		1,685,448
Series MTN, 1.35%, 3/6/2018		1,256,000		1,252,747
Series MTN, 1.60%, 5/22/2018		2,278,000		2,279,139
Series MTN, 2.10%, 8/1/2018		2,656,000		2,675,628
Series MTN, 2.10%, 1/15/2019		2,877,000		2,889,458
Series MTN, 2.30%, 9/11/2019		10,145,000		10,218,449
Bank of Nova Scotia:
1.38%, 12/18/2017 (c)		2,981,000		2,976,350
1.45%, 4/25/2018		3,150,000		3,139,542
1.65%, 6/14/2019		11,350,000		11,236,160
1.70%, 6/11/2018		4,217,000		4,215,861
1.95%, 1/15/2019		4,053,000		4,054,135
2.05%, 10/30/2018		2,080,000		2,090,504
2.05%, 6/5/2019		247,000		247,104
Barclays PLC:
2.00%, 3/16/2018		3,143,000		3,144,414
2.75%, 11/8/2019		8,000,000		7,986,960
BB&T Corp.:
5.25%, 11/1/2019		3,000,000		3,236,400
Series MTN, 1.45%, 1/12/2018		3,055,000		3,051,029
Series MTN, 2.05%, 6/19/2018		1,553,000		1,560,175
Series MTN, 2.25%, 2/1/2019		1,650,000		1,660,263
BNP Paribas SA:
Series MTN, 2.40%, 12/12/2018		4,617,000		4,654,028
Series MTN, 2.45%, 3/17/2019		3,542,000		3,565,235
Series MTN, 2.70%, 8/20/2018		3,662,000		3,707,848
BPCE SA:
2.50%, 12/10/2018		3,200,000		3,228,256
Series MTN, 1.63%, 1/26/2018		1,900,000		1,896,428
Series MTN, 2.50%, 7/15/2019		6,300,000		6,338,431
Branch Banking & Trust Co.:
1.45%, 5/10/2019		6,555,000		6,476,602
2.30%, 10/15/2018		3,000,000		3,032,100
Canadian Imperial Bank of Commerce:
1.55%, 1/23/2018		1,300,000		1,299,597
1.60%, 9/6/2019		6,525,000		6,453,355
Capital One Financial Corp. 2.45%, 4/24/2019		2,700,000		2,714,418
Capital One NA/Mclean:
1.65%, 2/5/2018		4,691,000		4,679,085
1.85%, 9/13/2019		13,250,000		13,089,145
2.35%, 8/17/2018		4,740,000		4,765,786
2.40%, 9/5/2019		600,000		601,266
Series BKNT, 1.50%, 3/22/2018		2,000,000		1,990,440
Citigroup, Inc.:
1.70%, 4/27/2018		8,305,000		8,283,905
1.75%, 5/1/2018		5,790,000		5,775,119
1.80%, 2/5/2018		10,080,000		10,075,666
2.05%, 12/7/2018		7,286,000		7,282,794
2.05%, 6/7/2019		4,650,000		4,631,865
2.15%, 7/30/2018		5,410,000		5,425,852
2.50%, 9/26/2018		6,155,000		6,212,303
2.50%, 7/29/2019		4,800,000		4,829,328
2.55%, 4/8/2019 (c)		7,030,000		7,086,452
6.13%, 5/15/2018		1,020,000		1,076,222
8.50%, 5/22/2019		4,800,000		5,477,760
Citizens Bank NA/Providence:
2.30%, 12/3/2018		1,780,000		1,788,847
2.50%, 3/14/2019		3,480,000		3,501,576
Series MTN, 2.45%, 12/4/2019		1,960,000		1,964,175
Comerica, Inc. 2.13%, 5/23/2019 (c)		2,000,000		1,996,400
Commonwealth Bank of Australia:
1.75%, 11/2/2018		1,675,000		1,671,147
2.25%, 3/13/2019		1,800,000		1,806,048
2.30%, 9/6/2019		4,400,000		4,412,716
2.50%, 9/20/2018		3,450,000		3,489,779
Series GMTN, 1.63%, 3/12/2018		4,275,000		4,271,623
Series GMTN, 2.05%, 3/15/2019		6,050,000		6,041,409
Compass Bank:
2.75%, 9/29/2019		1,360,000		1,344,142
Series BKNT, 1.85%, 9/29/2017		2,800,000		2,793,644
Cooperatieve Rabobank UA:
1.38%, 8/9/2019		8,850,000		8,696,541
1.70%, 3/19/2018		4,900,000		4,898,726
2.25%, 1/14/2019		4,900,000		4,924,108
Credit Suisse AG:
1.70%, 4/27/2018		8,950,000		8,940,065
1.75%, 1/29/2018		5,692,000		5,679,250
5.30%, 8/13/2019		4,150,000		4,471,542
6.00%, 2/15/2018		4,964,000		5,153,526
Series GMTN, 2.30%, 5/28/2019		12,805,000		12,832,275

See accompanying notes to financial statements.

41

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Deutsche Bank AG:
1.88%, 2/13/2018 (c)	$	6,096,000	$	6,057,534
2.50%, 2/13/2019		8,975,000		8,921,599
Series GMTN, 2.85%, 5/10/2019		7,350,000		7,327,289
Discover Bank/Greenwood:
2.00%, 2/21/2018		1,928,000		1,927,846
2.60%, 11/13/2018		2,730,000		2,752,195
Fifth Third Bancorp:
2.30%, 3/1/2019		350,000		351,400
2.88%, 7/27/2020		3,748,000		3,795,937
Fifth Third Bank:
1.45%, 2/28/2018		950,000		947,938
1.63%, 9/27/2019		4,046,000		3,990,732
2.30%, 3/15/2019		3,815,000		3,835,067
2.38%, 4/25/2019		500,000		503,210
Series MTN, 2.15%, 8/20/2018		2,880,000		2,897,395
First Republic Bank 2.38%, 6/17/2019		1,170,000		1,163,916
Goldman Sachs Group, Inc.:
2.00%, 4/25/2019		2,715,000		2,706,040
2.30%, 12/13/2019		8,245,000		8,251,183
2.55%, 10/23/2019		9,500,000		9,553,105
2.63%, 1/31/2019		7,564,000		7,634,874
2.90%, 7/19/2018		9,132,000		9,258,205
5.95%, 1/18/2018		11,668,000		12,163,073
6.15%, 4/1/2018		14,281,000		15,020,756
Series GLOB, 2.38%, 1/22/2018		9,756,000		9,813,365
Series GMTN, 7.50%, 2/15/2019		9,970,000		11,045,265
HSBC USA, Inc.:
1.50%, 11/13/2017		1,900,000		1,898,733
1.63%, 1/16/2018		4,900,000		4,890,739
1.70%, 3/5/2018		2,850,000		2,846,551
2.00%, 8/7/2018		3,450,000		3,452,035
2.25%, 6/23/2019 (c)		1,500,000		1,497,660
2.38%, 11/13/2019		5,330,000		5,334,424
2.63%, 9/24/2018		2,350,000		2,373,430
Huntington Bancshares, Inc. 2.60%, 8/2/2018		1,800,000		1,817,190
Huntington National Bank:
1.70%, 2/26/2018		1,827,000		1,825,758
2.00%, 6/30/2018		1,450,000		1,449,522
2.20%, 11/6/2018		2,150,000		2,156,171
2.20%, 4/1/2019		2,425,000		2,421,290
Intesa Sanpaolo SpA:
2.38%, 1/13/2017		1,015,000		1,015,140
3.88%, 1/16/2018		4,700,000		4,764,484
Series MTN, 3.88%, 1/15/2019		4,950,000		5,040,387
Itau CorpBanca 3.13%, 1/15/2018 (c)		4,450,000		4,491,296
JPMorgan Chase & Co.:
1.63%, 5/15/2018		5,677,000		5,665,930
1.80%, 1/25/2018		5,243,000		5,247,718
1.85%, 3/22/2019		4,625,000		4,608,859
2.20%, 10/22/2019		7,693,000		7,719,618
2.35%, 1/28/2019		4,400,000		4,435,508
6.00%, 1/15/2018		18,108,000		18,891,532
6.30%, 4/23/2019		9,851,000		10,753,844
Series H, 1.70%, 3/1/2018		9,308,000		9,302,788
JPMorgan Chase Bank NA:
1.45%, 9/21/2018		3,680,000		3,662,925
1.65%, 9/23/2019		4,680,000		4,636,429
KeyBank NA:
1.60%, 8/22/2019		1,700,000		1,677,033
1.65%, 2/1/2018 (c)		3,149,000		3,148,843
1.70%, 6/1/2018		1,650,000		1,648,498
2.35%, 3/8/2019		3,965,000		3,989,425
KeyCorp. Series MTN, 2.30%, 12/13/2018		3,725,000		3,746,494
Lloyds Bank PLC:
2.00%, 8/17/2018		5,000,000		5,006,850
2.30%, 11/27/2018		1,000,000		1,005,790
2.35%, 9/5/2019		3,236,000		3,242,569
Manufacturers & Traders Trust Co.:
2.10%, 2/6/2020		750,000		745,305
2.25%, 7/25/2019		525,000		528,034
Series BKNT, 1.45%, 3/7/2018		3,400,000		3,397,688
Mellon Funding Corp. 5.50%, 11/15/2018		280,000		297,578
Morgan Stanley:
1.88%, 1/5/2018		4,810,000		4,814,233
2.13%, 4/25/2018		9,385,000		9,422,259
2.50%, 1/24/2019		2,300,000		2,318,998
2.65%, 1/27/2020		1,769,000		1,776,624
Series GMTN, 2.38%, 7/23/2019		7,925,000		7,944,734
Series GMTN, 2.45%, 2/1/2019		10,685,000		10,754,346
Series GMTN, 6.63%, 4/1/2018		13,873,000		14,658,767
Series GMTN, 7.30%, 5/13/2019		8,750,000		9,741,288
Series MTN, 2.20%, 12/7/2018		16,000		16,041
Series MTN, 5.63%, 9/23/2019		11,910,000		12,901,866
Series MTN, 5.95%, 12/28/2017		4,000,000		4,163,280
Series MTN, 6.25%, 8/28/2017		1,380,000		1,421,895
MUFG Union Bank NA:
2.25%, 5/6/2019		500,000		500,320
2.63%, 9/26/2018		4,200,000		4,241,412
National Australia Bank, Ltd.:
1.38%, 7/12/2019		4,700,000		4,611,734
2.30%, 7/25/2018		550,000		554,351
Series GMTN, 2.00%, 1/14/2019		3,610,000		3,609,134
Series GMTN, 1.88%, 7/23/2018		3,405,000		3,410,243
National Bank of Canada 2.10%, 12/14/2018		3,150,000		3,160,962
National City Corp. 6.88%, 5/15/2019 (c)		50,000		54,814
Northern Trust Co. Series MTN, 6.50%, 8/15/2018		1,000,000		1,074,990
PNC Bank NA:
1.45%, 7/29/2019		8,010,000		7,899,061
1.50%, 2/23/2018		4,845,000		4,837,732
1.80%, 11/5/2018		4,300,000		4,304,902
1.85%, 7/20/2018		3,152,000		3,157,264
1.95%, 3/4/2019		4,000,000		4,002,560
2.20%, 1/28/2019		500,000		502,895
2.25%, 7/2/2019		3,050,000		3,068,635
2.40%, 10/18/2019		5,225,000		5,271,607
6.88%, 4/1/2018		1,600,000		1,688,928
Series BKNT, 1.70%, 12/7/2018		2,250,000		2,249,752
Series MTN, 1.60%, 6/1/2018		4,730,000		4,721,628

See accompanying notes to financial statements.

42

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Regions Bank:
2.25%, 9/14/2018	$	1,100,000	$	1,103,564
7.50%, 5/15/2018		2,030,000		2,170,740
Royal Bank of Canada:
1.50%, 7/29/2019		5,300,000		5,226,701
2.00%, 12/10/2018		8,700,000		8,726,969
Series GMTN, 1.50%, 6/7/2018		500,000		498,530
Series GMTN, 1.63%, 4/15/2019 (c)		4,850,000		4,815,080
Series GMTN, 1.80%, 7/30/2018		5,712,000		5,716,170
Series GMTN, 2.15%, 3/15/2019		705,000		707,446
Series GMTN, 2.20%, 7/27/2018		6,178,000		6,219,269
Series MTN, 1.50%, 1/16/2018		5,035,000		5,029,361
Royal Bank of Scotland Group PLC 6.40%, 10/21/2019		3,300,000		3,584,625
Santander Bank NA:
2.00%, 1/12/2018		1,050,000		1,046,829
8.75%, 5/30/2018		941,000		1,013,429
Santander Holdings USA, Inc.:
2.70%, 5/24/2019		5,325,000		5,316,001
3.45%, 8/27/2018 (c)		4,481,000		4,549,201
Santander UK PLC:
1.65%, 9/29/2017		600,000		600,636
2.35%, 9/10/2019		4,955,000		4,955,297
2.50%, 3/14/2019		4,900,000		4,922,540
3.05%, 8/23/2018		1,625,000		1,650,139
Series GMTN, 2.00%, 8/24/2018 (c)		1,294,000		1,289,950
Skandinaviska Enskilda Banken AB 1.50%, 9/13/2019		5,100,000		5,005,548
Societe Generale SA:
2.63%, 10/1/2018		1,950,000		1,970,007
2.75%, 10/12/2017		2,200,000		2,220,431
Sumitomo Mitsui Banking Corp.:
1.50%, 1/18/2018 (c)		2,650,000		2,639,426
1.75%, 1/16/2018		1,725,000		1,722,740
1.76%, 10/19/2018		2,290,000		2,278,023
2.05%, 1/18/2019		6,250,000		6,230,437
2.45%, 1/10/2019		300,000		301,284
2.50%, 7/19/2018		2,549,000		2,567,353
Series GMTN, 1.95%, 7/23/2018		3,950,000		3,946,682
Series GMTN, 2.25%, 7/11/2019		2,150,000		2,146,582
SunTrust Banks, Inc.:
2.35%, 11/1/2018 (c)		525,000		529,053
2.50%, 5/1/2019 (c)		3,268,000		3,293,785
7.25%, 3/15/2018		784,000		830,969
Svenska Handelsbanken AB:
1.50%, 9/6/2019		4,500,000		4,427,865
2.50%, 1/25/2019		3,900,000		3,940,521
Series MTN, 1.63%, 3/21/2018		2,200,000		2,197,382
Series MTN, 2.25%, 6/17/2019		3,700,000		3,715,910
Synovus Financial Corp. 7.88%, 2/15/2019		2,000,000		2,197,500
Toronto-Dominion Bank:
1.45%, 8/13/2019		6,050,000		5,962,638
2.13%, 7/2/2019		5,200,000		5,214,820
Series GMTN, 1.45%, 9/6/2018		4,500,000		4,479,255
Series GMTN, 1.75%, 7/23/2018		4,968,000		4,970,931
Series MTN, 1.40%, 4/30/2018		5,980,000		5,963,674
Series MTN, 1.63%, 3/13/2018		2,377,000		2,379,282
Series MTN, 1.95%, 1/22/2019 (c)		3,455,000		3,458,939
Series MTN, 2.25%, 11/5/2019		451,000		453,332
Series MTN, 2.63%, 9/10/2018 (c)		5,311,000		5,385,726
UBS AG:
5.88%, 12/20/2017		2,750,000		2,862,640
Series GMTN, 1.80%, 3/26/2018		13,685,000		13,684,316
Series GMTN, 2.38%, 8/14/2019		8,500,000		8,540,715
US Bancorp:
Series MTN, 1.95%, 11/15/2018		2,325,000		2,336,346
Series MTN, 2.20%, 4/25/2019 (c)		3,309,000		3,335,803
US Bank NA:
1.35%, 1/26/2018		2,550,000		2,542,937
1.40%, 4/26/2019		7,245,000		7,165,957
2.13%, 10/28/2019		5,110,000		5,128,396
Series MTN, 1.45%, 1/29/2018		4,700,000		4,694,736
Wachovia Corp. Series MTN, 5.75%, 2/1/2018		7,040,000		7,334,131
Wells Fargo & Co.:
2.13%, 4/22/2019		4,806,000		4,821,427
2.15%, 1/15/2019 (c)		4,899,000		4,927,169
5.63%, 12/11/2017		3,000,000		3,110,340
Series GMTN, 1.50%, 1/16/2018		7,108,000		7,098,120
Wells Fargo Bank NA:
1.65%, 1/22/2018		8,050,000		8,050,805
1.75%, 5/24/2019		11,300,000		11,237,737
6.00%, 11/15/2017		2,175,000		2,257,198
Series MTN, 1.80%, 11/28/2018		6,050,000		6,051,452
Series MTN, 2.15%, 12/6/2019		5,800,000		5,803,364
Westpac Banking Corp.:
1.50%, 12/1/2017		4,470,000		4,471,207
1.55%, 5/25/2018		3,754,000		3,742,137
1.60%, 8/19/2019		6,900,000		6,814,578
1.65%, 5/13/2019		2,750,000		2,723,050
1.95%, 11/23/2018		3,450,000		3,455,244
2.25%, 7/30/2018		3,050,000		3,069,825
2.25%, 1/17/2019		1,875,000		1,883,794
4.63%, 6/1/2018		917,000		948,398
4.88%, 11/19/2019		7,211,000		7,730,048
Series GMTN, 1.60%, 1/12/2018		3,914,000		3,911,730
				1,189,835,249
BEVERAGES — 2.4%
Anheuser-Busch Cos. LLC 5.50%, 1/15/2018		2,318,000		2,405,389
Anheuser-Busch InBev Finance, Inc.:
1.25%, 1/17/2018 (c)		4,569,000		4,556,435
1.90%, 2/1/2019		16,550,000		16,577,804
2.15%, 2/1/2019		600,000		603,432
Anheuser-Busch InBev Worldwide, Inc.:
2.20%, 8/1/2018		3,100,000		3,119,964
6.88%, 11/15/2019 (c)		1,992,000		2,251,139
7.75%, 1/15/2019		10,975,000		12,217,589
Beam Suntory, Inc.:
1.75%, 6/15/2018		300,000		298,878
1.88%, 5/15/2017		2,109,000		2,112,018

See accompanying notes to financial statements.

43

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Brown-Forman Corp. 1.00%, 1/15/2018	$	1,279,000	$	1,272,375
Coca-Cola Co.:
1.15%, 4/1/2018		4,883,000		4,871,281
1.38%, 5/30/2019		4,373,000		4,344,576
1.65%, 3/14/2018		4,768,000		4,785,737
1.65%, 11/1/2018		300,000		300,981
Coca-Cola Femsa SAB de CV 2.38%, 11/26/2018		3,412,000		3,436,225
Constellation Brands, Inc. 3.88%, 11/15/2019		1,395,000		1,443,825
Diageo Capital PLC 1.13%, 4/29/2018		710,000		705,200
Dr Pepper Snapple Group, Inc.:
2.60%, 1/15/2019		200,000		202,864
6.82%, 5/1/2018		1,963,000		2,093,343
Molson Coors Brewing Co. 1.45%, 7/15/2019		3,430,000		3,378,721
PepsiCo, Inc.:
1.25%, 4/30/2018		1,700,000		1,696,515
1.35%, 10/4/2019		3,170,000		3,141,407
1.50%, 2/22/2019		3,220,000		3,209,149
2.25%, 1/7/2019		6,000		6,074
5.00%, 6/1/2018		5,319,000		5,583,886
				84,614,807
BIOTECHNOLOGY — 0.7%
Amgen, Inc.:
2.20%, 5/22/2019		4,077,000		4,107,578
5.70%, 2/1/2019		4,125,000		4,433,014
6.15%, 6/1/2018		2,243,000		2,378,185
Biogen, Inc. 6.88%, 3/1/2018		1,881,000		1,988,857
Celgene Corp.:
2.13%, 8/15/2018		4,143,000		4,160,318
2.25%, 5/15/2019		2,660,000		2,666,410
Gilead Sciences, Inc.:
1.85%, 9/4/2018		4,245,000		4,259,051
2.05%, 4/1/2019		501,000		502,393
				24,495,806
CHEMICALS — 1.1%
Air Products & Chemicals, Inc. 4.38%, 8/21/2019		2,000		2,124
Airgas, Inc. 1.65%, 2/15/2018		1,309,000		1,310,204
Cabot Corp. 2.55%, 1/15/2018		1,770,000		1,776,443
Dow Chemical Co.:
5.70%, 5/15/2018		750,000		787,792
8.55%, 5/15/2019		8,223,000		9,413,691
Eastman Chemical Co. 2.70%, 1/15/2020		81,000		81,369
Ecolab, Inc.:
1.55%, 1/12/2018		1,731,000		1,730,585
2.00%, 1/14/2019		1,400,000		1,401,134
EI du Pont de Nemours & Co.:
5.75%, 3/15/2019		325,000		350,971
6.00%, 7/15/2018		4,520,000		4,797,031
FMC Corp. 5.20%, 12/15/2019		2,000,000		2,151,940
Lubrizol Corp. 8.88%, 2/1/2019		500,000		569,695
LyondellBasell Industries NV 5.00%, 4/15/2019		6,559,000		6,928,075
Monsanto Co.:
2.13%, 7/15/2019		76,000		75,864
5.13%, 4/15/2018		1,699,000		1,764,972
Potash Corp. of Saskatchewan, Inc. 6.50%, 5/15/2019		1,752,000		1,913,166
Praxair, Inc.:
1.25%, 11/7/2018 (c)		150,000		148,968
4.50%, 8/15/2019		8,000		8,518
Rohm & Haas Co. 6.00%, 9/15/2017		2,001,000		2,063,431
RPM International, Inc.:
6.13%, 10/15/2019		50,000		54,715
6.50%, 2/15/2018		625,000		654,825
Valspar Corp. 7.25%, 6/15/2019		1,500,000		1,664,910
				39,650,423
COMMERCIAL SERVICES — 0.4%
Board of Trustees of The Leland Stanford Junior University 4.75%, 5/1/2019		115,000		122,474
Catholic Health Initiatives 2.60%, 8/1/2018		1,790,000		1,805,824
Moody’s Corp. 2.75%, 7/15/2019		966,000		977,563
Princeton University 4.95%, 3/1/2019		3,000,000		3,195,960
S&P Global, Inc. 2.50%, 8/15/2018		2,475,000		2,498,340
Total System Services, Inc. 2.38%, 6/1/2018 (c)		1,434,000		1,439,922
Western Union Co. 3.65%, 8/22/2018		3,400,000		3,486,326
Yale University Series MTN, 2.09%, 4/15/2019		1,500,000		1,510,875
				15,037,284
CONSTRUCTION MATERIALS — 0.1%
CRH America, Inc. 8.13%, 7/15/2018		1,505,000		1,640,932
Martin Marietta Materials, Inc. 6.60%, 4/15/2018		255,000		268,472
Vulcan Materials Co. 7.00%, 6/15/2018		659,000		705,314
				2,614,718
DISTRIBUTION & WHOLESALE — 0.0% (a)
Ingram Micro, Inc. 5.25%, 9/1/2017		1,400,000		1,420,587
DIVERSIFIED FINANCIAL SERVICES — 4.1%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust 3.75%, 5/15/2019		10,075,000		10,251,313
Air Lease Corp.:
2.13%, 1/15/2018		1,409,000		1,407,478

See accompanying notes to financial statements.

44

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.13%, 1/15/2020	$	2,000,000	$	1,965,600
2.63%, 9/4/2018		1,150,000		1,156,371
3.38%, 1/15/2019		1,000,000		1,016,900
5.63%, 4/1/2017		2,008,000		2,025,570
American Express Co.:
1.55%, 5/22/2018		3,111,000		3,104,000
7.00%, 3/19/2018		5,798,000		6,156,491
8.13%, 5/20/2019		500,000		568,015
American Express Credit Corp.:
2.13%, 7/27/2018		2,615,000		2,629,540
2.13%, 3/18/2019		369,000		370,055
Series GMTN, 2.25%, 8/15/2019		7,435,000		7,464,889
Series MTN, 1.70%, 10/30/2019		5,810,000		5,751,726
Series MTN, 1.80%, 7/31/2018		5,127,000		5,129,102
Series MTN, 1.88%, 11/5/2018		4,920,000		4,927,823
Ameriprise Financial, Inc. 7.30%, 6/28/2019		3,465,000		3,884,577
Associates Corp. of North America 6.95%, 11/1/2018		50,000		54,265
Bear Stearns Cos. LLC:
4.65%, 7/2/2018 (c)		1,496,000		1,556,139
7.25%, 2/1/2018		9,207,000		9,736,771
Capital One Bank USA NA:
2.15%, 11/21/2018		1,100,000		1,102,046
2.25%, 2/13/2019		1,415,000		1,418,354
2.30%, 6/5/2019		200,000		200,296
8.80%, 7/15/2019		280,000		320,032
Charles Schwab Corp. 1.50%, 3/10/2018		2,285,000		2,286,005
Discover Financial Services 6.45%, 6/12/2017		1,500,000		1,530,747
GE Capital International Funding Co. 2.34%, 11/15/2020		7,000,000		6,991,600
General Electric Capital Corp. Series GMTN, 6.00%, 8/7/2019		3,904,000		4,312,281
General Electric Co.:
1.63%, 4/2/2018		2,192,000		2,197,787
Series GMTN, 2.30%, 1/14/2019		1,000,000		1,011,930
Series GMTN, 5.63%, 5/1/2018		2,734,000		2,881,335
Intercontinental Exchange, Inc. 2.50%, 10/15/2018		2,291,000		2,321,768
International Lease Finance Corp.:
3.88%, 4/15/2018		3,000,000		3,056,250
5.88%, 4/1/2019		25,000		26,550
6.25%, 5/15/2019		4,000,000		4,300,000
7.13%, 9/1/2018 (d)		4,225,000		4,553,071
Jefferies Group LLC:
5.13%, 4/13/2018		5,080,000		5,245,811
8.50%, 7/15/2019 (c)		1,390,000		1,578,011
Legg Mason, Inc. 2.70%, 7/15/2019		100,000		100,478
MasterCard, Inc. 2.00%, 4/1/2019 (c)		250,000		251,682
Nasdaq, Inc.:
5.25%, 1/16/2018		1,620,000		1,676,619
5.55%, 1/15/2020		50,000		53,983
National Rural Utilities Cooperative Finance Corp.:
1.10%, 1/27/2017		2,000,000		1,999,954
1.65%, 2/8/2019		1,955,000		1,949,291
2.15%, 2/1/2019		3,200,000		3,220,640
2.30%, 11/15/2019		3,000		3,023
5.45%, 2/1/2018		1,206,000		1,255,036
10.38%, 11/1/2018		1,526,000		1,759,570
Series MTN, 1.50%, 11/1/2019		1,570,000		1,554,473
Nomura Holdings, Inc. Series GMTN, 2.75%, 3/19/2019		5,166,000		5,208,464
Synchrony Financial:
2.60%, 1/15/2019		4,955,000		4,973,730
3.00%, 8/15/2019		2,723,000		2,751,346
TD Ameritrade Holding Corp. 5.60%, 12/1/2019		3,000,000		3,293,160
				144,541,948
ELECTRIC — 4.7%
Ameren Corp. 2.70%, 11/15/2020		3,140,000		3,158,055
Appalachian Power Co. Series K, 5.00%, 6/1/2017		862,000		873,585
Berkshire Hathaway Energy Co.:
2.00%, 11/15/2018		2,000,000		2,007,820
5.75%, 4/1/2018		3,883,000		4,079,402
Black Hills Corp. 2.50%, 1/11/2019		900,000		903,420
Cleveland Electric Illuminating Co.:
8.88%, 11/15/2018		950,000		1,064,627
Series D, 7.88%, 11/1/2017		1,565,000		1,646,047
CMS Energy Corp. 8.75%, 6/15/2019		1,405,000		1,618,504
Commonwealth Edison Co. 5.80%, 3/15/2018		2,171,000		2,277,857
Connecticut Light & Power Co. 5.65%, 5/1/2018		400,000		420,744
Consolidated Edison Co. of New York, Inc.:
7.13%, 12/1/2018		2,102,000		2,311,948
Series 08-A, 5.85%, 4/1/2018		3,233,000		3,395,523
Consumers Energy Co.:
5.65%, 9/15/2018		200,000		212,934
6.13%, 3/15/2019		2,925,000		3,188,162
Dominion Resources, Inc.:
1.90%, 6/15/2018		3,100,000		3,097,241
2.50%, 12/1/2019		100,000		100,879
2.96%, 7/1/2019 (b)		500,000		505,735
5.20%, 8/15/2019		25,000		26,857
6.40%, 6/15/2018		3,450,000		3,661,312
Series B, 1.60%, 8/15/2019		3,304,000		3,252,028
DTE Electric Co. Series G, 5.60%, 6/15/2018		500,000		527,890
DTE Energy Co. 1.50%, 10/1/2019		2,650,000		2,603,042
Duke Energy Carolinas LLC:
5.10%, 4/15/2018		1,672,000		1,745,551
5.25%, 1/15/2018		1,650,000		1,711,463
Series C, 7.00%, 11/15/2018		3,709,000		4,058,870
Duke Energy Corp.:
1.63%, 8/15/2017		1,033,000		1,034,667
2.10%, 6/15/2018		1,506,000		1,512,250

See accompanying notes to financial statements.

45

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.05%, 9/15/2019	$	3,000	$	3,222
6.25%, 6/15/2018		1,197,000		1,272,148
Duke Energy Florida LLC 5.65%, 6/15/2018		506,000		534,746
Duke Energy Ohio, Inc. 5.45%, 4/1/2019		77,000		82,690
Duke Energy Progress LLC 5.30%, 1/15/2019		4,500,000		4,805,685
Edison International 3.75%, 9/15/2017		705,000		715,984
Emera US Finance L.P. 2.15%, 6/15/2019 (d)		1,660,000		1,655,784
Entergy Texas, Inc. 7.13%, 2/1/2019		909,000		997,491
Eversource Energy 1.45%, 5/1/2018		1,787,000		1,779,745
Exelon Generation Co. LLC:
4.00%, 10/1/2020 (c)		5,158,000		5,358,285
5.20%, 10/1/2019		4,000		4,285
6.20%, 10/1/2017		1,879,000		1,942,101
FirstEnergy Corp. Series A, 2.75%, 3/15/2018		2,270,000		2,286,521
Georgia Power Co.:
1.95%, 12/1/2018		2,189,000		2,200,449
4.25%, 12/1/2019		3,000		3,178
5.40%, 6/1/2018		100,000		105,196
Jersey Central Power & Light Co.:
5.65%, 6/1/2017		1,260,000		1,279,735
7.35%, 2/1/2019		50,000		54,691
Kansas City Power & Light Co.:
6.38%, 3/1/2018		236,000		247,845
Series 09A, 7.15%, 4/1/2019		217,000		240,592
MidAmerican Energy Co.:
2.40%, 3/15/2019 (c)		4,590,000		4,640,306
5.30%, 3/15/2018		2,379,000		2,483,010
Nevada Power Co.:
6.50%, 8/1/2018		400,000		429,596
7.13%, 3/15/2019		375,000		416,220
Series O, 6.50%, 5/15/2018		330,000		351,651
NextEra Energy Capital Holdings, Inc.:
1.65%, 9/1/2018		2,565,000		2,558,613
2.30%, 4/1/2019		2,785,000		2,798,981
2.40%, 9/15/2019		1,570,000		1,578,494
Series F, 2.06%, 9/1/2017		2,987,000		3,000,158
NiSource Finance Corp. 6.40%, 3/15/2018		3,705,000		3,901,216
Ohio Power Co. 6.05%, 5/1/2018		2,050,000		2,158,404
Oklahoma Gas & Electric Co. 6.35%, 9/1/2018		1,770,000		1,892,413
Oncor Electric Delivery Co. LLC:
5.00%, 9/30/2017		1,828,000		1,876,210
6.80%, 9/1/2018		2,231,000		2,409,525
Pacific Gas & Electric Co.:
3.50%, 10/1/2020		1,000,000		1,034,950
8.25%, 10/15/2018		1,937,000		2,149,702
PacifiCorp 5.65%, 7/15/2018		406,000		429,877
PECO Energy Co. 5.35%, 3/1/2018 (c)		1,190,000		1,238,897
PG&E Corp. 2.40%, 3/1/2019		200,000		200,884
Portland General Electric Co. 6.10%, 4/15/2019		1,000		1,091
PPL Capital Funding, Inc. 1.90%, 6/1/2018		100,000		99,918
Progress Energy, Inc.:
4.88%, 12/1/2019		2,327,000		2,496,941
7.05%, 3/15/2019		2,000,000		2,207,820
PSEG Power LLC 2.45%, 11/15/2018		3,075,000		3,099,415
Public Service Co. of Colorado:
5.13%, 6/1/2019		204,000		218,462
5.80%, 8/1/2018		1,100,000		1,169,993
Public Service Co. of New Mexico 7.95%, 5/15/2018		1,000,000		1,077,360
Public Service Electric & Gas Co.:
Series I, 1.80%, 6/1/2019		2,000		1,992
Series MTN, 2.00%, 8/15/2019		1,000		1,002
Series MTN, 5.30%, 5/1/2018		300,000		314,283
Public Service Enterprise Group, Inc. 1.60%, 11/15/2019		3,850,000		3,791,519
South Carolina Electric & Gas Co. 6.50%, 11/1/2018		1,200,000		1,299,516
Southern California Edison Co. 5.50%, 8/15/2018 (c)		430,000		456,583
Southern Co.:
1.55%, 7/1/2018		3,150,000		3,136,959
1.85%, 7/1/2019		4,125,000		4,102,601
2.15%, 9/1/2019		1,000		998
2.45%, 9/1/2018		1,962,000		1,978,932
2.75%, 6/15/2020		875,000		880,871
Southern Power Co.:
Series 15A, 1.50%, 6/1/2018		2,550,000		2,537,505
Series D, 1.95%, 12/15/2019		3,200,000		3,170,400
Southwestern Electric Power Co.:
6.45%, 1/15/2019		2,000,000		2,164,940
Series F, 5.88%, 3/1/2018		300,000		313,725
Southwestern Public Service Co. Series G, 8.75%, 12/1/2018		370,000		414,922
Tampa Electric Co. 6.10%, 5/15/2018		1,320,000		1,396,309
TECO Finance, Inc. 6.57%, 11/1/2017		1,700,000		1,764,736
TransAlta Corp.:
1.90%, 6/3/2017		3,210,000		3,193,950
6.90%, 5/15/2018		1,800,000		1,874,250
Virginia Electric & Power Co.:
1.20%, 1/15/2018		295,000		293,852
5.00%, 6/30/2019		5,000		5,356
5.40%, 4/30/2018		1,953,000		2,048,131
WEC Energy Group, Inc. 1.65%, 6/15/2018		2,860,000		2,858,027
Wisconsin Electric Power Co. 1.70%, 6/15/2018		160,000		160,339
Wisconsin Power & Light Co. 5.00%, 7/15/2019		1,000		1,067

See accompanying notes to financial statements.

46

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Wisconsin Public Service Corp. 1.65%, 12/4/2018	$	2,050,000	$	2,046,208
Xcel Energy, Inc. 1.20%, 6/1/2017		1,825,000		1,823,266
				164,519,132
ELECTRICAL COMPONENTS & EQUIPMENT — 0.1%
Emerson Electric Co. 5.25%, 10/15/2018		1,570,000		1,670,700
Hubbell, Inc. 5.95%, 6/1/2018		1,100,000		1,160,247
				2,830,947
ELECTRONICS — 0.7%
Amphenol Corp. 2.55%, 1/30/2019		3,031,000		3,062,098
Arrow Electronics, Inc. 3.00%, 3/1/2018		1,145,000		1,156,794
Corning, Inc.:
1.45%, 11/15/2017		1,375,000		1,373,976
1.50%, 5/8/2018		1,900,000		1,894,129
Fortive Corp. 1.80%, 6/15/2019 (d)		1,198,000		1,186,954
Honeywell International, Inc. 1.40%, 10/30/2019		4,950,000		4,905,400
Jabil Circuit, Inc. 8.25%, 3/15/2018		2,000,000		2,145,000
Keysight Technologies, Inc. 3.30%, 10/30/2019		1,100,000		1,115,895
Koninklijke Philips NV 5.75%, 3/11/2018		5,155,000		5,414,348
Thermo Fisher Scientific, Inc. 1.85%, 1/15/2018		1,690,000		1,693,160
				23,947,754
ENVIRONMENTAL CONTROL — 0.3%
Republic Services, Inc.:
3.80%, 5/15/2018		4,260,000		4,374,722
5.50%, 9/15/2019		2,502,000		2,721,500
Waste Management, Inc. 6.10%, 3/15/2018		1,887,000		1,986,162
				9,082,384
FOOD — 1.3%
Campbell Soup Co. 4.50%, 2/15/2019		1,300,000		1,364,545
General Mills, Inc.:
2.20%, 10/21/2019		2,875,000		2,884,200
5.65%, 2/15/2019 (c)		4,000,000		4,296,320
Hershey Co. 1.60%, 8/21/2018		1,655,000		1,658,691
JM Smucker Co. 1.75%, 3/15/2018		2,628,000		2,631,889
Kellogg Co.:
3.25%, 5/21/2018		220,000		224,424
4.15%, 11/15/2019		1,000,000		1,054,160
Kraft Heinz Foods Co.:
2.00%, 7/2/2018		6,205,000		6,208,227
2.80%, 7/2/2020		842,000		847,936
6.13%, 8/23/2018		3,100,000		3,302,275
Kroger Co.:
2.00%, 1/15/2019		3,400,000		3,405,304
Series GMTN, 1.50%, 9/30/2019		2,920,000		2,875,762
Mondelez International, Inc. 6.13%, 8/23/2018		500,000		532,780
Sysco Corp.:
1.90%, 4/1/2019		4,145,000		4,130,119
5.25%, 2/12/2018		1,530,000		1,588,171
Tyson Foods, Inc. 2.65%, 8/15/2019		5,830,000		5,881,013
Unilever Capital Corp.:
2.20%, 3/6/2019 (c)		1,400,000		1,414,630
4.80%, 2/15/2019		2,618,000		2,784,217
				47,084,663
FOREST PRODUCTS & PAPER — 0.1%
Celulosa Arauco y Constitucion SA 7.25%, 7/29/2019		3,809,000		4,212,106
International Paper Co. 7.95%, 6/15/2018		202,000		219,019
				4,431,125
GAS — 0.5%
Atmos Energy Corp. 6.35%, 6/15/2017		1,015,000		1,038,141
CenterPoint Energy Resources Corp. Series MTN, 6.00%, 5/15/2018		1,992,000		2,094,289
Dominion Gas Holdings LLC 2.50%, 12/15/2019		4,329,000		4,372,160
National Fuel Gas Co. 6.50%, 4/15/2018		1,500,000		1,573,425
ONE Gas, Inc. 2.07%, 2/1/2019		566,000		566,617
Sempra Energy:
1.63%, 10/7/2019		2,800,000		2,761,696
6.15%, 6/15/2018		2,961,000		3,127,379
9.80%, 2/15/2019		74,000		85,639
Southern California Gas Co.:
1.55%, 6/15/2018		1,850,000		1,850,463
Series HH, 5.45%, 4/15/2018		1,000,000		1,043,880
				18,513,689
HAND & MACHINE TOOLS — 0.2%
Kennametal, Inc. 2.65%, 11/1/2019 (c)		1,500,000		1,489,245
Snap-on, Inc. 4.25%, 1/15/2018		570,000		585,732
Stanley Black & Decker, Inc.:
1.62%, 11/17/2018		3,000,000		2,981,310
2.45%, 11/17/2018		1,806,000		1,827,203
				6,883,490
HEALTH CARE PRODUCTS — 1.4%
Abbott Laboratories 2.35%, 11/22/2019		9,680,000		9,691,229
Becton Dickinson and Co.:
1.80%, 12/15/2017		2,242,000		2,247,000
2.68%, 12/15/2019		5,896,000		5,976,363
Boston Scientific Corp.:
2.65%, 10/1/2018		2,950,000		2,984,692
6.00%, 1/15/2020		76,000		83,387

See accompanying notes to financial statements.

47

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CR Bard, Inc. 1.38%, 1/15/2018	$	2,015,000	$	2,007,504
Danaher Corp. 1.65%, 9/15/2018		950,000		950,523
Edwards Lifesciences Corp. 2.88%, 10/15/2018		1,053,000		1,068,605
Medtronic, Inc.:
1.38%, 4/1/2018		3,430,000		3,423,517
1.50%, 3/15/2018		2,978,000		2,978,060
5.60%, 3/15/2019		400,000		430,988
St Jude Medical, Inc. 2.00%, 9/15/2018		1,105,000		1,106,492
Stryker Corp.:
1.30%, 4/1/2018		1,552,000		1,545,808
2.00%, 3/8/2019		4,745,000		4,748,606
Thermo Fisher Scientific, Inc.:
2.15%, 12/14/2018		1,990,000		1,998,895
2.40%, 2/1/2019 (c)		4,230,000		4,260,794
Zimmer Biomet Holdings, Inc.:
2.00%, 4/1/2018		2,883,000		2,886,373
4.63%, 11/30/2019		1,000		1,058
				48,389,894
HEALTH CARE SERVICES — 1.4%
Aetna, Inc.:
1.70%, 6/7/2018		2,780,000		2,777,303
1.90%, 6/7/2019		5,295,000		5,281,551
2.20%, 3/15/2019		3,578,000		3,589,736
Anthem, Inc.:
1.88%, 1/15/2018		3,290,000		3,291,711
2.25%, 8/15/2019 (c)		1,807,000		1,803,639
2.30%, 7/15/2018		3,453,000		3,473,960
7.00%, 2/15/2019		1,990,000		2,180,025
Dignity Health
2.64%, 11/1/2019		1,940,000		1,947,469
Humana, Inc.:
2.63%, 10/1/2019		1,500,000		1,510,065
6.30%, 8/1/2018		1,800,000		1,921,122
7.20%, 6/15/2018		1,709,000		1,836,696
Laboratory Corp. of America Holdings:
2.20%, 8/23/2017		1,177,000		1,182,486
2.50%, 11/1/2018		1,625,000		1,640,226
Quest Diagnostics, Inc. 2.70%, 4/1/2019		350,000		353,552
UnitedHealth Group, Inc.:
1.40%, 12/15/2017		2,778,000		2,777,917
1.70%, 2/15/2019		6,100,000		6,082,127
1.90%, 7/16/2018		5,803,000		5,823,079
2.30%, 12/15/2019		50,000		50,324
6.00%, 2/15/2018		2,576,000		2,700,601
				50,223,589
HOLDING COMPANIES-DIVERS — 0.1%
MUFG Americas Holdings Corp. 1.63%, 2/9/2018		1,838,000		1,831,089
HOME BUILDERS — 0.1%
DR Horton, Inc.:
3.63%, 2/15/2018		100,000		100,812
3.75%, 3/1/2019		3,535,000		3,603,491
				3,704,303
HOME FURNISHINGS — 0.1%
Whirlpool Corp. 1.65%, 11/1/2017		2,385,000		2,388,413
HOUSEHOLD PRODUCTS — 0.1%
Colgate-Palmolive Co.:
Series MTN, 0.90%, 5/1/2018		315,000		313,274
Series MTN, 1.50%, 11/1/2018 (c)		4,100,000		4,105,371
Procter & Gamble Co.:
1.60%, 11/15/2018		1,000		1,003
1.90%, 11/1/2019		120,000		120,726
				4,540,374
HOUSEHOLD PRODUCTS & WARES — 0.1%
Kimberly-Clark Corp.:
1.40%, 2/15/2019		651,000		647,055
6.25%, 7/15/2018		3,607,000		3,859,815
7.50%, 11/1/2018		800,000		883,528
				5,390,398
HOUSEWARES — 0.2%
Newell Brands, Inc.:
2.15%, 10/15/2018		1,500,000		1,506,840
2.60%, 3/29/2019		6,120,000		6,187,320
				7,694,160
INSURANCE — 2.2%
Aflac, Inc. 2.65%, 2/15/2017		1,202,000		1,203,813
Allstate Corp. 7.45%, 5/16/2019		1,100,000		1,227,985
American Financial Group, Inc. 9.88%, 6/15/2019		1,000,000		1,173,060
American International Group, Inc.:
2.30%, 7/16/2019		3,365,000		3,379,638
Series MTN, 5.85%, 1/16/2018		4,457,000		4,644,639
Assurant, Inc. 2.50%, 3/15/2018		2,250,000		2,264,603
Berkshire Hathaway Finance Corp.:
1.30%, 5/15/2018		2,000,000		1,995,740
1.30%, 8/15/2019		7,545,000		7,448,726
1.45%, 3/7/2018		3,175,000		3,176,302
1.70%, 3/15/2019		4,635,000		4,628,233
2.00%, 8/15/2018		611,000		615,900
5.40%, 5/15/2018		4,944,000		5,196,144
Berkshire Hathaway, Inc.:
1.15%, 8/15/2018		2,275,000		2,262,192
1.55%, 2/9/2018		1,886,000		1,889,225
2.10%, 8/14/2019		400,000		403,368
Chubb Corp. 5.75%, 5/15/2018		1,920,000		2,025,043
Chubb INA Holdings, Inc.:
5.80%, 3/15/2018		705,000		739,369
5.90%, 6/15/2019		20,000		21,844
CNA Financial Corp. 7.35%, 11/15/2019		1,499,000		1,695,189

See accompanying notes to financial statements.

48

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Hartford Financial Services Group, Inc.:
6.30%, 3/15/2018	$	1,678,000	$	1,760,306
Series MTN, 6.00%, 1/15/2019		100,000		106,704
Lincoln National Corp. 8.75%, 7/1/2019		1,281,000		1,476,532
Marsh & McLennan Cos., Inc. Series MTN, 2.55%, 10/15/2018		1,686,000		1,699,977
MetLife, Inc.:
7.72%, 2/15/2019		3,830,000		4,279,182
Series A, 6.82%, 8/15/2018		4,664,000		5,027,465
Protective Life Corp. 7.38%, 10/15/2019		2,500,000		2,826,500
Prudential Financial, Inc.:
Series D, 7.38%, 6/15/2019		4,025,000		4,524,623
Series MTN, 2.30%, 8/15/2018		1,825,000		1,840,056
Reinsurance Group of America, Inc. 6.45%, 11/15/2019		70,000		77,491
Travelers Cos. Inc. 5.90%, 6/2/2019		100,000		108,784
Travelers Cos., Inc.:
5.80%, 5/15/2018		253,000		266,811
Series MTN, 5.75%, 12/15/2017		4,085,000		4,255,549
Voya Financial, Inc. 2.90%, 2/15/2018		2,003,000		2,025,534
XLIT, Ltd. 2.30%, 12/15/2018		200,000		200,954
				76,467,481
INTERNET — 0.8%
Alibaba Group Holding, Ltd. 2.50%, 11/28/2019		7,621,000		7,651,636
Amazon.com, Inc. 2.60%, 12/5/2019		1,692,000		1,724,588
Baidu, Inc.:
2.75%, 6/9/2019		4,010,000		4,046,050
3.25%, 8/6/2018		3,481,000		3,531,614
eBay, Inc.:
2.20%, 8/1/2019 (c)		4,586,000		4,583,019
2.50%, 3/9/2018		2,615,000		2,637,960
Expedia, Inc. 7.46%, 8/15/2018		2,510,000		2,709,671
				26,884,538
INVESTMENT COMPANY SECURITY — 0.3%
Ares Capital Corp. 4.88%, 11/30/2018		3,768,000		3,913,972
FS Investment Corp.:
4.00%, 7/15/2019		100,000		100,047
4.25%, 1/15/2020		1,350,000		1,356,507
PennantPark Investment Corp. 4.50%, 10/1/2019		2,000,000		2,003,660
Prospect Capital Corp. 5.00%, 7/15/2019		2,500,000		2,534,302
				9,908,488
IRON/STEEL — 0.2%
Nucor Corp. 5.85%, 6/1/2018		680,000		716,625
Vale Overseas, Ltd. 5.63%, 9/15/2019		4,726,000		4,991,837
				5,708,462
IT SERVICES — 2.5%
Apple, Inc.:
1.00%, 5/3/2018		12,005,000		11,956,380
1.10%, 8/2/2019		6,508,000		6,407,907
1.30%, 2/23/2018		1,625,000		1,625,845
1.70%, 2/22/2019 (c)		3,670,000		3,676,349
2.10%, 5/6/2019		7,283,000		7,352,917
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
3.48%, 6/1/2019 (d)		10,680,000		10,895,415
4.42%, 6/15/2021 (d)		5,200,000		5,366,345
Hewlett Packard Enterprise Co.:
2.45%, 10/5/2017		2,550,000		2,564,178
2.85%, 10/5/2018		8,820,000		8,908,200
International Business Machines Corp.:
1.13%, 2/6/2018		4,890,000		4,878,704
1.25%, 2/8/2018		4,020,000		4,015,538
1.80%, 5/17/2019		4,830,000		4,835,217
1.88%, 5/15/2019		4,247,000		4,256,216
1.95%, 2/12/2019 (c)		1,831,000		1,840,521
7.63%, 10/15/2018		5,406,000		5,962,710
8.38%, 11/1/2019		709,000		832,855
Seagate HDD Cayman 3.75%, 11/15/2018		3,280,000		3,363,247
				88,738,544
LODGING — 0.2%
Marriott International, Inc.:
3.00%, 3/1/2019		3,275,000		3,327,826
6.75%, 5/15/2018		943,000		1,003,522
Wyndham Worldwide Corp.:
2.50%, 3/1/2018		707,000		710,174
2.95%, 3/1/2017		580,000		580,583
				5,622,105
MACHINERY, CONSTRUCTION & MINING — 0.7%
Caterpillar Financial Services Corp.:
Series G, 2.45%, 9/6/2018		2,550,000		2,582,104
Series GMTN, 1.50%, 2/23/2018		2,910,000		2,908,778
Series GMTN, 1.70%, 6/16/2018		1,250,000		1,250,362
Series MTN, 1.30%, 3/1/2018		1,010,000		1,006,536
Series MTN, 1.35%, 5/18/2019		3,562,000		3,511,313
Series MTN, 1.80%, 11/13/2018		2,425,000		2,427,449
Series MTN, 2.00%, 3/5/2020		1,028,000		1,017,895
Series MTN, 2.10%, 6/9/2019		3,407,000		3,414,121
Series MTN, 2.25%, 12/1/2019		8,000		8,029
Series MTN, 7.05%, 10/1/2018		50,000		54,459
Series MTN, 7.15%, 2/15/2019		3,905,000		4,319,125
Caterpillar, Inc. 7.90%, 12/15/2018		1,811,000		2,020,895
				24,521,066
MACHINERY-DIVERSIFIED — 0.9%
John Deere Capital Corp.:
1.30%, 3/12/2018		2,250,000		2,243,677
2.25%, 4/17/2019		5,000		5,044

See accompanying notes to financial statements.

49

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series MTN, 1.25%, 10/9/2019	$	4,608,000	$	4,522,383
Series MTN, 1.35%, 1/16/2018 (c)		2,598,000		2,594,545
Series MTN, 1.60%, 7/13/2018		3,529,000		3,527,200
Series MTN, 1.75%, 8/10/2018		4,875,000		4,881,874
Series MTN, 1.95%, 12/13/2018		16,000		16,078
Series MTN, 1.95%, 1/8/2019		3,565,000		3,577,477
Series MTN, 1.95%, 3/4/2019		1,000,000		1,002,030
Series MTN, 2.30%, 9/16/2019		5,448,000		5,498,993
Series MTN, 5.35%, 4/3/2018		8,000		8,374
Series MTN, 5.75%, 9/10/2018		444,000		473,704
Roper Technologies, Inc.:
1.85%, 11/15/2017		1,946,000		1,952,019
2.05%, 10/1/2018		1,984,000		1,988,722
6.25%, 9/1/2019		250,000		274,725
				32,566,845
MEDIA — 2.2%
21st Century Fox America, Inc.:
6.90%, 3/1/2019		2,625,000		2,883,956
7.25%, 5/18/2018		675,000		723,323
8.25%, 8/10/2018 (c)		700,000		768,376
CBS Corp.:
1.95%, 7/1/2017		2,000,000		2,006,348
2.30%, 8/15/2019 (c)		2,875,000		2,883,625
4.63%, 5/15/2018		70,000		72,591
Comcast Corp.:
5.70%, 5/15/2018		2,515,000		2,654,231
5.70%, 7/1/2019		1,907,000		2,083,321
5.88%, 2/15/2018		2,180,000		2,285,272
6.30%, 11/15/2017		3,466,000		3,609,603
Discovery Communications LLC 5.63%, 8/15/2019		560,000		603,831
Grupo Televisa SAB 6.00%, 5/15/2018		3,350,000		3,522,190
Historic TW, Inc. 6.88%, 6/15/2018		3,005,000		3,219,948
RELX Capital, Inc. 8.63%, 1/15/2019		2,550,000		2,864,925
Scripps Networks Interactive, Inc. 2.75%, 11/15/2019		1,970,000		1,995,551
Thomson Reuters Corp.:
4.70%, 10/15/2019		1,000		1,059
6.50%, 7/15/2018		4,880,000		5,204,861
Time Warner Cable LLC:
6.75%, 7/1/2018		5,355,000		5,716,463
8.25%, 4/1/2019		7,700,000		8,643,249
8.75%, 2/14/2019		4,835,000		5,451,463
Time Warner, Inc. 2.10%, 6/1/2019		1,714,000		1,712,886
Time Warner., Inc. 7.25%, 10/15/2017		2,376,000		2,482,519
Viacom, Inc.:
2.25%, 2/4/2022		1,750,000		1,642,298
2.50%, 9/1/2018		1,132,000		1,135,498
6.13%, 10/5/2017 (c)		4,020,000		4,135,012
Walt Disney Co.:
1.65%, 1/8/2019		1,225,000		1,226,825
Series GMTN, 1.50%, 9/17/2018		1,976,000		1,977,838
Series GMTN, 1.85%, 5/30/2019		2,000,000		2,006,420
Series MTN, 0.88%, 7/12/2019 (c)		2,420,000		2,371,528
Series MTN, 1.10%, 12/1/2017		3,560,000		3,556,689
				79,441,699
METAL FABRICATE & HARDWARE — 0.1%
Precision Castparts Corp. 1.25%, 1/15/2018		1,814,000		1,810,227
MINING — 0.6%
Barrick Gold Corp. 6.95%, 4/1/2019		550,000		601,755
BHP Billiton Finance USA, Ltd.:
2.05%, 9/30/2018		3,720,000		3,739,827
6.50%, 4/1/2019		6,115,000		6,715,983
Freeport-McMoRan, Inc. 2.38%, 3/15/2018 (d)		50,000		49,625
Goldcorp, Inc. 2.13%, 3/15/2018		1,776,000		1,774,366
Newmont Mining Corp. 5.13%, 10/1/2019		1,000		1,069
Rio Tinto Finance USA, Ltd.:
3.50%, 11/2/2020		1,585,000		1,639,144
4.13%, 5/20/2021		199,000		211,670
9.00%, 5/1/2019		5,190,000		5,991,907
				20,725,346
MISCELLANEOUS MANUFACTURER — 0.5%
3M Co.:
Series MTN, 1.38%, 8/7/2018		895,000		894,320
Series MTN, 1.63%, 6/15/2019		1,702,000		1,701,234
Crane Co. 2.75%, 12/15/2018		820,000		830,471
Dover Corp. 5.45%, 3/15/2018		1,000,000		1,044,840
Eaton Corp. 5.60%, 5/15/2018		600,000		630,108
General Electric Co. 5.25%, 12/6/2017		5,000,000		5,181,800
Illinois Tool Works, Inc. 6.25%, 4/1/2019		4,000		4,374
Ingersoll-Rand Global Holding Co., Ltd.:
2.88%, 1/15/2019		1,400,000		1,423,450
6.88%, 8/15/2018		675,000		729,493
Parker-Hannifin Corp. Series MTN, 5.50%, 5/15/2018		1,200,000		1,264,188
Pentair Finance SA:
1.88%, 9/15/2017		1,917,000		1,919,860
2.90%, 9/15/2018		500,000		505,170
Textron, Inc. 7.25%, 10/1/2019 (c)		1,500,000		1,687,500
Tyco Electronics Group SA 2.38%, 12/17/2018 (c)		1,801,000		1,816,219
				19,633,027
OFFICE & BUSINESS EQUIPMENT — 0.4%
Pitney Bowes, Inc.:
4.75%, 5/15/2018		400,000		411,892
6.25%, 3/15/2019		4,500,000		4,809,960
Series MTN, 5.60%, 3/15/2018		50,000		51,832

See accompanying notes to financial statements.

50

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Xerox Corp.:
2.75%, 3/15/2019	$	1,423,000	$	1,424,409
5.63%, 12/15/2019		226,000		242,726
6.35%, 5/15/2018		6,438,000		6,764,922
				13,705,741
OIL & GAS — 6.0%
Anadarko Petroleum Corp.:
4.85%, 3/15/2021		3,000,000		3,213,810
8.70%, 3/15/2019		250,000		283,258
Apache Corp. 6.90%, 9/15/2018		4,119,000		4,457,088
BP Capital Markets PLC:
1.38%, 5/10/2018 (c)		4,864,000		4,844,885
1.67%, 2/13/2018		3,085,000		3,087,992
1.68%, 5/3/2019		4,329,000		4,297,052
2.24%, 5/10/2019		3,600,000		3,617,496
2.24%, 9/26/2018 (c)		3,756,000		3,783,607
4.75%, 3/10/2019		350,000		370,643
British Transco Finance, Inc. 6.63%, 6/1/2018		1,600,000		1,684,688
Canadian Natural Resources, Ltd.:
1.75%, 1/15/2018		2,926,000		2,920,411
5.90%, 2/1/2018		1,825,000		1,899,095
Chevron Corp.:
1.10%, 12/5/2017		4,342,000		4,333,273
1.35%, 11/15/2017		3,700,000		3,704,410
1.37%, 3/2/2018		5,001,000		4,995,299
1.56%, 5/16/2019		3,850,000		3,834,331
1.72%, 6/24/2018		5,411,000		5,427,125
1.79%, 11/16/2018		3,077,000		3,088,231
2.19%, 11/15/2019		3,004,000		3,030,045
4.95%, 3/3/2019		4,983,000		5,313,971
ConocoPhillips Co.:
1.50%, 5/15/2018		3,981,000		3,964,957
5.20%, 5/15/2018		3,403,000		3,552,970
5.75%, 2/1/2019		7,809,000		8,388,272
6.65%, 7/15/2018		50,000		53,511
Encana Corp. 6.50%, 5/15/2019		2,775,000		2,986,594
EOG Resources, Inc.:
2.45%, 4/1/2020		1,470,000		1,466,487
5.63%, 6/1/2019		1,754,000		1,895,267
5.88%, 9/15/2017		1,360,000		1,400,191
6.88%, 10/1/2018		50,000		54,187
EQT Corp.:
6.50%, 4/1/2018		2,781,000		2,925,167
8.13%, 6/1/2019		3,325,000		3,743,085
Exxon Mobil Corp.:
1.31%, 3/6/2018		5,366,000		5,362,190
1.44%, 3/1/2018		3,579,000		3,582,364
1.71%, 3/1/2019 (c)		7,400,000		7,406,364
1.82%, 3/15/2019		5,151,000		5,167,123
Hess Corp. 8.13%, 2/15/2019		2,427,000		2,693,970
Husky Energy, Inc.:
6.20%, 9/15/2017		1,500,000		1,549,786
7.25%, 12/15/2019		2,311,000		2,624,302
Marathon Oil Corp. 5.90%, 3/15/2018		4,650,000		4,847,625
Marathon Petroleum Corp. 2.70%, 12/14/2018 (c)		1,654,000		1,678,380
Nabors Industries, Inc.:
5.00%, 9/15/2020		2,000,000		2,052,500
6.15%, 2/15/2018 (c)		4,368,000		4,553,640
Noble Energy, Inc.:
4.15%, 12/15/2021		5,200,000		5,432,700
8.25%, 3/1/2019		825,000		925,419
Occidental Petroleum Corp. 1.50%, 2/15/2018		2,047,000		2,048,351
Petro-Canada 6.05%, 5/15/2018		4,212,000		4,444,629
Pioneer Natural Resources Co. 6.88%, 5/1/2018		3,750,000		3,983,250
Shell International Finance B.V.:
1.25%, 11/10/2017		4,525,000		4,526,715
1.38%, 5/10/2019		5,040,000		4,986,727
1.38%, 9/12/2019		9,450,000		9,316,944
1.63%, 11/10/2018		4,320,000		4,319,525
1.90%, 8/10/2018		4,400,000		4,425,960
2.00%, 11/15/2018		3,283,000		3,303,650
4.30%, 9/22/2019		1,166,000		1,236,356
Suncor Energy, Inc. 6.10%, 6/1/2018		4,736,000		5,009,125
Talisman Energy, Inc. 7.75%, 6/1/2019		1,251,000		1,353,019
Total Capital Canada, Ltd. 1.45%, 1/15/2018		1,490,000		1,488,733
Total Capital International SA:
2.10%, 6/19/2019		2,619,000		2,631,178
2.13%, 1/10/2019		4,500,000		4,525,695
Total Capital SA 2.13%, 8/10/2018		2,722,000		2,742,742
Valero Energy Corp.:
6.13%, 2/1/2020		4,001,000		4,420,905
9.38%, 3/15/2019		1,000,000		1,150,640
				212,407,905
OIL & GAS SERVICES — 0.4%
Baker Hughes, Inc. 7.50%, 11/15/2018		2,745,000		3,021,888
Cameron International Corp. 1.40%, 6/15/2017		500,000		499,807
FMC Technologies, Inc. 2.00%, 10/1/2017		3,000,000		3,002,148
Halliburton Co.:
2.00%, 8/1/2018		1,200,000		1,202,208
5.90%, 9/15/2018		900,000		957,861
6.15%, 9/15/2019 (c)		4,075,000		4,481,359
				13,165,271
PACKAGING & CONTAINERS — 0.0% (a)
WestRock RKT Co. 4.45%, 3/1/2019		1,100,000		1,142,834
PHARMACEUTICALS — 4.8%
Abbott Laboratories 5.13%, 4/1/2019 (c)		4,440,000		4,726,335

See accompanying notes to financial statements.

51

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
AbbVie, Inc.:
1.80%, 5/14/2018	$	9,728,000	$	9,732,961
2.00%, 11/6/2018 (c)		764,000		764,497
2.50%, 5/14/2020		3,584,000		3,588,803
Actavis Funding SCS:
2.35%, 3/12/2018		8,843,000		8,893,493
2.45%, 6/15/2019		1,751,000		1,760,631
Actavis, Inc. 1.88%, 10/1/2017		1,500,000		1,502,866
Allergan, Inc. 1.35%, 3/15/2018		1,275,000		1,266,891
AmerisourceBergen Corp. 4.88%, 11/15/2019		2,200,000		2,358,026
AstraZeneca PLC:
1.75%, 11/16/2018		3,610,000		3,612,816
1.95%, 9/18/2019		2,291,000		2,288,205
2.38%, 11/16/2020		567,000		564,902
Baxalta, Inc. 2.00%, 6/22/2018		1,700,000		1,698,623
Bristol-Myers Squibb Co. 1.75%, 3/1/2019		1,500,000		1,498,035
Cardinal Health, Inc.:
1.70%, 3/15/2018		1,655,000		1,652,997
1.95%, 6/15/2018		1,575,000		1,578,355
2.40%, 11/15/2019		75,000		75,389
Eli Lilly & Co.:
1.25%, 3/1/2018		1,355,000		1,351,707
1.95%, 3/15/2019		405,000		406,810
Express Scripts Holding Co. 2.25%, 6/15/2019		4,902,000		4,903,275
GlaxoSmithKline Capital, Inc. 5.65%, 5/15/2018		7,610,000		8,016,983
Johnson & Johnson:
1.13%, 3/1/2019		3,175,000		3,147,949
1.65%, 12/5/2018 (c)		1,069,000		1,073,949
1.88%, 12/5/2019		150,000		150,500
5.15%, 7/15/2018 (c)		3,767,000		3,979,233
McKesson Corp.:
1.40%, 3/15/2018		2,775,000		2,761,652
2.28%, 3/15/2019		5,430,000		5,450,743
Mead Johnson Nutrition Co. 4.90%, 11/1/2019		3,000,000		3,213,870
Medco Health Solutions, Inc. 7.13%, 3/15/2018		3,744,000		3,964,185
Merck & Co., Inc.:
1.10%, 1/31/2018		3,228,000		3,222,674
1.30%, 5/18/2018		2,093,000		2,090,614
Merck Sharp & Dohme Corp. 5.00%, 6/30/2019		4,454,000		4,801,501
Mylan NV:
2.50%, 6/7/2019 (d)		4,250,000		4,227,262
3.00%, 12/15/2018 (d)		3,100,000		3,123,746
Mylan, Inc.:
2.55%, 3/28/2019		2,800,000		2,793,980
2.60%, 6/24/2018		640,000		641,274
Novartis Securities Investment, Ltd. 5.13%, 2/10/2019		11,426,000		12,209,709
Perrigo Co. PLC 2.30%, 11/8/2018		2,410,000		2,410,337
Pfizer, Inc.:
1.20%, 6/1/2018		4,075,000		4,063,060
1.45%, 6/3/2019 (c)		3,205,000		3,182,629
1.50%, 6/15/2018		3,607,000		3,610,751
1.70%, 12/15/2019		4,115,000		4,105,824
2.10%, 5/15/2019		4,680,000		4,722,775
Pharmacia Corp. 6.50%, 12/1/2018		105,000		114,553
Sanofi 1.25%, 4/10/2018		3,330,000		3,322,841
Shire Acquisitions Investments Ireland DAC 1.90%, 9/23/2019		10,453,000		10,316,170
Teva Pharmaceutical Finance Netherlands III B.V.:
1.40%, 7/20/2018		5,450,000		5,398,334
1.70%, 7/19/2019		5,447,000		5,354,782
Zoetis, Inc. 1.88%, 2/1/2018		2,457,000		2,455,821
				168,153,318
PIPELINES — 2.5%
Buckeye Partners L.P.:
2.65%, 11/15/2018		3,065,000		3,086,271
4.88%, 2/1/2021		2,000,000		2,121,940
6.05%, 1/15/2018		181,000		188,323
Columbia Pipeline Group, Inc. 2.45%, 6/1/2018		3,358,000		3,362,365
Enable Midstream Partners L.P. 2.40%, 5/15/2019		3,000,000		2,940,000
Enbridge Energy Partners L.P.:
4.38%, 10/15/2020		3,100,000		3,225,891
9.88%, 3/1/2019		520,000		595,764
Series B, 6.50%, 4/15/2018		1,820,000		1,916,951
Energy Transfer Partners L.P.:
2.50%, 6/15/2018		4,997,000		5,018,587
6.70%, 7/1/2018		2,456,000		2,611,858
9.00%, 4/15/2019		426,000		482,500
EnLink Midstream Partners L.P. 2.70%, 4/1/2019		3,575,000		3,570,531
Enterprise Products Operating LLC:
1.65%, 5/7/2018		3,464,000		3,455,721
2.55%, 10/15/2019		3,539,000		3,571,523
5.25%, 1/31/2020		50,000		54,130
6.65%, 4/15/2018		2,160,000		2,289,514
Series B, 3 Month USD LIBOR + 2.68%, 7.03%, 1/15/2068 (e)		1,200,000		1,240,596
Series L, 6.30%, 9/15/2017		2,466,000		2,543,331
Kinder Morgan Energy Partners L.P.:
2.65%, 2/1/2019		4,550,000		4,564,150
5.95%, 2/15/2018		1,874,000		1,954,338
9.00%, 2/1/2019		1,145,000		1,287,701
Kinder Morgan, Inc.:
2.00%, 12/1/2017		2,933,000		2,937,282
7.25%, 6/1/2018		680,000		726,587
Magellan Midstream Partners L.P. 6.55%, 7/15/2019		2,670,000		2,955,183
Northwest Pipeline LLC 6.05%, 6/15/2018		533,000		557,267

See accompanying notes to financial statements.

52

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
ONEOK Partners L.P.:
2.00%, 10/1/2017	$	2,860,000	$	2,867,902
3.20%, 9/15/2018		325,000		331,757
8.63%, 3/1/2019		1,770,000		1,992,932
Panhandle Eastern Pipe Line Co. L.P. 7.00%, 6/15/2018		2,725,000		2,878,036
Plains All American Pipeline L.P./PAA Finance Corp.:
6.50%, 5/1/2018		3,059,000		3,237,034
8.75%, 5/1/2019		1,556,000		1,767,149
Questar Pipeline LLC 5.83%, 2/1/2018		250,000		259,188
Spectra Energy Capital LLC:
6.20%, 4/15/2018		3,181,000		3,332,829
8.00%, 10/1/2019		2,000		2,260
Spectra Energy Partners L.P. 2.95%, 9/25/2018		500,000		508,210
Tennessee Gas Pipeline Co. LLC 7.50%, 4/1/2017		1,855,000		1,878,881
TransCanada PipeLines, Ltd.:
1.63%, 11/9/2017		2,771,000		2,768,961
1.88%, 1/12/2018		374,000		374,527
3.13%, 1/15/2019 (c)		2,525,000		2,578,278
6.50%, 8/15/2018		3,511,000		3,757,613
Transcontinental Gas Pipe Line Co. LLC 6.05%, 6/15/2018		210,000		220,412
Western Gas Partners L.P. 2.60%, 8/15/2018		2,595,000		2,601,488
				88,615,761
REAL ESTATE — 0.0% (a)
Prologis L.P. 2.75%, 2/15/2019		400,000		405,600
REAL ESTATE INVESTMENT TRUSTS — 1.6%
American Tower Corp.:
3.40%, 2/15/2019		4,317,000		4,409,470
4.50%, 1/15/2018		5,002,000		5,133,002
Boston Properties L.P.:
3.70%, 11/15/2018		3,150,000		3,244,216
5.88%, 10/15/2019		2,500,000		2,723,550
Brandywine Operating Partnership L.P. 4.95%, 4/15/2018		3,401,000		3,514,389
Duke Realty L.P. 6.50%, 1/15/2018		1,073,000		1,124,193
Equity Commonwealth 6.65%, 1/15/2018		1,100,000		1,122,231
ERP Operating L.P. 5.75%, 6/15/2017		1,282,000		1,307,118
Government Properties Income Trust 3.75%, 8/15/2019		1,000,000		1,007,360
HCP, Inc. 3.75%, 2/1/2019		750,000		770,055
Hospitality Properties Trust 6.70%, 1/15/2018		250,000		256,130
Kilroy Realty L.P. Series MTN, 4.80%, 7/15/2018		1,380,000		1,427,431
Kimco Realty Corp. 4.30%, 2/1/2018		2,100,000		2,142,315
Realty Income Corp.:
2.00%, 1/31/2018		2,450,000		2,455,757
6.75%, 8/15/2019		1,025,000		1,144,935
Select Income REIT 2.85%, 2/1/2018		3,010,000		3,016,291
Senior Housing Properties Trust 3.25%, 5/1/2019		3,000,000		3,004,290
Simon Property Group L.P. 2.20%, 2/1/2019		1,701,000		1,714,268
UDR, Inc. Series MTN, 4.25%, 6/1/2018		345,000		356,071
Ventas Realty L.P. / Ventas Capital Corp. 4.00%, 4/30/2019		1,615,000		1,671,816
Ventas Realty L.P./Ventas Capital Corp. 2.00%, 2/15/2018		1,900,000		1,903,781
VEREIT Operating Partnership L.P. 3.00%, 2/6/2019		2,630,000		2,623,425
Vornado Realty L.P. 2.50%, 6/30/2019		2,285,000		2,285,183
Welltower, Inc.:
2.25%, 3/15/2018		3,000,000		3,011,940
4.70%, 9/15/2017		2,650,000		2,706,914
Weyerhaeuser Co.:
6.95%, 8/1/2017		2,000,000		2,056,432
7.38%, 10/1/2019		1,000		1,123
				56,133,686
RETAIL — 2.5%
AutoNation, Inc. 6.75%, 4/15/2018		2,250,000		2,375,505
AutoZone, Inc. 1.63%, 4/21/2019		2,423,000		2,399,109
Best Buy Co., Inc. 5.00%, 8/1/2018		3,006,000		3,139,671
Costco Wholesale Corp. 1.70%, 12/15/2019		3,512,000		3,506,697
CVS Health Corp.:
1.90%, 7/20/2018		10,636,000		10,671,312
2.25%, 12/5/2018		4,717,000		4,756,953
2.25%, 8/12/2019		402,000		403,873
Dollar General Corp.:
1.88%, 4/15/2018		400,000		400,244
4.13%, 7/15/2017		1,137,000		1,153,498
Home Depot, Inc.:
2.00%, 6/15/2019		2,319,000		2,338,085
2.25%, 9/10/2018		4,100,000		4,153,177
Lowe’s Cos., Inc. 1.15%, 4/15/2019		1,910,000		1,886,068
Macy’s Retail Holdings, Inc. 7.45%, 7/15/2017		1,380,000		1,423,567
McDonald’s Corp.:
Series MTN, 1.88%, 5/29/2019		105,000		104,817
Series MTN, 2.10%, 12/7/2018		2,531,000		2,545,553
Series MTN, 5.35%, 3/1/2018		4,944,000		5,152,489

See accompanying notes to financial statements.

53

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Nordstrom, Inc. 6.25%, 1/15/2018	$	3,779,000	$	3,945,956
QVC, Inc. 3.13%, 4/1/2019		1,800,000		1,820,250
Staples, Inc. 2.75%, 1/12/2018		2,077,000		2,088,548
Starbucks Corp. 2.00%, 12/5/2018		1,448,000		1,460,945
Target Corp.:
2.30%, 6/26/2019		3,636,000		3,687,340
6.00%, 1/15/2018		3,355,000		3,506,881
Wal-Mart Stores, Inc.:
1.13%, 4/11/2018		4,850,000		4,837,778
1.95%, 12/15/2018		950,000		958,360
4.13%, 2/1/2019 (c)		4,825,000		5,062,583
5.80%, 2/15/2018		3,810,000		3,997,528
Walgreens Boots Alliance, Inc.:
1.75%, 11/17/2017		2,246,000		2,251,604
1.75%, 5/30/2018		2,616,000		2,618,407
2.70%, 11/18/2019		5,122,000		5,186,639
				87,833,437
SEMICONDUCTORS — 0.4%
Altera Corp. 2.50%, 11/15/2018		1,925,000		1,959,900
Intel Corp. 2.45%, 7/29/2020		1,125,000		1,139,164
KLA-Tencor Corp. 2.38%, 11/1/2017		863,000		868,170
Maxim Integrated Products, Inc. 2.50%, 11/15/2018		1,006,000		1,015,124
QUALCOMM, Inc. 1.40%, 5/18/2018		2,922,000		2,918,494
Texas Instruments, Inc.:
1.00%, 5/1/2018		1,320,000		1,312,014
1.65%, 8/3/2019		3,394,000		3,385,176
				12,598,042
SOFTWARE — 1.5%
CA, Inc.:
2.88%, 8/15/2018		500,000		504,880
5.38%, 12/1/2019		1,367,000		1,475,690
Fidelity National Information Services, Inc. 2.85%, 10/15/2018		2,620,000		2,664,173
Microsoft Corp.:
1.00%, 5/1/2018 (c)		1,085,000		1,081,767
1.10%, 8/8/2019		9,042,000		8,920,746
1.30%, 11/3/2018		5,570,000		5,566,714
1.63%, 12/6/2018		3,025,000		3,041,123
3.00%, 10/1/2020 (c)		625,000		646,413
4.20%, 6/1/2019 (c)		2,853,000		3,028,631
Oracle Corp.:
2.25%, 10/8/2019		7,300,000		7,377,088
2.38%, 1/15/2019		5,211,000		5,285,569
5.00%, 7/8/2019		6,407,000		6,905,081
5.75%, 4/15/2018		6,632,000		6,998,286
				53,496,161
TELECOMMUNICATIONS — 4.7%
America Movil SAB de CV 5.00%, 3/30/2020		2,322,000		2,484,726
AT&T, Inc.:
1.40%, 12/1/2017		4,765,000		4,754,184
1.60%, 2/15/2017		1,244,000		1,244,335
1.75%, 1/15/2018		2,280,000		2,280,365
2.30%, 3/11/2019		5,299,000		5,316,116
2.38%, 11/27/2018		5,750,000		5,796,287
5.50%, 2/1/2018		8,747,000		9,091,019
5.60%, 5/15/2018		1,950,000		2,047,753
5.80%, 2/15/2019		9,474,000		10,170,433
5.88%, 10/1/2019 (c)		4,555,000		4,972,466
British Telecommunications PLC:
2.35%, 2/14/2019		4,170,000		4,190,225
5.95%, 1/15/2018		4,875,000		5,079,214
Cisco Systems, Inc.:
1.40%, 2/28/2018		4,906,000		4,909,336
1.40%, 9/20/2019		5,418,000		5,356,127
1.60%, 2/28/2019		5,750,000		5,736,602
1.65%, 6/15/2018		5,750,000		5,765,755
2.13%, 3/1/2019		1,900,000		1,916,549
4.95%, 2/15/2019		7,278,000		7,765,335
Deutsche Telekom International Finance B.V.:
6.00%, 7/8/2019		3,104,000		3,394,348
6.75%, 8/20/2018		4,600,000		4,958,570
GTE Corp. 6.84%, 4/15/2018		1,043,000		1,105,382
Juniper Networks, Inc. 3.13%, 2/26/2019		1,450,000		1,473,272
Nippon Telegraph & Telephone Corp. 1.40%, 7/18/2017		1,952,000		1,951,139
Orange SA:
1.63%, 11/3/2019		5,550,000		5,468,637
2.75%, 2/6/2019		2,500,000		2,532,625
5.38%, 7/8/2019		3,760,000		4,050,686
Qwest Corp. 6.50%, 6/1/2017		2,520,000		2,565,864
Rogers Communications, Inc. 6.80%, 8/15/2018		3,365,000		3,626,562
Telefonica Emisiones SAU:
3.19%, 4/27/2018		4,900,000		4,967,522
5.88%, 7/15/2019		4,221,000		4,573,327
6.22%, 7/3/2017		2,523,000		2,579,621
Telefonos de Mexico SAB de CV 5.50%, 11/15/2019		100,000		108,433
Verizon Communications, Inc.:
1.38%, 8/15/2019		4,126,000		4,051,856
2.55%, 6/17/2019		1,000		1,012
3.65%, 9/14/2018		10,865,000		11,220,937
5.50%, 2/15/2018		2,677,000		2,792,084
6.10%, 4/15/2018		2,890,000		3,054,267
Vodafone Group PLC:
1.50%, 2/19/2018		4,612,000		4,594,705
4.63%, 7/15/2018		2,032,000		2,110,577
5.45%, 6/10/2019		4,128,000		4,442,884
				164,501,137

See accompanying notes to financial statements.

54

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
TOBACCO — 0.1%
Reynolds American, Inc. 8.13%, 6/23/2019	$	3,166,000	$	3,611,203
TOYS/GAMES/HOBBIES — 0.1%
Mattel, Inc.:
1.70%, 3/15/2018		920,000		917,921
2.35%, 5/6/2019 (c)		2,895,000		2,901,253
				3,819,174
TRANSPORTATION — 1.0%
Burlington Northern Santa Fe LLC:
4.70%, 10/1/2019		4,002,000		4,292,625
5.75%, 3/15/2018		3,067,000		3,220,473
Canadian National Railway Co.:
5.55%, 5/15/2018		1,210,000		1,272,630
5.55%, 3/1/2019		1,600,000		1,722,464
FedEx Corp. 8.00%, 1/15/2019		2,098,000		2,344,704
Norfolk Southern Corp.:
5.75%, 4/1/2018		3,338,000		3,503,531
5.90%, 6/15/2019		2,085,000		2,271,045
Ryder System, Inc.:
Series MTN, 2.45%, 11/15/2018		1,000,000		1,008,820
Series MTN, 2.45%, 9/3/2019		3,120,000		3,130,639
Series MTN, 2.50%, 3/1/2018		1,666,000		1,679,061
Series MTN, 2.55%, 6/1/2019		1,001,000		1,008,207
Union Pacific Corp.:
2.25%, 2/15/2019		500,000		504,135
5.70%, 8/15/2018		150,000		159,648
5.75%, 11/15/2017		1,162,000		1,206,555
United Parcel Service, Inc.:
5.13%, 4/1/2019 (c)		3,100,000		3,327,075
5.50%, 1/15/2018 (c)		3,397,000		3,538,247
				34,189,859
TRUCKING & LEASING — 0.1%
GATX Corp.:
1.25%, 3/4/2017		3,165,000		3,164,130
2.50%, 3/15/2019		584,000		584,625
2.60%, 3/30/2020 (c)		625,000		620,031
				4,368,786
TOTAL CORPORATE BONDS & NOTES (Cost $3,453,096,574)				3,440,728,251
U.S. TREASURY OBLIGATIONS — 1.4%
Treasury Notes 1.38%, 12/15/2019 (Cost $47,872,500)		48,000,000		47,881,919
	Shares
SHORT-TERM INVESTMENTS — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		15,994,379		15,994,379
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h)		7,017,213		7,017,213
TOTAL SHORT-TERM INVESTMENTS (Cost $23,011,592)				23,011,592
TOTAL INVESTMENTS — 99.8% (Cost $3,523,980,666)				3,511,621,762
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				8,188,585
NET ASSETS — 100.0%			$	3,519,810,347

(a) Amount is less than 0.05% of net assets.

(b) Step-up bond — Coupon rate increases in increments to maturity. Rate shown as of December 31, 2016. Maturity date shown is the final maturity.

(c) All or a portion of the shares of the security are on loan at December 31, 2016.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.9% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(f) The rate shown is the annualized seven-day yield at December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

GMTN = Global Medium Term Note

MTN = Medium Term Note

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

55

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Advertising	$	—	$	1,529,848	$	—	$	1,529,848
Aerospace & Defense		—		38,400,929		—		38,400,929
Agriculture		—		30,172,552		—		30,172,552
Airlines		—		1,814,178		—		1,814,178
Apparel		—		1,456,000		—		1,456,000
Auto Manufacturers		—		153,512,775		—		153,512,775
Banks		—		1,189,835,249		—		1,189,835,249
Beverages		—		84,614,807		—		84,614,807
Biotechnology		—		24,495,806		—		24,495,806
Chemicals		—		39,650,423		—		39,650,423
Commercial Services		—		15,037,284		—		15,037,284
Construction Materials		—		2,614,718		—		2,614,718
Distribution & Wholesale		—		1,420,587		—		1,420,587
Diversified Financial Services		—		144,541,948		—		144,541,948
Electric		—		164,519,132		—		164,519,132
Electrical Components & Equipment		—		2,830,947		—		2,830,947
Electronics		—		23,947,754		—		23,947,754
Environmental Control		—		9,082,384		—		9,082,384
Food		—		47,084,663		—		47,084,663
Forest Products & Paper		—		4,431,125		—		4,431,125
Gas		—		18,513,689		—		18,513,689
Hand & Machine Tools		—		6,883,490		—		6,883,490
Health Care Products		—		48,389,894		—		48,389,894
Health Care Services		—		50,223,589		—		50,223,589
Holding Companies-Divers		—		1,831,089		—		1,831,089
Home Builders		—		3,704,303		—		3,704,303
Home Furnishings		—		2,388,413		—		2,388,413
Household Products		—		4,540,374		—		4,540,374
Household Products & Wares		—		5,390,398		—		5,390,398
Housewares		—		7,694,160		—		7,694,160
Insurance		—		76,467,481		—		76,467,481
Internet		—		26,884,538		—		26,884,538
Investment Company Security		—		9,908,488		—		9,908,488
Iron/Steel		—		5,708,462		—		5,708,462
IT Services		—		88,738,544		—		88,738,544
Lodging		—		5,622,105		—		5,622,105
Machinery, Construction & Mining		—		24,521,066		—		24,521,066
Machinery-Diversified		—		32,566,845		—		32,566,845
Media		—		79,441,699		—		79,441,699
Metal Fabricate & Hardware		—		1,810,227		—		1,810,227
Mining		—		20,725,346		—		20,725,346
Miscellaneous Manufacturer		—		19,633,027		—		19,633,027
Office & Business Equipment		—		13,705,741		—		13,705,741
Oil & Gas		—		212,407,905		—		212,407,905
Oil & Gas Services		—		13,165,271		—		13,165,271
Packaging & Containers		—		1,142,834		—		1,142,834
Pharmaceuticals		—		168,153,318		—		168,153,318
Pipelines		—		88,615,761		—		88,615,761
Real Estate		—		405,600		—		405,600
Real Estate Investment Trusts		—		56,133,686		—		56,133,686

See accompanying notes to financial statements.

56

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Retail	$	—	$	87,833,437	$	—	$	87,833,437
Semiconductors		—		12,598,042		—		12,598,042
Software		—		53,496,161		—		53,496,161
Telecommunications		—		164,501,137		—		164,501,137
Tobacco		—		3,611,203		—		3,611,203
Toys/Games/Hobbies		—		3,819,174		—		3,819,174
Transportation		—		34,189,859		—		34,189,859
Trucking & Leasing		—		4,368,786		—		4,368,786
U.S. Treasury Obligations		—		47,881,919		—		47,881,919
Short-Term Investments		23,011,592		—		—		23,011,592
TOTAL INVESTMENTS	$	23,011,592	$	3,488,610,170	$	—	$	3,511,621,762

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional U.S. Government Money Market Fund, Premier Class		105,809,360	$	105,809,360		486,086,051		575,901,032		15,994,379	$	15,994,379	$	31,671	$	—
State Street Navigator Securities Lending Government Money Market Portfolio*		44,939,175		44,939,175		124,840,533		162,762,495		7,017,213		7,017,213		29,525		—
TOTAL			$	150,748,535							$	23,011,592	$	61,196	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

57

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 99.0%
ADVERTISING — 0.3%
Interpublic Group of Cos., Inc.:
3.75%, 2/15/2023	$	425,000	$	426,403
4.00%, 3/15/2022		100,000		103,276
4.20%, 4/15/2024		418,000		429,014
Omnicom Group, Inc.:
3.60%, 4/15/2026		1,008,000		999,997
3.63%, 5/1/2022		534,000		548,968
3.65%, 11/1/2024		610,000		611,244
4.45%, 8/15/2020		356,000		378,161
WPP Finance 2010:
3.63%, 9/7/2022		159,000		162,231
3.75%, 9/19/2024		392,500		394,376
4.75%, 11/21/2021		425,000		459,952
				4,513,622
AEROSPACE & DEFENSE — 1.1%
Boeing Capital Corp.:
2.90%, 8/15/2018		50,000		51,072
4.70%, 10/27/2019		50,000		53,911
Boeing Co.:
0.95%, 5/15/2018		300,000		298,401
1.65%, 10/30/2020		504,000		494,056
1.88%, 6/15/2023		250,000		238,425
2.20%, 10/30/2022		200,000		195,574
2.25%, 6/15/2026		200,000		187,888
2.35%, 10/30/2021		150,000		150,278
2.50%, 3/1/2025		100,000		96,633
2.60%, 10/30/2025		250,000		242,885
2.85%, 10/30/2024		215,000		215,191
4.88%, 2/15/2020		229,000		248,424
6.00%, 3/15/2019		150,000		163,438
7.95%, 8/15/2024		75,000		98,678
Exelis, Inc. 5.55%, 10/1/2021		375,000		414,945
General Dynamics Corp.:
1.88%, 8/15/2023		415,000		393,756
2.13%, 8/15/2026		630,000		582,252
2.25%, 11/15/2022		350,000		344,263
3.88%, 7/15/2021		2,000		2,124
Harris Corp.:
2.00%, 4/27/2018		82,000		82,039
2.70%, 4/27/2020		50,000		49,734
3.83%, 4/27/2025 (a)		100,000		101,430
4.40%, 12/15/2020		125,000		132,045
L-3 Communications Corp.:
3.85%, 12/15/2026		260,000		259,327
3.95%, 5/28/2024		109,000		110,706
4.75%, 7/15/2020		413,000		438,672
4.95%, 2/15/2021		175,000		187,913
5.20%, 10/15/2019		439,000		471,315
Lockheed Martin Corp.:
1.85%, 11/23/2018		437,000		438,665
2.50%, 11/23/2020		691,000		695,872
2.90%, 3/1/2025		625,000		610,206
3.10%, 1/15/2023		324,000		327,788
3.35%, 9/15/2021		650,000		670,716
3.55%, 1/15/2026		737,000		752,588
4.25%, 11/15/2019		195,000		207,384
Northrop Grumman Corp.:
1.75%, 6/1/2018		375,000		375,926
3.20%, 2/1/2027		300,000		297,090
3.25%, 8/1/2023		894,000		911,487
3.50%, 3/15/2021		365,000		378,509
5.05%, 8/1/2019		300,000		322,281
Raytheon Co.:
2.50%, 12/15/2022		609,000		605,918
3.13%, 10/15/2020		615,000		633,604
3.15%, 12/15/2024		200,000		202,872
4.40%, 2/15/2020		100,000		106,734
6.40%, 12/15/2018		165,000		180,195
Rockwell Collins, Inc.:
3.10%, 11/15/2021		100,000		100,269
3.70%, 12/15/2023		475,000		484,291
Spirit AeroSystems, Inc. 3.85%, 6/15/2026		385,000		376,900
Textron, Inc. 4.00%, 3/15/2026		650,000		650,812
United Technologies Corp.:
1.50%, 11/1/2019		775,000		767,777
1.78%, 5/4/2018 (b)		350,000		350,000
1.95%, 11/1/2021		850,000		832,252
2.65%, 11/1/2026 (a)		415,000		398,894
3.10%, 6/1/2022		989,000		1,015,851
4.50%, 4/15/2020		520,000		559,192
				19,559,448
AGRICULTURE — 0.9%
Altria Group, Inc.:
2.63%, 1/14/2020		870,000		880,353
2.63%, 9/16/2026		285,000		270,243
2.85%, 8/9/2022		1,218,000		1,218,268
2.95%, 5/2/2023		250,000		249,490
4.00%, 1/31/2024		661,000		697,844
4.75%, 5/5/2021		807,000		878,993
9.25%, 8/6/2019		505,000		595,264
9.70%, 11/10/2018		556,000		635,024
Archer-Daniels-Midland Co.:
2.50%, 8/11/2026 (a)		600,000		567,996
4.48%, 3/1/2021		186,000		200,880
5.45%, 3/15/2018		310,000		324,341
Bunge, Ltd. Finance Corp.:
3.25%, 8/15/2026		525,000		504,063
3.50%, 11/24/2020		137,000		139,033
8.50%, 6/15/2019		165,000		189,077
Philip Morris International, Inc.:
1.38%, 2/25/2019		280,000		277,119
1.88%, 1/15/2019		237,000		237,126
1.88%, 2/25/2021		318,000		310,568
2.13%, 5/10/2023		394,000		375,127
2.50%, 8/22/2022		210,000		206,493
2.63%, 3/6/2023		284,000		279,325
2.75%, 2/25/2026 (a)		402,000		385,795
2.90%, 11/15/2021		620,000		626,708
3.25%, 11/10/2024		478,000		480,959
3.38%, 8/11/2025		25,000		25,345
3.60%, 11/15/2023		458,000		473,627
4.13%, 5/17/2021		100,000		106,477

See accompanying notes to financial statements.

58

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.50%, 3/26/2020	$	600,000	$	641,742
5.65%, 5/16/2018		1,209,000		1,274,298
Reynolds American, Inc.:
2.30%, 6/12/2018		932,000		937,872
3.25%, 6/12/2020		539,000		552,216
4.00%, 6/12/2022		615,000		642,884
4.85%, 9/15/2023		452,000		490,551
				15,675,101
AIRLINES — 0.3%
American Airlines 2013-2 Pass Through Trust, Class A 4.95%, 7/15/2024		399,557		425,109
American Airlines 2014-1 Pass Through Trust Class A Series A, 3.70%, 4/1/2028		177,079		178,028
American Airlines 2015-1 Pass Through Trust, Class B 3.70%, 11/1/2024		42,874		41,802
American Airlines 2016-3 Pass Through Trust, Class AA 3.00%, 4/15/2030		450,000		429,561
Continental Airlines 2009-2 Class A Pass Through Trust Series A, 7.25%, 5/10/2021		67,162		74,547
Continental Airlines 2012-1 Pass Through Trust, Class A Series A, 4.15%, 10/11/2025		88,568		91,268
Continental Airlines 2012-2 Pass Through Trust, Class A Series 2-A, 4.00%, 4/29/2026		847,200		869,007
Delta Air Lines 2007-1 Pass Through Trust, Class A Series 071A, 6.82%, 2/10/2024		131,851		150,830
Southwest Airlines Co.:
2.65%, 11/5/2020		350,000		350,364
2.75%, 11/6/2019		50,000		50,804
3.00%, 11/15/2026		475,000		448,618
United Airlines 2014-2 Pass Through Trust, Class A Series A, 3.75%, 3/3/2028		61,251		61,241
United Airlines 2016-1 Pass Through Trust, Class A Series A, 3.45%, 1/7/2030		629,000		593,940
US Airways 2012-1 Class A Pass Through Trust 5.90%, 4/1/2026		309,513		340,975
US Airways 2013-1 Pass Through Trust, Class A 3.95%, 5/15/2027		148,515		150,675
				4,256,769
APPAREL — 0.1%
NIKE, Inc.:
2.25%, 5/1/2023		351,000		342,116
2.38%, 11/1/2026		650,000		613,126
Ralph Lauren Corp.:
2.13%, 9/26/2018		175,000		176,454
2.63%, 8/18/2020		425,000		427,507
Under Armour, Inc. 3.25%, 6/15/2026		450,000		425,219
VF Corp. 3.50%, 9/1/2021		425,000		442,123
				2,426,545
AUTO MANUFACTURERS — 2.7%
American Honda Finance Corp.:
1.50%, 11/19/2018		750,000		747,990
2.13%, 10/10/2018		423,000		426,295
2.30%, 9/9/2026 (a)		160,000		149,318
Series A, 2.15%, 3/13/2020		96,000		95,568
Series GMTN, 1.70%, 9/9/2021		425,000		409,245
Series MTN, 1.20%, 7/12/2019		575,000		564,495
Series MTN, 1.50%, 3/13/2018		418,000		417,223
Series MTN, 1.60%, 7/13/2018		661,000		661,555
Series MTN, 1.65%, 7/12/2021		350,000		336,749
Series MTN, 1.70%, 2/22/2019		603,000		601,040
Series MTN, 2.25%, 8/15/2019		278,000		279,927
Ford Motor Co.:
4.35%, 12/8/2026		455,000		461,288
6.50%, 8/1/2018		485,000		518,184
Ford Motor Credit Co. LLC:
1.90%, 8/12/2019		485,000		476,736
2.02%, 5/3/2019		615,000		608,524
2.15%, 1/9/2018		300,000		300,462
2.24%, 6/15/2018		280,000		280,294
2.38%, 1/16/2018		900,000		903,609
2.38%, 3/12/2019		575,000		574,408
2.46%, 3/27/2020		200,000		197,320
2.55%, 10/5/2018		809,000		813,425
2.60%, 11/4/2019		600,000		598,956
2.88%, 10/1/2018		400,000		404,680
3.10%, 5/4/2023		650,000		626,249
3.16%, 8/4/2020		220,000		221,355
3.20%, 1/15/2021		593,000		593,652
3.22%, 1/9/2022		200,000		197,854
3.34%, 3/18/2021		840,000		845,670
3.66%, 9/8/2024		525,000		513,902
4.13%, 8/4/2025		752,000		752,790
4.25%, 9/20/2022		550,000		567,039
4.38%, 8/6/2023 (a)		550,000		567,688
4.39%, 1/8/2026		960,000		973,824
5.00%, 5/15/2018		1,940,000		2,013,642
5.75%, 2/1/2021		250,000		273,725
5.88%, 8/2/2021		1,059,000		1,169,072
8.13%, 1/15/2020		475,000		546,473
Series MTN, 2.94%, 1/8/2019		250,000		252,652
General Motors Co.:
3.50%, 10/2/2018		1,108,000		1,128,775
4.88%, 10/2/2023		38,000		39,615
General Motors Financial Co., Inc.:
2.35%, 10/4/2019		600,000		592,500
2.40%, 4/10/2018		1,106,000		1,107,382
2.40%, 5/9/2019		825,000		821,122
3.10%, 1/15/2019		550,000		555,500
3.15%, 1/15/2020		18,000		18,068
3.20%, 7/13/2020		691,000		691,864
3.20%, 7/6/2021		1,050,000		1,033,431

See accompanying notes to financial statements.

59

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3.25%, 5/15/2018	$	242,000	$	245,025
3.45%, 4/10/2022		715,000		705,169
3.50%, 7/10/2019		400,000		407,000
3.70%, 11/24/2020		535,000		542,356
3.70%, 5/9/2023		525,000		516,469
4.00%, 1/15/2025		651,000		633,911
4.00%, 10/6/2026		500,000		480,000
4.20%, 3/1/2021		615,000		633,819
4.25%, 5/15/2023		634,000		640,340
4.30%, 7/13/2025		250,000		247,187
4.38%, 9/25/2021		452,000		467,255
5.25%, 3/1/2026		500,000		524,375
6.75%, 6/1/2018		1,000,000		1,061,000
PACCAR Financial Corp.:
1.40%, 5/18/2018		145,000		144,781
1.65%, 8/11/2021		250,000		240,140
2.25%, 2/25/2021		20,000		19,818
Series MTN, 1.20%, 8/12/2019		250,000		245,470
Series MTN, 1.30%, 5/10/2019		315,000		311,201
Series MTN, 1.45%, 3/9/2018		365,000		365,077
Series MTN, 1.65%, 2/25/2019		125,000		124,543
Series MTN, 1.75%, 8/14/2018		100,000		100,298
Series MTN, 2.20%, 9/15/2019		100,000		100,614
Series MTN, 2.50%, 8/14/2020		110,000		110,141
Toyota Motor Credit Corp.:
1.90%, 4/8/2021		720,000		704,707
Series GMTN, 1.55%, 7/13/2018		503,000		502,623
Series GMTN, 2.80%, 7/13/2022		103,000		103,825
Series MTN, 1.20%, 4/6/2018		530,000		527,610
Series MTN, 1.38%, 1/10/2018		483,000		482,213
Series MTN, 1.40%, 5/20/2019		500,000		493,765
Series MTN, 1.45%, 1/12/2018		773,000		772,814
Series MTN, 1.55%, 10/18/2019		650,000		642,083
Series MTN, 1.70%, 2/19/2019		672,000		669,419
Series MTN, 2.00%, 10/24/2018		361,000		362,949
Series MTN, 2.10%, 1/17/2019		401,000		402,929
Series MTN, 2.13%, 7/18/2019		650,000		652,502
Series MTN, 2.15%, 3/12/2020		620,000		618,388
Series MTN, 2.25%, 10/18/2023 (a)		1,150,000		1,104,564
Series MTN, 2.63%, 1/10/2023		330,000		326,007
Series MTN, 2.75%, 5/17/2021		300,000		303,267
Series MTN, 3.30%, 1/12/2022		641,000		661,300
Series MTN, 3.40%, 9/15/2021		425,000		441,503
Series MTN, 4.25%, 1/11/2021		350,000		374,679
Series MTN, 4.50%, 6/17/2020		175,000		187,670
				46,131,941
AUTO PARTS & EQUIPMENT — 0.2%
BorgWarner, Inc. 4.63%, 9/15/2020		325,000		341,604
Delphi Automotive PLC:
3.15%, 11/19/2020		200,000		202,536
4.25%, 1/15/2026		600,000		620,718
Delphi Corp. 4.15%, 3/15/2024		229,000		235,925
Lear Corp. 5.25%, 1/15/2025		645,000		674,025
Magna International, Inc.:
3.63%, 6/15/2024		325,000		327,743
4.15%, 10/1/2025		75,000		77,481
				2,480,032
BANKS — 26.0%
Associated Banc-Corp. 2.75%, 11/15/2019		400,000		400,916
Australia & New Zealand Banking Group, Ltd.:
2.05%, 9/23/2019		1,000,000		995,770
2.30%, 6/1/2021		630,000		620,052
2.55%, 11/23/2021		550,000		544,924
Series GMTN, 1.50%, 1/16/2018		250,000		249,665
Series MTN, 1.45%, 5/15/2018		250,000		249,013
Series MTN, 1.60%, 7/15/2019		900,000		888,075
Series MTN, 2.00%, 11/16/2018 (a)		350,000		350,868
Series MTN, 2.25%, 6/13/2019		411,000		411,978
Series MTN, 2.70%, 11/16/2020		258,000		258,931
Series MTN, 3.70%, 11/16/2025 (a)		350,000		363,493
Banco Bilbao Vizcaya Argentaria SA 3.00%, 10/20/2020		350,000		350,493
Bancolombia SA 5.95%, 6/3/2021		350,000		379,228
Bank of America Corp.:
2.00%, 1/11/2018		1,463,000		1,465,926
2.63%, 4/19/2021		1,001,000		994,333
3.50%, 4/19/2026		1,237,000		1,222,911
4.10%, 7/24/2023		977,000		1,018,210
5.49%, 3/15/2019		100,000		106,239
5.70%, 1/24/2022		651,000		731,177
5.88%, 1/5/2021		760,000		845,857
6.50%, 7/15/2018		390,000		415,951
6.88%, 11/15/2018		561,000		609,588
7.63%, 6/1/2019		1,223,000		1,372,414
Series GMTN, 3.30%, 1/11/2023		1,417,000		1,421,846
Series GMTN, 4.45%, 3/3/2026		1,090,000		1,122,275
Series L, 1.95%, 5/12/2018		445,000		445,285
Series L, 2.25%, 4/21/2020		980,000		972,601
Series L, 2.60%, 1/15/2019		1,763,000		1,779,378
Series L, 2.65%, 4/1/2019		1,343,000		1,356,954
Series L, 3.95%, 4/21/2025		735,000		731,663
Series L, 4.18%, 11/25/2027		2,400,000		2,400,792
Series MTN, 2.15%, 11/9/2020		600,000		591,708
Series MTN, 2.50%, 10/21/2022		1,075,000		1,040,923
Series MTN, 2.63%, 10/19/2020		1,196,000		1,195,187
Series MTN, 3.88%, 8/1/2025		1,983,000		2,014,212
Series MTN, 4.00%, 4/1/2024		1,354,000		1,395,879
Series MTN, 4.00%, 1/22/2025		1,157,000		1,157,787
Series MTN, 4.13%, 1/22/2024		1,150,000		1,195,747
Series MTN, 4.20%, 8/26/2024		1,286,000		1,310,190
Series MTN, 4.25%, 10/22/2026		1,000,000		1,012,690
Series MTN, 5.00%, 5/13/2021		950,000		1,029,866
Series MTN, 5.63%, 7/1/2020		1,405,000		1,542,760
Series MTN, 5.65%, 5/1/2018		2,665,000		2,791,801
Series MTN, 6.88%, 4/25/2018		3,089,000		3,282,402

See accompanying notes to financial statements.

60

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Bank of America NA:
1.65%, 3/26/2018	$	866,000	$	865,957
1.75%, 6/5/2018		725,000		725,130
2.05%, 12/7/2018		430,000		432,047
Bank of Montreal:
1.40%, 4/10/2018		436,000		434,701
Series MTN, 1.35%, 8/28/2018		550,000		546,321
Series MTN, 1.45%, 4/9/2018		412,000		411,452
Series MTN, 1.50%, 7/18/2019		825,000		813,656
Series MTN, 1.80%, 7/31/2018		358,000		358,301
Series MTN, 1.90%, 8/27/2021		955,000		925,729
Series MTN, 2.10%, 12/12/2019		835,000		836,870
Series MTN, 2.38%, 1/25/2019		567,000		571,434
Series MTN, 2.55%, 11/6/2022		545,000		537,648
Bank of New York Mellon Corp.:
2.05%, 5/3/2021 (a)		500,000		489,690
2.80%, 5/4/2026 (a)		350,000		336,602
3.40%, 5/15/2024		210,000		213,148
3.55%, 9/23/2021		627,000		654,901
Series 0012, 3.65%, 2/4/2024		325,000		335,263
Series G, 2.15%, 2/24/2020		606,000		603,746
Series G, 2.20%, 5/15/2019		365,000		366,847
Series G, 3.00%, 2/24/2025		250,000		245,815
Series MTN, 1.30%, 1/25/2018 (a)		156,000		155,856
Series MTN, 1.35%, 3/6/2018		76,000		75,803
Series MTN, 1.60%, 5/22/2018		311,000		311,156
Series MTN, 2.10%, 8/1/2018		399,000		401,949
Series MTN, 2.10%, 1/15/2019		936,000		940,053
Series MTN, 2.20%, 3/4/2019		200,000		201,076
Series MTN, 2.20%, 8/16/2023		547,000		521,313
Series MTN, 2.30%, 9/11/2019		600,000		604,344
Series MTN, 2.45%, 11/27/2020		450,000		449,761
Series MTN, 2.45%, 8/17/2026		300,000		279,144
Series MTN, 2.50%, 4/15/2021		737,000		736,654
Series MTN, 2.60%, 8/17/2020		628,000		631,937
Series MTN, 3.25%, 9/11/2024		250,000		251,273
Series MTN, 3.95%, 11/18/2025		300,000		315,363
Series MTN, 4.15%, 2/1/2021		250,000		264,448
Series MTN, 4.60%, 1/15/2020		84,000		89,629
Bank of Nova Scotia:
1.45%, 4/25/2018		570,000		568,108
1.65%, 6/14/2019		1,355,000		1,341,409
1.70%, 6/11/2018		415,000		414,888
1.95%, 1/15/2019		600,000		600,168
2.05%, 10/30/2018		550,000		552,777
2.05%, 6/5/2019		206,000		206,087
2.35%, 10/21/2020		822,000		817,923
2.45%, 3/22/2021		661,000		656,948
2.80%, 7/21/2021		376,000		378,527
4.38%, 1/13/2021		200,000		213,606
4.50%, 12/16/2025 (a)		525,000		539,469
Barclays Bank PLC:
2.50%, 2/20/2019		200,000		199,070
5.13%, 1/8/2020		200,000		212,832
5.14%, 10/14/2020		625,000		659,888
Barclays PLC:
2.00%, 3/16/2018		200,000		200,090
2.75%, 11/8/2019		1,059,000		1,057,274
2.88%, 6/8/2020		840,000		833,818
3.20%, 8/10/2021 (a)		600,000		594,660
3.25%, 1/12/2021		750,000		751,552
3.65%, 3/16/2025		1,500,000		1,458,615
4.38%, 9/11/2024		800,000		789,000
4.38%, 1/12/2026		1,200,000		1,220,952
5.20%, 5/12/2026		1,250,000		1,273,437
BB&T Corp.:
2.05%, 5/10/2021		590,000		579,215
5.25%, 11/1/2019		255,000		275,094
6.85%, 4/30/2019		4,000		4,424
Series MTN, 1.45%, 1/12/2018		235,000		234,695
Series MTN, 2.05%, 6/19/2018		325,000		326,501
Series MTN, 2.25%, 2/1/2019		9,000		9,056
Series MTN, 2.45%, 1/15/2020		2,159,000		2,172,580
Series MTN, 2.63%, 6/29/2020		639,000		643,601
Series MTN, 3.95%, 3/22/2022		250,000		260,255
BNP Paribas SA:
2.38%, 5/21/2020		750,000		745,417
5.00%, 1/15/2021		1,883,000		2,045,578
Series MTN, 2.40%, 12/12/2018		460,000		463,689
Series MTN, 2.45%, 3/17/2019		159,000		160,043
Series MTN, 2.70%, 8/20/2018		662,000		670,288
Series MTN, 4.25%, 10/15/2024 (a)		715,000		716,737
BNP Paribas/BNP Paribas US Medium-Term Note Program LLC Series MTN, 3.25%, 3/3/2023		400,000		403,312
BPCE SA:
2.50%, 12/10/2018		500,000		504,415
2.65%, 2/3/2021		350,000		349,402
4.00%, 4/15/2024		616,000		640,843
Series MTN, 1.63%, 1/26/2018		250,000		249,530
Series MTN, 2.25%, 1/27/2020		390,000		387,200
Series MTN, 2.50%, 7/15/2019		858,000		863,234
Series MTN, 2.75%, 12/2/2021		750,000		745,170
Series MTN, 3.38%, 12/2/2026		550,000		542,861
Branch Banking & Trust Co.:
1.45%, 5/10/2019		805,000		795,372
2.30%, 10/15/2018		150,000		151,605
2.85%, 4/1/2021		158,000		160,229
3.63%, 9/16/2025		465,000		473,361
Canadian Imperial Bank of Commerce:
1.55%, 1/23/2018		319,000		318,901
1.60%, 9/6/2019		500,000		494,510
Capital One Financial Corp.:
2.45%, 4/24/2019		648,000		651,460
3.20%, 2/5/2025		175,000		169,671
3.50%, 6/15/2023		105,000		105,444
3.75%, 4/24/2024		300,000		303,726
3.75%, 7/28/2026		1,350,000		1,307,083
4.20%, 10/29/2025		850,000		856,485
4.75%, 7/15/2021		787,000		848,984
Capital One NA/Mclean:
1.65%, 2/5/2018		500,000		498,730
1.85%, 9/13/2019		350,000		345,751
2.25%, 9/13/2021 (a)		400,000		389,676
2.35%, 8/17/2018		450,000		452,448
2.40%, 9/5/2019		200,000		200,422
2.95%, 7/23/2021		620,000		621,575

See accompanying notes to financial statements.

61

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Citigroup, Inc.:
1.70%, 4/27/2018	$	1,442,000	$	1,438,337
1.75%, 5/1/2018		658,000		656,309
1.80%, 2/5/2018		1,034,000		1,033,555
2.05%, 12/7/2018		1,104,000		1,103,514
2.05%, 6/7/2019		450,000		448,245
2.15%, 7/30/2018		522,000		523,529
2.35%, 8/2/2021		1,048,000		1,024,588
2.40%, 2/18/2020		1,009,000		1,006,629
2.50%, 9/26/2018		727,000		733,768
2.50%, 7/29/2019		852,000		857,206
2.55%, 4/8/2019		800,000		806,424
2.65%, 10/26/2020		1,228,000		1,226,968
2.70%, 3/30/2021		2,256,000		2,248,578
2.90%, 12/8/2021		3,850,000		3,844,379
3.20%, 10/21/2026		1,450,000		1,384,504
3.30%, 4/27/2025		481,000		471,678
3.38%, 3/1/2023		262,000		262,595
3.40%, 5/1/2026		979,000		951,373
3.50%, 5/15/2023		450,000		447,835
3.70%, 1/12/2026		850,000		845,929
3.75%, 6/16/2024		388,000		394,833
3.88%, 10/25/2023		472,000		485,891
3.88%, 3/26/2025		200,000		198,912
4.00%, 8/5/2024		400,000		402,792
4.05%, 7/30/2022		425,000		439,327
4.40%, 6/10/2025		995,000		1,017,358
4.50%, 1/14/2022		1,130,000		1,205,834
4.60%, 3/9/2026		1,000,000		1,033,060
5.38%, 8/9/2020		500,000		544,690
5.50%, 9/13/2025		50,000		54,835
6.13%, 5/15/2018		25,000		26,378
8.50%, 5/22/2019		11,000		12,553
Citizens Bank NA/Providence:
2.30%, 12/3/2018		250,000		251,243
2.50%, 3/14/2019		250,000		251,550
2.55%, 5/13/2021		350,000		347,109
Series MTN, 2.45%, 12/4/2019		100,000		100,213
Citizens Financial Group, Inc.:
2.38%, 7/28/2021		210,000		205,454
4.30%, 12/3/2025		400,000		405,932
4.35%, 8/1/2025		280,000		281,448
Comerica Bank:
2.50%, 6/2/2020		100,000		99,841
4.00%, 7/27/2025		250,000		248,417
Comerica, Inc. 2.13%, 5/23/2019		300,000		299,460
Commonwealth Bank of Australia:
1.75%, 11/2/2018		445,000		443,976
2.25%, 3/13/2019		400,000		401,344
2.30%, 9/6/2019		700,000		702,023
2.50%, 9/20/2018		303,000		306,494
2.55%, 3/15/2021		750,000		746,415
Series GMTN, 1.63%, 3/12/2018		350,000		349,723
Series GMTN, 2.05%, 3/15/2019		350,000		349,503
Series GMTN, 2.30%, 3/12/2020 (a)		613,000		610,058
Series GMTN, 2.40%, 11/2/2020		500,000		496,890
Compass Bank:
2.75%, 9/29/2019		300,000		296,502
3.88%, 4/10/2025		250,000		237,813
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA:
3.95%, 11/9/2022		399,000		409,785
Series MTN, 2.25%, 1/14/2020		530,000		528,256
Series MTN, 3.38%, 5/21/2025		465,000		471,733
Cooperatieve Rabobank UA:
1.38%, 8/9/2019		1,750,000		1,719,655
1.70%, 3/19/2018		755,000		754,804
2.25%, 1/14/2019		1,325,000		1,331,519
3.75%, 7/21/2026		490,000		480,675
3.88%, 2/8/2022		1,480,000		1,562,110
4.38%, 8/4/2025		734,000		753,899
4.50%, 1/11/2021		575,000		616,987
4.63%, 12/1/2023		755,000		795,287
Series GMTN, 2.50%, 1/19/2021		1,119,000		1,118,015
Credit Suisse AG:
1.70%, 4/27/2018		1,150,000		1,148,723
1.75%, 1/29/2018		500,000		498,880
3.00%, 10/29/2021		708,000		713,522
5.30%, 8/13/2019		370,000		398,668
5.40%, 1/14/2020		550,000		588,478
6.00%, 2/15/2018		456,000		473,410
Series GMTN, 2.30%, 5/28/2019		1,350,000		1,352,876
Series MTN, 3.63%, 9/9/2024		1,000,000		1,007,070
Series MTN, 4.38%, 8/5/2020		661,000		698,763
Credit Suisse Group Funding Guernsey, Ltd.:
2.75%, 3/26/2020		600,000		594,492
3.13%, 12/10/2020		890,000		887,339
3.45%, 4/16/2021		1,105,000		1,111,928
3.75%, 3/26/2025		850,000		830,900
3.80%, 9/15/2022		2,300,000		2,321,781
3.80%, 6/9/2023		1,750,000		1,742,405
4.55%, 4/17/2026		1,000,000		1,034,370
Deutsche Bank AG:
1.88%, 2/13/2018		1,000,000		993,690
2.50%, 2/13/2019		875,000		869,794
2.95%, 8/20/2020		440,000		433,061
3.13%, 1/13/2021		503,000		494,479
3.38%, 5/12/2021		600,000		593,118
3.70%, 5/30/2024		769,000		743,223
Series 1254, 4.10%, 1/13/2026		500,000		492,030
Series GMTN, 2.85%, 5/10/2019		975,000		971,987
Discover Bank/Greenwood:
2.00%, 2/21/2018		493,000		492,961
2.60%, 11/13/2018		410,000		413,333
3.10%, 6/4/2020		570,000		575,951
3.20%, 8/9/2021		470,000		472,524
3.45%, 7/27/2026		1,090,000		1,054,902
4.20%, 8/8/2023		300,000		311,376
Fifth Third Bancorp:
2.88%, 7/27/2020		509,000		515,510
3.50%, 3/15/2022		517,000		530,023
4.30%, 1/16/2024		165,000		170,410
4.50%, 6/1/2018		270,000		278,745

See accompanying notes to financial statements.

62

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Fifth Third Bank:
1.45%, 2/28/2018	$	250,000	$	249,457
1.63%, 9/27/2019		1,045,000		1,030,725
2.25%, 6/14/2021		555,000		547,441
2.30%, 3/15/2019		215,000		216,131
2.38%, 4/25/2019		206,000		207,323
2.88%, 10/1/2021		100,000		100,902
3.85%, 3/15/2026		350,000		352,261
Series MTN, 2.15%, 8/20/2018		735,000		739,439
First Horizon National Corp. 3.50%, 12/15/2020		163,000		164,273
First Tennessee Bank NA 2.95%, 12/1/2019		100,000		100,102
Goldman Sachs Group, Inc.:
2.00%, 4/25/2019		335,000		333,894
2.30%, 12/13/2019		2,655,000		2,656,991
2.35%, 11/15/2021		560,000		544,510
2.55%, 10/23/2019		1,167,000		1,173,524
2.60%, 4/23/2020		1,258,000		1,259,170
2.63%, 1/31/2019		1,245,000		1,256,666
2.63%, 4/25/2021		645,000		640,182
2.75%, 9/15/2020		883,000		886,629
2.88%, 2/25/2021		495,000		497,084
2.90%, 7/19/2018		1,427,000		1,446,721
3.50%, 1/23/2025		1,260,000		1,244,981
3.50%, 11/16/2026		1,330,000		1,302,442
3.63%, 1/22/2023		1,186,000		1,210,811
3.75%, 5/22/2025		1,202,000		1,205,991
3.75%, 2/25/2026		841,000		844,078
4.00%, 3/3/2024		1,441,000		1,491,420
4.25%, 10/21/2025		878,000		894,067
5.25%, 7/27/2021		2,147,000		2,353,713
5.75%, 1/24/2022		2,020,000		2,269,894
5.95%, 1/18/2018		1,438,000		1,499,014
6.15%, 4/1/2018		2,006,000		2,109,911
Series D, 6.00%, 6/15/2020		945,000		1,047,485
Series GMTN, 5.38%, 3/15/2020		1,406,000		1,524,596
Series GMTN, 7.50%, 2/15/2019		2,799,000		3,100,872
Series MTN, 3.85%, 7/8/2024		1,037,000		1,059,233
HSBC Bank USA NA 4.88%, 8/24/2020		308,000		326,699
HSBC Holdings PLC:
2.65%, 1/5/2022		3,000,000		2,929,260
2.95%, 5/25/2021		1,270,000		1,268,171
3.40%, 3/8/2021		1,550,000		1,578,225
3.60%, 5/25/2023		1,050,000		1,055,229
3.90%, 5/25/2026		910,000		912,166
4.00%, 3/30/2022		854,000		885,743
4.25%, 3/14/2024		579,000		587,801
4.25%, 8/18/2025		600,000		604,704
4.30%, 3/8/2026		1,550,000		1,605,753
4.38%, 11/23/2026		1,090,000		1,096,333
4.88%, 1/14/2022		408,000		439,551
5.10%, 4/5/2021		974,000		1,055,446
HSBC USA, Inc.:
1.63%, 1/16/2018		400,000		399,244
1.70%, 3/5/2018		511,000		510,382
2.00%, 8/7/2018		300,000		300,177
2.25%, 6/23/2019 (a)		403,000		402,371
2.35%, 3/5/2020		965,000		957,029
2.38%, 11/13/2019		1,345,000		1,346,116
2.63%, 9/24/2018		300,000		302,991
2.75%, 8/7/2020		700,000		700,455
3.50%, 6/23/2024		200,000		200,874
5.00%, 9/27/2020		200,000		213,074
Huntington Bancshares, Inc.:
2.30%, 1/14/2022		825,000		800,035
2.60%, 8/2/2018		250,000		252,387
3.15%, 3/14/2021		400,000		404,932
4.35%, 2/4/2023		175,000		177,613
7.00%, 12/15/2020		25,000		28,212
Huntington National Bank:
2.00%, 6/30/2018		200,000		199,934
2.20%, 11/6/2018		475,000		476,363
2.20%, 4/1/2019		150,000		149,771
2.40%, 4/1/2020		250,000		248,622
2.88%, 8/20/2020		250,000		252,130
Intesa Sanpaolo SpA:
3.88%, 1/16/2018		475,000		481,517
5.25%, 1/12/2024		545,000		569,618
Series MTN, 3.88%, 1/15/2019		800,000		814,608
Itau CorpBanca:
3.13%, 1/15/2018		200,000		201,856
3.88%, 9/22/2019 (a) (c)		400,000		412,247
JPMorgan Chase & Co.:
1.63%, 5/15/2018		804,000		802,432
1.80%, 1/25/2018		919,000		919,827
1.85%, 3/22/2019		465,000		463,377
2.20%, 10/22/2019		884,000		887,059
2.25%, 1/23/2020		1,874,000		1,867,647
2.30%, 8/15/2021		1,000,000		980,220
2.35%, 1/28/2019		774,000		780,246
2.40%, 6/7/2021		666,000		658,854
2.55%, 10/29/2020		1,424,000		1,423,089
2.55%, 3/1/2021		1,056,000		1,050,836
2.70%, 5/18/2023		675,000		657,896
2.75%, 6/23/2020		1,262,000		1,272,904
2.95%, 10/1/2026		1,200,000		1,145,508
2.97%, 1/15/2023		2,200,000		2,197,008
3.13%, 1/23/2025		1,046,000		1,023,302
3.20%, 1/25/2023		1,387,000		1,398,928
3.20%, 6/15/2026		700,000		681,975
3.25%, 9/23/2022		1,557,000		1,576,214
3.30%, 4/1/2026		1,250,000		1,228,425
3.38%, 5/1/2023 (a)		900,000		897,579
3.63%, 5/13/2024		1,155,000		1,175,132
3.88%, 2/1/2024		748,000		774,547
3.88%, 9/10/2024		2,851,000		2,881,506
3.90%, 7/15/2025		1,303,000		1,340,592
4.25%, 10/15/2020		1,225,000		1,295,976
4.35%, 8/15/2021		839,000		896,656
4.40%, 7/22/2020		1,418,000		1,506,313
4.50%, 1/24/2022		1,840,000		1,978,423
4.63%, 5/10/2021		801,000		861,363
4.95%, 3/25/2020		279,000		300,726
6.00%, 1/15/2018		3,392,000		3,538,772
6.30%, 4/23/2019		1,228,000		1,340,546
Series H, 1.70%, 3/1/2018		1,265,000		1,264,292

See accompanying notes to financial statements.

63

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
JPMorgan Chase Bank NA:
1.45%, 9/21/2018	$	620,000	$	617,123
1.65%, 9/23/2019		480,000		475,531
KeyBank NA:
1.60%, 8/22/2019		425,000		419,258
1.65%, 2/1/2018		550,000		549,973
1.70%, 6/1/2018		250,000		249,772
2.25%, 3/16/2020		548,000		544,953
2.35%, 3/8/2019		620,000		623,819
2.50%, 12/15/2019		300,000		302,511
3.18%, 10/15/2027		250,000		251,843
3.40%, 5/20/2026		750,000		728,400
Series BKNT, 2.50%, 11/22/2021		250,000		248,310
KeyCorp.:
Series MTN, 2.30%, 12/13/2018		470,000		472,712
Series MTN, 2.90%, 9/15/2020		420,000		424,582
Series MTN, 5.10%, 3/24/2021		155,000		169,241
Lloyds Bank PLC:
2.70%, 8/17/2020		600,000		603,726
6.38%, 1/21/2021		400,000		455,352
Lloyds Banking Group PLC:
3.10%, 7/6/2021 (a)		470,000		475,090
4.50%, 11/4/2024		400,000		406,556
4.58%, 12/10/2025		1,493,000		1,503,675
4.65%, 3/24/2026		600,000		608,334
Manufacturers & Traders Trust Co.:
2.10%, 2/6/2020		700,000		695,618
2.25%, 7/25/2019		100,000		100,578
2.30%, 1/30/2019		300,000		300,771
2.90%, 2/6/2025		225,000		218,423
Series BKNT, 1.45%, 3/7/2018		300,000		299,796
Mitsubishi UFJ Financial Group, Inc.:
2.19%, 9/13/2021		1,000,000		970,420
2.53%, 9/13/2023		200,000		192,544
2.76%, 9/13/2026 (a)		500,000		469,535
2.95%, 3/1/2021		1,465,000		1,470,494
3.85%, 3/1/2026 (a)		1,535,000		1,575,754
Mizuho Financial Group, Inc.:
2.27%, 9/13/2021		500,000		485,205
2.84%, 9/13/2026		640,000		604,499
Morgan Stanley:
1.88%, 1/5/2018		2,408,000		2,410,119
2.13%, 4/25/2018		1,786,000		1,793,090
2.50%, 1/24/2019		1,273,000		1,283,515
2.50%, 4/21/2021		1,113,000		1,099,711
2.65%, 1/27/2020		2,314,000		2,323,973
2.80%, 6/16/2020		948,000		954,968
3.75%, 2/25/2023		1,179,000		1,207,732
4.88%, 11/1/2022		929,000		995,015
5.00%, 11/24/2025		795,000		848,718
5.75%, 1/25/2021		1,125,000		1,247,456
Series F, 3.88%, 4/29/2024		1,281,000		1,313,653
Series GMTN, 2.38%, 7/23/2019		1,170,000		1,172,913
Series GMTN, 2.45%, 2/1/2019		730,000		734,738
Series GMTN, 3.70%, 10/23/2024		1,412,000		1,428,803
Series GMTN, 3.88%, 1/27/2026		1,565,000		1,584,281
Series GMTN, 4.00%, 7/23/2025		2,290,000		2,350,021
Series GMTN, 4.35%, 9/8/2026		117,000		119,604
Series GMTN, 5.50%, 1/26/2020		823,000		892,650
Series GMTN, 5.50%, 7/24/2020		800,000		873,808
Series GMTN, 5.50%, 7/28/2021		1,104,000		1,223,133
Series GMTN, 6.63%, 4/1/2018		1,918,000		2,026,636
Series GMTN, 7.30%, 5/13/2019		1,221,000		1,359,327
Series MTN, 2.20%, 12/7/2018		47,000		47,121
Series MTN, 2.63%, 11/17/2021		1,685,000		1,662,135
Series MTN, 3.13%, 7/27/2026		2,006,000		1,917,897
Series MTN, 4.10%, 5/22/2023		922,000		944,875
Series MTN, 5.63%, 9/23/2019		1,251,000		1,355,183
MUFG Union Bank NA:
2.25%, 5/6/2019		10,000		10,006
2.63%, 9/26/2018		1,050,000		1,060,353
National Australia Bank, Ltd.:
1.38%, 7/12/2019		750,000		735,915
1.88%, 7/12/2021		600,000		580,584
2.30%, 7/25/2018		300,000		302,373
2.50%, 7/12/2026		500,000		464,080
3.00%, 1/20/2023		300,000		298,965
3.38%, 1/14/2026		250,000		249,765
Series GMTN, 2.00%, 1/14/2019		640,000		639,846
Series GMTN, 1.88%, 7/23/2018		250,000		250,385
Series GMTN, 2.63%, 7/23/2020		800,000		802,968
Series GMTN, 2.63%, 1/14/2021 (a)		250,000		249,838
National Bank of Canada 2.10%, 12/14/2018		500,000		501,740
National City Corp. 6.88%, 5/15/2019		100,000		109,628
Northern Trust Corp.:
2.38%, 8/2/2022		32,000		31,617
3.38%, 8/23/2021		165,000		170,973
3.45%, 11/4/2020		100,000		104,161
3.95%, 10/30/2025		300,000		313,314
PNC Bank NA:
1.45%, 7/29/2019		830,000		818,504
1.50%, 2/23/2018		450,000		449,325
1.80%, 11/5/2018		700,000		700,798
1.85%, 7/20/2018		357,000		357,596
1.95%, 3/4/2019		1,250,000		1,250,800
2.15%, 4/29/2021		550,000		542,168
2.20%, 1/28/2019 (a)		150,000		150,869
2.25%, 7/2/2019		1,105,000		1,111,751
2.30%, 6/1/2020		250,000		249,525
2.40%, 10/18/2019		400,000		403,568
2.45%, 11/5/2020		370,000		370,070
2.60%, 7/21/2020		250,000		251,855
2.70%, 11/1/2022		793,000		777,687
2.95%, 1/30/2023		220,000		216,330
2.95%, 2/23/2025		450,000		439,353
3.25%, 6/1/2025		270,000		270,521
3.30%, 10/30/2024		200,000		201,438
3.80%, 7/25/2023		250,000		257,928
6.88%, 4/1/2018		350,000		369,453
Series BKNT, 1.70%, 12/7/2018		750,000		749,917
Series BKNT, 2.55%, 12/9/2021 (a)		465,000		465,386
Series MTN, 1.60%, 6/1/2018		468,000		467,172
PNC Financial Services Group, Inc.:
2.85%, 11/9/2022 (b)		33,000		32,629

See accompanying notes to financial statements.

64

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3.30%, 3/8/2022	$	469,000	$	481,433
3.90%, 4/29/2024		450,000		460,372
4.38%, 8/11/2020		363,000		386,178
5.13%, 2/8/2020		195,000		210,836
6.70%, 6/10/2019		261,000		289,426
RBC USA Holdco Corp. 5.25%, 9/15/2020		250,000		273,213
Regions Bank:
2.25%, 9/14/2018		250,000		250,810
7.50%, 5/15/2018		100,000		106,933
Regions Financial Corp. 3.20%, 2/8/2021		474,000		481,541
Royal Bank of Canada:
1.50%, 7/29/2019 (a)		525,000		517,739
2.00%, 12/10/2018		585,000		586,813
2.50%, 1/19/2021		477,000		477,372
Series GMTN, 1.50%, 6/7/2018		250,000		249,265
Series GMTN, 1.63%, 4/15/2019		987,000		979,894
Series GMTN, 1.80%, 7/30/2018		667,000		667,487
Series GMTN, 2.15%, 3/15/2019		324,000		325,124
Series GMTN, 2.15%, 3/6/2020		313,000		311,642
Series GMTN, 2.20%, 7/27/2018		1,468,000		1,477,806
Series GMTN, 4.65%, 1/27/2026		5,000		5,325
Series MTN, 1.50%, 1/16/2018		690,000		689,227
Series MTN, 2.35%, 10/30/2020		1,204,000		1,199,473
Royal Bank of Scotland Group PLC:
3.88%, 9/12/2023		1,250,000		1,196,875
4.80%, 4/5/2026		1,100,000		1,097,250
Santander Bank NA 2.00%, 1/12/2018		200,000		199,396
Santander Holdings USA, Inc.:
2.65%, 4/17/2020		250,000		246,192
2.70%, 5/24/2019		550,000		549,071
3.45%, 8/27/2018		402,000		408,118
4.50%, 7/17/2025		1,251,000		1,243,144
Santander Issuances SAU 5.18%, 11/19/2025		1,400,000		1,407,742
Santander UK Group Holdings PLC:
2.88%, 10/16/2020		448,000		444,649
2.88%, 8/5/2021		1,250,000		1,230,612
3.13%, 1/8/2021		800,000		800,328
Santander UK PLC:
2.35%, 9/10/2019		300,000		300,018
2.38%, 3/16/2020		619,000		613,386
2.50%, 3/14/2019		425,000		426,955
3.05%, 8/23/2018		549,000		557,493
4.00%, 3/13/2024		227,000		236,030
Series GMTN, 2.00%, 8/24/2018 (a)		233,000		232,271
Skandinaviska Enskilda Banken AB:
1.50%, 9/13/2019		550,000		539,814
1.88%, 9/13/2021		450,000		434,641
2.63%, 3/15/2021		500,000		500,375
Societe Generale SA 2.63%, 10/1/2018		260,000		262,668
Sumitomo Mitsui Banking Corp.:
1.50%, 1/18/2018 (a)		250,000		249,003
1.75%, 1/16/2018		200,000		199,738
2.05%, 1/18/2019		250,000		249,217
2.45%, 1/10/2019		158,000		158,676
2.45%, 1/16/2020		1,058,000		1,053,313
2.50%, 7/19/2018		200,000		201,440
3.00%, 1/18/2023 (a)		250,000		248,145
3.20%, 7/18/2022		450,000		453,524
3.95%, 1/10/2024		300,000		313,137
Series GMTN, 1.95%, 7/23/2018		525,000		524,559
Series GMTN, 2.25%, 7/11/2019		750,000		748,808
Series GMTN, 2.45%, 10/20/2020		258,000		255,363
Series GMTN, 2.65%, 7/23/2020		350,000		349,730
Series GMTN, 3.40%, 7/11/2024		400,000		403,036
Series GMTN, 3.65%, 7/23/2025		250,000		254,977
Sumitomo Mitsui Financial Group, Inc.:
2.06%, 7/14/2021		800,000		774,320
2.44%, 10/19/2021 (a)		2,000,000		1,964,040
2.63%, 7/14/2026 (a)		1,156,000		1,072,826
2.93%, 3/9/2021		910,000		913,039
3.78%, 3/9/2026		614,000		627,508
SunTrust Bank:
2.75%, 5/1/2023		250,000		242,495
3.30%, 5/15/2026		50,000		48,291
SunTrust Banks, Inc.:
2.35%, 11/1/2018		329,000		331,540
2.50%, 5/1/2019		458,000		461,614
2.70%, 1/27/2022		1,250,000		1,248,962
2.90%, 3/3/2021		527,000		532,476
7.25%, 3/15/2018		150,000		158,987
SVB Financial Group 3.50%, 1/29/2025		470,000		451,548
Svenska Handelsbanken AB:
1.50%, 9/6/2019		750,000		737,978
1.88%, 9/7/2021		540,000		521,802
2.40%, 10/1/2020		590,000		587,782
2.45%, 3/30/2021		665,000		660,811
2.50%, 1/25/2019		600,000		606,234
Series MTN, 1.63%, 3/21/2018		458,000		457,455
Series MTN, 2.25%, 6/17/2019		450,000		451,935
Toronto-Dominion Bank:
1.45%, 8/13/2019		350,000		344,946
1.80%, 7/13/2021		500,000		484,330
2.13%, 7/2/2019		600,000		601,710
Series GMTN, 1.45%, 9/6/2018		500,000		497,695
Series GMTN, 1.75%, 7/23/2018		494,000		494,291
Series GMTN, 2.50%, 12/14/2020		600,000		601,830
Series MTN, 1.40%, 4/30/2018		2,343,000		2,336,604
Series MTN, 1.63%, 3/13/2018		521,000		521,500
Series MTN, 1.95%, 1/22/2019		350,000		350,399
Series MTN, 2.13%, 4/7/2021		650,000		640,296
Series MTN, 2.25%, 11/5/2019		985,000		990,092
Series MTN, 2.63%, 9/10/2018		883,000		895,424
UBS AG:
5.75%, 4/25/2018		200,000		209,932
Series GMTN, 1.80%, 3/26/2018		808,000		807,960
Series GMTN, 2.35%, 3/26/2020		1,450,000		1,444,070
Series GMTN, 2.38%, 8/14/2019		1,300,000		1,306,227
US Bancorp:
3.10%, 4/27/2026		250,000		243,545
Series MTN, 1.95%, 11/15/2018		586,000		588,860
Series MTN, 2.20%, 4/25/2019		601,000		605,868

See accompanying notes to financial statements.

65

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series MTN, 2.35%, 1/29/2021	$	530,000	$	529,852
Series MTN, 2.95%, 7/15/2022		678,000		680,990
Series MTN, 3.00%, 3/15/2022		344,000		350,223
Series MTN, 3.60%, 9/11/2024		200,000		203,456
Series MTN, 3.70%, 1/30/2024		700,000		727,881
Series MTN, 4.13%, 5/24/2021		375,000		401,801
Series V, 2.38%, 7/22/2026		650,000		601,939
US Bank NA:
1.35%, 1/26/2018		250,000		249,308
1.40%, 4/26/2019		710,000		702,254
2.13%, 10/28/2019		718,000		720,585
2.80%, 1/27/2025		350,000		341,296
Series MTN, 1.45%, 1/29/2018		1,210,000		1,208,645
Wachovia Corp. Series MTN, 5.75%, 2/1/2018		1,468,000		1,529,333
Wells Fargo & Co.:
2.10%, 7/26/2021 (a)		1,544,000		1,502,822
2.13%, 4/22/2019		800,000		802,568
2.15%, 1/15/2019		791,000		795,548
2.50%, 3/4/2021		1,150,000		1,142,053
3.00%, 4/22/2026		1,400,000		1,335,180
3.00%, 10/23/2026		1,100,000		1,046,023
4.10%, 6/3/2026		1,250,000		1,266,613
4.13%, 8/15/2023		490,000		507,204
4.48%, 1/16/2024		403,000		424,157
Series GMTN, 1.50%, 1/16/2018		2,401,000		2,397,663
Series GMTN, 2.60%, 7/22/2020		1,456,000		1,463,557
Series M, 3.45%, 2/13/2023		929,000		929,994
Series MTN, 2.55%, 12/7/2020		835,000		834,516
Series MTN, 3.00%, 1/22/2021		739,000		749,132
Series MTN, 3.00%, 2/19/2025		1,037,000		998,050
Series MTN, 3.30%, 9/9/2024		1,111,000		1,101,468
Series MTN, 3.50%, 3/8/2022		1,257,000		1,292,108
Series MTN, 3.55%, 9/29/2025		2,024,000		2,019,871
Series MTN, 4.60%, 4/1/2021		845,000		907,834
Series N, 2.15%, 1/30/2020		988,000		982,546
Wells FargoBankNA:
1.65%, 1/22/2018		1,050,000		1,050,105
1.75%, 5/24/2019		1,165,000		1,158,581
Series MTN, 1.80%, 11/28/2018		1,000,000		1,000,240
Series MTN, 2.15%, 12/6/2019		1,500,000		1,500,870
Westpac Banking Corp.:
1.55%, 5/25/2018		350,000		348,894
1.60%, 8/19/2019		1,250,000		1,234,525
1.65%, 5/13/2019 (a)		669,000		662,444
1.95%, 11/23/2018		475,000		475,722
2.00%, 8/19/2021		750,000		728,062
2.10%, 5/13/2021 (a)		650,000		635,336
2.25%, 7/30/2018		350,000		352,275
2.25%, 1/17/2019		202,000		202,947
2.30%, 5/26/2020		216,000		214,747
2.60%, 11/23/2020		775,000		775,767
2.70%, 8/19/2026 (a)		490,000		462,962
2.85%, 5/13/2026		840,000		805,392
4.88%, 11/19/2019		803,000		860,800
Series GMTN, 1.60%, 1/12/2018		535,000		534,690
Westpac Banking Corp. 5 Year US ISDA +2.24% Series GMTN, 4.32%, 11/23/2031 (d)		1,150,000		1,148,528
				446,148,458
BEVERAGES — 3.0%
Anheuser-Busch Cos. LLC 5.50%, 1/15/2018		30,000		31,131
Anheuser-Busch InBev Finance, Inc.:
1.25%, 1/17/2018		436,000		434,801
1.90%, 2/1/2019		2,206,000		2,209,706
2.15%, 2/1/2019		443,000		445,534
2.63%, 1/17/2023		1,012,000		991,598
2.65%, 2/1/2021		5,017,000		5,035,864
3.30%, 2/1/2023		2,961,000		3,010,508
3.65%, 2/1/2026		4,624,000		4,689,938
3.70%, 2/1/2024		740,000		765,730
Anheuser-Busch InBev Worldwide, Inc.:
2.50%, 7/15/2022		2,341,000		2,299,845
5.00%, 4/15/2020		670,000		724,136
5.38%, 1/15/2020		1,100,000		1,198,637
6.88%, 11/15/2019		526,000		594,427
7.75%, 1/15/2019		1,325,000		1,475,017
Beam Suntory, Inc.:
1.75%, 6/15/2018		50,000		49,813
3.25%, 5/15/2022		250,000		249,850
Brown-Forman Corp. 2.25%, 1/15/2023		15,000		14,466
Coca-Cola Bottling Co. Consolidated 3.80%, 11/25/2025		376,000		377,184
Coca-Cola Co.:
1.15%, 4/1/2018		702,000		700,315
1.38%, 5/30/2019		525,000		521,588
1.55%, 9/1/2021		500,000		485,270
1.65%, 3/14/2018		391,000		392,455
1.65%, 11/1/2018		692,000		694,263
1.88%, 10/27/2020		450,000		446,432
2.25%, 9/1/2026		651,000		610,202
2.45%, 11/1/2020		1,038,000		1,050,300
2.50%, 4/1/2023		461,000		454,906
2.55%, 6/1/2026		200,000		191,762
2.88%, 10/27/2025		1,012,000		998,409
3.15%, 11/15/2020		420,000		435,758
3.20%, 11/1/2023		750,000		770,670
3.30%, 9/1/2021		523,000		545,730
Coca-Cola European Partners US LLC:
3.50%, 9/15/2020		250,000		256,948
4.50%, 9/1/2021		225,000		240,050
Coca-Cola Femsa SAB de CV:
2.38%, 11/26/2018		450,000		453,195
3.88%, 11/26/2023		200,000		203,698
Coca-Cola Refreshments USA, Inc. 8.50%, 2/1/2022		23,000		29,316
Constellation Brands, Inc.:
3.70%, 12/6/2026		700,000		688,625
3.75%, 5/1/2021		250,000		258,906
3.88%, 11/15/2019		200,000		207,000

See accompanying notes to financial statements.

66

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.25%, 5/1/2023	$	670,000	$	691,775
6.00%, 5/1/2022		300,000		337,125
Diageo Capital PLC:
1.13%, 4/29/2018		701,000		696,261
2.63%, 4/29/2023		583,000		576,914
4.83%, 7/15/2020		475,000		514,363
Diageo Investment Corp. 2.88%, 5/11/2022		173,000		173,960
Dr Pepper Snapple Group, Inc.:
2.00%, 1/15/2020		194,000		192,419
2.53%, 11/15/2021		500,000		498,165
2.55%, 9/15/2026		225,000		208,550
2.60%, 1/15/2019		200,000		202,864
2.70%, 11/15/2022		15,000		14,804
3.13%, 12/15/2023		750,000		750,195
3.20%, 11/15/2021		200,000		204,336
3.40%, 11/15/2025		250,000		249,728
6.82%, 5/1/2018		161,000		171,690
Fomento Economico Mexicano SAB de CV 2.88%, 5/10/2023		250,000		240,195
Molson Coors Brewing Co.:
1.45%, 7/15/2019		270,000		265,964
2.10%, 7/15/2021		575,000		559,492
3.00%, 7/15/2026		815,000		769,531
3.50%, 5/1/2022 (a)		129,000		132,938
PepsiCo, Inc.:
1.25%, 4/30/2018		118,000		117,758
1.35%, 10/4/2019		650,000		644,137
1.50%, 2/22/2019		475,000		473,399
1.70%, 10/6/2021		975,000		946,813
1.85%, 4/30/2020		100,000		99,341
2.15%, 10/14/2020		100,000		100,060
2.25%, 1/7/2019		767,000		776,403
2.38%, 10/6/2026		405,000		382,016
2.75%, 3/5/2022		341,000		344,366
2.75%, 3/1/2023		199,000		199,032
2.75%, 4/30/2025		150,000		146,717
2.85%, 2/24/2026		300,000		295,266
3.00%, 8/25/2021		370,000		379,912
3.10%, 7/17/2022		100,000		102,475
3.13%, 11/1/2020		651,000		672,854
3.50%, 7/17/2025		180,000		186,019
3.60%, 3/1/2024		629,000		656,141
4.50%, 1/15/2020		1,000,000		1,075,070
5.00%, 6/1/2018		1,413,000		1,483,367
				51,766,398
BIOTECHNOLOGY — 1.4%
Amgen, Inc.:
1.85%, 8/19/2021		625,000		600,656
2.13%, 5/1/2020		333,000		330,446
2.20%, 5/22/2019		628,000		632,710
2.25%, 8/19/2023		850,000		799,994
2.60%, 8/19/2026		550,000		506,478
2.70%, 5/1/2022		126,000		124,774
3.13%, 5/1/2025		450,000		438,088
3.45%, 10/1/2020		200,000		206,888
3.63%, 5/15/2022		415,000		429,039
3.63%, 5/22/2024		738,000		750,546
3.88%, 11/15/2021		774,000		809,488
4.10%, 6/15/2021		620,000		654,918
5.70%, 2/1/2019		575,000		617,935
6.15%, 6/1/2018		177,000		187,668
Bio-Rad Laboratories, Inc. 4.88%, 12/15/2020		100,000		106,400
Biogen, Inc.:
2.90%, 9/15/2020		750,000		758,648
3.63%, 9/15/2022		653,000		669,358
4.05%, 9/15/2025		610,000		627,922
6.88%, 3/1/2018		455,000		481,090
Celgene Corp.:
2.13%, 8/15/2018		481,000		483,011
2.25%, 5/15/2019		325,000		325,783
2.88%, 8/15/2020		550,000		555,780
3.25%, 8/15/2022		530,000		535,263
3.55%, 8/15/2022		1,434,000		1,469,635
3.63%, 5/15/2024		619,000		621,228
3.88%, 8/15/2025		1,320,000		1,340,935
3.95%, 10/15/2020		200,000		208,948
4.00%, 8/15/2023		225,000		233,926
Gilead Sciences, Inc.:
1.85%, 9/4/2018		242,000		242,801
1.95%, 3/1/2022		260,000		251,001
2.05%, 4/1/2019		450,000		451,251
2.35%, 2/1/2020		257,000		258,239
2.50%, 9/1/2023		395,000		380,958
2.55%, 9/1/2020		860,000		868,101
3.25%, 9/1/2022		462,000		470,917
3.50%, 2/1/2025		848,000		853,758
3.65%, 3/1/2026		881,000		893,343
3.70%, 4/1/2024		1,098,000		1,127,811
4.40%, 12/1/2021		1,252,000		1,345,099
4.50%, 4/1/2021		575,000		619,540
				23,270,374
CHEMICALS — 1.7%
Agrium, Inc.:
3.15%, 10/1/2022		224,000		222,743
3.38%, 3/15/2025		150,000		145,247
3.50%, 6/1/2023		310,000		312,830
6.75%, 1/15/2019		3,000		3,242
Air Products & Chemicals, Inc.:
2.75%, 2/3/2023		15,000		14,915
3.00%, 11/3/2021		50,000		51,343
3.35%, 7/31/2024		500,000		511,355
4.38%, 8/21/2019		100,000		106,205
Airgas, Inc.:
1.65%, 2/15/2018		325,000		325,299
2.38%, 2/15/2020		150,000		149,967
3.05%, 8/1/2020		100,000		102,093
3.65%, 7/15/2024		300,000		310,563
Albemarle Corp.:
3.00%, 12/1/2019		100,000		101,911
4.15%, 12/1/2024		100,000		103,073
4.50%, 12/15/2020		15,000		15,903
Braskem Finance, Ltd. 6.45%, 2/3/2024		100,000		105,500

See accompanying notes to financial statements.

67

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Cabot Corp.:
3.40%, 9/15/2026	$	165,000	$	156,272
3.70%, 7/15/2022		200,000		203,050
Celanese US Holdings LLC:
4.63%, 11/15/2022		230,000		241,910
5.88%, 6/15/2021		190,000		210,765
Cytec Industries, Inc.:
3.50%, 4/1/2023		125,000		121,064
3.95%, 5/1/2025		100,000		97,429
Dow Chemical Co.:
3.00%, 11/15/2022 (a)		678,000		675,966
3.50%, 10/1/2024		525,000		530,460
4.13%, 11/15/2021		370,000		391,456
4.25%, 11/15/2020		1,290,000		1,364,304
5.70%, 5/15/2018		50,000		52,520
8.55%, 5/15/2019		1,560,000		1,785,888
Eastman Chemical Co.:
2.70%, 1/15/2020		515,000		517,343
3.60%, 8/15/2022		434,000		443,917
3.80%, 3/15/2025		350,000		353,864
5.50%, 11/15/2019		55,000		59,491
Ecolab, Inc.:
1.55%, 1/12/2018		178,000		177,957
2.00%, 1/14/2019		325,000		325,263
3.25%, 1/14/2023		400,000		406,872
4.35%, 12/8/2021		745,000		803,460
EI du Pont de Nemours & Co.:
2.80%, 2/15/2023		725,000		711,312
3.63%, 1/15/2021		250,000		258,927
4.25%, 4/1/2021		50,000		52,986
4.63%, 1/15/2020		550,000		585,997
5.75%, 3/15/2019		50,000		53,996
6.00%, 7/15/2018		1,585,000		1,682,145
International Flavors & Fragrances, Inc. 3.20%, 5/1/2023		50,000		49,354
Lubrizol Corp. 8.88%, 2/1/2019		151,000		172,048
LYB International Finance B.V. 4.00%, 7/15/2023		786,000		821,056
LyondellBasell Industries NV:
5.00%, 4/15/2019		1,200,000		1,267,524
5.75%, 4/15/2024		10,000		11,435
6.00%, 11/15/2021		450,000		510,196
Methanex Corp.:
3.25%, 12/15/2019		100,000		98,500
5.25%, 3/1/2022		930,000		963,712
Monsanto Co.:
2.13%, 7/15/2019		273,000		272,511
2.20%, 7/15/2022		150,000		143,015
2.75%, 7/15/2021		175,000		173,919
2.85%, 4/15/2025		465,000		441,536
3.38%, 7/15/2024		487,000		484,492
5.13%, 4/15/2018		400,000		415,532
Mosaic Co.:
3.75%, 11/15/2021 (a)		150,000		154,110
4.25%, 11/15/2023 (a)		1,050,000		1,064,427
NewMarket Corp. 4.10%, 12/15/2022		50,000		50,799
Potash Corp. of Saskatchewan, Inc.:
3.00%, 4/1/2025		50,000		47,078
3.63%, 3/15/2024		422,000		418,523
4.00%, 12/15/2026		750,000		756,968
4.88%, 3/30/2020 (a)		195,000		206,877
6.50%, 5/15/2019		150,000		163,798
PPG Industries, Inc.:
2.30%, 11/15/2019		200,000		200,418
3.60%, 11/15/2020		200,000		207,392
Praxair, Inc.:
1.25%, 11/7/2018		250,000		248,280
2.20%, 8/15/2022		195,000		189,600
2.25%, 9/24/2020		100,000		99,459
2.45%, 2/15/2022		350,000		347,151
2.65%, 2/5/2025		115,000		111,146
2.70%, 2/21/2023		150,000		148,062
3.00%, 9/1/2021		18,000		18,360
3.20%, 1/30/2026		450,000		453,627
4.05%, 3/15/2021		100,000		106,111
4.50%, 8/15/2019		334,000		355,616
RPM International, Inc. 6.13%, 10/15/2019		320,000		350,179
Syngenta Finance NV 3.13%, 3/28/2022		401,000		398,385
Valspar Corp.:
3.30%, 2/1/2025		200,000		191,974
4.20%, 1/15/2022		90,000		93,280
Westlake Chemical Corp.:
3.60%, 7/15/2022		29,000		29,039
3.60%, 8/15/2026 (c)		530,000		509,298
4.63%, 2/15/2021 (c)		600,000		628,972
4.88%, 5/15/2023 (c)		457,000		472,424
				28,692,986
COMMERCIAL SERVICES — 0.6%
Automatic Data Processing, Inc.:
2.25%, 9/15/2020		462,000		463,700
3.38%, 9/15/2025		677,000		692,009
Black Knight InfoServ LLC/Black Knight Lending Solutions, Inc. 5.75%, 4/15/2023		10,000		10,437
Block Financial LLC:
4.13%, 10/1/2020		850,000		866,643
5.50%, 11/1/2022		559,000		588,588
Board of Trustees of The Leland Stanford Junior University 4.75%, 5/1/2019		250,000		266,248
Catholic Health Initiatives 2.95%, 11/1/2022		380,000		368,444
Cornell University 5.45%, 2/1/2019		125,000		134,371
Ecolab, Inc.:
2.25%, 1/12/2020		15,000		14,982
2.70%, 11/1/2026 (a)		530,000		503,203
Emory University 5.63%, 9/1/2019		190,000		207,871
Equifax, Inc.:
2.30%, 6/1/2021		285,000		278,938
3.25%, 6/1/2026		200,000		193,284
3.30%, 12/15/2022		395,000		400,929

See accompanying notes to financial statements.

68

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Mastercard, Inc. 3.38%, 4/1/2024	$	626,000	$	644,242
Moody’s Corp.:
2.75%, 7/15/2019		427,000		432,111
4.50%, 9/1/2022		257,000		274,805
4.88%, 2/15/2024		250,000		270,370
5.50%, 9/1/2020		17,000		18,634
Princeton University 4.95%, 3/1/2019		227,000		241,828
S&P Global, Inc.:
2.50%, 8/15/2018		75,000		75,707
2.95%, 1/22/2027 (c)		450,000		420,854
3.30%, 8/14/2020		150,000		152,649
4.00%, 6/15/2025		750,000		769,500
4.40%, 2/15/2026		130,000		137,123
Total System Services, Inc.:
2.38%, 6/1/2018		367,000		368,516
3.75%, 6/1/2023		35,000		35,051
3.80%, 4/1/2021		225,000		231,898
4.80%, 4/1/2026		500,000		536,225
Verisk Analytics, Inc.:
4.00%, 6/15/2025		175,000		176,769
4.13%, 9/12/2022		100,000		103,615
5.80%, 5/1/2021		100,000		110,523
Western Union Co.:
3.65%, 8/22/2018		326,000		334,277
5.25%, 4/1/2020		460,000		491,749
Yale University Series MTN, 2.09%, 4/15/2019		100,000		100,725
				10,916,818
CONSTRUCTION MATERIALS — 0.3%
CRH America, Inc.:
5.75%, 1/15/2021		150,000		165,528
8.13%, 7/15/2018		455,000		496,096
Fortune Brands Home & Security, Inc.:
3.00%, 6/15/2020		100,000		100,709
4.00%, 6/15/2025		100,000		102,044
Johnson Controls International PLC:
3.63%, 7/2/2024 (b)		50,000		50,623
3.75%, 12/1/2021		12,000		12,437
3.90%, 2/14/2026		250,000		256,625
4.25%, 3/1/2021		824,000		861,096
5.00%, 3/30/2020		152,000		163,090
Lennox International, Inc. 3.00%, 11/15/2023		375,000		363,656
Martin Marietta Materials, Inc. 4.25%, 7/2/2024		55,000		55,347
Masco Corp. 4.38%, 4/1/2026		200,000		201,250
Owens Corning:
3.40%, 8/15/2026		330,000		313,490
4.20%, 12/15/2022		309,000		319,302
4.20%, 12/1/2024		150,000		153,413
Vulcan Materials Co. 7.50%, 6/15/2021		670,000		788,925
				4,403,631
DIVERSIFIED FINANCIAL SERVICES — 4.0%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust:
3.75%, 5/15/2019		1,150,000		1,170,125
3.95%, 2/1/2022		1,875,000		1,886,719
4.50%, 5/15/2021		1,250,000		1,295,312
4.63%, 10/30/2020		1,550,000		1,612,000
Affiliated Managers Group, Inc.:
3.50%, 8/1/2025		74,000		70,125
4.25%, 2/15/2024		100,000		100,593
Air Lease Corp.:
2.13%, 1/15/2018		227,000		226,755
2.13%, 1/15/2020		500,000		491,400
2.63%, 9/4/2018		425,000		427,354
3.00%, 9/15/2023		350,000		333,375
3.38%, 1/15/2019 (a)		410,000		416,929
3.38%, 6/1/2021		200,000		202,332
3.75%, 2/1/2022		146,000		150,120
3.88%, 4/1/2021 (a)		53,000		54,636
4.25%, 9/15/2024		175,000		177,042
4.75%, 3/1/2020		351,000		371,734
American Express Co.:
1.55%, 5/22/2018		331,000		330,255
2.65%, 12/2/2022		618,000		607,964
3.63%, 12/5/2024 (a)		415,000		416,685
7.00%, 3/19/2018		826,000		877,072
8.13%, 5/20/2019		305,000		346,489
American Express Credit Corp.:
2.13%, 7/27/2018		321,000		322,785
2.13%, 3/18/2019		988,000		990,826
2.25%, 5/5/2021		787,000		777,517
Series F, 2.60%, 9/14/2020		553,000		557,324
Series GMTN, 2.25%, 8/15/2019		911,000		914,662
Series MTN, 1.70%, 10/30/2019		835,000		826,625
Series MTN, 1.80%, 7/31/2018		450,000		450,184
Series MTN, 1.88%, 11/5/2018		150,000		150,239
Series MTN, 2.38%, 5/26/2020		839,000		839,453
Ameriprise Financial, Inc.:
2.88%, 9/15/2026		500,000		475,775
3.70%, 10/15/2024		150,000		153,176
4.00%, 10/15/2023		193,000		201,959
5.30%, 3/15/2020		367,000		397,285
7.30%, 6/28/2019		300,000		336,327
Ameritech Capital Funding Corp. 6.45%, 1/15/2018		105,000		109,258
Bear Stearns Cos. LLC:
4.65%, 7/2/2018		294,000		305,819
7.25%, 2/1/2018		2,147,000		2,270,538
BGC Partners, Inc. 5.13%, 5/27/2021		250,000		256,730
BlackRock, Inc.:
3.38%, 6/1/2022		307,000		317,742
3.50%, 3/18/2024		695,000		717,108
4.25%, 5/24/2021		213,000		228,728
Series 2, 5.00%, 12/10/2019		498,000		540,504
Brookfield Finance, Inc. 4.25%, 6/2/2026		475,000		468,402
Capital One Bank USA NA:
2.15%, 11/21/2018		200,000		200,372

See accompanying notes to financial statements.

69

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.25%, 2/13/2019	$	570,000	$	571,351
2.30%, 6/5/2019		200,000		200,296
3.38%, 2/15/2023		850,000		842,044
8.80%, 7/15/2019		945,000		1,080,107
Charles Schwab Corp.:
1.50%, 3/10/2018		240,000		240,106
2.20%, 7/25/2018		50,000		50,372
3.00%, 3/10/2025		160,000		156,779
3.45%, 2/13/2026		60,000		60,601
4.45%, 7/22/2020		675,000		721,001
CME Group, Inc.:
3.00%, 9/15/2022		407,000		415,303
3.00%, 3/15/2025		380,000		377,427
Discover Financial Services:
3.75%, 3/4/2025		40,000		38,850
3.85%, 11/21/2022		387,000		391,354
3.95%, 11/6/2024		220,000		217,525
5.20%, 4/27/2022		275,000		293,906
E*TRADE Financial Corp.:
4.63%, 9/15/2023		100,000		102,210
5.38%, 11/15/2022		25,000		26,471
Franklin Resources, Inc.:
2.80%, 9/15/2022		350,000		350,102
2.85%, 3/30/2025		230,000		223,289
GE Capital International Funding Co. 2.34%, 11/15/2020		4,429,000		4,423,685
GE Capital International Funding Co. Unlimited Co. 3.37%, 11/15/2025		870,000		884,372
General Electric Capital Corp.:
Series GMTN, 3.15%, 9/7/2022		618,000		631,132
Series GMTN, 6.00%, 8/7/2019		516,000		569,963
General Electric Co.:
1.63%, 4/2/2018		70,000		70,185
2.20%, 1/9/2020		2,095,000		2,099,336
3.45%, 5/15/2024		48,000		49,311
4.65%, 10/17/2021		824,000		902,766
5.30%, 2/11/2021		337,000		373,123
Series GMTN, 2.30%, 1/14/2019		88,000		89,050
Series GMTN, 3.10%, 1/9/2023		537,000		544,754
Series GMTN, 4.63%, 1/7/2021		203,000		220,103
Series GMTN, 5.63%, 5/1/2018		1,295,000		1,364,788
HSBC Finance Corp. 6.68%, 1/15/2021		1,508,000		1,695,912
Intercontinental Exchange, Inc.:
2.50%, 10/15/2018		358,000		362,808
2.75%, 12/1/2020		875,000		878,736
3.75%, 12/1/2025		600,000		616,236
4.00%, 10/15/2023		230,000		240,325
International Lease Finance Corp.:
7.13%, 9/1/2018 (c)		665,000		716,637
8.25%, 12/15/2020		74,000		86,025
8.63%, 1/15/2022		57,000		68,400
Invesco Finance PLC:
3.13%, 11/30/2022		222,000		223,689
3.75%, 1/15/2026		3,000		3,041
4.00%, 1/30/2024		215,000		224,011
Janus Capital Group, Inc. 4.88%, 8/1/2025		250,000		258,560
Jefferies Group LLC:
5.13%, 4/13/2018		362,000		373,816
5.13%, 1/20/2023		677,000		707,221
6.88%, 4/15/2021		319,000		361,944
8.50%, 7/15/2019 (a)		270,000		306,520
Lazard Group LLC:
3.63%, 3/1/2027		350,000		333,704
3.75%, 2/13/2025		100,000		97,599
4.25%, 11/14/2020		476,000		497,525
Legg Mason, Inc.:
2.70%, 7/15/2019		150,000		150,717
3.95%, 7/15/2024		260,000		260,970
4.75%, 3/15/2026		150,000		156,124
MasterCard, Inc. 2.00%, 4/1/2019		184,000		185,238
Mastercard, Inc.:
2.00%, 11/21/2021 (a)		550,000		543,092
2.95%, 11/21/2026		550,000		543,895
Nasdaq, Inc.:
3.85%, 6/30/2026		370,000		365,116
4.25%, 6/1/2024		150,000		153,996
5.25%, 1/16/2018		70,000		72,446
5.55%, 1/15/2020		481,000		519,316
National Rural Utilities Cooperative Finance Corp.:
1.65%, 2/8/2019		160,000		159,533
2.00%, 1/27/2020		50,000		49,523
2.15%, 2/1/2019		400,000		402,580
2.30%, 11/15/2019		100,000		100,764
2.30%, 11/1/2020		180,000		178,702
2.35%, 6/15/2020		90,000		89,877
2.70%, 2/15/2023		250,000		247,240
2.85%, 1/27/2025		3,000		2,928
3.05%, 2/15/2022		50,000		50,905
3 month USD LIBOR + 2.91%, 4.75%, 4/30/2043 (d)		100,000		100,393
3 month USD LIBOR + 3.63%, 5.25%, 4/20/2046 (d)		600,000		621,294
5.45%, 2/1/2018		270,000		280,978
10.38%, 11/1/2018		459,000		529,255
Series MTN, 1.50%, 11/1/2019		480,000		475,253
Series MTN, 3.25%, 11/1/2025		200,000		200,942
Nomura Holdings, Inc.:
6.70%, 3/4/2020		826,000		922,964
Series GMTN, 2.75%, 3/19/2019		365,000		368,000
OM Asset Management PLC 4.80%, 7/27/2026		250,000		238,930
Raymond James Financial, Inc. 3.63%, 9/15/2026		250,000		243,340
Stifel Financial Corp.:
3.50%, 12/1/2020		250,000		250,142
4.25%, 7/18/2024		625,000		619,444
Synchrony Financial:
2.60%, 1/15/2019		453,000		454,712
2.70%, 2/3/2020		400,000		398,828
3.00%, 8/15/2019		522,000		527,434
3.70%, 8/4/2026		410,000		394,637
3.75%, 8/15/2021		100,000		102,565
4.25%, 8/15/2024		514,000		522,450
4.50%, 7/23/2025		1,015,000		1,041,644

See accompanying notes to financial statements.

70

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
TD Ameritrade Holding Corp.:
2.95%, 4/1/2022	$	816,000	$	824,144
5.60%, 12/1/2019		249,000		273,332
Visa, Inc.:
2.20%, 12/14/2020		1,401,000		1,401,070
2.80%, 12/14/2022		1,461,000		1,466,654
3.15%, 12/14/2025		1,287,000		1,293,976
Washington Prime Group L.P. 3.85%, 4/1/2020		50,000		50,184
				68,844,252
ELECTRIC — 4.9%
AEP Transmission Co. LLC 3.10%, 12/1/2026 (c)		250,000		246,220
Alabama Power Co.:
2.80%, 4/1/2025		100,000		97,422
Series 13-A, 3.55%, 12/1/2023		29,000		30,285
Ameren Corp.:
2.70%, 11/15/2020		250,000		251,437
3.65%, 2/15/2026		225,000		225,389
Ameren Illinois Co. 2.70%, 9/1/2022		150,000		150,053
American Electric Power Co., Inc. Series F, 2.95%, 12/15/2022		125,000		125,601
Appalachian Power Co. 3.40%, 6/1/2025		150,000		150,676
Arizona Public Service Co.:
2.20%, 1/15/2020		200,000		199,800
2.55%, 9/15/2026		350,000		329,270
3.15%, 5/15/2025		175,000		175,299
3.35%, 6/15/2024		150,000		152,926
8.75%, 3/1/2019		4,000		4,564
Baltimore Gas & Electric Co.:
2.40%, 8/15/2026		310,000		288,886
2.80%, 8/15/2022		50,000		49,933
3.35%, 7/1/2023		250,000		254,772
Berkshire Hathaway Energy Co.:
2.40%, 2/1/2020		175,000		175,350
3.50%, 2/1/2025		50,000		50,907
3.75%, 11/15/2023		100,000		104,538
5.75%, 4/1/2018		160,000		168,093
Berkshire Hathaway, Inc. 2.75%, 3/15/2023		967,000		963,200
Black Hills Corp.:
2.50%, 1/11/2019		180,000		180,684
3.95%, 1/15/2026		425,000		432,505
4.25%, 11/30/2023		145,000		150,932
CenterPoint Energy Houston Electric LLC:
1.85%, 6/1/2021		15,000		14,643
Series Z, 2.40%, 9/1/2026		475,000		445,422
Cleco Corporate Holdings LLC 3.74%, 5/1/2026 (c)		450,000		443,191
CMS Energy Corp.:
2.95%, 2/15/2027		600,000		568,770
3.00%, 5/15/2026		285,000		273,349
3.60%, 11/15/2025		200,000		202,052
3.88%, 3/1/2024		50,000		51,793
5.05%, 3/15/2022		200,000		219,026
8.75%, 6/15/2019		350,000		403,186
Commonwealth Edison Co.:
2.55%, 6/15/2026		350,000		332,251
3.10%, 11/1/2024		350,000		349,181
3.40%, 9/1/2021		100,000		103,367
4.00%, 8/1/2020		96,000		100,645
5.80%, 3/15/2018		369,000		387,162
Consolidated Edison Co. of New York, Inc.:
3.30%, 12/1/2024		25,000		25,394
4.45%, 6/15/2020		70,000		74,754
6.65%, 4/1/2019		230,000		253,092
7.13%, 12/1/2018		307,000		337,663
Series 08-A, 5.85%, 4/1/2018		280,000		294,076
Series B, 2.90%, 12/1/2026		550,000		536,091
Consolidated Edison, Inc. 2.00%, 5/15/2021		330,000		321,984
Constellation Energy Group, Inc. 5.15%, 12/1/2020		441,000		475,067
Consumers Energy Co.:
2.85%, 5/15/2022		100,000		101,369
3.13%, 8/31/2024		100,000		100,821
3.38%, 8/15/2023		200,000		206,082
5.65%, 9/15/2018		150,000		159,701
5.65%, 4/15/2020		35,000		38,529
6.13%, 3/15/2019		400,000		435,988
Delmarva Power & Light Co. 3.50%, 11/15/2023		283,000		291,063
Dominion Resources, Inc.:
1.90%, 6/15/2018		248,000		247,779
2.50%, 12/1/2019		200,000		201,758
2.96%, 7/1/2019 (b)		125,000		126,434
3.63%, 12/1/2024		490,000		493,327
3.90%, 10/1/2025		702,000		715,921
4.10%, 4/1/2021 (b)		420,000		437,065
4.45%, 3/15/2021		350,000		373,356
5.20%, 8/15/2019		125,000		134,288
6.40%, 6/15/2018		373,000		395,846
Series B, 1.60%, 8/15/2019		680,000		669,304
Series B, 2.75%, 9/15/2022		100,000		98,396
Series C, 2.00%, 8/15/2021		200,000		193,770
Series D, 2.85%, 8/15/2026		300,000		280,929
DTE Electric Co.:
2.65%, 6/15/2022		150,000		150,089
3.45%, 10/1/2020		232,000		241,192
3.65%, 3/15/2024		175,000		181,895
3.90%, 6/1/2021		15,000		15,874
Series G, 5.60%, 6/15/2018		350,000		369,523
DTE Energy Co.:
1.50%, 10/1/2019		350,000		343,798
2.40%, 12/1/2019		100,000		100,397
2.85%, 10/1/2026		575,000		534,664
3.30%, 6/15/2022		100,000		101,644
Duke Energy Carolinas LLC:
2.50%, 3/15/2023		450,000		443,893
2.95%, 12/1/2026		750,000		738,195
3.90%, 6/15/2021		225,000		237,780
5.10%, 4/15/2018		20,000		20,880
5.25%, 1/15/2018		650,000		674,213
Series C, 7.00%, 11/15/2018		27,000		29,547

See accompanying notes to financial statements.

71

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Duke Energy Corp.:
1.80%, 9/1/2021	$	720,000	$	692,230
2.10%, 6/15/2018		270,000		271,120
2.65%, 9/1/2026		590,000		550,795
3.05%, 8/15/2022		331,000		332,880
3.55%, 9/15/2021		275,000		284,350
3.75%, 4/15/2024		529,000		545,076
3.95%, 10/15/2023		273,000		285,577
5.05%, 9/15/2019		748,000		803,285
6.25%, 6/15/2018		100,000		106,278
Duke Energy Florida LLC:
3.10%, 8/15/2021		210,000		214,599
4.55%, 4/1/2020		100,000		106,773
5.65%, 6/15/2018		330,000		348,747
Duke Energy Florida Project Finance LLC Series 2026, 2.54%, 9/1/2031		250,000		233,170
Duke Energy Indiana LLC 3.75%, 7/15/2020		300,000		314,166
Duke Energy Ohio, Inc.:
3.80%, 9/1/2023		50,000		52,334
5.45%, 4/1/2019		250,000		268,475
Duke Energy Progress LLC:
2.80%, 5/15/2022		60,000		60,490
3.25%, 8/15/2025		200,000		202,980
5.30%, 1/15/2019		100,000		106,793
Edison International 2.95%, 3/15/2023		350,000		347,812
Emera US Finance L.P.:
2.15%, 6/15/2019 (c)		225,000		224,428
2.70%, 6/15/2021 (c)		250,000		247,535
3.55%, 6/15/2026 (c)		470,000		462,438
Enel Americas SA 4.00%, 10/25/2026		335,000		320,866
Enel Generacion Chile SA 4.25%, 4/15/2024		50,000		50,026
Entergy Arkansas, Inc.:
3.05%, 6/1/2023		100,000		100,059
3.50%, 4/1/2026		320,000		324,595
3.70%, 6/1/2024		450,000		466,375
3.75%, 2/15/2021		200,000		209,196
Entergy Corp.:
2.95%, 9/1/2026		1,003,000		940,443
4.00%, 7/15/2022		150,000		156,729
5.13%, 9/15/2020		300,000		322,368
Entergy Louisiana LLC:
2.40%, 10/1/2026		400,000		372,652
4.05%, 9/1/2023		200,000		209,286
Entergy Mississippi, Inc. 3.10%, 7/1/2023		200,000		196,006
Entergy Texas, Inc. 7.13%, 2/1/2019		450,000		493,807
Eversource Energy:
1.45%, 5/1/2018		100,000		99,594
2.50%, 3/15/2021		200,000		198,242
2.80%, 5/1/2023		150,000		146,400
3.35%, 3/15/2026		250,000		246,292
4.50%, 11/15/2019		415,000		440,572
Series H, 3.15%, 1/15/2025		200,000		196,932
Exelon Corp.:
2.45%, 4/15/2021		400,000		393,620
2.85%, 6/15/2020		463,000		467,037
3.40%, 4/15/2026		300,000		293,325
3.95%, 6/15/2025		839,000		857,810
Exelon Generation Co. LLC:
2.95%, 1/15/2020		400,000		404,244
4.00%, 10/1/2020		185,000		192,184
4.25%, 6/15/2022 (a)		121,000		125,113
5.20%, 10/1/2019		65,000		69,637
FirstEnergy Corp.:
Series A, 2.75%, 3/15/2018		325,000		327,365
Series B, 4.25%, 3/15/2023		625,000		646,970
Florida Power & Light Co.:
2.75%, 6/1/2023		281,000		280,135
3.13%, 12/1/2025		100,000		101,060
3.25%, 6/1/2024		376,000		384,366
Fortis, Inc.:
2.10%, 10/4/2021 (c)		309,000		298,335
3.06%, 10/4/2026 (c)		800,000		747,296
Georgia Power Co.:
1.95%, 12/1/2018		308,000		309,611
2.40%, 4/1/2021		200,000		198,290
2.85%, 5/15/2022		200,000		199,784
3.25%, 4/1/2026		350,000		351,299
4.25%, 12/1/2019		210,000		222,478
Great Plains Energy, Inc.:
4.85%, 6/1/2021		300,000		319,947
5.29%, 6/15/2022 (b)		300,000		322,632
Indiana Michigan Power Co. 7.00%, 3/15/2019		165,000		181,373
Interstate Power & Light Co.:
3.25%, 12/1/2024		150,000		149,811
3.40%, 8/15/2025		150,000		150,355
ITC Holdings Corp.:
3.25%, 6/30/2026		300,000		289,791
3.65%, 6/15/2024		150,000		150,429
Jersey Central Power & Light Co. 7.35%, 2/1/2019		315,000		344,556
Kansas City Power & Light Co.:
3.65%, 8/15/2025		175,000		175,476
Series 09A, 7.15%, 4/1/2019		300,000		332,616
Kentucky Utilities Co. 3.30%, 10/1/2025		200,000		201,652
LG&E and KU Energy LLC:
3.75%, 11/15/2020		300,000		310,692
4.38%, 10/1/2021		50,000		53,069
Louisville Gas & Electric Co. Series 25, 3.30%, 10/1/2025		300,000		302,796
Metropolitan Edison Co. 7.70%, 1/15/2019		40,000		43,827
MidAmerican Energy Co.:
2.40%, 3/15/2019		250,000		252,740
3.50%, 10/15/2024		200,000		206,368
3.70%, 9/15/2023		150,000		156,751
5.30%, 3/15/2018		205,000		213,963
Nevada Power Co.:
6.50%, 8/1/2018		32,000		34,368
7.13%, 3/15/2019		725,000		804,692

See accompanying notes to financial statements.

72

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
NextEra Energy Capital Holdings, Inc.:
1.65%, 9/1/2018	$	465,000	$	463,842
2.30%, 4/1/2019		335,000		336,682
2.40%, 9/15/2019		85,000		85,460
3.63%, 6/15/2023		100,000		101,566
6.00%, 3/1/2019		385,000		415,211
NiSource Finance Corp.:
5.45%, 9/15/2020		211,000		230,686
6.13%, 3/1/2022		426,000		488,852
6.40%, 3/15/2018		251,000		264,293
Northern States Power Co.:
2.20%, 8/15/2020		100,000		99,575
5.25%, 3/1/2018		36,000		37,553
NSTAR Electric Co.:
2.38%, 10/15/2022		150,000		146,559
2.70%, 6/1/2026		150,000		143,340
3.25%, 11/15/2025		125,000		125,100
NV Energy, Inc. 6.25%, 11/15/2020		537,000		606,735
Oglethorpe Power Corp. 6.10%, 3/15/2019 (a)		225,000		243,477
Ohio Power Co.:
6.05%, 5/1/2018		25,000		26,322
Series M, 5.38%, 10/1/2021		450,000		501,777
Oklahoma Gas & Electric Co. 6.35%, 9/1/2018		15,000		16,037
Oncor Electric Delivery Co. LLC:
2.15%, 6/1/2019		196,000		195,445
2.95%, 4/1/2025		100,000		98,755
4.10%, 6/1/2022		150,000		160,102
6.80%, 9/1/2018		127,000		137,163
7.00%, 9/1/2022		589,000		715,982
Pacific Gas & Electric Co.:
2.45%, 8/15/2022		525,000		516,899
2.95%, 3/1/2026		350,000		342,853
3.25%, 6/15/2023		300,000		304,830
3.40%, 8/15/2024		475,000		484,462
3.50%, 10/1/2020		53,000		54,852
3.50%, 6/15/2025		150,000		153,765
3.75%, 2/15/2024		300,000		312,969
8.25%, 10/15/2018		1,158,000		1,285,160
PacifiCorp:
2.95%, 2/1/2022		300,000		304,230
3.35%, 7/1/2025		200,000		203,034
3.60%, 4/1/2024		165,000		171,301
3.85%, 6/15/2021		311,000		328,808
5.50%, 1/15/2019		32,000		34,259
5.65%, 7/15/2018		27,000		28,588
PECO Energy Co.:
2.38%, 9/15/2022		100,000		98,067
3.15%, 10/15/2025		200,000		198,878
5.35%, 3/1/2018		321,000		334,190
Pennsylvania Electric Co. 5.20%, 4/1/2020		100,000		106,742
PG&E Corp. 2.40%, 3/1/2019		225,000		225,994
Portland General Electric Co. 6.10%, 4/15/2019		250,000		272,873
Potomac Electric Power Co. 3.60%, 3/15/2024		50,000		51,450
PPL Capital Funding, Inc.:
1.90%, 6/1/2018		60,000		59,951
3.10%, 5/15/2026		603,000		575,455
3.40%, 6/1/2023		207,000		207,886
3.50%, 12/1/2022		150,000		153,093
3.95%, 3/15/2024		100,000		103,190
4.20%, 6/15/2022		150,000		157,975
PPL Electric Utilities Corp.:
2.50%, 9/1/2022		100,000		98,465
3.00%, 9/15/2021		100,000		102,417
Progress Energy, Inc.:
3.15%, 4/1/2022		240,000		242,150
4.40%, 1/15/2021		125,000		132,286
7.05%, 3/15/2019		206,000		227,405
PSEG Power LLC:
2.45%, 11/15/2018		810,000		816,431
3.00%, 6/15/2021		420,000		420,101
4.30%, 11/15/2023 (a)		50,000		51,633
5.13%, 4/15/2020		130,000		139,429
Public Service Co. of Colorado:
2.25%, 9/15/2022		50,000		49,056
2.90%, 5/15/2025		100,000		98,581
5.13%, 6/1/2019		200,000		214,178
5.80%, 8/1/2018		400,000		425,452
Public Service Co. of New Hampshire 3.50%, 11/1/2023		50,000		51,079
Public Service Co. of New Mexico 3.85%, 8/1/2025		200,000		201,060
Public Service Co. of Oklahoma 4.40%, 2/1/2021		20,000		21,313
Public Service Electric & Gas Co.:
3.00%, 5/15/2025		150,000		149,189
Series I, 1.80%, 6/1/2019		275,000		273,861
Series MTN, 1.90%, 3/15/2021		250,000		244,923
Series MTN, 2.00%, 8/15/2019		150,000		150,375
Series MTN, 2.25%, 9/15/2026		500,000		464,145
Series MTN, 2.38%, 5/15/2023		125,000		121,875
Series MTN, 3.05%, 11/15/2024		315,000		316,096
Puget Energy, Inc.:
3.65%, 5/15/2025		280,000		274,862
5.63%, 7/15/2022		150,000		165,042
6.00%, 9/1/2021		200,000		224,092
6.50%, 12/15/2020		300,000		338,007
San Diego Gas & Electric Co.:
2.50%, 5/15/2026		550,000		523,908
3.00%, 8/15/2021		100,000		102,540
Series NNN, 3.60%, 9/1/2023		225,000		234,410
SCANA Corp.:
4.13%, 2/1/2022		200,000		204,916
Series MTN, 4.75%, 5/15/2021		150,000		156,670
Sierra Pacific Power Co. 2.60%, 5/1/2026		570,000		542,931
South Carolina Electric & Gas Co. 5.25%, 11/1/2018		578,000		613,605
Southern California Edison Co.:
1.85%, 2/1/2022		361,429		357,388
3.88%, 6/1/2021		537,000		567,432

See accompanying notes to financial statements.

73

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.50%, 8/15/2018	$	350,000	$	371,637
Series B, 2.40%, 2/1/2022		115,000		113,667
Series C, 3.50%, 10/1/2023		44,000		45,532
Southern Co.:
1.55%, 7/1/2018		65,000		64,731
1.85%, 7/1/2019		430,000		427,665
2.15%, 9/1/2019		100,000		99,828
2.35%, 7/1/2021		814,000		799,022
2.45%, 9/1/2018		117,000		118,010
2.75%, 6/15/2020		235,000		236,577
2.95%, 7/1/2023		539,000		531,034
3.25%, 7/1/2026		143,000		139,243
Series B, 3 month USD LIBOR + 3.630%, 5.50%, 3/15/2057 (d)		750,000		756,855
Southern Power Co.:
4.15%, 12/1/2025		400,000		413,500
Series 15A, 1.50%, 6/1/2018		372,000		370,177
Series 15B, 2.38%, 6/1/2020		210,000		208,425
Series D, 1.95%, 12/15/2019		750,000		743,062
Series E, 2.50%, 12/15/2021		625,000		610,937
Southwestern Electric Power Co.:
3.55%, 2/15/2022		250,000		257,795
6.45%, 1/15/2019		125,000		135,309
Series F, 5.88%, 3/1/2018		50,000		52,288
Series K, 2.75%, 10/1/2026		425,000		401,268
Tampa Electric Co. 2.60%, 9/15/2022		475,000		457,463
TECO Finance, Inc. 5.15%, 3/15/2020		450,000		478,908
TransAlta Corp.:
4.50%, 11/15/2022		225,000		221,906
6.90%, 5/15/2018		328,000		341,530
Tri-State Generation & Transmission Association, Inc. 3.70%, 11/1/2024		100,000		101,410
Tucson Electric Power Co.:
3.05%, 3/15/2025		150,000		140,657
5.15%, 11/15/2021		625,000		662,525
UIL Holdings Corp. 4.63%, 10/1/2020		200,000		207,470
Union Electric Co.:
3.50%, 4/15/2024		175,000		179,805
6.70%, 2/1/2019		50,000		54,618
Virginia Electric & Power Co.:
1.20%, 1/15/2018		30,000		29,883
2.75%, 3/15/2023		90,000		89,030
2.95%, 1/15/2022		20,000		20,223
3.45%, 2/15/2024		388,000		398,301
5.40%, 4/30/2018		215,000		225,473
Series A, 3.10%, 5/15/2025		375,000		372,788
Series A, 3.15%, 1/15/2026		380,000		376,918
Series B, 2.95%, 11/15/2026		625,000		608,706
WEC Energy Group, Inc.:
1.65%, 6/15/2018		138,000		137,905
2.45%, 6/15/2020		249,000		249,244
3.55%, 6/15/2025		400,000		407,588
Westar Energy, Inc.:
2.55%, 7/1/2026		350,000		328,289
3.25%, 12/1/2025		345,000		343,986
5.10%, 7/15/2020		250,000		271,160
Wisconsin Electric Power Co.:
2.95%, 9/15/2021		125,000		127,375
3.10%, 6/1/2025		241,000		239,513
4.25%, 12/15/2019		150,000		159,282
Wisconsin Power & Light Co.:
2.25%, 11/15/2022		150,000		146,442
5.00%, 7/15/2019		175,000		186,760
Wisconsin Public Service Corp. 1.65%, 12/4/2018		450,000		449,168
Xcel Energy, Inc.:
2.40%, 3/15/2021		131,000		130,062
2.60%, 3/15/2022		550,000		548,284
3.30%, 6/1/2025 (a)		450,000		450,108
3.35%, 12/1/2026		500,000		499,725
4.70%, 5/15/2020		508,000		538,272
				84,583,755
ELECTRICAL COMPONENTS & EQUIPMENT — 0.2%
Emerson Electric Co.:
2.63%, 12/1/2021		301,000		302,815
2.63%, 2/15/2023		601,000		594,924
3.15%, 6/1/2025 (a)		200,000		202,780
4.88%, 10/15/2019		156,000		168,257
5.00%, 4/15/2019		200,000		213,386
5.25%, 10/15/2018		75,000		79,810
Hubbell, Inc. 3.35%, 3/1/2026		375,000		371,078
Legrand France SA 8.50%, 2/15/2025		775,000		996,092
				2,929,142
ELECTRONICS — 0.8%
Agilent Technologies, Inc.:
3.05%, 9/22/2026		280,000		266,459
3.20%, 10/1/2022		125,000		125,007
3.88%, 7/15/2023		235,000		241,853
5.00%, 7/15/2020		417,000		448,684
Amphenol Corp.:
2.55%, 1/30/2019		127,000		128,303
3.13%, 9/15/2021		420,000		425,204
4.00%, 2/1/2022		157,000		163,712
Arrow Electronics, Inc.:
3.00%, 3/1/2018		100,000		101,030
3.50%, 4/1/2022		55,000		54,496
4.00%, 4/1/2025		100,000		97,731
4.50%, 3/1/2023		100,000		101,810
5.13%, 3/1/2021		150,000		158,814
Avnet, Inc.:
3.75%, 12/1/2021		375,000		377,857
4.63%, 4/15/2026 (a)		750,000		736,785
4.88%, 12/1/2022		250,000		259,338
Corning, Inc.:
1.50%, 5/8/2018		200,000		199,382
2.90%, 5/15/2022		100,000		100,340
3.70%, 11/15/2023		85,000		86,442
4.25%, 8/15/2020		15,000		15,802
Flex, Ltd.:
4.63%, 2/15/2020		225,000		236,250
4.75%, 6/15/2025		250,000		263,023
5.00%, 2/15/2023		315,000		335,847

See accompanying notes to financial statements.

74

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
FLIR Systems, Inc. 3.13%, 6/15/2021	$	150,000	$	150,202
Fortive Corp.:
1.80%, 6/15/2019 (c)		125,000		123,848
2.35%, 6/15/2021 (c)		350,000		344,375
3.15%, 6/15/2026 (c)		625,000		615,919
Honeywell International, Inc.:
1.40%, 10/30/2019		1,050,000		1,040,539
1.85%, 11/1/2021		500,000		488,560
2.50%, 11/1/2026		775,000		733,855
4.25%, 3/1/2021		500,000		539,800
Jabil Circuit, Inc. 4.70%, 9/15/2022		627,000		637,973
Keysight Technologies, Inc.:
3.30%, 10/30/2019		265,000		268,829
4.55%, 10/30/2024		380,000		378,849
Koninklijke Philips NV:
3.75%, 3/15/2022		529,000		551,689
5.75%, 3/11/2018		767,000		805,588
PerkinElmer, Inc. 5.00%, 11/15/2021		250,000		269,287
Thermo Fisher Scientific, Inc.:
1.85%, 1/15/2018		156,000		156,292
3.15%, 1/15/2023		525,000		523,708
3.30%, 2/15/2022		285,000		288,568
4.15%, 2/1/2024		766,000		795,506
Tyco Electronics Group SA 2.35%, 8/1/2019		176,000		176,357
				13,813,913
ENGINEERING & CONSTRUCTION — 0.1%
ABB Finance USA, Inc. 2.88%, 5/8/2022		587,000		590,804
Fluor Corp.:
3.38%, 9/15/2021		465,000		474,881
3.50%, 12/15/2024		195,000		197,514
				1,263,199
ENVIRONMENTAL CONTROL — 0.2%
Republic Services, Inc.:
2.90%, 7/1/2026		275,000		262,859
3.20%, 3/15/2025		360,000		356,418
3.55%, 6/1/2022		280,000		290,749
3.80%, 5/15/2018		260,000		267,002
4.75%, 5/15/2023		175,000		190,689
5.00%, 3/1/2020		200,000		215,482
5.25%, 11/15/2021		150,000		166,414
5.50%, 9/15/2019		330,000		358,951
Waste Management, Inc.:
2.40%, 5/15/2023		300,000		291,249
2.90%, 9/15/2022		142,000		142,740
3.13%, 3/1/2025		150,000		150,093
3.50%, 5/15/2024		150,000		154,701
4.60%, 3/1/2021		210,000		226,069
4.75%, 6/30/2020		370,000		398,405
6.10%, 3/15/2018		434,000		456,806
				3,928,627
FOOD — 1.5%
Campbell Soup Co.:
2.50%, 8/2/2022		300,000		294,750
3.30%, 3/19/2025		300,000		300,633
4.25%, 4/15/2021		150,000		159,950
Conagra Brands, Inc.:
3.20%, 1/25/2023		204,000		203,474
3.25%, 9/15/2022		425,000		426,700
Flowers Foods, Inc.:
3.50%, 10/1/2026		475,000		451,782
4.38%, 4/1/2022		200,000		210,542
General Mills, Inc.:
2.20%, 10/21/2019		323,000		324,034
3.15%, 12/15/2021		883,000		900,925
3.65%, 2/15/2024		146,000		151,560
5.65%, 2/15/2019		296,000		317,928
Hershey Co.:
2.30%, 8/15/2026		730,000		679,404
3.20%, 8/21/2025		200,000		201,828
4.13%, 12/1/2020		100,000		107,126
Ingredion, Inc. 3.20%, 10/1/2026		300,000		292,872
JM Smucker Co.:
1.75%, 3/15/2018		409,000		409,605
2.50%, 3/15/2020		435,000		437,101
3.00%, 3/15/2022		50,000		50,421
3.50%, 10/15/2021		300,000		311,082
3.50%, 3/15/2025		625,000		629,712
Kellogg Co.:
2.65%, 12/1/2023		775,000		753,370
3.25%, 5/21/2018		50,000		51,005
3.25%, 4/1/2026		300,000		293,232
4.00%, 12/15/2020		465,000		489,919
4.15%, 11/15/2019		165,000		173,936
Kraft Heinz Foods Co.:
2.00%, 7/2/2018		640,000		640,333
2.80%, 7/2/2020		825,000		830,816
3.00%, 6/1/2026		920,000		863,043
3.50%, 6/6/2022		1,386,000		1,409,008
3.50%, 7/15/2022		601,000		610,063
3.95%, 7/15/2025		1,063,000		1,078,265
5.38%, 2/10/2020		350,000		378,721
6.13%, 8/23/2018		452,000		481,493
Kroger Co.:
2.00%, 1/15/2019		250,000		250,390
2.30%, 1/15/2019		170,000		170,972
2.60%, 2/1/2021		150,000		149,407
2.65%, 10/15/2026		450,000		418,122
2.95%, 11/1/2021		350,000		352,128
3.30%, 1/15/2021		250,000		256,278
3.40%, 4/15/2022		577,000		587,692
3.50%, 2/1/2026 (a)		54,000		54,333
3.85%, 8/1/2023		25,000		25,946
4.00%, 2/1/2024		11,000		11,430
6.15%, 1/15/2020		613,000		677,917
Series GMTN, 1.50%, 9/30/2019		580,000		571,213
McCormick & Co., Inc.:
3.25%, 11/15/2025		200,000		198,664
3.50%, 9/1/2023		207,000		212,260

See accompanying notes to financial statements.

75

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Sysco Corp.:
1.90%, 4/1/2019	$	245,000	$	244,120
2.50%, 7/15/2021		455,000		451,010
2.60%, 10/1/2020		394,000		395,422
3.30%, 7/15/2026		175,000		171,691
3.75%, 10/1/2025		403,000		407,602
5.25%, 2/12/2018		608,000		631,116
5.38%, 3/17/2019		200,000		213,938
Tyson Foods, Inc.:
2.65%, 8/15/2019		543,000		547,751
3.95%, 8/15/2024		967,000		987,549
4.50%, 6/15/2022		300,000		319,125
Unilever Capital Corp.:
1.38%, 7/28/2021		415,000		398,300
2.00%, 7/28/2026		605,000		553,315
2.20%, 3/6/2019		253,000		255,644
4.25%, 2/10/2021		150,000		161,058
4.80%, 2/15/2019		600,000		638,094
Whole Foods Market, Inc. 5.20%, 12/3/2025		350,000		371,010
				25,598,130
FOREST PRODUCTS & PAPER — 0.2%
Celulosa Arauco y Constitucion SA:
4.50%, 8/1/2024 (a)		350,000		355,309
4.75%, 1/11/2022		5,000		5,179
7.25%, 7/29/2019		300,000		331,749
Domtar Corp. 4.40%, 4/1/2022		50,000		51,165
Fibria Overseas Finance, Ltd. 5.25%, 5/12/2024 (a)		200,000		200,250
Georgia-Pacific LLC 8.00%, 1/15/2024		125,000		158,958
International Paper Co.:
3.00%, 2/15/2027		550,000		518,804
3.65%, 6/15/2024		736,000		745,156
4.75%, 2/15/2022		140,000		151,159
7.50%, 8/15/2021		350,000		417,421
7.95%, 6/15/2018		158,000		171,311
9.38%, 5/15/2019		49,000		56,617
Weyerhaeuser Co.:
4.70%, 3/15/2021		300,000		316,839
3.25%, 3/15/2023		31,000		29,847
				3,509,764
GAS — 0.4%
Atmos Energy Corp. 8.50%, 3/15/2019		150,000		170,094
CenterPoint Energy Resources Corp.:
4.50%, 1/15/2021		490,000		513,442
Series MTN, 6.00%, 5/15/2018		50,000		52,567
Dominion Gas Holdings LLC:
2.50%, 12/15/2019		150,000		151,495
2.80%, 11/15/2020		470,000		473,619
3.60%, 12/15/2024		475,000		479,707
National Fuel Gas Co.:
3.75%, 3/1/2023		227,000		221,593
4.90%, 12/1/2021		400,000		422,096
5.20%, 7/15/2025		300,000		306,978
ONE Gas, Inc. 2.07%, 2/1/2019		220,000		220,240
Sempra Energy:
1.63%, 10/7/2019		855,000		843,304
2.40%, 3/15/2020		205,000		204,342
2.85%, 11/15/2020		155,000		155,504
2.88%, 10/1/2022		57,000		56,432
3.55%, 6/15/2024		25,000		25,245
3.75%, 11/15/2025		100,000		101,301
4.05%, 12/1/2023		83,000		86,507
6.15%, 6/15/2018		220,000		232,362
9.80%, 2/15/2019		375,000		433,984
Southern California Gas Co.:
1.55%, 6/15/2018		100,000		100,025
2.60%, 6/15/2026		350,000		336,052
3.15%, 9/15/2024		248,000		251,467
3.20%, 6/15/2025		150,000		152,016
Series HH, 5.45%, 4/15/2018		150,000		156,582
Southern Co. Gas Capital Corp.:
2.45%, 10/1/2023		350,000		335,125
3.25%, 6/15/2026		375,000		366,922
3.50%, 9/15/2021		15,000		15,417
3.88%, 11/15/2025		200,000		205,390
				7,069,808
HAND & MACHINE TOOLS — 0.1%
Kennametal, Inc. 2.65%, 11/1/2019		292,000		289,907
Snap-on, Inc. 4.25%, 1/15/2018		15,000		15,414
Stanley Black & Decker, Inc.:
1.62%, 11/17/2018		700,000		695,639
2.45%, 11/17/2018		268,000		271,146
2.90%, 11/1/2022		178,000		178,621
3.40%, 12/1/2021		300,000		309,378
				1,760,105
HEALTH CARE PRODUCTS — 1.8%
Abbott Laboratories:
2.35%, 11/22/2019		1,355,000		1,356,572
2.90%, 11/30/2021		1,400,000		1,395,002
3.40%, 11/30/2023		800,000		794,416
3.75%, 11/30/2026		1,900,000		1,889,797
Baxter International, Inc.:
1.70%, 8/15/2021		350,000		336,133
2.60%, 8/15/2026		300,000		276,786
Becton Dickinson and Co.:
2.68%, 12/15/2019		540,000		547,360
3.13%, 11/8/2021		350,000		358,789
3.25%, 11/12/2020		281,000		288,691
3.30%, 3/1/2023		100,000		100,403
3.73%, 12/15/2024		462,000		472,326
Boston Scientific Corp.:
2.65%, 10/1/2018		80,000		80,941
2.85%, 5/15/2020		100,000		100,794
3.38%, 5/15/2022		487,000		494,329
3.85%, 5/15/2025		375,000		376,380
4.13%, 10/1/2023		425,000		439,969
6.00%, 1/15/2020		478,000		524,462

See accompanying notes to financial statements.

76

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Covidien International Finance SA:
2.95%, 6/15/2023	$	14,000	$	13,914
3.20%, 6/15/2022		317,000		322,912
4.20%, 6/15/2020		465,000		493,588
CR Bard, Inc.:
1.38%, 1/15/2018		470,000		468,252
3.00%, 5/15/2026		375,000		357,941
4.40%, 1/15/2021		15,000		16,027
Danaher Corp.:
1.65%, 9/15/2018		278,000		278,153
2.40%, 9/15/2020		530,000		531,770
3.35%, 9/15/2025		155,000		159,125
Edwards Lifesciences Corp. 2.88%, 10/15/2018		270,000		274,001
Life Technologies Corp.:
5.00%, 1/15/2021		330,000		352,334
6.00%, 3/1/2020		435,000		475,794
Medtronic, Inc.:
1.38%, 4/1/2018		440,000		439,168
1.50%, 3/15/2018		275,000		275,005
2.50%, 3/15/2020		1,961,000		1,977,688
2.75%, 4/1/2023		244,000		242,063
3.13%, 3/15/2022		480,000		488,962
3.15%, 3/15/2022		1,370,000		1,400,140
3.50%, 3/15/2025		1,894,000		1,946,994
3.63%, 3/15/2024		220,000		228,833
4.13%, 3/15/2021		350,000		370,892
4.45%, 3/15/2020		385,000		410,522
5.60%, 3/15/2019		450,000		484,862
St Jude Medical, Inc.:
2.00%, 9/15/2018		215,000		215,290
2.80%, 9/15/2020		250,000		250,323
3.25%, 4/15/2023		276,000		273,869
3.88%, 9/15/2025		325,000		326,960
Stryker Corp.:
1.30%, 4/1/2018		370,000		368,524
2.00%, 3/8/2019		510,000		510,388
2.63%, 3/15/2021		350,000		350,437
3.38%, 5/15/2024		160,000		160,950
3.38%, 11/1/2025		150,000		149,142
3.50%, 3/15/2026 (a)		625,000		629,500
4.38%, 1/15/2020		120,000		127,014
Thermo Fisher Scientific, Inc.:
2.15%, 12/14/2018		61,000		61,273
2.40%, 2/1/2019		364,000		366,650
2.95%, 9/19/2026		200,000		188,862
3.00%, 4/15/2023		599,000		589,188
3.60%, 8/15/2021		584,000		603,079
3.65%, 12/15/2025		150,000		149,919
4.50%, 3/1/2021		800,000		854,440
4.70%, 5/1/2020		300,000		319,914
Zimmer Biomet Holdings, Inc.:
2.00%, 4/1/2018		570,000		570,667
2.70%, 4/1/2020		557,000		557,033
3.15%, 4/1/2022		359,000		357,729
3.38%, 11/30/2021		225,000		226,818
3.55%, 4/1/2025		1,460,000		1,423,500
				31,473,559
HEALTH CARE SERVICES — 1.4%
Aetna, Inc.:
1.70%, 6/7/2018		465,000		464,549
1.90%, 6/7/2019		585,000		583,514
2.20%, 3/15/2019		300,000		300,984
2.40%, 6/15/2021		1,960,000		1,949,181
2.75%, 11/15/2022		239,000		235,021
2.80%, 6/15/2023		924,000		909,327
3.20%, 6/15/2026		1,005,000		993,553
3.50%, 11/15/2024		200,000		202,718
3.95%, 9/1/2020		318,000		333,105
Anthem, Inc.:
2.25%, 8/15/2019		400,000		399,256
2.30%, 7/15/2018		38,000		38,231
3.13%, 5/15/2022		711,000		708,846
3.30%, 1/15/2023		346,000		345,401
3.50%, 8/15/2024		749,000		746,281
3.70%, 8/15/2021		125,000		129,073
4.35%, 8/15/2020		383,000		403,820
7.00%, 2/15/2019		172,000		188,424
Cigna Corp.:
3.25%, 4/15/2025		535,000		521,486
4.00%, 2/15/2022		346,000		360,452
4.38%, 12/15/2020		15,000		15,867
4.50%, 3/15/2021		300,000		318,486
5.13%, 6/15/2020		200,000		215,496
Coventry Health Care, Inc. 5.45%, 6/15/2021		441,000		487,693
Dignity Health 2.64%, 11/1/2019		75,000		75,289
Howard Hughes Medical Institute 3.50%, 9/1/2023		401,000		417,870
Humana, Inc.:
3.15%, 12/1/2022		21,000		20,948
3.85%, 10/1/2024		465,000		475,044
7.20%, 6/15/2018		537,000		577,125
Kaiser Foundation Hospitals 3.50%, 4/1/2022		100,000		103,010
Laboratory Corp. of America Holdings:
2.50%, 11/1/2018		150,000		151,405
2.63%, 2/1/2020		415,000		415,805
3.20%, 2/1/2022		243,000		244,351
3.60%, 2/1/2025		575,000		571,556
3.75%, 8/23/2022		208,000		213,150
4.63%, 11/15/2020		52,000		55,330
Providence St. Joseph Health Obligated Group Series H, 2.75%, 10/1/2026		300,000		282,708
Quest Diagnostics, Inc.:
2.50%, 3/30/2020		300,000		299,025
2.70%, 4/1/2019		200,000		202,030
3.45%, 6/1/2026		275,000		270,413
3.50%, 3/30/2025		405,000		400,752
4.70%, 4/1/2021 (a)		250,000		267,890
4.75%, 1/30/2020		245,000		261,072
UnitedHealth Group, Inc.:
1.63%, 3/15/2019		400,000		398,224
1.70%, 2/15/2019		405,000		403,813
1.90%, 7/16/2018		620,000		622,145

See accompanying notes to financial statements.

77

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.13%, 3/15/2021	$	339,000	$	334,335
2.30%, 12/15/2019		100,000		100,647
2.70%, 7/15/2020		612,000		620,984
2.75%, 2/15/2023		203,000		201,451
2.88%, 12/15/2021		200,000		202,738
2.88%, 3/15/2022		480,000		485,482
2.88%, 3/15/2023		512,000		511,713
3.10%, 3/15/2026		100,000		98,586
3.35%, 7/15/2022		500,000		514,850
3.38%, 11/15/2021		250,000		258,933
3.45%, 1/15/2027		1,400,000		1,423,674
3.75%, 7/15/2025		949,000		984,474
3.88%, 10/15/2020		250,000		263,020
4.70%, 2/15/2021		300,000		324,702
6.00%, 2/15/2018		504,000		528,378
				24,433,686
HOLDING COMPANIES-DIVERS — 0.1%
Leucadia National Corp. 5.50%, 10/18/2023		550,000		577,500
MUFG Americas Holdings Corp.:
1.63%, 2/9/2018		225,000		224,154
2.25%, 2/10/2020		338,000		334,627
3.00%, 2/10/2025		100,000		96,006
3.50%, 6/18/2022		100,000		101,822
				1,334,109
HOME BUILDERS — 0.1%
DR Horton, Inc.:
3.63%, 2/15/2018		50,000		50,406
3.75%, 3/1/2019		485,000		494,397
4.00%, 2/15/2020		505,000		518,887
NVR, Inc. 3.95%, 9/15/2022		277,000		282,158
				1,345,848
HOME FURNISHINGS — 0.1%
Harman International Industries, Inc. 4.15%, 5/15/2025		150,000		154,846
Leggett & Platt, Inc. 3.40%, 8/15/2022		100,000		99,940
Whirlpool Corp.:
3.70%, 5/1/2025		250,000		252,290
4.00%, 3/1/2024		250,000		259,275
Series MTN, 3.70%, 3/1/2023 (a)		300,000		304,695
Series MTN, 4.85%, 6/15/2021		50,000		54,312
				1,125,358
HOUSEHOLD PRODUCTS — 0.3%
Colgate-Palmolive Co.:
2.10%, 5/1/2023		300,000		289,275
Series MTN, 0.90%, 5/1/2018		113,000		112,381
Series MTN, 1.50%, 11/1/2018		100,000		100,131
Series MTN, 1.75%, 3/15/2019		462,000		463,312
Series MTN, 1.95%, 2/1/2023		246,000		236,150
Series MTN, 2.30%, 5/3/2022		305,000		303,219
Series MTN, 2.45%, 11/15/2021		15,000		15,047
Series MTN, 2.95%, 11/1/2020		375,000		385,072
Estee Lauder Cos., Inc. 1.70%, 5/10/2021		300,000		292,029
Procter & Gamble Co.:
1.60%, 11/15/2018		113,000		113,414
1.70%, 11/3/2021		650,000		637,884
1.85%, 2/2/2021		250,000		247,682
1.90%, 11/1/2019		410,000		412,480
2.30%, 2/6/2022		680,000		679,266
2.45%, 11/3/2026 (a)		500,000		478,855
2.70%, 2/2/2026		500,000		490,305
3.10%, 8/15/2023		490,000		502,265
				5,758,767
HOUSEHOLD PRODUCTS & WARES — 0.1%
Avery Dennison Corp. 3.35%, 4/15/2023		100,000		97,630
Clorox Co.:
3.05%, 9/15/2022		9,000		9,110
3.50%, 12/15/2024		125,000		126,829
3.80%, 11/15/2021		250,000		262,173
Kimberly-Clark Corp.:
1.40%, 2/15/2019		405,000		402,546
1.85%, 3/1/2020		100,000		99,475
1.90%, 5/22/2019		246,000		246,824
2.15%, 8/15/2020		50,000		49,979
2.65%, 3/1/2025		150,000		145,834
2.75%, 2/15/2026		50,000		48,716
3.05%, 8/15/2025		50,000		49,920
3.63%, 8/1/2020		95,000		99,500
3.88%, 3/1/2021		174,000		184,835
7.50%, 11/1/2018		404,000		446,182
				2,269,553
HOUSEWARES — 0.3%
Newell Brands, Inc.:
2.15%, 10/15/2018		50,000		50,228
2.60%, 3/29/2019		590,000		596,490
2.88%, 12/1/2019		100,000		101,407
3.15%, 4/1/2021		628,000		639,681
3.85%, 4/1/2023		875,000		905,135
3.90%, 11/1/2025		150,000		151,935
4.00%, 6/15/2022		225,000		233,678
4.00%, 12/1/2024		103,000		105,323
4.20%, 4/1/2026		1,198,000		1,249,718
6.25%, 4/15/2018		150,000		157,930
Tupperware Brands Corp. 4.75%, 6/1/2021		350,000		373,894
				4,565,419
INSURANCE — 2.9%
ACE INA Holdings, Inc.:
2.30%, 11/3/2020		572,000		571,005
2.88%, 11/3/2022		816,000		819,207
AEGON Funding Co. LLC 5.75%, 12/15/2020		113,000		124,834
Aflac, Inc.:
2.40%, 3/16/2020		278,000		278,948
3.25%, 3/17/2025		100,000		99,138
3.63%, 6/15/2023		550,000		567,743
3.63%, 11/15/2024		262,000		268,437
Alleghany Corp. 4.95%, 6/27/2022		100,000		107,722

See accompanying notes to financial statements.

78

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Allied World Assurance Co. Holdings, Ltd.:
4.35%, 10/29/2025	$	200,000	$	199,346
5.50%, 11/15/2020		450,000		489,082
Allstate Corp.:
3.15%, 6/15/2023		41,000		41,520
3.28%, 12/15/2026		1,000,000		1,004,280
3 month USD LIBOR + 2.94%, 5.75%, 8/15/2053 (d)		350,000		362,397
American Financial Group, Inc. 3.50%, 8/15/2026		400,000		383,536
American International Group, Inc.:
2.30%, 7/16/2019		666,000		668,897
3.30%, 3/1/2021		725,000		741,798
3.38%, 8/15/2020		300,000		308,541
3.75%, 7/10/2025		560,000		563,203
3.90%, 4/1/2026		750,000		762,015
4.13%, 2/15/2024		133,000		138,095
4.88%, 6/1/2022		690,000		753,245
6.40%, 12/15/2020		445,000		505,498
Series MTN, 5.85%, 1/16/2018		850,000		885,785
Aon Corp. 5.00%, 9/30/2020		307,000		330,080
Aon PLC:
2.80%, 3/15/2021		260,000		260,049
3.50%, 6/14/2024		450,000		450,981
3.88%, 12/15/2025		450,000		458,649
Arch Capital Finance LLC 4.01%, 12/15/2026		700,000		711,256
Assurant, Inc. 4.00%, 3/15/2023		100,000		100,368
Assured Guaranty US Holdings, Inc. 5.00%, 7/1/2024		125,000		131,941
Axis Specialty Finance LLC 5.88%, 6/1/2020		100,000		108,527
Berkshire Hathaway Finance Corp.:
1.30%, 5/15/2018		473,000		471,993
1.30%, 8/15/2019		804,000		793,741
1.45%, 3/7/2018		474,000		474,194
1.70%, 3/15/2019		825,000		823,795
2.00%, 8/15/2018		81,000		81,650
2.90%, 10/15/2020		300,000		308,193
3.00%, 5/15/2022		342,000		348,307
4.25%, 1/15/2021		400,000		428,692
5.40%, 5/15/2018		593,000		623,243
Berkshire Hathaway, Inc.:
1.15%, 8/15/2018		525,000		522,044
1.55%, 2/9/2018		291,000		291,498
2.10%, 8/14/2019		300,000		302,526
2.20%, 3/15/2021		355,000		353,747
3.00%, 2/11/2023		317,000		319,904
3.13%, 3/15/2026		1,225,000		1,216,229
3.40%, 1/31/2022		190,000		197,872
3.75%, 8/15/2021 (a)		80,000		84,639
Brown & Brown, Inc. 4.20%, 9/15/2024		100,000		99,325
Chubb Corp. 5.75%, 5/15/2018		128,000		135,003
Chubb INA Holdings, Inc.:
2.70%, 3/13/2023		50,000		49,482
3.15%, 3/15/2025		432,000		430,574
3.35%, 5/15/2024		221,000		224,896
3.35%, 5/3/2026		1,017,000		1,029,194
5.90%, 6/15/2019		378,000		412,859
CNA Financial Corp.:
4.50%, 3/1/2026		750,000		785,152
5.88%, 8/15/2020		162,000		178,164
Fidelity National Financial, Inc. 5.50%, 9/1/2022		1,230,000		1,299,163
First American Financial Corp. 4.30%, 2/1/2023		100,000		97,294
Hanover Insurance Group, Inc. 4.50%, 4/15/2026		675,000		676,715
Hartford Financial Services Group, Inc.:
5.13%, 4/15/2022		496,000		548,135
5.50%, 3/30/2020		250,000		272,377
6.30%, 3/15/2018		349,000		366,118
3 month USD LIBOR + 4.60%, 8.13%, 6/15/2068 (d)		100,000		106,889
Series MTN, 6.00%, 1/15/2019		300,000		320,112
Horace Mann Educators Corp. 4.50%, 12/1/2025		150,000		148,371
Infinity Property & Casualty Corp. 5.00%, 9/19/2022		100,000		101,472
Kemper Corp. 4.35%, 2/15/2025		400,000		396,860
Lincoln National Corp.:
3.63%, 12/12/2026		1,000,000		999,210
4.00%, 9/1/2023		40,000		41,554
4.20%, 3/15/2022		70,000		73,784
4.85%, 6/24/2021		150,000		162,000
6.25%, 2/15/2020		5,000		5,498
8.75%, 7/1/2019		253,000		291,618
Loews Corp.:
2.63%, 5/15/2023		299,000		290,266
3.75%, 4/1/2026		250,000		254,305
Manulife Financial Corp.:
4.15%, 3/4/2026		665,000		692,538
4.90%, 9/17/2020		56,000		60,003
Markel Corp. 3.63%, 3/30/2023		150,000		150,342
Marsh & McLennan Cos., Inc.:
2.35%, 9/10/2019		220,000		220,917
2.35%, 3/6/2020		202,000		200,740
3.30%, 3/14/2023		1,050,000		1,063,199
3.50%, 6/3/2024		75,000		76,232
3.50%, 3/10/2025		24,000		24,201
3.75%, 3/14/2026		75,000		76,625
4.80%, 7/15/2021		55,000		59,686
Series MTN, 2.55%, 10/15/2018		75,000		75,622
MetLife, Inc.:
3.00%, 3/1/2025		102,000		99,724
3.05%, 12/15/2022		250,000		251,563
3.60%, 4/10/2024		511,000		524,296
3.60%, 11/13/2025		400,000		407,272
4.75%, 2/8/2021		200,000		217,240
7.72%, 2/15/2019		205,000		229,042

See accompanying notes to financial statements.

79

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series A, 6.82%, 8/15/2018	$	490,000	$	528,186
Series D, 4.37%, 9/15/2023		904,000		970,670
Montpelier Re Holdings, Ltd. 4.70%, 10/15/2022		100,000		100,377
Old Republic International Corp.:
3.88%, 8/26/2026		910,000		869,478
4.88%, 10/1/2024		200,000		207,684
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		100,000		98,982
PartnerRe Finance B LLC 5.50%, 6/1/2020		100,000		108,248
Primerica, Inc. 4.75%, 7/15/2022		100,000		106,978
Principal Financial Group, Inc.:
3.10%, 11/15/2026		400,000		384,416
3.30%, 9/15/2022		150,000		151,602
3.40%, 5/15/2025		350,000		347,757
3 month USD LIBOR + 3.04%, 4.70%, 5/15/2055 (d)		150,000		146,706
ProAssurance Corp. 5.30%, 11/15/2023		100,000		108,195
Progressive Corp. 3.75%, 8/23/2021		150,000		158,273
Prudential Financial, Inc.:
3 month USD LIBOR + 3.04%, 5.20%, 3/15/2044 (d)		177,000		175,126
3 month USD LIBOR + 3.03%, 5.38%, 5/15/2045 (d)		1,000,000		1,022,030
3 month USD LIBOR + 3.92%, 5.63%, 6/15/2043 (d)		500,000		517,655
3 month USD LIBOR + 4.18%, 5.88%, 9/15/2042 (d)		525,000		550,541
Series D, 7.38%, 6/15/2019		651,000		731,809
Series MTN, 2.30%, 8/15/2018		163,000		164,345
Series MTN, 2.35%, 8/15/2019		200,000		201,466
Series MTN, 3.50%, 5/15/2024		703,000		718,375
Series MTN, 4.50%, 11/15/2020		100,000		106,792
Series MTN, 4.50%, 11/16/2021		50,000		53,995
Series MTN, 5.38%, 6/21/2020		47,000		51,338
Reinsurance Group of America, Inc.:
3.95%, 9/15/2026		200,000		198,230
6.45%, 11/15/2019		265,000		293,360
RenaissanceRe Finance, Inc. 3.70%, 4/1/2025		50,000		48,277
StanCorp Financial Group, Inc. 5.00%, 8/15/2022		250,000		262,097
Swiss Re Solutions Holding Corp. 7.00%, 2/15/2026		121,000		146,405
Symetra Financial Corp. 4.25%, 7/15/2024		100,000		97,478
Torchmark Corp. 3.80%, 9/15/2022		75,000		76,556
Travelers Cos., Inc.:
3.90%, 11/1/2020		150,000		158,370
5.80%, 5/15/2018		494,000		520,967
Trinity Acquisition PLC:
3.50%, 9/15/2021		450,000		453,622
4.40%, 3/15/2026		350,000		353,829
4.63%, 8/15/2023		150,000		155,175
Unum Group:
3.00%, 5/15/2021		430,000		428,611
3.88%, 11/5/2025 (a)		250,000		243,625
4.00%, 3/15/2024		150,000		149,840
5.63%, 9/15/2020		22,000		23,876
Voya Financial, Inc.:
2.90%, 2/15/2018		319,000		322,589
3.65%, 6/15/2026		550,000		538,318
5.50%, 7/15/2022		5,000		5,448
WR Berkley Corp.:
4.63%, 3/15/2022		150,000		159,554
5.38%, 9/15/2020		10,000		10,762
7.38%, 9/15/2019		150,000		167,490
XLIT, Ltd.:
2.30%, 12/15/2018		210,000		211,002
4.45%, 3/31/2025		300,000		295,653
5.75%, 10/1/2021		400,000		442,448
				49,408,628
INTERNET — 0.9%
Alibaba Group Holding, Ltd.:
2.50%, 11/28/2019		1,130,000		1,134,543
3.13%, 11/28/2021		600,000		601,056
3.60%, 11/28/2024		1,183,000		1,173,051
Alphabet, Inc.:
2.00%, 8/15/2026		1,000,000		916,280
3.38%, 2/25/2024		591,000		613,428
3.63%, 5/19/2021		325,000		344,971
Amazon.com, Inc.:
2.50%, 11/29/2022		600,000		592,362
2.60%, 12/5/2019		592,000		603,402
3.30%, 12/5/2021		626,000		648,035
3.80%, 12/5/2024		1,011,000		1,060,317
Baidu, Inc.:
2.75%, 6/9/2019		950,000		958,541
3.00%, 6/30/2020		250,000		250,752
3.25%, 8/6/2018		475,000		481,907
3.50%, 11/28/2022		156,000		156,239
4.13%, 6/30/2025 (a)		200,000		202,846
eBay, Inc.:
2.20%, 8/1/2019		650,000		649,577
2.50%, 3/9/2018		585,000		590,136
2.60%, 7/15/2022		500,000		484,390
2.88%, 8/1/2021		385,000		385,139
3.25%, 10/15/2020 (a)		150,000		153,412
3.45%, 8/1/2024 (a)		530,000		521,239
3.80%, 3/9/2022		250,000		257,955
Expedia, Inc.:
4.50%, 8/15/2024		150,000		152,139
5.00%, 2/15/2026		243,000		252,207
5.95%, 8/15/2020		294,000		320,798
7.46%, 8/15/2018		142,000		153,296
JD.com, Inc.:
3.13%, 4/29/2021		500,000		493,975
3.88%, 4/29/2026		350,000		335,230
Priceline Group, Inc.:
3.60%, 6/1/2026		530,000		523,380
3.65%, 3/15/2025		425,000		423,364
Symantec Corp.:
3.95%, 6/15/2022		155,000		153,072

See accompanying notes to financial statements.

80

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.20%, 9/15/2020	$	475,000	$	486,861
				16,073,900
INVESTMENT COMPANY SECURITY — 0.2%
Apollo Investment Corp. 5.25%, 3/3/2025		100,000		95,988
Ares Capital Corp.:
3.63%, 1/19/2022		500,000		484,505
3.88%, 1/15/2020		5,000		5,057
4.88%, 11/30/2018		625,000		649,213
FS Investment Corp.:
4.00%, 7/15/2019		250,000		250,117
4.25%, 1/15/2020		450,000		452,169
4.75%, 5/15/2022		100,000		101,167
PennantPark Investment Corp. 4.50%, 10/1/2019		650,000		651,190
Prospect Capital Corp.:
5.00%, 7/15/2019		629,000		637,630
5.88%, 3/15/2023		315,000		318,544
				3,645,580
IRON/STEEL — 0.3%
Nucor Corp.:
4.00%, 8/1/2023		325,000		340,561
4.13%, 9/15/2022 (a)		164,000		174,450
5.85%, 6/1/2018		345,000		363,582
Reliance Steel & Aluminum Co. 4.50%, 4/15/2023		205,000		208,559
Vale Overseas, Ltd.:
4.38%, 1/11/2022		1,000,000		985,000
5.63%, 9/15/2019		1,460,000		1,542,125
5.88%, 6/10/2021 (a)		250,000		262,187
6.25%, 8/10/2026 (a)		500,000		521,250
				4,397,714
IT SERVICES — 2.8%
Apple, Inc.:
1.00%, 5/3/2018		2,482,000		2,471,948
1.10%, 8/2/2019		750,000		738,465
1.30%, 2/23/2018		800,000		800,416
1.55%, 2/7/2020		570,000		563,456
1.55%, 8/4/2021		675,000		651,881
1.70%, 2/22/2019		525,000		525,908
2.00%, 5/6/2020		541,000		541,130
2.10%, 5/6/2019		1,560,000		1,574,976
2.15%, 2/9/2022		392,000		384,756
2.25%, 2/23/2021		1,515,000		1,513,500
2.40%, 5/3/2023		2,530,000		2,466,927
2.45%, 8/4/2026		800,000		751,024
2.50%, 2/9/2025		640,000		614,163
2.70%, 5/13/2022		653,000		656,095
2.85%, 5/6/2021		1,553,000		1,587,275
2.85%, 2/23/2023		920,000		923,312
3.20%, 5/13/2025		698,000		703,305
3.25%, 2/23/2026		1,627,000		1,630,612
3.45%, 5/6/2024		1,415,000		1,458,214
Cadence Design Systems, Inc. 4.38%, 10/15/2024		275,000		275,344
Computer Sciences Corp. 4.45%, 9/15/2022		310,000		320,531
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
3.48%, 6/1/2019 (c)		1,710,000		1,744,491
4.42%, 6/15/2021 (c)		2,200,000		2,270,377
5.45%, 6/15/2023 (c)		1,910,000		2,026,777
6.02%, 6/15/2026 (c)		2,223,000		2,409,065
Hewlett Packard Enterprise Co.:
2.85%, 10/5/2018		1,796,000		1,813,960
3.60%, 10/15/2020		1,111,000		1,134,058
4.40%, 10/15/2022 (a)		720,000		753,214
4.90%, 10/15/2025 (a)		1,217,000		1,252,390
HP, Inc.:
3.75%, 12/1/2020		425,000		440,032
4.05%, 9/15/2022		447,000		462,444
4.30%, 6/1/2021		600,000		628,860
4.38%, 9/15/2021		550,000		578,518
4.65%, 12/9/2021 (a)		819,000		873,799
International Business Machines Corp.:
1.13%, 2/6/2018		900,000		897,921
1.25%, 2/8/2018		100,000		99,889
1.63%, 5/15/2020		378,000		372,341
1.80%, 5/17/2019		500,000		500,540
1.88%, 5/15/2019		473,000		474,026
1.88%, 8/1/2022		821,000		785,500
1.95%, 2/12/2019 (a)		200,000		201,040
2.25%, 2/19/2021		400,000		399,304
2.88%, 11/9/2022		549,000		552,179
2.90%, 11/1/2021		450,000		458,892
3.38%, 8/1/2023		750,000		771,502
3.45%, 2/19/2026 (a)		650,000		663,436
3.63%, 2/12/2024		1,032,000		1,073,115
7.63%, 10/15/2018		1,003,000		1,106,289
8.38%, 11/1/2019		700,000		822,283
NetApp, Inc.:
3.25%, 12/15/2022		200,000		197,466
3.38%, 6/15/2021 (a)		100,000		101,132
Seagate HDD Cayman:
3.75%, 11/15/2018 (a)		625,000		640,863
4.75%, 6/1/2023 (a)		386,000		383,313
4.75%, 1/1/2025		325,000		308,139
				48,350,393
LEISURE TIME — 0.1%
Carnival Corp. 3.95%, 10/15/2020		475,000		499,424
Harley-Davidson, Inc. 3.50%, 7/28/2025		275,000		275,303
				774,727
LODGING — 0.2%
Hyatt Hotels Corp.:
3.38%, 7/15/2023		125,000		122,968
4.85%, 3/15/2026		200,000		210,454
Marriott International, Inc.:
2.30%, 1/15/2022		475,000		461,083
2.88%, 3/1/2021		190,000		190,519
3.00%, 3/1/2019		217,000		220,500
3.13%, 2/15/2023		15,000		14,643
3.38%, 10/15/2020		242,000		248,190
3.75%, 3/15/2025		200,000		199,134

See accompanying notes to financial statements.

81

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3.75%, 10/1/2025	$	50,000	$	49,948
6.75%, 5/15/2018		285,000		303,291
Series N, 3.13%, 10/15/2021		100,000		100,766
Series R, 3.13%, 6/15/2026		475,000		450,879
Wyndham Worldwide Corp.:
2.50%, 3/1/2018		100,000		100,449
3.90%, 3/1/2023		405,000		404,101
4.25%, 3/1/2022		80,000		82,399
5.10%, 10/1/2025 (a)		235,000		245,479
5.63%, 3/1/2021		300,000		326,343
				3,731,146
MACHINERY, CONSTRUCTION & MINING — 0.4%
Caterpillar Financial Services Corp.:
1.70%, 8/9/2021		403,000		386,981
1.93%, 10/1/2021 (c)		371,000		357,295
2.40%, 8/9/2026		450,000		422,046
Series GMTN, 1.50%, 2/23/2018		490,000		489,794
Series GMTN, 1.70%, 6/16/2018		286,000		286,083
Series MTN, 1.30%, 3/1/2018		927,000		923,820
Series MTN, 1.35%, 5/18/2019		300,000		295,731
Series MTN, 1.80%, 11/13/2018		274,000		274,277
Series MTN, 2.00%, 3/5/2020		245,000		242,592
Series MTN, 2.10%, 6/9/2019		789,000		790,649
Series MTN, 2.25%, 12/1/2019		82,000		82,301
Series MTN, 2.85%, 6/1/2022		112,000		112,152
Series MTN, 3.30%, 6/9/2024 (a)		200,000		202,470
Series MTN, 3.75%, 11/24/2023		160,000		167,902
Series MTN, 7.15%, 2/15/2019		800,000		884,840
Caterpillar, Inc.:
2.60%, 6/26/2022		182,000		180,793
3.40%, 5/15/2024 (a)		490,000		503,544
3.90%, 5/27/2021		536,000		564,564
7.90%, 12/15/2018		350,000		390,565
				7,558,399
MACHINERY-DIVERSIFIED — 0.7%
Cummins, Inc. 3.65%, 10/1/2023		352,000		363,831
Deere & Co.:
2.60%, 6/8/2022		376,000		373,473
4.38%, 10/16/2019		282,000		300,028
Flowserve Corp. 3.50%, 9/15/2022		479,000		480,183
John Deere Capital Corp.:
1.30%, 3/12/2018		425,000		423,806
1.70%, 1/15/2020		186,000		183,238
2.25%, 4/17/2019		166,000		167,446
2.55%, 1/8/2021		400,000		401,276
2.65%, 6/10/2026		350,000		336,462
2.80%, 1/27/2023		110,000		109,764
Series 0014, 2.45%, 9/11/2020		150,000		150,486
Series MTN, 1.25%, 10/9/2019		400,000		392,568
Series MTN, 1.35%, 1/16/2018 (a)		677,000		676,100
Series MTN, 1.60%, 7/13/2018		513,000		512,738
Series MTN, 1.75%, 8/10/2018		100,000		100,141
Series MTN, 1.95%, 12/13/2018		372,000		373,823
Series MTN, 1.95%, 1/8/2019		241,000		241,844
Series MTN, 1.95%, 3/4/2019		100,000		100,203
Series MTN, 2.05%, 3/10/2020		226,000		224,063
Series MTN, 2.30%, 9/16/2019		459,000		463,296
Series MTN, 2.38%, 7/14/2020		150,000		150,095
Series MTN, 2.75%, 3/15/2022		160,000		160,371
Series MTN, 2.80%, 3/4/2021		200,000		202,178
Series MTN, 2.80%, 3/6/2023		863,000		860,118
Series MTN, 3.15%, 10/15/2021		100,000		102,443
Series MTN, 3.40%, 9/11/2025		250,000		256,947
Series MTN, 3.90%, 7/12/2021 (a)		150,000		158,576
Series MTN, 5.35%, 4/3/2018		140,000		146,546
Series MTN, 5.75%, 9/10/2018		188,000		200,577
Rockwell Automation, Inc.:
2.05%, 3/1/2020		320,000		318,566
2.88%, 3/1/2025		25,000		24,474
Roper Technologies, Inc.:
2.05%, 10/1/2018		346,000		346,823
2.80%, 12/15/2021		675,000		676,066
3.00%, 12/15/2020		300,000		303,660
3.13%, 11/15/2022		503,000		501,763
3.80%, 12/15/2026		285,000		287,739
3.85%, 12/15/2025		75,000		75,804
6.25%, 9/1/2019		18,000		19,780
Wabtec Corp.:
3.45%, 11/15/2026 (c)		550,000		527,676
4.38%, 8/15/2023		100,000		104,520
Xylem, Inc.:
3.25%, 11/1/2026		630,000		612,933
4.88%, 10/1/2021		65,000		70,340
				12,482,764
MEDIA — 2.8%
21st Century Fox America, Inc.:
3.00%, 9/15/2022		964,000		961,600
3.38%, 11/15/2026 (c)		750,000		736,260
3.70%, 9/15/2024 (a)		799,000		810,162
3.70%, 10/15/2025		140,000		141,753
4.00%, 10/1/2023		275,000		285,164
4.50%, 2/15/2021		205,000		218,852
6.90%, 3/1/2019		280,000		307,622
CBS Corp.:
2.30%, 8/15/2019		370,000		371,110
3.38%, 3/1/2022		278,000		282,698
3.50%, 1/15/2025 (a)		260,000		257,054
3.70%, 8/15/2024		371,000		373,731
4.00%, 1/15/2026		400,000		407,320
4.30%, 2/15/2021		100,000		105,871
4.63%, 5/15/2018		265,000		274,810
5.75%, 4/15/2020		495,000		545,015
Charter Communications Operating LLC/Charter Communications Operating Capital:
3.58%, 7/23/2020		1,254,000		1,271,180
4.46%, 7/23/2022		1,439,000		1,500,157
4.91%, 7/23/2025		2,336,000		2,455,720
Comcast Cable Communications Holdings, Inc. 9.46%, 11/15/2022		581,000		785,721
Comcast Corp.:
1.63%, 1/15/2022		705,000		674,918
2.75%, 3/1/2023		480,000		476,131

See accompanying notes to financial statements.

82

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.85%, 1/15/2023	$	440,000	$	438,957
3.13%, 7/15/2022		496,000		505,806
3.15%, 3/1/2026		774,000		765,796
3.38%, 2/15/2025		550,000		555,786
3.38%, 8/15/2025		808,000		813,365
3.60%, 3/1/2024		195,000		201,076
5.15%, 3/1/2020		843,000		919,966
5.70%, 5/15/2018		844,000		890,724
5.70%, 7/1/2019		463,000		505,809
5.88%, 2/15/2018		456,000		478,020
Discovery Communications LLC:
3.25%, 4/1/2023		157,000		153,566
3.30%, 5/15/2022		381,000		378,855
3.45%, 3/15/2025 (a)		50,000		47,727
4.38%, 6/15/2021		250,000		263,248
4.90%, 3/11/2026		500,000		525,100
5.05%, 6/1/2020		531,000		569,115
5.63%, 8/15/2019		115,000		124,001
Grupo Televisa SAB:
6.00%, 5/15/2018		300,000		315,420
6.63%, 3/18/2025		200,000		228,266
Historic TW, Inc.:
6.88%, 6/15/2018		220,000		235,737
9.15%, 2/1/2023		324,000		415,734
NBCUniversal Media LLC:
2.88%, 1/15/2023		551,000		549,441
4.38%, 4/1/2021		1,120,000		1,207,976
5.15%, 4/30/2020		942,000		1,030,265
RELX Capital, Inc.:
3.13%, 10/15/2022		222,000		219,418
8.63%, 1/15/2019		340,000		381,990
Scripps Networks Interactive, Inc.:
2.75%, 11/15/2019		15,000		15,195
2.80%, 6/15/2020		280,000		280,725
3.90%, 11/15/2024		650,000		658,125
3.95%, 6/15/2025		100,000		101,420
TCI Communications, Inc. 7.88%, 2/15/2026		70,000		93,892
Thomson Reuters Corp.:
3.35%, 5/15/2026		430,000		417,345
3.85%, 9/29/2024		150,000		151,884
3.95%, 9/30/2021		200,000		206,844
4.30%, 11/23/2023		205,000		214,235
6.50%, 7/15/2018		440,000		469,291
Time Warner Cable LLC:
4.13%, 2/15/2021		351,000		362,408
4.00%, 9/1/2021		375,000		384,844
5.00%, 2/1/2020		750,000		794,063
6.75%, 7/1/2018		845,000		902,037
8.25%, 4/1/2019		875,000		982,187
8.75%, 2/14/2019		200,000		225,500
Time Warner Cos., Inc. 7.57%, 2/1/2024		249,000		304,876
Time Warner Entertainment Co. L.P. 8.38%, 3/15/2023		1,360,000		1,694,900
Time Warner, Inc.:
2.10%, 6/1/2019		369,000		368,760
2.95%, 7/15/2026		135,000		125,809
3.40%, 6/15/2022		190,000		192,001
3.55%, 6/1/2024		455,000		450,705
3.60%, 7/15/2025		1,133,000		1,121,409
4.00%, 1/15/2022		250,000		259,590
4.05%, 12/15/2023		5,000		5,157
4.70%, 1/15/2021		554,000		594,115
4.75%, 3/29/2021		799,000		855,649
4.88%, 3/15/2020		724,000		774,318
Viacom, Inc.:
2.20%, 4/1/2019		191,000		188,991
2.25%, 2/4/2022		250,000		234,614
2.50%, 9/1/2018		127,000		127,392
2.75%, 12/15/2019		200,000		199,122
3.13%, 6/15/2022		375,000		363,964
3.25%, 3/15/2023		100,000		95,284
3.45%, 10/4/2026		625,000		578,394
3.88%, 12/15/2021		120,000		121,340
3.88%, 4/1/2024 (a)		276,000		267,709
4.25%, 9/1/2023		707,000		705,897
4.50%, 3/1/2021		357,000		373,993
Walt Disney Co Series MTN, 1.85%, 7/30/2026		798,000		716,692
Walt Disney Co.:
2.30%, 2/12/2021		200,000		200,636
2.75%, 8/16/2021 (a)		259,000		263,644
3.00%, 2/13/2026		500,000		499,180
Series GMTN, 1.50%, 9/17/2018		207,000		207,193
Series GMTN, 1.85%, 5/30/2019		485,000		486,557
Series GMTN, 2.15%, 9/17/2020		250,000		250,615
Series GMTN, 3.15%, 9/17/2025		250,000		253,370
Series MTN, 0.88%, 7/12/2019 (a)		285,000		279,291
Series MTN, 2.35%, 12/1/2022		326,000		321,429
Series MTN, 2.55%, 2/15/2022		250,000		250,840
Series MTN, 3.75%, 6/1/2021		207,000		219,519
Series MTN, 5.50%, 3/15/2019		775,000		837,666
				47,014,629
METAL FABRICATE & HARDWARE — 0.1%
Precision Castparts Corp.:
1.25%, 1/15/2018		863,000		861,205
2.25%, 6/15/2020		250,000		249,960
2.50%, 1/15/2023		242,000		237,958
3.25%, 6/15/2025		386,000		388,679
Timken Co. 3.88%, 9/1/2024		105,000		102,375
				1,840,177
MINING — 0.6%
Barrick Gold Corp.:
3.85%, 4/1/2022		250,000		252,405
4.10%, 5/1/2023		237,000		243,724
Barrick North America Finance LLC 4.40%, 5/30/2021		359,000		378,860
BHP Billiton Finance USA, Ltd.:
2.05%, 9/30/2018		650,000		653,464
2.88%, 2/24/2022		235,000		237,108
3.25%, 11/21/2021		743,000		765,491
3.85%, 9/30/2023 (a)		859,000		907,293
6.50%, 4/1/2019		977,000		1,073,020
Goldcorp, Inc.:
2.13%, 3/15/2018 (a)		214,000		213,803

See accompanying notes to financial statements.

83

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3.63%, 6/9/2021	$	400,000	$	406,140
3.70%, 3/15/2023		500,000		492,005
Newmont Mining Corp.:
3.50%, 3/15/2022 (a)		918,000		930,476
5.13%, 10/1/2019		300,000		320,559
Rio Tinto Finance USA PLC:
2.88%, 8/21/2022 (a)		51,000		51,212
3.50%, 3/22/2022 (a)		443,000		458,802
Rio Tinto Finance USA, Ltd.:
3.50%, 11/2/2020		199,000		205,798
3.75%, 9/20/2021		139,000		145,575
3.75%, 6/15/2025 (a)		550,000		568,397
4.13%, 5/20/2021		151,000		160,614
9.00%, 5/1/2019		1,100,000		1,269,961
Southern Copper Corp.:
3.50%, 11/8/2022		189,000		188,735
3.88%, 4/23/2025		120,000		117,606
5.38%, 4/16/2020		125,000		135,850
				10,176,898
MISCELLANEOUS MANUFACTURER — 0.7%
3M Co.:
2.25%, 9/19/2026		500,000		468,015
Series MTN, 1.38%, 8/7/2018		400,000		399,696
Series MTN, 1.63%, 6/15/2019		276,000		275,876
Series MTN, 1.63%, 9/19/2021		250,000		242,915
Series MTN, 2.00%, 8/7/2020		100,000		99,908
Series MTN, 2.00%, 6/26/2022		562,000		550,024
Series MTN, 3.00%, 8/7/2025		201,000		202,540
Carlisle Cos., Inc. 3.75%, 11/15/2022		50,000		49,378
Crane Co. 2.75%, 12/15/2018		210,000		212,682
Dover Corp. 4.30%, 3/1/2021		300,000		317,982
Eaton Corp.:
2.75%, 11/2/2022		912,000		901,339
5.60%, 5/15/2018		100,000		105,018
6.95%, 3/20/2019		150,000		165,246
General Electric Co.:
2.70%, 10/9/2022		1,500,000		1,500,030
3.38%, 3/11/2024 (a)		216,000		222,020
4.38%, 9/16/2020		662,000		710,233
5.50%, 1/8/2020		230,000		252,025
Series MTN, 5.55%, 5/4/2020		72,000		79,543
Hexcel Corp. 4.70%, 8/15/2025		50,000		51,192
Illinois Tool Works, Inc.:
1.95%, 3/1/2019		175,000		175,915
2.65%, 11/15/2026		1,000,000		954,480
3.38%, 9/15/2021		445,000		462,938
3.50%, 3/1/2024		102,000		105,439
6.25%, 4/1/2019		250,000		273,400
Ingersoll-Rand Global Holding Co., Ltd.:
2.88%, 1/15/2019		200,000		203,350
4.25%, 6/15/2023		550,000		580,877
6.88%, 8/15/2018		449,000		485,248
Ingersoll-Rand Luxembourg Finance SA 3.55%, 11/1/2024		68,000		68,847
Parker-Hannifin Corp.:
3.50%, 9/15/2022		140,000		145,400
Series MTN, 3.30%, 11/21/2024		196,000		198,442
Pentair Finance SA:
2.90%, 9/15/2018		175,000		176,809
3.15%, 9/15/2022		275,000		268,730
3.63%, 9/15/2020		125,000		127,135
5.00%, 5/15/2021		165,000		175,751
Textron, Inc. 5.95%, 9/21/2021		250,000		279,062
Trinity Industries, Inc. 4.55%, 10/1/2024		200,000		192,250
Tyco Electronics Group SA:
2.38%, 12/17/2018		40,000		40,338
3.50%, 2/3/2022		122,000		125,449
3.70%, 2/15/2026		500,000		509,875
4.88%, 1/15/2021		15,000		16,182
				12,371,579
OFFICE & BUSINESS EQUIPMENT — 0.2%
Pitney Bowes, Inc.:
3.38%, 10/1/2021		1,150,000		1,115,028
4.63%, 3/15/2024		222,000		218,048
4.75%, 5/15/2018		100,000		102,973
6.25%, 3/15/2019 (a)		135,000		144,299
Series MTN, 5.60%, 3/15/2018		15,000		15,550
Xerox Corp.:
2.75%, 3/15/2019		250,000		250,248
2.75%, 9/1/2020		160,000		157,397
2.80%, 5/15/2020		300,000		296,352
3.50%, 8/20/2020		200,000		201,468
3.80%, 5/15/2024		20,000		19,250
4.50%, 5/15/2021 (a)		480,000		499,114
5.63%, 12/15/2019		500,000		537,005
6.35%, 5/15/2018		557,000		585,284
				4,142,016
OIL & GAS — 5.2%
Anadarko Petroleum Corp.:
3.45%, 7/15/2024		200,000		196,310
4.85%, 3/15/2021		710,000		760,602
5.55%, 3/15/2026 (a)		873,000		979,951
6.95%, 6/15/2019		155,000		171,146
8.70%, 3/15/2019		157,000		177,886
Apache Corp.:
2.63%, 1/15/2023		295,000		284,412
3.25%, 4/15/2022		434,000		440,714
3.63%, 2/1/2021		340,000		350,659
6.90%, 9/15/2018		150,000		162,312
BP Capital Markets PLC:
1.38%, 5/10/2018		469,000		467,157
1.67%, 2/13/2018		455,000		455,441
1.68%, 5/3/2019		385,000		382,159
2.24%, 5/10/2019		211,000		212,025
2.24%, 9/26/2018		312,000		314,293
2.32%, 2/13/2020		1,225,000		1,226,323
2.50%, 11/6/2022		709,000		691,332

See accompanying notes to financial statements.

84

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.52%, 1/15/2020	$	439,000	$	442,095
2.75%, 5/10/2023		767,000		752,864
3.02%, 1/16/2027		300,000		289,269
3.06%, 3/17/2022		350,000		353,605
3.12%, 5/4/2026		714,000		696,536
3.22%, 11/28/2023		1,600,000		1,604,336
3.25%, 5/6/2022		628,000		640,045
3.51%, 3/17/2025 (a)		357,000		360,213
3.54%, 11/4/2024		445,000		451,764
3.56%, 11/1/2021		572,000		596,407
3.81%, 2/10/2024		585,000		606,604
3.99%, 9/26/2023		219,000		230,033
4.50%, 10/1/2020		772,000		827,669
4.74%, 3/11/2021		615,000		668,868
4.75%, 3/10/2019		375,000		397,117
British Transco Finance, Inc. 6.63%, 6/1/2018		475,000		500,142
Canadian Natural Resources, Ltd.:
1.75%, 1/15/2018		419,000		418,200
3.45%, 11/15/2021 (a)		296,000		302,521
3.80%, 4/15/2024		186,000		184,666
3.90%, 2/1/2025		215,000		214,918
5.90%, 2/1/2018		397,000		413,118
Chevron Corp.:
1.37%, 3/2/2018		1,108,000		1,106,737
1.56%, 5/16/2019		1,650,000		1,643,285
1.72%, 6/24/2018		1,456,000		1,460,339
1.79%, 11/16/2018		581,000		583,121
1.96%, 3/3/2020		775,000		772,078
2.10%, 5/16/2021		600,000		594,210
2.19%, 11/15/2019		250,000		252,167
2.36%, 12/5/2022		881,000		864,314
2.41%, 3/3/2022		9,000		8,923
2.42%, 11/17/2020		500,000		502,675
2.43%, 6/24/2020		400,000		403,780
2.57%, 5/16/2023		402,000		396,211
2.95%, 5/16/2026		1,000,000		984,040
3.19%, 6/24/2023		1,184,000		1,211,090
3.33%, 11/17/2025		380,000		386,616
4.95%, 3/3/2019		1,010,000		1,077,084
Cimarex Energy Co.:
4.38%, 6/1/2024		425,000		441,031
5.88%, 5/1/2022		357,000		370,930
ConocoPhillips 6.00%, 1/15/2020		2,332,000		2,573,945
ConocoPhillips Co.:
1.50%, 5/15/2018		510,000		507,945
2.20%, 5/15/2020		22,000		21,809
2.40%, 12/15/2022		486,000		469,860
2.88%, 11/15/2021		495,000		498,020
3.35%, 11/15/2024 (a)		400,000		398,016
3.35%, 5/15/2025 (a)		250,000		247,475
4.20%, 3/15/2021 (a)		758,000		803,056
4.95%, 3/15/2026 (a)		664,000		732,438
5.20%, 5/15/2018		218,000		227,607
5.75%, 2/1/2019		791,000		849,676
6.65%, 7/15/2018		125,000		133,779
Devon Energy Corp.:
3.25%, 5/15/2022 (a)		884,000		877,370
4.00%, 7/15/2021		50,000		51,438
5.85%, 12/15/2025 (a)		415,000		471,544
Encana Corp.:
3.90%, 11/15/2021 (a)		575,000		578,953
6.50%, 5/15/2019		5,000		5,381
EOG Resources, Inc.:
2.45%, 4/1/2020		253,000		252,395
2.63%, 3/15/2023		595,000		576,936
3.15%, 4/1/2025		100,000		97,680
4.10%, 2/1/2021		300,000		316,005
4.15%, 1/15/2026		525,000		549,334
4.40%, 6/1/2020		250,000		265,030
5.63%, 6/1/2019		500,000		540,270
EQT Corp.:
4.88%, 11/15/2021		715,000		762,755
6.50%, 4/1/2018		42,000		44,177
8.13%, 6/1/2019		200,000		225,148
Exxon Mobil Corp.:
1.31%, 3/6/2018		778,000		777,448
1.44%, 3/1/2018		875,000		875,822
1.71%, 3/1/2019		550,000		550,473
1.82%, 3/15/2019		921,000		923,883
1.91%, 3/6/2020		363,000		362,227
2.22%, 3/1/2021		1,267,000		1,268,698
2.40%, 3/6/2022		1,020,000		1,014,278
2.71%, 3/6/2025		462,000		451,268
2.73%, 3/1/2023		591,000		591,242
3.04%, 3/1/2026		1,190,000		1,186,823
3.18%, 3/15/2024		674,000		685,357
Helmerich & Payne International Drilling Co. 4.65%, 3/15/2025		50,000		51,548
Hess Corp.:
3.50%, 7/15/2024		80,000		76,700
8.13%, 2/15/2019		300,000		333,000
HollyFrontier Corp. 5.88%, 4/1/2026		750,000		767,017
Husky Energy, Inc.:
3.95%, 4/15/2022		154,000		160,077
4.00%, 4/15/2024		600,000		611,262
7.25%, 12/15/2019		295,000		334,993
Kerr-McGee Corp. 6.95%, 7/1/2024		100,000		118,286
Marathon Oil Corp.:
2.70%, 6/1/2020		236,000		232,755
2.80%, 11/1/2022		524,000		500,420
3.85%, 6/1/2025 (a)		357,000		344,505
5.90%, 3/15/2018		225,000		234,563
Marathon Petroleum Corp.:
2.70%, 12/14/2018		220,000		223,243
3.40%, 12/15/2020		250,000		255,423
3.63%, 9/15/2024 (a)		700,000		691,572
5.13%, 3/1/2021 (a)		473,000		513,413
Nabors Industries, Inc.:
4.63%, 9/15/2021 (a)		400,000		407,000
5.00%, 9/15/2020		45,000		46,181
5.10%, 9/15/2023		115,000		115,000
5.50%, 1/15/2023 (c)		330,000		345,675
6.15%, 2/15/2018		54,000		56,295
9.25%, 1/15/2019		674,000		746,455

See accompanying notes to financial statements.

85

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Noble Energy, Inc.:
3.90%, 11/15/2024	$	50,000	$	50,419
4.15%, 12/15/2021		590,000		616,402
5.63%, 5/1/2021		104,000		107,662
8.25%, 3/1/2019		790,000		886,159
Occidental Petroleum Corp.:
1.50%, 2/15/2018		256,000		256,169
2.60%, 4/15/2022		500,000		498,015
2.70%, 2/15/2023		252,000		249,089
3.13%, 2/15/2022		230,000		234,855
3.40%, 4/15/2026		750,000		755,468
3.50%, 6/15/2025		150,000		152,197
Series 1, 4.10%, 2/1/2021		965,000		1,022,118
Petro-Canada 6.05%, 5/15/2018		390,000		411,540
Phillips 66 4.30%, 4/1/2022		1,050,000		1,127,448
Pioneer Natural Resources Co.:
3.45%, 1/15/2021		350,000		357,679
3.95%, 7/15/2022		274,000		284,352
6.88%, 5/1/2018		200,000		212,440
7.50%, 1/15/2020		300,000		340,956
Sasol Financing International, Ltd. 4.50%, 11/14/2022		165,000		164,485
Shell International Finance B.V.:
1.38%, 5/10/2019		883,000		873,667
1.38%, 9/12/2019		500,000		492,960
1.63%, 11/10/2018		700,000		699,923
1.75%, 9/12/2021		600,000		581,244
1.88%, 5/10/2021		625,000		610,569
1.90%, 8/10/2018		710,000		714,189
2.00%, 11/15/2018		605,000		608,805
2.13%, 5/11/2020		1,087,000		1,084,391
2.25%, 11/10/2020		798,000		795,805
2.25%, 1/6/2023		225,000		217,287
2.38%, 8/21/2022		592,000		579,118
2.50%, 9/12/2026		500,000		468,360
2.88%, 5/10/2026		650,000		628,674
3.25%, 5/11/2025		1,359,000		1,359,530
3.40%, 8/12/2023		600,000		614,994
4.30%, 9/22/2019		1,176,000		1,246,960
4.38%, 3/25/2020		600,000		639,972
Suncor Energy, Inc.:
3.60%, 12/1/2024 (a)		600,000		613,038
6.10%, 6/1/2018		590,000		624,025
Total Capital Canada, Ltd. 2.75%, 7/15/2023		313,000		309,654
Total Capital International SA:
2.10%, 6/19/2019		500,000		502,325
2.13%, 1/10/2019		876,000		881,002
2.70%, 1/25/2023		271,000		268,352
2.75%, 6/19/2021		350,000		353,948
2.88%, 2/17/2022		645,000		650,199
3.70%, 1/15/2024		656,000		684,306
3.75%, 4/10/2024		314,000		329,116
Total Capital SA:
2.13%, 8/10/2018		566,000		570,313
4.13%, 1/28/2021		255,000		271,335
4.25%, 12/15/2021		100,000		107,661
4.45%, 6/24/2020		750,000		806,205
Valero Energy Corp.:
3.40%, 9/15/2026		575,000		550,850
3.65%, 3/15/2025		400,000		396,812
6.13%, 2/1/2020		666,000		735,897
9.38%, 3/15/2019		225,000		258,894
XTO Energy, Inc.:
5.50%, 6/15/2018		350,000		369,726
6.50%, 12/15/2018		250,000		273,188
				89,714,034
OIL & GAS SERVICES — 0.3%
Baker Hughes, Inc.:
3.20%, 8/15/2021		329,000		335,784
7.50%, 11/15/2018		373,000		410,624
FMC Technologies, Inc. 3.45%, 10/1/2022		248,000		246,663
Halliburton Co.:
2.00%, 8/1/2018		100,000		100,184
3.25%, 11/15/2021		427,000		434,895
3.50%, 8/1/2023		572,000		581,061
3.80%, 11/15/2025 (a)		1,008,000		1,026,033
5.90%, 9/15/2018		500,000		532,145
6.15%, 9/15/2019		225,000		247,437
National Oilwell Varco, Inc. 2.60%, 12/1/2022		1,108,000		1,026,540
Oceaneering International, Inc. 4.65%, 11/15/2024		400,000		393,108
Schlumberger Investment SA 3.65%, 12/1/2023		401,000		419,346
				5,753,820
PACKAGING & CONTAINERS — 0.1%
Bemis Co., Inc.:
3.10%, 9/15/2026		350,000		334,600
4.50%, 10/15/2021		400,000		423,796
Packaging Corp. of America:
3.65%, 9/15/2024		600,000		601,500
4.50%, 11/1/2023		58,000		61,369
Sonoco Products Co. 4.38%, 11/1/2021		15,000		15,675
WestRock RKT Co.:
3.50%, 3/1/2020		55,000		55,900
4.00%, 3/1/2023		280,000		288,952
4.90%, 3/1/2022		500,000		542,080
				2,323,872
PHARMACEUTICALS — 5.3%
Abbott Laboratories:
2.00%, 3/15/2020		202,000		199,713
2.55%, 3/15/2022		250,000		244,110
2.95%, 3/15/2025		447,000		430,443
4.13%, 5/27/2020		400,000		419,920
5.13%, 4/1/2019		230,000		244,833
AbbVie, Inc.:
1.80%, 5/14/2018		1,809,000		1,809,922
2.00%, 11/6/2018 (a)		527,000		527,343
2.30%, 5/14/2021		1,050,000		1,028,496
2.50%, 5/14/2020		2,005,000		2,007,687
2.85%, 5/14/2023		557,000		541,086
2.90%, 11/6/2022		1,616,000		1,591,243

See accompanying notes to financial statements.

86

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3.20%, 11/6/2022	$	422,000	$	421,966
3.20%, 5/14/2026		920,000		875,086
3.60%, 5/14/2025		1,507,000		1,490,694
Actavis Funding SCS:
2.35%, 3/12/2018		2,406,000		2,419,738
2.45%, 6/15/2019		200,000		201,100
3.00%, 3/12/2020		1,751,000		1,774,463
3.45%, 3/15/2022		1,570,000		1,588,385
3.80%, 3/15/2025		1,605,000		1,605,417
3.85%, 6/15/2024		620,000		626,095
Actavis, Inc. 3.25%, 10/1/2022		901,000		896,540
Allergan, Inc.: 1.35%, 3/15/2018		35,000		34,777
2.80%, 3/15/2023		405,000		388,622
3.38%, 9/15/2020		100,000		102,719
AmerisourceBergen Corp.:
3.25%, 3/1/2025		188,000		186,223
3.40%, 5/15/2024		150,000		151,154
3.50%, 11/15/2021 (a)		170,000		174,621
4.88%, 11/15/2019		250,000		267,958
AstraZeneca PLC:
1.75%, 11/16/2018		1,281,000		1,281,999
1.95%, 9/18/2019		525,000		524,359
2.38%, 11/16/2020		681,000		678,480
3.38%, 11/16/2025		620,000		616,323
Baxalta, Inc.:
2.00%, 6/22/2018		85,000		84,931
2.88%, 6/23/2020		610,000		609,335
3.60%, 6/23/2022		200,000		201,202
4.00%, 6/23/2025		770,000		771,971
Bristol-Myers Squibb Co.:
1.75%, 3/1/2019		200,000		199,738
2.00%, 8/1/2022		286,000		277,148
3.25%, 11/1/2023		435,000		448,163
7.15%, 6/15/2023		186,000		229,983
Cardinal Health, Inc.:
1.70%, 3/15/2018		100,000		99,879
1.95%, 6/15/2018		253,000		253,539
2.40%, 11/15/2019		115,000		115,596
3.20%, 3/15/2023		165,000		166,584
3.50%, 11/15/2024		100,000		101,063
4.63%, 12/15/2020		70,000		74,929
Eli Lilly & Co.:
1.25%, 3/1/2018		721,000		719,248
1.95%, 3/15/2019		424,000		425,895
2.75%, 6/1/2025		200,000		196,576
Express Scripts Holding Co.:
2.25%, 6/15/2019		600,000		600,156
3.00%, 7/15/2023		600,000		579,144
3.30%, 2/25/2021 (a)		155,000		157,919
3.50%, 6/15/2024		170,000		167,810
3.90%, 2/15/2022		842,000		872,144
4.50%, 2/25/2026		610,000		628,324
4.75%, 11/15/2021		740,000		794,945
7.25%, 6/15/2019		60,000		66,777
GlaxoSmithKline Capital PLC 2.85%, 5/8/2022		1,056,000		1,062,864
GlaxoSmithKline Capital, Inc.:
2.80%, 3/18/2023 (a)		662,000		661,755
5.65%, 5/15/2018		1,542,000		1,624,466
Johnson & Johnson:
1.13%, 3/1/2019		633,000		627,607
1.65%, 12/5/2018		144,000		144,667
1.65%, 3/1/2021		600,000		589,560
1.88%, 12/5/2019		100,000		100,333
2.05%, 3/1/2023		350,000		339,434
2.45%, 12/5/2021		15,000		15,185
2.45%, 3/1/2026		925,000		885,641
2.95%, 9/1/2020		330,000		340,012
3.38%, 12/5/2023		400,000		417,640
3.55%, 5/15/2021		100,000		105,630
5.15%, 7/15/2018		678,000		716,198
McKesson Corp.:
1.40%, 3/15/2018		270,000		268,701
2.28%, 3/15/2019		713,000		715,724
2.70%, 12/15/2022		100,000		97,570
2.85%, 3/15/2023		100,000		97,546
3.80%, 3/15/2024		455,000		468,400
4.75%, 3/1/2021		415,000		444,282
7.50%, 2/15/2019		415,000		459,505
Mead Johnson Nutrition Co.:
3.00%, 11/15/2020		380,000		383,485
4.13%, 11/15/2025 (a)		245,000		250,780
4.90%, 11/1/2019		179,000		191,761
Medco Health Solutions, Inc.:
4.13%, 9/15/2020		161,000		168,255
7.13%, 3/15/2018		1,002,000		1,060,928
Merck & Co., Inc.:
1.10%, 1/31/2018		580,000		579,043
1.30%, 5/18/2018		666,000		665,241
1.85%, 2/10/2020		750,000		750,135
2.35%, 2/10/2022		425,000		421,031
2.40%, 9/15/2022		257,000		253,633
2.75%, 2/10/2025		752,000		739,359
2.80%, 5/18/2023		1,500,000		1,498,245
3.88%, 1/15/2021		715,000		758,136
Merck Sharp & Dohme Corp. 5.00%, 6/30/2019		510,000		549,790
Mylan NV:
2.50%, 6/7/2019 (c)		802,000		797,709
3.00%, 12/15/2018 (c)		220,000		221,685
3.15%, 6/15/2021 (c)		745,000		731,881
3.75%, 12/15/2020 (c)		400,000		403,348
3.95%, 6/15/2026 (a) (c)		1,841,000		1,724,152
Mylan, Inc.:
2.55%, 3/28/2019		200,000		199,570
2.60%, 6/24/2018		425,000		425,846
4.20%, 11/29/2023 (a)		401,000		398,566
Novartis Capital Corp.:
2.40%, 9/21/2022		708,000		698,279
3.00%, 11/20/2025		656,000		651,749
3.40%, 5/6/2024		767,000		790,455
4.40%, 4/24/2020		481,000		514,819
Novartis Securities Investment, Ltd. 5.13%, 2/10/2019		2,200,000		2,350,898

See accompanying notes to financial statements.

87

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Owens & Minor, Inc. 3.88%, 9/15/2021	$	50,000	$	49,892
Perrigo Co. PLC 4.00%, 11/15/2023 (a)		622,000		618,137
Perrigo Finance PLC:
3.50%, 12/15/2021		200,000		201,432
3.90%, 12/15/2024		1,100,000		1,075,294
Perrigo Finance Unlimited Co.:
3.50%, 3/15/2021		350,000		353,027
4.38%, 3/15/2026		400,000		399,524
Pfizer, Inc.:
1.20%, 6/1/2018		500,000		498,535
1.45%, 6/3/2019		550,000		546,161
1.50%, 6/15/2018		338,000		338,352
1.70%, 12/15/2019		1,475,000		1,471,711
1.95%, 6/3/2021		500,000		494,380
2.10%, 5/15/2019		700,000		706,398
2.20%, 12/15/2021		550,000		546,815
2.75%, 6/3/2026		600,000		582,768
3.00%, 6/15/2023		545,000		552,494
3.00%, 12/15/2026		800,000		790,448
3.40%, 5/15/2024		495,000		511,429
Pharmacia Corp. 6.50%, 12/1/2018		300,000		327,294
Sanofi:
1.25%, 4/10/2018		629,000		627,648
4.00%, 3/29/2021		1,029,000		1,092,839
Shire Acquisitions Investments Ireland DAC:
1.90%, 9/23/2019		1,600,000		1,579,056
2.40%, 9/23/2021		1,550,000		1,494,708
2.88%, 9/23/2023		1,240,000		1,176,921
3.20%, 9/23/2026		1,500,000		1,401,525
Teva Pharmaceutical Finance Co. B.V.:
2.95%, 12/18/2022		285,000		274,717
Series 2, 3.65%, 11/10/2021		825,000		834,751
Teva Pharmaceutical Finance IV B.V. 3.65%, 11/10/2021		200,000		202,266
Teva Pharmaceutical Finance IV LLC 2.25%, 3/18/2020		200,000		196,712
Teva Pharmaceutical Finance Netherlands III B.V.:
1.40%, 7/20/2018		1,500,000		1,485,780
1.70%, 7/19/2019		980,000		963,409
2.20%, 7/21/2021		1,875,000		1,791,544
2.80%, 7/21/2023		1,280,000		1,204,762
3.15%, 10/1/2026 (a)		910,000		839,721
Wyeth LLC:
6.45%, 2/1/2024		340,000		413,236
7.25%, 3/1/2023		100,000		123,879
Zoetis, Inc.:
1.88%, 2/1/2018		210,000		209,899
3.25%, 2/1/2023		827,000		822,344
3.45%, 11/13/2020		195,000		200,366
4.50%, 11/13/2025		300,000		318,105
				89,874,292
PIPELINES — 3.1%
ANR Pipeline Co. 9.63%, 11/1/2021		250,000		323,283
Boardwalk Pipelines L.P.:
4.95%, 12/15/2024		300,000		306,993
5.75%, 9/15/2019		150,000		161,508
5.95%, 6/1/2026		925,000		1,007,066
Buckeye Partners L.P.:
2.65%, 11/15/2018		150,000		151,041
4.15%, 7/1/2023		505,000		510,515
4.35%, 10/15/2024		40,000		40,760
4.88%, 2/1/2021		490,000		519,875
6.05%, 1/15/2018		15,000		15,607
Columbia Pipeline Group, Inc.:
2.45%, 6/1/2018		450,000		450,585
3.30%, 6/1/2020		370,000		374,947
4.50%, 6/1/2025		375,000		393,885
El Paso Natural Gas Co. LLC 8.63%, 1/15/2022		250,000		306,685
Enable Midstream Partners L.P.:
2.40%, 5/15/2019		10,000		9,800
3.90%, 5/15/2024		315,000		296,100
Enbridge Energy Partners L.P.:
4.20%, 9/15/2021		83,000		86,428
4.38%, 10/15/2020		75,000		78,046
5.20%, 3/15/2020		502,000		535,744
9.88%, 3/1/2019		400,000		458,280
Series B, 6.50%, 4/15/2018		15,000		15,799
Enbridge, Inc.:
3.50%, 6/10/2024		200,000		194,818
4.00%, 10/1/2023		245,000		248,322
4.25%, 12/1/2026		650,000		665,164
Energy Transfer Partners L.P.:
2.50%, 6/15/2018		457,000		458,974
3.60%, 2/1/2023		565,000		555,316
4.05%, 3/15/2025		200,000		197,524
4.15%, 10/1/2020		500,000		517,325
4.65%, 6/1/2021 (a)		378,000		397,463
4.75%, 1/15/2026		1,055,000		1,087,230
5.20%, 2/1/2022		613,000		656,217
6.70%, 7/1/2018		429,000		456,224
9.00%, 4/15/2019		100,000		113,263
9.70%, 3/15/2019		102,000		116,605
EnLink Midstream Partners L.P.:
2.70%, 4/1/2019		200,000		199,750
4.15%, 6/1/2025		200,000		193,000
4.40%, 4/1/2024		300,000		297,750
4.85%, 7/15/2026		210,000		211,312
Enterprise Products Operating LLC:
1.65%, 5/7/2018		329,000		328,214
2.55%, 10/15/2019		950,000		958,730
2.85%, 4/15/2021		490,000		493,636
3.35%, 3/15/2023		758,000		766,619
3.70%, 2/15/2026		435,000		437,092
3.75%, 2/15/2025		679,000		688,791
3.90%, 2/15/2024		120,000		123,644
4.05%, 2/15/2022		150,000		158,292
5.20%, 9/1/2020		350,000		382,042
5.25%, 1/31/2020		111,000		120,167
6.65%, 4/15/2018		70,000		74,197
Series B, 3 Month USD LIBOR + 2.68%, 7.03%, 1/15/2068 (d)		300,000		310,149
Series N, 6.50%, 1/31/2019		375,000		407,865

See accompanying notes to financial statements.

88

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
EQT Midstream Partners L.P.:
4.00%, 8/1/2024	$	230,000	$	224,537
4.13%, 12/1/2026		165,000		160,050
Kinder Morgan Energy Partners L.P.:
2.65%, 2/1/2019		175,000		175,544
3.45%, 2/15/2023		250,000		247,442
3.50%, 3/1/2021		450,000		455,962
3.50%, 9/1/2023		200,000		196,600
3.95%, 9/1/2022		1,264,000		1,291,985
4.15%, 3/1/2022		150,000		154,245
4.15%, 2/1/2024		16,000		16,254
4.25%, 9/1/2024		550,000		562,254
4.30%, 5/1/2024		200,000		204,902
5.00%, 10/1/2021		200,000		213,368
5.30%, 9/15/2020		350,000		374,773
5.95%, 2/15/2018		502,000		523,521
6.50%, 4/1/2020		261,000		287,802
6.85%, 2/15/2020		219,000		244,257
9.00%, 2/1/2019		150,000		168,694
Kinder Morgan, Inc.:
3.05%, 12/1/2019		1,069,000		1,081,133
4.30%, 6/1/2025 (a)		795,000		818,333
6.50%, 9/15/2020		50,000		55,706
7.25%, 6/1/2018		100,000		106,851
Magellan Midstream Partners L.P.:
3.20%, 3/15/2025		330,000		319,232
4.25%, 2/1/2021		103,000		108,932
5.00%, 3/1/2026		400,000		438,420
6.55%, 7/15/2019		165,000		182,624
MPLX L.P.:
4.00%, 2/15/2025		75,000		72,782
4.50%, 7/15/2023		260,000		264,662
4.88%, 12/1/2024		500,000		514,605
4.88%, 6/1/2025		500,000		513,890
5.50%, 2/15/2023		906,000		942,421
ONEOK Partners L.P.:
3.20%, 9/15/2018		415,000		423,628
3.38%, 10/1/2022		707,000		708,994
3.80%, 3/15/2020		50,000		51,802
4.90%, 3/15/2025 (a)		50,000		53,596
8.63%, 3/1/2019		350,000		394,082
Panhandle Eastern Pipe Line Co. L.P. 7.00%, 6/15/2018		300,000		316,848
Phillips 66 Partners L.P.:
2.65%, 2/15/2020		75,000		74,701
3.55%, 10/1/2026		575,000		556,537
3.61%, 2/15/2025		75,000		73,651
Plains All American Pipeline L.P./PAA Finance Corp.:
2.60%, 12/15/2019		125,000		125,204
2.85%, 1/31/2023		100,000		94,587
3.60%, 11/1/2024		538,000		517,674
3.65%, 6/1/2022		480,000		483,038
3.85%, 10/15/2023		174,000		172,900
4.50%, 12/15/2026		825,000		833,927
4.65%, 10/15/2025		325,000		334,029
5.00%, 2/1/2021		102,000		109,373
5.75%, 1/15/2020		270,000		292,804
6.50%, 5/1/2018		84,000		88,889
8.75%, 5/1/2019		300,000		340,710
Questar Pipeline LLC 5.83%, 2/1/2018		10,000		10,368
Regency Energy Partners L.P./Regency Energy Finance Corp.:
4.50%, 11/1/2023		425,000		431,392
5.00%, 10/1/2022		414,000		438,993
5.50%, 4/15/2023		51,000		52,719
5.88%, 3/1/2022		890,000		977,852
6.50%, 7/15/2021		29,000		29,938
Southern Natural Gas Co. LLC / Southern Natural Issuing Corp. 4.40%, 6/15/2021		450,000		475,231
Spectra Energy Capital LLC:
3.30%, 3/15/2023		249,000		240,835
6.20%, 4/15/2018		242,000		253,551
8.00%, 10/1/2019		450,000		508,581
Spectra Energy Partners L.P.:
2.95%, 9/25/2018		159,000		161,611
3.38%, 10/15/2026		480,000		457,843
3.50%, 3/15/2025		300,000		292,551
4.75%, 3/15/2024		510,000		542,931
Sunoco Logistics Partners Operations L.P.:
3.45%, 1/15/2023		310,000		303,016
3.90%, 7/15/2026		750,000		726,533
4.25%, 4/1/2024		50,000		50,413
4.40%, 4/1/2021		150,000		157,811
5.95%, 12/1/2025		530,000		591,570
TC PipeLines L.P. 4.38%, 3/13/2025		350,000		353,598
TransCanada PipeLines, Ltd.:
1.88%, 1/12/2018		226,000		226,319
2.50%, 8/1/2022		572,000		559,519
3.13%, 1/15/2019		126,000		128,659
3.75%, 10/16/2023		450,000		464,949
3.80%, 10/1/2020		197,000		205,120
4.88%, 1/15/2026		330,000		366,554
6.50%, 8/15/2018		560,000		599,334
7.13%, 1/15/2019		250,000		274,165
Transcontinental Gas Pipe Line Co. LLC 7.85%, 2/1/2026 (c)		550,000		693,055
Valero Energy Partners L.P. 4.38%, 12/15/2026		425,000		431,328
Western Gas Partners L.P.:
2.60%, 8/15/2018		300,000		300,750
3.95%, 6/1/2025		25,000		24,406
4.00%, 7/1/2022		256,000		259,520
4.65%, 7/1/2026		350,000		361,813
5.38%, 6/1/2021		409,000		437,630
Williams Partners L.P.:
3.35%, 8/15/2022		220,000		215,431
3.60%, 3/15/2022		750,000		751,575
3.90%, 1/15/2025		425,000		416,653
4.00%, 11/15/2021		355,000		364,088
4.00%, 9/15/2025		605,000		596,796
4.13%, 11/15/2020		150,000		155,246
4.30%, 3/4/2024		1,077,000		1,086,801
4.50%, 11/15/2023		575,000		590,065
5.25%, 3/15/2020		550,000		588,792

See accompanying notes to financial statements.

89

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Williams Partners L.P. / ACMP Finance Corp. 6.13%, 7/15/2022	$	519,000	$	535,871
Williams Partners L.P./ACMP Finance Corp.:
4.88%, 5/15/2023		341,000		347,370
4.88%, 3/15/2024		308,000		310,880
				53,177,423
REAL ESTATE — 0.2%
American Campus Communities Operating Partnership L.P.:
3.35%, 10/1/2020		350,000		355,401
4.13%, 7/1/2024		100,000		101,943
Brookfield Asset Management, Inc. 4.00%, 1/15/2025		505,000		492,900
CBRE Services, Inc.:
4.88%, 3/1/2026		152,000		152,737
5.00%, 3/15/2023		466,000		482,451
Jones Lang LaSalle, Inc. 4.40%, 11/15/2022		100,000		102,989
Omega Healthcare Investors, Inc. 5.25%, 1/15/2026		371,000		380,965
Prologis L.P.:
3.35%, 2/1/2021		250,000		256,970
3.75%, 11/1/2025		335,000		342,862
4.25%, 8/15/2023		444,000		470,600
				3,139,818
REAL ESTATE INVESTMENT TRUSTS — 3.9%
Alexandria Real Estate Equities, Inc.:
3.90%, 6/15/2023		594,000		600,486
4.30%, 1/15/2026		94,000		96,213
4.60%, 4/1/2022		404,000		425,493
American Tower Corp.:
2.25%, 1/15/2022		1,250,000		1,193,243
2.80%, 6/1/2020		400,000		400,244
3.30%, 2/15/2021		450,000		455,026
3.38%, 10/15/2026		90,000		85,070
3.40%, 2/15/2019		620,000		633,280
3.45%, 9/15/2021		124,000		125,414
3.50%, 1/31/2023		363,000		363,780
4.00%, 6/1/2025		485,000		487,022
4.40%, 2/15/2026		43,000		44,039
4.50%, 1/15/2018		592,000		607,504
4.70%, 3/15/2022		75,000		79,898
5.00%, 2/15/2024		506,000		544,168
5.05%, 9/1/2020		380,000		406,976
5.90%, 11/1/2021		450,000		503,766
AvalonBay Communities, Inc.:
2.90%, 10/15/2026 (a)		650,000		615,465
2.95%, 5/11/2026 (a)		360,000		343,876
Series GMTN, 2.85%, 3/15/2023		30,000		29,421
Series GMTN, 2.95%, 9/15/2022		200,000		198,902
Series GMTN, 3.45%, 6/1/2025		100,000		99,639
Series GMTN, 3.50%, 11/15/2024		50,000		50,222
Series GMTN, 3.50%, 11/15/2025		200,000		200,212
Series GMTN, 3.63%, 10/1/2020		165,000		170,991
Series GMTN, 4.20%, 12/15/2023		200,000		211,116
Series GMTN, 6.10%, 3/15/2020		100,000		111,013
Boston Properties L.P.:
2.75%, 10/1/2026		50,000		45,689
3.13%, 9/1/2023		360,000		352,847
3.65%, 2/1/2026		538,000		532,830
3.70%, 11/15/2018		685,000		705,488
3.80%, 2/1/2024		13,000		13,188
3.85%, 2/1/2023		1,076,000		1,103,384
4.13%, 5/15/2021		262,000		274,830
5.63%, 11/15/2020		230,000		252,763
5.88%, 10/15/2019		446,000		485,881
Brandywine Operating Partnership L.P.:
3.95%, 2/15/2023		100,000		99,155
4.95%, 4/15/2018		200,000		206,668
Brixmor Operating Partnership L.P.:
3.25%, 9/15/2023		550,000		532,147
3.85%, 2/1/2025		70,000		68,711
3.88%, 8/15/2022		158,000		160,667
4.13%, 6/15/2026		389,000		387,518
Camden Property Trust:
2.95%, 12/15/2022		300,000		292,878
3.50%, 9/15/2024		50,000		49,313
4.63%, 6/15/2021		50,000		53,186
CBL & Associates L.P.:
5.25%, 12/1/2023		763,000		750,685
5.95%, 12/15/2026		770,000		778,231
Columbia Property Trust Operating Partnership L.P.:
3.65%, 8/15/2026		900,000		853,659
4.15%, 4/1/2025		50,000		49,428
Corporate Office Properties L.P.:
3.60%, 5/15/2023		100,000		95,213
3.70%, 6/15/2021		150,000		151,804
5.00%, 7/1/2025		200,000		203,102
5.25%, 2/15/2024		300,000		315,774
Crown Castle International Corp.:
2.25%, 9/1/2021		625,000		600,812
3.40%, 2/15/2021		505,000		511,292
3.70%, 6/15/2026		325,000		318,354
4.45%, 2/15/2026		500,000		516,905
4.88%, 4/15/2022		325,000		347,727
5.25%, 1/15/2023		669,000		725,811
CubeSmart L.P.:
3.13%, 9/1/2026		350,000		327,768
4.00%, 11/15/2025		150,000		151,908
4.38%, 12/15/2023		100,000		104,523
DDR Corp.:
3.38%, 5/15/2023		300,000		290,739
3.50%, 1/15/2021		100,000		101,198
3.63%, 2/1/2025		165,000		158,583
4.25%, 2/1/2026		64,000		63,796
4.63%, 7/15/2022		245,000		258,872
7.88%, 9/1/2020		150,000		174,465
Digital Realty Trust L.P.:
3.40%, 10/1/2020		150,000		152,250
3.63%, 10/1/2022		288,000		290,036
3.95%, 7/1/2022		100,000		102,488
5.25%, 3/15/2021		475,000		514,453
5.88%, 2/1/2020		54,000		58,564

See accompanying notes to financial statements.

90

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Duke Realty L.P.:
3.25%, 6/30/2026	$	300,000	$	287,613
3.88%, 2/15/2021		250,000		259,810
3.88%, 10/15/2022		300,000		311,109
4.38%, 6/15/2022		250,000		265,475
EPR Properties:
4.50%, 4/1/2025		100,000		97,730
4.75%, 12/15/2026		750,000		744,217
5.75%, 8/15/2022		300,000		323,703
ERP Operating L.P.:
2.38%, 7/1/2019		398,000		400,571
2.85%, 11/1/2026		695,000		652,890
3.00%, 4/15/2023		244,000		239,623
3.38%, 6/1/2025		111,000		110,250
4.63%, 12/15/2021		92,000		99,612
4.75%, 7/15/2020		97,000		103,639
Essex Portfolio L.P.:
3.38%, 1/15/2023		85,000		84,956
3.38%, 4/15/2026		350,000		338,079
3.50%, 4/1/2025		100,000		98,313
3.88%, 5/1/2024		475,000		482,306
Federal Realty Investment Trust:
2.55%, 1/15/2021		183,000		182,733
3.00%, 8/1/2022		100,000		99,719
Government Properties Income Trust 3.75%, 8/15/2019		800,000		805,888
HCP, Inc.:
3.15%, 8/1/2022		375,000		369,874
3.40%, 2/1/2025		407,000		389,023
3.75%, 2/1/2019		350,000		359,359
3.88%, 8/15/2024		399,000		397,747
4.00%, 12/1/2022		650,000		668,635
4.00%, 6/1/2025		250,000		248,325
4.25%, 11/15/2023		180,000		184,444
5.38%, 2/1/2021		667,000		726,410
Healthcare Realty Trust, Inc. 3.88%, 5/1/2025		100,000		98,187
Healthcare Trust of America Holdings L.P.:
3.38%, 7/15/2021		100,000		100,354
3.50%, 8/1/2026		310,000		294,757
Highwoods Realty L.P.:
3.20%, 6/15/2021		300,000		300,534
3.63%, 1/15/2023		150,000		146,973
Hospitality Properties Trust:
4.25%, 2/15/2021		150,000		154,977
4.50%, 3/15/2025		250,000		243,358
4.65%, 3/15/2024		190,000		188,467
5.00%, 8/15/2022		278,000		292,653
5.25%, 2/15/2026		475,000		481,023
6.70%, 1/15/2018		300,000		307,356
Host Hotels & Resorts L.P.:
Series C, 4.75%, 3/1/2023.		400,000		415,352
Series D, 3.75%, 10/15/2023		245,000		239,845
Series E, 4.00%, 6/15/2025		565,000		555,271
Series F, 4.50%, 2/1/2026		39,000		39,372
Kilroy Realty L.P.:
4.38%, 10/1/2025		100,000		102,255
Series MTN, 4.80%, 7/15/2018		265,000		274,108
Kimco Realty Corp.:
2.70%, 3/1/2024		600,000		574,404
2.80%, 10/1/2026		350,000		325,262
3.13%, 6/1/2023		300,000		296,313
3.20%, 5/1/2021		88,000		89,041
3.40%, 11/1/2022		150,000		151,901
6.88%, 10/1/2019		100,000		111,941
Kite Realty Group L.P. 4.00%, 10/1/2026		150,000		143,018
Liberty Property L.P.:
3.25%, 10/1/2026		300,000		285,228
4.13%, 6/15/2022		125,000		129,569
4.40%, 2/15/2024		200,000		209,266
4.75%, 10/1/2020		500,000		528,115
Lifestorage L.P. 3.50%, 7/1/2026		275,000		262,124
Mack-Cali Realty L.P.:
3.15%, 5/15/2023		100,000		90,644
4.50%, 4/18/2022		100,000		99,968
Mid-America Apartments L.P.:
4.00%, 11/15/2025		300,000		303,177
4.30%, 10/15/2023		125,000		129,648
National Retail Properties, Inc.:
3.60%, 12/15/2026		1,000,000		987,730
3.80%, 10/15/2022		100,000		102,913
3.90%, 6/15/2024		150,000		153,081
4.00%, 11/15/2025		330,000		335,412
Omega Healthcare Investors, Inc.:
4.38%, 8/1/2023		1,235,000		1,217,783
4.95%, 4/1/2024		200,000		201,328
5.88%, 3/15/2024		200,000		204,240
Piedmont Operating Partnership L.P. 4.45%, 3/15/2024		750,000		738,982
Rayonier, Inc. 3.75%, 4/1/2022		100,000		99,335
Realty Income Corp.:
2.00%, 1/31/2018		450,000		451,057
3.25%, 10/15/2022		150,000		150,542
3.88%, 7/15/2024		450,000		457,034
4.13%, 10/15/2026		10,000		10,280
4.65%, 8/1/2023		44,000		47,008
6.75%, 8/15/2019		400,000		446,804
Regency Centers L.P. 3.75%, 6/15/2024		21,000		21,302
Retail Opportunity Investments Partnership L.P.:
4.00%, 12/15/2024		250,000		238,475
5.00%, 12/15/2023		490,000		500,055
Retail Properties of America, Inc. 4.00%, 3/15/2025		50,000		47,709
Select Income REIT:
2.85%, 2/1/2018		430,000		430,899
3.60%, 2/1/2020		300,000		299,121
4.50%, 2/1/2025		650,000		623,435
Senior Housing Properties Trust:
3.25%, 5/1/2019		375,000		375,536
4.75%, 5/1/2024		150,000		150,601
Simon Property Group L.P.:
2.20%, 2/1/2019		66,000		66,515

See accompanying notes to financial statements.

91

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.35%, 1/30/2022	$	500,000	$	492,590
2.50%, 9/1/2020		150,000		150,386
2.50%, 7/15/2021		240,000		240,000
2.75%, 2/1/2023		175,000		172,051
3.25%, 11/30/2026		350,000		343,623
3.30%, 1/15/2026		278,000		276,057
3.38%, 3/15/2022		468,000		482,676
3.38%, 10/1/2024		516,000		521,155
3.50%, 9/1/2025		230,000		232,659
3.75%, 2/1/2024		436,000		450,767
4.13%, 12/1/2021		425,000		452,323
4.38%, 3/1/2021		158,000		168,799
5.65%, 2/1/2020		1,742,000		1,902,229
SL Green Realty Corp. 5.00%, 8/15/2018		100,000		103,565
Tanger Properties L.P.:
3.13%, 9/1/2026		425,000		398,943
3.75%, 12/1/2024		50,000		49,883
3.88%, 12/1/2023		150,000		151,983
6.13%, 6/1/2020		300,000		330,357
UDR, Inc.:
Series 0001, 4.63%, 1/10/2022		50,000		53,400
Series MTN, 2.95%, 9/1/2026		410,000		382,682
Series MTN, 3.75%, 7/1/2024		25,000		25,208
Series MTN, 4.00%, 10/1/2025		150,000		153,489
Series MTN, 4.25%, 6/1/2018		265,000		273,504
Ventas Realty L.P.:
3.13%, 6/15/2023		400,000		391,760
3.25%, 10/15/2026 (a)		400,000		379,740
3.50%, 2/1/2025		295,000		290,068
4.13%, 1/15/2026		308,000		314,871
Ventas Realty L.P. / Ventas Capital Corp.:
2.70%, 4/1/2020		225,000		225,749
3.25%, 8/15/2022		10,000		10,088
4.00%, 4/30/2019		228,000		236,021
4.25%, 3/1/2022		443,000		467,826
4.75%, 6/1/2021		400,000		429,772
Ventas Realty L.P./Ventas Capital Corp. 2.00%, 2/15/2018		325,000		325,647
VEREIT Operating Partnership L.P.:
3.00%, 2/6/2019		375,000		374,062
4.13%, 6/1/2021		200,000		203,000
4.60%, 2/6/2024		250,000		251,094
4.88%, 6/1/2026		305,000		308,538
Vornado Realty L.P. 5.00%, 1/15/2022		450,000		484,479
Washington Real Estate Investment Trust 3.95%, 10/15/2022		100,000		99,541
Weingarten Realty Investors:
3.25%, 8/15/2026		300,000		282,462
3.38%, 10/15/2022		250,000		248,192
3.85%, 6/1/2025		50,000		49,568
Welltower, Inc.:
2.25%, 3/15/2018		250,000		250,995
4.00%, 6/1/2025		730,000		745,184
4.13%, 4/1/2019		150,000		155,408
4.50%, 1/15/2024		100,000		105,601
4.95%, 1/15/2021		350,000		376,229
5.25%, 1/15/2022		331,000		363,733
6.13%, 4/15/2020		150,000		165,894
Weyerhaeuser Co.:
4.63%, 9/15/2023		299,000		320,516
7.38%, 10/1/2019		600,000		673,602
WP Carey, Inc.:
4.00%, 2/1/2025		200,000		192,616
4.60%, 4/1/2024		300,000		303,873
				66,156,211
RETAIL — 3.2%
Advance Auto Parts, Inc.:
4.50%, 1/15/2022		100,000		104,276
5.75%, 5/1/2020		150,000		162,574
AutoNation, Inc.:
3.35%, 1/15/2021		50,000		50,152
4.50%, 10/1/2025		145,000		146,295
5.50%, 2/1/2020		300,000		321,801
6.75%, 4/15/2018		375,000		395,918
AutoZone, Inc.:
1.63%, 4/21/2019		55,000		54,458
2.50%, 4/15/2021		80,000		79,024
3.13%, 7/15/2023		100,000		98,893
3.13%, 4/21/2026		175,000		168,548
3.25%, 4/15/2025		235,000		230,258
3.70%, 4/15/2022		150,000		154,947
4.00%, 11/15/2020		452,000		472,977
7.13%, 8/1/2018		200,000		216,252
Bed Bath & Beyond, Inc. 3.75%, 8/1/2024 (a)		200,000		200,502
Best Buy Co., Inc.:
5.00%, 8/1/2018		330,000		344,674
5.50%, 3/15/2021		450,000		492,642
Coach, Inc. 4.25%, 4/1/2025 (a)		140,000		140,083
Costco Wholesale Corp.:
1.70%, 12/15/2019		706,000		704,934
1.75%, 2/15/2020		465,000		461,299
2.25%, 2/15/2022		170,000		168,458
CVS Health Corp.:
1.90%, 7/20/2018		1,275,000		1,279,233
2.13%, 6/1/2021		947,000		928,818
2.25%, 12/5/2018		882,000		889,471
2.25%, 8/12/2019 (a)		569,000		571,652
2.75%, 12/1/2022		451,000		443,734
2.80%, 7/20/2020		1,579,000		1,601,974
2.88%, 6/1/2026		950,000		904,733
3.38%, 8/12/2024		305,000		305,634
3.50%, 7/20/2022		732,000		751,252
3.88%, 7/20/2025		955,000		985,130
4.00%, 12/5/2023		605,000		632,600
4.13%, 5/15/2021		250,000		263,975
4.75%, 12/1/2022		100,000		108,422
Dollar General Corp.:
3.25%, 4/15/2023		490,000		484,713
4.15%, 11/1/2025		125,000		128,357
Home Depot, Inc.:
2.00%, 6/15/2019		401,000		404,300

See accompanying notes to financial statements.

92

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.00%, 4/1/2021	$	715,000	$	708,901
2.13%, 9/15/2026		475,000		439,028
2.25%, 9/10/2018		499,000		505,472
2.63%, 6/1/2022		980,000		983,371
2.70%, 4/1/2023		555,000		552,797
3.00%, 4/1/2026 (a)		685,000		682,534
3.35%, 9/15/2025		662,000		678,451
3.75%, 2/15/2024		687,000		723,672
3.95%, 9/15/2020		250,000		265,225
4.40%, 4/1/2021		360,000		389,480
Kohl’s Corp.:
4.00%, 11/1/2021		400,000		419,100
4.25%, 7/17/2025 (a)		250,000		251,310
4.75%, 12/15/2023		200,000		210,408
Lowe’s Cos., Inc.:
1.15%, 4/15/2019		300,000		296,241
2.50%, 4/15/2026		800,000		758,912
3.12%, 4/15/2022		473,000		483,657
3.13%, 9/15/2024		486,000		488,634
3.38%, 9/15/2025		545,000		555,644
3.88%, 9/15/2023		206,000		218,111
4.63%, 4/15/2020		136,000		145,574
Macy’s Retail Holdings, Inc.:
2.88%, 2/15/2023 (a)		305,000		290,134
3.45%, 1/15/2021		250,000		254,980
3.63%, 6/1/2024 (a)		387,000		379,229
3.88%, 1/15/2022 (a)		380,000		389,017
4.38%, 9/1/2023		90,000		92,251
6.65%, 7/15/2024		605,000		689,198
McDonald’s Corp.:
2.75%, 12/9/2020 (a)		556,000		563,328
Series MTN, 2.10%, 12/7/2018		401,000		403,306
Series MTN, 2.20%, 5/26/2020 (a)		250,000		250,002
Series MTN, 2.63%, 1/15/2022		797,000		793,198
Series MTN, 3.25%, 6/10/2024		186,000		189,112
Series MTN, 3.38%, 5/26/2025		425,000		424,889
Series MTN, 3.50%, 7/15/2020		55,000		57,174
Series MTN, 3.63%, 5/20/2021		50,000		52,019
Series MTN, 3.70%, 1/30/2026		1,067,000		1,085,320
Series MTN, 5.00%, 2/1/2019		325,000		344,890
Series MTN, 5.35%, 3/1/2018		499,000		520,043
Nordstrom, Inc.:
4.00%, 10/15/2021		150,000		156,955
4.75%, 5/1/2020		267,000		284,419
6.25%, 1/15/2018		345,000		360,242
O’Reilly Automotive, Inc.:
3.55%, 3/15/2026		500,000		496,895
3.80%, 9/1/2022		73,000		75,435
4.63%, 9/15/2021		100,000		106,838
4.88%, 1/14/2021		27,000		29,014
QVC, Inc.:
4.38%, 3/15/2023		955,000		941,869
4.45%, 2/15/2025		275,000		262,625
4.85%, 4/1/2024		300,000		295,125
5.13%, 7/2/2022		300,000		309,750
Ross Stores, Inc. 3.38%, 9/15/2024		100,000		100,251
Signet UK Finance PLC 4.70%, 6/15/2024		525,000		501,512
Staples, Inc.:
2.75%, 1/12/2018		28,000		28,156
4.38%, 1/12/2023		1,215,000		1,220,966
Starbucks Corp.:
2.00%, 12/5/2018		250,000		252,235
2.10%, 2/4/2021		567,000		564,397
2.45%, 6/15/2026		100,000		94,920
2.70%, 6/15/2022		165,000		165,784
3.85%, 10/1/2023		456,000		485,590
Target Corp.:
2.30%, 6/26/2019		635,000		643,966
2.50%, 4/15/2026 (a)		560,000		533,478
2.90%, 1/15/2022		530,000		539,895
3.50%, 7/1/2024		173,000		179,868
3.88%, 7/15/2020		413,000		437,065
6.00%, 1/15/2018		760,000		794,405
TJX Cos., Inc.:
2.25%, 9/15/2026		974,000		896,713
2.50%, 5/15/2023		125,000		122,247
2.75%, 6/15/2021		200,000		203,210
Wal-Mart Stores, Inc.:
1.13%, 4/11/2018		863,000		860,825
1.95%, 12/15/2018		204,000		205,795
2.55%, 4/11/2023		1,003,000		993,161
3.25%, 10/25/2020		1,034,000		1,076,559
3.30%, 4/22/2024 (a)		655,000		673,648
3.63%, 7/8/2020		401,000		422,105
4.13%, 2/1/2019		100,000		104,924
4.25%, 4/15/2021		230,000		248,770
5.80%, 2/15/2018		1,250,000		1,311,525
6.75%, 10/15/2023		100,000		123,542
Walgreen Co.:
3.10%, 9/15/2022		527,000		526,710
5.25%, 1/15/2019		64,000		67,656
Walgreens Boots Alliance, Inc.:
1.75%, 5/30/2018		535,000		535,492
2.60%, 6/1/2021		730,000		724,591
2.70%, 11/18/2019		686,000		694,657
3.10%, 6/1/2023 (a)		485,000		481,086
3.30%, 11/18/2021		1,145,000		1,166,354
3.45%, 6/1/2026		938,000		920,882
3.80%, 11/18/2024		793,000		805,252
				55,414,934
SAVINGS & LOANS — 0.0% (e)
People’s United Financial, Inc. 3.65%, 12/6/2022		195,000		195,874
SEMICONDUCTORS — 1.0%
Altera Corp.:
2.50%, 11/15/2018		120,000		122,176
4.10%, 11/15/2023		250,000		268,680
Analog Devices, Inc.:
2.50%, 12/5/2021		450,000		446,355
2.88%, 6/1/2023		300,000		293,322
3.13%, 12/5/2023		750,000		745,185
3.50%, 12/5/2026		600,000		596,076
3.90%, 12/15/2025		210,000		214,914
Applied Materials, Inc.:
2.63%, 10/1/2020		168,000		169,391

See accompanying notes to financial statements.

93

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3.90%, 10/1/2025	$	310,000	$	326,160
4.30%, 6/15/2021		251,000		269,351
Intel Corp.:
1.70%, 5/19/2021		100,000		97,611
2.45%, 7/29/2020		725,000		734,128
2.60%, 5/19/2026		500,000		483,160
2.70%, 12/15/2022		731,000		733,076
3.10%, 7/29/2022 (a)		368,000		377,910
3.30%, 10/1/2021		731,000		760,050
3.70%, 7/29/2025		1,094,000		1,150,407
KLA-Tencor Corp.:
3.38%, 11/1/2019		15,000		15,371
4.13%, 11/1/2021		496,000		516,410
4.65%, 11/1/2024		600,000		633,888
Lam Research Corp.:
2.75%, 3/15/2020		357,000		357,353
2.80%, 6/15/2021		350,000		347,578
3.80%, 3/15/2025		100,000		99,843
Maxim Integrated Products, Inc.:
2.50%, 11/15/2018		177,000		178,605
3.38%, 3/15/2023		325,000		317,658
NVIDIA Corp.:
2.20%, 9/16/2021		410,000		399,779
3.20%, 9/16/2026		350,000		336,294
QUALCOMM, Inc.:
1.40%, 5/18/2018		668,000		667,198
2.25%, 5/20/2020		780,000		779,922
3.00%, 5/20/2022		1,116,000		1,129,414
3.45%, 5/20/2025		1,147,000		1,167,199
Semiconductor Manufacturing International Corp. 4.13%, 10/7/2019 (c)		250,000		256,641
Texas Instruments, Inc.:
1.00%, 5/1/2018		35,000		34,788
1.65%, 8/3/2019		452,000		450,825
1.75%, 5/1/2020		350,000		346,525
1.85%, 5/15/2022		250,000		240,692
2.25%, 5/1/2023		465,000		447,567
Xilinx, Inc.:
2.13%, 3/15/2019		171,000		170,786
3.00%, 3/15/2021		230,000		232,305
				16,914,593
SOFTWARE — 2.5%
Activision Blizzard, Inc.:
2.30%, 9/15/2021 (c)		280,000		273,041
3.40%, 9/15/2026 (c)		425,000		403,185
Adobe Systems, Inc.:
3.25%, 2/1/2025		455,000		454,877
4.75%, 2/1/2020		250,000		268,300
Autodesk, Inc. 4.38%, 6/15/2025		450,000		461,952
Broadridge Financial Solutions, Inc.:
3.40%, 6/27/2026		480,000		461,112
3.95%, 9/1/2020		100,000		103,992
CA, Inc.:
2.88%, 8/15/2018		150,000		151,464
3.60%, 8/1/2020		100,000		102,338
4.50%, 8/15/2023		350,000		365,270
Dun & Bradstreet Corp.:
4.00%, 6/15/2020		100,000		102,093
4.38%, 12/1/2022		350,000		351,778
Electronic Arts, Inc.:
3.70%, 3/1/2021		450,000		465,165
4.80%, 3/1/2026		350,000		369,638
Fidelity National Information Services, Inc.:
2.00%, 4/15/2018		110,000		110,250
2.25%, 8/15/2021		320,000		310,021
2.85%, 10/15/2018		185,000		188,119
3.00%, 8/15/2026		800,000		751,968
3.50%, 4/15/2023		374,000		378,480
3.63%, 10/15/2020		740,000		765,345
3.88%, 6/5/2024		416,000		424,807
4.50%, 10/15/2022		140,000		149,094
5.00%, 3/15/2022		626,000		643,415
5.00%, 10/15/2025		904,000		984,564
Fiserv, Inc.:
2.70%, 6/1/2020		490,000		492,479
3.50%, 10/1/2022		250,000		254,975
3.85%, 6/1/2025		800,000		813,600
4.63%, 10/1/2020		150,000		160,122
4.75%, 6/15/2021		40,000		43,070
Microsoft Corp.:
1.00%, 5/1/2018		440,000		438,689
1.10%, 8/8/2019		2,040,000		2,012,644
1.30%, 11/3/2018		438,000		437,742
1.55%, 8/8/2021		1,985,000		1,922,036
1.63%, 12/6/2018		99,000		99,528
1.85%, 2/12/2020 (a)		877,000		875,606
2.00%, 11/3/2020		1,101,000		1,101,870
2.00%, 8/8/2023		1,425,000		1,361,815
2.13%, 11/15/2022		333,000		324,782
2.38%, 2/12/2022		623,000		620,614
2.38%, 5/1/2023		535,000		524,808
2.40%, 8/8/2026		1,168,000		1,102,323
2.65%, 11/3/2022		500,000		501,610
2.70%, 2/12/2025		1,106,000		1,083,548
3.00%, 10/1/2020		398,000		411,635
3.13%, 11/3/2025		1,137,000		1,149,007
3.63%, 12/15/2023		635,000		667,531
4.00%, 2/8/2021		385,000		412,624
4.20%, 6/1/2019		435,000		461,779
Oracle Corp.:
1.90%, 9/15/2021		3,065,000		2,993,310
2.25%, 10/8/2019		1,086,000		1,097,468
2.38%, 1/15/2019		621,000		629,886
2.40%, 9/15/2023		1,002,000		969,154
2.50%, 5/15/2022		1,355,000		1,343,090
2.50%, 10/15/2022		1,180,000		1,165,734
2.65%, 7/15/2026		1,410,000		1,337,371
2.80%, 7/8/2021		808,000		822,552
2.95%, 5/15/2025		1,202,000		1,176,926
3.40%, 7/8/2024		1,090,000		1,109,424
3.63%, 7/15/2023		438,000		457,837
3.88%, 7/15/2020		507,000		537,248
5.00%, 7/8/2019		829,000		893,447

See accompanying notes to financial statements.

94

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.75%, 4/15/2018	$	1,196,000	$	1,262,055
				42,110,207
TELECOMMUNICATIONS — 4.4%
America Movil SAB de CV:
3.13%, 7/16/2022		1,125,000		1,109,419
5.00%, 10/16/2019		400,000		428,636
5.00%, 3/30/2020		750,000		802,560
AT&T, Inc.:
2.30%, 3/11/2019		1,052,000		1,055,398
2.38%, 11/27/2018		926,000		933,454
2.45%, 6/30/2020		1,609,000		1,596,450
2.63%, 12/1/2022		700,000		671,867
2.80%, 2/17/2021		1,064,000		1,055,052
3.00%, 2/15/2022		937,000		926,506
3.00%, 6/30/2022		1,479,000		1,452,851
3.40%, 5/15/2025		2,145,000		2,066,729
3.60%, 2/17/2023		1,263,000		1,268,507
3.80%, 3/15/2022		859,000		877,898
3.88%, 8/15/2021		887,000		916,040
3.90%, 3/11/2024		365,000		369,055
3.95%, 1/15/2025		687,000		690,167
4.13%, 2/17/2026 (a)		1,345,000		1,362,606
4.45%, 5/15/2021		581,000		613,048
4.45%, 4/1/2024		694,000		723,599
4.60%, 2/15/2021		555,000		587,617
5.00%, 3/1/2021		930,000		999,796
5.20%, 3/15/2020		801,000		861,476
5.50%, 2/1/2018		1,364,000		1,417,646
5.60%, 5/15/2018		594,000		623,777
5.80%, 2/15/2019		1,211,000		1,300,020
5.88%, 10/1/2019		600,000		654,990
British Telecommunications PLC:
2.35%, 2/14/2019		615,000		617,983
5.95%, 1/15/2018		470,000		489,688
CC Holdings GS V LLC/Crown Castle GS III Corp. 3.85%, 4/15/2023		489,000		495,787
Cisco Systems, Inc.:
1.40%, 2/28/2018		762,000		762,518
1.40%, 9/20/2019		750,000		741,435
1.60%, 2/28/2019		480,000		478,882
1.65%, 6/15/2018		1,134,000		1,137,107
1.85%, 9/20/2021		400,000		390,232
2.13%, 3/1/2019		743,000		749,472
2.20%, 2/28/2021		780,000		777,527
2.20%, 9/20/2023		480,000		461,683
2.45%, 6/15/2020		1,134,000		1,145,862
2.50%, 9/20/2026		400,000		380,592
2.60%, 2/28/2023		380,000		377,044
2.90%, 3/4/2021		55,000		56,278
2.95%, 2/28/2026		590,000		584,442
3.00%, 6/15/2022		150,000		153,138
3.50%, 6/15/2025 (a)		105,000		108,995
3.63%, 3/4/2024		1,028,000		1,075,267
4.45%, 1/15/2020		1,266,000		1,354,379
4.95%, 2/15/2019		1,246,000		1,329,432
Deutsche Telekom International Finance B.V.:
6.00%, 7/8/2019		350,000		382,739
6.75%, 8/20/2018		300,000		323,385
GTE Corp. 6.84%, 4/15/2018		21,000		22,256
Juniper Networks, Inc.:
3.13%, 2/26/2019		150,000		152,407
3.30%, 6/15/2020		100,000		101,531
4.35%, 6/15/2025 (a)		30,000		30,220
4.50%, 3/15/2024		325,000		334,958
4.60%, 3/15/2021		115,000		122,519
Motorola Solutions, Inc.:
3.50%, 9/1/2021		400,000		403,968
3.50%, 3/1/2023		585,000		574,751
3.75%, 5/15/2022		486,000		489,003
4.00%, 9/1/2024 (a)		262,000		262,422
Orange SA:
1.63%, 11/3/2019		750,000		739,005
2.75%, 2/6/2019		895,000		906,680
4.13%, 9/14/2021		200,000		211,390
5.38%, 7/8/2019		400,000		430,924
Pacific Bell Telephone Co. 7.13%, 3/15/2026		151,000		181,667
Qwest Corp.:
6.75%, 12/1/2021		750,000		815,625
7.25%, 9/15/2025		950,000		1,009,375
Rogers Communications, Inc.:
2.90%, 11/15/2026		400,000		376,304
3.00%, 3/15/2023		250,000		248,365
3.63%, 12/15/2025		100,000		100,929
4.10%, 10/1/2023		555,000		578,743
6.80%, 8/15/2018		1,355,000		1,460,324
Telefonaktiebolaget LM Ericsson 4.13%, 5/15/2022		477,000		478,536
Telefonica Emisiones SAU:
3.19%, 4/27/2018		450,000		456,201
4.57%, 4/27/2023		250,000		261,790
5.13%, 4/27/2020		280,000		299,645
5.46%, 2/16/2021		1,320,000		1,437,322
5.88%, 7/15/2019		410,000		444,223
Telefonos de Mexico SAB de CV 5.50%, 11/15/2019		150,000		162,650
TELUS Corp. 2.80%, 2/16/2027 (a)		200,000		186,860
Verizon Communications, Inc.:
1.38%, 8/15/2019		605,000		594,128
1.75%, 8/15/2021		650,000		623,291
2.45%, 11/1/2022 (a)		764,000		736,901
2.55%, 6/17/2019		250,000		253,133
2.63%, 2/21/2020		1,796,000		1,812,272
2.63%, 8/15/2026 (a)		927,000		852,710
3.00%, 11/1/2021		796,000		802,002
3.45%, 3/15/2021		450,000		463,230
3.50%, 11/1/2021		1,010,000		1,040,239
3.50%, 11/1/2024		1,438,000		1,436,202
3.65%, 9/14/2018		1,285,000		1,327,097
4.15%, 3/15/2024		682,000		710,433
4.50%, 9/15/2020		2,212,000		2,361,222
4.60%, 4/1/2021		650,000		697,301
5.15%, 9/15/2023		4,191,000		4,626,319
5.50%, 2/15/2018		527,000		549,656
6.10%, 4/15/2018		684,000		722,878

See accompanying notes to financial statements.

95

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Vodafone Group PLC:
1.50%, 2/19/2018	$	718,000	$	715,308
2.50%, 9/26/2022		753,000		720,711
2.95%, 2/19/2023		982,000		952,422
4.38%, 3/16/2021		249,000		263,793
4.63%, 7/15/2018		329,000		341,722
5.45%, 6/10/2019		425,000		457,419
				76,080,013
TEXTILES — 0.0% (e)
Cintas Corp. No 2 4.30%, 6/1/2021		250,000		264,893
Mohawk Industries, Inc. 3.85%, 2/1/2023		218,000		222,580
				487,473
TOBACCO — 0.1%
Reynolds American, Inc.:
4.45%, 6/12/2025		330,000		348,249
6.88%, 5/1/2020		300,000		340,020
8.13%, 6/23/2019		965,000		1,100,698
				1,788,967
TOYS/GAMES/HOBBIES — 0.1%
Hasbro, Inc. 3.15%, 5/15/2021		100,000		101,012
Mattel, Inc.:
1.70%, 3/15/2018		45,000		44,898
2.35%, 5/6/2019		440,000		440,951
2.35%, 8/15/2021		450,000		439,002
3.15%, 3/15/2023		150,000		147,063
4.35%, 10/1/2020		75,000		78,956
				1,251,882
TRANSPORTATION — 1.3%
Burlington Northern Santa Fe LLC:
3.00%, 3/15/2023		405,000		408,949
3.05%, 3/15/2022		730,000		746,534
3.05%, 9/1/2022		111,000		113,313
3.40%, 9/1/2024		300,000		308,544
3.45%, 9/15/2021		200,000		208,508
3.60%, 9/1/2020		75,000		78,105
3.65%, 9/1/2025		200,000		208,748
3.75%, 4/1/2024		775,000		814,889
3.85%, 9/1/2023		606,000		641,215
4.10%, 6/1/2021		100,000		105,994
4.70%, 10/1/2019		200,000		214,524
5.75%, 3/15/2018		356,000		373,814
Canadian National Railway Co.:
2.25%, 11/15/2022		100,000		97,271
2.75%, 3/1/2026		465,000		452,784
2.85%, 12/15/2021		50,000		50,812
2.95%, 11/21/2024		435,000		435,539
5.55%, 5/15/2018		180,000		189,317
5.55%, 3/1/2019		251,000		270,212
Canadian Pacific Railway Co.:
2.90%, 2/1/2025		175,000		171,430
3.70%, 2/1/2026		39,000		40,214
4.50%, 1/15/2022		150,000		161,399
6.50%, 5/15/2018		300,000		318,201
7.25%, 5/15/2019		115,000		128,604
CSX Corp.:
2.60%, 11/1/2026 (a)		600,000		562,416
3.35%, 11/1/2025		350,000		350,907
3.40%, 8/1/2024 (a)		200,000		203,196
3.70%, 10/30/2020		225,000		233,401
3.70%, 11/1/2023		114,000		118,223
FedEx Corp.:
2.30%, 2/1/2020		250,000		250,075
2.63%, 8/1/2022		189,000		188,214
2.70%, 4/15/2023		100,000		98,671
3.20%, 2/1/2025		250,000		249,020
3.25%, 4/1/2026 (a)		385,000		382,020
4.00%, 1/15/2024		425,000		449,365
8.00%, 1/15/2019		450,000		502,916
JB Hunt Transport Services, Inc.:
2.40%, 3/15/2019		50,000		50,209
3.30%, 8/15/2022		200,000		198,914
3.85%, 3/15/2024		150,000		152,028
Kansas City Southern:
2.35%, 5/15/2020		250,000		246,432
3.00%, 5/15/2023		200,000		193,548
3.13%, 6/1/2026		155,000		147,676
Norfolk Southern Corp.:
2.90%, 6/15/2026		335,000		322,535
2.90%, 2/15/2023		460,000		455,832
3.00%, 4/1/2022		414,000		418,074
3.25%, 12/1/2021		400,000		410,240
5.59%, 5/17/2025		100,000		113,342
5.75%, 4/1/2018		392,000		411,439
5.90%, 6/15/2019		265,000		288,646
Ryder System, Inc.:
Series MTN, 2.25%, 9/1/2021		600,000		584,988
Series MTN, 2.35%, 2/26/2019		150,000		150,504
Series MTN, 2.45%, 11/15/2018		150,000		151,323
Series MTN, 2.45%, 9/3/2019		250,000		250,852
Series MTN, 2.50%, 3/1/2018		50,000		50,392
Series MTN, 2.50%, 5/11/2020		150,000		149,330
Series MTN, 2.55%, 6/1/2019		150,000		151,080
Series MTN, 2.65%, 3/2/2020		100,000		100,382
Series MTN, 2.88%, 9/1/2020		250,000		252,310
Union Pacific Corp.:
1.80%, 2/1/2020		205,000		203,069
2.25%, 2/15/2019		450,000		453,722
2.75%, 4/15/2023		400,000		396,888
2.75%, 3/1/2026		508,000		495,051
2.95%, 1/15/2023		200,000		201,150
3.25%, 8/15/2025		100,000		101,413
3.65%, 2/15/2024		231,000		240,577
3.75%, 3/15/2024		150,000		156,813
4.00%, 2/1/2021		12,000		12,689
4.16%, 7/15/2022		1,244,000		1,337,997
United Parcel Service of America, Inc. 8.38%, 4/1/2020		100,000		118,646
United Parcel Service, Inc.:
2.40%, 11/15/2026		400,000		378,228
2.45%, 10/1/2022		837,000		832,020
3.13%, 1/15/2021		400,000		412,764
5.13%, 4/1/2019		493,000		529,112

See accompanying notes to financial statements.

96

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.50%, 1/15/2018	$	331,000	$	344,763
				21,592,322
TRUCKING & LEASING — 0.1%
GATX Corp.:
2.38%, 7/30/2018		232,000		233,088
2.50%, 3/15/2019		75,000		75,080
2.60%, 3/30/2020 (a)		175,000		173,609
3.25%, 3/30/2025		200,000		191,924
3.25%, 9/15/2026		250,000		235,900
4.75%, 6/15/2022		100,000		107,599
4.85%, 6/1/2021		175,000		187,261
				1,204,461
WATER — 0.1%
American Water Capital Corp.:
3.00%, 12/1/2026		500,000		491,165
3.40%, 3/1/2025		353,000		360,798
3.85%, 3/1/2024		150,000		157,714
				1,009,677
TOTAL CORPORATE BONDS & NOTES (Cost $1,704,395,529)				1,696,007,540
	Shares
SHORT-TERM INVESTMENTS — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		2,458,892		2,458,892
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h)		4,598,908		4,598,908
TOTAL SHORT-TERM INVESTMENTS (Cost $7,057,800)				7,057,800
TOTAL INVESTMENTS — 99.4% (Cost $1,711,453,329)				1,703,065,340
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%				10,621,069
NET ASSETS — 100.0%			$	1,713,686,409

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Step-up bond — Coupon rate increases in increments to maturity. Rate shown as of December 31, 2016. Maturity date shown is the final maturity.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.3% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(e) Amount is less than 0.05% of net assets.

(f) The rate shown is the annualized seven-day yield at December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

GMTN = Global Medium Term Note

MTN = Medium Term Note

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Advertising	$	—	$	4,513,622	$	—	$	4,513,622
Aerospace & Defense		—		19,559,448		—		19,559,448
Agriculture		—		15,675,101		—		15,675,101
Airlines		—		4,256,769		—		4,256,769
Apparel		—		2,426,545		—		2,426,545
Auto Manufacturers		—		46,131,941		—		46,131,941

See accompanying notes to financial statements.

97

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Auto Parts & Equipment	$	—	$	2,480,032	$	—	$	2,480,032
Banks		—		446,148,458		—		446,148,458
Beverages		—		51,766,398		—		51,766,398
Biotechnology		—		23,270,374		—		23,270,374
Chemicals		—		28,692,986		—		28,692,986
Commercial Services		—		10,916,818		—		10,916,818
Construction Materials		—		4,403,631		—		4,403,631
Diversified Financial Services		—		68,844,252		—		68,844,252
Electric		—		84,583,755		—		84,583,755
Electrical Components & Equipment		—		2,929,142		—		2,929,142
Electronics		—		13,813,913		—		13,813,913
Engineering & Construction		—		1,263,199		—		1,263,199
Environmental Control		—		3,928,627		—		3,928,627
Food		—		25,598,130		—		25,598,130
Forest Products & Paper		—		3,509,764		—		3,509,764
Gas		—		7,069,808		—		7,069,808
Hand & Machine Tools		—		1,760,105		—		1,760,105
Health Care Products		—		31,473,559		—		31,473,559
Health Care Services		—		24,433,686		—		24,433,686
Holding Companies-Divers		—		1,334,109		—		1,334,109
Home Builders		—		1,345,848		—		1,345,848
Home Furnishings		—		1,125,358		—		1,125,358
Household Products		—		5,758,767		—		5,758,767
Household Products & Wares		—		2,269,553		—		2,269,553
Housewares		—		4,565,419		—		4,565,419
Insurance		—		49,408,628		—		49,408,628
Internet		—		16,073,900		—		16,073,900
Investment Company Security		—		3,645,580		—		3,645,580
Iron/Steel		—		4,397,714		—		4,397,714
IT Services		—		48,350,393		—		48,350,393
Leisure Time		—		774,727		—		774,727
Lodging		—		3,731,146		—		3,731,146
Machinery, Construction & Mining		—		7,558,399		—		7,558,399
Machinery-Diversified		—		12,482,764		—		12,482,764
Media		—		47,014,629		—		47,014,629
Metal Fabricate & Hardware		—		1,840,177		—		1,840,177
Mining		—		10,176,898		—		10,176,898
Miscellaneous Manufacturer		—		12,371,579		—		12,371,579
Office & Business Equipment		—		4,142,016		—		4,142,016
Oil & Gas		—		89,714,034		—		89,714,034
Oil & Gas Services		—		5,753,820		—		5,753,820
Packaging & Containers		—		2,323,872		—		2,323,872
Pharmaceuticals		—		89,874,292		—		89,874,292
Pipelines		—		53,177,423		—		53,177,423
Real Estate		—		3,139,818		—		3,139,818
Real Estate Investment Trusts		—		66,156,211		—		66,156,211
Retail		—		55,414,934		—		55,414,934
Savings & Loans		—		195,874		—		195,874
Semiconductors		—		16,914,593		—		16,914,593
Software		—		42,110,207		—		42,110,207
Telecommunications		—		76,080,013		—		76,080,013
Textiles		—		487,473		—		487,473
Tobacco		—		1,788,967		—		1,788,967
Toys/Games/Hobbies		—		1,251,882		—		1,251,882
Transportation		—		21,592,322		—		21,592,322
Trucking & Leasing		—		1,204,461		—		1,204,461
Water		—		1,009,677		—		1,009,677
Short-Term Investments		7,057,800		—		—		7,057,800
TOTAL INVESTMENTS	$	7,057,800	$	1,696,007,540	$	—	$	1,703,065,340

See accompanying notes to financial statements.

98

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		2,977,223	$	2,977,223		52,104,023		55,081,246		—	$	—	$	3,602	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		33,017,108		30,558,216		2,458,892		2,458,892		1,452		—
State Street Navigator Securities Lending Government Money Market Portfolio*		27,572,173		27,572,173		39,995,610		62,968,875		4,598,908		4,598,908		33,381		—
TOTAL			$	30,549,396							$	7,057,800	$	38,435	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

99

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 98.8%
ADVERTISING — 0.0% (a)
WPP Finance 2010:
5.13%, 9/7/2042	$	30,000	$	29,793
5.63%, 11/15/2043		51,000		54,425
				84,218
AEROSPACE & DEFENSE — 1.9%
Boeing Co.:
3.38%, 6/15/2046		50,000		45,708
3.50%, 3/1/2045		17,000		15,753
6.13%, 2/15/2033		50,000		63,820
6.63%, 2/15/2038		94,000		126,802
6.88%, 3/15/2039		73,000		102,847
General Dynamics Corp. 3.60%, 11/15/2042		30,000		28,617
Harris Corp.:
4.85%, 4/27/2035		173,000		182,275
6.15%, 12/15/2040		30,000		35,384
Lockheed Martin Corp.:
3.60%, 3/1/2035		64,000		61,138
3.80%, 3/1/2045		221,000		210,054
4.07%, 12/15/2042		170,000		167,917
4.50%, 5/15/2036		34,000		36,353
4.70%, 5/15/2046		247,000		270,245
4.85%, 9/15/2041		124,000		136,628
5.72%, 6/1/2040		100,000		119,875
Series B, 6.15%, 9/1/2036		81,000		101,617
Northrop Grumman Corp.:
3.20%, 2/1/2027		100,000		99,030
3.85%, 4/15/2045		50,000		47,830
4.75%, 6/1/2043		189,000		206,605
5.05%, 11/15/2040		64,000		71,180
Northrop Grumman Systems Corp. 7.75%, 2/15/2031		30,000		41,319
Raytheon Co.:
4.20%, 12/15/2044		17,000		17,404
4.70%, 12/15/2041		107,000		117,450
7.20%, 8/15/2027		30,000		40,181
Rockwell Collins, Inc. 4.80%, 12/15/2043		64,000		66,995
United Technologies Corp.:
3.75%, 11/1/2046		200,000		191,284
4.15%, 5/15/2045		64,000		65,165
4.50%, 6/1/2042		353,000		377,618
5.40%, 5/1/2035		64,000		75,040
5.70%, 4/15/2040		133,000		162,116
6.05%, 6/1/2036		124,000		155,212
6.13%, 7/15/2038		120,000		153,142
7.50%, 9/15/2029		86,000		120,012
				3,712,616
AGRICULTURE — 1.1%
Altria Group, Inc.:
3.88%, 9/16/2046		150,000		139,196
4.25%, 8/9/2042		174,000		171,738
4.50%, 5/2/2043		64,000		65,480
5.38%, 1/31/2044		182,000		212,068
Archer-Daniels-Midland Co.:
4.02%, 4/16/2043		112,000		110,041
4.54%, 3/26/2042 (b)		30,000		31,661
Philip Morris International, Inc.:
3.88%, 8/21/2042		154,000		144,033
4.13%, 3/4/2043		94,000		90,576
4.25%, 11/10/2044		135,000		133,623
4.50%, 3/20/2042		124,000		126,977
4.88%, 11/15/2043 (b)		88,000		95,100
6.38%, 5/16/2038		174,000		223,834
Reynolds American, Inc.:
5.70%, 8/15/2035		95,000		109,114
5.85%, 8/15/2045		308,000		366,261
6.15%, 9/15/2043		89,000		107,930
				2,127,632
AIRLINES — 0.3%
American Airlines 2014-1 Pass Through Trust Class A Series A, 3.70%, 4/1/2028		103,591		104,146
American Airlines 2015-1 Pass Through Trust, Class A 3.38%, 11/1/2028		71,550		70,306
American Airlines 2015-2 Pass Through Trust, Class AA 3.60%, 3/22/2029		1,953		1,956
American Airlines 2016-1 Pass Through Trust, Class AA Series AA, 3.58%, 7/15/2029		106,738		106,629
American Airlines 2016-2 Pass Through Trust, Class AA Series AA, 3.20%, 12/15/2029		50,000		48,342
American Airlines 2016-3 Pass Through Trust, Class AA 3.00%, 4/15/2030		60,000		57,275
United Airlines 2014-1 Pass Through Trust, Class A Series A, 4.00%, 10/11/2027		78,708		79,766
United Airlines 2014-2 Pass Through Trust, Class A Series A, 3.75%, 3/3/2028		62,193		62,183
United Airlines 2015-1 Pass Through Trust, Class AA 3.45%, 6/1/2029		20,492		20,402
US Airways 2013-1 Pass Through Trust, Class A 3.95%, 5/15/2027		7,552		7,661
				558,666
APPAREL — 0.2%
NIKE, Inc.:
3.38%, 11/1/2046		100,000		89,977
3.63%, 5/1/2043		30,000		28,213
3.88%, 11/1/2045		136,000		134,163
VF Corp. 6.45%, 11/1/2037		64,000		80,855
				333,208

See accompanying notes to financial statements.

100

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
AUTO MANUFACTURERS — 1.2%
Daimler Finance North America LLC 8.50%, 1/18/2031	$	482,000	$	726,726
Ford Motor Co.:
4.75%, 1/15/2043 (b)		260,000		247,255
5.29%, 12/8/2046		75,000		76,363
6.63%, 10/1/2028		94,000		110,471
7.40%, 11/1/2046		86,000		112,615
7.45%, 7/16/2031		294,000		369,443
General Motors Co.:
5.00%, 4/1/2035		88,000		85,360
6.25%, 10/2/2043		189,000		207,191
6.60%, 4/1/2036		220,000		249,700
6.75%, 4/1/2046		150,000		175,313
				2,360,437
AUTO PARTS & EQUIPMENT — 0.0% (a)
BorgWarner, Inc. 4.38%, 3/15/2045		50,000		48,247
Delphi Automotive PLC 4.40%, 10/1/2046		50,000		45,976
				94,223
BANKS — 9.1%
Bank of America Corp.:
6.11%, 1/29/2037		295,000		345,348
6.75%, 6/1/2028		86,000		102,146
7.75%, 5/14/2038		289,000		398,933
Series L, 4.18%, 11/25/2027		250,000		250,082
Series L, 4.75%, 4/21/2045		47,000		47,688
Series MTN, 3.25%, 10/21/2027		150,000		143,182
Series MTN, 4.88%, 4/1/2044		136,000		148,118
Series MTN, 5.00%, 1/21/2044		272,000		298,566
Series MTN, 5.88%, 2/7/2042		120,000		145,442
Bank of America NA 6.00%, 10/15/2036		214,000		259,794
Bank of New York Mellon Corp. Series MTN, 3.00%, 10/30/2028		85,000		80,741
Bank One Corp.:
7.63%, 10/15/2026 (b)		64,000		81,675
8.00%, 4/29/2027		172,000		223,466
Barclays PLC 5.25%, 8/17/2045		214,000		230,724
Citigroup, Inc.:
4.13%, 7/25/2028		200,000		197,384
4.45%, 9/29/2027		483,000		492,815
4.65%, 7/30/2045		194,000		205,180
4.75%, 5/18/2046		100,000		100,230
5.30%, 5/6/2044		88,000		95,090
5.88%, 2/22/2033		94,000		105,068
5.88%, 1/30/2042		154,000		182,895
6.00%, 10/31/2033		94,000		106,266
6.13%, 8/25/2036		85,000		98,467
6.63%, 1/15/2028		64,000		76,211
6.63%, 6/15/2032		136,000		164,771
6.68%, 9/13/2043		124,000		157,933
8.13%, 7/15/2039		279,000		415,425
Cooperatieve Rabobank UA:
5.25%, 8/4/2045		214,000		233,836
5.75%, 12/1/2043		214,000		248,347
Series MTN, 5.25%, 5/24/2041		200,000		233,024
Credit Suisse Group Funding Guernsey, Ltd. 4.88%, 5/15/2045		164,000		169,476
Fifth Third Bancorp 8.25%, 3/1/2038		136,000		192,172
First Republic Bank/CA 4.38%, 8/1/2046		50,000		45,179
Goldman Sachs Capital I 6.35%, 2/15/2034		154,000		180,690
Goldman Sachs Group, Inc.:
4.75%, 10/21/2045		319,000		336,596
5.15%, 5/22/2045		250,000		262,802
5.95%, 1/15/2027		250,000		284,150
6.13%, 2/15/2033		239,000		289,964
6.25%, 2/1/2041		365,000		452,158
6.45%, 5/1/2036		172,000		203,753
6.75%, 10/1/2037		679,000		838,647
Series MTN, 4.80%, 7/8/2044		219,000		229,648
HSBC Bank USA NA:
5.63%, 8/15/2035		129,000		145,556
5.88%, 11/1/2034		250,000		290,237
HSBC Holdings PLC:
5.25%, 3/14/2044		172,000		185,557
6.10%, 1/14/2042		94,000		116,575
6.50%, 5/2/2036		307,000		378,424
6.50%, 9/15/2037		153,000		189,599
6.80%, 6/1/2038		129,000		164,137
7.63%, 5/17/2032		124,000		158,565
HSBC USA, Inc. 7.20%, 7/15/2097		100,000		132,804
JPMorgan Chase & Co.:
3.63%, 12/1/2027		175,000		169,811
4.13%, 12/15/2026		124,000		126,515
4.25%, 10/1/2027		112,000		115,181
4.85%, 2/1/2044 (b)		207,000		230,049
4.95%, 6/1/2045		157,000		167,929
5.40%, 1/6/2042		224,000		261,856
5.50%, 10/15/2040		313,000		368,501
5.60%, 7/15/2041		154,000		184,033
5.63%, 8/16/2043		116,000		133,335
6.40%, 5/15/2038		310,000		403,918
Morgan Stanley:
3.95%, 4/23/2027		474,000		469,445
4.30%, 1/27/2045		350,000		349,538
6.38%, 7/24/2042		244,000		313,818
7.25%, 4/1/2032		44,000		59,708
Series MTN, 6.25%, 8/9/2026		43,000		51,099
Regions Bank 6.45%, 6/26/2037		54,000		59,683
Regions Financial Corp. 7.38%, 12/10/2037		50,000		60,721
Wachovia Corp.:
5.50%, 8/1/2035		35,000		38,760
7.50%, 4/15/2035		43,000		54,539
7.57%, 8/1/2026 (c)		89,000		108,914
Wells Fargo & Co.:
3.90%, 5/1/2045		502,000		477,342
4.40%, 6/14/2046		150,000		144,084

See accompanying notes to financial statements.

101

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.65%, 11/4/2044	$	257,000	$	255,098
5.38%, 2/7/2035		64,000		72,412
5.38%, 11/2/2043		529,000		584,429
5.61%, 1/15/2044		166,000		187,819
Series GMTN, 4.30%, 7/22/2027		399,000		410,300
Series GMTN, 4.90%, 11/17/2045.		202,000		208,115
Wells Fargo Bank NA:
5.85%, 2/1/2037		114,000		132,709
5.95%, 8/26/2036		235,000		273,244
6.60%, 1/15/2038		57,000		72,620
Wells Fargo Capital 5.95%, 12/1/2086		69,000		71,382
				17,732,443
BEVERAGES — 2.8%
Anheuser-Busch Cos. LLC:
5.95%, 1/15/2033		124,000		145,725
6.45%, 9/1/2037		75,000		95,415
Anheuser-Busch InBev Finance, Inc.:
4.63%, 2/1/2044		120,000		125,064
4.70%, 2/1/2036		886,000		937,299
4.90%, 2/1/2046		1,540,000		1,658,041
Anheuser-Busch InBev Worldwide, Inc.:
3.75%, 7/15/2042		148,000		135,339
6.38%, 1/15/2040		140,000		176,112
8.00%, 11/15/2039		64,000		94,819
8.20%, 1/15/2039 (b)		47,000		70,687
Brown-Forman Corp. 4.50%, 7/15/2045		77,000		80,505
Coca-Cola Femsa SAB de CV 5.25%, 11/26/2043		79,000		85,706
Diageo Capital PLC:
3.88%, 4/29/2043		64,000		60,620
5.88%, 9/30/2036		64,000		78,180
Diageo Investment Corp. 7.45%, 4/15/2035		64,000		88,954
Dr Pepper Snapple Group, Inc.:
3.43%, 6/15/2027		70,000		69,990
4.42%, 12/15/2046		50,000		51,408
4.50%, 11/15/2045		70,000		71,639
Fomento Economico Mexicano SAB de CV 4.38%, 5/10/2043		86,000		81,728
Molson Coors Brewing Co.:
4.20%, 7/15/2046		210,000		195,938
5.00%, 5/1/2042		154,000		161,739
Pepsi Bottling Group, Inc. Series B, 7.00%, 3/1/2029		172,000		235,327
PepsiAmericas, Inc. 5.50%, 5/15/2035		64,000		75,883
PepsiCo, Inc.:
3.45%, 10/6/2046		115,000		104,441
4.00%, 3/5/2042		43,000		42,800
4.25%, 10/22/2044		151,000		156,016
4.45%, 4/14/2046		186,000		198,880
4.88%, 11/1/2040		174,000		193,829
5.50%, 1/15/2040		44,000		52,868
				5,524,952
BIOTECHNOLOGY — 1.8%
Amgen, Inc.:
4.40%, 5/1/2045		174,000		166,772
4.66%, 6/15/2051 (d)		350,000		339,570
4.95%, 10/1/2041		24,000		24,840
5.15%, 11/15/2041		112,000		118,804
5.38%, 5/15/2043		142,000		154,867
5.65%, 6/15/2042		124,000		138,890
5.75%, 3/15/2040		94,000		105,120
6.38%, 6/1/2037		107,000		129,130
6.40%, 2/1/2039		64,000		77,557
6.90%, 6/1/2038		94,000		120,430
Biogen, Inc. 5.20%, 9/15/2045		267,000		287,132
Celgene Corp.:
4.63%, 5/15/2044		164,000		161,551
5.00%, 8/15/2045		150,000		156,074
5.25%, 8/15/2043		30,000		31,887
Genentech, Inc. 5.25%, 7/15/2035		100,000		116,840
Gilead Sciences, Inc.:
2.95%, 3/1/2027		100,000		95,627
4.00%, 9/1/2036		35,000		33,599
4.15%, 3/1/2047		175,000		166,273
4.50%, 2/1/2045		159,000		159,076
4.60%, 9/1/2035		86,000		89,361
4.75%, 3/1/2046		366,000		382,203
4.80%, 4/1/2044		250,000		261,412
5.65%, 12/1/2041		204,000		236,348
				3,553,363
CHEMICALS — 1.7%
Agrium, Inc.:
4.13%, 3/15/2035		73,000		67,280
4.90%, 6/1/2043		64,000		64,313
5.25%, 1/15/2045		21,000		22,058
6.13%, 1/15/2041		77,000		88,190
Albemarle Corp. 5.45%, 12/1/2044		64,000		67,867
Dow Chemical Co.:
4.38%, 11/15/2042		94,000		91,511
4.63%, 10/1/2044		160,000		161,014
5.25%, 11/15/2041		100,000		107,672
7.38%, 11/1/2029		124,000		162,929
9.40%, 5/15/2039		86,000		133,551
Eastman Chemical Co. 4.65%, 10/15/2044		150,000		149,598
Ecolab, Inc. 5.50%, 12/8/2041		162,000		190,831
EI du Pont de Nemours & Co.:
4.15%, 2/15/2043		64,000		60,485
4.90%, 1/15/2041		64,000		66,968
5.60%, 12/15/2036		64,000		72,838
Lubrizol Corp. 6.50%, 10/1/2034		120,000		150,330
LYB International Finance B.V.:
4.88%, 3/15/2044 (b)		123,000		127,352
5.25%, 7/15/2043		102,000		110,228

See accompanying notes to financial statements.

102

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
LyondellBasell Industries NV 4.63%, 2/26/2055	$	77,000	$	71,805
Methanex Corp. 5.65%, 12/1/2044		64,000		56,000
Monsanto Co.:
3.60%, 7/15/2042		23,000		19,220
3.95%, 4/15/2045		64,000		56,214
4.20%, 7/15/2034		86,000		82,133
4.65%, 11/15/2043 (b)		94,000		91,841
4.70%, 7/15/2064		64,000		57,988
5.88%, 4/15/2038		164,000		182,074
Mosaic Co.:
5.45%, 11/15/2033 (b)		47,000		46,700
5.63%, 11/15/2043 (b)		97,000		93,555
Potash Corp. of Saskatchewan, Inc. 5.88%, 12/1/2036		94,000		102,891
PPG Industries, Inc. 5.50%, 11/15/2040		81,000		92,514
Praxair, Inc. 3.55%, 11/7/2042		64,000		59,350
Rohm & Haas Co. 7.85%, 7/15/2029		134,000		181,074
RPM International, Inc. 5.25%, 6/1/2045		64,000		63,082
Sherwin-Williams Co.:
4.00%, 12/15/2042		90,000		81,565
4.55%, 8/1/2045		50,000		50,016
Valspar Corp. 4.40%, 2/1/2045		69,000		62,919
Westlake Chemical Corp. 5.00%, 8/15/2046 (d)		50,000		49,324
				3,395,280
COMMERCIAL SERVICES — 1.0%
Board of Trustees of The Leland Stanford Junior University 3.46%, 5/1/2047		94,000		87,605
California Institute of Technology 4.32%, 8/1/2045		73,000		75,778
Catholic Health Initiatives 4.35%, 11/1/2042		74,000		65,157
Cleveland Clinic Foundation 4.86%, 1/1/2114		43,000		40,531
Ecolab, Inc. 3.70%, 11/1/2046		35,000		31,650
Equifax, Inc. 7.00%, 7/1/2037		64,000		76,958
George Washington University 4.87%, 9/15/2045		94,000		100,792
Johns Hopkins University Series 2013, 4.08%, 7/1/2053		64,000		63,884
Massachusetts Institute of Technology:
3.89%, 7/1/2116		20,000		17,096
3.96%, 7/1/2038		56,000		58,771
4.68%, 7/1/2114		64,000		63,396
5.60%, 7/1/2111		92,000		109,900
Metropolitan Museum of Art Series 2015, 3.40%, 7/1/2045		52,000		46,873
Northwestern University:
3.69%, 12/1/2038		64,000		63,679
3.87%, 12/1/2048		64,000		63,327
President and Fellows of Harvard College:
3.15%, 7/15/2046		150,000		134,499
3.30%, 7/15/2056 (b)		150,000		131,965
3.62%, 10/1/2037		28,000		27,772
Princeton University 5.70%, 3/1/2039		64,000		83,481
S&P Global, Inc.:
2.95%, 1/22/2027 (d)		50,000		46,762
6.55%, 11/15/2037		64,000		76,143
Trustees of Dartmouth College 3.47%, 6/1/2046		35,000		32,633
University of Notre Dame du Lac Series 2015, 3.44%, 2/15/2045		51,000		48,154
University of Southern California 3.03%, 10/1/2039		150,000		132,889
Verisk Analytics, Inc. 5.50%, 6/15/2045		64,000		67,769
Western Union Co.:
6.20%, 11/17/2036 (b)		94,000		98,254
6.20%, 6/21/2040		25,000		25,627
William Marsh Rice University 3.57%, 5/15/2045		129,000		122,105
				1,993,450
CONSTRUCTION MATERIALS — 0.4%
Johnson Controls International PLC:
4.95%, 7/2/2064 (c)		86,000		80,766
5.13%, 9/14/2045		130,000		139,849
5.25%, 12/1/2041		56,000		60,252
5.70%, 3/1/2041		30,000		34,014
6.00%, 1/15/2036		94,000		107,537
Lafarge SA 7.13%, 7/15/2036		200,000		240,290
Owens Corning 7.00%, 12/1/2036		107,000		126,904
				789,612
DISTRIBUTION & WHOLESALE — 0.1%
WW Grainger, Inc.:
3.75%, 5/15/2046		50,000		47,034
4.60%, 6/15/2045		144,000		154,130
				201,164
DIVERSIFIED FINANCIAL SERVICES — 2.5%
American Express Co. 4.05%, 12/3/2042		144,000		139,274
AXA Financial, Inc. 7.00%, 4/1/2028		86,000		104,355
CME Group, Inc. 5.30%, 9/15/2043		94,000		109,303
Credit Suisse USA, Inc. 7.13%, 7/15/2032		112,000		147,856
GE Capital International Funding Co. 4.42%, 11/15/2035		1,486,000		1,563,777
General Electric Co.:
Series A, 6.75%, 3/15/2032		229,000		306,123
Series GMTN, 6.15%, 8/7/2037		223,000		287,516

See accompanying notes to financial statements.

103

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series GMTN, 6.88%, 1/10/2039	$	288,000	$	407,434
Series MTN, 5.88%, 1/14/2038		310,000		390,473
Invesco Finance PLC 5.38%, 11/30/2043		94,000		101,630
Jefferies Group LLC:
6.25%, 1/15/2036		64,000		64,461
6.45%, 6/8/2027		64,000		69,845
Lazard Group LLC 3.63%, 3/1/2027		50,000		47,672
Legg Mason, Inc. 5.63%, 1/15/2044		115,000		112,455
Mastercard, Inc. 3.80%, 11/21/2046		50,000		48,776
National Rural Utilities Cooperative Finance Corp.:
4.02%, 11/1/2032		50,000		51,004
Series C, 8.00%, 3/1/2032		94,000		133,802
Raymond James Financial, Inc. 4.95%, 7/15/2046		35,000		33,066
Visa, Inc.:
4.15%, 12/14/2035		387,000		404,895
4.30%, 12/14/2045		415,000		438,638
				4,962,355
ELECTRIC — 12.4%
AEP Transmission Co. LLC 4.00%, 12/1/2046 (d)		250,000		249,115
Alabama Power Co.:
3.75%, 3/1/2045		64,000		60,491
4.10%, 1/15/2042		64,000		62,854
4.15%, 8/15/2044		73,000		73,109
4.30%, 1/2/2046		43,000		44,130
6.00%, 3/1/2039		64,000		79,318
Series 11-C, 5.20%, 6/1/2041		64,000		72,614
Ameren Illinois Co.:
4.15%, 3/15/2046		143,000		146,225
4.80%, 12/15/2043		64,000		71,162
Appalachian Power Co.:
6.38%, 4/1/2036		64,000		78,760
7.00%, 4/1/2038		99,000		131,826
Series L, 5.80%, 10/1/2035		30,000		34,664
Arizona Public Service Co.:
3.75%, 5/15/2046		50,000		46,800
4.50%, 4/1/2042		154,000		162,495
4.70%, 1/15/2044		100,000		107,706
Berkshire Hathaway Energy Co.:
6.13%, 4/1/2036		459,000		575,054
6.50%, 9/15/2037		200,000		259,062
8.48%, 9/15/2028		172,000		249,455
Black Hills Corp.:
3.15%, 1/15/2027		75,000		71,760
4.20%, 9/15/2046		50,000		47,583
CenterPoint Energy Houston Electric LLC 4.50%, 4/1/2044		50,000		54,123
Cleco Corporate Holdings LLC 4.97%, 5/1/2046 (d)		35,000		35,803
Cleco Power LLC 6.00%, 12/1/2040		64,000		77,562
CMS Energy Corp.:
2.95%, 2/15/2027		250,000		236,987
4.70%, 3/31/2043		16,000		16,780
Commonwealth Edison Co.:
3.65%, 6/15/2046		100,000		93,603
3.70%, 3/1/2045		30,000		28,340
3.80%, 10/1/2042		64,000		61,567
4.60%, 8/15/2043		47,000		50,346
4.70%, 1/15/2044		64,000		69,602
5.90%, 3/15/2036		86,000		105,636
6.45%, 1/15/2038		100,000		130,413
Connecticut Light & Power Co.:
4.30%, 4/15/2044		64,000		66,314
6.35%, 6/1/2036		30,000		38,096
Consolidated Edison Co. of New York, Inc.:
3.85%, 6/15/2046		150,000		144,318
3.95%, 3/1/2043		120,000		116,797
4.45%, 3/15/2044		202,000		211,738
4.50%, 12/1/2045		43,000		45,573
5.70%, 6/15/2040		30,000		36,331
Series 06-B, 6.20%, 6/15/2036		64,000		80,196
Series 06-E, 5.70%, 12/1/2036		81,000		96,673
Series 08-B, 6.75%, 4/1/2038.		47,000		63,575
Series 09-C, 5.50%, 12/1/2039		112,000		130,527
Series 12-A, 4.20%, 3/15/2042		47,000		47,073
Series C, 4.30%, 12/1/2056		100,000		99,833
Consumers Energy Co.:
3.25%, 8/15/2046		150,000		133,011
4.10%, 11/15/2045		30,000		30,714
4.35%, 8/31/2064		64,000		63,946
Delmarva Power & Light Co. 4.15%, 5/15/2045		50,000		51,679
Dominion Resources, Inc.:
4.70%, 12/1/2044		64,000		65,674
Series B, 5.95%, 6/15/2035		94,000		109,659
Series C, 4.05%, 9/15/2042		30,000		27,824
Series C, 4.90%, 8/1/2041		43,000		45,180
Series E, 6.30%, 3/15/2033		50,000		59,480
Series F, 5.25%, 8/1/2033		117,000		126,624
DTE Electric Co.:
3.70%, 3/15/2045		64,000		61,484
3.70%, 6/1/2046		100,000		96,231
3.95%, 6/15/2042		47,000		46,713
4.30%, 7/1/2044		47,000		49,566
5.70%, 10/1/2037		144,000		177,024
Duke Energy Carolinas LLC:
3.75%, 6/1/2045		43,000		40,796
3.88%, 3/15/2046		50,000		49,176
4.00%, 9/30/2042		112,000		110,675
4.25%, 12/15/2041		86,000		87,868
5.30%, 2/15/2040		64,000		75,610
6.00%, 1/15/2038		143,000		177,489
6.05%, 4/15/2038		94,000		118,458
6.45%, 10/15/2032		64,000		80,396
Series A, 6.00%, 12/1/2028		99,000		120,830
Duke Energy Corp.:
2.65%, 9/1/2026		100,000		93,355
3.75%, 9/1/2046		225,000		201,922

See accompanying notes to financial statements.

104

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Duke Energy Florida LLC:
6.35%, 9/15/2037	$	64,000	$	83,091
6.40%, 6/15/2038		100,000		131,525
Duke Energy Florida Project Finance LLC Series 2035, 3.11%, 9/1/2036		50,000		45,428
Duke Energy Indiana LLC:
3.75%, 5/15/2046		100,000		94,508
6.35%, 8/15/2038		124,000		155,980
6.45%, 4/1/2039		112,000		146,861
Duke Energy Ohio, Inc. 3.70%, 6/15/2046		50,000		47,099
Duke Energy Progress LLC:
4.10%, 3/15/2043		64,000		64,216
4.15%, 12/1/2044		245,000		246,490
4.20%, 8/15/2045		94,000		95,492
4.38%, 3/30/2044		51,000		52,949
El Paso Electric Co.:
5.00%, 12/1/2044		50,000		54,194
6.00%, 5/15/2035		21,000		24,048
Emera US Finance L.P. 4.75%, 6/15/2046 (d)		420,000		422,285
Entergy Louisiana LLC:
3.05%, 6/1/2031		50,000		46,952
3.25%, 4/1/2028		125,000		122,620
4.95%, 1/15/2045		135,000		138,074
Entergy Mississippi, Inc. 2.85%, 6/1/2028		50,000		47,332
Entergy Texas, Inc. 5.15%, 6/1/2045		64,000		64,679
Exelon Corp.:
4.45%, 4/15/2046		50,000		49,032
5.10%, 6/15/2045		90,000		95,564
5.63%, 6/15/2035		124,000		137,671
Series WI, 4.95%, 6/15/2035		120,000		127,144
Exelon Generation Co. LLC:
5.60%, 6/15/2042 (b)		129,000		119,631
6.25%, 10/1/2039		450,000		452,849
FirstEnergy Corp. Series C, 7.38%, 11/15/2031		200,000		256,611
Florida Power & Light Co.:
4.05%, 10/1/2044		64,000		65,548
4.13%, 2/1/2042		94,000		96,588
5.25%, 2/1/2041		124,000		146,665
5.69%, 3/1/2040		273,000		338,935
5.95%, 2/1/2038		77,000		97,129
Georgia Power Co.:
4.30%, 3/15/2042		70,000		70,727
4.30%, 3/15/2043		124,000		125,066
5.40%, 6/1/2040		30,000		34,279
5.95%, 2/1/2039		86,000		103,909
Series 10-C, 4.75%, 9/1/2040		112,000		117,795
Iberdrola International B.V. 6.75%, 7/15/2036		64,000		78,395
Idaho Power Co. 3.65%, 3/1/2045		64,000		59,413
Indiana Michigan Power Co.:
6.05%, 3/15/2037		30,000		35,897
Series K, 4.55%, 3/15/2046		30,000		31,164
Interstate Power & Light Co.:
3.70%, 9/15/2046		50,000		46,348
6.25%, 7/15/2039		30,000		38,336
Jersey Central Power & Light Co. 6.15%, 6/1/2037		64,000		72,907
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		938		997
Kansas City Power & Light Co.:
5.30%, 10/1/2041		73,000		77,833
Series B, 6.05%, 11/15/2035		30,000		35,021
Kentucky Utilities Co. 5.13%, 11/1/2040 (b)		202,000		232,403
Louisville Gas & Electric Co.:
4.38%, 10/1/2045		51,000		53,094
4.65%, 11/15/2043		64,000		69,754
MidAmerican Energy Co.:
4.25%, 5/1/2046		64,000		66,146
4.80%, 9/15/2043		167,000		186,143
5.75%, 11/1/2035		64,000		76,575
6.75%, 12/30/2031		64,000		86,620
Nevada Power Co.:
5.38%, 9/15/2040		47,000		53,903
5.45%, 5/15/2041		124,000		144,076
Series N, 6.65%, 4/1/2036		43,000		56,299
NiSource Finance Corp.:
4.80%, 2/15/2044		30,000		31,433
5.65%, 2/1/2045		94,000		108,679
5.95%, 6/15/2041		124,000		147,999
Northern States Power Co.:
4.00%, 8/15/2045		30,000		29,918
4.13%, 5/15/2044		43,000		43,891
5.35%, 11/1/2039		30,000		35,856
6.25%, 6/1/2036		39,000		50,537
NorthWestern Corp. 4.18%, 11/15/2044		64,000		62,006
NSTAR Electric Co. 5.50%, 3/15/2040		64,000		75,875
Oglethorpe Power Corp.:
4.25%, 4/1/2046		25,000		23,880
4.55%, 6/1/2044		162,000		161,461
5.25%, 9/1/2050		150,000		160,115
5.38%, 11/1/2040		39,000		43,584
5.95%, 11/1/2039		30,000		35,346
Ohio Edison Co.:
6.88%, 7/15/2036		80,000		101,842
8.25%, 10/15/2038		64,000		91,965
Ohio Power Co. Series G, 6.60%, 2/15/2033		62,000		76,107
Oklahoma Gas & Electric Co.:
4.00%, 12/15/2044		94,000		91,996
4.55%, 3/15/2044		64,000		69,080
Oncor Electric Delivery Co. LLC:
3.75%, 4/1/2045		30,000		28,633
5.25%, 9/30/2040		30,000		34,931
5.30%, 6/1/2042		94,000		110,688
7.25%, 1/15/2033		64,000		87,057
7.50%, 9/1/2038		77,000		110,216

See accompanying notes to financial statements.

105

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Pacific Gas & Electric Co.:
3.75%, 8/15/2042	$	18,000	$	16,903
4.00%, 12/1/2046		50,000		49,483
4.30%, 3/15/2045		43,000		44,255
4.45%, 4/15/2042		99,000		103,351
4.60%, 6/15/2043		77,000		81,697
4.75%, 2/15/2044		86,000		94,012
5.13%, 11/15/2043		74,000		84,236
5.40%, 1/15/2040		274,000		320,703
5.80%, 3/1/2037		3,000		3,657
6.05%, 3/1/2034		524,000		653,994
6.25%, 3/1/2039		64,000		81,873
6.35%, 2/15/2038		224,000		286,328
PacifiCorp:
6.00%, 1/15/2039		124,000		157,170
6.10%, 8/1/2036		30,000		37,784
6.25%, 10/15/2037		124,000		161,075
PECO Energy Co.:
4.15%, 10/1/2044		30,000		30,403
5.95%, 10/1/2036		64,000		78,999
Potomac Electric Power Co.:
4.15%, 3/15/2043		94,000		95,796
7.90%, 12/15/2038		64,000		93,942
PPL Capital Funding, Inc. 4.70%, 6/1/2043		64,000		64,431
PPL Electric Utilities Corp.:
5.20%, 7/15/2041		34,000		39,278
6.25%, 5/15/2039		30,000		38,617
Progress Energy, Inc.:
7.00%, 10/30/2031		145,000		187,547
7.75%, 3/1/2031		56,000		76,744
Public Service Co. of Colorado:
3.55%, 6/15/2046		50,000		46,234
3.60%, 9/15/2042		124,000		116,672
4.30%, 3/15/2044		64,000		66,667
4.75%, 8/15/2041		100,000		110,328
Series 17, 6.25%, 9/1/2037		64,000		82,383
Public Service Electric & Gas Co.:
5.50%, 3/1/2040		43,000		51,355
5.80%, 5/1/2037		64,000		79,532
Series I, 4.00%, 6/1/2044		115,000		115,149
Series MTN, 3.80%, 3/1/2046		150,000		146,755
Series MTN, 3.95%, 5/1/2042		90,000		89,915
Series MTN, 4.15%, 11/1/2045		94,000		96,967
Puget Sound Energy, Inc.:
4.30%, 5/20/2045		64,000		66,273
5.64%, 4/15/2041		30,000		35,785
5.76%, 10/1/2039		64,000		76,499
5.80%, 3/15/2040		34,000		40,903
6.27%, 3/15/2037		30,000		37,060
7.02%, 12/1/2027		64,000		81,706
San Diego Gas & Electric Co.:
3.95%, 11/15/2041		64,000		63,741
4.30%, 4/1/2042		47,000		49,075
4.50%, 8/15/2040		73,000		78,693
5.35%, 5/15/2035		100,000		117,146
5.35%, 5/15/2040		100,000		119,038
South Carolina Electric & Gas Co.:
4.10%, 6/15/2046		50,000		49,579
4.35%, 2/1/2042		64,000		65,116
4.50%, 6/1/2064		99,000		97,096
4.60%, 6/15/2043		117,000		121,372
5.30%, 5/15/2033		30,000		34,303
5.45%, 2/1/2041		130,000		151,065
Southaven Combined Cycle Generation LLC 3.85%, 8/15/2033		4,262		4,393
Southern California Edison Co.:
3.90%, 12/1/2041		39,000		38,588
4.50%, 9/1/2040		142,000		151,250
4.65%, 10/1/2043		99,000		108,999
6.00%, 1/15/2034		64,000		79,204
6.65%, 4/1/2029		124,000		155,143
Series 04-G, 5.75%, 4/1/2035		130,000		157,821
Series 05-B, 5.55%, 1/15/2036		30,000		35,605
Series 05-E, 5.35%, 7/15/2035		186,000		219,394
Series 06-E, 5.55%, 1/15/2037		30,000		35,817
Series 13-A, 3.90%, 3/15/2043		30,000		29,536
Series C, 3.60%, 2/1/2045		64,000		60,521
Southern Co.:
4.25%, 7/1/2036		60,000		59,644
4.40%, 7/1/2046		250,000		248,043
Southern Power Co.:
5.15%, 9/15/2041		110,000		110,575
Series F, 4.95%, 12/15/2046		250,000		241,562
Southwestern Electric Power Co.:
6.20%, 3/15/2040		100,000		121,152
Series J, 3.90%, 4/1/2045		64,000		59,068
Southwestern Public Service Co. 6.00%, 10/1/2036		225,000		266,782
Tampa Electric Co.:
4.10%, 6/15/2042		25,000		24,219
4.20%, 5/15/2045		64,000		62,349
4.35%, 5/15/2044		30,000		30,098
6.55%, 5/15/2036		30,000		37,757
Toledo Edison Co. 6.15%, 5/15/2037		7,000		8,213
TransAlta Corp. 6.50%, 3/15/2040		64,000		59,120
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		150,000		145,243
Union Electric Co.:
3.65%, 4/15/2045		60,000		56,798
8.45%, 3/15/2039		64,000		100,182
Virginia Electric & Power Co.:
4.00%, 1/15/2043		89,000		87,774
4.45%, 2/15/2044		94,000		99,391
8.88%, 11/15/2038		164,000		262,794
Series A, 6.00%, 5/15/2037		55,000		67,926
Series B, 4.20%, 5/15/2045		43,000		43,741
Series C, 4.00%, 11/15/2046		110,000		109,600
Series D, 4.65%, 8/15/2043		74,000		80,594
Westar Energy, Inc.:
4.10%, 4/1/2043		30,000		29,607
4.13%, 3/1/2042		64,000		63,770
Wisconsin Electric Power Co.:
3.65%, 12/15/2042		30,000		28,189
4.25%, 6/1/2044		133,000		136,302

See accompanying notes to financial statements.

106

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Wisconsin Power & Light Co.:
4.10%, 10/15/2044	$	77,000	$	78,385
6.38%, 8/15/2037		30,000		38,566
Wisconsin Public Service Corp.
4.75%, 11/1/2044		79,000		87,300
Xcel Energy, Inc. 4.80%, 9/15/2041		130,000		138,662
				24,125,120
ELECTRICAL COMPONENTS & EQUIPMENT — 0.1%
Emerson Electric Co.:
6.00%, 8/15/2032		30,000		36,492
6.13%, 4/15/2039		75,000		94,394
				130,886
ELECTRONICS — 0.4%
Corning, Inc.:
4.75%, 3/15/2042		190,000		185,413
5.75%, 8/15/2040		47,000		51,711
7.25%, 8/15/2036		30,000		35,561
Fortive Corp. 4.30%, 6/15/2046 (d)		75,000		74,544
Honeywell International, Inc.:
5.70%, 3/15/2036		64,000		78,092
5.70%, 3/15/2037		64,000		79,507
Series 30, 5.38%, 3/1/2041		64,000		78,214
Koninklijke Philips NV:
5.00%, 3/15/2042		51,000		52,106
6.88%, 3/11/2038		86,000		106,453
				741,601
ENGINEERING & CONSTRUCTION — 0.0% (a)
ABB Finance USA, Inc. 4.38%, 5/8/2042		39,000		40,875
ENVIRONMENTAL CONTROL — 0.2%
Republic Services, Inc. 6.20%, 3/1/2040		150,000		189,243
Waste Management, Inc.:
3.90%, 3/1/2035		102,000		101,300
4.10%, 3/1/2045 (b)		67,000		66,912
6.13%, 11/30/2039		43,000		54,302
				411,757
FOOD — 1.9%
Ahold Finance USA LLC 6.88%, 5/1/2029		64,000		78,176
Campbell Soup Co. 3.80%, 8/2/2042		37,000		33,550
Conagra Brands, Inc.:
7.00%, 10/1/2028		30,000		36,649
7.13%, 10/1/2026		16,000		19,299
8.25%, 9/15/2030		81,000		107,820
Delhaize America LLC 9.00%, 4/15/2031		30,000		38,984
General Mills, Inc.:
4.15%, 2/15/2043		30,000		28,900
5.40%, 6/15/2040		94,000		106,850
Hershey Co. 3.38%, 8/15/2046 (b)		50,000		44,364
JM Smucker Co.:
4.25%, 3/15/2035		74,000		75,117
4.38%, 3/15/2045		47,000		46,505
Kellogg Co.:
3.25%, 4/1/2026		65,000		63,534
4.50%, 4/1/2046		50,000		48,724
Koninklijke Ahold Delhaize NV 5.70%, 10/1/2040		94,000		104,898
Kraft Heinz Foods Co.:
4.38%, 6/1/2046		250,000		236,893
5.00%, 7/15/2035		377,000		395,763
5.00%, 6/4/2042		383,000		394,176
5.20%, 7/15/2045		169,000		178,376
6.50%, 2/9/2040		154,000		187,741
6.88%, 1/26/2039		129,000		162,180
Kroger Co.:
3.88%, 10/15/2046		25,000		22,910
5.40%, 7/15/2040		94,000		103,738
6.90%, 4/15/2038		130,000		167,519
7.50%, 4/1/2031		133,000		178,713
Sysco Corp.:
4.50%, 4/1/2046		50,000		50,831
4.85%, 10/1/2045		51,000		53,736
5.38%, 9/21/2035		85,000		94,615
6.63%, 3/17/2039		64,000		80,447
Tyson Foods, Inc.:
4.88%, 8/15/2034		256,000		260,800
5.15%, 8/15/2044		30,000		30,750
Unilever Capital Corp. 5.90%, 11/15/2032		163,000		211,747
				3,644,305
FOREST PRODUCTS & PAPER — 0.7%
Domtar Corp.:
6.25%, 9/1/2042		50,000		48,907
6.75%, 2/15/2044		30,000		30,570
Georgia-Pacific LLC:
7.75%, 11/15/2029		64,000		86,655
8.88%, 5/15/2031		86,000		127,437
International Paper Co.:
3.00%, 2/15/2027		50,000		47,164
4.40%, 8/15/2047		525,000		498,004
4.80%, 6/15/2044		98,000		97,469
6.00%, 11/15/2041		64,000		72,082
7.30%, 11/15/2039		77,000		97,907
8.70%, 6/15/2038		124,000		177,337
				1,283,532
GAS — 0.7%
Atmos Energy Corp.:
4.13%, 10/15/2044		73,000		72,853
4.15%, 1/15/2043		16,000		15,817
5.50%, 6/15/2041		30,000		34,863
CenterPoint Energy Resources Corp.:
5.85%, 1/15/2041		86,000		97,060
6.63%, 11/1/2037		64,000		77,699
Dominion Gas Holdings LLC:
4.60%, 12/15/2044		43,000		42,784
4.80%, 11/1/2043		88,000		91,325

See accompanying notes to financial statements.

107

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
KeySpan Corp. 5.80%, 4/1/2035	$	107,000	$	120,852
ONE Gas, Inc. 4.66%, 2/1/2044		81,000		84,622
Piedmont Natural Gas Co., Inc.:
3.64%, 11/1/2046		25,000		22,168
4.10%, 9/18/2034		43,000		42,581
4.65%, 8/1/2043		17,000		17,678
Sempra Energy 6.00%, 10/15/2039		94,000		112,121
Southern California Gas Co. 3.75%, 9/15/2042		30,000		29,105
Southern Co. Gas Capital Corp.:
3.95%, 10/1/2046		200,000		185,244
4.40%, 6/1/2043		34,000		33,651
5.88%, 3/15/2041		107,000		124,022
6.00%, 10/1/2034		30,000		34,866
Southwest Gas Corp. 3.80%, 9/29/2046		100,000		91,179
Washington Gas Light Co. Series K, 3.80%, 9/15/2046		50,000		46,714
				1,377,204
HAND & MACHINE TOOLS — 0.0% (a)
Stanley Black & Decker, Inc. 5.20%, 9/1/2040		30,000		32,751
HEALTH CARE PRODUCTS — 1.6%
Abbott Laboratories:
4.75%, 11/30/2036		250,000		254,208
4.90%, 11/30/2046		300,000		307,302
Baxter International, Inc. 3.50%, 8/15/2046		270,000		226,922
Becton Dickinson and Co.:
4.69%, 12/15/2044		314,000		324,861
4.88%, 5/15/2044		64,000		67,077
6.00%, 5/15/2039		64,000		75,021
Boston Scientific Corp. 7.38%, 1/15/2040		95,000		118,367
Covidien International Finance SA 6.55%, 10/15/2037		94,000		121,035
Danaher Corp. 4.38%, 9/15/2045		56,000		58,746
Medtronic, Inc.:
4.00%, 4/1/2043		100,000		97,025
4.38%, 3/15/2035		204,000		215,436
4.50%, 3/15/2042		64,000		66,990
4.63%, 3/15/2044		124,000		133,516
4.63%, 3/15/2045		387,000		420,626
5.55%, 3/15/2040		94,000		110,524
St. Jude Medical, Inc. 4.75%, 4/15/2043		62,000		60,953
Stryker Corp.:
4.10%, 4/1/2043		190,000		177,637
4.63%, 3/15/2046		115,000		117,039
Thermo Fisher Scientific, Inc. 5.30%, 2/1/2044		36,000		40,113
Zimmer Biomet Holdings, Inc.:
4.25%, 8/15/2035		17,000		15,949
4.45%, 8/15/2045		50,000		47,090
				3,056,437
HEALTH CARE SERVICES — 2.7%
Aetna, Inc.:
4.13%, 11/15/2042		64,000		61,019
4.25%, 6/15/2036		60,000		60,211
4.38%, 6/15/2046		280,000		282,296
4.50%, 5/15/2042		56,000		56,454
6.63%, 6/15/2036		111,000		140,782
6.75%, 12/15/2037		224,000		292,109
Anthem, Inc.:
4.63%, 5/15/2042		129,000		129,561
4.65%, 1/15/2043		129,000		129,375
4.65%, 8/15/2044		104,000		105,519
5.85%, 1/15/2036		124,000		139,908
5.95%, 12/15/2034		8,000		9,086
6.38%, 6/15/2037		137,000		164,667
Ascension Health 4.85%, 11/15/2053		114,000		122,805
Baylor Scott & White Holdings:
3.97%, 11/15/2046		50,000		46,884
4.19%, 11/15/2045		99,000		96,368
Cigna Corp.:
5.38%, 2/15/2042		264,000		293,418
5.88%, 3/15/2041		64,000		73,772
7.88%, 5/15/2027		64,000		84,244
Dignity Health 5.27%, 11/1/2064		39,000		37,844
Humana, Inc.:
4.63%, 12/1/2042		116,000		113,680
4.95%, 10/1/2044		94,000		98,786
Johns Hopkins Health System Corp. 3.84%, 5/15/2046		70,000		66,563
Kaiser Foundation Hospitals 4.88%, 4/1/2042		130,000		139,348
Laboratory Corp. of America Holdings 4.70%, 2/1/2045		152,000		150,363
Mayo Clinic Series 2013, 4.00%, 11/15/2047		64,000		61,039
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		136,000		132,693
New York and Presbyterian Hospital:
3.56%, 8/1/2036		50,000		47,928
4.02%, 8/1/2045		124,000		121,558
4.06%, 8/1/2056		50,000		46,784
Northwell Healthcare, Inc. 3.98%, 11/1/2046		100,000		91,995
NYU Hospitals Center 4.78%, 7/1/2044		99,000		101,282
Ochsner Clinic Foundation 5.90%, 5/15/2045		64,000		73,606
Providence St. Joseph Health Obligated Group Series I, 3.74%, 10/1/2047		50,000		46,348
Quest Diagnostics, Inc. 4.70%, 3/30/2045		94,000		93,517
RWJ Barnabas Health, Inc. 3.95%, 7/1/2046		50,000		46,210

See accompanying notes to financial statements.

108

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Texas Health Resources 4.33%, 11/15/2055	$	56,000	$	54,817
UnitedHealth Group, Inc.:
3.95%, 10/15/2042		43,000		42,013
4.20%, 1/15/2047		80,000		81,502
4.25%, 3/15/2043		94,000		95,652
4.38%, 3/15/2042		124,000		128,216
4.63%, 7/15/2035		43,000		46,880
4.63%, 11/15/2041		64,000		67,853
4.75%, 7/15/2045		354,000		392,324
5.70%, 10/15/2040		64,000		77,432
5.80%, 3/15/2036		130,000		158,035
5.95%, 2/15/2041		64,000		79,883
6.50%, 6/15/2037		24,000		31,026
6.63%, 11/15/2037		64,000		84,582
6.88%, 2/15/2038		120,000		163,686
				5,261,923
HOLDING COMPANIES-DIVERS — 0.0% (a)
Leucadia National Corp. 6.63%, 10/23/2043		17,000		16,617
HOME FURNISHINGS — 0.0% (a)
Whirlpool Corp.:
4.50%, 6/1/2046		35,000		34,170
5.15%, 3/1/2043		30,000		31,972
				66,142
HOUSEHOLD PRODUCTS — 0.3%
Colgate-Palmolive Co. Series MTN, 4.00%, 8/15/2045		64,000		66,019
Estee Lauder Cos., Inc.:
4.38%, 6/15/2045		64,000		66,395
6.00%, 5/15/2037		30,000		36,592
Procter & Gamble Co.:
2.45%, 11/3/2026 (b)		250,000		239,427
5.55%, 3/5/2037		104,000		135,454
				543,887
HOUSEHOLD PRODUCTS & WARES — 0.1%
Kimberly-Clark Corp.:
3.20%, 7/30/2046		25,000		21,822
3.70%, 6/1/2043		107,000		101,889
6.63%, 8/1/2037		114,000		156,582
				280,293
HOUSEWARES — 0.2%
Newell Brands, Inc.:
5.38%, 4/1/2036		95,000		107,261
5.50%, 4/1/2046		210,000		242,466
				349,727
INSURANCE — 4.0%
Aflac, Inc.:
4.00%, 10/15/2046		50,000		47,646
6.45%, 8/15/2040		33,000		43,037
Alleghany Corp. 4.90%, 9/15/2044		77,000		73,544
Allstate Corp.:
4.20%, 12/15/2046		100,000		102,468
4.50%, 6/15/2043		79,000		84,070
5.35%, 6/1/2033		130,000		145,213
5.55%, 5/9/2035		137,000		161,911
American International Group, Inc.:
3.88%, 1/15/2035		124,000		116,022
4.38%, 1/15/2055		86,000		79,273
4.50%, 7/16/2044		564,000		557,779
4.80%, 7/10/2045		64,000		66,426
Aon Corp. 8.21%, 1/1/2027		86,000		110,034
Aon PLC:
4.45%, 5/24/2043		64,000		61,466
4.75%, 5/15/2045		94,000		95,671
Arch Capital Finance LLC 5.03%, 12/15/2046		100,000		105,809
Arch Capital Group US, Inc. 5.14%, 11/1/2043		124,000		128,254
Assurant, Inc. 6.75%, 2/15/2034		30,000		34,427
AXA SA 8.60%, 12/15/2030		73,000		100,498
AXIS Specialty Finance PLC 5.15%, 4/1/2045		30,000		29,809
Berkshire Hathaway Finance Corp.:
4.30%, 5/15/2043		94,000		97,420
4.40%, 5/15/2042		86,000		90,569
5.75%, 1/15/2040		80,000		97,972
Berkshire Hathaway, Inc. 4.50%, 2/11/2043		17,000		18,123
Chubb Corp.:
6.00%, 5/11/2037		134,000		166,754
Series 1, 6.50%, 5/15/2038		100,000		131,730
Chubb INA Holdings, Inc.:
4.15%, 3/13/2043		44,000		44,180
4.35%, 11/3/2045		176,000		186,646
6.70%, 5/15/2036		30,000		39,758
Cincinnati Financial Corp. 6.92%, 5/15/2028		64,000		79,823
Endurance Specialty Holdings, Ltd. 7.00%, 7/15/2034		30,000		35,463
Everest Reinsurance Holdings, Inc. 4.87%, 6/1/2044		64,000		62,267
Hartford Financial Services Group, Inc.:
4.30%, 4/15/2043		86,000		78,806
5.95%, 10/15/2036		64,000		71,964
6.63%, 3/30/2040		30,000		36,814
Lincoln National Corp.:
6.30%, 10/9/2037		94,000		111,663
7.00%, 6/15/2040		64,000		81,299
Loews Corp. 4.13%, 5/15/2043		86,000		82,198
Manulife Financial Corp. 5.38%, 3/4/2046		150,000		172,787
Markel Corp.:
5.00%, 3/30/2043		20,000		19,962
5.00%, 4/5/2046		50,000		50,356
Marsh & McLennan Cos., Inc. 5.88%, 8/1/2033		30,000		35,727
MetLife, Inc.:
4.05%, 3/1/2045		50,000		48,200

See accompanying notes to financial statements.

109

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.13%, 8/13/2042	$	86,000	$	83,248
4.60%, 5/13/2046		99,000		104,539
4.72%, 12/15/2044		107,000		112,618
4.88%, 11/13/2043		86,000		93,276
5.70%, 6/15/2035		114,000		135,467
5.88%, 2/6/2041		172,000		208,502
6.40%, 12/15/2066		150,000		161,895
6.50%, 12/15/2032		93,000		116,659
10.75%, 8/1/2069		99,000		151,881
Nationwide Financial Services, Inc. Series JR, 6.75%, 5/15/2087		100,000		104,500
Principal Financial Group, Inc.:
4.30%, 11/15/2046		100,000		97,558
4.63%, 9/15/2042		30,000		30,720
6.05%, 10/15/2036		94,000		111,236
Progressive Corp.:
2.45%, 1/15/2027		150,000		139,547
4.35%, 4/25/2044		64,000		65,793
6.25%, 12/1/2032		112,000		140,160
Protective Life Corp. 8.45%, 10/15/2039		56,000		74,521
Prudential Financial, Inc.:
4.60%, 5/15/2044		67,000		69,524
5.10%, 8/15/2043		64,000		69,547
5.63%, 5/12/2041		77,000		88,150
5.70%, 12/14/2036		77,000		89,239
6.63%, 12/1/2037		124,000		156,980
6.63%, 6/21/2040		30,000		38,121
Series B, 5.75%, 7/15/2033		47,000		54,321
Series C, 5.40%, 6/13/2035		30,000		33,437
Series MTN, 5.80%, 11/16/2041		50,000		59,043
Travelers Cos., Inc.:
3.75%, 5/15/2046		25,000		23,698
4.30%, 8/25/2045		64,000		66,044
4.60%, 8/1/2043		97,000		104,392
6.25%, 6/15/2037		286,000		366,323
Travelers Property Casualty Corp. 6.38%, 3/15/2033		30,000		38,121
Trinity Acquisition PLC 6.13%, 8/15/2043		50,000		53,483
Unum Group 5.75%, 8/15/2042		30,000		32,133
Validus Holdings, Ltd. 8.88%, 1/26/2040		64,000		83,658
Voya Financial, Inc. 5.70%, 7/15/2043		89,000		97,621
WR Berkley Corp. 4.75%, 8/1/2044		94,000		92,591
XLIT, Ltd.:
5.50%, 3/31/2045		111,000		104,551
6.25%, 5/15/2027		64,000		74,463
				7,711,398
INTERNET — 0.3%
Alibaba Group Holding, Ltd. 4.50%, 11/28/2034 (b)		86,000		86,146
Amazon.com, Inc.:
4.80%, 12/5/2034		131,000		144,369
4.95%, 12/5/2044		249,000		283,656
eBay, Inc. 4.00%, 7/15/2042		74,000		61,841
				576,012
IRON/STEEL — 0.6%
Nucor Corp.:
5.20%, 8/1/2043		87,000		98,754
6.40%, 12/1/2037		64,000		79,750
Vale Overseas, Ltd.:
6.88%, 11/21/2036 (b)		437,000		431,537
6.88%, 11/10/2039 (b)		239,000		233,622
8.25%, 1/17/2034		94,000		104,105
Vale SA 5.63%, 9/11/2042		193,000		171,529
				1,119,297
IT SERVICES — 1.8%
Apple, Inc.:
3.45%, 2/9/2045		220,000		195,767
3.85%, 5/4/2043		527,000		501,667
3.85%, 8/4/2046		250,000		239,478
4.38%, 5/13/2045		202,000		208,163
4.45%, 5/6/2044		153,000		158,955
4.50%, 2/23/2036		175,000		188,106
4.65%, 2/23/2046		505,000		546,334
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
8.10%, 7/15/2036 (d)		175,000		209,167
8.35%, 7/15/2046 (d)		165,000		204,696
Hewlett Packard Enterprise Co.:
6.20%, 10/15/2035		124,000		127,290
6.35%, 10/15/2045		195,000		198,315
HP, Inc. 6.00%, 9/15/2041		129,000		132,274
International Business Machines Corp.:
4.00%, 6/20/2042 (b)		107,000		106,976
4.70%, 2/19/2046		120,000		131,438
5.60%, 11/30/2039		98,000		119,390
5.88%, 11/29/2032		64,000		80,404
6.22%, 8/1/2027		30,000		37,439
6.50%, 1/15/2028		30,000		38,333
Seagate HDD Cayman 5.75%, 12/1/2034		64,000		54,619
				3,478,811
LEISURE TIME — 0.0% (a)
Harley-Davidson, Inc. 4.63%, 7/28/2045		64,000		63,016
LODGING — 0.0% (a)
Marriott International, Inc. 4.50%, 10/1/2034		94,000		92,549
MACHINERY, CONSTRUCTION & MINING — 0.3%
Caterpillar, Inc.:
3.80%, 8/15/2042		258,000		249,292
4.30%, 5/15/2044		64,000		66,790
4.75%, 5/15/2064		17,000		18,143
5.20%, 5/27/2041		86,000		99,498
6.05%, 8/15/2036		64,000		80,209
				513,932

See accompanying notes to financial statements.

110

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
MACHINERY-DIVERSIFIED — 0.2%
Cummins, Inc. 4.88%, 10/1/2043 (b)	$	59,000	$	65,763
Deere & Co.:
3.90%, 6/9/2042		160,000		160,992
5.38%, 10/16/2029		30,000		35,951
7.13%, 3/3/2031		64,000		87,092
Xylem, Inc. 4.38%, 11/1/2046		100,000		98,924
				448,722
MEDIA — 6.0%
21st Century Fox America, Inc.:
4.75%, 9/15/2044		115,000		114,926
4.75%, 11/15/2046 (d)		50,000		50,209
4.95%, 10/15/2045		34,000		35,081
5.40%, 10/1/2043		64,000		69,505
6.15%, 3/1/2037		150,000		175,182
6.15%, 2/15/2041		454,000		535,606
6.20%, 12/15/2034		120,000		141,389
6.40%, 12/15/2035		137,000		163,940
6.55%, 3/15/2033		94,000		113,741
6.90%, 8/15/2039		64,000		80,227
7.75%, 12/1/2045		47,000		65,085
CBS Corp.:
2.90%, 1/15/2027		100,000		92,762
4.60%, 1/15/2045		64,000		61,765
4.85%, 7/1/2042		64,000		63,532
5.50%, 5/15/2033		86,000		89,358
5.90%, 10/15/2040		64,000		71,966
7.88%, 7/30/2030		77,000		104,311
Charter Communications Operating LLC/Charter Communications Operating Capital:
6.38%, 10/23/2035		314,000		354,820
6.48%, 10/23/2045		333,000		383,366
6.83%, 10/23/2055		39,000		45,094
Comcast Corp.:
2.35%, 1/15/2027		65,000		59,870
3.20%, 7/15/2036		100,000		90,337
3.40%, 7/15/2046		117,000		102,288
4.20%, 8/15/2034		358,000		367,211
4.25%, 1/15/2033		193,000		200,944
4.50%, 1/15/2043		64,000		65,949
4.60%, 8/15/2045		200,000		210,742
4.65%, 7/15/2042		178,000		187,511
4.75%, 3/1/2044		99,000		106,351
5.65%, 6/15/2035		114,000		135,597
6.40%, 5/15/2038		214,000		275,900
6.40%, 3/1/2040		94,000		122,436
6.45%, 3/15/2037		247,000		319,704
6.50%, 11/15/2035		264,000		340,967
6.55%, 7/1/2039		86,000		113,627
6.95%, 8/15/2037		207,000		283,077
7.05%, 3/15/2033		64,000		85,882
Discovery Communications LLC 4.88%, 4/1/2043		250,000		232,580
Grupo Televisa SAB:
5.00%, 5/13/2045		114,000		98,543
6.13%, 1/31/2046		150,000		150,853
6.63%, 1/15/2040		99,000		104,259
Historic TW, Inc. 6.63%, 5/15/2029		154,000		187,122
NBCUniversal Media LLC:
4.45%, 1/15/2043		44,000		45,230
5.95%, 4/1/2041		186,000		229,831
6.40%, 4/30/2040		193,000		250,190
Thomson Reuters Corp.:
5.65%, 11/23/2043		64,000		70,044
5.85%, 4/15/2040		94,000		101,960
Time Warner Cable LLC:
4.50%, 9/15/2042		124,000		111,755
5.50%, 9/1/2041		129,000		129,968
5.88%, 11/15/2040		437,000		461,035
6.55%, 5/1/2037		113,000		127,973
6.75%, 6/15/2039		189,000		219,949
7.30%, 7/1/2038		104,000		127,660
Time Warner Cos., Inc. 6.95%, 1/15/2028		124,000		154,560
Time Warner Entertainment Co. L.P. 8.38%, 7/15/2033		154,000		202,510
Time Warner, Inc.:
3.80%, 2/15/2027		70,000		69,721
4.65%, 6/1/2044		160,000		154,590
4.85%, 7/15/2045		92,000		92,378
4.90%, 6/15/2042		112,000		112,112
5.35%, 12/15/2043		166,000		175,799
6.10%, 7/15/2040		114,000		130,668
6.25%, 3/29/2041		169,000		197,302
6.50%, 11/15/2036		190,000		230,723
7.63%, 4/15/2031		265,000		359,364
7.70%, 5/1/2032		81,000		110,422
Viacom, Inc.:
4.38%, 3/15/2043		225,000		179,575
4.85%, 12/15/2034		86,000		77,198
4.88%, 6/15/2043		30,000		25,937
5.25%, 4/1/2044		64,000		58,479
5.85%, 9/1/2043		210,000		206,663
6.88%, 4/30/2036		74,000		79,301
Walt Disney Co.:
4.13%, 6/1/2044		222,000		229,890
4.38%, 8/16/2041		30,000		31,863
Series B, 7.00%, 3/1/2032		94,000		128,060
Series E, 4.13%, 12/1/2041		35,000		35,797
Series MTN, 3.00%, 7/30/2046		50,000		42,706
				11,614,828
METAL FABRICATE & HARDWARE — 0.1%
Precision Castparts Corp.:
3.90%, 1/15/2043		94,000		91,989
4.38%, 6/15/2045		64,000		67,516
Valmont Industries, Inc.:
5.00%, 10/1/2044		30,000		27,001
5.25%, 10/1/2054		30,000		26,060
				212,566
MINING — 1.3%
Barrick Gold Corp. 5.25%, 4/1/2042		164,000		161,535

See accompanying notes to financial statements.

111

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Barrick North America Finance LLC:
5.70%, 5/30/2041	$	81,000	$	83,562
5.75%, 5/1/2043		64,000		67,882
7.50%, 9/15/2038		113,000		132,761
BHP Billiton Finance USA, Ltd.:
4.13%, 2/24/2042		172,000		169,122
5.00%, 9/30/2043		276,000		308,016
Goldcorp, Inc. 5.45%, 6/9/2044		64,000		62,932
Newmont Mining Corp.:
4.88%, 3/15/2042		94,000		88,874
5.88%, 4/1/2035		104,000		111,250
6.25%, 10/1/2039		56,000		61,691
Rio Tinto Alcan, Inc.:
5.75%, 6/1/2035		64,000		67,458
6.13%, 12/15/2033		69,000		74,767
7.25%, 3/15/2031		64,000		75,713
Rio Tinto Finance USA PLC 4.13%, 8/21/2042		43,000		42,493
Rio Tinto Finance USA, Ltd.:
5.20%, 11/2/2040 (b)		30,000		34,415
7.13%, 7/15/2028		154,000		199,857
Southern Copper Corp.:
5.25%, 11/8/2042		154,000		142,381
5.88%, 4/23/2045 (b)		178,000		174,664
6.75%, 4/16/2040		275,000		295,026
7.50%, 7/27/2035 (b)		172,000		199,303
				2,553,702
MISCELLANEOUS MANUFACTURER — 1.1%
3M Co.:
5.70%, 3/15/2037		164,000		206,719
Series MTN, 3.13%, 9/19/2046		50,000		44,621
Series MTN, 3.88%, 6/15/2044		135,000		134,255
Dover Corp. 5.38%, 3/1/2041		132,000		154,769
Eaton Corp.:
4.00%, 11/2/2032		74,000		72,512
4.15%, 11/2/2042		194,000		190,364
General Electric Co.:
4.13%, 10/9/2042		214,000		215,267
4.50%, 3/11/2044		333,000		355,451
Illinois Tool Works, Inc.:
2.65%, 11/15/2026		200,000		190,896
3.90%, 9/1/2042 (b)		86,000		86,348
4.88%, 9/15/2041		77,000		85,487
Ingersoll-Rand Global Holding Co., Ltd. 5.75%, 6/15/2043		64,000		75,979
Ingersoll-Rand Luxembourg Finance SA 4.65%, 11/1/2044		50,000		50,625
Parker-Hannifin Corp.:
4.45%, 11/21/2044		77,000		81,737
Series MTN, 4.20%, 11/21/2034		119,000		122,241
Tyco Electronics Group SA 7.13%, 10/1/2037		64,000		83,551
				2,150,822
OFFICE & BUSINESS EQUIPMENT — 0.0% (a)
Xerox Corp. 4.80%, 3/1/2035 (b)		64,000		57,697
OIL & GAS — 6.1%
Anadarko Petroleum Corp.:
4.50%, 7/15/2044		47,000		44,282
6.20%, 3/15/2040		167,000		192,088
6.45%, 9/15/2036		564,000		670,133
6.60%, 3/15/2046		265,000		327,347
Apache Corp.:
4.25%, 1/15/2044		172,000		170,115
5.10%, 9/1/2040		249,000		259,204
5.25%, 2/1/2042		47,000		49,765
6.00%, 1/15/2037		523,000		599,609
BP Capital Markets PLC:
3.02%, 1/16/2027		100,000		96,423
3.72%, 11/28/2028		115,000		116,680
Burlington Resources Finance Co. 7.20%, 8/15/2031		81,000		104,871
Canadian Natural Resources, Ltd.:
5.85%, 2/1/2035		43,000		45,299
6.50%, 2/15/2037		124,000		142,782
6.75%, 2/1/2039		86,000		100,734
7.20%, 1/15/2032		30,000		35,496
Conoco Funding Co. 7.25%, 10/15/2031		148,000		192,504
ConocoPhillips 6.50%, 2/1/2039		304,000		385,025
ConocoPhillips Co.:
4.30%, 11/15/2044		124,000		123,549
5.90%, 10/15/2032		77,000		89,682
5.95%, 3/15/2046 (b)		50,000		61,598
ConocoPhillips Holding Co. 6.95%, 4/15/2029		144,000		181,100
Devon Energy Corp.:
4.75%, 5/15/2042		124,000		117,335
5.00%, 6/15/2045		64,000		62,720
5.60%, 7/15/2041		400,000		413,000
7.95%, 4/15/2032		42,000		53,025
Devon Financing Co. LLC 7.88%, 9/30/2031		146,000		184,507
Encana Corp.:
6.50%, 8/15/2034		145,000		156,419
6.50%, 2/1/2038		100,000		108,076
Eni USA, Inc. 7.30%, 11/15/2027		30,000		37,078
EOG Resources, Inc.:
3.90%, 4/1/2035		76,000		72,407
5.10%, 1/15/2036		86,000		93,933
Exxon Mobil Corp.:
3.57%, 3/6/2045		51,000		47,430
4.11%, 3/1/2046		241,000		247,239
Hess Corp.:
4.30%, 4/1/2027		100,000		98,875
5.60%, 2/15/2041		154,000		154,577
5.80%, 4/1/2047 (b)		100,000		103,625
6.00%, 1/15/2040		117,000		120,949
7.13%, 3/15/2033		50,000		57,375
7.30%, 8/15/2031		73,000		83,494
7.88%, 10/1/2029		86,000		103,952
Husky Energy, Inc. 6.80%, 9/15/2037		30,000		35,313

See accompanying notes to financial statements.

112

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Kerr-McGee Corp. 7.88%, 9/15/2031	$	86,000	$	109,665
Marathon Oil Corp.:
5.20%, 6/1/2045 (b)		64,000		60,160
6.80%, 3/15/2032		64,000		70,800
Marathon Petroleum Corp.:
4.75%, 9/15/2044		64,000		56,593
5.00%, 9/15/2054		94,000		79,921
5.85%, 12/15/2045		86,000		85,320
6.50%, 3/1/2041		73,000		78,163
Noble Energy, Inc.:
5.05%, 11/15/2044		94,000		94,739
5.25%, 11/15/2043		72,000		73,369
6.00%, 3/1/2041		172,000		190,475
Occidental Petroleum Corp.:
3.00%, 2/15/2027		100,000		96,966
4.10%, 2/15/2047		100,000		97,452
4.40%, 4/15/2046		200,000		203,206
4.63%, 6/15/2045		51,000		53,357
Petro-Canada:
5.35%, 7/15/2033		64,000		69,843
5.95%, 5/15/2035		64,000		75,730
6.80%, 5/15/2038		164,000		211,960
Phillips 66:
4.65%, 11/15/2034		145,000		150,604
4.88%, 11/15/2044		162,000		170,959
5.88%, 5/1/2042		220,000		260,097
Shell International Finance B.V.:
3.63%, 8/21/2042		107,000		96,899
3.75%, 9/12/2046		100,000		92,268
4.00%, 5/10/2046		350,000		336,056
4.13%, 5/11/2035		501,000		508,435
4.38%, 5/11/2045		163,000		165,236
4.55%, 8/12/2043		189,000		195,696
5.50%, 3/25/2040		124,000		144,503
6.38%, 12/15/2038		314,000		403,374
Suncor Energy, Inc.:
6.50%, 6/15/2038		186,000		238,441
6.85%, 6/1/2039		64,000		84,394
Tosco Corp.:
7.80%, 1/1/2027		186,000		238,067
8.13%, 2/15/2030		64,000		87,273
Valero Energy Corp.:
4.90%, 3/15/2045		64,000		63,616
6.63%, 6/15/2037		174,000		203,326
7.50%, 4/15/2032		77,000		95,477
10.50%, 3/15/2039		64,000		96,963
XTO Energy, Inc. 6.75%, 8/1/2037		125,000		170,672
				11,849,690
OIL & GAS SERVICES — 0.8%
Baker Hughes, Inc.:
5.13%, 9/15/2040		224,000		245,923
6.88%, 1/15/2029		27,000		32,712
Halliburton Co.:
4.50%, 11/15/2041		69,000		67,989
4.75%, 8/1/2043		64,000		65,870
4.85%, 11/15/2035		139,000		147,038
5.00%, 11/15/2045		339,000		362,825
6.70%, 9/15/2038		124,000		153,878
7.45%, 9/15/2039		100,000		134,855
National Oilwell Varco, Inc. 3.95%, 12/1/2042		334,000		256,422
				1,467,512
PACKAGING & CONTAINERS — 0.1%
Sonoco Products Co. 5.75%, 11/1/2040		77,000		85,876
WestRock MWV LLC 7.95%, 2/15/2031		64,000		84,603
				170,479
PHARMACEUTICALS — 5.4%
Abbott Laboratories:
5.30%, 5/27/2040 (b)		142,000		152,376
6.00%, 4/1/2039		105,000		124,773
AbbVie, Inc.:
4.30%, 5/14/2036		111,000		106,183
4.40%, 11/6/2042		284,000		268,491
4.45%, 5/14/2046		160,000		152,979
4.50%, 5/14/2035		269,000		265,221
4.70%, 5/14/2045		432,000		426,941
Actavis Funding SCS:
4.55%, 3/15/2035		352,000		346,016
4.75%, 3/15/2045		267,000		263,604
4.85%, 6/15/2044		201,000		201,074
Actavis, Inc. 4.63%, 10/1/2042		190,000		183,836
AmerisourceBergen Corp. 4.25%, 3/1/2045		64,000		61,581
AstraZeneca PLC:
4.00%, 9/18/2042		154,000		146,460
4.38%, 11/16/2045		143,000		143,323
6.45%, 9/15/2037		309,000		400,649
Baxalta, Inc. 5.25%, 6/23/2045		147,000		156,568
Bristol-Myers Squibb Co.:
3.25%, 8/1/2042		144,000		128,812
5.88%, 11/15/2036		149,000		186,068
Cardinal Health, Inc.:
4.50%, 11/15/2044		64,000		63,259
4.60%, 3/15/2043		39,000		38,782
Eli Lilly & Co.:
3.70%, 3/1/2045		64,000		60,952
5.50%, 3/15/2027		86,000		102,862
5.55%, 3/15/2037		86,000		102,687
Express Scripts Holding Co.:
3.40%, 3/1/2027 (b)		20,000		18,790
4.80%, 7/15/2046		115,000		110,455
6.13%, 11/15/2041 (b)		77,000		88,449
GlaxoSmithKline Capital, Inc.:
4.20%, 3/18/2043		30,000		30,938
6.38%, 5/15/2038		424,000		560,443
Johnson & Johnson:
3.55%, 3/1/2036		195,000		194,520
3.70%, 3/1/2046		255,000		252,404
4.38%, 12/5/2033		121,000		132,948
4.50%, 9/1/2040		47,000		52,398

See accompanying notes to financial statements.

113

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.50%, 12/5/2043	$	30,000	$	33,260
4.95%, 5/15/2033		64,000		74,556
5.85%, 7/15/2038		77,000		100,500
5.95%, 8/15/2037		112,000		147,463
6.95%, 9/1/2029		86,000		116,940
McKesson Corp.:
4.88%, 3/15/2044 (b)		86,000		87,760
6.00%, 3/1/2041		30,000		34,555
Mead Johnson Nutrition Co. 4.60%, 6/1/2044		39,000		37,814
Merck & Co., Inc.:
3.60%, 9/15/2042		64,000		60,556
3.70%, 2/10/2045		236,000		225,165
6.50%, 12/1/2033		86,000		112,054
6.55%, 9/15/2037		43,000		57,927
Merck Sharp & Dohme Corp.:
5.75%, 11/15/2036		50,000		60,999
5.85%, 6/30/2039		164,000		204,100
5.95%, 12/1/2028		210,000		258,147
Mylan NV 5.25%, 6/15/2046 (d)		235,000		216,971
Mylan, Inc. 5.40%, 11/29/2043 (b)		105,000		98,957
Novartis Capital Corp.:
3.70%, 9/21/2042		64,000		61,305
4.00%, 11/20/2045		179,000		180,842
4.40%, 5/6/2044		374,000		401,837
Perrigo Finance Unlimited Co. 4.90%, 12/15/2044		129,000		118,668
Pfizer, Inc.:
4.00%, 12/15/2036		250,000		255,413
4.13%, 12/15/2046		220,000		224,811
4.30%, 6/15/2043		244,000		253,994
4.40%, 5/15/2044		64,000		67,459
7.20%, 3/15/2039		342,000		495,469
Teva Pharmaceutical Finance Co. LLC 6.15%, 2/1/2036 (b)		94,000		105,375
Teva Pharmaceutical Finance Netherlands III B.V. 4.10%, 10/1/2046 (b)		200,000		171,084
Wyeth LLC:
5.95%, 4/1/2037		210,000		264,325
6.00%, 2/15/2036		124,000		154,467
6.50%, 2/1/2034		107,000		138,588
Zoetis, Inc. 4.70%, 2/1/2043		108,000		103,969
				10,450,172
PIPELINES — 4.3%
Buckeye Partners L.P.:
3.95%, 12/1/2026 (b)		75,000		73,093
5.85%, 11/15/2043		64,000		66,591
Columbia Pipeline Group, Inc. 5.80%, 6/1/2045		86,000		99,230
El Paso Natural Gas Co. LLC 8.38%, 6/15/2032		64,000		79,203
Enable Midstream Partners L.P. 5.00%, 5/15/2044		51,000		43,286
Enbridge Energy Partners L.P.:
5.50%, 9/15/2040		94,000		93,321
Series B, 7.50%, 4/15/2038		64,000		75,619
Enbridge, Inc.:
4.50%, 6/10/2044		64,000		59,247
5.50%, 12/1/2046		100,000		107,291
Energy Transfer Partners L.P.:
4.90%, 3/15/2035		64,000		59,981
5.15%, 2/1/2043		250,000		233,385
5.15%, 3/15/2045		124,000		118,793
5.95%, 10/1/2043		64,000		66,470
6.05%, 6/1/2041		146,000		150,179
6.13%, 12/15/2045		64,000		68,337
6.50%, 2/1/2042		64,000		69,319
6.63%, 10/15/2036		30,000		32,684
7.50%, 7/1/2038		64,000		74,921
EnLink Midstream Partners L.P. 5.05%, 4/1/2045		100,000		90,125
Enterprise Products Operating LLC:
3.95%, 2/15/2027 (b)		20,000		20,447
4.45%, 2/15/2043		24,000		22,843
4.85%, 8/15/2042		154,000		154,382
4.85%, 3/15/2044		274,000		277,187
4.95%, 10/15/2054		107,000		105,089
5.10%, 2/15/2045		225,000		236,234
5.70%, 2/15/2042		100,000		110,749
5.95%, 2/1/2041		192,000		216,357
6.13%, 10/15/2039		64,000		73,438
6.45%, 9/1/2040		50,000		59,665
7.55%, 4/15/2038		73,000		93,524
Series D, 6.88%, 3/1/2033		86,000		103,001
Series H, 6.65%, 10/15/2034		64,000		76,249
Kinder Morgan Energy Partners L.P.:
4.70%, 11/1/2042		124,000		114,843
5.00%, 8/15/2042		49,000		47,170
5.00%, 3/1/2043		30,000		28,827
5.40%, 9/1/2044		64,000		64,367
5.50%, 3/1/2044		126,000		129,192
5.63%, 9/1/2041		64,000		64,692
5.80%, 3/15/2035		64,000		67,324
6.38%, 3/1/2041		64,000		69,751
6.50%, 2/1/2037		64,000		69,709
6.50%, 9/1/2039		50,000		55,279
6.55%, 9/15/2040		30,000		33,208
6.95%,1/15/2038		77,000		89,541
7.30%, 8/15/2033		164,000		193,035
7.40%, 3/15/2031		107,000		125,430
7.50%, 11/15/2040		64,000		76,485
Kinder Morgan, Inc.:
5.05%, 2/15/2046		124,000		122,989
5.55%, 6/1/2045		294,000		308,150
Series GMTN, 7.75%, 1/15/2032		193,000		237,099
Magellan Midstream Partners L.P.:
4.20%, 12/1/2042		64,000		58,115
4.20%, 3/15/2045		64,000		58,173
4.25%, 9/15/2046		70,000		65,717
ONEOK Partners L.P.:
6.13%, 2/1/2041		64,000		70,264
6.20%, 9/15/2043		112,000		125,421
6.65%, 10/1/2036		86,000		97,545

See accompanying notes to financial statements.

114

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Phillips 66 Partners L.P.:
4.68%, 2/15/2045	$	39,000	$	36,232
4.90%, 10/1/2046		50,000		48,272
Plains All American Pipeline L.P./PAA Finance Corp.:
4.70%, 6/15/2044		94,000		83,718
4.90%, 2/15/2045		80,000		74,300
5.15%, 6/1/2042		64,000		59,590
6.65%, 1/15/2037		142,000		155,916
Southern Natural Gas Co. LLC 8.00%, 3/1/2032		73,000		91,670
Spectra Energy Capital LLC 7.50%, 9/15/2038		64,000		77,312
Spectra Energy Partners L.P.:
4.50%, 3/15/2045		110,000		104,377
5.95%, 9/25/2043		94,000		106,354
Sunoco Logistics Partners Operations L.P.:
4.95%, 1/15/2043		50,000		46,170
5.30%, 4/1/2044		102,000		99,205
6.10%, 2/15/2042		64,000		66,445
6.85%, 2/15/2040		94,000		103,968
Tennessee Gas Pipeline Co. LLC 7.63%, 4/1/2037		100,000		121,022
Texas Eastern Transmission L.P. 7.00%, 7/15/2032		64,000		76,179
TransCanada PipeLines, Ltd.:
4.63%, 3/1/2034		202,000		212,906
5.00%, 10/16/2043 (b)		94,000		103,582
5.60%, 3/31/2034		100,000		113,501
6.10%, 6/1/2040		124,000		152,172
7.25%, 8/15/2038		74,000		100,556
7.63%, 1/15/2039		73,000		103,601
Transcontinental Gas Pipe Line Co. LLC:
4.45%, 8/1/2042		15,000		13,382
5.40%, 8/15/2041		30,000		30,549
Western Gas Partners L.P. 5.45%, 4/1/2044		130,000		132,925
Williams Partners L.P.:
4.90%, 1/15/2045		186,000		171,940
5.10%, 9/15/2045		114,000		108,020
5.40%, 3/4/2044		94,000		91,129
5.80%, 11/15/2043		30,000		30,213
6.30%, 4/15/2040		174,000		186,631
				8,484,403
REAL ESTATE — 0.0% (a)
Omega Healthcare Investors, Inc. 4.50%, 4/1/2027 (b)		63,000		60,015
REAL ESTATE INVESTMENT TRUSTS — 1.1%
Alexandria Real Estate Equities, Inc. 3.95%, 1/15/2027		50,000		49,406
American Tower Corp. 3.13%, 1/15/2027		225,000		207,725
AvalonBay Communities, Inc. Series MTN, 3.90%, 10/15/2046		50,000		46,068
Brandywine Operating Partnership L.P. 4.55%, 10/1/2029		30,000		29,382
ERP Operating L.P. 4.50%, 7/1/2044		274,000		277,370
Federal Realty Investment Trust:
3.63%, 8/1/2046		20,000		17,439
4.50%, 12/1/2044		64,000		64,986
HCP, Inc. 6.75%, 2/1/2041		30,000		35,006
Kilroy Realty L.P. 4.25%, 8/15/2029		86,000		83,602
Kimco Realty Corp.:
4.13%, 12/1/2046		50,000		46,495
4.25%, 4/1/2045		85,000		81,965
Realty Income Corp. 3.00%, 1/15/2027		300,000		281,286
Simon Property Group L.P.:
4.25%, 10/1/2044		86,000		85,036
4.25%, 11/30/2046		150,000		147,723
6.75%, 2/1/2040		73,000		97,602
Ventas Realty L.P. 5.70%, 9/30/2043		64,000		71,635
Welltower, Inc. 6.50%, 3/15/2041		69,000		82,516
Weyerhaeuser Co.:
6.95%, 10/1/2027		19,000		22,809
7.38%, 3/15/2032		324,000		411,023
				2,139,074
RETAIL — 4.5%
Bed Bath & Beyond, Inc.:
4.92%, 8/1/2034		43,000		42,485
5.17%, 8/1/2044		90,000		82,202
CVS Health Corp.:
4.88%, 7/20/2035		74,000		80,216
5.13%, 7/20/2045		489,000		545,494
5.30%, 12/5/2043		212,000		240,213
Darden Restaurants, Inc. 6.80%, 10/15/2037		30,000		34,163
Home Depot, Inc.:
3.50%, 9/15/2056		55,000		48,493
4.20%, 4/1/2043		224,000		231,215
4.25%, 4/1/2046		202,000		212,787
4.40%, 3/15/2045		175,000		186,393
4.88%, 2/15/2044		264,000		298,808
5.40%, 9/15/2040		49,000		58,388
5.88%, 12/16/2036		236,000		298,450
5.95%, 4/1/2041		72,000		91,381
Kohl’s Corp. 5.55%, 7/17/2045		55,000		52,541
Lowe’s Cos., Inc.:
3.70%, 4/15/2046		250,000		234,910
4.25%, 9/15/2044		43,000		43,550
4.38%, 9/15/2045		50,000		51,639
4.65%, 4/15/2042		69,000		73,754
5.00%, 9/15/2043		124,000		138,193
5.50%, 10/15/2035		64,000		74,894
5.80%, 10/15/2036		94,000		113,862
5.80%, 4/15/2040		64,000		78,385
6.65%, 9/15/2037		80,000		106,110

See accompanying notes to financial statements.

115

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Macy’s Retail Holdings, Inc.:
4.50%, 12/15/2034	$	43,000	$	38,129
5.13%, 1/15/2042		94,000		87,063
6.38%, 3/15/2037 (b)		77,000		81,186
6.70%, 7/15/2034 (b)		30,000		32,852
6.90%, 1/15/2032		71,000		77,215
McDonald’s Corp.:
3.63%, 5/1/2043		64,000		56,332
3.70%, 2/15/2042		112,000		100,430
4.60%, 5/26/2045		41,000		42,036
5.70%, 2/1/2039		50,000		57,405
Series MTN, 4.88%, 12/9/2045		239,000		255,130
Series MTN, 6.30%, 10/15/2037 (b)		100,000		124,978
Series MTN, 6.30%, 3/1/2038		154,000		189,942
Nordstrom, Inc.:
5.00%, 1/15/2044 (b)		64,000		63,431
6.95%, 3/15/2028		30,000		36,366
QVC, Inc. 5.45%, 8/15/2034		112,000		100,800
Starbucks Corp. 4.30%, 6/15/2045 (b)		43,000		45,055
Target Corp.:
3.63%, 4/15/2046 (b)		25,000		23,309
4.00%, 7/1/2042 (b)		114,000		113,775
6.35%, 11/1/2032		151,000		191,100
6.50%, 10/15/2037		86,000		114,291
7.00%, 1/15/2038		143,000		200,131
Tiffany & Co. 4.90%, 10/1/2044		47,000		43,559
Wal-Mart Stores, Inc.:
4.00%, 4/11/2043		284,000		285,789
4.30%, 4/22/2044		112,000		118,359
4.75%, 10/2/2043		94,000		105,997
4.88%, 7/8/2040		112,000		126,439
5.00%, 10/25/2040		287,000		331,416
5.25%, 9/1/2035		327,000		392,443
5.63%, 4/1/2040		199,000		246,247
5.63%, 4/15/2041		236,000		292,220
5.88%, 4/5/2027		124,000		152,783
6.20%, 4/15/2038		271,000		358,986
6.50%, 8/15/2037		166,000		225,282
7.55%, 2/15/2030		97,000		139,904
Walgreens Boots Alliance, Inc.:
4.50%, 11/18/2034		235,000		236,351
4.65%, 6/1/2046		20,000		20,283
4.80%, 11/18/2044		166,000		170,743
				8,696,283
SEMICONDUCTORS — 0.8%
Analog Devices, Inc.:
4.50%, 12/5/2036		40,000		40,790
5.30%, 12/15/2045		136,000		149,581
Applied Materials, Inc.:
5.10%, 10/1/2035		86,000		95,298
5.85%, 6/15/2041		64,000		76,852
Intel Corp.:
4.00%, 12/15/2032		224,000		231,959
4.10%, 5/19/2046		300,000		299,352
4.25%, 12/15/2042		124,000		126,625
4.80%, 10/1/2041		30,000		33,198
4.90%, 7/29/2045		99,000		111,636
KLA-Tencor Corp. 5.65%, 11/1/2034		62,000		66,018
QUALCOMM, Inc.:
4.65%, 5/20/2035		54,000		56,989
4.80%, 5/20/2045		207,000		221,405
				1,509,703
SOFTWARE — 2.7%
Fidelity National Information Services, Inc. 4.50%, 8/15/2046		25,000		23,755
Microsoft Corp.:
3.45%, 8/8/2036		450,000		427,352
3.50%, 2/12/2035		107,000		103,215
3.50%, 11/15/2042		64,000		59,166
3.70%, 8/8/2046		600,000		566,700
3.75%, 5/1/2043		140,000		133,251
3.75%, 2/12/2045		350,000		332,941
3.95%, 8/8/2056		250,000		235,438
4.00%, 2/12/2055		234,000		221,516
4.20%, 11/3/2035		124,000		130,293
4.45%, 11/3/2045		259,000		276,110
4.50%, 10/1/2040		146,000		156,366
4.75%, 11/3/2055		124,000		134,702
4.88%, 12/15/2043		86,000		96,705
5.20%, 6/1/2039		104,000		122,228
5.30%, 2/8/2041		137,000		164,031
Oracle Corp.:
3.25%, 5/15/2030 (b)		219,000		213,122
3.85%, 7/15/2036		150,000		146,799
3.90%, 5/15/2035		4,000		3,949
4.00%, 7/15/2046		575,000		550,212
4.13%, 5/15/2045		137,000		133,478
4.30%, 7/8/2034		243,000		251,352
4.50%, 7/8/2044		103,000		106,306
5.38%, 7/15/2040		176,000		204,192
6.13%, 7/8/2039		159,000		200,812
6.50%, 4/15/2038		224,000		293,106
				5,287,097
TELECOMMUNICATIONS — 8.3%
America Movil SAB de CV:
4.38%, 7/16/2042		257,000		239,321
6.13%, 3/30/2040 (b)		129,000		148,253
6.38%, 3/1/2035		120,000		140,226
AT&T Corp. 8.25%, 11/15/2031		124,000		170,190
AT&T Mobility LLC 7.13%, 12/15/2031		100,000		124,959
AT&T, Inc.:
4.30%, 12/15/2042		343,000		307,074
4.35%, 6/15/2045		451,000		403,068
4.50%, 5/15/2035		212,000		205,087
4.50%, 3/9/2048		326,000		295,499
4.55%, 3/9/2049		317,000		287,982
4.75%, 5/15/2046		23,000		21,847
4.80%, 6/15/2044		405,000		382,891
5.15%, 3/15/2042		219,000		218,442
5.35%, 9/1/2040		241,000		246,362

See accompanying notes to financial statements.

116

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.55%, 8/15/2041	$	343,000	$	359,773
5.65%, 2/15/2047		464,000		499,988
6.00%, 8/15/2040		106,000		117,211
6.30%, 1/15/2038		267,000		304,447
6.35%, 3/15/2040		100,000		114,503
6.38%, 3/1/2041		274,000		315,758
6.50%, 9/1/2037		124,000		144,999
6.55%, 2/15/2039		154,000		179,880
British Telecommunications PLC 9.13%, 12/15/2030		249,000		378,505
Cisco Systems, Inc.:
5.50%, 1/15/2040		239,000		292,065
5.90%, 2/15/2039		169,000		215,096
Deutsche Telekom International Finance B.V.:
8.75%, 6/15/2030		564,000		822,735
9.25%, 6/1/2032		86,000		132,422
Juniper Networks, Inc. 5.95%, 3/15/2041		64,000		65,402
Koninklijke KPN NV 8.38%, 10/1/2030		124,000		166,043
Motorola Solutions, Inc. 5.50%, 9/1/2044		94,000		89,238
New Cingular Wireless Services, Inc. 8.75%, 3/1/2031		64,000		91,154
Orange SA:
5.38%, 1/13/2042		124,000		139,535
5.50%, 2/6/2044		94,000		108,250
9.00%, 3/1/2031		442,000		660,790
Pacific Bell Telephone Co. 7.13%, 3/15/2026		64,000		76,998
Qwest Corp.:
6.88%, 9/15/2033		51,000		48,578
7.13%, 11/15/2043		47,000		44,944
7.25%, 10/15/2035		64,000		60,880
Rogers Communications, Inc.:
4.50%, 3/15/2043		86,000		84,604
5.45%, 10/1/2043		124,000		137,295
7.50%, 8/15/2038		30,000		39,421
Telefonica Emisiones SAU 7.05%, 6/20/2036		489,000		567,538
Telefonica Europe B.V. 8.25%, 9/15/2030		254,000		332,544
TELUS Corp. 2.80%, 2/16/2027		100,000		93,430
Verizon Communications, Inc.:
3.85%, 11/1/2042		154,000		133,298
4.13%, 8/15/2046		205,000		185,472
4.27%, 1/15/2036		250,000		241,720
4.40%, 11/1/2034		486,000		478,982
4.52%, 9/15/2048		605,000		579,118
4.67%, 3/15/2055		755,000		712,863
4.75%, 11/1/2041		94,000		92,805
4.86%, 8/21/2046		694,000		701,134
5.01%, 8/21/2054		841,000		839,099
5.05%, 3/15/2034		154,000		163,027
5.85%, 9/15/2035		165,000		189,288
6.00%, 4/1/2041		287,000		331,342
6.40%, 9/15/2033		10,000		12,098
6.40%, 2/15/2038		50,000		60,356
6.55%, 9/15/2043		730,000		912,405
Vodafone Group PLC:
4.38%, 2/19/2043		328,000		291,284
6.15%, 2/27/2037		180,000		202,637
6.25%, 11/30/2032		64,000		73,361
7.88%, 2/15/2030		112,000		146,614
				16,222,130
TOYS/GAMES/HOBBIES — 0.1%
Hasbro, Inc.:
5.10%, 5/15/2044		64,000		63,780
6.35%, 3/15/2040		80,000		92,768
Mattel, Inc. 6.20%, 10/1/2040		64,000		69,938
				226,486
TRANSPORTATION — 3.3%
Burlington Northern Santa Fe LLC:
3.90%, 8/1/2046		170,000		166,656
4.15%, 4/1/2045		237,000		240,948
4.38%, 9/1/2042		43,000		44,645
4.40%, 3/15/2042		77,000		79,718
4.45%, 3/15/2043		64,000		67,496
4.55%, 9/1/2044		43,000		46,078
4.70%, 9/1/2045		64,000		70,301
4.90%, 4/1/2044		39,000		43,865
4.95%, 9/15/2041		271,000		301,661
5.05%, 3/1/2041		104,000		117,386
5.15%, 9/1/2043		142,000		162,965
6.15%, 5/1/2037		64,000		81,659
6.20%, 8/15/2036		100,000		127,725
Canadian National Railway Co.:
3.20%, 8/2/2046		50,000		44,085
4.50%, 11/7/2043		30,000		31,953
6.25%, 8/1/2034		64,000		81,930
6.38%, 11/15/2037		139,000		182,693
6.90%, 7/15/2028		150,000		198,873
Canadian Pacific Railway Co.:
4.80%, 9/15/2035		101,000		109,076
5.75%, 3/15/2033		43,000		49,202
5.75%, 1/15/2042		64,000		76,799
5.95%, 5/15/2037		94,000		113,420
6.13%, 9/15/2115		39,000		47,002
CSX Corp.:
3.80%, 11/1/2046		100,000		93,090
4.10%, 3/15/2044		69,000		66,920
4.25%, 11/1/2066		75,000		68,862
4.40%, 3/1/2043		64,000		64,696
4.50%, 8/1/2054		125,000		122,503
4.75%, 5/30/2042		92,000		96,995
5.50%, 4/15/2041		50,000		56,644
6.00%, 10/1/2036		34,000		40,414
6.15%, 5/1/2037		124,000		151,020
6.22%, 4/30/2040		73,000		91,386
FedEx Corp.:
3.88%, 8/1/2042		57,000		51,869
3.90%, 2/1/2035		64,000		61,464
4.10%, 4/15/2043		6,000		5,620
4.10%, 2/1/2045		125,000		118,194

See accompanying notes to financial statements.

117

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.50%, 2/1/2065	$	64,000	$	59,485
4.55%, 4/1/2046		230,000		232,521
4.75%, 11/15/2045		119,000		123,633
4.90%, 1/15/2034		77,000		82,713
5.10%, 1/15/2044		94,000		102,360
Kansas City Southern 4.95%, 8/15/2045		124,000		126,691
Norfolk Southern Corp.:
3.95%, 10/1/2042		50,000		47,573
4.45%, 6/15/2045		64,000		66,460
4.65%, 1/15/2046 (b)		130,000		139,281
4.84%, 10/1/2041		76,000		82,614
6.00%, 3/15/2105		64,000		74,283
6.00%, 5/23/2111		64,000		75,284
7.25%, 2/15/2031		100,000		132,635
7.80%, 5/15/2027		64,000		85,749
Union Pacific Corp.:
3.35%, 8/15/2046		50,000		45,050
3.38%, 2/1/2035		50,000		47,453
3.80%, 10/1/2051		259,000		242,453
3.88%, 2/1/2055		69,000		63,566
4.05%, 11/15/2045		145,000		145,654
4.05%, 3/1/2046		130,000		131,044
4.30%, 6/15/2042		110,000		113,512
4.38%, 11/15/2065		34,000		34,028
United Parcel Service of America, Inc. 8.38%, 4/1/2030 (c)		86,000		120,830
United Parcel Service, Inc.:
3.40%, 11/15/2046		50,000		46,144
3.63%, 10/1/2042		20,000		19,082
4.88%, 11/15/2040		69,000		79,341
6.20%, 1/15/2038		207,000		273,368
				6,368,620
TRUCKING & LEASING — 0.0% (a)
GATX Corp. 5.20%, 3/15/2044		64,000		64,066
WATER — 0.2%
American Water Capital Corp.:
4.00%, 12/1/2046		75,000		75,276
4.30%, 12/1/2042		94,000		97,601
6.59%, 10/15/2037		94,000		125,226
				298,103
TOTAL CORPORATE BONDS & NOTES (Cost $197,657,272)				192,673,861
	Shares
SHORT-TERM INVESTMENTS — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		570,036		570,036
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		114,178		114,178
TOTAL SHORT-TERM INVESTMENTS (Cost $684,214)				684,214
TOTAL INVESTMENTS — 99.1% (Cost $198,341,486)				193,358,075
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				1,693,867
NET ASSETS — 100.0%			$	195,051,942

(a) Amount is less than 0.05% of net assets.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) Step-up bond — Coupon rate increases in increments to maturity. Rate shown as of December 31, 2016. Maturity date shown is the final maturity.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.0% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Advertising	$	—	$	84,218	$	—	$	84,218
Aerospace & Defense		—		3,712,616		—		3,712,616
Agriculture		—		2,127,632		—		2,127,632
Airlines		—		558,666		—		558,666

See accompanying notes to financial statements.

118

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Apparel	$	—	$	333,208	$	—	$	333,208
Auto Manufacturers		—		2,360,437		—		2,360,437
Auto Parts & Equipment		—		94,223		—		94,223
Banks		—		17,732,443		—		17,732,443
Beverages		—		5,524,952		—		5,524,952
Biotechnology		—		3,553,363		—		3,553,363
Chemicals		—		3,395,280		—		3,395,280
Commercial Services		—		1,993,450		—		1,993,450
Construction Materials		—		789,612		—		789,612
Distribution & Wholesale		—		201,164		—		201,164
Diversified Financial Services		—		4,962,355		—		4,962,355
Electric		—		24,125,120		—		24,125,120
Electrical Components & Equipment		—		130,886		—		130,886
Electronics		—		741,601		—		741,601
Engineering & Construction		—		40,875		—		40,875
Environmental Control		—		411,757		—		411,757
Food		—		3,644,305		—		3,644,305
Forest Products & Paper		—		1,283,532		—		1,283,532
Gas		—		1,377,204		—		1,377,204
Hand & Machine Tools		—		32,751		—		32,751
Health Care Products		—		3,056,437		—		3,056,437
Health Care Services.		—		5,261,923		—		5,261,923
Holding Companies-Divers		—		16,617		—		16,617
Home Furnishings		—		66,142		—		66,142
Household Products		—		543,887		—		543,887
Household Products & Wares		—		280,293		—		280,293
Housewares		—		349,727		—		349,727
Insurance		—		7,711,398		—		7,711,398
Internet		—		576,012		—		576,012
Iron/Steel		—		1,119,297		—		1,119,297
IT Services		—		3,478,811		—		3,478,811
Leisure Time		—		63,016		—		63,016
Lodging		—		92,549		—		92,549
Machinery, Construction & Mining		—		513,932		—		513,932
Machinery-Diversified		—		448,722		—		448,722
Media		—		11,614,828		—		11,614,828
Metal Fabricate & Hardware		—		212,566		—		212,566
Mining		—		2,553,702		—		2,553,702
Miscellaneous Manufacturer		—		2,150,822		—		2,150,822
Office & Business Equipment		—		57,697		—		57,697
Oil & Gas		—		11,849,690		—		11,849,690
Oil & Gas Services		—		1,467,512		—		1,467,512
Packaging & Containers		—		170,479		—		170,479
Pharmaceuticals		—		10,450,172		—		10,450,172
Pipelines		—		8,484,403		—		8,484,403
Real Estate		—		60,015		—		60,015
Real Estate Investment Trusts		—		2,139,074		—		2,139,074
Retail		—		8,696,283		—		8,696,283
Semiconductors		—		1,509,703		—		1,509,703
Software		—		5,287,097		—		5,287,097
Telecommunications		—		16,222,130		—		16,222,130
Toys/Games/Hobbies		—		226,486		—		226,486
Transportation		—		6,368,620		—		6,368,620
Trucking & Leasing		—		64,066		—		64,066
Water		—		298,103		—		298,103
Short-Term Investments		684,214		—		—		684,214
TOTAL INVESTMENTS	$	684,214	$	192,673,861	$	—	$	193,358,075

See accompanying notes to financial statements.

119

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		1,217	$	1,217		4,226,755		4,227,972		—	$	—	$	255	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		5,774,804		5,204,768		570,036		570,036		327		—
State Street Navigator Securities Lending Government Money Market Portfolio*		1,530,275		1,530,275		2,470,240		3,886,337		114,178		114,178		1,458		—
TOTAL			$	1,531,492							$	684,214	$	2,040	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

120

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 98.3%
ADVERTISING — 0.4%
Interpublic Group of Cos., Inc.:
2.25%, 11/15/2017	$	5,000	$	5,031
4.00%, 3/15/2022		15,000		15,491
4.20%, 4/15/2024		25,000		25,659
Omnicom Group, Inc.:
3.63%, 5/1/2022		50,000		51,402
6.25%, 7/15/2019		15,000		16,509
WPP Finance 2010 3.63%, 9/7/2022		25,000		25,508
				139,600
AEROSPACE & DEFENSE — 1.6%
Boeing Capital Corp. 2.90%, 8/15/2018		4,000		4,086
Boeing Co. 5.88%, 2/15/2040		6,000		7,566
General Dynamics Corp.:
1.00%, 11/15/2017		50,000		49,911
2.25%, 11/15/2022		30,000		29,508
Harris Corp.:
2.00%, 4/27/2018		30,000		30,014
4.85%, 4/27/2035		50,000		52,680
L-3 Communications Corp.:
3.85%, 12/15/2026		25,000		24,935
4.75%, 7/15/2020 (a)		7,000		7,435
5.20%, 10/15/2019		50,000		53,680
Lockheed Martin Corp. 4.07%, 12/15/2042		10,000		9,878
Northrop Grumman Corp.:
3.50%, 3/15/2021		50,000		51,851
4.75%, 6/1/2043 (a)		25,000		27,329
Raytheon Co.:
3.13%, 10/15/2020		15,000		15,454
4.88%, 10/15/2040		4,000		4,479
Rockwell Collins, Inc. 5.25%, 7/15/2019		50,000		53,750
United Technologies Corp.:
3.10%, 6/1/2022		4,000		4,109
4.15%, 5/15/2045		10,000		10,182
4.50%, 4/15/2020		15,000		16,131
4.50%, 6/1/2042		25,000		26,744
5.70%, 4/15/2040		10,000		12,189
6.13%, 7/15/2038		7,000		8,933
				500,844
AGRICULTURE — 1.1%
Altria Group, Inc.:
2.63%, 1/14/2020 (a)		25,000		25,298
2.95%, 5/2/2023		40,000		39,918
4.00%, 1/31/2024		10,000		10,557
4.50%, 5/2/2043		7,000		7,162
5.38%, 1/31/2044		20,000		23,304
9.25%, 8/6/2019		7,000		8,251
Archer-Daniels-Midland Co. 4.02%, 4/16/2043 (a)		25,000		24,563
Bunge, Ltd. Finance Corp. 3.20%, 6/15/2017		75,000		75,565
Philip Morris International, Inc.:
1.13%, 8/21/2017		15,000		14,987
2.90%, 11/15/2021		50,000		50,541
3.88%, 8/21/2042		5,000		4,676
Reynolds American, Inc.:
2.30%, 6/12/2018		25,000		25,158
5.85%, 8/15/2045		25,000		29,729
				339,709
AIRLINES — 0.8%
American Airlines 2013-2 Pass Through Trust, Class A 4.95%, 7/15/2024		19,978		21,255
American Airlines 2015-1 Pass Through Trust, Class A 3.38%, 11/1/2028		23,231		22,827
Delta Air Lines 2007-1 Pass Through Trust, Class A Series 071A, 6.82%, 2/10/2024		79,110		90,498
Southwest Airlines Co.:
2.75%, 11/6/2019		50,000		50,804
5.13%, 3/1/2017		30,000		30,174
United Airlines 2014-1 Pass Through Trust, Class A Series A, 4.00%, 10/11/2027		13,728		13,913
United Airlines 2014-2 Pass Through Trust, Class A Series A, 3.75%, 3/3/2028		14,135		14,133
US Airways 2012-2 Pass Through Trust, Class A 4.63%, 12/3/2026		11,469		12,060
				255,664
APPAREL — 0.3%
NIKE, Inc.:
2.25%, 5/1/2023		22,000		21,443
3.63%, 5/1/2043		32,000		30,094
VF Corp.:
3.50%, 9/1/2021		20,000		20,806
5.95%, 11/1/2017		20,000		20,736
6.45%, 11/1/2037		7,000		8,843
				101,922
AUTO MANUFACTURERS — 1.2%
American Honda Finance Corp. 1.50%, 11/19/2018		50,000		49,866
Daimler Finance North America LLC 8.50%, 1/18/2031		27,000		40,709
Ford Motor Co. 7.45%, 7/16/2031		50,000		62,830
General Motors Co.:
4.88%, 10/2/2023		17,000		17,723
6.25%, 10/2/2043		45,000		49,331
General Motors Financial Co., Inc.:
3.70%, 11/24/2020		15,000		15,206
4.00%, 1/15/2025 (a)		12,000		11,685
PACCAR Financial Corp. Series MTN, 1.65%, 2/25/2019		45,000		44,835

See accompanying notes to financial statements.

121

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Toyota Motor Credit Corp.:
1.90%, 4/8/2021	$	50,000	$	48,938
Series MTN, 1.13%, 5/16/2017		45,000		44,977
				386,100
AUTO PARTS & EQUIPMENT — 0.7%
BorgWarner, Inc.:
4.38%, 3/15/2045		25,000		24,124
4.63%, 9/15/2020		25,000		26,277
Delphi Automotive PLC 4.25%, 1/15/2026		50,000		51,727
Lear Corp. 5.38%, 3/15/2024		50,000		52,601
Magna International, Inc. 4.15%, 10/1/2025		50,000		51,654
				206,383
BANKS — 9.0%
American Express Bank FSB 6.00%, 9/13/2017		25,000		25,773
Australia & New Zealand Banking Group, Ltd.:
1.25%, 6/13/2017		50,000		50,026
2.30%, 6/1/2021		50,000		49,210
Bank of America Corp.:
3.88%, 3/22/2017		22,000		22,125
7.63%, 6/1/2019		40,000		44,887
Series MTN, 4.00%, 4/1/2024		15,000		15,464
Series MTN, 5.00%, 1/21/2044		20,000		21,953
Bank of Montreal:
Series MTN, 1.40%, 9/11/2017		30,000		30,002
Series MTN, 1.50%, 7/18/2019		50,000		49,312
Series MTN, 1.90%, 8/27/2021		50,000		48,467
Bank of New York Mellon Corp.:
3.40%, 5/15/2024		15,000		15,225
Series MTN, 2.30%, 9/11/2019		25,000		25,181
Series MTN, 2.60%, 8/17/2020		50,000		50,313
Bank of Nova Scotia 2.80%, 7/21/2021		50,000		50,336
Barclays PLC 3.65%, 3/16/2025		10,000		9,724
BNP Paribas SA:
2.38%, 5/21/2020		150,000		149,083
5.00%, 1/15/2021 (a)		15,000		16,295
Branch Banking & Trust Co.:
1.00%, 4/3/2017		25,000		24,993
1.35%, 10/1/2017		35,000		34,967
1.45%, 5/10/2019		25,000		24,701
Canadian Imperial Bank of Commerce 1.55%, 1/23/2018		30,000		29,991
Capital One Financial Corp.:
4.75%, 7/15/2021		5,000		5,394
6.75%, 9/15/2017		5,000		5,179
Citigroup, Inc.:
2.65%, 10/26/2020		50,000		49,958
4.50%, 1/14/2022		25,000		26,678
Commonwealth Bank of Australia Series GMTN, 2.30%, 3/12/2020 (a)		75,000		74,640
Credit Suisse AG:
Series MTN, 3.63%, 9/9/2024		50,000		50,353
Series MTN, 4.38%, 8/5/2020		5,000		5,286
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, 6/9/2023		50,000		49,783
Deutsche Bank AG:
6.00%, 9/1/2017		30,000		30,710
Series GMTN, 2.85%, 5/10/2019		50,000		49,845
Discover Bank/Greenwood 4.25%, 3/13/2026		25,000		25,422
Goldman Sachs Group, Inc.:
2.90%, 7/19/2018		15,000		15,207
3.50%, 11/16/2026		50,000		48,964
3.63%, 1/22/2023		5,000		5,105
5.25%, 7/27/2021		10,000		10,963
6.13%, 2/15/2033		20,000		24,265
HSBC Holdings PLC 4.00%, 3/30/2022		15,000		15,558
HSBC USA, Inc. 1.63%, 1/16/2018		50,000		49,905
Huntington National Bank 2.88%, 8/20/2020 (a)		50,000		50,426
Intesa Sanpaolo SpA:
2.38%, 1/13/2017		85,000		85,012
5.25%, 1/12/2024		30,000		31,355
JPMorgan Chase & Co.:
3.20%, 1/25/2023		5,000		5,043
4.25%, 10/15/2020		40,000		42,318
4.50%, 1/24/2022		25,000		26,881
5.50%, 10/15/2040		20,000		23,546
Lloyds Bank PLC 6.38%, 1/21/2021		30,000		34,151
Lloyds Banking Group PLC 3.10%, 7/6/2021 (a)		100,000		101,083
Mitsubishi UFJ Financial Group, Inc. 2.95%, 3/1/2021		50,000		50,187
Morgan Stanley:
6.38%, 7/24/2042		10,000		12,861
Series GMTN, 2.38%, 7/23/2019		50,000		50,124
Series MTN, 6.25%, 8/9/2026		10,000		11,884
Series MTN, 5.95%, 12/28/2017 (a)		25,000		26,021
MUFG Union Bank NA 2.25%, 5/6/2019		5,000		5,003
National Bank of Canada 2.10%, 12/14/2018		50,000		50,174
PNC Bank NA 1.50%, 10/18/2017		25,000		25,013
PNC Financial Services Group, Inc. 5.13%, 2/8/2020		50,000		54,060
Royal Bank of Canada:
Series GMTN, 1.80%, 7/30/2018		100,000		100,073
Series GMTN, 2.20%, 7/27/2018		15,000		15,100
Santander UK PLC:
1.38%, 3/13/2017 (a)		25,000		25,007
3.05%, 8/23/2018		25,000		25,387
Societe Generale SA:
2.63%, 10/1/2018		50,000		50,513
2.75%, 10/12/2017		150,000		151,393
Svenska Handelsbanken AB Series MTN, 1.63%, 3/21/2018		125,000		124,851
Toronto-Dominion Bank Series MTN, 2.25%, 11/5/2019		50,000		50,258

See accompanying notes to financial statements.

122

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
UBS AG:
1.38%, 6/1/2017	$	25,000	$	24,994
Series GMTN, 2.38%, 8/14/2019		25,000		25,120
US Bancorp:
Series MTN, 2.20%, 4/25/2019 (a)		25,000		25,203
Series MTN, 3.00%, 3/15/2022		50,000		50,904
Series MTN, 3.70%, 1/30/2024		25,000		25,996
Wells Fargo & Co.:
5.63%, 12/11/2017		15,000		15,552
Series MTN, 3.30%, 9/9/2024		45,000		44,614
Westpac Banking Corp.:
1.20%, 5/19/2017		25,000		25,007
Series GMTN, 1.60%, 1/12/2018		30,000		29,983
				2,826,340
BEVERAGES — 1.9%
Anheuser-Busch InBev Worldwide, Inc.:
1.38%, 7/15/2017		25,000		25,022
3.75%, 7/15/2042		10,000		9,144
8.00%, 11/15/2039		5,000		7,408
Brown-Forman Corp. 4.50%, 7/15/2045		100,000		104,552
Coca-Cola Co. 2.88%, 10/27/2025		90,000		88,791
Coca-Cola European Partners US LLC 3.50%, 9/15/2020		25,000		25,695
Diageo Capital PLC:
1.13%, 4/29/2018		25,000		24,831
1.50%, 5/11/2017		30,000		30,044
2.63%, 4/29/2023		15,000		14,843
Dr Pepper Snapple Group, Inc.:
6.82%, 5/1/2018		13,000		13,863
7.45%, 5/1/2038		25,000		34,709
Molson Coors Brewing Co.:
3.00%, 7/15/2026		100,000		94,421
5.00%, 5/1/2042		27,000		28,357
PepsiCo, Inc.:
3.13%, 11/1/2020		15,000		15,504
3.60%, 3/1/2024		60,000		62,589
4.60%, 7/17/2045		10,000		10,937
				590,710
BIOTECHNOLOGY — 0.5%
Amgen, Inc.:
6.38%, 6/1/2037		7,000		8,448
6.90%, 6/1/2038		20,000		25,623
Biogen, Inc.:
3.63%, 9/15/2022		25,000		25,626
5.20%, 9/15/2045		5,000		5,377
Celgene Corp.:
2.88%, 8/15/2020		10,000		10,105
4.63%, 5/15/2044		50,000		49,254
Gilead Sciences, Inc. 4.50%, 2/1/2045		20,000		20,010
				144,443
CHEMICALS — 2.9%
Agrium, Inc.:
3.15%, 10/1/2022		15,000		14,916
4.90%, 6/1/2043		85,000		85,416
6.13%, 1/15/2041		7,000		8,017
Air Products & Chemicals, Inc. 4.38%, 8/21/2019		15,000		15,931
Airgas, Inc. 3.05%, 8/1/2020		50,000		51,046
Dow Chemical Co.:
4.38%, 11/15/2042		10,000		9,735
7.38%, 11/1/2029		15,000		19,709
8.55%, 5/15/2019 (a)		50,000		57,240
Eastman Chemical Co. 2.70%, 1/15/2020		105,000		105,478
Ecolab, Inc.:
4.35%, 12/8/2021		15,000		16,177
5.50%, 12/8/2041		5,000		5,890
EI du Pont de Nemours & Co.:
2.80%, 2/15/2023		15,000		14,717
4.15%, 2/15/2043		10,000		9,451
4.63%, 1/15/2020		5,000		5,327
5.75%, 3/15/2019		10,000		10,799
LYB International Finance B.V.:
4.00%, 7/15/2023		30,000		31,338
5.25%, 7/15/2043		7,000		7,565
Methanex Corp. 4.25%, 12/1/2024		25,000		23,937
Monsanto Co.:
3.38%, 7/15/2024		10,000		9,948
3.60%, 7/15/2042		9,000		7,521
3.95%, 4/15/2045		100,000		87,835
Mosaic Co. 4.88%, 11/15/2041		7,000		6,148
Potash Corp. of Saskatchewan, Inc. 4.88%, 3/30/2020 (a)		15,000		15,914
PPG Industries, Inc. 3.60%, 11/15/2020		25,000		25,924
Praxair, Inc.:
1.25%, 11/7/2018 (a)		25,000		24,828
2.65%, 2/5/2025		25,000		24,162
2.70%, 2/21/2023		25,000		24,677
RPM International, Inc.:
3.45%, 11/15/2022		15,000		14,828
6.13%, 10/15/2019		57,000		62,376
Sherwin-Williams Co.:
1.35%, 12/15/2017		15,000		14,979
4.55%, 8/1/2045		45,000		45,014
Valspar Corp.:
3.30%, 2/1/2025		25,000		23,997
4.40%, 2/1/2045		25,000		22,797
				903,637
COMMERCIAL SERVICES — 0.9%
Black Knight InfoServ LLC/Black Knight Lending Solutions, Inc. 5.75%, 4/15/2023		8,000		8,350
Block Financial LLC 4.13%, 10/1/2020		50,000		50,979
Equifax, Inc. 3.30%, 12/15/2022		30,000		30,450
Mastercard, Inc. 3.38%, 4/1/2024		40,000		41,166

See accompanying notes to financial statements.

123

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Moody’s Corp. 5.50%, 9/1/2020	$	15,000	$	16,441
S&P Global, Inc. 4.40%, 2/15/2026		15,000		15,822
Verisk Analytics, Inc. 4.00%, 6/15/2025		20,000		20,202
Western Union Co.:
2.88%, 12/10/2017		15,000		15,158
5.25%, 4/1/2020		57,000		60,934
6.20%, 6/21/2040		25,000		25,627
				285,129
CONSTRUCTION MATERIALS — 1.0%
CRH America, Inc. 8.13%, 7/15/2018		50,000		54,516
Johnson Controls International PLC:
3.63%, 7/2/2024 (b)		10,000		10,124
3.90%, 2/14/2026		100,000		102,650
4.63%, 7/2/2044 (b)		15,000		15,006
Owens Corning:
4.20%, 12/15/2022		35,000		36,167
7.00%, 12/1/2036		32,000		37,953
Vulcan Materials Co. 4.50%, 4/1/2025		52,000		54,809
				311,225
DISTRIBUTION & WHOLESALE — 0.1%
WW Grainger, Inc. 4.60%, 6/15/2045		25,000		26,759
DIVERSIFIED FINANCIAL SERVICES — 4.4%
Air Lease Corp.:
2.13%, 1/15/2018		25,000		24,973
3.00%, 9/15/2023		57,000		54,292
3.38%, 1/15/2019 (a)		15,000		15,254
3.88%, 4/1/2021 (a)		7,000		7,216
Alterra Finance LLC 6.25%, 9/30/2020		15,000		16,641
American Express Co. 4.05%, 12/3/2042		25,000		24,180
American Express Credit Corp.:
Series F, 2.60%, 9/14/2020		17,000		17,133
Series GMTN, 2.25%, 8/15/2019		25,000		25,101
Series MTN, 1.13%, 6/5/2017		50,000		49,992
Series MTN, 1.55%, 9/22/2017		50,000		50,056
Ameriprise Financial, Inc.:
4.00%, 10/15/2023		35,000		36,625
5.30%, 3/15/2020		15,000		16,238
7.30%, 6/28/2019		7,000		7,848
BlackRock, Inc.:
3.50%, 3/18/2024		25,000		25,795
6.25%, 9/15/2017		100,000		103,516
Capital One Bank USA NA 1.20%, 2/13/2017		20,000		19,996
Charles Schwab Corp.:
3.23%, 9/1/2022		15,000		15,252
4.45%, 7/22/2020		35,000		37,385
CME Group, Inc.:
3.00%, 3/15/2025		40,000		39,729
5.30%, 9/15/2043		15,000		17,442
E*TRADE Financial Corp. 5.38%, 11/15/2022		105,000		111,179
Franklin Resources, Inc. 2.85%, 3/30/2025		50,000		48,541
General Electric Co. 4.65%, 10/17/2021		20,000		21,912
Intercontinental Exchange, Inc.:
2.50%, 10/15/2018		50,000		50,671
4.00%, 10/15/2023		25,000		26,122
International Lease Finance Corp.:
6.25%, 5/15/2019		50,000		53,750
7.13%, 9/1/2018 (c)		25,000		26,941
Invesco Finance PLC:
4.00%, 1/30/2024		22,000		22,922
5.38%, 11/30/2043		10,000		10,812
Jefferies Group LLC:
5.13%, 1/20/2023		10,000		10,446
6.50%, 1/20/2043		5,000		5,142
Legg Mason, Inc.:
2.70%, 7/15/2019		60,000		60,287
5.63%, 1/15/2044		10,000		9,779
MasterCard, Inc. 2.00%, 4/1/2019 (a)		25,000		25,168
Nasdaq, Inc.:
3.85%, 6/30/2026		5,000		4,934
4.25%, 6/1/2024		25,000		25,666
5.25%, 1/16/2018		39,000		40,363
Nomura Holdings, Inc. 6.70%, 3/4/2020 (a)		40,000		44,696
Raymond James Financial, Inc. 3.63%, 9/15/2026		50,000		48,668
Synchrony Financial 4.25%, 8/15/2024		25,000		25,411
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		50,000		50,499
Visa, Inc. 2.80%, 12/14/2022		50,000		50,193
				1,378,766
ELECTRIC — 6.7%
Alabama Power Co. 4.15%, 8/15/2044		5,000		5,008
Ameren Illinois Co.:
3.25%, 3/1/2025		25,000		25,183
4.30%, 7/1/2044		20,000		20,950
Appalachian Power Co.:
4.40%, 5/15/2044		25,000		25,302
Series L, 5.80%, 10/1/2035		7,000		8,088
Arizona Public Service Co.:
2.55%, 9/15/2026		50,000		47,038
8.75%, 3/1/2019		15,000		17,114
Berkshire Hathaway Energy Co.:
3.50%, 2/1/2025		25,000		25,453
5.95%, 5/15/2037		30,000		36,722
6.13%, 4/1/2036		10,000		12,528
Black Hills Corp. 3.15%, 1/15/2027		50,000		47,840
CenterPoint Energy Houston Electric LLC:
2.25%, 8/1/2022		5,000		4,874
4.50%, 4/1/2044		20,000		21,649

See accompanying notes to financial statements.

124

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Cleveland Electric Illuminating Co.:
5.95%, 12/15/2036	$	15,000	$	16,346
Series D, 7.88%, 11/1/2017		25,000		26,295
CMS Energy Corp. 3.88%, 3/1/2024		21,000		21,753
Consolidated Edison Co. of New York, Inc.:
3.30%, 12/1/2024		25,000		25,394
Series B, 2.90%, 12/1/2026		50,000		48,735
Constellation Energy Group, Inc. 5.15%, 12/1/2020		15,000		16,159
Consumers Energy Co. 6.13%, 3/15/2019		25,000		27,249
Dominion Resources, Inc.:
3.63%, 12/1/2024		10,000		10,068
7.00%, 6/15/2038		25,000		32,000
Series C, 4.90%, 8/1/2041		20,000		21,014
DTE Electric Co.:
3.70%, 3/15/2045		15,000		14,410
Series A, 6.63%, 6/1/2036		25,000		33,216
Series G, 5.60%, 6/15/2018		15,000		15,837
Duke Energy Carolinas LLC 6.10%, 6/1/2037		7,000		8,632
Duke Energy Corp.:
3.75%, 4/15/2024		10,000		10,304
3.75%, 9/1/2046		25,000		22,436
Emera US Finance L.P. 2.15%, 6/15/2019 (c)		50,000		49,873
Entergy Gulf States Louisiana LLC 5.59%, 10/1/2024		57,000		65,869
Eversource Energy:
4.50%, 11/15/2019		17,000		18,048
Series H, 3.15%, 1/15/2025		30,000		29,540
Exelon Generation Co. LLC 6.20%, 10/1/2017		15,000		15,504
Florida Power & Light Co. 4.13%, 2/1/2042		7,000		7,193
Georgia Power Co. Series 07-A, 5.65%, 3/1/2037		7,000		8,148
Great Plains Energy, Inc. 4.85%, 6/1/2021		22,000		23,463
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023		20,000		20,116
ITC Holdings Corp. 3.25%, 6/30/2026		50,000		48,298
Kansas City Power & Light Co. 3.15%, 3/15/2023		15,000		14,746
Kentucky Utilities Co. 5.13%, 11/1/2040 (a)		7,000		8,054
NextEra Energy Capital Holdings, Inc. 2.40%, 9/15/2019		50,000		50,270
NiSource Finance Corp.:
5.65%, 2/1/2045		7,000		8,093
5.95%, 6/15/2041		7,000		8,355
Northern States Power Co. 4.85%, 8/15/2040		10,000		11,149
NSTAR Electric Co.:
4.40%, 3/1/2044		10,000		10,387
5.50%, 3/15/2040		25,000		29,639
Oglethorpe Power Corp. 4.25%, 4/1/2046		50,000		47,759
Oklahoma Gas & Electric Co.:
4.00%, 12/15/2044		25,000		24,467
4.55%, 3/15/2044		15,000		16,191
5.25%, 5/15/2041		7,000		7,986
Pacific Gas & Electric Co.:
3.75%, 2/15/2024		5,000		5,216
4.75%, 2/15/2044		17,000		18,584
8.25%, 10/15/2018		50,000		55,490
PECO Energy Co. 4.15%, 10/1/2044		15,000		15,201
Pennsylvania Electric Co. 6.15%, 10/1/2038		25,000		28,390
PG&E Corp. 2.40%, 3/1/2019		5,000		5,022
PPL Capital Funding, Inc.:
3.95%, 3/15/2024		25,000		25,797
4.20%, 6/15/2022 (a)		50,000		52,658
PPL Electric Utilities Corp. 4.13%, 6/15/2044		10,000		10,092
Progress Energy, Inc. 4.40%, 1/15/2021		15,000		15,874
Public Service Co. of Colorado 4.30%, 3/15/2044		20,000		20,833
Public Service Electric & Gas Co.:
5.50%, 3/1/2040		14,000		16,720
Series I, 1.80%, 6/1/2019		10,000		9,959
Series MTN, 3.80%, 3/1/2046		50,000		48,918
South Carolina Electric & Gas Co.:
4.60%, 6/15/2043		25,000		25,934
6.05%, 1/15/2038		15,000		18,459
Southern California Edison Co.:
1.85%, 2/1/2022		7,857		7,769
3.88%, 6/1/2021		100,000		105,667
4.65%, 10/1/2043		5,000		5,505
Southern Co.:
2.15%, 9/1/2019		10,000		9,983
2.95%, 7/1/2023		100,000		98,522
Southwestern Electric Power Co. Series K, 2.75%, 10/1/2026		50,000		47,208
Tampa Electric Co. 2.60%, 9/15/2022		20,000		19,262
TECO Finance, Inc. 5.15%, 3/15/2020		15,000		15,964
TransAlta Corp.:
1.90%, 6/3/2017		40,000		39,800
6.50%, 3/15/2040		25,000		23,094
6.90%, 5/15/2018		15,000		15,619
Virginia Electric & Power Co. Series A, 3.10%, 5/15/2025		25,000		24,852
Westar Energy, Inc.:
4.13%, 3/1/2042		15,000		14,946
4.63%, 9/1/2043		30,000		32,193
Wisconsin Electric Power Co.:
3.10%, 6/1/2025		25,000		24,846
5.70%, 12/1/2036		7,000		8,446
Wisconsin Power & Light Co.:
4.10%, 10/15/2044		35,000		35,630
5.00%, 7/15/2019		15,000		16,008

See accompanying notes to financial statements.

125

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Xcel Energy, Inc. 4.70%, 5/15/2020	$	15,000	$	15,894
				2,105,100
ELECTRICAL COMPONENTS & EQUIPMENT — 0.3%
Emerson Electric Co.:
2.63%, 2/15/2023		25,000		24,747
4.25%, 11/15/2020		15,000		16,034
5.25%, 11/15/2039		15,000		17,392
Hubbell, Inc. 3.35%, 3/1/2026		50,000		49,477
				107,650
ELECTRONICS — 1.3%
Agilent Technologies, Inc. 3.05%, 9/22/2026		15,000		14,275
Amphenol Corp.:
2.55%, 1/30/2019		15,000		15,154
4.00%, 2/1/2022		10,000		10,428
Arrow Electronics, Inc.:
5.13%, 3/1/2021		25,000		26,469
6.00%, 4/1/2020		25,000		27,074
Avnet, Inc. 4.63%, 4/15/2026		50,000		49,119
Flex, Ltd. 4.75%, 6/15/2025		20,000		21,042
Fortive Corp. 3.15%, 6/15/2026 (c)		75,000		73,910
Honeywell International, Inc.:
4.25%, 3/1/2021		15,000		16,194
Series 30, 5.38%, 3/1/2041		25,000		30,552
Jabil Circuit, Inc. 4.70%, 9/15/2022		50,000		50,875
Koninklijke Philips NV:
3.75%, 3/15/2022 (a)		5,000		5,214
5.00%, 3/15/2042		5,000		5,108
6.88%, 3/11/2038		7,000		8,665
Thermo Fisher Scientific, Inc. 3.30%, 2/15/2022		50,000		50,626
				404,705
ENGINEERING & CONSTRUCTION — 0.0% (d)
ABB Finance USA, Inc.:
2.88%, 5/8/2022		10,000		10,065
4.38%, 5/8/2042		5,000		5,240
				15,305
ENVIRONMENTAL CONTROL — 0.4%
Republic Services, Inc.:
2.90%, 7/1/2026		30,000		28,675
5.25%, 11/15/2021		6,000		6,657
Waste Management, Inc. 2.90%, 9/15/2022 (a)		100,000		100,521
				135,853
FOOD — 3.2%
Campbell Soup Co.:
3.30%, 3/19/2025		25,000		25,053
4.25%, 4/15/2021		7,000		7,464
Conagra Brands, Inc. 3.20%, 1/25/2023		50,000		49,871
Delhaize America LLC 9.00%, 4/15/2031		12,000		15,593
General Mills, Inc.:
1.40%, 10/20/2017		25,000		25,029
2.20%, 10/21/2019		50,000		50,160
3.65%, 2/15/2024		12,000		12,457
Hershey Co.:
2.30%, 8/15/2026		50,000		46,534
2.63%, 5/1/2023		25,000		24,582
4.13%, 12/1/2020 (a)		15,000		16,069
Ingredion, Inc. 3.20%, 10/1/2026		25,000		24,406
JM Smucker Co. 2.50%, 3/15/2020 (a)		100,000		100,483
Kellogg Co. 4.50%, 4/1/2046		50,000		48,724
Koninklijke Ahold Delhaize NV 5.70%, 10/1/2040		7,000		7,812
Kraft Heinz Foods Co.:
2.00%, 7/2/2018		35,000		35,018
3.00%, 6/1/2026		25,000		23,452
4.38%, 6/1/2046		25,000		23,689
5.00%, 6/4/2042		5,000		5,146
5.20%, 7/15/2045		25,000		26,387
Kroger Co.:
3.85%, 8/1/2023 (a)		15,000		15,567
6.15%, 1/15/2020		15,000		16,589
6.90%, 4/15/2038		40,000		51,544
McCormick & Co., Inc. 3.25%, 11/15/2025		25,000		24,833
Sysco Corp.:
4.85%, 10/1/2045		15,000		15,805
5.38%, 9/21/2035		30,000		33,394
6.63%, 3/17/2039		7,000		8,799
Tyson Foods, Inc.:
2.65%, 8/15/2019		25,000		25,219
4.88%, 8/15/2034		100,000		101,875
Unilever Capital Corp. 5.90%, 11/15/2032		50,000		64,953
Whole Foods Market, Inc. 5.20%, 12/3/2025		75,000		79,502
				1,006,009
FOREST PRODUCTS & PAPER — 0.3%
Domtar Corp. 4.40%, 4/1/2022		35,000		35,815
International Paper Co.:
4.75%, 2/15/2022		5,000		5,399
9.38%, 5/15/2019		54,000		62,394
				103,608
GAS — 0.8%
Atmos Energy Corp.:
4.15%, 1/15/2043		20,000		19,771
6.35%, 6/15/2017		15,000		15,342
Dominion Gas Holdings LLC 4.80%, 11/1/2043		5,000		5,189
National Fuel Gas Co.:
3.75%, 3/1/2023 (a)		25,000		24,404
4.90%, 12/1/2021		55,000		58,038

See accompanying notes to financial statements.

126

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
ONE Gas, Inc.:
2.07%, 2/1/2019	$	10,000	$	10,011
3.61%, 2/1/2024		15,000		15,247
4.66%, 2/1/2044		25,000		26,118
Sempra Energy:
2.40%, 3/15/2020		20,000		19,936
6.00%, 10/15/2039		7,000		8,349
Southern California Gas Co.:
4.45%, 3/15/2044		5,000		5,324
Series HH, 5.45%, 4/15/2018		10,000		10,439
Southern Co. Gas Capital Corp.:
3.50%, 9/15/2021		5,000		5,139
5.25%, 8/15/2019		15,000		16,041
				239,348
HAND & MACHINE TOOLS — 0.3%
Stanley Black & Decker, Inc.:
2.90%, 11/1/2022		75,000		75,262
5.20%, 9/1/2040		15,000		16,375
				91,637
HEALTH CARE PRODUCTS — 1.5%
Baxter International, Inc. 3.50%, 8/15/2046		50,000		42,022
Becton Dickinson and Co.:
1.80%, 12/15/2017		16,000		16,036
2.68%, 12/15/2019		55,000		55,750
3.73%, 12/15/2024		10,000		10,224
Boston Scientific Corp.:
3.38%, 5/15/2022		25,000		25,376
6.00%, 1/15/2020		50,000		54,860
7.38%, 1/15/2040		5,000		6,230
CR Bard, Inc.:
3.00%, 5/15/2026		50,000		47,725
4.40%, 1/15/2021		29,000		30,986
Medtronic, Inc.:
3.50%, 3/15/2025		81,000		83,266
4.50%, 3/15/2042		15,000		15,701
St Jude Medical, Inc. 2.00%, 9/15/2018		25,000		25,034
Stryker Corp.:
3.38%, 5/15/2024		25,000		25,149
4.10%, 4/1/2043		10,000		9,349
Zimmer Biomet Holdings, Inc. 3.38%, 11/30/2021		25,000		25,202
				472,910
HEALTH CARE SERVICES — 2.1%
Aetna, Inc.:
1.50%, 11/15/2017		25,000		24,980
1.70%, 6/7/2018		25,000		24,976
3.50%, 11/15/2024 (a)		25,000		25,340
3.95%, 9/1/2020		7,000		7,332
4.25%, 6/15/2036		25,000		25,088
6.63%, 6/15/2036		7,000		8,878
Anthem, Inc.:
2.38%, 2/15/2017		25,000		25,028
3.13%, 5/15/2022		15,000		14,955
4.63%, 5/15/2042		75,000		75,326
Cigna Corp.:
4.00%, 2/15/2022		50,000		52,088
5.38%, 2/15/2042		25,000		27,786
Humana, Inc.:
2.63%, 10/1/2019		50,000		50,335
4.95%, 10/1/2044		15,000		15,764
8.15%, 6/15/2038		7,000		9,509
Laboratory Corp. of America Holdings:
3.20%, 2/1/2022		100,000		100,556
4.63%, 11/15/2020		10,000		10,640
Quest Diagnostics, Inc.:
3.45%, 6/1/2026		30,000		29,500
4.25%, 4/1/2024		15,000		15,616
4.70%, 4/1/2021 (a)		25,000		26,789
UnitedHealth Group, Inc.:
1.40%, 10/15/2017		25,000		25,036
3.75%, 7/15/2025		4,000		4,150
3.88%, 10/15/2020		15,000		15,781
4.25%, 3/15/2043		25,000		25,439
4.63%, 7/15/2035		20,000		21,805
				662,697
HOLDING COMPANIES-DIVERS — 0.2%
Leucadia National Corp. 5.50%, 10/18/2023		50,000		52,500
MUFG Americas Holdings Corp. 3.50%, 6/18/2022		15,000		15,273
				67,773
HOME FURNISHINGS — 0.2%
Whirlpool Corp.:
3.70%, 5/1/2025		25,000		25,229
4.50%, 6/1/2046		35,000		34,171
Series MTN, 4.85%, 6/15/2021		15,000		16,293
				75,693
HOUSEHOLD PRODUCTS — 0.4%
Colgate-Palmolive Co. Series MTN, 0.90%, 5/1/2018		50,000		49,726
Estee Lauder Cos., Inc.:
3.70%, 8/15/2042		25,000		23,162
6.00%, 5/15/2037		15,000		18,296
Procter & Gamble Co. 2.30%, 2/6/2022		50,000		49,946
				141,130
HOUSEHOLD PRODUCTS & WARES — 0.4%
Clorox Co.:
3.50%, 12/15/2024		10,000		10,146
3.80%, 11/15/2021		15,000		15,730
5.95%, 10/15/2017		30,000		31,084
Kimberly-Clark Corp.:
2.40%, 6/1/2023		75,000		72,850
3.70%, 6/1/2043		5,000		4,761
				134,571
HOUSEWARES — 0.1%
Newell Brands, Inc. 4.00%, 12/1/2024		20,000		20,451

See accompanying notes to financial statements.

127

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
INSURANCE — 4.3%
Aflac, Inc.:
2.88%, 10/15/2026	$	50,000	$	47,818
6.45%, 8/15/2040		4,000		5,217
Allstate Corp.:
3.15%, 6/15/2023		10,000		10,127
4.50%, 6/15/2043		15,000		15,963
American International Group, Inc. 6.40%, 12/15/2020		6,000		6,816
Aon PLC 3.50%, 6/14/2024		25,000		25,055
Assurant, Inc. 6.75%, 2/15/2034		90,000		103,282
AXIS Specialty Finance PLC 2.65%, 4/1/2019		30,000		30,200
Berkshire Hathaway Finance Corp. 1.30%, 8/15/2019		35,000		34,553
Berkshire Hathaway, Inc. 2.10%, 8/14/2019		25,000		25,211
Chubb INA Holdings, Inc.:
2.70%, 3/13/2023		7,000		6,927
3.35%, 5/15/2024		5,000		5,088
CNA Financial Corp. 5.75%, 8/15/2021		7,000		7,796
Hartford Financial Services Group, Inc.:
4.30%, 4/15/2043		21,000		19,243
5.13%, 4/15/2022		20,000		22,102
Lincoln National Corp.:
4.00%, 9/1/2023		5,000		5,194
6.25%, 2/15/2020		2,000		2,199
Loews Corp. 6.00%, 2/1/2035		7,000		8,291
Manulife Financial Corp.:
4.15%, 3/4/2026		105,000		109,348
4.90%, 9/17/2020		15,000		16,072
Markel Corp. 5.00%, 4/5/2046		50,000		50,356
Marsh & McLennan Cos., Inc.:
2.35%, 9/10/2019		10,000		10,042
3.50%, 3/10/2025		25,000		25,210
4.05%, 10/15/2023		7,000		7,365
4.80%, 7/15/2021		10,000		10,852
MetLife, Inc.:
3.60%, 4/10/2024		4,000		4,104
5.70%, 6/15/2035		5,000		5,942
Series A, 6.82%, 8/15/2018		7,000		7,546
Principal Financial Group, Inc.:
3.13%, 5/15/2023		35,000		34,421
4.35%, 5/15/2043		30,000		29,368
Progressive Corp.:
3.75%, 8/23/2021		15,000		15,827
4.35%, 4/25/2044		25,000		25,701
Prudential Financial, Inc.:
4.60%, 5/15/2044		20,000		20,753
5.70%, 12/14/2036		25,000		28,974
6.20%, 11/15/2040		25,000		30,607
Series MTN, 2.35%, 8/15/2019		40,000		40,293
Reinsurance Group of America, Inc. 6.45%, 11/15/2019		5,000		5,535
Transatlantic Holdings, Inc. 8.00%, 11/30/2039	$	32,000	$	40,620
Travelers Cos., Inc.:
3.90%, 11/1/2020 (a)		15,000		15,837
4.60%, 8/1/2043		15,000		16,143
Travelers Property Casualty Corp. 6.38%, 3/15/2033		15,000		19,060
Trinity Acquisition PLC 6.13%, 8/15/2043		25,000		26,742
Unum Group:
3.00%, 5/15/2021		130,000		129,580
4.00%, 3/15/2024		5,000		4,995
Voya Financial, Inc.:
2.90%, 2/15/2018		12,000		12,135
3.65%, 6/15/2026		50,000		48,938
5.70%, 7/15/2043		32,000		35,100
Willis Towers Watson PLC 5.75%, 3/15/2021		50,000		54,620
WR Berkley Corp.:
4.75%, 8/1/2044		35,000		34,475
6.25%, 2/15/2037		15,000		17,107
XLIT, Ltd.:
2.30%, 12/15/2018		5,000		5,024
5.75%, 10/1/2021		15,000		16,592
6.38%, 11/15/2024		15,000		17,376
				1,353,742
INTERNET — 1.5%
Alibaba Group Holding, Ltd. 4.50%, 11/28/2034		25,000		25,042
Alphabet, Inc. 3.63%, 5/19/2021		15,000		15,922
Amazon.com, Inc.:
2.50%, 11/29/2022		25,000		24,682
3.30%, 12/5/2021		45,000		46,584
3.80%, 12/5/2024		50,000		52,439
Baidu, Inc. 2.25%, 11/28/2017		50,000		50,120
eBay, Inc.:
1.35%, 7/15/2017		50,000		50,021
2.60%, 7/15/2022		6,000		5,813
2.88%, 8/1/2021		70,000		70,025
4.00%, 7/15/2042		25,000		20,892
Expedia, Inc. 5.95%, 8/15/2020		10,000		10,912
JD.com, Inc. 3.88%, 4/29/2026		100,000		95,780
				468,232
INVESTMENT COMPANY SECURITY — 0.7%
Ares Capital Corp. 3.63%, 1/19/2022		150,000		145,352
FS Investment Corp. 4.25%, 1/15/2020		60,000		60,289
				205,641
IRON/STEEL — 0.7%
Nucor Corp.:
5.20%, 8/1/2043		100,000		113,510
6.40%, 12/1/2037		7,000		8,723

See accompanying notes to financial statements.

128

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Reliance Steel & Aluminum Co. 6.85%, 11/15/2036	$	15,000	$	15,896
Vale Overseas, Ltd.:
5.88%, 6/10/2021 (a)		50,000		52,437
6.88%, 11/10/2039 (a)		32,000		31,280
				221,846
IT SERVICES — 1.4%
Computer Sciences Corp. 4.45%, 9/15/2022		40,000		41,359
Hewlett Packard Enterprise Co.:
2.45%, 10/5/2017		20,000		20,111
2.85%, 10/5/2018		25,000		25,250
3.60%, 10/15/2020		40,000		40,830
4.40%, 10/15/2022		30,000		31,384
4.90%, 10/15/2025		30,000		30,873
HP, Inc.:
3.75%, 12/1/2020		5,000		5,177
4.38%, 9/15/2021		100,000		105,185
4.65%, 12/9/2021 (a)		5,000		5,335
International Business Machines Corp.:
5.70%, 9/14/2017		25,000		25,749
6.22%, 8/1/2027		15,000		18,719
NetApp, Inc.:
2.00%, 12/15/2017		15,000		15,037
3.38%, 6/15/2021 (a)		35,000		35,396
Seagate HDD Cayman 3.75%, 11/15/2018 (a)		50,000		51,269
				451,674
LEISURE TIME — 0.2%
Carnival Corp. 3.95%, 10/15/2020 (a)		50,000		52,571
LODGING — 0.3%
Marriott International, Inc.:
3.38%, 10/15/2020		20,000		20,512
3.75%, 3/15/2025		5,000		4,978
6.38%, 6/15/2017		15,000		15,326
6.75%, 5/15/2018		2,000		2,128
Wyndham Worldwide Corp.:
2.50%, 3/1/2018		15,000		15,067
4.25%, 3/1/2022		30,000		30,900
				88,911
MACHINERY, CONSTRUCTION & MINING — 0.2%
Caterpillar, Inc.:
3.40%, 5/15/2024 (a)		50,000		51,382
3.90%, 5/27/2021		15,000		15,799
				67,181
MACHINERY-DIVERSIFIED — 0.8%
Cummins, Inc.:
3.65%, 10/1/2023		17,000		17,571
7.13%, 3/1/2028		7,000		8,939
Deere & Co. 5.38%, 10/16/2029		7,000		8,388
John Deere Capital Corp.:
2.25%, 4/17/2019		15,000		15,131
Series MTN, 3.35%, 6/12/2024		100,000		101,992
Rockwell Automation, Inc.:
2.05%, 3/1/2020		10,000		9,955
2.88%, 3/1/2025		20,000		19,579
Roper Technologies, Inc.:
2.05%, 10/1/2018		25,000		25,059
6.25%, 9/1/2019		15,000		16,484
Xylem, Inc. 4.88%, 10/1/2021		35,000		37,876
				260,974
MEDIA — 2.4%
21st Century Fox America, Inc.:
4.75%, 9/15/2044		25,000		24,984
6.20%, 12/15/2034		15,000		17,674
6.65%, 11/15/2037		50,000		61,595
CBS Corp.:
2.90%, 1/15/2027		50,000		46,381
3.50%, 1/15/2025 (a)		100,000		98,867
7.88%, 7/30/2030		7,000		9,483
Comcast Corp. 4.65%, 7/15/2042		15,000		15,801
Discovery Communications LLC:
3.25%, 4/1/2023		35,000		34,235
4.88%, 4/1/2043		15,000		13,955
5.05%, 6/1/2020		10,000		10,718
5.63%, 8/15/2019		10,000		10,783
Grupo Televisa SAB:
5.00%, 5/13/2045		25,000		21,610
8.50%, 3/11/2032		5,000		6,117
Historic TW, Inc. 6.63%, 5/15/2029		100,000		121,508
NBCUniversal Media LLC:
4.45%, 1/15/2043		20,000		20,559
5.15%, 4/30/2020		17,000		18,593
Time Warner Cable LLC:
4.50%, 9/15/2042		10,000		9,012
5.00%, 2/1/2020		25,000		26,469
6.55%, 5/1/2037		15,000		16,987
6.75%, 7/1/2018		25,000		26,687
Time Warner, Inc.:
3.55%, 6/1/2024		5,000		4,953
4.70%, 1/15/2021		5,000		5,362
Viacom, Inc.:
4.25%, 9/1/2023		20,000		19,969
4.85%, 12/15/2034		20,000		17,953
5.85%, 9/1/2043		25,000		24,603
Walt Disney Co.:
2.75%, 8/16/2021 (a)		7,000		7,125
4.13%, 6/1/2044		15,000		15,533
Series E, 4.13%, 12/1/2041		15,000		15,342
Series MTN, 2.35%, 12/1/2022		29,000		28,593
				751,451
MINING — 1.2%
Barrick Gold Corp. 4.10%, 5/1/2023		11,000		11,312
Barrick North America Finance LLC:
4.40%, 5/30/2021		7,000		7,387
5.75%, 5/1/2043		25,000		26,516

See accompanying notes to financial statements.

129

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Barrick PD Australia Finance Pty, Ltd. 5.95%, 10/15/2039	$	50,000	$	52,696
BHP Billiton Finance USA, Ltd. 3.25%, 11/21/2021		100,000		103,027
Goldcorp, Inc. 3.70%, 3/15/2023		100,000		98,401
Newmont Mining Corp.:
3.50%, 3/15/2022 (a)		15,000		15,204
4.88%, 3/15/2042 (a)		15,000		14,182
5.88%, 4/1/2035 (a)		7,000		7,488
6.25%, 10/1/2039		5,000		5,508
Southern Copper Corp.:
5.88%, 4/23/2045 (a)		14,000		13,738
6.75%, 4/16/2040		25,000		26,821
				382,280
MISCELLANEOUS MANUFACTURER — 1.9%
3M Co.:
Series MTN, 1.63%, 9/19/2021		50,000		48,583
Series MTN, 2.00%, 8/7/2020		25,000		24,977
Series MTN, 3.88%, 6/15/2044		10,000		9,945
Dover Corp. 5.38%, 3/1/2041		10,000		11,725
Eaton Corp.:
2.75%, 11/2/2022		37,000		36,567
6.95%, 3/20/2019 (a)		7,000		7,711
General Electric Co. 4.50%, 3/11/2044		10,000		10,674
Illinois Tool Works, Inc.:
3.50%, 3/1/2024		25,000		25,843
3.90%, 9/1/2042 (a)		25,000		25,101
4.88%, 9/15/2041		7,000		7,772
Ingersoll-Rand Global Holding Co., Ltd.:
4.25%, 6/15/2023		75,000		79,211
6.88%, 8/15/2018		10,000		10,807
Parker-Hannifin Corp.:
6.25%, 5/15/2038		7,000		8,979
Series MTN, 4.20%, 11/21/2034.		100,000		102,724
Textron, Inc.:
3.65%, 3/1/2021		25,000		25,656
4.30%, 3/1/2024		25,000		25,906
Tyco Electronics Group SA:
2.38%, 12/17/2018		10,000		10,085
3.45%, 8/1/2024		15,000		15,122
4.88%, 1/15/2021		15,000		16,182
6.55%, 10/1/2017		100,000		103,725
				607,295
OFFICE & BUSINESS EQUIPMENT — 0.3%
Pitney Bowes, Inc.:
3.38%, 10/1/2021		50,000		48,479
4.63%, 3/15/2024		50,000		49,110
Xerox Corp.:
3.80%, 5/15/2024		5,000		4,813
4.50%, 5/15/2021 (a)		3,000		3,119
				105,521
OIL & GAS — 5.1%
Anadarko Petroleum Corp.:
5.55%, 3/15/2026 (a)		50,000		56,125
6.45%, 9/15/2036		22,000		26,140
Apache Corp.:
4.75%, 4/15/2043		20,000		20,754
6.00%, 1/15/2037		75,000		85,986
BP Capital Markets PLC 1.38%, 11/6/2017		150,000		149,915
Canadian Natural Resources, Ltd.:
3.90%, 2/1/2025		20,000		19,992
6.50%, 2/15/2037		15,000		17,272
Chevron Corp. 3.19%, 6/24/2023		75,000		76,716
Cimarex Energy Co. 5.88%, 5/1/2022		100,000		103,902
ConocoPhillips:
5.90%, 5/15/2038		50,000		59,091
6.50%, 2/1/2039 (a)		10,000		12,665
ConocoPhillips Co. 2.88%, 11/15/2021		50,000		50,305
Devon Energy Corp. 4.75%, 5/15/2042		100,000		94,625
Encana Corp.:
6.50%, 5/15/2019		50,000		53,812
6.50%, 8/15/2034		50,000		53,937
EOG Resources, Inc.:
2.45%, 4/1/2020		75,000		74,821
4.40%, 6/1/2020		15,000		15,902
EQT Corp.:
4.88%, 11/15/2021		25,000		26,670
6.50%, 4/1/2018		15,000		15,778
Hess Corp.:
4.30%, 4/1/2027		50,000		49,438
5.60%, 2/15/2041 (a)		15,000		15,056
7.88%, 10/1/2029		7,000		8,461
Husky Energy, Inc. 4.00%, 4/15/2024		50,000		50,939
Kerr-McGee Corp. 7.88%, 9/15/2031		20,000		25,503
Marathon Oil Corp. 2.80%, 11/1/2022		50,000		47,750
Marathon Petroleum Corp. 5.13%, 3/1/2021 (a)		15,000		16,282
Nabors Industries, Inc.:
4.63%, 9/15/2021 (a)		50,000		50,875
5.10%, 9/15/2023		5,000		5,000
Noble Energy, Inc.:
3.90%, 11/15/2024		101,000		101,846
8.25%, 3/1/2019		7,000		7,852
Occidental Petroleum Corp. 2.60%, 4/15/2022		50,000		49,802
Phillips 66 4.88%, 11/15/2044 (a)		30,000		31,659
Sasol Financing International, Ltd. 4.50%, 11/14/2022		10,000		9,969
Shell International Finance B.V. 4.30%, 9/22/2019		2,000		2,121
Total Capital International SA 2.88%, 2/17/2022		67,000		67,540
Total Capital SA 4.25%, 12/15/2021		7,000		7,536

See accompanying notes to financial statements.

130

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Valero Energy Corp.:
3.65%, 3/15/2025	$	25,000	$	24,801
4.90%, 3/15/2045		20,000		19,880
6.63%, 6/15/2037		7,000		8,180
				1,614,898
OIL & GAS SERVICES — 0.3%
Halliburton Co.:
4.50%, 11/15/2041		7,000		6,897
6.70%, 9/15/2038		7,000		8,687
National Oilwell Varco, Inc.:
2.60%, 12/1/2022		67,000		62,074
3.95%, 12/1/2042		22,000		16,890
				94,548
PACKAGING & CONTAINERS — 0.2%
Packaging Corp. of America 4.50%, 11/1/2023		10,000		10,581
WestRock RKT Co.:
3.50%, 3/1/2020		15,000		15,245
4.90%, 3/1/2022		22,000		23,852
				49,678
PHARMACEUTICALS — 4.0%
Abbott Laboratories:
6.00%, 4/1/2039		25,000		29,708
6.15%, 11/30/2037		7,000		8,346
AbbVie, Inc.:
2.90%, 11/6/2022 (a)		25,000		24,617
4.40%, 11/6/2042		15,000		14,181
Actavis Funding SCS 4.85%, 6/15/2044		50,000		50,018
AmerisourceBergen Corp. 3.25%, 3/1/2025		100,000		99,055
AstraZeneca PLC:
4.00%, 9/18/2042		5,000		4,755
5.90%, 9/15/2017		7,000		7,219
Bristol-Myers Squibb Co.:
3.25%, 11/1/2023		25,000		25,757
3.25%, 8/1/2042		50,000		44,727
5.88%, 11/15/2036		10,000		12,488
Cardinal Health, Inc.:
2.40%, 11/15/2019		25,000		25,130
3.50%, 11/15/2024		25,000		25,266
4.50%, 11/15/2044		10,000		9,884
Eli Lilly & Co.:
5.20%, 3/15/2017		15,000		15,122
5.55%, 3/15/2037		50,000		59,701
Express Scripts Holding Co. 4.75%, 11/15/2021		75,000		80,569
GlaxoSmithKline Capital PLC 1.50%, 5/8/2017		10,000		10,015
GlaxoSmithKline Capital, Inc.:
5.38%, 4/15/2034		7,000		8,209
5.65%, 5/15/2018		50,000		52,674
Johnson & Johnson 5.85%, 7/15/2038		32,000		41,766
McKesson Corp.:
2.28%, 3/15/2019		100,000		100,382
4.75%, 3/1/2021		15,000		16,058
Mead Johnson Nutrition Co. 4.60%, 6/1/2044		17,000		16,483
Merck & Co., Inc.:
2.75%, 2/10/2025		50,000		49,160
2.80%, 5/18/2023		15,000		14,982
3.70%, 2/10/2045		5,000		4,770
3.88%, 1/15/2021		15,000		15,905
Mylan, Inc. 2.60%, 6/24/2018		35,000		35,070
Novartis Capital Corp. 3.40%, 5/6/2024		25,000		25,765
Pfizer, Inc.:
0.90%, 1/15/2017		15,000		15,000
1.50%, 6/15/2018		7,000		7,007
3.00%, 6/15/2023		7,000		7,096
4.00%, 12/15/2036		50,000		51,082
7.20%, 3/15/2039		50,000		72,437
Sanofi 1.25%, 4/10/2018		50,000		49,892
Teva Pharmaceutical Finance IV LLC 2.25%, 3/18/2020		20,000		19,671
Zoetis, Inc.:
3.25%, 2/1/2023		115,000		114,353
4.70%, 2/1/2043		5,000		4,813
				1,269,133
PIPELINES — 4.8%
Buckeye Partners L.P. 2.65%, 11/15/2018		60,000		60,416
Columbia Pipeline Group, Inc. 5.80%, 6/1/2045		85,000		98,076
El Paso Natural Gas Co. LLC 8.38%, 6/15/2032		7,000		8,663
Enable Midstream Partners L.P.:
2.40%, 5/15/2019		15,000		14,700
3.90%, 5/15/2024		20,000		18,800
Enbridge Energy Partners L.P.:
4.20%, 9/15/2021		25,000		26,033
5.50%, 9/15/2040		50,000		49,639
Enbridge, Inc.:
3.50%, 6/10/2024 (a)		35,000		34,093
4.25%, 12/1/2026		50,000		51,167
4.50%, 6/10/2044		25,000		23,143
Energy Transfer Partners L.P.:
5.20%, 2/1/2022		10,000		10,705
6.50%, 2/1/2042		50,000		54,156
9.00%, 4/15/2019		7,000		7,928
EnLink Midstream Partners L.P.:
4.15%, 6/1/2025		50,000		48,250
5.60%, 4/1/2044		50,000		47,500
Enterprise Products Operating LLC:
3.35%, 3/15/2023		65,000		65,739
4.85%, 3/15/2044		15,000		15,174
Kinder Morgan Energy Partners L.P.:
2.65%, 2/1/2019		25,000		25,078
3.95%, 9/1/2022		25,000		25,554
4.30%, 5/1/2024		20,000		20,490
6.50%, 9/1/2039		5,000		5,528

See accompanying notes to financial statements.

131

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Magellan Midstream Partners L.P.:
4.20%, 3/15/2045	$	25,000	$	22,724
6.55%, 7/15/2019		15,000		16,602
ONEOK Partners L.P.:
3.20%, 9/15/2018		50,000		51,040
3.38%, 10/1/2022		50,000		50,141
Phillips 66 Partners L.P.:
2.65%, 2/15/2020		25,000		24,900
3.61%, 2/15/2025		5,000		4,910
Plains All American Pipeline L.P./PAA Finance Corp.:
4.70%, 6/15/2044		15,000		13,359
5.75%, 1/15/2020		15,000		16,267
Southern Natural Gas Co. LLC 8.00%, 3/1/2032		7,000		8,790
Spectra Energy Capital LLC:
3.30%, 3/15/2023		100,000		96,721
8.00%, 10/1/2019		15,000		16,953
Spectra Energy Partners L.P.:
3.38%, 10/15/2026		70,000		66,769
4.50%, 3/15/2045		10,000		9,489
4.60%, 6/15/2021		18,000		19,155
Sunoco Logistics Partners Operations L.P.:
4.40%, 4/1/2021		100,000		105,207
4.65%, 2/15/2022		4,000		4,214
4.95%, 1/15/2043		15,000		13,851
TransCanada PipeLines, Ltd.:
3.75%, 10/16/2023		25,000		25,831
4.88%, 1/15/2026 (a)		60,000		66,646
5.00%, 10/16/2043 (a)		10,000		11,019
6.20%, 10/15/2037		7,000		8,650
7.25%, 8/15/2038		25,000		33,972
Western Gas Partners L.P.:
2.60%, 8/15/2018		5,000		5,013
5.38%, 6/1/2021		25,000		26,750
5.45%, 4/1/2044		50,000		51,125
Williams Partners L.P.:
3.60%, 3/15/2022		20,000		20,042
4.00%, 9/15/2025 (a)		5,000		4,932
4.13%, 11/15/2020		22,000		22,769
				1,528,673
REAL ESTATE — 1.2%
American Campus Communities Operating Partnership L.P. 4.13%, 7/1/2024		100,000		101,943
Brookfield Asset Management, Inc. 4.00%, 1/15/2025		30,000		29,281
CBRE Services, Inc. 4.88%, 3/1/2026		30,000		30,145
Omega Healthcare Investors, Inc. 5.25%, 1/15/2026		48,000		49,289
Prologis L.P. 3.75%, 11/1/2025		150,000		153,521
				364,179
REAL ESTATE INVESTMENT TRUSTS — 9.5%
Alexandria Real Estate Equities, Inc.:
4.50%, 7/30/2029		10,000		10,028
4.60%, 4/1/2022		30,000		31,596
American Tower Corp.:
3.40%, 2/15/2019		50,000		51,071
4.50%, 1/15/2018		15,000		15,393
AvalonBay Communities, Inc.:
Series GMTN, 3.50%, 11/15/2024		50,000		50,221
Series GMTN, 3.63%, 10/1/2020		25,000		25,908
Boston Properties L.P.:
2.75%, 10/1/2026 (a)		50,000		45,688
3.80%, 2/1/2024		25,000		25,361
4.13%, 5/15/2021		40,000		41,959
Brandywine Operating Partnership L.P.:
4.10%, 10/1/2024		10,000		9,831
4.55%, 10/1/2029		25,000		24,485
Brixmor Operating Partnership L.P. 3.85%, 2/1/2025		100,000		98,159
Camden Property Trust 4.63%, 6/15/2021		53,000		56,377
Corporate Office Properties L.P.:
3.60%, 5/15/2023		15,000		14,282
5.25%, 2/15/2024		20,000		21,052
DDR Corp.:
3.38%, 5/15/2023		5,000		4,846
3.63%, 2/1/2025		20,000		19,222
4.75%, 4/15/2018		30,000		30,860
7.88%, 9/1/2020		100,000		116,310
Digital Realty Trust L.P. 3.40%, 10/1/2020		50,000		50,750
Duke Realty L.P.:
3.75%, 12/1/2024		25,000		25,213
3.88%, 2/15/2021		50,000		51,962
EPR Properties:
4.75%, 12/15/2026		50,000		49,614
5.75%, 8/15/2022		50,000		53,950
ERP Operating L.P.:
2.38%, 7/1/2019		60,000		60,388
4.50%, 7/1/2044		15,000		15,185
5.75%, 6/15/2017		50,000		50,980
Essex Portfolio L.P.:
3.38%, 4/15/2026		25,000		24,149
3.88%, 5/1/2024		25,000		25,385
Federal Realty Investment Trust:
2.75%, 6/1/2023		50,000		48,599
4.50%, 12/1/2044		45,000		45,693
HCP, Inc.:
3.75%, 2/1/2019		22,000		22,588
4.00%, 12/1/2022		100,000		102,867
5.38%, 2/1/2021		7,000		7,623
Hospitality Properties Trust:
5.00%, 8/15/2022		30,000		31,581
5.25%, 2/15/2026		100,000		101,268
Host Hotels & Resorts L.P.:
6.00%, 10/1/2021		22,000		24,411
Series D, 3.75%, 10/15/2023		115,000		112,580
Kilroy Realty L.P.:
4.25%, 8/15/2029		50,000		48,606
4.38%, 10/1/2025		65,000		66,466
Kimco Realty Corp.:
3.20%, 5/1/2021		50,000		50,591
4.30%, 2/1/2018		15,000		15,302

See accompanying notes to financial statements.

132

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Liberty Property L.P. 3.25%, 10/1/2026	$	100,000	$	95,076
Mack-Cali Realty L.P. 2.50%, 12/15/2017		25,000		25,100
Mid-America Apartments L.P.:
3.75%, 6/15/2024		50,000		49,936
4.00%, 11/15/2025		30,000		30,318
National Retail Properties, Inc.:
3.60%, 12/15/2026		50,000		49,386
3.80%, 10/15/2022		30,000		30,874
3.90%, 6/15/2024		25,000		25,514
Omega Healthcare Investors, Inc. 4.95%, 4/1/2024		50,000		50,332
Realty Income Corp.:
3.88%, 7/15/2024		20,000		20,313
6.75%, 8/15/2019		65,000		72,606
Select Income REIT:
2.85%, 2/1/2018		100,000		100,209
4.50%, 2/1/2025		25,000		23,978
Simon Property Group L.P.:
3.38%, 10/1/2024		120,000		121,199
4.25%, 10/1/2044		5,000		4,944
Tanger Properties L.P. 3.13%, 9/1/2026		100,000		93,869
UDR, Inc.:
Series MTN, 2.95%, 9/1/2026		25,000		23,334
Series MTN, 3.75%, 7/1/2024		25,000		25,208
Series MTN, 4.25%, 6/1/2018		30,000		30,963
Ventas Realty L.P.:
3.25%, 10/15/2026 (a)		50,000		47,467
4.38%, 2/1/2045		100,000		93,585
Ventas Realty L.P. / Ventas Capital Corp. 4.75%, 6/1/2021		7,000		7,521
Weingarten Realty Investors:
3.25%, 8/15/2026		40,000		37,662
4.45%, 1/15/2024		50,000		51,722
Welltower, Inc.:
5.13%, 3/15/2043		5,000		5,086
6.13%, 4/15/2020		30,000		33,179
6.50%, 3/15/2041		25,000		29,897
Weyerhaeuser Co.:
4.63%, 9/15/2023		15,000		16,079
7.38%, 3/15/2032		15,000		19,029
				2,992,786
RETAIL — 3.8%
Advance Auto Parts, Inc. 4.50%, 1/15/2022		100,000		104,276
AutoNation, Inc.:
3.35%, 1/15/2021		25,000		25,076
4.50%, 10/1/2025		25,000		25,223
AutoZone, Inc.:
1.63%, 4/21/2019		10,000		9,901
2.88%, 1/15/2023		15,000		14,726
3.13%, 7/15/2023		50,000		49,446
Bed Bath & Beyond, Inc. 3.75%, 8/1/2024 (a)		25,000		25,063
Best Buy Co., Inc. 5.00%, 8/1/2018		50,000		52,223
Costco Wholesale Corp.:
1.70%, 12/15/2019		15,000		14,977
2.25%, 2/15/2022		20,000		19,819
5.50%, 3/15/2017		7,000		7,065
CVS Health Corp.:
2.75%, 12/1/2022		5,000		4,919
3.38%, 8/12/2024		15,000		15,031
Dollar General Corp. 3.25%, 4/15/2023		47,000		46,493
Home Depot, Inc.:
3.75%, 2/15/2024 (a)		100,000		105,338
5.40%, 9/15/2040		7,000		8,341
Kohl’s Corp. 4.00%, 11/1/2021		50,000		52,387
Lowe’s Cos., Inc.:
3.38%, 9/15/2025		25,000		25,488
3.75%, 4/15/2021 (a)		15,000		15,839
4.25%, 9/15/2044		25,000		25,320
4.38%, 9/15/2045		30,000		30,983
Macy’s Retail Holdings, Inc.:
3.63%, 6/1/2024 (a)		10,000		9,799
3.88%, 1/15/2022 (a)		7,000		7,166
6.70%, 7/15/2034 (a)		7,000		7,665
McDonald’s Corp.:
Series MTN, 5.35%, 3/1/2018		6,000		6,253
Series MTN, 6.30%, 3/1/2038		25,000		30,835
Nordstrom, Inc.:
4.00%, 10/15/2021		15,000		15,696
6.25%, 1/15/2018		50,000		52,209
O’Reilly Automotive, Inc.:
3.55%, 3/15/2026		25,000		24,845
3.85%, 6/15/2023		30,000		30,758
4.63%, 9/15/2021		7,000		7,479
QVC, Inc.:
4.38%, 3/15/2023		25,000		24,656
4.45%, 2/15/2025		25,000		23,875
5.13%, 7/2/2022		15,000		15,488
5.95%, 3/15/2043		22,000		19,773
Starbucks Corp. 3.85%, 10/1/2023		25,000		26,622
Target Corp.:
3.88%, 7/15/2020		25,000		26,457
4.00%, 7/1/2042 (a)		10,000		9,980
6.35%, 11/1/2032		10,000		12,656
TJX Cos., Inc. 2.25%, 9/15/2026		50,000		46,032
Wal-Mart Stores, Inc.:
4.25%, 4/15/2021		25,000		27,040
5.25%, 9/1/2035		15,000		18,002
5.63%, 4/1/2040		10,000		12,374
Walgreen Co. 5.25%, 1/15/2019		2,000		2,114
Walgreens Boots Alliance, Inc.:
2.70%, 11/18/2019		25,000		25,316
3.30%, 11/18/2021		30,000		30,560
3.80%, 11/18/2024		5,000		5,077
4.80%, 11/18/2044		5,000		5,143
				1,201,804

See accompanying notes to financial statements.

133

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
SEMICONDUCTORS — 1.9%
Analog Devices, Inc. 3.90%, 12/15/2025	$	50,000	$	51,170
Applied Materials, Inc.:
4.30%, 6/15/2021		25,000		26,828
5.85%, 6/15/2041		34,000		40,828
Intel Corp.:
4.25%, 12/15/2042		10,000		10,212
4.80%, 10/1/2041		10,000		11,066
KLA-Tencor Corp. 4.13%, 11/1/2021		40,000		41,646
Lam Research Corp.:
2.75%, 3/15/2020		40,000		40,040
3.80%, 3/15/2025		30,000		29,953
Maxim Integrated Products, Inc. 3.38%, 3/15/2023		100,000		97,741
NVIDIA Corp. 3.20%, 9/16/2026		100,000		96,084
QUALCOMM, Inc. 3.45%, 5/20/2025 (a)		40,000		40,704
Texas Instruments, Inc.:
0.88%, 3/12/2017		50,000		49,993
2.75%, 3/12/2021		25,000		25,484
Xilinx, Inc.:
2.13%, 3/15/2019		20,000		19,975
3.00%, 3/15/2021		20,000		20,200
				601,924
SOFTWARE — 1.6%
Activision Blizzard, Inc. 2.30%, 9/15/2021 (c)		75,000		73,136
Adobe Systems, Inc. 3.25%, 2/1/2025		75,000		74,980
CA, Inc. 5.38%, 12/1/2019		65,000		70,168
Electronic Arts, Inc. 3.70%, 3/1/2021		53,000		54,786
Fidelity National Information Services, Inc.:
1.45%, 6/5/2017		35,000		35,014
2.00%, 4/15/2018		4,000		4,009
3.50%, 4/15/2023		6,000		6,072
3.63%, 10/15/2020		10,000		10,343
3.88%, 6/5/2024		30,000		30,635
5.00%, 10/15/2025		4,000		4,356
Fiserv, Inc. 4.63%, 10/1/2020		30,000		32,024
Microsoft Corp. 4.45%, 11/3/2045		50,000		53,303
Oracle Corp.:
1.20%, 10/15/2017		40,000		40,009
2.25%, 10/8/2019		10,000		10,106
3.40%, 7/8/2024		10,000		10,178
6.13%, 7/8/2039		7,000		8,841
				517,960
TELECOMMUNICATIONS — 2.7%
America Movil SAB de CV:
3.13%, 7/16/2022		60,000		59,169
6.13%, 3/30/2040 (a)		10,000		11,493
AT&T, Inc.:
2.30%, 3/11/2019		10,000		10,032
4.45%, 5/15/2021		25,000		26,379
5.20%, 3/15/2020		25,000		26,887
6.38%, 3/1/2041		7,000		8,067
British Telecommunications PLC 2.35%, 2/14/2019		55,000		55,267
CC Holdings GS V LLC/Crown Castle GS III Corp. 3.85%, 4/15/2023		30,000		30,416
Cisco Systems, Inc.:
3.15%, 3/14/2017		15,000		15,066
5.90%, 2/15/2039		7,000		8,909
Deutsche Telekom International Finance B.V. 8.75%, 6/15/2030		111,000		161,921
Motorola Solutions, Inc. 3.75%, 5/15/2022		25,000		25,155
Orange SA:
1.63%, 11/3/2019		50,000		49,267
2.75%, 2/6/2019		10,000		10,131
5.50%, 2/6/2044 (a)		10,000		11,516
Qwest Corp. 6.88%, 9/15/2033		38,000		36,195
Rogers Communications, Inc.:
5.00%, 3/15/2044		15,000		15,954
6.80%, 8/15/2018		75,000		80,830
Telefonaktiebolaget LM Ericsson 4.13%, 5/15/2022		50,000		50,161
Telefonica Emisiones SAU 4.57%, 4/27/2023		100,000		104,716
Verizon Communications, Inc.:
2.63%, 2/21/2020		10,000		10,091
4.75%, 11/1/2041		30,000		29,619
5.15%, 9/15/2023		10,000		11,039
Vodafone Group PLC 1.50%, 2/19/2018		5,000		4,981
				853,261
TEXTILES — 0.2%
Cintas Corp. No 2:
3.25%, 6/1/2022		50,000		50,521
6.15%, 8/15/2036		12,000		14,137
				64,658
TOBACCO — 0.1%
Reynolds American, Inc. 6.88%, 5/1/2020		25,000		28,335
TOYS/GAMES/HOBBIES — 0.1%
Hasbro, Inc. 6.35%, 3/15/2040		25,000		28,990
Mattel, Inc.:
2.35%, 5/6/2019 (a)		5,000		5,011
6.20%, 10/1/2040		3,000		3,278
				37,279
TRANSPORTATION — 1.3%
Burlington Northern Santa Fe LLC:
3.00%, 3/15/2023		55,000		55,536
3.40%, 9/1/2024 (a)		10,000		10,285

See accompanying notes to financial statements.

134

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Canadian National Railway Co.:
2.85%, 12/15/2021	$	15,000	$	15,244
6.20%, 6/1/2036		7,000		9,099
Canadian Pacific Railway Co.:
4.45%, 3/15/2023		15,000		16,045
5.75%, 3/15/2033		10,000		11,442
CSX Corp.:
3.35%, 11/1/2025		10,000		10,026
3.70%, 10/30/2020 (a)		15,000		15,560
FedEx Corp.:
2.63%, 8/1/2022 (a)		22,000		21,909
3.90%, 2/1/2035		25,000		24,010
Kansas City Southern:
3.00%, 5/15/2023		10,000		9,677
4.30%, 5/15/2043		25,000		23,436
Norfolk Southern Corp.:
3.25%, 12/1/2021		2,000		2,051
4.80%, 8/15/2043		10,000		10,836
Ryder System, Inc.:
Series MTN, 2.35%, 2/26/2019		15,000		15,050
Series MTN, 2.45%, 9/3/2019		30,000		30,102
Union Pacific Corp.:
4.16%, 7/15/2022		15,000		16,133
4.30%, 6/15/2042		7,000		7,224
United Parcel Service, Inc.:
4.88%, 11/15/2040		17,000		19,548
5.13%, 4/1/2019		75,000		80,494
				403,707
TRUCKING & LEASING — 0.3%
GATX Corp.:
1.25%, 3/4/2017		10,000		9,997
2.38%, 7/30/2018		7,000		7,033
2.50%, 7/30/2019		30,000		29,994
2.60%, 3/30/2020 (a)		25,000		24,801
5.20%, 3/15/2044 (a)		20,000		20,021
				91,846
WATER — 0.3%
American Water Capital Corp.:
3.40%, 3/1/2025		35,000		35,773
4.30%, 12/1/2042		10,000		10,383
6.09%, 10/15/2017		10,000		10,369
6.59%, 10/15/2037		25,000		33,305
United Utilities PLC 6.88%, 8/15/2028		15,000		16,652
				106,482
TOTAL CORPORATE BONDS & NOTES (Cost $31,172,430)				31,020,141
SHORT-TERM INVESTMENTS — 1.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		199,843	$	199,843
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		401,508		401,508
TOTAL SHORT-TERM INVESTMENTS (Cost $601,351)				601,351
TOTAL INVESTMENTS — 100.2% (Cost $31,773,781)				31,621,492
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(74,739	)
NET ASSETS — 100.0%			$	31,546,753

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Step-up bond — Coupon rate increases in increments to maturity. Rate shown as of December 31, 2016. Maturity date shown is the final maturity.

(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.7% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Amount is less than 0.05% of net assets.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

GMTN = Global Medium Term Note

MTN = Medium Term Note

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

135

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Advertising	$	—	$	139,600	$	—	$	139,600
Aerospace & Defense		—		500,844		—		500,844
Agriculture		—		339,709		—		339,709
Airlines		—		255,664		—		255,664
Apparel		—		101,922		—		101,922
Auto Manufacturers		—		386,100		—		386,100
Auto Parts & Equipment		—		206,383		—		206,383
Banks		—		2,826,340		—		2,826,340
Beverages		—		590,710		—		590,710
Biotechnology		—		144,443		—		144,443
Chemicals		—		903,637		—		903,637
Commercial Services		—		285,129		—		285,129
Construction Materials		—		311,225		—		311,225
Distribution & Wholesale		—		26,759		—		26,759
Diversified Financial Services		—		1,378,766		—		1,378,766
Electric		—		2,105,100		—		2,105,100
Electrical Components & Equipment		—		107,650		—		107,650
Electronics		—		404,705		—		404,705
Engineering & Construction		—		15,305		—		15,305
Environmental Control		—		135,853		—		135,853
Food		—		1,006,009		—		1,006,009
Forest Products & Paper		—		103,608		—		103,608
Gas		—		239,348		—		239,348
Hand & Machine Tools		—		91,637		—		91,637
Health Care Products		—		472,910		—		472,910
Health Care Services		—		662,697		—		662,697
Holding Companies-Divers		—		67,773		—		67,773
Home Furnishings		—		75,693		—		75,693
Household Products		—		141,130		—		141,130
Household Products & Wares		—		134,571		—		134,571
Housewares		—		20,451		—		20,451
Insurance		—		1,353,742		—		1,353,742
Internet		—		468,232		—		468,232
Investment Company Security		—		205,641		—		205,641
Iron/Steel		—		221,846		—		221,846
IT Services		—		451,674		—		451,674
Leisure Time		—		52,571		—		52,571
Lodging		—		88,911		—		88,911
Machinery, Construction & Mining		—		67,181		—		67,181
Machinery-Diversified		—		260,974		—		260,974
Media		—		751,451		—		751,451
Mining		—		382,280		—		382,280
Miscellaneous Manufacturer		—		607,295		—		607,295
Office & Business Equipment		—		105,521		—		105,521
Oil & Gas		—		1,614,898		—		1,614,898
Oil & Gas Services		—		94,548		—		94,548
Packaging & Containers		—		49,678		—		49,678
Pharmaceuticals		—		1,269,133		—		1,269,133
Pipelines		—		1,528,673		—		1,528,673
Real Estate		—		364,179		—		364,179

See accompanying notes to financial statements.

136

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Real Estate Investment Trusts	$	—	$	2,992,786	$	—	$	2,992,786
Retail		—		1,201,804		—		1,201,804
Semiconductors		—		601,924		—		601,924
Software		—		517,960		—		517,960
Telecommunications		—		853,261		—		853,261
Textiles		—		64,658		—		64,658
Tobacco		—		28,335		—		28,335
Toys/Games/Hobbies		—		37,279		—		37,279
Transportation		—		403,707		—		403,707
Trucking & Leasing		—		91,846		—		91,846
Water		—		106,482		—		106,482
Short-Term Investments		601,351		—		—		601,351
TOTAL INVESTMENTS	$	601,351	$	31,020,141	$	—	$	31,621,492

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		45,573	$	45,573		1,138,756		1,184,329		—	$	—	$	188	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,896,348		1,696,505		199,843		199,843		155		—
State Street Navigator Securities Lending Government Money Market Portfolio*		1,592,590		1,592,590		2,617,718		3,808,800		401,508		401,508		1,432		—
TOTAL			$	1,638,163							$	601,351	$	1,775	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

137

SPDR Bloomberg Barclays Convertible Securities ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 60.3%
AUTO MANUFACTURERS — 1.6%
Tesla Motors, Inc.:
0.25%, 3/1/2019	$	23,539,000	$	21,832,422
1.25%, 3/1/2021		34,150,000		29,454,375
				51,286,797
BIOTECHNOLOGY — 1.3%
Illumina, Inc.:
Zero Coupon, 6/15/2019		16,145,000		15,439,464
0.50%, 6/15/2021 (a)		13,050,000		12,520,170
Ionis Pharmaceuticals, Inc. 1.00%, 11/15/2021		13,265,000		13,522,341
				41,481,975
CONSTRUCTION MATERIALS — 0.7%
Cemex SAB de CV 3.75%, 3/15/2018		18,688,000		20,977,280
DIVERSIFIED FINANCIAL SERVICES — 0.4%
Blackhawk Network Holdings, Inc. 1.50%, 1/15/2022 (b)		12,300,000		12,645,630
ENERGY-ALTERNATE SOURCES — 0.4%
SolarCity Corp. 1.63%, 11/1/2019 (a)		15,957,000		13,523,558
GAS — 0.8%
CenterPoint Energy, Inc. 4.18%, 9/15/2029 (c)		355,421		23,813,207
HEALTH CARE PRODUCTS — 1.2%
NuVasive, Inc. 2.25%, 3/15/2021 (b)		16,682,000		21,196,149
Wright Medical Group, Inc. 2.00%, 2/15/2020		15,928,000		16,635,203
				37,831,352
HEALTH CARE SERVICES — 1.6%
Anthem, Inc. 2.75%, 10/15/2042		14,243,000		28,335,024
Molina Healthcare, Inc. 1.13%, 1/15/2020		14,100,000		20,251,830
				48,586,854
INSURANCE — 0.6%
Old Republic International Corp. 3.75%, 3/15/2018		14,022,000		17,510,674
INTERNET — 10.7%
Ctrip.com International, Ltd.:
1.00%, 7/1/2020		17,725,000		18,223,073
1.25%, 10/15/2018		20,450,000		23,568,625
1.25%, 9/15/2022 (b)		24,825,000		23,894,062
Priceline Group, Inc.:
0.35%, 6/15/2020		25,277,000		32,180,149
0.90%, 9/15/2021 (a)		26,650,000		28,065,115
1.00%, 3/15/2018		25,586,000		40,267,247
Twitter, Inc.:
0.25%, 9/15/2019		22,850,000		21,364,750
1.00%, 9/15/2021		24,300,000		22,356,000
VeriSign, Inc. 4.49%, 8/15/2037		32,323,000		71,676,252
Vipshop Holdings, Ltd. 1.50%, 3/15/2019		16,622,000		16,548,863
Yahoo!, Inc. Zero Coupon, 12/1/2018		37,300,000		36,833,750
				334,977,886
IT SERVICES — 0.5%
Brocade Communications Systems, Inc. 1.38%, 1/1/2020		15,170,000		15,253,435
MEDIA — 4.3%
DISH Network Corp. 3.38%, 8/15/2026 (b)		77,067,000		87,517,285
Liberty Interactive LLC 1.75%, 9/30/2046 (b)		19,100,000		20,496,210
Liberty Media Corp. 1.38%, 10/15/2023		24,977,000		26,835,289
				134,848,784
MINING — 0.5%
Newmont Mining Corp. Series B, 1.63%, 7/15/2017		14,755,000		15,069,282
OIL & GAS — 3.0%
Cheniere Energy, Inc. 4.25%, 3/15/2045		16,650,000		10,156,500
Chesapeake Energy Corp. 5.50%, 9/15/2026 (b)		31,300,000		33,979,280
Cobalt International Energy, Inc.:
2.63%, 12/1/2019 (a)		29,065,000		11,335,350
3.13%, 5/15/2024		30,165,000		8,446,200
Ensco Jersey Finance, Ltd. 3.00%, 1/31/2024 (b)		18,400,000		18,814,000
Whiting Petroleum Corp. 1.25%, 4/1/2020		13,300,000		11,654,790
				94,386,120
OIL & GAS SERVICES — 1.1%
Weatherford International, Ltd. 5.88%, 7/1/2021		31,450,000		34,104,380
PHARMACEUTICALS — 2.2%
Herbalife, Ltd. 2.00%, 8/15/2019 (a)		29,408,000		26,799,510
Impax Laboratories, Inc. 2.00%, 6/15/2022		15,000,000		11,803,500
Jazz Investments I, Ltd. 1.88%, 8/15/2021		13,322,000		12,747,822
Teva Pharmaceutical Finance Co. LLC Series C, 0.25%, 2/1/2026		14,447,000		15,855,583
				67,206,415
REAL ESTATE INVESTMENT TRUSTS — 1.6%
Extra Space Storage L.P. 3.13%, 10/1/2035 (a) (b)		15,050,000		16,169,720
Starwood Property Trust, Inc. 4.55%, 3/1/2018		16,187,000		17,684,297
VEREIT, Inc. 3.00%, 8/1/2018		15,084,000		15,046,290
				48,900,307
SEMICONDUCTORS — 20.7%
Advanced Micro Devices, Inc. 2.13%, 9/1/2026		21,450,000		33,796,620

See accompanying notes to financial statements.

138

SPDR Bloomberg Barclays Convertible Securities ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Intel Corp.: 2.95%, 12/15/2035 (a)	$	40,369,000	$	54,522,371
3.25%, 8/1/2039		51,503,000		90,804,939
Microchip Technology, Inc.: 1.63%, 2/15/2025		43,385,000		56,157,544
2.13%, 12/15/2037		14,567,000		39,131,332
Micron Technology, Inc. Series G, 3.00%, 11/15/2043 (a)		25,900,000		25,625,460
Novellus Systems, Inc. 2.63%, 5/15/2041		18,224,000		56,733,134
NVIDIA Corp. 1.00%, 12/1/2018		38,675,000		204,965,898
NXP Semiconductors NV 1.00%, 12/1/2019		28,950,000		32,858,250
ON Semiconductor Corp. 1.00%, 12/1/2020		16,475,000		16,804,500
Xilinx, Inc. 2.63%, 6/15/2017		15,676,000		32,822,409
				644,222,457
SOFTWARE — 5.0%
Akamai Technologies, Inc. Zero Coupon, 2/15/2019		17,500,000		18,189,500
Citrix Systems, Inc. 0.50%, 4/15/2019		37,630,000		43,556,725
Nuance Communications, Inc. 1.00%, 12/15/2035		18,695,000		16,872,238
Red Hat, Inc. 0.25%, 10/1/2019 (a)		20,880,000		24,456,744
salesforce.com, Inc. 0.25%, 4/1/2018		30,575,000		35,506,747
ServiceNow, Inc. Zero Coupon, 11/1/2018		14,148,000		16,615,411
				155,197,365
TELECOMMUNICATIONS — 2.1%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25%, 12/1/2040 (b)		15,973,000		16,552,820
Finisar Corp. 0.50%, 12/15/2036 (b)		14,750,000		14,786,875
Palo Alto Networks, Inc. Zero Coupon, 7/1/2019.		14,050,000		17,816,805
Viavi Solutions, Inc. 0.63%, 8/15/2033		16,350,000		16,861,755
				66,018,255
TOTAL CORPORATE BONDS & NOTES (Cost $1,667,208,282)				1,877,842,013
	Shares
CONVERTIBLE PREFERRED STOCKS — 37.8%
AEROSPACE & DEFENSE — 0.6%
Arconic, Inc. 5.38%, 10/1/2017		670,100		20,203,515
AGRICULTURE — 0.6%
Bunge, Ltd. 4.88%, 12/31/2049		178,000		18,175,580
BANKS — 6.9%
Bank of America Corp. Series L, 7.25%, 12/31/2049 (a)		79,533		92,799,105
Wells Fargo & Co. Series L, 7.50%, 12/31/2049		101,731		121,059,890
				213,858,995
ELECTRIC — 6.6%
AES Trust III 6.75%, 10/15/2029		275,823		13,901,479
Dominion Resources, Inc. 6.38%, 7/1/2017		506,800		25,370,408
Dominion Resources, Inc. Series A, 6.75%, 8/15/2019		740,000		37,444,000
DTE Energy Co. 6.50%, 10/1/2019 (a)		335,000		17,755,000
Exelon Corp. 6.50%, 6/1/2017 (a)		614,125		29,729,792
Great Plains Energy, Inc. 7.00%, 9/15/2019		461,000		23,326,600
NextEra Energy, Inc. 6.12%, 9/1/2019		758,000		37,126,840
NextEra Energy, Inc. 6.37%, 9/1/2018		360,000		20,610,000
				205,264,119
ELECTRICAL COMPONENTS & EQUIPMENT — 0.5%
Belden, Inc. 6.75%, 7/15/2019		133,500		14,106,945
ENVIRONMENTAL CONTROL — 0.4%
Stericycle, Inc. 5.25%, 9/15/2018		211,500		13,381,605
FOOD — 1.7%
Tyson Foods, Inc. 4.75%, 7/15/2017		765,550		51,789,458
HEALTH CARE PRODUCTS — 0.5%
Alere, Inc. Series B, 3.00%, 12/31/2049 (a)		46,861		15,139,383
HEALTH CARE SERVICES — 0.9%
Anthem, Inc. 5.25%, 5/1/2018		626,000		29,390,700
INVESTMENT COMPANY SECURITY — 5.9%
Mandatory Exchangeable Trust 5.75%, 6/3/2019 (b)		1,688,000		183,418,080
OIL & GAS — 1.7%
Chesapeake Energy Corp. 5.75%, 12/31/2049 (b)		15,900		8,821,002
Hess Corp. 8.00%, 2/1/2019		302,674		22,294,967
Southwestern Energy Co. Series B, 6.25%, 1/15/2018 (a)		922,500		23,496,075
				54,612,044
PHARMACEUTICALS — 5.1%
Allergan PLC Series A, 5.50%, 3/1/2018		131,281		100,096,511
Teva Pharmaceutical Industries, Ltd. 7.00%, 12/15/2018		93,500		60,307,500
				160,404,011

See accompanying notes to financial statements.

139

SPDR Bloomberg Barclays Convertible Securities ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PIPELINES — 1.3%
Kinder Morgan, Inc. Series A, 9.75%, 10/26/2018 (a)		818,125	$	39,801,781
REAL ESTATE INVESTMENT TRUSTS — 2.4%
American Tower Corp. 5.50%, 2/15/2018		358,379		37,450,605
American Tower Corp. Series A, 5.25%, 5/15/2017		151,000		15,815,740
Welltower, Inc. Series I, 6.50%, 12/31/2049.		365,438		21,992,059
				75,258,404
TELECOMMUNICATIONS — 2.7%
Frontier Communications Corp. Series A, 11.13%, 6/29/2018		501,125		35,619,965
T-Mobile US, Inc. 5.50%, 12/15/2017		509,000		48,069,960
				83,689,925
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,294,567,958)				1,178,494,545
SHORT-TERM INVESTMENTS — 4.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		64,787,278		64,787,278
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		73,936,791		73,936,791
TOTAL SHORT-TERM INVESTMENTS (Cost $138,724,069)				138,724,069
TOTAL INVESTMENTS — 102.5% (Cost $3,100,500,309)				3,195,060,627
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.5)%				(78,586,961	)
NET ASSETS — 100.0%			$	3,116,473,666

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 14.7% of net assets as of December 31, 2016, 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 shown as of December 31, 2016. Maturity date shown is the final maturity.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Auto Manufacturers	$	—	$	51,286,797	$	—	$	51,286,797
Biotechnology.		—		41,481,975		—		41,481,975
Construction Materials.		—		20,977,280		—		20,977,280
Diversified Financial Services		—		12,645,630		—		12,645,630
Energy-Alternate Sources		—		13,523,558		—		13,523,558
Gas		—		23,813,207		—		23,813,207
Health Care Products		—		37,831,352		—		37,831,352
Health Care Services		—		48,586,854		—		48,586,854
Insurance		—		17,510,674		—		17,510,674
Internet		—		334,977,886		—		334,977,886
IT Services		—		15,253,435		—		15,253,435
Media		—		134,848,784		—		134,848,784
Mining		—		15,069,282		—		15,069,282
Oil & Gas		—		94,386,120		—		94,386,120
Oil & Gas Services		—		34,104,380		—		34,104,380
Pharmaceuticals		—		67,206,415		—		67,206,415
Real Estate Investment Trusts		—		48,900,307		—		48,900,307

See accompanying notes to financial statements.

140

SPDR Bloomberg Barclays Convertible Securities ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Semiconductors	$	—	$	644,222,457	$	—	$	644,222,457
Software		—		155,197,365		—		155,197,365
Telecommunications		—		66,018,255		—		66,018,255
Convertible Preferred Stocks
Aerospace & Defense		20,203,515		—		—		20,203,515
Agriculture		18,175,580		—		—		18,175,580
Banks		213,858,995		—		—		213,858,995
Electric		205,264,119		—		—		205,264,119
Electrical Components & Equipment		14,106,945		—		—		14,106,945
Environmental Control.		13,381,605		—		—		13,381,605
Food		51,789,458		—		—		51,789,458
Health Care Products		—		15,139,383		—		15,139,383
Health Care Services		29,390,700		—		—		29,390,700
Investment Company Security		—		183,418,080		—		183,418,080
Oil & Gas		45,791,042		8,821,002		—		54,612,044
Pharmaceuticals		160,404,011		—		—		160,404,011
Pipelines		39,801,781		—		—		39,801,781
Real Estate Investment Trusts		75,258,404		—		—		75,258,404
Telecommunications		83,689,925		—		—		83,689,925
Short-Term Investments.		138,724,069		—		—		138,724,069
TOTAL INVESTMENTS	$	1,109,840,149	$	2,085,220,478	$	—	$	3,195,060,627

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		55,766,561	$	55,766,561		154,856,975		210,623,536		—	$	—	$	12,683	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class.		—		—		127,138,494		62,351,216		64,787,278		64,787,278		14,279		—
State Street Navigator Securities Lending Government Money Market Portfolio*		119,014,875		119,014,875		466,032,178		511,110,262		73,936,791		73,936,791		539,341		—
TOTAL			$	174,781,436							$	138,724,069	$	566,303	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

141

SPDR Bloomberg Barclays Mortgage Backed Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS — 99.1%
Federal Home Loan Mortgage Corp.:
2.50%, 5/1/2028	$	895,904	$	905,694
2.50%, 6/1/2028		380,627		384,072
2.50%, 10/1/2029		136,742		137,682
2.50%, 1/1/2031		434,082		435,534
2.50%, 5/1/2031		1,343,548		1,348,042
2.50%, 6/1/2031		2,451,191		2,459,391
2.50%, 10/1/2031		2,446,075		2,454,258
3.00%, 10/1/2026		634,091		652,390
3.00%, 12/1/2026		1,589,306		1,635,172
3.00%, 2/1/2029		104,869		107,866
3.00%, 5/1/2029		769,313		791,303
3.00%, 7/1/2029		220,003		226,291
3.00%, 8/1/2029		781,423		803,760
3.00%, 9/1/2029		808,350		831,456
3.00%, 5/1/2035		411,053		416,896
3.00%, 7/1/2035		851,746		863,854
3.00%, 4/1/2036		928,207		940,174
3.00%, 2/1/2043		414,277		413,425
3.00%, 3/1/2043		942,075		940,138
3.00%, 6/1/2043		190,546		190,154
3.00%, 7/1/2043		382,327		381,541
3.00%, 8/1/2043		191,232		190,839
3.00%, 9/1/2043		198,145		197,737
3.00%, 10/1/2043		1,750,821		1,747,219
3.00%, 1/1/2045		378,149		376,096
3.00%, 6/1/2045		261,187		259,769
3.00%, 7/1/2045		439,579		437,193
3.00%, 8/1/2045		353,986		352,064
3.00%, 4/1/2046		1,107,345		1,100,777
3.00%, 6/1/2046		481,376		478,521
3.00%, 8/1/2046		488,489		485,592
3.00%, 9/1/2046		1,622,006		1,612,385
3.00%, 10/1/2046		1,484,908		1,476,101
3.00%, 11/1/2046		1,714,704		1,704,533
3.00%, 12/1/2046		3,241,915		3,222,687
3.50%, 6/1/2019		133,772		139,657
3.50%, 3/1/2021		1,548,827		1,617,134
3.50%, 2/1/2026		501,156		523,258
3.50%, 10/1/2026		399,846		417,481
3.50%, 1/1/2029		109,664		114,862
3.50%, 6/1/2029		186,977		195,645
3.50%, 8/1/2029		116,480		121,880
3.50%, 2/1/2030		70,906		74,398
3.50%, 7/1/2035		397,269		413,722
3.50%, 7/1/2042		149,003		153,469
3.50%, 3/1/2043		351,124		361,255
3.50%, 5/1/2043		993,851		1,022,526
3.50%, 11/1/2043		189,384		194,848
3.50%, 6/1/2044		423,803		434,902
3.50%, 8/1/2044		187,660		192,575
3.50%, 10/1/2044		159,810		163,995
3.50%, 11/1/2044		319,181		327,540
3.50%, 12/1/2044		746,065		765,604
3.50%, 1/1/2045		172,012		176,253
3.50%, 2/1/2045		720,008		737,762
3.50%, 7/1/2045		583,092		597,469
3.50%, 10/1/2045		957,750		981,366
3.50%, 11/1/2045		500,986		513,339
3.50%, 12/1/2045		1,220,263		1,250,352
3.50%, 1/1/2046		985,685		1,010,221
3.50%, 3/1/2046		1,902,371		1,949,723
3.50%, 4/1/2046		1,002,201		1,027,147
3.50%, 5/1/2046		1,400,261		1,435,115
3.50%, 6/1/2046		2,428,173		2,488,615
3.50%, 9/1/2046		1,960,069		2,008,859
4.00%, 5/1/2021		299,347		314,845
4.00%, 6/1/2035		379,529		403,676
4.00%, 10/1/2040		331,048		349,302
4.00%, 12/1/2041		231,745		244,492
4.00%, 4/1/2042		122,352		129,082
4.00%, 6/1/2042		384,438		405,693
4.00%, 5/1/2044		305,732		321,356
4.00%, 7/1/2044		682,415		717,290
4.00%, 10/1/2044		632,106		664,410
4.00%, 12/1/2044		146,112		153,579
4.00%, 4/1/2045		211,611		222,528
4.00%, 10/1/2045		623,977		656,167
4.00%, 12/1/2045		1,078,695		1,134,345
4.00%, 1/1/2046		2,606,919		2,741,978
4.00%, 2/1/2046		2,492,825		2,621,974
4.50%, 2/1/2039		197,165		211,854
4.50%, 7/1/2041		419,799		452,073
4.50%, 9/1/2041		129,005		138,923
4.50%, 10/1/2041		945,106		1,017,094
4.50%, 10/1/2043		316,905		340,583
4.50%, 3/1/2044		641,774		689,882
4.50%, 7/1/2044		1,960,027		2,106,953
4.50%, 9/1/2044		778,603		836,968
4.50%, 8/1/2045		137,846		148,378
5.00%, 9/1/2031		341,620		371,739
5.00%, 9/1/2038		90,876		98,984
5.00%, 12/1/2038		391,470		427,407
5.00%, 1/1/2039		362,477		394,816
5.00%, 9/1/2039		198,720		216,449
5.00%, 12/1/2041		444,016		483,957
5.50%, 1/1/2028		52,593		58,576
5.50%, 9/1/2035		11,564		12,869
5.50%, 6/1/2036		59,876		66,574
5.50%, 12/1/2036		45,495		50,584
5.50%, 7/1/2037		630,848		701,417
5.50%, 4/1/2038		474,641		526,976
5.50%, 5/1/2038		5,935		6,589
6.00%, 7/1/2040		1,426,325		1,615,247
TBA, 2.50%, 1/1/2032		900,000		901,652
TBA, 3.00%, 1/1/2032		500,000		513,086
TBA, 3.00%, 1/1/2047		2,325,000		2,308,925
TBA, 3.50%, 1/1/2047		4,525,000		4,633,883
TBA, 4.00%, 1/1/2047		3,875,000		4,070,566
Federal National Mortgage Association:
2.00%, 11/1/2031		495,658		482,861
12 month USD LIBOR + 1.66%, 2.14%, 4/1/2044 (a)		618,005		641,356
2.50%, 7/1/2028		1,168,739		1,178,870
2.50%, 8/1/2028		649,964		655,598
2.50%, 10/1/2028		238,897		240,968
2.50%, 3/1/2029		1,107,990		1,117,594

See accompanying notes to financial statements.

142

SPDR Bloomberg Barclays Mortgage Backed Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.50%, 2/1/2030	$	192,697	$	193,493
2.50%, 5/1/2030		244,220		245,230
2.50%, 7/1/2030		211,418		212,292
2.50%, 2/1/2031		1,177,129		1,180,828
2.50%, 10/1/2031		2,727,327		2,735,895
2.50%, 11/1/2031		2,344,329		2,351,694
2.50%, 12/1/2031		869,888		872,621
3.00%, 12/1/2026		153,179		157,602
3.00%, 3/1/2027		1,642,994		1,690,624
3.00%, 10/1/2028		215,626		221,790
3.00%, 11/1/2028		460,686		473,857
3.00%, 6/1/2029		173,452		178,376
3.00%, 7/1/2029		316,357		325,338
3.00%, 8/1/2029		390,639		401,728
3.00%, 9/1/2029		158,658		163,162
3.00%, 4/1/2030		602,122		618,700
3.00%, 5/1/2030		1,587,071		1,633,080
3.00%, 6/1/2030		233,913		240,353
3.00%, 9/1/2030		171,228		175,942
3.00%, 11/1/2030		798,365		820,346
3.00%, 12/1/2030		217,165		223,144
3.00%, 4/1/2031		453,908		466,355
3.00%, 1/1/2035		346,404		352,095
3.00%, 2/1/2035		486,190		493,351
3.00%, 2/1/2036		438,256		444,249
3.00%, 10/1/2036		990,699		1,004,247
3.00%, 11/1/2036		1,985,480		2,012,631
3.00%, 4/1/2043		1,418,016		1,416,199
3.00%, 5/1/2043		869,694		868,580
3.00%, 6/1/2043		892,616		891,473
3.00%, 7/1/2043		1,271,167		1,269,538
3.00%, 8/1/2043		1,779,383		1,777,105
3.00%, 9/1/2043		314,875		314,472
3.00%, 1/1/2044		139,916		139,737
3.00%, 12/1/2044		540,921		538,956
3.00%, 4/1/2045		896,975		892,794
3.00%, 9/1/2045		355,766		354,108
3.00%, 11/1/2045		2,233,897		2,223,485
3.00%, 12/1/2045		430,632		428,625
3.00%, 5/1/2046		468,785		466,372
3.00%, 7/1/2046		2,082,298		2,071,581
3.00%, 8/1/2046		1,633,802		1,625,393
3.00%, 9/1/2046		1,720,803		1,711,947
3.00%, 10/1/2046		4,627,439		4,603,623
3.00%, 12/1/2046		5,244,082		5,217,092
3.50%, 10/1/2025		319,700		333,442
3.50%, 11/1/2025		377,972		394,219
3.50%, 1/1/2026		387,980		404,658
3.50%, 1/1/2027		277,373		289,296
3.50%, 1/1/2029		241,390		252,569
3.50%, 5/1/2029		382,994		400,331
3.50%, 10/1/2029		112,841		117,949
3.50%, 6/1/2034		607,833		633,242
3.50%, 7/1/2034		688,206		716,974
3.50%, 12/1/2040		777,568		801,393
3.50%, 1/1/2041		467,775		482,108
3.50%, 5/1/2042		974,013		1,004,184
3.50%, 6/1/2042		783,333		807,598
3.50%, 1/1/2043		243,927		251,483
3.50%, 5/1/2043		559,914		576,638
3.50%, 6/1/2043		1,368,692		1,409,572
3.50%, 1/1/2044		276,261		284,512
3.50%, 9/1/2044		769,634		790,490
3.50%, 10/1/2044		165,543		170,029
3.50%, 1/1/2045		1,413,394		1,451,476
3.50%, 2/1/2045		2,201,694		2,266,149
3.50%, 4/1/2045		363,711		373,068
3.50%, 5/1/2045		231,234		237,183
3.50%, 8/1/2045		650,107		666,833
3.50%, 11/1/2045		1,483,811		1,521,987
3.50%, 12/1/2045		3,205,779		3,288,259
3.50%, 2/1/2046		4,471,800		4,587,819
3.50%, 3/1/2046		1,437,945		1,475,253
3.50%, 4/1/2046		4,423,575		4,538,343
3.50%, 5/1/2046		1,473,413		1,511,640
3.50%, 6/1/2046		4,502,476		4,619,292
4.00%, 5/1/2020		4,943		5,090
4.00%, 7/1/2021		73,976		76,927
4.00%, 8/1/2026		150,093		157,953
4.00%, 1/1/2034		614,122		653,572
4.00%, 10/1/2040		549,375		580,080
4.00%, 12/1/2040		425,443		449,221
4.00%, 2/1/2041		616,171		650,610
4.00%, 10/1/2041		174,091		183,799
4.00%, 12/1/2041		562,960		594,350
4.00%, 4/1/2042		769,897		813,000
4.00%, 10/1/2043		4,675,412		4,935,573
4.00%, 12/1/2043		303,505		319,539
4.00%, 2/1/2044		570,922		600,493
4.00%, 6/1/2044		227,950		239,756
4.00%, 7/1/2044		756,427		795,606
4.00%, 9/1/2044		157,050		165,184
4.00%, 10/1/2044		214,517		225,629
4.00%, 12/1/2044		618,516		650,552
4.00%, 1/1/2045		115,702		121,780
4.00%, 3/1/2045		210,063		221,098
4.00%, 5/1/2045		793,705		835,399
4.00%, 7/1/2045		302,258		318,136
4.00%, 8/1/2045		1,051,365		1,106,594
4.00%, 9/1/2045		1,388,350		1,461,282
4.00%, 12/1/2045		2,533,951		2,667,063
4.00%, 3/1/2046		380,180		400,306
4.00%, 4/1/2046		1,449,971		1,526,728
4.00%, 7/1/2046		2,412,174		2,539,867
4.50%, 9/1/2018		52,168		53,084
4.50%, 4/1/2019		63,672		65,439
4.50%, 11/1/2024		85,332		90,836
4.50%, 4/1/2031		143,550		154,916
4.50%, 5/1/2041		383,504		413,482
4.50%, 9/1/2041		231,624		249,907
4.50%, 1/1/2042		584,160		630,270
4.50%, 9/1/2043		963,434		1,038,524
4.50%, 10/1/2043		366,911		395,087
4.50%, 11/1/2043		132,804		143,003
4.50%, 12/1/2043		699,416		753,127
4.50%, 3/1/2044		117,773		126,833
4.50%, 4/1/2044		109,821		118,269
4.50%, 5/1/2044		1,400,412		1,508,078

See accompanying notes to financial statements.

143

SPDR Bloomberg Barclays Mortgage Backed Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.50%, 6/1/2044	$	995,040	$	1,071,583
4.50%, 10/1/2044		558,863		601,853
4.50%, 7/1/2046		1,638,805		1,767,141
5.00%, 1/1/2017		1,649		1,650
5.00%, 2/1/2019		63,976		65,257
5.00%, 3/1/2019		45,506		46,576
5.00%, 6/1/2040		1,831,483		1,999,247
5.00%, 7/1/2040		316,364		345,343
5.00%, 9/1/2040		294,721		321,717
5.00%, 12/1/2040		770,354		840,918
5.00%, 2/1/2041		1,245,575		1,359,670
5.00%, 3/1/2042		511,798		558,679
5.00%, 7/1/2044		188,087		205,898
5.00%, 1/1/2045		400,617		438,552
5.50%, 1/1/2035		883,570		986,106
5.50%, 4/1/2036		398,909		444,794
5.50%, 11/1/2038		169,602		188,678
5.50%, 12/1/2038		80,089		89,096
5.50%, 12/1/2039		160,119		178,128
5.50%, 7/1/2041		354,235		394,600
5.50%, 5/1/2044		2,348,719		2,626,476
6.00%, 1/1/2037		90,285		102,258
6.00%, 9/1/2037		116,565		131,881
6.00%, 9/1/2039		90,467		102,464
6.00%, 6/1/2040		219,825		248,707
6.00%, 10/1/2040		276,136		312,754
TBA, 2.50%, 1/1/2032		925,000		926,807
TBA, 3.00%, 1/1/2032		750,000		769,629
TBA, 3.00%, 1/1/2047		1,925,000		1,912,969
TBA, 3.50%, 1/1/2047		1,500,000		1,537,500
TBA, 4.00%, 1/1/2047		1,500,000		1,576,875
TBA, 5.00%, 1/1/2047		1,000,000		1,088,281
Government National Mortgage Association:
2.50%, 1/20/2043		150,251		146,546
3.00%, 5/15/2042		215,819		219,235
3.00%, 8/20/2042		617,470		627,845
3.00%, 12/20/2042		617,650		628,028
3.00%, 1/20/2043		1,967,025		2,000,076
3.00%, 3/20/2043		739,309		751,811
3.00%, 4/20/2043		883,916		898,864
3.00%, 8/20/2043		524,908		533,785
3.00%, 12/20/2044		276,000		279,984
3.00%, 2/15/2045		291,594		295,246
3.00%, 3/15/2045		453,748		459,431
3.00%, 3/20/2045		152,941		155,048
3.00%, 4/20/2045		868,488		880,453
3.00%, 6/20/2045		185,614		188,172
3.00%, 7/20/2045		970,144		983,510
3.00%, 8/20/2045		216,533		219,516
3.00%, 12/20/2045		171,549		173,912
3.00%, 4/20/2046		450,585		456,789
3.00%, 5/20/2046		739,416		749,598
3.00%, 7/20/2046		529,806		537,102
3.00%, 8/20/2046		1,074,581		1,089,378
3.00%, 9/20/2046		3,905,718		3,959,501
3.00%, 10/20/2046		2,486,732		2,520,975
3.00%, 11/20/2046		2,544,376		2,579,414
3.50%, 2/15/2042		609,005		636,692
3.50%, 4/15/2042		208,264		217,732
3.50%, 6/20/2042		1,148,496		1,201,970
3.50%, 10/20/2042		1,255,364		1,313,814
3.50%, 11/20/2042		137,550		143,955
3.50%, 2/20/2043		875,582		915,264
3.50%, 3/20/2043		469,734		491,428
3.50%, 4/20/2043		369,243		386,435
3.50%, 5/20/2043		461,687		482,611
3.50%, 7/20/2043		1,124,797		1,175,774
3.50%, 9/20/2043		575,430		601,509
3.50%, 1/20/2044		536,006		560,298
3.50%, 3/20/2044		358,745		373,566
3.50%, 4/20/2044		514,748		536,014
3.50%, 5/20/2044		540,918		563,264
3.50%, 7/20/2044		276,206		287,616
3.50%, 8/20/2044		678,466		706,495
3.50%, 10/20/2044		173,027		180,175
3.50%, 12/20/2044		119,826		124,776
3.50%, 2/20/2045		120,076		124,928
3.50%, 3/20/2045		150,621		156,707
3.50%, 4/20/2045		490,701		510,530
3.50%, 5/20/2045		510,048		530,659
3.50%, 6/20/2045		262,433		273,037
3.50%, 7/20/2045		2,201,100		2,290,046
3.50%, 9/20/2045		948,407		986,732
3.50%, 10/20/2045		1,320,284		1,373,636
3.50%, 12/20/2045		161,929		168,472
3.50%, 3/20/2046		2,437,771		2,537,251
3.50%, 4/20/2046		691,471		719,689
3.50%, 5/20/2046		1,219,509		1,269,275
3.50%, 6/20/2046		2,187,888		2,277,171
3.50%, 7/20/2046		3,083,264		3,209,086
3.50%, 8/20/2046		2,907,549		3,026,200
3.50%, 9/20/2046		2,451,459		2,551,498
4.00%, 2/15/2040		34,537		36,670
4.00%, 4/15/2040		259,882		275,933
4.00%, 11/20/2041		462,278		491,739
4.00%, 2/20/2042		419,386		447,480
4.00%, 5/20/2042		238,557		254,537
4.00%, 8/20/2042		107,827		115,050
4.00%, 8/20/2043		302,849		322,395
4.00%, 3/20/2044		330,115		351,297
4.00%, 6/20/2044		442,326		470,708
4.00%, 7/15/2044		374,405		398,786
4.00%, 7/20/2044		338,238		359,942
4.00%, 8/20/2044		137,065		145,860
4.00%, 12/20/2044		169,904		180,806
4.00%, 1/20/2045		447,934		476,677
4.00%, 2/20/2045		229,538		244,267
4.00%, 5/15/2045		333,151		353,967
4.00%, 6/15/2045		252,841		268,640
4.00%, 8/20/2045		242,899		258,174
4.00%, 9/20/2045		931,578		990,161
4.00%, 10/20/2045		479,053		509,178
4.00%, 11/20/2045		1,561,508		1,659,704
4.00%, 1/20/2046		298,268		317,024
4.00%, 2/20/2046		3,191,387		3,392,078
4.00%, 4/20/2046		1,048,630		1,114,672
4.00%, 5/20/2046		3,056,989		3,249,515

See accompanying notes to financial statements.

144

SPDR Bloomberg Barclays Mortgage Backed Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.50%, 6/15/2039	$	72,582	$	78,808
4.50%, 4/15/2040		308,308		335,465
4.50%, 6/15/2040		387,414		421,540
4.50%, 9/20/2040		242,260		259,674
4.50%, 3/15/2041		142,755		155,330
4.50%, 6/15/2041		86,037		93,561
4.50%, 7/15/2041		126,857		137,952
4.50%, 7/20/2041		456,308		490,514
4.50%, 10/20/2043		111,882		119,646
4.50%, 12/20/2043		434,693		464,856
4.50%, 1/20/2044		222,583		238,028
4.50%, 4/20/2044		329,894		352,785
4.50%, 5/20/2045		209,386		223,788
4.50%, 10/20/2045		293,946		314,164
4.50%, 6/20/2046		1,090,026		1,165,000
4.50%, 7/20/2046		393,745		420,827
4.50%, 9/20/2046		1,583,107		1,692,959
5.00%, 12/15/2038		83,479		91,428
5.00%, 5/15/2039		86,532		94,621
5.00%, 9/20/2042		74,879		81,925
5.00%, 11/20/2042		415,807		454,934
5.00%, 3/20/2043		78,850		86,101
5.00%, 4/20/2043		337,678		368,729
5.00%, 5/20/2043		75,558		82,668
5.00%, 8/20/2043		319,503		348,561
5.00%, 5/20/2044		182,110		198,672
5.00%, 6/20/2044		112,391		122,612
5.00%, 7/20/2044		302,522		330,311
5.00%, 12/20/2045		1,630,950		1,780,770
5.50%, 9/15/2035		415,537		468,486
5.50%, 7/15/2038		31,584		35,245
5.50%, 3/15/2039		337,266		376,305
6.00%, 8/15/2040		75,609		86,220
6.00%, 9/15/2040		131,417		148,804
TBA, 3.00%, 1/1/2047		2,775,000		2,809,254
TBA, 3.50%, 1/1/2047		1,500,000		1,559,766
TBA, 4.50%, 1/1/2047		1,000,000		1,068,203
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $319,132,301)				315,291,063
	Shares
SHORT-TERM INVESTMENT — 9.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $28,591,003)		28,591,003		28,591,003
TOTAL INVESTMENTS — 108.1% (Cost $347,723,304)				343,882,066
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.1)%				(25,755,614	)
NET ASSETS — 100.0%			$	318,126,452

(a) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
U.S. Government Agency Obligations	$	—	$	315,291,063	$	—	$	315,291,063
Short-Term Investment		28,591,003		—		—		28,591,003
TOTAL INVESTMENTS	$	28,591,003	$	315,291,063	$	—	$	343,882,066

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		37,635,331	$	37,635,331		42,298,894		79,934,225		—	$	—	$	38,521	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		168,395,354		139,804,351		28,591,003		28,591,003		52,170		—
TOTAL			$	37,635,331							$	28,591,003	$	90,691	$	—

See accompanying notes to financial statements.

145

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 27.4%
ADVERTISING — 0.1%
Interpublic Group of Cos., Inc. 3.75%, 2/15/2023	$	125,000	$	125,413
Omnicom Group, Inc.:
3.60%, 4/15/2026		100,000		99,206
4.45%, 8/15/2020		185,000		196,516
WPP Finance 2010 3.75%, 9/19/2024		150,000		150,717
				571,852
AEROSPACE & DEFENSE — 0.4%
Boeing Co.:
1.65%, 10/30/2020		150,000		147,040
2.20%, 10/30/2022		50,000		48,894
2.50%, 3/1/2025		50,000		48,317
2.60%, 10/30/2025		150,000		145,731
3.30%, 3/1/2035		65,000		60,987
3.50%, 3/1/2045		25,000		23,166
6.13%, 2/15/2033		165,000		210,606
General Dynamics Corp.:
1.88%, 8/15/2023		50,000		47,441
2.13%, 8/15/2026		50,000		46,211
2.25%, 11/15/2022		134,000		131,804
Harris Corp.:
2.70%, 4/27/2020		35,000		34,813
5.05%, 4/27/2045		105,000		111,449
L-3 Communications Corp.:
3.85%, 12/15/2026		250,000		249,352
4.95%, 2/15/2021		151,000		162,142
5.20%, 10/15/2019		135,000		144,937
Lockheed Martin Corp.:
2.50%, 11/23/2020		104,000		104,733
3.35%, 9/15/2021		65,000		67,072
3.55%, 1/15/2026		300,000		306,345
3.60%, 3/1/2035		25,000		23,882
4.07%, 12/15/2042		125,000		123,469
4.25%, 11/15/2019		100,000		106,351
Northrop Grumman Corp.:
3.20%, 2/1/2027		50,000		49,515
3.25%, 8/1/2023		200,000		203,912
3.85%, 4/15/2045		150,000		143,491
4.75%, 6/1/2043		100,000		109,315
5.05%, 11/15/2040		20,000		22,244
Raytheon Co.:
2.50%, 12/15/2022		147,000		146,256
4.20%, 12/15/2044		20,000		20,476
4.40%, 2/15/2020		10,000		10,673
Rockwell Collins, Inc.:
3.70%, 12/15/2023		100,000		101,956
4.80%, 12/15/2043		100,000		104,680
Spirit AeroSystems, Inc. 3.85%, 6/15/2026		25,000		24,474
Textron, Inc. 4.00%, 3/15/2026		50,000		50,062
United Technologies Corp.:
1.50%, 11/1/2019		100,000		99,068
1.95%, 11/1/2021 (a)		100,000		97,912
2.65%, 11/1/2026 (a)		55,000		52,865
3.75%, 11/1/2046		50,000		47,821
4.15%, 5/15/2045		100,000		101,820
4.50%, 4/15/2020		161,000		173,135
4.50%, 6/1/2042		187,000		200,041
5.70%, 4/15/2040		160,000		195,027
6.05%, 6/1/2036		100,000		125,171
				4,424,656
AGRICULTURE — 0.2%
Altria Group, Inc.:
2.63%, 1/14/2020		150,000		151,785
2.85%, 8/9/2022		100,000		100,022
2.95%, 5/2/2023		100,000		99,796
4.00%, 1/31/2024		200,000		211,148
4.75%, 5/5/2021		60,000		65,353
5.38%, 1/31/2044		225,000		262,172
9.70%, 11/10/2018		68,000		77,665
Archer-Daniels-Midland Co.:
2.50%, 8/11/2026 (a)		100,000		94,666
4.54%, 3/26/2042 (a)		200,000		211,076
Bunge, Ltd. Finance Corp.:
3.25%, 8/15/2026		20,000		19,202
3.50%, 11/24/2020		75,000		76,113
Philip Morris International, Inc.:
1.38%, 2/25/2019		30,000		29,691
1.88%, 2/25/2021		183,000		178,723
2.13%, 5/10/2023		75,000		71,407
2.75%, 2/25/2026 (a)		50,000		47,985
2.90%, 11/15/2021		300,000		303,246
3.38%, 8/11/2025		50,000		50,689
4.13%, 3/4/2043 (a)		100,000		96,357
4.25%, 11/10/2044		245,000		242,501
4.50%, 3/26/2020		18,000		19,252
5.65%, 5/16/2018		178,000		187,614
Reynolds American, Inc.:
2.30%, 6/12/2018		202,000		203,273
3.25%, 6/12/2020		100,000		102,452
				2,902,188
AIRLINES — 0.1%
American Airlines 2013-2 Pass Through Trust, Class A 4.95%, 7/15/2024		139,845		148,788
American Airlines 2014-1 Pass Through Trust Class A Series A, 3.70%, 4/1/2028		88,539		89,014
American Airlines 2015-2 Pass Through Trust, Class A 3.60%, 3/22/2029		97,635		97,799
American Airlines 2016-1 Pass Through Trust, Class AA Series AA, 3.58%, 7/15/2029		49,877		49,826
American Airlines 2016-2 Pass Through Trust, Class AA Series AA, 3.20%, 12/15/2029		25,000		24,171
American Airlines 2016-3 Pass Through Trust, Class AA 3.00%, 4/15/2030		60,000		57,275
Continental Airlines 2012-1 Pass Through Trust, Class A Series A, 4.15%, 10/11/2025		82,773		85,297

See accompanying notes to financial statements.

146

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Continental Airlines 2012-2 Pass Through Trust, Class A Series 2-A, 4.00%, 4/29/2026	$	16,944	$	17,380
Southwest Airlines Co.:
2.65%, 11/5/2020		200,000		200,208
2.75%, 11/6/2019		50,000		50,804
United Airlines 2013-1 Pass Through Trust, Class A Series A, 4.30%, 2/15/2027		90,216		94,517
United Airlines 2015-1 Pass Through Trust, Class AA 3.45%, 6/1/2029		170,769		170,013
United Airlines 2016-1 Pass Through Trust Class AA Series AA, 3.10%, 1/7/2030		50,000		48,038
United Airlines 2016-1 Pass Through Trust, Class A Series A, 3.45%, 1/7/2030		30,000		28,328
US Airways 2012-2 Pass Through Trust, Class A 4.63%, 12/3/2026		76,457		80,397
				1,241,855
APPAREL — 0.0% (b)
NIKE, Inc.:
2.25%, 5/1/2023		50,000		48,734
3.38%, 11/1/2046		50,000		44,989
3.88%, 11/1/2045		50,000		49,324
Under Armour, Inc. 3.25%, 6/15/2026		50,000		47,247
				190,294
AUTO MANUFACTURERS — 0.5%
American Honda Finance Corp.:
1.50%, 11/19/2018		100,000		99,732
Series GMTN, 1.70%, 9/9/2021 (a)		150,000		144,439
Series MTN, 1.20%, 7/12/2019		50,000		49,087
Series MTN, 1.60%, 7/13/2018		50,000		50,042
Series MTN, 1.70%, 2/22/2019		25,000		24,919
Series MTN, 2.25%, 8/15/2019		250,000		251,732
Ford Motor Co.:
4.35%, 12/8/2026		445,000		451,150
5.29%, 12/8/2046		150,000		152,727
7.45%, 7/16/2031		275,000		345,568
Ford Motor Credit Co. LLC:
2.55%, 10/5/2018		200,000		201,094
3.10%, 5/4/2023		600,000		578,076
3.16%, 8/4/2020		200,000		201,232
3.34%, 3/18/2021		200,000		201,350
3.66%, 9/8/2024		100,000		97,886
4.38%, 8/6/2023 (a)		200,000		206,432
5.88%, 8/2/2021		250,000		275,985
Series MTN, 2.94%, 1/8/2019		100,000		101,061
General Motors Co.:
4.88%, 10/2/2023		200,000		208,500
6.25%, 10/2/2043		186,000		203,903
6.60%, 4/1/2036		485,000		550,475
6.75%, 4/1/2046		25,000		29,219
General Motors Financial Co., Inc.:
2.35%, 10/4/2019		100,000		98,750
3.10%, 1/15/2019		50,000		50,500
3.70%, 11/24/2020		50,000		50,687
3.70%, 5/9/2023		170,000		167,237
4.00%, 1/15/2025		250,000		243,437
4.00%, 10/6/2026		100,000		96,000
4.20%, 3/1/2021		50,000		51,530
4.30%, 7/13/2025		100,000		98,875
PACCAR Financial Corp. Series MTN, 1.30%, 5/10/2019		220,000		217,347
Toyota Motor Credit Corp.:
1.90%, 4/8/2021		100,000		97,876
Series GMTN, 1.55%, 7/13/2018		50,000		49,963
Series GMTN, 2.80%, 7/13/2022		50,000		50,401
Series MTN, 1.20%, 4/6/2018		100,000		99,549
Series MTN, 1.38%, 1/10/2018		150,000		149,755
Series MTN, 1.55%, 10/18/2019.		100,000		98,782
Series MTN, 2.15%, 3/12/2020		150,000		149,610
Series MTN, 2.25%, 10/18/2023 (a)		100,000		96,049
Series MTN, 2.63%, 1/10/2023		100,000		98,790
Series MTN, 2.75%, 5/17/2021		100,000		101,089
Series MTN, 3.30%, 1/12/2022		101,000		104,199
				6,595,035
AUTO PARTS & EQUIPMENT — 0.0% (b)
Delphi Automotive PLC:
3.15%, 11/19/2020		50,000		50,634
4.25%, 1/15/2026		50,000		51,726
4.40%, 10/1/2046		100,000		91,952
Delphi Corp. 4.15%, 3/15/2024		40,000		41,210
Lear Corp. 5.25%, 1/15/2025		100,000		104,500
Magna International, Inc. 3.63%, 6/15/2024		100,000		100,844
				440,866
BANKS — 5.8%
Australia & New Zealand Banking Group, Ltd.:
2.55%, 11/23/2021		500,000		495,385
Series MTN, 1.45%, 5/15/2018		250,000		249,013
Series MTN, 2.00%, 11/16/2018 (a)		250,000		250,620
Bancolombia SA 5.95%, 6/3/2021		100,000		108,351
Bank of America Corp.:
2.63%, 4/19/2021		250,000		248,335
3.50%, 4/19/2026		100,000		98,861
4.10%, 7/24/2023		405,000		422,083
5.49%, 3/15/2019		200,000		212,478
5.88%, 1/5/2021		370,000		411,799
6.22%, 9/15/2026		100,000		112,704
Series GMTN, 3.30%, 1/11/2023		350,000		351,197
Series GMTN, 4.45%, 3/3/2026		55,000		56,629
Series L, 2.60%, 1/15/2019		454,000		458,218
Series L, 3.95%, 4/21/2025		150,000		149,319
Series L, 4.75%, 4/21/2045		40,000		40,585

See accompanying notes to financial statements.

147

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series MTN, 2.50%, 10/21/2022	$	250,000	$	242,075
Series MTN, 3.25%, 10/21/2027		250,000		238,638
Series MTN, 3.88%, 8/1/2025		350,000		355,509
Series MTN, 4.00%, 1/22/2025		325,000		325,221
Series MTN, 4.20%, 8/26/2024		250,000		254,702
Series MTN, 4.25%, 10/22/2026		107,000		108,358
Series MTN, 4.88%, 4/1/2044		100,000		108,910
Series MTN, 5.00%, 5/13/2021		120,000		130,088
Series MTN, 5.65%, 5/1/2018		250,000		261,895
Series MTN, 5.88%, 2/7/2042		29,000		35,149
Series MTN, 6.88%, 4/25/2018		875,000		929,784
Bank of America NA:
1.75%, 6/5/2018		250,000		250,045
2.05%, 12/7/2018		250,000		251,190
Bank of Montreal:
1.40%, 4/10/2018		100,000		99,702
Series MTN, 1.35%, 8/28/2018		100,000		99,331
Series MTN, 1.45%, 4/9/2018		125,000		124,834
Series MTN, 1.50%, 7/18/2019		185,000		182,456
Series MTN, 1.90%, 8/27/2021		100,000		96,935
Series MTN, 2.10%, 12/12/2019		65,000		65,146
Bank of New York Mellon Corp.:
2.05%, 5/3/2021 (a)		100,000		97,938
2.80%, 5/4/2026 (a)		50,000		48,086
3.55%, 9/23/2021		125,000		130,563
Series G, 2.15%, 2/24/2020		100,000		99,628
Series G, 2.20%, 5/15/2019 (a)		100,000		100,506
Series MTN, 2.10%, 1/15/2019		50,000		50,217
Series MTN, 2.20%, 8/16/2023		50,000		47,652
Series MTN, 2.30%, 9/11/2019		150,000		151,086
Series MTN, 2.45%, 11/27/2020		100,000		99,947
Series MTN, 2.45%, 8/17/2026		100,000		93,048
Series MTN, 2.50%, 4/15/2021		60,000		59,972
Series MTN, 2.60%, 8/17/2020		100,000		100,627
Series MTN, 3.00%, 10/30/2028		55,000		52,245
Series MTN, 3.25%, 9/11/2024		170,000		170,865
Series MTN, 3.95%, 11/18/2025		50,000		52,561
Bank of Nova Scotia:
1.45%, 4/25/2018		100,000		99,668
1.65%, 6/14/2019		200,000		197,994
1.85%, 4/14/2020		211,000		208,991
2.05%, 10/30/2018		200,000		201,010
2.05%, 6/5/2019		100,000		100,042
2.45%, 3/22/2021		100,000		99,387
2.80%, 7/21/2021		150,000		151,008
Barclays PLC:
2.75%, 11/8/2019		300,000		299,511
3.25%, 1/12/2021		400,000		400,828
3.65%, 3/16/2025		184,000		178,923
5.20%, 5/12/2026 (a)		200,000		203,750
5.25%, 8/17/2045		200,000		215,630
BB&T Corp.:
Series MTN, 2.05%, 6/19/2018		250,000		251,155
Series MTN, 2.63%, 6/29/2020		80,000		80,576
BNP Paribas SA:
5.00%, 1/15/2021		200,000		217,268
Series MTN, 2.70%, 8/20/2018		100,000		101,252
BNP Paribas/BNP Paribas US Medium-Term Note Program LLC Series MTN, 3.25%, 3/3/2023		100,000		100,828
BPCE SA:
2.65%, 2/3/2021		250,000		249,573
4.00%, 4/15/2024		250,000		260,082
Series MTN, 2.75%, 12/2/2021		250,000		248,390
Branch Banking & Trust Co.:
3.63%, 9/16/2025		200,000		203,596
3.80%, 10/30/2026		250,000		256,910
Canadian Imperial Bank of Commerce 1.60%, 9/6/2019		150,000		148,353
Capital One Financial Corp.:
2.45%, 4/24/2019		25,000		25,134
3.20%, 2/5/2025		100,000		96,955
4.20%, 10/29/2025		100,000		100,763
Capital One NA/Mclean:
1.65%, 2/5/2018		300,000		299,238
2.40%, 9/5/2019		250,000		250,527
Citigroup, Inc.:
1.70%, 4/27/2018		100,000		99,746
1.75%, 5/1/2018		350,000		349,100
1.80%, 2/5/2018		500,000		499,785
2.05%, 12/7/2018		450,000		449,802
2.05%, 6/7/2019		100,000		99,610
2.15%, 7/30/2018		70,000		70,205
2.40%, 2/18/2020		150,000		149,647
2.50%, 7/29/2019		200,000		201,222
2.55%, 4/8/2019		125,000		126,004
2.65%, 10/26/2020		100,000		99,916
2.70%, 3/30/2021		50,000		49,836
2.90%, 12/8/2021		500,000		499,270
3.20%, 10/21/2026		200,000		190,966
3.38%, 3/1/2023		100,000		100,227
3.40%, 5/1/2026		200,000		194,356
3.70%, 1/12/2026		200,000		199,042
3.75%, 6/16/2024		150,000		152,642
4.13%, 7/25/2028		80,000		78,954
4.45%, 9/29/2027		100,000		102,032
4.75%, 5/18/2046		50,000		50,115
5.88%, 1/30/2042		150,000		178,145
6.00%, 10/31/2033		100,000		113,049
6.63%, 6/15/2032		100,000		121,155
8.13%, 7/15/2039		175,000		260,571
Citizens Bank NA/Providence:
2.55%, 5/13/2021		250,000		247,935
Series MTN, 2.45%, 12/4/2019		100,000		100,213
Citizens Financial Group, Inc. 4.30%, 12/3/2025		50,000		50,742
Comerica, Inc. 2.13%, 5/23/2019		100,000		99,820
Commonwealth Bank of Australia 2.50%, 9/20/2018 (a)		425,000		429,900
Cooperatieve Rabobank UA:
1.38%, 8/9/2019		250,000		245,665
1.70%, 3/19/2018		50,000		49,987
2.25%, 1/14/2019		300,000		301,476
3.75%, 7/21/2026		250,000		245,242
3.88%, 2/8/2022		208,000		219,540

See accompanying notes to financial statements.

148

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.50%, 1/11/2021	$	100,000	$	107,302
4.63%, 12/1/2023		200,000		210,672
Series MTN, 5.25%, 5/24/2041		250,000		291,280
Credit Suisse AG:
5.30%, 8/13/2019		150,000		161,622
5.40%, 1/14/2020		142,000		151,934
Series GMTN, 2.30%, 5/28/2019		250,000		250,533
Series MTN, 3.63%, 9/9/2024		100,000		100,707
Series MTN, 4.38%, 8/5/2020		10,000		10,571
Credit Suisse Group Funding Guernsey, Ltd.:
3.13%, 12/10/2020		250,000		249,252
3.45%, 4/16/2021		250,000		251,567
4.88%, 5/15/2045		255,000		263,514
Deutsche Bank AG:
1.88%, 2/13/2018		50,000		49,685
2.50%, 2/13/2019		250,000		248,512
2.95%, 8/20/2020		100,000		98,423
3.13%, 1/13/2021		100,000		98,306
Series 1254, 4.10%, 1/13/2026		200,000		196,812
Discover Bank/Greenwood:
3.10%, 6/4/2020		50,000		50,522
3.20%, 8/9/2021		200,000		201,074
3.45%, 7/27/2026		50,000		48,390
4.20%, 8/8/2023		125,000		129,740
Fifth Third Bancorp:
2.88%, 7/27/2020		150,000		151,918
4.30%, 1/16/2024		100,000		103,279
8.25%, 3/1/2038		100,000		141,303
Fifth Third Bank Series MTN, 2.15%, 8/20/2018		350,000		352,114
Goldman Sachs Capital I 6.35%, 2/15/2034		330,000		387,192
Goldman Sachs Group, Inc.:
2.00%, 4/25/2019		15,000		14,951
2.30%, 12/13/2019		495,000		495,371
2.35%, 11/15/2021		340,000		330,596
2.55%, 10/23/2019		200,000		201,118
2.60%, 4/23/2020		406,000		406,378
2.63%, 1/31/2019		200,000		201,874
2.63%, 4/25/2021		30,000		29,776
2.88%, 2/25/2021		150,000		150,631
2.90%, 7/19/2018		345,000		349,768
3.50%, 1/23/2025		50,000		49,404
3.50%, 11/16/2026		135,000		132,203
3.63%, 1/22/2023		205,000		209,289
3.75%, 5/22/2025		100,000		100,332
3.75%, 2/25/2026		85,000		85,311
4.75%, 10/21/2045		50,000		52,758
5.15%, 5/22/2045		55,000		57,817
5.25%, 7/27/2021		43,000		47,140
5.75%, 1/24/2022		200,000		224,742
5.95%, 1/15/2027		333,000		378,488
6.15%, 4/1/2018		499,000		524,848
6.75%, 10/1/2037		725,000		895,462
Series GLOB, 2.38%, 1/22/2018		50,000		50,294
Series GMTN, 7.50%, 2/15/2019		315,000		348,973
Series MTN, 4.80%, 7/8/2044		400,000		419,448
HSBC Holdings PLC:
2.65%, 1/5/2022		200,000		195,284
2.95%, 5/25/2021		300,000		299,568
3.40%, 3/8/2021		200,000		203,642
3.60%, 5/25/2023		200,000		200,996
3.90%, 5/25/2026		200,000		200,476
4.00%, 3/30/2022		300,000		311,151
4.30%, 3/8/2026		200,000		207,194
4.38%, 11/23/2026		200,000		201,162
5.10%, 4/5/2021		285,000		308,832
5.25%, 3/14/2044		100,000		107,882
6.10%, 1/14/2042		35,000		43,406
6.50%, 5/2/2036		150,000		184,898
6.50%, 9/15/2037		150,000		185,881
6.80%, 6/1/2038		100,000		127,238
HSBC USA, Inc.:
1.63%, 1/16/2018		150,000		149,716
1.70%, 3/5/2018		100,000		99,879
2.00%, 8/7/2018		150,000		150,088
2.25%, 6/23/2019 (a)		120,000		119,813
2.35%, 3/5/2020		100,000		99,174
Huntington Bancshares, Inc. 3.15%, 3/14/2021		250,000		253,083
Huntington National Bank 2.88%, 8/20/2020		150,000		151,278
Industrial & Commercial Bank of China, Ltd.:
2.45%, 10/20/2021		250,000		243,838
Series MTN, 2.16%, 11/13/2018		250,000		249,360
International Finance Corp. 1.75%, 9/16/2019		600,000		601,968
Intesa Sanpaolo SpA 3.88%, 1/16/2018		200,000		202,744
Itau CorpBanca 3.13%, 1/15/2018		200,000		201,856
JPMorgan Chase & Co.:
1.80%, 1/25/2018		100,000		100,090
1.85%, 3/22/2019		200,000		199,302
2.20%, 10/22/2019		150,000		150,519
2.25%, 1/23/2020		200,000		199,322
2.35%, 1/28/2019		150,000		151,210
2.40%, 6/7/2021 (a)		200,000		197,854
2.55%, 10/29/2020		393,000		392,748
2.70%, 5/18/2023		200,000		194,932
2.95%, 10/1/2026 (a)		100,000		95,459
3.13%, 1/23/2025		250,000		244,575
3.20%, 6/15/2026		100,000		97,425
3.25%, 9/23/2022		173,000		175,135
3.30%, 4/1/2026		200,000		196,548
3.63%, 12/1/2027		75,000		72,776
3.88%, 2/1/2024		300,000		310,647
3.88%, 9/10/2024		305,000		308,263
3.90%, 7/15/2025		100,000		102,885
4.13%, 12/15/2026		161,000		164,265
4.25%, 10/15/2020		675,000		714,109
4.25%, 10/1/2027		85,000		87,414
4.35%, 8/15/2021		50,000		53,436
4.50%, 1/24/2022		200,000		215,046
4.85%, 2/1/2044 (a)		100,000		111,135

See accompanying notes to financial statements.

149

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.95%, 3/25/2020	$	34,000	$	36,648
4.95%, 6/1/2045		225,000		240,662
5.63%, 8/16/2043		100,000		114,944
6.00%, 1/15/2018		250,000		260,817
6.30%, 4/23/2019		107,000		116,807
6.40%, 5/15/2038		505,000		657,995
Series H, 1.70%, 3/1/2018		150,000		149,916
JPMorgan Chase Bank NA 1.65%, 9/23/2019		150,000		148,603
KeyBank NA:
1.65%, 2/1/2018		450,000		449,978
6.95%, 2/1/2028		130,000		159,838
Series BKNT, 2.50%, 11/22/2021		500,000		496,620
KeyCorp. Series MTN, 2.30%, 12/13/2018		100,000		100,577
Kreditanstalt fuer Wiederaufbau:
1.88%, 4/1/2019 (a)		50,000		50,341
2.00%, 5/2/2025		550,000		525,486
2.13%, 1/17/2023		200,000		197,104
2.63%, 1/25/2022		300,000		305,445
4.50%, 7/16/2018		215,000		225,180
Landwirtschaftliche Rentenbank 1.00%, 4/4/2018		400,000		398,452
Lloyds Banking Group PLC 5.30%, 12/1/2045 (a)		200,000		206,654
Manufacturers & Traders Trust Co. 2.25%, 7/25/2019		300,000		301,734
Mitsubishi UFJ Financial Group, Inc.:
2.19%, 9/13/2021		200,000		194,084
2.95%, 3/1/2021		200,000		200,750
3.85%, 3/1/2026 (a)		200,000		205,310
Mizuho Financial Group, Inc. 2.27%, 9/13/2021		200,000		194,082
Morgan Stanley:
1.88%, 1/5/2018		150,000		150,132
2.50%, 4/21/2021		255,000		251,955
2.65%, 1/27/2020		100,000		100,431
2.80%, 6/16/2020		130,000		130,956
3.75%, 2/25/2023		200,000		204,874
3.95%, 4/23/2027		400,000		396,156
4.30%, 1/27/2045		75,000		74,901
4.88%, 11/1/2022		123,000		131,740
5.75%, 1/25/2021		600,000		665,310
6.38%, 7/24/2042		150,000		192,921
7.25%, 4/1/2032		148,000		200,836
Series F, 3.88%, 4/29/2024		100,000		102,549
Series GMTN, 2.38%, 7/23/2019		127,000		127,316
Series GMTN, 3.70%, 10/23/2024		150,000		151,785
Series GMTN, 3.88%, 1/27/2026		135,000		136,663
Series GMTN, 4.35%, 9/8/2026		100,000		102,226
Series GMTN, 5.50%, 7/28/2021		50,000		55,396
Series GMTN, 6.63%, 4/1/2018		440,000		464,922
Series GMTN, 7.30%, 5/13/2019		250,000		278,323
Series MTN, 2.20%, 12/7/2018		100,000		100,257
Series MTN, 2.63%, 11/17/2021		160,000		157,829
Series MTN, 3.13%, 7/27/2026		165,000		157,753
Series MTN, 4.10%, 5/22/2023		250,000		256,203
Series MTN, 5.63%, 9/23/2019		150,000		162,492
National Australia Bank, Ltd.:
2.50%, 7/12/2026		250,000		232,040
Series GMTN, 2.63%, 1/14/2021 (a)		250,000		249,837
National Bank of Canada 2.10%, 12/14/2018		200,000		200,696
Northern Trust Corp. 2.38%, 8/2/2022		147,000		145,239
Oesterreichische Kontrollbank AG 1.13%, 5/29/2018		216,000		215,121
PNC Bank NA:
1.45%, 7/29/2019		250,000		246,537
1.80%, 11/5/2018		200,000		200,228
1.85%, 7/20/2018		100,000		100,167
2.15%, 4/29/2021		100,000		98,576
2.40%, 10/18/2019		100,000		100,892
2.45%, 11/5/2020		200,000		200,038
2.70%, 11/1/2022		100,000		98,069
2.95%, 2/23/2025		100,000		97,634
3.25%, 6/1/2025		70,000		70,135
3.30%, 10/30/2024		200,000		201,438
Series BKNT, 1.70%, 12/7/2018		350,000		349,961
Series BKNT, 2.55%, 12/9/2021 (a)		100,000		100,083
Series MTN, 1.60%, 6/1/2018		180,000		179,681
PNC Financial Services Group, Inc.:
4.38%, 8/11/2020		30,000		31,916
5.13%, 2/8/2020		150,000		162,181
Regions Financial Corp. 3.20%, 2/8/2021		50,000		50,796
Royal Bank of Canada:
1.50%, 7/29/2019 (a)		150,000		147,925
1.88%, 2/5/2020		58,000		57,593
2.00%, 10/1/2018		138,000		138,665
2.00%, 12/10/2018		150,000		150,465
2.20%, 9/23/2019		100,000		100,584
2.30%, 3/22/2021		400,000		398,244
Series GMTN, 1.50%, 6/7/2018		100,000		99,706
Series GMTN, 1.63%, 4/15/2019		50,000		49,640
Series GMTN, 1.80%, 7/30/2018		50,000		50,037
Series GMTN, 2.15%, 3/6/2020		200,000		199,132
Series MTN, 2.35%, 10/30/2020		225,000		224,154
Royal Bank of Scotland Group PLC 4.80%, 4/5/2026		200,000		199,500
Santander Holdings USA, Inc.:
2.70%, 5/24/2019		100,000		99,831
3.45%, 8/27/2018		150,000		152,283
4.50%, 7/17/2025		100,000		99,372
Santander UK PLC:
2.35%, 9/10/2019		100,000		100,006
3.05%, 8/23/2018		100,000		101,547
4.00%, 3/13/2024		125,000		129,973
7.95%, 10/26/2029		200,000		236,858
Series GMTN, 2.00%, 8/24/2018 (a)		33,000		32,897
Skandinaviska Enskilda Banken AB 1.50%, 9/13/2019		250,000		245,370
Sumitomo Mitsui Banking Corp.:
2.45%, 1/16/2020		350,000		348,449
3.95%, 7/19/2023 (a)		250,000		261,562

See accompanying notes to financial statements.

150

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Sumitomo Mitsui Financial Group, Inc.:
2.06%, 7/14/2021	$	100,000	$	96,790
2.44%, 10/19/2021 (a)		350,000		343,707
2.63%, 7/14/2026 (a)		150,000		139,208
2.93%, 3/9/2021		150,000		150,501
3.78%, 3/9/2026		150,000		153,300
SunTrust Bank 2.75%, 5/1/2023		200,000		193,996
SunTrust Banks, Inc.:
2.70%, 1/27/2022		100,000		99,917
2.90%, 3/3/2021		50,000		50,520
7.25%, 3/15/2018		60,000		63,595
Svenska Handelsbanken AB:
1.88%, 9/7/2021		250,000		241,575
2.50%, 1/25/2019		150,000		151,558
Series MTN, 2.25%, 6/17/2019		175,000		175,752
Toronto-Dominion Bank:
1.45%, 8/13/2019		50,000		49,278
1.80%, 7/13/2021		50,000		48,433
2.13%, 7/2/2019		100,000		100,285
Series GMTN, 1.45%, 9/6/2018 (a)		100,000		99,539
Series MTN, 1.40%, 4/30/2018		100,000		99,727
Series MTN, 1.95%, 1/22/2019		300,000		300,342
Series MTN, 2.13%, 4/7/2021		100,000		98,507
Series MTN, 2.25%, 11/5/2019		100,000		100,517
Series MTN, 2.63%, 9/10/2018		200,000		202,814
UBS AG:
Series GMTN, 1.80%, 3/26/2018		200,000		199,990
Series GMTN, 2.38%, 8/14/2019		150,000		150,718
US Bancorp:
Series MTN, 1.95%, 11/15/2018		100,000		100,488
Series MTN, 2.20%, 4/25/2019		100,000		100,810
Series MTN, 2.35%, 1/29/2021		150,000		149,958
Series MTN, 2.95%, 7/15/2022		54,000		54,238
Series MTN, 3.70%, 1/30/2024		300,000		311,949
Series MTN, 4.13%, 5/24/2021		100,000		107,147
Series V, 2.38%, 7/22/2026		200,000		185,212
Wachovia Corp. Series MTN, 5.75%, 2/1/2018		125,000		130,223
Wells Fargo & Co.:
2.10%, 7/26/2021 (a)		150,000		145,999
2.13%, 4/22/2019		300,000		300,963
2.15%, 1/15/2019		308,000		309,771
2.50%, 3/4/2021		150,000		148,963
3.00%, 4/22/2026		550,000		524,535
3.00%, 10/23/2026		200,000		190,186
4.10%, 6/3/2026		250,000		253,323
4.13%, 8/15/2023		100,000		103,511
4.48%, 1/16/2024		200,000		210,500
5.38%, 11/2/2043		30,000		33,143
5.61%, 1/15/2044		258,000		291,911
Series GMTN, 1.50%, 1/16/2018		150,000		149,791
Series GMTN, 2.60%, 7/22/2020		372,000		373,931
Series GMTN, 4.30%, 7/22/2027		135,000		138,823
Series GMTN, 4.90%, 11/17/2045		135,000		139,086
Series M, 3.45%, 2/13/2023.		100,000		100,107
Series MTN, 2.55%, 12/7/2020		150,000		149,913
Series MTN, 3.00%, 2/19/2025		50,000		48,122
Series MTN, 3.50%, 3/8/2022		545,000		560,222
Series MTN, 4.75%, 12/7/2046		200,000		203,528
Series N, 2.15%, 1/30/2020		623,000		619,561
Wells Fargo Bank NA:
1.65%, 1/22/2018		250,000		250,025
1.75%, 5/24/2019		100,000		99,449
5.85%, 2/1/2037		200,000		232,822
Series MTN, 2.15%, 12/6/2019		250,000		250,145
Wells Fargo Capital 5.95%, 12/1/2086		125,000		129,315
Westpac Banking Corp.:
1.65%, 5/13/2019 (a)		50,000		49,510
1.95%, 11/23/2018		100,000		100,152
2.10%, 5/13/2021 (a)		50,000		48,872
2.25%, 1/17/2019		200,000		200,938
2.60%, 11/23/2020		250,000		250,248
2.85%, 5/13/2026		50,000		47,940
4.88%, 11/19/2019		292,000		313,018
Westpac Banking Corp. 5 Year US ISDA +2.24%
Series GMTN, 4.32%, 11/23/2031 (c)		200,000		199,744
				70,018,115
BEVERAGES — 0.8%
Anheuser-Busch Cos. LLC 6.00%, 11/1/2041		100,000		121,729
Anheuser-Busch InBev Finance, Inc.:
1.90%, 2/1/2019		388,000		388,652
3.30%, 2/1/2023		365,000		371,103
3.65%, 2/1/2026		600,000		608,556
3.70%, 2/1/2024		100,000		103,477
4.70%, 2/1/2036		400,000		423,160
4.90%, 2/1/2046		440,000		473,726
Anheuser-Busch InBev Worldwide, Inc.:
2.50%, 7/15/2022		502,000		493,175
3.75%, 7/15/2042		100,000		91,445
5.38%, 1/15/2020		635,000		691,940
6.38%, 1/15/2040		150,000		188,691
7.75%, 1/15/2019		350,000		389,627
8.20%, 1/15/2039 (a)		100,000		150,398
Brown-Forman Corp. 4.50%, 7/15/2045		40,000		41,821
Coca-Cola Co.:
1.15%, 4/1/2018		200,000		199,520
1.38%, 5/30/2019		50,000		49,675
1.55%, 9/1/2021		100,000		97,054
1.65%, 11/1/2018		150,000		150,490
2.55%, 6/1/2026		50,000		47,941
2.88%, 10/27/2025		150,000		147,985
3.15%, 11/15/2020		94,000		97,527
3.20%, 11/1/2023		200,000		205,512
Coca-Cola Femsa SAB de CV 2.38%, 11/26/2018		150,000		151,065
Constellation Brands, Inc.:
3.70%, 12/6/2026		100,000		98,375

See accompanying notes to financial statements.

151

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3.75%, 5/1/2021	$	30,000	$	31,069
3.88%, 11/15/2019		25,000		25,875
4.25%, 5/1/2023		115,000		118,737
6.00%, 5/1/2022		40,000		44,950
Diageo Capital PLC:
2.63%, 4/29/2023		200,000		197,912
3.88%, 4/29/2043		100,000		94,718
Dr Pepper Snapple Group, Inc.:
2.53%, 11/15/2021		150,000		149,449
2.55%, 9/15/2026 (a)		50,000		46,345
3.13%, 12/15/2023		250,000		250,065
3.20%, 11/15/2021		150,000		153,252
3.43%, 6/15/2027		135,000		134,980
4.42%, 12/15/2046		150,000		154,224
Molson Coors Brewing Co.:
1.45%, 7/15/2019		55,000		54,178
2.10%, 7/15/2021		65,000		63,247
3.00%, 7/15/2026		70,000		66,095
4.20%, 7/15/2046		60,000		55,982
5.00%, 5/1/2042		50,000		52,513
Pepsi Bottling Group, Inc. Series B, 7.00%, 3/1/2029		100,000		136,818
PepsiCo, Inc.:
1.35%, 10/4/2019		45,000		44,594
1.70%, 10/6/2021		100,000		97,109
1.85%, 4/30/2020		100,000		99,341
2.38%, 10/6/2026		55,000		51,879
2.75%, 3/5/2022		157,000		158,550
2.75%, 4/30/2025		100,000		97,811
2.85%, 2/24/2026		300,000		295,266
3.10%, 7/17/2022		50,000		51,238
3.50%, 7/17/2025		551,000		569,425
3.60%, 8/13/2042		170,000		159,317
4.25%, 10/22/2044		75,000		77,491
4.45%, 4/14/2046		100,000		106,925
4.50%, 1/15/2020		100,000		107,507
4.60%, 7/17/2045		135,000		147,645
				9,677,151
BIOTECHNOLOGY — 0.4%
Amgen, Inc.:
1.85%, 8/19/2021		50,000		48,053
2.13%, 5/1/2020		100,000		99,233
2.20%, 5/22/2019		76,000		76,570
2.25%, 8/19/2023		100,000		94,117
2.60%, 8/19/2026		100,000		92,087
3.13%, 5/1/2025		100,000		97,353
3.63%, 5/22/2024		50,000		50,850
3.88%, 11/15/2021		100,000		104,585
4.10%, 6/15/2021		100,000		105,632
4.40%, 5/1/2045		130,000		124,600
4.50%, 3/15/2020		50,000		53,185
4.56%, 6/15/2048 (d)		100,000		96,391
4.66%, 6/15/2051 (d)		100,000		97,020
5.15%, 11/15/2041		299,000		317,164
5.65%, 6/15/2042		100,000		112,008
5.70%, 2/1/2019		100,000		107,467
5.75%, 3/15/2040		55,000		61,506
Biogen, Inc.:
2.90%, 9/15/2020		150,000		151,730
3.63%, 9/15/2022		55,000		56,378
4.05%, 9/15/2025		155,000		159,554
5.20%, 9/15/2045		65,000		69,901
Celgene Corp.:
2.30%, 8/15/2018		100,000		100,617
2.88%, 8/15/2020		100,000		101,051
3.25%, 8/15/2022		221,000		223,195
3.63%, 5/15/2024		166,000		166,598
3.88%, 8/15/2025		300,000		304,758
5.00%, 8/15/2045		5,000		5,202
Gilead Sciences, Inc.:
1.85%, 9/4/2018		340,000		341,125
1.95%, 3/1/2022 (a)		45,000		43,443
2.35%, 2/1/2020		242,000		243,166
2.55%, 9/1/2020		100,000		100,942
3.25%, 9/1/2022		40,000		40,772
3.50%, 2/1/2025		50,000		50,339
3.65%, 3/1/2026		100,000		101,401
3.70%, 4/1/2024 (a)		200,000		205,430
4.50%, 4/1/2021		200,000		215,492
4.50%, 2/1/2045		140,000		140,067
4.60%, 9/1/2035		145,000		150,667
4.75%, 3/1/2046		50,000		52,213
4.80%, 4/1/2044		100,000		104,565
				4,866,427
CHEMICALS — 0.5%
Agrium, Inc.:
3.15%, 10/1/2022		175,000		174,018
4.13%, 3/15/2035		55,000		50,690
6.13%, 1/15/2041		20,000		22,907
Air Products & Chemicals, Inc. 3.35%, 7/31/2024		100,000		102,271
Airgas, Inc. 3.05%, 8/1/2020		100,000		102,093
Cabot Corp. 3.70%, 7/15/2022		100,000		101,525
Celanese US Holdings LLC:
4.63%, 11/15/2022		40,000		42,071
5.88%, 6/15/2021		40,000		44,372
Dow Chemical Co.:
4.25%, 11/15/2020		50,000		52,880
4.25%, 10/1/2034		200,000		196,578
5.25%, 11/15/2041		250,000		269,180
8.55%, 5/15/2019 (a)		330,000		377,784
Eastman Chemical Co.:
3.60%, 8/15/2022		245,000		250,598
4.65%, 10/15/2044		120,000		119,678
Ecolab, Inc.:
4.35%, 12/8/2021		195,000		210,302
5.50%, 12/8/2041		76,000		89,526
EI du Pont de Nemours & Co.:
2.80%, 2/15/2023		200,000		196,224
5.75%, 3/15/2019		250,000		269,977
LYB International Finance B.V. 4.00%, 7/15/2023		250,000		261,150
LyondellBasell Industries NV:
4.63%, 2/26/2055		150,000		139,879
6.00%, 11/15/2021		100,000		113,377

See accompanying notes to financial statements.

152

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Methanex Corp. 5.65%, 12/1/2044	$	100,000	$	87,500
Monsanto Co.:
2.20%, 7/15/2022		100,000		95,343
3.95%, 4/15/2045		120,000		105,402
4.20%, 7/15/2034		270,000		257,858
4.40%, 7/15/2044		100,000		96,060
Mosaic Co. 4.25%, 11/15/2023 (a)		275,000		278,779
Potash Corp. of Saskatchewan, Inc.:
3.00%, 4/1/2025		100,000		94,156
3.63%, 3/15/2024		152,000		150,748
4.00%, 12/15/2026		200,000		201,858
5.88%, 12/1/2036		50,000		54,729
PPG Industries, Inc. 5.50%, 11/15/2040		100,000		114,215
Praxair, Inc.:
3.00%, 9/1/2021		250,000		255,000
3.20%, 1/30/2026		100,000		100,806
RPM International, Inc. 3.45%, 11/15/2022		100,000		98,853
Sherwin-Williams Co. 4.00%, 12/15/2042		88,000		79,753
Valspar Corp. 3.30%, 2/1/2025		100,000		95,987
Westlake Chemical Corp.:
3.60%, 8/15/2026 (d)		50,000		48,047
4.63%, 2/15/2021 (d)		150,000		157,243
5.00%, 8/15/2046 (d)		50,000		49,324
				5,608,741
COMMERCIAL SERVICES — 0.2%
Automatic Data Processing, Inc.:
2.25%, 9/15/2020		100,000		100,368
3.38%, 9/15/2025		50,000		51,109
Block Financial LLC 5.50%, 11/1/2022		100,000		105,293
Board of Trustees of The Leland Stanford Junior University:
3.46%, 5/1/2047		50,000		46,598
4.75%, 5/1/2019		10,000		10,650
Catholic Health Initiatives 4.35%, 11/1/2042		275,000		242,138
Cornell University 5.45%, 2/1/2019		100,000		107,497
Ecolab, Inc.:
2.70%, 11/1/2026 (a)		20,000		18,989
3.70%, 11/1/2046		25,000		22,607
Equifax, Inc.:
2.30%, 6/1/2021		200,000		195,746
3.25%, 6/1/2026		50,000		48,321
George Washington University:
Series 2014, 4.30%, 9/15/2044		50,000		48,858
Series 2016, 3.55%, 9/15/2046		50,000		42,864
Massachusetts Institute of Technology:
3.89%, 7/1/2116		40,000		34,192
5.60%, 7/1/2111		69,000		82,425
Mastercard, Inc. 3.38%, 4/1/2024		100,000		102,914
Moody’s Corp.:
2.75%, 7/15/2019		76,000		76,910
4.50%, 9/1/2022		115,000		122,967
4.88%, 2/15/2024		100,000		108,148
Northwestern University 3.87%, 12/1/2048		50,000		49,474
President and Fellows of Harvard College:
3.15%, 7/15/2046		100,000		89,666
3.30%, 7/15/2056 (a)		100,000		87,977
S&P Global, Inc.:
2.95%, 1/22/2027 (d)		100,000		93,523
3.30%, 8/14/2020		50,000		50,883
4.00%, 6/15/2025		125,000		128,250
4.40%, 2/15/2026		30,000		31,644
Total System Services, Inc. 2.38%, 6/1/2018		140,000		140,578
Trustees of Dartmouth College 3.47%, 6/1/2046		35,000		32,633
University of Southern California 3.03%, 10/1/2039		100,000		88,593
Verisk Analytics, Inc. 5.80%, 5/1/2021		100,000		110,523
Western Union Co. 6.20%, 11/17/2036 (a)		105,000		109,751
				2,582,089
CONSTRUCTION MATERIALS — 0.1%
CRH America, Inc. 5.75%, 1/15/2021		175,000		193,116
Johnson Controls International PLC:
4.25%, 3/1/2021		60,000		62,701
5.13%, 9/14/2045		200,000		215,152
6.00%, 1/15/2036		200,000		228,802
Lennox International, Inc. 3.00%, 11/15/2023		25,000		24,244
Martin Marietta Materials, Inc. 4.25%, 7/2/2024		30,000		30,190
Masco Corp. 4.38%, 4/1/2026		25,000		25,156
Owens Corning 4.20%, 12/15/2022		159,000		164,301
Vulcan Materials Co. 7.50%, 6/15/2021		150,000		176,625
				1,120,287
DISTRIBUTION & WHOLESALE — 0.0% (b)
WW Grainger, Inc.:
3.75%, 5/15/2046		100,000		94,068
4.60%, 6/15/2045		20,000		21,407
				115,475
DIVERSIFIED FINANCIAL SERVICES — 1.0%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust:
3.75%, 5/15/2019		225,000		228,938
3.95%, 2/1/2022		275,000		276,719
4.50%, 5/15/2021		225,000		233,156
4.63%, 10/30/2020		250,000		260,000
Affiliated Managers Group, Inc. 3.50%, 8/1/2025		50,000		47,382

See accompanying notes to financial statements.

153

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Air Lease Corp.:
2.13%, 1/15/2018	$	100,000	$	99,892
3.38%, 1/15/2019 (a)		50,000		50,845
3.38%, 6/1/2021		35,000		35,408
3.75%, 2/1/2022		125,000		128,527
3.88%, 4/1/2021 (a)		75,000		77,315
American Express Co.:
1.55%, 5/22/2018		100,000		99,775
2.65%, 12/2/2022		119,000		117,067
4.05%, 12/3/2042		100,000		96,718
7.00%, 3/19/2018		100,000		106,183
8.13%, 5/20/2019		75,000		85,202
American Express Credit Corp.:
2.13%, 7/27/2018		75,000		75,417
2.25%, 5/5/2021		250,000		246,987
Series F, 2.60%, 9/14/2020		50,000		50,391
Series GMTN, 2.25%, 8/15/2019		100,000		100,402
Series MTN, 1.70%, 10/30/2019.		75,000		74,248
Series MTN, 1.80%, 7/31/2018		50,000		50,020
Ameriprise Financial, Inc.:
2.88%, 9/15/2026		50,000		47,578
3.70%, 10/15/2024		150,000		153,176
AXA Financial, Inc. 7.00%, 4/1/2028		100,000		121,343
Bear Stearns Cos. LLC 7.25%, 2/1/2018		100,000		105,754
BGC Partners, Inc. 5.13%, 5/27/2021		50,000		51,346
BlackRock, Inc. 3.50%, 3/18/2024		225,000		232,157
Brookfield Finance, Inc. 4.25%, 6/2/2026		100,000		98,611
Capital One Bank USA NA:
3.38%, 2/15/2023		300,000		297,192
8.80%, 7/15/2019		100,000		114,297
Charles Schwab Corp.:
1.50%, 3/10/2018		50,000		50,022
3.00%, 3/10/2025		100,000		97,987
3.45%, 2/13/2026		35,000		35,351
4.45%, 7/22/2020		24,000		25,636
CME Group, Inc. 3.00%, 3/15/2025		203,000		201,626
Credit Suisse USA, Inc. 7.13%, 7/15/2032		250,000		330,035
Discover Financial Services 5.20%, 4/27/2022		100,000		106,875
Franklin Resources, Inc. 2.85%, 3/30/2025		100,000		97,082
GE Capital International Funding Co.:
2.34%, 11/15/2020		800,000		799,040
4.42%, 11/15/2035		410,000		431,459
General Electric Co.:
5.30%, 2/11/2021		136,000		150,578
Series A, 6.75%, 3/15/2032		219,000		292,755
Series GMTN, 3.10%, 1/9/2023		100,000		101,444
Series GMTN, 4.63%, 1/7/2021		100,000		108,425
Series GMTN, 5.63%, 5/1/2018		70,000		73,772
Series GMTN, 6.15%, 8/7/2037		280,000		361,007
Series GMTN, 6.88%, 1/10/2039		86,000		121,664
Series MTN, 5.88%, 1/14/2038		101,000		127,219
HSBC Finance Corp. 6.68%, 1/15/2021		200,000		224,922
Intercontinental Exchange, Inc. 2.50%, 10/15/2018		100,000		101,343
Invesco Finance PLC 3.75%, 1/15/2026		150,000		152,037
Jefferies Group LLC:
5.13%, 4/13/2018		275,000		283,976
6.25%, 1/15/2036		80,000		80,577
6.45%, 6/8/2027		20,000		21,826
Lazard Group LLC:
3.63%, 3/1/2027		50,000		47,672
3.75%, 2/13/2025		100,000		97,599
4.25%, 11/14/2020		18,000		18,814
Legg Mason, Inc.:
3.95%, 7/15/2024		100,000		100,373
4.75%, 3/15/2026		50,000		52,041
Mastercard, Inc.:
2.00%, 11/21/2021 (a)		100,000		98,744
2.95%, 11/21/2026		100,000		98,890
3.80%, 11/21/2046		100,000		97,552
Nasdaq, Inc. 5.55%, 1/15/2020		200,000		215,932
National Rural Utilities Cooperative Finance Corp.:
2.00%, 1/27/2020		200,000		198,092
2.30%, 11/1/2020		50,000		49,640
2.70%, 2/15/2023		50,000		49,448
2.85%, 1/27/2025		51,000		49,771
Series C, 8.00%, 3/1/2032		110,000		156,577
Series MTN, 1.50%, 11/1/2019		80,000		79,209
Nomura Holdings, Inc.:
6.70%, 3/4/2020		121,000		135,204
Series GMTN, 2.75%, 3/19/2019		150,000		151,233
OM Asset Management PLC 4.80%, 7/27/2026		50,000		47,786
Private Export Funding Corp. Series GG, 2.45%, 7/15/2024		200,000		195,030
Raymond James Financial, Inc. 5.63%, 4/1/2024		100,000		109,963
Stifel Financial Corp. 4.25%, 7/18/2024		50,000		49,556
Synchrony Financial:
2.60%, 1/15/2019		100,000		100,378
2.70%, 2/3/2020		10,000		9,971
3.70%, 8/4/2026		100,000		96,253
3.75%, 8/15/2021		200,000		205,130
4.50%, 7/23/2025		100,000		102,625
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		100,000		100,998
Visa, Inc.:
2.20%, 12/14/2020		157,000		157,008
2.80%, 12/14/2022		150,000		150,580
3.15%, 12/14/2025		250,000		251,355
4.15%, 12/14/2035		60,000		62,774
4.30%, 12/14/2045		430,000		454,493
				11,929,395

See accompanying notes to financial statements.

154

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
ELECTRIC — 1.9%
Alabama Power Co.:
4.30%, 1/2/2046	$	50,000	$	51,314
6.00%, 3/1/2039		100,000		123,934
Ameren Illinois Co. 4.15%, 3/15/2046		300,000		306,765
Appalachian Power Co.:
6.38%, 4/1/2036		70,000		86,144
7.00%, 4/1/2038		26,000		34,621
Arizona Public Service Co.:
3.15%, 5/15/2025		50,000		50,085
3.75%, 5/15/2046		100,000		93,601
5.50%, 9/1/2035		100,000		115,182
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		200,000		199,730
Berkshire Hathaway Energy Co.:
3.75%, 11/15/2023 (a)		150,000		156,807
5.75%, 4/1/2018		200,000		210,116
6.13%, 4/1/2036		155,000		194,190
Black Hills Corp.:
3.15%, 1/15/2027		50,000		47,840
4.20%, 9/15/2046		50,000		47,584
4.25%, 11/30/2023		100,000		104,091
CenterPoint Energy Houston Electric LLC:
2.25%, 8/1/2022		100,000		97,473
4.50%, 4/1/2044		225,000		243,553
Series Z, 2.40%, 9/1/2026		50,000		46,887
Cleco Corporate Holdings LLC 3.74%, 5/1/2026 (d)		100,000		98,487
Cleco Power LLC 6.00%, 12/1/2040		100,000		121,191
CMS Energy Corp. 2.95%, 2/15/2027		50,000		47,398
Commonwealth Edison Co.:
2.55%, 6/15/2026		50,000		47,465
3.65%, 6/15/2046		50,000		46,802
4.35%, 11/15/2045		200,000		208,922
5.90%, 3/15/2036		100,000		122,833
Connecticut Light & Power Co.:
2.50%, 1/15/2023		150,000		146,161
6.35%, 6/1/2036		75,000		95,239
Consolidated Edison Co. of New York, Inc.:
3.85%, 6/15/2046		50,000		48,106
4.45%, 6/15/2020		100,000		106,791
4.45%, 3/15/2044		100,000		104,821
Series 09-C, 5.50%, 12/1/2039		125,000		145,678
Series 12-A, 4.20%, 3/15/2042		100,000		100,156
Series B, 2.90%, 12/1/2026		50,000		48,736
Series C, 4.30%, 12/1/2056		50,000		49,916
Consolidated Edison, Inc. 2.00%, 5/15/2021		65,000		63,421
Consumers Energy Co.:
3.25%, 8/15/2046		50,000		44,337
3.95%, 5/15/2043		100,000		99,954
4.35%, 8/31/2064		204,000		203,827
5.65%, 9/15/2018		100,000		106,467
Delmarva Power & Light Co.:
3.50%, 11/15/2023		100,000		102,849
4.15%, 5/15/2045		100,000		103,359
Dominion Resources, Inc.:
2.50%, 12/1/2019		132,000		133,160
2.96%, 7/1/2019 (e)		50,000		50,574
3.63%, 12/1/2024		100,000		100,679
3.90%, 10/1/2025		125,000		127,479
4.10%, 4/1/2021 (e)		80,000		83,250
6.40%, 6/15/2018		250,000		265,312
Series B, 1.60%, 8/15/2019		50,000		49,213
Series C, 2.00%, 8/15/2021		20,000		19,377
Series C, 4.90%, 8/1/2041		150,000		157,605
Series D, 2.85%, 8/15/2026		30,000		28,093
DTE Electric Co.:
2.65%, 6/15/2022		100,000		100,059
3.65%, 3/15/2024		50,000		51,970
3.70%, 6/1/2046		50,000		48,116
DTE Energy Co.:
1.50%, 10/1/2019		50,000		49,114
2.40%, 12/1/2019		50,000		50,198
2.85%, 10/1/2026		50,000		46,493
6.38%, 4/15/2033		150,000		182,922
Duke Energy Carolinas LLC:
2.95%, 12/1/2026		50,000		49,213
3.75%, 6/1/2045		100,000		94,875
4.00%, 9/30/2042		186,000		183,800
4.25%, 12/15/2041		300,000		306,516
5.30%, 2/15/2040		100,000		118,140
Series C, 7.00%, 11/15/2018		270,000		295,469
Duke Energy Corp.:
1.80%, 9/1/2021		50,000		48,072
2.65%, 9/1/2026		65,000		60,681
3.05%, 8/15/2022		39,000		39,222
3.75%, 4/15/2024		89,000		91,705
4.80%, 12/15/2045		100,000		105,466
Duke Energy Florida LLC 5.65%, 6/15/2018		175,000		184,942
Duke Energy Indiana, Inc. 6.12%, 10/15/2035		100,000		120,499
Duke Energy Progress LLC:
3.25%, 8/15/2025		50,000		50,745
4.20%, 8/15/2045		50,000		50,793
El Paso Electric Co. 5.00%, 12/1/2044		50,000		54,194
Emera US Finance L.P.:
2.15%, 6/15/2019 (d)		20,000		19,949
3.55%, 6/15/2026 (d)		65,000		63,954
4.75%, 6/15/2046 (d)		35,000		35,190
Enel Americas SA 4.00%, 10/25/2026		15,000		14,367
Enel Generacion Chile SA 4.25%, 4/15/2024		50,000		50,025
Entergy Arkansas, Inc. 3.50%, 4/1/2026		30,000		30,431
Entergy Corp.:
2.95%, 9/1/2026		30,000		28,129
5.13%, 9/15/2020		150,000		161,184

See accompanying notes to financial statements.

155

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Entergy Louisiana LLC:
2.40%, 10/1/2026	$	50,000	$	46,582
3.25%, 4/1/2028		200,000		196,192
4.95%, 1/15/2045		75,000		76,708
Entergy Mississippi, Inc. 2.85%, 6/1/2028		50,000		47,333
Entergy Texas, Inc. 7.13%, 2/1/2019		50,000		54,867
Eversource Energy 3.35%, 3/15/2026		50,000		49,258
Exelon Corp.:
2.45%, 4/15/2021		35,000		34,442
3.40%, 4/15/2026		150,000		146,662
4.45%, 4/15/2046		50,000		49,032
Exelon Generation Co. LLC:
2.95%, 1/15/2020		200,000		202,122
4.00%, 10/1/2020		200,000		207,766
5.60%, 6/15/2042 (a)		100,000		92,737
FirstEnergy Corp.:
Series A, 2.75%, 3/15/2018		40,000		40,291
Series B, 4.25%, 3/15/2023		55,000		56,933
Series C, 7.38%, 11/15/2031		95,000		121,890
Florida Power & Light Co.:
3.13%, 12/1/2025		100,000		101,060
4.05%, 6/1/2042		25,000		25,540
4.05%, 10/1/2044		200,000		204,838
5.69%, 3/1/2040		65,000		80,699
Fortis, Inc. 2.10%, 10/4/2021 (d)		65,000		62,757
Georgia Power Co.:
4.30%, 3/15/2042		275,000		277,857
5.40%, 6/1/2040		100,000		114,263
Series 10-C, 4.75%, 9/1/2040		100,000		105,174
Great Plains Energy, Inc. 4.85%, 6/1/2021		120,000		127,979
Iberdrola International B.V. 6.75%, 7/15/2036		125,000		153,115
Indiana Michigan Power Co.:
Series J, 3.20%, 3/15/2023		100,000		100,579
Series K, 4.55%, 3/15/2046		30,000		31,164
Interstate Power & Light Co.:
3.70%, 9/15/2046		50,000		46,348
6.25%, 7/15/2039		50,000		63,894
ITC Holdings Corp.:
3.25%, 6/30/2026		30,000		28,979
3.65%, 6/15/2024		25,000		25,072
Kansas City Power & Light Co. 3.65%, 8/15/2025		50,000		50,136
LG&E and KU Energy LLC 3.75%, 11/15/2020		100,000		103,564
MidAmerican Energy Co.:
3.50%, 10/15/2024		100,000		103,184
4.25%, 5/1/2046		70,000		72,347
4.80%, 9/15/2043		150,000		167,194
Nevada Power Co.:
5.45%, 5/15/2041		60,000		69,714
Series N, 6.65%, 4/1/2036		100,000		130,928
Series R, 6.75%, 7/1/2037		15,000		19,781
NextEra Energy Capital Holdings, Inc.:
1.65%, 9/1/2018		70,000		69,826
2.30%, 4/1/2019		15,000		15,075
2.40%, 9/15/2019		150,000		150,811
4.50%, 6/1/2021		200,000		213,888
NiSource Finance Corp.:
4.80%, 2/15/2044		50,000		52,388
5.45%, 9/15/2020		12,000		13,120
5.80%, 2/1/2042		135,000		157,078
6.40%, 3/15/2018		70,000		73,707
Northern States Power Co.:
4.85%, 8/15/2040		100,000		111,493
6.25%, 6/1/2036		150,000		194,374
NSTAR Electric Co. 2.70%, 6/1/2026		50,000		47,780
Oglethorpe Power Corp. 4.55%, 6/1/2044		200,000		199,334
Ohio Edison Co. 8.25%, 10/15/2038		25,000		35,924
Ohio Power Co.:
6.05%, 5/1/2018		100,000		105,288
Series G, 6.60%, 2/15/2033		45,000		55,239
Oklahoma Gas & Electric Co. 4.00%, 12/15/2044		100,000		97,868
Oncor Electric Delivery Co. LLC:
5.30%, 6/1/2042		30,000		35,326
6.80%, 9/1/2018		265,000		286,205
7.00%, 5/1/2032		140,000		190,028
Pacific Gas & Electric Co.:
3.25%, 6/15/2023		200,000		203,220
3.50%, 6/15/2025		95,000		97,384
4.00%, 12/1/2046		100,000		98,966
4.25%, 3/15/2046		50,000		50,890
4.50%, 12/15/2041		25,000		26,048
4.75%, 2/15/2044		100,000		109,316
6.05%, 3/1/2034		100,000		124,808
PacifiCorp:
3.85%, 6/15/2021		200,000		211,452
4.10%, 2/1/2042		50,000		50,304
PECO Energy Co. 4.15%, 10/1/2044		100,000		101,343
PG&E Corp. 2.40%, 3/1/2019		250,000		251,105
PPL Capital Funding, Inc.:
3.10%, 5/15/2026		150,000		143,148
3.50%, 12/1/2022		200,000		204,124
PPL Electric Utilities Corp.:
2.50%, 9/1/2022		100,000		98,465
4.15%, 10/1/2045		100,000		100,999
5.20%, 7/15/2041		50,000		57,762
Progress Energy, Inc. 7.75%, 3/1/2031		455,000		623,541
PSEG Power LLC:
3.00%, 6/15/2021 (a)		100,000		100,024
5.13%, 4/15/2020		80,000		85,802
Public Service Co. of Colorado:
3.20%, 11/15/2020		100,000		102,950
3.55%, 6/15/2046		50,000		46,234

See accompanying notes to financial statements.

156

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Public Service Co. of New Mexico 3.85%, 8/1/2025	$	50,000	$	50,265
Public Service Co. of Oklahoma 4.40%, 2/1/2021		100,000		106,567
Public Service Electric & Gas Co.:
Series I, 1.80%, 6/1/2019		50,000		49,793
Series K, 4.05%, 5/1/2045		100,000		101,684
Series MTN, 1.90%, 3/15/2021		25,000		24,492
Series MTN, 2.25%, 9/15/2026		50,000		46,415
Series MTN, 2.38%, 5/15/2023		150,000		146,250
Series MTN, 3.80%, 3/1/2046		50,000		48,919
Series MTN, 3.95%, 5/1/2042		25,000		24,977
Series MTN, 4.15%, 11/1/2045		100,000		103,156
Puget Energy, Inc.:
3.65%, 5/15/2025		50,000		49,083
6.00%, 9/1/2021		100,000		112,046
Puget Sound Energy, Inc.:
5.64%, 4/15/2041		106,000		126,442
7.02%, 12/1/2027		100,000		127,665
San Diego Gas & Electric Co.:
2.50%, 5/15/2026		50,000		47,628
4.30%, 4/1/2042		200,000		208,830
Series FFF, 6.13%, 9/15/2037		115,000		147,637
Sierra Pacific Power Co. 2.60%, 5/1/2026		200,000		190,502
South Carolina Electric & Gas Co.:
4.10%, 6/15/2046		50,000		49,579
4.35%, 2/1/2042		200,000		203,488
4.50%, 6/1/2064		35,000		34,327
5.45%, 2/1/2041		100,000		116,204
Southern California Edison Co.:
3.88%, 6/1/2021		70,000		73,967
5.50%, 3/15/2040		450,000		540,679
Southern Co.:
1.55%, 7/1/2018		65,000		64,731
1.85%, 7/1/2019		70,000		69,620
2.35%, 7/1/2021		150,000		147,240
2.75%, 6/15/2020		50,000		50,335
2.95%, 7/1/2023		50,000		49,261
4.25%, 7/1/2036		60,000		59,644
4.40%, 7/1/2046		150,000		148,825
Series B, 3 month USD LIBOR + 3.630%, 5.50%, 3/15/2057 (c)		100,000		100,914
Southern Power Co.:
4.15%, 12/1/2025		100,000		103,375
Series D, 1.95%, 12/15/2019		50,000		49,537
Series E, 2.50%, 12/15/2021		50,000		48,875
Series F, 4.95%, 12/15/2046		50,000		48,313
Southwestern Electric Power Co.:
6.45%, 1/15/2019		100,000		108,247
Series J, 3.90%, 4/1/2045		100,000		92,294
Series K, 2.75%, 10/1/2026		100,000		94,416
Southwestern Public Service Co.:
3.30%, 6/15/2024		50,000		50,700
6.00%, 10/1/2036		100,000		118,570
Tampa Electric Co.:
2.60%, 9/15/2022		100,000		96,308
4.10%, 6/15/2042		75,000		72,658
6.10%, 5/15/2018		100,000		105,781
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		50,000		48,415
Tucson Electric Power Co. 3.05%, 3/15/2025		150,000		140,657
Union Electric Co. 3.65%, 4/15/2045		60,000		56,798
Virginia Electric & Power Co.:
2.75%, 3/15/2023		100,000		98,922
5.40%, 4/30/2018		100,000		104,871
Series A, 3.15%, 1/15/2026		105,000		104,148
Series B, 2.95%, 11/15/2026		50,000		48,697
Series C, 4.00%, 11/15/2046		20,000		19,927
Westar Energy, Inc.:
3.25%, 12/1/2025		150,000		149,559
4.10%, 4/1/2043		100,000		98,689
Western Massachusetts Electric Co. 3.50%, 9/15/2021		150,000		152,733
Wisconsin Electric Power Co.:
2.95%, 9/15/2021		250,000		254,750
4.30%, 12/15/2045		100,000		103,409
Wisconsin Power & Light Co. 6.38%, 8/15/2037		100,000		128,554
Xcel Energy, Inc.:
2.40%, 3/15/2021		100,000		99,284
3.35%, 12/1/2026		100,000		99,945
4.70%, 5/15/2020		100,000		105,959
				23,181,182
ELECTRICAL COMPONENTS & EQUIPMENT — 0.0% (b)
Emerson Electric Co.:
2.63%, 2/15/2023		250,000		247,472
4.88%, 10/15/2019 (a)		100,000		107,857
Hubbell, Inc. 3.35%, 3/1/2026		50,000		49,477
				404,806
ELECTRONICS — 0.2%
Agilent Technologies, Inc. 5.00%, 7/15/2020		200,000		215,196
Arrow Electronics, Inc. 3.00%, 3/1/2018		75,000		75,772
Avnet, Inc.:
3.75%, 12/1/2021		550,000		554,191
4.63%, 4/15/2026 (a)		25,000		24,560
4.88%, 12/1/2022		125,000		129,669
Corning, Inc. 4.70%, 3/15/2037		100,000		99,070
Flex, Ltd. 4.75%, 6/15/2025		50,000		52,604
FLIR Systems, Inc. 3.13%, 6/15/2021		25,000		25,034
Fortive Corp.:
1.80%, 6/15/2019 (d)		25,000		24,770
2.35%, 6/15/2021 (d)		50,000		49,197
3.15%, 6/15/2026 (d)		50,000		49,273
4.30%, 6/15/2046 (d)		25,000		24,848
Honeywell International, Inc.:
1.40%, 10/30/2019		100,000		99,099
1.85%, 11/1/2021		100,000		97,712

See accompanying notes to financial statements.

157

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.25%, 3/1/2021	$	50,000	$	53,980
Series 30, 5.38%, 3/1/2041		100,000		122,210
Jabil Circuit, Inc. 8.25%, 3/15/2018		100,000		107,250
Keysight Technologies, Inc. 3.30%, 10/30/2019		150,000		152,167
Koninklijke Philips NV:
3.75%, 3/15/2022		200,000		208,578
6.88%, 3/11/2038		100,000		123,782
Thermo Fisher Scientific, Inc. 3.15%, 1/15/2023		115,000		114,717
				2,403,679
ENGINEERING & CONSTRUCTION — 0.0% (b)
ABB Finance USA, Inc.:
2.88%, 5/8/2022		162,000		163,050
4.38%, 5/8/2042		206,000		215,906
Fluor Corp. 3.38%, 9/15/2021		80,000		81,700
				460,656
ENVIRONMENTAL CONTROL — 0.1%
Republic Services, Inc.:
2.90%, 7/1/2026		55,000		52,572
4.75%, 5/15/2023		250,000		272,412
5.00%, 3/1/2020		100,000		107,741
Waste Management, Inc.:
2.40%, 5/15/2023		100,000		97,083
3.50%, 5/15/2024		150,000		154,701
4.10%, 3/1/2045 (a)		200,000		199,736
				884,245
FOOD — 0.4%
Campbell Soup Co.:
3.30%, 3/19/2025		50,000		50,106
3.80%, 8/2/2042		50,000		45,338
Conagra Brands, Inc. 3.20%, 1/25/2023		187,000		186,518
Flowers Foods, Inc. 4.38%, 4/1/2022 (a)		250,000		263,178
General Mills, Inc. 3.15%, 12/15/2021		200,000		204,060
Hershey Co.:
2.30%, 8/15/2026		50,000		46,535
2.63%, 5/1/2023		100,000		98,326
3.38%, 8/15/2046 (a)		50,000		44,364
Ingredion, Inc. 4.63%, 11/1/2020		100,000		106,834
JM Smucker Co.:
3.50%, 3/15/2025		100,000		100,754
4.25%, 3/15/2035		100,000		101,510
4.38%, 3/15/2045		25,000		24,737
Kellogg Co.:
3.13%, 5/17/2022		100,000		100,502
3.25%, 5/21/2018		65,000		66,307
3.25%, 4/1/2026		30,000		29,323
Koninklijke Ahold Delhaize NV 5.70%, 10/1/2040		30,000		33,478
Kraft Heinz Foods Co.:
2.00%, 7/2/2018		155,000		155,081
2.80%, 7/2/2020		200,000		201,410
3.00%, 6/1/2026		80,000		75,047
3.50%, 6/6/2022		263,000		267,366
3.50%, 7/15/2022		200,000		203,016
4.38%, 6/1/2046		85,000		80,543
5.00%, 7/15/2035		20,000		20,995
5.00%, 6/4/2042		225,000		231,566
5.20%, 7/15/2045		95,000		100,271
6.13%, 8/23/2018		100,000		106,525
Kroger Co.:
2.65%, 10/15/2026		100,000		92,916
3.88%, 10/15/2046		25,000		22,910
5.40%, 7/15/2040		250,000		275,900
6.15%, 1/15/2020		100,000		110,590
6.90%, 4/15/2038		26,000		33,504
8.00%, 9/15/2029		49,000		66,108
Series GMTN, 1.50%, 9/30/2019		30,000		29,546
McCormick & Co., Inc. 3.25%, 11/15/2025		35,000		34,766
Sysco Corp.:
1.90%, 4/1/2019		30,000		29,892
2.50%, 7/15/2021		70,000		69,386
2.60%, 10/1/2020		50,000		50,180
2.60%, 6/12/2022		150,000		147,331
3.30%, 7/15/2026		50,000		49,055
3.75%, 10/1/2025		25,000		25,286
4.50%, 4/1/2046		50,000		50,831
4.85%, 10/1/2045		35,000		36,877
Tyson Foods, Inc.:
3.95%, 8/15/2024		320,000		326,800
4.88%, 8/15/2034		50,000		50,937
5.15%, 8/15/2044		200,000		205,000
Unilever Capital Corp.:
1.38%, 7/28/2021		100,000		95,976
2.00%, 7/28/2026		100,000		91,457
4.25%, 2/10/2021		150,000		161,058
5.90%, 11/15/2032		101,000		131,205
Whole Foods Market, Inc. 5.20%, 12/3/2025		50,000		53,001
				5,184,202
FOREST PRODUCTS & PAPER — 0.1%
Celulosa Arauco y Constitucion SA 7.25%, 7/29/2019		250,000		276,457
Domtar Corp. 6.25%, 9/1/2042		100,000		97,814
Georgia-Pacific LLC 7.25%, 6/1/2028		190,000		242,347
International Paper Co.:
3.00%, 2/15/2027		100,000		94,328
4.40%, 8/15/2047		100,000		94,858
5.15%, 5/15/2046		150,000		157,261
6.00%, 11/15/2041		20,000		22,526
7.50%, 8/15/2021		250,000		298,158
Weyerhaeuser Co. 3.25%, 3/15/2023		100,000		96,280
				1,380,029

See accompanying notes to financial statements.

158

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
GAS — 0.1%
Atmos Energy Corp. 4.13%, 10/15/2044	$	130,000	$	129,739
National Fuel Gas Co.:
3.75%, 3/1/2023		63,000		61,499
5.20%, 7/15/2025		50,000		51,163
ONE Gas, Inc. 2.07%, 2/1/2019		195,000		195,213
Piedmont Natural Gas Co., Inc. 3.64%, 11/1/2046		50,000		44,336
Sempra Energy:
1.63%, 10/7/2019		70,000		69,042
2.85%, 11/15/2020		50,000		50,162
2.88%, 10/1/2022		15,000		14,850
3.75%, 11/15/2025		50,000		50,650
6.00%, 10/15/2039		150,000		178,917
Southern California Gas Co. 2.60%, 6/15/2026		50,000		48,008
Southern Co. Gas Capital Corp. 2.45%, 10/1/2023		150,000		143,625
Southwest Gas Corp. 3.80%, 9/29/2046		100,000		91,179
				1,128,383
HAND & MACHINE TOOLS — 0.0% (b)
Snap-on, Inc. 4.25%, 1/15/2018		100,000		102,760
Stanley Black & Decker, Inc.:
1.62%, 11/17/2018		50,000		49,688
2.45%, 11/17/2018		100,000		101,174
3.40%, 12/1/2021		60,000		61,876
				315,498
HEALTH CARE PRODUCTS — 0.5%
Abbott Laboratories:
2.90%, 11/30/2021 (a)		250,000		249,107
3.40%, 11/30/2023		150,000		148,953
3.75%, 11/30/2026		250,000		248,657
4.75%, 11/30/2036		150,000		152,524
4.90%, 11/30/2046		200,000		204,868
Baxter International, Inc.:
1.70%, 8/15/2021		50,000		48,019
2.60%, 8/15/2026		50,000		46,131
3.50%, 8/15/2046		50,000		42,023
Becton Dickinson and Co.:
2.68%, 12/15/2019		248,000		251,380
3.30%, 3/1/2023		50,000		50,202
3.73%, 12/15/2024		119,000		121,660
4.88%, 5/15/2044		100,000		104,807
5.00%, 11/12/2040		100,000		104,895
Boston Scientific Corp. 2.65%, 10/1/2018		200,000		202,352
Covidien International Finance SA 4.20%, 6/15/2020		200,000		212,296
CR Bard, Inc.:
1.38%, 1/15/2018		100,000		99,628
3.00%, 5/15/2026		100,000		95,451
Danaher Corp.:
1.65%, 9/15/2018		35,000		35,019
3.35%, 9/15/2025		65,000		66,730
4.38%, 9/15/2045		60,000		62,942
Life Technologies Corp. 6.00%, 3/1/2020		150,000		164,067
Medtronic, Inc.:
1.38%, 4/1/2018		200,000		199,622
2.50%, 3/15/2020 (a)		100,000		100,851
3.13%, 3/15/2022		230,000		234,294
3.15%, 3/15/2022		411,000		420,042
3.50%, 3/15/2025		300,000		308,394
4.63%, 3/15/2045		100,000		108,689
St Jude Medical, Inc.:
2.80%, 9/15/2020		50,000		50,065
3.25%, 4/15/2023		150,000		148,842
3.88%, 9/15/2025		40,000		40,241
Stryker Corp.:
1.30%, 4/1/2018		100,000		99,601
2.00%, 3/8/2019		30,000		30,023
2.63%, 3/15/2021		50,000		50,063
3.38%, 11/1/2025		50,000		49,714
3.50%, 3/15/2026 (a)		25,000		25,180
4.10%, 4/1/2043		200,000		186,986
4.63%, 3/15/2046		130,000		132,305
Thermo Fisher Scientific, Inc.:
2.15%, 12/14/2018		60,000		60,268
2.95%, 9/19/2026		165,000		155,811
3.00%, 4/15/2023		145,000		142,625
3.65%, 12/15/2025		100,000		99,946
Zimmer Biomet Holdings, Inc.:
2.00%, 4/1/2018		150,000		150,175
2.70%, 4/1/2020		325,000		325,019
3.55%, 4/1/2025		70,000		68,250
4.25%, 8/15/2035		11,000		10,320
4.63%, 11/30/2019		100,000		105,814
				6,014,851
HEALTH CARE SERVICES — 0.5%
Aetna, Inc.:
1.70%, 6/7/2018		30,000		29,971
1.90%, 6/7/2019		70,000		69,822
2.20%, 3/15/2019		100,000		100,328
2.40%, 6/15/2021		80,000		79,558
2.80%, 6/15/2023		55,000		54,127
3.20%, 6/15/2026		110,000		108,747
3.95%, 9/1/2020		150,000		157,125
4.25%, 6/15/2036		60,000		60,211
4.38%, 6/15/2046		80,000		80,656
4.50%, 5/15/2042		141,000		142,143
6.63%, 6/15/2036		149,000		188,978
Anthem, Inc.:
1.88%, 1/15/2018		250,000		250,130
3.30%, 1/15/2023		250,000		249,568
4.63%, 5/15/2042		145,000		145,631
4.65%, 1/15/2043		100,000		100,291
5.95%, 12/15/2034		68,000		77,232
Ascension Health 3.95%, 11/15/2046 (a)		65,000		61,737
Baylor Scott & White Holdings:
3.97%, 11/15/2046 (a)		50,000		46,883
4.19%, 11/15/2045		65,000		63,272

See accompanying notes to financial statements.

159

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Cigna Corp.:
3.25%, 4/15/2025	$	50,000	$	48,737
4.00%, 2/15/2022		50,000		52,088
4.50%, 3/15/2021		200,000		212,324
5.38%, 2/15/2042		70,000		77,800
5.88%, 3/15/2041		75,000		86,451
Coventry Health Care, Inc. 5.45%, 6/15/2021		100,000		110,588
Howard Hughes Medical Institute 3.50%, 9/1/2023		50,000		52,103
Humana, Inc.:
3.85%, 10/1/2024		175,000		178,780
4.63%, 12/1/2042		180,000		176,400
Johns Hopkins Health System Corp. 3.84%, 5/15/2046		35,000		33,282
Laboratory Corp. of America Holdings:
2.63%, 2/1/2020		16,000		16,031
4.63%, 11/15/2020		10,000		10,640
Mayo Clinic 4.13%, 11/15/2052		50,000		48,929
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055.		64,000		62,444
New York and Presbyterian Hospital:
4.02%, 8/1/2045		25,000		24,508
4.76%, 8/1/2116 (a)		50,000		47,350
Northwell Healthcare, Inc. 3.98%, 11/1/2046		100,000		91,995
Premier Health Partners Series G, 2.91%, 11/15/2026		100,000		92,318
Providence St. Joseph Health Obligated Group:
Series H, 2.75%, 10/1/2026		50,000		47,118
Series I, 3.74%, 10/1/2047		50,000		46,348
Quest Diagnostics, Inc. 2.70%, 4/1/2019		230,000		232,334
RWJ Barnabas Health, Inc. 3.95%, 7/1/2046		50,000		46,210
UnitedHealth Group, Inc.:
1.70%, 2/15/2019		100,000		99,707
1.90%, 7/16/2018		230,000		230,796
2.13%, 3/15/2021		100,000		98,624
2.70%, 7/15/2020		60,000		60,881
3.10%, 3/15/2026		100,000		98,586
3.45%, 1/15/2027		50,000		50,846
3.75%, 7/15/2025		200,000		207,476
3.88%, 10/15/2020		100,000		105,208
4.20%, 1/15/2047		25,000		25,470
4.63%, 11/15/2041		230,000		243,846
4.75%, 7/15/2045		101,000		111,934
5.95%, 2/15/2041		20,000		24,963
6.00%, 2/15/2018		200,000		209,674
6.88%, 2/15/2038		206,000		280,994
				5,710,193
HOLDING COMPANIES-DIVERS — 0.0% (b)
Leucadia National Corp. 5.50%, 10/18/2023		100,000		105,000
MUFG Americas Holdings Corp. 2.25%, 2/10/2020		322,000		318,786
				423,786
HOME BUILDERS — 0.0% (b)
DR Horton, Inc.:
3.75%, 3/1/2019		60,000		61,163
4.00%, 2/15/2020		80,000		82,200
				143,363
HOME FURNISHINGS — 0.0% (b)
Whirlpool Corp.:
3.70%, 5/1/2025		100,000		100,916
4.00%, 3/1/2024		60,000		62,226
4.50%, 6/1/2046		35,000		34,171
				197,313
HOUSEHOLD PRODUCTS — 0.1%
Colgate-Palmolive Co.:
Series MTN, 1.95%, 2/1/2023		100,000		95,996
Series MTN, 4.00%, 8/15/2045		100,000		103,154
Estee Lauder Cos., Inc.:
1.70%, 5/10/2021		200,000		194,686
3.70%, 8/15/2042		100,000		92,645
Procter & Gamble Co.:
1.70%, 11/3/2021		50,000		49,068
1.85%, 2/2/2021		50,000		49,536
2.30%, 2/6/2022		189,000		188,796
2.45%, 11/3/2026 (a)		50,000		47,886
2.70%, 2/2/2026		50,000		49,031
5.55%, 3/5/2037		135,000		175,829
				1,046,627
HOUSEHOLD PRODUCTS & WARES — 0.1%
Church & Dwight Co., Inc. 2.45%, 12/15/2019		50,000		50,130
Clorox Co. 3.50%, 12/15/2024		116,000		117,697
Kimberly-Clark Corp.:
1.40%, 2/15/2019		35,000		34,788
2.15%, 8/15/2020		50,000		49,980
2.40%, 3/1/2022		100,000		99,008
2.75%, 2/15/2026		50,000		48,716
3.20%, 7/30/2046 (a)		75,000		65,464
5.30%, 3/1/2041		45,000		53,949
6.63%, 8/1/2037		100,000		137,353
				657,085
HOUSEWARES — 0.1%
Newell Brands, Inc.:
2.60%, 3/29/2019		45,000		45,495
2.88%, 12/1/2019		100,000		101,407
3.15%, 4/1/2021		350,000		356,510
3.85%, 4/1/2023		60,000		62,066
3.90%, 11/1/2025		50,000		50,645
4.20%, 4/1/2026		75,000		78,238
5.38%, 4/1/2036		30,000		33,872
5.50%, 4/1/2046		40,000		46,184
				774,417

See accompanying notes to financial statements.

160

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
INSURANCE — 0.9%
AEGON Funding Co. LLC 5.75%, 12/15/2020	$	8,000	$	8,838
Aflac, Inc. 3.63%, 11/15/2024		300,000		307,371
Alleghany Corp. 4.90%, 9/15/2044		125,000		119,390
Allied World Assurance Co. Holdings, Ltd. 5.50%, 11/15/2020		100,000		108,685
Allstate Corp.:
3.28%, 12/15/2026		200,000		200,856
4.20%, 12/15/2046		100,000		102,468
5.95%, 4/1/2036		165,000		201,569
7.45%, 5/16/2019		50,000		55,817
American Financial Group, Inc. 3.50%, 8/15/2026		50,000		47,942
American International Group, Inc.:
3.30%, 3/1/2021		140,000		143,244
3.38%, 8/15/2020		8,000		8,228
3.75%, 7/10/2025		35,000		35,200
3.90%, 4/1/2026		200,000		203,204
4.38%, 1/15/2055		225,000		207,400
4.50%, 7/16/2044		150,000		148,345
4.70%, 7/10/2035		50,000		51,775
4.88%, 6/1/2022		100,000		109,166
Series MTN, 5.85%, 1/16/2018		100,000		104,210
Aon Corp. 5.00%, 9/30/2020		22,000		23,654
Aon PLC:
2.80%, 3/15/2021		50,000		50,010
3.50%, 6/14/2024		100,000		100,218
4.00%, 11/27/2023		100,000		103,263
4.25%, 12/12/2042		50,000		46,592
4.60%, 6/14/2044		50,000		49,390
Arch Capital Finance LLC:
4.01%, 12/15/2026		100,000		101,608
5.03%, 12/15/2046 (a)		100,000		105,809
Arch Capital Group US, Inc. 5.14%, 11/1/2043		50,000		51,716
Assurant, Inc. 4.00%, 3/15/2023		100,000		100,368
AXA SA 8.60%, 12/15/2030		100,000		137,668
Berkshire Hathaway Finance Corp.:
1.30%, 8/15/2019		105,000		103,660
2.00%, 8/15/2018		100,000		100,802
4.30%, 5/15/2043		50,000		51,819
5.40%, 5/15/2018		100,000		105,100
Berkshire Hathaway, Inc.:
1.15%, 8/15/2018		70,000		69,606
2.20%, 3/15/2021		55,000		54,806
3.13%, 3/15/2026		380,000		377,279
3.75%, 8/15/2021 (a)		100,000		105,799
Chubb Corp.:
5.75%, 5/15/2018		100,000		105,471
6.00%, 5/11/2037		100,000		124,443
Chubb INA Holdings, Inc.:
2.70%, 3/13/2023		100,000		98,964
5.80%, 3/15/2018		400,000		419,500
Cincinnati Financial Corp. 6.13%, 11/1/2034		100,000		116,391
CNA Financial Corp.:
4.50%, 3/1/2026		50,000		52,344
5.88%, 8/15/2020		8,000		8,798
7.35%, 11/15/2019		100,000		113,088
Hanover Insurance Group, Inc. 4.50%, 4/15/2026		50,000		50,127
Hartford Financial Services Group, Inc.:
5.50%, 3/30/2020		10,000		10,895
6.63%, 3/30/2040		100,000		122,713
Horace Mann Educators Corp. 4.50%, 12/1/2025		50,000		49,457
Lincoln National Corp.:
3.35%, 3/9/2025		50,000		49,473
3.63%, 12/12/2026		200,000		199,842
4.00%, 9/1/2023		100,000		103,886
6.30%, 10/9/2037		100,000		118,790
Loews Corp. 4.13%, 5/15/2043		200,000		191,158
Manulife Financial Corp.:
4.15%, 3/4/2026		50,000		52,071
4.90%, 9/17/2020		18,000		19,287
5.38%, 3/4/2046		50,000		57,596
Markel Corp.:
3.63%, 3/30/2023		100,000		100,228
5.00%, 4/5/2046		50,000		50,356
Marsh & McLennan Cos., Inc.:
2.35%, 3/6/2020		8,000		7,950
3.30%, 3/14/2023		100,000		101,257
3.50%, 6/3/2024		75,000		76,231
3.50%, 3/10/2025		75,000		75,629
3.75%, 3/14/2026		112,000		114,427
MetLife, Inc.:
3.60%, 11/13/2025		100,000		101,818
4.60%, 5/13/2046		100,000		105,595
4.88%, 11/13/2043		150,000		162,690
5.70%, 6/15/2035		155,000		184,188
5.88%, 2/6/2041		250,000		303,055
6.40%, 12/15/2066		100,000		107,930
7.72%, 2/15/2019		150,000		167,592
Series D, 4.37%, 9/15/2023		100,000		107,375
Nationwide Financial Services, Inc. Series JR, 6.75%, 5/15/2087		100,000		104,500
Old Republic International Corp. 4.88%, 10/1/2024		100,000		103,842
Principal Financial Group, Inc. 3.40%, 5/15/2025		50,000		49,680
Progressive Corp. 4.35%, 4/25/2044		200,000		205,604
Prudential Financial, Inc.:
Series MTN, 2.30%, 8/15/2018		177,000		178,460
Series MTN, 4.50%, 11/15/2020		10,000		10,679
Series MTN, 4.50%, 11/16/2021 (a)		650,000		701,935
Series MTN, 5.38%, 6/21/2020		12,000		13,107
Series MTN, 5.80%, 11/16/2041		50,000		59,042

See accompanying notes to financial statements.

161

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Reinsurance Group of America, Inc. 3.95%, 9/15/2026	$	60,000	$	59,469
StanCorp Financial Group, Inc. 5.00%, 8/15/2022		100,000		104,839
Symetra Financial Corp. 4.25%, 7/15/2024		100,000		97,478
Travelers Cos., Inc.:
3.75%, 5/15/2046		50,000		47,397
3.90%, 11/1/2020		116,000		122,473
Trinity Acquisition PLC:
3.50%, 9/15/2021		50,000		50,403
4.40%, 3/15/2026		100,000		101,094
6.13%, 8/15/2043		100,000		106,966
Unum Group:
4.00%, 3/15/2024		100,000		99,893
5.75%, 8/15/2042		50,000		53,555
Voya Financial, Inc.:
2.90%, 2/15/2018		77,000		77,866
3.65%, 6/15/2026		50,000		48,938
4.80%, 6/15/2046		30,000		29,269
5.70%, 7/15/2043		100,000		109,686
WR Berkley Corp.:
4.63%, 3/15/2022		50,000		53,184
4.75%, 8/1/2044		150,000		147,751
XLIT, Ltd.:
4.45%, 3/31/2025		130,000		128,116
5.75%, 10/1/2021		100,000		110,612
				10,809,328
INTERNET — 0.2%
Alibaba Group Holding, Ltd.:
2.50%, 11/28/2019		300,000		301,206
3.13%, 11/28/2021		100,000		100,176
3.60%, 11/28/2024		117,000		116,016
Alphabet, Inc.:
2.00%, 8/15/2026 (a)		200,000		183,256
3.63%, 5/19/2021		100,000		106,145
Amazon.com, Inc.:
3.30%, 12/5/2021		100,000		103,520
4.80%, 12/5/2034		150,000		165,308
4.95%, 12/5/2044		125,000		142,397
Baidu, Inc. 3.50%, 11/28/2022		200,000		200,306
eBay, Inc.:
2.20%, 8/1/2019		50,000		49,968
2.50%, 3/9/2018		25,000		25,220
2.60%, 7/15/2022		100,000		96,878
3.80%, 3/9/2022		50,000		51,591
4.00%, 7/15/2042		200,000		167,138
Expedia, Inc. 4.50%, 8/15/2024		200,000		202,852
JD.com, Inc. 3.88%, 4/29/2026		200,000		191,560
Priceline Group, Inc. 3.60%, 6/1/2026		100,000		98,751
Symantec Corp. 4.20%, 9/15/2020		51,000		52,273
				2,354,561
INVESTMENT COMPANY SECURITY — 0.0% (b)
Ares Capital Corp.:
3.63%, 1/19/2022		100,000		96,901
3.88%, 1/15/2020		44,000		44,500
FS Investment Corp.:
4.25%, 1/15/2020		60,000		60,289
4.75%, 5/15/2022		100,000		101,167
				302,857
IRON/STEEL — 0.1%
Vale Overseas, Ltd.:
4.38%, 1/11/2022 (a)		400,000		394,000
5.63%, 9/15/2019		50,000		52,813
6.25%, 8/10/2026 (a)		100,000		104,250
6.88%, 11/21/2036 (a)		180,000		177,750
6.88%, 11/10/2039 (a)		165,000		161,287
Worthington Industries, Inc. 4.55%, 4/15/2026		20,000		19,578
				909,678
IT SERVICES — 0.6%
Apple, Inc.:
1.00%, 5/3/2018		150,000		149,392
1.30%, 2/23/2018		25,000		25,013
1.55%, 8/4/2021		200,000		193,150
1.70%, 2/22/2019		185,000		185,320
2.00%, 5/6/2020		150,000		150,036
2.10%, 5/6/2019		296,000		298,842
2.25%, 2/23/2021		100,000		99,901
2.40%, 5/3/2023		175,000		170,637
2.45%, 8/4/2026		200,000		187,756
2.50%, 2/9/2025		150,000		143,944
2.70%, 5/13/2022		115,000		115,545
2.85%, 5/6/2021		250,000		255,518
2.85%, 2/23/2023		100,000		100,360
3.20%, 5/13/2025		200,000		201,520
3.25%, 2/23/2026		305,000		305,677
3.45%, 5/6/2024		250,000		257,635
3.85%, 5/4/2043		225,000		214,184
3.85%, 8/4/2046		165,000		158,055
4.38%, 5/13/2045		65,000		66,983
4.65%, 2/23/2046		120,000		129,822
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
3.48%, 6/1/2019 (d)		285,000		290,748
4.42%, 6/15/2021 (d)		600,000		619,194
5.45%, 6/15/2023 (d)		100,000		106,114
6.02%, 6/15/2026 (d)		25,000		27,093
8.10%, 7/15/2036 (d)		165,000		197,215
8.35%, 7/15/2046 (d)		70,000		86,841
Hewlett Packard Enterprise Co.:
3.60%, 10/15/2020		100,000		102,075
4.40%, 10/15/2022		100,000		104,613
4.90%, 10/15/2025 (a)		150,000		154,362
6.20%, 10/15/2035 (a)		115,000		118,051
6.35%, 10/15/2045		100,000		101,700
HP Enterprise Services LLC 7.45%, 10/15/2029		165,000		197,470
HP, Inc.:
4.05%, 9/15/2022		122,000		126,215

See accompanying notes to financial statements.

162

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.30%, 6/1/2021	$	100,000	$	104,810
4.65%, 12/9/2021 (a)		203,000		216,583
International Business Machines Corp.:
1.13%, 2/6/2018		150,000		149,653
1.80%, 5/17/2019		100,000		100,108
1.95%, 2/12/2019		50,000		50,260
2.25%, 2/19/2021		100,000		99,826
3.45%, 2/19/2026 (a)		150,000		153,101
3.63%, 2/12/2024		175,000		181,972
4.00%, 6/20/2042 (a)		100,000		99,978
5.88%, 11/29/2032		170,000		213,574
6.22%, 8/1/2027		200,000		249,592
7.00%, 10/30/2025		100,000		128,473
NetApp, Inc. 3.38%, 6/15/2021 (a)		50,000		50,566
Seagate HDD Cayman:
3.75%, 11/15/2018 (a)		200,000		205,076
5.75%, 12/1/2034		125,000		106,678
				7,751,231
LEISURE TIME — 0.0% (b)
Carnival Corp. 3.95%, 10/15/2020		67,000		70,445
Harley-Davidson, Inc.:
3.50%, 7/28/2025		50,000		50,055
4.63%, 7/28/2045		50,000		49,231
				169,731
LODGING — 0.0% (b)
Hyatt Hotels Corp. 4.85%, 3/15/2026		25,000		26,307
Marriott International, Inc.:
3.13%, 2/15/2023		178,000		173,765
3.38%, 10/15/2020		125,000		128,198
3.75%, 10/1/2025		150,000		149,844
				478,114
MACHINERY, CONSTRUCTION & MINING — 0.1%
Caterpillar Financial Services Corp.:
Series GMTN, 1.50%, 2/23/2018		50,000		49,979
Series GMTN, 1.70%, 6/16/2018		100,000		100,029
Series MTN, 1.35%, 5/18/2019		200,000		197,154
Series MTN, 2.00%, 3/5/2020		210,000		207,936
Series MTN, 2.50%, 11/13/2020		50,000		49,962
Series MTN, 3.30%, 6/9/2024 (a)		100,000		101,235
Series MTN, 7.15%, 2/15/2019		180,000		199,089
Caterpillar, Inc.:
2.60%, 6/26/2022		140,000		139,072
3.80%, 8/15/2042		100,000		96,625
6.05%, 8/15/2036		165,000		206,788
				1,347,869
MACHINERY-DIVERSIFIED — 0.2%
Cummins, Inc. 4.88%, 10/1/2043 (a)		100,000		111,462
Deere & Co.:
2.60%, 6/8/2022		201,000		199,649
3.90%, 6/9/2042		150,000		150,930
5.38%, 10/16/2029		75,000		89,876
Flowserve Corp. 4.00%, 11/15/2023		43,000		44,033
John Deere Capital Corp.:
Series MTN, 1.35%, 1/16/2018		100,000		99,867
Series MTN, 1.60%, 7/13/2018		100,000		99,949
Series MTN, 1.95%, 12/13/2018		133,000		133,652
Series MTN, 2.05%, 3/10/2020		122,000		120,954
Series MTN, 2.38%, 7/14/2020		150,000		150,095
Series MTN, 2.80%, 3/4/2021		150,000		151,634
Series MTN, 2.80%, 3/6/2023		50,000		49,833
Rockwell Automation, Inc. 2.88%, 3/1/2025		100,000		97,894
Roper Technologies, Inc.:
2.05%, 10/1/2018		100,000		100,238
2.80%, 12/15/2021		150,000		150,237
3.00%, 12/15/2020		50,000		50,610
3.80%, 12/15/2026		155,000		156,490
3.85%, 12/15/2025		25,000		25,268
Wabtec Corp. 3.45%, 11/15/2026 (d)		50,000		47,970
Xylem, Inc.:
3.25%, 11/1/2026		55,000		53,510
4.38%, 11/1/2046 (a)		25,000		24,731
				2,108,882
MEDIA — 1.0%
21st Century Fox America, Inc.:
3.38%, 11/15/2026 (d)		30,000		29,450
3.70%, 9/15/2024 (a)		112,000		113,565
3.70%, 10/15/2025		20,000		20,250
4.50%, 2/15/2021		150,000		160,136
4.75%, 9/15/2044		100,000		99,936
4.75%, 11/15/2046 (d)		25,000		25,105
4.95%, 10/15/2045		46,000		47,462
6.15%, 3/1/2037		265,000		309,488
6.40%, 12/15/2035		150,000		179,496
6.65%, 11/15/2037		100,000		123,191
8.88%, 4/26/2023		44,000		57,644
CBS Corp.:
2.30%, 8/15/2019		100,000		100,300
4.85%, 7/1/2042		105,000		104,232
7.88%, 7/30/2030		254,000		344,091
Charter Communications Operating LLC/Charter Communications Operating Capital:
3.58%, 7/23/2020		55,000		55,753
4.46%, 7/23/2022		100,000		104,250
4.91%, 7/23/2025		77,000		80,946
6.38%, 10/23/2035		70,000		79,100
6.48%, 10/23/2045		535,000		615,919
6.83%, 10/23/2055		50,000		57,812
Comcast Corp.:
1.63%, 1/15/2022		50,000		47,866
2.35%, 1/15/2027		40,000		36,843
2.75%, 3/1/2023		550,000		545,567
3.15%, 3/1/2026		200,000		197,880
3.20%, 7/15/2036		50,000		45,168
3.38%, 8/15/2025		45,000		45,299
4.20%, 8/15/2034		83,000		85,136

See accompanying notes to financial statements.

163

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.25%, 1/15/2033	$	230,000	$	239,467
4.40%, 8/15/2035		38,000		39,916
4.50%, 1/15/2043		370,000		381,270
4.65%, 7/15/2042		200,000		210,686
5.88%, 2/15/2018		90,000		94,346
6.40%, 5/15/2038		210,000		270,743
6.95%, 8/15/2037		200,000		273,504
Discovery Communications LLC:
4.38%, 6/15/2021		128,000		134,783
5.05%, 6/1/2020		150,000		160,767
6.35%, 6/1/2040		200,000		213,274
Grupo Televisa SAB 6.00%, 5/15/2018		200,000		210,280
NBCUniversal Media LLC:
2.88%, 1/15/2023		350,000		349,010
4.38%, 4/1/2021		150,000		161,782
5.15%, 4/30/2020		335,000		366,390
Scripps Networks Interactive, Inc.:
3.50%, 6/15/2022		100,000		100,967
3.90%, 11/15/2024		50,000		50,625
Thomson Reuters Corp.:
3.35%, 5/15/2026		215,000		208,673
4.70%, 10/15/2019		100,000		105,907
5.85%, 4/15/2040		115,000		124,738
Time Warner Cable LLC:
4.00%, 9/1/2021		100,000		102,625
4.50%, 9/15/2042		100,000		90,125
5.50%, 9/1/2041		270,000		272,025
6.75%, 7/1/2018		700,000		747,250
Time Warner, Inc.:
2.95%, 7/15/2026		265,000		246,959
3.55%, 6/1/2024		100,000		99,056
3.80%, 2/15/2027		35,000		34,861
3.88%, 1/15/2026		100,000		100,156
4.00%, 1/15/2022		233,000		241,938
4.85%, 7/15/2045		50,000		50,205
4.88%, 3/15/2020		600,000		641,700
4.90%, 6/15/2042		100,000		100,100
7.70%, 5/1/2032		190,000		259,014
Viacom, Inc.:
2.25%, 2/4/2022		50,000		46,923
3.13%, 6/15/2022		50,000		48,528
3.45%, 10/4/2026		100,000		92,543
3.88%, 12/15/2021		359,000		363,010
4.38%, 3/15/2043		45,000		35,915
4.50%, 2/27/2042		250,000		206,720
Walt Disney Co Series MTN, 1.85%, 7/30/2026		30,000		26,943
Walt Disney Co.:
2.75%, 8/16/2021 (a)		100,000		101,793
3.00%, 2/13/2026 (a)		100,000		99,836
4.13%, 6/1/2044		100,000		103,554
4.38%, 8/16/2041		200,000		212,418
Series GMTN, 1.85%, 5/30/2019		200,000		200,642
Series MTN, 0.88%, 7/12/2019 (a)		20,000		19,599
Series MTN, 2.35%, 12/1/2022		50,000		49,299
Series MTN, 3.00%, 7/30/2046		25,000		21,353
Series MTN, 3.75%, 6/1/2021		100,000		106,048
				12,130,151
METAL FABRICATE & HARDWARE — 0.1%
Precision Castparts Corp.:
1.25%, 1/15/2018		200,000		199,584
2.50%, 1/15/2023		100,000		98,330
Timken Co. 3.88%, 9/1/2024		70,000		68,250
Valmont Industries, Inc. 5.00%, 10/1/2044		200,000		180,004
				546,168
MINING — 0.3%
Barrick Gold Corp.:
4.10%, 5/1/2023		32,000		32,908
5.25%, 4/1/2042		100,000		98,497
Barrick North America Finance LLC:
4.40%, 5/30/2021		49,000		51,711
5.70%, 5/30/2041		100,000		103,163
5.75%, 5/1/2043		200,000		212,130
BHP Billiton Finance USA, Ltd.:
2.05%, 9/30/2018		200,000		201,066
2.88%, 2/24/2022		150,000		151,346
3.85%, 9/30/2023 (a)		200,000		211,244
5.00%, 9/30/2043		200,000		223,200
6.50%, 4/1/2019		100,000		109,828
Goldcorp, Inc. 5.45%, 6/9/2044		200,000		196,662
Newmont Mining Corp.:
3.50%, 3/15/2022 (a)		150,000		152,038
4.88%, 3/15/2042		135,000		127,638
5.88%, 4/1/2035 (a)		100,000		106,971
6.25%, 10/1/2039		100,000		110,162
Rio Tinto Finance USA PLC:
3.50%, 3/22/2022 (a)		25,000		25,892
4.13%, 8/21/2042		128,000		126,491
Rio Tinto Finance USA, Ltd.:
3.75%, 9/20/2021		40,000		41,892
9.00%, 5/1/2019		398,000		459,495
Southern Copper Corp.:
3.88%, 4/23/2025		120,000		117,606
5.25%, 11/8/2042 (a)		220,000		203,401
				3,063,341
MISCELLANEOUS MANUFACTURER — 0.2%
3M Co.:
Series MTN, 1.38%, 8/7/2018		50,000		49,962
Series MTN, 2.00%, 8/7/2020		50,000		49,954
Series MTN, 3.00%, 8/7/2025		150,000		151,149
Series MTN, 3.88%, 6/15/2044		50,000		49,724
Carlisle Cos., Inc. 3.75%, 11/15/2022		100,000		98,756
Crane Co. 4.45%, 12/15/2023		50,000		51,153
Dover Corp. 4.30%, 3/1/2021		100,000		105,994
Eaton Corp.:
4.00%, 11/2/2032		140,000		137,185
4.15%, 11/2/2042		115,000		112,845
General Electric Co.:
2.70%, 10/9/2022		261,000		261,005
4.13%, 10/9/2042		6,000		6,035
4.50%, 3/11/2044		300,000		320,226

See accompanying notes to financial statements.

164

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Hexcel Corp. 4.70%, 8/15/2025	$	25,000	$	25,596
Illinois Tool Works, Inc.:
2.65%, 11/15/2026		400,000		381,792
3.90%, 9/1/2042 (a)		120,000		120,486
4.88%, 9/15/2041		100,000		111,022
Ingersoll-Rand Global Holding Co., Ltd. 6.88%, 8/15/2018		200,000		216,146
Parker-Hannifin Corp. Series MTN, 4.20%, 11/21/2034		70,000		71,907
Pentair Finance SA:
2.65%, 12/1/2019		100,000		99,672
4.65%, 9/15/2025		75,000		76,666
Textron, Inc. 3.88%, 3/1/2025		55,000		55,000
Tyco Electronics Group SA:
3.70%, 2/15/2026		100,000		101,975
4.88%, 1/15/2021		100,000		107,881
				2,762,131
MULTI-NATIONAL — 0.4%
Council of Europe Development Bank:
1.00%, 3/7/2018		125,000		124,458
1.13%, 5/31/2018		150,000		149,403
European Bank for Reconstruction & Development 1.63%, 11/15/2018		200,000		200,812
European Investment Bank:
1.00%, 6/15/2018		350,000		348,183
1.75%, 6/17/2019		1,100,000		1,102,684
1.88%, 3/15/2019		150,000		150,989
2.50%, 4/15/2021		250,000		253,330
2.50%, 10/15/2024		800,000		796,712
Series MTN, 1.25%, 5/15/2019		700,000		694,015
Inter-American Development Bank 1.25%, 10/15/2019		400,000		395,516
International Bank for Reconstruction & Development:
2.13%, 11/1/2020		200,000		201,894
Series GDIF, 2.50%, 11/25/2024		100,000		99,917
Series GMTN, 4.75%, 2/15/2035		650,000		796,451
				5,314,364
OFFICE & BUSINESS EQUIPMENT — 0.0% (b)
Pitney Bowes, Inc.:
4.75%, 5/15/2018		72,000		74,141
Series MTN, 5.60%, 3/15/2018		100,000		103,664
Xerox Corp. 6.35%, 5/15/2018		300,000		315,234
				493,039
OIL & GAS — 1.9%
Anadarko Finance Co. Series B, 7.50%, 5/1/2031		200,000		254,250
Anadarko Petroleum Corp.:
4.85%, 3/15/2021		50,000		53,564
5.55%, 3/15/2026 (a)		250,000		280,627
6.45%, 9/15/2036		100,000		118,818
6.60%, 3/15/2046		35,000		43,234
Apache Corp.:
3.25%, 4/15/2022		350,000		355,415
4.75%, 4/15/2043		200,000		207,540
5.10%, 9/1/2040		120,000		124,918
BP Capital Markets PLC:
1.38%, 5/10/2018		100,000		99,607
1.67%, 2/13/2018		50,000		50,049
1.68%, 5/3/2019		20,000		19,852
2.24%, 5/10/2019		250,000		251,215
2.24%, 9/26/2018		100,000		100,735
2.32%, 2/13/2020		100,000		100,108
2.75%, 5/10/2023		400,000		392,628
3.12%, 5/4/2026		25,000		24,389
3.22%, 11/28/2023		100,000		100,271
3.25%, 5/6/2022		142,000		144,724
3.51%, 3/17/2025 (a)		150,000		151,350
3.56%, 11/1/2021		100,000		104,267
3.72%, 11/28/2028		60,000		60,877
4.74%, 3/11/2021		200,000		217,518
British Transco Finance, Inc. 6.63%, 6/1/2018		200,000		210,586
Canadian Natural Resources, Ltd.:
6.25%, 3/15/2038 (a)		105,000		119,749
6.50%, 2/15/2037		250,000		287,868
Chevron Corp.:
1.37%, 3/2/2018		112,000		111,872
1.56%, 5/16/2019		100,000		99,593
1.72%, 6/24/2018		100,000		100,298
1.79%, 11/16/2018		100,000		100,365
1.96%, 3/3/2020		118,000		117,555
2.10%, 5/16/2021		100,000		99,035
2.41%, 3/3/2022		50,000		49,574
2.42%, 11/17/2020		100,000		100,535
2.43%, 6/24/2020		211,000		212,994
2.57%, 5/16/2023		100,000		98,560
2.95%, 5/16/2026		100,000		98,404
3.19%, 6/24/2023		87,000		88,991
3.33%, 11/17/2025		150,000		152,611
CNOOC Finance 2013, Ltd. 3.00%, 5/9/2023		250,000		241,885
CNOOC Finance 2015 Australia Pty, Ltd. 4.20%, 5/5/2045		250,000		233,430
CNOOC Nexen Finance 2014 ULC 4.25%, 4/30/2024		200,000		205,512
ConocoPhillips 6.00%, 1/15/2020		18,000		19,868
ConocoPhillips Co.:
2.20%, 5/15/2020 (a)		85,000		84,261
3.35%, 11/15/2024		200,000		199,008
3.35%, 5/15/2025 (a)		155,000		153,434
4.15%, 11/15/2034		100,000		97,850
4.95%, 3/15/2026 (a)		200,000		220,614
5.75%, 2/1/2019		346,000		371,666
5.90%, 10/15/2032		100,000		116,470
ConocoPhillips Holding Co. 6.95%, 4/15/2029		95,000		119,476
Devon Energy Corp. 7.95%, 4/15/2032		200,000		252,500

See accompanying notes to financial statements.

165

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Devon Financing Co. LLC 7.88%, 9/30/2031	$	50,000	$	63,188
Ecopetrol SA:
4.13%, 1/16/2025		270,000		255,274
5.88%, 9/18/2023 (a)		100,000		106,449
5.88%, 5/28/2045		200,000		175,306
7.63%, 7/23/2019		175,000		196,733
Encana Corp. 3.90%, 11/15/2021 (a)		300,000		302,062
EOG Resources, Inc.:
3.90%, 4/1/2035		100,000		95,272
4.10%, 2/1/2021		100,000		105,335
4.15%, 1/15/2026		50,000		52,318
5.10%, 1/15/2036		50,000		54,613
5.63%, 6/1/2019		129,000		139,390
EQT Corp. 8.13%, 6/1/2019		100,000		112,574
Exxon Mobil Corp.:
1.71%, 3/1/2019		100,000		100,086
1.82%, 3/15/2019		100,000		100,313
1.91%, 3/6/2020		200,000		199,574
2.22%, 3/1/2021		350,000		350,469
2.40%, 3/6/2022		200,000		198,878
2.71%, 3/6/2025		100,000		97,677
2.73%, 3/1/2023		88,000		88,036
3.04%, 3/1/2026 (a)		100,000		99,733
3.18%, 3/15/2024		100,000		101,685
3.57%, 3/6/2045		45,000		41,850
4.11%, 3/1/2046 (a)		65,000		66,683
Hess Corp.:
4.30%, 4/1/2027		100,000		98,875
5.60%, 2/15/2041 (a)		143,000		143,536
5.80%, 4/1/2047 (a)		100,000		103,625
7.88%, 10/1/2029		100,000		120,875
HollyFrontier Corp. 5.88%, 4/1/2026		100,000		102,269
Husky Energy, Inc. 3.95%, 4/15/2022		271,000		281,694
Marathon Oil Corp.:
2.70%, 6/1/2020		200,000		197,250
2.80%, 11/1/2022		74,000		70,670
6.80%, 3/15/2032		100,000		110,625
Marathon Petroleum Corp.:
5.13%, 3/1/2021 (a)		100,000		108,544
5.85%, 12/15/2045		314,000		311,516
6.50%, 3/1/2041		49,000		52,465
Nabors Industries, Inc.:
4.63%, 9/15/2021 (a)		175,000		178,063
5.50%, 1/15/2023 (d)		235,000		246,162
Nexen Energy ULC:
5.88%, 3/10/2035		200,000		224,278
6.40%, 5/15/2037		225,000		273,721
Noble Energy, Inc.:
3.90%, 11/15/2024		300,000		302,514
5.25%, 11/15/2043		125,000		127,376
Occidental Petroleum Corp.:
1.50%, 2/15/2018		400,000		400,264
3.00%, 2/15/2027		50,000		48,483
3.40%, 4/15/2026		100,000		100,729
4.10%, 2/15/2047		50,000		48,726
Series 1, 4.10%, 2/1/2021		100,000		105,919
Petro-Canada:
5.95%, 5/15/2035		100,000		118,328
7.88%, 6/15/2026		180,000		230,749
Petroleos Mexicanos:
2.38%, 4/15/2025		80,750		76,918
3.50%, 7/18/2018		100,000		101,028
4.50%, 1/23/2026 (a)		275,000		251,100
4.63%, 9/21/2023 (d)		150,000		145,474
4.88%, 1/24/2022		350,000		352,632
4.88%, 1/18/2024		200,000		194,614
5.50%, 2/4/2019 (d)		160,000		166,554
5.50%, 1/21/2021		200,000		207,220
5.50%, 6/27/2044		40,000		33,416
5.63%, 1/23/2046		325,000		271,144
5.75%, 3/1/2018		170,000		175,982
6.38%, 2/4/2021 (d)		100,000		106,607
6.38%, 1/23/2045		100,000		91,549
6.50%, 6/2/2041		150,000		141,138
6.63%, 6/15/2035		215,000		213,005
6.75%, 9/21/2047 (d)		229,000		216,854
6.88%, 8/4/2026 (d)		100,000		106,042
8.00%, 5/3/2019		100,000		109,825
Phillips 66:
4.30%, 4/1/2022		100,000		107,376
4.88%, 11/15/2044		75,000		79,148
5.88%, 5/1/2042		250,000		295,565
Pioneer Natural Resources Co.:
3.45%, 1/15/2021		50,000		51,097
4.45%, 1/15/2026		50,000		52,910
7.20%, 1/15/2028		100,000		120,298
Sasol Financing International, Ltd. 4.50%, 11/14/2022		100,000		99,688
Shell International Finance B.V.:
1.38%, 9/12/2019		100,000		98,592
1.63%, 11/10/2018		250,000		249,972
1.75%, 9/12/2021		100,000		96,874
1.88%, 5/10/2021		150,000		146,536
2.00%, 11/15/2018		450,000		452,830
2.13%, 5/11/2020		100,000		99,760
2.25%, 11/10/2020		100,000		99,725
2.50%, 9/12/2026		100,000		93,672
2.88%, 5/10/2026		150,000		145,079
3.25%, 5/11/2025		150,000		150,058
3.63%, 8/21/2042		200,000		181,120
3.75%, 9/12/2046		100,000		92,268
4.00%, 5/10/2046		150,000		144,024
4.13%, 5/11/2035		63,000		63,935
4.38%, 5/11/2045		200,000		202,744
4.55%, 8/12/2043		100,000		103,543
6.38%, 12/15/2038		20,000		25,693
Statoil ASA:
2.90%, 11/8/2020		120,000		122,220
3.15%, 1/23/2022		100,000		102,048
3.25%, 11/10/2024		176,000		178,188
5.10%, 8/17/2040		125,000		139,870
5.25%, 4/15/2019		168,000		180,450
6.70%, 1/15/2018		50,000		52,529
7.75%, 6/15/2023		200,000		251,800

See accompanying notes to financial statements.

166

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Suncor Energy, Inc. 6.10%, 6/1/2018	$	200,000	$	211,534
Total Capital Canada, Ltd. 1.45%, 1/15/2018		296,000		295,748
Total Capital International SA:
2.13%, 1/10/2019		150,000		150,856
2.75%, 6/19/2021		100,000		101,128
2.88%, 2/17/2022		30,000		30,242
3.70%, 1/15/2024		100,000		104,315
3.75%, 4/10/2024		100,000		104,814
Total Capital SA 4.45%, 6/24/2020		59,000		63,421
Valero Energy Corp.:
4.90%, 3/15/2045		100,000		99,400
6.13%, 2/1/2020		181,000		199,996
6.63%, 6/15/2037		100,000		116,854
XTO Energy, Inc. 6.75%, 8/1/2037		45,000		61,442
				23,611,738
OIL & GAS SERVICES — 0.1%
Baker Hughes, Inc.:
3.20%, 8/15/2021		43,000		43,887
5.13%, 9/15/2040		100,000		109,787
Halliburton Co.:
3.80%, 11/15/2025 (a)		195,000		198,489
4.85%, 11/15/2035		50,000		52,891
5.00%, 11/15/2045		42,000		44,952
5.90%, 9/15/2018		150,000		159,643
6.15%, 9/15/2019		200,000		219,944
7.45%, 9/15/2039		100,000		134,855
National Oilwell Varco, Inc.:
2.60%, 12/1/2022		263,000		243,664
3.95%, 12/1/2042		50,000		38,386
Schlumberger Investment SA 3.65%, 12/1/2023		142,000		148,497
				1,394,995
PACKAGING & CONTAINERS — 0.0% (b)
Bemis Co., Inc. 4.50%, 10/15/2021		100,000		105,949
Packaging Corp. of America 3.65%, 9/15/2024		100,000		100,250
Sonoco Products Co. 5.75%, 11/1/2040		50,000		55,764
WestRock RKT Co. 3.50%, 3/1/2020		100,000		101,636
				363,599
PHARMACEUTICALS — 1.4%
Abbott Laboratories:
5.13%, 4/1/2019		99,000		105,385
6.00%, 4/1/2039		275,000		326,785
AbbVie, Inc.:
1.80%, 5/14/2018		243,000		243,124
2.50%, 5/14/2020		150,000		150,201
2.90%, 11/6/2022		200,000		196,936
3.20%, 11/6/2022		100,000		99,992
3.60%, 5/14/2025		175,000		173,106
4.40%, 11/6/2042		275,000		259,982
4.50%, 5/14/2035		60,000		59,157
4.70%, 5/14/2045		350,000		345,902
Actavis Funding SCS:
2.35%, 3/12/2018		445,000		447,541
2.45%, 6/15/2019		45,000		45,248
3.00%, 3/12/2020		80,000		81,072
3.45%, 3/15/2022		450,000		455,269
3.80%, 3/15/2025		55,000		55,014
4.55%, 3/15/2035		355,000		348,965
4.75%, 3/15/2045		220,000		217,202
Actavis, Inc. 3.25%, 10/1/2022		263,000		261,698
Allergan, Inc. 2.80%, 3/15/2023		100,000		95,956
AmerisourceBergen Corp. 3.40%, 5/15/2024		100,000		100,769
AstraZeneca PLC:
1.95%, 9/18/2019		100,000		99,878
2.38%, 11/16/2020		100,000		99,630
3.38%, 11/16/2025		100,000		99,407
4.00%, 9/18/2042		121,000		115,076
4.38%, 11/16/2045		45,000		45,102
Baxalta, Inc.:
2.00%, 6/22/2018		15,000		14,988
2.88%, 6/23/2020		100,000		99,891
3.60%, 6/23/2022		50,000		50,301
4.00%, 6/23/2025		150,000		150,384
5.25%, 6/23/2045		25,000		26,627
Bristol-Myers Squibb Co.:
3.25%, 11/1/2023		50,000		51,513
3.25%, 8/1/2042		300,000		268,359
4.50%, 3/1/2044		174,000		188,385
Cardinal Health, Inc.:
1.70%, 3/15/2018		57,000		56,931
2.40%, 11/15/2019		200,000		201,036
4.50%, 11/15/2044		100,000		98,842
Eli Lilly & Co.:
2.75%, 6/1/2025		85,000		83,545
5.50%, 3/15/2027		100,000		119,607
Express Scripts Holding Co.:
2.25%, 6/15/2019		150,000		150,039
3.00%, 7/15/2023		100,000		96,524
3.40%, 3/1/2027		40,000		37,580
3.90%, 2/15/2022		271,000		280,702
4.80%, 7/15/2046 (a)		35,000		33,617
GlaxoSmithKline Capital, Inc.:
4.20%, 3/18/2043		50,000		51,563
5.65%, 5/15/2018		250,000		263,370
6.38%, 5/15/2038		155,000		204,879
Johnson & Johnson:
1.13%, 3/1/2019		65,000		64,446
1.65%, 3/1/2021		100,000		98,260
1.88%, 12/5/2019		100,000		100,333
2.45%, 3/1/2026		100,000		95,745
3.55%, 5/15/2021		250,000		264,075
3.55%, 3/1/2036		245,000		244,397
3.70%, 3/1/2046		55,000		54,440
4.85%, 5/15/2041		100,000		117,257

See accompanying notes to financial statements.

167

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
McKesson Corp.:
2.85%, 3/15/2023	$	100,000	$	97,546
3.80%, 3/15/2024		200,000		205,890
4.75%, 3/1/2021		100,000		107,056
7.50%, 2/15/2019		200,000		221,448
Mead Johnson Nutrition Co.:
3.00%, 11/15/2020		30,000		30,275
4.13%, 11/15/2025 (a)		130,000		133,067
Medco Health Solutions, Inc. 4.13%, 9/15/2020		100,000		104,506
Merck & Co., Inc.:
1.85%, 2/10/2020		100,000		100,018
2.35%, 2/10/2022		100,000		99,066
2.75%, 2/10/2025		60,000		58,991
2.80%, 5/18/2023		250,000		249,708
3.60%, 9/15/2042		50,000		47,309
3.70%, 2/10/2045		180,000		171,736
3.88%, 1/15/2021		150,000		159,049
4.15%, 5/18/2043		100,000		102,835
6.55%, 9/15/2037		100,000		134,714
Merck Sharp & Dohme Corp. 5.00%, 6/30/2019		150,000		161,703
Mylan NV:
2.50%, 6/7/2019 (d)		60,000		59,679
3.00%, 12/15/2018 (a) (d)		30,000		30,230
3.15%, 6/15/2021 (d)		300,000		294,717
3.75%, 12/15/2020 (d)		50,000		50,419
3.95%, 6/15/2026 (a) (d)		100,000		93,653
5.25%, 6/15/2046 (a) (d)		65,000		60,013
Mylan, Inc. 4.20%, 11/29/2023 (a)		50,000		49,697
Novartis Capital Corp.:
3.00%, 11/20/2025		100,000		99,352
3.40%, 5/6/2024		100,000		103,058
4.00%, 11/20/2045		100,000		101,029
4.40%, 5/6/2044		385,000		413,656
Novartis Securities Investment, Ltd. 5.13%, 2/10/2019		600,000		641,154
Perrigo Co. PLC 5.30%, 11/15/2043		200,000		193,978
Pfizer, Inc.:
1.45%, 6/3/2019		200,000		198,604
1.50%, 6/15/2018		100,000		100,104
1.70%, 12/15/2019		350,000		349,219
1.95%, 6/3/2021		100,000		98,876
2.10%, 5/15/2019		100,000		100,914
2.75%, 6/3/2026		200,000		194,256
3.00%, 12/15/2026		100,000		98,806
3.40%, 5/15/2024		300,000		309,957
4.00%, 12/15/2036		150,000		153,247
4.13%, 12/15/2046		165,000		168,609
Sanofi:
1.25%, 4/10/2018		100,000		99,785
4.00%, 3/29/2021		125,000		132,755
Shire Acquisitions Investments Ireland DAC:
1.90%, 9/23/2019		200,000		197,382
2.40%, 9/23/2021		150,000		144,649
2.88%, 9/23/2023		150,000		142,369
3.20%, 9/23/2026		150,000		140,152
Teva Pharmaceutical Finance IV B.V. 3.65%, 11/10/2021		200,000		202,266
Teva Pharmaceutical Finance IV LLC 2.25%, 3/18/2020		150,000		147,534
Teva Pharmaceutical Finance Netherlands III B.V.:
1.40%, 7/20/2018 (a)		50,000		49,526
1.70%, 7/19/2019		55,000		54,069
2.20%, 7/21/2021		125,000		119,436
2.80%, 7/21/2023		295,000		277,660
3.15%, 10/1/2026 (a)		70,000		64,594
4.10%, 10/1/2046 (a)		240,000		205,301
Wyeth LLC 5.95%, 4/1/2037		240,000		302,086
Zeneca Wilmington, Inc. 7.00%, 11/15/2023		55,000		66,932
Zoetis, Inc.:
3.25%, 2/1/2023		42,000		41,764
3.45%, 11/13/2020 (a)		25,000		25,688
4.50%, 11/13/2025 (a)		50,000		53,017
4.70%, 2/1/2043		60,000		57,761
				16,768,903
PIPELINES — 0.9%
Boardwalk Pipelines L.P.:
3.38%, 2/1/2023 (a)		170,000		161,745
5.95%, 6/1/2026		50,000		54,436
Buckeye Partners L.P.:
2.65%, 11/15/2018		100,000		100,694
3.95%, 12/1/2026 (a)		40,000		38,983
4.15%, 7/1/2023		75,000		75,819
4.88%, 2/1/2021		14,000		14,854
Columbia Pipeline Group, Inc.:
3.30%, 6/1/2020		50,000		50,669
4.50%, 6/1/2025		75,000		78,777
5.80%, 6/1/2045		50,000		57,692
Enable Midstream Partners L.P. 3.90%, 5/15/2024		100,000		94,000
Enbridge Energy Partners L.P.:
5.88%, 10/15/2025		200,000		224,484
Series B, 7.50%, 4/15/2038		100,000		118,155
Enbridge, Inc.:
4.25%, 12/1/2026		100,000		102,333
5.50%, 12/1/2046		100,000		107,291
Energy Transfer Partners L.P.:
2.50%, 6/15/2018		55,000		55,238
4.05%, 3/15/2025		200,000		197,524
4.15%, 10/1/2020		64,000		66,218
4.75%, 1/15/2026		150,000		154,582
5.15%, 3/15/2045		80,000		76,641
6.13%, 12/15/2045		100,000		106,776
6.50%, 2/1/2042		250,000		270,777
6.70%, 7/1/2018		300,000		319,038
EnLink Midstream Partners L.P. 4.85%, 7/15/2026		60,000		60,375
Enterprise Products Operating LLC:
1.65%, 5/7/2018		300,000		299,283
2.85%, 4/15/2021		30,000		30,223

See accompanying notes to financial statements.

168

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3.70%, 2/15/2026	$	100,000	$	100,481
3.75%, 2/15/2025		75,000		76,081
3.95%, 2/15/2027 (a)		20,000		20,447
4.85%, 8/15/2042		270,000		270,670
4.90%, 5/15/2046		200,000		206,172
4.95%, 10/15/2054		200,000		196,428
5.20%, 9/1/2020		200,000		218,310
5.70%, 2/15/2042		50,000		55,374
EQT Midstream Partners L.P. 4.13%, 12/1/2026		65,000		63,050
Kinder Morgan Energy Partners L.P.:
3.50%, 3/1/2021		100,000		101,325
3.95%, 9/1/2022		383,000		391,480
4.25%, 9/1/2024		250,000		255,570
5.50%, 3/1/2044		315,000		322,979
5.63%, 9/1/2041		50,000		50,541
5.80%, 3/15/2035		175,000		184,089
6.50%, 9/1/2039		175,000		193,476
Kinder Morgan, Inc.:
4.30%, 6/1/2025 (a)		100,000		102,935
5.55%, 6/1/2045		200,000		209,626
Magellan Midstream Partners L.P.:
4.20%, 12/1/2042		100,000		90,805
4.20%, 3/15/2045		100,000		90,895
5.00%, 3/1/2026		50,000		54,802
MPLX L.P.:
4.88%, 12/1/2024		215,000		221,280
5.50%, 2/15/2023		125,000		130,025
ONEOK Partners L.P.:
3.80%, 3/15/2020 (a)		50,000		51,801
4.90%, 3/15/2025 (a)		100,000		107,192
6.13%, 2/1/2041		100,000		109,788
Phillips 66 Partners L.P.:
3.55%, 10/1/2026		50,000		48,395
4.90%, 10/1/2046 (a)		50,000		48,273
Plains All American Pipeline L.P./PAA Finance Corp.:
2.85%, 1/31/2023		250,000		236,467
4.30%, 1/31/2043		100,000		83,533
4.50%, 12/15/2026		50,000		50,541
4.65%, 10/15/2025		100,000		102,778
6.50%, 5/1/2018		225,000		238,095
Spectra Energy Capital LLC 8.00%, 10/1/2019		175,000		197,781
Spectra Energy Partners L.P.:
3.38%, 10/15/2026		65,000		62,000
4.50%, 3/15/2045		30,000		28,466
Sunoco Logistics Partners Operations L.P.:
3.90%, 7/15/2026		100,000		96,871
4.25%, 4/1/2024		60,000		60,495
4.40%, 4/1/2021		50,000		52,603
5.35%, 5/15/2045		100,000		97,552
5.95%, 12/1/2025		50,000		55,808
TC PipeLines L.P. 4.38%, 3/13/2025		50,000		50,514
Texas Eastern Transmission L.P. 7.00%, 7/15/2032		200,000		238,058
TransCanada PipeLines, Ltd.:
2.50%, 8/1/2022		100,000		97,818
3.80%, 10/1/2020		200,000		208,244
4.63%, 3/1/2034		200,000		210,798
4.88%, 1/15/2026		100,000		111,077
6.10%, 6/1/2040		200,000		245,438
6.50%, 8/15/2018		70,000		74,917
7.63%, 1/15/2039		100,000		141,919
Valero Energy Partners L.P. 4.38%, 12/15/2026		245,000		248,648
Western Gas Partners L.P.:
2.60%, 8/15/2018		100,000		100,250
4.65%, 7/1/2026 (a)		50,000		51,688
5.45%, 4/1/2044		50,000		51,125
Williams Partners L.P.:
3.35%, 8/15/2022		151,000		147,864
3.60%, 3/15/2022		89,000		89,187
3.90%, 1/15/2025		65,000		63,723
4.00%, 11/15/2021		75,000		76,920
4.00%, 9/15/2025 (a)		100,000		98,644
4.30%, 3/4/2024		200,000		201,820
4.90%, 1/15/2045		120,000		110,929
5.10%, 9/15/2045		200,000		189,508
5.25%, 3/15/2020		110,000		117,758
6.30%, 4/15/2040		35,000		37,541
				11,216,275
REAL ESTATE — 0.1%
American Campus Communities Operating Partnership L.P. 4.13%, 7/1/2024		50,000		50,972
CBRE Services, Inc. 4.88%, 3/1/2026		100,000		100,485
Omega Healthcare Investors, Inc.:
4.50%, 4/1/2027 (a)		150,000		142,893
5.25%, 1/15/2026		50,000		51,343
Post Apartment Homes L.P. 3.38%, 12/1/2022		25,000		24,702
Prologis L.P.:
2.75%, 2/15/2019		125,000		126,750
3.35%, 2/1/2021		100,000		102,788
				599,933
REAL ESTATE INVESTMENT TRUSTS — 0.8%
Alexandria Real Estate Equities, Inc.:
3.95%, 1/15/2027		50,000		49,406
4.30%, 1/15/2026		50,000		51,177
4.50%, 7/30/2029		45,000		45,128
American Tower Corp.:
2.25%, 1/15/2022		50,000		47,730
3.13%, 1/15/2027		50,000		46,161
3.40%, 2/15/2019		100,000		102,142
3.45%, 9/15/2021		175,000		176,995
4.00%, 6/1/2025		100,000		100,417
5.00%, 2/15/2024		90,000		96,789
5.90%, 11/1/2021		100,000		111,948
AvalonBay Communities, Inc.:
2.95%, 5/11/2026 (a)		50,000		47,761
Series GMTN, 3.45%, 6/1/2025		100,000		99,639

See accompanying notes to financial statements.

169

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series GMTN, 3.50%, 11/15/2024	$	100,000	$	100,443
Boston Properties L.P.:
2.75%, 10/1/2026 (a)		50,000		45,689
3.65%, 2/1/2026		115,000		113,895
4.13%, 5/15/2021		200,000		209,794
5.63%, 11/15/2020		89,000		97,808
Brandywine Operating Partnership L.P. 4.55%, 10/1/2029		150,000		146,910
Brixmor Operating Partnership L.P.:
3.25%, 9/15/2023		100,000		96,754
3.88%, 8/15/2022		30,000		30,506
4.13%, 6/15/2026		50,000		49,809
Camden Property Trust 4.88%, 6/15/2023		150,000		161,818
CBL & Associates L.P.:
5.25%, 12/1/2023		50,000		49,193
5.95%, 12/15/2026		85,000		85,909
Columbia Property Trust Operating Partnership L.P. 3.65%, 8/15/2026		50,000		47,426
Corporate Office Properties L.P. 3.70%, 6/15/2021		50,000		50,601
Crown Castle International Corp.:
2.25%, 9/1/2021		55,000		52,871
3.40%, 2/15/2021		255,000		258,177
4.45%, 2/15/2026		65,000		67,198
CubeSmart L.P. 4.00%, 11/15/2025		50,000		50,636
DDR Corp.:
3.38%, 5/15/2023		100,000		96,913
3.63%, 2/1/2025		150,000		144,166
Digital Realty Trust L.P.:
3.63%, 10/1/2022		100,000		100,707
5.88%, 2/1/2020		18,000		19,521
Duke Realty L.P.:
3.25%, 6/30/2026		30,000		28,761
3.75%, 12/1/2024		125,000		126,064
EPR Properties:
4.50%, 4/1/2025		100,000		97,730
4.75%, 12/15/2026		100,000		99,229
5.75%, 8/15/2022		100,000		107,901
ERP Operating L.P.:
2.85%, 11/1/2026		105,000		98,638
3.38%, 6/1/2025		100,000		99,324
4.50%, 6/1/2045		50,000		50,397
4.75%, 7/15/2020		24,000		25,643
Essex Portfolio L.P.:
3.38%, 4/15/2026		100,000		96,594
3.88%, 5/1/2024		50,000		50,769
Federal Realty Investment Trust:
3.63%, 8/1/2046		40,000		34,878
4.50%, 12/1/2044		50,000		50,770
HCP, Inc.:
2.63%, 2/1/2020		10,000		10,004
3.88%, 8/15/2024		150,000		149,529
4.00%, 6/1/2025		150,000		148,995
4.20%, 3/1/2024		120,000		121,910
5.38%, 2/1/2021		100,000		108,907
Healthcare Realty Trust, Inc. 3.75%, 4/15/2023		100,000		99,292
Healthcare Trust of America Holdings L.P.:
3.38%, 7/15/2021		50,000		50,177
3.50%, 8/1/2026		40,000		38,033
Hospitality Properties Trust:
4.25%, 2/15/2021		50,000		51,659
4.50%, 3/15/2025		100,000		97,343
Host Hotels & Resorts L.P.:
Series C, 4.75%, 3/1/2023		50,000		51,919
Series E, 4.00%, 6/15/2025		95,000		93,364
Kilroy Realty L.P. 3.80%, 1/15/2023		100,000		100,154
Kimco Realty Corp.:
2.70%, 3/1/2024		50,000		47,867
2.80%, 10/1/2026		100,000		92,932
3.20%, 5/1/2021		100,000		101,183
4.13%, 12/1/2046		50,000		46,495
Kite Realty Group L.P. 4.00%, 10/1/2026		50,000		47,673
Liberty Property L.P.:
3.25%, 10/1/2026		50,000		47,538
4.13%, 6/15/2022		100,000		103,655
4.40%, 2/15/2024		63,000		65,919
Lifestorage L.P. 3.50%, 7/1/2026		50,000		47,659
Mid-America Apartments L.P. 3.75%, 6/15/2024		100,000		99,873
National Retail Properties, Inc.:
3.30%, 4/15/2023		50,000		49,554
3.60%, 12/15/2026		200,000		197,546
4.00%, 11/15/2025		65,000		66,066
Realty Income Corp.:
3.00%, 1/15/2027		100,000		93,762
3.88%, 7/15/2024		60,000		60,938
5.88%, 3/15/2035		50,000		56,652
Regency Centers L.P. 3.90%, 11/1/2025		60,000		60,581
Select Income REIT:
3.60%, 2/1/2020		100,000		99,707
4.50%, 2/1/2025		100,000		95,913
Senior Housing Properties Trust 3.25%, 5/1/2019		50,000		50,071
Simon Property Group L.P.:
2.35%, 1/30/2022		100,000		98,518
2.50%, 9/1/2020		50,000		50,128
3.25%, 11/30/2026		100,000		98,178
3.30%, 1/15/2026		200,000		198,602
3.50%, 9/1/2025		50,000		50,578
4.25%, 11/30/2046		100,000		98,482
5.65%, 2/1/2020		200,000		218,396
Spirit Realty L.P. 4.45%, 9/15/2026 (d)		50,000		47,147
Tanger Properties L.P. 6.13%, 6/1/2020		176,000		193,809
UDR, Inc.:
Series MTN, 2.95%, 9/1/2026		25,000		23,334

See accompanying notes to financial statements.

170

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series MTN, 4.00%, 10/1/2025	$	100,000	$	102,326
Ventas Realty L.P.:
3.75%, 5/1/2024		50,000		50,396
4.13%, 1/15/2026		63,000		64,406
Ventas Realty L.P. / Ventas Capital Corp. 2.70%, 4/1/2020		284,000		284,946
Ventas Realty L.P./Ventas Capital Corp. 2.00%, 2/15/2018		100,000		100,199
VEREIT Operating Partnership L.P.:
3.00%, 2/6/2019		45,000		44,888
4.13%, 6/1/2021		25,000		25,375
4.60%, 2/6/2024		30,000		30,131
4.88%, 6/1/2026		40,000		40,464
Vornado Realty L.P. 2.50%, 6/30/2019		100,000		100,008
Weingarten Realty Investors:
3.25%, 8/15/2026		50,000		47,077
3.85%, 6/1/2025		50,000		49,568
Welltower, Inc.:
4.13%, 4/1/2019		300,000		310,815
4.25%, 4/1/2026		50,000		51,817
5.25%, 1/15/2022		100,000		109,889
Weyerhaeuser Co.:
4.63%, 9/15/2023		150,000		160,794
7.38%, 3/15/2032		50,000		63,429
WP Carey, Inc.
4.60%, 4/1/2024		200,000		202,582
				9,587,887
RETAIL — 1.0%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		200,000		207,634
AutoNation, Inc.:
3.35%, 1/15/2021		25,000		25,076
4.50%, 10/1/2025		20,000		20,179
AutoZone, Inc.:
1.63%, 4/21/2019		10,000		9,901
3.13%, 7/15/2023		100,000		98,893
3.13%, 4/21/2026		25,000		24,078
Bed Bath & Beyond, Inc. 4.92%, 8/1/2034		20,000		19,760
CVS Health Corp.:
1.90%, 7/20/2018		152,000		152,505
2.13%, 6/1/2021		250,000		245,200
2.25%, 12/5/2018		100,000		100,847
2.80%, 7/20/2020		340,000		344,947
2.88%, 6/1/2026 (a)		250,000		238,087
3.88%, 7/20/2025		286,000		295,023
4.00%, 12/5/2023		50,000		52,281
5.13%, 7/20/2045		330,000		368,125
Dollar General Corp. 1.88%, 4/15/2018		100,000		100,061
Home Depot, Inc.:
2.00%, 6/15/2019		350,000		352,880
2.00%, 4/1/2021		100,000		99,147
2.25%, 9/10/2018		200,000		202,594
2.70%, 4/1/2023		286,000		284,865
3.00%, 4/1/2026 (a)		50,000		49,820
4.25%, 4/1/2046		25,000		26,335
4.40%, 3/15/2045		20,000		21,302
4.88%, 2/15/2044		50,000		56,592
5.95%, 4/1/2041		350,000		444,213
Kohl’s Corp.:
3.25%, 2/1/2023		100,000		98,274
4.25%, 7/17/2025 (a)		50,000		50,262
5.55%, 7/17/2045		50,000		47,765
Lowe’s Cos., Inc.:
1.15%, 4/15/2019		40,000		39,499
2.50%, 4/15/2026		200,000		189,728
4.38%, 9/15/2045		180,000		185,899
5.13%, 11/15/2041		200,000		227,452
5.50%, 10/15/2035		200,000		234,044
Macy’s Retail Holdings, Inc.:
2.88%, 2/15/2023 (a)		114,000		108,444
3.45%, 1/15/2021		50,000		50,996
4.38%, 9/1/2023		165,000		169,127
4.50%, 12/15/2034		100,000		88,673
6.70%, 7/15/2034 (a)		50,000		54,752
McDonald’s Corp.:
2.75%, 12/9/2020 (a)		145,000		146,911
Series MTN, 3.38%, 5/26/2025		100,000		99,974
Series MTN, 3.70%, 1/30/2026		60,000		61,030
Series MTN, 4.88%, 12/9/2045		150,000		160,123
Series MTN, 5.35%, 3/1/2018		367,000		382,476
Series MTN, 6.30%, 10/15/2037 (a)		100,000		124,978
Series MTN, 6.30%, 3/1/2038		125,000		154,174
Nordstrom, Inc.:
4.00%, 10/15/2021		100,000		104,637
5.00%, 1/15/2044 (a)		200,000		198,222
O’Reilly Automotive, Inc. 3.55%, 3/15/2026		100,000		99,379
QVC, Inc.:
4.45%, 2/15/2025		135,000		128,925
5.13%, 7/2/2022		50,000		51,625
5.45%, 8/15/2034		25,000		22,500
Ross Stores, Inc. 3.38%, 9/15/2024		50,000		50,126
Starbucks Corp.:
2.10%, 2/4/2021		30,000		29,862
2.45%, 6/15/2026		100,000		94,920
2.70%, 6/15/2022		64,000		64,304
4.30%, 6/15/2045 (a)		35,000		36,673
Target Corp.:
2.50%, 4/15/2026 (a)		50,000		47,632
2.90%, 1/15/2022		271,000		276,060
3.63%, 4/15/2046 (a)		45,000		41,955
4.00%, 7/1/2042 (a)		225,000		224,557
6.00%, 1/15/2018		100,000		104,527
TJX Cos., Inc. 2.50%, 5/15/2023		130,000		127,137
Wal-Mart Stores, Inc.:
1.13%, 4/11/2018		50,000		49,874
2.55%, 4/11/2023		50,000		49,510
3.63%, 7/8/2020		100,000		105,263
4.00%, 4/11/2043		50,000		50,315

See accompanying notes to financial statements.

171

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.75%, 10/2/2043	$	150,000	$	169,144
5.25%, 9/1/2035		200,000		240,026
5.63%, 4/15/2041		200,000		247,644
5.80%, 2/15/2018		150,000		157,383
5.88%, 4/5/2027		200,000		246,424
6.50%, 8/15/2037		597,000		810,201
Walgreen Co.:
4.40%, 9/15/2042		100,000		96,920
5.25%, 1/15/2019		25,000		26,428
Walgreens Boots Alliance, Inc.:
1.75%, 5/30/2018		295,000		295,271
2.60%, 6/1/2021		95,000		94,296
3.10%, 6/1/2023 (a)		55,000		54,556
3.30%, 11/18/2021		100,000		101,865
3.45%, 6/1/2026		45,000		44,179
3.80%, 11/18/2024		400,000		406,180
4.65%, 6/1/2046 (a)		20,000		20,283
				11,483,729
SEMICONDUCTORS — 0.3%
Analog Devices, Inc.:
2.50%, 12/5/2021		30,000		29,757
3.13%, 12/5/2023		250,000		248,395
3.50%, 12/5/2026		150,000		149,019
3.90%, 12/15/2025		30,000		30,702
4.50%, 12/5/2036		120,000		122,369
5.30%, 12/15/2045		50,000		54,993
Applied Materials, Inc. 5.85%, 6/15/2041		140,000		168,113
Intel Corp.:
1.70%, 5/19/2021		100,000		97,611
2.45%, 7/29/2020		85,000		86,070
2.60%, 5/19/2026		100,000		96,632
3.30%, 10/1/2021		323,000		335,836
3.70%, 7/29/2025		245,000		257,632
4.10%, 5/19/2046		100,000		99,784
4.25%, 12/15/2042		150,000		153,176
4.80%, 10/1/2041		185,000		204,723
4.90%, 7/29/2045		40,000		45,106
KLA-Tencor Corp. 4.13%, 11/1/2021		86,000		89,539
Lam Research Corp.:
2.75%, 3/15/2020		6,000		6,006
2.80%, 6/15/2021		50,000		49,654
NVIDIA Corp.:
2.20%, 9/16/2021		30,000		29,252
3.20%, 9/16/2026		50,000		48,042
QUALCOMM, Inc.:
1.40%, 5/18/2018		148,000		147,822
3.00%, 5/20/2022		428,000		433,145
4.65%, 5/20/2035		150,000		158,304
Texas Instruments, Inc. 1.75%, 5/1/2020 (a)		250,000		247,517
Xilinx, Inc. 3.00%, 3/15/2021		100,000		101,002
				3,490,201
SOFTWARE — 0.6%
Activision Blizzard, Inc.:
2.30%, 9/15/2021 (d)		30,000		29,254
3.40%, 9/15/2026 (d)		50,000		47,434
Adobe Systems, Inc.:
3.25%, 2/1/2025		65,000		64,982
4.75%, 2/1/2020		14,000		15,025
Autodesk, Inc.:
3.13%, 6/15/2020		100,000		101,036
4.38%, 6/15/2025		150,000		153,984
Broadridge Financial Solutions, Inc. 3.40%, 6/27/2026		50,000		48,033
CA, Inc. 4.50%, 8/15/2023		150,000		156,544
Dun & Bradstreet Corp. 4.00%, 6/15/2020		50,000		51,047
Electronic Arts, Inc.:
3.70%, 3/1/2021		50,000		51,685
4.80%, 3/1/2026		50,000		52,806
Fidelity National Information Services, Inc.:
2.00%, 4/15/2018		255,000		255,579
2.85%, 10/15/2018		55,000		55,927
3.50%, 4/15/2023		50,000		50,599
3.63%, 10/15/2020		60,000		62,055
4.50%, 10/15/2022		65,000		69,222
5.00%, 10/15/2025		150,000		163,368
Fiserv, Inc.:
2.70%, 6/1/2020		72,000		72,364
3.85%, 6/1/2025		50,000		50,850
Microsoft Corp.:
1.10%, 8/8/2019		40,000		39,464
1.30%, 11/3/2018		30,000		29,982
1.85%, 2/12/2020 (a)		176,000		175,720
2.00%, 11/3/2020		794,000		794,627
2.00%, 8/8/2023		100,000		95,566
2.38%, 5/1/2023		100,000		98,095
2.65%, 11/3/2022		150,000		150,483
2.70%, 2/12/2025		250,000		244,925
3.00%, 10/1/2020		338,000		349,580
3.13%, 11/3/2025		275,000		277,904
3.45%, 8/8/2036		100,000		94,967
3.50%, 2/12/2035		143,000		137,942
3.50%, 11/15/2042		100,000		92,447
3.63%, 12/15/2023		101,000		106,174
3.70%, 8/8/2046		100,000		94,450
3.75%, 2/12/2045		80,000		76,101
3.95%, 8/8/2056		100,000		94,175
4.00%, 2/12/2055		145,000		137,264
4.20%, 11/3/2035 (a)		50,000		52,538
4.45%, 11/3/2045		50,000		53,303
4.75%, 11/3/2055		200,000		217,262
Oracle Corp.:
1.90%, 9/15/2021		225,000		219,737
2.40%, 9/15/2023		100,000		96,722
2.50%, 10/15/2022		399,000		394,176
2.65%, 7/15/2026		320,000		303,517
2.95%, 5/15/2025		220,000		215,411
3.40%, 7/8/2024		200,000		203,564
3.85%, 7/15/2036		100,000		97,866
3.90%, 5/15/2035		145,000		143,166
4.00%, 7/15/2046		75,000		71,767

See accompanying notes to financial statements.

172

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.30%, 7/8/2034	$	100,000	$	103,437
4.38%, 5/15/2055		200,000		198,858
4.50%, 7/8/2044		200,000		206,420
5.75%, 4/15/2018		200,000		211,046
6.13%, 7/8/2039		150,000		189,445
				7,619,895
TELECOMMUNICATIONS — 1.4%
America Movil SAB de CV:
3.13%, 7/16/2022		150,000		147,923
4.38%, 7/16/2042		100,000		93,121
5.00%, 3/30/2020		100,000		107,008
6.13%, 11/15/2037		350,000		398,996
AT&T Corp. 8.25%, 11/15/2031		123,000		168,817
AT&T, Inc.:
2.30%, 3/11/2019		230,000		230,743
2.45%, 6/30/2020		495,000		491,139
2.80%, 2/17/2021		150,000		148,739
3.00%, 6/30/2022		171,000		167,977
3.40%, 5/15/2025		250,000		240,877
3.60%, 2/17/2023		150,000		150,654
4.13%, 2/17/2026 (a)		200,000		202,618
4.30%, 12/15/2042		374,000		334,827
4.35%, 6/15/2045		158,000		141,208
4.45%, 5/15/2021		419,000		442,112
4.45%, 4/1/2024		252,000		262,748
4.50%, 5/15/2035		140,000		135,435
4.55%, 3/9/2049		66,000		59,958
4.75%, 5/15/2046		105,000		99,737
4.80%, 6/15/2044		97,000		91,705
5.20%, 3/15/2020		432,000		464,616
5.35%, 9/1/2040		20,000		20,445
5.50%, 2/1/2018		475,000		493,682
5.80%, 2/15/2019		75,000		80,513
6.00%, 8/15/2040		100,000		110,576
6.38%, 3/1/2041		150,000		172,860
6.50%, 9/1/2037		180,000		210,483
6.55%, 2/15/2039		120,000		140,166
British Telecommunications PLC:
5.95%, 1/15/2018		100,000		104,189
9.13%, 12/15/2030		165,000		250,816
CC Holdings GS V LLC/Crown Castle GS III Corp. 3.85%, 4/15/2023		125,000		126,735
Cisco Systems, Inc.:
1.40%, 2/28/2018		35,000		35,024
1.60%, 2/28/2019		25,000		24,942
1.65%, 6/15/2018		100,000		100,274
2.20%, 2/28/2021		150,000		149,524
2.45%, 6/15/2020		100,000		101,046
2.50%, 9/20/2026		150,000		142,722
2.60%, 2/28/2023		50,000		49,611
2.90%, 3/4/2021		100,000		102,323
3.00%, 6/15/2022		30,000		30,628
3.50%, 6/15/2025 (a)		45,000		46,712
3.63%, 3/4/2024		150,000		156,897
4.45%, 1/15/2020		204,000		218,241
4.95%, 2/15/2019		348,000		371,302
5.50%, 1/15/2040		106,000		129,535
Deutsche Telekom International Finance B.V.:
6.75%, 8/20/2018		160,000		172,472
8.75%, 6/15/2030		175,000		255,281
Juniper Networks, Inc. 5.95%, 3/15/2041		120,000		122,629
Koninklijke KPN NV 8.38%, 10/1/2030		75,000		100,430
Motorola Solutions, Inc. 3.75%, 5/15/2022		269,000		270,662
Orange SA:
4.13%, 9/14/2021		300,000		317,085
9.00%, 3/1/2031		200,000		299,000
Qwest Corp. 6.75%, 12/1/2021		200,000		217,500
Rogers Communications, Inc.:
2.90%, 11/15/2026		50,000		47,038
4.10%, 10/1/2023		150,000		156,417
4.50%, 3/15/2043		115,000		113,134
5.00%, 3/15/2044		30,000		31,909
6.80%, 8/15/2018		175,000		188,603
Telefonica Emisiones SAU:
5.46%, 2/16/2021		350,000		381,108
7.05%, 6/20/2036		263,000		305,240
TELUS Corp. 2.80%, 2/16/2027 (a)		50,000		46,715
Verizon Communications, Inc.:
1.38%, 8/15/2019		35,000		34,371
1.75%, 8/15/2021		150,000		143,837
2.45%, 11/1/2022 (a)		63,000		60,765
2.63%, 2/21/2020		179,000		180,622
2.63%, 8/15/2026 (a)		65,000		59,791
3.00%, 11/1/2021		100,000		100,754
3.45%, 3/15/2021		169,000		173,969
3.65%, 9/14/2018 (a)		425,000		438,923
3.85%, 11/1/2042		623,000		539,250
4.13%, 8/15/2046		20,000		18,095
4.15%, 3/15/2024		200,000		208,338
4.27%, 1/15/2036		163,000		157,601
4.50%, 9/15/2020		279,000		297,821
4.52%, 9/15/2048		551,000		527,428
4.60%, 4/1/2021		71,000		76,167
4.86%, 8/21/2046		643,000		649,610
5.15%, 9/15/2023		950,000		1,048,677
5.85%, 9/15/2035		150,000		172,080
6.00%, 4/1/2041		148,000		170,866
6.40%, 2/15/2038		146,000		176,240
6.55%, 9/15/2043		305,000		381,210
Vodafone Group PLC:
1.50%, 2/19/2018		200,000		199,250
2.95%, 2/19/2023		200,000		193,976
4.38%, 2/19/2043		200,000		177,612
6.15%, 2/27/2037		113,000		127,211
				17,289,891
TEXTILES — 0.0% (b)
Cintas Corp. No 2
6.15%, 8/15/2036		100,000		117,810

See accompanying notes to financial statements.

173

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
TOBACCO — 0.1%
Reynolds American, Inc.:
4.45%, 6/12/2025	$	400,000	$	422,120
6.88%, 5/1/2020		100,000		113,340
				535,460
TOYS/GAMES/HOBBIES — 0.0% (b)
Hasbro, Inc. 3.15%, 5/15/2021		50,000		50,506
Mattel, Inc. 2.35%, 8/15/2021		90,000		87,800
				138,306
TRANSPORTATION — 0.5%
Burlington Northern Santa Fe LLC:
3.40%, 9/1/2024		100,000		102,848
3.45%, 9/15/2021		150,000		156,381
3.65%, 9/1/2025		50,000		52,187
3.90%, 8/1/2046		35,000		34,312
4.15%, 4/1/2045		446,000		453,430
4.38%, 9/1/2042		100,000		103,826
4.55%, 9/1/2044		200,000		214,318
4.70%, 9/1/2045		50,000		54,922
4.95%, 9/15/2041		100,000		111,314
7.00%, 12/15/2025		51,000		64,893
Canadian National Railway Co.:
2.25%, 11/15/2022		200,000		194,542
2.75%, 3/1/2026		50,000		48,687
2.85%, 12/15/2021		100,000		101,623
3.20%, 8/2/2046		100,000		88,170
Canadian Pacific Railway Co.:
3.70%, 2/1/2026		26,000		26,810
4.50%, 1/15/2022		90,000		96,839
4.80%, 9/15/2035		70,000		75,597
4.80%, 8/1/2045		50,000		53,930
6.13%, 9/15/2115		30,000		36,156
9.45%, 8/1/2021		100,000		124,744
CSX Corp.:
2.60%, 11/1/2026 (a)		50,000		46,868
3.80%, 11/1/2046		50,000		46,545
3.95%, 5/1/2050		305,000		273,545
4.25%, 6/1/2021		35,000		37,285
4.25%, 11/1/2066		50,000		45,908
4.50%, 8/1/2054		150,000		147,003
6.15%, 5/1/2037		165,000		200,953
FedEx Corp.:
2.63%, 8/1/2022		121,000		120,497
3.20%, 2/1/2025 (a)		100,000		99,608
3.25%, 4/1/2026 (a)		100,000		99,226
4.10%, 2/1/2045		150,000		141,832
4.55%, 4/1/2046		50,000		50,548
4.75%, 11/15/2045		150,000		155,839
JB Hunt Transport Services, Inc. 3.30%, 8/15/2022 (a)		50,000		49,729
Kansas City Southern
4.95%, 8/15/2045		100,000		102,170
Norfolk Southern Corp.:
2.90%, 6/15/2026		100,000		96,279
2.90%, 2/15/2023		35,000		34,683
4.45%, 6/15/2045		150,000		155,766
4.65%, 1/15/2046 (a)		50,000		53,569
4.84%, 10/1/2041		100,000		108,703
Ryder System, Inc.:
Series MTN, 2.50%, 3/1/2018		100,000		100,784
Series MTN, 2.65%, 3/2/2020		100,000		100,382
Series MTN, 3.45%, 11/15/2021		25,000		25,576
Union Pacific Corp.:
2.25%, 6/19/2020		50,000		49,972
2.75%, 3/1/2026		75,000		73,088
3.25%, 8/15/2025		50,000		50,706
3.35%, 8/15/2046		50,000		45,050
3.38%, 2/1/2035		150,000		142,359
3.65%, 2/15/2024		92,000		95,814
3.80%, 10/1/2051		225,000		210,625
4.05%, 11/15/2045		50,000		50,225
4.05%, 3/1/2046		30,000		30,241
4.38%, 11/15/2065		30,000		30,024
United Parcel Service, Inc.:
2.40%, 11/15/2026		50,000		47,279
2.45%, 10/1/2022		121,000		120,280
3.40%, 11/15/2046		50,000		46,144
4.88%, 11/15/2040		200,000		229,974
5.13%, 4/1/2019		100,000		107,325
6.20%, 1/15/2038		100,000		132,062
				5,949,995
TRUCKING & LEASING — 0.0% (b)
GATX Corp.:
2.38%, 7/30/2018		46,000		46,216
2.50%, 3/15/2019		67,000		67,071
4.85%, 6/1/2021		100,000		107,006
				220,293
WATER — 0.0% (b)
American Water Capital Corp.:
3.00%, 12/1/2026		50,000		49,117
4.00%, 12/1/2046		100,000		100,368
4.30%, 12/1/2042		100,000		103,831
6.59%, 10/15/2037		100,000		133,219
				386,535
TOTAL CORPORATE BONDS & NOTES (Cost $332,018,780)				333,911,631
FOREIGN GOVERNMENT OBLIGATIONS — 3.3%
African Development Bank Series GDIF, 1.63%, 10/2/2018		500,000		501,730
Asian Development Bank:
0.88%, 4/26/2018		300,000		298,395
2.00%, 4/24/2026		200,000		189,686
5.82%, 6/16/2028		50,000		62,072
6.22%, 8/15/2027		175,000		221,760
1.00%, 8/16/2019		100,000		98,422
1.50%, 9/28/2018		400,000		400,904
1.50%, 1/22/2020		300,000		298,155
1.63%, 8/26/2020		200,000		198,480
1.75%, 3/21/2019		300,000		301,530
1.75%, 8/14/2026		100,000		92,628
Canada Government International Bond:
1.13%, 3/19/2018		100,000		99,914
1.63%, 2/27/2019		200,000		200,972

See accompanying notes to financial statements.

174

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Colombia Government International Bond:
2.63%, 3/15/2023	$	350,000	$	329,875
4.00%, 2/26/2024		460,000		464,356
5.63%, 2/26/2044		100,000		103,227
7.38%, 3/18/2019		250,000		277,418
7.38%, 9/18/2037		150,000		182,739
Corp. Andina de Fomento:
2.00%, 5/10/2019		250,000		248,575
4.38%, 6/15/2022		275,000		292,174
European Bank for Reconstruction & Development:
1.50%, 3/16/2020 (a)		200,000		198,244
0.88%, 7/22/2019		50,000		49,060
1.63%, 4/10/2018		50,000		50,170
1.88%, 2/23/2022 (a)		400,000		392,700
European Investment Bank:
1.25%, 5/15/2018		600,000		599,100
1.63%, 3/16/2020		600,000		595,698
2.25%, 8/15/2022		600,000		596,376
4.00%, 2/16/2021		650,000		697,755
Export Development Canada:
1.25%, 12/10/2018		40,000		39,821
1.75%, 7/21/2020		475,000		473,808
Export-Import Bank of Korea:
1.75%, 5/26/2019		200,000		198,854
2.63%, 5/26/2026		200,000		189,192
2.88%, 1/21/2025		250,000		242,752
3.25%, 11/10/2025		100,000		99,642
4.00%, 1/14/2024		300,000		314,574
FMS Wertmanagement AoeR:
1.38%, 6/8/2021		350,000		338,005
1.63%, 11/20/2018		200,000		200,620
Hungary Government International Bond:
5.38%, 3/25/2024		300,000		327,750
6.38%, 3/29/2021		400,000		448,000
7.63%, 3/29/2041		200,000		280,354
Hydro-Quebec:
8.50%, 12/1/2029		100,000		146,264
8.05%, 7/7/2024		15,000		19,744
Inter-American Development Bank:
0.88%, 3/15/2018		200,000		199,054
1.38%, 7/15/2020		150,000		147,628
1.75%, 8/24/2018		500,000		503,255
1.75%, 10/15/2019		100,000		100,235
1.88%, 3/15/2021		250,000		248,367
3.00%, 10/4/2023		375,000		388,815
3.00%, 2/21/2024		255,000		263,841
1.75%, 4/14/2022		600,000		585,324
3.88%, 10/28/2041		35,000		37,840
International Bank for Reconstruction & Development:
0.88%, 7/19/2018		700,000		695,352
1.38%, 3/30/2020		600,000		593,208
1.75%, 4/19/2023		350,000		337,617
1.88%, 10/7/2019		200,000		201,296
1.25%, 7/26/2019		500,000		496,015
1.38%, 5/24/2021		400,000		388,644
1.63%, 2/10/2022		50,000		48,684
1.88%, 3/15/2019		50,000		50,398
2.25%, 6/24/2021		550,000		554,037
0.88%, 8/15/2019		500,000		491,060
International Finance Corp.:
0.88%, 6/15/2018		350,000		347,882
1.75%, 9/4/2018		200,000		201,306
1.13%, 7/20/2021		100,000		95,878
Israel Government International Bond:
2.88%, 3/16/2026		200,000		197,498
4.00%, 6/30/2022		100,000		106,955
4.50%, 1/30/2043		100,000		99,980
5.13%, 3/26/2019		100,000		107,418
Italy Government International Bond 6.88%, 9/27/2023		363,000		424,841
Japan Bank for International Cooperation:
1.75%, 7/31/2018		150,000		150,066
1.88%, 4/20/2021		300,000		292,404
1.88%, 7/21/2026		200,000		182,962
2.00%, 11/4/2021		200,000		194,598
3.38%, 7/31/2023		200,000		208,164
2.13%, 2/7/2019		150,000		150,538
2.13%, 2/10/2025		350,000		332,010
Japan Finance Organization for Municipalities
Series DTC, 4.00%, 1/13/2021		100,000		105,222
Korea Development Bank:
2.50%, 1/13/2021		200,000		198,296
3.38%, 9/16/2025		200,000		201,386
3.75%, 1/22/2024		150,000		154,777
Korea International Bond 4.13%, 6/10/2044		300,000		346,230
Kreditanstalt fuer Wiederaufbau:
Zero Coupon, 4/18/2036		875,000		467,495
Zero Coupon, 6/29/2037		125,000		64,531
0.88%, 4/19/2018 (a)		600,000		596,712
1.00%, 1/26/2018		200,000		199,480
1.00%, 7/15/2019		500,000		492,275
1.13%, 8/6/2018		300,000		298,827
1.50%, 2/6/2019		1,400,000		1,399,314
1.50%, 4/20/2020		750,000		741,570
1.50%, 6/15/2021		200,000		194,510
2.00%, 11/30/2021 (a)		200,000		198,090
2.00%, 10/4/2022		125,000		122,618
2.38%, 8/25/2021		500,000		504,215
2.75%, 9/8/2020		100,000		102,747
Landwirtschaftliche Rentenbank:
1.88%, 9/17/2018		100,000		100,808
2.00%, 1/13/2025		100,000		95,743
1.75%, 7/27/2026		100,000		92,313
Mexico Government International Bond:
3.60%, 1/30/2025		200,000		193,162
3.63%, 3/15/2022		834,000		838,220
4.00%, 10/2/2023		200,000		200,838
4.60%, 1/23/2046		200,000		180,034
5.75%, 10/12/2110		300,000		279,255
5.95%, 3/19/2019		476,000		514,818

See accompanying notes to financial statements.

175

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.75%, 3/8/2044	$	400,000	$	366,524
6.75%, 9/27/2034		101,000		120,515
Nordic Investment Bank:
1.13%, 2/25/2019		200,000		198,154
2.25%, 9/30/2021		250,000		250,865
Oesterreichische Kontrollbank AG:
1.38%, 2/10/2020		300,000		295,572
1.50%, 10/21/2020 (a)		100,000		98,169
Panama Government International Bond:
3.88%, 3/17/2028		100,000		98,219
4.00%, 9/22/2024		150,000		152,724
5.20%, 1/30/2020		350,000		376,324
6.70%, 1/26/2036		200,000		243,462
Peruvian Government International Bond:
5.63%, 11/18/2050		100,000		114,270
7.13%, 3/30/2019		100,000		111,254
7.35%, 7/21/2025		75,000		96,637
8.75%, 11/21/2033		250,000		367,785
Philippine Government International Bond:
3.95%, 1/20/2040		200,000		197,834
4.00%, 1/15/2021		350,000		372,537
4.20%, 1/21/2024		150,000		161,527
5.00%, 1/13/2037		200,000		226,464
6.38%, 10/23/2034		50,000		65,237
7.75%, 1/14/2031		200,000		281,800
8.38%, 6/17/2019		250,000		290,145
10.63%, 3/16/2025		100,000		153,991
Poland Government International Bond:
5.00%, 3/23/2022		200,000		217,750
5.13%, 4/21/2021		750,000		817,500
6.38%, 7/15/2019		50,000		55,500
Province of Manitoba Canada 1.75%, 5/30/2019		200,000		200,296
Province of New Brunswick Canada 2.75%, 6/15/2018		200,000		203,690
Province of Ontario Canada:
1.65%, 9/27/2019		100,000		99,466
2.00%, 1/30/2019		200,000		201,244
3.00%, 7/16/2018		750,000		767,017
4.00%, 10/7/2019		400,000		422,868
Province of Quebec Canada:
2.50%, 4/20/2026		150,000		144,570
7.50%, 9/15/2029		355,000		498,001
2.88%, 10/16/2024		200,000		200,952
South Africa Government International Bond:
4.30%, 10/12/2028		100,000		92,750
4.67%, 1/17/2024		450,000		450,000
5.50%, 3/9/2020		200,000		211,750
6.88%, 5/27/2019		50,000		54,125
Svensk Exportkredit AB 1.88%, 6/17/2019		200,000		200,560
Ukraine Government AID Bonds 1.85%, 5/29/2020		376,000		376,880
Uruguay Government International Bond:
4.38%, 10/27/2027		200,000		200,982
5.10%, 6/18/2050		300,000		273,948
7.63%, 3/21/2036		200,000		250,488
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $40,846,897)				40,248,497
U.S. GOVERNMENT AGENCY OBLIGATIONS — 30.7%
Federal Farm Credit Banks:
0.75%, 4/18/2018		1,000,000		995,450
1.10%, 6/1/2018		500,000		498,755
Federal Home Loan Bank:
0.88%, 3/19/2018		1,500,000		1,497,180
0.88%, 6/29/2018		1,000,000		996,450
1.13%, 6/21/2019 (a)		1,000,000		993,930
1.13%, 7/14/2021 (a)		1,300,000		1,254,513
1.25%, 1/16/2019		650,000		649,636
1.88%, 3/8/2019		170,000		171,901
1.88%, 3/13/2020		250,000		252,135
2.00%, 9/14/2018		150,000		151,847
2.13%, 3/10/2023		180,000		177,964
5.50%, 7/15/2036		350,000		457,328
Federal Home Loan Mortgage Corp.:
0.88%, 3/7/2018		440,000		439,058
0.88%, 10/12/2018		600,000		596,670
1.00%, 5/11/2018		1,000,000		997,710
1.25%, 8/1/2019		400,000		398,028
1.25%, 10/2/2019		530,000		526,650
1.30%, 8/28/2019		500,000		496,180
1.38%, 5/1/2020		400,000		396,752
1.75%, 5/30/2019		1,195,000		1,205,910
2.38%, 1/13/2022		1,975,000		2,007,824
2.50%, 9/1/2028		326,693		329,650
2.50%, 10/1/2029		854,639		860,514
2.50%, 1/1/2031		976,684		979,952
2.50%, 5/1/2031		2,965,071		2,974,990
2.50%, 6/1/2031		1,131,319		1,135,103
3.00%, 2/1/2029		580,273		596,860
3.00%, 7/1/2029		628,579		646,547
3.00%, 9/1/2029		997,189		1,025,693
3.00%, 4/1/2030		922,207		947,740
3.00%, 12/1/2030		2,243,548		2,305,663
3.00%, 5/1/2031		1,846,199		1,897,128
3.00%, 7/1/2035		851,746		863,854
3.00%, 4/1/2036		1,782,203		1,805,181
3.00%, 3/1/2043		1,308,903		1,306,211
3.00%, 4/1/2043		2,448,547		2,443,511
3.00%, 7/1/2043		877,966		876,159
3.00%, 8/1/2043		390,077		389,275
3.00%, 9/1/2043		480,481		479,492
3.00%, 10/1/2043		392,235		391,429
3.00%, 6/1/2045		1,741,248		1,731,796
3.00%, 8/1/2045		2,389,405		2,376,434
3.00%, 4/1/2046		2,975,990		2,958,339
3.00%, 9/1/2046		1,966,068		1,954,406
3.00%, 12/1/2046		2,319,216		2,305,461
3.50%, 5/1/2026		766,949		800,774

See accompanying notes to financial statements.

176

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3.50%, 1/1/2029	$	219,327	$	229,724
3.50%, 11/1/2029		730,055		763,899
3.50%, 2/1/2030		400,566		419,135
3.50%, 3/1/2032		716,339		745,795
3.50%, 5/1/2043		422,508		434,699
3.50%, 8/1/2043		2,063,412		2,122,947
3.50%, 6/1/2044		565,070		579,869
3.50%, 8/1/2044		1,094,684		1,123,353
3.50%, 10/1/2044		639,240		655,981
3.50%, 11/1/2044		1,021,380		1,048,129
3.50%, 12/1/2044		1,065,807		1,093,720
3.50%, 1/1/2045		1,032,072		1,057,521
3.50%, 2/1/2045		1,440,017		1,475,525
3.50%, 7/1/2045		2,300,485		2,357,210
3.50%, 10/1/2045		1,344,926		1,378,089
3.50%, 12/1/2045		2,028,936		2,078,965
3.50%, 1/1/2046		1,799,947		1,844,751
3.50%, 3/1/2046		4,141,843		4,244,940
3.50%, 5/1/2046		1,353,585		1,387,278
3.75%, 3/27/2019		700,000		737,107
4.00%, 4/1/2019		8,251		8,652
4.00%, 4/1/2024		107,746		112,987
4.00%, 5/1/2025		78,311		82,365
4.00%, 6/1/2025		161,966		170,352
4.00%, 8/1/2025		46,666		49,082
4.00%, 9/1/2025		29,341		30,860
4.00%, 6/1/2026		416,037		438,642
4.00%, 10/1/2040		382,774		403,880
4.00%, 12/1/2041		1,176,552		1,241,267
4.00%, 4/1/2042		844,229		890,664
4.00%, 6/1/2042		1,640,270		1,730,957
4.00%, 5/1/2044		1,070,061		1,124,747
4.00%, 7/1/2044		1,637,797		1,721,497
4.00%, 12/1/2044		642,892		675,747
4.00%, 4/1/2045		1,410,740		1,483,520
4.00%, 10/1/2045		1,988,926		2,091,534
4.00%, 1/1/2046		2,493,290		2,622,463
4.50%, 5/1/2019		108,196		111,265
4.50%, 9/1/2024		1,698		1,806
4.50%, 10/1/2024		97,491		103,698
4.50%, 2/1/2039		3,534		3,809
4.50%, 6/1/2039		297,347		320,486
4.50%, 12/1/2039		227,223		244,905
4.50%, 6/1/2040		8,361		8,998
4.50%, 12/1/2040		861,125		926,716
4.50%, 4/1/2041		12,546		13,511
4.50%, 7/1/2041		599,986		646,113
4.50%, 8/1/2041		42,156		45,397
4.50%, 9/1/2041		258,011		277,847
4.50%, 10/1/2041		1,705,300		1,835,191
4.50%, 10/1/2043		38,352		41,218
4.50%, 3/1/2044		471,614		506,967
4.50%, 8/1/2044		40,543		43,582
4.50%, 9/1/2044		778,603		836,968
4.88%, 6/13/2018		100,000		105,373
5.00%, 3/1/2018		55,394		56,751
5.00%, 11/1/2035		32,334		35,299
5.00%, 12/1/2036		7,041		7,683
5.00%, 2/1/2038		458,759		499,688
5.00%, 3/1/2038		363,200		396,103
5.00%, 6/1/2038		83,038		90,446
5.00%, 11/1/2038		698,742		762,327
5.00%, 1/1/2039		97,606		106,314
5.00%, 2/1/2039		225,965		245,888
5.00%, 3/1/2039		697,551		759,562
5.00%, 10/1/2039		65,819		71,691
5.50%, 2/1/2022		9,260		10,257
5.50%, 11/1/2026		78,150		86,562
5.50%, 6/1/2027		18,986		21,046
5.50%, 4/1/2028		31,032		34,388
5.50%, 7/1/2028		49,730		55,083
5.50%, 7/1/2033		3,375		3,760
5.50%, 1/1/2037		204,820		227,732
5.50%, 9/1/2037		2,699		3,003
5.50%, 11/1/2037		12,740		14,175
5.50%, 1/1/2038		102,943		114,538
5.50%, 4/1/2038		368,291		408,900
5.50%, 7/1/2038		554,198		615,305
5.50%, 10/1/2038		9,521		10,570
5.50%, 11/1/2038		8,314		9,230
6.00%, 8/1/2031		14,395		16,512
6.00%, 3/1/2036		16,256		18,398
6.00%, 8/1/2036		100,262		113,467
6.00%, 1/1/2037		8,597		9,730
6.00%, 12/1/2037		9,697		10,982
6.00%, 10/1/2038		6,230		7,069
6.00%, 3/1/2040		8,419		9,534
6.00%, 5/1/2040		1,035,886		1,173,093
6.25%, 7/15/2032		875,000		1,205,277
6.50%, 11/1/2037		134,389		153,297
6.50%, 2/1/2038		33,200		37,498
6.50%, 9/1/2038		334,339		381,380
6.50%, 9/1/2039		135,392		154,241
6.75%, 3/15/2031		550,000		774,345
Series GMTN, 0.75%, 4/9/2018		400,000		398,476
Series K006, Class A1, 3.40%, 7/25/2019		231,328		236,115
Series K015, Class A1, 2.26%, 10/25/2020		177,385		178,568
Series K025, Class A1, 1.88%, 4/25/2022		550,353		549,264
Series K029, Class A1, 2.84%, 10/25/2022		466,579		476,965
Series K030, Class A2, 3.25%, 4/25/2023 (c)		1,000,000		1,042,580
Series K040, Class A2, 3.24%, 9/25/2024		700,000		722,435
Series K049, Class A2, 3.01%, 7/25/2025		350,000		353,406
Series K053, Class A2, 3.00%, 12/25/2025		350,000		352,594
TBA, 2.50%, 1/23/2032		1,275,000		1,277,341
TBA, 3.00%, 1/18/2047		3,500,000		3,475,801
TBA, 3.50%, 1/18/2047		2,000,000		2,048,125
TBA, 4.00%, 1/18/2047		1,000,000		1,050,469
Federal National Mortgage Association:
Zero Coupon, 10/9/2019		400,000		379,200

See accompanying notes to financial statements.

177

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
0.88%, 3/28/2018	$	600,000	$	598,698
0.88%, 5/21/2018		765,000		762,606
1.00%, 10/24/2019		800,000		788,928
1.13%, 7/20/2018		250,000		249,880
1.13%, 12/14/2018		250,000		249,415
1.38%, 1/28/2019		325,000		325,618
1.38%, 2/26/2021		450,000		441,099
1.50%, 6/22/2020		500,000		497,605
1.50%, 11/30/2020		150,000		148,193
1.63%, 11/27/2018		400,000		402,940
1.63%, 1/21/2020		250,000		250,730
1.75%, 1/30/2019		100,000		100,832
1.88%, 9/18/2018		300,000		303,447
2.13%, 4/24/2026		400,000		378,408
12 month USD LIBOR + 1.66%, 2.14%, 4/1/2044 (c)		618,005		641,356
2.50%, 7/1/2028		1,003,243		1,011,939
2.50%, 8/1/2028		1,484,162		1,497,027
2.50%, 10/1/2028		682,564		688,480
2.50%, 3/1/2029		2,600,385		2,622,925
2.50%, 2/1/2030		1,117,641		1,122,261
2.50%, 5/1/2030		1,628,135		1,634,867
2.50%, 7/1/2030		551,345		553,624
2.50%, 2/1/2031		1,865,639		1,871,501
2.50%, 10/1/2042		565,984		543,001
2.63%, 9/6/2024		470,000		474,488
3.00%, 8/1/2027		670,182		689,535
3.00%, 11/1/2028		1,181,897		1,215,688
3.00%, 6/1/2029		346,904		356,753
3.00%, 8/1/2029		1,684,432		1,732,252
3.00%, 9/1/2029		634,633		652,650
3.00%, 6/1/2030		1,111,088		1,141,679
3.00%, 9/1/2030		171,228		175,942
3.00%, 11/1/2030		399,183		410,173
3.00%, 12/1/2030		1,302,993		1,338,867
3.00%, 2/1/2035		655,638		665,295
3.00%, 3/1/2035		521,615		529,298
3.00%, 2/1/2036		1,314,767		1,332,747
3.00%, 12/1/2042		750,067		749,742
3.00%, 1/1/2043		1,385,741		1,383,966
3.00%, 3/1/2043		1,554,458		1,552,467
3.00%, 4/1/2043		382,911		382,420
3.00%, 5/1/2043		4,277,733		4,272,252
3.00%, 6/1/2043		2,926,462		2,922,712
3.00%, 7/1/2043		2,732,590		2,729,090
3.00%, 9/1/2045		1,311,888		1,305,774
3.00%, 11/1/2045		3,025,192		3,011,092
3.00%, 5/1/2046		3,000,221		2,984,780
3.00%, 8/1/2046		3,243,219		3,226,527
3.00%, 9/1/2046		3,072,863		3,057,048
3.50%, 10/1/2025		259,312		270,459
3.50%, 11/1/2025		291,266		303,786
3.50%, 3/1/2026		182,261		190,157
3.50%, 1/1/2027		1,006,725		1,049,999
3.50%, 5/1/2029		333,038		348,114
3.50%, 10/1/2029		644,806		673,995
3.50%, 12/1/2029		591,969		618,767
3.50%, 1/1/2030		674,480		706,760
3.50%, 6/1/2034		1,215,667		1,266,484
3.50%, 7/1/2034		2,294,020		2,389,914
3.50%, 12/1/2040		1,166,351		1,202,089
3.50%, 5/1/2042		2,435,031		2,510,460
3.50%, 8/1/2042		943,972		973,213
3.50%, 10/1/2042		777,720		801,811
3.50%, 1/1/2043		347,595		358,363
3.50%, 5/1/2043		319,381		328,920
3.50%, 7/1/2043		1,224,785		1,261,367
3.50%, 1/1/2044		1,227,827		1,264,499
3.50%, 10/1/2044		927,040		952,161
3.50%, 1/1/2045		1,491,684		1,531,015
3.50%, 4/1/2045		1,673,069		1,716,114
3.50%, 5/1/2045		1,156,170		1,185,916
3.50%, 8/1/2045		3,492,765		3,582,628
3.50%, 11/1/2045		1,345,705		1,380,328
3.50%, 12/1/2045		7,402,725		7,593,186
3.50%, 2/1/2046		8,355,632		8,572,417
4.00%, 7/1/2018		60,971		62,756
4.00%, 8/1/2018		201,850		207,696
4.00%, 1/1/2020		1,866		1,922
4.00%, 4/1/2024		157,512		165,178
4.00%, 1/1/2025		168,156		176,340
4.00%, 3/1/2026		112,711		118,853
4.00%, 12/1/2034		724,208		769,762
4.00%, 12/1/2040		1,730,304		1,827,014
4.00%, 3/1/2041		1,361,811		1,437,745
4.00%, 12/1/2041		1,735,793		1,832,580
4.00%, 2/1/2042		508,043		536,486
4.00%, 10/1/2043		1,012,270		1,065,750
4.00%, 12/1/2043		140,913		148,358
4.00%, 6/1/2044		968,786		1,018,964
4.00%, 7/1/2044		1,001,634		1,053,514
4.00%, 9/1/2044		785,249		825,921
4.00%, 10/1/2044		1,297,520		1,364,725
4.00%, 12/1/2044		1,237,031		1,301,103
4.00%, 3/1/2045		1,050,315		1,105,489
4.00%, 5/1/2045		1,552,901		1,634,476
4.00%, 7/1/2045		1,397,945		1,471,381
4.00%, 9/1/2045		2,857,497		3,007,604
4.00%, 12/1/2045		2,610,383		2,747,509
4.00%, 4/1/2046		1,767,152		1,860,699
4.50%, 4/1/2023		386,135		409,715
4.50%, 8/1/2023		424		436
4.50%, 4/1/2031		380,545		410,676
4.50%, 4/1/2039		816,906		882,059
4.50%, 4/1/2040		719,682		775,937
4.50%, 10/1/2040		465,354		501,730
4.50%, 2/1/2041		922,038		994,818
4.50%, 5/1/2041		491,365		529,773
4.50%, 1/1/2042		1,635,648		1,764,756
4.50%, 9/1/2043		399,189		429,844
4.50%, 11/1/2043		1,195,236		1,287,023
4.50%, 12/1/2043		1,102,912		1,187,609
4.50%, 1/1/2044		291,129		313,524
4.50%, 2/1/2044		719,054		774,367
4.50%, 6/1/2044		1,441,082		1,552,605
5.00%, 6/1/2018		19,795		20,259
5.00%, 7/1/2035		764,729		836,440
5.00%, 7/1/2040		370,213		404,124

See accompanying notes to financial statements.

178

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.00%, 9/1/2040	$	491,201	$	536,195
5.00%, 2/1/2041		1,235,371		1,348,531
5.00%, 1/1/2042		1,060,264		1,157,385
5.00%, 3/1/2042		1,043,094		1,138,641
5.00%, 12/1/2043		249,156		271,819
5.00%, 7/1/2044		944,428		1,033,859
5.50%, 7/1/2035		331,277		369,382
5.50%, 6/1/2038		119,099		132,494
5.50%, 12/1/2038		409,341		455,381
5.50%, 12/1/2039		596,807		663,932
5.50%, 4/1/2040		785,937		878,881
5.50%, 7/1/2041		673,046		749,739
6.00%, 2/1/2037		338,850		383,372
6.00%, 10/1/2039		504,374		570,643
6.00%, 4/1/2040		646,694		733,322
6.25%, 5/15/2029		80,000		106,209
6.63%, 11/15/2030		515,000		715,598
7.13%, 1/15/2030		125,000		179,433
7.25%, 5/15/2030		410,000		594,352
Series 2013-M12, Class APT, 2.40%, 3/25/2023 (c)		802,335		796,005
Series 2014-M1, Class ASQ2, 2.32%, 11/25/2018 (c)		653,039		658,093
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (c)		888,000		925,074
Series 2014-M3, Class A2, 3.47%, 1/25/2024 (c)		400,000		417,032
TBA, 3.00%, 1/23/2032		2,500,000		2,565,430
TBA, 3.00%, 1/18/2047		2,000,000		1,987,500
TBA, 3.50%, 1/18/2047		2,000,000		2,050,000
TBA, 4.00%, 1/18/2047		1,000,000		1,051,250
Government National Mortgage Association:
3.00%, 12/15/2042		1,125,436		1,143,253
3.00%, 12/20/2042		2,034,824		2,069,014
3.00%, 2/20/2043		1,783,799		1,813,965
3.00%, 4/20/2043		1,860,876		1,892,344
3.00%, 6/20/2043		1,283,852		1,305,563
3.00%, 12/20/2044		689,999		699,959
3.00%, 3/20/2045		783,821		794,620
3.00%, 4/20/2045		1,184,302		1,200,618
3.00%, 8/20/2045		1,559,038		1,580,517
3.00%, 1/20/2046		874,359		886,405
3.00%, 4/20/2046		1,757,280		1,781,479
3.00%, 5/20/2046		3,743,295		3,794,842
3.00%, 11/20/2046		1,746,141		1,770,186
3.50%, 2/15/2042		2,391,344		2,500,061
3.50%, 4/15/2042		1,246,023		1,302,670
3.50%, 6/20/2042		1,194,436		1,250,049
3.50%, 4/15/2043		378,505		395,486
3.50%, 4/20/2043		1,174,865		1,229,567
3.50%, 7/20/2043		2,924,473		3,057,013
3.50%, 9/20/2043		1,150,861		1,203,019
3.50%, 10/20/2043		567,532		593,253
3.50%, 12/20/2043		263,413		275,351
3.50%, 1/20/2044		536,006		560,298
3.50%, 3/20/2044		512,493		533,665
3.50%, 10/20/2044		1,009,322		1,051,018
3.50%, 12/20/2044		778,868		811,045
3.50%, 2/20/2045		600,379		624,640
3.50%, 3/20/2045		736,368		766,124
3.50%, 4/20/2045		4,475,412		4,656,262
3.50%, 6/20/2045		1,124,711		1,170,160
3.50%, 10/20/2045		1,621,634		1,687,163
3.50%, 11/20/2045		396,606		412,632
3.50%, 3/20/2046		3,358,800		3,495,866
3.50%, 4/20/2046		2,899,719		3,018,051
3.50%, 5/20/2046		2,968,239		3,089,367
4.00%, 4/15/2040		1,111,635		1,180,292
4.00%, 6/15/2040		74,902		79,528
4.00%, 3/20/2044		206,322		219,561
4.00%, 4/20/2044		305,084		324,660
4.00%, 6/20/2044		442,326		470,708
4.00%, 7/15/2044		1,216,554		1,295,775
4.00%, 8/20/2044		456,885		486,201
4.00%, 9/20/2044		459,977		489,492
4.00%, 10/20/2044		425,858		453,184
4.00%, 12/20/2044		1,045,565		1,112,655
4.00%, 2/20/2045		746,000		793,868
4.00%, 5/15/2045		1,082,740		1,150,394
4.00%, 6/15/2045		936,449		994,961
4.00%, 8/20/2045		777,278		826,157
4.00%, 9/20/2045		1,197,744		1,273,064
4.00%, 10/20/2045		1,112,087		1,182,021
4.00%, 11/20/2045		3,946,267		4,194,429
4.00%, 5/20/2046		267,765		284,629
4.50%, 6/15/2039		69,501		75,463
4.50%, 7/15/2039		255,061		276,942
4.50%, 4/15/2040		1,055,196		1,148,142
4.50%, 6/15/2040		619,521		674,092
4.50%, 3/15/2041		310,002		337,308
4.50%, 6/15/2041		344,147		374,246
4.50%, 9/20/2041		256,011		275,202
4.50%, 12/15/2041		52,440		57,026
4.50%, 1/15/2042		222,638		241,738
4.50%, 10/20/2043		186,471		199,410
4.50%, 4/20/2044		455,026		486,600
4.50%, 11/20/2044		1,103,225		1,179,107
4.50%, 12/20/2044		331,488		354,289
4.50%, 8/20/2045		640,009		684,030
4.50%, 9/20/2045		296,862		318,821
4.50%, 10/20/2045		1,110,807		1,187,210
4.50%, 4/20/2046		674,029		720,390
5.00%, 12/15/2038		289,382		316,936
5.00%, 4/15/2039		1,678,649		1,835,569
5.00%, 5/15/2039		108,448		118,585
5.00%, 11/20/2041		1,458,398		1,591,033
5.00%, 5/20/2044		322,002		351,286
5.00%, 11/20/2044		431,535		471,176
5.50%, 6/15/2038		438,318		489,115
5.50%, 7/15/2038		513,618		573,141
5.50%, 2/15/2039		81,171		90,578
5.50%, 5/20/2044		479,645		535,992
6.00%, 1/15/2038		35,744		40,620
6.00%, 4/15/2038		216,423		245,056
6.00%, 6/15/2041		212,464		241,447
TBA, 3.00%, 1/24/2047		4,750,000		4,808,633
TBA, 3.50%, 1/24/2047		3,500,000		3,639,453

See accompanying notes to financial statements.

179

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
TBA, 4.00%, 1/24/2047	$	500,000	$	531,094
Tennessee Valley Authority:
2.88%, 9/15/2024		300,000		306,072
4.63%, 9/15/2060		14,000		15,394
5.25%, 9/15/2039		350,000		436,485
7.13%, 5/1/2030		66,000		93,827
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $377,421,163)				374,375,422
U.S. TREASURY OBLIGATIONS — 35.5%
Treasury Bonds:
2.25%, 8/15/2046 (a)		1,200,000		1,009,380
2.50%, 2/15/2045		3,980,000		3,546,697
2.50%, 2/15/2046		4,300,000		3,823,087
2.50%, 5/15/2046		150,000		133,352
2.75%, 8/15/2042		2,151,000		2,032,867
2.75%, 11/15/2042		2,552,000		2,410,517
2.88%, 5/15/2043		1,900,000		1,836,369
2.88%, 8/15/2045		4,200,000		4,042,626
2.88%, 11/15/2046		700,000		676,039
3.00%, 11/15/2044		1,764,000		1,743,485
3.00%, 5/15/2045		200,000		197,354
3.00%, 11/15/2045		4,300,000		4,243,111
3.13%, 11/15/2041		2,518,000		2,556,550
3.13%, 2/15/2042		2,232,000		2,266,217
3.13%, 2/15/2043		1,342,000		1,360,090
3.13%, 8/15/2044		2,578,000		2,610,019
3.38%, 5/15/2044		2,664,000		2,826,131
3.50%, 2/15/2039		700,000		765,569
3.63%, 8/15/2043		3,950,000		4,382,209
3.63%, 2/15/2044		2,032,000		2,253,508
3.75%, 8/15/2041		150,000		169,011
3.75%, 11/15/2043		4,012,000		4,550,812
3.88%, 8/15/2040		150,000		172,259
4.25%, 11/15/2040		400,000		485,692
4.38%, 11/15/2039		500,000		617,275
4.38%, 5/15/2040		4,750,000		5,868,530
4.38%, 5/15/2041		1,544,000		1,910,762
4.50%, 2/15/2036		750,000		949,223
4.63%, 2/15/2040		600,000		766,854
4.75%, 2/15/2037		750,000		976,095
4.75%, 2/15/2041		500,000		651,960
5.25%, 11/15/2028		500,000		636,555
5.25%, 2/15/2029		250,000		319,568
5.38%, 2/15/2031		1,512,000		2,014,438
5.50%, 8/15/2028		500,000		647,370
6.13%, 11/15/2027		1,300,000		1,744,743
6.25%, 8/15/2023		1,000,000		1,250,380
6.50%, 11/15/2026		2,030,000		2,749,655
6.88%, 8/15/2025		750,000		1,014,630
7.13%, 2/15/2023		1,000,000		1,288,120
7.88%, 2/15/2021		172,000		213,395
8.13%, 8/15/2019		900,000		1,055,727
8.75%, 5/15/2020		738,000		910,633
8.75%, 8/15/2020		1,520,000		1,898,054
8.88%, 2/15/2019		180,000		209,160
Treasury Notes:
0.63%, 4/30/2018		7,200,000		7,164,360
0.63%, 6/30/2018		1,000,000		993,750
0.75%, 1/31/2018		13,875,000		13,846,417
0.75%, 2/28/2018		250,000		249,365
0.75%, 3/31/2018		4,425,000		4,412,035
0.75%, 8/31/2018		750,000		745,373
0.75%, 10/31/2018 (a)		7,100,000		7,048,667
0.75%, 8/15/2019		800,000		787,712
0.88%, 1/15/2018		3,570,000		3,568,465
0.88%, 3/31/2018		500,000		499,370
0.88%, 5/31/2018		950,000		948,176
0.88%, 10/15/2018		500,000		497,595
0.88%, 7/31/2019		490,000		484,301
1.00%, 2/15/2018		3,700,000		3,701,517
1.00%, 3/15/2018		500,000		500,230
1.00%, 5/31/2018		1,500,000		1,499,400
1.00%, 9/15/2018		500,000		498,885
1.00%, 11/30/2018 (a)		1,500,000		1,495,185
1.00%, 3/15/2019		2,200,000		2,188,296
1.00%, 9/30/2019		250,000		247,372
1.00%, 11/30/2019		250,000		246,970
1.13%, 12/31/2019		250,000		247,543
1.13%, 4/30/2020		400,000		394,480
1.13%, 2/28/2021		6,700,000		6,519,435
1.13%, 6/30/2021		400,000		387,160
1.13%, 9/30/2021		1,000,000		964,590
1.25%, 10/31/2018		3,400,000		3,405,202
1.25%, 11/15/2018		1,600,000		1,602,448
1.25%, 11/30/2018		250,000		250,327
1.25%, 12/15/2018		3,300,000		3,303,333
1.25%, 1/31/2019		5,470,000		5,472,407
1.25%, 1/31/2020		7,950,000		7,891,567
1.25%, 2/29/2020		1,680,000		1,666,459
1.25%, 3/31/2021		1,300,000		1,269,970
1.38%, 6/30/2018		250,000		251,168
1.38%, 7/31/2018		750,000		753,405
1.38%, 9/30/2018		1,888,000		1,895,099
1.38%, 11/30/2018		250,000		250,895
1.38%, 12/31/2018		300,000		300,981
1.38%, 2/28/2019		3,300,000		3,308,745
1.38%, 1/31/2020		17,300,000		17,234,261
1.38%, 2/29/2020		8,190,000		8,150,852
1.38%, 3/31/2020		4,250,000		4,227,603
1.38%, 4/30/2020		1,400,000		1,390,984
1.38%, 5/31/2020		400,000		397,444
1.38%, 8/31/2020		2,450,000		2,424,496
1.38%, 1/31/2021		1,500,000		1,476,150
1.38%,4/30/2021		3,650,000		3,580,759
1.38%, 6/30/2023		4,500,000		4,275,855
1.38%, 8/31/2023		3,100,000		2,937,653
1.50%, 8/31/2018		5,375,000		5,408,540
1.50%, 12/31/2018		6,200,000		6,236,147
1.50%, 1/31/2019		750,000		754,102
1.50%, 2/28/2019		750,000		754,080
1.50%, 3/31/2019		2,250,000		2,261,272
1.50%, 5/31/2019		1,250,000		1,255,663
1.50%, 10/31/2019		1,000,000		1,002,420
1.50%, 11/30/2019		2,685,000		2,690,343
1.50%, 1/31/2022		1,450,000		1,417,288
1.50%, 2/28/2023		5,900,000		5,675,151

See accompanying notes to financial statements.

180

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
1.50%, 3/31/2023	$	2,000,000	$	1,922,500
1.50%, 8/15/2026 (a)		2,200,000		2,023,714
1.63%, 3/31/2019		1,392,000		1,402,941
1.63%, 4/30/2019		1,475,000		1,486,505
1.63%, 6/30/2019		6,500,000		6,548,880
1.63%, 7/31/2019		1,042,000		1,049,169
1.63%, 8/31/2019		1,542,000		1,552,578
1.63%, 12/31/2019		3,200,000		3,215,584
1.63%, 7/31/2020		250,000		249,833
1.63%, 11/30/2020		2,000,000		1,991,980
1.63%, 8/15/2022		1,972,000		1,923,765
1.63%, 11/15/2022		3,964,000		3,858,914
1.63%, 5/31/2023		2,000,000		1,932,720
1.63%, 10/31/2023		5,000,000		4,811,850
1.63%, 2/15/2026		6,000,000		5,607,240
1.63%, 5/15/2026		800,000		746,064
1.75%, 9/30/2019		1,265,000		1,277,308
1.75%, 10/31/2020		1,900,000		1,903,800
1.75%, 12/31/2020		1,500,000		1,499,610
1.75%, 3/31/2022		500,000		493,420
1.75%, 5/15/2022		3,966,000		3,908,691
1.75%, 9/30/2022		2,500,000		2,452,975
1.75%, 5/15/2023		3,950,000		3,848,050
1.88%, 10/31/2022		47,000		46,379
2.00%, 7/31/2020		650,000		658,359
2.00%, 9/30/2020		400,000		404,536
2.00%, 11/30/2020		3,400,000		3,435,054
2.00%, 2/28/2021		650,000		655,265
2.00%, 5/31/2021		800,000		804,928
2.00%, 8/31/2021		2,150,000		2,158,600
2.00%, 10/31/2021		300,000		300,858
2.00%, 11/15/2021		1,150,000		1,153,185
2.00%, 2/15/2022		970,000		971,659
2.00%, 11/30/2022		6,000,000		5,960,580
2.00%, 2/15/2023		9,040,000		8,967,680
2.00%, 2/15/2025		950,000		924,834
2.00%, 8/15/2025		200,000		193,786
2.13%, 8/31/2020		1,000,000		1,016,080
2.13%, 1/31/2021		650,000		658,671
2.13%, 6/30/2021		1,000,000		1,010,680
2.13%, 8/15/2021		3,202,000		3,232,419
2.13%, 9/30/2021		800,000		807,152
2.13%, 12/31/2021		1,000,000		1,008,550
2.13%, 6/30/2022		500,000		501,775
2.13%, 12/31/2022		3,400,000		3,398,674
2.13%, 11/30/2023 (a)		2,000,000		1,987,420
2.13%, 5/15/2025		4,699,000		4,608,168
2.25%, 7/31/2018		416,000		423,538
2.25%, 3/31/2021		1,150,000		1,171,045
2.25%, 4/30/2021		1,000,000		1,017,660
2.25%, 7/31/2021		900,000		914,256
2.25%, 12/31/2023		3,000,000		3,002,340
2.25%, 11/15/2024		8,044,000		7,996,621
2.25%, 11/15/2025		1,800,000		1,777,356
2.38%, 12/31/2020		2,678,000		2,743,504
2.38%, 8/15/2024		3,655,000		3,672,836
2.50%, 8/15/2023		2,350,000		2,392,394
2.50%, 5/15/2024		10,720,000		10,884,874
2.63%, 4/30/2018		1,000,000		1,021,100
2.63%, 8/15/2020		4,700,000		4,859,706
2.63%, 11/15/2020		12,096,000		12,502,063
2.75%, 2/28/2018		2,000,000		2,040,540
2.75%, 2/15/2019		800,000		824,944
2.75%, 11/15/2023		5,383,000		5,560,531
2.75%, 2/15/2024		6,528,000		6,744,534
3.13%, 5/15/2019		3,175,000		3,309,334
3.13%, 5/15/2021		1,404,000		1,479,282
3.38%, 11/15/2019		2,200,000		2,321,000
3.50%, 2/15/2018		2,250,000		2,312,595
3.50%, 5/15/2020		1,555,000		1,652,716
3.63%, 8/15/2019		750,000		793,718
3.63%, 2/15/2020		2,200,000		2,340,778
3.63%, 2/15/2021		3,484,000		3,739,342
3.75%, 11/15/2018		1,200,000		1,256,928
TOTAL U.S. TREASURY OBLIGATIONS (Cost $435,794,077)				432,424,714
MUNICIPAL BONDS & NOTES — 1.0%
ALABAMA — 0.0% (b)
Alabama Economic Settlement Authority Series B, 4.26%, 9/15/2032		35,000		35,815
CALIFORNIA — 0.3%
California, Bay Area Toll Authority Revenue Series S1-SUB, 7.04%, 4/1/2050		100,000		141,729
California, State General Obligation:
7.30%, 10/1/2039		500,000		707,640
7.35%, 11/1/2039		110,000		156,180
7.50%, 4/1/2034		175,000		247,362
7.55%, 4/1/2039		225,000		332,921
7.63%, 3/1/2040		90,000		133,157
Los Angeles, CA, Community College District, General Obligation 6.60%, 8/1/2042		300,000		419,637
Los Angeles, CA, Department of Water & Power Revenue:
6.57%, 7/1/2045		150,000		206,518
6.60%, 7/1/2050		160,000		224,042
Los Angeles, CA, Unified School District, General Obligation Series RY, 6.76%, 7/1/2034		150,000		201,300
Sacramento, CA, Municipal Utility District, Electricity Revenue 6.16%, 5/15/2036		110,000		132,205
San Francisco, CA, Bay Area Toll Authority, Toll Bridge Revenue 6.26%, 4/1/2049		285,000		387,939
San Francisco, CA, City & County Public Utilities Commission, Water Revenue Series DE, 6.00%, 11/1/2040		50,000		61,192
State of California Department of Water Res. Power Supply Revenue Series P, 2.00%, 5/1/2022		25,000		24,295
University. of California:
Series AD, 4.86%, 5/15/2112		150,000		144,976

See accompanying notes to financial statements.

181

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series AQ, 4.77%, 5/15/2115	$	75,000	$	71,705
Series J, 4.13%, 5/15/2045		250,000		248,025
				3,840,823
CONNECTICUT — 0.0% (b)
Connecticut, State General Obligation 5.09%, 10/1/2030		100,000		112,915
Connecticut, State Special Tax Obligation Revenue Series B, 5.46%, 11/1/2030		120,000		139,859
State of Connecticut 5.63%, 12/1/2029		155,000		182,635
				435,409
GEORGIA — 0.1%
Georgia, Municipal Electric Authority Revenue:
6.64%, 4/1/2057		175,000		217,037
7.06%, 4/1/2057		100,000		113,666
State of Georgia Series H, 4.50%, 11/1/2025		200,000		220,738
				551,441
ILLINOIS — 0.1%
Chicago Transit Authority Series B, 6.90%, 12/1/2040		70,000		87,620
Chicago, IL, Metropolitan Water Reclamation District, General Obligation 5.72%, 12/1/2038		25,000		29,923
City of Chicago IL:
Series B, 7.38%, 1/1/2033		35,000		36,327
Series B, 7.75%, 1/1/2042		50,000		50,722
Illinois, State Toll Highway Authority Revenue 5.85%, 12/1/2034		220,000		268,627
State of Illinois:
5.10%, 6/1/2033		320,000		282,822
5.65%, 12/1/2038		5,000		4,634
7.35%, 7/1/2035		500,000		541,090
				1,301,765
KANSAS — 0.0% (b)
Kansas Devlopment Finance Authority Series H, 4.93%, 4/15/2045		50,000		53,470
LOUISIANA — 0.0% (b)
East Baton Rouge, LA, Sewer Commission Revenue 6.09%, 2/1/2045		360,000		396,695
MASSACHUSETTS — 0.0% (b)
Commonwealth of Massachusetts:
4.91%, 5/1/2029		100,000		115,449
Series F, 3.28%, 6/1/2046		50,000		45,365
				160,814
MISSISSIPPI — 0.0% (b)
Mississippi, State General Obligation 5.25%, 11/1/2034		100,000		119,973
MISSOURI — 0.0% (b)
Missouri, State Health & Educational Facilities Authority Revenue 3.09%, 9/15/2051		50,000		41,808
NEW JERSEY — 0.1%
New Jersey Economic Development Authority Series A, 7.43%, 2/15/2029		525,000		625,428
New Jersey, State Transportation Trust Revenue Series C, 6.10%, 12/15/2028		100,000		105,835
New Jersey, State Turnpike Authority Revenue Series A, 7.10%, 1/1/2041		275,000		384,766
Rutgers University, Revenue 5.67%, 5/1/2040		255,000		299,602
				1,415,631
NEW YORK — 0.2%
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue 5.72%, 6/15/2042		215,000		271,545
New York, NY, City Transitional Finance Authority Revenue 5.51%, 8/1/2037		100,000		120,603
New York, NY, General Obligation:
5.52%, 10/1/2037		85,000		102,828
Series A2, 5.21%, 10/1/2031		100,000		114,535
New York, NY, Metropolitan Transportation Authority Revenue:
6.55%, 11/15/2031		200,000		252,152
6.67%, 11/15/2039		150,000		198,921
New York, State Dormitory Authority, State Personal Income Tax Revenue 5.63%, 3/15/2039		105,000		127,948
Port Authority of New York & New Jersey:
5.86%, 12/1/2024		325,000		390,497
Series 192, 4.81%, 10/15/2065		150,000		161,433
				1,740,462
OHIO — 0.0% (b)
Ohio State University, General Receipts Revenue:
4.05%, 12/1/2056		50,000		49,709
Series C, 4.91%, 6/1/2040		100,000		114,051
Ohio, American Municipal Power, Inc., Revenue 8.08%, 2/15/2050		200,000		303,712
				467,472
OREGON — 0.0% (b)
Oregon School Boards Association Series B, 5.68%, 6/30/2028		100,000		118,070
Port of Morrow, OR, Revenue 2.99%, 9/1/2036		50,000		44,799
				162,869

See accompanying notes to financial statements.

182

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
PENNSYLVANIA — 0.1%
Pennsylvania, State General Obligation 5.45%, 2/15/2030	$	240,000	$	278,810
Pennsylvania, Turnpike Commission Revenue Series B, 5.51%, 12/1/2045		75,000		90,370
State Public School Building Authority 5.00%, 9/15/2027		99,000		100,603
				469,783
SOUTH CAROLINA — 0.0% (b)
California, State Public Service Authority Series D, 2.39%, 12/1/2023		100,000		97,143
TENNESSEE — 0.0% (b)
Metropolitan Government Nashville & Davidson County, TN, Health & Educational Facilities Revenue Series B, 4.05%, 7/1/2026		10,000		10,345
TEXAS — 0.1%
Dallas, TX, Convention Center Hotel Development Corp. Revenue 7.09%, 1/1/2042		165,000		218,148
North Texas, Tollway Authority Revenue Series C, 6.72%, 1/1/2049		50,000		70,161
San Antonio, TX, Public Service Board Revenue 5.99%, 2/1/2039		75,000		94,637
Texas, State General Obligation:
5.52%, 4/1/2039		100,000		125,715
Series A, 4.63%, 4/1/2033		200,000		226,194
Texas, State Transportation Commission, Revenue, Series B Series B-, 5.18%, 4/1/2030		110,000		129,006
University of Texas System, Revenue Series A, 3.85%, 8/15/2046		50,000		50,835
				914,696
WASHINGTON — 0.0% (b)
Washington, State General Obligation 5.14%, 8/1/2040		150,000		179,230
TOTAL MUNICIPAL BONDS & NOTES (Cost $12,048,987)				12,395,644
ASSET-BACKED SECURITIES — 0.4%
AUTOMOBILE — 0.2%
AmeriCredit Automobile Receivables Trust
Series 2014-3, Class C, 2.58%, 9/8/2020		1,000,000		1,010,991
Capital Auto Receivables Asset Trust
Series 2015-3, Class A3, 1.94%, 1/21/2020		500,000		502,363
CarMax Auto Owner Trust
Series 2015-4, Class A4, 1.83%, 6/15/2021		750,000		749,549
GM Financial Automobile Leasing Trust
Series 2015-2, Class A3, 1.68%, 12/20/2018		600,000		601,447
				2,864,350
CREDIT CARD — 0.1%
Capital One Multi-Asset Execution Trust
Series 2016-A4, Class A4, 1.33%, 6/15/2022		500,000		493,177
Citibank Credit Card Issuance Trust
Series 2008-A1, Class A1, 5.35%, 2/7/2020		525,000		547,250
				1,040,427
FOREST PRODUCTS & PAPER — 0.1%
Citibank Credit Card Issuance Trust
Series 2007-A3, Class A3, 6.15%, 6/15/2039		250,000		327,853
Discover Card Execution Note Trust
Series 2014-A4, Class A4, 2.12%, 12/15/2021		500,000		503,115
				830,968
IRON/STEEL — 0.0% (b)
Chase Issuance Trust
Series 2015-A2, Class A2, 1.59%, 2/18/2020		500,000		501,064
TOTAL ASSET-BACKED SECURITIES (Cost $5,272,093)				5,236,809
MORTGAGE-BACKED SECURITIES — 1.1%
Citigroup Commercial Mortgage Trust:
Series 2012-GC8, Class A4, 3.02%, 9/10/2045		500,000		511,350
Series 2014-GC25, Class A3, 3.37%, 10/10/2047		500,000		507,840
COMM Mortgage Trust:
Series 2012-LC4, Class AM, 4.06%, 12/10/2044		1,500,000		1,583,475
Series 2014-UBS3, Class A4, 3.82%, 6/10/2047		500,000		523,035
Commercial Mortgage Pass Through Certificates
Series 2014-CR14, Class A3, 3.96%, 2/10/2047		500,000		529,575
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A1, 1.72%, 8/15/2048		820,211		816,536
FHLMC Multifamily Structured Pass Through Certificates
4.49%, 11/25/2019		1,000,000		1,066,090
GS Mortgage Securities Corp. II
Series 2015-GC30, Class A4, 3.38%, 5/10/2050		1,600,000		1,625,952
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2012-C6, Class ASB, 3.14%, 5/15/2045		244,276		250,796

See accompanying notes to financial statements.

183

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series 2013-C10, Class A5, 3.14%, 12/15/2047	$	500,000	$	509,365
Series 2014-C20, Class A2, 2.87%, 7/15/2047		900,000		917,892
JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class A4, 3.80%, 9/15/2047		1,500,000		1,557,660
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23, Class A3, 3.45%, 7/15/2050		500,000		509,405
UBS-Barclays Commercial Mortgage Trust
Series 2013-C5, Class A4, 3.19%, 3/10/2046		1,000,000		1,016,490
Wells Fargo Commercial Mortgage Trust
Series 2015-P2, Class A4, 3.81%, 12/15/2048		1,335,000		1,390,349
WFRBS Commercial Mortgage Trust
Series 2012-C9, Class A3, 2.87%, 11/15/2045		200,000		202,358
TOTAL MORTGAGE-BACKED SECURITIES (Cost $13,620,735)				13,518,168
	Shares
SHORT-TERM INVESTMENTS — 2.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		23,309,108		23,309,108
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h)		5,494,773		5,494,773
TOTAL SHORT-TERM INVESTMENTS (Cost $28,803,881)				28,803,881
TOTAL INVESTMENTS — 101.8% (Cost $1,245,826,613)				1,240,914,766
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%				(21,909,851	)
NET ASSETS — 100.0%			$	1,219,004,915

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Amount is less than 0.05% of net assets.

(c) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(d) 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, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(e) Step-up bond — Coupon rate increases in increments to maturity. Rate shown as of December 31, 2016. Maturity date shown is the final maturity.

(f) The rate shown is the annualized seven-day yield at December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

GMTN = Global Medium Term Note

MTN = Medium Term Note

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Advertising	$	—	$	571,852	$	—	$	571,852
Aerospace & Defense		—		4,424,656		—		4,424,656
Agriculture		—		2,902,188		—		2,902,188
Airlines		—		1,241,855		—		1,241,855
Apparel		—		190,294		—		190,294
Auto Manufacturers		—		6,595,035		—		6,595,035
Auto Parts & Equipment.		—		440,866		—		440,866
Banks		—		70,018,115		—		70,018,115
Beverages		—		9,677,151		—		9,677,151
Biotechnology		—		4,866,427		—		4,866,427
Chemicals		—		5,608,741		—		5,608,741

See accompanying notes to financial statements.

184

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Commercial Services	$	—	$	2,582,089	$	—	$	2,582,089
Construction Materials		—		1,120,287		—		1,120,287
Distribution & Wholesale		—		115,475		—		115,475
Diversified Financial Services		—		11,929,395		—		11,929,395
Electric		—		23,181,182		—		23,181,182
Electrical Components & Equipment		—		404,806		—		404,806
Electronics		—		2,403,679		—		2,403,679
Engineering & Construction		—		460,656		—		460,656
Environmental Control		—		884,245		—		884,245
Food		—		5,184,202		—		5,184,202
Forest Products & Paper		—		1,380,029		—		1,380,029
Gas		—		1,128,383		—		1,128,383
Hand & Machine Tools		—		315,498		—		315,498
Health Care Products		—		6,014,851		—		6,014,851
Health Care Services		—		5,710,193		—		5,710,193
Holding Companies-Divers		—		423,786		—		423,786
Home Builders		—		143,363		—		143,363
Home Furnishings		—		197,313		—		197,313
Household Products		—		1,046,627		—		1,046,627
Household Products & Wares		—		657,085		—		657,085
Housewares		—		774,417		—		774,417
Insurance		—		10,809,328		—		10,809,328
Internet		—		2,354,561		—		2,354,561
Investment Company Security		—		302,857		—		302,857
Iron/Steel		—		909,678		—		909,678
IT Services		—		7,751,231		—		7,751,231
Leisure Time		—		169,731		—		169,731
Lodging		—		478,114		—		478,114
Machinery, Construction & Mining		—		1,347,869		—		1,347,869
Machinery-Diversified		—		2,108,882		—		2,108,882
Media		—		12,130,151		—		12,130,151
Metal Fabricate & Hardware		—		546,168		—		546,168
Mining		—		3,063,341		—		3,063,341
Miscellaneous Manufacturer		—		2,762,131		—		2,762,131
Multi-National		—		5,314,364		—		5,314,364
Office & Business Equipment		—		493,039		—		493,039
Oil & Gas		—		23,611,738		—		23,611,738
Oil & Gas Services		—		1,394,995		—		1,394,995
Packaging & Containers		—		363,599		—		363,599
Pharmaceuticals		—		16,768,903		—		16,768,903
Pipelines		—		11,216,275		—		11,216,275
Real Estate		—		599,933		—		599,933
Real Estate Investment Trusts		—		9,587,887		—		9,587,887
Retail		—		11,483,729		—		11,483,729
Semiconductors		—		3,490,201		—		3,490,201
Software		—		7,619,895		—		7,619,895
Telecommunications		—		17,289,891		—		17,289,891
Textiles		—		117,810		—		117,810
Tobacco		—		535,460		—		535,460
Toys/Games/Hobbies		—		138,306		—		138,306
Transportation		—		5,949,995		—		5,949,995
Trucking & Leasing		—		220,293		—		220,293
Water		—		386,535		—		386,535
Foreign Government Obligations		—		40,248,497		—		40,248,497
U.S. Government Agency Obligations		—		374,375,422		—		374,375,422
U.S. Treasury Obligations		—		432,424,714		—		432,424,714
Municipal Bonds & Notes		—		12,395,644		—		12,395,644

See accompanying notes to financial statements.

185

SPDR Bloomberg Barclays Aggregate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Asset-Backed Securities
Automobile	$	—	$	2,864,350	$	—	$	2,864,350
Credit Card		—		1,040,427		—		1,040,427
Forest Products & Paper		—		830,968		—		830,968
Iron/Steel		—		501,064		—		501,064
Mortgage-Backed Securities		—		13,518,168		—		13,518,168
Short-Term Investments		28,803,881		—		—		28,803,881
TOTAL INVESTMENTS	$	28,803,881	$	1,212,110,885	$	—	$	1,240,914,766

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		54,613,609	$	54,613,609		55,158,122		109,771,731		—	$	—	$	29,023	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		59,522,721		36,213,613		23,309,108		23,309,108		8,068		—
State Street Navigator Securities Lending Government Money Market Portfolio*		18,701,615		18,701,615		44,875,209		58,082,051		5,494,773		5,494,773		16,758		—
TOTAL			$	73,315,224							$	28,803,881	$	53,849	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

186

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
MUNICIPAL BONDS & NOTES — 99.4%
ALABAMA — 0.8%
Alabama, Federal Aid Highway Finance Authority Revenue 5.00%, 9/1/2025	$	265,000	$	312,915
Alabama, Public School & College Authority Revenue Series B, 5.00%, 1/1/2021		2,250,000		2,522,250
Alabama, State General Obligation:
Series A, 5.00%, 8/1/2022		3,465,000		4,022,380
Series A, 5.00%, 8/1/2024		1,800,000		2,149,758
Auburn, AL, University Revenue:
Series A, 4.00%, 6/1/2032		300,000		317,850
Series A, 5.00%, 6/1/2028		150,000		177,663
Birmingham, AL, Waterworks Board Revenue:
Series A, 4.00%, 1/1/2041		1,185,000		1,214,459
Series A, 5.00%, 1/1/2028		100,000		119,054
Series A, 5.00%, 1/1/2042		200,000		222,814
Series B, 4.00%, 1/1/2036		200,000		203,966
Series B, 5.00%, 1/1/2043		5,000,000		5,525,500
Mobile County, AL, Board of School Commissioners, Capital Outlay Revenue 3.75%, 3/1/2042		500,000		500,910
University of Alabama, AL, General Revenue Series D-2, 5.00%, 10/1/2037		230,000		258,465
				17,547,984
ALASKA — 0.2%
Alaska, State General Obligation:
Series A, 4.00%, 8/1/2020		175,000		187,131
Series A, 5.00%, 8/1/2018		300,000		316,734
Series A, 5.00%, 8/1/2034		800,000		892,584
Series B, 5.00%, 8/1/2026		500,000		587,470
Anchorage, AK, General Obligation Series B, 5.00%, 9/1/2019		1,500,000		1,630,410
Borough of Matanuska-Susitna, AK, Lease Revenue 5.25%, 9/1/2028		135,000		155,883
Borough of North Slope, AK, General Obligation Series A, 5.00%, 6/30/2019		500,000		541,780
				4,311,992
ARIZONA — 2.1%
Arizona, Board of Regents, University System Revenue:
5.00%, 6/1/2026		300,000		363,069
5.00%, 6/1/2027		2,245,000		2,700,264
5.00%, 6/1/2029		250,000		297,245
5.00%, 6/1/2032		795,000		925,149
Arizona, Phoenix Civic Improvement Corp., Water System Revenue:
5.00%, 7/1/2020		650,000		723,060
Series B, 5.00%, 7/1/2018		1,000,000		1,055,600
Arizona, Salt River Project, Agricultural Improvement & Power District Revenue:
Series A, 5.00%, 12/1/2029		230,000		258,157
Series A, 5.00%, 12/1/2031		8,305,000		9,268,380
Arizona, State Transportation Board, Highway Revenue:
Series A, 5.00%, 7/1/2026		300,000		347,247
Series A, 5.00%, 7/1/2028		455,000		532,164
5.00%, 7/1/2035		5,000,000		5,784,700
Series A, 5.00%, 7/1/2022		170,000		191,947
Series A, 5.00%, 7/1/2024		100,000		114,960
Arizona, State University Revenue Series C, 5.00%, 7/1/2042		790,000		889,050
Arizona, Transportation Board Revenue 5.00%, 7/1/2026		100,000		120,627
Chandler, AZ, General Obligation 4.00%, 7/1/2022		1,120,000		1,237,118
Maricopa, AZ, Community College District, General Obligation 5.00%, 7/1/2023		150,000		177,156
Mesa, AZ, Excise Tax Revenue 5.00%, 7/1/2027		2,000,000		2,039,220
Phoenix, AZ, Civic Improvement Corp., Water System Revenue:
5.00%, 7/1/2033		150,000		174,210
Series A, 5.00%, 7/1/2039		3,325,000		3,775,205
Series B, 5.00%, 7/1/2024		115,000		137,208
Series B, 5.00%, 7/1/2026		1,000,000		1,175,750
Series B, 5.00%, 7/1/2027		1,435,000		1,682,911
SubSeries A, 5.00%, 7/1/2025		100,000		119,183
Phoenix, AZ, General Obligation 4.00%, 7/1/2022		750,000		829,252
Pima County, Regional Transportation Authority Revenue 5.00%, 6/1/2025		315,000		368,037
Pima, AZ, Sewer System Revenue:
5.00%, 7/1/2023		6,250,000		7,323,437
Series B, 5.00%, 7/1/2021		100,000		113,324
Scottsdale, AZ, General Obligation:
3.00%, 7/1/2022		170,000		178,976
3.00%, 7/1/2028		100,000		103,463
3.00%, 7/1/2032		200,000		202,596
				43,208,665
ARKANSAS — 0.4%
Arkansas, State General Obligation:
3.00%, 4/1/2023		400,000		423,584
3.25%, 6/15/2022		275,000		292,320
4.00%, 4/1/2025		500,000		561,400
5.00%, 4/1/2018		1,000,000		1,046,950
5.00%, 10/1/2019		100,000		109,383
5.00%, 4/1/2020		100,000		110,755
5.00%, 6/15/2021		125,000		142,125
5.00%, 4/1/2026		250,000		295,842
Fort Smith, AR, Sales & Use Tax Revenue 3.60%, 5/1/2026		495,000		502,455

See accompanying notes to financial statements.

187

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Little Rock, AR, School District, General Obligation 3.00%, 2/1/2024	$	4,355,000	$	4,471,104
North Little Rock School District No. 1, General Obligation Series B, 4.25%, 2/1/2040		170,000		181,485
				8,137,403
CALIFORNIA — 18.9%
Alameda County, Joint Powers Authority Revenue Series A, 5.00%, 12/1/2030		120,000		138,013
Anaheim, CA, Housing & Public Improvements Authority Revenue Series A, 5.00%, 10/1/2041		2,220,000		2,434,208
Anaheim, Public Financing Authority Revenue:
4.00%, 10/1/2030		145,000		152,743
Series A, 5.00%, 5/1/2034		230,000		253,980
Bakersfield, CA, Wastewater Revenue:
Series A, 5.00%, 9/15/2025		100,000		120,203
Series A, 5.00%, 9/15/2029		5,000,000		5,839,250
Series A, 5.00%, 9/15/2031		1,000,000		1,107,800
Series A, 5.00%, 9/15/2032		2,000,000		2,213,340
California, Bay Area Toll Authority Revenue:
5.00%, 4/1/2028		550,000		623,749
5.00%, 4/1/2031		625,000		704,200
California, East Bay Municipal Utility District, Water System Revenue:
Series A, 5.00%, 6/1/2033		565,000		652,914
Series B, 5.00%, 6/1/2020		350,000		389,406
Series B, 5.00%, 6/1/2029		1,375,000		1,722,971
California, Infrastructure & Economic Development Bank Revenue:
5.00%, 10/1/2032		3,160,000		3,722,354
5.00%, 10/1/2033		3,765,000		4,411,601
5.00%, 10/1/2034		2,400,000		2,799,456
5.00%, 10/1/2035		2,225,000		2,583,603
Series A, 4.00%, 10/1/2045		3,315,000		3,398,273
California, State Department of Water Resources Center Valley Project, Revenue:
Series AM, 5.00%, 12/1/2018		605,000		648,058
Series AM, 5.00%, 12/1/2020		110,000		123,881
Series AS, 5.00%, 12/1/2024		260,000		313,394
Series AW, 4.00%, 12/1/2020		2,790,000		3,036,971
Series AW, 5.00%, 12/1/2029		300,000		363,096
California, State Department of Water Resources Power Supply Revenue Series O, 5.00%, 5/1/2022		120,000		138,941
California, State Educational Facilities, Authority Revenue:
Series U-2, 5.00%, 10/1/2032		500,000		619,000
Series U-3, 5.00%, 6/1/2043		855,000		1,088,646
Series U-6, 5.00%, 5/1/2045		100,000		127,022
Series U-7, 5.00%, 6/1/2046		100,000		127,188
California, State General Obligation:
3.25%, 3/1/2032		250,000		242,978
3.75%, 12/1/2034		100,000		100,337
4.00%, 4/1/2022		500,000		549,230
4.00%, 5/1/2023		225,000		249,620
4.00%, 9/1/2026		100,000		109,131
4.00%, 9/1/2027		100,000		108,578
4.00%, 9/1/2033		850,000		889,508
4.00%, 9/1/2037		1,005,000		1,039,944
4.00%, 12/1/2040		400,000		400,660
4.00%, 8/1/2045		2,000,000		2,033,380
4.50%, 12/1/2043		1,410,000		1,494,022
5.00%, 3/1/2018		3,250,000		3,395,080
5.00%, 4/1/2018		140,000		146,663
5.00%, 2/1/2019		1,650,000		1,771,935
5.00%, 9/1/2019		170,000		185,290
5.00%, 10/1/2019		350,000		382,347
5.00%, 8/1/2020		1,000,000		1,114,630
5.00%, 9/1/2020		945,000		1,055,055
5.00%, 8/1/2021		4,000,000		4,546,160
5.00%, 9/1/2021		10,300,000		11,725,829
5.00%, 9/1/2022		250,000		289,043
5.00%, 10/1/2022		4,340,000		5,027,153
5.00%, 2/1/2023		525,000		597,886
5.00%, 10/1/2023		615,000		722,287
5.00%, 11/1/2023		4,550,000		5,349,708
5.00%, 3/1/2024		1,875,000		2,215,331
5.00%, 9/1/2024		995,000		1,172,279
5.00%, 10/1/2024		215,000		243,393
5.00%, 12/1/2024		10,060,000		11,806,014
5.00%, 3/1/2025		365,000		436,394
5.00%, 10/1/2025		350,000		380,170
5.00%, 11/1/2025		250,000		291,870
5.00%, 3/1/2026		1,000,000		1,186,630
5.00%, 10/1/2026		125,000		143,489
5.00%, 11/1/2026		150,000		176,606
5.00%, 8/1/2027		4,260,000		5,051,806
5.00%, 11/1/2027		200,000		230,768
5.00%, 12/1/2027		325,000		375,563
5.00%, 8/1/2028		1,000,000		1,171,340
5.00%, 9/1/2028		250,000		280,455
5.00%, 10/1/2028		450,000		524,218
5.00%, 10/1/2029		2,675,000		2,796,204
5.00%, 8/1/2030		1,720,000		2,007,997
5.00%, 9/1/2030		210,000		234,400
5.00%, 9/1/2031		1,050,000		1,234,495
5.00%, 3/1/2032		280,000		322,204
5.00%, 8/1/2032		1,295,000		1,478,670
5.00%, 10/1/2032		840,000		961,456
5.00%, 11/1/2032		250,000		280,303
5.00%, 8/1/2033		6,695,000		7,615,295
5.00%, 10/1/2033		550,000		627,071
5.00%, 8/1/2034		5,350,000		6,122,914
5.00%, 9/1/2034		150,000		173,754
5.00%, 8/1/2035		2,600,000		2,960,932
5.00%, 9/1/2036		1,120,000		1,288,280
5.00%, 4/1/2037		200,000		220,918
5.00%, 10/1/2037		425,000		478,915
5.00%, 10/1/2039		380,000		427,097

See accompanying notes to financial statements.

188

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.00%, 4/1/2042	$	250,000	$	272,795
5.00%, 9/1/2042		440,000		483,045
5.00%, 2/1/2043		160,000		175,683
5.00%, 4/1/2043		680,000		747,082
5.00%, 10/1/2044		550,000		616,165
5.00%, 8/1/2045		4,780,000		5,386,104
5.00%, 9/1/2045		500,000		570,215
5.25%, 9/1/2029		150,000		173,847
Series B, 4.00%, 8/1/2017		250,000		254,470
Series B, 5.00%, 8/1/2024		9,400,000		11,154,416
Series B, 5.00%, 9/1/2018		100,000		106,175
Series B, 5.00%, 9/1/2023		2,900,000		3,402,048
Series B, 5.00%, 9/1/2025		100,000		120,209
Series C, 5.00%, 9/1/2032		1,250,000		1,448,575
California, State Infrastructure & Economic Development Bank Revenue Series A, 5.00%, 10/1/2041		400,000		462,356
California, State Public Works Board, Lease Revenue:
Series F, 5.00%, 10/1/2018		350,000		373,128
Series G, 5.00%, 12/1/2021		100,000		114,705
Series G, 5.00%, 12/1/2024		215,000		246,616
California, William S. Hart Union High School District, General Obligation:
Series C, 3.50%, 8/1/2038		300,000		288,537
Series C, 4.00%, 8/1/2038		200,000		205,112
Capistrano, Unified School District, Special Tax 3.00%, 9/1/2025		110,000		112,027
Chabot-Las Positas, CA, Community College District, General Obligation:
4.00%, 8/1/2033		1,015,000		1,063,537
5.00%, 8/1/2026		100,000		116,049
5.00%, 8/1/2029		110,000		126,930
Chaffey, Joint Union High School District, General Obligation Series A, 5.00%, 8/1/2037		125,000		140,285
Clovis, CA, Unified School District, General Obligation Series A, 4.00%, 8/1/2037		100,000		103,586
Coast, CA, Community College District, General Obligation Series A, 5.00%, 8/1/2020		500,000		557,500
Coast, CA, Community College District, General Obligation, Election of 2012 Series A, 4.00%, 8/1/2032		2,530,000		2,679,852
Contra Costa, CA, Community College District, General Obligation 5.00%, 8/1/2038		2,080,000		2,321,176
Contra Costa, CA, Transportation Authority Revenue Series A, 5.00%, 3/1/2032		100,000		116,017
Contra Costa, CA, Transportation Authority, Sales Tax Revenue Series B, 5.00%, 3/1/2024		295,000		326,220
Desert Sands, CA, Unified School District, General Obligation 5.00%, 8/1/2042		6,550,000		7,396,194
East Bay, CA, Municipal Utility District, Water System Revenue:
Series A, 5.00%, 6/1/2028		1,905,000		2,291,201
Series B, 5.00%, 6/1/2022		115,000		133,038
El Dorado Irrigation District/El Dorado County Water Agency Revenue Series C, 5.00%, 3/1/2032		335,000		386,828
Foothill-De Anza Community College District, General Obligation 5.00%, 8/1/2035		270,000		308,885
Fremont, CA, Union High School District, General Obligation 5.00%, 8/1/2040		680,000		771,494
Grossmont, CA, Community College District, General Obligation Series A, 5.25%, 8/1/2038		3,300,000		3,797,145
Huntington Beach, CA, Union High School District, General Obligation:
5.00%, 8/1/2021		100,000		113,560
5.00%, 8/1/2022		100,000		115,515
Imperial, CA, Irrigation District Electric System Revenue Series B-1, 5.00%, 11/1/2046.		4,250,000		4,802,245
Irvine Ranch, CA, Water District 5.25%, 2/1/2046		5,000,000		5,843,750
Livermore Valley, CA, Joint Unified School District, General Obligation 4.00%, 8/1/2041		4,190,000		4,229,805
Long Beach, CA, Community College District, General Obligation:
Series B, 4.00%, 8/1/2041		7,140,000		7,196,406
Series B, 4.00%, 8/1/2042		120,000		121,012
Series B, 5.00%, 8/1/2039		2,000,000		2,197,340
Long Beach, CA, Unified School District, General Obligation:
5.00%, 8/1/2029		250,000		283,708
5.00%, 8/1/2030		160,000		181,128
Los Angeles, CA, Community College District, General Obligation: 4.00%, 8/1/2038		500,000		513,615
Series A, 5.00%, 8/1/2019		1,000,000		1,090,100
Series A, 5.00%, 8/1/2023		100,000		118,118
Series A, 5.00%, 8/1/2026		150,000		177,083
Series A, 5.00%, 8/1/2029		200,000		233,394
Series A, 5.00%, 8/1/2031		1,970,000		2,281,299
Series F, 4.00%, 8/1/2032		3,380,000		3,569,855
Series F, 5.00%, 8/1/2027		475,000		553,750
Series G, 4.00%, 8/1/2039		250,000		255,240
Los Angeles, CA, Department of Airports Revenue Series C, 5.00%, 5/15/2038		200,000		226,690
Los Angeles, CA, Department of Water & Power Revenue:
Series A, 5.00%, 7/1/2026		100,000		115,509
Series B, 5.00%, 7/1/2030		1,015,000		1,178,610

See accompanying notes to financial statements.

189

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series D, 5.00%, 7/1/2039	$	4,875,000	$	5,489,786
Series A, 5.00%, 7/1/2040		865,000		986,515
Series B, 5.00%, 7/1/2028		250,000		299,147
Series B, 5.00%, 12/1/2018		1,500,000		1,601,280
Series B, 5.00%, 7/1/2019		320,000		348,163
Series B, 5.00%, 7/1/2032		800,000		915,927
Series E, 5.00%, 7/1/2035		2,100,000		2,360,120
Series B, 5.00%, 7/1/2043		1,420,000		1,571,581
Series B, 5.00%, 7/1/2045		2,315,000		2,626,668
Series D, 5.00%, 7/1/2022		185,000		214,445
Series D, 5.00%, 7/1/2033		1,000,000		1,146,240
Los Angeles, CA, Department of Water Revenue:
Series B, 5.00%, 7/1/2020		115,000		128,257
Series B, 5.00%, 7/1/2021		100,000		113,833
Series B, 5.00%, 7/1/2026		100,000		116,714
Series B, 5.00%, 7/1/2035		220,000		250,635
Los Angeles, CA, General Obligation:
Series A, 5.00%, 9/1/2024		355,000		401,434
Series B, 5.00%, 9/1/2021		100,000		113,747
Los Angeles, CA, Harbor Department Revenue Series B, 5.00%, 8/1/2039		2,050,000		2,300,735
Los Angeles, CA, Metropolitan Transportation Authority Revenue Series B, 5.00%, 7/1/2030		120,000		137,094
Los Angeles, CA, Public Works Financing Authority Revenue:
4.00%, 8/1/2037		145,000		147,828
5.00%, 8/1/2042		450,000		494,163
Series D, 4.00%, 12/1/2036		595,000		607,965
Series D, 5.00%, 12/1/2030		155,000		180,381
Series D, 5.00%, 12/1/2045		1,080,000		1,210,896
Los Angeles, CA, Redevelopment Authority, Tax Allocation 5.25%, 12/1/2025 (a)		3,505,000		4,220,335
Los Angeles, CA, Unified School District, General Obligation:
Series A, 2.00%, 7/1/2022		680,000		682,115
Series A, 4.00%, 7/1/2040		950,000		960,915
Series D, 5.00%, 7/1/2021		10,000,000		11,378,600
Series A, 5.00%, 7/1/2023		4,100,000		4,831,358
Series A, 5.00%, 7/1/2028		100,000		112,818
Series A, 5.00%, 7/1/2030		650,000		731,536
Series A, 5.00%, 7/1/2031		400,000		449,260
Series A, 5.00%, 7/1/2032		430,000		481,978
Series B, 3.00%, 7/1/2032		885,000		809,279
Series C, 5.00%, 7/1/2024		1,970,000		2,351,924
Los Angeles, CA, Wastewater System Revenue:
Series A, 5.00%, 6/1/2018		105,000		110,604
Series B, 5.00%, 6/1/2024		100,000		116,917
Series B, 5.00%, 6/1/2035		295,000		330,604
Marin, CA, Water District Financing Authority Revenue Series A, 5.00%, 7/1/2044		905,000		1,020,369
Metropolitan Water District of Southern California Revenue Series A, 4.00%, 7/1/2045		1,500,000		1,544,655
Monterey Peninsula, CA, Community College District, General Obligation:
Zero Coupon, 8/1/2026		350,000		247,139
Zero Coupon, 8/1/2030		170,000		100,026
Oakland Alameda County, CA, Unified School District, General Obligation:
5.00%, 8/1/2022 (a)		350,000		406,906
5.00%, 8/1/2025		200,000		241,102
6.63%, 8/1/2038		200,000		236,952
Series A, 5.00%, 8/1/2040		100,000		111,494
Oakland Alameda County, Coliseum Authority Revenue Series A, 5.00%, 2/1/2022		150,000		171,834
Ohlone, Community College District, General Obligation 5.00%, 8/1/2027		300,000		348,258
Orange County, CA, Sanitation District Wastewater Revenue:
Series A, 3.00%, 2/1/2031		400,000		406,220
Series A, 5.00%, 2/1/2035		1,955,000		2,248,035
Series B, 2.00%, 12/15/2018		1,200,000		1,214,808
Peralta, CA, Community College District, General Obligation, Election of 2006 Series D, 4.00%, 8/1/2039		250,000		251,800
Rancho Cucamonga Redevelopment Agency Successor Agency:
5.00%, 9/1/2022 (a)		1,080,000		1,236,244
5.00%, 9/1/2028 (a)		415,000		475,656
Regents of the University of California Medical Center Pooled Revenue Series J, 5.25%, 5/15/2038		100,000		115,759
Riverside County, CA, Transportation Commission, Sales Tax Revenue:
Series A, 5.25%, 6/1/2031		150,000		174,080
Series A, 5.25%, 6/1/2033		500,000		577,705
Riverside, CA, Community College District Foundation, General Obligation 5.00%, 8/1/2029		1,200,000		1,413,948
Sacramento, CA, Municipal Utility District, Electricity Revenue:
5.00%, 7/1/2028		325,000		380,832
5.00%, 7/1/2029		1,000,000		1,166,020
Series A, 5.00%, 8/15/2041		200,000		219,666
Series B, 5.00%, 8/15/2017		105,000		107,597
Series D, 5.00%, 8/15/2023		4,600,000		5,419,352
San Antonio, CA, Community College District, General Obligation 6.25%, 8/1/2043 (b)		2,160,000		1,525,586
San Bernardino, CA, Community College District, General Obligation Series A, 5.00%, 8/1/2029		1,010,000		1,168,105
San Diego County, CA, Public Facilities Financing Authority, Sewer Revenue:
5.00%, 5/15/2023		100,000		117,703
Series A, 5.00%, 5/15/2034		5,300,000		6,140,580

See accompanying notes to financial statements.

190

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
San Diego County, CA, Public Facilities Financing Authority, Water Revenue Series B, 5.00%, 8/1/2017	$	650,000	$	664,339
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue:
Series A, 4.75%, 4/1/2048		355,000		382,200
Series A, 5.00%, 4/1/2026		130,000		153,850
Series A, 5.00%, 4/1/2029		700,000		817,215
Series A, 5.00%, 4/1/2034		100,000		114,391
Series A, 5.00%, 4/1/2037		225,000		255,015
Series A, 5.00%, 4/1/2039		155,000		174,600
Series A, 5.00%, 4/1/2042		425,000		471,121
San Diego County, CA, Water Authority Revenue:
5.00%, 5/1/2025		100,000		115,634
5.00%, 5/1/2027		105,000		120,795
5.00%, 5/1/2028		105,000		120,486
Series A, 5.00%, 5/1/2032		1,500,000		1,766,355
Series A, 5.00%, 5/1/2033		1,000,000		1,172,200
San Diego, CA, Community College District, General Obligation:
5.00%, 8/1/2020		100,000		111,943
5.00%, 8/1/2025		700,000		851,739
5.00%, 8/1/2030		1,235,000		1,436,478
5.00%, 8/1/2032		1,200,000		1,383,900
5.00%, 8/1/2043		1,820,000		2,040,238
San Diego, CA, Unified School District, General Obligation:
Series E, 5.38%, 7/1/2047 (b)		300,000		167,121
Series I, Zero Coupon, 7/1/2034		180,000		95,780
Series I, Zero Coupon, 7/1/2036		2,820,000		1,356,871
Series I, Zero Coupon, 7/1/2037		250,000		114,458
San Francisco, CA, Bay Area Rapid Transit District Revenue:
Series A, 5.00%, 7/1/2030		500,000		568,135
Series A, 5.00%, 7/1/2031		250,000		283,515
Series A, 5.00%, 7/1/2032		1,000,000		1,131,860
Series A, 5.00%, 7/1/2036		500,000		561,555
San Francisco, CA, Bay Area Rapid Transit District, General Obligation Series C, 5.00%, 8/1/2029		100,000		115,983
San Francisco, CA, City & County Public Utilities Commission Revenue Series B, 5.00%, 10/1/2026		1,110,000		1,270,872
San Francisco, CA, City & County Public Utilities Commission, Water Revenue:
4.00%, 11/1/2041		355,000		361,809
5.00%, 11/1/2032		200,000		229,195
Series C, 4.00%, 11/1/2032		750,000		798,780
San Francisco, CA, City & County, Certificates of Participation Series R1, 4.00%, 9/1/2039		535,000		543,421
San Francisco, CA, City & County, General Obligation:
Series R1, 4.00%, 6/15/2030		100,000		106,543
Series R1, 5.00%, 6/15/2020		400,000		445,968
San Francisco, CA, Unified School District, General Obligation Series F&C, 5.00%, 6/15/2028		100,000		116,885
San Jose, CA, Evergreen Community College District, General Obligation Series B, 5.00%, 9/1/2018		275,000		292,495
San Jose, CA, Financing Authority Revenue:
Series A, 5.00%, 6/1/2028		1,435,000		1,634,250
Series A, 5.00%, 6/1/2039		400,000		437,996
San Marcos, CA, Unified School District, General Obligation:
Series A, 5.00%, 8/1/2038		150,000		168,867
Series C, 5.00%, 8/1/2040		150,000		164,576
San Mateo County, CA, Community College District, General Obligation 5.00%, 9/1/2033		300,000		347,199
San Mateo County, CA, Transportation Authority Revenue Series A, 5.00%, 6/1/2022		750,000		873,082
San Mateo County, CA, Transportation Authority, General Obligation Series A, 5.00%, 9/1/2041		340,000		384,458
San Ramon Valley, CA, Unified School District, General Obligation 4.00%, 8/1/2019		1,000,000		1,064,150
Santa Clara County, CA, Financing Authority Revenue:
Series Q, 2.50%, 5/15/2029		100,000		89,337
Series Q, 4.00%, 5/15/2031		1,815,000		1,897,655
Series Q, 4.00%, 5/15/2033		300,000		311,001
Santa Clara County, CA, General Obligation:
Series B, 3.25%, 8/1/2035		750,000		715,635
Series B, 5.00%, 8/1/2022		100,000		116,374
Santa Monica Community College District, General Obligation Series A, 5.00%, 8/1/2027		100,000		116,380
Solano County, CA, Community College District, General Obligation Series A, 4.38%, 8/1/2047		1,825,000		1,922,382
Southern California Water Replenishment District Financing Authority Revenue 5.00%, 8/1/2041		200,000		226,958
Southern, CA, Public Power Authority Revenue:
5.00%, 7/1/2021		275,000		312,403
Series A, 5.00%, 7/1/2023		3,725,000		4,200,794
Series A, 5.00%, 7/1/2025		500,000		562,260
Series A, 5.00%, 7/1/2032		390,000		445,903
University of California, Revenue:
Series A, 3.00%, 11/1/2033		250,000		226,815
Series A, 3.13%, 11/1/2036		625,000		555,550
Series A, 4.00%, 11/1/2035		100,000		102,900
Series A, 4.00%, 11/1/2037		250,000		256,055
Series A, 4.00%, 11/1/2038		500,000		511,320

See accompanying notes to financial statements.

191

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series A, 4.00%, 11/1/2045	$	1,750,000	$	1,771,700
Series A, 5.00%, 11/1/2019		150,000		164,846
Series A, 5.00%, 11/1/2020		460,000		517,753
Series A, 5.00%, 11/1/2021		2,500,000		2,870,350
Series A, 5.00%, 11/1/2030		4,780,000		5,550,393
Series A, 5.00%, 11/1/2032		1,135,000		1,305,840
Series A, 5.00%, 11/1/2041		1,600,000		1,809,808
Series A, 5.00%, 11/1/2045		5,480,000		6,179,906
Series G, 5.00%, 5/15/2019		3,460,000		3,756,569
Series AO, 5.00%, 5/15/2032		300,000		343,259
Series AI, 5.00%, 5/15/2033		6,070,000		6,858,068
Series AI, 5.00%, 5/15/2034		740,000		833,773
Series AI, 5.00%, 5/15/2038		520,000		574,096
Series AM, 5.00%, 5/15/2027		565,000		662,316
Series AM, 5.00%, 5/15/2029		100,000		116,491
Series AM, 5.00%, 5/15/2049		1,000,000		1,090,460
Series AM, 5.25%, 5/15/2030		100,000		117,793
Series AO, 5.00%, 5/15/2025		6,500,000		7,877,350
Series AO, 5.00%, 5/15/2028		100,000		119,004
Series K, 4.00%, 5/15/2037		1,755,000		1,803,084
Series AR, 5.00%, 5/15/2030		500,000		590,920
Series AR, 5.00%, 5/15/2041		100,000		114,110
Series G, 5.00%, 5/15/2026		670,000		758,922
Series G, 5.00%, 5/15/2037		515,000		567,515
Series G, 5.00%, 5/15/2042		315,000		343,205
Series I, 4.00%, 5/15/2045		200,000		202,262
Series I, 5.00%, 5/15/2022		500,000		578,640
Series K, 4.00%, 5/15/2036		245,000		252,524
Series K, 5.00%, 5/15/2051		610,000		685,067
Ventura County, CA, Public Financing Authority, Lease Revenue:
Series A, 4.00%, 11/1/2043		120,000		122,054
Series A, 5.00%, 11/1/2026		100,000		113,988
Series A, 5.00%, 11/1/2030		640,000		714,771
Series A, 5.00%, 11/1/2038		225,000		246,224
Series A, 5.00%, 11/1/2043		185,000		200,812
Victor Valley, CA, Community College District, General Obligation Series C, 4.00%, 8/1/2032		450,000		466,303
West Valley-Mission Community College District, CA, General Obligation:
4.00%, 8/1/2034		250,000		266,430
Series A, 5.00%, 8/1/2034		215,000		247,867
				392,317,671
COLORADO — 1.2%
Adams & Weld Counties, CO, School District No. 27J, General Obligation 5.00%, 12/1/2033		100,000		115,611
Adams, CO,12 Five Star Schools, General Obligation Series B, 5.00%, 12/15/2027		3,000,000		3,630,240
Aurora, CO, Water Revenue 5.00%, 8/1/2046		3,900,000		4,474,782
Boulder Larimer & Weld Counties, State Vrain Valley School District Re1J, General Obligation Series C, 5.00%, 12/15/2028		1,800,000		2,167,632
Colorado Springs, CO, Utilities System Revenue Series A-1, 5.00%, 11/15/2044		100,000		113,087
Colorado, Higher Education, Certificates of Participation Series A, 5.00%, 11/1/2025		400,000		474,540
Colorado, State Board of Governors University Enterprise System Revenue:
Series A, 5.00%, 3/1/2031		2,000,000		2,376,960
Series A, 5.00%, 3/1/2033		895,000		1,091,667
Series E, 5.00%, 3/1/2038		300,000		335,271
Colorado, State Building Excellent Schools Today, Certificates of Participation Series H, 3.25%, 3/15/2035		560,000		541,991
Colorado, State Higher Education Capital Construction Lease Purchase Program, Certificates of Participation Series A, 5.00%, 11/1/2024		105,000		123,379
Danver, CO, City & County, Revenue:
Series A, 4.00%, 8/1/2046		100,000		102,235
Series A, 5.00%, 8/1/2022		250,000		290,215
Series A, 5.00%, 8/1/2024		300,000		358,524
Series A, 5.00%, 8/1/2042		1,000,000		1,136,780
Denver, CO, City & County School District No. 1, General Obligation:
5.00%, 12/1/2025		1,200,000		1,449,876
Series B, 5.00%, 12/1/2026		100,000		116,509
Series B, 5.00%, 12/1/2027		2,000,000		2,364,480
Metropolitan Wastewater Reclamation District, CO, Sewer Revenue Series A, 3.00%, 4/1/2029		650,000		641,446
Platte River Power Authority Revenue Series JJ, 4.00%, 6/1/2026		325,000		364,761
Regional, CO, Transportation District, Certificates of Participation Series A, 5.00%, 6/1/2032		100,000		110,531
Regional, CO, Transportation District, Sales Tax Revenue:
Series A, 5.00%, 11/1/2028		1,750,000		2,123,221
Series A, 5.00%, 11/1/2031		460,000		521,934
Series A, 5.00%, 11/1/2032		415,000		470,154
University of Colorado, Enterprise System Revenue:
Series A, 5.00%, 6/1/2035		190,000		214,255
Series A-1, 4.00%, 6/1/2022		105,000		115,877
				25,825,958
CONNECTICUT — 2.9%
Connecticut, State General Obligation:
5.00%, 8/1/2028		185,000		213,385
Series A, 4.00%, 3/15/2032		150,000		154,865
Series A, 4.00%, 3/15/2036		500,000		504,580
Series A, 5.00%, 10/15/2017		310,000		319,260
Series A, 5.00%, 10/15/2020		250,000		275,808
Series A, 5.00%, 3/15/2023		155,000		176,531
Series A, 5.00%, 10/15/2023		175,000		200,354

See accompanying notes to financial statements.

192

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series A, 5.00%, 3/15/2025	$	235,000	$	272,800
Series A, 5.00%, 3/1/2026		600,000		686,286
Series E, 5.00%, 10/15/2026		785,000		905,909
Series A, 5.00%, 3/1/2027		425,000		483,756
Series E, 5.00%, 10/15/2027		850,000		961,612
Series B, 5.00%, 5/15/2020		100,000		109,463
Series B, 5.00%, 4/15/2022		265,000		298,114
Series B, 5.00%, 5/15/2022		100,000		112,628
Series B, 5.00%, 5/15/2025		1,000,000		1,162,950
Series C, 5.00%, 6/1/2018		900,000		942,867
Series C, 5.00%, 6/15/2018		595,000		624,119
Series C, 5.00%, 7/15/2022		4,760,000		5,373,421
Series D, 5.00%, 11/1/2025		285,000		317,992
Series D, 5.00%, 6/15/2031		360,000		403,121
Series E, 4.00%, 9/15/2027		1,000,000		1,078,020
Series E, 4.00%, 9/15/2028		100,000		107,472
Series E, 4.00%, 9/1/2030		110,000		116,852
Series E, 4.00%, 9/1/2031		150,000		158,190
Series E, 4.00%, 10/15/2035		150,000		151,812
Series E, 5.00%, 8/15/2020		750,000		824,970
Series E, 5.00%, 10/15/2022		600,000		679,866
Series E, 5.00%, 9/15/2023		110,000		124,632
Series E, 5.00%, 8/15/2024		875,000		991,550
Series E, 5.00%, 8/15/2025		100,000		112,998
Series E, 5.00%, 10/15/2025		4,495,000		5,240,676
Series F, 5.00%, 11/15/2021		6,415,000		7,182,042
Series F, 5.00%, 11/15/2024		1,000,000		1,157,290
Series F, 5.00%, 11/15/2026		1,275,000		1,469,705
Series F, 5.00%, 10/15/2031		1,715,000		1,958,427
Series G, 5.00%, 11/1/2018		1,000,000		1,060,060
Connecticut, State Health & Educational Facility Authority Revenue Series A-2, 2.00%, 7/1/2042 (c)		2,100,000		1,982,736
Connecticut, State Special Tax Revenue:
5.00%, 1/1/2022		105,000		118,979
5.00%, 1/1/2024		100,000		114,904
Series A, 4.00%, 8/1/2035		2,630,000		2,675,841
Series A, 4.00%, 9/1/2035		1,250,000		1,274,050
Series A, 4.00%, 9/1/2036		440,000		447,396
Series A, 5.00%, 9/1/2020		175,000		193,935
Series A, 5.00%, 10/1/2024		100,000		116,423
Series A, 5.00%, 9/1/2026		150,000		175,748
Series A, 5.00%, 8/1/2029		100,000		115,098
Series A, 5.00%, 9/1/2029		250,000		289,707
Series A, 5.00%, 10/1/2030		200,000		229,222
Series A, 5.00%, 8/1/2032		3,800,000		4,300,042
Series A, 5.00%, 9/1/2032		250,000		286,170
Series A, 5.00%, 10/1/2032		135,000		154,008
Series A, 5.00%, 8/1/2033		1,605,000		1,808,514
Series A, 5.00%, 10/1/2033		1,500,000		1,705,260
Series A, 5.00%, 8/1/2034		1,135,000		1,273,515
Hartford County, CT, Metropolitan District Clean Water Project Revenue:
Series A, 5.00%, 4/1/2033		1,750,000		1,822,432
Series A, 5.00%, 4/1/2036		255,000		280,972
Series A, 5.00%, 11/1/2042		1,000,000		1,116,320
South Central Connecticut Regional Water Authority Revenue Series B, 4.00%, 8/1/2035		175,000		180,479
University of Connecticut, Revenue:
Series A, 3.00%, 3/15/2033		145,000		132,344
Series A, 5.00%, 8/15/2020		610,000		675,910
Series A, 5.00%, 11/15/2028		115,000		131,796
Series A, 5.00%, 3/15/2029		1,250,000		1,450,625
Series A, 5.00%, 8/15/2032		100,000		113,643
				60,080,452
DELAWARE — 0.4%
Delaware, State General Obligation:
5.00%, 3/1/2020		350,000		387,496
5.00%, 3/1/2022		100,000		115,579
Series B, 5.00%, 2/1/2021		370,000		418,463
Series B, 5.00%, 7/1/2024		1,000,000		1,199,990
Delaware, State Transportation Authority Revenue:
5.00%, 7/1/2022		2,250,000		2,608,110
5.00%, 7/1/2023		100,000		115,297
New Castle County, DE, General Obligation:
5.00%, 10/1/2021		1,030,000		1,177,032
5.00%, 10/1/2038		2,315,000		2,668,500
				8,690,467
DISTRICT OF COLUMBIA — 1.0%
District of Columbia, General Obligation:
Series A, 4.00%, 6/1/2041		325,000		334,763
Series A, 5.00%, 6/1/2022		130,000		149,813
Series D, 5.00%, 6/1/2023		2,850,000		3,341,026
Series A, 5.00%, 6/1/2037		145,000		164,556
Series C, 5.00%, 6/1/2038		3,240,000		3,672,111
Series A, 5.00%, 6/1/2041		600,000		685,530
Series C, 5.00%, 6/1/2033		610,000		696,986
District of Columbia, Income Tax Secured Revenue:
Series C, 4.00%, 12/1/2035		1,500,000		1,575,615
Series C, 4.00%, 12/1/2037		1,000,000		1,047,100
Series C, 5.00%, 12/1/2023		100,000		115,905
Series C, 5.00%, 12/1/2026		1,015,000		1,168,529
Series G, 5.00%, 12/1/2031		1,935,000		2,191,437
Series C, 5.00%, 12/1/2035		890,000		999,995
Series C, 5.00%, 12/1/2037		500,000		559,480
District of Columbia, Water & Sewer Authority Revenue:
Series A, 5.00%, 10/1/2032		2,050,000		2,382,203
Series B, 5.00%, 10/1/2034		390,000		447,521
Series A, 5.00%, 10/1/2039		100,000		113,780
Series A, 5.00%, 10/1/2045		350,000		393,985
Series C, 5.00%, 10/1/2022		100,000		115,951
				20,156,286
FLORIDA — 3.2%
Brevard County, FL, School District, Certificates of Participation Series A, 5.00%, 7/1/2023		200,000		230,166

See accompanying notes to financial statements.

193

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Florida’s Turnpike Enterprise Revenue:
Series A, 5.00%, 7/1/2022	$	150,000	$	172,440
Series A, 5.00%, 7/1/2023		125,000		144,261
Series A, 5.00%, 7/1/2024		100,000		117,971
Florida, State Board of Education, Capital Outlay, General Obligation:
Series A, 5.00%, 6/1/2018		325,000		342,439
Series A, 5.00%, 6/1/2024		3,000,000		3,562,080
Series B, 5.00%, 6/1/2025		2,000,000		2,302,620
Series E, 5.00%, 6/1/2019		3,900,000		4,223,193
Florida, State Board of Education, General Obligation:
Series A, 3.00%, 6/1/2026		350,000		362,518
Series A, 5.00%, 6/1/2020		150,000		166,415
Series B, 2.25%, 6/1/2022		100,000		99,394
Series B, 3.00%, 6/1/2034		100,000		90,824
Series D, 5.00%, 6/1/2018		735,000		774,440
Series B, 5.00%, 6/1/2024		325,000		385,892
Series C, 2.63%, 6/1/2037		135,000		111,663
Series C, 4.00%, 6/1/2031		210,000		225,490
Series D, 5.00%, 6/1/2022		360,000		406,782
Series E, 5.00%, 6/1/2021		230,000		260,305
Florida, State Department of Management Services, Certificates of Participation:
Series A, 5.00%, 8/1/2021		265,000		299,816
Series A, 5.00%, 8/1/2023		180,000		209,603
Series A, 5.00%, 8/1/2025		150,000		177,754
Florida, State General Obligation:
5.00%, 7/1/2019		2,300,000		2,495,937
5.00%, 7/1/2020		200,000		222,264
5.00%, 7/1/2025		250,000		287,960
Series B, 5.00%, 7/1/2024		210,000		238,854
Florida, State Lottery Revenue:
Series A, 5.00%, 7/1/2026		115,000		138,184
Series B, 5.00%, 7/1/2023		400,000		466,592
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue Series B, 5.00%, 10/1/2042		4,405,000		4,926,816
Hillsborough County, FL, School Board, Certificates of Participation Series A, 5.00%, 7/1/2029		1,310,000		1,476,999
Jacksonville, FL, Improvement Revenue 5.00%, 10/1/2027		130,000		148,992
Jacksonville, FL, Special Revenue:
5.00%, 10/1/2029		240,000		277,848
Series C, 5.00%, 10/1/2024		1,220,000		1,407,693
Series C, 5.00%, 10/1/2021		190,000		214,633
Series C, 5.00%, 10/1/2025		1,080,000		1,244,052
Series C, 5.00%, 10/1/2031		335,000		380,463
Jacksonville, FL, Transit Revenue:
5.00%, 10/1/2027		105,000		123,059
Series A, 5.00%, 10/1/2026		1,950,000		2,224,716
Series A, 5.00%, 10/1/2029		125,000		141,606
JEA, FL, Electric System Revenue:
Series A, 3.75%, 10/1/2041		100,000		99,516
Series A, 5.00%, 10/1/2023		200,000		234,028
JEA, FL, State Johns River Power Park Revenue:
Series 7, 3.25%, 10/1/2027		125,000		127,430
Series SIX, 5.00%, 10/1/2024		100,000		108,961
Series SIX, ETM, 5.00%, 10/1/2017		475,000		488,908
JEA, FL, Water & Sewer System Revenue:
Series A, 5.00%, 10/1/2024		150,000		168,913
Series B, 5.00%, 10/1/2034		170,000		191,007
Miami Beach, FL, Resort Tax Revenue 4.00%, 9/1/2045		295,000		295,201
Miami-Dade County, FL, General Obligation:
5.00%, 7/1/2027		1,250,000		1,384,225
Series A, 5.00%, 7/1/2019		480,000		521,136
Series A, 5.00%, 7/1/2024		500,000		590,875
Series B, 4.00%, 7/1/2035		100,000		100,838
Series B, 5.00%, 7/1/2025		320,000		378,403
Series B, 5.00%, 7/1/2026		120,000		141,359
Series B, 5.00%, 7/1/2028		300,000		351,378
Miami-Dade County, FL, Transit System Sales Surtax Revenue:
4.00%, 7/1/2042		500,000		507,390
5.00%, 7/1/2024		265,000		310,583
5.00%, 7/1/2031		265,000		295,613
5.00%, 7/1/2037		3,960,000		4,370,692
5.00%, 7/1/2042		1,625,000		1,780,594
Orange County, FL, Sales Tax Revenue:
Series B, 5.00%, 1/1/2028		200,000		226,322
Series B, 5.00%, 1/1/2029		100,000		112,959
Series C, 5.00%, 1/1/2020		735,000		803,590
Series C, 5.00%, 1/1/2024		115,000		134,294
Orange County, FL, Tourist Development Tax Revenue 5.00%, 10/1/2022		4,750,000		5,477,082
Orlando County, FL, Contract Tourist Development Revenue Series A, 5.00%, 11/1/2044		4,105,000		4,884,416
Orlando County, FL, Contract Tourist Development Tax Payments Revenue:
Series A, 5.25%, 11/1/2029		300,000		362,010
Series A, 5.25%, 11/1/2030		250,000		301,675
Series A, 5.25%, 11/1/2031		400,000		482,680
Series A, 5.25%, 11/1/2034		170,000		205,139
Orlando County, FL, Utilities Commission Revenue:
Series A, 5.00%, 10/1/2018		600,000		638,142
Series A, 5.00%, 10/1/2022		400,000		463,332
Palm Beach County, FL, School Board, Certificate of Participation:
Series B, 5.00%, 8/1/2021		100,000		113,185
Series B, 5.00%, 8/1/2022		140,000		161,162
Series B, 5.00%, 8/1/2023		100,000		116,779

See accompanying notes to financial statements.

194

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Reedy Creek, FL, Improvement District, General Obligation:
Series A, 5.00%, 6/1/2038	$	500,000	$	550,520
Series A, 5.25%, 6/1/2031		100,000		116,503
South Florida Water Management District, Certificates of Participation 5.00%, 10/1/2022		2,065,000		2,361,885
Tallahassee, FL, Energy System Revenue 5.00%, 10/1/2031		2,000,000		2,300,220
Tohopekaliga, FL, Water Authority Utility System Revenue:
4.00%, 10/1/2033		500,000		524,250
5.00%, 10/1/2023		100,000		117,103
University of Miami, Revenue 4.00%, 9/1/2039		2,465,000		2,528,720
				66,511,752
GEORGIA — 1.8%
Atlanta, GA, General Obligation 5.00%, 12/1/2022		3,265,000		3,796,117
Atlanta, GA, Water & Wastewater System Revenue Series B, 5.25%, 11/1/2029		405,000		472,785
Georgia, State General Obligation:
Series A, 4.00%, 2/1/2031		100,000		108,385
Series A, 5.00%, 1/1/2023		100,000		117,408
Series A, 5.00%, 1/1/2025		2,545,000		2,978,617
Series A, 5.00%, 2/1/2025		125,000		151,269
Series A, 5.00%, 2/1/2027		3,500,000		4,183,970
Series A, 5.00%, 7/1/2027		100,000		115,803
Series A-1, 5.00%, 2/1/2017		100,000		100,306
Series A-1, 5.00%, 2/1/2022		1,000,000		1,153,400
Series C, 5.00%, 7/1/2019		4,100,000		4,461,907
Series C, 5.00%, 10/1/2021		100,000		114,618
Series C, 5.00%, 9/1/2023		100,000		117,249
Series C-1, 4.00%, 7/1/2025		100,000		113,372
Georgia, State Private Colleges & Universities Authority Revenue:
Series A, 5.00%, 10/1/2046		5,000,000		5,693,850
Series B, 5.00%, 10/1/2038		6,100,000		6,990,234
Gwinnett County, GA, School District, General Obligation:
3.00%, 8/1/2019		500,000		520,140
5.00%, 8/1/2022		4,600,000		5,353,204
Henry County, GA, School District, General Obligation 4.00%, 8/1/2029		200,000		217,224
Metropolitan Atlanta, GA, Rapid Transit Authority Revenue:
Series A, 5.00%, 7/1/2024		100,000		116,320
Series A, 5.00%, 7/1/2028		100,000		113,903
Sandy Springs, GA, Public Facilities Authority Revenue:
4.00%, 5/1/2047		375,000		387,979
5.00%, 5/1/2041		250,000		285,365
				37,663,425
HAWAII — 1.3%
Hawaii, State General Obligation:
Series DZ, 5.00%, 12/1/2024		100,000		114,012
Series DZ, 5.00%, 12/1/2026		200,000		227,854
Series DZ, 5.00%, 12/1/2029		380,000		426,767
Series EA, 5.00%, 12/1/2017		500,000		517,750
Series EA, 5.00%, 12/1/2018		125,000		133,700
Series EA, 5.00%, 12/1/2022		180,000		203,580
Series EA, 5.00%, 12/1/2023		250,000		283,747
Series EE, 4.00%, 11/1/2031		200,000		213,470
Series EE, 5.00%, 11/1/2029		395,000		449,332
Series EH, 5.00%, 8/1/2020		105,000		117,036
Series EO, 5.00%, 8/1/2030		225,000		259,328
Series EO, 5.00%, 8/1/2032		100,000		114,989
Series EP, 5.00%, 8/1/2021		100,000		113,654
Series EP, 5.00%, 8/1/2025		300,000		354,849
Series EY, 5.00%, 10/1/2027		250,000		298,565
Series EZ, 5.00%, 10/1/2024		900,000		1,073,448
Series FB, 3.00%, 4/1/2036		250,000		224,142
Series FE, 5.00%, 10/1/2019		100,000		109,270
Series FG, 4.00%, 10/1/2032		300,000		322,014
Series FH, 5.00%, 10/1/2023		10,900,000		12,831,371
Series FH, 5.00%, 10/1/2029		790,000		943,908
Hawaii, State Highway Revenue:
Series A, 5.00%, 1/1/2032		225,000		257,282
Series A, 5.00%, 1/1/2034		150,000		172,810
Series B, 5.00%, 1/1/2025		200,000		238,720
Honolulu, HI, City & County Wastewater System Revenue:
5.00%, 7/1/2022		100,000		115,072
Series B, 3.00%, 7/1/2024		300,000		303,186
Honolulu, HI, City & County, General Obligation:
Series A, 5.00%, 11/1/2022		100,000		116,050
Series A, 5.00%, 10/1/2025		100,000		120,558
Series A, 5.00%, 11/1/2027		300,000		346,725
Series B, 5.00%, 10/1/2029		960,000		1,131,638
Series A, 5.00%, 10/1/2037		700,000		797,650
Series A, 5.00%, 10/1/2038		2,250,000		2,560,185
Series B, 5.00%, 10/1/2018		770,000		819,365
Series C, 5.00%, 10/1/2021		165,000		188,232
				26,500,259
ILLINOIS — 1.7%
Chicago, IL, Park District, General Obligation Series A, 5.00%, 1/1/2039		365,000		387,977
Illinois, State Finance Authority Revenue:
4.00%, 1/1/2025		640,000		706,688
5.00%, 1/1/2021		165,000		184,694
5.00%, 1/1/2022		2,000,000		2,272,340
5.00%, 7/1/2022		100,000		114,236
5.00%, 7/1/2029		750,000		872,550
Series A, 5.00%, 10/1/2020		125,000		139,301
Series A, 5.00%, 10/1/2029		125,000		143,354
Series A, 5.00%, 10/1/2030		1,250,000		1,393,525
Series A, 5.00%, 10/1/2051		5,020,000		5,404,984

See accompanying notes to financial statements.

195

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Illinois, State Sales Tax Revenue:
5.00%, 6/15/2019	$	100,000	$	107,270
5.00%, 6/15/2020		225,000		246,334
5.00%, 6/15/2025		185,000		209,894
Series A, 3.00%, 6/15/2033		500,000		452,070
Series A, 3.00%, 6/15/2034		450,000		401,427
Series A, 4.00%, 6/15/2018		100,000		103,485
Series C, 4.00%, 6/15/2025		1,000,000		1,081,070
Series C, 4.00%, 6/15/2027		1,100,000		1,169,377
Series C, 5.00%, 6/15/2022		145,000		163,579
Illinois, State Toll Highway Authority Revenue:
Series A, 5.00%, 12/1/2031		100,000		112,881
Series A, 5.00%, 12/1/2032		180,000		202,590
Series A, 5.00%, 1/1/2033		825,000		898,780
Series A, 5.00%, 1/1/2035		1,345,000		1,456,164
Series B, 5.00%, 1/1/2038		1,575,000		1,718,520
Series B, 5.00%, 1/1/2037		4,000,000		4,351,040
Series B, 5.00%, 1/1/2039		470,000		509,433
Series B, 5.00%, 1/1/2040		7,095,000		7,789,175
Series C, 5.00%, 1/1/2028		250,000		288,932
Series C, 5.00%, 1/1/2036		135,000		148,118
Series D, 5.00%, 1/1/2024		185,000		215,003
Illinois, University of Chicago, Finance Authority Revenue Series A, 4.00%, 10/1/2032		955,000		981,110
Kendall Kane & Will Counties, IL, Community Unit School District No. 308, General Obligation 4.00%, 2/1/2032		125,000		128,838
Metropolitan Water Reclamation District of Greater Chicago, General Obligation:
Series A, 5.00%, 12/1/2028		400,000		468,856
Series B, 5.00%, 12/1/2039		50,000		55,394
Schaumburg, IL, General Obligation Series A, 4.00%, 12/1/2032		850,000		884,085
University of Illinois Revenue Series A, 4.00%, 4/1/2035		250,000		254,047
				36,017,121
INDIANA — 0.3%
Carmel, IN, Redevelopment Authority, Lease Rental Revenue:
Series A, 4.00%, 8/1/2030		2,325,000		2,451,992
Series A, 4.00%, 8/1/2033		120,000		125,173
Series A, 4.00%, 2/1/2038		1,335,000		1,369,857
Indiana, University Revenue:
Series A, 4.00%, 6/1/2019		100,000		105,982
Series A, 5.00%, 6/1/2041		2,650,000		3,044,002
				7,097,006
IOWA — 0.1%
Iowa, State Finance Authority Revenue 5.00%, 8/1/2021		125,000		142,126
Iowa, State Revenue Series A, 5.00%, 6/1/2021		1,715,000		1,933,989
				2,076,115
KANSAS — 0.4%
Johnson County Unified School District No. 233 Olathe, General Obligation Series B, 5.00%, 9/1/2023		125,000		146,219
Johnson County Unified School District No. 512 Shawnee Mission, General Obligation Series A, 4.00%, 10/1/2035		200,000		212,420
Kansas, Development Finance Authority Revenue Series G, 5.00%, 4/1/2025		380,000		431,961
Kansas, State Department of Transportation, Highway Revenue:
5.00%, 9/1/2030		325,000		386,204
5.00%, 9/1/2034		3,900,000		4,568,382
5.00%, 9/1/2035		480,000		559,853
Series A, 5.00%, 9/1/2021		100,000		114,035
Series B, 5.00%, 9/1/2019		225,000		245,608
Kansas, State Department of Transportation, Sales Tax Revenue Series C, 5.00%, 9/1/2023		400,000		465,720
Leavenworth County, KS, Unified School District No. 469, General Obligation 4.00%, 9/1/2035		150,000		160,810
Shawnee County, KS, Unified School District No. 501 Topeka, General Obligation Series A, 4.00%, 8/1/2044		500,000		515,870
				7,807,082
KENTUCKY — 0.3%
Kentucky, State Turnpike Authority, Economic Development Road Revenue:
Series A, 5.00%, 7/1/2020		175,000		192,670
Series A, 5.00%, 7/1/2023		250,000		287,707
Series A, 5.00%, 7/1/2026		100,000		118,312
Series B, 5.00%, 7/1/2022		2,565,000		2,911,685
Louisville & Jefferson County, KY, Metropolitan Sewer District Revenue Series B, 4.00%, 5/15/2037		645,000		658,055
University of Kentucky, General Receipts Revenue:
Series A, 4.00%, 4/1/2044		800,000		809,496
Series B, 5.00%, 10/1/2021		1,000,000		1,137,390
				6,115,315
LOUISIANA — 1.0%
East Baton Rouge, LA, Sewer Commission Revenue Series B, 5.00%, 2/1/2039		3,660,000		4,051,217
Louisiana State, Local Government Environmental Facilities & Community Development Authority Revenue 5.00%, 10/1/2035		125,000		138,593

See accompanying notes to financial statements.

196

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Louisiana, State Gas & Fuels Tax Revenue:
Series A-1, 5.00%, 5/1/2021	$	100,000	$	113,202
Series A-1, 5.00%, 5/1/2022		420,000		484,449
Series A-1, 5.00%, 5/1/2023		760,000		876,911
Series A-1, 5.00%, 5/1/2027		135,000		154,076
Louisiana, State General Obligation:
Series A, 4.00%, 2/1/2029		750,000		795,982
Series A, 5.00%, 2/1/2027		250,000		288,180
Series B, 5.00%, 8/1/2027		110,000		128,585
Series B, 5.00%, 8/1/2029		3,630,000		4,197,405
Series C, 5.00%, 7/15/2022		680,000		779,348
Series C, 5.00%, 7/15/2023		290,000		335,927
Series C, 5.00%, 7/15/2024		335,000		384,319
Series C, 5.00%, 8/1/2025		1,100,000		1,291,114
Series D-1, 5.00%, 12/1/2024		2,000,000		2,362,900
Series D-1, 5.00%, 12/1/2028		850,000		985,694
Louisiana, State Highway Improvement Revenue:
Series A, 5.00%, 6/15/2019		900,000		973,962
Series A, 5.00%, 6/15/2022		150,000		172,185
Louisiana, State Highway Improvement, General Obligation Series A, 4.00%, 9/1/2021		1,550,000		1,683,517
				20,197,566
MAINE — 0.1%
Maine, State Turnpike Authority Revenue:
5.00%, 7/1/2026		1,190,000		1,407,294
Series C, 5.00%, 11/1/2020		130,000		145,142
				1,552,436
MARYLAND — 3.0%
Anne Arundel County, MD, General Obligation 5.00%, 4/1/2018		90,000		94,317
Baltimore, MD, General Obligation:
5.00%, 8/1/2018		480,000		508,786
Series B, 5.00%, 10/15/2019		280,000		306,317
Baltimore, MD, State General Obligation Series B, 5.00%, 10/15/2020		1,000,000		1,117,890
Maryland, Stadium Authority Revenue:
5.00%, 5/1/2025		125,000		149,278
5.00%, 5/1/2041		550,000		620,713
Maryland, State Department of Transportation Revenue:
4.00%, 12/15/2025		250,000		279,003
4.00%, 11/1/2029		980,000		1,060,634
5.00%, 2/15/2027		790,000		892,747
5.00%, 2/15/2028		805,000		909,698
Maryland, State Department of Transportation, Consolidated Transportation Revenue 3.00%, 12/15/2030		2,325,000		2,278,128
Maryland, State General Obligation:
4.00%, 3/15/2025		190,000		202,671
4.00%, 6/1/2025		100,000		112,165
4.00%, 6/1/2027		2,185,000		2,416,173
4.00%, 6/1/2028		500,000		548,280
4.00%, 6/1/2030		100,000		108,461
Series B, 4.50%, 8/1/2019		1,380,000		1,487,695
5.00%, 3/1/2018		1,000,000		1,045,360
Series A, 5.00%, 8/1/2018		1,800,000		1,907,946
5.00%, 6/1/2019		250,000		271,463
Series B, 5.00%, 8/1/2020		420,000		469,694
Series A, 5.00%, 3/1/2024		1,345,000		1,526,875
5.00%, 6/1/2026		3,800,000		4,523,368
Series A, 3.00%, 3/1/2026		500,000		510,795
Series A, 4.00%, 3/1/2027		2,900,000		3,184,896
Series A, 5.00%, 8/1/2023		1,100,000		1,302,268
Series A, 5.00%, 8/1/2024		250,000		295,295
Series A, 5.00%, 3/1/2025		155,000		180,922
Series A, 5.00%, 3/1/2026		100,000		116,410
Series B, 3.00%, 8/1/2028		1,300,000		1,321,385
Series B, 4.50%, 8/1/2021		2,000,000		2,240,640
Series C, 5.00%, 8/1/2021		4,590,000		5,240,347
Series B, 5.00%, 8/1/2026		2,000,000		2,294,400
Maryland, State Health & Higher Educational Facilities Authority Revenue:
Series A, 5.00%, 7/1/2025		710,000		815,818
Series B, 4.25%, 7/1/2041		3,200,000		3,368,608
Series B, 5.00%, 7/1/2022		100,000		115,409
Montgomery, MD, State General Obligation:
Series A, 5.00%, 11/1/2022		3,100,000		3,625,357
Series A, 5.00%, 11/1/2029		125,000		147,853
Series B, 4.00%, 12/1/2025		3,590,000		3,970,325
Series B, 5.00%, 11/1/2025		300,000		360,768
Prince George’s County, MD, General Obligation:
Series A, 4.00%, 9/1/2026		1,500,000		1,655,850
Series A, 5.00%, 3/1/2019		2,060,000		2,220,556
Series A, 5.00%, 7/1/2023		500,000		590,190
Series A, 5.00%, 7/1/2024		1,000,000		1,196,930
University System of Maryland Revenue Series A, 3.00%, 4/1/2035		500,000		453,645
Washington, MD, Suburban Sanitary Commission, General Obligation:
3.00%, 6/1/2022		200,000		211,460
3.00%, 6/1/2029		1,310,000		1,314,310
4.00%, 6/1/2020		1,900,000		2,052,494
5.00%, 6/1/2018		1,100,000		1,159,664
5.00%, 6/1/2020		175,000		194,828
				62,979,085
MASSACHUSETTS — 5.1%
Boston, MA, General Obligation:
Series A, 4.00%, 4/1/2018		450,000		466,124
Series B, 5.00%, 4/1/2019		3,170,000		3,427,182
Commonwealth of Massachusetts Transportation Fund Revenue:
Series A, 5.00%, 6/1/2022		1,510,000		1,749,365
Series A, 5.00%, 6/1/2023		2,050,000		2,417,996

See accompanying notes to financial statements.

197

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Massachusetts, Bay Transportation Authority, Revenue:
Series A, 4.00%, 7/1/2035	$	380,000	$	399,551
Series A, 4.00%, 7/1/2037		1,270,000		1,305,928
Series A, 5.00%, 7/1/2045		275,000		310,668
Series B, 5.00%, 7/1/2025		5,000,000		6,014,300
Series B, 5.00%, 7/1/2030		115,000		135,327
Massachusetts, Bay Transportation Authority, Sales Tax Revenue Series A, 4.00%, 7/1/2017		755,000		766,506
Massachusetts, State Clean Water Trust Revenue:
5.00%, 8/1/2025		1,000,000		1,214,160
5.00%, 2/1/2031		250,000		295,990
Massachusetts, State College Building Authority Revenue:
Series A, 4.00%, 5/1/2027		1,000,000		1,100,990
Series A, 4.00%, 5/1/2028		1,500,000		1,642,080
Series A, 4.00%, 5/1/2029		1,975,000		2,146,726
Series A, 5.00%, 5/1/2033		4,405,000		4,995,534
Series C, 3.00%, 5/1/2032		710,000		670,659
Series C, 3.00%, 5/1/2042		120,000		102,188
Massachusetts, State Development Finance Agency Revenue Series P, 5.00%, 7/1/2043		3,500,000		3,936,310
Massachusetts, State Federal Highway Revenue:
Series A, 5.00%, 6/15/2024		100,000		119,660
Series B, 5.00%, 6/15/2018		435,000		458,664
Series B, 5.00%, 6/15/2023		400,000		461,604
Massachusetts, State General Obligation:
3.50%, 5/1/2036		1,450,000		1,439,879
Series A, 4.00%, 12/1/2032		2,465,000		2,601,980
Series A, 4.00%, 3/1/2041		750,000		762,113
Series E, 4.00%, 4/1/2042		1,150,000		1,170,989
Series A, 4.50%, 12/1/2043		6,175,000		6,629,418
Series A, 5.00%, 7/1/2026		600,000		728,274
Series B, 5.00%, 7/1/2029		6,300,000		7,529,067
Series A, 5.00%, 3/1/2032		1,215,000		1,391,430
Series A, 5.00%, 3/1/2041		1,000,000		1,114,260
Series A, 5.00%, 3/1/2046		250,000		277,723
Series B, 4.00%, 6/1/2042		525,000		543,244
Series B, 5.00%, 8/1/2017		360,000		368,485
Series B, 5.00%, 7/1/2025		1,000,000		1,204,570
Series C, 3.63%, 10/1/2039		445,000		430,555
Series C, 3.63%, 10/1/2041		1,410,000		1,350,921
Series C, 4.00%, 7/1/2031		510,000		538,540
Series C, 4.00%, 6/1/2043		500,000		512,595
Series C, 5.00%, 8/1/2020		400,000		444,968
Series C, 5.00%, 8/1/2022		660,000		762,775
Series C, 5.00%, 7/1/2024		150,000		172,608
Series D, 4.00%, 8/1/2033		230,000		240,957
Series D, 5.00%, 8/1/2033		350,000		398,944
Series E, 3.25%, 9/1/2040		1,315,000		1,232,102
Series E, 4.00%, 9/1/2037		175,000		179,373
Series E, 4.00%, 9/1/2039		6,550,000		6,694,166
Series E, 4.00%, 9/1/2041		4,000,000		4,076,120
Series E, 4.00%, 4/1/2046		365,000		368,559
Series E, 4.50%, 8/1/2043		100,000		106,892
Series E, 5.00%, 9/1/2023		125,000		144,738
Series E, 5.00%, 9/1/2027		215,000		245,982
Series E, 5.00%, 9/1/2029		300,000		341,523
Series E, 5.00%, 9/1/2030		325,000		369,060
Series E, 5.00%, 8/1/2036		1,100,000		1,224,135
Series F, 3.00%, 11/1/2028		100,000		100,157
Series F, 5.00%, 11/1/2026		500,000		575,215
Massachusetts, State Port Authority Revenue Series B, 5.00%, 7/1/2026		500,000		570,070
Massachusetts, State School Building Authority, Sales Tax Revenue:
Series A, 5.00%, 8/15/2021		115,000		130,611
Series B, 4.00%, 8/15/2017		200,000		203,732
Series B, 5.00%, 8/15/2017		500,000		512,365
Series B, 5.00%, 8/15/2028		235,000		266,892
Series B, 5.00%, 8/15/2029		450,000		509,805
Series B, 5.00%, 8/15/2030		2,260,000		2,554,026
Massachusetts, State Transportation Fund Revenue 5.00%, 6/1/2022		150,000		170,172
Massachusetts, State Water Pollution Abatement Trust Revenue:
5.00%, 8/1/2019		3,600,000		3,924,360
Series 16B, 5.00%, 8/1/2024		480,000		534,667
Massachusetts, State Water Resources Authority Revenue:
5.00%, 8/1/2033		6,030,000		7,070,718
Series B, 5.00%, 8/1/2026		5,830,000		6,707,998
University of Massachusetts Building Authority Revenue Series 1, 5.00%, 11/1/2032		150,000		174,105
University of Massachusetts, Building Authority, Project Revenue Series 1, 5.00%, 11/1/2039		1,005,000		1,140,896
				104,880,246
MICHIGAN — 1.1%
Michigan, State Building Authority Revenue:
Series A, 5.00%, 8/15/2038		680,000		751,536
Series I, 5.00%, 4/15/2019		4,000,000		4,305,720
Series I, 5.00%, 4/15/2022		170,000		193,409
Series I, 5.00%, 4/15/2041		1,705,000		1,882,422
Series I, 5.00%, 10/15/2046		1,700,000		1,869,592
Series I, 5.00%, 10/15/2051		3,725,000		4,080,626
Michigan, State Finance Authority Revenue:
5.00%, 7/1/2020		450,000		488,453
5.00%, 10/1/2023		905,000		1,045,637
5.00%, 10/1/2024		125,000		144,279
5.00%, 10/1/2032		125,000		141,964
Series A, 5.00%, 1/1/2017		600,000		600,000
Series A, 5.00%, 1/1/2018		125,000		129,845
Series A, 5.00%, 7/1/2018		1,000,000		1,056,060
Michigan, State General Obligation:
Series A, 5.00%, 12/1/2018		100,000		106,940
Series B, 5.00%, 11/1/2022		135,000		156,909

See accompanying notes to financial statements.

198

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Michigan, State Trunk Line Revenue 5.00%, 11/15/2018	$	1,600,000	$	1,708,176
University of Michigan, Revenue:
4.00%, 4/1/2035		300,000		315,861
5.00%, 4/1/2040		3,125,000		3,609,562
				22,586,991
MINNESOTA — 1.3%
Farmington, MN, Independent School District, General Obligation Series A, 3.00%, 2/1/2024		750,000		773,992
Minnesota, State General Fund Revenue:
Series A, 5.00%, 6/1/2029		1,000,000		1,145,830
Series B, 5.00%, 3/1/2018		3,675,000		3,838,648
Series B, 5.00%, 3/1/2021		450,000		505,093
Series B, 5.00%, 3/1/2028		5,000,000		5,634,500
Minnesota, State General Obligation:
Series D, 5.00%, 8/1/2023		7,890,000		9,238,540
Series A, 5.00%, 8/1/2020		610,000		681,498
Series A, ETM, 5.00%, 10/1/2018		10,000		10,634
Series B, 4.00%, 8/1/2025		500,000		558,385
Series B, 5.00%, 8/1/2025		100,000		121,503
Series E, 3.00%, 8/1/2023		400,000		424,008
Series F, 5.00%, 10/1/2021		1,000,000		1,144,710
Series F, 5.00%, 10/1/2022		125,000		145,749
University of Minnesota, Revenue 4.00%, 1/1/2044		575,000		589,812
Western Minnesota, Municipal Power Agency Revenue Series A, 5.00%, 1/1/2036		2,000,000		2,222,520
				27,035,422
MISSISSIPPI — 0.3%
Mississippi, State Development Bank Revenue 5.00%, 1/1/2023		100,000		115,327
Mississippi, State General Obligation:
Series A, 5.00%, 10/1/2027		115,000		136,744
Series C, 5.00%, 10/1/2026		4,000,000		4,790,920
Series H, 4.00%, 12/1/2023		100,000		110,266
				5,153,257
MISSOURI — 0.9%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Authority Revenue Series A, 5.00%, 10/1/2019		250,000		272,895
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Revenue Series A, 5.00%, 10/1/2028		1,320,000		1,398,500
Kansas City, MO, Sanitary Sewer System Revenue:
Series A, 4.00%, 1/1/2025		100,000		112,731
Series A, 4.00%, 1/1/2040		320,000		332,422
Series A, 5.00%, 1/1/2029		100,000		117,765
Metropolitan St. Louis, MO, Sewer District Wastewater System Revenue:
Series B, 5.00%, 5/1/2032		100,000		113,235
Series B, 5.00%, 5/1/2033		350,000		398,780
Series B, 5.00%, 5/1/2036		100,000		114,629
Series B, 5.00%, 5/1/2038		5,000,000		5,639,300
Series B, 5.00%, 5/1/2043		450,000		493,313
Series C, 4.00%, 5/1/2041		1,450,000		1,497,850
Series C, 5.00%, 5/1/2046		1,750,000		1,996,032
Missouri Highway & Transit Commission, State Road Revenue Series B, 5.00%, 5/1/2018		515,000		541,214
Missouri, State Board of Public Buildings, Special Obligation Revenue:
Series A, 1.00%, 10/1/2026		965,000		800,120
Series A, 4.00%, 10/1/2023		900,000		964,845
Missouri, State Highways & Transit Commission, State Road Revenue, First Lien Series A, 5.00%, 5/1/2024		1,075,000		1,283,926
Missouri, State Highways & Transportation Commission Revenue Series A, 5.00%, 5/1/2018		945,000		993,488
North Kansas City School District No. 74, General Obligation 4.00%, 3/1/2029		525,000		578,230
				17,649,275
NEBRASKA — 0.4%
Central Plains Energy Project, NE, Gas Supply Revenue 5.00%, 8/1/2039 (c)		1,000,000		1,086,910
Omaha, NE, Sanitation Sewer Revenue:
4.00%, 11/15/2042		400,000		411,144
5.00%, 11/15/2034		3,800,000		4,380,298
Omaha, NE, State Public Power District Electric Revenue:
Series A, 5.00%, 2/1/2028		140,000		166,747
Series B, 5.00%, 2/1/2021		850,000		958,112
Series BB, 4.00%, 2/1/2042		160,000		163,094
Omaha, NE, State School District, General Obligation 3.25%, 12/15/2034		280,000		278,488
University of Nebraska, Revenue 5.00%, 7/1/2038		1,000,000		1,119,850
				8,564,643
NEVADA — 0.8%
Clark County, NV, General Obligation:
5.00%, 11/1/2032		1,000,000		1,146,290
Series A, 5.00%, 11/1/2022		200,000		232,220
Series B, 4.00%, 11/1/2031		500,000		531,730
Series B, 4.00%, 11/1/2032		250,000		264,570

See accompanying notes to financial statements.

199

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Clark County, School District, General Obligation Series A, 5.00%, 6/15/2024	$	100,000	$	117,702
Clark County, Water Reclamation District, General Obligation 5.00%, 7/1/2027		100,000		120,160
Las Vegas Valley, NV, Water District, General Obligation:
5.00%, 6/1/2039		3,195,000		3,589,071
Series A, 5.00%, 6/1/2031		100,000		113,976
Series B, 4.00%, 6/1/2037		4,265,000		4,428,733
Series B, 5.00%, 6/1/2032		125,000		142,265
Series B, 5.00%, 6/1/2042		5,845,000		6,554,291
Truckee Meadows, NV, Water Authority Revenue 5.00%, 7/1/2034		125,000		143,619
				17,384,627
NEW JERSEY — 0.5%
Hudson County, NJ, Improvement Authority Revenue 5.00%, 5/1/2041		445,000		501,079
New Brunswick, NJ, Parking Authority Revenue:
Series A, 5.00%, 9/1/2032		120,000		138,462
Series A, 5.00%, 9/1/2036		325,000		367,195
New Jersey, Environmental Infrastructure Trust Revenue:
Series A, 4.00%, 9/1/2022		15,000		15,664
Series A, 4.00%, 9/1/2027		90,000		93,982
New Jersey, State Economic Development Authority Lease Revenue 5.00%, 6/15/2046		5,090,000		5,622,770
New Jersey, State Educational Facilities Authority Revenue:
Series A, 5.00%, 7/1/2024		1,140,000		1,368,866
Series B, 5.00%, 7/1/2032		265,000		301,779
Rutgers, NJ, University Revenue:
Series J, 5.00%, 5/1/2023		100,000		115,799
Series J, 5.00%, 5/1/2032		1,000,000		1,126,620
				9,652,216
NEW MEXICO — 0.4%
Albuquerque Bernalillo County, NM, Water Utility Authority, Water & Sewer System Revenue:
5.00%, 7/1/2022		3,250,000		3,765,450
Series A, 5.00%, 7/1/2020		100,000		111,456
Series B, 5.00%, 7/1/2023		235,000		275,164
New Mexico, State Finance Authority Revenue 4.00%, 6/15/2026		100,000		108,652
New Mexico, State Severance Tax Revenue:
Series A, 5.00%, 7/1/2017		305,000		311,085
Series A, 5.00%, 7/1/2018		100,000		105,530
Series A, 5.00%, 7/1/2020		450,000		494,176
Series A, 5.00%, 7/1/2023		325,000		379,320
Series A, 5.00%, 7/1/2025		130,000		155,488
Series B, 4.00%, 7/1/2024		2,820,000		3,129,636
University of New Mexico, Revenue Series A, 4.00%, 6/1/2046		165,000		170,889
				9,006,846
NEW YORK — 17.3%
Brookhaven, NY, General Obligation 5.00%, 5/1/2026		120,000		144,914
Dutchess County, NY, Local Development Corp. Revenue Series A, 5.00%, 1/1/2049		2,000,000		2,174,320
Nassau County, NY, Sewer & Storm Water Finance Authority Revenue Series A, 5.00%, 10/1/2028		3,450,000		4,098,738
New York & New Jersey, Port Authority Revenue:
4.00%, 12/15/2036		6,760,000		6,926,228
4.00%, 12/15/2038		100,000		102,131
4.00%, 6/15/2044		150,000		152,511
4.50%, 7/15/2031		2,000,000		2,127,500
4.50%, 7/15/2036		850,000		891,267
5.00%, 9/1/2031		100,000		115,509
5.00%, 9/1/2033		160,000		182,677
5.00%, 9/1/2039		475,000		532,969
5.00%, 10/15/2041		4,580,000		5,195,094
Series 179, 5.00%, 12/1/2038		295,000		333,707
Series 179, 5.00%, 12/1/2043		1,100,000		1,236,994
Series 189, 5.00%, 5/1/2045		4,000,000		4,491,160
Series 190, 5.00%, 5/1/2032		1,075,000		1,170,535
Series 190, 5.00%, 5/1/2035		1,360,000		1,477,667
Series 198, 5.00%, 11/15/2041		120,000		137,266
New York State Dormitory Authority Revenue Series A, 5.00%, 7/1/2037		150,000		167,166
New York State Thruway Authority Highway & Bridge Trust Fund Revenue Series A, 5.00%, 4/1/2029		100,000		113,727
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue:
4.00%, 6/15/2033		1,250,000		1,286,187
5.00%, 6/15/2037		5,000,000		5,685,050
5.00%, 6/15/2044		150,000		165,794
Series BB, 5.00%, 6/15/2046		3,985,000		4,453,221
Series A, 3.00%, 6/15/2036		250,000		223,988
Series AA, 4.00%, 6/15/2044		6,805,000		6,830,995
Series AA, 4.00%, 6/15/2046		1,000,000		1,003,240
Series BB, 4.63%, 6/15/2046		6,750,000		7,240,995
Series EE, 5.00%, 6/15/2047		8,000,000		8,916,283
Series FF, 4.00%, 6/15/2045		650,000		651,913
Series FF, 5.00%, 6/15/2045		8,640,000		9,633,918
Series EE, 5.00%, 6/15/2036		1,280,000		1,438,733
Series DD, 5.00%, 6/15/2039		690,000		772,165
Series EE, 4.00%, 6/15/2039		2,070,000		2,081,033
Series EE, 5.00%, 6/15/2034		395,000		444,968
Series EE, 5.25%, 6/15/2030		350,000		404,100
Series FF, 5.00%, 6/15/2029		1,710,000		1,869,834
Series FF, 5.00%, 6/15/2031		755,000		879,130

See accompanying notes to financial statements.

200

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
New York, NY, City Transitional Finance Authority Building Aid Revenue:
Series S-1, 4.00%, 7/15/2036	$	700,000	$	715,988
Series S-1, 4.00%, 7/15/2040		1,750,000		1,779,207
Series S-1, 4.00%, 7/15/2042		250,000		255,725
Series S-1, 5.00%, 7/15/2028		1,025,000		1,174,752
Series S-1, 5.00%, 7/15/2029		750,000		859,575
Series S-1, 5.00%, 7/15/2037		205,000		229,506
Series S-1, 5.00%, 7/15/2043		240,000		268,387
New York, NY, City Transitional Finance Authority Revenue SubSeries FI, 5.00%, 8/1/2034		2,500,000		2,860,050
New York, NY, City Transitional Finance Authority, Future Tax Secured Revenue:
4.00%, 5/1/2019		400,000		423,580
SubSeries E-1, 5.00%, 2/1/2018		545,000		567,830
5.00%, 8/1/2034		225,000		257,873
5.00%, 11/1/2035		380,000		429,810
SubSeries F-1, 5.00%, 2/1/2036		2,270,000		2,572,540
5.00%, 5/1/2036		245,000		280,292
5.00%, 11/1/2038		3,525,000		3,987,057
ETM, 5.00%, 11/1/2017		100,000		103,274
Series B1, 5.00%, 11/1/2037		410,000		463,243
Series C, 5.00%, 11/1/2018		1,500,000		1,601,280
SubSeries A-1, 5.00%, 8/1/2027		100,000		117,903
SubSeries A-1, 5.00%, 8/1/2032		710,000		817,473
SubSeries B-I, 4.00%, 8/1/2037		750,000		774,090
SubSeries B-I, 5.00%, 8/1/2030		270,000		318,327
SubSeries B-I, 5.00%, 8/1/2040		1,890,000		2,155,167
SubSeries D, 3.00%, 11/1/2027		320,000		324,442
SubSeries D-1, 5.00%, 11/1/2022		100,000		113,526
SubSeries F-1, 5.00%, 2/1/2030		3,770,000		4,388,322
SubSeries E-1, 5.00%, 2/1/2040		400,000		453,600
SubSeries E-1, 5.00%, 2/1/2042		900,000		984,978
SubSeries F-1, 4.00%, 2/1/2040		115,000		117,172
SubSeries F-1, 5.00%, 5/1/2021		500,000		566,010
SubSeries F-1, 5.00%, 2/1/2029		500,000		570,915
SubSeries F-1, 5.00%, 5/1/2030		200,000		223,918
SubSeries F-1, 5.00%, 2/1/2031		500,000		566,395
SubSeries F-3, 3.00%, 2/1/2035		2,755,000		2,513,386
SubSeries FI, 5.00%, 8/1/2029		1,000,000		1,163,230
SubSeries FI, 5.00%, 8/1/2039		9,675,000		10,900,048
SubSeries FI, 5.00%, 8/1/2042		5,800,000		6,521,868
SubSeries I, 4.00%, 5/1/2043		100,000		101,786
SubSeries I, 5.00%, 5/1/2033		300,000		339,474
SubSeries I, 5.00%, 5/1/2038		880,000		990,343
SubSeries I, 5.00%, 5/1/2042		1,000,000		1,114,360
New York, NY, General Obligation:
Series 1-I, 4.00%, 3/1/2039		570,000		578,846
Series 1-I, 5.00%, 3/1/2027		1,560,000		1,804,078
Series A-1, 5.00%, 10/1/2018		5,000,000		5,315,200
Series A-1, 5.00%, 10/1/2019		5,000,000		5,456,500
Series I, 5.00%, 8/1/2027		1,120,000		1,265,250
Series A-1, 5.00%, 10/1/2028		435,000		491,298
Series J, 5.00%, 8/1/2017		1,600,000		1,637,536
Series B, 5.00%, 8/1/2021		4,500,000		5,091,210
Series I, 5.00%, 8/1/2022		340,000		388,203
Series B, 5.00%, 8/1/2024		2,535,000		2,881,053
Series B, 5.00%, 8/1/2026		140,000		158,642
Series E, 5.00%, 8/1/2018		2,940,000		3,110,608
Series C, 5.00%, 4/15/2023		1,390,000		1,638,421
Series D, 5.00%, 8/1/2028		825,000		936,037
Series I, 5.00%, 8/1/2029		7,185,000		8,148,542
Series D-1, 5.00%, 10/1/2032		125,000		139,829
Series D-1, 5.00%, 8/1/2033		250,000		280,728
Series J, 5.00%, 8/1/2020		8,795,000		9,770,805
Series E, 5.00%, 8/1/2025		115,000		132,572
Series E, 5.00%, 8/1/2030		250,000		292,918
Series F-1, 5.00%, 6/1/2025		750,000		891,337
Series F-1, 5.00%, 3/1/2037		1,475,000		1,632,633
SubSeries A-1, 5.00%, 10/1/2031		225,000		251,825
SubSeries G-1, 5.00%, 4/1/2029		700,000		782,488
New York, NY, Liberty Development Corp., Revenue:
4.00%, 9/15/2035		205,000		215,389
5.00%, 9/15/2032		4,620,000		5,251,554
5.00%, 9/15/2040		295,000		331,624
5.00%, 12/15/2041		100,000		109,173
5.25%, 12/15/2043		430,000		483,819
New York, NY, Metropolitan Transportation Authority, Dedicated Tax Fund Revenue:
Series A, Zero Coupon, 11/15/2030		2,960,000		1,865,126
Series A, 5.00%, 11/15/2025		1,000,000		1,156,130
Series A, 5.00%, 11/15/2027		100,000		115,197
Series A, 5.00%, 11/15/2031		1,295,000		1,480,314
Series A, 5.25%, 11/15/2033		100,000		118,986
Series A, 5.25%, 11/15/2034		200,000		238,726
Series B-1, 4.25%, 11/15/2030		100,000		109,909
Subseries B, 4.00%, 11/15/2038		100,000		103,460
New York, NY, Sales Tax Asset Receivables Corp., Revenue:
Series A, 5.00%, 10/15/2020		175,000		196,518
Series A, 5.00%, 10/15/2021		5,620,000		6,431,303
Series A, 5.00%, 10/15/2025		2,100,000		2,509,878
Series A, 5.00%, 10/15/2026		6,000,000		7,190,040
Series A, 5.00%, 10/15/2030		480,000		563,952
New York, NY, Triborough Bridge & Tunnel Authority Revenue:
Series A, 4.00%, 11/15/2042		500,000		515,265
Series B, Zero Coupon, 11/15/2027		1,850,000		1,327,393
Series B, Zero Coupon, 11/15/2029		735,000		486,144
Series B, 5.00%, 11/15/2027		5,575,000		6,405,675
Series C, 5.00%, 11/15/2038		725,000		806,599
New York, NY, Trust for Cultural Resources, Wildlife Conservation Society Revenue:
5.00%, 8/1/2033		2,000,000		2,271,420
Series S, 4.00%, 2/1/2023		1,250,000		1,383,975
Series S, 4.00%, 4/1/2031		100,000		107,949
New York, State Convention Center Development Corp., Revenue:
4.00%, 11/15/2045		120,000		120,798
5.00%, 11/15/2033		4,700,000		5,313,209

See accompanying notes to financial statements.

201

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.00%, 11/15/2040	$	750,000	$	833,835
5.00%, 11/15/2045		360,000		398,797
New York, State Dormitory Authority Revenue, Non State Supported Debt:
5.00%, 10/1/2045		3,250,000		4,213,040
Series A, 4.00%, 7/1/2043		1,000,000		1,022,210
New York, State Dormitory Authority Revenue, State Supported Debt:
5.00%, 5/15/2025		650,000		744,731
Series A, 5.00%, 7/1/2027		520,000		587,142
Series A, 5.00%, 7/1/2035		185,000		205,520
Series A, 5.00%, 7/1/2042		550,000		602,079
New York, State Dormitory Authority, Personal Income Tax Revenue:
Series A, 5.00%, 2/15/2021		250,000		281,878
Series A, 5.00%, 12/15/2026		500,000		577,605
Series A, 5.00%, 2/15/2029		150,000		171,401
Series A, 5.00%, 12/15/2029		4,725,000		5,418,630
Series A, 5.00%, 12/15/2030		3,130,000		3,578,279
Series A, 5.00%, 2/15/2031		1,100,000		1,250,249
Series A, 5.00%, 2/15/2043		1,250,000		1,374,675
Series B, 5.00%, 3/15/2027		110,000		129,347
Series B, 5.00%, 3/15/2031		150,000		169,169
Series C, 5.00%, 3/15/2037		100,000		112,438
Series D, 5.00%, 2/15/2022		5,000,000		5,740,950
Series D, 5.00%, 2/15/2042		720,000		792,403
Series E, 4.00%, 8/15/2031		255,000		267,130
Series E, 5.00%, 3/15/2024		250,000		296,153
Series E, 5.00%, 3/15/2026		500,000		597,550
New York, State Dormitory Authority, Sales Tax Revenue:
Series A, 4.00%, 7/1/2034		100,000		107,010
Series A, 4.13%, 3/15/2033		2,105,000		2,242,793
Series A, 5.00%, 3/15/2018		100,000		104,626
Series A, 5.00%, 3/15/2019		2,500,000		2,700,000
Series A, 5.00%, 3/15/2021		270,000		305,799
Series A, 5.00%, 3/15/2023		2,420,000		2,842,459
Series A, 5.00%, 3/15/2028		3,400,000		3,918,568
Series A, 5.00%, 3/15/2036		1,500,000		1,691,730
Series A, 5.00%, 3/15/2037		1,990,000		2,241,635
Series A, 5.00%, 3/15/2044		5,000,000		5,618,500
New York, State Environmental Facilities Corp., Clean Water & Drinking Revenue:
5.00%, 6/15/2020		500,000		557,280
Series A, 5.00%, 6/15/2041		1,180,000		1,356,080
New York, State Environmental Facilities Corp., Revenue:
4.00%, 6/15/2036		400,000		413,680
5.00%, 3/15/2019		1,995,000		2,153,702
5.00%, 9/15/2019		2,500,000		2,734,325
5.00%, 6/15/2033		125,000		145,001
5.00%, 11/15/2038		250,000		281,835
Series B, 4.00%, 8/15/2046		6,900,000		7,054,698
Series B, 5.00%, 8/15/2041		885,000		1,019,042
New York, State Thruway Authority, Personal Income Tax Revenue:
Series A, 5.00%, 3/15/2030		250,000		282,363
Series A, 5.00%, 3/15/2024		620,000		704,419
New York, State Urban Development Corp., Revenue:
Series C, 5.00%, 3/15/2033		3,470,000		3,979,743
Series C, 5.00%, 3/15/2023		1,690,000		1,968,196
Series A, 5.00%, 3/15/2024		5,250,000		6,219,202
Series C, 5.00%, 3/15/2027		4,900,000		5,661,958
Series A, 5.00%, 3/15/2028		100,000		118,053
Series C, 5.00%, 3/15/2029		525,000		607,618
Series A, 5.00%, 3/15/2034		745,000		852,124
Series A, 5.00%, 3/15/2044		320,000		355,872
Series D, 5.00%, 3/15/2021		3,215,000		3,631,535
Series D, 5.00%, 3/15/2018		1,000,000		1,046,260
Series D, 5.00%, 3/15/2022		1,700,000		1,954,915
Oyster Bay, NY, General Obligation 4.00%, 8/1/2029 (a)		100,000		102,306
Triborough, NY, Bridge & Tunnel Authority Revenue:
Series B, 5.00%, 11/15/2020		100,000		112,200
Series C, 5.00%, 11/15/2033		125,000		142,795
Utility Debt Securitization Authority Revenue:
Series A, 5.00%, 12/15/2032		490,000		573,180
5.00%, 12/15/2037		6,810,000		7,831,091
Series A, 5.00%, 6/15/2028		155,000		186,405
Series TE, 5.00%, 12/15/2033		800,000		923,975
Series TE, 5.00%, 12/15/2034		5,600,000		6,513,449
Series A, 5.00%, 12/15/2035		1,925,000		2,230,979
Series B, 5.00%, 12/15/2024		610,000		708,735
Series B, 5.00%, 12/15/2025		280,000		332,013
Series TE, 5.00%, 12/15/2027		500,000		586,885
Series TE, 5.00%, 12/15/2030		1,540,000		1,788,279
Series TE, 5.00%, 12/15/2031		100,000		115,708
Series TE, 5.00%, 12/15/2041		365,000		409,720
Westchester, NY, General Obligation Series A, 5.00%, 1/1/2024		1,500,000		1,789,995
				359,590,360
NORTH CAROLINA — 1.3%
Buncombe County, NC, Limited Obligation Revenue:
5.00%, 6/1/2025		1,920,000		2,293,056
5.00%, 6/1/2026		100,000		118,928
Charlotte, NC, Certificates of Participation:
Series B, 3.00%, 6/1/2022		100,000		100,457
Series C, 5.00%, 12/1/2018		2,865,000		3,058,789
Charlotte, NC, General Obligation 5.00%, 12/1/2021		100,000		114,807
Charlotte, NC, Water & Sewer System Revenue 5.00%, 7/1/2022		3,400,000		3,937,302
Durham Capital Financing Corp., Revenue 5.00%, 6/1/2038		115,000		130,027
Durham, NC, General Obligation 4.00%, 10/1/2025		1,230,000		1,388,412
Mecklenburg County, NC, General Obligation:
Series A, 5.00%, 12/1/2021		1,750,000		2,011,782
Series B, 5.00%, 12/1/2023		1,500,000		1,785,675

See accompanying notes to financial statements.

202

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
North Carolina Capital Facilities Finance Agency Revenue:
4.00%, 1/1/2038	$	700,000	$	718,935
Series B, 5.00%, 10/1/2041		1,340,000		1,544,618
Series B, 5.00%, 10/1/2055		3,195,000		3,617,219
North Carolina, State Eastern Municipal Power Agency, Revenue Series B, 5.00%, 1/1/2021		260,000		293,062
North Carolina, State General Obligation:
5.00%, 6/1/2020		150,000		166,995
5.00%, 6/1/2021		2,125,000		2,418,505
Series A, 5.00%, 6/1/2018		125,000		131,761
Series C, 4.00%, 5/1/2021		1,230,000		1,346,850
Series D, 4.00%, 6/1/2021		500,000		547,940
Series E, 5.00%, 5/1/2019		1,000,000		1,082,910
North Carolina, State Revenue:
Series C, 5.00%, 5/1/2021		100,000		113,024
Series C, 5.00%, 5/1/2022		100,000		115,072
Series C, 5.00%, 5/1/2025		175,000		207,056
North Carolina, State University at Raleigh Revenue Series A, 5.00%, 10/1/2037		100,000		115,345
Raleigh, NC, General Obligation Series B, 3.00%, 4/1/2028		135,000		137,892
				27,496,419
OHIO — 2.2%
Cincinnati, OH, General Obligation:
Series A, 4.00%, 12/1/2023		150,000		166,497
Series A, 5.00%, 12/1/2020		2,950,000		3,302,053
Cleveland Heights & University Heights, OH, City School District, General Obligation 4.50%, 12/1/2047		355,000		372,913
Cleveland, OH, Municipal School District, General Obligation Series A, 4.25%, 12/1/2049		395,000		405,234
Columbus, OH, General Obligation:
Series A, 3.00%, 8/15/2023		500,000		527,320
Series A, 3.00%, 7/1/2029		2,650,000		2,647,244
Series A, 3.20%, 7/1/2031		2,600,000		2,588,040
Series A, 5.00%, 8/15/2027		125,000		147,518
Columbus, OH, Sewer Revenue:
5.00%, 6/1/2025		130,000		155,445
5.00%, 6/1/2028		1,605,000		1,903,835
Cuyahoga County, OH, Certificates of Participation 4.00%, 12/1/2034		1,290,000		1,325,785
Cuyahoga County, OH, Sales Tax Revenue 5.00%, 12/1/2034		290,000		332,963
Franklin County, OH, General Obligation 5.00%, 6/1/2021		3,355,000		3,801,618
Hamilton County, OH, Sewer System Revenue:
Series A, 5.00%, 12/1/2028		3,000,000		3,503,970
Series A, 5.00%, 12/1/2038		195,000		220,717
JobsOhio, Beverage System Statewide Liquor Profits Revenue Series A, 5.00%, 1/1/2038		450,000		492,030
North Olmsted City School District, General Obligation Series A, 5.00%, 12/1/2040		340,000		379,202
Northeast Ohio, Regional Sewer District Revenue:
5.00%, 11/15/2039		320,000		358,560
5.00%, 11/15/2043		100,000		110,464
Ohio Water Development Authority Series A, 5.00%, 12/1/2019		600,000		659,298
Ohio, State General Obligation:
Series C, 5.00%, 9/15/2021		265,000		301,848
Series A, 5.00%, 12/15/2022		3,000,000		3,494,700
Series A, 5.00%, 12/15/2023		320,000		378,310
Series A, 5.00%, 5/1/2027		100,000		114,474
Series A, 5.00%, 9/1/2027		250,000		307,090
Series B, 5.00%, 3/15/2019		540,000		581,855
Series B, 5.00%, 6/15/2027		110,000		126,269
Series B, 5.00%, 6/15/2035		200,000		225,192
Series C, 5.00%, 8/1/2022		155,000		179,313
Series R, 4.00%, 5/1/2018		130,000		134,898
Series R, 5.00%, 5/1/2019		2,075,000		2,242,577
Series S, 5.00%, 5/1/2029		2,825,000		3,359,801
Series S, 5.00%, 5/1/2030		2,600,000		3,066,362
Series S, 5.00%, 5/1/2031		3,000,000		3,516,600
Ohio, State Infrastructure Project Revenue Series 1, 4.00%, 12/15/2019		125,000		133,706
Ohio, State University, Revenue:
Series A, 4.00%, 6/1/2031		100,000		106,206
Series A, 4.00%, 6/1/2043		1,280,000		1,309,018
Ohio, Water Development Authority Water Pollution Control Loan Fund Revenue 5.00%, 6/1/2024		1,000,000		1,191,870
University of Cincinnati, Revenue:
Series C, 5.00%, 6/1/2036		520,000		581,324
Series C, 5.00%, 6/1/2039		500,000		558,340
				45,310,459
OKLAHOMA — 0.2%
Oklahoma, Capital Improvement Authority, State Facilities Revenue:
4.00%, 7/1/2034		745,000		768,773
Series A, 3.00%, 7/1/2024		125,000		129,765
Series A, 5.00%, 7/1/2026		2,500,000		2,917,000
Oklahoma, Development Finance Authority Revenue 3.00%, 6/1/2046		145,000		117,537
				3,933,075
OREGON — 1.3%
Clackamas & Washington Counties, OR, School District No. 3, General Obligation 5.00%, 6/15/2029		200,000		234,524
Deschutes County, OR, School District, General Obligation 4.00%, 6/15/2021		1,040,000		1,139,164

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Oregon, State Department of Administration Services, Lottery Revenue Series C, 5.00%, 4/1/2022	$	300,000	$	345,510
Oregon, State Department of Transportation, Highway User Tax Revenue:
Series A, 5.00%, 11/15/2024		125,000		149,340
Series A, 5.00%, 11/15/2028		650,000		769,379
Oregon, State Department of Transportation, Sales Tax Revenue:
Series A, 5.00%, 11/15/2023		580,000		685,717
Series A, 5.00%, 11/15/2024		140,000		164,130
Series A, 5.00%, 11/15/2029		7,160,000		8,435,697
Oregon, State General Obligation:
Series C, 5.00%, 8/1/2041		1,065,000		1,230,512
Series F, 5.00%, 5/1/2028		160,000		194,112
Series L, 5.00%, 11/1/2017		435,000		449,351
Series N, 5.00%, 8/1/2043.		1,700,000		1,925,233
Oregon, State Health & Science University Revenue:
Series B, 5.00%, 7/1/2033		300,000		346,014
Series B, 5.00%, 7/1/2035		2,000,000		2,285,560
Series B, 5.00%, 7/1/2036		100,000		113,317
Series B, 5.00%, 7/1/2037		1,585,000		1,791,953
Series B, 5.00%, 7/1/2038		275,000		309,955
Oregon, State Revenue:
Series 1, 5.00%, 12/15/2023		100,000		115,123
Series C, 5.00%, 12/1/2029		150,000		177,373
Portland Community College District, General Obligation 5.00%, 6/15/2020		200,000		222,628
Portland, OR, Sewer System Revenue:
Series A, 2.50%, 6/15/2033		200,000		174,340
Series A, 5.00%, 8/1/2020		125,000		139,375
Series A, 5.00%, 6/1/2021		775,000		879,571
Series A, 5.00%, 6/1/2024		125,000		148,233
Washington & Multnomah Counties School District No. 48J Beaverton, General Obligation 5.00%, 6/15/2022		125,000		144,043
Washington County, OR, School District No. 48J Beaverton, General Obligation 5.00%, 6/15/2028		4,000,000		4,634,160
Washington Multnomah & Yamhill Counties, OR, School District No. 1J, General Obligation 4.00%, 6/15/2021		400,000		436,884
				27,641,198
PENNSYLVANIA — 2.2%
Chester, PA, General Obligation Series A, 4.00%, 7/15/2029		120,000		132,602
Pennsylvania Turnpike Commission Revenue Series A, 5.00%, 12/1/2030		125,000		145,584
Pennsylvania, State Economic Development Financing Authority, Unemployment Compensation Revenue:
5.00%, 1/1/2020		175,000		189,908
5.00%, 7/1/2020		500,000		542,210
5.00%, 1/1/2021		1,000,000		1,066,500
5.00%, 7/1/2021		5,000,000		5,192,250
Series A, 4.00%, 1/1/2019		455,000		478,674
Series A, 5.00%, 7/1/2018		445,000		469,675
Series A, 5.00%, 7/1/2019		1,000,000		1,085,700
Pennsylvania, State General Obligation:
3.00%, 9/15/2033 (a)		500,000		447,375
4.00%, 2/1/2034		750,000		768,937
5.00%, 11/15/2017		405,000		418,673
5.00%, 7/1/2018		150,000		157,860
5.00%, 7/1/2021		2,925,000		3,277,228
5.00%, 9/15/2022		5,000,000		5,702,200
5.00%, 11/15/2022		110,000		125,650
5.00%, 4/1/2023		2,200,000		2,517,174
5.00%, 6/1/2023		4,195,000		4,731,163
5.00%, 4/1/2024		4,930,000		5,579,873
5.00%, 6/1/2025		800,000		899,224
5.00%, 9/15/2025		100,000		116,534
5.00%, 3/15/2026		500,000		579,235
5.00%, 6/1/2026		2,200,000		2,466,970
5.00%, 6/1/2028		155,000		172,980
5.00%, 11/15/2029		440,000		497,143
Pennsylvania, State Higher Educational Facilities Authority Revenue:
2.50%, 10/1/2045 (c)		360,000		346,554
4.00%, 10/1/2038		200,000		208,076
5.00%, 10/1/2035		1,150,000		1,325,605
Series A, 4.00%, 8/15/2033		190,000		203,623
Series A, 4.00%, 8/15/2034		145,000		154,653
Series A, 4.00%, 8/15/2035		450,000		477,657
Pennsylvania, State University, Revenue:
Series B, 5.00%, 9/1/2020		2,440,000		2,726,920
Series B, 5.00%, 9/1/2023		1,315,000		1,550,687
West View, PA, Municipal Authority Water Revenue 4.00%, 11/15/2043		865,000		883,719
				45,638,816
RHODE ISLAND — 0.2%
Rhode Island Health & Educational Building Corp. 5.00%, 9/1/2021		1,000,000		1,135,560
Rhode Island Health & Educational Building Corp., Revenue Series A, 4.00%, 5/15/2028		1,685,000		1,796,058
Rhode Island, State & Providence Plantations, Consolidated Capital Development, General Obligation Series D, 5.00%, 8/1/2024		250,000		292,680

See accompanying notes to financial statements.

204

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Rhode Island, State & Providence Plantations, General Obligation:
5.00%, 8/1/2020	$	115,000	$	127,718
Series C, 5.00%, 8/1/2018		950,000		1,004,977
				4,356,993
SOUTH CAROLINA — 0.1%
Beaufort County, SC, School District, General Obligation Series A, 5.00%, 3/1/2020		1,000,000		1,103,870
Charleston, SC, Educational Excellence Finance Corp. Revenue:
5.00%, 12/1/2022		550,000		634,178
5.00%, 12/1/2023		100,000		116,799
Columbia, SC, Waterworks & Sewer System Revenue 5.00%, 2/1/2038		100,000		110,266
Florence County, SC, General Obligation 3.00%, 6/1/2017		300,000		302,568
				2,267,681
SOUTH DAKOTA — 0.1%
Sioux Falls, SD, Sales Tax Revenue Series A, 3.38%, 11/15/2032		1,355,000		1,358,902
South Dakota, State Building Authority Revenue Series B, 5.00%, 6/1/2038		100,000		112,941
				1,471,843
TENNESSEE — 0.9%
Chattanooga, TN, Electric Revenue Series A, 5.00%, 9/1/2024		335,000		395,313
City of Clarksville, TN, Water Sewer & Gas Revenue 5.00%, 2/1/2041		3,000,000		3,447,690
Memphis, TN, General Obligation Series A, 5.00%, 11/1/2023		2,400,000		2,811,864
Metropolitan Government Nashville & Davidson County, TN, General Obligation:
5.00%, 7/1/2018		500,000		527,265
5.00%, 1/1/2025		1,000,000		1,197,630
5.00%, 1/1/2026		140,000		169,399
Series A, 5.00%, 1/1/2020		100,000		109,792
Series C, 5.00%, 7/1/2020		200,000		222,122
Series C, 5.00%, 7/1/2027		2,710,000		3,232,163
Metropolitan Government Nashville & Davidson County, TN, Health & Educational Facilities Revenue Series D, 3.25%, 10/1/2037		1,420,000		1,329,731
Shelby County, TN, General Obligation Series A, 5.00%, 4/1/2021		200,000		226,526
Tennessee, State General Obligation:
Series A, 2.50%, 8/1/2026		100,000		100,570
Series A, 5.00%, 8/1/2022		350,000		407,508
Tennessee, State School Bond Authority Revenue:
5.00%, 11/1/2026		250,000		297,667
5.00%, 11/1/2045		3,315,000		3,737,729
Series A, 5.00%, 5/1/2027		500,000		571,830
				18,784,799
TEXAS — 12.3%
Alamo, Regional Mobility Authority Revenue:
5.00%, 6/15/2039		725,000		813,472
5.00%, 6/15/2041		1,105,000		1,238,119
Aldine, TX, Independent School District, General Obligation:
5.00%, 2/15/2022 (a)		4,100,000		4,707,579
5.00%, 2/15/2024 (a)		220,000		260,500
Allen, TX, Independent School District, General Obligation 5.00%, 2/15/2027 (a)		235,000		280,696
Alvin, TX, Independent School District, General Obligation:
Series A, 4.00%, 2/15/2039 (a)		255,000		262,255
Series C, 5.00%, 2/15/2028 (a)		3,000,000		3,494,250
Arlington, TX, Independent School District, General Obligation Series A, 5.00%, 2/15/2026 (a)		885,000		1,032,556
Austin, TX, Community College District, General Obligation 5.00%, 8/1/2035		550,000		625,020
Austin, TX, Electric Utility System Revenue 4.00%, 11/15/2032		800,000		839,168
Austin, TX, General Obligation:
4.00%, 9/1/2018		1,000,000		1,044,910
5.00%, 9/1/2020		5,000,000		5,582,300
5.00%, 9/1/2022		115,000		133,359
5.00%, 9/1/2023		1,000,000		1,178,550
5.00%, 9/1/2034		375,000		426,495
Austin, TX, Independent School District, General Obligation Series A, 5.00%, 8/1/2018 (a)		800,000		847,072
Austin, TX, Water & Wastewater System Revenue:
5.00%, 11/15/2031		100,000		115,402
5.00%, 11/15/2033		115,000		131,721
5.00%, 11/15/2034		370,000		421,423
5.00%, 11/15/2039		3,200,000		3,590,592
5.00%, 11/15/2042		2,800,000		3,076,724
Series A, 5.00%, 5/15/2021		125,000		141,141
Series A, 5.00%, 5/15/2022		115,000		131,949
Bexar County, TX, General Obligation:
4.00%, 6/15/2031		300,000		319,002
5.00%, 6/15/2027		100,000		118,007
Series B, 5.00%, 6/15/2032		3,000,000		3,438,930
Clear Creek, TX, Independent School District, General Obligation Series A, 5.00%, 2/15/2023		150,000		171,891
Clint, TX, Independent School District, General Obligation 5.00%, 8/15/2045 (a)		250,000		283,628

See accompanying notes to financial statements.

205

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Conroe, TX, Independent School District, General Obligation:
5.00%, 2/15/2025 (a)	$	220,000	$	246,288
Series A, 5.00%, 2/15/2027 (a)		165,000		184,300
Cypress-Fairbanks, TX, Independent School District, General Obligation:
5.00%, 2/15/2025 (a)		500,000		561,010
5.00%, 2/15/2028 (a)		375,000		440,723
Series C, 5.00%, 2/15/2023 (a)		325,000		378,784
Series C, 5.00%, 2/15/2044 (a)		4,415,000		4,955,484
Dallas, TX, Area Rapid Transit, Sales Tax Revenue:
Series A, 5.00%, 12/1/2021		115,000		130,869
Series A, 5.00%, 12/1/2026		500,000		590,725
Series A, 5.00%, 12/1/2030		105,000		122,823
Series A, 5.00%, 12/1/2034		175,000		200,844
Series A, 5.00%, 12/1/2035		200,000		228,532
Series A, 5.00%, 12/1/2036		150,000		171,024
Series A, 5.00%, 12/1/2041		1,000,000		1,128,580
Series A, 5.00%, 12/1/2046		2,000,000		2,240,780
Dallas, TX, General Obligation:
5.00%, 2/15/2019		350,000		373,167
5.00%, 2/15/2022		5,010,000		5,638,054
5.00%, 2/15/2024		1,610,000		1,832,454
5.00%, 2/15/2025		3,765,000		4,262,933
5.00%, 2/15/2026		1,000,000		1,126,510
5.00%, 2/15/2027		2,200,000		2,464,858
5.00%, 2/15/2029		705,000		786,999
5.00%, 2/15/2030		250,000		275,900
Series A, 4.00%, 2/15/2032		5,290,000		5,337,716
Series A, 5.00%, 2/15/2017		175,000		175,749
Dallas, TX, Independent School District, General Obligation:
3.00%, 8/15/2030 (a)		1,250,000		1,217,162
5.00%, 8/15/2020 (a)		100,000		111,175
5.00%, 8/15/2023 (a)		2,275,000		2,631,583
Series A, 4.00%, 2/15/2030 (a)		2,800,000		2,973,236
Series A, 4.00%, 2/15/2031 (a)		155,000		163,906
Series A, 5.00%, 2/15/2026 (a)		1,000,000		1,188,140
Series A, 5.00%, 8/15/2032 (a)		1,000,000		1,152,060
Denton, Independent School District, General Obligation 5.00%, 8/15/2028 (a)		150,000		175,572
Denton, TX, General Obligation:
4.00%, 2/15/2039		360,000		370,552
4.00%, 2/15/2045		210,000		212,316
El Paso, TX, General Obligation:
4.00%, 8/15/2042		165,000		166,175
5.00%, 8/15/2023		1,000,000		1,169,370
Fort Bend County, TX, General Obligation:
5.00%, 3/1/2032		130,000		145,464
Series B, 5.00%, 3/1/2028		520,000		615,035
Fort Worth, TX, Independent School District, General Obligation 4.00%, 2/15/2035 (a)		5,000,000		5,233,000
Fort Worth, TX, Water & Sewer System Revenue Series A, 5.00%, 2/15/2023		4,890,000		5,680,957
Frisco, TX, General Obligation:
Series A, 5.00%, 2/15/2021		100,000		112,370
Series A, 5.00%, 2/15/2026		125,000		148,821
Garland, TX, Independent School District, General Obligation 5.00%, 2/15/2030 (a)		230,000		265,940
Harris County, TX, General Obligation:
5.00%, 8/15/2022		100,000		115,674
5.00%, 8/15/2026		120,000		139,406
5.00%, 8/15/2032		105,000		121,133
Series A, 5.00%, 10/1/2024		300,000		350,802
Series A, 5.00%, 10/1/2025		125,000		150,589
Series A, 5.00%, 10/1/2027		250,000		297,055
Series A, 5.00%, 10/1/2029		6,215,000		7,315,614
Series A, 5.00%, 10/1/2031		400,000		464,152
Series A, 5.00%, 10/1/2035		155,000		178,283
Harris County, TX, Metropolitan Transit Authority, Sales & Use Tax Revenue:
Series A, 5.00%, 11/1/2025		300,000		342,801
Series A, 5.00%, 11/1/2030		365,000		411,862
Harris County, TX, Revenue:
Series A, 5.00%, 8/15/2024		245,000		289,066
Series A, 5.00%, 8/15/2035		490,000		559,850
Series B, 5.00%, 8/15/2028		175,000		206,031
Series B, 5.00%, 8/15/2033		160,000		183,990
Houston, TX, Community College, General Obligation:
5.00%, 2/15/2028		1,100,000		1,263,328
5.00%, 2/15/2032		1,000,000		1,127,210
5.00%, 2/15/2034		450,000		502,938
Houston, TX, General Obligation:
Series A, 4.00%, 3/1/2036		395,000		404,117
Series A, 5.00%, 3/1/2020		210,000		230,588
Series A, 5.00%, 3/1/2021		595,000		667,084
Series A, 5.00%, 3/1/2022		315,000		356,268
Series A, 5.00%, 3/1/2025		770,000		892,518
Series A, 5.00%, 3/1/2029		250,000		280,265
Series A, 5.00%, 3/1/2043		500,000		549,415
Houston, TX, Independent School District, General Obligation:
Series A, 5.00%, 2/15/2020 (a)		125,000		137,486
Series A, 5.00%, 2/15/2022 (a)		125,000		143,196
Series A, 5.00%, 2/15/2027 (a)		110,000		131,982
Series C, 4.00%, 2/15/2027		1,245,000		1,365,740
Series C, 4.00%, 2/15/2028		125,000		136,526
Series C, 5.00%, 2/15/2019		50,000		53,872
Houston, TX, Utilities System Revenue:
Series B, 4.00%, 11/15/2037		250,000		258,440
Series B, 5.00%, 11/15/2034		840,000		971,586
Series B, 5.00%, 11/15/2035		400,000		460,464
Series B, 5.00%, 11/15/2036		200,000		229,684
Series C, 4.00%, 5/15/2021		200,000		217,320
Series C, 5.00%, 5/15/2026		160,000		187,323
Series D, 5.00%, 11/15/2020		2,750,000		3,073,482
Series D, 5.00%, 11/15/2042		350,000		394,772
Series F, 5.00%, 11/15/2030		1,170,000		1,319,070

See accompanying notes to financial statements.

206

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Judson Independent School District, General Obligation 5.00%, 2/1/2025 (a)	$	100,000	$	119,624
Katy, TX, Independent School District, General Obligation:
Series A, 5.00%, 2/15/2023 (a)		100,000		114,872
Series A, 5.00%, 8/1/2025 (a)		125,000		150,796
Series A, 5.00%, 2/15/2028 (a)		2,200,000		2,592,634
Series D, 5.00%, 2/15/2024 (a)		5,780,000		6,844,040
La Joya, TX, Independent School District, General Obligation 5.00%, 2/15/2031 (a)		3,320,000		3,939,910
Lamar, TX, Consolidated Independent School District, General Obligation:
5.00%, 2/15/2019 (a)		2,500,000		2,684,375
Series A, 4.00%, 2/15/2029 (a)		1,300,000		1,420,354
Leander, TX, Independent School District, General Obligation:
Series A, Zero Coupon, 8/15/2034 (a)		3,000,000		1,533,210
Series A, 5.00%, 8/15/2040 (a)		160,000		181,394
Lewisville, TX, Independent School District, General Obligation:
Series A, 5.00%, 8/15/2022 (a)		250,000		278,493
Series B, 5.00%, 8/15/2028		295,000		345,082
Lone Star, TX, College System, General Obligation Series B, 5.00%, 2/15/2024		225,000		265,770
Lubbock, TX, General Obligation:
5.00%, 2/15/2020		185,000		203,480
5.00%, 2/15/2024		200,000		234,660
Midland County, TX, Fresh Water Supply District No. 1 Revenue Series A, Zero Coupon, 9/15/2033		1,530,000		771,059
North Texas, Tollway Authority Revenue Series D, 5.25%, 9/1/2025		120,000		137,424
North Texas, TX, Municipal Water District, Water System Revenue:
5.00%, 9/1/2024		560,000		654,950
5.00%, 9/1/2027		200,000		237,324
5.00%, 9/1/2028		5,010,000		5,919,365
5.00%, 9/1/2029		1,340,000		1,511,426
Northside, TX, Independent School District, General Obligation:
4.00%, 8/15/2040 (a)		190,000		199,168
4.00%, 8/15/2045 (a)		275,000		287,221
5.00%, 8/15/2029 (a)		125,000		141,143
Permanent University Fund - University of Texas System Revenue 5.00%, 7/1/2041		300,000		337,020
Port Arthur, TX, Independent School District, General Obligation:
Series A, 4.00%, 2/15/2045 (a)		1,000,000		1,034,740
Series A, 5.00%, 2/15/2045 (a)		165,000		184,939
San Antonio, TX, Electric & Gas Revenue:
5.00%, 2/1/2020		7,320,000		8,035,384
5.00%, 2/1/2023		160,000		186,024
5.00%, 2/1/2024		125,000		147,089
5.00%, 2/1/2028		100,000		119,752
5.00%, 2/1/2038		300,000		333,252
5.00%, 2/1/2043		475,000		524,870
5.25%, 2/1/2025		600,000		725,286
San Antonio, TX, General Obligation:
5.00%, 2/1/2019		500,000		537,060
5.00%, 2/1/2020		250,000		275,065
5.00%, 2/1/2028		3,525,000		4,237,755
San Antonio, TX, Independent School District, General Obligation:
5.00%, 2/15/2022 (a)		120,000		137,594
5.00%, 2/15/2023 (a)		2,030,000		2,368,462
5.00%, 2/15/2024 (a)		160,000		189,222
San Antonio, TX, Public Facilities Corp. Lease Revenue 4.00%, 9/15/2035		695,000		709,887
San Antonio, TX, Water System Revenue:
Series A, 5.00%, 5/15/2020		275,000		304,139
Series A, 5.00%, 5/15/2030		500,000		586,420
Series C, 5.00%, 5/15/2026		150,000		180,152
San Jacinto, TX, Community College District, General Obligation Series A, 4.00%, 2/15/2041		515,000		524,043
Schertz-Cibolo-Universal City Independent School District, General Obligation 4.00%, 2/1/2035 (a)		1,000,000		1,054,140
Spring Independent School District, General Obligation 5.00%, 8/15/2022 (a)		200,000		231,578
Tarrant, TX, Regional Water District Revenue:
5.00%, 3/1/2025		150,000		179,217
5.00%, 3/1/2026		500,000		590,880
5.00%, 3/1/2052		1,000,000		1,098,850
Texas, State A&M University Revenue:
Series D, 5.00%, 5/15/2024		2,135,000		2,507,387
Series D, 5.00%, 5/15/2026		140,000		163,419
Texas, State General Obligation:
5.00%, 4/1/2020		650,000		719,036
5.00%, 10/1/2020		7,300,000		8,166,072
5.00%, 4/1/2023		5,150,000		5,909,161
Series A, 5.00%, 10/1/2023		3,490,000		4,113,174
5.00%, 10/1/2024		2,000,000		2,388,580
Series A, 5.00%, 10/1/2025		500,000		592,146
5.00%, 10/1/2027		240,000		286,831
5.00%, 4/1/2042		1,205,000		1,338,875
5.00%, 4/1/2043		1,450,000		1,656,016
5.00%, 4/1/2044		500,000		570,610
Series A, 5.00%, 10/1/2019		150,000		164,033
Series A, 5.00%, 10/1/2028		200,000		235,746
Series A, 5.00%, 10/1/2030		4,710,000		5,504,812
Series A, 5.00%, 10/1/2044		3,320,000		3,755,783

See accompanying notes to financial statements.

207

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Texas, State Transportation Commission, Highway Fund Revenue:
4.00%, 10/1/2018	$	1,300,000	$	1,361,061
5.00%, 10/1/2022		3,900,000		4,533,555
5.00%, 10/1/2024		235,000		279,923
Series A, 5.00%, 10/1/2025		2,205,000		2,650,586
Series A, 5.00%, 4/1/2021		305,000		345,452
Series A, 5.00%, 10/1/2026		250,000		302,998
Texas, State Water Development Board Revenue:
Series A, 5.00%, 4/15/2027		7,475,000		9,105,884
5.00%, 10/15/2041		1,465,000		1,678,216
Series A, 4.00%, 10/15/2033		2,000,000		2,096,520
Series A, 5.00%, 10/15/2031		500,000		582,100
Series A, 5.00%, 10/15/2040		165,000		187,295
Series A, 5.00%, 10/15/2045		3,965,000		4,478,071
Tyler, TX, Independent School District, General Obligation 5.00%, 2/15/2038 (a)		500,000		558,695
United, TX, Independent School District, General Obligation 5.00%, 8/15/2044 (a)		445,000		502,561
University of Houston, Revenue Series A, 5.00%, 2/15/2022		685,000		773,994
University of North Texas Revenue:
Series A, 5.00%, 4/15/2045		250,000		276,925
Series B, 2.50%, 8/15/2046 (c)		120,000		114,030
University of Texas, Revenue:
5.00%, 3/15/2042		400,000		445,616
Series A, 4.00%, 8/15/2021		500,000		547,065
Series A, 5.00%, 3/15/2023		200,000		233,012
Series A, 5.00%, 8/15/2029		890,000		1,043,320
Series B, 5.00%, 8/15/2026		320,000		370,157
Series E, 5.00%, 8/15/2027		4,000,000		4,922,680
Series H, 5.00%, 8/15/2020		115,000		128,278
Series H, 5.00%, 8/15/2022		100,000		115,789
Series I, 5.00%, 8/15/2024		3,880,000		4,628,452
Waco, TX, General Obligation:
5.00%, 2/1/2023		100,000		116,389
5.00%, 2/1/2024		125,000		147,536
Waxahachie, TX, Independent School District, General Obligation 4.00%, 8/15/2045 (a)		110,000		113,068
				255,087,136
UTAH — 0.0% (d)
Utah, State General Obligation 5.00%, 7/1/2019		400,000		435,408
VIRGINIA — 2.7%
Fairfax County, VA, Economic Development Authority Facilities Revenue Series A, 5.00%, 10/1/2020		2,500,000		2,773,575
Fairfax County, VA, Economic Development Authority, Transportation District, Improvement Revenue 5.00%, 4/1/2027		5,000,000		5,907,650
Fairfax County, VA, General Obligation:
Series A, 3.00%, 4/1/2026		3,180,000		3,215,234
Series A, 4.00%, 10/1/2027		500,000		556,710
Series A, 5.00%, 10/1/2027		515,000		588,769
Series A, 5.00%, 10/1/2030		200,000		227,380
Series A, 5.00%, 10/1/2032		100,000		118,422
Series B, 5.00%, 10/1/2022		220,000		256,777
Series B, 5.00%, 4/1/2024		250,000		298,630
Fairfax County, VA, Water Authority Revenue 5.00%, 4/1/2026		130,000		148,399
Fairfax, VA, Sewer Revenue Series A, 3.50%, 7/15/2036		3,500,000		3,480,365
Hampton Roads, VA, Sanitation District, Wastewater Revenue Series A, 3.00%, 8/1/2036		135,000		122,217
Loudoun, VA, General Obligation Series A, 5.00%, 12/1/2024		170,000		198,684
Lynchburg, VA, General Obligation 4.00%, 6/1/2044		160,000		162,872
University of Virginia, Revenue Series A, 5.00%, 6/1/2043		3,600,000		4,104,432
Virginia, Beach General Obligation Series B, 5.00%, 9/15/2024		375,000		449,528
Virginia, Commonwealth Transportation Board Revenue:
4.75%, 5/15/2035		100,000		108,506
5.00%, 3/15/2022		150,000		172,413
5.00%, 3/15/2024		875,000		1,017,222
5.00%, 3/15/2025		2,500,000		2,999,350
5.00%, 9/15/2025		200,000		232,258
Virginia, State College Building Authority, Educational Facilities Revenue:
Series A, 5.00%, 2/1/2023		410,000		472,187
Series A, 5.00%, 2/1/2020		125,000		137,335
Series D, 5.00%, 2/1/2024		200,000		235,628
Series A, 5.00%, 2/1/2025		1,665,000		1,984,980
Series A, 5.00%, 9/1/2028		6,075,000		7,295,467
Series A, 5.00%, 2/1/2031		500,000		580,150
Series D, 5.00%, 2/1/2022		125,000		142,806
Virginia, State Commonwealth Transportation Board:
3.00%, 5/15/2041		300,000		257,862
5.00%, 3/15/2021		100,000		112,827
5.00%, 5/15/2021		920,000		1,041,274
Virginia, State General Obligation:
Series A, 5.00%, 6/1/2023		2,000,000		2,364,300
Series B, 5.00%, 6/1/2018		300,000		316,056
Virginia, State Public Building Authority, Public Facilities Revenue Series C, 5.00%, 8/1/2018		75,000		79,413
Virginia, State Public School Authority Revenue:
5.00%, 8/1/2017		200,000		204,656
5.00%, 8/1/2027		5,000,000		5,933,600
Series A, 5.00%, 8/1/2021		150,000		170,058
Series A, 5.00%, 8/1/2023		200,000		234,624
Series B, 5.00%, 8/1/2022		200,000		231,258

See accompanying notes to financial statements.

208

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Virginia, State Resource Authority Infrastructure Revenue:
5.00%, 11/1/2032	$	300,000	$	340,944
5.00%, 11/1/2040		2,500,000		2,878,675
5.00%, 11/1/2045		160,000		183,568
Series B, 5.00%, 11/1/2023		100,000		114,456
Virginia, State Transportation Board Revenue 4.00%, 3/15/2028		2,500,000		2,700,475
				55,151,992
WASHINGTON — 4.9%
Central Puget Sound, WA, Regional Transit Authority Revenue:
Series P-1, 5.00%, 2/1/2021.		155,000		174,649
Series P-1, 5.00%, 2/1/2023.		200,000		229,216
Series S-1, 5.00%, 11/1/2024		105,000		122,103
Series S-1, 5.00%, 11/1/2027		220,000		261,952
Series S-1, 5.00%, 11/1/2030		100,000		117,088
Series S-1, 5.00%, 11/1/2031		250,000		291,445
Series S-1, 5.00%, 11/1/2046		3,335,000		4,221,676
Central Puget Sound, WA, Regional Transportation Authority, Sales & Use Tax Revenue:
Series S-1, 5.00%, 11/1/2032		200,000		231,972
Series S-1, 5.00%, 11/1/2036		2,500,000		2,855,775
Series S-1, 5.00%, 11/1/2045		3,400,000		3,847,474
Energy Northwest, WA, Electric Revenue:
Series C, 5.00%, 7/1/2026		7,430,000		8,456,862
5.00%, 7/1/2040		160,000		178,818
Series C, 5.00%, 7/1/2031		2,200,000		2,556,202
King County School District No. 411 Issaquah, General Obligation 2.50%, 12/1/2022		100,000		102,997
King County School District No. 414, Lake Washington, General Obligation:
4.00%, 12/1/2026		100,000		111,524
4.00%, 12/1/2030		2,500,000		2,701,375
5.00%, 12/1/2022		1,000,000		1,163,280
King County, WA, General Obligation:
5.00%, 7/1/2025		100,000		120,005
5.00%, 7/1/2027		250,000		295,205
King County, WA, Sewer Revenue:
5.00%, 7/1/2038		5,000,000		5,611,300
5.00%, 1/1/2052		320,000		350,070
Series A, 4.00%, 7/1/2035		3,265,000		3,397,624
Series B, 5.00%, 7/1/2039		3,995,000		4,477,956
Pierce County, School District No. 10 Tacoma, General Obligation:
5.00%, 12/1/2039		830,000		938,083
5.25%, 12/1/2038		305,000		352,739
Pierce County, WA, Sewer Revenue 4.00%, 8/1/2031		250,000		264,845
Seattle, WA, Drainage & Wastewater Revenue:
4.00%, 4/1/2033		775,000		817,238
4.00%, 9/1/2042		250,000		261,488
5.00%, 9/1/2024		200,000		228,194
Seattle, WA, General Obligation:
Series A, 5.00%, 6/1/2024		200,000		237,622
Series A, 5.00%, 6/1/2025		3,355,000		4,023,819
Seattle, WA, Municipal Light & Power Revenue Series B, 5.00%, 4/1/2028		120,000		143,078
Seattle, WA, Water System Revenue 5.00%, 9/1/2021		125,000		142,304
Snohomish County, WA, School District No. 15, General Obligation 5.00%, 12/1/2018		2,250,000		2,405,722
Spokane, WA, Water & Wastewater System Revenue 5.00%, 12/1/2023		100,000		117,916
Tacoma, WA, Electric System Revenue Series A, 5.00%, 1/1/2020		1,365,000		1,494,470
Tacoma, WA, General Obligation:
Series A, 5.00%, 12/1/2031		245,000		289,943
Series A, 5.00%, 12/1/2032		360,000		423,997
University of Washington, Revenue:
5.00%, 4/1/2040		400,000		445,024
Series A, 4.00%, 12/1/2041		300,000		308,655
Series A, 5.00%, 7/1/2025		135,000		156,411
Series B, 5.00%, 6/1/2037		3,000,000		3,421,230
Series C, 3.13%, 7/1/2042		130,000		113,239
Series C, 4.00%, 7/1/2033		625,000		656,925
Washington, State General Obligation:
Series A-1, 5.00%, 8/1/2040		6,650,000		7,509,114
Series 2013A, 4.00%, 8/1/2031		200,000		215,296
Series A, 5.00%, 7/1/2022		160,000		180,803
Series A, 5.00%, 8/1/2027		115,000		130,755
Series A, 5.00%, 8/1/2033		2,100,000		2,343,495
Series A, 5.00%, 8/1/2034		325,000		361,660
Series A, 5.00%, 8/1/2035		350,000		388,381
Series A-1, 5.00%, 8/1/2024		130,000		154,163
Series D, 5.00%, 7/1/2024		600,000		703,382
Series B, 5.00%, 8/1/2028		110,000		124,504
Series B, 5.00%, 7/1/2029		500,000		589,055
Series B, 5.00%, 7/1/2031		255,000		297,325
Series B-1, 4.00%, 8/1/2028		395,000		426,296
Series C, 5.00%, 6/1/2031		200,000		222,408
Series E, 5.00%, 2/1/2032		405,000		465,662
Series D, 5.00%, 2/1/2035		2,040,000		2,308,527
Series C, 5.00%, 2/1/2039		5,750,000		6,501,237
Series D, 3.00%, 2/1/2031		605,000		592,041
Series D, 4.00%, 2/1/2035		100,000		104,325
Series E, 5.00%, 2/1/2031		7,290,000		8,409,113
Series D, 5.00%, 2/1/2034		115,000		130,891
Series E, 5.00%, 2/1/2022		825,000		945,516
Series R-2012C, 4.00%, 7/1/2022		100,000		110,238
Series R-2012C, 5.00%, 7/1/2025		100,000		114,458
Series R-2013A, 5.00%, 7/1/2021		1,800,000		2,041,488
Series R-2015-C, 5.00%, 7/1/2030		625,000		722,819
Series R-2015E, 5.00%, 7/1/2018		1,500,000		1,584,780
Series R-2015E, 5.00%, 7/1/2033		3,395,000		3,874,136
				100,671,378

See accompanying notes to financial statements.

209

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
WEST VIRGINIA — 0.2%
West Virginia, State General Obligation:
Series A, 5.00%, 6/1/2018	$	1,000,000	$	1,053,230
Series A, 5.00%, 6/1/2022		625,000		720,256
Series A, 5.00%, 11/1/2022		1,880,000		2,182,868
Series A, 5.00%, 6/1/2024		100,000		118,586
Series A, 5.00%, 6/1/2025		125,000		150,130
				4,225,070
WISCONSIN — 1.6%
Milwaukee, WI, General Obligation:
Series N2, 4.00%, 3/1/2022		200,000		218,984
Series N2, 4.00%, 3/1/2026		125,000		139,821
Wisconsin, State Clean Water Revenue:
5.00%, 6/1/2029		3,300,000		3,820,674
5.00%, 6/1/2030		1,750,000		2,017,225
5.00%, 6/1/2031		3,275,000		3,760,879
Wisconsin, State Department of Transportation Revenue:
Series 1, 5.00%, 7/1/2018		2,050,000		2,163,365
Series 1, 5.00%, 7/1/2022		300,000		325,863
Series 1, 5.00%, 7/1/2024		250,000		271,553
Wisconsin, State General Obligation:
Series 2-REF, 5.00%, 5/1/2021		650,000		736,976
Series 1, 5.00%, 11/1/2027		215,000		254,444
Series 3, 5.00%, 11/1/2025		235,000		270,906
Series A, 5.00%, 5/1/2025		920,000		1,068,580
Series B, 4.00%, 5/1/2023		350,000		388,514
Series B, 5.00%, 5/1/2023		1,430,000		1,586,029
Series B, 5.00%, 5/1/2030		7,410,000		8,390,713
Series D, 4.00%, 5/1/2029		105,000		113,287
Series D, 5.00%, 5/1/2037		7,400,000		8,365,869
				33,893,682
TOTAL MUNICIPAL BONDS & NOTES (Cost $2,083,369,630)				2,062,663,872
Security Description	Shares		Value
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f) (Cost $2,793,635)		2,793,635		2,793,635
TOTAL INVESTMENTS — 99.5% (Cost $2,086,163,265)				2,065,457,507
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				10,846,328
NET ASSETS — 100.0%			$	2,076,303,835

(a) Bond is insured by the following:

Permanent School Fund Guaranteed	2.91	%
Assured Guaranty Municipal Corp.	0.33	%

(b) Step-up bond — Coupon rate increases in increments to maturity. Rate shown as of December 31, 2016. Maturity date shown is the final maturity.

(c) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(d) Amount is less than 0.05% of net assets.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Municipal Bonds & Notes
Alabama	$	—	$	17,547,984	$	—	$	17,547,984
Alaska		—		4,311,992		—		4,311,992
Arizona		—		43,208,665		—		43,208,665
Arkansas		—		8,137,403		—		8,137,403
California		—		392,317,671		—		392,317,671
Colorado		—		25,825,958		—		25,825,958
Connecticut		—		60,080,452		—		60,080,452
Delaware		—		8,690,467		—		8,690,467

See accompanying notes to financial statements.

210

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
District of Columbia	$	—	$	20,156,286	$	—	$	20,156,286
Florida		—		66,511,752		—		66,511,752
Georgia		—		37,663,425		—		37,663,425
Hawaii		—		26,500,259		—		26,500,259
Illinois		—		36,017,121		—		36,017,121
Indiana		—		7,097,006		—		7,097,006
Iowa		—		2,076,115		—		2,076,115
Kansas		—		7,807,082		—		7,807,082
Kentucky		—		6,115,315		—		6,115,315
Louisiana		—		20,197,566		—		20,197,566
Maine		—		1,552,436		—		1,552,436
Maryland		—		62,979,085		—		62,979,085
Massachusetts		—		104,880,246		—		104,880,246
Michigan		—		22,586,991		—		22,586,991
Minnesota		—		27,035,422		—		27,035,422
Mississippi		—		5,153,257		—		5,153,257
Missouri		—		17,649,275		—		17,649,275
Nebraska		—		8,564,643		—		8,564,643
Nevada		—		17,384,627		—		17,384,627
New Jersey		—		9,652,216		—		9,652,216
New Mexico		—		9,006,846		—		9,006,846
New York		—		359,590,360		—		359,590,360
North Carolina		—		27,496,419		—		27,496,419
Ohio		—		45,310,459		—		45,310,459
Oklahoma		—		3,933,075		—		3,933,075
Oregon		—		27,641,198		—		27,641,198
Pennsylvania		—		45,638,816		—		45,638,816
Rhode Island		—		4,356,993		—		4,356,993
South Carolina		—		2,267,681		—		2,267,681
South Dakota		—		1,471,843		—		1,471,843
Tennessee		—		18,784,799		—		18,784,799
Texas		—		255,087,136		—		255,087,136
Utah		—		435,408		—		435,408
Virginia		—		55,151,992		—		55,151,992
Washington		—		100,671,378		—		100,671,378
West Virginia		—		4,225,070		—		4,225,070
Wisconsin		—		33,893,682		—		33,893,682
Short-Term Investment		2,793,635		—		—		2,793,635
TOTAL INVESTMENTS	$	2,793,635	$	2,062,663,872	$	—	$	2,065,457,507

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional U.S. Government Money Market Fund, Premier Class		—	$	—		135,778,772		132,985,137		2,793,635	$	2,793,635	$	7,680	$	—
TOTAL			$	—							$	2,793,635	$	7,680	$	—

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
MUNICIPAL BONDS & NOTES — 97.5%
ALABAMA — 0.7%
Alabama Public School & College Authority Revenue:
Series A, 5.00%, 3/1/2020	$	100,000	$	110,225
Series B, 5.00%, 1/1/2020		165,000		181,157
Alabama, State General Obligation:
Series A, 5.00%, 8/1/2018		4,800,000		5,080,080
Series A, 5.00%, 8/1/2019		2,855,000		3,112,235
Black Belt Energy Gas District, Revenue Series A, 4.00%, 7/1/2046 (a)		15,000,000		15,945,600
				24,429,297
ALASKA — 0.5%
Alaska, State General Obligation:
Series A, 4.00%, 8/1/2018		145,000		150,841
Series A, 5.00%, 8/1/2018		105,000		110,857
Series B, 5.00%, 8/1/2020		750,000		827,730
Anchorage, AK, General Obligation:
Series B, 5.00%, 9/1/2019		500,000		543,470
Series B, 5.00%, 9/1/2020		12,145,000		13,481,800
				15,114,698
ARIZONA — 2.1%
Arizona Water Infrastructure Finance Authority Revenue 5.00%, 10/1/2019		125,000		136,941
Arizona, Phoenix Civic Improvement Corp., Sewer System Revenue 5.00%, 7/1/2019		170,000		184,656
Arizona, Phoenix Civic Improvement Corp., Transportation Excise Tax Revenue:
4.00%, 7/1/2018		2,200,000		2,289,958
5.00%, 7/1/2019		5,525,000		5,999,929
Arizona, Phoenix Civic Improvement Corp., Water System Revenue:
5.00%, 7/1/2017		300,000		306,090
5.00%, 7/1/2020		2,835,000		3,153,654
Series B, 5.00%, 7/1/2018		175,000		184,730
Series B, 5.00%, 7/1/2019		5,000,000		5,440,050
Series B, 5.00%, 7/1/2021		100,000		113,925
Arizona, School Facilities Board Lease Revenue Series A, COPs, 5.00%, 9/1/2019		100,000		108,803
Arizona, State Transportation Board Revenue Series A, 3.50%, 7/1/2020		4,450,000		4,695,417
Arizona, State Transportation Board, Excise Tax Revenue 5.00%, 7/1/2019		4,250,000		4,617,498
Arizona, State Transportation Board, Highway Revenue Series A, 5.00%, 7/1/2017		200,000		203,990
Chandler, AZ, General Obligation 3.00%, 7/1/2019		870,000		903,930
Maricopa County, AZ COPs, 3.00%, 7/1/2018		4,380,000		4,486,828
Maricopa County, AZ, Community College District, General Obligation:
3.00%, 7/1/2018		2,350,000		2,413,638
5.00%, 7/1/2021		250,000		285,045
Maricopa County, AZ, Regional Public Transportation Authority, Excise Tax Revenue:
5.25%, 7/1/2018		1,700,000		1,800,249
5.25%, 7/1/2019		1,550,000		1,691,081
Maricopa County, AZ, Unified School District No. 4 Mesa 4.00%, 7/1/2019		655,000		696,016
Phoenix, AZ, Civic Improvement Corp.:
5.00%, 7/1/2018		100,000		105,560
Series B, 5.00%, 7/1/2020		1,325,000		1,478,223
Phoenix, AZ, General Obligation 5.00%, 7/1/2019		635,000		690,886
Pima County, AZ, General Obligation 4.00%, 7/1/2021		6,000,000		6,518,100
Pima County, AZ, Regional Public Transportation Authority, Excise Tax Revenue 5.00%, 6/1/2019		1,000,000		1,079,660
Pima County, AZ, Sewer System Revenue:
5.00%, 7/1/2020		175,000		194,294
5.00%, 7/1/2021		2,000,000		2,266,480
Scottsdale, AZ, General Obligation 3.00%, 7/1/2019		10,545,000		10,945,710
State of Arizona COPs, 5.00%, 10/1/2021.		6,000,000		6,757,680
				69,749,021
ARKANSAS — 0.3%
Arkansas, State General Obligation:
4.00%, 6/15/2020		7,125,000		7,693,290
5.00%, 6/15/2021		375,000		426,375
Arkansas, State Highway Grant Anticipation & Tax Revenue, General Obligation 5.00%, 4/1/2019		2,705,000		2,920,724
				11,040,389
CALIFORNIA — 16.5%
Alameda County, CA, Joint Powers Authority, Lease Revenue Series A, 5.00%, 12/1/2019		650,000		713,460
Alameda County, CA, Transportation Authority Sales Tax Revenue:
4.00%, 3/1/2019		4,000,000		4,225,280
5.00%, 3/1/2020		120,000		132,622
5.00%, 3/1/2021		150,000		169,518
Bakersfield, CA, Wastewater Revenue Series A, 5.00%, 9/15/2020		800,000		893,520
Brea, CA, Redevelopment Successor Agency, Tax Allocation 5.00%, 8/1/2018		1,200,000		1,270,020

See accompanying notes to financial statements.

212

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
California Infrastructure & Economic Development Bank:
5.00%, 10/1/2020	$	22,800,000	$	25,610,784
5.00%, 10/1/2021		8,415,000		9,649,228
California Municipal Finance Authority Series A, 5.00%, 10/1/2020		195,000		217,911
California, Bay Area Toll Authority, Toll Bridge Revenue:
4.00%, 4/1/2020		75,000		80,732
Series B, 1.50%, 4/1/2047 (a)		7,170,000		7,178,389
Series C, 1.88%, 4/1/2047 (a)		27,940,000		28,056,510
California, East Bay Municipal Utility District, Water System Revenue Series B, 5.00%, 6/1/2020		905,000		1,006,894
California, State Department of Water Resources Center Valley Project Revenue:
4.00%, 12/1/2018		7,575,000		7,971,475
Series AW, 5.00%, 12/1/2021		2,000,000		2,297,140
California, State Department of Water Resources Power Supply Revenue:
Series N, 5.00%, 5/1/2018.		410,000		430,758
Series N, 5.00%, 5/1/2020.		155,000		172,247
Series O, 5.00%, 5/1/2021		1,890,000		2,147,116
California, State General Obligation:
3.00%, 9/1/2019		1,100,000		1,141,910
4.00%, 8/1/2017		250,000		254,470
5.00%, 2/1/2018		150,000		156,267
5.00%, 3/1/2018		1,500,000		1,566,960
5.00%, 8/1/2018		15,320,000		16,223,880
5.00%, 10/1/2018		2,715,000		2,890,036
5.00%, 11/1/2018		305,000		325,539
5.00%, 2/1/2019		325,000		349,018
5.00%, 4/1/2019		5,860,000		6,320,596
5.00%, 8/1/2019		5,275,000		5,737,670
5.00%, 10/1/2019		615,000		671,839
5.00%, 11/1/2019		200,000		218,920
5.00%, 12/1/2019		19,695,000		21,600,294
5.00%, 2/1/2020		585,000		644,576
5.00%, 3/1/2020		100,000		110,387
5.00%, 8/1/2020		48,805,000		54,399,517
5.00%, 10/1/2020		10,235,000		11,449,280
5.00%, 12/1/2020		175,000		196,448
5.00%, 3/1/2021		315,000		355,314
5.00%, 8/1/2021		10,050,000		11,422,227
Series B, 5.00%, 9/1/2020		20,945,000		23,384,255
Series B, 5.00%, 9/1/2021		23,430,000		26,673,415
Series B, 5.00%, 9/1/2018		6,500,000		6,901,375
Series B, 5.00%, 9/1/2019		150,000		163,491
VRN, 4.00%, 12/1/2030 (a)		12,725,000		13,765,014
California, State University Revenue:
Series A, 4.00%, 11/1/2018		1,775,000		1,862,312
Series A, 5.00%, 11/1/2018		3,200,000		3,414,880
Series A, 5.00%, 11/1/2019		4,490,000		4,934,375
Series A, 5.00%, 11/1/2020		3,770,000		4,243,323
Cerritos, CA, Community College District, General Obligation Series A, 4.00%, 8/1/2017		125,000		127,220
City & County of San Francisco, CA, General Obligation Series A, 5.00%, 6/15/2019		100,000		108,722
Contra Costa, CA, Transportation Authority Revenue Series B, 5.00%, 3/1/2019		205,000		221,250
Contra Costa, CA, Transportation Authority Sales Tax Revenue Series B, 5.00%, 3/1/2018		2,290,000		2,393,050
Corona-Norca, CA, Unified School District, General Obligation 3.00%, 8/1/2020		955,000		999,875
Fremont, CA, Union High School District, Santa Clara County, General Obligation 5.00%, 8/1/2019		2,750,000		2,999,232
Livermore Valley, CA, Unified School District, General Obligation 3.00%, 8/1/2018		5,255,000		5,402,665
Long Beach Community College District, General Obligation Series B, 4.00%, 8/1/2018		3,600,000		3,762,828
Long Beach, CA, Harbor Revenue Series C, 5.00%, 11/15/2018		5,000,000		5,347,600
Los Angeles County, CA, Metropolitan Transportation Authority Revenue:
Series A, 5.00%, 7/1/2018		150,000		158,523
Series A, 5.00%, 7/1/2020		21,645,000		24,133,311
Los Angeles County, CA, Metropolitan Transportation Authority, Sales Tax Revenue Series B, 5.00%, 7/1/2018		2,040,000		2,155,301
Los Angeles, CA, Community College District, General Obligation:
Series C, 5.00%, 8/1/2019		11,225,000		12,236,372
Series C, 5.00%, 8/1/2020		3,000,000		3,351,630
Los Angeles, CA, Department of Water & Power:
Series A, 3.00%, 7/1/2018		1,530,000		1,571,203
Series B, 5.00%, 7/1/2018		1,450,000		1,532,037
Series A, 5.00%, 7/1/2019		130,000		141,441
Los Angeles, CA, Department of Water & Power Revenue Series B, 5.00%, 12/1/2018		10,100,000		10,781,952
Los Angeles, CA, Department of Water & Power Waterworks Revenue Series B, 5.00%, 7/1/2017		320,000		326,480
Los Angeles, CA, General Obligation Series B, 5.00%, 9/1/2019		120,000		130,826
Los Angeles, CA, Solid Waste Resources Revenue Series B, 5.00%, 2/1/2018		6,370,000		6,642,445
Los Angeles, CA, Unified School District, General Obligation:
Series A, 3.00%, 7/1/2020		7,000,000		7,326,410
Series A, 5.00%, 7/1/2017		425,000		433,500
Series C, 5.00%, 7/1/2018		2,385,000		2,521,994

See accompanying notes to financial statements.

213

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series D, 5.00%, 7/1/2019	$	15,875,000	$	17,259,935
Series D, 5.00%, 7/1/2020		10,250,000		11,420,550
Los Angeles, CA, Wastewater System Revenue:
Series A, 4.00%, 6/1/2020		1,170,000		1,261,085
Series A, 5.00%, 6/1/2018		1,000,000		1,053,370
Series D, 5.00%, 6/1/2020		6,245,000		6,950,752
North Orange County, CA, Community College District, General Obligation Series A, 4.00%, 8/1/2019		150,000		159,818
Oakland, CA, General Obligation Series A, 5.00%, 1/15/2020		3,500,000		3,850,350
Oakland-Alameda County, CA, Coliseum Authority Lease Revenue Series A, 5.00%, 2/1/2018		525,000		546,761
Oakland-Alameda County, CA, Unified School District, General Obligation 5.00%, 8/1/2021		3,000,000		3,425,160
Orange County, CA, Sanitation District Wastewater Revenue Series B, 2.00%, 12/15/2018		9,950,000		10,072,783
Sacramento, CA, Municipal Utility District, Financing Authority Revenue:
5.00%, 7/1/2020		2,250,000		2,499,682
Series D, 5.00%, 8/15/2021		2,375,000		2,701,895
Series X, 5.00%, 8/15/2019		120,000		130,649
San Diego County, CA, Water Authority Revenue:
5.00%, 5/1/2020		1,500,000		1,666,905
Series A, 4.00%, 5/1/2018		300,000		311,427
Series S1, 3.00%, 5/1/2021		3,260,000		3,417,328
Series S1, 5.00%, 5/1/2021		11,680,000		13,223,629
San Diego Redevelopment Agency Successor Agency, Tax Allocation:
Series A, 4.00%, 9/1/2018		1,715,000		1,791,729
Series A, 5.00%, 9/1/2020		1,000,000		1,107,460
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue:
Series A, 4.00%, 5/15/2021		5,000,000		5,470,300
Series A, 5.00%, 5/15/2021		3,190,000		3,623,425
San Diego, CA, Unified School District, General Obligation:
Series E, 3.00%, 7/1/2017		425,000		429,365
Series R-3, 5.00%, 7/1/2019		3,500,000		3,802,645
San Francisco Unified School District, General Obligation:
5.00%, 6/15/2018		5,000,000		5,277,900
Series F&C, 5.00%, 6/15/2019		2,335,000		2,535,693
Series F&C, 5.00%, 6/15/2020		1,000,000		1,113,140
San Francisco, CA, Bay Area Rapid Transit District Series A, 5.00%, 7/1/2020		540,000		601,862
San Francisco, CA, Bay Area Rapid Transit District, General Obligation Series C, 4.00%, 8/1/2019		250,000		266,690
San Francisco, CA, City & County Public Utilities Commission, Water Revenue 5.00%, 11/1/2019		1,245,000		1,365,304
San Jose Financing Authority:
Series A, 5.00%, 6/1/2018		100,000		105,409
Series A, 5.00%, 6/1/2019		140,000		151,672
San Mateo County, CA, Joint Powers Financing Authority, Lease Revenue 5.00%, 6/15/2019		1,215,000		1,318,518
San Mateo County, CA, Transportation Authority Revenue:
Series A, 4.00%, 6/1/2019		710,000		756,122
Series A, 5.00%, 6/1/2020		750,000		837,885
Santa Rosa, CA, Wastewater Revenue Series A, 5.00%, 9/1/2021		1,250,000		1,426,038
Southern California, Metropolitan Water District Revenue:
Series A, 5.00%, 7/1/2019		7,540,000		8,205,556
Series A, 5.00%, 7/1/2020		610,000		680,540
Southern California, State Public Power Authority Revenue Series A, 5.00%, 7/1/2017		350,000		357,000
Turlock, CA, Unified School District, General Obligation 5.00%, 8/1/2019		1,745,000		1,900,828
University of California, Revenue:
Series A, 5.00%, 11/1/2020		30,000		33,767
Series AF, 4.00%, 5/15/2019		3,360,000		3,570,235
Series AF, 5.00%, 5/15/2017		250,000		253,758
Series I, 5.00%, 5/15/2018		5,075,000		5,344,750
Series I, 5.00%, 5/15/2020		13,075,000		14,551,817
Series I, 5.00%, 5/15/2019		180,000		195,302
				555,433,848
COLORADO — 0.2%
Colorado Springs, CO, Utilities System Revenue:
Series C-1, 5.00%, 11/15/2019		150,000		164,514
Series C-1, 5.00%, 11/15/2020		2,665,000		2,990,130
Denver, CO, City & County School District No. 1, General Obligation
Series B, ETM, 4.00%, 12/1/2017		3,600,000		3,694,320
Metropolitan Wastewater Reclamation District, CO, Sewer Revenue Series A, 5.00%, 4/1/2019		570,000		615,589
University of Colorado 5.25%, 6/1/2036		100,000		114,639
				7,579,192
CONNECTICUT — 4.2%
Connecticut, State General Obligation:
5.00%, 8/15/2021		7,500,000		8,367,075
Series A, 5.00%, 10/15/2017		535,000		550,980
Series A, 5.00%, 10/15/2018		3,920,000		4,150,457
Series A, 5.00%, 10/15/2021		1,750,000		1,957,533
Series B, 5.00%, 5/15/2021		9,780,000		10,873,795
Series C, 5.00%, 12/15/2017		150,000		155,135
Series C, 5.00%, 6/15/2018		5,810,000		6,094,341

See accompanying notes to financial statements.

214

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series C, 5.00%, 6/15/2020	$	1,375,000	$	1,507,770
Series E, 5.00%, 9/1/2019		7,500,000		8,101,200
Series E, 5.00%, 10/15/2020		5,035,000		5,554,763
Series F, 4.00%, 11/15/2017		125,000		128,043
Series F, 5.00%, 11/15/2019		11,575,000		12,562,579
Series H, 5.00%, 11/15/2020		1,340,000		1,480,218
Connecticut, State Health & Educational Facility Authority Revenue:
Series 2010A-4-REMK, 1.20%, 7/1/2049 (a)		9,100,000		9,007,726
Series A-1, VRN, 1.00%, 7/1/2042 (a)		6,345,000		6,229,584
Series A-3-REMK, 0.88%, 7/1/2049 (a)		4,865,000		4,837,415
Series A-REF, 1.38%, 7/1/2035 (a)		5,200,000		5,182,528
Series U2-REMK, 1.00%, 7/1/2033 (a)		10,490,000		10,350,693
Connecticut, State Special Tax Obligation Revenue:
5.00%, 1/1/2018		8,650,000		8,969,531
Series A, 5.00%, 10/1/2018		1,885,000		2,000,456
Series B, 5.00%, 8/1/2020		1,570,000		1,737,299
Connecticut, State Special Tax Revenue:
5.00%, 8/1/2018		1,600,000		1,689,760
5.00%, 1/1/2020		1,720,000		1,879,461
Series A, 5.00%, 8/1/2021		10,100,000		11,384,518
Series A, 5.00%, 8/1/2019		100,000		108,454
Series A, 5.00%, 8/1/2020		3,500,000		3,872,960
Series B, 5.00%, 9/1/2021		12,195,000		13,766,936
University of Connecticut Series A, 4.00%, 3/15/2018		150,000		155,091
				142,656,301
DELAWARE — 0.3%
Delaware, State General Obligation:
5.00%, 7/1/2020		100,000		111,601
5.00%, 3/1/2021		305,000		345,605
Series B, 5.00%, 2/1/2018		1,000,000		1,042,220
Series B, 5.00%, 7/1/2018		2,040,000		2,155,607
Series B, 5.00%, 2/1/2021		340,000		384,533
Delaware, State Transportation Authority System Revenue:
5.00%, 7/1/2019		1,780,000		1,935,287
5.00%, 7/1/2020		1,350,000		1,504,170
5.00%, 7/1/2021		1,910,000		2,174,210
				9,653,233
DISTRICT OF COLUMBIA — 0.5%
District of Columbia, General Obligation:
Series A, 5.00%, 6/1/2020		2,525,000		2,799,543
Series A, 5.00%, 6/1/2021		1,950,000		2,206,932
Series D, 5.00%, 6/1/2018		750,000		789,270
Series D, 5.00%, 6/1/2019		100,000		108,337
District of Columbia, Income Tax Revenue:
Series A, 5.00%, 12/1/2018		5,275,000		5,641,085
Series A, 5.00%, 12/1/2019		1,550,000		1,701,792
Series A, 5.00%, 12/1/2020		2,810,000		3,150,993
District of Columbia, Revenue Series A, 5.00%, 12/1/2017		500,000		517,935
				16,915,887
FLORIDA — 3.8%
Broward County, FL, General Obligation 4.00%, 1/1/2018		125,000		128,630
Florida, State Board of Education, Capital Outlay, General Obligation Series E, 5.00%, 6/1/2019		9,760,000		10,568,811
Florida, State Board of Education, General Obligation:
Series A, 5.00%, 6/1/2018		1,400,000		1,475,124
Series B, 5.00%, 6/1/2020		180,000		199,697
Series F, 5.00%, 6/1/2017		320,000		325,322
Florida, State Board of Education, Lottery Revenue:
Series A, 5.00%, 7/1/2018		1,000,000		1,055,600
Series A, 5.00%, 7/1/2019		415,000		449,503
Series B, 5.00%, 7/1/2021		13,045,000		14,741,111
Florida, State Department of Environmental Protection Revenue:
Series A, 5.00%, 7/1/2020		5,590,000		6,192,266
Series A, 5.00%, 7/1/2021		13,815,000		15,674,913
Florida, State Department of Environmental Protection, Preservation Revenue:
Series B, 5.00%, 7/1/2017		400,000		407,884
Series B, 5.00%, 7/1/2018		535,000		564,500
Florida, State Department of Management Services, Certificates of Participation Series A, COPs, 5.00%, 8/1/2019		6,755,000		7,343,901
Florida, State General Obligation:
5.00%, 7/1/2019		500,000		542,595
5.00%, 7/1/2020		10,030,000		11,146,540
Series C, 5.00%, 6/1/2018		290,000		305,561
Series C, 5.00%, 6/1/2020		300,000		332,829
Florida, State Turnpike Authority Revenue:
Series C, 5.00%, 7/1/2018		24,130,000		25,479,108
Series C, 5.00%, 7/1/2019		10,000,000		10,836,600
Jacksonville, FL, Revenue 5.00%, 10/1/2017		45,000		46,311
Jacksonville, FL, Special Tax Revenue Series C, 5.00%, 10/1/2020		575,000		638,147
JEA, FL, Electric System Revenue Series A, 5.00%, 10/1/2019		1,750,000		1,907,308
JEA, FL, Water & Sewer System Revenue:
Series A, 5.00%, 10/1/2018		1,200,000		1,276,284
Series A, 5.00%, 10/1/2019		145,000		158,442

See accompanying notes to financial statements.

215

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Miami-Dade County, FL, General Obligation:
Series A, 5.00%, 7/1/2019	$	100,000	$	108,570
Series A, 5.00%, 7/1/2021		3,450,000		3,903,330
Miami-Dade County, FL, Water & Sewer Revenue 5.00%, 10/1/2019		125,000		136,271
Orange County, FL, Sales Tax Revenue Series C, 5.00%, 1/1/2021		3,055,000		3,412,160
Orlando County, FL, Utilities Commission Revenue Series A, 5.00%, 10/1/2018		100,000		106,357
Orlando Utilities Commission Series A, 5.00%, 10/1/2021		3,020,000		3,439,327
Palm Beach County, FL, Public Improvement Revenue 5.00%, 6/1/2018		2,025,000		2,132,204
Palm Beach County, FL, Solid Waste Authority Revenue 5.00%, 10/1/2017		810,000		833,960
Palm Beach County, School District Lease Revenue Series B, COPs, 5.00%, 8/1/2020		775,000		860,707
South Florida Water Management District, Certificates of Participation:
COPs, 5.00%, 10/1/2019.		125,000		135,780
COPs, 5.00%, 10/1/2020.		2,000,000		2,217,340
State Johns River Power Park Series 23, 5.00%, 10/1/2018		125,000		132,901
				129,215,894
GEORGIA — 1.8%
City of Atlanta, GA, Water & Wastewater Revenue Series B, 5.00%, 11/1/2020		160,000		179,203
DeKalb County, GA, General Obligation 5.00%, 12/1/2020		7,420,000		8,311,513
Forsyth County, GA, School District, General Obligation 5.00%, 2/1/2018		2,000,000		2,083,560
Georgia, State General Obligation:
Series A, 5.00%, 1/1/2018		5,000,000		5,196,800
Series A, 5.00%, 7/1/2018		3,000,000		3,170,940
Series A, 5.00%, 1/1/2020		2,510,000		2,767,375
Series A, 5.00%, 1/1/2021		2,575,000		2,907,741
Series C, 5.00%, 10/1/2020		3,025,000		3,395,593
Series C, 5.00%, 10/1/2021		10,000,000		11,461,800
Series E-1, 4.00%, 7/1/2020		125,000		135,273
Series J-1, 4.00%, 7/1/2017		500,000		507,640
Series J-2, 4.00%, 11/1/2017		700,000		717,437
Gwinnett County, GA, School District, General Obligation:
5.00%, 2/1/2019		1,000,000		1,076,250
5.00%, 2/1/2020		1,305,000		1,441,620
5.00%, 8/1/2020		250,000		279,488
5.00%, 2/1/2021		10,000,000		11,305,600
5.00%, 8/1/2021	$	5,000,000	$	5,708,600
Henry County, GA, School District, General Obligation 5.00%, 12/1/2017		1,000,000		1,035,960
				61,682,393
HAWAII — 1.6%
City & County of Honolulu, HI, General Obligation:
Series B, 5.00%, 11/1/2018		120,000		128,035
Series B, 5.00%, 10/1/2019		3,000,000		3,279,810
Hawaii, State General Obligation:
Series EA, 4.00%, 12/1/2017		125,000		128,314
Series EF, 5.00%, 11/1/2018		21,605,000		23,051,671
Series EH, 5.00%, 8/1/2018.		3,000,000		3,176,040
Series EP, 5.00%, 8/1/2019		3,600,000		3,916,728
Series EH, 5.00%, 8/1/2020.		190,000		211,780
Series EZ, 5.00%, 10/1/2020		11,840,000		13,244,698
Series FB, 5.00%, 4/1/2021		5,000,000		5,647,850
Honolulu County, HI, Wastewater System Revenue Series B, 5.00%, 7/1/2018		1,000,000		1,055,300
Honolulu, HI, City & County, General Obligation Series B, 5.00%, 10/1/2018		150,000		159,616
				53,999,842
ILLINOIS — 0.9%
Chicago, IL, Metropolitan Water Reclamation District, General Obligation Series D, 5.00%, 12/1/2019		2,000,000		2,176,200
Chicago, IL, Waterworks Revenue 3.00%, 11/1/2019		1,000,000		1,017,080
Illinois, State Finance Authority Revenue:
4.00%, 1/1/2019		625,000		657,519
5.00%, 1/1/2018		1,000,000		1,038,860
5.00%, 1/1/2019		1,555,000		1,666,322
5.00%, 7/1/2019		100,000		108,570
5.00%, 1/1/2021		110,000		123,130
5.00%, 7/1/2021		1,500,000		1,694,340
Series A, 5.00%, 10/1/2019		1,000,000		1,089,610
Illinois, State Revenue:
4.00%, 6/15/2020		1,000,000		1,061,780
5.00%, 6/15/2021		8,825,000		9,814,282
Series C, 4.00%, 6/15/2021		2,625,000		2,809,039
Illinois, State Sales Tax Revenue:
5.00%, 6/15/2017		870,000		884,285
5.00%, 6/15/2018		2,675,000		2,806,289
5.00%, 6/15/2019		185,000		198,449
5.00%, 6/15/2020		3,040,000		3,328,253
Illinois, State Toll Highway Authority Revenue:
Series B, 5.00%, 12/1/2017		300,000		310,179
Series B, 5.00%, 12/1/2018		455,000		484,002
				31,268,189

See accompanying notes to financial statements.

216

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
INDIANA — 0.4%
Indiana, State Finance Authority Revenue:
5.00%, 2/1/2024	$	715,000	$	757,528
5.00%, 2/1/2025		600,000		635,688
5.00%, 2/1/2027		1,400,000		1,574,552
Series B, 5.00%, 2/1/2019		1,000,000		1,074,760
Series B, 5.00%, 2/1/2021		2,895,000		3,265,647
Series C, 5.00%, 12/1/2021		3,510,000		3,999,645
University of Indiana, Revenue Series U, 5.00%, 8/1/2018		450,000		476,258
				11,784,078
IOWA — 0.2%
Iowa, State Finance Authority Revenue:
5.00%, 8/1/2017		775,000		793,089
5.00%, 8/1/2018		100,000		105,835
5.00%, 8/1/2019		1,495,000		1,627,322
5.00%, 8/1/2020		115,000		128,225
Iowa, State Revenue Series A, 5.00%, 6/1/2021		2,305,000		2,599,325
				5,253,796
KANSAS — 0.1%
Johnson County, Unified School District No. 233, General Obligation Series A, 5.00%, 9/1/2021		750,000		850,957
Kansas, State Department of Transportation, Highway Revenue:
Series A, 5.00%, 9/1/2021		600,000		684,210
Series B, 5.00%, 9/1/2019		200,000		218,318
Series C, 5.00%, 9/1/2017		300,000		307,836
Series C, 5.00%, 9/1/2020		285,000		318,405
Kansas, State Department of Transportation, Sales Tax Revenue Series C, 5.00%, 9/1/2018		125,000		132,400
				2,512,126
KENTUCKY — 0.2%
Kentucky, State Turnpike Authority Revenue:
Series A, 5.00%, 7/1/2019		1,045,000		1,127,628
Series A, 5.00%, 7/1/2021		3,000,000		3,363,990
Series B, 5.00%, 7/1/2018		860,000		907,163
				5,398,781
LOUISIANA — 0.5%
Louisiana, State Gas & Fuels Tax Revenue:
Series A-1, 5.00%, 5/1/2017		500,000		506,640
Series A-1, 5.00%, 5/1/2018		2,035,000		2,134,450
Louisiana, State General Obligation:
Series A, 5.00%, 8/1/2018		4,940,000		5,225,878
Series A, 5.00%, 8/1/2020		955,000		1,058,159
Series C, 5.00%, 7/15/2018		2,000,000		2,110,320
Series C, 5.00%, 8/1/2019		2,530,000		2,741,888
Louisiana, State Highway Improvement Revenue:
Series A, 5.00%, 6/15/2019		1,000,000		1,082,180
Series A, 5.00%, 6/15/2020		120,000		132,980
				14,992,495
MAINE — 0.5%
Maine, State General Obligation:
Series B, 5.00%, 6/1/2021		9,675,000		10,980,448
Series B, 5.00%, 6/1/2019		1,000,000		1,085,600
Series B, 5.00%, 6/1/2020		4,205,000		4,675,497
				16,741,545
MARYLAND — 5.0%
Anne Arundel County, MD, General Obligation:
5.00%, 10/1/2018		200,000		213,000
5.00%, 4/1/2019		6,380,000		6,890,272
5.00%, 4/1/2020		12,750,000		14,125,470
Baltimore County, MD, General Obligation:
5.00%, 8/1/2018		500,000		529,985
5.00%, 8/1/2019		100,000		108,930
5.00%, 2/1/2020		500,000		552,190
5.00%, 8/1/2021		2,000,000		2,282,500
Howard County, MD, General Obligation Series A, 5.00%, 2/15/2020		2,000,000		2,211,320
Maryland Water Quality Financing Administration Revolving Loan Fund:
5.00%, 3/1/2018		100,000		104,464
5.00%, 3/1/2020		11,205,000		12,372,561
Maryland, State Department of Transportation:
5.00%, 6/1/2019		860,000		932,550
5.00%, 12/1/2019		110,000		120,805
5.00%, 6/1/2020		155,000		172,343
5.00%, 12/15/2020		16,325,000		18,371,665
5.00%, 2/1/2021		1,615,000		1,822,447
Maryland, State Economic Development Corp. Lease Revenue:
5.00%, 6/1/2018		150,000		158,049
5.00%, 6/1/2020		110,000		121,768
Maryland, State General Obligation:
4.00%, 8/15/2018		105,000		109,780
Series B, 4.50%, 8/1/2019		5,210,000		5,616,589
5.00%, 3/1/2018		21,515,000		22,490,920
5.00%, 8/1/2018		2,575,000		2,729,423
Series B, 5.00%, 8/1/2020		4,460,000		4,987,708
5.00%, 6/1/2021		16,355,000		18,621,312
Series A, 5.00%, 8/1/2021		1,525,000		1,741,855
Series A, 4.00%, 8/1/2019		625,000		665,906
Series A, 5.00%, 3/1/2019		2,200,000		2,372,920
Series E -REF, 5.00%, 8/1/2019		1,210,000		1,319,662
Series A, 5.00%, 3/1/2020		1,000,000		1,107,130
Series A, 5.00%, 3/1/2021		12,905,000		14,623,043
Series B, 5.00%, 3/15/2019		3,300,000		3,564,000
Montgomery County, MD, General Obligation:
Series B, 5.00%, 11/1/2017		920,000		950,433
Series A, 5.00%, 11/1/2019		11,650,000		12,782,613

See accompanying notes to financial statements.

217

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series A, 5.00%, 11/1/2021	$	2,280,000	$	2,615,479
Series B, 5.00%, 11/1/2020		4,800,000		5,395,056
Prince George County, MD, Revenue:
Series A, 5.00%, 9/1/2020		1,070,000		1,197,437
Series B, 3.00%, 3/1/2018		150,000		153,368
Series B, 4.00%, 3/1/2019		350,000		369,866
Washington, MD, Suburban Sanitary Commission, General Obligation 5.00%, 6/1/2020		2,585,000		2,877,880
Washington, MD, Suburban Sanitation District, General Obligation 5.00%, 6/1/2019		500,000		542,300
				167,924,999
MASSACHUSETTS — 3.6%
Boston, MA, General Obligation:
Series A, 5.00%, 3/1/2020		150,000		166,022
Series A, 5.00%, 4/1/2020		1,500,000		1,663,830
Massachusetts Federal Highway Grant Anticipation Note Revenue Series A, 5.00%, 6/15/2021		175,000		199,136
Massachusetts, Bay Transportation Authority Series A, 5.00%, 7/1/2020		390,000		434,538
Massachusetts, Bay Transportation Authority, Sales Tax Revenue Series A, 4.00%, 7/1/2018		440,000		458,260
Massachusetts, Development Finance Agency Series A, 5.00%, 7/15/2021		3,700,000		4,224,697
Massachusetts, State Clean Water Trust, Revenue:
5.00%, 8/1/2018		385,000		407,965
5.00%, 8/1/2020		520,000		581,142
Series 12B, 5.00%, 8/1/2021		5,000,000		5,706,250
Massachusetts, State Federal Highway Revenue:
Series A, 5.00%, 6/15/2021		7,000,000		7,794,430
Series B, 5.00%, 6/15/2018		3,500,000		3,690,400
Massachusetts, State General Obligation:
5.00%, 7/1/2021		5,000,000		5,666,200
5.00%, 10/1/2021		10,000,000		11,383,600
Series A, 5.00%, 12/1/2017		450,000		466,096
Series A, 5.00%, 12/1/2018		7,000,000		7,491,330
Series A, 5.00%, 12/1/2019		275,000		301,521
Series A, 5.00%, 3/1/2021		10,930,000		12,310,131
Series B, 5.00%, 8/1/2018		1,700,000		1,800,572
Series C, 5.00%, 8/1/2019		10,000,000		10,874,500
Series D-1-R, VRN, 1.05%, 8/1/2043 (a)		750,000		739,537
Massachusetts, State School Building Authority, Sales Tax Revenue:
Series A, 5.00%, 8/15/2021		9,765,000		11,090,599
Series B, 5.00%, 8/15/2019		1,840,000		2,004,275
Series B, 5.00%, 8/15/2020		3,315,000		3,689,131
Series B, 5.00%, 10/15/2020		5,860,000		6,544,038
Series C, 2.00%, 8/15/2018		760,000		768,938
Massachusetts, State Transportation Fund Revenue:
5.00%, 6/1/2020		275,000		305,962
Series A, 5.00%, 6/1/2018		9,235,000		9,726,579
Series A, 5.00%, 6/1/2021		2,265,000		2,574,739
University of Massachusetts, Building Authority Revenue Series 2, 5.00%, 11/1/2021		6,055,000		6,918,867
				119,983,285
MICHIGAN — 1.7%
Chippewa Valley Schools, General Obligation 5.00%, 5/1/2020		1,525,000		1,674,907
Michigan, State Building Authority Revenue:
5.00%, 10/15/2021		1,500,000		1,696,725
Series I, 5.00%, 4/15/2020		4,665,000		5,133,273
Michigan, State Finance Authority Revenue:
5.00%, 10/1/2018		2,745,000		2,921,970
5.00%, 1/1/2019		250,000		268,205
5.00%, 10/1/2019		200,000		218,540
5.00%, 10/1/2020		130,000		145,274
5.00%, 1/1/2021		14,900,000		16,173,205
5.00%, 10/1/2021		4,575,000		5,214,676
Series A, 4.00%, 1/1/2018		490,000		504,181
Series A, 5.00%, 5/1/2017		275,000		278,281
Series A, 5.00%, 1/1/2018		150,000		155,814
Series A, 5.00%, 5/1/2018		3,500,000		3,657,815
Series A, 5.00%, 7/1/2018		775,000		818,446
Series A, 5.00%, 7/1/2019		6,220,000		6,762,633
Michigan, State General Obligation:
Series A, 5.00%, 12/1/2018		200,000		213,880
Series A, 5.00%, 12/1/2020		4,625,000		5,191,840
Series A, 5.00%, 12/1/2021		900,000		1,029,618
Michigan, State Trunk Line Revenue 5.00%, 11/15/2019		4,035,000		4,411,143
University of Michigan 5.00%, 4/1/2020		1,345,000		1,488,753
				57,959,179
MINNESOTA — 1.6%
Minnesota, State General Fund Revenue Series B, 5.00%, 3/1/2018		10,500,000		10,967,565
Minnesota, State General Obligation:
Series B, 5.00%, 8/1/2019		1,545,000		1,684,204
ETM, 5.00%, 8/1/2017		40,000		40,917
Series D, 5.00%, 8/1/2020		1,445,000		1,614,368
Series D, 5.00%, 10/1/2018		14,505,000		15,445,157
Series D, 5.00%, 10/1/2019		305,000		333,966
Series F, 5.00%, 10/1/2020		565,000		633,563
Minnesota, State Public Facilities Authority Series B, 3.00%, 3/1/2021		6,320,000		6,630,059
Minnesota, State Revenue, General Obligation:
Series A, 5.00%, 6/1/2020		155,000		171,582
Series D, 5.00%, 8/1/2021		10,265,000		11,710,107

See accompanying notes to financial statements.

218

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Shakopee, MN, Independent School District No. 720 Series A, 5.00%, 2/1/2021	$	4,775,000	$	5,368,341
Western Minnesota Municipal Power Agency 4.00%, 1/1/2019		50,000		52,481
				54,652,310
MISSISSIPPI — 0.1%
Mississippi, State Development Bank Revenue Series C, 5.00%, 1/1/2019		880,000		939,955
Mississippi, State Development Bank Special Obligation Revenue 5.00%, 1/1/2018		500,000		518,670
Mississippi, State General Obligation Series F, 4.00%, 11/1/2018		2,525,000		2,645,013
				4,103,638
MISSOURI — 1.4%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Authority Revenue Series A, 5.00%, 10/1/2019		175,000		191,027
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Revenue Bond Series A, 5.00%, 10/1/2018		1,395,000		1,482,690
Jackson County, MO, State Revenue 5.00%, 12/1/2017		400,000		413,388
Missouri, State Board of Public Buildings, Special Obligation:
Series A, 4.00%, 10/1/2017		135,000		137,993
Series A, 4.00%, 10/1/2019		165,000		175,705
Missouri, State Environmental Improvement & Energy Resources Authority:
Series A, 5.00%, 1/1/2020		100,000		110,100
Series A, 5.00%, 1/1/2021		100,000		112,592
Missouri, State Highways & Transportation Commission Revenue:
Series A, 5.00%, 5/1/2018		175,000		183,979
Series A, 5.00%, 5/1/2021		10,035,000		11,386,714
Series B, 5.00%, 5/1/2019		9,155,000		9,916,238
Springfield, MO, State Public Utility Revenue 5.00%, 8/1/2020		18,910,000		21,042,859
University of Missouri, Revenue Series A, 5.00%, 11/1/2019		670,000		734,548
				45,887,833
NEBRASKA — 0.9%
Central Plains Energy Project, NE, Gas Supply Revenue 5.00%, 8/1/2039 (a)		21,465,000		23,330,523
Omaha, NE, State Public Power District Electric Revenue:
Series B, 5.00%, 2/1/2019		450,000		483,449
Series B, 5.00%, 2/1/2020		1,100,000		1,212,376
Series B, 5.00%, 2/1/2021		5,155,000		5,810,664
				30,837,012
NEVADA — 1.3%
Clark County, NV, General Obligation:
5.00%, 7/1/2020		165,000		182,954
Series A, 5.00%, 11/1/2017		500,000		516,495
Series A, 5.00%, 7/1/2018		115,000		121,307
Clark County, NV, Water Reclamation District, General Obligation 5.00%, 7/1/2021		9,170,000		10,408,775
Las Vegas Valley, NV, Water District, General Obligation:
Series A, 3.00%, 6/1/2018		70,000		71,751
Series A, 5.00%, 6/1/2020		2,550,000		2,824,584
Series A, 5.00%, 6/1/2021		4,360,000		4,920,652
Nevada, State General Obligation:
Series D, 5.00%, 3/1/2020		500,000		550,800
Series D, 5.00%, 4/1/2020		16,280,000		17,971,003
Nevada, State Highway Improvement Revenue:
4.00%, 12/1/2017		2,900,000		2,976,067
4.00%, 12/1/2018		415,000		435,775
5.00%, 12/1/2020		425,000		477,258
Nevada, State Unemployment Compensation Fund, Special Revenue:
5.00%, 12/1/2017		460,000		476,454
5.00%, 6/1/2018		2,700,000		2,798,847
				44,732,722
NEW JERSEY — 0.3%
Bergen County, NJ, General Obligation:
3.00%, 10/15/2018		125,000		128,766
4.00%, 10/15/2019		7,000,000		7,468,300
5.00%, 10/15/2020		125,000		139,980
New Jersey, Environmental Infrastructure Trust Revenue Series A-R, 4.00%, 9/1/2018		1,565,000		1,635,018
Rutgers, NJ, State University Revenue:
Series J, 5.00%, 5/1/2019		555,000		598,895
Series J, 5.00%, 5/1/2020		165,000		182,400
Series J, 5.00%, 5/1/2021		125,000		140,726
				10,294,085
NEW MEXICO — 0.9%
Albuquerque Bernalillo County, NM, Water Utility Authority, Water & Sewer System Revenue:
Series A, 5.00%, 7/1/2019		2,475,000		2,690,919
Series A, 5.00%, 7/1/2018		100,000		105,530
Albuquerque, NM, Municipal School District No. 12, General Obligation:
Series B, 5.00%, 8/1/2017		100,000		102,352
Series B, 5.00%, 8/1/2019		3,785,000		4,106,990

See accompanying notes to financial statements.

219

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
New Mexico, State Municipal Energy Acquisition Authority, Gas Supply Revenue
Series A, VRN, 5.00%, 11/1/2039 (a)	$	12,940,000	$	13,962,519
New Mexico, State Severance Tax Revenue:
4.00%, 7/1/2019		130,000		138,042
5.00%, 7/1/2021		1,000,000		1,134,630
Series A, 5.00%, 7/1/2018		8,250,000		8,706,225
				30,947,207
NEW YORK — 15.3%
Battery Park City Authority Revenue Series A, 5.00%, 11/1/2020		645,000		726,238
Erie County, NY, Industrial Development Agency School Facility Revenue:
5.00%, 5/1/2019		100,000		108,028
Series A, 5.00%, 5/1/2021		3,250,000		3,671,850
Metropolitan Transportation Authority:
Series A, 4.00%, 11/15/2018		300,000		315,126
Series A, 5.00%, 11/15/2019		120,000		131,470
Nassau County, NY, Interim Finance Authority Revenue Series A, 5.00%, 11/15/2020		1,150,000		1,292,600
Nassau County, NY, Sewer & Storm Water Finance Authority System, Revenue Series A, 5.00%, 10/1/2019		2,500,000		2,733,875
New York City Transitional Finance Authority Future Tax Secured Revenue:
Series A-1, 3.00%, 8/1/2018		100,000		102,810
Series H, 5.00%, 11/1/2018		5,635,000		6,015,475
Series C, 5.00%, 11/1/2020		8,265,000		9,256,966
Series E, 5.00%, 11/1/2019		150,000		164,364
Series I, 5.00%, 5/1/2021		145,000		164,143
Series I, ETM, 5.00%, 5/1/2018		675,000		709,175
New York Local Government Assistance Corp.
4.00%, 4/1/2021		360,000		393,563
New York State, Thruway Authority, Highway & Bridge Trust Fund Revenue:
Series A, 4.00%, 4/1/2020		115,000		123,826
Series A, 5.00%, 4/1/2020		125,000		138,526
New York, NY, City Transitional Finance Authority, Building Aid Revenue:
4.00%, 7/15/2017		150,000		152,427
Series S-1, 5.00%, 7/15/2018		325,000		343,590
Series S-1, 5.00%, 7/15/2021		1,000,000		1,134,340
Series S-2, 5.00%, 7/15/2020		1,500,000		1,667,160
New York, NY, City Transitional Finance Authority, Future Tax Secured Revenue:
Series B, 5.00%, 11/1/2021		2,340,000		2,672,678
Series A-1, 4.00%, 8/1/2019		1,200,000		1,276,344
Series A-1, 5.00%, 8/1/2017		250,000		255,820
Series A-1, 5.00%, 8/1/2019		1,275,000		1,388,182
Series A-1, 5.00%, 8/1/2020		1,125,000		1,253,542
Series C, 5.00%, 11/1/2019		16,440,000		18,014,294
Series B, 5.00%, 11/1/2020		130,000		145,603
Series F-1, 5.00%, 2/1/2019.		3,770,000		4,051,846
Series F-1, 5.00%, 2/1/2021.		4,025,000		4,533,559
Series F-1, 5.00%, 5/1/2024.		1,650,000		1,733,539
New York, NY, General Obligation:
3.00%, 8/1/2020		5,345,000		5,569,704
4.00%, 8/1/2020		10,525,000		11,330,057
Series I, 5.00%, 8/1/2021		24,935,000		28,210,960
Series I, 5.00%, 8/1/2018		44,280,000		46,849,568
Series J, 5.00%, 8/1/2020		16,040,000		17,819,638
Series A, 5.00%, 8/1/2017		500,000		511,730
Series J, 5.00%, 8/1/2019		27,905,000		30,308,457
Series A-1, 5.00%, 10/1/2020.		5,620,000		6,265,120
Series B, 4.00%, 8/1/2017		350,000		356,216
Series B, 4.00%, 8/1/2019		1,150,000		1,220,173
Series D-1, 5.00%, 10/1/2017		365,000		375,910
Series G-1, 5.00%, 4/1/2019		1,185,000		1,276,494
Series I, 5.00%, 3/1/2021		5,360,000		6,020,781
New York, NY, Municipal Bond Bank Agency, Special School Purpose Revenue:
3.00%, 12/1/2018		235,000		242,628
4.00%, 12/1/2018		1,020,000		1,072,255
New York, Sales Tax Asset Receivable Corp. Revenue Series A, 5.00%, 10/15/2018		17,090,000		18,237,935
New York, State Convention Center Development Corp. 5.00%, 11/15/2018		130,000		138,715
New York, State Convention Center Development Corp. Revenue 3.00%, 11/15/2017		190,000		193,084
New York, State Dormitory Authority:
4.00%, 5/15/2019		330,000		349,064
5.00%, 5/15/2020		175,000		193,664
Series A, 4.00%, 10/1/2017 (b)		380,000		388,280
Series A, 5.00%, 3/15/2018		4,935,000		5,163,293
Series A, 5.00%, 12/15/2018		170,000		182,140
Series A, 5.00%, 2/15/2019		170,000		182,979
Series A, 5.00%, 2/15/2021		340,000		383,353
Series E, 5.00%, 3/15/2021		295,000		333,220
Series C, 5.00%, 3/15/2020		540,000		596,943
Series E, 5.00%, 2/15/2018		415,000		433,011
New York, State Dormitory Authority Revenue:
5.00%, 5/15/2019		200,000		216,176
Series A, 4.00%, 5/15/2018		1,090,000		1,131,976
Series A, 5.00%, 12/15/2019		355,000		390,330
Series A, 5.00%, 3/15/2020		205,000		227,091
Series A, 5.00%, 7/1/2021		2,590,000		2,926,752
Series B, 5.00%, 10/1/2020		2,780,000		3,120,578
Series F, 5.00%, 10/1/2017 (b)		305,000		313,885

See accompanying notes to financial statements.

220

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
New York, State Dormitory Authority Revenue, Non State Supported Debt:
Series A, 4.00%, 7/1/2020	$	3,765,000	$	4,047,827
Series A, 5.00%, 7/1/2020		1,325,000		1,469,173
New York, State Dormitory Authority, Personal Income Tax Revenue:
Series A, 5.00%, 12/15/2020		320,000		359,728
Series B, 5.00%, 3/15/2020		100,000		110,545
Series C, 5.00%, 3/15/2019		365,000		393,704
Series D, 5.00%, 2/15/2020		600,000		662,046
Series D, 5.00%, 2/15/2021		5,000,000		5,637,550
Series D, 5.00%, 2/15/2022		12,535,000		14,392,562
New York, State Dormitory Authority, Sales Tax Revenue:
Series A, 3.00%, 3/15/2019		3,020,000		3,131,347
Series A, 5.00%, 3/15/2018		15,250,000		15,955,465
Series A, 5.00%, 3/15/2019		5,125,000		5,535,000
Series A, 5.00%, 3/15/2020		7,510,000		8,319,278
Series A, 5.00%, 3/15/2021		22,050,000		24,973,610
New York, State Dormitory Authority, State Personal Income Tax Revenue:
Series C, 5.00%, 3/15/2018		18,215,000		19,057,626
Series E, ETM, 5.00%, 2/15/2018		910,000		949,480
Series A, 5.00%, 3/15/2020		5,010,000		5,538,304
Series B, 5.00%, 3/15/2019		895,000		965,383
Series C, 4.00%, 3/15/2018		975,000		1,008,569
Series D, 4.00%, 2/15/2019		280,000		295,568
Series E, 5.00%, 2/15/2019		3,165,000		3,406,648
Series E, 5.00%, 8/15/2019		495,000		539,723
Series E, 5.00%, 2/15/2020		4,825,000		5,323,953
New York, State Environmental Facilities Corp.:
Series A, 5.00%, 6/15/2021		3,330,000		3,795,401
Series A, 5.00%, 6/15/2020		1,295,000		1,443,355
New York, State Environmental Facilities Corp., Clean Water & Drinking Water, Revenue 5.00%, 6/15/2020		280,000		312,077
New York, State General Obligation:
Series C, 5.00%, 4/15/2018		6,150,000		6,454,179
Series C, 5.00%, 4/15/2019		2,530,000		2,740,572
Series C, 5.00%, 4/15/2020		8,485,000		9,419,708
Series E, 5.00%, 12/15/2019		325,000		358,234
Series E, 5.00%, 12/15/2020		1,350,000		1,519,803
New York, State Thruway Authority, Personal Income Tax Revenue:
Series A, 5.00%, 3/15/2018		1,620,000		1,694,941
Series A, 5.00%, 3/15/2019		6,700,000		7,226,888
Series A, 5.00%, 3/15/2020		2,040,000		2,255,118
New York, State Urban Development Corp.:
Series E, 5.00%, 3/15/2020		17,760,000		19,632,791
Series D, 5.00%, 3/15/2021		16,020,000		18,095,551
Series C, 5.00%, 3/15/2019		15,000,000		16,179,600
Port Authority of New York & New Jersey:
Series 179, 5.00%, 12/1/2018.		115,000		122,621
Series 189, 5.00%, 5/1/2019		10,975,000		11,866,609
Series 189, 5.00%, 5/1/2020		3,380,000		3,745,682
Triborough, NY, Bridge & Tunnel Authority Revenue:
Series A, 5.00%, 1/1/2020		105,000		115,476
Series B, 4.00%, 11/15/2020		2,345,000		2,543,856
Series B, 5.00%, 11/15/2018		250,000		267,142
Series B, 5.00%, 11/15/2020		20,195,000		22,658,790
Utility Debt Securitization Authority Revenue Series B, 5.00%, 6/15/2020		495,000		521,562
Westchester County, NY, General Obligation Series A, 5.00%, 1/1/2021		3,000,000		3,391,380
				515,637,544
NORTH CAROLINA — 2.4%
Buncombe County, NC, General Obligation Series A, 5.00%, 6/1/2019		710,000		769,193
Charlotte, NC, Certificates of Participation Series C, 5.00%, 12/1/2018		1,000,000		1,067,640
Charlotte, NC, General Obligation:
Series A, 5.00%, 7/1/2018		160,000		169,117
Series A, 5.00%, 7/1/2019		175,000		190,447
Series A, 5.00%, 7/1/2020		500,000		557,460
Series B, 5.00%, 7/1/2017		200,000		204,030
Guilford County, NC, General Obligation:
Series A, 5.00%, 2/1/2021		4,035,000		4,561,810
Series C, 5.00%, 10/1/2018		4,765,000		5,077,298
Mecklenburg County, NC, General Obligation:
Series A, 5.00%, 12/1/2017		2,200,000		2,279,728
Series C, 5.00%, 12/1/2019		500,000		550,015
North Carolina, Municipal Power Agency No. 1 Series A, ETM, 4.00%, 1/1/2019.		105,000		110,591
North Carolina, Revenue:
Series B, 5.00%, 11/1/2020		150,000		168,063
Series C, 5.00%, 5/1/2020		135,000		149,606
North Carolina, State Eastern Municipal Power Agency, Revenue Series B, 5.00%, 1/1/2021		275,000		309,969
North Carolina, State General Obligation:
Series A, 5.00%, 6/1/2019		3,250,000		3,527,387
Series A, 5.00%, 6/1/2018		7,630,000		8,042,707
Series C, 3.75%, 5/1/2019		125,000		131,805
Series D, 3.00%, 6/1/2019		6,175,000		6,410,823
Series D, 4.00%, 6/1/2021		10,000,000		10,958,800
Series E, 5.00%, 5/1/2018		2,900,000		3,048,393
Series E, 5.00%, 5/1/2019		18,955,000		20,526,559
Series E, 5.00%, 5/1/2020		8,525,000		9,470,678
Wake County, NC, General Obligation 5.00%, 12/1/2021		3,320,000		3,799,840
				82,081,959

See accompanying notes to financial statements.

221

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
OHIO — 2.5%
Columbus, OH, General Obligation:
Series 1, 5.00%, 7/1/2020	$	275,000	$	306,603
Series 2012-3, 5.00%, 8/15/2018		320,000		339,130
Series A, 5.00%, 7/1/2017		110,000		112,217
Series A, 5.00%, 2/15/2018		500,000		521,470
Cuyahoga County, OH, Certificates of Participation:
COPs, 5.00%, 12/1/2017		400,000		413,572
COPs, 5.00%, 12/1/2018		2,270,000		2,418,231
COPs, 5.00%, 12/1/2019		2,670,000		2,907,603
Hamilton County, OH, Sewer System Revenue:
Series A, 5.00%, 12/1/2017		190,000		196,779
Series A, 5.00%, 12/1/2019		1,610,000		1,762,853
Ohio Water Development Authority:
Series A, 5.00%, 6/1/2019		100,000		108,485
Series A, 5.00%, 12/1/2019		1,500,000		1,648,245
Ohio Water Development Authority Water Pollution Control Loan Fund 5.00%, 12/1/2020		205,000		230,539
Ohio, State General Obligation:
5.00%, 9/1/2020		6,380,000		7,118,230
5.00%, 12/15/2021		2,500,000		2,856,450
Series A, 4.00%, 5/1/2021		10,290,000		11,213,630
Series A, 5.00%, 2/1/2019		105,000		112,760
Series B, 5.00%, 9/15/2019		2,995,000		3,268,234
Series C, 5.00%, 9/15/2020		5,865,000		6,550,618
Series A, 5.00%, 2/1/2021		100,000		112,551
Series A, 5.00%, 9/15/2021		6,875,000		7,830,969
Series B, 5.00%, 8/1/2019		140,000		152,279
Series B, 5.00%, 8/1/2021		2,150,000		2,442,550
Series C, 2.00%, 11/1/2018		6,765,000		6,860,995
Series C, 3.00%, 11/1/2020		11,385,000		11,908,824
Series R, 5.00%, 5/1/2017		355,000		359,750
Series R, 5.00%, 5/1/2019		2,075,000		2,242,577
Series S, 5.00%, 5/1/2021		2,260,000		2,556,354
Ohio, State Higher Education Authority General Obligation Series C, 5.00%, 8/1/2018		100,000		105,948
Ohio, State Infrastructure Project Revenue:
5.00%, 12/15/2020		1,660,000		1,861,375
Series 1, 4.00%, 12/15/2019		125,000		133,706
Series 1A-GARVEE, 4.00%, 12/15/2017		1,095,000		1,125,693
Series 1A-GARVEE, 5.00%, 12/15/2019		2,755,000		3,025,844
Ohio, State Water Development Authority, Water Pollution Control Revenue Series B, 5.00%, 12/1/2018		425,000		455,247
				83,260,311
OKLAHOMA — 0.0% (c)
Oklahoma City, Water Utilities Trust, Water & Sewer Revenue:
5.00%, 7/1/2018		1,180,000		1,246,693
5.00%, 7/1/2019		105,000		114,133
				1,360,826
OREGON — 1.0%
Deschutes County, OR, State Administrative School District No. 1 Bend-La Pine General Obligation Series B, 4.00%, 6/15/2019		125,000		132,751
Metro/OR, General Obligation Series A, 5.00%, 6/1/2020		125,000		139,206
Multnomah County, OR, State School District No. 1 General Obligation Series B, 5.00%, 6/15/2018		2,000,000		2,109,380
Oregon, Health & Science University Revenue Series A, 3.00%, 7/1/2019		150,000		154,992
Oregon, State Department of Administration Services, Lottery Revenue 5.00%, 4/1/2018		275,000		287,738
Oregon, State Department of Authority Services Lottery Revenue Series D, 5.00%, 4/1/2020		470,000		519,919
Oregon, State Department of Transportation, Highway User Tax Revenue Series A, 5.00%, 11/15/2018		1,000,000		1,067,420
Oregon, State General Obligation:
Series D, 4.00%, 5/1/2021		6,085,000		6,652,426
Series I, 5.00%, 5/1/2018		3,350,000		3,515,524
Series F, 5.00%, 5/1/2020		1,185,000		1,315,634
Portland, OR, Sewer System Revenue:
Series A, 5.00%, 6/1/2018		110,000		115,697
Series A, 5.00%, 8/1/2018		150,000		158,511
Series A, 5.00%, 6/1/2019		100,000		108,436
Series A, 5.00%, 10/1/2019		160,000		175,013
Series A, 5.00%, 4/1/2020		5,000,000		5,551,150
Series A, 5.00%, 6/1/2021		10,090,000		11,451,444
Washington County, OR, School District No. 48J Beaverton, General Obligation Series B, 4.00%, 6/15/2019		1,300,000		1,378,026
				34,833,267
PENNSYLVANIA — 2.9%
Pennsylvania, State Economic Development Financing Authority, Unemployment Compensation Revenue:
5.00%, 1/1/2020		165,000		179,056
5.00%, 7/1/2020		1,640,000		1,778,449
Series A, 4.00%, 1/1/2018		145,000		149,138
Series A, 4.00%, 1/1/2019		1,015,000		1,067,810
Series A, 5.00%, 7/1/2018		17,980,000		18,976,991
Series A, 5.00%, 7/1/2019		7,225,000		7,844,182
Pennsylvania, State General Obligation:
5.00%, 11/15/2017		510,000		527,218
5.00%, 3/15/2018		315,000		328,611
5.00%, 6/1/2018		1,435,000		1,506,434
5.00%, 6/15/2018		1,500,000		1,576,710

See accompanying notes to financial statements.

222

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.00%, 7/1/2018	$	5,490,000	$	5,777,676
5.00%, 10/15/2018		105,000		111,459
5.00%, 11/15/2018		150,000		159,626
5.00%, 3/15/2019		8,500,000		9,107,240
5.00%, 10/15/2019		5,650,000		6,135,957
5.00%, 7/1/2021		10,100,000		11,316,242
5.00%, 9/15/2021		15,000,000		16,863,000
Series REF, 5.00%, 7/1/2019		275,000		296,604
Pennsylvania, State Higher Educational Facilities Authority Revenue:
AN, 5.00%, 6/15/2020		9,475,000		10,463,053
Series AN, 5.00%, 6/15/2018		275,000		289,757
Series AN, 5.00%, 6/15/2017		425,000		432,612
Series AQ, 5.00%, 6/15/2019		2,410,000		2,606,246
Pennsylvania, State University Revenue Series B, 5.00%, 9/1/2021		1,375,000		1,568,641
				99,062,712
RHODE ISLAND — 0.3%
Rhode Island Health & Educational Building Corp.:
5.00%, 9/1/2021		2,825,000		3,207,957
Series A, 4.00%, 5/15/2021		3,070,000		3,297,211
Rhode Island, State & Providence Plantations, General Obligation Series C, 5.00%, 8/1/2018		1,000,000		1,057,870
Rhode Island, State General Obligation:
5.00%, 11/1/2018		110,000		117,262
5.00%, 8/1/2019		250,000		271,597
Series C, 5.00%, 8/1/2017		550,000		562,551
				8,514,448
SOUTH CAROLINA — 0.9%
Beaufort County, SC, School District, General Obligation:
Series A, 5.00%, 3/1/2020		9,725,000		10,735,136
Series A, 5.00%, 3/1/2021		200,000		225,766
Charleston Educational Excellence Finance Corp. 5.00%, 12/1/2019		100,000		109,524
Florence County, SC, General Obligation 4.00%, 6/1/2019		2,880,000		3,052,282
Horry County, SC, School District, General Obligation 5.00%, 3/1/2021		11,900,000		13,407,611
South Carolina, State General Obligation Series A, 5.00%, 10/1/2019		2,695,000		2,943,317
				30,473,636
TENNESSEE — 1.0%
Knoxville, TN, General Obligation 5.00%, 5/1/2021		2,690,000		3,046,344
Memphis, TN, General Obligation Series A, 5.00%, 11/1/2018		3,150,000		3,350,308
Nashville & Davidson County, TN, Metropolitan Government General Obligation:
Series A, 5.00%, 1/1/2021		155,000		174,073
Series C, 5.00%, 7/1/2018		1,870,000		1,971,971
Shelby County, TN, General Obligation:
Series A, 4.00%, 3/1/2018		240,000		247,771
Series A, 4.00%, 3/1/2021		150,000		163,656
Series A, 5.00%, 4/1/2018		1,475,000		1,543,883
Series A, 5.00%, 3/1/2021		1,525,000		1,724,745
Tennessee, State General Obligation:
Series A, 5.00%, 8/1/2021		13,355,000		15,254,081
Series A, 5.00%, 8/1/2019		125,000		136,329
Tennessee, State School Bond Authority:
Series B, 5.00%, 11/1/2019		3,315,000		3,630,522
Series B, 5.00%, 11/1/2020		3,025,000		3,390,450
				34,634,133
TEXAS — 9.8%
Aldine, TX, Independent School District, General Obligation 5.00%, 2/15/2021 (b)		1,860,000		2,094,806
Alvin, TX, Independent School District, General Obligation:
Series C, 3.00%, 2/15/2020 (b)		3,750,000		3,905,175
Series C, 5.00%, 2/15/2021 (b)		2,300,000		2,590,352
Austin, TX, General Obligation:
5.00%, 9/1/2020		2,800,000		3,126,088
5.00%, 9/1/2021		1,350,000		1,537,529
Austin, TX, Independent School District, General Obligation Series B, 5.00%, 8/1/2019		3,600,000		3,909,096
Austin, TX, Water & Wastewater System Revenue Series A, 5.00%, 11/15/2020		1,605,000		1,793,796
City of San Antonio TX Electric & Gas Systems Revenue 5.00%, 2/1/2020		135,000		148,492
Comal, TX, Independent School District, General Obligation Series A, 5.00%, 2/1/2021 (b)		1,835,000		2,061,476
County of Dallas, TX, General Obligation 5.00%, 8/15/2021		5,000,000		5,692,950
Cypress-Fairbanks, TX, Independent School District, General Obligation:
4.00%, 2/15/2018 (b)		4,000,000		4,128,600
Series C, 5.00%, 2/15/2020 (b)		1,310,000		1,440,856
Series C, 5.00%, 2/15/2021 (b)		310,000		348,480
Dallas, TX, Area Rapid Transit Revenue:
Series A, 5.00%, 12/1/2020		3,010,000		3,369,213
Series B, 5.00%, 12/1/2021		2,750,000		3,129,472
Dallas, TX, Area Rapid Transit, Sales Tax Revenue Series A, 5.00%, 12/1/2019		3,000,000		3,287,520

See accompanying notes to financial statements.

223

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Dallas, TX, General Obligation:
Series A, ETM, 5.00%, 2/15/2018	$	6,115,000	$	6,345,742
Series A, 5.00%, 2/15/2019		1,290,000		1,375,385
5.00%, 2/15/2020		7,850,000		8,551,790
5.00%, 2/15/2021		4,125,000		4,571,366
ETM, 5.00%, 2/15/2017		10,000		10,046
Dallas, TX, Independent School District, General Obligation 5.00%, 8/15/2018 (b)		5,715,000		6,059,500
Fort Worth, TX, Water & Sewer System Revenue:
Series A, 5.00%, 2/15/2019		165,000		177,096
Series A, 5.00%, 2/15/2021		3,640,000		4,082,624
Frisco, TX, Independent School District, General Obligation Series A, 5.00%, 8/15/2021 (b)		3,350,000		3,803,188
Harris County, TX, General Obligation:
5.00%, 8/15/2020		750,000		835,478
Series A, 5.00%, 10/1/2019		2,280,000		2,491,356
Harris County, TX, Metropolitan Transit Authority Revenue Series A, 5.00%, 11/1/2018		135,000		143,712
Harris County, TX, Metropolitan Transit Authority, Sales Tax Revenue 5.00%, 11/1/2020		160,000		178,512
Houston of Harris County, TX, Port Authority General Obligation Series A, 5.00%, 10/1/2020		135,000		150,757
Houston, TX, General Obligation:
Series A, 5.00%, 3/1/2018		2,700,000		2,815,425
Series A, 5.00%, 3/1/2019		675,000		724,316
Series A, 5.00%, 3/1/2020		4,400,000		4,831,376
Series A, 5.00%, 3/1/2021		9,000,000		10,090,350
Houston, TX, Independent School District, General Obligation:
Series C, 5.00%, 2/15/2019 (b)		995,000		1,069,341
Series A, 5.00%, 2/15/2020 (b)		17,465,000		19,209,579
Series A, 5.00%, 2/15/2018 (b)		150,000		156,476
Series A, 5.00%, 2/15/2021 (b)		4,240,000		4,762,707
Houston, TX, Independent School District, Public Facility Corp. Lease Revenue 5.00%, 9/15/2019		4,500,000		4,901,805
Houston, TX, Utilities System Revenue:
Series D, 5.00%, 11/15/2017		480,000		496,498
Series D, 5.00%, 11/15/2019		100,000		109,411
Katy, TX, Independent School District, General Obligation:
Series A, 5.00%, 2/15/2020 (b)		3,000,000		3,304,470
Series A, 5.00%, 2/15/2021 (b)		200,000		225,248
Lamar, TX, Consolidated Independent School District, General Obligation 5.00%, 2/15/2020 (b)		2,815,000		3,095,290
Lewisville, TX, Independent School District, General Obligation Series A, 4.00%, 8/15/2018 (b)		200,000		208,874
North Texas, TX, Municipal Water District, Water System Revenue:
5.00%, 9/1/2019		3,245,000		3,537,764
5.00%, 9/1/2020		140,000		156,041
Northside, TX, Independent School District, General Obligation:
1.35%, 6/1/2033 (a) (b)		9,090,000		9,078,637
2.00%, 8/1/2044 (a) (b)		19,015,000		19,062,347
5.00%, 2/15/2018 (b)		2,745,000		2,863,502
Series A, 5.00%, 8/1/2018 (b)		10,425,000		11,038,407
5.00%, 8/1/2021 (b)		1,335,000		1,511,020
Northwest, TX, Independent School District, General Obligation Series B, 5.00%, 2/15/2021 (b)		2,120,000		2,384,936
Plano, Independent School District, General Obligation Series B, 5.00%, 2/15/2020 (b)		11,000,000		12,119,910
San Antonio, TX General Obligation 5.00%, 2/1/2019		110,000		118,153
San Antonio, TX, Independent School District, General Obligation:
5.00%, 2/15/2019 (b)		700,000		752,234
5.00%, 2/15/2020 (b)		375,000		413,419
5.00%, 2/15/2021 (b)		2,895,000		3,259,249
San Antonio, TX, Electric & Gas Revenue:
5.00%, 2/1/2019		13,570,000		14,546,904
5.00%, 2/1/2020		430,000		472,024
VRN, 2.25%, 2/1/2033 (a)		7,500,000		7,558,950
San Antonio, TX, General Obligation:
5.00%, 2/1/2018		200,000		208,400
5.00%, 2/1/2019		1,340,000		1,439,321
5.00%, 2/1/2021		100,000		112,468
5.00%, 2/1/2022		4,000,000		4,580,160
San Antonio, TX, Water Revenue:
5.00%, 5/15/2021		5,000,000		5,652,400
Series A, 5.00%, 5/15/2019		2,225,000		2,405,492
Series A, 5.00%, 5/15/2020		1,125,000		1,244,205
Southwest Higher Education Authority, Inc. Revenue 5.00%, 10/1/2020		300,000		334,323
Spring Independent School District, General Obligation 5.00%, 8/15/2020 (b)		2,075,000		2,313,044
Texas Water Development Board:
Series A, 4.00%, 4/15/2020		2,350,000		2,527,025
Series A, 5.00%, 10/15/2020		2,000,000		2,238,900
Texas, State General Obligation:
5.00%, 10/1/2018		200,000		212,964
5.00%, 4/1/2019		405,000		437,206
5.00%, 4/1/2020		455,000		503,325
5.00%, 4/1/2021		7,805,000		8,823,162
Series A, 5.00%, 10/1/2019		5,000,000		5,467,750

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Texas, State Transportation Commission, Highway Fund Revenue:
4.00%, 10/1/2018	$	1,170,000	$	1,224,955
Series A, 5.00%, 10/1/2021		6,050,000		6,919,566
Series A, 3.00%, 10/1/2021		3,000,000		3,159,990
Series A, 5.00%, 4/1/2019		6,340,000		6,847,073
Series A, 5.00%, 4/1/2020		4,790,000		5,306,745
Series A, 5.00%, 4/1/2021		150,000		169,895
Series B, VRN, 4.00%, 4/1/2026 (a)		3,000,000		3,254,340
Trinity River, TX, Authority Regional Wastewater System Revenue:
5.00%, 8/1/2019		250,000		271,795
5.00%, 8/1/2020		275,000		306,017
University of Texas, Revenue:
5.00%, 7/1/2018		215,000		227,021
SER J, 5.00%, 8/15/2019 (d)		7,625,000		8,313,919
Series H, 5.00%, 8/15/2020 (d)		5,890,000		6,570,059
Series A, 4.00%, 8/15/2020		145,000		156,684
Series I, 5.00%, 8/15/2021		14,555,000		16,565,337
Series H, 5.00%, 8/15/2018		4,550,000		4,816,721
				328,825,378
UTAH — 0.1%
Jordan, UT, School District, General Obligation 5.00%, 6/15/2019		2,550,000		2,769,172
VIRGINIA — 2.9%
City of Norfolk, VA, General Obligation Series A, 5.00%, 10/1/2018		4,000,000		4,255,000
Fairfax County, VA, Economic Development Authority, Transportation District, Improvement Revenue 5.00%, 4/1/2021		6,360,000		7,178,532
Fairfax County, VA, General Obligation:
Series A, 4.00%, 10/1/2017		810,000		828,136
Series A, 4.00%, 10/1/2020		10,355,000		11,241,492
Series C, 5.00%, 10/1/2018		3,600,000		3,831,762
Series A, 5.00%, 10/1/2019		3,175,000		3,458,102
Series A, 5.00%, 10/1/2021		3,840,000		4,397,568
Series B, 4.00%, 4/1/2019		7,765,000		8,224,222
Series C, 5.00%, 10/1/2020		750,000		841,298
Richmond, VA, Public Utility Revenue Series A, 5.00%, 1/15/2020		3,000,000		3,296,550
Virginia, State College Building Authority, Educational Facilities Revenue:
Series A, 5.00%, 2/1/2020		6,205,000		6,817,309
Series A, 5.00%, 9/1/2018		2,600,000		2,760,108
Series A, 5.00%, 9/1/2020		1,025,000		1,139,359
Virginia, State Commonwealth Transportation Board:
5.00%, 9/15/2017		150,000		154,182
5.00%, 9/15/2018		2,210,000		2,349,252
5.00%, 3/15/2021		1,075,000		1,212,890
5.00%, 5/15/2021		4,320,000		4,889,462
Series A, 5.00%, 9/15/2019		1,000,000		1,090,680
Virginia, State Commonwealth Transportation Board General Obligation Series B, 5.00%, 6/1/2021		5,000,000		5,692,850
Virginia, State Commonwealth Transportation Board Revenue 5.00%, 9/15/2020		2,940,000		3,281,452
Virginia, State Public Building Authority, Public Facilities Revenue Series C, 5.00%, 8/1/2018		10,050,000		10,641,342
Virginia, State Public School Authority Revenue:
5.00%, 8/1/2018		1,000,000		1,058,350
Series A, 4.00%, 8/1/2018		7,765,000		8,097,575
Virginia, State Resources Authority Clean Water Revenue 5.00%, 10/1/2018		1,000,000		1,064,820
				97,802,293
WASHINGTON — 4.0%
Central Puget Sound, WA, Regional Transit Authority Revenue Series P-1, 5.00%, 2/1/2021.		160,000		180,283
Energy Northwest, WA, Electricity Revenue:
4.00%, 7/1/2018		105,000		109,373
Series A, 5.00%, 7/1/2021		17,195,000		19,549,684
Series A, 5.00%, 7/1/2018		1,395,000		1,473,636
Series B, 5.00%, 7/1/2017		885,000		902,488
Series A, 5.00%, 7/1/2019		1,550,000		1,682,835
King County, WA, School District No. 414, General Obligation 5.00%, 12/1/2021		6,000,000		6,855,060
Pierce County, WA, School District No. 10, General Obligation:
4.00%, 12/1/2017		155,000		159,194
5.00%, 12/1/2019		100,000		109,614
5.00%, 12/1/2020		3,500,000		3,924,725
Seattle, WA, General Obligation Series A, 5.00%, 6/1/2020		2,000,000		2,222,360
Seattle, WA, Municipal Light & Power Revenue:
Series A, 5.00%, 6/1/2018		240,000		252,775
Series B, 5.00%, 4/1/2021		10,825,000		12,213,415
Seattle, WA, Water System Revenue:
5.00%, 9/1/2017		845,000		867,756
5.00%, 5/1/2021		2,095,000		2,370,660
Snohomish County, WA, School District No. 15, General Obligation:
4.00%, 12/1/2017		2,400,000		2,464,944
5.00%, 12/1/2018		110,000		117,613
Tacoma, WA, Electric System Revenue Series A, 4.00%, 1/1/2018		2,000,000		2,057,080
Washington, State General Obligation:
4.00%, 7/1/2018		100,000		104,180

See accompanying notes to financial statements.

225

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.00%, 7/1/2019	$	20,420,000	$	21,667,662
Series R-2015, 5.00%, 7/1/2020		12,530,000		13,879,528
Series R-2015, 5.00%, 7/1/2021		7,915,000		8,976,877
Series A, 5.00%, 7/1/2018		750,000		792,390
Series B, 5.00%, 8/1/2021		1,000,000		1,135,600
Series D, 5.00%, 2/1/2022		2,240,000		2,567,219
Series E, 5.00%, 2/1/2021		325,000		365,654
Series R-2012C, 4.00%, 7/1/2021		100,000		109,130
Series R-2015E, 5.00%, 7/1/2019		23,845,000		25,882,555
				132,994,290
WEST VIRGINIA — 0.3%
West Virginia, State General Obligation:
Series A, 5.00%, 6/1/2017		620,000		630,391
Series A, 5.00%, 6/1/2018		250,000		263,308
Series A, 5.00%, 6/1/2020		9,415,000		10,458,464
				11,352,163
WISCONSIN — 2.0%
Wisconsin, State Department of Transportation Revenue:
Series 1, 5.00%, 7/1/2021		1,685,000		1,830,264
Series 1, 5.00%, 7/1/2025		315,000		342,156
Series 2, 5.00%, 7/1/2019		1,500,000		1,629,315
Wisconsin, State General Obligation:
5.00%, 11/1/2021		5,065,000		5,795,170
Series 1, ETM, 5.00%, 5/1/2017		115,000		116,521
Series B, 5.00%, 5/1/2019		26,435,000		28,595,004
Series 3, 5.00%, 11/1/2020		1,305,000		1,463,688
Series 2, 5.00%, 11/1/2017		500,000		516,455
Series 2, 5.00%, 5/1/2018		100,000		104,995
Series B, 5.00%, 5/1/2020		5,320,000		5,900,997
Series B, 5.00%, 5/1/2025		100,000		110,682
Series B, 5.00%, 5/1/2023		130,000		147,163
Series B, 5.00%, 5/1/2026		100,000		110,682
Series D, 5.00%, 5/1/2021		17,850,000		20,238,508
				66,901,600
TOTAL MUNICIPAL BONDS & NOTES (Cost $3,326,535,466)				3,283,247,007
	Shares
SHORT-TERM INVESTMENT — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f) (Cost $23,950,094)		23,950,094		23,950,094
TOTAL INVESTMENTS — 98.2% (Cost $3,350,485,560)				3,307,197,101
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.8%.				61,836,731
NET ASSETS — 100.0%			$	3,369,033,832

(a) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(b) Bond is insured by the following:

	% of Net Assets
Permanent School Fund Guaranteed		3.65	%
Assured Guaranty Municipal Corp.		0.02	%

(c) Amount is less than 0.05% of net assets.

(d) When-issued security.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Municipal Bonds & Notes
Alabama	$	—	$	24,429,297	$	—	$	24,429,297
Alaska.		—		15,114,698		—		15,114,698
Arizona		—		69,749,021		—		69,749,021
Arkansas		—		11,040,389		—		11,040,389
California		—		555,433,848		—		555,433,848
Colorado		—		7,579,192		—		7,579,192
Connecticut		—		142,656,301		—		142,656,301
Delaware		—		9,653,233		—		9,653,233
District of Columbia		—		16,915,887		—		16,915,887
Florida		—		129,215,894		—		129,215,894
Georgia		—		61,682,393		—		61,682,393
Hawaii		—		53,999,842		—		53,999,842

See accompanying notes to financial statements.

226

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Illinois	$	—	$	31,268,189	$	—	$	31,268,189
Indiana		—		11,784,078		—		11,784,078
Iowa		—		5,253,796		—		5,253,796
Kansas		—		2,512,126		—		2,512,126
Kentucky		—		5,398,781		—		5,398,781
Louisiana		—		14,992,495		—		14,992,495
Maine		—		16,741,545		—		16,741,545
Maryland		—		167,924,999		—		167,924,999
Massachusetts		—		119,983,285		—		119,983,285
Michigan		—		57,959,179		—		57,959,179
Minnesota		—		54,652,310		—		54,652,310
Mississippi		—		4,103,638		—		4,103,638
Missouri		—		45,887,833		—		45,887,833
Nebraska		—		30,837,012		—		30,837,012
Nevada		—		44,732,722		—		44,732,722
New Jersey		—		10,294,085		—		10,294,085
New Mexico		—		30,947,207		—		30,947,207
New York		—		515,637,544		—		515,637,544
North Carolina		—		82,081,959		—		82,081,959
Ohio		—		83,260,311		—		83,260,311
Oklahoma		—		1,360,826		—		1,360,826
Oregon		—		34,833,267		—		34,833,267
Pennsylvania		—		99,062,712		—		99,062,712
Rhode Island		—		8,514,448		—		8,514,448
South Carolina		—		30,473,636		—		30,473,636
Tennessee		—		34,634,133		—		34,634,133
Texas		—		328,825,378		—		328,825,378
Utah		—		2,769,172		—		2,769,172
Virginia		—		97,802,293		—		97,802,293
Washington		—		132,994,290		—		132,994,290
West Virginia		—		11,352,163		—		11,352,163
Wisconsin		—		66,901,600		—		66,901,600
Short-Term Investment		23,950,094		—		—		23,950,094
TOTAL INVESTMENTS	$	23,950,094	$	3,283,247,007	$	—	$	3,307,197,101

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional U.S. Government Money Market Fund, Premier Class		—	$	—		201,865,002		177,914,908		23,950,094	$	23,950,094	$	15,744		—
TOTAL			$	—							$	23,950,094	$	15,744	$	—

See accompanying notes to financial statements.

227

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
MUNICIPAL BONDS & NOTES — 93.7%
ALABAMA — 1.2%
Jefferson County, AL, Capital Improvement Obligation Warrant Series A, 5.00%, 4/1/2024 (a)	$	500,000	$	502,045
Jefferson County, AL, School Warrant Revenue Series A, 5.00%, 1/1/2024		1,000,000		1,004,090
Jefferson County, AL, Subordinate Lien Sewer Warrant Revenue Series D, 6.00%, 10/1/2042		2,460,000		2,781,940
Phenix, AL, Industrial Development Board, Environmental Improvement Revenue Series A, 4.13%, 5/15/2035		580,000		580,429
Selma Industrial Development Board, Environmental Improvement Revenue 7.50%, 5/1/2025 (b)		300,000		288,546
Spring Hill College Educational Building Authority of Mobile Revenue 5.88%, 4/15/2045		1,600,000		1,517,616
				6,674,666
ALASKA — 0.3%
Alaska Industrial Development & Export Authority Revenue:
5.00%, 1/1/2030		150,000		161,169
5.00%, 1/1/2031		200,000		213,998
City of Valdez, AK, Revenue 5.00%, 1/1/2018		250,000		258,398
Northern Alaska, Tobacco Securitization Corp., Tobacco Settlement Revenue Asset Backed Bonds:
Series A, 5.00%, 6/1/2032		500,000		464,630
Series A, 5.00%, 6/1/2046		625,000		517,806
				1,616,001
ARIZONA — 1.4%
Arizona Health Facilities Authority 5.20%, 10/1/2037		200,000		194,008
Maricopa County Industrial Development Authority, Revenue 4.00%, 7/1/2026		350,000		356,660
Phoenix, AZ, Industrial Development Authority Education Revenue:
3.63%, 12/1/2032		260,000		256,893
4.00%, 10/1/2041		630,000		613,532
5.00%, 7/1/2022		300,000		312,729
5.00%, 7/1/2035 (b)		1,325,000		1,301,468
6.00%, 7/1/2032		250,000		267,653
7.50%, 7/1/2042 (c)		495,000		173,235
Pima County, AZ, Industrial Development Authority Education Revenue:
5.25%, 7/1/2036		315,000		287,718
5.70%, 7/1/2035		75,000		72,990
6.00%, 7/1/2048		1,040,000		1,025,461
Series A, 7.38%, 7/1/2049		100,000		105,792
Quechan Indian Tribe, AZ, Fort Yuma Indian Reservation Revenue Series A, 9.75%, 5/1/2025		1,200,000		1,296,528
Salt Verde Financial Corp.:
5.00%, 12/1/2037		310,000		343,827
5.25%, 12/1/2027		185,000		214,348
Watson Road Community Facilities District Revenue, Special Assessment 5.75%, 7/1/2022		600,000		580,182
				7,403,024
ARKANSAS — 0.5%
Arkansas, State Development Finance Authority Revenue Series C, 5.00%, 2/1/2035		880,000		962,509
Pulaski County Public Facilities Board:
5.25%, 7/1/2033		510,000		528,885
5.50%, 7/1/2043		1,230,000		1,268,253
				2,759,647
CALIFORNIA — 13.8%
Antelope Valley, CA, Health Care District Revenue Series A, 5.25%, 3/1/2036		750,000		752,977
Brentwood Infrastructure Financing Authority Revenue Series B, 4.00%, 9/2/2030		145,000		145,943
California County, CA, Tobacco Securitization Agency, Tobacco Settlement Revenue:
5.25%, 6/1/2045		175,000		175,084
5.45%, 6/1/2028		1,000,000		1,003,340
California, Golden State Tobacco Securitization Corp., Revenue:
Series A-1, 5.00%, 6/1/2033		3,650,000		3,293,139
Series A-1, 5.13%, 6/1/2047		400,000		352,516
Series A-1, 5.75%, 6/1/2047		4,225,000		4,048,860
California, Health Facilities Financing Authority Revenue:
4.00%, 3/1/2027		100,000		107,631
4.00%, 3/1/2039		375,000		367,414
Series A, 4.00%, 3/1/2043		135,000		136,245
Series G, 5.50%, 7/1/2025		100,000		105,546
California, Infrastructure & Economic Development Bank Revenue 5.00%, 7/1/2026		1,000,000		1,176,520
California, Municipal Finance Authority Revenue:
5.00%, 7/1/2046 (b)		500,000		485,915
Series A, 5.00%, 11/1/2030 (d)		150,000		159,306
Series B, 5.88%, 8/15/2049		490,000		530,763
California, Pollution Control Financing Authority 4.30%, 7/1/2040		2,000,000		1,990,040
California, Pollution Control Financing Authority, Water Furnishing Sacramento Revenue 5.00%, 11/21/2045 (b)		500,000		507,200
California, School Finance Authority Revenue:
Series A, 3.00%, 7/1/2019 (b)		110,000		109,974
Series A, 3.00%, 7/1/2020 (b)		210,000		208,412
Series A, 4.00%, 7/1/2021 (b)		225,000		229,932

See accompanying notes to financial statements.

228

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series A, 4.00%, 7/1/2022 (b)	$	235,000	$	239,185
Series A, 4.00%, 7/1/2023 (b)		250,000		252,283
Series A, 5.00%, 7/1/2045 (b)		800,000		800,000
Series A, 5.00%, 8/1/2045 (b)		500,000		515,110
Series A, 5.13%, 7/1/2044		60,000		62,018
Series A, 6.00%, 10/1/2049		200,000		209,480
California, State Public Works Board, Lease Revenue Series I-1, 6.63%, 11/1/2034		60,000		60,146
California, Statewide Communities Development Authority Revenue:
4.13%, 3/1/2034		250,000		260,363
5.00%, 5/15/2033		115,000		124,567
5.25%, 12/1/2029		1,000,000		1,053,210
5.25%, 12/1/2044		750,000		769,500
7.00%, 7/1/2046		160,000		180,091
Series A, 5.00%, 12/1/2029 (b)		1,000,000		1,046,690
Series A, 5.00%, 12/1/2036 (b)		1,805,000		1,838,880
Series A, 5.00%, 12/1/2041 (b)		2,185,000		2,212,749
Series A, 5.00%, 12/1/2046 (b)		2,000,000		2,022,380
Series A, 5.25%, 11/1/2044		300,000		302,760
Series A, 5.75%, 7/1/2030		795,000		762,596
Series A, 6.00%, 10/1/2047		1,000,000		1,051,790
Series D, 4.75%, 8/1/2020		175,000		175,058
Series I-1, 4.50%, 11/1/2037		675,000		654,527
Capistrano, CA, Unified School District, Special Tax Revenue 4.00%, 9/1/2028		125,000		127,134
Chino, CA, Public Financing Authority, Special Tax Revenue 5.00%, 9/1/2034		100,000		105,559
City of Irvine, CA, Special Tax Revenue 4.00%, 9/1/2049		4,850,000		4,484,504
City of San Clemente, CA, Special Tax Revenue:
5.00%, 9/1/2031		200,000		216,806
5.00%, 9/1/2032		200,000		215,888
Corona-Norco, CA, Unified School District, Special Tax:
4.00%, 9/1/2019		400,000		419,012
4.00%, 9/1/2020		420,000		442,793
County of Sacramento, CA, Special Tax:
5.00%, 9/1/2045		100,000		105,000
5.00%, 9/1/2046		1,830,000		1,914,143
Elk Grove Finance Authority, Special Tax 4.00%, 9/1/2020		1,000,000		1,052,710
Foothill-Eastern Transportation Corridor Agency Revenue:
Series A, 5.00%, 1/15/2042 (a)		255,000		278,636
Series A, 5.75%, 1/15/2046		1,275,000		1,454,533
Series C, 6.25%, 1/15/2033		1,500,000		1,759,530
Golden State Tobacco Securitization Corp., Revenue:
Series A, 5.00%, 6/1/2045		500,000		547,020
Series A-1, 4.50%, 6/1/2027		2,210,000		2,196,298
Series A-2, 5.30%, 6/1/2037		2,100,000		1,935,801
Series B, Zero Coupon, 6/1/2047		500,000		35,365
Hesperia, CA, Public Financing Authority, Tax Allocation Series A, 5.50%, 9/1/2022		1,000,000		1,019,550
Inland Empire Tobacco Securitization Authority Revenue:
5.75%, 6/1/2026		530,000		550,453
Series A, 4.63%, 6/1/2021		960,000		960,192
Lake Elsinore Public Financing Authority, Special Tax Revenue 5.00%, 9/1/2035		1,000,000		1,064,300
Long Beach Bond Finance Authority Revenue:
Series A, 5.00%, 11/15/2029		100,000		113,106
Series A, 5.50%, 11/15/2037		750,000		910,575
Long Beach Bond Finance Authority, Tax Allocation Series C, 5.50%, 8/1/2031 (a)		220,000		267,663
Los Angeles, CA, Municipal Improvement Corp.:
Series B, 4.00%, 11/1/2038		500,000		504,845
Series B, 5.00%, 11/1/2027		300,000		355,020
M-S-R Energy Authority Revenue:
6.50%, 11/1/2039		1,270,000		1,678,191
7.00%, 11/1/2034		300,000		410,679
Marysville, CA, Revenue 5.00%, 1/1/2031		250,000		242,650
Menifee, CA, Union School District Public Financing Authority, Special Tax:
Series A, 4.00%, 9/1/2020		1,000,000		1,057,280
Series A, 4.00%, 9/1/2022		250,000		266,022
Oakland Unified School District/Alameda County, General Obligation 5.00%, 8/1/2023 (a)		300,000		352,728
Palomar Pomerado, CA, Health Care District, Certificates of Participation COPs, 6.00%, 11/1/2041		1,000,000		1,088,890
Palomar Pomerado, CA, General Obligation Series B, 5.00%, 8/1/2029		565,000		650,428
Port of Oakland, CA, Revenue Series P, 5.00%, 5/1/2029		575,000		640,400
Poway, Unified School District Public Financing Authority, Special Tax Series A, 5.00%, 9/1/2027		1,175,000		1,363,787
Rancho Cordova Community Facilities District, Special Tax:
4.00%, 9/1/2019		425,000		445,200
4.00%, 9/1/2021		675,000		714,339
4.00%, 9/1/2022		380,000		402,713
Rancho Mirage, CA, Joint Powers Financing Authority Revenue Series A, 5.00%, 7/1/2027		500,000		506,610
Riverside County, CA, Community Facilities Districts, Special Tax Revenue 5.00%, 9/1/2030		385,000		415,735

See accompanying notes to financial statements.

229

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Riverside County, CA, Redevelopment Agency, Tax Allocation Series A, 6.00%, 10/1/2039	$	430,000	$	486,996
Roseville, CA, Natural Gas Financing Authority Revenue:
5.00%, 2/15/2024		200,000		221,424
5.00%, 2/15/2026		155,000		172,126
Roseville, CA, Special Tax Revenue 5.00%, 9/1/2044		255,000		266,090
Sacramento, CA, Sanitation Districts Financing Authority Revenue 5.25%, 12/1/2030 (a)		595,000		716,981
San Joaquin Hills Transportation Corridor Agency Revenue Series B, 5.25%, 1/15/2049		1,000,000		1,054,530
Saugus/Hart School Facilities Financing Authority:
4.00%, 9/1/2019		430,000		451,582
4.00%, 9/1/2020		350,000		370,048
4.00%, 9/1/2021		415,000		440,560
4.00%, 9/1/2022		385,000		409,675
Southern California Public Power Authority Revenue Series A, 5.00%, 11/1/2033		460,000		528,163
Tobacco Securitization Authority of Northern California, Tobacco Settlement Revenue Series A-1, 5.50%, 6/1/2045		745,000		694,541
Tobacco Securitization Authority of Southern California, Tobacco Settlement Revenue:
Series A-1, 5.00%, 6/1/2037		1,105,000		1,049,750
Series A-1, 5.13%, 6/1/2046		1,025,000		934,154
Tulare, CA, Local Health Care District Revenue 5.10%, 11/1/2027		1,000,000		974,920
Tustin Community Facilities District:
Series A, 5.00%, 9/1/2030		635,000		693,744
Series A, 5.00%, 9/1/2037		105,000		111,989
West Sacramento Financing Authority, Special Tax 5.00%, 9/1/2025		550,000		604,686
				73,934,187
COLORADO — 2.7%
Colorado Educational & Cultural Facilities Authority Revenue:
3.75%, 7/1/2026 (b)		1,195,000		1,122,786
5.00%, 10/1/2032		1,105,000		1,192,638
Colorado High Performance Transportation Enterprise Revenue 5.75%, 1/1/2044		750,000		791,257
Colorado, Health Facilities Authority Revenue:
4.75%, 9/1/2040		375,000		375,904
Series A, 5.30%, 7/1/2037		500,000		467,855
Series A, 7.75%, 8/1/2039		485,000		509,866
Series B, 4.00%, 12/1/2026		500,000		507,275
Series B-1, 5.00%, 7/1/2038		125,000		130,996
Denver, CO, City & County Special Facilities, Airport System Revenue:
Series A, 5.50%, 11/15/2029		400,000		453,356
Series A, 5.50%, 11/15/2030		270,000		305,219
Denver, Health & Hospital Authority Revenue:
Series A, 5.00%, 12/1/2039		1,995,000		2,080,167
Series A, 5.25%, 12/1/2045		320,000		338,998
Denver, International Business Center Metropolitan District No. 1, General Obligation 5.38%, 12/1/2035		115,000		119,160
E-470 Public Highway Authority Revenue Series B, Zero Coupon, 9/1/2037 (a)		1,000,000		373,140
Granby Ranch, CO, Metropolitan District, General Obligation 6.75%, 12/1/2036		500,000		499,945
Great Western, CO, Metropolitan District, General Obligation Series A-1, 9.00%, 8/1/2039 (c)		1,000,000		1,019,220
Metropolitan District, CO, Compark Business Campus, General Obligation Series A, 6.75%, 12/1/2039		1,000,000		1,050,890
Metropolitan District, CO, Heritage Todd Creek Metropolitan District, General Obligation 6.13%, 12/1/2044		1,000,000		1,001,300
Prairie Center, CO, Metropolitan District No. 3, General Obligation 5.40%, 12/15/2031		1,000,000		973,180
Public Authority for Colorado Energy:
6.13%, 11/15/2023		205,000		241,318
6.50%, 11/15/2038		365,000		474,390
Regional, CO, Transportation District, Private Activity Revenue 6.00%, 1/15/2034		300,000		333,114
STC, CO, Metropolitan District No. 2, General Obligation 6.00%, 12/1/2038		215,000		206,834
Tallyns Reach, CO, Metropolitan District No. 3, General Obligation 5.13%, 11/1/2038		135,000		138,599
				14,707,407
CONNECTICUT — 1.0%
Connecticut, State Development Authority, Airport Facilities Revenue 7.95%, 4/1/2026		300,000		285,945
Connecticut, State Health & Educational Facilities Authority Revenue: 3.25%, 9/1/2021 (b)		700,000		679,007
Series A, 5.00%, 9/1/2046 (b)		110,000		101,915
Series A, 5.00%, 9/1/2053 (b)		700,000		634,340
Series F, 3.50%, 7/1/2026		755,000		725,699
Series F, 5.00%, 7/1/2022		275,000		304,048
Series L, 4.00%, 7/1/2034		500,000		514,535
Series M, 5.00%, 7/1/2020		175,000		192,738

See accompanying notes to financial statements.

230

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Harbor Point, CT, Special Obligation Revenue Series A, 7.88%, 4/1/2039	$	500,000	$	561,585
Hartford, CT, General Obligation:
Series A, 5.00%, 4/1/2028		100,000		101,928
Series A, 5.00%, 4/1/2031		195,000		196,652
Series B, 4.00%, 4/1/2021		100,000		100,579
Series B, 5.00%, 4/1/2025		470,000		482,591
Mohegan Tribe of Indians, CT, Gaming Authority Revenue 5.13%, 1/1/2023 (b)		400,000		385,360
				5,266,922
DELAWARE — 0.1%
Delaware, State Economic Development Authority Revenue 3.25%, 6/1/2026		800,000		725,040
DISTRICT OF COLUMBIA — 0.5%
District of Columbia, Howard University Revenue:
Series A, 6.25%, 10/1/2023		120,000		126,187
Series A, 6.25%, 10/1/2032		880,000		904,965
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Series A, 5.00%, 10/1/2053		1,000,000		1,040,100
Tobacco Settlement Financing Corp., DC, Revenue 6.50%, 5/15/2033		505,000		577,887
				2,649,139
FLORIDA — 4.7%
Alachua County, FL, Health Facilities Authority Revenue:
5.00%, 11/15/2024		50,000		52,554
Series B, 5.00%, 12/1/2034		750,000		812,100
Ave Maria, FL, Stewardship Community District, Special Assessment 6.70%, 5/1/2042		950,000		978,576
Bexley Community Development District, Special Assessment:
3.50%, 5/1/2021		180,000		175,394
4.70%, 5/1/2036		100,000		92,527
Central Florida Expressway Authority Revenue Series A, 4.00%, 7/1/2037		500,000		503,150
Collier County, FL, Industrial Development Authority Revenue Series A, 8.13%, 5/15/2044 (b)		1,400,000		1,592,122
County of Miami-Dade Seaport Department Revenue Series B, 5.00%, 10/1/2023		250,000		282,590
Crossings At Fleming Island Community Development District, Special Assessment Series A-1, 4.50%, 5/1/2030		745,000		733,944
Florida Agricultural & Mechanical University Student Housing Revenue Series A, 4.00%, 7/1/2032		115,000		117,624
Florida Dev. Finance Corp. Series A, 6.00%, 6/15/2035 (b)		505,000		506,308
Florida Development Finance Corp., Educational Facilities Revenue:
7.63%, 6/15/2041		120,000		134,530
Series A, 4.00%, 7/15/2026 (b)		290,000		276,895
Series A, 6.00%, 6/15/2044 (b)		575,000		578,410
Series A, 6.13%, 6/15/2043		500,000		529,500
Series A, 6.13%, 6/15/2044		555,000		548,801
Series A, 6.50%, 7/1/2044		925,000		942,001
Series A, 7.50%, 6/15/2033		500,000		560,185
Florida Higher Educational Facilities Financial Authority 5.00%, 4/1/2032		100,000		106,789
Greater Orlando, FL, Aviation Authority Revenue 5.00%, 11/15/2036		350,000		358,319
Hacienda Lakes Community Development District 3.38%, 5/1/2021		460,000		443,205
Hillsborough County Industrial Development Authority Revenue Series A, 5.00%, 10/1/2031		270,000		299,292
Isles Bartram Park Community Development District 5.00%, 11/1/2035		100,000		96,169
Lakes by the Bay, FL, Community Development District, Special Assessment:
5.25%, 11/1/2033		500,000		497,365
5.75%, 11/1/2042		500,000		507,945
Lakewood Ranch, FL, Stewardship District, Special Assessment 4.00%, 5/1/2021		570,000		569,977
Lee County, FL, Industrial Development Authority Revenue 5.75%, 6/15/2042		500,000		498,000
Madison County, FL, Revenue Series A, 6.00%, 7/1/2025 (c)		660,000		389,380
Miami-Dade County Industrial Development Authority 5.25%, 9/15/2044		250,000		261,750
Midtown Miami, FL, Community Development District, Special Assessment Series B, 5.00%, 5/1/2037		1,620,000		1,657,665
Northern Palm Beach County Improvement District:
4.65%, 8/1/2025		145,000		140,955
5.35%, 8/1/2035		360,000		343,591
Northern Palm Beach County, FL, Improvement District, Special Assessment 5.13%, 8/1/2022		665,000		679,796
Orange County, FL, Health Facilities Authority Revenue Series A, 5.00%, 10/1/2036		520,000		570,872
Palm Beach County, FL, Health Facilities Authority Revenue:
4.00%, 5/15/2019		300,000		314,781
4.00%, 5/15/2035		270,000		273,640

See accompanying notes to financial statements.

231

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Pompano Beach County, FL, Revenue 5.00%, 9/1/2044	$	1,510,000	$	1,539,762
Renaissance Community Development District, FL, Special Assessment 5.55%, 5/1/2033		500,000		511,530
Seven Oaks, FL, Community Development District, Special Assessment Series A2, 6.50%, 5/1/2033		750,000		772,860
Stoneybrook South, FL, Community Development District, Special Assessment:
4.75%, 11/1/2024		210,000		208,347
5.13%, 11/1/2034		250,000		248,422
Tallahassee, FL, Health Facilities Revenue:
Series A, 5.00%, 12/1/2036		90,000		94,896
Series A, 5.00%, 12/1/2041		225,000		235,033
Series A, 5.00%, 12/1/2055		440,000		456,324
Tolomato, FL, Community Development District, Special Assessment Series 3, 6.65%, 5/1/2040 (c) (e)		120,000		—
Tolomato, FL, Community Development District, Special Assessment Series 2015-3, 6.61%, 5/1/2040 (c) (e)		195,000		—
Tolomato, FL, Community Development District, Special Assessment:
Series A-1, 6.65%, 5/1/2040 (c)		205,000		205,074
Series A4, 6.61%, 5/1/2040		750,000		421,763
Series A2, 6.61%, 5/1/2039		65,000		51,578
Two Creeks, FL, Community Development District, Special Assessment:
Series A-1, 2.00%, 5/1/2017		165,000		165,279
Series A-1, 2.00%, 5/1/2018		170,000		170,260
Series A-1, 2.00%, 5/1/2019		175,000		174,207
Series A-1, 2.00%, 5/1/2020		180,000		177,192
Village Community Development District No. 12 3.63%, 5/1/2031		2,000,000		1,819,860
Wiregrass, FL, Community Development District, Special Assessment 5.63%, 5/1/2045		670,000		655,729
				25,334,818
GEORGIA — 0.1%
DeKalb County Hospital Authority Revenue 6.13%, 9/1/2040		125,000		137,013
East Point Building Authority Revenue Series A, 4.63%, 2/1/2035		250,000		249,985
Fulton County Development Authority Revenue 5.00%, 6/1/2027		225,000		258,349
				645,347
GUAM — 0.8%
Guam Power Authority:
5.00%, 10/1/2034 (a)		140,000		155,751
Series A, 5.00%, 10/1/2021 (a)		330,000		365,647
Series A, 5.00%, 10/1/2024 (a)		500,000		562,220
Guam, Government Waterworks Authority, Water & Wastewater System Revenue:
5.25%, 7/1/2022		525,000		586,068
Series A, 5.00%, 7/1/2029		315,000		345,943
Territory of Guam:
Series A, 6.50%, 11/1/2040		100,000		115,892
Series B-1, 5.00%, 1/1/2042		300,000		312,237
Series C, 5.00%, 11/15/2018		1,910,000		2,014,897
				4,458,655
HAWAII — 0.2%
Hawaii, State Department of Budget & Finance, Special Purpose Revenue:
5.00%, 7/1/2020		350,000		351,571
Series A, 4.65%, 3/1/2037		610,000		599,307
				950,878
IDAHO — 0.1%
Idaho, State Health Facility Revenue:
3.50%, 9/1/2033		500,000		439,905
5.00%, 9/1/2027		100,000		108,491
Series B-2, 6.00%, 10/1/2021		100,000		100,014
				648,410
ILLINOIS — 8.2%
Chicago Board of Education, General Obligation:
Series A, 5.00%, 12/1/2041		565,000		441,418
Series A, 5.00%, 12/1/2042		410,000		320,337
Series A, 5.50%, 12/1/2039		100,000		79,636
Series A, 7.00%, 12/1/2026		1,100,000		1,058,783
Series A, 7.00%, 12/1/2044		2,150,000		2,069,439
Series C, 5.25%, 12/1/2026		1,995,000		1,596,479
Series C, 5.25%, 12/1/2035		200,000		157,018
Series F, 5.00%, 12/1/2018		2,450,000		2,295,429
Chicago Board of Education, Special Tax 6.00%, 4/1/2046 (d)		2,000,000		1,986,140
Chicago Midway International Airport Revenue Series A, 5.50%, 1/1/2030		200,000		226,342
Chicago O’Hare International Airport Revenue:
5.00%, 1/1/2019		925,000		980,898
Series B, 5.00%, 1/1/2029		315,000		353,808
Chicago, IL, General Obligation:
Zero Coupon, 1/1/2019 (a)		325,000		302,825
Series 2002B-REMK, 5.00%, 1/1/2025		400,000		393,020
Series 2007G-REMK, 5.50%, 1/1/2042		475,000		444,443
Series A, 5.00%, 1/1/2020		500,000		499,200
Series A, 5.00%, 12/1/2021		515,000		513,646
Series A, 5.00%, 1/1/2026		520,000		508,217

See accompanying notes to financial statements.

232

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series C, 4.00%, 1/1/2020	$	185,000	$	182,480
Series C, 5.00%, 1/1/2023		360,000		357,444
Series C, 5.00%, 1/1/2024		765,000		757,442
Series C, 5.00%, 1/1/2027		200,000		193,130
Series C, 5.00%, 1/1/2029		475,000		448,352
Series C, 5.00%, 1/1/2034		365,000		337,413
Series C, 5.00%, 1/1/2035		460,000		423,076
Series C, 5.00%, 1/1/2038		275,000		249,414
Chicago, IL, Motor Fuel Tax Revenue:
5.00%, 1/1/2018		175,000		178,745
5.00%, 1/1/2026		250,000		260,793
Cook County, IL, Revenue 6.50%, 10/15/2040		1,000,000		1,020,350
Governors, IL, State University Facilities System Revenue 4.65%, 10/1/2042		310,000		261,513
Illinois, State Finance Authority Revenue:
4.00%, 9/1/2032		835,000		843,834
4.00%, 12/1/2040		250,000		234,235
4.13%, 12/1/2030		250,000		230,983
4.25%, 5/15/2043		430,000		399,672
5.00%, 5/15/2043		775,000		797,754
5.50%, 8/15/2030		535,000		554,142
5.50%, 4/1/2032		500,000		494,365
5.75%, 5/15/2046		1,000,000		1,039,200
6.13%, 5/15/2027		645,000		698,806
7.13%, 2/1/2034		1,000,000		1,034,140
7.13%, 2/15/2039		1,100,000		1,147,223
Series A, 5.25%, 5/15/2047		145,000		144,227
Series A, 5.75%, 12/1/2035 (b)		385,000		365,427
Series A, 6.00%, 7/1/2043		200,000		227,982
Series C, 3.63%, 2/15/2032		575,000		507,167
Series C, 5.00%, 2/15/2029		1,365,000		1,446,600
Illinois, State Finance Authority, Student Housing Revenue Series A, 5.00%, 6/1/2024		500,000		449,900
Illinois, State Sports Facilities Authority Revenue zero coupon, 6/15/2025 (a)		315,000		220,664
Metropolitan Pier & Exposition Authority Revenue:
Series A, 5.50%, 6/15/2053		1,250,000		1,353,650
Series B, Zero Coupon, 12/15/2050		100,000		14,113
Series B, 4.25%, 6/15/2042		500,000		464,685
Series B, 5.00%, 6/15/2023		140,000		149,776
Series B, 5.00%, 6/15/2050		460,000		466,693
Northeastern Illinois University COPs, 4.10%, 10/1/2041		245,000		171,235
Plano, IL, Special Service Areas No. 3 & 4, Special Tax Refunding 4.00%, 3/1/2035		970,000		882,719
Railsplitter, IL, Tobacco Settlement Authority Revenue 6.00%, 6/1/2028		1,000,000		1,140,390
Southern Illinois University Series A, 4.00%, 4/1/2028		305,000		281,701
State of Illinois, General Obligation:
Zero Coupon, 8/1/2022		355,000		295,900
5.00%, 1/1/2019		225,000		232,709
5.00%, 1/1/2021		1,690,000		1,762,738
5.00%, 2/1/2022		1,900,000		1,976,665
5.00%, 5/1/2028		640,000		641,126
5.00%, 2/1/2029		175,000		175,130
5.00%, 3/1/2031		100,000		99,993
5.00%, 5/1/2035		140,000		138,008
5.25%, 2/1/2028		300,000		308,889
5.25%, 7/1/2028		3,000,000		3,045,360
5.50%, 7/1/2024		310,000		327,580
Series A, 4.00%, 9/1/2019		265,000		267,144
Will County, IL, Community High School District No. 210 Lincoln-Way, General Obligation:
Series B, Zero Coupon, 1/1/2028		190,000		103,586
Series B, Zero Coupon, 1/1/2033		340,000		133,249
				44,166,590
INDIANA — 1.2%
Crown Point, IN, Economic Development Authority Series A, 8.00%, 11/15/2029		200,000		218,158
Indiana Finance Authority Series A, 5.00%, 6/1/2032		250,000		253,302
Indiana, State Finance Authority Revenue:
5.25%, 9/1/2040		545,000		558,609
Series A, 5.00%, 7/1/2048		1,100,000		1,120,218
Indiana, State Finance Authority, Environmental Revenue:
6.00%, 12/1/2019		1,005,000		1,016,628
6.00%, 12/1/2026		550,000		530,788
Indiana, State Finance Authority, Hospital Revenue 5.50%, 8/15/2040		275,000		294,236
Indianapolis Local Public Improvement Bond Bank Series I, 5.00%, 1/1/2023		515,000		584,819
Knox County, IN, Economic Development Authority Series A, 5.00%, 4/1/2027		945,000		998,260
Valparaiso City, IN, Exempt Facilities Revenue 6.75%, 1/1/2034		750,000		885,930
				6,460,948
IOWA — 1.4%
Iowa Finance Authority, Midwestern Disaster Area Revenue:
4.75%, 8/1/2042		305,000		294,090
5.00%, 12/1/2019		1,475,000		1,475,531
5.25%, 12/1/2025		1,470,000		1,452,640
5.50%, 12/1/2022		1,450,000		1,449,275
5.88%, 12/1/2027 (b)		1,270,000		1,283,792
Tobacco Settlement Authority, IA, Tobacco Settlement Revenue Series C, 5.50%, 6/1/2042		1,505,000		1,435,484
				7,390,812

See accompanying notes to financial statements.

233

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
KANSAS — 0.7%
City of Overland Park KS 6.00%, 12/15/2032	$	200,000	$	176,766
KS Independent College Finance Authority & Educational Facilities Revenue Series A, 5.80%, 3/1/2037		425,000		434,070
Lenexa, KS, Health Facility Revenue 5.25%, 5/15/2022		1,000,000		1,005,380
Overland Park, KS, Development Corp., Revenue Series B, 5.13%, 1/1/2032 (a)		600,000		584,988
Wichita City, KS, Health Care Facilities Revenue:
Series IV-A, 5.63%, 5/15/2044		885,000		923,984
Series IV-A, 6.25%, 5/15/2034		500,000		509,035
				3,634,223
KENTUCKY — 1.0%
Kentucky, Economic Development Finance Authority Revenue:
5.25%, 8/15/2046		150,000		157,579
6.25%, 11/15/2046		200,000		184,306
6.38%, 11/15/2051		930,000		867,746
Series A, 4.25%, 7/1/2035		200,000		195,966
Series A, 5.00%, 7/1/2026		95,000		105,738
Series A, 6.00%, 6/1/2030		185,000		199,530
Series A, 6.38%, 6/1/2040		675,000		727,744
Louisville/Jefferson County Metropolitan Government Series A, 5.00%, 12/1/2020		250,000		274,415
Ohio, KY, Pollution Control Revenue Series A, 6.00%, 7/15/2031		2,475,000		2,452,923
				5,165,947
LOUISIANA — 1.6%
City of New Orleans LA Sewerage Service Revenue 5.00%, 6/1/2040		1,000,000		1,084,990
City of New Orleans LA Water System Revenue 5.00%, 12/1/2040		1,000,000		1,093,990
City of Shreveport, LA, Water & Sewer Revenue 5.00%, 12/1/2040		250,000		268,398
Jefferson Parish, LA, Hospital Service District No. 2, Hospital Revenue 6.38%, 7/1/2041		1,075,000		1,135,049
Louisiana Public Facilities Authority Revenue::
4.00%, 5/15/2041		500,000		486,305
4.50%, 7/1/2037 (a)		120,000		120,349
5.00%, 10/1/2020		350,000		378,725
5.00%, 11/1/2041		650,000		687,524
5.25%, 10/1/2024		100,000		110,874
Series A, 5.00%, 11/1/2045		870,000		918,259
Louisiana, St. John the Baptist Parish, Revenue Series A, 5.13%, 6/1/2037		1,740,000		1,740,000
Louisiana, State Environmental Facilities & Community Development Authority Revenue 6.75%, 11/1/2032		500,000		516,645
St. Tammany Parish Finance Authority Revenue 5.25%, 11/15/2037		250,000		250,945
				8,792,053
MAINE — 0.6%
Maine Health & Higher Educational Facilities Authority Revenue:
5.00%, 7/1/2025		120,000		129,521
5.00%, 7/1/2033		545,000		561,764
5.00%, 7/1/2043		1,000,000		1,009,390
6.75%, 7/1/2036		500,000		542,765
Series A, 4.00%, 7/1/2046		275,000		236,217
Series A, 5.00%, 7/1/2046		35,000		35,422
Rumford, ME, Solid Waste Disposal Revenue 6.88%, 10/1/2026		525,000		527,000
				3,042,079
MARYLAND — 0.9%
Anne Arundel County Consolidated Special Taxing District Revenue 5.25%, 7/1/2044		310,000		304,380
Baltimore, MD, Convention Center Revenue Series A, 5.00%, 9/1/2032		400,000		400,852
Frederick County, MD, Special Obligation Bond, Special Tax Revenue Series A, 5.00%, 7/1/2040		270,000		290,485
Howard County, MD, Special Obligation Bond, Tax Allocation 6.10%, 2/15/2044		425,000		431,061
Maryland Economic Development Corp.:
5.00%, 3/31/2030		145,000		161,434
5.75%, 9/1/2025		500,000		493,290
Maryland Health & Higher Educational Facilities Authority Revenue:
5.00%, 8/15/2020		225,000		250,218
5.00%, 7/1/2024		100,000		114,577
5.00%, 7/1/2038		700,000		731,780
5.00%, 10/1/2042		260,000		280,288
5.00%, 7/1/2045		1,000,000		1,038,580
Series A, 5.00%, 8/15/2041		470,000		510,476
				5,007,421
MASSACHUSETTS — 1.1%
Massachusetts Health & Educational Facilities Authority Revenue 5.38%, 7/1/2035		500,000		534,395
Massachusetts, Development Finance Agency Revenue:
4.00%, 7/1/2045		350,000		346,472
5.00%, 7/1/2018		400,000		419,932
5.00%, 4/15/2040		200,000		207,686

See accompanying notes to financial statements.

234

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.13%, 7/1/2040	$	100,000	$	104,708
5.25%, 7/1/2023		500,000		566,850
5.25%, 11/15/2041		100,000		110,414
Series G, 5.00%, 7/1/2044		200,000		209,254
Series I, 5.00%, 7/1/2038		1,250,000		1,382,363
Massachusetts, Development Finance Agency, First Mortgage Revenue 5.00%, 7/1/2025		240,000		273,859
Massachusetts, Development Finance Agency, Resource Recovery Revenue Series B, 4.88%, 11/1/2042 (b)		500,000		502,940
Massachusetts, Educational Financing Authority Revenue Series J, 5.63%, 7/1/2029		350,000		379,449
Massachusetts, Port Authority Facilities Revenue Series A, 5.00%, 1/1/2027 (a)		690,000		692,477
				5,730,799
MICHIGAN — 2.2%
Conner Creek Academy, MI, Public School Revenue Series A, 5.00%, 11/1/2026		800,000		633,952
Detroit Community High School Revenue:
5.65%, 11/1/2025		850,000		553,758
5.75%, 11/1/2035		500,000		294,745
Detroit, MI, Sewage Disposal System Revenue:
Series A, 5.00%, 7/1/2021		540,000		599,341
Series B, 5.50%, 7/1/2029 (a)		145,000		171,338
Detroit, MI, Water Supply System Revenue Series A, 5.25%, 7/1/2041		120,000		128,009
Kent County, MI, Hospital Finance Authority Revenue Series A, 5.25%, 7/1/2030		1,255,000		1,163,260
Michigan Finance Authority Series D4, 5.00%, 7/1/2034		750,000		819,015
Michigan Finance Authority Ltd., Miscellaneous Revenue 8.13%, 4/1/2041		475,000		391,604
Michigan Strategic Fund, Tax Allocation Series A, 4.13%, 7/1/2045 (f)		2,705,000		2,738,812
Michigan Tobacco Settlement Finance Authority Series A, 6.00%, 6/1/2048		1,410,000		1,248,470
Michigan, State Finance Authority Revenue Series D-2, 5.00%, 7/1/2034		400,000		432,784
Michigan, State Tobacco Settlement Finance Authority Revenue Series A, 6.88%, 6/1/2042		1,000,000		1,004,500
Saline, MI, Economic Development Corp., Revenue 5.50%, 6/1/2047		1,000,000		1,011,520
Wayne County, MI, Airport Authority Revenue 5.38%, 12/1/2032 (a)		590,000		625,052
				11,816,160
MINNESOTA — 1.3%
Baytown Township, MN, Lease Revenue:
3.00%, 8/1/2019		200,000		197,934
3.00%, 8/1/2020		215,000		209,984
3.00%, 8/1/2021		210,000		201,957
Bloomington, MN, Port Authority Revenue 9.00%, 12/1/2035		170,000		180,588
City of Brooklyn, MN Series A, 4.75%, 7/1/2025		80,000		79,010
City of Cloud, MN, Revenue:
Series A, 4.00%, 5/1/2037		355,000		359,405
Series A, 5.00%, 4/1/2046		150,000		124,248
City of Independence, MN, Revenue Series A, 4.25%, 7/1/2026		1,000,000		944,540
Maple Grove, MN, Revenue 5.00%, 9/1/2027		230,000		264,877
Oakdale, MN, Oak Meadows Project, Revenue 5.00%, 4/1/2034		1,000,000		1,018,310
St Paul Housing & Redevelopment Authority Revenue:
5.00%, 11/15/2023		775,000		882,237
5.00%, 11/15/2025		150,000		162,106
5.13%, 12/1/2038		390,000		399,883
5.25%, 11/15/2035		515,000		548,913
5.75%, 7/1/2047 (b)		1,000,000		856,060
Woodbury Housing & Redevelopment Authority Revenue 5.25%, 12/1/2049		340,000		345,715
				6,775,767
MISSISSIPPI — 0.5%
Gulfport, MS, Hospital Facilities Revenue 5.00%, 7/1/2027		220,000		248,382
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue 6.70%, 4/1/2022		210,000		243,833
Mississippi Business Finance Corp., Revenue 4.55%, 12/1/2028		320,000		319,984
Mississippi Development Bank 6.25%, 10/1/2026		500,000		569,315
Mississippi Hospital Equipment & Facilities Authority 5.00%, 8/15/2029		645,000		657,004
State of Mississippi 5.00%, 10/15/2019		500,000		544,510
				2,583,028
MISSOURI — 1.1%
Boone County, MO, Hospital Revenue 5.00%, 8/1/2029		870,000		948,874
Grandview Industrial Development Authority, General Obligation Series A, 5.00%, 5/1/2042 (b)		280,000		243,485

See accompanying notes to financial statements.

235

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Jennings City, MO, Revenue 5.00%, 11/1/2023	$	360,000	$	337,489
Kansas City, MO, Airport Revenue 5.25%, 9/1/2027		320,000		353,981
Lees Summit, MO, Industrial Development Authority Revenue Series A, 5.00%, 8/15/2017		1,400,000		1,430,226
Lees Summit, MO, Industrial Development Authority, Special Assessment & Sales Tax Revenue:
5.00%, 5/1/2035		230,000		231,953
6.00%, 5/1/2042		435,000		437,575
Missouri Development Finance Board Revenue Series C, 3.25%, 3/1/2028		100,000		95,343
Missouri, State Health & Educational Facilities Authority Revenue:
4.25%, 8/1/2035		280,000		275,044
5.25%, 2/1/2026		200,000		219,534
Series A, 5.00%, 2/1/2036		500,000		519,590
Raymore, MO, Tax Increment Limited Obligation, Tax Allocation Series A, 4.00%, 5/1/2020		340,000		342,737
Sikeston, MO, Electric System Revenue 5.00%, 6/1/2019		110,000		116,962
St Louis County Industrial Development Authority 5.00%, 12/1/2025		315,000		325,754
				5,878,547
NEBRASKA — 0.1%
Central Plains Energy Project Series A, 5.25%, 12/1/2021		325,000		362,297
NEVADA — 0.4%
County of Washoe, NV, Revenue Series B, VRN, 3.00%, 3/1/2036 (f)		255,000		261,739
Las Vegas, NV, Special Assessment 5.00%, 6/1/2025		490,000		497,997
Las Vegas, Redevelopment Agency 3.13%, 6/15/2033		295,000		253,482
North Las Vegas, NV, Wastewater Reclamation, General Obligation 4.50%, 10/1/2036 (a)		250,000		250,020
Sparks, NV, Tourism Improvement District No. 1, Sales Tax Revenue Series A, 6.75%, 6/15/2028 (b)		1,000,000		1,031,550
Washoe County, NV, Revenue 5.00%, 2/1/2043		110,000		116,025
				2,410,813
NEW HAMPSHIRE — 0.1%
New Hampshire Business Finance Authority Revenue 4.00%, 4/1/2029 (b) (f)		320,000		315,069
NEW JERSEY — 4.5%
Bayonne, NJ, Redevelopment Agency Revenue Series A, 5.38%, 11/1/2035		535,000		533,325
Camden County, Improvement Authority Revenue 5.00%, 2/15/2033		200,000		210,636
Casino Reinvestment Development Authority Revenue:
5.00%, 11/1/2023		200,000		207,504
5.25%, 11/1/2044		500,000		492,055
Garden State Preservation Trust Revenue Series A, 4.00%, 11/1/2018		200,000		206,510
Gloucester County, NJ, Pollution Control Financing Authority Revenue Series A, 5.00%, 12/1/2024		790,000		850,198
New Jersey Turnpike Authority Series A, 5.00%, 1/1/2034		1,000,000		1,115,730
New Jersey, Economic Development Authority Revenue:
4.25%, 6/15/2027		500,000		506,870
5.00%, 6/15/2024		775,000		831,497
5.00%, 3/1/2026		125,000		128,816
5.13%, 1/1/2034		1,000,000		1,053,940
5.25%, 9/15/2029		50,000		52,644
5.25%, 1/1/2044		250,000		256,623
5.50%, 9/1/2021		700,000		750,351
5.75%, 9/15/2027		1,000,000		1,070,540
7.10%, 11/1/2031 (e)		1,000,000		—
Series A, 5.00%, 7/1/2029		165,000		176,765
Series A, 5.00%, 6/15/2037		200,000		204,982
Series II, 5.00%, 3/1/2025		1,000,000		1,035,080
New Jersey, Educational Facilities Authority Revenue:
3.50%, 7/1/2031		355,000		350,857
Series D, 5.25%, 7/1/2037		170,000		172,261
New Jersey, Health Care Facilities Financing Authority Revenue:
5.00%, 7/1/2029		300,000		329,622
5.75%, 7/1/2037		970,000		999,595
New Jersey, Higher Education Student Assistance Authority Revenue:
5.00%, 12/1/2022		480,000		513,067
Series 1B, 4.00%, 12/1/2046		250,000		224,623
New Jersey, Transportation Trust Fund Authority Revenue:
5.00%, 6/15/2028		660,000		679,642
5.00%, 6/15/2030		1,500,000		1,541,385
Series A, Zero Coupon, 12/15/2025		460,000		310,238
Series A, Zero Coupon, 12/15/2040		755,000		216,111
Series A, 5.50%, 12/15/2023		250,000		271,395
Salem County, Pollution Control Financing Authority Revenue Series A, 5.00%, 12/1/2023		250,000		274,072
Tobacco Settlement Financing Corp., NJ, Revenue:
Series 1A, 4.63%, 6/1/2026		2,000,000		1,983,960
Series 1A, 4.75%, 6/1/2034		3,605,000		3,109,349
Series 1A, 5.00%, 6/1/2029		1,345,000		1,242,430
Series 1A, 5.00%, 6/1/2041		2,590,000		2,253,248
				24,155,921

See accompanying notes to financial statements.

236

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
NEW MEXICO — 0.2%
Mariposa East Public Improvement District, Special Assessment:
Series C, 5.90%, 9/1/2032	$	410,000	$	350,417
Series D, Zero Coupon, 9/1/2032		190,000		26,566
Winrock Town Center, NM, Tax Increment Development District No. 1,Tax Allocation 6.00%, 5/1/2040 (b)		575,000		586,707
				963,690
NEW YORK — 7.7%
Albany Capital Resource Corp., Revenue 5.00%, 5/1/2026		100,000		117,784
Brooklyn Arena Local Development Corp., Revenue 6.00%, 7/15/2030		650,000		734,448
Buffalo & Erie County, NY, Industrial Land Development Corp., Revenue 5.00%, 11/15/2037		1,000,000		1,050,390
Build NYC Resource Corp.:
5.00%, 7/1/2030		525,000		597,377
5.00%, 7/1/2031		250,000		283,665
5.00%, 1/1/2035 (b)		265,000		277,648
5.25%, 11/1/2034		250,000		241,008
5.50%, 11/1/2044		500,000		481,365
Series A, 5.00%, 4/1/2033		120,000		122,509
Chautauqua County, NY, Industrial Development Agency, Exempt Facility Revenue 5.88%, 4/1/2042		750,000		784,868
Dutchess County, Local Development Corp., Revenue Series A, 5.00%, 7/1/2045		135,000		148,219
Erie Tobacco Asset Securitization Corp., Revenue Series A, 5.00%, 6/1/2045		615,000		573,278
Hudson, NY, Yards Infrastructure Corp., Revenue 5.75%, 2/15/2047		500,000		564,740
Long Island, NY, Power Authority Electric Systems Revenue Series B, 5.00%, 9/1/2038		990,000		1,099,395
Metropolitan Transportation Authority Series D1, 5.25%, 11/15/2044		510,000		582,634
Nassau County Tobacco Settlement Corp. Series A-3, 5.13%, 6/1/2046		620,000		562,774
Nassau County, NY, General Obligation Series B, 5.00%, 4/1/2039		1,000,000		1,092,930
Nassau County, NY, Local Economic Assistance Corp., Revenue:
5.00%, 7/1/2023		100,000		114,662
5.00%, 7/1/2033		225,000		243,704
Nassau County, Tobacco Settlement Corp.:
Series A-2, 5.25%, 6/1/2026		1,000,000		974,030
Series A-3, 5.00%, 6/1/2035		950,000		854,202
New Rochelle, NY, Industrial Development Agency Revenue 5.25%, 7/1/2027		765,000		724,761
New York & New Jersey, Port Authority Revenue 5.50%, 12/1/2031 (a)		185,000		206,732
New York City Industrial Development Agency:
5.00%, 1/1/2023 (a)		550,000		551,557
7.00%, 3/1/2049 (a)		200,000		221,348
Series B, 5.25%, 12/1/2036		1,000,000		1,002,050
New York Counties Tobacco Trust IV:
Series A, 5.00%, 6/1/2042		430,000		393,484
Series A, 5.00%, 6/1/2045		740,000		666,910
New York Liberty Development Corp., Revenue:
5.25%, 10/1/2035		745,000		891,124
5.50%, 10/1/2037		135,000		166,186
Series 1, 5.00%, 11/15/2044 (b)		4,550,000		4,698,284
Series 2, 5.38%, 11/15/2040 (b)		1,295,000		1,380,768
New York State Dormitory Authority Revenue:
5.00%, 7/1/2035		140,000		140,524
5.25%, 7/1/2035		210,000		221,804
6.25%, 12/1/2037		1,000,000		1,049,600
Series A, 4.25%, 5/1/2042		745,000		663,221
Series A, 5.50%, 1/1/2039		100,000		107,096
New York State Transportation Development Corp.:
5.00%, 1/1/2022		105,000		117,220
5.00%, 1/1/2023		110,000		123,999
5.00%, 8/1/2026		1,360,000		1,402,568
5.00%, 8/1/2031		930,000		948,498
Series A, 5.00%, 7/1/2041		2,795,000		2,901,182
New York, NY, Housing Development Corp., Mortgage Revenue 3.50%, 2/15/2048		1,250,000		1,228,863
New York, NY, Industrial Development Agency Revenue:
5.00%, 1/1/2031 (a)		1,000,000		1,002,000
5.75%, 10/1/2037 (c)		1,000,000		322,150
New York, State Dormitory Authority Revenue, Non State Supported Debt Series A, 5.00%, 7/1/2026		200,000		233,504
Niagara Area Development Corp., Revenue 5.25%, 11/1/2042 (b)		500,000		503,850
Niagara Frontier Transportation Authority Revenue:
Series A, 5.00%, 4/1/2028		425,000		468,006
Series B, 5.00%, 4/1/2019		200,000		214,660
Onondaga Civic Development Corp., Revenue:
5.00%, 7/1/2027		430,000		479,429
5.00%, 7/1/2029		475,000		524,072
Suffolk Tobacco Asset Securitization Corp. Series C, 6.63%, 6/1/2044		500,000		510,680

See accompanying notes to financial statements.

237

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Town of Oyster Bay NY, General Obligation:
2.25%, 3/1/2017	$	145,000	$	144,842
Series A, 5.00%, 3/15/2020		365,000		379,202
TSASC, Inc., NY, Revenue:
Series 1, 5.00%, 6/1/2026		1,335,000		1,326,630
Series 1, 5.00%, 6/1/2034		1,310,000		1,245,862
Series 1, 5.13%, 6/1/2042		1,265,000		1,178,006
Westchester County, NY, Healthcare Corp., Revenue:
Series A, 4.50%, 11/1/2026		145,000		155,753
Series A-REMK, 5.00%, 11/1/2030		160,000		174,011
Westchester County, NY, Local Development Corp., Revenue:
3.75%, 11/1/2037		275,000		249,367
Series A, 3.38%, 6/1/2042		250,000		206,488
Series A, 5.00%, 6/1/2025 (b)		1,000,000		1,029,030
				41,656,951
NORTH CAROLINA — 0.5%
North Carolina Agricultural & Technical State University Series A, 4.00%, 10/1/2045		650,000		659,087
North Carolina Capital Facilities Finance Agency 5.00%, 3/1/2034		500,000		525,735
North Carolina Medical Care Commission:
5.00%, 10/1/2030		150,000		167,004
5.00%, 7/1/2045		500,000		500,170
North Carolina, Department of Transportation Revenue 5.00%, 6/30/2054		575,000		597,551
				2,449,547
NORTH DAKOTA — 0.1%
Williston Parks & Recreation District:
Series A, 4.00%, 3/1/2023		655,000		655,937
Series A, 4.00%, 3/1/2032		190,000		176,852
				832,789
OHIO — 4.9%
American Municipal Power, Inc., Revenue:
5.00%, 2/15/2038		15,000		15,481
Series B, 5.00%, 2/15/2023		900,000		1,020,789
Buckeye, OH, Tobacco Settlement Financing Authority:
Series A-2, 5.13%, 6/1/2024		3,665,000		3,297,840
Series A-2, 5.38%, 6/1/2024		2,415,000		2,187,072
Series A-2, 5.75%, 6/1/2034		4,875,000		4,210,879
Series A-2, 5.88%, 6/1/2047		4,660,000		4,088,824
Series A-2, 6.00%, 6/1/2042		2,230,000		1,940,412
Series A-2, 6.50%, 6/1/2047		2,770,000		2,568,593
Series A-3, 6.25%, 6/1/2037		1,000,000		903,740
Muskingum, OH, Hospital Revenue:
5.00%, 2/15/2033		1,000,000		1,037,080
5.00%, 2/15/2044		200,000		206,328
Ohio, State Air Quality Development Authority Revenue:
6.75%, 6/1/2024		500,000		494,155
Series B, 3.63%, 10/1/2033 (f)		250,000		104,515
Series C, 5.63%, 6/1/2018		500,000		469,550
Series E, 5.63%, 10/1/2019		1,360,000		1,464,598
Ohio, State Water Development Authority Revenue Series B, 3.63%, 10/1/2033 (f)		325,000		135,870
Port of Greater Cincinnati Development Authority Series B, 5.00%, 12/1/2046		240,000		232,217
Portage County, OH, Port Authority Revenue 5.00%, 6/1/2044		325,000		348,205
Southeastern Ohio Port Authority, Hospital Facilities Revenue:
5.75%, 12/1/2032		100,000		108,952
6.00%, 12/1/2042		550,000		601,689
Toledo-Lucas County, OH, Port Authority Revenue Series A, 5.00%, 7/1/2039		750,000		770,287
				26,207,076
OKLAHOMA — 0.8%
Comanche County Hospital Authority Revenue Series A, 5.00%, 7/1/2032		440,000		449,970
Rogers County, OK, Educational Facilities Authority, Educational Facilities Lease Revenue Series A, 5.00%, 9/1/2020		375,000		415,579
Tulsa Airports Improvement Trust:
5.00%, 6/1/2035 (f)		1,000,000		1,046,100
5.50%, 12/1/2035		1,000,000		1,064,350
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue Series A, 7.13%, 11/1/2030		1,025,000		1,097,324
				4,073,323
OREGON — 0.4%
Hospital Facilities Authority of Multnomah County Oregon Revenue:
5.00%, 12/1/2036		400,000		442,136
Series A, 5.50%, 10/1/2049		1,000,000		1,049,210
Oregon, State Facilities Authority Revenue Series A, 6.38%, 9/1/2040 (b)		750,000		785,655
Yamhill County Hospital Authority 4.00%, 11/15/2026		65,000		63,126
				2,340,127
PENNSYLVANIA — 3.8%
Allegheny County Hospital Development Authority Revenue:
5.00%, 4/1/2025		350,000		346,825
5.13%, 4/1/2035		500,000		457,785
Allegheny, PA, Industrial Development Authority Revenue 5.75%, 8/1/2042		250,000		223,055
Centre County Hospital Authority Revenue Series C, 3.75%, 11/15/2041		375,000		352,965

See accompanying notes to financial statements.

238

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Chester County Industrial Development Authority Revenue:
5.00%, 10/1/2034	$	250,000	$	256,278
5.00%, 10/1/2044		215,000		217,602
City of Philadelphia PA, General Obligation:
Series A, 5.00%, 7/15/2038		100,000		109,354
Series B, 5.00%, 8/1/2033		110,000		121,713
Cumberland County Municipal Authority Revenue:
5.00%, 1/1/2031		1,000,000		1,091,570
5.00%, 1/1/2038		295,000		311,311
Delaware County, Authority Revenue 4.00%, 10/1/2019		130,000		129,490
Delaware County, Industrial Development Authority Revenue Series A, 6.13%, 8/15/2040		625,000		606,294
Delaware Valley Regional Finance Authority Revenue 5.75%, 7/1/2032		100,000		122,026
Fulton County Industrial Development Authority Revenue:
4.00%, 7/1/2028		300,000		283,035
5.00%, 7/1/2040		1,445,000		1,451,517
Lancaster County, PA, Hospital Authority 5.00%, 4/1/2027		420,000		431,873
Lycoming County, PA, Authority Revenue 3.00%, 5/1/2022		120,000		123,282
Monroe County, PA, Industrial Development Authority Tax Allocation 6.88%, 7/1/2033 (b)		370,000		375,224
Montgomery County, PA, Industrial Development Authority Revenue:
4.00%, 12/1/2039		700,000		642,733
5.00%, 11/15/2036		1,000,000		1,070,760
5.25%, 1/1/2040		205,000		193,760
Moon Industrial Development Authority Revenue 6.00%, 7/1/2045		1,000,000		1,023,370
Northampton County, General Purpose Authority Revenue 3.88%, 10/1/2045		245,000		228,166
Pennsylvania Economic Development Financing Authority 5.00%, 12/31/2034		400,000		423,248
Pennsylvania, Commonwealth Financing Authority Revenue Series B, 5.00%, 6/1/2042		750,000		814,717
Pennsylvania, State Economic Development Financing Authority Revenue:
6.00%, 6/1/2031		515,000		506,446
Series A, 2.63%, 11/1/2021		950,000		961,552
Pennsylvania, State Higher Educational Facilities Authority Revenue:
4.00%, 11/1/2032		170,000		146,999
5.00%, 11/1/2027		1,005,000		1,005,432
5.00%, 11/1/2042		140,000		132,051
Series A, 6.50%, 9/1/2038		165,000		178,197
Pennsylvania, Turnpike Commission Revenue Series D, 5.30%, 12/1/2041		700,000		758,441
Philadelphia, PA, Airport System Revenue:
Series A, 5.00%, 6/15/2020		295,000		324,066
Series A, 5.00%, 6/15/2022		165,000		182,300
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Revenue Series A, 5.63%, 7/1/2042		1,210,000		1,290,622
Philadelphia, PA, School District, General Obligation:
Series D, 3.00%, 9/1/2019		110,000		111,304
Series E, 5.00%, 9/1/2020		945,000		1,014,004
Series E, 5.25%, 9/1/2023		500,000		533,295
Philadelphia, PA, State Public School Building Authority 5.00%, 4/1/2029		150,000		158,985
Scranton Redevelopment Authority Series A, 5.00%, 11/15/2028		195,000		198,272
Scranton, PA, General Obligation:
5.00%, 11/15/2032		380,000		386,069
Series B, 4.35%, 9/1/2020 (a)		745,000		745,432
Wilkes-Barre, PA, Finance Authority Revenue 5.00%, 11/1/2040		545,000		589,090
				20,630,510
PUERTO RICO — 9.0%
Children’s Trust Fund, Tobacco Settlement Revenue:
5.50%, 5/15/2039		520,000		519,953
5.63%, 5/15/2043		2,050,000		2,027,060
Commonwealth of Puerto Rico, General Obligation:
Zero Coupon, 7/1/2017		85,000		58,326
Series A, 5.00%, 7/1/2027 (c)		140,000		87,325
Series A, 5.00%, 7/1/2029 (c)		830,000		517,712
Series A, 5.00%, 7/1/2033 (c)		355,000		220,987
Series A, 5.25%, 7/1/2022 (c)		100,000		62,404
Series A, 5.25%, 7/1/2023 (c)		1,600,000		1,004,000
Series A, 5.25%, 7/1/2029 (c)		150,000		93,563
Series A, 5.25%, 7/1/2031 (c)		110,000		68,613
Series A, 5.25%, 7/1/2034 (c)		375,000		232,031
Series A, 5.50%, 7/1/2023 (c)		200,000		124,994
Series A, 5.50%, 7/1/2032 (c)		360,000		224,550
Series A, 5.50%, 7/1/2039 (c)		250,000		155,625
Series A, 8.00%, 7/1/2035 (c)		900,000		606,375
Series C, 5.75%, 7/1/2032 (c)		240,000		149,700
Series E, 5.38%, 7/1/2030 (c)		190,000		118,513
Series E, 5.63%, 7/1/2032 (c)		385,000		240,144
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:
Series A, 4.25%, 7/1/2025		175,000		133,751

See accompanying notes to financial statements.

239

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series A, 5.00%, 7/1/2033	$	1,785,000	$	1,345,515
Series A, 5.13%, 7/1/2037		150,000		113,073
Series A, 5.25%, 7/1/2029		2,000,000		1,513,620
Series A, 5.25%, 7/1/2042		1,150,000		864,029
Series A, 6.00%, 7/1/2038		540,000		411,750
Series A, 6.00%, 7/1/2044		360,000		273,128
Series B, 4.45%, 7/1/2018		100,000		75,065
Puerto Rico Commonwealth, General Obligation:
Zero Coupon, 7/1/2018		305,000		181,481
4.50%, 7/1/2023 (c) (a)		305,000		213,074
5.00%, 7/1/2020 (c)		150,000		93,702
Series A, 4.00%, 7/1/2021 (c)		230,000		134,550
Series A, 5.00%, 7/1/2029 (c)		1,570,000		963,587
Series A, 5.00%, 7/1/2034 (c)		1,385,000		863,894
Series A, 5.13%, 7/1/2024 (c)		1,425,000		888,844
Series A, 5.13%, 7/1/2031 (c)		175,000		110,031
Series A, 5.13%, 7/1/2037 (c)		110,000		68,063
Series A, 5.25%, 7/1/2025 (c)		2,755,000		1,718,431
Series A, 5.25%, 7/1/2030 (c)		100,000		62,375
Series A, 5.50%, 7/1/2019 (a)		880,000		899,043
Series A, 5.63%, 7/1/2031 (c)		245,000		152,819
Series A, 5.75%, 7/1/2041 (c)		1,225,000		753,375
Series A, 6.00%, 7/1/2040 (c)		200,000		125,750
Series B, 4.10%, 7/1/2018 (c)		650,000		381,472
Series C, 5.75%, 7/1/2036 (c)		805,000		498,094
Series C, 6.00%, 7/1/2035 (c)		150,000		95,063
Puerto Rico Convention Center District Authority Revenue 5.00%, 7/1/2020 (a)		100,000		100,024
Puerto Rico Electric Power Authority Revenue:
5.00%, 7/1/2017		100,000		71,708
Series TT, 5.00%, 7/1/2021		370,000		246,135
5.00%, 7/1/2042		285,000		188,502
Series A, 4.80%, 7/1/2029		270,000		178,664
Series AAA, 5.25%, 7/1/2021		100,000		66,522
Series AAA, 5.25%, 7/1/2022		170,000		112,827
Series ZZ, 5.25%, 7/1/2026		320,000		211,796
Series V V, 5.25%, 7/1/2027 (a)		1,015,000		831,466
Series LL, 5.50%, 7/1/2018 (a)		400,000		414,468
Series RR, 5.00%, 7/1/2022 (a)		135,000		136,519
Series RR, 5.00%, 7/1/2026		140,000		123,197
Series TT, 5.00%, 7/1/2020		130,000		86,867
Series TT, 5.00%, 7/1/2023		435,000		288,061
Series TT, 5.00%, 7/1/2025		285,000		188,659
Series TT, 5.00%, 7/1/2032		485,000		320,847
Series TT, 5.00%, 7/1/2037		870,000		575,470
Series V V, 5.25%, 7/1/2025 (a)		175,000		185,840
Series V V, 5.50%, 7/1/2020		75,000		50,116
Series WW, 5.00%, 7/1/2028		265,000		175,353
Series WW, 5.38%, 7/1/2023		250,000		165,555
Series WW, 5.50%, 7/1/2021		140,000		93,134
Series WW, 5.50%, 7/1/2038		1,705,000		1,127,687
Series XX, 5.25%, 7/1/2035		185,000		122,374
Series XX, 5.25%, 7/1/2040		780,000		515,876
Series XX, 5.75%, 7/1/2036		15,000		9,922
Series ZZ, 4.38%, 7/1/2021		240,000		159,660
Series ZZ, 4.75%, 7/1/2027		215,000		142,281
Series ZZ, 5.25%, 7/1/2019		1,260,000		850,676
Series ZZ, 5.25%, 7/1/2024		435,000		288,005
Puerto Rico Highways & Transportation Authority Revenue:
5.25%, 7/1/2018		375,000		216,563
5.75%, 7/1/2020		115,000		66,413
5.75%, 7/1/2021		275,000		158,813
Series A, Zero Coupon, 7/1/2017 (a)		170,000		167,923
Series A, 4.75%, 7/1/2038		160,000		44,800
Series AA, 5.00%, 7/1/2035		170,000		104,759
Series CC, 5.50%, 7/1/2030		100,000		62,177
Series G, 5.00%, 7/1/2033		105,000		29,400
Series G, 5.00%, 7/1/2042		665,000		186,200
Series I, 5.00%, 7/1/2026		185,000		108,688
Series L, 5.25%, 7/1/2022		140,000		82,250
Series L, 5.25%, 7/1/2038 (a)		250,000		249,680
Series L, 5.25%, 7/1/2041 (a)		125,000		133,616
Series M, 5.00%, 7/1/2046		285,000		79,800
Series N, 5.25%, 7/1/2030 (a)		570,000		577,712
Series N, 5.25%, 7/1/2031 (a)		640,000		642,579
Series N, 5.25%, 7/1/2039		100,000		58,750
Series N, 5.50%, 7/1/2023		110,000		30,800
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Series A, 6.00%, 7/1/2033		100,000		101,058
Puerto Rico Infrastructure Financing Authority Revenue:
Series B, 5.00%, 7/1/2021 (c)		1,000,000		175,630
Series B, 5.00%, 7/1/2022 (c)		125,000		21,954
Series B, 5.00%, 12/15/2022 (c)		600,000		216,000
Series B, 5.00%, 7/1/2037 (c)		500,000		87,815
Series B, 5.00%, 7/1/2046 (c)		315,000		55,323
Series C, 5.50%, 7/1/2020 (c)		140,000		84,000
Series C, 5.50%, 7/1/2023 (a)		115,000		119,699
Series C, 5.50%, 7/1/2024 (a)		380,000		396,302
Series C, 5.50%, 7/1/2026 (a)		175,000		182,873
Series C, 5.50%, 7/1/2027 (a)		385,000		402,437
Puerto Rico Public Buildings Authority Revenue:
5.75%, 7/1/2034 (f)		900,000		510,750
Series C, 5.75%, 7/1/2019		100,000		56,750
Series D, 5.38%, 7/1/2033		170,000		95,625
Series G, 4.75%, 7/1/2032		280,000		153,650
Series G, 5.00%, 7/1/2026		430,000		235,962
Series I, 5.25%, 7/1/2029		400,000		223,500
Series I, 5.25%, 7/1/2033		830,000		463,762
Series M, 6.25%, 7/1/2022		155,000		90,481
Series M, 6.25%, 7/1/2023		260,000		151,775
Series N, 5.00%, 7/1/2032		650,000		356,687
Series N, 5.00%, 7/1/2037		395,000		216,756
Series N, 5.50%, 7/1/2020		155,000		87,188
Series N, 5.50%, 7/1/2027		155,000		87,188
Series P, 6.13%, 7/1/2023		240,000		139,500
Series P, 7.00%, 7/1/2021		220,000		133,650
Series S, 5.50%, 7/1/2023		220,000		123,750
Series S, 5.88%, 7/1/2039		100,000		56,750

See accompanying notes to financial statements.

240

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series U, 5.25%, 7/1/2023	$	150,000	$	83,813
Series U, 5.25%, 7/1/2042		2,090,000		1,167,787
Puerto Rico Sales Tax Financing Corp., Revenue:
Series A, 5.38%, 8/1/2039		3,200,000		1,504,000
Series A, 5.50%, 8/1/2042		2,505,000		1,177,350
Series C, 5.00%, 8/1/2022		510,000		368,036
Series C, 5.25%, 8/1/2040		5,135,000		3,637,377
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:
Zero Coupon, 8/1/2031		175,000		25,615
5.25%, 8/1/2057		485,000		343,385
Series C, 5.00%, 8/1/2040 (a)		2,240,000		1,653,610
Series A, 5.50%, 8/1/2037		150,000		70,500
Series A, 5.75%, 8/1/2037		440,000		206,800
Series A, 6.00%, 8/1/2042		555,000		263,625
Series A, 6.13%, 8/1/2029		100,000		47,750
Series A-1, 5.00%, 8/1/2043		100,000		47,000
Series B, 5.25%, 8/1/2027		40,000		18,800
Series C, Zero Coupon, 8/1/2038		600,000		55,848
Series C, 4.00%, 8/1/2027		235,000		166,267
Series C, 5.00%, 8/1/2046		2,295,000		1,619,145
Series C, 5.38%, 8/1/2036		390,000		183,300
Series C, 6.00%, 8/1/2031		250,000		175,740
SubSeries A-1, Zero Coupon, 8/1/2023		170,000		53,394
				48,370,545
RHODE ISLAND — 0.3%
Rhode Island, State Health & Educational Building Corp., Revenue 5.00%, 5/15/2028		250,000		275,285
Rhode Island, State Student Loan Authority, Student Loan Revenue Series A, 5.00%, 12/1/2023		235,000		256,954
Tobacco Settlement Financing Corp. R Tobgen:
Series A, 4.00%, 6/1/2017		550,000		556,506
Series A, 5.00%, 6/1/2024		375,000		416,078
				1,504,823
SOUTH CAROLINA — 0.7%
North Charleston Housing Authority Revenue Series A, 5.10%, 8/20/2041		880,000		880,546
South Carolina Jobs — Economic Development Authority:
5.25%, 11/1/2036		500,000		484,920
Series A, 5.25%, 8/1/2030		1,150,000		1,239,366
South Carolina Jobs — Economic Development Authority Revenue Series A, 7.00%, 11/1/2033		270,000		288,044
South Carolina Ports Authority 4.00%, 7/1/2040		650,000		652,327
				3,545,203
TENNESSEE — 0.4%
Chattanooga-Hamilton County Hospital Authority Revenue 5.00%, 10/1/2039		825,000		862,125
Johnson City Health & Educational Facilities Board Revenue 5.00%, 8/15/2042		415,000		437,626
Shelby County Health Educational & Housing Facilities Board Series A, 5.50%, 9/1/2047		400,000		402,800
Tennessee Energy Acquisition Corp., Gas Revenue:
Series A, 5.25%, 9/1/2022		100,000		113,374
Series A, 5.25%, 9/1/2026		215,000		250,230
				2,066,155
TEXAS — 5.5%
Austin, TX, Convention Center Revenue Series A, 5.00%, 1/1/2034		375,000		375,495
Celina, TX, Special Assessment 5.50%, 9/1/2032		400,000		377,272
Central Texas Regional Mobility Authority Revenue 5.75%, 1/1/2019		370,000		398,090
Central Texas, Turnpike System Revenue:
Series A, Zero Coupon, 8/15/2030 (a)		315,000		192,015
Series C, 5.00%, 8/15/2034		500,000		538,690
Series C, 5.00%, 8/15/2037		500,000		533,915
Clifton Higher Education Finance Corp., Revenue:
Series A, 3.95%, 12/1/2032		115,000		107,987
Series A, 4.35%, 12/1/2042		290,000		273,627
Dallas County Flood Control District No. 1, General Obligation 5.00%, 4/1/2028 (b)		500,000		507,740
Dallas/Fort Worth International Airport Revenue:
Series B, 5.00%, 11/1/2022		500,000		566,255
Series H, 5.00%, 11/1/2027		125,000		137,461
Danbury Higher Education Authority, Inc.:
5.25%, 8/15/2023		200,000		212,978
6.00%, 8/15/2028		230,000		252,738
Decatur Hospital, TX, Authority Revenue Series A-REF, 5.25%, 9/1/2029		335,000		349,951
Flower Mound Town, TX, Special Assessment 6.13%, 9/1/2028		500,000		515,485
Fort Bend County Industrial Development Corp., Revenue:
Series A-REMK 10/1, 4.75%, 5/1/2038		225,000		230,351
Series B, 4.75%, 11/1/2042		385,000		395,757
Gulf Coast, TX, Industrial Development Authority Revenue 4.88%, 5/1/2025		250,000		254,588
Hale Center Education Facilities Corp. 5.00%, 3/1/2035		105,000		111,867
Harris County, TX, Cultural Education Facilities Finance Corp., Revenue Series B, 7.00%, 1/1/2043		500,000		630,005

See accompanying notes to financial statements.

241

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Houston, TX, Airport System Revenue:
4.50%, 7/1/2020	$	1,150,000	$	1,178,439
6.50%, 7/15/2030		300,000		329,685
Series A, 5.00%, 7/1/2024		100,000		109,691
Series C, 5.00%, 7/15/2020		500,000		521,485
Love Field, TX, Airport Modernization Corp., Revenue Series AI, 5.25%, 11/1/2040		1,160,000		1,256,222
Lower Colorado River Authority Revenue 3.13%, 5/15/2033		290,000		272,890
Matagorda County Navigation District No. 1 Series A, 4.40%, 5/1/2030 (a)		220,000		235,941
Mesquite Health Facility Development Corp., Revenue 5.13%, 2/15/2042		1,000,000		1,017,550
Mission Economic Development Corp., Revenue:
6.50%, 12/1/2033 (b)		665,000		620,817
7.75%, 1/1/2045 (b)		940,000		887,003
New Hope, Cultural Education Facilities Corp., Revenue:
4.75%, 4/1/2034		200,000		203,548
5.00%, 7/1/2047		1,000,000		1,027,180
5.50%, 1/1/2049		1,000,000		1,014,420
Series A, 5.00%, 4/1/2046		335,000		343,784
Port Freeport, TX, Revenue Series B-2, 4.95%, 5/15/2033		100,000		102,793
Red River Education Finance Corp., Revenue 5.00%, 6/1/2046		1,895,000		1,999,793
Red River Health Facilities Development Corp., Revenue Series A, 7.50%, 11/15/2034		1,000,000		1,120,310
Tarrant County, TX, Cultural Education Facilities Finance Corp., Revenue:
4.50%, 11/15/2021		1,500,000		1,503,315
5.00%, 10/1/2044		1,000,000		1,017,930
5.63%, 11/15/2041		500,000		516,000
Series B, 4.50%, 11/15/2036		150,000		147,861
Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Series D, 6.25%, 12/15/2026		350,000		411,043
Texas Private Activity Bond Surface Transportation Corp., Revenue:
5.00%, 12/31/2045		350,000		367,672
5.00%, 12/31/2055		490,000		512,770
7.00%, 6/30/2040		1,430,000		1,638,165
Texas, Municipal Gas Acquisition & Supply Corp. III, Revenue:
5.00%, 12/15/2022		1,175,000		1,280,245
5.00%, 12/15/2030		325,000		342,953
5.00%, 12/15/2031		470,000		495,709
Tyler Health Facilities Development Corp. 5.38%, 11/1/2037		550,000		550,137
Westlake Town, TX, Special Assessment:
6.13%, 9/1/2035		395,000		378,248
6.25%, 9/1/2040		370,000		352,266
6.38%, 9/1/2045		505,000		480,821
Wood County Central Hospital District 6.00%, 11/1/2041		175,000		184,650
				29,383,603
U. S. VIRGIN ISLANDS — 0.8%
Virgin Islands Public Finance Authority, Revenue:
4.50%, 10/1/2024		350,000		292,533
Series A, 5.00%, 10/1/2029		1,600,000		1,358,048
Series A, 5.00%, 10/1/2032 (b)		155,000		130,973
Series B, 5.25%, 10/1/2029		345,000		293,878
Series B, 6.63%, 10/1/2029		250,000		240,433
Series C, 5.00%, 10/1/2030		1,000,000		847,870
Virgin Islands Water & Power Authority, Revenue:
Series A, 4.00%, 7/1/2021		115,000		94,452
Series A, 5.00%, 7/1/2031		1,580,000		1,179,201
				4,437,388
UTAH — 0.4%
Salt Lake, UT, Huntsman Cancer Foundation Series A-1, 5.00%, 12/1/2033 (f)		1,000,000		1,030,380
Utah, State Charter School Finance Authority Revenue:
Series A, 5.80%, 6/15/2038		1,000,000		1,012,060
Series A, 7.00%, 7/15/2045		110,000		119,020
				2,161,460
VIRGINIA — 1.5%
Amherst Industrial Development Authority Revenue 5.00%, 9/1/2026		140,000		131,492
Cherry Hill, VA, Community Development Authority, Special Assessment 5.40%, 3/1/2045 (b)		335,000		342,249
City of Chesapeake VA Chesapeake Expressway Toll Road Revenue Series A, 5.00%, 7/15/2047		50,000		52,306
Fairfax County Economic Development Authority Series A, 5.00%, 10/1/2036		2,000,000		2,153,380
Lexington, Industrial Development Authority Revenue 4.00%, 1/1/2031		110,000		110,000
Lower Magnolia, VA, Green Community Development Authority, Special Assessment 5.00%, 3/1/2035 (b)		1,000,000		1,003,120
Norfolk Redevelopment & Housing Authority Revenue 5.38%, 1/1/2035		250,000		256,203
Tobacco Settlement Financing Corp., VA, Revenue Series B1, 5.00%, 6/1/2047		1,600,000		1,362,064
Virginia College Building Authority, Revenue Series A, 5.00%, 7/1/2030 (b)		875,000		883,444

See accompanying notes to financial statements.

242

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Virginia, Small Business Financing Authority Revenue:
5.00%, 7/1/2034	$	500,000	$	520,055
5.50%, 4/1/2033		135,000		147,141
5.50%, 1/1/2042		1,250,000		1,336,887
				8,298,341
WASHINGTON — 0.8%
Everett Public Facilities District Revenue Series A, 5.00%, 12/1/2023		140,000		143,223
Pend Oreille County Public Utility District No. 1 Box Canyon 5.25%, 1/1/2041		445,000		473,022
Port of Seattle, WA, Industrial Development Corp. 5.00%, 4/1/2030		700,000		724,437
Tacoma Consolidated Local Improvement Districts 5.75%, 4/1/2043		355,000		350,232
Washington, Health Care Facilities Authority Revenue:
4.00%, 7/1/2036		480,000		464,818
6.38%, 10/1/2033		305,000		326,765
Washington, State Housing Finance Commission Revenue:
5.88%, 1/1/2021 (b)		100,000		100,112
Series A, 6.00%, 7/1/2025 (b)		675,000		673,400
Series A, 7.00%, 7/1/2045 (b)		345,000		342,640
Series B, 2.80%, 7/1/2021 (b)		810,000		778,029
				4,376,678
WISCONSIN — 1.6%
Platteville Redevelopment Authority, Revenue 5.00%, 7/1/2042		335,000		342,591
Public Finance Authority:
4.00%, 8/1/2035		1,140,000		1,061,066
5.00%, 9/1/2030 (b)		800,000		825,128
5.25%, 4/1/2030		775,000		814,548
5.25%, 3/1/2035 (b)		750,000		763,905
5.88%, 4/1/2045		530,000		541,581
Series A, 5.13%, 10/1/2045		415,000		411,879
Series A, 6.20%, 10/1/2042		325,000		342,267
Series A, 7.00%, 5/1/2040 (c)		630,000		459,869
Series A, 8.63%, 6/1/2047 (b)		1,000,000		1,138,050
Wisconsin Health & Educational Facilities Authority Revenue:
3.50%, 7/1/2040		615,000		526,354
4.00%, 7/1/2046		160,000		147,496
5.00%, 6/1/2022		750,000		849,113
5.50%, 5/1/2034		350,000		361,697
				8,585,544
TOTAL MUNICIPAL BONDS & NOTES (Cost $513,026,143)				503,346,368
	Shares
SHORT-TERM INVESTMENT — 3.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (g) (h) (Cost $21,008,418)		21,008,418		21,008,418
TOTAL INVESTMENTS — 97.6% (Cost $534,034,561)				524,354,786
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.4%				12,853,452
NET ASSETS — 100.0%			$	537,208,238

(a) Bond is insured by the following:

	% of Net Assets
Ambac Financial Group		1.68%
Assured Guaranty Municipal Corp		0.48	%
National Public Finance Guarantee Corp		0.44%
Assured Guaranty Corp		0.20%

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 7.7% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) Security is currently in default and/or issuer is in bankruptcy

(d) When-issued security.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(f) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(g) The rate shown is the annualized seven-day yield at December 31, 2016.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

See accompanying notes to financial statements.

243

SPDR Nuveen S&P High Yield Municipal Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Municipal Bonds & Notes
Alabama	$	—	$	6,674,666	$	—		$	6,674,666
Alaska		—		1,616,001		—			1,616,001
Arizona		—		7,403,024		—			7,403,024
Arkansas		—		2,759,647		—			2,759,647
California.		—		73,934,187		—			73,934,187
Colorado		—		14,707,407		—			14,707,407
Connecticut		—		5,266,922		—			5,266,922
Delaware		—		725,040		—			725,040
District of Columbia		—		2,649,139		—			2,649,139
Florida		—		25,334,818		0	(a)		25,334,818
Georgia		—		645,347		—			645,347
Guam		—		4,458,655		—			4,458,655
Hawaii		—		950,878		—			950,878
Idaho		—		648,410		—			648,410
Illinois		—		44,166,590		—			44,166,590
Indiana		—		6,460,948		—			6,460,948
Iowa		—		7,390,812		—			7,390,812
Kansas		—		3,634,223		—			3,634,223
Kentucky		—		5,165,947		—			5,165,947
Louisiana		—		8,792,053		—			8,792,053
Maine		—		3,042,079		—			3,042,079
Maryland		—		5,007,421		—			5,007,421
Massachusetts		—		5,730,799		—			5,730,799
Michigan		—		11,816,160		—			11,816,160
Minnesota		—		6,775,767		—			6,775,767
Mississippi		—		2,583,028		—			2,583,028
Missouri		—		5,878,547		—			5,878,547
Nebraska		—		362,297		—			362,297
Nevada		—		2,410,813		—			2,410,813
New Hampshire		—		315,069		—			315,069
New Jersey.		—		24,155,921		0	(a)		24,155,921
New Mexico.		—		963,690		—			963,690
New York		—		41,656,951		—			41,656,951
North Carolina		—		2,449,547		—			2,449,547
North Dakota		—		832,789		—			832,789
Ohio		—		26,207,076		—			26,207,076
Oklahoma		—		4,073,323		—			4,073,323
Oregon		—		2,340,127		—			2,340,127
Pennsylvania		—		20,630,510		—			20,630,510
Puerto Rico		—		48,370,545		—			48,370,545
Rhode Island		—		1,504,823		—			1,504,823
South Carolina		—		3,545,203		—			3,545,203
Tennessee.		—		2,066,155		—			2,066,155
Texas		—		29,383,603		—			29,383,603
U. S. Virgin Islands		—		4,437,388		—			4,437,388
Utah		—		2,161,460		—			2,161,460
Virginia		—		8,298,341		—			8,298,341
Washington		—		4,376,678		—			4,376,678
Wisconsin		—		8,585,544		—			8,585,544
Short-Term Investment		21,008,418		—		—			21,008,418
TOTAL INVESTMENTS	$	21,008,418	$	503,346,368	$	0		$	524,354,786

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

See accompanying notes to financial statements.

244

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional U.S. Government Money Market Fund, Premier Class		—	$	—		26,962,713		5,954,295		21,008,418	$	21,008,418	$	4,447	$	—
TOTAL			$	—							$	21,008,418	$	4,447	$	—

See accompanying notes to financial statements.

245

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS — 99.4%
AUSTRALIA — 4.3%
Australia Government Bond:
1.00%, 11/21/2018	AUD	3,547,047	$	2,594,518
1.25%, 2/21/2022	AUD	3,969,375		2,985,060
1.25%, 8/21/2040	AUD	1,534,950		1,139,093
2.00%, 8/21/2035	AUD	2,346,080		1,946,905
2.50%, 9/20/2030	AUD	3,048,825		2,655,171
3.00%, 9/20/2025	AUD	5,826,730		5,025,534
4.00%, 8/20/2020	AUD	6,578,940		5,385,745
				21,732,026
BRAZIL — 8.8%
Brazil Notas do Tesouro Nacional Serie B:
6.00%, 8/15/2018	BRL	12,714,856		3,914,849
6.00%, 5/15/2019	BRL	12,557,712		3,873,815
6.00%, 8/15/2020	BRL	2,067,456		637,722
6.00%, 5/15/2021	BRL	15,727,435		4,848,835
6.00%, 8/15/2022	BRL	13,113,580		4,041,347
6.00%, 5/15/2023	BRL	6,852,141		2,114,292
6.00%, 8/15/2024	BRL	10,189,606		3,155,393
6.00%, 8/15/2026	BRL	2,953,509		914,880
6.00%, 8/15/2030	BRL	11,341,475		3,579,871
6.00%, 5/15/2035	BRL	9,746,578		3,074,702
6.00%, 8/15/2040	BRL	5,316,316		1,700,194
6.00%, 5/15/2045	BRL	12,552,413		3,972,870
6.00%, 8/15/2050	BRL	18,459,431		5,871,868
6.00%, 5/15/2055	BRL	6,618,653		2,124,162
				43,824,800
CANADA — 4.6%
Canadian Government Real Return Bond:
1.25%, 12/1/2047	CAD	3,036,416		2,749,903
1.50%, 12/1/2044	CAD	3,154,678		2,957,382
2.00%, 12/1/2041	CAD	3,255,736		3,272,730
3.00%, 12/1/2036	CAD	3,428,076		3,759,496
4.00%, 12/1/2031	CAD	2,987,734		3,401,991
4.25%, 12/1/2021	CAD	3,791,418		3,416,560
4.25%, 12/1/2026	CAD	3,263,067		3,403,731
				22,961,793
CHILE — 4.5%
Bonos de la Tesoreria de la Republica:
1.50%, 3/1/2021	CLP	843,135,360		1,285,474
1.50%, 3/1/2026	CLP	711,395,460		1,078,580
2.00%, 3/1/2035	CLP	1,212,007,080		1,896,998
3.00%, 1/1/2020	CLP	658,699,500		1,045,703
3.00%, 1/1/2024	CLP	131,739,900		219,856
3.00%, 3/1/2028	CLP	131,739,900		227,191
3.00%, 1/1/2030	CLP	3,003,669,719		5,282,745
3.00%, 1/1/2044	CLP	2,252,752,290		4,182,938
Bonos del Banco Central de Chileen UF:
3.00%, 1/1/2018	CLP	1,185,659,100		1,809,565
3.00%, 8/1/2018	CLP	764,091,420		1,180,945
3.00%, 2/1/2021	CLP	948,527,280		1,532,362
3.00%, 3/1/2022	CLP	131,739,900		216,242
3.00%, 3/1/2023	CLP	316,175,760		524,792
3.00%, 1/1/2040	CLP	263,479,800		484,525
3.00%, 2/1/2041	CLP	922,179,300		1,698,758
				22,666,674
COLOMBIA — 2.9%
Colombian TES:
3.00%, 3/25/2033	COP	7,273,539,000		2,218,244
3.50%, 4/17/2019	COP	6,485,572,275		2,213,582
3.50%, 3/10/2021	COP	10,425,405,900		3,570,027
3.50%, 5/7/2025	COP	6,061,282,500		2,060,994
4.75%, 2/23/2023	COP	12,122,565,000		4,407,941
				14,470,788
FRANCE — 8.1%
France Government Bond OAT:
0.10%, 3/1/2021	EUR	950,963		1,066,587
0.10%, 7/25/2021	EUR	496,674		563,138
0.10%, 3/1/2025	EUR	1,205,600		1,376,995
0.10%, 7/25/2047 (a)	EUR	803,208		886,875
0.25%, 7/25/2018	EUR	1,961,588		2,133,662
0.25%, 7/25/2024	EUR	2,120,463		2,453,713
0.70%, 7/25/2030 (a)	EUR	1,084,439		1,336,826
1.10%, 7/25/2022	EUR	3,655,688		4,384,818
1.30%, 7/25/2019	EUR	2,247,630		2,569,069
1.80%, 7/25/2040	EUR	2,131,404		3,352,307
1.85%, 7/25/2027	EUR	2,796,014		3,772,544
2.10%, 7/25/2023	EUR	3,087,140		3,989,753
2.25%, 7/25/2020	EUR	4,419,162		5,317,571
3.15%, 7/25/2032	EUR	2,667,844		4,475,161
3.40%, 7/25/2029	EUR	1,704,036		2,777,455
				40,456,474
GERMANY — 4.6%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond Series I/L		4,570,445		4,931,350
Deutsche Bundesrepublik Inflation Linked Bond:
0.10%, 4/15/2023	EUR	4,223,772		4,890,276
0.10%, 4/15/2026	EUR	2,605,492		3,088,675
0.10%, 4/15/2046	EUR	1,378,917		1,811,263
0.50%, 4/15/2030	EUR	2,160,063		2,715,440
1.75%, 4/15/2020	EUR	4,617,673		5,412,920
				22,849,924
ISRAEL — 4.4%
Israel Government Bond — CPI Linked:
0.10%, 10/30/2020	ILS	3,688,811		961,991
0.75%, 10/31/2025	ILS	2,184,538		576,372
1.00%, 5/31/2045	ILS	2,990,928		696,875
1.75%, 9/29/2023	ILS	6,979,995		1,976,268
2.75%, 9/30/2022	ILS	4,916,928		1,461,152
2.75%, 8/30/2041	ILS	8,889,067		2,983,818
3.00%, 10/31/2019	ILS	3,337,626		942,854
3.50%, 4/30/2018	ILS	8,361,583		2,265,199
4.00%, 5/30/2036	ILS	8,228,287		3,199,104
Israel Government Bond — Galil:
4.00%, 7/30/2021	ILS	17,543,525		5,378,138

See accompanying notes to financial statements.

246

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.00%, 7/31/2024	ILS	5,494,675	$	1,800,156
				22,241,927
ITALY — 5.5%
Italy Buoni Poliennali Del Tesoro:
0.10%, 5/15/2022 (a)	EUR	963,395		1,018,082
1.25%, 9/15/2032 (a)	EUR	1,306,344		1,440,604
1.70%, 9/15/2018	EUR	2,034,000		2,239,958
2.10%, 9/15/2021	EUR	3,465,850		4,058,484
2.35%, 9/15/2019	EUR	3,340,800		3,820,156
2.35%, 9/15/2024 (a)	EUR	2,628,496		3,164,513
2.35%, 9/15/2035	EUR	2,705,805		3,534,886
2.55%, 9/15/2041	EUR	1,530,172		2,027,482
2.60%, 9/15/2023	EUR	2,871,250		3,524,563
3.10%, 9/15/2026	EUR	2,080,338		2,683,898
				27,512,626
JAPAN — 4.6%
Japanese Government CPI Linked Bond:
0.10%, 9/10/2023	JPY	171,843,000		1,550,690
0.10%, 3/10/2024	JPY	382,908,900		3,458,606
0.10%, 9/10/2024	JPY	508,445,000		4,631,739
0.10%, 3/10/2025	JPY	875,366,000		7,985,505
0.10%, 3/10/2026	JPY	430,466,400		3,939,837
1.40%, 6/10/2018	JPY	138,312,000		1,251,668
				22,818,045
MEXICO — 4.5%
Mexican Udibonos:
2.00%, 6/9/2022	MXN	54,403,520		2,546,823
2.50%, 12/10/2020	MXN	42,823,096		2,082,132
4.00%, 6/13/2019	MXN	70,352,229		3,551,504
4.00%, 11/15/2040	MXN	73,550,057		3,682,197
4.00%, 11/8/2046	MXN	65,346,932		3,263,715
4.50%, 12/4/2025	MXN	75,579,983		4,116,058
4.50%, 11/22/2035	MXN	58,767,448		3,158,321
				22,400,750
NEW ZEALAND — 1.4%
New Zealand Government Bond:
2.00%, 9/20/2025	NZD	3,845,780		2,720,496
2.50%, 9/20/2035	NZD	2,657,204		1,894,859
3.00%, 9/20/2030	NZD	3,039,385		2,352,898
				6,968,253
SOUTH AFRICA — 4.6%
South Africa Government Bond — CPI Linked:
1.88%, 3/31/2029	ZAR	3,562,311		252,821
1.88%, 2/28/2033	ZAR	7,540,138		529,976
2.00%, 1/31/2025	ZAR	24,090,802		1,748,498
2.25%, 1/31/2038	ZAR	26,979,798		2,012,805
2.50%, 3/31/2046	ZAR	22,310,179		1,766,071
2.50%, 12/31/2050	ZAR	34,329,447		2,727,894
2.60%, 3/31/2028	ZAR	33,219,144		2,545,327
2.75%, 1/31/2022	ZAR	27,626,758		2,080,081
3.45%, 12/7/2033	ZAR	50,083,253		4,335,168
5.50%, 12/7/2023	ZAR	56,147,504		4,993,402
				22,992,043
SOUTH KOREA — 1.2%
Inflation Linked Korea Treasury Bond:
1.00%, 6/10/2026	KRW	1,044,097,650		859,368
1.13%, 6/10/2023	KRW	1,138,995,000		950,490
1.50%, 6/10/2021	KRW	3,081,972,500		2,619,283
1.75%, 6/10/2025	KRW	1,253,234,700		1,092,241
2.75%, 6/10/2020	KRW	854,145,809		754,568
				6,275,950
SPAIN — 4.6%
Spain Government Inflation Linked Bond:
0.30%, 11/30/2021	EUR	1,609,936		1,770,450
0.55%, 11/30/2019 (a)	EUR	7,202,410		7,922,712
1.00%, 11/30/2030 (a)	EUR	3,666,681		4,078,328
1.80%, 11/30/2024 (a)	EUR	7,534,828		9,032,768
				22,804,258
SWEDEN — 3.5%
Sweden Inflation Linked Bond:
0.13%, 6/1/2019	SEK	16,959,886		1,976,410
0.13%, 6/1/2026	SEK	8,664,827		1,092,396
0.25%, 6/1/2022	SEK	21,096,461		2,607,256
1.00%, 6/1/2025	SEK	17,170,718		2,307,994
3.50%, 12/1/2028	SEK	28,792,963		5,024,633
4.00%, 12/1/2020	SEK	32,501,634		4,477,394
				17,486,083
TURKEY — 4.5%
Turkey Government Bond:
1.00%, 5/3/2023	TRY	6,562,985		1,665,374
2.00%, 10/26/2022	TRY	8,724,139		2,365,805
2.00%, 9/18/2024	TRY	5,619,936		1,494,613
2.00%, 4/16/2025	TRY	5,846,110		1,544,626
2.40%, 5/8/2024	TRY	3,513,231		966,598
2.70%, 1/14/2026	TRY	3,270,020		910,653
2.80%, 11/8/2023	TRY	4,037,531		1,144,136
3.00%, 1/6/2021	TRY	6,355,479		1,825,556
3.00%, 7/21/2021	TRY	6,380,534		1,834,929
3.00%, 2/23/2022	TRY	8,682,673		2,486,370
3.00%, 8/2/2023	TRY	6,676,156		1,916,909
3.50%, 2/20/2019	TRY	6,251,685		1,826,133
4.00%, 4/1/2020	TRY	8,046,836		2,376,122
				22,357,824
UNITED KINGDOM — 22.8%
United Kingdom Gilt Inflation Linked:
0.13%, 11/22/2019	GBP	980,528		1,325,034
0.13%, 3/22/2024	GBP	2,608,508		3,800,803
0.13%, 3/22/2026	GBP	1,333,033		1,991,093
0.13%, 3/22/2029	GBP	2,509,515		3,924,827
0.13%, 11/22/2036	GBP	407,354		715,009
0.13%, 3/22/2044	GBP	2,621,568		5,124,400
0.13%, 3/22/2046	GBP	2,259,862		4,546,208
0.13%, 3/22/2058	GBP	1,671,267		4,194,534
0.13%, 11/22/2065	GBP	1,016,770		2,958,523

See accompanying notes to financial statements.

247

SPDR Citi International Government Inflation-Protected Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
0.13%, 3/22/2068	GBP	1,537,711	$	4,726,221
0.25%, 3/22/2052	GBP	1,750,396		4,046,266
0.38%, 3/22/2062	GBP	1,993,077		5,812,940
0.50%, 3/22/2050	GBP	2,854,024		6,756,402
0.63%, 3/22/2040	GBP	2,568,258		5,214,875
0.63%, 11/22/2042	GBP	2,430,365		5,190,702
0.75%, 3/22/2034	GBP	3,027,417		5,562,012
0.75%, 11/22/2047	GBP	2,294,136		5,479,663
1.13%, 11/22/2037	GBP	1,636,665		3,433,113
1.25%, 11/22/2027	GBP	2,319,646		3,956,889
1.25%, 11/22/2032	GBP	2,865,780		5,478,505
1.25%, 11/22/2055	GBP	2,273,288		7,130,012
1.88%, 11/22/2022	GBP	3,695,383		5,826,287
2.00%, 1/26/2035	GBP	3,283,800		7,207,538
2.50%, 4/16/2020	GBP	3,186,856		4,639,185
2.50%, 7/17/2024	GBP	872,164		1,482,582
4.13%, 7/22/2030	GBP	1,416,232		3,342,207
				113,865,830
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $504,882,714)				496,686,068
	Shares
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $145,158)		145,158		145,158
TOTAL INVESTMENTS — 99.5%
(Cost $505,027,872)				496,831,226
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				2,742,528
NET ASSETS — 100.0%			$	499,573,754

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 5.8% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

COP — Colombian Peso

EUR — Euro

GBP — British Pound

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

NZD — New Zealand Dollar

SEK — Swedish Krona

TRY — Turkish New Lira

ZAR — South African Rand

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Foreign Government Obligations
Australia		$—	$	21,732,026	$	—	$	21,732,026
Brazil		—		43,824,800		—		43,824,800
Canada		—		22,961,793		—		22,961,793
Chile		—		22,666,674		—		22,666,674
Colombia		—		14,470,788		—		14,470,788
France		—		40,456,474		—		40,456,474
Germany		—		22,849,924		—		22,849,924
Israel		—		22,241,927		—		22,241,927
Italy.		—		27,512,626		—		27,512,626
Japan		—		22,818,045		—		22,818,045
Mexico		—		22,400,750		—		22,400,750

See accompanying notes to financial statements.

248

SPDR Citi International Government Inflation-Protected Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
New Zealand	$	—	$	6,968,253	$	—	$	6,968,253
South Africa		—		22,992,043		—		22,992,043
South Korea		—		6,275,950		—		6,275,950
Spain		—		22,804,258		—		22,804,258
Sweden		—		17,486,083		—		17,486,083
Turkey		—		22,357,824		—		22,357,824
United Kingdom		—		113,865,830		—		113,865,830
Short-Term Investment		145,158		—		—		145,158
TOTAL INVESTMENTS		145,158	$	496,686,068	$	—	$	496,831,226

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		172,858	$	172,858		30,723,870		30,896,728		—	$	—	$	877	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		76,741,338		76,596,180		145,158		145,158		1,823		—
TOTAL			$	172,858							$	145,158	$	2,700	$	—

See accompanying notes to financial statements.

249

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS — 97.8%
AUSTRALIA — 4.5%
Australia Government Bond:
2.75%, 10/21/2019	AUD	2,700,000	$	1,996,815
3.25%, 10/21/2018	AUD	1,820,000		1,350,681
5.25%, 3/15/2019	AUD	3,135,000		2,432,155
5.50%, 1/21/2018	AUD	2,750,000		2,068,685
				7,848,336
AUSTRIA — 4.0%
Austria Government Bond:
0.25%, 10/18/2019 (a)	EUR	1,250,000		1,350,607
1.15%, 10/19/2018 (a)	EUR	940,000		1,023,886
1.95%, 6/18/2019 (a)	EUR	1,100,000		1,234,444
4.35%, 3/15/2019 (a)	EUR	1,400,000		1,639,135
4.65%, 1/15/2018 (a)	EUR	1,565,000		1,741,392
				6,989,464
BELGIUM — 4.4%
Belgium Government Bond:
1.25%, 6/22/2018	EUR	1,500,000		1,626,864
3.00%, 9/28/2019	EUR	1,900,000		2,203,626
4.00%, 3/28/2018 (a)	EUR	1,500,000		1,673,904
4.00%, 3/28/2019	EUR	1,770,000		2,062,671
				7,567,065
CANADA — 4.6%
Canadian Government Bond:
0.25%, 5/1/2018	CAD	1,150,000		852,623
0.50%, 8/1/2018	CAD	900,000		668,666
0.50%, 11/1/2018	CAD	700,000		519,630
0.50%, 2/1/2019	CAD	500,000		370,751
1.25%, 2/1/2018	CAD	1,350,000		1,013,459
1.25%, 3/1/2018	CAD	850,000		638,300
1.25%, 9/1/2018	CAD	550,000		413,535
1.75%, 3/1/2019	CAD	900,000		684,981
1.75%, 9/1/2019	CAD	1,200,000		916,127
3.75%, 6/1/2019	CAD	1,300,000		1,037,150
4.25%, 6/1/2018	CAD	1,050,000		821,788
				7,937,010
CHILE — 0.1%
Bonos del Banco Central de Chile en Pesos:
6.00%, 3/1/2018	CLP	30,000,000		46,129
6.00%, 6/1/2018	CLP	40,000,000		61,868
				107,997
CZECH REPUBLIC — 1.3%
Czech Republic Government Bond:
Zero Coupon, 1/22/2018	CZK	6,150,000		242,875
Zero Coupon, 7/17/2019	CZK	3,200,000		127,161
0.85%, 3/17/2018	CZK	5,270,000		210,156
1.50%, 10/29/2019	CZK	13,000,000		538,615
4.60%, 8/18/2018	CZK	10,000,000		426,189
5.00%, 4/11/2019	CZK	15,200,000		672,900
				2,217,896
DENMARK — 1.7%
Denmark Government Bond:
0.25%, 11/15/2018	DKK	6,485,000		933,577
4.00%, 11/15/2019	DKK	12,500,000		2,001,608
				2,935,185
FINLAND — 0.9%
Finland Government Bond:
1.13%, 9/15/2018 (a)	EUR	700,000		760,770
4.38%, 7/4/2019 (a)	EUR	740,000		878,813
				1,639,583
FRANCE — 5.9%
France Government Bond OAT:
Zero Coupon, 2/25/2018	EUR	700,000		744,291
Zero Coupon, 2/25/2019	EUR	600,000		641,985
0.50%, 11/25/2019	EUR	700,000		761,848
1.00%, 5/25/2018	EUR	850,000		917,679
1.00%, 11/25/2018	EUR	700,000		761,656
1.00%, 5/25/2019	EUR	830,000		910,504
3.75%, 10/25/2019	EUR	1,170,000		1,386,103
4.00%, 4/25/2018	EUR	1,000,000		1,120,005
4.25%, 10/25/2018	EUR	1,000,000		1,149,551
4.25%, 4/25/2019	EUR	1,120,000		1,315,969
8.50%, 10/25/2019	EUR	350,000		464,415
				10,174,006
GERMANY — 4.9%
Federal Republic of Germany:
Zero Coupon, 3/16/2018	EUR	425,000		452,569
Zero Coupon, 6/15/2018	EUR	450,000		480,203
Zero Coupon, 9/14/2018	EUR	400,000		427,572
0.25%, 4/13/2018	EUR	550,000		588,027
0.25%, 10/11/2019	EUR	630,000		683,610
0.50%, 2/23/2018	EUR	600,000		642,260
0.50%, 4/12/2019	EUR	700,000		760,191
1.00%, 10/12/2018	EUR	550,000		598,682
1.00%, 2/22/2019	EUR	600,000		657,373
3.50%, 7/4/2019	EUR	765,000		894,390
3.75%, 1/4/2019	EUR	750,000		864,038
4.00%, 1/4/2018	EUR	550,000		608,254
4.25%, 7/4/2018	EUR	650,000		737,692
				8,394,861
HONG KONG — 0.2%
Hong Kong Government Bond Programme:
0.61%, 2/5/2018	HKD	1,300,000		167,024
1.47%, 2/20/2019	HKD	1,650,000		213,948
				380,972
IRELAND — 2.2%
Ireland Government Bond:
4.40%, 6/18/2019	EUR	1,000,000		1,184,453
4.50%, 10/18/2018	EUR	1,160,000		1,334,723
5.90%, 10/18/2019	EUR	1,050,000		1,307,989
				3,827,165
ISRAEL — 1.4%
Israel Government Bond:
0.50%, 10/31/2018	ILS	1,730,000		451,002

See accompanying notes to financial statements.

250

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.25%, 5/31/2019	ILS	2,150,000	$	582,504
4.00%, 1/31/2018	ILS	2,150,000		581,407
6.00%, 2/28/2019	ILS	2,550,000		742,281
				2,357,194
ITALY — 5.7%
Italy Buoni Poliennali Del Tesoro:
0.05%, 10/15/2019	EUR	550,000		580,402
3.50%, 6/1/2018	EUR	600,000		665,547
Italy Certificati di Credito del Tesoro, Zero Coupon, 3/28/2018		245,000		258,960
Republic of Italy:
0.10%, 4/15/2019	EUR	600,000		635,071
0.25%, 5/15/2018	EUR	500,000		530,302
0.30%, 10/15/2018	EUR	350,000		371,961
0.75%, 1/15/2018	EUR	500,000		532,423
1.50%, 8/1/2019	EUR	600,000		656,904
2.50%, 5/1/2019	EUR	620,000		692,178
3.50%, 12/1/2018	EUR	800,000		902,702
4.25%, 2/1/2019	EUR	900,000		1,034,983
4.25%, 9/1/2019	EUR	500,000		586,377
4.50%, 2/1/2018	EUR	750,000		831,006
4.50%, 8/1/2018	EUR	800,000		905,904
4.50%, 3/1/2019	EUR	570,000		660,347
				9,845,067
JAPAN — 22.9%
Government of Japan 2 Year Bond:
0.10%, 1/15/2018	JPY	65,000,000		559,523
0.10%, 2/15/2018	JPY	100,000,000		860,934
0.10%, 3/15/2018	JPY	100,000,000		861,011
0.10%, 4/15/2018	JPY	135,000,000		1,162,585
0.10%, 5/15/2018	JPY	120,000,000		1,033,522
0.10%, 7/15/2018	JPY	50,000,000		430,724
0.10%, 8/15/2018	JPY	50,000,000		430,835
0.10%, 9/15/2018	JPY	100,000,000		861,697
0.10%, 10/15/2018	JPY	40,000,000		344,723
0.10%, 11/15/2018	JPY	60,000,000		517,213
Government of Japan 5 Year Bond:
0.10%, 3/20/2018	JPY	100,000,000		861,131
0.10%, 6/20/2019	JPY	100,000,000		863,129
0.10%, 9/20/2019	JPY	70,000,000		604,478
0.10%, 12/20/2019	JPY	530,000,000		4,577,717
0.20%, 9/20/2018	JPY	150,000,000		1,294,757
0.20%, 12/20/2018	JPY	330,000,000		2,851,097
0.20%, 3/20/2019	JPY	255,000,000		2,204,695
0.20%, 6/20/2019	JPY	150,000,000		1,297,869
0.20%, 9/20/2019	JPY	178,000,000		1,541,252
0.30%, 3/20/2018	JPY	100,000,000		863,206
0.30%, 6/20/2018	JPY	200,000,000		1,727,920
0.30%, 9/20/2018	JPY	100,000,000		864,732
0.40%, 3/20/2018	JPY	100,000,000		864,243
0.40%, 6/20/2018	JPY	100,000,000		865,212
Government of Japan 10 Year Bond:
1.30%, 12/20/2018	JPY	200,000,000		1,764,788
1.30%, 3/20/2019	JPY	150,000,000		1,328,002
1.30%, 9/20/2019	JPY	70,000,000		624,079
1.40%, 3/20/2018	JPY	100,000,000		874,532
1.40%, 12/20/2018	JPY	150,000,000		1,326,111
1.40%, 6/20/2019	JPY	25,000,000		222,622
1.40%, 9/20/2019	JPY	100,000,000		893,874
1.50%, 6/20/2018	JPY	100,000,000		878,956
1.50%, 9/20/2018	JPY	150,000,000		1,323,436
1.50%, 3/20/2019	JPY	100,000,000		889,133
1.50%, 6/20/2019	JPY	100,000,000		892,468
Government of Japan 20 Year Bond		30,000,000		278,595
				39,640,801
LATVIA — 0.0% (b)
Latvia Government International Bond 5.50%, 3/5/2018	EUR	75,000		84,545
LITHUANIA — 0.1%
Lithuania Government International Bond 4.85%, 2/7/2018	EUR	200,000		222,590
MALAYSIA — 2.4%
Malaysia Government Bond:
3.58%, 9/28/2018	MYR	2,850,000		634,589
3.65%, 10/31/2019	MYR	1,100,000		245,444
3.76%, 3/15/2019	MYR	4,450,000		997,114
4.38%, 11/29/2019	MYR	2,000,000		454,873
5.73%, 7/30/2019	MYR	700,000		164,190
Malaysia Government Investment Issue:
3.51%, 5/15/2018	MYR	2,250,000		500,277
3.56%, 4/30/2019	MYR	2,000,000		443,544
3.87%, 8/30/2018	MYR	1,150,000		257,092
3.91%, 8/13/2019	MYR	800,000		179,183
4.30%, 10/31/2018	MYR	1,000,000		226,161
				4,102,467
MEXICO — 2.6%
Mexican Bonos:
4.75%, 6/14/2018	MXN	22,000,000		1,036,965
5.00%, 12/11/2019	MXN	32,000,000		1,473,067
8.50%, 12/13/2018	MXN	39,700,000		1,982,771
				4,492,803
NETHERLANDS — 4.6%
Kingdom of Netherlands:
Zero Coupon, 4/15/2018 (a)	EUR	1,450,000		1,543,355
1.25%, 1/15/2018 (a)	EUR	1,330,000		1,431,623
1.25%, 1/15/2019 (a)	EUR	1,525,000		1,673,385
4.00%, 7/15/2018 (a)	EUR	1,375,000		1,556,101
4.00%, 7/15/2019 (a)	EUR	1,425,000		1,684,638
				7,889,102
NEW ZEALAND — 0.7%
New Zealand Government Bond Series 319, 5.00%, 3/15/2019	NZD	1,650,000		1,217,298

See accompanying notes to financial statements.

251

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
NORWAY — 0.8%
Norway Government Bond 4.50%, 5/22/2019 (a)	NOK	10,780,000	$	1,363,084
POLAND — 2.3%
Poland Government Bond:
Zero Coupon, 10/25/2018	PLN	3,400,000		785,430
Zero Coupon, 4/25/2019	PLN	500,000		113,846
2.50%, 7/25/2018	PLN	3,350,000		808,870
3.25%, 7/25/2019	PLN	3,000,000		735,213
3.75%, 4/25/2018	PLN	2,970,000		728,715
5.50%, 10/25/2019	PLN	3,200,000		831,296
				4,003,370
SINGAPORE — 1.4%
Singapore Government Bond:
0.50%, 4/1/2018	SGD	925,000		634,957
1.63%, 10/1/2019	SGD	660,000		457,619
2.50%, 6/1/2019	SGD	930,000		658,538
4.00%, 9/1/2018	SGD	855,000		618,077
				2,369,191
SLOVAKIA — 0.4%
Slovakia Government Bond 1.50%, 11/28/2018	EUR	590,000		642,753
SLOVENIA — 0.2%
Slovenia Government Bond 4.38%, 2/6/2019	EUR	150,000		174,382
Slovenia Government International Bond 4.00%, 3/22/2018	EUR	200,000		221,911
				396,293
SOUTH AFRICA — 0.3%
South Africa Government Bond 8.00%, 12/21/2018	ZAR	6,780,000		496,266
SOUTH KOREA — 4.5%
Korea Treasury Bond:
1.25%, 12/10/2019	KRW	500,000,000		409,569
1.50%, 6/10/2019	KRW	1,000,000,000		825,118
1.63%, 6/10/2018	KRW	1,500,000,000		1,242,120
1.75%, 12/10/2018	KRW	1,700,000,000		1,410,880
2.75%, 3/10/2018	KRW	1,300,000,000		1,091,012
2.75%, 9/10/2019	KRW	500,000,000		425,412
3.13%, 3/10/2019	KRW	755,000,000		644,646
3.25%, 9/10/2018	KRW	1,000,000,000		849,928
5.75%, 9/10/2018	KRW	1,050,000,000		928,255
				7,826,940
SPAIN — 4.6%
Kingdom of Spain:
0.25%, 4/30/2018	EUR	930,000		987,961
0.25%, 1/31/2019	EUR	825,000		877,998
2.75%, 4/30/2019	EUR	1,400,000		1,576,257
3.75%, 10/31/2018	EUR	1,000,000		1,132,935
4.10%, 7/30/2018 (a)	EUR	890,000		1,003,458
4.30%, 10/31/2019 (a)	EUR	150,000		177,625
4.50%, 1/31/2018	EUR	965,000		1,070,354
4.60%, 7/30/2019 (a)	EUR	950,000		1,123,130
				7,949,718
SWEDEN — 0.9%
Kingdom of Sweden 4.25%, 3/12/2019	SEK	13,415,000		1,636,142
SWITZERLAND — 1.1%
Switzerland Government Bond:
3.00%, 1/8/2018	CHF	960,000		982,528
3.00%, 5/12/2019	CHF	810,000		871,486
				1,854,014
THAILAND — 1.7%
Thailand Government Bond:
3.45%, 3/8/2019	THB	17,100,000		495,065
3.88%, 6/13/2019	THB	39,300,000		1,152,371
5.13%, 3/13/2018	THB	18,000,000		523,326
5.50%, 8/13/2019	THB	17,500,000		534,594
5.63%, 1/12/2019	THB	6,700,000		201,620
				2,906,976
UNITED KINGDOM — 4.5%
United Kingdom Treasury Bond:
1.25%, 7/22/2018	GBP	1,300,000		1,636,091
1.75%, 7/22/2019	GBP	900,000		1,158,792
3.75%, 9/7/2019	GBP	1,150,000		1,560,368
4.50%, 3/7/2019	GBP	1,380,000		1,871,453
5.00%, 3/7/2018	GBP	1,240,000		1,621,134
				7,847,838
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $177,396,949)				169,163,992
	Shares
SHORT-TERM INVESTMENT — 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $2,200,690)		2,200,690		2,200,690
TOTAL INVESTMENTS — 99.1%
(Cost $179,597,639)				171,364,682
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				1,538,992
NET ASSETS — 100.0%			$	172,903,674

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 12.6% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Amount shown represents less than 0.05% of net assets.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

See accompanying notes to financial statements.

252

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

At December 31, 2016, open forward foreign currency contracts were as follows:

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
Bank of America, N.A.	USD	1,691,098	RUB	104,000,000	01/31/2017	$	5,021
						$	5,021

During the period ended December 31, 2016, average notional value related to foreign currency exchange contracts was $2,017,004 or 1% of net assets.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

USD — U.S. Dollar

ZAR — South African Rand

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Foreign Government Obligations
Australia	$	—	$	7,848,336	$	—	$	7,848,336
Austria.		—		6,989,464		—		6,989,464
Belgium		—		7,567,065		—		7,567,065
Canada		—		7,937,010		—		7,937,010
Chile		—		107,997		—		107,997
Czech Republic		—		2,217,896		—		2,217,896
Denmark		—		2,935,185		—		2,935,185
Finland		—		1,639,583		—		1,639,583
France		—		10,174,006		—		10,174,006
Germany		—		8,394,861		—		8,394,861
Hong Kong		—		380,972		—		380,972
Ireland		—		3,827,165		—		3,827,165
Israel		—		2,357,194		—		2,357,194
Italy.		—		9,845,067		—		9,845,067
Japan		—		39,640,801		—		39,640,801
Latvia		—		84,545		—		84,545

See accompanying notes to financial statements.

253

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Lithuania	$	—	$	222,590	$	—	$	222,590
Malaysia		—		4,102,467		—		4,102,467
Mexico		—		4,492,803		—		4,492,803
Netherlands		—		7,889,102		—		7,889,102
New Zealand		—		1,217,298		—		1,217,298
Norway		—		1,363,084		—		1,363,084
Poland		—		4,003,370		—		4,003,370
Singapore.		—		2,369,191		—		2,369,191
Slovakia		—		642,753		—		642,753
Slovenia		—		396,293		—		396,293
South Africa		—		496,266		—		496,266
South Korea		—		7,826,940		—		7,826,940
Spain		—		7,949,718		—		7,949,718
Sweden		—		1,636,142		—		1,636,142
Switzerland		—		1,854,014		—		1,854,014
Thailand		—		2,906,976		—		2,906,976
United Kingdom		—		7,847,838		—		7,847,838
Short-Term Investment		2,200,690		—		—		2,200,690
TOTAL INVESTMENTS	$	2,200,690	$	169,163,992	$	—	$	171,364,682
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		5,021		—		5,021
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	2,200,690	$	169,169,013	$	—	$	171,369,703

(a) Forward Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class .		1,750,470	$	1,750,470		20,220,757		21,971,227		—	$	—	$	2,882	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		9,283,810		7,083,120		2,200,690		2,200,690		1,204		—
TOTAL			$	1,750,470							$	2,200,690	$	4,086	$	—

See accompanying notes to financial statements.

254

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS — 98.2%
AUSTRALIA — 4.6%
Australia Government Bond:
1.75%, 11/21/2020	AUD	4,130,000	$	2,949,682
2.25%, 5/21/2028	AUD	2,410,000		1,638,030
2.75%, 10/21/2019	AUD	5,350,000		3,956,650
2.75%, 4/21/2024	AUD	5,750,000		4,212,209
2.75%, 11/21/2027	AUD	4,200,000		3,017,361
2.75%, 6/21/2035	AUD	1,644,000		1,082,555
3.00%, 3/21/2047	AUD	1,750,000		1,090,790
3.25%, 10/21/2018	AUD	4,875,000		3,617,894
3.25%, 4/21/2025	AUD	6,100,000		4,606,914
3.25%, 4/21/2029	AUD	2,525,000		1,878,678
3.25%, 6/21/2039	AUD	800,000		548,077
3.75%, 4/21/2037	AUD	2,171,000		1,629,926
4.25%, 4/21/2026	AUD	6,775,000		5,523,149
4.50%, 4/15/2020	AUD	5,200,000		4,058,961
4.50%, 4/21/2033	AUD	2,400,000		2,016,374
4.75%, 4/21/2027	AUD	6,625,000		5,644,235
5.25%, 3/15/2019	AUD	4,750,000		3,685,084
5.50%, 1/21/2018	AUD	3,615,000		2,719,381
5.50%, 4/21/2023	AUD	4,900,000		4,180,352
5.75%, 5/15/2021	AUD	5,600,000		4,657,080
5.75%, 7/15/2022	AUD	5,050,000		4,304,661
				67,018,043
AUSTRIA — 3.4%
Austria Government Bond:
Zero Coupon, 7/15/2023 (a)	EUR	500,000		529,052
0.25%, 10/18/2019 (a)	EUR	1,900,000		2,052,923
0.75%, 10/20/2026 (a)	EUR	1,775,000		1,929,504
1.15%, 10/19/2018 (a)	EUR	1,475,000		1,606,629
1.20%, 10/20/2025 (a)	EUR	2,000,000		2,282,479
1.50%, 2/20/2047 (a)	EUR	500,000		554,265
1.50%, 11/2/2086 (a)	EUR	600,000		586,411
1.65%, 10/21/2024 (a)	EUR	2,150,000		2,541,013
1.75%, 10/20/2023 (a)	EUR	2,250,000		2,673,130
1.95%, 6/18/2019 (a)	EUR	1,500,000		1,683,333
2.40%, 5/23/2034 (a)	EUR	1,250,000		1,636,848
3.15%, 6/20/2044 (a)	EUR	1,275,000		1,962,642
3.40%, 11/22/2022 (a)	EUR	2,625,000		3,357,091
3.50%, 9/15/2021 (a)	EUR	3,150,000		3,931,463
3.65%, 4/20/2022 (a)	EUR	1,734,000		2,211,367
3.80%, 1/26/2062 (a)	EUR	750,000		1,427,059
3.90%, 7/15/2020 (a)	EUR	2,750,000		3,354,880
4.15%, 3/15/2037 (a)	EUR	2,425,000		4,030,685
4.35%, 3/15/2019 (a)	EUR	2,750,000		3,219,729
4.65%, 1/15/2018 (a)	EUR	2,775,000		3,087,772
4.85%, 3/15/2026 (a)	EUR	1,850,000		2,766,816
6.25%, 7/15/2027	EUR	1,720,000		2,914,065
				50,339,156
BELGIUM — 4.5%
Belgium Government Bond:
0.20%, 10/22/2023 (a)	EUR	1,000,000		1,067,608
0.80%, 6/22/2025 (a)	EUR	2,800,000		3,059,347
1.00%, 6/22/2026 (a)	EUR	2,600,000		2,859,210
1.00%, 6/22/2031 (a)	EUR	1,300,000		1,371,885
1.25%, 6/22/2018	EUR	2,000,000		2,169,152
1.60%, 6/22/2047 (a)	EUR	1,050,000		1,112,848
1.90%, 6/22/2038 (a)	EUR	1,300,000		1,538,207
2.15%, 6/22/2066 (a)	EUR	550,000		628,680
2.25%, 6/22/2023	EUR	2,430,000		2,955,393
2.60%, 6/22/2024 (a)	EUR	2,625,000		3,270,291
3.00%, 9/28/2019	EUR	2,225,000		2,580,562
3.00%, 6/22/2034 (a)	EUR	1,400,000		1,923,337
3.75%, 9/28/2020 (a)	EUR	3,900,000		4,781,150
3.75%, 6/22/2045	EUR	1,650,000		2,656,267
4.00%, 3/28/2018 (a)	EUR	1,675,000		1,869,193
4.00%, 3/28/2019	EUR	2,100,000		2,447,237
4.00%, 3/28/2022	EUR	2,375,000		3,079,585
4.00%, 3/28/2032	EUR	1,510,000		2,273,065
4.25%, 9/28/2021 (a)	EUR	3,025,000		3,901,479
4.25%, 9/28/2022	EUR	2,690,000		3,571,809
4.25%, 3/28/2041 (a)	EUR	2,650,000		4,486,350
4.50%, 3/28/2026 (a)	EUR	1,500,000		2,170,881
5.00%, 3/28/2035 (a)	EUR	3,227,000		5,623,897
5.50%, 3/28/2028	EUR	3,125,000		5,040,762
				66,438,195
CANADA — 4.6%
Canada Government International Bond		700,000		590,812
Canadian Government Bond:
0.25%, 5/1/2018	CAD	3,150,000		2,335,446
0.50%, 8/1/2018	CAD	3,500,000		2,600,369
0.50%, 11/1/2018	CAD	3,200,000		2,375,452
0.50%, 2/1/2019	CAD	1,500,000		1,112,252
0.50%, 3/1/2022	CAD	1,500,000		1,079,579
0.75%, 9/1/2020	CAD	2,575,000		1,903,221
0.75%, 3/1/2021	CAD	3,100,000		2,281,362
0.75%, 9/1/2021	CAD	2,975,000		2,181,696
1.00%, 6/1/2027	CAD	1,500,000		1,030,398
1.25%, 2/1/2018	CAD	3,850,000		2,890,235
1.25%, 3/1/2018	CAD	2,300,000		1,727,165
1.25%, 9/1/2018	CAD	1,750,000		1,315,792
1.50%, 3/1/2020	CAD	2,400,000		1,821,033
1.50%, 6/1/2023	CAD	3,150,000		2,363,798
1.50%, 6/1/2026	CAD	2,650,000		1,938,518
1.75%, 3/1/2019	CAD	2,300,000		1,750,507
1.75%, 9/1/2019	CAD	3,350,000		2,557,521
2.25%, 6/1/2025	CAD	2,750,000		2,149,985
2.50%, 6/1/2024	CAD	3,375,000		2,689,002
2.75%, 6/1/2022	CAD	2,800,000		2,250,607
2.75%, 12/1/2048	CAD	2,425,000		1,986,401
3.25%, 6/1/2021	CAD	2,350,000		1,914,346
3.50%, 6/1/2020	CAD	2,500,000		2,022,333
3.50%, 12/1/2045	CAD	3,345,000		3,099,560
3.75%, 6/1/2019	CAD	3,825,000		3,051,614
4.00%, 6/1/2041	CAD	3,100,000		3,021,058
4.25%, 6/1/2018	CAD	2,150,000		1,682,709
5.00%, 6/1/2037	CAD	2,800,000		3,002,319
5.75%, 6/1/2029	CAD	2,300,000		2,418,992
5.75%, 6/1/2033	CAD	2,700,000		2,995,580
8.00%, 6/1/2027	CAD	1,000,000		1,180,411
				67,320,073

See accompanying notes to financial statements.

255

SPDR Bloomberg Barclays International Treasury Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CHILE — 0.1%
Bonos del Banco Central de Chile en Pesos:
4.50%, 4/1/2020	CLP	130,000,000	$	199,370
4.50%, 6/1/2020	CLP	195,000,000		299,423
6.00%, 2/1/2021	CLP	50,000,000		80,726
6.00%, 3/1/2022	CLP	190,000,000		312,347
Chile Government International Bond		175,000,000		274,890
				1,166,756
CZECH REPUBLIC — 0.6%
Czech Republic Government Bond:
Zero Coupon, 1/22/2018	CZK	7,320,000		289,080
Zero Coupon, 7/17/2019	CZK	10,870,000		431,950
0.45%, 10/25/2023	CZK	4,870,000		193,485
0.85%, 3/17/2018	CZK	9,730,000		388,012
0.95%, 5/15/2030	CZK	6,000,000		238,984
1.00%, 6/26/2026	CZK	8,750,000		358,632
1.50%, 10/29/2019	CZK	17,000,000		704,342
2.40%, 9/17/2025	CZK	10,700,000		489,692
2.50%, 8/25/2028	CZK	10,610,000		498,693
3.75%, 9/12/2020	CZK	17,100,000		770,550
3.85%, 9/29/2021	CZK	17,220,000		802,777
4.20%, 12/4/2036	CZK	6,300,000		393,095
4.60%, 8/18/2018	CZK	15,200,000		647,808
4.70%, 9/12/2022	CZK	15,170,000		754,368
4.85%, 11/26/2057	CZK	2,000,000		148,221
5.00%, 4/11/2019	CZK	17,500,000		774,720
5.70%, 5/25/2024	CZK	18,000,000		988,604
				8,873,013
DENMARK — 1.4%
Denmark Government Bond:
0.25%, 11/15/2018	DKK	11,480,000		1,652,654
1.50%, 11/15/2023	DKK	12,135,000		1,894,384
1.75%, 11/15/2025	DKK	18,160,000		2,899,487
3.00%, 11/15/2021	DKK	19,500,000		3,209,722
4.00%, 11/15/2019	DKK	18,850,000		3,018,425
4.50%, 11/15/2039	DKK	27,620,000		6,752,593
7.00%, 11/10/2024	DKK	4,700,000		1,026,786
				20,454,051
FINLAND — 1.3%
Finland Government Bond:
Zero Coupon, 9/15/2023 (a)	EUR	950,000		1,005,352
0.38%, 9/15/2020 (a)	EUR	1,150,000		1,253,560
0.50%, 4/15/2026 (a)	EUR	1,131,000		1,209,504
0.75%, 4/15/2031 (a)	EUR	1,000,000		1,056,859
0.88%, 9/15/2025 (a)	EUR	963,000		1,071,203
1.13%, 9/15/2018 (a)	EUR	1,115,000		1,211,798
1.50%, 4/15/2023 (a)	EUR	1,100,000		1,280,631
1.63%, 9/15/2022 (a)	EUR	1,050,000		1,228,457
2.00%, 4/15/2024 (a)	EUR	1,115,000		1,346,135
2.63%, 7/4/2042 (a)	EUR	950,000		1,366,344
2.75%, 7/4/2028 (a)	EUR	1,000,000		1,321,203
3.38%, 4/15/2020 (a)	EUR	1,300,000		1,550,703
3.50%, 4/15/2021 (a)	EUR	1,275,000		1,575,414
4.00%, 7/4/2025 (a)	EUR	1,192,000		1,667,449
4.38%, 7/4/2019 (a)	EUR	1,100,000		1,306,344
				19,450,956
FRANCE — 6.8%
France Government Bond OAT:
Zero Coupon, 2/25/2018	EUR	1,200,000		1,275,927
Zero Coupon, 2/25/2019	EUR	1,400,000		1,497,964
Zero Coupon, 5/25/2020	EUR	2,100,000		2,252,346
Zero Coupon, 5/25/2021	EUR	1,950,000		2,084,763
0.25%, 11/25/2020	EUR	1,800,000		1,948,150
0.25%, 11/25/2026	EUR	700,000		707,888
0.50%, 11/25/2019	EUR	1,950,000		2,122,291
0.50%, 5/25/2025	EUR	2,150,000		2,288,011
0.50%, 5/25/2026	EUR	2,300,000		2,401,860
1.00%, 5/25/2018	EUR	1,650,000		1,781,376
1.00%, 11/25/2018	EUR	1,600,000		1,740,928
1.00%, 5/25/2019	EUR	1,450,000		1,590,639
1.00%, 11/25/2025	EUR	1,725,000		1,895,584
1.25%, 5/25/2036 (a)	EUR	1,075,000		1,119,880
1.50%, 5/25/2031	EUR	1,800,000		2,011,958
1.75%, 5/25/2023	EUR	2,250,000		2,633,925
1.75%, 11/25/2024	EUR	1,750,000		2,061,514
1.75%, 5/25/2066 (a)	EUR	600,000		615,430
2.25%, 10/25/2022	EUR	1,900,000		2,276,396
2.25%, 5/25/2024	EUR	1,700,000		2,067,615
2.50%, 10/25/2020	EUR	2,350,000		2,759,584
2.50%, 5/25/2030	EUR	2,400,000		3,020,466
2.75%, 10/25/2027	EUR	2,700,000		3,435,103
3.00%, 4/25/2022	EUR	2,650,000		3,269,050
3.25%, 10/25/2021	EUR	2,500,000		3,086,198
3.25%, 5/25/2045	EUR	1,600,000		2,322,357
3.50%, 4/25/2020	EUR	2,650,000		3,169,713
3.50%, 4/25/2026	EUR	2,200,000		2,938,548
3.75%, 10/25/2019	EUR	2,500,000		2,961,759
3.75%, 4/25/2021	EUR	2,500,000		3,107,241
4.00%, 4/25/2018	EUR	2,075,000		2,324,011
4.00%, 10/25/2038	EUR	1,750,000		2,765,167
4.00%, 4/25/2055	EUR	1,000,000		1,744,061
4.00%, 4/25/2060	EUR	500,000		895,312
4.25%, 10/25/2018	EUR	2,000,000		2,299,102
4.25%, 4/25/2019	EUR	2,000,000		2,349,945
4.25%, 10/25/2023	EUR	2,750,000		3,726,846
4.50%, 4/25/2041	EUR	1,950,000		3,327,842
4.75%, 4/25/2035	EUR	1,900,000		3,171,321
5.50%, 4/25/2029	EUR	2,350,000		3,828,914
5.75%, 10/25/2032	EUR	1,500,000		2,659,077
6.00%, 10/25/2025	EUR	1,400,000		2,194,485
8.50%, 10/25/2019	EUR	400,000		530,760
8.50%, 4/25/2023	EUR	800,000		1,297,211
				99,558,518
GERMANY — 4.7%
Bundesrepublik Deutschland:
Zero Coupon, 8/15/2026	EUR	2,125,000		2,199,648
4.75%, 7/4/2028	EUR	600,000		948,938
6.25%, 1/4/2024	EUR	200,000		306,974
Federal Republic of Germany:
Zero Coupon, 3/16/2018	EUR	800,000		851,895

See accompanying notes to financial statements.

256

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Zero Coupon, 6/15/2018	EUR	1,600,000	$	1,707,387
Zero Coupon, 9/14/2018	EUR	850,000		908,590
Zero Coupon, 4/17/2020	EUR	1,000,000		1,080,338
Zero Coupon, 4/9/2021	EUR	1,400,000		1,515,691
Zero Coupon, 10/8/2021	EUR	1,450,000		1,569,228
0.25%, 4/13/2018	EUR	1,000,000		1,069,141
0.25%, 10/11/2019	EUR	550,000		596,802
0.25%, 10/16/2020	EUR	1,250,000		1,365,107
0.50%, 2/23/2018	EUR	1,040,000		1,113,251
0.50%, 4/12/2019	EUR	1,000,000		1,085,987
0.50%, 2/15/2025	EUR	1,250,000		1,377,227
0.50%, 2/15/2026	EUR	2,673,000		2,920,877
1.00%, 10/12/2018	EUR	1,000,000		1,088,512
1.00%, 2/22/2019	EUR	1,000,000		1,095,622
1.00%, 8/15/2024	EUR	1,075,000		1,231,821
1.00%, 8/15/2025	EUR	1,308,000		1,496,979
1.50%, 9/4/2022	EUR	900,000		1,052,689
1.50%, 2/15/2023	EUR	1,100,000		1,292,112
1.50%, 5/15/2023	EUR	1,000,000		1,177,500
1.50%, 5/15/2024	EUR	1,184,000		1,403,391
1.75%, 7/4/2022	EUR	1,500,000		1,773,480
1.75%, 2/15/2024	EUR	2,000,000		2,404,729
2.00%, 1/4/2022	EUR	1,000,000		1,187,764
2.00%, 8/15/2023	EUR	1,325,000		1,610,376
2.25%, 9/4/2020	EUR	1,000,000		1,170,931
2.25%, 9/4/2021	EUR	1,000,000		1,196,034
2.50%, 1/4/2021	EUR	1,100,000		1,309,358
2.50%, 7/4/2044	EUR	1,132,000		1,660,471
2.50%, 8/15/2046	EUR	1,850,000		2,745,294
3.00%, 7/4/2020	EUR	1,000,000		1,193,418
3.25%, 1/4/2020	EUR	1,250,000		1,479,366
3.25%, 7/4/2021	EUR	1,030,000		1,278,738
3.25%, 7/4/2042	EUR	1,000,000		1,631,500
3.50%, 7/4/2019	EUR	1,300,000		1,519,879
3.75%, 1/4/2019	EUR	1,000,000		1,152,051
4.00%, 1/4/2018	EUR	200,000		221,183
4.00%, 1/4/2037	EUR	1,477,000		2,515,277
4.25%, 7/4/2018	EUR	1,090,000		1,237,053
4.25%, 7/4/2039	EUR	1,350,000		2,446,695
4.75%, 7/4/2034	EUR	1,300,000		2,315,163
4.75%, 7/4/2040	EUR	825,000		1,609,654
5.50%, 1/4/2031	EUR	1,100,000		1,953,872
5.63%, 1/4/2028	EUR	900,000		1,498,535
6.25%, 1/4/2030	EUR	500,000		919,496
6.50%, 7/4/2027	EUR	450,000		783,377
				69,269,401
HONG KONG — 0.1%
Hong Kong Government Bond Programme:
0.61%, 2/5/2018	HKD	1,650,000		211,991
0.91%, 11/5/2020	HKD	1,400,000		176,377
1.06%, 2/5/2020	HKD	1,850,000		236,354
1.10%, 1/17/2023	HKD	2,300,000		285,988
1.47%, 2/20/2019	HKD	3,200,000		414,930
2.22%, 8/7/2024	HKD	750,000		99,002
2.46%, 8/4/2021	HKD	800,000		107,229
2.93%, 1/13/2020	HKD	1,250,000		168,602
				1,700,473
IRELAND — 1.7%
Ireland Government Bond:
0.80%, 3/15/2022	EUR	1,275,000		1,409,206
1.00%, 5/15/2026	EUR	1,500,000		1,616,324
2.00%, 2/18/2045	EUR	1,250,000		1,412,258
2.40%, 5/15/2030	EUR	1,750,000		2,124,794
3.40%, 3/18/2024	EUR	1,850,000		2,372,424
3.90%, 3/20/2023	EUR	1,100,000		1,434,549
4.40%, 6/18/2019	EUR	1,620,000		1,918,813
4.50%, 10/18/2018	EUR	2,050,000		2,358,778
4.50%, 4/18/2020	EUR	2,275,000		2,792,402
5.00%, 10/18/2020	EUR	1,755,000		2,237,004
5.40%, 3/13/2025	EUR	2,500,000		3,657,166
5.90%, 10/18/2019	EUR	1,400,000		1,743,986
				25,077,704
ISRAEL — 0.8%
Israel Government Bond:
0.50%, 10/31/2018	ILS	2,635,000		686,931
1.00%, 4/30/2021	ILS	1,400,000		363,819
1.75%, 8/31/2025	ILS	3,050,000		772,600
2.25%, 5/31/2019	ILS	3,110,000		842,599
3.75%, 3/31/2024	ILS	2,650,000		783,393
4.00%, 1/31/2018	ILS	4,500,000		1,216,898
4.25%, 3/31/2023	ILS	5,500,000		1,665,341
5.00%, 1/31/2020	ILS	4,150,000		1,221,497
5.50%, 1/31/2022	ILS	3,225,000		1,017,253
5.50%, 1/31/2042	ILS	3,395,000		1,221,013
6.00%, 2/28/2019	ILS	2,950,000		858,717
6.25%, 10/30/2026	ILS	3,380,000		1,199,347
				11,849,408
ITALY — 6.7%
Italy Buoni Poliennali Del Tesoro:
0.05%, 10/15/2019	EUR	500,000		527,639
0.35%, 11/1/2021	EUR	1,500,000		1,562,719
0.45%, 6/1/2021	EUR	1,250,000		1,317,111
0.65%, 10/15/2023	EUR	625,000		635,923
0.95%, 3/15/2023	EUR	800,000		838,973
1.25%, 12/1/2026	EUR	1,150,000		1,151,197
1.60%, 6/1/2026	EUR	1,000,000		1,042,504
2.25%, 9/1/2036 (a)	EUR	1,525,000		1,561,703
2.80%, 3/1/2067 (a)	EUR	500,000		469,314
3.50%, 6/1/2018	EUR	1,300,000		1,442,018
3.75%, 8/1/2021	EUR	1,750,000		2,115,545
7.25%, 11/1/2026	EUR	400,000		630,055
Italy Certificati di Credito del Tesoro, Zero Coupon, 3/28/2018		600,000		634,188
Republic of Italy:
0.10%, 4/15/2019	EUR	1,100,000		1,164,297
0.25%, 5/15/2018	EUR	875,000		928,028
0.30%, 10/15/2018	EUR	850,000		903,333
0.65%, 11/1/2020	EUR	1,000,000		1,071,088
0.70%, 5/1/2020	EUR	800,000		859,076
0.75%, 1/15/2018	EUR	1,150,000		1,224,573
1.05%, 12/1/2019	EUR	1,000,000		1,085,180
1.35%, 4/15/2022	EUR	1,400,000		1,517,479
1.45%, 9/15/2022	EUR	1,025,000		1,114,767

See accompanying notes to financial statements.

257

SPDR Bloomberg Barclays International Treasury Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
1.50%, 8/1/2019	EUR	1,100,000	$	1,204,324
1.50%, 6/1/2025	EUR	1,425,000		1,495,407
1.65%, 3/1/2032 (a)	EUR	1,305,000		1,289,829
2.00%, 12/1/2025	EUR	1,200,000		1,299,069
2.15%, 12/15/2021	EUR	1,050,000		1,188,663
2.50%, 5/1/2019	EUR	1,450,000		1,618,803
2.50%, 12/1/2024	EUR	2,000,000		2,271,590
2.70%, 3/1/2047 (a)	EUR	855,000		865,171
3.25%, 9/1/2046 (a)	EUR	800,000		903,247
3.50%, 12/1/2018	EUR	1,525,000		1,720,776
3.50%, 3/1/2030 (a)	EUR	1,400,000		1,708,444
3.75%, 3/1/2021	EUR	1,500,000		1,801,724
3.75%, 5/1/2021	EUR	1,000,000		1,201,111
3.75%, 9/1/2024	EUR	1,500,000		1,847,481
4.00%, 9/1/2020	EUR	1,500,000		1,799,351
4.00%, 2/1/2037	EUR	1,400,000		1,815,659
4.25%, 2/1/2019	EUR	1,500,000		1,724,972
4.25%, 9/1/2019	EUR	1,625,000		1,905,724
4.25%, 3/1/2020	EUR	1,500,000		1,785,191
4.50%, 2/1/2018	EUR	1,500,000		1,662,013
4.50%, 8/1/2018	EUR	1,725,000		1,953,355
4.50%, 3/1/2019	EUR	1,925,000		2,230,119
4.50%, 2/1/2020	EUR	1,250,000		1,494,844
4.50%, 5/1/2023	EUR	1,450,000		1,846,806
4.50%, 3/1/2024	EUR	1,875,000		2,408,924
4.50%, 3/1/2026	EUR	1,550,000		2,016,603
4.75%, 9/1/2021	EUR	1,850,000		2,326,422
4.75%, 8/1/2023 (a)	EUR	1,650,000		2,145,011
4.75%, 9/1/2028 (a)	EUR	1,550,000		2,100,465
4.75%, 9/1/2044 (a)	EUR	1,000,000		1,426,592
5.00%, 3/1/2022	EUR	1,250,000		1,600,509
5.00%, 3/1/2025 (a)	EUR	1,750,000		2,340,306
5.00%, 8/1/2034	EUR	1,475,000		2,126,053
5.00%, 8/1/2039	EUR	1,300,000		1,905,851
5.00%, 9/1/2040	EUR	1,450,000		2,113,613
5.25%, 11/1/2029	EUR	1,750,000		2,498,861
5.50%, 9/1/2022	EUR	900,000		1,191,046
5.50%, 11/1/2022	EUR	1,500,000		1,987,226
5.75%, 2/1/2033	EUR	1,066,000		1,635,675
6.00%, 5/1/2031	EUR	1,450,000		2,240,751
6.50%, 11/1/2027	EUR	1,850,000		2,820,586
				97,314,877
JAPAN — 22.9%
Government of Japan 2 Year Bond:
0.10%, 1/15/2018	JPY	310,000,000		2,668,496
0.10%, 2/15/2018	JPY	575,000,000		4,950,369
0.10%, 3/15/2018	JPY	300,000,000		2,583,033
0.10%, 5/15/2018	JPY	80,000,000		689,014
0.10%, 6/15/2018	JPY	100,000,000		861,362
0.10%, 7/15/2018	JPY	220,000,000		1,895,186
0.10%, 9/15/2018	JPY	500,000,000		4,308,484
0.10%, 10/15/2018	JPY	400,000,000		3,447,233
0.10%, 11/15/2018	JPY	500,000,000		4,310,113
0.10%, 12/15/2018	JPY	300,000,000		2,586,711
0.10%, 1/15/2019	JPY	500,000,000		4,310,711
Government of Japan 5 Year Bond:
0.10%, 3/20/2018	JPY	40,000,000		344,452
0.10%, 6/20/2019	JPY	445,000,000		3,840,922
0.10%, 9/20/2019	JPY	200,000,000		1,727,080
0.10%, 12/20/2019	JPY	250,000,000		2,159,300
0.10%, 3/20/2020	JPY	450,000,000		3,887,744
0.10%, 6/20/2020	JPY	300,000,000		2,592,138
0.10%, 9/20/2020	JPY	200,000,000		1,729,069
0.10%, 12/20/2020	JPY	300,000,000		2,594,453
0.10%, 3/20/2021	JPY	360,000,000		3,114,763
0.10%, 6/20/2021	JPY	650,000,000		5,624,157
0.10%, 9/20/2021	JPY	500,000,000		4,327,732
0.10%, 12/20/2021	JPY	250,000,000		2,165,023
0.20%, 12/20/2018	JPY	400,000,000		3,455,875
0.20%, 9/20/2018	JPY	415,000,000		3,582,161
0.20%, 3/20/2019	JPY	530,000,000		4,582,306
0.20%, 6/20/2019	JPY	500,000,000		4,326,231
0.20%, 9/20/2019	JPY	150,000,000		1,298,808
0.30%, 3/20/2018	JPY	330,000,000		2,848,579
0.30%, 6/20/2018	JPY	235,000,000		2,030,307
0.30%, 9/20/2018	JPY	160,000,000		1,383,571
0.40%, 3/20/2018	JPY	180,000,000		1,555,638
0.40%, 6/20/2018	JPY	200,000,000		1,730,424
Government of Japan 10 Year Bond:
0.10%, 3/20/2026	JPY	1,200,000,000		10,369,066
0.10%, 6/20/2026	JPY	800,000,000		6,908,115
0.10%, 9/20/2026	JPY	800,000,000		6,898,718
0.10%, 12/20/2026	JPY	300,000,000		2,585,347
0.30%, 12/20/2024	JPY	325,000,000		2,856,662
0.30%, 12/20/2025	JPY	560,000,000		4,926,425
0.40%, 3/20/2025	JPY	500,000,000		4,431,260
0.40%, 6/20/2025	JPY	400,000,000		3,544,665
0.40%, 9/20/2025	JPY	465,000,000		4,123,942
0.50%, 9/20/2024	JPY	250,000,000		2,228,834
0.50%, 12/20/2024	JPY	224,950,000		2,007,992
0.60%, 3/20/2023	JPY	315,000,000		2,814,785
0.60%, 9/20/2023	JPY	150,000,000		1,343,628
0.60%, 12/20/2023	JPY	250,000,000		2,241,866
0.60%, 3/20/2024	JPY	275,000,000		2,466,665
0.60%, 6/20/2024	JPY	375,000,000		3,366,592
0.70%, 12/20/2022	JPY	200,000,000		1,795,070
0.80%, 9/20/2020	JPY	200,000,000		1,773,413
0.80%, 6/20/2022	JPY	199,950,000		1,797,536
0.80%, 9/20/2022	JPY	400,000,000		3,602,624
0.80%, 12/20/2022	JPY	300,000,000		2,708,012
0.80%, 6/20/2023	JPY	250,000,000		2,264,136
0.80%, 9/20/2023	JPY	225,000,000		2,041,581
0.90%, 3/20/2022	JPY	235,000,000		2,119,282
0.90%, 6/20/2022	JPY	300,000,000		2,711,073
1.00%, 9/20/2020	JPY	250,000,000		2,232,735
1.00%, 9/20/2021	JPY	300,000,000		2,706,160
1.00%, 12/20/2021	JPY	200,000,000		1,808,051
1.00%, 3/20/2022	JPY	275,000,000		2,492,483
1.10%, 6/20/2021	JPY	200,000,000		1,807,228
1.10%, 9/20/2021	JPY	270,000,000		2,446,494
1.20%, 12/20/2020	JPY	370,000,000		3,337,820
1.20%, 6/20/2021	JPY	525,000,000		4,764,138

See accompanying notes to financial statements.

258

SPDR Bloomberg Barclays International Treasury Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
1.30%, 3/20/2018	JPY	300,000,000	$	2,620,483
1.30%, 12/20/2019	JPY	377,000,000		3,371,618
1.30%, 3/20/2021	JPY	275,000,000		2,497,953
1.50%, 6/20/2018	JPY	90,000,000		791,060
Government of Japan 20 Year Bond:
0.20%, 6/20/2036	JPY	350,000,000		2,800,780
0.40%, 3/20/2036	JPY	250,000,000		2,087,817
0.50%, 9/20/2036	JPY	400,000,000		3,381,352
0.60%, 12/20/2036	JPY	100,000,000		860,765
1.00%, 12/20/2035	JPY	250,000,000		2,324,452
1.20%, 12/20/2034	JPY	250,000,000		2,414,027
1.20%, 3/20/2035	JPY	205,000,000		1,977,322
1.20%, 9/20/2035	JPY	170,000,000		1,635,635
1.30%, 6/20/2035	JPY	250,000,000		2,445,857
1.40%, 9/20/2034	JPY	100,000,000		995,327
1.50%, 3/20/2033	JPY	200,000,000		2,021,091
1.50%, 3/20/2034	JPY	200,000,000		2,021,194
1.50%, 6/20/2034	JPY	200,000,000		2,020,457
1.60%, 3/20/2032	JPY	180,000,000		1,843,520
1.60%, 12/20/2033	JPY	200,000,000		2,049,573
1.70%, 9/20/2032	JPY	200,000,000		2,075,415
1.70%, 12/20/2032	JPY	200,000,000		2,075,518
1.70%, 6/20/2033	JPY	100,000,000		1,038,402
1.70%, 9/20/2033	JPY	200,000,000		2,077,130
1.80%, 9/20/2030	JPY	251,350,000		2,617,436
1.80%, 9/20/2031	JPY	260,000,000		2,723,385
1.80%, 12/20/2031	JPY	250,000,000		2,621,876
1.90%, 9/20/2022	JPY	350,000,000		3,341,647
1.90%, 12/20/2023	JPY	55,000,000		536,066
1.90%, 3/20/2029	JPY	324,300,000		3,372,153
1.90%, 9/20/2030	JPY	231,000,000		2,431,961
1.90%, 3/20/2031	JPY	55,000,000		581,594
2.00%, 12/20/2024	JPY	175,000,000		1,741,448
2.10%, 9/21/2021	JPY	40,000,000		378,624
2.10%, 9/20/2024	JPY	300,000,000		2,992,232
2.10%, 9/20/2025	JPY	370,000,000		3,751,169
2.10%, 12/20/2026	JPY	100,000,000		1,032,563
2.10%, 9/20/2029	JPY	357,750,000		3,812,237
2.10%, 3/20/2030	JPY	190,000,000		2,034,801
2.20%, 9/20/2026	JPY	60,000,000		622,254
2.20%, 3/20/2031	JPY	300,000,000		3,278,793
2.30%, 6/20/2027	JPY	100,000,000		1,056,955
2.60%, 3/20/2019	JPY	100,000,000		909,976
Government of Japan 30 Year Bond:
0.30%, 6/20/2046	JPY	150,000,000		1,148,352
0.50%, 9/20/2046	JPY	40,000,000		324,242
0.80%, 3/20/2046	JPY	240,000,000		2,110,646
1.40%, 9/20/2045	JPY	110,000,000		1,113,694
1.40%, 12/20/2045	JPY	205,000,000		2,078,350
1.50%, 3/20/2045	JPY	70,000,000		722,782
1.70%, 6/20/2033	JPY	210,000,000		2,180,644
1.70%, 3/20/2044	JPY	250,000,000		2,683,543
1.70%, 9/20/2044	JPY	215,000,000		2,309,727
1.80%, 3/20/2043	JPY	150,000,000		1,634,034
1.80%, 9/20/2043	JPY	170,000,000		1,855,884
1.90%, 9/20/2042	JPY	275,000,000		3,046,562
2.00%, 9/20/2040	JPY	212,200,000		2,359,625
2.00%, 3/20/2042	JPY	125,000,000		1,403,588
2.20%, 3/20/2041	JPY	205,550,000		2,374,201
2.30%, 12/20/2035	JPY	100,000,000		1,130,630
2.30%, 3/20/2039	JPY	170,900,000		1,969,815
2.30%, 3/20/2040	JPY	116,550,000		1,356,251
2.40%, 3/20/2037	JPY	30,000,000		345,480
2.50%, 9/20/2034	JPY	270,000,000		3,121,291
2.50%, 9/20/2035	JPY	210,000,000		2,435,179
2.50%, 3/20/2036	JPY	70,000,000		813,581
2.50%, 9/20/2037	JPY	150,000,000		1,759,399
Government of Japan 40 Year Bond:
0.40%, 3/20/2056	JPY	205,000,000		1,527,266
1.40%, 3/20/2055	JPY	160,000,000		1,650,784
1.70%, 3/20/2054	JPY	150,000,000		1,670,583
1.90%, 3/20/2053	JPY	220,000,000		2,559,949
2.00%, 3/20/2052	JPY	100,000,000		1,184,550
				335,168,393
LATVIA — 0.1%
Republic of Latvia:
0.38%, 10/7/2026	EUR	200,000		200,139
0.50%, 12/15/2020	EUR	200,000		213,587
1.38%, 5/16/2036	EUR	150,000		155,650
2.63%, 1/21/2021	EUR	250,000		290,056
2.88%, 4/30/2024	EUR	200,000		245,757
				1,105,189
LITHUANIA — 0.1%
Lithuania Government International Bond:
1.25%, 10/22/2025	EUR	100,000		109,711
2.13%, 10/29/2026	EUR	300,000		352,658
2.13%, 10/22/2035	EUR	200,000		231,053
3.38%, 1/22/2024	EUR	200,000		253,412
4.85%, 2/7/2018	EUR	250,000		278,238
				1,225,072
LUXEMBOURG — 0.1%
Luxembourg Government Bond:
2.13%, 7/10/2023	EUR	420,000		507,770
2.25%, 3/21/2022	EUR	300,000		358,114
2.25%, 3/19/2028	EUR	150,000		191,355
3.38%, 5/18/2020	EUR	400,000		475,647
				1,532,886
MALAYSIA — 1.7%
Malaysia Government Bond:
3.26%, 3/1/2018	MYR	2,825,000		628,734
3.58%, 9/28/2018	MYR	2,150,000		478,725
3.62%, 11/30/2021	MYR	2,000,000		444,628
3.65%, 10/31/2019	MYR	9,000,000		2,008,180
3.76%, 3/15/2019	MYR	7,000,000		1,568,493
3.84%, 4/15/2033	MYR	5,300,000		1,048,963
3.89%, 7/31/2020	MYR	5,000,000		1,121,807
3.90%, 11/30/2026	MYR	6,500,000		1,409,396
3.96%, 9/15/2025	MYR	3,000,000		648,504
4.05%, 9/30/2021	MYR	4,300,000		962,235
4.18%, 7/15/2024	MYR	10,225,000		2,258,086

See accompanying notes to financial statements.

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December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.25%, 5/31/2035	MYR	2,000,000	$	421,498
4.39%, 4/15/2026	MYR	2,000,000		444,313
4.74%, 3/15/2046	MYR	1,500,000		338,921
4.94%, 9/30/2043	MYR	2,000,000		445,238
Malaysia Government Investment Issue:
3.51%, 5/15/2018	MYR	1,850,000		411,339
3.74%, 8/26/2021	MYR	12,000,000		2,660,006
3.80%, 8/27/2020	MYR	5,000,000		1,112,864
3.87%, 8/30/2018	MYR	1,500,000		335,338
3.99%, 10/15/2025	MYR	3,000,000		648,522
4.07%, 9/30/2026	MYR	4,000,000		869,839
4.19%, 7/15/2022	MYR	5,800,000		1,296,432
4.44%, 5/22/2024	MYR	8,000,000		1,793,305
4.79%, 10/31/2035	MYR	1,000,000		225,311
4.94%, 12/6/2028	MYR	3,725,000		838,861
				24,419,538
MEXICO — 1.8%
Mexican Bonos:
4.75%, 6/14/2018	MXN	42,800,000		2,017,368
5.00%, 12/11/2019	MXN	55,100,000		2,537,697
5.75%, 3/5/2026	MXN	33,450,000		1,440,661
6.50%, 6/10/2021	MXN	55,050,000		2,605,666
6.50%, 6/9/2022	MXN	27,600,000		1,293,479
7.50%, 6/3/2027	MXN	19,650,000		949,265
7.75%, 5/29/2031	MXN	25,470,000		1,234,038
7.75%, 11/23/2034	MXN	25,350,000		1,219,705
7.75%, 11/13/2042	MXN	43,500,000		2,079,778
8.00%, 6/11/2020	MXN	32,200,000		1,608,540
8.00%, 12/7/2023	MXN	23,000,000		1,158,055
8.50%, 12/13/2018	MXN	52,100,000		2,602,074
8.50%, 5/31/2029	MXN	20,000,000		1,032,565
8.50%, 11/18/2038	MXN	22,000,000		1,134,281
10.00%, 12/5/2024	MXN	50,000,000		2,808,580
10.00%, 11/20/2036	MXN	13,700,000		808,457
				26,530,209
NETHERLANDS — 4.5%
Kingdom of Netherlands:
Zero Coupon, 4/15/2018 (a)	EUR	2,700,000		2,873,834
0.25%, 1/15/2020	EUR	2,800,000		3,038,890
0.25%, 7/15/2025 (a)	EUR	2,825,000		2,993,357
1.25%, 1/15/2018 (a)	EUR	2,600,000		2,798,661
1.25%, 1/15/2019 (a)	EUR	2,825,000		3,099,877
1.75%, 7/15/2023 (a)	EUR	2,900,000		3,442,511
2.00%, 7/15/2024 (a)	EUR	2,800,000		3,388,596
2.25%, 7/15/2022 (a)	EUR	2,850,000		3,440,587
2.50%, 1/15/2033 (a)	EUR	2,400,000		3,232,048
2.75%, 1/15/2047 (a)	EUR	2,100,000		3,210,606
3.25%, 7/15/2021 (a)	EUR	3,125,000		3,868,846
3.50%, 7/15/2020 (a)	EUR	2,750,000		3,331,853
3.75%, 1/15/2023	EUR	2,000,000		2,628,445
3.75%, 1/15/2042 (a)	EUR	2,700,000		4,666,292
4.00%, 7/15/2018 (a)	EUR	2,750,000		3,112,202
4.00%, 7/15/2019 (a)	EUR	2,650,000		3,132,835
4.00%, 1/15/2037 (a)	EUR	3,090,000		5,208,889
5.50%, 1/15/2028	EUR	2,555,000		4,167,900
Netherlands Government Bond:
Zero Coupon, 1/15/2022 (a)	EUR	1,550,000		1,665,477
0.50%, 7/15/2026 (a)	EUR	2,425,000		2,595,291
7.50%, 1/15/2023	EUR	400,000		621,663
				66,518,660
NEW ZEALAND — 0.6%
New Zealand Government Bond:
2.75%, 4/15/2025	NZD	470,000		315,794
2.75%, 4/15/2037	NZD	400,000		229,262
3.00%, 4/15/2020	NZD	1,600,000		1,132,942
3.50%, 4/14/2033	NZD	800,000		542,605
4.50%, 4/15/2027	NZD	1,260,000		965,017
5.00%, 3/15/2019	NZD	2,580,000		1,903,412
5.50%, 4/15/2023	NZD	2,000,000		1,595,326
6.00%, 5/15/2021	NZD	2,400,000		1,900,240
				8,584,598
NORWAY — 0.6%
Norway Government Bond:
1.50%, 2/19/2026 (a)	NOK	8,805,000		1,009,961
1.75%, 3/13/2025 (a)	NOK	8,125,000		956,571
2.00%, 5/24/2023 (a)	NOK	12,225,000		1,474,380
3.00%, 3/14/2024 (a)	NOK	9,150,000		1,172,129
3.75%, 5/25/2021 (a)	NOK	16,200,000		2,095,846
4.50%, 5/22/2019 (a)	NOK	16,475,000		2,083,192
				8,792,079
POLAND — 1.4%
Poland Government Bond:
Zero Coupon, 10/25/2018	PLN	6,000,000		1,386,053
Zero Coupon, 4/25/2019	PLN	3,000,000		683,080
1.50%, 4/25/2020	PLN	6,400,000		1,482,442
1.75%, 7/25/2021	PLN	6,700,000		1,529,140
2.00%, 4/25/2021	PLN	6,200,000		1,436,116
2.25%, 4/25/2022	PLN	2,100,000		483,207
2.50%, 7/25/2018	PLN	5,185,000		1,251,937
2.50%, 7/25/2026	PLN	8,000,000		1,741,130
2.50%, 7/25/2027	PLN	1,400,000		300,673
3.25%, 7/25/2019	PLN	4,800,000		1,176,341
3.25%, 7/25/2025	PLN	6,050,000		1,422,300
3.75%, 4/25/2018	PLN	4,250,000		1,042,774
4.00%, 10/25/2023	PLN	5,500,000		1,370,290
5.25%, 10/25/2020	PLN	3,500,000		915,854
5.50%, 10/25/2019	PLN	4,200,000		1,091,076
5.75%, 10/25/2021	PLN	3,550,000		958,023
5.75%, 9/23/2022	PLN	4,000,000		1,087,224
5.75%, 4/25/2029	PLN	1,500,000		424,886
				19,782,546
SINGAPORE — 0.9%
Singapore Government Bond:
0.50%, 4/1/2018	SGD	2,000,000		1,372,880
1.25%, 10/1/2021	SGD	1,000,000		672,949
1.63%, 10/1/2019	SGD	1,225,000		849,368
2.00%, 7/1/2020	SGD	600,000		420,046
2.13%, 6/1/2026	SGD	1,500,000		1,007,929
2.25%, 6/1/2021	SGD	1,700,000		1,198,131

See accompanying notes to financial statements.

260

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.25%, 8/1/2036	SGD	400,000	$	257,418
2.38%, 6/1/2025	SGD	500,000		344,362
2.50%, 6/1/2019	SGD	1,420,000		1,005,510
2.75%, 7/1/2023	SGD	1,545,000		1,100,974
2.75%, 4/1/2042	SGD	1,000,000		695,300
2.75%, 3/1/2046	SGD	700,000		489,390
2.88%, 7/1/2029	SGD	700,000		494,705
2.88%, 9/1/2030	SGD	800,000		562,841
3.00%, 9/1/2024	SGD	1,500,000		1,081,886
3.13%, 9/1/2022	SGD	700,000		511,421
3.25%, 9/1/2020	SGD	900,000		657,230
3.38%, 9/1/2033	SGD	675,000		505,771
3.50%, 3/1/2027	SGD	300,000		225,202
4.00%, 9/1/2018	SGD	475,000		343,376
				13,796,689
SLOVAKIA — 0.5%
Slovakia Government Bond:
Zero Coupon, 11/13/2023	EUR	300,000		310,057
1.38%, 1/21/2027	EUR	475,000		520,985
1.50%, 11/28/2018	EUR	750,000		817,058
1.63%, 1/21/2031	EUR	300,000		326,628
3.00%, 2/28/2023	EUR	730,000		914,504
3.38%, 11/15/2024	EUR	725,000		945,715
3.63%, 1/16/2029	EUR	350,000		470,531
4.00%, 4/27/2020	EUR	770,000		928,825
4.35%, 10/14/2025	EUR	750,000		1,066,764
Slovakia Government International Bond Series EMTN		300,000		371,806
				6,672,873
SLOVENIA — 0.3%
Slovenia Government Bond:
1.50%, 3/25/2035	EUR	300,000		303,534
2.13%, 7/28/2025	EUR	450,000		526,156
2.25%, 3/25/2022	EUR	500,000		585,696
2.25%, 3/3/2032	EUR	500,000		575,065
3.00%, 4/8/2021	EUR	225,000		266,109
3.13%, 8/7/2045	EUR	150,000		198,537
4.13%, 1/26/2020	EUR	200,000		237,844
4.38%, 2/6/2019	EUR	300,000		348,764
4.38%, 1/18/2021	EUR	300,000		370,787
4.63%, 9/9/2024	EUR	250,000		344,550
5.13%, 3/30/2026	EUR	320,000		464,630
Slovenia Government International Bond		200,000		221,911
				4,443,583
SOUTH AFRICA — 1.2%
South Africa Government Bond:
6.25%, 3/31/2036	ZAR	16,500,000		859,900
6.50%, 2/28/2041	ZAR	17,000,000		884,472
6.75%, 3/31/2021	ZAR	15,700,000		1,085,464
7.00%, 2/28/2031	ZAR	20,000,000		1,196,367
7.25%, 1/15/2020	ZAR	15,700,000		1,120,699
7.75%, 2/28/2023	ZAR	14,400,000		1,009,422
8.00%, 12/21/2018	ZAR	10,600,000		775,873
8.00%, 1/31/2030	ZAR	21,300,000		1,401,552
8.25%, 3/31/2032	ZAR	14,575,000		958,834
8.50%, 1/31/2037	ZAR	18,100,000		1,189,091
8.75%, 1/31/2044	ZAR	13,850,000		926,203
8.75%, 2/28/2048	ZAR	29,000,000		1,936,606
8.88%, 2/28/2035	ZAR	10,325,000		708,564
9.00%, 1/31/2040	ZAR	8,225,000		564,357
10.50%, 12/21/2026	ZAR	31,025,000		2,501,466
				17,118,870
SOUTH KOREA — 4.5%
Korea Treasury Bond:
1.25%, 12/10/2019	KRW	4,000,000,000		3,276,549
1.38%, 9/10/2021	KRW	3,250,000,000		2,639,787
1.50%, 6/10/2019	KRW	1,700,000,000		1,402,700
1.50%, 12/10/2026	KRW	3,000,000,000		2,357,958
1.50%, 9/10/2036	KRW	380,000,000		283,184
1.63%, 6/10/2018	KRW	4,500,000,000		3,726,360
1.75%, 12/10/2018	KRW	3,000,000,000		2,489,789
1.88%, 6/10/2026	KRW	2,000,000,000		1,629,195
2.00%, 3/10/2020	KRW	3,200,000,000		2,670,874
2.00%, 9/10/2020	KRW	3,450,000,000		2,878,245
2.00%, 3/10/2021	KRW	1,700,000,000		1,417,565
2.00%, 3/10/2046	KRW	2,300,000,000		1,840,270
2.25%, 6/10/2025	KRW	3,500,000,000		2,935,978
2.25%, 12/10/2025	KRW	2,200,000,000		1,847,951
2.63%, 9/10/2035	KRW	1,700,000,000		1,507,798
2.75%, 3/10/2018	KRW	2,050,000,000		1,720,442
2.75%, 9/10/2019	KRW	3,635,000,000		3,092,742
2.75%, 12/10/2044	KRW	1,650,000,000		1,533,131
3.00%, 9/10/2024	KRW	4,600,000,000		4,054,276
3.00%, 12/10/2042	KRW	2,815,000,000		2,711,890
3.13%, 3/10/2019	KRW	4,450,000,000		3,799,570
3.25%, 9/10/2018	KRW	4,950,000,000		4,207,143
3.50%, 3/10/2024	KRW	7,150,000,000		6,501,729
3.75%, 12/10/2033	KRW	4,165,000,000		4,257,352
4.00%, 12/10/2031	KRW	1,000,000,000		1,026,302
5.50%, 3/10/2028	KRW	400,000,000		442,713
				66,251,493
SPAIN — 4.5%
Kingdom of Spain:
0.25%, 4/30/2018	EUR	1,340,000		1,423,513
0.25%, 1/31/2019	EUR	1,250,000		1,330,299
1.15%, 7/30/2020	EUR	1,400,000		1,533,471
1.40%, 1/31/2020	EUR	1,950,000		2,145,024
1.60%, 4/30/2025 (a)	EUR	1,596,000		1,742,400
1.95%, 4/30/2026 (a)	EUR	1,800,000		2,001,072
1.95%, 7/30/2030 (a)	EUR	1,200,000		1,291,752
2.15%, 10/31/2025 (a)	EUR	1,750,000		1,979,165
2.75%, 4/30/2019	EUR	1,650,000		1,857,732
2.75%, 10/31/2024 (a)	EUR	1,835,000		2,176,180
3.75%, 10/31/2018	EUR	1,700,000		1,925,990
3.80%, 4/30/2024 (a)	EUR	1,550,000		1,957,882
4.00%, 4/30/2020 (a)	EUR	1,750,000		2,087,178
4.10%, 7/30/2018 (a)	EUR	1,600,000		1,803,970
4.20%, 1/31/2037 (a)	EUR	1,450,000		2,035,200
4.30%, 10/31/2019 (a)	EUR	1,750,000		2,072,294
4.40%, 10/31/2023 (a)	EUR	1,563,000		2,037,747
4.50%, 1/31/2018	EUR	1,500,000		1,663,763
4.60%, 7/30/2019 (a)	EUR	1,775,000		2,098,479

See accompanying notes to financial statements.

261

SPDR Bloomberg Barclays International Treasury Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.65%, 7/30/2025 (a)	EUR	1,500,000	$	2,023,614
4.70%, 7/30/2041 (a)	EUR	1,200,000		1,802,816
4.80%, 1/31/2024 (a)	EUR	1,359,000		1,816,910
4.85%, 10/31/2020 (a)	EUR	1,400,000		1,741,375
4.90%, 7/30/2040 (a)	EUR	1,200,000		1,839,609
5.15%, 10/31/2028 (a)	EUR	1,400,000		2,045,608
5.15%, 10/31/2044 (a)	EUR	1,000,000		1,599,600
5.40%, 1/31/2023 (a)	EUR	1,750,000		2,369,643
5.50%, 4/30/2021 (a)	EUR	2,000,000		2,588,392
5.75%, 7/30/2032	EUR	1,650,000		2,650,236
5.85%, 1/31/2022 (a)	EUR	1,775,000		2,383,438
5.90%, 7/30/2026 (a)	EUR	1,175,000		1,744,752
6.00%, 1/31/2029	EUR	1,500,000		2,341,478
Spain Government Bond:
0.75%, 7/30/2021	EUR	1,828,000		1,969,743
1.30%, 10/31/2026 (a)	EUR	1,100,000		1,152,066
2.90%, 10/31/2046 (a)	EUR	650,000		728,285
3.45%, 7/30/2066 (a)	EUR	350,000		403,777
				66,364,453
SWEDEN — 1.0%
Kingdom of Sweden:
1.00%, 11/12/2026	SEK	14,650,000		1,680,959
1.50%, 11/13/2023	SEK	17,500,000		2,105,486
2.25%, 6/1/2032	SEK	2,300,000		292,266
2.50%, 5/12/2025	SEK	14,650,000		1,900,236
3.50%, 6/1/2022	SEK	21,000,000		2,765,465
3.50%, 3/30/2039	SEK	9,100,000		1,373,628
4.25%, 3/12/2019	SEK	20,600,000		2,512,451
5.00%, 12/1/2020	SEK	19,400,000		2,588,490
				15,218,981
SWITZERLAND — 1.3%
Switzerland Government Bond:
Zero Coupon, 6/22/2029	CHF	600,000		590,171
0.50%, 5/27/2030	CHF	470,000		491,342
0.50%, 5/30/2058	CHF	425,000		433,970
1.25%, 6/11/2024	CHF	1,140,000		1,258,055
1.25%, 5/28/2026	CHF	625,000		699,316
1.25%, 6/27/2037	CHF	850,000		1,008,358
1.50%, 7/24/2025	CHF	900,000		1,020,652
1.50%, 4/30/2042	CHF	850,000		1,082,959
2.00%, 4/28/2021	CHF	1,225,000		1,347,759
2.00%, 5/25/2022	CHF	1,465,000		1,644,530
2.00%, 6/25/2064	CHF	400,000		650,847
2.25%, 7/6/2020	CHF	975,000		1,062,825
2.25%, 6/22/2031	CHF	655,000		845,471
2.50%, 3/8/2036	CHF	965,000		1,356,137
3.00%, 1/8/2018	CHF	1,150,000		1,176,986
3.00%, 5/12/2019	CHF	1,275,000		1,371,784
3.25%, 6/27/2027	CHF	400,000		533,241
3.50%, 4/8/2033	CHF	850,000		1,286,771
4.00%, 4/8/2028	CHF	220,000		315,860
4.00%, 1/6/2049	CHF	200,000		410,980
				18,588,014
THAILAND — 1.5%
Thailand Government Bond:
1.88%, 6/17/2022	THB	47,000,000		1,284,812
2.13%, 12/17/2026	THB	27,000,000		717,542
2.55%, 6/26/2020	THB	60,000,000		1,709,132
2.88%, 6/17/2046	THB	46,560,000		1,155,835
3.40%, 6/17/2036	THB	15,000,000		421,919
3.45%, 3/8/2019	THB	11,000,000		318,463
3.63%, 6/16/2023	THB	75,900,000		2,260,462
3.65%, 12/17/2021	THB	85,500,000		2,550,636
3.85%, 12/12/2025	THB	5,500,000		167,866
3.88%, 6/13/2019	THB	76,950,000		2,256,359
4.00%, 6/17/2066	THB	8,000,000		238,179
4.26%, 12/12/2037	THB	50,000,000		1,605,248
4.68%, 6/29/2044	THB	77,450,000		2,631,096
4.75%, 12/20/2024	THB	5,000,000		160,815
4.88%, 6/22/2029	THB	117,000,000		3,859,361
5.13%, 3/13/2018	THB	25,650,000		745,740
				22,083,465
UNITED KINGDOM — 7.4%
United Kingdom Gilt	GBP	1,050,000		1,283,246
United Kingdom Treasury Bond:
1.25%, 7/22/2018	GBP	2,220,000		2,793,939
1.50%, 1/22/2021	GBP	2,350,000		3,029,251
1.50%, 7/22/2026	GBP	1,600,000		2,023,276
1.50%, 7/22/2047	GBP	700,000		802,453
1.75%, 7/22/2019	GBP	2,000,000		2,575,093
1.75%, 9/7/2022	GBP	1,825,000		2,389,169
2.00%, 7/22/2020	GBP	1,825,000		2,388,352
2.00%, 9/7/2025	GBP	1,600,000		2,124,526
2.25%, 9/7/2023	GBP	1,700,000		2,298,355
2.50%, 7/22/2065	GBP	950,000		1,491,421
2.75%, 9/7/2024	GBP	2,050,000		2,870,235
3.25%, 1/22/2044	GBP	1,820,000		2,906,275
3.50%, 1/22/2045	GBP	1,950,000		3,263,456
3.50%, 7/22/2068	GBP	1,050,000		2,109,910
3.75%, 9/7/2019	GBP	1,900,000		2,578,000
3.75%, 9/7/2020	GBP	1,700,000		2,366,751
3.75%, 9/7/2021	GBP	2,000,000		2,844,589
3.75%, 7/22/2052	GBP	1,500,000		2,832,665
4.00%, 3/7/2022	GBP	2,450,000		3,559,608
4.00%, 1/22/2060	GBP	1,600,000		3,386,708
4.25%, 12/7/2027	GBP	1,900,000		3,043,391
4.25%, 6/7/2032	GBP	2,250,000		3,774,190
4.25%, 3/7/2036	GBP	2,100,000		3,639,655
4.25%, 9/7/2039	GBP	1,549,000		2,769,186
4.25%, 12/7/2040	GBP	1,749,000		3,165,870
4.25%, 12/7/2046	GBP	1,350,000		2,585,597
4.25%, 12/7/2049	GBP	1,250,000		2,490,557
4.25%, 12/7/2055	GBP	1,700,000		3,624,172
4.50%, 3/7/2019	GBP	2,360,000		3,200,456
4.50%, 9/7/2034	GBP	2,200,000		3,871,559
4.50%, 12/7/2042	GBP	1,650,000		3,155,484
4.75%, 3/7/2020	GBP	2,040,000		2,884,944
4.75%, 12/7/2030	GBP	2,200,000		3,817,218
4.75%, 12/7/2038	GBP	1,800,000		3,407,761
5.00%, 3/7/2018	GBP	2,350,000		3,072,311
5.00%, 3/7/2025	GBP	1,950,000		3,165,893
6.00%, 12/7/2028	GBP	1,100,000		2,051,612
8.00%, 6/7/2021	GBP	1,700,000		2,799,895
				108,437,029
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $1,579,430,353)				1,438,465,244

See accompanying notes to financial statements.

262

SPDR Bloomberg Barclays International Treasury Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENT — 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $12,638,931)		12,638,931	$	12,638,931
TOTAL INVESTMENTS — 99.1%
(Cost $1,592,069,284)				1,451,104,175
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%				13,157,046
NET ASSETS — 100.0%			$	1,464,261,221

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 16.1% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

At December 31, 2016, open forward foreign currency contracts were as follows:

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
Bank of America, N.A.	USD	9,593,730	RUB	590,000,000	01/31/2017		28,485
						$	28,485

During the period ended December 31, 2016, average notional value related to foreign currency exchange contracts was $10,960,342 or 1% of net assets.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

ILS — Israeli New Shekel

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLN — Polish Zloty

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

USD — U.S. Dollar

ZAR — South African Rand

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Foreign Government Obligations
Australia	$	—	$	67,018,043	$	—	$	67,018,043
Austria		—		50,339,156		—		50,339,156
Belgium		—		66,438,195		—		66,438,195
Canada		—		67,320,073		—		67,320,073

See accompanying notes to financial statements.

263

SPDR Bloomberg Barclays International Treasury Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Chile.	$	—	$	1,166,756	$	—	$	1,166,756
Czech Republic		—		8,873,013		—		8,873,013
Denmark		—		20,454,051		—		20,454,051
Finland		—		19,450,956		—		19,450,956
France		—		99,558,518		—		99,558,518
Germany		—		69,269,401		—		69,269,401
Hong Kong		—		1,700,473		—		1,700,473
Ireland		—		25,077,704		—		25,077,704
Israel		—		11,849,408		—		11,849,408
Italy		—		97,314,877		—		97,314,877
Japan		—		335,168,393		—		335,168,393
Latvia		—		1,105,189		—		1,105,189
Lithuania		—		1,225,072		—		1,225,072
Luxembourg		—		1,532,886		—		1,532,886
Malaysia		—		24,419,538		—		24,419,538
Mexico		—		26,530,209		—		26,530,209
Netherlands		—		66,518,660		—		66,518,660
New Zealand		—		8,584,598		—		8,584,598
Norway		—		8,792,079		—		8,792,079
Poland		—		19,782,546		—		19,782,546
Singapore		—		13,796,689		—		13,796,689
Slovakia		—		6,672,873		—		6,672,873
Slovenia		—		4,443,583		—		4,443,583
South Africa		—		17,118,870		—		17,118,870
South Korea		—		66,251,493		—		66,251,493
Spain		—		66,364,453		—		66,364,453
Sweden		—		15,218,981		—		15,218,981
Switzerland		—		18,588,014		—		18,588,014
Thailand		—		22,083,465		—		22,083,465
United Kingdom		—		108,437,029		—		108,437,029
Short-Term Investment		12,638,931		—		—		12,638,931
TOTAL INVESTMENTS	$	12,638,931	$	1,438,465,244	$	—	$	1,451,104,175
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		28,485		—		28,485
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	12,638,931	$	1,438,493,729	$	—	$	1,451,132,660

(a) Forward Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class	$	8,711,754	$	8,711,754	$	76,204,063	$	84,915,817	$	—	$	—	$	10,109	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		73,476,866		60,837,935		12,638,931		12,638,931		7,570		—
TOTAL			$	8,711,754							$	12,638,931	$	17,679	$	—

See accompanying notes to financial statements.

264

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 98.5%
AUSTRALIA — 2.6%
Australia & New Zealand Banking Group, Ltd. 0.75%, 9/29/2026	EUR	100,000	$	102,794
BHP Billiton Finance, Ltd.:
Series 7, 2.13%, 11/29/2018	EUR	200,000		219,482
Series 9, 2.25%, 9/25/2020	EUR	200,000		227,295
Series 11, 3.25%, 9/25/2024	GBP	100,000		135,237
Series 12, 4.30%, 9/25/2042	GBP	200,000		303,101
Series MTN, 3.00%, 3/30/2020	AUD	190,000		136,344
Commonwealth Bank of Australia:
1.63%, 2/4/2019	EUR	200,000		218,238
4.38%, 2/25/2020	EUR	100,000		119,937
National Australia Bank, Ltd.:
1.25%, 5/18/2026	EUR	200,000		217,072
2.75%, 8/8/2022	EUR	150,000		178,176
Series GMTN, 0.88%, 1/20/2022	EUR	200,000		216,231
Series GMTN, 2.00%, 11/12/2020	EUR	100,000		113,150
Series GMTN, 4.00%, 7/13/2020	EUR	200,000		240,346
Telstra Corp., Ltd.:
2.50%, 9/15/2023	EUR	200,000		237,256
3.50%, 9/21/2022	EUR	100,000		123,730
4.25%, 3/23/2020	EUR	150,000		179,932
Westpac Banking Corp.:
0.25%, 1/17/2022	EUR	200,000		209,780
4.13%, 5/25/2018	EUR	200,000		223,386
Series MTN, 4.50%, 2/25/2019	AUD	100,000		74,970
				3,476,457
BELGIUM — 2.1%
Anheuser-Busch InBev NV:
0.63%, 3/17/2020	EUR	400,000		429,581
0.88%, 3/17/2022	EUR	100,000		108,221
1.50%, 3/17/2025	EUR	200,000		219,349
1.50%, 4/18/2030	EUR	800,000		824,604
2.00%, 3/17/2028	EUR	200,000		222,972
2.70%, 3/31/2026	EUR	300,000		358,618
2.75%, 3/17/2036	EUR	200,000		231,133
Series EMTN, 0.80%, 4/20/2023	EUR	300,000		321,879
				2,716,357
CANADA — 0.2%
Toronto-Dominion Bank 0.63%, 3/8/2021	EUR	200,000		215,222
CAYMAN ISLANDS — 0.2%
CK Hutchison Finance 16, Ltd. 1.25%, 4/6/2023	EUR	200,000		213,344
DENMARK — 0.6%
AP Moeller — Maersk A/S 1.75%, 3/18/2021	EUR	200,000		219,112
Carlsberg Breweries A/S 2.50%, 5/28/2024	EUR	200,000		231,872
Danske Bank A/S:
0.50%, 5/6/2021	EUR	200,000		213,439
0.75%, 6/2/2023	EUR	100,000		106,483
				770,906
FINLAND — 0.2%
OP Corporate Bank PLC 0.75%, 3/3/2022	EUR	200,000		215,527
FRANCE — 14.4%
Air Liquide Finance SA 1.25%, 6/13/2028	EUR	200,000		213,211
Airbus Group Finance B.V. 2.38%, 4/2/2024	EUR	200,000		236,611
Autoroutes du Sud de la France SA 5.63%, 7/4/2022	EUR	200,000		270,572
Banque Federative du Credit Mutuel SA:
0.25%, 6/14/2019	EUR	200,000		212,044
1.25%, 1/14/2025	EUR	300,000		324,862
1.63%, 1/11/2018	EUR	100,000		107,256
1.63%, 1/19/2026	EUR	200,000		221,570
2.00%, 9/19/2019	EUR	200,000		222,168
2.63%, 2/24/2021	EUR	200,000		231,894
2.63%, 3/18/2024	EUR	200,000		238,212
3.00%, 11/28/2023	EUR	200,000		243,766
3.25%, 8/23/2022	EUR	200,000		243,218
4.13%, 7/20/2020	EUR	300,000		360,890
BNP Paribas SA:
0.75%, 11/11/2022	EUR	200,000		212,591
1.50%, 3/12/2018	EUR	200,000		214,718
1.50%, 5/25/2028	EUR	200,000		215,963
1.63%, 2/23/2026	EUR	100,000		110,406
2.00%, 1/28/2019	EUR	200,000		219,588
2.25%, 1/13/2021	EUR	200,000		228,035
2.38%, 5/20/2024	EUR	100,000		116,979
2.50%, 8/23/2019	EUR	100,000		112,254
2.88%, 10/24/2022	EUR	100,000		119,115
2.88%, 9/26/2023	EUR	300,000		361,167
3.75%, 11/25/2020	EUR	400,000		480,893
4.13%, 1/14/2022	EUR	300,000		376,673
4.50%, 3/21/2023	EUR	300,000		391,650
Series EMTN, 1.13%, 1/15/2023	EUR	100,000		108,549
Bouygues SA:
3.64%, 10/29/2019	EUR	150,000		174,060
4.25%, 7/22/2020	EUR	200,000		241,028
BPCE SA:
0.63%, 4/20/2020	EUR	200,000		214,203
4.50%, 2/10/2022	EUR	300,000		382,210
Cap Gemini SA:
1.75%, 7/1/2020	EUR	200,000		220,674
2.50%, 7/1/2023	EUR	100,000		116,016
Carrefour SA:
1.75%, 5/22/2019	EUR	300,000		329,416
1.75%, 7/15/2022	EUR	100,000		111,952
3.88%, 4/25/2021	EUR	150,000		182,505
4.00%, 4/9/2020	EUR	200,000		237,217

See accompanying notes to financial statements.

265

SPDR Bloomberg Barclays International Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Cie de Saint-Gobain Zero Coupon, 3/27/2020	EUR	200,000	$	209,941
Cie Financiere et Industrielle des Autoroutes SA 5.00%, 5/24/2021	EUR	200,000		255,012
Credit Agricole SA:
0.75%, 12/1/2022	EUR	200,000		212,979
0.88%, 1/19/2022	EUR	200,000		215,797
1.25%, 4/14/2026	EUR	400,000		425,503
1.75%, 3/12/2018	EUR	200,000		215,386
2.38%, 11/27/2020	EUR	200,000		229,278
2.38%, 5/20/2024	EUR	300,000		351,038
3.13%, 7/17/2023	EUR	200,000		243,816
3.88%, 2/13/2019	EUR	200,000		228,239
5.13%, 4/18/2023	EUR	100,000		134,744
Danone SA 2.25%, 11/15/2021	EUR	800,000		923,554
Engie Alliance GIE Series EMTN, 5.75%, 6/24/2023	EUR	150,000		209,402
Engie SA:
1.38%, 5/19/2020	EUR	200,000		220,524
2.38%, 5/19/2026	EUR	200,000		237,634
5.00%, 10/1/2060	GBP	200,000		397,902
6.38%, 1/18/2021	EUR	150,000		198,489
Holding d’Infrastructures de Transport SAS 4.88%, 10/27/2021	EUR	250,000		320,624
HSBC France SA:
1.63%, 12/3/2018	EUR	100,000		108,777
1.88%, 1/16/2020	EUR	100,000		111,292
Orange SA:
3.00%, 6/15/2022	EUR	200,000		240,939
3.88%, 4/9/2020	EUR	200,000		237,204
3.88%, 1/14/2021	EUR	200,000		242,525
5.63%, 5/22/2018	EUR	200,000		227,632
8.13%, 1/28/2033	EUR	200,000		390,642
Sanofi:
1.13%, 3/10/2022	EUR	200,000		219,354
1.75%, 9/10/2026	EUR	500,000		560,763
1.88%, 9/4/2020	EUR	100,000		111,940
2.50%, 11/14/2023	EUR	200,000		237,041
Societe Generale SA:
2.25%, 1/23/2020	EUR	100,000		112,339
2.38%, 2/28/2018	EUR	100,000		108,491
4.25%, 7/13/2022	EUR	400,000		507,785
4.75%, 3/2/2021	EUR	200,000		249,961
Total Capital Canada, Ltd.:
1.13%, 3/18/2022	EUR	100,000		110,109
2.13%, 9/18/2029	EUR	300,000		345,652
Total Capital International SA:
0.25%, 7/12/2023	EUR	100,000		104,146
0.75%, 7/12/2028	EUR	100,000		101,288
2.50%, 3/25/2026	EUR	400,000		482,961
Total Capital SA 4.88%, 1/28/2019	EUR	200,000		232,858
Vivendi SA 0.75%, 5/26/2021	EUR	200,000		214,184
				19,091,881
GERMANY — 10.0%
Allianz Finance II B.V.:
3.50%, 2/14/2022	EUR	300,000		367,890
4.75%, 7/22/2019	EUR	250,000		296,436
Series 62, 4.50%, 3/13/2043	GBP	100,000		162,549
BASF SE:
1.50%, 10/1/2018	EUR	200,000		216,796
1.88%, 2/4/2021	EUR	100,000		113,455
Series 10Y, 2.00%, 12/5/2022	EUR	300,000		347,695
BMW Finance NV:
0.50%, 9/5/2018	EUR	200,000		213,045
3.25%, 1/14/2019	EUR	200,000		224,933
3.38%, 12/14/2018	GBP	50,000		64,908
3.63%, 1/29/2018	EUR	200,000		219,278
BMW US Capital LLC:
0.63%, 4/20/2022	EUR	100,000		106,842
1.13%, 9/18/2021	EUR	200,000		219,622
Commerzbank AG:
0.50%, 4/3/2018	EUR	200,000		212,086
4.00%, 9/16/2020	EUR	250,000		299,212
Daimler AG:
0.50%, 9/9/2019	EUR	200,000		213,752
0.63%, 3/5/2020	EUR	300,000		322,028
1.38%, 5/11/2028	EUR	100,000		108,215
1.40%, 1/12/2024	EUR	200,000		222,820
1.50%, 11/19/2018	EUR	200,000		217,175
1.50%, 3/9/2026	EUR	200,000		222,859
Series EMTN, 0.88%, 1/12/2021	EUR	200,000		217,059
Deutsche Bank AG:
1.00%, 3/18/2019	EUR	100,000		106,172
1.13%, 3/17/2025	EUR	700,000		700,567
1.25%, 9/8/2021	EUR	300,000		318,286
2.38%, 1/11/2023	EUR	300,000		334,119
Deutsche Telekom International Finance B.V.:
1.50%, 4/3/2028	EUR	200,000		213,861
2.13%, 1/18/2021	EUR	400,000		455,687
4.25%, 7/13/2022	EUR	150,000		192,334
6.50%, 4/8/2022	GBP	100,000		154,849
E.ON International Finance B.V.:
5.75%, 5/7/2020	EUR	300,000		377,216
5.88%, 10/30/2037	GBP	150,000		262,198
6.00%, 10/30/2019	GBP	100,000		140,716
6.38%, 6/7/2032	GBP	150,000		261,748
6.75%, 1/27/2039	GBP	100,000		192,054
HeidelbergCement AG 2.25%, 3/30/2023	EUR	300,000		338,549
innogy Finance BV:
6.13%, 7/6/2039	GBP	250,000		443,249
6.25%, 6/3/2030	GBP	50,000		83,467
6.50%, 8/10/2021	EUR	200,000		270,500
6.63%, 1/31/2019	EUR	100,000		119,841
Linde AG 1.75%, 9/17/2020	EUR	200,000		224,647
Merck Financial Services GmbH 4.50%, 3/24/2020	EUR	250,000		302,125
SAP SE:
1.13%, 2/20/2023	EUR	100,000		111,118
1.75%, 2/22/2027	EUR	200,000		231,018

See accompanying notes to financial statements.

266

SPDR Bloomberg Barclays International Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Siemens Financieringsmaatschappij NV:
1.50%, 3/10/2020	EUR	200,000	$	222,163
1.75%, 3/12/2021	EUR	150,000		170,273
2.88%, 3/10/2028	EUR	200,000		257,566
5.63%, 6/11/2018	EUR	200,000		228,847
Volkswagen International Finance NV:
0.88%, 1/16/2023	EUR	200,000		210,950
1.63%, 1/16/2030	EUR	200,000		197,531
2.00%, 1/14/2020	EUR	100,000		110,793
2.00%, 3/26/2021	EUR	100,000		112,051
3.25%, 1/21/2019	EUR	200,000		224,430
Volkswagen Leasing GmbH:
2.38%, 9/6/2022	EUR	200,000		226,734
2.63%, 1/15/2024	EUR	200,000		229,325
Vonovia Finance B.V.:
1.63%, 12/15/2020	EUR	200,000		220,212
2.25%, 12/15/2023	EUR	300,000		339,640
				13,173,491
HONG KONG — 0.3%
Hutchison Whampoa Finance 14, Ltd. 1.38%, 10/31/2021	EUR	400,000		436,216
INDIA — 0.2%
Bharti Airtel International Netherlands B.V. Series ., 4.00%, 12/10/2018	EUR	200,000		225,653
ISRAEL — 0.5%
Teva Pharmaceutical Finance IV B.V. 2.88%, 4/15/2019	EUR	200,000		223,281
Teva Pharmaceutical Finance Netherlands II B.V. 1.25%, 3/31/2023	EUR	400,000		420,311
				643,592
ITALY — 5.6%
Assicurazioni Generali SpA:
2.88%, 1/14/2020	EUR	200,000		226,838
5.13%, 9/16/2024	EUR	300,000		405,979
Autostrade per l’Italia SpA 5.88%, 6/9/2024	EUR	100,000		142,791
Enel Finance International NV:
1.97%, 1/27/2025	EUR	334,000		374,662
5.00%, 9/14/2022	EUR	250,000		329,913
5.63%, 8/14/2024	GBP	150,000		225,331
5.75%, 9/14/2040	GBP	200,000		326,444
Eni SpA:
1.50%, 2/2/2026	EUR	200,000		215,724
3.25%, 7/10/2023	EUR	100,000		122,094
3.50%, 1/29/2018	EUR	150,000		164,048
3.63%, 1/29/2029	EUR	200,000		256,904
3.75%, 9/12/2025	EUR	150,000		192,516
4.00%, 6/29/2020	EUR	200,000		238,346
4.13%, 9/16/2019	EUR	300,000		350,644
4.25%, 2/3/2020	EUR	100,000		118,573
Intesa Sanpaolo SpA:
1.13%, 1/14/2020	EUR	200,000		213,594
1.13%, 3/4/2022	EUR	115,000		121,634
2.00%, 6/18/2021	EUR	100,000		110,546
3.00%, 1/28/2019	EUR	200,000		221,790
4.00%, 10/30/2023	EUR	200,000		248,046
4.13%, 4/14/2020	EUR	300,000		350,548
4.38%, 10/15/2019	EUR	200,000		232,959
Series GMTN, 4.00%, 11/8/2018	EUR	200,000		224,947
Snam SpA 5.25%, 9/19/2022	EUR	100,000		132,967
Terna Rete Elettrica Nazionale SpA:
0.88%, 2/2/2022	EUR	100,000		107,262
4.75%, 3/15/2021	EUR	250,000		312,149
UniCredit SpA:
1.50%, 6/19/2019	EUR	100,000		107,810
2.00%, 3/4/2023	EUR	400,000		433,861
3.25%, 1/14/2021	EUR	300,000		343,508
3.63%, 1/24/2019	EUR	300,000		336,425
Unione di Banche Italiane SpA 2.88%, 2/18/2019	EUR	200,000		221,396
				7,410,249
JAPAN — 0.8%
Panasonic Corp. Series 12, 0.39%, 3/19/2020	JPY	100,000,000		862,782
Sumitomo Mitsui Financial Group, Inc. 1.55%, 6/15/2026	EUR	200,000		216,014
				1,078,796
LUXEMBOURG — 0.5%
Holcim Finance Luxembourg SA:
1.38%, 5/26/2023	EUR	200,000		216,158
2.25%, 5/26/2028	EUR	200,000		220,598
Novartis Finance SA 0.13%, 9/20/2023	EUR	200,000		207,576
				644,332
MEXICO — 0.5%
America Movil SAB de CV:
3.00%, 7/12/2021	EUR	200,000		233,030
4.13%, 10/25/2019	EUR	100,000		116,609
4.38%, 8/7/2041	GBP	100,000		138,447
Fomento Economico Mexicano SAB de CV 1.75%, 3/20/2023	EUR	200,000		214,378
				702,464
NETHERLANDS — 8.1%
ABN AMRO Bank NV:
1.00%, 4/16/2025	EUR	243,000		260,662
2.13%, 11/26/2020	EUR	100,000		113,571
2.50%, 11/29/2023	EUR	100,000		119,357
4.13%, 3/28/2022	EUR	350,000		440,999
4.75%, 1/11/2019	EUR	100,000		115,673
ASML Holding NV 1.38%, 7/7/2026	EUR	200,000		210,366

See accompanying notes to financial statements.

267

SPDR Bloomberg Barclays International Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
BMW Finance NV 0.88%, 11/17/2020	EUR	200,000	$	217,278
Cooperatieve Rabobank UA:
1.25%, 3/23/2026	EUR	300,000		323,917
1.75%, 1/22/2019	EUR	200,000		218,744
2.38%, 5/22/2023	EUR	200,000		236,242
4.13%, 7/14/2025	EUR	450,000		602,175
Series EMTN, 3.50%, 10/17/2018	EUR	300,000		336,773
Series EMTN, 4.13%, 1/12/2021	EUR	400,000		489,918
Series EMTN, 4.38%, 6/7/2021	EUR	200,000		250,499
Series EMTN, 4.75%, 1/15/2018	EUR	400,000		443,225
Series EMTN, 4.75%, 6/6/2022	EUR	500,000		651,965
Series GMTN, 1.38%, 2/3/2027	EUR	200,000		217,019
Series GMTN, 4.00%, 1/11/2022	EUR	400,000		499,496
Series GMTN, 4.13%, 1/14/2020	EUR	500,000		592,970
Deutsche Telekom International Finance B.V. 0.63%, 4/3/2023	EUR	100,000		106,091
Enel Finance International NV 1.38%, 6/1/2026	EUR	200,000		211,440
Heineken NV 2.13%, 8/4/2020	EUR	200,000		226,096
ING Bank NV:
0.70%, 4/16/2020	EUR	300,000		322,785
1.25%, 12/13/2019	EUR	250,000		273,113
1.88%, 2/27/2018	EUR	200,000		215,663
4.50%, 2/21/2022	EUR	400,000		510,997
Koninklijke KPN NV Series GMTN, 5.75%, 9/17/2029	GBP	150,000		236,604
Shell International Finance B.V.:
0.38%, 2/15/2025	EUR	200,000		203,332
1.00%, 4/6/2022	EUR	100,000		109,243
1.25%, 3/15/2022	EUR	200,000		221,045
1.25%, 5/12/2028	EUR	300,000		317,171
1.63%, 3/24/2021	EUR	200,000		224,361
1.63%, 1/20/2027	EUR	200,000		222,703
1.88%, 9/15/2025	EUR	100,000		114,051
2.50%, 3/24/2026	EUR	200,000		240,047
4.38%, 5/14/2018	EUR	400,000		447,569
Teva Pharmaceutical Finance Netherlands II BV 0.38%, 7/25/2020	EUR	200,000		209,271
				10,752,431
NORWAY — 0.6%
DNB Bank ASA:
3.88%, 6/29/2020	EUR	50,000		59,822
4.25%, 1/18/2022	EUR	200,000		253,220
4.38%, 2/24/2021	EUR	400,000		494,728
				807,770
PORTUGAL — 0.2%
EDP Finance B.V. 2.63%, 1/18/2022	EUR	300,000		333,828
SPAIN — 5.2%
Abertis Infraestructuras SA 1.38%, 5/20/2026	EUR	200,000		211,009
Banco Bilbao Vizcaya Argentaria SA 1.00%, 1/20/2021	EUR	200,000		216,267
BBVA Senior Finance SAU:
Series GMTN, 2.38%, 1/22/2019	EUR	200,000		220,899
Series GMTN, 3.75%, 1/17/2018	EUR	200,000		219,129
CaixaBank SA Series MTN, 3.13%, 5/14/2018	EUR	100,000		109,826
Criteria Caixa SAU:
1.63%, 4/21/2022	EUR	200,000		210,003
2.38%, 5/9/2019	EUR	100,000		110,393
Iberdrola Finanzas SA 4.13%, 3/23/2020	EUR	150,000		178,337
Iberdrola International B.V.:
1.13%, 4/21/2026	EUR	200,000		210,237
3.50%, 2/1/2021	EUR	200,000		238,138
Mapfre SA 1.63%, 5/19/2026	EUR	100,000		105,282
Repsol International Finance B.V.:
2.63%, 5/28/2020	EUR	200,000		227,609
3.63%, 10/7/2021	EUR	200,000		241,187
4.88%, 2/19/2019	EUR	100,000		116,155
Santander Consumer Finance SA:
0.90%, 2/18/2020	EUR	200,000		214,071
1.10%, 7/30/2018	EUR	200,000		214,376
Series EMTN, 1.50%, 11/12/2020	EUR	300,000		327,905
Santander International Debt SAU:
1.38%, 12/14/2022	EUR	200,000		219,551
4.00%, 1/24/2020	EUR	200,000		234,969
Series EMTN, 1.38%, 3/3/2021	EUR	200,000		219,452
Telefonica Emisiones SAU:
0.32%, 10/17/2020	EUR	200,000		209,748
1.46%, 4/13/2026	EUR	100,000		103,952
1.48%, 9/14/2021	EUR	500,000		546,923
2.24%, 5/27/2022	EUR	300,000		339,999
4.69%, 11/11/2019	EUR	200,000		237,547
4.71%, 1/20/2020	EUR	200,000		238,715
4.80%, 2/21/2018	EUR	200,000		222,191
5.60%, 3/12/2020	GBP	200,000		277,823
Series GMTN, 3.96%, 3/26/2021	EUR	100,000		120,275
Series GMTN, 3.99%, 1/23/2023	EUR	400,000		495,829
				6,837,797
SWEDEN — 2.5%
Nordea Bank AB:
1.00%, 2/22/2023	EUR	100,000		108,696

See accompanying notes to financial statements.

268

SPDR Bloomberg Barclays International Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
1.13%, 2/12/2025	EUR	100,000	$	108,549
1.38%, 4/12/2018	EUR	100,000		107,479
2.00%, 2/17/2021	EUR	300,000		340,292
3.25%, 7/5/2022	EUR	300,000		365,602
4.00%, 7/11/2019	EUR	200,000		232,434
4.00%, 6/29/2020	EUR	250,000		299,863
Skandinaviska Enskilda Banken AB:
2.00%, 2/19/2021	EUR	300,000		340,089
Series GMTN, 1.88%, 11/14/2019	EUR	200,000		222,276
Svenska Handelsbanken AB:
1.13%, 12/14/2022	EUR	200,000		219,256
2.25%, 6/14/2018	EUR	200,000		218,070
2.25%, 8/27/2020	EUR	200,000		227,783
2.63%, 8/23/2022	EUR	200,000		237,670
4.38%, 10/20/2021	EUR	200,000		253,087
				3,281,146
SWITZERLAND — 4.8%
ABB Finance B.V. 2.63%, 3/26/2019	EUR	200,000		223,414
Credit Suisse AG:
0.38%, 4/11/2019	EUR	200,000		212,354
0.50%, 3/29/2018	EUR	200,000		212,302
0.63%, 11/20/2018	EUR	300,000		319,877
1.00%, 6/7/2023	EUR	200,000		213,561
1.13%, 9/15/2020	EUR	100,000		108,833
1.38%, 11/29/2019	EUR	300,000		327,532
1.38%, 1/31/2022	EUR	200,000		220,201
1.50%, 4/10/2026	EUR	300,000		324,921
4.75%, 8/5/2019	EUR	450,000		531,404
Credit Suisse Group Funding Guernsey, Ltd.:
1.00%, 4/14/2023	CHF	150,000		146,997
1.25%, 4/14/2022	EUR	355,000		375,005
Glencore Finance Dubai, Ltd. 2.63%, 11/19/2018	EUR	200,000		219,054
Glencore Finance Europe SA:
1.25%, 3/17/2021	EUR	300,000		317,357
VRN, 4.63%, 4/3/2018	EUR	200,000		221,708
Roche Finance Europe B.V.:
0.88%, 2/25/2025	EUR	200,000		216,351
2.00%, 6/25/2018	EUR	200,000		217,722
Roche Holdings, Inc. 6.50%, 3/4/2021	EUR	150,000		201,467
UBS AG:
0.50%, 5/15/2018	EUR	200,000		212,547
1.13%, 6/30/2020	EUR	335,000		366,194
1.25%, 9/3/2021	EUR	300,000		331,808
6.00%, 4/18/2018	EUR	200,000		227,332
6.63%, 4/11/2018	GBP	100,000		132,764
UBS Group Funding Jersey, Ltd.:
1.25%, 9/1/2026	EUR	200,000		202,923
1.75%, 11/16/2022	EUR	300,000		330,935
				6,414,563
UNITED KINGDOM — 12.7%
Anheuser-Busch North American Holding Corp. 1.88%, 1/20/2020	EUR	150,000		166,708
Barclays Bank PLC 4.88%, 8/13/2019	EUR	200,000		238,321
Barclays PLC:
1.50%, 4/1/2022	EUR	200,000		213,729
1.88%, 3/23/2021	EUR	300,000		326,691
3.25%, 2/12/2027	GBP	200,000		239,990
BG Energy Capital PLC:
3.00%, 11/16/2018	EUR	200,000		222,800
5.00%, 11/4/2036	GBP	100,000		165,680
5.13%, 12/1/2025	GBP	150,000		231,299
BP Capital Markets PLC:
1.11%, 2/16/2023	EUR	200,000		216,198
1.37%, 3/3/2022	EUR	200,000		220,685
1.53%, 9/26/2022	EUR	200,000		222,238
1.57%, 2/16/2027	EUR	200,000		216,379
2.18%, 9/28/2021	EUR	200,000		229,665
2.97%, 2/27/2026	EUR	100,000		121,772
2.99%, 2/18/2019	EUR	200,000		224,496
4.33%, 12/10/2018	GBP	100,000		132,177
British Telecommunications PLC:
0.63%, 3/10/2021	EUR	200,000		212,998
1.13%, 6/10/2019	EUR	300,000		324,886
1.13%, 3/10/2023	EUR	100,000		107,452
1.75%, 3/10/2026	EUR	200,000		218,348
Centrica PLC:
4.38%, 3/13/2029	GBP	200,000		293,647
7.00%, 9/19/2033	GBP	100,000		191,238
Diageo Finance PLC 1.13%, 5/20/2019	EUR	200,000		216,593
GlaxoSmithKline Capital PLC:
0.63%, 12/2/2019	EUR	500,000		537,047
1.38%, 12/2/2024	EUR	100,000		110,535
4.25%, 12/18/2045	GBP	100,000		162,385
5.25%, 12/19/2033	GBP	150,000		258,541
5.25%, 4/10/2042	GBP	200,000		364,821
6.38%, 3/9/2039	GBP	50,000		100,264
Heathrow Funding, Ltd.:
5.23%, 2/15/2023	GBP	100,000		146,638
5.88%, 5/13/2043	GBP	100,000		182,250
6.45%, 12/10/2031	GBP	150,000		269,590
6.75%, 12/3/2028	GBP	100,000		169,360
Series 0000, 4.63%, 10/31/2046	GBP	200,000		321,639
HSBC Bank PLC:
3.88%, 10/24/2018	EUR	200,000		225,860
4.00%, 1/15/2021	EUR	200,000		244,618
HSBC Holdings PLC:
0.88%, 9/6/2024	EUR	200,000		206,970
1.50%, 3/15/2022	EUR	200,000		219,985
2.50%, 3/15/2027	EUR	600,000		694,296
2.63%, 8/16/2028	GBP	100,000		118,987
Imperial Brands Finance PLC:
Series EMTN, 2.25%, 2/26/2021	EUR	100,000		113,189
Series EMTN, 9.00%, 2/17/2022	GBP	200,000		333,511

See accompanying notes to financial statements.

269

SPDR Bloomberg Barclays International Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Lloyds Bank PLC:
1.00%, 11/19/2021	EUR	100,000	$	108,929
1.25%, 1/13/2025	EUR	300,000		326,680
1.38%, 9/8/2022	EUR	100,000		110,279
5.38%, 9/3/2019	EUR	200,000		241,473
6.50%, 9/17/2040	GBP	150,000		292,568
National Grid Gas Finance PLC:
2.63%, 9/22/2038	GBP	200,000		240,091
2.75%, 9/22/2046	GBP	100,000		120,038
Nationwide Building Society:
1.13%, 6/3/2022	EUR	200,000		216,642
1.25%, 3/3/2025	EUR	300,000		321,094
5.63%, 9/9/2019	GBP	150,000		208,229
Royal Bank of Scotland PLC:
5.38%, 9/30/2019	EUR	350,000		419,539
5.50%, 3/23/2020	EUR	400,000		489,907
Santander UK PLC:
1.75%, 1/15/2018	EUR	200,000		214,576
1.88%, 2/17/2020	GBP	200,000		251,570
2.00%, 1/14/2019	EUR	200,000		219,112
Sky PLC:
1.50%, 9/15/2021	EUR	300,000		329,551
2.50%, 9/15/2026	EUR	100,000		113,984
Standard Chartered PLC:
1.63%, 11/20/2018	EUR	200,000		216,828
1.63%, 6/13/2021	EUR	200,000		219,405
4.38%, 1/18/2038	GBP	100,000		136,098
Vodafone Group PLC:
1.00%, 9/11/2020	EUR	100,000		108,123
1.88%, 9/11/2025	EUR	600,000		667,130
2.20%, 8/25/2026	EUR	700,000		780,801
3.00%, 8/12/2056	GBP	200,000		207,960
3.38%, 8/8/2049	GBP	100,000		112,623
4.65%, 1/20/2022	EUR	100,000		127,686
Western Power Distribution East Midlands PLC 5.25%, 1/17/2023	GBP	100,000		147,442
Western Power Distribution West Midlands PLC 5.75%, 4/16/2032	GBP	100,000		170,719
				16,853,553
UNITED STATES — 25.7%
AbbVie, Inc.:
0.38%, 11/18/2019	EUR	200,000		212,322
1.38%, 5/17/2024	EUR	200,000		213,630
American Express Credit Corp. 0.63%, 11/22/2021	EUR	200,000		212,769
Amgen, Inc.:
1.25%, 2/25/2022	EUR	300,000		326,845
4.00%, 9/13/2029	GBP	100,000		139,937
Apple, Inc.:
1.00%, 11/10/2022	EUR	300,000		328,398
1.38%, 1/17/2024	EUR	200,000		222,686
1.63%, 11/10/2026	EUR	200,000		224,837
2.00%, 9/17/2027	EUR	200,000		228,917
3.05%, 7/31/2029	GBP	200,000		266,708
Series MTN, 3.70%, 8/28/2022	AUD	200,000		146,621
AT&T, Inc.:
1.30%, 9/5/2023	EUR	200,000		214,422
1.45%, 6/1/2022	EUR	200,000		219,007
1.88%, 12/4/2020	EUR	100,000		111,730
2.40%, 3/15/2024	EUR	300,000		342,712
2.45%, 3/15/2035	EUR	200,000		205,242
2.50%, 3/15/2023	EUR	200,000		229,860
2.65%, 12/17/2021	EUR	100,000		116,091
3.50%, 12/17/2025	EUR	200,000		247,723
3.55%, 12/17/2032	EUR	200,000		238,423
4.25%, 6/1/2043	GBP	100,000		132,710
4.38%, 9/14/2029	GBP	100,000		138,665
4.88%, 6/1/2044	GBP	200,000		291,935
7.00%, 4/30/2040	GBP	250,000		461,188
Bank of America Corp.:
0.75%, 7/26/2023	EUR	200,000		208,030
1.38%, 9/10/2021	EUR	200,000		219,860
1.63%, 9/14/2022	EUR	300,000		331,033
1.88%, 1/10/2019	EUR	200,000		218,771
2.30%, 7/25/2025	GBP	100,000		122,419
2.38%, 6/19/2024	EUR	200,000		230,002
2.50%, 7/27/2020	EUR	250,000		284,342
6.13%, 9/15/2021	GBP	100,000		147,907
7.00%, 7/31/2028	GBP	250,000		431,342
7.75%, 4/30/2018	GBP	100,000		134,671
Berkshire Hathaway, Inc.:
0.50%, 3/13/2020	EUR	100,000		106,782
1.13%, 3/16/2027	EUR	200,000		206,917
1.30%, 3/15/2024	EUR	200,000		216,782
1.63%, 3/16/2035	EUR	200,000		196,669
Citigroup, Inc.:
1.38%, 10/27/2021	EUR	200,000		219,991
1.75%, 1/28/2025	EUR	600,000		656,088
2.38%, 5/22/2024	EUR	400,000		458,359
5.00%, 8/2/2019	EUR	450,000		535,399
7.38%, 9/4/2019	EUR	100,000		126,082
Coca-Cola Co.:
0.75%, 3/9/2023	EUR	200,000		215,104
1.13%, 3/9/2027	EUR	200,000		213,188
1.63%, 3/9/2035	EUR	300,000		316,697
1.88%, 9/22/2026	EUR	200,000		230,099
FedEx Corp. 1.63%, 1/11/2027	EUR	200,000		214,131
GE Capital European Funding:
0.80%, 1/21/2022	EUR	100,000		108,285
1.63%, 3/15/2018	EUR	200,000		215,338
2.25%, 7/20/2020	EUR	200,000		227,496
2.63%, 3/15/2023	EUR	200,000		239,214
2.88%, 6/18/2019	EUR	200,000		226,131
5.38%, 1/16/2018	EUR	100,000		111,509
5.38%, 1/23/2020	EUR	300,000		368,388
6.00%, 1/15/2019	EUR	100,000		118,551
General Electric Co.:
1.25%, 5/26/2023	EUR	200,000		220,897
1.88%, 5/28/2027	EUR	200,000		228,693
Goldman Sachs Group, Inc.:
0.75%, 5/10/2019	EUR	300,000		321,472
1.38%, 7/26/2022	EUR	100,000		108,899
1.63%, 7/27/2026	EUR	500,000		522,842

See accompanying notes to financial statements.

270

SPDR Bloomberg Barclays International Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
2.00%, 7/27/2023	EUR	100,000	$	111,405
2.13%, 9/30/2024	EUR	200,000		222,986
2.50%, 10/18/2021	EUR	100,000		114,883
2.63%, 8/19/2020	EUR	100,000		114,043
3.00%, 2/12/2031	EUR	300,000		343,521
3.25%, 2/1/2023	EUR	200,000		238,514
4.25%, 1/29/2026	GBP	100,000		137,800
5.13%, 10/23/2019	EUR	200,000		240,390
6.38%, 5/2/2018	EUR	250,000		285,936
Honeywell International, Inc.:
0.65%, 2/21/2020	EUR	100,000		107,140
1.30%, 2/22/2023	EUR	200,000		219,216
International Business Machines Corp.:
0.50%, 9/7/2021	EUR	200,000		214,243
1.25%, 5/26/2023	EUR	100,000		110,534
1.88%, 11/6/2020	EUR	200,000		225,829
2.75%, 12/21/2020	GBP	100,000		132,570
2.88%, 11/7/2025	EUR	100,000		124,329
Series 001, 1.38%, 11/19/2019	EUR	200,000		219,820
Johnson & Johnson:
0.25%, 1/20/2022	EUR	100,000		105,623
1.65%, 5/20/2035	EUR	300,000		326,782
4.75%, 11/6/2019	EUR	200,000		240,938
JPMorgan Chase & Co.:
0.63%, 1/25/2024	EUR	100,000		103,107
1.38%, 9/16/2021	EUR	200,000		221,221
1.50%, 10/26/2022	EUR	200,000		221,009
1.50%, 1/27/2025	EUR	400,000		434,915
1.50%, 10/29/2026	EUR	300,000		322,057
1.88%, 11/21/2019	EUR	200,000		222,387
2.63%, 4/23/2021	EUR	200,000		232,023
2.75%, 8/24/2022	EUR	200,000		235,612
2.75%, 2/1/2023	EUR	200,000		236,207
2.88%, 5/24/2028	EUR	100,000		122,309
3.00%, 2/19/2026	EUR	300,000		365,192
3.88%, 9/23/2020	EUR	200,000		239,924
Kraft Heinz Foods Co. 2.25%, 5/25/2028	EUR	200,000		214,943
McDonald’s Corp. 1.00%, 11/15/2023	EUR	200,000		213,371
Merck & Co., Inc.:
1.13%, 10/15/2021	EUR	100,000		109,996
1.88%, 10/15/2026	EUR	200,000		228,604
Microsoft Corp.:
2.13%, 12/6/2021	EUR	300,000		346,717
3.13%, 12/6/2028	EUR	300,000		389,076
Morgan Stanley:
1.00%, 12/2/2022	EUR	100,000		106,568
1.38%, 10/27/2026	EUR	100,000		102,838
1.75%, 3/11/2024	EUR	300,000		329,952
1.88%, 3/30/2023	EUR	300,000		335,904
Series GMTN, 1.75%, 1/30/2025	EUR	500,000		544,836
Series GMTN, 2.25%, 3/12/2018	EUR	100,000		108,295
Series GMTN, 2.38%, 3/31/2021	EUR	200,000		228,198
Series GMTN, 5.38%, 8/10/2020	EUR	300,000		374,202
Oracle Corp. 2.25%, 1/10/2021	EUR	200,000		228,883
Pfizer, Inc.:
5.75%, 6/3/2021	EUR	250,000		329,330
6.50%, 6/3/2038	GBP	200,000		399,839
Philip Morris International, Inc.:
1.75%, 3/19/2020	EUR	100,000		111,079
2.88%, 3/3/2026	EUR	200,000		244,319
Priceline Group, Inc.:
1.80%, 3/3/2027	EUR	200,000		203,657
2.38%, 9/23/2024	EUR	100,000		110,687
Procter & Gamble Co.:
1.13%, 11/2/2023	EUR	200,000		219,977
2.00%, 8/16/2022	EUR	100,000		115,489
4.88%, 5/11/2027	EUR	200,000		290,235
Thermo Fisher Scientific, Inc.
0.75%, 9/12/2024	EUR	200,000		204,190
Toyota Motor Credit Corp.:
0.75%, 7/21/2022	EUR	200,000		215,363
1.00%, 9/10/2021	EUR	200,000		218,694
1.80%, 7/23/2020	EUR	100,000		112,041
Verizon Communications, Inc.:
0.50%, 6/2/2022	EUR	200,000		210,821
0.88%, 4/2/2025	EUR	100,000		103,823
1.38%, 11/2/2028	EUR	300,000		307,442
1.63%, 3/1/2024	EUR	200,000		220,139
2.38%, 2/17/2022	EUR	300,000		345,752
2.63%, 12/1/2031	EUR	200,000		225,908
3.25%, 2/17/2026	EUR	100,000		123,678
4.07%, 6/18/2024	GBP	100,000		139,962
4.75%, 2/17/2034	GBP	100,000		150,404
Wal-Mart Stores, Inc.:
4.88%, 9/21/2029	EUR	150,000		223,052
4.88%, 1/19/2039	GBP	200,000		339,930
5.25%, 9/28/2035	GBP	150,000		262,139
5.63%, 3/27/2034	GBP	150,000		266,746
Wells Fargo & Co.:
1.13%, 10/29/2021	EUR	200,000		218,044
1.38%, 10/26/2026	EUR	300,000		315,632
1.50%, 9/12/2022	EUR	200,000		220,440
1.63%, 6/2/2025	EUR	300,000		327,250
2.00%, 7/28/2025	GBP	100,000		121,400
2.00%, 4/27/2026	EUR	400,000		446,979
2.13%, 4/22/2022	GBP	200,000		253,606
2.13%, 6/4/2024	EUR	200,000		227,083
2.25%, 9/3/2020	EUR	100,000		113,156
2.25%, 5/2/2023	EUR	200,000		229,992
2.63%, 8/16/2022	EUR	250,000		292,327
4.63%, 11/2/2035	GBP	150,000		227,340
				34,074,551
TOTAL CORPORATE BONDS & NOTES (Cost $145,558,798)				130,370,126

See accompanying notes to financial statements.

271

SPDR Bloomberg Barclays International Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENT — 0.0% (a)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $15,950)		15,950	$	15,950
TOTAL INVESTMENTS — 98.5% (Cost $145,574,748)				130,386,076
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.5%				1,931,452
NET ASSETS — 100.0%			$	132,317,528

(a) Amount is less than 0.05% of net assets.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

At December 31, 2016, open forward foreign currency contracts were as follows:

Counterparty	Amount Sold		Amount Bought		Settlement Date	Net Unrealized Appreciation/ (Depreciation)
Barclays Capital	JPY	10,000,000	EUR	81,666	01/06/2017	$	404
Westpac Banking Corp.	EUR	896,550	JPY	107,000,000	01/06/2017		(28,295	)
Westpac Banking Corp.	JPY	85,000,000	EUR	692,164	01/06/2017		1,328
Westpac Banking Corp.	JPY	12,000,000	EUR	97,693	01/06/2017		161
Westpac Banking Corp.	EUR	692,111	JPY	85,000,000	02/06/2017		(1,114	)
						$	(27,516	)

During the period ended December 31, 2016, average notional value related to foreign currency exchange contracts was $2,163,403 or 2% of net assets.

AUD — Australian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Australia	$	—	$	3,476,457	$	—	$	3,476,457
Belgium		—		2,716,357		—		2,716,357
Canada		—		215,222		—		215,222
Cayman Islands		—		213,344		—		213,344
Denmark		—		770,906		—		770,906
Finland		—		215,527		—		215,527
France		—		19,091,881		—		19,091,881
Germany		—		13,173,491		—		13,173,491
Hong Kong		—		436,216		—		436,216
India		—		225,653		—		225,653
Israel		—		643,592		—		643,592
Italy		—		7,410,249		—		7,410,249
Japan		—		1,078,796		—		1,078,796
Luxembourg		—		644,332		—		644,332
Mexico		—		702,464		—		702,464
Netherlands		—		10,752,431		—		10,752,431

See accompanying notes to financial statements.

272

SPDR Bloomberg Barclays International Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs		Total
Norway	$	—	$	807,770		$	—	$	807,770
Portugal		—		333,828			—		333,828
Spain		—		6,837,797			—		6,837,797
Sweden		—		3,281,146			—		3,281,146
Switzerland		—		6,414,563			—		6,414,563
United Kingdom		—		16,853,553			—		16,853,553
United States		—		34,074,551			—		34,074,551
Short-Term Investment		15,950		—			—		15,950
TOTAL INVESTMENTS	$	15,950	$	130,370,126		$	—	$	130,386,076
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		1,893			—		1,893
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$	15,950	$	130,372,019		$	—	$	130,387,969
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Forward Foreign Currency Exchange Contracts (a)		—		(29,409	)		—		(29,409	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	—	$	(29,409	)	$	—	$	(29,409	)

(a) Forward Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class	$	5,153	$	5,153	$	119,825	$	124,978	$	—	$	—	$	26	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		124,179		108,229		15,950		15,950		8		—
State Street Navigator Securities Lending Government Money Market Portfolio*		483,489		483,489		874,712		1,358,201		—		—		833		—
TOTAL			$	488,642							$	15,950	$	867	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

273

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
FOREIGN GOVERNMENT OBLIGATIONS — 98.2%
BRAZIL — 12.5%
Brazil Letras do Tesouro Nacional:
Zero Coupon, 1/1/2018	BRL	3,400,000	$	937,194
Zero Coupon, 4/1/2018	BRL	4,865,000		1,308,797
Zero Coupon, 7/1/2018	BRL	4,750,000		1,246,499
Zero Coupon, 10/1/2018	BRL	4,600,000		1,176,369
Zero Coupon, 1/1/2019	BRL	7,400,000		1,846,039
Zero Coupon, 7/1/2019	BRL	1,750,000		414,301
Zero Coupon, 1/1/2020	BRL	5,800,000		1,297,322
Zero Coupon, 7/1/2020	BRL	5,800,000		1,226,808
Brazil Notas do Tesouro Nacional Serie F:
10.00%, 1/1/2021	BRL	6,000,000		1,774,607
10.00%, 1/1/2023	BRL	5,430,000		1,569,005
10.00%, 1/1/2025	BRL	3,300,000		942,067
10.00%, 1/1/2027	BRL	2,500,000		708,589
Brazilian Government International Bond:
8.50%, 1/5/2024	BRL	350,000		94,095
10.25%, 1/10/2028	BRL	500,000		142,294
				14,683,986
CHILE — 1.9%
Bonos del Banco Central de Chile en Pesos:
4.50%, 4/1/2020	CLP	140,000,000		214,706
4.50%, 6/1/2020	CLP	375,000,000		575,812
6.00%, 3/1/2018	CLP	20,000,000		30,752
6.00%, 6/1/2018	CLP	230,000,000		355,742
6.00%, 2/1/2021	CLP	145,000,000		234,105
6.00%, 3/1/2022	CLP	120,000,000		197,272
6.00%, 3/1/2023	CLP	190,000,000		313,187
Chile Government International Bond		159,000,000		249,758
				2,171,334
COLOMBIA — 4.6%
Colombia Government International Bond:
4.38%, 3/21/2023	COP	400,000,000		116,070
7.75%, 4/14/2021	COP	400,000,000		138,236
9.85%, 6/28/2027	COP	115,000,000		45,058
Colombian TES:
5.00%, 11/21/2018	COP	3,520,000,000		1,148,358
6.00%, 4/28/2028	COP	1,850,000,000		556,502
7.00%, 9/11/2019	COP	1,140,000,000		385,340
7.00%, 5/4/2022	COP	3,160,000,000		1,067,754
7.50%, 8/26/2026	COP	2,630,000,000		900,088
7.75%, 9/18/2030	COP	2,000,000,000		690,721
11.00%, 7/24/2020	COP	760,000,000		287,845
				5,335,972
CZECH REPUBLIC — 3.9%
Czech Republic Government Bond:
0.45%, 10/25/2023	CZK	12,500,000		496,624
0.85%, 3/17/2018	CZK	4,800,000		191,414
0.95%, 5/15/2030	CZK	2,000,000		79,661
1.00%, 6/26/2026	CZK	7,000,000		286,906
1.50%, 10/29/2019	CZK	13,150,000		544,829
2.40%, 9/17/2025	CZK	4,450,000		203,657
2.50%, 8/25/2028	CZK	5,000,000		235,011
3.75%, 9/12/2020	CZK	16,900,000		761,537
3.85%, 9/29/2021	CZK	4,900,000		228,433
4.20%, 12/4/2036	CZK	5,350,000		333,819
4.60%, 8/18/2018	CZK	7,200,000		306,856
4.70%, 9/12/2022	CZK	5,300,000		263,557
4.85%, 11/26/2057	CZK	300,000		22,133
5.00%, 4/11/2019	CZK	11,850,000		524,596
5.70%, 5/25/2024	CZK	1,700,000		93,368
				4,572,401
HUNGARY — 3.6%
Hungary Government Bond:
2.50%, 6/22/2018	HUF	240,500,000		847,570
3.00%, 6/26/2024	HUF	38,000,000		132,246
3.50%, 6/24/2020	HUF	191,000,000		703,778
4.00%, 4/25/2018	HUF	23,000,000		82,293
5.50%, 6/24/2025	HUF	202,200,000		826,028
6.00%, 11/24/2023	HUF	54,000,000		227,417
6.50%, 6/24/2019	HUF	32,000,000		124,554
6.75%, 10/22/2028	HUF	70,000,000		318,503
7.00%, 6/24/2022	HUF	96,500,000		416,538
7.50%, 11/12/2020	HUF	121,200,000		510,324
				4,189,251
INDONESIA — 7.4%
Indonesia Treasury Bond:
5.25%, 5/15/2018	IDR	6,100,000,000		441,455
5.63%, 5/15/2023	IDR	6,500,000,000		429,293
6.13%, 5/15/2028	IDR	6,500,000,000		411,235
6.38%, 4/15/2042	IDR	1,700,000,000		97,853
6.63%, 5/15/2033	IDR	1,500,000,000		94,613
7.00%, 5/15/2022	IDR	6,778,000,000		487,845
7.00%, 5/15/2027	IDR	6,300,000,000		441,900
7.88%, 4/15/2019	IDR	9,115,000,000		681,976
8.25%, 7/15/2021	IDR	11,800,000,000		897,317
8.25%, 6/15/2032	IDR	3,710,000,000		273,640
8.25%, 5/15/2036	IDR	9,200,000,000		686,287
8.38%, 3/15/2024	IDR	8,600,000,000		652,700
8.38%, 9/15/2026	IDR	5,500,000,000		419,261
8.38%, 3/15/2034	IDR	830,000,000		61,915
8.75%, 5/15/2031	IDR	19,050,000,000		1,473,379
9.00%, 3/15/2029	IDR	6,000,000,000		469,401
9.50%, 5/15/2041	IDR	1,000,000,000		82,144
9.75%, 5/15/2037	IDR	1,250,000,000		103,467
12.80%, 6/15/2021	IDR	350,000,000		31,075
Perusahaan Penerbit SBSN Indonesia Series PBS		5,000,000,000		381,106
				8,617,862
ISRAEL — 4.6%
Israel Government Bond:
0.50%, 10/31/2018	ILS	1,925,000		501,838
1.00%, 4/30/2021	ILS	720,000		187,107
1.75%, 8/31/2025	ILS	1,555,000		393,899
2.25%, 5/31/2019	ILS	995,000		269,578
3.75%, 3/31/2024	ILS	1,655,000		489,251

See accompanying notes to financial statements.

274

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
4.00%, 1/31/2018	ILS	1,700,000	$	459,717
4.25%, 3/31/2023	ILS	1,850,000		560,160
5.00%, 1/31/2020	ILS	1,450,000		426,788
5.50%, 1/31/2022	ILS	1,520,000		479,449
5.50%, 1/31/2042	ILS	1,525,000		548,467
6.00%, 2/28/2019	ILS	1,450,000		422,081
6.25%, 10/30/2026	ILS	1,820,000		645,802
				5,384,137
MALAYSIA — 7.3%
Malaysia Government Bond:
3.26%, 3/1/2018	MYR	910,000		202,530
3.48%, 3/15/2023	MYR	1,010,000		216,002
3.49%, 3/31/2020	MYR	1,200,000		266,090
3.50%, 5/31/2027	MYR	600,000		123,299
3.58%, 9/28/2018	MYR	570,000		126,918
3.62%, 11/30/2021	MYR	1,000,000		222,314
3.65%, 10/31/2019	MYR	1,130,000		252,138
3.66%, 10/15/2020	MYR	1,400,000		311,857
3.73%, 6/15/2028	MYR	240,000		49,813
3.76%, 3/15/2019	MYR	2,275,000		509,760
3.80%, 8/17/2023	MYR	300,000		65,662
3.84%, 4/15/2033	MYR	1,120,000		221,668
3.89%, 7/31/2020	MYR	500,000		112,181
3.89%, 3/15/2027	MYR	600,000		128,370
3.90%, 11/30/2026	MYR	1,085,000		235,261
3.96%, 9/15/2025	MYR	1,150,000		248,593
4.05%, 9/30/2021	MYR	500,000		111,888
4.13%, 4/15/2032	MYR	800,000		164,960
4.18%, 7/15/2024	MYR	200,000		44,168
4.23%, 6/30/2031	MYR	1,200,000		255,566
4.25%, 5/31/2035	MYR	650,000		136,987
4.38%, 11/29/2019	MYR	4,520,000		1,028,014
4.74%, 3/15/2046	MYR	800,000		180,758
4.84%, 7/15/2025	MYR	170,000		38,879
4.94%, 9/30/2043	MYR	300,000		66,786
Malaysia Government Investment Issue:
3.51%, 5/15/2018	MYR	850,000		188,993
3.74%, 8/26/2021	MYR	2,100,000		465,501
3.80%, 8/27/2020	MYR	2,600,000		578,689
4.07%, 9/30/2026	MYR	3,300,000		717,618
4.19%, 7/15/2022	MYR	2,200,000		491,750
4.39%, 7/7/2023	MYR	1,390,000		314,779
4.44%, 5/22/2024	MYR	2,300,000		515,575
				8,593,367
MEXICO — 7.9%
Mexican Bonos:
4.75%, 6/14/2018	MXN	26,000,000		1,225,504
5.00%, 12/11/2019	MXN	12,900,000		594,125
5.75%, 3/5/2026	MXN	9,850,000		424,231
6.50%, 6/10/2021	MXN	16,100,000		762,057
6.50%, 6/9/2022	MXN	10,800,000		506,144
7.75%, 5/29/2031	MXN	13,800,000		668,619
7.75%, 11/23/2034	MXN	13,300,000		639,924
7.75%, 11/13/2042	MXN	8,800,000		420,737
8.00%, 6/11/2020	MXN	6,650,000		332,198
8.00%, 12/7/2023	MXN	12,050,000		606,720
8.50%, 12/13/2018	MXN	16,100,000		804,096
8.50%, 5/31/2029	MXN	10,750,000		555,003
8.50%, 11/18/2038	MXN	8,750,000		451,135
10.00%, 12/5/2024	MXN	18,300,000		1,027,940
10.00%, 11/20/2036	MXN	3,000,000		177,034
				9,195,467
PERU — 2.4%
Peruvian Government International Bond:
5.20%, 9/12/2023	PEN	1,575,000		454,507
5.70%, 8/12/2024	PEN	1,400,000		411,961
6.35%, 8/12/2028	PEN	675,000		198,225
6.71%, 2/12/2055	PEN	250,000		69,867
6.85%, 2/12/2042	PEN	1,180,000		339,666
6.90%, 8/12/2037	PEN	1,055,000		313,256
6.95%, 8/12/2031	PEN	1,835,000		557,820
7.84%, 8/12/2020	PEN	485,000		157,067
8.20%, 8/12/2026	PEN	1,070,000		359,373
				2,861,742
PHILIPPINES — 4.7%
Philippine Government Bond:
2.13%, 5/23/2018	PHP	11,400,000		226,710
3.38%, 8/20/2020	PHP	38,650,000		758,609
3.50%, 3/20/2021	PHP	12,900,000		253,020
3.50%, 4/21/2023	PHP	3,500,000		67,958
3.50%, 9/20/2026	PHP	22,000,000		398,087
3.63%, 9/9/2025	PHP	32,400,000		602,170
3.63%, 3/21/2033	PHP	13,150,000		219,568
3.88%, 11/22/2019	PHP	33,760,000		677,706
4.13%, 8/20/2024	PHP	1,700,000		32,870
4.63%, 9/9/2040	PHP	20,000,000		373,588
5.00%, 8/18/2018	PHP	5,400,000		110,707
5.88%, 12/16/2020	PHP	7,950,000		168,762
6.13%, 10/24/2037	PHP	6,500,000		147,867
6.38%, 1/19/2022	PHP	4,700,000		103,231
8.00%, 7/19/2031	PHP	29,787,338		794,288
8.13%, 12/16/2035	PHP	13,300,000		373,538
Philippine Government International Bond		10,000,000		215,950
				5,524,629
POLAND — 4.5%
Poland Government Bond:
Zero Coupon, 10/25/2018	PLN	1,600,000		369,614
1.50%, 4/25/2020	PLN	700,000		162,142
1.75%, 7/25/2021	PLN	2,900,000		661,867
2.00%, 4/25/2021	PLN	900,000		208,469
2.50%, 7/25/2018	PLN	2,350,000		567,416
2.50%, 7/25/2026	PLN	2,300,000		500,575
2.50%, 7/25/2027	PLN	500,000		107,383
3.25%, 7/25/2025	PLN	2,510,000		590,078
3.75%, 4/25/2018	PLN	2,600,000		637,932
4.00%, 10/25/2023	PLN	2,200,000		548,116
5.25%, 10/25/2020	PLN	1,050,000		274,756
5.75%, 10/25/2021	PLN	500,000		134,933
5.75%, 9/23/2022	PLN	1,800,000		489,251
				5,252,532

See accompanying notes to financial statements.

275

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
ROMANIA — 2.8%
Romania Government Bond:
2.25%, 2/26/2020	RON	3,000,000	$	701,194
2.50%, 4/29/2019	RON	3,450,000		817,323
3.25%, 1/17/2018	RON	450,000		106,783
3.25%, 3/22/2021	RON	490,000		117,233
3.50%, 12/19/2022	RON	425,000		100,798
4.75%, 2/24/2025	RON	1,900,000		478,002
5.75%, 4/29/2020	RON	1,110,000		288,082
5.80%, 7/26/2027	RON	800,000		218,060
5.85%, 4/26/2023	RON	1,030,000		275,551
5.95%, 6/11/2021	RON	610,000		161,891
				3,264,917
RUSSIA — 4.0%
Russian Federal Bond - OFZ:
6.20%, 1/31/2018	RUB	12,500,000		200,205
6.40%, 5/27/2020	RUB	31,600,000		490,391
6.70%, 5/15/2019	RUB	28,000,000		444,468
6.80%, 12/11/2019	RUB	20,400,000		322,156
7.00%, 1/25/2023	RUB	19,000,000		293,355
7.00%, 8/16/2023	RUB	612,000		9,410
7.05%, 1/19/2028	RUB	4,200,000		62,900
7.50%, 3/15/2018	RUB	14,000,000		227,708
7.50%, 2/27/2019	RUB	14,500,000		234,820
7.50%, 8/18/2021	RUB	36,900,000		590,702
7.60%, 7/20/2022	RUB	18,000,000		288,047
7.75%, 9/16/2026	RUB	43,400,000		685,207
8.15%, 2/3/2027	RUB	20,500,000		334,482
8.50%, 9/17/2031	RUB	25,800,000		425,429
Russian Foreign Bond - Eurobond Series REGS		5,000,000		81,058
				4,690,338
SOUTH AFRICA — 4.5%
South Africa Government Bond:
6.25%, 3/31/2036	ZAR	4,500,000		234,518
6.50%, 2/28/2041	ZAR	9,800,000		509,872
6.75%, 3/31/2021	ZAR	1,250,000		86,422
7.00%, 2/28/2031	ZAR	4,900,000		293,110
7.25%, 1/15/2020	ZAR	6,050,000		431,862
7.75%, 2/28/2023	ZAR	6,950,000		487,186
8.00%, 12/21/2018	ZAR	4,050,000		296,442
8.00%, 1/31/2030	ZAR	17,500,000		1,151,510
8.25%, 3/31/2032	ZAR	2,700,000		177,623
8.50%, 1/31/2037	ZAR	6,300,000		413,883
8.75%, 1/31/2044	ZAR	2,850,000		190,591
8.75%, 2/28/2048	ZAR	7,900,000		527,558
8.88%, 2/28/2035	ZAR	4,000,000		274,504
9.00%, 1/31/2040	ZAR	1,500,000		102,922
10.50%, 12/21/2026	ZAR	1,800,000		145,130
				5,323,133
SOUTH KOREA — 12.4%
Korea Treasury Bond:
1.38%, 9/10/2021	KRW	300,000,000		243,673
1.50%, 6/10/2019	KRW	760,000,000		627,089
1.50%, 12/10/2026	KRW	450,000,000		353,694
1.50%, 9/10/2036	KRW	630,000,000		469,489
1.63%, 6/10/2018	KRW	510,000,000		422,321
1.75%, 12/10/2018	KRW	575,000,000		477,210
1.88%, 6/10/2026	KRW	1,740,000,000		1,417,400
2.00%, 12/10/2017	KRW	65,000,000		54,014
2.00%, 3/10/2020	KRW	1,000,000,000		834,648
2.00%, 3/10/2021	KRW	648,000,000		540,342
2.00%, 3/10/2046	KRW	945,000,000		756,111
2.25%, 6/10/2025	KRW	100,000,000		83,885
2.25%, 12/10/2025	KRW	500,000,000		419,989
2.63%, 9/10/2035	KRW	670,000,000		594,250
2.75%, 3/10/2018	KRW	1,939,000,000		1,627,286
2.75%, 9/10/2019	KRW	800,000,000		680,658
3.00%, 3/10/2023	KRW	580,000,000		508,775
3.00%, 9/10/2024	KRW	100,000,000		88,137
3.00%, 12/10/2042	KRW	265,000,000		255,293
3.13%, 3/10/2019	KRW	1,230,000,000		1,050,218
3.25%, 9/10/2018	KRW	100,000,000		84,993
3.38%, 9/10/2023	KRW	400,000,000		359,764
3.50%, 3/10/2024	KRW	1,560,000,000		1,418,559
3.75%, 6/10/2022	KRW	100,000,000		90,649
3.75%, 12/10/2033	KRW	110,000,000		112,439
4.00%, 12/10/2031	KRW	395,000,000		405,389
4.25%, 6/10/2021	KRW	467,000,000		425,953
4.75%, 12/10/2030	KRW	120,000,000		130,841
				14,533,069
THAILAND — 4.6%
Thailand Government Bond:
1.88%, 6/17/2022	THB	7,500,000		205,023
2.55%, 6/26/2020	THB	14,500,000		413,040
2.80%, 10/10/2017	THB	8,000,000		225,482
2.88%, 6/17/2046	THB	2,885,000		71,619
3.40%, 6/17/2036	THB	3,750,000		105,480
3.45%, 3/8/2019	THB	10,200,000		295,302
3.58%, 12/17/2027	THB	16,650,000		490,108
3.63%, 6/16/2023	THB	14,730,000		438,690
3.65%, 12/17/2021	THB	14,800,000		441,514
3.65%, 6/20/2031	THB	3,700,000		107,635
3.78%, 6/25/2032	THB	5,700,000		167,676
3.80%, 6/14/2041	THB	9,750,000		289,512
3.85%, 12/12/2025	THB	16,700,000		509,701
3.88%, 6/13/2019	THB	10,500,000		307,885
4.00%, 6/17/2066	THB	10,000,000		297,724
4.68%, 6/29/2044	THB	8,500,000		288,758
4.85%, 6/17/2061	THB	2,000,000		71,469
4.88%, 6/22/2029	THB	13,185,000		434,920
5.13%, 3/13/2018	THB	5,800,000		168,627
				5,330,165
TURKEY — 4.6%
Turkey Government Bond:
7.10%, 3/8/2023	TRY	1,350,000		316,046
7.40%, 2/5/2020	TRY	1,325,000		343,530
8.00%, 3/12/2025	TRY	1,100,000		261,115
8.50%, 7/10/2019	TRY	900,000		245,110
8.50%, 9/14/2022	TRY	900,000		227,968
8.70%, 7/11/2018	TRY	1,350,000		374,957
8.80%, 11/14/2018	TRY	1,780,000		492,744
8.80%, 9/27/2023	TRY	1,130,000		286,548
9.00%, 7/24/2024	TRY	525,000		133,653
9.20%, 9/22/2021	TRY	1,300,000		346,472

See accompanying notes to financial statements.

276

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
9.40%, 7/8/2020	TRY	1,050,000	$	287,156
9.50%, 1/12/2022	TRY	375,000		100,530
10.40%, 3/20/2024	TRY	850,000		233,305
10.50%, 1/15/2020	TRY	1,400,000		398,795
10.60%, 2/11/2026	TRY	1,040,000		287,381
10.70%, 2/17/2021	TRY	3,500,000		990,022
				5,325,332
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $124,086,320)				114,849,634
	Shares
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (a) (b) (Cost $122,343)		122,343		122,343
TOTAL INVESTMENTS — 98.3%
(Cost $124,208,663)				114,971,977
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.7%				2,017,321
NET ASSETS — 100.0%			$	116,989,298

(a) The rate shown is the annualized seven-day yield at December 31, 2016.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

BRL — Brazilian Real

CLP — Chilean Peso

COP — Colombian Peso

CZK — Czech Koruna

HUF — Hungary Forint

IDR — Indonesian Rupiah

ILS — Israeli New Shekel

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PLN — Polish Zloty

RON — Romanian Leu

RUB — Russian Ruble

THB — Thai Baht

TRY — Turkish New Lira

USD — U.S. Dollar

ZAR — South African Rand

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Foreign Government Obligations
Brazil	$	—	$	14,683,986	$	—	$	14,683,986
Chile		—		2,171,334		—		2,171,334
Colombia		—		5,335,972		—		5,335,972
Czech Republic		—		4,572,401		—		4,572,401
Hungary		—		4,189,251		—		4,189,251
Indonesia		—		8,617,862		—		8,617,862
Israel		—		5,384,137		—		5,384,137
Malaysia		—		8,593,367		—		8,593,367
Mexico		—		9,195,467		—		9,195,467
Peru		—		2,861,742		—		2,861,742
Philippines		—		5,524,629		—		5,524,629
Poland		—		5,252,532		—		5,252,532
Romania		—		3,264,917		—		3,264,917
Russia		—		4,690,338		—		4,690,338
South Africa		—		5,323,133		—		5,323,133
South Korea		—		14,533,069		—		14,533,069
Thailand		—		5,330,165		—		5,330,165
Turkey		—		5,325,332		—		5,325,332
Short-Term Investment		122,343		—		—		122,343
TOTAL INVESTMENTS	$	122,343	$	114,849,634	$	—	$	114,971,977

See accompanying notes to financial statements.

277

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		1,945,965	$	1,945,965		27,109,542		29,055,507		—	$	—	$	1,143	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		7,655,253		7,532,910		122,343		122,343		144		—
TOTAL			$	1,945,965							$	122,343	$	1,287	$	—

See accompanying notes to financial statements.

278

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 98.2%
ADVERTISING — 0.5%
Acosta, Inc. 7.75%, 10/1/2022 (a) (b)	$	14,974,000	$	12,615,595
Lamar Media Corp.:
5.00%, 5/1/2023		9,598,000		9,885,940
5.38%, 1/15/2024		7,936,000		8,253,440
5.88%, 2/1/2022		6,281,000		6,469,430
MDC Partners, Inc. 6.50%, 5/1/2024 (a) (b)		13,025,000		11,689,937
Outfront Media Capital LLC/Outfront Media Capital Corp.:
5.25%, 2/15/2022		9,210,000		9,543,863
5.63%, 2/15/2024		4,689,000		4,888,283
				63,346,488
AEROSPACE & DEFENSE — 0.7%
Accudyne Industries Borrower/Accudyne Industries LLC 7.75%, 12/15/2020 (b)		9,576,000		7,972,020
KLX, Inc. 5.88%, 12/1/2022 (b)		18,643,000		19,155,682
TransDigm, Inc.:
6.00%, 7/15/2022 (a)		14,505,000		15,085,200
6.38%, 6/15/2026 (a) (b)		22,035,000		22,629,945
6.50%, 7/15/2024 (a)		17,319,000		18,120,870
				82,963,717
AGRICULTURE — 0.2%
Alliance One International, Inc. 9.88%, 7/15/2021 (a)		11,602,000		9,803,690
Vector Group, Ltd. 7.75%, 2/15/2021		13,775,000		14,326,000
				24,129,690
AIRLINES — 0.3%
American Airlines Group, Inc.:
4.63%, 3/1/2020 (a) (b)		8,751,000		8,840,260
5.50%, 10/1/2019 (a) (b)		14,999,000		15,486,467
6.13%, 6/1/2018		5,743,000		5,987,078
				30,313,805
APPAREL — 0.3%
Hanesbrands, Inc.:
4.63%, 5/15/2024 (b)		8,688,000		8,427,360
4.88%, 5/15/2026 (b)		20,058,000		19,669,376
Levi Strauss & Co. 6.88%, 5/1/2022		7,678,000		8,061,900
				36,158,636
AUTO MANUFACTURERS — 0.6%
Fiat Chrysler Automobiles NV:
4.50%, 4/15/2020 (a)		26,608,000		27,190,050
5.25%, 4/15/2023 (a)		21,096,000		21,517,920
Jaguar Land Rover Automotive PLC:
4.13%, 12/15/2018 (b)		7,510,000		7,735,300
4.25%, 11/15/2019 (b)		8,941,000		9,276,287
5.63%, 2/1/2023 (a) (b)		9,916,000		10,362,220
				76,081,777
AUTO PARTS & EQUIPMENT — 1.5%
Adient Global Holdings, Ltd. 4.88%, 8/15/2026 (b)		15,110,000		14,685,031
Allison Transmission, Inc. 5.00%, 10/1/2024 (b)		13,910,000		14,083,875
American Axle & Manufacturing, Inc. 6.63%, 10/15/2022 (a)		10,906,000		11,225,546
Goodyear Tire & Rubber Co.:
5.00%, 5/31/2026		17,604,000		17,489,574
5.13%, 11/15/2023 (a)		21,142,000		21,776,260
7.00%, 5/15/2022		4,185,000		4,404,713
IHO Verwaltungs GmbH PIK, 4.13%, 9/15/2021 (b)		6,465,000		6,529,650
MPG Holdco I, Inc. 7.38%, 10/15/2022 (a)		8,493,000		8,875,185
Schaeffler Finance B.V.:
4.25%, 5/15/2021 (b)		12,223,000		12,513,296
4.75%, 5/15/2023 (b)		8,700,000		8,868,562
Tenneco, Inc. 5.00%, 7/15/2026		9,073,000		8,942,576
ZF North America Capital, Inc.:
4.00%, 4/29/2020 (a) (b)		8,234,000		8,583,945
4.50%, 4/29/2022 (b)		21,304,000		21,943,120
4.75%, 4/29/2025 (b)		25,660,000		26,078,258
				185,999,591
BANKS — 2.3%
CIT Group, Inc.:
5.00%, 8/15/2022 (a)		12,580,000		13,114,650
5.25%, 3/15/2018		20,362,000		21,023,765
5.50%, 2/15/2019 (b)		36,892,000		38,921,060
Deutsche Bank AG:
5 year USD Swap + 2.25%, 4.30%, 5/24/2028 (c)		27,680,000		25,174,960
4.50%, 4/1/2025 (a)		17,590,000		16,786,137
Intesa Sanpaolo SpA:
5.02%, 6/26/2024 (b)		31,584,000		29,150,285
5.71%, 1/15/2026 (b)		27,959,000		26,602,768
Royal Bank of Scotland Group PLC:
5.13%, 5/28/2024 (a)		35,776,000		35,550,801
6.00%, 12/19/2023		31,173,000		32,322,217
6.13%, 12/15/2022		36,814,000		39,030,203
				277,676,846
BEVERAGES — 0.1%
Cott Beverages, Inc.:
5.38%, 7/1/2022		4,356,000		4,432,230
6.75%, 1/1/2020		11,830,000		12,258,838
				16,691,068
BIOTECHNOLOGY — 0.1%
AMAG Pharmaceuticals, Inc. 7.88%, 9/1/2023 (b)		7,955,000		7,955,000
Concordia International Corp.:
7.00%, 4/15/2023 (b)		11,128,000		3,449,680
9.00%, 4/1/2022 (a) (b)		1,750,000		1,471,094
9.50%, 10/21/2022 (a) (b)		12,570,000		4,462,350
				17,338,124

See accompanying notes to financial statements.

279

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CHEMICALS — 2.7%
Ashland LLC:
3.88%, 4/15/2018	$	5,462,000	$	5,595,136
4.75%, 8/15/2022		22,143,000		22,931,844
Axalta Coating Systems LLC 4.88%, 8/15/2024 (b)		9,063,000		9,063,000
Blue Cube Spinco, Inc.:
9.75%, 10/15/2023 (a)		14,000,000		16,651,250
10.00%, 10/15/2025		6,318,000		7,561,856
CF Industries, Inc.:
3.45%, 6/1/2023 (a)		13,810,000		12,290,900
4.95%, 6/1/2043		13,232,000		10,817,160
5.38%, 3/15/2044		9,657,000		7,967,025
Chemours Co.:
6.63%, 5/15/2023 (a)		22,085,000		21,864,150
7.00%, 5/15/2025 (a)		13,095,000		12,898,575
Consolidated Energy Finance SA 6.75%, 10/15/2019 (b)		19,671,000		19,598,021
CVR Partners L.P./CVR Nitrogen Finance Corp. 9.25%, 6/15/2023 (a) (b)		8,350,000		8,600,500
Hexion, Inc. 6.63%, 4/15/2020 (a)		26,286,000		23,263,110
Huntsman International LLC 4.88%, 11/15/2020 (a)		8,229,000		8,511,872
INEOS Group Holdings SA:
5.63%, 8/1/2024 (a) (b)		9,011,075		8,920,964
5.88%, 2/15/2019 (a) (b)		9,893,000		10,115,593
Momentive Performance Materials, Inc. 3.88%, 10/24/2021		20,078,000		18,823,125
Platform Specialty Products Corp.:
6.50%, 2/1/2022 (a) (b)		17,908,000		18,042,310
10.38%, 5/1/2021 (b)		10,065,000		11,146,988
PolyOne Corp. 5.25%, 3/15/2023 (a)		8,017,000		8,137,255
PQ Corp. 6.75%, 11/15/2022 (b)		9,759,000		10,442,130
Rayonier AM Products, Inc. 5.50%, 6/1/2024 (a) (b)		9,276,000		8,673,060
TPC Group, Inc. 8.75%, 12/15/2020 (b)		10,733,000		9,176,715
Tronox Finance LLC:
6.38%, 8/15/2020 (a)		15,566,000		14,554,210
7.50%, 3/15/2022 (a) (b)		10,398,000		9,670,140
WR Grace & Co-Conn 5.13%, 10/1/2021 (b)		12,047,000		12,558,997
				327,875,886
COAL — 0.3%
CONSOL Energy, Inc.:
5.88%, 4/15/2022		30,108,000		29,675,197
8.00%, 4/1/2023		8,526,000		8,749,808
				38,425,005
COMMERCIAL SERVICES — 3.7%
ADT Corp.:
4.88%, 7/15/2032 (b)		20,898,000		17,136,360
3.50%, 7/15/2022		9,941,000		9,468,803
6.25%, 10/15/2021 (a)		15,309,000		16,648,537
Ahern Rentals, Inc. 7.38%, 5/15/2023 (b)		10,196,000		8,513,660
APX Group, Inc.:
6.38%, 12/1/2019 (a)		6,484,000		6,670,415
7.88%, 12/1/2022		10,139,000		10,981,804
8.75%, 12/1/2020 (a)		18,174,000		18,310,305
Ashtead Capital, Inc.:
5.63%, 10/1/2024 (a) (b)		8,185,000		8,573,788
6.50%, 7/15/2022 (b)		14,058,000		14,725,755
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.50%, 4/1/2023 (a)		11,738,000		11,503,240
Brand Energy & Infrastructure Services, Inc. 8.50%, 12/1/2021 (b)		9,171,000		9,377,348
Cenveo Corp. 6.00%, 8/1/2019 (b)		11,679,000		10,423,508
Global A&T Electronics, Ltd. 10.00%, 2/1/2019 (b)		9,303,000		7,070,280
Harland Clarke Holdings Corp. 9.25%, 3/1/2021 (b)		10,770,000		9,477,600
Herc Rentals, Inc.:
7.50%, 6/1/2022 (b)		9,262,000		9,771,410
7.75%, 6/1/2024 (a) (b)		10,542,000		11,148,165
Hertz Corp.:
5.50%, 10/15/2024 (a) (b)		12,465,000		10,844,550
5.88%, 10/15/2020 (a)		1,911,000		1,872,780
6.25%, 10/15/2022 (a)		21,500,000		20,169,687
IHS Markit, Ltd. 5.00%, 11/1/2022 (b)		10,484,000		10,864,045
Jaguar Holding Co. II/Pharmaceutical Product Development LLC 6.38%, 8/1/2023 (a) (b)		18,229,000		19,505,030
Jurassic Holdings III, Inc. 6.88%, 2/15/2021 (a) (b)		9,372,000		7,685,040
Laureate Education, Inc. 9.25%, 9/1/2019 (a) (b)		23,729,000		24,234,428
Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (b)		10,800,000		10,800,000
Monitronics International, Inc. 9.13%, 4/1/2020		12,574,000		11,850,995
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.25%, 5/15/2023 (b)		52,552,000		57,281,680
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025 (b)		8,075,000		8,200,970
Service Corp. International 5.38%, 5/15/2024		12,757,000		13,299,172
ServiceMaster Co. LLC 5.13%, 11/15/2024 (b)		11,765,000		11,970,887
Team Health, Inc. 7.25%, 12/15/2023 (b)		8,250,000		9,384,375
United Rentals North America, Inc.:
4.63%, 7/15/2023		17,075,000		17,416,500
5.75%, 11/15/2024		14,336,000		15,052,800
6.13%, 6/15/2023		13,809,000		14,620,279
				444,854,196

See accompanying notes to financial statements.

280

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CONSTRUCTION MATERIALS — 1.0%
Builders FirstSource, Inc. 5.63%, 9/1/2024 (b)	$	12,400,000	$	12,462,000
CIMPOR Financial Operations B.V. 5.75%, 7/17/2024 (a) (b)		10,650,000		8,812,875
GCP Applied Technologies, Inc. 9.50%, 2/1/2023 (b)		8,469,000		9,718,177
Griffon Corp. 5.25%, 3/1/2022		9,780,000		9,908,362
Masco Corp.:
4.38%, 4/1/2026		10,651,000		10,717,569
4.45%, 4/1/2025		4,920,000		4,993,800
Ply Gem Industries, Inc. 6.50%, 2/1/2022		7,415,000		7,655,988
St Marys Cement, Inc. Canada 5.75%, 1/28/2027 (b)		7,196,000		6,899,165
Standard Industries, Inc.:
5.13%, 2/15/2021 (b)		5,472,000		5,690,880
5.38%, 11/15/2024 (b)		9,529,000		9,767,225
5.50%, 2/15/2023 (b)		7,327,000		7,583,445
6.00%, 10/15/2025 (a) (b)		21,390,000		22,512,975
Summit Materials LLC/Summit Materials Finance Corp. 6.13%, 7/15/2023		8,492,000		8,714,915
				125,437,376
DISTRIBUTION & WHOLESALE — 0.7%
American Builders & Contractors Supply Co., Inc. 5.63%, 4/15/2021 (b)		9,068,000		9,340,040
American Tire Distributors, Inc. 10.25%, 3/1/2022 (b)		15,630,000		15,014,569
H&E Equipment Services, Inc. 7.00%, 9/1/2022 (a)		10,548,000		11,101,770
HD Supply, Inc.:
5.25%, 12/15/2021 (b)		21,625,000		22,814,375
5.75%, 4/15/2024 (b)		13,570,000		14,282,425
Ingram Micro, Inc. 5.45%, 12/15/2024		6,777,000		6,326,329
LKQ Corp. 4.75%, 5/15/2023		7,723,000		7,684,385
				86,563,893
DIVERSIFIED FINANCIAL SERVICES — 3.3%
Aircastle, Ltd.:
5.00%, 4/1/2023		2,250,000		2,306,250
5.13%, 3/15/2021		7,898,000		8,411,370
5.50%, 2/15/2022		1,923,000		2,038,380
6.25%, 12/1/2019		8,742,000		9,441,360
Ally Financial, Inc.:
3.60%, 5/21/2018		10,027,000		10,114,736
3.75%, 11/18/2019		9,262,000		9,301,827
5.75%, 11/20/2025 (a)		26,978,000		26,983,396
BCD Acquisition, Inc. 9.63%, 9/15/2023 (b)		13,914,000		14,887,980
CIT Group, Inc. 5.00%, 8/1/2023 (a)		6,250,000		6,437,500
DFC Finance Corp. PIK, 12.00%, 6/16/2020 (b)		7,920,680		4,514,788
Enova International, Inc. 9.75%, 6/1/2021		10,050,000		10,024,875
FBM Finance, Inc. 8.25%, 8/15/2021 (b)		9,818,000		10,339,581
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.:
4.88%, 3/15/2019		24,250,000		24,492,500
5.88%, 2/1/2022		16,629,000		16,504,282
6.00%, 8/1/2020		28,284,000		28,920,390
Jefferies Finance LLC/JFIN Co-Issuer Corp. 7.38%, 4/1/2020 (b)		9,677,000		9,677,000
Nationstar Mortgage LLC/Nationstar Capital Corp. 6.50%, 7/1/2021		10,737,000		10,871,213
Navient Corp.:
4.88%, 6/17/2019		17,400,000		18,009,000
5.50%, 1/15/2019		20,345,000		21,184,231
5.50%, 1/25/2023 (a)		9,118,000		8,804,569
5.88%, 10/25/2024		3,400,000		3,247,000
NFP Corp. 9.00%, 7/15/2021 (b)		8,855,000		9,259,009
OneMain Financial Holdings LLC:
6.75%, 12/15/2019 (b)		7,652,000		7,977,210
7.25%, 12/15/2021 (b)		17,268,000		18,000,163
Quicken Loans, Inc. 5.75%, 5/1/2025 (a) (b)		19,962,000		19,425,521
Solera LLC/Solera FIinance, Inc. 10.50%, 3/1/2024 (a) (b)		29,303,000		32,965,875
Springleaf Finance Corp.:
5.25%, 12/15/2019		15,600,000		15,834,000
7.75%, 10/1/2021		13,527,000		14,270,985
8.25%, 12/15/2020 (a)		9,755,000		10,590,272
TMX Finance LLC/TitleMax Finance Corp. 8.50%, 9/15/2018 (b)		11,156,000		9,622,050
Walter Investment Management Corp. 7.88%, 12/15/2021		8,748,000		7,075,382
				401,532,695
ELECTRIC — 2.7%
AES Corp.:
4.88%, 5/15/2023 (a)		16,734,000		16,524,825
5.50%, 3/15/2024 (a)		7,359,000		7,414,193
7.38%, 7/1/2021		15,274,000		16,992,325
Calpine Corp.:
5.38%, 1/15/2023 (a)		22,573,000		22,065,107
5.75%, 1/15/2025 (a)		29,063,000		28,045,795
6.00%, 1/15/2022 (b)		6,280,000		6,546,900
Dynegy, Inc.:
6.75%, 11/1/2019		35,152,000		35,855,040
7.38%, 11/1/2022 (a)		30,298,000		28,934,590
7.63%, 11/1/2024 (a)		16,743,000		15,445,418
Enel SpA 5 year USD Swap + 5.88%, 8.75%, 9/24/2073 (b) (c)		20,445,000		23,332,856
FirstEnergy Transmission LLC 4.35%, 1/15/2025 (b)		10,519,000		10,831,750
InterGen NV 7.00%, 6/30/2023 (b)		10,366,000		9,225,740

See accompanying notes to financial statements.

281

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
NRG Energy, Inc.:
6.25%, 7/15/2022	$	12,575,000	$	12,575,000
6.63%, 3/15/2023 (a)		6,360,000		6,344,100
6.63%, 1/15/2027 (a) (b)		21,365,000		20,029,687
7.25%, 5/15/2026 (a) (b)		12,985,000		12,920,075
NRG Yield Operating LLC 5.38%, 8/15/2024 (a)		9,524,000		9,571,620
Talen Energy Supply LLC:
4.60%, 12/15/2021 (a)		12,275,000		9,682,520
4.63%, 7/15/2019 (a) (b)		11,447,000		10,874,650
6.50%, 6/1/2025 (a)		13,424,000		10,470,720
Terraform Global Operating LLC 9.75%, 8/15/2022 (b)		14,005,000		14,915,325
				328,598,236
ELECTRICAL COMPONENTS & EQUIPMENT — 0.3%
Belden, Inc. 5.50%, 9/1/2022 (b)		8,970,000		9,239,100
Energizer Holdings, Inc. 5.50%, 6/15/2025 (b)		7,664,000		7,721,480
General Cable Corp. 5.75%, 10/1/2022		10,480,000		10,113,200
WESCO Distribution, Inc. 5.38%, 12/15/2021		6,836,000		7,058,170
				34,131,950
ENERGY-ALTERNATE SOURCES — 0.2%
TerraForm Power Operating LLC 6.38%, 2/1/2023 (b) (d)		17,887,000		18,021,153
ENGINEERING & CONSTRUCTION — 0.4%
AECOM:
5.75%, 10/15/2022		4,526,000		4,786,245
5.88%, 10/15/2024 (a)		20,100,000		21,431,625
SBA Communications Corp.:
4.88%, 7/15/2022		8,351,000		8,486,704
4.88%, 9/1/2024 (b)		19,365,000		19,074,525
				53,779,099
ENTERTAINMENT — 2.2%
AMC Entertainment Holdings, Inc.:
5.75%, 6/15/2025		7,451,000		7,618,648
5.88%, 11/15/2026 (a) (b)		12,112,000		12,384,520
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp. 5.25%, 3/15/2021		10,236,000		10,568,670
Churchill Downs, Inc. 5.38%, 12/15/2021		172,000		178,450
Cinemark USA, Inc. 4.88%, 6/1/2023		12,259,000		12,412,237
GLP Capital L.P./GLP Financing II, Inc.:
4.38%, 11/1/2018		7,394,000		7,636,523
4.88%, 11/1/2020		12,087,000		12,737,281
5.38%, 11/1/2023 (a)		3,399,000		3,636,930
5.38%, 4/15/2026		17,884,000		18,617,244
International Game Technology PLC:
5.63%, 2/15/2020 (b)		9,273,000		9,825,671
6.25%, 2/15/2022 (b)		22,385,000		24,007,912
6.50%, 2/15/2025 (a) (b)		20,451,000		21,805,879
Isle of Capri Casinos, Inc. 5.88%, 3/15/2021		7,082,000		7,329,870
Lions Gate Entertainment Corp. 5.88%, 11/1/2024 (b)		8,304,000		8,428,560
Mohegan Tribal Gaming Authority 7.88%, 10/15/2024 (a) (b)		9,240,000		9,424,800
Pinnacle Entertainment, Inc. 5.63%, 5/1/2024 (b)		9,410,000		9,422,233
Regal Entertainment Group 5.75%, 3/15/2022		10,539,000		11,039,603
Scientific Games International, Inc.:
7.00%, 1/1/2022 (a) (b)		10,536,000		11,299,860
10.00%, 12/1/2022		41,389,000		41,182,055
Six Flags Entertainment Corp. 5.25%, 1/15/2021 (a) (b)		11,427,000		11,684,107
WMG Acquisition Corp. 6.75%, 4/15/2022 (a) (b)		8,812,000		9,285,645
				260,526,698
ENVIRONMENTAL CONTROL — 0.3%
Clean Harbors, Inc.:
5.13%, 6/1/2021		12,696,000		12,960,077
5.25%, 8/1/2020		12,889,000		13,195,114
GFL Environmental, Inc. 9.88%, 2/1/2021 (b)		8,358,000		9,193,800
				35,348,991
FOOD — 2.1%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
5.75%, 3/15/2025 (b)		19,693,000		19,545,302
6.63%, 6/15/2024 (b)		19,923,000		20,719,920
B&G Foods, Inc. 4.63%, 6/1/2021 (a)		9,927,000		10,125,540
Dean Foods Co. 6.50%, 3/15/2023 (b)		12,499,000		13,123,950
Fresh Market, Inc. 9.75%, 5/1/2023 (b)		12,639,000		10,782,647
Ingles Markets, Inc. 5.75%, 6/15/2023		9,472,000		9,732,480
JBS USA LUX SA/JBS USA Finance, Inc.:
5.75%, 6/15/2025 (b)		12,283,000		12,510,236
5.88%, 7/15/2024 (b)		9,104,000		9,377,120
8.25%, 2/1/2020 (b)		14,167,000		14,514,729
Lamb Weston Holdings, Inc.:
4.63%, 11/1/2024 (b)		14,175,000		14,210,437
4.88%, 11/1/2026 (b)		13,980,000		13,778,688
Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (b)		9,461,000		9,461,000
Post Holdings, Inc.:
5.00%, 8/15/2026 (b)		37,849,000		36,240,417
6.75%, 12/1/2021 (b)		10,791,000		11,573,348
7.75%, 3/15/2024 (b)		8,305,000		9,218,550
Smithfield Foods, Inc. 6.63%, 8/15/2022		12,000,000		12,600,000
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (b)		11,625,000		12,177,188

See accompanying notes to financial statements.

282

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
US Foods, Inc. 5.88%, 6/15/2024 (b)	$	10,808,000	$	11,213,300
WhiteWave Foods Co. 5.38%, 10/1/2022		6,658,000		7,273,865
				258,178,717
FOOD SERVICE — 0.1%
Aramark Services, Inc.:
4.75%, 6/1/2026 (b)		8,481,000		8,417,392
5.13%, 1/15/2024 (b)		6,807,000		6,994,193
				15,411,585
FOREST PRODUCTS & PAPER — 0.2%
Cascades, Inc. 5.50%, 7/15/2022 (b)		7,615,000		7,729,225
Resolute Forest Products, Inc. 5.88%, 5/15/2023 (a)		12,497,000		11,184,815
				18,914,040
GAS — 0.4%
AmeriGas Partners L.P./AmeriGas Finance Corp.:
5.50%, 5/20/2025		10,330,000		10,484,950
5.63%, 5/20/2024		12,490,000		12,771,025
5.88%, 8/20/2026		8,427,000		8,553,405
NGL Energy Partners L.P./NGL Energy Finance Corp. 7.50%, 11/1/2023 (b)		12,141,000		12,535,583
				44,344,963
HEALTH CARE PRODUCTS — 1.2%
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp. 8.13%, 6/15/2021 (b)		17,431,000		15,121,393
Hologic, Inc. 5.25%, 7/15/2022 (b)		14,571,000		15,354,191
Kinetic Concepts, Inc./KCI USA, Inc.:
7.88%, 2/15/2021 (b)		5,811,000		6,304,935
9.63%, 10/1/2021 (b)		29,805,000		31,481,531
12.50%, 11/1/2021 (b)		7,835,000		8,226,750
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.88%, 4/15/2020 (a) (b)		8,961,000		8,994,604
5.63%, 10/15/2023 (b)		13,594,000		12,676,405
5.75%, 8/1/2022 (a) (b)		15,620,000		14,995,200
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 6.63%, 5/15/2022 (a) (b)		22,010,000		19,478,850
Universal Hospital Services, Inc. 7.63%, 8/15/2020		13,736,000		13,547,130
				146,180,989
HEALTH CARE SERVICES — 5.5%
Acadia Healthcare Co., Inc. 5.63%, 2/15/2023 (a)		9,480,000		9,480,000
Centene Corp.:
4.75%, 5/15/2022		12,600,000		12,741,750
4.75%, 1/15/2025		19,177,000		18,721,546
5.63%, 2/15/2021		23,067,000		24,252,644
CHS/Community Health Systems, Inc.:
6.88%, 2/1/2022 (a)		52,647,000		36,852,900
7.13%, 7/15/2020 (a)		14,600,000		11,063,880
8.00%, 11/15/2019 (a)		34,831,000		29,014,223
DaVita, Inc.:
5.00%, 5/1/2025		27,669,000		27,281,634
5.13%, 7/15/2024		37,167,000		37,074,082
5.75%, 8/15/2022		9,803,000		10,244,135
Envision Healthcare Corp.:
5.63%, 7/15/2022 (a)		16,611,000		17,125,941
5.13%, 7/1/2022 (a) (b)		11,522,000		11,478,793
6.25%, 12/1/2024 (b)		9,901,000		10,470,308
Fresenius Medical Care US Finance II, Inc.:
4.13%, 10/15/2020 (b)		10,925,000		11,286,891
5.63%, 7/31/2019 (b)		7,509,000		7,997,085
5.88%, 1/31/2022 (a) (b)		12,293,000		13,460,835
HCA, Inc.:
3.75%, 3/15/2019		16,250,000		16,676,562
5.00%, 3/15/2024		30,610,000		31,589,520
5.38%, 2/1/2025		42,383,000		42,438,098
6.50%, 2/15/2020		11,884,000		13,001,096
HealthSouth Corp. 5.75%, 11/1/2024		19,430,000		19,685,019
Kindred Healthcare, Inc.:
6.38%, 4/15/2022		11,679,000		10,540,298
8.00%, 1/15/2020		4,227,000		4,205,865
8.75%, 1/15/2023 (a)		15,747,000		14,693,919
LifePoint Health, Inc.:
5.38%, 5/1/2024 (a) (b)		11,219,000		10,960,963
5.50%, 12/1/2021 (a)		12,013,000		12,433,455
5.88%, 12/1/2023 (a)		9,970,000		10,094,625
MEDNAX, Inc. 5.25%, 12/1/2023 (b)		9,679,000		9,981,469
Molina Healthcare, Inc. 5.38%, 11/15/2022		9,395,000		9,530,053
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (b)		26,489,000		27,882,321
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 5/1/2023 (b)		16,297,000		16,226,923
Select Medical Corp. 6.38%, 6/1/2021 (a)		11,722,000		11,722,000
Tenet Healthcare Corp.:
6.00%, 10/1/2020		26,682,000		27,949,395
6.75%, 6/15/2023 (a)		30,309,000		26,747,692
7.50%, 1/1/2022 (b)		3,385,000		3,528,863
8.13%, 4/1/2022 (a)		45,654,000		42,960,414
WellCare Health Plans, Inc. 5.75%, 11/15/2020		14,087,000		14,474,392
				665,869,589
HOLDING COMPANIES-DIVERS — 0.7%
HRG Group, Inc.:
7.75%, 1/15/2022		18,986,000		19,792,905
7.88%, 7/15/2019		9,831,000		10,230,385
Nielsen Co. Luxembourg SARL 5.50%, 10/1/2021 (b)		2,194,000		2,281,760

See accompanying notes to financial statements.

283

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Opal Acquisition, Inc. 8.88%, 12/15/2021 (b)	$	10,115,000	$	8,648,325
PetSmart, Inc. 7.13%, 3/15/2023 (a) (b)		33,173,000		33,836,460
Stena AB 7.00%, 2/1/2024 (a) (b)		7,450,000		6,597,906
				81,387,741
HOME BUILDERS — 0.9%
Beazer Homes USA, Inc. 8.75%, 3/15/2022 (b)		9,486,000		10,244,880
Brookfield Residential Properties, Inc. 6.50%, 12/15/2020 (b)		10,865,000		11,109,462
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 6.13%, 7/1/2022 (b)		6,655,000		6,688,275
K Hovnanian Enterprises, Inc. 7.25%, 10/15/2020 (b)		10,120,000		9,515,836
Lennar Corp.:
4.50%, 6/15/2019		5,215,000		5,365,192
4.50%, 11/15/2019		4,620,000		4,773,038
4.75%, 11/15/2022 (a)		16,344,000		16,742,385
PulteGroup, Inc.:
4.25%, 3/1/2021		9,071,428		9,269,865
5.00%, 1/15/2027 (a)		7,300,000		6,935,000
5.50%, 3/1/2026		16,525,000		16,359,750
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.25%, 4/15/2021 (b)		8,884,000		9,150,520
				106,154,203
HOME FURNISHINGS — 0.1%
Tempur Sealy International, Inc. 5.50%, 6/15/2026		9,427,000		9,474,135
HOUSEHOLD PRODUCTS — 0.4%
Avon International Operations, Inc. 7.88%, 8/15/2022 (b)		7,995,000		8,454,713
Avon Products, Inc. 7.00%, 3/15/2023 (a)		8,882,000		8,393,490
Edgewell Personal Care Co. 4.70%, 5/24/2022		6,695,000		6,904,219
First Quality Finance Co., Inc. 4.63%, 5/15/2021 (b)		8,424,000		8,339,760
Revlon Consumer Products Corp.:
5.75%, 2/15/2021		10,049,000		10,124,367
6.25%, 8/1/2024		111		114
				42,216,663
HOUSEHOLD PRODUCTS & WARES — 0.4%
ACCO Brands Corp. 6.75%, 4/30/2020 (a)		8,449,000		8,886,658
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/2023 (b)		11,940,000		11,940,000
Spectrum Brands, Inc.:
5.75%, 7/15/2025		16,052,000		16,613,820
6.63%, 11/15/2022		9,761,000		10,322,258
				47,762,736
HOUSEWARES — 0.1%
RSI Home Products, Inc. 6.50%, 3/15/2023 (b)		10,313,000		10,777,085
INSURANCE — 0.5%
Alliant Holdings Intermediate LLC 8.25%, 8/1/2023 (b)		8,775,000		9,032,765
CNO Financial Group, Inc. 5.25%, 5/30/2025		7,533,000		7,523,584
HUB International, Ltd. 7.88%, 10/1/2021 (b)		20,366,000		21,587,960
USI, Inc. 7.75%, 1/15/2021 (b)		11,264,000		11,510,400
Voya Financial, Inc. 3 month USD LIBOR + 3.58%, 5.65%, 5/15/2053 (c)		12,364,000		12,085,810
				61,740,519
INTERNET — 0.9%
Netflix, Inc.:
4.38%, 11/15/2026 (b)		14,910,000		14,462,700
5.50%, 2/15/2022		10,142,000		10,928,005
5.88%, 2/15/2025		13,023,000		14,097,397
TIBCO Software, Inc. 11.38%, 12/1/2021 (b)		17,518,000		17,518,000
VeriSign, Inc. 4.63%, 5/1/2023		9,856,000		9,954,560
Zayo Group LLC/Zayo Capital, Inc.:
6.00%, 4/1/2023		22,552,000		23,397,700
6.38%, 5/15/2025		17,048,000		17,687,300
				108,045,662
IRON/STEEL — 0.9%
Allegheny Technologies, Inc. 7.88%, 8/15/2023		9,728,000		9,533,440
ArcelorMittal:
6.13%, 6/1/2025 (a)		8,530,000		9,340,350
7.25%, 2/25/2022 (a)		17,074,000		19,326,061
BlueScope Steel Finance, Ltd./BlueScope Steel Finance USA LLC 6.50%, 5/15/2021 (b)		9,009,000		9,459,450
Cliffs Natural Resources, Inc. 8.25%, 3/31/2020 (b)		11,048,000		12,097,560
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc. 6.38%, 5/1/2022 (b)		11,857,000		11,827,357
Steel Dynamics, Inc.:
5.00%, 12/15/2026 (b)		2,000,000		1,992,500
5.13%, 10/1/2021		12,131,000		12,631,404
5.50%, 10/1/2024		3,760,000		3,985,600
United States Steel Corp. 8.38%, 7/1/2021 (b)		16,153,000		17,889,447
				108,083,169

See accompanying notes to financial statements.

284

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
IT SERVICES — 1.2%
Conduent Finance, Inc./Xerox Business Services LLC 10.50%, 12/15/2024 (b)	$	8,540,000	$	9,111,113
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 5.88%, 6/15/2021 (b)		28,016,000		29,784,510
EMC Corp.:
1.88%, 6/1/2018		36,602,000		36,190,227
2.65%, 6/1/2020		32,744,000		31,925,400
NCR Corp.:
4.63%, 2/15/2021		7,698,000		7,837,526
5.00%, 7/15/2022		15,182,000		15,504,618
6.38%, 12/15/2023		5,464,000		5,860,140
Riverbed Technology, Inc. 8.88%, 3/1/2023 (b)		10,580,000		11,161,900
				147,375,434
LEISURE TIME — 0.5%
24 Hour Holdings III LLC 8.00%, 6/1/2022 (a) (b)		6,922,000		5,883,700
NCL Corp., Ltd.:
4.63%, 11/15/2020 (b)		4,448,000		4,514,720
4.75%, 12/15/2021 (b)		11,005,000		10,998,397
Royal Caribbean Cruises, Ltd. 5.25%, 11/15/2022		11,474,000		12,262,837
Sabre GLBL, Inc.:
5.25%, 11/15/2023 (b)		15,505,000		15,921,697
5.38%, 4/15/2023 (b)		148,000		150,960
Viking Cruises, Ltd. 8.50%, 10/15/2022 (b)		7,867,000		8,162,013
				57,894,324
LODGING — 2.5%
Boyd Gaming Corp.:
6.38%, 4/1/2026 (b)		15,648,000		16,880,280
6.88%, 5/15/2023		8,302,000		8,986,915
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope:
8.00%, 10/1/2020		13,504,000		14,103,240
11.00%, 10/1/2021 (a)		17,748,000		19,389,690
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.38%, 5/1/2022		13,203,000		14,201,147
Diamond Resorts International, Inc.:
7.75%, 9/1/2023 (a) (b)		9,998,000		9,998,000
10.75%, 9/1/2024 (a) (b)		8,682,000		8,443,245
FelCor Lodging L.P. 5.63%, 3/1/2023		7,337,000		7,483,740
Hilton Domestic Operating Co., Inc. 4.25%, 9/1/2024 (b)		15,410,000		14,947,700
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.63%, 10/15/2021		23,301,000		24,000,030
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. 6.75%, 11/15/2021 (b)		13,300,000		13,466,250
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc. 5.63%, 5/1/2024 (a) (b)		18,723,000		19,565,535
MGM Resorts International:
6.00%, 3/15/2023		21,887,000		23,637,960
6.63%, 12/15/2021		22,490,000		25,076,350
7.75%, 3/15/2022		12,180,000		14,067,900
8.63%, 2/1/2019		915,000		1,028,277
Station Casinos LLC 7.50%, 3/1/2021 (a)		7,216,000		7,558,760
Studio City Co., Ltd. 7.25%, 11/30/2021 (b)		7,635,000		7,934,796
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
4.25%, 5/30/2023 (b)		5,416,000		5,145,200
5.38%, 3/15/2022		8,552,000		8,765,800
5.50%, 3/1/2025 (a) (b)		39,450,000		39,035,775
				303,716,590
MACHINERY, CONSTRUCTION & MINING — 0.3%
BlueLine Rental Finance Corp. 7.00%, 2/1/2019 (a) (b)		13,835,000		13,454,538
Cortes NP Acquisition Corp. 9.25%, 10/15/2024 (b)		12,905,000		13,679,300
Terex Corp. 6.00%, 5/15/2021 (a)		11,640,000		11,901,900
				39,035,738
MACHINERY-DIVERSIFIED — 0.6%
CNH Industrial Capital LLC:
3.63%, 4/15/2018		9,470,000		9,588,375
3.88%, 7/16/2018		8,010,000		8,110,125
3.88%, 10/15/2021		5,350,000		5,256,375
4.38%, 11/6/2020 (a)		6,928,000		7,135,840
CNH Industrial NV 4.50%, 8/15/2023		11,965,000		11,785,525
Gardner Denver, Inc. 6.88%, 8/15/2021 (a) (b)		9,768,000		9,719,160
Zebra Technologies Corp. 7.25%, 10/15/2022 (a)		15,510,000		16,867,125
				68,462,525
MEDIA — 10.5%
Altice Financing SA 7.50%, 5/15/2026 (b)		46,162,000		48,008,480
Altice US Finance I Corp.:
5.38%, 7/15/2023 (b)		19,410,000		20,162,137
5.50%, 5/15/2026 (b)		21,239,000		21,610,682
AMC Networks, Inc.:
4.75%, 12/15/2022		15,088,000		15,163,440
5.00%, 4/1/2024		9,327,000		9,361,976
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.50%, 5/1/2026 (b)		21,739,000		22,282,475
5.75%, 2/15/2026 (b)		43,690,000		45,166,722
5.88%, 4/1/2024 (a) (b)		27,149,000		28,965,268

See accompanying notes to financial statements.

285

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Cequel Communications Holdings I LLC/Cequel Capital Corp.:
5.13%, 12/15/2021 (b)	$	23,692,000	$	24,053,810
6.38%, 9/15/2020 (b)		19,353,000		19,909,399
7.75%, 7/15/2025 (a) (b)		3,395,000		3,759,963
Clear Channel Worldwide Holdings, Inc.:
Series B, 6.50%, 11/15/2022		38,549,000		39,419,840
Series B, 7.63%, 3/15/2020		39,042,000		38,895,592
CSC Holdings LLC:
5.50%, 4/15/2027 (b)		21,460,000		21,728,250
10.88%, 10/15/2025 (b)		33,890,000		40,237,597
DISH DBS Corp.:
5.00%, 3/15/2023		1,000,000		998,750
5.88%, 7/15/2022 (a)		33,693,000		35,461,882
5.88%, 11/15/2024 (a)		33,499,000		34,336,475
7.75%, 7/1/2026		31,595,000		35,702,350
Gray Television, Inc.:
5.13%, 10/15/2024 (b)		10,565,000		10,274,463
5.88%, 7/15/2026 (a) (b)		9,889,000		9,814,833
iHeartCommunications, Inc.:
9.00%, 12/15/2019		26,314,000		21,643,265
9.00%, 3/1/2021 (a)		10,686,000		7,854,210
9.00%, 9/15/2022 (a)		11,090,000		8,123,425
10.63%, 3/15/2023 (a)		9,795,000		7,370,738
McClatchy Co. 9.00%, 12/15/2022		9,162,000		9,757,530
MHGE Parent LLC/MHGE Parent Finance, Inc. 8.50%, 8/1/2019 (a) (b)		9,017,000		9,073,356
Nexstar Broadcasting, Inc. 6.88%, 11/15/2020		7,498,000		7,760,430
Nexstar Escrow Corp. 5.63%, 8/1/2024 (a) (b)		16,835,164		16,666,812
Nielsen Finance LLC/Nielsen Finance Co.:
4.50%, 10/1/2020		9,298,000		9,483,960
5.00%, 4/15/2022 (a) (b)		49,682,000		50,613,537
Quebecor Media, Inc. 5.75%, 1/15/2023 (a)		22,713,000		23,621,520
SFR Group SA:
6.00%, 5/15/2022 (b)		64,553,000		66,166,825
6.25%, 5/15/2024 (b)		23,196,000		23,485,950
7.38%, 5/1/2026 (b)		83,340,000		85,423,500
Sinclair Television Group, Inc.:
5.38%, 4/1/2021		3,730,000		3,855,888
5.63%, 8/1/2024 (b)		17,182,000		17,525,640
6.13%, 10/1/2022		5,326,000		5,565,670
Sirius XM Radio, Inc.:
5.38%, 4/15/2025 (b)		17,658,000		17,569,710
5.38%, 7/15/2026 (b)		16,676,000		16,300,790
6.00%, 7/15/2024 (b)		24,001,000		25,093,045
Starz LLC/Starz Finance Corp. 5.00%, 9/15/2019		10,554,000		10,685,925
TEGNA, Inc.:
5.13%, 10/15/2019 (a)		12,163,000		12,482,279
5.13%, 7/15/2020		6,226,000		6,467,258
6.38%, 10/15/2023		11,484,000		12,151,508
Time, Inc. 5.75%, 4/15/2022 (b)		10,936,000		11,318,760
Tribune Media Co. 5.88%, 7/15/2022		16,371,000		16,596,920
Unitymedia GmbH 6.13%, 1/15/2025 (a) (b)		11,409,000		11,679,964
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
5.00%, 1/15/2025 (b)		14,335,000		14,272,284
5.50%, 1/15/2023 (a) (b)		11,317,000		11,783,826
Univision Communications, Inc.:
5.13%, 5/15/2023 (b)		16,726,000		16,475,110
5.13%, 2/15/2025 (b)		28,337,000		27,061,835
6.75%, 9/15/2022 (b)		17,137,000		17,993,850
Videotron, Ltd.:
5.00%, 7/15/2022		6,546,000		6,685,103
5.38%, 6/15/2024 (b)		5,286,000		5,431,365
Virgin Media Secured Finance PLC 5.50%, 8/15/2026 (b)		3,042,000		3,042,000
Western Digital Corp. 10.50%, 4/1/2024 (a) (b)		55,663,000		65,682,340
WideOpenWest Finance LLC/WideOpenWest Capital Corp. 10.25%, 7/15/2019		11,631,000		12,256,166
Ziggo Bond Finance B.V. 6.00%, 1/15/2027 (b)		5,220,000		5,076,450
Ziggo Secured Finance B.V. 5.50%, 1/15/2027 (b)		38,790,000		37,812,492
				1,263,225,620
METAL FABRICATE & HARDWARE — 0.6%
Grinding Media, Inc./MC Grinding Media Canada, Inc. 7.38%, 12/15/2023 (b)		12,535,000		13,169,271
Novelis Corp.:
5.88%, 9/30/2026 (b)		29,462,000		29,756,620
6.25%, 8/15/2024 (b)		14,104,000		14,950,240
Wise Metals Group LLC/Wise Alloys Finance Corp. 8.75%, 12/15/2018 (b)		11,638,000		12,103,520
				69,979,651
MINING — 2.6%
Alcoa Nederland Holding B.V.:
6.75%, 9/30/2024 (a) (b)		8,565,000		9,223,434
7.00%, 9/30/2026 (a) (b)		10,985,000		11,994,247
Aleris International, Inc. 9.50%, 4/1/2021 (b)		10,884,000		11,605,065
Anglo American Capital PLC:
3.63%, 5/14/2020 (b)		11,108,000		11,246,850
4.13%, 9/27/2022 (b)		4,118,000		4,148,885
4.88%, 5/14/2025 (b)		16,373,000		16,598,129
Arconic, Inc. 5.13%, 10/1/2024 (a)		17,333,000		17,766,325
Eldorado Gold Corp. 6.13%, 12/15/2020 (a) (b)		7,449,000		7,560,735
First Quantum Minerals, Ltd.:
6.75%, 2/15/2020 (a) (b)		21,361,000		21,147,390
7.00%, 2/15/2021 (b)		20,278,000		20,163,936
7.25%, 5/15/2022 (b)		9,970,000		9,820,450

See accompanying notes to financial statements.

286

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
FMG Resources August 2006 Pty, Ltd. 9.75%, 3/1/2022 (b)	$	10,541,000	$	12,240,736
Freeport-McMoRan, Inc.:
3.55%, 3/1/2022 (a)		30,175,000		28,062,750
3.88%, 3/15/2023 (a)		31,582,000		28,937,007
5.45%, 3/15/2043		28,847,000		23,741,081
HudBay Minerals, Inc.:
7.25%, 1/15/2023 (b)		1,003,000		1,040,613
7.63%, 1/15/2025 (b)		12,129,000		12,606,883
Joseph T Ryerson & Son, Inc. 11.00%, 5/15/2022 (a) (b)		9,122,000		10,039,901
Kinross Gold Corp. 5.13%, 9/1/2021		7,725,000		7,840,875
Lundin Mining Corp. 7.50%, 11/1/2020 (b)		9,260,000		9,815,600
New Gold, Inc. 6.25%, 11/15/2022 (b)		9,490,000		9,727,250
Teck Resources, Ltd.:
3.75%, 2/1/2023		9,382,000		8,795,625
8.00%, 6/1/2021 (a) (b)		15,728,000		17,261,480
8.50%, 6/1/2024 (a) (b)		4,800,000		5,508,000
				316,893,247
MISCELLANEOUS MANUFACTURER — 0.8%
Amsted Industries, Inc. 5.00%, 3/15/2022 (a) (b)		6,850,000		6,850,000
Bombardier, Inc.:
6.13%, 1/15/2023 (b)		17,200,000		16,322,800
7.50%, 3/15/2025 (a) (b)		15,236,000		15,053,168
8.75%, 12/1/2021 (a) (b)		34,240,000		36,294,400
Gates Global LLC/Gates Global Co. 6.00%, 7/15/2022 (b)		18,499,000		18,082,772
				92,603,140
OFFICE & BUSINESS EQUIPMENT — 0.3%
CDW LLC/CDW Finance Corp.:
5.00%, 9/1/2023		13,795,000		13,863,975
5.50%, 12/1/2024		9,006,000		9,259,294
6.00%, 8/15/2022		6,838,000		7,248,280
				30,371,549
OIL & GAS — 10.1%
Alta Mesa Holdings L.P./Alta Mesa Finance Services Corp. 7.88%, 12/15/2024 (b)		7,385,000		7,625,013
Antero Resources Corp.:
5.13%, 12/1/2022		18,263,000		18,445,630
5.38%, 11/1/2021		13,380,000		13,681,050
5.63%, 6/1/2023		13,329,000		13,612,241
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.13%, 11/15/2022 (b)		13,255,000		13,271,569
California Resources Corp. 8.00%, 12/15/2022 (b)		39,853,000		35,469,170
Calumet Specialty Products Partners L.P./Calumet Finance Corp. 6.50%, 4/15/2021		16,160,000		13,655,200
Carrizo Oil & Gas, Inc.:
6.25%, 4/15/2023 (a)		5,058,000		5,184,450
7.50%, 9/15/2020 (a)		13,599,000		14,117,462
Cenovus Energy, Inc.:
3.00%, 8/15/2022		7,471,000		7,214,745
4.45%, 9/15/2042		10,150,000		8,830,500
Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/2024 (b)		20,150,000		21,925,719
Chesapeake Energy Corp.:
8.00%, 12/15/2022 (a) (b)		40,116,000		43,224,990
8.00%, 1/15/2025 (a) (b)		14,695,000		14,988,900
Comstock Resources, Inc. PIK, 10.00%, 3/15/2020		11,151,000		11,429,775
Concho Resources, Inc.:
4.38%, 1/15/2025		9,475,000		9,456,050
5.50%, 10/1/2022		13,289,000		13,720,892
5.50%, 4/1/2023		20,481,000		21,122,055
Continental Resources, Inc.:
3.80%, 6/1/2024		16,153,000		14,901,142
4.50%, 4/15/2023		22,813,000		22,356,740
5.00%, 9/15/2022 (a)		33,750,000		34,003,125
CVR Refining LLC/Coffeyville Finance, Inc. 6.50%, 11/1/2022		7,943,000		7,883,428
Denbury Resources, Inc.:
4.63%, 7/15/2023		11,969,000		9,605,122
5.50%, 5/1/2022		14,838,000		12,946,155
9.00%, 5/15/2021 (a) (b)		6,764,000		7,229,025
Diamond Offshore Drilling, Inc. 4.88%, 11/1/2043		12,521,000		8,952,515
Diamondback Energy, Inc.:
4.75%, 11/1/2024 (b)		9,650,000		9,457,000
5.38%, 5/31/2025 (b)		8,500,000		8,548,450
Eclipse Resources Corp. 8.88%, 7/15/2023		10,510,000		10,969,812
Endeavor Energy Resources L.P./EER Finance, Inc. 7.00%, 8/15/2021 (b)		9,115,000		9,479,600
Ensco PLC:
4.50%, 10/1/2024 (a)		14,800,000		12,691,000
5.20%, 3/15/2025 (a)		7,626,000		6,625,088
5.75%, 10/1/2044		16,390,000		11,882,750
EP Energy LLC/Everest Acquisition Finance, Inc.:
6.38%, 6/15/2023 (a)		11,300,000		8,757,500
8.00%, 11/29/2024 (a) (b)		11,750,000		12,631,250
9.38%, 5/1/2020		21,741,000		20,043,028
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp. 7.88%, 7/15/2021 (a) (b)		9,453,650		10,038,595
Gulfport Energy Corp.:
6.00%, 10/15/2024 (b)		11,224,000		11,420,420
6.38%, 5/15/2025 (b)		10,500,000		10,587,150
Halcon Resources Corp. 8.63%, 2/1/2020 (a) (b)		11,865,000		12,339,600
Hilcorp Energy I L.P./Hilcorp Finance Co.:
5.00%, 12/1/2024 (b)		8,018,000		7,957,865
5.75%, 10/1/2025 (b)		8,356,000		8,460,450
Jupiter Resources, Inc. 8.50%, 10/1/2022 (a) (b)		18,747,000		16,169,287

See accompanying notes to financial statements.

287

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Laredo Petroleum, Inc. 7.38%, 5/1/2022	$	8,367,000	$	8,680,763
Matador Resources Co. 6.88%, 4/15/2023 (b)		5,750,000		6,037,500
MEG Energy Corp.:
6.38%, 1/30/2023 (b)		9,139,000		8,133,710
7.00%, 3/31/2024 (b)		22,622,000		20,472,910
Memorial Production Partners L.P./Memorial Production Finance Corp. 7.63%, 5/1/2021		8,197,000		4,098,500
Murphy Oil Corp.:
4.00%, 6/1/2022		1,755,000		1,687,433
4.70%, 12/1/2022		10,750,000		10,393,906
6.88%, 8/15/2024 (a)		8,780,000		9,350,700
Newfield Exploration Co.:
5.38%, 1/1/2026		7,964,000		8,088,238
5.63%, 7/1/2024		17,185,000		17,915,362
Noble Holding International, Ltd.:
5.25%, 3/15/2042		9,194,000		6,068,040
7.75%, 1/15/2024 (a)		18,450,000		17,354,070
Northern Oil and Gas, Inc. 8.00%, 6/1/2020		8,632,000		7,207,720
Oasis Petroleum, Inc. 6.88%, 3/15/2022 (a)		17,137,000		17,565,425
Pacific Drilling SA 5.38%, 6/1/2020 (b)		8,873,000		3,194,280
Pacific Drilling V, Ltd. 7.25%, 12/1/2017 (b)		8,710,000		4,137,250
Parsley Energy LLC/Parsley Finance Corp.:
5.38%, 1/15/2025 (b)		9,820,000		9,853,388
7.50%, 2/15/2022 (a) (b)		8,448,000		8,984,195
PBF Holding Co. LLC/PBF Finance Corp.:
7.00%, 11/15/2023 (b)		9,410,000		9,339,425
8.25%, 2/15/2020 (a)		10,774,000		11,016,415
PDC Energy, Inc. 7.75%, 10/15/2022		8,769,000		9,174,566
Permian Resources LLC 13.00%, 11/30/2020 (b)		8,850,000		10,443,000
Permian Resources LLC/AEPB Finance Corp.:
7.13%, 11/1/2020 (a) (b)		12,420,000		10,681,200
7.38%, 11/1/2021 (b)		8,780,000		7,419,100
Puma International Financing SA 6.75%, 2/1/2021 (b)		17,410,000		17,886,251
QEP Resources, Inc.:
5.25%, 5/1/2023		5,441,000		5,454,603
5.38%, 10/1/2022		12,056,000		12,025,860
Range Resources Corp.:
4.88%, 5/15/2025 (a)		11,050,000		10,704,687
5.00%, 8/15/2022 (a) (b)		9,158,000		9,146,553
5.00%, 3/15/2023 (a) (b)		10,831,000		10,776,845
Rice Energy, Inc. 6.25%, 5/1/2022		15,346,000		15,768,015
Rowan Cos., Inc.:
4.88%, 6/1/2022		10,670,000		10,083,150
7.38%, 6/15/2025		8,740,000		8,941,894
RSP Permian, Inc. 6.63%, 10/1/2022		13,097,000		13,833,706
Sanchez Energy Corp.:
6.13%, 1/15/2023 (a)		12,443,000		11,820,850
7.75%, 6/15/2021		15,034,000		15,297,095
Seven Generations Energy, Ltd. 8.25%, 5/15/2020 (b)		12,125,000		12,852,500
SM Energy Co.:
5.00%, 1/15/2024		3,644,000		3,434,470
5.63%, 6/1/2025		10,184,000		9,827,560
6.13%, 11/15/2022 (a)		12,563,000		12,720,037
Southwestern Energy Co.:
4.10%, 3/15/2022 (a)		20,960,000		19,794,100
5.80%, 1/23/2020 (a)		7,650,000		7,893,844
6.70%, 1/23/2025		15,600,000		15,902,250
Sunoco L.P./Sunoco Finance Corp.:
5.50%, 8/1/2020		11,060,000		11,225,900
6.25%, 4/15/2021		7,133,000		7,257,828
6.38%, 4/1/2023		17,769,000		17,946,690
Tesoro Corp.:
4.75%, 12/15/2023 (b)		13,500,000		13,567,500
5.13%, 12/15/2026 (b)		10,085,000		10,199,969
Transocean, Inc.:
8.13%, 12/15/2021 (a)		6,873,000		6,838,635
9.00%, 7/15/2023 (a) (b)		22,090,000		22,642,250
Tullow Oil PLC:
6.00%, 11/1/2020 (b)		8,899,000		8,454,050
6.25%, 4/15/2022 (b)		16,010,000		14,869,287
Whiting Petroleum Corp.:
5.00%, 3/15/2019		16,274,000		16,335,027
5.75%, 3/15/2021 (a)		13,717,000		13,656,988
WPX Energy, Inc.:
5.25%, 9/15/2024		4,915,000		4,770,622
6.00%, 1/15/2022		8,518,000		8,720,303
7.50%, 8/1/2020		9,108,000		9,791,100
8.25%, 8/1/2023		2,030,000		2,253,300
				1,212,902,323
OIL & GAS SERVICES — 0.8%
Globe Luxembourg SCA 9.63%, 5/1/2018 (b)		8,343,000		8,238,713
McDermott International, Inc. 8.00%, 5/1/2021 (b)		9,815,000		9,986,762
PHI, Inc. 5.25%, 3/15/2019		10,166,000		9,632,285
SESI LLC:
6.38%, 5/1/2019		7,959,000		7,939,103
7.13%, 12/15/2021 (a)		5,699,000		5,784,485
Transocean Phoenix 2, Ltd. 7.75%, 10/15/2024 (a) (b)		9,616,000		10,168,920
Transocean Proteus, Ltd. 6.25%, 12/1/2024 (b)		4,000,000		4,037,600
Weatherford International, Ltd.:
4.50%, 4/15/2022 (a)		14,185,000		12,376,412
7.75%, 6/15/2021 (a)		15,223,000		15,489,402
8.25%, 6/15/2023		7,697,000		7,754,728
				91,408,410

See accompanying notes to financial statements.

288

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
PACKAGING & CONTAINERS — 2.3%
ARD Finance SA PIK, 7.13%, 9/15/2023 (b)	$	11,175,000	$	11,035,312
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.63%, 5/15/2023 (b)		16,123,000		15,992,001
7.25%, 5/15/2024 (b)		27,339,000		28,637,602
Ball Corp.:
4.00%, 11/15/2023 (a)		9,810,000		9,613,800
4.38%, 12/15/2020		10,607,000		11,084,315
5.00%, 3/15/2022		1,939,000		2,031,103
5.25%, 7/1/2025		22,357,000		23,307,172
Berry Plastics Corp.:
5.13%, 7/15/2023		7,800,000		7,936,500
5.50%, 5/15/2022		9,432,000		9,720,855
BWAY Holding Co. 9.13%, 8/15/2021 (b)		10,441,000		11,015,255
Coveris Holdings SA 7.88%, 11/1/2019 (a) (b)		9,819,000		9,745,357
Crown Americas LLC/Crown Americas Capital Corp. IV 4.50%, 1/15/2023 (a)		15,267,000		15,572,340
Owens-Brockway Glass Container, Inc.:
5.00%, 1/15/2022 (b)		15,572,000		15,922,370
5.88%, 8/15/2023 (a) (b)		4,008,000		4,178,340
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.13%, 7/15/2023 (b)		21,432,000		21,887,430
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/2020		48,810,000		50,337,753
7.00%, 7/15/2024 (a) (b)		15,046,000		15,995,854
8.25%, 2/15/2021 (a)		5,487,311		5,693,086
Silgan Holdings, Inc. 5.00%, 4/1/2020		8,351,000		8,497,143
				278,203,588
PHARMACEUTICALS — 2.0%
Capsugel SA PIK, 7.00%, 5/15/2019 (b)		10,175,000		10,200,438
Endo Finance LLC/Endo Finco, Inc. 5.38%, 1/15/2023 (b)		8,236,000		6,980,010
Endo, Ltd./Endo Finance LLC/Endo Finco, Inc.:
6.00%, 7/15/2023 (a) (b)		29,766,000		26,082,457
6.50%, 2/1/2025 (a) (b)		21,756,000		18,220,650
Grifols Worldwide Operations, Ltd. 5.25%, 4/1/2022		14,829,000		15,348,015
inVentiv Group Holdings, Inc./inVentiv Health Inc/inVentiv Health Clinical, Inc. 7.50%, 10/1/2024 (b)		13,167,000		13,850,038
Nature’s Bounty Co. 7.63%, 5/15/2021 (a) (b)		19,322,000		20,046,575
Quintiles IMS, Inc. 4.88%, 5/15/2023 (b)		9,707,000		9,837,074
Valeant Pharmaceuticals International, Inc.:
5.88%, 5/15/2023 (a) (b)		52,891,000		39,866,591
6.13%, 4/15/2025 (b)		52,585,000		39,438,750
6.38%, 10/15/2020 (a) (b)		38,150,000		32,774,665
Vizient, Inc. 10.38%, 3/1/2024 (b)		7,936,000		8,987,520
				241,632,783
PIPELINES — 3.2%
Antero Midstream Partners L.P./Antero Midstream Finance Corp. 5.38%, 9/15/2024 (b)		8,795,000		8,882,950
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025 (b)		25,085,000		25,594,225
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp. 6.25%, 4/1/2023		11,228,000		11,452,560
DCP Midstream LLC 3 month USD LIBOR + 3.85%, 5.85%, 5/21/2043 (b) (c)		10,829,000		9,231,722
DCP Midstream Operating L.P.:
2.50%, 12/1/2017		7,236,000		7,195,298
3.88%, 3/15/2023		8,602,000		8,274,264
Enbridge, Inc. Series 16-A, 3 mo. USD LIBOR + 3.890%, 6.00%, 1/15/2077 (c)		9,000,000		8,977,500
Energy Transfer Equity L.P.:
5.50%, 6/1/2027		16,210,000		15,804,750
5.88%, 1/15/2024 (a)		18,017,000		18,591,292
Genesis Energy L.P./Genesis Energy Finance Corp. 6.75%, 8/1/2022		9,839,000		10,183,365
Gibson Energy, Inc. 6.75%, 7/15/2021 (b)		10,088,000		10,466,300
NGPL PipeCo LLC 9.63%, 6/1/2019 (a) (b)		9,450,000		9,898,875
Niska Gas Storage, Ltd./Niska Gas Storage Canada Finance Corp. 6.50%, 4/1/2019		8,953,000		8,997,765
ONEOK, Inc.:
4.25%, 2/1/2022		12,954,000		13,018,770
7.50%, 9/1/2023		4,309,000		4,912,260
Rockies Express Pipeline LLC 6.00%, 1/15/2019 (b)		9,295,000		9,759,750
Sabine Pass Liquefaction LLC:
5.63%, 2/1/2021		32,224,000		34,479,680
5.63%, 3/1/2025 (a)		31,699,000		33,917,930
5.75%, 5/15/2024		30,204,000		32,393,790
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.:
4.13%, 11/15/2019		9,463,000		9,581,287
4.25%, 11/15/2023		15,909,000		15,212,981
6.75%, 3/15/2024 (a)		4,250,000		4,542,188

See accompanying notes to financial statements.

289

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Tesoro Logistics L.P./Tesoro Logistics Finance Corp.:
5.25%, 1/15/2025	$	13,483,000	$	13,689,290
5.50%, 10/15/2019		450,000		473,063
6.13%, 10/15/2021		7,129,000		7,463,172
6.25%, 10/15/2022		13,035,000		13,817,100
Williams Cos., Inc.:
3.70%, 1/15/2023		9,059,000		8,719,288
4.55%, 6/24/2024		21,097,000		21,044,257
5.75%, 6/24/2044		14,019,000		13,563,382
				390,139,054
REAL ESTATE — 0.3%
Howard Hughes Corp. 6.88%, 10/1/2021 (b)		8,855,000		9,330,956
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		13,623,000		13,878,431
Realogy Group LLC/Realogy Co-Issuer Corp.:
4.88%, 6/1/2023 (a) (b)		12,250,000		11,821,250
5.25%, 12/1/2021 (b)		6,037,000		6,233,203
				41,263,840
REAL ESTATE INVESTMENT TRUSTS — 1.8%
Communications Sales & Leasing, Inc./CSL Capital LLC:
6.00%, 4/15/2023 (b)		8,918,000		9,185,540
8.25%, 10/15/2023		19,187,000		20,338,220
DuPont Fabros Technology L.P. 5.88%, 9/15/2021		7,846,000		8,208,878
Equinix, Inc.:
5.38%, 1/1/2022		6,320,000		6,643,900
5.38%, 4/1/2023		16,470,000		17,127,153
5.88%, 1/15/2026		21,145,000		22,255,112
ESH Hospitality, Inc. 5.25%, 5/1/2025 (b)		21,699,000		21,590,505
Iron Mountain, Inc.:
5.75%, 8/15/2024 (a)		20,778,000		21,349,395
6.00%, 10/1/2020 (b)		9,265,000		9,797,737
6.00%, 8/15/2023		10,867,000		11,546,187
iStar, Inc. 5.00%, 7/1/2019 (a)		13,000,000		13,048,750
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc. 4.50%, 9/1/2026 (b)		9,080,000		8,762,200
MPT Operating Partnership L.P./MPT Finance Corp.:
5.25%, 8/1/2026		11,376,000		11,276,460
6.38%, 3/1/2024		5,150,000		5,388,188
QCP SNF West/Central/East/AL REIT LLC 8.13%, 11/1/2023 (a) (b)		11,615,000		11,673,075
Sabra Health Care L.P./Sabra Capital Corp. 5.50%, 2/1/2021		8,704,000		8,943,360
Starwood Property Trust, Inc. 5.00%, 12/15/2021 (b)		10,390,000		10,483,510
				217,618,170
RETAIL — 3.7%
1011778 BC ULC/New Red Finance, Inc.:
4.63%, 1/15/2022 (b)		17,437,000		17,872,925
6.00%, 4/1/2022 (a) (b)		38,240,000		39,960,800
AmeriGas Finance LLC/AmeriGas Finance Corp. 7.00%, 5/20/2022		7,193,000		7,570,633
Asbury Automotive Group, Inc. 6.00%, 12/15/2024		7,643,000		7,814,968
Chinos Intermediate Holdings A, Inc. PIK, 7.75%, 5/1/2019 (b)		8,686,321		3,561,392
Claire’s Stores, Inc. 9.00%, 3/15/2019 (b)		18,483,000		9,241,500
CST Brands, Inc. 5.00%, 5/1/2023		8,260,000		8,528,450
Dollar Tree, Inc.:
5.25%, 3/1/2020		10,884,000		11,183,310
5.75%, 3/1/2023		41,277,000		43,650,427
Group 1 Automotive, Inc. 5.00%, 6/1/2022 (a)		10,030,000		9,929,700
Guitar Center, Inc. 6.50%, 4/15/2019 (a) (b)		8,615,000		7,818,113
JC Penney Corp., Inc. 5.88%, 7/1/2023 (b)		6,906,000		7,121,813
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:
5.00%, 6/1/2024 (a) (b)		14,481,000		14,806,822
5.25%, 6/1/2026 (b)		18,105,000		18,331,312
L Brands, Inc.:
5.63%, 2/15/2022		14,009,000		14,989,630
6.75%, 7/1/2036		12,265,000		12,387,650
6.88%, 11/1/2035		18,610,000		18,970,569
Landry’s, Inc. 6.75%, 10/15/2024 (b)		11,287,000		11,456,305
Men’s Wearhouse, Inc. 7.00%, 7/1/2022		11,759,000		11,523,820
Michaels Stores, Inc. 5.88%, 12/15/2020 (a) (b)		7,049,000		7,260,470
Neiman Marcus Group, Ltd. LLC:
8.00%, 10/15/2021 (b)		15,445,000		11,506,525
PIK, 8.75%, 10/15/2021 (a) (b)		11,094,000		7,862,873
Penske Automotive Group, Inc.:
5.50%, 5/15/2026		9,299,000		9,229,257
5.75%, 10/1/2022		7,394,000		7,615,820
PVH Corp. 4.50%, 12/15/2022		9,047,000		9,171,396
Rite Aid Corp.:
6.13%, 4/1/2023 (b)		36,702,000		39,454,650
6.75%, 6/15/2021		8,012,000		8,412,600
9.25%, 3/15/2020		13,945,000		14,467,937
Sally Holdings LLC/Sally Capital, Inc.:
5.63%, 12/1/2025 (a)		12,816,000		13,328,640
5.75%, 6/1/2022		11,118,000		11,548,822

See accompanying notes to financial statements.

290

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.50%, 6/1/2024	$	9,518,000	$	9,636,975
Tops Holding LLC/Tops Markets II Corp. 8.00%, 6/15/2022 (b)		11,805,000		10,034,250
TRU Taj LLC/TRU Taj Finance, Inc. 12.00%, 8/15/2021 (b)		11,600,000		11,346,250
				447,596,604
SEMICONDUCTORS — 1.3%
Amkor Technology, Inc. 6.38%, 10/1/2022 (a)		10,271,000		10,720,356
Micron Technology, Inc.:
5.25%, 8/1/2023 (b)		28,674,000		28,782,961
5.50%, 2/1/2025		14,099,000		14,028,505
5.88%, 2/15/2022 (a)		2,973,000		3,105,596
NXP B.V./NXP Funding LLC:
3.88%, 9/1/2022 (b)		17,566,000		17,741,660
4.13%, 6/1/2021 (b)		22,705,839		23,443,779
4.63%, 6/1/2023 (b)		14,781,000		15,557,002
Qorvo, Inc. 7.00%, 12/1/2025		9,635,000		10,670,762
Sensata Technologies B.V.:
4.88%, 10/15/2023 (b)		9,530,000		9,780,163
5.00%, 10/1/2025 (b)		6,039,000		5,903,123
Sensata Technologies UK Financing Co. PLC 6.25%, 2/15/2026 (b)		14,726,000		15,324,244
				155,058,151
SHIPBUILDING — 0.2%
Huntington Ingalls Industries, Inc.:
5.00%, 12/15/2021 (b)		8,300,000		8,569,750
5.00%, 11/15/2025 (b)		10,605,000		11,015,944
				19,585,694
SOFTWARE — 3.4%
BMC Software Finance, Inc. 8.13%, 7/15/2021 (b)		27,644,000		26,019,915
Boxer Parent Co., Inc. PIK, 9.00%, 10/15/2019 (b)		9,480,000		8,792,700
Camelot Finance SA 7.88%, 10/15/2024 (a) (b)		6,820,000		7,058,700
CDK Global, Inc. 5.00%, 10/15/2024		5,372,000		5,210,840
Cengage Learning, Inc. 9.50%, 6/15/2024 (b)		12,686,000		11,227,110
First Data Corp.:
5.00%, 1/15/2024 (a) (b)		34,372,000		34,565,342
5.75%, 1/15/2024 (b)		32,592,000		33,529,020
7.00%, 12/1/2023 (a) (b)		55,654,000		59,482,995
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Holdings II LLC 10.00%, 11/30/2024 (b)		13,166,000		13,947,731
Inception Merger Sub, Inc./Rackspace Hosting, Inc. 8.63%, 11/15/2024 (a) (b)		20,830,000		22,040,744
Infor Software Parent LLC/Infor Software Parent, Inc. PIK, 7.13%, 5/1/2021 (b)		13,749,000		14,144,284
Infor US, Inc.:
5.75%, 8/15/2020 (b)		7,769,000		8,138,028
6.50%, 5/15/2022		26,749,000		27,885,832
Informatica LLC 7.13%, 7/15/2023 (b)		10,635,000		10,156,425
MSCI, Inc.:
4.75%, 8/1/2026 (b)		10,465,000		10,386,513
5.25%, 11/15/2024 (b)		4,774,000		5,000,765
5.75%, 8/15/2025 (b)		15,913,000		16,907,563
Nuance Communications, Inc.:
5.38%, 8/15/2020 (a) (b)		15,715,000		16,167,592
5.63%, 12/15/2026 (b)		8,350,000		8,210,555
Open Text Corp.:
5.63%, 1/15/2023 (b)		7,460,000		7,805,025
5.88%, 6/1/2026 (b)		17,242,000		18,147,205
PTC, Inc. 6.00%, 5/15/2024		5,597,000		5,908,333
Quintiles IMS, Inc. 5.00%, 10/15/2026 (b)		18,625,000		18,683,203
SS&C Technologies Holdings, Inc. 5.88%, 7/15/2023		7,579,000		7,853,739
Veritas US, Inc./Veritas Bermuda, Ltd. 10.50%, 2/1/2024 (b)		14,843,000		13,405,084
				410,675,243
STORAGE & WAREHOUSING — 0.2%
Algeco Scotsman Global Finance PLC:
8.50%, 10/15/2018 (b)		16,332,000		15,107,100
10.75%, 10/15/2019 (a) (b)		12,096,000		8,588,160
				23,695,260
TELECOMMUNICATIONS — 9.3%
Altice Financing SA:
6.50%, 1/15/2022 (b)		13,456,000		13,977,420
6.63%, 2/15/2023 (b)		35,716,000		36,805,338
Altice Luxembourg SA:
7.63%, 2/15/2025 (a) (b)		23,876,000		25,129,490
7.75%, 5/15/2022 (a) (b)		47,082,000		50,358,907
Avanti Communications Group PLC 10.00%, 10/1/2019 (b)		6,609,000		3,965,400
Avaya, Inc. 10.50%, 3/1/2021 (a) (b)		21,567,000		9,260,331
CenturyLink, Inc.:
Series S, 6.45%, 6/15/2021		4,080,000		4,304,400
Series T, 5.80%, 3/15/2022 (a)		22,097,000		22,512,424
Series V, 5.63%, 4/1/2020		11,274,000		11,922,255
Series Y, 7.50%, 4/1/2024 (a)		15,400,000		16,170,000
Cincinnati Bell, Inc. 7.00%, 7/15/2024 (b)		9,165,000		9,691,987
CommScope Technologies Finance LLC 6.00%, 6/15/2025 (a) (b)		28,332,000		29,944,091
CommScope, Inc.:
5.00%, 6/15/2021 (b)		8,388,000		8,639,640
5.50%, 6/15/2024 (b)		6,143,000		6,365,684

See accompanying notes to financial statements.

291

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Consolidated Communications, Inc. 6.50%, 10/1/2022	$	8,260,000	$	8,198,050
CSC Holdings LLC 10.13%, 1/15/2023 (b)		29,470,000		34,185,200
DigitalGlobe, Inc. 5.25%, 2/1/2021 (b)		1,300,000		1,337,050
Frontier Communications Corp.:
8.50%, 4/15/2020		1,305,000		1,371,947
8.88%, 9/15/2020 (a)		15,430,000		16,432,950
10.50%, 9/15/2022		35,500,000		37,452,500
11.00%, 9/15/2025		62,580,000		64,851,654
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc. 12.50%, 7/1/2022 (a) (b)		12,082,000		13,078,765
Hughes Satellite Systems Corp.:
5.25%, 8/1/2026 (b)		6,565,000		6,441,906
6.63%, 8/1/2026 (b)		17,536,000		17,579,840
Inmarsat Finance PLC 4.88%, 5/15/2022 (b)		17,082,000		16,654,950
Intelsat Jackson Holdings SA:
5.50%, 8/1/2023		32,855,000		22,157,412
8.00%, 2/15/2024 (a) (b)		22,564,000		23,184,510
Intelsat Luxembourg SA 7.75%, 6/1/2021		32,759,000		10,646,675
Koninklijke KPN NV 10 year USD Swap + 5.33%, 7.00%, 3/28/2073 (b) (c)		9,490,000		10,178,025
Level 3 Financing, Inc.:
5.25%, 3/15/2026 (b)		1,968,000		1,943,400
5.38%, 8/15/2022		14,808,000		15,252,240
5.38%, 1/15/2024		16,116,000		16,277,160
5.38%, 5/1/2025		12,090,000		12,301,575
Millicom International Cellular SA:
6.00%, 3/15/2025 (a) (b)		9,180,000		9,042,300
6.63%, 10/15/2021 (a) (b)		9,842,000		10,284,890
Plantronics, Inc. 5.50%, 5/31/2023 (b)		7,932,000		8,050,980
Sable International Finance, Ltd. 6.88%, 8/1/2022 (b)		9,930,000		10,252,725
SoftBank Group Corp. 4.50%, 4/15/2020 (b)		38,329,000		39,287,225
Sprint Communications, Inc.:
6.00%, 11/15/2022		22,162,000		22,314,918
9.00%, 11/15/2018 (b)		7,381,000		8,128,326
Sprint Corp.:
7.13%, 6/15/2024		40,853,000		41,976,457
7.88%, 9/15/2023		74,621,000		79,471,365
T-Mobile USA, Inc.:
6.25%, 4/1/2021 (a)		26,228,000		27,244,335
6.50%, 1/15/2026 (a)		37,117,000		40,134,612
6.63%, 4/1/2023		24,564,000		25,976,430
Telecom Italia SpA 5.30%, 5/30/2024 (a) (b)		24,867,000		24,276,409
Telesat Canada/Telesat LLC 8.88%, 11/15/2024 (b)		10,080,000		10,508,400
UPCB Finance IV, Ltd. 5.38%, 1/15/2025 (b)		19,380,000		19,501,125
ViaSat, Inc. 6.88%, 6/15/2020 (a)		9,133,000		9,384,158
Virgin Media Finance PLC 6.38%, 4/15/2023 (a) (b)		13,425,000		13,945,219
Virgin Media Secured Finance PLC 5.25%, 1/15/2026 (b)		19,630,000		19,433,700
West Corp. 5.38%, 7/15/2022 (b)		18,681,000		18,073,867
Wind Acquisition Finance SA:
4.75%, 7/15/2020 (b)		31,554,000		31,790,655
6.50%, 4/30/2020 (b)		5,872,000		6,106,880
7.38%, 4/23/2021 (b)		48,985,000		51,066,862
Windstream Services LLC 6.38%, 8/1/2023 (a)		11,462,000		10,287,145
				1,115,112,159
TEXTILES — 0.2%
INVISTA Finance LLC 4.25%, 10/15/2019 (b)		9,900,000		9,949,500
Springs Industries, Inc. 6.25%, 6/1/2021		9,152,000		9,472,320
				19,421,820
TRANSPORTATION — 0.6%
Florida East Coast Holdings Corp. 6.75%, 5/1/2019 (b)		14,274,000		14,773,590
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.13%, 11/15/2021 (b)		11,180,000		9,503,000
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. 7.38%, 1/15/2022 (b)		11,543,000		6,983,515
XPO Logistics, Inc.:
6.13%, 9/1/2023 (b)		12,349,000		12,873,832
6.50%, 6/15/2022 (a) (b)		21,326,000		22,392,300
				66,526,237
TRUCKING & LEASING — 0.1%
AerCap Global Aviation Trust 3 month USD LIBOR + 4.30%, 6.50%, 6/15/2045 (a) (b) (c)		8,850,000		8,899,781
TOTAL CORPORATE BONDS & NOTES (Cost $11,875,836,095)				11,819,633,651
	Shares
WARRANTS — 0.0%(e)
OIL, GAS & CONSUMABLE FUELS — 0.0%
Comstock Resources, Inc. (expiring 9/2/18) (f)		33,760		332,199
SHORT-TERM INVESTMENTS — 2.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (g) (h)		43,621,585		43,621,585

See accompanying notes to financial statements.

292

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio (h) (i)		245,150,575	$	245,150,575
TOTAL SHORT-TERM INVESTMENTS (Cost $288,772,160)				288,772,160
TOTAL INVESTMENTS — 100.6%
(Cost $12,164,608,255)				12,108,738,010
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%				(68,405,434	)
NET ASSETS — 100.0%			$	12,040,332,576

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 50.9% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(d) Step-up bond — Coupon rate increases in increments to maturity. Rate shown as of December 31, 2016. Maturity date shown is the final maturity.

(e) Amount is less than 0.05% of net assets.

(f) Non-income producing security.

(g) The rate shown is the annualized seven-day yield at December 31, 2016.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(i) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Advertising	$	—	$	63,346,488	$	—	$	63,346,488
Aerospace & Defense		—		82,963,717		—		82,963,717
Agriculture		—		24,129,690		—		24,129,690
Airlines		—		30,313,805		—		30,313,805
Apparel		—		36,158,636		—		36,158,636
Auto Manufacturers		—		76,081,777		—		76,081,777
Auto Parts & Equipment		—		185,999,591		—		185,999,591
Banks		—		277,676,846		—		277,676,846
Beverages		—		16,691,068		—		16,691,068
Biotechnology		—		17,338,124		—		17,338,124
Chemicals		—		327,875,886		—		327,875,886
Coal		—		38,425,005		—		38,425,005
Commercial Services		—		444,854,196		—		444,854,196
Construction Materials		—		125,437,376		—		125,437,376
Distribution & Wholesale		—		86,563,893		—		86,563,893
Diversified Financial Services		—		401,532,695		—		401,532,695
Electric		—		328,598,236		—		328,598,236
Electrical Components & Equipment		—		34,131,950		—		34,131,950
Energy-Alternate Sources		—		18,021,153		—		18,021,153
Engineering & Construction		—		53,779,099		—		53,779,099
Entertainment		—		260,526,698		—		260,526,698
Environmental Control		—		35,348,991		—		35,348,991
Food		—		258,178,717		—		258,178,717
Food Service		—		15,411,585		—		15,411,585
Forest Products & Paper		—		18,914,040		—		18,914,040
Gas		—		44,344,963		—		44,344,963
Health Care Products		—		146,180,989		—		146,180,989
Health Care Services		—		665,869,589		—		665,869,589
Holding Companies-Divers		—		81,387,741		—		81,387,741
Home Builders		—		106,154,203		—		106,154,203

See accompanying notes to financial statements.

293

SPDR Bloomberg Barclays High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Home Furnishings	$	—	$	9,474,135	$	—	$	9,474,135
Household Products		—		42,216,663		—		42,216,663
Household Products & Wares		—		47,762,736		—		47,762,736
Housewares		—		10,777,085		—		10,777,085
Insurance.		—		61,740,519		—		61,740,519
Internet		—		108,045,662		—		108,045,662
Iron/Steel.		—		108,083,169		—		108,083,169
IT Services		—		147,375,434		—		147,375,434
Leisure Time		—		57,894,324		—		57,894,324
Lodging.		—		303,716,590		—		303,716,590
Machinery, Construction & Mining		—		39,035,738		—		39,035,738
Machinery-Diversified		—		68,462,525		—		68,462,525
Media		—		1,263,225,620		—		1,263,225,620
Metal Fabricate & Hardware		—		69,979,651		—		69,979,651
Mining		—		316,893,247		—		316,893,247
Miscellaneous Manufacturer		—		92,603,140		—		92,603,140
Office & Business Equipment		—		30,371,549		—		30,371,549
Oil & Gas		—		1,212,902,323		—		1,212,902,323
Oil & Gas Services		—		91,408,410		—		91,408,410
Packaging & Containers		—		278,203,588		—		278,203,588
Pharmaceuticals		—		241,632,783		—		241,632,783
Pipelines		—		390,139,054		—		390,139,054
Real Estate		—		41,263,840		—		41,263,840
Real Estate Investment Trusts		—		217,618,170		—		217,618,170
Retail		—		447,596,604		—		447,596,604
Semiconductors		—		155,058,151		—		155,058,151
Shipbuilding		—		19,585,694		—		19,585,694
Software		—		410,675,243		—		410,675,243
Storage & Warehousing		—		23,695,260		—		23,695,260
Telecommunications		—		1,115,112,159		—		1,115,112,159
Textiles		—		19,421,820		—		19,421,820
Transportation		—		66,526,237		—		66,526,237
Trucking & Leasing		—		8,899,781		—		8,899,781
Warrants
Oil, Gas & Consumable Fuels		—		332,199		—		332,199
Short-Term Investments		288,772,160		—		—		288,772,160
TOTAL INVESTMENTS	$	288,772,160	$	11,819,965,850	$	—	$	12,108,738,010

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		63,401,928	$	63,401,928		637,576,754		700,978,682		—	$	—	$	83,871	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		650,540,562		606,918,977		43,621,585		43,621,585		63,714		—
State Street Navigator Securities Lending Government Money Market Portfolio*		860,755,470		860,755,470		710,538,942		1,326,143,837		245,150,575		245,150,575		2,334,437		—
TOTAL			$	924,157,398							$	288,772,160	$	2,482,022	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

294

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 95.2%
ADVERTISING — 0.1%
Affinion Group, Inc. 7.88%, 12/15/2018 (a)	$	3,502,000	$	3,020,475
AEROSPACE & DEFENSE — 0.6%
Accudyne Industries Borrower/Accudyne Industries LLC 7.75%, 12/15/2020 (a) (b)		5,650,000		4,703,625
Kratos Defense & Security Solutions, Inc. 7.00%, 5/15/2019 (a)		4,513,000		4,366,327
Meccanica Holdings USA, Inc. 6.25%, 7/15/2019 (b)		3,049,000		3,262,430
Sequa Corp. 7.00%, 12/15/2017 (b)		2,895,500		1,594,335
TransDigm, Inc. 5.50%, 10/15/2020		4,886,000		5,008,150
Triumph Group, Inc. 4.88%, 4/1/2021		2,525,000		2,373,500
				21,308,367
AGRICULTURE — 0.4%
Alliance One International, Inc.:
8.50%, 4/15/2021 (b)		128,000		129,920
9.88%, 7/15/2021 (a)		6,617,900		5,592,126
Vector Group, Ltd. 7.75%, 2/15/2021		7,336,000		7,629,440
				13,351,486
AIRLINES — 0.9%
Air Canada 7.75%, 4/15/2021 (a) (b)		4,000,000		4,460,000
Allegiant Travel Co. 5.50%, 7/15/2019		2,460,000		2,533,800
American Airlines Group, Inc.:
4.63%, 3/1/2020 (a) (b)		4,743,000		4,791,379
5.50%, 10/1/2019 (a) (b)		4,997,000		5,159,403
6.13%, 6/1/2018		3,734,000		3,892,695
Continental Airlines Pass Thru Certificates
Series 2012-3, Class C, 6.13%, 4/29/2018		5,153,000		5,346,237
Virgin Australia Holdings, Ltd.:
7.88%, 10/15/2021 (a) (b)		2,950,000		2,962,980
8.50%, 11/15/2019 (b)		2,950,000		3,069,770
				32,216,264
APPAREL — 0.2%
Hanesbrands, Inc. 4.63%, 5/15/2024 (b)		1,580,000		1,532,600
Nine West Holdings, Inc. 8.25%, 3/15/2019 (b)		4,150,000		788,500
William Carter Co. 5.25%, 8/15/2021		3,600,000		3,730,500
				6,051,600
AUTO MANUFACTURERS — 1.0%
Fiat Chrysler Automobiles NV 4.50%, 4/15/2020 (a)		11,576,000		11,829,225
General Motors Financial Co., Inc. 3.20%, 7/6/2021		1,945,000		1,914,308
Jaguar Land Rover Automotive PLC:
3.50%, 3/15/2020 (b)		3,100,000		3,138,750
4.13%, 12/15/2018 (b)		5,510,000		5,675,300
4.25%, 11/15/2019 (b)		4,794,000		4,973,775
Navistar International Corp. 8.25%, 11/1/2021		9,995,000		10,076,209
				37,607,567
AUTO PARTS & EQUIPMENT — 0.7%
American Axle & Manufacturing, Inc. 6.25%, 3/15/2021 (a)		4,700,000		4,841,000
Dana, Inc. 5.38%, 9/15/2021		2,560,000		2,656,000
IHO Verwaltungs GmbH PIK, 4.13%, 9/15/2021 (a) (b)		2,940,000		2,969,400
Schaeffler Finance B.V. 4.25%, 5/15/2021 (b)		5,624,000		5,757,570
Titan International, Inc. 6.88%, 10/1/2020		3,561,000		3,489,780
ZF North America Capital, Inc. 4.00%, 4/29/2020 (a) (b)		6,624,000		6,905,520
				26,619,270
BANKS — 2.4%
CIT Group, Inc.:
3.88%, 2/19/2019 (a)		7,097,000		7,274,425
4.25%, 8/15/2017		15,055,000		15,262,006
5.25%, 3/15/2018		13,490,000		13,928,425
5.38%, 5/15/2020		6,746,000		7,167,625
5.50%, 2/15/2019 (b)		14,175,000		14,954,625
6.63%, 4/1/2018 (b)		7,088,000		7,464,550
Provident Funding Associates L.P./PFG Finance Corp. 6.75%, 6/15/2021 (b)		3,317,600		3,334,188
Royal Bank of Scotland Group PLC 4.70%, 7/3/2018		3,509,000		3,572,601
Royal Bank of Scotland NV 4.65%, 6/4/2018		3,450,000		3,508,219
Synovus Financial Corp. 5.13%, 6/15/2017		1,640,226		1,651,503
UniCredit Bank Austria AG 7.25%, 2/15/2017 (b)		4,950,000		4,978,639
UniCredit Luxembourg Finance SA 6.00%, 10/31/2017 (a) (b)		6,075,000		6,196,406
				89,293,212
BEVERAGES — 0.3%
Constellation Brands, Inc. 7.25%, 5/15/2017		3,743,000		3,820,199
Cott Beverages, Inc. 6.75%, 1/1/2020		3,654,000		3,786,458
DS Services of America, Inc. 10.00%, 9/1/2021 (b)		3,670,000		4,027,825
				11,634,482
BIOTECHNOLOGY — 0.1%
Concordia International Corp. 9.00%, 4/1/2022 (a) (b)		1,400,000		1,176,875

See accompanying notes to financial statements.

295

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Sterigenics-Nordion Topco LLC PIK, 8.13%, 11/1/2021 (b)	$	3,100,000	$	3,084,500
				4,261,375
CHEMICALS — 2.9%
Ashland LLC 3.88%, 4/15/2018		5,317,000		5,446,602
CF Industries, Inc.:
6.88%, 5/1/2018		4,170,000		4,378,500
7.13%, 5/1/2020		8,360,000		9,122,850
Chemtura Corp. 5.75%, 7/15/2021		700,000		728,000
Consolidated Energy Finance SA 6.75%, 10/15/2019 (b)		8,477,000		8,445,550
Hexion, Inc.:
6.63%, 4/15/2020 (a)		12,367,000		10,944,795
8.88%, 2/1/2018		8,402,000		8,359,990
10.00%, 4/15/2020		250,000		248,750
Hexion, Inc./Hexion Nova Scotia Finance ULC 9.00%, 11/15/2020 (a)		5,000,000		3,900,000
Huntsman International LLC 4.88%, 11/15/2020 (a)		3,530,000		3,651,344
INEOS Group Holdings SA:
5.63%, 8/1/2024 (a) (b)		656,711		650,144
5.88%, 2/15/2019 (a) (b)		4,095,000		4,187,138
Momentive Performance Materials, Inc. 3.88%, 10/24/2021		9,895,000		9,276,562
Perstorp Holding AB:
8.50%, 6/30/2021 (b)		2,000,000		1,995,000
11.00%, 9/30/2021 (a) (b)		1,365,000		1,368,413
Platform Specialty Products Corp. 10.38%, 5/1/2021 (b)		4,205,000		4,657,037
Rain CII Carbon LLC/CII Carbon Corp.:
8.00%, 12/1/2018 (b)		4,147,000		4,126,265
8.25%, 1/15/2021 (b)		2,350,000		2,326,500
TPC Group, Inc. 8.75%, 12/15/2020 (b)		6,603,000		5,645,565
Tronox Finance LLC 6.38%, 8/15/2020 (a)		8,694,000		8,128,890
Westlake Chemical Corp. 4.63%, 2/15/2021 (b)		3,645,000		3,821,002
WR Grace & Co-Conn 5.13%, 10/1/2021 (b)		4,750,000		4,951,875
				106,360,772
COMMERCIAL SERVICES — 2.4%
ADT Corp. 6.25%, 10/15/2021 (a)		7,415,000		8,063,812
APX Group, Inc.:
6.38%, 12/1/2019 (a)		3,907,000		4,019,326
7.88%, 12/1/2022		2,510,000		2,718,644
8.75%, 12/1/2020 (a)		8,355,000		8,417,662
Brand Energy & Infrastructure Services, Inc. 8.50%, 12/1/2021 (b)		500,000		511,250
Cenveo Corp. 6.00%, 8/1/2019 (b)		5,205,000		4,645,463
Ceridian HCM Holding, Inc. 11.00%, 3/15/2021 (b)		3,350,000		3,442,125
Constellis Holdings LLC/Constellis Finance Corp. 9.75%, 5/15/2020 (b)		3,660,000		3,751,500
Global A&T Electronics, Ltd. 10.00%, 2/1/2019 (a) (b)		5,375,000		4,085,000
Graham Holdings Co. 7.25%, 2/1/2019		2,215,000		2,399,122
Harland Clarke Holdings Corp. 9.25%, 3/1/2021 (b)		6,396,000		5,628,480
Hertz Corp.:
5.50%, 10/15/2024 (a) (b)		500,000		435,000
5.88%, 10/15/2020 (a)		5,866,000		5,748,680
6.75%, 4/15/2019		4,344,000		4,344,000
7.38%, 1/15/2021		5,469,000		5,510,018
Jurassic Holdings III, Inc. 6.88%, 2/15/2021 (a) (b)		3,925,000		3,218,500
Laureate Education, Inc. 9.25%, 9/1/2019 (a) (b)		12,715,000		12,985,829
Modular Space Corp. 10.25%, 1/31/2019 (b) (c)		2,066,000		1,141,465
Monitronics International, Inc. 9.13%, 4/1/2020		4,680,000		4,410,900
RR Donnelley & Sons Co.:
7.63%, 6/15/2020 (a)		1,623,000		1,691,978
7.88%, 3/15/2021		3,400,000		3,536,000
				90,704,754
CONSTRUCTION MATERIALS — 0.5%
Euramax International, Inc. 12.00%, 8/15/2020 (b)		3,000,000		3,240,000
Louisiana-Pacific Corp. 4.88%, 9/15/2024		845,000		822,819
Masco Corp.:
3.50%, 4/1/2021		2,715,000		2,721,787
5.95%, 3/15/2022		587,000		648,635
7.13%, 3/15/2020		4,242,000		4,772,250
Standard Industries, Inc. 5.13%, 2/15/2021 (b)		3,190,000		3,317,600
USG Corp. 8.25%, 1/15/2018		2,876,000		3,044,965
				18,568,056
DISTRIBUTION & WHOLESALE — 0.2%
American Builders & Contractors Supply Co., Inc. 5.63%, 4/15/2021 (b)		4,644,000		4,783,320
HD Supply, Inc. 5.25%, 12/15/2021 (b)		2,640,000		2,785,200
Rexel SA 5.25%, 6/15/2020 (b)		1,702,800		1,754,948
				9,323,468
DIVERSIFIED FINANCIAL SERVICES — 8.4%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust 4.25%, 7/1/2020		1,614,000		1,662,420
Aircastle, Ltd.:
4.63%, 12/15/2018 (a)		3,302,000		3,446,463

See accompanying notes to financial statements.

296

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
5.00%, 4/1/2023	$	1,700,000	$	1,742,500
5.13%, 3/15/2021		1,200,000		1,278,000
6.25%, 12/1/2019		4,789,000		5,172,120
6.75%, 4/15/2017		2,801,000		2,839,514
Alliance Data Systems Corp.:
5.25%, 12/1/2017 (b)		2,343,000		2,375,216
5.88%, 11/1/2021 (b)		4,098,000		4,159,470
Ally Financial, Inc.:
2.75%, 1/30/2017		3,820,000		3,820,000
3.25%, 2/13/2018		5,569,000		5,596,845
3.25%, 11/5/2018		1,730,000		1,732,076
3.50%, 1/27/2019		4,127,000		4,142,476
3.60%, 5/21/2018 (a)		7,180,000		7,242,825
3.75%, 11/18/2019		6,048,000		6,074,006
4.13%, 3/30/2020 (a)		4,341,000		4,373,558
4.25%, 4/15/2021 (a)		5,270,000		5,309,525
4.75%, 9/10/2018		5,026,000		5,164,215
5.50%, 2/15/2017		8,147,000		8,177,551
6.25%, 12/1/2017		6,319,000		6,532,582
7.50%, 9/15/2020		2,680,000		3,004,950
8.00%, 12/31/2018		4,997,000		5,446,730
8.00%, 3/15/2020		8,083,000		9,153,998
CIT Group, Inc. 5.00%, 5/15/2018 (b)		8,330,000		8,460,156
CNG Holdings, Inc. 9.38%, 5/15/2020 (b)		1,837,000		1,593,598
DFC Finance Corp. PIK, 12.00%, 6/16/2020 (a) (b)		5,843,441		3,330,761
Enova International, Inc. 9.75%, 6/1/2021		4,850,000		4,837,875
FBM Finance, Inc. 8.25%, 8/15/2021 (b)		3,605,000		3,796,516
Fly Leasing, Ltd. 6.75%, 12/15/2020 (a)		3,350,000		3,500,750
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.:
3.50%, 3/15/2017		7,735,000		7,746,603
4.88%, 3/15/2019		8,875,000		8,963,750
6.00%, 8/1/2020 (a)		15,219,000		15,561,427
Intelsat Connect Finance SA
Series WI-1, 12.50%, 4/1/2022 (b) (d)		1,902,600		1,179,612
International Lease Finance Corp. 5.88%, 4/1/2019		1,352,000		1,435,824
Jefferies Finance LLC/JFIN Co-Issuer Corp.:
7.38%, 4/1/2020 (b)		5,505,000		5,505,000
7.50%, 4/15/2021 (b)		1,800,000		1,782,000
KCG Holdings, Inc. 6.88%, 3/15/2020 (b)		2,940,000		2,940,000
Lincoln Finance, Ltd. 7.38%, 4/15/2021 (b)		4,410,000		4,696,650
Nationstar Mortgage LLC/Nationstar Capital Corp.:
6.50%, 8/1/2018		2,578,000		2,620,021
6.50%, 7/1/2021		5,258,162		5,323,889
7.88%, 10/1/2020		3,763,000		3,894,705
9.63%, 5/1/2019		2,115,000		2,212,819
Navient Corp.:
4.63%, 9/25/2017		2,344,000		2,382,090
4.88%, 6/17/2019		8,431,000		8,726,085
5.00%, 10/26/2020		2,230,000		2,274,600
5.50%, 1/15/2019		9,056,000		9,429,560
5.88%, 3/25/2021		3,825,000		3,958,875
6.63%, 7/26/2021		6,472,000		6,860,320
7.25%, 9/25/2023 (a)		1,365,000		1,402,538
8.45%, 6/15/2018		16,209,000		17,465,197
Series MTN, 8.00%, 3/25/2020		11,900,000		13,201,562
NewStar Financial, Inc. 7.25%, 5/1/2020		2,603,000		2,603,000
NFP Corp. 9.00%, 7/15/2021 (b)		4,924,474		5,149,153
Och-Ziff Finance Co. LLC 4.50%, 11/20/2019 (b)		3,800,000		3,493,017
OneMain Financial Holdings LLC:
6.75%, 12/15/2019 (b)		4,295,000		4,477,538
7.25%, 12/15/2021 (b)		4,788,000		4,991,011
Speedy Cash Intermediate Holdings Corp. 10.75%, 5/15/2018 (b)		3,086,000		2,929,771
Springleaf Finance Corp.:
5.25%, 12/15/2019		2,840,000		2,882,600
6.90%, 12/15/2017		7,597,000		7,922,152
7.75%, 10/1/2021		6,095,000		6,430,225
8.25%, 12/15/2020 (a)		8,058,000		8,747,966
TMX Finance LLC/TitleMax Finance Corp. 8.50%, 9/15/2018 (b)		5,470,000		4,717,875
Transworld Systems, Inc. 9.50%, 8/15/2021 (b)		3,365,000		2,065,269
Walter Investment Management Corp. 7.88%, 12/15/2021		4,500,000		3,639,600
				313,579,000
ELECTRIC — 2.1%
AES Corp.:
7.38%, 7/1/2021		6,954,000		7,736,325
8.00%, 6/1/2020		3,738,000		4,345,425
DPL, Inc. 7.25%, 10/15/2021		8,450,000		8,655,969
Dynegy, Inc. 6.75%, 11/1/2019		15,570,000		15,881,400
FirstEnergy Corp. Series A, 2.75%, 3/15/2018		1,824,000		1,837,275
Fortis, Inc. 2.10%, 10/4/2021 (b)		1,875,000		1,810,288
GenOn Americas Generation LLC 8.50%, 10/1/2021		3,107,000		2,609,880
GenOn Energy, Inc.:
7.88%, 6/15/2017		5,826,000		4,151,025
9.50%, 10/15/2018		6,463,000		4,552,537
9.88%, 10/15/2020 (a)		3,620,000		2,461,600
IPALCO Enterprises, Inc.:
3.45%, 7/15/2020		2,757,000		2,815,311
5.00%, 5/1/2018		2,570,000		2,657,450

See accompanying notes to financial statements.

297

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
NRG Energy, Inc. 7.88%, 5/15/2021	$	2,536,000	$	2,631,100
Talen Energy Supply LLC:
4.60%, 12/15/2021 (a)		4,785,000		3,774,408
4.63%, 7/15/2019 (a) (b)		9,995,000		9,495,250
6.50%, 5/1/2018		3,223,000		3,343,862
				78,759,105
ELECTRICAL COMPONENTS & EQUIPMENT — 0.1%
Anixter, Inc.:
5.13%, 10/1/2021		2,037,000		2,118,480
5.63%, 5/1/2019		2,131,000		2,229,559
				4,348,039
ELECTRONICS — 0.2%
Flex, Ltd. 4.63%, 2/15/2020		583,000		612,150
Kemet Corp. 10.50%, 5/1/2018		2,250,000		2,245,781
Sanmina Corp. 4.38%, 6/1/2019 (b)		2,860,000		2,938,650
				5,796,581
ENERGY-ALTERNATE SOURCES — 0.1%
Enviva Partners L.P. / Enviva Partners Finance Corp. 8.50%, 11/1/2021 (b)		2,000,000		2,085,000
ENGINEERING & CONSTRUCTION — 0.1%
Abengoa Finance SAU:
7.75%, 2/1/2020 (b) (c)		5,400,000		216,000
8.88%, 11/1/2017 (b)		7,790,000		311,600
Michael Baker International LLC/CDL Acquisition Co., Inc. 8.25%, 10/15/2018 (b)		3,735,000		3,678,975
				4,206,575
ENTERTAINMENT — 1.5%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp. 5.25%, 3/15/2021		4,502,524		4,648,856
Gibson Brands, Inc. 8.88%, 8/1/2018 (b)		3,250,000		2,990,000
GLP Capital L.P./GLP Financing II, Inc.:
4.38%, 11/1/2018		4,622,000		4,773,602
4.38%, 4/15/2021 (a)		2,300,000		2,380,500
4.88%, 11/1/2020		7,861,000		8,283,922
Greektown Holdings LLC/Greektown Mothership Corp. 8.88%, 3/15/2019 (b)		1,811,000		1,903,814
International Game Technology PLC:
5.63%, 2/15/2020 (b)		4,681,000		4,959,988
7.50%, 6/15/2019		4,377,000		4,814,700
Isle of Capri Casinos, Inc.:
5.88%, 3/15/2021		3,525,000		3,648,375
8.88%, 6/15/2020		4,231,000		4,437,261
Mood Media Corp. 9.25%, 10/15/2020 (b)		2,540,000		1,471,612
Production Resource Group, Inc. 8.88%, 5/1/2019		3,300,000		2,013,000
Rivers Pittsburgh Borrower L.P./Rivers Pittsburgh Finance Corp. 6.13%, 8/15/2021 (b)		2,495,000		2,551,137
Six Flags Entertainment Corp. 5.25%, 1/15/2021 (b)		6,304,000		6,445,840
				55,322,607
ENVIRONMENTAL CONTROL — 0.7%
Clean Harbors, Inc.:
5.13%, 6/1/2021		7,110,000		7,257,888
5.25%, 8/1/2020		6,780,000		6,941,025
Covanta Holding Corp. 7.25%, 12/1/2020		3,431,000		3,508,197
GFL Environmental, Inc. 9.88%, 2/1/2021 (b)		4,740,000		5,214,000
Tervita Escrow Corp. 7.63%, 12/1/2021 (a) (b)		1,773,000		1,808,460
				24,729,570
FOOD — 1.5%
B&G Foods, Inc. 4.63%, 6/1/2021		5,553,000		5,664,060
BI-LO LLC/BI-LO Finance Corp.:
9.25%, 2/15/2019 (a) (b)		3,190,000		2,719,475
PIK, 8.63%, 9/15/2018 (b)		3,650,000		2,290,375
Bumble Bee Holdings, Inc. 9.00%, 12/15/2017 (b)		5,353,000		5,282,742
JBS USA LUX SA/JBS USA Finance, Inc.:
7.25%, 6/1/2021 (b)		8,709,000		9,020,129
8.25%, 2/1/2020 (b)		5,218,000		5,346,076
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp. 4.88%, 5/1/2021		1,800,000		1,854,000
Post Holdings, Inc. 6.75%, 12/1/2021 (b)		800,000		858,000
Simmons Foods, Inc. 7.88%, 10/1/2021 (b)		3,386,000		3,487,580
Smithfield Foods, Inc.:
5.25%, 8/1/2018 (b)		1,840,000		1,860,700
5.88%, 8/1/2021 (b)		1,400,000		1,459,500
7.75%, 7/1/2017		3,564,000		3,662,010
SUPERVALU, Inc. 6.75%, 6/1/2021 (a)		2,400,000		2,412,000
Tesco PLC:
2.70%, 1/5/2017 (b)		2,460,000		2,459,960
5.50%, 11/15/2017 (b)		7,618,000		7,817,972
				56,194,579
FOOD SERVICE — 0.1%
Aramark Services, Inc. 5.75%, 3/15/2020		2,381,000		2,431,596
FOREST PRODUCTS & PAPER — 0.1%
Tembec Industries, Inc. 9.00%, 12/15/2019 (b)		2,627,000		2,456,245

See accompanying notes to financial statements.

298

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
GAS — 0.2%
NGL Energy Partners L.P./NGL Energy Finance Corp.:
5.13%, 7/15/2019	$	3,010,000	$	2,987,425
7.50%, 11/1/2023 (b)		3,141,000		3,243,083
				6,230,508
HAND & MACHINE TOOLS — 0.2%
Apex Tool Group LLC 7.00%, 2/1/2021 (b)		4,340,000		3,884,300
Milacron LLC/Mcron Finance Corp. 7.75%, 2/15/2021 (b)		3,425,000		3,519,188
				7,403,488
HEALTH CARE PRODUCTS — 1.4%
Alere, Inc.:
6.50%, 6/15/2020		3,922,000		3,877,878
7.25%, 7/1/2018		3,555,000		3,606,103
DJO Finance LLC / DJO Finance Corp. 10.75%, 4/15/2020 (a)		1,000,000		838,750
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp. 8.13%, 6/15/2021 (b)		7,372,000		6,395,210
Immucor, Inc. 11.13%, 8/15/2019		2,420,000		2,286,900
Kinetic Concepts, Inc./KCI USA, Inc.:
7.88%, 2/15/2021 (b)		3,831,000		4,156,635
9.63%, 10/1/2021 (b)		13,482,000		14,240,362
12.50%, 11/1/2021 (b)		5,771,000		6,059,550
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.88%, 4/15/2020 (a) (b)		4,373,000		4,389,399
Universal Hospital Services, Inc. 7.63%, 8/15/2020 (a)		6,974,000		6,878,107
				52,728,894
HEALTH CARE SERVICES — 5.9%
Centene Corp. 5.63%, 2/15/2021		9,715,000		10,214,351
CHS/Community Health Systems, Inc.:
5.13%, 8/15/2018 (a)		6,554,000		6,463,883
5.13%, 8/1/2021 (a)		7,561,000		6,993,925
7.13%, 7/15/2020 (a)		12,394,000		9,392,173
8.00%, 11/15/2019 (a)		13,445,000		11,199,685
Fresenius Medical Care US Finance II, Inc.:
4.13%, 10/15/2020 (b)		3,651,000		3,771,939
5.63%, 7/31/2019 (b)		6,398,000		6,813,870
6.50%, 9/15/2018 (b)		3,316,000		3,506,670
Fresenius Medical Care US Finance, Inc.:
5.75%, 2/15/2021 (a) (b)		4,906,000		5,298,480
6.88%, 7/15/2017		4,947,000		5,076,859
HCA Holdings, Inc. 6.25%, 2/15/2021 (a)		11,832,000		12,719,400
HCA, Inc.:
3.75%, 3/15/2019		11,227,000		11,521,709
4.25%, 10/15/2019		4,360,000		4,534,836
6.50%, 2/15/2020		23,109,000		25,281,246
8.00%, 10/1/2018		2,963,000		3,225,966
IASIS Healthcare LLC/IASIS Capital Corp. 8.38%, 5/15/2019 (a)		6,789,000		5,906,430
inVentiv Health, Inc. 9.00%, 1/15/2018 (b)		4,428,000		4,419,144
Kindred Healthcare, Inc. 8.00%, 1/15/2020		5,334,000		5,307,330
Select Medical Corp. 6.38%, 6/1/2021 (a)		5,361,000		5,361,000
Surgery Center Holdings, Inc. 8.88%, 4/15/2021 (b)		3,225,000		3,438,656
Tenet Healthcare Corp.:
4.38%, 10/1/2021		8,889,000		8,811,221
4.50%, 4/1/2021		5,444,000		5,392,826
4.75%, 6/1/2020		3,388,000		3,421,880
5.00%, 3/1/2019		6,050,000		5,887,406
5.50%, 3/1/2019		5,178,000		5,058,906
6.00%, 10/1/2020		14,952,000		15,662,220
6.25%, 11/1/2018		8,818,000		9,314,012
7.50%, 1/1/2022 (a) (b)		1,945,000		2,027,663
8.00%, 8/1/2020		7,795,000		7,697,563
WellCare Health Plans, Inc. 5.75%, 11/15/2020		7,170,000		7,367,175
				221,088,424
HOLDING COMPANIES-DIVERS — 0.6%
HRG Group, Inc. 7.88%, 7/15/2019		6,099,000		6,346,772
Nielsen Co. Luxembourg SARL 5.50%, 10/1/2021 (a) (b)		5,395,000		5,610,800
Noble Group, Ltd. 6.75%, 1/29/2020 (a) (b)		8,966,000		7,486,610
Opal Acquisition, Inc. 8.88%, 12/15/2021 (b)		4,930,000		4,215,150
				23,659,332
HOME BUILDERS — 2.0%
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.88%, 2/15/2021 (b)		3,065,000		2,942,400
Beazer Homes USA, Inc. 8.75%, 3/15/2022 (b)		1,285,000		1,387,800
Brookfield Residential Properties, Inc. 6.50%, 12/15/2020 (a) (b)		3,580,000		3,660,550
CalAtlantic Group, Inc.:
8.38%, 5/15/2018		4,071,000		4,391,591
8.38%, 1/15/2021 (a)		3,415,000		3,978,475
DR Horton, Inc.:
3.63%, 2/15/2018		580,000		584,713
3.75%, 3/1/2019		1,909,000		1,945,987
K Hovnanian Enterprises, Inc. 7.25%, 10/15/2020 (b)		6,091,000		5,727,367
KB Home:
4.75%, 5/15/2019		4,293,000		4,370,811
7.00%, 12/15/2021		42,000		44,231
8.00%, 3/15/2020		1,494,000		1,643,400

See accompanying notes to financial statements.

299

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Lennar Corp.:
4.50%, 6/15/2019	$	6,570,000	$	6,759,216
4.50%, 11/15/2019 (a)		1,819,000		1,879,254
4.75%, 12/15/2017		2,228,000		2,253,065
4.75%, 4/1/2021		5,075,000		5,233,594
Series B, 12.25%, 6/1/2017		2,700,000		2,814,750
Mattamy Group Corp. 6.50%, 11/15/2020 (b)		3,340,000		3,390,100
PulteGroup, Inc. 4.25%, 3/1/2021		4,264,285		4,357,566
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.25%, 4/15/2021 (b)		5,108,000		5,261,240
Toll Brothers Finance Corp.:
4.00%, 12/31/2018		4,218,000		4,323,450
8.91%, 10/15/2017		2,318,000		2,438,246
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. 4.38%, 6/15/2019		3,575,000		3,637,563
William Lyon Homes, Inc. 8.50%, 11/15/2020		2,890,000		3,018,244
				76,043,613
HOUSEHOLD PRODUCTS — 0.5%
Albea Beauty Holdings SA 8.38%, 11/1/2019 (b)		2,305,000		2,397,200
Avon Products, Inc. 6.60%, 3/15/2020 (a)		2,720,000		2,761,344
Edgewell Personal Care Co. 4.70%, 5/19/2021		4,077,000		4,280,850
First Quality Finance Co., Inc. 4.63%, 5/15/2021 (b)		5,004,000		4,953,960
Revlon Consumer Products Corp.:
5.75%, 2/15/2021		1,453,000		1,463,897
6.25%, 8/1/2024 (a)		1,970,889		2,030,016
				17,887,267
HOUSEHOLD PRODUCTS & WARES — 0.1%
ACCO Brands Corp. 6.75%, 4/30/2020 (a)		2,503,000		2,632,655
Prestige Brands, Inc. 5.38%, 12/15/2021 (b)		900,000		924,750
				3,557,405
INSURANCE — 1.3%
American Equity Investment Life Holding Co. 6.63%, 7/15/2021		2,975,000		3,098,323
Genworth Holdings, Inc.:
6.52%, 5/22/2018 (a)		5,761,000		5,674,585
7.20%, 2/15/2021		3,030,000		2,766,769
7.63%, 9/24/2021		6,000,000		5,535,000
7.70%, 6/15/2020		4,921,000		4,748,765
Hub Holdings LLC/Hub Holdings Finance, Inc. PIK, 8.13%, 7/15/2019 (b)		1,760,000		1,755,600
HUB International, Ltd. 7.88%, 10/1/2021 (b)		10,325,000		10,944,500
Radian Group, Inc.:
5.25%, 6/15/2020		3,846,000		4,035,896
7.00%, 3/15/2021		2,179,000		2,424,138
USI, Inc. 7.75%, 1/15/2021 (b)		6,646,000		6,791,381
				47,774,957
INTERNET — 0.3%
Cogent Communications Group, Inc. 5.38%, 3/1/2022 (b)		1,320,000		1,361,250
IAC/InterActiveCorp 4.88%, 11/30/2018		2,170,000		2,205,263
Netflix, Inc. 5.38%, 2/1/2021		2,615,000		2,807,856
TIBCO Software, Inc. 11.38%, 12/1/2021 (b)		5,440,000		5,440,000
				11,814,369
INVESTMENT COMPANY SECURITY — 0.1%
Ares Capital Corp. 3.63%, 1/19/2022		2,000,000		1,938,021
Prospect Capital Corp. 5.00%, 7/15/2019		1,000,000		1,013,721
				2,951,742
IRON/STEEL — 2.0%
AK Steel Corp.:
7.63%, 5/15/2020 (a)		4,123,000		4,226,075
7.63%, 10/1/2021 (a)		5,135,000		5,526,800
Allegheny Technologies, Inc.:
5.95%, 1/15/2021		3,771,000		3,676,725
9.38%, 6/1/2019		2,323,000		2,485,610
ArcelorMittal:
6.13%, 6/1/2018 (a)		4,810,000		5,050,500
6.25%, 8/5/2020		4,527,000		4,923,113
6.50%, 3/1/2021 (a)		8,330,000		9,142,175
10.85%, 6/1/2019		6,145,000		7,189,650
BlueScope Steel Finance, Ltd./BlueScope Steel Finance USA LLC 6.50%, 5/15/2021 (b)		2,510,000		2,635,500
Cliffs Natural Resources, Inc.:
7.75%, 3/31/2020 (a) (b)		5,078,000		5,230,340
8.25%, 3/31/2020 (b)		4,525,000		4,954,875
Commercial Metals Co. 7.35%, 8/15/2018		1,439,000		1,525,340
Evraz, Inc. NA Canada 7.50%, 11/15/2019 (b)		3,190,000		3,205,950
Steel Dynamics, Inc. 5.13%, 10/1/2021		4,684,000		4,877,215
United States Steel Corp.:
7.38%, 4/1/2020 (a)		2,928,000		3,140,280
8.38%, 7/1/2021 (b)		6,624,000		7,336,080
				75,126,228
IT SERVICES — 2.0%
Dell, Inc.:
4.63%, 4/1/2021 (a)		2,856,000		2,905,980
5.65%, 4/15/2018		4,290,000		4,456,237
5.88%, 6/15/2019 (a)		4,467,000		4,712,685
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 5.88%, 6/15/2021 (b)		12,273,000		13,047,733

See accompanying notes to financial statements.

300

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
DynCorp International, Inc. 11.88%, 11/30/2020	$	2,640,490	$	2,455,656
EMC Corp.:
1.88%, 6/1/2018		19,250,000		19,033,437
2.65%, 6/1/2020		16,678,000		16,261,050
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020		2,500,000		2,551,886
Leidos Holdings, Inc. 4.45%, 12/1/2020		1,330,000		1,368,238
Lexmark International, Inc. 6.13%, 3/15/2020		4,325,000		4,419,035
NCR Corp.:
4.63%, 2/15/2021		3,425,000		3,487,078
5.88%, 12/15/2021		1,100,000		1,153,625
				75,852,640
LEISURE TIME — 0.3%
Carlson Wagonlit B.V. 6.88%, 6/15/2019 (b)		3,350,000		3,465,240
NCL Corp., Ltd.:
4.63%, 11/15/2020 (a) (b)		5,105,000		5,181,575
4.75%, 12/15/2021 (a) (b)		3,110,000		3,108,134
				11,754,949
LODGING — 1.7%
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope:
8.00%, 10/1/2020		7,580,000		7,916,362
11.00%, 10/1/2021 (a)		8,950,000		9,777,875
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.63%, 10/15/2021		4,490,000		4,624,700
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. 6.75%, 11/15/2021 (b)		4,980,000		5,042,250
MGM Resorts International:
5.25%, 3/31/2020		3,627,000		3,837,729
6.63%, 12/15/2021		2,100,000		2,341,500
6.75%, 10/1/2020		8,776,000		9,752,769
8.63%, 2/1/2019		5,759,000		6,471,964
11.38%, 3/1/2018		3,751,000		4,163,610
Playa Resorts Holding B.V. 8.00%, 8/15/2020 (b)		1,187,000		1,237,448
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC 5.88%, 5/15/2021 (b)		1,585,000		1,569,150
Station Casinos LLC 7.50%, 3/1/2021		3,615,000		3,786,712
Studio City Co., Ltd. 5.88%, 11/30/2019 (b)		1,785,000		1,829,625
				62,351,694
MACHINERY, CONSTRUCTION & MINING — 0.4%
BlueLine Rental Finance Corp. 7.00%, 2/1/2019 (a) (b)		6,825,000		6,637,312
Joy Global, Inc. 5.13%, 10/15/2021		3,900,000		4,229,063
Terex Corp. 6.00%, 5/15/2021		5,877,000		6,009,233
				16,875,608
MACHINERY-DIVERSIFIED — 1.2%
Case New Holland Industrial, Inc. 7.88%, 12/1/2017		800,000		841,000
CNH Industrial Capital LLC:
3.25%, 2/1/2017		2,453,000		2,453,000
3.38%, 7/15/2019 (a)		3,570,000		3,570,000
3.63%, 4/15/2018 (a)		3,848,000		3,896,100
3.88%, 7/16/2018 (a)		6,180,000		6,257,250
3.88%, 10/15/2021		4,505,000		4,426,162
4.38%, 11/6/2020		5,415,000		5,577,450
4.88%, 4/1/2021 (a)		2,300,000		2,392,000
Gardner Denver, Inc. 6.88%, 8/15/2021 (a) (b)		5,000,000		4,975,000
SPL Logistics Escrow LLC/SPL Logistics Finance Corp. 8.88%, 8/1/2020 (b)		4,660,000		4,042,550
Xerium Technologies, Inc. 9.50%, 8/15/2021 (b)		4,643,750		4,632,141
				43,062,653
MEDIA — 6.5%
Altice Finco SA 9.88%, 12/15/2020 (b)		4,700,000		4,965,550
Cablevision Systems Corp.:
7.75%, 4/15/2018		7,482,000		7,912,215
8.00%, 4/15/2020 (a)		4,662,000		5,104,890
8.63%, 9/15/2017		6,789,000		7,077,532
CCO Holdings LLC/CCO Holdings Capital Corp. 5.25%, 3/15/2021		4,870,000		5,034,363
Cequel Communications Holdings I LLC/Cequel Capital Corp.:
5.13%, 12/15/2021 (b)		1,800,000		1,831,500
6.38%, 9/15/2020 (b)		13,578,000		13,968,367
Charter Communications Operating LLC/Charter Communications Operating Capital 3.58%, 7/23/2020		1,225,000		1,241,783
Clear Channel Worldwide Holdings, Inc. Series B, 7.63%, 3/15/2020		14,712,000		14,656,830
Cogeco Communications, Inc. 4.88%, 5/1/2020 (b)		2,663,000		2,742,890
CSC Holdings LLC:
6.75%, 11/15/2021		7,143,000		7,688,011
7.63%, 7/15/2018		1,834,000		1,960,088
8.63%, 2/15/2019		5,973,000		6,615,098
Cumulus Media Holdings, Inc. 7.75%, 5/1/2019 (a)		4,974,000		2,036,231
DISH DBS Corp.:
4.25%, 4/1/2018		10,521,000		10,741,941
4.63%, 7/15/2017		6,615,000		6,706,287
5.13%, 5/1/2020		9,451,000		9,758,157
6.75%, 6/1/2021		16,358,000		17,768,877
7.88%, 9/1/2019		10,739,000		11,893,442
iHeartCommunications, Inc.:
9.00%, 12/15/2019		16,655,000		13,698,737
9.00%, 3/1/2021 (a)		18,050,000		13,266,750
10.00%, 1/15/2018 (a)		7,045,000		5,283,750
11.25%, 3/1/2021		1,450,000		1,102,000

See accompanying notes to financial statements.

301

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
MHGE Parent LLC/MHGE Parent Finance, Inc. 8.50%, 8/1/2019 (a) (b)	$	4,050,000	$	4,075,313
Nexstar Broadcasting, Inc. 6.88%, 11/15/2020		4,400,000		4,554,000
Nexstar Escrow Corp. 5.63%, 8/1/2024 (a) (b)		1,441,044		1,426,634
Nielsen Finance LLC/Nielsen Finance Co. 4.50%, 10/1/2020		7,340,000		7,486,800
Sinclair Television Group, Inc. 5.38%, 4/1/2021		6,525,000		6,745,219
Sirius XM Radio, Inc.:
4.25%, 5/15/2020 (b)		2,140,000		2,164,182
5.75%, 8/1/2021 (a) (b)		5,700,000		5,942,250
Starz LLC/Starz Finance Corp. 5.00%, 9/15/2019		5,840,000		5,913,000
TEGNA, Inc.:
4.88%, 9/15/2021 (b)		2,855,000		2,912,100
5.13%, 10/15/2019		4,000,000		4,105,000
5.13%, 7/15/2020		5,328,000		5,534,460
Viacom, Inc. 2.25%, 2/4/2022		1,500,000		1,407,684
Virgin Media Secured Finance PLC 5.25%, 1/15/2021		2,750,000		2,908,125
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.13%, 9/1/2020 (b)		4,540,000		4,732,950
WideOpenWest Finance LLC/WideOpenWest Capital Corp. 10.25%, 7/15/2019		7,781,000		8,199,229
				241,162,235
METAL FABRICATE & HARDWARE — 0.2%
Wise Metals Group LLC/Wise Alloys Finance Corp. 8.75%, 12/15/2018 (b)		6,237,000		6,486,480
MINING — 4.6%
Alcoa Nederland Holding B.V. 6.75%, 9/30/2024 (a) (b)		530,000		570,744
Alcoa, Inc.:
5.40%, 4/15/2021		10,020,000		10,639,987
5.72%, 2/23/2019 (a)		6,780,000		7,186,800
6.15%, 8/15/2020		7,770,000		8,430,450
6.75%, 7/15/2018		6,626,000		7,035,984
Aleris International, Inc.:
7.88%, 11/1/2020		4,626,000		4,637,565
9.50%, 4/1/2021 (b)		4,800,000		5,118,000
Anglo American Capital PLC:
2.63%, 4/3/2017 (b)		3,300,000		3,300,000
2.63%, 9/27/2017 (b)		4,700,000		4,691,187
3.63%, 5/14/2020 (b)		6,600,000		6,682,500
4.13%, 4/15/2021 (b)		6,540,000		6,654,450
9.38%, 4/8/2019 (b)		8,250,000		9,425,625
Coeur Mining, Inc. 7.88%, 2/1/2021		1,581,000		1,640,287
Consolidated Minerals, Ltd. 8.00%, 5/15/2020 (b) (e)		1,081,600		838,240
Constellium NV 7.88%, 4/1/2021 (b)		2,100,000		2,252,250
Eldorado Gold Corp. 6.13%, 12/15/2020 (a) (b)		3,231,000		3,279,465
First Quantum Minerals, Ltd.: 6.75%, 2/15/2020 (a) (b)		8,879,000		8,790,210
7.00%, 2/15/2021 (b)		9,610,000		9,555,944
7.25%, 10/15/2019 (b)		2,050,000		2,070,500
Freeport-McMoRan, Inc.:
2.15%, 3/1/2017		1,300,000		1,298,375
2.30%, 11/14/2017		8,275,000		8,243,969
2.38%, 3/15/2018		14,312,000		14,240,440
3.10%, 3/15/2020		5,210,000		5,079,750
4.00%, 11/14/2021 (a)		3,800,000		3,705,000
6.50%, 11/15/2020 (b)		5,870,000		6,031,425
Hecla Mining Co. 6.88%, 5/1/2021		3,862,000		3,948,895
IAMGOLD Corp. 6.75%, 10/1/2020 (b)		5,011,000		4,885,725
Joseph T Ryerson & Son, Inc. 11.00%, 5/15/2022 (a) (b)		1,028,000		1,131,443
Kinross Gold Corp. 5.13%, 9/1/2021		3,326,000		3,375,890
Lundin Mining Corp. 7.50%, 11/1/2020 (b)		3,720,000		3,943,200
Teck Resources, Ltd.:
3.00%, 3/1/2019 (a)		1,593,000		1,585,035
4.50%, 1/15/2021		4,537,000		4,605,055
4.75%, 1/15/2022		1,160,000		1,165,800
8.00%, 6/1/2021 (a) (b)		3,408,000		3,740,280
				169,780,470
MISCELLANEOUS MANUFACTURER — 0.6%
Bombardier, Inc.:
4.75%, 4/15/2019 (b)		1,956,000		1,965,780
7.75%, 3/15/2020 (a) (b)		6,785,000		7,141,213
8.75%, 12/1/2021 (a) (b)		9,125,000		9,672,500
LSB Industries, Inc. 8.50%, 8/1/2019 (a) (e)		2,312,000		2,127,040
				20,906,533
OIL & GAS — 7.8%
Antero Resources Corp.:
5.13%, 12/1/2022		813,000		821,130
5.38%, 11/1/2021		2,865,000		2,929,463
6.00%, 12/1/2020		4,210,000		4,336,300
Atwood Oceanics, Inc. 6.50%, 2/1/2020 (a)		4,940,000		4,550,975
Baytex Energy Corp.:
5.13%, 6/1/2021 (b)		875,000		789,688
5.63%, 6/1/2024 (b)		1,730,000		1,522,400
Bill Barrett Corp. 7.63%, 10/1/2019 (a)		1,405,880		1,384,792
California Resources Corp. 5.00%, 1/15/2020		1,993,000		1,634,260
Calumet Specialty Products Partners L.P./Calumet Finance Corp.:
6.50%, 4/15/2021		7,246,000		6,122,870
11.50%, 1/15/2021 (b)		4,036,000		4,611,130

See accompanying notes to financial statements.

302

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Canbriam Energy, Inc. 9.75%, 11/15/2019 (b)	$	1,700,000	$	1,785,000
Carrizo Oil & Gas, Inc. 7.50%, 9/15/2020 (a)		5,766,000		5,985,829
Cenovus Energy, Inc. 5.70%, 10/15/2019		10,201,000		10,908,694
Chesapeake Energy Corp.:
4.88%, 4/15/2022 (a)		2,250,000		2,053,125
6.13%, 2/15/2021 (a)		2,735,000		2,666,625
6.63%, 8/15/2020		5,300,000		5,353,000
Clayton Williams Energy, Inc. 7.75%, 4/1/2019 (a)		3,121,000		3,136,605
Comstock Resources, Inc. PIK, 10.00%, 3/15/2020		5,200,000		5,330,000
CrownRock L.P./CrownRock Finance, Inc. 7.13%, 4/15/2021 (b)		5,475,000		5,666,625
Denbury Resources, Inc. 9.00%, 5/15/2021 (a) (b)		3,853,000		4,117,894
Diamond Offshore Drilling, Inc. 5.88%, 5/1/2019 (a)		3,110,000		3,226,625
Drill Rigs Holdings, Inc. 6.50%, 10/1/2017 (b)		3,515,000		1,511,450
Endeavor Energy Resources L.P./EER Finance, Inc. 7.00%, 8/15/2021 (b)		4,200,000		4,368,000
Energen Corp. 4.63%, 9/1/2021		2,800,000		2,807,000
Ensco PLC 4.70%, 3/15/2021 (a)		7,196,000		6,921,652
EP Energy LLC/Everest Acquisition Finance, Inc. 9.38%, 5/1/2020		13,022,000		12,004,982
EV Energy Partners L.P./EV Energy Finance Corp. 8.00%, 4/15/2019		2,093,000		1,470,333
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp. 7.88%, 7/15/2021 (a) (b)		2,771,974		2,943,490
Halcon Resources Corp. 8.63%, 2/1/2020 (a) (b)		3,289,000		3,420,560
Harvest Operations Corp. 6.88%, 10/1/2017		1,642,616		1,642,616
MEG Energy Corp.:
6.38%, 1/30/2023 (b)		3,137,000		2,791,930
6.50%, 3/15/2021 (b)		3,905,000		3,612,125
Memorial Production Partners L.P./Memorial Production Finance Corp. 7.63%, 5/1/2021		5,066,000		2,533,000
Murphy Oil Corp. 3.50%, 12/1/2017		3,815,000		3,834,075
Noble Holding International, Ltd.:
4.63%, 3/1/2021 (a)		4,055,000		3,882,662
4.90%, 8/1/2020 (a)		2,430,000		2,466,450
Northern Oil and Gas, Inc. 8.00%, 6/1/2020		4,050,000		3,381,750
Northern Tier Energy LLC/Northern Tier Finance Corp.
7.13%, 11/15/2020		1,796,000		1,865,595
Oasis Petroleum, Inc. 6.50%, 11/1/2021		3,035,000		3,091,906
Pacific Drilling SA 5.38%, 6/1/2020 (b)		5,900,000		2,124,000
Pacific Drilling V, Ltd. 7.25%, 12/1/2017 (b)		4,290,000		2,037,750
PBF Holding Co. LLC/PBF Finance Corp. 8.25%, 2/15/2020 (a)		5,827,000		5,958,107
Permian Resources LLC 13.00%, 11/30/2020 (b)		3,425,000		4,041,500
Permian Resources LLC/AEPB Finance Corp.:
7.13%, 11/1/2020 (a) (b)		9,300,000		7,998,000
7.38%, 11/1/2021 (b)		1,920,000		1,622,400
Precision Drilling Corp. 6.63%, 11/15/2020		2,862,194		2,919,438
Pride International, Inc.:
6.88%, 8/15/2020 (a)		2,960,000		3,159,800
8.50%, 6/15/2019 (a)		4,500,000		5,017,500
Puma International Financing SA 6.75%, 2/1/2021 (b)		7,150,000		7,345,588
QEP Resources, Inc. 6.88%, 3/1/2021 (a)		6,186,000		6,557,160
Range Resources Corp. 5.75%, 6/1/2021 (b)		2,261,000		2,351,440
Resolute Energy Corp. 8.50%, 5/1/2020		3,550,000		3,603,250
Rowan Cos., Inc. 7.88%, 8/1/2019		2,594,000		2,846,915
Sanchez Energy Corp. 7.75%, 6/15/2021 (a)		4,520,000		4,599,100
Seadrill, Ltd. 6.13%, 9/15/2017 (b)		7,530,000		3,849,713
Seven Generations Energy, Ltd. 8.25%, 5/15/2020 (a) (b)		4,459,000		4,726,540
Southwestern Energy Co.:
4.10%, 3/15/2022		655,000		618,566
5.80%, 1/23/2020 (a)		6,250,000		6,449,219
Sunoco L.P./Sunoco Finance Corp.:
5.50%, 8/1/2020		5,283,000		5,362,245
6.25%, 4/15/2021		5,163,000		5,253,352
Tesoro Corp. 4.25%, 10/1/2017		5,217,000		5,285,473
Transocean, Inc.:
4.25%, 10/15/2017		4,106,000		4,157,325
6.00%, 3/15/2018		5,954,000		6,028,425
6.50%, 11/15/2020 (a)		4,390,000		4,357,075
8.13%, 12/15/2021 (a)		1,296,000		1,289,520
9.00%, 7/15/2023 (a) (b)		1,300,000		1,332,500
Tullow Oil PLC 6.00%, 11/1/2020 (b)		4,850,000		4,607,500
Unit Corp. 6.63%, 5/15/2021		4,428,000		4,306,230
Vanguard Natural Resources LLC/VNR Finance Corp.
7.88%, 4/1/2020		3,723,000		2,159,340
W&T Offshore, Inc. PIK, 8.50%, 6/15/2021 (b)		1,355,933		800,000

See accompanying notes to financial statements.

303

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Western Refining, Inc. 6.25%, 4/1/2021	$	3,500,000	$	3,631,250
Whiting Petroleum Corp.:
5.00%, 3/15/2019		10,892,000		10,932,845
5.75%, 3/15/2021 (a)		5,880,000		5,854,275
WPX Energy, Inc. 7.50%, 8/1/2020 (a)		4,430,000		4,762,250
				291,428,197
OIL & GAS SERVICES — 1.4%
Archrock Partners L.P. /Archrock Partners Finance Corp.
6.00%, 4/1/2021		2,939,000		2,850,830
Calfrac Holdings L.P. 7.50%, 12/1/2020 (b)		4,772,000		4,115,850
CGG SA:
6.50%, 6/1/2021		347,000		157,018
6.88%, 1/15/2022 (a)		4,200,000		1,937,250
Globe Luxembourg SCA 9.63%, 5/1/2018 (b)		3,755,000		3,708,063
KCA Deutag UK Finance PLC 7.25%, 5/15/2021 (b)		3,500,000		3,097,500
McDermott International, Inc. 8.00%, 5/1/2021 (b)		3,915,000		3,983,512
Petroleum Geo-Services ASA 7.38%, 12/15/2018 (a) (b)		3,200,000		3,168,000
PHI, Inc. 5.25%, 3/15/2019		6,940,000		6,575,650
SESI LLC 6.38%, 5/1/2019		6,010,000		5,994,975
Trinidad Drilling, Ltd. 7.88%, 1/15/2019 (b)		3,464,000		3,455,340
Weatherford International, Ltd.:
5.13%, 9/15/2020 (a)		3,090,000		2,904,600
7.75%, 6/15/2021 (a)		5,367,000		5,460,922
9.63%, 3/1/2019 (a)		3,450,000		3,682,875
				51,092,385
PACKAGING & CONTAINERS — 2.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.: 6.00%, 6/30/2021 (b)		6,095,000		6,201,662
6.25%, 1/31/2019 (b)		2,824,000		2,859,300
6.75%, 1/31/2021 (b)		2,746,000		2,840,394
Ball Corp. 4.38%, 12/15/2020		8,590,000		8,976,550
BWAY Holding Co. 9.13%, 8/15/2021 (b)		5,775,000		6,092,625
Coveris Holdings SA 7.88%, 11/1/2019 (a) (b)		5,322,000		5,282,085
Graphic Packaging International, Inc. 4.75%, 4/15/2021		1,499,000		1,566,455
PaperWorks Industries, Inc. 9.50%, 8/15/2019 (b)		3,158,000		2,731,670
Plastipak Holdings, Inc. 6.50%, 10/1/2021 (b)		4,045,000		4,227,025
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/2020		21,780,000		22,461,714
6.88%, 2/15/2021		5,094,345		5,242,081
8.25%, 2/15/2021		3,167,264		3,286,036
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 3 Month USD LIBOR +3.50% 4.38%, 7/15/2021 (b) (f)		2,000,000		2,045,000
Sealed Air Corp. 6.50%, 12/1/2020 (b)		2,244,000		2,511,878
Silgan Holdings, Inc. 5.00%, 4/1/2020		4,724,000		4,806,670
				81,131,145
PHARMACEUTICALS — 2.2%
Capsugel SA PIK, 7.00%, 5/15/2019 (b)		6,170,000		6,185,425
Nature’s Bounty Co. 7.63%, 5/15/2021 (a) (b)		8,809,000		9,139,337
Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021		3,000,000		2,892,982
Valeant Pharmaceuticals International:
6.75%, 8/15/2021 (b)		5,467,000		4,517,109
7.00%, 10/1/2020 (a) (b)		4,230,000		3,640,338
Valeant Pharmaceuticals International, Inc.:
5.38%, 3/15/2020 (a) (b)		18,120,000		15,266,100
5.63%, 12/1/2021 (b)		2,500,000		1,932,813
6.38%, 10/15/2020 (a) (b)		18,510,000		15,901,941
6.75%, 8/15/2018 (a) (b)		12,293,000		11,678,350
7.50%, 7/15/2021 (a) (b)		13,046,000		10,991,255
				82,145,650
PIPELINES — 3.2%
American Midstream Partners L.P. / American Midstream Finance Corp. 8.50%, 12/15/2021 (b)		2,500,000		2,484,375
Antero Midstream Partners L.P./Antero Midstream Finance Corp. 5.38%, 9/15/2024 (b)		1,000,000		1,010,000
DCP Midstream LLC:
4.75%, 9/30/2021 (b)		4,300,000		4,343,000
5.35%, 3/15/2020 (b)		5,617,000		5,841,680
9.75%, 3/15/2019 (b)		3,490,000		3,900,075
DCP Midstream Operating L.P. 2.50%, 12/1/2017		4,997,000		4,968,892
Energy Transfer Equity L.P. 7.50%, 10/15/2020		9,070,000		10,113,050
Genesis Energy L.P./Genesis Energy Finance Corp.:
5.75%, 2/15/2021		960,000		969,600
6.75%, 8/1/2022		2,510,000		2,597,850
Gibson Energy, Inc. 6.75%, 7/15/2021 (b)		6,285,000		6,520,687
Martin Midstream Partners L.P./Martin Midstream Finance Corp. 7.25%, 2/15/2021		2,473,000		2,442,088

See accompanying notes to financial statements.

304

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
NGPL PipeCo LLC:
7.12%, 12/15/2017 (b)	$	10,849,000	$	11,310,082
9.63%, 6/1/2019 (b)		2,396,000		2,509,810
Niska Gas Storage, Ltd./Niska Gas Storage Canada Finance Corp. 6.50%, 4/1/2019		4,095,000		4,115,475
NuStar Logistics L.P.:
4.80%, 9/1/2020		3,280,000		3,321,000
8.15%, 4/15/2018		2,251,000		2,395,908
Rockies Express Pipeline LLC:
5.63%, 4/15/2020 (b)		6,310,000		6,641,275
6.00%, 1/15/2019 (b)		4,173,000		4,381,650
6.85%, 7/15/2018 (b)		4,485,000		4,712,053
Sabine Pass Liquefaction LLC 5.63%, 2/1/2021		16,390,000		17,537,300
Targa Resources Partners L.P./Targa Resources Partners Finance Corp. 4.13%, 11/15/2019		3,405,000		3,447,563
Tesoro Logistics L.P./Tesoro Logistics Finance Corp.:
5.50%, 10/15/2019		1,768,000		1,858,610
5.88%, 10/1/2020		2,700,000		2,774,250
6.13%, 10/15/2021		6,113,000		6,399,547
Williams Cos., Inc. 7.88%, 9/1/2021		3,250,000		3,721,250
				120,317,070
REAL ESTATE — 0.4%
Crescent Communities LLC/Crescent Ventures, Inc. 8.88%, 10/15/2021 (b)		2,920,000		2,934,600
Howard Hughes Corp. 6.88%, 10/1/2021 (b)		4,755,000		5,010,581
Realogy Group LLC/Realogy Co-Issuer Corp.:
4.50%, 4/15/2019 (a) (b)		1,029,000		1,065,015
4.88%, 6/1/2023 (b)		3,250,000		3,136,250
5.25%, 12/1/2021 (b)		500,000		516,250
Rialto Holdings LLC/Rialto Corp. 7.00%, 12/1/2018 (b)		3,362,000		3,404,025
				16,066,721
REAL ESTATE INVESTMENT TRUSTS — 1.3%
American Tower Corp. 2.25%, 1/15/2022		1,600,000		1,527,351
Crown Castle International Corp. 2.25%, 9/1/2021 (a)		1,670,000		1,605,369
DuPont Fabros Technology L.P. 5.88%, 9/15/2021 (a)		3,800,000		3,975,750
Equinix, Inc. 4.88%, 4/1/2020		3,472,000		3,576,160
Iron Mountain, Inc.: 4.38%, 6/1/2021 (b)		1,393,000		1,424,343
6.00%, 10/1/2020 (b)		9,646,000		10,200,645
iStar, Inc.:
4.00%, 11/1/2017		4,346,000		4,362,297
5.00%, 7/1/2019		7,160,000		7,186,850
RHP Hotel Properties L.P./RHP Finance Corp. 5.00%, 4/15/2021		2,874,000		2,917,110
Sabra Health Care L.P./Sabra Capital Corp. 5.50%, 2/1/2021		4,265,000		4,382,287
Starwood Property Trust, Inc. 5.00%, 12/15/2021 (b)		4,220,000		4,257,980
VEREIT Operating Partnership L.P. 3.00%, 2/6/2019		3,039,000		3,031,403
				48,447,545
RETAIL — 2.8%
Best Buy Co., Inc. 5.00%, 8/1/2018		967,000		1,010,001
Bon-Ton Department Stores, Inc. 8.00%, 6/15/2021		2,929,167		1,435,292
Claire’s Stores, Inc. 9.00%, 3/15/2019 (b)		8,805,000		4,402,500
Dollar Tree, Inc. 5.25%, 3/1/2020		4,574,000		4,699,785
DriveTime Automotive Group, Inc./DT Acceptance Corp. 8.00%, 6/1/2021 (b)		2,710,000		2,628,700
Ferrellgas L.P./Ferrellgas Finance Corp.:
6.50%, 5/1/2021		2,225,000		2,213,875
6.75%, 1/15/2022 (a)		1,425,000		1,407,188
Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp. 8.63%, 6/15/2020		176,000		176,000
GameStop Corp.:
5.50%, 10/1/2019 (a) (b)		1,158,000		1,186,950
6.75%, 3/15/2021 (a) (b)		4,600,000		4,648,875
Gap, Inc. 5.95%, 4/12/2021 (a)		10,212,000		10,774,136
Great Western Petroleum LLC/Great Western Finance, Inc. 9.00%, 9/30/2021 (b)		2,000,000		2,080,000
Guitar Center, Inc. 6.50%, 4/15/2019 (a) (b)		5,542,000		5,029,365
Hot Topic, Inc. 9.25%, 6/15/2021 (b)		3,700,000		3,894,250
JC Penney Corp., Inc.:
5.65%, 6/1/2020 (a)		4,294,000		4,240,325
8.13%, 10/1/2019		2,533,000		2,735,640
Jo-Ann Stores LLC 8.13%, 3/15/2019 (b)		719,000		715,405
L Brands, Inc.:
6.63%, 4/1/2021		6,895,000		7,756,185
7.00%, 5/1/2020		4,109,000		4,612,352
8.50%, 6/15/2019		4,200,000		4,814,250
Michaels Stores, Inc. 5.88%, 12/15/2020 (a) (b)		2,056,000		2,117,680
Neiman Marcus Group, Ltd. LLC:
8.00%, 10/15/2021 (a) (b)		7,750,000		5,773,750
PIK, 8.75%, 10/15/2021 (a) (b)		5,000,000		3,543,750
Rite Aid Corp.:
6.75%, 6/15/2021		7,146,000		7,503,300
9.25%, 3/15/2020		7,331,000		7,605,912
TRU Taj LLC/TRU Taj Finance, Inc. 12.00%, 8/15/2021 (b)		5,343,000		5,226,122

See accompanying notes to financial statements.

305

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Yum! Brands, Inc.:
3.75%, 11/1/2021	$	90,000	$	91,069
3.88%, 11/1/2020		2,650,000		2,706,312
				105,028,969
SEMICONDUCTORS — 0.9%
Amkor Technology, Inc.:
6.38%, 10/1/2022 (a)		2,143,000		2,236,756
6.63%, 6/1/2021		2,376,000		2,441,340
NXP B.V./NXP Funding LLC:
3.75%, 6/1/2018 (b)		5,978,000		6,067,670
3.88%, 9/1/2022 (b)		2,551,000		2,576,510
4.13%, 6/15/2020 (b)		4,289,000		4,439,115
4.13%, 6/1/2021 (b)		9,556,973		9,867,575
5.75%, 2/15/2021 (b)		3,342,000		3,456,881
STATS ChipPAC Pte, Ltd.
Series REGS, 8.50%, 11/24/2020 (a) (b)		2,200,000		2,288,000
				33,373,847
SOFTWARE — 1.3%
Blackboard, Inc. 9.75%, 10/15/2021 (b)		2,233,000		2,295,803
BMC Software Finance, Inc. 8.13%, 7/15/2021 (b)		12,488,333		11,754,643
Boxer Parent Co., Inc. PIK, 9.00%, 10/15/2019 (b)		6,586,000		6,108,515
Emdeon, Inc. 11.00%, 12/31/2019		2,630,000		2,712,188
First Data Corp.:
5.00%, 1/15/2024 (a) (b)		380,000		382,138
6.75%, 11/1/2020 (b)		8,025,000		8,325,937
Infor Software Parent LLC/Infor Software Parent, Inc. PIK, 7.13%, 5/1/2021 (b)		5,675,000		5,838,156
Infor US, Inc. 5.75%, 8/15/2020 (b)		3,717,000		3,893,557
Nuance Communications, Inc. 5.38%, 8/15/2020 (a) (b)		6,342,000		6,524,650
				47,835,587
STORAGE & WAREHOUSING — 0.3%
Algeco Scotsman Global Finance PLC:
8.50%, 10/15/2018 (b)		9,265,000		8,570,125
10.75%, 10/15/2019 (a) (b)		5,400,000		3,834,000
				12,404,125
TELECOMMUNICATIONS — 10.8%
Avanti Communications Group PLC 10.00%, 10/1/2019 (b)		3,100,000		1,860,000
Avaya, Inc.:
7.00%, 4/1/2019 (a) (b)		8,528,000		7,398,040
10.50%, 3/1/2021 (a) (b)		11,508,000		4,941,248
CenturyLink, Inc.:
Series N, 6.00%, 4/1/2017		3,272,000		3,292,450
Series R, 5.15%, 6/15/2017		3,362,000		3,404,025
Series S, 6.45%, 6/15/2021 (a)		10,100,000		10,655,500
Series V, 5.63%, 4/1/2020		9,435,000		9,977,512
CommScope, Inc.:
4.38%, 6/15/2020 (b)		3,620,000		3,715,025
5.00%, 6/15/2021 (b)		4,217,000		4,343,510
DigitalGlobe, Inc. 5.25%, 2/1/2021 (b)		845,000		869,083
Frontier Communications Corp.:
6.25%, 9/15/2021 (a)		8,050,000		7,677,688
7.13%, 3/15/2019		4,412,000		4,665,690
8.13%, 10/1/2018		5,753,000		6,220,431
8.25%, 4/15/2017 (a)		2,115,000		2,157,300
8.50%, 4/15/2020		9,350,000		9,829,655
8.88%, 9/15/2020 (a)		9,068,000		9,657,420
9.25%, 7/1/2021		1,700,000		1,776,500
Hughes Satellite Systems Corp.:
6.50%, 6/15/2019		7,397,000		8,044,237
7.63%, 6/15/2021		9,075,000		9,959,812
Intelsat Jackson Holdings SA:
7.25%, 4/1/2019		12,577,000		10,564,680
7.25%, 10/15/2020		16,712,000		12,993,580
7.50%, 4/1/2021 (a)		9,778,000		7,455,725
Intelsat Luxembourg SA 7.75%, 6/1/2021		15,720,000		5,109,000
Level 3 Financing, Inc. 6.13%, 1/15/2021		3,713,000		3,838,314
Millicom International Cellular SA 6.63%, 10/15/2021 (a) (b)		5,800,000		6,061,000
Nokia Oyj 5.38%, 5/15/2019		6,640,000		7,009,350
SoftBank Group Corp. 4.50%, 4/15/2020 (a) (b)		19,678,000		20,169,950
Sprint Capital Corp. 6.90%, 5/1/2019		9,463,000		10,030,780
Sprint Communications, Inc.:
6.00%, 11/15/2022		2,973,000		2,993,514
7.00%, 3/1/2020 (a) (b)		4,875,000		5,271,338
7.00%, 8/15/2020 (a)		5,840,000		6,190,400
8.38%, 8/15/2017 (a)		7,802,000		8,094,575
9.00%, 11/15/2018 (b)		17,123,000		18,856,704
9.13%, 3/1/2017		5,070,000		5,127,038
Sprint Corp.:
7.25%, 9/15/2021		15,975,000		16,973,437
7.88%, 9/15/2023 (a)		2,000,000		2,130,000
Syniverse Holdings, Inc. 9.13%, 1/15/2019		3,937,000		3,444,875
T-Mobile USA, Inc.:
5.25%, 9/1/2018		3,224,000		3,272,360
6.25%, 4/1/2021		14,412,000		14,970,465
6.46%, 4/28/2019		9,466,000		9,596,631
6.54%, 4/28/2020		11,345,000		11,656,987
6.63%, 11/15/2020		8,244,000		8,429,490
6.63%, 4/28/2021		10,280,000		10,730,264
6.73%, 4/28/2022		1,900,000		1,985,500
Telecom Italia Capital SA:
7.00%, 6/4/2018		6,094,000		6,497,728
7.18%, 6/18/2019		5,725,000		6,343,300
Trilogy International Partners LLC/Trilogy International Finance, Inc. 13.38%, 5/15/2019 (b)		3,244,000		3,333,210
ViaSat, Inc. 6.88%, 6/15/2020 (a)		5,420,000		5,569,050
West Corp. 4.75%, 7/15/2021 (b)		3,000,000		3,082,500

See accompanying notes to financial statements.

306

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Wind Acquisition Finance SA:
4.75%, 7/15/2020 (b)	$	14,340,000	$	14,447,550
6.50%, 4/30/2020 (b)		5,300,000		5,512,000
7.38%, 4/23/2021 (b)		22,193,000		23,136,202
Windstream Services LLC:
7.75%, 10/15/2020 (a)		2,803,000		2,881,834
7.75%, 10/1/2021 (a)		9,600,000		9,864,000
				404,068,457
TEXTILES — 0.2%
INVISTA Finance LLC 4.25%, 10/15/2019 (b)		4,945,000		4,969,725
Springs Industries, Inc. 6.25%, 6/1/2021		4,270,000		4,419,450
				9,389,175
TRANSPORTATION — 0.7%
Erickson, Inc. 8.25%, 5/1/2020 (c)		2,650,000		761,875
Florida East Coast Holdings Corp. 6.75%, 5/1/2019 (b)		6,640,000		6,872,400
Global Ship Lease, Inc. 10.00%, 4/1/2019 (a) (b)		3,177,000		2,906,955
Hornbeck Offshore Services, Inc.: 5.00%, 3/1/2021		3,630,000		2,395,800
5.88%, 4/1/2020		2,529,000		1,795,590
Jack Cooper Holdings Corp. 9.25%, 6/1/2020		3,518,000		1,521,535
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.13%, 11/15/2021 (b)		5,612,000		4,770,200
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. 8.13%, 2/15/2019		3,415,000		2,527,100
Teekay Corp. 8.50%, 1/15/2020 (a)		4,774,000		4,535,300
				28,086,755
TOTAL CORPORATE BONDS & NOTES (Cost $3,553,395,262)				3,545,545,162
SENIOR FLOATING RATE LOANS — 0.0% (g)
SPECIALTY RETAIL — 0.0% (g)
Claire’s Stores, Inc. Senior Secured Term Loan, Retail Store, 9.00%, 9/20/2021 (Cost $1,221,706)		1,709,600		1,192,257
TOTAL SENIOR FLOATING RATE LOANS (Cost $1,221,706)				1,192,257
	Shares
COMMON STOCKS — 0.1%
ENERGY EQUIPMENT & SERVICES — 0.0% (g)
Key Energy Services, Inc. (h)		52,722	$	1,677,087
OIL, GAS & CONSUMABLE FUELS — 0.1%
PetroQuest Energy, Inc. (a) (h)		19,795		65,521
Titan Energy LLC (h)		24,934		598,416
W&T Offshore, Inc. (a) (h)		561,660		1,555,798
				2,219,735
TOTAL COMMON STOCKS (Cost $5,116,621)				3,896,822
WARRANTS — 0.0% (g)
OIL, GAS & CONSUMABLE FUELS — 0.0% (g)
Comstock Resources, Inc. (expiring 9/2/18) Zero Coupon (h) (Cost $0)		14,438		142,070
U.S. TREASURY — 0.7%
U.S. Treasury Bill 8.08%, 10/12/2017 (Cost $24,843,208)		25,000,000		24,850,210
SHORT-TERM INVESTMENTS — 7.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (i) (j)		125,433,437		125,433,437
State Street Navigator Securities Lending Government Money Market Portfolio (j) (k)		145,046,124		145,046,124
TOTAL SHORT-TERM INVESTMENTS (Cost $270,479,561)				270,479,561
TOTAL INVESTMENTS — 103.3%
(Cost $3,855,056,358)				3,846,106,082
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.3)%				(123,516,656	)
NET ASSETS — 100.0%			$	3,722,589,426

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 35.3% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) Security is currently in default and/or issuer is in bankruptcy

(d) When-issued security.

(e) Step-up bond — Coupon rate increases in increments to maturity. Rate shown as of December 31, 2016. Maturity date shown is the final maturity. (f) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(g) Amount is less than 0.05% of net assets.

(h) Non-income producing security.

(i) The rate shown is the annualized seven-day yield at December 31, 2016.

(j) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(k) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

307

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Advertising	$	—	$	3,020,475	$	—	$	3,020,475
Aerospace & Defense		—		21,308,367		—		21,308,367
Agriculture		—		13,351,486		—		13,351,486
Airlines		—		32,216,264		—		32,216,264
Apparel		—		6,051,600		—		6,051,600
Auto Manufacturers		—		37,607,567		—		37,607,567
Auto Parts & Equipment		—		26,619,270		—		26,619,270
Banks		—		89,293,212		—		89,293,212
Beverages		—		11,634,482		—		11,634,482
Biotechnology		—		4,261,375		—		4,261,375
Chemicals		—		106,360,772		—		106,360,772
Commercial Services		—		90,704,754		—		90,704,754
Construction Materials		—		18,568,056		—		18,568,056
Distribution & Wholesale		—		9,323,468		—		9,323,468
Diversified Financial Services		—		313,579,000		—		313,579,000
Electric		—		78,759,105		—		78,759,105
Electrical Components & Equipment		—		4,348,039		—		4,348,039
Electronics		—		5,796,581		—		5,796,581
Energy-Alternate Sources		—		2,085,000		—		2,085,000
Engineering & Construction		—		4,206,575		—		4,206,575
Entertainment		—		55,322,607		—		55,322,607
Environmental Control		—		24,729,570		—		24,729,570
Food		—		56,194,579		—		56,194,579
Food Service		—		2,431,596		—		2,431,596
Forest Products & Paper		—		2,456,245		—		2,456,245
Gas		—		6,230,508		—		6,230,508
Hand & Machine Tools		—		7,403,488		—		7,403,488
Health Care Products		—		52,728,894		—		52,728,894
Health Care Services		—		221,088,424		—		221,088,424
Holding Companies-Divers		—		23,659,332		—		23,659,332
Home Builders.		—		76,043,613		—		76,043,613
Household Products		—		17,887,267		—		17,887,267
Household Products & Wares		—		3,557,405		—		3,557,405
Insurance		—		47,774,957		—		47,774,957
Internet		—		11,814,369		—		11,814,369
Investment Company Security		—		2,951,742		—		2,951,742
Iron/Steel		—		75,126,228		—		75,126,228
IT Services		—		75,852,640		—		75,852,640
Leisure Time		—		11,754,949		—		11,754,949
Lodging		—		62,351,694		—		62,351,694
Machinery, Construction & Mining		—		16,875,608		—		16,875,608
Machinery-Diversified		—		43,062,653		—		43,062,653
Media		—		241,162,235		—		241,162,235
Metal Fabricate & Hardware		—		6,486,480		—		6,486,480
Mining		—		169,780,470		—		169,780,470
Miscellaneous Manufacturer		—		20,906,533		—		20,906,533
Oil & Gas		—		291,428,197		—		291,428,197
Oil & Gas Services.		—		51,092,385		—		51,092,385
Packaging & Containers		—		81,131,145		—		81,131,145
Pharmaceuticals		—		82,145,650		—		82,145,650

See accompanying notes to financial statements.

308

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Pipelines	$	—	$	120,317,070	$	—	$	120,317,070
Real Estate		—		16,066,721		—		16,066,721
Real Estate Investment Trusts		—		48,447,545		—		48,447,545
Retail		—		105,028,969		—		105,028,969
Semiconductors		—		33,373,847		—		33,373,847
Software		—		47,835,587		—		47,835,587
Storage & Warehousing		—		12,404,125		—		12,404,125
Telecommunications.		—		404,068,457		—		404,068,457
Textiles		—		9,389,175		—		9,389,175
Transportation		—		28,086,755		—		28,086,755
Senior Floating Rate Loans
Specialty Retail		—		1,192,257		—		1,192,257
Common Stocks
Energy Equipment & Services		1,677,087		—		—		1,677,087
Oil, Gas & Consumable Fuels		2,219,735		—		—		2,219,735
Warrants
Oil, Gas & Consumable Fuels		—		142,070		—		142,070
U.S. Treasury.		—		24,850,210		—		24,850,210
Short-Term Investments		270,479,561		—		—		270,479,561
TOTAL INVESTMENTS	$	274,376,383	$	3,571,729,699	$	—	$	3,846,106,082

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		81,908,152	$	81,908,152		265,103,620		347,011,772		—	$	—	$	96,057	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		341,902,118		216,468,681		125,433,437		125,433,437		71,997		—
State Street Navigator Securities Lending Government Money Market Portfolio*		213,910,305		213,910,305		284,847,064		353,711,245		145,046,124		145,046,124		722,014		—
TOTAL			$	295,818,457							$	270,479,561	$	890,068	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

309

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 80.1%
AEROSPACE & DEFENSE — 0.1%
United Technologies Corp. 3 month USD LIBOR + 0.350%, 1.24%, 11/1/2019 (a)	$	1,000,000	$	1,002,270
AGRICULTURE — 0.2%
BAT International Finance PLC 3 month USD LIBOR + 0.51%, 1.47%, 6/15/2018 (a) (b)		1,282,000		1,282,026
AUTO MANUFACTURERS — 5.5%
American Honda Finance Corp.:
3 month USD LIBOR + 0.83%, 1.74%, 2/22/2019 (a)		720,000		727,747
Series MTN, 3 month USD LIBOR + 0.17%, 1.05%, 7/14/2017 (a)		800,000		800,320
Series MTN, 3 month USD LIBOR + 0.280%, 1.19%, 11/19/2018 (a)		1,000,000		1,000,270
Series MTN, 3 month USD LIBOR + 0.31%, 1.26%, 12/11/2017 (a)		1,390,000		1,391,765
Series MTN, 3 month USD LIBOR + 0.46%, 1.34%, 7/13/2018 (a)		1,278,000		1,282,256
Series MTN, 3 month USD LIBOR + 0.45%, 1.45%, 9/20/2017 (a)		1,915,000		1,919,596
Daimler Finance North America LLC:
3 month USD LIBOR + 0.34%, 1.23%, 8/1/2017 (a) (b)		1,850,000		1,850,888
3 month USD LIBOR + 0.35%, 1.30%, 3/10/2017 (a) (b)		1,300,000		1,300,546
3 month USD LIBOR + 0.42%, 1.35%, 3/2/2018 (a) (b)		400,000		400,552
3 month USD LIBOR + 0.620%, 1.52%, 10/30/2019 (a) (b)		1,500,000		1,501,890
3 month USD LIBOR + 0.71%, 1.59%, 8/3/2017 (a) (b)		1,200,000		1,202,592
Ford Motor Credit Co. LLC:
3 month USD LIBOR + 0.52%, 1.47%, 9/8/2017 (a)		1,500,000		1,500,135
3 month USD LIBOR + 0.63%, 1.63%, 3/27/2017 (a)		1,350,000		1,350,783
3 month USD LIBOR + 0.83%, 1.73%, 8/12/2019 (a)		750,000		750,818
3 month USD LIBOR + 0.93%, 1.81%, 11/4/2019 (a)		800,000		800,224
3 month USD LIBOR + 0.94%, 1.82%, 1/9/2018 (a)		1,050,000		1,053,665
3 month USD LIBOR + 0.90%, 1.86%, 6/15/2018 (a)		1,155,000		1,158,257
Series 00, 3 month USD LIBOR + 0.78%, 1.66%, 1/17/2017 (a)		1,100,000		1,100,176
Series 1, 3 month USD LIBOR + 0.83%, 1.78%, 3/12/2019 (a)		1,500,000		1,501,650
Series MTN, 3 month USD LIBOR + 1.58%, 2.46%, 1/8/2019 (a)		1,000,000		1,016,140
General Motors Financial Co., Inc.:
3 month USD LIBOR + 1.36%, 2.24%, 4/10/2018 (a)		100,000		100,500
3 month USD LIBOR + 1.45%, 2.34%, 5/9/2019 (a)		1,000,000		1,009,867
Hyundai Capital Services, Inc. 3 month USD LIBOR + 0.80%, 1.79%, 3/18/2017 (a) (b)		920,000		920,259
Nissan Motor Acceptance Corp.:
3 month USD LIBOR + 0.52%, 1.48%, 9/13/2019 (a) (b)		1,000,000		997,890
3 month USD LIBOR + 0.55%, 1.49%, 3/3/2017 (a) (b)		1,650,000		1,651,403
3 month USD LIBOR + 0.80%, 1.66%, 4/6/2018 (a) (b)		800,000		803,632
3 month USD LIBOR + 1.01%, 1.96%, 3/8/2019 (a) (b)		400,000		403,984
Toyota Motor Credit Corp.:
3 month USD LIBOR + 0.19%, 1.10%, 2/16/2017 (a)		1,000,000		1,000,230
3 month USD LIBOR + 0.38%, 1.24%, 4/6/2018 (a)		800,000		800,856
3 month USD LIBOR + 0.82%, 1.73%, 2/19/2019 (a)		1,280,000		1,292,032
Series 2547, 3 month USD LIBOR + 0.32%, 1.19%, 1/12/2018 (a)		1,000,000		1,000,390
Series GMTN, 3 month USD LIBOR + 0.46%, 1.34%, 7/13/2018 (a)		1,000,000		1,002,720
Series MTN, 3 month USD LIBOR + 0.20%, 1.11%, 5/16/2017 (a)		672,000		671,966
Series MTN, 3 month USD LIBOR + 0.440%, 1.32%, 10/18/2019 (a)		2,000,000		2,003,000
Series MTN, 3 month USD LIBOR + 0.37%, 1.32%, 3/12/2020 (a)		1,203,000		1,200,426
Volkswagen Group of America Finance LLC:
3 month USD LIBOR + 0.37%, 1.29%, 5/23/2017 (a) (b)		900,000		898,983
3 month USD LIBOR + 0.44%, 1.35%, 11/20/2017 (a) (b)		1,290,000		1,286,091
3 month USD LIBOR + 0.47%, 1.39%, 5/22/2018 (a) (b)		400,000		397,788
				41,052,287
BANKS — 52.5%
American Express Bank FSB 1 month USD LIBOR + 0.30%, 0.96%, 6/12/2017 (a)		2,500,000		2,499,125
Australia & New Zealand Banking Group, Ltd.:
3 month USD LIBOR + 0.38%, 1.26%, 1/10/2017 (a) (b)		1,250,000		1,250,063
3 month USD LIBOR + 0.44%, 1.32%, 1/16/2018 (a) (b)		1,000,000		1,000,810
3 month USD LIBOR + 0.56%, 1.47%, 5/15/2018 (a)		1,140,000		1,142,497
3 month USD LIBOR + 0.660%, 1.66%, 9/23/2019 (a) (b)		2,000,000		2,001,900
3 month USD LIBOR + 0.75%, 1.66%, 11/16/2018 (a) (b)		1,250,000		1,256,263
3 month USD LIBOR + 0.870%, 1.79%, 11/23/2021 (a) (b)		1,000,000		1,001,330
3 month USD LIBOR + 0.99%, 1.92%, 6/1/2021 (a) (b)		800,000		806,328

See accompanying notes to financial statements.

310

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Banco Santander Chile 3 month USD LIBOR + 0.90%, 1.78%, 4/11/2017 (a) (b) (c)	$	1,320,000	$	1,317,576
Bank Nederlandse Gemeenten NV 3 month USD LIBOR + 0.07%, 0.95%, 7/14/2017 (a) (b)		4,700,000		4,700,094
Bank of America Corp.:
3 month USD LIBOR + 0.55%, 1.43%, 5/2/2017 (a)		200,000		200,103
3 month USD LIBOR + 1.04%, 1.92%, 1/15/2019 (a)		1,700,000		1,714,552
3 month USD LIBOR + 1.42%, 2.30%, 4/19/2021 (a)		1,500,000		1,539,555
Series MTN, 3 month USD LIBOR + 0.61%, 1.54%, 8/25/2017 (a)		1,900,000		1,902,033
Series MTN, 3 month USD LIBOR + 0.87%, 1.87%, 4/1/2019 (a)		2,544,000		2,556,389
Series MTN, 3 month USD LIBOR + 1.07%, 2.07%, 3/22/2018 (a)		2,717,000		2,734,552
Bank of America NA:
3 month USD LIBOR + 0.30%, 1.26%, 6/15/2017 (a)		1,450,000		1,449,449
3 month USD LIBOR + 0.42%, 1.30%, 5/8/2017 (a)		1,800,000		1,801,224
3 month USD LIBOR + 0.47%, 1.37%, 2/14/2017 (a)		800,000		800,344
3 month USD LIBOR + 0.45%, 1.39%, 6/5/2017 (a)		2,500,000		2,501,575
3 month USD LIBOR + 0.76%, 1.71%, 12/7/2018 (a)		500,000		500,215
Bank of Montreal:
3 month USD LIBOR + 0.25%, 1.13%, 7/14/2017 (a)		590,000		589,917
3 month USD LIBOR + 0.65%, 1.53%, 7/18/2019 (a)		1,000,000		1,002,010
3 month USD LIBOR + 0.79%, 1.73%, 8/27/2021 (a)		1,210,000		1,212,856
Series MTN, 3 month USD LIBOR + 0.60%, 1.48%, 4/9/2018 (a)		1,450,000		1,453,437
Series MTN, 3 month USD LIBOR + 0.61%, 1.50%, 7/31/2018 (a)		750,000		751,778
Bank of New York Mellon Corp.:
3 month USD LIBOR + 0.38%, 1.30%, 5/22/2018 (a)		775,000		775,488
Series 1, 3 month USD LIBOR + 0.44%, 1.39%, 3/6/2018 (a)		281,000		281,422
Series MTN, 3 month USD LIBOR + 0.48%, 1.43%, 9/11/2019 (a)		1,040,000		1,039,792
Series MTN, 3 month USD LIBOR + 0.56%, 1.45%, 8/1/2018 (a)		641,000		643,244
Series MTN, 3 month USD LIBOR + 0.87%, 1.78%, 8/17/2020 (a)		1,200,000		1,216,452
Bank of Nova Scotia:
3 month USD LIBOR + 0.31%, 1.19%, 4/11/2017 (a)		1,112,000		1,112,211
3 month USD LIBOR + 0.47%, 1.42%, 6/11/2018 (a)		1,800,000		1,802,196
3 month USD LIBOR + 0.620%, 1.56%, 12/5/2019 (a)		1,500,000		1,501,020
3 month USD LIBOR + 0.83%, 1.71%, 1/15/2019 (a) (c)		1,200,000		1,208,184
Bank of Tokyo-Mitsubishi UFJ, Ltd.:
3 month USD LIBOR + 0.31%, 1.26%, 9/8/2017 (a) (b)		700,000		699,377
3 month USD LIBOR + 0.41%, 1.36%, 3/10/2017 (a) (b)		2,200,000		2,200,660
3 month USD LIBOR + 0.55%, 1.49%, 3/5/2018 (a) (b)		800,000		799,736
3 month USD LIBOR + 1.02%, 1.98%, 9/14/2018 (a) (b)		1,333,000		1,339,585
Banque Federative du Credit Mutuel SA 3 month USD LIBOR + 0.85%, 1.73%, 1/20/2017 (a) (b)		1,351,000		1,351,446
Barclays Bank PLC 3 month USD LIBOR + 0.58%, 1.49%, 2/17/2017 (a)		1,300,000		1,300,455
Barclays PLC 3 month USD LIBOR + 2.11%, 2.99%, 8/10/2021 (a)		2,400,000		2,459,688
BB&T Corp.:
Series MTN, 3 month USD LIBOR + 0.66%, 1.55%, 2/1/2019 (a)		1,200,000		1,204,164
Series MTN, 3 month USD LIBOR + 0.570%, 1.57%, 6/15/2020 (a)		1,500,000		1,499,565
Series MTN, 3 month USD LIBOR + 0.86%, 1.82%, 6/15/2018 (a)		850,000		854,344
BNP Paribas SA:
Series MTN, 3 month USD LIBOR + 0.46%, 1.34%, 5/7/2017 (a)		1,350,000		1,350,716
Series MTN, 3 month USD LIBOR + 0.48%, 1.47%, 3/17/2017 (a)		657,000		657,329
BPCE SA:
Series MTN, 3 month USD LIBOR + 0.63%, 1.62%, 6/17/2017 (a)		1,695,000		1,697,492
Series MTN, 3 month USD LIBOR + 0.85%, 1.73%, 2/10/2017 (a)		2,250,000		2,251,620
Canadian Imperial Bank of Commerce 3 month USD LIBOR + 0.52%, 1.47%, 9/6/2019 (a)		800,000		800,536
Capital One NA/Mclean:
3 month USD LIBOR + 0.68%, 1.56%, 2/5/2018 (a)		1,400,000		1,400,770
3 month USD LIBOR + 0.77%, 1.72%, 9/13/2019 (a)		1,400,000		1,403,290
3 month USD LIBOR + 1.15%, 2.06%, 8/17/2018 (a)		400,000		403,400
Citigroup, Inc.:
3 month USD LIBOR + 0.54%, 1.49%, 3/10/2017 (a)		3,532,000		3,534,543
3 month USD LIBOR + 0.69%, 1.58%, 4/27/2018 (a)		2,800,000		2,808,204
3 month USD LIBOR + 0.70%, 1.63%, 11/24/2017 (a)		1,050,000		1,052,520
3 month USD LIBOR + 0.88%, 1.77%, 7/30/2018 (a)		4,100,000		4,126,691
3 month USD LIBOR + 0.86%, 1.81%, 12/7/2018 (a)		1,700,000		1,708,364
3 month USD LIBOR + 0.93%, 1.88%, 6/7/2019 (a)		3,672,000		3,698,512

See accompanying notes to financial statements.

311

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
3 month USD LIBOR + 1.070%, 2.02%, 12/8/2021 (a)	$	2,000,000	$	2,003,520
3 month USD LIBOR + 1.19%, 2.07%, 8/2/2021 (a) (c)		2,000,000		2,022,640
3 month USD LIBOR + 1.31%, 2.19%, 10/26/2020 (a)		1,000,000		1,015,460
3 month USD LIBOR + 1.38%, 2.38%, 3/30/2021 (a)		2,000,000		2,040,180
3 month USD LIBOR + 1.70%, 2.61%, 5/15/2018 (a)		1,750,000		1,776,232
Series MTN, 3 month USD LIBOR + 0.52%, 1.41%, 5/1/2017 (a)		2,630,000		2,631,999
Commonwealth Bank of Australia:
3 month USD LIBOR + 0.27%, 1.22%, 9/8/2017 (a) (b)		901,000		900,766
3 month USD LIBOR + 0.36%, 1.32%, 3/13/2017 (a) (b)		2,600,000		2,601,144
3 month USD LIBOR + 0.40%, 1.35%, 3/12/2018 (a) (b)		1,250,000		1,250,000
3 month USD LIBOR + 0.640%, 1.52%, 11/7/2019 (a) (b)		1,400,000		1,401,288
3 month USD LIBOR + 0.79%, 1.67%, 11/2/2018 (a) (b)		1,500,000		1,508,865
3 month USD LIBOR + 0.83%, 1.78%, 9/6/2021 (a) (b)		1,300,000		1,301,144
3 month USD LIBOR + 1.06%, 2.02%, 3/15/2019 (a) (b)		1,300,000		1,314,417
Cooperatieve Rabobank UA:
3 month USD LIBOR + 0.33%, 1.22%, 4/28/2017 (a)		2,230,000		2,230,780
3 month USD LIBOR + 0.51%, 1.40%, 8/9/2019 (a)		1,000,000		1,001,270
Credit Agricole SA:
3 month USD LIBOR + 0.55%, 1.50%, 6/12/2017 (a) (b)		2,650,000		2,652,835
3 month USD LIBOR + 0.58%, 1.51%, 6/2/2017 (a) (b)		1,500,000		1,501,770
3 month USD LIBOR + 0.80%, 1.68%, 4/15/2019 (a) (b)		600,000		602,040
3 month USD LIBOR + 0.97%, 1.92%, 6/10/2020 (a) (b)		1,000,000		1,004,370
3 month USD LIBOR + 1.18%, 2.18%, 7/1/2021 (a) (b)		750,000		758,265
Credit Suisse AG:
3 month USD LIBOR + 0.69%, 1.58%, 1/29/2018 (a)		2,250,000		2,252,700
Series GMTN, 3 month USD LIBOR + 0.49%, 1.43%, 5/26/2017 (a)		2,860,000		2,861,058
Credit Suisse Group Funding Guernsey, Ltd. 3 month USD LIBOR + 2.290%, 3.17%, 4/16/2021 (a)		2,000,000		2,075,000
Danske Bank A/S 3 month USD LIBOR + 0.58%, 1.53%, 9/6/2019 (a) (b)		1,000,000		1,000,940
DBS Group Holdings, Ltd. 3 month USD LIBOR + 0.50%, 1.38%, 7/16/2019 (a) (b)		600,000		598,878
Deutsche Bank AG:
3 month USD LIBOR + 0.47%, 1.41%, 5/30/2017 (a)		1,900,000		1,894,300
3 month USD LIBOR + 0.61%, 1.51%, 2/13/2017 (a)		2,130,000		2,127,721
3 month USD LIBOR + 0.68%, 1.58%, 2/13/2018 (a) (c)		1,400,000		1,387,554
3 month USD LIBOR + 1.31%, 2.22%, 8/20/2020 (a)		703,000		687,393
3 month USD LIBOR + 1.91%, 2.79%, 5/10/2019 (a)		1,200,000		1,215,948
Goldman Sachs Group, Inc.:
3 month USD LIBOR + 0.67%, 1.59%, 5/22/2017 (a)		4,000,000		4,006,200
3 month USD LIBOR + 0.800%, 1.76%, 12/13/2019 (a)		1,500,000		1,500,345
3 month USD LIBOR + 1.02%, 1.90%, 10/23/2019 (a) (c)		3,000,000		3,021,450
3 month USD LIBOR + 1.04%, 1.92%, 4/25/2019 (a)		2,335,000		2,351,298
3 month USD LIBOR + 1.16%, 2.04%, 4/23/2020 (a)		2,900,000		2,927,695
3 month USD LIBOR + 1.20%, 2.16%, 9/15/2020 (a)		2,350,000		2,371,197
3 month USD LIBOR + 1.17%, 2.24%, 11/15/2021 (a)		2,700,000		2,713,149
3 month USD LIBOR + 1.36%, 2.24%, 4/23/2021 (a)		2,000,000		2,025,980
3 month USD LIBOR + 1.77%, 2.70%, 2/25/2021 (a)		1,470,000		1,513,394
Series 1, 3 month USD LIBOR + 1.20%, 2.09%, 4/30/2018 (a)		3,116,000		3,142,611
Series MTN, 3 month USD LIBOR + 0.63%, 1.57%, 6/4/2017 (a)		1,653,000		1,655,595
Series MTN, 3 month USD LIBOR + 0.80%, 1.76%, 12/15/2017 (a)		2,190,000		2,197,293
Series MTN, 3 month USD LIBOR + 1.10%, 2.01%, 11/15/2018 (a)		5,451,000		5,503,166
HSBC Bank PLC 3 month USD LIBOR + 0.64%, 1.55%, 5/15/2018 (a) (b)		1,075,000		1,076,140
HSBC Holdings PLC:
3 month USD LIBOR + 1.50%, 2.50%, 1/5/2022 (a)		1,500,000		1,523,850
3 month USD LIBOR + 1.66%, 2.59%, 5/25/2021 (a)		2,200,000		2,247,124
3 month USD LIBOR + 2.24%, 3.19%, 3/8/2021 (a)		2,150,000		2,244,148
HSBC USA, Inc.:
3 month USD LIBOR + 0.34%, 1.24%, 11/13/2017 (a)		800,000		799,120
3 month USD LIBOR + 0.45%, 1.39%, 3/3/2017 (a)		700,000		700,098
3 month USD LIBOR + 0.61%, 1.51%, 11/13/2019 (a)		300,000		298,731
Industrial & Commercial Bank of China, Ltd. Series MTN, 3 month USD LIBOR + 1.19%, 2.09%, 11/13/2017 (a) (c)		1,200,000		1,203,072

See accompanying notes to financial statements.

312

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
ING Bank NV:
3 month USD LIBOR + 0.55%, 1.52%, 3/16/2018 (a) (b)	$	1,500,000	$	1,501,410
3 month USD LIBOR + 0.78%, 1.69%, 8/17/2018 (a) (b)		400,000		401,716
3 month USD LIBOR + 0.69%, 1.69%, 10/1/2019 (a) (b)		1,500,000		1,502,610
3 month USD LIBOR + 1.130%, 2.13%, 3/22/2019 (a) (b)		1,000,000		1,012,460
JPMorgan Chase & Co.:
3 month USD LIBOR + 0.52%, 1.43%, 2/15/2017 (a)		4,450,000		4,452,536
3 month USD LIBOR + 0.90%, 1.78%, 1/25/2018 (a)		6,000,000		6,038,580
3 month USD LIBOR + 0.84%, 1.84%, 3/22/2019 (a)		1,700,000		1,711,715
3 month USD LIBOR + 0.96%, 1.84%, 1/23/2020 (a) (c)		3,139,000		3,168,507
3 month USD LIBOR + 1.10%, 2.05%, 6/7/2021 (a)		2,600,000		2,639,650
3 month USD LIBOR + 1.21%, 2.09%, 10/29/2020 (a)		2,750,000		2,798,235
3 month USD LIBOR + 1.48%, 2.41%, 3/1/2021 (a)		3,000,000		3,088,920
Series 1, 3 month USD LIBOR + 0.63%, 1.52%, 1/28/2019 (a)		2,200,000		2,206,864
Series MTN, 3 month USD LIBOR + 0.55%, 1.43%, 4/25/2018 (a)		2,500,000		2,504,925
JPMorgan Chase Bank NA:
3 month USD LIBOR + 0.45%, 1.44%, 9/21/2018 (a)		2,500,000		2,502,975
3 month USD LIBOR + 0.59%, 1.59%, 9/23/2019 (a)		2,000,000		2,002,120
Kookmin Bank 3 month USD LIBOR + 0.88%, 1.76%, 1/27/2017 (a)		500,000		500,110
Lloyds Bank PLC:
3 month USD LIBOR + 0.55%, 1.45%, 5/14/2018 (a)		800,000		800,360
3 month USD LIBOR + 0.52%, 1.49%, 3/16/2018 (a)		880,000		880,818
3 month USD LIBOR + 0.78%, 1.69%, 8/17/2018 (a)		400,000		401,412
3 month USD LIBOR + 1.00%, 1.88%, 1/22/2019 (a)		700,000		705,159
Macquarie Bank, Ltd.:
3 month USD LIBOR + 0.63%, 1.52%, 10/27/2017 (a) (b)		1,780,000		1,781,175
3 month USD LIBOR + 0.79%, 1.79%, 3/24/2017 (a) (b)		600,000		600,360
3 month USD LIBOR + 1.12%, 2.01%, 7/29/2020 (a) (b)		853,000		857,520
3 month USD LIBOR + 1.180%, 2.06%, 1/15/2019 (a) (b)		500,000		503,355
Manufacturers & Traders Trust Co. 3 month USD LIBOR + 0.38%, 1.26%, 1/30/2017 (a)		700,000		700,167
Mitsubishi UFJ Financial Group, Inc.:
3 month USD LIBOR + 1.06%, 2.02%, 9/13/2021 (a)		2,500,000		2,500,875
3 month USD LIBOR + 1.88%, 2.81%, 3/1/2021 (a)		1,850,000		1,913,159
Mizuho Bank, Ltd.:
3 month USD LIBOR + 0.43%, 1.31%, 4/16/2017 (a) (b)		1,600,000		1,600,368
3 month USD LIBOR + 0.45%, 1.45%, 9/25/2017 (a) (b)		800,000		799,648
3 month USD LIBOR + 0.64%, 1.64%, 3/26/2018 (a) (b)		1,170,000		1,168,772
3 month USD LIBOR + 1.19%, 2.07%, 10/20/2018 (a) (b)		700,000		705,460
Mizuho Financial Group, Inc.:
3 month USD LIBOR + 1.14%, 2.10%, 9/13/2021 (a)		2,150,000		2,151,075
3 month USD LIBOR + 1.48%, 2.35%, 4/12/2021 (a) (b)		1,200,000		1,218,720
Morgan Stanley:
3 month USD LIBOR + 0.85%, 1.73%, 1/24/2019 (a) (c)		4,580,000		4,606,701
3 month USD LIBOR + 0.74%, 1.74%, 1/5/2018 (a)		1,585,000		1,588,772
3 month USD LIBOR + 0.98%, 1.95%, 6/16/2020 (a)		1,750,000		1,759,467
3 month USD LIBOR + 1.14%, 2.03%, 1/27/2020 (a)		2,290,000		2,313,770
3 month USD LIBOR + 1.40%, 2.28%, 4/21/2021 (a)		2,700,000		2,757,051
Series GMTN, 3 month USD LIBOR + 1.28%, 2.16%, 4/25/2018 (a)		2,790,000		2,820,495
Series GMTN, 3 month USD LIBOR + 1.38%, 2.26%, 2/1/2019 (a)		1,250,000		1,270,488
Series MTN, 3 month USD LIBOR + 0.74%, 1.62%, 7/23/2019 (a)		1,700,000		1,704,760
National Australia Bank, Ltd.:
3 month USD LIBOR + 0.28%, 1.28%, 6/30/2017 (a) (b)		2,050,000		2,050,082
3 month USD LIBOR + 0.37%, 1.36%, 3/17/2017 (a) (b)		800,000		800,352
3 month USD LIBOR + 0.64%, 1.52%, 7/23/2018 (a) (b)		1,700,000		1,705,831
3 month USD LIBOR + 0.78%, 1.66%, 1/14/2019 (a) (b)		1,200,000		1,206,384
3 month USD LIBOR + 1.00%, 1.87%, 7/12/2021 (a) (b)		1,000,000		1,008,650
National Bank of Canada 3 month USD LIBOR + 0.84%, 1.80%, 12/14/2018 (a)		700,000		703,262
National City Bank 3 month USD LIBOR + 0.37%, 1.32%, 6/7/2017 (a)		1,240,000		1,239,442
Nederlandse Waterschapsbank NV:
3 month USD LIBOR + 0.12%, 1.00%, 10/13/2017 (a) (b)		1,600,000		1,600,528
3 month USD LIBOR + 0.23%, 1.13%, 2/14/2018 (a) (b)		5,155,000		5,162,629

See accompanying notes to financial statements.

313

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Nordea Bank AB:
3 month USD LIBOR + 0.36%, 1.36%, 4/4/2017 (a) (b)	$	1,450,000	$	1,450,363
3 month USD LIBOR + 0.84%, 1.83%, 9/17/2018 (a) (b)		400,000		402,500
PNC Bank NA:
3 month USD LIBOR + 0.30%, 1.19%, 8/1/2017 (a)		1,010,000		1,010,030
3 month USD LIBOR + 0.400%, 1.35%, 12/7/2018 (a)		500,000		500,155
Series MTN, 3 month USD LIBOR + 0.42%, 1.35%, 6/1/2018 (a)		2,000,000		2,002,680
Royal Bank of Canada:
3 month USD LIBOR + 0.33%, 1.21%, 1/23/2017 (a)		2,400,000		2,400,384
3 month USD LIBOR + 0.48%, 1.37%, 7/29/2019 (a)		400,000		399,672
3 month USD LIBOR + 0.71%, 1.59%, 4/15/2019 (a)		800,000		803,672
Series GMTN, 3 month USD LIBOR + 0.26%, 1.14%, 10/13/2017 (a)		1,790,000		1,788,854
Series GMTN, 3 month USD LIBOR + 0.26%, 1.14%, 2/3/2017 (a)		1,850,000		1,850,240
Series GMTN, 3 month USD LIBOR + 0.24%, 1.21%, 6/16/2017 (a)		400,000		400,004
Series GMTN, 3 month USD LIBOR + 0.54%, 1.43%, 7/30/2018 (a)		1,000,000		1,001,880
Series GMTN, 3 month USD LIBOR + 0.52%, 1.47%, 3/6/2020 (a)		1,230,000		1,227,183
Series GMTN, 3 month USD LIBOR + 0.53%, 1.49%, 3/15/2019 (a)		1,400,000		1,401,106
Royal Bank of Scotland Group PLC 3 month USD LIBOR + 0.94%, 1.94%, 3/31/2017 (a)		600,000		600,000
Santander UK PLC:
3 month USD LIBOR + 0.51%, 1.47%, 3/13/2017 (a)		500,000		500,030
3 month USD LIBOR + 1.48%, 2.44%, 3/14/2019 (a)		700,000		709,856
Shinhan Bank 3 month USD LIBOR + 0.65%, 1.53%, 4/8/2017 (a) (b)		600,000		599,854
Skandinaviska Enskilda Banken AB 3 month USD LIBOR + 0.57%, 1.53%, 9/13/2019 (a) (b)		1,000,000		1,000,170
Societe Generale SA 3 month USD LIBOR + 1.33%, 2.21%, 4/8/2021 (a) (b)		1,000,000		1,015,790
Standard Chartered PLC:
3 month USD LIBOR + 0.34%, 1.29%, 9/8/2017 (a) (b)		900,000		897,975
3 month USD LIBOR + 1.13%, 2.04%, 8/19/2019 (a) (b)		1,800,000		1,804,572
Sumitomo Mitsui Banking Corp.:
3 month USD LIBOR + 0.43%, 1.31%, 1/10/2017 (a)		1,350,000		1,350,068
3 month USD LIBOR + 0.58%, 1.46%, 1/16/2018 (a)		2,100,000		2,101,092
3 month USD LIBOR + 0.670%, 1.55%, 10/19/2018 (a)		1,750,000		1,750,683
3 month USD LIBOR + 0.74%, 1.62%, 7/23/2018 (a)		700,000		700,798
Series GMTN, 3 month USD LIBOR + 0.32%, 1.20%, 7/11/2017 (a)		1,215,000		1,214,538
Series MTN, 3 month USD LIBOR + 0.94%, 1.82%, 1/18/2019 (a)		1,200,000		1,204,284
Sumitomo Mitsui Financial Group, Inc.:
3 month USD LIBOR + 1.11%, 1.99%, 7/14/2021 (a)		1,550,000		1,555,735
3 month USD LIBOR + 1.140%, 2.02%, 10/19/2021 (a)		1,750,000		1,757,472
3 month USD LIBOR + 1.68%, 2.63%, 3/9/2021 (a)		1,300,000		1,334,684
Sumitomo Mitsui Trust Bank, Ltd. 3 month USD LIBOR + 0.910%, 1.79%, 10/18/2019 (a) (b)		1,000,000		1,002,570
Suncorp-Metway, Ltd. 3 month USD LIBOR + 0.70%, 1.70%, 3/28/2017 (a) (b)		600,000		600,396
Svenska Handelsbanken AB:
3 month USD LIBOR + 0.49%, 1.44%, 9/6/2019 (a)		1,250,000		1,250,513
3 month USD LIBOR + 0.49%, 1.48%, 6/17/2019 (a)		830,000		830,531
Toronto-Dominion Bank:
3 month USD LIBOR + 0.24%, 1.12%, 5/2/2017 (a)		1,400,000		1,399,888
3 month USD LIBOR + 0.44%, 1.44%, 7/2/2019 (a)		450,000		449,370
3 month USD LIBOR + 1.00%, 1.87%, 4/7/2021 (a)		900,000		911,871
Series 1, 3 month USD LIBOR + 0.55%, 1.44%, 4/30/2018 (a)		2,185,000		2,190,965
Series GMTN, 3 month USD LIBOR + 0.26%, 1.12%, 1/6/2017 (a)		2,104,000		2,104,000
Series GMTN, 3 month USD LIBOR + 0.54%, 1.42%, 7/23/2018 (a)		1,800,000		1,803,744
Series MTN, 3 month USD LIBOR + 0.56%, 1.44%, 11/5/2019 (a)		900,000		900,648
Series MTN, 3 month USD LIBOR + 0.84%, 1.72%, 1/22/2019 (a)		895,000		902,079
UBS AG:
3 month USD LIBOR + 0.56%, 1.49%, 6/1/2017 (a)		1,800,000		1,801,314
Series MTN, 3 month USD LIBOR + 0.64%, 1.54%, 8/14/2019 (a)		1,250,000		1,251,125
Series MTN, 3 month USD LIBOR + 0.70%, 1.70%, 3/26/2018 (a)		1,871,000		1,876,201
UBS Group Funding Jersey, Ltd.:
3 month USD LIBOR + 1.44%, 2.44%, 9/24/2020 (a) (b)		750,000		759,570
3 month USD LIBOR + 1.78%, 2.66%, 4/14/2021 (a) (b)		2,500,000		2,581,625
US Bancorp Series MTN, 3 month USD LIBOR + 0.49%, 1.40%, 11/15/2018 (a)		900,000		901,827

See accompanying notes to financial statements.

314

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
US Bank NA:
3 month USD LIBOR + 0.20%, 1.15%, 9/11/2017 (a)	$	1,275,000	$	1,273,751
3 month USD LIBOR + 0.30%, 1.18%, 1/26/2018 (a)		1,750,000		1,750,665
3 month USD LIBOR + 0.45%, 1.37%, 8/23/2017 (a)		1,590,000		1,591,956
3 month USD LIBOR + 0.48%, 1.37%, 10/28/2019 (a)		1,000,000		1,002,340
Series MTN, 3 month USD LIBOR + 0.58%, 1.47%, 1/29/2018 (a)		950,000		952,936
Wachovia Corp. 3 month USD LIBOR + 0.27%, 1.23%, 6/15/2017 (a)		5,450,000		5,451,798
Wells Fargo & Co.:
3 month USD LIBOR + 0.46%, 1.34%, 4/22/2019 (a)		1,100,000		1,097,085
3 month USD LIBOR + 0.40%, 1.36%, 9/14/2018 (a)		700,000		699,251
3 month USD LIBOR + 0.63%, 1.51%, 4/23/2018 (a)		2,763,000		2,770,460
3 month USD LIBOR + 1.03%, 1.91%, 7/26/2021 (a)		2,700,000		2,722,869
3 month USD LIBOR + 1.34%, 2.28%, 3/4/2021 (a)		3,050,000		3,114,446
Series MTN, 3 month USD LIBOR + 0.26%, 1.21%, 9/8/2017 (a)		825,000		824,637
Series MTN, 3 month USD LIBOR + 0.30%, 1.23%, 6/2/2017 (a)		2,050,000		2,050,881
Series MTN, 3 month USD LIBOR + 0.88%, 1.76%, 7/22/2020 (a)		1,900,000		1,907,448
Series MTN, 3 month USD LIBOR + 1.01%, 1.96%, 12/7/2020 (a)		1,000,000		1,007,840
Series N, 3 month USD LIBOR + 0.68%, 1.57%, 1/30/2020 (a)		2,600,000		2,598,804
Wells Fargo Bank NA:
3 month USD LIBOR + 0.26%, 1.22%, 6/15/2017 (a)		1,000,000		999,620
3 month USD LIBOR + 0.55%, 1.50%, 9/7/2017 (a)		1,000,000		1,002,030
3 month USD LIBOR + 0.60%, 1.53%, 5/24/2019 (a)		800,000		801,096
3 month USD LIBOR + 0.74%, 1.62%, 1/22/2018 (a)		5,050,000		5,071,361
Series MTN, 3 month USD LIBOR + 0.500%, 1.45%, 11/28/2018 (a) (c)		1,000,000		1,000,610
Series MTN, 3 month USD LIBOR + 0.650%, 1.60%, 12/6/2019 (a)		2,000,000		2,004,340
Westpac Banking Corp.:
3 month USD LIBOR + 0.33%, 1.24%, 5/19/2017 (a)		2,300,000		2,300,736
3 month USD LIBOR + 0.37%, 1.30%, 12/1/2017 (a)		1,500,000		1,501,230
3 month USD LIBOR + 0.43%, 1.36%, 5/25/2018 (a)		2,625,000		2,625,971
3 month USD LIBOR + 0.56%, 1.47%, 8/19/2019 (a)		1,000,000		999,880
3 month USD LIBOR + 0.74%, 1.63%, 7/30/2018 (a)		1,140,000		1,145,575
3 month USD LIBOR + 0.74%, 1.66%, 11/23/2018 (a)		2,635,000		2,648,755
3 month USD LIBOR + 0.85%, 1.76%, 8/19/2021 (a)		1,000,000		1,001,710
				388,306,166
BEVERAGES — 0.9%
Anheuser-Busch InBev Finance, Inc.:
3 month USD LIBOR + 0.19%, 1.08%, 1/27/2017 (a)		500,000		500,040
3 month USD LIBOR + 1.26%, 2.15%, 2/1/2021 (a)		1,000,000		1,016,670
Anheuser-Busch InBev Worldwide, Inc. 3 month USD LIBOR + 0.690%, 1.58%, 8/1/2018 (a)		1,000,000		1,006,340
PepsiCo, Inc.:
3 month USD LIBOR + 0.25%, 1.13%, 7/17/2017 (a)		1,275,000		1,276,250
3 month USD LIBOR + 0.35%, 1.23%, 10/13/2017 (a)		1,607,000		1,609,780
3 month USD LIBOR + 0.59%, 1.51%, 2/22/2019 (a)		1,100,000		1,108,591
				6,517,671
BIOTECHNOLOGY — 0.2%
Amgen, Inc. 3 month USD LIBOR + 0.38%, 1.30%, 5/22/2017 (a)		1,446,000		1,447,084
CONSTRUCTION MATERIALS — 0.1%
Martin Marietta Materials, Inc. 3 month USD LIBOR + 1.10%, 2.10%, 6/30/2017 (a)		375,000		375,641
DIVERSIFIED FINANCIAL SERVICES — 2.0%
American Express Co. 3 month USD LIBOR + 0.59%, 1.51%, 5/22/2018 (a)		1,350,000		1,353,172
American Express Credit Corp.:
3 month USD LIBOR + 0.61%, 1.50%, 7/31/2018 (a)		1,500,000		1,504,170
3 month USD LIBOR + 0.55%, 1.54%, 3/18/2019 (a)		1,800,000		1,803,654
3 month USD LIBOR + 0.73%, 1.67%, 5/26/2020 (a)		200,000		200,840
Series 0000, 3 month USD LIBOR + 0.30%, 1.30%, 9/22/2017 (a)		800,000		800,392
Series F, 3 month USD LIBOR + 1.05%, 2.01%, 9/14/2020 (a)		900,000		913,464
Series GMTN, 3 month USD LIBOR + 0.49%, 1.40%, 8/15/2019 (a)		800,000		800,944
Series MTN, 3 month USD LIBOR + 0.27%, 1.21%, 6/5/2017 (a)		1,920,000		1,921,248
General Electric Co.:
Series GMTN, 3 month USD LIBOR + 0.51%, 1.39%, 1/14/2019 (a) (c)		600,000		603,902
Series GMTN, 3 month USD LIBOR + 0.62%, 1.50%, 1/9/2020 (a) (c)		400,000		401,496

See accompanying notes to financial statements.

315

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Series MTN, 3 month USD LIBOR + 0.17%, 1.08%, 2/15/2017 (a)	$	465,000	$	465,037
Series MTN, 3 month USD LIBOR + 0.27%, 1.15%, 8/7/2018 (a)		707,000		708,315
Macquarie Group, Ltd. 3 month USD LIBOR + 1.00%, 1.89%, 1/31/2017 (a) (b)		1,800,000		1,801,206
Protective Life Global Funding 3 month USD LIBOR + 0.55%, 1.50%, 6/8/2018 (a) (b)		175,000		175,081
Synchrony Financial 3 month USD LIBOR + 1.40%, 2.29%, 11/9/2017 (a)		1,200,000		1,207,692
				14,660,613
ELECTRIC — 0.4%
Duke Energy Corp. 3 month USD LIBOR + 0.38%, 1.38%, 4/3/2017 (a)		1,100,000		1,100,792
Electricite de France SA 3 month USD LIBOR + 0.46%, 1.34%, 1/20/2017 (a) (b)		1,755,000		1,755,211
				2,856,003
FOOD — 0.3%
Mondelez International Holdings Netherlands B.V. 3 month USD LIBOR + 0.610%, 1.50%, 10/28/2019 (a) (b)		1,550,000		1,551,302
Mondelez International, Inc. 3 month USD LIBOR + 0.52%, 1.41%, 2/1/2019 (a)		600,000		598,830
				2,150,132
HEALTH CARE PRODUCTS — 0.3%
Medtronic, Inc. 3 month USD LIBOR + 0.80%, 1.76%, 3/15/2020 (a)		1,900,000		1,918,506
HEALTH CARE SERVICES — 0.3%
Roche Holdings, Inc.:
3 month USD LIBOR + 0.09%, 1.09%, 9/29/2017 (a) (b)		650,000		649,662
3 month USD LIBOR + 0.34%, 1.34%, 9/30/2019 (a) (b)		900,000		900,315
UnitedHealth Group, Inc. 3 month USD LIBOR + 0.45%, 1.33%, 1/17/2017 (a)		400,000		400,069
				1,950,046
HOUSEHOLD PRODUCTS — 0.1%
Procter & Gamble Co. 3 month USD LIBOR + 0.27%, 1.16%, 11/1/2019 (a)		1,100,000		1,101,529
INSURANCE — 1.9%
Berkshire Hathaway Finance Corp.:
3 month USD LIBOR + 0.15%, 1.03%, 1/10/2017 (a)		980,000		980,069
3 month USD LIBOR + 0.13%, 1.03%, 8/14/2017 (a)		850,000		850,357
3 month USD LIBOR + 0.17%, 1.05%, 1/13/2017 (a)		600,000		600,060
3 month USD LIBOR + 0.30%, 1.17%, 1/12/2018 (a)		1,550,000		1,552,325
3 month USD LIBOR + 0.55%, 1.50%, 3/7/2018 (a)		2,000,000		2,010,420
3 month USD LIBOR + 0.69%, 1.65%, 3/15/2019 (a)		1,200,000		1,212,648
Metropolitan Life Global Funding I:
3 month USD LIBOR + 0.38%, 1.26%, 4/10/2017 (a) (b)		2,540,000		2,542,133
3 month USD LIBOR + 0.34%, 1.30%, 9/14/2018 (a) (b)		600,000		600,564
3 month USD LIBOR + 0.430%, 1.42%, 12/19/2018 (a) (b)		1,200,000		1,201,536
New York Life Global Funding 3 month USD LIBOR + 0.40%, 1.26%, 4/6/2018 (a) (b)		700,000		702,457
Principal Life Global Funding II 3 month USD LIBOR + 0.50%, 1.43%, 12/1/2017 (a) (b)		1,300,000		1,304,849
Prudential Financial, Inc. Series MTN, 3 month USD LIBOR + 0.78%, 1.69%, 8/15/2018 (a)		800,000		802,664
				14,360,082
INTERNET — 0.4%
Alibaba Group Holding, Ltd. 3 month USD LIBOR + 0.52%, 1.46%, 11/28/2017 (a)		600,000		599,152
eBay, Inc.:
3 month USD LIBOR + 0.20%, 1.09%, 7/28/2017 (a) (c)		1,250,000		1,249,012
3 month USD LIBOR + 0.48%, 1.37%, 8/1/2019 (a)		800,000		794,992
				2,643,156
IT SERVICES — 2.5%
Apple, Inc.:
3 month USD LIBOR + 0.07%, 0.95%, 5/5/2017 (a)		2,185,000		2,185,350
3 month USD LIBOR + 0.14%, 1.02%, 8/2/2019 (a)		1,300,000		1,298,141
3 month USD LIBOR + 0.25%, 1.13%, 5/3/2018 (a)		4,549,000		4,558,871
3 month USD LIBOR + 0.25%, 1.14%, 2/7/2020 (a)		500,000		499,640
3 month USD LIBOR + 0.30%, 1.18%, 5/6/2019 (a)		2,300,000		2,306,095
3 month USD LIBOR + 0.30%, 1.20%, 5/6/2020 (a)		600,000		599,142
3 month USD LIBOR + 0.82%, 1.74%, 2/22/2019 (a)		1,200,000		1,217,172
3 month USD LIBOR + 1.13%, 2.05%, 2/23/2021 (a)		1,400,000		1,442,938
Hewlett Packard Enterprise Co. 3 month USD LIBOR + 1.740%, 2.74%, 10/5/2017 (a)		755,000		760,519

See accompanying notes to financial statements.

316

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
International Business Machines Corp.:
3 month USD LIBOR + 0.19%, 1.07%, 2/6/2018 (a)	$	1,270,000	$	1,271,092
3 month USD LIBOR + 0.37%, 1.27%, 2/12/2019 (a)		1,800,000		1,806,084
3 month USD LIBOR + 0.580%, 1.46%, 11/6/2021 (a)		200,000		199,954
				18,144,998
MACHINERY, CONSTRUCTION & MINING — 0.3%
Caterpillar Financial Services Corp.:
Series GMTN, 3 month USD LIBOR + 0.17%, 1.12%, 6/9/2017 (a)		600,000		600,042
Series GMTN, 3 month USD LIBOR + 0.70%, 1.62%, 2/23/2018 (a)		850,000		854,454
Series MTN, 3 month USD LIBOR + 0.23%, 1.17%, 3/3/2017 (a)		950,000		950,323
				2,404,819
MACHINERY-DIVERSIFIED — 0.2%
John Deere Capital Corp.:
Series MTN, 3 month USD LIBOR + 0.13%, 1.06%, 3/1/2017 (a)		1,040,000		1,040,208
Series MTN, 3 month USD LIBOR + 0.45%, 1.33%, 7/11/2017 (a)		800,000		801,384
				1,841,592
MEDIA — 0.3%
NBCUniversal Enterprise, Inc. 3 month USD LIBOR + 0.69%, 1.57%, 4/15/2018 (a) (b)		1,979,000		1,991,745
Walt Disney Co. 3 month USD LIBOR + 0.32%, 1.20%, 1/8/2019 (a)		400,000		400,772
				2,392,517
MINING — 0.1%
Glencore Funding LLC 3 month USD LIBOR + 1.36%, 2.24%, 1/15/2019 (a) (b)		900,000		901,404
MISCELLANEOUS MANUFACTURER — 0.6%
General Electric Co. 3 month USD LIBOR + 0.28%, 1.16%, 1/9/2017 (a)		1,750,000		1,750,052
Siemens Financieringsmaatschappij NV:
3 month USD LIBOR + 0.28%, 1.21%, 5/25/2018 (a) (b)		1,700,000		1,701,003
3 month USD LIBOR + 0.32%, 1.28%, 9/13/2019 (a) (b)		1,200,000		1,198,332
				4,649,387
OIL & GAS — 4.7%
BP Capital Markets PLC:
3 month USD LIBOR + 0.35%, 1.23%, 2/10/2017 (a)		1,150,000		1,150,138
3 month USD LIBOR + 0.63%, 1.63%, 9/26/2018 (a)		1,445,000		1,450,130
Chevron Corp.:
3 month USD LIBOR + 0.10%, 1.02%, 2/22/2017 (a)		2,170,000		2,170,521
3 month USD LIBOR + 0.17%, 1.08%, 11/15/2017 (a)		1,786,000		1,787,018
3 month USD LIBOR + 0.17%, 1.10%, 3/2/2018 (a)		1,117,000		1,116,419
3 month USD LIBOR + 0.36%, 1.25%, 11/9/2017 (a)		1,050,000		1,052,016
3 month USD LIBOR + 0.41%, 1.32%, 11/15/2019 (a)		750,000		749,557
3 month USD LIBOR + 0.50%, 1.41%, 5/16/2018 (a)		2,310,000		2,318,478
CNPC General Capital, Ltd. 3 month USD LIBOR + 0.90%, 1.80%, 5/14/2017 (a) (b)		955,000		955,498
Exxon Mobil Corp.:
3 month USD LIBOR + 0.05%, 0.98%, 3/1/2018 (a)		1,200,000		1,198,680
3 month USD LIBOR + 0.04%, 1.00%, 3/15/2017 (a)		830,000		830,158
3 month USD LIBOR + 0.15%, 1.11%, 3/15/2019 (a)		1,200,000		1,197,564
3 month USD LIBOR + 0.60%, 1.54%, 2/28/2018 (a)		1,900,000		1,911,305
Petroleos Mexicanos 3 month USD LIBOR + 2.02%, 2.90%, 7/18/2018 (a)		1,150,000		1,158,004
Shell International Finance B.V.:
3 month USD LIBOR + 0.32%, 1.20%, 5/10/2017 (a)		1,900,000		1,901,387
3 month USD LIBOR + 0.35%, 1.30%, 9/12/2019 (a)		1,159,000		1,159,023
3 month USD LIBOR + 0.45%, 1.35%, 5/11/2020 (a)		1,500,000		1,501,110
3 month USD LIBOR + 0.58%, 1.46%, 11/10/2018 (a)		1,800,000		1,811,484
Sinopec Group Overseas Development 2014, Ltd.:
3 month USD LIBOR + 0.78%, 1.66%, 4/10/2017 (a) (b)		3,320,000		3,321,276
3 month USD LIBOR + 0.92%, 1.80%, 4/10/2019 (a) (b)		600,000		600,932
Statoil ASA:
3 month USD LIBOR + 0.20%, 1.09%, 11/9/2017 (a)		1,100,000		1,099,659
3 month USD LIBOR + 0.29%, 1.20%, 5/15/2018 (a)		1,044,000		1,043,760
3 month USD LIBOR + 0.46%, 1.34%, 11/8/2018 (a)		1,858,000		1,862,403
Total Capital International SA 3 month USD LIBOR + 0.57%, 1.45%, 8/10/2018 (a)		1,300,000		1,303,770
				34,650,290
PHARMACEUTICALS — 1.7%
Actavis Funding SCS:
3 month USD LIBOR + 1.08%, 2.03%, 3/12/2018 (a)		1,300,000		1,307,215
3 month USD LIBOR + 1.26%, 2.21%, 3/12/2020 (a)		1,600,000		1,630,000

See accompanying notes to financial statements.

317

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
AstraZeneca PLC 3 month USD LIBOR + 0.53%, 1.44%, 11/16/2018 (a)	$	900,000	$	902,907
Baxalta, Inc. 3 month USD LIBOR + 0.78%, 1.78%, 6/22/2018 (a)		700,000		699,923
Bayer US Finance LLC 3 month USD LIBOR + 0.28%, 1.14%, 10/6/2017 (a) (b)		700,000		698,824
Johnson & Johnson 3 month USD LIBOR + 0.27%, 1.20%, 3/1/2019 (a)		625,000		626,794
Merck & Co., Inc.:
3 month USD LIBOR + 0.13%, 1.01%, 2/10/2017 (a)		400,000		400,088
3 month USD LIBOR + 0.38%, 1.26%, 2/10/2020 (a)		1,650,000		1,651,683
3 month USD LIBOR + 0.36%, 1.27%, 5/18/2018 (a)		2,250,000		2,258,280
Pfizer, Inc.:
3 month USD LIBOR + 0.15%, 1.06%, 5/15/2017 (a)		1,350,000		1,350,580
3 month USD LIBOR + 0.30%, 1.26%, 6/15/2018 (a)		978,000		979,731
				12,506,025
PIPELINES — 0.2%
Enbridge, Inc. 3 month USD LIBOR + 0.45%, 1.38%, 6/2/2017 (a)		1,350,000		1,349,784
RETAIL — 0.3%
Home Depot, Inc. 3 month USD LIBOR + 0.37%, 1.33%, 9/15/2017 (a)		875,000		876,514
Lowe’s Cos., Inc.:
3 month USD LIBOR + 0.24%, 1.12%, 4/15/2019 (a)		1,500,000		1,500,000
3 month USD LIBOR + 0.42%, 1.37%, 9/10/2019 (a)		200,000		200,422
				2,576,936
SOFTWARE — 0.8%
Oracle Corp.:
3 month USD LIBOR + 0.20%, 1.07%, 7/7/2017 (a)		2,985,000		2,987,209
3 month USD LIBOR + 0.51%, 1.39%, 10/8/2019 (a)		1,606,000		1,614,062
3 month USD LIBOR + 0.58%, 1.46%, 1/15/2019 (a)		1,160,000		1,166,821
				5,768,092
TELECOMMUNICATIONS — 3.2%
AT&T, Inc.:
3 month USD LIBOR + 0.42%, 1.42%, 3/30/2017 (a)		1,103,000		1,103,662
3 month USD LIBOR + 0.67%, 1.62%, 3/11/2019 (a)		700,000		698,243
3 month USD LIBOR + 0.91%, 1.85%, 11/27/2018 (a)		1,000,000		1,006,570
3 month USD LIBOR + 0.93%, 1.93%, 6/30/2020 (a)		1,850,000		1,854,310
Cisco Systems, Inc.:
3 month USD LIBOR + 0.28%, 1.22%, 3/3/2017 (a)		2,160,000		2,161,188
3 month USD LIBOR + 0.31%, 1.27%, 6/15/2018 (a)		1,750,000		1,753,623
3 month USD LIBOR + 0.34%, 1.34%, 9/20/2019 (a)		1,000,000		1,000,840
3 month USD LIBOR + 0.50%, 1.43%, 3/1/2019 (a)		1,072,000		1,076,331
3 month USD LIBOR + 0.60%, 1.51%, 2/21/2018 (a)		2,595,000		2,608,260
Telefonica Emisiones SAU 3 month USD LIBOR + 0.65%, 1.65%, 6/23/2017 (a)		400,000		400,432
Verizon Communications, Inc.:
3 month USD LIBOR + 0.37%, 1.28%, 8/15/2019 (a)		1,750,000		1,745,310
3 month USD LIBOR + 0.40%, 1.35%, 6/9/2017 (a)		3,425,000		3,429,007
3 month USD LIBOR + 0.77%, 1.76%, 6/17/2019 (a)		950,000		957,999
3 month USD LIBOR + 1.75%, 2.71%, 9/14/2018 (a)		3,500,000		3,578,890
				23,374,665
TOTAL CORPORATE BONDS & NOTES (Cost $590,498,795).				592,183,721
FOREIGN GOVERNMENT OBLIGATIONS — 17.6%
African Development Bank:
3 month USD LIBOR + 0.04%, 0.93%, 8/1/2018 (a)		800,000		799,712
1 month USD LIBOR + 0.28%, 1.05%, 8/2/2017 (a)		1,800,000		1,800,756
3 month USD LIBOR + 0.190%, 1.15%, 6/15/2020 (a)		1,000,000		999,700
Asian Development Bank:
3 month USD LIBOR, 1.00%, 6/25/2019 (a)		900,000		898,623
3 month USD LIBOR + 0.15%, 1.03%, 2/8/2018 (a)		2,000,000		2,002,440
3 month USD LIBOR + 0.19%, 1.16%, 6/16/2021 (a)		2,000,000		1,998,860
3 month USD LIBOR + 0.32%, 1.26%, 2/26/2020 (a)		3,493,000		3,516,892
3 month USD LIBOR + 0.05%, 0.93%, 10/19/2017 (a)		2,000,000		2,000,240
3 month USD LIBOR + 0.02%, 0.96%, 2/28/2018 (a)		2,200,000		2,199,824
Caisse d’Amortissement de la Dette Sociale Series 144A, 3 month USD LIBOR + 0.38%, 1.34%, 3/15/2018 (a) (b)		2,000,000		2,003,820
Corp. Andina de Fomento 3 month USD LIBOR + 0.55%, 1.44%, 1/29/2018 (a)		2,400,000		2,400,936

See accompanying notes to financial statements.

318

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Dexia Credit Local SA:
3 month USD LIBOR + 0.20%, 1.14%, 6/5/2018 (a) (b)	$	1,000,000	$	995,770
3 month USD LIBOR + 0.40%, 1.28%, 1/11/2017 (a) (b)		2,100,000		2,099,958
3 month USD LIBOR + 0.60%, 1.60%, 3/23/2018 (a) (b)		2,000,000		2,003,600
European Bank for Reconstruction & Development 3 month USD LIBOR + 0.11%, 0.99%, 1/10/2020 (a)		1,200,000		1,198,788
European Investment Bank 3 month USD LIBOR + 0.07%, 0.95%, 10/9/2018 (a) (b)		2,900,000		2,899,043
Export Development Canada:
3 month USD LIBOR + 0.130%, 1.05%, 11/23/2020 (a) (b)		2,000,000		1,997,720
3 month USD LIBOR + 0.01%, 0.91%, 8/13/2019 (a) (b)		1,750,000		1,746,990
3 month USD LIBOR + 0.05%, 0.93%, 10/16/2017 (a) (b)		1,500,000		1,500,075
3 month USD LIBOR + 0.05%, 0.93%, 1/17/2018 (a) (b)		1,500,000		1,499,640
3 month USD LIBOR + 0.32%, 1.25%, 3/2/2020 (a) (b)		800,000		805,488
Export-Import Bank of Korea:
3 month USD LIBOR + 0.460%, 1.34%, 10/21/2019 (a)		1,200,000		1,195,656
3 month USD LIBOR + 0.75%, 1.63%, 1/17/2017 (a)		1,000,000		1,000,110
3 month USD LIBOR + 0.70%, 1.64%, 5/26/2019 (a)		1,000,000		1,002,660
3 month USD LIBOR + 0.60%, 1.50%, 5/12/2017 (a) (b)		2,250,000		2,250,203
Inter-American Development Bank:
1 month USD LIBOR + 0.04%, 0.80%, 11/26/2018 (a)		2,500,000		2,492,625
3 month USD LIBOR + 0.01%, 0.89%, 7/15/2020 (a)		2,000,000		1,990,260
3 month USD LIBOR + 0.04%, 0.92%, 1/15/2019 (a)		600,000		599,445
3 month USD LIBOR + 0.20%, 1.08%, 7/15/2021 (a)		1,300,000		1,298,635
3 month USD LIBOR + 0.22%, 1.10%, 10/15/2020 (a)		1,800,000		1,802,718
3 month USD LIBOR + 0.32%, 1.20%, 4/15/2020 (a)		1,000,000		1,005,730
1 month USD LIBOR + 0.02%, 0.68%, 6/12/2017 (a)		1,950,000		1,948,752
1 month USD LIBOR + 0.01%, 0.71%, 10/15/2017 (a)		2,550,000		2,546,226
3 month USD LIBOR, 0.88%, 10/15/2019 (a)		1,000,000		996,660
3 month USD LIBOR + 0.06%, 0.94%, 1/16/2018 (a)		1,900,000		1,900,114
3 month USD LIBOR + 0.03%, 0.98%, 9/12/2018 (a)		2,550,000		2,549,362
3 month USD LIBOR - 0.01%, 0.99%, 6/20/2018 (a)		1,312,000		1,310,767
International Bank for Reconstruction & Development:
3 month USD LIBOR + 0.14%, 1.11%, 12/16/2017 (a)		2,000,000		2,002,280
3 month USD LIBOR + 0.100%, 0.98%, 10/13/2020 (a)		1,500,000		1,499,985
3 month USD LIBOR, 0.99%, 12/17/2018 (a)		1,500,000		1,498,695
3 month USD LIBOR, 1.00%, 9/30/2017 (a)		3,800,000		3,799,772
3 month USD LIBOR + 0.28%, 1.18%, 2/11/2021 (a)		4,000,000		4,014,600
International Finance Corp.:
1 month USD LIBOR + 0.02%, 0.79%, 2/2/2018 (a)		1,900,000		1,896,960
3 month USD LIBOR + 0.01%, 0.97%, 12/15/2020 (a)		4,100,000		4,079,910
3 month USD LIBOR + 0.18%, 1.14%, 12/15/2021 (a)		1,000,000		999,780
3 month USD LIBOR + 0.06%, 0.94%, 1/9/2019 (a)		2,500,000		2,500,050
Japan Bank for International Cooperation Series DTC, 3 month USD LIBOR + 0.36%, 1.26%, 11/13/2018 (a)		1,000,000		997,660
KFW 3 month USD LIBOR + 0.16%, 1.16%, 12/29/2017 (a)		4,647,000		4,653,227
Kommunalbanken A/S:
3 month USD LIBOR + 0.12%, 1.00%, 5/2/2017 (a) (b)		2,950,000		2,950,708
3 month USD LIBOR + 0.07%, 1.06%, 3/17/2020 (a) (b)		3,700,000		3,675,876
3 month USD LIBOR + 0.13%, 1.08%, 9/8/2021 (a) (b)		800,000		792,360
3 month USD LIBOR + 0.18%, 1.09%, 2/20/2018 (a) (b)		3,424,000		3,427,561
3 month USD LIBOR + 0.33%, 1.30%, 6/16/2020 (a) (b)		1,000,000		1,001,400
3 month USD LIBOR + 0.38%, 1.38%, 3/27/2017 (a) (b)		4,750,000		4,753,657
Kommuninvest I Sverige AB:
3 month USD LIBOR + 0.03%, 0.97%, 5/28/2019 (a) (b)		1,000,000		995,830
3 month USD LIBOR + 0.03%, 0.97%, 12/3/2018 (a) (b)		750,000		748,823
3 month USD LIBOR + 0.14%, 1.05%, 8/17/2018 (a) (b)		800,000		800,576
Korea Development Bank 3 month USD LIBOR + 0.63%, 1.51%, 1/23/2017 (a)		1,400,000		1,400,140
Landwirtschaftliche Rentenbank:
3 month USD LIBOR + 0.25%, 1.19%, 6/3/2021 (a) (b)		2,000,000		1,999,200
3 month USD LIBOR + 0.35%, 1.26%, 2/19/2021 (a) (b)		1,550,000		1,555,425
Network Rail Infrastructure Finance PLC 3 month USD LIBOR + 0.01%, 0.91%, 2/13/2017 (a) (b)		800,000		800,024

See accompanying notes to financial statements.

319

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Nordic Investment Bank 3 month USD LIBOR + 0.05%, 0.93%, 4/25/2018 (a)	$	1,800,000	$	1,799,892
Oesterreichische Kontrollbank AG 3 month USD LIBOR + 0.18%, 1.06%, 8/10/2017 (a)		1,600,000		1,600,864
Province of Quebec Canada:
3 month USD LIBOR + 0.28%, 1.16%, 7/21/2019 (a)		1,800,000		1,801,152
3 month USD LIBOR + 0.23%, 1.17%, 9/4/2018 (a)		2,100,000		2,102,646
Svensk Exportkredit AB:
3 month USD LIBOR + 0.18%, 1.06%, 11/10/2017 (a)		1,100,000		1,100,847
3 month USD LIBOR + 0.33%, 1.21%, 1/14/2019 (a)		1,100,000		1,102,849
3 month USD LIBOR + 0.09%, 1.09%, 9/28/2017 (a)		1,220,000		1,220,085
3 month USD LIBOR + 0.18%, 1.13%, 6/12/2017 (a)		1,635,000		1,635,932
3 month USD LIBOR + 0.30%, 1.18%, 1/23/2017 (a)		1,670,000		1,670,284
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $130,107,874).				130,137,848
	Shares
SHORT-TERM INVESTMENTS — 2.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		16,446,575		16,446,575
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		2,035,308		2,035,308
TOTAL SHORT-TERM INVESTMENTS (Cost $18,481,883)				18,481,883
TOTAL INVESTMENTS — 100.2% (Cost $739,088,552)				740,803,452
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(1,406,029	)
NET ASSETS — 100.0%			$	739,397,423

(a) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 21.6% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) All or a portion of the shares of the security are on loan at December 31, 2016.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

GMTN = Global Medium Term Note

MTN = Medium Term Note

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Aerospace & Defense	$	—	$	1,002,270	$	—	$	1,002,270
Agriculture.		—		1,282,026		—		1,282,026
Auto Manufacturers		—		41,052,287		—		41,052,287
Banks		—		388,306,166		—		388,306,166
Beverages		—		6,517,671		—		6,517,671
Biotechnology		—		1,447,084		—		1,447,084
Construction Materials		—		375,641		—		375,641
Diversified Financial Services		—		14,660,613		—		14,660,613
Electric		—		2,856,003		—		2,856,003
Food		—		2,150,132		—		2,150,132
Health Care Products		—		1,918,506		—		1,918,506
Health Care Services.		—		1,950,046		—		1,950,046
Household Products		—		1,101,529		—		1,101,529
Insurance		—		14,360,082		—		14,360,082
Internet		—		2,643,156		—		2,643,156

See accompanying notes to financial statements.

320

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
IT Services	$	—	$	18,144,998	$	—	$	18,144,998
Machinery, Construction & Mining		—		2,404,819		—		2,404,819
Machinery-Diversified		—		1,841,592		—		1,841,592
Media		—		2,392,517		—		2,392,517
Mining.		—		901,404		—		901,404
Miscellaneous Manufacturer		—		4,649,387		—		4,649,387
Oil & Gas		—		34,650,290		—		34,650,290
Pharmaceuticals		—		12,506,025		—		12,506,025
Pipelines		—		1,349,784		—		1,349,784
Retail.		—		2,576,936		—		2,576,936
Software		—		5,768,092		—		5,768,092
Telecommunications		—		23,374,665		—		23,374,665
Foreign Government Obligations		—		130,137,848		—		130,137,848
Short-Term Investments		18,481,883		—		—		18,481,883
TOTAL INVESTMENTS	$	18,481,883	$	722,321,569	$	—	$	740,803,452

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		12,863,091	$	12,863,091		36,467,630		49,330,721		—	$	—	$	14,676	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		50,633,929		34,187,354		16,446,575		16,446,575		9,602		—
State Street Navigator Securities Lending Government Money Market Portfolio*		7,168,993		7,168,993		30,663,903		35,797,588		2,035,308		2,035,308		5,462		—
TOTAL			$	20,032,084							$	18,481,883	$	29,740	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

321

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
CORPORATE BONDS & NOTES — 98.2%
ADVERTISING — 0.2%
Lamar Media Corp. Series WI, 5.75%, 2/1/2026	$	25,000	$	26,344
Omnicom Group, Inc. 6.25%, 7/15/2019		25,000		27,590
WPP Finance 2010 3.63%, 9/7/2022		25,000		25,563
				79,497
AEROSPACE & DEFENSE — 0.8%
BAE Systems Holdings, Inc. 6.38%, 6/1/2019 (a)		50,000		54,546
L-3 Communications Corp.:
4.75%, 7/15/2020		25,000		26,577
5.20%, 10/15/2019		25,000		26,889
Lockheed Martin Corp.:
2.50%, 11/23/2020		50,000		50,423
4.70%, 5/15/2046		50,000		54,386
Northrop Grumman Corp.:
3.25%, 8/1/2023		25,000		25,486
4.75%, 6/1/2043		25,000		27,238
Textron, Inc. 4.00%, 3/15/2026		25,000		25,030
				290,575
AGRICULTURE — 0.3%
Bunge, Ltd. Finance Corp. 8.50%, 6/15/2019		25,000		28,641
Reynolds American, Inc. 5.85%, 8/15/2045		25,000		29,603
Vector Group, Ltd. 7.75%, 2/15/2021		47,000		48,880
				107,124
APPAREL — 0.2%
Hanesbrands, Inc. 4.63%, 5/15/2024 (a)		61,000		59,170
Levi Strauss & Co. 6.88%, 5/1/2022		25,000		26,250
				85,420
AUTO MANUFACTURERS — 2.3%
Fiat Chrysler Automobiles NV 5.25%, 4/15/2023 (b)		200,000		204,000
Ford Motor Co. 7.45%, 7/16/2031		50,000		62,752
Ford Motor Credit Co. LLC 3.20%, 1/15/2021		200,000		200,292
General Motors Co. 6.75%, 4/1/2046		25,000		29,317
General Motors Financial Co., Inc.:
3.20%, 7/6/2021		25,000		24,606
4.00%, 10/6/2026		50,000		48,076
4.20%, 3/1/2021		50,000		51,530
4.38%, 9/25/2021		25,000		25,933
4.75%, 8/15/2017		50,000		50,948
5.25%, 3/1/2026		50,000		52,525
Jaguar Land Rover Automotive PLC 5.63%, 2/1/2023 (a)		75,000		78,375
				828,354
AUTO PARTS & EQUIPMENT — 1.2%
Dana, Inc.:
5.38%, 9/15/2021		50,000		51,875
5.50%, 12/15/2024		25,000		25,625
Delphi Automotive PLC 4.25%, 1/15/2026		50,000		51,766
Goodyear Tire & Rubber Co.:
5.00%, 5/31/2026		45,000		44,708
5.13%, 11/15/2023		25,000		25,750
Lear Corp. 5.25%, 1/15/2025		10,000		10,450
Tenneco, Inc. 5.00%, 7/15/2026		55,000		54,209
ZF North America Capital, Inc. 4.75%, 4/29/2025 (a)		150,000		152,445
				416,828
BANKS — 6.2%
Bank of America Corp.:
Series GMTN, 4.45%, 3/3/2026		30,000		30,916
Series MTN, 4.20%, 8/26/2024		100,000		101,870
Series MTN, 4.25%, 10/22/2026		75,000		75,908
Barclays PLC 4.38%, 1/12/2026		200,000		202,564
Capital One Financial Corp. 3.75%, 4/24/2024		50,000		50,651
Capital One NA/Mclean 1.65%, 2/5/2018		150,000		149,709
CIT Group, Inc.:
4.25%, 8/15/2017		100,000		101,375
5.00%, 8/15/2022		75,000		78,188
5.25%, 3/15/2018		100,000		103,250
Citigroup, Inc.:
4.60%, 3/9/2026		70,000		72,351
5.30%, 5/6/2044		25,000		26,929
5.50%, 9/13/2025		25,000		27,475
6.13%, 8/25/2036		50,000		58,018
Citizens Financial Group, Inc. 4.30%, 12/3/2025		50,000		50,791
Credit Suisse AG 5.40%, 1/14/2020		50,000		53,607
Deutsche Bank AG:
3.70%, 5/30/2024		125,000		121,554
Series 3FXD, 1.40%, 2/13/2017		50,000		49,984
Discover Bank/Greenwood 2.00%, 2/21/2018		25,000		24,995
Goldman Sachs Group, Inc. 6.75%, 10/1/2037		25,000		30,871
Intesa Sanpaolo SpA 5.71%, 1/15/2026 (a)		200,000		190,298
KeyCorp. Series MTN, 5.10%, 3/24/2021		50,000		54,677
Lloyds Bank PLC 6.50%, 9/14/2020 (a)		75,000		82,953
Morgan Stanley:
3.95%, 4/23/2027		50,000		49,495
4.88%, 11/1/2022		50,000		53,587
Regions Financial Corp. 7.38%, 12/10/2037		25,000		30,704

See accompanying notes to financial statements.

322

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Royal Bank of Scotland Group PLC:
6.00%, 12/19/2023	$	100,000	$	103,687
6.13%, 12/15/2022		100,000		106,020
Santander UK Group Holdings PLC 3.13%, 1/8/2021		50,000		49,883
SunTrust Banks, Inc. 6.00%, 9/11/2017		50,000		51,497
Synovus Financial Corp. 7.88%, 2/15/2019		50,000		54,875
				2,238,682
BEVERAGES — 0.6%
Constellation Brands, Inc.:
3.88%, 11/15/2019		50,000		51,750
6.00%, 5/1/2022		50,000		56,188
Dr Pepper Snapple Group, Inc. 6.82%, 5/1/2018		12,000		12,798
Molson Coors Brewing Co. 4.20%, 7/15/2046		40,000		37,293
Pernod Ricard SA:
2.95%, 1/15/2017 (a)		25,000		25,013
5.50%, 1/15/2042 (a)		25,000		27,524
				210,566
BIOTECHNOLOGY — 0.9%
Amgen, Inc.:
2.20%, 5/22/2019		25,000		25,193
3.63%, 5/15/2022		50,000		51,670
6.40%, 2/1/2039		100,000		121,326
Celgene Corp.:
3.25%, 8/15/2022		50,000		50,445
3.88%, 8/15/2025		50,000		50,716
4.63%, 5/15/2044		25,000		24,478
				323,828
CHEMICALS — 2.1%
Agrium, Inc. 4.90%, 6/1/2043		25,000		24,906
Albemarle Corp. 4.15%, 12/1/2024		25,000		25,554
Ashland LLC:
3.88%, 4/15/2018		50,000		51,219
4.75%, 8/15/2022		25,000		25,891
Blue Cube Spinco, Inc.:
9.75%, 10/15/2023		25,000		29,734
10.00%, 10/15/2025		25,000		29,922
Celanese US Holdings LLC 4.63%, 11/15/2022		50,000		52,589
CF Industries, Inc.:
3.45%, 6/1/2023		25,000		22,250
4.95%, 6/1/2043		25,000		20,438
Dow Chemical Co.:
3.50%, 10/1/2024		50,000		50,436
4.25%, 11/15/2020		25,000		26,477
4.38%, 11/15/2042		25,000		24,268
Eastman Chemical Co.:
2.70%, 1/15/2020		50,000		50,292
3.60%, 8/15/2022		25,000		25,635
LYB International Finance B.V. 5.25%, 7/15/2043		25,000		26,878
LyondellBasell Industries NV 4.63%, 2/26/2055		25,000		23,231
Mosaic Co. 5.63%, 11/15/2043		25,000		24,092
NOVA Chemicals Corp. 5.25%, 8/1/2023 (a)		50,000		50,500
Rohm & Haas Co. 7.85%, 7/15/2029		25,000		33,798
Westlake Chemical Corp.:
3.60%, 7/15/2022		28,000		27,992
3.60%, 8/15/2026 (a)		25,000		24,024
4.63%, 2/15/2021 (a)		25,000		26,207
5.00%, 8/15/2046 (a)		25,000		24,662
WR Grace & Co-Conn 5.13%, 10/1/2021 (a)		50,000		52,125
				773,120
COMMERCIAL SERVICES — 1.3%
ADT Corp.:
4.88%, 7/15/2032 (a)		50,000		41,000
3.50%, 7/15/2022		75,000		71,437
ERAC USA Finance LLC:
2.35%, 10/15/2019 (a)		25,000		24,978
7.00%, 10/15/2037 (a)		50,000		63,353
Moody’s Corp. 2.75%, 7/15/2019		50,000		50,571
S&P Global, Inc. 2.95%, 1/22/2027 (a)		100,000		93,500
Service Corp. International/US 5.38%, 1/15/2022		25,000		26,000
Total System Services, Inc. 3.80%, 4/1/2021		10,000		10,321
United Rentals North America, Inc. 4.63%, 7/15/2023		50,000		51,000
Western Union Co. 2.88%, 12/10/2017		50,000		50,510
				482,670
CONSTRUCTION MATERIALS — 1.1%
Johnson Controls International PLC 4.63%, 7/2/2044 (c)		25,000		24,818
Lafarge SA 7.13%, 7/15/2036		25,000		30,259
Lennox International, Inc. 3.00%, 11/15/2023		50,000		48,545
Masco Corp.:
4.38%, 4/1/2026		25,000		25,156
5.95%, 3/15/2022		50,000		55,250
6.50%, 8/15/2032		25,000		27,115
Owens Corning:
3.40%, 8/15/2026		30,000		28,499
4.20%, 12/15/2022		50,000		51,927
Standard Industries, Inc. 5.38%, 11/15/2024 (a)		50,000		51,250
Vulcan Materials Co. 7.50%, 6/15/2021		50,000		58,875
				401,694
DISTRIBUTION & WHOLESALE — 0.1%
Rexel SA 5.25%, 6/15/2020 (a)		33,000		34,011

See accompanying notes to financial statements.

323

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
DIVERSIFIED FINANCIAL SERVICES — 5.1%
Air Lease Corp. 2.13%, 1/15/2020	$	100,000	$	98,508
Aircastle, Ltd.:
5.13%, 3/15/2021		25,000		26,625
6.25%, 12/1/2019		60,000		64,800
Ally Financial, Inc.:
3.25%, 2/13/2018		50,000		50,250
3.25%, 11/5/2018		100,000		100,120
3.50%, 1/27/2019		5,000		5,019
3.60%, 5/21/2018		100,000		100,875
5.75%, 11/20/2025		25,000		25,005
8.00%, 11/1/2031		150,000		173,613
Credit Acceptance Corp. 6.13%, 2/15/2021		25,000		25,250
Discover Financial Services 3.95%, 11/6/2024		50,000		49,553
E*TRADE Financial Corp. 5.38%, 11/15/2022		50,000		52,911
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.:
3.50%, 3/15/2017		50,000		50,075
5.88%, 2/1/2022		75,000		74,437
6.00%, 8/1/2020		50,000		51,125
International Lease Finance Corp.:
4.63%, 4/15/2021		50,000		51,656
5.88%, 4/1/2019		50,000		53,100
5.88%, 8/15/2022		25,000		27,125
8.75%, 3/15/2017		50,000		50,656
Jefferies Group LLC 6.50%, 1/20/2043		25,000		25,725
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 5.88%, 8/1/2021 (a)		50,000		47,500
Legg Mason, Inc. 4.75%, 3/15/2026		50,000		51,753
Macquarie Group, Ltd. 7.63%, 8/13/2019 (a)		50,000		56,079
Nasdaq, Inc.:
3.85%, 6/30/2026		5,000		4,967
5.25%, 1/16/2018		25,000		25,867
Navient Corp.:
6.63%, 7/26/2021		35,000		37,100
8.45%, 6/15/2018		50,000		53,875
Series MTN, 6.13%, 3/25/2024		75,000		72,844
Series MTN, 8.00%, 3/25/2020		200,000		221,875
NewStar Financial, Inc. 7.25%, 5/1/2020		25,000		25,000
Nomura Holdings, Inc. 6.70%, 3/4/2020		50,000		55,882
Synchrony Financial 4.25%, 8/15/2024		25,000		25,449
				1,834,619
ELECTRIC — 3.3%
AEP Texas Central Co. Series E, 6.65%, 2/15/2033		50,000		61,750
AES Corp.:
5.50%, 3/15/2024		50,000		50,375
7.38%, 7/1/2021		50,000		55,625
Calpine Corp. 7.88%, 1/15/2023 (a)	$	48,000		50,040
Dominion Resources, Inc.:
4.10%, 4/1/2021 (c)		80,000		83,334
Series A, 1.40%, 9/15/2017		25,000		24,973
DPL, Inc. 7.25%, 10/15/2021		50,000		51,219
Duke Energy Corp.:
2.10%, 6/15/2018		25,000		25,106
3.75%, 4/15/2024		25,000		25,781
EDP Finance B.V. 4.13%, 1/15/2020 (a)		50,000		51,096
Enel Americas SA 4.00%, 10/25/2026		35,000		33,414
Enel Finance International NV 6.00%, 10/7/2039 (a)		50,000		55,859
Eversource Energy 1.45%, 5/1/2018		50,000		49,836
Exelon Generation Co. LLC:
5.60%, 6/15/2042		50,000		46,293
6.20%, 10/1/2017		50,000		51,679
FirstEnergy Corp.:
Series A, 2.75%, 3/15/2018		50,000		50,364
Series B, 4.25%, 3/15/2023		75,000		77,636
Kansas City Power & Light Co. 3.15%, 3/15/2023		25,000		24,813
NextEra Energy Capital Holdings, Inc. 1.59%, 6/1/2017		50,000		50,029
NRG Yield Operating LLC 5.38%, 8/15/2024		50,000		50,250
NV Energy, Inc. 6.25%, 11/15/2020		25,000		28,351
PPL Capital Funding, Inc. 4.20%, 6/15/2022		40,000		42,157
Progress Energy, Inc. 7.75%, 3/1/2031		25,000		34,399
Puget Energy, Inc. 5.63%, 7/15/2022		25,000		27,683
Southwestern Electric Power Co. Series E, 5.55%, 1/15/2017		50,000		50,058
Toledo Edison Co. 6.15%, 5/15/2037		50,000		59,012
				1,211,132
ELECTRICAL COMPONENTS & EQUIPMENT — 0.2%
Anixter, Inc. 5.13%, 10/1/2021		50,000		52,000
Energizer Holdings, Inc. 5.50%, 6/15/2025 (a)		25,000		25,187
				77,187
ELECTRONICS — 0.6%
Agilent Technologies, Inc. 3.88%, 7/15/2023		25,000		25,721
Amphenol Corp. 2.55%, 1/30/2019		50,000		50,600
Arrow Electronics, Inc. 3.50%, 4/1/2022		25,000		24,751
Avnet, Inc. 4.63%, 4/15/2026		25,000		24,358

See accompanying notes to financial statements.

324

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Flex, Ltd. 5.00%, 2/15/2023	$	50,000	$	53,326
Jabil Circuit, Inc. 4.70%, 9/15/2022		50,000		51,000
				229,756
ENGINEERING & CONSTRUCTION — 0.1%
MasTec, Inc. 4.88%, 3/15/2023		25,000		24,437
Sydney Airport Finance Co. Pty, Ltd. 3.90%, 3/22/2023 (a)		25,000		25,576
				50,013
ENTERTAINMENT — 1.0%
GLP Capital L.P./GLP Financing II, Inc.:
4.88%, 11/1/2020		50,000		52,690
5.38%, 4/15/2026		100,000		104,100
International Game Technology PLC 6.25%, 2/15/2022 (a)		150,000		160,875
Scientific Games International, Inc. 7.00%, 1/1/2022 (a)		50,000		53,625
				371,290
ENVIRONMENTAL CONTROL — 0.4%
Clean Harbors, Inc. 5.25%, 8/1/2020		50,000		51,187
Republic Services, Inc. 3.55%, 6/1/2022		25,000		25,970
Waste Management, Inc. 3.50%, 5/15/2024		50,000		51,552
				128,709
FOOD — 2.1%
C&S Group Enterprises LLC 5.38%, 7/15/2022 (a)		25,000		24,125
Campbell Soup Co. 4.25%, 4/15/2021		25,000		26,649
Conagra Brands, Inc. 3.20%, 1/25/2023		20,000		19,981
Darling Ingredients, Inc. 5.38%, 1/15/2022		25,000		26,016
Flowers Foods, Inc. 3.50%, 10/1/2026		70,000		66,632
General Mills, Inc. 5.40%, 6/15/2040		25,000		28,357
JM Smucker Co. 4.25%, 3/15/2035		50,000		50,479
Kellogg Co. 4.50%, 4/1/2046		25,000		24,431
Kraft Heinz Foods Co.:
3.00%, 6/1/2026		55,000		51,636
3.50%, 6/6/2022		25,000		25,424
4.38%, 6/1/2046		30,000		28,229
4.88%, 2/15/2025 (a)		60,000		64,727
6.13%, 8/23/2018		25,000		26,649
Kroger Co.:
3.50%, 2/1/2026		50,000		50,230
5.15%, 8/1/2043		25,000		26,952
Smithfield Foods, Inc. 6.63%, 8/15/2022		50,000		52,500
Sysco Corp. 3.30%, 7/15/2026		25,000		24,533
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (a)		35,000		36,663
Tyson Foods, Inc. 2.65%, 8/15/2019		50,000		50,477
Whole Foods Market, Inc. 5.20%, 12/3/2025		50,000		52,941
				757,631
FOREST PRODUCTS & PAPER — 0.2%
Clearwater Paper Corp. 5.38%, 2/1/2025 (a)		25,000		24,750
International Paper Co. 7.95%, 6/15/2018		30,000		32,564
Resolute Forest Products, Inc. 5.88%, 5/15/2023		25,000		22,375
				79,689
GAS — 1.0%
AmeriGas Partners L.P./AmeriGas Finance Corp.:
5.63%, 5/20/2024		60,000		61,350
5.88%, 8/20/2026		60,000		60,900
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		50,000		52,461
National Fuel Gas Co. 4.90%, 12/1/2021		25,000		26,457
Sempra Energy 2.30%, 4/1/2017		50,000		50,098
Southern Co. Gas Capital Corp.:
2.45%, 10/1/2023		100,000		95,910
4.40%, 6/1/2043		25,000		24,720
				371,896
HEALTH CARE PRODUCTS — 0.5%
Becton Dickinson and Co. 3.13%, 11/8/2021		50,000		51,261
Fresenius US Finance II, Inc. 4.50%, 1/15/2023 (a)		50,000		51,500
Life Technologies Corp. 6.00%, 3/1/2020		25,000		27,235
Thermo Fisher Scientific, Inc.:
3.60%, 8/15/2021		25,000		25,838
5.30%, 2/1/2044		25,000		27,971
Zimmer Biomet Holdings, Inc. 4.25%, 8/15/2035		12,000		11,190
				194,995
HEALTH CARE SERVICES — 4.5%
Aetna, Inc. 1.90%, 6/7/2019		25,000		24,943
Anthem, Inc.:
4.65%, 1/15/2043		50,000		50,195
4.65%, 8/15/2044		25,000		25,307
Centene Corp.:
4.75%, 5/15/2022		60,000		60,675
6.13%, 2/15/2024		47,000		49,526
CHS/Community Health Systems, Inc.:
5.13%, 8/15/2018		11,000		10,849
5.13%, 8/1/2021		50,000		46,250

See accompanying notes to financial statements.

325

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Fresenius Medical Care US Finance II, Inc.:
5.63%, 7/31/2019 (a)	$	50,000	$	53,250
5.88%, 1/31/2022 (a)		50,000		54,750
HCA, Inc.:
5.25%, 6/15/2026		150,000		154,875
5.38%, 2/1/2025		150,000		150,195
5.88%, 5/1/2023		50,000		53,125
5.88%, 2/15/2026		100,000		103,000
6.50%, 2/15/2020		50,000		54,700
7.50%, 2/15/2022		150,000		169,875
Humana, Inc. 2.63%, 10/1/2019		25,000		25,200
Laboratory Corp. of America Holdings 3.75%, 8/23/2022		50,000		51,309
LifePoint Health, Inc.:
5.38%, 5/1/2024 (a)		70,000		68,390
5.50%, 12/1/2021		50,000		51,750
MEDNAX, Inc. 5.25%, 12/1/2023 (a)		60,000		61,875
Quest Diagnostics, Inc. 4.70%, 4/1/2021		25,000		26,833
Tenet Healthcare Corp.:
4.38%, 10/1/2021		50,000		49,563
4.75%, 6/1/2020		25,000		25,250
6.00%, 10/1/2020		75,000		78,562
Universal Health Services, Inc.:
3.75%, 8/1/2019 (a)		25,000		25,125
5.00%, 6/1/2026 (a)		50,000		48,750
WellCare Health Plans, Inc. 5.75%, 11/15/2020		50,000		51,375
				1,625,497
HOLDING COMPANIES-DIVERS — 0.1%
HRG Group, Inc. 7.88%, 7/15/2019		50,000		52,031
HOME BUILDERS — 1.3%
CalAtlantic Group, Inc. 5.38%, 10/1/2022		50,000		51,000
DR Horton, Inc.:
3.75%, 3/1/2019		50,000		50,969
4.75%, 2/15/2023		50,000		51,250
Lennar Corp.:
4.50%, 11/15/2019		50,000		51,656
4.75%, 12/15/2017		25,000		25,281
MDC Holdings, Inc. 5.50%, 1/15/2024		25,000		25,813
PulteGroup, Inc.:
4.25%, 3/1/2021		57,143		58,393
6.38%, 5/15/2033		50,000		49,875
Toll Brothers Finance Corp.:
5.63%, 1/15/2024		50,000		51,875
6.75%, 11/1/2019		50,000		54,750
				470,862
HOME FURNISHINGS — 0.3%
Tempur Sealy International, Inc. 5.50%, 6/15/2026		64,000		64,320
Whirlpool Corp. 4.00%, 3/1/2024		25,000		25,936
				90,256
HOUSEHOLD PRODUCTS & WARES — 0.4%
ACCO Brands Corp. 6.75%, 4/30/2020		25,000		26,295
Clorox Co. 3.50%, 12/15/2024		25,000		25,554
Spectrum Brands, Inc. 6.13%, 12/15/2024		100,000		105,500
				157,349
HOUSEWARES — 0.2%
Newell Brands, Inc.:
2.88%, 12/1/2019		25,000		25,446
4.00%, 12/1/2024		50,000		51,137
				76,583
INSURANCE — 2.2%
Allstate Corp. 3 month USD LIBOR + 2.94%, 5.75%, 8/15/2053 (d)		50,000		51,695
American International Group, Inc.:
3.30%, 3/1/2021		30,000		30,728
4.13%, 2/15/2024		50,000		51,911
4.50%, 7/16/2044		50,000		49,304
Aon PLC 4.45%, 5/24/2043		25,000		24,104
AXA SA 8.60%, 12/15/2030		50,000		68,750
CNA Financial Corp. 3.95%, 5/15/2024		25,000		25,358
Hartford Financial Services Group, Inc.:
4.30%, 4/15/2043		25,000		23,158
5.13%, 4/15/2022		25,000		27,730
Liberty Mutual Group, Inc. 4.95%, 5/1/2022 (a)		75,000		81,833
Lincoln National Corp. 6.15%, 4/7/2036		50,000		58,609
MetLife, Inc. 6.40%, 12/15/2066		50,000		54,000
Nationwide Financial Services, Inc. Series SR, 5.38%, 3/25/2021 (a)		25,000		27,306
Pacific LifeCorp 6.00%, 2/10/2020 (a)		50,000		54,025
Principal Financial Group, Inc. 3.30%, 9/15/2022		50,000		50,599
Prudential Financial, Inc. 3 month USD LIBOR + 3.04%, 5.20%, 3/15/2044 (d)		50,000		49,408
XLIT, Ltd. 5.75%, 10/1/2021		50,000		55,567
				784,085
INTERNET — 0.7%
eBay, Inc.:
2.50%, 3/9/2018		25,000		25,219
3.80%, 3/9/2022		50,000		51,657
Expedia, Inc. 5.00%, 2/15/2026		50,000		51,545

See accompanying notes to financial statements.

326

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
IAC/InterActiveCorp 4.88%, 11/30/2018	$	42,000	$	42,682
Symantec Corp. 2.75%, 6/15/2017		25,000		25,086
VeriSign, Inc. 4.63%, 5/1/2023		50,000		50,500
				246,689
INVESTMENT COMPANY SECURITY — 0.1%
FS Investment Corp. 4.00%, 7/15/2019		50,000		50,129
IRON/STEEL — 1.0%
ArcelorMittal:
6.25%, 8/5/2020		50,000		54,375
6.50%, 3/1/2021		50,000		54,875
8.00%, 10/15/2039		50,000		54,625
Commercial Metals Co. 4.88%, 5/15/2023		50,000		50,250
United States Steel Corp. 8.38%, 7/1/2021 (a)		32,000		35,440
Vale Overseas, Ltd. 6.25%, 8/10/2026		100,000		104,000
				353,565
IT SERVICES — 2.4%
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:
3.48%, 6/1/2019 (a)		100,000		102,081
4.42%, 6/15/2021 (a)		25,000		25,800
5.45%, 6/15/2023 (a)		50,000		53,037
5.88%, 6/15/2021 (a)		45,000		47,841
6.02%, 6/15/2026 (a)		20,000		21,666
7.13%, 6/15/2024 (a)		50,000		55,250
8.35%, 7/15/2046 (a)		35,000		43,095
EMC Corp. 2.65%, 6/1/2020		200,000		195,000
Hewlett Packard Enterprise Co.:
2.85%, 10/5/2018		75,000		75,725
6.35%, 10/15/2045		25,000		25,253
HP, Inc.:
4.05%, 9/15/2022		25,000		25,873
6.00%, 9/15/2041		25,000		25,216
Leidos Holdings, Inc. 4.45%, 12/1/2020		50,000		51,437
NCR Corp. 5.00%, 7/15/2022		50,000		51,062
Seagate HDD Cayman:
4.75%, 6/1/2023		10,000		9,912
4.75%, 1/1/2025		50,000		47,635
				855,883
LEISURE TIME — 0.2%
Royal Caribbean Cruises, Ltd. 5.25%, 11/15/2022		50,000		53,437
LODGING — 1.3%
Choice Hotels International, Inc. 5.75%, 7/1/2022		25,000		26,824
Hilton Domestic Operating Co., Inc. 4.25%, 9/1/2024 (a)		35,000		33,950
Hyatt Hotels Corp. 4.85%, 3/15/2026		25,000		26,327
Marriott International, Inc.:
3.38%, 10/15/2020		25,000		25,647
3.75%, 3/15/2025		25,000		24,940
MGM Resorts International 7.75%, 3/15/2022		150,000		173,250
Wyndham Worldwide Corp. 2.50%, 3/1/2018		50,000		50,421
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.38%, 3/15/2022		100,000		102,500
				463,859
MACHINERY, CONSTRUCTION & MINING — 0.1%
Joy Global, Inc. 5.13%, 10/15/2021		25,000		27,109
MACHINERY-DIVERSIFIED — 0.7%
CNH Industrial Capital LLC 4.38%, 11/6/2020		175,000		180,250
Roper Technologies, Inc. 2.05%, 10/1/2018		50,000		50,170
Xylem, Inc. 3.25%, 11/1/2026		30,000		29,132
				259,552
MEDIA — 7.4%
21st Century Fox America, Inc.:
5.40%, 10/1/2043		25,000		26,920
6.20%, 12/15/2034		25,000		29,370
6.40%, 12/15/2035		50,000		59,732
Altice US Finance I Corp. 5.38%, 7/15/2023 (a)		50,000		51,937
AMC Networks, Inc. 5.00%, 4/1/2024		100,000		100,375
CBS Corp. 3.38%, 3/1/2022		50,000		50,836
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.13%, 2/15/2023		125,000		128,359
5.13%, 5/1/2023 (a)		100,000		102,750
5.75%, 2/15/2026 (a)		90,000		93,042
5.88%, 4/1/2024 (a)		100,000		106,690
Charter Communications Operating LLC/Charter Communications Operating Capital:
4.91%, 7/23/2025		50,000		52,696
6.38%, 10/23/2035		25,000		28,546
6.83%, 10/23/2055		50,000		58,616
Cox Communications, Inc.:
3.25%, 12/15/2022 (a)		75,000		73,056
4.80%, 2/1/2035 (a)		50,000		46,574
Discovery Communications LLC 4.90%, 3/11/2026		50,000		52,651
DISH DBS Corp.:
4.25%, 4/1/2018		150,000		153,150
5.13%, 5/1/2020		75,000		77,437
5.88%, 7/15/2022		50,000		52,625
5.88%, 11/15/2024		100,000		102,500
7.75%, 7/1/2026		29,000		32,770

See accompanying notes to financial statements.

327

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Historic TW, Inc. 6.63%, 5/15/2029	$	25,000	$	30,575
Nielsen Finance LLC/Nielsen Finance Co.:
4.50%, 10/1/2020		50,000		51,000
5.00%, 4/15/2022 (a)		50,000		50,938
Pearson Funding Five PLC 3.25%, 5/8/2023 (a)		25,000		23,379
Sirius XM Radio, Inc.:
5.38%, 7/15/2026 (a)		121,000		118,277
6.00%, 7/15/2024 (a)		50,000		52,275
Starz LLC/Starz Finance Corp. 5.00%, 9/15/2019		50,000		50,625
TEGNA, Inc.:
5.13%, 10/15/2019		50,000		51,313
5.13%, 7/15/2020		50,000		51,937
Thomson Reuters Corp. 4.30%, 11/23/2023		25,000		26,154
Time Warner Cable LLC:
4.00%, 9/1/2021		75,000		77,020
6.75%, 7/1/2018		75,000		80,071
6.75%, 6/15/2039		25,000		29,065
Time Warner, Inc.:
4.65%, 6/1/2044		25,000		23,904
4.88%, 3/15/2020		50,000		53,373
6.25%, 3/29/2041		25,000		29,170
7.63%, 4/15/2031		50,000		67,810
Viacom, Inc.:
3.45%, 10/4/2026		25,000		23,105
4.38%, 3/15/2043		20,000		15,931
5.25%, 4/1/2044		50,000		45,487
6.88%, 4/30/2036		25,000		27,261
Videotron, Ltd. 5.00%, 7/15/2022		50,000		51,063
Western Digital Corp. 10.50%, 4/1/2024 (a)		150,000		177,000
				2,687,365
MINING — 3.7%
Alcoa, Inc.:
5.87%, 2/23/2022		75,000		80,250
5.95%, 2/1/2037		50,000		48,750
6.15%, 8/15/2020		25,000		27,125
6.75%, 7/15/2018		50,000		53,094
6.75%, 1/15/2028		50,000		53,600
Anglo American Capital PLC:
4.13%, 9/27/2022 (a)		25,000		25,188
9.38%, 4/8/2019 (a)		100,000		114,250
Barrick North America Finance LLC 5.75%, 5/1/2043		50,000		52,557
BHP Billiton Finance USA, Ltd. VRN, 5 year USD Swap + 4.97%, 6.25%, 10/19/2075 (a) (b) (d)		50,000		54,135
Eldorado Gold Corp. 6.13%, 12/15/2020 (a)		30,000		30,450
FMG Resources August 2006 Pty, Ltd. 9.75%, 3/1/2022 (a)		100,000		116,125
Freeport-McMoRan, Inc.:
2.38%, 3/15/2018		100,000		99,500
3.10%, 3/15/2020		100,000		97,500
3.55%, 3/1/2022		50,000		46,500
5.45%, 3/15/2043		25,000		20,575
6.50%, 11/15/2020 (a)		34,000		34,935
6.88%, 2/15/2023 (a)		50,000		52,500
Glencore Finance Canada, Ltd. 4.95%, 11/15/2021 (a)		75,000		80,250
Glencore Funding LLC 4.13%, 5/30/2023 (a)		25,000		25,159
Goldcorp, Inc. 3.63%, 6/9/2021		50,000		50,795
Kinross Gold Corp. 5.13%, 9/1/2021		25,000		25,375
Newmont Mining Corp.:
3.50%, 3/15/2022		25,000		25,409
4.88%, 3/15/2042		25,000		23,456
6.25%, 10/1/2039		25,000		27,504
Teck Resources, Ltd.:
8.00%, 6/1/2021 (a)		25,000		27,437
8.50%, 6/1/2024 (a) (b)		50,000		57,375
				1,349,794
MISCELLANEOUS MANUFACTURER — 0.3%
Amsted Industries, Inc. 5.38%, 9/15/2024 (a)		50,000		49,125
Pentair Finance SA 3.15%, 9/15/2022		50,000		48,967
				98,092
OFFICE & BUSINESS EQUIPMENT — 0.2%
Xerox Corp.:
4.50%, 5/15/2021		50,000		51,986
6.35%, 5/15/2018		25,000		26,357
				78,343
OIL & GAS — 7.0%
Anadarko Petroleum Corp.:
4.85%, 3/15/2021		50,000		53,612
5.55%, 3/15/2026 (b)		50,000		55,963
Antero Resources Corp. 5.38%, 11/1/2021		100,000		102,250
Apache Corp. 3.25%, 4/15/2022		75,000		76,178
Canadian Natural Resources, Ltd. 6.25%, 3/15/2038		50,000		56,883
Cenovus Energy, Inc.:
3.00%, 8/15/2022		25,000		24,143
4.45%, 9/15/2042		25,000		21,750
5.70%, 10/15/2019		50,000		53,469
6.75%, 11/15/2039		50,000		55,437
Chesapeake Energy Corp. 8.00%, 1/15/2025 (a)		25,000		25,500
Cimarex Energy Co. 4.38%, 6/1/2024		25,000		25,999
Concho Resources, Inc. 5.50%, 4/1/2023		100,000		103,130
ConocoPhillips Co. 5.75%, 2/1/2019		50,000		53,718
Continental Resources, Inc.:
4.50%, 4/15/2023		50,000		49,000
5.00%, 9/15/2022		50,000		50,375

See accompanying notes to financial statements.

328

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Devon Energy Corp. 3.25%, 5/15/2022	$	50,000	$	49,683
Encana Corp.:
6.50%, 5/15/2019		50,000		53,812
6.50%, 8/15/2034		25,000		26,928
6.50%, 2/1/2038		25,000		27,019
Ensco PLC 5.20%, 3/15/2025		100,000		86,875
EQT Corp. 6.50%, 4/1/2018		25,000		26,321
Hess Corp.:
4.30%, 4/1/2027		50,000		49,771
5.80%, 4/1/2047		50,000		51,891
7.13%, 3/15/2033		25,000		28,524
Hilcorp Energy I L.P./Hilcorp Finance Co. 5.00%, 12/1/2024 (a)		50,000		49,625
HollyFrontier Corp. 5.88%, 4/1/2026		100,000		102,191
Husky Energy, Inc. 3.95%, 4/15/2022		50,000		51,941
Marathon Petroleum Corp.:
5.13%, 3/1/2021		25,000		27,292
6.50%, 3/1/2041		25,000		26,740
Murphy Oil Corp. 3.50%, 12/1/2017		25,000		25,125
Murphy Oil USA, Inc. 6.00%, 8/15/2023		25,000		26,063
Nabors Industries, Inc.:
4.63%, 9/15/2021		50,000		50,826
5.50%, 1/15/2023 (a)		25,000		26,031
6.15%, 2/15/2018		50,000		51,875
Newfield Exploration Co. 5.63%, 7/1/2024		100,000		104,250
Noble Energy, Inc.:
4.15%, 12/15/2021		25,000		26,017
6.00%, 3/1/2041		25,000		27,758
Noble Holding International, Ltd.:
3.95%, 3/15/2022		25,000		23,125
7.20%, 4/1/2025 (b)		100,000		93,750
PBF Holding Co. LLC/PBF Finance Corp.:
7.00%, 11/15/2023 (a)		60,000		59,550
8.25%, 2/15/2020 (b)		25,000		25,563
Phillips 66:
4.30%, 4/1/2022		25,000		26,843
4.88%, 11/15/2044		25,000		26,402
Pioneer Natural Resources Co. 6.65%, 3/15/2017		25,000		25,255
Pride International, Inc. 6.88%, 8/15/2020 (b)		25,000		26,688
QEP Resources, Inc. 5.25%, 5/1/2023		25,000		25,063
Range Resources Corp. 5.00%, 8/15/2022 (a)		100,000		99,875
Rowan Cos., Inc.:
4.88%, 6/1/2022		25,000		23,625
5.85%, 1/15/2044		25,000		19,375
Southwestern Energy Co. 5.80%, 1/23/2020		50,000		51,594
Suncor Energy, Inc. 6.10%, 6/1/2018		25,000		26,468
Sunoco L.P./Sunoco Finance Corp. 6.25%, 4/15/2021		16,000		16,280
Tesoro Corp. 5.13%, 4/1/2024		50,000		51,125
Transocean, Inc. 9.00%, 7/15/2023 (a)		50,000		51,250
Valero Energy Corp. 6.63%, 6/15/2037		50,000		58,518
				2,534,314
PACKAGING & CONTAINERS — 1.0%
Ball Corp.:
4.38%, 12/15/2020		60,000		62,700
5.00%, 3/15/2022		25,000		26,187
Crown Americas LLC/Crown Americas Capital Corp. IV 4.50%, 1/15/2023		50,000		51,000
Graphic Packaging International, Inc. 4.88%, 11/15/2022		50,000		51,187
Packaging Corp. of America 4.50%, 11/1/2023		25,000		26,481
Sealed Air Corp. 6.50%, 12/1/2020 (a)		66,000		73,879
Silgan Holdings, Inc. 5.50%, 2/1/2022		25,000		25,938
WestRock RKT Co. 4.90%, 3/1/2022		50,000		54,277
				371,649
PHARMACEUTICALS — 1.4%
AbbVie, Inc. 4.70%, 5/14/2045		25,000		24,528
Actavis Funding SCS:
3.80%, 3/15/2025		100,000		100,118
4.55%, 3/15/2035		50,000		49,489
Actavis, Inc. 3.25%, 10/1/2022		50,000		49,796
Baxalta, Inc. 2.00%, 6/22/2018		50,000		50,003
Cardinal Health, Inc. 1.70%, 3/15/2018		25,000		24,975
Express Scripts Holding Co. 4.50%, 2/25/2026		50,000		51,474
Forest Laboratories LLC 4.38%, 2/1/2019 (a)		50,000		51,957
McKesson Corp. 4.75%, 3/1/2021		25,000		26,805
Mylan, Inc. 2.60%, 6/24/2018		25,000		25,145
Zoetis, Inc. 4.50%, 11/13/2025		50,000		53,007
				507,297
PIPELINES — 7.5%
Boardwalk Pipelines L.P.:
3.38%, 2/1/2023		25,000		23,800
5.95%, 6/1/2026		50,000		54,312

See accompanying notes to financial statements.

329

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Buckeye Partners L.P.:
2.65%, 11/15/2018	$	25,000	$	25,164
3.95%, 12/1/2026		35,000		34,062
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025 (a)		95,000		96,929
DCP Midstream LLC 5.35%, 3/15/2020 (a)		25,000		26,000
DCP Midstream Operating L.P.:
2.70%, 4/1/2019		25,000		24,688
4.95%, 4/1/2022		75,000		76,875
El Paso Natural Gas Co. LLC 5.95%, 4/15/2017		25,000		25,281
Enable Midstream Partners L.P. 2.40%, 5/15/2019		25,000		24,545
Energy Transfer Equity L.P.:
5.88%, 1/15/2024		50,000		51,594
7.50%, 10/15/2020		50,000		55,750
Energy Transfer Partners L.P.:
4.15%, 10/1/2020		50,000		51,777
6.50%, 2/1/2042		50,000		54,018
6.63%, 10/15/2036		1,000		1,084
Enterprise Products Operating LLC:
3.35%, 3/15/2023		100,000		101,236
4.85%, 3/15/2044		50,000		50,480
EQT Midstream Partners L.P. 4.13%, 12/1/2026		65,000		63,359
Kinder Morgan Energy Partners L.P.:
5.00%, 3/1/2043		25,000		24,107
6.50%, 9/1/2039		50,000		54,897
Kinder Morgan Finance Co. LLC 6.00%, 1/15/2018 (a)		50,000		52,060
Kinder Morgan, Inc.:
3.05%, 12/1/2019		25,000		25,359
Series GMTN, 7.75%, 1/15/2032		50,000		61,273
Magellan Midstream Partners L.P. 5.00%, 3/1/2026		50,000		54,828
MPLX L.P. 5.50%, 2/15/2023		75,000		78,027
NuStar Logistics L.P. 4.80%, 9/1/2020		50,000		50,625
ONEOK Partners L.P.:
2.00%, 10/1/2017		25,000		25,069
3.38%, 10/1/2022		25,000		25,104
ONEOK, Inc. 7.50%, 9/1/2023		50,000		57,000
Phillips 66 Partners L.P. 4.90%, 10/1/2046		25,000		24,007
Plains All American Pipeline L.P./PAA Finance Corp.:
3.65%, 6/1/2022		25,000		25,138
4.50%, 12/15/2026		50,000		50,722
5.15%, 6/1/2042		25,000		23,180
6.50%, 5/1/2018		21,000		22,192
Regency Energy Partners L.P./Regency Energy Finance Corp. 5.50%, 4/15/2023		50,000		51,625
Rockies Express Pipeline LLC:
5.63%, 4/15/2020 (a)		50,000		52,625
6.85%, 7/15/2018 (a)		50,000		52,531
Sabine Pass Liquefaction LLC:
5.63%, 2/1/2021		100,000		107,000
5.63%, 4/15/2023		50,000		53,125
5.63%, 3/1/2025		50,000		53,500
5.88%, 6/30/2026 (a)		100,000		107,810
Spectra Energy Capital LLC 3.30%, 3/15/2023		50,000		48,336
Spectra Energy Partners L.P. 3.38%, 10/15/2026		40,000		38,259
Sunoco Logistics Partners Operations L.P. 5.95%, 12/1/2025		25,000		27,852
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.:
5.25%, 5/1/2023		50,000		50,500
6.38%, 8/1/2022		50,000		51,750
Tennessee Gas Pipeline Co. LLC 7.00%, 3/15/2027		50,000		58,194
Tesoro Logistics L.P./Tesoro Logistics Finance Corp. 5.88%, 10/1/2020		50,000		51,375
Transcontinental Gas Pipe Line Co. LLC 7.85%, 2/1/2026 (a)		100,000		126,097
Valero Energy Partners L.P. 4.38%, 12/15/2026		45,000		45,403
Western Gas Partners L.P.:
4.00%, 7/1/2022		50,000		50,816
4.65%, 7/1/2026		25,000		25,885
Williams Cos., Inc.:
4.55%, 6/24/2024		50,000		49,875
7.88%, 9/1/2021		50,000		57,250
Williams Partners L.P.:
4.90%, 1/15/2045		25,000		23,105
5.25%, 3/15/2020		25,000		26,710
				2,704,165
REAL ESTATE — 0.3%
CBRE Services, Inc. 5.00%, 3/15/2023		50,000		51,765
Prologis L.P. 2.75%, 2/15/2019		50,000		50,724
				102,489
REAL ESTATE INVESTMENT TRUSTS — 3.4%
Alexandria Real Estate Equities, Inc. 3.90%, 6/15/2023		25,000		25,380
American Tower Corp.:
3.13%, 1/15/2027		100,000		92,266
4.40%, 2/15/2026		50,000		51,093
Boston Properties L.P. 3.85%, 2/1/2023		50,000		51,303
Brixmor Operating Partnership L.P. 4.13%, 6/15/2026		10,000		9,970
CBL & Associates L.P. 5.95%, 12/15/2026		40,000		40,264
Communications Sales & Leasing, Inc./CSL Capital LLC 6.00%, 4/15/2023 (a)		13,000		13,390
Crown Castle International Corp.:
3.70%, 6/15/2026		35,000		34,354
4.88%, 4/15/2022		25,000		26,620

See accompanying notes to financial statements.

330

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Digital Realty Trust L.P. 5.25%, 3/15/2021	$	25,000	$	27,165
DuPont Fabros Technology L.P. 5.88%, 9/15/2021		25,000		26,156
EPR Properties 5.75%, 8/15/2022		50,000		53,832
Equinix, Inc.:
5.38%, 4/1/2023		50,000		51,995
5.88%, 1/15/2026		65,000		68,412
HCP, Inc.:
3.88%, 8/15/2024		50,000		49,975
4.00%, 6/1/2025		50,000		49,703
Host Hotels & Resorts L.P. Series F, 4.50%, 2/1/2026		50,000		50,641
Kimco Realty Corp. 3.20%, 5/1/2021		25,000		25,382
Omega Healthcare Investors, Inc. 4.38%, 8/1/2023		25,000		24,651
Realty Income Corp. 3.88%, 7/15/2024		25,000		25,528
Select Income REIT 4.50%, 2/1/2025		75,000		72,485
Starwood Property Trust, Inc. 5.00%, 12/15/2021 (a)		55,000		55,495
Ventas Realty L.P. / Ventas Capital Corp.:
2.70%, 4/1/2020		50,000		50,303
3.25%, 8/15/2022		25,000		25,236
VEREIT Operating Partnership L.P.:
3.00%, 2/6/2019		50,000		49,875
4.88%, 6/1/2026		38,000		38,441
Welltower, Inc.:
4.13%, 4/1/2019		50,000		51,911
4.25%, 4/1/2026		50,000		51,829
Weyerhaeuser Co. 7.38%, 10/1/2019		25,000		28,065
				1,221,720
RETAIL — 2.9%
AutoNation, Inc. 4.50%, 10/1/2025		20,000		20,234
AutoZone, Inc. 3.13%, 4/21/2026		25,000		24,058
Bed Bath & Beyond, Inc. 4.92%, 8/1/2034		25,000		25,013
CST Brands, Inc. 5.00%, 5/1/2023		25,000		25,812
CVS Health Corp.:
3.88%, 7/20/2025		50,000		51,580
5.00%, 12/1/2024		25,000		27,368
5.13%, 7/20/2045		50,000		55,722
Dollar General Corp. 4.13%, 7/15/2017		50,000		50,725
GameStop Corp. 5.50%, 10/1/2019 (a)		25,000		25,625
Gap, Inc. 5.95%, 4/12/2021 (b)		25,000		26,376
Group 1 Automotive, Inc. 5.00%, 6/1/2022		25,000		24,750
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 5.25%, 6/1/2026 (a)		25,000		25,312
Kohl’s Corp. 4.75%, 12/15/2023		25,000		25,943
L Brands, Inc.:
6.75%, 7/1/2036		60,000		60,600
6.88%, 11/1/2035		95,000		96,841
Macy’s Retail Holdings, Inc. 3.88%, 1/15/2022		50,000		51,211
McDonald’s Corp.:
Series MTN, 2.20%, 5/26/2020		25,000		25,006
Series MTN, 3.70%, 1/30/2026		100,000		101,810
O’Reilly Automotive, Inc. 3.55%, 3/15/2026		50,000		49,673
PVH Corp. 4.50%, 12/15/2022		25,000		25,344
QVC, Inc.:
4.38%, 3/15/2023		75,000		74,438
4.45%, 2/15/2025		25,000		24,031
Sally Holdings LLC/Sally Capital, Inc. 5.63%, 12/1/2025		25,000		26,000
Suburban Propane Partners LP/Suburban Energy Finance Corp.:
5.50%, 6/1/2024		25,000		25,313
7.38%, 8/1/2021		18,000		18,630
Walgreens Boots Alliance, Inc.:
3.80%, 11/18/2024		25,000		25,444
4.65%, 6/1/2046		50,000		50,739
				1,063,598
SEMICONDUCTORS — 1.5%
KLA-Tencor Corp. 4.65%, 11/1/2024		50,000		52,931
Micron Technology, Inc. 5.25%, 8/1/2023 (a)		100,000		100,380
NVIDIA Corp. 3.20%, 9/16/2026		50,000		48,073
NXP B.V./NXP Funding LLC 4.63%, 6/1/2023 (a)		200,000		210,500
Qorvo, Inc. 7.00%, 12/1/2025		65,000		71,987
Sensata Technologies B.V. 4.88%, 10/15/2023 (a)		50,000		51,312
				535,183
SHIPBUILDING — 0.2%
Huntington Ingalls Industries, Inc. 5.00%, 11/15/2025 (a)		55,000		57,131
SOFTWARE — 1.2%
Activision Blizzard, Inc. 6.13%, 9/15/2023 (a)		50,000		54,791
Fidelity National Information Services, Inc.:
3.50%, 4/15/2023		25,000		25,318
5.00%, 3/15/2022		50,000		51,381
First Data Corp.:
5.00%, 1/15/2024 (a)		50,000		50,281
5.38%, 8/15/2023 (a)		50,000		51,875

See accompanying notes to financial statements.

331

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Fiserv, Inc. 3.50%, 10/1/2022	$	25,000	$	25,460
MSCI, Inc. 5.25%, 11/15/2024 (a)		50,000		52,375
Nuance Communications, Inc. 5.63%, 12/15/2026 (a)		40,000		39,332
Open Text Corp. 5.88%, 6/1/2026 (a)		73,000		76,833
PTC, Inc. 6.00%, 5/15/2024		15,000		15,834
				443,480
TELECOMMUNICATIONS — 11.3%
AT&T, Inc.:
2.38%, 11/27/2018		50,000		50,437
3.40%, 5/15/2025		150,000		144,573
3.80%, 3/15/2022		50,000		51,257
3.90%, 3/11/2024		100,000		101,115
4.75%, 5/15/2046		100,000		94,742
5.55%, 8/15/2041		50,000		52,057
6.00%, 8/15/2040		50,000		54,955
British Telecommunications PLC 9.13%, 12/15/2030		50,000		76,284
CenturyLink, Inc.:
Series T, 5.80%, 3/15/2022		50,000		50,940
Series U, 7.65%, 3/15/2042		100,000		87,500
Series V, 5.63%, 4/1/2020		100,000		105,750
CommScope, Inc. 4.38%, 6/15/2020 (a)		25,000		25,656
Deutsche Telekom International Finance B.V. 8.75%, 6/15/2030		75,000		110,259
Embarq Corp. 8.00%, 6/1/2036		50,000		47,000
Frontier Communications Corp.:
6.88%, 1/15/2025		50,000		42,375
7.63%, 4/15/2024		50,000		44,750
8.50%, 4/15/2020		125,000		131,413
8.88%, 9/15/2020		50,000		53,250
10.50%, 9/15/2022		100,000		105,500
11.00%, 9/15/2025		100,000		103,630
Hughes Satellite Systems Corp. 5.25%, 8/1/2026 (a)		50,000		49,063
Inmarsat Finance PLC 4.88%, 5/15/2022 (a)		50,000		48,750
Koninklijke KPN NV 10 year USD Swap + 5.33%, 7.00%, 3/28/2073 (a) (d)		50,000		53,625
Level 3 Financing, Inc.:
5.25%, 3/15/2026 (a)		50,000		49,375
5.38%, 8/15/2022		100,000		103,000
Motorola Solutions, Inc. 4.00%, 9/1/2024		50,000		50,058
Nokia Oyj 5.38%, 5/15/2019		50,000		52,781
Orange SA 9.00%, 3/1/2031		50,000		75,176
Qwest Corp. 6.50%, 6/1/2017		50,000		50,910
Rogers Communications, Inc. 6.80%, 8/15/2018		50,000		53,912
SoftBank Group Corp. 4.50%, 4/15/2020 (a)		100,000		102,500
Sprint Communications, Inc.:
7.00%, 3/1/2020 (a)		50,000		54,065
9.00%, 11/15/2018 (a)		100,000		110,125
T-Mobile USA, Inc.:
6.25%, 4/1/2021		100,000		103,875
6.50%, 1/15/2024		50,000		53,625
6.50%, 1/15/2026		135,000		145,975
6.63%, 11/15/2020		100,000		102,250
6.63%, 4/1/2023		75,000		79,313
6.84%, 4/28/2023		100,000		107,125
Telecom Italia Capital SA:
6.00%, 9/30/2034		50,000		46,250
7.20%, 7/18/2036		100,000		98,750
Telecom Italia SpA 5.30%, 5/30/2024 (a)		100,000		97,625
Telefonica Emisiones SAU:
5.13%, 4/27/2020		50,000		53,573
7.05%, 6/20/2036		50,000		58,035
Verizon Communications, Inc.:
2.63%, 2/21/2020		150,000		151,439
4.52%, 9/15/2048		50,000		47,946
4.67%, 3/15/2055		66,000		61,981
5.01%, 8/21/2054		50,000		49,738
5.05%, 3/15/2034		75,000		78,978
5.15%, 9/15/2023		150,000		165,861
6.55%, 9/15/2043		13,000		16,237
Vodafone Group PLC 2.95%, 2/19/2023		100,000		96,962
Wind Acquisition Finance SA 4.75%, 7/15/2020 (a)		100,000		100,750
				4,103,071
TOBACCO — 0.2%
Reynolds American, Inc. 4.45%, 6/12/2025		50,000		52,791
TOYS/GAMES/HOBBIES — 0.1%
Mattel, Inc. 2.35%, 5/6/2019		25,000		25,065
TRANSPORTATION — 1.2%
AP Moeller — Maersk A/S 3.75%, 9/22/2024 (a)		25,000		24,114
Canadian Pacific Railway Co.:
4.50%, 1/15/2022		25,000		26,859
4.80%, 9/15/2035		50,000		53,970
CSX Corp.:
4.40%, 3/1/2043		25,000		25,224
6.22%, 4/30/2040		25,000		31,159
FedEx Corp.:
3.90%, 2/1/2035		25,000		24,006
4.55%, 4/1/2046		25,000		25,193
4.90%, 1/15/2034		50,000		53,298
Norfolk Southern Corp. 4.80%, 8/15/2043		50,000		54,426

See accompanying notes to financial statements.

332

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Principal Amount		Value
Penske Truck Leasing Co. L.P./PTL Finance Corp. 2.88%, 7/17/2018 (a)	$	75,000	$	75,968
Ryder System, Inc. Series MTN, 2.45%, 9/3/2019		50,000		50,277
				444,494
TRUCKING & LEASING — 0.1%
GATX Corp. 2.50%, 7/30/2019		25,000		25,038
TOTAL CORPORATE BONDS & NOTES (Cost $34,894,695)				35,551,251
	Shares
SHORT-TERM INVESTMENTS — 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		316,185		316,185
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		157,415		157,415
TOTAL SHORT-TERM INVESTMENTS (Cost $473,600)				473,600
TOTAL INVESTMENTS — 99.5% (Cost $35,368,295)				36,024,851
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				184,518
NET ASSETS — 100.0%			$	36,209,369

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 19.2% of net assets as of December 31, 2016, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) Step-up bond — Coupon rate increases in increments to maturity. Rate shown as of December 31, 2016. Maturity date shown is the final maturity.

(d) Variable Rate Security — Interest rate shown is rate in effect at December 31, 2016.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes
Advertising	$	—	$	79,497	$	—	$	79,497
Aerospace & Defense		—		290,575		—		290,575
Agriculture		—		107,124		—		107,124
Apparel		—		85,420		—		85,420
Auto Manufacturers		—		828,354		—		828,354
Auto Parts & Equipment		—		416,828		—		416,828
Banks		—		2,238,682		—		2,238,682
Beverages		—		210,566		—		210,566
Biotechnology		—		323,828		—		323,828
Chemicals		—		773,120		—		773,120
Commercial Services		—		482,670		—		482,670
Construction Materials		—		401,694		—		401,694
Distribution & Wholesale		—		34,011		—		34,011
Diversified Financial Services		—		1,834,619		—		1,834,619
Electric		—		1,211,132		—		1,211,132
Electrical Components & Equipment		—		77,187		—		77,187
Electronics		—		229,756		—		229,756

See accompanying notes to financial statements.

333

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Engineering & Construction	$	—	$	50,013	$	—	$	50,013
Entertainment		—		371,290		—		371,290
Environmental Control		—		128,709		—		128,709
Food		—		757,631		—		757,631
Forest Products & Paper		—		79,689		—		79,689
Gas		—		371,896		—		371,896
Health Care Products		—		194,995		—		194,995
Health Care Services		—		1,625,497		—		1,625,497
Holding Companies-Divers		—		52,031		—		52,031
Home Builders		—		470,862		—		470,862
Home Furnishings		—		90,256		—		90,256
Household Products & Wares		—		157,349		—		157,349
Housewares		—		76,583		—		76,583
Insurance		—		784,085		—		784,085
Internet		—		246,689		—		246,689
Investment Company Security		—		50,129		—		50,129
Iron/Steel		—		353,565		—		353,565
IT Services		—		855,883		—		855,883
Leisure Time		—		53,437		—		53,437
Lodging		—		463,859		—		463,859
Machinery, Construction & Mining		—		27,109		—		27,109
Machinery-Diversified		—		259,552		—		259,552
Media		—		2,687,365		—		2,687,365
Mining		—		1,349,794		—		1,349,794
Miscellaneous Manufacturer		—		98,092		—		98,092
Office & Business Equipment		—		78,343		—		78,343
Oil & Gas		—		2,534,314		—		2,534,314
Packaging & Containers		—		371,649		—		371,649
Pharmaceuticals		—		507,297		—		507,297
Pipelines		—		2,704,165		—		2,704,165
Real Estate		—		102,489		—		102,489
Real Estate Investment Trusts		—		1,221,720		—		1,221,720
Retail		—		1,063,598		—		1,063,598
Semiconductors		—		535,183		—		535,183
Shipbuilding		—		57,131		—		57,131
Software		—		443,480		—		443,480
Telecommunications		—		4,103,071		—		4,103,071
Tobacco		—		52,791		—		52,791
Toys/Games/Hobbies		—		25,065		—		25,065
Transportation		—		444,494		—		444,494
Trucking & Leasing		—		25,038		—		25,038
Short-Term Investments		473,600		—		—		473,600
TOTAL INVESTMENTS	$	473,600	$	35,551,251	$	—	$	36,024,851

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		288,988	$	288,988		1,690,784		1,979,772		—	$	—	$	286	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,527,795		1,211,610		316,185		316,185		91		—
State Street Navigator Securities Lending Government Money Market Portfolio*		603,893		603,893		1,155,978		1,602,456		157,415		157,415		1,106		—
TOTAL			$	892,881							$	473,600	$	1,483	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

334

SPDR Dorsey Wright Fixed Income Allocation ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 98.3%
DOMESTIC EQUITY — 23.9%
SPDR Wells Fargo Preferred Stock ETF (a)		69,289	$	2,906,673
DOMESTIC FIXED INCOME — 74.4%
SPDR Bloomberg Barclays Convertible Securities ETF (a)		66,486		3,035,086
SPDR Bloomberg Barclays High Yield Bond ETF (a)		83,472		3,042,554
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF (a)		87,480		2,966,447
				9,044,087
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS (Cost $12,232,532)				11,950,760
SHORT-TERM INVESTMENT — 2.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $244,106)		244,106		244,106
TOTAL INVESTMENTS — 100.3% (Cost $12,476,638)				12,194,866
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(41,290	)
NET ASSETS — 100.0%			$	12,153,576

(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Mutual Funds and Exchange Traded Products
Domestic Equity	$	2,906,673	$	—	$	—	$	2,906,673
Domestic Fixed Income		9,044,087		—		—		9,044,087
Short-Term Investment		244,106		—		—		244,106
TOTAL INVESTMENTS	$	12,194,866	$	—	$	—	$	12,194,866

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
SPDR Bloomberg Barclays Convertible Securities ETF		—	$	—		145,283		78,797		66,486	$	3,035,086	$	105,717	$	(28,584	)
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		141,064		3,925,811		151,396		292,460		—		—		—		(116,446	)
SPDR Bloomberg Barclays High Yield Bond ETF		—		—		159,196		75,724		83,472		3,042,554		34,668		11,580
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF		—		—		144,303		56,823		87,480		2,966,447		14,995		(7,776	)
SPDR Bloomberg Barclays International Treasury Bond ETF		68,018		3,887,909		53,378		121,396		—		—		—		122,489
SPDR Bloomberg Barclays Long Term Corporate Bond ETF		—		—		104,464		104,464		—		—		36,726		(381,641	)
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF		75,190		3,803,862		26,205		101,395		—		—		6,695		10,736
SPDR Wells Fargo Preferred Stock ETF		81,549		3,752,885		120,630		132,890		69,289		2,906,673		137,756		(147,250	)
State Street Institutional Liquid Reserves Fund, Premier Class		58,622		58,622		185,855		244,477		—		—		63		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		402,206		158,100		244,106		244,106		47		—
TOTAL			$	15,429,089							$	12,194,866	$	336,667	$	(536,892	)

See accompanying notes to financial statements.

335

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2016 (Unaudited)

	SPDR Bloomberg Barclays 1-3 Month T-Bill  ETF			SPDR Bloomberg Barclays TIPS ETF			SPDR Bloomberg Barclays 0-5 Year TIPS ETF
ASSETS
Investments in unaffiliated securities, at value (Note 2)	$	1,570,357,973		$	779,138,966		$	4,898,616
Investments in affiliated issuers, at value (Notes 2 and 5)*		2,591,394			1,067,857			9,978
Total Investments		1,572,949,367			780,206,823			4,908,594
Cash		—			—			—
Receivable for investments sold		—			9,927,256			189,707
Receivable for fund shares sold		—			—			—
Interest receivable — unaffiliated issuers (Note 2)		—			2,705,709			15,117
Dividends receivable — affiliated issuers (Notes 2 and 5)		417			145			3
Securities lending income receivable — affiliated issuers		6,784			—			—
Receivable for foreign taxes recoverable		—			—			—
TOTAL ASSETS		1,572,956,568			792,839,933			5,113,421
LIABILITIES
Payable upon return of securities loaned		—			—			—
Payable for investments purchased		—			9,827,796			189,695
Payable for fund shares repurchased		—			—			—
Advisory fee payable (Note 5)		181,677			98,457			525
Accrued Trustees’ fees and expenses (Note 6)		6,002			—			—
Distribution payable		321,885			1,045,408			4,460
TOTAL LIABILITIES		509,564			10,971,661			194,680
NET ASSETS	$	1,572,447,004		$	781,868,272		$	4,918,741
NET ASSETS CONSIST OF:
Paid-In Capital (Note 8)	$	1,572,394,292		$	792,335,481		$	4,956,910
Undistributed (distribution in excess of) net investment income (loss)		12,773			57,067			(880	)
Accumulated net realized gain (loss) on investments, foreign currency transactions, and forward foreign currency exchange contracts		69,407			(10,489,981	)		(41,347	)
Net unrealized appreciation (depreciation) on:
Investments		(29,468	)		(34,295	)		4,058
NET ASSETS	$	1,572,447,004		$	781,868,272		$	4,918,741
NET ASSET VALUE PER SHARE
Net asset value per share	$	45.71		$	56.25		$	19.67
Shares outstanding (unlimited amount authorized, $0.01 par value)		34,400,461			13,900,225			250,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	1,570,387,441		$	779,173,261		$	4,894,558
Investments in affiliated issuers		2,591,394			1,067,857			9,978
Total cost of investments	$	1,572,978,835		$	780,241,118		$	4,904,536
* Includes investments in securities on loan, at value	$	—		$	—		$	—

See accompanying notes to financial statements.

336

SPDR Bloomberg Barclays 1-10 Year TIPS ETF			SPDR Bloomberg Barclays Short Term Treasury ETF			SPDR Bloomberg Barclays Intermediate Term Treasury ETF			SPDR Bloomberg Barclays Long Term Treasury ETF			SPDR Bloomberg Barclays Short Term Corporate Bond ETF			SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF			SPDR Bloomberg Barclays Long Term Corporate Bond ETF
$	58,313,430		$	140,593,940		$	510,464,069		$	342,462,467		$	3,488,610,170		$	1,696,007,540		$	192,673,861
	69,593			3,863,498			15,160,130			5,644,777			23,011,592			7,057,800			684,214
	58,383,023			144,457,438			525,624,199			348,107,244			3,511,621,762			1,703,065,340			193,358,075
	—			—			—			—			14,500			26,695			—
	891,523			1,053,806			—			2,343,800			80,409,451			13,881,492			104,947
	—			—			5,958,019			13,788,764			12,188,419			—			—
	158,022			645,400			2,428,179			2,900,267			29,734,831			15,599,628			2,433,008
	8			58			400			117			7,054			675			144
	—			856			2,732			1,604			3,342			7,502			429
	—			—			—			—			22,996			661			—
	59,432,576			146,157,558			534,013,529			367,141,796			3,634,002,355			1,732,581,993			195,896,603
	—			2,080,746			6,615,303			4,878,981			7,017,213			4,598,908			114,178
	885,400			2,686,766			13,645,320			15,769,277			101,952,818			204,556			—
	—			—			—			—			—			10,123,172			—
	7,421			12,208			41,224			31,553			351,303			174,653			19,739
	—			—			189			—			3,299			—			631
	62,439			114,473			532,867			707,669			4,867,375			3,794,295			710,113
	955,260			4,894,193			20,834,903			21,387,480			114,192,008			18,895,584			844,661
$	58,477,316		$	141,263,365		$	513,178,626		$	345,754,316		$	3,519,810,347		$	1,713,686,409		$	195,051,942
$	59,245,400		$	143,040,410		$	521,360,614		$	394,824,103		$	3,546,832,383		$	1,728,207,354		$	204,410,600
	4,611			(49,929	)		(289,746	)		(671,953	)		(1,588,404	)		(2,128,393	)		(381,049	)
	(190,223	)		(28,617	)		(9,318	)		(6,925,159	)		(13,074,728	)		(4,004,563	)		(3,994,198	)
	(582,472	)		(1,698,499	)		(7,882,924	)		(41,472,675	)		(12,358,904	)		(8,387,989	)		(4,983,411	)
$	58,477,316		$	141,263,365		$	513,178,626		$	345,754,316		$	3,519,810,347		$	1,713,686,409		$	195,051,942
$	19.49		$	30.06		$	59.67		$	69.15		$	30.47		$	33.87		$	39.81
	3,000,000			4,700,000			8,600,168			5,000,000			115,500,000			50,600,072			4,900,000
$	58,895,902		$	142,292,439		$	518,346,993		$	383,935,142		$	3,500,969,074		$	1,704,395,529		$	197,657,272
	69,593			3,863,498			15,160,130			5,644,777			23,011,592			7,057,800			684,214
$	58,965,495		$	146,155,937		$	533,507,123		$	389,579,919		$	3,523,980,666		$	1,711,453,329		$	198,341,486
$	—		$	2,042,482		$	6,493,688		$	4,781,853		$	6,878,738		$	31,766,673		$	2,754,226

337

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2016 (Unaudited)

	SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF			SPDR Bloomberg Barclays Convertible Securities ETF			SPDR Bloomberg Barclays Mortgage Backed Bond ETF
ASSETS
Investments in unaffiliated securities, at value (Note 2)	$	31,020,141		$	3,056,336,558		$	315,291,063
Investments in affiliated issuers, at value (Notes 2 and 5)*		601,351			138,724,069			28,591,003
Total Investments		31,621,492			3,195,060,627			343,882,066
Foreign currency, at value		—			—			—
Cash		109			—			—
Receivable for investments sold		102,802			20,661,209			5,514,262
Receivable for fund shares sold		—			18,299,196			—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—
Interest receivable — unaffiliated issuers (Note 2)		309,010			8,068,142			873,826
Dividends receivable — unaffiliated issuers (Note 2 and 5)		—			3,911,137			—
Dividends receivable — affiliated issuers (Notes 2 and 5)		86			8,843			11,057
Securities lending income receivable — affiliated issuers		492			121,134			—
Receivable from Advisor (Note 5)		—			—			—
Receivable for foreign taxes recoverable		487			3,452			—
TOTAL ASSETS		32,034,478			3,246,133,740			350,281,211
LIABILITIES
Due to custodian (Note 3)		—			—			—
Payable upon return of securities loaned		401,508			73,936,791			—
Payable for investments purchased		—			23,524,900			31,271,460
Payable for fund shares repurchased		—			—			—
Deferred foreign taxes payable		—			—			—
Advisory fee payable (Note 5)		4,267			1,037,845			72,466
Accrued Trustees’ fees and expenses (Note 6)		—			5,537			—
Distribution payable		81,950			31,155,001			810,833
TOTAL LIABILITIES		487,725			129,660,074			32,154,759
NET ASSETS	$	31,546,753		$	3,116,473,666		$	318,126,452
NET ASSETS CONSIST OF:
Paid-In Capital (Note 8)	$	32,094,537		$	3,202,414,371		$	327,488,392
Undistributed (distribution in excess of) net investment income (loss)		(47,649	)		(38,812,777	)		(1,894,302	)
Accumulated net realized gain (loss) on investments, foreign currency transactions, and forward foreign currency exchange contracts		(347,846	)		(141,688,246	)		(3,626,400	)
Net unrealized appreciation (depreciation) on:
Investments**		(152,289	)		94,560,318			(3,841,238	)
Foreign currency transactions		—			—			—
NET ASSETS	$	31,546,753		$	3,116,473,666		$	318,126,452
NET ASSET VALUE PER SHARE
Net asset value per share	$	31.55		$	45.50		$	26.29
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,000,000			68,500,000			12,100,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	31,172,430		$	2,961,776,240		$	319,132,301
Investments in affiliated issuers		601,351			138,724,069			28,591,003
Total cost of investments	$	31,773,781		$	3,100,500,309		$	347,723,304
Foreign currency, at cost	$	—		$	—		$	—
* Includes investments in securities on loan, at value	$	1,024,330		$	74,709,894		$	—
** Includes deferred foreign taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

338

SPDR Bloomberg Barclays Aggregate Bond ETF			SPDR Nuveen Bloomberg Barclays Municipal Bond ETF			SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF			SPDR Nuveen S&P High Yield Municipal Bond ETF			SPDR Citi International Government Inflation-Protected Bond ETF			SPDR Bloomberg Barclays Short Term International Treasury Bond ETF			SPDR Bloomberg Barclays International Treasury Bond ETF
$	1,212,110,885		$	2,062,663,872		$	3,283,247,007		$	503,346,368		$	496,686,068		$	169,163,992		$	1,438,465,244
	28,803,881			2,793,635			23,950,094			21,008,418			145,158			2,200,690			12,638,931
	1,240,914,766			2,065,457,507			3,307,197,101			524,354,786			496,831,226			171,364,682			1,451,104,175
	—			—			—			—			2,146,426			2,545,256			4,262,501
	—			—			—			—			—			—			—
	18,663,976			—			—			—			17,781,486			4,891,439			18,752,313
	—			—			52,674,985			39,089,497			—			—			—
	—			—			—			—			—			5,021			28,485
	7,403,962			24,543,742			41,654,011			6,629,005			2,726,730			1,510,507			24,543,742
	—			—			—			—			1,335			306			5,176
	4,371			3,080			7,924			3,391			265			560			3,326
	3,078			—			—			—			—			—			—
	—			124,837			—			20,877			—			—			—
	140			—			—			—			—			103,618			677,500
	1,266,990,293			2,090,129,167			3,401,534,021			570,097,556			519,487,488			180,421,389			1,486,787,694
	—			—			—			—			1,852,238			85,401			484,486
	5,494,773			—			—			—			—			—			—
	39,682,654			5,796,250			27,843,291			31,132,781			974,110			7,153,688			21,389,120
	—			—			—			—			10,477,554			—			—
	—			—			—			—			1,927			—			26,953
	136,294			524,642			546,310			202,673			220,337			51,582			625,914
	—			—			1,284			—			—			—			—
	2,671,657			7,504,440			4,110,588			1,553,864			6,386,284			227,044			—
	47,985,378			13,825,332			32,500,189			32,889,318			19,913,734			7,517,715			22,526,473
$	1,219,004,915		$	2,076,303,835		$	3,369,033,832		$	537,208,238		$	499,573,754		$	172,903,674		$	1,464,261,221
$	1,230,988,637		$	2,091,119,635		$	3,414,345,894		$	551,278,203		$	558,058,999		$	187,881,691		$	1,646,350,393
	(4,745,606	)		(2,454,768	)		(1,783,484	)		12,195			(37,425,957	)		(6,906,784	)		(16,269,422	)
	(2,326,269	)		8,344,726			(240,119	)		(4,402,385	)		(12,799,638	)		185,118			(24,430,232	)
	(4,911,847	)		(20,705,758	)		(43,288,459	)		(9,679,775	)		(8,196,646	)		(8,232,957	)		(140,992,062	)
	—			—			—			—			(63,004	)		(23,394	)		(397,456	)
$	1,219,004,915		$	2,076,303,835		$	3,369,033,832		$	537,208,238		$	499,573,754		$	172,903,674		$	1,464,261,221
$	56.96		$	47.46		$	47.89		$	55.96		$	52.58		$	29.31		$	25.96
	21,400,132			43,751,036			70,351,082			9,600,000			9,500,483			5,900,000			56,400,038
$	1,217,022,732		$	2,083,369,630		$	3,326,535,466		$	513,026,143		$	504,882,714		$	177,396,949		$	1,579,430,353
	28,803,881			2,793,635			23,950,094			21,008,418			145,158			2,200,690			12,638,931
$	1,245,826,613		$	2,086,163,265		$	3,350,485,560		$	534,034,561		$	505,027,872		$	179,597,639		$	1,592,069,284
$	—		$	—		$	—		$	—		$	2,145,969		$	2,541,714		$	4,245,790
$	13,804,304		$	—		$	—		$	—		$	—		$	—		$	—
$	—		$	—		$	—		$	—		$	1,927		$	—		$	26,953

339

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2016 (Unaudited)

	SPDR Bloomberg Barclays International Corporate Bond ETF			SPDR Bloomberg Barclays Emerging Markets Local Bond ETF			SPDR Bloomberg Barclays High Yield Bond ETF
ASSETS
Investments in unaffiliated securities, at value (Note 2)	$	130,370,126		$	114,849,634		$	11,819,965,850
Investments in affiliated issuers, at value (Notes 2 and 5)*		15,950			122,343			288,772,160
Total Investments		130,386,076			114,971,977			12,108,738,010
Foreign currency, at value		87,384			1,211,784			—
Cash		—			—			3,565,599
Receivable for investments sold		5			1,493,451			4,588,983
Receivable for fund shares sold		3,077,133			500			54,559,458
Unrealized appreciation on forward foreign currency exchange contracts		1,893			—			—
Interest receivable — unaffiliated issuers (Note 2)		1,799,473			1,720,460			194,893,586
Dividends receivable — unaffiliated issuers (Note 2 and 5)		—			1,023			—
Dividends receivable — affiliated issuers (Notes 2 and 5)		2			74			23,995
Securities lending income receivable — affiliated issuers		—			—			401,196
Receivable from Advisor (Note 5)		—			641			—
Receivable for foreign taxes recoverable		4,143			21,261			191,398
TOTAL ASSETS		135,356,109			119,421,171			12,366,962,225
LIABILITIES
Due to custodian (Note 3)		—			500			—
Payable upon return of securities loaned		—			—			245,150,575
Payable for investments purchased		2,937,236			2,342,060			17,678,626
Unrealized depreciation on forward foreign currency contracts		29,409			—			—
Deferred foreign taxes payable		—			41,753			—
Advisory fee payable (Note 5)		58,740			47,560			4,000,444
Accrued Trustees’ fees and expenses (Note 6)		100			—			—
Distribution payable		13,096			—			59,800,004
TOTAL LIABILITIES		3,038,581			2,431,873			326,629,649
NET ASSETS	$	132,317,528		$	116,989,298		$	12,040,332,576
NET ASSETS CONSIST OF:
Paid-In Capital (Note 8)	$	153,058,109		$	134,889,626		$	12,976,269,886
Undistributed (distribution in excess of) net investment income (loss)		(3,376,794	)		(833,811	)		(55,595,008	)
Accumulated net realized gain (loss) on investments, foreign currency transactions, and forward foreign currency exchange contracts		(2,060,837	)		(7,723,699	)		(824,472,057	)
Net unrealized appreciation (depreciation) on:
Investments**		(15,188,672	)		(9,273,654	)		(55,870,245	)
Foreign currency transactions		(114,278	)		(69,164	)		—
NET ASSETS	$	132,317,528		$	116,989,298		$	12,040,332,576
NET ASSET VALUE PER SHARE
Net asset value per share	$	30.77		$	26.59		$	36.37
Shares outstanding (unlimited amount authorized, $0.01 par value)		4,300,000			4,400,000			331,023,812
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	145,558,798		$	124,086,320		$	11,875,836,095
Investments in affiliated issuers		15,950			122,343			288,772,160
Total cost of investments	$	145,574,748		$	124,208,663		$	12,164,608,255
Foreign currency, at cost	$	87,541		$	1,233,644		$	—
* Includes investments in securities on loan, at value	$	—		$	—		$	1,008,767,460
** Includes deferred foreign taxes	$	—		$	41,753		$	—

See accompanying notes to financial statements.

340

SPDR Bloomberg Barclays Short Term High Yield Bond ETF			SPDR Bloomberg Barclays Investment Grade Floating Rate ETF			SPDR BofA Merrill Lynch Crossover Corporate Bond ETF			SPDR Dorsey Wright Fixed Income Allocation ETF
$	3,575,626,521		$	722,321,569		$	35,551,251		$	—
	270,479,561			18,481,883			473,600			12,194,866
	3,846,106,082			740,803,452			36,024,851			12,194,866
	—			—			—			—
	4,260,780			21,463			109			—
	—			—			—			—
	—			9,165,704			—			16
	—			—			—			—
	59,534,920			1,375,702			480,886			—
	—			—			—			—
	34,229			4,871			53			57,414
	162,375			1,540			177			—
	—			—			3,119			24,817
	—			2,701			1,488			—
	3,910,098,386			751,375,433			36,510,683			12,277,113
	—			—			—			—
	145,046,124			2,035,308			157,415			—
	22,974,710			9,035,501			—			—
	—			—			—			—
	—			—			—			—
	1,230,087			91,004			12,254			7,178
	7,737			—			—			—
	18,250,302			816,197			131,645			116,359
	187,508,960			11,978,010			301,314			123,537
$	3,722,589,426		$	739,397,423		$	36,209,369		$	12,153,576
$	4,047,038,722		$	738,532,041		$	36,287,060		$	13,142,980
	(10,308,264	)		(223,467	)		(5,290	)		(48,409	)
	(305,190,756	)		(626,051	)		(728,957	)		(659,223	)
	(8,950,276	)		1,714,900			656,556			(281,772	)
	—			—			—			—
$	3,722,589,426		$	739,397,423		$	36,209,369		$	12,153,576
$	27.62		$	30.55		$	25.86		$	24.31
	134,800,000			24,200,000			1,400,000			500,000
$	3,584,576,797		$	720,606,669		$	34,894,695		$	—
	270,479,561			18,481,883			473,600			12,476,638
$	3,855,056,358		$	739,088,552		$	35,368,295		$	12,476,638
$	—		$	—		$	—		$	—
$	311,105,087		$	6,504,296		$	154,326		$	—
$	—		$	—		$	—		$	—

341

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2016 (Unaudited)

	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF			SPDR Bloomberg Barclays TIPS ETF			SPDR Bloomberg Barclays 0-5 Year TIPS ETF
INVESTMENT INCOME
Interest income — unaffiliated issuers (Note 2)	$	2,153,960		$	8,218,533		$	28,066
Dividend income — affiliated issuers (Notes 2 and 5)		4,096			1,632			22
Affiliated securities lending income — net (Notes 5 and 10)		51,305			148			—
TOTAL INVESTMENT INCOME (LOSS)		2,209,361			8,220,313			28,088
EXPENSES
Advisory Fee (Note 5)		1,125,702			566,219			2,442
Trustees’ fees and expenses (Note 6)		22,134			6,398			151
Miscellaneous expenses		3,219			878			5
TOTAL EXPENSES		1,151,055			573,495			2,598
Expenses waived/reimbursed by the Adviser (Note 5)		—			—			—
NET EXPENSES		1,151,055			573,495			2,598
NET INVESTMENT INCOME (LOSS)		1,058,306			7,646,818			25,490
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		52,141			307,290			9,389
Net realized gain (loss)		52,141			307,290			9,389
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers		(32,226	)		(21,156,873	)		(29,546	)
Net change in unrealized appreciation/depreciation		(32,226	)		(21,156,873	)		(29,546	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		19,915			(20,849,583	)		(20,157	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	1,078,221		$	(13,202,765	)	$	5,333

See accompanying notes to financial statements.

342

SPDR Bloomberg Barclays 1-10 Year TIPS ETF			SPDR Bloomberg Barclays Short Term Treasury ETF			SPDR Bloomberg Barclays Intermediate Term Treasury ETF			SPDR Bloomberg Barclays Long Term Treasury ETF			SPDR Bloomberg Barclays Short Term Corporate Bond ETF			SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF			SPDR Bloomberg Barclays Long Term Corporate Bond ETF
$	466,657		$	712,368		$	2,989,319		$	5,964,162		$	33,830,520		$	20,917,734		$	3,817,407
	89			721			2,856			2,697			31,671			5,054			582
	—			3,231			6,592			5,885			29,068			55,481			2,894
	466,746			716,320			2,998,767			5,972,744			33,891,259			20,978,269			3,820,883
	40,483			69,678			234,303			255,146			2,299,532			930,379			108,847
	464			1,098			4,253			4,855			39,305			12,655			1,750
	28			96			632			477			13,678			4,392			597
	40,975			70,872			239,188			260,478			2,352,515			947,426			111,194
	—			—			—			—			(9,118	)		—			—
	40,975			70,872			239,188			260,478			2,343,397			947,426			111,194
	425,771			645,448			2,759,579			5,712,266			31,547,862			20,030,843			3,709,689
	(8,299	)		8,093			498,321			(5,355,907	)		4,458,130			4,124,736			(750,287	)
	(8,299	)		8,093			498,321			(5,355,907	)		4,458,130			4,124,736			(750,287	)
	(1,011,430	)		(2,637,146	)		(15,180,899	)		(65,407,014	)		(34,057,253	)		(41,672,904	)		(10,103,368	)
	(1,011,430	)		(2,637,146	)		(15,180,899	)		(65,407,014	)		(34,057,253	)		(41,672,904	)		(10,103,368	)
	(1,019,729	)		(2,629,053	)		(14,682,578	)		(70,762,921	)		(29,599,123	)		(37,548,168	)		(10,853,655	)
$	(593,958	)	$	(1,983,605	)	$	(11,922,999	)	$	(65,050,655	)	$	1,948,739		$	(17,517,325	)	$	(7,143,966	)

343

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2016 (Unaudited)

	SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF			SPDR Bloomberg Barclays Convertible Securities ETF			SPDR Bloomberg Barclays Mortgage Backed Bond ETF
INVESTMENT INCOME
Interest income — unaffiliated issuers (Note 2)	$	433,364		$	2,372,682		$	4,230,100
Dividend income — unaffiliated issuers (Note 2)		—			34,207,720			—
Dividend income — affiliated issuers (Notes 2 and 5)		343			26,962			90,691
Affiliated securities lending income — net (Notes 5 and 10)		1,788			552,964			—
Foreign taxes withheld		—			(456,750	)		—
TOTAL INVESTMENT INCOME (LOSS)		435,495			36,703,578			4,320,791
EXPENSES
Advisory Fee (Note 5)		22,043			5,525,898			290,262
Trustees’ fees and expenses (Note 6)		358			23,903			2,165
Miscellaneous expenses		87			8,961			3,389
TOTAL EXPENSES		22,488			5,558,762			295,816
Expenses waived/reimbursed by the Adviser (Note 5)		—			—			(29,200	)
NET EXPENSES		22,488			5,558,762			266,616
NET INVESTMENT INCOME (LOSS)		413,007			31,144,816			4,054,175
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		116,805			13,019,786			(3,610,906	)
Foreign currency transactions and forward foreign currency exchange contracts		—			—			—
Net realized gain (loss)		116,805			13,019,786			(3,610,906	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		(878,266	)		62,778,100			(6,988,896	)
Foreign currency transactions and forward foreign currency exchange contracts		—			—			—
Net change in unrealized appreciation/depreciation		(878,266	)		62,778,100			(6,988,896	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(761,461	)		75,797,886			(10,599,802	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(348,454	)	$	106,942,702		$	(6,545,627	)
* Includes foreign capital gain taxes	$	—		$	—		$	—
** Includes foreign deferred taxes	$	—		$	—		$	—

See accompanying notes to financial statements.

344

SPDR Bloomberg Barclays Aggregate Bond ETF			SPDR Nuveen Bloomberg Barclays Municipal Bond ETF			SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF			SPDR Nuveen S&P High Yield Municipal Bond ETF			SPDR Citi International Government Inflation-Protected Bond ETF			SPDR Bloomberg Barclays Short Term International Treasury Bond ETF			SPDR Bloomberg Barclays International Treasury Bond ETF
$	17,104,522		$	22,141,551		$	17,788,332		$	10,828,547		$	9,716,376		$	418,628		$	15,929,718
	—			—			—			—			—			—			—
	37,091			7,680			15,744			4,447			2,700			4,086			17,679
	21,816			—			—			—			—			—			—
	(185	)		—			—			—			(81,479	)		(28,015	)		(111,714	)
	17,163,244			22,149,231			17,804,076			10,832,994			9,637,597			394,699			15,835,683
	522,194			2,910,606			3,133,558			1,270,341			1,494,207			318,224			4,009,353
	12,070			17,038			26,811			4,388			5,999			1,894			14,113
	4,078			5,948			9,941			1,606			6,924			643			5,210
	538,342			2,933,592			3,170,310			1,276,335			1,507,130			320,761			4,028,676
	(333	)		(693,496	)		—			(130,648	)		—			—			—
	538,009			2,240,096			3,170,310			1,145,687			1,507,130			320,761			4,028,676
	16,625,235			19,909,135			14,633,766			9,687,307			8,130,467			73,938			11,807,007
	688,200			16,839,029			1,305,353			1,978,299			(3,639,713	)		(18,976	)		(12,535,253	)
	—			—			—			—			(1,067,833	)		287,448			(1,536,675	)
	688,200			16,839,029			1,305,353			1,978,299			(4,707,546	)		268,472			(14,071,928	)
	(49,537,215	)		(128,047,802	)		(73,498,702	)		(33,495,434	)		(24,249,748	)		(12,778,011	)		(143,604,782	)
	—			—			—			—			(112,314	)		(113,999	)		(683,639	)
	(49,537,215	)		(128,047,802	)		(73,498,702	)		(33,495,434	)		(24,362,062	)		(12,892,010	)		(144,288,421	)
	(48,849,015	)		(111,208,773	)		(72,193,349	)		(31,517,135	)		(29,069,608	)		(12,623,538	)		(158,360,349	)
$	(32,223,780	)	$	(91,299,638	)	$	(57,559,583	)	$	(21,829,828	)	$	(20,939,141	)	$	(12,549,600	)	$	(146,553,342	)
$	—		$	—		$	—		$	—		$	—		$	—		$	(57,176	)
$	—		$	—		$	—		$	—		$	(1,927	)	$	—		$	(26,953	)

345

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2016 (Unaudited)

	SPDR Bloomberg Barclays International Corporate Bond ETF			SPDR Bloomberg Barclays Emerging Markets Local Bond ETF			SPDR Bloomberg Barclays High Yield Bond ETF
INVESTMENT INCOME
Interest income — unaffiliated issuers (Note 2)	$	1,414,233		$	5,043,816		$	383,095,376
Dividend income — affiliated issuers (Notes 2 and 5)		34			1,287			147,585
Affiliated securities lending income — net (Notes 5 and 10)		—			1,867			2,972,888
Foreign taxes withheld		(2,918	)		(126,607	)		—
TOTAL INVESTMENT INCOME (LOSS)		1,411,349			4,920,363			386,215,849
EXPENSES
Advisory Fee (Note 5)		377,121			454,833			23,916,436
Trustees’ fees and expenses (Note 6)		1,436			1,681			105,939
Miscellaneous expenses		531			799			38,756
TOTAL EXPENSES		379,088			457,313			24,061,131
Expenses waived/reimbursed by the Adviser (Note 5)		—			(641	)		—
NET EXPENSES		379,088			456,672			24,061,131
NET INVESTMENT INCOME (LOSS)		1,032,261			4,463,691			362,154,718
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*		(3,497,500	)		(6,001,892	)		181,136,930
Investments — affiliated issuers		—			—			—
Foreign currency transactions and forward foreign currency exchange contracts		(382,782	)		(399,764	)		—
Swap contracts		—			—			70,794
Net realized gain (loss)		(3,880,282	)		(6,401,656	)		181,207,724
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**		(5,261,952	)		(5,568,779	)		225,800,905
Investments — affiliated issuers		—			—			—
Foreign currency transactions and forward foreign currency exchange contracts		(104,309	)		(139,342	)		—
Net change in unrealized appreciation/depreciation		(5,366,261	)		(5,708,121	)		225,800,905
NET REALIZED AND UNREALIZED GAIN (LOSS)		(9,246,543	)		(12,109,777	)		407,008,629
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(8,214,282	)	$	(7,646,086	)	$	769,163,347
* Includes foreign capital gain taxes	$	—		$	(4,785	)	$	—
** Includes foreign deferred taxes	$	—		$	(36,968	)	$	—

See accompanying notes to financial statements.

346

SPDR Bloomberg Barclays Short Term High Yield Bond ETF		SPDR Bloomberg Barclays Investment Grade Floating Rate ETF			SPDR BofA Merrill Lynch Crossover Corporate Bond ETF			SPDR Dorsey Wright Fixed Income Allocation ETF
$	105,489,624	$	4,302,963		$	835,975		$	—
	168,054		24,278			377			336,667
	827,447		10,414			1,086			—
	—		(3,110	)		—			—
	106,485,125		4,334,545			837,438			336,667
	6,696,614		491,679			73,869			55,315
	29,483		5,334			445			251
	10,924		1,923			122			1
	6,737,021		498,936			74,436			55,567
	—		—			(18,800	)		(32,688	)
	6,737,021		498,936			55,636			22,879
	99,748,104		3,835,609			781,802			313,788
	14,632,718		51,232			90,899			—
	—		—			—			(536,892	)
	—		—			—			—
	—		—			—			—
	14,632,718		51,232			90,899			(536,892	)
	100,056,078		1,931,891			(45,401	)		—
	—		—			—			(527,118	)
	—		—			—			—
	100,056,078		1,931,891			(45,401	)		(527,118	)
	114,688,796		1,983,123			45,498			(1,064,010	)
$	214,436,900	$	5,818,732		$	827,300		$	(750,222	)
$	—	$	—		$	—		$	—
$	—	$	—		$	—		$	—

347

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF						SPDR Bloomberg Barclays TIPS ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,058,306		$	147,662		$	7,646,818		$	7,876,572
Net realized gain (loss)		52,141			105,354			307,290			496,724
Net change in unrealized appreciation/depreciation		(32,226	)		35,865			(21,156,873	)		20,350,162
Net increase (decrease) in net assets resulting from operations		1,078,221			288,881			(13,202,765	)		28,723,458
Net equalization credits and charges (Note 2)		(3,055	)		(1,836,763	)		(22,643	)		(196,277	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,045,533	)		—			(11,378,709	)		(2,758,229	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(1,045,533	)		—			(11,378,709	)		(2,758,229	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		478,059,207			4,071,158,240			137,799,078			84,117,427
Cost of shares redeemed		(788,909,883	)		(3,591,370,539	)		(22,691,950	)		(72,402,025	)
Net income equalization (Note 2)		3,055			1,836,763			22,643			196,277
Other capital (Note 8)		—			—			—			—
Net increase (decrease) in net assets from beneficial interest transactions		(310,847,621	)		481,624,464			115,129,771			11,911,679
Net increase (decrease) in net assets during the period		(310,817,988	)		480,076,582			90,525,654			37,680,631
Net assets at beginning of period		1,883,264,992			1,403,188,410			691,342,618			653,661,987
NET ASSETS AT END OF PERIOD	$	1,572,447,004		$	1,883,264,992		$	781,868,272		$	691,342,618
Undistributed (distribution in excess of) net investment income (loss)	$	12,773		$	—		$	57,067		$	3,788,958
SHARES OF BENEFICIAL INTEREST:
Shares sold		10,400,000			89,100,000			2,400,000			1,500,000
Shares redeemed		(17,200,000	)		(78,600,000	)		(400,000	)		(1,300,000	)
Net increase (decrease)		(6,800,000	)		10,500,000			2,000,000			200,000

See accompanying notes to financial statements.

348

SPDR Bloomberg Barclays 0-5 Year TIPS ETF						SPDR Bloomberg Barclays 1-10 Year TIPS ETF						SPDR Bloomberg Barclays Short Term Treasury ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
$	25,490		$	21,322		$	425,771		$	202,469		$	645,448		$	670,703
	9,389			(9,321	)		(8,299	)		(59,209	)		8,093			108,596
	(29,546	)		46,810			(1,011,430	)		583,536			(2,637,146	)		917,608
	5,333			58,811			(593,958	)		726,796			(1,983,605	)		1,696,907
	11,855			—			(3,467	)		(58,176	)		28,045			7,594
	(24,533	)		—			(582,980	)		(12,233	)		(745,723	)		(642,597	)
	—			—			—			—			—			(300	)
	(24,533	)		—			(582,980	)		(12,233	)		(745,723	)		(642,897	)
	1,966,014			—			37,753,640			5,767,445			85,365,090			72,792,777
	(991,025	)		—			(1,966,738	)		(1,907,047	)		(33,342,193	)		(36,302,525	)
	(11,855	)		—			3,467			58,176			(28,045	)		(7,594	)
	—			—			—			—			12,386			163
	963,134			—			35,790,369			3,918,574			52,007,238			36,482,821
	955,789			58,811			34,609,964			4,574,961			49,305,955			37,544,425
	3,962,952			3,904,141			23,867,352			19,292,391			91,957,410			54,412,985
$	4,918,741		$	3,962,952		$	58,477,316		$	23,867,352		$	141,263,365		$	91,957,410
$	(880	)	$	(1,837	)	$	4,611		$	161,820		$	(49,929	)	$	50,346
	100,000			—			1,900,000			300,000			2,800,000			2,400,000
	(50,000	)		—			(100,000	)		(100,000	)		(1,100,000	)		(1,200,000	)
	50,000			—			1,800,000			200,000			1,700,000			1,200,000

349

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Bloomberg Barclays Intermediate Term Treasury ETF						SPDR Bloomberg Barclays Long Term Treasury ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,759,579		$	5,677,284		$	5,712,266		$	8,719,143
Net realized gain (loss)		498,321			7,010,717			(5,355,907	)		7,344,238
Net change in unrealized appreciation/depreciation		(15,180,899	)		7,297,032			(65,407,014	)		40,396,731
Net increase (decrease) in net assets resulting from operations		(11,922,999	)		19,985,033			(65,050,655	)		56,460,112
Net equalization credits and charges (Note 2)		22,258			56,796			75,494			360,683
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,200,963	)		(5,597,111	)		(6,602,701	)		(8,632,333	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(3,200,963	)		(5,597,111	)		(6,602,701	)		(8,632,333	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		145,352,592			609,913,569			244,950,912			668,242,564
Cost of shares redeemed		(54,839,471	)		(480,824,107	)		(273,665,769	)		(434,480,045	)
Net income equalization (Note 2)		(22,258	)		(56,796	)		(75,494	)		(360,683	)
Other capital (Note 8)		269			592			780			778
Net increase (decrease) in net assets from beneficial interest transactions		90,491,132			129,033,258			(28,789,571	)		233,402,614
Net increase (decrease) in net assets during the period		75,389,428			143,477,976			(100,367,433	)		281,591,076
Net assets at beginning of period		437,789,198			294,311,222			446,121,749			164,530,673
NET ASSETS AT END OF PERIOD	$	513,178,626		$	437,789,198		$	345,754,316		$	446,121,749
Undistributed (distribution in excess of) net investment income (loss)	$	(289,746	)	$	151,638		$	(671,953	)	$	218,482
SHARES OF BENEFICIAL INTEREST:
Shares sold		2,400,000			10,100,000			3,100,000			9,100,000
Shares redeemed		(900,000	)		(7,900,000	)		(3,700,000	)		(5,900,000	)
Net increase (decrease)		1,500,000			2,200,000			(600,000	)		3,200,000

See accompanying notes to financial statements.

350

SPDR Bloomberg Barclays Short Term Corporate Bond ETF						SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF						SPDR Bloomberg Barclays Long Term Corporate Bond ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
$	31,547,862		$	66,086,631		$	20,030,843		$	27,735,877		$	3,709,689		$	8,353,419
	4,458,130			(10,996,247	)		4,124,736			(744,669	)		(750,287	)		(15,625,644	)
	(34,057,253	)		35,661,997			(41,672,904	)		34,561,350			(10,103,368	)		26,549,255
	1,948,739			90,752,381			(17,517,325	)		61,552,558			(7,143,966	)		19,277,030
	(245,627	)		(391,787	)		495,058			617,768			55,954			(351,889	)
	(36,832,892	)		(65,038,332	)		(23,559,871	)		(26,969,459	)		(4,301,146	)		(8,781,341	)
	—			—			—			(72,540	)		—			—
	(36,832,892	)		(65,038,332	)		(23,559,871	)		(27,041,999	)		(4,301,146	)		(8,781,341	)
	339,950,518			1,161,266,851			665,319,319			785,187,684			71,269,377			27,216,705
	(750,722,052	)		(1,184,829,069	)		(254,593,060	)		(228,392,738	)		(15,671,182	)		(224,637,588	)
	245,627			391,787			(495,058	)		(617,768	)		(55,954	)		351,889
	68,462			369,395			75,803			74,710			2,507			44,170
	(410,457,445	)		(22,801,036	)		410,307,004			556,251,888			55,544,748			(197,024,824	)
	(445,587,225	)		2,521,226			369,724,866			591,380,215			44,155,590			(186,881,024	)
	3,965,397,572			3,962,876,346			1,343,961,543			752,581,328			150,896,352			337,777,376
$	3,519,810,347		$	3,965,397,572		$	1,713,686,409		$	1,343,961,543		$	195,051,942		$	150,896,352
$	(1,588,404	)	$	3,696,626		$	(2,128,393	)	$	1,400,635		$	(381,049	)	$	210,408
	11,100,000			38,100,000			19,300,000			23,200,000			1,700,000			700,000
	(24,500,000	)		(38,800,000	)		(7,400,000	)		(6,700,000	)		(400,000	)		(5,900,000	)
	(13,400,000	)		(700,000	)		11,900,000			16,500,000			1,300,000			(5,200,000	)

351

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF						SPDR Bloomberg Barclays Convertible Securities ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	413,007		$	791,062		$	31,144,816		$	46,541,023
Net realized gain (loss)		116,805			(477,187	)		13,019,786			1,592,666
Net change in unrealized appreciation/depreciation		(878,266	)		1,395,425			62,778,100			(97,085,955	)
Net increase (decrease) in net assets resulting from operations		(348,454	)		1,709,300			106,942,702			(48,952,266	)
Net equalization credits and charges (Note 2)		9,939			3,033			407,295			19,597,650
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(487,742	)		(792,945	)		(91,218,361	)		(133,280,742	)
Net realized gains		—			—			—			(65,047,406	)
Return of capital		—			—			—			—
Total distributions to shareholders		(487,742	)		(792,945	)		(91,218,361	)		(198,328,148	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		6,323,389			9,363,846			1,029,357,783			383,955,896
Cost of shares redeemed		—			(9,442,074	)		(127,377,288	)		(984,559,202	)
Net income equalization (Note 2)		(9,939	)		(3,033	)		(407,295	)		(19,597,650	)
Other capital (Note 8)		23			968			1,162,448			51,010
Net increase (decrease) in net assets from beneficial interest transactions		6,313,473			(80,293	)		902,735,648			(620,149,946	)
Net increase (decrease) in net assets during the period		5,487,216			839,095			918,867,284			(847,832,710	)
Net assets at beginning of period		26,059,537			25,220,442			2,197,606,382			3,045,439,092
NET ASSETS AT END OF PERIOD	$	31,546,753		$	26,059,537		$	3,116,473,666		$	2,197,606,382
Undistributed (distribution in excess of) net investment income (loss)	$	(47,649	)	$	27,086		$	(38,812,777	)	$	21,260,768
SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			300,000			21,600,000			8,400,000
Shares redeemed		—			(300,000	)		(3,300,000	)		(22,400,000	)
Net increase (decrease)		200,000			—			18,300,000			(14,000,000	)

(a) On March 15, 2016, the SPDR Nuveen Bloomberg Barclays Municipal Bond ETF underwent a 1-for-2 reverse share split. The historical per share activity presented here has been retroactively adjusted to reflect this split. See Note 13.

See accompanying notes to financial statements.

352

SPDR Bloomberg Barclays Mortgage Backed Bond ETF						SPDR Bloomberg Barclays Aggregate Bond ETF						SPDR Nuveen Bloomberg Barclays Municipal Bond ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)
$	4,054,175		$	5,378,004		$	16,625,235		$	29,172,730		$	19,909,135		$	36,206,970
	(3,610,906	)		(1,110,345	)		688,200			(1,981,041	)		16,839,029			13,009,343
	(6,988,896	)		2,895,116			(49,537,215	)		42,293,837			(128,047,802	)		92,715,218
	(6,545,627	)		7,162,775			(32,223,780	)		69,485,526			(91,299,638	)		141,931,531
	271,282			108,481			(146,472	)		398,528			288,137			525,406
	(4,910,640	)		(5,016,852	)		(19,429,337	)		(28,814,874	)		(23,606,228	)		(35,885,462	)
	—			—			—			—			(3,820,953	)		(1,516,227	)
	—			(303,166	)		—			—			—			—
	(4,910,640	)		(5,320,018	)		(19,429,337	)		(28,814,874	)		(27,427,181	)		(37,401,689	)
	138,229,230			72,918,862			92,100,097			428,555,978			502,182,835			625,600,832
	(34,317,797	)		—			(198,851,711	)		(80,912,679	)		(257,686,246	)		(83,987,756	)
	(271,282	)		(108,481	)		146,472			(398,528	)		(288,137	)		(525,406	)
	86,273			36,460			74,637			229,426			56,217			58,174
	103,726,424			72,846,841			(106,530,505	)		347,474,197			244,264,669			541,145,844
	92,541,439			74,798,079			(158,330,094	)		388,543,377			125,825,987			646,201,092
	225,585,013			150,786,934			1,377,335,009			988,791,632			1,950,477,848			1,304,276,756
$	318,126,452		$	225,585,013		$	1,219,004,915		$	1,377,335,009		$	2,076,303,835		$	1,950,477,848
$	(1,894,302	)	$	(1,037,837	)	$	(4,745,606	)	$	(1,941,504	)	$	(2,454,768	)	$	1,242,325
	5,100,000			2,700,000			1,600,000			7,400,000			10,400,000			12,800,000
	(1,300,000	)		—			(3,400,000	)		(1,400,000	)		(5,200,000	)		(1,700,000	)
	3,800,000			2,700,000			(1,800,000	)		6,000,000			5,200,000			11,100,000

353

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF						SPDR Nuveen S&P High Yield Municipal Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	14,633,766		$	26,126,328		$	9,687,307		$	17,956,688
Net realized gain (loss)		1,305,353			4,147,572			1,978,299			4,052,406
Net change in unrealized appreciation/depreciation		(73,498,702	)		27,932,714			(33,495,434	)		21,473,288
Net increase (decrease) in net assets resulting from operations		(57,559,583	)		58,206,614			(21,829,828	)		43,482,382
Net equalization credits and charges (Note 2)		139,500			94,244			88,615			296,635
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(17,233,883	)		(25,810,042	)		(10,767,550	)		(17,861,519	)
Net realized gains		(1,566,431	)		—			—			—
Total distributions to shareholders		(18,800,314	)		(25,810,042	)		(10,767,550	)		(17,861,519	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		478,916,372			524,299,465			138,073,406			259,219,712
Cost of shares redeemed		—			(199,918,869	)		(58,777,887	)		(176,851,943	)
Net income equalization (Note 2)		(139,500	)		(94,244	)		(88,615	)		(296,635	)
Other capital (Note 8)		180,498			132,607			167,045			95,358
Net increase (decrease) in net assets from beneficial interest transactions		478,957,370			324,418,959			79,373,949			82,166,492
Net increase (decrease) in net assets during the period		402,736,973			356,909,775			46,865,186			108,083,990
Net assets at beginning of period		2,966,296,859			2,609,387,084			490,343,052			382,259,062
NET ASSETS AT END OF PERIOD	$	3,369,033,832		$	2,966,296,859		$	537,208,238		$	490,343,052
Undistributed (distribution in excess of) net investment income (loss)	$	(1,783,484	)	$	816,633		$	12,195		$	1,092,438
SHARES OF BENEFICIAL INTEREST:
Shares sold		9,900,000			10,750,000			2,400,000			4,500,000
Shares redeemed		—			(4,100,000	)		(1,000,000	)		(3,100,000	)
Net increase (decrease)		9,900,000			6,650,000			1,400,000			1,400,000

(a) On September 29, 2016, the SPDR Bloomberg Barclays International Treasury Bond ETF underwent a 2-for-1 share split. The historical capital share activity presented here has been retroactively adjusted to reflect this share split. See Note 13.

See accompanying notes to financial statements.

354

SPDR Citi International Government Inflation-Protected Bond ETF						SPDR Bloomberg Barclays Short Term International Treasury Bond ETF						SPDR Bloomberg Barclays International Treasury Bond ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)(a)			Year Ended 6/30/16
$	8,130,467		$	16,951,814		$	73,938		$	1,109,284		$	11,807,007		$	28,247,494
	(4,707,546	)		(64,413,635	)		268,472			(11,147,557	)		(14,071,928	)		(41,634,798	)
	(24,362,062	)		49,852,454			(12,892,010	)		19,365,258			(144,288,421	)		166,029,276
	(20,939,141	)		2,390,633			(12,549,600	)		9,326,985			(146,553,342	)		152,641,972
	—			—			—			—			—			—
	—			(519,577	)		—			—			—			—
	(6,386,284	)		(6,052,756	)		(227,044	)		(103,427	)		—			—
	(6,386,284	)		(6,572,333	)		(227,044	)		(103,427	)		—			—
	27,912,916			75,286,430			3,111,139			182,567,810			273,775,718			632,782,155
	(118,893,246	)		(224,596,021	)		—			(209,010,932	)		(338,988,689	)		(559,893,663	)
	—			—			—			—			—			—
	436,798			937,922			9,333			188,741			265,929			438,857
	(90,543,532	)		(148,371,669	)		3,120,472			(26,254,381	)		(64,947,042	)		73,327,349
	(117,868,957	)		(152,553,369	)		(9,656,172	)		(17,030,823	)		(211,500,384	)		225,969,321
	617,442,711			769,996,080			182,559,846			199,590,669			1,675,761,605			1,449,792,284
$	499,573,754		$	617,442,711		$	172,903,674		$	182,559,846		$	1,464,261,221		$	1,675,761,605
$	(37,425,957	)	$	(45,556,424	)	$	(6,906,784	)	$	(6,980,722	)	$	(16,269,422	)	$	(28,076,429	)
	500,000			1,400,000			100,000			6,000,000			9,800,000			23,800,000
	(2,200,000	)		(4,300,000	)		—			(6,700,000	)		(12,000,000	)		(20,800,000	)
	(1,700,000	)		(2,900,000	)		100,000			(700,000	)		(2,200,000	)		3,000,000

355

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Bloomberg Barclays International Corporate Bond ETF						SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,032,261		$	2,812,424		$	4,463,691		$	4,734,605
Net realized gain (loss)		(3,880,282	)		(13,017,136	)		(6,401,656	)		(13,203,220	)
Net change in unrealized appreciation/depreciation		(5,366,261	)		13,622,610			(5,708,121	)		10,559,123
Net increase (decrease) in net assets resulting from operations		(8,214,282	)		3,417,898			(7,646,086	)		2,090,508
Net equalization credits and charges (Note 2)		—			—			—			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			(8,751	)		—			—
Net realized gains		(13,096	)		—			—			—
Total distributions to shareholders		(13,096	)		(8,751	)		—			—
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		42,717,703			22,903,238			35,946,750			143,584,716
Cost of shares redeemed		(41,699,297	)		(77,974,979	)		(116,875,187	)		(38,163,389	)
Net income equalization (Note 2)		—			—			—			—
Other capital (Note 8)		18,613			15,464			291,917			273,533
Net increase (decrease) in net assets from beneficial interest transactions		1,037,019			(55,056,277	)		(80,636,520	)		105,694,860
Net increase (decrease) in net assets during the period		(7,190,359	)		(51,647,130	)		(88,282,606	)		107,785,368
Net assets at beginning of period		139,507,887			191,155,017			205,271,904			97,486,536
NET ASSETS AT END OF PERIOD	$	132,317,528		$	139,507,887		$	116,989,298		$	205,271,904
Undistributed (distribution in excess of) net investment income (loss)	$	(3,376,794	)	$	(4,409,055	)	$	(833,811	)	$	(5,297,502	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		1,300,000			700,000			1,300,000			5,300,000
Shares redeemed		(1,300,000	)		(2,500,000	)		(4,300,000	)		(1,500,000	)
Net increase (decrease)		—			(1,800,000	)		(3,000,000	)		3,800,000

See accompanying notes to financial statements.

356

SPDR Bloomberg Barclays High Yield Bond ETF						SPDR Bloomberg Barclays Short Term High Yield Bond ETF						SPDR Bloomberg Barclays Investment Grade Floating Rate ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
$	362,154,718		$	675,633,635		$	99,748,104		$	178,497,707		$	3,835,609		$	3,543,296
	181,207,724			(906,282,725	)		14,632,718			(341,297,989	)		51,232			(588,822	)
	225,800,905			192,486,455			100,056,078			50,360,636			1,931,891			(440,237	)
	769,163,347			(38,162,635	)		214,436,900			(112,439,646	)		5,818,732			2,514,237
	434,006			9,053,087			1,475,620			(1,655,641	)		74,777			25,348
	(422,687,344	)		(673,448,105	)		(116,585,029	)		(180,288,388	)		(4,417,180	)		(3,287,246	)
	—			—			—			—			—			—
	(422,687,344	)		(673,448,105	)		(116,585,029	)		(180,288,388	)		(4,417,180	)		(3,287,246	)
	6,262,315,127			19,832,445,042			1,173,283,271			2,572,115,582			183,274,944			179,413,686
	(5,808,194,214	)		(17,683,258,794	)		(687,263,352	)		(3,378,493,355	)		(9,170,581	)		(3,036,537	)
	(434,006	)		(9,053,087	)		(1,475,620	)		1,655,641			(74,777	)		(25,348	)
	1,454,247			3,579,931			190,591			414,278			37,609			313,900
	455,141,154			2,143,713,092			484,734,890			(804,307,854	)		174,067,195			176,665,701
	802,051,163			1,441,155,439			584,062,381			1,098,691,529			175,543,524			175,918,040
	11,238,281,413			9,797,125,974			3,138,527,045			4,237,218,574			563,853,899			387,935,859
$	12,040,332,576		$	11,238,281,413		$	3,722,589,426		$	3,138,527,045		$	739,397,423		$	563,853,899
$	(55,595,008	)	$	4,937,618		$	(10,308,264	)	$	6,528,661		$	(223,467	)	$	358,104
	173,500,000			561,500,000			42,900,000			96,200,000			6,000,000			5,900,000
	(161,000,000	)		(498,500,000	)		(25,200,000	)		(126,100,000	)		(300,000	)		(100,000	)
	12,500,000			63,000,000			17,700,000			(29,900,000	)		5,700,000			5,800,000

357

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR BofA Merrill Lynch Crossover Corporate Bond ETF						SPDR Dorsey Wright Fixed Income Allocation ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			For the Period 6/1/16* - 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	781,802		$	1,541,043		$	313,788		$	15,813
Net realized gain (loss)		90,899			(1,150,099	)		(536,892	)		76
Net change in unrealized appreciation/depreciation		(45,401	)		1,269,524			(527,118	)		245,346
Net increase (decrease) in net assets resulting from operations		827,300			1,660,468			(750,222	)		261,235
Net equalization credits and charges (Note 2)		—			(14,399	)		18,845			33,520
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(913,914	)		(1,560,394	)		(378,010	)		—
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			2,518,121			21,632,158			15,166,384
Cost of shares redeemed		—			(9,986,839	)		(23,888,137	)		—
Net income equalization (Note 2)		—			14,399			(18,845	)		(33,520	)
Other capital (Note 8)		—			617			110,168			—
Net increase (decrease) in net assets from beneficial interest transactions		—			(7,453,702	)		(2,164,656	)		15,132,864
Net increase (decrease) in net assets during the period		(86,614	)		(7,368,027	)		(3,274,043	)		15,427,619
Net assets at beginning of period		36,295,983			43,664,010			15,427,619			—
NET ASSETS AT END OF PERIOD	$	36,209,369		$	36,295,983		$	12,153,576		$	15,427,619
Undistributed (distribution in excess of) net investment income (loss)	$	(5,290	)	$	126,822		$	(48,409	)	$	15,813
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			100,000			850,000			600,000
Shares redeemed		—			(400,000	)		(950,000	)		—
Net increase (decrease)		—			(300,000	)		(100,000	)		600,000

See accompanying notes to financial statements.

358

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	45.71		$	45.71		$	45.76		$	45.80		$	45.82		$	45.85
Income (loss) from investment operations:
Net investment income (loss) (a)		0.03			0.00	(b)		(0.05	)		(0.04	)		(0.02	)		(0.04	)
Net realized and unrealized gain (loss) (c)		0.00	(b)		0.04			0.04			(0.04	)		0.01			0.01
Total from investment operations		0.03			0.04			(0.01	)		(0.08	)		(0.01	)		(0.03	)
Net equalization credits and charges (a)		(0.00	)(b)		(0.04	)		(0.04	)		0.04			(0.01	)		0.00	(b)
Distributions to shareholders from:
Net investment income		(0.03	)		—			—			—			—			(0.00	)(b)
Net asset value, end of period	$	45.71		$	45.71		$	45.71		$	45.76		$	45.80		$	45.82
Total return (d)		0.07	%		0.01	%		(0.11	)%		(0.09	)%		(0.04	)%		(0.08	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,572,447		$	1,883,265		$	1,403,188		$	979,258		$	1,580,101		$	1,539,512
Ratios to average net assets:
Total expenses		0.14	%(e)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income (loss)		0.13	%(e)		0.01	%		(0.12	)%		(0.09	)%		(0.05	)%		(0.09	)%
Portfolio turnover rate (f)		298	%		685	%		620	%		577	%		584	%		619	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amount is less than $0.005 per share.

(c) 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.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

359

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays TIPS ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	58.09		$	55.87		$	57.38		$	55.65		$	59.59		$	54.76
Income (loss) from investment operations:
Net investment income (loss) (a)		0.59			0.68			(0.07	)		1.00			0.60			1.53
Net realized and unrealized gain (loss) (b)		(1.54	)		1.80			(0.94	)		1.51			(3.72	)		4.93
Total from investment operations		(0.95	)		2.48			(1.01	)		2.51			(3.12	)		6.46
Net equalization credits and charges (a)		(0.00	)(c)		(0.02	)		(0.04	)		(0.01	)		0.01			0.05
Other capital (a)		—			—			—			—			—			0.00	(c)
Distributions to shareholders from:
Net investment income		(0.89	)		(0.24	)		(0.46	)		(0.77	)		(0.83	)		(1.68	)
Net asset value, end of period	$	56.25		$	58.09		$	55.87		$	57.38		$	55.65		$	59.59
Total return (d)		(1.66	)%		4.42	%		(1.84	)%		4.52	%		(5.32	)%		12.03	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	781,868		$	691,343		$	653,662		$	596,730		$	651,133		$	732,984
Ratios to average net assets:
Total expenses		0.15	%(e)		0.15	%		0.17	%		0.19	%		0.19	%		0.19	%
Net investment income (loss)		2.03	%(e)		1.21	%		(0.12	)%		1.79	%		1.00	%		2.62	%
Portfolio turnover rate (f)		7	%		17	%		18	%		20	%		20	%		23	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

360

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays 0-5 Year TIPS ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			For the Period 2/26/14* - 6/30/14
Net asset value, beginning of period	$	19.81		$	19.52		$	20.06		$	20.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.16			0.11			(0.34	)		0.22
Net realized and unrealized gain (loss) (b)		(0.22	)		0.18			(0.25	)		0.02
Total from investment operations		(0.06	)		0.29			(0.59	)		0.24
Net equalization credits and charges (a)		0.07			—			0.18			—
Distributions to shareholders from:
Net investment income		(0.15	)		—			(0.13	)		(0.18	)
Net asset value, end of period	$	19.67		$	19.81		$	19.52		$	20.06
Total return (c)		0.06	%		1.50	%		(2.01	)%		1.18	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	4,919		$	3,963		$	3,904		$	6,017
Ratios to average net assets:
Total expenses		0.16	%(d)		0.16	%		0.15	%		0.15	%(d)
Net investment income (loss)		1.57	%(d)		0.55	%		(1.76	)%		3.21	%(d)
Portfolio turnover rate (e)		17	%		39	%		26	%		10	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

361

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays 1-10 Year TIPS ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			For the Period 5/29/13* - 6/30/13
Net asset value, beginning of period	$	19.89		$	19.29		$	19.93		$	19.39		$	20.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.16			0.19			(0.06	)		0.21			(0.03	)
Net realized and unrealized gain (loss) (b)		(0.36	)		0.47			(0.11	)		0.45			(0.58	)
Total from investment operations		(0.20	)		0.66			(0.17	)		0.66			(0.61	)
Net equalization credits and charges (a)		(0.00	)(c)		(0.05	)		(0.25	)		(0.00	)(c)		(0.00	)(c)
Distributions to shareholders from:
Net investment income		(0.20	)		(0.01	)		(0.22	)		(0.12	)		—
Net asset value, end of period	$	19.49		$	19.89		$	19.29		$	19.93		$	19.39
Total return (d)		(0.99	)%		3.16	%		(2.10	)%		3.42	%		(3.07	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	58,477		$	23,867		$	19,293		$	9,963		$	11,632
Ratios to average net assets:
Total expenses		0.15	%(e)		0.15	%		0.15	%		0.15	%		0.15	%(e)
Net investment income (loss)		1.58	%(e)		0.96	%		(0.32	)%		1.06	%		(1.85	)%(e)
Portfolio turnover rate (f)		9	%		23	%		28	%		24	%		1	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

362

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Short Term Treasury ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			For the Period 11/30/11* - 6/30/12
Net asset value, beginning of period	$	30.65		$	30.23		$	30.08		$	29.95		$	30.10		$	30.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.14			0.28			0.23			0.17			0.12			0.06
Net realized and unrealized gain (loss) (b)		(0.57	)		0.42			0.12			0.13			(0.15	)		0.09
Total from investment operations		(0.43	)		0.70			0.35			0.30			(0.03	)		0.15
Net equalization credits and charges (a)		0.01			0.00	(c)		0.02			0.00	(c)		0.00	(c)		—
Other capital (a)		0.00	(c)		—			0.00	(c)		—			—			—
Distributions to shareholders from:
Net investment income		(0.17	)		(0.28	)		(0.22	)		(0.17	)		(0.12	)		(0.05	)
Net realized gains		—			(0.00	)(c)		(0.00	)(c)		(0.00	)(c)		—			—
Total distributions		(0.17	)		(0.28	)		(0.22	)		(0.17	)		(0.12	)		(0.05	)
Net asset value, end of period	$	30.06		$	30.65		$	30.23		$	30.08		$	29.95		$	30.10
Total return (d)		(1.41	)%		2.33	%		1.23	%		1.00	%		(0.10	)%		0.49	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	141,263		$	91,957		$	54,413		$	12,033		$	5,990		$	6,019
Ratios to average net assets:
Total expenses		0.10	%(e)		0.10	%		0.11	%		0.12	%		0.12	%		0.12	%(e)
Net investment income (loss)		0.93	%(e)		0.93	%		0.76	%		0.57	%		0.39	%		0.34	%(e)
Portfolio turnover rate (f)		18	%		40	%		35	%		40	%		38	%		24	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

363

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Intermediate Term Treasury ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	61.66		$	60.06		$	59.72		$	59.66		$	61.31		$	59.42
Income (loss) from investment operations:
Net investment income (loss) (a)		0.36			0.75			0.68			0.69			0.90			1.07
Net realized and unrealized gain (loss) (b)		(1.93	)		1.58			0.31			0.14			(1.34	)		2.07
Total from investment operations		(1.57	)		2.33			0.99			0.83			(0.44	)		3.14
Net equalization credits and charges (a)		0.00	(c)		0.01			0.02			(0.01	)		(0.01	)		(0.01	)
Other capital (a)		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)		—			0.00	(c)
Distributions to shareholders from:
Net investment income		(0.42	)		(0.74	)		(0.67	)		(0.71	)		(0.91	)		(1.08	)
Net realized gains		—			—			—			(0.05	)		(0.29	)		(0.16	)
Total distributions		(0.42	)		(0.74	)		(0.67	)		(0.76	)		(1.20	)		(1.24	)
Net asset value, end of period	$	59.67		$	61.66		$	60.06		$	59.72		$	59.66		$	61.31
Total return (d)		(2.56	)%		3.92	%		1.69	%		1.39	%		(0.77	)%		5.30	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	513,179		$	437,789		$	294,311		$	167,232		$	173,012		$	196,216
Ratios to average net assets:
Total expenses		0.10	%(e)		0.10	%		0.12	%		0.14	%		0.14	%		0.14	%
Net investment income (loss)		1.18	%(e)		1.24	%		1.13	%		1.16	%		1.48	%		1.75	%
Portfolio turnover rate (f)		12	%		33	%		27	%		32	%		32	%		35	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

364

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Long Term Treasury ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	79.66		$	68.55		$	66.31		$	64.34		$	72.05		$	56.22
Income (loss) from investment operations:
Net investment income (loss) (a)		0.86			1.80			1.87			1.86			1.75			1.92
Net realized and unrealized gain (loss) (b)		(10.37	)		11.05			2.23			1.91			(7.70	)		15.76
Total from investment operations		(9.51	)		12.85			4.10			3.77			(5.95	)		17.68
Net equalization credits and charges (a)		0.01			0.07			0.04			0.04			(0.01	)		0.14
Other capital (a)		0.00	(c)		—			0.00	(c)		—			—			—
Distributions to shareholders from:
Net investment income		(1.01	)		(1.81	)		(1.90	)		(1.84	)		(1.75	)		(1.99	)
Net asset value, end of period	$	69.15		$	79.66		$	68.55		$	66.31		$	64.34		$	72.05
Total return (d)		(12.02	)%		19.14	%		6.21	%		6.16	%		(8.44	)%		32.03	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	345,754		$	446,122		$	164,531		$	86,209		$	57,908		$	64,844
Ratios to average net assets:
Total expenses		0.10	%(e)		0.10	%		0.11	%		0.14	%		0.14	%		0.14	%
Net investment income (loss)		2.24	%(e)		2.46	%		2.60	%		2.95	%		2.49	%		2.85	%
Portfolio turnover rate (f)		6	%		22	%		18	%		24	%		20	%		22	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

365

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Short Term Corporate Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	30.76		$	30.58		$	30.76		$	30.53		$	30.37		$	30.44
Income (loss) from investment operations:
Net investment income (loss) (a)		0.25			0.48			0.39			0.36			0.40			0.49
Net realized and unrealized gain (loss) (b)		(0.24	)		0.17			(0.16	)		0.29			0.17			(0.06	)
Total from investment operations		0.01			0.65			0.23			0.65			0.57			0.43
Net equalization credits and charges (a)		(0.00	)(c)		0.00	(c)		0.00	(c)		0.00	(c)		0.02			0.02
Other capital (a)		0.00	(c)		—			0.00	(c)		0.00	(c)		0.01			0.04
Distributions to shareholders from:
Net investment income		(0.30	)		(0.47	)		(0.38	)		(0.36	)		(0.41	)		(0.50	)
Net realized gains		—			—			(0.03	)		(0.06	)		(0.03	)		(0.06	)
Total distributions		(0.30	)		(0.47	)		(0.41	)		(0.42	)		(0.44	)		(0.56	)
Net asset value, end of period	$	30.47		$	30.76		$	30.58		$	30.76		$	30.53		$	30.37
Total return (d)		0.03	%		2.17	%		0.74	%		2.14	%		1.99	%		1.63	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	3,519,810		$	3,965,398		$	3,962,876		$	3,448,186		$	2,940,064		$	1,105,432
Ratios to average net assets:
Total expenses		0.12	%(e)		0.12	%		0.12	%		0.13	%		0.13	%		0.13	%
Net expenses		0.12	%(e)		0.12	%		0.12	%		0.13	%		0.13	%		0.13	%
Net investment income (loss)		1.65	%(e)		1.56	%		1.27	%		1.18	%		1.30	%		1.61	%
Portfolio turnover rate (f)		27	%		56	%		46	%		43	%		46	%		50	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

366

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	34.73		$	33.90		$	34.34		$	33.53		$	33.89		$	33.03
Income (loss) from investment operations:
Net investment income (loss) (a)		0.45			0.91			0.89			0.92			1.00			1.12
Net realized and unrealized gain (loss) (b)		(0.79	)		0.81			(0.45	)		0.89			(0.31	)		0.92
Total from investment operations		(0.34	)		1.72			0.44			1.81			0.69			2.04
Net equalization credits and charges (a)		0.01			0.02			0.02			0.00	(c)		0.02			0.02
Other capital (a)		0.00	(c)		(0.00	)(c)		0.00	(c)		0.00	(c)		0.02			0.02
Distributions to shareholders from:
Net investment income		(0.53	)		(0.91	)		(0.90	)		(0.92	)		(1.02	)		(1.12	)
Net realized gains		—			(0.00	)(c)		—			(0.08	)		(0.07	)		(0.10	)
Total distributions		(0.53	)		(0.91	)		(0.90	)		(1.00	)		(1.09	)		(1.22	)
Net asset value, end of period	$	33.87		$	34.73		$	33.90		$	34.34		$	33.53		$	33.89
Total return (d)		(0.97	)%		5.23	%		1.34	%		5.47	%		2.10	%		6.41	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,713,686		$	1,343,962		$	752,581		$	456,714		$	399,041		$	281,288
Ratios to average net assets:
Total expenses.		0.12	%(e)		0.12	%		0.14	%		0.15	%		0.15	%		0.15	%
Net investment income (loss)		2.58	%(e)		2.70	%		2.61	%		2.72	%		2.89	%		3.34	%
Portfolio turnover rate (f)		13	%		26	%		13	%		13	%		16	%		15	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

367

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Long Term Corporate Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	41.92		$	38.38		$	40.46		$	37.41		$	39.92		$	35.55
Income (loss) from investment operations:
Net investment income (loss) (a)		0.85			1.77			1.75			1.79			1.81			1.92
Net realized and unrealized gain (loss) (b)		(1.97	)		3.60			(2.21	)		2.96			(2.60	)		4.10
Total from investment operations		(1.12	)		5.37			(0.46	)		4.75			(0.79	)		6.02
Net equalization credits and charges (a)		0.01			(0.07	)		0.05			0.04			0.01			0.07
Other capital (a)		0.00	(c)		0.01			0.08			0.06			0.22			0.20
Distributions to shareholders from:
Net investment income		(1.00	)		(1.77	)		(1.75	)		(1.80	)		(1.82	)		(1.92	)
Net realized gains		—			—			—			—			(0.13	)		—
Total distributions		(1.00	)		(1.77	)		(1.75	)		(1.80	)		(1.95	)		(1.92	)
Net asset value, end of period	$	39.81		$	41.92		$	38.38		$	40.46		$	37.41		$	39.92
Total return (d)		(2.70	)%		14.31	%		(0.96	)%		13.44	%		(1.74	)%		18.04	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	195,052		$	150,896		$	337,777		$	161,829		$	97,258		$	87,834
Ratios to average net assets:
Total expenses		0.12	%(e)		0.12	%		0.14	%		0.15	%		0.15	%		0.15	%
Net investment income (loss)		4.09	%(e)		4.58	%		4.29	%		4.69	%		4.42	%		4.97	%
Portfolio turnover rate (f)		12	%		14	%		10	%		8	%		24	%		21	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

368

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	32.57		$	31.53		$	32.28		$	31.22		$	32.02		$	30.52
Income (loss) from investment operations:
Net investment income (loss) (a)		0.49			0.97			0.96			1.08			1.08			1.11
Net realized and unrealized gain (loss) (b)		(0.95	)		1.04			(0.88	)		1.11			(0.81	)		1.40
Total from investment operations		(0.46	)		2.01			0.08			2.19			0.27			2.51
Net equalization credits and charges (a)		0.01			0.00	(c)		0.01			(0.00	)(c)		0.03			0.01
Other capital (a)		0.00	(c)		0.00	(c)		0.14			0.03			0.08			0.09
Distributions to shareholders from:
Net investment income		(0.57	)		(0.97	)		(0.98	)		(1.08	)		(1.08	)		(1.11	)
Net realized gains		—			—			—			(0.08	)		(0.10	)		—
Total distributions		(0.57	)		(0.97	)		(0.98	)		(1.16	)		(1.18	)		(1.11	)
Net asset value, end of period	$	31.55		$	32.57		$	31.53		$	32.28		$	31.22		$	32.02
Total return (d)		(1.43	)%		6.56	%		0.67	%		7.28	%		1.11	%		8.72	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	31,547		$	26,060		$	25,220		$	32,285		$	34,340		$	22,417
Ratios to average net assets:
Total expenses		0.16	%(e)		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Net investment income (loss)		3.00	%(e)		3.09	%		2.98	%		3.42	%		3.34	%		3.53	%
Portfolio turnover rate (f)		24	%		20	%		8	%		22	%		11	%		17	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

369

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Convertible Securities ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	43.78		$	47.44		$	50.30		$	42.54		$	37.67		$	41.55
Income (loss) from investment operations:
Net investment income (loss) (a)		0.52			0.82			0.37			(0.00	)		(0.19	)		0.37
Net realized and unrealized gain (loss) (b)		2.65			(1.38	)		0.22			9.20			6.39			(2.45	)
Total from investment operations		3.17			(0.56	)		0.59			9.20			6.20			(2.08	)
Net equalization credits and charges (a)		0.01			0.34			(0.05	)		0.14			0.31			(0.00	)(c)
Other capital (a)		0.02			0.00	(c)		0.01			0.01			0.00	(c)		0.01
Distributions to shareholders from:
Net investment income		(1.48	)		(2.32	)		(2.12	)		(1.59	)		(1.64	)		(1.29	)
Net realized gains		—			(1.12	)		(1.29	)		—			—			(0.52	)
Total distributions		(1.48	)		(3.44	)		(3.41	)		(1.59	)		(1.64	)		(1.81	)
Net asset value, end of period	$	45.50		$	43.78		$	47.44		$	50.30		$	42.54		$	37.67
Total return (d)		7.33	%		(0.13	)%		1.27	%		22.35	%		17.57	%		(4.89	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	3,116,474		$	2,197,606		$	3,045,439		$	2,862,353		$	1,225,259		$	783,580
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income (loss)		2.25	%(e)		1.84	%		0.75	%		0.00	%		(0.47	)%		0.98	%
Portfolio turnover rate (f)		14	%		30	%		38	%		40	%		34	%		17	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

370

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Mortgage Backed Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	27.18		$	26.93		$	27.41		$	26.61		$	27.68		$	27.35
Income (loss) from investment operations:
Net investment income (loss) (a)		0.38			0.82			0.79			0.53			0.11			0.41
Net realized and unrealized gain (loss) (b)		(0.86	)		0.23			(0.22	)		0.69			(0.62	)		0.85
Total from investment operations		(0.48	)		1.05			0.57			1.22			(0.51	)		1.26
Net equalization credits and charges (a)		0.03			0.02			(0.01	)		0.01			(0.00	)(c)		0.00	(c)
Other capital (a)		0.01			0.01			0.00	(c)		0.02			0.02			0.02
Distributions to shareholders from:
Net investment income		(0.45	)		(0.79	)		(0.77	)		(0.44	)		(0.13	)		(0.43	)
Net realized gains		—			—			(0.27	)		(0.01	)		(0.45	)		(0.52	)
Return of capital		—			(0.04	)		—			—			—			—
Total distributions		(0.45	)		(0.83	)		(1.04	)		(0.45	)		(0.58	)		(0.95	)
Net asset value, end of period	$	26.29		$	27.18		$	26.93		$	27.41		$	26.61		$	27.68
Total return (d)		(1.63	)%		4.08	%		2.03	%		4.75	%		(1.80	)%		4.82	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	318,126		$	225,585		$	150,787		$	126,085		$	23,951		$	38,746
Ratios to average net assets:
Total expenses		0.20	%(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net expenses		0.18	%(e)		0.16	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss)		2.79	%(e)		3.05	%		2.88	%		1.96	%		0.40	%		1.47	%
Portfolio turnover rate (f)		227	%		356	%		221	%		379	%		544	%		1,489	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

371

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Aggregate Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	59.37		$	57.49		$	57.90		$	56.76		$	58.57		$	56.40
Income (loss) from investment operations:
Net investment income (loss) (a)		0.75			1.50			1.44			1.34			0.97			1.26
Net realized and unrealized gain (loss) (b)		(2.27	)		1.85			(0.45	)		1.08			(1.52	)		2.68
Total from investment operations		(1.52	)		3.35			0.99			2.42			(0.55	)		3.94
Net equalization credits and charges (a)		(0.01	)		0.02			0.02			0.01			0.00	(c)		0.04
Other capital (a)		0.00	(c)		0.01			0.01			0.02			0.01			0.05
Distributions to shareholders from:
Net investment income		(0.88	)		(1.50	)		(1.43	)		(1.31	)		(0.96	)		(1.35	)
Net realized gains		—			—			—			—			(0.31	)		(0.51	)
Total distributions		(0.88	)		(1.50	)		(1.43	)		(1.31	)		(1.27	)		(1.86	)
Net asset value, end of period	$	56.96		$	59.37		$	57.49		$	57.90		$	56.76		$	58.57
Total return (d)		(2.60	)%		5.97	%		1.77	%		4.38	%		(0.95	)%		7.29	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,219,005		$	1,377,335		$	988,792		$	735,309		$	669,829		$	597,435
Ratios to average net assets:
Total expenses.		0.08	%(e)		0.08	%		0.14	%		0.19	%		0.19	%		0.19	%
Net expenses		0.08	%(e)		0.07	%		0.11	%		0.13	%		0.13	%		0.13	%
Net investment income (loss)		2.55	%(e)		2.58	%		2.48	%		2.35	%		1.65	%		2.17	%
Portfolio turnover rate (f)		24	%		105	%		69	%		91	%		165	%		428	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

372

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Nuveen Bloomberg Barclays Municipal Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			Year Ended 6/30/12(a)
Net asset value, beginning of period	$	50.59		$	47.52		$	47.44		$	46.04		$	48.32		$	45.50
Income (loss) from investment operations:
Net investment income (loss) (b)		0.51			1.09			1.14			1.18			1.30			1.48
Net realized and unrealized gain (loss) (c)		(2.96	)		3.11			0.06			1.68			(1.74	)		2.96
Total from investment operations		(2.45	)		4.20			1.20			2.86			(0.44	)		4.44
Net equalization credits and charges (b)		0.01			0.02			0.02			(0.00	)(d)		0.00	(d)		0.02
Other capital (b)		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)		0.02			0.00	(d)
Distributions to shareholders from:
Net investment income		(0.60	)		(1.10	)		(1.14	)		(1.18	)		(1.30	)		(1.50	)
Net realized gains		(0.09	)		(0.05	)		—			(0.28	)		(0.56	)		(0.14	)
Total distributions		(0.69	)		(1.15	)		(1.14	)		(1.46	)		(1.86	)		(1.64	)
Net asset value, end of period	$	47.46		$	50.59		$	47.52		$	47.44		$	46.04		$	48.32
Total return (e)		(4.88	)%		9.02	%		2.56	%		6.41	%		(1.01	)%		9.95	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,076,304		$	1,950,478		$	1,304,277		$	1,034,219		$	1,084,129		$	1,135,596
Ratios to average net assets:
Total expenses		0.30	%(f)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net expenses		0.23	%(f)		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Net investment income (loss)		2.05	%(f)		2.23	%		2.37	%		2.58	%		2.69	%		3.14	%
Portfolio turnover rate (g)		13	%		21	%		20	%		28	%		18	%		17	%

(a) On March 15, 2016, the SPDR Nuveen Bloomberg Barclays Municipal Bond ETF underwent a 1-for-2 reverse share split. The per share activity presented here has been retroactively adjusted to reflect this split. See Note 13.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

373

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			Year Ended 6/30/12(a)
Net asset value, beginning of period	$	49.07		$	48.50		$	48.72		$	48.06		$	48.78		$	48.40
Income (loss) from investment operations:
Net investment income (loss) (b)		0.23			0.46			0.44			0.46			0.52			0.66
Net realized and unrealized gain (loss) (c)		(1.12	)		0.57			(0.22	)		0.66			(0.60	)		0.46
Total from investment operations		(0.89	)		1.03			0.22			1.12			(0.08	)		1.12
Net equalization credits and charges (b)		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)
Other capital (b)		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)		0.00	(d)
Distributions to shareholders from:
Net investment income		(0.27	)		(0.46	)		(0.44	)		(0.46	)		(0.54	)		(0.66	)
Net realized gains		(0.02	)		—			(0.00	)(d)		—			(0.10	)		(0.08	)
Total distributions		(0.29	)		(0.46	)		(0.44	)		(0.46	)		(0.64	)		(0.74	)
Net asset value, end of period	$	47.89		$	49.07		$	48.50		$	48.72		$	48.06		$	48.78
Total return (e)		(1.82	)%		2.13	%		0.46	%		2.31	%		(0.20	)%		2.36	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	3,369,034		$	2,966,297		$	2,609,387		$	2,219,335		$	1,927,465		$	1,539,304
Ratios to average net assets:
Total expenses		0.20	%(f)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss)		0.93	%(f)		0.94	%		0.91	%		0.93	%		1.07	%		1.34	%
Portfolio turnover rate (g)		16	%		23	%		23	%		17	%		20	%		23	%

(a) On March 15, 2016, the SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF underwent a 1-for-2 reverse share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 13.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

374

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Nuveen S&P High Yield Municipal Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	59.80		$	56.21		$	56.28		$	54.67		$	56.05		$	52.25
Income (loss) from investment operations:
Net investment income (loss) (a)		1.13			2.56			2.62			2.72			2.81			3.12
Net realized and unrealized gain (loss) (b)		(3.75	)		3.53			(0.17	)		1.47			(1.49	)		3.70
Total from investment operations		(2.62	)		6.09			2.45			4.19			1.32			6.82
Net equalization credits and charges (a)		0.01			0.04			0.03			0.05			0.07			0.10
Other capital (a)		0.02			0.01			0.01			0.01			0.01			0.01
Distributions to shareholders from:
Net investment income		(1.25	)		(2.55	)		(2.56	)		(2.64	)		(2.70	)		(3.01	)
Net realized gains		—			—			—			—			(0.08	)		(0.12	)
Total distributions		(1.25	)		(2.55	)		(2.56	)		(2.64	)		(2.78	)		(3.13	)
Net asset value, end of period	$	55.96		$	59.80		$	56.21		$	56.28		$	54.67		$	56.05
Total return (c)		(4.44	)%		11.23	%		4.47	%		8.16	%		2.33	%		13.71	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	537,208		$	490,343		$	382,259		$	275,752		$	218,686		$	95,283
Ratios to average net assets:
Total expenses		0.50	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses		0.45	%(d)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income (loss)		3.81	%(d)		4.48	%		4.58	%		5.08	%		4.84	%		5.78	%
Portfolio turnover rate (e)		6	%		23	%		38	%		21	%		7	%		24	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

375

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Citi International Government Inflation-Protected Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	55.13		$	54.61		$	62.28		$	57.56		$	59.24		$	61.86
Income (loss) from investment operations:
Net investment income (loss) (a)		0.75			1.39			1.36			1.99			1.86			2.56
Net realized and unrealized gain (loss) (b)		(2.68	)		(0.37	)		(8.43	)		4.20			(1.44	)		(3.10	)
Total from investment operations		(1.93	)		1.02			(7.07	)		6.19			0.42			(0.54	)
Other capital (a)		0.04			0.08			0.10			0.05			0.10			0.05
Distributions to shareholders from:
Net investment income		—			(0.05	)		(0.43	)		(1.49	)		(1.62	)		(2.13	)
Net realized gains		(0.66	)		(0.53	)		(0.27	)		(0.03	)		—			—
Return of capital		—			—			—			—			(0.58	)		—
Total distributions		(0.66	)		(0.58	)		(0.70	)		(1.52	)		(2.20	)		(2.13	)
Net asset value, end of period	$	52.58		$	55.13		$	54.61		$	62.28		$	57.56		$	59.24
Total return (c)		(3.43	)%		2.12	%		(11.25	)%		10.97	%		0.67	%		(0.69	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	499,574		$	617,443		$	769,996		$	959,208		$	1,162,731		$	1,273,764
Ratios to average net assets:
Total expenses		0.50	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		2.72	%(d)		2.63	%		2.35	%		3.35	%		3.00	%		4.32	%
Portfolio turnover rate (e)		20	%		52	%		36	%		19	%		43	%		40	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

376

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	31.48		$	30.71		$	36.48		$	34.67		$	35.80		$	39.24
Income (loss) from investment operations:
Net investment income (loss) (a)		0.01			0.17			0.19			0.30			0.40			0.54
Net realized and unrealized gain (loss) (b)		(2.14	)		0.59			(5.91	)		1.53			(1.53	)		(2.73	)
Total from investment operations		(2.13	)		0.76			(5.72	)		1.83			(1.13	)		(2.19	)
Net equalization credits and charges (a)		—			—			(0.01	)		—			—			—
Other capital (a)		0.00	(c)		0.03			0.02			0.01			0.00	(c)		0.01
Distributions to shareholders from:
Net investment income		—			—			(0.01	)		(0.00	)(c)		(0.00	)(c)		(1.26	)
Net realized gains		(0.04	)		(0.02	)		(0.05	)		(0.03	)		—			—
Total distributions		(0.04	)		(0.02	)		(0.06	)		(0.03	)		(0.00	)(c)		(1.26	)
Net asset value, end of period	$	29.31		$	31.48		$	30.71		$	36.48		$	34.67		$	35.80
Total return (d)		(6.77	)%		2.56	%		(15.67	)%		5.32	%		(3.14	)%		(5.59	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	172,904		$	182,560		$	199,591		$	273,606		$	211,479		$	225,523
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.08	%(e)		0.55	%		0.59	%		0.84	%		1.11	%		1.47	%
Portfolio turnover rate (f)		42	%		85	%		83	%		83	%		71	%		116	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

377

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays International Treasury Bond ETF(a)
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	28.60		$	26.08		$	30.34		$	28.15		$	29.57		$	30.92
Income (loss) from investment operations:
Net investment income (loss) (b)		0.21			0.50			0.46			0.60			0.65			0.70
Net realized and unrealized gain (loss) (c)		(2.85	)		2.01			(4.37	)		2.05			(1.47	)		(0.90	)
Total from investment operations		(2.64	)		2.51			(3.91	)		2.65			(0.82	)		(0.20	)
Net equalization credits and charges (b)		—			—			(0.02	)		—			—			—
Other capital (b)		0.00	(d)		0.01			0.01			0.01			0.01			0.02
Distributions to shareholders from:
Net investment income		—			—			(0.18	)		(0.46	)		(0.61	)		(1.17	)
Net realized gains		—			—			(0.16	)		(0.01	)		—			—
Total distributions		—			—			(0.34	)		(0.47	)		(0.61	)		(1.17	)
Net asset value, end of period	$	25.96		$	28.60		$	26.08		$	30.34		$	28.15		$	29.57
Total return (e)		(9.21	)%		9.67	%		(13.01	)%		9.52	%		(2.86	)%		(0.58	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,464,261		$	1,675,762		$	1,449,792		$	2,426,951		$	1,891,366		$	1,862,925
Ratios to average net assets:
Total expenses		0.50	%(f)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		1.48	%(f)		1.86	%		1.62	%		2.05	%		2.16	%		2.32	%
Portfolio turnover rate (g)		15	%		24	%		19	%		40	%		31	%		38	%

(a) On September 29, 2016, the SPDR Bloomberg Barclays International Treasury Bond ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 9.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

378

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays International Corporate Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	32.44		$	31.34		$	37.68		$	34.17		$	32.34		$	34.81
Income (loss) from investment operations:
Net investment income (loss) (a)		0.24			0.57			0.49			0.64			0.77			0.97
Net realized and unrealized gain (loss) (b)		(1.91	)		0.53			(6.50	)		3.44			1.43			(2.85	)
Total from investment operations		(1.67	)		1.10			(6.01	)		4.08			2.20			(1.88	)
Other capital (a)		0.00	(c)		(0.00	)(c)		0.01			0.05			0.09			0.08
Contribution from custodian		—			—			—			—			0.02			—
Distributions to shareholders from:
Net investment income		—			(0.00	)(c)		(0.33	)		(0.60	)		(0.46	)		(0.67	)
Net realized gains		(0.00	)(c)		—			(0.01	)		(0.02	)		(0.02	)		—
Total distributions		(0.00	)(c)		(0.00	)(c)		(0.34	)		(0.62	)		(0.48	)		(0.67	)
Net asset value, end of period	$	30.77		$	32.44		$	31.34		$	37.68		$	34.17		$	32.34
Total return (e)		(5.15	)%		3.54	%		(16.02	)%		12.32	%		7.18	%(d)		(5.17	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	132,318		$	139,508		$	191,155		$	316,502		$	184,513		$	71,144
Ratios to average net assets:
Total expenses		0.50	%(f)		0.50	%		0.54	%		0.55	%		0.55	%		0.55	%
Net investment income (loss)		1.37	%(f)		1.80	%		1.43	%		1.77	%		2.24	%		2.95	%
Portfolio turnover rate (g)		7	%		19	%		28	%		23	%		37	%		42	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) If the custodian had not made a contribution during the Year Ended 6/30/13, the total return would have been 7.13%.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

379

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	27.74		$	27.08		$	31.25		$	29.74		$	30.79		$	31.74
Income (loss) from investment operations:
Net investment income (loss) (a)		0.69			1.47			1.43			1.51			1.57			1.57
Net realized and unrealized gain (loss) (b)		(1.88	)		(0.90	)		(5.64	)		0.47			(1.13	)		(2.55	)
Total from investment operations		(1.19	)		0.57			(4.21	)		1.98			0.44			(0.98	)
Other capital (a)		0.04			0.09			0.04			0.09			0.14			0.57
Distributions to shareholders from:
Net investment income		—			—			—			(0.56	)		(1.54	)		(0.54	)
Net realized gains		—			—			—			—			(0.01	)		—
Return of capital		—			—			—			—			(0.08	)		—
Total distributions		—			—			—			(0.56	)		(1.63	)		(0.54	)
Net asset value, end of period	$	26.59		$	27.74		$	27.08		$	31.25		$	29.74		$	30.79
Total return (c)		(4.16	)%		2.44	%		(13.35	)%		6.77	%		1.97	%		(1.30	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	116,989		$	205,272		$	97,487		$	100,014		$	107,055		$	197,030
Ratios to average net assets:
Total expenses		0.50	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses		0.50	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		4.91	%(d)		5.67	%		4.94	%		5.06	%		4.93	%		5.13	%
Portfolio turnover rate (e)		32	%		44	%		35	%		69	%		75	%		18	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

380

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays High Yield Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	35.28		$	38.34		$	41.63		$	39.53		$	39.16		$	39.88
Income (loss) from investment operations:
Net investment income (loss) (a)		1.10			2.22			2.26			2.38			2.59			2.85
Net realized and unrealized gain (loss) (b)		1.28			(3.10	)		(3.31	)		2.11			0.38			(0.53	)
Total from investment operations		2.38			(0.88	)		(1.05	)		4.49			2.97			2.32
Net equalization credits and charges (a)		0.00	(c)		0.03			0.01			0.00	(c)		(0.01	)		0.06
Other capital (a)		0.00	(c)		0.01			0.01			0.00	(c)		0.03			0.03
Distributions to shareholders from:
Net investment income		(1.29	)		(2.22	)		(2.26	)		(2.39	)		(2.62	)		(2.87	)
Net realized gains		—			—			—			(0.00	)(c)		—			(0.26	)
Total distributions		(1.29	)		(2.22	)		(2.26	)		(2.39	)		(2.62	)		(3.13	)
Net asset value, end of period	$	36.37		$	35.28		$	38.34		$	41.63		$	39.53		$	39.16
Total return (d)		6.82	%		(1.99	)%		(2.50	)%		11.72	%		7.70	%		6.50	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	12,040,333		$	11,238,281		$	9,797,126		$	9,762,390		$	9,300,031		$	10,780,535
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income (loss)		6.06	%(e)		6.32	%		5.71	%		5.86	%		6.41	%		7.38	%
Portfolio turnover rate (f)		22	%		59	%		34	%		30	%		49	%		38	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

381

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Short Term High Yield Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			For the Period 3/14/12* - 6/30/12
Net asset value, beginning of period	$	26.80		$	28.82		$	30.86		$	30.05		$	29.77		$	30.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.82			1.51			1.51			1.59			1.75			0.56
Net realized and unrealized gain (loss) (b)		0.94			(2.02	)		(2.04	)		0.75			0.23			(0.60	)
Total from investment operations		1.76			(0.51	)		(0.53	)		2.34			1.98			(0.04	)
Net equalization credits and charges (a)		0.01			(0.01	)		0.00	(c)		0.07			0.14			0.09
Other capital (a)		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)		0.04			0.08
Distributions to shareholders from:
Net investment income		(0.95	)		(1.50	)		(1.51	)		(1.58	)		(1.88	)		(0.36	)
Net realized gains		—			—			—			(0.02	)		—			—
Total distributions		(0.95	)		(1.50	)		(1.51	)		(1.60	)		(1.88	)		(0.36	)
Net asset value, end of period	$	27.62		$	26.80		$	28.82		$	30.86		$	30.05		$	29.77
Total return (d)		6.67	%		(1.61	)%		(1.72	)%		8.21	%		7.40	%		0.44	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	3,722,589		$	3,138,527		$	4,237,219		$	4,341,352		$	1,349,305		$	133,966
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%(e)
Net investment income (loss)		5.96	%(e)		5.66	%		5.13	%		5.17	%		5.75	%		6.40	%(e)
Portfolio turnover rate (f)		24	%		39	%		39	%		44	%		54	%		16	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

382

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Investment Grade Floating Rate ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			For the Period 11/30/11* - 6/30/12
Net asset value, beginning of period	$	30.48		$	30.55		$	30.63		$	30.47		$	30.33		$	30.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.18			0.25			0.17			0.16			0.33			0.30
Net realized and unrealized gain (loss) (b)		0.10			(0.10	)		(0.08	)		0.14			0.13			0.28
Total from investment operations		0.28			0.15			0.09			0.30			0.46			0.58
Net equalization credits and charges (a)		0.00	(c)		0.00	(c)		0.00	(c)		0.01			0.02			0.01
Other capital (a)		0.00	(c)		0.02			0.00	(c)		0.01			0.05			—
Distributions to shareholders from:
Net investment income		(0.21	)		(0.24	)		(0.17	)		(0.16	)		(0.39	)		(0.26	)
Net realized gains		—			—			(0.00	)(c)		(0.00	)(c)		(0.00	)(c)		—
Total distributions		(0.21	)		(0.24	)		(0.17	)		(0.16	)		(0.39	)		(0.26	)
Net asset value, end of period	$	30.55		$	30.48		$	30.55		$	30.63		$	30.47		$	30.33
Total return (d)		0.92	%		0.55	%		0.29	%		1.06	%		1.77	%		1.95	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	739,397		$	563,854		$	387,936		$	385,915		$	42,655		$	9,098
Ratios to average net assets:
Total expenses		0.15	%(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%(e)
Net investment income (loss)		1.17	%(e)		0.83	%		0.56	%		0.51	%		1.08	%		1.68	%(e)
Portfolio turnover rate (f)		13	%		28	%		21	%		12	%		11	%		5	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

383

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR BofA Merrill Lynch Crossover Corporate Bond ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			For the Period 6/18/12* - 6/30/12
Net asset value, beginning of period	$	25.93		$	25.68		$	26.58		$	25.30		$	25.24		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.56			1.07			1.02			1.03			1.05			0.05
Net realized and unrealized gain (loss) (b)		0.02			0.28			(0.97	)		1.35			(0.16	)		0.19
Total from investment operations		0.58			1.35			0.05			2.38			0.89			0.24
Net equalization credits and charges (a)		—			(0.01	)		(0.02	)		—			0.06			—
Other capital (a)		—			0.00	(c)		0.07			0.02			0.11			—
Distributions to shareholders from:
Net investment income		(0.65	)		(1.09	)		(0.98	)		(1.03	)		(1.00	)		—
Net realized gains		—			—			(0.02	)		(0.09	)		—			—
Total distributions		(0.65	)		(1.09	)		(1.00	)		(1.12	)		(1.00	)		—
Net asset value, end of period	$	25.86		$	25.93		$	25.68		$	26.58		$	25.30		$	25.24
Total return (d)		2.28	%		5.39	%		0.42	%		9.76	%		4.11	%		0.95	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	36,209		$	36,296		$	43,664		$	29,235		$	22,770		$	10,095
Ratios to average net assets:
Total expenses		0.40	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%(e)
Net expenses		0.30	%(e)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%(e)
Net investment income (loss)		4.23	%(e)		4.27	%		3.88	%		4.00	%		4.01	%		3.64	%(e)
Portfolio turnover rate (f)		10	%		36	%		16	%		18	%		20	%		1	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

384

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dorsey Wright Fixed Income Allocation ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 6/2/16* - 6/30/16
Net asset value, beginning of period	$	25.71		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.43			0.05
Net realized and unrealized gain (loss) (b)		(1.46	)		0.56
Total from investment operations		(1.03	)		0.61
Net equalization credits and charges (a)		0.03			0.10
Other capital (a)		0.15			—
Distributions to shareholders from:
Net investment income		(0.55	)		—
Net asset value, end of period	$	24.31		$	25.71
Total return (c)		(3.38	)%		2.85	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	12,154		$	15,428
Ratios to average net assets:
Total expenses		0.60	%(d)		0.60	%(d)
Net expenses		0.25	%(d)		0.21	%(d)
Net investment income (loss)		3.40	%(d)		2.23	%(d)
Portfolio turnover rate (e)		104	%		3	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

385

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2016 (Unaudited)

1. Organization

SPDR Series Trust (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.

As of December 31, 2016, the Trust consists of seventy-six (76) series, each of which represents a separate series of beneficial interest in the Trust (each a “Fund,” and collectively, the “Funds”). The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest with $0.01 par value. The financial statements herein relate to the following Funds:

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

SPDR Bloomberg Barclays TIPS ETF

SPDR Bloomberg Barclays 0-5 Year TIPS ETF

SPDR Bloomberg Barclays 1-10 Year TIPS ETF

SPDR Bloomberg Barclays Short Term Treasury ETF

SPDR Bloomberg Barclays Intermediate Term Treasury ETF

SPDR Bloomberg Barclays Long Term Treasury ETF

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SPDR Bloomberg Barclays Convertible Securities ETF

SPDR Bloomberg Barclays Mortgage Backed Bond ETF

SPDR Bloomberg Barclays Aggregate Bond ETF

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

SPDR Nuveen S&P High Yield Municipal Bond ETF

SPDR Citi International Government Inflation-Protected Bond ETF

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

SPDR Bloomberg Barclays International Treasury Bond ETF

SPDR Bloomberg Barclays International Corporate Bond ETF

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

SPDR Bloomberg Barclays High Yield Bond ETF

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

SPDR Dorsey Wright Fixed Income Allocation ETF

Each Fund is classified as a non-diversified investment company under the 1940 Act.

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 would involve future claims that may be made against the Trust that have not yet occurred.

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 (“U.S. GAAP”) 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. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that each Fund’s listing exchange is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in

386

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees of the Trust (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value per share or unit.

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

• Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated bid prices.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. The rates are obtained from independent pricing services in accordance with the valuation policy and procedures approved by the Board.

• Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event the advisor is unable to obtain an independent, third-party valuation, the agreements will be fair valued.

• Senior loans or other loans are valued at evaluated bid prices supplied by an independent pricing service, if available. Senior loans and other loans for which the Committee determines that there are no reliable valuations available from pricing services or brokers will be initially valued at cost and adjusted for amortization of principal until remeasurement is warranted due to a credit or economic event or other factors affecting the loan.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

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 Funds’ underlying benchmarks. Various inputs are used in determining the value of the Funds’ investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

387

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments according to the fair value hierarchy as of December 31, 2016, is disclosed in each Fund’s respective Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period.

For the period ended December 31, 2016 the SPDR Bloomberg Barclays Convertible Securities ETF had transfers from Level 1 to Level 2 in the amount of $231,191,672. At December 31, 2015 the convertible preferred stocks were valued using exchange closing prices in accordance with Fund’s valuation policy. At December 31, 2016, these investments were valued using alternative valuation procedures under the valuation policy adopted by the Board.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Inflation-indexed public obligations are income-generating instruments whose interest and principal are periodically adjusted for inflation (or deflation). The inflation (deflation) adjustment is applied to the principal of each bond and is accounted for as interest income in the Statements of Operations. Deflation may cause dividends to be suspended. Certain Funds such as SPDR Bloomberg Barclays TIPS ETF, SPDR Bloomberg Barclays 0-5 Year TIPS ETF, SPDR Bloomberg Barclays 1-10 Year TIPS ETF, and SPDR Citi International Government Inflation — Protected Bond ETF may invest exclusively in inflation indexed instruments.

Paydown gains and losses are recorded as an adjustment to interest income.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. 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 within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

388

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Equalization

The Funds in the Trust 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 in Net Assets.

The following Funds utilized equalization during the period ended December 31, 2016:

SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

SPDR Bloomberg Barclays TIPS ETF

SPDR Bloomberg Barclays 0-5 Year TIPS ETF

SPDR Bloomberg Barclays 1-10 Year TIPS ETF

SPDR Bloomberg Barclays Short Term Treasury ETF

SPDR Bloomberg Barclays Intermediate Term Treasury ETF

SPDR Bloomberg Barclays Long Term Treasury ETF

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SPDR Bloomberg Barclays Convertible Securities ETF

SPDR Bloomberg Barclays Mortgage Backed Bond ETF

SPDR Bloomberg Barclays Aggregate Bond ETF

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

SPDR Nuveen S&P High Yield Municipal Bond ETF

SPDR Bloomberg Barclays High Yield Bond ETF

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SPDR Dorsey Wright Fixed Income Allocation ETF

Distributions

Distributions from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities

During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund’s Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Funds identify securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

389

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

Loan Agreements

The SPDR Bloomberg Barclays High Yield Bond ETF, and SPDR Bloomberg Barclays Short Term High Yield Bond ETF invest in Senior Loans. Senior Loans consist generally of obligations of companies and other entities (collectively, “borrowers”) incurred for the purpose of reorganizing the assets and liabilities of a borrower; acquiring another company; taking over control of a company (leveraged buyout); temporary refinancing; or financing internal growth or other general business purposes. Senior Loans are often obligations of borrowers who have incurred a significant percentage of debt compared to their total assets and thus are highly leveraged. The Fund does not treat the banks originating or acting as agents for the lenders, or granting or acting as intermediary in participation interests, in loans held by the Fund as the issuers of such loans.

Mortgage Dollar Rolls

The SPDR Bloomberg Barclays Aggregate Bond ETF and the SPDR Bloomberg Barclays 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 contract 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 SPDR Bloomberg Barclays Aggregate Bond ETF and the SPDR Bloomberg Barclays Mortgage Backed Bond ETF receive compensation as consideration for entering into the commitment to repurchase.

The compensation is paid in the form of a lower price for the security upon its repurchase, or alternatively, a fee. Mortgage dollar rolls may be renewed with a new sale and repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Certain risks may arise upon entering into mortgage dollar rolls from the potential inability of counterparties to meet the terms of their commitments.

Additionally, the value of such securities may change adversely before the SPDR Bloomberg Barclays Aggregate Bond ETF and the SPDR Bloomberg Barclays Mortgage Backed Bond ETF are able to repurchase them. There can be no assurance that the use of the cash received from a mortgage dollar roll will provide a return that exceeds its costs. The use of to-be announced (“TBA”) mortgage dollar rolls may cause the SPDR Bloomberg Barclays Aggregate Bond ETF and the SPDR Bloomberg Barclays Mortgage Backed Bond ETF to experience higher transaction costs.

4. Derivative Financial Instruments

Forward Foreign Currency Exchange Contracts

Certain Funds may engage in forward foreign currency exchange contracts to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuations. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The contract is marked-to-market daily and 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.

Certain risks may arise upon entering into forward foreign currency exchange contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gains on appreciated contracts, if any. Additionally, when utilizing forward foreign currency exchange contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

390

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

For the period ended December 31, 2016, the following Funds entered into forward foreign currency exchange contracts for the strategies listed below:

Funds	Strategies
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF	Gain exposure to foreign currencies or hedge against currency fluctuations
SPDR Bloomberg Barclays International Treasury Bond ETF	Gain exposure to foreign currencies or hedge against currency fluctuations
SPDR Bloomberg Barclays International Corporate Bond ETF	Gain exposure to foreign currencies or hedge against currency fluctuations

Swaps

The Fund may enter into swap agreements, in which the Fund and counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“BL OTC”) or centrally cleared (“centrally cleared swaps”). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation).

A BL OTC swap is a transaction between a fund and dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. For BL OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as credit default swap contracts premiums paid and credit default swap contracts premiums received, respectively, in the Statement of Assets and Liabilities and amortized to realized gain/loss ratably over the term of the BL OTC swap. Payments received or made by the Fund for BL OTC swaps are recorded in the Statement of Operations as realized gains or losses, respectively. When a BL OTC swap is terminated, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid.

A centrally cleared OTC swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty (“CCP”), with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin if any, are designated on the Schedule of Investments and cash deposited is segregated and recorded on the Statement of Assets and Liabilities as due from broker. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Statement of Operations. For both bi-lateral and centrally cleared OTC swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination.

Risks associated with Derivatives

Derivative financial instruments involve to varying degrees, elements of credit, market and/or interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Derivative transactions can create investment leverage and may be highly volatile. Use of derivatives other than for hedging purposes may be considered speculative. When the Fund invests in a derivative instrument, the future exposure is potentially unlimited. The value of a derivative instrument will depend on the ability and the willingness of the Fund’s derivative counterparty to perform its obligations under the transaction. A liquid secondary market may not always exist for the Fund’s derivative positions at any time and may impact the Fund’s ability to establish fair market value of a derivative transaction and close out derivative positions. Although the use of derivatives is intended to

391

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

complement the Fund’s performance, it may instead reduce returns and increase volatility. The measurement of the risks associated with derivative instruments is meaningful only when all related and offsetting transactions are considered. The Fund must set aside liquid assets or engage in other appropriate measures to cover its obligations under these derivative instruments.

Certain derivatives, including forward foreign currency contracts and some swap contracts, as applicable, are entered into over the counter (“OTC”) under the terms and conditions of an ISDA Master Agreement, which are separately negotiated with each counterparty. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged or received by the Fund, if any, is noted in the Schedules of Investments. Notional principal amounts are one component used to calculate the amount of exposure to the underlying instrument, but is not the amount delivered under the contract. Accordingly, credit risk is limited to any amounts receivable from the counterparty. To reduce credit risk from potential counterparty default, the Fund enters into swap contracts with counterparties whose creditworthiness has been approved by the Trustees. The Fund bears the market risk arising from any change in index or security values or interest rates.

The following tables summarize the value of the Funds’ derivative instruments as of December 31, 2016, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

	Asset Derivatives
	Interest Rate Contracts Risk		Foreign Currency Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
Forward Foreign Currency Exchange Contracts (a)	$	—	$	5,021	$	—	$	—	$	—	$	5,021
SPDR Bloomberg Barclays International Treasury Bond ETF
Forward Foreign Currency Exchange Contracts (a)		—		28,485		—		—		—		28,485
SPDR Bloomberg Barclays International Corporate Bond ETF
Forward Foreign Currency Exchange Contracts (a)		—		1,893		—		—		—		1,893

(a) Unrealized appreciation on forward foreign currency exchange contracts.

392

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

	Liability Derivatives
	Interest Rate Contracts Risk		Foreign Currency Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR Bloomberg Barclays International Corporate Bond ETF
Forward Foreign Currency Exchange Contracts (a)	$	—	$	29,409	$	—	$	—	$	—	$	29,409

(a) Unrealized depreciation on forward foreign currency exchange contracts.

	Net Realized Gain (Loss)
	Interest Rate Contracts Risk		Foreign Currency Contracts Risk			Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR Citi International Government Inflation-Protected Bond ETF
Forward Foreign Currency Exchange Contracts (a)	$	—	$	(136,206	)	$	—	$	—	$	—	$	(136,206	)
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
Forward Foreign Currency Exchange Contracts (a)		—		227,886			—		—		—		227,886
SPDR Bloomberg Barclays International Treasury Bond ETF
Forward Foreign Currency Exchange Contracts (a)		—		1,194,126			—		—		—		1,194,126
SPDR Bloomberg Barclays High Yield Bond ETF
Swap Contracts (b)		—		—			70,794		—		—		70,794
SPDR Bloomberg Barclays International Corporate Bond ETF
Forward Foreign Currency Exchange Contracts (a)		—		(20,062	)		—		—		—		(20,062	)
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
Forward Foreign Currency Exchange Contracts (a)		—		(30,161	)		—		—		—		(30,161	)

(a) Net realized gain (loss) on forward foreign currency exchange contracts.

(b) Net realized gain (loss) on swap contracts.

	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk		Foreign Currency Contracts Risk			Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
Forward Foreign Currency Exchange Contracts (a)	$	—	$	(175,459	)	$	—	$	—	$	—	$	(175,459	)
SPDR Bloomberg Barclays International Treasury Bond ETF
Forward Foreign Currency Exchange Contracts (a)		—		(855,860	)		—		—		—		(855,860	)
SPDR Bloomberg Barclays International Corporate Bond ETF
Forward Foreign Currency Exchange Contracts (a)		—		(10,541	)		—		—		—		(10,541	)

(a) Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

For financial reporting purposes, the Funds do not offset derivative assets or liabilities, including those that may be subject to an enforceable Foreign Exchange Master Agreement that allows for net settlement between counterparties, on

393

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

their Statements of Assets and Liabilities. The following tables set forth the Funds’ net exposure to derivative assets and liabilities available for offset and net of collateral at December 31, 2016:

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

Offsetting of Financial Assets and Derivative Assets
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Assets		Amount Eligible to Offset		Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A	$	5,021	$	—	$	—	$	5,021
SPDR Bloomberg Barclays International Treasury Bond ETF
Offsetting of Financial Assets and Derivative Assets
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Assets		Amount Eligible to Offset		Collateral (Received)/ Pledged		Net Amount
Bank of America, N.A	$	28,485	$	—	$	—	$	28,485

SPDR Bloomberg Barclays International Corporate Bond ETF

Offsetting of Financial Assets and Derivative Assets
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Assets			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
Barclays Capital	$	404		$	—		$	—	$	404
Westpac Banking Corp		1,489			(1,489	)		—		—
	$	1,893		$	(1,489	)	$	—	$	404
Offsetting of Financial Liabilities and Derivative Liabilities
	Forward Foreign Currency Exchange Contracts
Counterparty	Gross Amounts of Liabilities			Amount Eligible to Offset			Collateral (Received)/ Pledged		Net Amount
Westpac Banking Corp	$	(29,409	)	$	1,489		$	—	$	(27,920	)

Amounts presented on the Schedules of Investments and Statements of Assets and Liabilities are not net settlement amounts but gross.

394

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

5. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, 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 Bloomberg Barclays 1-3 Month T-Bill ETF		0.1345	%
SPDR Bloomberg Barclays TIPS ETF		0.1500
SPDR Bloomberg Barclays 0-5 Year TIPS ETF		0.1500
SPDR Bloomberg Barclays 1-10 Year TIPS ETF		0.1500
SPDR Bloomberg Barclays Short Term Treasury ETF		0.1000
SPDR Bloomberg Barclays Intermediate Term Treasury ETF		0.1000
SPDR Bloomberg Barclays Long Term Treasury ETF		0.1000
SPDR Bloomberg Barclays Short Term Corporate Bond ETF		0.1200
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF		0.1200
SPDR Bloomberg Barclays Long Term Corporate Bond ETF		0.1200
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF		0.1600
SPDR Bloomberg Barclays Convertible Securities ETF		0.4000
SPDR Bloomberg Barclays Mortgage Backed Bond ETF		0.2000	(a)
SPDR Bloomberg Barclays Aggregate Bond ETF		0.0800
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF		0.3000	(b)
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF		0.2000
SPDR Nuveen S&P High Yield Municipal Bond ETF		0.5000	(b)
SPDR Citi International Government Inflation-Protected Bond ETF		0.5000
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		0.3500
SPDR Bloomberg Barclays International Treasury Bond ETF		0.5000
SPDR Bloomberg Barclays International Corporate Bond ETF		0.5000
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		0.5000
SPDR Bloomberg Barclays High Yield Bond ETF		0.4000
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		0.4000
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		0.1500
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		0.4000	(b)
SPDR Dorsey Wright Fixed Income Allocation ETF		0.6000

(a) The Adviser has contractually agreed to waive its management fee and/or reimburse expenses in an amount equal to the acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any).

(b) The Adviser has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.23%, 0.45% and 0.30% until October 31, 2017 for the SPDR Nuveen Bloomberg Barclays Municipal Bond ETF, SPDR Nuveen S&P High Yield Municipal Bond ETF, and SPDR BofA Merrill Lynch Crossover Corporate 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 expenses, taxes, interest, the fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

Nuveen Asset Management receives fees from the Advisor for its services as the sub-adviser to the SPDR Nuveen Bloomberg Barclays Municipal Bond ETF, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF, SPDR Nuveen S&P High Yield Municipal Bond ETF from the Adviser.

395

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

Administrator and Sub-Administrator Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

State Street Global Advisors Limited receives fees from the Advisor for its services as the sub-adviser to the SPDR Bloomberg Barclays International Corporate Bond ETF, SPDR Bloomberg Barclays International HighYield Bond ETF and SPDR Bloomberg Barclays Emerging Markets Local Bond ETF.

Distribution Fees

State Street Global Markets, LLC (“SSGM” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust. 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 has determined that no such payments will be made through at least October 31, 2017, and therefore no such payments have been made.

Other Transactions with Affiliates — Securities Lending

State Street Corp., an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated November 28, 2007.

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Government Money Market Portfolio (formerly the State Street Navigator Securities Lending Prime Portfolio), an affiliated money market fund for which SSGA FM serves as investment adviser. See Note 10 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2016, are disclosed in the Schedules of Investments.

Due to Custodian

In certain circumstances, the Funds may have cash overdrafts with the custodian. The Due to custodian amount, if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds.

As of December 31, 2016, the SPDR Citi International Government Inflation-Protected Bond ETF, the SPDR Bloomberg Barclays Short Term International Treasury Bond ETF, the SPDR Bloomberg Barclays International Treasury Bond ETF and the SPDR Bloomberg Barclays Emerging Markets Local Bond ETF had cash overdrafts related to related to foreign currency transactions and expense payments.

6. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

396

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

7. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended December 31, 2016, were as follows:

	U.S. Government Obligations				Other Securities
	Purchases		Sales		Purchases		Sales
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	$	4,921,636,294	$	4,922,603,967	$	—	$	—
SPDR Bloomberg Barclays TIPS ETF		52,685,601		61,061,733		—		—
SPDR Bloomberg Barclays 0-5 Year TIPS ETF		611,861		564,109		—		—
SPDR Bloomberg Barclays 1-10 Year TIPS ETF		4,766,845		4,794,226		—		—
SPDR Bloomberg Barclays Short Term Treasury ETF		49,935,269		24,809,716		—		—
SPDR Bloomberg Barclays Intermediate Term Treasury ETF		58,166,396		57,227,842		—		—
SPDR Bloomberg Barclays Long Term Treasury ETF		31,860,762		30,010,416		—		—
SPDR Bloomberg Barclays Short Term Corporate Bond ETF		47,872,500		80,124,805		1,007,506,357		927,465,027
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF		—		—		234,040,960		200,998,612
SPDR Bloomberg Barclays Long Term Corporate Bond ETF		—		—		20,310,276		20,770,117
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF		—		—		6,694,862		6,453,530
SPDR Bloomberg Barclays Convertible Securities ETF		—		—		664,076,888		365,632,860
SPDR Bloomberg Barclays Mortgage Backed Bond ETF		—		—		759,195,998		658,240,373
SPDR Bloomberg Barclays Aggregate Bond ETF		268,428,127		317,949,387		39,431,134		39,456,658
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF		—		—		297,908,901		253,151,834
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF		—		—		875,820,901		496,515,916
SPDR Nuveen S&P High Yield Municipal Bond ETF		—		—		93,368,819		27,544,386
SPDR Citi International Government Inflation-Protected Bond ETF		—		—		118,178,555		215,799,818
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		—		—		79,416,771		74,261,087
SPDR Bloomberg Barclays International Treasury Bond ETF		—		—		237,237,076		234,230,857
SPDR Bloomberg Barclays International Corporate Bond ETF		—		—		15,442,374		10,478,226
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		—		—		54,602,535		129,742,797
SPDR Bloomberg Barclays High Yield Bond ETF		—		—		2,784,045,052		2,560,275,421
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		—		4,047,656		771,398,023		819,356,664
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		—		—		108,394,180		77,314,712
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—		—		3,504,290		3,717,222
SPDR Dorsey Wright Fixed Income Allocation ETF		—		—		40,427,949		42,598,158

For the period ended December 31, 2016, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	$	477,093,898	$	789,011,678	$	(17,266	)
SPDR Bloomberg Barclays TIPS ETF		137,429,454		22,627,071		1,071,048
SPDR Bloomberg Barclays 0-5 Year TIPS ETF		1,955,314		998,603		10,028
SPDR Bloomberg Barclays 1-10 Year TIPS ETF		37,787,190		1,981,251		40,881
SPDR Bloomberg Barclays Short Term Treasury ETF		60,402,205		33,152,527		21,071
SPDR Bloomberg Barclays Intermediate Term Treasury ETF		144,330,577		54,060,790		507,639
SPDR Bloomberg Barclays Long Term Treasury ETF		241,252,540		271,138,670		(4,499,997	)

397

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR Bloomberg Barclays Short Term Corporate Bond ETF	$	319,672,612	$	741,241,499	$	2,835,548
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF		625,201,482		251,813,514		3,930,032
SPDR Bloomberg Barclays Long Term Corporate Bond ETF		70,433,675		15,349,126		(563,842	)
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF		6,281,303		—		—
SPDR Bloomberg Barclays Convertible Securities ETF		598,725,210		147,234,293		14,705,866
SPDR Bloomberg Barclays Aggregate Bond ETF		66,691,077		124,101,842		2,451,347
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF		441,678,596		256,691,578		8,356,447
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF		107,072,620		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		67,833,873		57,760,962		2,292,321
SPDR Bloomberg Barclays International Treasury Bond ETF		218,239,863		269,119,873		10,188,269
SPDR Bloomberg Barclays International Corporate Bond ETF		37,687,720		40,133,875		(1,839,136	)
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		11,693,913		55,969,229		(1,453,815	)
SPDR Bloomberg Barclays High Yield Bond ETF		5,876,867,394		5,647,162,646		225,477,937
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		1,144,438,980		663,937,745		23,471,860
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		160,408,593		7,832,706		41,184
SPDR Dorsey Wright Fixed Income Allocation ETF		21,628,883		23,897,086		122,407

8. Shareholder Transactions

Each Fund issues and redeems its shares, at net asset value, by each fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash, except for certain funds that invest in TBAs or mortgage backed securities. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes on Net Assets.

9. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. 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. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2016, SSGA FM has analyzed each Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

398

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

As of December 31, 2016, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation			Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	$	1,572,978,835	$	—		$	33,821	$	(33,821	)
SPDR Bloomberg Barclays TIPS ETF		780,710,963		469,845			6,093,551		(5,623,706	)
SPDR Bloomberg Barclays 0-5 Year TIPS ETF		4,907,214		2,678			5,258		(2,580	)
SPDR Bloomberg Barclays 1-10 Year TIPS ETF		58,969,444		3,949			602,226		(598,277	)
SPDR Bloomberg Barclays Short Term Treasury ETF		146,156,016		79			1,700,542		(1,700,463	)
SPDR Bloomberg Barclays Intermediate Term Treasury ETF		533,507,123		—			7,940,382		(7,940,382	)
SPDR Bloomberg Barclays Long Term Treasury ETF		389,580,396		477			41,472,675		(41,472,198	)
SPDR Bloomberg Barclays Short Term Corporate Bond ETF		3,523,980,666		—			15,703,302		(15,703,302	)
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF		1,711,455,478		2,149			16,801,227		(16,799,078	)
SPDR Bloomberg Barclays Long Term Corporate Bond ETF		198,341,486		—			6,837,159		(6,837,159	)
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF		31,773,781		—			434,442		(434,442	)
SPDR Bloomberg Barclays Convertible Securities ETF		3,184,039,202		83,538,893			195,270,216		(111,731,323	)
SPDR Bloomberg Barclays Mortgage Backed Bond ETF		347,742,504		19,200			4,434,145		(4,414,945	)
SPDR Bloomberg Barclays Aggregate Bond ETF		1,245,846,874		20,261			14,707,006		(14,686,745	)
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF		2,085,754,515		(408,750	)		37,980,949		(38,389,699	)
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF		3,350,464,601		(20,959	)		44,161,722		(44,182,681	)
SPDR Nuveen S&P High Yield Municipal Bond ETF		533,927,130		(107,431	)		18,655,392		(18,762,823	)
SPDR Citi International Government Inflation-Protected Bond ETF		510,148,247		5,120,375			32,380,670		(27,260,295	)
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		179,831,326		233,687			8,585,536		(8,351,849	)
SPDR Bloomberg Barclays International Treasury Bond ETF		1,594,200,018		2,130,734			151,698,683		(149,567,949	)
SPDR Bloomberg Barclays International Corporate Bond ETF		145,604,596		29,848			15,330,658		(15,300,810	)
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		124,578,471		369,808			11,283,476		(10,913,668	)
SPDR Bloomberg Barclays High Yield Bond ETF		12,170,569,515		5,961,260			264,963,306		(259,002,046	)
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		3,857,422,666		1,809,308			88,737,878		(86,928,570	)
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		739,088,552		—			102,193		(102,193	)
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		35,376,603		8,308			340,324		(332,016	)
SPDR Dorsey Wright Fixed Income Allocation ETF		12,476,638		—			288,697		(288,697	)

10. Securities Lending

Each Fund may lend securities 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 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 U.S. business day the aggregate market value of securities collateral plus cash collateral 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 on the next business day.

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

399

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

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 the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of December 31, 2016, and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of December 31, 2016:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received		Total Collateral Received
SPDR Bloomberg Barclays Short Term Treasury ETF	$	2,042,482	$	2,080,746	$	—	$	2,080,746
SPDR Bloomberg Barclays Intermediate Term Treasury ETF		6,493,688		6,615,303		—		6,615,303
SPDR Bloomberg Barclays Long Term Treasury ETF		4,781,853		4,878,981		—		4,878,981
SPDR Bloomberg Barclays Short Term Corporate Bond ETF		6,878,738		7,017,213		—		7,017,213
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF		31,766,673		4,598,908		27,764,050		32,362,958
SPDR Bloomberg Barclays Long Term Corporate Bond ETF		2,754,226		114,178		2,687,473		2,801,651
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF		1,024,330		401,508		641,978		1,043,486
SPDR Bloomberg Barclays Convertible Securities ETF		74,709,894		73,936,791		3,080,500		77,017,291
SPDR Bloomberg Barclays Aggregate Bond ETF		13,804,304		5,494,773		8,562,123		14,056,896
SPDR Bloomberg Barclays High Yield Bond ETF		1,008,767,460		245,150,575		784,181,863		1,029,332,438
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		311,105,087		145,046,124		172,159,915		317,206,039
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		6,504,296		2,035,308		4,604,195		6,639,503
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		154,326		157,415		—		157,415

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2016:

SPDR Bloomberg Barclays Short Term Treasury ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
U.S. Treasury Obligations	$	2,080,746	$	—	$	—	$	—	$	2,080,746
Total Borrowings	$	2,080,746	$	—	$	—	$	—	$	2,080,746
Gross amount of recognized liabilities for securities lending transactions									$	2,080,746

400

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR Bloomberg Barclays Intermediate Term Treasury ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
U.S. Treasury Obligations	$	6,615,303	$	—	$	—	$	—	$	6,615,303
Total Borrowings	$	6,615,303	$	—	$	—	$	—	$	6,615,303
Gross amount of recognized liabilities for securities lending transactions									$	6,615,303

SPDR Bloomberg Barclays Long Term Treasury ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
U.S. Treasury Obligations	$	4,878,981	$	—	$	—	$	—	$	4,878,981
Total Borrowings	$	4,878,981	$	—	$	—	$	—	$	4,878,981
Gross amount of recognized liabilities for securities lending transactions									$	4,878,981

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	7,017,213	$	—	$	—	$	—	$	7,017,213
Total Borrowings	$	7,017,213	$	—	$	—	$	—	$	7,017,213
Gross amount of recognized liabilities for securities lending transactions									$	7,017,213

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	4,598,908	$	—	$	—	$	—	$	4,598,908
Total Borrowings	$	4,598,908	$	—	$	—	$	—	$	4,598,908
Gross amount of recognized liabilities for securities lending transactions									$	4,598,908

401

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	114,178	$	—	$	—	$	—	$	114,178
Total Borrowings	$	114,178	$	—	$	—	$	—	$	114,178
Gross amount of recognized liabilities for securities lending transactions									$	114,178

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	401,508	$	—	$	—	$	—	$	401,508
Total Borrowings	$	401,508	$	—	$	—	$	—	$	401,508
Gross amount of recognized liabilities for securities lending transactions									$	401,508

SPDR Bloomberg Barclays Convertible Securities ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Convertible Preferred Stocks	$	20,126,720	$	—	$	—	$	—	$	20,126,720
Corporate Bonds & Notes		53,810,071		—		—		—		53,810,071
Total	$	73,936,791	$	—	$	—	$	—	$	73,936,791
Total Borrowings	$	73,936,791	$	—	$	—	$	—	$	73,936,791
Gross amount of recognized liabilities for securities lending transactions									$	73,936,791

402

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR Bloomberg Barclays Aggregate Bond ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	1,425,996	$	—	$	—	$	—	$	1,425,996
Foreign Government Obligations		—		—		—		—		—
U.S. Government Agency Obligations		1,435,664		—		—		—		1,435,664
U.S. Treasury Obligations		2,633,113		—		—		—		2,633,113
Total	$	5,494,773	$	—	$	—	$	—	$	5,494,773
Total Borrowings	$	5,494,773	$	—	$	—	$	—	$	5,494,773
Gross amount of recognized liabilities for securities lending transactions									$	5,494,773

SPDR Bloomberg Barclays High Yield Bond ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	245,150,575	$	—	$	—	$	—	$	245,150,575
Total Borrowings	$	245,150,575	$	—	$	—	$	—	$	245,150,575
Gross amount of recognized liabilities for securities lending transactions									$	245,150,575

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	28,345	$	—	$	—	$	—	$	28,345
Corporate Bonds & Notes		145,017,779		—		—		—		145,017,779
Total	$	145,046,124	$	—	$	—	$	—	$	145,046,124
Total Borrowings	$	145,046,124	$	—	$	—	$	—	$	145,046,124
Gross amount of recognized liabilities for securities lending transactions									$	145,046,124

403

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	2,035,308	$	—	$	—	$	—	$	2,035,308
Total Borrowings	$	2,035,308	$	—	$	—	$	—	$	2,035,308
Gross amount of recognized liabilities for securities lending transactions									$	2,035,308

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Bonds & Notes	$	157,415	$	—	$	—	$	—	$	157,415
Total Borrowings	$	157,415	$	—	$	—	$	—	$	157,415
Gross amount of recognized liabilities for securities lending transactions									$	157,415

11. Line of Credit

Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $360 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires October 12, 2017, unless extended or renewed. Prior to October 13, 2016, the Participants could borrow up to $360 million at any time outstanding, subject to asset coverage and other limitations as specified in the agreements. The following Funds participate in the credit facility:

SPDR Bloomberg Barclays Short Term Corporate Bond ETF

SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF

SPDR Bloomberg Barclays Long Term Corporate Bond ETF

SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF

SPDR Bloomberg Barclays Convertible Securities ETF

SPDR Bloomberg Barclays Mortgage Backed Bond ETF

SPDR Bloomberg Barclays Aggregate Bond ETF

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

SPDR Nuveen S&P High Yield Municipal Bond ETF

SPDR Citi International Government Inflation-Protected Bond ETF

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF

SPDR Bloomberg Barclays International Treasury Bond ETF

SPDR Bloomberg Barclays International Corporate Bond ETF

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

SPDR Bloomberg Barclays High Yield Bond ETF

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

404

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate. Prior to October 13, 2016, interest was calculated at a rate per annum equal to the sum of the New York Fed Bank Rate plus 1%. The Funds had no outstanding loans during the period ended December 31, 2016.

Interest Expense

The Funds may incur interest expense on cash overdrafts at the custodian or from the use of the line of credit. Interest expense incurred, if any, for the period ended December 31, 2016, is reflected on the Statements of Operations.

12. Risks

Concentration of Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involve risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds’ invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fundinvests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

13. Stock Splits

The Board authorized a 2-for-1 share split for the SPDR Bloomberg Barclays International Treasury Bond ETF effective after the close of trading on September 29, 2016 for shareholders of record on September 26, 2016. The impact of the stock split was to increase the number of shares outstanding by a factor of 2, while decreasing the NAV per share by a factor of 2, resulting in no effect to the net assets of the aforementioned Fund. The financial statements and financial highlights of the aforementioned Fund has been adjusted to reflect the stock splits.

The Board authorized a 1-for-2 reverse stock split for the SPDR Nuveen Barclays Municipal Bond ETF and SPDR Nuveen Barclays Short Term Municipal Bond ETF effective after the close of trading on March 14, 2016, for the shareholders of record on March 15, 2016. The impact of the reverse stock split was to decrease the number of shares outstanding by a factor of two, while increasing the net asset value of shares outstanding by a factor of two, resulting in no effect to the net assets of the Fund. The financial statements and financial highlights for the Funds have been adjusted to reflect the reverse stock split.

14. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

405

SPDR SERIES TRUST

OTHER INFORMATION

December 31, 2016 (Unaudited)

Expense Example

As a shareholder of a Fund, you incur two types of costs (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and to the extent applicable, distribution (12b-1) and or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2016 to December 31, 2016.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return — This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, 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 given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return — This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

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 sales load charges (loads). Therefore, the hypothetical 5% return section of the 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.

				Actual				Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period(a)		Ending Account Value		Expenses Paid During Period(a)
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF		0.14	%	$	1,000.70	$	0.71	$	1,024.50	$	0.71
SPDR Bloomberg Barclays TIPS ETF		0.15			983.40		0.75		1,024.40		0.77
SPDR Bloomberg Barclays 0-5 Year TIPS ETF		0.16			1,000.60		0.81		1,024.40		0.82
SPDR Bloomberg Barclays 1-10 Year TIPS ETF		0.15			990.10		0.75		1,024.40		0.77
SPDR Bloomberg Barclays Short Term Treasury ETF		0.10			985.90		0.50		1,024.70		0.51
SPDR Bloomberg Barclays Intermediate Term Treasury ETF		0.10			974.40		0.50		1,024.70		0.51
SPDR Bloomberg Barclays Long Term Treasury ETF		0.10			879.80		0.47		1,024.70		0.51
SPDR Bloomberg Barclays Short Term Corporate Bond ETF		0.12			1,000.30		0.61		1,024.60		0.61
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF		0.12			990.30		0.60		1,024.60		0.61
SPDR Bloomberg Barclays Long Term Corporate Bond ETF		0.12			973.00		0.60		1,024.60		0.61

406

SPDR SERIES TRUST

OTHER INFORMATION (continued)

December 31, 2016 (Unaudited)

				Actual				Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period(a)		Ending Account Value		Expenses Paid During Period(a)
SPDR Bloomberg Barclays Issuer Scored Corporate Bond ETF		0.16	%	$	985.70	$	0.80	$	1,024.40	$	0.82
SPDR Bloomberg Barclays Convertible Securities ETF		0.40			1,073.30		2.09		1,023.20		2.04
SPDR Bloomberg Barclays Mortgage Backed Bond ETF		0.18			983.70		0.90		1,024.30		0.92
SPDR Bloomberg Barclays Aggregate Bond ETF		0.08			974.00		0.40		1,024.80		0.41
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF		0.23			951.20		1.13		1,024.00		1.17
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF		0.20			981.80		1.00		1,024.20		1.02
SPDR Nuveen S&P High Yield Municipal Bond ETF		0.45			955.60		2.22		1,022.90		2.29
SPDR Citi International Government Inflation-Protected Bond ETF		0.50			965.70		2.48		1,022.70		2.55
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF		0.35			932.30		1.70		1,023.40		1.79
SPDR Bloomberg Barclays International Treasury Bond ETF		0.51			907.90		2.42		1,022.30		2.56
SPDR Bloomberg Barclays International Corporate Bond ETF		0.50			948.50		2.46		1,022.70		2.55
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		0.50			958.40		2.47		1,022.70		2.55
SPDR Bloomberg Barclays High Yield Bond ETF		0.40			1,068.20		2.09		1,023.20		2.04
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		0.40			1,066.70		2.08		1,023.20		2.04
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		0.15			1,009.20		0.76		1,024.40		0.77
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		0.30			1,022.80		1.53		1,023.70		1.53
SPDR Dorsey Wright Fixed Income Allocation ETF		0.25			966.20		1.24		1,023.90		1.28

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the Exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the net asset value of the Fund during the past calendar year can be found at http://www.spdrs.com.

407

SPDR SERIES TRUST

OTHER INFORMATION (continued)

December 31, 2016 (Unaudited)

Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the website of the U.S. Securities and Exchange Commission, at www.sec.gov.

Information regarding how the investment adviser voted for the most recent 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 investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-800-997-7327 (toll free) and on the Funds’ website at www.spdrs.com.

408

SPDR Series Trust

Trustees

Bonny E. Boatman

Dwight D. Churchill

David M. Kelly

Frank Nesvet, Chairman

James E. Ross

Carl G. Verboncoeur

Officers

Ellen M. Needham, President

Bruce S. Rosenberg, Treasurer

Ann Carpenter, Vice President; Deputy Treasurer

Michael P. Riley, Vice President

Chad C. Hallett, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Dan Foley, Assistant Treasurer

Christopher A. Madden, Secretary

Patricia A. Morisette, Assistant Secretary

Brian Harris, Chief Compliance Officer; Anti-Money Laundering Officer; Code of Ethics Compliance Officer

Joshua A. Weinberg, Chief Legal Officer

Investment Manager and Administrator

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, Sub-Administrator and Transfer Agent

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP

111 Pennsylvania Avenue NW

Washington, DC 20006

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, MA 02116

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.

SPDR^® Series Trust – Fixed Income Funds

For more complete information, please call 866.787.2257 or

visit www.spdrs.com today.

ssga.com   |   spdrs.com

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.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Barclays is a trademark of Barclays, the investment banking division of Barclays Bank PLC (“Barclays”) and has been licensed for use in connection with the listing and trading of the SPDR Barclays ETFs. The products are not sponsored by, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of investing in them.

CITI Disclaimer:

“CITI” is a registered trademark and service mark of Citigroup Inc. or its affiliates, and used under license for certain purposes by State Street Global Advisors (“Licensee”). The SPDR Citi International Government Inflation-Protected Bond ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Citigroup Index LLC (“Citigroup Index”) or any of its affiliates (collectively with Citigroup Index, “Citigroup”). Citigroup Index makes no representation or warranty, express or implied, to the owners or prospective owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Citi International Inflation-Linked Securities Select Index or the ability of the Citi International Inflation-Linked Securities Select Index to track general bond market performance. Citigroup Index’s only relationship to State Street Global Advisors is the licensing of certain information, data, trademarks and trade names of Citigroup. The Citi International Inflation-Linked Securities Select Index is determined, composed and calculated by Citigroup Index without regard to Licensee or the Fund. Citigroup Index has no obligation to take the needs of Licensee or the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Citi International Inflation-Linked Securities Select Index. Citigroup Index is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. Citigroup Index has no obligation or liability in connection with the administration, marketing or trading of the Fund.

CITIGROUP INDEX DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF THE CITI INTERNATIONAL INFLATION-LINKED SECURITIES SELECT INDEX OR ANY DATA INCLUDED THEREIN, OR FOR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO, AND CITIGROUP INDEX SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. CITIGROUP INDEX MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OR PROSPECTIVE OWNERS OF SHARES OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE CITI INTERNATIONAL INFLATION-LINKED SECURITIES SELECT INDEX OR ANY DATA INCLUDED THEREIN. CITIGROUP INDEX MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE CITI INTERNATIONAL INFLATION-LINKED SECURITIES SELECT INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL CITIGROUP HAVE ANY LIABILITY FOR ANY DIRECT, SPECIAL, PUNITIVE, INDIRECT, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

BofA Merrill Disclaimer:

Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

Dorsey Wright Disclaimer:

Dorsey Wright & Associates, LLC (collectively with its parent companies and affiliates, “Dorsey Wright”) licenses to State Street Global Advisors (“SSGA”) certain Dorsey Wright trademarks and trade names, and the Dorsey Wright Fixed Income Allocation Index (“Index”), for use by SSGA. Such trademarks, trade names and Index have been created and developed by Dorsey Wright without regard to and independently of SSGA, its business, its development of this Product, and/or any prospective investor. SSGA has arranged with Dorsey Wright to license the Index for possible inclusion in products which SSGA independently develops and promotes. The licensing of any Index to SSGA is not an offer to purchase or sell, or a solicitation or an offer to buy any securities. A determination that any portion of an investor’s portfolio should be devoted to any product developed by SSGA with reference to a Dorsey Wright index is a determination made solely by the investment advisor serving the investor or the investor himself, not Dorsey Wright or SSGA.

Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

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.

SSGA Funds Management has retained Nuveen Asset Management as the sub-adviser for the SPDR Nuveen Bloomberg Barclays Municipal Bond ETF, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF and SPDR Nuveen S&P High Yield Municipal Bond ETF.

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.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

State Street Global Advisors © 2016 State Street Corporation - All Rights Reserved SPDRFISAR

Semi-Annual Report

31 December 2016

SPDR^® Series Trust – Equity Funds

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.

TABLE OF CONTENTS (Unaudited)

Portfolio Statistics
SPDR Russell 3000® ETF (THRK)	1
SPDR Russell 1000® ETF (ONEK)	2
SPDR Russell 2000® ETF (TWOK)	3
SPDR Russell 1000 Yield Focus ETF (ONEY)	4
SPDR Russell 1000 Momentum Focus ETF (ONEO)	5
SPDR Russell 1000 Low Volatility Focus ETF (ONEV)	6
SPDR S&P® 500 Buyback ETF (SPYB)	7
SPDR S&P 500 Growth ETF (SPYG)	8
SPDR S&P 500 Value ETF (SPYV)	9
SPDR S&P 500 High Dividend ETF (SPYD)	10
SPDR S&P 500 Fossil Fuel Reserves Free ETF (formerly, SPDR S&P 500 Fossil Fuel Free ETF) (SPYX)	11
SPDR S&P 1000 ETF (formerly, SPDR Russell Small Cap Completeness® ETF) (SMD)	12
SPDR S&P 400 Mid Cap Growth ETF (MDYG)	13
SPDR S&P 400 Mid Cap Value ETF (MDYV)	14
SPDR S&P 600 Small Cap ETF (SLY)	15
SPDR S&P 600 Small Cap Growth ETF (SLYG)	16
SPDR S&P 600 Small Cap Value ETF (SLYV)	17
SPDR Global Dow ETF (DGT)	18
SPDR Dow Jones REIT ETF (RWR)	19
SPDR S&P Bank ETF (KBE)	20
SPDR S&P Capital Markets ETF (KCE)	21
SPDR S&P Insurance ETF (KIE)	22
SPDR S&P Regional Banking ETF (KRE)	23
SPDR Morgan Stanley Technology ETF (MTK)	24
SPDR S&P Dividend ETF (SDY)	25
SPDR S&P Aerospace & Defense ETF (XAR)	26
SPDR S&P Biotech ETF (XBI)	27
SPDR S&P Health Care Equipment ETF (XHE)	28
SPDR S&P Health Care Services ETF (XHS)	29
SPDR S&P Homebuilders ETF (XHB)	30
SPDR S&P Internet ETF (XWEB)	31
SPDR S&P Metals & Mining ETF (XME)	32
SPDR S&P Oil & Gas Equipment & Services ETF (XES)	33
SPDR S&P Oil & Gas Exploration & Production ETF (XOP)	34
SPDR S&P Pharmaceuticals ETF (XPH)	35
SPDR S&P Retail ETF (XRT)	36
SPDR S&P Semiconductor ETF (XSD)	37
SPDR S&P Software & Services ETF (XSW)	38
SPDR S&P Technology Hardware ETF (XTH)	39
SPDR S&P Telecom ETF (XTL)	40
SPDR S&P Transportation ETF (XTN)	41

SPDR S&P 1500 Value Tilt ETF (VLU)	42
SPDR S&P 1500 Momentum Tilt ETF (MMTM)	43
SPDR SSGA US Large Cap Low Volatility Index ETF (formerly, SPDR Russell 1000 Low Volatility ETF) (LGLV)	44
SPDR SSGA US Small Cap Low Volatility Index ETF (formerly, SPDR Russell 2000 Low Volatility ETF) (SMLV)	45
SPDR MSCI USA StrategicFactors ETF (QUS)	46
SPDR Wells Fargo® Preferred Stock ETF (PSK)	47
SPDR FactSet Innovative Technology ETF (XITK)	48
SPDR SSGA Gender Diversity Index ETF (SHE)	49
Schedules of Investments
SPDR Russell 3000 ETF (THRK)	50
SPDR Russell 1000 ETF (ONEK)	74
SPDR Russell 2000 ETF (TWOK)	87
SPDR Russell 1000 Yield Focus ETF (ONEY)	107
SPDR Russell 1000 Momentum Focus ETF (ONEO)	113
SPDR Russell 1000 Low Volatility Focus ETF (ONEV)	125
SPDR S&P 500 Buyback ETF (SPYB)	132
SPDR S&P 500 Growth ETF (SPYG)	135
SPDR S&P 500 Value ETF (SPYV)	141
SPDR S&P 500 High Dividend ETF (SPYD)	147
SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX)	150
SPDR S&P 1000 ETF (SMD)	158
SPDR S&P 400 Mid Cap Growth ETF (MDYG)	171
SPDR S&P 400 Mid Cap Value ETF (MDYV)	176
SPDR S&P 600 Small Cap ETF (SLY)	182
SPDR S&P 600 Small Cap Growth ETF (SLYG)	191
SPDR S&P 600 Small Cap Value ETF (SLYV)	198
SPDR Global Dow ETF (DGT)	205
SPDR Dow Jones REIT ETF (RWR)	208
SPDR S&P Bank ETF (KBE)	210
SPDR S&P Capital Markets ETF (KCE)	212
SPDR S&P Insurance ETF (KIE)	214
SPDR S&P Regional Banking ETF (KRE)	216
SPDR Morgan Stanley Technology ETF (MTK)	218
SPDR S&P Dividend ETF (SDY)	220
SPDR S&P Aerospace & Defense ETF (XAR)	224
SPDR S&P Biotech ETF (XBI)	226
SPDR S&P Health Care Equipment ETF (XHE)	228
SPDR S&P Health Care Services ETF (XHS)	230
SPDR S&P Homebuilders ETF (XHB)	232
SPDR S&P Internet ETF (XWEB)	234
SPDR S&P Metals & Mining ETF (XME)	236
SPDR S&P Oil & Gas Equipment & Services ETF (XES)	238

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)	240
SPDR S&P Pharmaceuticals ETF (XPH)	242
SPDR S&P Retail ETF (XRT)	244
SPDR S&P Semiconductor ETF (XSD)	247
SPDR S&P Software & Services ETF (XSW)	249
SPDR S&P Technology Hardware ETF (XTH)	251
SPDR S&P Telecom ETF (XTL)	253
SPDR S&P Transportation ETF (XTN)	255
SPDR S&P 1500 Value Tilt ETF (VLU)	257
SPDR S&P 1500 Momentum Tilt ETF (MMTM)	272
SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV)	287
SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV)	290
SPDR MSCI USA StrategicFactors ETF (QUS)	297
SPDR Wells Fargo Preferred Stock ETF (PSK)	306
SPDR FactSet Innovative Technology ETF (XITK)	309
SPDR SSGA Gender Diversity Index ETF (SHE)	311
Financial Statements	316
Financial Highlights	356
Notes to Financial Statements	405
Other Information	428

The information 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.

SPDR RUSSELL 3000 ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	EXXON MOBIL CORP.	JOHNSON & JOHNSON	JPMORGAN CHASE & CO.
MARKET VALUE	$10,389,054	7,736,306	6,157,266	5,202,308	5,169,202
% OF NET ASSETS	2.7	2.0	1.6	1.4	1.3

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

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2016*

INDUSTRY	% OF NET ASSETS
Banks		6.9	%
Oil, Gas & Consumable Fuels		5.8
Pharmaceuticals		4.3
Software		4.3
Real Estate Investment Trusts (REITs)		4.0
Internet Software & Services		3.8
IT Services		3.7
Semiconductors & Semiconductor Equipment		3.2
Technology Hardware, Storage & Peripherals		3.2
Insurance		3.0
Media		3.0
Biotechnology		2.9
Capital Markets		2.8
Health Care Equipment & Supplies		2.5
Health Care Providers & Services		2.4
Specialty Retail		2.4
Diversified Telecommunication Services		2.3
Industrial Conglomerates		2.2
Aerospace & Defense		2.1
Chemicals		2.1
Hotels, Restaurants & Leisure		2.0
Internet & Catalog Retail		2.0
Machinery		1.9
Electric Utilities		1.8
Food & Staples Retailing		1.8
Beverages		1.7
Food Products		1.6
Household Products		1.5
Diversified Financial Services		1.4
Tobacco		1.4
Energy Equipment & Services		1.2
Communications Equipment		1.1
Multi-Utilities		1.0
Road & Rail		0.9
Consumer Finance		0.8
Air Freight & Logistics		0.7
Airlines		0.7
INDUSTRY	% OF NET ASSETS
Electronic Equipment, Instruments & Components		0.7
Life Sciences Tools & Services		0.7
Textiles, Apparel & Luxury Goods		0.7
Automobiles		0.6
Commercial Services & Supplies		0.6
Building Products		0.5
Containers & Packaging		0.5
Electrical Equipment		0.5
Household Durables		0.5
Metals & Mining		0.5
Multiline Retail		0.5
Professional Services		0.4
Auto Components		0.3
Trading Companies & Distributors		0.3
Construction & Engineering		0.2
Construction Materials		0.2
Diversified Consumer Services		0.2
Gas Utilities		0.2
Personal Products		0.2
Thrifts & Mortgage Finance		0.2
Distributors		0.1
Health Care Technology		0.1
Independent Power Producers & Energy Traders		0.1
Leisure Equipment & Products		0.1
Paper & Forest Products		0.1
Real Estate Management & Development		0.1
Water Utilities		0.1
Wireless Telecommunication Services		0.1
Equity Real Estate Investment Trusts (REITs)		0.0	**
Marine		0.0	**
Mortgage Real Estate Investment		0.0	**
Transportation Infrastructure		0.0	**
Short-Term Investments		0.5
Liabilities in Excess of Other Assets		(0.2	)
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.

1

SPDR RUSSELL 1000 ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	EXXON MOBIL CORP.	JOHNSON & JOHNSON	JPMORGAN CHASE & CO.
MARKET VALUE	$3,391,557	2,513,004	2,010,180	1,690,476	1,683,949
% OF NET ASSETS	2.9	2.2	1.7	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, 2016*

INDUSTRY	% OF NET ASSETS
Banks		6.6	%
Oil, Gas & Consumable Fuels		6.1
Pharmaceuticals		4.5
Software		4.3
Internet Software & Services		3.9
IT Services		3.8
Real Estate Investment Trusts (REITs)		3.6
Technology Hardware, Storage & Peripherals		3.4
Media		3.2
Insurance		3.1
Semiconductors & Semiconductor Equipment		3.1
Capital Markets		2.9
Biotechnology		2.8
Diversified Telecommunication Services		2.5
Health Care Providers & Services		2.5
Health Care Equipment & Supplies		2.4
Specialty Retail		2.4
Industrial Conglomerates		2.3
Aerospace & Defense		2.1
Chemicals		2.1
Internet & Catalog Retail		2.1
Beverages		1.9
Food & Staples Retailing		1.9
Hotels, Restaurants & Leisure		1.9
Electric Utilities		1.8
Food Products		1.7
Machinery		1.7
Household Products		1.6
Diversified Financial Services		1.5
Tobacco		1.5
Energy Equipment & Services		1.2
Communications Equipment		1.1
Multi-Utilities		1.0
Consumer Finance		0.9
Road & Rail		0.9
Air Freight & Logistics		0.7
Airlines		0.7
INDUSTRY	% OF NET ASSETS
Life Sciences Tools & Services		0.7
Textiles, Apparel & Luxury Goods		0.7
Automobiles		0.6
Containers & Packaging		0.5
Electrical Equipment		0.5
Electronic Equipment, Instruments & Components		0.5
Household Durables		0.5
Multiline Retail		0.5
Building Products		0.4
Commercial Services & Supplies		0.4
Metals & Mining		0.4
Auto Components		0.3
Professional Services		0.3
Trading Companies & Distributors		0.3
Construction & Engineering		0.2
Construction Materials		0.2
Personal Products		0.2
Distributors		0.1
Diversified Consumer Services		0.1
Gas Utilities		0.1
Health Care Technology		0.1
Independent Power Producers & Energy Traders		0.1
Leisure Equipment & Products		0.1
Real Estate Management & Development		0.1
Water Utilities		0.1
Wireless Telecommunication Services		0.1
Equity Real Estate Investment Trusts (REITs)		0.0	**
Marine		0.0	**
Mortgage Real Estate Investment		0.0	**
Paper & Forest Products		0.0	**
Thrifts & Mortgage Finance		0.0	**
Transportation Infrastructure		0.0	**
Short-Term Investments		0.2
Liabilities in Excess of Other Assets		(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.

2

SPDR RUSSELL 2000 ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	ADVANCED MICRO DEVICES, INC.	MICROSEMI CORP.	PROSPERITY BANCSHARES, INC.	WEBSTER FINANCIAL CORP.	BANK OF THE OZARKS, INC.
MARKET VALUE	$708,466	533,008	436,853	419,856	394,057
% OF NET ASSETS	0.4	0.3	0.3	0.3	0.2

(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, 2016*

INDUSTRY	% OF NET ASSETS
Banks		11.9	%
Real Estate Investment Trusts (REITs)		8.2
Biotechnology		4.2
Semiconductors & Semiconductor Equipment		3.9
Machinery		3.7
Software		3.6
Health Care Equipment & Supplies		3.1
Hotels, Restaurants & Leisure		3.1
Electronic Equipment, Instruments & Components		2.9
Chemicals		2.5
Commercial Services & Supplies		2.5
Insurance		2.4
Specialty Retail		2.4
Thrifts & Mortgage Finance		2.4
Oil, Gas & Consumable Fuels		2.3
Internet Software & Services		2.2
Health Care Providers & Services		2.1
IT Services		2.0
Communications Equipment		1.8
Aerospace & Defense		1.6
Pharmaceuticals		1.6
Media		1.5
Capital Markets		1.4
Food Products		1.4
Professional Services		1.4
Auto Components		1.3
Household Durables		1.3
Metals & Mining		1.3
Building Products		1.2
Energy Equipment & Services		1.2
Gas Utilities		1.2
Diversified Consumer Services		1.1
Electric Utilities		1.1
Trading Companies & Distributors		1.1
Construction & Engineering		1.0
Textiles, Apparel & Luxury Goods		0.8
Electrical Equipment		0.7
INDUSTRY	% OF NET ASSETS
Air Freight & Logistics		0.6
Consumer Finance		0.6
Diversified Telecommunication Services		0.6
Food & Staples Retailing		0.6
Internet & Catalog Retail		0.6
Life Sciences Tools & Services		0.6
Paper & Forest Products		0.6
Health Care Technology		0.5
Independent Power Producers & Energy Traders		0.5
Multi-Utilities		0.5
Real Estate Management & Development		0.5
Road & Rail		0.5
Technology Hardware, Storage & Peripherals		0.5
Airlines		0.4
Construction Materials		0.3
Household Products		0.3
Personal Products		0.3
Water Utilities		0.3
Beverages		0.2
Containers & Packaging		0.2
Equity Real Estate Investment Trusts (REITs)		0.2
Leisure Equipment & Products		0.2
Multiline Retail		0.2
Tobacco		0.2
Distributors		0.1
Diversified Financial Services		0.1
Marine		0.1
Wireless Telecommunication Services		0.1
Automobiles		0.0	**
Industrial Conglomerates		0.0	**
Short-Term Investments		2.5
Liabilities in Excess of Other Assets		(2.3	)
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 net assets.

3

SPDR RUSSELL 1000 YIELD FOCUS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	WESTERN DIGITAL CORP.	CUMMINS, INC.	SYMANTEC CORP.	LYONDELLBASELL INDUSTRIES NV CLASS A	VALERO ENERGY CORP.
MARKET VALUE	$6,665,555	5,989,836	5,087,638	5,030,054	4,444,626
% OF NET ASSETS	1.8	1.6	1.3	1.3	1.2

(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, 2016*

INDUSTRY	% OF NET ASSETS
Real Estate Investment Trusts (REITs)		9.2	%
Insurance		5.5
Electric Utilities		5.0
Specialty Retail		4.9
Machinery		4.3
Chemicals		4.2
Oil, Gas & Consumable Fuels		3.9
Multi-Utilities		3.7
Multiline Retail		3.5
Hotels, Restaurants & Leisure		3.4
Capital Markets		3.3
Technology Hardware, Storage & Peripherals		3.1
Containers & Packaging		2.9
Energy Equipment & Services		2.9
Semiconductors & Semiconductor Equipment		2.8
IT Services		2.6
Electrical Equipment		2.5
Media		2.5
Metals & Mining		2.3
Food Products		1.9
Household Durables		1.8
Banks		1.6
Software		1.6
Diversified Telecommunication Services		1.5
Electronic Equipment, Instruments & Components		1.5
Health Care Providers & Services		1.4
Trading Companies & Distributors		1.3
Leisure Equipment & Products		1.2
Automobiles		1.1
INDUSTRY	% OF NET ASSETS
Textiles, Apparel & Luxury Goods		1.1
Commercial Services & Supplies		1.0
Communications Equipment		0.9
Distributors		0.9
Air Freight & Logistics		0.8
Professional Services		0.8
Road & Rail		0.8
Independent Power Producers & Energy Traders		0.7
Airlines		0.5
Construction & Engineering		0.5
Diversified Consumer Services		0.5
Health Care Equipment & Supplies		0.5
Food & Staples Retailing		0.4
Gas Utilities		0.4
Auto Components		0.3
Consumer Finance		0.3
Equity Real Estate Investment Trusts (REITs)		0.3
Household Products		0.3
Mortgage Real Estate Investment		0.2
Paper & Forest Products		0.2
Personal Products		0.2
Wireless Telecommunication Services		0.2
Aerospace & Defense		0.1
Building Products		0.1
Internet Software & Services		0.1
Transportation Infrastructure		0.1
Water Utilities		0.1
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

4

SPDR RUSSELL 1000 MOMENTUM FOCUS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	BEST BUY CO., INC.	HP, INC.	SYMANTEC CORP.	SYSCO CORP.	MICHAEL KORS HOLDINGS, LTD.
MARKET VALUE	$4,088,895	4,059,452	2,950,630	2,582,125	2,130,905
% OF NET ASSETS	1.0	1.0	0.7	0.7	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, 2016*

INDUSTRY	% OF NET ASSETS
Insurance		6.0	%
Machinery		5.3
Specialty Retail		5.1
Electric Utilities		3.2
Real Estate Investment Trusts (REITs)		3.2
Semiconductors & Semiconductor Equipment		3.2
Capital Markets		3.1
Chemicals		3.1
Food Products		3.1
Hotels, Restaurants & Leisure		3.1
Health Care Providers & Services		2.9
Software		2.8
IT Services		2.7
Aerospace & Defense		2.4
Multi-Utilities		2.4
Airlines		2.3
Media		2.3
Oil, Gas & Consumable Fuels		2.3
Health Care Equipment & Supplies		2.2
Multiline Retail		2.1
Banks		2.0
Containers & Packaging		2.0
Metals & Mining		2.0
Technology Hardware, Storage & Peripherals		1.9
Road & Rail		1.8
Electronic Equipment, Instruments & Components		1.7
Textiles, Apparel & Luxury Goods		1.7
Household Durables		1.6
Trading Companies & Distributors		1.6
Construction & Engineering		1.5
Energy Equipment & Services		1.5
Communications Equipment		1.3
Food & Staples Retailing		1.3
Auto Components		1.1
Commercial Services & Supplies		0.9
Consumer Finance		0.9
Air Freight & Logistics		0.8
INDUSTRY	% OF NET ASSETS
Building Products		0.8
Distributors		0.8
Electrical Equipment		0.8
Life Sciences Tools & Services		0.8
Automobiles		0.7
Diversified Telecommunication Services		0.7
Leisure Equipment & Products		0.7
Internet Software & Services		0.6
Gas Utilities		0.5
Professional Services		0.5
Household Products		0.4
Independent Power Producers & Energy Traders		0.4
Industrial Conglomerates		0.4
Internet & Catalog Retail		0.4
Personal Products		0.4
Beverages		0.3
Biotechnology		0.3
Construction Materials		0.3
Wireless Telecommunication Services		0.3
Marine		0.2
Pharmaceuticals		0.2
Water Utilities		0.2
Diversified Consumer Services		0.1
Diversified Financial Services		0.1
Equity Real Estate Investment Trusts (REITs)		0.1
Health Care Technology		0.1
Mortgage Real Estate Investment		0.1
Paper & Forest Products		0.1
Real Estate Management & Development		0.1
Tobacco		0.1
Transportation Infrastructure		0.0	**
Short-Term Investment		0.1
Other Assets in Excess of 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.

5

SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	SYMANTEC CORP.	GENUINE PARTS CO.	TARGET CORP.	PROGRESSIVE CORP.	AMDOCS, LTD.
MARKET VALUE	$4,399,797	3,811,091	3,717,967	3,335,331	3,297,591
% OF NET ASSETS	1.1	0.9	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, 2016*

INDUSTRY	% OF NET ASSETS
Insurance		10.2	%
Health Care Providers & Services		5.5
Specialty Retail		5.2
Real Estate Investment Trusts (REITs)		4.7
IT Services		4.4
Machinery		4.4
Electric Utilities		4.1
Capital Markets		3.7
Food Products		3.7
Hotels, Restaurants & Leisure		3.2
Multi-Utilities		3.2
Containers & Packaging		3.0
Multiline Retail		2.6
Chemicals		2.5
Media		2.5
Software		2.5
Aerospace & Defense		2.2
Semiconductors & Semiconductor Equipment		2.2
Health Care Equipment & Supplies		1.8
Life Sciences Tools & Services		1.4
Commercial Services & Supplies		1.3
Distributors		1.3
Electrical Equipment		1.3
Electronic Equipment, Instruments & Components		1.3
Road & Rail		1.3
Trading Companies & Distributors		1.3
Air Freight & Logistics		1.1
Auto Components		1.0
Construction & Engineering		1.0
Consumer Finance		1.0
Household Durables		1.0
Airlines		0.9
Communications Equipment		0.9
Household Products		0.9
Professional Services		0.9
Textiles, Apparel & Luxury Goods		0.9
Food & Staples Retailing		0.8
Banks		0.7
Internet Software & Services		0.7
Metals & Mining		0.7
Beverages		0.6
Diversified Consumer Services		0.6
Leisure Equipment & Products		0.6
Diversified Telecommunication Services		0.5
Gas Utilities		0.5
Automobiles		0.4
Energy Equipment & Services		0.4
Technology Hardware, Storage & Peripherals		0.4
Building Products		0.3
Independent Power Producers & Energy Traders		0.3
Personal Products		0.3
Real Estate Management & Development		0.3
Water Utilities		0.3
Equity Real Estate Investment Trusts (REITs)		0.2
Industrial Conglomerates		0.2
Marine		0.2
Wireless Telecommunication Services		0.2
Mortgage Real Estate Investment		0.1
Paper & Forest Products		0.1
Oil, Gas & Consumable Fuels		0.0	**
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.1
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.

6

SPDR S&P 500 BUYBACK ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	NVIDIA CORP.	GOLDMAN SACHS GROUP, INC.	UNITED RENTALS, INC.	UNITED CONTINENTAL HOLDINGS, INC.	LINCOLN NATIONAL CORP.
MARKET VALUE	$117,307	101,767	101,673	99,335	98,212
% OF NET ASSETS	1.5	1.3	1.3	1.3	1.2

(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, 2016*

INDUSTRY	% OF NET ASSETS
Insurance		10.1	%
Specialty Retail		7.8
Airlines		5.8
Aerospace & Defense		5.1
Hotels, Restaurants & Leisure		4.9
Software		4.7
Consumer Finance		4.6
Semiconductors & Semiconductor Equipment		4.4
Multiline Retail		3.8
Capital Markets		3.5
Media		3.1
Technology Hardware, Storage & Peripherals		3.0
IT Services		2.7
Trading Companies & Distributors		2.3
Communications Equipment		2.2
Air Freight & Logistics		2.0
Electronic Equipment, Instruments & Components		2.0
Food & Staples Retailing		2.0
Biotechnology		1.9
Chemicals		1.9
Commercial Services & Supplies		1.8
Containers & Packaging		1.8
Health Care Equipment & Supplies		1.8
Health Care Providers & Services		1.8
Real Estate Investment Trusts (REITs)		1.7
Textiles, Apparel & Luxury Goods		1.7
Food Products		1.6
Construction Materials		1.2
Oil, Gas & Consumable Fuels		1.2
Automobiles		1.1
Construction & Engineering		1.1
Industrial Conglomerates		1.0
Building Products		0.9
Diversified Consumer Services		0.9
Internet Software & Services		0.9
Beverages		0.8
Personal Products		0.7
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

7

SPDR S&P 500 GROWTH ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	AMAZON.COM, INC.	FACEBOOK, INC. CLASS A	ALPHABET, INC. CLASS A
MARKET VALUE	$40,657,453	31,803,749	19,457,627	17,730,816	15,425,039
% OF NET ASSETS	6.0	4.7	2.9	2.6	2.3

(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, 2016*

INDUSTRY	% OF NET ASSETS
Internet Software & Services		7.5	%
Software		7.5
Technology Hardware, Storage & Peripherals		6.1
IT Services		6.0
Semiconductors & Semiconductor Equipment		5.1
Pharmaceuticals		5.0
Biotechnology		4.6
Media		4.6
Internet & Catalog Retail		4.3
Real Estate Investment Trusts (REITs)		3.9
Specialty Retail		3.8
Aerospace & Defense		2.6
Industrial Conglomerates		2.6
Health Care Providers & Services		2.5
Tobacco		2.5
Health Care Equipment & Supplies		2.4
Oil, Gas & Consumable Fuels		2.3
Hotels, Restaurants & Leisure		2.2
Beverages		2.1
Capital Markets		2.1
Household Products		1.8
Machinery		1.8
Chemicals		1.6
Air Freight & Logistics		1.3
Diversified Telecommunication Services		1.2
Energy Equipment & Services		0.9
Road & Rail		0.9
Insurance		0.8
Banks		0.7
Life Sciences Tools & Services		0.7
Airlines		0.6
Consumer Finance		0.6
Electronic Equipment, Instruments & Components		0.6
Food Products		0.6
Textiles, Apparel & Luxury Goods		0.6
Commercial Services & Supplies		0.5
Communications Equipment		0.4
Electrical Equipment		0.4
Household Durables		0.4
Metals & Mining		0.4
Multi-Utilities		0.4
Multiline Retail		0.4
Professional Services		0.4
Construction Materials		0.3
Electric Utilities		0.3
Trading Companies & Distributors		0.3
Building Products		0.2
Food & Staples Retailing		0.2
Automobiles		0.1
Construction & Engineering		0.1
Containers & Packaging		0.1
Distributors		0.1
Health Care Technology		0.1
Leisure Equipment & Products		0.1
Personal Products		0.1
Water Utilities		0.1
Real Estate Management & Development		0.0	**
Short-Term Investments		0.1
Other Assets in Excess of Liabilities		0.1
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.

8

SPDR S&P 500 VALUE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	EXXON MOBIL CORP.	BERKSHIRE HATHAWAY, INC. CLASS B	JPMORGAN CHASE & CO.	AT&T, INC.	WELLS FARGO & CO.
MARKET VALUE	$11,993,207	9,912,606	9,900,138	8,372,881	7,986,211
% OF NET ASSETS	4.1	3.4	3.4	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, 2016*

INDUSTRY	% OF NET ASSETS
Banks		13.5	%
Oil, Gas & Consumable Fuels		11.0
Pharmaceuticals		5.2
Insurance		5.0
Diversified Telecommunication Services		4.3
Food & Staples Retailing		4.2
Electric Utilities		3.8
Capital Markets		3.6
Diversified Financial Services		3.5
Food Products		2.7
Health Care Providers & Services		2.7
Chemicals		2.6
Health Care Equipment & Supplies		2.5
Industrial Conglomerates		2.5
Beverages		2.0
Household Products		1.9
Aerospace & Defense		1.8
Multi-Utilities		1.8
Communications Equipment		1.7
Real Estate Investment Trusts (REITs)		1.7
Energy Equipment & Services		1.5
Semiconductors & Semiconductor Equipment		1.4
Media		1.3
Consumer Finance		1.2
Automobiles		1.1
Machinery		1.1
Technology Hardware, Storage & Peripherals		1.1
IT Services		1.0
Road & Rail		0.9
Specialty Retail		0.9
Hotels, Restaurants & Leisure		0.8
Software		0.8
Airlines		0.7
Electrical Equipment		0.7
Multiline Retail		0.7
Textiles, Apparel & Luxury Goods		0.7
Tobacco		0.7
Biotechnology		0.6
Containers & Packaging		0.6
Household Durables		0.6
Internet Software & Services		0.6
Building Products		0.5
Life Sciences Tools & Services		0.5
Auto Components		0.4
Distributors		0.2
Electronic Equipment, Instruments & Components		0.2
Metals & Mining		0.2
Air Freight & Logistics		0.1
Commercial Services & Supplies		0.1
Construction & Engineering		0.1
Diversified Consumer Services		0.1
Independent Power Producers & Energy Traders		0.1
Personal Products		0.1
Professional Services		0.1
Real Estate Management & Development		0.1
Internet & Catalog Retail		0.0	**
Leisure Equipment & Products		0.0	**
Short-Term Investments		0.1
Other Assets in Excess of Liabilities		0.1
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.

9

SPDR S&P 500 HIGH DIVIDEND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	PRUDENTIAL FINANCIAL, INC.	VALERO ENERGY CORP.	BEST BUY CO., INC.	WESTERN DIGITAL CORP.	PRINCIPAL FINANCIAL GROUP, INC.
MARKET VALUE	$1,581,400	1,576,962	1,528,482	1,493,065	1,491,284
% OF NET ASSETS	1.7	1.7	1.6	1.6	1.6

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

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2016*

INDUSTRY	% OF NET ASSETS
Real Estate Investment Trusts (REITs)		11.7	%
Oil, Gas & Consumable Fuels		10.0
Electric Utilities		7.7
Multi-Utilities		5.9
Chemicals		5.5
Specialty Retail		5.1
Insurance		4.8
Technology Hardware, Storage & Peripherals		4.4
Machinery		4.3
Multiline Retail		4.2
Diversified Telecommunication Services		4.1
Containers & Packaging		2.9
Capital Markets		2.7
Electrical Equipment		2.5
Automobiles		2.4
Pharmaceuticals		2.3
Tobacco		2.3
Banks		1.5
Energy Equipment & Services		1.5
Consumer Finance		1.4
Household Durables		1.3
Semiconductors & Semiconductor Equipment		1.3
Biotechnology		1.2
Communications Equipment		1.2
Diversified Consumer Services		1.2
IT Services		1.2
Independent Power Producers & Energy Traders		1.1
Commercial Services & Supplies		1.0
Leisure Equipment & Products		1.0
Textiles, Apparel & Luxury Goods		1.0
Media		0.9
Short-Term Investment		0.2
Other Assets in Excess of Liabilities		0.2
TOTAL		100.0	%

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

10

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	JOHNSON & JOHNSON	JPMORGAN CHASE & CO.	BERKSHIRE HATHAWAY, INC. CLASS B
MARKET VALUE	$3,821,133	2,985,703	1,934,491	1,910,633	1,910,615
% OF NET ASSETS	3.4	2.7	1.7	1.7	1.7

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

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2016*

INDUSTRY	% OF NET ASSETS
Banks		7.1	%
Pharmaceuticals		5.4
Software		4.6
Internet Software & Services		4.5
Technology Hardware, Storage & Peripherals		4.0
IT Services		3.9
Semiconductors & Semiconductor Equipment		3.5
Media		3.2
Capital Markets		3.0
Insurance		3.0
Biotechnology		2.9
Real Estate Investment Trusts (REITs)		2.9
Diversified Telecommunication Services		2.8
Health Care Providers & Services		2.8
Industrial Conglomerates		2.7
Health Care Equipment & Supplies		2.6
Specialty Retail		2.6
Aerospace & Defense		2.4
Internet & Catalog Retail		2.4
Beverages		2.2
Chemicals		2.2
Food & Staples Retailing		2.2
Household Products		1.9
Tobacco		1.8
Diversified Financial Services		1.7
Electric Utilities		1.7
Food Products		1.7
Hotels, Restaurants & Leisure		1.7
Machinery		1.6
Energy Equipment & Services		1.3
Communications Equipment		1.1
Multi-Utilities		1.1
Oil, Gas & Consumable Fuels		1.1
INDUSTRY	% OF NET ASSETS
Road & Rail		1.0
Consumer Finance		0.9
Air Freight & Logistics		0.8
Airlines		0.7
Textiles, Apparel & Luxury Goods		0.7
Automobiles		0.6
Electrical Equipment		0.6
Life Sciences Tools & Services		0.6
Multiline Retail		0.6
Household Durables		0.5
Electronic Equipment, Instruments & Components		0.4
Building Products		0.3
Commercial Services & Supplies		0.3
Containers & Packaging		0.3
Professional Services		0.3
Auto Components		0.2
Construction Materials		0.2
Metals & Mining		0.2
Trading Companies & Distributors		0.2
Construction & Engineering		0.1
Distributors		0.1
Health Care Technology		0.1
Independent Power Producers & Energy Traders		0.1
Leisure Equipment & Products		0.1
Personal Products		0.1
Real Estate Management & Development		0.1
Water Utilities		0.1
Diversified Consumer Services		0.0	**
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.1
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.

11

SPDR S&P 1000 ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016 (UNAUDITED)

DESCRIPTION	IDEXX LABORATORIES, INC.	WHITEWAVE FOODS CO.	DUKE REALTY CORP.	ALLEGHANY CORP.	INGREDION, INC.
MARKET VALUE	$674,772	627,668	601,212	600,214	578,690
% OF NET ASSETS	0.5	0.4	0.4	0.4	0.4

(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, 2016*

INDUSTRY	% OF NET ASSETS
Banks		8.4	%
Real Estate Investment Trusts (REITs)		8.4
Machinery		5.0
Insurance		4.5
Electronic Equipment, Instruments & Components		4.1
Health Care Equipment & Supplies		3.9
Software		3.8
IT Services		3.3
Capital Markets		3.0
Chemicals		3.0
Semiconductors & Semiconductor Equipment		3.0
Hotels, Restaurants & Leisure		2.7
Specialty Retail		2.7
Food Products		2.6
Health Care Providers & Services		2.2
Commercial Services & Supplies		2.1
Oil, Gas & Consumable Fuels		2.1
Aerospace & Defense		1.9
Metals & Mining		1.9
Gas Utilities		1.8
Energy Equipment & Services		1.7
Household Durables		1.6
Communications Equipment		1.5
Electric Utilities		1.5
Building Products		1.2
Containers & Packaging		1.2
Media		1.1
Construction & Engineering		1.0
Professional Services		1.0
Road & Rail		1.0
Thrifts & Mortgage Finance		1.0
Auto Components		0.9
Textiles, Apparel & Luxury Goods		0.9
Life Sciences Tools & Services		0.8
Multi-Utilities		0.8
Pharmaceuticals		0.8
Biotechnology		0.7
Electrical Equipment		0.7
Internet Software & Services		0.7
Trading Companies & Distributors		0.7
Airlines		0.6
Diversified Consumer Services		0.6
Food & Staples Retailing		0.6
Leisure Equipment & Products		0.6
Paper & Forest Products		0.6
Consumer Finance		0.5
Technology Hardware, Storage & Peripherals		0.5
Health Care Technology		0.4
Real Estate Management & Development		0.4
Water Utilities		0.4
Construction Materials		0.3
Distributors		0.3
Diversified Telecommunication Services		0.3
Equity Real Estate Investment Trusts (REITs)		0.3
Industrial Conglomerates		0.3
Multiline Retail		0.3
Personal Products		0.3
Air Freight & Logistics		0.2
Automobiles		0.2
Household Products		0.2
Internet & Catalog Retail		0.2
Marine		0.2
Beverages		0.1
Tobacco		0.1
Wireless Telecommunication Services		0.1
Short-Term Investments		1.0
Liabilities in Excess of Other Assets		(0.8	)
TOTAL		100.0	%

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

12

SPDR S&P 400 MID CAP GROWTH ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	IDEXX LABORATORIES, INC.	WHITEWAVE FOODS CO.	DUKE REALTY CORP.	CDK GLOBAL, INC.	SYNOPSYS, INC.
MARKET VALUE	$5,765,462	5,401,874	5,164,061	4,889,626	4,880,436
% OF NET ASSETS	1.2	1.1	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, 2016*

INDUSTRY	% OF NET ASSETS
Real Estate Investment Trusts (REITs)		11.6	%
Software		6.9
Banks		6.3
Machinery		6.2
Health Care Equipment & Supplies		5.2
IT Services		5.2
Hotels, Restaurants & Leisure		4.8
Semiconductors & Semiconductor Equipment		4.3
Capital Markets		4.1
Electronic Equipment, Instruments & Components		3.3
Food Products		3.0
Chemicals		2.4
Aerospace & Defense		2.3
Health Care Providers & Services		2.2
Metals & Mining		1.9
Commercial Services & Supplies		1.7
Road & Rail		1.7
Building Products		1.5
Containers & Packaging		1.5
Communications Equipment		1.4
Insurance		1.3
Media		1.3
Oil, Gas & Consumable Fuels		1.3
Textiles, Apparel & Luxury Goods		1.3
Household Durables		1.1
Life Sciences Tools & Services		1.1
Specialty Retail		1.1
Gas Utilities		1.0
Multi-Utilities		0.9
INDUSTRY	% OF NET ASSETS
Trading Companies & Distributors		0.9
Construction & Engineering		0.8
Electrical Equipment		0.8
Industrial Conglomerates		0.8
Auto Components		0.7
Internet Software & Services		0.7
Technology Hardware, Storage & Peripherals		0.7
Automobiles		0.6
Construction Materials		0.6
Diversified Consumer Services		0.6
Electric Utilities		0.6
Pharmaceuticals		0.6
Biotechnology		0.5
Consumer Finance		0.5
Distributors		0.5
Leisure Equipment & Products		0.4
Thrifts & Mortgage Finance		0.4
Energy Equipment & Services		0.3
Water Utilities		0.3
Household Products		0.2
Beverages		0.1
Food & Staples Retailing		0.1
Professional Services		0.1
Real Estate Management & Development		0.1
Short-Term Investments		0.8
Liabilities in Excess of Other Assets		(0.6	)
TOTAL		100.0	%

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

13

SPDR S&P 400 MID CAP VALUE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	ALLEGHANY CORP.	EVEREST RE GROUP, LTD.	REINSURANCE GROUP OF AMERICA, INC.	UGI CORP.	NEW YORK COMMUNITY BANCORP, INC.
MARKET VALUE	$4,548,738	4,290,563	3,915,326	3,867,126	3,759,581
% OF NET ASSETS	1.2	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, 2016*

INDUSTRY	% OF NET ASSETS
Insurance		9.6	%
Banks		8.4
Real Estate Investment Trusts (REITs)		7.3
Electronic Equipment, Instruments & Components		4.9
Oil, Gas & Consumable Fuels		3.6
Machinery		3.5
Electric Utilities		3.4
Gas Utilities		3.4
Chemicals		3.3
Specialty Retail		3.2
Capital Markets		3.1
Food Products		3.1
Energy Equipment & Services		3.0
IT Services		2.5
Metals & Mining		2.5
Health Care Equipment & Supplies		2.3
Aerospace & Defense		2.0
Containers & Packaging		2.0
Household Durables		2.0
Communications Equipment		1.7
Construction & Engineering		1.7
Health Care Providers & Services		1.4
Media		1.3
Semiconductors & Semiconductor Equipment		1.3
Software		1.2
Food & Staples Retailing		1.1
Leisure Equipment & Products		1.1
Multi-Utilities		1.1
Professional Services		1.1
Airlines		1.0
INDUSTRY	% OF NET ASSETS
Thrifts & Mortgage Finance		1.0
Commercial Services & Supplies		0.9
Equity Real Estate Investment Trusts (REITs)		0.9
Diversified Consumer Services		0.8
Personal Products		0.8
Electrical Equipment		0.7
Life Sciences Tools & Services		0.7
Paper & Forest Products		0.7
Real Estate Management & Development		0.7
Trading Companies & Distributors		0.7
Multiline Retail		0.6
Marine		0.5
Road & Rail		0.5
Auto Components		0.4
Pharmaceuticals		0.4
Wireless Telecommunication Services		0.4
Health Care Technology		0.3
Hotels, Restaurants & Leisure		0.3
Technology Hardware, Storage & Peripherals		0.3
Textiles, Apparel & Luxury Goods		0.3
Water Utilities		0.3
Biotechnology		0.2
Beverages		0.1
Household Products		0.1
Internet & Catalog Retail		0.1
Internet Software & Services		0.1
Short-Term Investments		0.8
Liabilities in Excess of Other Assets		(0.7	)
TOTAL		100.0	%

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

14

SPDR S&P 600 SMALL CAP ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TAKE-TWO INTERACTIVE SOFTWARE, INC.	US SILICA HOLDINGS, INC.	PDC ENERGY, INC.	CHEMOURS CO.	TEXAS CAPITAL BANCSHARES, INC.
MARKET VALUE	$3,755,060	3,573,787	3,560,412	3,535,836	3,381,157
% OF NET ASSETS	0.6	0.6	0.6	0.6	0.5

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

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2016*

INDUSTRY	% OF NET ASSETS
Banks		10.8	%
Real Estate Investment Trusts (REITs)		5.7
Machinery		5.0
Electronic Equipment, Instruments & Components		4.1
Health Care Equipment & Supplies		4.1
Specialty Retail		4.0
Commercial Services & Supplies		3.7
Chemicals		3.4
Semiconductors & Semiconductor Equipment		3.2
Health Care Providers & Services		3.1
Insurance		3.1
Hotels, Restaurants & Leisure		2.8
Software		2.8
Building Products		2.0
Energy Equipment & Services		2.0
Professional Services		1.9
IT Services		1.8
Auto Components		1.7
Household Durables		1.7
Thrifts & Mortgage Finance		1.7
Capital Markets		1.6
Food Products		1.6
Pharmaceuticals		1.6
Oil, Gas & Consumable Fuels		1.5
Aerospace & Defense		1.4
Communications Equipment		1.4
Internet Software & Services		1.4
Metals & Mining		1.4
Biotechnology		1.3
Paper & Forest Products		1.2
Textiles, Apparel & Luxury Goods		1.2
Airlines		1.0
Consumer Finance		1.0
Diversified Telecommunication Services		1.0
INDUSTRY	% OF NET ASSETS
Gas Utilities		1.0
Health Care Technology		1.0
Road & Rail		0.8
Air Freight & Logistics		0.7
Electric Utilities		0.7
Media		0.7
Electrical Equipment		0.6
Trading Companies & Distributors		0.6
Diversified Consumer Services		0.5
Food & Staples Retailing		0.5
Technology Hardware, Storage & Peripherals		0.5
Water Utilities		0.5
Construction & Engineering		0.4
Construction Materials		0.4
Household Products		0.4
Leisure Equipment & Products		0.4
Life Sciences Tools & Services		0.4
Multi-Utilities		0.4
Distributors		0.3
Internet & Catalog Retail		0.3
Multiline Retail		0.3
Real Estate Management & Development		0.3
Marine		0.2
Tobacco		0.2
Automobiles		0.1
Equity Real Estate Investment Trusts (REITs)		0.1
Industrial Conglomerates		0.1
Personal Products		0.1
Wireless Telecommunication Services		0.1
Containers & Packaging		0.0	**
Short-Term Investments		1.3
Liabilities in Excess of Other Assets		(1.1	)
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.

15

SPDR S&P 600 SMALL CAP GROWTH ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TAKE-TWO INTERACTIVE SOFTWARE, INC.	US SILICA HOLDINGS, INC.	HOME BANCSHARES, INC.	COHERENT, INC.	MKS INSTRUMENTS, INC.
MARKET VALUE	$12,228,258	11,651,594	9,848,492	9,682,483	9,136,849
% OF NET ASSETS	1.1	1.1	0.9	0.9	0.8

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

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2016*

INDUSTRY	% OF NET ASSETS
Banks		12.9	%
Real Estate Investment Trusts (REITs)		7.0
Health Care Equipment & Supplies		5.8
Software		4.9
Semiconductors & Semiconductor Equipment		4.8
Machinery		4.6
Commercial Services & Supplies		3.9
Electronic Equipment, Instruments & Components		3.7
Chemicals		3.6
Building Products		3.3
Hotels, Restaurants & Leisure		3.3
Health Care Providers & Services		2.5
Internet Software & Services		2.2
Specialty Retail		2.2
Biotechnology		2.0
Thrifts & Mortgage Finance		2.0
Professional Services		1.9
Pharmaceuticals		1.7
Energy Equipment & Services		1.6
Health Care Technology		1.6
Auto Components		1.5
Household Durables		1.5
Airlines		1.4
Capital Markets		1.4
Food Products		1.3
IT Services		1.3
Oil, Gas & Consumable Fuels		1.3
Diversified Telecommunication Services		1.2
Communications Equipment		1.1
Aerospace & Defense		1.0
Road & Rail		1.0
INDUSTRY	% OF NET ASSETS
Insurance		0.8
Metals & Mining		0.8
Gas Utilities		0.7
Construction Materials		0.6
Household Products		0.6
Water Utilities		0.6
Diversified Consumer Services		0.5
Life Sciences Tools & Services		0.5
Textiles, Apparel & Luxury Goods		0.5
Electrical Equipment		0.4
Food & Staples Retailing		0.4
Internet & Catalog Retail		0.4
Multiline Retail		0.4
Paper & Forest Products		0.4
Technology Hardware, Storage & Peripherals		0.4
Trading Companies & Distributors		0.4
Air Freight & Logistics		0.3
Leisure Equipment & Products		0.3
Automobiles		0.2
Construction & Engineering		0.2
Media		0.2
Personal Products		0.2
Real Estate Management & Development		0.2
Consumer Finance		0.1
Equity Real Estate Investment Trusts (REITs)		0.1
Industrial Conglomerates		0.1
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(1.3	)
TOTAL		100.0	%

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

16

SPDR S&P 600 SMALL CAP VALUE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	WINTRUST FINANCIAL CORP.	ALLETE, INC.	CACI INTERNATIONAL, INC. CLASS A	PROASSURANCE CORP.	SPIRE, INC.
MARKET VALUE	$9,788,459	8,270,240	7,893,050	7,769,313	7,676,286
% OF NET ASSETS	1.1	0.9	0.9	0.9	0.8

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

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2016*

INDUSTRY	% OF NET ASSETS
Banks		8.5	%
Specialty Retail		6.1
Insurance		5.7
Machinery		5.4
Electronic Equipment, Instruments & Components		4.6
Real Estate Investment Trusts (REITs)		4.4
Health Care Providers & Services		3.8
Commercial Services & Supplies		3.6
Chemicals		3.2
Energy Equipment & Services		2.5
IT Services		2.4
Hotels, Restaurants & Leisure		2.3
Health Care Equipment & Supplies		2.2
Paper & Forest Products		2.1
Metals & Mining		2.0
Textiles, Apparel & Luxury Goods		2.0
Auto Components		1.9
Consumer Finance		1.9
Food Products		1.9
Aerospace & Defense		1.8
Capital Markets		1.8
Household Durables		1.8
Professional Services		1.8
Communications Equipment		1.7
Oil, Gas & Consumable Fuels		1.7
Electric Utilities		1.5
Thrifts & Mortgage Finance		1.5
Pharmaceuticals		1.4
Gas Utilities		1.3
Media		1.3
Semiconductors & Semiconductor Equipment		1.3
Air Freight & Logistics		1.1
Trading Companies & Distributors		0.9
Diversified Telecommunication Services		0.8
INDUSTRY	% OF NET ASSETS
Electrical Equipment		0.8
Food & Staples Retailing		0.7
Multi-Utilities		0.7
Technology Hardware, Storage & Peripherals		0.7
Building Products		0.6
Construction & Engineering		0.6
Distributors		0.6
Road & Rail		0.6
Software		0.6
Airlines		0.5
Biotechnology		0.5
Diversified Consumer Services		0.5
Internet Software & Services		0.5
Leisure Equipment & Products		0.5
Real Estate Management & Development		0.5
Marine		0.4
Tobacco		0.4
Life Sciences Tools & Services		0.3
Health Care Technology		0.2
Household Products		0.2
Internet & Catalog Retail		0.2
Multiline Retail		0.2
Water Utilities		0.2
Construction Materials		0.1
Containers & Packaging		0.1
Equity Real Estate Investment Trusts (REITs)		0.1
Industrial Conglomerates		0.1
Personal Products		0.1
Wireless Telecommunication Services		0.1
Short-Term Investments		1.2
Liabilities in Excess of Other Assets		(1.0	)
TOTAL		100.0	%

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

17

SPDR GLOBAL DOW ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	GOLDMAN SACHS GROUP, INC.	BANK OF AMERICA CORP.	SOUTHWEST AIRLINES CO.	SOCIETE GENERALE SA	JPMORGAN CHASE & CO.
MARKET VALUE	$733,914	725,543	694,720	681,582	669,006
% OF NET ASSETS	0.9	0.9	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, 2016*

INDUSTRY	% OF NET ASSETS
Banks		10.9	%
Oil, Gas & Consumable Fuels		8.6
Pharmaceuticals		4.8
Chemicals		4.0
Metals & Mining		3.8
Capital Markets		3.7
Insurance		3.4
Food & Staples Retailing		3.2
Wireless Telecommunication Services		3.1
Aerospace & Defense		2.8
Industrial Conglomerates		2.8
Media		2.8
Technology Hardware, Storage & Peripherals		2.7
Internet Software & Services		2.4
Hotels, Restaurants & Leisure		2.2
Machinery		2.1
Diversified Telecommunication Services		2.0
Semiconductors & Semiconductor Equipment		2.0
Automobiles		1.9
IT Services		1.9
Electric Utilities		1.8
Health Care Equipment & Supplies		1.7
Multi-Utilities		1.5
Air Freight & Logistics		1.4
INDUSTRY	% OF NET ASSETS
Health Care Providers & Services		1.4
Food Products		1.3
Internet & Catalog Retail		1.3
Software		1.3
Textiles, Apparel & Luxury Goods		1.3
Trading Companies & Distributors		1.3
Biotechnology		1.2
Household Durables		1.2
Household Products		1.2
Beverages		1.1
Communications Equipment		1.1
Electrical Equipment		1.1
Airlines		0.9
Auto Components		0.7
Building Products		0.7
Consumer Finance		0.7
Diversified Financial Services		0.7
Energy Equipment & Services		0.7
Road & Rail		0.7
Specialty Retail		0.7
Construction & Engineering		0.6
Tobacco		0.6
Real Estate Investment Trusts (REITs)		0.5
Short-Term Investments		0.0	**
Other Assets in Excess of Liabilities		0.2
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.

18

SPDR DOW JONES REIT ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	SIMON PROPERTY GROUP, INC. REIT	PUBLIC STORAGE REIT	PROLOGIS, INC. REIT	AVALONBAY COMMUNITIES, INC. REIT	WELLTOWER, INC. REIT
MARKET VALUE	$288,750,350	172,430,026	144,330,447	125,818,662	125,499,439
% OF NET ASSETS	8.7	5.2	4.3	3.8	3.8

(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, 2016*

INDUSTRY	% OF NET ASSETS
Retail REITS		23.6	%
Residential REITS		20.0
Office REITS		16.5
Health Care REITS		11.5
Specialized REITS		11.0
Industrial REITS		7.6
Hotel & Resort REITS		6.7
Diversified REITS		2.5
Short-Term Investments		0.3
Other Assets in Excess of Liabilities		0.3
TOTAL		100.0	%

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

19

SPDR S&P BANK ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	FIRST REPUBLIC BANK	PNC FINANCIAL SERVICES GROUP, INC.	M&T BANK CORP.	JPMORGAN CHASE & CO.	BANK OF THE OZARKS, INC.
MARKET VALUE	$79,037,416	77,671,031	77,499,176	77,095,887	77,084,056
% OF NET ASSETS	2.4	2.4	2.4	2.3	2.3

(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, 2016*

INDUSTRY	% OF NET ASSETS
Regional Banks		72.7	%
Diversified Banks		13.7
Thrifts & Mortgage Finance		6.6
Asset Management & Custody Banks		4.6
Other Diversified Financial Services		2.2
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

20

SPDR S&P CAPITAL MARKETS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TD AMERITRADE HOLDING CORP.	CHARLES SCHWAB CORP.	NORTHERN TRUST CORP.	GOLDMAN SACHS GROUP, INC.	SEI INVESTMENTS CO.
MARKET VALUE	$1,807,700	1,804,963	1,791,686	1,780,311	1,776,960
% OF NET ASSETS	2.2	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, 2016*

INDUSTRY	% OF NET ASSETS
Asset Management & Custody Banks		42.0	%
Investment Banking & Brokerage		33.4
Financial Exchanges & Data		24.4
Short-Term Investments		1.6
Liabilities in Excess of Other Assets		(1.4	)
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 INSURANCE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	PROGRESSIVE CORP.	RENAISSANCERE HOLDINGS, LTD.	TRAVELERS COS., INC.	ARTHUR J GALLAGHER & CO.	AXIS CAPITAL HOLDINGS, LTD.
MARKET VALUE	$20,193,252	20,052,265	20,016,527	19,951,861	19,942,792
% OF NET ASSETS	2.4	2.3	2.3	2.3	2.3

(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, 2016*

INDUSTRY	% OF NET ASSETS
Property & Casualty Insurance		40.9	%
Life & Health Insurance		22.9
Reinsurance		13.7
Insurance Brokers		11.3
Multi-line Insurance		11.0
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

22

SPDR S&P REGIONAL BANKING ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	PNC FINANCIAL SERVICES GROUP, INC.	M&T BANK CORP.	CITIZENS FINANCIAL GROUP, INC.	FIFTH THIRD BANCORP	SUNTRUST BANKS, INC.
MARKET VALUE	$128,496,467	128,225,045	126,797,657	126,747,295	126,393,159
% OF NET ASSETS	3.6	3.6	3.6	3.6	3.6

(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, 2016*

INDUSTRY	% OF NET ASSETS
Regional Banks		99.8	%
Short-Term Investments		0.3
Liabilities in Excess of Other Assets		(0.1	)
TOTAL		100.0	%

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

23

SPDR MORGAN STANLEY TECHNOLOGY ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TESLA MOTORS, INC.	AUTOMATIC DATA PROCESSING, INC.	SAP SE ADR	LAM RESEARCH CORP.	WESTERN DIGITAL CORP.
MARKET VALUE	$17,103,961	16,526,407	16,485,140	16,416,380	16,341,975
% OF NET ASSETS	3.0	2.9	2.9	2.9	2.9

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

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2016*

INDUSTRY	% OF NET ASSETS
Software		22.6	%
Communications Equipment		17.1
IT Services		14.3
Semiconductors & Semiconductor Equipment		14.3
Internet Software & Services		11.3
Internet & Catalog Retail		8.6
Technology Hardware, Storage & Peripherals		5.8
INDUSTRY	% OF NET ASSETS
Automobiles		3.0
Electronic Equipment, Instruments & Components		2.9
Short-Term Investments		0.5
Liabilities in Excess of Other Assets		(0.4	)
TOTAL		100.0	%

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

24

SPDR S&P DIVIDEND ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	AT&T, INC.	PEOPLE’S UNITED FINANCIAL, INC.	HCP, INC. REIT	CHEVRON CORP.	INTERNATIONAL BUSINESS MACHINES CORP.
MARKET VALUE	$324,146,223	304,850,304	296,637,965	288,928,783	230,934,252
% OF NET ASSETS	2.2	2.0	2.0	1.9	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, 2016*

INDUSTRY	% OF NET ASSETS
Machinery		8.0	%
Real Estate Investment Trusts (REITs)		7.9
Insurance		6.1
Chemicals		6.0
Banks		5.2
Multi-Utilities		4.8
Gas Utilities		4.5
Capital Markets		4.4
Household Products		4.1
Oil, Gas & Consumable Fuels		3.3
Food Products		3.1
Food & Staples Retailing		3.0
Beverages		2.9
Health Care Equipment & Supplies		2.7
IT Services		2.7
Containers & Packaging		2.6
Diversified Telecommunication Services		2.2
Aerospace & Defense		2.0
Industrial Conglomerates		1.9
Biotechnology		1.5
Electrical Equipment		1.5
Metals & Mining		1.5
Multiline Retail		1.5
Hotels, Restaurants & Leisure		1.4
INDUSTRY	% OF NET ASSETS
Household Durables		1.3
Distributors		1.1
Electric Utilities		1.1
Leisure Equipment & Products		1.1
Pharmaceuticals		1.1
Specialty Retail		1.1
Textiles, Apparel & Luxury Goods		1.1
Trading Companies & Distributors		1.0
Water Utilities		1.0
Health Care Providers & Services		0.9
Semiconductors & Semiconductor Equipment		0.9
Media		0.7
Wireless Telecommunication Services		0.7
Air Freight & Logistics		0.6
Commercial Services & Supplies		0.5
Software		0.4
Building Products		0.2
Equity Real Estate Investment Trusts (REITs)		0.2
Short-Term Investments		0.8
Liabilities in Excess of Other Assets		(0.6	)
TOTAL		100.0	%

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

25

SPDR S&P AEROSPACE & DEFENSE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	BWX TECHNOLOGIES, INC.	TASER INTERNATIONAL, INC.	HUNTINGTON INGALLS INDUSTRIES, INC.	TEXTRON, INC.	B/E AEROSPACE, INC.
MARKET VALUE	$21,382,539	21,360,021	21,328,281	21,090,094	21,033,877
% OF NET ASSETS	4.2	4.2	4.2	4.2	4.2

(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, 2016*

INDUSTRY	% OF NET ASSETS
Aerospace & Defense		99.8	%
Short-Term Investment		0.2
Other Assets in Excess of 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.

26

SPDR S&P BIOTECH ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	CLOVIS ONCOLOGY, INC.	UNITED THERAPEUTICS CORP.	ACADIA PHARMACEUTICALS, INC.	IONIS PHARMACEUTICALS, INC.	TESARO, INC.
MARKET VALUE	$69,452,802	62,085,684	61,432,545	59,834,660	58,984,676
% OF NET ASSETS	2.8	2.5	2.5	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, 2016*

INDUSTRY	% OF NET ASSETS
Biotechnology		100.0	%
Short-Term Investments		10.1
Liabilities in Excess of Other Assets		(10.1	)
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 HEALTH CARE EQUIPMENT ETF — PERFORMANCE STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	INTEGRA LIFESCIENCES HOLDINGS CORP.	MASIMO CORP.	BOSTON SCIENTIFIC CORP.	ALERE, INC.	C.R. BARD, INC.
MARKET VALUE	$1,423,599	1,367,950	1,364,680	1,361,495	1,361,440
% OF NET ASSETS	1.9	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, 2016*

INDUSTRY	% OF NET ASSETS
Health Care Equipment		75.0	%
Health Care Supplies		24.9
Short-Term Investments		0.3
Liabilities in Excess of Other Assets		(0.2	)
TOTAL		100.0	%

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

28

SPDR S&P HEALTH CARE SERVICES ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	VCA, INC.	CHEMED CORP.	SELECT MEDICAL HOLDINGS CORP.	TEAM HEALTH HOLDINGS, INC.	PATTERSON COS., INC.
MARKET VALUE	$2,410,233	2,357,225	2,323,427	2,313,452	2,306,255
% OF NET ASSETS	2.4	2.3	2.3	2.3	2.3

(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, 2016*

INDUSTRY	% OF NET ASSETS
Health Care Services		33.7	%
Health Care Facilities		28.6
Managed Health Care		22.3
Health Care Distributors		15.3
Short-Term Investment		0.1
Other Assets in Excess of 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.

29

SPDR S&P HOMEBUILDERS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	TEMPUR SEALY INTERNATIONAL, INC.	WHIRLPOOL CORP.	HOME DEPOT, INC.	MOHAWK INDUSTRIES, INC.	MASCO CORP.
MARKET VALUE	$55,097,454	54,917,807	52,758,871	52,441,958	50,895,425
% OF NET ASSETS	4.9	4.9	4.7	4.7	4.6

(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, 2016*

INDUSTRY	% OF NET ASSETS
Building Products		33.8	%
Homebuilding		29.9
Home Furnishings		12.8
Home Improvement Retail		9.2
Homefurnishing Retail		8.0
Household Appliances		6.1
Short-Term Investments		4.3
Liabilities in Excess of Other Assets		(4.1	)
TOTAL		100.0	%

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

30

SPDR S&P INTERNET ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016 (UNAUDITED)

DESCRIPTION	CORNERSTONE ONDEMAND, INC.	YELP, INC.	AKAMAI TECHNOLOGIES, INC.	J2 GLOBAL, INC.	NETFLIX, INC.
MARKET VALUE	$129,045	125,982	122,424	120,573	120,086
% OF NET ASSETS	2.3	2.2	2.1	2.1	2.1

(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, 2016*

INDUSTRY	% OF NET ASSETS
Internet Software & Services		69.1	%
Internet & Catalog Retail		30.6
Short-Term Investment		0.3
Liabilities in Excess of Other Assets		(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.

31

SPDR S&P METALS & MINING ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	NEWMONT MINING CORP.	AK STEEL HOLDING CORP.	COMPASS MINERALS INTERNATIONAL, INC.	STEEL DYNAMICS, INC.	ROYAL GOLD, INC.
MARKET VALUE	$40,389,712	39,178,037	37,929,078	37,268,235	36,746,548
% OF NET ASSETS	5.1	5.0	4.8	4.7	4.7

(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, 2016*

INDUSTRY	% OF NET ASSETS
Steel		48.4	%
Gold		13.6
Aluminum		10.4
Silver		8.9
Diversified Metals & Mining		5.7
Precious Metals & Minerals		4.6
INDUSTRY	% OF NET ASSETS
Coal & Consumable Fuels		4.2
Copper		4.1
Short-Term Investments		5.7
Liabilities in Excess of Other Assets		(5.6	)
TOTAL		100.0	%

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

32

SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	FAIRMOUNT SANTROL HOLDINGS, INC.	US SILICA HOLDINGS, INC.	FMC TECHNOLOGIES, INC.	CORE LABORATORIES NV	HALLIBURTON CO.
MARKET VALUE	$13,987,892	11,892,994	11,347,891	11,271,636	11,270,030
% OF NET ASSETS	4.5	3.8	3.6	3.6	3.6

(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, 2016*

INDUSTRY	% OF NET ASSETS
Oil & Gas Equipment & Services		67.6	%
Oil & Gas Drilling		32.3
Short-Term Investments		4.2
Liabilities in Excess of Other Assets		(4.1	)
TOTAL		100.0	%

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

33

SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	CLAYTON WILLIAMS ENERGY, INC.	RSP PERMIAN, INC.	MARATHON PETROLEUM CORP.	CHEVRON CORP.	EXXON MOBIL CORP.
MARKET VALUE	$58,593,392	47,631,136	47,247,282	47,152,033	47,050,191
% OF NET ASSETS	2.5	2.0	2.0	2.0	2.0

(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, 2016*

INDUSTRY	% OF NET ASSETS
Oil & Gas Exploration & Production		77.2	%
Oil & Gas Refining & Marketing		16.8
Integrated Oil & Gas		6.0
Short-Term Investments		0.6
Liabilities in Excess of Other Assets		(0.6	)
TOTAL		100.0	%

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

34

SPDR S&P PHARMACEUTICALS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	ALLERGAN PLC	HORIZON PHARMA PLC	ELI LILLY & CO.	JAZZ PHARMACEUTICALS PLC	ENDO INTERNATIONAL PLC
MARKET VALUE	$22,778,105	22,750,342	22,603,901	22,224,130	21,958,693
% OF NET ASSETS	4.9	4.9	4.8	4.8	4.7

(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, 2016*

INDUSTRY	% OF NET ASSETS
Pharmaceuticals		99.9	%
Short-Term Investments		3.9
Liabilities in Excess of Other Assets		(3.8	)
TOTAL		100.0	%

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

35

SPDR S&P RETAIL ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	CARMAX, INC.	ULTA SALON COSMETICS & FRAGRANCE, INC.	O’REILLY AUTOMOTIVE, INC.	NETFLIX, INC.	COSTCO WHOLESALE CORP.
MARKET VALUE	$5,514,166	5,460,305	5,424,819	5,417,736	5,392,024
% OF NET ASSETS	1.2	1.2	1.2	1.2	1.2

(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, 2016*

INDUSTRY	% OF NET ASSETS
Apparel Retail		23.1	%
Internet Retail		17.6
Specialty Stores		16.2
Automotive Retail		14.6
Food Retail		6.7
General Merchandise Stores		6.0
Department Stores		5.6
Drug Retail		3.5
Hypermarkets & Super Centers		3.4
Computer & Electronics Retail		3.1
Short-Term Investments		0.9
Liabilities in Excess of Other Assets		(0.7	)
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 SEMICONDUCTOR ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	NVIDIA CORP.	ADVANCED MICRO DEVICES, INC.	XILINX, INC.	MICRON TECHNOLOGY, INC.	MAXLINEAR, INC. CLASS A
MARKET VALUE	$9,399,204	8,863,287	8,724,974	8,640,864	8,450,443
% OF NET ASSETS	3.3	3.1	3.0	3.0	2.9

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

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2016*

INDUSTRY	% OF NET ASSETS
Semiconductors		99.9	%
Short-Term Investments		3.7
Liabilities in Excess of Other Assets		(3.6	)
TOTAL		100.0	%

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

37

SPDR S&P SOFTWARE & SERVICES ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	NEUSTAR, INC. CLASS A	VIRTUSA CORP.	AUTOMATIC DATA PROCESSING, INC.	VANTIV, INC. CLASS A	TRAVELPORT WORLDWIDE, LTD.
MARKET VALUE	$534,534	471,628	469,807	466,765	466,104
% OF NET ASSETS	1.0	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, 2016*

INDUSTRY	% OF NET ASSETS
Application Software		34.7	%
Data Processing & Outsourced Services		30.5
Systems Software		17.0
IT Consulting & Other Services		14.3
Home Entertainment Software		3.3
Short-Term Investments		1.5
Liabilities in Excess of Other Assets		(1.3	)
TOTAL		100.0	%

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

38

SPDR S&P TECHNOLOGY HARDWARE ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	VERIFONE SYSTEMS, INC.	COHERENT, INC.	ZEBRA TECHNOLOGIES CORP. CLASS A	APPLE, INC.	DIEBOLD NIXDORF, INC.
MARKET VALUE	$217,813	210,199	208,225	205,580	205,073
% OF NET ASSETS	3.5	3.4	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, 2016*

INDUSTRY	% OF NET ASSETS
Technology Hardware, Storage & Peripherals		38.3	%
Electronic Equipment & Instruments		32.6
Electronic Components		29.0
Short-Term Investment		0.0	**
Other Assets in Excess of Liabilities		0.1
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.

39

SPDR S&P TELECOM ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	INTERDIGITAL, INC.	AT&T, INC.	SBA COMMUNICATIONS CORP. CLASS A	VERIZON COMMUNICATIONS, INC.	UBIQUITI NETWORKS, INC.
MARKET VALUE	$1,441,960	1,410,933	1,402,581	1,390,602	1,377,894
% OF NET ASSETS	2.8	2.7	2.7	2.7	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, 2016*

INDUSTRY	% OF NET ASSETS
Communications Equipment		59.4	%
Integrated Telecommunication Services		18.6
Alternative Carriers		12.7
Wireless Telecommunication Services		9.0
Short-Term Investments		2.9
Liabilities in Excess of Other Assets		(2.6	)
TOTAL		100.0	%

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

40

SPDR S&P TRANSPORTATION ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	JETBLUE AIRWAYS CORP.	HAWAIIAN HOLDINGS, INC.	SWIFT TRANSPORTATION CO.	SOUTHWEST AIRLINES CO.	AMERCO
MARKET VALUE	$8,409,226	8,253,315	8,228,126	8,222,055	8,162,395
% OF NET ASSETS	2.9	2.9	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, 2016*

INDUSTRY	% OF NET ASSETS
Trucking		32.1	%
Airlines		27.0
Air Freight & Logistics		20.2
Railroads		13.6
Marine		4.2
Airport Services		2.8
Short-Term Investment		0.4
Liabilities in Excess of Other Assets		(0.3	)
TOTAL		100.0	%

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

41

SPDR S&P 1500 VALUE TILT ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	JPMORGAN CHASE & CO.	CITIGROUP, INC.	EXXON MOBIL CORP.	BANK OF AMERICA CORP.	APPLE, INC.
MARKET VALUE	$267,585	243,188	202,363	193,596	175,351
% OF NET ASSETS	3.0	2.8	2.3	2.2	2.0

(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, 2016*

INDUSTRY	% OF NET ASSETS
Banks		12.7	%
Oil, Gas & Consumable Fuels		9.8
Insurance		5.5
Capital Markets		3.5
Food & Staples Retailing		3.2
Health Care Providers & Services		3.2
Technology Hardware, Storage & Peripherals		3.1
Pharmaceuticals		2.9
Diversified Telecommunication Services		2.7
Semiconductors & Semiconductor Equipment		2.6
IT Services		2.5
Internet Software & Services		2.5
Media		2.4
Software		2.3
Machinery		2.2
Chemicals		2.1
Electric Utilities		2.1
Aerospace & Defense		2.0
Diversified Financial Services		2.0
Specialty Retail		1.9
Energy Equipment & Services		1.8
Real Estate Investment Trusts (REITs)		1.8
Automobiles		1.6
Food Products		1.6
Health Care Equipment & Supplies		1.3
Industrial Conglomerates		1.3
Consumer Finance		1.2
Electronic Equipment, Instruments & Components		1.1
Hotels, Restaurants & Leisure		1.1
Multi-Utilities		1.1
Biotechnology		1.0
Household Products		1.0
Beverages		0.9
Communications Equipment		0.9
Metals & Mining		0.9
INDUSTRY	% OF NET ASSETS
Road & Rail		0.9
Airlines		0.8
Tobacco		0.8
Internet & Catalog Retail		0.7
Air Freight & Logistics		0.6
Multiline Retail		0.6
Commercial Services & Supplies		0.5
Containers & Packaging		0.5
Electrical Equipment		0.5
Household Durables		0.5
Textiles, Apparel & Luxury Goods		0.4
Auto Components		0.3
Building Products		0.3
Construction & Engineering		0.3
Gas Utilities		0.3
Life Sciences Tools & Services		0.3
Trading Companies & Distributors		0.3
Professional Services		0.2
Construction Materials		0.1
Distributors		0.1
Diversified Consumer Services		0.1
Independent Power Producers & Energy Traders		0.1
Leisure Equipment & Products		0.1
Paper & Forest Products		0.1
Personal Products		0.1
Real Estate Management & Development		0.1
Thrifts & Mortgage Finance		0.1
Water Utilities		0.1
Wireless Telecommunication Services		0.1
Equity Real Estate Investment Trusts (REITs)		0.0	**
Health Care Technology		0.0	**
Marine		0.0	**
Short-Term Investments		0.3
Liabilities in Excess of Other Assets		(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.

42

SPDR S&P 1500 MOMENTUM TILT ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	MICROSOFT CORP.	AMAZON.COM, INC.	JOHNSON & JOHNSON	FACEBOOK, INC. CLASS A	AT&T, INC.
MARKET VALUE	$493,454	483,666	430,194	417,401	403,950
% OF NET ASSETS	2.6	2.6	2.3	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, 2016*

INDUSTRY	% OF NET ASSETS
Oil, Gas & Consumable Fuels		5.8	%
Semiconductors & Semiconductor Equipment		5.1
Internet Software & Services		5.0
Software		4.8
Pharmaceuticals		4.6
Real Estate Investment Trusts (REITs)		4.2
Health Care Equipment & Supplies		3.8
Banks		3.7
IT Services		3.7
Diversified Telecommunication Services		3.5
Internet & Catalog Retail		2.9
Electric Utilities		2.8
Insurance		2.7
Machinery		2.7
Health Care Providers & Services		2.3
Household Products		2.3
Industrial Conglomerates		2.3
Chemicals		2.1
Media		2.1
Aerospace & Defense		2.0
Capital Markets		1.9
Food Products		1.9
Specialty Retail		1.9
Technology Hardware, Storage & Peripherals		1.8
Beverages		1.7
Food & Staples Retailing		1.6
Tobacco		1.6
Multi-Utilities		1.4
Biotechnology		1.3
Communications Equipment		1.3
Diversified Financial Services		1.3
Hotels, Restaurants & Leisure		1.1
Road & Rail		1.1
Electronic Equipment, Instruments & Components		1.0
Energy Equipment & Services		1.0
INDUSTRY	% OF NET ASSETS
Life Sciences Tools & Services		1.0
Air Freight & Logistics		0.8
Electrical Equipment		0.8
Building Products		0.7
Commercial Services & Supplies		0.7
Metals & Mining		0.7
Containers & Packaging		0.5
Household Durables		0.5
Professional Services		0.4
Construction & Engineering		0.3
Consumer Finance		0.3
Gas Utilities		0.3
Multiline Retail		0.3
Textiles, Apparel & Luxury Goods		0.3
Trading Companies & Distributors		0.3
Automobiles		0.2
Construction Materials		0.2
Distributors		0.2
Leisure Equipment & Products		0.2
Water Utilities		0.2
Airlines		0.1
Auto Components		0.1
Health Care Technology		0.1
Independent Power Producers & Energy Traders		0.1
Personal Products		0.1
Thrifts & Mortgage Finance		0.1
Diversified Consumer Services		0.0	**
Equity Real Estate Investment Trusts (REITs)		0.0	**
Marine		0.0	**
Paper & Forest Products		0.0	**
Real Estate Management & Development		0.0	**
Wireless Telecommunication Services		0.0	**
Short-Term Investments		0.2
Other Assets in Excess of 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.

43

SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	BERKSHIRE HATHAWAY, INC. CLASS B	US BANCORP	MARSH & MCLENNAN COS., INC.	CHUBB, LTD.	PEPSICO, INC.
MARKET VALUE	$1,784,957	1,605,158	1,319,762	1,272,976	1,138,583
% OF NET ASSETS	2.3	2.1	1.7	1.7	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, 2016*

INDUSTRY	% OF NET ASSETS
Insurance		16.0	%
Aerospace & Defense		6.1
IT Services		6.0
Banks		5.1
Software		4.9
Chemicals		4.3
Household Products		4.3
Electric Utilities		4.2
Pharmaceuticals		4.1
Multi-Utilities		3.8
Commercial Services & Supplies		3.6
Food & Staples Retailing		3.2
Semiconductors & Semiconductor Equipment		2.8
Containers & Packaging		2.7
Professional Services		2.7
Industrial Conglomerates		2.6
Beverages		2.5
Specialty Retail		2.5
Health Care Equipment & Supplies		2.4
Diversified Financial Services		2.3
Hotels, Restaurants & Leisure		1.7
INDUSTRY	% OF NET ASSETS
Oil, Gas & Consumable Fuels		1.6
Air Freight & Logistics		1.2
Diversified Telecommunication Services		1.0
Health Care Providers & Services		1.0
Building Products		0.9
Food Products		0.9
Diversified Consumer Services		0.8
Media		0.7
Trading Companies & Distributors		0.7
Capital Markets		0.6
Communications Equipment		0.6
Electronic Equipment, Instruments & Components		0.6
Machinery		0.6
Health Care Technology		0.4
Gas Utilities		0.3
Short-Term Investment		0.2
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

44

SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	CAPITOL FEDERAL FINANCIAL, INC.	TRUSTMARK CORP.	INDEPENDENT BANK CORP.	GREENLIGHT CAPITAL RE, LTD. CLASS A	WESTAMERICA BANCORPORATION
MARKET VALUE	$3,715,466	2,936,954	2,792,920	2,719,903	2,272,717
% OF NET ASSETS	1.9	1.5	1.5	1.4	1.2

(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, 2016*

INDUSTRY	% OF NET ASSETS
Banks		28.7	%
Thrifts & Mortgage Finance		10.4
Insurance		6.1
Health Care Equipment & Supplies		4.4
Machinery		4.1
Hotels, Restaurants & Leisure		3.5
Commercial Services & Supplies		3.3
Semiconductors & Semiconductor Equipment		2.6
Health Care Providers & Services		2.3
Electronic Equipment, Instruments & Components		2.2
Food Products		2.2
IT Services		1.9
Media		1.8
Chemicals		1.7
Electric Utilities		1.7
Energy Equipment & Services		1.6
Software		1.4
Specialty Retail		1.4
Trading Companies & Distributors		1.4
Road & Rail		1.3
Aerospace & Defense		1.2
Multi-Utilities		1.1
Paper & Forest Products		1.1
Professional Services		1.1
Auto Components		0.9
Communications Equipment		0.9
Diversified Telecommunication Services		0.8
Metals & Mining		0.7
INDUSTRY	% OF NET ASSETS
Textiles, Apparel & Luxury Goods		0.6
Building Products		0.5
Diversified Consumer Services		0.5
Gas Utilities		0.5
Health Care Technology		0.5
Distributors		0.4
Electrical Equipment		0.4
Household Products		0.4
Internet Software & Services		0.4
Wireless Telecommunication Services		0.4
Air Freight & Logistics		0.3
Household Durables		0.3
Oil, Gas & Consumable Fuels		0.3
Beverages		0.2
Biotechnology		0.2
Containers & Packaging		0.2
Internet & Catalog Retail		0.2
Personal Products		0.2
Pharmaceuticals		0.2
Real Estate Investment Trusts (REITs)		0.2
Tobacco		0.2
Capital Markets		0.1
Construction & Engineering		0.1
Leisure Equipment & Products		0.1
Life Sciences Tools & Services		0.1
Technology Hardware, Storage & Peripherals		0.1
Short-Term Investments		1.9
Liabilities in Excess of Other Assets		(1.3	)
TOTAL		100.0	%

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

45

SPDR MSCI USA STRATEGICFACTORS ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	APPLE, INC.	JOHNSON & JOHNSON	MICROSOFT CORP.	INTERNATIONAL BUSINESS MACHINES CORP.	PEPSICO, INC.
MARKET VALUE	$350,587	320,975	299,515	210,143	198,902
% OF NET ASSETS	2.7	2.5	2.3	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, 2016*

INDUSTRY	% OF NET ASSETS
IT Services		8.3	%
Pharmaceuticals		4.9
Banks		4.5
Specialty Retail		4.5
Insurance		4.4
Real Estate Investment Trusts (REITs)		3.9
Software		3.9
Health Care Equipment & Supplies		3.8
Oil, Gas & Consumable Fuels		3.8
Semiconductors & Semiconductor Equipment		3.3
Technology Hardware, Storage & Peripherals		3.1
Aerospace & Defense		2.9
Health Care Providers & Services		2.9
Beverages		2.8
Internet Software & Services		2.8
Media		2.8
Electric Utilities		2.6
Hotels, Restaurants & Leisure		2.6
Diversified Telecommunication Services		2.3
Food Products		2.3
Household Products		2.3
Industrial Conglomerates		2.1
Food & Staples Retailing		1.9
Biotechnology		1.7
Chemicals		1.7
Capital Markets		1.6
Commercial Services & Supplies		1.2
Machinery		1.2
Multi-Utilities		1.2
Air Freight & Logistics		1.1
Textiles, Apparel & Luxury Goods		0.9
Communications Equipment		0.8
Diversified Financial Services		0.8
Road & Rail		0.8
Tobacco		0.8
INDUSTRY	% OF NET ASSETS
Internet & Catalog Retail		0.7
Electrical Equipment		0.6
Electronic Equipment, Instruments & Components		0.6
Energy Equipment & Services		0.6
Automobiles		0.5
Consumer Finance		0.5
Life Sciences Tools & Services		0.5
Multiline Retail		0.5
Metals & Mining		0.4
Auto Components		0.3
Professional Services		0.3
Airlines		0.2
Containers & Packaging		0.2
Distributors		0.2
Household Durables		0.2
Mortgage Real Estate Investment		0.2
Trading Companies & Distributors		0.2
Building Products		0.1
Independent Power Producers & Energy Traders		0.1
Leisure Equipment & Products		0.1
Personal Products		0.1
Real Estate Management & Development		0.1
Water Utilities		0.1
Construction & Engineering		0.0	**
Construction Materials		0.0	**
Diversified Consumer Services		0.0	**
Gas Utilities		0.0	**
Health Care Technology		0.0	**
Thrifts & Mortgage Finance		0.0	**
Wireless Telecommunication Services		0.0	**
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.1
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.

46

SPDR WELLS FARGO PREFERRED STOCK ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	HSBC HOLDINGS PLC SERIES 2 8.00%	PNC FINANCIAL SERVICES GROUP, INC. SERIES P 6.13%	US BANCORP SERIES F 6.50%	HSBC HOLDINGS PLC 8.13%	ING GROEP NV 7.20%
MARKET VALUE	$12,363,334	10,409,470	7,883,518	7,172,217	7,128,327
% OF NET ASSETS	2.5	2.1	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, 2016*

INDUSTRY	% OF NET ASSETS
Banks		33.8	%
Insurance		16.6
Real Estate Investment Trusts (REITs)		12.3
Capital Markets		11.9
Electric Utilities		10.1
Diversified Telecommunication Services		5.5
Consumer Finance		4.4
Multi-Utilities		1.6
Internet Software & Services		1.0
INDUSTRY	% OF NET ASSETS
Machinery		0.9
Commercial Services & Supplies		0.6
Independent Power Producers & Energy Traders		0.4
Media		0.4
Short-Term Investments		2.6
Liabilities in Excess of Other Assets		(2.1	)
TOTAL		100.0	%

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

47

SPDR FACTSET INNOVATIVE TECHNOLOGY ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	NVIDIA CORP.	FANG HOLDINGS, LTD. ADR	VERIFONE SYSTEMS, INC.	INTERDIGITAL, INC.	BANKRATE, INC.
MARKET VALUE	$140,363	133,781	130,050	129,991	128,898
% OF NET ASSETS	1.2	1.1	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, 2016*

INDUSTRY	% OF NET ASSETS
Internet Software & Services		29.4	%
Software		22.0
IT Services		11.1
Electronic Equipment, Instruments & Components		9.3
Semiconductors & Semiconductor Equipment		8.2
Health Care Technology		6.6
Communications Equipment		6.2
INDUSTRY	% OF NET ASSETS
Internet & Catalog Retail		3.0
Technology Hardware, Storage & Peripherals		2.0
Commercial Services & Supplies		1.0
Thrifts & Mortgage Finance		1.0
Short-Term Investment		0.2
Liabilities in Excess of Other Assets		(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.

48

SPDR SSGA GENDER DIVERSITY INDEX ETF — PORTFOLIO STATISTICS (UNAUDITED)

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2016

DESCRIPTION	PFIZER, INC.	PEPSICO, INC.	AMGEN, INC.	3M CO.	MASTERCARD, INC. CLASS A
MARKET VALUE	$17,670,062	13,458,138	9,835,254	9,706,529	8,917,599
% OF NET ASSETS	6.5	5.0	3.6	3.6	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, 2016*

INDUSTRY	% OF NET ASSETS
Biotechnology		7.1	%
Pharmaceuticals		7.0
IT Services		6.2
Beverages		5.0
Software		4.8
Specialty Retail		4.8
Banks		4.7
Oil, Gas & Consumable Fuels		4.6
Food & Staples Retailing		3.9
Industrial Conglomerates		3.6
Consumer Finance		3.5
Semiconductors & Semiconductor Equipment		3.0
Health Care Providers & Services		2.9
Hotels, Restaurants & Leisure		2.9
Insurance		2.9
Air Freight & Logistics		2.6
Aerospace & Defense		2.5
Chemicals		2.5
Electric Utilities		2.2
Machinery		2.2
Multiline Retail		2.2
Diversified Telecommunication Services		1.8
Capital Markets		1.6
Airlines		1.5
Health Care Equipment & Supplies		1.5
Tobacco		1.5
Professional Services		1.0
Multi-Utilities		0.9
Internet Software & Services		0.7
Textiles, Apparel & Luxury Goods		0.7
INDUSTRY	% OF NET ASSETS
Electronic Equipment, Instruments & Components		0.6
Household Products		0.6
Internet & Catalog Retail		0.6
Personal Products		0.6
Water Utilities		0.6
Construction Materials		0.5
Energy Equipment & Services		0.5
Food Products		0.5
Containers & Packaging		0.4
Media		0.4
Gas Utilities		0.3
Thrifts & Mortgage Finance		0.3
Commercial Services & Supplies		0.2
Communications Equipment		0.2
Technology Hardware, Storage & Peripherals		0.2
Trading Companies & Distributors		0.2
Building Products		0.1
Construction & Engineering		0.1
Household Durables		0.1
Life Sciences Tools & Services		0.1
Metals & Mining		0.1
Real Estate Management & Development		0.1
Road & Rail		0.1
Wireless Telecommunication Services		0.1
Short-Term Investment		0.1
Other Assets in Excess of Liabilities		0.1
TOTAL		100.0	%

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

49

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 2.1%
AAR Corp.		634	$	20,954
Aerojet Rocketdyne Holdings, Inc. (a)		908		16,299
Aerovironment, Inc. (a)		266		7,137
Arconic, Inc.		6,693		124,088
Astronics Corp. (a)		383		12,961
B/E Aerospace, Inc.		1,515		91,188
Boeing Co.		9,690		1,508,539
BWX Technologies, Inc.		1,742		69,157
Cubic Corp.		356		17,070
Curtiss-Wright Corp.		693		68,163
DigitalGlobe, Inc. (a)		1,188		34,036
Ducommun, Inc. (a)		101		2,582
Engility Holdings, Inc. (a)		227		7,650
Esterline Technologies Corp. (a)		493		43,976
General Dynamics Corp.		3,914		675,791
HEICO Corp.		286		22,065
HEICO Corp. Class A		582		39,518
Hexcel Corp.		1,526		78,497
Huntington Ingalls Industries, Inc.		780		143,668
KEYW Holding Corp. (a)		471		5,553
KLX, Inc. (a)		751		33,878
Kratos Defense & Security Solutions, Inc. (a)		582		4,307
L3 Technologies, Inc. (a)		1,389		211,281
Lockheed Martin Corp.		4,185		1,045,999
Mercury Systems, Inc. (a)		493		14,898
Moog, Inc. Class A (a)		693		45,516
National Presto Industries, Inc. (a)		90		9,576
Northrop Grumman Corp.		2,836		659,597
Orbital ATK, Inc.		885		77,641
Raytheon Co.		4,779		678,618
Rockwell Collins, Inc.		2,066		191,642
Spirit AeroSystems Holdings, Inc. Class A		2,247		131,112
TASER International, Inc. (a) (b)		771		18,689
Teledyne Technologies, Inc. (a)		556		68,388
Textron, Inc.		4,233		205,554
TransDigm Group, Inc.		837		208,380
Triumph Group, Inc.		771		20,431
United Technologies Corp.		12,616		1,382,966
Vectrus, Inc. (a)		163		3,888
Wesco Aircraft Holdings, Inc. (a)		606		9,060
				8,010,313
AIR FREIGHT & LOGISTICS — 0.7%
Air Transport Services Group, Inc. (a)		737		11,762
Atlas Air Worldwide Holdings, Inc. (a)		417		21,747
C.H. Robinson Worldwide, Inc. (b)		2,423		177,509
Echo Global Logistics, Inc. (a)		266		6,663
Expeditors International of Washington, Inc.		3,206		169,790
FedEx Corp.		4,065		756,903
Forward Air Corp.		424		20,089
Hub Group, Inc. Class A (a)		556		24,325
Park-Ohio Holdings Corp.		135		5,751
United Parcel Service, Inc. Class B		11,155		1,278,809
XPO Logistics, Inc. (a)		1,606		69,315
				2,542,663
AIRLINES — 0.7%
Alaska Air Group, Inc.		2,242		198,933
Allegiant Travel Co.		215		35,776
American Airlines Group, Inc.		8,720		407,137
Copa Holdings SA Class A		558		50,683
Delta Air Lines, Inc.		13,181		648,373
Hawaiian Holdings, Inc. (a)		771		43,947
JetBlue Airways Corp. (a)		4,877		109,342
SkyWest, Inc.		771		28,103
Southwest Airlines Co.		11,083		552,377
Spirit Airlines, Inc. (a) (b)		1,201		69,490
United Continental Holdings, Inc. (a)		6,158		448,795
				2,592,956
AUTO COMPONENTS — 0.3%
Adient PLC (a)		1,386		81,220
American Axle & Manufacturing Holdings, Inc. (a)		1,065		20,554
BorgWarner, Inc. (b)		3,540		139,617
Cooper Tire & Rubber Co.		974		37,840
Cooper-Standard Holdings, Inc. (a)		215		22,227
Dana, Inc.		2,806		53,258
Delphi Automotive PLC		4,459		300,314
Dorman Products, Inc. (a)		417		30,466
Gentex Corp.		4,413		86,892
Gentherm, Inc. (a)		493		16,688
Goodyear Tire & Rubber Co.		4,551		140,489
Horizon Global Corp. (a)		319		7,656
LCI Industries		356		38,359
Lear Corp.		1,324		175,258
Modine Manufacturing Co. (a)		693		10,326
Motorcar Parts of America, Inc. (a)		266		7,161
Standard Motor Products, Inc.		356		18,946
Stoneridge, Inc. (a)		397		7,023
Superior Industries International, Inc.		340		8,959
Tenneco, Inc. (a) (b)		908		56,723
Tower International, Inc.		340		9,639
Visteon Corp.		771		61,942
				1,331,557
AUTOMOBILES — 0.6%
Ford Motor Co.		63,097		765,366
General Motors Co.		22,733		792,018
Harley-Davidson, Inc. (b)		3,429		200,048
Tesla Motors, Inc. (a)		2,026		432,936
Thor Industries, Inc.		635		63,532
Winnebago Industries, Inc.		397		12,565
				2,266,465
BANKS — 6.9%
1st Source Corp.		219		9,781
Ameris Bancorp		417		18,181
Ames National Corp.		841		27,753
Associated Banc-Corp.		2,574		63,578
BancFirst Corp.		198		18,424
Banco Latinoamericano de Comercio Exterior SA Class E		415		12,218
Bancorp, Inc. (a)		361		2,837
BancorpSouth, Inc.		1,473		45,737
Bank of America Corp.		167,003		3,690,766
Bank of Hawaii Corp.		657		58,269

See accompanying notes to financial statements.

50

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Bank of Marin Bancorp		135	$	9,416
Bank of the Ozarks, Inc.		1,269		66,737
BankUnited, Inc.		1,526		57,515
Banner Corp.		287		16,017
BB&T Corp.		13,224		621,792
Berkshire Hills Bancorp, Inc.		416		15,330
BNC Bancorp		266		8,485
BOK Financial Corp.		417		34,628
Boston Private Financial Holdings, Inc.		1,186		19,628
Bridge Bancorp, Inc.		131		4,965
Brookline Bancorp, Inc.		1,115		18,286
Bryn Mawr Bank Corp.		205		8,641
Camden National Corp.		202		8,979
Capital Bank Financial Corp. Class A		417		16,367
Cardinal Financial Corp.		397		13,018
Cathay General Bancorp		1,141		43,392
CenterState Banks, Inc.		2,331		58,671
Central Pacific Financial Corp.		340		10,683
Chemical Financial Corp.		824		44,636
CIT Group, Inc.		3,098		132,223
Citigroup, Inc.		47,706		2,835,168
Citizens & Northern Corp.		101		2,646
Citizens Financial Group, Inc.		8,601		306,454
City Holding Co.		205		13,858
CNB Financial Corp.		301		8,049
CoBiz Financial, Inc.		532		8,985
Columbia Banking System, Inc.		825		36,861
Comerica, Inc.		2,878		196,021
Commerce Bancshares, Inc.		1,362		78,737
Community Bank System, Inc.		634		39,175
Community Trust Bancorp, Inc.		258		12,797
Cullen/Frost Bankers, Inc.		837		73,848
Customers Bancorp, Inc. (a)		347		12,430
CVB Financial Corp. (b)		1,391		31,896
Eagle Bancorp, Inc. (a)		912		55,586
East West Bancorp, Inc.		2,306		117,214
Enterprise Financial Services Corp.		266		11,438
FCB Financial Holdings, Inc. Class A (a)		426		20,320
Fifth Third Bancorp		13,411		361,695
Financial Institutions, Inc.		205		7,011
First BanCorp (a)		1,065		7,040
First Bancorp/Southern Pines		262		7,111
First Busey Corp.		354		10,896
First Citizens BancShares, Inc. Class A		141		50,055
First Commonwealth Financial Corp.		1,526		21,639
First Community Bancshares, Inc.		1,866		56,241
First Connecticut Bancorp, Inc.		266		6,025
First Financial Bancorp		886		25,207
First Financial Bankshares, Inc. (b)		974		44,025
First Financial Corp.		131		6,917
First Horizon National Corp.		3,732		74,677
First Interstate BancSystem, Inc. Class A		266		11,318
First Merchants Corp.		465		17,507
First Midwest Bancorp, Inc.		1,244		31,386
First NBC Bank Holding Co. (a)		266		1,942
First of Long Island Corp.		319		9,107
First Republic Bank		2,421		223,071
Flushing Financial Corp.		471		13,843
FNB Corp.		2,675		42,880
Fulton Financial Corp.		3,001		56,419
German American Bancorp, Inc.		1,005		52,873
Glacier Bancorp, Inc.		1,115		40,396
Great Southern Bancorp, Inc.		131		7,159
Great Western Bancorp, Inc.		582		25,369
Hancock Holding Co.		1,336		57,582
Hanmi Financial Corp.		493		17,206
Heartland Financial USA, Inc.		1,336		64,128
Heritage Financial Corp.		2,244		57,783
Hilltop Holdings, Inc.		908		27,058
Home BancShares, Inc.		2,495		69,286
HomeTrust Bancshares, Inc. (a)		340		8,806
Hope Bancorp, Inc.		1,845		40,387
Huntington Bancshares, Inc.		17,152		226,749
IBERIABANK Corp.		693		58,039
Independent Bank Corp.		365		25,714
International Bancshares Corp.		748		30,518
Investors Bancorp, Inc.		5,541		77,297
JPMorgan Chase & Co.		59,905		5,169,202
KeyCorp		17,620		321,917
Lakeland Financial Corp.		300		14,208
LegacyTexas Financial Group, Inc.		634		27,300
M&T Bank Corp.		2,437		381,220
MainSource Financial Group, Inc.		1,887		64,913
MB Financial, Inc.		978		46,191
National Bank Holdings Corp. Class A		837		26,692
National Bankshares, Inc. (b)		735		31,936
NBT Bancorp, Inc.		617		25,840
OFG Bancorp		663		8,685
Old National Bancorp		1,841		33,414
Pacific Continental Corp.		266		5,812
PacWest Bancorp		1,711		93,147
Park National Corp.		554		66,292
Park Sterling Corp.		582		6,280
People’s United Financial, Inc.		5,085		98,446
Peoples Bancorp, Inc.		101		3,278
Pinnacle Financial Partners, Inc.		556		38,531
PNC Financial Services Group, Inc.		8,330		974,277
Popular, Inc.		1,617		70,857
Preferred Bank		131		6,867
PrivateBancorp, Inc.		1,251		67,792
Prosperity Bancshares, Inc.		1,047		75,154
Regions Financial Corp.		21,676		311,267
Renasant Corp.		600		25,332
Republic Bancorp, Inc. Class A		131		5,180
S&T Bancorp, Inc.		415		16,202
Sandy Spring Bancorp, Inc.		374		14,956
ServisFirst Bancshares, Inc.		782		29,278
Signature Bank (a)		838		125,868
Simmons First National Corp. Class A		419		26,041
South State Corp.		363		31,726
Southside Bancshares, Inc.		402		15,143
Southwest Bancorp, Inc.		266		7,714
State Bank Financial Corp.		2,171		58,313
Sterling Bancorp		1,840		43,056
Stock Yards Bancorp, Inc. (b)		1,577		74,040
Suffolk Bancorp		1,391		59,563
SunTrust Banks, Inc.		8,279		454,103
SVB Financial Group (a)		838		143,851
Synovus Financial Corp.		2,284		93,827
TCF Financial Corp.		2,512		49,210

See accompanying notes to financial statements.

51

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Texas Capital Bancshares, Inc. (a)		634	$	49,706
Tompkins Financial Corp.		215		20,326
Towne Bank		604		20,083
TriCo Bancshares		1,469		50,210
Trustmark Corp.		1,067		38,039
UMB Financial Corp.		638		49,203
Umpqua Holdings Corp.		3,950		74,181
Union Bankshares Corp.		1,001		35,776
United Bankshares, Inc.		962		44,492
United Community Banks, Inc.		691		20,467
Univest Corp. of Pennsylvania		311		9,610
US Bancorp		26,100		1,340,757
Valley National Bancorp		3,961		46,106
Washington Trust Bancorp, Inc.		205		11,490
Webster Financial Corp.		1,389		75,395
Wells Fargo & Co.		75,144		4,141,186
WesBanco, Inc. (b)		417		17,956
West Bancorp, Inc.		2,005		49,523
Westamerica Bancorporation		454		28,570
Western Alliance Bancorp (a)		1,114		54,263
Wintrust Financial Corp.		839		60,886
Yadkin Financial Corp.		1,429		48,957
Zions Bancorp		3,499		150,597
				26,671,498
BEVERAGES — 1.7%
Boston Beer Co., Inc. Class A (a) (b)		141		23,949
Brown-Forman Corp. Class A		855		39,544
Brown-Forman Corp. Class B		3,195		143,519
Coca-Cola Bottling Co. Consolidated		78		13,950
Coca-Cola Co.		63,276		2,623,423
Constellation Brands, Inc. Class A		2,699		413,784
Dr. Pepper Snapple Group, Inc.		3,116		282,528
Molson Coors Brewing Co. Class B		2,780		270,522
Monster Beverage Corp. (a)		7,263		322,041
National Beverage Corp.		554		28,298
PepsiCo, Inc.		23,457		2,454,306
				6,615,864
BIOTECHNOLOGY — 2.9%
AbbVie, Inc.		26,377		1,651,728
ACADIA Pharmaceuticals, Inc. (a) (b)		1,659		47,846
Acceleron Pharma, Inc. (a)		266		6,788
Achillion Pharmaceuticals, Inc. (a)		1,473		6,083
Acorda Therapeutics, Inc. (a)		612		11,506
Agios Pharmaceuticals, Inc. (a) (b)		443		18,486
Alder Biopharmaceuticals, Inc. (a) (b)		1,172		24,378
Alexion Pharmaceuticals, Inc. (a)		3,457		422,964
Alkermes PLC (a)		2,814		156,402
Alnylam Pharmaceuticals, Inc. (a) (b)		1,183		44,292
AMAG Pharmaceuticals, Inc. (a) (b)		601		20,915
Amgen, Inc.		12,254		1,791,657
Amicus Therapeutics, Inc. (a)		1,374		6,829
Applied Genetic Technologies Corp. (a)		912		8,527
Aptevo Therapeutics, Inc. (a)		193		471
Arena Pharmaceuticals, Inc. (a)		3,202		4,547
ARIAD Pharmaceuticals, Inc. (a)		2,853		35,491
Array BioPharma, Inc. (a) (b)		7,124		62,620
Arrowhead Pharmaceuticals, Inc. (a) (b)		1,085		1,682
Atara Biotherapeutics, Inc. (a) (b)		272		3,862
BioCryst Pharmaceuticals, Inc. (a)		1,065		6,741
Biogen, Inc. (a)		3,549		1,006,425
BioMarin Pharmaceutical, Inc. (a)		3,265		270,473
Bluebird Bio, Inc. (a) (b)		585		36,094
Celgene Corp. (a)		12,603		1,458,797
Celldex Therapeutics, Inc. (a)		1,617		5,724
ChemoCentryx, Inc. (a)		309		2,287
Chimerix, Inc. (a)		802		3,689
Clovis Oncology, Inc. (a)		1,744		77,468
Coherus Biosciences, Inc. (a)		532		14,976
Cytokinetics, Inc. (a)		399		4,848
CytRx Corp. (a) (b)		5,518		2,054
Dynavax Technologies Corp. (a) (b)		956		3,776
Eagle Pharmaceuticals, Inc. (a) (b)		136		10,790
Emergent BioSolutions, Inc. (a)		415		13,629
Enanta Pharmaceuticals, Inc. (a)		272		9,112
Epizyme, Inc. (a)		408		4,937
Esperion Therapeutics, Inc. (a)		106		1,327
Exact Sciences Corp. (a) (b)		1,411		18,851
Exelixis, Inc. (a)		4,093		61,027
FibroGen, Inc. (a)		2,255		48,257
Five Prime Therapeutics, Inc. (a)		278		13,931
Galena Biopharma, Inc. (a)		310		601
Genomic Health, Inc. (a)		266		7,818
Geron Corp. (a) (b)		1,851		3,832
Gilead Sciences, Inc.		21,815		1,562,172
Halozyme Therapeutics, Inc. (a) (b)		1,389		13,723
Heron Therapeutics, Inc. (a) (b)		408		5,345
Idera Pharmaceuticals, Inc. (a)		5,659		8,489
ImmunoGen, Inc. (a) (b)		1,351		2,756
Immunomedics, Inc. (a) (b)		1,065		3,909
Incyte Corp. (a)		2,788		279,553
Infinity Pharmaceuticals, Inc. (a)		663		895
Inovio Pharmaceuticals, Inc. (a) (b)		1,664		11,548
Insmed, Inc. (a)		3,826		50,618
Insys Therapeutics, Inc. (a) (b)		408		3,754
Intercept Pharmaceuticals, Inc. (a) (b)		495		53,782
Intrexon Corp. (a) (b)		921		22,380
Ionis Pharmaceuticals, Inc. (a) (b)		1,756		83,989
Ironwood Pharmaceuticals, Inc. (a) (b)		3,370		51,527
Juno Therapeutics, Inc. (a) (b)		977		18,416
Keryx Biopharmaceuticals, Inc. (a) (b)		1,196		7,009
Kite Pharma, Inc. (a) (b)		826		37,038
Lexicon Pharmaceuticals, Inc. (a) (b)		2,072		28,656
Ligand Pharmaceuticals, Inc. (a)		592		60,153
MacroGenics, Inc. (a) (b)		408		8,340
MannKind Corp. (a) (b)		3,411		2,172
Merrimack Pharmaceuticals, Inc. (a) (b)		1,327		5,414
MiMedx Group, Inc. (a) (b)		1,196		10,597
Momenta Pharmaceuticals, Inc. (a)		663		9,978
Myriad Genetics, Inc. (a) (b)		1,228		20,471
Neurocrine Biosciences, Inc. (a)		1,610		62,307
NewLink Genetics Corp. (a) (b)		708		7,278
Novavax, Inc. (a) (b)		4,174		5,259
OncoMed Pharmaceuticals, Inc. (a)		908		7,001
Ophthotech Corp. (a) (b)		426		2,058
OPKO Health, Inc. (a) (b)		4,785		44,500
Organovo Holdings, Inc. (a) (b)		2,006		6,800
OvaScience, Inc. (a)		272		416
PDL BioPharma, Inc.		5,570		11,808

See accompanying notes to financial statements.

52

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Portola Pharmaceuticals, Inc. (a) (b)		719	$	16,134
Progenics Pharmaceuticals, Inc. (a) (b)		4,043		34,932
Prothena Corp. PLC (a) (b)		837		41,172
PTC Therapeutics, Inc. (a)		532		5,804
Puma Biotechnology, Inc. (a)		356		10,929
Radius Health, Inc. (a) (b)		426		16,201
Regeneron Pharmaceuticals, Inc. (a)		1,255		460,698
Repligen Corp. (a)		493		15,194
Retrophin, Inc. (a)		408		7,723
Rigel Pharmaceuticals, Inc. (a)		1,269		3,020
Sage Therapeutics, Inc. (a)		636		32,474
Sangamo BioSciences, Inc. (a)		2,022		6,167
Sarepta Therapeutics, Inc. (a) (b)		937		25,702
Seattle Genetics, Inc. (a)		2,074		109,445
Spectrum Pharmaceuticals, Inc. (a)		867		3,841
Stemline Therapeutics, Inc. (a) (b)		1,608		17,206
Synergy Pharmaceuticals, Inc. (a)		4,734		28,830
TESARO, Inc. (a) (b)		449		60,382
Ultragenyx Pharmaceutical, Inc. (a) (b)		582		40,920
United Therapeutics Corp. (a) (b)		693		99,397
Vanda Pharmaceuticals, Inc. (a)		397		6,332
Vertex Pharmaceuticals, Inc. (a)		4,220		310,887
ZIOPHARM Oncology, Inc. (a) (b)		1,498		8,014
				11,286,053
BUILDING PRODUCTS — 0.5%
AAON, Inc.		612		20,227
Advanced Drainage Systems, Inc.		582		11,989
Allegion PLC		1,562		99,968
American Woodmark Corp. (a)		131		9,858
AO Smith Corp.		2,381		112,740
Apogee Enterprises, Inc.		415		22,227
Armstrong Flooring, Inc. (a)		336		6,690
Armstrong World Industries, Inc. (a) (b)		693		28,968
Builders FirstSource, Inc. (a) (b)		1,315		14,426
Continental Building Products, Inc. (a)		408		9,425
Fortune Brands Home & Security, Inc.		2,563		137,018
Gibraltar Industries, Inc. (a)		493		20,534
Griffon Corp.		582		15,248
Insteel Industries, Inc.		266		9,480
Johnson Controls International PLC		15,565		641,122
Lennox International, Inc.		771		118,094
Masco Corp.		5,502		173,973
Masonite International Corp. (a)		415		27,307
NCI Building Systems, Inc. (a)		340		5,321
Owens Corning		1,804		93,014
PGT Innovations, Inc. (a)		471		5,393
Ply Gem Holdings, Inc. (a)		3,005		48,831
Quanex Building Products Corp.		518		10,515
Simpson Manufacturing Co., Inc.		604		26,425
Trex Co., Inc. (a)		556		35,807
Universal Forest Products, Inc.		356		36,376
USG Corp. (a) (b)		1,234		35,638
				1,776,614
CAPITAL MARKETS — 2.8%
Affiliated Managers Group, Inc. (a)		863		125,394
Ameriprise Financial, Inc.		2,597		288,111
Arlington Asset Investment Corp. Class A		155		2,297
Artisan Partners Asset Management, Inc. Class A		415		12,346
Associated Capital Group, Inc. Class A		135		4,435
Bank of New York Mellon Corp.		16,960		803,565
BGC Partners, Inc. Class A		1,967		20,122
BlackRock, Inc.		2,016		767,169
Calamos Asset Management, Inc. Class A		340		2,907
CBOE Holdings, Inc.		1,336		98,717
Charles Schwab Corp.		18,964		748,509
CME Group, Inc.		5,532		638,116
Cohen & Steers, Inc.		278		9,341
Cowen Group, Inc. Class A (a)		350		5,425
Diamond Hill Investment Group, Inc.		78		16,410
Donnelley Financial Solutions, Inc. (a)		368		8,457
E*TRADE Financial Corp. (a)		4,402		152,529
Eaton Vance Corp.		1,845		77,269
Evercore Partners, Inc. Class A		493		33,869
FactSet Research Systems, Inc.		617		100,836
Federated Investors, Inc. Class B		1,381		39,055
Financial Engines, Inc.		771		28,334
Franklin Resources, Inc.		6,302		249,433
GAMCO Investors, Inc. Class A		135		4,170
Goldman Sachs Group, Inc.		6,211		1,487,224
Greenhill & Co., Inc.		397		10,997
Interactive Brokers Group, Inc. Class A		693		25,301
Intercontinental Exchange, Inc.		9,620		542,760
INTL. FCStone, Inc. (a)		258		10,217
Invesco, Ltd.		6,843		207,617
Investment Technology Group, Inc.		532		10,502
Janus Capital Group, Inc.		2,285		30,322
KCG Holdings, Inc. Class A (a)		1,072		14,204
Ladenburg Thalmann Financial Services, Inc. (a)		1,535		3,745
Lazard, Ltd. Class A		1,937		79,591
Legg Mason, Inc.		1,745		52,193
LPL Financial Holdings, Inc.		1,336		47,041
MarketAxess Holdings, Inc.		556		81,688
Moody’s Corp.		2,985		281,396
Morgan Stanley		23,838		1,007,155
Morningstar, Inc.		356		26,187
MSCI, Inc.		1,846		145,428
Nasdaq, Inc.		1,667		111,889
Northern Trust Corp.		3,708		330,197
NorthStar Asset Management Group, Inc.		2,788		41,597
Piper Jaffray Cos. (a)		278		20,155
Raymond James Financial, Inc.		1,836		127,180
S&P Global, Inc.		4,226		454,464
Safeguard Scientifics, Inc. (a)		340		4,573
SEI Investments Co.		2,201		108,641
State Street Corp. (c)		6,661		517,693
Stifel Financial Corp. (a)		1,007		50,300
T Rowe Price Group, Inc.		4,125		310,448
TD Ameritrade Holding Corp.		4,137		180,373
Voya Financial, Inc.		3,541		138,878
Waddell & Reed Financial, Inc. Class A		1,336		26,065
Westwood Holdings Group, Inc.		135		8,099
WisdomTree Investments, Inc. (b)		1,526		17,000
				10,747,936

See accompanying notes to financial statements.

53

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CHEMICALS — 2.1%
A Schulman, Inc.		397	$	13,280
AdvanSix, Inc. (a)		496		10,981
Air Products & Chemicals, Inc.		3,343		480,790
Albemarle Corp.		1,891		162,777
American Vanguard Corp.		397		7,603
Ashland Global Holdings, Inc.		1,248		136,394
Axalta Coating Systems, Ltd. (a)		2,644		71,917
Balchem Corp.		415		34,827
Cabot Corp.		934		47,204
Calgon Carbon Corp.		813		13,821
Celanese Corp. Series A		2,427		191,102
CF Industries Holdings, Inc. (b)		3,819		120,222
Chemours Co.		2,852		63,001
Chemtura Corp. (a)		1,207		40,072
Dow Chemical Co.		18,186		1,040,603
E.I. du Pont de Nemours & Co.		14,282		1,048,299
Eastman Chemical Co.		2,387		179,526
Ecolab, Inc.		4,174		489,276
Ferro Corp. (a)		1,115		15,978
Flotek Industries, Inc. (a) (b)		663		6,226
FMC Corp.		2,121		119,964
FutureFuel Corp.		340		4,726
GCP Applied Technologies, Inc. (a)		1,188		31,779
Hawkins, Inc.		131		7,067
HB Fuller Co.		771		37,247
Huntsman Corp.		3,001		57,259
Ingevity Corp. (a)		724		39,719
Innophos Holdings, Inc.		356		18,605
Innospec, Inc.		417		28,565
International Flavors & Fragrances, Inc.		1,252		147,523
Koppers Holdings, Inc. (a)		356		14,347
Kraton Corp. (a)		493		14,041
Kronos Worldwide, Inc.		260		3,104
LyondellBasell Industries NV Class A		5,673		486,630
Minerals Technologies, Inc.		556		42,951
Monsanto Co.		6,975		733,840
Mosaic Co.		5,724		167,885
NewMarket Corp.		137		58,066
Olin Corp. (b)		2,578		66,023
OMNOVA Solutions, Inc. (a)		663		6,630
Platform Specialty Products Corp. (a)		2,441		23,946
PolyOne Corp.		1,526		48,893
PPG Industries, Inc.		4,412		418,081
Praxair, Inc.		4,583		537,082
Quaker Chemical Corp.		215		27,507
Rayonier Advanced Materials, Inc.		620		9,585
RPM International, Inc.		2,022		108,844
Scotts Miracle-Gro Co. Class A		617		58,954
Sensient Technologies Corp.		771		60,585
Sherwin-Williams Co.		1,270		341,300
Stepan Co.		288		23,466
Tredegar Corp.		2,499		59,976
Trinseo SA		418		24,787
Tronox, Ltd. Class A		868		8,949
Valspar Corp.		1,389		143,914
Westlake Chemical Corp.		628		35,162
WR Grace & Co.		1,188		80,356
				8,271,257
COMMERCIAL SERVICES & SUPPLIES — 0.6%
ABM Industries, Inc.		837		34,183
ACCO Brands Corp. (a)		1,748		22,811
Brady Corp. Class A		693		26,022
Brink’s Co.		693		28,586
CECO Environmental Corp.		190		2,651
Cintas Corp.		1,611		186,167
Clean Harbors, Inc. (a)		908		50,530
Copart, Inc. (a)		2,215		122,733
Covanta Holding Corp. (b)		1,663		25,943
Deluxe Corp.		764		54,710
Ennis, Inc.		425		7,374
Essendant, Inc.		634		13,251
G&K Services, Inc. Class A		278		26,813
Healthcare Services Group, Inc.		1,049		41,089
Herman Miller, Inc.		917		31,361
HNI Corp.		693		38,753
InnerWorkings, Inc. (a)		582		5,733
Interface, Inc.		908		16,843
KAR Auction Services, Inc.		2,162		92,144
Knoll, Inc.		693		19,356
LSC Communications, Inc.		368		10,922
Matthews International Corp. Class A		460		35,351
McGrath RentCorp		417		16,342
Mobile Mini, Inc.		634		19,179
MSA Safety, Inc.		415		28,772
Multi-Color Corp.		131		10,166
Pitney Bowes, Inc.		3,158		47,970
Quad/Graphics, Inc.		399		10,725
Republic Services, Inc. Class A		4,178		238,355
Rollins, Inc.		2,021		68,269
RR Donnelley & Sons Co.		989		16,140
SP Plus Corp. (a)		205		5,771
Steelcase, Inc. Class A		1,336		23,914
Stericycle, Inc. (a)		1,300		100,152
Team, Inc. (a)		468		18,369
Tetra Tech, Inc.		974		42,028
UniFirst Corp.		215		30,885
US Ecology, Inc.		278		13,664
Viad Corp.		356		15,700
VSE Corp. (b)		148		5,748
Waste Management, Inc.		7,159		507,645
West Corp.		1,051		26,023
				2,139,143
COMMUNICATIONS EQUIPMENT — 1.1%
ADTRAN, Inc.		908		20,294
Arista Networks, Inc. (a) (b)		582		56,320
ARRIS International PLC (a)		3,500		105,455
Black Box Corp.		205		3,126
Brocade Communications Systems, Inc.		7,282		90,952
CalAmp Corp. (a)		532		7,714
Calix, Inc. (a)		606		4,666
Ciena Corp. (a)		2,768		67,567
Cisco Systems, Inc.		81,783		2,471,482
CommScope Holding Co., Inc. (a)		1,606		59,743
Comtech Telecommunications Corp.		275		3,259
Digi International, Inc. (a)		399		5,486
EchoStar Corp. Class A (a)		594		30,526
Extreme Networks, Inc. (a)		1,403		7,057

See accompanying notes to financial statements.

54

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
F5 Networks, Inc. (a)		1,176	$	170,191
Finisar Corp. (a)		1,428		43,225
Harmonic, Inc. (a) (b)		1,632		8,160
Harris Corp.		1,883		192,951
Infinera Corp. (a)		1,744		14,807
InterDigital, Inc.		634		57,916
Ixia (a)		872		14,039
Juniper Networks, Inc.		6,107		172,584
KVH Industries, Inc. (a)		155		1,829
Lumentum Holdings, Inc. (a)		723		27,944
Motorola Solutions, Inc.		2,941		243,779
NETGEAR, Inc. (a)		634		34,458
NetScout Systems, Inc. (a)		1,666		52,479
Palo Alto Networks, Inc. (a) (b)		1,407		175,945
Plantronics, Inc.		680		37,237
ShoreTel, Inc. (a)		872		6,235
Sonus Networks, Inc. (a)		622		3,919
Ubiquiti Networks, Inc. (a)		771		44,564
ViaSat, Inc. (a) (b)		634		41,983
Viavi Solutions, Inc. (a)		3,593		29,391
				4,307,283
CONSTRUCTION & ENGINEERING — 0.2%
AECOM (a)		2,292		83,337
Aegion Corp. (a)		634		15,026
Argan, Inc.		205		14,463
Chicago Bridge & Iron Co. NV		1,526		48,450
Comfort Systems USA, Inc.		556		18,515
Dycom Industries, Inc. (a) (b)		493		39,583
EMCOR Group, Inc.		1,068		75,572
Fluor Corp.		2,487		130,617
Granite Construction, Inc.		634		34,870
Great Lakes Dredge & Dock Corp. (a)		868		3,645
Jacobs Engineering Group, Inc. (a)		1,984		113,088
KBR, Inc.		2,260		37,719
MasTec, Inc. (a)		908		34,731
MYR Group, Inc. (a)		340		12,811
Orion Group Holdings, Inc. (a)		307		3,055
Primoris Services Corp.		556		12,666
Quanta Services, Inc. (a)		3,182		110,893
Tutor Perini Corp. (a)		556		15,568
Valmont Industries, Inc.		418		58,896
				863,505
CONSTRUCTION MATERIALS — 0.2%
Eagle Materials, Inc.		794		78,233
Headwaters, Inc. (a)		1,115		26,225
Martin Marietta Materials, Inc.		1,001		221,751
Summit Materials, Inc. Class A (a)		1,058		25,170
US Concrete, Inc. (a)		215		14,082
Vulcan Materials Co.		2,024		253,304
				618,765
CONSUMER FINANCE — 0.8%
Ally Financial, Inc.		7,431		141,338
American Express Co.		13,022		964,670
Capital One Financial Corp.		8,450		737,178
Credit Acceptance Corp. (a) (b)		141		30,669
Discover Financial Services		7,117		513,064
Encore Capital Group, Inc. (a)		399		11,431
Enova International, Inc. (a)		279		3,501
EZCORP, Inc. Class A (a)		567		6,039
Firstcash, Inc.		767		36,049
Green Dot Corp. Class A (a)		399		9,396
LendingClub Corp. (a)		5,260		27,615
Navient Corp.		6,885		113,121
Nelnet, Inc. Class A		356		18,067
OneMain Holdings, Inc. (a) (b)		866		19,173
PRA Group, Inc. (a) (b)		837		32,727
Santander Consumer USA Holdings, Inc. (a)		1,567		21,154
SLM Corp. (a)		6,885		75,873
Synchrony Financial		13,771		499,474
World Acceptance Corp. (a)		131		8,421
				3,268,960
CONTAINERS & PACKAGING — 0.5%
AEP Industries, Inc.		74		8,591
AptarGroup, Inc.		1,049		77,049
Avery Dennison Corp.		1,519		106,664
Ball Corp.		2,816		211,397
Bemis Co., Inc.		1,608		76,895
Berry Plastics Group, Inc. (a)		2,102		102,431
Crown Holdings, Inc. (a)		2,214		116,390
Graphic Packaging Holding Co.		5,024		62,700
Greif, Inc. Class A		1,088		55,825
International Paper Co.		6,806		361,126
Myers Industries, Inc.		397		5,677
Owens-Illinois, Inc. (a)		2,521		43,891
Packaging Corp. of America		1,473		124,940
Sealed Air Corp.		3,298		149,531
Silgan Holdings, Inc.		497		25,436
Sonoco Products Co.		1,526		80,420
WestRock Co.		4,362		221,459
				1,830,422
DISTRIBUTORS — 0.1%
Core-Mark Holding Co., Inc.		712		30,666
Genuine Parts Co.		2,429		232,067
LKQ Corp. (a)		4,594		140,806
Pool Corp.		732		76,377
				479,916
DIVERSIFIED CONSUMER SERVICES — 0.2%
American Public Education, Inc. (a)		266		6,530
Apollo Education Group, Inc. (a)		1,518		15,028
Ascent Capital Group, Inc. Class A (a)		211		3,431
Bridgepoint Education, Inc. (a)		266		2,694
Bright Horizons Family Solutions, Inc. (a)		493		34,520
Capella Education Co.		184		16,155
Career Education Corp. (a)		1,053		10,625
Carriage Services, Inc.		205		5,871
DeVry Education Group, Inc. (b)		964		30,077
Graham Holdings Co. Class B		78		39,932
Grand Canyon Education, Inc. (a)		693		40,506
H&R Block, Inc.		4,131		94,972
Houghton Mifflin Harcourt Co. (a)		1,681		18,239
K12, Inc. (a)		397		6,812
LifeLock, Inc. (a)		908		21,719
Regis Corp. (a)		663		9,627
Service Corp. International		3,229		91,704

See accompanying notes to financial statements.

55

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ServiceMaster Global Holdings, Inc. (a)		2,240	$	84,381
Sotheby’s		1,051		41,893
Strayer Education, Inc. (a)		143		11,530
Weight Watchers International, Inc. (a) (b)		3,071		35,163
				621,409
DIVERSIFIED FINANCIAL SERVICES — 1.4%
Berkshire Hathaway, Inc. Class B (a)		31,142		5,075,523
FNFV Group (a)		793		10,864
Leucadia National Corp.		5,639		131,107
NewStar Financial, Inc. (a)		399		3,691
PICO Holdings, Inc. (a)		340		5,151
				5,226,336
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.3%
AT&T, Inc.		101,428		4,313,733
ATN International, Inc.		137		10,978
CenturyLink, Inc.		9,323		221,701
Cincinnati Bell, Inc. (a)		640		14,304
Cogent Communications Holdings, Inc.		748		30,930
Consolidated Communications Holdings, Inc. (b)		1,628		43,712
Frontier Communications Corp. (b)		20,072		67,843
General Communication, Inc. Class A (a)		471		9,161
Globalstar, Inc. (a) (b)		10,972		17,336
Hawaiian Telcom Holdco, Inc. (a)		131		3,246
IDT Corp. Class B		205		3,801
Inteliquent, Inc.		471		10,795
Iridium Communications, Inc. (a) (b)		929		8,918
Level 3 Communications, Inc. (a)		4,551		256,494
Lumos Networks Corp. (a)		155		2,421
SBA Communications Corp. Class A (a)		1,967		203,113
Verizon Communications, Inc.		66,340		3,541,229
Vonage Holdings Corp. (a)		2,378		16,289
Windstream Holdings, Inc. (b)		1,524		11,171
Zayo Group Holdings, Inc. (a)		3,060		100,552
				8,887,727
ELECTRIC UTILITIES — 1.8%
ALLETE, Inc.		906		58,156
Alliant Energy Corp.		3,923		148,642
American Electric Power Co., Inc.		8,019		504,876
Avangrid, Inc.		1,200		45,456
Duke Energy Corp.		11,059		858,400
Edison International		4,993		359,446
El Paso Electric Co.		634		29,481
Empire District Electric Co.		617		21,034
Entergy Corp.		2,716		199,545
Eversource Energy		5,089		281,065
Exelon Corp.		14,749		523,442
FirstEnergy Corp.		6,424		198,951
Fortis, Inc.		379		11,704
Great Plains Energy, Inc.		2,378		65,038
Hawaiian Electric Industries, Inc.		2,033		67,231
IDACORP, Inc.		771		62,104
MGE Energy, Inc.		675		44,077
NextEra Energy, Inc.		7,454		890,455
OGE Energy Corp.		3,000		100,350
Otter Tail Corp. (b)		1,100		44,880
PG&E Corp.		8,023		487,558
Pinnacle West Capital Corp.		1,621		126,487
PNM Resources, Inc.		1,203		41,263
Portland General Electric Co.		1,188		51,476
PPL Corp.		11,031		375,606
Southern Co.		15,311		753,148
Westar Energy, Inc.		2,166		122,054
Xcel Energy, Inc.		8,175		332,722
				6,804,647
ELECTRICAL EQUIPMENT — 0.5%
Acuity Brands, Inc.		764		176,377
AMETEK, Inc.		3,771		183,271
AZZ, Inc.		417		26,646
Babcock & Wilcox Enterprises, Inc. (a)		869		14,417
Eaton Corp. PLC		7,573		508,073
Emerson Electric Co.		10,343		576,622
Encore Wire Corp.		356		15,433
EnerSys		693		54,123
Generac Holdings, Inc. (a)		1,049		42,736
General Cable Corp. (b)		708		13,487
Hubbell, Inc.		910		106,197
Plug Power, Inc. (a) (b)		2,460		2,952
Powell Industries, Inc.		131		5,109
Regal Beloit Corp.		693		47,990
Rockwell Automation, Inc.		2,125		285,600
Thermon Group Holdings, Inc. (a)		397		7,579
				2,066,612
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%
Amphenol Corp. Class A		4,935		331,632
Anixter International, Inc. (a)		415		33,636
Arrow Electronics, Inc. (a)		1,621		115,577
Avnet, Inc.		2,112		100,552
AVX Corp.		663		10,363
Badger Meter, Inc.		430		15,889
Belden, Inc.		617		46,133
Benchmark Electronics, Inc. (a)		842		25,681
CDW Corp.		2,600		135,434
Cognex Corp.		1,325		84,296
Coherent, Inc. (a)		417		57,290
Corning, Inc.		17,959		435,865
CTS Corp.		471		10,550
Daktronics, Inc.		532		5,692
Dolby Laboratories, Inc. Class A		703		31,769
ePlus, Inc. (a)		74		8,525
Fabrinet (a)		415		16,724
FARO Technologies, Inc. (a)		266		9,576
Fitbit, Inc. Class A (a) (b)		2,058		15,065
FLIR Systems, Inc.		2,241		81,102
II-VI, Inc. (a)		771		22,860
Insight Enterprises, Inc. (a)		617		24,951
InvenSense, Inc. (a)		872		11,153
IPG Photonics Corp. (a)		493		48,664
Itron, Inc. (a)		561		35,259
Jabil Circuit, Inc.		3,154		74,655
Keysight Technologies, Inc. (a)		2,698		98,666
Knowles Corp. (a)		1,343		22,442
Littelfuse, Inc.		356		54,030

See accompanying notes to financial statements.

56

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Methode Electronics, Inc.		556	$	22,991
MTS Systems Corp.		205		11,624
National Instruments Corp.		1,516		46,723
Novanta, Inc. (a)		1,920		40,320
OSI Systems, Inc. (a)		356		27,099
Park Electrochemical Corp.		340		6,341
Plexus Corp. (a)		556		30,046
Rogers Corp. (a)		278		21,353
Sanmina Corp. (a)		1,288		47,205
ScanSource, Inc. (a)		415		16,745
SYNNEX Corp.		417		50,465
Tech Data Corp. (a)		601		50,893
Trimble, Inc. (a)		3,955		119,243
TTM Technologies, Inc. (a) (b)		798		10,877
Universal Display Corp. (a) (b)		634		35,694
VeriFone Systems, Inc. (a)		1,663		29,485
Vishay Intertechnology, Inc. (b)		2,055		33,291
Vishay Precision Group, Inc. (a)		213		4,026
Zebra Technologies Corp. Class A (a)		815		69,894
				2,638,346
ENERGY EQUIPMENT & SERVICES — 1.2%
Archrock, Inc.		866		11,431
Atwood Oceanics, Inc. (b)		912		11,975
Baker Hughes, Inc.		6,979		453,426
Bristow Group, Inc. (b)		532		10,895
CARBO Ceramics, Inc. (a)		340		3,556
Diamond Offshore Drilling, Inc.		1,020		18,054
Dril-Quip, Inc. (a)		927		55,666
Ensco PLC Class A		6,394		62,150
Era Group, Inc. (a)		340		5,770
Exterran Corp. (a)		433		10,349
FMC Technologies, Inc. (a)		3,674		130,537
Forum Energy Technologies, Inc. (a)		908		19,976
Frank’s International NV		820		10,094
Geospace Technologies Corp. (a) (b)		155		3,156
Halliburton Co.		13,918		752,825
Helix Energy Solutions Group, Inc. (a)		1,656		14,606
Helmerich & Payne, Inc.		1,528		118,267
Hornbeck Offshore Services, Inc. (a) (b)		532		3,841
Matrix Service Co. (a)		399		9,057
McDermott International, Inc. (a)		8,452		62,460
Nabors Industries, Ltd.		4,550		74,620
National Oilwell Varco, Inc. (b)		6,669		249,687
Natural Gas Services Group, Inc. (a)		131		4,212
Newpark Resources, Inc. (a)		1,269		9,517
Noble Corp. PLC		3,749		22,194
Oceaneering International, Inc.		1,681		47,421
Oil States International, Inc. (a) (b)		837		32,643
Parker Drilling Co. (a)		1,724		4,482
Patterson-UTI Energy, Inc. (b)		2,217		59,682
PHI, Inc. NVDR (a)		205		3,694
RigNet, Inc. (a)		101		2,338
Rowan Cos. PLC Class A (b)		1,922		36,307
RPC, Inc. (b)		974		19,295
Schlumberger, Ltd.		22,600		1,897,270
SEACOR Holdings, Inc. (a)		356		25,376
Seadrill, Ltd. (a) (b)		5,437		18,540
Superior Energy Services, Inc.		2,441		41,204
Tesco Corp.		5,797		47,825
TETRA Technologies, Inc. (a)		1,134		5,693
Tidewater, Inc.		712		2,428
Transocean, Ltd. (a)		5,546		81,748
Unit Corp. (a)		771		20,717
US Silica Holdings, Inc.		837		47,441
Weatherford International PLC (a) (b)		14,005		69,885
				4,592,310
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.0% (d)
CoreCivic, Inc. REIT		1,744		42,658
Cousins Properties, Inc. REIT		5,693		48,447
Parkway, Inc. REIT (a)		707		15,731
Quality Care Properties, Inc. REIT (a)		1,446		22,413
				129,249
FOOD & STAPLES RETAILING — 1.8%
Andersons, Inc.		417		18,640
Casey’s General Stores, Inc.		634		75,370
Chefs’ Warehouse, Inc. (a)		205		3,239
Costco Wholesale Corp.		7,039		1,127,014
CVS Health Corp.		17,785		1,403,414
Ingles Markets, Inc. Class A		205		9,861
Kroger Co.		15,980		551,470
Natural Grocers by Vitamin Cottage, Inc. (a)		135		1,605
PriceSmart, Inc.		278		23,213
Rite Aid Corp. (a)		15,017		123,740
SpartanNash Co.		501		19,810
Sprouts Farmers Market, Inc. (a)		2,347		44,405
SUPERVALU, Inc. (a)		3,092		14,440
Sysco Corp.		9,093		503,479
United Natural Foods, Inc. (a)		771		36,792
US Foods Holding Corp. (a)		732		20,115
Village Super Market, Inc. Class A		135		4,172
Wal-Mart Stores, Inc.		24,583		1,699,177
Walgreens Boots Alliance, Inc.		13,921		1,152,102
Weis Markets, Inc.		131		8,756
Whole Foods Market, Inc.		5,705		175,486
				7,016,300
FOOD PRODUCTS — 1.6%
Archer-Daniels-Midland Co.		10,125		462,206
B&G Foods, Inc.		837		36,661
Blue Buffalo Pet Products, Inc. (a)		1,256		30,194
Bunge, Ltd.		2,287		165,213
Cal-Maine Foods, Inc. (b)		415		18,333
Calavo Growers, Inc.		331		20,323
Campbell Soup Co.		2,983		180,382
Conagra Brands, Inc.		6,840		270,522
Darling Ingredients, Inc. (a)		2,395		30,919
Dean Foods Co.		1,407		30,644
Flowers Foods, Inc. (b)		2,627		52,461
Fresh Del Monte Produce, Inc.		509		30,861
General Mills, Inc.		9,603		593,177
Hain Celestial Group, Inc. (a)		1,526		59,560
Hershey Co.		2,306		238,510
Hormel Foods Corp. (b)		4,458		155,183
Ingredion, Inc.		1,186		148,203
J&J Snack Foods Corp.		215		28,687
J.M. Smucker Co.		1,921		246,003

See accompanying notes to financial statements.

57

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Kellogg Co.		3,951	$	291,228
Kraft Heinz Co.		9,681		845,345
Lamb Weston Holdings, Inc. (a)		2,280		86,298
Lancaster Colony Corp.		278		39,306
Landec Corp. (a)		399		5,506
Limoneira Co.		101		2,173
McCormick & Co., Inc.		2,030		189,460
Mead Johnson Nutrition Co.		3,098		219,215
Mondelez International, Inc. Class A		24,225		1,073,894
Pilgrim’s Pride Corp.		908		17,243
Pinnacle Foods, Inc.		1,788		95,569
Post Holdings, Inc. (a)		1,055		84,811
Sanderson Farms, Inc. (b)		327		30,817
Seneca Foods Corp. Class A (a)		135		5,407
Snyder’s-Lance, Inc. (b)		1,566		60,040
Tootsie Roll Industries, Inc. (b)		318		12,641
TreeHouse Foods, Inc. (a) (b)		905		65,332
Tyson Foods, Inc. Class A		4,734		291,993
WhiteWave Foods Co. (a)		2,669		148,396
				6,362,716
GAS UTILITIES — 0.2%
Atmos Energy Corp.		1,684		124,869
Chesapeake Utilities Corp.		250		16,737
National Fuel Gas Co.		1,188		67,288
New Jersey Resources Corp.		1,236		43,878
Northwest Natural Gas Co.		1,015		60,697
ONE Gas, Inc.		794		50,784
South Jersey Industries, Inc.		975		32,848
Southwest Gas Corp.		693		53,098
Spire, Inc.		632		40,796
UGI Corp.		2,526		116,398
WGL Holdings, Inc.		771		58,812
				666,205
HEALTH CARE EQUIPMENT & SUPPLIES — 2.5%
Abaxis, Inc.		356		18,786
Abbott Laboratories		23,669		909,126
Abiomed, Inc. (a)		733		82,594
Accuray, Inc. (a)		1,136		5,226
Alere, Inc. (a)		1,276		49,726
Align Technology, Inc. (a)		1,255		120,643
Analogic Corp.		137		11,364
AngioDynamics, Inc. (a)		399		6,731
Anika Therapeutics, Inc. (a)		131		6,414
AtriCure, Inc. (a) (b)		340		6,654
Baxter International, Inc.		8,333		369,485
Becton Dickinson and Co.		3,423		566,678
Boston Scientific Corp. (a)		22,500		486,675
C.R. Bard, Inc.		1,203		270,266
Cantel Medical Corp.		1,049		82,609
Cardiovascular Systems, Inc. (a)		340		8,231
Cerus Corp. (a)		1,003		4,363
CONMED Corp.		415		18,331
Cooper Cos., Inc.		841		147,116
Cynosure, Inc. Class A (a)		678		30,917
Danaher Corp.		9,825		764,778
DENTSPLY SIRONA, Inc.		3,687		212,851
DexCom, Inc. (a)		1,389		82,923
Edwards Lifesciences Corp. (a)		3,459		324,108
Endologix, Inc. (a) (b)		974		5,571
GenMark Diagnostics, Inc. (a)		307		3,758
Globus Medical, Inc. Class A (a) (b)		837		20,766
Haemonetics Corp. (a)		771		30,994
Halyard Health, Inc. (a)		749		27,698
Hill-Rom Holdings, Inc.		1,348		75,677
Hologic, Inc. (a)		4,180		167,702
ICU Medical, Inc. (a)		215		31,680
IDEXX Laboratories, Inc. (a)		1,681		197,131
Inogen, Inc. (a)		417		28,010
Insulet Corp. (a)		837		31,538
Integer Holdings Corp. (a)		417		12,281
Integra LifeSciences Holdings Corp. (a)		956		82,015
Intuitive Surgical, Inc. (a)		631		400,161
Invacare Corp. (b)		471		6,147
Masimo Corp. (a)		729		49,135
Medtronic PLC		22,759		1,621,124
Meridian Bioscience, Inc.		617		10,921
Merit Medical Systems, Inc. (a)		617		16,350
Natus Medical, Inc. (a)		415		14,442
Neogen Corp. (a)		1,110		73,260
Nevro Corp. (a) (b)		484		35,167
NuVasive, Inc. (a)		1,434		96,594
NxStage Medical, Inc. (a)		908		23,799
OraSure Technologies, Inc. (a)		798		7,006
Orthofix International NV (a)		278		10,058
Penumbra, Inc. (a)		418		26,668
Quidel Corp. (a)		397		8,504
ResMed, Inc. (b)		2,166		134,400
Rockwell Medical, Inc. (a) (b)		692		4,533
RTI Surgical, Inc. (a)		872		2,834
Spectranetics Corp. (a)		634		15,533
St. Jude Medical, Inc.		4,367		350,190
STAAR Surgical Co. (a) (b)		532		5,772
Stryker Corp.		5,505		659,554
Surmodics, Inc. (a)		205		5,207
Teleflex, Inc.		934		150,514
Utah Medical Products, Inc.		374		27,208
Varian Medical Systems, Inc. (a)		1,617		145,174
Vascular Solutions, Inc. (a)		278		15,596
West Pharmaceutical Services, Inc.		1,115		94,585
Wright Medical Group NV (a)		2,066		47,477
Zeltiq Aesthetics, Inc. (a)		426		18,540
Zimmer Biomet Holdings, Inc.		3,024		312,077
				9,689,946
HEALTH CARE PROVIDERS & SERVICES — 2.4%
Acadia Healthcare Co., Inc. (a) (b)		1,222		40,448
Aceto Corp.		397		8,722
Aetna, Inc.		5,527		685,403
Air Methods Corp. (a) (b)		634		20,193
Amedisys, Inc. (a)		477		20,335
AmerisourceBergen Corp.		2,866		224,093
AMN Healthcare Services, Inc. (a)		693		26,646
Anthem, Inc.		4,285		616,054
BioScrip, Inc. (a)		672		699
Brookdale Senior Living, Inc. (a)		2,512		31,199
Capital Senior Living Corp. (a)		397		6,372
Cardinal Health, Inc.		5,237		376,907
Centene Corp. (a)		2,748		155,289

See accompanying notes to financial statements.

58

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Chemed Corp. (b)		278	$	44,594
Cigna Corp.		4,172		556,503
Community Health Systems, Inc. (a) (b)		1,703		9,520
CorVel Corp. (a)		841		30,781
DaVita, Inc. (a)		2,788		178,990
Diplomat Pharmacy, Inc. (a)		582		7,333
Ensign Group, Inc.		556		12,349
Envision Healthcare Corp. (a) (b)		1,885		119,302
Express Scripts Holding Co. (a)		10,576		727,523
HCA Holdings, Inc. (a)		5,025		371,950
HealthEquity, Inc. (a)		582		23,583
HealthSouth Corp. (b)		1,367		56,375
Healthways, Inc. (a)		391		8,895
Henry Schein, Inc. (a)		1,338		202,988
Humana, Inc.		2,443		498,445
Kindred Healthcare, Inc. (b)		963		7,560
Laboratory Corp. of America Holdings (a)		1,666		213,881
Landauer, Inc.		131		6,301
LHC Group, Inc. (a)		131		5,987
LifePoint Health, Inc. (a)		693		39,362
Magellan Health, Inc. (a)		415		31,229
McKesson Corp.		3,638		510,957
MEDNAX, Inc. (a) (b)		1,526		101,723
Molina Healthcare, Inc. (a) (b)		703		38,145
National HealthCare Corp.		131		9,928
Owens & Minor, Inc.		974		34,372
Patterson Cos., Inc. (b)		1,335		54,775
PharMerica Corp. (a)		397		9,985
Premier, Inc. Class A (a)		515		15,635
Providence Service Corp. (a)		841		32,000
Quest Diagnostics, Inc.		2,437		223,960
Quorum Health Corp. (a)		407		2,959
Select Medical Holdings Corp. (a)		2,163		28,660
Surgical Care Affiliates, Inc. (a)		284		13,141
Team Health Holdings, Inc. (a)		1,049		45,579
Tenet Healthcare Corp. (a)		1,528		22,676
Triple-S Management Corp. Class B (a)		399		8,259
UnitedHealth Group, Inc.		15,259		2,442,050
Universal American Corp. (a)		606		6,030
Universal Health Services, Inc. Class B		1,389		147,762
US Physical Therapy, Inc.		131		9,196
VCA, Inc. (a)		1,338		91,854
WellCare Health Plans, Inc. (a)		704		96,504
				9,311,961
HEALTH CARE TECHNOLOGY — 0.1%
Allscripts Healthcare Solutions, Inc. (a)		2,712		27,689
athenahealth, Inc. (a) (b)		680		71,516
Cerner Corp. (a)		4,601		217,949
Computer Programs & Systems, Inc. (b)		131		3,092
HealthStream, Inc. (a)		340		8,517
HMS Holdings Corp. (a)		1,336		24,262
Inovalon Holdings, Inc. Class A (a)		1,708		17,592
Medidata Solutions, Inc. (a)		910		45,200
Omnicell, Inc. (a)		556		18,848
Quality Systems, Inc.		606		7,969
Veeva Systems, Inc. Class A (a) (b)		1,471		59,870
Vocera Communications, Inc. (a)		340		6,287
				508,791
HOTELS, RESTAURANTS & LEISURE — 2.0%
Aramark		3,967		141,701
Belmond, Ltd. Class A (a)		1,473		19,664
Biglari Holdings, Inc. (a)		60		28,392
BJ’s Restaurants, Inc. (a)		417		16,388
Bloomin’ Brands, Inc.		1,983		35,753
Bob Evans Farms, Inc.		413		21,976
Boyd Gaming Corp. (a)		912		18,395
Brinker International, Inc. (b)		1,141		56,514
Buffalo Wild Wings, Inc. (a)		278		42,923
Caesars Entertainment Corp. (a) (b)		532		4,522
Carnival Corp.		6,798		353,904
Cheesecake Factory, Inc.		823		49,281
Chipotle Mexican Grill, Inc. Class A (a) (b)		493		186,019
Choice Hotels International, Inc.		415		23,261
Churchill Downs, Inc.		215		32,347
Chuy’s Holdings, Inc. (a)		266		8,632
ClubCorp Holdings, Inc.		692		9,930
Cracker Barrel Old Country Store, Inc. (b)		358		59,779
Darden Restaurants, Inc.		2,015		146,531
Dave & Buster’s Entertainment, Inc. (a)		284		15,989
Del Frisco’s Restaurant Group, Inc. (a)		101		1,717
Denny’s Corp. (a)		1,470		18,860
DineEquity, Inc.		278		21,406
Domino’s Pizza, Inc.		912		145,227
Dunkin’ Brands Group, Inc.		1,681		88,152
Extended Stay America, Inc.		866		13,986
Fiesta Restaurant Group, Inc. (a)		340		10,149
Hilton Worldwide Holdings, Inc.		8,137		221,326
Hyatt Hotels Corp. Class A (a)		366		20,225
ILG, Inc.		1,679		30,507
International Game Technology PLC		1,438		36,698
International Speedway Corp. Class A		415		15,272
Jack in the Box, Inc.		617		68,882
Jamba, Inc. (a)		266		2,740
La Quinta Holdings, Inc. (a)		1,481		21,045
Las Vegas Sands Corp.		6,028		321,955
Marcus Corp.		266		8,379
Marriott International, Inc. Class A		5,274		436,054
Marriott Vacations Worldwide Corp.		413		35,043
McDonald’s Corp.		13,598		1,655,149
MGM Resorts International (a)		7,731		222,885
Norwegian Cruise Line Holdings, Ltd. (a)		2,603		110,706
Panera Bread Co. Class A (a) (b)		452		92,701
Papa John’s International, Inc. (b)		415		35,516
Penn National Gaming, Inc. (a)		1,068		14,728
Pinnacle Entertainment, Inc. (a) (b)		872		12,644
Popeyes Louisiana Kitchen, Inc. (a)		417		25,220
Red Robin Gourmet Burgers, Inc. (a)		215		12,126
Royal Caribbean Cruises, Ltd.		2,822		231,517
Ruby Tuesday, Inc. (a)		868		2,804
Ruth’s Hospitality Group, Inc.		532		9,736
Scientific Games Corp. Class A (a) (b)		670		9,380
SeaWorld Entertainment, Inc.		1,049		19,858
Six Flags Entertainment Corp.		974		58,401
Sonic Corp.		912		24,177
Speedway Motorsports, Inc.		101		2,189

See accompanying notes to financial statements.

59

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Starbucks Corp.		23,618	$	1,311,271
Texas Roadhouse, Inc.		908		43,802
Vail Resorts, Inc.		556		89,688
Wendy’s Co. (b)		2,926		39,559
Wyndham Worldwide Corp. (b)		2,120		161,904
Wynn Resorts, Ltd.		1,244		107,618
Yum China Holdings, Inc. (a)		6,267		163,694
Yum! Brands, Inc.		6,267		396,889
Zoe’s Kitchen, Inc. (a) (b)		284		6,813
				7,650,499
HOUSEHOLD DURABLES — 0.5%
Beazer Homes USA, Inc. (a)		399		5,307
CalAtlantic Group, Inc.		1,145		38,941
Cavco Industries, Inc. (a)		141		14,079
CSS Industries, Inc.		135		3,654
D.R. Horton, Inc.		4,954		135,393
Ethan Allen Interiors, Inc.		417		15,366
Garmin, Ltd.		1,895		91,889
GoPro, Inc. Class A (a) (b)		1,454		12,664
Harman International Industries, Inc.		1,087		120,831
Helen of Troy, Ltd. (a)		493		41,634
Hovnanian Enterprises, Inc. Class A (a)		1,286		3,511
iRobot Corp. (a) (b)		415		24,257
KB Home (b)		704		11,130
La-Z-Boy, Inc.		837		25,989
Leggett & Platt, Inc.		2,195		107,292
Lennar Corp. Class A		2,971		127,545
Libbey, Inc.		340		6,616
M/I Homes, Inc. (a)		399		10,047
MDC Holdings, Inc.		665		17,064
Meritage Homes Corp. (a)		463		16,112
Mohawk Industries, Inc. (a)		958		191,293
NACCO Industries, Inc. Class A		118		10,685
Newell Brands, Inc.		7,172		320,230
NVR, Inc. (a)		60		100,140
PulteGroup, Inc.		5,927		108,938
Taylor Morrison Home Corp. Class A (a)		471		9,072
Tempur Sealy International, Inc. (a) (b)		908		61,998
Toll Brothers, Inc. (a)		2,957		91,667
TopBuild Corp. (a)		606		21,574
TRI Pointe Group, Inc. (a)		1,971		22,627
Tupperware Brands Corp. (b)		837		44,043
Universal Electronics, Inc. (a)		215		13,878
Whirlpool Corp.		1,248		226,849
William Lyon Homes Class A (a)		205		3,901
				2,056,216
HOUSEHOLD PRODUCTS — 1.5%
Central Garden & Pet Co. Class A (a)		617		19,065
Church & Dwight Co., Inc.		4,238		187,277
Clorox Co.		2,022		242,681
Colgate-Palmolive Co.		14,544		951,759
Energizer Holdings, Inc.		1,046		46,662
HRG Group, Inc. (a)		2,388		37,157
Kimberly-Clark Corp.		5,748		655,962
Procter & Gamble Co.		42,276		3,554,566
Spectrum Brands Holdings, Inc. (b)		356		43,550
WD-40 Co.		215		25,134
				5,763,813
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
AES Corp.		11,121		129,226
Atlantic Power Corp.		1,724		4,310
Atlantica Yield PLC		1,408		27,245
Calpine Corp. (a)		6,116		69,906
Dynegy, Inc. (a)		2,254		19,069
NRG Energy, Inc.		4,908		60,172
NRG Yield, Inc. Class A		525		8,064
NRG Yield, Inc. Class C		1,554		24,553
Ormat Technologies, Inc.		556		29,813
Pattern Energy Group, Inc.		634		12,039
TerraForm Power, Inc. Class A (a) (b)		1,084		13,886
				398,283
INDUSTRIAL CONGLOMERATES — 2.2%
3M Co.		9,588		1,712,129
Carlisle Cos., Inc.		974		107,423
General Electric Co.		151,422		4,784,935
Honeywell International, Inc.		12,417		1,438,510
Raven Industries, Inc.		542		13,658
Roper Technologies, Inc.		1,560		285,605
				8,342,260
INSURANCE — 3.0%
Aflac, Inc.		6,539		455,114
Alleghany Corp. (a)		278		169,057
Allied World Assurance Co. Holdings AG.		1,681		90,287
Allstate Corp.		6,477		480,075
Ambac Financial Group, Inc. (a)		693		15,593
American Equity Investment Life Holding Co.		974		21,954
American Financial Group, Inc.		1,186		104,510
American International Group, Inc.		16,731		1,092,702
American National Insurance Co.		141		17,570
AMERISAFE, Inc.		278		17,333
AmTrust Financial Services, Inc.		1,201		32,883
Aon PLC		4,415		492,405
Arch Capital Group, Ltd. (a)		2,022		174,478
Argo Group International Holdings, Ltd.		502		33,082
Arthur J Gallagher & Co.		2,489		129,328
Aspen Insurance Holdings, Ltd.		974		53,570
Assurant, Inc.		1,138		105,675
Assured Guaranty, Ltd.		2,988		112,857
Axis Capital Holdings, Ltd.		1,804		117,747
Baldwin & Lyons, Inc. Class B		131		3,301
Brown & Brown, Inc.		1,804		80,927
Chubb, Ltd.		7,529		994,731
Cincinnati Financial Corp.		2,478		187,708
Citizens, Inc. (a)		582		5,715
CNA Financial Corp.		417		17,305
CNO Financial Group, Inc.		3,412		65,340
eHealth, Inc. (a)		206		2,194
Employers Holdings, Inc.		493		19,523
Endurance Specialty Holdings, Ltd.		1,367		126,311
Enstar Group, Ltd. (a)		137		27,085
Erie Indemnity Co. Class A		417		46,892
Everest Re Group, Ltd.		794		171,822
FBL Financial Group, Inc. Class A		135		10,550

See accompanying notes to financial statements.

60

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
First American Financial Corp.		1,681	$	61,575
FNF Group		4,226		143,515
Genworth Financial, Inc. Class A (a)		7,564		28,819
Global Indemnity, Ltd. (a)		131		5,006
Greenlight Capital Re, Ltd. Class A (a)		397		9,052
Hanover Insurance Group, Inc.		637		57,973
Hartford Financial Services Group, Inc.		6,977		332,454
HCI Group, Inc.		131		5,172
Horace Mann Educators Corp.		634		27,135
Infinity Property & Casualty Corp.		137		12,042
Kemper Corp.		693		30,700
Lincoln National Corp.		4,140		274,358
Loews Corp.		4,998		234,056
Maiden Holdings, Ltd.		737		12,861
Markel Corp. (a)		215		194,467
Marsh & McLennan Cos., Inc.		8,499		574,447
MBIA, Inc. (a)		2,206		23,604
Mercury General Corp.		417		25,108
MetLife, Inc.		14,804		797,788
National General Holdings Corp.		582		14,544
National Western Life Group, Inc. Class A		78		24,242
Navigators Group, Inc.		137		16,132
Old Republic International Corp.		4,006		76,114
OneBeacon Insurance Group, Ltd. Class A		340		5,457
Primerica, Inc.		912		63,065
Principal Financial Group, Inc.		4,354		251,922
ProAssurance Corp.		951		53,446
Progressive Corp.		9,275		329,262
Prudential Financial, Inc.		7,231		752,458
Reinsurance Group of America, Inc.		1,096		137,910
RenaissanceRe Holdings, Ltd.		828		112,790
RLI Corp.		629		39,709
Safety Insurance Group, Inc.		215		15,846
Selective Insurance Group, Inc.		837		36,033
State Auto Financial Corp. (b)		205		5,496
Stewart Information Services Corp.		330		15,206
Third Point Reinsurance, Ltd. (a)		872		10,072
Torchmark Corp.		2,106		155,339
Travelers Cos., Inc.		4,733		579,414
United Fire Group, Inc.		356		17,505
Universal Insurance Holdings, Inc.		397		11,275
Unum Group		4,094		179,849
Validus Holdings, Ltd.		1,612		88,676
White Mountains Insurance Group, Ltd.		95		79,425
WR Berkley Corp.		1,696		112,801
XL Group, Ltd.		5,007		186,561
				11,696,305
INTERNET & CATALOG RETAIL — 2.0%
Amazon.com, Inc. (a)		6,370		4,776,672
Blue Nile, Inc.		131		5,323
Expedia, Inc. (b)		1,941		219,876
FTD Cos., Inc. (a)		297		7,080
Groupon, Inc. (a)		6,425		21,331
HSN, Inc.		557		19,105
Lands’ End, Inc. (a) (b)		222		3,363
Liberty Expedia Holdings, Inc. Class A (a)		995		39,472
Liberty Interactive Corp. QVC Group Class A (a)		8,451		168,851
Liberty TripAdvisor Holdings, Inc. Class A (a)		1,338		20,137
Liberty Ventures Series A (a)		1,492		55,010
Netflix, Inc. (a)		6,750		835,650
Nutrisystem, Inc.		397		13,756
Overstock.com, Inc. (a)		101		1,768
PetMed Express, Inc.		340		7,844
Priceline Group, Inc. (a)		827		1,212,432
Shutterfly, Inc. (a)		634		31,814
Travelport Worldwide, Ltd.		1,589		22,405
TripAdvisor, Inc. (a)		2,012		93,296
Wayfair, Inc. Class A (a) (b)		284		9,954
				7,565,139
INTERNET SOFTWARE & SERVICES — 3.8%
2U, Inc. (a) (b)		426		12,844
Actua Corp. (a)		1,406		19,684
Akamai Technologies, Inc. (a)		2,655		177,035
Alphabet, Inc. Class A (a)		4,766		3,776,817
Alphabet, Inc. Class C (a)		4,886		3,771,113
Angie’s List, Inc. (a)		1,199		9,868
Bankrate, Inc. (a)		663		7,326
Bazaarvoice, Inc. (a)		513		2,488
Benefitfocus, Inc. (a) (b)		419		12,444
Blucora, Inc. (a)		606		8,938
Brightcove, Inc. (a)		307		2,471
ChannelAdvisor Corp. (a)		1,049		15,053
Cimpress NV (a)		493		45,164
CommerceHub, Inc. Series A (a)		250		3,752
CommerceHub, Inc. Series C (a)		497		7,470
comScore, Inc. (a) (b)		720		22,738
Cornerstone OnDemand, Inc. (a)		1,134		47,980
CoStar Group, Inc. (a)		557		104,989
DHI Group, Inc. (a)		606		3,787
EarthLink Holdings Corp.		7,023		39,610
eBay, Inc. (a)		17,341		514,854
Endurance International Group Holdings, Inc. (a)		828		7,700
Envestnet, Inc. (a) (b)		703		24,781
Facebook, Inc. Class A (a)		36,945		4,250,522
GoDaddy, Inc. Class A (a) (b)		1,026		35,859
Gogo, Inc. (a) (b)		872		8,040
GrubHub, Inc. (a)		1,153		43,376
IAC/InterActiveCorp		1,191		77,165
Intralinks Holdings, Inc. (a)		606		8,193
j2 Global, Inc. (b)		693		56,687
Limelight Networks, Inc. (a)		6,610		16,657
Liquidity Services, Inc. (a)		309		3,013
LivePerson, Inc. (a)		775		5,851
LogMeIn, Inc.		417		40,261
NIC, Inc.		974		23,279
Pandora Media, Inc. (a) (b)		3,181		41,480
QuinStreet, Inc. (a)		8,731		32,829
Quotient Technology, Inc. (a)		1,520		16,340
RetailMeNot, Inc. (a)		471		4,380
Shutterstock, Inc. (a)		435		20,671
SPS Commerce, Inc. (a)		615		42,982
Stamps.com, Inc. (a)		215		24,650

See accompanying notes to financial statements.

61

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TechTarget, Inc. (a)		1,938	$	16,531
Twitter, Inc. (a)		10,231		166,765
VeriSign, Inc. (a) (b)		1,572		119,582
Web.com Group, Inc. (a)		617		13,050
WebMD Health Corp. (a)		768		38,070
XO Group, Inc. (a)		399		7,761
Yahoo!, Inc. (a)		14,573		563,538
Yelp, Inc. (a)		1,274		48,578
Zillow Group, Inc. Class A (a) (b)		680		24,786
Zillow Group, Inc. Class C (a)		1,945		70,934
				14,460,736
IT SERVICES — 3.7%
Accenture PLC Class A		10,177		1,192,032
Acxiom Corp. (a)		1,188		31,838
Alliance Data Systems Corp. (b)		1,066		243,581
Amdocs, Ltd.		2,518		146,673
Automatic Data Processing, Inc.		7,483		769,103
Black Knight Financial Services, Inc. Class A (a)		556		21,017
Blackhawk Network Holdings, Inc. (a) (b)		868		32,702
Booz Allen Hamilton Holding Corp.		1,887		68,064
Broadridge Financial Solutions, Inc.		1,832		121,462
CACI International, Inc. Class A (a)		356		44,251
Cardtronics PLC Class A (a)		693		37,817
Cass Information Systems, Inc.		131		9,638
Cognizant Technology Solutions Corp. Class A (a)		9,646		540,465
Computer Sciences Corp.		2,332		138,567
Convergys Corp.		1,608		39,492
CoreLogic, Inc. (a)		1,473		54,251
CSG Systems International, Inc.		493		23,861
CSRA, Inc.		2,332		74,251
DST Systems, Inc.		632		67,719
EPAM Systems, Inc. (a)		782		50,290
Euronet Worldwide, Inc. (a)		771		55,844
EVERTEC, Inc.		974		17,288
ExlService Holdings, Inc. (a)		493		24,867
Fidelity National Information Services, Inc.		5,274		398,925
First Data Corp. Class A (a)		5,034		71,432
Fiserv, Inc. (a)		3,725		395,893
FleetCor Technologies, Inc. (a)		1,390		196,713
Forrester Research, Inc.		205		8,805
Gartner, Inc. (a)		1,470		148,573
Genpact, Ltd. (a)		2,574		62,651
Global Payments, Inc.		2,749		190,808
International Business Machines Corp.		14,252		2,365,689
Jack Henry & Associates, Inc.		1,318		117,012
Leidos Holdings, Inc.		2,478		126,725
ManTech International Corp. Class A		417		17,618
MasterCard, Inc. Class A		15,878		1,639,403
MAXIMUS, Inc.		1,049		58,524
MoneyGram International, Inc. (a)		260		3,071
NeuStar, Inc. Class A (a)		974		32,532
Paychex, Inc.		5,002		304,522
PayPal Holdings, Inc. (a)		19,306		762,008
Perficient, Inc. (a)		471		8,238
Sabre Corp. (b)		3,377		84,256
Science Applications International Corp.		639		54,187
ServiceSource International, Inc. (a)		868		4,930
Sykes Enterprises, Inc. (a)		634		18,297
Syntel, Inc.		415		8,213
TeleTech Holdings, Inc.		340		10,370
Teradata Corp. (a)		2,536		68,903
Total System Services, Inc.		2,490		122,085
Unisys Corp. (a) (b)		652		9,747
Vantiv, Inc. Class A (a)		2,380		141,896
Virtusa Corp. (a)		356		8,943
Visa, Inc. Class A (b)		30,984		2,417,372
Western Union Co.		8,598		186,749
WEX, Inc. (a)		634		70,754
Xerox Corp.		18,864		164,683
				14,085,600
LEISURE EQUIPMENT & PRODUCTS — 0.1%
American Outdoor Brands Corp. (a)		974		20,532
Arctic Cat, Inc.		205		3,079
Brunswick Corp.		1,428		77,883
Callaway Golf Co.		1,115		12,220
Hasbro, Inc.		1,757		136,677
JAKKS Pacific, Inc. (a)		206		1,061
Mattel, Inc.		5,329		146,814
Nautilus, Inc. (a)		471		8,714
Polaris Industries, Inc. (b)		974		80,248
Sturm Ruger & Co., Inc. (b)		278		14,651
Vista Outdoor, Inc. (a)		975		35,977
				537,856
LIFE SCIENCES TOOLS & SERVICES — 0.7%
Agilent Technologies, Inc.		5,384		245,295
Albany Molecular Research, Inc. (a)		340		6,378
Bio-Rad Laboratories, Inc. Class A (a)		356		64,892
Bio-Techne Corp.		571		58,716
Bruker Corp.		1,663		35,222
Cambrex Corp. (a)		415		22,389
Charles River Laboratories International, Inc. (a)		777		59,200
Fluidigm Corp. (a)		399		2,905
Illumina, Inc. (a)		2,392		306,272
INC Research Holdings, Inc. Class A (a)		628		33,033
Luminex Corp. (a) (b)		556		11,248
Mettler-Toledo International, Inc. (a)		495		207,187
PAREXEL International Corp. (a) (b)		912		59,937
PerkinElmer, Inc.		1,709		89,124
PRA Health Sciences, Inc. (a)		284		15,654
QIAGEN NV (a)		3,546		99,359
Quintiles IMS Holdings, Inc. (a)		1,983		150,807
Thermo Fisher Scientific, Inc.		6,363		897,819
VWR Corp. (a)		724		18,122
Waters Corp. (a)		1,339		179,948
				2,563,507
MACHINERY — 1.9%
Actuant Corp. Class A		1,115		28,934
AGCO Corp.		1,517		87,774
Alamo Group, Inc.		135		10,273
Albany International Corp. Class A		415		19,214
Allison Transmission Holdings, Inc.		2,807		94,568
Altra Industrial Motion Corp.		415		15,313

See accompanying notes to financial statements.

62

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
American Railcar Industries, Inc. (b)		131	$	5,933
Astec Industries, Inc.		356		24,016
Barnes Group, Inc.		837		39,691
Briggs & Stratton Corp. (b)		693		15,426
Caterpillar, Inc.		9,328		865,079
Chart Industries, Inc. (a)		560		20,171
CIRCOR International, Inc.		278		18,037
CLARCOR, Inc.		785		64,739
Colfax Corp. (a)		1,685		60,542
Columbus McKinnon Corp.		266		7,193
Crane Co.		739		53,297
Cummins, Inc.		2,579		352,472
Deere & Co.		5,129		528,492
Donaldson Co., Inc.		2,254		94,848
Douglas Dynamics, Inc.		340		11,441
Dover Corp.		2,685		201,187
EnPro Industries, Inc.		794		53,484
ESCO Technologies, Inc.		417		23,623
Federal Signal Corp.		999		15,594
Flowserve Corp.		2,247		107,968
Fortive Corp.		4,912		263,431
Franklin Electric Co., Inc.		693		26,958
FreightCar America, Inc. (b)		101		1,508
Gorman-Rupp Co.		265		8,202
Graco, Inc.		978		81,262
Graham Corp.		101		2,237
Greenbrier Cos., Inc.		417		17,326
Harsco Corp.		1,153		15,681
Hillenbrand, Inc.		837		32,099
Hurco Cos., Inc.		135		4,468
Hyster-Yale Materials Handling, Inc.		149		9,502
IDEX Corp.		1,298		116,898
Illinois Tool Works, Inc.		4,823		590,625
Ingersoll-Rand PLC		4,460		334,678
ITT, Inc.		1,388		53,535
John Bean Technologies Corp.		461		39,623
Joy Global, Inc.		1,639		45,892
Kadant, Inc.		131		8,017
Kennametal, Inc.		1,186		37,074
Lincoln Electric Holdings, Inc.		1,291		98,981
Lindsay Corp.		215		16,041
Lydall, Inc. (a)		278		17,194
Manitowoc Co., Inc. (a)		2,016		12,056
Manitowoc Foodservice, Inc. (a)		2,016		38,969
Meritor, Inc. (a)		1,526		18,953
Middleby Corp. (a) (b)		976		125,719
Mueller Industries, Inc.		911		36,404
Mueller Water Products, Inc. Class A		2,386		31,758
Navistar International Corp. (a)		861		27,010
Nordson Corp.		974		109,137
Oshkosh Corp.		1,385		89,485
PACCAR, Inc.		5,541		354,070
Parker-Hannifin Corp.		2,288		320,320
Pentair PLC		3,090		173,256
Proto Labs, Inc. (a)		278		14,275
RBC Bearings, Inc. (a)		356		33,040
Rexnord Corp. (a)		1,190		23,312
Snap-on, Inc.		912		156,198
SPX Corp. (a)		731		17,339
SPX FLOW, Inc. (a)		731		23,436
Standex International Corp.		215		18,888
Stanley Black & Decker, Inc.		2,519		288,904
Sun Hydraulics Corp.		356		14,229
Tennant Co.		278		19,794
Terex Corp.		1,684		53,097
Timken Co.		1,114		44,226
Titan International, Inc.		798		8,946
Toro Co.		1,833		102,556
TriMas Corp. (a)		839		19,716
Trinity Industries, Inc.		2,443		67,818
Wabash National Corp. (a) (b)		1,049		16,595
WABCO Holdings, Inc. (a)		885		93,943
Wabtec Corp.		1,473		122,288
Watts Water Technologies, Inc. Class A		410		26,732
Woodward, Inc.		1,049		72,433
Xylem, Inc.		2,846		140,934
				7,356,377
MARINE — 0.0% (d)
Kirby Corp. (a) (b)		912		60,648
Matson, Inc.		617		21,836
				82,484
MEDIA — 3.0%
AMC Entertainment Holdings, Inc. Class A		360		12,114
AMC Networks, Inc. Class A (a)		914		47,839
Cable One, Inc. (b)		78		48,495
CBS Corp. Class B		6,570		417,983
Central European Media Enterprises, Ltd. Class A (a)		1,136		2,897
Charter Communications, Inc. Class A (a)		3,238		932,285
Cinemark Holdings, Inc.		1,744		66,900
Clear Channel Outdoor Holdings, Inc. Class A		456		2,303
Comcast Corp. Class A		39,192		2,706,208
Discovery Communications, Inc. Class A (a) (b)		2,485		68,114
Discovery Communications, Inc. Class C (a)		4,627		123,911
DISH Network Corp. Class A (a)		3,481		201,654
Entercom Communications Corp. Class A		399		6,105
Entravision Communications Corp. Class A		798		5,586
Eros International PLC (a) (b)		665		8,678
EW Scripps Co. Class A (a) (b)		838		16,199
Gannett Co., Inc.		1,757		17,060
Global Eagle Entertainment, Inc. (a)		1,804		11,654
Gray Television, Inc. (a)		737		7,996
IMAX Corp. (a)		1,008		31,651
Interpublic Group of Cos., Inc.		6,581		154,061
John Wiley & Sons, Inc. Class A		693		37,768
Liberty Broadband Corp. Class A (a)		379		27,462
Liberty Broadband Corp. Class C (a)		1,705		126,289
Liberty Media Corp.-Liberty Braves Class A (a)		144		2,951
Liberty Media Corp.-Liberty Braves Class C (a)		503		10,357

See accompanying notes to financial statements.

63

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Liberty Media Corp.-Liberty Media Class A (a) (b)		365	$	11,443
Liberty Media Corp.-Liberty Media Class C (a) (b)		749		23,466
Liberty Media Corp.-Liberty SiriusXM Class A (a)		1,550		53,506
Liberty Media Corp.-Liberty SiriusXM Class C (a)		3,016		102,303
Lions Gate Entertainment Corp. Class A (b)		625		16,813
Lions Gate Entertainment Corp. Class B (a) (b)		1,867		45,816
Live Nation Entertainment, Inc. (a)		2,120		56,392
Loral Space & Communications, Inc. (a)		205		8,415
Madison Square Garden Co. Class A (a)		309		52,997
MDC Partners, Inc. Class A		529		3,465
Media General, Inc. (a)		1,289		24,272
Meredith Corp.		556		32,887
MSG Networks, Inc. Class A (a)		914		19,651
National CineMedia, Inc.		912		13,434
New Media Investment Group, Inc.		724		11,577
New York Times Co. Class A		1,884		25,057
News Corp. Class A		7,622		87,348
News Corp. Class B		1,877		22,149
Nexstar Broadcasting Group, Inc. Class A		415		26,269
Omnicom Group, Inc.		4,141		352,441
Regal Entertainment Group Class A		1,252		25,791
Scholastic Corp.		417		19,803
Scripps Networks Interactive, Inc. Class A		1,698		121,186
Sinclair Broadcast Group, Inc. Class A (b)		1,049		34,984
Sirius XM Holdings, Inc. (b)		35,737		159,030
TEGNA, Inc.		3,523		75,357
Thomson Reuters Corp.		4,894		214,259
Time Warner, Inc.		13,053		1,260,006
Time, Inc.		1,744		31,130
Tribune Media Co. Class A (b)		1,294		45,264
Twenty-First Century Fox, Inc. Class A		17,966		503,767
Twenty-First Century Fox, Inc. Class B		7,487		204,021
Viacom, Inc. Class B		5,454		191,435
Walt Disney Co.		26,340		2,745,155
World Wrestling Entertainment, Inc. Class A		397		7,305
				11,722,714
METALS & MINING — 0.5%
AK Steel Holding Corp. (a)		5,137		52,449
Alcoa Corp.		2,231		62,646
Allegheny Technologies, Inc. (b)		1,613		25,695
Carpenter Technology Corp. (b)		693		25,066
Century Aluminum Co. (a)		732		6,266
Cliffs Natural Resources, Inc. (a)		2,381		20,024
Coeur Mining, Inc. (a)		2,893		26,297
Commercial Metals Co.		1,802		39,248
Compass Minerals International, Inc.		493		38,627
Ferroglobe PLC		929		10,061
Ferroglobe Representation & Warranty Insurance Trust (e)		929		—
Freeport-McMoRan, Inc. (a)		23,877		314,938
Haynes International, Inc.		131		5,632
Hecla Mining Co.		5,091		26,677
Kaiser Aluminum Corp.		278		21,598
Materion Corp.		340		13,464
Newmont Mining Corp.		8,815		300,327
Nucor Corp.		4,901		291,707
Reliance Steel & Aluminum Co.		1,201		95,528
Royal Gold, Inc. (b)		978		61,956
Schnitzer Steel Industries, Inc. Class A		410		10,537
Southern Copper Corp. (b)		2,440		77,934
Steel Dynamics, Inc.		3,406		121,185
Stillwater Mining Co. (a)		1,804		29,062
SunCoke Energy, Inc.		1,013		11,487
Tahoe Resources, Inc.		5,476		51,584
TimkenSteel Corp. (a)		648		10,031
United States Steel Corp.		2,206		72,820
Worthington Industries, Inc.		783		37,146
				1,859,992
MORTGAGE REAL ESTATE INVESTMENT — 0.0% (d)
AGNC Investment Corp. REIT (b)		5,932		107,547
MULTI-UTILITIES — 1.0%
Ameren Corp.		3,734		195,886
Avista Corp.		1,325		52,987
Black Hills Corp.		817		50,115
CenterPoint Energy, Inc.		6,567		161,811
CMS Energy Corp.		4,125		171,682
Consolidated Edison, Inc.		4,965		365,821
Dominion Resources, Inc.		9,957		762,607
DTE Energy Co.		2,928		288,437
MDU Resources Group, Inc.		3,750		107,887
NiSource, Inc.		5,502		121,814
NorthWestern Corp.		912		51,865
Public Service Enterprise Group, Inc.		8,191		359,421
SCANA Corp.		2,443		179,023
Sempra Energy		4,053		407,894
Unitil Corp.		1,067		48,378
Vectren Corp.		1,252		65,292
WEC Energy Group, Inc.		5,138		301,344
				3,692,264
MULTILINE RETAIL — 0.5%
Big Lots, Inc.		876		43,984
Dillard’s, Inc. Class A		380		23,822
Dollar General Corp.		4,596		340,426
Dollar Tree, Inc. (a)		3,772		291,123
Fred’s, Inc. Class A (b)		532		9,874
JC Penney Co., Inc. (a) (b)		4,604		38,259
Kohl’s Corp. (b)		3,478		171,744
Macy’s, Inc.		5,279		189,041
Nordstrom, Inc.		2,213		106,069
Sears Holdings Corp. (a) (b)		622		5,778
Target Corp.		9,953		718,905
Tuesday Morning Corp. (a)		582		3,143
				1,942,168
OIL, GAS & CONSUMABLE FUELS — 5.8%
Adams Resources & Energy, Inc.		35		1,388
Alon USA Energy, Inc.		340		3,869

See accompanying notes to financial statements.

64

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Anadarko Petroleum Corp.		9,727	$	678,264
Antero Resources Corp. (a)		2,653		62,743
Apache Corp.		6,059		384,565
Bill Barrett Corp. (a)		737		5,152
Cabot Oil & Gas Corp.		7,388		172,584
California Resources Corp. (a)		581		12,370
Callon Petroleum Co. (a)		1,988		30,556
Carrizo Oil & Gas, Inc. (a)		918		34,287
Cheniere Energy, Inc. (a) (b)		3,703		153,415
Chesapeake Energy Corp. (a) (b)		8,871		62,274
Chevron Corp.		30,564		3,597,383
Cimarex Energy Co.		1,637		222,468
Clayton Williams Energy, Inc. (a)		89		10,614
Clean Energy Fuels Corp. (a)		1,003		2,869
Cobalt International Energy, Inc. (a) (b)		5,129		6,257
Concho Resources, Inc. (a)		2,224		294,902
ConocoPhillips		20,114		1,008,516
CONSOL Energy, Inc.		3,502		63,841
Continental Resources, Inc. (a) (b)		1,548		79,784
CVR Energy, Inc. (b)		205		5,205
Delek US Holdings, Inc.		908		21,856
Denbury Resources, Inc. (a)		5,687		20,928
Devon Energy Corp.		8,423		384,678
DHT Holdings, Inc. (b)		1,374		5,688
Diamondback Energy, Inc. (a)		1,366		138,048
Energen Corp.		1,659		95,675
EOG Resources, Inc.		8,926		902,419
EP Energy Corp. Class A (a) (b)		890		5,830
EQT Corp.		2,826		184,820
EXCO Resources, Inc. (a)		1,953		1,706
Exxon Mobil Corp.		68,217		6,157,266
GasLog, Ltd.		399		6,424
Golar LNG, Ltd.		1,337		30,671
Green Plains, Inc.		399		11,112
Gulfport Energy Corp. (a)		2,070		44,795
Hess Corp.		4,414		274,948
HollyFrontier Corp.		3,151		103,227
Kinder Morgan, Inc.		31,236		646,898
Kosmos Energy, Ltd. (a) (b)		4,100		28,741
Laredo Petroleum, Inc. (a)		2,396		33,879
Marathon Oil Corp.		13,718		237,459
Marathon Petroleum Corp.		8,399		422,890
Matador Resources Co. (a) (b)		1,637		42,169
Murphy Oil Corp. (b)		2,937		91,429
Newfield Exploration Co. (a)		3,231		130,856
Noble Energy, Inc.		6,841		260,368
Nordic American Tankers, Ltd. (b)		974		8,182
Northern Oil and Gas, Inc. (a)		929		2,555
Oasis Petroleum, Inc. (a)		3,438		52,051
Occidental Petroleum Corp.		12,315		877,197
ONEOK, Inc.		3,540		203,231
Panhandle Oil and Gas, Inc. Class A		907		21,360
Parsley Energy, Inc. Class A (a)		2,417		85,175
PBF Energy, Inc. Class A		1,473		41,067
PDC Energy, Inc. (a)		1,240		89,999
Phillips 66		7,274		628,546
Pioneer Natural Resources Co.		2,707		487,450
QEP Resources, Inc.		3,663		67,436
Range Resources Corp.		3,438		118,130
Renewable Energy Group, Inc. (a) (b)		340		3,298
REX American Resources Corp. (a) (b)		135		13,331
Rice Energy, Inc. (a)		3,250		69,388
RSP Permian, Inc. (a)		1,566		69,875
Sanchez Energy Corp. (a)		827		7,468
Scorpio Tankers, Inc.		3,482		15,773
SemGroup Corp. Class A		1,117		46,635
Ship Finance International, Ltd. (b)		771		11,449
SM Energy Co.		1,801		62,098
Southwestern Energy Co. (a)		8,314		89,957
Spectra Energy Corp.		11,308		464,646
Synergy Resources Corp. (a) (b)		4,509		40,175
Targa Resources Corp.		2,747		154,024
Teekay Corp.		606		4,866
Teekay Tankers, Ltd. Class A (b)		1,459		3,297
Tesoro Corp.		2,110		184,520
Valero Energy Corp.		7,562		516,636
Western Refining, Inc.		1,254		47,464
Whiting Petroleum Corp. (a)		3,546		42,623
Williams Cos., Inc.		11,757		366,113
World Fuel Services Corp.		1,115		51,190
WPX Energy, Inc. (a)		5,979		87,114
				22,212,405
PAPER & FOREST PRODUCTS — 0.1%
Boise Cascade Co. (a)		641		14,423
Clearwater Paper Corp. (a)		356		23,336
Deltic Timber Corp.		131		10,096
Domtar Corp.		1,021		39,850
KapStone Paper and Packaging Corp.		1,188		26,195
Louisiana-Pacific Corp. (a)		2,197		41,589
Neenah Paper, Inc.		215		18,318
PH Glatfelter Co.		617		14,740
Schweitzer-Mauduit International, Inc.		493		22,446
				210,993
PERSONAL PRODUCTS — 0.2%
Avon Products, Inc.		6,671		33,622
Coty, Inc. Class A		7,379		135,110
Edgewell Personal Care Co. (a)		1,046		76,348
Estee Lauder Cos., Inc. Class A		3,564		272,610
Herbalife, Ltd. (a) (b)		1,323		63,689
Inter Parfums, Inc.		266		8,712
Medifast, Inc.		205		8,534
Nu Skin Enterprises, Inc. Class A		912		43,575
Revlon, Inc. Class A (a)		131		3,819
USANA Health Sciences, Inc. (a) (b)		282		17,258
				663,277
PHARMACEUTICALS — 4.3%
Akorn, Inc. (a) (b)		1,471		32,112
Allergan PLC (a)		5,470		1,148,755
Bristol-Myers Squibb Co.		27,151		1,586,704
Catalent, Inc. (a)		2,222		59,905
Cempra, Inc. (a)		1,108		3,102
Depomed, Inc. (a) (b)		912		16,434
Eli Lilly & Co.		15,669		1,152,455
Endo International PLC (a)		3,591		59,144
Horizon Pharma PLC (a)		2,616		42,327
Impax Laboratories, Inc. (a)		1,049		13,899
Innoviva, Inc. (a) (b)		1,426		15,258

See accompanying notes to financial statements.

65

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Intra-Cellular Therapies, Inc. (a) (b)		556	$	8,390
Johnson & Johnson		45,155		5,202,308
Lannett Co., Inc. (a) (b)		266		5,865
Mallinckrodt PLC (a)		1,801		89,726
Medicines Co. (a) (b)		1,205		40,898
Merck & Co., Inc.		44,973		2,647,560
Mylan NV (a)		7,794		297,341
Nektar Therapeutics (a)		2,730		33,497
Omeros Corp. (a) (b)		556		5,515
Pacira Pharmaceuticals, Inc. (a)		557		17,991
Perrigo Co. PLC		2,372		197,422
Pfizer, Inc.		97,632		3,171,087
Phibro Animal Health Corp. Class A		266		7,794
Prestige Brands Holdings, Inc. (a)		771		40,169
Revance Therapeutics, Inc. (a)		266		5,506
SciClone Pharmaceuticals, Inc. (a)		837		9,040
Tetraphase Pharmaceuticals, Inc. (a)		318		1,282
TherapeuticsMD, Inc. (a) (b)		4,540		26,196
Theravance Biopharma, Inc. (a)		995		31,721
Zoetis, Inc.		7,637		408,809
				16,378,212
PROFESSIONAL SERVICES — 0.4%
Acacia Research Corp.		737		4,791
Advisory Board Co. (a)		556		18,487
Barrett Business Services, Inc.		135		8,653
CBIZ, Inc. (a)		606		8,302
CEB, Inc.		493		29,876
CRA International, Inc.		101		3,697
Dun & Bradstreet Corp.		632		76,674
Equifax, Inc.		1,850		218,725
Exponent, Inc.		416		25,085
FTI Consulting, Inc. (a)		634		28,581
Heidrick & Struggles International, Inc.		1,527		36,877
Huron Consulting Group, Inc. (a)		356		18,031
ICF International, Inc. (a)		278		15,346
Insperity, Inc.		356		25,258
Kelly Services, Inc. Class A		397		9,099
Kforce, Inc.		397		9,171
Korn/Ferry International.		771		22,691
ManpowerGroup, Inc.		1,156		102,734
Mistras Group, Inc. (a)		205		5,264
Navigant Consulting, Inc. (a)		771		20,185
Nielsen Holdings PLC		5,760		241,632
On Assignment, Inc. (a)		693		30,603
Resources Connection, Inc.		306		5,891
Robert Half International, Inc.		2,199		107,267
RPX Corp. (a)		471		5,087
TransUnion (a)		556		17,197
TriNet Group, Inc. (a)		582		14,911
TrueBlue, Inc. (a)		634		15,628
Verisk Analytics, Inc. Class A (a)		2,650		215,100
WageWorks, Inc. (a)		689		49,952
				1,390,795
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.0%
Acadia Realty Trust.		837		27,353
AG Mortgage Investment Trust, Inc. REIT		397		6,793
Agree Realty Corp.		464		21,367
Alexander’s, Inc. REIT		78		33,296
Alexandria Real Estate Equities, Inc.		1,115		123,910
Altisource Residential Corp. REIT		889		9,815
American Assets Trust, Inc. REIT (b)		1,012		43,597
American Campus Communities, Inc.		2,150		107,005
American Homes 4 Rent Class A		2,376		49,848
American Tower Corp. REIT		6,787		717,250
Annaly Capital Management, Inc.		16,301		162,521
Anworth Mortgage Asset Corp. REIT		2,140		11,064
Apartment Investment & Management Co. Class A REIT		2,239		101,763
Apollo Commercial Real Estate Finance, Inc. REIT (b)		729		12,116
Apple Hospitality REIT, Inc.		2,884		57,622
Armada Hoffler Properties, Inc. REIT		503		7,329
ARMOUR Residential REIT, Inc.		720		15,617
Ashford Hospitality Prime, Inc.		1,121		15,302
Ashford Hospitality Trust, Inc.		774		6,006
AvalonBay Communities, Inc.		2,149		380,695
Boston Properties, Inc. REIT		2,446		307,658
Brandywine Realty Trust		2,440		40,284
Brixmor Property Group, Inc.		2,744		67,008
Camden Property Trust		1,323		111,225
Capstead Mortgage Corp.		1,570		15,998
Care Capital Properties, Inc.		1,246		31,150
CareTrust REIT, Inc.		1,951		29,889
CBL & Associates Properties, Inc.		2,444		28,106
Cedar Realty Trust, Inc.		4,484		29,281
Chatham Lodging Trust REIT		1,666		34,236
Chesapeake Lodging Trust		1,671		43,212
Chimera Investment Corp.		3,170		53,953
Colony Capital, Inc. Class A (b)		1,563		31,651
Colony Starwood Homes (b)		1,137		32,757
Columbia Property Trust, Inc.		1,970		42,552
Communications Sales & Leasing, Inc. (a)		1,834		46,602
CoreSite Realty Corp. REIT (b)		471		37,383
Corporate Office Properties Trust		1,339		41,804
Crown Castle International Corp. REIT		5,454		473,244
CubeSmart REIT		3,435		91,955
CyrusOne, Inc. REIT (b)		1,002		44,819
CYS Investments, Inc. REIT		2,719		21,018
DCT Industrial Trust, Inc. REIT		1,388		66,457
DDR Corp. REIT		4,967		75,846
DiamondRock Hospitality Co.		3,000		34,590
Digital Realty Trust, Inc. REIT		2,399		235,726
Douglas Emmett, Inc.		2,241		81,931
Duke Realty Corp.		5,368		142,574
DuPont Fabros Technology, Inc. REIT		1,108		48,674
Dynex Capital, Inc. REIT		798		5,442
EastGroup Properties, Inc.		415		30,644
Education Realty Trust, Inc.		1,141		48,264
Empire State Realty Trust, Inc. Class A (b)		1,799		36,322
EPR Properties		918		65,885
Equinix, Inc. REIT		1,167		417,097
Equity Commonwealth (a)		1,804		54,553
Equity LifeStyle Properties, Inc.		1,336		96,326
Equity One, Inc.		1,432		43,948
Equity Residential REIT		5,981		384,937

See accompanying notes to financial statements.

66

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Essex Property Trust, Inc. REIT		1,100	$	255,750
Extra Space Storage, Inc. REIT		1,987		153,476
Federal Realty Investment Trust REIT		1,112		158,026
FelCor Lodging Trust, Inc.		1,967		15,756
First Industrial Realty Trust, Inc. REIT		1,681		47,152
First Potomac Realty Trust		3,272		35,894
Forest City Realty Trust, Inc. Class A		3,521		73,378
Four Corners Property Trust, Inc. REIT		2,608		53,516
Franklin Street Properties Corp. REIT		3,189		41,329
Gaming and Leisure Properties, Inc.		3,004		91,982
General Growth Properties, Inc. REIT		9,141		228,342
GEO Group, Inc. REIT		1,115		40,062
Getty Realty Corp.		800		20,392
Gladstone Commercial Corp.		2,501		50,270
Global Net Lease, Inc. (b)		7,820		61,231
Government Properties Income Trust REIT (b)		1,437		27,396
Gramercy Property Trust REIT		7,803		71,632
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		1,256		23,851
HCP, Inc. REIT		7,231		214,905
Healthcare Realty Trust, Inc. REIT		1,774		53,788
Healthcare Trust of America, Inc. Class A (b)		2,003		58,307
Hersha Hospitality Trust.		770		16,555
Highwoods Properties, Inc.		1,618		82,534
Hospitality Properties Trust.		2,565		81,413
Host Hotels & Resorts, Inc. REIT		11,443		215,586
Hudson Pacific Properties, Inc. REIT		1,551		53,944
InfraREIT, Inc. (a)		272		4,872
Invesco Mortgage Capital, Inc. REIT		2,101		30,675
Investors Real Estate Trust		4,657		33,204
Iron Mountain, Inc. REIT		4,176		135,636
iStar, Inc. (a)		1,337		16,539
Kilroy Realty Corp. REIT		1,413		103,460
Kimco Realty Corp. REIT		6,254		157,351
Kite Realty Group Trust REIT		1,614		37,897
Ladder Capital Corp. REIT		607		8,328
Lamar Advertising Co. Class A (b)		1,200		80,688
LaSalle Hotel Properties.		1,835		55,912
Lexington Realty Trust REIT		3,186		34,409
Liberty Property Trust REIT		2,197		86,781
Life Storage, Inc. REIT		703		59,938
LTC Properties, Inc.		556		26,121
Macerich Co. REIT		2,379		168,528
Mack-Cali Realty Corp.		1,389		40,309
Medical Properties Trust, Inc. REIT		3,232		39,754
MFA Financial, Inc.		5,590		42,652
Mid-America Apartment Communities, Inc. REIT		1,771		173,416
Monmouth Real Estate Investment Corp.		1,652		25,176
Monogram Residential Trust, Inc.		2,583		27,948
MTGE Investment Corp.		912		14,318
National Health Investors, Inc. REIT		558		41,387
National Retail Properties, Inc.		2,078		91,848
New Residential Investment Corp. REIT		3,683		57,897
New Senior Investment Group, Inc. REIT		964		9,438
New York Mortgage Trust, Inc. REIT		929		6,131
New York REIT, Inc.		2,716		27,486
NorthStar Realty Europe Corp. REIT		846		10,634
NorthStar Realty Finance Corp.		2,694		40,814
Omega Healthcare Investors, Inc.		2,806		87,716
One Liberty Properties, Inc.		1,619		40,669
Outfront Media, Inc.		2,208		54,913
Paramount Group, Inc. REIT		2,382		38,088
Pebblebrook Hotel Trust (b)		908		27,013
Pennsylvania Real Estate Investment Trust		1,068		20,249
PennyMac Mortgage Investment Trust REIT		1,342		21,969
Physicians Realty Trust REIT		3,111		58,985
Piedmont Office Realty Trust, Inc. Class A		2,574		53,822
Potlatch Corp. REIT (b)		634		26,406
Prologis, Inc. REIT		8,134		429,394
PS Business Parks, Inc.		417		48,589
Public Storage REIT		2,381		532,153
QTS Realty Trust, Inc. Class A, REIT		740		36,741
RAIT Financial Trust.		3,253		10,930
Ramco-Gershenson Properties Trust		1,708		28,319
Rayonier, Inc.		1,967		52,322
Realty Income Corp. REIT		4,135		237,680
Redwood Trust, Inc.		1,252		19,043
Regency Centers Corp.		1,415		97,564
Resource Capital Corp. REIT (b)		470		3,915
Retail Opportunity Investments Corp. REIT		1,571		33,195
Retail Properties of America, Inc. Class A		3,637		55,755
Rexford Industrial Realty, Inc.		1,732		40,165
RLJ Lodging Trust REIT		1,889		46,262
Ryman Hospitality Properties, Inc.		683		43,036
Sabra Health Care REIT, Inc.		1,254		30,623
Saul Centers, Inc.		558		37,168
Select Income REIT		1,388		34,978
Senior Housing Properties Trust		3,454		65,384
Seritage Growth Properties Class A REIT (b)		418		17,853
Silver Bay Realty Trust Corp. REIT		1,405		24,082
Simon Property Group, Inc. REIT		4,923		874,669
SL Green Realty Corp. REIT		1,608		172,940
Spirit Realty Capital, Inc. REIT		7,614		82,688
STAG Industrial, Inc. REIT		1,517		36,211
Starwood Property Trust, Inc.		3,320		72,874
STORE Capital Corp.		2,439		60,268
Summit Hotel Properties, Inc. REIT		3,006		48,186
Sun Communities, Inc. REIT		1,021		78,219
Sunstone Hotel Investors, Inc. REIT		3,567		54,397
Tanger Factory Outlet Centers, Inc.		1,389		49,698
Taubman Centers, Inc. (b)		974		72,008
Terreno Realty Corp.		975		27,778
Two Harbors Investment Corp.		5,659		49,346
UDR, Inc. REIT		4,235		154,493
Universal Health Realty Income Trust		689		45,192
Urban Edge Properties		1,435		39,477
Urstadt Biddle Properties, Inc. Class A		1,200		28,932
Ventas, Inc. REIT		5,273		329,668
VEREIT, Inc.		13,976		118,237
Vornado Realty Trust REIT		2,881		300,690

See accompanying notes to financial statements.

67

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Washington Prime Group, Inc. REIT		2,841	$	29,575
Washington Real Estate Investment Trust		1,049		34,292
Weingarten Realty Investors REIT		1,835		65,675
Welltower, Inc. REIT		5,677		379,962
Western Asset Mortgage Capital Corp. (b)		427		4,300
Weyerhaeuser Co. REIT		12,780		384,550
Whitestone REIT (b)		1,603		23,051
WP Carey, Inc.		1,630		96,317
Xenia Hotels & Resorts, Inc. (b)		1,741		33,810
				15,453,768
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Alexander & Baldwin, Inc.		617		27,685
Altisource Portfolio Solutions SA (a) (b)		205		5,451
CBRE Group, Inc. Class A (a)		4,307		135,627
Consolidated-Tomoka Land Co.		135		7,212
Forestar Group, Inc. (a)		489		6,504
FRP Holdings, Inc. (a)		135		5,089
HFF, Inc. Class A		493		14,913
Howard Hughes Corp. (a)		634		72,339
Jones Lang LaSalle, Inc.		771		77,902
Kennedy-Wilson Holdings, Inc.		1,340		27,470
Marcus & Millichap, Inc. (a)		266		7,108
Realogy Holdings Corp.		2,216		57,018
RMR Group, Inc. Class A		81		3,199
St. Joe Co. (a)		837		15,903
Tejon Ranch Co. (a)		1,905		48,444
				511,864
ROAD & RAIL — 0.9%
AMERCO		141		52,112
ArcBest Corp.		399		11,032
Avis Budget Group, Inc. (a)		1,653		60,632
Celadon Group, Inc. (b)		340		2,431
CSX Corp.		15,712		564,532
Genesee & Wyoming, Inc. Class A (a)		842		58,443
Heartland Express, Inc.		693		14,109
Hertz Global Holdings, Inc. (a)		1,382		29,796
JB Hunt Transport Services, Inc.		1,472		142,887
Kansas City Southern		1,701		144,330
Knight Transportation, Inc. (b)		912		30,142
Landstar System, Inc.		684		58,345
Marten Transport, Ltd.		399		9,297
Norfolk Southern Corp.		4,913		530,948
Old Dominion Freight Line, Inc. (a)		1,115		95,656
Roadrunner Transportation Systems, Inc. (a)		266		2,764
Ryder System, Inc.		771		57,393
Saia, Inc. (a)		417		18,411
Swift Transportation Co. (a)		1,252		30,499
Union Pacific Corp.		13,638		1,413,988
Werner Enterprises, Inc.		693		18,676
YRC Worldwide, Inc. (a)		825		10,956
				3,357,379
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.2%
Advanced Energy Industries, Inc. (a)		634		34,712
Advanced Micro Devices, Inc. (a) (b)		11,204		127,053
Ambarella, Inc. (a) (b)		571		30,908
Amkor Technology, Inc. (a)		929		9,801
Analog Devices, Inc.		4,871		353,732
Applied Materials, Inc.		19,066		615,260
Applied Micro Circuits Corp. (a)		1,003		8,275
Axcelis Technologies, Inc. (a)		401		5,835
Broadcom, Ltd.		6,070		1,072,994
Brooks Automation, Inc.		1,049		17,906
Cabot Microelectronics Corp.		356		22,489
Cavium, Inc. (a) (b)		901		56,258
CEVA, Inc. (a)		340		11,407
Cirrus Logic, Inc. (a)		961		54,335
Cohu, Inc.		399		5,546
Cree, Inc. (a)		1,789		47,212
Cypress Semiconductor Corp. (b)		4,678		53,516
Diodes, Inc. (a)		556		14,273
Entegris, Inc. (a)		2,164		38,736
Exar Corp. (a)		606		6,533
First Solar, Inc. (a) (b)		1,118		35,877
FormFactor, Inc. (a)		798		8,938
Inphi Corp. (a) (b)		825		36,811
Integrated Device Technology, Inc. (a)		2,022		47,638
Intel Corp.		76,781		2,784,847
Intersil Corp. Class A		1,940		43,262
IXYS Corp.		399		4,748
KLA-Tencor Corp.		2,411		189,697
Kopin Corp. (a)		719		2,042
Lam Research Corp.		2,478		261,999
Lattice Semiconductor Corp. (a)		1,666		12,262
Linear Technology Corp.		3,590		223,836
MACOM Technology Solutions Holdings, Inc. (a) (b)		426		19,715
Marvell Technology Group, Ltd.		7,735		107,284
Maxim Integrated Products, Inc.		4,446		171,482
MaxLinear, Inc. Class A (a)		1,981		43,186
Microchip Technology, Inc.		3,886		249,287
Micron Technology, Inc. (a)		16,447		360,518
Microsemi Corp. (a) (b)		1,665		89,860
MKS Instruments, Inc.		822		48,827
Monolithic Power Systems, Inc.		556		45,553
Nanometrics, Inc. (a)		397		9,949
NVE Corp.		74		5,286
NVIDIA Corp. (b)		8,915		951,587
ON Semiconductor Corp. (a)		6,973		88,975
PDF Solutions, Inc. (a)		399		8,997
Photronics, Inc. (a)		868		9,808
Power Integrations, Inc.		415		28,158
Qorvo, Inc. (a)		2,538		133,829
QUALCOMM, Inc.		23,863		1,555,868
Rambus, Inc. (a)		1,704		23,464
Rudolph Technologies, Inc. (a)		471		10,998
Semtech Corp. (a)		1,049		33,096
Silicon Laboratories, Inc. (a)		617		40,105
Skyworks Solutions, Inc.		2,938		219,351
SunPower Corp. (a) (b)		619		4,092
Synaptics, Inc. (a)		629		33,702
Teradyne, Inc.		2,898		73,609
Tessera Holding Corp.		837		36,995
Texas Instruments, Inc.		16,338		1,192,184
Ultratech, Inc. (a)		397		9,520

See accompanying notes to financial statements.

68

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Veeco Instruments, Inc. (a) (b)		634	$	18,481
Versum Materials, Inc. (a)		1,671		46,905
Xcerra Corp. (a)		663		5,065
Xilinx, Inc.		4,043		244,076
				12,158,550
SOFTWARE — 4.3%
8x8, Inc. (a)		1,429		20,435
ACI Worldwide, Inc. (a)		1,804		32,743
Activision Blizzard, Inc.		9,098		328,529
Adobe Systems, Inc. (a)		7,959		819,379
American Software, Inc. Class A		2,599		26,848
ANSYS, Inc. (a)		1,470		135,960
Aspen Technology, Inc. (a) (b)		1,470		80,380
Autodesk, Inc. (a)		3,459		256,001
Blackbaud, Inc.		693		44,352
Bottomline Technologies de, Inc. (a)		634		15,863
BroadSoft, Inc. (a)		415		17,119
CA, Inc.		5,047		160,343
Cadence Design Systems, Inc. (a)		4,318		108,900
Callidus Software, Inc. (a)		1,517		25,486
CDK Global, Inc.		2,488		148,509
Citrix Systems, Inc. (a)		2,442		218,095
CommVault Systems, Inc. (a)		693		35,620
Dell Technologies, Inc. Class V (a)		3,530		194,044
Ebix, Inc. (b)		493		28,126
Electronic Arts, Inc. (a)		4,949		389,783
Ellie Mae, Inc. (a) (b)		417		34,894
EnerNOC, Inc. (a)		399		2,394
Fair Isaac Corp.		556		66,286
FireEye, Inc. (a)		2,208		26,275
Fortinet, Inc. (a)		2,101		63,282
Gigamon, Inc. (a)		724		32,978
Glu Mobile, Inc. (a) (b)		1,792		3,476
Guidewire Software, Inc. (a)		1,063		52,438
HubSpot, Inc. (a)		684		32,148
Imperva, Inc. (a)		356		13,670
Intuit, Inc.		3,930		450,417
Jive Software, Inc. (a)		6,166		26,822
Manhattan Associates, Inc. (a)		1,428		75,727
Mentor Graphics Corp.		1,473		54,339
Microsoft Corp.		124,498		7,736,306
MicroStrategy, Inc. Class A (a)		137		27,044
Monotype Imaging Holdings, Inc.		634		12,585
Nuance Communications, Inc. (a)		4,051		60,360
Oracle Corp.		48,057		1,847,792
Paycom Software, Inc. (a) (b)		926		42,124
Pegasystems, Inc.		1,517		54,612
Progress Software Corp.		837		26,725
Proofpoint, Inc. (a) (b)		640		45,216
PROS Holdings, Inc. (a) (b)		340		7,317
PTC, Inc. (a)		1,881		87,034
Qualys, Inc. (a)		705		22,313
RealPage, Inc. (a)		1,493		44,790
Red Hat, Inc. (a)		2,978		207,567
RingCentral, Inc. Class A (a)		866		17,840
salesforce.com, Inc. (a)		10,675		730,810
ServiceNow, Inc. (a)		2,783		206,888
Splunk, Inc. (a) (b)		2,236		114,371
SS&C Technologies Holdings, Inc. (b)		2,660		76,076
Symantec Corp.		10,743		256,650
Synchronoss Technologies, Inc. (a)		915		35,044
Synopsys, Inc. (a)		2,345		138,027
Tableau Software, Inc. Class A (a)		776		32,708
Take-Two Interactive Software, Inc. (a)		1,252		61,711
Tangoe, Inc. (a)		471		3,711
TiVo Corp. (a)		3,214		67,173
Tyler Technologies, Inc. (a)		632		90,231
Ultimate Software Group, Inc. (a) (b)		415		75,675
Varonis Systems, Inc. (a)		837		22,432
VASCO Data Security International, Inc. (a)		397		5,419
Verint Systems, Inc. (a)		863		30,421
VirnetX Holding Corp. (a) (b)		456		1,003
VMware, Inc. Class A (a) (b)		1,252		98,570
Workday, Inc. Class A (a) (b)		1,876		123,985
Zendesk, Inc. (a)		1,666		35,319
Zix Corp. (a)		868		4,288
Zynga, Inc. Class A (a)		9,008		23,150
				16,494,948
SPECIALTY RETAIL — 2.4%
Aaron’s, Inc.		1,188		38,004
Abercrombie & Fitch Co. Class A		1,231		14,772
Advance Auto Parts, Inc.		1,207		204,128
America’s Car-Mart, Inc. (a)		135		5,906
American Eagle Outfitters, Inc.		2,897		43,947
Asbury Automotive Group, Inc. (a)		493		30,418
Ascena Retail Group, Inc. (a)		2,423		14,998
AutoNation, Inc. (a)		1,096		53,320
AutoZone, Inc. (a) (b)		503		397,264
Barnes & Noble Education, Inc. (a)		384		4,404
Barnes & Noble, Inc.		606		6,757
Bed Bath & Beyond, Inc.		2,970		120,701
Best Buy Co., Inc.		4,647		198,288
Big 5 Sporting Goods Corp.		266		4,615
Buckle, Inc.		415		9,462
Burlington Stores, Inc. (a)		1,139		96,530
Cabela’s, Inc. (a)		1,291		75,588
Caleres, Inc.		617		20,250
CarMax, Inc. (a) (b)		3,498		225,236
Cato Corp. Class A		415		12,483
Chico’s FAS, Inc.		2,532		36,435
Children’s Place, Inc.		356		35,938
Citi Trends, Inc.		205		3,862
Conn’s, Inc. (a)		340		4,301
CST Brands, Inc.		1,205		58,021
Destination XL Group, Inc. (a)		582		2,474
Dick’s Sporting Goods, Inc.		1,526		81,031
DSW, Inc. Class A		1,115		25,255
Express, Inc. (a)		1,336		14,375
Finish Line, Inc. Class A (b)		771		14,503
Five Below, Inc. (a) (b)		837		33,447
Foot Locker, Inc.		2,345		166,237
Francesca’s Holdings Corp. (a)		582		10,493
GameStop Corp. Class A		1,796		45,367
Gap, Inc.		4,277		95,976
Genesco, Inc. (a)		322		19,996
GNC Holdings, Inc. Class A (b)		1,473		16,262
Group 1 Automotive, Inc. (b)		356		27,747

See accompanying notes to financial statements.

69

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Guess?, Inc.		908	$	10,987
Haverty Furniture Cos., Inc.		340		8,058
Hibbett Sports, Inc. (a)		417		15,554
Home Depot, Inc.		20,259		2,716,327
Kirkland’s, Inc. (a)		205		3,180
L Brands, Inc.		3,998		263,228
Lithia Motors, Inc. Class A (b)		356		34,471
Lowe’s Cos., Inc.		14,841		1,055,492
Lumber Liquidators Holdings, Inc. (a) (b)		397		6,249
MarineMax, Inc. (a)		399		7,721
Michaels Cos., Inc. (a)		1,273		26,033
Monro Muffler Brake, Inc.		493		28,200
Murphy USA, Inc. (a)		733		45,058
O’Reilly Automotive, Inc. (a)		1,666		463,831
Office Depot, Inc.		9,544		43,139
Penske Automotive Group, Inc. (b)		617		31,985
Pier 1 Imports, Inc.		1,363		11,640
Rent-A-Center, Inc.		907		10,204
RH (a)		493		15,135
Ross Stores, Inc.		6,380		418,528
Sally Beauty Holdings, Inc. (a)		2,574		68,005
Select Comfort Corp. (a)		912		20,629
Shoe Carnival, Inc.		205		5,531
Signet Jewelers, Ltd. (b)		1,252		118,014
Sonic Automotive, Inc. Class A (b)		634		14,519
Stage Stores, Inc.		471		2,058
Staples, Inc.		10,208		92,382
Stein Mart, Inc.		397		2,176
Tailored Brands, Inc.		707		18,064
Tiffany & Co. (b)		1,662		128,689
Tile Shop Holdings, Inc. (a) (b)		266		5,200
TJX Cos., Inc.		10,655		800,510
Tractor Supply Co.		2,246		170,269
Ulta Salon Cosmetics & Fragrance, Inc. (a)		974		248,312
Urban Outfitters, Inc. (a) (b)		1,698		48,359
Vitamin Shoppe, Inc. (a)		415		9,856
West Marine, Inc. (a)		206		2,157
Williams-Sonoma, Inc. (b)		1,526		73,843
Zumiez, Inc. (a)		340		7,429
				9,319,813
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.2%
3D Systems Corp. (a) (b)		1,526		20,280
Apple, Inc.		89,700		10,389,054
Cray, Inc. (a)		634		13,124
Diebold Nixdorf, Inc. (b)		974		24,496
Electronics For Imaging, Inc. (a)		693		30,395
Hewlett Packard Enterprise Co.		28,216		652,918
HP, Inc.		28,216		418,725
Immersion Corp. (a) (b)		397		4,220
NCR Corp. (a)		2,560		103,834
NetApp, Inc.		5,544		195,537
Nimble Storage, Inc. (a)		692		5,481
Stratasys, Ltd. (a) (b)		773		12,785
Super Micro Computer, Inc. (a)		493		13,829
Western Digital Corp.		4,465		303,397
				12,188,075
TEXTILES,APPAREL & LUXURY GOODS — 0.7%
Carter’s, Inc.		966		83,453
Coach, Inc.		4,325		151,461
Columbia Sportswear Co.		415		24,194
Crocs, Inc. (a)		1,409		9,666
Deckers Outdoor Corp. (a)		556		30,797
Fossil Group, Inc. (a)		839		21,697
G-III Apparel Group, Ltd. (a) (b)		556		16,435
Hanesbrands, Inc.		6,116		131,922
Iconix Brand Group, Inc. (a)		829		7,743
Kate Spade & Co. (a)		2,149		40,122
lululemon athletica, Inc. (a)		1,741		113,148
Michael Kors Holdings, Ltd. (a)		3,071		131,992
Movado Group, Inc.		266		7,647
NIKE, Inc. Class B		21,205		1,077,850
Oxford Industries, Inc.		215		12,928
Perry Ellis International, Inc. (a)		101		2,516
PVH Corp.		1,252		112,980
Ralph Lauren Corp.		908		82,011
Skechers U.S.A., Inc. Class A (a)		1,891		46,481
Steven Madden, Ltd. (a)		934		33,390
Under Armour, Inc. Class A (a) (b)		2,809		81,601
Under Armour, Inc. Class C (a)		2,706		68,110
Unifi, Inc. (a)		205		6,689
Vera Bradley, Inc. (a)		340		3,985
VF Corp.		5,457		291,131
Wolverine World Wide, Inc.		1,479		32,464
				2,622,413
THRIFTS & MORTGAGE FINANCE — 0.2%
Astoria Financial Corp.		1,381		25,756
Bank Mutual Corp.		663		6,265
Beneficial Bancorp, Inc.		1,235		22,724
BofI Holding, Inc. (a) (b)		1,113		31,776
Capitol Federal Financial, Inc.		2,301		37,874
Charter Financial Corp.		340		5,668
Dime Community Bancshares, Inc.		471		9,467
Essent Group, Ltd. (a)		1,712		55,417
EverBank Financial Corp.		1,186		23,068
Federal Agricultural Mortgage Corp. Class C		131		7,502
First Defiance Financial Corp.		131		6,647
Flagstar Bancorp, Inc. (a)		340		9,160
HomeStreet, Inc. (a)		205		6,478
Kearny Financial Corp.		1,438		22,361
LendingTree, Inc. (a) (b)		139		14,088
Meridian Bancorp, Inc.		866		16,367
MGIC Investment Corp. (a)		4,820		49,116
Nationstar Mortgage Holdings, Inc. (a) (b)		340		6,140
New York Community Bancorp, Inc. (b)		8,073		128,441
Northfield Bancorp, Inc. (b)		912		18,213
Northwest Bancshares, Inc.		1,470		26,504
OceanFirst Financial Corp.		185		5,556
Ocwen Financial Corp. (a)		1,535		8,274
Oritani Financial Corp.		693		12,994
PennyMac Financial Services, Inc. Class A (a)		155		2,581
PHH Corp. (a)		885		13,417
Provident Financial Services, Inc.		908		25,696

See accompanying notes to financial statements.

70

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Radian Group, Inc.		2,624	$	47,179
Territorial Bancorp, Inc.		131		4,302
TFS Financial Corp.		2,161		41,145
TrustCo Bank Corp. NY.		1,373		12,014
United Financial Bancorp, Inc.		1,794		32,579
Walker & Dunlop, Inc. (a)		266		8,299
Walter Investment Management Corp. (a) (b)		568		2,698
Washington Federal, Inc.		1,608		55,235
WSFS Financial Corp.		423		19,606
				820,607
TOBACCO — 1.4%
Altria Group, Inc.		31,819		2,151,601
Philip Morris International, Inc.		25,139		2,299,967
Reynolds American, Inc.		13,279		744,155
Universal Corp.		417		26,584
Vector Group, Ltd. (b)		1,097		24,946
				5,247,253
TRADING COMPANIES & DISTRIBUTORS — 0.3%
Air Lease Corp.		1,526		52,387
Aircastle, Ltd.		1,049		21,872
Applied Industrial Technologies, Inc.		617		36,650
Beacon Roofing Supply, Inc. (a)		771		35,520
CAI International, Inc. (a)		206		1,786
DXP Enterprises, Inc. (a) (b)		101		3,509
Fastenal Co.		4,499		211,363
GATX Corp.		693		42,675
H&E Equipment Services, Inc.		397		9,230
HD Supply Holdings, Inc. (a)		3,860		164,089
Herc Holdings, Inc. (a)		459		18,433
Kaman Corp.		361		17,664
MRC Global, Inc. (a)		1,252		25,365
MSC Industrial Direct Co., Inc. Class A		693		64,026
NOW, Inc. (a)		1,617		33,100
Rush Enterprises, Inc. Class A (a)		556		17,736
Textainer Group Holdings, Ltd.		340		2,533
Titan Machinery, Inc. (a)		266		3,876
Triton International, Ltd.		471		7,442
United Rentals, Inc. (a)		1,470		155,203
Univar, Inc. (a)		532		15,093
Veritiv Corp. (a)		119		6,396
W.W. Grainger, Inc.		856		198,806
Watsco, Inc.		417		61,766
WESCO International, Inc. (a)		617		41,061
				1,247,581
TRANSPORTATION INFRASTRUCTURE — 0.0% (d)
Macquarie Infrastructure Corp.		1,008		82,354
WATER UTILITIES — 0.1%
American States Water Co.		721		32,849
American Water Works Co., Inc.		2,712		196,240
Aqua America, Inc.		2,916		87,596
Artesian Resources Corp. Class A		512		16,353
California Water Service Group		1,293		43,833
Connecticut Water Service, Inc.		442		24,686
SJW Group		613		34,316
				435,873
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Shenandoah Telecommunications Co.		837		22,850
Spok Holdings, Inc.		340		7,055
Sprint Corp. (a) (b)		14,189		119,471
T-Mobile US, Inc. (a) (b)		4,594		264,201
Telephone & Data Systems, Inc.		1,472		42,497
United States Cellular Corp. (a)		205		8,963
				465,037
TOTAL COMMON STOCKS (Cost $352,104,042)				383,288,682
RIGHTS — 0.0% (d)
BIOTECHNOLOGY — 0.0% (d)
Chelsea Therapeutics International, Ltd. (CVR) (a) (e)		1,096		—
Dyax Corp. (CVR) (a) (f)		1,923		2,134
Trius Therapeutics, Inc. (CVR) (expiring 2/17/17) (a) (e)		976		—
				2,134
WIRELESS TELECOMMUNICATION SERVICES — 0.0% (d)
Leap Wireless International, Inc. (CVR) (expiring 3/13/17) (a) (f)		1,438		4,566
TOTAL RIGHTS (Cost $5,758)				6,700
SHORT-TERM INVESTMENTS — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (g) (h)		666,611		666,611
State Street Navigator Securities Lending Government Money Market Portfolio (h) (i)		1,215,249		1,215,249
TOTAL SHORT-TERM INVESTMENTS (Cost $1,881,860)				1,881,860
TOTAL INVESTMENTS — 100.2% (Cost $353,991,660)				385,177,242
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(741,063	)
NET ASSETS — 100.0%			$	384,436,179

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) Amount is less than 0.05% of net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2016, total aggregate fair value of securities is $0 representing 0.0% of net assets.

(f) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of December 31, 2016, total aggregate fair value of the security is $6,700, representing 0.0% of the Fund’s net assets.

See accompanying notes to financial statements.

71

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(g) The rate shown is the annualized seven-day yield at December 31, 2016.

(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(i) Investment of cash collateral for securities loaned.

CVR = Contingent Value Rights

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	8,010,313	$	—	$	—	$	8,010,313
Air Freight & Logistics		2,542,663		—		—		2,542,663
Airlines		2,592,956		—		—		2,592,956
Auto Components		1,331,557		—		—		1,331,557
Automobiles		2,266,465		—		—		2,266,465
Banks		26,671,498		—		—		26,671,498
Beverages		6,615,864		—		—		6,615,864
Biotechnology		11,286,053		—		—		11,286,053
Building Products		1,776,614		—		—		1,776,614
Capital Markets		10,747,936		—		—		10,747,936
Chemicals		8,271,257		—		—		8,271,257
Commercial Services & Supplies		2,139,143		—		—		2,139,143
Communications Equipment		4,307,283		—		—		4,307,283
Construction & Engineering		863,505		—		—		863,505
Construction Materials		618,765		—		—		618,765
Consumer Finance		3,268,960		—		—		3,268,960
Containers & Packaging		1,830,422		—		—		1,830,422
Distributors		479,916		—		—		479,916
Diversified Consumer Services		621,409		—		—		621,409
Diversified Financial Services		5,226,336		—		—		5,226,336
Diversified Telecommunication Services		8,887,727		—		—		8,887,727
Electric Utilities		6,804,647		—		—		6,804,647
Electrical Equipment		2,066,612		—		—		2,066,612
Electronic Equipment, Instruments & Components		2,638,346		—		—		2,638,346
Energy Equipment & Services		4,592,310		—		—		4,592,310
Equity Real Estate Investment Trusts (REITs)		129,249		—		—		129,249
Food & Staples Retailing		7,016,300		—		—		7,016,300
Food Products		6,362,716		—		—		6,362,716
Gas Utilities		666,205		—		—		666,205
Health Care Equipment & Supplies		9,689,946		—		—		9,689,946
Health Care Providers & Services		9,311,961		—		—		9,311,961
Health Care Technology		508,791		—		—		508,791
Hotels, Restaurants & Leisure		7,650,499		—		—		7,650,499
Household Durables		2,056,216		—		—		2,056,216
Household Products		5,763,813		—		—		5,763,813
Independent Power Producers & Energy Traders		398,283		—		—		398,283
Industrial Conglomerates		8,342,260		—		—		8,342,260
Insurance		11,696,305		—		—		11,696,305
Internet & Catalog Retail		7,565,139		—		—		7,565,139
Internet Software & Services		14,460,736		—		—		14,460,736
IT Services		14,085,600		—		—		14,085,600
Leisure Equipment & Products		537,856		—		—		537,856
Life Sciences Tools & Services		2,563,507		—		—		2,563,507
Machinery		7,356,377		—		—		7,356,377

See accompanying notes to financial statements.

72

SPDR Russell 3000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Marine	$	82,484	$	—	$	—		$	82,484
Media		11,722,714		—		—			11,722,714
Metals & Mining		1,859,992		—		0	(a)		1,859,992
Mortgage Real Estate Investment		107,547		—		—			107,547
Multi-Utilities		3,692,264		—		—			3,692,264
Multiline Retail		1,942,168		—		—			1,942,168
Oil, Gas & Consumable Fuels		22,212,405		—		—			22,212,405
Paper & Forest Products		210,993		—		—			210,993
Personal Products		663,277		—		—			663,277
Pharmaceuticals		16,378,212		—		—			16,378,212
Professional Services		1,390,795		—		—			1,390,795
Real Estate Investment Trusts (REITs)		15,453,768		—		—			15,453,768
Real Estate Management & Development		511,864		—		—			511,864
Road & Rail		3,357,379		—		—			3,357,379
Semiconductors & Semiconductor Equipment		12,158,550		—		—			12,158,550
Software		16,494,948		—		—			16,494,948
Specialty Retail		9,319,813		—		—			9,319,813
Technology Hardware, Storage & Peripherals		12,188,075		—		—			12,188,075
Textiles, Apparel & Luxury Goods		2,622,413		—		—			2,622,413
Thrifts & Mortgage Finance		820,607		—		—			820,607
Tobacco		5,247,253		—		—			5,247,253
Trading Companies & Distributors		1,247,581		—		—			1,247,581
Transportation Infrastructure		82,354		—		—			82,354
Water Utilities		435,873		—		—			435,873
Wireless Telecommunication Services		465,037		—		—			465,037
Rights
Biotechnology		—		2,134		0	(a)		2,134
Wireless Telecommunication Services		—		4,566		—			4,566
Short-Term Investments		1,881,860		—		—			1,881,860
TOTAL INVESTMENTS	$	385,170,542	$	6,700	$	0		$	385,177,242

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		6,364	$	343,147		1,332		1,035		6,661	$	517,693	$	4,556	$	18,723
State Street Institutional Liquid Reserves Fund, Premier Class		870,294		870,294		4,433,368		5,303,662		—		—		1,591		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		3,889,566		3,222,955		666,611		666,611		914		—
State Street Navigator Securities Lending Government Money Market Portfolio*		12,069,723		12,069,723		17,895,491		28,749,965		1,215,249		1,215,249		35,680		—
TOTAL			$	13,283,164							$	2,399,553	$	42,741	$	18,723

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

73

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.1%
Arconic, Inc.		2,312	$	42,865
B/E Aerospace, Inc.		520		31,299
Boeing Co.		3,162		492,260
BWX Technologies, Inc.		556		22,073
General Dynamics Corp.		1,327		229,120
HEICO Corp.		115		8,872
HEICO Corp. Class A		227		15,413
Hexcel Corp.		501		25,772
Huntington Ingalls Industries, Inc.		243		44,758
L3 Technologies, Inc. (a)		397		60,388
Lockheed Martin Corp.		1,362		340,418
Northrop Grumman Corp.		900		209,322
Orbital ATK, Inc.		304		26,670
Raytheon Co.		1,579		224,218
Rockwell Collins, Inc.		682		63,262
Spirit AeroSystems Holdings, Inc. Class A		735		42,887
Textron, Inc.		1,437		69,781
TransDigm Group, Inc.		282		70,207
United Technologies Corp.		4,136		453,388
				2,472,973
AIR FREIGHT & LOGISTICS — 0.7%
C.H. Robinson Worldwide, Inc. (b)		776		56,850
Expeditors International of Washington, Inc.		1,009		53,437
FedEx Corp.		1,344		250,253
United Parcel Service, Inc. Class B		3,651		418,550
				779,090
AIRLINES — 0.7%
Alaska Air Group, Inc.		686		60,869
American Airlines Group, Inc.		2,856		133,347
Copa Holdings SA Class A		176		15,986
Delta Air Lines, Inc.		4,148		204,040
JetBlue Airways Corp. (a)		1,619		36,298
Southwest Airlines Co.		3,436		171,250
Spirit Airlines, Inc. (a) (b)		404		23,375
United Continental Holdings, Inc. (a)		1,661		121,054
				766,219
AUTO COMPONENTS — 0.3%
Adient PLC (a)		496		29,066
BorgWarner, Inc. (b)		1,186		46,776
Delphi Automotive PLC		1,466		98,735
Gentex Corp.		1,479		29,121
Goodyear Tire & Rubber Co.		1,316		40,625
Lear Corp.		394		52,154
Visteon Corp.		220		17,675
				314,152
AUTOMOBILES — 0.6%
Ford Motor Co.		20,589		249,744
General Motors Co.		7,456		259,767
Harley-Davidson, Inc. (b)		1,049		61,199
Tesla Motors, Inc. (a)		667		142,531
Thor Industries, Inc.		235		23,512
				736,753
BANKS — 6.6%
Associated Banc-Corp. (b)		808		19,958
Bank of America Corp.		54,999		1,215,478
Bank of Hawaii Corp.		220		19,512
BankUnited, Inc.		536		20,202
BB&T Corp.		4,345		204,302
BOK Financial Corp.		127		10,546
CIT Group, Inc.		1,146		48,911
Citigroup, Inc.		15,718		934,121
Citizens Financial Group, Inc.		2,756		98,196
Comerica, Inc.		935		63,683
Commerce Bancshares, Inc. (b)		471		27,228
Cullen/Frost Bankers, Inc.		282		24,881
East West Bancorp, Inc.		713		36,242
Fifth Third Bancorp		4,289		115,674
First Hawaiian, Inc.		242		8,426
First Horizon National Corp.		1,209		24,192
First Republic Bank.		759		69,934
Huntington Bancshares, Inc.		6,042		79,875
JPMorgan Chase & Co.		19,515		1,683,949
KeyCorp.		5,753		105,107
M&T Bank Corp.		771		120,608
PacWest Bancorp		608		33,100
People’s United Financial, Inc. (b)		1,622		31,402
PNC Financial Services Group, Inc.		2,708		316,728
Popular, Inc.		532		23,312
Regions Financial Corp.		6,984		100,290
Signature Bank (a)		257		38,601
SunTrust Banks, Inc.		2,712		148,753
SVB Financial Group (a)		272		46,692
Synovus Financial Corp.		737		30,276
TCF Financial Corp.		836		16,377
US Bancorp		8,713		447,587
Wells Fargo & Co.		24,427		1,346,172
Western Alliance Bancorp (a)		469		22,845
Zions Bancorp		991		42,653
				7,575,813
BEVERAGES — 1.9%
Brown-Forman Corp. Class A		270		12,488
Brown-Forman Corp. Class B		1,056		47,436
Coca-Cola Co.		20,926		867,592
Constellation Brands, Inc. Class A		862		132,153
Dr. Pepper Snapple Group, Inc.		1,004		91,033
Molson Coors Brewing Co. Class B		929		90,401
Monster Beverage Corp. (a)		2,175		96,439
PepsiCo, Inc.		7,699		805,546
				2,143,088
BIOTECHNOLOGY — 2.8%
AbbVie, Inc.		8,629		540,348
ACADIA Pharmaceuticals, Inc. (a) (b)		468		13,497
Agios Pharmaceuticals, Inc. (a) (b)		136		5,675
Alexion Pharmaceuticals, Inc. (a)		1,132		138,500
Alkermes PLC (a)		745		41,407
Alnylam Pharmaceuticals, Inc. (a) (b)		364		13,628
Amgen, Inc.		4,027		588,788
Biogen, Inc. (a)		1,162		329,520
BioMarin Pharmaceutical, Inc. (a)		950		78,698
Celgene Corp. (a)		4,062		470,177

See accompanying notes to financial statements.

74

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Gilead Sciences, Inc.		7,105	$	508,789
Incyte Corp. (a)		831		83,324
Intercept Pharmaceuticals, Inc. (a) (b)		73		7,932
Intrexon Corp. (a) (b)		244		5,929
Ionis Pharmaceuticals, Inc. (a) (b)		620		29,655
Juno Therapeutics, Inc. (a) (b)		371		6,993
Neurocrine Biosciences, Inc. (a)		463		17,918
OPKO Health, Inc. (a) (b)		1,813		16,861
Regeneron Pharmaceuticals, Inc. (a)		404		148,304
Seattle Genetics, Inc. (a)		507		26,754
United Therapeutics Corp. (a) (b)		242		34,710
Vertex Pharmaceuticals, Inc. (a)		1,271		93,635
				3,201,042
BUILDING PRODUCTS — 0.4%
Allegion PLC		495		31,680
AO Smith Corp.		776		36,744
Armstrong World Industries, Inc. (a) (b)		180		7,524
Fortune Brands Home & Security, Inc.		819		43,784
Johnson Controls International PLC		4,970		204,714
Lennox International, Inc.		190		29,102
Masco Corp.		1,797		56,821
Owens Corning		617		31,813
USG Corp. (a) (b)		457		13,198
				455,380
CAPITAL MARKETS — 2.9%
Affiliated Managers Group, Inc. (a)		274		39,812
Ameriprise Financial, Inc.		831		92,191
Artisan Partners Asset Management, Inc. Class A		119		3,540
Bank of New York Mellon Corp.		5,582		264,475
BlackRock, Inc.		665		253,059
CBOE Holdings, Inc.		439		32,438
Charles Schwab Corp.		6,231		245,938
CME Group, Inc.		1,801		207,745
Donnelley Financial Solutions, Inc. (a)		122		2,804
E*TRADE Financial Corp. (a)		1,458		50,520
Eaton Vance Corp.		610		25,547
FactSet Research Systems, Inc. (b)		221		36,118
Federated Investors, Inc. Class B		477		13,490
Franklin Resources, Inc.		2,008		79,477
Goldman Sachs Group, Inc.		2,084		499,014
Interactive Brokers Group, Inc. Class A		270		9,858
Intercontinental Exchange, Inc.		3,098		174,789
Invesco, Ltd.		2,217		67,264
Lazard, Ltd. Class A		643		26,421
Legg Mason, Inc.		553		16,540
LPL Financial Holdings, Inc.		466		16,408
MarketAxess Holdings, Inc.		227		33,351
Moody’s Corp.		906		85,409
Morgan Stanley		7,525		317,931
Morningstar, Inc.		99		7,282
MSCI, Inc.		483		38,051
Nasdaq, Inc.		602		40,406
Northern Trust Corp.		1,086		96,708
NorthStar Asset Management Group, Inc.		927		13,831
Raymond James Financial, Inc.		633		43,848
S&P Global, Inc.		1,378		148,190
SEI Investments Co.		705		34,799
State Street Corp. (c)		2,102		163,367
T Rowe Price Group, Inc.		1,321		99,418
TD Ameritrade Holding Corp.		1,374		59,906
Voya Financial, Inc.		1,150		45,103
				3,385,048
CHEMICALS — 2.1%
AdvanSix, Inc. (a)		160		3,542
Air Products & Chemicals, Inc.		1,019		146,553
Albemarle Corp.		613		52,767
Ashland Global Holdings, Inc.		334		36,503
Axalta Coating Systems, Ltd. (a)		967		26,302
Cabot Corp.		330		16,678
Celanese Corp. Series A		789		62,126
CF Industries Holdings, Inc. (b)		1,206		37,965
Dow Chemical Co.		6,000		343,320
E.I. du Pont de Nemours & Co.		4,671		342,851
Eastman Chemical Co.		779		58,589
Ecolab, Inc.		1,387		162,584
FMC Corp.		689		38,970
Huntsman Corp.		973		18,565
International Flavors & Fragrances, Inc.		417		49,135
LyondellBasell Industries NV Class A		1,843		158,093
Monsanto Co.		2,311		243,140
Mosaic Co.		1,821		53,410
NewMarket Corp.		44		18,649
Platform Specialty Products Corp. (a)		864		8,476
PPG Industries, Inc.		1,421		134,654
Praxair, Inc.		1,490		174,613
RPM International, Inc.		677		36,443
Scotts Miracle-Gro Co. Class A		226		21,594
Sherwin-Williams Co.		432		116,096
Valspar Corp.		432		44,759
Westlake Chemical Corp.		203		11,366
WR Grace & Co.		376		25,433
				2,443,176
COMMERCIAL SERVICES & SUPPLIES — 0.4%
Cintas Corp. (b)		499		57,665
Clean Harbors, Inc. (a)		305		16,973
Copart, Inc. (a)		571		31,639
Covanta Holding Corp. (b)		555		8,658
KAR Auction Services, Inc.		761		32,434
LSC Communications, Inc.		122		3,621
Pitney Bowes, Inc.		1,018		15,463
Republic Services, Inc. Class A		1,317		75,135
Rollins, Inc.		497		16,789
RR Donnelley & Sons Co.		329		5,369
Stericycle, Inc. (a)		431		33,204
Waste Management, Inc.		2,351		166,709
				463,659
COMMUNICATIONS EQUIPMENT — 1.1%
Arista Networks, Inc. (a) (b)		213		20,612
ARRIS International PLC (a)		1,032		31,094
Brocade Communications Systems, Inc.		2,224		27,778
Cisco Systems, Inc.		27,021		816,575
CommScope Holding Co., Inc. (a)		662		24,626
EchoStar Corp. Class A (a)		214		10,997
F5 Networks, Inc. (a)		391		56,586
Harris Corp.		683		69,987

See accompanying notes to financial statements.

75

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Juniper Networks, Inc.		2,101	$	59,374
Motorola Solutions, Inc.		886		73,441
Palo Alto Networks, Inc. (a) (b)		482		60,274
				1,251,344
CONSTRUCTION & ENGINEERING — 0.2%
AECOM (a)		809		29,415
Chicago Bridge & Iron Co. NV		532		16,891
Fluor Corp.		781		41,018
Jacobs Engineering Group, Inc. (a)		651		37,107
KBR, Inc.		768		12,818
Quanta Services, Inc. (a)		774		26,974
Valmont Industries, Inc.		120		16,908
				181,131
CONSTRUCTION MATERIALS — 0.2%
Eagle Materials, Inc.		251		24,731
Martin Marietta Materials, Inc.		321		71,111
Vulcan Materials Co.		693		86,729
				182,571
CONSUMER FINANCE — 0.9%
Ally Financial, Inc.		2,447		46,542
American Express Co.		4,281		317,136
Capital One Financial Corp.		2,570		224,207
Credit Acceptance Corp. (a) (b)		43		9,353
Discover Financial Services.		2,212		159,463
Navient Corp.		1,574		25,861
OneMain Holdings, Inc. (a) (b)		267		5,911
Santander Consumer USA Holdings, Inc. (a)		421		5,684
SLM Corp. (a)		2,211		24,365
Synchrony Financial		4,565		165,573
				984,095
CONTAINERS & PACKAGING — 0.5%
AptarGroup, Inc.		330		24,238
Avery Dennison Corp.		465		32,652
Ball Corp.		951		71,392
Bemis Co., Inc.		519		24,819
Berry Plastics Group, Inc. (a)		687		33,478
Crown Holdings, Inc. (a)		722		37,956
Graphic Packaging Holding Co.		1,680		20,966
International Paper Co.		2,188		116,095
Owens-Illinois, Inc. (a)		836		14,555
Packaging Corp. of America		507		43,004
Sealed Air Corp.		1,069		48,468
Silgan Holdings, Inc.		195		9,980
Sonoco Products Co.		515		27,140
WestRock Co.		1,400		71,078
				575,821
DISTRIBUTORS — 0.1%
Genuine Parts Co.		778		74,330
LKQ Corp. (a)		1,544		47,324
Pool Corp.		230		23,998
				145,652
DIVERSIFIED CONSUMER SERVICES — 0.1%
Graham Holdings Co. Class B		22		11,263
H&R Block, Inc. (b)		1,296		29,795
Service Corp. International		1,049		29,791
ServiceMaster Global Holdings, Inc. (a)		755		28,441
				99,290
DIVERSIFIED FINANCIAL SERVICES — 1.5%
Berkshire Hathaway, Inc. Class B (a)		10,104		1,646,750
Leucadia National Corp.		1,792		41,664
				1,688,414
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%
AT&T, Inc.		32,937		1,400,811
CenturyLink, Inc. (b)		2,886		68,629
Frontier Communications Corp. (b)		5,495		18,573
Level 3 Communications, Inc. (a)		1,484		83,638
SBA Communications Corp. Class A (a)		676		69,804
Verizon Communications, Inc.		21,813		1,164,378
Zayo Group Holdings, Inc. (a)		747		24,546
				2,830,379
ELECTRIC UTILITIES — 1.8%
Alliant Energy Corp.		1,173		44,445
American Electric Power Co., Inc.		2,584		162,689
Avangrid, Inc.		269		10,190
Duke Energy Corp.		3,678		285,486
Edison International		1,661		119,576
Entergy Corp.		926		68,033
Eversource Energy		1,609		88,865
Exelon Corp.		4,828		171,346
FirstEnergy Corp.		2,148		66,524
Great Plains Energy, Inc.		1,197		32,738
Hawaiian Electric Industries, Inc.		516		17,064
NextEra Energy, Inc.		2,418		288,854
OGE Energy Corp.		1,014		33,918
PG&E Corp.		2,670		162,256
Pinnacle West Capital Corp.		553		43,151
PPL Corp.		3,566		121,422
Southern Co.		5,017		246,786
Westar Energy, Inc.		735		41,417
Xcel Energy, Inc.		2,793		113,675
				2,118,435
ELECTRICAL EQUIPMENT — 0.5%
Acuity Brands, Inc.		222		51,251
AMETEK, Inc.		1,250		60,750
Eaton Corp. PLC		2,402		161,150
Emerson Electric Co.		3,508		195,571
Hubbell, Inc.		294		34,310
Regal Beloit Corp.		226		15,650
Rockwell Automation, Inc. (b)		697		93,677
				612,359
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%
Amphenol Corp. Class A		1,594		107,117
Arrow Electronics, Inc. (a)		510		36,363
Avnet, Inc.		693		32,994
CDW Corp.		942		49,069
Cognex Corp.		441		28,056
Corning, Inc.		5,027		122,005
Dolby Laboratories, Inc. Class A		239		10,800
Fitbit, Inc. Class A (a) (b)		882		6,456
FLIR Systems, Inc.		726		26,274

See accompanying notes to financial statements.

76

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
IPG Photonics Corp. (a)		169	$	16,682
Jabil Circuit, Inc.		1,010		23,907
Keysight Technologies, Inc. (a)		884		32,328
National Instruments Corp.		526		16,211
Trimble, Inc. (a)		1,309		39,466
VeriFone Systems, Inc. (a)		538		9,539
Zebra Technologies Corp. Class A (a)		267		22,898
				580,165
ENERGY EQUIPMENT & SERVICES — 1.2%
Baker Hughes, Inc.		2,349		152,615
Diamond Offshore Drilling, Inc.		344		6,089
Dril-Quip, Inc. (a)		198		11,890
Ensco PLC Class A		1,266		12,306
FMC Technologies, Inc. (a)		1,187		42,174
Frank’s International NV		199		2,450
Halliburton Co.		4,594		248,489
Helmerich & Payne, Inc. (b)		492		38,081
Nabors Industries, Ltd.		1,538		25,223
National Oilwell Varco, Inc. (b)		2,012		75,329
Noble Corp. PLC		1,244		7,364
Oceaneering International, Inc.		530		14,951
Patterson-UTI Energy, Inc. (b)		749		20,163
Rowan Cos. PLC Class A (b)		605		11,428
RPC, Inc. (b)		304		6,022
Schlumberger, Ltd.		7,444		624,924
Superior Energy Services, Inc.		816		13,774
Transocean, Ltd. (a)		1,851		27,284
Weatherford International PLC (a) (b)		4,895		24,426
				1,364,982
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.0% (d)
CoreCivic, Inc. REIT		593		14,505
Quality Care Properties, Inc. REIT (a)		505		7,827
				22,332
FOOD & STAPLES RETAILING — 1.9%
Casey’s General Stores, Inc.		227		26,986
Costco Wholesale Corp.		2,353		376,739
CVS Health Corp.		5,731		452,233
Kroger Co.		5,122		176,760
Rite Aid Corp. (a)		5,004		41,233
Sprouts Farmers Market, Inc. (a)		910		17,217
Sysco Corp.		2,802		155,147
US Foods Holding Corp. (a)		233		6,403
Wal-Mart Stores, Inc.		8,069		557,729
Walgreens Boots Alliance, Inc.		4,588		379,703
Whole Foods Market, Inc.		1,631		50,169
				2,240,319
FOOD PRODUCTS — 1.7%
Archer-Daniels-Midland Co.		3,146		143,615
Blue Buffalo Pet Products, Inc. (a)		219		5,265
Bunge, Ltd.		743		53,674
Campbell Soup Co.		1,008		60,954
Conagra Brands, Inc.		2,269		89,739
Flowers Foods, Inc.		916		18,293
General Mills, Inc.		3,164		195,440
Hain Celestial Group, Inc. (a)		487		19,008
Hershey Co.		757		78,296
Hormel Foods Corp.		1,367		47,585
Ingredion, Inc.		386		48,235
J.M. Smucker Co.		634		81,190
Kellogg Co.		1,286		94,791
Kraft Heinz Co.		3,202		279,599
Lamb Weston Holdings, Inc. (a)		756		28,615
McCormick & Co., Inc.		653		60,944
Mead Johnson Nutrition Co.		1,021		72,246
Mondelez International, Inc. Class A		7,891		349,808
Pilgrim’s Pride Corp.		322		6,115
Pinnacle Foods, Inc.		598		31,963
Post Holdings, Inc. (a)		347		27,895
TreeHouse Foods, Inc. (a) (b)		239		17,253
Tyson Foods, Inc. Class A		1,555		95,912
WhiteWave Foods Co. (a)		911		50,652
				1,957,087
GAS UTILITIES — 0.1%
Atmos Energy Corp.		494		36,630
National Fuel Gas Co.		424		24,015
UGI Corp.		874		40,274
				100,919
HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%
Abbott Laboratories.		7,757		297,946
Abiomed, Inc. (a)		230		25,916
Alere, Inc. (a)		428		16,679
Align Technology, Inc. (a)		423		40,663
Baxter International, Inc.		2,713		120,295
Becton Dickinson and Co.		1,115		184,588
Boston Scientific Corp. (a)		7,145		154,546
C.R. Bard, Inc.		386		86,719
Cooper Cos., Inc.		238		41,633
Danaher Corp.		3,191		248,388
DENTSPLY SIRONA, Inc.		1,235		71,297
DexCom, Inc. (a) (b)		415		24,776
Edwards Lifesciences Corp. (a)		1,111		104,101
Hill-Rom Holdings, Inc.		306		17,179
Hologic, Inc. (a)		1,521		61,023
IDEXX Laboratories, Inc. (a)		512		60,042
Intuitive Surgical, Inc. (a)		195		123,663
Medtronic PLC		7,540		537,074
ResMed, Inc. (b)		719		44,614
St. Jude Medical, Inc.		1,442		115,634
Stryker Corp.		1,762		211,105
Teleflex, Inc.		211		34,003
Varian Medical Systems, Inc. (a)		526		47,224
West Pharmaceutical Services, Inc.		351		29,775
Zimmer Biomet Holdings, Inc.		985		101,652
				2,800,535
HEALTH CARE PROVIDERS & SERVICES — 2.5%
Acadia Healthcare Co., Inc. (a) (b)		456		15,094
Aetna, Inc.		1,807		224,086
AmerisourceBergen Corp.		915		71,544
Anthem, Inc.		1,377		197,971
Brookdale Senior Living, Inc. (a)		933		11,588
Cardinal Health, Inc.		1,722		123,932
Centene Corp. (a)		841		47,525
Cigna Corp.		1,347		179,676
DaVita, Inc. (a)		908		58,294

See accompanying notes to financial statements.

77

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Envision Healthcare Corp. (a)		557	$	35,252
Express Scripts Holding Co. (a)		3,323		228,589
HCA Holdings, Inc. (a)		1,634		120,949
Henry Schein, Inc. (a)		440		66,752
Humana, Inc.		785		160,164
Laboratory Corp. of America Holdings (a)		536		68,812
LifePoint Health, Inc. (a)		233		13,234
McKesson Corp.		1,182		166,012
MEDNAX, Inc. (a) (b)		506		33,730
Patterson Cos., Inc. (b)		444		18,217
Premier, Inc. Class A (a)		175		5,313
Quest Diagnostics, Inc.		741		68,098
Tenet Healthcare Corp. (a)		492		7,301
UnitedHealth Group, Inc.		5,011		801,960
Universal Health Services, Inc. Class B		462		49,148
VCA, Inc. (a)		432		29,657
WellCare Health Plans, Inc. (a)		233		31,940
				2,834,838
HEALTH CARE TECHNOLOGY — 0.1%
Allscripts Healthcare Solutions, Inc. (a)		922		9,414
athenahealth, Inc. (a) (b)		198		20,824
Cerner Corp. (a)		1,509		71,481
Inovalon Holdings, Inc. Class A (a)		178		1,833
Veeva Systems, Inc. Class A (a) (b)		412		16,768
				120,320
HOTELS, RESTAURANTS & LEISURE — 1.9%
Aramark		1,327		47,400
Brinker International, Inc. (b)		329		16,295
Carnival Corp.		2,136		111,200
Chipotle Mexican Grill, Inc. Class A (a) (b)		155		58,485
Choice Hotels International, Inc.		156		8,744
Darden Restaurants, Inc.		642		46,686
Domino’s Pizza, Inc.		282		44,906
Dunkin’ Brands Group, Inc.		474		24,857
Extended Stay America, Inc.		317		5,120
Hilton Worldwide Holdings, Inc.		2,672		72,678
Hyatt Hotels Corp. Class A (a)		182		10,057
International Game Technology PLC		484		12,352
Las Vegas Sands Corp.		1,941		103,669
Marriott International, Inc. Class A		1,749		144,607
McDonald’s Corp.		4,436		539,950
MGM Resorts International (a)		2,631		75,852
Norwegian Cruise Line Holdings, Ltd. (a)		760		32,323
Panera Bread Co. Class A (a) (b)		138		28,302
Royal Caribbean Cruises, Ltd.		857		70,308
Six Flags Entertainment Corp.		354		21,226
Starbucks Corp.		7,559		419,676
Vail Resorts, Inc.		237		38,230
Wendy’s Co. (b)		1,273		17,211
Wyndham Worldwide Corp.		606		46,280
Wynn Resorts, Ltd.		411		35,556
Yum China Holdings, Inc. (a)		2,021		52,788
Yum! Brands, Inc.		1,821		115,324
				2,200,082
HOUSEHOLD DURABLES — 0.5%
CalAtlantic Group, Inc.		354		12,040
D.R. Horton, Inc.		1,788		48,866
Garmin, Ltd. (b)		617		29,918
Harman International Industries, Inc.		359		39,907
Leggett & Platt, Inc.		713		34,852
Lennar Corp. Class A		877		37,650
Lennar Corp. Class B		48		1,656
Mohawk Industries, Inc. (a)		321		64,097
Newell Brands, Inc.		2,542		113,500
NVR, Inc. (a)		23		38,387
PulteGroup, Inc.		1,911		35,124
Tempur Sealy International, Inc. (a) (b)		306		20,894
Toll Brothers, Inc. (a)		869		26,939
Tupperware Brands Corp. (b)		262		13,786
Whirlpool Corp.		394		71,617
				589,233
HOUSEHOLD PRODUCTS — 1.6%
Church & Dwight Co., Inc.		1,382		61,071
Clorox Co.		661		79,333
Colgate-Palmolive Co.		4,669		305,539
Energizer Holdings, Inc.		313		13,963
Kimberly-Clark Corp.		1,889		215,573
Procter & Gamble Co.		13,653		1,147,944
Spectrum Brands Holdings, Inc. (b)		116		14,190
				1,837,613
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
AES Corp.		3,704		43,040
Calpine Corp. (a)		1,932		22,083
NRG Energy, Inc.		1,656		20,303
				85,426
INDUSTRIAL CONGLOMERATES — 2.3%
3M Co.		3,140		560,710
Carlisle Cos., Inc.		336		37,057
General Electric Co.		49,165		1,553,614
Honeywell International, Inc.		4,022		465,949
Roper Technologies, Inc.		511		93,554
				2,710,884
INSURANCE — 3.1%
Aflac, Inc.		2,206		153,538
Alleghany Corp. (a)		86		52,298
Allied World Assurance Co. Holdings AG.		508		27,285
Allstate Corp.		2,037		150,982
American Financial Group, Inc.		390		34,367
American International Group, Inc.		5,464		356,854
American National Insurance Co.		44		5,483
AmTrust Financial Services, Inc.		399		10,925
Aon PLC		1,420		158,373
Arch Capital Group, Ltd. (a)		659		56,865
Arthur J Gallagher & Co.		868		45,101
Aspen Insurance Holdings, Ltd.		323		17,765
Assurant, Inc.		270		25,072
Assured Guaranty, Ltd.		808		30,518
Axis Capital Holdings, Ltd.		552		36,029
Brown & Brown, Inc.		607		27,230
Chubb, Ltd.		2,472		326,601
Cincinnati Financial Corp.		825		62,494

See accompanying notes to financial statements.

78

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CNA Financial Corp.		142	$	5,893
Endurance Specialty Holdings, Ltd.		352		32,525
Erie Indemnity Co. Class A		139		15,630
Everest Re Group, Ltd. (b)		239		51,720
First American Financial Corp.		578		21,172
FNF Group		1,416		48,087
Hanover Insurance Group, Inc.		221		20,113
Hartford Financial Services Group, Inc.		2,127		101,351
Lincoln National Corp.		1,289		85,422
Loews Corp.		1,579		73,945
Markel Corp. (a)		77		69,646
Marsh & McLennan Cos., Inc.		2,776		187,630
Mercury General Corp.		135		8,128
MetLife, Inc.		4,907		264,438
Old Republic International Corp.		1,311		24,909
Principal Financial Group, Inc.		1,453		84,071
ProAssurance Corp.		299		16,804
Progressive Corp.		3,016		107,068
Prudential Financial, Inc.		2,346		244,125
Reinsurance Group of America, Inc.		365		45,928
RenaissanceRe Holdings, Ltd. (b)		230		31,331
Torchmark Corp.		671		49,493
Travelers Cos., Inc.		1,600		195,872
Unum Group		1,343		58,998
Validus Holdings, Ltd.		479		26,350
White Mountains Insurance Group, Ltd.		26		21,737
WR Berkley Corp.		526		34,984
XL Group, Ltd.		1,365		50,860
				3,556,010
INTERNET & CATALOG RETAIL — 2.1%
Amazon.com, Inc. (a)		2,073		1,554,480
Expedia, Inc. (b)		625		70,800
Groupon, Inc. (a)		2,218		7,364
Liberty Expedia Holdings, Inc. Class A (a)		290		11,504
Liberty Interactive Corp. QVC Group Class A (a)		2,562		51,189
Liberty Ventures Series A (a)		434		16,002
Netflix, Inc. (a)		2,196		271,865
Priceline Group, Inc. (a)		264		387,040
TripAdvisor, Inc. (a)		569		26,384
				2,396,628
INTERNET SOFTWARE & SERVICES — 3.9%
Akamai Technologies, Inc. (a)		895		59,679
Alphabet, Inc. Class A (a)		1,575		1,248,109
Alphabet, Inc. Class C (a)		1,583		1,221,791
CommerceHub, Inc. Series A (a)		72		1,081
CommerceHub, Inc. Series C (a)		146		2,194
CoStar Group, Inc. (a)		162		30,535
eBay, Inc. (a)		5,622		166,917
Facebook, Inc. Class A (a)		11,983		1,378,644
GoDaddy, Inc. Class A (a) (b)		138		4,823
IAC/InterActiveCorp		380		24,620
Match Group, Inc. (a) (b)		138		2,360
Pandora Media, Inc. (a) (b)		1,081		14,096
Twilio, Inc. Class A (a)		116		3,347
Twitter, Inc. (a)		3,376		55,029
VeriSign, Inc. (a) (b)		520		39,557
Yahoo!, Inc. (a)		4,583		177,225
Yelp, Inc. (a)		269		10,257
Zillow Group, Inc. Class A (a) (b)		243		8,857
Zillow Group, Inc. Class C (a)		492		17,943
				4,467,064
IT SERVICES — 3.8%
Accenture PLC Class A		3,300		386,529
Alliance Data Systems Corp. (b)		324		74,034
Amdocs, Ltd.		808		47,066
Automatic Data Processing, Inc.		2,440		250,783
Black Knight Financial Services, Inc. Class A (a)		110		4,158
Booz Allen Hamilton Holding Corp.		633		22,832
Broadridge Financial Solutions, Inc.		618		40,973
Cognizant Technology Solutions Corp. Class A (a)		3,186		178,512
Computer Sciences Corp.		738		43,852
CoreLogic, Inc. (a)		473		17,421
CSRA, Inc.		756		24,071
DST Systems, Inc.		175		18,751
Euronet Worldwide, Inc. (a)		236		17,093
Fidelity National Information Services, Inc.		1,698		128,437
First Data Corp. Class A (a)		1,612		22,874
Fiserv, Inc. (a)		1,151		122,328
FleetCor Technologies, Inc. (a)		484		68,496
Gartner, Inc. (a)		453		45,785
Genpact, Ltd. (a)		827		20,129
Global Payments, Inc.		851		59,068
International Business Machines Corp.		4,694		779,157
Jack Henry & Associates, Inc.		439		38,974
Leidos Holdings, Inc.		725		37,077
MasterCard, Inc. Class A		5,130		529,673
Paychex, Inc. (b)		1,652		100,574
PayPal Holdings, Inc. (a)		5,986		236,267
Sabre Corp. (b)		1,112		27,744
Square, Inc. Class A (a)		152		2,072
Teradata Corp. (a)		774		21,030
Total System Services, Inc.		844		41,381
Vantiv, Inc. Class A (a)		792		47,219
Visa, Inc. Class A (b)		10,221		797,442
Western Union Co. (b)		2,737		59,448
WEX, Inc. (a)		193		21,539
Xerox Corp.		5,067		44,235
				4,377,024
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Brunswick Corp.		474		25,852
Hasbro, Inc.		585		45,507
Mattel, Inc.		1,748		48,158
Polaris Industries, Inc. (b)		338		27,848
Vista Outdoor, Inc. (a)		318		11,734
				159,099
LIFE SCIENCES TOOLS & SERVICES — 0.7%
Agilent Technologies, Inc.		1,748		79,639
Bio-Rad Laboratories, Inc. Class A (a)		110		20,051
Bio-Techne Corp.		186		19,126
Bruker Corp.		555		11,755

See accompanying notes to financial statements.

79

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Charles River Laboratories International, Inc. (a)		242	$	18,438
Illumina, Inc. (a) (b)		781		99,999
Mettler-Toledo International, Inc. (a)		134		56,087
Patheon NV (a)		276		7,924
PerkinElmer, Inc.		573		29,882
QIAGEN NV (a)		1,183		33,148
Quintiles IMS Holdings, Inc. (a)		749		56,962
Thermo Fisher Scientific, Inc.		2,098		296,028
VWR Corp. (a)		413		10,337
Waters Corp. (a)		424		56,981
				796,357
MACHINERY — 1.7%
AGCO Corp.		442		25,574
Allison Transmission Holdings, Inc.		702		23,650
Caterpillar, Inc. (b)		2,957		274,232
Colfax Corp. (a)		469		16,851
Crane Co.		245		17,669
Cummins, Inc.		866		118,356
Deere & Co. (b)		1,718		177,023
Donaldson Co., Inc.		719		30,256
Dover Corp.		846		63,391
Flowserve Corp.		712		34,212
Fortive Corp.		1,595		85,540
Graco, Inc.		304		25,259
IDEX Corp.		412		37,105
Illinois Tool Works, Inc.		1,591		194,834
Ingersoll-Rand PLC		1,376		103,255
ITT, Inc.		465		17,935
Lincoln Electric Holdings, Inc.		305		23,384
Manitowoc Foodservice, Inc. (a) (b)		675		13,048
Middleby Corp. (a) (b)		290		37,355
Nordson Corp.		330		36,976
Oshkosh Corp.		414		26,749
PACCAR, Inc.		1,801		115,084
Parker-Hannifin Corp.		734		102,760
Pentair PLC		880		49,342
Snap-on, Inc.		302		51,724
Stanley Black & Decker, Inc.		799		91,637
Terex Corp.		526		16,585
Timken Co.		425		16,872
Toro Co.		572		32,003
Trinity Industries, Inc.		793		22,014
WABCO Holdings, Inc. (a)		289		30,677
Wabtec Corp. (b)		476		39,518
Xylem, Inc.		951		47,093
				1,997,963
MARINE — 0.0% (d)
Kirby Corp. (a)		284		18,886
MEDIA — 3.2%
AMC Networks, Inc. Class A (a)		306		16,016
Cable One, Inc. (b)		22		13,678
CBS Corp. Class B		2,120		134,874
Charter Communications, Inc. Class A (a)		1,081		311,242
Cinemark Holdings, Inc.		580		22,249
Clear Channel Outdoor Holdings, Inc. Class A		207		1,045
Comcast Corp. Class A		12,890		890,054
Discovery Communications, Inc. Class A (a) (b)		792		21,709
Discovery Communications, Inc. Class C (a)		1,135		30,395
DISH Network Corp. Class A (a)		1,186		68,705
Interpublic Group of Cos., Inc.		2,205		51,619
John Wiley & Sons, Inc. Class A		225		12,262
Liberty Broadband Corp. Class A (a)		126		9,130
Liberty Broadband Corp. Class C (a)		558		41,331
Liberty Media Corp.-Liberty SiriusXM Class A (a)		505		17,433
Liberty Media Corp.-Liberty SiriusXM Class C (a)		1,004		34,056
Lions Gate Entertainment Corp. Class A		215		5,784
Lions Gate Entertainment Corp. Class B (a) (b)		566		13,890
Live Nation Entertainment, Inc. (a)		699		18,593
Madison Square Garden Co. Class A (a)		109		18,695
News Corp. Class A		1,965		22,519
News Corp. Class B		620		7,316
Omnicom Group, Inc. (b)		1,285		109,366
Regal Entertainment Group Class A		421		8,673
Scripps Networks Interactive, Inc. Class A		509		36,327
Sirius XM Holdings, Inc. (b)		9,458		42,088
TEGNA, Inc.		1,156		24,727
Thomson Reuters Corp.		1,690		73,988
Time Warner, Inc.		4,213		406,681
Tribune Media Co. Class A (b)		413		14,447
Twenty-First Century Fox, Inc. Class A		5,871		164,623
Twenty-First Century Fox, Inc. Class B		2,491		67,880
Viacom, Inc. Class A		50		1,925
Viacom, Inc. Class B		1,779		62,443
Walt Disney Co.		8,684		905,046
				3,680,809
METALS & MINING — 0.4%
Alcoa Corp.		771		21,650
Compass Minerals International, Inc.		176		13,790
Freeport-McMoRan, Inc. (a)		7,374		97,263
Newmont Mining Corp.		2,877		98,019
Nucor Corp.		1,723		102,553
Reliance Steel & Aluminum Co.		399		31,736
Royal Gold, Inc. (b)		353		22,363
Southern Copper Corp. (b)		496		15,842
Steel Dynamics, Inc.		1,172		41,700
Tahoe Resources, Inc.		1,406		13,245
United States Steel Corp.		740		24,427
				482,588
MORTGAGE REAL ESTATE INVESTMENT — 0.0% (d)
AGNC Investment Corp. REIT (b)		1,692		30,676
MULTI-UTILITIES — 1.0%
Ameren Corp.		1,250		65,575
CenterPoint Energy, Inc.		2,225		54,824
CMS Energy Corp.		1,381		57,477
Consolidated Edison, Inc.		1,607		118,404
Dominion Resources, Inc. (b)		3,298		252,594
DTE Energy Co.		990		97,525
MDU Resources Group, Inc.		938		26,986

See accompanying notes to financial statements.

80

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
NiSource, Inc.		1,633	$	36,155
Public Service Enterprise Group, Inc.		2,785		122,206
SCANA Corp.		708		51,882
Sempra Energy.		1,300		130,832
Vectren Corp.		422		22,007
WEC Energy Group, Inc.		1,624		95,247
				1,131,714
MULTILINE RETAIL — 0.5%
Dillard’s, Inc. Class A		125		7,836
Dollar General Corp.		1,463		108,364
Dollar Tree, Inc. (a)		1,214		93,697
JC Penney Co., Inc. (a) (b)		1,550		12,881
Kohl’s Corp. (b)		974		48,096
Macy’s, Inc.		1,570		56,222
Nordstrom, Inc.		709		33,982
Target Corp.		3,100		223,913
				584,991
OIL, GAS & CONSUMABLE FUELS — 6.1%
Anadarko Petroleum Corp.		3,026		211,003
Antero Resources Corp. (a)		855		20,221
Apache Corp.		1,965		124,719
Cabot Oil & Gas Corp.		2,473		57,769
Cheniere Energy, Inc. (a) (b)		990		41,016
Chesapeake Energy Corp. (a)		2,922		20,512
Chevron Corp.		10,055		1,183,473
Cimarex Energy Co.		510		69,309
Concho Resources, Inc. (a)		788		104,489
ConocoPhillips.		6,661		333,983
CONSOL Energy, Inc.		1,135		20,691
Continental Resources, Inc. (a) (b)		435		22,420
Devon Energy Corp.		2,810		128,333
Diamondback Energy, Inc. (a)		440		44,466
Energen Corp.		592		34,141
EOG Resources, Inc.		2,898		292,988
EQT Corp.		902		58,991
Exxon Mobil Corp.		22,271		2,010,180
Gulfport Energy Corp. (a)		674		14,585
Hess Corp.		1,463		91,130
HollyFrontier Corp.		975		31,941
Kinder Morgan, Inc.		10,174		210,704
Kosmos Energy, Ltd. (a) (b)		614		4,304
Laredo Petroleum, Inc. (a)		616		8,710
Marathon Oil Corp.		4,609		79,782
Marathon Petroleum Corp.		2,779		139,923
Murphy Oil Corp. (b)		937		29,169
Newfield Exploration Co. (a)		1,068		43,254
Noble Energy, Inc.		2,260		86,016
Occidental Petroleum Corp.		4,043		287,983
ONEOK, Inc.		1,066		61,199
Parsley Energy, Inc. Class A (a)		814		28,685
PBF Energy, Inc. Class A		491		13,689
Phillips 66		2,416		208,767
Pioneer Natural Resources Co.		863		155,400
QEP Resources, Inc.		1,472		27,100
Range Resources Corp.		1,065		36,593
Rice Energy, Inc. (a)		802		17,123
SM Energy Co.		361		12,447
Southwestern Energy Co. (a)		2,825		30,566
Spectra Energy Corp.		3,632		149,239
Targa Resources Corp.		860		48,220
Tesoro Corp.		656		57,367
Valero Energy Corp.		2,475		169,092
Whiting Petroleum Corp. (a)		1,017		12,224
Williams Cos., Inc.		3,823		119,048
World Fuel Services Corp.		374		17,170
WPX Energy, Inc. (a)		2,036		29,665
				6,999,799
PAPER & FOREST PRODUCTS — 0.0% (d)
Domtar Corp.		340		13,270
PERSONAL PRODUCTS — 0.2%
Coty, Inc. Class A		2,555		46,782
Edgewell Personal Care Co. (a)		310		22,627
Estee Lauder Cos., Inc. Class A		1,184		90,564
Herbalife, Ltd. (a) (b)		409		19,689
Nu Skin Enterprises, Inc. Class A		293		14,000
				193,662
PHARMACEUTICALS — 4.5%
Akorn, Inc. (a) (b)		403		8,797
Allergan PLC (a)		1,787		375,288
Bristol-Myers Squibb Co.		8,948		522,921
Eli Lilly & Co.		5,205		382,828
Endo International PLC (a)		1,169		19,253
Johnson & Johnson		14,673		1,690,476
Mallinckrodt PLC (a)		579		28,846
Merck & Co., Inc.		14,771		869,569
Mylan NV (a)		2,482		94,688
Perrigo Co. PLC		756		62,922
Pfizer, Inc.		32,225		1,046,668
Zoetis, Inc.		2,524		135,110
				5,237,366
PROFESSIONAL SERVICES — 0.3%
Dun & Bradstreet Corp.		205		24,871
Equifax, Inc.		611		72,238
ManpowerGroup, Inc.		403		35,815
Nielsen Holdings PLC		1,888		79,202
Robert Half International, Inc.		729		35,561
TransUnion (a)		263		8,134
Verisk Analytics, Inc. Class A (a)		848		68,832
				324,653
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.6%
Alexandria Real Estate Equities, Inc. (b)		436		48,453
American Campus Communities, Inc. (b)		754		37,527
American Homes 4 Rent Class A		756		15,861
American Tower Corp. REIT		2,214		233,975
Annaly Capital Management, Inc.		5,689		56,719
Apartment Investment & Management Co. Class A REIT		832		37,814
Apple Hospitality REIT, Inc.		937		18,721
AvalonBay Communities, Inc.		714		126,485
Boston Properties, Inc. REIT		782		98,360
Brandywine Realty Trust		855		14,116
Brixmor Property Group, Inc.		900		21,978
Camden Property Trust		431		36,234
Care Capital Properties, Inc.		415		10,375

See accompanying notes to financial statements.

81

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Chimera Investment Corp.		1,028	$	17,497
Columbia Property Trust, Inc.		652		14,083
Communications Sales & Leasing, Inc. (a)		609		15,475
Corporate Office Properties Trust		465		14,517
Crown Castle International Corp. REIT		1,816		157,574
CubeSmart REIT		929		24,869
CyrusOne, Inc. REIT (b)		351		15,700
DCT Industrial Trust, Inc. REIT		466		22,312
DDR Corp. REIT		1,575		24,050
Digital Realty Trust, Inc. REIT (b)		786		77,232
Douglas Emmett, Inc. (b)		734		26,835
Duke Realty Corp.		1,925		51,128
Empire State Realty Trust, Inc. Class A (b)		578		11,670
EPR Properties		345		24,761
Equinix, Inc. REIT		367		131,169
Equity Commonwealth (a)		631		19,081
Equity LifeStyle Properties, Inc.		430		31,003
Equity One, Inc.		466		14,302
Equity Residential REIT		1,917		123,378
Essex Property Trust, Inc. REIT		330		76,725
Extra Space Storage, Inc. REIT		659		50,901
Federal Realty Investment Trust REIT		355		50,449
Forest City Realty Trust, Inc. Class A		1,126		23,466
Gaming and Leisure Properties, Inc.		926		28,354
General Growth Properties, Inc. REIT		2,969		74,166
HCP, Inc. REIT		2,527		75,102
Healthcare Trust of America, Inc. Class A		683		19,882
Highwoods Properties, Inc.		469		23,924
Hospitality Properties Trust		746		23,678
Host Hotels & Resorts, Inc. REIT		3,844		72,421
Iron Mountain, Inc. REIT		1,441		46,804
Kilroy Realty Corp. REIT		443		32,436
Kimco Realty Corp. REIT		2,081		52,358
Lamar Advertising Co. Class A (b)		387		26,022
Liberty Property Trust REIT		743		29,348
Life Storage, Inc. REIT		233		19,866
Macerich Co. REIT		792		56,105
MFA Financial, Inc.		1,857		14,169
Mid-America Apartment Communities, Inc. REIT		605		59,242
National Retail Properties, Inc.		748		33,062
NorthStar Realty Finance Corp.		984		14,908
Omega Healthcare Investors, Inc.		1,049		32,792
Outfront Media, Inc.		756		18,802
Paramount Group, Inc. REIT		1,040		16,630
Piedmont Office Realty Trust, Inc. Class A		804		16,812
Prologis, Inc. REIT		2,764		145,912
Public Storage REIT		800		178,800
Rayonier, Inc.		634		16,864
Realty Income Corp. REIT (b)		1,304		74,954
Regency Centers Corp.		572		39,439
Retail Properties of America, Inc. Class A		1,299		19,914
Senior Housing Properties Trust		1,106		20,937
Simon Property Group, Inc. REIT		1,623		288,358
SL Green Realty Corp. REIT		529		56,894
Spirit Realty Capital, Inc. REIT		2,330		25,304
Starwood Property Trust, Inc.		1,119		24,562
STORE Capital Corp.		809		19,990
Sun Communities, Inc. REIT		345		26,430
Tanger Factory Outlet Centers, Inc.		483		17,282
Taubman Centers, Inc. (b)		330		24,397
Two Harbors Investment Corp.		1,865		16,263
UDR, Inc. REIT		1,360		49,613
Ventas, Inc. REIT		1,770		110,660
VEREIT, Inc.		4,689		39,669
Vornado Realty Trust REIT		948		98,943
Weingarten Realty Investors REIT		660		23,621
Welltower, Inc. REIT		1,904		127,435
Weyerhaeuser Co. REIT		4,054		121,985
WP Carey, Inc.		517		30,550
				4,160,454
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc. Class A (a)		1,748		55,044
Howard Hughes Corp. (a)		198		22,592
Jones Lang LaSalle, Inc.		223		22,532
Realogy Holdings Corp.		793		20,404
				120,572
ROAD & RAIL — 0.9%
AMERCO.		41		15,153
Avis Budget Group, Inc. (a)		528		19,367
CSX Corp.		5,114		183,746
Genesee & Wyoming, Inc. Class A (a)		297		20,615
Hertz Global Holdings, Inc. (a)		429		9,249
JB Hunt Transport Services, Inc.		461		44,749
Kansas City Southern		560		47,516
Landstar System, Inc.		231		19,704
Norfolk Southern Corp.		1,580		170,751
Old Dominion Freight Line, Inc. (a)		346		29,683
Ryder System, Inc.		269		20,025
Union Pacific Corp.		4,553		472,055
				1,052,613
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.1%
Analog Devices, Inc.		1,588		115,321
Applied Materials, Inc.		5,807		187,392
Broadcom, Ltd.		2,035		359,727
Cree, Inc. (a)		557		14,699
Cypress Semiconductor Corp. (b)		1,684		19,265
First Solar, Inc. (a) (b)		431		13,831
Intel Corp.		25,264		916,325
KLA-Tencor Corp.		831		65,383
Lam Research Corp.		825		87,227
Linear Technology Corp.		1,255		78,249
Marvell Technology Group, Ltd.		2,087		28,947
Maxim Integrated Products, Inc.		1,460		56,312
Microchip Technology, Inc.		1,159		74,350
Micron Technology, Inc. (a)		5,403		118,434
NVIDIA Corp. (b)		2,758		294,389
ON Semiconductor Corp. (a)		2,157		27,523
Qorvo, Inc. (a) (b)		752		39,653
QUALCOMM, Inc.		7,823		510,060
Skyworks Solutions, Inc.		972		72,569

See accompanying notes to financial statements.

82

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SunPower Corp. (a) (b)		254	$	1,679
Teradyne, Inc.		1,019		25,883
Texas Instruments, Inc.		5,418		395,351
Versum Materials, Inc. (a)		510		14,316
Xilinx, Inc.		1,332		80,413
				3,597,298
SOFTWARE — 4.3%
Activision Blizzard, Inc.		2,952		106,597
Adobe Systems, Inc. (a)		2,610		268,699
ANSYS, Inc. (a)		474		43,840
Atlassian Corp. PLC Class A (a)		124		2,986
Autodesk, Inc. (a)		1,139		84,297
CA, Inc.		1,617		51,372
Cadence Design Systems, Inc. (a)		1,427		35,989
CDK Global, Inc.		820		48,946
Citrix Systems, Inc. (a)		801		71,537
Dell Technologies, Inc. Class V (a)		1,134		62,336
Electronic Arts, Inc. (a)		1,560		122,866
FireEye, Inc. (a)		782		9,306
Fortinet, Inc. (a)		703		21,174
Guidewire Software, Inc. (a)		353		17,413
Intuit, Inc.		1,318		151,056
Manhattan Associates, Inc. (a)		351		18,614
Microsoft Corp.		40,441		2,513,004
Nuance Communications, Inc. (a)		1,290		19,221
Oracle Corp.		15,726		604,665
PTC, Inc. (a)		627		29,011
Red Hat, Inc. (a)		958		66,773
salesforce.com, Inc. (a)		3,459		236,803
ServiceNow, Inc. (a)		850		63,189
Splunk, Inc. (a) (b)		652		33,350
SS&C Technologies Holdings, Inc. (b)		771		22,051
Symantec Corp.		3,454		82,516
Synopsys, Inc. (a)		765		45,028
Tableau Software, Inc. Class A (a)		242		10,200
Tyler Technologies, Inc. (a)		194		27,697
Ultimate Software Group, Inc. (a) (b)		149		27,170
VMware, Inc. Class A (a) (b)		429		33,775
Workday, Inc. Class A (a) (b)		596		39,390
Zynga, Inc. Class A (a)		3,386		8,702
				4,979,573
SPECIALTY RETAIL — 2.4%
Advance Auto Parts, Inc.		378		63,927
AutoNation, Inc. (a)		356		17,319
AutoZone, Inc. (a) (b)		160		126,366
Bed Bath & Beyond, Inc.		895		36,373
Best Buy Co., Inc.		1,558		66,480
Burlington Stores, Inc. (a)		351		29,747
Cabela’s, Inc. (a)		252		14,755
CarMax, Inc. (a) (b)		1,018		65,549
CST Brands, Inc.		354		17,045
Dick’s Sporting Goods, Inc.		450		23,895
Foot Locker, Inc.		741		52,529
GameStop Corp. Class A		572		14,449
Gap, Inc.		1,315		29,509
Home Depot, Inc.		6,654		892,168
L Brands, Inc.		1,307		86,053
Lowe’s Cos., Inc.		4,818		342,656
Michaels Cos., Inc. (a)		451		9,223
Murphy USA, Inc. (a)		233		14,323
O’Reilly Automotive, Inc. (a)		517		143,938
Penske Automotive Group, Inc.		215		11,146
Ross Stores, Inc.		2,135		140,056
Sally Beauty Holdings, Inc. (a)		827		21,849
Signet Jewelers, Ltd. (b)		409		38,552
Staples, Inc.		3,333		30,164
Tiffany & Co. (b)		572		44,290
TJX Cos., Inc.		3,575		268,590
Tractor Supply Co.		703		53,294
Ulta Salon Cosmetics & Fragrance, Inc. (a)		328		83,620
Urban Outfitters, Inc. (a) (b)		523		14,895
Williams-Sonoma, Inc. (b)		494		23,905
				2,776,665
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.4%
Apple, Inc.		29,283		3,391,557
Hewlett Packard Enterprise Co.		9,250		214,045
HP, Inc.		9,253		137,314
NCR Corp. (a)		796		32,286
NetApp, Inc.		1,581		55,762
Western Digital Corp.		1,556		105,730
				3,936,694
TEXTILES,APPAREL & LUXURY GOODS — 0.7%
Carter’s, Inc.		279		24,103
Coach, Inc.		1,424		49,869
Hanesbrands, Inc.		2,018		43,528
Kate Spade & Co. (a)		658		12,285
lululemon athletica, Inc. (a)		566		36,784
Michael Kors Holdings, Ltd. (a)		813		34,943
NIKE, Inc. Class B		7,137		362,774
PVH Corp.		418		37,720
Ralph Lauren Corp.		304		27,457
Skechers U.S.A., Inc. Class A (a)		632		15,535
Under Armour, Inc. Class A (a) (b)		905		26,290
Under Armour, Inc. Class C (a)		913		22,980
VF Corp.		1,766		94,216
				788,484
THRIFTS & MORTGAGE FINANCE — 0.0% (d)
New York Community Bancorp, Inc. (b)		2,666		42,416
TFS Financial Corp.		370		7,045
				49,461
TOBACCO — 1.5%
Altria Group, Inc.		10,481		708,725
Philip Morris International, Inc.		8,263		755,982
Reynolds American, Inc.		4,499		252,124
				1,716,831
TRADING COMPANIES & DISTRIBUTORS — 0.3%
Air Lease Corp.		543		18,641
Fastenal Co.		1,502		70,564
HD Supply Holdings, Inc. (a)		1,201		51,055
Herc Holdings, Inc. (a)		143		5,743
MSC Industrial Direct Co., Inc. Class A		237		21,896
United Rentals, Inc. (a)		499		52,684
W.W. Grainger, Inc.		293		68,049

See accompanying notes to financial statements.

83

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Watsco, Inc.		132	$	19,552
WESCO International, Inc. (a)		223		14,841
				323,025
TRANSPORTATION INFRASTRUCTURE — 0.0% (d)
Macquarie Infrastructure Corp.		358		29,249
WATER UTILITIES — 0.1%
American Water Works Co., Inc.		902		65,269
Aqua America, Inc.		899		27,006
				92,275
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Sprint Corp. (a) (b)		3,834		32,282
T-Mobile US, Inc. (a) (b)		1,500		86,265
Telephone & Data Systems, Inc.		477		13,771
United States Cellular Corp. (a)		66		2,886
				135,204
TOTAL COMMON STOCKS (Cost $93,213,266)				115,057,576
SHORT-TERM INVESTMENTS — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		101,729		101,729
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		142,131		142,131
TOTAL SHORT-TERM INVESTMENTS (Cost $243,860)				243,860
TOTAL INVESTMENTS — 100.0% (Cost $93,457,126)				115,301,436
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)				(1,189	)
NET ASSETS — 100.0%			$	115,300,247

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) Amount is less than 0.05% of net assets.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	2,472,973	$	—	$	—	$	2,472,973
Air Freight & Logistics		779,090		—		—		779,090
Airlines		766,219		—		—		766,219
Auto Components		314,152		—		—		314,152
Automobiles		736,753		—		—		736,753
Banks		7,575,813		—		—		7,575,813
Beverages		2,143,088		—		—		2,143,088
Biotechnology		3,201,042		—		—		3,201,042
Building Products		455,380		—		—		455,380
Capital Markets		3,385,048		—		—		3,385,048
Chemicals		2,443,176		—		—		2,443,176
Commercial Services & Supplies		463,659		—		—		463,659
Communications Equipment		1,251,344		—		—		1,251,344
Construction & Engineering		181,131		—		—		181,131
Construction Materials		182,571		—		—		182,571
Consumer Finance		984,095		—		—		984,095
Containers & Packaging		575,821		—		—		575,821
Distributors		145,652		—		—		145,652
Diversified Consumer Services		99,290		—		—		99,290
Diversified Financial Services		1,688,414		—		—		1,688,414

See accompanying notes to financial statements.

84

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Diversified Telecommunication Services	$	2,830,379	$	—	$	—	$	2,830,379
Electric Utilities		2,118,435		—		—		2,118,435
Electrical Equipment		612,359		—		—		612,359
Electronic Equipment, Instruments & Components		580,165		—		—		580,165
Energy Equipment & Services		1,364,982		—		—		1,364,982
Equity Real Estate Investment Trusts (REITs)		22,332		—		—		22,332
Food & Staples Retailing		2,240,319		—		—		2,240,319
Food Products		1,957,087		—		—		1,957,087
Gas Utilities		100,919		—		—		100,919
Health Care Equipment & Supplies		2,800,535		—		—		2,800,535
Health Care Providers & Services		2,834,838		—		—		2,834,838
Health Care Technology		120,320		—		—		120,320
Hotels, Restaurants & Leisure		2,200,082		—		—		2,200,082
Household Durables		589,233		—		—		589,233
Household Products		1,837,613		—		—		1,837,613
Independent Power Producers & Energy Traders		85,426		—		—		85,426
Industrial Conglomerates		2,710,884		—		—		2,710,884
Insurance		3,556,010		—		—		3,556,010
Internet & Catalog Retail		2,396,628		—		—		2,396,628
Internet Software & Services		4,467,064		—		—		4,467,064
IT Services		4,377,024		—		—		4,377,024
Leisure Equipment & Products		159,099		—		—		159,099
Life Sciences Tools & Services		796,357		—		—		796,357
Machinery		1,997,963		—		—		1,997,963
Marine		18,886		—		—		18,886
Media		3,680,809		—		—		3,680,809
Metals & Mining		482,588		—		—		482,588
Mortgage Real Estate Investment		30,676		—		—		30,676
Multi-Utilities		1,131,714		—		—		1,131,714
Multiline Retail		584,991		—		—		584,991
Oil, Gas & Consumable Fuels		6,999,799		—		—		6,999,799
Paper & Forest Products		13,270		—		—		13,270
Personal Products		193,662		—		—		193,662
Pharmaceuticals		5,237,366		—		—		5,237,366
Professional Services		324,653		—		—		324,653
Real Estate Investment Trusts (REITs)		4,160,454		—		—		4,160,454
Real Estate Management & Development		120,572		—		—		120,572
Road & Rail		1,052,613		—		—		1,052,613
Semiconductors & Semiconductor Equipment		3,597,298		—		—		3,597,298
Software		4,979,573		—		—		4,979,573
Specialty Retail		2,776,665		—		—		2,776,665
Technology Hardware, Storage & Peripherals		3,936,694		—		—		3,936,694
Textiles, Apparel & Luxury Goods		788,484		—		—		788,484
Thrifts & Mortgage Finance		49,461		—		—		49,461
Tobacco		1,716,831		—		—		1,716,831
Trading Companies & Distributors		323,025		—		—		323,025
Transportation Infrastructure		29,249		—		—		29,249
Water Utilities		92,275		—		—		92,275
Wireless Telecommunication Services		135,204		—		—		135,204
Short-Term Investments		243,860		—		—		243,860
TOTAL INVESTMENTS	$	115,301,436	$	—	$	—	$	115,301,436

See accompanying notes to financial statements.

85

SPDR Russell 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		1,815	$	97,865		287		—		2,102	$	163,367	$	1,525	$	—
State Street Institutional Liquid Reserves Fund, Premier Class		120,617		120,617		1,597,931		1,718,548		—		—		241		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,528,139		1,426,410		101,729		101,729		204		—
State Street Navigator Securities Lending Government Money Market Portfolio*		4,634,658		4,634,658		4,995,524		9,488,051		142,131		142,131		6,692		—
TOTAL			$	4,853,140							$	407,227	$	8,662	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

86

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.6%
AAR Corp.		2,692	$	88,971
Aerojet Rocketdyne Holdings, Inc. (a)		5,425		97,379
Aerovironment, Inc. (a) (b)		1,573		42,204
Astronics Corp. (a)		2,109		71,369
Cubic Corp.		2,161		103,620
Curtiss-Wright Corp.		3,776		371,407
DigitalGlobe, Inc. (a)		5,285		151,415
Ducommun, Inc. (a)		893		22,825
Engility Holdings, Inc. (a)		1,455		49,033
Esterline Technologies Corp. (a)		2,744		244,765
KEYW Holding Corp. (a)		2,724		32,116
KLX, Inc. (a)		4,796		216,347
Kratos Defense & Security Solutions, Inc. (a)		3,726		27,572
Mercury Systems, Inc. (a)		3,376		102,023
Moog, Inc. Class A (a)		2,663		174,906
National Presto Industries, Inc. (a)		400		42,560
Sparton Corp. (a)		852		20,320
TASER International, Inc. (a) (b)		4,458		108,062
Teledyne Technologies, Inc. (a)		3,040		373,920
Triumph Group, Inc. (b)		4,194		111,141
Vectrus, Inc. (a)		813		19,390
Wesco Aircraft Holdings, Inc. (a)		4,583		68,516
				2,539,861
AIR FREIGHT & LOGISTICS — 0.6%
Air Transport Services Group, Inc. (a)		4,461		71,198
Atlas Air Worldwide Holdings, Inc. (a)		2,060		107,429
Echo Global Logistics, Inc. (a)		2,540		63,627
Forward Air Corp.		2,513		119,066
Hub Group, Inc. Class A (a)		2,827		123,681
Park-Ohio Holdings Corp.		733		31,226
Radiant Logistics, Inc. (a)		2,027		7,905
XPO Logistics, Inc. (a)		8,440		364,270
				888,402
AIRLINES — 0.4%
Allegiant Travel Co.		1,161		193,190
Hawaiian Holdings, Inc. (a)		4,525		257,925
SkyWest, Inc.		4,231		154,220
				605,335
AUTO COMPONENTS — 1.3%
American Axle & Manufacturing Holdings, Inc. (a)		7,178		138,535
Cooper Tire & Rubber Co.		4,736		183,994
Cooper-Standard Holdings, Inc. (a)		1,354		139,976
Dana, Inc.		13,833		262,550
Dorman Products, Inc. (a)		2,422		176,951
Federal-Mogul Holdings Corp. (a)		2,196		22,641
Fox Factory Holding Corp. (a)		1,769		49,090
Gentherm, Inc. (a)		3,000		101,550
Horizon Global Corp. (a)		1,417		34,008
LCI Industries		1,945		209,574
Metaldyne Performance Group, Inc.		1,407		32,291
Modine Manufacturing Co. (a)		4,058		60,464
Motorcar Parts of America, Inc. (a)		1,453		39,115
Spartan Motors, Inc.		2,960		27,380
Standard Motor Products, Inc.		1,748		93,028
Stoneridge, Inc. (a)		2,473		43,747
Strattec Security Corp.		280		11,284
Superior Industries International, Inc.		1,988		52,384
Tenneco, Inc. (a) (b)		4,872		304,354
Tower International, Inc.		1,668		47,288
				2,030,204
AUTOMOBILES — 0.0% (c)
Winnebago Industries, Inc.		2,155		68,206
BANKS — 11.9%
1st Source Corp.		1,488		66,454
Access National Corp. (b)		813		22,569
ACNB Corp.		468		14,625
Allegiance Bancshares, Inc. (a)		935		33,800
American National Bankshares, Inc.		697		24,256
Ameris Bancorp		2,808		122,429
Ames National Corp.		887		29,271
Arrow Financial Corp.		945		38,272
Atlantic Capital Bancshares, Inc. (a)		1,403		26,657
Banc of California, Inc.		4,155		72,089
BancFirst Corp.		635		59,087
Banco Latinoamericano de Comercio Exterior SA Class E		2,545		74,925
Bancorp, Inc. (a)		2,827		22,220
BancorpSouth, Inc.		7,578		235,297
Bank of Marin Bancorp		403		28,109
Bank of the Ozarks, Inc. (b)		7,493		394,057
Bankwell Financial Group, Inc.		624		20,280
Banner Corp.		2,609		145,608
Bar Harbor Bankshares		400		18,932
Berkshire Hills Bancorp, Inc.		2,653		97,763
Blue Hills Bancorp, Inc.		2,259		42,356
BNC Bancorp		3,518		112,224
Boston Private Financial Holdings, Inc.		6,854		113,434
Bridge Bancorp, Inc.		1,479		56,054
Brookline Bancorp, Inc.		6,027		98,843
Bryn Mawr Bank Corp.		1,566		66,007
C&F Financial Corp.		312		15,553
Camden National Corp.		1,252		55,651
Capital Bank Financial Corp. Class A		1,729		67,863
Capital City Bank Group, Inc.		1,133		23,204
Cardinal Financial Corp.		2,502		82,041
Carolina Financial Corp.		935		28,789
Cascade Bancorp (a)		2,567		20,844
Cathay General Bancorp		6,367		242,137
CenterState Banks, Inc.		3,913		98,490
Central Pacific Financial Corp.		2,567		80,655
Central Valley Community Bancorp		935		18,663
Century Bancorp, Inc. Class A		280		16,800
Chemical Financial Corp.		5,685		307,956
Citizens & Northern Corp.		1,088		28,506
City Holding Co.		1,339		90,516
CNB Financial Corp.		1,172		31,339
CoBiz Financial, Inc.		3,023		51,058
Codorus Valley Bancorp, Inc.		819		23,423
Columbia Banking System, Inc.		5,612		250,744
Community Bank System, Inc.		3,620		223,680
Community Trust Bancorp, Inc.		1,290		63,984
ConnectOne Bancorp, Inc.		2,649		68,742
County Bancorp, Inc.		468		12,622

See accompanying notes to financial statements.

87

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CU Bancorp (a)		1,413	$	50,585
Customers Bancorp, Inc. (a)		2,223		79,628
CVB Financial Corp. (b)		8,610		197,427
Eagle Bancorp, Inc. (a)		2,814		171,513
Enterprise Bancorp, Inc.		1,063		39,926
Enterprise Financial Services Corp.		1,783		76,669
Equity Bancshares, Inc. Class A (a)		468		15,744
Farmers Capital Bank Corp.		613		25,777
Farmers National Banc Corp.		2,181		30,970
FCB Financial Holdings, Inc. Class A (a)		2,568		122,494
Fidelity Southern Corp.		1,870		44,263
Financial Institutions, Inc.		1,208		41,314
First BanCorp (a)		10,318		68,202
First Bancorp, Inc.		846		28,003
First Bancorp/Southern Pines		1,669		45,297
First Busey Corp.		2,544		78,304
First Business Financial Services, Inc.		638		15,133
First Citizens BancShares, Inc. Class A		634		225,070
First Commonwealth Financial Corp.		7,143		101,288
First Community Bancshares, Inc.		1,342		40,448
First Community Financial Partners, Inc. (a) (b)		1,091		12,765
First Connecticut Bancorp, Inc.		1,499		33,952
First Financial Bancorp		5,017		142,734
First Financial Bankshares, Inc.		5,638		254,838
First Financial Corp.		979		51,691
First Foundation, Inc. (a)		1,091		31,093
First Internet Bancorp		468		14,976
First Interstate BancSystem, Inc. Class A		1,493		63,527
First Merchants Corp.		3,437		129,403
First Mid-Illinois Bancshares, Inc.		901		30,634
First Midwest Bancorp, Inc.		6,738		170,000
First NBC Bank Holding Co. (a)		1,215		8,869
First Northwest Bancorp (a)		935		14,586
First of Long Island Corp.		1,572		44,881
Flushing Financial Corp.		2,395		70,389
FNB Corp.		17,631		282,625
Franklin Financial Network, Inc. (a)		868		36,326
Fulton Financial Corp.		14,583		274,160
German American Bancorp, Inc.		1,091		57,398
Glacier Bancorp, Inc.		6,344		229,843
Great Southern Bancorp, Inc.		896		48,966
Great Western Bancorp, Inc.		4,840		210,976
Green Bancorp, Inc. (a)		2,103		31,966
Guaranty Bancorp		1,259		30,468
Hancock Holding Co.		7,009		302,088
Hanmi Financial Corp.		2,687		93,776
Heartland Financial USA, Inc.		1,870		89,760
Heritage Commerce Corp.		1,825		26,335
Heritage Financial Corp.		2,473		63,680
Heritage Oaks Bancorp		1,558		19,210
Hilltop Holdings, Inc.		6,152		183,330
Home BancShares, Inc.		10,397		288,725
HomeTrust Bancshares, Inc. (a)		1,357		35,146
Hope Bancorp, Inc.		10,911		238,842
Horizon Bancorp		1,559		43,652
IBERIABANK Corp.		3,665		306,944
Independent Bank Corp.		2,339		164,783
Independent Bank Corp.		1,851		40,167
Independent Bank Group, Inc.		890		55,536
International Bancshares Corp.		5,095		207,876
Investors Bancorp, Inc.		25,650		357,817
Lakeland Bancorp, Inc.		3,235		63,082
Lakeland Financial Corp.		2,138		101,256
LCNB Corp.		624		14,508
LegacyTexas Financial Group, Inc.		4,167		179,431
Live Oak Bancshares, Inc. (b)		1,869		34,576
Macatawa Bank Corp.		2,648		27,566
MainSource Financial Group, Inc.		1,782		61,301
MB Financial, Inc.		6,340		299,438
MBT Financial Corp.		1,869		21,213
Mercantile Bank Corp.		1,370		51,649
Merchants Bancshares, Inc.		520		28,184
Middleburg Financial Corp.		468		16,263
MidWestOne Financial Group, Inc.		560		21,056
MutualFirst Financial, Inc.		468		15,491
National Bank Holdings Corp. Class A		2,303		73,443
National Bankshares, Inc.		616		26,765
National Commerce Corp. (a)		613		22,773
NBT Bancorp, Inc.		3,567		149,386
Nicolet Bankshares, Inc. (a) (b)		624		29,759
Northrim BanCorp, Inc.		624		19,718
OFG Bancorp		3,978		52,112
Old Line Bancshares, Inc.		780		18,704
Old National Bancorp		11,014		199,904
Old Second Bancorp, Inc.		2,228		24,619
Opus Bank		1,459		43,843
Orrstown Financial Services, Inc.		780		17,472
Pacific Continental Corp.		1,574		34,392
Pacific Premier Bancorp, Inc. (a)		2,318		81,941
Park National Corp.		1,199		143,472
Park Sterling Corp.		3,861		41,660
Peapack Gladstone Financial Corp.		1,328		41,009
Penns Woods Bancorp, Inc.		400		20,200
People’s Utah Bancorp		1,091		29,293
Peoples Bancorp, Inc.		1,558		50,573
Peoples Financial Services Corp.		616		29,999
Pinnacle Financial Partners, Inc.		3,531		244,698
Preferred Bank.		1,018		53,364
Premier Financial Bancorp, Inc.		858		17,246
PrivateBancorp, Inc.		6,925		375,266
Prosperity Bancshares, Inc.		6,086		436,853
QCR Holdings, Inc.		1,138		49,275
Renasant Corp.		3,468		146,419
Republic Bancorp, Inc. Class A		813		32,146
Republic First Bancorp, Inc. (a)		3,883		32,423
S&T Bancorp, Inc.		2,859		111,615
Sandy Spring Bancorp, Inc.		2,114		84,539
Seacoast Banking Corp. of Florida (a)		2,437		53,760
ServisFirst Bancshares, Inc.		2,646		99,066
Shore Bancshares, Inc.		1,091		16,638
Sierra Bancorp		1,059		28,159
Simmons First National Corp. Class A		2,533		157,426
South State Corp.		1,986		173,576
Southern First Bancshares, Inc. (a)		468		16,848
Southern National Bancorp of Virginia, Inc.		935		15,278
Southside Bancshares, Inc.		2,080		78,354

See accompanying notes to financial statements.

88

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Southwest Bancorp, Inc.		1,669	$	48,401
State Bank Financial Corp.		2,747		73,784
Sterling Bancorp		10,701		250,403
Stock Yards Bancorp, Inc.		1,750		82,162
Stonegate Bank		813		33,926
Suffolk Bancorp		1,008		43,163
Summit Financial Group, Inc. (b)		935		25,741
Sun Bancorp, Inc.		686		17,836
Texas Capital Bancshares, Inc. (a)		3,979		311,954
Tompkins Financial Corp.		1,212		114,582
Towne Bank		4,340		144,305
TriCo Bancshares		1,769		60,464
TriState Capital Holdings, Inc. (a)		1,788		39,515
Triumph Bancorp, Inc. (a)		1,434		37,499
Trustmark Corp.		5,346		190,585
UMB Financial Corp.		3,849		296,835
Umpqua Holdings Corp.		18,454		346,566
Union Bankshares Corp.		3,822		136,598
Union Bankshares, Inc./Morrisville		312		14,180
United Bankshares, Inc.		5,613		259,601
United Community Banks, Inc.		6,485		192,086
Univest Corp. of Pennsylvania		1,783		55,095
Valley National Bancorp (b)		20,374		237,153
Veritex Holdings, Inc. (a)		935		24,974
Washington Trust Bancorp, Inc.		1,212		67,933
WashingtonFirst Bankshares, Inc.		819		23,743
Webster Financial Corp.		7,735		419,856
WesBanco, Inc. (b)		3,236		139,342
West Bancorp, Inc.		1,180		29,146
Westamerica Bancorporation		2,162		136,055
Wintrust Financial Corp.		4,480		325,114
Xenith Bankshares, Inc. (a)		638		17,992
Yadkin Financial Corp.		4,057		138,993
				18,876,248
BEVERAGES — 0.2%
Boston Beer Co., Inc. Class A (a) (b)		745		126,538
Coca-Cola Bottling Co. Consolidated (b)		468		83,702
Craft Brew Alliance, Inc. (a)		893		15,092
MGP Ingredients, Inc. (b)		969		48,431
National Beverage Corp.		979		50,007
Primo Water Corp. (a)		2,025		24,867
				348,637
BIOTECHNOLOGY — 4.2%
Acceleron Pharma, Inc. (a) (b)		2,360		60,227
Achillion Pharmaceuticals, Inc. (a)		9,568		39,516
Acorda Therapeutics, Inc. (a)		3,447		64,804
Adamas Pharmaceuticals, Inc. (a) (b)		1,000		16,900
Aduro Biotech, Inc. (a) (b)		3,248		37,027
Advaxis, Inc. (a) (b)		3,162		22,640
Aevi Genomic Medicine, Inc. (a)		5,094		26,387
Agenus, Inc. (a) (b)		6,616		27,258
Aimmune Therapeutics, Inc. (a)		2,390		48,876
Akebia Therapeutics, Inc. (a)		3,354		34,915
Alder Biopharmaceuticals, Inc. (a)		4,037		83,970
AMAG Pharmaceuticals, Inc. (a)		2,787		96,988
Amicus Therapeutics, Inc. (a)		13,374		66,469
Anavex Life Sciences Corp. (a) (b)		1,338		5,298
Anthera Pharmaceuticals, Inc. (a) (b)		2,647		1,718
Applied Genetic Technologies Corp. (a)		1,331		12,445
Aptevo Therapeutics, Inc. (a)		1,395		3,404
Ardelyx, Inc. (a)		3,346		47,513
Arena Pharmaceuticals, Inc. (a)		18,763		26,643
ARIAD Pharmaceuticals, Inc. (a)		15,091		187,732
Array BioPharma, Inc. (a)		11,960		105,128
Arrowhead Pharmaceuticals, Inc. (a) (b)		5,614		8,702
Atara Biotherapeutics, Inc. (a) (b)		2,038		28,940
Athersys, Inc. (a) (b)		6,844		10,471
Avexis, Inc. (a)		468		22,338
Axovant Sciences, Ltd. (a)		2,104		26,132
Bellicum Pharmaceuticals, Inc. (a) (b)		1,942		26,450
BioCryst Pharmaceuticals, Inc. (a)		5,707		36,125
BioSpecifics Technologies Corp. (a)		272		15,150
BioTime, Inc. (a) (b)		4,737		17,101
Bluebird Bio, Inc. (a) (b)		3,216		198,427
Blueprint Medicines Corp. (a)		1,847		51,808
Cara Therapeutics, Inc. (a) (b)		1,910		17,744
Celldex Therapeutics, Inc. (a)		7,851		27,793
Cellular Biomedicine Group, Inc. (a)		813		10,650
Chimerix, Inc. (a) (b)		3,549		16,325
Cidara Therapeutics, Inc. (a)		1,247		12,969
Clovis Oncology, Inc. (a)		2,934		130,328
Coherus Biosciences, Inc. (a)		2,633		74,119
Concert Pharmaceuticals, Inc. (a)		1,215		12,502
Curis, Inc. (a)		8,098		24,942
Cytokinetics, Inc. (a)		2,816		34,214
CytomX Therapeutics, Inc. (a)		1,869		20,540
CytRx Corp. (a) (b)		4,537		1,689
Dynavax Technologies Corp. (a) (b)		3,006		11,874
Eagle Pharmaceuticals, Inc. (a) (b)		756		59,981
Edge Therapeutics, Inc. (a)		1,558		19,475
Editas Medicine, Inc. (a) (b)		468		7,596
Emergent BioSolutions, Inc. (a)		2,781		91,328
Enanta Pharmaceuticals, Inc. (a)		1,250		41,875
Epizyme, Inc. (a)		3,454		41,793
Esperion Therapeutics, Inc. (a)		1,092		13,672
Exact Sciences Corp. (a) (b)		9,056		120,988
Exelixis, Inc. (a)		19,988		298,021
FibroGen, Inc. (a)		4,529		96,921
Five Prime Therapeutics, Inc. (a)		2,352		117,859
Flexion Therapeutics, Inc. (a)		2,392		45,496
Foundation Medicine, Inc. (a) (b)		1,140		20,178
Galena Biopharma, Inc. (a)		767		1,488
Genomic Health, Inc. (a)		1,448		42,557
Geron Corp. (a) (b)		13,174		27,270
Global Blood Therapeutics, Inc. (a)		1,294		18,698
Halozyme Therapeutics, Inc. (a) (b)		8,875		87,685
Heron Therapeutics, Inc. (a) (b)		2,549		33,392
Idera Pharmaceuticals, Inc. (a)		7,519		11,279
Ignyta, Inc. (a)		2,039		10,807
ImmunoGen, Inc. (a) (b)		6,880		14,035
Immunomedics, Inc. (a) (b)		7,972		29,257
Inotek Pharmaceuticals Corp. (a) (b)		1,869		11,401
Inovio Pharmaceuticals, Inc. (a)		5,667		39,329
Insmed, Inc. (a)		5,057		66,904
Insys Therapeutics, Inc. (a) (b)		1,835		16,882
Intellia Therapeutics, Inc. (a) (b)		780		10,226
Invitae Corp. (a)		2,181		17,317

See accompanying notes to financial statements.

89

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Ironwood Pharmaceuticals, Inc. (a)		10,909	$	166,799
Karyopharm Therapeutics, Inc. (a)		2,026		19,044
Keryx Biopharmaceuticals, Inc. (a) (b)		6,999		41,014
Kite Pharma, Inc. (a) (b)		3,383		151,694
La Jolla Pharmaceutical Co. (a)		1,124		19,704
Lexicon Pharmaceuticals, Inc. (a) (b)		3,274		45,279
Ligand Pharmaceuticals, Inc. (a)		1,638		166,437
Lion Biotechnologies, Inc. (a)		4,173		29,002
Loxo Oncology, Inc. (a)		1,279		41,075
MacroGenics, Inc. (a)		2,736		55,924
MannKind Corp. (a) (b)		27,531		17,529
MediciNova, Inc. (a) (b)		2,648		15,967
Merrimack Pharmaceuticals, Inc. (a) (b)		9,569		39,042
MiMedx Group, Inc. (a) (b)		9,098		80,608
Minerva Neurosciences, Inc. (a) (b)		1,403		16,485
Momenta Pharmaceuticals, Inc. (a)		5,637		84,837
Myriad Genetics, Inc. (a) (b)		5,671		94,536
NantKwest, Inc. (a) (b)		1,713		9,798
Natera, Inc. (a)		2,337		27,366
NewLink Genetics Corp. (a) (b)		1,610		16,551
Novavax, Inc. (a) (b)		22,515		28,369
OncoMed Pharmaceuticals, Inc. (a)		1,482		11,426
Ophthotech Corp. (a) (b)		2,513		12,138
Organovo Holdings, Inc. (a)		7,393		25,062
Otonomy, Inc. (a)		2,221		35,314
OvaScience, Inc. (a)		1,905		2,915
PDL BioPharma, Inc.		13,729		29,105
Pfenex, Inc. (a)		1,215		11,020
PharmAthene, Inc. (a)		6,221		20,218
Portola Pharmaceuticals, Inc. (a) (b)		4,028		90,388
Progenics Pharmaceuticals, Inc. (a)		6,016		51,978
Proteostasis Therapeutics, Inc. (a)		624		7,650
Prothena Corp. PLC (a)		3,181		156,473
PTC Therapeutics, Inc. (a)		2,804		30,592
Puma Biotechnology, Inc. (a)		2,025		62,168
Radius Health, Inc. (a) (b)		2,707		102,947
REGENXBIO, Inc. (a)		2,025		37,564
Regulus Therapeutics, Inc. (a)		2,606		5,864
Repligen Corp. (a)		3,214		99,055
Retrophin, Inc. (a)		2,862		54,178
Rigel Pharmaceuticals, Inc. (a)		7,514		17,883
Sage Therapeutics, Inc. (a)		2,736		139,700
Sangamo BioSciences, Inc. (a)		5,707		17,406
Sarepta Therapeutics, Inc. (a) (b)		3,629		99,543
Seres Therapeutics, Inc. (a) (b)		1,568		15,523
Sorrento Therapeutics, Inc. (a) (b)		2,027		9,932
Spark Therapeutics, Inc. (a)		1,660		82,834
Spectrum Pharmaceuticals, Inc. (a)		5,314		23,541
Stemline Therapeutics, Inc. (a)		1,405		15,034
Synergy Pharmaceuticals, Inc. (a)		15,557		94,742
Synthetic Biologics, Inc. (a)		7,155		5,456
T2 Biosystems, Inc. (a)		964		5,071
TESARO, Inc. (a) (b)		2,308		310,380
TG Therapeutics, Inc. (a)		2,892		13,448
Tobira Therapeutics, Inc. (d)		740		10,168
Trevena, Inc. (a)		4,152		24,414
Trovagene, Inc. (a) (b)		1,962		4,120
Ultragenyx Pharmaceutical, Inc. (a) (b)		3,297		231,812
Vanda Pharmaceuticals, Inc. (a)		3,465		55,267
Versartis, Inc. (a)		2,354		35,075
Vital Therapies, Inc. (a)		1,840		8,004
Voyager Therapeutics, Inc. (a)		1,091		13,899
XBiotech, Inc. (a) (b)		1,558		15,767
Xencor, Inc. (a)		2,530		66,590
Zafgen, Inc. (a)		2,432		7,734
ZIOPHARM Oncology, Inc. (a) (b)		10,394		55,608
				6,658,967
BUILDING PRODUCTS — 1.2%
AAON, Inc.		3,490		115,345
Advanced Drainage Systems, Inc.		2,868		59,081
American Woodmark Corp. (a)		1,240		93,310
Apogee Enterprises, Inc.		2,661		142,523
Armstrong Flooring, Inc. (a)		2,025		40,318
Builders FirstSource, Inc. (a)		7,233		79,346
Caesarstone, Ltd. (a)		2,025		58,016
Continental Building Products, Inc. (a)		3,016		69,670
CSW Industrials, Inc. (a)		1,247		45,952
Gibraltar Industries, Inc. (a)		2,616		108,956
Griffon Corp.		2,507		65,683
Insteel Industries, Inc.		1,558		55,527
Masonite International Corp. (a)		2,504		164,763
NCI Building Systems, Inc. (a)		2,458		38,468
Patrick Industries, Inc. (a)		1,348		102,852
PGT Innovations, Inc. (a)		4,336		49,647
Ply Gem Holdings, Inc. (a)		1,849		30,046
Quanex Building Products Corp.		2,860		58,058
Simpson Manufacturing Co., Inc.		3,445		150,719
Trex Co., Inc. (a) (b)		2,420		155,848
Universal Forest Products, Inc.		1,667		170,334
				1,854,462
CAPITAL MARKETS — 1.4%
Arlington Asset Investment Corp. Class A		1,652		24,483
Associated Capital Group, Inc. Class A		518		17,016
BGC Partners, Inc. Class A		18,024		184,385
Calamos Asset Management, Inc. Class A		1,835		15,689
Cohen & Steers, Inc.		1,846		62,026
Cowen Group, Inc. Class A (a)		1,938		30,039
Diamond Hill Investment Group, Inc.		240		50,491
Evercore Partners, Inc. Class A		3,388		232,756
Financial Engines, Inc.		4,644		170,667
GAMCO Investors, Inc. Class A		362		11,182
Greenhill & Co., Inc.		2,305		63,848
Houlihan Lokey, Inc.		895		27,852
INTL. FCStone, Inc. (a)		1,208		47,837
Investment Technology Group, Inc.		2,923		57,700
Janus Capital Group, Inc.		11,855		157,316
KCG Holdings, Inc. Class A (a)		4,452		58,989
Ladenburg Thalmann Financial Services, Inc. (a)		9,004		21,970
Manning & Napier, Inc.		1,558		11,763
Moelis & Co. Class A		1,833		62,139
OM Asset Management PLC		3,371		48,879
Oppenheimer Holdings, Inc. Class A		853		15,866
Piper Jaffray Cos. (a)		1,324		95,990
PJT Partners, Inc. Class A		1,558		48,111
Pzena Investment Management, Inc.		979		10,877
Safeguard Scientifics, Inc. (a)		1,825		24,546

See accompanying notes to financial statements.

90

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Stifel Financial Corp. (a)		5,386	$	269,031
Virtu Financial, Inc. Class A		2,195		35,010
Virtus Investment Partners, Inc.		605		71,420
Waddell & Reed Financial, Inc. Class A		6,688		130,483
Westwood Holdings Group, Inc.		598		35,874
WisdomTree Investments, Inc. (b)		9,883		110,097
				2,204,332
CHEMICALS — 2.5%
A Schulman, Inc.		2,464		82,421
AgroFresh Solutions, Inc. (a)		2,337		6,193
American Vanguard Corp.		2,466		47,224
Balchem Corp. (b)		2,755		231,200
Calgon Carbon Corp.		4,138		70,346
Chase Corp.		559		46,704
Chemours Co.		15,645		345,598
Chemtura Corp. (a)		5,348		177,554
Codexis, Inc. (a)		3,272		15,051
Ferro Corp. (a)		6,971		99,894
Flotek Industries, Inc. (a) (b)		4,377		41,100
FutureFuel Corp.		1,905		26,480
GCP Applied Technologies, Inc. (a)		5,909		158,066
Hawkins, Inc.		771		41,595
HB Fuller Co.		4,272		206,380
Ingevity Corp. (a)		3,572		195,960
Innophos Holdings, Inc.		1,709		89,312
Innospec, Inc.		1,986		136,041
KMG Chemicals, Inc.		653		25,395
Koppers Holdings, Inc. (a)		1,812		73,024
Kraton Corp. (a)		2,456		69,947
Kronos Worldwide, Inc.		1,691		20,191
LSB Industries, Inc. (a) (b)		1,650		13,893
Minerals Technologies, Inc.		2,986		230,668
Olin Corp. (b)		14,628		374,623
OMNOVA Solutions, Inc. (a)		4,058		40,580
PolyOne Corp.		6,964		223,127
Quaker Chemical Corp.		1,046		133,825
Rayonier Advanced Materials, Inc.		3,825		59,135
Sensient Technologies Corp.		3,750		294,675
Stepan Co.		1,629		132,731
TerraVia Holdings, Inc. (a) (b)		6,162		7,086
Trecora Resources (a)		1,733		24,002
Tredegar Corp.		2,145		51,480
Trinseo SA		2,518		149,317
Tronox, Ltd. Class A		4,975		51,292
				3,992,110
COMMERCIAL SERVICES & SUPPLIES — 2.5%
ABM Industries, Inc.		4,822		196,931
ACCO Brands Corp. (a)		9,144		119,329
Aqua Metals, Inc. (a) (b)		1,091		14,303
ARC Document Solutions, Inc. (a)		3,117		15,834
Brady Corp. Class A		3,915		147,008
Brink’s Co.		4,259		175,684
Casella Waste Systems, Inc. Class A (a)		3,327		41,288
CECO Environmental Corp.		2,783		38,823
Deluxe Corp.		4,269		305,703
Ennis, Inc.		2,265		39,298
Essendant, Inc.		3,128		65,375
G&K Services, Inc. Class A		1,673		161,361
Healthcare Services Group, Inc.		6,193		242,580
Heritage-Crystal Clean, Inc. (a)		774		12,152
Herman Miller, Inc.		4,897		167,477
HNI Corp.		4,181		233,802
InnerWorkings, Inc. (a)		3,474		34,219
Interface, Inc.		5,387		99,929
Kimball International, Inc. Class B		3,590		63,040
Knoll, Inc.		4,018		112,223
Matthews International Corp. Class A		2,665		204,805
McGrath RentCorp		2,159		84,611
Mobile Mini, Inc.		3,708		112,167
MSA Safety, Inc.		2,867		198,769
Multi-Color Corp. (b)		1,274		98,862
Quad/Graphics, Inc.		2,386		64,136
SP Plus Corp. (a)		1,303		36,679
Steelcase, Inc. Class A		7,161		128,182
Team, Inc. (a)		2,476		97,183
Tetra Tech, Inc.		5,135		221,575
TRC Cos., Inc. (a)		1,215		12,879
UniFirst Corp. (b)		1,352		194,215
US Ecology, Inc.		1,829		89,895
Viad Corp.		1,782		78,586
VSE Corp. (b)		790		30,684
West Corp.		3,826		94,732
				4,034,319
COMMUNICATIONS EQUIPMENT — 1.8%
ADTRAN, Inc.		3,871		86,517
Aerohive Networks, Inc. (a)		1,600		9,120
Applied Optoelectronics, Inc. (a)		1,209		28,339
Bel Fuse, Inc. Class B		856		26,450
Black Box Corp.		1,413		21,548
CalAmp Corp. (a)		3,023		43,834
Calix, Inc. (a)		3,407		26,234
Ciena Corp. (a)		11,407		278,445
Clearfield, Inc. (a) (b)		932		19,292
Comtech Telecommunications Corp.		2,627		31,130
Digi International, Inc. (a)		2,234		30,718
EMCORE Corp.		2,428		21,124
Extreme Networks, Inc. (a)		7,883		39,652
Finisar Corp. (a)		8,875		268,646
Harmonic, Inc. (a)		7,695		38,475
Infinera Corp. (a)		11,813		100,292
InterDigital, Inc.		3,069		280,353
Ixia (a)		6,503		104,698
KVH Industries, Inc. (a)		1,343		15,847
Lumentum Holdings, Inc. (a)		4,194		162,098
NETGEAR, Inc. (a)		2,787		151,474
NetScout Systems, Inc. (a)		8,141		256,442
Oclaro, Inc. (a)		9,218		82,501
Plantronics, Inc.		2,869		157,106
ShoreTel, Inc. (a)		4,940		35,321
Silicom, Ltd.		468		19,230
Sonus Networks, Inc. (a)		3,601		22,686
Ubiquiti Networks, Inc. (a)		2,268		131,090
ViaSat, Inc. (a) (b)		3,848		254,815
Viavi Solutions, Inc. (a)		19,284		157,743
				2,901,220

See accompanying notes to financial statements.

91

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CONSTRUCTION & ENGINEERING — 1.0%
Aegion Corp. (a)		2,886	$	68,398
Argan, Inc.		1,051		74,148
Comfort Systems USA, Inc.		3,197		106,460
Dycom Industries, Inc. (a) (b)		2,630		211,163
EMCOR Group, Inc.		5,292		374,462
Granite Construction, Inc.		3,603		198,165
Great Lakes Dredge & Dock Corp. (a)		5,134		21,563
HC2 Holdings, Inc. (a)		3,440		20,399
Layne Christensen Co. (a)		2,025		22,012
MasTec, Inc. (a)		5,509		210,719
MYR Group, Inc. (a)		1,484		55,917
NV5 Global, Inc. (a)		714		23,847
Orion Group Holdings, Inc. (a)		2,308		22,965
Primoris Services Corp.		3,565		81,211
Tutor Perini Corp. (a)		3,208		89,824
				1,581,253
CONSTRUCTION MATERIALS — 0.3%
Headwaters, Inc. (a)		5,912		139,050
Summit Materials, Inc. Class A (a)		6,810		162,010
United States Lime & Minerals, Inc.		160		12,120
US Concrete, Inc. (a) (b)		1,216		79,648
				392,828
CONSUMER FINANCE — 0.6%
Encore Capital Group, Inc. (a)		1,873		53,661
Enova International, Inc. (a)		2,003		25,138
EZCORP, Inc. Class A (a)		4,378		46,626
Firstcash, Inc.		4,157		195,379
Green Dot Corp. Class A (a)		3,563		83,909
LendingClub Corp. (a)		27,529		144,527
Nelnet, Inc. Class A		1,849		93,837
PRA Group, Inc. (a) (b)		3,860		150,926
Regional Management Corp. (a)		1,672		43,940
World Acceptance Corp. (a)		538		34,582
				872,525
CONTAINERS & PACKAGING — 0.2%
AEP Industries, Inc.		403		46,788
Greif, Inc. Class A		2,539		130,276
Greif, Inc. Class B		156		10,538
Multi Packaging Solutions International, Ltd. (a)		2,079		29,647
Myers Industries, Inc.		1,961		28,042
UFP Technologies, Inc. (a)		624		15,881
				261,172
DISTRIBUTORS — 0.1%
Core-Mark Holding Co., Inc.		3,948		170,040
Weyco Group, Inc.		576		18,029
				188,069
DIVERSIFIED CONSUMER SERVICES — 1.1%
American Public Education, Inc. (a)		1,222		30,000
Apollo Education Group, Inc. (a)		7,506		74,309
Ascent Capital Group, Inc. Class A (a)		1,054		17,138
Bridgepoint Education, Inc. (a)		1,217		12,328
Bright Horizons Family Solutions, Inc. (a)		3,735		261,525
Capella Education Co.		967		84,903
Career Education Corp. (a)		5,973		60,268
Carriage Services, Inc.		1,335		38,234
Chegg, Inc. (a)		7,827		57,763
Collectors Universe, Inc.		558		11,846
DeVry Education Group, Inc. (b)		5,056		157,747
Grand Canyon Education, Inc. (a)		3,755		219,480
Houghton Mifflin Harcourt Co. (a)		10,400		112,840
K12, Inc. (a)		2,786		47,808
LifeLock, Inc. (a)		6,932		165,813
Regis Corp. (a)		3,206		46,551
Sotheby’s		4,466		178,015
Strayer Education, Inc. (a)		939		75,712
Weight Watchers International, Inc. (a) (b)		2,262		25,900
				1,678,180
DIVERSIFIED FINANCIAL SERVICES — 0.1%
FNFV Group (a)		5,248		71,898
GAIN Capital Holdings, Inc.		3,919		25,787
Marlin Business Services Corp.		693		14,484
NewStar Financial, Inc. (a)		2,237		20,692
On Deck Capital, Inc. (a)		4,212		19,501
PICO Holdings, Inc. (a)		1,985		30,073
Tiptree Financial, Inc. Class A		1,381		8,493
				190,928
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%
ATN International, Inc.		912		73,079
Cincinnati Bell, Inc. (a)		3,590		80,237
Cogent Communications Holdings, Inc.		3,608		149,191
Consolidated Communications Holdings, Inc. (b)		3,997		107,319
FairPoint Communications, Inc. (a)		1,826		34,146
General Communication, Inc. Class A (a)		2,698		52,476
Globalstar, Inc. (a) (b)		32,371		51,146
Hawaiian Telcom Holdco, Inc. (a)		585		14,496
IDT Corp. Class B		1,255		23,268
Inteliquent, Inc.		2,786		63,855
Iridium Communications, Inc. (a) (b)		6,886		66,106
Lumos Networks Corp. (a)		1,650		25,773
ORBCOMM, Inc. (a)		5,404		44,691
pdvWireless, Inc. (a) (b)		702		15,830
Straight Path Communications, Inc. Class B (a)		756		25,636
Vonage Holdings Corp. (a)		16,419		112,470
Windstream Holdings, Inc. (b)		8,063		59,102
				998,821
ELECTRIC UTILITIES — 1.1%
ALLETE, Inc.		4,395		282,115
El Paso Electric Co.		3,389		157,588
Empire District Electric Co.		3,689		125,758
IDACORP, Inc.		4,354		350,715
MGE Energy, Inc.		2,937		191,786
Otter Tail Corp.		3,117		127,174
PNM Resources, Inc.		7,028		241,060
Portland General Electric Co.		7,729		334,898
Spark Energy, Inc. Class A (b)		468		14,180
				1,825,274
ELECTRICAL EQUIPMENT — 0.7%
Allied Motion Technologies, Inc.		613		13,112
American Superconductor Corp. (a)		1,247		9,190

See accompanying notes to financial statements.

92

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
AZZ, Inc.		2,285	$	146,012
Babcock & Wilcox Enterprises, Inc. (a)		3,883		64,419
Encore Wire Corp.		1,638		71,007
Energous Corp. (a)		1,247		21,012
EnerSys		3,733		291,547
FuelCell Energy, Inc. (a) (b)		1,408		2,464
Generac Holdings, Inc. (a)		5,533		225,414
General Cable Corp. (b)		3,941		75,076
LSI Industries, Inc.		1,829		17,815
Plug Power, Inc. (a) (b)		13,566		16,279
Powell Industries, Inc.		773		30,147
Preformed Line Products Co.		237		13,775
Sunrun, Inc. (a) (b)		5,484		29,120
Thermon Group Holdings, Inc. (a)		2,736		52,230
Vicor Corp. (a)		1,576		23,798
				1,102,417
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.9%
Agilysys, Inc. (a)		1,211		12,546
Anixter International, Inc. (a)		2,515		203,841
AVX Corp.		4,204		65,709
Badger Meter, Inc.		2,509		92,708
Belden, Inc.		3,726		278,593
Benchmark Electronics, Inc. (a)		4,196		127,978
Coherent, Inc. (a)		2,101		288,646
Control4 Corp. (a)		1,636		16,687
CTS Corp.		2,847		63,773
Daktronics, Inc.		3,128		33,470
Electro Scientific Industries, Inc. (a)		2,804		16,600
ePlus, Inc. (a)		597		68,774
Fabrinet (a)		2,867		115,540
FARO Technologies, Inc. (a)		1,459		52,524
II-VI, Inc. (a)		4,961		147,094
Insight Enterprises, Inc. (a)		3,247		131,309
InvenSense, Inc. (a)		7,032		89,939
Itron, Inc. (a)		2,905		182,579
Kimball Electronics, Inc. (a)		2,792		50,814
Knowles Corp. (a)		7,430		124,155
Littelfuse, Inc.		1,834		278,346
Maxwell Technologies, Inc. (a)		2,960		15,155
Mesa Laboratories, Inc.		238		29,215
Methode Electronics, Inc.		3,166		130,914
MTS Systems Corp.		1,601		90,777
Novanta, Inc. (a)		2,627		55,167
OSI Systems, Inc. (a)		1,412		107,481
Park Electrochemical Corp.		1,825		34,036
PC Connection, Inc.		811		22,781
Plexus Corp. (a)		2,785		150,501
Radisys Corp. (a)		3,116		13,804
Rogers Corp. (a)		1,588		121,974
Sanmina Corp. (a)		6,103		223,675
ScanSource, Inc. (a)		2,238		90,303
SYNNEX Corp.		2,602		314,894
Tech Data Corp. (a)		3,097		262,254
TTM Technologies, Inc. (a)		6,097		83,102
Universal Display Corp. (a) (b)		3,440		193,672
Vishay Intertechnology, Inc. (b)		11,349		183,854
Vishay Precision Group, Inc. (a)		1,053		19,902
				4,585,086
ENERGY EQUIPMENT & SERVICES — 1.2%
Archrock, Inc.		5,631		74,329
Atwood Oceanics, Inc. (b)		5,268		69,169
Bristow Group, Inc. (b)		2,886		59,105
CARBO Ceramics, Inc. (a)		1,610		16,841
Dawson Geophysical Co. (a)		1,869		15,027
Era Group, Inc. (a)		1,732		29,392
Exterran Corp. (a)		2,815		67,279
Fairmount Santrol Holdings, Inc. (a)		6,809		80,278
Forum Energy Technologies, Inc. (a) (b)		4,820		106,040
Geospace Technologies Corp. (a)		1,098		22,355
Helix Energy Solutions Group, Inc. (a)		8,571		75,596
Hornbeck Offshore Services, Inc. (a) (b)		2,866		20,693
Independence Contract Drilling, Inc. (a)		3,018		20,221
Matrix Service Co. (a)		2,237		50,780
McDermott International, Inc. (a)		19,283		142,501
Natural Gas Services Group, Inc. (a)		1,088		34,979
Newpark Resources, Inc. (a)		6,520		48,900
Oil States International, Inc. (a)		4,271		166,569
Parker Drilling Co. (a)		10,211		26,549
PHI, Inc. NVDR (a)		1,052		18,957
Pioneer Energy Services Corp. (a)		5,386		36,894
RigNet, Inc. (a)		1,048		24,261
SEACOR Holdings, Inc. (a)		1,297		92,450
Seadrill, Ltd. (a) (b)		31,725		108,182
Tesco Corp.		5,319		43,882
TETRA Technologies, Inc. (a)		6,722		33,744
Tidewater, Inc. (b)		3,446		11,751
Unit Corp. (a)		4,070		109,361
US Silica Holdings, Inc.		5,412		306,752
Willbros Group, Inc. (a)		4,038		13,083
				1,925,920
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.2%
Cousins Properties, Inc. REIT		31,056		264,286
Parkway, Inc. REIT (a)		3,771		83,905
				348,191
FOOD & STAPLES RETAILING — 0.6%
Andersons, Inc.		2,238		100,039
Chefs’ Warehouse, Inc. (a) (b)		1,448		22,878
Ingles Markets, Inc. Class A		1,287		61,905
Natural Grocers by Vitamin Cottage, Inc. (a)		776		9,227
Performance Food Group Co. (a)		3,174		76,176
PriceSmart, Inc.		1,821		152,053
Smart & Final Stores, Inc. (a) (b)		1,708		24,083
SpartanNash Co.		3,125		123,562
SUPERVALU, Inc. (a)		22,637		105,715
United Natural Foods, Inc. (a)		4,068		194,125
Village Super Market, Inc. Class A		839		25,925
Weis Markets, Inc.		812		54,274
				949,962
FOOD PRODUCTS — 1.4%
Amplify Snack Brands, Inc. (a) (b)		2,471		21,769
B&G Foods, Inc.		5,576		244,229
Cal-Maine Foods, Inc. (b)		2,513		111,012
Calavo Growers, Inc.		1,257		77,180
Darling Ingredients, Inc. (a)		13,616		175,782

See accompanying notes to financial statements.

93

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Dean Foods Co.		7,577	$	165,027
Farmer Brothers Co. (a)		747		27,415
Fresh Del Monte Produce, Inc.		2,794		169,400
Freshpet, Inc. (a) (b)		1,789		18,158
Inventure Foods, Inc. (a)		1,180		11,623
J&J Snack Foods Corp.		1,277		170,390
John B Sanfilippo & Son, Inc.		693		48,780
Lancaster Colony Corp.		1,705		241,070
Landec Corp. (a)		2,186		30,167
Limoneira Co.		813		17,488
Omega Protein Corp. (a)		1,693		42,410
Sanderson Farms, Inc. (b)		1,669		157,287
Seaboard Corp. (a)		41		162,032
Seneca Foods Corp. Class A (a)		537		21,507
Snyder’s-Lance, Inc. (b)		7,241		277,620
Tootsie Roll Industries, Inc. (b)		1,454		57,796
				2,248,142
GAS UTILITIES — 1.2%
Chesapeake Utilities Corp.		1,315		88,039
Delta Natural Gas Co., Inc.		780		22,877
New Jersey Resources Corp.		7,311		259,540
Northwest Natural Gas Co.		2,217		132,577
ONE Gas, Inc.		4,619		295,431
South Jersey Industries, Inc.		6,898		232,394
Southwest Gas Corp.		4,098		313,989
Spire, Inc.		3,781		244,064
WGL Holdings, Inc.		4,488		342,345
				1,931,256
HEALTH CARE EQUIPMENT & SUPPLIES — 3.1%
Abaxis, Inc.		1,903		100,421
Accuray, Inc. (a)		6,309		29,021
Analogic Corp.		1,159		96,139
AngioDynamics, Inc. (a)		2,145		36,186
Anika Therapeutics, Inc. (a)		1,173		57,430
AtriCure, Inc. (a) (b)		2,846		55,696
Atrion Corp.		117		59,342
Avinger, Inc. (a)		1,091		4,037
AxoGen, Inc. (a)		2,181		19,629
Cantel Medical Corp.		3,077		242,314
Cardiovascular Systems, Inc. (a)		2,770		67,062
Cerus Corp. (a)		7,851		34,152
ConforMIS, Inc. (a)		3,244		26,276
CONMED Corp.		2,301		101,635
CryoLife, Inc.		3,005		57,546
Cutera, Inc. (a)		1,013		17,576
Cynosure, Inc. Class A (a)		2,031		92,614
Endologix, Inc. (a)		6,778		38,770
Entellus Medical, Inc. (a)		1,084		20,564
Exactech, Inc. (a)		811		22,140
GenMark Diagnostics, Inc. (a)		3,588		43,917
Glaukos Corp. (a)		1,331		45,653
Globus Medical, Inc. Class A (a)		5,815		144,270
Haemonetics Corp. (a)		4,812		193,442
Halyard Health, Inc. (a)		3,958		146,367
ICU Medical, Inc. (a)		1,349		198,775
Inogen, Inc. (a)		1,406		94,441
Insulet Corp. (a)		4,890		184,255
Integer Holdings Corp. (a) (b)		2,648		77,984
Integra LifeSciences Holdings Corp. (a)		2,670		229,059
Invacare Corp.		2,746		35,835
InVivo Therapeutics Holdings Corp. (a) (b)		2,027		8,513
IRIDEX Corp. (a)		780		10,967
K2M Group Holdings, Inc. (a) (b)		2,263		45,351
LeMaitre Vascular, Inc.		1,013		25,670
Masimo Corp. (a)		3,575		240,955
Meridian Bioscience, Inc.		3,565		63,101
Merit Medical Systems, Inc. (a)		3,648		96,672
Natus Medical, Inc. (a)		2,709		94,273
Neogen Corp. (a)		3,188		210,408
Nevro Corp. (a)		2,142		155,638
Novocure, Ltd. (a)		4,310		33,834
NuVasive, Inc. (a)		4,288		288,840
NxStage Medical, Inc. (a)		5,544		145,308
OraSure Technologies, Inc. (a)		4,818		42,302
Orthofix International NV (a)		1,368		49,494
Oxford Immunotec Global PLC (a)		2,260		33,787
Penumbra, Inc. (a)		2,155		137,489
Quidel Corp. (a) (b)		2,397		51,344
Rockwell Medical, Inc. (a) (b)		4,267		27,949
RTI Surgical, Inc. (a)		4,817		15,655
Second Sight Medical Products, Inc. (a)		941		1,854
Senseonics Holdings, Inc. (a)		3,116		8,320
Spectranetics Corp. (a)		3,475		85,138
STAAR Surgical Co. (a) (b)		3,085		33,472
Surmodics, Inc. (a)		1,258		31,953
Tandem Diabetes Care, Inc. (a) (b)		1,341		2,883
Utah Medical Products, Inc.		275		20,006
Vascular Solutions, Inc. (a)		1,413		79,269
Wright Medical Group NV (a)		8,902		204,568
Zeltiq Aesthetics, Inc. (a)		2,977		129,559
				4,947,120
HEALTH CARE PROVIDERS & SERVICES — 2.1%
AAC Holdings, Inc. (a)		1,081		7,826
Aceto Corp.		2,344		51,498
Addus HomeCare Corp. (a)		867		30,388
Adeptus Health, Inc. Class A (a)		1,066		8,144
Air Methods Corp. (a) (b)		2,929		93,289
Almost Family, Inc. (a)		693		30,561
Amedisys, Inc. (a)		2,449		104,401
American Renal Associates Holdings, Inc. (a)		780		16,598
AMN Healthcare Services, Inc. (a)		3,879		149,148
BioScrip, Inc. (a) (b)		9,528		9,909
BioTelemetry, Inc. (a)		2,143		47,896
Capital Senior Living Corp. (a) (b)		2,462		39,515
Chemed Corp. (b)		1,338		214,629
Civitas Solutions, Inc. (a)		1,411		28,079
Community Health Systems, Inc. (a) (b)		9,180		51,316
CorVel Corp. (a)		950		34,770
Cross Country Healthcare, Inc. (a)		2,653		41,413
Diplomat Pharmacy, Inc. (a)		3,836		48,334
Ensign Group, Inc.		4,334		96,258
HealthEquity, Inc. (a)		4,017		162,769
HealthSouth Corp. (b)		7,485		308,681
Healthways, Inc. (a)		2,767		62,949
Kindred Healthcare, Inc.		7,264		57,022
Landauer, Inc.		846		40,693

See accompanying notes to financial statements.

94

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
LHC Group, Inc. (a)		1,325	$	60,553
Magellan Health, Inc. (a)		2,109		158,702
Molina Healthcare, Inc. (a) (b)		3,594		195,011
National HealthCare Corp.		912		69,121
National Research Corp. Class A		856		16,264
Nobilis Health Corp. (a) (b)		5,544		11,642
Owens & Minor, Inc.		5,056		178,426
PharMerica Corp. (a)		2,516		63,277
Providence Service Corp. (a)		1,125		42,806
Quorum Health Corp. (a)		2,648		19,251
RadNet, Inc. (a)		2,664		17,183
Select Medical Holdings Corp. (a)		9,037		119,740
Surgery Partners, Inc. (a)		1,616		25,614
Surgical Care Affiliates, Inc. (a)		2,277		105,357
Team Health Holdings, Inc. (a)		5,809		252,401
Teladoc, Inc. (a) (b)		1,772		29,238
Triple-S Management Corp. Class B (a)		1,988		41,152
Universal American Corp. (a) (b)		4,896		48,715
US Physical Therapy, Inc.		1,013		71,113
				3,261,652
HEALTH CARE TECHNOLOGY — 0.5%
Castlight Health, Inc. Class B (a)		2,476		12,256
Computer Programs & Systems, Inc. (b)		933		22,019
Cotiviti Holdings, Inc. (a) (b)		1,091		37,530
Evolent Health, Inc. Class A (a)		1,436		21,253
HealthStream, Inc. (a)		2,145		53,732
HMS Holdings Corp. (a)		7,412		134,602
Medidata Solutions, Inc. (a)		4,715		234,194
Omnicell, Inc. (a)		2,961		100,378
Quality Systems, Inc.		4,261		56,032
Vocera Communications, Inc. (a)		2,287		42,287
				714,283
HOTELS, RESTAURANTS & LEISURE — 3.1%
Belmond, Ltd. Class A (a)		7,472		99,751
Biglari Holdings, Inc. (a)		127		60,096
BJ’s Restaurants, Inc. (a)		1,945		76,438
Bloomin’ Brands, Inc.		9,431		170,041
Bob Evans Farms, Inc.		1,708		90,883
Bojangles’, Inc. (a)		613		11,432
Boyd Gaming Corp. (a)		7,302		147,281
Buffalo Wild Wings, Inc. (a)		1,704		263,098
Caesars Acquisition Co. Class A (a)		3,686		49,761
Caesars Entertainment Corp. (a) (b)		4,246		36,091
Carrols Restaurant Group, Inc. (a)		2,703		41,221
Century Casinos, Inc. (a)		2,181		17,950
Cheesecake Factory, Inc.		3,945		236,227
Churchill Downs, Inc.		1,308		196,789
Chuy’s Holdings, Inc. (a)		1,408		45,690
ClubCorp Holdings, Inc.		5,388		77,318
Cracker Barrel Old Country Store, Inc. (b)		1,624		271,175
Dave & Buster’s Entertainment, Inc. (a)		3,157		177,739
Del Frisco’s Restaurant Group, Inc. (a)		1,918		32,606
Del Taco Restaurants, Inc. (a)		2,181		30,796
Denny’s Corp. (a)		6,268		80,418
DineEquity, Inc.		1,554		119,658
El Pollo Loco Holdings, Inc. (a) (b)		1,765		21,709
Eldorado Resorts, Inc. (a)		2,495		42,290
Fiesta Restaurant Group, Inc. (a)		2,196		65,551
Golden Entertainment, Inc.		935		11,323
Habit Restaurants, Inc. Class A (a)		865		14,921
ILG, Inc.		9,316		169,272
International Speedway Corp. Class A		2,346		86,333
Intrawest Resorts Holdings, Inc. (a)		1,660		29,631
Isle of Capri Casinos, Inc. (a)		2,242		55,355
J Alexander’s Holdings, Inc. (a)		1,013		10,890
Jack in the Box, Inc.		2,836		316,611
Jamba, Inc. (a)		1,415		14,574
Kona Grill, Inc. (a)		613		7,693
La Quinta Holdings, Inc. (a)		6,816		96,855
Lindblad Expeditions Holdings, Inc. (a)		1,713		16,188
Marcus Corp.		1,638		51,597
Marriott Vacations Worldwide Corp.		1,904		161,554
Monarch Casino & Resort, Inc. (a)		1,148		29,595
Nathan’s Famous, Inc. (a)		312		20,249
Noodles & Co. (a)		888		3,641
Papa John’s International, Inc.		2,377		203,424
Penn National Gaming, Inc. (a)		6,364		87,760
Pinnacle Entertainment, Inc. (a) (b)		4,818		69,861
Planet Fitness, Inc. Class A		1,815		36,481
Popeyes Louisiana Kitchen, Inc. (a)		1,950		117,936
Potbelly Corp. (a)		2,199		28,367
Red Robin Gourmet Burgers, Inc. (a)		1,099		61,984
Red Rock Resorts, Inc. Class A		2,337		54,195
Ruby Tuesday, Inc. (a)		5,231		16,896
Ruth’s Hospitality Group, Inc.		2,609		47,745
Scientific Games Corp. Class A (a) (b)		3,981		55,734
SeaWorld Entertainment, Inc.		5,681		107,541
Shake Shack, Inc. Class A (a)		1,409		50,428
Sonic Corp.		3,973		105,324
Speedway Motorsports, Inc.		972		21,063
Texas Roadhouse, Inc.		5,649		272,508
Wingstop, Inc. (b)		1,328		39,296
Zoe’s Kitchen, Inc. (a) (b)		1,489		35,721
				4,970,555
HOUSEHOLD DURABLES — 1.3%
Bassett Furniture Industries, Inc.		813		24,715
Beazer Homes USA, Inc. (a)		3,862		51,365
Cavco Industries, Inc. (a)		729		72,791
Century Communities, Inc. (a)		1,215		25,515
CSS Industries, Inc.		715		19,355
Ethan Allen Interiors, Inc.		2,109		77,717
Flexsteel Industries, Inc.		712		43,909
GoPro, Inc. Class A (a) (b)		8,402		73,182
Green Brick Partners, Inc. (a)		1,415		14,221
Helen of Troy, Ltd. (a)		2,400		202,680
Hooker Furniture Corp.		813		30,853
Hovnanian Enterprises, Inc. Class A (a)		9,648		26,339
Installed Building Products, Inc. (a)		1,558		64,345
iRobot Corp. (a) (b)		2,232		130,460
KB Home (b)		7,000		110,670
La-Z-Boy, Inc.		3,947		122,554
LGI Homes, Inc. (a) (b)		1,258		36,142
Libbey, Inc.		1,782		34,678
Lifetime Brands, Inc.		852		15,123
M/I Homes, Inc. (a)		2,068		52,072
MDC Holdings, Inc.		3,422		87,809
Meritage Homes Corp. (a)		3,127		108,820

See accompanying notes to financial statements.

95

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
NACCO Industries, Inc. Class A		400	$	36,220
New Home Co., Inc. (a)		808		9,462
Taylor Morrison Home Corp. Class A (a)		2,428		46,763
TopBuild Corp. (a)		3,272		116,483
TRI Pointe Group, Inc. (a)		14,220		163,246
Universal Electronics, Inc. (a)		1,204		77,718
WCI Communities, Inc. (a)		2,385		55,928
William Lyon Homes Class A (a)		2,080		39,582
ZAGG, Inc. (a)		2,228		15,819
				1,986,536
HOUSEHOLD PRODUCTS — 0.3%
Central Garden & Pet Co. Class A (a)		3,556		109,880
HRG Group, Inc. (a)		9,849		153,251
Oil-Dri Corp. of America		400		15,284
Orchids Paper Products Co. (b)		873		22,855
WD-40 Co.		1,318		154,074
				455,344
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.5%
Atlantic Power Corp.		10,329		25,822
Atlantica Yield PLC		4,919		95,183
Dynegy, Inc. (a) (b)		9,799		82,899
NRG Yield, Inc. Class A		2,847		43,730
NRG Yield, Inc. Class C		5,937		93,805
Ormat Technologies, Inc.		3,217		172,495
Pattern Energy Group, Inc.		5,837		110,845
TerraForm Global, Inc. Class A (a)		8,049		31,794
TerraForm Power, Inc. Class A (a) (b)		7,466		95,639
				752,212
INDUSTRIAL CONGLOMERATES — 0.0% (c)
Raven Industries, Inc.		2,944		74,189
INSURANCE — 2.4%
Ambac Financial Group, Inc. (a)		3,550		79,875
American Equity Investment Life Holding Co.		7,630		171,980
AMERISAFE, Inc.		1,598		99,635
Argo Group International Holdings, Ltd.		2,379		156,776
Atlas Financial Holdings, Inc. (a)		935		16,877
Baldwin & Lyons, Inc. Class B		775		19,530
Citizens, Inc. (a)		3,723		36,560
CNO Financial Group, Inc.		15,210		291,271
Donegal Group, Inc. Class A		616		10,768
eHealth, Inc. (a) (b)		1,578		16,806
EMC Insurance Group, Inc.		809		24,278
Employers Holdings, Inc.		2,633		104,267
Enstar Group, Ltd. (a)		958		189,397
FBL Financial Group, Inc. Class A		952		74,399
Federated National Holding Co.		1,167		21,811
Fidelity & Guaranty Life (b)		979		23,202
Genworth Financial, Inc. Class A (a)		41,996		160,005
Global Indemnity, Ltd. (a)		769		29,383
Greenlight Capital Re, Ltd. Class A (a)		2,425		55,290
Hallmark Financial Services, Inc. (a)		1,219		14,177
HCI Group, Inc.		846		33,400
Heritage Insurance Holdings, Inc.		1,289		20,199
Horace Mann Educators Corp.		3,367		144,108
Independence Holding Co.		696		13,607
Infinity Property & Casualty Corp.		863		75,858
Investors Title Co.		156		24,676
James River Group Holdings, Ltd.		1,223		50,816
Kemper Corp. (b)		3,368		149,202
Maiden Holdings, Ltd.		4,961		86,569
MBIA, Inc. (a)		11,193		119,765
National General Holdings Corp.		3,956		98,860
National Western Life Group, Inc. Class A		199		61,849
Navigators Group, Inc.		996		117,279
OneBeacon Insurance Group, Ltd. Class A		1,984		31,843
Primerica, Inc. (b)		4,018		277,845
RLI Corp.		3,378		213,253
Safety Insurance Group, Inc.		1,128		83,134
Selective Insurance Group, Inc.		4,904		211,117
State Auto Financial Corp.		1,685		45,175
State National Cos., Inc.		3,166		43,881
Stewart Information Services Corp.		1,835		84,557
Third Point Reinsurance, Ltd. (a)		6,385		73,747
Trupanion, Inc. (a) (b)		1,003		15,566
United Fire Group, Inc.		1,770		87,031
United Insurance Holdings Corp. (b)		1,337		20,242
Universal Insurance Holdings, Inc.		2,618		74,351
WMIH Corp. (a)		17,882		27,717
				3,881,934
INTERNET & CATALOG RETAIL — 0.6%
1-800-Flowers.com, Inc. Class A (a)		2,265		24,235
Blue Nile, Inc.		1,088		44,205
Duluth Holdings, Inc. (a) (b)		935		23,749
Etsy, Inc. (a)		8,726		102,792
FTD Cos., Inc. (a)		1,598		38,096
HSN, Inc.		2,580		88,494
Lands’ End, Inc. (a) (b)		1,338		20,271
Liberty TripAdvisor Holdings, Inc. Class A (a)		6,071		91,369
Nutrisystem, Inc.		2,466		85,447
Overstock.com, Inc. (a)		929		16,257
PetMed Express, Inc.		1,730		39,911
Shutterfly, Inc. (a)		2,781		139,551
Travelport Worldwide, Ltd.		9,768		137,729
Wayfair, Inc. Class A (a) (b)		2,692		94,355
				946,461
INTERNET SOFTWARE & SERVICES — 2.2%
2U, Inc. (a) (b)		3,081		92,892
Actua Corp. (a)		1,668		23,352
Alarm.com Holdings, Inc. (a)		974		27,106
Amber Road, Inc. (a)		1,810		16,435
Angie’s List, Inc. (a)		3,608		29,694
Appfolio, Inc. Class A (a)		692		16,504
Autobytel, Inc. (a)		935		12,576
Bankrate, Inc. (a)		4,499		49,714
Bazaarvoice, Inc. (a)		7,434		36,055
Benefitfocus, Inc. (a) (b)		1,142		33,917
Blucora, Inc. (a)		3,488		51,448
Box, Inc. Class A (a)		4,140		57,380
Brightcove, Inc. (a)		2,265		18,233
Carbonite, Inc. (a)		1,449		23,764
Care.com, Inc. (a)		1,340		11,484
ChannelAdvisor Corp. (a)		1,669		23,950

See accompanying notes to financial statements.

96

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Cimpress NV (a)		2,114	$	193,664
comScore, Inc. (a)		3,943		124,520
Cornerstone OnDemand, Inc. (a)		4,142		175,248
DHI Group, Inc. (a)		5,339		33,369
EarthLink Holdings Corp.		8,957		50,517
Endurance International Group Holdings, Inc. (a)		5,326		49,532
Envestnet, Inc. (a)		3,530		124,433
Five9, Inc. (a)		1,800		25,542
Gogo, Inc. (a) (b)		4,537		41,831
GrubHub, Inc. (a)		6,938		261,008
GTT Communications, Inc. (a)		2,359		67,821
Hortonworks, Inc. (a)		3,396		28,221
Instructure, Inc. (a)		935		18,279
Intralinks Holdings, Inc. (a)		3,285		44,413
j2 Global, Inc. (b)		4,175		341,515
Limelight Networks, Inc. (a)		4,338		10,932
Liquidity Services, Inc. (a)		2,065		20,134
LivePerson, Inc. (a)		4,818		36,376
LogMeIn, Inc.		2,150		207,583
Marchex, Inc. Class B (a)		3,168		8,395
MeetMe, Inc. (a)		3,428		16,900
MINDBODY, Inc. Class A (a) (b)		1,301		27,711
New Relic, Inc. (a)		1,877		53,025
NIC, Inc.		5,482		131,020
Q2 Holdings, Inc. (a)		2,193		63,268
QuinStreet, Inc. (a)		2,586		9,723
Quotient Technology, Inc. (a)		5,511		59,243
Reis, Inc.		735		16,354
RetailMeNot, Inc. (a)		3,128		29,090
Shutterstock, Inc. (a)		1,590		75,557
SPS Commerce, Inc. (a)		1,406		98,265
Stamps.com, Inc. (a) (b)		1,364		156,383
TechTarget, Inc. (a)		1,176		10,031
TrueCar, Inc. (a) (b)		4,306		53,825
Web.com Group, Inc. (a)		3,665		77,515
WebMD Health Corp. (a)		3,065		151,932
Xactly Corp. (a)		1,869		20,559
XO Group, Inc. (a)		2,268		44,113
				3,482,351
IT SERVICES — 2.0%
Acxiom Corp. (a)		6,422		172,110
Blackhawk Network Holdings, Inc. (a)		4,730		178,203
CACI International, Inc. Class A (a)		2,192		272,466
Cardtronics PLC Class A (a)		3,754		204,856
Cass Information Systems, Inc.		856		62,976
Convergys Corp.		7,531		184,961
CSG Systems International, Inc.		2,625		127,050
Datalink Corp. (a)		1,694		19,074
EPAM Systems, Inc. (a)		4,156		267,272
EVERTEC, Inc.		5,348		94,927
ExlService Holdings, Inc. (a)		2,767		139,567
Forrester Research, Inc.		773		33,200
Hackett Group, Inc.		1,684		29,739
Information Services Group, Inc. (a)		3,272		11,910
Lionbridge Technologies, Inc. (a)		4,740		27,492
ManTech International Corp. Class A		2,028		85,683
MAXIMUS, Inc.		5,665		316,050
MoneyGram International, Inc. (a)		2,748		32,454
NeuStar, Inc. Class A (a)		4,608		153,907
Perficient, Inc. (a)		2,826		49,427
PFSweb, Inc. (a)		1,591		13,524
Planet Payment, Inc. (a)		3,883		15,843
Science Applications International Corp.		3,689		312,827
ServiceSource International, Inc. (a)		4,937		28,042
Sykes Enterprises, Inc. (a)		3,481		100,462
Syntel, Inc.		2,658		52,602
TeleTech Holdings, Inc.		1,414		43,127
Unisys Corp. (a) (b)		4,034		60,308
Virtusa Corp. (a) (b)		2,421		60,816
				3,150,875
LEISURE EQUIPMENT & PRODUCTS — 0.2%
American Outdoor Brands Corp. (a)		4,647		97,959
Arctic Cat, Inc.		1,171		17,588
Callaway Golf Co.		7,848		86,014
JAKKS Pacific, Inc. (a) (b)		1,654		8,518
Johnson Outdoors, Inc. Class A		400		15,876
Malibu Boats, Inc. Class A (a)		1,299		24,785
Nautilus, Inc. (a)		2,673		49,451
Sturm Ruger & Co., Inc. (b)		1,594		84,004
				384,195
LIFE SCIENCES TOOLS & SERVICES — 0.6%
Accelerate Diagnostics, Inc. (a) (b)		1,829		37,952
Albany Molecular Research, Inc. (a)		1,988		37,295
Cambrex Corp. (a)		2,653		143,129
Enzo Biochem, Inc. (a)		3,727		25,865
Fluidigm Corp. (a)		2,237		16,285
INC Research Holdings, Inc. Class A (a)		3,492		183,679
Luminex Corp. (a)		3,197		64,675
NanoString Technologies, Inc. (a)		1,439		32,090
NeoGenomics, Inc. (a)		4,782		40,982
Pacific Biosciences of California, Inc. (a)		6,776		25,749
PAREXEL International Corp. (a) (b)		4,517		296,857
PRA Health Sciences, Inc. (a)		2,070		114,099
				1,018,657
MACHINERY — 3.7%
Actuant Corp. Class A		5,552		144,074
Alamo Group, Inc.		791		60,195
Albany International Corp. Class A		2,382		110,287
Altra Industrial Motion Corp.		2,035		75,091
American Railcar Industries, Inc. (b)		692		31,341
Astec Industries, Inc.		1,534		103,484
Barnes Group, Inc.		4,373		207,368
Briggs & Stratton Corp. (b)		3,567		79,401
Chart Industries, Inc. (a)		2,467		88,861
CIRCOR International, Inc.		1,343		87,134
CLARCOR, Inc.		4,041		333,261
Columbus McKinnon Corp.		1,674		45,265
DMC Global, Inc.		1,403		22,238
Douglas Dynamics, Inc.		1,945		65,449
Energy Recovery, Inc. (a)		3,116		32,251
EnPro Industries, Inc.		1,950		131,352
ESCO Technologies, Inc.		2,216		125,536
ExOne Co. (a)		853		7,967
Federal Signal Corp.		4,725		73,757
Franklin Electric Co., Inc.		3,905		151,904
FreightCar America, Inc.		1,048		15,647

See accompanying notes to financial statements.

97

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Global Brass & Copper Holdings, Inc.		1,733	$	59,442
Gorman-Rupp Co.		1,775		54,936
Graham Corp.		887		19,647
Greenbrier Cos., Inc.		2,269		94,277
Harsco Corp.		6,557		89,175
Hillenbrand, Inc.		4,875		186,956
Hurco Cos., Inc.		596		19,728
Hyster-Yale Materials Handling, Inc.		832		53,057
John Bean Technologies Corp.		2,585		222,181
Joy Global, Inc.		8,546		239,288
Kadant, Inc.		980		59,976
Kennametal, Inc.		6,532		204,190
Lindsay Corp.		824		61,479
Lydall, Inc. (a)		1,459		90,239
Manitowoc Co., Inc. (a)		10,415		62,282
Meritor, Inc. (a)		7,033		87,350
Milacron Holdings Corp. (a)		1,092		20,344
Miller Industries, Inc.		979		25,894
Mueller Industries, Inc.		4,696		187,652
Mueller Water Products, Inc. Class A		12,975		172,697
Navistar International Corp. (a)		4,270		133,950
NN, Inc.		2,065		39,338
Omega Flex, Inc.		240		13,382
Proto Labs, Inc. (a)		2,060		105,781
RBC Bearings, Inc. (a)		2,028		188,219
Rexnord Corp. (a)		7,738		151,587
SPX Corp. (a)		3,572		84,728
SPX FLOW, Inc. (a)		2,960		94,898
Standex International Corp.		1,199		105,332
Sun Hydraulics Corp.		2,258		90,252
Supreme Industries, Inc. Class A		1,091		17,129
Tennant Co.		1,593		113,422
Titan International, Inc.		3,565		39,964
TriMas Corp. (a)		3,554		83,519
Wabash National Corp. (a) (b)		5,285		83,609
Watts Water Technologies, Inc. Class A		2,299		149,895
Woodward, Inc.		4,664		322,049
				5,819,707
MARINE — 0.1%
Costamare, Inc.		2,181		12,214
Matson, Inc.		3,812		134,907
Scorpio Bulkers, Inc. (a) (b)		4,890		24,694
				171,815
MEDIA — 1.5%
AMC Entertainment Holdings, Inc. Class A		2,485		83,620
Central European Media Enterprises, Ltd. Class A (a)		6,881		17,547
Daily Journal Corp. (a) (b)		80		19,344
Entercom Communications Corp. Class A		2,035		31,136
Entravision Communications Corp. Class A		6,218		43,526
Eros International PLC (a) (b)		2,725		35,561
EW Scripps Co. Class A (a) (b)		5,669		109,582
Gannett Co., Inc.		9,804		95,197
Global Eagle Entertainment, Inc. (a)		4,037		26,079
Gray Television, Inc. (a)		4,978		54,011
IMAX Corp. (a)		4,856		152,478
Liberty Media Corp.-Liberty Braves Class A (a)		468		9,589
Liberty Media Corp.-Liberty Braves Class C (a)		2,960		60,946
Liberty Media Corp.-Liberty Media Class C (a) (b)		6,074		190,299
Loral Space & Communications, Inc. (a)		1,099		45,114
MDC Partners, Inc. Class A		4,371		28,630
Media General, Inc. (a)		8,905		167,681
Meredith Corp.		3,048		180,289
MSG Networks, Inc. Class A (a)		5,130		110,295
National CineMedia, Inc.		5,358		78,923
New Media Investment Group, Inc.		3,234		51,712
New York Times Co. Class A		10,911		145,116
Nexstar Broadcasting Group, Inc. Class A (b)		2,507		158,693
Reading International, Inc. Class A (a)		1,533		25,448
Saga Communications, Inc. Class A		284		14,285
Scholastic Corp.		2,142		101,724
Sinclair Broadcast Group, Inc. Class A (b)		5,388		179,690
Time, Inc.		8,732		155,866
tronc, Inc. (b)		1,409		19,543
World Wrestling Entertainment, Inc. Class A		3,049		56,102
				2,448,026
METALS & MINING — 1.3%
AK Steel Holding Corp. (a)		19,900		203,179
Allegheny Technologies, Inc. (b)		9,025		143,768
Carpenter Technology Corp.		4,181		151,227
Century Aluminum Co. (a)		4,181		35,789
Cliffs Natural Resources, Inc. (a)		18,147		152,616
Coeur Mining, Inc. (a)		13,939		126,706
Commercial Metals Co.		9,540		207,781
Ferroglobe PLC		5,719		61,937
Ferroglobe Representation & Warranty Insurance Trust (e)		5,429		—
Gold Resource Corp.		4,818		20,958
Haynes International, Inc.		1,091		46,902
Hecla Mining Co.		31,227		163,629
Kaiser Aluminum Corp.		1,593		123,760
Materion Corp.		1,770		70,092
Olympic Steel, Inc.		795		19,263
Real Industry, Inc. (a)		1,827		11,145
Ryerson Holding Corp. (a)		970		12,950
Schnitzer Steel Industries, Inc. Class A		2,197		56,463
Stillwater Mining Co. (a)		10,482		168,865
SunCoke Energy, Inc.		5,401		61,247
TimkenSteel Corp. (a) (b)		3,627		56,146
Worthington Industries, Inc.		3,925		186,202
				2,080,625
MULTI-UTILITIES — 0.5%
Avista Corp.		5,346		213,787
Black Hills Corp.		4,195		257,321
NorthWestern Corp.		4,277		243,233
Unitil Corp.		1,208		54,771
				769,112
MULTILINE RETAIL — 0.2%
Big Lots, Inc.		4,164		209,075
Fred’s, Inc. Class A (b)		3,157		58,594
Ollie’s Bargain Outlet Holdings, Inc. (a)		1,669		47,483

See accompanying notes to financial statements.

98

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sears Holdings Corp. (a) (b)		1,091	$	10,135
Tuesday Morning Corp. (a)		3,676		19,850
				345,137
OIL, GAS & CONSUMABLE FUELS — 2.3%
Abraxas Petroleum Corp. (a)		12,745		32,755
Alon USA Energy, Inc.		2,506		28,518
Ardmore Shipping Corp.		3,077		22,770
Bill Barrett Corp. (a)		4,138		28,925
California Resources Corp. (a)		2,648		56,376
Callon Petroleum Co. (a)		12,129		186,423
Carrizo Oil & Gas, Inc. (a)		4,621		172,594
Clayton Williams Energy, Inc. (a)		515		61,419
Clean Energy Fuels Corp. (a)		8,130		23,252
Cobalt International Energy, Inc. (a)		35,153		42,887
Contango Oil & Gas Co. (a)		1,574		14,701
CVR Energy, Inc. (b)		1,558		39,558
Delek US Holdings, Inc.		5,395		129,858
Denbury Resources, Inc. (a)		29,244		107,618
DHT Holdings, Inc. (b)		7,560		31,298
Dorian LPG, Ltd. (a)		1,811		14,868
Eclipse Resources Corp. (a)		4,345		11,601
EP Energy Corp. Class A (a) (b)		3,272		21,432
Evolution Petroleum Corp.		2,780		27,800
EXCO Resources, Inc. (a) (b)		12,320		10,764
Frontline, Ltd.		5,644		40,129
GasLog, Ltd.		3,434		55,287
Gener8 Maritime, Inc. (a)		3,710		16,621
Golar LNG, Ltd.		7,466		171,270
Green Plains, Inc.		3,048		84,887
International Seaways, Inc. (a)		1,037		14,559
Jones Energy, Inc. Class A (a) (b)		5,105		25,525
Matador Resources Co. (a) (b)		6,965		179,418
Navios Maritime Acquisition Corp.		6,677		11,351
Nordic American Tankers, Ltd. (b)		7,266		61,034
Northern Oil and Gas, Inc. (a)		3,391		9,325
Oasis Petroleum, Inc. (a)		14,577		220,696
Overseas Shipholding Group, Inc. Class A		3,116		11,934
Pacific Ethanol, Inc. (a)		3,053		29,004
Panhandle Oil and Gas, Inc. Class A		1,220		28,731
Par Pacific Holdings, Inc. (a)		2,702		39,287
PDC Energy, Inc. (a)		4,649		337,424
Renewable Energy Group, Inc. (a) (b)		3,586		34,784
REX American Resources Corp. (a) (b)		401		39,599
Ring Energy, Inc. (a)		3,006		39,048
RSP Permian, Inc. (a)		6,762		301,720
Sanchez Energy Corp. (a) (b)		4,298		38,811
Scorpio Tankers, Inc. (b)		14,076		63,764
SemGroup Corp. Class A		4,500		187,875
Ship Finance International, Ltd. (b)		4,775		70,909
Synergy Resources Corp. (a) (b)		15,445		137,615
Teekay Corp.		4,038		32,425
Teekay Tankers, Ltd. Class A (b)		10,325		23,335
Western Refining, Inc.		6,634		251,097
Westmoreland Coal Co. (a)		1,299		22,953
				3,645,834
PAPER & FOREST PRODUCTS — 0.6%
Boise Cascade Co. (a)		3,208		72,180
Clearwater Paper Corp. (a)		1,415		92,753
Deltic Timber Corp.		851		65,587
KapStone Paper and Packaging Corp.		7,273		160,370
Louisiana-Pacific Corp. (a)		13,082		247,642
Neenah Paper, Inc.		1,474		125,585
PH Glatfelter Co.		3,686		88,058
Schweitzer-Mauduit International, Inc.		2,791		127,074
				979,249
PERSONAL PRODUCTS — 0.3%
Avon Products, Inc.		36,711		185,024
Inter Parfums, Inc.		1,374		44,999
Lifevantage Corp. (a)		1,247		10,163
Medifast, Inc.		980		40,797
Natural Health Trends Corp. (b)		613		15,233
Nutraceutical International Corp.		733		25,618
Revlon, Inc. Class A (a)		979		28,538
USANA Health Sciences, Inc. (a) (b)		870		53,244
				403,616
PHARMACEUTICALS — 1.6%
Aclaris Therapeutics, Inc. (a)		900		24,426
Aerie Pharmaceuticals, Inc. (a)		2,036		77,063
Amphastar Pharmaceuticals, Inc. (a)		3,078		56,697
Ampio Pharmaceuticals, Inc. (a) (b)		4,194		3,775
ANI Pharmaceuticals, Inc. (a)		713		43,222
Aratana Therapeutics, Inc. (a)		2,459		17,656
Bio-Path Holdings, Inc. (a)		7,622		10,290
Catalent, Inc. (a)		8,399		226,437
Cempra, Inc. (a)		4,012		11,234
Collegium Pharmaceutical, Inc. (a) (b)		1,224		19,058
Corcept Therapeutics, Inc. (a)		6,644		48,235
Depomed, Inc. (a) (b)		5,288		95,290
Dermira, Inc. (a)		2,243		68,030
Durect Corp. (a)		8,319		11,147
Endocyte, Inc. (a)		2,314		5,901
Flex Pharma, Inc. (a)		1,091		5,760
Heska Corp. (a)		617		44,177
Horizon Pharma PLC (a)		14,216		230,015
Impax Laboratories, Inc. (a)		6,066		80,374
Innoviva, Inc. (a) (b)		6,682		71,497
Intersect ENT, Inc. (a)		2,195		26,559
Intra-Cellular Therapies, Inc. (a)		2,844		42,916
Lannett Co., Inc. (a) (b)		2,414		53,229
Lipocine, Inc. (a) (b)		1,713		6,304
Medicines Co. (a)		5,915		200,755
MyoKardia, Inc. (a)		1,091		14,128
Nektar Therapeutics (a)		11,513		141,264
Neos Therapeutics, Inc. (a)		1,247		7,295
Omeros Corp. (a) (b)		3,276		32,498
Pacira Pharmaceuticals, Inc. (a)		3,013		97,320
Paratek Pharmaceuticals, Inc. (a)		1,435		22,099
Phibro Animal Health Corp. Class A		1,489		43,628
Prestige Brands Holdings, Inc. (a)		4,477		233,252
Reata Pharmaceuticals, Inc. Class A (a)		468		10,216
Revance Therapeutics, Inc. (a)		1,606		33,244
SciClone Pharmaceuticals, Inc. (a)		4,256		45,965
Sucampo Pharmaceuticals, Inc. Class A (a)		1,982		26,856
Supernus Pharmaceuticals, Inc. (a)		3,944		99,586
Teligent, Inc. (a)		3,862		25,528
Tetraphase Pharmaceuticals, Inc. (a)		2,927		11,796

See accompanying notes to financial statements.

99

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TherapeuticsMD, Inc. (a) (b)		12,887	$	74,358
Theravance Biopharma, Inc. (a)		2,986		95,194
Titan Pharmaceuticals, Inc. (a) (b)		1,713		6,852
WaVe Life Sciences, Ltd. (a)		624		16,318
Zogenix, Inc. (a)		2,277		27,666
				2,545,110
PROFESSIONAL SERVICES — 1.4%
Acacia Research Corp.		4,178		27,157
Advisory Board Co. (a)		3,409		113,349
Barrett Business Services, Inc.		615		39,422
CBIZ, Inc. (a)		4,347		59,554
CEB, Inc.		2,707		164,044
CRA International, Inc.		887		32,464
Exponent, Inc.		2,114		127,474
Franklin Covey Co. (a)		715		14,407
FTI Consulting, Inc. (a)		3,472		156,518
GP Strategies Corp. (a)		1,140		32,604
Heidrick & Struggles International, Inc.		1,558		37,626
Hill International, Inc. (a)		1,948		8,474
Huron Consulting Group, Inc. (a)		1,911		96,792
ICF International, Inc. (a)		1,513		83,518
Insperity, Inc.		1,358		96,350
Kelly Services, Inc. Class A		2,854		65,414
Kforce, Inc.		2,024		46,754
Korn/Ferry International		4,841		142,471
Mistras Group, Inc. (a)		1,334		34,257
Navigant Consulting, Inc. (a)		4,267		111,710
On Assignment, Inc. (a)		4,760		210,202
Resources Connection, Inc.		1,643		31,628
RPX Corp. (a)		4,299		46,429
TriNet Group, Inc. (a)		3,554		91,053
TrueBlue, Inc. (a)		3,515		86,645
WageWorks, Inc. (a)		3,217		233,232
				2,189,548
REAL ESTATE INVESTMENT TRUSTS (REITS) — 8.2%
Acadia Realty Trust		6,113		199,773
AG Mortgage Investment Trust, Inc. REIT		2,422		41,440
Agree Realty Corp.		1,903		87,633
Alexander’s, Inc. REIT (b)		157		67,019
Altisource Residential Corp. REIT		4,116		45,441
American Assets Trust, Inc. REIT		3,315		142,810
Anworth Mortgage Asset Corp. REIT		7,831		40,486
Apollo Commercial Real Estate Finance, Inc. REIT		5,948		98,856
Ares Commercial Real Estate Corp. REIT		2,064		28,339
Armada Hoffler Properties, Inc. REIT		2,728		39,747
ARMOUR Residential REIT, Inc.		3,042		65,981
Ashford Hospitality Prime, Inc.		2,120		28,938
Ashford Hospitality Trust, Inc.		6,113		47,437
Bluerock Residential Growth REIT, Inc.		1,415		19,414
Capstead Mortgage Corp.		8,009		81,612
CareTrust REIT, Inc.		5,150		78,898
CatchMark Timber Trust, Inc. Class A, REIT		4,116		46,346
CBL & Associates Properties, Inc.		14,310		164,565
Cedar Realty Trust, Inc.		7,396		48,296
Chatham Lodging Trust REIT		3,207		65,904
Chesapeake Lodging Trust		4,897		126,636
City Office REIT, Inc.		1,713		22,560
Colony Capital, Inc. Class A (b)		9,537		193,124
Colony Starwood Homes		5,364		154,537
Community Healthcare Trust, Inc. REIT (b)		1,091		25,126
CorEnergy Infrastructure Trust, Inc.		851		29,683
CoreSite Realty Corp. REIT (b)		2,857		226,760
CYS Investments, Inc. REIT		13,184		101,912
DiamondRock Hospitality Co.		16,782		193,496
DuPont Fabros Technology, Inc. REIT		6,488		285,018
Dynex Capital, Inc. REIT		3,647		24,873
Easterly Government Properties, Inc.		2,717		54,394
EastGroup Properties, Inc.		2,707		199,885
Education Realty Trust, Inc.		5,816		246,017
Equity One, Inc.		548		16,818
Farmland Partners, Inc. REIT		1,247		13,917
FelCor Lodging Trust, Inc.		11,778		94,342
First Industrial Realty Trust, Inc. REIT (b)		9,627		270,037
First Potomac Realty Trust		5,054		55,442
Four Corners Property Trust, Inc. REIT		4,974		102,066
Franklin Street Properties Corp. REIT		9,827		127,358
GEO Group, Inc. REIT (b)		6,218		223,413
Getty Realty Corp.		2,236		56,996
Gladstone Commercial Corp.		1,614		32,441
Global Net Lease, Inc. (b)		14,466		113,269
Government Properties Income Trust REIT (b)		6,363		121,311
Gramercy Property Trust REIT		36,788		337,714
Great Ajax Corp.		1,403		18,618
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,299		62,648
Healthcare Realty Trust, Inc. REIT		9,139		277,094
Hersha Hospitality Trust.		3,647		78,411
Hudson Pacific Properties, Inc. REIT		7,674		266,902
Independence Realty Trust, Inc.		3,991		35,600
InfraREIT, Inc. (a)		3,290		58,924
Invesco Mortgage Capital, Inc. REIT		9,199		134,305
Investors Real Estate Trust		12,747		90,886
iStar, Inc. (a)		6,138		75,927
Kite Realty Group Trust REIT		7,192		168,868
Ladder Capital Corp. REIT		3,136		43,026
LaSalle Hotel Properties.		9,338		284,529
Lexington Realty Trust REIT		19,087		206,140
LTC Properties, Inc.		3,138		147,423
Mack-Cali Realty Corp.		7,509		217,911
Medical Properties Trust, Inc. REIT		20,883		256,861
Monmouth Real Estate Investment Corp.		5,071		77,282
Monogram Residential Trust, Inc.		14,127		152,854
MTGE Investment Corp.		3,830		60,131
National Health Investors, Inc. REIT		3,177		235,638
National Storage Affiliates Trust		3,008		66,387
New Residential Investment Corp. REIT		20,511		322,433
New Senior Investment Group, Inc. REIT		6,105		59,768
New York Mortgage Trust, Inc. REIT		9,425		62,205
New York REIT, Inc.		14,398		145,708
NexPoint Residential Trust, Inc.		1,415		31,611
NorthStar Realty Europe Corp. REIT		5,286		66,445
One Liberty Properties, Inc.		1,660		41,699
Orchid Island Capital, Inc. (b)		1,415		15,324

See accompanying notes to financial statements.

100

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Owens Realty Mortgage, Inc. REIT		1,091	$	20,205
Pebblebrook Hotel Trust (b)		6,434		191,411
Pennsylvania Real Estate Investment Trust		5,746		108,944
PennyMac Mortgage Investment Trust REIT		5,481		89,724
Physicians Realty Trust REIT		11,533		218,666
Potlatch Corp. REIT		3,334		138,861
Preferred Apartment Communities, Inc. Class A		1,616		24,095
PS Business Parks, Inc.		1,712		199,482
QTS Realty Trust, Inc. Class A, REIT		4,002		198,699
RAIT Financial Trust		7,480		25,133
Ramco-Gershenson Properties Trust		6,600		109,428
Redwood Trust, Inc.		6,136		93,329
Resource Capital Corp. REIT		2,725		22,699
Retail Opportunity Investments Corp. REIT		8,748		184,845
Rexford Industrial Realty, Inc.		5,397		125,156
RLJ Lodging Trust REIT		10,412		254,990
Ryman Hospitality Properties, Inc.		3,854		242,841
Sabra Health Care REIT, Inc.		5,433		132,674
Saul Centers, Inc.		781		52,022
Select Income REIT		5,227		131,720
Seritage Growth Properties Class A REIT (b)		2,025		86,488
Silver Bay Realty Trust Corp. REIT		2,658		45,558
STAG Industrial, Inc. REIT		5,674		135,438
Summit Hotel Properties, Inc. REIT		7,888		126,445
Sunstone Hotel Investors, Inc. REIT		18,615		283,879
Terreno Realty Corp.		3,941		112,279
Tier REIT, Inc.		4,194		72,934
UMH Properties, Inc.		2,178		32,779
United Development Funding IV (d)		39		117
Universal Health Realty Income Trust		1,013		66,443
Urban Edge Properties		7,395		203,436
Urstadt Biddle Properties, Inc. Class A		2,654		63,988
Washington Prime Group, Inc. REIT		15,401		160,324
Washington Real Estate Investment Trust		5,973		195,257
Western Asset Mortgage Capital Corp.		3,525		35,497
Whitestone REIT		3,364		48,374
Xenia Hotels & Resorts, Inc.		9,431		183,150
				13,066,948
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.5%
Alexander & Baldwin, Inc.		3,954		177,416
Altisource Portfolio Solutions SA (a) (b)		862		22,921
AV Homes, Inc. (a)		755		11,929
Consolidated-Tomoka Land Co.		241		12,874
Forestar Group, Inc. (a)		3,006		39,980
FRP Holdings, Inc. (a)		560		21,112
HFF, Inc. Class A		2,966		89,721
Kennedy-Wilson Holdings, Inc.		7,008		143,664
Marcus & Millichap, Inc. (a)		1,210		32,331
RE/MAX Holdings, Inc. Class A REIT		1,441		80,696
RMR Group, Inc. Class A		620		24,490
St. Joe Co. (a)		4,151		78,869
Stratus Properties, Inc. (a)		624		20,436
Tejon Ranch Co. (a)		1,215		30,897
Trinity Place Holdings, Inc. (a)		2,025		18,772
				806,108
ROAD & RAIL — 0.5%
ArcBest Corp.		2,197		60,747
Celadon Group, Inc.		2,183		15,609
Covenant Transportation Group, Inc. Class A (a)		813		15,724
Heartland Express, Inc.		3,859		78,569
Knight Transportation, Inc. (b)		5,681		187,757
Marten Transport, Ltd.		1,988		46,320
Roadrunner Transportation Systems, Inc. (a)		2,262		23,502
Saia, Inc. (a)		2,068		91,302
Swift Transportation Co. (a)		6,416		156,294
Universal Logistics Holdings, Inc.		400		6,540
USA Truck, Inc. (a)		555		4,834
Werner Enterprises, Inc.		3,676		99,068
YRC Worldwide, Inc. (a)		2,588		34,369
				820,635
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.9%
Acacia Communications, Inc. (a) (b)		468		28,899
Advanced Energy Industries, Inc. (a)		3,314		181,442
Advanced Micro Devices, Inc. (a) (b)		62,475		708,466
Alpha & Omega Semiconductor, Ltd. (a)		1,294		27,523
Ambarella, Inc. (a) (b)		2,790		151,023
Amkor Technology, Inc. (a)		8,482		89,485
Applied Micro Circuits Corp. (a)		6,148		50,721
Axcelis Technologies, Inc. (a)		2,312		33,640
Brooks Automation, Inc.		5,749		98,135
Cabot Microelectronics Corp.		1,908		120,528
Cavium, Inc. (a) (b)		5,527		345,106
CEVA, Inc. (a)		1,552		52,070
Cirrus Logic, Inc. (a)		5,489		310,348
Cohu, Inc.		2,109		29,315
Diodes, Inc. (a)		3,045		78,165
DSP Group, Inc. (a)		1,629		21,258
Entegris, Inc. (a)		11,739		210,128
Exar Corp. (a)		3,247		35,003
FormFactor, Inc. (a)		6,239		69,877
Impinj, Inc. (a)		433		15,302
Inphi Corp. (a) (b)		3,484		155,456
Integrated Device Technology, Inc. (a)		11,968		281,966
Intersil Corp. Class A		11,595		258,568
IXYS Corp.		2,068		24,609
Kopin Corp. (a) (b)		5,713		16,225
Lattice Semiconductor Corp. (a)		9,927		73,063
MACOM Technology Solutions Holdings, Inc. (a) (b)		2,005		92,791
MaxLinear, Inc. Class A (a)		4,458		97,184
Microsemi Corp. (a)		9,876		533,008
MKS Instruments, Inc.		4,624		274,666
Monolithic Power Systems, Inc.		3,399		278,480
Nanometrics, Inc. (a)		1,998		50,070
NeoPhotonics Corp. (a)		2,806		30,333
NVE Corp.		400		28,572
PDF Solutions, Inc. (a)		2,141		48,280
Photronics, Inc. (a)		5,235		59,156
Power Integrations, Inc.		2,381		161,551
Rambus, Inc. (a)		8,880		122,278
Rudolph Technologies, Inc. (a)		2,380		55,573

See accompanying notes to financial statements.

101

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Semtech Corp. (a)		5,466	$	172,452
Sigma Designs, Inc. (a)		2,647		15,882
Silicon Laboratories, Inc. (a)		3,628		235,820
Synaptics, Inc. (a) (b)		3,082		165,134
Tessera Holding Corp.		4,137		182,855
Ultra Clean Holdings, Inc. (a)		3,213		31,166
Ultratech, Inc. (a)		2,037		48,847
Veeco Instruments, Inc. (a)		3,325		96,924
Xcerra Corp. (a)		4,076		31,141
				6,278,484
SOFTWARE — 3.6%
8x8, Inc. (a)		7,465		106,749
A10 Networks, Inc. (a)		4,344		36,099
ACI Worldwide, Inc. (a)		10,518		190,902
American Software, Inc. Class A		2,026		20,929
Aspen Technology, Inc. (a)		6,914		378,057
Barracuda Networks, Inc. (a)		2,042		43,760
Blackbaud, Inc.		4,022		257,408
Bottomline Technologies de, Inc. (a)		3,194		79,914
BroadSoft, Inc. (a)		2,397		98,876
Callidus Software, Inc. (a)		5,463		91,778
CommVault Systems, Inc. (a)		3,464		178,050
Digimarc Corp. (a) (b)		676		20,280
Ebix, Inc. (b)		2,258		128,819
Ellie Mae, Inc. (a)		2,843		237,902
EnerNOC, Inc. (a)		2,225		13,350
Exa Corp. (a)		1,247		19,154
Fair Isaac Corp.		2,746		327,378
Gigamon, Inc. (a)		2,736		124,625
Globant SA (a)		2,061		68,734
Glu Mobile, Inc. (a) (b)		9,447		18,327
Guidance Software, Inc. (a)		1,408		9,969
HubSpot, Inc. (a)		2,494		117,218
Imperva, Inc. (a)		2,385		91,584
Jive Software, Inc. (a)		5,715		24,860
Mentor Graphics Corp.		9,375		345,844
MicroStrategy, Inc. Class A (a)		825		162,855
Mitek Systems, Inc. (a)		2,648		16,285
MobileIron, Inc. (a)		2,786		10,447
Model N, Inc. (a)		1,867		16,523
Monotype Imaging Holdings, Inc.		3,247		64,453
Park City Group, Inc. (a)		1,000		12,700
Paycom Software, Inc. (a) (b)		2,540		115,545
Paylocity Holding Corp. (a)		1,869		56,089
Pegasystems, Inc.		3,023		108,828
Progress Software Corp.		4,059		129,604
Proofpoint, Inc. (a) (b)		3,492		246,710
PROS Holdings, Inc. (a)		2,526		54,360
QAD, Inc. Class A		979		29,762
Qualys, Inc. (a)		2,346		74,251
Rapid7, Inc. (a)		1,812		22,052
RealPage, Inc. (a)		4,732		141,960
RingCentral, Inc. Class A (a)		4,822		99,333
Rosetta Stone, Inc. (a)		2,181		19,433
Rubicon Project, Inc. (a)		2,071		15,367
Sapiens International Corp. NV		2,317		33,226
Silver Spring Networks, Inc. (a)		2,827		37,627
Synchronoss Technologies, Inc. (a)		3,530		135,199
Take-Two Interactive Software, Inc. (a)		7,012		345,621
Tangoe, Inc. (a)		2,777		21,883
Telenav, Inc. (a)		2,656		18,725
TiVo Corp. (a)		15,857		331,411
Varonis Systems, Inc. (a)		753		20,180
VASCO Data Security International, Inc. (a)		2,473		33,756
Verint Systems, Inc. (a)		5,332		187,953
VirnetX Holding Corp. (a) (b)		3,646		8,021
Workiva, Inc. (a) (b)		1,927		26,304
Zendesk, Inc. (a)		6,761		143,333
Zix Corp. (a)		5,468		27,012
				5,797,374
SPECIALTY RETAIL — 2.4%
Aaron’s, Inc.		5,597		179,048
Abercrombie & Fitch Co. Class A		5,787		69,444
America’s Car-Mart, Inc. (a)		715		31,281
American Eagle Outfitters, Inc.		14,369		217,978
Asbury Automotive Group, Inc. (a)		1,678		103,533
Ascena Retail Group, Inc. (a)		13,801		85,428
Barnes & Noble Education, Inc. (a)		3,361		38,551
Barnes & Noble, Inc.		5,345		59,597
Big 5 Sporting Goods Corp.		1,378		23,908
Boot Barn Holdings, Inc. (a)		901		11,281
Buckle, Inc.		2,299		52,417
Build-A-Bear Workshop, Inc. (a)		1,010		13,888
Caleres, Inc.		3,516		115,395
Cato Corp. Class A		2,237		67,289
Chico’s FAS, Inc.		10,782		155,153
Children’s Place, Inc. (b)		1,553		156,775
Citi Trends, Inc.		1,294		24,379
Conn’s, Inc. (a)		1,830		23,150
Destination XL Group, Inc. (a)		3,901		16,579
DSW, Inc. Class A		5,597		126,772
Express, Inc. (a)		6,094		65,571
Finish Line, Inc. Class A (b)		3,311		62,280
Five Below, Inc. (a) (b)		4,617		184,495
Francesca’s Holdings Corp. (a)		3,436		61,951
Genesco, Inc. (a)		1,656		102,838
GNC Holdings, Inc. Class A (b)		5,753		63,513
Group 1 Automotive, Inc. (b)		1,794		139,824
Guess?, Inc.		4,975		60,197
Haverty Furniture Cos., Inc.		1,709		40,503
Hibbett Sports, Inc. (a)		2,022		75,421
Kirkland’s, Inc. (a)		1,168		18,116
Lithia Motors, Inc. Class A (b)		1,992		192,885
Lumber Liquidators Holdings, Inc. (a) (b)		2,314		36,422
MarineMax, Inc. (a)		1,907		36,900
Monro Muffler Brake, Inc.		2,763		158,044
Office Depot, Inc.		46,191		208,783
Party City Holdco, Inc. (a)		2,450		34,790
Pier 1 Imports, Inc.		6,677		57,022
Rent-A-Center, Inc.		5,277		59,366
RH (a)		3,330		102,231
Select Comfort Corp. (a)		3,787		85,662
Shoe Carnival, Inc. (b)		1,298		35,020
Sonic Automotive, Inc. Class A (b)		2,315		53,014
Sportsman’s Warehouse Holdings, Inc. (a)		1,577		14,808
Stage Stores, Inc. (b)		2,580		11,275
Stein Mart, Inc.		2,386		13,075

See accompanying notes to financial statements.

102

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Tailored Brands, Inc.		3,898	$	99,594
Tile Shop Holdings, Inc. (a)		2,735		53,469
Vitamin Shoppe, Inc. (a)		1,914		45,458
West Marine, Inc. (a)		1,459		15,276
Winmark Corp.		202		25,482
Zumiez, Inc. (a)		1,358		29,672
				3,814,803
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
3D Systems Corp. (a) (b)		9,025		119,942
Avid Technology, Inc. (a)		2,428		10,683
Cray, Inc. (a)		3,367		69,697
Diebold Nixdorf, Inc.		5,930		149,140
Eastman Kodak Co. (a)		1,418		21,979
Electronics For Imaging, Inc. (a)		4,004		175,615
Immersion Corp. (a)		2,423		25,756
Nimble Storage, Inc. (a)		5,326		42,182
Pure Storage, Inc. Class A (a)		6,034		68,245
Stratasys, Ltd. (a) (b)		4,060		67,152
Super Micro Computer, Inc. (a)		3,198		89,704
USA Technologies, Inc. (a)		3,572		15,360
				855,455
TEXTILES,APPAREL & LUXURY GOODS — 0.8%
Columbia Sportswear Co.		2,224		129,659
Crocs, Inc. (a)		6,054		41,530
Culp, Inc.		987		36,667
Deckers Outdoor Corp. (a) (b)		2,972		164,619
Delta Apparel, Inc. (a)		624		12,936
Fossil Group, Inc. (a)		3,425		88,571
G-III Apparel Group, Ltd. (a) (b)		3,625		107,155
Iconix Brand Group, Inc. (a)		3,954		36,930
Movado Group, Inc.		1,184		34,040
Oxford Industries, Inc.		1,249		75,102
Perry Ellis International, Inc. (a)		1,088		27,102
Sequential Brands Group, Inc. (a)		3,207		15,009
Steven Madden, Ltd. (a)		5,580		199,485
Superior Uniform Group, Inc.		613		12,027
Unifi, Inc. (a)		1,263		41,212
Vera Bradley, Inc. (a)		1,829		21,436
Vince Holding Corp. (a)		1,277		5,172
Wolverine World Wide, Inc.		8,511		186,816
				1,235,468
THRIFTS & MORTGAGE FINANCE — 2.4%
Astoria Financial Corp.		7,457		139,073
Bank Mutual Corp.		4,059		38,358
BankFinancial Corp.		1,294		19,177
Bear State Financial, Inc.		1,673		16,981
Beneficial Bancorp, Inc.		6,297		115,865
BofI Holding, Inc. (a) (b)		4,875		139,181
BSB Bancorp, Inc. (a)		613		17,746
Capitol Federal Financial, Inc.		10,980		180,731
Charter Financial Corp.		1,379		22,988
Clifton Bancorp, Inc.		2,145		36,293
Dime Community Bancshares, Inc.		2,707		54,411
Essent Group, Ltd. (a)		6,328		204,837
EverBank Financial Corp.		8,642		168,087
Federal Agricultural Mortgage Corp. Class C		741		42,437
First Defiance Financial Corp.		860		43,636
Flagstar Bancorp, Inc. (a)		1,715		46,202
Hingham Institution for Savings		85		16,726
Home Bancorp, Inc.		468		18,070
HomeStreet, Inc. (a)		1,835		57,986
Impac Mortgage Holdings, Inc. (a) (b)		613		8,594
Kearny Financial Corp.		7,850		122,068
Lake Sunapee Bank Group		624		14,720
LendingTree, Inc. (a)		519		52,601
Meridian Bancorp, Inc.		4,058		76,696
Meta Financial Group, Inc.		686		70,590
MGIC Investment Corp. (a)		29,316		298,730
Nationstar Mortgage Holdings, Inc. (a) (b)		2,847		51,417
NMI Holdings, Inc. Class A (a)		4,100		43,665
Northfield Bancorp, Inc.		3,634		72,571
Northwest Bancshares, Inc.		8,061		145,340
OceanFirst Financial Corp.		1,683		50,541
Ocwen Financial Corp. (a)		8,831		47,599
Oritani Financial Corp.		3,407		63,881
PennyMac Financial Services, Inc. Class A (a)		1,091		18,165
PHH Corp. (a)		4,139		62,747
Provident Financial Services, Inc.		5,112		144,670
Radian Group, Inc.		18,640		335,147
SI Financial Group, Inc.		1,091		16,801
Southern Missouri Bancorp, Inc.		468		16,558
Territorial Bancorp, Inc.		705		23,152
TrustCo Bank Corp. NY.		8,131		71,146
United Community Financial Corp.		4,061		36,305
United Financial Bancorp, Inc.		4,299		78,070
Walker & Dunlop, Inc. (a)		2,416		75,379
Washington Federal, Inc.		7,816		268,480
Waterstone Financial, Inc.		2,046		37,646
WSFS Financial Corp.		2,296		106,420
				3,788,484
TOBACCO — 0.2%
Alliance One International, Inc. (a)		935		17,952
Universal Corp. (b)		1,910		121,763
Vector Group, Ltd. (b)		7,634		173,597
				313,312
TRADING COMPANIES & DISTRIBUTORS — 1.1%
Aircastle, Ltd.		4,411		91,969
Applied Industrial Technologies, Inc.		3,076		182,714
Beacon Roofing Supply, Inc. (a)		5,054		232,838
BMC Stock Holdings, Inc. (a)		4,760		92,820
CAI International, Inc. (a)		1,488		12,901
DXP Enterprises, Inc. (a)		1,053		36,581
GATX Corp. (b)		3,525		217,070
GMS, Inc. (a)		780		22,838
H&E Equipment Services, Inc.		2,476		57,567
Kaman Corp.		2,317		113,371
Lawson Products, Inc. (a)		400		9,520
MRC Global, Inc. (a)		8,063		163,356
Neff Corp. Class A (a)		581		8,192
NOW, Inc. (a)		9,025		184,742
Rush Enterprises, Inc. Class A (a)		3,499		111,618
SiteOne Landscape Supply, Inc. (a) (b)		1,091		37,891
Textainer Group Holdings, Ltd.		1,835		13,671

See accompanying notes to financial statements.

103

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Titan Machinery, Inc. (a)		1,488	$	21,680
Triton International, Ltd.		3,804		60,103
Univar, Inc. (a)		3,750		106,388
Veritiv Corp. (a)		613		32,949
				1,810,779
WATER UTILITIES — 0.3%
American States Water Co.		3,251		148,116
Artesian Resources Corp. Class A		653		20,857
California Water Service Group		3,978		134,854
Connecticut Water Service, Inc.		939		52,443
Consolidated Water Co., Ltd.		1,013		10,991
Middlesex Water Co.		1,368		58,742
SJW Group		1,338		74,901
York Water Co.		1,128		43,090
				543,994
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Boingo Wireless, Inc. (a)		3,247		39,581
NII Holdings, Inc. (a)		4,662		10,023
Shenandoah Telecommunications Co.		3,918		106,961
Spok Holdings, Inc.		1,829		37,952
				194,517
TOTAL COMMON STOCKS (Cost $147,632,457)				158,832,831
RIGHTS — 0.0% (c)
BIOTECHNOLOGY — 0.0% (c)
Chelsea Therapeutics International, Ltd. (CVR) (a) (e)		1,465		—
Durata Therapeutics, Inc. (CVR) (expiring 12/31/18) (a) (e)		580		—
Dyax Corp. (CVR) (a) (d)		6,839		7,591
Omthera Pharmaceuticals, Inc. (CVR) (a) (e)		24		—
Trius Therapeutics, Inc. (CVR) (expiring 2/17/17) (a) (e)		154		—
				7,591
WIRELESS TELECOMMUNICATION SERVICES — 0.0% (c)
Leap Wireless International, Inc. (CVR) (expiring 3/13/17) (a) (b) (d)		2,486		7,893
TOTAL RIGHTS (Cost $13,856)				15,484
SHORT-TERM INVESTMENTS — 2.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		188,714		188,714
State Street Navigator Securities Lending Government Money Market Portfolio (g) (h)		3,850,055		3,850,055
TOTAL SHORT-TERM INVESTMENTS (Cost $4,038,769)				4,038,769
TOTAL INVESTMENTS — 102.3% (Cost $151,685,082)				162,887,084
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3)%				(3,642,721	)
NET ASSETS — 100.0%			$	159,244,363

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) Amount is less than 0.05% of net assets.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. As of December 31, 2016, total aggregate fair value of securities is $25,769 representing 0.0% of net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(f) The rate shown is the annualized seven-day yield at December 31, 2016.

(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

CVR = Contingent Value Rights

NVDR = Non Voting Depositary Receipt

REIT = Real Estate Investment Trust

At December 31, 2016, open futures contracts purchased were as follows:

Futures Contracts	Expiration Date		Number of Contracts		Notional Value		Unrealized Depreciation
Russell 2000 Index Mini (long)		03/17/2017		2	$	135,690	$	(1,804	)

During the period ended December 31, 2016, average notional value related to futures contracts was $1,125,757 or 1% of net assets.

See accompanying notes to financial statements.

104

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	2,539,861	$	—	$	—		$	2,539,861
Air Freight & Logistics		888,402		—		—			888,402
Airlines		605,335		—		—			605,335
Auto Components		2,030,204		—		—			2,030,204
Automobiles		68,206		—		—			68,206
Banks		18,876,248		—		—			18,876,248
Beverages		348,637		—		—			348,637
Biotechnology		6,648,799		10,168		—			6,658,967
Building Products		1,854,462		—		—			1,854,462
Capital Markets		2,204,332		—		—			2,204,332
Chemicals		3,992,110		—		—			3,992,110
Commercial Services & Supplies		4,034,319		—		—			4,034,319
Communications Equipment		2,901,220		—		—			2,901,220
Construction & Engineering		1,581,253		—		—			1,581,253
Construction Materials		392,828		—		—			392,828
Consumer Finance		872,525		—		—			872,525
Containers & Packaging		261,172		—		—			261,172
Distributors		188,069		—		—			188,069
Diversified Consumer Services		1,678,180		—		—			1,678,180
Diversified Financial Services		190,928		—		—			190,928
Diversified Telecommunication Services		998,821		—		—			998,821
Electric Utilities		1,825,274		—		—			1,825,274
Electrical Equipment		1,102,417		—		—			1,102,417
Electronic Equipment, Instruments & Components		4,585,086		—		—			4,585,086
Energy Equipment & Services		1,925,920		—		—			1,925,920
Equity Real Estate Investment Trusts (REITs)		348,191		—		—			348,191
Food & Staples Retailing		949,962		—		—			949,962
Food Products		2,248,142		—		—			2,248,142
Gas Utilities		1,931,256		—		—			1,931,256
Health Care Equipment & Supplies		4,947,120		—		—			4,947,120
Health Care Providers & Services		3,261,652		—		—			3,261,652
Health Care Technology		714,283		—		—			714,283
Hotels, Restaurants & Leisure		4,970,555		—		—			4,970,555
Household Durables		1,986,536		—		—			1,986,536
Household Products		455,344		—		—			455,344
Independent Power Producers & Energy Traders		752,212		—		—			752,212
Industrial Conglomerates		74,189		—		—			74,189
Insurance		3,881,934		—		—			3,881,934
Internet & Catalog Retail		946,461		—		—			946,461
Internet Software & Services		3,482,351		—		—			3,482,351
IT Services		3,150,875		—		—			3,150,875
Leisure Equipment & Products		384,195		—		—			384,195
Life Sciences Tools & Services		1,018,657		—		—			1,018,657
Machinery		5,819,707		—		—			5,819,707
Marine		171,815		—		—			171,815
Media		2,448,026		—		—			2,448,026
Metals & Mining		2,080,625		—		0	(a)		2,080,625
Multi-Utilities		769,112		—		—			769,112
Multiline Retail		345,137		—		—			345,137
Oil, Gas & Consumable Fuels		3,645,834		—		—			3,645,834

See accompanying notes to financial statements.

105

SPDR Russell 2000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Paper & Forest Products	$	979,249		$	—	$	—		$	979,249
Personal Products		403,616			—		—			403,616
Pharmaceuticals		2,545,110			—		—			2,545,110
Professional Services		2,189,548			—		—			2,189,548
Real Estate Investment Trusts (REITs)		13,066,831			117		—			13,066,948
Real Estate Management & Development		806,108			—		—			806,108
Road & Rail		820,635			—		—			820,635
Semiconductors & Semiconductor Equipment		6,278,484			—		—			6,278,484
Software		5,797,374			—		—			5,797,374
Specialty Retail		3,814,803			—		—			3,814,803
Technology Hardware, Storage & Peripherals		855,455			—		—			855,455
Textiles, Apparel & Luxury Goods		1,235,468			—		—			1,235,468
Thrifts & Mortgage Finance		3,788,484			—		—			3,788,484
Tobacco		313,312			—		—			313,312
Trading Companies & Distributors		1,810,779			—		—			1,810,779
Water Utilities		543,994			—		—			543,994
Wireless Telecommunication Services		194,517			—		—			194,517
Rights
Biotechnology		—			7,591		0	(a)		7,591
Wireless Telecommunication Services		—			7,893		—			7,893
Short-Term Investments		4,038,769			—		—			4,038,769
TOTAL INVESTMENTS	$	162,861,315		$	25,769	$	0		$	162,887,084
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts (b)		(1,804	)		—		—			(1,804	)
TOTAL OTHER FINANCIAL INSTRUMENTS	$	(1,804	)	$	—	$	—		$	(1,804	)

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

(b) Futures Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		825,080	$	825,080		2,926,362		3,751,442		—	$	—	$	2,229	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		4,787,799		4,599,085		188,714		188,714		617		—
State Street Navigator Securities Lending Government Money Market Portfolio*		17,750,322		17,750,322		13,194,607		27,094,874		3,850,055		3,850,055		71,042		—
TOTAL			$	18,575,402							$	4,038,769	$	73,888	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

106

SPDR Russell 1000 Yield Focus ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 0.1%
B/E Aerospace, Inc.		6,801	$	409,352
AIR FREIGHT & LOGISTICS — 0.8%
C.H. Robinson Worldwide, Inc.		28,231		2,068,203
Expeditors International of Washington, Inc.		16,113		853,345
				2,921,548
AIRLINES — 0.5%
Alaska Air Group, Inc.		12,300		1,091,379
Copa Holdings SA Class A		9,631		874,784
				1,966,163
AUTO COMPONENTS — 0.3%
Gentex Corp.		64,756		1,275,046
AUTOMOBILES — 1.1%
Harley-Davidson, Inc.		46,076		2,688,074
Thor Industries, Inc.		12,993		1,299,950
				3,988,024
BANKS — 1.6%
Associated Banc-Corp.		9,600		237,120
Bank of Hawaii Corp.		2,623		232,634
BankUnited, Inc.		7,000		263,830
BOK Financial Corp.		1,845		153,209
CIT Group, Inc.		14,393		614,293
Cullen/Frost Bankers, Inc.		5,200		458,796
Fifth Third Bancorp		53,300		1,437,501
Huntington Bancshares, Inc.		54,113		715,374
PacWest Bancorp		20,694		1,126,581
People’s United Financial, Inc.		26,778		518,422
Popular, Inc.		7,900		346,178
				6,103,938
BUILDING PRODUCTS — 0.1%
Owens Corning		7,911		407,891
CAPITAL MARKETS — 3.3%
Artisan Partners Asset Management, Inc. Class A		13,537		402,726
Donnelley Financial Solutions, Inc. (a)		9,384		215,644
Eaton Vance Corp.		37,832		1,584,404
Federated Investors, Inc. Class B		32,106		907,958
Franklin Resources, Inc.		26,400		1,044,912
Invesco, Ltd.		67,122		2,036,481
Lazard, Ltd. Class A		43,992		1,807,631
LPL Financial Holdings, Inc.		26,693		939,860
NorthStar Asset Management Group, Inc.		66,154		987,018
T Rowe Price Group, Inc.		33,506		2,521,662
				12,448,296
CHEMICALS — 4.2%
Cabot Corp.		7,528		380,465
CF Industries Holdings, Inc.		67,169		2,114,480
Eastman Chemical Co.		24,559		1,847,082
Huntsman Corp.		68,328		1,303,698
LyondellBasell Industries NV Class A		58,639		5,030,054
Mosaic Co.		121,337		3,558,814
NewMarket Corp.		500		211,920
RPM International, Inc.		12,297		661,948
Scotts Miracle-Gro Co. Class A		4,732		452,143
Westlake Chemical Corp.		8,600		481,514
				16,042,118
COMMERCIAL SERVICES & SUPPLIES — 1.0%
Covanta Holding Corp.		33,238		518,513
KAR Auction Services, Inc.		22,998		980,175
LSC Communications, Inc.		9,384		278,517
Pitney Bowes, Inc.		49,073		745,419
Republic Services, Inc. Class A		15,568		888,154
RR Donnelley & Sons Co.		25,025		408,408
				3,819,186
COMMUNICATIONS EQUIPMENT — 0.9%
Brocade Communications Systems, Inc.		88,800		1,109,112
Juniper Networks, Inc.		29,500		833,670
Motorola Solutions, Inc.		19,496		1,616,023
				3,558,805
CONSTRUCTION & ENGINEERING — 0.5%
Fluor Corp.		19,549		1,026,714
KBR, Inc.		51,154		853,760
				1,880,474
CONSUMER FINANCE — 0.3%
Navient Corp.		78,243		1,285,533
CONTAINERS & PACKAGING — 2.9%
Avery Dennison Corp.		14,370		1,009,061
Bemis Co., Inc.		24,659		1,179,193
Graphic Packaging Holding Co.		27,500		343,200
International Paper Co.		74,379		3,946,550
Packaging Corp. of America		32,391		2,747,405
Sonoco Products Co.		34,329		1,809,138
				11,034,547
DISTRIBUTORS — 0.9%
Genuine Parts Co.		34,662		3,311,608
DIVERSIFIED CONSUMER SERVICES — 0.5%
H&R Block, Inc.		77,668		1,785,587
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%
CenturyLink, Inc.		186,633		4,438,133
Frontier Communications Corp.		403,146		1,362,633
				5,800,766
ELECTRIC UTILITIES — 5.0%
Alliant Energy Corp.		25,843		979,191
American Electric Power Co., Inc.		24,570		1,546,927
Edison International		18,788		1,352,548
Entergy Corp.		31,305		2,299,978
Eversource Energy		16,781		926,815
Exelon Corp.		64,729		2,297,232
FirstEnergy Corp.		78,425		2,428,822
Great Plains Energy, Inc.		37,278		1,019,553
Hawaiian Electric Industries, Inc.		21,792		720,662
OGE Energy Corp.		54,602		1,826,437
Pinnacle West Capital Corp.		19,897		1,552,563
Westar Energy, Inc.		9,948		560,570
Xcel Energy, Inc.		32,850		1,336,995
				18,848,293

See accompanying notes to financial statements.

107

SPDR Russell 1000 Yield Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ELECTRICAL EQUIPMENT — 2.5%
Eaton Corp. PLC		39,052	$	2,619,999
Emerson Electric Co.		64,138		3,575,693
Hubbell, Inc.		8,106		945,970
Rockwell Automation, Inc.		17,467		2,347,565
				9,489,227
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.5%
Avnet, Inc.		23,758		1,131,118
Corning, Inc.		87,437		2,122,096
FLIR Systems, Inc.		10,745		388,861
Jabil Circuit, Inc.		49,443		1,170,316
National Instruments Corp.		24,485		754,628
				5,567,019
ENERGY EQUIPMENT & SERVICES — 2.9%
Diamond Offshore Drilling, Inc.		5,323		94,217
Ensco PLC Class A		86,948		845,135
Frank’s International NV		13,205		162,553
Helmerich & Payne, Inc.		33,650		2,604,510
Nabors Industries, Ltd.		35,069		575,132
National Oilwell Varco, Inc.		52,398		1,961,781
Noble Corp. PLC		86,106		509,747
Oceaneering International, Inc.		33,729		951,495
Patterson-UTI Energy, Inc.		41,855		1,126,737
Rowan Cos. PLC Class A		30,801		581,831
Transocean, Ltd. (a)		119,290		1,758,335
				11,171,473
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.3%
CoreCivic, Inc. REIT		40,249		984,491
FOOD & STAPLES RETAILING — 0.4%
Whole Foods Market, Inc.		50,540		1,554,610
FOOD PRODUCTS — 1.9%
Archer-Daniels-Midland Co.		56,782		2,592,098
Bunge, Ltd.		12,437		898,449
Flowers Foods, Inc.		31,790		634,846
Hershey Co.		15,017		1,553,209
Mead Johnson Nutrition Co.		13,224		935,730
Pinnacle Foods, Inc.		14,324		765,618
				7,379,950
GAS UTILITIES — 0.4%
Atmos Energy Corp.		7,855		582,448
National Fuel Gas Co.		6,658		377,109
UGI Corp.		14,251		656,686
				1,616,243
HEALTH CARE EQUIPMENT & SUPPLIES — 0.5%
ResMed, Inc.		27,599		1,712,518
HEALTH CARE PROVIDERS & SERVICES — 1.4%
AmerisourceBergen Corp.		15,171		1,186,220
Cardinal Health, Inc.		21,466		1,544,908
Patterson Cos., Inc.		15,693		643,884
Quest Diagnostics, Inc.		21,930		2,015,367
				5,390,379
HOTELS, RESTAURANTS & LEISURE — 3.4%
Brinker International, Inc.		19,096		945,825
Carnival Corp.		29,682		1,545,245
Choice Hotels International, Inc.		3,700		207,385
Darden Restaurants, Inc.		40,379		2,936,361
Dunkin’ Brands Group, Inc.		10,354		542,964
Extended Stay America, Inc.		26,757		432,126
International Game Technology PLC		8,176		208,652
Las Vegas Sands Corp.		23,586		1,259,728
Six Flags Entertainment Corp.		21,097		1,264,976
Vail Resorts, Inc.		2,400		387,144
Wendy’s Co.		72,166		975,684
Wyndham Worldwide Corp.		27,285		2,083,755
				12,789,845
HOUSEHOLD DURABLES — 1.8%
Garmin, Ltd.		37,042		1,796,167
Harman International Industries, Inc.		4,900		544,684
Leggett & Platt, Inc.		28,257		1,381,202
Tupperware Brands Corp.		18,108		952,843
Whirlpool Corp.		10,800		1,963,116
				6,638,012
HOUSEHOLD PRODUCTS — 0.3%
Clorox Co.		9,534		1,144,271
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.7%
AES Corp.		155,938		1,812,000
NRG Energy, Inc.		53,412		654,831
				2,466,831
INSURANCE — 5.5%
Allied World Assurance Co. Holdings AG		9,686		520,235
American National Insurance Co.		1,058		131,837
AmTrust Financial Services, Inc.		24,066		658,927
Arthur J Gallagher & Co.		26,787		1,391,853
Aspen Insurance Holdings, Ltd.		9,193		505,615
Assured Guaranty, Ltd.		36,084		1,362,893
Axis Capital Holdings, Ltd.		22,239		1,451,540
Cincinnati Financial Corp.		16,046		1,215,484
CNA Financial Corp.		2,708		112,382
Endurance Specialty Holdings, Ltd.		6,517		602,171
Erie Indemnity Co. Class A		1,530		172,048
Everest Re Group, Ltd.		8,527		1,845,243
First American Financial Corp.		33,254		1,218,094
FNF Group		36,154		1,227,790
Hanover Insurance Group, Inc.		6,318		575,001
Mercury General Corp.		5,739		345,545
Old Republic International Corp.		83,454		1,585,626
Principal Financial Group, Inc.		23,812		1,377,762
ProAssurance Corp.		3,660		205,692
Progressive Corp.		47,833		1,698,071
Unum Group		15,020		659,829
Validus Holdings, Ltd.		18,779		1,033,033
XL Group, Ltd.		26,400		983,664
				20,880,335
INTERNET SOFTWARE & SERVICES — 0.1%
IAC/InterActiveCorp		4,439		287,603
IT SERVICES — 2.6%
Booz Allen Hamilton Holding Corp.		11,452		413,074
Broadridge Financial Solutions, Inc.		10,611		703,509

See accompanying notes to financial statements.

108

SPDR Russell 1000 Yield Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Leidos Holdings, Inc.		21,931	$	1,121,552
Paychex, Inc.		26,186		1,594,204
Western Union Co.		170,703		3,707,669
Xerox Corp.		263,821		2,303,157
				9,843,165
LEISURE EQUIPMENT & PRODUCTS — 1.2%
Hasbro, Inc.		8,794		684,085
Mattel, Inc.		72,627		2,000,874
Polaris Industries, Inc.		20,803		1,713,959
				4,398,918
MACHINERY — 4.3%
Allison Transmission Holdings, Inc.		20,252		682,290
Crane Co.		10,085		727,330
Cummins, Inc.		43,827		5,989,836
Donaldson Co., Inc.		20,033		842,989
Dover Corp.		17,474		1,309,327
Graco, Inc.		6,226		517,318
ITT, Inc.		10,864		419,025
Lincoln Electric Holdings, Inc.		13,469		1,032,668
Parker-Hannifin Corp.		17,428		2,439,920
Timken Co.		24,149		958,715
Trinity Industries, Inc.		51,569		1,431,555
				16,350,973
MEDIA — 2.5%
Cinemark Holdings, Inc.		30,830		1,182,639
Interpublic Group of Cos., Inc.		45,343		1,061,479
John Wiley & Sons, Inc. Class A		14,420		785,890
News Corp. Class A		53,589		614,130
News Corp. Class B		15,000		177,000
Omnicom Group, Inc.		23,943		2,037,789
Regal Entertainment Group Class A		29,130		600,078
TEGNA, Inc.		40,375		863,621
Viacom, Inc. Class A		1,700		65,450
Viacom, Inc. Class B		64,570		2,266,407
				9,654,483
METALS & MINING — 2.3%
Compass Minerals International, Inc.		5,795		454,038
Freeport-McMoRan, Inc. (a)		88,849		1,171,918
Nucor Corp.		52,545		3,127,478
Reliance Steel & Aluminum Co.		24,033		1,911,585
Steel Dynamics, Inc.		56,513		2,010,733
				8,675,752
MORTGAGE REAL ESTATE INVESTMENT — 0.2%
AGNC Investment Corp. REIT		49,946		905,521
MULTI-UTILITIES — 3.7%
Ameren Corp.		38,539		2,021,756
CenterPoint Energy, Inc.		50,379		1,241,339
CMS Energy Corp.		23,176		964,585
Consolidated Edison, Inc.		24,405		1,798,160
DTE Energy Co.		11,877		1,170,003
MDU Resources Group, Inc.		19,165		551,377
NiSource, Inc.		75,029		1,661,142
Public Service Enterprise Group, Inc.		55,266		2,425,072
SCANA Corp.		14,945		1,095,170
Vectren Corp.		18,219		950,121
				13,878,725
MULTILINE RETAIL — 3.5%
Kohl’s Corp.		64,004		3,160,518
Macy’s, Inc.		106,980		3,830,954
Nordstrom, Inc.		42,710		2,047,090
Target Corp.		60,739		4,387,178
				13,425,740
OIL, GAS & CONSUMABLE FUELS — 3.9%
Chesapeake Energy Corp. (a)		190,475		1,337,135
Devon Energy Corp.		33,867		1,546,706
HollyFrontier Corp.		56,044		1,836,001
Murphy Oil Corp.		24,264		755,338
ONEOK, Inc.		13,588		780,087
PBF Energy, Inc. Class A		19,334		539,032
Tesoro Corp.		14,567		1,273,884
Valero Energy Corp.		65,056		4,444,626
Williams Cos., Inc.		69,312		2,158,376
				14,671,185
PAPER & FOREST PRODUCTS — 0.2%
Domtar Corp.		21,376		834,305
PERSONAL PRODUCTS — 0.2%
Nu Skin Enterprises, Inc. Class A		18,930		904,475
PROFESSIONAL SERVICES — 0.8%
ManpowerGroup, Inc.		12,872		1,143,935
Robert Half International, Inc.		37,746		1,841,250
				2,985,185
REAL ESTATE INVESTMENT TRUSTS (REITS) — 9.2%
Apple Hospitality REIT, Inc.		45,600		911,088
Brixmor Property Group, Inc.		14,200		346,764
Camden Property Trust.		10,275		863,819
Care Capital Properties, Inc.		29,800		745,000
Chimera Investment Corp.		59,498		1,012,656
Columbia Property Trust, Inc.		13,400		289,440
Communications Sales & Leasing, Inc. (a)		21,659		550,355
Corporate Office Properties Trust		32,478		1,013,963
DCT Industrial Trust, Inc. REIT		5,800		277,704
EPR Properties		16,069		1,153,272
Gaming and Leisure Properties, Inc.		29,536		904,392
Highwoods Properties, Inc.		7,700		392,777
Hospitality Properties Trust		51,737		1,642,132
Host Hotels & Resorts, Inc. REIT		197,279		3,716,736
Iron Mountain, Inc. REIT		33,373		1,083,955
Kilroy Realty Corp. REIT		6,000		439,320
Kimco Realty Corp. REIT		78,886		1,984,772
Lamar Advertising Co. Class A		26,269		1,766,328
Liberty Property Trust REIT		30,163		1,191,438
Life Storage, Inc. REIT		5,655		482,145
Macerich Co. REIT		12,861		911,073
MFA Financial, Inc.		127,245		970,879
Mid-America Apartment Communities, Inc. REIT		13,904		1,361,480
National Retail Properties, Inc.		14,596		645,143
Omega Healthcare Investors, Inc.		41,602		1,300,479
Outfront Media, Inc.		47,550		1,182,569
Piedmont Office Realty Trust, Inc. Class A		25,170		526,305
Rayonier, Inc.		10,093		268,474

See accompanying notes to financial statements.

109

SPDR Russell 1000 Yield Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Retail Properties of America, Inc. Class A		35,282	$	540,873
Senior Housing Properties Trust		40,323		763,314
Starwood Property Trust, Inc.		38,100		836,295
STORE Capital Corp.		13,400		331,114
Sun Communities, Inc. REIT		9,819		752,234
Tanger Factory Outlet Centers, Inc.		32,075		1,147,644
Taubman Centers, Inc.		9,476		700,561
Two Harbors Investment Corp.		74,383		648,620
Weingarten Realty Investors REIT		19,684		704,490
WP Carey, Inc.		10,799		638,113
				34,997,716
ROAD & RAIL — 0.8%
CSX Corp.		64,565		2,319,821
Ryder System, Inc.		11,328		843,256
				3,163,077
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.8%
Analog Devices, Inc.		26,476		1,922,687
KLA-Tencor Corp.		17,877		1,406,562
Linear Technology Corp.		30,839		1,922,812
Marvell Technology Group, Ltd.		139,212		1,930,870
Maxim Integrated Products, Inc.		32,657		1,259,581
Microchip Technology, Inc.		19,232		1,233,733
Xilinx, Inc.		16,549		999,063
				10,675,308
SOFTWARE — 1.6%
CA, Inc.		35,857		1,139,177
Symantec Corp.		212,961		5,087,638
				6,226,815
SPECIALTY RETAIL — 4.9%
Best Buy Co., Inc.		96,180		4,104,001
Dick’s Sporting Goods, Inc.		13,010		690,831
Foot Locker, Inc.		28,377		2,011,646
GameStop Corp. Class A		35,121		887,156
Gap, Inc.		76,896		1,725,546
L Brands, Inc.		37,755		2,485,789
Penske Automotive Group, Inc.		11,050		572,832
Staples, Inc.		223,050		2,018,602
Tiffany & Co.		34,096		2,640,053
Williams-Sonoma, Inc.		30,545		1,478,073
				18,614,529
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.1%
HP, Inc.		139,312		2,067,390
NetApp, Inc.		88,002		3,103,831
Western Digital Corp.		98,095		6,665,555
				11,836,776
TEXTILES, APPAREL & LUXURY GOODS — 1.1%
Coach, Inc.		66,807		2,339,581
Ralph Lauren Corp.		19,704		1,779,665
				4,119,246
TRADING COMPANIES & DISTRIBUTORS — 1.3%
Fastenal Co.		31,053		1,458,870
MSC Industrial Direct Co., Inc. Class A		10,602		979,519
W.W. Grainger, Inc.		6,042		1,403,254
Watsco, Inc.		7,015		1,039,062
				4,880,705
TRANSPORTATION INFRASTRUCTURE — 0.1%
Macquarie Infrastructure Corp.		5,100		416,670
WATER UTILITIES — 0.1%
Aqua America, Inc.		8,740		262,550
WIRELESS TELECOMMUNICATION SERVICES — 0.2%
Telephone & Data Systems, Inc.		31,087		897,482
TOTAL COMMON STOCKS (Cost $334,485,598)				378,579,283
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $394,411)		394,411		394,411
TOTAL INVESTMENTS — 99.8% (Cost $334,880,009)				378,973,694
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				855,749
NET ASSETS — 100.0%			$	379,829,443

(a) Non-income producing security.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

110

SPDR Russell 1000 Yield Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	409,352	$	—	$	—	$	409,352
Air Freight & Logistics		2,921,548		—		—		2,921,548
Airlines		1,966,163		—		—		1,966,163
Auto Components		1,275,046		—		—		1,275,046
Automobiles		3,988,024		—		—		3,988,024
Banks		6,103,938		—		—		6,103,938
Building Products		407,891		—		—		407,891
Capital Markets		12,448,296		—		—		12,448,296
Chemicals		16,042,118		—		—		16,042,118
Commercial Services & Supplies		3,819,186		—		—		3,819,186
Communications Equipment		3,558,805		—		—		3,558,805
Construction & Engineering		1,880,474		—		—		1,880,474
Consumer Finance		1,285,533		—		—		1,285,533
Containers & Packaging		11,034,547		—		—		11,034,547
Distributors		3,311,608		—		—		3,311,608
Diversified Consumer Services		1,785,587		—		—		1,785,587
Diversified Telecommunication Services		5,800,766		—		—		5,800,766
Electric Utilities		18,848,293		—		—		18,848,293
Electrical Equipment		9,489,227		—		—		9,489,227
Electronic Equipment, Instruments & Components		5,567,019		—		—		5,567,019
Energy Equipment & Services		11,171,473		—		—		11,171,473
Equity Real Estate Investment Trusts (REITs)		984,491		—		—		984,491
Food & Staples Retailing		1,554,610		—		—		1,554,610
Food Products		7,379,950		—		—		7,379,950
Gas Utilities		1,616,243		—		—		1,616,243
Health Care Equipment & Supplies		1,712,518		—		—		1,712,518
Health Care Providers & Services		5,390,379		—		—		5,390,379
Hotels, Restaurants & Leisure		12,789,845		—		—		12,789,845
Household Durables		6,638,012		—		—		6,638,012
Household Products		1,144,271		—		—		1,144,271
Independent Power Producers & Energy Traders		2,466,831		—		—		2,466,831
Insurance		20,880,335		—		—		20,880,335
Internet Software & Services		287,603		—		—		287,603
IT Services		9,843,165		—		—		9,843,165
Leisure Equipment & Products		4,398,918		—		—		4,398,918
Machinery		16,350,973		—		—		16,350,973
Media		9,654,483		—		—		9,654,483
Metals & Mining		8,675,752		—		—		8,675,752
Mortgage Real Estate Investment		905,521		—		—		905,521
Multi-Utilities		13,878,725		—		—		13,878,725
Multiline Retail		13,425,740		—		—		13,425,740
Oil, Gas & Consumable Fuels		14,671,185		—		—		14,671,185
Paper & Forest Products		834,305		—		—		834,305
Personal Products		904,475		—		—		904,475
Professional Services		2,985,185		—		—		2,985,185
Real Estate Investment Trusts (REITs)		34,997,716		—		—		34,997,716
Road & Rail		3,163,077		—		—		3,163,077
Semiconductors & Semiconductor Equipment		10,675,308		—		—		10,675,308
Software		6,226,815		—		—		6,226,815
Specialty Retail		18,614,529		—		—		18,614,529

See accompanying notes to financial statements.

111

SPDR Russell 1000 Yield Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Technology Hardware, Storage & Peripherals	$	11,836,776	$	—	$	—	$	11,836,776
Textiles, Apparel & Luxury Goods		4,119,246		—		—		4,119,246
Trading Companies & Distributors		4,880,705		—		—		4,880,705
Transportation Infrastructure		416,670		—		—		416,670
Water Utilities		262,550		—		—		262,550
Wireless Telecommunication Services		897,482		—		—		897,482
Short-Term Investment		394,411		—		—		394,411
TOTAL INVESTMENTS	$	378,973,694	$	—	$	—	$	378,973,694

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		470,999	$	470,999		8,493,333		8,964,332		—	$	—	$	730	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		18,152,751		17,758,340		394,411		394,411		1,580		—
TOTAL			$	470,999							$	394,411	$	2,310	$	—

See accompanying notes to financial statements.

112

SPDR Russell 1000 Momentum Focus ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 2.4%
Arconic, Inc.		27,765	$	514,763
B/E Aerospace, Inc.		7,585		456,541
Boeing Co.		2,916		453,963
BWX Technologies, Inc.		16,426		652,112
General Dynamics Corp.		3,258		562,526
HEICO Corp.		1,302		100,449
HEICO Corp. Class A		2,602		176,676
Hexcel Corp.		6,116		314,607
Huntington Ingalls Industries, Inc.		9,032		1,663,604
L3 Technologies, Inc. (a)		3,172		482,493
Lockheed Martin Corp.		479		119,721
Northrop Grumman Corp.		2,455		570,984
Orbital ATK, Inc.		1,808		158,616
Raytheon Co.		2,594		368,348
Rockwell Collins, Inc.		3,012		279,393
Spirit AeroSystems Holdings, Inc. Class A		26,062		1,520,718
Textron, Inc.		9,676		469,867
TransDigm Group, Inc.		1,059		263,649
United Technologies Corp.		2,990		327,764
				9,456,794
AIR FREIGHT & LOGISTICS — 0.8%
C.H. Robinson Worldwide, Inc.		17,793		1,303,515
Expeditors International of Washington, Inc.		17,233		912,660
FedEx Corp.		2,545		473,879
United Parcel Service, Inc. Class B		3,026		346,900
				3,036,954
AIRLINES — 2.3%
Alaska Air Group, Inc.		13,339		1,183,569
American Airlines Group, Inc.		28,211		1,317,172
Copa Holdings SA Class A		2,170		197,101
Delta Air Lines, Inc.		25,245		1,241,802
JetBlue Airways Corp. (a)		30,677		687,778
Southwest Airlines Co.		34,224		1,705,724
Spirit Airlines, Inc. (a)		19,539		1,130,526
United Continental Holdings, Inc. (a)		24,045		1,752,400
				9,216,072
AUTO COMPONENTS — 1.1%
BorgWarner, Inc.		4,699		185,329
Delphi Automotive PLC		2,773		186,761
Gentex Corp.		49,806		980,680
Goodyear Tire & Rubber Co.		15,216		469,718
Lear Corp.		10,722		1,419,271
Visteon Corp.		12,718		1,021,764
				4,263,523
AUTOMOBILES — 0.7%
Ford Motor Co.		17,687		214,543
General Motors Co.		8,434		293,840
Harley-Davidson, Inc.		21,505		1,254,602
Thor Industries, Inc.		11,596		1,160,180
				2,923,165
BANKS — 2.0%
Associated Banc-Corp.		6,658		164,453
Bank of America Corp.		2,762		61,040
Bank of Hawaii Corp.		1,714		152,015
BankUnited, Inc.		1,758		66,259
BB&T Corp.		5,623		264,393
BOK Financial Corp.		1,199		99,565
CIT Group, Inc.		8,027		342,592
Citigroup, Inc.		1,635		97,168
Citizens Financial Group, Inc.		7,280		259,386
Comerica, Inc.		5,147		350,562
Commerce Bancshares, Inc.		3,079		177,997
Cullen/Frost Bankers, Inc.		2,432		214,575
East West Bancorp, Inc.		3,998		203,218
Fifth Third Bancorp		22,374		603,427
First Horizon National Corp.		6,527		130,605
First Republic Bank		2,081		191,743
Huntington Bancshares, Inc.		17,489		231,205
JPMorgan Chase & Co.		582		50,221
KeyCorp.		16,625		303,739
M&T Bank Corp.		1,465		229,170
PacWest Bancorp		5,152		280,475
People’s United Financial, Inc.		7,561		146,381
PNC Financial Services Group, Inc.		2,186		255,675
Popular, Inc.		24,297		1,064,695
Regions Financial Corp.		33,570		482,065
Signature Bank (a)		557		83,661
SunTrust Banks, Inc.		8,883		487,233
SVB Financial Group (a)		946		162,390
Synovus Financial Corp.		5,234		215,013
TCF Financial Corp.		9,904		194,019
US Bancorp		3,304		169,726
Western Alliance Bancorp (a)		2,512		122,360
Zions Bancorp		4,987		214,641
				8,071,667
BEVERAGES — 0.3%
Brown-Forman Corp. Class A		1,100		50,875
Brown-Forman Corp. Class B		3,128		140,510
Coca-Cola Co.		1,532		63,517
Constellation Brands, Inc. Class A		1,595		244,529
Dr. Pepper Snapple Group, Inc.		3,160		286,517
Molson Coors Brewing Co. Class B		1,640		159,588
Monster Beverage Corp. (a)		503		22,303
PepsiCo, Inc.		1,341		140,309
				1,108,148
BIOTECHNOLOGY — 0.3%
AbbVie, Inc.		1,823		114,156
Amgen, Inc.		790		115,506
Biogen, Inc. (a)		1,389		393,893
Celgene Corp. (a)		504		58,338
Gilead Sciences, Inc.		1,715		122,811
OPKO Health, Inc. (a)		5,788		53,829
Regeneron Pharmaceuticals, Inc. (a)		70		25,696
Seattle Genetics, Inc. (a)		842		44,432
United Therapeutics Corp. (a)		2,227		319,419
				1,248,080
BUILDING PRODUCTS — 0.8%
Allegion PLC		899		57,536
AO Smith Corp.		11,786		558,067
Armstrong World Industries, Inc. (a)		1,626		67,967
Fortune Brands Home & Security, Inc.		4,334		231,696

See accompanying notes to financial statements.

113

SPDR Russell 1000 Momentum Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Lennox International, Inc.		3,873	$	593,227
Masco Corp.		21,105		667,340
Owens Corning		14,305		737,566
USG Corp. (a)		13,430		387,858
				3,301,257
CAPITAL MARKETS — 3.1%
Affiliated Managers Group, Inc. (a)		2,849		413,960
Ameriprise Financial, Inc.		3,456		383,409
Artisan Partners Asset Management, Inc. Class A		3,341		99,395
Bank of New York Mellon Corp.		3,635		172,226
BlackRock, Inc.		246		93,613
CBOE Holdings, Inc.		5,492		405,804
Charles Schwab Corp.		1,777		70,138
CME Group, Inc.		1,823		210,283
Donnelley Financial Solutions, Inc. (a)		7,025		161,434
E*TRADE Financial Corp. (a)		4,017		139,189
Eaton Vance Corp.		28,073		1,175,697
FactSet Research Systems, Inc.		3,222		526,571
Federated Investors, Inc. Class B		14,130		399,596
Franklin Resources, Inc.		20,904		827,380
Goldman Sachs Group, Inc.		606		145,107
Interactive Brokers Group, Inc. Class A		1,125		41,074
Intercontinental Exchange, Inc.		2,416		136,311
Invesco, Ltd.		17,982		545,574
Lazard, Ltd. Class A		20,906		859,028
LPL Financial Holdings, Inc.		6,067		213,619
MarketAxess Holdings, Inc.		3,327		488,803
Moody’s Corp.		5,756		542,618
Morgan Stanley		3,140		132,665
Morningstar, Inc.		1,078		79,298
MSCI, Inc.		4,929		388,307
Nasdaq, Inc.		5,251		352,447
Northern Trust Corp.		2,860		254,683
NorthStar Asset Management Group, Inc.		33,615		501,536
Raymond James Financial, Inc.		2,082		144,220
S&P Global, Inc.		5,871		631,367
SEI Investments Co.		4,387		216,542
State Street Corp. (b)		1,258		97,772
T Rowe Price Group, Inc.		14,593		1,098,269
TD Ameritrade Holding Corp.		4,297		187,349
Voya Financial, Inc.		5,048		197,983
				12,333,267
CHEMICALS — 3.1%
AdvanSix, Inc. (a)		8,725		193,172
Air Products & Chemicals, Inc.		4,371		628,637
Albemarle Corp.		782		67,315
Ashland Global Holdings, Inc.		2,268		247,870
Axalta Coating Systems, Ltd. (a)		3,924		106,733
Cabot Corp.		13,967		705,892
Celanese Corp. Series A		7,603		598,660
CF Industries Holdings, Inc.		1,472		46,339
Dow Chemical Co.		14,342		820,649
E.I. du Pont de Nemours & Co.		2,499		183,427
Eastman Chemical Co.		13,477		1,013,605
Ecolab, Inc.		2,115		247,920
FMC Corp.		1,163		65,779
Huntsman Corp.		49,387		942,304
International Flavors & Fragrances, Inc.		2,562		301,880
LyondellBasell Industries NV Class A		8,007		686,840
Monsanto Co.		2,909		306,056
Mosaic Co.		35,164		1,031,360
NewMarket Corp.		621		263,205
PPG Industries, Inc.		6,171		584,764
Praxair, Inc.		5,572		652,983
RPM International, Inc.		17,817		959,089
Scotts Miracle-Gro Co. Class A		3,709		354,395
Sherwin-Williams Co.		1,457		391,554
Valspar Corp.		3,815		395,272
Valvoline, Inc.		6,624		142,416
Westlake Chemical Corp.		4,643		259,962
WR Grace & Co.		866		58,576
				12,256,654
COMMERCIAL SERVICES & SUPPLIES — 0.9%
Cintas Corp.		6,242		721,326
Clean Harbors, Inc. (a)		6,602		367,401
Copart, Inc. (a)		16,186		896,866
Covanta Holding Corp.		2,725		42,510
KAR Auction Services, Inc.		9,173		390,953
LSC Communications, Inc.		6,183		183,511
Pitney Bowes, Inc.		1,924		29,226
Republic Services, Inc. Class A		6,672		380,638
Rollins, Inc.		8,028		271,186
RR Donnelley & Sons Co.		2,740		44,717
Waste Management, Inc.		5,951		421,985
				3,750,319
COMMUNICATIONS EQUIPMENT — 1.3%
Arista Networks, Inc. (a)		2,886		279,278
ARRIS International PLC (a)		3,150		94,910
Brocade Communications Systems, Inc.		22,923		286,308
Cisco Systems, Inc.		6,306		190,567
EchoStar Corp. Class A (a)		6,588		338,558
F5 Networks, Inc. (a)		11,769		1,703,210
Harris Corp.		7,996		819,350
Juniper Networks, Inc.		9,578		270,674
Motorola Solutions, Inc.		13,199		1,094,065
Palo Alto Networks, Inc. (a)		558		69,778
				5,146,698
CONSTRUCTION & ENGINEERING — 1.5%
AECOM (a)		16,431		597,431
Fluor Corp.		18,927		994,046
Jacobs Engineering Group, Inc. (a)		30,683		1,748,931
KBR, Inc.		15,174		253,254
Quanta Services, Inc. (a)		53,200		1,854,020
Valmont Industries, Inc.		2,795		393,816
				5,841,498
CONSTRUCTION MATERIALS — 0.3%
Eagle Materials, Inc.		5,447		536,693
Martin Marietta Materials, Inc.		2,744		607,878
Vulcan Materials Co.		1,852		231,778
				1,376,349
CONSUMER FINANCE — 0.9%
Ally Financial, Inc.		9,862		187,575
American Express Co.		4,413		326,915

See accompanying notes to financial statements.

114

SPDR Russell 1000 Momentum Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Capital One Financial Corp.		5,207	$	454,259
Credit Acceptance Corp. (a)		717		155,955
Discover Financial Services.		14,302		1,031,031
Navient Corp.		32,868		540,021
Santander Consumer USA Holdings, Inc. (a)		3,474		46,899
SLM Corp. (a)		15,673		172,717
Synchrony Financial		22,378		811,650
				3,727,022
CONTAINERS & PACKAGING — 2.0%
AptarGroup, Inc.		2,797		205,440
Avery Dennison Corp.		12,864		903,310
Ball Corp.		1,090		81,826
Bemis Co., Inc.		11,804		564,467
Berry Plastics Group, Inc. (a)		8,934		435,354
Crown Holdings, Inc. (a)		5,401		283,931
Graphic Packaging Holding Co.		26,776		334,164
International Paper Co.		29,083		1,543,144
Owens-Illinois, Inc. (a)		7,462		129,913
Packaging Corp. of America		12,538		1,063,473
Sealed Air Corp.		11,364		515,244
Silgan Holdings, Inc.		1,914		97,959
Sonoco Products Co.		17,814		938,798
WestRock Co.		19,253		977,475
				8,074,498
DISTRIBUTORS — 0.8%
Genuine Parts Co.		18,500		1,767,490
LKQ Corp. (a)		22,788		698,452
Pool Corp.		5,603		584,617
				3,050,559
DIVERSIFIED CONSUMER SERVICES — 0.1%
Graham Holdings Co. Class B		71		36,349
H&R Block, Inc.		4,395		101,041
Service Corp. International		9,466		268,834
ServiceMaster Global Holdings, Inc. (a)		2,924		110,147
				516,371
DIVERSIFIED FINANCIAL SERVICES — 0.1%
Berkshire Hathaway, Inc. Class B (a)		1,477		240,721
Leucadia National Corp.		4,488		104,346
				345,067
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%
AT&T, Inc.		2,168		92,205
CenturyLink, Inc.		41,839		994,931
Frontier Communications Corp.		30,516		103,144
Level 3 Communications, Inc. (a)		17,544		988,780
SBA Communications Corp. Class A (a)		1,311		135,374
Verizon Communications, Inc.		4,404		235,086
Zayo Group Holdings, Inc. (a)		6,859		225,387
				2,774,907
ELECTRIC UTILITIES — 3.2%
Alliant Energy Corp.		17,630		668,001
American Electric Power Co., Inc.		12,769		803,936
Avangrid, Inc.		2,046		77,502
Duke Energy Corp.		6,233		483,805
Edison International		18,949		1,364,139
Entergy Corp.		11,649		855,852
Eversource Energy		8,363		461,889
Exelon Corp.		44,885		1,592,969
FirstEnergy Corp.		24,511		759,106
Great Plains Energy, Inc.		11,828		323,496
Hawaiian Electric Industries, Inc.		8,546		282,616
NextEra Energy, Inc.		3,861		461,235
OGE Energy Corp.		22,885		765,503
PG&E Corp.		10,341		628,423
Pinnacle West Capital Corp.		12,878		1,004,870
PPL Corp.		9,828		334,643
Southern Co.		8,937		439,611
Westar Energy, Inc.		12,052		679,130
Xcel Energy, Inc.		21,043		856,450
				12,843,176
ELECTRICAL EQUIPMENT — 0.8%
Acuity Brands, Inc.		1,060		244,712
AMETEK, Inc.		2,942		142,981
Eaton Corp. PLC		13,224		887,198
Emerson Electric Co.		5,527		308,130
Hubbell, Inc.		4,273		498,659
Regal Beloit Corp.		2,449		169,593
Rockwell Automation, Inc.		5,612		754,253
				3,005,526
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.7%
Amphenol Corp. Class A		8,806		591,763
Arrow Electronics, Inc. (a)		10,099		720,059
Avnet, Inc.		2,600		123,786
CDW Corp.		4,591		239,145
Cognex Corp.		8,222		523,083
Corning, Inc.		73,603		1,786,345
Dolby Laboratories, Inc. Class A		11,026		498,265
FLIR Systems, Inc.		16,293		589,644
IPG Photonics Corp. (a)		2,572		253,882
Jabil Circuit, Inc.		6,585		155,867
Keysight Technologies, Inc. (a)		17,134		626,590
National Instruments Corp.		6,694		206,309
Trimble, Inc. (a)		14,773		445,406
Zebra Technologies Corp. Class A (a)		1,684		144,420
				6,904,564
ENERGY EQUIPMENT & SERVICES — 1.5%
Baker Hughes, Inc.		2,842		184,645
Diamond Offshore Drilling, Inc.		1,324		23,435
Dril-Quip, Inc. (a)		4,047		243,022
FMC Technologies, Inc. (a)		46,368		1,647,455
Halliburton Co.		3,424		185,204
Helmerich & Payne, Inc.		10,011		774,851
Nabors Industries, Ltd.		17,252		282,933
National Oilwell Varco, Inc.		8,054		301,542
Oceaneering International, Inc.		1,882		53,091
Patterson-UTI Energy, Inc.		47,047		1,266,505
Rowan Cos. PLC Class A		9,987		188,655
RPC, Inc.		7,826		155,033
Schlumberger, Ltd.		1,565		131,382
Superior Energy Services, Inc.		20,307		342,782
Transocean, Ltd. (a)		20,753		305,899
				6,086,434

See accompanying notes to financial statements.

115

SPDR Russell 1000 Momentum Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%
CoreCivic, Inc. REIT		7,270	$	177,824
Quality Care Properties, Inc. REIT (a)		11,681		181,056
				358,880
FOOD & STAPLES RETAILING — 1.3%
Casey’s General Stores, Inc.		1,841		218,858
Costco Wholesale Corp.		2,701		432,457
CVS Health Corp.		631		49,792
Kroger Co.		3,503		120,889
Rite Aid Corp. (a)		6,592		54,318
Sprouts Farmers Market, Inc. (a)		9,482		179,399
Sysco Corp.		46,634		2,582,125
US Foods Holding Corp. (a)		3,710		101,951
Wal-Mart Stores, Inc.		1,978		136,719
Walgreens Boots Alliance, Inc.		3,953		327,150
Whole Foods Market, Inc.		28,885		888,503
				5,092,161
FOOD PRODUCTS — 3.1%
Archer-Daniels-Midland Co.		40,258		1,837,778
Blue Buffalo Pet Products, Inc. (a)		3,461		83,202
Bunge, Ltd.		5,334		385,328
Campbell Soup Co.		5,875		355,261
ConAgra Foods, Inc.		8,286		327,711
Flowers Foods, Inc.		1,665		33,250
General Mills, Inc.		8,489		524,366
Hain Celestial Group, Inc. (a)		4,209		164,277
Hershey Co.		7,337		758,866
Hormel Foods Corp.		5,998		208,790
Ingredion, Inc.		9,600		1,199,616
J.M. Smucker Co.		5,282		676,413
Kellogg Co.		2,767		203,956
Lamb Weston Holdings, Inc. (a)		29,707		1,124,410
McCormick & Co., Inc.		5,874		548,220
Mead Johnson Nutrition Co.		5,342		378,000
Mondelez International, Inc. Class A		7,535		334,027
Pilgrim’s Pride Corp.		9,623		182,741
Pinnacle Foods, Inc.		7,618		407,182
Post Holdings, Inc. (a)		4,324		347,606
TreeHouse Foods, Inc. (a)		1,489		107,491
Tyson Foods, Inc. Class A		32,348		1,995,225
WhiteWave Foods Co. (a)		4,651		258,596
				12,442,312
GAS UTILITIES — 0.5%
Atmos Energy Corp.		6,626		491,318
National Fuel Gas Co.		4,657		263,773
UGI Corp.		26,367		1,214,991
				1,970,082
HEALTH CARE EQUIPMENT & SUPPLIES — 2.2%
Abbott Laboratories.		4,479		172,038
Abiomed, Inc. (a)		2,517		283,616
Alere, Inc. (a)		3,980		155,101
Align Technology, Inc. (a)		6,904		663,681
Baxter International, Inc.		8,046		356,760
Becton Dickinson and Co.		2,562		424,139
Boston Scientific Corp. (a)		5,571		120,501
C.R. Bard, Inc.		2,380		534,691
Cooper Cos., Inc.		2,563		448,346
Danaher Corp.		2,627		204,486
DENTSPLY SIRONA, Inc.		3,662		211,407
Edwards Lifesciences Corp. (a)		6,174		578,504
Hill-Rom Holdings, Inc.		8,202		460,460
Hologic, Inc. (a)		6,035		242,124
IDEXX Laboratories, Inc. (a)		4,423		518,685
Intuitive Surgical, Inc. (a)		839		532,069
Medtronic PLC		1,684		119,951
ResMed, Inc.		6,399		397,058
St. Jude Medical, Inc.		4,543		364,303
Stryker Corp.		3,502		419,575
Teleflex, Inc.		2,397		386,276
Varian Medical Systems, Inc. (a)		7,040		632,051
West Pharmaceutical Services, Inc.		6,245		529,763
				8,755,585
HEALTH CARE PROVIDERS & SERVICES — 2.9%
Aetna, Inc.		8,929		1,107,285
AmerisourceBergen Corp.		865		67,634
Anthem, Inc.		5,308		763,131
Cardinal Health, Inc.		5,577		401,377
Centene Corp. (a)		10,180		575,272
Cigna Corp.		4,242		565,840
DaVita, Inc. (a)		3,740		240,108
Envision Healthcare Corp. (a)		1,231		77,910
Express Scripts Holding Co. (a)		5,162		355,094
HCA Holdings, Inc. (a)		12,657		936,871
Henry Schein, Inc. (a)		4,757		721,685
Humana, Inc.		5,624		1,147,465
Laboratory Corp. of America Holdings (a)		556		71,379
LifePoint Health, Inc. (a)		1,566		88,949
McKesson Corp.		803		112,781
MEDNAX, Inc. (a)		1,920		127,987
Patterson Cos., Inc.		7,834		321,429
Premier, Inc. Class A (a)		548		16,637
Quest Diagnostics, Inc.		10,248		941,791
UnitedHealth Group, Inc.		1,340		214,454
Universal Health Services, Inc. Class B		5,261		559,665
VCA, Inc. (a)		8,210		563,617
WellCare Health Plans, Inc. (a)		9,780		1,340,643
				11,319,004
HEALTH CARE TECHNOLOGY — 0.1%
Cerner Corp. (a)		2,532		119,941
Veeva Systems, Inc. Class A (a)		5,919		240,903
				360,844
HOTELS, RESTAURANTS & LEISURE — 3.1%
Aramark		11,404		407,351
Brinker International, Inc.		18,243		903,576
Carnival Corp.		9,110		474,267
Chipotle Mexican Grill, Inc. Class A (a)		306		115,460
Choice Hotels International, Inc.		1,968		110,306
Darden Restaurants, Inc.		21,895		1,592,204
Domino’s Pizza, Inc.		4,657		741,581
Dunkin’ Brands Group, Inc.		4,604		241,434
Extended Stay America, Inc.		4,458		71,997
Hilton Worldwide Holdings, Inc.		7,416		201,715
Hyatt Hotels Corp. Class A (a)		2,746		151,744

See accompanying notes to financial statements.

116

SPDR Russell 1000 Momentum Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
International Game Technology PLC		4,443	$	113,385
Las Vegas Sands Corp.		5,055		269,988
Marriott International, Inc. Class A		6,590		544,861
McDonald’s Corp.		1,805		219,705
MGM Resorts International (a)		5,030		145,015
Norwegian Cruise Line Holdings, Ltd. (a)		706		30,026
Panera Bread Co. Class A (a)		2,597		532,619
Royal Caribbean Cruises, Ltd.		1,569		128,721
Six Flags Entertainment Corp.		5,712		342,491
Starbucks Corp.		2,896		160,786
Vail Resorts, Inc.		4,425		713,797
Wendy’s Co.		25,409		343,530
Wyndham Worldwide Corp.		8,163		623,408
Wynn Resorts, Ltd.		1,248		107,964
Yum China Holdings, Inc. (a)		43,524		1,136,847
Yum! Brands, Inc.		27,956		1,770,453
				12,195,231
HOUSEHOLD DURABLES — 1.6%
D.R. Horton, Inc.		11,639		318,094
Garmin, Ltd.		12,107		587,068
Harman International Industries, Inc.		10,402		1,156,286
Leggett & Platt, Inc.		17,667		863,563
Lennar Corp. Class A		1,758		75,471
Mohawk Industries, Inc. (a)		1,267		252,995
Newell Brands, Inc.		2,642		117,965
NVR, Inc. (a)		225		375,525
PulteGroup, Inc.		5,572		102,413
Tempur Sealy International, Inc. (a)		1,107		75,586
Toll Brothers, Inc. (a)		2,164		67,084
Tupperware Brands Corp.		11,867		624,442
Whirlpool Corp.		9,701		1,763,351
				6,379,843
HOUSEHOLD PRODUCTS — 0.4%
Church & Dwight Co., Inc.		13,131		580,259
Clorox Co.		1,842		221,077
Colgate-Palmolive Co.		3,880		253,907
Energizer Holdings, Inc.		3,667		163,585
Kimberly-Clark Corp.		1,355		154,633
Procter & Gamble Co.		1,091		91,731
Spectrum Brands Holdings, Inc.		2,635		322,339
				1,787,531
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.4%
AES Corp.		105,810		1,229,512
Calpine Corp. (a)		11,432		130,668
NRG Energy, Inc.		26,087		319,827
				1,680,007
INDUSTRIAL CONGLOMERATES — 0.4%
3M Co.		1,591		284,105
Carlisle Cos., Inc.		7,333		808,757
Honeywell International, Inc.		1,706		197,640
Roper Technologies, Inc.		680		124,494
				1,414,996
INSURANCE — 6.0%
Aflac, Inc.		12,890		897,144
Alleghany Corp. (a)		672		408,657
Allied World Assurance Co. Holdings AG		4,773		256,358
Allstate Corp.		11,402		845,116
American Financial Group, Inc.		3,198		281,808
American International Group, Inc.		1,349		88,103
American National Insurance Co.		718		89,470
AmTrust Financial Services, Inc.		4,164		114,010
Aon PLC		6,817		760,300
Arch Capital Group, Ltd. (a)		4,601		397,020
Arthur J Gallagher & Co.		14,855		771,866
Aspen Insurance Holdings, Ltd.		7,596		417,780
Assurant, Inc.		2,083		193,427
Assured Guaranty, Ltd.		47,599		1,797,814
Axis Capital Holdings, Ltd.		11,524		752,172
Brown & Brown, Inc.		13,506		605,879
Chubb, Ltd.		1,754		231,739
Cincinnati Financial Corp.		9,412		712,959
CNA Financial Corp.		940		39,010
Endurance Specialty Holdings, Ltd.		5,494		507,646
Erie Indemnity Co. Class A		574		64,546
Everest Re Group, Ltd.		4,706		1,018,378
First American Financial Corp.		15,189		556,373
FNF Group		16,421		557,657
Hanover Insurance Group, Inc.		3,944		358,943
Hartford Financial Services Group, Inc.		8,637		411,553
Lincoln National Corp.		8,343		552,891
Loews Corp.		7,629		357,266
Markel Corp. (a)		219		198,086
Marsh & McLennan Cos., Inc.		17,292		1,168,766
Mercury General Corp.		2,006		120,781
MetLife, Inc.		4,884		263,199
Old Republic International Corp.		15,959		303,221
Principal Financial Group, Inc.		10,096		584,155
ProAssurance Corp.		2,017		113,355
Progressive Corp.		31,589		1,121,410
Prudential Financial, Inc.		5,136		534,452
Reinsurance Group of America, Inc.		6,309		793,861
RenaissanceRe Holdings, Ltd.		4,633		631,107
Torchmark Corp.		10,755		793,289
Travelers Cos., Inc.		4,764		583,209
Unum Group		18,392		807,961
Validus Holdings, Ltd.		9,261		509,448
White Mountains Insurance Group, Ltd.		293		244,963
WR Berkley Corp.		7,297		485,323
XL Group, Ltd.		9,551		355,870
				23,658,341
INTERNET & CATALOG RETAIL — 0.4%
Amazon.com, Inc. (a)		71		53,241
Expedia, Inc.		717		81,222
Groupon, Inc. (a)		135,094		448,512
Liberty Expedia Holdings, Inc. Class A (a)		8,706		345,367
Liberty Interactive Corp. QVC Group Class A (a)		2,390		47,752
Liberty Ventures Series A (a)		4,583		168,975
Priceline Group, Inc. (a)		187		274,153
				1,419,222

See accompanying notes to financial statements.

117

SPDR Russell 1000 Momentum Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
INTERNET SOFTWARE & SERVICES — 0.6%
Akamai Technologies, Inc. (a)		13,661	$	910,916
CommerceHub, Inc. Series A (a)		427		6,409
CommerceHub, Inc. Series C (a)		777		11,678
CoStar Group, Inc. (a)		146		27,520
eBay, Inc. (a)		31,986		949,664
Facebook, Inc. Class A (a)		286		32,904
IAC/InterActiveCorp		1,534		99,388
Match Group, Inc. (a)		1,881		32,165
VeriSign, Inc. (a)		2,250		171,158
Yelp, Inc. (a)		3,786		144,360
				2,386,162
IT SERVICES — 2.7%
Accenture PLC Class A		3,293		385,709
Alliance Data Systems Corp.		441		100,769
Amdocs, Ltd.		13,233		770,822
Automatic Data Processing, Inc.		3,950		405,981
Booz Allen Hamilton Holding Corp.		6,696		241,525
Broadridge Financial Solutions, Inc.		8,274		548,566
Cognizant Technology Solutions Corp. Class A (a)		6,528		365,764
Computer Sciences Corp.		5,292		314,451
CoreLogic, Inc. (a)		5,363		197,519
CSRA, Inc.		5,078		161,684
DST Systems, Inc.		2,354		252,231
Euronet Worldwide, Inc. (a)		2,173		157,390
Fidelity National Information Services, Inc.		877		66,336
Fiserv, Inc. (a)		3,538		376,019
FleetCor Technologies, Inc. (a)		1,400		198,128
Gartner, Inc. (a)		3,172		320,594
Genpact, Ltd. (a)		6,948		169,114
Global Payments, Inc.		301		20,892
International Business Machines Corp.		1,339		222,261
Jack Henry & Associates, Inc.		4,964		440,704
Leidos Holdings, Inc.		11,550		590,667
MasterCard, Inc. Class A		1,462		150,952
Paychex, Inc.		6,359		387,136
PayPal Holdings, Inc. (a)		6,384		251,976
Sabre Corp.		4,902		122,305
Teradata Corp. (a)		7,384		200,623
Total System Services, Inc.		4,447		218,036
Vantiv, Inc. Class A (a)		5,691		339,297
Visa, Inc. Class A		1,115		86,992
Western Union Co.		84,684		1,839,337
WEX, Inc. (a)		2,597		289,825
Xerox Corp.		37,038		323,342
				10,516,947
LEISURE EQUIPMENT & PRODUCTS — 0.7%
Brunswick Corp.		10,150		553,581
Hasbro, Inc.		9,195		715,279
Mattel, Inc.		24,371		671,421
Polaris Industries, Inc.		8,286		682,684
Vista Outdoor, Inc. (a)		2,887		106,530
				2,729,495
LIFE SCIENCES TOOLS & SERVICES — 0.8%
Agilent Technologies, Inc.		7,278		331,586
Bio-Rad Laboratories, Inc. Class A (a)		1,260		229,673
Bio-Techne Corp.		3,557		365,766
Bruker Corp.		7,287		154,339
Charles River Laboratories International, Inc. (a)		1,896		144,456
Illumina, Inc. (a)		394		50,448
Mettler-Toledo International, Inc. (a)		1,478		618,632
Patheon NV (a)		3,368		96,695
PerkinElmer, Inc.		2,371		123,648
QIAGEN NV (a)		6,029		168,932
Quintiles IMS Holdings, Inc. (a)		1,199		91,184
Thermo Fisher Scientific, Inc.		1,483		209,251
VWR Corp. (a)		5,081		127,177
Waters Corp. (a)		2,385		320,520
				3,032,307
MACHINERY — 5.3%
AGCO Corp.		10,820		626,045
Allison Transmission Holdings, Inc.		12,046		405,830
Caterpillar, Inc.		4,990		462,773
Colfax Corp. (a)		8,731		313,705
Crane Co.		5,765		415,772
Cummins, Inc.		15,545		2,124,535
Deere & Co.		4,554		469,244
Donaldson Co., Inc.		14,700		618,576
Dover Corp.		7,257		543,767
Flowserve Corp.		6,413		308,145
Fortive Corp.		11,083		594,381
Graco, Inc.		6,856		569,665
IDEX Corp.		4,251		382,845
Illinois Tool Works, Inc.		4,111		503,433
Ingersoll-Rand PLC		7,461		559,873
ITT, Inc.		14,710		567,365
Lincoln Electric Holdings, Inc.		10,507		805,572
Manitowoc Foodservice, Inc. (a)		29,734		574,758
Middleby Corp. (a)		1,847		237,912
Nordson Corp.		4,666		522,825
Oshkosh Corp.		25,572		1,652,207
PACCAR, Inc.		16,486		1,053,455
Parker-Hannifin Corp.		7,302		1,022,280
Pentair PLC		2,377		133,278
Snap-on, Inc.		2,535		434,169
Stanley Black & Decker, Inc.		7,737		887,357
Terex Corp.		13,301		419,381
Timken Co.		13,444		533,727
Toro Co.		11,340		634,473
Trinity Industries, Inc.		18,196		505,121
WABCO Holdings, Inc. (a)		4,983		528,945
Wabtec Corp.		9,360		777,067
Xylem, Inc.		12,451		616,574
				20,805,055
MARINE — 0.2%
Kirby Corp. (a)		10,804		718,466
MEDIA — 2.3%
AMC Networks, Inc. Class A (a)		474		24,809
Cable One, Inc.		915		568,883
CBS Corp. Class B		14,311		910,466
Charter Communications, Inc. Class A (a)		226		65,070
Cinemark Holdings, Inc.		16,938		649,742

See accompanying notes to financial statements.

118

SPDR Russell 1000 Momentum Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Clear Channel Outdoor Holdings, Inc. Class A		3,064	$	15,473
Comcast Corp. Class A		2,433		167,999
Discovery Communications, Inc. Class A (a)		9,534		261,327
Discovery Communications, Inc. Class C (a)		14,864		398,058
DISH Network Corp. Class A (a)		1,219		70,617
Interpublic Group of Cos., Inc.		23,102		540,818
John Wiley & Sons, Inc. Class A		10,517		573,176
Liberty Media Corp.-Liberty SiriusXM Class A (a)		3,516		121,372
Liberty Media Corp.-Liberty SiriusXM Class C (a)		11,370		385,670
Live Nation Entertainment, Inc. (a)		5,461		145,262
Madison Square Garden Co. Class A (a)		189		32,415
News Corp. Class A		28,713		329,051
News Corp. Class B		7,856		92,701
Omnicom Group, Inc.		14,201		1,208,647
Regal Entertainment Group Class A		17,593		362,416
Scripps Networks Interactive, Inc. Class A		5,324		379,974
Sirius XM Holdings, Inc.		45,811		203,859
TEGNA, Inc.		6,317		135,121
Thomson Reuters Corp.		5,915		258,959
Time Warner, Inc.		4,934		476,279
Twenty-First Century Fox, Inc. Class A		4,690		131,508
Twenty-First Century Fox, Inc. Class B		1,304		35,534
Viacom, Inc. Class B		7,300		256,230
Walt Disney Co.		1,075		112,036
				8,913,472
METALS & MINING — 2.0%
Alcoa Corp.		30,574		858,518
Compass Minerals International, Inc.		1,719		134,684
Freeport-McMoRan, Inc. (a)		16,033		211,475
Newmont Mining Corp.		37,939		1,292,582
Nucor Corp.		25,007		1,488,417
Reliance Steel & Aluminum Co.		25,769		2,049,666
Royal Gold, Inc.		1,249		79,124
Southern Copper Corp.		807		25,775
Steel Dynamics, Inc.		41,189		1,465,505
Tahoe Resources, Inc.		7,915		74,559
United States Steel Corp.		2,632		86,882
				7,767,187
MORTGAGE REAL ESTATE INVESTMENT — 0.1%
AGNC Investment Corp. REIT		13,179		238,935
MULTI-UTILITIES — 2.4%
Ameren Corp.		21,317		1,118,290
CenterPoint Energy, Inc.		33,677		829,801
CMS Energy Corp.		17,013		708,081
Consolidated Edison, Inc.		13,712		1,010,300
Dominion Resources, Inc.		4,057		310,726
DTE Energy Co.		7,497		738,529
MDU Resources Group, Inc.		7,327		210,798
NiSource, Inc.		54,423		1,204,925
Public Service Enterprise Group, Inc.		29,337		1,287,308
SCANA Corp.		9,479		694,621
Sempra Energy		5,717		575,359
Vectren Corp.		11,739		612,189
WEC Energy Group, Inc.		2,470		144,865
				9,445,792
MULTILINE RETAIL — 2.1%
Dillard’s, Inc. Class A		5,086		318,841
Dollar General Corp.		14,070		1,042,165
JC Penney Co., Inc. (a)		59,285		492,658
Kohl’s Corp.		37,236		1,838,714
Macy’s, Inc.		40,087		1,435,516
Nordstrom, Inc.		36,596		1,754,046
Target Corp.		18,112		1,308,230
				8,190,170
OIL, GAS & CONSUMABLE FUELS — 2.3%
Antero Resources Corp. (a)		12,955		306,386
Apache Corp.		3,616		229,508
Cabot Oil & Gas Corp.		12,080		282,189
Chesapeake Energy Corp. (a)		142,435		999,894
Chevron Corp.		608		71,562
Cimarex Energy Co.		286		38,867
Concho Resources, Inc. (a)		1,077		142,810
ConocoPhillips		1,450		72,703
CONSOL Energy, Inc.		7,154		130,417
Continental Resources, Inc. (a)		781		40,253
Devon Energy Corp.		18,935		864,761
Diamondback Energy, Inc. (a)		1,089		110,054
Energen Corp.		1,684		97,116
EOG Resources, Inc.		290		29,319
EQT Corp.		6,377		417,056
Exxon Mobil Corp.		1,021		92,155
Hess Corp.		344		21,428
HollyFrontier Corp.		1,695		55,528
Kinder Morgan, Inc.		11,994		248,396
Kosmos Energy, Ltd. (a)		3,046		21,352
Laredo Petroleum, Inc. (a)		1,514		21,408
Marathon Oil Corp.		2,420		41,890
Marathon Petroleum Corp.		1,023		51,508
Murphy Oil Corp.		10,670		332,157
Newfield Exploration Co. (a)		4,805		194,602
Noble Energy, Inc.		436		16,594
ONEOK, Inc.		6,470		371,443
Parsley Energy, Inc. Class A (a)		1,220		42,993
Phillips 66		4,602		397,659
Pioneer Natural Resources Co.		1,161		209,061
QEP Resources, Inc.		6,140		113,037
Range Resources Corp.		1,996		68,583
Rice Energy, Inc. (a)		3,156		67,381
SM Energy Co.		9,299		320,630
Southwestern Energy Co. (a)		66,062		714,791
Spectra Energy Corp.		10,284		422,570
Targa Resources Corp.		224		12,560
Tesoro Corp.		1,261		110,274
Valero Energy Corp.		8,211		560,976
Whiting Petroleum Corp. (a)		2,368		28,463
Williams Cos., Inc.		14,307		445,520
World Fuel Services Corp.		5,477		251,449
WPX Energy, Inc. (a)		1,932		28,149
				9,095,452

See accompanying notes to financial statements.

119

SPDR Russell 1000 Momentum Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PAPER & FOREST PRODUCTS — 0.1%
Domtar Corp.		12,209	$	476,517
PERSONAL PRODUCTS — 0.4%
Edgewell Personal Care Co. (a)		2,002		146,126
Estee Lauder Cos., Inc. Class A		3,427		262,131
Herbalife, Ltd. (a)		3,872		186,398
Nu Skin Enterprises, Inc. Class A		20,289		969,409
				1,564,064
PHARMACEUTICALS — 0.2%
Bristol-Myers Squibb Co.		943		55,109
Eli Lilly & Co.		1,633		120,107
Johnson & Johnson		963		110,947
Mallinckrodt PLC (a)		1,896		94,459
Merck & Co., Inc.		2,001		117,799
Pfizer, Inc.		1,872		60,803
Zoetis, Inc.		2,780		148,813
				708,037
PROFESSIONAL SERVICES — 0.5%
Dun & Bradstreet Corp.		1,968		238,758
Equifax, Inc.		5,591		661,024
ManpowerGroup, Inc.		4,652		413,423
Nielsen Holdings PLC		4,546		190,705
Robert Half International, Inc.		12,182		594,238
				2,098,148
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.2%
Alexandria Real Estate Equities, Inc.		1,335		148,359
American Campus Communities, Inc.		2,330		115,964
American Tower Corp. REIT		1,630		172,258
Apartment Investment & Management Co. Class A REIT		1,425		64,766
Apple Hospitality REIT, Inc.		2,566		51,269
AvalonBay Communities, Inc.		805		142,606
Boston Properties, Inc. REIT		894		112,447
Brandywine Realty Trust		1,749		28,876
Brixmor Property Group, Inc.		2,319		56,630
Camden Property Trust		3,302		277,599
Care Capital Properties, Inc.		2,895		72,375
Chimera Investment Corp.		19,577		333,201
Columbia Property Trust, Inc.		1,539		33,242
Communications Sales & Leasing, Inc. (a)		4,907		124,687
Corporate Office Properties Trust		16,226		506,576
Crown Castle International Corp. REIT		4,906		425,694
DCT Industrial Trust, Inc. REIT		3,249		155,562
Digital Realty Trust, Inc. REIT		2,728		268,053
Douglas Emmett, Inc.		2,869		104,891
Duke Realty Corp.		7,501		199,227
Empire State Realty Trust, Inc. Class A		2,474		49,950
EPR Properties		5,666		406,649
Equinix, Inc. REIT		345		123,306
Equity Commonwealth (a)		2,205		66,679
Equity LifeStyle Properties, Inc.		2,287		164,893
Equity One, Inc.		2,621		80,438
Equity Residential REIT		1,772		114,046
Essex Property Trust, Inc. REIT		227		52,777
Extra Space Storage, Inc. REIT		571		44,104
Federal Realty Investment Trust REIT		643		91,377
Forest City Realty Trust, Inc. Class A		7,095		147,860
Gaming and Leisure Properties, Inc.		8,652		264,924
General Growth Properties, Inc. REIT		7,472		186,651
Healthcare Trust of America, Inc. Class A		1,353		39,386
Highwoods Properties, Inc.		2,510		128,035
Hospitality Properties Trust		11,471		364,090
Host Hotels & Resorts, Inc. REIT		35,195		663,074
Iron Mountain, Inc. REIT		6,718		218,201
Kilroy Realty Corp. REIT		3,331		243,896
Kimco Realty Corp. REIT		16,119		405,554
Lamar Advertising Co. Class A		8,433		567,035
Liberty Property Trust REIT		10,927		431,616
Life Storage, Inc. REIT		390		33,251
Macerich Co. REIT		2,014		142,672
MFA Financial, Inc.		41,064		313,318
Mid-America Apartment Communities, Inc. REIT		2,269		222,180
National Retail Properties, Inc.		3,881		171,540
Omega Healthcare Investors, Inc.		3,082		96,343
Outfront Media, Inc.		1,080		26,860
Piedmont Office Realty Trust, Inc. Class A		4,720		98,695
Prologis, Inc. REIT		5,022		265,111
Public Storage REIT		447		99,904
Rayonier, Inc.		3,489		92,807
Realty Income Corp. REIT		2,746		157,840
Regency Centers Corp.		1,480		102,046
Retail Properties of America, Inc. Class A		7,911		121,276
Senior Housing Properties Trust		14,735		278,934
Simon Property Group, Inc. REIT		887		157,593
SL Green Realty Corp. REIT		615		66,143
Spirit Realty Capital, Inc. REIT		6,993		75,944
Starwood Property Trust, Inc.		7,609		167,018
STORE Capital Corp.		3,287		81,222
Sun Communities, Inc. REIT		1,987		152,224
Tanger Factory Outlet Centers, Inc.		10,940		391,433
Taubman Centers, Inc.		1,423		105,202
Two Harbors Investment Corp.		11,024		96,129
UDR, Inc. REIT		1,037		37,830
Ventas, Inc. REIT		2,751		171,993
Vornado Realty Trust REIT		1,523		158,956
Weingarten Realty Investors REIT		4,414		157,977
Welltower, Inc. REIT		1,765		118,131
Weyerhaeuser Co. REIT		8,707		261,994
WP Carey, Inc.		1,762		104,117
				12,775,506
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc. Class A (a)		7,609		239,608
Howard Hughes Corp. (a)		212		24,189
Jones Lang LaSalle, Inc.		532		53,753
				317,550
ROAD & RAIL — 1.8%
AMERCO		239		88,332
Avis Budget Group, Inc. (a)		9,538		349,854
CSX Corp.		19,145		687,880
Genesee & Wyoming, Inc. Class A (a)		5,766		400,218
Hertz Global Holdings, Inc. (a)		11,464		247,164

See accompanying notes to financial statements.

120

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
JB Hunt Transport Services, Inc.		9,803	$	951,577
Kansas City Southern		6,167		523,270
Landstar System, Inc.		13,711		1,169,548
Norfolk Southern Corp.		4,775		516,034
Old Dominion Freight Line, Inc. (a)		11,414		979,207
Ryder System, Inc.		8,421		626,859
Union Pacific Corp.		4,720		489,370
				7,029,313
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.2%
Analog Devices, Inc.		10,107		733,970
Applied Materials, Inc.		49,557		1,599,204
Broadcom, Ltd.		1,464		258,791
Cree, Inc. (a)		5,405		142,638
Intel Corp.		6,050		219,434
KLA-Tencor Corp.		8,607		677,199
Lam Research Corp.		11,138		1,177,621
Linear Technology Corp.		18,008		1,122,799
Marvell Technology Group, Ltd.		3,957		54,884
Maxim Integrated Products, Inc.		10,921		421,223
Microchip Technology, Inc.		9,722		623,666
Micron Technology, Inc. (a)		14,307		313,609
NVIDIA Corp.		4,788		511,071
ON Semiconductor Corp. (a)		38,087		485,990
Qorvo, Inc. (a)		8,852		466,766
QUALCOMM, Inc.		7,153		466,376
Skyworks Solutions, Inc.		10,768		803,939
Teradyne, Inc.		34,142		867,207
Texas Instruments, Inc.		9,374		684,021
Versum Materials, Inc. (a)		26,534		744,809
Xilinx, Inc.		7,117		429,653
				12,804,870
SOFTWARE — 2.8%
Activision Blizzard, Inc.		1,910		68,970
Adobe Systems, Inc. (a)		1,924		198,076
ANSYS, Inc. (a)		3,360		310,766
Autodesk, Inc. (a)		975		72,160
CA, Inc.		14,065		446,845
Cadence Design Systems, Inc. (a)		32,977		831,680
CDK Global, Inc.		8,124		484,922
Citrix Systems, Inc. (a)		8,425		752,437
Dell Technologies, Inc. — NMWare, Inc. (a)		7,535		414,199
Electronic Arts, Inc. (a)		10,232		805,872
Fortinet, Inc. (a)		4,888		147,227
Guidewire Software, Inc. (a)		1,296		63,932
Intuit, Inc.		7,080		811,439
Manhattan Associates, Inc. (a)		685		36,325
Microsoft Corp.		1,025		63,693
Nuance Communications, Inc. (a)		4,028		60,017
Oracle Corp.		1,269		48,793
PTC, Inc. (a)		1,304		60,336
Red Hat, Inc. (a)		2,800		195,160
salesforce.com, Inc. (a)		1,161		79,482
ServiceNow, Inc. (a)		820		60,959
Splunk, Inc. (a)		1,185		60,613
Symantec Corp.		123,509		2,950,630
Synopsys, Inc. (a)		18,235		1,073,312
Ultimate Software Group, Inc. (a)		668		121,810
VMware, Inc. Class A (a)		8,807		693,375
Workday, Inc. Class A (a)		636		42,033
Zynga, Inc. Class A (a)		8,531		21,925
				10,976,988
SPECIALTY RETAIL — 5.1%
Advance Auto Parts, Inc.		3,555		601,222
AutoNation, Inc. (a)		575		27,974
AutoZone, Inc. (a)		694		548,114
Bed Bath & Beyond, Inc.		12,451		506,009
Best Buy Co., Inc.		95,826		4,088,895
Burlington Stores, Inc. (a)		12,785		1,083,529
Cabela’s, Inc. (a)		4,372		255,981
CarMax, Inc. (a)		3,680		236,955
CST Brands, Inc.		3,249		156,439
Dick’s Sporting Goods, Inc.		32,176		1,708,546
Foot Locker, Inc.		20,063		1,422,266
GameStop Corp. Class A		9,765		246,664
Gap, Inc.		37,990		852,496
Home Depot, Inc.		897		120,270
L Brands, Inc.		1,960		129,046
Lowe’s Cos., Inc.		5,169		367,619
Michaels Cos., Inc. (a)		13,836		282,946
Murphy USA, Inc. (a)		2,170		133,390
O’Reilly Automotive, Inc. (a)		2,040		567,956
Penske Automotive Group, Inc.		5,178		268,427
Ross Stores, Inc.		19,746		1,295,338
Sally Beauty Holdings, Inc. (a)		8,144		215,164
Signet Jewelers, Ltd.		1,123		105,854
Staples, Inc.		133,442		1,207,650
Tiffany & Co.		8,190		634,152
TJX Cos., Inc.		10,470		786,611
Tractor Supply Co.		3,084		233,798
Ulta Salon Cosmetics & Fragrance, Inc. (a)		2,986		761,251
Urban Outfitters, Inc. (a)		32,917		937,476
Williams-Sonoma, Inc.		9,795		473,980
				20,256,018
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.9%
Apple, Inc.		1,274		147,555
Hewlett Packard Enterprise Co.		58,142		1,345,406
HP, Inc.		273,548		4,059,452
NCR Corp. (a)		22,971		931,704
NetApp, Inc.		25,483		898,785
Western Digital Corp.		350		23,783
				7,406,685
TEXTILES,APPAREL & LUXURY GOODS — 1.7%
Carter’s, Inc.		4,569		394,716
Coach, Inc.		34,347		1,202,832
Hanesbrands, Inc.		4,790		103,320
Kate Spade & Co. (a)		4,810		89,803
lululemon athletica, Inc. (a)		6,284		408,397
Michael Kors Holdings, Ltd. (a)		49,579		2,130,905
NIKE, Inc. Class B		1,628		82,751
PVH Corp.		14,803		1,335,823
Ralph Lauren Corp.		7,383		666,833
Skechers U.S.A., Inc. Class A (a)		3,025		74,354

See accompanying notes to financial statements.

121

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Under Armour, Inc. Class C (a)		1,029	$	25,900
VF Corp.		4,862		259,388
				6,775,022
TOBACCO — 0.1%
Altria Group, Inc.		2,773		187,510
Philip Morris International, Inc.		1,820		166,512
				354,022
TRADING COMPANIES & DISTRIBUTORS — 1.6%
Air Lease Corp.		6,100		209,413
Fastenal Co.		13,057		613,418
HD Supply Holdings, Inc. (a)		21,489		913,497
Herc Holdings, Inc. (a)		1,366		54,859
MSC Industrial Direct Co., Inc. Class A		9,955		919,742
United Rentals, Inc. (a)		13,035		1,376,235
W.W. Grainger, Inc.		3,651		847,945
Watsco, Inc.		4,246		628,918
WESCO International, Inc. (a)		10,694		711,686
				6,275,713
TRANSPORTATION INFRASTRUCTURE — 0.0% (c)
Macquarie Infrastructure Corp.		1,212		99,020
WATER UTILITIES — 0.2%
American Water Works Co., Inc.		8,606		622,730
Aqua America, Inc.		5,357		160,924
				783,654
WIRELESS TELECOMMUNICATION SERVICES — 0.3%
Sprint Corp. (a)		17,617		148,335
T-Mobile US, Inc. (a)		5,481		315,212
Telephone & Data Systems, Inc.		17,036		491,829
United States Cellular Corp. (a)		1,320		57,711
				1,013,087
TOTAL COMMON STOCKS (Cost $359,397,749)				395,046,262
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e) (Cost $329,037)		329,037		329,037
TOTAL INVESTMENTS — 100.0% (Cost $359,726,786)				395,375,299
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (c)				133,757
NET ASSETS — 100.0%			$	395,509,056

(a) Non-income producing security.

(b) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) Amount is less than 0.05% of net assets.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	9,456,794	$	—	$	—	$	9,456,794
Air Freight & Logistics		3,036,954		—		—		3,036,954
Airlines		9,216,072		—		—		9,216,072
Auto Components		4,263,523		—		—		4,263,523
Automobiles		2,923,165		—		—		2,923,165
Banks		8,071,667		—		—		8,071,667
Beverages		1,108,148		—		—		1,108,148
Biotechnology		1,248,080		—		—		1,248,080
Building Products		3,301,257		—		—		3,301,257
Capital Markets		12,333,267		—		—		12,333,267
Chemicals		12,256,654		—		—		12,256,654
Commercial Services & Supplies		3,750,319		—		—		3,750,319
Communications Equipment		5,146,698		—		—		5,146,698
Construction & Engineering		5,841,498		—		—		5,841,498
Construction Materials		1,376,349		—		—		1,376,349
Consumer Finance		3,727,022		—		—		3,727,022
Containers & Packaging		8,074,498		—		—		8,074,498

See accompanying notes to financial statements.

122

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Distributors	$	3,050,559	$	—	$	—	$	3,050,559
Diversified Consumer Services		516,371		—		—		516,371
Diversified Financial Services		345,067		—		—		345,067
Diversified Telecommunication Services		2,774,907		—		—		2,774,907
Electric Utilities		12,843,176		—		—		12,843,176
Electrical Equipment		3,005,526		—		—		3,005,526
Electronic Equipment, Instruments & Components		6,904,564		—		—		6,904,564
Energy Equipment & Services		6,086,434		—		—		6,086,434
Equity Real Estate Investment Trusts (REITs)		358,880		—		—		358,880
Food & Staples Retailing		5,092,161		—		—		5,092,161
Food Products		12,442,312		—		—		12,442,312
Gas Utilities		1,970,082		—		—		1,970,082
Health Care Equipment & Supplies		8,755,585		—		—		8,755,585
Health Care Providers & Services		11,319,004		—		—		11,319,004
Health Care Technology		360,844		—		—		360,844
Hotels, Restaurants & Leisure		12,195,231		—		—		12,195,231
Household Durables		6,379,843		—		—		6,379,843
Household Products		1,787,531		—		—		1,787,531
Independent Power Producers & Energy Traders		1,680,007		—		—		1,680,007
Industrial Conglomerates		1,414,996		—		—		1,414,996
Insurance		23,658,341		—		—		23,658,341
Internet & Catalog Retail		1,419,222		—		—		1,419,222
Internet Software & Services		2,386,162		—		—		2,386,162
IT Services		10,516,947		—		—		10,516,947
Leisure Equipment & Products		2,729,495		—		—		2,729,495
Life Sciences Tools & Services		3,032,307		—		—		3,032,307
Machinery		20,805,055		—		—		20,805,055
Marine		718,466		—		—		718,466
Media		8,913,472		—		—		8,913,472
Metals & Mining		7,767,187		—		—		7,767,187
Mortgage Real Estate Investment		238,935		—		—		238,935
Multi-Utilities		9,445,792		—		—		9,445,792
Multiline Retail		8,190,170		—		—		8,190,170
Oil, Gas & Consumable Fuels		9,095,452		—		—		9,095,452
Paper & Forest Products		476,517		—		—		476,517
Personal Products		1,564,064		—		—		1,564,064
Pharmaceuticals		708,037		—		—		708,037
Professional Services		2,098,148		—		—		2,098,148
Real Estate Investment Trusts (REITs)		12,775,506		—		—		12,775,506
Real Estate Management & Development		317,550		—		—		317,550
Road & Rail		7,029,313		—		—		7,029,313
Semiconductors & Semiconductor Equipment		12,804,870		—		—		12,804,870
Software		10,976,988		—		—		10,976,988
Specialty Retail		20,256,018		—		—		20,256,018
Technology Hardware, Storage & Peripherals		7,406,685		—		—		7,406,685
Textiles, Apparel & Luxury Goods		6,775,022		—		—		6,775,022
Tobacco		354,022		—		—		354,022
Trading Companies & Distributors		6,275,713		—		—		6,275,713
Transportation Infrastructure		99,020		—		—		99,020
Water Utilities		783,654		—		—		783,654
Wireless Telecommunication Services		1,013,087		—		—		1,013,087
Short-Term Investment		329,037		—		—		329,037
TOTAL INVESTMENTS	$	395,375,299	$	—	$	—	$	395,375,299

See accompanying notes to financial statements.

123

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		724	$	39,038		827		293		1,258	$	97,772	$	739	$	1,728
State Street Institutional Liquid Reserves Fund, Premier Class		212,146		212,146		6,529,491		6,741,637		—		—		569		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		8,441,022		8,111,985		329,037		329,037		440		—
TOTAL			$	251,184							$	426,809	$	1,748	$	1,728

See accompanying notes to financial statements.

124

SPDR Russell 1000 Low Volatility Focus ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.2%
B/E Aerospace, Inc.		6,651	$	400,324
BWX Technologies, Inc.		18,147		720,436
General Dynamics Corp.		10,929		1,887,001
HEICO Corp.		1,132		87,334
HEICO Corp. Class A		2,334		158,479
Hexcel Corp.		11,065		569,184
Huntington Ingalls Industries, Inc.		9,808		1,806,535
L3 Technologies, Inc. (a)		6,365		968,180
Rockwell Collins, Inc.		15,381		1,426,741
Spirit AeroSystems Holdings, Inc. Class A		13,754		802,546
				8,826,760
AIR FREIGHT & LOGISTICS — 1.1%
C.H. Robinson Worldwide, Inc.		29,154		2,135,822
Expeditors International of Washington, Inc.		40,269		2,132,646
				4,268,468
AIRLINES — 0.9%
Alaska Air Group, Inc.		19,801		1,756,943
Southwest Airlines Co.		35,939		1,791,200
				3,548,143
AUTO COMPONENTS — 1.0%
Delphi Automotive PLC		13,624		917,576
Gentex Corp.		17,453		343,650
Lear Corp.		17,050		2,256,909
Visteon Corp.		9,142		734,468
				4,252,603
AUTOMOBILES — 0.4%
Harley-Davidson, Inc.		19,677		1,147,956
Thor Industries, Inc.		4,853		485,543
				1,633,499
BANKS — 0.7%
Associated Banc-Corp.		8,378		206,937
Bank of Hawaii Corp.		3,182		282,211
BankUnited, Inc.		7,214		271,896
BOK Financial Corp.		1,628		135,189
CIT Group, Inc.		20,181		861,325
Commerce Bancshares, Inc.		5,581		322,638
Cullen/Frost Bankers, Inc.		3,503		309,070
People’s United Financial, Inc.		18,079		350,009
TCF Financial Corp.		9,654		189,122
				2,928,397
BEVERAGES — 0.6%
Brown-Forman Corp. Class A		2,764		127,835
Brown-Forman Corp. Class B		12,595		565,767
Dr. Pepper Snapple Group, Inc.		18,106		1,641,671
				2,335,273
BUILDING PRODUCTS — 0.3%
AO Smith Corp.		15,934		754,475
Lennox International, Inc.		3,906		598,282
				1,352,757
CAPITAL MARKETS — 3.7%
Affiliated Managers Group, Inc. (a)		5,981		869,039
Artisan Partners Asset Management, Inc. Class A		2,511		74,702
CBOE Holdings, Inc.		18,141		1,340,438
Eaton Vance Corp.		22,463		940,750
FactSet Research Systems, Inc.		7,031		1,149,076
Federated Investors, Inc. Class B		13,487		381,412
Franklin Resources, Inc.		42,955		1,700,159
Interactive Brokers Group, Inc. Class A		5,426		198,103
Invesco, Ltd.		21,264		645,150
Lazard, Ltd. Class A		14,166		582,081
LPL Financial Holdings, Inc.		8,308		292,525
Moody’s Corp.		10,302		971,170
Morningstar, Inc.		5,821		428,193
MSCI, Inc.		7,882		620,944
Nasdaq, Inc.		8,775		588,978
Raymond James Financial, Inc.		7,869		545,086
SEI Investments Co.		15,507		765,425
T Rowe Price Group, Inc.		32,268		2,428,490
Voya Financial, Inc.		10,671		418,517
				14,940,238
CHEMICALS — 2.5%
Ashland Global Holdings, Inc.		4,091		447,105
Cabot Corp.		3,629		183,410
Eastman Chemical Co.		11,288		848,970
International Flavors & Fragrances, Inc.		7,580		893,151
Mosaic Co.		31,034		910,227
NewMarket Corp.		1,312		556,078
PPG Industries, Inc.		14,814		1,403,775
Praxair, Inc.		15,487		1,814,922
RPM International, Inc.		15,217		819,131
Scotts Miracle-Gro Co. Class A		3,837		366,625
Sherwin-Williams Co.		4,616		1,240,504
Valspar Corp.		4,450		461,065
				9,944,963
COMMERCIAL SERVICES & SUPPLIES — 1.3%
Cintas Corp.		12,845		1,484,368
Clean Harbors, Inc. (a)		4,021		223,769
Copart, Inc. (a)		14,404		798,126
Covanta Holding Corp.		9,233		144,035
KAR Auction Services, Inc.		14,743		628,347
Pitney Bowes, Inc.		13,384		203,303
Republic Services, Inc. Class A		18,830		1,074,251
Rollins, Inc.		15,631		528,015
				5,084,214
COMMUNICATIONS EQUIPMENT — 0.9%
EchoStar Corp. Class A (a)		6,477		332,853
Motorola Solutions, Inc.		39,497		3,273,906
				3,606,759
CONSTRUCTION & ENGINEERING — 1.0%
Fluor Corp.		18,879		991,525
Jacobs Engineering Group, Inc. (a)		27,557		1,570,749
KBR, Inc.		7,383		123,222
Quanta Services, Inc. (a)		31,359		1,092,861
Valmont Industries, Inc.		2,436		343,233
				4,121,590

See accompanying notes to financial statements.

125

SPDR Russell 1000 Low Volatility Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CONSUMER FINANCE — 1.0%
Ally Financial, Inc.		55,255	$	1,050,950
Discover Financial Services.		21,454		1,546,619
Synchrony Financial		44,038		1,597,258
				4,194,827
CONTAINERS & PACKAGING — 3.0%
AptarGroup, Inc.		11,518		845,997
Avery Dennison Corp.		19,916		1,398,501
Bemis Co., Inc.		35,615		1,703,109
Berry Plastics Group, Inc. (a)		11,746		572,383
Crown Holdings, Inc. (a)		18,693		982,691
Graphic Packaging Holding Co.		45,529		568,202
International Paper Co.		30,193		1,602,041
Packaging Corp. of America		12,983		1,101,218
Sealed Air Corp.		13,278		602,025
Silgan Holdings, Inc.		13,425		687,091
Sonoco Products Co.		36,289		1,912,430
				11,975,688
DISTRIBUTORS — 1.3%
Genuine Parts Co.		39,890		3,811,091
LKQ Corp. (a)		18,408		564,205
Pool Corp.		8,191		854,649
				5,229,945
DIVERSIFIED CONSUMER SERVICES — 0.6%
Graham Holdings Co. Class B		240		122,868
H&R Block, Inc.		75,426		1,734,044
Service Corp. International		24,104		684,553
				2,541,465
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%
CenturyLink, Inc.		84,675		2,013,572
ELECTRIC UTILITIES — 4.1%
Alliant Energy Corp.		25,599		969,946
American Electric Power Co., Inc.		21,790		1,371,899
Avangrid, Inc.		2,146		81,291
Edison International		24,771		1,783,264
Entergy Corp.		21,092		1,549,629
Eversource Energy		17,313		956,197
Exelon Corp.		39,916		1,416,619
FirstEnergy Corp.		45,024		1,394,393
Great Plains Energy, Inc.		31,357		857,614
Hawaiian Electric Industries, Inc.		15,518		513,180
OGE Energy Corp.		38,501		1,287,859
PG&E Corp.		17,126		1,040,747
Pinnacle West Capital Corp.		17,931		1,399,156
Westar Energy, Inc.		12,338		695,246
Xcel Energy, Inc.		33,602		1,367,601
				16,684,641
ELECTRICAL EQUIPMENT — 1.3%
AMETEK, Inc.		20,548		998,633
Emerson Electric Co.		32,058		1,787,233
Hubbell, Inc.		6,557		765,202
Regal Beloit Corp.		1,989		137,738
Rockwell Automation, Inc.		10,400		1,397,760
				5,086,566
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.3%
Amphenol Corp. Class A		15,740		1,057,728
Arrow Electronics, Inc. (a)		8,532		608,332
Avnet, Inc.		38,340		1,825,368
Dolby Laboratories, Inc. Class A		5,449		246,240
FLIR Systems, Inc.		21,137		764,948
Jabil Circuit, Inc.		16,636		393,774
National Instruments Corp.		11,254		346,848
				5,243,238
ENERGY EQUIPMENT & SERVICES — 0.4%
Dril-Quip, Inc. (a)		3,086		185,314
FMC Technologies, Inc. (a)		29,559		1,050,231
Oceaneering International, Inc.		16,656		469,866
				1,705,411
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.2%
CoreCivic, Inc. REIT		31,898		780,225
FOOD & STAPLES RETAILING — 0.8%
Casey’s General Stores, Inc.		4,070		483,842
Sysco Corp.		29,122		1,612,485
US Foods Holding Corp. (a)		3,472		95,411
Whole Foods Market, Inc.		33,373		1,026,553
				3,218,291
FOOD PRODUCTS — 3.7%
Archer-Daniels-Midland Co.		40,300		1,839,695
Bunge, Ltd.		13,408		968,594
Campbell Soup Co.		15,899		961,412
Flowers Foods, Inc.		12,827		256,155
Hain Celestial Group, Inc. (a)		5,371		209,630
Hershey Co.		23,699		2,451,188
Hormel Foods Corp.		31,986		1,113,433
Ingredion, Inc.		9,769		1,220,734
McCormick & Co., Inc.		15,785		1,473,214
Mead Johnson Nutrition Co.		14,843		1,050,291
Pinnacle Foods, Inc.		16,987		907,955
TreeHouse Foods, Inc. (a)		6,015		434,223
Tyson Foods, Inc. Class A		36,627		2,259,153
				15,145,677
GAS UTILITIES — 0.5%
Atmos Energy Corp.		12,179		903,073
National Fuel Gas Co.		3,156		178,756
UGI Corp.		22,694		1,045,739
				2,127,568
HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%
C.R. Bard, Inc.		4,690		1,053,655
Cooper Cos., Inc.		2,640		461,815
DENTSPLY SIRONA, Inc.		12,419		716,949
IDEXX Laboratories, Inc. (a)		5,574		653,663
ResMed, Inc.		13,753		853,374
Teleflex, Inc.		5,147		829,439
Varian Medical Systems, Inc. (a)		18,978		1,703,845
West Pharmaceutical Services, Inc.		9,959		844,822
				7,117,562
HEALTH CARE PROVIDERS & SERVICES — 5.5%
AmerisourceBergen Corp.		41,614		3,253,799

See accompanying notes to financial statements.

126

SPDR Russell 1000 Low Volatility Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Anthem, Inc.		15,285	$	2,197,524
Cardinal Health, Inc.		39,454		2,839,504
Cigna Corp.		16,209		2,162,119
DaVita, Inc. (a)		17,052		1,094,738
Envision Healthcare Corp. (a)		5,826		368,728
Henry Schein, Inc. (a)		14,009		2,125,305
Humana, Inc.		8,631		1,760,983
LifePoint Health, Inc. (a)		9,864		560,275
McKesson Corp.		11,626		1,632,872
MEDNAX, Inc. (a)		13,019		867,847
Patterson Cos., Inc.		19,104		783,837
Quest Diagnostics, Inc.		18,675		1,716,233
Universal Health Services, Inc. Class B		5,156		548,495
VCA, Inc. (a)		8,100		556,065
				22,468,324
HOTELS, RESTAURANTS & LEISURE — 3.2%
Aramark		39,823		1,422,477
Brinker International, Inc.		20,839		1,032,156
Carnival Corp.		23,288		1,212,373
Choice Hotels International, Inc.		6,577		368,641
Darden Restaurants, Inc.		30,519		2,219,342
Domino’s Pizza, Inc.		6,224		991,110
Dunkin’ Brands Group, Inc.		8,666		454,445
Extended Stay America, Inc.		3,801		61,386
Hyatt Hotels Corp. Class A (a)		3,522		194,626
Marriott International, Inc. Class A		18,653		1,542,230
Panera Bread Co. Class A (a)		3,151		646,239
Six Flags Entertainment Corp.		8,577		514,277
Vail Resorts, Inc.		2,669		430,536
Wendy’s Co.		38,062		514,598
Wyndham Worldwide Corp.		20,350		1,554,129
				13,158,565
HOUSEHOLD DURABLES — 1.0%
Garmin, Ltd.		17,851		865,595
Leggett & Platt, Inc.		25,944		1,268,143
NVR, Inc. (a)		704		1,174,976
Tupperware Brands Corp.		15,905		836,921
				4,145,635
HOUSEHOLD PRODUCTS — 0.9%
Church & Dwight Co., Inc.		36,539		1,614,659
Clorox Co.		16,313		1,957,886
				3,572,545
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.3%
AES Corp.		71,112		826,321
Calpine Corp. (a)		21,807		249,254
				1,075,575
INDUSTRIAL CONGLOMERATES — 0.2%
Carlisle Cos., Inc.		8,849		975,956
INSURANCE — 10.2%
Alleghany Corp. (a)		1,589		966,303
Allied World Assurance Co. Holdings AG		10,466		562,129
Allstate Corp.		23,527		1,743,821
American Financial Group, Inc.		9,751		859,258
American National Insurance Co.		1,143		142,429
AmTrust Financial Services, Inc.		7,237		198,149
Arch Capital Group, Ltd. (a)		15,915		1,373,305
Arthur J Gallagher & Co.		27,151		1,410,766
Aspen Insurance Holdings, Ltd.		22,629		1,244,595
Assurant, Inc.		4,617		428,735
Axis Capital Holdings, Ltd.		31,410		2,050,131
Brown & Brown, Inc.		21,786		977,320
Cincinnati Financial Corp.		20,113		1,523,560
CNA Financial Corp.		2,511		104,206
Endurance Specialty Holdings, Ltd.		11,057		1,021,667
Erie Indemnity Co. Class A		1,602		180,145
Everest Re Group, Ltd.		13,681		2,960,568
First American Financial Corp.		24,291		889,779
FNF Group		44,078		1,496,889
Hanover Insurance Group, Inc.		11,152		1,014,943
Loews Corp.		18,094		847,342
Markel Corp. (a)		819		740,785
Marsh & McLennan Cos., Inc.		32,361		2,187,280
Mercury General Corp.		3,518		211,819
Old Republic International Corp.		28,404		539,676
ProAssurance Corp.		5,973		335,683
Progressive Corp.		93,953		3,335,331
Reinsurance Group of America, Inc.		8,229		1,035,455
RenaissanceRe Holdings, Ltd.		12,106		1,649,079
Torchmark Corp.		23,347		1,722,075
Travelers Cos., Inc.		16,587		2,030,581
Unum Group		22,770		1,000,286
Validus Holdings, Ltd.		22,929		1,261,324
White Mountains Insurance Group, Ltd.		914		764,150
WR Berkley Corp.		19,731		1,312,309
XL Group, Ltd.		36,887		1,374,410
				41,496,283
INTERNET SOFTWARE & SERVICES — 0.7%
eBay, Inc. (a)		77,091		2,288,832
Match Group, Inc. (a)		2,330		39,843
VeriSign, Inc. (a)		7,967		606,050
				2,934,725
IT SERVICES — 4.4%
Alliance Data Systems Corp.		2,827		645,970
Amdocs, Ltd.		56,611		3,297,591
Booz Allen Hamilton Holding Corp.		6,674		240,731
Broadridge Financial Solutions, Inc.		20,518		1,360,343
DST Systems, Inc.		12,381		1,326,624
Fiserv, Inc. (a)		10,323		1,097,129
Gartner, Inc. (a)		8,133		822,002
Genpact, Ltd. (a)		22,196		540,251
Jack Henry & Associates, Inc.		15,328		1,360,820
Leidos Holdings, Inc.		15,037		768,992
Paychex, Inc.		24,399		1,485,411
Sabre Corp.		22,885		570,981
Total System Services, Inc.		16,340		801,150
Vantiv, Inc. Class A (a)		10,162		605,859
Western Union Co.		81,067		1,760,775
WEX, Inc. (a)		2,597		289,825
Xerox Corp.		96,721		844,374
				17,818,828
LEISURE EQUIPMENT & PRODUCTS — 0.6%
Hasbro, Inc.		9,655		751,062

See accompanying notes to financial statements.

127

SPDR Russell 1000 Low Volatility Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Mattel, Inc.		27,669	$	762,281
Polaris Industries, Inc.		8,603		708,801
Vista Outdoor, Inc. (a)		8,184		301,990
				2,524,134
LIFE SCIENCES TOOLS & SERVICES — 1.4%
Bio-Rad Laboratories, Inc. Class A (a)		2,451		446,768
Bio-Techne Corp.		5,337		548,804
Charles River Laboratories International, Inc. (a)		4,356		331,884
Mettler-Toledo International, Inc. (a)		4,978		2,083,592
PerkinElmer, Inc.		7,768		405,101
QIAGEN NV (a)		13,778		386,060
Quintiles IMS Holdings, Inc. (a)		5,949		452,421
VWR Corp. (a)		13,382		334,951
Waters Corp. (a)		6,387		858,349
				5,847,930
MACHINERY — 4.4%
AGCO Corp.		6,727		389,224
Allison Transmission Holdings, Inc.		15,980		538,366
Crane Co.		6,434		464,020
Cummins, Inc.		11,398		1,557,765
Donaldson Co., Inc.		23,731		998,600
Dover Corp.		11,165		836,593
Flowserve Corp.		6,171		296,517
Graco, Inc.		9,419		782,625
IDEX Corp.		9,149		823,959
ITT, Inc.		8,307		320,401
Lincoln Electric Holdings, Inc.		10,838		830,949
Manitowoc Foodservice, Inc. (a)		28,900		558,637
Nordson Corp.		2,982		334,133
PACCAR, Inc.		22,009		1,406,375
Parker-Hannifin Corp.		11,620		1,626,800
Snap-on, Inc.		7,965		1,364,166
Stanley Black & Decker, Inc.		11,990		1,375,133
Timken Co.		4,307		170,988
Toro Co.		20,624		1,153,913
WABCO Holdings, Inc. (a)		3,637		386,068
Wabtec Corp.		12,288		1,020,150
Xylem, Inc.		15,347		759,983
				17,995,365
MARINE — 0.2%
Kirby Corp. (a)		9,599		638,334
MEDIA — 2.5%
AMC Networks, Inc. Class A (a)		4,074		213,233
Cable One, Inc.		629		391,068
Cinemark Holdings, Inc.		24,737		948,911
Discovery Communications, Inc. Class A (a)		16,989		465,669
Discovery Communications, Inc. Class C (a)		24,987		669,152
Interpublic Group of Cos., Inc.		23,583		552,078
John Wiley & Sons, Inc. Class A		17,078		930,751
Liberty Media Corp.-Liberty SiriusXM Class A (a)		6,959		240,225
Liberty Media Corp.-Liberty SiriusXM Class C (a)		16,119		546,756
News Corp. Class A		94,018		1,077,446
News Corp. Class B		32,567		384,291
Omnicom Group, Inc.		32,232		2,743,266
Regal Entertainment Group Class A		25,964		534,858
Scripps Networks Interactive, Inc. Class A		5,996		427,935
				10,125,639
METALS & MINING — 0.7%
Compass Minerals International, Inc.		3,449		270,229
Nucor Corp.		24,205		1,440,682
Reliance Steel & Aluminum Co.		11,919		948,037
				2,658,948
MORTGAGE REAL ESTATE INVESTMENT — 0.1%
AGNC Investment Corp. REIT		24,020		435,483
MULTI-UTILITIES — 3.2%
Ameren Corp.		32,935		1,727,770
CenterPoint Energy, Inc.		31,708		781,285
CMS Energy Corp.		26,822		1,116,332
Consolidated Edison, Inc.		21,772		1,604,161
DTE Energy Co.		11,616		1,144,292
MDU Resources Group, Inc.		10,641		306,142
NiSource, Inc.		69,823		1,545,881
Public Service Enterprise Group, Inc.		42,826		1,879,205
SCANA Corp.		14,384		1,054,059
Sempra Energy		9,318		937,764
Vectren Corp.		16,556		863,395
				12,960,286
MULTILINE RETAIL — 2.6%
Dillard’s, Inc. Class A		4,746		297,527
Dollar General Corp.		21,408		1,585,691
Kohl’s Corp.		26,089		1,288,275
Macy’s, Inc.		33,909		1,214,281
Nordstrom, Inc.		46,683		2,237,516
Target Corp.		51,474		3,717,967
				10,341,257
OIL, GAS & CONSUMABLE FUELS — 0.0% (b)
World Fuel Services Corp.		4,019		184,512
PAPER & FOREST PRODUCTS — 0.1%
Domtar Corp.		10,101		394,242
PERSONAL PRODUCTS — 0.3%
Estee Lauder Cos., Inc. Class A		14,935		1,142,378
PROFESSIONAL SERVICES — 0.9%
Dun & Bradstreet Corp.		2,511		304,635
Equifax, Inc.		11,545		1,364,965
ManpowerGroup, Inc.		4,870		432,797
Robert Half International, Inc.		34,292		1,672,764
				3,775,161
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.7%
Apple Hospitality REIT, Inc.		23,141		462,357
Brixmor Property Group, Inc.		10,139		247,594
Camden Property Trust		7,505		630,945
Care Capital Properties, Inc.		12,009		300,225
Chimera Investment Corp.		24,825		422,521
Columbia Property Trust, Inc.		7,566		163,426
Corporate Office Properties Trust		17,208		537,234
DCT Industrial Trust, Inc. REIT		5,294		253,477

See accompanying notes to financial statements.

128

SPDR Russell 1000 Low Volatility Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Empire State Realty Trust, Inc. Class A		10,684	$	215,710
EPR Properties		8,736		626,983
Equity LifeStyle Properties, Inc.		7,650		551,565
Federal Realty Investment Trust REIT		3,773		536,181
Gaming and Leisure Properties, Inc.		12,525		383,515
Highwoods Properties, Inc.		5,735		292,542
Hospitality Properties Trust		21,222		673,586
Host Hotels & Resorts, Inc. REIT		46,520		876,437
Kilroy Realty Corp. REIT		7,277		532,822
Kimco Realty Corp. REIT		49,794		1,252,817
Lamar Advertising Co. Class A		5,938		399,271
Liberty Property Trust REIT		14,851		586,614
Life Storage, Inc. REIT		4,390		374,291
Macerich Co. REIT		8,105		574,158
MFA Financial, Inc.		91,784		700,312
Mid-America Apartment Communities, Inc. REIT		12,840		1,257,293
National Retail Properties, Inc.		10,963		484,565
Omega Healthcare Investors, Inc.		13,803		431,482
Outfront Media, Inc.		15,910		395,682
Piedmont Office Realty Trust, Inc. Class A		17,850		373,244
Retail Properties of America, Inc. Class A		24,282		372,243
Senior Housing Properties Trust		18,881		357,417
Starwood Property Trust, Inc.		21,076		462,618
STORE Capital Corp.		8,618		212,951
Sun Communities, Inc. REIT		5,315		407,182
Tanger Factory Outlet Centers, Inc.		35,106		1,256,093
Taubman Centers, Inc.		6,763		499,989
Two Harbors Investment Corp.		35,424		308,897
Weingarten Realty Investors REIT		12,588		450,525
				18,864,764
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%
Jones Lang LaSalle, Inc.		7,561		763,963
Realogy Holdings Corp.		11,074		284,934
				1,048,897
ROAD & RAIL — 1.3%
AMERCO		578		213,623
Genesee & Wyoming, Inc. Class A (a)		3,563		247,308
JB Hunt Transport Services, Inc.		19,592		1,901,795
Landstar System, Inc.		16,250		1,386,125
Old Dominion Freight Line, Inc. (a)		13,778		1,182,015
Ryder System, Inc.		4,277		318,380
				5,249,246
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%
Analog Devices, Inc.		27,804		2,019,126
KLA-Tencor Corp.		11,395		896,559
Linear Technology Corp.		41,018		2,557,472
Marvell Technology Group, Ltd.		31,482		436,655
Maxim Integrated Products, Inc.		23,693		913,839
Microchip Technology, Inc.		16,570		1,062,966
Teradyne, Inc.		35,245		895,223
				8,781,840
SOFTWARE — 2.5%
ANSYS, Inc. (a)		13,226		1,223,273
CA, Inc.		37,567		1,193,503
Cadence Design Systems, Inc. (a)		47,585		1,200,094
Symantec Corp.		184,169		4,399,797
Synopsys, Inc. (a)		34,009		2,001,770
				10,018,437
SPECIALTY RETAIL — 5.2%
Advance Auto Parts, Inc.		5,992		1,013,367
AutoNation, Inc. (a)		5,899		286,986
AutoZone, Inc. (a)		2,800		2,211,412
Bed Bath & Beyond, Inc.		56,309		2,288,398
CST Brands, Inc.		4,206		202,519
Dick’s Sporting Goods, Inc.		23,361		1,240,469
Foot Locker, Inc.		37,845		2,682,832
GameStop Corp. Class A		5,981		151,080
Gap, Inc.		34,390		771,712
L Brands, Inc.		19,339		1,273,280
Michaels Cos., Inc. (a)		5,452		111,493
Murphy USA, Inc. (a)		4,137		254,301
O’Reilly Automotive, Inc. (a)		4,973		1,384,533
Penske Automotive Group, Inc.		2,537		131,518
Ross Stores, Inc.		41,157		2,699,899
Sally Beauty Holdings, Inc. (a)		26,217		692,653
Signet Jewelers, Ltd.		4,626		436,047
Staples, Inc.		58,418		528,683
Tiffany & Co.		14,202		1,099,661
Tractor Supply Co.		8,424		638,624
Urban Outfitters, Inc. (a)		6,598		187,911
Williams-Sonoma, Inc.		20,121		973,655
				21,261,033
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.4%
NetApp, Inc.		46,149		1,627,675
TEXTILES,APPAREL & LUXURY GOODS — 0.9%
Carter’s, Inc.		9,934		858,198
PVH Corp.		4,058		366,194
Ralph Lauren Corp.		10,990		992,617
Under Armour, Inc. Class C (a)		12,822		322,730
VF Corp.		21,150		1,128,352
				3,668,091
TRADING COMPANIES & DISTRIBUTORS — 1.3%
Air Lease Corp.		7,905		271,378
Fastenal Co.		19,972		938,284
HD Supply Holdings, Inc. (a)		14,484		615,715
MSC Industrial Direct Co., Inc. Class A		8,994		830,956
W.W. Grainger, Inc.		6,659		1,546,553
Watsco, Inc.		7,532		1,115,640
				5,318,526
WATER UTILITIES — 0.3%
American Water Works Co., Inc.		11,805		854,210
Aqua America, Inc.		15,508		465,860
				1,320,070
WIRELESS TELECOMMUNICATION SERVICES — 0.2%
Telephone & Data Systems, Inc.		13,407		387,060
United States Cellular Corp. (a)		5,147		225,027
				612,087
TOTAL COMMON STOCKS (Cost $367,259,168)				404,349,111

See accompanying notes to financial statements.

129

SPDR Russell 1000 Low Volatility Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $334,746)		334,746	$	334,746
TOTAL INVESTMENTS — 99.9% (Cost $367,593,914)				404,683,857
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				310,106
NET ASSETS — 100.0%			$	404,993,963

(a) Non-income producing security.

(b) Amount is less than 0.05% of net assets.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	8,826,760	$	—	$	—	$	8,826,760
Air Freight & Logistics		4,268,468		—		—		4,268,468
Airlines		3,548,143		—		—		3,548,143
Auto Components		4,252,603		—		—		4,252,603
Automobiles		1,633,499		—		—		1,633,499
Banks		2,928,397		—		—		2,928,397
Beverages		2,335,273		—		—		2,335,273
Building Products		1,352,757		—		—		1,352,757
Capital Markets		14,940,238		—		—		14,940,238
Chemicals		9,944,963		—		—		9,944,963
Commercial Services & Supplies		5,084,214		—		—		5,084,214
Communications Equipment		3,606,759		—		—		3,606,759
Construction & Engineering		4,121,590		—		—		4,121,590
Consumer Finance		4,194,827		—		—		4,194,827
Containers & Packaging		11,975,688		—		—		11,975,688
Distributors		5,229,945		—		—		5,229,945
Diversified Consumer Services		2,541,465		—		—		2,541,465
Diversified Telecommunication Services		2,013,572		—		—		2,013,572
Electric Utilities		16,684,641		—		—		16,684,641
Electrical Equipment		5,086,566		—		—		5,086,566
Electronic Equipment, Instruments & Components		5,243,238		—		—		5,243,238
Energy Equipment & Services		1,705,411		—		—		1,705,411
Equity Real Estate Investment Trusts (REITs)		780,225		—		—		780,225
Food & Staples Retailing		3,218,291		—		—		3,218,291
Food Products		15,145,677		—		—		15,145,677
Gas Utilities		2,127,568		—		—		2,127,568
Health Care Equipment & Supplies		7,117,562		—		—		7,117,562
Health Care Providers & Services		22,468,324		—		—		22,468,324
Hotels, Restaurants & Leisure		13,158,565		—		—		13,158,565
Household Durables		4,145,635		—		—		4,145,635
Household Products		3,572,545		—		—		3,572,545
Independent Power Producers & Energy Traders		1,075,575		—		—		1,075,575
Industrial Conglomerates		975,956		—		—		975,956
Insurance		41,496,283		—		—		41,496,283
Internet Software & Services		2,934,725		—		—		2,934,725
IT Services		17,818,828		—		—		17,818,828
Leisure Equipment & Products		2,524,134		—		—		2,524,134

See accompanying notes to financial statements.

130

SPDR Russell 1000 Low Volatility Focus ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Life Sciences Tools & Services	$	5,847,930	$	—	$	—	$	5,847,930
Machinery		17,995,365		—		—		17,995,365
Marine		638,334		—		—		638,334
Media		10,125,639		—		—		10,125,639
Metals & Mining		2,658,948		—		—		2,658,948
Mortgage Real Estate Investment		435,483		—		—		435,483
Multi-Utilities		12,960,286		—		—		12,960,286
Multiline Retail		10,341,257		—		—		10,341,257
Oil, Gas & Consumable Fuels		184,512		—		—		184,512
Paper & Forest Products		394,242		—		—		394,242
Personal Products		1,142,378		—		—		1,142,378
Professional Services		3,775,161		—		—		3,775,161
Real Estate Investment Trusts (REITs)		18,864,764		—		—		18,864,764
Real Estate Management & Development		1,048,897		—		—		1,048,897
Road & Rail		5,249,246		—		—		5,249,246
Semiconductors & Semiconductor Equipment		8,781,840		—		—		8,781,840
Software		10,018,437		—		—		10,018,437
Specialty Retail		21,261,033		—		—		21,261,033
Technology Hardware, Storage & Peripherals		1,627,675		—		—		1,627,675
Textiles, Apparel & Luxury Goods		3,668,091		—		—		3,668,091
Trading Companies & Distributors		5,318,526		—		—		5,318,526
Water Utilities		1,320,070		—		—		1,320,070
Wireless Telecommunication Services		612,087		—		—		612,087
Short-Term Investment		334,746		—		—		334,746
TOTAL INVESTMENTS	$	404,683,857	$	—	$	—	$	404,683,857

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		452,777	$	452,777		5,709,501		6,162,278		—	$	—	$	560	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		13,314,822		12,980,076		334,746		334,746		1,009		—
TOTAL			$	452,777							$	334,746	$	1,569	$	—

See accompanying notes to financial statements.

131

SPDR S&P 500 Buyback ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 5.1%
Boeing Co.		544	$	84,690
General Dynamics Corp.		480		82,877
L3 Technologies, Inc. (a)		489		74,382
Northrop Grumman Corp.		332		77,217
United Technologies Corp.		725		79,474
				398,640
AIR FREIGHT & LOGISTICS — 2.0%
Expeditors International of Washington, Inc.		1,439		76,209
FedEx Corp.		425		79,135
				155,344
AIRLINES — 5.8%
Alaska Air Group, Inc.		1,005		89,174
American Airlines Group, Inc.		1,878		87,684
Delta Air Lines, Inc.		1,813		89,181
Southwest Airlines Co.		1,758		87,619
United Continental Holdings, Inc. (a)		1,363		99,335
				452,993
AUTOMOBILES — 1.1%
Harley-Davidson, Inc.		1,457		85,001
BEVERAGES — 0.8%
Monster Beverage Corp. (a)		1,503		66,643
BIOTECHNOLOGY — 1.9%
AbbVie, Inc.		1,207		75,582
Gilead Sciences, Inc.		998		71,467
				147,049
BUILDING PRODUCTS — 0.9%
Fortune Brands Home & Security, Inc.		1,320		70,567
CAPITAL MARKETS — 3.5%
Ameriprise Financial, Inc.		748		82,983
E*TRADE Financial Corp. (a)		2,548		88,288
Goldman Sachs Group, Inc.		425		101,767
				273,038
CHEMICALS — 1.9%
LyondellBasell Industries NV Class A		912		78,232
Monsanto Co.		711		74,804
				153,036
COMMERCIAL SERVICES & SUPPLIES — 1.8%
Cintas Corp.		665		76,847
Pitney Bowes, Inc.		4,324		65,682
				142,529
COMMUNICATIONS EQUIPMENT — 2.2%
F5 Networks, Inc. (a)		628		90,884
Motorola Solutions, Inc.		986		81,730
				172,614
CONSTRUCTION & ENGINEERING — 1.1%
Quanta Services, Inc. (a)		2,593		90,366
CONSTRUCTION MATERIALS — 1.2%
Martin Marietta Materials, Inc.		418		92,600
CONSUMER FINANCE — 4.6%
American Express Co.		1,207		89,415
Capital One Financial Corp.		1,016		88,636
Discover Financial Services		1,324		95,447
Navient Corp.		5,222		85,797
				359,295
CONTAINERS & PACKAGING — 1.8%
Avery Dennison Corp.		950		66,709
Sealed Air Corp.		1,627		73,768
				140,477
DIVERSIFIED CONSUMER SERVICES — 0.9%
H&R Block, Inc.		3,149		72,395
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.0%
Corning, Inc.		3,106		75,383
TE Connectivity, Ltd.		1,189		82,374
				157,757
FOOD & STAPLES RETAILING — 2.0%
Sysco Corp.		1,499		83,000
Whole Foods Market, Inc.		2,556		78,622
				161,622
FOOD PRODUCTS — 1.6%
Mead Johnson Nutrition Co.		897		63,472
Tyson Foods, Inc. Class A		1,015		62,605
				126,077
HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%
DENTSPLY SIRONA, Inc.		1,237		71,412
Varian Medical Systems, Inc. (a)		759		68,143
				139,555
HEALTH CARE PROVIDERS & SERVICES — 1.8%
AmerisourceBergen Corp.		910		71,153
HCA Holdings, Inc. (a)		914		67,654
				138,807
HOTELS, RESTAURANTS & LEISURE — 4.9%
Carnival Corp.		1,590		82,775
Chipotle Mexican Grill, Inc. Class A (a)		180		67,918
McDonald’s Corp.		637		77,536
Wyndham Worldwide Corp.		1,072		81,869
Yum! Brands, Inc.		1,165		73,779
				383,877
INDUSTRIAL CONGLOMERATES — 1.0%
General Electric Co.		2,541		80,296
INSURANCE — 10.1%
Aflac, Inc.		1,024		71,270
Allstate Corp.		1,048		77,678
American International Group, Inc.		1,214		79,286
Aon PLC		663		73,944
Assurant, Inc.		798		74,102
Hartford Financial Services Group, Inc.		1,676		79,862
Lincoln National Corp.		1,482		98,212
Loews Corp.		1,784		83,545
Travelers Cos., Inc.		631		77,247
XL Group, Ltd.		2,133		79,476
				794,622
INTERNET SOFTWARE & SERVICES — 0.9%
VeriSign, Inc. (a)		959		72,951

See accompanying notes to financial statements.

132

SPDR S&P 500 Buyback ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
IT SERVICES — 2.7%
Fiserv, Inc. (a)		726	$	77,159
Teradata Corp. (a)		2,461		66,865
Xerox Corp.		7,606		66,401
				210,425
MEDIA — 3.1%
CBS Corp. Class B		1,317		83,788
Discovery Communications, Inc. Class A (a)		1,170		32,070
Discovery Communications, Inc. Class C (a)		1,739		46,570
Twenty-First Century Fox, Inc. Class A		2,012		56,416
Twenty-First Century Fox, Inc. Class B		921		25,097
				243,941
MULTILINE RETAIL — 3.8%
Kohl’s Corp.		1,659		81,922
Macy’s, Inc.		2,063		73,876
Nordstrom, Inc.		1,369		65,616
Target Corp.		1,067		77,069
				298,483
OIL, GAS & CONSUMABLE FUELS — 1.2%
Valero Energy Corp.		1,350		92,232
PERSONAL PRODUCTS — 0.7%
Coty, Inc. Class A		3,145		57,585
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.7%
Macerich Co. REIT		950		67,298
Weyerhaeuser Co. REIT		2,315		69,658
				136,956
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.4%
Applied Materials, Inc.		2,586		83,450
NVIDIA Corp.		1,099		117,307
Qorvo, Inc. (a)		1,371		72,293
QUALCOMM, Inc.		1,106		72,111
				345,161
SOFTWARE — 4.7%
CA, Inc.		2,264		71,927
Citrix Systems, Inc. (a)		868		77,521
Intuit, Inc.		686		78,623
Oracle Corp.		1,911		73,478
Symantec Corp.		3,046		72,769
				374,318
SPECIALTY RETAIL — 7.8%
AutoNation, Inc. (a)		1,503		73,121
AutoZone, Inc. (a)		96		75,820
Bed Bath & Beyond, Inc.		1,764		71,689
Best Buy Co., Inc.		1,848		78,854
CarMax, Inc. (a)		1,414		91,047
Foot Locker, Inc.		1,059		75,073
Lowe’s Cos., Inc.		1,018		72,400
O’Reilly Automotive, Inc. (a)		260		72,387
				610,391
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.0%
Hewlett Packard Enterprise Co.		3,409		78,884
NetApp, Inc.		2,189		77,206
Seagate Technology PLC		2,066		78,859
				234,949
TEXTILES,APPAREL & LUXURY GOODS — 1.7%
Hanesbrands, Inc.		3,010		64,926
Michael Kors Holdings, Ltd. (a)		1,556		66,877
				131,803
TRADING COMPANIES & DISTRIBUTORS — 2.3%
United Rentals, Inc. (a)		963		101,673
W.W. Grainger, Inc.		339		78,733
				180,406
TOTAL COMMON STOCKS (Cost $7,425,984)				7,844,801
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $12,043)		12,043		12,043
TOTAL INVESTMENTS — 99.9% (Cost $7,438,027)				7,856,844
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				4,719
NET ASSETS — 100.0%			$	7,861,563

(a) Non-income producing security.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

133

SPDR S&P 500 Buyback ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	398,640	$	—	$	—	$	398,640
Air Freight & Logistics		155,344		—		—		155,344
Airlines		452,993		—		—		452,993
Automobiles		85,001		—		—		85,001
Beverages		66,643		—		—		66,643
Biotechnology		147,049		—		—		147,049
Building Products		70,567		—		—		70,567
Capital Markets		273,038		—		—		273,038
Chemicals		153,036		—		—		153,036
Commercial Services & Supplies		142,529		—		—		142,529
Communications Equipment		172,614		—		—		172,614
Construction & Engineering		90,366		—		—		90,366
Construction Materials		92,600		—		—		92,600
Consumer Finance		359,295		—		—		359,295
Containers & Packaging		140,477		—		—		140,477
Diversified Consumer Services		72,395		—		—		72,395
Electronic Equipment, Instruments & Components		157,757		—		—		157,757
Food & Staples Retailing		161,622		—		—		161,622
Food Products		126,077		—		—		126,077
Health Care Equipment & Supplies		139,555		—		—		139,555
Health Care Providers & Services		138,807		—		—		138,807
Hotels, Restaurants & Leisure		383,877		—		—		383,877
Industrial Conglomerates		80,296		—		—		80,296
Insurance		794,622		—		—		794,622
Internet Software & Services		72,951		—		—		72,951
IT Services		210,425		—		—		210,425
Media		243,941		—		—		243,941
Multiline Retail		298,483		—		—		298,483
Oil, Gas & Consumable Fuels		92,232		—		—		92,232
Personal Products		57,585		—		—		57,585
Real Estate Investment Trusts (REITs)		136,956		—		—		136,956
Semiconductors & Semiconductor Equipment		345,161		—		—		345,161
Software		374,318		—		—		374,318
Specialty Retail		610,391		—		—		610,391
Technology Hardware, Storage & Peripherals		234,949		—		—		234,949
Textiles, Apparel & Luxury Goods		131,803		—		—		131,803
Trading Companies & Distributors		180,406		—		—		180,406
Short-Term Investment		12,043		—		—		12,043
TOTAL INVESTMENTS	$	7,856,844	$	—	$	—	$	7,856,844

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		1,692	$	91,233		—		1,692		—	$	—	$	—	$	(4,616	)
State Street Institutional Liquid Reserves Fund, Premier Class		20,998		20,998		45,314		66,312		—		—		14		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		68,772		56,729		12,043		12,043		24		—
TOTAL			$	112,231							$	12,043	$	38	$	(4,616	)

See accompanying notes to financial statements.

134

SPDR S&P 500 Growth ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.6%
Boeing Co.		25,293	$	3,937,614
General Dynamics Corp.		18,827		3,250,670
L3 Technologies, Inc. (a)		2,236		340,118
Lockheed Martin Corp.		16,554		4,137,507
Northrop Grumman Corp.		11,554		2,687,230
Raytheon Co.		12,943		1,837,906
Rockwell Collins, Inc.		5,407		501,553
TransDigm Group, Inc.		3,320		826,547
				17,519,145
AIR FREIGHT & LOGISTICS — 1.3%
C.H. Robinson Worldwide, Inc. (b)		4,792		351,062
Expeditors International of Washington, Inc.		8,147		431,465
FedEx Corp.		16,052		2,988,882
United Parcel Service, Inc. Class B		45,398		5,204,427
				8,975,836
AIRLINES — 0.6%
Alaska Air Group, Inc.		5,162		458,025
Southwest Airlines Co.		40,530		2,020,015
United Continental Holdings, Inc. (a)		18,998		1,384,574
				3,862,614
AUTOMOBILES — 0.1%
Harley-Davidson, Inc.		11,582		675,694
BANKS — 0.7%
Citizens Financial Group, Inc.		12,766		454,853
Comerica, Inc.		6,198		422,146
KeyCorp.		34,746		634,809
US Bancorp		58,922		3,026,823
				4,538,631
BEVERAGES — 2.1%
Brown-Forman Corp. Class B		7,164		321,807
Coca-Cola Co.		130,325		5,403,274
Constellation Brands, Inc. Class A		11,740		1,799,859
Dr. Pepper Snapple Group, Inc.		7,270		659,171
Monster Beverage Corp. (a)		15,955		707,445
PepsiCo, Inc.		52,892		5,534,090
				14,425,646
BIOTECHNOLOGY — 4.6%
AbbVie, Inc.		106,953		6,697,397
Alexion Pharmaceuticals, Inc. (a)		14,748		1,804,418
Amgen, Inc.		26,960		3,941,822
Biogen, Inc. (a)		14,297		4,054,343
Celgene Corp. (a)		50,987		5,901,745
Gilead Sciences, Inc.		86,737		6,211,236
Regeneron Pharmaceuticals, Inc. (a)		4,930		1,809,754
Vertex Pharmaceuticals, Inc. (a)		9,246		681,153
				31,101,868
BUILDING PRODUCTS — 0.2%
Allegion PLC		3,972		254,208
Fortune Brands Home & Security, Inc.		7,234		386,729
Masco Corp.		13,390		423,392
				1,064,329
CAPITAL MARKETS — 2.1%
Ameriprise Financial, Inc.		5,016		556,475
BlackRock, Inc.		3,940		1,499,328
Charles Schwab Corp.		79,342		3,131,629
CME Group, Inc.		14,076		1,623,667
E*TRADE Financial Corp. (a)		18,030		624,739
Intercontinental Exchange, Inc.		39,238		2,213,808
Moody’s Corp.		10,913		1,028,769
Nasdaq, Inc.		3,466		232,638
Northern Trust Corp.		8,941		796,196
S&P Global, Inc.		17,023		1,830,653
T Rowe Price Group, Inc.		10,370		780,446
				14,318,348
CHEMICALS — 1.6%
Air Products & Chemicals, Inc.		8,165		1,174,290
Albemarle Corp.		7,416		638,369
E.I. du Pont de Nemours & Co.		28,626		2,101,148
Ecolab, Inc.		9,485		1,111,832
FMC Corp.		5,792		327,596
International Flavors & Fragrances, Inc.		3,009		354,551
Monsanto Co.		19,275		2,027,923
PPG Industries, Inc.		9,228		874,445
Praxair, Inc.		10,511		1,231,784
Sherwin-Williams Co.		3,620		972,839
				10,814,777
COMMERCIAL SERVICES & SUPPLIES — 0.5%
Cintas Corp.		5,947		687,235
Republic Services, Inc. Class A		15,228		868,757
Waste Management, Inc.		26,704		1,893,581
				3,449,573
COMMUNICATIONS EQUIPMENT — 0.4%
F5 Networks, Inc. (a)		4,318		624,901
Harris Corp.		8,121		832,159
Juniper Networks, Inc.		13,976		394,962
Motorola Solutions, Inc.		10,873		901,263
				2,753,285
CONSTRUCTION & ENGINEERING — 0.1%
Quanta Services, Inc. (a)		9,956		346,967
CONSTRUCTION MATERIALS — 0.3%
Martin Marietta Materials, Inc.		4,205		931,533
Vulcan Materials Co.		8,678		1,086,052
				2,017,585
CONSUMER FINANCE — 0.6%
American Express Co.		24,280		1,798,662
Discover Financial Services.		25,906		1,867,564
				3,666,226
CONTAINERS & PACKAGING — 0.1%
Avery Dennison Corp.		3,055		214,522
Sealed Air Corp.		6,670		302,418
				516,940
DISTRIBUTORS — 0.1%
LKQ Corp. (a)		20,180		618,517
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.2%
Level 3 Communications, Inc. (a)		10,699		602,996

See accompanying notes to financial statements.

135

SPDR S&P 500 Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Verizon Communications, Inc.		142,250	$	7,593,305
				8,196,301
ELECTRIC UTILITIES — 0.3%
Alliant Energy Corp.		7,010		265,609
NextEra Energy, Inc.		15,036		1,796,200
				2,061,809
ELECTRICAL EQUIPMENT — 0.4%
Acuity Brands, Inc.		2,862		660,721
Emerson Electric Co.		19,404		1,081,773
Rockwell Automation, Inc.		8,477		1,139,309
				2,881,803
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
Amphenol Corp. Class A		20,300		1,364,160
Corning, Inc.		62,580		1,518,817
FLIR Systems, Inc.		6,204		224,523
TE Connectivity, Ltd.		11,648		806,973
				3,914,473
ENERGY EQUIPMENT & SERVICES — 0.9%
Baker Hughes, Inc.		11,988		778,860
Halliburton Co.		33,016		1,785,835
Schlumberger, Ltd.		41,246		3,462,602
				6,027,297
FOOD & STAPLES RETAILING — 0.2%
Sysco Corp.		17,574		973,072
FOOD PRODUCTS — 0.6%
Campbell Soup Co.		7,752		468,763
General Mills, Inc.		21,360		1,319,407
Hershey Co.		9,179		949,384
Kellogg Co.		8,992		662,800
McCormick & Co., Inc.		4,778		445,931
Mead Johnson Nutrition Co.		6,489		459,162
				4,305,447
HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%
Becton Dickinson and Co.		13,958		2,310,747
Boston Scientific Corp. (a)		89,545		1,936,858
C.R. Bard, Inc.		4,807		1,079,941
Cooper Cos., Inc.		2,271		397,266
Danaher Corp.		21,179		1,648,573
Edwards Lifesciences Corp. (a)		14,023		1,313,955
Hologic, Inc. (a)		10,979		440,478
Intuitive Surgical, Inc. (a)		2,588		1,641,232
St. Jude Medical, Inc.		18,811		1,508,454
Stryker Corp.		20,409		2,445,202
Varian Medical Systems, Inc. (a)		6,139		551,160
Zimmer Biomet Holdings, Inc.		8,437		870,698
				16,144,564
HEALTH CARE PROVIDERS & SERVICES — 2.5%
Aetna, Inc.		23,045		2,857,811
Envision Healthcare Corp. (a)		3,146		199,110
HCA Holdings, Inc. (a)		9,779		723,842
Humana, Inc.		9,840		2,007,655
Laboratory Corp. of America Holdings (a)		3,680		472,438
Quest Diagnostics, Inc.		5,688		522,727
UnitedHealth Group, Inc.		62,673		10,030,187
Universal Health Services, Inc. Class B		2,640		280,843
				17,094,613
HEALTH CARE TECHNOLOGY — 0.1%
Cerner Corp. (a)		19,847		940,152
HOTELS, RESTAURANTS & LEISURE — 2.2%
Chipotle Mexican Grill, Inc. Class A (a) (b)		1,076		405,996
Darden Restaurants, Inc.		8,126		590,923
Marriott International, Inc. Class A		21,094		1,744,052
McDonald’s Corp.		33,915		4,128,134
Royal Caribbean Cruises, Ltd.		5,631		461,967
Starbucks Corp.		95,762		5,316,706
Wyndham Worldwide Corp. (b)		4,723		360,696
Wynn Resorts, Ltd.		5,238		453,139
Yum! Brands, Inc.		22,959		1,453,994
				14,915,607
HOUSEHOLD DURABLES — 0.4%
Garmin, Ltd.		7,518		364,548
Harman International Industries, Inc.		4,566		507,556
Leggett & Platt, Inc.		5,920		289,370
Mohawk Industries, Inc. (a)		1,985		396,365
Newell Brands, Inc.		19,363		864,558
				2,422,397
HOUSEHOLD PRODUCTS — 1.8%
Church & Dwight Co., Inc.		11,049		488,256
Clorox Co.		4,614		553,772
Colgate-Palmolive Co.		32,745		2,142,833
Kimberly-Clark Corp.		12,268		1,400,024
Procter & Gamble Co.		86,352		7,260,476
				11,845,361
INDUSTRIAL CONGLOMERATES — 2.6%
3M Co.		26,925		4,807,997
General Electric Co.		273,711		8,649,268
Honeywell International, Inc.		29,545		3,422,788
Roper Technologies, Inc.		3,622		663,116
				17,543,169
INSURANCE — 0.8%
Aon PLC		17,341		1,934,042
Arthur J Gallagher & Co.		11,703		608,088
Cincinnati Financial Corp.		5,425		410,944
Marsh & McLennan Cos., Inc.		33,894		2,290,895
				5,243,969
INTERNET & CATALOG RETAIL — 4.3%
Amazon.com, Inc. (a)		25,948		19,457,627
Expedia, Inc. (b)		7,928		898,084
Netflix, Inc. (a)		28,201		3,491,284
Priceline Group, Inc. (a)		3,267		4,789,618
TripAdvisor, Inc. (a)		4,293		199,066
				28,835,679
INTERNET SOFTWARE & SERVICES — 7.5%
Akamai Technologies, Inc. (a)		11,404		760,419
Alphabet, Inc. Class A (a)		19,465		15,425,039
Alphabet, Inc. Class C (a)		19,577		15,109,920
eBay, Inc. (a)		26,615		790,199

See accompanying notes to financial statements.

136

SPDR S&P 500 Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Facebook, Inc. Class A (a)		154,114	$	17,730,816
VeriSign, Inc. (a) (b)		6,013		457,409
				50,273,802
IT SERVICES — 6.0%
Accenture PLC Class A		40,800		4,778,904
Alliance Data Systems Corp. (b)		2,262		516,867
Automatic Data Processing, Inc.		29,686		3,051,127
Cognizant Technology Solutions Corp. Class A (a)		27,958		1,566,487
CSRA, Inc.		4,107		130,767
Fidelity National Information Services, Inc.		21,597		1,633,597
Fiserv, Inc. (a)		14,265		1,516,084
Global Payments, Inc.		10,132		703,262
International Business Machines Corp.		32,442		5,385,048
MasterCard, Inc. Class A		62,609		6,464,379
Paychex, Inc.		21,181		1,289,499
PayPal Holdings, Inc. (a)		73,878		2,915,965
Total System Services, Inc.		10,878		533,348
Visa, Inc. Class A (b)		122,901		9,588,736
Western Union Co. (b)		20,645		448,410
				40,522,480
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc.		7,377		573,857
Mattel, Inc.		12,800		352,640
				926,497
LIFE SCIENCES TOOLS & SERVICES — 0.7%
Agilent Technologies, Inc.		13,862		631,553
Illumina, Inc. (a)		6,634		849,417
Mettler-Toledo International, Inc. (a)		1,768		740,014
Thermo Fisher Scientific, Inc.		15,889		2,241,938
Waters Corp. (a)		3,529		474,262
				4,937,184
MACHINERY — 1.8%
Caterpillar, Inc.		20,014		1,856,098
Cummins, Inc.		10,158		1,388,294
Deere & Co.		9,346		963,012
Fortive Corp.		19,743		1,058,817
Illinois Tool Works, Inc.		20,833		2,551,209
Ingersoll-Rand PLC		16,966		1,273,129
PACCAR, Inc.		11,988		766,033
Parker-Hannifin Corp.		5,994		839,160
Snap-on, Inc.		2,045		350,247
Stanley Black & Decker, Inc.		4,733		542,828
Xylem, Inc.		11,791		583,890
				12,172,717
MEDIA — 4.6%
CBS Corp. Class B		25,768		1,639,360
Charter Communications, Inc. Class A (a)		14,257		4,104,875
Comcast Corp. Class A		156,858		10,831,045
Discovery Communications, Inc. Class A (a) (b)		10,445		286,297
Discovery Communications, Inc. Class C (a)		15,695		420,312
Interpublic Group of Cos., Inc.		14,270		334,061
Omnicom Group, Inc.		11,141		948,211
Scripps Networks Interactive, Inc. Class A (b)		6,286		448,632
Time Warner, Inc.		50,794		4,903,145
Twenty-First Century Fox, Inc. Class A		33,404		936,648
Twenty-First Century Fox, Inc. Class B		15,375		418,969
Walt Disney Co.		56,819		5,921,676
				31,193,231
METALS & MINING — 0.4%
Freeport-McMoRan, Inc. (a)		50,188		661,980
Newmont Mining Corp.		34,846		1,187,203
Nucor Corp.		12,394		737,691
				2,586,874
MULTI-UTILITIES — 0.4%
CenterPoint Energy, Inc.		16,358		403,061
Dominion Resources, Inc.		19,421		1,487,454
WEC Energy Group, Inc.		10,770		631,661
				2,522,176
MULTILINE RETAIL — 0.4%
Dollar General Corp.		16,666		1,234,451
Dollar Tree, Inc. (a)		15,491		1,195,595
				2,430,046
OIL, GAS & CONSUMABLE FUELS — 2.3%
Anadarko Petroleum Corp.		18,411		1,283,799
Apache Corp.		15,928		1,010,950
Cabot Oil & Gas Corp.		13,635		318,514
Chesapeake Energy Corp. (a)		22,862		160,491
Cimarex Energy Co.		3,446		468,312
Concho Resources, Inc. (a)		5,190		688,194
Devon Energy Corp.		18,496		844,712
EOG Resources, Inc.		19,702		1,991,872
EQT Corp.		6,806		445,112
Murphy Oil Corp. (b)		10,566		328,920
Newfield Exploration Co. (a)		8,468		342,954
Noble Energy, Inc.		11,786		448,575
Occidental Petroleum Corp.		21,999		1,566,989
ONEOK, Inc.		9,652		554,121
Pioneer Natural Resources Co.		11,202		2,017,144
Range Resources Corp.		4,674		160,599
Southwestern Energy Co. (a)		17,984		194,587
Spectra Energy Corp.		46,122		1,895,153
Williams Cos., Inc.		20,216		629,526
				15,350,524
PERSONAL PRODUCTS — 0.1%
Coty, Inc. Class A		12,889		235,997
Estee Lauder Cos., Inc. Class A		8,514		651,236
				887,233
PHARMACEUTICALS — 5.0%
Bristol-Myers Squibb Co.		60,512		3,536,321
Eli Lilly & Co.		28,133		2,069,182
Johnson & Johnson		109,270		12,588,997
Merck & Co., Inc.		112,462		6,620,638
Pfizer, Inc.		223,652		7,264,217
Zoetis, Inc.		32,516		1,740,581
				33,819,936

See accompanying notes to financial statements.

137

SPDR S&P 500 Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PROFESSIONAL SERVICES — 0.4%
Dun & Bradstreet Corp.		2,411	$	292,503
Equifax, Inc.		7,846		927,633
Nielsen Holdings PLC		12,141		509,315
Verisk Analytics, Inc. Class A (a)		10,244		831,505
				2,560,956
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.9%
American Tower Corp. REIT		28,030		2,962,210
Apartment Investment & Management Co. Class A REIT		10,319		468,999
AvalonBay Communities, Inc.		9,079		1,608,345
Boston Properties, Inc. REIT		6,866		863,605
Crown Castle International Corp. REIT		15,403		1,336,518
Digital Realty Trust, Inc. REIT (b)		10,438		1,025,638
Equinix, Inc. REIT		4,715		1,685,188
Equity Residential REIT		16,133		1,038,320
Essex Property Trust, Inc. REIT		2,257		524,753
Extra Space Storage, Inc. REIT		8,794		679,249
Federal Realty Investment Trust REIT		2,956		420,077
General Growth Properties, Inc. REIT		38,422		959,782
Host Hotels & Resorts, Inc. REIT		48,597		915,568
Iron Mountain, Inc. REIT		9,143		296,965
Kimco Realty Corp. REIT		29,111		732,433
Mid-America Apartment Communities, Inc. REIT		4,532		443,773
Prologis, Inc. REIT		34,796		1,836,881
Public Storage REIT		6,336		1,416,096
Realty Income Corp. REIT		10,576		607,908
Simon Property Group, Inc. REIT		13,684		2,431,236
UDR, Inc. REIT		17,581		641,355
Ventas, Inc. REIT		13,293		831,078
Vornado Realty Trust REIT		5,884		614,113
Welltower, Inc. REIT		23,881		1,598,355
				25,938,445
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (c)
CBRE Group, Inc. Class A (a)		8,615		271,286
ROAD & RAIL — 0.9%
CSX Corp.		38,808		1,394,371
JB Hunt Transport Services, Inc.		5,755		558,638
Union Pacific Corp.		37,408		3,878,462
				5,831,471
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.1%
Analog Devices, Inc.		20,277		1,472,516
Applied Materials, Inc.		71,086		2,293,945
Broadcom, Ltd.		26,156		4,623,596
Intel Corp.		149,693		5,429,365
KLA-Tencor Corp.		10,303		810,640
Lam Research Corp.		10,677		1,128,879
Linear Technology Corp.		15,811		985,816
Microchip Technology, Inc.		14,159		908,300
NVIDIA Corp. (b)		35,502		3,789,484
QUALCOMM, Inc.		97,222		6,338,875
Skyworks Solutions, Inc.		12,217		912,121
Texas Instruments, Inc.		65,824		4,803,177
Xilinx, Inc.		10,717		646,985
				34,143,699
SOFTWARE — 7.5%
Activision Blizzard, Inc.		44,978		1,624,156
Adobe Systems, Inc. (a)		32,767		3,373,363
Autodesk, Inc. (a)		8,486		628,049
Citrix Systems, Inc. (a)		10,269		917,124
Electronic Arts, Inc. (a)		19,845		1,562,992
Intuit, Inc.		16,056		1,840,178
Microsoft Corp.		511,808		31,803,749
Oracle Corp.		114,404		4,398,834
Red Hat, Inc. (a)		11,767		820,160
salesforce.com, Inc. (a)		42,012		2,876,142
Symantec Corp.		20,014		478,134
				50,322,881
SPECIALTY RETAIL — 3.8%
Advance Auto Parts, Inc.		4,868		823,276
AutoZone, Inc. (a) (b)		1,942		1,533,772
Best Buy Co., Inc.		7,112		303,469
CarMax, Inc. (a) (b)		5,609		361,164
Foot Locker, Inc.		5,397		382,593
Home Depot, Inc.		80,143		10,745,574
L Brands, Inc.		7,386		486,294
Lowe’s Cos., Inc.		36,604		2,603,277
O’Reilly Automotive, Inc. (a)		6,244		1,738,392
Ross Stores, Inc.		26,104		1,712,422
Tiffany & Co.		3,556		275,341
TJX Cos., Inc.		42,947		3,226,608
Tractor Supply Co.		4,941		374,577
Ulta Salon Cosmetics & Fragrance, Inc. (a)		3,854		982,539
Urban Outfitters, Inc. (a)		5,792		164,956
				25,714,254
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.1%
Apple, Inc.		351,040		40,657,453
NetApp, Inc.		11,176		394,177
				41,051,630
TEXTILES,APPAREL & LUXURY GOODS — 0.6%
Coach, Inc.		9,144		320,223
Hanesbrands, Inc.		12,864		277,476
Michael Kors Holdings, Ltd. (a)		10,739		461,562
NIKE, Inc. Class B		50,112		2,547,193
Under Armour, Inc. Class A (a) (b)		12,791		371,579
Under Armour, Inc. Class C (a)		12,880		324,190
				4,302,223
TOBACCO — 2.5%
Altria Group, Inc.		128,375		8,680,718
Philip Morris International, Inc.		56,131		5,135,425
Reynolds American, Inc.		54,455		3,051,658
				16,867,801
TRADING COMPANIES & DISTRIBUTORS — 0.3%
Fastenal Co.		18,959		890,694
United Rentals, Inc. (a)		5,536		584,491
W.W. Grainger, Inc.		3,602		836,564
				2,311,749

See accompanying notes to financial statements.

138

SPDR S&P 500 Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
WATER UTILITIES — 0.1%
American Water Works Co., Inc.		11,653	$	843,211
TOTAL COMMON STOCKS (Cost $584,457,435)				671,794,000
SHORT-TERM INVESTMENTS — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		843,550		843,550
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		283,500		283,500
TOTAL SHORT-TERM INVESTMENTS (Cost $1,127,050)				1,127,050
TOTAL INVESTMENTS — 99.9% (Cost $585,584,485)				672,921,050
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				405,668
NET ASSETS — 100.0%			$	673,326,718

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) Amount is less than 0.05% of net assets.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	17,519,145	$	—	$	—	$	17,519,145
Air Freight & Logistics		8,975,836		—		—		8,975,836
Airlines		3,862,614		—		—		3,862,614
Automobiles		675,694		—		—		675,694
Banks		4,538,631		—		—		4,538,631
Beverages		14,425,646		—		—		14,425,646
Biotechnology		31,101,868		—		—		31,101,868
Building Products		1,064,329		—		—		1,064,329
Capital Markets		14,318,348		—		—		14,318,348
Chemicals		10,814,777		—		—		10,814,777
Commercial Services & Supplies		3,449,573		—		—		3,449,573
Communications Equipment		2,753,285		—		—		2,753,285
Construction & Engineering		346,967		—		—		346,967
Construction Materials		2,017,585		—		—		2,017,585
Consumer Finance		3,666,226		—		—		3,666,226
Containers & Packaging		516,940		—		—		516,940
Distributors		618,517		—		—		618,517
Diversified Telecommunication Services		8,196,301		—		—		8,196,301
Electric Utilities		2,061,809		—		—		2,061,809
Electrical Equipment		2,881,803		—		—		2,881,803
Electronic Equipment, Instruments & Components		3,914,473		—		—		3,914,473
Energy Equipment & Services		6,027,297		—		—		6,027,297
Food & Staples Retailing		973,072		—		—		973,072
Food Products		4,305,447		—		—		4,305,447
Health Care Equipment & Supplies		16,144,564		—		—		16,144,564
Health Care Providers & Services		17,094,613		—		—		17,094,613
Health Care Technology		940,152		—		—		940,152
Hotels, Restaurants & Leisure		14,915,607		—		—		14,915,607

See accompanying notes to financial statements.

139

SPDR S&P 500 Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Household Durables	$	2,422,397	$	—	$	—	$	2,422,397
Household Products		11,845,361		—		—		11,845,361
Industrial Conglomerates		17,543,169		—		—		17,543,169
Insurance		5,243,969		—		—		5,243,969
Internet & Catalog Retail		28,835,679		—		—		28,835,679
Internet Software & Services		50,273,802		—		—		50,273,802
IT Services		40,522,480		—		—		40,522,480
Leisure Equipment & Products		926,497		—		—		926,497
Life Sciences Tools & Services		4,937,184		—		—		4,937,184
Machinery		12,172,717		—		—		12,172,717
Media		31,193,231		—		—		31,193,231
Metals & Mining		2,586,874		—		—		2,586,874
Multi-Utilities		2,522,176		—		—		2,522,176
Multiline Retail		2,430,046		—		—		2,430,046
Oil, Gas & Consumable Fuels		15,350,524		—		—		15,350,524
Personal Products		887,233		—		—		887,233
Pharmaceuticals		33,819,936		—		—		33,819,936
Professional Services		2,560,956		—		—		2,560,956
Real Estate Investment Trusts (REITs)		25,938,445		—		—		25,938,445
Real Estate Management & Development		271,286		—		—		271,286
Road & Rail		5,831,471		—		—		5,831,471
Semiconductors & Semiconductor Equipment		34,143,699		—		—		34,143,699
Software		50,322,881		—		—		50,322,881
Specialty Retail		25,714,254		—		—		25,714,254
Technology Hardware, Storage & Peripherals		41,051,630		—		—		41,051,630
Textiles, Apparel & Luxury Goods		4,302,223		—		—		4,302,223
Tobacco		16,867,801		—		—		16,867,801
Trading Companies & Distributors		2,311,749		—		—		2,311,749
Water Utilities		843,211		—		—		843,211
Short-Term Investments		1,127,050		—		—		1,127,050
TOTAL INVESTMENTS	$	672,921,050	$	—	$	—	$	672,921,050

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		695,313	$	695,313		5,545,158		6,240,471		—	$	—	$	1,393	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		6,665,866		5,822,316		843,550		843,550		833		—
State Street Navigator Securities Lending Government Money Market Portfolio*		14,589,098		14,589,098		29,825,097		44,130,695		283,500		283,500		14,873		—
TOTAL			$	15,284,411							$	1,127,050	$	17,099	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

140

SPDR S&P 500 Value ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.8%
Arconic, Inc.		14,094	$	261,303
Boeing Co.		6,114		951,827
L3 Technologies, Inc. (a)		1,338		203,523
Raytheon Co.		3,060		434,520
Rockwell Collins, Inc.		1,529		141,830
Textron, Inc.		8,680		421,501
United Technologies Corp.		24,539		2,689,965
				5,104,469
AIR FREIGHT & LOGISTICS — 0.1%
C.H. Robinson Worldwide, Inc. (b)		2,192		160,586
Expeditors International of Washington, Inc.		2,005		106,185
				266,771
AIRLINES — 0.7%
Alaska Air Group, Inc.		1,427		126,618
American Airlines Group, Inc.		16,600		775,054
Delta Air Lines, Inc.		23,609		1,161,326
				2,062,998
AUTO COMPONENTS — 0.4%
BorgWarner, Inc. (b)		6,500		256,360
Delphi Automotive PLC		8,664		583,520
Goodyear Tire & Rubber Co.		8,386		258,876
				1,098,756
AUTOMOBILES — 1.1%
Ford Motor Co.		125,095		1,517,402
General Motors Co.		44,491		1,550,067
				3,067,469
BANKS — 13.5%
Bank of America Corp.		323,914		7,158,499
BB&T Corp.		26,009		1,222,943
Citigroup, Inc.		91,296		5,425,721
Citizens Financial Group, Inc.		10,218		364,067
Comerica, Inc.		2,528		172,182
Fifth Third Bancorp		24,204		652,782
Huntington Bancshares, Inc.		34,800		460,056
JPMorgan Chase & Co.		114,731		9,900,138
KeyCorp.		17,670		322,831
M&T Bank Corp.		5,013		784,184
People’s United Financial, Inc. (b)		9,373		181,461
PNC Financial Services Group, Inc.		15,623		1,827,266
Regions Financial Corp.		37,802		542,837
SunTrust Banks, Inc.		15,772		865,094
US Bancorp		22,520		1,156,852
Wells Fargo & Co.		144,914		7,986,211
Zions Bancorp		6,215		267,494
				39,290,618
BEVERAGES — 2.0%
Brown-Forman Corp. Class B		2,344		105,292
Coca-Cola Co.		60,982		2,528,314
Dr. Pepper Snapple Group, Inc.		2,344		212,531
Molson Coors Brewing Co. Class B		5,876		571,794
Monster Beverage Corp. (a)		5,198		230,479
PepsiCo, Inc.		20,261		2,119,908
				5,768,318
BIOTECHNOLOGY — 0.6%
Amgen, Inc.		10,680		1,561,523
Vertex Pharmaceuticals, Inc. (a)		3,632		267,569
				1,829,092
BUILDING PRODUCTS — 0.5%
Allegion PLC		1,121		71,744
Fortune Brands Home & Security, Inc.		1,427		76,287
Johnson Controls International PLC		30,002		1,235,782
Masco Corp.		3,975		125,690
				1,509,503
CAPITAL MARKETS — 3.6%
Affiliated Managers Group, Inc. (a)		1,789		259,942
Ameriprise Financial, Inc.		2,640		292,882
Bank of New York Mellon Corp.		33,935		1,607,840
BlackRock, Inc.		1,971		750,044
CME Group, Inc.		3,988		460,016
Franklin Resources, Inc.		10,913		431,937
Goldman Sachs Group, Inc.		11,831		2,832,933
Invesco, Ltd.		12,329		374,062
Morgan Stanley		46,174		1,950,851
Nasdaq, Inc.		2,004		134,508
Northern Trust Corp.		2,406		214,254
State Street Corp. (c)		11,605		901,941
T Rowe Price Group, Inc.		2,570		193,418
				10,404,628
CHEMICALS — 2.6%
Air Products & Chemicals, Inc.		3,026		435,199
CF Industries Holdings, Inc. (b)		6,777		213,340
Dow Chemical Co.		35,970		2,058,203
E.I. du Pont de Nemours & Co.		14,189		1,041,473
Eastman Chemical Co.		4,497		338,219
Ecolab, Inc.		3,771		442,037
FMC Corp.		1,496		84,614
International Flavors & Fragrances, Inc.		1,020		120,187
LyondellBasell Industries NV Class A		10,752		922,306
Monsanto Co.		4,622		486,281
Mosaic Co.		10,551		309,461
PPG Industries, Inc.		3,971		376,292
Praxair, Inc.		4,063		476,143
Sherwin-Williams Co.		815		219,023
				7,522,778
COMMERCIAL SERVICES & SUPPLIES — 0.1%
Pitney Bowes, Inc.		6,032		91,626
Stericycle, Inc. (a)		2,751		211,937
				303,563
COMMUNICATIONS EQUIPMENT — 1.7%
Cisco Systems, Inc.		160,856		4,861,069
Juniper Networks, Inc.		5,401		152,632
				5,013,701
CONSTRUCTION & ENGINEERING — 0.1%
Fluor Corp.		4,118		216,277
Jacobs Engineering Group, Inc. (a)		3,722		212,154
				428,431
CONSUMER FINANCE — 1.2%
American Express Co.		12,829		950,372
Capital One Financial Corp.		15,414		1,344,717

See accompanying notes to financial statements.

141

SPDR S&P 500 Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Navient Corp.		10,408	$	171,004
Synchrony Financial		25,149		912,154
				3,378,247
CONTAINERS & PACKAGING — 0.6%
Avery Dennison Corp.		1,325		93,041
Ball Corp.		5,602		420,542
International Paper Co.		13,212		701,029
Sealed Air Corp.		2,395		108,589
WestRock Co.		8,015		406,922
				1,730,123
DISTRIBUTORS — 0.2%
Genuine Parts Co.		4,751		453,911
DIVERSIFIED CONSUMER SERVICES — 0.1%
H&R Block, Inc. (b)		7,056		162,217
DIVERSIFIED FINANCIAL SERVICES — 3.5%
Berkshire Hathaway, Inc. Class B (a)		60,821		9,912,606
Leucadia National Corp.		9,691		225,316
				10,137,922
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.3%
AT&T, Inc.		196,870		8,372,881
CenturyLink, Inc.		17,490		415,912
Frontier Communications Corp. (b)		33,962		114,792
Level 3 Communications, Inc. (a)		4,149		233,838
Verizon Communications, Inc.		61,411		3,278,119
				12,415,542
ELECTRIC UTILITIES — 3.8%
Alliant Energy Corp.		3,857		146,142
American Electric Power Co., Inc.		15,767		992,690
Duke Energy Corp.		22,090		1,714,626
Edison International		10,430		750,856
Entergy Corp.		5,730		420,983
Eversource Energy		10,191		562,849
Exelon Corp.		29,634		1,051,711
FirstEnergy Corp.		12,838		397,593
NextEra Energy, Inc.		7,604		908,374
PG&E Corp.		16,214		985,325
Pinnacle West Capital Corp.		3,408		265,926
PPL Corp.		21,831		743,345
Southern Co.		31,442		1,546,632
Xcel Energy, Inc.		16,279		662,555
				11,149,607
ELECTRICAL EQUIPMENT — 0.7%
AMETEK, Inc.		7,440		361,584
Eaton Corp. PLC		14,458		969,987
Emerson Electric Co.		11,101		618,881
				1,950,452
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%
FLIR Systems, Inc.		1,269		45,925
TE Connectivity, Ltd.		5,736		397,390
				443,315
ENERGY EQUIPMENT & SERVICES — 1.5%
Baker Hughes, Inc.		7,757		503,972
FMC Technologies, Inc. (a)		6,650		236,275
Halliburton Co.		11,591		626,957
Helmerich & Payne, Inc. (b)		3,267		252,866
National Oilwell Varco, Inc. (b)		12,072		451,976
Schlumberger, Ltd.		24,492		2,056,103
Transocean, Ltd. (a)		11,633		171,470
				4,299,619
FOOD & STAPLES RETAILING — 4.2%
Costco Wholesale Corp.		14,039		2,247,784
CVS Health Corp.		34,203		2,698,959
Kroger Co.		30,232		1,043,306
Sysco Corp.		7,542		417,601
Wal-Mart Stores, Inc.		48,260		3,335,731
Walgreens Boots Alliance, Inc.		27,462		2,272,755
Whole Foods Market, Inc.		9,380		288,529
				12,304,665
FOOD PRODUCTS — 2.7%
Archer-Daniels-Midland Co.		18,415		840,645
Campbell Soup Co.		2,446		147,909
ConAgra Foods, Inc.		13,365		528,586
General Mills, Inc.		8,561		528,813
Hormel Foods Corp.		8,663		301,559
J.M. Smucker Co.		3,697		473,438
Kellogg Co.		3,743		275,896
Kraft Heinz Co.		19,081		1,666,153
McCormick & Co., Inc.		1,119		104,436
Mead Johnson Nutrition Co.		2,867		202,869
Mondelez International, Inc. Class A		49,533		2,195,798
Tyson Foods, Inc. Class A		9,357		577,140
				7,843,242
HEALTH CARE EQUIPMENT & SUPPLIES — 2.5%
Abbott Laboratories.		47,155		1,811,224
Baxter International, Inc.		15,641		693,522
Cooper Cos., Inc.		450		78,718
Danaher Corp.		9,197		715,894
DENTSPLY SIRONA, Inc.		7,393		426,798
Hologic, Inc. (a)		3,567		143,108
Medtronic PLC		43,981		3,132,767
Zimmer Biomet Holdings, Inc.		2,346		242,107
				7,244,138
HEALTH CARE PROVIDERS & SERVICES — 2.7%
AmerisourceBergen Corp.		5,401		422,304
Anthem, Inc.		8,418		1,210,256
Cardinal Health, Inc.		10,267		738,916
Centene Corp. (a)		5,503		310,975
Cigna Corp.		8,255		1,101,134
DaVita, Inc. (a)		5,072		325,622
Envision Healthcare Corp. (a)		2,242		141,896
Express Scripts Holding Co. (a)		19,789		1,361,285
HCA Holdings, Inc. (a)		4,573		338,494
Henry Schein, Inc. (a)		2,553		387,316
Laboratory Corp. of America Holdings (a)		1,529		196,293
McKesson Corp.		7,219		1,013,909
Patterson Cos., Inc. (b)		2,708		111,109
Quest Diagnostics, Inc.		1,728		158,803
Universal Health Services, Inc. Class B		1,619		172,229
				7,990,541
HOTELS, RESTAURANTS & LEISURE — 0.8%
Carnival Corp.		13,462		700,832

See accompanying notes to financial statements.

142

SPDR S&P 500 Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Chipotle Mexican Grill, Inc. Class A (a) (b)		408	$	153,946
McDonald’s Corp.		10,111		1,230,711
Royal Caribbean Cruises, Ltd.		2,600		213,304
Wyndham Worldwide Corp.		1,121		85,611
				2,384,404
HOUSEHOLD DURABLES — 0.6%
D.R. Horton, Inc.		10,905		298,034
Leggett & Platt, Inc.		1,504		73,515
Lennar Corp. Class A		6,319		271,275
Mohawk Industries, Inc. (a)		1,120		223,641
Newell Brands, Inc.		6,014		268,525
PulteGroup, Inc.		9,252		170,052
Whirlpool Corp.		2,444		444,246
				1,749,288
HOUSEHOLD PRODUCTS — 1.9%
Church & Dwight Co., Inc.		2,855		126,162
Clorox Co.		1,835		220,237
Colgate-Palmolive Co.		12,299		804,847
Kimberly-Clark Corp.		5,546		632,909
Procter & Gamble Co.		43,770		3,680,182
				5,464,337
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
AES Corp.		19,848		230,634
NRG Energy, Inc.		8,978		110,070
				340,704
INDUSTRIAL CONGLOMERATES — 2.5%
3M Co.		6,153		1,098,741
General Electric Co.		150,324		4,750,238
Honeywell International, Inc.		10,037		1,162,787
Roper Technologies, Inc.		1,428		261,438
				7,273,204
INSURANCE — 5.0%
Aflac, Inc.		13,066		909,394
Allstate Corp.		11,792		874,023
American International Group, Inc.		31,299		2,044,138
Assurant, Inc.		1,815		168,541
Chubb, Ltd.		14,925		1,971,891
Cincinnati Financial Corp.		2,006		151,954
Hartford Financial Services Group, Inc.		11,572		551,406
Lincoln National Corp.		7,116		471,577
Loews Corp.		8,855		414,680
MetLife, Inc.		35,192		1,896,497
Principal Financial Group, Inc.		8,568		495,744
Progressive Corp.		18,638		661,649
Prudential Financial, Inc.		13,785		1,434,467
Torchmark Corp.		3,571		263,397
Travelers Cos., Inc.		9,106		1,114,757
Unum Group		7,040		309,267
Willis Towers Watson PLC		4,122		504,038
XL Group, Ltd.		8,663		322,783
				14,560,203
INTERNET & CATALOG RETAIL — 0.0% (d)
TripAdvisor, Inc. (a)		1,529		70,900
INTERNET SOFTWARE & SERVICES — 0.6%
eBay, Inc. (a)		20,283		602,202
Yahoo!, Inc. (a)		28,148		1,088,483
				1,690,685
IT SERVICES — 1.0%
Alliance Data Systems Corp.		714		163,149
Cognizant Technology Solutions Corp. Class A (a)		5,810		325,534
CSRA, Inc.		2,259		71,927
International Business Machines Corp.		11,906		1,976,277
Teradata Corp. (a)		4,115		111,804
Western Union Co. (b)		5,393		117,136
Xerox Corp.		25,363		221,419
				2,987,246
LEISURE EQUIPMENT & PRODUCTS — 0.0% (d)
Mattel, Inc.		4,729		130,284
LIFE SCIENCES TOOLS & SERVICES — 0.5%
Agilent Technologies, Inc.		3,649		166,249
Illumina, Inc. (a)		1,428		182,841
PerkinElmer, Inc.		3,466		180,752
Thermo Fisher Scientific, Inc.		4,944		697,598
Waters Corp. (a)		917		123,236
				1,350,676
MACHINERY — 1.1%
Caterpillar, Inc.		9,022		836,700
Deere & Co. (b)		4,707		485,009
Dover Corp.		4,738		355,019
Flowserve Corp.		3,741		179,755
PACCAR, Inc. (b)		5,384		344,038
Parker-Hannifin Corp.		1,322		185,080
Pentair PLC		5,332		298,965
Snap-on, Inc.		916		156,883
Stanley Black & Decker, Inc.		2,547		292,116
				3,133,565
MEDIA — 1.3%
Interpublic Group of Cos., Inc.		5,678		132,922
News Corp. Class A		11,740		134,540
News Corp. Class B		3,316		39,129
Omnicom Group, Inc. (b)		2,079		176,944
TEGNA, Inc.		6,850		146,521
Twenty-First Century Fox, Inc. Class A		17,619		494,037
Twenty-First Century Fox, Inc. Class B		8,083		220,262
Viacom, Inc. Class B		10,471		367,532
Walt Disney Co.		19,263		2,007,590
				3,719,477
METALS & MINING — 0.2%
Freeport-McMoRan, Inc. (a)		15,631		206,173
Nucor Corp.		4,192		249,508
				455,681
MULTI-UTILITIES — 1.8%
Ameren Corp.		7,755		406,827
CenterPoint Energy, Inc.		5,815		143,282
CMS Energy Corp.		8,417		350,316
Consolidated Edison, Inc.		9,765		719,485
Dominion Resources, Inc.		10,969		840,116
DTE Energy Co.		5,706		562,098

See accompanying notes to financial statements.

143

SPDR S&P 500 Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
NiSource, Inc.		9,321	$	206,367
Public Service Enterprise Group, Inc.		16,249		713,006
SCANA Corp.		4,531		332,032
Sempra Energy.		7,969		802,000
WEC Energy Group, Inc.		4,885		286,505
				5,362,034
MULTILINE RETAIL — 0.7%
Kohl’s Corp. (b)		5,540		273,565
Macy’s, Inc.		9,807		351,189
Nordstrom, Inc.		3,488		167,180
Target Corp.		17,965		1,297,612
				2,089,546
OIL, GAS & CONSUMABLE FUELS — 11.0%
Anadarko Petroleum Corp.		9,118		635,798
Apache Corp.		4,382		278,126
Cabot Oil & Gas Corp.		8,014		187,207
Chesapeake Energy Corp. (a)		12,616		88,564
Chevron Corp.		60,487		7,119,320
Cimarex Energy Co.		1,304		177,214
Concho Resources, Inc. (a)		2,154		285,620
ConocoPhillips.		39,685		1,989,806
Devon Energy Corp.		7,869		359,377
EOG Resources, Inc.		8,832		892,915
EQT Corp.		2,168		141,787
Exxon Mobil Corp.		132,874		11,993,207
Hess Corp.		8,502		529,590
Kinder Morgan, Inc.		61,532		1,274,328
Marathon Oil Corp.		27,177		470,434
Marathon Petroleum Corp.		16,944		853,130
Newfield Exploration Co. (a)		2,394		96,957
Noble Energy, Inc.		7,996		304,328
Occidental Petroleum Corp.		13,925		991,878
ONEOK, Inc.		2,066		118,609
Phillips 66.		14,216		1,228,405
Range Resources Corp.		3,768		129,468
Southwestern Energy Co. (a)		6,913		74,799
Tesoro Corp.		3,765		329,249
Valero Energy Corp.		14,476		989,000
Williams Cos., Inc.		12,466		388,191
				31,927,307
PERSONAL PRODUCTS — 0.1%
Coty, Inc. Class A		8,765		160,487
Estee Lauder Cos., Inc. Class A		2,956		226,105
				386,592
PHARMACEUTICALS — 5.2%
Allergan PLC (a)		12,027		2,525,790
Bristol-Myers Squibb Co.		24,082		1,407,352
Eli Lilly & Co.		17,437		1,282,491
Endo International PLC (a)		6,334		104,321
Johnson & Johnson		34,035		3,921,172
Mallinckrodt PLC (a)		3,336		166,200
Merck & Co., Inc.		33,618		1,979,092
Mylan NV (a)		14,708		561,110
Perrigo Co. PLC		4,628		385,189
Pfizer, Inc.		85,613		2,780,710
				15,113,427
PROFESSIONAL SERVICES — 0.1%
Nielsen Holdings PLC		4,877		204,590
Robert Half International, Inc.		4,170		203,413
				408,003
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.7%
Boston Properties, Inc. REIT		1,617		203,386
Crown Castle International Corp. REIT		4,076		353,675
Equity Residential REIT		3,873		249,266
Essex Property Trust, Inc. REIT		1,019		236,918
Federal Realty Investment Trust REIT		671		95,356
HCP, Inc. REIT		14,159		420,805
Iron Mountain, Inc. REIT		3,426		111,276
Macerich Co. REIT		3,896		275,993
Mid-America Apartment Communities, Inc. REIT		1,427		139,732
Public Storage REIT		1,632		364,752
Realty Income Corp. REIT		3,197		183,764
Simon Property Group, Inc. REIT		3,461		614,916
SL Green Realty Corp. REIT		3,230		347,386
Ventas, Inc. REIT		4,912		307,098
Vornado Realty Trust REIT		2,616		273,032
Weyerhaeuser Co. REIT		23,940		720,355
				4,897,710
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc. Class A (a)		5,402		170,109
ROAD & RAIL — 0.9%
CSX Corp.		11,113		399,290
Kansas City Southern.		3,197		271,265
Norfolk Southern Corp.		9,307		1,005,808
Ryder System, Inc.		1,668		124,166
Union Pacific Corp.		8,143		844,266
				2,644,795
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.4%
First Solar, Inc. (a) (b)		2,259		72,492
Intel Corp.		79,014		2,865,838
Micron Technology, Inc. (a)		33,362		731,295
Qorvo, Inc. (a)		4,077		214,980
Xilinx, Inc.		2,933		177,065
				4,061,670
SOFTWARE — 0.8%
Autodesk, Inc. (a)		2,208		163,414
CA, Inc.		9,517		302,355
Oracle Corp.		40,359		1,551,804
Symantec Corp.		10,152		242,531
				2,260,104
SPECIALTY RETAIL — 0.9%
AutoNation, Inc. (a)		2,223		108,149
Bed Bath & Beyond, Inc.		4,776		194,097
Best Buy Co., Inc.		5,255		224,231
CarMax, Inc. (a) (b)		3,325		214,097
Foot Locker, Inc.		1,440		102,082
Gap, Inc.		6,683		149,966
L Brands, Inc.		4,077		268,430
Lowe’s Cos., Inc.		9,989		710,418
Signet Jewelers, Ltd.		2,242		211,331
Staples, Inc.		19,464		176,149

See accompanying notes to financial statements.

144

SPDR S&P 500 Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Tiffany & Co. (b)		1,678	$	129,927
Tractor Supply Co.		1,834		139,035
				2,627,912
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.1%
Hewlett Packard Enterprise Co.		53,408		1,235,861
HP, Inc.		54,845		813,900
NetApp, Inc.		3,314		116,885
Seagate Technology PLC (b)		9,477		361,737
Western Digital Corp.		9,186		624,189
				3,152,572
TEXTILES,APPAREL & LUXURY GOODS — 0.7%
Coach, Inc.		4,472		156,609
Hanesbrands, Inc.		5,810		125,322
NIKE, Inc. Class B		18,447		937,661
PVH Corp.		2,469		222,803
Ralph Lauren Corp.		1,664		150,292
VF Corp. (b)		10,651		568,231
				2,160,918
TOBACCO — 0.7%
Philip Morris International, Inc.		22,361		2,045,808
TOTAL COMMON STOCKS (Cost $263,038,676)				289,793,797
SHORT-TERM INVESTMENTS — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		218,879		218,879
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		54,859		54,859
TOTAL SHORT-TERM INVESTMENTS (Cost $273,738)				273,738
TOTAL INVESTMENTS — 99.9% (Cost $263,312,414)				290,067,535
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				325,142
NET ASSETS — 100.0%			$	290,392,677

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) Amount is less than 0.05% of net assets.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	5,104,469	$	—	$	—	$	5,104,469
Air Freight & Logistics		266,771		—		—		266,771
Airlines		2,062,998		—		—		2,062,998
Auto Components		1,098,756		—		—		1,098,756
Automobiles		3,067,469		—		—		3,067,469
Banks		39,290,618		—		—		39,290,618
Beverages		5,768,318		—		—		5,768,318
Biotechnology		1,829,092		—		—		1,829,092
Building Products		1,509,503		—		—		1,509,503
Capital Markets		10,404,628		—		—		10,404,628
Chemicals		7,522,778		—		—		7,522,778
Commercial Services & Supplies		303,563		—		—		303,563
Communications Equipment		5,013,701		—		—		5,013,701
Construction & Engineering		428,431		—		—		428,431
Consumer Finance		3,378,247		—		—		3,378,247
Containers & Packaging		1,730,123		—		—		1,730,123
Distributors		453,911		—		—		453,911
Diversified Consumer Services		162,217		—		—		162,217
Diversified Financial Services		10,137,922		—		—		10,137,922

See accompanying notes to financial statements.

145

SPDR S&P 500 Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Diversified Telecommunication Services	$	12,415,542	$	—	$	—	$	12,415,542
Electric Utilities		11,149,607		—		—		11,149,607
Electrical Equipment		1,950,452		—		—		1,950,452
Electronic Equipment, Instruments & Components		443,315		—		—		443,315
Energy Equipment & Services		4,299,619		—		—		4,299,619
Food & Staples Retailing		12,304,665		—		—		12,304,665
Food Products		7,843,242		—		—		7,843,242
Health Care Equipment & Supplies		7,244,138		—		—		7,244,138
Health Care Providers & Services		7,990,541		—		—		7,990,541
Hotels, Restaurants & Leisure		2,384,404		—		—		2,384,404
Household Durables		1,749,288		—		—		1,749,288
Household Products		5,464,337		—		—		5,464,337
Independent Power Producers & Energy Traders		340,704		—		—		340,704
Industrial Conglomerates.		7,273,204		—		—		7,273,204
Insurance		14,560,203		—		—		14,560,203
Internet & Catalog Retail		70,900		—		—		70,900
Internet Software & Services		1,690,685		—		—		1,690,685
IT Services		2,987,246		—		—		2,987,246
Leisure Equipment & Products		130,284		—		—		130,284
Life Sciences Tools & Services		1,350,676		—		—		1,350,676
Machinery		3,133,565		—		—		3,133,565
Media		3,719,477		—		—		3,719,477
Metals & Mining		455,681		—		—		455,681
Multi-Utilities		5,362,034		—		—		5,362,034
Multiline Retail		2,089,546		—		—		2,089,546
Oil, Gas & Consumable Fuels		31,927,307		—		—		31,927,307
Personal Products		386,592		—		—		386,592
Pharmaceuticals		15,113,427		—		—		15,113,427
Professional Services		408,003		—		—		408,003
Real Estate Investment Trusts (REITs)		4,897,710		—		—		4,897,710
Real Estate Management & Development		170,109		—		—		170,109
Road & Rail		2,644,795		—		—		2,644,795
Semiconductors & Semiconductor Equipment		4,061,670		—		—		4,061,670
Software		2,260,104		—		—		2,260,104
Specialty Retail		2,627,912		—		—		2,627,912
Technology Hardware, Storage & Peripherals		3,152,572		—		—		3,152,572
Textiles, Apparel & Luxury Goods		2,160,918		—		—		2,160,918
Tobacco		2,045,808		—		—		2,045,808
Short-Term Investments		273,738		—		—		273,738
TOTAL INVESTMENTS	$	290,067,535	$	—	$	—	$	290,067,535

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		10,766	$	580,503		1,539		700		11,605	$	901,941	$	8,235	$	(7,302	)
State Street Institutional Liquid Reserves Fund, Premier Class		439,129		439,129		4,819,098		5,258,227		—		—		758		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		3,497,065		3,278,186		218,879		218,879		523		—
State Street Navigator Securities Lending Government Money Market Portfolio*		5,410,163		5,410,163		14,994,191		20,349,495		54,859		54,859		3,933		—
TOTAL			$	6,429,795							$	1,175,679	$	13,449	$	(7,302	)

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

146

SPDR S&P 500 High Dividend ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.6%
AUTOMOBILES — 2.4%
Ford Motor Co.		83,189	$	1,009,083
General Motors Co.		35,803		1,247,376
				2,256,459
BANKS — 1.5%
People’s United Financial, Inc.		74,666		1,445,534
BIOTECHNOLOGY — 1.2%
AbbVie, Inc.		18,042		1,129,790
CAPITAL MARKETS — 2.7%
CME Group, Inc.		11,310		1,304,609
Invesco, Ltd.		40,469		1,227,829
				2,532,438
CHEMICALS — 5.5%
CF Industries Holdings, Inc.		45,724		1,439,392
Dow Chemical Co.		21,675		1,240,244
LyondellBasell Industries NV Class A		14,731		1,263,625
Mosaic Co.		40,713		1,194,112
				5,137,373
COMMERCIAL SERVICES & SUPPLIES — 1.0%
Pitney Bowes, Inc.		61,244		930,296
COMMUNICATIONS EQUIPMENT — 1.2%
Cisco Systems, Inc.		37,490		1,132,948
CONSUMER FINANCE — 1.4%
Navient Corp.		79,955		1,313,661
CONTAINERS & PACKAGING — 2.9%
International Paper Co.		25,518		1,353,985
WestRock Co.		26,696		1,355,356
				2,709,341
DIVERSIFIED CONSUMER SERVICES — 1.2%
H&R Block, Inc.		48,155		1,107,083
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.1%
AT&T, Inc.		26,709		1,135,934
CenturyLink, Inc.		37,262		886,090
Frontier Communications Corp.		222,701		752,729
Verizon Communications, Inc.		20,523		1,095,518
				3,870,271
ELECTRIC UTILITIES — 7.7%
American Electric Power Co., Inc.		16,434		1,034,684
Duke Energy Corp.		13,308		1,032,967
Entergy Corp.		14,102		1,036,074
Exelon Corp.		30,777		1,092,276
FirstEnergy Corp.		31,534		976,608
PPL Corp.		30,539		1,039,853
Southern Co.		21,111		1,038,450
				7,250,912
ELECTRICAL EQUIPMENT — 2.5%
Eaton Corp. PLC		18,164		1,218,623
Emerson Electric Co.		20,630		1,150,122
				2,368,745
ENERGY EQUIPMENT & SERVICES — 1.5%
Helmerich & Payne, Inc.		17,749		1,373,773
HOUSEHOLD DURABLES — 1.3%
Garmin, Ltd.		25,001		1,212,299
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 1.1%
AES Corp.		91,015		1,057,594
INSURANCE — 4.8%
MetLife, Inc.		26,613		1,434,174
Principal Financial Group, Inc.		25,774		1,491,284
Prudential Financial, Inc.		15,197		1,581,400
				4,506,858
IT SERVICES — 1.2%
International Business Machines Corp.		7,104		1,179,193
LEISURE EQUIPMENT & PRODUCTS — 1.0%
Mattel, Inc.		35,144		968,217
MACHINERY — 4.3%
Caterpillar, Inc.		14,503		1,345,008
Cummins, Inc.		9,741		1,331,302
PACCAR, Inc.		20,935		1,337,747
				4,014,057
MEDIA — 0.9%
Viacom, Inc. Class B		25,265		886,802
MULTI-UTILITIES — 5.9%
Ameren Corp.		21,778		1,142,474
CenterPoint Energy, Inc.		46,633		1,149,037
Consolidated Edison, Inc.		14,181		1,044,856
Dominion Resources, Inc.		14,663		1,123,039
Public Service Enterprise Group, Inc.		24,708		1,084,187
				5,543,593
MULTILINE RETAIL — 4.2%
Kohl’s Corp.		29,169		1,440,365
Macy’s, Inc.		32,635		1,168,659
Nordstrom, Inc.		28,176		1,350,476
				3,959,500
OIL, GAS & CONSUMABLE FUELS — 10.0%
Chevron Corp.		10,895		1,282,341
Murphy Oil Corp.		39,674		1,235,052
Occidental Petroleum Corp.		15,277		1,088,181
ONEOK, Inc.		25,001		1,435,307
Spectra Energy Corp.		31,475		1,293,308
Valero Energy Corp.		23,082		1,576,962
Williams Cos., Inc.		46,956		1,462,210
				9,373,361
PHARMACEUTICALS — 2.3%
Merck & Co., Inc.		19,575		1,152,380
Pfizer, Inc.		31,339		1,017,891
				2,170,271
REAL ESTATE INVESTMENT TRUSTS (REITS) — 11.7%
Crown Castle International Corp. REIT		11,644		1,010,350
HCP, Inc. REIT		29,597		879,623
Host Hotels & Resorts, Inc. REIT		64,284		1,211,111
Iron Mountain, Inc. REIT		28,042		910,804
Kimco Realty Corp. REIT		36,586		920,504
Macerich Co. REIT		12,941		916,740
Prologis, Inc. REIT		21,903		1,156,259

See accompanying notes to financial statements.

147

SPDR S&P 500 High Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Realty Income Corp. REIT		16,354	$	940,028
Ventas, Inc. REIT		15,584		974,312
Welltower, Inc. REIT		14,621		978,584
Weyerhaeuser Co. REIT		35,504		1,068,315
				10,966,630
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3%
QUALCOMM, Inc.		18,831		1,227,781
SPECIALTY RETAIL — 5.1%
Best Buy Co., Inc.		35,821		1,528,482
Gap, Inc.		47,305		1,061,524
L Brands, Inc.		16,065		1,057,720
Staples, Inc.		126,940		1,148,807
				4,796,533
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.4%
HP, Inc.		81,599		1,210,929
Seagate Technology PLC		36,458		1,391,602
Western Digital Corp.		21,973		1,493,065
				4,095,596
TEXTILES,APPAREL & LUXURY GOODS — 1.0%
Coach, Inc.		26,820		939,236
TOBACCO — 2.3%
Altria Group, Inc.		16,721		1,130,674
Philip Morris International, Inc.		11,530		1,054,880
				2,185,554
TOTAL COMMON STOCKS (Cost $90,459,332)				93,641,699
SHORT-TERM INVESTMENT — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (a) (b) (Cost $171,560)		171,560		171,560
TOTAL INVESTMENTS — 99.8% (Cost $90,630,892)				93,813,259
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				222,871
NET ASSETS — 100.0%			$	94,036,130

(a) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Automobiles	$	2,256,459	$	—	$	—	$	2,256,459
Banks		1,445,534		—		—		1,445,534
Biotechnology		1,129,790		—		—		1,129,790
Capital Markets		2,532,438		—		—		2,532,438
Chemicals		5,137,373		—		—		5,137,373
Commercial Services & Supplies		930,296		—		—		930,296
Communications Equipment		1,132,948		—		—		1,132,948
Consumer Finance		1,313,661		—		—		1,313,661
Containers & Packaging		2,709,341		—		—		2,709,341
Diversified Consumer Services		1,107,083		—		—		1,107,083
Diversified Telecommunication Services		3,870,271		—		—		3,870,271
Electric Utilities		7,250,912		—		—		7,250,912
Electrical Equipment		2,368,745		—		—		2,368,745
Energy Equipment & Services		1,373,773		—		—		1,373,773
Household Durables		1,212,299		—		—		1,212,299
Independent Power Producers & Energy Traders		1,057,594		—		—		1,057,594
Insurance		4,506,858		—		—		4,506,858
IT Services		1,179,193		—		—		1,179,193
Leisure Equipment & Products		968,217		—		—		968,217
Machinery		4,014,057		—		—		4,014,057
Media		886,802		—		—		886,802
Multi-Utilities		5,543,593		—		—		5,543,593

See accompanying notes to financial statements.

148

SPDR S&P 500 High Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Multiline Retail	$	3,959,500	$	—	$	—	$	3,959,500
Oil, Gas & Consumable Fuels		9,373,361		—		—		9,373,361
Pharmaceuticals		2,170,271		—		—		2,170,271
Real Estate Investment Trusts (REITs)		10,966,630		—		—		10,966,630
Semiconductors & Semiconductor Equipment		1,227,781		—		—		1,227,781
Specialty Retail		4,796,533		—		—		4,796,533
Technology Hardware, Storage & Peripherals		4,095,596		—		—		4,095,596
Textiles, Apparel & Luxury Goods		939,236		—		—		939,236
Tobacco		2,185,554		—		—		2,185,554
Short-Term Investment		171,560		—		—		171,560
TOTAL INVESTMENTS	$	93,813,259	$	—	$	—	$	93,813,259

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		66,821	$	66,821		1,045,158		1,111,979		—	$	—	$	127	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,700,859		1,529,299		171,560		171,560		221		—
TOTAL			$	66,821							$	171,560	$	348	$	—

See accompanying notes to financial statements.

149

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SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.4%
Arconic, Inc.		2,714	$	50,318
Boeing Co.		3,570		555,778
General Dynamics Corp.		1,801		310,961
L3 Technologies, Inc. (a)		486		73,925
Lockheed Martin Corp.		1,546		386,407
Northrop Grumman Corp.		1,105		257,001
Raytheon Co.		1,848		262,416
Rockwell Collins, Inc.		798		74,022
Textron, Inc.		1,673		81,241
TransDigm Group, Inc.		298		74,190
United Technologies Corp.		4,745		520,147
				2,646,406
AIR FREIGHT & LOGISTICS — 0.8%
C.H. Robinson Worldwide, Inc.		880		64,469
Expeditors International of Washington, Inc.		1,134		60,057
FedEx Corp.		1,521		283,210
United Parcel Service, Inc. Class B		4,250		487,220
				894,956
AIRLINES — 0.7%
Alaska Air Group, Inc.		762		67,612
American Airlines Group, Inc.		3,127		146,000
Delta Air Lines, Inc.		4,597		226,127
Southwest Airlines Co.		3,767		187,747
United Continental Holdings, Inc. (a)		1,822		132,787
				760,273
AUTO COMPONENTS — 0.2%
BorgWarner, Inc.		1,363		53,757
Delphi Automotive PLC		1,713		115,370
Goodyear Tire & Rubber Co.		1,638		50,565
				219,692
AUTOMOBILES — 0.6%
Ford Motor Co.		24,234		293,959
General Motors Co.		8,549		297,847
Harley-Davidson, Inc.		1,157		67,499
				659,305
BANKS — 7.1%
Bank of America Corp.		62,458		1,380,322
BB&T Corp.		5,036		236,793
Citigroup, Inc.		17,634		1,047,989
Citizens Financial Group, Inc.		3,263		116,261
Comerica, Inc.		1,092		74,376
Fifth Third Bancorp		4,837		130,454
Huntington Bancshares, Inc.		6,957		91,972
JPMorgan Chase & Co.		22,142		1,910,633
KeyCorp.		6,687		122,171
M&T Bank Corp.		966		151,111
People’s United Financial, Inc.		1,903		36,842
PNC Financial Services Group, Inc.		2,995		350,295
Regions Financial Corp.		7,980		114,593
SunTrust Banks, Inc.		3,132		171,790
US Bancorp		9,882		507,638
Wells Fargo & Co.		27,959		1,540,821
Zions Bancorp		1,258		54,144
				8,038,205
BEVERAGES — 2.2%
Brown-Forman Corp. Class B		1,248		56,060
Coca-Cola Co.		24,041		996,740
Constellation Brands, Inc. Class A		1,095		167,875
Dr. Pepper Snapple Group, Inc.		1,160		105,177
Molson Coors Brewing Co. Class B		1,129		109,863
Monster Beverage Corp. (a)		2,556		113,333
PepsiCo, Inc.		8,878		928,905
				2,477,953
BIOTECHNOLOGY — 2.9%
AbbVie, Inc.		10,062		630,082
Alexion Pharmaceuticals, Inc. (a)		1,386		169,577
Amgen, Inc.		4,544		664,378
Biogen, Inc. (a)		1,365		387,087
Celgene Corp. (a)		4,829		558,957
Gilead Sciences, Inc.		8,169		584,982
Regeneron Pharmaceuticals, Inc. (a)		456		167,393
Vertex Pharmaceuticals, Inc. (a)		1,562		115,073
				3,277,529
BUILDING PRODUCTS — 0.3%
Allegion PLC		588		37,632
Fortune Brands Home & Security, Inc.		892		47,686
Johnson Controls International PLC		5,798		238,820
Masco Corp.		2,082		65,833
				389,971
CAPITAL MARKETS — 3.0%
Affiliated Managers Group, Inc. (a)		336		48,821
Ameriprise Financial, Inc.		995		110,385
Bank of New York Mellon Corp.		6,505		308,207
BlackRock, Inc.		770		293,016
Charles Schwab Corp.		7,525		297,012
CME Group, Inc.		2,071		238,890
E*TRADE Financial Corp. (a)		1,750		60,637
Franklin Resources, Inc.		2,117		83,791
Goldman Sachs Group, Inc.		2,266		542,594
Intercontinental Exchange, Inc.		3,685		207,908
Invesco, Ltd.		2,586		78,459
Moody’s Corp.		1,050		98,983
Morgan Stanley		8,874		374,926
Nasdaq, Inc.		714		47,924
Northern Trust Corp.		1,331		118,525
S&P Global, Inc.		1,638		176,150
State Street Corp. (b)		2,251		174,948
T Rowe Price Group, Inc.		1,545		116,277
				3,377,453
CHEMICALS — 2.2%
Air Products & Chemicals, Inc.		1,320		189,842
Albemarle Corp.		668		57,502
CF Industries Holdings, Inc.		1,428		44,953
Dow Chemical Co.		6,897		394,646
E.I. du Pont de Nemours & Co.		5,398		396,213
Eastman Chemical Co.		922		69,344
Ecolab, Inc.		1,614		189,193
FMC Corp.		813		45,983
International Flavors & Fragrances, Inc.		504		59,386
LyondellBasell Industries NV Class A		2,076		178,079

See accompanying notes to financial statements.

150

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Monsanto Co.		2,674	$	281,332
Mosaic Co.		2,096		61,476
PPG Industries, Inc.		1,638		155,217
Praxair, Inc.		1,740		203,911
Sherwin-Williams Co.		498		133,833
				2,460,910
COMMERCIAL SERVICES & SUPPLIES — 0.3%
Cintas Corp.		546		63,096
Pitney Bowes, Inc.		1,199		18,213
Republic Services, Inc. Class A		1,466		83,635
Stericycle, Inc. (a)		511		39,367
Waste Management, Inc.		2,556		181,246
				385,557
COMMUNICATIONS EQUIPMENT — 1.1%
Cisco Systems, Inc.		31,101		939,872
F5 Networks, Inc. (a)		420		60,783
Harris Corp.		756		77,467
Juniper Networks, Inc.		2,477		70,000
Motorola Solutions, Inc.		974		80,735
				1,228,857
CONSTRUCTION & ENGINEERING — 0.1%
Fluor Corp.		871		45,745
Jacobs Engineering Group, Inc. (a)		756		43,092
Quanta Services, Inc. (a)		976		34,013
				122,850
CONSTRUCTION MATERIALS — 0.2%
Martin Marietta Materials, Inc.		405		89,720
Vulcan Materials Co.		811		101,496
				191,216
CONSUMER FINANCE — 0.9%
American Express Co.		4,753		352,102
Capital One Financial Corp.		2,916		254,392
Discover Financial Services.		2,500		180,225
Navient Corp.		2,188		35,949
Synchrony Financial		4,825		175,003
				997,671
CONTAINERS & PACKAGING — 0.3%
Avery Dennison Corp.		546		38,340
Ball Corp.		1,105		82,952
International Paper Co.		2,531		134,295
Sealed Air Corp.		1,242		56,312
WestRock Co.		1,579		80,166
				392,065
DISTRIBUTORS — 0.1%
Genuine Parts Co.		924		88,279
LKQ Corp. (a)		1,905		58,388
				146,667
DIVERSIFIED CONSUMER SERVICES — 0.0% (c)
H&R Block, Inc.		1,419		32,623
DIVERSIFIED FINANCIAL SERVICES — 1.7%
Berkshire Hathaway, Inc. Class B (a)		11,723		1,910,615
Leucadia National Corp.		2,053		47,732
				1,958,347
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.8%
AT&T, Inc.		37,976		1,615,119
CenturyLink, Inc.		3,398		80,805
Frontier Communications Corp.		7,144		24,147
Level 3 Communications, Inc. (a)		1,776		100,095
Verizon Communications, Inc.		25,297		1,350,354
				3,170,520
ELECTRIC UTILITIES — 1.7%
Alliant Energy Corp.		1,336		50,621
Duke Energy Corp.		4,317		335,086
Edison International		1,990		143,260
Entergy Corp.		1,092		80,229
Eversource Energy		1,945		107,422
NextEra Energy, Inc.		2,889		345,120
PG&E Corp.		3,012		183,039
Pinnacle West Capital Corp.		672		52,436
PPL Corp.		4,106		139,809
Southern Co.		6,146		302,322
Xcel Energy, Inc.		3,097		126,048
				1,865,392
ELECTRICAL EQUIPMENT — 0.6%
Acuity Brands, Inc.		264		60,947
AMETEK, Inc.		1,459		70,907
Eaton Corp. PLC		2,840		190,536
Emerson Electric Co.		3,980		221,885
Rockwell Automation, Inc.		798		107,251
				651,526
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%
Amphenol Corp. Class A		1,894		127,277
Corning, Inc.		5,809		140,984
FLIR Systems, Inc.		840		30,400
TE Connectivity, Ltd.		2,203		152,624
				451,285
ENERGY EQUIPMENT & SERVICES — 1.3%
Baker Hughes, Inc.		2,661		172,885
FMC Technologies, Inc. (a)		1,386		49,244
Halliburton Co.		5,441		294,304
Helmerich & Payne, Inc.		672		52,013
National Oilwell Varco, Inc.		2,336		87,460
Schlumberger, Ltd.		8,627		724,237
Transocean, Ltd. (a)		2,084		30,718
				1,410,861
FOOD & STAPLES RETAILING — 2.2%
Costco Wholesale Corp.		2,716		434,859
CVS Health Corp.		6,586		519,701
Kroger Co.		5,926		204,506
Sysco Corp.		3,200		177,184
Wal-Mart Stores, Inc.		9,373		647,862
Walgreens Boots Alliance, Inc.		5,315		439,870
Whole Foods Market, Inc.		1,957		60,197
				2,484,179
FOOD PRODUCTS — 1.7%
Archer-Daniels-Midland Co.		3,672		167,627
Campbell Soup Co.		1,205		72,866
ConAgra Foods, Inc.		2,637		104,293

See accompanying notes to financial statements.

151

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
General Mills, Inc.		3,657	$	225,893
Hershey Co.		882		91,225
Hormel Foods Corp.		1,673		58,237
J.M. Smucker Co.		723		92,588
Kellogg Co.		1,554		114,545
Kraft Heinz Co.		3,744		326,926
McCormick & Co., Inc.		714		66,638
Mead Johnson Nutrition Co.		1,187		83,992
Mondelez International, Inc. Class A		9,555		423,573
Tyson Foods, Inc. Class A		1,839		113,430
				1,941,833
HEALTH CARE EQUIPMENT & SUPPLIES — 2.6%
Abbott Laboratories.		9,078		348,686
Baxter International, Inc.		3,005		133,242
Becton Dickinson and Co.		1,318		218,195
Boston Scientific Corp. (a)		8,243		178,296
C.R. Bard, Inc.		462		103,793
Cooper Cos., Inc.		300		52,479
Danaher Corp.		3,780		294,235
DENTSPLY SIRONA, Inc.		1,459		84,228
Edwards Lifesciences Corp. (a)		1,320		123,684
Hologic, Inc. (a)		1,844		73,981
Intuitive Surgical, Inc. (a)		233		147,761
Medtronic PLC		8,573		610,655
St. Jude Medical, Inc.		1,735		139,130
Stryker Corp.		1,932		231,473
Varian Medical Systems, Inc. (a)		588		52,791
Zimmer Biomet Holdings, Inc.		1,237		127,658
				2,920,287
HEALTH CARE PROVIDERS & SERVICES — 2.8%
Aetna, Inc.		2,195		272,202
AmerisourceBergen Corp.		976		76,313
Anthem, Inc.		1,608		231,182
Cardinal Health, Inc.		1,981		142,573
Centene Corp. (a)		1,025		57,923
Cigna Corp.		1,567		209,022
DaVita, Inc. (a)		1,032		66,254
Express Scripts Holding Co. (a)		3,750		257,962
HCA Holdings, Inc. (a)		1,828		135,309
Henry Schein, Inc. (a)		504		76,462
Humana, Inc.		940		191,788
Laboratory Corp. of America Holdings (a)		628		80,623
McKesson Corp.		1,399		196,489
Patterson Cos., Inc.		528		21,664
Quest Diagnostics, Inc.		881		80,964
UnitedHealth Group, Inc.		5,867		938,955
Universal Health Services, Inc. Class B		546		58,083
				3,093,768
HEALTH CARE TECHNOLOGY — 0.1%
Cerner Corp. (a)		1,852		87,729
HOTELS, RESTAURANTS & LEISURE — 1.7%
Carnival Corp.		2,581		134,367
Chipotle Mexican Grill, Inc. Class A (a)		176		66,408
Darden Restaurants, Inc.		810		58,903
Marriott International, Inc. Class A		1,965		162,466
McDonald’s Corp.		5,150		626,858
Royal Caribbean Cruises, Ltd.		1,050		86,142
Starbucks Corp.		9,070		503,567
Wyndham Worldwide Corp.		702		53,612
Wynn Resorts, Ltd.		504		43,601
Yum! Brands, Inc.		2,161		136,856
				1,872,780
HOUSEHOLD DURABLES — 0.5%
D.R. Horton, Inc.		1,999		54,633
Garmin, Ltd.		714		34,622
Harman International Industries, Inc.		420		46,687
Leggett & Platt, Inc.		840		41,059
Lennar Corp. Class A		1,084		46,536
Mohawk Industries, Inc. (a)		378		75,479
Newell Brands, Inc.		3,018		134,754
PulteGroup, Inc.		1,940		35,657
Whirlpool Corp.		462		83,978
				553,405
HOUSEHOLD PRODUCTS — 1.9%
Church & Dwight Co., Inc.		1,570		69,378
Clorox Co.		798		95,776
Colgate-Palmolive Co.		5,571		364,566
Kimberly-Clark Corp.		2,224		253,803
Procter & Gamble Co.		16,531		1,389,927
				2,173,450
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
AES Corp.		4,121		47,886
NRG Energy, Inc.		1,983		24,312
				72,198
INDUSTRIAL CONGLOMERATES — 2.7%
3M Co.		3,734		666,780
General Electric Co.		54,692		1,728,267
Honeywell International, Inc.		4,742		549,361
Roper Technologies, Inc.		618		113,144
				3,057,552
INSURANCE — 3.0%
Aflac, Inc.		2,591		180,334
Allstate Corp.		2,348		174,034
American International Group, Inc.		6,019		393,101
Aon PLC		1,661		185,251
Arthur J Gallagher & Co.		1,004		52,168
Assurant, Inc.		408		37,887
Chubb, Ltd.		2,887		381,430
Cincinnati Financial Corp.		898		68,024
Hartford Financial Services Group, Inc.		2,286		108,928
Lincoln National Corp.		1,396		92,513
Loews Corp.		1,723		80,688
Marsh & McLennan Cos., Inc.		3,217		217,437
MetLife, Inc.		6,791		365,967
Principal Financial Group, Inc.		1,675		96,916
Progressive Corp.		3,581		127,125
Prudential Financial, Inc.		2,631		273,782
Torchmark Corp.		703		51,853
Travelers Cos., Inc.		1,778		217,663
Unum Group		1,495		65,675
Willis Towers Watson PLC		746		91,221
XL Group, Ltd.		1,617		60,249
				3,322,246

See accompanying notes to financial statements.

152

SPDR S&P 500 Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
INTERNET & CATALOG RETAIL — 2.4%
Amazon.com, Inc. (a)		2,441	$	1,830,433
Expedia, Inc.		707		80,089
Netflix, Inc. (a)		2,616		323,861
Priceline Group, Inc. (a)		307		450,080
TripAdvisor, Inc. (a)		687		31,856
				2,716,319
INTERNET SOFTWARE & SERVICES — 4.5%
Akamai Technologies, Inc. (a)		1,092		72,815
Alphabet, Inc. Class A (a)		1,824		1,445,429
Alphabet, Inc. Class C (a)		1,834		1,415,518
eBay, Inc. (a)		6,618		196,488
Facebook, Inc. Class A (a)		14,447		1,662,127
VeriSign, Inc. (a)		588		44,729
Yahoo!, Inc. (a)		5,402		208,895
				5,046,001
IT SERVICES — 3.9%
Accenture PLC Class A		3,786		443,454
Alliance Data Systems Corp.		378		86,373
Automatic Data Processing, Inc.		2,815		289,326
Cognizant Technology Solutions Corp. Class A (a)		3,718		208,320
CSRA, Inc.		846		26,937
Fidelity National Information Services, Inc.		2,033		153,776
Fiserv, Inc. (a)		1,346		143,053
Global Payments, Inc.		957		66,425
International Business Machines Corp.		5,363		890,204
MasterCard, Inc. Class A		5,847		603,703
Paychex, Inc.		1,972		120,055
PayPal Holdings, Inc. (a)		6,890		271,948
Teradata Corp. (a)		801		21,763
Total System Services, Inc.		1,034		50,697
Visa, Inc. Class A		11,494		896,762
Western Union Co.		3,087		67,050
Xerox Corp.		5,767		50,346
				4,390,192
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc.		679		52,819
Mattel, Inc.		2,073		57,111
				109,930
LIFE SCIENCES TOOLS & SERVICES — 0.6%
Agilent Technologies, Inc.		2,016		91,849
Illumina, Inc. (a)		892		114,212
Mettler-Toledo International, Inc. (a)		180		75,341
PerkinElmer, Inc.		672		35,045
Thermo Fisher Scientific, Inc.		2,434		343,437
Waters Corp. (a)		504		67,732
				727,616
MACHINERY — 1.6%
Caterpillar, Inc.		3,669		340,263
Cummins, Inc.		899		122,866
Deere & Co.		1,771		182,484
Dover Corp.		965		72,307
Flowserve Corp.		798		38,344
Fortive Corp.		1,836		98,465
Illinois Tool Works, Inc.		1,902		232,919
Ingersoll-Rand PLC		1,595		119,689
PACCAR, Inc.		2,151		137,449
Parker-Hannifin Corp.		840		117,600
Pentair PLC		1,099		61,621
Snap-on, Inc.		349		59,773
Stanley Black & Decker, Inc.		924		105,973
Xylem, Inc.		1,092		54,076
				1,743,829
MEDIA — 3.2%
CBS Corp. Class B		2,342		148,998
Charter Communications, Inc. Class A (a)		1,300		374,296
Comcast Corp. Class A		14,685		1,013,999
Discovery Communications, Inc. Class A (a)		924		25,327
Discovery Communications, Inc. Class C (a)		1,518		40,652
Interpublic Group of Cos., Inc.		2,478		58,010
News Corp. Class A		2,325		26,644
News Corp. Class B		680		8,024
Omnicom Group, Inc.		1,470		125,112
Scripps Networks Interactive, Inc. Class A		588		41,966
TEGNA, Inc.		1,368		29,262
Time Warner, Inc.		4,757		459,193
Twenty-First Century Fox, Inc. Class A		6,625		185,765
Twenty-First Century Fox, Inc. Class B		3,161		86,137
Viacom, Inc. Class B		2,117		74,307
Walt Disney Co.		9,060		944,233
				3,641,925
METALS & MINING — 0.2%
Newmont Mining Corp.		3,245		110,557
Nucor Corp.		1,947		115,886
				226,443
MULTI-UTILITIES — 1.1%
Ameren Corp.		1,483		77,798
CenterPoint Energy, Inc.		2,625		64,680
CMS Energy Corp.		1,693		70,463
Consolidated Edison, Inc.		1,900		139,992
Dominion Resources, Inc.		3,865		296,020
DTE Energy Co.		1,094		107,770
NiSource, Inc.		1,951		43,195
Public Service Enterprise Group, Inc.		3,090		135,589
SCANA Corp.		882		64,633
Sempra Energy.		1,549		155,892
WEC Energy Group, Inc.		1,937		113,605
				1,269,637
MULTILINE RETAIL — 0.6%
Dollar General Corp.		1,574		116,586
Dollar Tree, Inc. (a)		1,440		111,139
Kohl’s Corp.		1,187		58,614
Macy’s, Inc.		1,911		68,433
Nordstrom, Inc.		817		39,159
Target Corp.		3,412		246,449
				640,380
OIL, GAS & CONSUMABLE FUELS — 1.1%
Kinder Morgan, Inc.		12,025		249,038
Marathon Petroleum Corp.		3,271		164,695
ONEOK, Inc.		1,276		73,255

See accompanying notes to financial statements.

153

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Phillips 66.		2,786	$	240,738
Spectra Energy Corp.		4,284		176,030
Tesoro Corp.		752		65,762
Valero Energy Corp.		2,719		185,762
Williams Cos., Inc.		4,299		133,871
				1,289,151
PERSONAL PRODUCTS — 0.1%
Coty, Inc. Class A		2,800		51,268
Estee Lauder Cos., Inc. Class A		1,381		105,633
				156,901
PHARMACEUTICALS — 5.4%
Allergan PLC (a)		2,261		474,833
Bristol-Myers Squibb Co.		10,357		605,263
Eli Lilly & Co.		6,054		445,272
Endo International PLC (a)		1,256		20,686
Johnson & Johnson		16,791		1,934,491
Mallinckrodt PLC (a)		700		34,874
Merck & Co., Inc.		17,032		1,002,674
Mylan NV (a)		2,788		106,362
Perrigo Co. PLC		885		73,659
Pfizer, Inc.		37,561		1,219,981
Zoetis, Inc.		3,015		161,393
				6,079,488
PROFESSIONAL SERVICES — 0.3%
Dun & Bradstreet Corp.		210		25,477
Equifax, Inc.		719		85,007
Nielsen Holdings PLC		2,014		84,487
Robert Half International, Inc.		798		38,927
Verisk Analytics, Inc. Class A (a)		974		79,060
				312,958
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.9%
American Tower Corp. REIT		2,654		280,475
Apartment Investment & Management Co. Class A REIT		966		43,905
AvalonBay Communities, Inc.		846		149,869
Boston Properties, Inc. REIT		937		117,856
Crown Castle International Corp. REIT		2,295		199,137
Digital Realty Trust, Inc. REIT		1,008		99,046
Equinix, Inc. REIT		445		159,047
Equity Residential REIT		2,237		143,973
Essex Property Trust, Inc. REIT		409		95,093
Extra Space Storage, Inc. REIT		774		59,784
Federal Realty Investment Trust REIT		430		61,107
General Growth Properties, Inc. REIT		3,579		89,403
HCP, Inc. REIT		2,843		84,494
Host Hotels & Resorts, Inc. REIT		4,594		86,551
Iron Mountain, Inc. REIT		1,574		51,124
Kimco Realty Corp. REIT		2,540		63,906
Macerich Co. REIT		798		56,530
Prologis, Inc. REIT		3,209		169,403
Public Storage REIT		917		204,950
Realty Income Corp. REIT		1,636		94,037
Simon Property Group, Inc. REIT		1,927		342,370
SL Green Realty Corp. REIT		605		65,068
UDR, Inc. REIT		1,651		60,228
Ventas, Inc. REIT		2,252		140,795
Vornado Realty Trust REIT		1,088		113,555
Welltower, Inc. REIT		2,162		144,703
Weyerhaeuser Co. REIT		4,547		136,819
				3,313,228
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc. Class A (a)		1,781		56,084
ROAD & RAIL — 1.0%
CSX Corp.		5,944		213,568
JB Hunt Transport Services, Inc.		546		53,000
Kansas City Southern		672		57,019
Norfolk Southern Corp.		1,835		198,308
Ryder System, Inc.		336		25,012
Union Pacific Corp.		5,097		528,457
				1,075,364
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.5%
Analog Devices, Inc.		1,894		137,542
Applied Materials, Inc.		6,641		214,305
Broadcom, Ltd.		2,426		428,844
First Solar, Inc. (a)		462		14,826
Intel Corp.		29,459		1,068,478
KLA-Tencor Corp.		967		76,084
Lam Research Corp.		970		102,558
Linear Technology Corp.		1,470		91,655
Microchip Technology, Inc.		1,303		83,587
Micron Technology, Inc. (a)		6,501		142,502
NVIDIA Corp.		3,333		355,764
Qorvo, Inc. (a)		828		43,660
QUALCOMM, Inc.		9,110		593,972
Skyworks Solutions, Inc.		1,174		87,651
Texas Instruments, Inc.		6,177		450,736
Xilinx, Inc.		1,557		93,996
				3,986,160
SOFTWARE — 4.6%
Activision Blizzard, Inc.		4,136		149,351
Adobe Systems, Inc. (a)		3,125		321,719
Autodesk, Inc. (a)		1,170		86,592
CA, Inc.		1,873		59,505
Citrix Systems, Inc. (a)		961		85,827
Electronic Arts, Inc. (a)		1,884		148,384
Intuit, Inc.		1,496		171,457
Microsoft Corp.		48,048		2,985,703
Oracle Corp.		18,463		709,902
Red Hat, Inc. (a)		1,132		78,900
salesforce.com, Inc. (a)		3,929		268,979
Symantec Corp.		3,634		86,816
				5,153,135
SPECIALTY RETAIL — 2.6%
Advance Auto Parts, Inc.		462		78,134
AutoNation, Inc. (a)		453		22,039
AutoZone, Inc. (a)		182		143,742
Bed Bath & Beyond, Inc.		1,021		41,493
Best Buy Co., Inc.		1,603		68,400
CarMax, Inc. (a)		1,234		79,457
Foot Locker, Inc.		880		62,383
Gap, Inc.		1,406		31,551
Home Depot, Inc.		7,521		1,008,416
L Brands, Inc.		1,549		101,986

See accompanying notes to financial statements.

154

SPDR S&P 500 Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Lowe’s Cos., Inc.		5,426	$	385,897
O’Reilly Automotive, Inc. (a)		590		164,262
Ross Stores, Inc.		2,504		164,262
Signet Jewelers, Ltd.		393		37,044
Staples, Inc.		3,940		35,657
Tiffany & Co.		672		52,033
TJX Cos., Inc.		4,016		301,722
Tractor Supply Co.		839		63,605
Ulta Salon Cosmetics & Fragrance, Inc. (a)		381		97,132
Urban Outfitters, Inc. (a)		557		15,863
				2,955,078
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.0%
Apple, Inc.		32,992		3,821,133
Hewlett Packard Enterprise Co.		10,174		235,426
HP, Inc.		10,447		155,034
NetApp, Inc.		1,789		63,098
Seagate Technology PLC		1,842		70,309
Western Digital Corp.		1,707		115,991
				4,460,991
TEXTILES, APPAREL & LUXURY GOODS — 0.7%
Coach, Inc.		1,695		59,359
Hanesbrands, Inc.		2,407		51,919
Michael Kors Holdings, Ltd. (a)		939		40,358
NIKE, Inc. Class B		8,251		419,398
PVH Corp.		504		45,481
Ralph Lauren Corp.		367		33,148
Under Armour, Inc. Class A (a)		1,107		32,158
Under Armour, Inc. Class C (a)		1,113		28,014
VF Corp.		2,066		110,221
				820,056
TOBACCO — 1.8%
Altria Group, Inc.		12,082		816,985
Philip Morris International, Inc.		9,631		881,140
Reynolds American, Inc.		5,160		289,166
				1,987,291
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co.		1,771		83,202
United Rentals, Inc. (a)		572		60,392
W.W. Grainger, Inc.		346		80,358
				223,952
WATER UTILITIES — 0.1%
American Water Works Co., Inc.		1,094		79,162
TOTAL COMMON STOCKS (Cost $103,711,573)				112,248,788
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e) (Cost $107,043)		107,043		107,043
TOTAL INVESTMENTS — 99.9% (Cost $103,818,616)				112,355,831
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				129,656
NET ASSETS — 100.0%			$	112,485,487

(a) Non-income producing security.

(b) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) Amount is less than 0.05% of net assets.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	2,646,406	$	—	$	—	$	2,646,406
Air Freight & Logistics		894,956		—		—		894,956
Airlines		760,273		—		—		760,273
Auto Components		219,692		—		—		219,692
Automobiles		659,305		—		—		659,305
Banks		8,038,205		—		—		8,038,205
Beverages		2,477,953		—		—		2,477,953

See accompanying notes to financial statements.

155

SPDR S&P 500 Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Biotechnology	$	3,277,529	$	—	$	—	$	3,277,529
Building Products		389,971		—		—		389,971
Capital Markets		3,377,453		—		—		3,377,453
Chemicals		2,460,910		—		—		2,460,910
Commercial Services & Supplies		385,557		—		—		385,557
Communications Equipment		1,228,857		—		—		1,228,857
Construction & Engineering		122,850		—		—		122,850
Construction Materials		191,216		—		—		191,216
Consumer Finance		997,671		—		—		997,671
Containers & Packaging		392,065		—		—		392,065
Distributors		146,667		—		—		146,667
Diversified Consumer Services		32,623		—		—		32,623
Diversified Financial Services		1,958,347		—		—		1,958,347
Diversified Telecommunication Services		3,170,520		—		—		3,170,520
Electric Utilities		1,865,392		—		—		1,865,392
Electrical Equipment		651,526		—		—		651,526
Electronic Equipment, Instruments & Components		451,285		—		—		451,285
Energy Equipment & Services		1,410,861		—		—		1,410,861
Food & Staples Retailing		2,484,179		—		—		2,484,179
Food Products		1,941,833		—		—		1,941,833
Health Care Equipment & Supplies		2,920,287		—		—		2,920,287
Health Care Providers & Services		3,093,768		—		—		3,093,768
Health Care Technology		87,729		—		—		87,729
Hotels, Restaurants & Leisure		1,872,780		—		—		1,872,780
Household Durables		553,405		—		—		553,405
Household Products		2,173,450		—		—		2,173,450
Independent Power Producers & Energy Traders		72,198		—		—		72,198
Industrial Conglomerates		3,057,552		—		—		3,057,552
Insurance		3,322,246		—		—		3,322,246
Internet & Catalog Retail		2,716,319		—		—		2,716,319
Internet Software & Services		5,046,001		—		—		5,046,001
IT Services		4,390,192		—		—		4,390,192
Leisure Equipment & Products		109,930		—		—		109,930
Life Sciences Tools & Services		727,616		—		—		727,616
Machinery		1,743,829		—		—		1,743,829
Media		3,641,925		—		—		3,641,925
Metals & Mining		226,443		—		—		226,443
Multi-Utilities		1,269,637		—		—		1,269,637
Multiline Retail		640,380		—		—		640,380
Oil, Gas & Consumable Fuels		1,289,151		—		—		1,289,151
Personal Products		156,901		—		—		156,901
Pharmaceuticals		6,079,488		—		—		6,079,488
Professional Services		312,958		—		—		312,958
Real Estate Investment Trusts (REITs)		3,313,228		—		—		3,313,228
Real Estate Management & Development		56,084		—		—		56,084
Road & Rail		1,075,364		—		—		1,075,364
Semiconductors & Semiconductor Equipment		3,986,160		—		—		3,986,160
Software		5,153,135		—		—		5,153,135
Specialty Retail		2,955,078		—		—		2,955,078
Technology Hardware, Storage & Peripherals		4,460,991		—		—		4,460,991
Textiles, Apparel & Luxury Goods		820,056		—		—		820,056
Tobacco		1,987,291		—		—		1,987,291
Trading Companies & Distributors		223,952		—		—		223,952
Water Utilities		79,162		—		—		79,162
Short-Term Investment		107,043		—		—		107,043
TOTAL INVESTMENTS	$	112,355,831	$	—	$	—	$	112,355,831

See accompanying notes to financial statements.

156

SPDR S&P 500 Fossil Fuel Reserves Free ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		2,351	$	126,766		216		316		2,251	$	174,948	$	1,649	$	(185	)
State Street Institutional Liquid Reserves Fund, Premier Class		156,006		156,006		1,274,437		1,430,443		—		—		195		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,250,727		1,143,684		107,043		107,043		173		—
TOTAL			$	282,772							$	281,991	$	2,017	$	(185	)

See accompanying notes to financial statements.

157

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.9%
AAR Corp.		2,057	$	67,984
Aerojet Rocketdyne Holdings, Inc. (a)		4,507		80,901
Aerovironment, Inc. (a) (b)		1,323		35,496
B/E Aerospace, Inc.		6,523		392,619
Cubic Corp.		1,559		74,754
Curtiss-Wright Corp.		2,854		280,720
Engility Holdings, Inc. (a)		1,139		38,384
Esterline Technologies Corp. (a)		1,872		166,982
Huntington Ingalls Industries, Inc.		2,998		552,202
KLX, Inc. (a)		3,346		150,938
Mercury Systems, Inc. (a)		2,538		76,698
Moog, Inc. Class A (a)		2,106		138,322
National Presto Industries, Inc. (a)		321		34,154
Orbital ATK, Inc.		3,778		331,444
TASER International, Inc. (a) (b)		3,394		82,271
Teledyne Technologies, Inc. (a)		2,228		274,044
Triumph Group, Inc.		3,234		85,701
				2,863,614
AIR FREIGHT & LOGISTICS — 0.2%
Atlas Air Worldwide Holdings, Inc. (a)		1,638		85,421
Echo Global Logistics, Inc. (a)		1,699		42,560
Forward Air Corp.		1,918		90,875
Hub Group, Inc. Class A (a)		2,176		95,200
				314,056
AIRLINES — 0.6%
Allegiant Travel Co.		862		143,437
Hawaiian Holdings, Inc. (a)		3,432		195,624
JetBlue Airways Corp. (a)		20,693		463,937
SkyWest, Inc.		3,299		120,248
				923,246
AUTO COMPONENTS — 0.9%
American Axle & Manufacturing Holdings, Inc. (a)		4,887		94,319
Cooper-Standard Holdings, Inc. (a)		1,105		114,235
Dana, Inc.		9,333		177,140
Dorman Products, Inc. (a)		1,886		137,791
Fox Factory Holding Corp. (a)		1,856		51,504
Gentex Corp.		18,430		362,887
Gentherm, Inc. (a)		2,330		78,871
LCI Industries		1,607		173,154
Motorcar Parts of America, Inc. (a) (b)		1,134		30,527
Standard Motor Products, Inc.		1,297		69,026
Superior Industries International, Inc.		1,451		38,234
				1,327,688
AUTOMOBILES — 0.2%
Thor Industries, Inc.		3,005		300,650
Winnebago Industries, Inc. (b)		1,756		55,578
				356,228
BANKS — 8.4%
Ameris Bancorp		2,299		100,236
Associated Banc-Corp.		9,603		237,194
Banc of California, Inc.		3,144		54,548
BancorpSouth, Inc.		5,372		166,801
Bank of Hawaii Corp.		2,684		238,044
Bank of the Ozarks, Inc.		5,825		306,337
Banner Corp.		1,710		95,435
Boston Private Financial Holdings, Inc.		5,348		88,509
Brookline Bancorp, Inc.		4,468		73,275
Cardinal Financial Corp.		2,105		69,023
Cathay General Bancorp		4,779		181,745
Central Pacific Financial Corp.		1,960		61,583
Chemical Financial Corp.		4,470		242,140
City Holding Co.		954		64,490
Columbia Banking System, Inc.		3,763		168,131
Commerce Bancshares, Inc.		5,615		324,603
Community Bank System, Inc.		2,837		175,298
Cullen/Frost Bankers, Inc.		3,552		313,393
Customers Bancorp, Inc. (a)		1,781		63,795
CVB Financial Corp. (b)		6,466		148,265
East West Bancorp, Inc.		9,236		469,466
Fidelity Southern Corp.		1,340		31,718
First BanCorp (a)		8,802		58,181
First Commonwealth Financial Corp.		5,736		81,337
First Financial Bancorp		3,953		112,463
First Financial Bankshares, Inc. (b)		4,269		192,959
First Horizon National Corp.		14,863		297,409
First Midwest Bancorp, Inc.		5,244		132,306
First NBC Bank Holding Co. (a)		1,071		7,818
FNB Corp.		13,414		215,027
Fulton Financial Corp.		11,104		208,755
Glacier Bancorp, Inc.		4,913		177,998
Great Western Bancorp, Inc.		3,793		165,337
Hancock Holding Co.		5,018		216,276
Hanmi Financial Corp.		2,098		73,220
Home BancShares, Inc.		7,918		219,883
Hope Bancorp, Inc.		8,093		177,156
Independent Bank Corp.		1,682		118,497
International Bancshares Corp.		3,784		154,387
LegacyTexas Financial Group, Inc.		2,695		116,047
MB Financial, Inc.		4,582		216,408
National Bank Holdings Corp. Class A		1,702		54,277
NBT Bancorp, Inc. (b)		2,734		114,500
OFG Bancorp		2,787		36,510
Old National Bancorp		8,622		156,489
Opus Bank		1,184		35,579
PacWest Bancorp		7,729		420,767
Pinnacle Financial Partners, Inc.		2,746		190,298
PrivateBancorp, Inc.		5,127		277,832
Prosperity Bancshares, Inc.		4,430		317,985
S&T Bancorp, Inc.		2,284		89,167
ServisFirst Bancshares, Inc.		2,801		104,870
Signature Bank (a)		3,455		518,941
Simmons First National Corp. Class A		1,842		114,480
Southside Bancshares, Inc.		1,601		60,310
Sterling Bancorp		8,394		196,420
SVB Financial Group (a)		3,346		574,374
Synovus Financial Corp.		7,753		318,493
TCF Financial Corp.		11,002		215,529
Texas Capital Bancshares, Inc. (a)		3,153		247,195
Tompkins Financial Corp.		757		71,567
Trustmark Corp.		4,302		153,366
UMB Financial Corp.		2,734		210,846
Umpqua Holdings Corp.		14,120		265,174

See accompanying notes to financial statements.

158

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
United Bankshares, Inc. (b)		5,146	$	238,003
United Community Banks, Inc.		4,541		134,505
Valley National Bancorp		16,344		190,244
Webster Financial Corp.		5,930		321,880
Westamerica Bancorporation (b)		1,601		100,751
Wintrust Financial Corp.		3,279		237,957
				12,583,802
BEVERAGES — 0.1%
Boston Beer Co., Inc. Class A (a) (b)		587		99,702
BIOTECHNOLOGY — 0.7%
Acorda Therapeutics, Inc. (a)		2,985		56,118
AMAG Pharmaceuticals, Inc. (a) (b)		2,179		75,829
Eagle Pharmaceuticals, Inc. (a)		470		37,290
Emergent BioSolutions, Inc. (a)		2,209		72,544
Enanta Pharmaceuticals, Inc. (a)		868		29,078
Ligand Pharmaceuticals, Inc. (a)		1,203		122,237
MiMedx Group, Inc. (a) (b)		6,462		57,253
Momenta Pharmaceuticals, Inc. (a)		4,038		60,772
Repligen Corp. (a)		2,152		66,325
Spectrum Pharmaceuticals, Inc. (a)		4,510		19,979
United Therapeutics Corp. (a)		2,712		388,982
				986,407
BUILDING PRODUCTS — 1.2%
AAON, Inc.		2,504		82,757
American Woodmark Corp. (a)		882		66,370
AO Smith Corp.		9,462		448,026
Apogee Enterprises, Inc. (b)		1,901		101,818
Gibraltar Industries, Inc. (a)		1,969		82,009
Griffon Corp.		1,805		47,291
Insteel Industries, Inc.		1,134		40,416
Lennox International, Inc.		2,513		384,916
Patrick Industries, Inc. (a)		950		72,485
PGT Innovations, Inc. (a)		3,110		35,610
Quanex Building Products Corp.		2,168		44,010
Simpson Manufacturing Co., Inc.		2,628		114,975
Trex Co., Inc. (a)		1,916		123,390
Universal Forest Products, Inc.		1,295		132,323
				1,776,396
CAPITAL MARKETS — 3.0%
Calamos Asset Management, Inc. Class A		868		7,421
CBOE Holdings, Inc.		5,178		382,602
Donnelley Financial Solutions, Inc. (a)		1,672		38,423
Eaton Vance Corp.		7,268		304,384
Evercore Partners, Inc. Class A		2,496		171,475
FactSet Research Systems, Inc. (b)		2,545		415,929
Federated Investors, Inc. Class B		6,043		170,896
Financial Engines, Inc. (b)		3,425		125,869
Greenhill & Co., Inc.		1,773		49,112
Interactive Brokers Group, Inc. Class A		4,364		159,330
INTL. FCStone, Inc. (a)		995		39,402
Investment Technology Group, Inc.		2,102		41,494
Janus Capital Group, Inc.		9,290		123,278
Legg Mason, Inc.		5,755		172,132
MarketAxess Holdings, Inc.		2,409		353,930
MSCI, Inc.		6,062		477,564
Piper Jaffray Cos. (a)		932		67,570
Raymond James Financial, Inc.		8,039		556,862
SEI Investments Co.		8,548		421,929
Stifel Financial Corp. (a)		4,249		212,238
Virtus Investment Partners, Inc.		345		40,727
Waddell & Reed Financial, Inc. Class A (b)		5,309		103,579
WisdomTree Investments, Inc. (b)		7,319		81,534
				4,517,680
CHEMICALS — 3.0%
A Schulman, Inc.		1,820		60,879
AdvanSix, Inc. (a)		1,910		42,287
American Vanguard Corp.		1,655		31,693
Ashland Global Holdings, Inc.		4,005		437,706
Balchem Corp.		2,037		170,945
Cabot Corp.		3,952		199,734
Calgon Carbon Corp.		3,244		55,148
Chemours Co.		11,662		257,614
Flotek Industries, Inc. (a) (b)		3,356		31,513
FutureFuel Corp.		1,460		20,294
Hawkins, Inc.		590		31,830
HB Fuller Co.		3,187		153,964
Ingevity Corp. (a)		2,741		150,371
Innophos Holdings, Inc.		1,266		66,161
Innospec, Inc.		1,486		101,791
Koppers Holdings, Inc. (a)		1,312		52,874
Kraton Corp. (a)		1,939		55,223
LSB Industries, Inc. (a) (b)		1,314		11,064
Minerals Technologies, Inc.		2,251		173,890
NewMarket Corp.		582		246,675
Olin Corp.		10,620		271,978
PolyOne Corp.		5,361		171,766
Quaker Chemical Corp.		874		111,820
Rayonier Advanced Materials, Inc.		2,741		42,376
RPM International, Inc.		8,530		459,170
Scotts Miracle-Gro Co. Class A		2,849		272,222
Sensient Technologies Corp.		2,824		221,910
Stepan Co.		1,187		96,717
Tredegar Corp.		1,634		39,216
Valspar Corp.		4,700		486,967
				4,525,798
COMMERCIAL SERVICES & SUPPLIES — 2.1%
ABM Industries, Inc.		3,617		147,718
Brady Corp. Class A		3,040		114,152
Brink’s Co.		2,858		117,892
Clean Harbors, Inc. (a)		3,329		185,259
Copart, Inc. (a)		6,326		350,524
Deluxe Corp.		3,082		220,702
Essendant, Inc.		2,435		50,892
G&K Services, Inc. Class A		1,279		123,360
Healthcare Services Group, Inc.		4,628		181,279
Herman Miller, Inc.		3,853		131,773
HNI Corp.		2,891		161,665
Interface, Inc.		4,139		76,778
LSC Communications, Inc.		1,672		49,625
Matthews International Corp. Class A		2,068		158,926

See accompanying notes to financial statements.

159

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Mobile Mini, Inc.		2,850	$	86,212
MSA Safety, Inc.		1,998		138,521
Multi-Color Corp.		837		64,951
Rollins, Inc.		6,176		208,625
RR Donnelley & Sons Co.		4,465		72,869
Team, Inc. (a) (b)		1,831		71,867
Tetra Tech, Inc.		3,674		158,533
UniFirst Corp.		976		140,202
US Ecology, Inc.		1,359		66,795
Viad Corp.		1,293		57,021
				3,136,141
COMMUNICATIONS EQUIPMENT — 1.5%
ADTRAN, Inc.		3,168		70,805
ARRIS International PLC (a)		12,267		369,605
Bel Fuse, Inc. Class B		582		17,984
Black Box Corp.		973		14,838
Brocade Communications Systems, Inc.		25,772		321,892
CalAmp Corp. (a)		2,312		33,524
Ciena Corp. (a)		8,896		217,152
Comtech Telecommunications Corp.		1,538		18,225
Digi International, Inc. (a)		1,731		23,801
Harmonic, Inc. (a) (b)		4,946		24,730
InterDigital, Inc.		2,221		202,888
Ixia (a)		3,972		63,949
Lumentum Holdings, Inc. (a)		3,549		137,169
NETGEAR, Inc. (a)		2,149		116,798
NetScout Systems, Inc. (a)		5,934		186,921
Plantronics, Inc.		2,158		118,172
ViaSat, Inc. (a) (b)		3,281		217,268
Viavi Solutions, Inc. (a)		14,891		121,809
				2,277,530
CONSTRUCTION & ENGINEERING — 1.0%
AECOM (a)		9,884		359,382
Aegion Corp. (a)		2,226		52,756
Comfort Systems USA, Inc.		2,429		80,886
Dycom Industries, Inc. (a) (b)		1,985		159,376
EMCOR Group, Inc.		3,917		277,167
Granite Construction, Inc.		2,496		137,280
KBR, Inc.		9,112		152,079
MYR Group, Inc. (a)		1,044		39,338
Orion Group Holdings, Inc. (a)		1,876		18,666
Valmont Industries, Inc.		1,465		206,419
				1,483,349
CONSTRUCTION MATERIALS — 0.3%
Eagle Materials, Inc.		3,115		306,921
Headwaters, Inc. (a)		4,749		111,696
US Concrete, Inc. (a) (b)		875		57,313
				475,930
CONSUMER FINANCE — 0.5%
Encore Capital Group, Inc. (a)		1,464		41,944
Enova International, Inc. (a)		1,637		20,544
EZCORP, Inc. Class A (a)		3,149		33,537
Firstcash, Inc.		3,095		145,465
Green Dot Corp. Class A (a)		2,808		66,128
PRA Group, Inc. (a) (b)		2,941		114,993
SLM Corp. (a)		27,427		302,246
World Acceptance Corp. (a)		382		24,555
				749,412
CONTAINERS & PACKAGING — 1.2%
AptarGroup, Inc.		3,993		293,286
Bemis Co., Inc.		5,985		286,203
Greif, Inc. Class A		1,678		86,098
Myers Industries, Inc.		1,458		20,849
Owens-Illinois, Inc. (a)		10,386		180,820
Packaging Corp. of America		5,978		507,054
Silgan Holdings, Inc.		2,327		119,096
Sonoco Products Co.		6,430		338,861
				1,832,267
DISTRIBUTORS — 0.3%
Core-Mark Holding Co., Inc.		2,998		129,124
Pool Corp.		2,642		275,666
				404,790
DIVERSIFIED CONSUMER SERVICES — 0.6%
American Public Education, Inc. (a)		981		24,084
Capella Education Co.		688		60,406
Career Education Corp. (a)		4,256		42,943
DeVry Education Group, Inc. (b)		3,626		113,131
Graham Holdings Co. Class B		303		155,121
Regis Corp. (a)		2,264		32,873
Service Corp. International		12,141		344,805
Sotheby’s		2,884		114,956
Strayer Education, Inc. (a)		652		52,571
				940,890
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
ATN International, Inc.		640		51,283
Cincinnati Bell, Inc. (a)		2,697		60,278
Cogent Communications Holdings, Inc.		2,645		109,371
Consolidated Communications Holdings, Inc. (b)		3,227		86,645
General Communication, Inc. Class A (a)		1,838		35,749
Inteliquent, Inc.		2,180		49,966
Iridium Communications, Inc. (a) (b)		5,189		49,814
Lumos Networks Corp. (a)		1,538		24,024
				467,130
ELECTRIC UTILITIES — 1.5%
ALLETE, Inc.		3,138		201,428
El Paso Electric Co.		2,612		121,458
Great Plains Energy, Inc.		13,358		365,341
Hawaiian Electric Industries, Inc.		6,921		228,878
IDACORP, Inc.		3,239		260,902
OGE Energy Corp.		12,785		427,658
PNM Resources, Inc.		5,078		174,175
Westar Energy, Inc.		9,094		512,447
				2,292,287
ELECTRICAL EQUIPMENT — 0.7%
AZZ, Inc.		1,645		105,116
Encore Wire Corp.		1,312		56,875
EnerSys		2,727		212,979
General Cable Corp. (b)		3,128		59,588
Hubbell, Inc.		3,308		386,044
Powell Industries, Inc.		552		21,528
Regal Beloit Corp.		2,853		197,570
Vicor Corp. (a)		1,062		16,036
				1,055,736

See accompanying notes to financial statements.

160

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.1%
Agilysys, Inc. (a)		961	$	9,956
Anixter International, Inc. (a)		1,810		146,701
Arrow Electronics, Inc. (a)		5,760		410,688
Avnet, Inc.		8,204		390,592
Badger Meter, Inc.		1,880		69,466
Belden, Inc.		2,643		197,617
Benchmark Electronics, Inc. (a)		3,172		96,746
Cognex Corp.		5,471		348,065
Coherent, Inc. (a)		1,602		220,091
CTS Corp.		2,122		47,533
Daktronics, Inc.		2,486		26,600
Electro Scientific Industries, Inc. (a)		1,879		11,124
ePlus, Inc. (a)		396		45,619
Fabrinet (a)		2,334		94,060
FARO Technologies, Inc. (a)		1,066		38,376
II-VI, Inc. (a)		3,512		104,131
Insight Enterprises, Inc. (a)		2,294		92,769
IPG Photonics Corp. (a)		2,391		236,016
Itron, Inc. (a)		2,092		131,482
Jabil Circuit, Inc.		11,853		280,561
Keysight Technologies, Inc. (a)		10,934		399,856
Knowles Corp. (a)		5,734		95,815
Littelfuse, Inc.		1,420		215,513
Methode Electronics, Inc.		2,347		97,048
MTS Systems Corp. (b)		1,028		58,288
National Instruments Corp.		6,799		209,545
OSI Systems, Inc. (a) (b)		1,125		85,635
Park Electrochemical Corp.		1,253		23,368
Plexus Corp. (a)		2,160		116,726
Rogers Corp. (a)		1,185		91,020
Sanmina Corp. (a)		4,704		172,402
ScanSource, Inc. (a)		1,597		64,439
SYNNEX Corp.		1,871		226,428
Tech Data Corp. (a)		2,279		192,986
Trimble, Inc. (a)		16,090		485,114
TTM Technologies, Inc. (a) (b)		5,505		75,033
VeriFone Systems, Inc. (a)		7,079		125,511
Vishay Intertechnology, Inc.		8,694		140,843
Zebra Technologies Corp. Class A (a)		3,361		288,239
				6,162,002
ENERGY EQUIPMENT & SERVICES — 1.7%
Archrock, Inc.		4,525		59,730
Atwood Oceanics, Inc. (b)		3,814		50,078
Bristow Group, Inc. (b)		2,178		44,605
CARBO Ceramics, Inc. (a)		1,210		12,657
Diamond Offshore Drilling, Inc.		4,189		74,145
Dril-Quip, Inc. (a)		2,395		143,820
Ensco PLC Class A		19,317		187,761
Era Group, Inc. (a)		1,276		21,654
Exterran Corp. (a)		2,086		49,855
Geospace Technologies Corp. (a)		850		17,306
Gulf Island Fabrication, Inc.		847		10,079
Helix Energy Solutions Group, Inc. (a)		7,347		64,801
Hornbeck Offshore Services, Inc. (a) (b)		1,822		13,155
Matrix Service Co. (a)		1,749		39,702
Nabors Industries, Ltd.		18,319		300,432
Newpark Resources, Inc. (a)		5,393		40,447
Noble Corp. PLC		15,559		92,109
Oceaneering International, Inc.		6,327		178,485
Oil States International, Inc. (a)		3,345		130,455
Patterson-UTI Energy, Inc.		9,506		255,902
Pioneer Energy Services Corp. (a)		4,284		29,345
Rowan Cos. PLC Class A		8,027		151,630
SEACOR Holdings, Inc. (a)		1,065		75,913
Superior Energy Services, Inc.		9,736		164,344
Tesco Corp. (b)		2,995		24,709
TETRA Technologies, Inc. (a)		5,885		29,543
Tidewater, Inc.		3,002		10,237
Unit Corp. (a)		3,301		88,698
US Silica Holdings, Inc.		4,630		262,428
				2,624,025
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.3%
CoreCivic, Inc. REIT		7,559		184,893
Cousins Properties, Inc. REIT		22,029		187,467
Parkway, Inc. REIT (a)		2,753		61,254
Quality Care Properties, Inc. REIT (a)		5,991		92,861
				526,475
FOOD & STAPLES RETAILING — 0.6%
Andersons, Inc.		1,739		77,733
Casey’s General Stores, Inc.		2,532		301,004
SpartanNash Co.		2,420		95,687
Sprouts Farmers Market, Inc. (a)		8,523		161,255
SUPERVALU, Inc. (a)		17,051		79,628
United Natural Foods, Inc. (a)		3,290		156,999
				872,306
FOOD PRODUCTS — 2.6%
B&G Foods, Inc. (b)		4,228		185,186
Cal-Maine Foods, Inc. (b)		1,903		84,065
Calavo Growers, Inc.		947		58,146
Darling Ingredients, Inc. (a)		10,545		136,136
Dean Foods Co.		5,875		127,958
Flowers Foods, Inc.		11,689		233,429
Hain Celestial Group, Inc. (a)		6,689		261,072
Ingredion, Inc.		4,631		578,690
J&J Snack Foods Corp.		958		127,826
Lamb Weston Holdings, Inc. (a)		8,811		333,496
Lancaster Colony Corp.		1,270		179,565
Post Holdings, Inc. (a)		4,148		333,458
Sanderson Farms, Inc. (b)		1,274		120,062
Seneca Foods Corp. Class A (a)		439		17,582
Snyder’s-Lance, Inc. (b)		5,469		209,681
Tootsie Roll Industries, Inc. (b)		1,164		46,269
TreeHouse Foods, Inc. (a) (b)		3,658		264,071
WhiteWave Foods Co. (a)		11,289		627,668
				3,924,360
GAS UTILITIES — 1.8%
Atmos Energy Corp.		6,631		491,689
National Fuel Gas Co.		5,432		307,668
New Jersey Resources Corp.		5,533		196,422
Northwest Natural Gas Co.		1,762		105,368
ONE Gas, Inc.		3,365		215,225
South Jersey Industries, Inc. (b)		5,082		171,213
Southwest Gas Corp.		3,083		236,219

See accompanying notes to financial statements.

161

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Spire, Inc.		2,913	$	188,034
UGI Corp.		11,134		513,055
WGL Holdings, Inc.		3,280		250,198
				2,675,091
HEALTH CARE EQUIPMENT & SUPPLIES — 3.9%
Abaxis, Inc.		1,442		76,094
Abiomed, Inc. (a)		2,553		287,672
Align Technology, Inc. (a)		4,750		456,617
Analogic Corp.		799		66,277
AngioDynamics, Inc. (a)		2,042		34,449
Anika Therapeutics, Inc. (a)		929		45,484
Cantel Medical Corp.		2,332		183,645
CONMED Corp.		1,582		69,877
CryoLife, Inc.		1,657		31,732
Cynosure, Inc. Class A (a)		1,526		69,586
Globus Medical, Inc. Class A (a) (b)		4,564		113,233
Haemonetics Corp. (a)		3,287		132,137
Halyard Health, Inc. (a)		2,992		110,644
Hill-Rom Holdings, Inc.		3,850		216,139
ICU Medical, Inc. (a)		922		135,857
IDEXX Laboratories, Inc. (a)		5,754		674,772
Inogen, Inc. (a)		1,062		71,334
Integer Holdings Corp. (a)		1,710		50,359
Integra LifeSciences Holdings Corp. (a)		1,912		164,030
Invacare Corp. (b)		1,990		25,969
LivaNova PLC (a)		2,813		126,501
Masimo Corp. (a)		2,852		192,225
Meridian Bioscience, Inc.		2,673		47,312
Merit Medical Systems, Inc. (a)		2,807		74,385
Natus Medical, Inc. (a)		2,126		73,985
Neogen Corp. (a)		2,365		156,090
NuVasive, Inc. (a)		3,236		217,977
ResMed, Inc. (b)		9,014		559,319
STERIS PLC		5,435		366,265
Surmodics, Inc. (a)		832		21,133
Teleflex, Inc.		2,806		452,187
Vascular Solutions, Inc. (a)		1,140		63,954
West Pharmaceutical Services, Inc.		4,680		397,004
Zeltiq Aesthetics, Inc. (a) (b)		2,283		99,356
				5,863,600
HEALTH CARE PROVIDERS & SERVICES — 2.2%
Aceto Corp.		1,946		42,754
Adeptus Health, Inc. Class A (a) (b)		989		7,556
Air Methods Corp. (a) (b)		2,080		66,248
Almost Family, Inc. (a)		529		23,329
Amedisys, Inc. (a)		1,771		75,498
AMN Healthcare Services, Inc. (a)		3,129		120,310
BioTelemetry, Inc. (a)		1,799		40,208
Chemed Corp.		1,061		170,195
Community Health Systems, Inc. (a) (b)		7,263		40,600
CorVel Corp. (a)		662		24,229
Cross Country Healthcare, Inc. (a)		2,054		32,063
Diplomat Pharmacy, Inc. (a)		2,790		35,154
Ensign Group, Inc.		2,992		66,452
HealthEquity, Inc. (a)		2,765		112,038
HealthSouth Corp. (b)		5,820		240,017
Healthways, Inc. (a)		2,061		46,888
Kindred Healthcare, Inc. (b)		5,443		42,728
Landauer, Inc.		595		28,619
LHC Group, Inc. (a)		991		45,289
LifePoint Health, Inc. (a)		2,569		145,919
Magellan Health, Inc. (a)		1,470		110,617
MEDNAX, Inc. (a)		5,889		392,561
Molina Healthcare, Inc. (a)		2,760		149,758
Owens & Minor, Inc.		3,934		138,831
PharMerica Corp. (a)		1,986		49,948
Providence Service Corp. (a)		828		31,505
Quorum Health Corp. (a)		1,956		14,220
Select Medical Holdings Corp. (a)		6,810		90,232
Surgical Care Affiliates, Inc. (a)		1,798		83,193
Tenet Healthcare Corp. (a)		5,119		75,966
US Physical Therapy, Inc.		819		57,494
VCA, Inc. (a)		5,193		356,499
WellCare Health Plans, Inc. (a)		2,846		390,130
				3,347,048
HEALTH CARE TECHNOLOGY — 0.4%
Allscripts Healthcare Solutions, Inc. (a)		11,980		122,316
Computer Programs & Systems, Inc. (b)		652		15,387
HealthStream, Inc. (a)		1,557		39,003
HMS Holdings Corp. (a)		5,406		98,173
Medidata Solutions, Inc. (a)		3,491		173,398
Omnicell, Inc. (a)		2,292		77,699
Quality Systems, Inc.		2,920		38,398
				564,374
HOTELS, RESTAURANTS & LEISURE — 2.7%
Belmond, Ltd. Class A (a)		5,485		73,225
Biglari Holdings, Inc. (a)		65		30,758
BJ’s Restaurants, Inc. (a)		1,311		51,522
Bob Evans Farms, Inc.		1,251		66,566
Boyd Gaming Corp. (a) (b)		5,184		104,561
Brinker International, Inc. (b)		3,154		156,218
Buffalo Wild Wings, Inc. (a)		1,184		182,810
Cheesecake Factory, Inc.		2,841		170,119
Churchill Downs, Inc.		794		119,457
Chuy’s Holdings, Inc. (a)		1,025		33,261
Cracker Barrel Old Country Store, Inc. (b)		1,533		255,980
Dave & Buster’s Entertainment, Inc. (a)		2,448		137,822
DineEquity, Inc.		1,055		81,235
Domino’s Pizza, Inc.		3,060		487,274
Dunkin’ Brands Group, Inc.		5,918		310,340
El Pollo Loco Holdings, Inc. (a) (b)		1,338		16,457
Fiesta Restaurant Group, Inc. (a)		1,738		51,879
ILG, Inc.		6,944		126,172
International Speedway Corp. Class A		1,718		63,222
Jack in the Box, Inc.		2,098		234,221
Marcus Corp.		1,169		36,824
Marriott Vacations Worldwide Corp.		1,577		133,808
Monarch Casino & Resort, Inc. (a)		701		18,072
Panera Bread Co. Class A (a) (b)		1,350		276,872
Papa John’s International, Inc. (b)		1,653		141,464
Popeyes Louisiana Kitchen, Inc. (a)		1,304		78,866
Red Robin Gourmet Burgers, Inc. (a)		796		44,894
Ruby Tuesday, Inc. (a)		3,968		12,817

See accompanying notes to financial statements.

162

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Ruth’s Hospitality Group, Inc.		2,033	$	37,204
Scientific Games Corp. Class A (a) (b)		3,289		46,046
Sonic Corp.		2,922		77,462
Texas Roadhouse, Inc.		4,102		197,881
Wendy’s Co. (b)		12,755		172,448
Wingstop, Inc. (b)		1,891		55,955
				4,083,712
HOUSEHOLD DURABLES — 1.6%
CalAtlantic Group, Inc.		4,761		161,922
Cavco Industries, Inc. (a)		519		51,822
Ethan Allen Interiors, Inc. (b)		1,627		59,955
Helen of Troy, Ltd. (a)		1,800		152,010
Installed Building Products, Inc. (a)		1,282		52,946
iRobot Corp. (a) (b)		1,751		102,346
KB Home (b)		5,333		84,315
La-Z-Boy, Inc.		3,168		98,366
LGI Homes, Inc. (a) (b)		1,105		31,747
M/I Homes, Inc. (a)		1,615		40,666
MDC Holdings, Inc.		2,613		67,049
Meritage Homes Corp. (a)		2,456		85,469
NVR, Inc. (a)		225		375,525
Tempur Sealy International, Inc. (a) (b)		3,201		218,564
Toll Brothers, Inc. (a)		9,559		296,329
TopBuild Corp. (a)		2,468		87,861
TRI Pointe Group, Inc. (a)		9,408		108,004
Tupperware Brands Corp. (b)		3,234		170,173
Universal Electronics, Inc. (a)		938		60,548
WCI Communities, Inc. (a)		1,337		31,353
				2,336,970
HOUSEHOLD PRODUCTS — 0.2%
Central Garden & Pet Co. (a)		642		21,244
Central Garden & Pet Co. Class A (a)		2,129		65,786
Energizer Holdings, Inc.		3,965		176,879
WD-40 Co.		888		103,807
				367,716
INDUSTRIAL CONGLOMERATES — 0.3%
Carlisle Cos., Inc.		4,164		459,248
Raven Industries, Inc.		2,281		57,481
				516,729
INSURANCE — 4.5%
Alleghany Corp. (a)		987		600,214
American Equity Investment Life Holding Co.		5,624		126,765
American Financial Group, Inc.		4,674		411,873
AMERISAFE, Inc.		1,282		79,933
Aspen Insurance Holdings, Ltd.		3,898		214,390
Brown & Brown, Inc.		7,409		332,368
CNO Financial Group, Inc.		11,041		211,435
eHealth, Inc. (a) (b)		1,070		11,396
Employers Holdings, Inc.		2,104		83,318
Endurance Specialty Holdings, Ltd.		4,058		374,959
Everest Re Group, Ltd.		2,615		565,886
First American Financial Corp.		7,037		257,765
Genworth Financial, Inc. Class A (a)		31,944		121,707
Hanover Insurance Group, Inc.		2,743		249,640
HCI Group, Inc.		505		19,937
Horace Mann Educators Corp.		2,596		111,109
Infinity Property & Casualty Corp.		714		62,761
Kemper Corp.		3,124		138,393
Maiden Holdings, Ltd.		4,807		83,882
Mercury General Corp.		2,306		138,844
Navigators Group, Inc.		659		77,597
Old Republic International Corp.		15,691		298,129
Primerica, Inc.		2,963		204,892
ProAssurance Corp.		3,390		190,518
Reinsurance Group of America, Inc.		4,103		516,281
RenaissanceRe Holdings, Ltd.		2,614		356,079
RLI Corp.		2,475		156,247
Safety Insurance Group, Inc.		953		70,236
Selective Insurance Group, Inc.		3,739		160,964
Stewart Information Services Corp.		1,461		67,323
United Fire Group, Inc.		1,348		66,281
United Insurance Holdings Corp.		1,153		17,456
Universal Insurance Holdings, Inc.		2,128		60,435
WR Berkley Corp.		6,156		409,436
				6,848,449
INTERNET & CATALOG RETAIL — 0.2%
Blue Nile, Inc.		783		31,813
FTD Cos., Inc. (a)		1,147		27,345
HSN, Inc.		2,087		71,584
Nutrisystem, Inc.		1,855		64,276
PetMed Express, Inc.		1,343		30,983
				226,001
INTERNET SOFTWARE & SERVICES — 0.7%
Blucora, Inc. (a)		2,528		37,288
comScore, Inc. (a) (b)		2,959		93,445
DHI Group, Inc. (a)		2,962		18,513
j2 Global, Inc. (b)		3,081		252,026
Liquidity Services, Inc. (a)		1,608		15,678
LivePerson, Inc. (a)		3,313		25,013
LogMeIn, Inc.		1,642		158,535
NIC, Inc.		3,917		93,616
QuinStreet, Inc. (a)		1,721		6,471
Shutterstock, Inc. (a)		1,252		59,495
SPS Commerce, Inc. (a) (b)		1,040		72,686
Stamps.com, Inc. (a)		1,012		116,026
WebMD Health Corp. (a)		2,448		121,347
XO Group, Inc. (a)		1,587		30,867
				1,101,006
IT SERVICES — 3.3%
Acxiom Corp. (a)		4,924		131,963
Broadridge Financial Solutions, Inc.		7,598		503,747
CACI International, Inc. Class A (a)		1,505		187,072
Cardtronics PLC Class A (a)		2,920		159,344
Ciber, Inc. (a)		4,719		2,982
Computer Sciences Corp.		9,064		538,583
Convergys Corp.		6,194		152,125
CoreLogic, Inc. (a)		5,533		203,780
CSG Systems International, Inc.		2,101		101,688
DST Systems, Inc.		2,004		214,729
ExlService Holdings, Inc. (a)		2,128		107,336
Forrester Research, Inc.		659		28,304
Gartner, Inc. (a)		5,313		536,985
Jack Henry & Associates, Inc.		4,959		440,260

See accompanying notes to financial statements.

163

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Leidos Holdings, Inc.		9,135	$	467,164
ManTech International Corp. Class A		1,619		68,403
MAXIMUS, Inc.		4,165		232,365
NeuStar, Inc. Class A (a)		3,479		116,199
Perficient, Inc. (a)		2,296		40,157
Science Applications International Corp.		2,884		244,563
Sykes Enterprises, Inc. (a)		2,479		71,544
TeleTech Holdings, Inc.		982		29,951
Virtusa Corp. (a)		1,709		42,930
WEX, Inc. (a)		2,473		275,987
				4,898,161
LEISURE EQUIPMENT & PRODUCTS — 0.6%
Arctic Cat, Inc.		832		12,497
Brunswick Corp.		5,792		315,896
Callaway Golf Co.		6,013		65,902
Nautilus, Inc. (a)		1,962		36,297
Polaris Industries, Inc. (b)		3,771		310,693
Sturm Ruger & Co., Inc. (b)		1,276		67,245
Vista Outdoor, Inc. (a)		3,758		138,670
				947,200
LIFE SCIENCES TOOLS & SERVICES — 0.8%
Albany Molecular Research, Inc. (a)		1,426		26,752
Bio-Rad Laboratories, Inc. Class A (a) (b)		1,350		246,078
Bio-Techne Corp.		2,401		246,895
Cambrex Corp. (a)		2,034		109,734
Charles River Laboratories International, Inc. (a)		3,040		231,618
Luminex Corp. (a) (b)		2,485		50,271
PAREXEL International Corp. (a) (b)		3,368		221,345
				1,132,693
MACHINERY — 5.0%
Actuant Corp. Class A		3,770		97,831
AGCO Corp.		4,307		249,203
Alamo Group, Inc.		552		42,007
Albany International Corp. Class A		1,826		84,544
Astec Industries, Inc.		1,258		84,865
Barnes Group, Inc.		3,254		154,305
Briggs & Stratton Corp. (b)		2,741		61,015
Chart Industries, Inc. (a)		1,943		69,987
CIRCOR International, Inc.		1,093		70,914
CLARCOR, Inc.		3,080		254,008
Crane Co.		3,138		226,312
Donaldson Co., Inc.		8,473		356,544
EnPro Industries, Inc.		1,391		93,698
ESCO Technologies, Inc.		1,658		93,926
Federal Signal Corp.		3,850		60,098
Franklin Electric Co., Inc.		2,484		96,628
Graco, Inc.		3,511		291,729
Greenbrier Cos., Inc.		1,829		75,995
Harsco Corp.		5,137		69,863
Hillenbrand, Inc.		4,007		153,668
IDEX Corp.		4,910		442,195
ITT, Inc.		5,601		216,031
John Bean Technologies Corp.		1,823		156,687
Joy Global, Inc.		6,354		177,912
Kennametal, Inc.		5,165		161,458
Lincoln Electric Holdings, Inc.		3,926		301,006
Lindsay Corp.		671		50,063
Lydall, Inc. (a)		1,119		69,210
Mueller Industries, Inc.		3,718		148,571
Nordson Corp.		3,425		383,771
Oshkosh Corp.		4,798		309,999
Proto Labs, Inc. (a)		1,598		82,057
SPX Corp. (a)		2,683		63,641
SPX FLOW, Inc. (a)		2,695		86,402
Standex International Corp.		850		74,672
Tennant Co. (b)		1,098		78,178
Terex Corp.		6,772		213,521
Timken Co.		4,478		177,777
Titan International, Inc.		2,869		32,161
Toro Co.		7,044		394,112
Trinity Industries, Inc.		9,791		271,798
Wabash National Corp. (a) (b)		3,882		61,413
Wabtec Corp.		5,712		474,210
Watts Water Technologies, Inc. Class A		1,737		113,252
Woodward, Inc.		3,577		246,992
				7,474,229
MARINE — 0.2%
Kirby Corp. (a) (b)		3,437		228,561
Matson, Inc.		2,775		98,207
				326,768
MEDIA — 1.1%
AMC Networks, Inc. Class A (a)		3,762		196,903
Cable One, Inc. (b)		294		182,789
Cinemark Holdings, Inc.		6,817		261,500
EW Scripps Co. Class A (a) (b)		3,742		72,333
Gannett Co., Inc.		7,479		72,621
John Wiley & Sons, Inc. Class A		2,863		156,033
Live Nation Entertainment, Inc. (a)		8,462		225,089
Meredith Corp.		2,306		136,400
New Media Investment Group, Inc.		3,401		54,382
New York Times Co. Class A		7,859		104,525
Scholastic Corp.		1,694		80,448
Time, Inc.		6,514		116,275
World Wrestling Entertainment, Inc. Class A		2,369		43,590
				1,702,888
METALS & MINING — 1.9%
AK Steel Holding Corp. (a)		19,452		198,605
Allegheny Technologies, Inc. (b)		6,963		110,921
Carpenter Technology Corp. (b)		2,993		108,257
Century Aluminum Co. (a)		3,140		26,878
Commercial Metals Co.		7,397		161,107
Compass Minerals International, Inc.		2,182		170,960
Haynes International, Inc.		819		35,209
Kaiser Aluminum Corp.		1,177		91,441
Materion Corp.		1,294		51,242
Olympic Steel, Inc.		623		15,095
Reliance Steel & Aluminum Co.		4,662		370,815
Royal Gold, Inc. (b)		4,195		265,753
Steel Dynamics, Inc.		15,676		557,752
Stillwater Mining Co. (a)		7,782		125,368
SunCoke Energy, Inc.		4,147		47,027
TimkenSteel Corp. (a) (b)		2,491		38,561

See accompanying notes to financial statements.

164

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
United States Steel Corp.		10,868	$	358,753
Worthington Industries, Inc.		2,819		133,733
				2,867,477
MULTI-UTILITIES — 0.8%
Avista Corp.		4,086		163,399
Black Hills Corp.		3,370		206,716
MDU Resources Group, Inc.		12,522		360,258
NorthWestern Corp.		3,087		175,558
Vectren Corp.		5,356		279,315
				1,185,246
MULTILINE RETAIL — 0.3%
Big Lots, Inc.		2,888		145,006
Fred’s, Inc. Class A (b)		2,259		41,927
JC Penney Co., Inc. (a)		19,718		163,857
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		3,050		86,773
Tuesday Morning Corp. (a)		2,853		15,406
				452,969
OIL, GAS & CONSUMABLE FUELS — 2.1%
Bill Barrett Corp. (a)		3,878		27,107
Carrizo Oil & Gas, Inc. (a)		3,946		147,383
Cloud Peak Energy, Inc. (a)		3,887		21,806
CONSOL Energy, Inc.		11,356		207,020
Contango Oil & Gas Co. (a)		1,469		13,720
Denbury Resources, Inc. (a)		25,520		93,914
Energen Corp.		6,196		357,323
Green Plains, Inc.		2,247		62,579
Gulfport Energy Corp. (a)		9,890		214,020
HollyFrontier Corp.		11,193		366,683
Northern Oil and Gas, Inc. (a)		2,595		7,136
PDC Energy, Inc. (a)		3,566		258,820
QEP Resources, Inc.		15,406		283,624
REX American Resources Corp. (a) (b)		397		39,204
SM Energy Co.		6,172		212,811
Synergy Resources Corp. (a)		12,990		115,741
Western Refining, Inc.		5,088		192,581
World Fuel Services Corp.		4,492		206,228
WPX Energy, Inc. (a)		22,116		322,230
				3,149,930
PAPER & FOREST PRODUCTS — 0.6%
Boise Cascade Co. (a)		2,436		54,810
Clearwater Paper Corp. (a)		1,084		71,056
Deltic Timber Corp.		652		50,250
Domtar Corp.		3,991		155,769
KapStone Paper and Packaging Corp.		5,738		126,523
Louisiana-Pacific Corp. (a)		9,193		174,023
Neenah Paper, Inc.		1,027		87,500
PH Glatfelter Co.		2,768		66,128
Schweitzer-Mauduit International, Inc.		1,931		87,918
				873,977
PERSONAL PRODUCTS — 0.3%
Avon Products, Inc.		28,041		141,327
Edgewell Personal Care Co. (a)		3,700		270,063
Inter Parfums, Inc.		1,122		36,745
Medifast, Inc.		754		31,389
				479,524
PHARMACEUTICALS — 0.8%
Akorn, Inc. (a) (b)		5,646		123,252
Amphastar Pharmaceuticals, Inc. (a)		2,264		41,703
ANI Pharmaceuticals, Inc. (a)		543		32,917
Catalent, Inc. (a)		8,032		216,543
Depomed, Inc. (a) (b)		3,972		71,575
Impax Laboratories, Inc. (a)		4,913		65,097
Innoviva, Inc. (a) (b)		5,105		54,624
Lannett Co., Inc. (a) (b)		1,806		39,822
Medicines Co. (a) (b)		4,527		153,646
Nektar Therapeutics (a)		9,708		119,117
Phibro Animal Health Corp. Class A		1,196		35,043
Prestige Brands Holdings, Inc. (a)		3,401		177,192
SciClone Pharmaceuticals, Inc. (a)		3,234		34,927
Supernus Pharmaceuticals, Inc. (a)		3,155		79,664
				1,245,122
PROFESSIONAL SERVICES — 1.0%
CDI Corp.		868		6,423
CEB, Inc.		2,044		123,867
Exponent, Inc.		1,670		100,701
FTI Consulting, Inc. (a)		2,765		124,646
Heidrick & Struggles International, Inc.		1,185		28,618
Insperity, Inc.		1,162		82,444
Kelly Services, Inc. Class A		1,931		44,259
Korn/Ferry International.		3,684		108,420
ManpowerGroup, Inc.		4,283		380,630
Navigant Consulting, Inc. (a)		3,073		80,451
On Assignment, Inc. (a)		3,150		139,104
Resources Connection, Inc.		2,000		38,500
TrueBlue, Inc. (a)		2,756		67,935
WageWorks, Inc. (a)		2,388		173,130
				1,499,128
REAL ESTATE INVESTMENT TRUSTS (REITS) — 8.4%
Acadia Realty Trust.		5,099		166,635
Agree Realty Corp.		1,631		75,108
Alexandria Real Estate Equities, Inc.		4,990		554,539
American Assets Trust, Inc. REIT (b)		2,541		109,466
American Campus Communities, Inc.		8,393		417,720
Camden Property Trust		5,607		471,380
Capstead Mortgage Corp.		6,169		62,862
Care Capital Properties, Inc.		5,418		135,450
CareTrust REIT, Inc.		4,146		63,517
Cedar Realty Trust, Inc.		4,899		31,990
Chesapeake Lodging Trust		3,850		99,561
Communications Sales & Leasing, Inc. (a)		8,723		221,651
CoreSite Realty Corp. REIT (b)		2,156		171,122
Corporate Office Properties Trust		6,071		189,537
DCT Industrial Trust, Inc. REIT		5,820		278,662
DiamondRock Hospitality Co.		12,880		148,506
Douglas Emmett, Inc.		9,223		337,193
Duke Realty Corp.		22,636		601,212
EastGroup Properties, Inc.		2,109		155,729
Education Realty Trust, Inc.		4,685		198,175
EPR Properties		4,090		293,539
Equity One, Inc.		5,873		180,242
First Industrial Realty Trust, Inc. REIT		7,489		210,066
Four Corners Property Trust, Inc. REIT		3,776		77,484

See accompanying notes to financial statements.

165

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Franklin Street Properties Corp. REIT		6,813	$	88,296
GEO Group, Inc. REIT		4,784		171,889
Getty Realty Corp.		1,650		42,058
Government Properties Income Trust REIT (b)		4,592		87,546
Healthcare Realty Trust, Inc. REIT		7,418		224,914
Highwoods Properties, Inc.		6,329		322,842
Hospitality Properties Trust.		10,580		335,809
Kilroy Realty Corp. REIT		5,931		434,268
Kite Realty Group Trust REIT		5,361		125,876
Lamar Advertising Co. Class A (b)		5,273		354,557
LaSalle Hotel Properties.		7,299		222,401
Lexington Realty Trust REIT		13,631		147,215
Liberty Property Trust REIT		9,494		375,013
Life Storage, Inc. REIT		2,911		248,192
LTC Properties, Inc.		2,486		116,792
Mack-Cali Realty Corp.		5,782		167,794
Medical Properties Trust, Inc. REIT		20,646		253,946
National Retail Properties, Inc.		9,441		417,292
Omega Healthcare Investors, Inc.		12,415		388,093
Pennsylvania Real Estate Investment Trust		4,424		83,879
Potlatch Corp. REIT (b)		2,609		108,665
PS Business Parks, Inc.		1,254		146,116
Rayonier, Inc.		7,921		210,699
Regency Centers Corp.		6,683		460,793
Retail Opportunity Investments Corp. REIT		6,990		147,699
Sabra Health Care REIT, Inc.		4,211		102,833
Saul Centers, Inc.		746		49,691
Senior Housing Properties Trust		15,269		289,042
Summit Hotel Properties, Inc. REIT		5,599		89,752
Tanger Factory Outlet Centers, Inc.		6,229		222,874
Taubman Centers, Inc. (b)		3,909		288,992
Universal Health Realty Income Trust		819		53,718
Urban Edge Properties		5,919		162,832
Urstadt Biddle Properties, Inc. Class A		1,841		44,387
Washington Prime Group, Inc. REIT		11,828		123,129
Weingarten Realty Investors REIT		7,539		269,821
				12,631,061
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%
Alexander & Baldwin, Inc.		2,948		132,277
Forestar Group, Inc. (a)		1,872		24,897
HFF, Inc. Class A		2,245		67,911
Jones Lang LaSalle, Inc.		2,921		295,138
RE/MAX Holdings, Inc. Class A REIT		1,153		64,568
				584,791
ROAD & RAIL — 1.0%
ArcBest Corp.		1,513		41,834
Avis Budget Group, Inc. (a)		5,660		207,609
Celadon Group, Inc. (b)		1,539		11,004
Genesee & Wyoming, Inc. Class A (a)		3,938		273,336
Heartland Express, Inc.		2,754		56,071
Knight Transportation, Inc.		4,294		141,917
Landstar System, Inc.		2,658		226,727
Marten Transport, Ltd.		1,469		34,228
Old Dominion Freight Line, Inc. (a)		4,457		382,366
Roadrunner Transportation Systems, Inc. (a)		1,938		20,136
Saia, Inc. (a)		1,639		72,362
Werner Enterprises, Inc.		2,887		77,805
				1,545,395
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.0%
Advanced Energy Industries, Inc. (a)		2,578		141,145
Advanced Micro Devices, Inc. (a)		47,355		537,006
Brooks Automation, Inc.		4,425		75,535
Cabot Microelectronics Corp.		1,505		95,071
CEVA, Inc. (a)		1,334		44,756
Cirrus Logic, Inc. (a)		4,031		227,913
Cohu, Inc.		1,698		23,602
Cree, Inc. (a)		6,478		170,954
Cypress Semiconductor Corp. (b)		20,563		235,241
Diodes, Inc. (a)		2,473		63,482
DSP Group, Inc. (a)		1,448		18,896
Exar Corp. (a)		2,855		30,777
Integrated Device Technology, Inc. (a)		8,587		202,310
Intersil Corp. Class A		8,690		193,787
Kopin Corp. (a)		3,221		9,148
Kulicke & Soffa Industries, Inc. (a)		4,491		71,631
Microsemi Corp. (a)		7,357		397,057
MKS Instruments, Inc.		3,420		203,148
Monolithic Power Systems, Inc.		2,355		192,945
Nanometrics, Inc. (a)		1,623		40,672
Power Integrations, Inc.		1,910		129,594
Rambus, Inc. (a)		7,044		96,996
Rudolph Technologies, Inc. (a)		1,972		46,046
Semtech Corp. (a)		4,219		133,109
Silicon Laboratories, Inc. (a)		2,626		170,690
Synaptics, Inc. (a) (b)		2,260		121,091
Teradyne, Inc.		12,845		326,263
Tessera Holding Corp.		3,164		139,849
Ultratech, Inc. (a)		1,646		39,471
Veeco Instruments, Inc. (a)		2,614		76,198
Versum Materials, Inc. (a)		6,974		195,760
				4,450,143
SOFTWARE — 3.8%
8x8, Inc. (a)		5,776		82,597
ACI Worldwide, Inc. (a)		7,476		135,689
ANSYS, Inc. (a)		5,533		511,747
Blackbaud, Inc.		3,037		194,368
Bottomline Technologies de, Inc. (a)		2,395		59,923
Cadence Design Systems, Inc. (a)		18,341		462,560
CDK Global, Inc.		9,563		570,815
CommVault Systems, Inc. (a)		2,677		137,598
Ebix, Inc. (b)		1,397		79,699
Fair Isaac Corp.		1,990		237,248
Fortinet, Inc. (a)		9,490		285,839
Manhattan Associates, Inc. (a)		4,583		243,037
Mentor Graphics Corp.		7,002		258,304
MicroStrategy, Inc. Class A (a)		607		119,822
Monotype Imaging Holdings, Inc.		2,617		51,947
Progress Software Corp.		3,189		101,825
PTC, Inc. (a)		7,410		342,861
Qualys, Inc. (a)		1,838		58,173
Synchronoss Technologies, Inc. (a)		2,751		105,363
Synopsys, Inc. (a)		9,650		567,999

See accompanying notes to financial statements.

166

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Take-Two Interactive Software, Inc. (a)		5,531	$	272,623
Tangoe, Inc. (a)		1,538		12,119
TiVo Corp. (a)		7,776		162,518
Tyler Technologies, Inc. (a) (b)		2,114		301,816
Ultimate Software Group, Inc. (a) (b)		1,868		340,630
VASCO Data Security International, Inc. (a)		1,959		26,740
				5,723,860
SPECIALTY RETAIL — 2.7%
Aaron’s, Inc.		4,135		132,279
Abercrombie & Fitch Co. Class A (b)		4,332		51,984
American Eagle Outfitters, Inc.		10,942		165,990
Asbury Automotive Group, Inc. (a)		1,286		79,346
Ascena Retail Group, Inc. (a)		10,760		66,604
Barnes & Noble Education, Inc. (a)		2,492		28,583
Barnes & Noble, Inc.		3,768		42,013
Big 5 Sporting Goods Corp.		1,239		21,497
Buckle, Inc. (b)		1,790		40,812
Cabela’s, Inc. (a)		3,321		194,445
Caleres, Inc.		2,785		91,404
Cato Corp. Class A		1,653		49,722
Chico’s FAS, Inc.		8,457		121,696
Children’s Place, Inc. (b)		1,125		113,569
CST Brands, Inc.		4,842		233,142
Dick’s Sporting Goods, Inc.		5,643		299,643
Express, Inc. (a)		4,953		53,294
Finish Line, Inc. Class A (b)		2,674		50,298
Five Below, Inc. (a) (b)		3,539		141,418
Francesca’s Holdings Corp. (a)		2,391		43,110
GameStop Corp. Class A		6,450		162,927
Genesco, Inc. (a)		1,276		79,240
Group 1 Automotive, Inc. (b)		1,287		100,309
Guess?, Inc. (b)		3,984		48,206
Haverty Furniture Cos., Inc.		1,261		29,886
Hibbett Sports, Inc. (a)		1,413		52,705
Kirkland’s, Inc. (a)		962		14,921
Lithia Motors, Inc. Class A (b)		1,510		146,213
Lumber Liquidators Holdings, Inc. (a) (b)		1,717		27,026
MarineMax, Inc. (a)		1,604		31,037
Monro Muffler Brake, Inc. (b)		2,088		119,434
Murphy USA, Inc. (a)		2,315		142,303
Office Depot, Inc.		33,535		151,578
Rent-A-Center, Inc. (b)		3,396		38,205
RH (a)		2,479		76,105
Sally Beauty Holdings, Inc. (a)		9,217		243,513
Select Comfort Corp. (a)		2,944		66,593
Shoe Carnival, Inc. (b)		942		25,415
Sonic Automotive, Inc. Class A (b)		1,810		41,449
Stage Stores, Inc.		1,664		7,272
Stein Mart, Inc.		1,932		10,587
Tailored Brands, Inc.		3,134		80,074
Tile Shop Holdings, Inc. (a) (b)		2,087		40,801
Vitamin Shoppe, Inc. (a)		1,530		36,337
Williams-Sonoma, Inc. (b)		5,266		254,822
Zumiez, Inc. (a)		1,196		26,133
				4,073,940
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
3D Systems Corp. (a) (b)		6,839		90,890
Cray, Inc. (a)		2,614		54,110
Diebold Nixdorf, Inc. (b)		4,775		120,091
Electronics For Imaging, Inc. (a) (b)		3,007		131,887
NCR Corp. (a)		7,936		321,884
Super Micro Computer, Inc. (a)		2,468		69,228
				788,090
TEXTILES, APPAREL & LUXURY GOODS — 0.9%
Carter’s, Inc.		3,155		272,560
Crocs, Inc. (a)		4,753		32,605
Deckers Outdoor Corp. (a)		2,082		115,322
Fossil Group, Inc. (a)		2,673		69,124
G-III Apparel Group, Ltd. (a) (b)		2,597		76,767
Iconix Brand Group, Inc. (a)		3,614		33,755
Kate Spade & Co. (a)		8,213		153,337
Movado Group, Inc.		1,061		30,504
Oxford Industries, Inc.		953		57,304
Perry Ellis International, Inc. (a)		801		19,953
Skechers U.S.A., Inc. Class A (a)		8,543		209,987
Steven Madden, Ltd. (a)		3,484		124,553
Unifi, Inc. (a)		976		31,847
Vera Bradley, Inc. (a)		1,352		15,845
Wolverine World Wide, Inc.		6,419		140,897
				1,384,360
THRIFTS & MORTGAGE FINANCE — 1.0%
Astoria Financial Corp.		5,844		108,991
Bank Mutual Corp.		2,696		25,477
BofI Holding, Inc. (a) (b)		3,700		105,635
Dime Community Bancshares, Inc.		2,004		40,280
HomeStreet, Inc. (a)		1,356		42,850
LendingTree, Inc. (a) (b)		442		44,797
New York Community Bancorp, Inc. (b)		31,073		494,371
Northfield Bancorp, Inc. (b)		2,949		58,892
Northwest Bancshares, Inc.		6,567		118,403
Oritani Financial Corp.		2,487		46,631
Provident Financial Services, Inc.		3,852		109,012
TrustCo Bank Corp. NY.		6,144		53,760
Walker & Dunlop, Inc. (a)		1,720		53,664
Washington Federal, Inc.		5,655		194,249
				1,497,012
TOBACCO — 0.1%
Universal Corp.		1,475		94,031
TRADING COMPANIES & DISTRIBUTORS — 0.7%
Applied Industrial Technologies, Inc.		2,497		148,322
DXP Enterprises, Inc. (a) (b)		1,015		35,261
GATX Corp.		2,582		159,000
Kaman Corp.		1,771		86,655
MSC Industrial Direct Co., Inc. Class A		2,850		263,311
NOW, Inc. (a)		6,851		140,240
Veritiv Corp. (a)		592		31,820
Watsco, Inc.		1,660		245,879
				1,110,488

See accompanying notes to financial statements.

167

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
WATER UTILITIES — 0.4%
American States Water Co.		2,400	$	109,344
Aqua America, Inc.		11,366		341,434
California Water Service Group (b)		3,082		104,480
				555,258
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Spok Holdings, Inc.		1,388		28,801
Telephone & Data Systems, Inc.		6,046		174,548
				203,349
TOTAL COMMON STOCKS (Cost $137,649,144)				150,307,033
RIGHTS — 0.0% (c)
BIOTECHNOLOGY — 0.0% (c)
Chelsea Therapeutics International, Ltd. (CVR) (a) (d)		696		—
Durata Therapeutics, Inc. (CVR) (expiring 12/31/18) (a) (d)		218		—
Dyax Corp. (CVR) (a) (e)		2,607		2,894
Omthera Pharmaceuticals, Inc. (CVR) (a) (b) (d)		212		—
Trius Therapeutics, Inc. (CVR) (expiring 2/17/17) (a) (d)		800		—
				2,894
WIRELESS TELECOMMUNICATION SERVICES — 0.0% (c)
Leap Wireless International, Inc. (CVR) (expiring 3/13/17) (a) (e)		1,110		3,524
TOTAL RIGHTS (Cost $5,691)				6,418
SHORT-TERM INVESTMENTS — 1.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (f) (g)		123,970		123,970
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)		1,312,887		1,312,887
TOTAL SHORT-TERM INVESTMENTS (Cost $1,436,857)				1,436,857
TOTAL INVESTMENTS — 100.8% (Cost $139,091,692)				151,750,308
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(1,135,864	)
NET ASSETS — 100.0%			$	150,614,444

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) Amount is less than 0.05% of net assets.

(d) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2016, total aggregate fair value of the security is $0, representing 0.0% of the Fund’s net assets.

(e) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. As of December 31, 2016, total aggregate fair value of securities is $6,418 representing 0.0% of net assets.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) The rate shown is the annualized seven-day yield at December 31, 2016.

(h) Investment of cash collateral for securities loaned.

CVR = Contingent Value Rights

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	2,863,614	$	—	$	—	$	2,863,614
Air Freight & Logistics		314,056		—		—		314,056
Airlines		923,246		—		—		923,246
Auto Components		1,327,688		—		—		1,327,688
Automobiles		356,228		—		—		356,228
Banks		12,583,802		—		—		12,583,802
Beverages		99,702		—		—		99,702
Biotechnology		986,407		—		—		986,407
Building Products		1,776,396		—		—		1,776,396
Capital Markets		4,517,680		—		—		4,517,680
Chemicals		4,525,798		—		—		4,525,798

See accompanying notes to financial statements.

168

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Commercial Services & Supplies	$	3,136,141	$	—	$	—	$	3,136,141
Communications Equipment		2,277,530		—		—		2,277,530
Construction & Engineering		1,483,349		—		—		1,483,349
Construction Materials		475,930		—		—		475,930
Consumer Finance		749,412		—		—		749,412
Containers & Packaging		1,832,267		—		—		1,832,267
Distributors		404,790		—		—		404,790
Diversified Consumer Services		940,890		—		—		940,890
Diversified Telecommunication Services		467,130		—		—		467,130
Electric Utilities		2,292,287		—		—		2,292,287
Electrical Equipment		1,055,736		—		—		1,055,736
Electronic Equipment, Instruments & Components		6,162,002		—		—		6,162,002
Energy Equipment & Services		2,624,025		—		—		2,624,025
Equity Real Estate Investment Trusts (REITs)		526,475		—		—		526,475
Food & Staples Retailing		872,306		—		—		872,306
Food Products		3,924,360		—		—		3,924,360
Gas Utilities		2,675,091		—		—		2,675,091
Health Care Equipment & Supplies		5,863,600		—		—		5,863,600
Health Care Providers & Services		3,347,048		—		—		3,347,048
Health Care Technology		564,374		—		—		564,374
Hotels, Restaurants & Leisure		4,083,712		—		—		4,083,712
Household Durables		2,336,970		—		—		2,336,970
Household Products		367,716		—		—		367,716
Industrial Conglomerates		516,729		—		—		516,729
Insurance		6,848,449		—		—		6,848,449
Internet & Catalog Retail		226,001		—		—		226,001
Internet Software & Services		1,101,006		—		—		1,101,006
IT Services		4,898,161		—		—		4,898,161
Leisure Equipment & Products		947,200		—		—		947,200
Life Sciences Tools & Services		1,132,693		—		—		1,132,693
Machinery		7,474,229		—		—		7,474,229
Marine		326,768		—		—		326,768
Media		1,702,888		—		—		1,702,888
Metals & Mining		2,867,477		—		—		2,867,477
Multi-Utilities		1,185,246		—		—		1,185,246
Multiline Retail		452,969		—		—		452,969
Oil, Gas & Consumable Fuels		3,149,930		—		—		3,149,930
Paper & Forest Products		873,977		—		—		873,977
Personal Products		479,524		—		—		479,524
Pharmaceuticals		1,245,122		—		—		1,245,122
Professional Services		1,499,128		—		—		1,499,128
Real Estate Investment Trusts (REITs)		12,631,061		—		—		12,631,061
Real Estate Management & Development		584,791		—		—		584,791
Road & Rail		1,545,395		—		—		1,545,395
Semiconductors & Semiconductor Equipment		4,450,143		—		—		4,450,143
Software		5,723,860		—		—		5,723,860
Specialty Retail		4,073,940		—		—		4,073,940
Technology Hardware, Storage & Peripherals		788,090		—		—		788,090
Textiles, Apparel & Luxury Goods		1,384,360		—		—		1,384,360
Thrifts & Mortgage Finance		1,497,012		—		—		1,497,012
Tobacco		94,031		—		—		94,031
Trading Companies & Distributors		1,110,488		—		—		1,110,488
Water Utilities		555,258		—		—		555,258
Wireless Telecommunication Services		203,349		—		—		203,349

See accompanying notes to financial statements.

169

SPDR S&P 1000 ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Rights
Biotechnology	$	—	$	2,894	$	0	(a)	$	2,894
Wireless Telecommunication Services		—		3,524		—			3,524
Short-Term Investments		1,436,857		—		—			1,436,857
TOTAL INVESTMENTS	$	151,743,890	$	6,418	$	0		$	151,750,308

(a) Fund held Level 3 securities that were valued at $0 at December 31, 2016.

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		246,286	$	246,286		2,021,966		2,268,252		—	$	—	$	375	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		3,236,307		3,112,337		123,970		123,970		305		—
State Street Navigator Securities Lending Government Money Market Portfolio*		11,054,104		11,054,104		17,942,389		27,683,606		1,312,887		1,312,887		25,328		—
TOTAL			$	11,300,390							$	1,436,857	$	26,008	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

170

SPDR S&P 400 Mid Cap Growth ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.3%
B/E Aerospace, Inc.		35,081	$	2,111,525
Curtiss-Wright Corp.		24,288		2,388,968
Huntington Ingalls Industries, Inc.		25,433		4,684,504
Teledyne Technologies, Inc. (a)		13,052		1,605,396
				10,790,393
AUTO COMPONENTS — 0.7%
Gentex Corp.		157,068		3,092,669
AUTOMOBILES — 0.6%
Thor Industries, Inc.		26,190		2,620,309
BANKS — 6.3%
Bank of Hawaii Corp.		16,426		1,456,822
Bank of the Ozarks, Inc. (b)		49,765		2,617,141
Chemical Financial Corp.		24,334		1,318,173
Commerce Bancshares, Inc.		47,833		2,765,226
Cullen/Frost Bankers, Inc.		15,663		1,381,947
East West Bancorp, Inc.		50,604		2,572,201
First Horizon National Corp.		127,819		2,557,658
Fulton Financial Corp.		47,447		892,004
International Bancshares Corp.		15,872		647,578
MB Financial, Inc.		22,223		1,049,592
PrivateBancorp, Inc.		27,496		1,490,008
Signature Bank (a)		19,713		2,960,893
SVB Financial Group (a)		17,416		2,989,631
Synovus Financial Corp.		34,141		1,402,512
Trustmark Corp.		17,022		606,834
UMB Financial Corp.		16,287		1,256,053
Webster Financial Corp.		32,207		1,748,196
				29,712,469
BEVERAGES — 0.1%
Boston Beer Co., Inc. Class A (a) (b)		2,633		447,215
BIOTECHNOLOGY — 0.5%
United Therapeutics Corp. (a)		16,246		2,330,164
BUILDING PRODUCTS — 1.5%
AO Smith Corp.		80,970		3,833,930
Lennox International, Inc.		21,244		3,253,943
				7,087,873
CAPITAL MARKETS — 4.1%
CBOE Holdings, Inc.		28,942		2,138,524
Eaton Vance Corp.		38,575		1,615,521
FactSet Research Systems, Inc.		15,732		2,571,081
Federated Investors, Inc. Class B		24,973		706,236
MarketAxess Holdings, Inc.		20,618		3,029,197
MSCI, Inc.		51,556		4,061,582
Raymond James Financial, Inc.		38,135		2,641,611
SEI Investments Co.		44,947		2,218,584
WisdomTree Investments, Inc. (b)		39,504		440,075
				19,422,411
CHEMICALS — 2.4%
Minerals Technologies, Inc.		19,153		1,479,569
NewMarket Corp.		2,785		1,180,394
RPM International, Inc.		45,279		2,437,369
Scotts Miracle-Gro Co. Class A		24,385		2,329,987
Sensient Technologies Corp.		15,096		1,186,244
Valspar Corp.		27,976		2,898,593
				11,512,156
COMMERCIAL SERVICES & SUPPLIES — 1.7%
Copart, Inc. (a)		55,916		3,098,306
Deluxe Corp.		17,556		1,257,185
HNI Corp.		14,200		794,064
MSA Safety, Inc.		17,123		1,187,138
Rollins, Inc.		52,507		1,773,686
				8,110,379
COMMUNICATIONS EQUIPMENT — 1.4%
ARRIS International PLC (a)		42,851		1,291,101
Brocade Communications Systems, Inc.		143,382		1,790,841
InterDigital, Inc.		18,781		1,715,644
Plantronics, Inc.		12,568		688,224
ViaSat, Inc. (a) (b)		18,328		1,213,680
				6,699,490
CONSTRUCTION & ENGINEERING — 0.8%
Dycom Industries, Inc. (a)		8,806		707,033
EMCOR Group, Inc.		15,975		1,130,391
Granite Construction, Inc.		21,718		1,194,490
Valmont Industries, Inc.		6,372		897,815
				3,929,729
CONSTRUCTION MATERIALS — 0.6%
Eagle Materials, Inc.		26,437		2,604,838
CONSUMER FINANCE — 0.5%
SLM Corp. (a)		234,734		2,586,769
CONTAINERS & PACKAGING — 1.5%
AptarGroup, Inc.		15,763		1,157,792
Packaging Corp. of America		51,196		4,342,445
Sonoco Products Co.		28,505		1,502,214
				7,002,451
DISTRIBUTORS — 0.5%
Pool Corp.		22,656		2,363,927
DIVERSIFIED CONSUMER SERVICES — 0.6%
Service Corp. International		64,756		1,839,070
Sotheby’s		25,268		1,007,183
				2,846,253
ELECTRIC UTILITIES — 0.6%
Westar Energy, Inc.		46,673		2,630,024
ELECTRICAL EQUIPMENT — 0.8%
EnerSys		23,807		1,859,327
Hubbell, Inc.		17,446		2,035,948
				3,895,275
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.3%
Belden, Inc.		11,522		861,500
Cognex Corp.		46,998		2,990,013
IPG Photonics Corp. (a)		20,352		2,008,946
Keysight Technologies, Inc. (a)		53,046		1,939,892
Littelfuse, Inc.		12,372		1,877,698
National Instruments Corp.		28,330		873,131
Trimble, Inc. (a)		89,250		2,690,888
Zebra Technologies Corp. Class A (a)		28,973		2,484,724
				15,726,792

See accompanying notes to financial statements.

171

SPDR S&P 400 Mid Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ENERGY EQUIPMENT & SERVICES — 0.3%
Patterson-UTI Energy, Inc.		37,280	$	1,003,577
Superior Energy Services, Inc.		34,043		574,646
				1,578,223
FOOD & STAPLES RETAILING — 0.1%
Sprouts Farmers Market, Inc. (a)		35,881		678,868
FOOD PRODUCTS — 3.0%
Ingredion, Inc.		18,698		2,336,502
Lamb Weston Holdings, Inc. (a)		47,098		1,782,659
Lancaster Colony Corp.		10,658		1,506,935
Post Holdings, Inc. (a)		35,602		2,862,045
Tootsie Roll Industries, Inc. (b)		6,382		253,684
WhiteWave Foods Co. (a)		97,156		5,401,874
				14,143,699
GAS UTILITIES — 1.0%
National Fuel Gas Co.		25,665		1,453,665
Southwest Gas Corp.		26,001		1,992,197
WGL Holdings, Inc.		13,479		1,028,178
				4,474,040
HEALTH CARE EQUIPMENT & SUPPLIES — 5.2%
Abiomed, Inc. (a)		22,116		2,492,031
Align Technology, Inc. (a)		41,038		3,944,983
Globus Medical, Inc. Class A (a) (b)		18,459		457,968
Hill-Rom Holdings, Inc.		20,365		1,143,291
IDEXX Laboratories, Inc. (a)		49,164		5,765,462
NuVasive, Inc. (a)		27,584		1,858,058
ResMed, Inc. (b)		51,008		3,165,047
Teleflex, Inc.		13,962		2,249,976
West Pharmaceutical Services, Inc.		40,078		3,399,817
				24,476,633
HEALTH CARE PROVIDERS & SERVICES — 2.2%
HealthSouth Corp. (b)		49,256		2,031,317
MEDNAX, Inc. (a) (b)		31,504		2,100,057
VCA, Inc. (a)		44,439		3,050,737
WellCare Health Plans, Inc. (a)		24,245		3,323,505
				10,505,616
HOTELS, RESTAURANTS & LEISURE — 4.8%
Brinker International, Inc. (b)		27,240		1,349,197
Buffalo Wild Wings, Inc. (a)		9,939		1,534,581
Cheesecake Factory, Inc.		24,192		1,448,617
Churchill Downs, Inc.		6,876		1,034,494
Cracker Barrel Old Country Store, Inc. (b)		9,513		1,588,481
Domino’s Pizza, Inc.		26,322		4,191,515
Dunkin’ Brands Group, Inc. (b)		50,231		2,634,114
Jack in the Box, Inc.		17,748		1,981,387
Panera Bread Co. Class A (a) (b)		12,010		2,463,131
Papa John’s International, Inc.		14,589		1,248,527
Texas Roadhouse, Inc.		35,135		1,694,912
Wendy’s Co. (b)		109,871		1,485,456
				22,654,412
HOUSEHOLD DURABLES — 1.1%
NVR, Inc. (a)		1,964		3,277,916
Tempur Sealy International, Inc. (a) (b)		16,276		1,111,325
Tupperware Brands Corp.		11,592		609,971
				4,999,212
HOUSEHOLD PRODUCTS — 0.2%
Energizer Holdings, Inc.		21,006		937,078
INDUSTRIAL CONGLOMERATES — 0.8%
Carlisle Cos., Inc.		35,396		3,903,825
INSURANCE — 1.3%
Brown & Brown, Inc.		63,022		2,827,167
Primerica, Inc.		25,084		1,734,559
RenaissanceRe Holdings, Ltd. (b)		10,346		1,409,332
				5,971,058
INTERNET SOFTWARE & SERVICES — 0.7%
comScore, Inc. (a) (b)		10,826		341,885
j2 Global, Inc.		26,332		2,153,958
WebMD Health Corp. (a)		20,429		1,012,665
				3,508,508
IT SERVICES — 5.2%
Acxiom Corp. (a)		19,087		511,532
Broadridge Financial Solutions, Inc.		65,304		4,329,655
Computer Sciences Corp.		40,930		2,432,061
Convergys Corp.		22,463		551,691
CoreLogic, Inc. (a)		47,311		1,742,464
Gartner, Inc. (a)		45,253		4,573,721
Jack Henry & Associates, Inc.		42,771		3,797,209
MAXIMUS, Inc.		35,551		1,983,390
Science Applications International Corp.		24,540		2,080,992
WEX, Inc. (a)		21,038		2,347,841
				24,350,556
LEISURE EQUIPMENT & PRODUCTS — 0.4%
Polaris Industries, Inc. (b)		15,686		1,292,370
Vista Outdoor, Inc. (a)		14,209		524,312
				1,816,682
LIFE SCIENCES TOOLS & SERVICES — 1.1%
Bio-Rad Laboratories, Inc. Class A (a)		5,537		1,009,284
Bio-Techne Corp.		20,496		2,107,604
Charles River Laboratories International, Inc. (a)		16,036		1,221,783
PAREXEL International Corp. (a) (b)		14,323		941,307
				5,279,978
MACHINERY — 6.2%
CLARCOR, Inc.		26,627		2,195,929
Crane Co.		27,301		1,968,948
Donaldson Co., Inc.		50,689		2,132,993
Graco, Inc.		30,538		2,537,402
IDEX Corp.		41,768		3,761,626
Joy Global, Inc.		30,598		856,744
Kennametal, Inc.		20,152		629,952
Lincoln Electric Holdings, Inc.		34,039		2,609,770
Nordson Corp.		29,146		3,265,809
Oshkosh Corp.		21,199		1,369,667
Toro Co.		59,914		3,352,188
Wabtec Corp. (b)		31,726		2,633,893
Woodward, Inc.		30,430		2,101,192
				29,416,113
MEDIA — 1.3%
AMC Networks, Inc. Class A (a)		21,042		1,101,338
Cable One, Inc. (b)		2,567		1,595,981

See accompanying notes to financial statements.

172

SPDR S&P 400 Mid Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Cinemark Holdings, Inc.		33,030	$	1,267,031
John Wiley & Sons, Inc. Class A		11,589		631,600
Live Nation Entertainment, Inc. (a)		37,661		1,001,783
Meredith Corp.		11,174		660,942
				6,258,675
METALS & MINING — 1.9%
Compass Minerals International, Inc. (b)		8,375		656,181
Royal Gold, Inc.		35,814		2,268,817
Steel Dynamics, Inc.		89,490		3,184,054
United States Steel Corp.		47,300		1,561,373
Worthington Industries, Inc.		24,016		1,139,319
				8,809,744
MULTI-UTILITIES — 0.9%
Black Hills Corp.		17,440		1,069,770
MDU Resources Group, Inc.		107,030		3,079,253
				4,149,023
OIL, GAS & CONSUMABLE FUELS — 1.3%
Denbury Resources, Inc. (a)		87,097		320,517
Energen Corp.		22,345		1,288,636
Gulfport Energy Corp. (a)		49,882		1,079,446
QEP Resources, Inc.		49,811		917,021
SM Energy Co.		25,373		874,861
WPX Energy, Inc. (a)		100,034		1,457,495
				5,937,976
PHARMACEUTICALS — 0.6%
Akorn, Inc. (a)		48,019		1,048,255
Catalent, Inc. (a)		28,658		772,620
Prestige Brands Holdings, Inc. (a)		16,542		861,838
				2,682,713
PROFESSIONAL SERVICES — 0.1%
CEB, Inc.		9,584		580,790
REAL ESTATE INVESTMENT TRUSTS (REITS) — 11.6%
Alexandria Real Estate Equities, Inc.		43,554		4,840,156
American Campus Communities, Inc.		42,706		2,125,478
Camden Property Trust		25,409		2,136,135
Communications Sales & Leasing, Inc. (a)		76,851		1,952,784
Corporate Office Properties Trust		35,817		1,118,207
DCT Industrial Trust, Inc. REIT		49,884		2,388,446
Douglas Emmett, Inc.		78,870		2,883,487
Duke Realty Corp.		194,430		5,164,061
Education Realty Trust, Inc.		40,053		1,694,242
EPR Properties		21,229		1,523,605
Equity One, Inc.		50,928		1,562,980
First Industrial Realty Trust, Inc. REIT		64,119		1,798,538
Healthcare Realty Trust, Inc. REIT		44,499		1,349,210
Highwoods Properties, Inc.		31,811		1,622,679
Kilroy Realty Corp. REIT		50,524		3,699,367
Lamar Advertising Co. Class A (b)		45,376		3,051,082
Liberty Property Trust REIT		80,609		3,184,055
Mack-Cali Realty Corp.		29,969		869,700
National Retail Properties, Inc.		46,740		2,065,908
Potlatch Corp. REIT		14,610		608,507
Rayonier, Inc.		30,178		802,735
Regency Centers Corp.		36,048		2,485,510
Tanger Factory Outlet Centers, Inc.		36,277		1,297,991
Taubman Centers, Inc. (b)		18,250		1,349,222
Urban Edge Properties		32,659		898,449
Weingarten Realty Investors REIT		64,605		2,312,213
				54,784,747
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Alexander & Baldwin, Inc.		13,882		622,885
ROAD & RAIL — 1.7%
Avis Budget Group, Inc. (a)		48,139		1,765,738
Genesee & Wyoming, Inc. Class A (a)		15,754		1,093,485
Landstar System, Inc.		22,869		1,950,726
Old Dominion Freight Line, Inc. (a)		37,952		3,255,902
				8,065,851
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.3%
Advanced Micro Devices, Inc. (a) (b)		416,589		4,724,119
Cirrus Logic, Inc. (a)		34,872		1,971,663
Cypress Semiconductor Corp. (b)		73,928		845,736
Integrated Device Technology, Inc. (a)		73,434		1,730,105
Intersil Corp. Class A		74,975		1,671,943
Microsemi Corp. (a) (b)		62,872		3,393,202
Monolithic Power Systems, Inc.		20,497		1,679,319
Silicon Laboratories, Inc. (a)		22,889		1,487,785
Teradyne, Inc.		62,860		1,596,644
Versum Materials, Inc. (a)		37,481		1,052,092
				20,152,608
SOFTWARE — 6.9%
ACI Worldwide, Inc. (a)		30,090		546,133
ANSYS, Inc. (a)		29,452		2,724,015
Cadence Design Systems, Inc. (a)		113,122		2,852,937
CDK Global, Inc.		81,917		4,889,626
CommVault Systems, Inc. (a)		23,049		1,184,719
Fair Isaac Corp.		16,988		2,025,309
Fortinet, Inc. (a)		80,631		2,428,606
Manhattan Associates, Inc. (a)		26,093		1,383,712
Mentor Graphics Corp.		60,040		2,214,875
PTC, Inc. (a)		44,310		2,050,224
Synopsys, Inc. (a)		82,916		4,880,436
Tyler Technologies, Inc. (a) (b)		18,268		2,608,122
Ultimate Software Group, Inc. (a) (b)		15,894		2,898,271
				32,686,985
SPECIALTY RETAIL — 1.1%
Cabela’s, Inc. (a)		15,454		904,832
Chico’s FAS, Inc.		33,939		488,382
Dick’s Sporting Goods, Inc.		48,239		2,561,491
Sally Beauty Holdings, Inc. (a)		44,184		1,167,341
				5,122,046
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.7%
3D Systems Corp. (a) (b)		41,457		550,964
NCR Corp. (a)		67,979		2,757,228
				3,308,192
TEXTILES, APPAREL & LUXURY GOODS — 1.3%
Carter’s, Inc.		27,062		2,337,886
Deckers Outdoor Corp. (a)		8,980		497,402
Kate Spade & Co. (a)		70,233		1,311,250
Skechers U.S.A., Inc. Class A (a)		73,111		1,797,069
				5,943,607

See accompanying notes to financial statements.

173

SPDR S&P 400 Mid Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
THRIFTS & MORTGAGE FINANCE — 0.4%
Washington Federal, Inc.		48,783	$	1,675,696
TRADING COMPANIES & DISTRIBUTORS — 0.9%
GATX Corp.		9,608		591,661
MSC Industrial Direct Co., Inc. Class A		24,435		2,257,550
Watsco, Inc.		8,462		1,253,391
				4,102,602
WATER UTILITIES — 0.3%
Aqua America, Inc.		50,595		1,519,874
TOTAL COMMON STOCKS (Cost $421,876,529)				470,510,101
SHORT-TERM INVESTMENTS — 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		416,533		416,533
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		3,600,941		3,600,941
TOTAL SHORT-TERM INVESTMENTS (Cost $4,017,474)				4,017,474
TOTAL INVESTMENTS — 100.6% (Cost $425,894,003)				474,527,575
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%				(3,037,712	)
NET ASSETS — 100.0%			$	471,489,863

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	10,790,393	$	—	$	—	$	10,790,393
Auto Components		3,092,669		—		—		3,092,669
Automobiles		2,620,309		—		—		2,620,309
Banks		29,712,469		—		—		29,712,469
Beverages		447,215		—		—		447,215
Biotechnology		2,330,164		—		—		2,330,164
Building Products		7,087,873		—		—		7,087,873
Capital Markets		19,422,411		—		—		19,422,411
Chemicals		11,512,156		—		—		11,512,156
Commercial Services & Supplies		8,110,379		—		—		8,110,379
Communications Equipment		6,699,490		—		—		6,699,490
Construction & Engineering		3,929,729		—		—		3,929,729
Construction Materials		2,604,838		—		—		2,604,838
Consumer Finance		2,586,769		—		—		2,586,769
Containers & Packaging		7,002,451		—		—		7,002,451
Distributors		2,363,927		—		—		2,363,927
Diversified Consumer Services		2,846,253		—		—		2,846,253
Electric Utilities		2,630,024		—		—		2,630,024
Electrical Equipment		3,895,275		—		—		3,895,275

See accompanying notes to financial statements.

174

SPDR S&P 400 Mid Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Electronic Equipment, Instruments & Components	$	15,726,792	$	—	$	—	$	15,726,792
Energy Equipment & Services		1,578,223		—		—		1,578,223
Food & Staples Retailing		678,868		—		—		678,868
Food Products		14,143,699		—		—		14,143,699
Gas Utilities		4,474,040		—		—		4,474,040
Health Care Equipment & Supplies		24,476,633		—		—		24,476,633
Health Care Providers & Services		10,505,616		—		—		10,505,616
Hotels, Restaurants & Leisure		22,654,412		—		—		22,654,412
Household Durables		4,999,212		—		—		4,999,212
Household Products		937,078		—		—		937,078
Industrial Conglomerates		3,903,825		—		—		3,903,825
Insurance		5,971,058		—		—		5,971,058
Internet Software & Services		3,508,508		—		—		3,508,508
IT Services		24,350,556		—		—		24,350,556
Leisure Equipment & Products		1,816,682		—		—		1,816,682
Life Sciences Tools & Services		5,279,978		—		—		5,279,978
Machinery		29,416,113		—		—		29,416,113
Media		6,258,675		—		—		6,258,675
Metals & Mining		8,809,744		—		—		8,809,744
Multi-Utilities		4,149,023		—		—		4,149,023
Oil, Gas & Consumable Fuels		5,937,976		—		—		5,937,976
Pharmaceuticals		2,682,713		—		—		2,682,713
Professional Services		580,790		—		—		580,790
Real Estate Investment Trusts (REITs)		54,784,747		—		—		54,784,747
Real Estate Management & Development		622,885		—		—		622,885
Road & Rail		8,065,851		—		—		8,065,851
Semiconductors & Semiconductor Equipment		20,152,608		—		—		20,152,608
Software		32,686,985		—		—		32,686,985
Specialty Retail		5,122,046		—		—		5,122,046
Technology Hardware, Storage & Peripherals		3,308,192		—		—		3,308,192
Textiles, Apparel & Luxury Goods		5,943,607		—		—		5,943,607
Thrifts & Mortgage Finance		1,675,696		—		—		1,675,696
Trading Companies & Distributors		4,102,602		—		—		4,102,602
Water Utilities		1,519,874		—		—		1,519,874
Short-Term Investments		4,017,474		—		—		4,017,474
TOTAL INVESTMENTS	$	474,527,575	$	—	$	—	$	474,527,575

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		291,440	$	291,440		6,793,430		7,084,870		—	$	—	$	425	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		6,972,801		6,556,268		416,533		416,533		639		—
State Street Navigator Securities Lending Government Money Market Portfolio*		31,109,942		31,109,942		55,603,230		83,112,231		3,600,941		3,600,941		37,497		—
TOTAL			$	31,401,382							$	4,017,474	$	38,561	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

175

SPDR S&P 400 Mid Cap Value ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 2.0%
B/E Aerospace, Inc.		18,190	$	1,094,856
Esterline Technologies Corp. (a)		14,373		1,282,072
KLX, Inc. (a)		25,561		1,153,057
Orbital ATK, Inc.		28,454		2,496,269
Teledyne Technologies, Inc. (a)		5,444		669,612
Triumph Group, Inc.		24,086		638,279
				7,334,145
AIRLINES — 1.0%
JetBlue Airways Corp. (a)		157,070		3,521,509
AUTO COMPONENTS — 0.4%
Dana, Inc.		69,771		1,324,254
BANKS — 8.4%
Associated Banc-Corp.		71,849		1,774,670
BancorpSouth, Inc.		41,341		1,283,638
Bank of Hawaii Corp. (b)		6,173		547,483
Cathay General Bancorp		35,998		1,369,004
Chemical Financial Corp.		12,683		687,038
Commerce Bancshares, Inc.		777		44,918
Cullen/Frost Bankers, Inc.		13,362		1,178,929
East West Bancorp, Inc.		25,188		1,280,306
FNB Corp.		101,250		1,623,038
Fulton Financial Corp.		42,027		790,108
Hancock Holding Co.		39,684		1,710,380
International Bancshares Corp.		14,110		575,688
MB Financial, Inc.		14,804		699,193
PacWest Bancorp		58,314		3,174,614
PrivateBancorp, Inc.		14,326		776,326
Prosperity Bancshares, Inc.		33,727		2,420,924
Signature Bank (a)		8,636		1,297,127
SVB Financial Group (a)		9,900		1,699,434
Synovus Financial Corp.		29,074		1,194,360
TCF Financial Corp.		82,978		1,625,539
Trustmark Corp.		17,692		630,720
UMB Financial Corp.		6,744		520,097
Umpqua Holdings Corp.		106,820		2,006,080
Valley National Bancorp		123,467		1,437,156
Webster Financial Corp.		16,017		869,403
				31,216,173
BEVERAGES — 0.1%
Boston Beer Co., Inc. Class A (a) (b)		2,004		340,379
BIOTECHNOLOGY — 0.2%
United Therapeutics Corp. (a)		6,212		890,987
CAPITAL MARKETS — 3.1%
CBOE Holdings, Inc.		13,800		1,019,682
Eaton Vance Corp.		20,882		874,538
FactSet Research Systems, Inc.		5,376		878,600
Federated Investors, Inc. Class B		23,060		652,137
Janus Capital Group, Inc.		69,087		916,785
Legg Mason, Inc.		43,610		1,304,375
Raymond James Financial, Inc.		27,557		1,908,873
SEI Investments Co.		25,391		1,253,300
Stifel Financial Corp. (a)		32,121		1,604,444
Waddell & Reed Financial, Inc. Class A		40,142		783,170
WisdomTree Investments, Inc.		20,544		228,860
				11,424,764
CHEMICALS — 3.3%
Ashland Global Holdings, Inc.		30,183		3,298,700
Cabot Corp.		30,204		1,526,510
NewMarket Corp.		1,970		834,965
Olin Corp. (b)		80,133		2,052,206
PolyOne Corp.		40,615		1,301,305
RPM International, Inc.		24,593		1,323,841
Sensient Technologies Corp.		8,235		647,106
Valspar Corp.		10,609		1,099,199
				12,083,832
COMMERCIAL SERVICES & SUPPLIES — 0.9%
Clean Harbors, Inc. (a)		25,300		1,407,945
Deluxe Corp.		8,054		576,747
Herman Miller, Inc.		29,051		993,544
HNI Corp.		9,072		507,306
				3,485,542
COMMUNICATIONS EQUIPMENT — 1.7%
ARRIS International PLC (a)		54,570		1,644,194
Brocade Communications Systems, Inc.		68,273		852,730
Ciena Corp. (a)		67,630		1,650,848
NetScout Systems, Inc. (a)		44,445		1,400,017
Plantronics, Inc.		4,993		273,417
ViaSat, Inc. (a)		8,754		579,690
				6,400,896
CONSTRUCTION & ENGINEERING — 1.7%
AECOM (a)		74,659		2,714,602
Dycom Industries, Inc. (a)		7,480		600,569
EMCOR Group, Inc.		15,249		1,079,019
KBR, Inc.		69,158		1,154,247
Valmont Industries, Inc.		5,198		732,398
				6,280,835
CONTAINERS & PACKAGING — 2.0%
AptarGroup, Inc.		16,391		1,203,919
Bemis Co., Inc.		45,489		2,175,284
Greif, Inc. Class A		12,511		641,939
Owens-Illinois, Inc. (a)		78,665		1,369,558
Silgan Holdings, Inc.		18,161		929,480
Sonoco Products Co.		23,299		1,227,857
				7,548,037
DIVERSIFIED CONSUMER SERVICES — 0.8%
DeVry Education Group, Inc. (b)		27,623		861,838
Graham Holdings Co. Class B		2,294		1,174,413
Service Corp. International		35,082		996,329
				3,032,580
ELECTRIC UTILITIES — 3.4%
Great Plains Energy, Inc.		104,471		2,857,282
Hawaiian Electric Industries, Inc.		52,595		1,739,317
IDACORP, Inc.		24,422		1,967,192
OGE Energy Corp.		96,867		3,240,201
PNM Resources, Inc.		38,658		1,325,969
Westar Energy, Inc.		27,551		1,552,499
				12,682,460
ELECTRICAL EQUIPMENT — 0.7%
Hubbell, Inc.		9,522		1,111,217
Regal Beloit Corp.		21,752		1,506,326
				2,617,543

See accompanying notes to financial statements.

176

SPDR S&P 400 Mid Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.9%
Arrow Electronics, Inc. (a)		43,470	$	3,099,411
Avnet, Inc.		61,902		2,947,154
Belden, Inc.		10,193		762,131
Jabil Circuit, Inc.		90,010		2,130,537
Keysight Technologies, Inc. (a)		35,448		1,296,333
Knowles Corp. (a)		43,019		718,847
National Instruments Corp.		26,196		807,361
SYNNEX Corp.		14,113		1,707,955
Tech Data Corp. (a)		17,064		1,444,980
Trimble, Inc. (a)		42,535		1,282,430
VeriFone Systems, Inc. (a)		53,772		953,378
Vishay Intertechnology, Inc. (b)		64,936		1,051,963
				18,202,480
ENERGY EQUIPMENT & SERVICES — 3.0%
Diamond Offshore Drilling, Inc.		31,280		553,656
Dril-Quip, Inc. (a)		18,268		1,096,993
Ensco PLC Class A		147,057		1,429,394
Nabors Industries, Ltd.		137,534		2,255,558
Noble Corp. PLC		117,980		698,442
Oceaneering International, Inc.		47,558		1,341,611
Oil States International, Inc. (a) (b)		24,886		970,554
Patterson-UTI Energy, Inc. (b)		38,839		1,045,546
Rowan Cos. PLC Class A		60,813		1,148,757
Superior Energy Services, Inc.		43,370		732,086
				11,272,597
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.9%
CoreCivic, Inc. REIT		56,978		1,393,682
Cousins Properties, Inc. REIT		165,981		1,412,498
Quality Care Properties, Inc. REIT (a)		45,327		702,569
				3,508,749
FOOD & STAPLES RETAILING — 1.1%
Casey’s General Stores, Inc.		19,005		2,259,314
Sprouts Farmers Market, Inc. (a)		33,079		625,855
United Natural Foods, Inc. (a)		24,534		1,170,763
				4,055,932
FOOD PRODUCTS — 3.1%
Dean Foods Co.		43,883		955,772
Flowers Foods, Inc.		88,597		1,769,282
Hain Celestial Group, Inc. (a)		50,176		1,958,369
Ingredion, Inc.		18,616		2,326,255
Lamb Weston Holdings, Inc. (a)		25,573		967,938
Snyder’s-Lance, Inc.		41,487		1,590,612
Tootsie Roll Industries, Inc. (b)		2,792		110,982
TreeHouse Foods, Inc. (a) (b)		27,496		1,984,936
				11,664,146
GAS UTILITIES — 3.4%
Atmos Energy Corp.		50,409		3,737,827
National Fuel Gas Co.		18,599		1,053,447
New Jersey Resources Corp.		41,745		1,481,948
ONE Gas, Inc.		25,346		1,621,130
UGI Corp.		83,922		3,867,126
WGL Holdings, Inc.		12,902		984,165
				12,745,643
HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%
Globus Medical, Inc. Class A (a) (b)		18,439		457,472
Halyard Health, Inc. (a)		22,628		836,783
Hill-Rom Holdings, Inc.		11,060		620,908
LivaNova PLC (a)		21,176		952,285
ResMed, Inc. (b)		23,280		1,444,524
STERIS PLC		41,298		2,783,072
Teleflex, Inc.		8,977		1,446,644
				8,541,688
HEALTH CARE PROVIDERS & SERVICES — 1.4%
LifePoint Health, Inc. (a)		19,504		1,107,827
MEDNAX, Inc. (a)		17,067		1,137,686
Molina Healthcare, Inc. (a)		20,687		1,122,476
Owens & Minor, Inc.		29,878		1,054,395
Tenet Healthcare Corp. (a)		38,664		573,774
				4,996,158
HEALTH CARE TECHNOLOGY — 0.3%
Allscripts Healthcare Solutions, Inc. (a)		89,674		915,572
HOTELS, RESTAURANTS & LEISURE — 0.3%
Cracker Barrel Old Country Store, Inc. (b)		3,267		545,523
International Speedway Corp. Class A		12,581		462,981
				1,008,504
HOUSEHOLD DURABLES — 2.0%
CalAtlantic Group, Inc.		35,414		1,204,430
Helen of Troy, Ltd. (a)		13,487		1,138,977
KB Home (b)		40,280		636,827
Tempur Sealy International, Inc. (a) (b)		10,008		683,346
Toll Brothers, Inc. (a)		72,373		2,243,563
TRI Pointe Group, Inc. (a)		70,578		810,236
Tupperware Brands Corp. (b)		14,187		746,520
				7,463,899
HOUSEHOLD PRODUCTS — 0.1%
Energizer Holdings, Inc.		11,410		509,000
INSURANCE — 9.6%
Alleghany Corp. (a)		7,480		4,548,738
American Financial Group, Inc.		35,404		3,119,800
Aspen Insurance Holdings, Ltd.		29,258		1,609,190
CNO Financial Group, Inc.		84,186		1,612,162
Endurance Specialty Holdings, Ltd.		31,162		2,879,369
Everest Re Group, Ltd.		19,827		4,290,563
First American Financial Corp.		53,286		1,951,866
Genworth Financial, Inc. Class A (a)		241,799		921,254
Hanover Insurance Group, Inc.		20,677		1,881,814
Kemper Corp.		23,580		1,044,594
Mercury General Corp.		17,698		1,065,596
Old Republic International Corp.		118,512		2,251,728
Reinsurance Group of America, Inc.		31,116		3,915,326
RenaissanceRe Holdings, Ltd.		10,827		1,474,854
WR Berkley Corp.		47,062		3,130,094
				35,696,948
INTERNET & CATALOG RETAIL — 0.1%
HSN, Inc.		15,415		528,735
INTERNET SOFTWARE & SERVICES — 0.1%
comScore, Inc. (a) (b)		12,259		387,139

See accompanying notes to financial statements.

177

SPDR S&P 400 Mid Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
IT SERVICES — 2.5%
Acxiom Corp. (a)		20,683	$	554,305
Computer Sciences Corp.		32,065		1,905,302
Convergys Corp.		26,338		646,861
DST Systems, Inc.		15,488		1,659,539
Leidos Holdings, Inc.		69,247		3,541,292
NeuStar, Inc. Class A (a)		26,462		883,831
				9,191,130
LEISURE EQUIPMENT & PRODUCTS — 1.1%
Brunswick Corp.		43,482		2,371,508
Polaris Industries, Inc. (b)		15,076		1,242,112
Vista Outdoor, Inc. (a)		16,011		590,806
				4,204,426
LIFE SCIENCES TOOLS & SERVICES — 0.7%
Bio-Rad Laboratories, Inc. Class A (a)		5,183		944,757
Charles River Laboratories International, Inc. (a)		8,744		666,206
PAREXEL International Corp. (a) (b)		13,168		865,401
				2,476,364
MACHINERY — 3.5%
AGCO Corp.		32,729		1,893,700
Donaldson Co., Inc.		19,241		809,661
ITT, Inc.		42,736		1,648,328
Joy Global, Inc.		20,516		574,448
Kennametal, Inc.		20,976		655,710
Oshkosh Corp.		17,291		1,117,171
Terex Corp.		51,393		1,620,421
Timken Co.		33,933		1,347,140
Trinity Industries, Inc.		73,895		2,051,325
Wabtec Corp. (b)		15,135		1,256,508
				12,974,412
MARINE — 0.5%
Kirby Corp. (a) (b)		26,169		1,740,239
MEDIA — 1.3%
AMC Networks, Inc. Class A (a)		10,008		523,819
Cinemark Holdings, Inc.		22,072		846,682
John Wiley & Sons, Inc. Class A		11,535		628,657
Live Nation Entertainment, Inc. (a)		30,768		818,429
Meredith Corp.		7,840		463,736
New York Times Co. Class A		58,993		784,607
Time, Inc.		47,997		856,746
				4,922,676
METALS & MINING — 2.5%
Allegheny Technologies, Inc. (b)		52,770		840,626
Carpenter Technology Corp.		22,612		817,876
Commercial Metals Co.		56,013		1,219,963
Compass Minerals International, Inc.		9,055		709,459
Reliance Steel & Aluminum Co.		35,224		2,801,717
Steel Dynamics, Inc.		38,987		1,387,158
United States Steel Corp.		41,842		1,381,204
				9,158,003
MULTI-UTILITIES — 1.1%
Black Hills Corp.		10,319		632,968
NorthWestern Corp.		23,470		1,334,739
Vectren Corp.		40,242		2,098,620
				4,066,327
MULTILINE RETAIL — 0.6%
Big Lots, Inc.		21,592		1,084,134
JC Penney Co., Inc. (a) (b)		149,505		1,242,387
				2,326,521
OIL, GAS & CONSUMABLE FUELS — 3.6%
CONSOL Energy, Inc.		85,679		1,561,928
Denbury Resources, Inc. (a)		115,772		426,041
Energen Corp.		27,312		1,575,083
Gulfport Energy Corp. (a)		30,689		664,110
HollyFrontier Corp.		85,292		2,794,166
QEP Resources, Inc.		72,065		1,326,716
SM Energy Co.		24,260		836,485
Western Refining, Inc.		38,367		1,452,191
World Fuel Services Corp.		34,137		1,567,230
WPX Energy, Inc. (a)		78,512		1,143,920
				13,347,870
PAPER & FOREST PRODUCTS — 0.7%
Domtar Corp.		30,348		1,184,482
Louisiana-Pacific Corp. (a)		68,942		1,305,072
				2,489,554
PERSONAL PRODUCTS — 0.8%
Avon Products, Inc.		212,184		1,069,407
Edgewell Personal Care Co. (a)		28,140		2,053,939
				3,123,346
PHARMACEUTICALS — 0.4%
Catalent, Inc. (a)		35,102		946,350
Prestige Brands Holdings, Inc. (a)		11,060		576,226
				1,522,576
PROFESSIONAL SERVICES — 1.1%
CEB, Inc.		7,164		434,138
FTI Consulting, Inc. (a)		20,549		926,349
ManpowerGroup, Inc.		32,486		2,887,031
				4,247,518
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.3%
American Campus Communities, Inc.		26,233		1,305,616
Camden Property Trust		19,975		1,679,298
Care Capital Properties, Inc.		40,708		1,017,700
Corporate Office Properties Trust		14,286		446,009
EPR Properties		12,028		863,250
Healthcare Realty Trust, Inc. REIT		16,856		511,074
Highwoods Properties, Inc.		20,423		1,041,777
Hospitality Properties Trust		79,648		2,528,028
LaSalle Hotel Properties (b)		54,884		1,672,316
Life Storage, Inc. REIT		22,542		1,921,931
Mack-Cali Realty Corp.		16,933		491,396
Medical Properties Trust, Inc. REIT		155,364		1,910,977
National Retail Properties, Inc.		29,944		1,323,525
Omega Healthcare Investors, Inc.		94,705		2,960,478
Potlatch Corp. REIT		6,645		276,764
Rayonier, Inc.		32,729		870,591
Regency Centers Corp.		18,752		1,292,950
Senior Housing Properties Trust		115,240		2,181,493
Tanger Factory Outlet Centers, Inc.		14,439		516,627
Taubman Centers, Inc. (b)		13,179		974,324
Urban Edge Properties		15,611		429,459
Washington Prime Group, Inc. REIT		89,840		935,234
				27,150,817

See accompanying notes to financial statements.

178

SPDR S&P 400 Mid Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%
Alexander & Baldwin, Inc.		10,011	$	449,194
Jones Lang LaSalle, Inc.		21,912		2,213,988
				2,663,182
ROAD & RAIL — 0.5%
Genesee & Wyoming, Inc. Class A (a)		15,744		1,092,791
Werner Enterprises, Inc.		21,631		582,955
				1,675,746
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3%
Cree, Inc. (a)		48,409		1,277,514
Cypress Semiconductor Corp. (b)		90,392		1,034,084
Synaptics, Inc. (a)		16,960		908,717
Teradyne, Inc.		41,999		1,066,775
Versum Materials, Inc. (a)		19,547		548,684
				4,835,774
SOFTWARE — 1.2%
ACI Worldwide, Inc. (a)		30,130		546,859
ANSYS, Inc. (a)		15,910		1,471,516
Cadence Design Systems, Inc. (a)		38,976		982,975
Manhattan Associates, Inc. (a)		11,379		603,428
PTC, Inc. (a)		16,847		779,511
				4,384,289
SPECIALTY RETAIL — 3.2%
Aaron’s, Inc.		30,875		987,691
American Eagle Outfitters, Inc.		82,901		1,257,608
Cabela’s, Inc. (a)		11,169		653,945
Chico’s FAS, Inc.		32,592		468,999
CST Brands, Inc.		36,673		1,765,805
GameStop Corp. Class A (b)		49,420		1,248,349
Murphy USA, Inc. (a)		17,629		1,083,655
Office Depot, Inc.		256,312		1,158,530
RH (a)		18,542		569,239
Sally Beauty Holdings, Inc. (a)		30,794		813,578
Williams-Sonoma, Inc. (b)		39,468		1,909,857
				11,917,256
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%
3D Systems Corp. (a) (b)		14,975		199,018
Diebold Nixdorf, Inc. (b)		36,459		916,944
				1,115,962
TEXTILES,APPAREL & LUXURY GOODS — 0.3%
Deckers Outdoor Corp. (a)		7,609		421,462
Fossil Group, Inc. (a)		20,309		525,191
				946,653
THRIFTS & MORTGAGE FINANCE — 1.0%
New York Community Bancorp, Inc. (b)		236,303		3,759,581
TRADING COMPANIES & DISTRIBUTORS — 0.7%
GATX Corp.		10,838		667,404
NOW, Inc. (a)		52,105		1,066,589
Watsco, Inc.		4,989		738,971
				2,472,964
WATER UTILITIES — 0.3%
Aqua America, Inc.		41,282		1,240,111
WIRELESS TELECOMMUNICATION SERVICES — 0.4%
Telephone & Data Systems, Inc.		45,311		1,308,129
TOTAL COMMON STOCKS (Cost $344,410,022)				370,942,552
SHORT-TERM INVESTMENTS — 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		235,306		235,306
State Street Navigator Securities Lending Government Money Market Portfolio (d) (e)		2,797,902		2,797,902
TOTAL SHORT-TERM INVESTMENTS (Cost $3,033,208)				3,033,208
TOTAL INVESTMENTS — 100.7% (Cost $347,443,230)				373,975,760
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%				(2,473,643	)
NET ASSETS — 100.0%			$	371,502,117

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

179

SPDR S&P 400 Mid Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	7,334,145	$	—	$	—	$	7,334,145
Airlines		3,521,509		—		—		3,521,509
Auto Components		1,324,254		—		—		1,324,254
Banks		31,216,173		—		—		31,216,173
Beverages		340,379		—		—		340,379
Biotechnology		890,987		—		—		890,987
Capital Markets		11,424,764		—		—		11,424,764
Chemicals		12,083,832		—		—		12,083,832
Commercial Services & Supplies		3,485,542		—		—		3,485,542
Communications Equipment		6,400,896		—		—		6,400,896
Construction & Engineering		6,280,835		—		—		6,280,835
Containers & Packaging		7,548,037		—		—		7,548,037
Diversified Consumer Services		3,032,580		—		—		3,032,580
Electric Utilities		12,682,460		—		—		12,682,460
Electrical Equipment		2,617,543		—		—		2,617,543
Electronic Equipment, Instruments & Components		18,202,480		—		—		18,202,480
Energy Equipment & Services		11,272,597		—		—		11,272,597
Equity Real Estate Investment Trusts (REITs)		3,508,749		—		—		3,508,749
Food & Staples Retailing		4,055,932		—		—		4,055,932
Food Products		11,664,146		—		—		11,664,146
Gas Utilities		12,745,643		—		—		12,745,643
Health Care Equipment & Supplies		8,541,688		—		—		8,541,688
Health Care Providers & Services		4,996,158		—		—		4,996,158
Health Care Technology		915,572		—		—		915,572
Hotels, Restaurants & Leisure		1,008,504		—		—		1,008,504
Household Durables		7,463,899		—		—		7,463,899
Household Products		509,000		—		—		509,000
Insurance		35,696,948		—		—		35,696,948
Internet & Catalog Retail		528,735		—		—		528,735
Internet Software & Services		387,139		—		—		387,139
IT Services		9,191,130		—		—		9,191,130
Leisure Equipment & Products		4,204,426		—		—		4,204,426
Life Sciences Tools & Services		2,476,364		—		—		2,476,364
Machinery		12,974,412		—		—		12,974,412
Marine		1,740,239		—		—		1,740,239
Media		4,922,676		—		—		4,922,676
Metals & Mining		9,158,003		—		—		9,158,003
Multi-Utilities		4,066,327		—		—		4,066,327
Multiline Retail		2,326,521		—		—		2,326,521
Oil, Gas & Consumable Fuels		13,347,870		—		—		13,347,870
Paper & Forest Products		2,489,554		—		—		2,489,554
Personal Products		3,123,346		—		—		3,123,346
Pharmaceuticals		1,522,576		—		—		1,522,576
Professional Services		4,247,518		—		—		4,247,518
Real Estate Investment Trusts (REITs)		27,150,817		—		—		27,150,817
Real Estate Management & Development		2,663,182		—		—		2,663,182
Road & Rail		1,675,746		—		—		1,675,746
Semiconductors & Semiconductor Equipment		4,835,774		—		—		4,835,774
Software		4,384,289		—		—		4,384,289
Specialty Retail		11,917,256		—		—		11,917,256

See accompanying notes to financial statements.

180

SPDR S&P 400 Mid Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Technology Hardware, Storage & Peripherals	$	1,115,962	$	—	$	—	$	1,115,962
Textiles, Apparel & Luxury Goods		946,653		—		—		946,653
Thrifts & Mortgage Finance		3,759,581		—		—		3,759,581
Trading Companies & Distributors		2,472,964		—		—		2,472,964
Water Utilities		1,240,111		—		—		1,240,111
Wireless Telecommunication Services		1,308,129		—		—		1,308,129
Short-Term Investments		3,033,208		—		—		3,033,208
TOTAL INVESTMENTS	$	373,975,760	$	—	$	—	$	373,975,760

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		66,680	$	66,680		4,499,925		4,566,605		—	$	—	$	395	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		7,352,331		7,117,025		235,306		235,306		495		—
State Street Navigator Securities Lending Government Money Market Portfolio*		11,808,397		11,808,397		41,829,411		50,839,906		2,797,902		2,797,902		27,500		—
TOTAL			$	11,875,077							$	3,033,208	$	28,390	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

181

SPDR S&P 600 Small Cap ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.4%
AAR Corp.		27,939	$	923,384
Aerojet Rocketdyne Holdings, Inc. (a)		61,496		1,103,853
Aerovironment, Inc. (a)		18,498		496,301
Cubic Corp.		21,892		1,049,720
Engility Holdings, Inc. (a)		15,884		535,291
Mercury Systems, Inc. (a)		36,017		1,088,434
Moog, Inc. Class A (a)		28,273		1,856,971
National Presto Industries, Inc. (a)		4,284		455,818
TASER International, Inc. (a) (b)		45,947		1,113,755
				8,623,527
AIR FREIGHT & LOGISTICS — 0.7%
Atlas Air Worldwide Holdings, Inc. (a)		21,963		1,145,370
Echo Global Logistics, Inc. (a)		24,151		604,983
Forward Air Corp.		26,841		1,271,727
Hub Group, Inc. Class A (a)		29,144		1,275,050
				4,297,130
AIRLINES — 1.0%
Allegiant Travel Co.		11,481		1,910,438
Hawaiian Holdings, Inc. (a)		47,047		2,681,679
SkyWest, Inc.		45,475		1,657,564
				6,249,681
AUTO COMPONENTS — 1.7%
American Axle & Manufacturing Holdings, Inc. (a)		67,232		1,297,577
Cooper-Standard Holdings, Inc. (a)		15,494		1,601,770
Dorman Products, Inc. (a) (b)		26,736		1,953,332
Fox Factory Holding Corp. (a)		25,256		700,854
Gentherm, Inc. (a)		32,040		1,084,554
LCI Industries		21,633		2,330,956
Motorcar Parts of America, Inc. (a)		16,778		451,664
Standard Motor Products, Inc.		17,652		939,439
Superior Industries International, Inc.		20,126		530,320
				10,890,466
AUTOMOBILES — 0.1%
Winnebago Industries, Inc.		23,247		735,768
BANKS — 10.8%
Ameris Bancorp		30,663		1,336,907
Banc of California, Inc.		43,503		754,777
Banner Corp.		23,233		1,296,634
Boston Private Financial Holdings, Inc.		73,108		1,209,937
Brookline Bancorp, Inc.		61,978		1,016,439
Cardinal Financial Corp.		28,841		945,696
Central Pacific Financial Corp.		27,071		850,571
City Holding Co.		13,231		894,416
Columbia Banking System, Inc.		51,037		2,280,333
Community Bank System, Inc.		39,062		2,413,641
Customers Bancorp, Inc. (a)		24,994		895,285
CVB Financial Corp. (b)		88,483		2,028,915
Fidelity Southern Corp.		18,955		448,665
First BanCorp (a)		118,324		782,122
First Commonwealth Financial Corp.		78,215		1,109,089
First Financial Bancorp		54,506		1,550,696
First Financial Bankshares, Inc. (b)		58,159		2,628,787
First Midwest Bancorp, Inc.		71,507		1,804,122
First NBC Bank Holding Co. (a)		14,321		104,543
Glacier Bancorp, Inc.		67,344		2,439,873
Great Western Bancorp, Inc.		51,692		2,253,254
Hanmi Financial Corp.		28,355		989,589
Home BancShares, Inc.		108,757		3,020,182
Hope Bancorp, Inc.		111,850		2,448,396
Independent Bank Corp.		23,824		1,678,401
LegacyTexas Financial Group, Inc.		36,596		1,575,824
National Bank Holdings Corp. Class A		22,802		727,156
NBT Bancorp, Inc.		37,994		1,591,189
OFG Bancorp		39,200		513,520
Old National Bancorp		118,727		2,154,895
Opus Bank		16,331		490,746
Pinnacle Financial Partners, Inc.		38,215		2,648,299
S&T Bancorp, Inc.		30,667		1,197,240
ServisFirst Bancshares, Inc.		38,946		1,458,138
Simmons First National Corp. Class A		26,091		1,621,556
Southside Bancshares, Inc.		22,026		829,719
Sterling Bancorp		115,079		2,692,849
Texas Capital Bancshares, Inc. (a)		43,127		3,381,157
Tompkins Financial Corp.		10,709		1,012,429
United Bankshares, Inc. (b)		71,060		3,286,525
United Community Banks, Inc.		62,366		1,847,281
Westamerica Bancorporation (b)		22,594		1,421,840
Wintrust Financial Corp.		45,546		3,305,273
				68,936,906
BIOTECHNOLOGY — 1.3%
Acorda Therapeutics, Inc. (a)		40,495		761,306
AMAG Pharmaceuticals, Inc. (a) (b)		30,067		1,046,332
Eagle Pharmaceuticals, Inc. (a) (b)		6,879		545,780
Emergent BioSolutions, Inc. (a)		30,284		994,527
Enanta Pharmaceuticals, Inc. (a)		12,609		422,402
Ligand Pharmaceuticals, Inc. (a)		16,745		1,701,459
MiMedx Group, Inc. (a) (b)		88,448		783,649
Momenta Pharmaceuticals, Inc. (a)		56,328		847,736
Repligen Corp. (a)		29,760		917,203
Spectrum Pharmaceuticals, Inc. (a)		63,259		280,237
				8,300,631
BUILDING PRODUCTS — 2.0%
AAON, Inc.		34,780		1,149,479
American Woodmark Corp. (a)		12,244		921,361
Apogee Enterprises, Inc.		25,427		1,361,870
Gibraltar Industries, Inc. (a)		27,502		1,145,458
Griffon Corp.		26,132		684,659
Insteel Industries, Inc.		15,670		558,479
Patrick Industries, Inc. (a)		12,837		979,463
PGT Innovations, Inc. (a)		44,049		504,361
Quanex Building Products Corp.		30,775		624,733
Simpson Manufacturing Co., Inc.		35,575		1,556,406
Trex Co., Inc. (a)		25,843		1,664,289
Universal Forest Products, Inc.		17,868		1,825,752
				12,976,310
CAPITAL MARKETS — 1.6%
Calamos Asset Management, Inc. Class A		15,161		129,626
Donnelley Financial Solutions, Inc. (a)		23,864		548,395
Evercore Partners, Inc. Class A		34,204		2,349,815
Financial Engines, Inc. (b)		46,813		1,720,378
Greenhill & Co., Inc.		23,891		661,780

See accompanying notes to financial statements.

182

SPDR S&P 600 Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Interactive Brokers Group, Inc. Class A		59,774	$	2,182,349
INTL. FCStone, Inc. (a)		13,440		532,224
Investment Technology Group, Inc.		27,096		534,875
Piper Jaffray Cos. (a)		12,526		908,135
Virtus Investment Partners, Inc.		4,898		578,209
				10,145,786
CHEMICALS — 3.4%
A Schulman, Inc.		25,754		861,471
AdvanSix, Inc. (a)		27,317		604,798
American Vanguard Corp.		23,274		445,697
Balchem Corp.		27,885		2,340,109
Calgon Carbon Corp.		44,417		755,089
Chemours Co.		160,065		3,535,836
Flotek Industries, Inc. (a) (b)		48,746		457,725
FutureFuel Corp.		20,302		282,198
Hawkins, Inc.		8,607		464,348
HB Fuller Co.		44,199		2,135,254
Ingevity Corp. (a)		37,074		2,033,880
Innophos Holdings, Inc.		16,970		886,852
Innospec, Inc.		21,099		1,445,281
Koppers Holdings, Inc. (a)		18,095		729,228
Kraton Corp. (a)		27,166		773,688
LSB Industries, Inc. (a) (b)		18,046		151,947
Quaker Chemical Corp.		11,654		1,491,013
Rayonier Advanced Materials, Inc.		38,897		601,348
Stepan Co.		17,135		1,396,160
Tredegar Corp.		22,057		529,368
				21,921,290
COMMERCIAL SERVICES & SUPPLIES — 3.7%
ABM Industries, Inc.		49,086		2,004,672
Brady Corp. Class A		41,640		1,563,582
Brink’s Co.		39,535		1,630,819
Essendant, Inc.		32,412		677,411
G&K Services, Inc. Class A		17,331		1,671,575
Healthcare Services Group, Inc.		63,850		2,501,005
Interface, Inc.		56,980		1,056,979
LSC Communications, Inc.		23,674		702,644
Matthews International Corp. Class A		28,306		2,175,316
Mobile Mini, Inc.		39,068		1,181,807
Multi-Color Corp. (b)		11,554		896,590
RR Donnelley & Sons Co.		61,315		1,000,661
Team, Inc. (a) (b)		25,909		1,016,928
Tetra Tech, Inc.		50,252		2,168,374
UniFirst Corp.		13,575		1,950,049
US Ecology, Inc.		19,101		938,814
Viad Corp.		17,802		785,068
				23,922,294
COMMUNICATIONS EQUIPMENT — 1.4%
ADTRAN, Inc.		42,528		950,501
Bel Fuse, Inc. Class B		7,933		245,130
Black Box Corp.		13,617		207,659
CalAmp Corp. (a)		32,624		473,048
Comtech Telecommunications Corp.		21,011		248,980
Digi International, Inc. (a)		23,413		321,929
Harmonic, Inc. (a) (b)		69,362		346,810
Ixia (a)		56,410		908,201
Lumentum Holdings, Inc. (a)		48,152		1,861,075
NETGEAR, Inc. (a)		29,137		1,583,596
Viavi Solutions, Inc. (a)		202,441		1,655,967
				8,802,896
CONSTRUCTION & ENGINEERING — 0.4%
Aegion Corp. (a)		29,835		707,090
Comfort Systems USA, Inc.		32,467		1,081,151
MYR Group, Inc. (a)		14,437		543,986
Orion Group Holdings, Inc. (a)		24,917		247,924
				2,580,151
CONSTRUCTION MATERIALS — 0.4%
Headwaters, Inc. (a)		65,217		1,533,904
US Concrete, Inc. (a) (b)		12,442		814,951
				2,348,855
CONSUMER FINANCE — 1.0%
Encore Capital Group, Inc. (a)		21,112		604,859
Enova International, Inc. (a)		20,729		260,149
EZCORP, Inc. Class A (a)		43,561		463,925
Firstcash, Inc.		42,655		2,004,785
Green Dot Corp. Class A (a)		38,743		912,397
PRA Group, Inc. (a) (b)		40,718		1,592,074
World Acceptance Corp. (a)		5,342		343,384
				6,181,573
CONTAINERS & PACKAGING — 0.0% (c)
Myers Industries, Inc.		19,769		282,697
DISTRIBUTORS — 0.3%
Core-Mark Holding Co., Inc. (b)		40,589		1,748,168
DIVERSIFIED CONSUMER SERVICES — 0.5%
American Public Education, Inc. (a)		14,486		355,631
Capella Education Co.		10,095		886,341
Career Education Corp. (a)		57,943		584,645
Regis Corp. (a)		31,521		457,685
Strayer Education, Inc. (a)		9,148		737,603
				3,021,905
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
ATN International, Inc.		9,310		746,010
Cincinnati Bell, Inc. (a)		36,925		825,274
Cogent Communications Holdings, Inc.		36,026		1,489,675
Consolidated Communications Holdings, Inc. (b)		44,501		1,194,852
General Communication, Inc. Class A (a)		23,323		453,632
Inteliquent, Inc.		30,775		705,363
Iridium Communications, Inc. (a) (b)		70,628		678,029
Lumos Networks Corp. (a)		21,045		328,723
				6,421,558
ELECTRIC UTILITIES — 0.7%
ALLETE, Inc.		43,517		2,793,356
El Paso Electric Co.		35,608		1,655,772
				4,449,128
ELECTRICAL EQUIPMENT — 0.6%
AZZ, Inc.		22,893		1,462,863
Encore Wire Corp.		18,174		787,843
General Cable Corp. (b)		43,312		825,093
Powell Industries, Inc.		7,685		299,715
Vicor Corp. (a)		14,360		216,836
				3,592,350

See accompanying notes to financial statements.

183

SPDR S&P 600 Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.1%
Agilysys, Inc. (a)		13,579	$	140,678
Anixter International, Inc. (a)		24,985		2,025,034
Badger Meter, Inc.		25,536		943,555
Benchmark Electronics, Inc. (a)		42,940		1,309,670
Coherent, Inc. (a)		21,650		2,974,385
CTS Corp.		28,758		644,179
Daktronics, Inc.		36,458		390,101
Electro Scientific Industries, Inc. (a)		28,669		169,721
ePlus, Inc. (a)		5,780		665,856
Fabrinet (a)		32,381		1,304,954
FARO Technologies, Inc. (a)		15,010		540,360
II-VI, Inc. (a)		47,668		1,413,356
Insight Enterprises, Inc. (a)		31,225		1,262,739
Itron, Inc. (a)		29,238		1,837,608
Methode Electronics, Inc.		32,508		1,344,206
MTS Systems Corp. (b)		14,630		829,521
OSI Systems, Inc. (a)		15,913		1,211,298
Park Electrochemical Corp.		17,012		317,274
Plexus Corp. (a)		29,513		1,594,883
Rogers Corp. (a)		15,792		1,212,984
Sanmina Corp. (a)		64,576		2,366,710
ScanSource, Inc. (a)		22,054		889,879
TTM Technologies, Inc. (a) (b)		74,080		1,009,710
				26,398,661
ENERGY EQUIPMENT & SERVICES — 2.0%
Archrock, Inc.		61,142		807,075
Atwood Oceanics, Inc. (b)		52,885		694,380
Bristow Group, Inc.		28,704		587,858
CARBO Ceramics, Inc. (a)		19,532		204,305
Era Group, Inc. (a)		17,474		296,534
Exterran Corp. (a)		27,467		656,461
Geospace Technologies Corp. (a)		12,006		244,442
Gulf Island Fabrication, Inc.		12,092		143,895
Helix Energy Solutions Group, Inc. (a)		98,471		868,514
Hornbeck Offshore Services, Inc. (a) (b)		29,074		209,914
Matrix Service Co. (a)		23,941		543,461
Newpark Resources, Inc. (a)		76,097		570,728
Pioneer Energy Services Corp. (a)		58,452		400,396
SEACOR Holdings, Inc. (a)		14,115		1,006,117
Tesco Corp.		41,765		344,561
TETRA Technologies, Inc. (a)		101,279		508,421
Tidewater, Inc.		41,686		142,149
Unit Corp. (a)		45,269		1,216,378
US Silica Holdings, Inc.		63,052		3,573,787
				13,019,376
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%
Parkway, Inc. REIT (a)		37,540		835,265
FOOD & STAPLES RETAILING — 0.5%
Andersons, Inc.		22,878		1,022,647
SpartanNash Co.		32,976		1,303,871
SUPERVALU, Inc. (a)		233,876		1,092,201
				3,418,719
FOOD PRODUCTS — 1.6%
B&G Foods, Inc.		58,472		2,561,074
Cal-Maine Foods, Inc. (b)		26,114		1,153,586
Calavo Growers, Inc.		13,478		827,549
Darling Ingredients, Inc. (a)		144,798		1,869,342
J&J Snack Foods Corp.		13,150		1,754,604
Sanderson Farms, Inc. (b)		17,519		1,650,991
Seneca Foods Corp. Class A (a)		5,636		225,722
				10,042,868
GAS UTILITIES — 1.0%
Northwest Natural Gas Co.		24,958		1,492,488
South Jersey Industries, Inc.		69,715		2,348,698
Spire, Inc.		40,130		2,590,392
				6,431,578
HEALTH CARE EQUIPMENT & SUPPLIES — 4.1%
Abaxis, Inc.		19,788		1,044,213
Analogic Corp.		10,923		906,063
AngioDynamics, Inc. (a)		28,109		474,199
Anika Therapeutics, Inc. (a)		12,829		628,108
Cantel Medical Corp.		31,984		2,518,740
CONMED Corp.		21,770		961,581
CryoLife, Inc.		24,210		463,621
Cynosure, Inc. Class A (a)		20,954		955,502
Haemonetics Corp. (a)		45,399		1,825,040
ICU Medical, Inc. (a)		12,972		1,911,424
Inogen, Inc. (a)		14,033		942,597
Integer Holdings Corp. (a)		24,145		711,070
Integra LifeSciences Holdings Corp. (a)		26,321		2,258,079
Invacare Corp. (b)		28,721		374,809
Masimo Corp. (a)		38,896		2,621,590
Meridian Bioscience, Inc.		36,952		654,050
Merit Medical Systems, Inc. (a)		39,165		1,037,872
Natus Medical, Inc. (a)		28,918		1,006,346
Neogen Corp. (a)		33,167		2,189,022
Surmodics, Inc. (a)		11,712		297,485
Vascular Solutions, Inc. (a)		15,426		865,399
Zeltiq Aesthetics, Inc. (a) (b)		31,657		1,377,713
				26,024,523
HEALTH CARE PROVIDERS & SERVICES — 3.1%
Aceto Corp. (b)		26,683		586,226
Adeptus Health, Inc. Class A (a)		13,562		103,614
Air Methods Corp. (a) (b)		29,146		928,300
Almost Family, Inc. (a)		7,796		343,804
Amedisys, Inc. (a)		24,456		1,042,559
AMN Healthcare Services, Inc. (a)		42,255		1,624,705
BioTelemetry, Inc. (a)		25,207		563,376
Chemed Corp. (b)		14,291		2,292,419
Community Health Systems, Inc. (a) (b)		102,152		571,030
CorVel Corp. (a)		9,013		329,876
Cross Country Healthcare, Inc. (a)		29,692		463,492
Diplomat Pharmacy, Inc. (a)		37,514		472,676
Ensign Group, Inc.		41,847		929,422
HealthEquity, Inc. (a) (b)		37,808		1,531,980
Healthways, Inc. (a)		29,197		664,232
Kindred Healthcare, Inc.		76,729		602,323
Landauer, Inc.		8,609		414,093
LHC Group, Inc. (a)		13,035		595,699
Magellan Health, Inc. (a)		20,392		1,534,498
PharMerica Corp. (a)		26,984		678,648
Providence Service Corp. (a)		10,705		407,325
Quorum Health Corp. (a) (b)		26,403		191,950

See accompanying notes to financial statements.

184

SPDR S&P 600 Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Select Medical Holdings Corp. (a)		94,258	$	1,248,918
Surgical Care Affiliates, Inc. (a)		24,451		1,131,348
US Physical Therapy, Inc.		11,021		773,674
				20,026,187
HEALTH CARE TECHNOLOGY — 1.0%
Computer Programs & Systems, Inc. (b)		9,632		227,315
HealthStream, Inc. (a) (b)		22,844		572,242
HMS Holdings Corp. (a)		70,200		1,274,832
Medidata Solutions, Inc. (a)		48,106		2,389,425
Omnicell, Inc. (a)		32,119		1,088,834
Quality Systems, Inc.		41,086		540,281
				6,092,929
HOTELS, RESTAURANTS & LEISURE — 2.8%
Belmond, Ltd. Class A (a)		74,266		991,451
Biglari Holdings, Inc. (a)		912		431,558
BJ’s Restaurants, Inc. (a)		16,973		667,039
Bob Evans Farms, Inc.		17,336		922,449
Boyd Gaming Corp. (a)		72,235		1,456,980
Chuy’s Holdings, Inc. (a) (b)		15,152		491,682
Dave & Buster’s Entertainment, Inc. (a)		32,932		1,854,072
DineEquity, Inc.		14,943		1,150,611
El Pollo Loco Holdings, Inc. (a) (b)		19,353		238,042
Fiesta Restaurant Group, Inc. (a) (b)		23,514		701,893
ILG, Inc.		93,271		1,694,734
Marcus Corp.		16,958		534,177
Marriott Vacations Worldwide Corp. (b)		21,322		1,809,172
Monarch Casino & Resort, Inc. (a)		9,822		253,211
Popeyes Louisiana Kitchen, Inc. (a)		18,198		1,100,615
Red Robin Gourmet Burgers, Inc. (a)		11,304		637,546
Ruby Tuesday, Inc. (a)		54,710		176,713
Ruth’s Hospitality Group, Inc.		26,036		476,459
Scientific Games Corp. Class A (a) (b)		44,578		624,092
Sonic Corp.		40,236		1,066,656
Wingstop, Inc. (b)		25,241		746,881
				18,026,033
HOUSEHOLD DURABLES — 1.7%
Cavco Industries, Inc. (a)		7,431		741,985
Ethan Allen Interiors, Inc. (b)		22,332		822,934
Installed Building Products, Inc. (a)		17,376		717,629
iRobot Corp. (a) (b)		23,846		1,393,799
La-Z-Boy, Inc.		43,053		1,336,796
LGI Homes, Inc. (a) (b)		15,108		434,053
M/I Homes, Inc. (a)		21,665		545,525
MDC Holdings, Inc.		36,165		927,994
Meritage Homes Corp. (a)		33,051		1,150,175
TopBuild Corp. (a)		33,466		1,191,389
Universal Electronics, Inc. (a)		12,833		828,370
WCI Communities, Inc. (a)		19,110		448,129
				10,538,778
HOUSEHOLD PRODUCTS — 0.4%
Central Garden & Pet Co. (a)		9,016		298,339
Central Garden & Pet Co. Class A (a)		29,442		909,758
WD-40 Co.		12,424		1,452,366
				2,660,463
INDUSTRIAL CONGLOMERATES — 0.1%
Raven Industries, Inc.		31,703		798,916
INSURANCE — 3.1%
American Equity Investment Life Holding Co.		77,496		1,746,760
AMERISAFE, Inc.		16,893		1,053,279
eHealth, Inc. (a) (b)		14,932		159,026
Employers Holdings, Inc.		28,169		1,115,492
HCI Group, Inc.		7,692		303,680
Horace Mann Educators Corp.		35,378		1,514,178
Infinity Property & Casualty Corp.		9,747		856,761
Maiden Holdings, Ltd.		64,380		1,123,431
Navigators Group, Inc.		9,767		1,150,064
ProAssurance Corp.		46,868		2,633,982
RLI Corp.		33,655		2,124,640
Safety Insurance Group, Inc.		12,490		920,513
Selective Insurance Group, Inc.		50,884		2,190,556
Stewart Information Services Corp.		20,546		946,760
United Fire Group, Inc.		18,909		929,756
United Insurance Holdings Corp. (b)		15,864		240,181
Universal Insurance Holdings, Inc.		28,587		811,871
				19,820,930
INTERNET & CATALOG RETAIL — 0.3%
Blue Nile, Inc.		10,495		426,412
FTD Cos., Inc. (a)		15,512		369,806
Nutrisystem, Inc.		25,796		893,831
PetMed Express, Inc.		17,981		414,822
				2,104,871
INTERNET SOFTWARE & SERVICES — 1.4%
Blucora, Inc. (a)		34,359		506,795
DHI Group, Inc. (a)		45,035		281,469
Liquidity Services, Inc. (a)		21,613		210,727
LivePerson, Inc. (a) (b)		48,557		366,605
LogMeIn, Inc.		22,433		2,165,906
NIC, Inc.		54,482		1,302,120
QuinStreet, Inc. (a)		32,491		122,166
Shutterstock, Inc. (a)		17,015		808,553
SPS Commerce, Inc. (a)		14,930		1,043,458
Stamps.com, Inc. (a) (b)		13,902		1,593,864
XO Group, Inc. (a)		21,774		423,504
				8,825,167
IT SERVICES — 1.8%
CACI International, Inc. Class A (a)		21,465		2,668,100
Cardtronics PLC Class A (a)		39,897		2,177,179
Ciber, Inc. (a)		66,546		42,044
CSG Systems International, Inc.		28,341		1,371,704
ExlService Holdings, Inc. (a)		29,426		1,484,248
Forrester Research, Inc.		8,938		383,887
ManTech International Corp. Class A		22,593		954,554
Perficient, Inc. (a)		31,586		552,439
Sykes Enterprises, Inc. (a)		34,698		1,001,384
TeleTech Holdings, Inc.		14,334		437,187
Virtusa Corp. (a)		24,178		607,351
				11,680,077
LEISURE EQUIPMENT & PRODUCTS — 0.4%
Arctic Cat, Inc.		11,756		176,575
Callaway Golf Co.		82,699		906,381
Nautilus, Inc. (a)		27,991		517,833

See accompanying notes to financial statements.

185

SPDR S&P 600 Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sturm Ruger & Co., Inc. (b)		16,641	$	876,981
				2,477,770
LIFE SCIENCES TOOLS & SERVICES — 0.4%
Albany Molecular Research, Inc. (a)		20,046		376,063
Cambrex Corp. (a)		28,234		1,523,224
Luminex Corp. (a) (b)		34,773		703,458
				2,602,745
MACHINERY — 5.0%
Actuant Corp. Class A		51,819		1,344,703
Alamo Group, Inc.		8,330		633,913
Albany International Corp. Class A		25,372		1,174,724
Astec Industries, Inc.		16,787		1,132,451
Barnes Group, Inc.		43,992		2,086,101
Briggs & Stratton Corp.		37,601		836,998
Chart Industries, Inc. (a)		26,839		966,741
CIRCOR International, Inc.		14,435		936,543
EnPro Industries, Inc.		18,828		1,268,254
ESCO Technologies, Inc.		22,591		1,279,780
Federal Signal Corp.		52,596		821,024
Franklin Electric Co., Inc.		33,824		1,315,754
Greenbrier Cos., Inc.		24,907		1,034,886
Harsco Corp.		70,417		957,671
Hillenbrand, Inc.		55,472		2,127,351
John Bean Technologies Corp.		25,622		2,202,211
Lindsay Corp.		9,368		698,946
Lydall, Inc. (a)		15,117		934,986
Mueller Industries, Inc.		50,444		2,015,742
Proto Labs, Inc. (a)		21,405		1,099,147
SPX Corp. (a)		36,774		872,279
SPX FLOW, Inc. (a)		36,776		1,179,039
Standex International Corp.		11,208		984,623
Tennant Co. (b)		15,501		1,103,671
Titan International, Inc.		39,381		441,461
Wabash National Corp. (a) (b)		54,479		861,858
Watts Water Technologies, Inc. Class A		24,497		1,597,204
				31,908,061
MARINE — 0.2%
Matson, Inc.		37,636		1,331,938
MEDIA — 0.7%
EW Scripps Co. Class A (a) (b)		49,917		964,896
Gannett Co., Inc.		102,413		994,430
New Media Investment Group, Inc.		45,928		734,389
Scholastic Corp.		23,676		1,124,373
World Wrestling Entertainment, Inc. Class A		33,262		612,021
				4,430,109
METALS & MINING — 1.4%
AK Steel Holding Corp. (a)		274,780		2,805,504
Century Aluminum Co. (a)		44,366		379,773
Haynes International, Inc.		11,189		481,015
Kaiser Aluminum Corp.		15,772		1,225,327
Materion Corp.		17,506		693,238
Olympic Steel, Inc.		8,198		198,638
Stillwater Mining Co. (a)		106,541		1,716,375
SunCoke Energy, Inc.		56,353		639,043
TimkenSteel Corp. (a) (b)		34,159		528,781
				8,667,694
MULTI-UTILITIES — 0.4%
Avista Corp.		56,445		2,257,236
MULTILINE RETAIL — 0.3%
Fred’s, Inc. Class A (b)		31,560		585,754
Ollie’s Bargain Outlet Holdings, Inc. (a)		41,810		1,189,494
Tuesday Morning Corp. (a)		40,124		216,670
				1,991,918
OIL, GAS & CONSUMABLE FUELS — 1.5%
Bill Barrett Corp. (a)		66,623		465,695
Carrizo Oil & Gas, Inc. (a)		53,891		2,012,829
Cloud Peak Energy, Inc. (a) (b)		55,238		309,885
Contango Oil & Gas Co. (a)		19,903		185,894
Green Plains, Inc.		31,389		874,184
Northern Oil and Gas, Inc. (a)		39,708		109,197
PDC Energy, Inc. (a)		49,055		3,560,412
REX American Resources Corp. (a) (b)		5,111		504,711
Synergy Resources Corp. (a) (b)		176,450		1,572,169
				9,594,976
PAPER & FOREST PRODUCTS — 1.2%
Boise Cascade Co. (a)		34,045		766,013
Clearwater Paper Corp. (a)		14,656		960,701
Deltic Timber Corp.		9,314		717,830
KapStone Paper and Packaging Corp.		77,309		1,704,663
Neenah Paper, Inc.		14,725		1,254,570
PH Glatfelter Co.		38,294		914,844
Schweitzer-Mauduit International, Inc.		26,842		1,222,116
				7,540,737
PERSONAL PRODUCTS — 0.1%
Inter Parfums, Inc.		15,021		491,938
Medifast, Inc.		9,998		416,216
				908,154
PHARMACEUTICALS — 1.6%
Amphastar Pharmaceuticals, Inc. (a) (b)		31,681		583,564
ANI Pharmaceuticals, Inc. (a)		6,975		422,825
Depomed, Inc. (a) (b)		54,070		974,341
Impax Laboratories, Inc. (a)		64,879		859,647
Innoviva, Inc. (a)		67,736		724,775
Lannett Co., Inc. (a) (b)		26,173		577,115
Medicines Co. (a) (b)		61,210		2,077,467
Nektar Therapeutics (a) (b)		134,423		1,649,370
Phibro Animal Health Corp. Class A		16,697		489,222
SciClone Pharmaceuticals, Inc. (a)		44,829		484,153
Supernus Pharmaceuticals, Inc. (a)		43,531		1,099,158
				9,941,637
PROFESSIONAL SERVICES — 1.9%
CDI Corp.		12,677		93,810
Exponent, Inc.		22,496		1,356,509
Heidrick & Struggles International, Inc.		16,268		392,872
Insperity, Inc.		16,631		1,179,969
Kelly Services, Inc. Class A		26,187		600,206
Korn/Ferry International		50,913		1,498,370
Navigant Consulting, Inc. (a)		41,355		1,082,674
On Assignment, Inc. (a)		42,891		1,894,066
Resources Connection, Inc.		26,455		509,259
TrueBlue, Inc. (a)		37,353		920,751

See accompanying notes to financial statements.

186

SPDR S&P 600 Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
WageWorks, Inc. (a)		32,266	$	2,339,285
				11,867,771
REAL ESTATE INVESTMENT TRUSTS (REITS) — 5.7%
Acadia Realty Trust (b)		71,140		2,324,855
Agree Realty Corp.		22,921		1,055,512
American Assets Trust, Inc. REIT (b)		35,356		1,523,136
Capstead Mortgage Corp.		84,301		859,027
CareTrust REIT, Inc.		57,566		881,911
Cedar Realty Trust, Inc.		68,389		446,580
Chesapeake Lodging Trust		52,819		1,365,899
CoreSite Realty Corp. REIT (b)		29,773		2,363,083
DiamondRock Hospitality Co.		176,246		2,032,116
EastGroup Properties, Inc. (b)		28,832		2,128,955
Four Corners Property Trust, Inc. REIT		52,640		1,080,173
Franklin Street Properties Corp. REIT		94,245		1,221,415
GEO Group, Inc. REIT		66,028		2,372,386
Getty Realty Corp.		23,693		603,935
Government Properties Income Trust REIT (b)		62,518		1,191,906
Kite Realty Group Trust REIT		73,439		1,724,348
Lexington Realty Trust REIT		187,733		2,027,516
LTC Properties, Inc.		34,463		1,619,072
Pennsylvania Real Estate Investment Trust		61,078		1,158,039
PS Business Parks, Inc.		17,151		1,998,435
Retail Opportunity Investments Corp. REIT		96,126		2,031,142
Sabra Health Care REIT, Inc.		57,348		1,400,438
Saul Centers, Inc.		10,328		687,948
Summit Hotel Properties, Inc. REIT		76,757		1,230,415
Universal Health Realty Income Trust		10,959		718,801
Urstadt Biddle Properties, Inc. Class A		25,962		625,944
				36,672,987
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%
Forestar Group, Inc. (a)		23,902		317,897
HFF, Inc. Class A		30,752		930,248
RE/MAX Holdings, Inc. Class A REIT		15,484		867,104
				2,115,249
ROAD & RAIL — 0.8%
ArcBest Corp.		20,859		576,751
Celadon Group, Inc. (b)		24,901		178,042
Heartland Express, Inc.		38,070		775,105
Knight Transportation, Inc. (b)		58,433		1,931,211
Marten Transport, Ltd.		20,718		482,730
Roadrunner Transportation Systems, Inc. (a)		27,211		282,722
Saia, Inc. (a)		21,967		969,843
				5,196,404
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.2%
Advanced Energy Industries, Inc. (a)		34,891		1,910,282
Brooks Automation, Inc.		60,605		1,034,527
Cabot Microelectronics Corp.		21,294		1,345,142
CEVA, Inc. (a)		18,888		633,693
Cohu, Inc.		22,160		308,024
Diodes, Inc. (a)		33,951		871,522
DSP Group, Inc. (a)		19,684		256,876
Exar Corp. (a)		37,544		404,724
Kopin Corp. (a)		54,866		155,820
Kulicke & Soffa Industries, Inc. (a)		62,231		992,585
MKS Instruments, Inc.		47,113		2,798,512
Nanometrics, Inc. (a)		22,331		559,615
Power Integrations, Inc.		25,594		1,736,553
Rambus, Inc. (a)		97,081		1,336,805
Rudolph Technologies, Inc. (a)		27,815		649,480
Semtech Corp. (a)		57,698		1,820,372
Tessera Holding Corp.		42,771		1,890,478
Ultratech, Inc. (a)		21,237		509,263
Veeco Instruments, Inc. (a) (b)		35,637		1,038,819
				20,253,092
SOFTWARE — 2.8%
8x8, Inc. (a)		79,575		1,137,922
Blackbaud, Inc.		41,906		2,681,984
Bottomline Technologies de, Inc. (a)		32,075		802,516
Ebix, Inc. (b)		19,612		1,118,865
MicroStrategy, Inc. Class A (a)		8,237		1,625,984
Monotype Imaging Holdings, Inc.		36,736		729,210
Progress Software Corp.		42,763		1,365,423
Qualys, Inc. (a)		25,434		804,986
Synchronoss Technologies, Inc. (a)		37,050		1,419,015
Take-Two Interactive Software, Inc. (a)		76,183		3,755,060
Tangoe, Inc. (a)		20,755		163,549
TiVo Corp. (a)		105,252		2,199,767
VASCO Data Security International, Inc. (a)		27,129		370,311
				18,174,592
SPECIALTY RETAIL — 4.0%
Abercrombie & Fitch Co. Class A (b)		59,440		713,280
Asbury Automotive Group, Inc. (a)		17,304		1,067,657
Ascena Retail Group, Inc. (a)		148,848		921,369
Barnes & Noble Education, Inc. (a)		33,670		386,195
Barnes & Noble, Inc.		48,456		540,284
Big 5 Sporting Goods Corp.		16,085		279,075
Buckle, Inc. (b)		24,440		557,232
Caleres, Inc.		38,109		1,250,737
Cato Corp. Class A		22,061		663,595
Children’s Place, Inc. (b)		15,888		1,603,894
Express, Inc. (a)		68,857		740,901
Finish Line, Inc. Class A (b)		35,615		669,918
Five Below, Inc. (a) (b)		48,267		1,928,749
Francesca’s Holdings Corp. (a)		33,934		611,830
Genesco, Inc. (a)		18,087		1,123,203
Group 1 Automotive, Inc. (b)		17,491		1,363,249
Guess?, Inc.		54,102		654,634
Haverty Furniture Cos., Inc.		17,167		406,858
Hibbett Sports, Inc. (a) (b)		19,627		732,087
Kirkland’s, Inc. (a)		12,999		201,614
Lithia Motors, Inc. Class A (b)		20,577		1,992,471
Lumber Liquidators Holdings, Inc. (a) (b)		24,400		384,056
MarineMax, Inc. (a)		21,847		422,739
Monro Muffler Brake, Inc.		28,414		1,625,281
Rent-A-Center, Inc.		47,677		536,366
Select Comfort Corp. (a)		39,453		892,427
Shoe Carnival, Inc.		11,623		313,589

See accompanying notes to financial statements.

187

SPDR S&P 600 Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Sonic Automotive, Inc. Class A (b)		23,067	$	528,234
Stage Stores, Inc.		23,005		100,532
Stein Mart, Inc.		27,817		152,437
Tailored Brands, Inc.		42,781		1,093,055
Tile Shop Holdings, Inc. (a) (b)		28,956		566,090
Vitamin Shoppe, Inc. (a)		20,891		496,161
Zumiez, Inc. (a)		15,282		333,912
				25,853,711
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%
Cray, Inc. (a)		35,777		740,584
Electronics For Imaging, Inc. (a)		41,170		1,805,716
Super Micro Computer, Inc. (a)		32,843		921,246
				3,467,546
TEXTILES, APPAREL & LUXURY GOODS — 1.2%
Crocs, Inc. (a)		66,110		453,515
G-III Apparel Group, Ltd. (a) (b)		37,428		1,106,372
Iconix Brand Group, Inc. (a)		50,354		470,306
Movado Group, Inc.		13,707		394,076
Oxford Industries, Inc.		13,115		788,605
Perry Ellis International, Inc. (a)		10,851		270,298
Steven Madden, Ltd. (a)		48,046		1,717,645
Unifi, Inc. (a)		13,640		445,073
Vera Bradley, Inc. (a)		17,559		205,791
Wolverine World Wide, Inc.		86,787		1,904,975
				7,756,656
THRIFTS & MORTGAGE FINANCE — 1.7%
Astoria Financial Corp.		80,211		1,495,935
Bank Mutual Corp.		37,776		356,983
BofI Holding, Inc. (a) (b)		50,672		1,446,686
Dime Community Bancshares, Inc.		27,309		548,911
HomeStreet, Inc. (a)		20,470		646,852
LendingTree, Inc. (a)		6,278		636,275
Northfield Bancorp, Inc. (b)		39,442		787,657
Northwest Bancshares, Inc.		89,122		1,606,870
Oritani Financial Corp.		34,197		641,194
Provident Financial Services, Inc.		52,892		1,496,843
TrustCo Bank Corp. NY		83,981		734,834
Walker & Dunlop, Inc. (a)		24,335		759,252
				11,158,292
TOBACCO — 0.2%
Universal Corp. (b)		19,989		1,274,299
TRADING COMPANIES & DISTRIBUTORS — 0.6%
Applied Industrial Technologies, Inc.		34,325		2,038,905
DXP Enterprises, Inc. (a) (b)		13,459		467,566
Kaman Corp.		23,795		1,164,289
Veritiv Corp. (a)		8,202		440,857
				4,111,617
WATER UTILITIES — 0.5%
American States Water Co.		32,161		1,465,255
California Water Service Group		42,207		1,430,817
				2,896,072
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Spok Holdings, Inc.		18,446		382,755
TOTAL COMMON STOCKS (Cost $528,273,823)				638,008,429
SHORT-TERM INVESTMENTS — 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		351,110		351,110
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		7,517,203		7,517,203
TOTAL SHORT-TERM INVESTMENTS (Cost $7,868,313)				7,868,313
TOTAL INVESTMENTS — 101.1% (Cost $536,142,136)				645,876,742
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)%				(6,787,286	)
NET ASSETS — 100.0%			$	639,089,456

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) Amount is less than 0.05% of net assets.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	8,623,527	$	—	$	—	$	8,623,527
Air Freight & Logistics		4,297,130		—		—		4,297,130

See accompanying notes to financial statements.

188

SPDR S&P 600 Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Airlines	$	6,249,681	$	—	$	—	$	6,249,681
Auto Components		10,890,466		—		—		10,890,466
Automobiles		735,768		—		—		735,768
Banks		68,936,906		—		—		68,936,906
Biotechnology		8,300,631		—		—		8,300,631
Building Products		12,976,310		—		—		12,976,310
Capital Markets		10,145,786		—		—		10,145,786
Chemicals		21,921,290		—		—		21,921,290
Commercial Services & Supplies		23,922,294		—		—		23,922,294
Communications Equipment		8,802,896		—		—		8,802,896
Construction & Engineering		2,580,151		—		—		2,580,151
Construction Materials		2,348,855		—		—		2,348,855
Consumer Finance		6,181,573		—		—		6,181,573
Containers & Packaging		282,697		—		—		282,697
Distributors		1,748,168		—		—		1,748,168
Diversified Consumer Services		3,021,905		—		—		3,021,905
Diversified Telecommunication Services		6,421,558		—		—		6,421,558
Electric Utilities		4,449,128		—		—		4,449,128
Electrical Equipment		3,592,350		—		—		3,592,350
Electronic Equipment, Instruments & Components		26,398,661		—		—		26,398,661
Energy Equipment & Services		13,019,376		—		—		13,019,376
Equity Real Estate Investment Trusts (REITs)		835,265		—		—		835,265
Food & Staples Retailing		3,418,719		—		—		3,418,719
Food Products		10,042,868		—		—		10,042,868
Gas Utilities		6,431,578		—		—		6,431,578
Health Care Equipment & Supplies		26,024,523		—		—		26,024,523
Health Care Providers & Services		20,026,187		—		—		20,026,187
Health Care Technology		6,092,929		—		—		6,092,929
Hotels, Restaurants & Leisure		18,026,033		—		—		18,026,033
Household Durables		10,538,778		—		—		10,538,778
Household Products		2,660,463		—		—		2,660,463
Industrial Conglomerates		798,916		—		—		798,916
Insurance		19,820,930		—		—		19,820,930
Internet & Catalog Retail		2,104,871		—		—		2,104,871
Internet Software & Services		8,825,167		—		—		8,825,167
IT Services.		11,680,077		—		—		11,680,077
Leisure Equipment & Products		2,477,770		—		—		2,477,770
Life Sciences Tools & Services		2,602,745		—		—		2,602,745
Machinery		31,908,061		—		—		31,908,061
Marine		1,331,938		—		—		1,331,938
Media		4,430,109		—		—		4,430,109
Metals & Mining		8,667,694		—		—		8,667,694
Multi-Utilities		2,257,236		—		—		2,257,236
Multiline Retail		1,991,918		—		—		1,991,918
Oil, Gas & Consumable Fuels		9,594,976		—		—		9,594,976
Paper & Forest Products		7,540,737		—		—		7,540,737
Personal Products		908,154		—		—		908,154
Pharmaceuticals		9,941,637		—		—		9,941,637
Professional Services		11,867,771		—		—		11,867,771
Real Estate Investment Trusts (REITs)		36,672,987		—		—		36,672,987
Real Estate Management & Development		2,115,249		—		—		2,115,249
Road & Rail		5,196,404		—		—		5,196,404
Semiconductors & Semiconductor Equipment		20,253,092		—		—		20,253,092
Software		18,174,592		—		—		18,174,592
Specialty Retail		25,853,711		—		—		25,853,711
Technology Hardware, Storage & Peripherals		3,467,546		—		—		3,467,546
Textiles, Apparel & Luxury Goods		7,756,656		—		—		7,756,656

See accompanying notes to financial statements.

189

SPDR S&P 600 Small Cap ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Thrifts & Mortgage Finance	$	11,158,292	$	—	$	—	$	11,158,292
Tobacco		1,274,299		—		—		1,274,299
Trading Companies & Distributors		4,111,617		—		—		4,111,617
Water Utilities		2,896,072		—		—		2,896,072
Wireless Telecommunication Services		382,755		—		—		382,755
Short-Term Investments		7,868,313		—		—		7,868,313
TOTAL INVESTMENTS	$	645,876,742	$	—	$	—	$	645,876,742

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		160,137	$	160,137		10,646,718		10,806,855		—	$	—	$	671	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		25,609,029		25,257,919		351,110		351,110		1,922		—
State Street Navigator Securities Lending Government Money Market Portfolio*		48,808,779		48,808,779		59,091,415		100,382,991		7,517,203		7,517,203		130,058		—
TOTAL			$	48,968,916							$	7,868,313	$	132,651	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

190

SPDR S&P 600 Small Cap Growth ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.0%
Aerojet Rocketdyne Holdings, Inc. (a)		127,435	$	2,287,458
Aerovironment, Inc. (a)		28,072		753,172
Mercury Systems, Inc. (a)		116,606		3,523,833
TASER International, Inc. (a) (b)		148,640		3,603,034
				10,167,497
AIR FREIGHT & LOGISTICS — 0.3%
Forward Air Corp.		58,123		2,753,868
AIRLINES — 1.4%
Allegiant Travel Co. (b)		37,659		6,266,458
Hawaiian Holdings, Inc. (a)		153,356		8,741,292
				15,007,750
AUTO COMPONENTS — 1.5%
Dorman Products, Inc. (a) (b)		86,301		6,305,151
Fox Factory Holding Corp. (a)		81,855		2,271,476
LCI Industries		70,720		7,620,080
				16,196,707
AUTOMOBILES — 0.2%
Winnebago Industries, Inc.		75,168		2,379,067
BANKS — 12.9%
Ameris Bancorp		99,329		4,330,744
Boston Private Financial Holdings, Inc.		137,127		2,269,452
Brookline Bancorp, Inc.		126,460		2,073,944
Cardinal Financial Corp.		93,336		3,060,488
Central Pacific Financial Corp.		87,665		2,754,434
City Holding Co.		22,629		1,529,720
Columbia Banking System, Inc.		87,438		3,906,730
Community Bank System, Inc.		73,328		4,530,937
Customers Bancorp, Inc. (a)		80,075		2,868,287
CVB Financial Corp. (b)		165,829		3,802,459
First BanCorp (a)		383,310		2,533,679
First Commonwealth Financial Corp.		161,939		2,296,295
First Financial Bancorp		112,791		3,208,904
First Financial Bankshares, Inc. (b)		189,740		8,576,248
First Midwest Bancorp, Inc.		134,157		3,384,781
Glacier Bancorp, Inc.		150,526		5,453,557
Great Western Bancorp, Inc.		96,833		4,220,951
Hanmi Financial Corp.		91,736		3,201,586
Home BancShares, Inc.		354,645		9,848,492
Independent Bank Corp.		49,092		3,458,531
LegacyTexas Financial Group, Inc.		118,240		5,091,414
National Bank Holdings Corp. Class A		73,789		2,353,131
NBT Bancorp, Inc.		74,878		3,135,891
Pinnacle Financial Partners, Inc.		124,651		8,638,314
ServisFirst Bancshares, Inc.		125,688		4,705,759
Simmons First National Corp. Class A		46,495		2,889,664
Southside Bancshares, Inc.		74,521		2,807,206
Sterling Bancorp		375,524		8,787,262
Texas Capital Bancshares, Inc. (a)		93,011		7,292,062
Tompkins Financial Corp.		34,727		3,283,091
United Bankshares, Inc. (b)		101,192		4,680,130
United Community Banks, Inc.		201,514		5,968,845
Westamerica Bancorporation (b)		43,826		2,757,970
				139,700,958
BIOTECHNOLOGY — 2.0%
AMAG Pharmaceuticals, Inc. (a) (b)		97,311		3,386,423
Eagle Pharmaceuticals, Inc. (a) (b)		22,371		1,774,915
Emergent BioSolutions, Inc. (a)		44,988		1,477,406
Enanta Pharmaceuticals, Inc. (a)		39,482		1,322,647
Ligand Pharmaceuticals, Inc. (a)		54,760		5,564,163
MiMedx Group, Inc. (a) (b)		286,492		2,538,319
Momenta Pharmaceuticals, Inc. (a)		181,943		2,738,242
Repligen Corp. (a)		96,180		2,964,268
				21,766,383
BUILDING PRODUCTS — 3.3%
AAON, Inc.		112,560		3,720,108
American Woodmark Corp. (a)		21,023		1,581,981
Apogee Enterprises, Inc. (b)		48,516		2,598,517
Gibraltar Industries, Inc. (a)		88,978		3,705,934
Griffon Corp. (b)		84,495		2,213,769
Insteel Industries, Inc.		49,686		1,770,809
Patrick Industries, Inc. (a)		41,451		3,162,711
PGT Innovations, Inc. (a)		139,508		1,597,366
Quanex Building Products Corp.		97,300		1,975,190
Simpson Manufacturing Co., Inc.		114,936		5,028,450
Trex Co., Inc. (a)		84,645		5,451,138
Universal Forest Products, Inc.		28,949		2,958,009
				35,763,982
CAPITAL MARKETS — 1.4%
Evercore Partners, Inc. Class A		111,884		7,686,431
Financial Engines, Inc. (b)		98,393		3,615,943
Greenhill & Co., Inc. (b)		34,755		962,714
Piper Jaffray Cos. (a)		40,491		2,935,597
				15,200,685
CHEMICALS — 3.6%
A Schulman, Inc.		35,847		1,199,082
Balchem Corp.		91,105		7,645,532
Chemours Co.		282,402		6,238,260
Flotek Industries, Inc. (a)		64,323		603,993
Hawkins, Inc.		16,560		893,412
Ingevity Corp. (a)		121,126		6,644,972
Innophos Holdings, Inc.		39,583		2,068,608
Innospec, Inc.		33,467		2,292,490
Koppers Holdings, Inc. (a)		37,058		1,493,437
Kraton Corp. (a)		87,951		2,504,844
Quaker Chemical Corp.		37,718		4,825,641
Stepan Co.		34,938		2,846,748
				39,257,019
COMMERCIAL SERVICES & SUPPLIES — 3.9%
ABM Industries, Inc.		76,137		3,109,435
Brady Corp. Class A		96,971		3,641,261
G&K Services, Inc. Class A		56,083		5,409,205
Healthcare Services Group, Inc.		136,186		5,334,406
Matthews International Corp. Class A		63,974		4,916,402
Mobile Mini, Inc.		56,892		1,720,983
Multi-Color Corp. (b)		24,853		1,928,593
Tetra Tech, Inc.		164,070		7,079,621

See accompanying notes to financial statements.

191

SPDR S&P 600 Small Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
UniFirst Corp.		25,446	$	3,655,318
US Ecology, Inc.		61,923		3,043,515
Viad Corp.		57,759		2,547,172
				42,385,911
COMMUNICATIONS EQUIPMENT — 1.1%
ADTRAN, Inc.		86,739		1,938,617
Bel Fuse, Inc. Class B		13,834		427,470
CalAmp Corp. (a)		44,458		644,641
Lumentum Holdings, Inc. (a)		157,469		6,086,177
NETGEAR, Inc. (a)		53,625		2,914,519
				12,011,424
CONSTRUCTION & ENGINEERING — 0.2%
MYR Group, Inc. (a)		45,642		1,719,791
Orion Group Holdings, Inc. (a)		78,762		783,682
				2,503,473
CONSTRUCTION MATERIALS — 0.6%
Headwaters, Inc. (a)		210,909		4,960,580
US Concrete, Inc. (a) (b)		27,514		1,802,167
				6,762,747
CONSUMER FINANCE — 0.1%
Green Dot Corp. Class A (a)		64,020		1,507,671
DIVERSIFIED CONSUMER SERVICES — 0.5%
Capella Education Co.		32,616		2,863,685
Career Education Corp. (a)		109,863		1,108,517
Strayer Education, Inc. (a)		15,146		1,221,222
				5,193,424
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.2%
ATN International, Inc.		15,155		1,214,370
Cincinnati Bell, Inc. (a)		69,359		1,550,174
Cogent Communications Holdings, Inc.		116,456		4,815,455
Consolidated Communications Holdings, Inc. (b)		92,201		2,475,597
Inteliquent, Inc.		97,862		2,242,997
Lumos Networks Corp. (a)		29,485		460,556
				12,759,149
ELECTRICAL EQUIPMENT — 0.4%
AZZ, Inc.		48,125		3,075,187
Vicor Corp. (a)		45,508		687,171
				3,762,358
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.7%
Badger Meter, Inc.		82,794		3,059,238
Coherent, Inc. (a)		70,477		9,682,483
CTS Corp.		93,202		2,087,725
ePlus, Inc. (a)		10,099		1,163,405
Fabrinet (a)		104,761		4,221,868
FARO Technologies, Inc. (a)		25,143		905,148
II-VI, Inc. (a)		154,084		4,568,591
Itron, Inc. (a)		95,816		6,022,035
Methode Electronics, Inc. (b)		57,788		2,389,534
Rogers Corp. (a)		35,746		2,745,650
TTM Technologies, Inc. (a)		239,821		3,268,760
				40,114,437
ENERGY EQUIPMENT & SERVICES — 1.6%
Archrock, Inc.		85,124		1,123,637
Geospace Technologies Corp. (a)		16,661		339,218
Helix Energy Solutions Group, Inc. (a)		133,896		1,180,963
Pioneer Energy Services Corp. (a)		77,247		529,142
Tesco Corp.		44,834		369,880
TETRA Technologies, Inc. (a)		108,295		543,641
Unit Corp. (a)		57,053		1,533,014
US Silica Holdings, Inc.		205,568		11,651,594
				17,271,089
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%
Parkway, Inc. REIT (a)		61,941		1,378,187
FOOD & STAPLES RETAILING — 0.4%
SpartanNash Co.		106,631		4,216,190
FOOD PRODUCTS — 1.3%
B&G Foods, Inc. (b)		190,694		8,352,398
Calavo Growers, Inc.		43,603		2,677,224
J&J Snack Foods Corp.		23,419		3,124,797
				14,154,419
GAS UTILITIES — 0.7%
South Jersey Industries, Inc.		227,781		7,673,942
HEALTH CARE EQUIPMENT & SUPPLIES — 5.8%
Abaxis, Inc.		37,211		1,963,624
Analogic Corp.		15,555		1,290,287
Anika Therapeutics, Inc. (a)		29,428		1,440,795
Cantel Medical Corp.		104,234		8,208,427
CryoLife, Inc. (b)		76,637		1,467,599
Cynosure, Inc. Class A (a)		67,838		3,093,413
Haemonetics Corp. (a)		74,914		3,011,543
ICU Medical, Inc. (a)		41,823		6,162,619
Inogen, Inc. (a)		28,281		1,899,635
Integra LifeSciences Holdings Corp. (a)		54,445		4,670,837
Masimo Corp. (a)		126,989		8,559,059
Meridian Bioscience, Inc.		56,267		995,926
Merit Medical Systems, Inc. (a)		126,827		3,360,916
Natus Medical, Inc. (a)		41,183		1,433,168
Neogen Corp. (a)		107,272		7,079,952
Surmodics, Inc. (a)		39,556		1,004,722
Vascular Solutions, Inc. (a)		49,860		2,797,146
Zeltiq Aesthetics, Inc. (a) (b)		102,362		4,454,794
				62,894,462
HEALTH CARE PROVIDERS & SERVICES — 2.5%
AMN Healthcare Services, Inc. (a) (b)		136,626		5,253,270
BioTelemetry, Inc. (a) (b)		82,872		1,852,189
Chemed Corp. (b)		24,462		3,923,949
CorVel Corp. (a)		12,142		444,397
Cross Country Healthcare, Inc. (a)		93,829		1,464,671
Ensign Group, Inc. (b)		70,394		1,563,451
HealthEquity, Inc. (a) (b)		68,404		2,771,730
Healthways, Inc. (a)		47,258		1,075,119
Landauer, Inc.		27,315		1,313,851
Magellan Health, Inc. (a)		31,707		2,385,952

See accompanying notes to financial statements.

192

SPDR S&P 600 Small Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Surgical Care Affiliates, Inc. (a)		52,306	$	2,420,199
US Physical Therapy, Inc.		35,644		2,502,209
				26,970,987
HEALTH CARE TECHNOLOGY — 1.6%
HealthStream, Inc. (a) (b)		72,305		1,811,240
HMS Holdings Corp. (a)		240,730		4,371,657
Medidata Solutions, Inc. (a)		157,150		7,805,641
Omnicell, Inc. (a)		103,819		3,519,464
				17,508,002
HOTELS, RESTAURANTS & LEISURE — 3.3%
Belmond, Ltd. Class A (a)		240,197		3,206,630
Biglari Holdings, Inc. (a)		1,696		802,547
Bob Evans Farms, Inc.		29,183		1,552,827
Chuy’s Holdings, Inc. (a) (b)		47,859		1,553,024
Dave & Buster’s Entertainment, Inc. (a)		106,429		5,991,953
DineEquity, Inc.		24,203		1,863,631
El Pollo Loco Holdings, Inc. (a) (b)		37,362		459,553
ILG, Inc.		168,833		3,067,696
Marcus Corp.		53,831		1,695,676
Marriott Vacations Worldwide Corp.		49,075		4,164,014
Popeyes Louisiana Kitchen, Inc. (a)		58,941		3,564,752
Ruth’s Hospitality Group, Inc.		40,468		740,564
Scientific Games Corp. Class A (a) (b)		144,409		2,021,726
Sonic Corp.		79,366		2,103,993
Wingstop, Inc. (b)		81,765		2,419,426
				35,208,012
HOUSEHOLD DURABLES — 1.5%
Ethan Allen Interiors, Inc.		39,785		1,466,077
Installed Building Products, Inc. (a)		56,450		2,331,385
iRobot Corp. (a) (b)		77,155		4,509,710
LGI Homes, Inc. (a) (b)		48,515		1,393,836
MDC Holdings, Inc.		2,525		64,792
TopBuild Corp. (a)		108,152		3,850,211
Universal Electronics, Inc. (a)		41,390		2,671,724
				16,287,735
HOUSEHOLD PRODUCTS — 0.6%
Central Garden & Pet Co. (a)		28,677		948,922
Central Garden & Pet Co. Class A (a)		95,322		2,945,450
WD-40 Co.		25,375		2,966,337
				6,860,709
INDUSTRIAL CONGLOMERATES — 0.1%
Raven Industries, Inc. (b)		59,602		1,501,970
INSURANCE — 0.8%
AMERISAFE, Inc.		31,717		1,977,555
RLI Corp.		54,321		3,429,285
Universal Insurance Holdings, Inc.		92,696		2,632,566
				8,039,406
INTERNET & CATALOG RETAIL — 0.4%
Blue Nile, Inc.		19,306		784,403
Nutrisystem, Inc.		83,512		2,893,691
PetMed Express, Inc.		37,396		862,725
				4,540,819
INTERNET SOFTWARE & SERVICES — 2.2%
DHI Group, Inc. (a)		52,381		327,381
LivePerson, Inc. (a) (b)		73,543		555,250
LogMeIn, Inc.		73,300		7,077,115
NIC, Inc.		176,377		4,215,410
Shutterstock, Inc. (a)		54,954		2,611,414
SPS Commerce, Inc. (a) (b)		48,450		3,386,171
Stamps.com, Inc. (a) (b)		45,100		5,170,715
XO Group, Inc. (a)		36,786		715,488
				24,058,944
IT SERVICES — 1.3%
Cardtronics PLC Class A (a)		130,280		7,109,380
CSG Systems International, Inc.		57,827		2,798,827
ExlService Holdings, Inc. (a)		61,958		3,125,161
Forrester Research, Inc.		28,499		1,224,032
				14,257,400
LEISURE EQUIPMENT & PRODUCTS — 0.3%
Callaway Golf Co.		149,898		1,642,882
Nautilus, Inc. (a)		60,214		1,113,959
				2,756,841
LIFE SCIENCES TOOLS & SERVICES — 0.5%
Cambrex Corp. (a)		63,121		3,405,378
Luminex Corp. (a) (b)		112,834		2,282,632
				5,688,010
MACHINERY — 4.6%
Actuant Corp. Class A		80,479		2,088,430
Alamo Group, Inc.		16,634		1,265,847
Albany International Corp. Class A		50,145		2,321,714
Astec Industries, Inc.		54,426		3,671,578
Barnes Group, Inc.		79,813		3,784,733
Chart Industries, Inc. (a)		43,521		1,567,626
CIRCOR International, Inc.		23,831		1,546,155
EnPro Industries, Inc.		31,000		2,088,160
ESCO Technologies, Inc.		73,094		4,140,775
Franklin Electric Co., Inc.		57,926		2,253,321
Harsco Corp.		109,459		1,488,642
Hillenbrand, Inc.		91,450		3,507,108
John Bean Technologies Corp.		83,837		7,205,790
Lindsay Corp.		15,449		1,152,650
Lydall, Inc. (a)		48,818		3,019,393
Proto Labs, Inc. (a)		69,120		3,549,312
Tennant Co. (b)		32,064		2,282,957
Watts Water Technologies, Inc. Class A		44,308		2,888,882
				49,823,073
MEDIA — 0.2%
World Wrestling Entertainment, Inc. Class A		110,112		2,026,061
METALS & MINING — 0.8%
AK Steel Holding Corp. (a)		498,462		5,089,297
Stillwater Mining Co. (a)		227,199		3,660,176
				8,749,473
MULTILINE RETAIL — 0.4%
Ollie’s Bargain Outlet Holdings, Inc. (a) (b)		135,364		3,851,106

See accompanying notes to financial statements.

193

SPDR S&P 600 Small Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 1.3%
Bill Barrett Corp. (a)		103,594	$	724,122
Carrizo Oil & Gas, Inc. (a) (b)		92,268		3,446,210
Contango Oil & Gas Co. (a)		24,538		229,185
Northern Oil and Gas, Inc. (a)		66,310		182,352
PDC Energy, Inc. (a)		91,364		6,631,199
REX American Resources Corp. (a)		8,684		857,545
Synergy Resources Corp. (a) (b)		262,371		2,337,726
				14,408,339
PAPER & FOREST PRODUCTS — 0.4%
Deltic Timber Corp. (b)		17,774		1,369,842
Neenah Paper, Inc.		30,982		2,639,667
				4,009,509
PERSONAL PRODUCTS — 0.2%
Inter Parfums, Inc.		23,326		763,927
Medifast, Inc.		18,099		753,461
				1,517,388
PHARMACEUTICALS — 1.7%
Amphastar Pharmaceuticals, Inc. (a) (b)		69,451		1,279,288
ANI Pharmaceuticals, Inc. (a)		22,739		1,378,438
Depomed, Inc. (a) (b)		98,019		1,766,302
Innoviva, Inc. (a) (b)		219,542		2,349,100
Medicines Co. (a) (b)		75,206		2,552,492
Nektar Therapeutics (a)		252,053		3,092,690
Phibro Animal Health Corp. Class A		22,630		663,059
SciClone Pharmaceuticals, Inc. (a)		145,193		1,568,084
Supernus Pharmaceuticals, Inc. (a)		140,749		3,553,912
				18,203,365
PROFESSIONAL SERVICES — 1.9%
Exponent, Inc.		48,006		2,894,762
Insperity, Inc.		53,898		3,824,063
Navigant Consulting, Inc. (a)		133,825		3,503,538
On Assignment, Inc. (a)		69,256		3,058,345
WageWorks, Inc. (a)		105,274		7,632,365
				20,913,073
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.0%
Acadia Realty Trust (b)		98,833		3,229,862
Agree Realty Corp.		74,404		3,426,304
American Assets Trust, Inc. REIT (b)		114,219		4,920,554
CareTrust REIT, Inc.		183,114		2,805,306
CoreSite Realty Corp. REIT (b)		97,412		7,731,590
DiamondRock Hospitality Co.		296,222		3,415,440
EastGroup Properties, Inc. (b)		94,116		6,949,525
Four Corners Property Trust, Inc. REIT		170,267		3,493,879
Franklin Street Properties Corp. REIT		158,535		2,054,614
GEO Group, Inc. REIT		110,873		3,983,667
Getty Realty Corp.		75,269		1,918,607
Lexington Realty Trust REIT		613,872		6,629,818
LTC Properties, Inc.		74,993		3,523,171
Pennsylvania Real Estate Investment Trust		88,087		1,670,130
PS Business Parks, Inc.		36,350		4,235,502
Retail Opportunity Investments Corp. REIT		208,271		4,400,766
Sabra Health Care REIT, Inc.		94,616		2,310,523
Saul Centers, Inc.		23,047		1,535,161
Summit Hotel Properties, Inc. REIT		248,395		3,981,772
Universal Health Realty Income Trust		23,476		1,539,791
Urstadt Biddle Properties, Inc. Class A		81,996		1,976,924
				75,732,906
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
HFF, Inc. Class A		66,724		2,018,401
ROAD & RAIL — 1.0%
Heartland Express, Inc.		77,548		1,578,877
Knight Transportation, Inc. (b)		191,072		6,314,930
Marten Transport, Ltd.		32,918		766,989
Saia, Inc. (a)		41,300		1,823,395
				10,484,191
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.8%
Advanced Energy Industries, Inc. (a)		112,854		6,178,756
Brooks Automation, Inc.		100,069		1,708,178
Cabot Microelectronics Corp.		68,867		4,350,328
CEVA, Inc. (a)		60,418		2,027,024
Exar Corp. (a)		74,228		800,178
Kopin Corp. (a)		77,765		220,853
Kulicke & Soffa Industries, Inc. (a)		104,814		1,671,783
MKS Instruments, Inc.		153,819		9,136,849
Nanometrics, Inc. (a)		70,866		1,775,902
Power Integrations, Inc.		82,853		5,621,576
Rambus, Inc. (a) (b)		314,123		4,325,474
Rudolph Technologies, Inc. (a)		88,259		2,060,848
Semtech Corp. (a)		117,600		3,710,280
Tessera Holding Corp.		139,822		6,180,132
Ultratech, Inc. (a)		34,332		823,281
Veeco Instruments, Inc. (a)		57,759		1,683,675
				52,275,117
SOFTWARE — 4.9%
8x8, Inc. (a)		257,502		3,682,279
Blackbaud, Inc. (b)		136,599		8,742,336
Bottomline Technologies de, Inc. (a)		52,974		1,325,409
Ebix, Inc. (b)		63,591		3,627,867
MicroStrategy, Inc. Class A (a)		14,538		2,869,801
Monotype Imaging Holdings, Inc.		48,538		963,479
Progress Software Corp.		138,180		4,412,087
Qualys, Inc. (a)		82,202		2,601,693
Synchronoss Technologies, Inc. (a)		119,854		4,590,408
Take-Two Interactive Software, Inc. (a)		248,088		12,228,258
TiVo Corp. (a)		343,690		7,183,121
VASCO Data Security International, Inc. (a)		36,849		502,989
				52,729,727
SPECIALTY RETAIL — 2.2%
Children’s Place, Inc.		51,296		5,178,331
Five Below, Inc. (a) (b)		157,922		6,310,563
Francesca’s Holdings Corp. (a)		107,820		1,943,995
Hibbett Sports, Inc. (a)		35,645		1,329,559
Monro Muffler Brake, Inc. (b)		40,436		2,312,939

See accompanying notes to financial statements.

194

SPDR S&P 600 Small Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Select Comfort Corp. (a)		71,594	$	1,619,456
Tailored Brands, Inc.		65,130		1,664,072
Tile Shop Holdings, Inc. (a) (b)		93,888		1,835,510
Zumiez, Inc. (a)		49,580		1,083,323
				23,277,748
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.4%
Electronics For Imaging, Inc. (a)		66,548		2,918,795
Super Micro Computer, Inc. (a)		54,316		1,523,564
				4,442,359
TEXTILES,APPAREL & LUXURY GOODS — 0.5%
Iconix Brand Group, Inc. (a)		63,818		596,060
Oxford Industries, Inc.		19,929		1,198,331
Steven Madden, Ltd. (a)		94,687		3,385,060
				5,179,451
THRIFTS & MORTGAGE FINANCE — 2.0%
Bank Mutual Corp.		68,058		643,148
BofI Holding, Inc. (a) (b)		163,799		4,676,461
Dime Community Bancshares, Inc.		50,489		1,014,829
LendingTree, Inc. (a)		20,478		2,075,445
Northfield Bancorp, Inc.		127,748		2,551,128
Northwest Bancshares, Inc.		175,701		3,167,889
Oritani Financial Corp.		55,075		1,032,656
Provident Financial Services, Inc.		92,293		2,611,892
TrustCo Bank Corp. NY.		155,101		1,357,134
Walker & Dunlop, Inc. (a)		78,795		2,458,404
				21,588,986
TRADING COMPANIES & DISTRIBUTORS — 0.4%
Applied Industrial Technologies, Inc.		74,319		4,414,549
WATER UTILITIES — 0.6%
American States Water Co. (b)		49,867		2,271,940
California Water Service Group		136,385		4,623,452
				6,895,392
TOTAL COMMON STOCKS (Cost $905,799,674)				1,079,001,848
SHORT-TERM INVESTMENTS — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		1,763,712		1,763,712
State Street Navigator Securities Lending Government Money Market Portfolio (d) (e)		14,626,935		14,626,935
TOTAL SHORT-TERM INVESTMENTS (Cost $16,390,647)				16,390,647
TOTAL INVESTMENTS — 101.3% (Cost $922,190,321)				1,095,392,495
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%				(13,747,805	)
NET ASSETS — 100.0%			$	1,081,644,690

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	10,167,497	$	—	$	—	$	10,167,497
Air Freight & Logistics		2,753,868		—		—		2,753,868
Airlines		15,007,750		—		—		15,007,750
Auto Components		16,196,707		—		—		16,196,707
Automobiles		2,379,067		—		—		2,379,067
Banks		139,700,958		—		—		139,700,958
Biotechnology		21,766,383		—		—		21,766,383
Building Products		35,763,982		—		—		35,763,982
Capital Markets		15,200,685		—		—		15,200,685
Chemicals		39,257,019		—		—		39,257,019
Commercial Services & Supplies		42,385,911		—		—		42,385,911
Communications Equipment		12,011,424		—		—		12,011,424
Construction & Engineering		2,503,473		—		—		2,503,473
Construction Materials		6,762,747		—		—		6,762,747

See accompanying notes to financial statements.

195

SPDR S&P 600 Small Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Consumer Finance	$	1,507,671	$	—	$	—	$	1,507,671
Diversified Consumer Services		5,193,424		—		—		5,193,424
Diversified Telecommunication Services		12,759,149		—		—		12,759,149
Electrical Equipment		3,762,358		—		—		3,762,358
Electronic Equipment, Instruments & Components		40,114,437		—		—		40,114,437
Energy Equipment & Services		17,271,089		—		—		17,271,089
Equity Real Estate Investment Trusts (REITs)		1,378,187		—		—		1,378,187
Food & Staples Retailing		4,216,190		—		—		4,216,190
Food Products		14,154,419		—		—		14,154,419
Gas Utilities		7,673,942		—		—		7,673,942
Health Care Equipment & Supplies		62,894,462		—		—		62,894,462
Health Care Providers & Services		26,970,987		—		—		26,970,987
Health Care Technology		17,508,002		—		—		17,508,002
Hotels, Restaurants & Leisure		35,208,012		—		—		35,208,012
Household Durables		16,287,735		—		—		16,287,735
Household Products		6,860,709		—		—		6,860,709
Industrial Conglomerates		1,501,970		—		—		1,501,970
Insurance		8,039,406		—		—		8,039,406
Internet & Catalog Retail		4,540,819		—		—		4,540,819
Internet Software & Services		24,058,944		—		—		24,058,944
IT Services		14,257,400		—		—		14,257,400
Leisure Equipment & Products		2,756,841		—		—		2,756,841
Life Sciences Tools & Services		5,688,010		—		—		5,688,010
Machinery		49,823,073		—		—		49,823,073
Media		2,026,061		—		—		2,026,061
Metals & Mining		8,749,473		—		—		8,749,473
Multiline Retail		3,851,106		—		—		3,851,106
Oil, Gas & Consumable Fuels		14,408,339		—		—		14,408,339
Paper & Forest Products		4,009,509		—		—		4,009,509
Personal Products		1,517,388		—		—		1,517,388
Pharmaceuticals		18,203,365		—		—		18,203,365
Professional Services		20,913,073		—		—		20,913,073
Real Estate Investment Trusts (REITs)		75,732,906		—		—		75,732,906
Real Estate Management & Development		2,018,401		—		—		2,018,401
Road & Rail		10,484,191		—		—		10,484,191
Semiconductors & Semiconductor Equipment		52,275,117		—		—		52,275,117
Software		52,729,727		—		—		52,729,727
Specialty Retail		23,277,748		—		—		23,277,748
Technology Hardware, Storage & Peripherals		4,442,359		—		—		4,442,359
Textiles, Apparel & Luxury Goods		5,179,451		—		—		5,179,451
Thrifts & Mortgage Finance		21,588,986		—		—		21,588,986
Trading Companies & Distributors		4,414,549		—		—		4,414,549
Water Utilities		6,895,392		—		—		6,895,392
Short-Term Investments		16,390,647		—		—		16,390,647
TOTAL INVESTMENTS	$	1,095,392,495	$	—	$	—	$	1,095,392,495

See accompanying notes to financial statements.

196

SPDR S&P 600 Small Cap Growth ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		602,656	$	602,656		20,107,347		20,710,003		—	$	—	$	1,212	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		27,869,614		26,105,902		1,763,712		1,763,712		1,368		—
State Street Navigator Securities Lending Government Money Market Portfolio*		86,368,569		86,368,569		103,058,983		174,800,617		14,626,935		14,626,935		279,824		—
TOTAL			$	86,971,225							$	16,390,647	$	282,404	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

197

SPDR S&P 600 Small Cap Value ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.8%
AAR Corp.		83,031	$	2,744,175
Aerojet Rocketdyne Holdings, Inc. (a)		65,849		1,181,990
Aerovironment, Inc. (a)		27,927		749,281
Cubic Corp.		65,125		3,122,744
Engility Holdings, Inc. (a)		46,130		1,554,581
Moog, Inc. Class A (a)		83,690		5,496,759
National Presto Industries, Inc. (a)		12,936		1,376,390
				16,225,920
AIR FREIGHT & LOGISTICS — 1.1%
Atlas Air Worldwide Holdings, Inc. (a)		65,325		3,406,699
Echo Global Logistics, Inc. (a)		71,736		1,796,987
Forward Air Corp.		26,358		1,248,842
Hub Group, Inc. Class A (a)		86,735		3,794,656
				10,247,184
AIRLINES — 0.5%
SkyWest, Inc.		135,147		4,926,108
AUTO COMPONENTS — 1.9%
American Axle & Manufacturing Holdings, Inc. (a)		199,763		3,855,426
Cooper-Standard Holdings, Inc. (a)		45,952		4,750,518
Gentherm, Inc. (a)		95,409		3,229,595
Motorcar Parts of America, Inc. (a)		48,746		1,312,242
Standard Motor Products, Inc.		52,465		2,792,187
Superior Industries International, Inc.		59,862		1,577,364
				17,517,332
BANKS — 8.5%
Banc of California, Inc.		129,433		2,245,663
Banner Corp.		69,016		3,851,783
Boston Private Financial Holdings, Inc.		91,188		1,509,161
Brookline Bancorp, Inc.		65,298		1,070,887
City Holding Co.		18,475		1,248,910
Columbia Banking System, Inc.		71,281		3,184,835
Community Bank System, Inc.		48,734		3,011,274
CVB Financial Corp. (b)		110,357		2,530,486
Fidelity Southern Corp.		55,353		1,310,206
First Commonwealth Financial Corp.		83,699		1,186,852
First Financial Bancorp		58,322		1,659,261
First Midwest Bancorp, Inc.		89,248		2,251,727
First NBC Bank Holding Co. (a)		41,692		304,352
Glacier Bancorp, Inc.		60,660		2,197,712
Great Western Bancorp, Inc.		63,272		2,758,027
Hope Bancorp, Inc.		331,098		7,247,735
Independent Bank Corp.		25,423		1,791,050
NBT Bancorp, Inc.		43,967		1,841,338
OFG Bancorp		114,685		1,502,374
Old National Bancorp		351,514		6,379,979
Opus Bank		47,449		1,425,842
S&T Bancorp, Inc. (b)		91,231		3,561,658
Simmons First National Corp. Class A		34,920		2,170,278
Texas Capital Bancshares, Inc. (a)		43,183		3,385,547
United Bankshares, Inc.		117,840		5,450,100
Westamerica Bancorporation (b)		26,825		1,688,097
Wintrust Financial Corp.		134,883		9,788,459
				76,553,593
BIOTECHNOLOGY — 0.5%
Acorda Therapeutics, Inc. (a)		120,472		2,264,873
Emergent BioSolutions, Inc. (a)		48,577		1,595,269
Spectrum Pharmaceuticals, Inc. (a)		182,928		810,371
				4,670,513
BUILDING PRODUCTS — 0.6%
American Woodmark Corp. (a)		17,152		1,290,688
Apogee Enterprises, Inc. (b)		30,916		1,655,861
Universal Forest Products, Inc.		26,300		2,687,334
				5,633,883
CAPITAL MARKETS — 1.8%
Calamos Asset Management, Inc. Class A		41,420		354,141
Donnelley Financial Solutions, Inc. (a)		68,826		1,581,622
Financial Engines, Inc.		48,681		1,789,027
Greenhill & Co., Inc.		37,346		1,034,484
Interactive Brokers Group, Inc. Class A		177,046		6,463,949
INTL. FCStone, Inc. (a)		38,941		1,542,064
Investment Technology Group, Inc.		80,796		1,594,913
Virtus Investment Partners, Inc. (b)		14,604		1,724,002
				16,084,202
CHEMICALS — 3.2%
A Schulman, Inc.		43,651		1,460,126
AdvanSix, Inc. (a)		79,665		1,763,783
American Vanguard Corp.		67,543		1,293,449
Calgon Carbon Corp.		132,310		2,249,270
Chemours Co.		217,241		4,798,854
Flotek Industries, Inc. (a) (b)		81,676		766,938
FutureFuel Corp.		59,418		825,910
Hawkins, Inc.		9,756		526,336
HB Fuller Co.		130,753		6,316,677
Innophos Holdings, Inc.		14,122		738,016
Innospec, Inc.		31,940		2,187,890
Koppers Holdings, Inc. (a)		19,926		803,018
LSB Industries, Inc. (a) (b)		49,895		420,116
Rayonier Advanced Materials, Inc.		113,014		1,747,196
Stepan Co.		18,828		1,534,105
Tredegar Corp.		65,745		1,577,880
				29,009,564
COMMERCIAL SERVICES & SUPPLIES — 3.6%
ABM Industries, Inc.		75,736		3,093,058
Brady Corp. Class A		34,645		1,300,920
Brink’s Co.		116,627		4,810,864
Essendant, Inc.		96,599		2,018,919
Healthcare Services Group, Inc.		64,496		2,526,308
Interface, Inc.		169,256		3,139,699
LSC Communications, Inc.		69,445		2,061,128
Matthews International Corp. Class A		25,164		1,933,853
Mobile Mini, Inc.		63,863		1,931,856
Multi-Color Corp. (b)		11,583		898,841
RR Donnelley & Sons Co.		182,392		2,976,637
Team, Inc. (a) (b)		77,063		3,024,723
UniFirst Corp.		16,909		2,428,978
				32,145,784

See accompanying notes to financial statements.

198

SPDR S&P 600 Small Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMUNICATIONS EQUIPMENT — 1.7%
ADTRAN, Inc.		46,813	$	1,046,271
Bel Fuse, Inc. Class B		9,989		308,660
Black Box Corp.		38,683		589,916
CalAmp Corp. (a)		54,067		783,971
Comtech Telecommunications Corp.		61,502		728,799
Digi International, Inc. (a)		67,792		932,140
Harmonic, Inc. (a) (b)		204,723		1,023,615
Ixia (a)		165,229		2,660,187
NETGEAR, Inc. (a)		37,204		2,022,037
Viavi Solutions, Inc. (a)		597,740		4,889,513
				14,985,109
CONSTRUCTION & ENGINEERING — 0.6%
Aegion Corp. (a)		88,722		2,102,711
Comfort Systems USA, Inc.		96,437		3,211,352
				5,314,063
CONSTRUCTION MATERIALS — 0.1%
US Concrete, Inc. (a)		11,912		780,236
CONSUMER FINANCE — 1.9%
Encore Capital Group, Inc. (a)		61,333		1,757,191
Enova International, Inc. (a)		58,604		735,480
EZCORP, Inc. Class A (a)		126,600		1,348,290
Firstcash, Inc.		126,011		5,922,517
Green Dot Corp. Class A (a)		56,589		1,332,671
PRA Group, Inc. (a) (b)		121,083		4,734,345
World Acceptance Corp. (a)		15,597		1,002,575
				16,833,069
CONTAINERS & PACKAGING — 0.1%
Myers Industries, Inc.		57,104		816,587
DISTRIBUTORS — 0.6%
Core-Mark Holding Co., Inc.		119,875		5,163,016
DIVERSIFIED CONSUMER SERVICES — 0.5%
American Public Education, Inc. (a)		42,007		1,031,272
Career Education Corp. (a)		67,303		679,087
Regis Corp. (a)		91,618		1,330,293
Strayer Education, Inc. (a)		13,374		1,078,346
				4,118,998
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%
ATN International, Inc.		13,847		1,109,560
Cincinnati Bell, Inc. (a)		46,125		1,030,894
Consolidated Communications Holdings, Inc. (b)		47,607		1,278,248
General Communication, Inc. Class A (a)		69,428		1,350,374
Iridium Communications, Inc. (a) (b)		210,178		2,017,709
Lumos Networks Corp. (a)		34,514		539,109
				7,325,894
ELECTRIC UTILITIES — 1.5%
ALLETE, Inc.		128,840		8,270,240
El Paso Electric Co.		105,481		4,904,866
				13,175,106
ELECTRICAL EQUIPMENT — 0.8%
AZZ, Inc.		23,825		1,522,417
Encore Wire Corp.		54,160		2,347,836
General Cable Corp. (b)		128,771		2,453,088
Powell Industries, Inc.		21,582		841,698
				7,165,039
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.6%
Agilysys, Inc. (a)		39,730		411,603
Anixter International, Inc. (a)		73,859		5,986,272
Benchmark Electronics, Inc. (a)		127,724		3,895,582
Daktronics, Inc.		104,642		1,119,669
Electro Scientific Industries, Inc. (a)		84,835		502,223
ePlus, Inc. (a)		8,242		949,478
FARO Technologies, Inc. (a)		20,470		736,920
Insight Enterprises, Inc. (a)		92,721		3,749,637
Methode Electronics, Inc.		43,444		1,796,409
MTS Systems Corp. (b)		43,596		2,471,893
OSI Systems, Inc. (a)		47,345		3,603,902
Park Electrochemical Corp.		49,745		927,744
Plexus Corp. (a)		87,542		4,730,770
Rogers Corp. (a)		14,138		1,085,940
Sanmina Corp. (a)		191,221		7,008,250
ScanSource, Inc. (a)		65,671		2,649,825
				41,626,117
ENERGY EQUIPMENT & SERVICES — 2.5%
Archrock, Inc.		103,739		1,369,355
Atwood Oceanics, Inc. (b)		157,450		2,067,318
Bristow Group, Inc. (b)		83,446		1,708,974
CARBO Ceramics, Inc. (a)		54,820		573,417
Era Group, Inc. (a)		50,833		862,636
Exterran Corp. (a)		81,712		1,952,917
Geospace Technologies Corp. (a)		19,502		397,061
Gulf Island Fabrication, Inc.		32,497		386,714
Helix Energy Solutions Group, Inc. (a)		169,848		1,498,059
Hornbeck Offshore Services, Inc. (a) (b)		80,585		581,824
Matrix Service Co. (a)		69,283		1,572,724
Newpark Resources, Inc. (a)		221,191		1,658,933
Pioneer Energy Services Corp. (a)		115,846		793,545
SEACOR Holdings, Inc. (a)		42,112		3,001,743
Tesco Corp.		80,051		660,421
TETRA Technologies, Inc. (a)		200,548		1,006,751
Tidewater, Inc. (b)		116,193		396,218
Unit Corp. (a)		82,057		2,204,872
				22,693,482
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.1%
Parkway, Inc. REIT (a)		54,675		1,216,519
FOOD & STAPLES RETAILING — 0.7%
Andersons, Inc.		67,876		3,034,057
SUPERVALU, Inc. (a)		695,129		3,246,253
				6,280,310
FOOD PRODUCTS — 1.9%
Cal-Maine Foods, Inc. (b)		77,644		3,429,924
Darling Ingredients, Inc. (a)		428,585		5,533,032
J&J Snack Foods Corp.		17,590		2,347,034
Sanderson Farms, Inc. (b)		51,609		4,863,632
Seneca Foods Corp. Class A (a)		16,102		644,885
				16,818,507

See accompanying notes to financial statements.

199

SPDR S&P 600 Small Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
GAS UTILITIES — 1.3%
Northwest Natural Gas Co.		74,353	$	4,446,309
Spire, Inc.		118,920		7,676,286
				12,122,595
HEALTH CARE EQUIPMENT & SUPPLIES — 2.2%
Abaxis, Inc.		24,734		1,305,213
Analogic Corp.		18,207		1,510,271
AngioDynamics, Inc. (a)		82,327		1,388,856
Anika Therapeutics, Inc. (a)		11,294		552,954
CONMED Corp.		64,731		2,859,168
Haemonetics Corp. (a)		66,148		2,659,150
Inogen, Inc. (a)		15,933		1,070,220
Integer Holdings Corp. (a)		71,787		2,114,127
Integra LifeSciences Holdings Corp. (a)		28,140		2,414,131
Invacare Corp. (b)		82,863		1,081,362
Meridian Bioscience, Inc.		58,271		1,031,397
Natus Medical, Inc. (a)		48,168		1,676,246
				19,663,095
HEALTH CARE PROVIDERS & SERVICES — 3.8%
Aceto Corp.		78,465		1,723,876
Adeptus Health, Inc. Class A (a)		39,390		300,940
Air Methods Corp. (a) (b)		86,521		2,755,694
Almost Family, Inc. (a)		23,312		1,028,059
Amedisys, Inc. (a)		72,787		3,102,910
Chemed Corp.		19,924		3,196,009
Community Health Systems, Inc. (a) (b)		296,988		1,660,163
CorVel Corp. (a)		14,788		541,241
Diplomat Pharmacy, Inc. (a)		111,974		1,410,872
Ensign Group, Inc.		59,651		1,324,849
HealthEquity, Inc. (a)		49,451		2,003,755
Healthways, Inc. (a)		43,446		988,396
Kindred Healthcare, Inc.		222,455		1,746,272
LHC Group, Inc. (a)		38,924		1,778,827
Magellan Health, Inc. (a)		31,530		2,372,632
PharMerica Corp. (a)		80,448		2,023,267
Providence Service Corp. (a)		31,805		1,210,180
Quorum Health Corp. (a) (b)		76,989		559,710
Select Medical Holdings Corp. (a) (b)		280,040		3,710,530
Surgical Care Affiliates, Inc. (a)		24,752		1,145,275
				34,583,457
HEALTH CARE TECHNOLOGY — 0.2%
Computer Programs & Systems, Inc. (b)		27,890		658,204
Quality Systems, Inc.		120,018		1,578,237
				2,236,441
HOTELS, RESTAURANTS & LEISURE — 2.3%
Biglari Holdings, Inc. (a)		1,080		511,056
BJ’s Restaurants, Inc. (a)		50,430		1,981,899
Bob Evans Farms, Inc.		24,789		1,319,023
Boyd Gaming Corp. (a)		214,545		4,327,373
DineEquity, Inc.		22,178		1,707,706
El Pollo Loco Holdings, Inc. (a) (b)		21,966		270,182
Fiesta Restaurant Group, Inc. (a)		69,880		2,085,918
ILG, Inc.		121,801		2,213,124
Marriott Vacations Worldwide Corp. (b)		18,374		1,559,034
Monarch Casino & Resort, Inc. (a)		28,552		736,070
Red Robin Gourmet Burgers, Inc. (a)		33,544		1,891,882
Ruby Tuesday, Inc. (a)		153,522		495,876
Ruth’s Hospitality Group, Inc.		40,260		736,758
Sonic Corp.		46,628		1,236,108
				21,072,009
HOUSEHOLD DURABLES — 1.8%
Cavco Industries, Inc. (a)		22,099		2,206,585
Ethan Allen Interiors, Inc. (b)		29,948		1,103,584
La-Z-Boy, Inc.		127,811		3,968,532
M/I Homes, Inc. (a)		64,477		1,623,531
MDC Holdings, Inc.		107,636		2,761,940
Meritage Homes Corp. (a)		98,288		3,420,422
WCI Communities, Inc. (a)		57,089		1,338,737
				16,423,331
HOUSEHOLD PRODUCTS — 0.2%
WD-40 Co.		13,660		1,596,854
INDUSTRIAL CONGLOMERATES — 0.1%
Raven Industries, Inc.		39,641		998,953
INSURANCE — 5.7%
American Equity Investment Life Holding Co.		229,350		5,169,549
AMERISAFE, Inc.		21,056		1,312,841
eHealth, Inc. (a) (b)		43,624		464,596
Employers Holdings, Inc.		83,805		3,318,678
HCI Group, Inc. (b)		22,091		872,153
Horace Mann Educators Corp.		105,001		4,494,043
Infinity Property & Casualty Corp.		28,835		2,534,596
Maiden Holdings, Ltd.		191,260		3,337,487
Navigators Group, Inc.		28,865		3,398,854
ProAssurance Corp.		138,244		7,769,313
RLI Corp.		49,913		3,151,008
Safety Insurance Group, Inc.		37,255		2,745,693
Selective Insurance Group, Inc.		150,666		6,486,171
Stewart Information Services Corp.		61,033		2,812,401
United Fire Group, Inc.		56,344		2,770,434
United Insurance Holdings Corp.		44,641		675,865
				51,313,682
INTERNET & CATALOG RETAIL — 0.2%
Blue Nile, Inc.		12,836		521,526
FTD Cos., Inc. (a)		43,524		1,037,612
PetMed Express, Inc.		18,624		429,656
				1,988,794
INTERNET SOFTWARE & SERVICES — 0.5%
Blucora, Inc. (a)		100,324		1,479,779
DHI Group, Inc. (a)		81,919		511,994
Liquidity Services, Inc. (a)		63,754		621,601
LivePerson, Inc. (a) (b)		72,255		545,525
QuinStreet, Inc. (a)		86,668		325,872
XO Group, Inc. (a)		31,238		607,579
				4,092,350
IT SERVICES — 2.4%
CACI International, Inc. Class A (a)		63,500		7,893,050
Ciber, Inc. (a)		185,372		117,118

See accompanying notes to financial statements.

200

SPDR S&P 600 Small Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CSG Systems International, Inc.		31,253	$	1,512,645
ExlService Holdings, Inc. (a)		30,608		1,543,868
ManTech International Corp. Class A		66,254		2,799,231
Perficient, Inc. (a)		94,219		1,647,890
Sykes Enterprises, Inc. (a)		103,073		2,974,687
TeleTech Holdings, Inc.		41,240		1,257,820
Virtusa Corp. (a)		71,996		1,808,540
				21,554,849
LEISURE EQUIPMENT & PRODUCTS — 0.5%
Arctic Cat, Inc.		32,942		494,789
Callaway Golf Co.		108,140		1,185,214
Nautilus, Inc. (a)		25,984		480,704
Sturm Ruger & Co., Inc. (b)		49,604		2,614,131
				4,774,838
LIFE SCIENCES TOOLS & SERVICES — 0.3%
Albany Molecular Research, Inc. (a)		58,233		1,092,451
Cambrex Corp. (a)		26,084		1,407,232
				2,499,683
MACHINERY — 5.4%
Actuant Corp. Class A		80,074		2,077,920
Alamo Group, Inc.		8,728		664,201
Albany International Corp. Class A		29,473		1,364,600
Barnes Group, Inc.		57,572		2,730,064
Briggs & Stratton Corp. (b)		111,834		2,489,425
Chart Industries, Inc. (a)		40,011		1,441,196
CIRCOR International, Inc.		21,000		1,362,480
EnPro Industries, Inc.		27,309		1,839,534
Federal Signal Corp.		156,477		2,442,606
Franklin Electric Co., Inc.		47,161		1,834,563
Greenbrier Cos., Inc.		74,091		3,078,481
Harsco Corp.		108,923		1,481,353
Hillenbrand, Inc.		80,693		3,094,577
Lindsay Corp.		13,628		1,016,785
Mueller Industries, Inc.		149,411		5,970,464
SPX Corp. (a)		109,411		2,595,229
SPX FLOW, Inc. (a)		109,422		3,508,069
Standex International Corp.		33,319		2,927,074
Tennant Co. (b)		16,597		1,181,706
Titan International, Inc.		114,419		1,282,637
Wabash National Corp. (a) (b)		162,120		2,564,738
Watts Water Technologies, Inc. Class A		32,054		2,089,921
				49,037,623
MARINE — 0.4%
Matson, Inc.		111,945		3,961,734
MEDIA — 1.3%
EW Scripps Co. Class A (a) (b)		148,335		2,867,315
Gannett Co., Inc.		304,648		2,958,132
New Media Investment Group, Inc.		136,843		2,188,120
Scholastic Corp.		70,418		3,344,151
				11,357,718
METALS & MINING — 2.0%
AK Steel Holding Corp. (a)		359,848		3,674,048
Century Aluminum Co. (a)		129,630		1,109,633
Haynes International, Inc.		32,675		1,404,698
Kaiser Aluminum Corp.		46,815		3,637,057
Materion Corp.		52,120		2,063,952
Olympic Steel, Inc.		23,727		574,905
Stillwater Mining Co. (a)		107,604		1,733,501
SunCoke Energy, Inc.		167,797		1,902,818
TimkenSteel Corp. (a) (b)		101,660		1,573,697
				17,674,309
MULTI-UTILITIES — 0.7%
Avista Corp.		167,150		6,684,328
MULTILINE RETAIL — 0.2%
Fred’s, Inc. Class A (b)		88,969		1,651,265
Tuesday Morning Corp. (a)		113,698		613,969
				2,265,234
OIL, GAS & CONSUMABLE FUELS — 1.7%
Bill Barrett Corp. (a)		102,417		715,895
Carrizo Oil & Gas, Inc. (a)		75,219		2,809,430
Cloud Peak Energy, Inc. (a) (b)		155,381		871,687
Contango Oil & Gas Co. (a)		36,784		343,563
Green Plains, Inc.		93,175		2,594,924
Northern Oil and Gas, Inc. (a)		64,612		177,683
PDC Energy, Inc. (a)		62,568		4,541,185
REX American Resources Corp. (a) (b)		6,822		673,672
Synergy Resources Corp. (a) (b)		282,946		2,521,049
				15,249,088
PAPER & FOREST PRODUCTS — 2.1%
Boise Cascade Co. (a)		101,236		2,277,810
Clearwater Paper Corp. (a)		43,644		2,860,864
Deltic Timber Corp.		11,300		870,891
KapStone Paper and Packaging Corp.		228,458		5,037,499
Neenah Paper, Inc.		15,347		1,307,564
PH Glatfelter Co.		113,780		2,718,204
Schweitzer-Mauduit International, Inc.		79,809		3,633,704
				18,706,536
PERSONAL PRODUCTS — 0.1%
Inter Parfums, Inc.		23,273		762,191
Medifast, Inc.		11,457		476,955
				1,239,146
PHARMACEUTICALS — 1.4%
Amphastar Pharmaceuticals, Inc. (a)		29,989		552,397
Depomed, Inc. (a) (b)		70,764		1,275,167
Impax Laboratories, Inc. (a)		192,981		2,556,998
Lannett Co., Inc. (a) (b)		76,409		1,684,819
Medicines Co. (a) (b)		112,677		3,824,257
Nektar Therapeutics (a)		167,713		2,057,839
Phibro Animal Health Corp. Class A		27,625		809,413
				12,760,890
PROFESSIONAL SERVICES — 1.8%
CDI Corp.		36,744		271,906
Exponent, Inc.		22,700		1,368,810
Heidrick & Struggles International, Inc.		48,577		1,173,135
Kelly Services, Inc. Class A		76,333		1,749,552
Korn/Ferry International		151,281		4,452,200
On Assignment, Inc. (a)		63,576		2,807,516
Resources Connection, Inc.		77,122		1,484,598
TrueBlue, Inc. (a)		111,021		2,736,668
				16,044,385

See accompanying notes to financial statements.

201

SPDR S&P 600 Small Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.4%
Acadia Realty Trust		120,469	$	3,936,927
Capstead Mortgage Corp.		250,754		2,555,183
Cedar Realty Trust, Inc.		198,398		1,295,539
Chesapeake Lodging Trust		157,065		4,061,701
DiamondRock Hospitality Co.		251,212		2,896,474
Franklin Street Properties Corp. REIT		134,488		1,742,965
GEO Group, Inc. REIT (b)		94,061		3,379,612
Government Properties Income Trust REIT (b)		185,972		3,545,556
Kite Realty Group Trust REIT		217,484		5,106,524
LTC Properties, Inc.		33,848		1,590,179
Pennsylvania Real Estate Investment Trust		101,109		1,917,027
PS Business Parks, Inc.		17,466		2,035,138
Retail Opportunity Investments Corp. REIT		94,280		1,992,136
Sabra Health Care REIT, Inc.		83,552		2,040,340
Saul Centers, Inc.		8,842		588,966
Universal Health Realty Income Trust		10,870		712,963
				39,397,230
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.5%
Forestar Group, Inc. (a)		69,379		922,741
HFF, Inc. Class A		30,196		913,429
RE/MAX Holdings, Inc. Class A REIT		46,054		2,579,024
				4,415,194
ROAD & RAIL — 0.6%
ArcBest Corp.		62,260		1,721,489
Celadon Group, Inc. (b)		70,204		501,959
Heartland Express, Inc.		41,868		852,432
Marten Transport, Ltd.		30,215		704,010
Roadrunner Transportation Systems, Inc. (a)		79,087		821,714
Saia, Inc. (a)		27,508		1,214,478
				5,816,082
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3%
Brooks Automation, Inc.		88,319		1,507,605
Cohu, Inc.		64,902		902,138
Diodes, Inc. (a)		100,916		2,590,514
DSP Group, Inc. (a)		55,126		719,394
Exar Corp. (a)		40,863		440,503
Kopin Corp. (a)		87,297		247,923
Kulicke & Soffa Industries, Inc. (a)		88,849		1,417,142
Semtech Corp. (a)		63,482		2,002,857
Ultratech, Inc. (a)		30,233		724,987
Veeco Instruments, Inc. (a) (b)		53,090		1,547,574
				12,100,637
SOFTWARE — 0.6%
Bottomline Technologies de, Inc. (a)		46,754		1,169,785
MicroStrategy, Inc. Class A (a)		11,226		2,216,012
Monotype Imaging Holdings, Inc.		64,169		1,273,755
Tangoe, Inc. (a)		58,642		462,099
VASCO Data Security International, Inc. (a)		44,900		612,885
				5,734,536
SPECIALTY RETAIL — 6.1%
Abercrombie & Fitch Co. Class A (b)		176,777		2,121,324
Asbury Automotive Group, Inc. (a)		51,522		3,178,907
Ascena Retail Group, Inc. (a)		442,743		2,740,579
Barnes & Noble Education, Inc. (a)		100,310		1,150,556
Barnes & Noble, Inc.		144,275		1,608,666
Big 5 Sporting Goods Corp.		46,389		804,849
Buckle, Inc. (b)		72,903		1,662,188
Caleres, Inc.		113,370		3,720,804
Cato Corp. Class A		65,627		1,974,060
Express, Inc. (a)		204,842		2,204,100
Finish Line, Inc. Class A (b)		106,003		1,993,917
Genesco, Inc. (a)		53,895		3,346,880
Group 1 Automotive, Inc. (b)		51,896		4,044,774
Guess?, Inc.		160,923		1,947,168
Haverty Furniture Cos., Inc.		49,892		1,182,440
Hibbett Sports, Inc. (a) (b)		25,691		958,274
Kirkland’s, Inc. (a)		38,183		592,218
Lithia Motors, Inc. Class A (b)		60,964		5,903,144
Lumber Liquidators Holdings, Inc. (a) (b)		71,177		1,120,326
MarineMax, Inc. (a)		64,481		1,247,707
Monro Muffler Brake, Inc.		47,244		2,702,357
Rent-A-Center, Inc.		138,887		1,562,479
Select Comfort Corp. (a)		51,639		1,168,074
Shoe Carnival, Inc.		34,696		936,098
Sonic Automotive, Inc. Class A (b)		67,371		1,542,796
Stage Stores, Inc.		64,988		283,998
Stein Mart, Inc.		75,316		412,732
Tailored Brands, Inc.		67,422		1,722,632
Vitamin Shoppe, Inc. (a)		62,230		1,477,963
				55,312,010
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.7%
Cray, Inc. (a)		106,501		2,204,571
Electronics For Imaging, Inc. (a) (b)		61,053		2,677,784
Super Micro Computer, Inc. (a)		47,716		1,338,434
				6,220,789
TEXTILES,APPAREL & LUXURY GOODS — 2.0%
Crocs, Inc. (a)		192,120		1,317,943
G-III Apparel Group, Ltd. (a) (b)		114,381		3,381,103
Iconix Brand Group, Inc. (a)		87,991		821,836
Movado Group, Inc.		39,975		1,149,281
Oxford Industries, Inc.		20,678		1,243,368
Perry Ellis International, Inc. (a)		31,545		785,786
Steven Madden, Ltd. (a)		55,599		1,987,664
Unifi, Inc. (a)		39,578		1,291,430
Vera Bradley, Inc. (a)		49,899		584,816
Wolverine World Wide, Inc.		256,885		5,638,626
				18,201,853
THRIFTS & MORTGAGE FINANCE — 1.5%
Astoria Financial Corp.		238,229		4,442,971
Bank Mutual Corp.		47,244		446,456
Dime Community Bancshares, Inc.		34,984		703,178
HomeStreet, Inc. (a)		60,957		1,926,241
Northwest Bancshares, Inc.		103,191		1,860,534
Oritani Financial Corp.		48,700		913,125

See accompanying notes to financial statements.

202

SPDR S&P 600 Small Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Provident Financial Services, Inc.		72,261	$	2,044,986
TrustCo Bank Corp. NY		107,520		940,800
				13,278,291
TOBACCO — 0.4%
Universal Corp. (b)		59,507		3,793,571
TRADING COMPANIES & DISTRIBUTORS — 0.9%
Applied Industrial Technologies, Inc.		33,625		1,997,325
DXP Enterprises, Inc. (a) (b)		40,357		1,402,002
Kaman Corp.		70,837		3,466,055
Veritiv Corp. (a)		24,607		1,322,626
				8,188,008
WATER UTILITIES — 0.2%
American States Water Co.		49,702		2,264,423
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Spok Holdings, Inc.		53,638		1,112,988
TOTAL COMMON STOCKS (Cost $830,884,271)				903,063,669
SHORT-TERM INVESTMENTS — 1.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		249,935		249,935
State Street Navigator Securities Lending Government Money Market Portfolio (d) (e)		10,598,607		10,598,607
TOTAL SHORT-TERM INVESTMENTS (Cost $10,848,542)				10,848,542
TOTAL INVESTMENTS — 101.0% (Cost $841,732,813)				913,912,211
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%				(9,163,072	)
NET ASSETS — 100.0%			$	904,749,139

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	16,225,920	$	—	$	—	$	16,225,920
Air Freight & Logistics		10,247,184		—		—		10,247,184
Airlines		4,926,108		—		—		4,926,108
Auto Components		17,517,332		—		—		17,517,332
Banks		76,553,593		—		—		76,553,593
Biotechnology		4,670,513		—		—		4,670,513
Building Products		5,633,883		—		—		5,633,883
Capital Markets		16,084,202		—		—		16,084,202
Chemicals		29,009,564		—		—		29,009,564
Commercial Services & Supplies		32,145,784		—		—		32,145,784
Communications Equipment		14,985,109		—		—		14,985,109
Construction & Engineering		5,314,063		—		—		5,314,063
Construction Materials		780,236		—		—		780,236
Consumer Finance		16,833,069		—		—		16,833,069
Containers & Packaging		816,587		—		—		816,587
Distributors		5,163,016		—		—		5,163,016
Diversified Consumer Services		4,118,998		—		—		4,118,998
Diversified Telecommunication Services		7,325,894		—		—		7,325,894
Electric Utilities		13,175,106		—		—		13,175,106
Electrical Equipment		7,165,039		—		—		7,165,039
Electronic Equipment, Instruments & Components		41,626,117		—		—		41,626,117
Energy Equipment & Services		22,693,482		—		—		22,693,482
Equity Real Estate Investment Trusts (REITs)		1,216,519		—		—		1,216,519

See accompanying notes to financial statements.

203

SPDR S&P 600 Small Cap Value ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Food & Staples Retailing	$	6,280,310	$	—	$	—	$	6,280,310
Food Products		16,818,507		—		—		16,818,507
Gas Utilities		12,122,595		—		—		12,122,595
Health Care Equipment & Supplies		19,663,095		—		—		19,663,095
Health Care Providers & Services		34,583,457		—		—		34,583,457
Health Care Technology		2,236,441		—		—		2,236,441
Hotels, Restaurants & Leisure		21,072,009		—		—		21,072,009
Household Durables		16,423,331		—		—		16,423,331
Household Products		1,596,854		—		—		1,596,854
Industrial Conglomerates		998,953		—		—		998,953
Insurance		51,313,682		—		—		51,313,682
Internet & Catalog Retail		1,988,794		—		—		1,988,794
Internet Software & Services		4,092,350		—		—		4,092,350
IT Services		21,554,849		—		—		21,554,849
Leisure Equipment & Products		4,774,838		—		—		4,774,838
Life Sciences Tools & Services		2,499,683		—		—		2,499,683
Machinery		49,037,623		—		—		49,037,623
Marine		3,961,734		—		—		3,961,734
Media		11,357,718		—		—		11,357,718
Metals & Mining		17,674,309		—		—		17,674,309
Multi-Utilities		6,684,328		—		—		6,684,328
Multiline Retail		2,265,234		—		—		2,265,234
Oil, Gas & Consumable Fuels		15,249,088		—		—		15,249,088
Paper & Forest Products		18,706,536		—		—		18,706,536
Personal Products		1,239,146		—		—		1,239,146
Pharmaceuticals		12,760,890		—		—		12,760,890
Professional Services		16,044,385		—		—		16,044,385
Real Estate Investment Trusts (REITs)		39,397,230		—		—		39,397,230
Real Estate Management & Development		4,415,194		—		—		4,415,194
Road & Rail		5,816,082		—		—		5,816,082
Semiconductors & Semiconductor Equipment		12,100,637		—		—		12,100,637
Software		5,734,536		—		—		5,734,536
Specialty Retail		55,312,010		—		—		55,312,010
Technology Hardware, Storage & Peripherals		6,220,789		—		—		6,220,789
Textiles, Apparel & Luxury Goods		18,201,853		—		—		18,201,853
Thrifts & Mortgage Finance		13,278,291		—		—		13,278,291
Tobacco		3,793,571		—		—		3,793,571
Trading Companies & Distributors		8,188,008		—		—		8,188,008
Water Utilities		2,264,423		—		—		2,264,423
Wireless Telecommunication Services		1,112,988		—		—		1,112,988
Short-Term Investments		10,848,542		—		—		10,848,542
TOTAL INVESTMENTS	$	913,912,211	$	—	$	—	$	913,912,211

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		413,489	$	413,489		9,359,013		9,772,502		—	$	—	$	899	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		21,174,662		20,924,727		249,935		249,935		1,476		—
State Street Navigator Securities Lending Government Money Market Portfolio*		46,102,334		46,102,334		91,472,673		126,976,400		10,598,607		10,598,607		83,398		—
TOTAL			$	46,515,823							$	10,848,542	$	85,773	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

204

SPDR Global Dow ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AUSTRALIA — 1.4%
BHP Billiton, Ltd.		33,172	$	601,937
National Australia Bank, Ltd.		25,010		555,426
				1,157,363
BELGIUM — 0.5%
Anheuser-Busch InBev SA		4,151		440,235
BRAZIL — 0.7%
Petroleo Brasileiro SA Preference Shares (a)		1,500		6,853
Petroleo Brasileiro SA Preference Shares ADR (a)		62,216		548,123
				554,976
CANADA — 1.4%
Potash Corp. of Saskatchewan, Inc.		30,379		550,245
Royal Bank of Canada		8,332		564,579
				1,114,824
CHINA — 3.7%
China Construction Bank Corp. Class H.		664,461		511,641
China Mobile, Ltd.		41,021		434,910
China Petroleum & Chemical Corp. Class H		726,744		515,544
Industrial & Commercial Bank of China, Ltd. Class H		800,016		479,815
PetroChina Co., Ltd. Class H.		775,431		578,087
Tencent Holdings, Ltd.		18,927		463,096
				2,983,093
DENMARK — 0.5%
Vestas Wind Systems A/S		6,238		406,160
FINLAND — 0.6%
Sampo Oyj Class A		11,339		509,368
FRANCE — 6.1%
Air Liquide SA		4,948		551,377
BNP Paribas SA		9,616		614,127
Carrefour SA		20,206		487,838
Cie de Saint-Gobain		11,972		558,829
Engie SA		31,580		403,705
LVMH Moet Hennessy Louis Vuitton SE		3,029		579,544
Societe Generale SA		13,824		681,582
TOTAL SA		10,686		549,126
Vinci SA		6,851		467,528
				4,893,656
GERMANY — 4.7%
Allianz SE		3,376		559,051
BASF SE		6,351		591,564
Daimler AG		7,263		541,761
Deutsche Bank AG (a)		33,766		614,353
E.ON SE		56,525		399,452
SAP SE		5,846		510,612
Siemens AG		4,398		541,811
				3,758,604
HONG KONG — 0.6%
CLP Holdings, Ltd.		50,334		462,560
INDIA — 1.3%
Infosys, Ltd. ADR (b)		33,290		493,691
Reliance Industries, Ltd.		7,452		118,845
Reliance Industries, Ltd. GDR (c)		12,796		403,714
				1,016,250
ITALY — 1.4%
Assicurazioni Generali SpA		38,281		570,121
UniCredit SpA.		196,969		567,997
				1,138,118
JAPAN — 9.6%
Bridgestone Corp.		14,949		540,105
Canon, Inc.		17,821		503,453
Honda Motor Co., Ltd.		17,175		502,873
Komatsu, Ltd.		22,973		521,465
Mitsubishi Corp.		24,001		512,389
Mitsubishi UFJ Financial Group, Inc.		98,347		607,275
Mitsui & Co., Ltd.		38,251		527,023
Mizuho Financial Group, Inc.		294,641		529,993
Nippon Steel & Sumitomo Metal Corp.		24,800		554,324
Panasonic Corp.		51,244		522,611
Seven & i Holdings Co., Ltd.		12,096		461,812
SoftBank Group Corp.		7,730		514,626
Sony Corp.		15,647		439,353
Takeda Pharmaceutical Co., Ltd.		11,409		472,950
Toyota Motor Corp.		8,674		511,508
				7,721,760
LUXEMBOURG — 0.8%
ArcelorMittal (a)		86,369		639,141
MEXICO — 0.7%
America Movil SAB de CV Series L		892,809		564,682
NETHERLANDS — 0.7%
Royal Dutch Shell PLC Class A		20,740		568,435
RUSSIA — 0.8%
Gazprom PJSC ADR		123,128		621,796
SOUTH AFRICA — 1.3%
MTN Group, Ltd.		66,400		612,628
Naspers, Ltd. Class N		2,979		438,755
				1,051,383
SOUTH KOREA — 0.7%
Samsung Electronics Co., Ltd.		22		32,823
Samsung Electronics Co., Ltd. GDR		678		506,466
				539,289
SPAIN — 2.0%
Banco Bilbao Vizcaya Argentaria SA		82,211		556,171
Banco Santander SA		111,030		580,743
Telefonica SA		47,533		442,195
				1,579,109
SWEDEN — 0.5%
Telefonaktiebolaget LM Ericsson Class B		74,791		440,451
SWITZERLAND — 4.3%
ABB, Ltd. (a)		23,078		487,741
Credit Suisse Group AG (a)		37,166		534,260
Nestle SA		6,445		463,233
Novartis AG		6,521		475,433

See accompanying notes to financial statements.

205

SPDR Global Dow ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Roche Holding AG		2,103	$	481,289
Syngenta AG		1,182		468,102
UBS Group AG		34,880		547,386
				3,457,444
TAIWAN — 0.6%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		17,282		496,857
UNITED KINGDOM — 6.7%
Anglo American PLC (a)		46,478		666,194
AstraZeneca PLC		8,088		443,481
BAE Systems PLC		71,924		525,683
BP PLC		90,188		567,902
GlaxoSmithKline PLC		24,367		470,304
HSBC Holdings PLC		68,353		554,820
National Grid PLC		36,961		434,604
Rio Tinto PLC		16,766		654,343
Tesco PLC (a)		236,990		605,732
Vodafone Group PLC		176,118		434,914
				5,357,977
UNITED STATES — 48.2%
3M Co.		2,942		525,353
Abbott Laboratories		12,601		484,004
Alphabet, Inc. Class A (a)		332		263,093
Alphabet, Inc. Class C (a)		334		257,788
Amazon.com, Inc. (a)		679		509,162
American Express Co.		7,935		587,825
American International Group, Inc.		8,807		575,185
Amgen, Inc.		3,102		453,543
Apple, Inc.		5,010		580,258
Arconic, Inc.		25,250		468,135
AT&T, Inc.		13,013		553,443
Bank of America Corp.		32,830		725,543
Bank of New York Mellon Corp.		12,626		598,220
Baxter International, Inc.		11,460		508,136
Berkshire Hathaway, Inc. Class B (a)		3,524		574,342
Boeing Co. (b)		4,020		625,834
Carnival Corp.		11,746		611,497
Caterpillar, Inc. (b)		6,397		593,258
Chevron Corp.		5,103		600,623
Cisco Systems, Inc.		16,750		506,185
Coca-Cola Co.		12,225		506,849
Colgate-Palmolive Co.		7,292		477,189
ConocoPhillips		12,231		613,262
CVS Health Corp.		5,646		445,526
Deere & Co. (b)		6,315		650,698
Duke Energy Corp.		6,629		514,543
E.I. du Pont de Nemours & Co.		7,551		554,243
eBay, Inc. (a)		16,204		481,097
Express Scripts Holding Co. (a)		7,265		499,759
Exxon Mobil Corp.		5,950		537,047
Facebook, Inc. Class A (a)		4,065		467,678
FedEx Corp.		3,213		598,261
General Electric Co.		17,162		542,319
Gilead Sciences, Inc.		6,621		474,130
Goldman Sachs Group, Inc.		3,065		733,914
Home Depot, Inc.		4,045		542,354
Honeywell International, Inc.		4,712		545,885
HP, Inc.		37,151		551,321
Intel Corp.		14,581		528,853
International Business Machines Corp.		3,293		546,605
Johnson & Johnson		4,371		503,583
JPMorgan Chase & Co.		7,753		669,006
McDonald’s Corp.		4,510		548,957
Medtronic PLC		6,089		433,719
Merck & Co., Inc.		8,269		486,796
Microsoft Corp.		9,193		571,253
Mondelez International, Inc. Class A		12,277		544,239
Monsanto Co.		4,840		509,216
NextEra Energy, Inc.		4,275		510,692
NIKE, Inc. Class B		9,339		474,701
Pfizer, Inc.		15,332		497,983
Philip Morris International, Inc.		5,298		484,714
Priceline Group, Inc. (a)		365		535,112
Procter & Gamble Co.		6,023		506,414
QUALCOMM, Inc.		8,638		563,198
Schlumberger, Ltd.		6,681		560,870
Simon Property Group, Inc. REIT		2,461		437,246
Southwest Airlines Co.		13,939		694,720
Starbucks Corp.		9,508		527,884
Time Warner, Inc.		6,710		647,716
Travelers Cos., Inc.		4,516		552,849
Twenty-First Century Fox, Inc. Class A		22,165		621,507
Union Pacific Corp.		5,574		577,912
United Parcel Service, Inc. Class B		4,801		550,387
United Technologies Corp.		5,032		551,608
UnitedHealth Group, Inc.		3,867		618,875
Verizon Communications, Inc.		9,972		532,305
Visa, Inc. Class A		6,353		495,661
Wal-Mart Stores, Inc.		7,351		508,101
Walt Disney Co.		5,591		582,694
Wells Fargo & Co.		10,607		584,552
Williams Cos., Inc.		17,202		535,670
				38,833,100
TOTAL COMMON STOCKS (Cost $77,609,888)				80,306,631
SHORT-TERM INVESTMENTS — 0.0% (d)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		37,038		37,038
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		1,254		1,254
TOTAL SHORT-TERM INVESTMENTS (Cost $38,292)				38,292
TOTAL INVESTMENTS — 99.8% (Cost $77,648,180)				80,344,923
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				160,403
NET ASSETS — 100.0%			$	80,505,326

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

See accompanying notes to financial statements.

206

SPDR Global Dow ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(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, 2016, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d) Amount shown represents less than 0.05% of net assets.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Australia	$	1,157,363	$	—	$	—	$	1,157,363
Belgium		440,235		—		—		440,235
Brazil		554,976		—		—		554,976
Canada		1,114,824		—		—		1,114,824
China		2,983,093		—		—		2,983,093
Denmark		406,160		—		—		406,160
Finland		509,368		—		—		509,368
France		4,893,656		—		—		4,893,656
Germany		3,758,604		—		—		3,758,604
Hong Kong		462,560		—		—		462,560
India		1,016,250		—		—		1,016,250
Italy		1,138,118		—		—		1,138,118
Japan		7,721,760		—		—		7,721,760
Luxembourg		639,141		—		—		639,141
Mexico		564,682		—		—		564,682
Netherlands		568,435		—		—		568,435
Russia		621,796		—		—		621,796
South Africa		1,051,383		—		—		1,051,383
South Korea		539,289		—		—		539,289
Spain		1,579,109		—		—		1,579,109
Sweden		440,451		—		—		440,451
Switzerland		3,457,444		—		—		3,457,444
Taiwan		496,857		—		—		496,857
United Kingdom		5,357,977		—		—		5,357,977
United States		38,833,100		—		—		38,833,100
Short-Term Investments		38,292		—		—		38,292
TOTAL INVESTMENTS	$	80,344,923	$	—	$	—	$	80,344,923

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional U.S. Government Money Market Fund, Premier Class		36,193	$	36,193		1,718,216		1,717,371		37,038	$	37,038	$	152	$	—
State Street Navigator Securities Lending Government Money Market Portfolio*		9,855,686		9,855,686		21,046,955		30,901,387		1,254		1,254		3,469		—
TOTAL			$	9,891,879							$	38,292	$	3,621	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

207

SPDR Dow Jones REIT ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.8%
Cousins Properties, Inc. REIT		1,761,386	$	14,989,395
Parkway, Inc. REIT (a)		226,780		5,045,855
Quality Care Properties, Inc. REIT (a)		479,819		7,437,194
				27,472,444
REAL ESTATE INVESTMENT TRUSTS (REITS) — 98.6%
Acadia Realty Trust (b)		418,426		13,674,162
Alexandria Real Estate Equities, Inc.		410,020		45,565,523
American Campus Communities, Inc.		681,699		33,928,159
American Homes 4 Rent Class A		1,119,179		23,480,375
Apartment Investment & Management Co. Class A REIT		811,446		36,880,221
Apple Hospitality REIT, Inc.		805,081		16,085,518
Ashford Hospitality Prime, Inc.		140,579		1,918,903
Ashford Hospitality Trust, Inc.		419,499		3,255,312
AvalonBay Communities, Inc.		710,238		125,818,662
Boston Properties, Inc. REIT		795,284		100,030,822
Brandywine Realty Trust		901,280		14,880,133
Brixmor Property Group, Inc.		1,350,498		32,979,161
Camden Property Trust		452,494		38,041,171
Care Capital Properties, Inc.		431,420		10,785,500
CBL & Associates Properties, Inc. (b)		877,291		10,088,846
Cedar Realty Trust, Inc. (b)		409,618		2,674,806
Chesapeake Lodging Trust		312,637		8,084,793
Colony Starwood Homes (b)		261,285		7,527,621
Columbia Property Trust, Inc.		635,233		13,721,033
Corporate Office Properties Trust (b)		487,769		15,228,148
CubeSmart REIT		931,210		24,928,492
DCT Industrial Trust, Inc. REIT		469,254		22,467,882
DDR Corp. REIT		1,591,235		24,298,158
DiamondRock Hospitality Co.		1,029,928		11,875,070
Digital Realty Trust, Inc. REIT		822,068		80,776,402
Douglas Emmett, Inc. (b)		744,562		27,221,187
Duke Realty Corp.		1,834,598		48,726,923
DuPont Fabros Technology, Inc. REIT (b)		389,236		17,099,137
Easterly Government Properties, Inc. (b)		125,571		2,513,931
EastGroup Properties, Inc. (b)		168,326		12,429,192
Education Realty Trust, Inc. (b)		376,113		15,909,580
Equity Commonwealth (a)		649,276		19,634,106
Equity LifeStyle Properties, Inc.		414,718		29,901,168
Equity One, Inc.		484,514		14,869,735
Equity Residential REIT		1,891,267		121,721,944
Essex Property Trust, Inc. REIT		338,873		78,787,972
Extra Space Storage, Inc. REIT		650,654		50,256,515
Federal Realty Investment Trust REIT		371,326		52,769,138
FelCor Lodging Trust, Inc.		654,635		5,243,626
First Industrial Realty Trust, Inc. REIT		602,126		16,889,634
First Potomac Realty Trust (b)		295,132		3,237,598
Forest City Realty Trust, Inc. Class A		1,124,377		23,432,017
Franklin Street Properties Corp. REIT (b)		549,256		7,118,358
General Growth Properties, Inc. REIT		3,020,154		75,443,447
HCP, Inc. REIT		2,418,390		71,874,551
Healthcare Realty Trust, Inc. REIT		596,896		18,097,887
Hersha Hospitality Trust		222,947		4,793,361
Highwoods Properties, Inc.		516,834		26,363,702
Hospitality Properties Trust		849,624		26,967,066
Host Hotels & Resorts, Inc. REIT		3,826,613		72,093,389
Hudson Pacific Properties, Inc. REIT		628,635		21,863,925
Independence Realty Trust, Inc.		299,129		2,668,231
Kilroy Realty Corp. REIT		476,956		34,922,718
Kimco Realty Corp. REIT		2,198,376		55,311,140
Kite Realty Group Trust REIT		438,213		10,289,241
LaSalle Hotel Properties (b)		584,874		17,821,111
Liberty Property Trust REIT		760,302		30,031,929
Life Storage, Inc. REIT		239,966		20,459,501
LTC Properties, Inc. (b)		201,391		9,461,349
Macerich Co. REIT		624,409		44,233,134
Mack-Cali Realty Corp.		461,309		13,387,187
Mid-America Apartment Communities, Inc. REIT		587,206		57,499,212
Monogram Residential Trust, Inc.		856,454		9,266,832
National Storage Affiliates Trust		208,873		4,609,827
New York REIT, Inc.		871,467		8,819,246
NexPoint Residential Trust, Inc.		92,764		2,072,348
NorthStar Realty Europe Corp. REIT		291,408		3,662,999
Pebblebrook Hotel Trust (b)		370,394		11,019,221
Pennsylvania Real Estate Investment Trust		356,089		6,751,447
Piedmont Office Realty Trust, Inc. Class A		747,645		15,633,257
Prologis, Inc. REIT		2,734,049		144,330,447
PS Business Parks, Inc.		100,358		11,693,714
Public Storage REIT		771,499		172,430,026
Ramco-Gershenson Properties Trust		405,893		6,729,706
Regency Centers Corp.		540,476		37,265,820
Retail Opportunity Investments Corp. REIT		571,474		12,075,246
Rexford Industrial Realty, Inc. (b)		338,613		7,852,435
RLJ Lodging Trust REIT		639,921		15,671,665
Saul Centers, Inc.		59,843		3,986,142
Senior Housing Properties Trust		1,228,581		23,257,038
Seritage Growth Properties Class A REIT (b)		119,603		5,108,244
Silver Bay Realty Trust Corp. REIT		189,200		3,242,888
Simon Property Group, Inc. REIT		1,625,206		288,750,350
SL Green Realty Corp. REIT		524,074		56,364,159
Sun Communities, Inc. REIT		343,674		26,328,865
Sunstone Hotel Investors, Inc. REIT		1,119,794		17,076,858
Tanger Factory Outlet Centers, Inc.		496,829		17,776,542
Taubman Centers, Inc. (b)		312,531		23,105,417
Tier REIT, Inc. (b)		251,552		4,374,489
UDR, Inc. REIT		1,382,261		50,424,881
Universal Health Realty Income Trust (b)		65,274		4,281,322
Urban Edge Properties		472,055		12,986,233
Ventas, Inc. REIT		1,831,494		114,505,005
Vornado Realty Trust REIT		889,495		92,836,593
Washington Prime Group, Inc. REIT		952,156		9,911,944
Washington Real Estate Investment Trust		388,733		12,707,682
Weingarten Realty Investors REIT		607,243		21,733,227
Welltower, Inc. REIT		1,875,085		125,499,439

See accompanying notes to financial statements.

208

SPDR Dow Jones REIT ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Xenia Hotels & Resorts, Inc. (b)		549,245	$	10,666,338
				3,275,146,607
TOTAL COMMON STOCKS (Cost $2,835,959,763)				3,302,619,051
SHORT-TERM INVESTMENTS — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		6,201,673		6,201,673
State Street Navigator Securities Lending Government Money Market Portfolio (d) (e)		3,902,037		3,902,037
TOTAL SHORT-TERM INVESTMENTS (Cost $10,103,710)				10,103,710
TOTAL INVESTMENTS — 99.7% (Cost $2,846,063,473)				3,312,722,761
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				10,535,970
NET ASSETS — 100.0%			$	3,323,258,731

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Equity Real Estate Investment Trusts (REITs)	$	27,472,444	$	—	$	—	$	27,472,444
Real Estate Investment Trusts (REITs)		3,275,146,607		—		—		3,275,146,607
Short-Term Investments		10,103,710		—		—		10,103,710
TOTAL INVESTMENTS	$	3,312,722,761	$	—	$	—	$	3,312,722,761

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		8,262,151	$	8,262,151		65,831,888		74,094,039		—	$	—	$	6,447	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		97,876,933		91,675,260		6,201,673		6,201,673		6,624		—
State Street Navigator Securities Lending Government Money Market Portfolio*		189,464,977		189,464,977		109,882,387		295,445,327		3,902,037		3,902,037		73,151		—
TOTAL			$	197,727,128							$	10,103,710	$	86,222	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

209

SPDR S&P Bank ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
ASSET MANAGEMENT & CUSTODY BANKS — 4.6%
Bank of New York Mellon Corp.		1,570,911	$	74,429,763
Northern Trust Corp.		854,630		76,104,802
				150,534,565
DIVERSIFIED BANKS — 13.7%
Bank of America Corp.		3,307,925		73,105,142
Citigroup, Inc.		1,272,092		75,600,427
Comerica, Inc.		1,090,701		74,287,645
JPMorgan Chase & Co.		893,451		77,095,887
US Bancorp		1,467,740		75,397,804
Wells Fargo & Co.		1,336,696		73,665,317
				449,152,222
OTHER DIVERSIFIED FINANCIAL SERVICES — 2.2%
Voya Financial, Inc.		1,862,989		73,066,429
REGIONAL BANKS — 72.7%
Associated Banc-Corp. (a)		1,066,239		26,336,103
BancorpSouth, Inc.		777,518		24,141,934
Bank of Hawaii Corp. (a)		265,282		23,527,861
Bank of the Ozarks, Inc. (a)		1,465,755		77,084,056
BankUnited, Inc.		1,150,754		43,371,918
BB&T Corp.		1,616,457		76,005,808
Cathay General Bancorp		458,367		17,431,697
CIT Group, Inc.		1,776,734		75,831,007
Citizens Financial Group, Inc.		2,150,880		76,635,855
Commerce Bancshares, Inc.		493,786		28,545,769
Cullen/Frost Bankers, Inc.		613,548		54,133,340
CVB Financial Corp.		526,629		12,075,603
East West Bancorp, Inc.		1,081,686		54,982,099
Fifth Third Bancorp		2,840,481		76,607,773
First Horizon National Corp.		2,485,896		49,742,779
First Republic Bank		857,797		79,037,416
FNB Corp.		2,576,349		41,298,875
Fulton Financial Corp.		1,096,838		20,620,554
Glacier Bancorp, Inc.		328,827		11,913,402
Great Western Bancorp, Inc.		458,575		19,989,284
Hancock Holding Co.		693,621		29,895,065
Home BancShares, Inc.		810,593		22,510,168
Hope Bancorp, Inc.		758,115		16,595,137
Huntington Bancshares, Inc.		5,653,628		74,740,962
IBERIABANK Corp.		408,217		34,188,174
Investors Bancorp, Inc.		3,038,296		42,384,229
KeyCorp		4,137,575		75,593,495
M&T Bank Corp.		495,424		77,499,176
MB Financial, Inc.		601,262		28,397,604
Old National Bancorp		917,047		16,644,403
PacWest Bancorp		945,874		51,493,381
People’s United Financial, Inc.		3,832,450		74,196,232
Pinnacle Financial Partners, Inc.		275,240		19,074,132
PNC Financial Services Group, Inc.		664,082		77,671,031
Popular, Inc.		780,527		34,202,693
PrivateBancorp, Inc.		837,611		45,390,140
Prosperity Bancshares, Inc.		454,062		32,592,570
Regions Financial Corp.		5,231,517		75,124,584
Signature Bank (b)		492,906		74,034,481
Sterling Bancorp (a)		926,393		21,677,596
SunTrust Banks, Inc.		1,392,725		76,390,966
SVB Financial Group (b)		447,219		76,769,614
Synovus Financial Corp.		1,297,580		53,304,586
TCF Financial Corp.		1,265,847		24,797,943
Texas Capital Bancshares, Inc. (b)		466,128		36,544,435
Trustmark Corp.		398,044		14,190,269
UMB Financial Corp. (a)		224,482		17,312,052
Umpqua Holdings Corp.		2,334,695		43,845,572
United Bankshares, Inc. (a)		510,558		23,613,308
Valley National Bancorp		2,502,497		29,129,065
Webster Financial Corp.		756,843		41,081,438
Western Alliance Bancorp (b)		878,875		42,810,001
Wintrust Financial Corp.		332,537		24,132,210
Zions Bancorp		1,766,828		76,044,277
				2,393,184,122
THRIFTS & MORTGAGE FINANCE — 6.6%
Essent Group, Ltd. (b)		713,112		23,083,435
MGIC Investment Corp. (b)		5,431,480		55,346,781
New York Community Bancorp, Inc. (a)		4,482,435		71,315,541
Radian Group, Inc.		2,827,879		50,845,264
Washington Federal, Inc.		466,473		16,023,348
				216,614,369
TOTAL COMMON STOCKS (Cost $2,717,756,085)				3,282,551,707
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $4,280,866)		4,280,866		4,280,866
TOTAL INVESTMENTS — 99.9% (Cost $2,722,036,951)				3,286,832,573
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				3,010,895
NET ASSETS — 100.0%			$	3,289,843,468

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

See accompanying notes to financial statements.

210

SPDR S&P Bank ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Asset Management & Custody Banks	$	150,534,565	$	—	$	—	$	150,534,565
Diversified Banks		449,152,222		—		—		449,152,222
Other Diversified Financial Services		73,066,429		—		—		73,066,429
Regional Banks		2,393,184,122		—		—		2,393,184,122
Thrifts & Mortgage Finance		216,614,369		—		—		216,614,369
Short-Term Investment		4,280,866		—		—		4,280,866
TOTAL INVESTMENTS	$	3,286,832,573	$	—	$	—	$	3,286,832,573

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		5,252,510	$	5,252,510		29,621,933		34,874,443		—	$	—	$	5,263	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		32,097,101		27,816,235		4,280,866		4,280,866		4,921		—
State Street Navigator Securities Lending Government Money Market Portfolio*		127,748,999		127,748,999		124,542,947		252,291,946		—		—		38,583		—
TOTAL			$	133,001,509							$	4,280,866	$	48,767	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

211

SPDR S&P Capital Markets ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
ASSET MANAGEMENT & CUSTODY BANKS — 42.0%
Affiliated Managers Group, Inc. (a)		11,182	$	1,624,745
Ameriprise Financial, Inc.		15,193		1,685,511
Artisan Partners Asset Management, Inc. Class A		57,554		1,712,231
Bank of New York Mellon Corp.		36,983		1,752,255
BlackRock, Inc.		4,628		1,761,139
Cohen & Steers, Inc.		22,278		748,541
Diamond Hill Investment Group, Inc.		760		159,889
Eaton Vance Corp.		41,527		1,739,151
Federated Investors, Inc. Class B		60,962		1,724,005
Financial Engines, Inc.		27,074		994,969
Franklin Resources, Inc.		43,927		1,738,631
Invesco, Ltd.		54,939		1,666,849
Janus Capital Group, Inc.		127,400		1,690,598
Legg Mason, Inc.		53,935		1,613,196
Northern Trust Corp.		20,120		1,791,686
NorthStar Asset Management Group, Inc.		118,922		1,774,316
SEI Investments Co.		36,000		1,776,960
State Street Corp. (b)		22,370		1,738,596
T Rowe Price Group, Inc.		23,475		1,766,728
Virtus Investment Partners, Inc.		10,751		1,269,156
Waddell & Reed Financial, Inc. Class A		83,633		1,631,680
WisdomTree Investments, Inc. (c)		140,518		1,565,371
				33,926,203
FINANCIAL EXCHANGES & DATA — 24.4%
Bats Global Markets, Inc.		52,500		1,759,275
CBOE Holdings, Inc.		23,450		1,732,720
CME Group, Inc.		14,650		1,689,878
Donnelley Financial Solutions, Inc. (a)		70,134		1,611,679
FactSet Research Systems, Inc.		10,762		1,758,834
Intercontinental Exchange, Inc.		30,138		1,700,386
MarketAxess Holdings, Inc.		10,789		1,585,120
Moody’s Corp.		18,056		1,702,139
Morningstar, Inc.		13,051		960,032
MSCI, Inc.		22,074		1,738,990
Nasdaq, Inc.		26,204		1,758,812
S&P Global, Inc.		15,664		1,684,507
				19,682,372
INVESTMENT BANKING & BROKERAGE — 33.4%
BGC Partners, Inc. Class A		158,961		1,626,171
Charles Schwab Corp.		45,730		1,804,963
Cowen Group, Inc. Class A (a)		17,617		273,063
E*TRADE Financial Corp. (a)		50,451		1,748,127
Evercore Partners, Inc. Class A		25,680		1,764,216
Goldman Sachs Group, Inc.		7,435		1,780,311
Greenhill & Co., Inc.		60,141		1,665,906
Interactive Brokers Group, Inc. Class A		45,490		1,660,840
INTL. FCStone, Inc. (a)		10,695		423,522
Investment Technology Group, Inc.		28,364		559,905
KCG Holdings, Inc. Class A (a)		63,783		845,125
Lazard, Ltd. Class A		41,884		1,721,014
LPL Financial Holdings, Inc.		50,143		1,765,535
Moelis & Co. Class A		11,791		399,715
Morgan Stanley		41,118		1,737,235
Piper Jaffray Cos. (a)		11,040		800,400
PJT Partners, Inc. Class A		10,521		324,888
Raymond James Financial, Inc.		24,630		1,706,120
Stifel Financial Corp. (a)		34,603		1,728,420
TD Ameritrade Holding Corp.		41,461		1,807,700
Virtu Financial, Inc. Class A		48,224		769,173
				26,912,349
TOTAL COMMON STOCKS (Cost $76,740,861)				80,520,924
SHORT-TERM INVESTMENTS — 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		100,011		100,011
State Street Navigator Securities Lending Government Money Market Portfolio (e) (f)		1,203,893		1,203,893
TOTAL SHORT-TERM INVESTMENTS (Cost $1,303,904)				1,303,904
TOTAL INVESTMENTS — 101.4% (Cost $78,044,765)				81,824,828
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%				(1,110,841	)
NET ASSETS — 100.0%			$	80,713,987

(a) Non-income producing security.

(b) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) All or a portion of the shares of the security are on loan at December 31, 2016.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

212

SPDR S&P Capital Markets ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Asset Management & Custody Banks	$	33,926,203	$	—	$	—	$	33,926,203
Financial Exchanges & Data		19,682,372		—		—		19,682,372
Investment Banking & Brokerage		26,912,349		—		—		26,912,349
Short-Term Investments		1,303,904		—		—		1,303,904
TOTAL INVESTMENTS	$	81,824,828	$	—	$	—	$	81,824,828

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		45,119	$	2,432,816		3,644		26,393		22,370	$	1,738,596	$	17,392	$	83,005
State Street Institutional Liquid Reserves Fund, Premier Class		117,181		117,181		666,455		783,636		—		—		222		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		645,365		545,354		100,011		100,011		197		—
State Street Navigator Securities Lending Government Money Market Portfolio*		11,032,773		11,032,773		16,930,514		26,759,394		1,203,893		1,203,893		16,004		—
TOTAL			$	13,582,770							$	3,042,500	$	33,815	$	83,005

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

213

SPDR S&P Insurance ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
INSURANCE BROKERS — 11.3%
Aon PLC		172,419	$	19,229,891
Arthur J Gallagher & Co.		383,985		19,951,861
Brown & Brown, Inc.		438,866		19,687,529
Marsh & McLennan Cos., Inc.		280,595		18,965,416
Willis Towers Watson PLC		158,741		19,410,849
				97,245,546
LIFE & HEALTH INSURANCE — 22.9%
Aflac, Inc.		282,298		19,647,941
American Equity Investment Life Holding Co.		339,746		7,657,875
CNO Financial Group, Inc.		1,005,296		19,251,418
Genworth Financial, Inc. Class A (a)		4,619,215		17,599,209
Lincoln National Corp.		286,141		18,962,564
MetLife, Inc.		339,639		18,303,146
Primerica, Inc.		258,278		17,859,924
Principal Financial Group, Inc.		323,231		18,702,146
Prudential Financial, Inc.		183,873		19,133,824
Torchmark Corp.		264,502		19,509,668
Unum Group		447,509		19,659,070
				196,286,785
MULTI-LINE INSURANCE — 11.0%
American Financial Group, Inc.		190,149		16,755,930
American International Group, Inc.		296,110		19,338,944
Assurant, Inc.		211,546		19,644,162
Hartford Financial Services Group, Inc.		401,570		19,134,811
Loews Corp.		411,533		19,272,090
				94,145,937
PROPERTY & CASUALTY INSURANCE — 40.9%
Allied World Assurance Co. Holdings AG		290,515		15,603,561
Allstate Corp.		269,033		19,940,726
AmTrust Financial Services, Inc.		536,646		14,693,367
Arch Capital Group, Ltd. (a)		226,179		19,516,986
Aspen Insurance Holdings, Ltd.		205,370		11,295,350
Assured Guaranty, Ltd.		476,108		17,982,599
Axis Capital Holdings, Ltd.		305,543		19,942,792
Chubb, Ltd.		147,188		19,446,478
Cincinnati Financial Corp.		249,194		18,876,445
First American Financial Corp.		531,861		19,482,068
FNF Group		568,351		19,301,200
Hanover Insurance Group, Inc.		172,056		15,658,817
Markel Corp. (a)		22,028		19,924,326
Mercury General Corp.		98,627		5,938,332
Old Republic International Corp.		1,048,616		19,923,704
ProAssurance Corp.		85,811		4,822,578
Progressive Corp.		568,824		20,193,252
RLI Corp.		138,297		8,730,690
Travelers Cos., Inc.		163,507		20,016,527
WR Berkley Corp.		299,781		19,938,434
XL Group, Ltd.		526,145		19,604,163
				350,832,395
REINSURANCE — 13.7%
Alleghany Corp. (a)		32,181		19,569,910
Endurance Specialty Holdings, Ltd.		210,647		19,463,783
Everest Re Group, Ltd.		90,894		19,669,461
Reinsurance Group of America, Inc.		152,181		19,148,935
RenaissanceRe Holdings, Ltd.		147,205		20,052,265
Validus Holdings, Ltd.		351,164		19,317,532
				117,221,886
TOTAL COMMON STOCKS (Cost $773,520,394)				855,732,549
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $1,121,037)		1,121,037		1,121,037
TOTAL INVESTMENTS — 99.9% (Cost $774,641,431)				856,853,586
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				986,784
NET ASSETS — 100.0%			$	857,840,370

(a) Non-income producing security.

(b) The rate shown is the annualized seven-day yield at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Insurance Brokers	$	97,245,546	$	—	$	—	$	97,245,546
Life & Health Insurance		196,286,785		—		—		196,286,785
Multi-line Insurance		94,145,937		—		—		94,145,937
Property & Casualty Insurance		350,832,395		—		—		350,832,395

See accompanying notes to financial statements.

214

SPDR S&P Insurance ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Reinsurance	$	117,221,886	$	—	$	—	$	117,221,886
Short-Term Investment		1,121,037		—		—		1,121,037
TOTAL INVESTMENTS	$	856,853,586	$	—	$	—	$	856,853,586

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		1,113,237	$	1,113,237		4,005,565		5,118,802		—	$	—	$	1,056	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		6,906,826		5,785,789		1,121,037		1,121,037		1,068		—
State Street Navigator Securities Lending Government Money Market Portfolio*		24,392,904		24,392,904		39,315,053		63,707,957		—		—		5,284		—
TOTAL			$	25,506,141							$	1,121,037	$	7,408	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

215

SPDR S&P Regional Banking ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
REGIONAL BANKS — 99.8%
Ameris Bancorp		230,889	$	10,066,760
Associated Banc-Corp.		1,139,151		28,137,030
Banc of California, Inc.		1,827,008		31,698,589
BancorpSouth, Inc.		830,622		25,790,813
Bank of Hawaii Corp. (a)		283,433		25,137,673
Bank of the Ozarks, Inc. (a)		1,600,039		84,146,051
BankUnited, Inc.		1,229,385		46,335,521
Banner Corp.		373,034		20,819,028
BB&T Corp.		2,674,585		125,758,987
Berkshire Hills Bancorp, Inc.		172,552		6,358,541
BOK Financial Corp.		278,040		23,088,442
Boston Private Financial Holdings, Inc.		590,712		9,776,284
Brookline Bancorp, Inc.		227,034		3,723,358
Capital Bank Financial Corp. Class A		134,303		5,271,393
Cardinal Financial Corp.		178,451		5,851,408
Cathay General Bancorp		489,788		18,626,638
CenterState Banks, Inc.		234,032		5,890,585
Central Pacific Financial Corp.		142,533		4,478,387
Chemical Financial Corp.		528,099		28,607,123
CIT Group, Inc.		2,652,440		113,206,139
Citizens Financial Group, Inc.		3,558,733		126,797,657
City Holding Co.		64,587		4,366,081
Columbia Banking System, Inc.		303,757		13,571,863
Commerce Bancshares, Inc. (a)		527,544		30,497,344
Community Bank System, Inc. (a)		177,585		10,972,977
Cullen/Frost Bankers, Inc.		655,504		57,835,118
Customers Bancorp, Inc. (b)		170,997		6,125,113
CVB Financial Corp. (a)		562,596		12,900,326
Eagle Bancorp, Inc. (a) (b)		124,869		7,610,766
East West Bancorp, Inc.		1,155,713		58,744,892
FCB Financial Holdings, Inc. Class A (b)		333,044		15,886,199
Fifth Third Bancorp		4,699,566		126,747,295
First BanCorp (b)		826,872		5,465,624
First Commonwealth Financial Corp.		291,827		4,138,107
First Financial Bancorp		264,914		7,536,803
First Financial Bankshares, Inc. (a)		229,350		10,366,620
First Hawaiian, Inc.		368,280		12,823,510
First Horizon National Corp.		2,656,038		53,147,320
First Interstate BancSystem, Inc. Class A		97,700		4,157,135
First Midwest Bancorp, Inc.		433,419		10,935,161
First Republic Bank		1,160,357		106,915,294
FNB Corp.		2,752,627		44,124,611
Fulton Financial Corp.		1,171,869		22,031,137
Glacier Bancorp, Inc.		351,345		12,729,229
Great Western Bancorp, Inc.		489,996		21,358,926
Hancock Holding Co.		741,210		31,946,151
Hanmi Financial Corp.		209,275		7,303,697
HarborOne Bancorp, Inc. (b)		110,744		2,141,789
Hilltop Holdings, Inc.		373,084		11,117,903
Home BancShares, Inc.		866,025		24,049,514
Hope Bancorp, Inc.		809,978		17,730,418
Huntington Bancshares, Inc.		9,353,901		123,658,571
IBERIABANK Corp.		436,221		36,533,509
Independent Bank Corp.		108,299		7,629,665
Independent Bank Group, Inc.		92,676		5,782,982
International Bancshares Corp.		152,572		6,224,938
Investors Bancorp, Inc.		3,246,134		45,283,569
KeyCorp		6,845,651		125,070,044
LegacyTexas Financial Group, Inc.		329,308		14,180,002
M&T Bank Corp.		819,696		128,225,045
MB Financial, Inc.		642,383		30,339,749
National Bank Holdings Corp. Class A		218,036		6,953,168
NBT Bancorp, Inc. (a)		138,841		5,814,661
OFG Bancorp		357,064		4,677,538
Old National Bancorp		979,850		17,784,277
Opus Bank		298,811		8,979,271
Pacific Premier Bancorp, Inc. (b)		130,272		4,605,115
PacWest Bancorp (a)		1,010,558		55,014,778
People’s United Financial, Inc. (a)		4,156,307		80,466,104
Pinnacle Financial Partners, Inc.		294,090		20,380,437
PNC Financial Services Group, Inc.		1,098,636		128,496,467
Popular, Inc.		833,974		36,544,741
PrivateBancorp, Inc.		894,905		48,494,902
Prosperity Bancshares, Inc.		485,121		34,821,985
Regions Financial Corp.		8,655,581		124,294,143
Renasant Corp.		190,291		8,034,086
ServisFirst Bancshares, Inc.		155,440		5,819,674
Signature Bank (b)		740,618		111,240,824
Simmons First National Corp. Class A		91,546		5,689,584
South State Corp.		114,081		9,970,679
Southside Bancshares, Inc.		91,633		3,451,815
State Bank Financial Corp.		71,488		1,920,168
Sterling Bancorp		989,833		23,162,092
SunTrust Banks, Inc.		2,304,342		126,393,159
SVB Financial Group (b)		580,931		99,722,615
Synovus Financial Corp.		1,386,427		56,954,421
TCF Financial Corp.		1,352,571		26,496,866
Texas Capital Bancshares, Inc. (b)		497,941		39,038,574
Trustmark Corp.		425,273		15,160,982
UMB Financial Corp.		239,828		18,495,535
Umpqua Holdings Corp.		2,494,418		46,845,170
United Bankshares, Inc.		545,538		25,231,132
United Community Banks, Inc.		493,452		14,616,048
Valley National Bancorp		2,673,740		31,122,334
Webster Financial Corp. (a)		808,605		43,891,079
Westamerica Bancorporation (a)		133,193		8,381,835
Western Alliance Bancorp (b)		939,045		45,740,882
Wintrust Financial Corp.		355,356		25,788,185
Zions Bancorp		2,923,177		125,813,538
TOTAL COMMON STOCKS (Cost $3,066,314,834)				3,524,080,268

See accompanying notes to financial statements.

216

SPDR S&P Regional Banking ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENTS — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		963,527	$	963,527
State Street Navigator Securities Lending Government Money Market Portfolio (d) (e)		8,738,477		8,738,477
TOTAL SHORT-TERM INVESTMENTS (Cost $9,702,004)				9,702,004
TOTAL INVESTMENTS — 100.1% (Cost $3,076,016,838)				3,533,782,272
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(4,717,672	)
NET ASSETS — 100.0%			$	3,529,064,600

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Regional Banks	$	3,524,080,268	$	—	$	—	$	3,524,080,268
Short-Term Investments		9,702,004		—		—		9,702,004
TOTAL INVESTMENTS	$	3,533,782,272	$	—	$	—	$	3,533,782,272

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		3,291,452	$	3,291,452		22,914,366		26,205,818		—	$	—	$	3,468	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		15,461,022		14,497,495		963,527		963,527		4,314		—
State Street Navigator Securities Lending Government Money Market Portfolio*		61,790,990		61,790,990		169,663,347		222,715,860		8,738,477		8,738,477		70,358		—
TOTAL			$	65,082,442							$	9,702,004	$	78,140	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

217

SPDR Morgan Stanley Technology ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AUTOMOBILES — 3.0%
Tesla Motors, Inc. (a)		80,041	$	17,103,961
COMMUNICATIONS EQUIPMENT — 17.1%
Arista Networks, Inc. (a) (b)		167,714		16,229,684
Cisco Systems, Inc.		530,089		16,019,289
F5 Networks, Inc. (a)		112,194		16,236,716
Juniper Networks, Inc.		571,500		16,150,590
Motorola Solutions, Inc.		194,472		16,119,784
Palo Alto Networks, Inc. (a) (b)		125,441		15,686,397
				96,442,460
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.9%
Corning, Inc.		667,281		16,194,910
INTERNET & CATALOG RETAIL — 8.6%
Amazon.com, Inc. (a)		21,458		16,090,711
Netflix, Inc. (a) (b)		130,673		16,177,317
Priceline Group, Inc. (a)		10,948		16,050,425
				48,318,453
INTERNET SOFTWARE & SERVICES — 11.3%
Alibaba Group Holding, Ltd. ADR (a)		182,926		16,062,732
Alphabet, Inc. Class A (a)		20,061		15,897,340
eBay, Inc. (a)		549,247		16,307,143
Facebook, Inc. Class A (a)		135,453		15,583,868
				63,851,083
IT SERVICES — 14.3%
Accenture PLC Class A		131,818		15,439,842
Automatic Data Processing, Inc.		160,794		16,526,407
Cognizant Technology Solutions Corp. Class A (a)		287,507		16,109,017
International Business Machines Corp.		97,193		16,133,066
Visa, Inc. Class A		206,967		16,147,566
				80,355,898
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 14.3%
Applied Materials, Inc.		498,801		16,096,308
Broadcom, Ltd.		90,718		16,036,221
Intel Corp.		446,589		16,197,783
Lam Research Corp.		155,267		16,416,380
QUALCOMM, Inc.		243,961		15,906,257
				80,652,949
SOFTWARE — 22.6%
Adobe Systems, Inc. (a)		156,600		16,121,970
Microsoft Corp.		260,950		16,215,433
Oracle Corp.		414,703		15,945,330
salesforce.com, Inc. (a)		232,495		15,916,608
SAP SE ADR (b)		190,734		16,485,140
ServiceNow, Inc. (a)		208,243		15,480,785
Splunk, Inc. (a) (b)		292,605		14,966,746
VMware, Inc. Class A (a) (b)		200,687		15,800,087
				126,932,099
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.8%
Apple, Inc.		139,800		16,191,636
Western Digital Corp.		240,500		16,341,975
				32,533,611
TOTAL COMMON STOCKS (Cost $455,445,129)				562,385,424
SHORT-TERM INVESTMENTS — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		297,203		297,203
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		2,613,757		2,613,757
TOTAL SHORT-TERM INVESTMENTS (Cost $2,910,960)				2,910,960
TOTAL INVESTMENTS — 100.4% (Cost $458,356,089)				565,296,384
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%				(2,347,494	)
NET ASSETS — 100.0%			$	562,948,890

(a) Non-income producing security

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned

ADR = American Depositary Receipt

See accompanying notes to financial statements.

218

SPDR Morgan Stanley Technology ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Automobiles	$	17,103,961	$	—	$	—	$	17,103,961
Communications Equipment		96,442,460		—		—		96,442,460
Electronic Equipment, Instruments & Components		16,194,910		—		—		16,194,910
Internet & Catalog Retail		48,318,453		—		—		48,318,453
Internet Software & Services		63,851,083		—		—		63,851,083
IT Services		80,355,898		—		—		80,355,898
Semiconductors & Semiconductor Equipment		80,652,949		—		—		80,652,949
Software		126,932,099		—		—		126,932,099
Technology Hardware, Storage & Peripherals		32,533,611		—		—		32,533,611
Short-Term Investments		2,910,960		—		—		2,910,960
TOTAL INVESTMENTS	$	565,296,384	$	—	$	—	$	565,296,384

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		927,485	$	927,485		1,669,893		2,597,378		—	$	—	$	1,392	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		14,118,003		13,820,800		297,203		297,203		1,205		—
State Street Navigator Securities Lending Government Money Market Portfolio*		34,544,012		34,544,012		125,841,007		157,771,262		2,613,757		2,613,757		450,645		—
TOTAL			$	35,471,497							$	2,910,960	$	453,242	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

219

SPDR S&P Dividend ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.0%
General Dynamics Corp.		768,729	$	132,728,749
United Technologies Corp.		1,551,460		170,071,045
				302,799,794
AIR FREIGHT & LOGISTICS — 0.6%
Expeditors International of Washington, Inc.		1,835,003		97,181,759
BANKS — 5.2%
Commerce Bancshares, Inc. (a)		2,287,158		132,220,604
Cullen/Frost Bankers, Inc. (b)		2,345,287		206,924,672
People’s United Financial, Inc. (a)		15,746,400		304,850,304
United Bankshares, Inc. (a)		2,950,284		136,450,635
				780,446,215
BEVERAGES — 2.9%
Brown-Forman Corp. Class B (a)		1,877,238		84,325,531
Coca-Cola Co.		4,618,620		191,487,985
PepsiCo, Inc.		1,532,292		160,323,712
				436,137,228
BIOTECHNOLOGY — 1.5%
AbbVie, Inc. (a)		3,514,465		220,075,798
BUILDING PRODUCTS — 0.2%
AO Smith Corp.		596,792		28,258,101
CAPITAL MARKETS — 4.4%
Eaton Vance Corp.		4,263,616		178,560,238
Franklin Resources, Inc.		3,463,163		137,071,992
S&P Global, Inc.		542,462		58,336,363
SEI Investments Co.		1,474,637		72,788,082
T Rowe Price Group, Inc. (a)		2,889,711		217,479,650
				664,236,325
CHEMICALS — 6.0%
Air Products & Chemicals, Inc.		1,008,553		145,050,092
Albemarle Corp.		1,017,208		87,561,265
Ecolab, Inc.		585,576		68,641,219
HB Fuller Co. (a)		1,613,553		77,950,745
PPG Industries, Inc.		986,483		93,479,129
Praxair, Inc.		1,233,942		144,605,663
RPM International, Inc.		2,494,749		134,292,339
Sherwin-Williams Co.		259,682		69,786,941
Valspar Corp.		701,907		72,724,584
				894,091,977
COMMERCIAL SERVICES & SUPPLIES — 0.5%
Cintas Corp. (a)		656,102		75,819,147
CONTAINERS & PACKAGING — 2.6%
AptarGroup, Inc.		1,196,282		87,866,913
Bemis Co., Inc.		2,671,003		127,727,364
Sonoco Products Co. (a)		3,263,339		171,977,965
				387,572,242
DISTRIBUTORS — 1.1%
Genuine Parts Co.		1,709,233		163,300,121
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.2%
AT&T, Inc.		7,621,590		324,146,223
ELECTRIC UTILITIES — 1.1%
NextEra Energy, Inc. (a)		1,359,098		162,357,847
ELECTRICAL EQUIPMENT — 1.5%
Emerson Electric Co.		4,116,687		229,505,300
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.2%
Quality Care Properties, Inc. REIT (c)		1,996,272		30,942,216
FOOD & STAPLES RETAILING — 3.0%
Sysco Corp.		3,149,051		174,362,954
Wal-Mart Stores, Inc.		2,381,593		164,615,708
Walgreens Boots Alliance, Inc.		1,330,238		110,090,497
				449,069,159
FOOD PRODUCTS — 3.1%
Archer-Daniels-Midland Co.		3,977,524		181,573,971
Hormel Foods Corp. (a)		2,391,703		83,255,181
Lancaster Colony Corp.		663,535		93,817,214
McCormick & Co., Inc.		1,089,546		101,687,328
				460,333,694
GAS UTILITIES — 4.5%
Atmos Energy Corp.		1,865,636		138,336,909
National Fuel Gas Co. (a)		2,648,359		150,003,054
New Jersey Resources Corp. (a)		3,093,575		109,821,912
UGI Corp.		2,793,909		128,743,327
WGL Holdings, Inc. (a)		1,860,578		141,924,890
				668,830,092
HEALTH CARE EQUIPMENT & SUPPLIES — 2.7%
Abbott Laboratories		3,616,089		138,893,978
Becton Dickinson and Co.		506,977		83,930,042
C.R. Bard, Inc.		127,522		28,649,093
Medtronic PLC		1,420,074		101,151,871
West Pharmaceutical Services, Inc. (a)		574,706		48,752,310
				401,377,294
HEALTH CARE PROVIDERS & SERVICES — 0.9%
Cardinal Health, Inc. (a)		1,816,130		130,706,876
HOTELS, RESTAURANTS & LEISURE — 1.4%
McDonald’s Corp.		1,705,268		207,565,221
HOUSEHOLD DURABLES — 1.3%
Leggett & Platt, Inc. (a)		3,936,322		192,407,419
HOUSEHOLD PRODUCTS — 4.1%
Clorox Co.		1,280,140		153,642,403
Colgate-Palmolive Co.		1,760,198		115,187,357
Kimberly-Clark Corp.		1,521,792		173,666,903
Procter & Gamble Co.		2,108,220		177,259,138
				619,755,801
INDUSTRIAL CONGLOMERATES — 1.9%
3M Co.		874,090		156,086,251
Carlisle Cos., Inc.		770,296		84,955,946
Roper Technologies, Inc. (a)		227,797		41,705,075
				282,747,272
INSURANCE — 6.1%
Aflac, Inc.		1,936,414		134,774,415
Brown & Brown, Inc.		2,110,673		94,684,791
Chubb, Ltd.		1,067,411		141,026,341
Cincinnati Financial Corp.		2,102,727		159,281,570

See accompanying notes to financial statements.

220

SPDR S&P Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Mercury General Corp. (a)		1,015,955	$	61,170,651
Old Republic International Corp.		9,618,835		182,757,865
RenaissanceRe Holdings, Ltd. (a)		501,946		68,375,084
RLI Corp. (a)		1,028,440		64,925,417
				906,996,134
IT SERVICES — 2.7%
Automatic Data Processing, Inc.		1,629,127		167,441,673
International Business Machines Corp. (a)		1,391,254		230,934,252
				398,375,925
LEISURE EQUIPMENT & PRODUCTS — 1.1%
Polaris Industries, Inc. (a)		2,067,394		170,332,592
MACHINERY — 8.0%
Caterpillar, Inc. (a)		2,397,593		222,352,775
CLARCOR, Inc.		1,397,561		115,256,856
Donaldson Co., Inc.		3,067,777		129,092,056
Dover Corp.		2,059,674		154,331,373
Illinois Tool Works, Inc. (a)		1,139,899		139,592,032
Lincoln Electric Holdings, Inc. (a)		1,869,482		143,333,185
Nordson Corp.		638,650		71,560,732
Pentair PLC		2,134,291		119,669,696
Stanley Black & Decker, Inc.		937,875		107,564,884
				1,202,753,589
MEDIA — 0.7%
John Wiley & Sons, Inc. Class A (a)		1,812,253		98,767,789
METALS & MINING — 1.5%
Nucor Corp.		3,780,244		225,000,123
MULTI-UTILITIES — 4.8%
Black Hills Corp. (b)		2,731,355		167,541,316
Consolidated Edison, Inc.		2,890,273		212,955,314
MDU Resources Group, Inc. (a)		7,004,274		201,512,963
Vectren Corp.		2,642,027		137,781,708
				719,791,301
MULTILINE RETAIL — 1.5%
Target Corp.		3,041,915		219,717,520
OIL, GAS & CONSUMABLE FUELS — 3.3%
Chevron Corp.		2,454,790		288,928,783
Exxon Mobil Corp.		2,350,040		212,114,610
				501,043,393
PHARMACEUTICALS — 1.1%
Johnson & Johnson		1,416,783		163,227,569
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.9%
Essex Property Trust, Inc. REIT (a)		831,574		193,340,955
Federal Realty Investment Trust REIT		1,021,765		145,203,024
HCP, Inc. REIT		9,981,089		296,637,965
National Retail Properties, Inc.		4,498,098		198,815,933
Realty Income Corp. REIT (a)		3,454,275		198,551,727
Tanger Factory Outlet Centers, Inc.		4,334,439		155,086,227
				1,187,635,831
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9%
Linear Technology Corp.		2,129,093		132,748,949
SOFTWARE — 0.4%
CDK Global, Inc.		1,014,454		60,552,759
SPECIALTY RETAIL — 1.1%
Lowe’s Cos., Inc.		1,623,064		115,432,312
Ross Stores, Inc.		787,230		51,642,288
				167,074,600
TEXTILES,APPAREL & LUXURY GOODS — 1.1%
VF Corp. (a)		2,956,415		157,724,740
TRADING COMPANIES & DISTRIBUTORS — 1.0%
W.W. Grainger, Inc. (a)		629,724		146,253,399
WATER UTILITIES — 1.0%
Aqua America, Inc. (a)		5,021,004		150,830,960
WIRELESS TELECOMMUNICATION SERVICES — 0.7%
Telephone & Data Systems, Inc.		3,595,014		103,788,054
TOTAL COMMON STOCKS (Cost $11,637,129,308)				14,922,278,348
SHORT-TERM INVESTMENTS — 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		15,936,161		15,936,161
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		107,866,945		107,866,945
TOTAL SHORT-TERM INVESTMENTS (Cost $123,803,106)				123,803,106
TOTAL INVESTMENTS — 100.6%
(Cost $11,760,932,414)				15,046,081,454
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%				(86,805,545	)
NET ASSETS — 100.0%			$	14,959,275,909

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) This security is an affiliated investment as a result of the Fund owning 5% or more of the entity’s outstanding shares. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) Non-income producing security.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

221

SPDR S&P Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	302,799,794	$	—	$	—	$	302,799,794
Air Freight & Logistics		97,181,759		—		—		97,181,759
Banks		780,446,215		—		—		780,446,215
Beverages		436,137,228		—		—		436,137,228
Biotechnology		220,075,798		—		—		220,075,798
Building Products		28,258,101		—		—		28,258,101
Capital Markets		664,236,325		—		—		664,236,325
Chemicals		894,091,977		—		—		894,091,977
Commercial Services & Supplies		75,819,147		—		—		75,819,147
Containers & Packaging		387,572,242		—		—		387,572,242
Distributors		163,300,121		—		—		163,300,121
Diversified Telecommunication Services		324,146,223		—		—		324,146,223
Electric Utilities		162,357,847		—		—		162,357,847
Electrical Equipment		229,505,300		—		—		229,505,300
Equity Real Estate Investment Trusts (REITs)		30,942,216		—		—		30,942,216
Food & Staples Retailing		449,069,159		—		—		449,069,159
Food Products		460,333,694		—		—		460,333,694
Gas Utilities		668,830,092		—		—		668,830,092
Health Care Equipment & Supplies		401,377,294		—		—		401,377,294
Health Care Providers & Services		130,706,876		—		—		130,706,876
Hotels, Restaurants & Leisure		207,565,221		—		—		207,565,221
Household Durables		192,407,419		—		—		192,407,419
Household Products		619,755,801		—		—		619,755,801
Industrial Conglomerates		282,747,272		—		—		282,747,272
Insurance		906,996,134		—		—		906,996,134
IT Services		398,375,925		—		—		398,375,925
Leisure Equipment & Products		170,332,592		—		—		170,332,592
Machinery		1,202,753,589		—		—		1,202,753,589
Media		98,767,789		—		—		98,767,789
Metals & Mining		225,000,123		—		—		225,000,123
Multi-Utilities		719,791,301		—		—		719,791,301
Multiline Retail		219,717,520		—		—		219,717,520
Oil, Gas & Consumable Fuels		501,043,393		—		—		501,043,393
Pharmaceuticals		163,227,569		—		—		163,227,569
Real Estate Investment Trusts (REITs)		1,187,635,831		—		—		1,187,635,831
Semiconductors & Semiconductor Equipment		132,748,949		—		—		132,748,949
Software		60,552,759		—		—		60,552,759
Specialty Retail		167,074,600		—		—		167,074,600
Textiles, Apparel & Luxury Goods		157,724,740		—		—		157,724,740
Trading Companies & Distributors		146,253,399		—		—		146,253,399
Water Utilities		150,830,960		—		—		150,830,960
Wireless Telecommunication Services		103,788,054		—		—		103,788,054
Short-Term Investments		123,803,106		—		—		123,803,106
TOTAL INVESTMENTS	$	15,046,081,454	$	—	$	—	$	15,046,081,454

See accompanying notes to financial statements.

222

SPDR S&P Dividend ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
Black Hills Corp.		2,594,408	$	163,551,480		410,440		273,493		2,731,355	$	167,541,316	$	2,217,545	$	1,651,575
Cullen/Frost Bankers, Inc.		3,286,079		209,421,815		332,013		1,272,805		2,345,287		206,924,672		2,880,961		2,860,362
State Street Institutional Liquid Reserves Fund, Premier Class		11,738,494		11,738,494		154,423,430		166,161,924		—		—		38,050		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		310,001,430		294,065,269		15,936,161		15,936,160		38,619		—
State Street Navigator Securities Lending Government Money Market Portfolio*		591,373,476		591,373,476		742,345,907		1,225,852,438		107,866,945		107,866,945		812,465		—
TOTAL			$	976,085,265							$	498,269,093	$	5,987,640	$	4,511,937

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

223

SPDR S&P Aerospace & Defense ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 99.8%
AAR Corp.		204,430	$	6,756,412
Aerojet Rocketdyne Holdings, Inc. (a)		249,602		4,480,356
Aerovironment, Inc. (a) (b)		119,757		3,213,080
Arconic, Inc.		964,052		17,873,524
Astronics Corp. (a)		88,984		3,011,219
B/E Aerospace, Inc.		349,458		21,033,877
Boeing Co.		134,297		20,907,357
BWX Technologies, Inc.		538,603		21,382,539
Cubic Corp.		139,864		6,706,479
Curtiss-Wright Corp.		174,873		17,200,508
DigitalGlobe, Inc. (a)		248,984		7,133,392
Engility Holdings, Inc. (a)		70,228		2,366,684
Esterline Technologies Corp. (a)		131,801		11,756,649
General Dynamics Corp.		119,827		20,689,330
HEICO Corp.		124,312		9,590,671
Hexcel Corp.		393,194		20,225,899
Huntington Ingalls Industries, Inc.		115,795		21,328,281
KLX, Inc. (a)		260,508		11,751,516
Kratos Defense & Security Solutions, Inc. (a)		349,346		2,585,160
L3 Technologies, Inc. (a)		132,639		20,175,718
Lockheed Martin Corp.		80,977		20,239,391
Mercury Systems, Inc. (a)		152,000		4,593,440
Moog, Inc. Class A (a)		84,239		5,532,818
National Presto Industries, Inc. (a)		16,061		1,708,890
Northrop Grumman Corp.		88,143		20,500,299
Orbital ATK, Inc.		239,150		20,980,629
Raytheon Co.		143,652		20,398,584
Rockwell Collins, Inc.		222,701		20,657,745
Spirit AeroSystems Holdings, Inc. Class A		344,417		20,096,732
TASER International, Inc. (a) (b)		881,189		21,360,021
Teledyne Technologies, Inc. (a)		100,640		12,378,720
Textron, Inc.		434,310		21,090,094
TransDigm Group, Inc.		84,249		20,974,631
Triumph Group, Inc. (b)		620,504		16,443,356
United Technologies Corp.		191,423		20,983,789
Wesco Aircraft Holdings, Inc. (a)		323,061		4,829,762
TOTAL COMMON STOCKS (Cost $473,345,489)				502,937,552
SHORT-TERM INVESTMENT — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $947,278)		947,278		947,278
TOTAL INVESTMENTS —100.0% (Cost $474,292,767)				503,884,830
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (e)				25,366
NET ASSETS — 100.0%			$	503,910,196

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Amount shown represents less than 0.05% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	502,937,552	$	—	$	—	$	502,937,552
Short-Term Investment		947,278		—		—		947,278
TOTAL INVESTMENTS	$	503,884,830	$	—	$	—	$	503,884,830

See accompanying notes to financial statements.

224

SPDR S&P Aerospace & Defense ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		290,471	$	290,471		748,316		1,038,787		—	$	—	$	453	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		4,862,888		3,915,610		947,278		947,278		590		—
State Street Navigator Securities Lending Government Money Market Portfolio*		14,250,595		14,250,595		51,219,166		65,469,761		—		—		18,740		—
TOTAL			$	14,541,066							$	947,278	$	19,783	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

225

SPDR S&P Biotech ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
BIOTECHNOLOGY — 99.9%
AbbVie, Inc.		926,335	$	58,007,098
ACADIA Pharmaceuticals, Inc. (a) (b)		2,130,116		61,432,545
Acceleron Pharma, Inc. (a)		424,593		10,835,613
Achillion Pharmaceuticals, Inc. (a)		3,109,973		12,844,188
Acorda Therapeutics, Inc. (a)		731,964		13,760,923
Agenus, Inc. (a) (b)		2,229,757		9,186,599
Agios Pharmaceuticals, Inc. (a) (b)		848,858		35,422,844
Aimmune Therapeutics, Inc. (a)		155,186		3,173,554
Alder Biopharmaceuticals, Inc. (a) (b)		912,005		18,969,704
Alexion Pharmaceuticals, Inc. (a)		431,607		52,807,116
Alkermes PLC (a)		1,025,739		57,010,574
Alnylam Pharmaceuticals, Inc. (a) (b)		1,349,259		50,516,257
AMAG Pharmaceuticals, Inc. (a) (b)		640,032		22,273,114
Amgen, Inc.		397,425		58,107,509
Amicus Therapeutics, Inc. (a)		3,046,888		15,143,033
Arena Pharmaceuticals, Inc. (a)		1,932,920		2,744,746
ARIAD Pharmaceuticals, Inc. (a)		4,495,547		55,924,605
Array BioPharma, Inc. (a) (b)		3,464,058		30,449,070
Atara Biotherapeutics, Inc. (a)		226,694		3,219,055
Avexis, Inc. (a)		432,349		20,636,018
BioCryst Pharmaceuticals, Inc. (a)		756,069		4,785,917
Biogen, Inc. (a)		198,114		56,181,168
BioMarin Pharmaceutical, Inc. (a)		689,512		57,119,174
Bluebird Bio, Inc. (a) (b)		820,222		50,607,697
Blueprint Medicines Corp. (a)		346,804		9,727,852
Celgene Corp. (a)		502,370		58,149,327
Celldex Therapeutics, Inc. (a)		2,617,603		9,266,315
Clovis Oncology, Inc. (a)		1,563,548		69,452,802
Coherus Biosciences, Inc. (a)		443,290		12,478,614
Cytokinetics, Inc. (a)		306,500		3,723,975
Eagle Pharmaceuticals, Inc. (a) (b)		461,390		36,606,683
Emergent BioSolutions, Inc. (a)		442,078		14,517,842
Enanta Pharmaceuticals, Inc. (a)		199,998		6,699,933
Epizyme, Inc. (a)		322,175		3,898,318
Exact Sciences Corp. (a)		3,692,502		49,331,827
Exelixis, Inc. (a)		3,385,048		50,471,066
FibroGen, Inc. (a)		435,321		9,315,869
Five Prime Therapeutics, Inc. (a)		449,583		22,528,604
Genomic Health, Inc. (a)		226,130		6,645,961
Geron Corp. (a) (b)		1,876,156		3,883,643
Gilead Sciences, Inc.		784,122		56,150,976
Halozyme Therapeutics, Inc. (a) (b)		1,869,654		18,472,182
Heron Therapeutics, Inc. (a) (b)		825,973		10,820,246
Incyte Corp. (a)		566,542		56,807,166
Inovio Pharmaceuticals, Inc. (a) (b)		1,360,452		9,441,537
Insmed, Inc. (a)		351,509		4,650,464
Intercept Pharmaceuticals, Inc. (a) (b)		537,529		58,402,526
Intrexon Corp. (a) (b)		1,304,823		31,707,199
Ionis Pharmaceuticals, Inc. (a) (b)		1,250,986		59,834,660
Ironwood Pharmaceuticals, Inc. (a) (b)		1,516,852		23,192,667
Juno Therapeutics, Inc. (a) (b)		2,590,143		48,824,196
Keryx Biopharmaceuticals, Inc. (a) (b)		1,484,551		8,699,469
Kite Pharma, Inc. (a) (b)		1,242,286		55,704,104
Lexicon Pharmaceuticals, Inc. (a) (b)		784,749		10,853,079
Ligand Pharmaceuticals, Inc. (a)		422,010		42,880,436
MacroGenics, Inc. (a) (b)		276,951		5,660,878
Merrimack Pharmaceuticals, Inc. (a) (b)		3,280,154		13,383,028
MiMedx Group, Inc. (a) (b)		845,881		7,494,506
Momenta Pharmaceuticals, Inc. (a)		499,646		7,519,672
Myriad Genetics, Inc. (a) (b)		2,310,286		38,512,468
Neurocrine Biosciences, Inc. (a)		1,175,606		45,495,952
Novavax, Inc. (a) (b)		15,184,047		19,131,899
Ophthotech Corp. (a) (b)		1,024,238		4,947,070
OPKO Health, Inc. (a) (b)		3,622,782		33,691,873
Otonomy, Inc. (a)		149,073		2,370,261
Portola Pharmaceuticals, Inc. (a) (b)		1,044,860		23,446,658
Progenics Pharmaceuticals, Inc. (a) (b)		854,540		7,383,226
Prothena Corp. PLC (a)		469,211		23,080,489
Puma Biotechnology, Inc. (a)		1,455,636		44,688,025
Radius Health, Inc. (a) (b)		1,297,283		49,335,672
Regeneron Pharmaceuticals, Inc. (a)		153,100		56,201,479
Repligen Corp. (a)		328,685		10,130,072
Retrophin, Inc. (a) (b)		564,488		10,685,758
Sage Therapeutics, Inc. (a) (b)		598,832		30,576,362
Sarepta Therapeutics, Inc. (a) (b)		1,745,317		47,874,045
Seattle Genetics, Inc. (a) (b)		878,741		46,371,163
Spark Therapeutics, Inc. (a)		568,230		28,354,677
Synergy Pharmaceuticals, Inc. (a)		3,100,447		18,881,722
TESARO, Inc. (a) (b)		438,613		58,984,676
Ultragenyx Pharmaceutical, Inc. (a) (b)		719,817		50,610,333
United Therapeutics Corp. (a) (b)		432,864		62,085,684
Vanda Pharmaceuticals, Inc. (a)		773,868		12,343,195
Vertex Pharmaceuticals, Inc. (a)		743,487		54,772,687
Xencor, Inc. (a)		243,157		6,399,892
ZIOPHARM Oncology, Inc. (a) (b)		1,877,778		10,046,112
				2,454,757,193
TOTAL COMMON STOCKS (Cost $3,004,451,178)				2,454,757,193
RIGHTS — 0.1%
BIOTECHNOLOGY — 0.1%
Dyax Corp. (a) (c) (Cost $954,377)		859,799		954,377
SHORT-TERM INVESTMENTS — 10.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		1,024,736		1,024,736
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		247,199,795		247,199,795
TOTAL SHORT-TERM INVESTMENTS (Cost $248,224,531)				248,224,531
TOTAL INVESTMENTS — 110.1% (Cost $3,253,630,086)				2,703,936,101
LIABILITIES IN EXCESS OF OTHER ASSETS — (10.1)%				(247,412,604	)
NET ASSETS — 100.0%			$	2,456,523,497

See accompanying notes to financial statements.

226

SPDR S&P Biotech ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. As of December 31, 2016, total aggregate fair value of securities is $954,377 representing 0.0% of net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) Investment of cash collateral for securities loaned.

CVR = Contingent Value Rights

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Biotechnology	$	2,454,757,193	$	—	$	—	$	2,454,757,193
Rights
Biotechnology		—		954,377		—		954,377
Short-Term Investments		248,224,531		—		—		248,224,531
TOTAL INVESTMENTS	$	2,702,981,724	$	954,377	$	—	$	2,703,936,101

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		—	$	—		9,655,871		9,655,871		—	$	—	$	2,073	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		38,744,645		37,719,909		1,024,736		1,024,736		1,295		—
State Street Navigator Securities Lending Government Money Market Portfolio*		418,684,146		418,684,146		1,022,530,666		1,194,015,017		247,199,795		247,199,795		3,735,309		—
TOTAL			$	418,684,146							$	248,224,531	$	3,738,677	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

227

SPDR S&P Health Care Equipment ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
HEALTH CARE EQUIPMENT — 75.0%
Abaxis, Inc. (a)		17,314	$	913,659
Abbott Laboratories		33,493		1,286,466
Abiomed, Inc. (b)		11,229		1,265,284
Accuray, Inc. (a) (b)		73,819		339,567
Analogic Corp. (a)		11,024		914,441
AngioDynamics, Inc. (b)		40,044		675,542
AtriCure, Inc. (a) (b)		30,113		589,311
Baxter International, Inc.		29,281		1,298,320
Becton Dickinson and Co.		7,885		1,305,362
Boston Scientific Corp. (b)		63,092		1,364,680
C.R. Bard, Inc.		6,060		1,361,440
Cantel Medical Corp.		15,474		1,218,578
Cardiovascular Systems, Inc. (b)		39,360		952,906
CONMED Corp.		18,194		803,629
CryoLife, Inc.		27,985		535,913
Cynosure, Inc. Class A (a) (b)		27,583		1,257,785
Danaher Corp.		16,811		1,308,568
DexCom, Inc. (a) (b)		20,196		1,205,701
Edwards Lifesciences Corp. (b)		14,528		1,361,274
GenMark Diagnostics, Inc. (a) (b)		43,467		532,036
Globus Medical, Inc. Class A (a) (b)		54,030		1,340,484
Hill-Rom Holdings, Inc.		23,669		1,328,778
Hologic, Inc. (b)		33,648		1,349,958
IDEXX Laboratories, Inc. (b)		11,104		1,302,166
Inogen, Inc. (a) (b)		20,184		1,355,759
Insulet Corp. (a) (b)		34,909		1,315,371
Integer Holdings Corp. (a) (b)		22,103		650,933
Integra LifeSciences Holdings Corp. (b)		16,594		1,423,599
Intuitive Surgical, Inc. (b)		2,100		1,331,757
Invacare Corp. (a)		34,373		448,568
K2M Group Holdings, Inc. (a) (b)		38,462		770,778
LivaNova PLC (b)		28,907		1,299,948
Masimo Corp. (b)		20,296		1,367,950
Medtronic PLC		17,900		1,275,017
Natus Medical, Inc. (b)		33,451		1,164,095
Nevro Corp. (a) (b)		17,190		1,249,025
NuVasive, Inc. (a) (b)		19,353		1,303,618
NxStage Medical, Inc. (b)		51,854		1,359,093
Orthofix International NV (b)		16,133		583,692
Penumbra, Inc. (b)		19,848		1,266,302
ResMed, Inc. (a)		21,098		1,309,131
Rockwell Medical, Inc. (a) (b)		36,290		237,700
St. Jude Medical, Inc.		16,350		1,311,107
STERIS PLC		19,538		1,316,666
Stryker Corp. (a)		11,270		1,350,259
Teleflex, Inc. (a)		8,415		1,356,077
Varian Medical Systems, Inc. (a) (b)		14,390		1,291,934
Wright Medical Group NV (b)		54,981		1,263,463
Zeltiq Aesthetics, Inc. (a) (b)		29,571		1,286,930
Zimmer Biomet Holdings, Inc.		12,478		1,287,730
				55,988,350
HEALTH CARE SUPPLIES — 24.9%
Alere, Inc. (b)		34,937		1,361,495
Align Technology, Inc. (a) (b)		13,313		1,279,779
Anika Therapeutics, Inc. (b)		13,661		668,842
Atrion Corp. (a)		888		450,394
Cerus Corp. (a) (b)		140,468		611,036
Cooper Cos., Inc.		7,695		1,346,086
DENTSPLY SIRONA, Inc.		22,246		1,284,261
Endologix, Inc. (a) (b)		191,112		1,093,161
Haemonetics Corp. (b)		32,791		1,318,198
Halyard Health, Inc. (b)		33,613		1,243,009
ICU Medical, Inc. (a) (b)		8,868		1,306,700
Meridian Bioscience, Inc.		32,074		567,710
Merit Medical Systems, Inc. (b)		32,234		854,201
Neogen Corp. (b)		15,655		1,033,230
OraSure Technologies, Inc. (b)		71,214		625,259
Quidel Corp. (a) (b)		13,330		285,529
Spectranetics Corp. (a) (b)		53,931		1,321,309
Vascular Solutions, Inc. (b)		11,414		640,325
West Pharmaceutical Services, Inc.		15,591		1,322,584
				18,613,108
TOTAL COMMON STOCKS (Cost $73,211,233)				74,601,458
SHORT-TERM INVESTMENTS — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		64,157		64,157
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		183,715		183,715
TOTAL SHORT-TERM INVESTMENTS (Cost $247,872)				247,872
TOTAL INVESTMENTS — 100.2% (Cost $73,459,105)				74,849,330
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(171,657	)
NET ASSETS — 100.0%			$	74,677,673

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

228

SPDR S&P Health Care Equipment ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Health Care Equipment	$	55,988,350	$	—	$	—	$	55,988,350
Health Care Supplies		18,613,108		—		—		18,613,108
Short-Term Investments		247,872		—		—		247,872
TOTAL INVESTMENTS	$	74,849,330	$	—	$	—	$	74,849,330

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		27,683	$	27,683		290,509		318,192		—	$	—	$	167	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		3,103,811		3,039,654		64,157		64,157		121		—
State Street Navigator Securities Lending Government Money Market Portfolio*		7,247,537		7,247,537		11,254,593		18,318,415		183,715		183,715		12,615		—
TOTAL			$	7,275,220							$	247,872	$	12,903	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

229

SPDR S&P Health Care Services ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
HEALTH CARE SERVICES — 33.7%
Air Methods Corp. (a) (b)		69,022	$	2,198,351
Amedisys, Inc. (a)		52,517		2,238,800
AMN Healthcare Services, Inc. (a)		59,680		2,294,696
BioTelemetry, Inc. (a)		43,431		970,683
Chemed Corp. (b)		14,695		2,357,225
Cross Country Healthcare, Inc. (a)		33,049		515,895
DaVita, Inc. (a)		34,153		2,192,623
Diplomat Pharmacy, Inc. (a)		172,950		2,179,170
Envision Healthcare Corp. (a) (b)		31,680		2,005,027
Express Scripts Holding Co. (a)		31,330		2,155,191
Healthways, Inc. (a)		101,150		2,301,162
Laboratory Corp. of America Holdings (a)		17,770		2,281,313
LHC Group, Inc. (a)		23,912		1,092,778
MEDNAX, Inc. (a)		33,473		2,231,310
Premier, Inc. Class A (a)		72,643		2,205,441
Providence Service Corp. (a)		18,631		708,910
Quest Diagnostics, Inc.		24,916		2,289,780
Team Health Holdings, Inc. (a)		53,244		2,313,452
				34,531,807
HEALTH CARE DISTRIBUTORS — 15.3%
Aceto Corp.		38,531		846,526
AmerisourceBergen Corp.		28,781		2,250,386
Cardinal Health, Inc.		31,090		2,237,547
Henry Schein, Inc. (a)		14,921		2,263,665
McKesson Corp.		15,527		2,180,767
Owens & Minor, Inc.		64,312		2,269,571
Patterson Cos., Inc. (b)		56,209		2,306,255
PharMerica Corp. (a)		52,986		1,332,598
				15,687,315
HEALTH CARE FACILITIES — 28.6%
Acadia Healthcare Co., Inc. (a) (b)		61,640		2,040,284
Brookdale Senior Living, Inc. (a)		183,131		2,274,487
Capital Senior Living Corp. (a) (b)		63,597		1,020,732
Community Health Systems, Inc. (a) (b)		396,305		2,215,345
Ensign Group, Inc.		46,662		1,036,363
HCA Holdings, Inc. (a)		31,001		2,294,694
HealthSouth Corp.		54,997		2,268,076
Kindred Healthcare, Inc.		226,123		1,775,066
LifePoint Health, Inc. (a)		39,909		2,266,831
Select Medical Holdings Corp. (a)		175,353		2,323,427
Surgical Care Affiliates, Inc. (a)		43,875		2,030,096
Tenet Healthcare Corp. (a)		149,593		2,219,960
Universal Health Services, Inc. Class B		20,263		2,155,578
US Physical Therapy, Inc.		13,280		932,256
VCA, Inc. (a)		35,109		2,410,233
				29,263,428
MANAGED HEALTH CARE — 22.3%
Aetna, Inc.		17,616		2,184,560
Anthem, Inc.		15,567		2,238,068
Centene Corp. (a)		39,979		2,259,213
Cigna Corp.		16,846		2,247,088
HealthEquity, Inc. (a)		55,444		2,246,591
Humana, Inc.		11,170		2,279,015
Magellan Health, Inc. (a)		29,557		2,224,164
Molina Healthcare, Inc. (a) (b)		41,926		2,274,905
Triple-S Management Corp. Class B (a)		15,672		324,411
UnitedHealth Group, Inc.		14,182		2,269,687
WellCare Health Plans, Inc. (a)		16,237		2,225,768
				22,773,470
TOTAL COMMON STOCKS (Cost $121,789,727)				102,256,020
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $103,948)		103,948		103,948
TOTAL INVESTMENTS — 100.0% (Cost $121,893,675)				102,359,968
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (e)				2,489
NET ASSETS — 100.0%			$	102,362,457

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Amount is less than 0.05% of net assets.

See accompanying notes to financial statements.

230

SPDR S&P Health Care Services ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Health Care Services	$	34,531,807	$	—	$	—	$	34,531,807
Health Care Distributors		15,687,315		—		—		15,687,315
Health Care Facilities		29,263,428		—		—		29,263,428
Managed Health Care		22,773,470		—		—		22,773,470
Short-Term Investment		103,948		—		—		103,948
TOTAL INVESTMENTS	$	102,359,968	$	—	$	—	$	102,359,968

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		339,271	$	339,271		1,009,531		1,348,802		—	$	—	$	414	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		675,931		571,983		103,948		103,948		157		—
State Street Navigator Securities Lending Government Money Market Portfolio*		19,089,662		19,089,662		48,027,473		67,117,135		—		—		66,470		—
TOTAL			$	19,428,933							$	103,948	$	67,041	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

231

SPDR S&P Homebuilders ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
BUILDING PRODUCTS — 33.8%
Allegion PLC		569,956	$	36,477,184
AO Smith Corp.		904,349		42,820,925
Armstrong World Industries, Inc. (a) (b)		398,832		16,671,178
Fortune Brands Home & Security, Inc.		931,104		49,776,820
Johnson Controls International PLC		1,200,320		49,441,181
Lennox International, Inc.		298,261		45,684,637
Masco Corp.		1,609,596		50,895,425
Owens Corning		842,776		43,453,531
Universal Forest Products, Inc.		94,460		9,651,923
USG Corp. (a)		1,136,788		32,830,437
				377,703,241
HOME FURNISHINGS — 12.8%
Leggett & Platt, Inc.		724,741		35,425,340
Mohawk Industries, Inc. (a)		262,630		52,441,958
Tempur Sealy International, Inc. (a) (b)		806,934		55,097,454
				142,964,752
HOME IMPROVEMENT RETAIL — 9.2%
Home Depot, Inc.		393,488		52,758,871
Lowe’s Cos., Inc.		702,771		49,981,073
				102,739,944
HOMEBUILDING — 29.9%
CalAtlantic Group, Inc.		1,064,990		36,220,310
Cavco Industries, Inc. (a)		47,597		4,752,561
D.R. Horton, Inc.		1,818,724		49,705,727
Installed Building Products, Inc. (a)		128,997		5,327,576
Lennar Corp.		1,170,868		50,265,363
LGI Homes, Inc. (a) (b)		309,947		8,904,777
M/I Homes, Inc. (a)		120,646		3,037,866
MDC Holdings, Inc.		273,998		7,030,789
NVR, Inc. (a)		20,628		34,428,132
PulteGroup, Inc.		2,677,991		49,221,475
Taylor Morrison Home Corp. (a)		167,244		3,221,119
Toll Brothers, Inc. (a)		1,631,589		50,579,259
TopBuild Corp. (a)		166,626		5,931,886
TRI Pointe Group, Inc. (a)		1,087,002		12,478,783
WCI Communities, Inc. (a)		342,132		8,022,995
William Lyon Homes (a)		257,300		4,896,419
				334,025,037
HOMEFURNISHING RETAIL — 8.0%
Bed Bath & Beyond, Inc. (b)		1,091,707		44,366,973
Williams-Sonoma, Inc. (b)		937,467		45,364,028
				89,731,001
HOUSEHOLD APPLIANCES — 6.1%
Helen of Troy, Ltd. (a)		162,540		13,726,503
Whirlpool Corp.		302,128		54,917,807
				68,644,310
TOTAL COMMON STOCKS (Cost $1,228,477,139)				1,115,808,285
SHORT-TERM INVESTMENTS — 4.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		941,125		941,125
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		46,906,387		46,906,387
TOTAL SHORT-TERM INVESTMENTS (Cost $47,847,512)				47,847,512
TOTAL INVESTMENTS — 104.1% (Cost $1,276,324,651)				1,163,655,797
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.1)%				(46,323,513	)
NET ASSETS — 100.0%			$	1,117,332,284

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Building Products	$	377,703,241	$	—	$	—	$	377,703,241
Home Furnishings		142,964,752		—		—		142,964,752
Home Improvement Retail		102,739,944		—		—		102,739,944
Homebuilding		334,025,037		—		—		334,025,037
Homefurnishing Retail		89,731,001		—		—		89,731,001
Household Appliances		68,644,310		—		—		68,644,310
Short-Term Investments		47,847,512		—		—		47,847,512
TOTAL INVESTMENTS	$	1,163,655,797	$	—	$	—	$	1,163,655,797

See accompanying notes to financial statements.

232

SPDR S&P Homebuilders ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		1,309,021	$	1,309,021		4,612,028		5,921,049		—	$	—	$	1,645	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		5,826,183		4,885,058		941,125		941,125		1,217		—
State Street Navigator Securities Lending Government Money Market Portfolio*		74,415,907		74,415,907		171,706,243		199,215,763		46,906,387		46,906,387		89,688		—
TOTAL			$	75,724,928							$	47,847,512	$	92,550	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

233

SPDR S&P Internet ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
INTERNET & CATALOG RETAIL — 30.6%
Amazon.com, Inc. (a)		155	$	116,230
Blue Nile, Inc.		864		35,104
Etsy, Inc. (a)		9,640		113,559
Expedia, Inc.		961		108,862
FTD Cos., Inc. (a)		1,423		33,924
Groupon, Inc. (a)		30,814		102,302
HSN, Inc.		3,245		111,304
Liberty Expedia Holdings, Inc. Class A (a)		2,728		108,220
Liberty Interactive Corp. QVC Group Class A (a)		5,730		114,485
Liberty TripAdvisor Holdings, Inc. Class A (a)		7,294		109,775
Liberty Ventures Series A (a)		3,039		112,048
Netflix, Inc. (a)		970		120,086
Nutrisystem, Inc.		2,191		75,918
PetMed Express, Inc.		1,584		36,543
Priceline Group, Inc. (a)		77		112,887
Shutterfly, Inc. (a)		2,265		113,658
TripAdvisor, Inc. (a)		2,422		112,308
Wayfair, Inc. Class A (a)		3,144		110,197
				1,747,410
INTERNET SOFTWARE & SERVICES — 69.1%
2U, Inc. (a)		3,649		110,017
Actua Corp. (a)		1,014		14,196
Akamai Technologies, Inc. (a)		1,836		122,424
Alphabet, Inc. Class C (a)		151		116,545
Bankrate, Inc. (a)		4,144		45,791
Benefitfocus, Inc. (a)		2,699		80,160
Blucora, Inc. (a)		2,997		44,206
Box, Inc. Class A (a)		8,068		111,822
comScore, Inc. (a)		3,642		115,014
Cornerstone OnDemand, Inc. (a)		3,050		129,045
CoStar Group, Inc. (a)		621		117,052
EarthLink Holdings Corp.		5,978		33,716
eBay, Inc. (a)		3,979		118,137
Endurance International Group Holdings, Inc. (a)		5,796		53,903
Envestnet, Inc. (a)		2,601		91,685
Facebook, Inc. Class A (a)		996		114,590
Five9, Inc. (a)		5,307		75,306
GoDaddy, Inc. Class A (a)		3,248		113,518
Gogo, Inc. (a)		11,904		109,755
GrubHub, Inc. (a)		3,147		118,390
GTT Communications, Inc. (a)		1,029		29,584
IAC/InterActiveCorp		1,748		113,253
Intralinks Holdings, Inc. (a)		1,295		17,508
j2 Global, Inc.		1,474		120,573
LogMeIn, Inc.		1,183		114,219
Match Group, Inc. (a)		6,567		112,296
New Relic, Inc. (a)		3,940		111,305
NIC, Inc.		2,031		48,541
Pandora Media, Inc. (a)		8,635		112,600
Q2 Holdings, Inc. (a)		2,075		59,864
Quotient Technology, Inc. (a)		3,937		42,323
Shutterstock, Inc. (a)		2,389		113,525
SPS Commerce, Inc. (a)		1,211		84,637
Stamps.com, Inc. (a)		1,044		119,695
TrueCar, Inc. (a)		5,157		64,462
Twilio, Inc. Class A (a)		4,064		117,246
Twitter, Inc. (a)		6,069		98,925
VeriSign, Inc. (a)		1,452		110,454
Web.com Group, Inc. (a)		2,717		57,465
WebMD Health Corp. (a)		2,248		111,433
Yahoo!, Inc. (a)		2,856		110,442
Yelp, Inc. (a)		3,304		125,982
Zillow Group, Inc. Class C (a)		3,231		117,835
				3,949,439
TOTAL COMMON STOCKS (Cost $5,148,080)				5,696,849
SHORT-TERM INVESTMENT — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $15,034)		15,034		15,034
TOTAL INVESTMENTS — 100.0% (Cost $5,163,114)				5,711,883
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)				(1,426	)
NET ASSETS — 100.0%			$	5,710,457

(a) Non-income producing security.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) Amount is less than 0.05% of net assets.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Internet & Catalog Retail	$	1,747,410	$	—	$	—	$	1,747,410
Internet Software & Services		3,949,439		—		—		3,949,439
Short-Term Investment		15,034		—		—		15,034
TOTAL INVESTMENTS	$	5,711,883	$	—	$	—	$	5,711,883

See accompanying notes to financial statements.

234

SPDR S&P Internet ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		199,218	$	199,218		225,419		424,637		—	$	—	$	20	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		525,249		510,215		15,034		15,034		32		—
TOTAL			$	199,218							$	15,034	$	52	$	—

See accompanying notes to financial statements.

235

SPDR S&P Metals & Mining ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
ALUMINUM — 10.4%
Alcoa Corp.		1,212,835	$	34,056,407
Century Aluminum Co. (a)		2,674,593		22,894,516
Kaiser Aluminum Corp.		329,259		25,580,132
				82,531,055
COAL & CONSUMABLE FUELS — 4.2%
CONSOL Energy, Inc.		1,824,885		33,267,654
COPPER — 4.1%
Freeport-McMoRan, Inc. (a)		2,467,996		32,552,867
DIVERSIFIED METALS & MINING — 5.7%
Compass Minerals International, Inc. (b)		484,098		37,929,078
Materion Corp. (b)		174,547		6,912,061
				44,841,139
GOLD — 13.6%
McEwen Mining, Inc. (b)		10,421,728		30,327,229
Newmont Mining Corp.		1,185,492		40,389,712
Royal Gold, Inc.		580,056		36,746,548
				107,463,489
PRECIOUS METALS & MINERALS — 4.6%
Stillwater Mining Co. (a)		2,244,270		36,155,190
SILVER — 8.9%
Coeur Mining, Inc. (a)		3,990,884		36,277,135
Hecla Mining Co.		6,500,178		34,060,933
				70,338,068
STEEL — 48.4%
AK Steel Holding Corp. (a)		3,837,222		39,178,037
Allegheny Technologies, Inc. (b)		2,052,279		32,692,804
Carpenter Technology Corp. (b)		707,511		25,590,673
Cliffs Natural Resources, Inc. (a)		3,914,587		32,921,677
Commercial Metals Co.		1,638,044		35,676,598
Haynes International, Inc.		118,806		5,107,470
Nucor Corp.		594,655		35,393,866
Reliance Steel & Aluminum Co.		459,238		36,527,790
Schnitzer Steel Industries, Inc. Class A		630,388		16,200,972
Steel Dynamics, Inc.		1,047,449		37,268,235
SunCoke Energy, Inc.		858,974		9,740,765
TimkenSteel Corp. (a) (b)		524,561		8,120,204
United States Steel Corp.		1,077,957		35,583,361
Worthington Industries, Inc.		675,464		32,044,012
				382,046,464
TOTAL COMMON STOCKS (Cost $798,824,006)				789,195,926
SHORT-TERM INVESTMENTS — 5.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		469,437		469,437
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		44,642,333		44,642,333
TOTAL SHORT-TERM INVESTMENTS (Cost $45,111,770)				45,111,770
TOTAL INVESTMENTS — 105.6% (Cost $843,935,776)				834,307,696
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.6)%				(44,476,712	)
NET ASSETS — 100.0%			$	789,830,984

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aluminum	$	82,531,055	$	—	$	—	$	82,531,055
Coal & Consumable Fuels		33,267,654		—		—		33,267,654
Copper		32,552,867		—		—		32,552,867
Diversified Metals & Mining		44,841,139		—		—		44,841,139
Gold		107,463,489		—		—		107,463,489
Precious Metals & Minerals		36,155,190		—		—		36,155,190
Silver		70,338,068		—		—		70,338,068
Steel		382,046,464		—		—		382,046,464
Short-Term Investments		45,111,770		—		—		45,111,770
TOTAL INVESTMENTS	$	834,307,696	$	—	$	—	$	834,307,696

See accompanying notes to financial statements.

236

SPDR S&P Metals & Mining ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
Schnitzer Steel Industries, Inc.		1,735,856	$	30,551,066		2,187,874		3,293,342		630,388	$	16,200,972	$	455,314	$	3,508,096
State Street Institutional Liquid Reserves Fund, Premier Class		1,184,183		1,184,183		4,674,108		5,858,291		—		—		931		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		3,260,931		2,791,494		469,437		469,437		874		—
State Street Navigator Securities Lending Government Money Market Portfolio*		105,496,779		105,496,779		364,471,732		425,326,178		44,642,333		44,642,333		278,735		—
TOTAL			$	137,232,028							$	61,312,742	$	735,854	$	3,508,096

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

237

SPDR S&P Oil & Gas Equipment & Services ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
OIL & GAS DRILLING — 32.3%
Atwood Oceanics, Inc. (a)		837,301	$	10,993,762
Diamond Offshore Drilling, Inc.		535,828		9,484,156
Ensco PLC Class A (a)		1,026,857		9,981,050
Helmerich & Payne, Inc. (a)		138,185		10,695,519
Nabors Industries, Ltd.		679,610		11,145,604
Noble Corp. PLC		1,478,473		8,752,560
Patterson-UTI Energy, Inc. (a)		400,978		10,794,328
Rowan Cos. PLC Class A (a)		554,539		10,475,242
Transocean, Ltd. (a) (b)		732,487		10,796,858
Unit Corp. (b)		293,943		7,898,248
				101,017,327
OIL & GAS EQUIPMENT & SERVICES — 67.6%
Archrock, Inc.		245,267		3,237,524
Baker Hughes, Inc.		170,312		11,065,171
Bristow Group, Inc.		363,104		7,436,370
Core Laboratories NV		93,899		11,271,636
Dril-Quip, Inc. (b)		179,460		10,776,573
Exterran Corp. (b)		43,530		1,040,367
Fairmount Santrol Holdings, Inc. (b)		1,186,420		13,987,892
FMC Technologies, Inc. (b)		319,389		11,347,891
Forum Energy Technologies, Inc. (a) (b)		457,225		10,058,950
Frank’s International NV (a)		415,388		5,113,426
Halliburton Co.		208,357		11,270,030
Helix Energy Solutions Group, Inc. (b)		928,888		8,192,792
Matrix Service Co. (b)		75,274		1,708,720
McDermott International, Inc. (b)		1,124,432		8,309,553
National Oilwell Varco, Inc. (a)		283,906		10,629,441
Newpark Resources, Inc. (b)		269,218		2,019,135
Oceaneering International, Inc.		376,122		10,610,402
Oil States International, Inc. (a) (b)		284,523		11,096,397
RPC, Inc. (a)		533,334		10,565,347
Schlumberger, Ltd.		133,251		11,186,421
SEACOR Holdings, Inc. (b)		60,373		4,303,387
Superior Energy Services, Inc.		625,406		10,556,853
TETRA Technologies, Inc. (b)		686,188		3,444,664
US Silica Holdings, Inc.		209,827		11,892,994
Weatherford International PLC (a) (b)		2,068,686		10,322,743
				211,444,679
TOTAL COMMON STOCKS (Cost $313,388,381)				312,462,006
SHORT-TERM INVESTMENTS — 4.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		162,496		162,496
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		12,937,491		12,937,491
TOTAL SHORT-TERM INVESTMENTS (Cost $13,099,987)				13,099,987
TOTAL INVESTMENTS — 104.1% (Cost $326,488,368)				325,561,993
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.1)%				(12,895,972	)
NET ASSETS — 100.0%			$	312,666,021

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Oil & Gas Drilling	$	101,017,327	$	—	$	—	$	101,017,327
Oil & Gas Equipment & Services		211,444,679		—		—		211,444,679
Short-Term Investments		13,099,987		—		—		13,099,987
TOTAL INVESTMENTS	$	325,561,993	$	—	$	—	$	325,561,993

See accompanying notes to financial statements.

238

SPDR S&P Oil & Gas Equipment & Services ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		281,684	$	281,684		941,868		1,223,552		—	$	—	$	489	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		790,244		627,748		162,496		162,496		316		—
State Street Navigator Securities Lending Government Money Market Portfolio*		35,848,513		35,848,513		78,055,507		100,966,529		12,937,491		12,937,491		79,748		—
TOTAL			$	36,130,197							$	13,099,987	$	80,553	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

239

SPDR S&P Oil & Gas Exploration & Production ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 100.0%
INTEGRATED OIL & GAS — 6.0%
Chevron Corp.		400,612	$	47,152,033
Exxon Mobil Corp.		521,274		47,050,191
Occidental Petroleum Corp.		657,266		46,817,057
				141,019,281
OIL & GAS EXPLORATION & PRODUCTION — 77.2%
Anadarko Petroleum Corp.		658,321		45,904,723
Antero Resources Corp. (a)		1,736,235		41,061,958
Apache Corp.		696,980		44,237,321
Bill Barrett Corp. (a)		1,818,428		12,710,812
Cabot Oil & Gas Corp.		1,940,272		45,324,754
California Resources Corp. (a)		1,905,634		40,570,948
Callon Petroleum Co. (a) (b)		2,714,536		41,722,418
Carrizo Oil & Gas, Inc. (a) (b)		1,151,741		43,017,526
Chesapeake Energy Corp. (a) (b)		6,009,411		42,186,065
Cimarex Energy Co.		327,633		44,525,325
Clayton Williams Energy, Inc. (a)		491,308		58,593,392
Cobalt International Energy, Inc. (a) (b)		4,992,474		6,090,818
Concho Resources, Inc. (a)		325,831		43,205,191
ConocoPhillips		913,713		45,813,570
Continental Resources, Inc. (a) (b)		854,081		44,019,335
Denbury Resources, Inc. (a)		9,705,082		35,714,702
Devon Energy Corp.		965,111		44,076,619
Diamondback Energy, Inc. (a)		437,444		44,208,091
Energen Corp.		768,146		44,298,980
EOG Resources, Inc.		435,776		44,056,954
EQT Corp.		620,996		40,613,138
Gulfport Energy Corp. (a)		1,571,551		34,008,364
Hess Corp.		739,205		46,045,079
Kosmos Energy, Ltd. (a) (b)		1,261,672		8,844,321
Laredo Petroleum, Inc. (a)		3,235,107		45,744,413
Marathon Oil Corp.		2,541,963		44,001,380
Matador Resources Co. (a) (b)		1,581,227		40,732,407
Murphy Oil Corp. (b)		1,406,687		43,790,166
Newfield Exploration Co. (a)		970,112		39,289,536
Noble Energy, Inc.		1,180,492		44,929,525
Oasis Petroleum, Inc. (a)		3,002,714		45,461,090
Parsley Energy, Inc. Class A (a)		1,277,278		45,011,277
PDC Energy, Inc. (a) (b)		583,283		42,334,680
Pioneer Natural Resources Co.		248,035		44,663,662
QEP Resources, Inc.		2,320,740		42,724,823
Range Resources Corp.		1,196,287		41,104,421
Resolute Energy Corp. (a) (b)		1,003,496		41,334,000
Rice Energy, Inc. (a)		1,878,976		40,116,138
RSP Permian, Inc. (a)		1,067,484		47,631,136
Sanchez Energy Corp. (a) (b)		2,320,020		20,949,781
SM Energy Co.		1,266,837		43,680,540
Southwestern Energy Co. (a)		3,679,087		39,807,721
Synergy Resources Corp. (a) (b)		4,236,301		37,745,442
Whiting Petroleum Corp. (a)		3,821,515		45,934,610
WPX Energy, Inc. (a)		3,130,358		45,609,316
				1,823,446,468
OIL & GAS REFINING & MARKETING — 16.8%
Clean Energy Fuels Corp. (a) (b)		2,439,745		6,977,671
Delek US Holdings, Inc.		717,389		17,267,553
Green Plains, Inc.		695,077		19,357,895
HollyFrontier Corp. (b)		1,402,794	$	45,955,531
Marathon Petroleum Corp.		938,377		47,247,282
Par Pacific Holdings, Inc. (a)		311,909		4,535,157
PBF Energy, Inc. Class A		1,619,968		45,164,708
Phillips 66		532,236		45,990,513
REX American Resources Corp. (a) (b)		106,772		10,543,735
Tesoro Corp.		514,400		44,984,280
Valero Energy Corp.		682,247		46,611,115
Western Refining, Inc.		1,191,044		45,081,015
World Fuel Services Corp.		361,998		16,619,328
				396,335,783
TOTAL COMMON STOCKS (Cost $2,531,382,321)				2,360,801,532
SHORT-TERM INVESTMENTS — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		1,024,131		1,024,131
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		13,164,845		13,164,845
TOTAL SHORT-TERM INVESTMENTS (Cost $14,188,976)				14,188,976
TOTAL INVESTMENTS — 100.6% (Cost $2,545,571,297)				2,374,990,508
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%				(13,403,960	)
NET ASSETS — 100.0%			$	2,361,586,548

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

240

SPDR S&P Oil & Gas Exploration & Production ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Integrated Oil & Gas	$	141,019,281	$	—	$	—	$	141,019,281
Oil & Gas Exploration & Production		1,823,446,468		—		—		1,823,446,468
Oil & Gas Refining & Marketing		396,335,783		—		—		396,335,783
Short-Term Investments		14,188,976		—		—		14,188,976
TOTAL INVESTMENTS	$	2,374,990,508	$	—	$	—	$	2,374,990,508

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		5,465,531	$	5,465,531		7,100,890		12,566,421		—	$	—	$	2,578	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		8,615,081		7,590,950		1,024,131		1,024,131		1,608		—
State Street Navigator Securities Lending Government Money Market Portfolio*		141,058,762		141,058,762		389,251,154		517,145,071		13,164,845		13,164,845		220,677		—
TOTAL			$	146,524,293							$	14,188,976	$	224,863	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

241

SPDR S&P Pharmaceuticals ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
PHARMACEUTICALS — 99.9%
Aerie Pharmaceuticals, Inc. (a)		334,242	$	12,651,060
Akorn, Inc. (a) (b)		848,254		18,517,385
Allergan PLC (a)		108,462		22,778,105
Amphastar Pharmaceuticals, Inc. (a) (b)		204,556		3,767,922
ANI Pharmaceuticals, Inc. (a)		92,899		5,631,537
Bristol-Myers Squibb Co.		365,571		21,363,969
Catalent, Inc. (a)		477,297		12,867,927
Cempra, Inc. (a)		1,361,305		3,811,654
Depomed, Inc. (a) (b)		758,617		13,670,278
Dermira, Inc. (a)		87,867		2,665,006
Eli Lilly & Co.		307,327		22,603,901
Endo International PLC (a)		1,333,254		21,958,693
Heska Corp. (a)		43,704		3,129,206
Horizon Pharma PLC (a)		1,406,078		22,750,342
Impax Laboratories, Inc. (a)		760,613		10,078,122
Innoviva, Inc. (a) (b)		352,081		3,767,267
Intra-Cellular Therapies, Inc. (a) (b)		368,916		5,566,943
Jazz Pharmaceuticals PLC (a)		203,835		22,224,130
Johnson & Johnson		185,747		21,399,912
Lannett Co., Inc. (a) (b)		518,588		11,434,865
Mallinckrodt PLC (a)		396,428		19,750,043
Medicines Co. (a) (b)		534,855		18,152,979
Merck & Co., Inc.		340,554		20,048,414
Mylan NV (a)		571,136		21,788,838
Nektar Therapeutics (a) (b)		881,490		10,815,882
Omeros Corp. (a) (b)		242,760		2,408,179
Pacira Pharmaceuticals, Inc. (a) (b)		405,269		13,090,189
Perrigo Co. PLC		252,753		21,036,632
Pfizer, Inc.		657,795		21,365,182
Phibro Animal Health Corp. Class A		56,893		1,666,965
Prestige Brands Holdings, Inc. (a)		192,797		10,044,724
SciClone Pharmaceuticals, Inc. (a)		166,354		1,796,623
Sucampo Pharmaceuticals, Inc. Class A (a)		136,766		1,853,179
Supernus Pharmaceuticals, Inc. (a)		293,345		7,406,961
TherapeuticsMD, Inc. (a) (b)		1,004,943		5,798,521
Theravance Biopharma, Inc. (a)		172,421		5,496,782
Zoetis, Inc.		401,853		21,511,191
TOTAL COMMON STOCKS (Cost $575,338,853)				466,669,508
SHORT-TERM INVESTMENTS — 3.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		249,555		249,555
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		18,011,400		18,011,400
TOTAL SHORT-TERM INVESTMENTS (Cost $18,260,955)				18,260,955
TOTAL INVESTMENTS — 103.8% (Cost $593,599,808)				484,930,463
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.8)%				(17,917,679	)
NET ASSETS — 100.0%			$	467,012,784

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Pharmaceuticals	$	466,669,508	$	—	$	—	$	466,669,508
Short-Term Investments		18,260,955		—		—		18,260,955
TOTAL INVESTMENTS	$	484,930,463	$	—	$	—	$	484,930,463

See accompanying notes to financial statements.

242

SPDR S&P Pharmaceuticals ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		506,794	$	506,794		4,226,672		4,733,466		—	$	—	$	1,081	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		3,197,854		2,948,299		249,555		249,555		734		—
State Street Navigator Securities Lending Government Money Market Portfolio*		92,017,059		92,017,059		170,736,675		244,742,334		18,011,400		18,011,400		317,093		—
TOTAL			$	92,523,853							$	18,260,955	$	318,908	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

243

SPDR S&P Retail ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
APPAREL RETAIL — 23.1%
Abercrombie & Fitch Co. Class A (a)		340,589	$	4,087,068
American Eagle Outfitters, Inc.		299,271		4,539,941
Ascena Retail Group, Inc. (b)		668,874		4,140,330
Buckle, Inc. (a)		172,714		3,937,879
Burlington Stores, Inc. (b)		61,256		5,191,446
Caleres, Inc.		85,795		2,815,792
Cato Corp. Class A		61,155		1,839,542
Chico’s FAS, Inc.		322,023		4,633,911
Children’s Place, Inc.		48,618		4,907,987
DSW, Inc. Class A (a)		211,743		4,795,979
Express, Inc. (b)		436,873		4,700,754
Finish Line, Inc. Class A (a)		221,860		4,173,187
Foot Locker, Inc.		68,855		4,881,131
Francesca’s Holdings Corp. (b)		253,790		4,575,834
Gap, Inc. (a)		207,323		4,652,328
Genesco, Inc. (b)		76,393		4,744,005
Guess?, Inc. (a)		387,174		4,684,805
L Brands, Inc.		72,325		4,761,878
Ross Stores, Inc.		79,459		5,212,510
Shoe Carnival, Inc. (a)		40,638		1,096,413
Tailored Brands, Inc.		197,856		5,055,221
TJX Cos., Inc.		68,927		5,178,486
Urban Outfitters, Inc. (b)		157,292		4,479,676
Zumiez, Inc. (b)		146,007		3,190,253
				102,276,356
AUTOMOTIVE RETAIL — 14.6%
Advance Auto Parts, Inc.		30,634		5,180,822
Asbury Automotive Group, Inc. (b)		80,250		4,951,425
AutoNation, Inc. (b)		109,703		5,337,051
AutoZone, Inc. (a) (b)		6,690		5,283,695
CarMax, Inc. (a) (b)		85,637		5,514,166
CST Brands, Inc.		111,693		5,378,018
Group 1 Automotive, Inc. (a)		66,047		5,147,703
Lithia Motors, Inc. Class A (a)		53,495		5,179,921
Monro Muffler Brake, Inc. (a)		93,656		5,357,123
Murphy USA, Inc. (b)		80,424		4,943,663
O’Reilly Automotive, Inc. (b)		19,485		5,424,819
Penske Automotive Group, Inc. (a)		96,466		5,000,798
Sonic Automotive, Inc. Class A (a)		92,433		2,116,716
				64,815,920
COMPUTER & ELECTRONICS RETAIL — 3.1%
Best Buy Co., Inc. (a)		109,750		4,683,032
GameStop Corp. Class A (a)		206,677		5,220,661
Rent-A-Center, Inc. (a)		347,343		3,907,609
				13,811,302
DEPARTMENT STORES — 5.6%
Dillard’s, Inc. Class A (a)		74,471		4,668,587
JC Penney Co., Inc. (b)		526,730		4,377,126
Kohl’s Corp.		93,524		4,618,215
Macy’s, Inc.		126,722		4,537,915
Nordstrom, Inc.		88,520		4,242,764
Sears Holdings Corp. (a) (b)		247,963		2,303,576
				24,748,183
DRUG RETAIL — 3.5%
CVS Health Corp.		67,121		5,296,518
Rite Aid Corp. (b)		637,205		5,250,569
Walgreens Boots Alliance, Inc.		62,246		5,151,479
				15,698,566
FOOD RETAIL — 6.7%
Casey’s General Stores, Inc.		43,847		5,212,532
Ingles Markets, Inc. Class A (a)		17,039		819,576
Kroger Co.		154,628		5,336,212
Smart & Final Stores, Inc. (a) (b)		139,413		1,965,723
Sprouts Farmers Market, Inc. (a) (b)		255,967		4,842,896
SUPERVALU, Inc. (b)		1,104,281		5,156,992
Weis Markets, Inc.		18,907		1,263,744
Whole Foods Market, Inc.		167,853		5,163,158
				29,760,833
GENERAL MERCHANDISE STORES — 6.0%
Big Lots, Inc.		97,996		4,920,379
Dollar General Corp.		69,657		5,159,494
Dollar Tree, Inc. (b)		61,256		4,727,738
Fred’s, Inc. Class A (a)		90,909		1,687,271
Ollie’s Bargain Outlet Holdings, Inc. (b)		174,323		4,959,490
Target Corp.		69,484		5,018,829
				26,473,201
HYPERMARKETS & SUPER CENTERS — 3.4%
Costco Wholesale Corp.		33,677		5,392,024
PriceSmart, Inc. (a)		53,963		4,505,911
Wal-Mart Stores, Inc.		76,746		5,304,684
				15,202,619
INTERNET RETAIL — 17.6%
Amazon.com, Inc. (b)		6,998		5,247,590
Blue Nile, Inc.		35,069		1,424,853
Etsy, Inc. (b)		434,747		5,121,320
Expedia, Inc. (a)		43,347		4,910,348
FTD Cos., Inc. (b)		57,746		1,376,665
Groupon, Inc. (b)		1,389,616		4,613,525
HSN, Inc.		146,340		5,019,462
Liberty Expedia Holdings, Inc. Class A (b)		123,030		4,880,600
Liberty Interactive Corp. QVC Group Class A (b)		258,423		5,163,292
Liberty TripAdvisor Holdings, Inc. Class A (b)		321,711		4,841,751
Liberty Ventures Series A (b)		137,047		5,052,923
Netflix, Inc. (b)		43,762		5,417,736
Nutrisystem, Inc.		88,894		3,080,177
PetMed Express, Inc.		64,272		1,482,755
Priceline Group, Inc. (b)		3,449		5,056,441
Shutterfly, Inc. (b)		102,159		5,126,339
TripAdvisor, Inc. (b)		109,247		5,065,783
Wayfair, Inc. Class A (a) (b)		141,787		4,969,634
				77,851,194
SPECIALTY STORES — 16.2%
Barnes & Noble Education, Inc. (b)		65,538		751,721
Barnes & Noble, Inc.		245,385		2,736,043
Cabela’s, Inc. (b)		86,072		5,039,515
Dick’s Sporting Goods, Inc.		89,219		4,737,529
Five Below, Inc. (a) (b)		126,002		5,035,040
GNC Holdings, Inc. Class A (a)		373,467		4,123,076

See accompanying notes to financial statements.

244

SPDR S&P Retail ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Hibbett Sports, Inc. (a) (b)		126,832	$	4,730,834
MarineMax, Inc. (b)		85,965		1,663,423
Michaels Cos., Inc. (b)		228,548		4,673,807
Office Depot, Inc.		1,052,437		4,757,015
Sally Beauty Holdings, Inc. (b)		195,291		5,159,588
Signet Jewelers, Ltd.		54,483		5,135,567
Staples, Inc.		537,246		4,862,076
Tiffany & Co.		63,249		4,897,370
Tractor Supply Co.		69,443		5,264,474
Ulta Salon Cosmetics & Fragrance, Inc. (b)		21,418		5,460,305
Vitamin Shoppe, Inc. (b)		106,982		2,540,822
				71,568,205
TOTAL COMMON STOCKS (Cost $539,246,375)				442,206,379
SHORT-TERM INVESTMENTS — 0.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		613,495		613,495
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		3,301,163		3,301,163
TOTAL SHORT-TERM INVESTMENTS (Cost $3,914,658)				3,914,658
TOTAL INVESTMENTS — 100.7% (Cost $543,161,033)				446,121,037
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%				(2,910,369	)
NET ASSETS — 100.0%			$	443,210,668

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Apparel Retail	$	102,276,356	$	—	$	—	$	102,276,356
Automotive Retail		64,815,920		—		—		64,815,920
Computer & Electronics Retail		13,811,302		—		—		13,811,302
Department Stores		24,748,183		—		—		24,748,183
Drug Retail		15,698,566		—		—		15,698,566
Food Retail		29,760,833		—		—		29,760,833
General Merchandise Stores		26,473,201		—		—		26,473,201
Hypermarkets & Super Centers		15,202,619		—		—		15,202,619
Internet Retail		77,851,194		—		—		77,851,194
Specialty Stores		71,568,205		—		—		71,568,205
Short-Term Investments		3,914,658		—		—		3,914,658
TOTAL INVESTMENTS	$	446,121,037	$	—	$	—	$	446,121,037

See accompanying notes to financial statements.

245

SPDR S&P Retail ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		690,524	$	690,524		4,893,126		5,583,650		—	$	—	$	1,298	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		3,958,325		3,344,830		613,495		613,495		654		—
State Street Navigator Securities Lending Government Money Market Portfolio*		51,447,479		51,447,479		123,638,055		171,784,371		3,301,163		3,301,163		419,331		—
TOTAL			$	52,138,003							$	3,914,658	$	421,283	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

246

SPDR S&P Semiconductor ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
SEMICONDUCTORS — 99.9%
Acacia Communications, Inc. (a) (b)		120,796	$	7,459,153
Advanced Micro Devices, Inc. (a) (b)		781,595		8,863,287
Analog Devices, Inc.		110,540		8,027,415
Applied Micro Circuits Corp. (a)		179,956		1,484,637
Broadcom, Ltd.		45,173		7,985,231
Cavium, Inc. (a) (b)		125,427		7,831,662
CEVA, Inc. (a)		64,409		2,160,922
Cirrus Logic, Inc. (a)		140,923		7,967,786
Cree, Inc. (a)		300,851		7,939,458
Cypress Semiconductor Corp. (b)		707,044		8,088,583
Diodes, Inc. (a)		47,721		1,224,998
First Solar, Inc. (a) (b)		240,954		7,732,214
Inphi Corp. (a) (b)		185,387		8,271,968
Integrated Device Technology, Inc. (a)		330,382		7,783,800
Intel Corp.		226,009		8,197,346
Intersil Corp. Class A		362,860		8,091,778
Lattice Semiconductor Corp. (a)		810,620		5,966,163
Linear Technology Corp.		129,391		8,067,529
MACOM Technology Solutions Holdings, Inc. (a) (b)		160,404		7,423,497
Marvell Technology Group, Ltd.		563,174		7,811,223
Maxim Integrated Products, Inc.		206,394		7,960,617
MaxLinear, Inc. Class A (a)		387,635		8,450,443
Microchip Technology, Inc.		125,221		8,032,927
Micron Technology, Inc. (a)		394,200		8,640,864
Microsemi Corp. (a)		145,077		7,829,806
Monolithic Power Systems, Inc.		100,589		8,241,257
NeoPhotonics Corp. (a)		538,860		5,825,077
NVIDIA Corp.		88,057		9,399,204
ON Semiconductor Corp. (a)		661,413		8,439,630
Power Integrations, Inc.		80,093		5,434,310
Qorvo, Inc. (a) (b)		143,207		7,551,305
QUALCOMM, Inc.		117,977		7,692,100
Rambus, Inc. (a)		324,485		4,468,159
Semtech Corp. (a)		183,552		5,791,066
Silicon Laboratories, Inc. (a)		106,887	$	6,947,655
Skyworks Solutions, Inc.		105,035		7,841,913
SunPower Corp. (a) (b)		1,056,449		6,983,128
Synaptics, Inc. (a)		143,387		7,682,676
Texas Instruments, Inc.		112,267		8,192,123
Xilinx, Inc.		144,525		8,724,974
TOTAL COMMON STOCKS (Cost $269,459,265)				288,507,884
SHORT-TERM INVESTMENTS — 3.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		284,136		284,136
State Street Navigator Securities Lending Government Money Market Portfolio (d) (e)		10,511,054		10,511,054
TOTAL SHORT-TERM INVESTMENTS (Cost $10,795,190)				10,795,190
TOTAL INVESTMENTS — 103.6% (Cost $280,254,455)				299,303,074
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.6)%				(10,475,191	)
NET ASSETS — 100.0%			$	288,827,883

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Semiconductors	$	288,507,884	$	—	$	—	$	288,507,884
Short-Term Investments		10,795,190		—		—		10,795,190
TOTAL INVESTMENTS	$	299,303,074	$	—	$	—	$	299,303,074

See accompanying notes to financial statements.

247

SPDR S&P Semiconductor ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		420,212	$	420,212		1,789,174		2,209,386		—	$	—	$	632	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,380,281		1,096,145		284,136		284,136		557		—
State Street Navigator Securities Lending Government Money Market Portfolio*		13,155,324		13,155,324		80,330,753		82,975,023		10,511,054		10,511,054		70,380		—
TOTAL			$	13,575,536							$	10,795,190	$	71,569	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

248

SPDR S&P Software & Services ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
APPLICATION SOFTWARE — 34.7%
8x8, Inc. (a)		31,951	$	456,899
ACI Worldwide, Inc. (a)		22,627		410,680
Adobe Systems, Inc. (a)		4,304		443,097
ANSYS, Inc. (a) (b)		4,712		435,813
Aspen Technology, Inc. (a) (b)		8,246		450,891
Autodesk, Inc. (a)		5,535		409,645
Blackbaud, Inc. (b)		6,808		435,712
Bottomline Technologies de, Inc. (a)		17,899		447,833
BroadSoft, Inc. (a) (b)		10,923		450,574
Cadence Design Systems, Inc. (a)		17,299		436,281
Callidus Software, Inc. (a)		27,207		457,078
CDK Global, Inc.		7,596		453,405
Citrix Systems, Inc. (a)		5,026		448,872
Ebix, Inc. (b)		7,520		429,016
Ellie Mae, Inc. (a) (b)		5,379		450,115
Fair Isaac Corp.		3,675		438,134
Guidewire Software, Inc. (a) (b)		8,315		410,179
HubSpot, Inc. (a)		9,005		423,235
Intuit, Inc.		3,838		439,873
Manhattan Associates, Inc. (a)		8,646		458,497
Mentor Graphics Corp.		12,242		451,607
MicroStrategy, Inc. Class A (a)		2,234		440,992
Monotype Imaging Holdings, Inc.		20,278		402,518
Nuance Communications, Inc. (a)		28,703		427,675
Paycom Software, Inc. (a) (b)		9,568		435,248
Paylocity Holding Corp. (a)		13,662		409,997
Pegasystems, Inc. (b)		12,350		444,600
PROS Holdings, Inc. (a) (b)		16,284		350,432
PTC, Inc. (a)		9,316		431,051
RealPage, Inc. (a)		14,719		441,570
RingCentral, Inc. Class A (a)		19,733		406,500
salesforce.com, Inc. (a)		6,308		431,846
Silver Spring Networks, Inc. (a)		17,442		232,153
Splunk, Inc. (a) (b)		7,901		404,136
SS&C Technologies Holdings, Inc. (b)		15,353		439,096
Synchronoss Technologies, Inc. (a)		10,893		417,202
Synopsys, Inc. (a)		7,622		448,631
Tyler Technologies, Inc. (a) (b)		3,124		446,013
Ultimate Software Group, Inc. (a) (b)		2,358		429,981
Verint Systems, Inc. (a)		12,646		445,771
Workday, Inc. Class A (a) (b)		6,354		419,936
Zendesk, Inc. (a)		19,820		420,184
				17,962,968
DATA PROCESSING & OUTSOURCED SERVICES — 30.5%
Alliance Data Systems Corp. (b)		1,933		441,691
Automatic Data Processing, Inc.		4,571		469,807
Black Knight Financial Services, Inc. Class A (a) (b)		10,047		379,777
Blackhawk Network Holdings, Inc. (a) (b)		11,706		441,024
Broadridge Financial Solutions, Inc.		6,827		452,630
Cardtronics PLC Class A (a)		8,323		454,186
Convergys Corp.		17,646		433,386
CoreLogic, Inc. (a)		12,259		451,499
CSG Systems International, Inc.		9,321		451,136
DST Systems, Inc.		4,096		438,886
Euronet Worldwide, Inc. (a)		6,038		437,332
EVERTEC, Inc.		24,266		430,722
ExlService Holdings, Inc. (a)		9,020		454,969
Fidelity National Information Services, Inc.		5,941		449,377
First Data Corp. Class A (a)		30,706		435,718
Fiserv, Inc. (a)		4,284		455,304
FleetCor Technologies, Inc. (a)		2,923		413,663
Genpact, Ltd. (a)		18,697		455,085
Global Payments, Inc.		6,219		431,661
Jack Henry & Associates, Inc.		5,017		445,409
MasterCard, Inc. Class A		4,300		443,975
MAXIMUS, Inc. (b)		8,146		454,465
NeuStar, Inc. Class A (a)		16,004		534,534
Paychex, Inc.		7,462		454,287
PayPal Holdings, Inc. (a)		11,322		446,879
Sabre Corp. (b)		16,584		413,771
Sykes Enterprises, Inc. (a)		15,207		438,874
Syntel, Inc.		22,570		446,660
TeleTech Holdings, Inc. (b)		7,038		214,659
Total System Services, Inc.		9,042		443,329
Travelport Worldwide, Ltd.		33,057		466,104
Vantiv, Inc. Class A (a)		7,829		466,765
Visa, Inc. Class A (b)		5,672		442,529
Western Union Co. (b)		20,396		443,001
WEX, Inc. (a) (b)		3,871		432,004
Xerox Corp.		47,454		414,273
				15,779,371
HOME ENTERTAINMENT SOFTWARE — 3.3%
Activision Blizzard, Inc.		12,202		440,614
Electronic Arts, Inc. (a)		5,701		449,011
Take-Two Interactive Software, Inc. (a)		9,018		444,497
Zynga, Inc. Class A (a)		153,214		393,760
				1,727,882
IT CONSULTING & OTHER SERVICES — 14.3%
Accenture PLC Class A		3,641		426,470
Acxiom Corp. (a)		16,444		440,699
Booz Allen Hamilton Holding Corp.		11,908		429,522
CACI International, Inc. Class A (a)		3,405		423,241
Cognizant Technology Solutions Corp. Class A (a)		8,039		450,425
Computer Sciences Corp.		7,387		438,936
CSRA, Inc.		13,728		437,100
EPAM Systems, Inc. (a)		7,102		456,730
Forrester Research, Inc.		4,134		177,555
Gartner, Inc. (a)		4,304		435,005
International Business Machines Corp.		2,696		447,509
Leidos Holdings, Inc.		8,592		439,395
ManTech International Corp. Class A		9,868		416,923
Perficient, Inc. (a) (b)		12,455		217,838
Science Applications International Corp.		5,064		429,427
Teradata Corp. (a)		15,696		426,460
Unisys Corp. (a) (b)		28,234		422,098
Virtusa Corp. (a) (b)		18,775		471,628
				7,386,961
SYSTEMS SOFTWARE — 17.0%
Barracuda Networks, Inc. (a)		19,612		420,285
CA, Inc.		14,170		450,181
CommVault Systems, Inc. (a)		8,317		427,494
Dell Technologies, Inc. Class V (a)		8,318		457,240
FireEye, Inc. (a)		32,792		390,225

See accompanying notes to financial statements.

249

SPDR S&P Software & Services ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Fortinet, Inc. (a)		14,627	$	440,565
Gigamon, Inc. (a)		9,451		430,493
Imperva, Inc. (a)		11,876		456,038
Microsoft Corp.		7,244		450,142
Oracle Corp.		11,079		425,988
Progress Software Corp.		14,220		454,045
Proofpoint, Inc. (a) (b)		6,213		438,948
Qualys, Inc. (a)		13,604		430,567
Red Hat, Inc. (a)		5,708		397,848
ServiceNow, Inc. (a)		5,654		420,318
Symantec Corp.		18,087		432,098
Tableau Software, Inc. Class A (a)		9,770		411,806
TiVo Corp. (a) (b)		20,735		433,361
Varonis Systems, Inc. (a) (b)		11,887		318,572
VASCO Data Security International, Inc. (a)		22,666		309,391
VMware, Inc. Class A (a) (b)		5,571		438,605
				8,834,210
TOTAL COMMON STOCKS (Cost $45,633,540)				51,691,392
SHORT-TERM INVESTMENTS — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		81,303		81,303
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		663,016		663,016
TOTAL SHORT-TERM INVESTMENTS (Cost $744,319)				744,319
TOTAL INVESTMENTS — 101.3% (Cost $46,377,859)				52,435,711
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%				(659,899	)
NET ASSETS — 100.0%			$	51,775,812

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Application Software	$	17,962,968	$	—	$	—	$	17,962,968
Data Processing & Outsourced Services		15,779,371		—		—		15,779,371
Home Entertainment Software		1,727,882		—		—		1,727,882
IT Consulting & Other Services		7,386,961		—		—		7,386,961
Systems Software		8,834,210		—		—		8,834,210
Short-Term Investments		744,319		—		—		744,319
TOTAL INVESTMENTS	$	52,435,711	$	—	$	—	$	52,435,711

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		128,082	$	128,082		639,463		767,545		—	$	—	$	148	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,274,302		1,192,999		81,303		81,303		80		—
State Street Navigator Securities Lending Government Money Market Portfolio*		9,073,151		9,073,151		11,511,282		19,921,417		663,016		663,016		10,225		—
TOTAL			$	9,201,233							$	744,319	$	10,453	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

250

SPDR S&P Technology Hardware ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
ELECTRONIC COMPONENTS — 29.0%
Amphenol Corp. Class A		2,952	$	198,374
AVX Corp.		1,474		23,039
Belden, Inc.		2,565		191,785
Corning, Inc.		8,233		199,815
Dolby Laboratories, Inc. Class A		4,317		195,085
II-VI, Inc. (a)		3,451		102,322
InvenSense, Inc. (a)		10,888		139,257
Knowles Corp. (a)		7,125		119,059
Littelfuse, Inc.		1,294		196,390
Rogers Corp. (a)		1,233		94,707
Universal Display Corp. (a)		3,269		184,045
Vishay Intertechnology, Inc.		10,815		175,203
				1,819,081
ELECTRONIC EQUIPMENT & INSTRUMENTS — 32.6%
Badger Meter, Inc.		1,542		56,977
Cognex Corp.		3,208		204,093
Coherent, Inc. (a)		1,530		210,199
FARO Technologies, Inc. (a)		895		32,220
Fitbit, Inc. Class A (a)		25,858		189,281
FLIR Systems, Inc.		5,499		199,009
Itron, Inc. (a)		2,844		178,745
Keysight Technologies, Inc. (a)		5,447		199,197
MTS Systems Corp.		1,016		57,607
National Instruments Corp.		5,489		169,171
OSI Systems, Inc. (a)		1,581		120,346
VeriFone Systems, Inc. (a)		12,285		217,813
Zebra Technologies Corp. Class A (a)		2,428		208,225
				2,042,883
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 38.3%
3D Systems Corp. (a)		13,054		173,488
Apple, Inc.		1,775		205,580
Cray, Inc. (a)		4,863		100,664
Diebold Nixdorf, Inc.		8,154		205,073
Eastman Kodak Co. (a)		756		11,718
Electronics For Imaging, Inc. (a)		4,533		198,817
Hewlett Packard Enterprise Co.		8,250		190,905
HP, Inc.		12,814		190,160
NCR Corp. (a)		4,913		199,271
NetApp, Inc.		5,554		195,890
Nimble Storage, Inc. (a)		11,674		92,458
Pure Storage, Inc. Class A (a)		12,826		145,062
Seagate Technology PLC		5,152		196,652
Super Micro Computer, Inc. (a)		3,385		94,949
Western Digital Corp.		2,986		202,899
				2,403,586
TOTAL COMMON STOCKS (Cost $5,074,619)				6,265,550
SHORT-TERM INVESTMENT — 0.0% (b)
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $2,254)		2,254		2,254
TOTAL INVESTMENTS — 99.9% (Cost $5,076,873)				6,267,804
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				6,303
NET ASSETS — 100.0%			$	6,274,107

(a) Non-income producing security.

(b) Amount is less than 0.05% of net assets.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Electronic Components	$	1,819,081	$	—	$	—	$	1,819,081
Electronic Equipment & Instruments		2,042,883		—		—		2,042,883
Technology Hardware, Storage & Peripherals		2,403,586		—		—		2,403,586
Short-Term Investment		2,254		—		—		2,254
TOTAL INVESTMENTS	$	6,267,804	$	—	$	—	$	6,267,804

See accompanying notes to financial statements.

251

SPDR S&P Technology Hardware ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		245,842	$	245,842		310,194		556,036		—	$	—	$	23	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		324,079		321,825		2,254		2,254		18		—
TOTAL			$	245,842							$	2,254	$	41	$	—

See accompanying notes to financial statements.

252

SPDR S&P Telecom ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
ALTERNATIVE CARRIERS — 12.7%
Cogent Communications Holdings, Inc. (a)		31,897	$	1,318,941
Inteliquent, Inc.		20,774		476,140
Iridium Communications, Inc. (a) (b)		58,664		563,174
Level 3 Communications, Inc. (b)		23,797		1,341,199
ORBCOMM, Inc. (b)		33,910		280,436
Vonage Holdings Corp. (a) (b)		196,050		1,342,943
Zayo Group Holdings, Inc. (b)		39,514		1,298,430
				6,621,263
COMMUNICATIONS EQUIPMENT — 59.4%
ADTRAN, Inc.		24,674		551,464
Arista Networks, Inc. (a) (b)		14,169		1,371,134
ARRIS International PLC (b)		45,055		1,357,507
Brocade Communications Systems, Inc.		108,263		1,352,205
CalAmp Corp. (a) (b)		36,681		531,875
Ciena Corp. (a) (b)		54,317		1,325,878
Cisco Systems, Inc.		44,634		1,348,840
CommScope Holding Co., Inc. (b)		36,688		1,364,794
EchoStar Corp. Class A (b)		15,549		799,063
Extreme Networks, Inc. (b)		50,927		256,163
F5 Networks, Inc. (b)		9,363		1,355,013
Finisar Corp. (b)		40,140		1,215,038
Harris Corp.		12,718		1,303,213
Infinera Corp. (a) (b)		151,516		1,286,371
InterDigital, Inc.		15,785		1,441,960
Ixia (b)		20,365		327,877
Juniper Networks, Inc.		47,109		1,331,300
Lumentum Holdings, Inc. (b)		31,614		1,221,881
Motorola Solutions, Inc.		16,151		1,338,756
NETGEAR, Inc. (a) (b)		22,927		1,246,082
NetScout Systems, Inc. (b)		40,468		1,274,742
Oclaro, Inc. (b)		152,922		1,368,652
Palo Alto Networks, Inc. (a) (b)		10,357		1,295,143
Plantronics, Inc.		10,508		575,418
ShoreTel, Inc. (b)		50,296		359,616
Ubiquiti Networks, Inc. (b)		23,839		1,377,894
ViaSat, Inc. (a) (b)		19,454		1,288,244
Viavi Solutions, Inc. (b)		124,639		1,019,547
				30,885,670
INTEGRATED TELECOMMUNICATION SERVICES — 18.6%
AT&T, Inc.		33,175		1,410,933
ATN International, Inc. (a)		5,391		431,981
CenturyLink, Inc.		55,622		1,322,691
Cincinnati Bell, Inc. (b)		18,074		403,954
Consolidated Communications Holdings, Inc. (a)		20,765		557,540
Frontier Communications Corp. (a)		365,394		1,235,032
General Communication, Inc. Class A (b)		12,001		233,419
SBA Communications Corp. Class A (b)		13,583		1,402,581
Verizon Communications, Inc.		26,051		1,390,602
Windstream Holdings, Inc. (a)		174,173		1,276,688
				9,665,421
WIRELESS TELECOMMUNICATION SERVICES — 9.0%
Shenandoah Telecommunications Co. (a)		18,897		515,888
Sprint Corp. (a) (b)		158,126		1,331,421
T-Mobile US, Inc. (a) (b)		23,636		1,359,306
Telephone & Data Systems, Inc.		41,667		1,202,926
United States Cellular Corp. (b)		6,547		286,235
				4,695,776
TOTAL COMMON STOCKS (Cost $48,482,026)				51,868,130
SHORT-TERM INVESTMENTS — 2.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		113,815		113,815
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)		1,361,837		1,361,837
TOTAL SHORT-TERM INVESTMENTS (Cost $1,475,652)				1,475,652
TOTAL INVESTMENTS — 102.6% (Cost $49,957,678)				53,343,782
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6)%				(1,330,603	)
NET ASSETS — 100.0%			$	52,013,179

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Alternative Carriers	$	6,621,263	$	—	$	—	$	6,621,263
Communications Equipment		30,885,670		—		—		30,885,670

See accompanying notes to financial statements.

253

SPDR S&P Telecom ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Integrated Telecommunication Services	$	9,665,421	$	—	$	—	$	9,665,421
Wireless Telecommunication Services		4,695,776		—		—		4,695,776
Short-Term Investments		1,475,652		—		—		1,475,652
TOTAL INVESTMENTS	$	53,343,782	$	—	$	—	$	53,343,782

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		26,185	$	26,185		747,992		774,177		—	$	—	$	103	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,038,450		924,635		113,815		113,815		62		—
State Street Navigator Securities Lending Government Money Market Portfolio*		4,330,835		4,330,835		11,017,357		13,986,355		1,361,837		1,361,837		14,699		—
TOTAL			$	4,357,020							$	1,475,652	$	14,864	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

254

SPDR S&P Transportation ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.9%
AIR FREIGHT & LOGISTICS — 20.2%
Air Transport Services Group, Inc. (a)		137,669	$	2,197,197
Atlas Air Worldwide Holdings, Inc. (a)		99,995		5,214,739
C.H. Robinson Worldwide, Inc. (b)		106,644		7,812,740
Echo Global Logistics, Inc. (a)		124,835		3,127,117
Expeditors International of Washington, Inc.		148,686		7,874,411
FedEx Corp.		41,794		7,782,043
Forward Air Corp.		75,758		3,589,414
Hub Group, Inc. Class A (a)		123,495		5,402,906
United Parcel Service, Inc. Class B		68,641		7,869,004
XPO Logistics, Inc. (a) (b)		170,333		7,351,572
				58,221,143
AIRLINES — 27.0%
Alaska Air Group, Inc.		91,511		8,119,771
Allegiant Travel Co.		47,476		7,900,007
American Airlines Group, Inc.		165,538		7,728,969
Delta Air Lines, Inc.		158,649		7,803,944
Hawaiian Holdings, Inc. (a)		144,795		8,253,315
JetBlue Airways Corp. (a)		375,077		8,409,226
SkyWest, Inc.		153,453		5,593,362
Southwest Airlines Co.		164,969		8,222,055
Spirit Airlines, Inc. (a) (b)		139,129		8,050,004
United Continental Holdings, Inc. (a)		109,307		7,966,294
				78,046,947
AIRPORT SERVICES — 2.8%
Macquarie Infrastructure Corp.		99,290		8,111,993
MARINE — 4.2%
Kirby Corp. (a) (b)		118,495		7,879,918
Matson, Inc.		121,956		4,316,023
				12,195,941
RAILROADS — 13.6%
CSX Corp.		220,439		7,920,373
Genesee & Wyoming, Inc. Class A (a)		102,697		7,128,199
Kansas City Southern		95,488		8,102,157
Norfolk Southern Corp.		74,230		8,022,036
Union Pacific Corp.		77,996		8,086,625
				39,259,390
TRUCKING — 32.1%
AMERCO		22,085		8,162,395
ArcBest Corp.		75,843		2,097,059
Avis Budget Group, Inc. (a)		203,060		7,448,241
Heartland Express, Inc.		243,137		4,950,269
Hertz Global Holdings, Inc. (a)		339,732		7,324,622
JB Hunt Transport Services, Inc.		82,476		8,005,945
Knight Transportation, Inc. (b)		228,575		7,554,404
Landstar System, Inc.		93,025		7,935,033
Marten Transport, Ltd.		38,154		888,988
Old Dominion Freight Line, Inc. (a)		92,151		7,905,634
Ryder System, Inc.		99,904		7,436,854
Saia, Inc. (a)		76,525		3,378,579
Swift Transportation Co. (a) (b)		337,772		8,228,126
Werner Enterprises, Inc.		295,991		7,976,957
YRC Worldwide, Inc. (a)		257,125		3,414,620
				92,707,726
TOTAL COMMON STOCKS (Cost $286,943,702)				288,543,140
SHORT-TERM INVESTMENT — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $1,000,193)		1,000,193		1,000,193
TOTAL INVESTMENTS — 100.3% (Cost $287,943,895)				289,543,333
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(805,906	)
NET ASSETS — 100.0%			$	288,737,427

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Air Freight & Logistics	$	58,221,143	$	—	$	—	$	58,221,143
Airlines		78,046,947		—		—		78,046,947
Airport Services		8,111,993		—		—		8,111,993
Marine		12,195,941		—		—		12,195,941
Railroads		39,259,390		—		—		39,259,390
Trucking		92,707,726		—		—		92,707,726
Short-Term Investment		1,000,193		—		—		1,000,193
TOTAL INVESTMENTS	$	289,543,333	$	—	$	—	$	289,543,333

See accompanying notes to financial statements.

255

SPDR S&P Transportation ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		486,211	$	486,211		852,446		1,338,657		—	$	—	$	449	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		2,901,187		1,900,994		1,000,193		1,000,193		407		—
State Street Navigator Securities Lending Government Money Market Portfolio*		21,972,525		21,972,525		67,152,261		89,124,786		—		—		30,117		—
TOTAL			$	22,458,736							$	1,000,193	$	30,973	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

256

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 2.0%
AAR Corp.		12	$	397
Aerojet Rocketdyne Holdings, Inc. (a)		32		574
Aerovironment, Inc. (a) (b)		6		161
Arconic, Inc.		296		5,488
B/E Aerospace, Inc. (b)		18		1,083
Boeing Co. (b)		236		36,740
Cubic Corp.		10		479
Curtiss-Wright Corp.		8		787
Engility Holdings, Inc. (a)		24		809
Esterline Technologies Corp. (a)		14		1,249
General Dynamics Corp.		100		17,266
Huntington Ingalls Industries, Inc.		14		2,579
KLX, Inc. (a)		8		361
L3 Technologies, Inc. (a)		42		6,389
Lockheed Martin Corp.		92		22,994
Mercury Systems, Inc. (a) (b)		12		363
Moog, Inc. Class A (a)		22		1,445
National Presto Industries, Inc. (a)		4		426
Northrop Grumman Corp.		52		12,094
Orbital ATK, Inc.		24		2,106
Raytheon Co.		82		11,644
Rockwell Collins, Inc. (b)		24		2,226
Teledyne Technologies, Inc. (a)		14		1,722
Textron, Inc.		118		5,730
Triumph Group, Inc. (b)		70		1,855
United Technologies Corp.		349		38,257
				175,224
AIR FREIGHT & LOGISTICS — 0.6%
Atlas Air Worldwide Holdings, Inc. (a)		26		1,356
C.H. Robinson Worldwide, Inc.		46		3,370
Expeditors International of Washington, Inc.		44		2,330
FedEx Corp.		88		16,386
Forward Air Corp.		6		284
Hub Group, Inc. Class A (a)		14		612
United Parcel Service, Inc. Class B		248		28,431
				52,769
AIRLINES — 0.8%
Alaska Air Group, Inc.		32		2,839
Allegiant Travel Co.		6		999
American Airlines Group, Inc. (b)		367		17,135
Delta Air Lines, Inc.		365		17,954
Hawaiian Holdings, Inc. (a)		22		1,254
JetBlue Airways Corp. (a)		170		3,812
SkyWest, Inc.		56		2,041
Southwest Airlines Co.		180		8,971
United Continental Holdings, Inc. (a) (b)		252		18,366
				73,371
AUTO COMPONENTS — 0.3%
BorgWarner, Inc.		88		3,471
Dana, Inc.		208		3,948
Delphi Automotive PLC		76		5,118
Dorman Products, Inc. (a)		14		1,023
Gentex Corp.		64		1,260
Goodyear Tire & Rubber Co.		204		6,297
LCI Industries		8		862
Standard Motor Products, Inc. (b)		14		745
Superior Industries International, Inc.		16		422
				23,146
AUTOMOBILES — 1.6%
Ford Motor Co.		5,565		67,504
General Motors Co.		1,991		69,366
Harley-Davidson, Inc. (b)		74		4,317
Thor Industries, Inc.		24		2,401
Winnebago Industries, Inc.		10		317
				143,905
BANKS — 12.7%
Associated Banc-Corp.		82		2,025
BancorpSouth, Inc.		52		1,615
Bank of America Corp.		8,760		193,596
Bank of Hawaii Corp. (b)		20		1,774
Bank of the Ozarks, Inc.		16		841
Banner Corp.		16		893
BB&T Corp.		439		20,642
Boston Private Financial Holdings, Inc.		26		430
Brookline Bancorp, Inc.		28		459
Cardinal Financial Corp.		38		1,246
Cathay General Bancorp		26		989
Citigroup, Inc.		4,092		243,188
Citizens Financial Group, Inc.		246		8,765
City Holding Co.		8		541
Columbia Banking System, Inc.		12		536
Comerica, Inc.		244		16,619
Commerce Bancshares, Inc. (b)		34		1,966
Community Bank System, Inc. (b)		16		989
Cullen/Frost Bankers, Inc.		38		3,353
CVB Financial Corp. (b)		42		963
East West Bancorp, Inc.		44		2,237
Fifth Third Bancorp		661		17,827
First BanCorp (a)		76		502
First Commonwealth Financial Corp.		56		794
First Financial Bancorp		32		910
First Financial Bankshares, Inc. (b)		20		904
First Horizon National Corp.		132		2,641
First Midwest Bancorp, Inc.		34		858
FNB Corp.		76		1,218
Fulton Financial Corp. (b)		88		1,654
Glacier Bancorp, Inc.		34		1,232
Hancock Holding Co.		56		2,414
Hanmi Financial Corp.		16		558
Home BancShares, Inc.		32		889
Hope Bancorp, Inc.		36		788
Huntington Bancshares, Inc.		521		6,888
Independent Bank Corp.		8		564
International Bancshares Corp.		36		1,469
JPMorgan Chase & Co.		3,101		267,585
KeyCorp		314		5,737
LegacyTexas Financial Group, Inc.		10		431
M&T Bank Corp.		52		8,134
MB Financial, Inc.		22		1,039
NBT Bancorp, Inc.		18		754
OFG Bancorp		100		1,310
Old National Bancorp		96		1,742
PacWest Bancorp		44		2,395

See accompanying notes to financial statements.

257

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
People’s United Financial, Inc. (b)		188	$	3,640
Pinnacle Financial Partners, Inc.		16		1,109
PNC Financial Services Group, Inc.		339		39,649
PrivateBancorp, Inc.		28		1,517
Prosperity Bancshares, Inc.		22		1,579
Regions Financial Corp.		1,086		15,595
S&T Bancorp, Inc.		16		625
Signature Bank (a)		12		1,802
Simmons First National Corp. Class A		8		497
Sterling Bancorp		48		1,123
SunTrust Banks, Inc.		343		18,814
SVB Financial Group (a)		14		2,403
Synovus Financial Corp.		70		2,876
TCF Financial Corp.		96		1,881
Texas Capital Bancshares, Inc. (a)		10		784
Tompkins Financial Corp. (b)		8		756
Trustmark Corp.		30		1,069
UMB Financial Corp.		16		1,234
Umpqua Holdings Corp.		100		1,878
United Bankshares, Inc.		22		1,017
United Community Banks, Inc.		56		1,659
US Bancorp		711		36,524
Valley National Bancorp (b)		216		2,514
Webster Financial Corp.		34		1,846
Wells Fargo & Co.		2,444		134,689
Westamerica Bancorporation (b)		10		629
Wintrust Financial Corp.		16		1,161
Zions Bancorp		108		4,648
				1,118,422
BEVERAGES — 0.9%
Boston Beer Co., Inc. Class A (a)		2		340
Brown-Forman Corp. Class B		56		2,516
Coca-Cola Co.		927		38,433
Constellation Brands, Inc. Class A		24		3,679
Dr. Pepper Snapple Group, Inc.		34		3,083
Molson Coors Brewing Co. Class B		34		3,309
Monster Beverage Corp. (a)		60		2,660
PepsiCo, Inc.		216		22,600
				76,620
BIOTECHNOLOGY — 1.0%
AbbVie, Inc.		304		19,036
Acorda Therapeutics, Inc. (a)		16		301
Alexion Pharmaceuticals, Inc. (a)		30		3,670
Amgen, Inc.		60		8,773
Biogen, Inc. (a)		40		11,343
Celgene Corp. (a)		104		12,038
Emergent BioSolutions, Inc. (a)		14		460
Gilead Sciences, Inc.		306		21,913
Momenta Pharmaceuticals, Inc. (a)		20		301
Regeneron Pharmaceuticals, Inc. (a)		10		3,671
Spectrum Pharmaceuticals, Inc. (a)		86		381
United Therapeutics Corp. (a) (b)		8		1,147
Vertex Pharmaceuticals, Inc. (a)		24		1,768
				84,802
BUILDING PRODUCTS — 0.3%
AAON, Inc.		12		397
Allegion PLC		10		640
AO Smith Corp.		32		1,515
Apogee Enterprises, Inc. (b)		18		964
Fortune Brands Home & Security, Inc.		36		1,925
Gibraltar Industries, Inc. (a)		16		667
Griffon Corp. (b)		34		891
Johnson Controls International PLC		333		13,716
Lennox International, Inc.		8		1,225
Masco Corp.		78		2,466
Quanex Building Products Corp.		14		284
Simpson Manufacturing Co., Inc. (b)		14		613
Universal Forest Products, Inc.		12		1,226
				26,529
CAPITAL MARKETS — 3.5%
Affiliated Managers Group, Inc. (a)		16		2,325
Ameriprise Financial, Inc.		90		9,985
Bank of New York Mellon Corp.		467		22,126
BlackRock, Inc. (b)		50		19,027
Calamos Asset Management, Inc. Class A		22		188
CBOE Holdings, Inc.		14		1,034
Charles Schwab Corp.		236		9,315
CME Group, Inc.		122		14,073
Donnelley Financial Solutions, Inc. (a)		32		735
E*TRADE Financial Corp. (a)		92		3,188
Eaton Vance Corp.		32		1,340
Evercore Partners, Inc. Class A		16		1,099
FactSet Research Systems, Inc. (b)		6		981
Federated Investors, Inc. Class B		44		1,244
Financial Engines, Inc. (b)		6		220
Franklin Resources, Inc.		252		9,974
Goldman Sachs Group, Inc. (b)		260		62,257
Greenhill & Co., Inc. (b)		10		277
Interactive Brokers Group, Inc. Class A (b)		24		876
Intercontinental Exchange, Inc.		110		6,206
Invesco, Ltd.		180		5,461
Investment Technology Group, Inc.		28		553
Janus Capital Group, Inc.		82		1,088
Legg Mason, Inc.		72		2,153
MarketAxess Holdings, Inc.		4		588
Moody’s Corp.		32		3,017
Morgan Stanley		2,071		87,500
MSCI, Inc.		18		1,418
Nasdaq, Inc.		40		2,685
Northern Trust Corp.		70		6,233
Piper Jaffray Cos. (a)		18		1,305
Raymond James Financial, Inc.		60		4,156
S&P Global, Inc.		26		2,796
SEI Investments Co.		116		5,726
State Street Corp. (c)		144		11,192
Stifel Financial Corp. (a)		46		2,298
T Rowe Price Group, Inc.		72		5,419
Waddell & Reed Financial, Inc. Class A (b)		68		1,327
				311,385
CHEMICALS — 2.1%
A Schulman, Inc.		18		602
AdvanSix, Inc. (a)		6		133
Air Products & Chemicals, Inc.		62		8,917
Albemarle Corp.		24		2,066
American Vanguard Corp.		6		115
Ashland Global Holdings, Inc.		26		2,841

See accompanying notes to financial statements.

258

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Balchem Corp.		4	$	336
Cabot Corp.		30		1,516
Calgon Carbon Corp.		18		306
CF Industries Holdings, Inc. (b)		196		6,170
Chemours Co.		254		5,611
Dow Chemical Co.		499		28,553
E.I. du Pont de Nemours & Co.		248		18,203
Eastman Chemical Co.		66		4,964
Ecolab, Inc.		48		5,626
FMC Corp. (b)		28		1,584
FutureFuel Corp.		52		723
Hawkins, Inc.		4		216
HB Fuller Co.		16		773
Ingevity Corp. (a)		14		768
Innophos Holdings, Inc.		14		732
Innospec, Inc.		18		1,233
International Flavors & Fragrances, Inc.		14		1,649
Koppers Holdings, Inc. (a)		10		403
Kraton Corp. (a)		18		513
LSB Industries, Inc. (a) (b)		8		67
LyondellBasell Industries NV Class A		292		25,048
Minerals Technologies, Inc.		12		927
Monsanto Co.		124		13,046
Mosaic Co. (b)		296		8,682
NewMarket Corp.		2		848
Olin Corp. (b)		44		1,127
PolyOne Corp.		22		705
PPG Industries, Inc.		52		4,927
Praxair, Inc.		84		9,844
Quaker Chemical Corp.		6		768
Rayonier Advanced Materials, Inc.		18		278
RPM International, Inc.		186		10,012
Scotts Miracle-Gro Co. Class A		18		1,720
Sensient Technologies Corp.		20		1,571
Sherwin-Williams Co.		14		3,762
Stepan Co.		8		652
Tredegar Corp.		14		336
Valspar Corp.		24		2,487
				181,360
COMMERCIAL SERVICES & SUPPLIES — 0.5%
ABM Industries, Inc.		36		1,470
Brady Corp. Class A		20		751
Brink’s Co.		20		825
Cintas Corp. (b)		38		4,391
Clean Harbors, Inc. (a)		12		668
Copart, Inc. (a)		34		1,884
Deluxe Corp.		16		1,146
Essendant, Inc.		30		627
G&K Services, Inc. Class A		10		965
Healthcare Services Group, Inc.		18		705
Herman Miller, Inc.		20		684
HNI Corp. (b)		22		1,230
Interface, Inc.		18		334
LSC Communications, Inc.		32		950
Matthews International Corp. Class A		12		922
Mobile Mini, Inc.		16		484
MSA Safety, Inc.		12		832
Pitney Bowes, Inc. (b)		132		2,005
Republic Services, Inc. Class A		126		7,188
Rollins, Inc.		132		4,459
RR Donnelley & Sons Co.		88		1,436
Stericycle, Inc. (a)		18		1,387
Tetra Tech, Inc.		26		1,122
UniFirst Corp. (b)		8		1,149
Viad Corp.		12		529
Waste Management, Inc.		114		8,084
				46,227
COMMUNICATIONS EQUIPMENT — 0.9%
ADTRAN, Inc.		16		358
ARRIS International PLC (a)		50		1,506
Bel Fuse, Inc. Class B		6		185
Black Box Corp.		12		183
Ciena Corp. (a)		22		537
Cisco Systems, Inc.		1,841		55,635
Comtech Telecommunications Corp.		10		118
Digi International, Inc. (a)		12		165
F5 Networks, Inc. (a)		12		1,737
Harmonic, Inc. (a) (b)		42		210
Harris Corp.		44		4,509
InterDigital, Inc.		18		1,644
Ixia (a)		66		1,063
Juniper Networks, Inc.		124		3,504
Lumentum Holdings, Inc. (a)		12		464
Motorola Solutions, Inc.		48		3,979
NETGEAR, Inc. (a)		12		652
NetScout Systems, Inc. (a)		12		378
Plantronics, Inc.		10		548
ViaSat, Inc. (a)		10		662
Viavi Solutions, Inc. (a)		60		491
				78,528
CONSTRUCTION & ENGINEERING — 0.3%
AECOM (a)		108		3,927
Aegion Corp. (a)		18		427
Comfort Systems USA, Inc.		28		932
Dycom Industries, Inc. (a) (b)		14		1,124
EMCOR Group, Inc.		32		2,264
Fluor Corp. (b)		114		5,987
Granite Construction, Inc.		20		1,100
Jacobs Engineering Group, Inc. (a)		90		5,130
KBR, Inc.		124		2,070
Orion Group Holdings, Inc. (a)		16		159
Quanta Services, Inc. (a)		134		4,670
Valmont Industries, Inc.		8		1,127
				28,917
CONSTRUCTION MATERIALS — 0.1%
Eagle Materials, Inc.		10		985
Headwaters, Inc. (a)		40		941
Martin Marietta Materials, Inc. (b)		10		2,215
Vulcan Materials Co.		18		2,253
				6,394
CONSUMER FINANCE — 1.2%
American Express Co.		369		27,335
Capital One Financial Corp.		417		36,379
Discover Financial Services		192		13,841
Encore Capital Group, Inc. (a) (b)		12		344
EZCORP, Inc. Class A (a) (b)		18		192

See accompanying notes to financial statements.

259

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Firstcash, Inc.		34	$	1,598
Green Dot Corp. Class A (a)		46		1,083
Navient Corp.		481		7,903
PRA Group, Inc. (a) (b)		18		704
SLM Corp. (a)		40		441
Synchrony Financial		363		13,166
World Acceptance Corp. (a)		8		514
				103,500
CONTAINERS & PACKAGING — 0.5%
AptarGroup, Inc.		20		1,469
Avery Dennison Corp.		34		2,388
Ball Corp.		34		2,552
Bemis Co., Inc.		34		1,626
Greif, Inc. Class A (b)		32		1,642
International Paper Co.		278		14,751
Myers Industries, Inc.		14		200
Owens-Illinois, Inc. (a)		176		3,064
Packaging Corp. of America		52		4,411
Sealed Air Corp.		42		1,904
Silgan Holdings, Inc.		24		1,228
Sonoco Products Co.		54		2,846
WestRock Co.		112		5,686
				43,767
DISTRIBUTORS — 0.1%
Core-Mark Holding Co., Inc.		32		1,378
Genuine Parts Co.		58		5,541
LKQ Corp. (a)		98		3,004
Pool Corp.		14		1,461
				11,384
DIVERSIFIED CONSUMER SERVICES — 0.1%
American Public Education, Inc. (a) (b)		4		98
Capella Education Co.		6		527
Career Education Corp. (a)		56		565
DeVry Education Group, Inc. (b)		82		2,558
Graham Holdings Co. Class B		6		3,072
H&R Block, Inc. (b)		70		1,609
Regis Corp. (a)		38		552
Service Corp. International		46		1,306
Sotheby’s (b)		16		638
Strayer Education, Inc. (a)		6		484
				11,409
DIVERSIFIED FINANCIAL SERVICES — 2.0%
Berkshire Hathaway, Inc. Class B (a)		1,022		166,566
Leucadia National Corp.		280		6,510
				173,076
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.7%
AT&T, Inc.		2,919		124,145
ATN International, Inc.		10		801
CenturyLink, Inc.		761		18,097
Cincinnati Bell, Inc. (a)		24		536
Frontier Communications Corp. (b)		729		2,464
General Communication, Inc. Class A (a)		36		700
Iridium Communications, Inc. (a) (b)		100		960
Level 3 Communications, Inc. (a)		116		6,538
Lumos Networks Corp. (a)		4		63
Verizon Communications, Inc.		1,657		88,451
				242,755
ELECTRIC UTILITIES — 2.1%
ALLETE, Inc. (b)		20		1,284
Alliant Energy Corp.		88		3,334
American Electric Power Co., Inc.		214		13,474
Duke Energy Corp.		323		25,071
Edison International		130		9,359
El Paso Electric Co.		18		837
Entergy Corp.		120		8,816
Eversource Energy		114		6,296
Exelon Corp.		623		22,110
FirstEnergy Corp.		286		8,858
Great Plains Energy, Inc.		106		2,899
Hawaiian Electric Industries, Inc.		58		1,918
IDACORP, Inc.		28		2,255
NextEra Energy, Inc. (b)		128		15,291
OGE Energy Corp.		88		2,944
PG&E Corp.		196		11,911
Pinnacle West Capital Corp.		50		3,902
PNM Resources, Inc.		58		1,989
PPL Corp.		292		9,943
Southern Co. (b)		433		21,299
Westar Energy, Inc.		50		2,818
Xcel Energy, Inc.		202		8,221
				184,829
ELECTRICAL EQUIPMENT — 0.5%
Acuity Brands, Inc.		4		923
AMETEK, Inc.		46		2,236
AZZ, Inc.		8		511
Eaton Corp. PLC		200		13,418
Emerson Electric Co.		268		14,941
Encore Wire Corp.		8		347
EnerSys.		10		781
General Cable Corp. (b)		54		1,029
Hubbell, Inc.		18		2,101
Powell Industries, Inc.		6		234
Regal Beloit Corp.		62		4,293
Rockwell Automation, Inc. (b)		30		4,032
Vicor Corp. (a)		22		332
				45,178
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%
Agilysys, Inc. (a)		10		104
Amphenol Corp. Class A		46		3,091
Anixter International, Inc. (a)		34		2,756
Arrow Electronics, Inc. (a)		130		9,269
Avnet, Inc.		184		8,760
Badger Meter, Inc.		8		296
Belden, Inc.		2		150
Benchmark Electronics, Inc. (a)		40		1,220
Cognex Corp. (b)		118		7,507
Coherent, Inc. (a)		6		824
Corning, Inc.		461		11,188
CTS Corp.		16		358
Daktronics, Inc.		20		214
Electro Scientific Industries, Inc. (a)		8		47
FARO Technologies, Inc. (a)		2		72
FLIR Systems, Inc.		38		1,375
II-VI, Inc. (a)		16		474

See accompanying notes to financial statements.

260

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Insight Enterprises, Inc. (a)		48	$	1,941
IPG Photonics Corp. (a)		10		987
Itron, Inc. (a)		18		1,131
Jabil Circuit, Inc.		250		5,918
Keysight Technologies, Inc. (a)		64		2,340
Knowles Corp. (a) (b)		32		535
Littelfuse, Inc.		6		911
Methode Electronics, Inc.		18		744
MTS Systems Corp.		4		227
National Instruments Corp.		24		740
OSI Systems, Inc. (a)		6		457
Park Electrochemical Corp.		6		112
Plexus Corp. (a)		18		973
Rogers Corp. (a)		6		461
Sanmina Corp. (a)		108		3,958
ScanSource, Inc. (a)		16		646
SYNNEX Corp.		38		4,599
TE Connectivity, Ltd.		128		8,868
Tech Data Corp. (a)		56		4,742
Trimble, Inc. (a)		52		1,568
TTM Technologies, Inc. (a) (b)		134		1,826
VeriFone Systems, Inc. (a)		18		319
Vishay Intertechnology, Inc.		96		1,555
Zebra Technologies Corp. Class A (a)		16		1,372
				94,635
ENERGY EQUIPMENT & SERVICES — 1.8%
Archrock, Inc. (b)		102		1,346
Atwood Oceanics, Inc. (b)		140		1,838
Baker Hughes, Inc.		198		12,864
Diamond Offshore Drilling, Inc.		102		1,805
Dril-Quip, Inc. (a)		10		600
Ensco PLC Class A		455		4,423
Era Group, Inc. (a)		12		204
Exterran Corp. (a)		18		430
FMC Technologies, Inc. (a)		120		4,264
Geospace Technologies Corp. (a)		2		41
Gulf Island Fabrication, Inc.		6		71
Halliburton Co.		385		20,825
Helix Energy Solutions Group, Inc. (a)		154		1,358
Helmerich & Payne, Inc.		70		5,418
Hornbeck Offshore Services, Inc. (a) (b)		54		390
Matrix Service Co. (a)		14		318
Nabors Industries, Ltd.		373		6,117
National Oilwell Varco, Inc. (b)		527		19,731
Newpark Resources, Inc. (a)		100		750
Noble Corp. PLC		355		2,102
Oceaneering International, Inc.		90		2,539
Oil States International, Inc. (a)		68		2,652
Patterson-UTI Energy, Inc. (b)		128		3,446
Pioneer Energy Services Corp. (a)		36		247
Rowan Cos. PLC Class A (b)		162		3,060
Schlumberger, Ltd.		515		43,234
SEACOR Holdings, Inc. (a)		12		855
Superior Energy Services, Inc.		212		3,579
Tesco Corp.		58		478
TETRA Technologies, Inc. (a)		42		211
Transocean, Ltd. (a) (b)		509		7,503
Unit Corp. (a)		76		2,042
US Silica Holdings, Inc.		16		907
				155,648
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.0% (d)
CoreCivic, Inc. REIT		60		1,467
Cousins Properties, Inc. REIT		72		613
Parkway, Inc. REIT (a)		8		178
				2,258
FOOD & STAPLES RETAILING — 3.2%
Andersons, Inc.		26		1,162
Casey’s General Stores, Inc.		20		2,378
Costco Wholesale Corp.		152		24,337
CVS Health Corp.		395		31,170
Kroger Co.		659		22,742
SpartanNash Co.		40		1,582
SUPERVALU, Inc. (a)		345		1,611
Sysco Corp.		244		13,510
United Natural Foods, Inc. (a)		44		2,100
Wal-Mart Stores, Inc.		2,161		149,368
Walgreens Boots Alliance, Inc.		345		28,552
Whole Foods Market, Inc.		140		4,306
				282,818
FOOD PRODUCTS — 1.6%
Archer-Daniels-Midland Co.		833		38,027
B&G Foods, Inc.		18		788
Cal-Maine Foods, Inc. (b)		12		530
Calavo Growers, Inc. (b)		4		246
Campbell Soup Co.		62		3,749
Conagra Brands, Inc.		122		4,825
Darling Ingredients, Inc. (a) (b)		118		1,523
Dean Foods Co.		122		2,657
Flowers Foods, Inc.		52		1,038
General Mills, Inc.		134		8,277
Hain Celestial Group, Inc. (a)		24		937
Hershey Co.		34		3,517
Hormel Foods Corp. (b)		96		3,342
Ingredion, Inc.		26		3,249
J&J Snack Foods Corp.		6		801
J.M. Smucker Co.		26		3,330
Kellogg Co.		86		6,339
Kraft Heinz Co. (b)		112		9,780
Lamb Weston Holdings, Inc. (a)		40		1,514
Lancaster Colony Corp.		8		1,131
McCormick & Co., Inc.		22		2,053
Mead Johnson Nutrition Co.		34		2,406
Mondelez International, Inc. Class A		565		25,046
Post Holdings, Inc. (a)		28		2,251
Sanderson Farms, Inc. (b)		10		942
Seneca Foods Corp. Class A (a)		8		320
Snyder’s-Lance, Inc. (b)		110		4,217
Tootsie Roll Industries, Inc. (b)		14		557
TreeHouse Foods, Inc. (a) (b)		14		1,011
Tyson Foods, Inc. Class A		136		8,389
WhiteWave Foods Co. (a)		32		1,779
				144,571
GAS UTILITIES — 0.3%
Atmos Energy Corp.		48		3,559
National Fuel Gas Co.		36		2,039
New Jersey Resources Corp.		44		1,562
Northwest Natural Gas Co.		14		837

See accompanying notes to financial statements.

261

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ONE Gas, Inc.		20	$	1,279
South Jersey Industries, Inc.		24		809
Southwest Gas Corp.		24		1,839
Spire, Inc.		16		1,033
UGI Corp.		164		7,557
WGL Holdings, Inc.		30		2,288
				22,802
HEALTH CARE EQUIPMENT & SUPPLIES — 1.3%
Abaxis, Inc. (b)		4		211
Abbott Laboratories		511		19,628
Align Technology, Inc. (a)		16		1,538
Analogic Corp. (b)		4		332
Baxter International, Inc.		234		10,376
Becton Dickinson and Co.		42		6,953
Boston Scientific Corp. (a)		254		5,494
C.R. Bard, Inc.		6		1,348
Cantel Medical Corp.		8		630
CONMED Corp.		12		530
Cooper Cos., Inc.		10		1,749
CryoLife, Inc.		12		230
Danaher Corp.		90		7,006
DENTSPLY SIRONA, Inc.		20		1,155
Edwards Lifesciences Corp. (a)		34		3,186
Haemonetics Corp. (a)		16		643
Halyard Health, Inc. (a)		34		1,257
Hill-Rom Holdings, Inc.		22		1,235
Hologic, Inc. (a)		56		2,247
ICU Medical, Inc. (a)		4		589
IDEXX Laboratories, Inc. (a)		12		1,407
Integer Holdings Corp. (a) (b)		12		353
Integra LifeSciences Holdings Corp. (a)		10		858
Intuitive Surgical, Inc. (a)		6		3,805
Invacare Corp. (b)		32		418
LivaNova PLC (a)		6		270
Masimo Corp. (a)		8		539
Medtronic PLC		256		18,235
Meridian Bioscience, Inc.		12		212
Merit Medical Systems, Inc. (a)		14		371
Natus Medical, Inc. (a)		10		348
Neogen Corp. (a)		6		396
NuVasive, Inc. (a) (b)		16		1,078
ResMed, Inc. (b)		18		1,117
St. Jude Medical, Inc.		82		6,576
STERIS PLC		22		1,483
Stryker Corp. (b)		58		6,949
Surmodics, Inc. (a)		4		102
Teleflex, Inc.		10		1,611
Varian Medical Systems, Inc. (a)		16		1,436
West Pharmaceutical Services, Inc.		10		848
Zimmer Biomet Holdings, Inc.		32		3,302
				118,051
HEALTH CARE PROVIDERS & SERVICES — 3.2%
Aetna, Inc.		142		17,609
Air Methods Corp. (a) (b)		12		382
Almost Family, Inc. (a)		6		265
Amedisys, Inc. (a)		2		85
AmerisourceBergen Corp.		240		18,766
AMN Healthcare Services, Inc. (a) (b)		30		1,154
Anthem, Inc. (b)		184		26,454
Cardinal Health, Inc.		278		20,008
Centene Corp. (a)		78		4,408
Chemed Corp. (b)		8		1,283
Cigna Corp.		74		9,871
Community Health Systems, Inc. (a) (b)		158		883
CorVel Corp. (a)		8		293
Cross Country Healthcare, Inc. (a)		34		531
DaVita, Inc. (a)		60		3,852
Ensign Group, Inc.		20		444
Envision Healthcare Corp. (a)		18		1,139
Express Scripts Holding Co. (a)		429		29,511
HCA Holdings, Inc. (a)		142		10,511
Healthways, Inc. (a) (b)		36		819
Henry Schein, Inc. (a)		18		2,731
Humana, Inc.		60		12,242
Kindred Healthcare, Inc.		64		502
Laboratory Corp. of America Holdings (a)		28		3,595
Landauer, Inc.		4		192
LHC Group, Inc. (a)		12		548
LifePoint Health, Inc. (a)		36		2,045
Magellan Health, Inc. (a)		20		1,505
McKesson Corp. (b)		192		26,966
MEDNAX, Inc. (a) (b)		32		2,133
Molina Healthcare, Inc. (a) (b)		60		3,256
Owens & Minor, Inc.		52		1,835
Patterson Cos., Inc. (b)		38		1,559
PharMerica Corp. (a)		32		805
Quest Diagnostics, Inc.		56		5,146
Quorum Health Corp. (a)		38		276
Select Medical Holdings Corp. (a) (b)		208		2,756
Tenet Healthcare Corp. (a)		138		2,048
UnitedHealth Group, Inc.		337		53,933
Universal Health Services, Inc. Class B		30		3,191
VCA, Inc. (a)		14		961
WellCare Health Plans, Inc. (a)		32		4,387
				280,880
HEALTH CARE TECHNOLOGY — 0.0% (d)
Allscripts Healthcare Solutions, Inc. (a)		44		449
Cerner Corp. (a) (b)		46		2,179
Computer Programs & Systems, Inc.		2		47
HMS Holdings Corp. (a)		14		254
Medidata Solutions, Inc. (a)		8		398
Omnicell, Inc. (a)		10		339
Quality Systems, Inc.		8		105
				3,771
HOTELS, RESTAURANTS & LEISURE — 1.1%
Biglari Holdings, Inc. (a)		2		946
BJ’s Restaurants, Inc. (a)		6		236
Bob Evans Farms, Inc.		16		851
Boyd Gaming Corp. (a) (b)		62		1,251
Brinker International, Inc. (b)		80		3,962
Buffalo Wild Wings, Inc. (a)		4		618
Carnival Corp.		298		15,514
Cheesecake Factory, Inc.		20		1,198
Chipotle Mexican Grill, Inc. Class A (a) (b)		4		1,509
Cracker Barrel Old Country Store, Inc. (b)		8		1,336
Darden Restaurants, Inc.		54		3,927

See accompanying notes to financial statements.

262

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
DineEquity, Inc.		6	$	462
Domino’s Pizza, Inc.		4		637
Dunkin’ Brands Group, Inc. (b)		22		1,154
ILG, Inc.		108		1,962
International Speedway Corp. Class A		18		662
Jack in the Box, Inc.		10		1,116
Marcus Corp.		22		693
Marriott International, Inc. Class A		86		7,110
Marriott Vacations Worldwide Corp. (b)		8		679
McDonald’s Corp.		172		20,936
Monarch Casino & Resort, Inc. (a)		6		155
Panera Bread Co. Class A (a) (b)		6		1,231
Papa John’s International, Inc.		12		1,027
Red Robin Gourmet Burgers, Inc. (a)		10		564
Royal Caribbean Cruises, Ltd.		62		5,086
Ruby Tuesday, Inc. (a)		40		129
Ruth’s Hospitality Group, Inc.		16		293
Scientific Games Corp. Class A (a) (b)		34		476
Starbucks Corp.		120		6,662
Texas Roadhouse, Inc.		24		1,158
Wendy’s Co. (b)		148		2,001
Wyndham Worldwide Corp. (b)		32		2,444
Wynn Resorts, Ltd. (b)		64		5,537
Yum! Brands, Inc.		74		4,686
				98,208
HOUSEHOLD DURABLES — 0.5%
CalAtlantic Group, Inc. (b)		34		1,156
D.R. Horton, Inc.		126		3,444
Ethan Allen Interiors, Inc. (b)		10		369
Garmin, Ltd. (b)		90		4,364
Harman International Industries, Inc.		12		1,334
Helen of Troy, Ltd. (a)		16		1,351
iRobot Corp. (a) (b)		8		468
KB Home (b)		120		1,897
La-Z-Boy, Inc.		22		683
Leggett & Platt, Inc.		38		1,857
Lennar Corp. Class A		84		3,606
M/I Homes, Inc. (a) (b)		12		302
MDC Holdings, Inc.		22		565
Meritage Homes Corp. (a)		12		418
Mohawk Industries, Inc. (a)		16		3,195
Newell Brands, Inc.		90		4,019
NVR, Inc. (a)		2		3,338
PulteGroup, Inc.		214		3,933
Tempur Sealy International, Inc. (a) (b)		16		1,092
Toll Brothers, Inc. (a)		50		1,550
TopBuild Corp. (a)		8		285
Tupperware Brands Corp. (b)		20		1,052
Universal Electronics, Inc. (a) (b)		8		516
Whirlpool Corp.		30		5,453
				46,247
HOUSEHOLD PRODUCTS — 1.0%
Central Garden & Pet Co. Class A (a)		44		1,360
Church & Dwight Co., Inc. (b)		40		1,768
Clorox Co.		30		3,600
Colgate-Palmolive Co.		134		8,769
Energizer Holdings, Inc.		16		714
Kimberly-Clark Corp.		66		7,532
Procter & Gamble Co.		775		65,162
WD-40 Co.		18		2,104
				91,009
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
AES Corp.		555		6,449
NRG Energy, Inc.		441		5,407
				11,856
INDUSTRIAL CONGLOMERATES — 1.3%
3M Co.		116		20,714
Carlisle Cos., Inc.		14		1,544
General Electric Co.		2,111		66,708
Honeywell International, Inc.		178		20,621
Roper Technologies, Inc.		12		2,197
				111,784
INSURANCE — 5.5%
Aflac, Inc.		355		24,708
Alleghany Corp. (a)		8		4,865
Allstate Corp.		248		18,382
American Equity Investment Life Holding Co.		138		3,111
American Financial Group, Inc.		58		5,111
American International Group, Inc.		843		55,056
AMERISAFE, Inc.		8		499
Aon PLC		50		5,576
Arthur J Gallagher & Co.		78		4,053
Aspen Insurance Holdings, Ltd.		48		2,640
Assurant, Inc.		44		4,086
Brown & Brown, Inc.		44		1,974
Chubb, Ltd.		128		16,911
Cincinnati Financial Corp.		64		4,848
CNO Financial Group, Inc.		152		2,911
eHealth, Inc. (a) (b)		6		64
Employers Holdings, Inc.		16		634
Endurance Specialty Holdings, Ltd.		26		2,402
Everest Re Group, Ltd.		28		6,059
First American Financial Corp.		70		2,564
Genworth Financial, Inc. Class A (a)		759		2,892
Hanover Insurance Group, Inc.		32		2,912
Hartford Financial Services Group, Inc.		272		12,961
HCI Group, Inc. (b)		12		474
Horace Mann Educators Corp.		28		1,198
Infinity Property & Casualty Corp.		8		703
Kemper Corp. (b)		40		1,772
Lincoln National Corp.		339		22,466
Loews Corp.		397		18,591
Marsh & McLennan Cos., Inc.		120		8,111
Mercury General Corp.		40		2,408
MetLife, Inc.		1,566		84,392
Navigators Group, Inc.		12		1,413
Old Republic International Corp.		164		3,116
Primerica, Inc. (b)		28		1,936
Principal Financial Group, Inc.		381		22,045
ProAssurance Corp.		20		1,124
Progressive Corp.		234		8,307
Prudential Financial, Inc.		625		65,037
Reinsurance Group of America, Inc.		92		11,576
RenaissanceRe Holdings, Ltd. (b)		18		2,452
RLI Corp.		16		1,010

See accompanying notes to financial statements.

263

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Safety Insurance Group, Inc.		10	$	737
Selective Insurance Group, Inc.		40		1,722
Stewart Information Services Corp.		20		922
Torchmark Corp.		52		3,836
Travelers Cos., Inc.		156		19,098
United Fire Group, Inc.		24		1,180
Universal Insurance Holdings, Inc. (b)		12		341
Unum Group		126		5,535
Willis Towers Watson PLC		18		2,201
WR Berkley Corp. (b)		82		5,454
XL Group, Ltd.		136		5,067
				489,443
INTERNET & CATALOG RETAIL — 0.7%
Amazon.com, Inc. (a)		54		40,493
Blue Nile, Inc.		4		162
Expedia, Inc. (b)		24		2,719
FTD Cos., Inc. (a)		18		429
HSN, Inc.		18		617
Netflix, Inc. (a)		36		4,457
Nutrisystem, Inc.		20		693
PetMed Express, Inc.		10		231
Priceline Group, Inc. (a)		10		14,661
TripAdvisor, Inc. (a)		12		556
				65,018
INTERNET SOFTWARE & SERVICES — 2.5%
Akamai Technologies, Inc. (a) (b)		26		1,734
Alphabet, Inc. Class A (a)		104		82,415
Alphabet, Inc. Class C (a)		104		80,269
Blucora, Inc. (a)		14		207
comScore, Inc. (a)		6		189
DHI Group, Inc. (a)		68		425
eBay, Inc. (a)		507		15,053
Facebook, Inc. Class A (a)		190		21,859
j2 Global, Inc. (b)		12		982
Liquidity Services, Inc. (a)		4		39
LivePerson, Inc. (a) (b)		8		60
LogMeIn, Inc.		4		386
NIC, Inc.		36		860
QuinStreet, Inc. (a)		118		444
Stamps.com, Inc. (a) (b)		4		459
VeriSign, Inc. (a) (b)		18		1,369
XO Group, Inc. (a)		8		156
Yahoo!, Inc. (a)		321		12,413
				219,319
IT SERVICES — 2.5%
Accenture PLC Class A		116		13,587
Acxiom Corp. (a)		30		804
Alliance Data Systems Corp.		12		2,742
Automatic Data Processing, Inc.		84		8,633
Broadridge Financial Solutions, Inc.		16		1,061
CACI International, Inc. Class A (a)		16		1,989
Cardtronics PLC Class A (a)		12		655
Ciber, Inc. (a)		72		45
Cognizant Technology Solutions Corp. Class A (a)		110		6,163
Computer Sciences Corp.		194		11,527
Convergys Corp.		46		1,130
CoreLogic, Inc. (a)		30		1,105
CSG Systems International, Inc.		20		968
CSRA, Inc.		38		1,210
DST Systems, Inc.		20		2,143
Fidelity National Information Services, Inc.		76		5,749
Fiserv, Inc. (a)		150		15,942
Forrester Research, Inc.		4		172
Gartner, Inc. (a)		8		809
Global Payments, Inc.		20		1,388
International Business Machines Corp. (b)		413		68,554
Jack Henry & Associates, Inc.		6		533
Leidos Holdings, Inc.		96		4,909
ManTech International Corp. Class A		26		1,098
MasterCard, Inc. Class A		86		8,879
MAXIMUS, Inc.		12		669
NeuStar, Inc. Class A (a)		18		601
Paychex, Inc. (b)		270		16,438
PayPal Holdings, Inc. (a)		166		6,552
Perficient, Inc. (a)		10		175
Science Applications International Corp.		20		1,696
Sykes Enterprises, Inc. (a)		24		693
TeleTech Holdings, Inc.		24		732
Teradata Corp. (a) (b)		56		1,522
Total System Services, Inc.		30		1,471
Virtusa Corp. (a) (b)		8		201
Visa, Inc. Class A (b)		254		19,817
Western Union Co. (b)		190		4,127
WEX, Inc. (a)		8		893
Xerox Corp.		803		7,010
				224,392
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Arctic Cat, Inc.		4		60
Brunswick Corp.		24		1,309
Callaway Golf Co.		46		504
Hasbro, Inc.		26		2,023
Mattel, Inc. (b)		118		3,251
Polaris Industries, Inc. (b)		14		1,153
Sturm Ruger & Co., Inc.		2		105
Vista Outdoor, Inc. (a)		22		812
				9,217
LIFE SCIENCES TOOLS & SERVICES — 0.3%
Agilent Technologies, Inc.		92		4,192
Bio-Rad Laboratories, Inc. Class A (a)		10		1,823
Bio-Techne Corp.		8		823
Cambrex Corp. (a)		12		647
Charles River Laboratories International, Inc. (a)		6		457
Illumina, Inc. (a)		12		1,536
Luminex Corp. (a)		30		607
Mettler-Toledo International, Inc. (a)		6		2,511
PAREXEL International Corp. (a) (b)		20		1,314
PerkinElmer, Inc. (b)		18		939
Thermo Fisher Scientific, Inc.		60		8,466
Waters Corp. (a)		20		2,688
				26,003
MACHINERY — 2.2%
Actuant Corp. Class A		20		519
AGCO Corp. (b)		102		5,902
Albany International Corp. Class A		16		741

See accompanying notes to financial statements.

264

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Astec Industries, Inc.		10	$	675
Barnes Group, Inc.		20		948
Briggs & Stratton Corp. (b)		34		757
Caterpillar, Inc. (b)		409		37,931
Chart Industries, Inc. (a)		28		1,009
CIRCOR International, Inc. (b)		6		389
CLARCOR, Inc.		68		5,608
Crane Co.		18		1,298
Cummins, Inc.		86		11,754
Deere & Co. (b)		198		20,402
Donaldson Co., Inc.		28		1,178
Dover Corp.		74		5,545
EnPro Industries, Inc.		10		674
ESCO Technologies, Inc.		8		453
Federal Signal Corp.		36		562
Flowserve Corp.		32		1,538
Fortive Corp.		44		2,360
Franklin Electric Co., Inc.		16		622
Graco, Inc.		38		3,157
Greenbrier Cos., Inc. (b)		36		1,496
Harsco Corp.		118		1,605
Hillenbrand, Inc.		26		997
IDEX Corp.		12		1,081
Illinois Tool Works, Inc.		92		11,266
Ingersoll-Rand PLC		100		7,504
ITT, Inc.		46		1,774
John Bean Technologies Corp.		14		1,203
Joy Global, Inc.		148		4,144
Kennametal, Inc.		56		1,751
Lincoln Electric Holdings, Inc.		24		1,840
Lindsay Corp.		2		149
Lydall, Inc. (a)		10		618
Mueller Industries, Inc.		20		799
Nordson Corp.		12		1,345
Oshkosh Corp.		46		2,972
PACCAR, Inc.		168		10,735
Parker-Hannifin Corp.		54		7,560
Pentair PLC		50		2,803
Snap-on, Inc.		12		2,055
SPX Corp. (a)		62		1,471
SPX FLOW, Inc. (a)		12		385
Standex International Corp.		4		351
Stanley Black & Decker, Inc.		58		6,652
Tennant Co.		24		1,709
Terex Corp.		82		2,585
Timken Co.		36		1,429
Titan International, Inc.		68		762
Toro Co.		44		2,462
Trinity Industries, Inc.		214		5,941
Wabtec Corp. (b)		22		1,826
Watts Water Technologies, Inc. Class A		14		913
Woodward, Inc.		16		1,105
Xylem, Inc.		38		1,882
				197,192
MARINE — 0.0% (d)
Kirby Corp. (a)		36		2,394
Matson, Inc.		16		566
				2,960
MEDIA — 2.4%
AMC Networks, Inc. Class A (a)		12		628
Cable One, Inc.		2		1,243
CBS Corp. Class B (b)		146		9,289
Cinemark Holdings, Inc.		42		1,611
Comcast Corp. Class A		673		46,471
Discovery Communications, Inc. Class A (a) (b)		210		5,756
Discovery Communications, Inc. Class C (a)		200		5,356
EW Scripps Co. Class A (a) (b)		30		580
Gannett Co., Inc.		50		486
Interpublic Group of Cos., Inc.		130		3,043
John Wiley & Sons, Inc. Class A		20		1,090
Live Nation Entertainment, Inc. (a)		56		1,490
Meredith Corp.		24		1,420
New York Times Co. Class A		28		372
News Corp. Class A		533		6,108
News Corp. Class B		150		1,770
Omnicom Group, Inc. (b)		84		7,149
Scholastic Corp.		20		950
Scripps Networks Interactive, Inc. Class A (b)		28		1,998
TEGNA, Inc.		148		3,166
Time Warner, Inc.		284		27,415
Time, Inc.		70		1,249
Twenty-First Century Fox, Inc. Class A		757		21,226
Twenty-First Century Fox, Inc. Class B		695		18,939
Viacom, Inc. Class B		234		8,213
Walt Disney Co. (b)		339		35,331
				212,349
METALS & MINING — 0.9%
AK Steel Holding Corp. (a) (b)		511		5,217
Allegheny Technologies, Inc. (b)		152		2,421
Carpenter Technology Corp. (b)		14		507
Commercial Metals Co.		172		3,746
Compass Minerals International, Inc.		10		784
Freeport-McMoRan, Inc. (a) (b)		1,791		23,623
Haynes International, Inc. (b)		4		172
Kaiser Aluminum Corp.		12		932
Materion Corp.		12		475
Newmont Mining Corp.		230		7,836
Nucor Corp.		152		9,047
Olympic Steel, Inc.		10		242
Reliance Steel & Aluminum Co.		62		4,932
Royal Gold, Inc. (b)		12		760
Steel Dynamics, Inc. (b)		114		4,056
Stillwater Mining Co. (a)		38		612
SunCoke Energy, Inc.		32		363
TimkenSteel Corp. (a) (b)		60		929
United States Steel Corp. (b)		262		8,649
Worthington Industries, Inc.		32		1,518
				76,821
MULTI-UTILITIES — 1.1%
Ameren Corp.		106		5,561
Avista Corp.		38		1,520
Black Hills Corp.		26		1,595
CenterPoint Energy, Inc.		280		6,899
CMS Energy Corp.		98		4,079
Consolidated Edison, Inc.		150		11,052

See accompanying notes to financial statements.

265

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Dominion Resources, Inc. (b)		180	$	13,786
DTE Energy Co.		78		7,684
MDU Resources Group, Inc.		124		3,567
NiSource, Inc.		216		4,782
NorthWestern Corp.		22		1,251
Public Service Enterprise Group, Inc.		236		10,356
SCANA Corp.		96		7,035
Sempra Energy		88		8,856
Vectren Corp.		34		1,773
WEC Energy Group, Inc.		60		3,519
				93,315
MULTILINE RETAIL — 0.6%
Big Lots, Inc. (b)		40		2,008
Dollar General Corp.		56		4,148
Dollar Tree, Inc. (a)		52		4,013
Fred’s, Inc. Class A (b)		24		446
JC Penney Co., Inc. (a) (b)		206		1,712
Kohl’s Corp. (b)		160		7,901
Macy’s, Inc.		262		9,382
Nordstrom, Inc.		108		5,177
Target Corp.		254		18,346
Tuesday Morning Corp. (a)		46		248
				53,381
OIL, GAS & CONSUMABLE FUELS — 9.8%
Anadarko Petroleum Corp.		192		13,388
Apache Corp. (b)		56		3,554
Cabot Oil & Gas Corp.		64		1,495
Carrizo Oil & Gas, Inc. (a) (b)		22		822
Chesapeake Energy Corp. (a) (b)		1,140		8,003
Chevron Corp.		1,306		153,716
Cimarex Energy Co.		22		2,990
Concho Resources, Inc. (a) (b)		24		3,182
ConocoPhillips (b)		1,767		88,597
CONSOL Energy, Inc.		254		4,631
Contango Oil & Gas Co. (a)		6		56
Denbury Resources, Inc. (a)		641		2,359
Devon Energy Corp.		451		20,597
Energen Corp.		82		4,729
EOG Resources, Inc.		162		16,378
EQT Corp.		26		1,700
Exxon Mobil Corp. (b)		2,242		202,363
Green Plains, Inc. (b)		40		1,114
Gulfport Energy Corp. (a)		14		303
Hess Corp. (b)		393		24,480
HollyFrontier Corp. (b)		228		7,469
Kinder Morgan, Inc.		1,324		27,420
Marathon Oil Corp.		1,182		20,461
Marathon Petroleum Corp.		741		37,309
Murphy Oil Corp. (b)		226		7,035
Newfield Exploration Co. (a)		70		2,835
Noble Energy, Inc.		186		7,079
Northern Oil and Gas, Inc. (a) (b)		12		33
Occidental Petroleum Corp.		357		25,429
ONEOK, Inc.		142		8,152
PDC Energy, Inc. (a)		14		1,016
Phillips 66 (b)		383		33,095
Pioneer Natural Resources Co.		20		3,601
QEP Resources, Inc.		210		3,866
Range Resources Corp.		54		1,856
REX American Resources Corp. (a) (b)		14		1,383
SM Energy Co.		124		4,276
Southwestern Energy Co. (a)		689		7,455
Spectra Energy Corp.		246		10,108
Tesoro Corp.		96		8,395
Valero Energy Corp. (b)		659		45,023
Western Refining, Inc.		92		3,482
Williams Cos., Inc.		955		29,739
World Fuel Services Corp.		102		4,683
WPX Energy, Inc. (a)		543		7,912
				863,569
PAPER & FOREST PRODUCTS — 0.1%
Boise Cascade Co. (a)		38		855
Clearwater Paper Corp. (a)		16		1,049
Deltic Timber Corp.		2		154
Domtar Corp.		80		3,122
KapStone Paper and Packaging Corp.		44		970
Louisiana-Pacific Corp. (a)		42		795
Neenah Paper, Inc.		8		682
PH Glatfelter Co.		30		717
Schweitzer-Mauduit International, Inc.		10		455
				8,799
PERSONAL PRODUCTS — 0.1%
Avon Products, Inc.		687		3,462
Edgewell Personal Care Co. (a)		16		1,168
Estee Lauder Cos., Inc. Class A		50		3,825
Inter Parfums, Inc.		12		393
Medifast, Inc.		6		250
				9,098
PHARMACEUTICALS — 2.9%
Akorn, Inc. (a)		10		218
Allergan PLC (a)		58		12,181
Bristol-Myers Squibb Co.		250		14,610
Catalent, Inc. (a)		46		1,240
Eli Lilly & Co.		218		16,034
Endo International PLC (a)		58		955
Impax Laboratories, Inc. (a)		6		79
Johnson & Johnson		631		72,698
Lannett Co., Inc. (a) (b)		26		573
Mallinckrodt PLC (a)		38		1,893
Medicines Co. (a) (b)		18		611
Merck & Co., Inc.		976		57,457
Mylan NV (a) (b)		144		5,494
Perrigo Co. PLC		22		1,831
Pfizer, Inc.		2,137		69,410
Prestige Brands Holdings, Inc. (a)		16		834
Zoetis, Inc.		16		856
				256,974
PROFESSIONAL SERVICES — 0.2%
CDI Corp.		16		118
CEB, Inc.		6		364
Dun & Bradstreet Corp.		12		1,456
Equifax, Inc.		16		1,892
Exponent, Inc.		8		482
FTI Consulting, Inc. (a)		20		902
Heidrick & Struggles International, Inc.		8		193

See accompanying notes to financial statements.

266

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Insperity, Inc.		14	$	993
Kelly Services, Inc. Class A		30		688
Korn/Ferry International		22		647
ManpowerGroup, Inc.		58		5,154
Navigant Consulting, Inc. (a)		22		576
Nielsen Holdings PLC		66		2,769
On Assignment, Inc. (a)		14		618
Resources Connection, Inc.		14		270
Robert Half International, Inc.		26		1,268
TrueBlue, Inc. (a)		18		444
Verisk Analytics, Inc. Class A (a)		24		1,948
WageWorks, Inc. (a)		10		725
				21,507
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.8%
Acadia Realty Trust		14		457
Agree Realty Corp.		20		921
Alexandria Real Estate Equities, Inc.		18		2,000
American Assets Trust, Inc. REIT		20		862
American Campus Communities, Inc.		18		896
American Tower Corp. REIT		34		3,593
Apartment Investment & Management Co. Class A REIT		32		1,454
AvalonBay Communities, Inc.		26		4,606
Boston Properties, Inc. REIT		22		2,767
Camden Property Trust		22		1,850
Capstead Mortgage Corp.		100		1,019
Care Capital Properties, Inc.		118		2,950
CareTrust REIT, Inc.		12		184
Cedar Realty Trust, Inc.		40		261
Communications Sales & Leasing, Inc. (a)		10		254
CoreSite Realty Corp. REIT (b)		4		317
Corporate Office Properties Trust		28		874
Crown Castle International Corp. REIT		60		5,206
DiamondRock Hospitality Co. (b)		64		738
Douglas Emmett, Inc.		32		1,170
Duke Realty Corp.		76		2,019
EastGroup Properties, Inc.		8		591
EPR Properties (b)		16		1,148
Equinix, Inc. REIT (b)		6		2,144
Equity One, Inc.		40		1,228
Equity Residential REIT		76		4,891
Essex Property Trust, Inc. REIT		10		2,325
Extra Space Storage, Inc. REIT		20		1,545
Federal Realty Investment Trust REIT		8		1,137
Four Corners Property Trust, Inc. REIT		24		492
Franklin Street Properties Corp. REIT		52		674
General Growth Properties, Inc. REIT		176		4,396
GEO Group, Inc. REIT (b)		14		503
Getty Realty Corp. (b)		30		765
Government Properties Income Trust REIT (b)		34		648
HCP, Inc. REIT		222		6,598
Healthcare Realty Trust, Inc. REIT		32		970
Highwoods Properties, Inc.		30		1,530
Hospitality Properties Trust		120		3,809
Host Hotels & Resorts, Inc. REIT		300		5,652
Iron Mountain, Inc. REIT		108		3,508
Kilroy Realty Corp. REIT		18		1,318
Kimco Realty Corp. REIT		96		2,415
Kite Realty Group Trust REIT		8		188
Lamar Advertising Co. Class A		20		1,345
LaSalle Hotel Properties		90		2,742
Lexington Realty Trust REIT		54		583
Liberty Property Trust REIT		52		2,054
Life Storage, Inc. REIT		10		853
LTC Properties, Inc. (b)		12		564
Macerich Co. REIT		34		2,409
Mack-Cali Realty Corp.		38		1,103
Medical Properties Trust, Inc. REIT		64		787
Mid-America Apartment Communities, Inc. REIT		24		2,350
National Retail Properties, Inc.		42		1,856
Omega Healthcare Investors, Inc.		58		1,813
Pennsylvania Real Estate Investment Trust		26		493
Potlatch Corp. REIT		18		750
Prologis, Inc. REIT		98		5,173
PS Business Parks, Inc.		8		932
Public Storage REIT		22		4,917
Rayonier, Inc.		58		1,543
Realty Income Corp. REIT (b)		46		2,644
Regency Centers Corp.		12		827
Sabra Health Care REIT, Inc.		24		586
Saul Centers, Inc.		6		400
Senior Housing Properties Trust		160		3,029
Simon Property Group, Inc. REIT		46		8,173
SL Green Realty Corp. REIT		24		2,581
Tanger Factory Outlet Centers, Inc.		14		501
Taubman Centers, Inc.		12		887
UDR, Inc. REIT		56		2,043
Universal Health Realty Income Trust.		6		394
Urban Edge Properties		26		715
Urstadt Biddle Properties, Inc. Class A		14		338
Ventas, Inc. REIT		92		5,752
Vornado Realty Trust REIT		32		3,340
Washington Prime Group, Inc. REIT		260		2,707
Weingarten Realty Investors REIT		38		1,360
Welltower, Inc. REIT		100		6,693
Weyerhaeuser Co. REIT		144		4,333
				162,443
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Alexander & Baldwin, Inc.		18		808
CBRE Group, Inc. Class A (a)		116		3,653
Forestar Group, Inc. (a)		12		160
HFF, Inc. Class A		18		544
Jones Lang LaSalle, Inc.		12		1,212
				6,377
ROAD & RAIL — 0.9%
ArcBest Corp.		18		498
CSX Corp.		419		15,055
Genesee & Wyoming, Inc. Class A (a)		24		1,666
Heartland Express, Inc.		18		366
JB Hunt Transport Services, Inc.		30		2,912
Kansas City Southern		26		2,206
Knight Transportation, Inc. (b)		26		859
Landstar System, Inc.		10		853
Norfolk Southern Corp.		138		14,914
Old Dominion Freight Line, Inc. (a)		24		2,059
Ryder System, Inc.		38		2,829

See accompanying notes to financial statements.

267

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Saia, Inc. (a)		10	$	441
Union Pacific Corp.		292		30,274
Werner Enterprises, Inc.		28		755
				75,687
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%
Advanced Energy Industries, Inc. (a)		16		876
Advanced Micro Devices, Inc. (a) (b)		405		4,593
Analog Devices, Inc.		68		4,938
Applied Materials, Inc.		254		8,197
Broadcom, Ltd.		36		6,364
Brooks Automation, Inc.		24		410
Cabot Microelectronics Corp.		8		505
CEVA, Inc. (a)		4		134
Cirrus Logic, Inc. (a)		18		1,018
Cohu, Inc.		10		139
Cree, Inc. (a)		24		633
Cypress Semiconductor Corp. (b)		96		1,098
Diodes, Inc. (a)		16		411
DSP Group, Inc. (a)		12		157
Exar Corp. (a)		12		129
First Solar, Inc. (a) (b)		46		1,476
Integrated Device Technology, Inc. (a)		12		283
Intel Corp.		1,927		69,892
Intersil Corp. Class A		68		1,516
KLA-Tencor Corp.		38		2,990
Kopin Corp. (a)		20		57
Kulicke & Soffa Industries, Inc. (a)		32		510
Lam Research Corp. (b)		32		3,383
Linear Technology Corp.		52		3,242
Microchip Technology, Inc.		52		3,336
Micron Technology, Inc. (a)		1,484		32,529
Microsemi Corp. (a)		24		1,295
MKS Instruments, Inc.		18		1,069
Monolithic Power Systems, Inc.		10		819
Nanometrics, Inc. (a)		8		201
NVIDIA Corp.		94		10,034
Power Integrations, Inc.		6		407
Qorvo, Inc. (a)		30		1,582
QUALCOMM, Inc.		649		42,315
Rudolph Technologies, Inc. (a)		12		280
Semtech Corp. (a)		16		505
Silicon Laboratories, Inc. (a)		10		650
Skyworks Solutions, Inc. (b)		28		2,091
Synaptics, Inc. (a)		10		536
Teradyne, Inc.		72		1,829
Tessera Holding Corp.		20		884
Texas Instruments, Inc. (b)		192		14,010
Ultratech, Inc. (a)		6		144
Veeco Instruments, Inc. (a)		22		641
Versum Materials, Inc. (a)		30		842
Xilinx, Inc. (b)		74		4,467
				233,417
SOFTWARE — 2.3%
ACI Worldwide, Inc. (a)		24		436
Activision Blizzard, Inc.		196		7,078
Adobe Systems, Inc. (a)		68		7,001
ANSYS, Inc. (a)		18		1,665
Autodesk, Inc. (a)		30		2,220
Blackbaud, Inc.		6		384
Bottomline Technologies de, Inc. (a)		6		150
CA, Inc.		218		6,926
Cadence Design Systems, Inc. (a)		62		1,564
CDK Global, Inc.		16		955
Citrix Systems, Inc. (a)		38		3,394
CommVault Systems, Inc. (a)		6		308
Ebix, Inc. (b)		8		456
Electronic Arts, Inc. (a)		46		3,623
Fair Isaac Corp.		8		954
Fortinet, Inc. (a)		26		783
Intuit, Inc.		40		4,584
Manhattan Associates, Inc. (a)		6		318
Mentor Graphics Corp.		32		1,180
Microsoft Corp.		1,516		94,204
MicroStrategy, Inc. Class A (a)		2		395
Monotype Imaging Holdings, Inc.		10		198
Oracle Corp.		1,102		42,372
Progress Software Corp.		20		639
PTC, Inc. (a)		26		1,203
Red Hat, Inc. (a)		30		2,091
salesforce.com, Inc. (a)		62		4,244
Symantec Corp.		278		6,641
Synchronoss Technologies, Inc. (a)		6		230
Synopsys, Inc. (a)		36		2,119
Take-Two Interactive Software, Inc. (a)		24		1,183
TiVo Corp. (a) (b)		28		585
Tyler Technologies, Inc. (a) (b)		6		857
VASCO Data Security International, Inc. (a)		32		437
				201,377
SPECIALTY RETAIL — 1.9%
Aaron’s, Inc.		26		832
Abercrombie & Fitch Co. Class A (b)		46		552
Advance Auto Parts, Inc.		14		2,368
American Eagle Outfitters, Inc.		94		1,426
Asbury Automotive Group, Inc. (a) (b)		20		1,234
Ascena Retail Group, Inc. (a)		182		1,127
AutoNation, Inc. (a)		100		4,865
AutoZone, Inc. (a) (b)		6		4,739
Barnes & Noble Education, Inc. (a)		26		298
Barnes & Noble, Inc.		42		468
Bed Bath & Beyond, Inc. (b)		110		4,471
Best Buy Co., Inc. (b)		389		16,599
Big 5 Sporting Goods Corp.		18		312
Buckle, Inc. (b)		14		319
Cabela’s, Inc. (a)		42		2,459
Caleres, Inc.		20		656
CarMax, Inc. (a) (b)		58		3,735
Cato Corp. Class A		12		361
Chico’s FAS, Inc.		52		748
Children’s Place, Inc. (b)		12		1,211
CST Brands, Inc.		56		2,697
Dick’s Sporting Goods, Inc.		60		3,186
Finish Line, Inc. Class A (b)		20		376
Foot Locker, Inc.		44		3,119
Francesca’s Holdings Corp. (a)		36		649
GameStop Corp. Class A		146		3,688
Gap, Inc. (b)		316		7,091

See accompanying notes to financial statements.

268

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Genesco, Inc. (a)		10	$	621
Group 1 Automotive, Inc. (b)		32		2,494
Guess?, Inc. (b)		84		1,016
Haverty Furniture Cos., Inc.		14		332
Hibbett Sports, Inc. (a)		6		224
Home Depot, Inc.		232		31,107
Kirkland’s, Inc. (a)		8		124
L Brands, Inc. (b)		48		3,160
Lithia Motors, Inc. Class A (b)		12		1,162
Lowe’s Cos., Inc.		212		15,078
MarineMax, Inc. (a) (b)		26		503
Monro Muffler Brake, Inc.		6		343
Murphy USA, Inc. (a)		58		3,565
O’Reilly Automotive, Inc. (a)		20		5,568
Office Depot, Inc.		318		1,437
Rent-A-Center, Inc. (b)		70		788
Ross Stores, Inc.		60		3,936
Select Comfort Corp. (a)		12		272
Signet Jewelers, Ltd. (b)		16		1,508
Sonic Automotive, Inc. Class A (b)		40		916
Staples, Inc.		905		8,190
Stein Mart, Inc.		30		164
Tailored Brands, Inc.		72		1,840
Tiffany & Co. (b)		26		2,013
TJX Cos., Inc.		122		9,166
Tractor Supply Co.		20		1,516
Urban Outfitters, Inc. (a) (b)		44		1,253
Vitamin Shoppe, Inc. (a)		8		190
Williams-Sonoma, Inc. (b)		30		1,452
Zumiez, Inc. (a)		6		131
				169,655
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.1%
Apple, Inc.		1,514		175,351
Diebold Nixdorf, Inc. (b)		28		704
Electronics For Imaging, Inc. (a)		22		965
Hewlett Packard Enterprise Co.		801		18,535
HP, Inc.		2,420		35,913
NCR Corp. (a)		66		2,677
NetApp, Inc.		118		4,162
Seagate Technology PLC (b)		431		16,451
Super Micro Computer, Inc. (a)		12		337
Western Digital Corp. (b)		244		16,580
				271,675
TEXTILES, APPAREL & LUXURY GOODS — 0.4%
Carter’s, Inc.		6		518
Coach, Inc. (b)		102		3,572
Crocs, Inc. (a)		24		165
Deckers Outdoor Corp. (a) (b)		12		665
Fossil Group, Inc. (a)		38		983
G-III Apparel Group, Ltd. (a) (b)		20		591
Hanesbrands, Inc.		72		1,553
Iconix Brand Group, Inc. (a)		132		1,233
Kate Spade & Co. (a)		30		560
Michael Kors Holdings, Ltd. (a)		44		1,891
Movado Group, Inc. (b)		8		230
NIKE, Inc. Class B		196		9,963
Oxford Industries, Inc.		4		240
Perry Ellis International, Inc. (a)		12		299
PVH Corp.		30		2,707
Ralph Lauren Corp. (b)		48		4,335
Skechers U.S.A., Inc. Class A (a)		24		590
Steven Madden, Ltd. (a)		14		500
Under Armour, Inc. Class A (a) (b)		16		465
Under Armour, Inc. Class C (a)		16		403
Unifi, Inc. (a)		36		1,175
VF Corp.		100		5,335
Wolverine World Wide, Inc. (b)		32		702
				38,675
THRIFTS & MORTGAGE FINANCE — 0.1%
Astoria Financial Corp.		88		1,641
Bank Mutual Corp.		32		302
BofI Holding, Inc. (a) (b)		24		685
Dime Community Bancshares, Inc.		18		362
New York Community Bancorp, Inc.		226		3,596
Northwest Bancshares, Inc. (b)		44		793
Oritani Financial Corp.		12		225
Provident Financial Services, Inc.		32		906
TrustCo Bank Corp. NY		50		438
Washington Federal, Inc.		48		1,649
				10,597
TOBACCO — 0.8%
Altria Group, Inc.		361		24,411
Philip Morris International, Inc.		371		33,943
Reynolds American, Inc.		186		10,423
Universal Corp. (b)		26		1,658
				70,435
TRADING COMPANIES & DISTRIBUTORS — 0.3%
Applied Industrial Technologies, Inc.		16		950
DXP Enterprises, Inc. (a)		14		486
Fastenal Co.		82		3,852
GATX Corp.		58		3,572
Kaman Corp. (b)		10		489
MSC Industrial Direct Co., Inc. Class A		12		1,109
NOW, Inc. (a)		44		901
United Rentals, Inc. (a)		62		6,546
Veritiv Corp. (a)		4		215
W.W. Grainger, Inc. (b)		18		4,181
Watsco, Inc.		14		2,074
				24,375
WATER UTILITIES — 0.1%
American States Water Co.		16		729
American Water Works Co., Inc.		40		2,895
Aqua America, Inc.		60		1,802
				5,426
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Spok Holdings, Inc.		24		498
Telephone & Data Systems, Inc.		138		3,984
				4,482
TOTAL COMMON STOCKS (Cost $8,454,440)				8,812,013

See accompanying notes to financial statements.

269

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENTS — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		16,215	$	16,215
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)		6,709		6,709
TOTAL SHORT-TERM INVESTMENTS (Cost $22,924)				22,924
TOTAL INVESTMENTS — 100.0% (Cost $8,477,364)				8,834,937
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)				(820	)
NET ASSETS — 100.0%			$	8,834,117

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) Amount shown represents less than 0.05% of net assets.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at December 31, 2016.

(g) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	175,224	$	—	$	—	$	175,224
Air Freight & Logistics		52,769		—		—		52,769
Airlines		73,371		—		—		73,371
Auto Components		23,146		—		—		23,146
Automobiles		143,905		—		—		143,905
Banks		1,118,422		—		—		1,118,422
Beverages		76,620		—		—		76,620
Biotechnology		84,802		—		—		84,802
Building Products		26,529		—		—		26,529
Capital Markets		311,385		—		—		311,385
Chemicals		181,360		—		—		181,360
Commercial Services & Supplies		46,227		—		—		46,227
Communications Equipment		78,528		—		—		78,528
Construction & Engineering		28,917		—		—		28,917
Construction Materials		6,394		—		—		6,394
Consumer Finance		103,500		—		—		103,500
Containers & Packaging		43,767		—		—		43,767
Distributors		11,384		—		—		11,384
Diversified Consumer Services		11,409		—		—		11,409
Diversified Financial Services		173,076		—		—		173,076
Diversified Telecommunication Services		242,755		—		—		242,755
Electric Utilities		184,829		—		—		184,829
Electrical Equipment		45,178		—		—		45,178
Electronic Equipment, Instruments & Components		94,635		—		—		94,635
Energy Equipment & Services		155,648		—		—		155,648
Equity Real Estate Investment Trusts (REITs)		2,258		—		—		2,258
Food & Staples Retailing		282,818		—		—		282,818
Food Products		144,571		—		—		144,571
Gas Utilities		22,802		—		—		22,802
Health Care Equipment & Supplies		118,051		—		—		118,051
Health Care Providers & Services		280,880		—		—		280,880
Health Care Technology		3,771		—		—		3,771
Hotels, Restaurants & Leisure		98,208		—		—		98,208

See accompanying notes to financial statements.

270

SPDR S&P 1500 Value Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Household Durables	$	46,247	$	—	$	—	$	46,247
Household Products		91,009		—		—		91,009
Independent Power Producers & Energy Traders		11,856		—		—		11,856
Industrial Conglomerates		111,784		—		—		111,784
Insurance		489,443		—		—		489,443
Internet & Catalog Retail		65,018		—		—		65,018
Internet Software & Services		219,319		—		—		219,319
IT Services		224,392		—		—		224,392
Leisure Equipment & Products		9,217		—		—		9,217
Life Sciences Tools & Services		26,003		—		—		26,003
Machinery		197,192		—		—		197,192
Marine		2,960		—		—		2,960
Media		212,349		—		—		212,349
Metals & Mining		76,821		—		—		76,821
Multi-Utilities		93,315		—		—		93,315
Multiline Retail		53,381		—		—		53,381
Oil, Gas & Consumable Fuels		863,569		—		—		863,569
Paper & Forest Products		8,799		—		—		8,799
Personal Products		9,098		—		—		9,098
Pharmaceuticals		256,974		—		—		256,974
Professional Services		21,507		—		—		21,507
Real Estate Investment Trusts (REITs)		162,443		—		—		162,443
Real Estate Management & Development		6,377		—		—		6,377
Road & Rail		75,687		—		—		75,687
Semiconductors & Semiconductor Equipment		233,417		—		—		233,417
Software		201,377		—		—		201,377
Specialty Retail		169,655		—		—		169,655
Technology Hardware, Storage & Peripherals		271,675		—		—		271,675
Textiles, Apparel & Luxury Goods.		38,675		—		—		38,675
Thrifts & Mortgage Finance		10,597		—		—		10,597
Tobacco		70,435		—		—		70,435
Trading Companies & Distributors		24,375		—		—		24,375
Water Utilities		5,426		—		—		5,426
Wireless Telecommunication Services		4,482		—		—		4,482
Short-Term Investments		22,924		—		—		22,924
TOTAL INVESTMENTS	$	8,834,937	$	—	$	—	$	8,834,937

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		72	$	3,882		72		—		144	$	11,192	$	82	$	—
State Street Institutional Liquid Reserves Fund, Premier Class		13,279		13,279		58,353		71,632		—		—		22		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		63,692		47,477		16,215		16,215		14		—
State Street Navigator Securities Lending Government Money Market Portfolio*		736,824		736,824		1,545,866		2,275,981		6,709		6,709		296		—
TOTAL			$	753,985							$	34,116	$	414	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

271

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.0%
AAR Corp.		58	$	1,917
Aerojet Rocketdyne Holdings, Inc. (a)		88		1,580
Arconic, Inc.		525		9,733
B/E Aerospace, Inc. (b)		105		6,320
Boeing Co.		129		20,083
Cubic Corp.		8		384
Curtiss-Wright Corp.		69		6,787
Engility Holdings, Inc. (a)		4		135
Esterline Technologies Corp. (a)		15		1,338
General Dynamics Corp.		190		32,805
Huntington Ingalls Industries, Inc.		82		15,103
KLX, Inc. (a)		17		767
L3 Technologies, Inc. (a)		113		17,188
Lockheed Martin Corp.		256		63,985
Mercury Systems, Inc. (a) (b)		70		2,115
Moog, Inc. Class A (a)		4		263
Northrop Grumman Corp.		213		49,539
Orbital ATK, Inc.		14		1,228
Raytheon Co.		378		53,676
Rockwell Collins, Inc. (b)		53		4,916
TASER International, Inc. (a) (b)		80		1,939
Teledyne Technologies, Inc. (a)		51		6,273
Textron, Inc.		60		2,914
TransDigm Group, Inc.		82		20,415
Triumph Group, Inc. (b)		16		424
United Technologies Corp.		516		56,564
				378,391
AIR FREIGHT & LOGISTICS — 0.8%
Atlas Air Worldwide Holdings, Inc. (a)		36		1,877
C.H. Robinson Worldwide, Inc.		83		6,081
Expeditors International of Washington, Inc.		122		6,461
FedEx Corp.		270		50,274
Forward Air Corp.		40		1,895
Hub Group, Inc. Class A (a)		4		175
United Parcel Service, Inc. Class B		646		74,058
				140,821
AIRLINES — 0.1%
Alaska Air Group, Inc.		16		1,420
Allegiant Travel Co.		1		166
American Airlines Group, Inc. (b)		26		1,214
Delta Air Lines, Inc.		35		1,722
Hawaiian Holdings, Inc. (a)		92		5,244
JetBlue Airways Corp. (a)		14		314
SkyWest, Inc.		84		3,062
Southwest Airlines Co.		84		4,186
United Continental Holdings, Inc. (a)		45		3,280
				20,608
AUTO COMPONENTS — 0.1%
BorgWarner, Inc.		48		1,893
Cooper-Standard Holdings, Inc. (a)		31		3,205
Delphi Automotive PLC		33		2,223
Dorman Products, Inc. (a)		39		2,849
Gentex Corp.		167		3,288
Gentherm, Inc. (a)		5		169
Goodyear Tire & Rubber Co.		83		2,562
LCI Industries		43		4,633
Standard Motor Products, Inc.		20		1,065
Superior Industries International, Inc.		4		106
				21,993
AUTOMOBILES — 0.2%
Ford Motor Co.		524		6,356
General Motors Co.		442		15,399
Harley-Davidson, Inc. (b)		167		9,743
Thor Industries, Inc.		83		8,304
Winnebago Industries, Inc.		44		1,393
				41,195
BANKS — 3.7%
Associated Banc-Corp.		137		3,384
Banc of California, Inc.		86		1,492
BancorpSouth, Inc.		26		807
Bank of America Corp.		3,156		69,748
Bank of Hawaii Corp. (b)		41		3,636
Bank of the Ozarks, Inc.		25		1,315
Banner Corp.		27		1,507
BB&T Corp.		469		22,052
Boston Private Financial Holdings, Inc.		92		1,523
Brookline Bancorp, Inc.		32		525
Cathay General Bancorp		30		1,141
Chemical Financial Corp.		116		6,284
Citigroup, Inc.		642		38,154
Citizens Financial Group, Inc.		301		10,725
City Holding Co.		8		541
Columbia Banking System, Inc.		61		2,725
Comerica, Inc.		178		12,124
Commerce Bancshares, Inc.		81		4,683
Community Bank System, Inc. (b)		66		4,078
Cullen/Frost Bankers, Inc.		48		4,235
CVB Financial Corp. (b)		92		2,110
East West Bancorp, Inc.		32		1,627
Fifth Third Bancorp		714		19,257
First BanCorp (a)		76		502
First Financial Bancorp		28		797
First Financial Bankshares, Inc. (b)		76		3,435
First Horizon National Corp.		136		2,721
First Midwest Bancorp, Inc.		91		2,296
FNB Corp.		102		1,635
Fulton Financial Corp. (b)		192		3,610
Glacier Bancorp, Inc.		76		2,753
Great Western Bancorp, Inc. (b)		81		3,531
Hancock Holding Co.		116		5,000
Hanmi Financial Corp.		48		1,675
Home BancShares, Inc.		53		1,472
Hope Bancorp, Inc.		74		1,620
Huntington Bancshares, Inc.		146		1,930
Independent Bank Corp.		20		1,409
International Bancshares Corp.		20		816
JPMorgan Chase & Co.		2,391		206,319
KeyCorp		532		9,720
LegacyTexas Financial Group, Inc.		6		258
M&T Bank Corp.		63		9,855
MB Financial, Inc.		93		4,392
NBT Bancorp, Inc.		71		2,973
Old National Bancorp		100		1,815
PacWest Bancorp		25		1,361

See accompanying notes to financial statements.

272

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
People’s United Financial, Inc. (b)		152	$	2,943
Pinnacle Financial Partners, Inc.		36		2,495
PNC Financial Services Group, Inc.		239		27,953
PrivateBancorp, Inc.		92		4,985
Prosperity Bancshares, Inc.		66		4,737
Regions Financial Corp.		1,060		15,222
S&T Bancorp, Inc.		8		312
ServisFirst Bancshares, Inc.		70		2,621
Signature Bank (a)		3		451
Simmons First National Corp. Class A		9		559
Sterling Bancorp		112		2,621
SunTrust Banks, Inc.		422		23,147
SVB Financial Group (a)		7		1,202
Synovus Financial Corp.		60		2,465
TCF Financial Corp.		23		451
Texas Capital Bancshares, Inc. (a)		2		157
Tompkins Financial Corp. (b)		4		378
Trustmark Corp.		48		1,711
UMB Financial Corp.		71		5,475
Umpqua Holdings Corp.		143		2,685
United Bankshares, Inc.		32		1,480
United Community Banks, Inc.		28		829
US Bancorp		924		47,466
Valley National Bancorp (b)		203		2,363
Webster Financial Corp.		37		2,008
Wells Fargo & Co.		603		33,231
Westamerica Bancorporation (b)		12		755
Wintrust Financial Corp.		48		3,483
Zions Bancorp		175		7,532
				687,285
BEVERAGES — 1.7%
Boston Beer Co., Inc. Class A (a) (b)		5		849
Brown-Forman Corp. Class B		42		1,887
Coca-Cola Co.		1,887		78,235
Constellation Brands, Inc. Class A		274		42,007
Dr. Pepper Snapple Group, Inc.		107		9,702
Molson Coors Brewing Co. Class B		285		27,733
Monster Beverage Corp. (a)		306		13,568
PepsiCo, Inc.		1,334		139,576
				313,557
BIOTECHNOLOGY — 1.3%
AbbVie, Inc.		1,366		85,539
Acorda Therapeutics, Inc. (a)		13		244
Alexion Pharmaceuticals, Inc. (a)		10		1,224
Amgen, Inc.		628		91,820
Biogen, Inc. (a)		165		46,791
Celgene Corp. (a)		103		11,922
Emergent BioSolutions, Inc. (a)		51		1,675
Gilead Sciences, Inc.		59		4,225
Ligand Pharmaceuticals, Inc. (a)		18		1,829
MiMedx Group, Inc. (a) (b)		163		1,444
Momenta Pharmaceuticals, Inc. (a)		79		1,189
Regeneron Pharmaceuticals, Inc. (a)		3		1,101
Repligen Corp. (a)		5		154
Spectrum Pharmaceuticals, Inc. (a)		20		89
United Therapeutics Corp. (a) (b)		2		287
Vertex Pharmaceuticals, Inc. (a)		11		810
				250,343
BUILDING PRODUCTS — 0.7%
AAON, Inc.		54		1,785
Allegion PLC		73		4,672
American Woodmark Corp. (a)		23		1,731
AO Smith Corp.		226		10,701
Apogee Enterprises, Inc. (b)		6		321
Fortune Brands Home & Security, Inc.		158		8,447
Gibraltar Industries, Inc. (a)		20		833
Griffon Corp. (b)		20		524
Johnson Controls International PLC		1,459		60,096
Lennox International, Inc.		59		9,037
Masco Corp.		430		13,596
Quanex Building Products Corp.		44		893
Simpson Manufacturing Co., Inc. (b)		73		3,194
Trex Co., Inc. (a)		52		3,349
Universal Forest Products, Inc.		28		2,861
				122,040
CAPITAL MARKETS — 1.9%
Affiliated Managers Group, Inc. (a)		2		291
Ameriprise Financial, Inc.		22		2,441
Bank of New York Mellon Corp.		432		20,468
BlackRock, Inc. (b)		81		30,824
Calamos Asset Management, Inc. Class A		4		34
CBOE Holdings, Inc.		34		2,512
Charles Schwab Corp.		693		27,353
CME Group, Inc.		404		46,601
Donnelley Financial Solutions, Inc. (a)		10		230
E*TRADE Financial Corp. (a)		136		4,712
Eaton Vance Corp.		70		2,932
Evercore Partners, Inc. Class A		5		343
FactSet Research Systems, Inc. (b)		13		2,125
Federated Investors, Inc. Class B		21		594
Financial Engines, Inc. (b)		43		1,580
Franklin Resources, Inc.		66		2,612
Goldman Sachs Group, Inc. (b)		52		12,451
Greenhill & Co., Inc. (b)		11		305
Interactive Brokers Group, Inc. Class A (b)		23		840
Intercontinental Exchange, Inc.		500		28,210
Invesco, Ltd.		166		5,036
Investment Technology Group, Inc.		56		1,105
Janus Capital Group, Inc.		19		252
Legg Mason, Inc.		24		718
MarketAxess Holdings, Inc.		64		9,403
Moody’s Corp.		185		17,440
Morgan Stanley		587		24,801
MSCI, Inc.		147		11,581
Nasdaq, Inc.		147		9,867
Northern Trust Corp.		85		7,569
Piper Jaffray Cos. (a)		16		1,160
Raymond James Financial, Inc.		96		6,650
S&P Global, Inc.		455		48,931
SEI Investments Co.		32		1,579
State Street Corp. (c)		211		16,399
Stifel Financial Corp. (a)		27		1,349
T Rowe Price Group, Inc.		56		4,214
WisdomTree Investments, Inc. (b)		45		501
				356,013

See accompanying notes to financial statements.

273

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CHEMICALS — 2.1%
A Schulman, Inc.		20	$	669
AdvanSix, Inc. (a)		33		731
Air Products & Chemicals, Inc.		201		28,908
Albemarle Corp.		195		16,786
American Vanguard Corp.		40		766
Ashland Global Holdings, Inc.		47		5,137
Balchem Corp.		37		3,105
Cabot Corp.		80		4,043
CF Industries Holdings, Inc. (b)		11		346
Chemours Co.		318		7,025
Dow Chemical Co.		648		37,079
E.I. du Pont de Nemours & Co.		734		53,876
Eastman Chemical Co.		60		4,513
Ecolab, Inc.		128		15,004
Flotek Industries, Inc. (a) (b)		75		704
FMC Corp.		197		11,142
Hawkins, Inc.		4		216
HB Fuller Co.		75		3,623
Ingevity Corp. (a)		73		4,005
Innophos Holdings, Inc.		12		627
Innospec, Inc.		35		2,398
International Flavors & Fragrances, Inc.		124		14,611
Koppers Holdings, Inc. (a)		8		322
Kraton Corp. (a)		40		1,139
LSB Industries, Inc. (a) (b)		20		168
LyondellBasell Industries NV Class A		76		6,519
Minerals Technologies, Inc.		49		3,785
Monsanto Co.		445		46,818
Mosaic Co. (b)		44		1,291
NewMarket Corp.		10		4,238
Olin Corp. (b)		184		4,712
PolyOne Corp.		41		1,314
PPG Industries, Inc.		130		12,319
Praxair, Inc.		290		33,985
Quaker Chemical Corp.		27		3,454
Rayonier Advanced Materials, Inc.		1		15
RPM International, Inc.		184		9,905
Scotts Miracle-Gro Co. Class A		75		7,166
Sensient Technologies Corp.		59		4,636
Sherwin-Williams Co.		53		14,243
Stepan Co.		16		1,304
Tredegar Corp.		39		936
Valspar Corp.		118		12,226
				385,809
COMMERCIAL SERVICES & SUPPLIES — 0.7%
ABM Industries, Inc.		108		4,411
Brady Corp. Class A		77		2,891
Brink’s Co.		77		3,176
Cintas Corp.		112		12,943
Clean Harbors, Inc. (a)		44		2,449
Copart, Inc. (a)		173		9,586
Deluxe Corp.		32		2,291
G&K Services, Inc. Class A		20		1,929
Healthcare Services Group, Inc.		96		3,760
Herman Miller, Inc.		39		1,334
HNI Corp. (b)		29		1,622
Interface, Inc.		83		1,540
LSC Communications, Inc.		10		297
Matthews International Corp. Class A		24		1,844
Mobile Mini, Inc.		5		151
MSA Safety, Inc.		55		3,813
Pitney Bowes, Inc. (b)		46		699
Republic Services, Inc. Class A		300		17,115
Rollins, Inc.		124		4,189
RR Donnelley & Sons Co.		27		441
Stericycle, Inc. (a)		11		847
Tetra Tech, Inc.		91		3,927
UniFirst Corp. (b)		19		2,729
Viad Corp.		47		2,073
Waste Management, Inc.		594		42,120
				128,177
COMMUNICATIONS EQUIPMENT — 1.3%
ADTRAN, Inc.		76		1,699
ARRIS International PLC (a)		96		2,892
Bel Fuse, Inc. Class B		4		124
Black Box Corp.		4		61
Brocade Communications Systems, Inc.		187		2,336
CalAmp Corp. (a)		55		798
Ciena Corp. (a)		40		976
Cisco Systems, Inc.		5,548		167,661
F5 Networks, Inc. (a)		74		10,709
Harmonic, Inc. (a) (b)		171		855
Harris Corp.		160		16,395
InterDigital, Inc.		60		5,481
Ixia (a)		55		885
Juniper Networks, Inc.		10		283
Lumentum Holdings, Inc. (a)		70		2,705
Motorola Solutions, Inc.		163		13,511
NETGEAR, Inc. (a)		66		3,587
NetScout Systems, Inc. (a)		4		126
Plantronics, Inc.		25		1,369
ViaSat, Inc. (a)		65		4,304
Viavi Solutions, Inc. (a)		350		2,863
				239,620
CONSTRUCTION & ENGINEERING — 0.3%
AECOM (a)		101		3,672
Aegion Corp. (a)		44		1,043
Comfort Systems USA, Inc.		11		366
Dycom Industries, Inc. (a) (b)		25		2,007
EMCOR Group, Inc.		90		6,369
Fluor Corp.		130		6,828
Granite Construction, Inc.		57		3,135
Jacobs Engineering Group, Inc. (a)		200		11,400
KBR, Inc.		19		317
Orion Group Holdings, Inc. (a)		12		119
Quanta Services, Inc. (a)		263		9,166
Valmont Industries, Inc.		31		4,368
				48,790
CONSTRUCTION MATERIALS — 0.2%
Eagle Materials, Inc.		63		6,207
Martin Marietta Materials, Inc.		76		16,836
US Concrete, Inc. (a) (b)		24		1,572
Vulcan Materials Co.		171		21,401
				46,016

See accompanying notes to financial statements.

274

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
CONSUMER FINANCE — 0.3%
American Express Co.		180	$	13,334
Capital One Financial Corp.		157		13,697
Discover Financial Services		197		14,202
Enova International, Inc. (a)		17		213
Firstcash, Inc.		59		2,773
Green Dot Corp. Class A (a)		77		1,813
Navient Corp.		384		6,309
PRA Group, Inc. (a) (b)		36		1,408
SLM Corp. (a)		347		3,824
Synchrony Financial		178		6,456
World Acceptance Corp. (a)		15		964
				64,993
CONTAINERS & PACKAGING — 0.5%
AptarGroup, Inc.		48		3,526
Avery Dennison Corp.		130		9,129
Ball Corp.		255		19,143
Bemis Co., Inc.		129		6,169
Greif, Inc. Class A (b)		54		2,771
International Paper Co.		528		28,016
Myers Industries, Inc.		40		572
Packaging Corp. of America		138		11,705
Sealed Air Corp.		61		2,766
Silgan Holdings, Inc.		47		2,405
Sonoco Products Co.		165		8,695
WestRock Co.		146		7,412
				102,309
DISTRIBUTORS — 0.2%
Core-Mark Holding Co., Inc.		13		560
Genuine Parts Co.		165		15,764
LKQ Corp. (a)		423		12,965
Pool Corp.		55		5,739
				35,028
DIVERSIFIED CONSUMER SERVICES — 0.0% (d)
American Public Education, Inc. (a) (b)		4		98
Capella Education Co.		4		351
Career Education Corp. (a)		4		40
DeVry Education Group, Inc. (b)		5		156
Graham Holdings Co. Class B		1		512
H&R Block, Inc. (b)		10		230
Regis Corp. (a)		36		523
Service Corp. International		77		2,187
Sotheby’s (b)		57		2,272
				6,369
DIVERSIFIED FINANCIAL SERVICES — 1.3%
Berkshire Hathaway, Inc. Class B (a)		1,424		232,084
Leucadia National Corp.		125		2,906
				234,990
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.5%
AT&T, Inc.		9,498		403,950
ATN International, Inc.		8		641
CenturyLink, Inc.		364		8,656
Cincinnati Bell, Inc. (a)		65		1,453
Cogent Communications Holdings, Inc. (b)		52		2,150
Consolidated Communications Holdings, Inc. (b)		65		1,745
Frontier Communications Corp. (b)		281		950
General Communication, Inc. Class A (a)		8		156
Level 3 Communications, Inc. (a)		66		3,720
Verizon Communications, Inc.		4,496		239,996
				663,417
ELECTRIC UTILITIES — 2.8%
ALLETE, Inc. (b)		80		5,135
Alliant Energy Corp.		350		13,261
American Electric Power Co., Inc.		630		39,665
Duke Energy Corp.		821		63,726
Edison International		475		34,195
El Paso Electric Co.		62		2,883
Entergy Corp.		231		16,972
Eversource Energy		295		16,293
Exelon Corp.		1,346		47,770
FirstEnergy Corp.		391		12,109
Great Plains Energy, Inc.		104		2,844
Hawaiian Electric Industries, Inc.		109		3,605
IDACORP, Inc.		77		6,202
NextEra Energy, Inc. (b)		680		81,233
OGE Energy Corp.		222		7,426
PG&E Corp.		639		38,832
Pinnacle West Capital Corp.		163		12,719
PNM Resources, Inc.		123		4,219
PPL Corp.		451		15,357
Southern Co. (b)		1,253		61,635
Westar Energy, Inc.		230		12,960
Xcel Energy, Inc.		697		28,368
				527,409
ELECTRICAL EQUIPMENT — 0.8%
Acuity Brands, Inc.		61		14,082
AMETEK, Inc.		53		2,576
AZZ, Inc.		51		3,259
Eaton Corp. PLC		663		44,481
Emerson Electric Co.		882		49,171
Encore Wire Corp.		8		347
EnerSys		49		3,827
General Cable Corp. (b)		3		57
Hubbell, Inc.		58		6,769
Powell Industries, Inc.		8		312
Regal Beloit Corp.		29		2,008
Rockwell Automation, Inc. (b)		155		20,832
				147,721
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.0%
Agilysys, Inc. (a)		4		41
Amphenol Corp. Class A		451		30,307
Anixter International, Inc. (a)		9		729
Arrow Electronics, Inc. (a)		92		6,560
Avnet, Inc.		30		1,428
Badger Meter, Inc.		16		591
Belden, Inc.		32		2,393
Benchmark Electronics, Inc. (a)		79		2,409
Cognex Corp. (b)		148		9,416
Coherent, Inc. (a)		41		5,633
Corning, Inc.		1,551		37,643
CTS Corp.		16		358
Daktronics, Inc.		8		86

See accompanying notes to financial statements.

275

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Electro Scientific Industries, Inc. (a)		4	$	24
Fabrinet (a)		52		2,096
FARO Technologies, Inc. (a)		31		1,116
FLIR Systems, Inc.		202		7,310
II-VI, Inc. (a)		104		3,084
Insight Enterprises, Inc. (a)		53		2,143
IPG Photonics Corp. (a)		11		1,086
Itron, Inc. (a)		76		4,777
Jabil Circuit, Inc.		42		994
Keysight Technologies, Inc. (a)		83		3,035
Knowles Corp. (a) (b)		40		668
Littelfuse, Inc.		34		5,160
Methode Electronics, Inc.		61		2,522
MTS Systems Corp.		24		1,361
National Instruments Corp.		36		1,110
Plexus Corp. (a)		28		1,513
Rogers Corp. (a)		24		1,843
Sanmina Corp. (a)		92		3,372
SYNNEX Corp.		41		4,962
TE Connectivity, Ltd.		174		12,055
Tech Data Corp. (a)		51		4,319
Trimble, Inc. (a)		388		11,698
TTM Technologies, Inc. (a) (b)		158		2,154
VeriFone Systems, Inc. (a)		67		1,188
Vishay Intertechnology, Inc.		265		4,293
Zebra Technologies Corp. Class A (a)		7		600
				182,077
ENERGY EQUIPMENT & SERVICES — 1.0%
Archrock, Inc. (b)		9		119
Atwood Oceanics, Inc. (b)		7		92
Baker Hughes, Inc.		172		11,175
CARBO Ceramics, Inc. (a)		24		251
Diamond Offshore Drilling, Inc. (b)		3		53
Ensco PLC Class A		31		301
Era Group, Inc. (a)		4		68
Exterran Corp. (a)		4		96
FMC Technologies, Inc. (a)		29		1,030
Geospace Technologies Corp. (a)		3		61
Gulf Island Fabrication, Inc.		4		48
Halliburton Co.		1,103		59,661
Helix Energy Solutions Group, Inc. (a)		189		1,667
Helmerich & Payne, Inc. (b)		149		11,532
Hornbeck Offshore Services, Inc. (a) (b)		3		22
Matrix Service Co. (a)		4		91
Nabors Industries, Ltd.		419		6,872
National Oilwell Varco, Inc. (b)		186		6,964
Noble Corp. PLC		11		65
Oil States International, Inc. (a)		24		936
Patterson-UTI Energy, Inc. (b)		243		6,541
Pioneer Energy Services Corp. (a)		139		952
Rowan Cos. PLC Class A (b)		16		302
Schlumberger, Ltd.		804		67,496
Superior Energy Services, Inc.		252		4,254
TETRA Technologies, Inc. (a)		144		723
Tidewater, Inc. (b)		13		44
Unit Corp. (a)		93		2,499
US Silica Holdings, Inc.		110		6,235
				190,150
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.0% (d)
CoreCivic, Inc. REIT		67		1,639
Cousins Properties, Inc. REIT		252		2,144
Parkway, Inc. REIT (a)		31		690
Quality Care Properties, Inc. REIT (a)		78		1,209
				5,682
FOOD & STAPLES RETAILING — 1.6%
Andersons, Inc.		3		134
Casey’s General Stores, Inc.		44		5,231
Costco Wholesale Corp.		174		27,859
CVS Health Corp.		236		18,623
Kroger Co.		45		1,553
SpartanNash Co.		8		316
Sprouts Farmers Market, Inc. (a) (b)		56		1,059
SUPERVALU, Inc. (a)		246		1,149
Sysco Corp.		745		41,251
United Natural Foods, Inc. (a)		37		1,766
Wal-Mart Stores, Inc.		2,475		171,072
Walgreens Boots Alliance, Inc.		346		28,635
Whole Foods Market, Inc.		129		3,968
				302,616
FOOD PRODUCTS — 1.9%
Archer-Daniels-Midland Co.		182		8,308
B&G Foods, Inc.		93		4,073
Cal-Maine Foods, Inc. (b)		40		1,767
Calavo Growers, Inc. (b)		8		491
Campbell Soup Co.		182		11,006
Conagra Brands, Inc.		535		21,159
Darling Ingredients, Inc. (a)		198		2,556
Dean Foods Co.		75		1,634
Flowers Foods, Inc.		41		819
General Mills, Inc.		607		37,494
Hain Celestial Group, Inc. (a)		13		507
Hershey Co.		131		13,549
Hormel Foods Corp. (b)		300		10,443
Ingredion, Inc.		117		14,620
J&J Snack Foods Corp.		7		934
J.M. Smucker Co.		150		19,209
Kellogg Co.		257		18,944
Kraft Heinz Co. (b)		816		71,253
Lamb Weston Holdings, Inc. (a)		178		6,737
Lancaster Colony Corp.		24		3,393
McCormick & Co., Inc.		168		15,680
Mead Johnson Nutrition Co.		74		5,236
Mondelez International, Inc. Class A		620		27,485
Post Holdings, Inc. (a)		103		8,280
Sanderson Farms, Inc. (b)		29		2,733
Seneca Foods Corp. Class A (a)		12		481
Snyder’s-Lance, Inc. (b)		29		1,112
Tootsie Roll Industries, Inc. (b)		12		477
TreeHouse Foods, Inc. (a) (b)		29		2,094
Tyson Foods, Inc. Class A		515		31,765
WhiteWave Foods Co. (a)		291		16,180
				360,419
GAS UTILITIES — 0.3%
Atmos Energy Corp.		152		11,271
National Fuel Gas Co.		79		4,475

See accompanying notes to financial statements.

276

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
New Jersey Resources Corp.		105	$	3,727
Northwest Natural Gas Co.		47		2,811
ONE Gas, Inc.		90		5,756
South Jersey Industries, Inc.		111		3,740
Southwest Gas Corp.		73		5,593
Spire, Inc.		48		3,098
UGI Corp.		282		12,995
WGL Holdings, Inc.		26		1,983
				55,449
HEALTH CARE EQUIPMENT & SUPPLIES — 3.8%
Abaxis, Inc. (b)		24		1,266
Abbott Laboratories		456		17,515
Abiomed, Inc. (a)		73		8,226
Align Technology, Inc. (a)		119		11,439
Analogic Corp. (b)		7		581
Baxter International, Inc.		801		35,516
Becton Dickinson and Co.		348		57,611
Boston Scientific Corp. (a)		2,224		48,105
C.R. Bard, Inc.		107		24,039
Cantel Medical Corp.		49		3,859
CONMED Corp.		6		265
Cooper Cos., Inc.		63		11,021
CryoLife, Inc.		36		689
Cynosure, Inc. Class A (a)		37		1,687
Danaher Corp.		614		47,794
DENTSPLY SIRONA, Inc.		94		5,427
Edwards Lifesciences Corp. (a)		367		34,388
Haemonetics Corp. (a)		16		643
Halyard Health, Inc. (a)		58		2,145
Hill-Rom Holdings, Inc.		83		4,660
Hologic, Inc. (a)		112		4,493
ICU Medical, Inc. (a)		20		2,947
IDEXX Laboratories, Inc. (a)		155		18,177
Integer Holdings Corp. (a) (b)		12		353
Integra LifeSciences Holdings Corp. (a)		55		4,718
Intuitive Surgical, Inc. (a)		66		41,855
LivaNova PLC (a)		13		585
Masimo Corp. (a)		69		4,651
Medtronic PLC		1,890		134,625
Meridian Bioscience, Inc.		20		354
Merit Medical Systems, Inc. (a)		20		530
Natus Medical, Inc. (a)		7		244
Neogen Corp. (a)		28		1,848
NuVasive, Inc. (a) (b)		71		4,783
ResMed, Inc. (b)		144		8,935
St. Jude Medical, Inc.		466		37,368
STERIS PLC		57		3,841
Stryker Corp. (b)		453		54,274
Surmodics, Inc. (a)		20		508
Teleflex, Inc.		68		10,958
Varian Medical Systems, Inc. (a)		145		13,018
West Pharmaceutical Services, Inc.		108		9,162
Zeltiq Aesthetics, Inc. (a)		39		1,697
Zimmer Biomet Holdings, Inc.		309		31,889
				708,689
HEALTH CARE PROVIDERS & SERVICES — 2.3%
Aetna, Inc.		171		21,206
Air Methods Corp. (a) (b)		4		127
Almost Family, Inc. (a)		4		176
Amedisys, Inc. (a)		34		1,449
AmerisourceBergen Corp.		25		1,955
AMN Healthcare Services, Inc. (a) (b)		68		2,615
Anthem, Inc. (b)		59		8,482
Cardinal Health, Inc.		100		7,197
Centene Corp. (a)		175		9,889
Chemed Corp. (b)		8		1,283
Cigna Corp.		103		13,739
Community Health Systems, Inc. (a) (b)		16		89
Cross Country Healthcare, Inc. (a)		4		62
DaVita, Inc. (a)		23		1,477
Ensign Group, Inc.		48		1,066
Envision Healthcare Corp. (a)		18		1,139
Express Scripts Holding Co. (a)		29		1,995
HCA Holdings, Inc. (a)		275		20,355
HealthEquity, Inc. (a)		57		2,310
Healthways, Inc. (a) (b)		52		1,183
Henry Schein, Inc. (a)		62		9,406
Humana, Inc.		60		12,242
Kindred Healthcare, Inc.		29		228
Laboratory Corp. of America Holdings (a)		104		13,352
Landauer, Inc.		8		385
LHC Group, Inc. (a)		12		548
LifePoint Health, Inc. (a)		21		1,193
Magellan Health, Inc. (a)		32		2,408
McKesson Corp. (b)		70		9,832
MEDNAX, Inc. (a) (b)		45		3,000
Molina Healthcare, Inc. (a) (b)		2		109
Owens & Minor, Inc.		27		953
Patterson Cos., Inc. (b)		35		1,436
PharMerica Corp. (a)		13		327
Quest Diagnostics, Inc.		228		20,953
Quorum Health Corp. (a)		3		22
Select Medical Holdings Corp. (a) (b)		152		2,014
Surgical Care Affiliates, Inc. (a)		39		1,805
Tenet Healthcare Corp. (a)		4		59
UnitedHealth Group, Inc.		1,387		221,975
Universal Health Services, Inc. Class B		44		4,681
VCA, Inc. (a)		133		9,130
WellCare Health Plans, Inc. (a)		76		10,418
				424,270
HEALTH CARE TECHNOLOGY — 0.1%
Allscripts Healthcare Solutions, Inc. (a)		142		1,450
Cerner Corp. (a) (b)		67		3,174
Computer Programs & Systems, Inc.		4		94
HealthStream, Inc. (a)		32		802
HMS Holdings Corp. (a)		146		2,651
Medidata Solutions, Inc. (a)		91		4,520
Omnicell, Inc. (a)		65		2,203
Quality Systems, Inc.		47		618
				15,512
HOTELS, RESTAURANTS & LEISURE — 1.1%
BJ’s Restaurants, Inc. (a)		35		1,376
Bob Evans Farms, Inc.		28		1,490
Boyd Gaming Corp. (a)		37		746
Brinker International, Inc. (b)		62		3,071
Buffalo Wild Wings, Inc. (a)		5		772

See accompanying notes to financial statements.

277

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Carnival Corp.		97	$	5,050
Cheesecake Factory, Inc.		14		838
Chipotle Mexican Grill, Inc. Class A (a) (b)		5		1,887
Cracker Barrel Old Country Store, Inc. (b)		12		2,004
Darden Restaurants, Inc.		141		10,254
DineEquity, Inc.		3		231
Domino’s Pizza, Inc.		84		13,376
Dunkin’ Brands Group, Inc. (b)		151		7,918
ILG, Inc.		93		1,690
International Speedway Corp. Class A		24		883
Jack in the Box, Inc.		54		6,029
Marcus Corp.		4		126
Marriott International, Inc. Class A		72		5,953
Marriott Vacations Worldwide Corp. (b)		23		1,952
McDonald’s Corp.		550		66,946
Panera Bread Co. Class A (a) (b)		17		3,487
Papa John’s International, Inc.		30		2,567
Popeyes Louisiana Kitchen, Inc. (a)		15		907
Red Robin Gourmet Burgers, Inc. (a)		16		902
Royal Caribbean Cruises, Ltd.		22		1,805
Ruby Tuesday, Inc. (a)		4		13
Ruth’s Hospitality Group, Inc.		48		878
Scientific Games Corp. Class A (a) (b)		80		1,120
Sonic Corp.		14		371
Starbucks Corp.		196		10,882
Texas Roadhouse, Inc.		92		4,438
Wendy’s Co. (b)		339		4,583
Wyndham Worldwide Corp. (b)		16		1,222
Wynn Resorts, Ltd. (b)		138		11,938
Yum! Brands, Inc.		570		36,098
				213,803
HOUSEHOLD DURABLES — 0.5%
CalAtlantic Group, Inc. (b)		17		578
D.R. Horton, Inc.		197		5,384
Ethan Allen Interiors, Inc. (b)		16		590
Garmin, Ltd. (b)		200		9,698
Harman International Industries, Inc.		3		333
Helen of Troy, Ltd. (a)		5		422
iRobot Corp. (a) (b)		49		2,864
KB Home (b)		39		617
La-Z-Boy, Inc.		1		31
Leggett & Platt, Inc.		79		3,862
Lennar Corp. Class A		57		2,447
M/I Homes, Inc. (a) (b)		32		806
MDC Holdings, Inc.		15		385
Meritage Homes Corp. (a)		19		661
Mohawk Industries, Inc. (a)		31		6,190
Newell Brands, Inc.		746		33,309
NVR, Inc. (a)		2		3,338
PulteGroup, Inc.		318		5,845
Tempur Sealy International, Inc. (a) (b)		8		546
Toll Brothers, Inc. (a)		7		217
TopBuild Corp. (a)		54		1,922
Tupperware Brands Corp. (b)		62		3,262
Universal Electronics, Inc. (a) (b)		25		1,614
Whirlpool Corp.		44		7,998
				92,919
HOUSEHOLD PRODUCTS — 2.3%
Central Garden & Pet Co. Class A (a)		56		1,730
Church & Dwight Co., Inc. (b)		308		13,611
Clorox Co.		75		9,002
Colgate-Palmolive Co.		984		64,393
Energizer Holdings, Inc.		84		3,747
Kimberly-Clark Corp.		302		34,464
Procter & Gamble Co.		3,672		308,742
WD-40 Co.		16		1,870
				437,559
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
AES Corp.		967		11,237
NRG Energy, Inc.		43		527
				11,764
INDUSTRIAL CONGLOMERATES — 2.3%
3M Co.		720		128,571
Carlisle Cos., Inc.		89		9,816
General Electric Co.		5,872		185,555
Honeywell International, Inc.		907		105,076
Roper Technologies, Inc.		41		7,506
				436,524
INSURANCE — 2.7%
Aflac, Inc.		498		34,661
Alleghany Corp. (a)		10		6,081
Allstate Corp.		411		30,463
American Equity Investment Life Holding Co.		4		90
American Financial Group, Inc.		56		4,935
American International Group, Inc.		319		20,834
AMERISAFE, Inc.		20		1,247
Aon PLC		387		43,162
Arthur J Gallagher & Co.		244		12,678
Aspen Insurance Holdings, Ltd.		35		1,925
Assurant, Inc.		78		7,243
Brown & Brown, Inc.		153		6,864
Chubb, Ltd.		513		67,778
Cincinnati Financial Corp.		241		18,256
eHealth, Inc. (a) (b)		24		256
Employers Holdings, Inc.		24		950
Endurance Specialty Holdings, Ltd.		36		3,326
Everest Re Group, Ltd.		41		8,872
First American Financial Corp.		83		3,040
Genworth Financial, Inc. Class A (a)		347		1,322
Hanover Insurance Group, Inc.		11		1,001
Hartford Financial Services Group, Inc.		121		5,766
Horace Mann Educators Corp.		56		2,397
Infinity Property & Casualty Corp.		4		352
Kemper Corp. (b)		44		1,949
Lincoln National Corp.		53		3,512
Loews Corp.		307		14,377
Marsh & McLennan Cos., Inc.		756		51,098
Mercury General Corp.		44		2,649
MetLife, Inc.		244		13,149
Navigators Group, Inc.		4		471
Old Republic International Corp.		123		2,337
Primerica, Inc.		49		3,388
Principal Financial Group, Inc.		202		11,688
ProAssurance Corp.		32		1,798

See accompanying notes to financial statements.

278

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Progressive Corp.		234	$	8,307
Prudential Financial, Inc.		213		22,165
Reinsurance Group of America, Inc.		94		11,828
RenaissanceRe Holdings, Ltd. (b)		44		5,994
RLI Corp.		50		3,157
Safety Insurance Group, Inc.		8		590
Selective Insurance Group, Inc.		75		3,229
Stewart Information Services Corp.		28		1,290
Torchmark Corp.		105		7,745
Travelers Cos., Inc.		166		20,322
United Fire Group, Inc.		32		1,573
Universal Insurance Holdings, Inc. (b)		55		1,562
Unum Group.		116		5,096
Willis Towers Watson PLC		144		17,608
WR Berkley Corp. (b)		62		4,124
XL Group, Ltd.		63		2,347
				506,852
INTERNET & CATALOG RETAIL — 2.9%
Amazon.com, Inc. (a)		645		483,666
Expedia, Inc. (b)		17		1,926
FTD Cos., Inc. (a)		36		858
HSN, Inc.		4		137
Netflix, Inc. (a)		95		11,761
Nutrisystem, Inc.		62		2,148
PetMed Express, Inc.		8		185
Priceline Group, Inc. (a)		24		35,186
TripAdvisor, Inc. (a)		25		1,159
				537,026
INTERNET SOFTWARE & SERVICES — 5.0%
Akamai Technologies, Inc. (a)		23		1,534
Alphabet, Inc. Class A (a)		247		195,735
Alphabet, Inc. Class C (a)		274		211,479
Blucora, Inc. (a)		68		1,003
comScore, Inc. (a)		51		1,611
DHI Group, Inc. (a)		4		25
eBay, Inc. (a)		1,346		39,963
Facebook, Inc. Class A (a)		3,628		417,401
j2 Global, Inc. (b)		18		1,472
Liquidity Services, Inc. (a)		3		29
LivePerson, Inc. (a) (b)		76		574
LogMeIn, Inc.		45		4,345
NIC, Inc.		59		1,410
Shutterstock, Inc. (a)		35		1,663
Stamps.com, Inc. (a) (b)		25		2,866
VeriSign, Inc. (a) (b)		38		2,891
WebMD Health Corp. (a)		64		3,172
XO Group, Inc. (a)		4		78
Yahoo!, Inc. (a)		1,276		49,343
				936,594
IT SERVICES — 3.7%
Accenture PLC Class A		742		86,911
Acxiom Corp. (a)		84		2,251
Alliance Data Systems Corp.		3		686
Automatic Data Processing, Inc.		263		27,031
Broadridge Financial Solutions, Inc.		142		9,415
CACI International, Inc. Class A (a)		15		1,865
Cardtronics PLC Class A (a)		83		4,529
Ciber, Inc. (a)		16		10
Cognizant Technology Solutions Corp. Class A (a)		29		1,625
Computer Sciences Corp.		241		14,320
Convergys Corp.		134		3,291
CoreLogic, Inc. (a)		59		2,173
CSG Systems International, Inc.		52		2,517
CSRA, Inc.		67		2,133
DST Systems, Inc.		21		2,250
ExlService Holdings, Inc. (a)		54		2,724
Fidelity National Information Services, Inc.		247		18,683
Fiserv, Inc. (a)		108		11,478
Gartner, Inc. (a)		34		3,436
Global Payments, Inc.		157		10,897
International Business Machines Corp.		1,113		184,747
Jack Henry & Associates, Inc.		81		7,191
Leidos Holdings, Inc.		184		9,410
MasterCard, Inc. Class A		551		56,891
MAXIMUS, Inc.		14		781
NeuStar, Inc. Class A (a)		19		635
Paychex, Inc. (b)		384		23,378
PayPal Holdings, Inc. (a)		1,240		48,943
Perficient, Inc. (a)		36		630
Science Applications International Corp.		78		6,614
Sykes Enterprises, Inc. (a)		60		1,732
TeleTech Holdings, Inc.		4		122
Teradata Corp. (a) (b)		124		3,369
Total System Services, Inc.		38		1,863
Virtusa Corp. (a) (b)		51		1,281
Visa, Inc. Class A (b)		1,415		110,398
Western Union Co. (b)		499		10,838
WEX, Inc. (a)		53		5,915
Xerox Corp.		873		7,621
				690,584
LEISURE EQUIPMENT & PRODUCTS — 0.2%
Arctic Cat, Inc.		20		300
Brunswick Corp.		44		2,400
Callaway Golf Co.		28		307
Hasbro, Inc.		76		5,912
Mattel, Inc. (b)		591		16,282
Polaris Industries, Inc. (b)		13		1,071
Sturm Ruger & Co., Inc. (b)		32		1,686
Vista Outdoor, Inc. (a)		41		1,513
				29,471
LIFE SCIENCES TOOLS & SERVICES — 1.0%
Agilent Technologies, Inc.		504		22,962
Bio-Rad Laboratories, Inc. Class A (a)		29		5,286
Bio-Techne Corp.		58		5,964
Cambrex Corp. (a)		9		486
Charles River Laboratories International, Inc. (a)		78		5,943
Illumina, Inc. (a)		227		29,065
Mettler-Toledo International, Inc. (a)		46		19,254
PAREXEL International Corp. (a) (b)		35		2,300
PerkinElmer, Inc. (b)		72		3,755
Thermo Fisher Scientific, Inc.		574		80,991
Waters Corp. (a)		118		15,858
				191,864

See accompanying notes to financial statements.

279

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
MACHINERY — 2.7%
AGCO Corp. (b)		47	$	2,719
Albany International Corp. Class A		40		1,852
Astec Industries, Inc.		43		2,901
Barnes Group, Inc.		49		2,324
Briggs & Stratton Corp. (b)		60		1,336
Caterpillar, Inc. (b)		903		83,744
Chart Industries, Inc. (a)		55		1,981
CLARCOR, Inc.		81		6,680
Crane Co.		79		5,698
Cummins, Inc.		254		34,714
Deere & Co. (b)		294		30,294
Donaldson Co., Inc.		208		8,753
Dover Corp.		186		13,937
EnPro Industries, Inc.		36		2,425
ESCO Technologies, Inc.		32		1,813
Federal Signal Corp.		80		1,249
Flowserve Corp.		75		3,604
Fortive Corp.		386		20,701
Franklin Electric Co., Inc.		46		1,789
Graco, Inc.		28		2,327
Harsco Corp.		59		802
Hillenbrand, Inc.		71		2,723
IDEX Corp.		112		10,087
Illinois Tool Works, Inc.		522		63,924
Ingersoll-Rand PLC		309		23,187
ITT, Inc.		22		849
John Bean Technologies Corp.		51		4,383
Joy Global, Inc.		172		4,816
Kennametal, Inc.		36		1,125
Lincoln Electric Holdings, Inc.		49		3,757
Lindsay Corp.		12		895
Lydall, Inc. (a)		20		1,237
Mueller Industries, Inc.		13		519
Nordson Corp.		92		10,309
Oshkosh Corp.		121		7,818
PACCAR, Inc.		419		26,774
Parker-Hannifin Corp.		196		27,440
Pentair PLC		200		11,214
Proto Labs, Inc. (a) (b)		26		1,335
Snap-on, Inc.		13		2,227
SPX Corp. (a)		17		403
SPX FLOW, Inc. (a)		17		545
Standex International Corp.		12		1,054
Stanley Black & Decker, Inc.		193		22,135
Tennant Co.		31		2,207
Terex Corp.		181		5,707
Timken Co.		43		1,707
Toro Co.		158		8,840
Trinity Industries, Inc.		20		555
Wabtec Corp. (b)		21		1,743
Watts Water Technologies, Inc. Class A		28		1,826
Woodward, Inc.		97		6,698
Xylem, Inc.		295		14,608
				504,290
MARINE — 0.0% (d)
Kirby Corp. (a)		1		67
Matson, Inc.		6		212
				279
MEDIA — 2.1%
AMC Networks, Inc. Class A (a)		13		680
Cable One, Inc. (b)		8		4,974
CBS Corp. Class B (b)		522		33,210
Charter Communications, Inc. Class A (a)		354		101,924
Cinemark Holdings, Inc.		119		4,565
Comcast Corp. Class A		1,803		124,497
Discovery Communications, Inc. Class A (a) (b)		9		247
Discovery Communications, Inc. Class C (a)		80		2,142
EW Scripps Co. Class A (a) (b)		32		619
Gannett Co., Inc.		14		136
Interpublic Group of Cos., Inc.		163		3,816
John Wiley & Sons, Inc. Class A		25		1,362
Live Nation Entertainment, Inc. (a)		45		1,197
Meredith Corp.		35		2,070
News Corp. Class A		49		562
Omnicom Group, Inc. (b)		284		24,171
Scholastic Corp.		24		1,140
Scripps Networks Interactive, Inc. Class A (b)		54		3,854
TEGNA, Inc.		14		299
Time Warner, Inc.		653		63,034
Time, Inc.		51		910
Twenty-First Century Fox, Inc. Class A		51		1,430
Twenty-First Century Fox, Inc. Class B		25		681
Viacom, Inc. Class B		17		597
Walt Disney Co. (b)		197		20,531
				398,648
METALS & MINING — 0.7%
AK Steel Holding Corp. (a) (b)		610		6,228
Allegheny Technologies, Inc. (b)		173		2,756
Carpenter Technology Corp. (b)		74		2,677
Century Aluminum Co. (a) (b)		81		693
Commercial Metals Co.		140		3,049
Compass Minerals International, Inc.		21		1,645
Freeport-McMoRan, Inc. (a)		279		3,680
Kaiser Aluminum Corp.		20		1,554
Materion Corp.		4		158
Newmont Mining Corp.		921		31,379
Nucor Corp.		465		27,677
Reliance Steel & Aluminum Co.		119		9,465
Royal Gold, Inc. (b)		113		7,159
Steel Dynamics, Inc. (b)		380		13,520
Stillwater Mining Co. (a)		189		3,045
SunCoke Energy, Inc.		3		34
TimkenSteel Corp. (a) (b)		21		325
United States Steel Corp. (b)		295		9,738
Worthington Industries, Inc.		90		4,270
				129,052
MULTI-UTILITIES — 1.4%
Ameren Corp.		291		15,266
Avista Corp.		102		4,079
Black Hills Corp.		79		4,846
CenterPoint Energy, Inc.		710		17,494
CMS Energy Corp.		384		15,982
Consolidated Edison, Inc.		391		28,809
Dominion Resources, Inc.		526		40,286
DTE Energy Co.		230		22,657
MDU Resources Group, Inc.		322		9,264

See accompanying notes to financial statements.

280

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
NiSource, Inc.		548	$	12,133
NorthWestern Corp.		70		3,981
Public Service Enterprise Group, Inc.		337		14,788
SCANA Corp.		232		17,001
Sempra Energy		188		18,920
Vectren Corp.		120		6,258
WEC Energy Group, Inc.		433		25,396
				257,160
MULTILINE RETAIL — 0.3%
Big Lots, Inc. (b)		50		2,510
Dollar General Corp.		150		11,110
Dollar Tree, Inc. (a)		344		26,550
Fred’s, Inc. Class A (b)		28		520
JC Penney Co., Inc. (a) (b)		288		2,393
Kohl’s Corp. (b)		73		3,605
Macy’s, Inc.		13		466
Nordstrom, Inc. (b)		5		240
Target Corp.		128		9,245
Tuesday Morning Corp. (a)		68		367
				57,006
OIL, GAS & CONSUMABLE FUELS — 5.8%
Anadarko Petroleum Corp.		170		11,854
Apache Corp.		654		41,509
Bill Barrett Corp. (a)		76		531
Cabot Oil & Gas Corp.		640		14,950
Carrizo Oil & Gas, Inc. (a) (b)		12		448
Chesapeake Energy Corp. (a) (b)		11		77
Chevron Corp.		2,414		284,128
Cimarex Energy Co.		114		15,493
Cloud Peak Energy, Inc. (a) (b)		59		331
Concho Resources, Inc. (a)		182		24,133
ConocoPhillips		166		8,323
CONSOL Energy, Inc.		309		5,633
Devon Energy Corp.		395		18,040
Energen Corp.		40		2,307
EOG Resources, Inc.		637		64,401
EQT Corp.		161		10,529
Exxon Mobil Corp.		3,841		346,689
Green Plains, Inc. (b)		13		362
Gulfport Energy Corp. (a)		61		1,320
Hess Corp. (b)		109		6,790
HollyFrontier Corp. (b)		8		262
Kinder Morgan, Inc.		258		5,343
Marathon Oil Corp.		28		485
Marathon Petroleum Corp.		24		1,208
Murphy Oil Corp. (b)		123		3,829
Newfield Exploration Co. (a)		168		6,804
Noble Energy, Inc.		211		8,031
Northern Oil and Gas, Inc. (a) (b)		4		11
Occidental Petroleum Corp.		372		26,498
ONEOK, Inc.		346		19,864
PDC Energy, Inc. (a)		61		4,427
Phillips 66 (b)		99		8,555
Pioneer Natural Resources Co.		292		52,580
QEP Resources, Inc.		369		6,793
Range Resources Corp.		309		10,617
SM Energy Co.		106		3,655
Southwestern Energy Co. (a)		769		8,321
Spectra Energy Corp.		1,208		49,637
Synergy Resources Corp. (a) (b)		45		401
Tesoro Corp.		16		1,399
Valero Energy Corp.		63		4,304
Western Refining, Inc.		3		114
Williams Cos., Inc.		93		2,896
World Fuel Services Corp.		42		1,928
WPX Energy, Inc. (a)		599		8,727
				1,094,537
PAPER & FOREST PRODUCTS — 0.0% (d)
Boise Cascade Co. (a)		54		1,215
Clearwater Paper Corp. (a)		24		1,573
Deltic Timber Corp.		4		308
Domtar Corp.		29		1,132
KapStone Paper and Packaging Corp.		5		110
Louisiana-Pacific Corp. (a)		98		1,855
Neenah Paper, Inc.		28		2,386
Schweitzer-Mauduit International, Inc.		12		547
				9,126
PERSONAL PRODUCTS — 0.1%
Avon Products, Inc.		765		3,855
Coty, Inc. Class A		25		458
Edgewell Personal Care Co. (a)		8		584
Estee Lauder Cos., Inc. Class A		225		17,210
Inter Parfums, Inc.		4		131
Medifast, Inc.		20		833
				23,071
PHARMACEUTICALS — 4.6%
Akorn, Inc. (a)		4		87
Allergan PLC (a)		18		3,780
Bristol-Myers Squibb Co.		223		13,032
Catalent, Inc. (a)		56		1,510
Depomed, Inc. (a) (b)		109		1,964
Eli Lilly & Co.		476		35,010
Endo International PLC (a)		28		461
Impax Laboratories, Inc. (a)		3		40
Johnson & Johnson.		3,734		430,194
Lannett Co., Inc. (a) (b)		4		88
Mallinckrodt PLC (a)		82		4,085
Medicines Co. (a) (b)		84		2,851
Merck & Co., Inc.		3,538		208,282
Mylan NV (a) (b)		57		2,175
Nektar Therapeutics (a) (b)		152		1,865
Perrigo Co. PLC		6		499
Pfizer, Inc.		3,480		113,031
Prestige Brands Holdings, Inc. (a)		23		1,198
Supernus Pharmaceuticals, Inc. (a)		90		2,273
Zoetis, Inc.		722		38,649
				861,074
PROFESSIONAL SERVICES — 0.4%
CDI Corp.		20		148
CEB, Inc.		21		1,273
Dun & Bradstreet Corp.		54		6,551
Equifax, Inc.		185		21,873
Exponent, Inc.		24		1,447
FTI Consulting, Inc. (a)		35		1,578
Insperity, Inc.		35		2,483

See accompanying notes to financial statements.

281

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Korn/Ferry International		23	$	677
ManpowerGroup, Inc.		3		267
Nielsen Holdings PLC		402		16,864
On Assignment, Inc. (a)		28		1,236
Resources Connection, Inc.		40		770
Robert Half International, Inc.		17		829
TrueBlue, Inc. (a)		36		887
Verisk Analytics, Inc. Class A (a)		174		14,124
WageWorks, Inc. (a)		37		2,682
				73,689
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.2%
Acadia Realty Trust		96		3,137
Agree Realty Corp.		39		1,796
Alexandria Real Estate Equities, Inc. (b)		121		13,447
American Assets Trust, Inc. REIT		9		388
American Campus Communities, Inc.		227		11,298
American Tower Corp. REIT		470		49,670
Apartment Investment & Management Co. Class A REIT		230		10,453
AvalonBay Communities, Inc.		79		13,995
Boston Properties, Inc. REIT		160		20,125
Camden Property Trust		111		9,332
Care Capital Properties, Inc.		26		650
CareTrust REIT, Inc.		32		490
Cedar Realty Trust, Inc.		80		522
Chesapeake Lodging Trust		3		78
Communications Sales & Leasing, Inc. (a)		237		6,022
CoreSite Realty Corp. REIT (b)		59		4,683
Corporate Office Properties Trust		164		5,120
Crown Castle International Corp. REIT		397		34,448
DCT Industrial Trust, Inc. REIT		154		7,373
DiamondRock Hospitality Co. (b)		44		507
Digital Realty Trust, Inc. REIT (b)		273		26,825
Douglas Emmett, Inc.		219		8,007
Duke Realty Corp.		601		15,963
EastGroup Properties, Inc.		64		4,726
Education Realty Trust, Inc.		112		4,738
EPR Properties		92		6,603
Equinix, Inc. REIT		104		37,171
Equity One, Inc.		153		4,696
Equity Residential REIT		147		9,461
Essex Property Trust, Inc. REIT		38		8,835
Extra Space Storage, Inc. REIT		73		5,638
Federal Realty Investment Trust REIT		66		9,379
First Industrial Realty Trust, Inc. REIT (b)		159		4,460
Four Corners Property Trust, Inc. REIT		81		1,662
Franklin Street Properties Corp. REIT		100		1,296
General Growth Properties, Inc. REIT		235		5,870
GEO Group, Inc. REIT (b)		49		1,761
Getty Realty Corp.		20		510
Government Properties Income Trust REIT (b)		124		2,364
HCP, Inc. REIT		394		11,710
Healthcare Realty Trust, Inc. REIT		157		4,760
Highwoods Properties, Inc.		160		8,162
Hospitality Properties Trust		228		7,237
Host Hotels & Resorts, Inc. REIT		219		4,126
Iron Mountain, Inc. REIT		415		13,479
Kilroy Realty Corp. REIT		70		5,125
Kimco Realty Corp. REIT		429		10,794
Kite Realty Group Trust REIT		84		1,972
Lamar Advertising Co. Class A		122		8,203
LaSalle Hotel Properties		15		457
Lexington Realty Trust REIT		217		2,344
Liberty Property Trust REIT		202		7,979
Life Storage, Inc. REIT		11		938
LTC Properties, Inc. (b)		62		2,913
Macerich Co. REIT		70		4,959
Mack-Cali Realty Corp.		168		4,875
Medical Properties Trust, Inc. REIT		557		6,851
Mid-America Apartment Communities, Inc. REIT		128		12,534
National Retail Properties, Inc.		262		11,580
Omega Healthcare Investors, Inc.		138		4,314
Pennsylvania Real Estate Investment Trust		89		1,687
Potlatch Corp. REIT		68		2,832
Prologis, Inc. REIT		862		45,505
PS Business Parks, Inc.		37		4,311
Public Storage REIT		73		16,315
Rayonier, Inc.		182		4,841
Realty Income Corp. REIT (b)		447		25,693
Regency Centers Corp.		126		8,688
Retail Opportunity Investments Corp. REIT		113		2,388
Sabra Health Care REIT, Inc.		61		1,490
Saul Centers, Inc.		16		1,066
Senior Housing Properties Trust		391		7,402
Simon Property Group, Inc. REIT		208		36,955
SL Green Realty Corp. REIT		32		3,442
Summit Hotel Properties, Inc. REIT		153		2,453
Tanger Factory Outlet Centers, Inc.		113		4,043
Taubman Centers, Inc.		25		1,848
UDR, Inc. REIT		203		7,405
Universal Health Realty Income Trust		16		1,049
Urban Edge Properties		126		3,466
Urstadt Biddle Properties, Inc. Class A		20		482
Ventas, Inc. REIT		606		37,887
Vornado Realty Trust REIT		99		10,333
Washington Prime Group, Inc. REIT		228		2,373
Weingarten Realty Investors REIT		155		5,547
Welltower, Inc. REIT		522		34,937
Weyerhaeuser Co. REIT		762		22,929
				786,178
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (d)
Alexander & Baldwin, Inc.		24		1,077
CBRE Group, Inc. Class A (a)		38		1,197
Forestar Group, Inc. (a)		40		532
HFF, Inc. Class A		44		1,331
Jones Lang LaSalle, Inc.		2		202
				4,339
ROAD & RAIL — 1.1%
ArcBest Corp.		11		304
CSX Corp.		1,129		40,565
Genesee & Wyoming, Inc. Class A (a)		35		2,429
Heartland Express, Inc.		83		1,690
JB Hunt Transport Services, Inc.		57		5,533
Kansas City Southern		120		10,182
Knight Transportation, Inc. (b)		89		2,942
Landstar System, Inc.		31		2,644

See accompanying notes to financial statements.

282

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Norfolk Southern Corp.		454	$	49,064
Old Dominion Freight Line, Inc. (a)		66		5,662
Ryder System, Inc.		25		1,861
Saia, Inc. (a)		47		2,075
Union Pacific Corp.		846		87,713
Werner Enterprises, Inc.		4		108
				212,772
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.1%
Advanced Energy Industries, Inc. (a)		44		2,409
Advanced Micro Devices, Inc. (a) (b)		1,276		14,470
Analog Devices, Inc.		286		20,769
Applied Materials, Inc.		1,892		61,055
Broadcom, Ltd.		681		120,380
Brooks Automation, Inc.		4		68
Cabot Microelectronics Corp.		28		1,769
Cirrus Logic, Inc. (a)		88		4,975
Cree, Inc. (a)		27		713
Cypress Semiconductor Corp. (b)		476		5,445
Diodes, Inc. (a)		47		1,206
DSP Group, Inc. (a)		4		52
Exar Corp. (a)		56		604
First Solar, Inc. (a) (b)		6		193
Integrated Device Technology, Inc. (a)		34		801
Intel Corp. (b)		5,636		204,418
Intersil Corp. Class A		210		4,683
KLA-Tencor Corp.		118		9,284
Kopin Corp. (a)		8		23
Kulicke & Soffa Industries, Inc. (a)		28		447
Lam Research Corp. (b)		248		26,221
Linear Technology Corp.		414		25,813
Microchip Technology, Inc.		353		22,645
Micron Technology, Inc. (a)		784		17,185
Microsemi Corp. (a)		137		7,394
MKS Instruments, Inc.		72		4,277
Monolithic Power Systems, Inc.		48		3,933
NVIDIA Corp. (b)		933		99,588
Power Integrations, Inc.		47		3,189
Qorvo, Inc. (a)		210		11,073
QUALCOMM, Inc.		2,016		131,443
Rambus, Inc. (a)		168		2,313
Rudolph Technologies, Inc. (a)		48		1,121
Semtech Corp. (a)		134		4,228
Silicon Laboratories, Inc. (a)		31		2,015
Skyworks Solutions, Inc. (b)		92		6,869
Synaptics, Inc. (a)		21		1,125
Teradyne, Inc.		154		3,912
Tessera Holding Corp.		55		2,431
Texas Instruments, Inc. (b)		1,565		114,198
Ultratech, Inc. (a)		40		959
Veeco Instruments, Inc. (a)		7		204
Versum Materials, Inc. (a)		17		477
Xilinx, Inc. (b)		303		18,292
				964,669
SOFTWARE — 4.8%
8x8, Inc. (a)		155		2,216
ACI Worldwide, Inc. (a)		47		853
Activision Blizzard, Inc.		1,115		40,263
Adobe Systems, Inc. (a)		726		74,742
ANSYS, Inc. (a)		51		4,717
Autodesk, Inc. (a)		320		23,683
Blackbaud, Inc.		37		2,368
Bottomline Technologies de, Inc. (a)		47		1,176
CA, Inc.		460		14,614
Cadence Design Systems, Inc. (a)		362		9,130
CDK Global, Inc.		180		10,744
Citrix Systems, Inc. (a)		90		8,038
CommVault Systems, Inc. (a)		49		2,519
Ebix, Inc. (b)		44		2,510
Electronic Arts, Inc. (a)		386		30,401
Fair Isaac Corp.		57		6,796
Fortinet, Inc. (a)		113		3,404
Intuit, Inc.		271		31,059
Manhattan Associates, Inc. (a)		5		265
Mentor Graphics Corp.		13		480
Microsoft Corp.		7,941		493,454
MicroStrategy, Inc. Class A (a)		6		1,184
Monotype Imaging Holdings, Inc.		28		556
Oracle Corp.		1,462		56,214
Progress Software Corp.		67		2,139
PTC, Inc. (a)		179		8,282
Red Hat, Inc. (a)		89		6,203
salesforce.com, Inc. (a)		143		9,790
Symantec Corp.		1,063		25,395
Synchronoss Technologies, Inc. (a)		52		1,992
Synopsys, Inc. (a)		195		11,478
Take-Two Interactive Software, Inc. (a)		145		7,147
Tangoe, Inc. (a)		55		433
TiVo Corp. (a) (b)		143		2,989
Tyler Technologies, Inc. (a) (b)		17		2,427
Ultimate Software Group, Inc. (a) (b)		12		2,188
VASCO Data Security International, Inc. (a)		20		273
				902,122
SPECIALTY RETAIL — 1.9%
Aaron’s, Inc.		3		96
Abercrombie & Fitch Co. Class A (b)		68		816
Advance Auto Parts, Inc.		4		676
American Eagle Outfitters, Inc.		239		3,626
Ascena Retail Group, Inc. (a)		128		792
AutoNation, Inc. (a)		10		487
AutoZone, Inc. (a) (b)		12		9,477
Barnes & Noble Education, Inc. (a)		55		631
Barnes & Noble, Inc.		91		1,015
Bed Bath & Beyond, Inc. (b)		8		325
Best Buy Co., Inc.		307		13,100
Big 5 Sporting Goods Corp.		24		416
Buckle, Inc. (b)		11		251
Cabela’s, Inc. (a)		90		5,269
Caleres, Inc.		6		197
CarMax, Inc. (a) (b)		44		2,833
Cato Corp. Class A		24		722
Chico’s FAS, Inc.		6		86
Children’s Place, Inc. (b)		32		3,230
CST Brands, Inc.		132		6,356
Dick’s Sporting Goods, Inc.		145		7,699
Express, Inc. (a)		112		1,205
Finish Line, Inc. Class A (b)		36		677

See accompanying notes to financial statements.

283

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Five Below, Inc. (a) (b)		79	$	3,157
Foot Locker, Inc.		67		4,750
GameStop Corp. Class A		14		354
Gap, Inc.		11		247
Genesco, Inc. (a)		16		994
Group 1 Automotive, Inc. (b)		3		234
Haverty Furniture Cos., Inc.		20		474
Hibbett Sports, Inc. (a)		7		261
Home Depot, Inc.		927		124,292
L Brands, Inc. (b)		12		790
Lithia Motors, Inc. Class A (b)		7		678
Lowe’s Cos., Inc.		348		24,750
Lumber Liquidators Holdings, Inc. (a) (b)		16		252
MarineMax, Inc. (a) (b)		8		155
Monro Muffler Brake, Inc.		6		343
Murphy USA, Inc. (a)		64		3,934
O’Reilly Automotive, Inc. (a)		46		12,807
Office Depot, Inc.		21		95
Rent-A-Center, Inc. (b)		20		225
Ross Stores, Inc.		649		42,574
Sally Beauty Holdings, Inc. (a)		126		3,329
Select Comfort Corp. (a)		16		362
Signet Jewelers, Ltd. (b)		3		283
Sonic Automotive, Inc. Class A (b)		44		1,008
Stage Stores, Inc. (b)		44		192
Staples, Inc.		28		253
Stein Mart, Inc.		24		132
Tailored Brands, Inc.		61		1,559
Tiffany & Co. (b)		24		1,858
TJX Cos., Inc.		378		28,399
Tractor Supply Co.		7		531
Ulta Salon Cosmetics & Fragrance, Inc. (a)		101		25,749
Urban Outfitters, Inc. (a) (b)		132		3,759
Vitamin Shoppe, Inc. (a)		11		261
Williams-Sonoma, Inc. (b)		11		532
Zumiez, Inc. (a)		20		437
				349,992
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.8%
3D Systems Corp. (a) (b)		190		2,525
Apple, Inc.		1,664		192,725
Cray, Inc. (a)		70		1,449
Diebold Nixdorf, Inc. (b)		29		729
Electronics For Imaging, Inc. (a)		23		1,009
Hewlett Packard Enterprise Co.		2,862		66,227
HP, Inc.		2,798		41,522
NCR Corp. (a)		183		7,423
NetApp, Inc.		212		7,477
Seagate Technology PLC (b)		279		10,649
Super Micro Computer, Inc. (a)		45		1,262
Western Digital Corp.		64		4,349
				337,346
TEXTILES, APPAREL & LUXURY GOODS — 0.3%
Carter’s, Inc.		17		1,469
Coach, Inc. (b)		408		14,288
Crocs, Inc. (a)		12		82
Deckers Outdoor Corp. (a) (b)		25		1,385
Fossil Group, Inc. (a)		3		78
G-III Apparel Group, Ltd. (a) (b)		12		355
Hanesbrands, Inc.		84		1,812
Iconix Brand Group, Inc. (a)		13		121
Kate Spade & Co. (a)		41		765
Michael Kors Holdings, Ltd. (a)		228		9,799
Movado Group, Inc. (b)		28		805
NIKE, Inc. Class B		61		3,101
Oxford Industries, Inc.		20		1,203
PVH Corp.		118		10,648
Ralph Lauren Corp. (b)		9		813
Skechers U.S.A., Inc. Class A (a)		6		148
Steven Madden, Ltd. (a)		12		429
Under Armour, Inc. Class A (a)		24		697
Under Armour, Inc. Class C (a)		11		277
VF Corp.		41		2,187
Wolverine World Wide, Inc. (b)		158		3,468
				53,930
THRIFTS & MORTGAGE FINANCE — 0.1%
Astoria Financial Corp.		88		1,641
Bank Mutual Corp.		60		567
BofI Holding, Inc. (a)		3		86
Dime Community Bancshares, Inc.		32		643
New York Community Bancorp, Inc.		108		1,718
Northwest Bancshares, Inc. (b)		158		2,849
Oritani Financial Corp.		36		675
Provident Financial Services, Inc.		56		1,585
TrustCo Bank Corp. NY		92		805
Washington Federal, Inc.		95		3,263
				13,832
TOBACCO — 1.6%
Altria Group, Inc.		1,639		110,829
Philip Morris International, Inc.		1,848		169,074
Reynolds American, Inc.		404		22,640
Universal Corp. (b)		24		1,530
				304,073
TRADING COMPANIES & DISTRIBUTORS — 0.3%
Applied Industrial Technologies, Inc.		62		3,683
DXP Enterprises, Inc. (a)		16		556
Fastenal Co.		270		12,685
GATX Corp.		9		554
Kaman Corp. (b)		12		587
MSC Industrial Direct Co., Inc. Class A		62		5,728
NOW, Inc. (a)		179		3,664
United Rentals, Inc. (a)		59		6,229
W.W. Grainger, Inc. (b)		52		12,077
Watsco, Inc.		27		3,999
				49,762
WATER UTILITIES — 0.2%
American States Water Co.		48		2,187
American Water Works Co., Inc.		309		22,359
Aqua America, Inc.		152		4,566
California Water Service Group (b)		57		1,932
				31,044
WIRELESS TELECOMMUNICATION SERVICES — 0.0% (d)
Spok Holdings, Inc.		4		83
Telephone & Data Systems, Inc.		40		1,155
				1,238
TOTAL COMMON STOCKS (Cost $16,370,803)				18,711,947

See accompanying notes to financial statements.

284

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENTS — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (e) (f)		14,687	$	14,687
State Street Navigator Securities Lending Government Money Market Portfolio (f) (g)		18,568		18,568
TOTAL SHORT-TERM INVESTMENTS (Cost $33,255)				33,255
TOTAL INVESTMENTS — 100.0% (Cost $16,404,058)				18,745,202
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (d)				4,236
NET ASSETS — 100.0%			$	18,749,438

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at December 31, 2016.

(c) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) Amount is less than 0.05% of net assets.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	378,391	$	—	$	—	$	378,391
Air Freight & Logistics		140,821		—		—		140,821
Airlines		20,608		—		—		20,608
Auto Components		21,993		—		—		21,993
Automobiles		41,195		—		—		41,195
Banks		687,285		—		—		687,285
Beverages		313,557		—		—		313,557
Biotechnology		250,343		—		—		250,343
Building Products		122,040		—		—		122,040
Capital Markets		356,013		—		—		356,013
Chemicals		385,809		—		—		385,809
Commercial Services & Supplies		128,177		—		—		128,177
Communications Equipment		239,620		—		—		239,620
Construction & Engineering		48,790		—		—		48,790
Construction Materials		46,016		—		—		46,016
Consumer Finance		64,993		—		—		64,993
Containers & Packaging		102,309		—		—		102,309
Distributors		35,028		—		—		35,028
Diversified Consumer Services		6,369		—		—		6,369
Diversified Financial Services		234,990		—		—		234,990
Diversified Telecommunication Services		663,417		—		—		663,417
Electric Utilities		527,409		—		—		527,409
Electrical Equipment		147,721		—		—		147,721
Electronic Equipment, Instruments & Components		182,077		—		—		182,077
Energy Equipment & Services		190,150		—		—		190,150
Equity Real Estate Investment Trusts (REITs)		5,682		—		—		5,682
Food & Staples Retailing		302,616		—		—		302,616
Food Products		360,419		—		—		360,419
Gas Utilities		55,449		—		—		55,449
Health Care Equipment & Supplies		708,689		—		—		708,689
Health Care Providers & Services		424,270		—		—		424,270
Health Care Technology		15,512		—		—		15,512
Hotels, Restaurants & Leisure		213,803		—		—		213,803

See accompanying notes to financial statements.

285

SPDR S&P 1500 Momentum Tilt ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Household Durables	$	92,919	$	—	$	—	$	92,919
Household Products		437,559		—		—		437,559
Independent Power Producers & Energy Traders		11,764		—		—		11,764
Industrial Conglomerates		436,524		—		—		436,524
Insurance		506,852		—		—		506,852
Internet & Catalog Retail		537,026		—		—		537,026
Internet Software & Services		936,594		—		—		936,594
IT Services		690,584		—		—		690,584
Leisure Equipment & Products		29,471		—		—		29,471
Life Sciences Tools & Services		191,864		—		—		191,864
Machinery		504,290		—		—		504,290
Marine		279		—		—		279
Media		398,648		—		—		398,648
Metals & Mining		129,052		—		—		129,052
Multi-Utilities		257,160		—		—		257,160
Multiline Retail		57,006		—		—		57,006
Oil, Gas & Consumable Fuels		1,094,537		—		—		1,094,537
Paper & Forest Products		9,126		—		—		9,126
Personal Products		23,071		—		—		23,071
Pharmaceuticals		861,074		—		—		861,074
Professional Services		73,689		—		—		73,689
Real Estate Investment Trusts (REITs)		786,178		—		—		786,178
Real Estate Management & Development		4,339		—		—		4,339
Road & Rail		212,772		—		—		212,772
Semiconductors & Semiconductor Equipment		964,669		—		—		964,669
Software		902,122		—		—		902,122
Specialty Retail		349,992		—		—		349,992
Technology Hardware, Storage & Peripherals		337,346		—		—		337,346
Textiles, Apparel & Luxury Goods		53,930		—		—		53,930
Thrifts & Mortgage Finance		13,832		—		—		13,832
Tobacco		304,073		—		—		304,073
Trading Companies & Distributors		49,762		—		—		49,762
Water Utilities		31,044		—		—		31,044
Wireless Telecommunication Services		1,238		—		—		1,238
Short-Term Investments		33,255		—		—		33,255
TOTAL INVESTMENTS	$	18,745,202	$	—	$	—	$	18,745,202

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		53	$	2,858		193		35		211	$	16,399	$	87	$	(49	)
State Street Institutional Liquid Reserves Fund, Premier Class		34,614		34,614		235,806		270,420		—		—		79		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		228,151		213,464		14,687		14,687		48		—
State Street Navigator Securities Lending Government Money Market Portfolio*		3,352,527		3,352,527		8,580,267		11,914,226		18,568		18,568		1,251		—
TOTAL			$	3,389,999							$	49,654	$	1,465	$	(49	)

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

286

SPDR SSGA US Large Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 6.1%
General Dynamics Corp.		4,722	$	815,301
Lockheed Martin Corp.		3,793		948,022
Northrop Grumman Corp.		3,225		750,070
Raytheon Co.		4,708		668,536
Rockwell Collins, Inc. (a)		6,189		574,092
Teledyne Technologies, Inc. (b)		2,307		283,761
United Technologies Corp.		5,358		587,344
				4,627,126
AIR FREIGHT & LOGISTICS — 1.2%
United Parcel Service, Inc. Class B		7,798		893,963
BANKS — 5.1%
Commerce Bancshares, Inc. (a)		7,390		427,216
Investors Bancorp, Inc.		22,878		319,148
People’s United Financial, Inc. (a)		22,331		432,328
US Bancorp		31,247		1,605,158
Wells Fargo & Co.		20,207		1,113,608
				3,897,458
BEVERAGES — 2.5%
Coca-Cola Co.		17,443		723,187
PepsiCo, Inc.		10,882		1,138,583
				1,861,770
BUILDING PRODUCTS — 0.9%
Johnson Controls International PLC		15,783		650,102
CAPITAL MARKETS — 0.6%
FactSet Research Systems, Inc. (a)		2,899		473,784
CHEMICALS — 4.3%
Air Products & Chemicals, Inc.		3,302		474,894
Ecolab, Inc.		5,291		620,211
International Flavors & Fragrances, Inc. (a)		4,032		475,091
PPG Industries, Inc.		2,827		267,886
Praxair, Inc.		6,513		763,258
RPM International, Inc.		7,460		401,572
Sensient Technologies Corp.		3,196		251,142
				3,254,054
COMMERCIAL SERVICES & SUPPLIES — 3.6%
Cintas Corp.		6,304		728,490
Republic Services, Inc. Class A		19,934		1,137,235
Waste Management, Inc.		12,338		874,887
				2,740,612
COMMUNICATIONS EQUIPMENT — 0.6%
Motorola Solutions, Inc.		5,191		430,282
CONTAINERS & PACKAGING — 2.7%
AptarGroup, Inc.		4,461		327,660
Avery Dennison Corp.		4,512		316,833
Ball Corp. (a)		7,760		582,543
Bemis Co., Inc.		6,805		325,415
Silgan Holdings, Inc.		3,043		155,741
Sonoco Products Co.		7,171		377,912
				2,086,104
DIVERSIFIED CONSUMER SERVICES — 0.8%
Bright Horizons Family Solutions, Inc. (b)		3,230		226,165
Service Corp. International		13,600		386,240
				612,405
DIVERSIFIED FINANCIAL SERVICES — 2.3%
Berkshire Hathaway, Inc. Class B (b)		10,952		1,784,957
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
AT&T, Inc.		17,525		745,338
ELECTRIC UTILITIES — 4.2%
Duke Energy Corp.		10,572		820,599
OGE Energy Corp.		14,421		482,382
PPL Corp.		23,849		812,059
Southern Co.		22,007		1,082,524
				3,197,564
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
CDW Corp.		8,097		421,773
FOOD & STAPLES RETAILING — 3.2%
Casey’s General Stores, Inc. (a)		2,803		333,221
Costco Wholesale Corp.		4,857		777,654
CVS Health Corp.		5,334		420,906
Sysco Corp.		16,943		938,134
				2,469,915
FOOD PRODUCTS — 0.9%
General Mills, Inc.		11,486		709,490
GAS UTILITIES — 0.3%
Spire, Inc.		3,055		197,200
HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%
Becton Dickinson and Co.		4,057		671,636
Danaher Corp.		8,420		655,413
Medtronic PLC		7,471		532,159
				1,859,208
HEALTH CARE PROVIDERS & SERVICES — 1.0%
Cardinal Health, Inc.		6,664		479,608
Patterson Cos., Inc. (a)		6,079		249,421
				729,029
HEALTH CARE TECHNOLOGY — 0.4%
Cerner Corp. (a) (b)		5,959		282,278
HOTELS, RESTAURANTS & LEISURE — 1.7%
McDonald’s Corp.		7,546		918,499
Starbucks Corp.		6,731		373,705
				1,292,204
HOUSEHOLD PRODUCTS — 4.3%
Church & Dwight Co., Inc. (a)		16,105		711,680
Clorox Co.		6,464		775,809
Colgate-Palmolive Co.		14,783		967,400
Procter & Gamble Co.		9,990		839,959
				3,294,848
INDUSTRIAL CONGLOMERATES — 2.6%
3M Co.		4,223		754,101
Honeywell International, Inc.		5,932		687,222
Roper Technologies, Inc. (a)		3,010		551,071
				1,992,394
INSURANCE — 16.0%
Alleghany Corp. (b)		1,068		649,472
Allied World Assurance Co. Holdings AG.		6,324		339,662
American Financial Group, Inc.		5,038		443,949
Arch Capital Group, Ltd. (b)		8,409		725,613

See accompanying notes to financial statements.

287

SPDR SSGA US Large Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Arthur J Gallagher & Co.		12,531	$	651,111
Aspen Insurance Holdings, Ltd.		4,340		238,700
Chubb, Ltd.		9,635		1,272,976
Cincinnati Financial Corp.		10,746		814,009
Everest Re Group, Ltd.		3,700		800,680
Loews Corp.		20,168		944,467
Markel Corp. (b)		980		886,410
Marsh & McLennan Cos., Inc.		19,526		1,319,762
Progressive Corp.		26,838		952,749
RenaissanceRe Holdings, Ltd.		3,057		416,425
Torchmark Corp.		8,575		632,492
Validus Holdings, Ltd.		5,595		307,781
White Mountains Insurance Group, Ltd.		382		319,371
WR Berkley Corp.		7,060		469,561
				12,185,190
IT SERVICES — 6.0%
Amdocs, Ltd.		9,300		541,725
Automatic Data Processing, Inc.		10,563		1,085,665
Fiserv, Inc. (b)		6,556		696,772
Gartner, Inc. (b)		4,150		419,440
International Business Machines Corp.		3,334		553,411
Jack Henry & Associates, Inc.		5,687		504,892
Paychex, Inc. (a)		12,966		789,370
				4,591,275
MACHINERY — 0.6%
Toro Co.		7,706		431,151
MEDIA — 0.7%
Comcast Corp. Class A		7,212		497,989
MULTI-UTILITIES — 3.8%
Dominion Resources, Inc.		14,020		1,073,792
DTE Energy Co.		9,357		921,758
Sempra Energy		8,978		903,546
				2,899,096
OIL, GAS & CONSUMABLE FUELS — 1.6%
Chevron Corp.		4,217		496,341
Exxon Mobil Corp.		7,549		681,373
				1,177,714
PHARMACEUTICALS — 4.1%
Eli Lilly & Co.		10,845		797,650
Johnson & Johnson		8,784		1,012,005
Merck & Co., Inc.		11,165		657,283
Pfizer, Inc.		19,959		648,268
				3,115,206
PROFESSIONAL SERVICES — 2.7%
Equifax, Inc.		8,505		1,005,546
Nielsen Holdings PLC		8,472		355,401
Verisk Analytics, Inc. Class A (b)		8,918		723,874
				2,084,821
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.8%
Analog Devices, Inc.		6,208		450,825
Intel Corp.		9,880		358,348
Maxim Integrated Products, Inc.		8,443		325,646
Microchip Technology, Inc. (a)		7,588		486,770
Texas Instruments, Inc.		6,581		480,216
				2,101,805
SOFTWARE — 4.9%
Adobe Systems, Inc. (b)		3,301		339,838
ANSYS, Inc. (a) (b)		4,277		395,580
CA, Inc.		10,686		339,494
Cadence Design Systems, Inc. (b)		16,090		405,790
Check Point Software Technologies, Ltd. (a) (b)		4,899		413,769
Intuit, Inc.		4,423		506,920
Microsoft Corp.		5,312		330,088
Oracle Corp.		8,866		340,898
Synopsys, Inc. (b)		10,820		636,865
				3,709,242
SPECIALTY RETAIL — 2.5%
AutoZone, Inc. (b)		909		717,919
Home Depot, Inc.		4,209		564,343
TJX Cos., Inc.		8,490		637,853
				1,920,115
TRADING COMPANIES & DISTRIBUTORS — 0.7%
W.W. Grainger, Inc.		2,374		551,361
TOTAL COMMON STOCKS (Cost $73,705,231)				75,768,823
SHORT-TERM INVESTMENT — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d) (Cost $171,480)		171,480		171,480
TOTAL INVESTMENTS — 99.9% (Cost $73,876,711)				75,940,303
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				105,526
NET ASSETS — 100.0%			$	76,045,829

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

288

SPDR SSGA US Large Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	4,627,126	$	—	$	—	$	4,627,126
Air Freight & Logistics		893,963		—		—		893,963
Banks		3,897,458		—		—		3,897,458
Beverages		1,861,770		—		—		1,861,770
Building Products		650,102		—		—		650,102
Capital Markets		473,784		—		—		473,784
Chemicals		3,254,054		—		—		3,254,054
Commercial Services & Supplies		2,740,612		—		—		2,740,612
Communications Equipment		430,282		—		—		430,282
Containers & Packaging		2,086,104		—		—		2,086,104
Diversified Consumer Services		612,405		—		—		612,405
Diversified Financial Services		1,784,957		—		—		1,784,957
Diversified Telecommunication Services		745,338		—		—		745,338
Electric Utilities		3,197,564		—		—		3,197,564
Electronic Equipment, Instruments & Components		421,773		—		—		421,773
Food & Staples Retailing		2,469,915		—		—		2,469,915
Food Products		709,490		—		—		709,490
Gas Utilities		197,200		—		—		197,200
Health Care Equipment & Supplies		1,859,208		—		—		1,859,208
Health Care Providers & Services		729,029		—		—		729,029
Health Care Technology		282,278		—		—		282,278
Hotels, Restaurants & Leisure		1,292,204		—		—		1,292,204
Household Products		3,294,848		—		—		3,294,848
Industrial Conglomerates		1,992,394		—		—		1,992,394
Insurance		12,185,190		—		—		12,185,190
IT Services		4,591,275		—		—		4,591,275
Machinery		431,151		—		—		431,151
Media		497,989		—		—		497,989
Multi-Utilities		2,899,096		—		—		2,899,096
Oil, Gas & Consumable Fuels		1,177,714		—		—		1,177,714
Pharmaceuticals		3,115,206		—		—		3,115,206
Professional Services		2,084,821		—		—		2,084,821
Semiconductors & Semiconductor Equipment.		2,101,805		—		—		2,101,805
Software		3,709,242		—		—		3,709,242
Specialty Retail		1,920,115		—		—		1,920,115
Trading Companies & Distributors.		551,361		—		—		551,361
Short-Term Investment		171,480		—		—		171,480
TOTAL INVESTMENTS	$	75,940,303	$	—	$	—	$	75,940,303

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		251,709	$	251,709		779,548		1,031,257		—	$	—	$	238	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		990,634		819,154		171,480		171,480		212		—
State Street Navigator Securities Lending Government Money Market Portfolio*		10,392,456		10,392,456		55,637,914		66,030,370		—		—		4,104		—
TOTAL			$	10,644,165							$	171,480	$	4,554	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

289

SPDR SSGA US Small Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.4%
AEROSPACE & DEFENSE — 1.2%
Cubic Corp. (a)		7,150	$	342,842
Curtiss-Wright Corp.		3,451		339,440
Moog, Inc. Class A (b)		4,838		317,760
National Presto Industries, Inc. (b)		6,100		649,040
Teledyne Technologies, Inc. (b)		4,289		527,547
Wesco Aircraft Holdings, Inc. (b)		12,304		183,945
				2,360,574
AIR FREIGHT & LOGISTICS — 0.3%
Forward Air Corp.		6,149		291,340
Hub Group, Inc. Class A (b)		6,520		285,250
				576,590
AUTO COMPONENTS — 0.9%
Cooper-Standard Holdings, Inc. (b)		3,786		391,397
Dorman Products, Inc. (a) (b)		4,102		299,692
Fox Factory Holding Corp. (a) (b)		15,038		417,304
LCI Industries		3,873		417,316
Superior Industries International, Inc. (a)		10,410		274,304
				1,800,013
BANKS — 28.7%
1st Source Corp. (a)		14,091		629,304
American National Bankshares, Inc.		8,202		285,430
Ameris Bancorp (a)		21,429		934,304
Arrow Financial Corp. (a)		13,881		562,180
BancFirst Corp. (a)		11,568		1,076,402
BancorpSouth, Inc.		199		6,179
Bank of Marin Bancorp		8,097		564,766
Berkshire Hills Bancorp, Inc.		25,703		947,156
BNC Bancorp		4,407		140,583
Bridge Bancorp, Inc. (a)		16,510		625,729
Brookline Bancorp, Inc. (a)		110,683		1,815,201
Bryn Mawr Bank Corp.		22,293		939,650
Camden National Corp. (a)		16,089		715,156
Capital Bank Financial Corp. Class A		16,615		652,139
Cardinal Financial Corp.		951		31,183
Central Pacific Financial Corp.		585		18,381
Chemical Financial Corp.		546		29,577
Citizens & Northern Corp. (a)		14,302		374,712
City Holding Co. (a)		9,145		618,202
CNB Financial Corp.		17,561		469,581
Codorus Valley Bancorp, Inc.		7,466		213,528
Columbia Banking System, Inc. (a)		9,368		418,562
Community Bank System, Inc. (a)		4,832		298,569
Community Trust Bancorp, Inc.		19,454		964,918
ConnectOne Bancorp, Inc.		36,700		952,365
CVB Financial Corp. (a)		259		5,939
Enterprise Financial Services Corp.		15,210		654,030
Farmers National Banc Corp.		28,611		406,276
Financial Institutions, Inc.		17,351		593,404
First Bancorp, Inc. (a)		10,095		334,144
First Busey Corp.		27,250		838,755
First Commonwealth Financial Corp. (a)		100,801		1,429,358
First Connecticut Bancorp, Inc.		14,932		338,210
First Financial Bancorp		40,953		1,165,113
First Financial Corp.		27,990		1,477,872
First Merchants Corp.		38,232		1,439,435
First Midwest Bancorp, Inc.		1,171		29,544
First of Long Island Corp. (a)		25,027		714,521
Flushing Financial Corp.		22,399		658,307
FNB Corp. (a)		11,717		187,824
German American Bancorp, Inc. (a)		14,617		769,000
Glacier Bancorp, Inc.		5,178		187,599
Hancock Holding Co.		2,109		90,898
Heritage Financial Corp. (a)		41,747		1,074,985
HomeTrust Bancshares, Inc. (b)		29,444		762,600
Independent Bank Corp. (c)		39,644		2,792,920
Independent Bank Corp. (c)		42,963		932,297
Investors Bancorp, Inc.		6,187		86,309
Lakeland Financial Corp. (a)		15,621		739,811
MidWestOne Financial Group, Inc.		11,883		446,801
National Bank Holdings Corp. Class A		36,595		1,167,015
National Bankshares, Inc.		3,890		169,020
NBT Bancorp, Inc. (a)		10,492		439,405
Northrim BanCorp, Inc.		10,095		319,002
Old Line Bancshares, Inc.		11,042		264,787
Old National Bancorp		425		7,714
Park National Corp.		6,836		817,996
Pinnacle Financial Partners, Inc. (a)		3,823		264,934
QCR Holdings, Inc.		19,034		824,172
Renasant Corp.		8,377		353,677
Sandy Spring Bancorp, Inc.		16,194		647,598
ServisFirst Bancshares, Inc.		4,049		151,595
South State Corp.		4,879		426,425
Southside Bancshares, Inc.		17,036		641,746
State Bank Financial Corp.		21,978		590,329
Sterling Bancorp (a)		18,535		433,719
Stock Yards Bancorp, Inc. (a)		24,922		1,170,088
Stonegate Bank		24,490		1,021,968
Tompkins Financial Corp. (a)		10,410		984,161
Towne Bank (a)		36,142		1,201,721
TriCo Bancshares		16,939		578,975
Trustmark Corp. (a)		82,383		2,936,954
Umpqua Holdings Corp.		79		1,484
Union Bankshares Corp.		14,149		505,685
United Bankshares, Inc.		822		38,017
United Community Banks, Inc.		8,718		258,227
Univest Corp. of Pennsylvania (a)		36,385		1,124,296
Valley National Bancorp (a)		1,518		17,670
Washington Trust Bancorp, Inc.		11,778		660,157
WashingtonFirst Bankshares, Inc.		16,172		468,826
Webster Financial Corp. (a)		206		11,182
WesBanco, Inc. (a)		13,460		579,588
Westamerica Bancorporation (a)		36,115		2,272,717
Wintrust Financial Corp.		15,841		1,149,581
				54,940,140
BEVERAGES — 0.2%
Coca-Cola Bottling Co. Consolidated (a)		1,892		338,384
BIOTECHNOLOGY — 0.2%
Emergent BioSolutions, Inc. (b)		2,524		82,888
Genomic Health, Inc. (b)		3,996		117,443
PDL BioPharma, Inc.		69,825		148,029
				348,360
BUILDING PRODUCTS — 0.5%
CSW Industrials, Inc. (b)		7,641		281,571
Griffon Corp.		15,879		416,030

See accompanying notes to financial statements.

290

SPDR SSGA US Small Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Masonite International Corp. (b)		2,208	$	145,286
Simpson Manufacturing Co., Inc. (a)		4,087		178,806
				1,021,693
CAPITAL MARKETS — 0.1%
Evercore Partners, Inc. Class A		2,043		140,354
CHEMICALS — 1.7%
Balchem Corp. (a)		4,206		352,967
Calgon Carbon Corp.		23,976		407,592
Chemtura Corp. (b)		2,918		96,878
Hawkins, Inc.		9,254		499,253
HB Fuller Co. (a)		12,685		612,812
PolyOne Corp.		5,888		188,652
Quaker Chemical Corp. (a)		1,998		255,624
Sensient Technologies Corp.		3,474		272,987
Stepan Co. (a)		4,522		368,453
Trecora Resources (b)		9,630		133,375
				3,188,593
COMMERCIAL SERVICES & SUPPLIES — 3.3%
ABM Industries, Inc. (a)		880		35,939
Brady Corp. Class A		11,357		426,455
Covanta Holding Corp.		25,448		396,989
Deluxe Corp.		319		22,844
Ennis, Inc.		19,875		344,831
G&K Services, Inc. Class A		193		18,615
Healthcare Services Group, Inc.		16,983		665,224
Herman Miller, Inc. (a)		5,059		173,018
Knoll, Inc.		11,462		320,134
Matthews International Corp. Class A (a)		10,390		798,471
McGrath RentCorp		14,617		572,840
MSA Safety, Inc. (a)		3,786		262,483
SP Plus Corp. (b)		16,510		464,757
Tetra Tech, Inc.		10,516		453,765
UniFirst Corp.		4,838		694,979
Viad Corp.		10,200		449,820
West Corp.		10,306		255,177
				6,356,341
COMMUNICATIONS EQUIPMENT — 0.9%
ADTRAN, Inc.		10,516		235,032
Digi International, Inc. (b)		20,085		276,169
EchoStar Corp. Class A (b)		4,312		221,594
Ituran Location and Control, Ltd.		12,934		342,751
Plantronics, Inc.		8,518		466,446
Radware, Ltd. (b)		17,561		256,039
				1,798,031
CONSTRUCTION & ENGINEERING — 0.1%
EMCOR Group, Inc.		2,935		207,681
CONTAINERS & PACKAGING — 0.2%
Greif, Inc. Class A (a)		6,310		323,766
DISTRIBUTORS — 0.4%
Core-Mark Holding Co., Inc. (a)		7,572		326,126
Weyco Group, Inc. (a)		11,357		355,474
				681,600
DIVERSIFIED CONSUMER SERVICES — 0.5%
Graham Holdings Co. Class B		946		484,305
Grand Canyon Education, Inc. (b)		5,048		295,056
Regis Corp. (b)		17,772		258,049
				1,037,410
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%
ATN International, Inc. (a)		5,994		480,299
Cogent Communications Holdings, Inc. (a)		8,097		334,811
Consolidated Communications Holdings, Inc.		14,932		400,924
General Communication, Inc. Class A (b)		10,410		202,475
Hawaiian Telcom Holdco, Inc. (b)		7,676		190,211
				1,608,720
ELECTRIC UTILITIES — 1.7%
ALLETE, Inc. (a)		12,283		788,446
El Paso Electric Co. (a)		17,351		806,821
IDACORP, Inc. (a)		76		6,122
MGE Energy, Inc. (a)		15,143		988,838
Otter Tail Corp. (a)		17,351		707,921
				3,298,148
ELECTRICAL EQUIPMENT — 0.4%
AZZ, Inc. (a)		3,576		228,506
EnerSys		3,050		238,205
Regal Beloit Corp.		2,524		174,787
Thermon Group Holdings, Inc. (b)		10,831		206,764
				848,262
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.2%
Agilysys, Inc. (a) (b)		12,072		125,066
Badger Meter, Inc. (a)		11,252		415,761
Benchmark Electronics, Inc. (b)		16,300		497,150
Coherent, Inc. (b)		2,208		303,346
CTS Corp.		16,720		374,528
Dolby Laboratories, Inc. Class A		5,784		261,379
ePlus, Inc. (b)		3,470		399,744
Littelfuse, Inc. (a)		2,208		335,108
Orbotech, Ltd. (b)		10,831		361,864
Plexus Corp. (b)		4,102		221,672
ScanSource, Inc. (b)		6,414		258,805
Tech Data Corp. (a) (b)		4,102		347,357
Vishay Precision Group, Inc. (b)		14,662		277,112
				4,178,892
ENERGY EQUIPMENT & SERVICES — 1.6%
Dril-Quip, Inc. (b)		4,312		258,936
Ensco PLC Class A		9,044		87,908
Era Group, Inc. (b)		29,865		506,809
Forum Energy Technologies, Inc. (b)		6,940		152,680
Matrix Service Co. (b)		7,046		159,944
Natural Gas Services Group, Inc. (b)		9,464		304,268
Newpark Resources, Inc. (a) (b)		21,137		158,527
Noble Corp. PLC		11,672		69,098
Oil States International, Inc. (a) (b)		3,680		143,520
Patterson-UTI Energy, Inc. (a)		4,942		133,039
PHI, Inc. NVDR (b)		11,252		202,761
Rowan Cos. PLC Class A (a)		9,570		180,777
SEACOR Holdings, Inc. (a) (b)		7,782		554,701
Superior Energy Services, Inc.		6,204		104,723
				3,017,691

See accompanying notes to financial statements.

291

SPDR SSGA US Small Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
FOOD PRODUCTS — 2.2%
B&G Foods, Inc. (a)		7,361	$	322,412
Cal-Maine Foods, Inc. (a)		4,942		218,313
Calavo Growers, Inc. (a)		4,102		251,863
Fresh Del Monte Produce, Inc.		13,670		828,812
J&J Snack Foods Corp. (a)		7,361		982,178
Sanderson Farms, Inc. (a)		3,365		317,117
Seneca Foods Corp. Class A (b)		7,572		303,259
Tootsie Roll Industries, Inc. (a)		22,714		902,881
				4,126,835
GAS UTILITIES — 0.5%
Northwest Natural Gas Co. (a)		15,668		936,946
HEALTH CARE EQUIPMENT & SUPPLIES — 4.4%
Abaxis, Inc.		5,363		283,006
Analogic Corp. (a)		4,838		401,312
AngioDynamics, Inc. (b)		18,087		305,128
AtriCure, Inc. (a) (b)		8,097		158,458
CONMED Corp. (a)		7,046		311,222
CryoLife, Inc. (a)		19,034		364,501
Cynosure, Inc. Class A (a) (b)		3,365		153,444
Exactech, Inc. (b)		16,404		447,829
Globus Medical, Inc. Class A (a) (b)		7,886		195,652
Haemonetics Corp. (b)		12,724		511,505
ICU Medical, Inc. (a) (b)		3,890		573,192
Insulet Corp. (b)		3,680		138,662
Integra LifeSciences Holdings Corp. (b)		7,150		613,398
LeMaitre Vascular, Inc.		17,246		437,014
LivaNova PLC (b)		4,838		217,565
Masimo Corp. (b)		6,836		460,746
Meridian Bioscience, Inc.		17,772		314,564
Merit Medical Systems, Inc. (b)		7,886		208,979
Natus Medical, Inc. (b)		4,416		153,677
Neogen Corp. (b)		4,312		284,592
NxStage Medical, Inc. (b)		8,728		228,761
Orthofix International NV (b)		7,256		262,522
Quidel Corp. (b)		9,885		211,737
Surmodics, Inc. (b)		10,621		269,773
Syneron Medical, Ltd. (b)		25,553		214,645
Utah Medical Products, Inc.		1,556		113,199
Vascular Solutions, Inc. (b)		8,938		501,422
				8,336,505
HEALTH CARE PROVIDERS & SERVICES — 2.3%
Air Methods Corp. (b)		4,206		133,961
Almost Family, Inc. (b)		5,994		264,335
Capital Senior Living Corp. (b)		10,831		173,838
Chemed Corp.		3,470		556,623
CorVel Corp. (b)		8,202		300,193
Ensign Group, Inc. (a)		14,302		317,647
LHC Group, Inc. (b)		6,730		307,561
Magellan Health, Inc. (b)		7,150		538,038
National HealthCare Corp.		10,194		772,603
Select Medical Holdings Corp. (b)		9,780		129,585
Triple-S Management Corp. Class B (b)		9,570		198,099
Universal American Corp. (a) (b)		24,081		239,606
US Physical Therapy, Inc. (a)		6,625		465,075
				4,397,164
HEALTH CARE TECHNOLOGY — 0.5%
Allscripts Healthcare Solutions, Inc. (b)		14,932		152,456
Computer Programs & Systems, Inc.		6,520		153,872
HealthStream, Inc. (a) (b)		6,625		165,956
Omnicell, Inc. (b)		11,672		395,681
				867,965
HOTELS, RESTAURANTS & LEISURE — 3.5%
Bob Evans Farms, Inc. (a)		6,836		363,744
Brinker International, Inc. (a)		9,780		484,403
Cheesecake Factory, Inc. (a)		11,162		668,381
Churchill Downs, Inc. (a)		7,123		1,071,655
Denny’s Corp. (b)		41,853		536,974
DineEquity, Inc. (a)		3,365		259,105
Hyatt Hotels Corp. Class A (b)		6,100		337,086
International Speedway Corp. Class A		13,250		487,600
Jack in the Box, Inc.		4,416		493,002
Marcus Corp.		21,873		688,999
Marriott Vacations Worldwide Corp. (a)		3,154		267,617
Papa John’s International, Inc. (a)		4,732		404,965
Penn National Gaming, Inc. (b)		11,988		165,315
Popeyes Louisiana Kitchen, Inc. (a) (b)		5,048		305,303
Ruth’s Hospitality Group, Inc.		14,091		257,865
				6,792,014
HOUSEHOLD DURABLES — 0.3%
CSS Industries, Inc.		13,040		352,993
MDC Holdings, Inc.		4,434		113,776
TRI Pointe Group, Inc. (b)		9,990		114,685
				581,454
HOUSEHOLD PRODUCTS — 0.4%
Orchids Paper Products Co. (a)		11,252		294,577
WD-40 Co.		4,685		547,677
				842,254
INSURANCE — 6.1%
Argo Group International Holdings, Ltd.		12,934		852,351
Baldwin & Lyons, Inc. Class B		11,778		296,806
Donegal Group, Inc. Class A		18,318		320,199
Enstar Group, Ltd. (b)		2,944		582,029
Greenlight Capital Re, Ltd. Class A (a) (b)		119,294		2,719,903
Infinity Property & Casualty Corp.		8,308		730,273
Navigators Group, Inc.		10,977		1,292,542
OneBeacon Insurance Group, Ltd. Class A		40,801		654,856
Primerica, Inc. (a)		18,576		1,284,530
ProAssurance Corp. (a)		23,555		1,323,791
Safety Insurance Group, Inc.		14,617		1,077,273
Selective Insurance Group, Inc. (a)		47		2,023
Third Point Reinsurance, Ltd. (b)		41,748		482,189
				11,618,765
INTERNET & CATALOG RETAIL — 0.2%
HSN, Inc.		6,625		227,238
PetMed Express, Inc.		8,232		189,912
				417,150
INTERNET SOFTWARE & SERVICES — 0.4%
Cornerstone OnDemand, Inc. (a) (b)		4,312		182,441
NIC, Inc.		15,143		361,918

See accompanying notes to financial statements.

292

SPDR SSGA US Small Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SPS Commerce, Inc. (a) (b)		4,206	$	293,957
				838,316
IT SERVICES — 1.9%
CACI International, Inc. Class A (b)		2,208		274,454
Cardtronics PLC Class A (a) (b)		7,361		401,690
Cass Information Systems, Inc.		5,678		417,730
Convergys Corp. (a)		13,142		322,768
CSG Systems International, Inc.		6,836		330,862
EVERTEC, Inc.		23,029		408,765
Forrester Research, Inc.		11,558		496,416
InterXion Holding NV (b)		7,150		250,751
ManTech International Corp. Class A		9,359		395,418
Sykes Enterprises, Inc. (b)		11,883		342,943
				3,641,797
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Callaway Golf Co.		11,264		123,453
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Luminex Corp. (a) (b)		11,146		225,484
MACHINERY — 4.1%
Actuant Corp. Class A		5,994		155,544
Astec Industries, Inc.		4,102		276,721
Barnes Group, Inc.		5,384		255,309
Briggs & Stratton Corp. (a)		9,780		217,703
CLARCOR, Inc.		23,488		1,937,055
Douglas Dynamics, Inc. (a)		9,990		336,163
ESCO Technologies, Inc. (a)		29,169		1,652,424
Franklin Electric Co., Inc. (a)		5,258		204,536
Gorman-Rupp Co. (a)		9,148		283,131
Hillenbrand, Inc.		26,590		1,019,726
John Bean Technologies Corp.		3,680		316,296
Lindsay Corp.		3,680		274,565
Mueller Industries, Inc.		6,730		268,931
RBC Bearings, Inc. (a) (b)		2,734		253,743
Tennant Co.		4,206		299,467
Watts Water Technologies, Inc. Class A		2,524		164,565
				7,915,879
MEDIA — 1.8%
John Wiley & Sons, Inc. Class A		10,936		596,012
Loral Space & Communications, Inc. (b)		10,306		423,061
Manchester United PLC Class A (a)		22,714		323,675
Meredith Corp.		5,784		342,124
MSG Networks, Inc. Class A (b)		20,611		443,136
National CineMedia, Inc.		22,337		329,024
Regal Entertainment Group Class A (a)		18,192		374,755
Scholastic Corp.		11,883		564,324
				3,396,111
METALS & MINING — 0.7%
Commercial Metals Co.		10,621		231,326
Compass Minerals International, Inc. (a)		7,361		576,734
Kaiser Aluminum Corp.		6,310		490,224
				1,298,284
MULTI-UTILITIES — 1.1%
Avista Corp.		26,958		1,078,051
Unitil Corp.		23,660		1,072,744
				2,150,795
OIL, GAS & CONSUMABLE FUELS — 0.3%
Panhandle Oil and Gas, Inc. Class A		7,703		181,406
Par Pacific Holdings, Inc. (b)		9,044		131,500
SemGroup Corp. Class A		4,838		201,986
Western Refining, Inc.		3,680		139,288
				654,180
PAPER & FOREST PRODUCTS — 1.1%
Clearwater Paper Corp. (b)		5,784		379,141
Deltic Timber Corp. (a)		7,150		551,051
Domtar Corp.		3,576		139,571
Louisiana-Pacific Corp. (b)		3,421		64,760
Neenah Paper, Inc.		3,665		312,258
PH Glatfelter Co. (a)		11,778		281,376
Schweitzer-Mauduit International, Inc.		8,623		392,605
				2,120,762
PERSONAL PRODUCTS — 0.2%
Nutraceutical International Corp.		12,093		422,650
PHARMACEUTICALS — 0.2%
Impax Laboratories, Inc. (b)		4,312		57,134
Medicines Co. (a) (b)		3,890		132,027
Prestige Brands Holdings, Inc. (b)		3,470		180,787
				369,948
PROFESSIONAL SERVICES — 1.1%
CBIZ, Inc. (b)		60,980		835,426
Exponent, Inc.		8,582		517,495
Franklin Covey Co. (b)		10,976		221,167
Huron Consulting Group, Inc. (b)		3,576		181,124
Resources Connection, Inc.		16,825		323,881
				2,079,093
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.2%
Capstead Mortgage Corp.		501		5,105
Colony Capital, Inc. Class A (a)		3,739		75,715
DiamondRock Hospitality Co. (a)		1,509		17,399
EastGroup Properties, Inc. (a)		90		6,646
Gladstone Commercial Corp.		836		16,803
Government Properties Income Trust REIT (a)		4,641		88,481
Hudson Pacific Properties, Inc. REIT		82		2,852
LaSalle Hotel Properties (a)		166		5,058
Lexington Realty Trust REIT		273		2,948
Pebblebrook Hotel Trust (a)		217		6,456
Potlatch Corp. REIT (a)		81		3,374
Select Income REIT		117		2,948
Silver Bay Realty Trust Corp. REIT		3,929		67,343
Summit Hotel Properties, Inc. REIT		584		9,361
Sunstone Hotel Investors, Inc. REIT		5,012		76,433
Whitestone REIT (a)		26		374
				387,296
ROAD & RAIL — 1.3%
Heartland Express, Inc. (a)		24,607		500,999
Knight Transportation, Inc. (a)		12,724		420,528
Landstar System, Inc.		8,518		726,585
Marten Transport, Ltd.		18,613		433,683
Werner Enterprises, Inc.		16,404		442,088
				2,523,883

See accompanying notes to financial statements.

293

SPDR SSGA US Small Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%
Brooks Automation, Inc.		13,355	$	227,970
Cabot Microelectronics Corp.		6,730		425,134
Cohu, Inc.		20,506		285,033
Diodes, Inc. (b)		10,726		275,336
DSP Group, Inc. (b)		31,577		412,080
Entegris, Inc. (b)		9,885		176,942
Exar Corp. (b)		34,387		370,692
Microsemi Corp. (a) (b)		4,280		230,992
MKS Instruments, Inc.		18,848		1,119,571
Monolithic Power Systems, Inc. (a)		1,682		137,806
NVE Corp.		6,100		435,723
Power Integrations, Inc. (a)		2,944		199,750
Semtech Corp. (b)		8,202		258,773
Silicon Laboratories, Inc. (a) (b)		3,576		232,440
Tessera Holding Corp.		6,310		278,902
				5,067,144
SOFTWARE — 1.4%
ACI Worldwide, Inc. (a) (b)		11,816		214,461
American Software, Inc. Class A		34,913		360,651
Bottomline Technologies de, Inc. (b)		7,676		192,054
CommVault Systems, Inc. (b)		3,365		172,961
Covisint Corp. (b)		16		30
Magic Software Enterprises, Ltd.		2,724		18,115
Mentor Graphics Corp.		10,306		380,188
MicroStrategy, Inc. Class A (a) (b)		630		124,362
Monotype Imaging Holdings, Inc.		9,044		179,523
Progress Software Corp.		13,881		443,220
Seachange International, Inc. (b)		34,702		79,815
Verint Systems, Inc. (b)		9,148		322,467
Zix Corp. (b)		43,905		216,891
				2,704,738
SPECIALTY RETAIL — 1.4%
Buckle, Inc.		10,516		239,765
Cato Corp. Class A		11,778		354,282
Children’s Place, Inc. (a)		2,944		297,197
Finish Line, Inc. Class A (a)		11,778		221,544
Genesco, Inc. (b)		4,102		254,734
Hibbett Sports, Inc. (a) (b)		9,780		364,794
Monro Muffler Brake, Inc. (a)		5,678		324,782
Murphy USA, Inc. (b)		4,838		297,392
Vitamin Shoppe, Inc. (b)		9,359		222,276
				2,576,766
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
Diebold Nixdorf, Inc. (a)		8,623		216,869
Electronics For Imaging, Inc. (a) (b)		505		22,149
				239,018
TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Culp, Inc.		13,881		515,679
Steven Madden, Ltd. (b)		6,730		240,597
Superior Uniform Group, Inc.		4,500		88,290
Wolverine World Wide, Inc.		14,406		316,212
				1,160,778
THRIFTS & MORTGAGE FINANCE — 10.4%
Beneficial Bancorp, Inc.		47,847		880,385
BSB Bancorp, Inc. (b)		14,091		407,934
Capitol Federal Financial, Inc.		225,727		3,715,466
Charter Financial Corp.		20,295		338,318
Clifton Bancorp, Inc.		25,027		423,457
Dime Community Bancshares, Inc.		35,543		714,414
First Defiance Financial Corp.		14,932		757,650
Kearny Financial Corp.		96,841		1,505,878
Meridian Bancorp, Inc.		51,422		971,876
Northfield Bancorp, Inc. (a)		70,227		1,402,433
Northwest Bancshares, Inc. (a)		94,758		1,708,487
OceanFirst Financial Corp. (a)		31,232		937,897
Oritani Financial Corp.		84,354		1,581,638
Provident Financial Services, Inc. (a)		26,377		746,469
SI Financial Group, Inc.		12,093		186,232
Southern Missouri Bancorp, Inc.		6,100		215,818
Territorial Bancorp, Inc.		10,936		359,138
TrustCo Bank Corp. NY (a)		73,660		644,525
United Financial Bancorp, Inc.		55,313		1,004,484
Washington Federal, Inc.		14,932		512,914
Waterstone Financial, Inc.		49,968		919,411
				19,934,824
TOBACCO — 0.2%
Universal Corp. (a)		6,310		402,262
TRADING COMPANIES & DISTRIBUTORS — 1.4%
Aircastle, Ltd.		7,782		162,255
Applied Industrial Technologies, Inc. (a)		21,662		1,286,723
Beacon Roofing Supply, Inc. (b)		3,154		145,305
GATX Corp. (a)		5,468		336,719
Kaman Corp. (a)		10,778		527,368
MRC Global, Inc. (b)		6,625		134,222
				2,592,592
WIRELESS TELECOMMUNICATION SERVICES — 0.4%
Spok Holdings, Inc.		20,821		432,036
United States Cellular Corp. (b)		8,518		372,407
				804,443
TOTAL COMMON STOCKS (Cost $178,669,490)				190,618,791
SHORT-TERM INVESTMENTS — 1.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e)		748,534		748,534
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)		2,841,162		2,841,162
TOTAL SHORT-TERM INVESTMENTS (Cost $3,589,696)				3,589,696
TOTAL INVESTMENTS — 101.3% (Cost $182,259,186)				194,208,487
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%				(2,563,644	)
NET ASSETS — 100.0%			$	191,644,843

See accompanying notes to financial statements.

294

SPDR SSGA US Small Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) Non-income producing security.

(c) Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at December 31, 2016.

(f) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	2,360,574	$	—	$	—	$	2,360,574
Air Freight & Logistics		576,590		—		—		576,590
Auto Components		1,800,013		—		—		1,800,013
Banks		54,940,140		—		—		54,940,140
Beverages		338,384		—		—		338,384
Biotechnology		348,360		—		—		348,360
Building Products		1,021,693		—		—		1,021,693
Capital Markets		140,354		—		—		140,354
Chemicals		3,188,593		—		—		3,188,593
Commercial Services & Supplies		6,356,341		—		—		6,356,341
Communications Equipment		1,798,031		—		—		1,798,031
Construction & Engineering		207,681		—		—		207,681
Containers & Packaging		323,766		—		—		323,766
Distributors		681,600		—		—		681,600
Diversified Consumer Services		1,037,410		—		—		1,037,410
Diversified Telecommunication Services		1,608,720		—		—		1,608,720
Electric Utilities		3,298,148		—		—		3,298,148
Electrical Equipment		848,262		—		—		848,262
Electronic Equipment, Instruments & Components		4,178,892		—		—		4,178,892
Energy Equipment & Services		3,017,691		—		—		3,017,691
Food Products		4,126,835		—		—		4,126,835
Gas Utilities		936,946		—		—		936,946
Health Care Equipment & Supplies		8,336,505		—		—		8,336,505
Health Care Providers & Services		4,397,164		—		—		4,397,164
Health Care Technology		867,965		—		—		867,965
Hotels, Restaurants & Leisure		6,792,014		—		—		6,792,014
Household Durables		581,454		—		—		581,454
Household Products		842,254		—		—		842,254
Insurance		11,618,765		—		—		11,618,765
Internet & Catalog Retail		417,150		—		—		417,150
Internet Software & Services		838,316		—		—		838,316
IT Services		3,641,797		—		—		3,641,797
Leisure Equipment & Products		123,453		—		—		123,453
Life Sciences Tools & Services		225,484		—		—		225,484
Machinery		7,915,879		—		—		7,915,879
Media		3,396,111		—		—		3,396,111
Metals & Mining		1,298,284		—		—		1,298,284
Multi-Utilities		2,150,795		—		—		2,150,795
Oil, Gas & Consumable Fuels		654,180		—		—		654,180
Paper & Forest Products		2,120,762		—		—		2,120,762
Personal Products		422,650		—		—		422,650
Pharmaceuticals		369,948		—		—		369,948
Professional Services		2,079,093		—		—		2,079,093

See accompanying notes to financial statements.

295

SPDR SSGA US Small Cap Low Volatility Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Real Estate Investment Trusts (REITs)	$	387,296	$	—	$	—	$	387,296
Road & Rail		2,523,883		—		—		2,523,883
Semiconductors & Semiconductor Equipment		5,067,144		—		—		5,067,144
Software		2,704,738		—		—		2,704,738
Specialty Retail		2,576,766		—		—		2,576,766
Technology Hardware, Storage & Peripherals		239,018		—		—		239,018
Textiles, Apparel & Luxury Goods		1,160,778		—		—		1,160,778
Thrifts & Mortgage Finance		19,934,824		—		—		19,934,824
Tobacco		402,262		—		—		402,262
Trading Companies & Distributors		2,592,592		—		—		2,592,592
Wireless Telecommunication Services		804,443		—		—		804,443
Short-Term Investments		3,589,696		—		—		3,589,696
TOTAL INVESTMENTS	$	194,208,487	$	—	$	—	$	194,208,487

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		233,332	$	233,332		1,326,344		1,559,676		—	$	—	$	278	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		5,281,560		4,533,026		748,534		748,534		457		—
State Street Navigator Securities Lending Government Money Market Portfolio*		10,483,308		10,483,308		34,974,212		42,616,358		2,841,162		2,841,162		12,926		—
TOTAL			$	10,716,640							$	3,589,696	$	13,661	$	—

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

296

SPDR MSCI USA StrategicFactors ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.9%
Arconic, Inc.		259	$	4,802
B/E Aerospace, Inc.		11		662
Boeing Co.		747		116,293
General Dynamics Corp.		345		59,568
Huntington Ingalls Industries, Inc.		46		8,473
L3 Technologies, Inc. (a)		24		3,650
Lockheed Martin Corp.		107		26,743
Northrop Grumman Corp.		236		54,889
Raytheon Co.		468		66,456
Rockwell Collins, Inc.		134		12,430
Textron, Inc.		90		4,370
TransDigm Group, Inc.		3		747
United Technologies Corp.		193		21,157
				380,240
AIR FREIGHT & LOGISTICS — 1.1%
C.H. Robinson Worldwide, Inc.		390		28,571
Expeditors International of Washington, Inc.		581		30,770
FedEx Corp.		62		11,544
United Parcel Service, Inc. Class B		617		70,733
				141,618
AIRLINES — 0.2%
American Airlines Group, Inc.		65		3,035
Delta Air Lines, Inc.		99		4,870
Southwest Airlines Co.		175		8,722
United Continental Holdings, Inc. (a)		46		3,352
				19,979
AUTO COMPONENTS — 0.3%
Autoliv, Inc.		26		2,942
BorgWarner, Inc.		60		2,366
Delphi Automotive PLC		326		21,956
Goodyear Tire & Rubber Co.		186		5,742
Lear Corp.		31		4,104
				37,110
AUTOMOBILES — 0.5%
Ford Motor Co.		2,623		31,817
General Motors Co.		936		32,610
Harley-Davidson, Inc.		43		2,509
				66,936
BANKS — 4.5%
Bank of America Corp.		4,652		102,809
BB&T Corp.		278		13,072
CIT Group, Inc.		139		5,933
Citigroup, Inc.		1,637		97,287
Citizens Financial Group, Inc.		248		8,836
Comerica, Inc.		60		4,087
Fifth Third Bancorp		337		9,089
First Republic Bank		26		2,396
Huntington Bancshares, Inc.		333		4,402
JPMorgan Chase & Co.		1,453		125,379
KeyCorp		372		6,796
M&T Bank Corp.		45		7,039
People’s United Financial, Inc.		94		1,820
PNC Financial Services Group, Inc.		196		22,924
Regions Financial Corp.		564		8,099
Signature Bank (a)		9		1,352
SunTrust Banks, Inc.		205		11,244
US Bancorp		745		38,271
Wells Fargo & Co.		1,918		105,701
				576,536
BEVERAGES — 2.8%
Brown-Forman Corp. Class B		256		11,499
Coca-Cola Co.		1,710		70,896
Constellation Brands, Inc. Class A		132		20,237
Dr. Pepper Snapple Group, Inc.		504		45,698
Molson Coors Brewing Co. Class B		28		2,725
Monster Beverage Corp. (a)		335		14,854
PepsiCo, Inc.		1,901		198,902
				364,811
BIOTECHNOLOGY — 1.7%
AbbVie, Inc.		164		10,270
Alexion Pharmaceuticals, Inc. (a)		11		1,346
Alkermes PLC (a)		4		222
Amgen, Inc.		123		17,984
Biogen, Inc. (a)		216		61,253
BioMarin Pharmaceutical, Inc. (a)		3		249
Celgene Corp. (a)		38		4,398
Gilead Sciences, Inc.		1,579		113,072
Regeneron Pharmaceuticals, Inc. (a)		3		1,101
United Therapeutics Corp. (a)		55		7,889
Vertex Pharmaceuticals, Inc. (a)		4		295
				218,079
BUILDING PRODUCTS — 0.1%
AO Smith Corp.		142		6,724
Fortune Brands Home & Security, Inc.		17		909
Johnson Controls International PLC		113		4,654
Masco Corp.		36		1,138
				13,425
CAPITAL MARKETS — 1.6%
Affiliated Managers Group, Inc. (a)		6		872
Ameriprise Financial, Inc.		51		5,658
Bank of New York Mellon Corp.		315		14,925
BlackRock, Inc.		24		9,133
Charles Schwab Corp.		118		4,657
CME Group, Inc.		184		21,224
E*TRADE Financial Corp. (a)		56		1,940
Eaton Vance Corp.		126		5,277
Franklin Resources, Inc.		387		15,317
Goldman Sachs Group, Inc.		146		34,960
Intercontinental Exchange, Inc.		85		4,796
Invesco, Ltd.		121		3,671
Moody’s Corp.		16		1,508
Morgan Stanley		480		20,280
MSCI, Inc.		85		6,696
Nasdaq, Inc.		13		873
Northern Trust Corp.		56		4,987
Raymond James Financial, Inc.		19		1,316
S&P Global, Inc.		7		753
SEI Investments Co.		143		7,059
State Street Corp. (b)		121		9,404
T Rowe Price Group, Inc.		266		20,019

See accompanying notes to financial statements.

297

SPDR MSCI USA StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
TD Ameritrade Holding Corp.		245	$	10,682
Voya Financial, Inc.		168		6,589
				212,596
CHEMICALS — 1.7%
Air Products & Chemicals, Inc.		33		4,746
Albemarle Corp.		11		947
Ashland Global Holdings, Inc.		12		1,311
Axalta Coating Systems, Ltd. (a)		12		326
Celanese Corp. Series A		26		2,047
CF Industries Holdings, Inc.		123		3,872
Dow Chemical Co.		338		19,340
E.I. du Pont de Nemours & Co.		248		18,203
Eastman Chemical Co.		51		3,836
Ecolab, Inc.		149		17,466
FMC Corp.		15		848
International Flavors & Fragrances, Inc.		75		8,837
LyondellBasell Industries NV Class A		525		45,035
Monsanto Co.		163		17,149
Mosaic Co.		145		4,253
PPG Industries, Inc.		256		24,259
Praxair, Inc.		153		17,930
Sherwin-Williams Co.		105		28,218
Valspar Corp.		44		4,559
WR Grace & Co.		6		406
				223,588
COMMERCIAL SERVICES & SUPPLIES — 1.2%
Cintas Corp.		301		34,784
Republic Services, Inc. Class A		944		53,855
Stericycle, Inc. (a)		9		693
Waste Connectins, Inc.		84		6,602
Waste Management, Inc.		830		58,855
				154,789
COMMUNICATIONS EQUIPMENT — 0.8%
Cisco Systems, Inc.		2,062		62,314
F5 Networks, Inc. (a)		65		9,407
Harris Corp.		22		2,254
Juniper Networks, Inc.		60		1,695
Motorola Solutions, Inc.		274		22,712
				98,382
CONSTRUCTION & ENGINEERING — 0.0% (c)
Fluor Corp.		56		2,941
Jacobs Engineering Group, Inc. (a)		34		1,938
				4,879
CONSTRUCTION MATERIALS — 0.0% (c)
Martin Marietta Materials, Inc.		6		1,329
Vulcan Materials Co.		7		876
				2,205
CONSUMER FINANCE — 0.5%
Ally Financial, Inc.		246		4,679
American Express Co.		221		16,372
Capital One Financial Corp.		270		23,555
Discover Financial Services		125		9,011
Navient Corp.		217		3,565
Synchrony Financial		238		8,632
				65,814
CONTAINERS & PACKAGING — 0.2%
Avery Dennison Corp.		87		6,109
Ball Corp.		21		1,576
Crown Holdings, Inc. (a)		24		1,262
International Paper Co.		115		6,102
Packaging Corp. of America		16		1,357
Sealed Air Corp.		20		907
WestRock Co.		84		4,265
				21,578
DISTRIBUTORS — 0.2%
Genuine Parts Co.		221		21,114
LKQ Corp. (a)		36		1,104
				22,218
DIVERSIFIED CONSUMER SERVICES — 0.0% (c)
H&R Block, Inc.		44		1,012
DIVERSIFIED FINANCIAL SERVICES — 0.8%
Berkshire Hathaway, Inc. Class B (a)		627		102,188
Leucadia National Corp.		127		2,953
				105,141
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.3%
AT&T, Inc.		3,482		148,090
CenturyLink, Inc.		295		7,015
Frontier Communications Corp.		687		2,322
Level 3 Communications, Inc. (a)		60		3,382
SBA Communications Corp. Class A (a)		80		8,261
Verizon Communications, Inc.		2,259		120,585
Zayo Group Holdings, Inc. (a)		235		7,722
				297,377
ELECTRIC UTILITIES — 2.6%
Alliant Energy Corp.		34		1,288
American Electric Power Co., Inc.		271		17,062
Duke Energy Corp.		911		70,712
Edison International		88		6,335
Entergy Corp.		75		5,510
Eversource Energy		211		11,653
Exelon Corp.		395		14,019
FirstEnergy Corp.		165		5,110
NextEra Energy, Inc.		333		39,780
OGE Energy Corp.		31		1,037
PG&E Corp.		559		33,970
Pinnacle West Capital Corp.		20		1,561
PPL Corp.		155		5,278
Southern Co.		1,315		64,685
Westar Energy, Inc.		284		16,003
Xcel Energy, Inc.		1,118		45,503
				339,506
ELECTRICAL EQUIPMENT — 0.6%
Acuity Brands, Inc.		37		8,542
AMETEK, Inc.		28		1,361
Eaton Corp. PLC		136		9,124
Emerson Electric Co.		624		34,788
Rockwell Automation, Inc.		142		19,085
Sensata Technologies Holding NV (a)		17		662
				73,562

See accompanying notes to financial statements.

298

SPDR MSCI USA StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
Amphenol Corp. Class A		362	$	24,326
Arrow Electronics, Inc. (a)		61		4,349
Avnet, Inc.		106		5,047
CDW Corp.		30		1,563
Corning, Inc.		323		7,839
Flex, Ltd. (a)		313		4,498
FLIR Systems, Inc.		27		977
TE Connectivity, Ltd.		379		26,257
Trimble, Inc. (a)		25		754
				75,610
ENERGY EQUIPMENT & SERVICES — 0.6%
Baker Hughes, Inc.		107		6,952
Core Laboratories NV		65		7,803
FMC Technologies, Inc. (a)		67		2,381
Halliburton Co.		183		9,898
Helmerich & Payne, Inc.		31		2,399
National Oilwell Varco, Inc.		219		8,199
Schlumberger, Ltd.		398		33,412
Weatherford International PLC (a)		343		1,712
				72,756
FOOD & STAPLES RETAILING — 1.9%
Costco Wholesale Corp.		536		85,819
CVS Health Corp.		442		34,878
Kroger Co.		389		13,424
Rite Aid Corp. (a)		566		4,664
Sysco Corp.		367		20,321
Wal-Mart Stores, Inc.		954		65,941
Walgreens Boots Alliance, Inc.		196		16,221
Whole Foods Market, Inc.		350		10,766
				252,034
FOOD PRODUCTS — 2.3%
Archer-Daniels-Midland Co.		312		14,243
Bunge, Ltd.		109		7,874
Campbell Soup Co.		600		36,282
ConAgra Foods, Inc.		255		10,085
General Mills, Inc.		1,394		86,107
Hershey Co.		203		20,996
Hormel Foods Corp.		518		18,032
Ingredion, Inc.		10		1,250
J.M. Smucker Co.		45		5,763
Kellogg Co.		484		35,676
Kraft Heinz Co.		74		6,462
McCormick & Co., Inc.		391		36,492
Mead Johnson Nutrition Co.		15		1,061
Mondelez International, Inc. Class A		318		14,097
Tyson Foods, Inc. Class A		86		5,304
WhiteWave Foods Co. (a)		16		890
				300,614
GAS UTILITIES — 0.0% (c)
Atmos Energy Corp.		16		1,186
UGI Corp.		31		1,429
				2,615
HEALTH CARE EQUIPMENT & SUPPLIES — 3.8%
Abbott Laboratories		815		31,304
Align Technology, Inc. (a)		63		6,056
Baxter International, Inc.		554		24,564
Becton Dickinson and Co.		372		61,585
Boston Scientific Corp. (a)		866		18,732
C.R. Bard, Inc.		198		44,483
Cooper Cos., Inc.		70		12,245
Danaher Corp.		503		39,153
DENTSPLY SIRONA, Inc.		37		2,136
Edwards Lifesciences Corp. (a)		187		17,522
Hologic, Inc. (a)		220		8,826
IDEXX Laboratories, Inc. (a)		2		235
Intuitive Surgical, Inc. (a)		69		43,758
Medtronic PLC		748		53,280
ResMed, Inc.		237		14,706
St. Jude Medical, Inc.		65		5,212
Stryker Corp.		499		59,785
Varian Medical Systems, Inc. (a)		393		35,284
Zimmer Biomet Holdings, Inc.		94		9,701
				488,567
HEALTH CARE PROVIDERS & SERVICES — 2.9%
Aetna, Inc.		313		38,815
AmerisourceBergen Corp.		111		8,679
Anthem, Inc.		193		27,748
Cardinal Health, Inc.		184		13,243
Centene Corp. (a)		30		1,695
Cigna Corp.		183		24,410
DaVita, Inc. (a)		47		3,017
Envision Healthcare Corp. (a)		10		633
Express Scripts Holding Co. (a)		308		21,187
HCA Holdings, Inc. (a)		81		5,996
Henry Schein, Inc. (a)		185		28,066
Humana, Inc.		115		23,463
Laboratory Corp. of America Holdings (a)		176		22,595
McKesson Corp.		317		44,523
MEDNAX, Inc. (a)		12		800
Patterson Cos., Inc.		183		7,509
Quest Diagnostics, Inc.		151		13,877
UnitedHealth Group, Inc.		530		84,821
Universal Health Services, Inc. Class B		67		7,128
				378,205
HEALTH CARE TECHNOLOGY — 0.0% (c)
Cerner Corp. (a)		24		1,137
HOTELS, RESTAURANTS & LEISURE — 2.6%
Aramark		368		13,145
Carnival Corp.		63		3,280
Chipotle Mexican Grill, Inc. Class A (a)		31		11,697
Darden Restaurants, Inc.		160		11,635
Domino’s Pizza, Inc.		2		319
Hilton Worldwide Holdings, Inc.		70		1,904
Las Vegas Sands Corp.		67		3,579
Marriott International, Inc. Class A		31		2,563
McDonald’s Corp.		1,296		157,749
MGM Resorts International (a)		59		1,701
Norwegian Cruise Line Holdings, Ltd. (a)		14		595
Royal Caribbean Cruises, Ltd.		28		2,297
Starbucks Corp.		2,063		114,538
Wyndham Worldwide Corp.		17		1,298
Wynn Resorts, Ltd.		12		1,038
Yum! Brands, Inc.		52		3,293
				330,631

See accompanying notes to financial statements.

299

SPDR MSCI USA StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
HOUSEHOLD DURABLES — 0.2%
D.R. Horton, Inc.		60	$	1,640
Garmin, Ltd.		16		776
Harman International Industries, Inc.		10		1,112
Leggett & Platt, Inc.		130		6,354
Lennar Corp. Class A		39		1,674
Mohawk Industries, Inc. (a)		8		1,598
Newell Brands, Inc.		62		2,768
PulteGroup, Inc.		130		2,389
Toll Brothers, Inc. (a)		33		1,023
Whirlpool Corp.		26		4,726
				24,060
HOUSEHOLD PRODUCTS — 2.3%
Church & Dwight Co., Inc.		889		39,285
Clorox Co.		295		35,406
Colgate-Palmolive Co.		588		38,479
Kimberly-Clark Corp.		762		86,959
Procter & Gamble Co.		1,093		91,899
				292,028
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
AES Corp.		398		4,625
Calpine Corp. (a)		127		1,451
				6,076
INDUSTRIAL CONGLOMERATES — 2.1%
3M Co.		786		140,356
General Electric Co.		1,585		50,086
Honeywell International, Inc.		688		79,705
Roper Technologies, Inc.		9		1,648
				271,795
INSURANCE — 4.4%
Aflac, Inc.		145		10,092
Alleghany Corp. (a)		35		21,284
Allstate Corp.		491		36,393
American International Group, Inc.		519		33,896
Aon PLC		137		15,280
Arch Capital Group, Ltd. (a)		549		47,373
Arthur J Gallagher & Co.		24		1,247
Assurant, Inc.		18		1,671
Axis Capital Holdings, Ltd.		431		28,131
Chubb, Ltd.		473		62,493
Cincinnati Financial Corp.		148		11,211
Everest Re Group, Ltd.		149		32,244
FNF Group		253		8,592
Hartford Financial Services Group, Inc.		158		7,529
Lincoln National Corp.		91		6,031
Loews Corp.		122		5,713
Markel Corp. (a)		34		30,753
Marsh & McLennan Cos., Inc.		864		58,398
MetLife, Inc.		445		23,981
Principal Financial Group, Inc.		76		4,397
Progressive Corp.		239		8,485
Prudential Financial, Inc.		170		17,690
Reinsurance Group of America, Inc.		28		3,523
RenaissanceRe Holdings, Ltd.		193		26,290
Torchmark Corp.		26		1,918
Travelers Cos., Inc.		310		37,950
Unum Group.		109		4,788
Willis Towers Watson PLC		29		3,546
WR Berkley Corp.		296		19,687
XL Group, Ltd.		137		5,105
				575,691
INTERNET & CATALOG RETAIL — 0.7%
Amazon.com, Inc. (a)		16		11,998
Expedia, Inc.		20		2,266
Liberty Interactive Corp. QVC Group Class A (a)		148		2,957
Netflix, Inc. (a)		23		2,847
Priceline Group, Inc. (a)		45		65,973
TripAdvisor, Inc. (a)		15		695
				86,736
INTERNET SOFTWARE & SERVICES — 2.8%
Akamai Technologies, Inc. (a)		15		1,000
Alphabet, Inc. Class A (a)		193		152,943
Alphabet, Inc. Class C (a)		173		133,525
eBay, Inc. (a)		650		19,298
Facebook, Inc. Class A (a)		320		36,816
MercadoLibre, Inc.		40		6,246
Twitter, Inc. (a)		20		326
VeriSign, Inc. (a)		8		609
Yahoo!, Inc. (a)		234		9,049
Zillow Group, Inc. Class C (a)		9		328
				360,140
IT SERVICES — 8.3%
Accenture PLC Class A		1,242		145,476
Alliance Data Systems Corp.		8		1,828
Automatic Data Processing, Inc.		1,136		116,758
Broadridge Financial Solutions, Inc.		438		29,039
Cognizant Technology Solutions Corp. Class A (a)		77		4,314
Computer Sciences Corp.		41		2,436
Fidelity National Information Services, Inc.		378		28,592
Fiserv, Inc. (a)		615		65,362
FleetCor Technologies, Inc. (a)		6		849
Gartner, Inc. (a)		251		25,369
Global Payments, Inc.		10		694
International Business Machines Corp.		1,266		210,143
MasterCard, Inc. Class A		1,524		157,353
Paychex, Inc.		1,264		76,952
PayPal Holdings, Inc. (a)		132		5,210
Sabre Corp.		12		299
Total System Services, Inc.		18		883
Vantiv, Inc. Class A (a)		85		5,068
Visa, Inc. Class A		2,343		182,801
Western Union Co.		589		12,793
Xerox Corp.		545		4,758
				1,076,977
LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc.		104		8,090
Mattel, Inc.		55		1,515
Polaris Industries, Inc.		83		6,839
				16,444

See accompanying notes to financial statements.

300

SPDR MSCI USA StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
LIFE SCIENCES TOOLS & SERVICES — 0.5%
Agilent Technologies, Inc.		39	$	1,777
Illumina, Inc. (a)		5		640
Mettler-Toledo International, Inc. (a)		33		13,812
Quintiles IMS Holdings, Inc. (a)		53		4,031
Thermo Fisher Scientific, Inc.		165		23,282
Waters Corp. (a)		139		18,680
				62,222
MACHINERY — 1.2%
AGCO Corp.		22		1,273
Caterpillar, Inc.		161		14,931
Cummins, Inc.		167		22,824
Deere & Co.		102		10,510
Dover Corp.		33		2,473
Flowserve Corp.		25		1,201
Fortive Corp.		349		18,717
Illinois Tool Works, Inc.		302		36,983
Ingersoll-Rand PLC		58		4,352
PACCAR, Inc.		107		6,837
Parker-Hannifin Corp.		29		4,060
Pentair PLC		25		1,402
Snap-on, Inc.		56		9,591
Stanley Black & Decker, Inc.		25		2,867
WABCO Holdings, Inc. (a)		58		6,157
Wabtec Corp.		92		7,638
Xylem, Inc.		22		1,089
				152,905
MEDIA — 2.8%
CBS Corp. Class B		418		26,593
Charter Communications, Inc. Class A (a)		129		37,142
Comcast Corp. Class A		848		58,554
Discovery Communications, Inc. Class A (a)		31		850
Discovery Communications, Inc. Class C (a)		57		1,526
DISH Network Corp. Class A (a)		51		2,954
Interpublic Group of Cos., Inc.		65		1,522
Liberty Broadband Corp. Class C (a)		2		148
Liberty Global PLC Class A (a)		45		1,377
Liberty Global PLC Series C (a)		108		3,208
Liberty Global PLC LiLAC Class C (a)		11		233
Liberty Media Corp.-Liberty SiriusXM Class A (a)		69		2,382
Liberty Media Corp.-Liberty SiriusXM Class C (a)		31		1,051
News Corp. Class A		137		1,570
Omnicom Group, Inc.		331		28,171
Scripps Networks Interactive, Inc. Class A		15		1,071
Sirius XM Holdings, Inc.		171		761
TEGNA, Inc.		53		1,134
Time Warner, Inc.		203		19,596
Twenty-First Century Fox, Inc. Class A		230		6,449
Twenty-First Century Fox, Inc. Class B		56		1,526
Viacom, Inc. Class B		202		7,090
Walt Disney Co.		1,554		161,958
				366,866
METALS & MINING — 0.4%
Freeport-McMoRan, Inc. (a)		308		4,062
Newmont Mining Corp.		1,124		38,295
Nucor Corp.		75		4,464
				46,821
MORTGAGE REAL ESTATE INVESTMENT — 0.2%
AGNC Investment Corp. REIT		1,569		28,446
MULTI-UTILITIES — 1.2%
Ameren Corp.		51		2,675
CenterPoint Energy, Inc.		64		1,577
CMS Energy Corp.		48		1,998
Consolidated Edison, Inc.		812		59,828
Dominion Resources, Inc.		555		42,507
DTE Energy Co.		50		4,925
NiSource, Inc.		61		1,351
Public Service Enterprise Group, Inc.		143		6,275
SCANA Corp.		25		1,832
Sempra Energy		54		5,435
WEC Energy Group, Inc.		478		28,035
				156,438
MULTILINE RETAIL — 0.5%
Dollar General Corp.		283		20,962
Dollar Tree, Inc. (a)		36		2,779
Kohl’s Corp.		88		4,345
Macy’s, Inc.		152		5,443
Nordstrom, Inc.		39		1,869
Target Corp.		477		34,454
				69,852
OIL, GAS & CONSUMABLE FUELS — 3.8%
Anadarko Petroleum Corp.		114		7,949
Antero Resources Corp. (a)		35		828
Apache Corp.		115		7,299
Cabot Oil & Gas Corp.		37		864
Chevron Corp.		770		90,629
Cimarex Energy Co.		10		1,359
Concho Resources, Inc. (a)		27		3,580
ConocoPhillips		490		24,569
Continental Resources, Inc. (a)		10		515
Devon Energy Corp.		111		5,069
EOG Resources, Inc.		93		9,402
EQT Corp.		24		1,570
Exxon Mobil Corp.		2,036		183,769
Hess Corp.		107		6,665
HollyFrontier Corp.		131		4,292
Kinder Morgan, Inc.		451		9,340
Marathon Oil Corp.		414		7,166
Marathon Petroleum Corp.		354		17,824
Murphy Oil Corp.		73		2,273
Newfield Exploration Co. (a)		22		891
Noble Energy, Inc.		109		4,149
Occidental Petroleum Corp.		457		32,552
ONEOK, Inc.		32		1,837
Phillips 66		259		22,380
Pioneer Natural Resources Co.		24		4,322
Plains GP Holdings L.P. Class A		109		3,780
Range Resources Corp.		29		996
Southwestern Energy Co. (a)		194		2,099
Spectra Energy Corp.		82		3,369
Targa Resources Corp.		43		2,411
Tesoro Corp.		77		6,734
Valero Energy Corp.		331		22,614
Williams Cos., Inc.		104		3,239
				496,335

See accompanying notes to financial statements.

301

SPDR MSCI USA StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PERSONAL PRODUCTS — 0.1%
Edgewell Personal Care Co. (a)		5	$	365
Estee Lauder Cos., Inc. Class A		228		17,440
				17,805
PHARMACEUTICALS — 4.9%
Allergan PLC (a)		80		16,801
Bristol-Myers Squibb Co.		1,420		82,985
Eli Lilly & Co.		631		46,410
Endo International PLC (a)		102		1,680
Jazz Pharmaceuticals PLC (a)		3		327
Johnson & Johnson		2,786		320,975
Mallinckrodt PLC (a)		19		947
Merck & Co., Inc.		1,091		64,227
Mylan NV (a)		95		3,624
Perrigo Co. PLC		22		1,831
Pfizer, Inc.		2,730		88,670
Zoetis, Inc.		26		1,392
				629,869
PROFESSIONAL SERVICES — 0.3%
Dun & Bradstreet Corp.		2		243
Equifax, Inc.		126		14,897
IHS Markit, Ltd. (a)		49		1,735
ManpowerGroup, Inc.		27		2,399
Nielsen Holdings PLC		61		2,559
Robert Half International, Inc.		167		8,146
Verisk Analytics, Inc. Class A (a)		130		10,552
				40,531
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.9%
Alexandria Real Estate Equities, Inc.		5		556
American Tower Corp. REIT		82		8,666
Annaly Capital Management, Inc.		4,878		48,634
AvalonBay Communities, Inc.		318		56,334
Boston Properties, Inc. REIT		42		5,283
Brixmor Property Group, Inc.		25		611
Camden Property Trust		50		4,204
Crown Castle International Corp. REIT		420		36,443
Digital Realty Trust, Inc. REIT		108		10,612
Duke Realty Corp.		31		823
Equinix, Inc. REIT		3		1,072
Equity Residential REIT		464		29,863
Essex Property Trust, Inc. REIT		73		16,972
Extra Space Storage, Inc. REIT		51		3,939
Federal Realty Investment Trust REIT		175		24,869
General Growth Properties, Inc. REIT		77		1,923
HCP, Inc. REIT		111		3,299
Host Hotels & Resorts, Inc. REIT		198		3,730
Iron Mountain, Inc. REIT		16		520
Kimco Realty Corp. REIT		43		1,082
Liberty Property Trust REIT		18		711
Macerich Co. REIT		243		17,214
Mid-America Apartment Communities, Inc. REIT		7		685
National Retail Properties, Inc.		74		3,271
Prologis, Inc. REIT		89		4,698
Public Storage REIT		325		72,637
Realty Income Corp. REIT		509		29,257
Regency Centers Corp.		157		10,825
Simon Property Group, Inc. REIT		186		33,047
SL Green Realty Corp. REIT		14		1,506
UDR, Inc. REIT		657		23,967
Ventas, Inc. REIT		234		14,630
VEREIT, Inc.		125		1,058
Vornado Realty Trust REIT		18		1,879
Welltower, Inc. REIT		311		20,815
Weyerhaeuser Co. REIT		120		3,611
				499,246
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc. Class A (a)		43		1,354
Jones Lang LaSalle, Inc.		51		5,153
				6,507
ROAD & RAIL — 0.8%
CSX Corp.		211		7,581
JB Hunt Transport Services, Inc.		96		9,319
Kansas City Southern		12		1,018
Norfolk Southern Corp.		66		7,133
Union Pacific Corp.		772		80,041
				105,092
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.3%
Analog Devices, Inc.		30		2,179
Applied Materials, Inc.		130		4,195
Broadcom, Ltd.		23		4,066
Intel Corp.		5,128		185,993
KLA-Tencor Corp.		11		865
Lam Research Corp.		34		3,595
Linear Technology Corp.		313		19,515
Marvell Technology Group, Ltd.		134		1,859
Maxim Integrated Products, Inc.		23		887
Microchip Technology, Inc.		18		1,155
Micron Technology, Inc. (a)		444		9,732
NVIDIA Corp.		26		2,775
Qorvo, Inc. (a)		22		1,160
QUALCOMM, Inc.		1,365		88,998
Skyworks Solutions, Inc.		180		13,439
Texas Instruments, Inc.		985		71,875
Xilinx, Inc.		232		14,006
				426,294
SOFTWARE — 3.9%
Activision Blizzard, Inc.		74		2,672
Adobe Systems, Inc. (a)		211		21,722
ANSYS, Inc. (a)		234		21,643
Autodesk, Inc. (a)		8		592
CA, Inc.		56		1,779
Cadence Design Systems, Inc. (a)		420		10,592
CDK Global, Inc.		128		7,640
Citrix Systems, Inc. (a)		14		1,250
Dell Technologies, Inc. - NMWare, Inc. (a)		227		12,478
Electronic Arts, Inc. (a)		30		2,363
Fortinet, Inc. (a)		4		120
Intuit, Inc.		334		38,280
Microsoft Corp.		4,820		299,515
Nuance Communications, Inc. (a)		28		417
Oracle Corp.		1,038		39,911
Red Hat, Inc. (a)		8		558
salesforce.com, Inc. (a)		10		685

See accompanying notes to financial statements.

302

SPDR MSCI USA StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
ServiceNow, Inc. (a)		1	$	74
Splunk, Inc. (a)		2		102
Symantec Corp.		94		2,246
Synopsys, Inc. (a)		618		36,376
VMware, Inc. Class A (a)		35		2,756
				503,771
SPECIALTY RETAIL — 4.5%
Advance Auto Parts, Inc.		70		11,838
AutoNation, Inc. (a)		26		1,265
AutoZone, Inc. (a)		55		43,439
Bed Bath & Beyond, Inc.		227		9,225
Best Buy Co., Inc.		132		5,633
CarMax, Inc. (a)		52		3,348
Dick’s Sporting Goods, Inc.		108		5,735
Foot Locker, Inc.		191		13,540
Gap, Inc.		294		6,597
Home Depot, Inc.		1,410		189,053
L Brands, Inc.		41		2,699
Lowe’s Cos., Inc.		1,050		74,676
O’Reilly Automotive, Inc. (a)		147		40,926
Ross Stores, Inc.		580		38,048
Signet Jewelers, Ltd.		11		1,037
Staples, Inc.		389		3,521
Tiffany & Co.		26		2,013
TJX Cos., Inc.		1,379		103,604
Tractor Supply Co.		142		10,765
Ulta Salon Cosmetics & Fragrance, Inc. (a)		57		14,532
				581,494
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.1%
Apple, Inc.		3,027		350,587
Hewlett Packard Enterprise Co.		809		18,720
HP, Inc.		1,494		22,171
NetApp, Inc.		70		2,469
Seagate Technology PLC		109		4,161
Western Digital Corp.		100		6,795
				404,903
TEXTILES, APPAREL & LUXURY GOODS — 0.9%
Coach, Inc.		49		1,716
Hanesbrands, Inc.		364		7,852
lululemon athletica, Inc. (a)		110		7,149
Michael Kors Holdings, Ltd. (a)		234		10,057
NIKE, Inc. Class B		1,430		72,687
PVH Corp.		19		1,715
Ralph Lauren Corp.		17		1,535
Under Armour, Inc. Class A (a)		7		203
Under Armour, Inc. Class C (a)		7		176
VF Corp.		354		18,886
				121,976
THRIFTS & MORTGAGE FINANCE — 0.0% (c)
New York Community Bancorp, Inc.		120		1,909
TOBACCO — 0.8%
Altria Group, Inc.		837		56,598
Philip Morris International, Inc.		376		34,400
Reynolds American, Inc.		188		10,536
				101,534
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co.		300		14,094
United Rentals, Inc. (a)		27		2,851
W.W. Grainger, Inc.		62		14,399
				31,344
WATER UTILITIES — 0.1%
American Water Works Co., Inc.		168		12,156
WIRELESS TELECOMMUNICATION SERVICES — 0.0% (c)
Sprint Corp. (a)		251		2,113
T-Mobile US, Inc. (a)		48		2,761
				4,874
TOTAL COMMON STOCKS (Cost $12,208,169)				12,922,687
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (d) (e) (Cost $11,441)		11,441		11,441
TOTAL INVESTMENTS — 99.9% (Cost $12,219,610)				12,934,128
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				16,168
NET ASSETS — 100.0%			$	12,950,296

(a) Non-income producing security.

(b) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) Amount shown represents less than 0.05% of net assets.

(d) The rate shown is the annualized seven-day yield at December 31, 2016.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

303

SPDR MSCI USA StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	380,240	$	—	$	—	$	380,240
Air Freight & Logistics		141,618		—		—		141,618
Airlines		19,979		—		—		19,979
Auto Components		37,110		—		—		37,110
Automobiles		66,936		—		—		66,936
Banks		576,536		—		—		576,536
Beverages		364,811		—		—		364,811
Biotechnology		218,079		—		—		218,079
Building Products		13,425		—		—		13,425
Capital Markets		212,596		—		—		212,596
Chemicals		223,588		—		—		223,588
Commercial Services & Supplies		154,789		—		—		154,789
Communications Equipment		98,382		—		—		98,382
Construction & Engineering		4,879		—		—		4,879
Construction Materials		2,205		—		—		2,205
Consumer Finance		65,814		—		—		65,814
Containers & Packaging		21,578		—		—		21,578
Distributors		22,218		—		—		22,218
Diversified Consumer Services		1,012		—		—		1,012
Diversified Financial Services		105,141		—		—		105,141
Diversified Telecommunication Services		297,377		—		—		297,377
Electric Utilities		339,506		—		—		339,506
Electrical Equipment		73,562		—		—		73,562
Electronic Equipment, Instruments & Components		75,610		—		—		75,610
Energy Equipment & Services		72,756		—		—		72,756
Food & Staples Retailing		252,034		—		—		252,034
Food Products		300,614		—		—		300,614
Gas Utilities		2,615		—		—		2,615
Health Care Equipment & Supplies		488,567		—		—		488,567
Health Care Providers & Services		378,205		—		—		378,205
Health Care Technology		1,137		—		—		1,137
Hotels, Restaurants & Leisure		330,631		—		—		330,631
Household Durables		24,060		—		—		24,060
Household Products		292,028		—		—		292,028
Independent Power Producers & Energy Traders		6,076		—		—		6,076
Industrial Conglomerates		271,795		—		—		271,795
Insurance		575,691		—		—		575,691
Internet & Catalog Retail		86,736		—		—		86,736
Internet Software & Services		360,140		—		—		360,140
IT Services		1,076,977		—		—		1,076,977
Leisure Equipment & Products		16,444		—		—		16,444
Life Sciences Tools & Services		62,222		—		—		62,222
Machinery		152,905		—		—		152,905
Media		366,866		—		—		366,866
Metals & Mining		46,821		—		—		46,821
Mortgage Real Estate Investment		28,446		—		—		28,446
Multi-Utilities		156,438		—		—		156,438
Multiline Retail		69,852		—		—		69,852
Oil, Gas & Consumable Fuels		496,335		—		—		496,335
Personal Products		17,805		—		—		17,805

See accompanying notes to financial statements.

304

SPDR MSCI USA StrategicFactors ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Pharmaceuticals	$	629,869	$	—	$	—	$	629,869
Professional Services		40,531		—		—		40,531
Real Estate Investment Trusts (REITs)		499,246		—		—		499,246
Real Estate Management & Development		6,507		—		—		6,507
Road & Rail		105,092		—		—		105,092
Semiconductors & Semiconductor Equipment		426,294		—		—		426,294
Software		503,771		—		—		503,771
Specialty Retail		581,494		—		—		581,494
Technology Hardware, Storage & Peripherals		404,903		—		—		404,903
Textiles, Apparel & Luxury Goods		121,976		—		—		121,976
Thrifts & Mortgage Finance		1,909		—		—		1,909
Tobacco		101,534		—		—		101,534
Trading Companies & Distributors		31,344		—		—		31,344
Water Utilities		12,156		—		—		12,156
Wireless Telecommunication Services		4,874		—		—		4,874
Short-Term Investment		11,441		—		—		11,441
TOTAL INVESTMENTS	$	12,934,128	$	—	$	—	$	12,934,128

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		73	$	3,936		76		28		121	$	9,404	$	103	$	63
State Street Institutional Liquid Reserves Fund, Premier Class		5,682		5,682		3,269,100		3,274,781		—		—		169		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		120,761		109,320		11,441		11,441		28		—
TOTAL			$	9,618							$	20,845	$	300	$	63

See accompanying notes to financial statements.

305

SPDR Wells Fargo Preferred Stock ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
PREFERRED STOCKS — 99.5%
BANKS — 33.8%
BB&T Corp. 5.63% (a)		118,906	$	2,888,227
BB&T Corp. 5.85%		147,274		3,611,158
BB&T Corp. Series E 5.63%		291,335		6,919,206
BB&T Corp. Series F 5.20%		114,000		2,594,640
BB&T Corp. Series G 5.20%		127,876		2,915,573
Fifth Third Bancorp Series I 6.63% (a)		115,214		3,148,799
HSBC Holdings PLC 8.13%		276,386		7,172,217
HSBC Holdings PLC Series 2 8.00% (a)		479,199		12,363,334
HSBC Holdings PLC Series A 6.20%		182,163		4,590,508
Huntington Bancshares, Inc. Series D 6.25%		152,001		3,845,625
ING Groep NV 6.13% (a)		177,334		4,435,123
ING Groep NV 6.20% (a)		127,976		3,203,239
ING Groep NV 6.38%		264,735		6,655,438
ING Groep NV 7.20%		278,668		7,128,327
JPMorgan Chase & Co. Series AA 6.10%		171,096		4,338,995
JPMorgan Chase & Co. Series BB 6.15%		138,078		3,533,416
JPMorgan Chase & Co. Series O 5.50%		150,371		3,700,630
JPMorgan Chase & Co. Series P 5.45% (a)		109,940		2,710,021
JPMorgan Chase & Co. Series T 6.70%		112,691		3,034,769
JPMorgan Chase & Co. Series W 6.30% (a)		105,659		2,742,908
JPMorgan Chase & Co. Series Y 6.13%		171,697		4,352,519
KeyCorp Series C 8.63%		88,667		2,260,122
KeyCorp Series E 6.13%		126,667		3,313,609
PNC Financial Services Group, Inc. Series P 6.13%		381,439		10,409,470
PNC Financial Services Group, Inc. Series Q 5.38%		122,790		2,900,300
SunTrust Banks, Inc. Series E 5.88%		114,000		2,832,900
US Bancorp Series B 3.50%		253,334		5,461,881
US Bancorp Series F 6.50%		278,668		7,883,518
US Bancorp Series G 6.00%		274,868		6,929,422
US Bancorp Series H 5.15% (a)		127,976		3,103,418
Wells Fargo & Co. 5.20% (a)		69,448		1,605,638
Wells Fargo & Co. 5.85%		158,889		4,010,358
Wells Fargo & Co. 6.63%		77,243		2,093,285
Wells Fargo & Co. Series J 8.00%		198,070		5,234,990
Wells Fargo & Co. Series O 5.13% (a)		60,189		1,384,347
Wells Fargo & Co. Series P 5.25%		57,872		1,324,690
Wells Fargo & Co. Series T 6.00% (a)		74,078		1,857,876
Wells Fargo & Co. Series V 6.00% (a)		91,958		2,305,387
Wells Fargo & Co. Series W 5.70%		91,958		2,173,887
Wells Fargo & Co. Series X 5.50% (a)		105,750		2,422,733
				165,392,503
CAPITAL MARKETS — 11.9%
Ares Management L.P. Series A 7.00%		80,337		2,025,296
Bank of New York Mellon Corp. 5.20%		147,567		3,394,041
Charles Schwab Corp. Series C (a)		277,947		7,023,721
Charles Schwab Corp. Series D 5.95%		190,001		4,748,125
General Electric Co. 4.70%		185,473		4,555,217
General Electric Co. 4.88%		209,001		5,139,335
General Electric Co. 4.88%		160,234		3,933,745
KKR & Co. L.P. Series A 6.75% (a)		87,401		2,209,497
Legg Mason, Inc. 5.45%		127,876		2,763,400
Legg Mason, Inc. 6.38% (a)		65,166		1,634,363
Northern Trust Corp. Series C 5.85%		101,334		2,539,430
Raymond James Financial, Inc. 6.90%		88,667		2,251,255
State Street Corp. 6.00% (b)		190,001		4,807,025
State Street Corp. Series C 5.25% (b)		127,976		2,992,079
State Street Corp. Series D 5.90% (b)		190,001		4,915,326
State Street Corp. Series G 5.35% (b)		127,976		3,201,959
				58,133,814
COMMERCIAL SERVICES & SUPPLIES — 0.6%
Pitney Bowes, Inc. 6.70% (a)		107,667		2,753,045
CONSUMER FINANCE — 4.4%
Capital One Financial Corp. 6.00%		126,667		3,154,008
Capital One Financial Corp. Series B 6.00% (a)		221,668		5,433,083
Capital One Financial Corp. Series C 6.25%		127,976		3,213,477
Capital One Financial Corp. Series D 6.70%		128,076		3,324,853
Capital One Financial Corp. Series F 6.20% (a)		127,976		3,207,079
Capital One Financial Corp. Series G 5.20%		153,591		3,326,781
				21,659,281
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.5%
Qwest Corp. 6.13% (a)		196,334		4,454,819
Qwest Corp. 6.50% (a)		247,635		5,658,460
Qwest Corp. 6.63% (a)		103,867		2,441,913
Qwest Corp. 6.88% (a)		127,977		3,097,043
Qwest Corp. 7.00% (a)		134,454		3,321,014
Qwest Corp. 7.00% (a)		101,334		2,486,736
Qwest Corp. 7.50% (a)		73,087		1,830,829
Verizon Communications, Inc. 5.90%		128,076		3,341,503
				26,632,317
ELECTRIC UTILITIES — 10.1%
BGE Capital Trust II 6.20% (a)		63,334		1,615,017
Duke Energy Corp. 5.13% (a)		127,976		3,062,466
Entergy Arkansas, Inc. 4.88%		103,867		2,198,864
Entergy Louisiana LLC 4.88%		70,380		1,487,129
Entergy Mississippi, Inc. 4.90%		67,774		1,432,065
FPL Group Capital Trust I 5.88%		76,000		1,912,160
NextEra Energy Capital Holdings, Inc. 5.00% (a)		114,000		2,482,920
NextEra Energy Capital Holdings, Inc. Series G 5.70%		101,334		2,458,363
NextEra Energy Capital Holdings, Inc. Series H 5.63% (a)		88,667		2,112,935
NextEra Energy Capital Holdings, Inc. Series I 5.13% (a)		126,667		2,784,141
NextEra Energy Capital Holdings, Inc. Series K 5.25%		145,912		3,221,737
PPL Capital Funding, Inc. Series B 5.90% (a)		115,114		2,877,850

See accompanying notes to financial statements.

306

SPDR Wells Fargo Preferred Stock ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SCE Trust I 5.63%		121,495	$	2,833,263
SCE Trust II 5.10% (a)		101,334		2,245,562
SCE Trust III Series H 5.75%		71,264		1,815,094
SCE Trust IV Series J 5.38%		82,334		2,032,003
SCE Trust V Series K 5.45%		77,744		1,963,813
Southern Co. 5.25% (a)		202,668		4,422,216
Southern Co. 6.25%		253,334		6,612,017
				49,569,615
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.4%
Tennessee Valley Authority Series D 3.55% (a)		69,263		1,714,952
INSURANCE — 16.6%
Aegon NV 6.38%		253,334		6,343,483
Aegon NV 6.50%		127,976		3,219,876
Aegon NV 8.00%		134,454		3,502,527
Aegon NV Series 1 4.00%		65,166		1,466,887
Aflac, Inc. 5.50% (a)		127,976		3,097,019
Allstate Corp. 5.10% (a)		127,976		3,221,156
Allstate Corp. 5.63% (a)		72,833		1,802,617
Allstate Corp. Series C 6.75%		97,534		2,514,427
Allstate Corp. Series E 6.63% (a)		189,367		4,898,924
Allstate Corp. Series F 6.25% (a)		63,334		1,624,517
Arch Capital Group, Ltd. Series C 6.75% (a)		82,334		2,072,347
Arch Capital Group, Ltd. Series E 5.25%		114,000		2,408,820
Aspen Insurance Holdings, Ltd. 5.63%		65,166		1,444,730
Aspen Insurance Holdings, Ltd. 5.95% (a)		69,667		1,763,272
Axis Capital Holdings, Ltd. Series C 6.88%		101,334		2,554,630
Axis Capital Holdings, Ltd. Series E 5.50%		139,334		3,017,974
Hartford Financial Services Group, Inc. 7.88%		152,001		4,503,790
MetLife, Inc. Series A 4.00%		153,732		3,578,881
PartnerRe, Ltd. Series H 7.25% (a)		76,149		2,078,106
Protective Life Corp. 6.25%		72,833		1,850,687
Prudential Financial, Inc. 5.70%		179,868		4,449,934
Prudential Financial, Inc. 5.75% (a)		145,667		3,606,715
Prudential PLC 6.50%		76,000		1,922,040
Prudential PLC 6.75%		63,334		1,613,117
Reinsurance Group of America, Inc. 5.75% (a)		101,334		2,663,057
Reinsurance Group of America, Inc. 6.20%		101,334		2,733,991
RenaissanceRe Holdings, Ltd. Series E 5.38%		71,684		1,612,173
Torchmark Corp. 6.13% (a)		77,744		1,962,259
WR Berkley Corp. 5.63%		88,667		2,004,761
WR Berkley Corp. 5.75%		73,467		1,680,925
				81,213,642
INTERNET SOFTWARE & SERVICES — 1.0%
eBay, Inc. 6.00%		190,001		4,928,626
MACHINERY — 0.9%
Stanley Black & Decker, Inc. 5.75% (a)		190,001		4,622,724
MEDIA — 0.4%
Comcast Corp. 5.00% (a)		72,833		1,826,652
MULTI-UTILITIES — 1.6%
Dominion Resources, Inc. Series A 5.25%		202,668		4,499,229
DTE Energy Co. 6.00%		70,934		1,823,004
DTE Energy Co. Series B 5.38% (a)		76,000		1,713,040
				8,035,273
REAL ESTATE INVESTMENT TRUSTS (REITS) — 12.3%
Digital Realty Trust, Inc. Series G 5.88% (a)		65,166		1,559,422
Digital Realty Trust, Inc. Series H 7.38%		92,467		2,510,479
Digital Realty Trust, Inc. Series I 6.35%		65,166		1,633,060
Government Properties Income Trust 5.88%		80,337		1,893,543
Hospitality Properties Trust Series D 7.13%		73,467		1,852,838
Kimco Realty Corp. Series I 6.00% (a)		101,334		2,467,483
National Retail Properties, Inc. Series D 6.63%		72,833		1,828,837
National Retail Properties, Inc. Series E 5.70%		72,833		1,683,171
National Retail Properties, Inc. Series F 5.20%		87,401		1,886,114
PS Business Parks, Inc. Series T 6.00%		88,667		2,155,495
Public Storage Series B 5.40%		76,000		1,719,880
Public Storage Series D 4.95%		84,222		1,785,506
Public Storage Series E 4.90%		88,667		1,870,874
Public Storage Series S 5.90% (a)		117,707		2,905,009
Public Storage Series T 5.75%		118,255		2,870,049
Public Storage Series U 5.63%		72,833		1,713,760
Public Storage Series V 5.38%		126,579		2,860,685
Public Storage Series W 5.20% (a)		127,876		2,973,117
Public Storage Series Y 6.38%		72,200		1,888,030
Public Storage Series Z 6.00%		72,833		1,843,403
Realty Income Corp. Series F 6.63%		103,550		2,604,282
Regency Centers Corp. Series 6 6.63%		65,166		1,635,667
Senior Housing Properties Trust 5.63%		88,667		2,066,828
Senior Housing Properties Trust 6.25%		65,166		1,594,612
Ventas Realty L.P. / Ventas Capital Corp. 5.45%		67,450		1,619,474
Vornado Realty Trust Series I 6.63%		68,400		1,714,104
Vornado Realty Trust Series K 5.70% (a)		76,000		1,790,560
Vornado Realty Trust Series L 5.40%		76,000		1,706,200
Wells Fargo Real Estate Investment Corp. Series A 6.38% (a)		69,667		1,753,518
Welltower, Inc. Series J 6.50%		72,833		1,831,022
				60,217,022
TOTAL PREFERRED STOCKS (Cost $512,430,317)				486,699,466

See accompanying notes to financial statements.

307

SPDR Wells Fargo Preferred Stock ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
SHORT-TERM INVESTMENTS — 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (c) (d)		2,680,393	$	2,680,393
State Street Navigator Securities Lending Government Money Market Portfolio (d) (e)		10,023,208		10,023,208
TOTAL SHORT-TERM INVESTMENTS (Cost $12,703,601)				12,703,601
TOTAL INVESTMENTS — 102.1% (Cost $525,133,918)				499,403,067
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%				(10,483,466	)
NET ASSETS — 100.0%			$	488,919,601

(a) All or a portion of the shares of the security are on loan at December 31, 2016.

(b) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

REIT = Real Estate Investment Trust

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Preferred Stocks
Banks	$	165,392,503	$	—	$	—	$	165,392,503
Capital Markets		58,133,814		—		—		58,133,814
Commercial Services & Supplies		2,753,045		—		—		2,753,045
Consumer Finance		21,659,281		—		—		21,659,281
Diversified Telecommunication Services		26,632,317		—		—		26,632,317
Electric Utilities		49,569,615		—		—		49,569,615
Independent Power Producers & Energy Traders		1,714,952		—		—		1,714,952
Insurance		81,213,642		—		—		81,213,642
Internet Software & Services		4,928,626		—		—		4,928,626
Machinery		4,622,724		—		—		4,622,724
Media		1,826,652		—		—		1,826,652
Multi-Utilities		8,035,273		—		—		8,035,273
Real Estate Investment Trusts (REITs)		60,217,022		—		—		60,217,022
Short-Term Investments		12,703,601		—		—		12,703,601
TOTAL INVESTMENTS	$	499,403,067	$	—	$	—	$	499,403,067

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Corp.		697,843	$	19,166,206		41,700		198,957		635,954	$	15,916,389	$	489,494	$	95,552
State Street Institutional Liquid Reserves Fund, Premier Class		1,192,051		1,192,051		37,452,099		38,644,150		—		—		3,011		—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		20,679,614		17,999,221		2,680,393		2,680,393		1,863		—
State Street Navigator Securities Lending Government Money Market Portfolio*		31,379,715		31,379,715		76,448,363		97,804,870		10,023,208		10,023,208		226,555		—
TOTAL			$	51,737,972							$	28,619,990	$	720,923	$	95,552

* Effective October 5, 2016, the name of State Street Navigator Securities Lending Prime Portfolio was changed to State Street Navigator Securities Lending Government Money Market Portfolio.

See accompanying notes to financial statements.

308

SPDR FactSet Innovative Technology ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
COMMERCIAL SERVICES & SUPPLIES — 1.0%
Essendant, Inc.		5,689	$	118,900
COMMUNICATIONS EQUIPMENT — 6.2%
CalAmp Corp. (a)		7,588		110,026
CommScope Holding Co., Inc. (a)		3,305		122,946
InterDigital, Inc.		1,423		129,991
Motorola Solutions, Inc.		1,458		120,854
NetScout Systems, Inc. (a)		3,642		114,723
Ubiquiti Networks, Inc. (a)		2,147		124,096
				722,636
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 9.3%
CDW Corp.		2,260		117,723
Dolby Laboratories, Inc. Class A		2,578		116,500
Fitbit, Inc. Class A (a)		15,439		113,013
Insight Enterprises, Inc. (a)		3,133		126,699
ScanSource, Inc. (a)		2,988		120,566
SYNNEX Corp.		954		115,453
Tech Data Corp. (a)		1,365		115,588
VeriFone Systems, Inc. (a)		7,335		130,050
Zebra Technologies Corp. Class A (a)		1,450		124,352
				1,079,944
HEALTH CARE TECHNOLOGY — 6.6%
Allscripts Healthcare Solutions, Inc. (a)		10,867		110,952
Cerner Corp. (a)		2,494		118,141
HealthStream, Inc. (a)		4,556		114,128
Inovalon Holdings, Inc. Class A (a)		8,022		82,627
Medidata Solutions, Inc. (a)		2,303		114,390
Quality Systems, Inc.		8,569		112,682
Veeva Systems, Inc. Class A (a)		2,823		114,896
				767,816
INTERNET & CATALOG RETAIL — 3.0%
Groupon, Inc. (a)		31,197		103,574
Netflix, Inc. (a)		983		121,695
Travelport Worldwide, Ltd.		8,890		125,349
				350,618
INTERNET SOFTWARE & SERVICES — 29.4%
58.com, Inc. ADR (a)		3,618		101,304
Alphabet, Inc. Class A (a)		149		118,075
Autohome, Inc. ADR (a)		4,384		110,828
Baidu, Inc. ADR (a)		707		116,238
Bankrate, Inc. (a)		11,665		128,898
Baozun, Inc. ADR (a)		9,872		119,155
Bitauto Holdings, Ltd. ADR (a)		6,104		115,610
Facebook, Inc. Class A (a)		1,009		116,085
Fang Holdings, Ltd. ADR (a)		40,787		133,781
GrubHub, Inc. (a)		3,186		119,857
IAC/InterActiveCorp		1,769		114,614
LogMeIn, Inc.		1,198		115,667
Match Group, Inc. (a)		6,648		113,681
Momo, Inc. ADR (a)		5,889		108,240
Pandora Media, Inc. (a)		8,742		113,996
Q2 Holdings, Inc. (a)		3,791		109,370
Quotient Technology, Inc. (a)		10,061		108,156
Shopify, Inc. Class A (a)		2,860		122,608
SINA Corp. (a)		1,673		101,702
Sohu.com, Inc. (a)		3,285		111,329
SPS Commerce, Inc. (a)		1,729		120,840
TrueCar, Inc. (a)		9,323		116,538
Twitter, Inc. (a)		6,144		100,147
WebMD Health Corp. (a)		2,146		106,377
Weibo Corp. ADR (a)		2,492		101,175
Yahoo!, Inc. (a)		2,891		111,795
Yandex NV Class A (a)		6,079		122,370
Yelp, Inc. (a)		3,345		127,545
YY, Inc. ADR (a)		2,705		106,631
Zillow Group, Inc. Class C (a)		3,271		119,293
				3,431,905
IT SERVICES — 11.1%
Accenture PLC Class A		979		114,670
Computer Sciences Corp.		1,987		118,068
EPAM Systems, Inc. (a)		1,910		122,832
International Business Machines Corp.		725		120,343
Jack Henry & Associates, Inc.		1,349		119,764
Sabre Corp.		4,460		111,277
Square, Inc. Class A (a)		8,692		118,472
Syntel, Inc.		6,070		120,125
Teradata Corp. (a)		4,221		114,685
Unisys Corp. (a)		7,593		113,515
Virtusa Corp. (a)		5,049		126,831
				1,300,582
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 8.2%
Ambarella, Inc. (a)		2,217		120,006
Applied Micro Circuits Corp. (a)		13,877		114,485
Cavium, Inc. (a)		1,874		117,013
Marvell Technology Group, Ltd.		8,413		116,688
NVIDIA Corp.		1,315		140,363
Qorvo, Inc. (a)		2,138		112,737
QUALCOMM, Inc.		1,762		114,882
Silicon Motion Technology Corp. ADR		2,691		114,314
				950,488
SOFTWARE — 22.0%
ACI Worldwide, Inc. (a)		6,085		110,443
Adobe Systems, Inc. (a)		1,157		119,113
CA, Inc.		3,811		121,076
Check Point Software Technologies, Ltd. (a)		1,417		119,680
Citrix Systems, Inc. (a)		1,352		120,747
CyberArk Software, Ltd. (a)		2,524		114,842
Ebix, Inc.		2,022		115,355
Ellie Mae, Inc. (a)		1,447		121,085
Fair Isaac Corp.		988		117,789
FireEye, Inc. (a)		8,819		104,946
Gigamon, Inc. (a)		2,542		115,788
Globant SA (a)		3,622		120,794
Guidewire Software, Inc. (a)		2,236		110,302
Imperva, Inc. (a)		3,194		122,650
Monotype Imaging Holdings, Inc.		5,804		115,209
Proofpoint, Inc. (a)		1,671		118,056
Qualys, Inc. (a)		3,659		115,807
RealPage, Inc. (a)		3,958		118,740
SS&C Technologies Holdings, Inc.		4,129		118,089
Symantec Corp.		4,864		116,201
TiVo Corp. (a)		5,576		116,538

See accompanying notes to financial statements.

309

SPDR FactSet Innovative Technology ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
VMware, Inc. Class A (a)		1,498	$	117,938
				2,571,188
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.0%
Apple, Inc.		1,060		122,769
Hewlett Packard Enterprise Co.		4,926		113,988
				236,757
THRIFTS & MORTGAGE FINANCE — 1.0%
LendingTree, Inc. (a)		1,147		116,249
TOTAL COMMON STOCKS (Cost $11,184,311)				11,647,083
SHORT-TERM INVESTMENT — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $29,610)		29,610		29,610
TOTAL INVESTMENTS — 100.0% (Cost $11,213,921)				11,676,693
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)				(3,642	)
NET ASSETS — 100.0%			$	11,673,051

(a) Non-income producing security.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

(d) Amount is less than 0.05% of net assets.

ADR = American Depositary Receipt

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Commercial Services & Supplies	$	118,900	$	—	$	—	$	118,900
Communications Equipment		722,636		—		—		722,636
Electronic Equipment, Instruments & Components		1,079,944		—		—		1,079,944
Health Care Technology		767,816		—		—		767,816
Internet & Catalog Retail		350,618		—		—		350,618
Internet Software & Services		3,431,905		—		—		3,431,905
IT Services		1,300,582		—		—		1,300,582
Semiconductors & Semiconductor Equipment		950,488		—		—		950,488
Software		2,571,188		—		—		2,571,188
Technology Hardware, Storage & Peripherals		236,757		—		—		236,757
Thrifts & Mortgage Finance		116,249		—		—		116,249
Short-Term Investment		29,610		—		—		29,610
TOTAL INVESTMENTS	$	11,676,693	$	—	$	—	$	11,676,693

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		1	$	1		105,871		105,872		—	$	—	$	10	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		1,008,560		978,950		29,610		29,610		34		—
TOTAL			$	1							$	29,610	$	44	$	—

See accompanying notes to financial statements.

310

SPDR SSGA Gender Diversity Index ETF

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 2.5%
Arconic, Inc.		38,207	$	708,358
Hexcel Corp.		8,200		421,808
Northrop Grumman Corp.		16,055		3,734,072
Spirit AeroSystems Holdings, Inc. Class A		11,642		679,311
Textron, Inc.		23,933		1,162,186
				6,705,735
AIR FREIGHT & LOGISTICS — 2.6%
United Parcel Service, Inc. Class B		61,938		7,100,572
AIRLINES — 1.5%
Alaska Air Group, Inc.		10,924		969,287
Hawaiian Holdings, Inc. (a)		4,856		276,792
Southwest Airlines Co.		57,122		2,846,960
				4,093,039
BANKS — 4.7%
Bank of Hawaii Corp.		3,932		348,729
BankUnited, Inc.		9,098		342,904
Cathay General Bancorp		6,779		257,805
Comerica, Inc.		15,536		1,058,157
Commerce Bancshares, Inc.		8,526		492,888
East West Bancorp, Inc.		12,749		648,032
Fulton Financial Corp.		15,985		300,518
Investors Bancorp, Inc.		28,937		403,671
Signature Bank (a)		4,425		664,635
Umpqua Holdings Corp.		20,336		381,910
US Bancorp		154,554		7,939,439
				12,838,688
BEVERAGES — 5.0%
PepsiCo, Inc.		128,626		13,458,138
BIOTECHNOLOGY — 7.1%
Alexion Pharmaceuticals, Inc. (a)		19,942		2,439,904
Amgen, Inc.		67,268		9,835,254
Biogen, Inc. (a)		19,637		5,568,660
Ionis Pharmaceuticals, Inc. (a)		10,630		508,433
Seattle Genetics, Inc. (a)		12,350		651,710
TESARO, Inc. (a)		2,531		340,369
				19,344,330
BUILDING PRODUCTS — 0.1%
USG Corp. (a)		12,041		347,744
CAPITAL MARKETS — 1.6%
CBOE Holdings, Inc.		7,202		532,156
Franklin Resources, Inc.		31,710		1,255,082
S&P Global, Inc.		23,686		2,547,192
				4,334,430
CHEMICALS — 2.5%
E.I. du Pont de Nemours & Co.		78,302		5,747,367
HB Fuller Co.		4,654		224,835
International Flavors & Fragrances, Inc.		7,056		831,408
				6,803,610
COMMERCIAL SERVICES & SUPPLIES — 0.2%
Deluxe Corp.		4,452		318,808
Rollins, Inc.		8,677		293,109
				611,917
COMMUNICATIONS EQUIPMENT — 0.2%
CommScope Holding Co., Inc. (a)		13,059		485,795
CONSTRUCTION & ENGINEERING — 0.1%
Dycom Industries, Inc. (a)		2,733		219,433
CONSTRUCTION MATERIALS — 0.5%
Martin Marietta Materials, Inc.		5,660		1,253,860
CONSUMER FINANCE — 3.5%
American Express Co.		85,133		6,306,653
Discover Financial Services		36,646		2,641,810
Navient Corp.		29,095		478,031
				9,426,494
CONTAINERS & PACKAGING — 0.4%
Avery Dennison Corp.		7,856		551,648
Bemis Co., Inc.		8,691		415,604
				967,252
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.8%
CenturyLink, Inc.		48,486		1,152,997
Frontier Communications Corp.		108,180		365,648
Level 3 Communications, Inc. (a)		31,861		1,795,686
SBA Communications Corp. Class A (a)		11,120		1,148,251
Zayo Group Holdings, Inc. (a)		9,304		305,730
				4,768,312
ELECTRIC UTILITIES — 2.2%
American Electric Power Co., Inc.		44,032		2,772,255
Entergy Corp.		15,884		1,166,997
Great Plains Energy, Inc.		14,367		392,937
Hawaiian Electric Industries, Inc.		9,924		328,187
Pinnacle West Capital Corp.		9,858		769,220
PNM Resources, Inc.		7,386		253,340
Portland General Electric Co.		8,195		355,089
				6,038,025
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
Avnet, Inc.		11,340		539,897
CDW Corp.		14,530		756,868
Universal Display Corp. (a)		3,844		216,417
				1,513,182
ENERGY EQUIPMENT & SERVICES — 0.5%
National Oilwell Varco, Inc.		33,682		1,261,054
RPC, Inc.		4,969		98,436
				1,359,490
FOOD & STAPLES RETAILING — 3.9%
CVS Health Corp.		96,108		7,583,883
Kroger Co.		84,522		2,916,854
				10,500,737
FOOD PRODUCTS — 0.5%
Flowers Foods, Inc.		16,695		333,399
McCormick & Co., Inc.		10,249		956,539
				1,289,938
GAS UTILITIES — 0.3%
National Fuel Gas Co.		6,986		395,687
New Jersey Resources Corp.		7,892		280,166
South Jersey Industries, Inc.		7,386		248,834
				924,687

See accompanying notes to financial statements.

311

SPDR SSGA Gender Diversity Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES — 1.5%
Alere, Inc. (a)		7,603	$	296,289
Cooper Cos., Inc.		4,248		743,103
Edwards Lifesciences Corp. (a)		18,780		1,759,686
Hologic, Inc. (a)		24,847		996,861
Integra LifeSciences Holdings Corp. (a)		2,733		234,464
				4,030,403
HEALTH CARE PROVIDERS & SERVICES — 2.9%
Aetna, Inc.		31,345		3,887,093
Brookdale Senior Living, Inc. (a)		16,997		211,103
Cardinal Health, Inc.		29,072		2,092,312
Centene Corp. (a)		14,707		831,093
HealthSouth Corp.		8,097		333,920
Molina Healthcare, Inc. (a)		3,947		214,164
Patterson Cos., Inc.		7,791		319,665
				7,889,350
HOTELS, RESTAURANTS & LEISURE — 2.9%
Brinker International, Inc.		5,160		255,575
Buffalo Wild Wings, Inc. (a)		1,721		265,722
Hyatt Hotels Corp. Class A (a)		2,226		123,009
ILG, Inc.		10,219		185,679
Starbucks Corp.		127,844		7,097,899
				7,927,884
HOUSEHOLD DURABLES — 0.1%
Tupperware Brands Corp.		4,654		244,893
HOUSEHOLD PRODUCTS — 0.6%
Clorox Co.		11,571		1,388,752
Energizer Holdings, Inc.		5,666		252,760
				1,641,512
INDUSTRIAL CONGLOMERATES — 3.6%
3M Co.		54,357		9,706,529
INSURANCE — 2.9%
Assurant, Inc.		5,435		504,694
Hartford Financial Services Group, Inc.		35,125		1,673,706
Principal Financial Group, Inc.		25,813		1,493,540
Prudential Financial, Inc.		39,497		4,110,058
				7,781,998
INTERNET & CATALOG RETAIL — 0.6%
Expedia, Inc.		10,629		1,204,053
HSN, Inc.		2,789		95,663
TripAdvisor, Inc. (a)		10,121		469,311
				1,769,027
INTERNET SOFTWARE & SERVICES — 0.7%
GoDaddy, Inc. Class A (a)		4,666		163,077
GrubHub, Inc. (a)		7,488		281,698
Match Group, Inc. (a)		3,541		60,551
Pandora Media, Inc. (a)		19,252		251,046
Twitter, Inc. (a)		50,812		828,236
Yelp, Inc. (a)		6,361		242,545
				1,827,153
IT SERVICES — 6.2%
Alliance Data Systems Corp.		5,126		1,171,291
Booz Allen Hamilton Holding Corp.		11,238		405,355
Convergys Corp.		8,803		216,202
Gartner, Inc. (a)		7,131		720,730
Jack Henry & Associates, Inc.		6,968		618,619
Leidos Holdings, Inc.		5,970		305,306
MasterCard, Inc. Class A		86,369		8,917,599
MAXIMUS, Inc.		5,969		333,010
Paychex, Inc.		28,744		1,749,935
Science Applications International Corp.		3,947		334,706
Square, Inc. Class A (a)		9,106		124,115
Vantiv, Inc. Class A (a)		13,765		820,669
WEX, Inc. (a)		3,497		390,265
Xerox Corp.		84,458		737,318
				16,845,120
LIFE SCIENCES TOOLS & SERVICES — 0.1%
Charles River Laboratories International, Inc. (a)		4,350		331,427
MACHINERY — 2.2%
Illinois Tool Works, Inc.		32,147		3,936,722
Ingersoll-Rand PLC		22,978		1,724,269
ITT, Inc.		8,199		316,235
				5,977,226
MEDIA — 0.4%
Meredith Corp.		3,439		203,417
Scripps Networks Interactive, Inc. Class A		7,087		505,799
TEGNA, Inc.		19,234		411,415
				1,120,631
METALS & MINING — 0.1%
Alcoa Corp.		12,669		355,746
MULTI-UTILITIES — 0.9%
NorthWestern Corp.		4,452		253,185
Sempra Energy		22,325		2,246,788
				2,499,973
MULTILINE RETAIL — 2.2%
Big Lots, Inc.		4,048		203,250
JC Penney Co., Inc. (a)		27,925		232,057
Kohl’s Corp.		15,994		789,784
Macy’s, Inc.		27,413		981,659
Target Corp.		52,768		3,811,433
				6,018,183
OIL, GAS & CONSUMABLE FUELS — 4.6%
EnLink Midstream LLC		5,463		104,070
EQT Corp.		15,325		1,002,255
Occidental Petroleum Corp.		68,327		4,866,932
Phillips 66		44,909		3,880,587
Spectra Energy Corp.		62,491		2,567,755
				12,421,599
PERSONAL PRODUCTS — 0.6%
Estee Lauder Cos., Inc. Class A		19,685		1,505,706
PHARMACEUTICALS — 7.0%
Mylan NV (a)		36,957		1,409,909
Pfizer, Inc.		544,029		17,670,062
				19,079,971
PROFESSIONAL SERVICES — 1.0%
Dun & Bradstreet Corp.		3,338		404,966
ManpowerGroup, Inc.		6,345		563,880
Nielsen Holdings PLC		31,579		1,324,739

See accompanying notes to financial statements.

312

SPDR SSGA Gender Diversity Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Security Description	Shares		Value
Robert Half International, Inc.		11,254	$	548,970
				2,842,555
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Realogy Holdings Corp.		13,494		347,201
ROAD & RAIL — 0.1%
Landstar System, Inc.		3,932		335,400
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.0%
Lam Research Corp.		14,172		1,498,406
Texas Instruments, Inc.		89,831		6,554,968
				8,053,374
SOFTWARE — 4.8%
ANSYS, Inc. (a)		7,811		722,440
CA, Inc.		28,181		895,310
Electronic Arts, Inc. (a)		26,142		2,058,944
Ellie Mae, Inc. (a)		2,631		220,162
Intuit, Inc.		21,733		2,490,819
salesforce.com, Inc. (a)		57,292		3,922,210
Symantec Corp.		54,763		1,308,288
Take-Two Interactive Software, Inc. (a)		7,690		379,040
Workday, Inc. Class A (a)		10,461		691,368
Zendesk, Inc. (a)		6,981		147,997
Zynga, Inc. Class A (a)		67,993		174,742
				13,011,320
SPECIALTY RETAIL — 4.8%
American Eagle Outfitters, Inc.		15,278		231,767
Best Buy Co., Inc.		24,760		1,056,509
Gap, Inc.		19,444		436,323
L Brands, Inc.		21,619		1,423,395
Ross Stores, Inc.		35,024		2,297,575
Sally Beauty Holdings, Inc. (a)		13,558		358,202
Tiffany & Co.		11,159		864,042
TJX Cos., Inc.		58,894		4,424,706
Ulta Salon Cosmetics & Fragrance, Inc. (a)		5,249		1,338,180
Urban Outfitters, Inc. (a)		7,689		218,983
Williams-Sonoma, Inc.		7,547		365,199
				13,014,881
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.2%
NCR Corp. (a)		10,833		439,386
TEXTILES, APPAREL & LUXURY GOODS — 0.7%
Carter’s, Inc.		4,590		396,530
Coach, Inc.		24,754		866,885
Kate Spade & Co. (a)		11,838		221,016
lululemon athletica, Inc. (a)		8,567		556,769
				2,041,200
THRIFTS & MORTGAGE FINANCE — 0.3%
MGIC Investment Corp. (a)		29,531		300,921
TFS Financial Corp.		5,156		98,170
Washington Federal, Inc.		8,398		288,471
				687,562
TOBACCO — 1.5%
Reynolds American, Inc.		73,893		4,140,964
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Air Lease Corp.		8,904		305,674
WESCO International, Inc. (a)		3,832		255,020
				560,694
WATER UTILITIES — 0.6%
American Water Works Co., Inc.		15,869		1,148,281
Aqua America, Inc.		15,692		471,388
				1,619,669
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Telephone & Data Systems, Inc.		8,636		249,321
TOTAL COMMON STOCKS (Cost $258,016,071)				270,703,266
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.42% (b) (c) (Cost $186,490)		186,490		186,490
TOTAL INVESTMENTS — 99.9% (Cost $258,202,561)				270,889,756
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				340,087
NET ASSETS — 100.0%			$	271,229,843

(a) Non-income producing security.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2016 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at December 31, 2016.

See accompanying notes to financial statements.

313

SPDR SSGA Gender Diversity Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of December 31, 2016.

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
ASSETS:
INVESTMENTS:
Common Stocks
Aerospace & Defense	$	6,705,735	$	—	$	—	$	6,705,735
Air Freight & Logistics		7,100,572		—		—		7,100,572
Airlines		4,093,039		—		—		4,093,039
Banks		12,838,688		—		—		12,838,688
Beverages		13,458,138		—		—		13,458,138
Biotechnology		19,344,330		—		—		19,344,330
Building Products		347,744		—		—		347,744
Capital Markets		4,334,430		—		—		4,334,430
Chemicals		6,803,610		—		—		6,803,610
Commercial Services & Supplies		611,917		—		—		611,917
Communications Equipment		485,795		—		—		485,795
Construction & Engineering		219,433		—		—		219,433
Construction Materials		1,253,860		—		—		1,253,860
Consumer Finance		9,426,494		—		—		9,426,494
Containers & Packaging		967,252		—		—		967,252
Diversified Telecommunication Services		4,768,312		—		—		4,768,312
Electric Utilities		6,038,025		—		—		6,038,025
Electronic Equipment, Instruments & Components		1,513,182		—		—		1,513,182
Energy Equipment & Services		1,359,490		—		—		1,359,490
Food & Staples Retailing		10,500,737		—		—		10,500,737
Food Products		1,289,938		—		—		1,289,938
Gas Utilities		924,687		—		—		924,687
Health Care Equipment & Supplies		4,030,403		—		—		4,030,403
Health Care Providers & Services		7,889,350		—		—		7,889,350
Hotels, Restaurants & Leisure		7,927,884		—		—		7,927,884
Household Durables		244,893		—		—		244,893
Household Products		1,641,512		—		—		1,641,512
Industrial Conglomerates		9,706,529		—		—		9,706,529
Insurance		7,781,998		—		—		7,781,998
Internet & Catalog Retail		1,769,027		—		—		1,769,027
Internet Software & Services		1,827,153		—		—		1,827,153
IT Services		16,845,120		—		—		16,845,120
Life Sciences Tools & Services		331,427		—		—		331,427
Machinery		5,977,226		—		—		5,977,226
Media		1,120,631		—		—		1,120,631
Metals & Mining		355,746		—		—		355,746
Multi-Utilities		2,499,973		—		—		2,499,973
Multiline Retail		6,018,183		—		—		6,018,183
Oil, Gas & Consumable Fuels		12,421,599		—		—		12,421,599
Personal Products		1,505,706		—		—		1,505,706
Pharmaceuticals		19,079,971		—		—		19,079,971
Professional Services		2,842,555		—		—		2,842,555
Real Estate Management & Development		347,201		—		—		347,201
Road & Rail		335,400		—		—		335,400
Semiconductors & Semiconductor Equipment		8,053,374		—		—		8,053,374
Software		13,011,320		—		—		13,011,320
Specialty Retail		13,014,881		—		—		13,014,881
Technology Hardware, Storage & Peripherals		439,386		—		—		439,386
Textiles, Apparel & Luxury Goods		2,041,200		—		—		2,041,200
Thrifts & Mortgage Finance		687,562		—		—		687,562
Tobacco		4,140,964		—		—		4,140,964

See accompanying notes to financial statements.

314

SPDR SSGA Gender Diversity Index ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2016 (Unaudited)

Description	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Trading Companies & Distributors	$	560,694	$	—	$	—	$	560,694
Water Utilities		1,619,669		—		—		1,619,669
Wireless Telecommunication Services		249,321		—		—		249,321
Short-Term Investment		186,490		—		—		186,490
TOTAL INVESTMENTS	$	270,889,756	$	—	$	—	$	270,889,756

Affiliate Table

	Number of Shares Held at 6/30/16		Value at 6/30/16		Shares Purchased		Shares Sold		Number of Shares Held at 12/31/16		Value at 12/31/16		Dividend Income		Realized Gain (Loss)
State Street Institutional Liquid Reserves Fund, Premier Class		239,295	$	239,295		3,371,261		3,610,556		—	$	—	$	350	$	—
State Street Institutional U.S. Government Money Market Fund, Premier Class		—		—		16,100,329		15,913,839		186,490		186,490		1,371		—
TOTAL			$	239,295							$	186,490	$	1,721	$	—

See accompanying notes to financial statements.

315

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2016 (Unaudited)

	SPDR Russell 3000 ETF			SPDR Russell 1000 ETF			SPDR Russell 2000 ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	382,777,689		$	114,894,209		$	158,848,315
Investments in affiliated issuers, at value (Note 2)		2,399,553			407,227			4,038,769
Total Investments		385,177,242			115,301,436			162,887,084
Cash at broker		—			—			6,600
Cash		5,110			756			—
Receivable for investments sold		—			—			—
Receivable for fund shares sold		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		494,696			148,469			199,876
Dividends receivable — affiliated issuers (Note 2)		3,053			901			183
Securities lending income receivable — affiliated issuers		4,146			576			14,748
TOTAL ASSETS		385,684,247			115,452,138			163,108,491
LIABILITIES
Payable upon return of securities loaned		1,215,249			142,131			3,850,055
Payable for investments purchased		—			—			—
Payable to broker — variation margin on open futures contracts		—			—			565
Advisory fee payable (Note 4)		32,819			9,760			13,508
TOTAL LIABILITIES		1,248,068			151,891			3,864,128
NET ASSETS	$	384,436,179		$	115,300,247		$	159,244,363
NET ASSETS CONSIST OF:
Paid-In Capital (Note 7)	$	353,843,504		$	94,182,545		$	149,579,134
Undistributed (distribution in excess of) net investment income (loss)		202,660			(72,507	)		(188,734	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(795,567	)		(654,101	)		(1,346,235	)
Net unrealized appreciation (depreciation) on:
Investments		31,185,582			21,844,310			11,202,002
Futures contracts		—			—			(1,804	)
NET ASSETS	$	384,436,179		$	115,300,247		$	159,244,363
NET ASSET VALUE PER SHARE
Net asset value per share	$	167.14		$	104.82		$	79.62
Shares outstanding (unlimited amount authorized, $0.01 par value)		2,300,036			1,100,000			2,000,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	351,683,441		$	93,085,270		$	147,646,313
Investments in affiliated issuers		2,308,219			371,856			4,038,769
Total cost of investments	$	353,991,660		$	93,457,126		$	151,685,082
* Includes investments in securities on loan, at value	$	10,306,409		$	2,672,425		$	11,956,620

See accompanying notes to financial statements.

316

SPDR Russell 1000 Yield Focus ETF			SPDR Russell 1000 Momentum Focus ETF			SPDR Russell 1000 Low Volatility Focus ETF			SPDR S&P 500 Buyback ETF			SPDR S&P 500 Growth ETF			SPDR S&P 500 Value ETF			SPDR S&P 500 High Dividend ETF
$	378,579,283		$	394,948,490		$	404,349,111		$	7,844,801		$	671,794,000		$	288,891,856		$	93,641,699
	394,411			426,809			334,746			12,043			1,127,050			1,175,679			171,560
	378,973,694			395,375,299			404,683,857			7,856,844			672,921,050			290,067,535			93,813,259
	—			—			—			—			—			—			—
	6,880			1,168			3,312			—			4,648			6,931			10,515
	—			—			7,125			—			—			—			—
	—			—			—			—			—			—			234
	914,243			497,012			663,356			7,085			768,677			404,739			220,203
	1,331			327			907			7			467			4,713			157
	—			—			—			—			3,138			343			—
	379,896,148			395,873,806			405,358,557			7,863,936			673,697,980			290,484,261			94,044,368
	—			—			—			—			283,500			54,859			—
	—			298,969			294,434			—			—			—			—
	—			—			—			—			—			—			—
	66,705			65,781			70,160			2,373			87,762			36,725			8,238
	66,705			364,750			364,594			2,373			371,262			91,584			8,238
$	379,829,443		$	395,509,056		$	404,993,963		$	7,861,563		$	673,326,718		$	290,392,677		$	94,036,130
$	335,428,454		$	364,143,358		$	368,050,118		$	8,030,972		$	631,906,351		$	256,440,743		$	91,236,117
	(88,943	)		(305,225	)		(78,954	)		(1,397	)		(4,092	)		(173,676	)		(273,817	)
	396,247			(3,977,590	)		(67,144	)		(586,829	)		(45,912,106	)		7,370,489			(108,537	)
	44,093,685			35,648,513			37,089,943			418,817			87,336,565			26,755,121			3,182,367
	—			—			—			—			—			—			—
$	379,829,443		$	395,509,056		$	404,993,963		$	7,861,563		$	673,326,718		$	290,392,677		$	94,036,130
$	67.23		$	64.84		$	65.85		$	52.41		$	105.21		$	109.55		$	34.83
	5,650,000			6,100,000			6,150,000			150,000			6,400,027			2,650,716			2,700,000
$	334,485,598		$	359,311,546		$	367,259,168		$	7,425,984		$	584,457,435		$	262,187,990		$	90,459,332
	394,411			415,240			334,746			12,043			1,127,050			1,124,424			171,560
$	334,880,009		$	359,726,786		$	367,593,914		$	7,438,027		$	585,584,485		$	263,312,414		$	90,630,892
$	—		$	—		$	—		$	—		$	6,023,953		$	2,461,607		$	—

317

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2016 (Unaudited)

	SPDR S&P 500 Fossil Fuel Reserves Free ETF			SPDR S&P 1000 ETF			SPDR S&P 400 Mid Cap Growth ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	112,073,840		$	150,313,451		$	470,510,101
Investments in affiliated issuers, at value (Note 2)		281,991			1,436,857			4,017,474
Total Investments		112,355,831			151,750,308			474,527,575
Foreign currency, at value		—			—			—
Cash		127			—			—
Receivable for investments sold		—			—			—
Receivable for fund shares sold		—			—			2,508
Dividends and interest receivable — unaffiliated issuers (Note 2)		148,633			187,464			610,557
Dividends receivable — affiliated issuers (Note 2)		95			237			278
Securities lending income receivable — affiliated issuers		—			2,609			7,249
Receivable from Adviser (Note 4)		4,800			—			—
Receivable for foreign taxes recoverable		—			—			—
TOTAL ASSETS		112,509,486			151,940,618			475,148,167
LIABILITIES
Payable upon return of securities loaned		—			1,312,887			3,600,941
Payable for fund shares repurchased		—			—			—
Advisory fee payable (Note 4)		23,999			13,287			57,363
Accrued Trustees’ fees and expenses (Note 5)		—			—			—
Accrued expenses and other liabilities		—			—			—
TOTAL LIABILITIES		23,999			1,326,174			3,658,304
NET ASSETS	$	112,485,487		$	150,614,444		$	471,489,863
NET ASSETS CONSIST OF:
Paid-In Capital (Note 7)	$	104,011,658		$	136,823,021		$	432,413,225
Undistributed (distribution in excess of) net investment income (loss)		(41,510	)		(28,658	)		(21,656	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(21,876	)		1,161,465			(9,535,278	)
Net unrealized appreciation (depreciation) on:
Investments		8,537,215			12,658,616			48,633,572
Foreign currency transactions		—			—			—
NET ASSETS	$	112,485,487		$	150,614,444		$	471,489,863
NET ASSET VALUE PER SHARE
Net asset value per share	$	53.56		$	88.60		$	132.81
Shares outstanding (unlimited amount authorized, $0.01 par value)		2,100,000			1,700,000			3,550,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	103,566,130		$	137,654,835		$	421,876,529
Investments in affiliated issuers		252,486			1,436,857			4,017,474
Total cost of investments	$	103,818,616		$	139,091,692		$	425,894,003
Foreign currency, at cost.	$	—		$	—		$	—
* Includes investments in securities on loan, at value	$	—		$	8,278,831		$	28,513,198

See accompanying notes to financial statements.

318

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
$	370,942,552		$	638,008,429		$	1,079,001,848		$	903,063,669		$	80,306,631		$	3,302,619,051		$	3,282,551,707
	3,033,208			7,868,313			16,390,647			10,848,542			38,292			10,103,710			4,280,866
	373,975,760			645,876,742			1,095,392,495			913,912,211			80,344,923			3,312,722,761			3,286,832,573
	—			—			—			—			40,642			—			—
	—			—			55,052			33,068			—			—			8,974
	—			—			—			—			3,468,042			—			—
	—			—			—			—			—			—			—
	366,564			788,491			915,614			1,498,136			97,042			15,120,515			3,980,064
	362			1,619			988			1,230			53			5,227			2,574
	3,447			19,160			40,782			14,475			233			9,157			5,218
	—			—			—			—			—			—			—
	—			—			—			—			87,838			—			—
	374,346,133			646,686,012			1,096,404,931			915,459,120			84,038,773			3,327,857,660			3,290,829,403
	2,797,902			7,517,203			14,626,935			10,598,607			1,254			3,902,037			—
	—			—			—			—			3,495,331			—			4,165
	46,114			79,353			133,306			111,374			35,529			696,892			972,969
	—			—			—			—			—			—			8,801
	—			—			—			—			1,333			—			—
	2,844,016			7,596,556			14,760,241			10,709,981			3,533,447			4,598,929			985,935
$	371,502,117		$	639,089,456		$	1,081,644,690		$	904,749,139		$	80,505,326		$	3,323,258,731		$	3,289,843,468
$	333,209,194		$	530,510,900		$	916,280,496		$	787,921,630		$	110,334,394		$	3,177,164,964		$	3,643,703,763
	(412,787	)		(188,275	)		(1,178,558	)		(476,176	)		44,408			613,460			(1,504,949	)
	12,173,180			(967,775	)		(6,659,422	)		45,124,287			(32,561,345	)		(321,178,981	)		(917,150,968	)
	26,532,530			109,734,606			173,202,174			72,179,398			2,696,743			466,659,288			564,795,622
	—			—			—			—			(8,874	)		—			—
$	371,502,117		$	639,089,456		$	1,081,644,690		$	904,749,139		$	80,505,326		$	3,323,258,731		$	3,289,843,468
$	94.05		$	120.58		$	208.01		$	119.03		$	69.98		$	93.27		$	43.49
	3,950,000			5,300,023			5,200,007			7,601,051			1,150,464			35,631,617			75,652,118
$	344,410,022		$	528,273,823		$	905,799,674		$	830,884,271		$	77,609,888		$	2,835,959,763		$	2,717,756,085
	3,033,208			7,868,313			16,390,647			10,848,542			38,292			10,103,710			4,280,866
$	347,443,230		$	536,142,136		$	922,190,321		$	841,732,813		$	77,648,180		$	2,846,063,473		$	2,722,036,951
$	—		$	—		$	—		$	—		$	41,518		$	—		$	—
$	12,482,093		$	50,429,855		$	77,363,571		$	46,929,593		$	1,214,420		$	72,529,419		$	84,643,341

319

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2016 (Unaudited)

	SPDR S&P Capital Markets ETF			SPDR S&P Insurance ETF			SPDR S&P Regional Banking ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	78,782,328		$	855,732,549		$	3,524,080,268
Investments in affiliated issuers, at value (Note 2)		3,042,500			1,121,037			9,702,004
Total Investments		81,824,828			856,853,586			3,533,782,272
Cash		—			—			688,237
Receivable for fund shares sold		—			—			16,148
Dividends receivable — unaffiliated issuers (Note 2)		116,331			1,240,787			4,325,698
Dividends receivable — affiliated issuers (Note 2)		117			719			2,428
Securities lending income receivable — affiliated issuers		1,136			73			12,206
Receivable for foreign taxes recoverable		—			—			—
TOTAL ASSETS		81,942,412			858,095,165			3,538,826,989
LIABILITIES
Payable upon return of securities loaned		1,203,893			—			8,738,477
Payable for investments purchased		—			—			90
Payable for fund shares repurchased		—			—			—
Advisory fee payable (Note 4)		23,984			254,795			1,014,848
Accrued Trustees’ fees and expenses (Note 5)		548			—			8,974
TOTAL LIABILITIES		1,228,425			254,795			9,762,389
NET ASSETS	$	80,713,987		$	857,840,370		$	3,529,064,600
NET ASSETS CONSIST OF:
Paid-In Capital (Note 7)	$	177,733,643		$	833,328,598		$	3,749,761,826
Undistributed (distribution in excess of) net investment income (loss)		34,843			(1,176,538	)		(2,647,142	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(100,834,562	)		(56,523,845	)		(675,815,518	)
Net unrealized appreciation (depreciation) on:
Investments		3,780,063			82,212,155			457,765,434
NET ASSETS	$	80,713,987		$	857,840,370		$	3,529,064,600
NET ASSET VALUE PER SHARE
Net asset value per share	$	44.84		$	82.88		$	55.53
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,800,000			10,350,000			63,552,585
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	75,268,495		$	773,520,394		$	3,066,314,834
Investments in affiliated issuers		2,776,270			1,121,037			9,702,004
Total cost of investments	$	78,044,765		$	774,641,431		$	3,076,016,838
* Includes investments in securities on loan, at value	$	1,155,738		$	—		$	40,157,924

See accompanying notes to financial statements.

320

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
$	562,385,424	$	14,547,812,361		$	502,937,552		$	2,455,711,570		$	74,601,458		$	102,256,020		$	1,115,808,285
	2,910,960		498,269,093			947,278			248,224,531			247,872			103,948			47,847,512
	565,296,384		15,046,081,454			503,884,830			2,703,936,101			74,849,330			102,359,968			1,163,655,797
	—		—			—			—			—			—			—
	—		1,362			—			3,704			—			—			—
	396,355		25,302,951			169,248			—			28,830			32,904			913,991
	688		24,873			383			310			65			62			439
	19,248		234,215			1,682			577,422			5,353			688			17,724
	17,721		—			—			—			—			—			—
	565,730,396		15,071,644,855			504,056,143			2,704,517,537			74,883,578			102,393,622			1,164,587,951
	2,613,757		107,866,945			—			247,199,795			183,715			—			46,906,387
	—		—			—			—			—			—			—
	—		—			156			—			—			—			3,743
	167,749		4,502,001			145,791			789,177			22,190			31,165			338,322
	—		—			—			5,068			—			—			7,215
	2,781,506		112,368,946			145,947			247,994,040			205,905			31,165			47,255,667
$	562,948,890	$	14,959,275,909		$	503,910,196		$	2,456,523,497		$	74,677,673		$	102,362,457		$	1,117,332,284
$	448,610,471	$	11,623,404,543		$	485,387,427		$	4,024,610,205		$	73,913,314		$	135,307,218		$	1,885,849,260
	119,670		(9,732,674	)		(1,173,145	)		(25,980	)		(8,600	)		116,450			556,499
	7,278,454		60,455,000			(9,896,149	)		(1,018,366,743	)		(617,266	)		(13,527,504	)		(656,404,621	)
	106,940,295		3,285,149,040			29,592,063			(549,693,985	)		1,390,225			(19,533,707	)		(112,668,854	)
$	562,948,890	$	14,959,275,909		$	503,910,196		$	2,456,523,497		$	74,677,673		$	102,362,457		$	1,117,332,284
$	60.53	$	85.46		$	63.38		$	59.19		$	49.79		$	52.49		$	33.86
	9,300,012		175,053,658			7,950,000			41,500,000			1,500,000			1,950,000			33,000,016
$	455,445,129	$	11,355,373,906		$	473,345,489		$	3,005,405,555		$	73,211,233		$	121,789,727		$	1,228,477,139
	2,910,960		405,558,508			947,278			248,224,531			247,872			103,948			47,847,512
$	458,356,089	$	11,760,932,414		$	474,292,767		$	3,253,630,086		$	73,459,105		$	121,893,675		$	1,276,324,651
$	54,397,055	$	794,319,345		$	14,034,423		$	443,106,611		$	14,906,805		$	8,629,925		$	102,167,470

321

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2016 (Unaudited)

	SPDR S&P Internet ETF			SPDR S&P Metals & Mining ETF			SPDR S&P Oil & Gas Equipment & Services ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	5,696,849		$	772,994,954		$	312,462,006
Investments in affiliated issuers, at value (Note 2)		15,034			61,312,742			13,099,987
Total Investments		5,711,883			834,307,696			325,561,993
Cash		—			—			—
Receivable for investments sold		—			—			—
Receivable for fund shares sold		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		299			415,073			108,187
Dividends receivable — affiliated issuers (Note 2)		18			532			140
Securities lending income receivable — affiliated issuers		—			33,249			22,944
TOTAL ASSETS		5,712,200			834,756,550			325,693,264
LIABILITIES
Due to custodian (Note 4)		—			—			—
Payable upon return of securities loaned		—			44,642,333			12,937,491
Payable for investments purchased		—			—			—
Payable for fund shares repurchased		—			823			74
Advisory fee payable (Note 4)		1,743			282,410			89,678
Accrued Trustees’ fees and expenses (Note 5)		—			—			—
TOTAL LIABILITIES		1,743			44,925,566			13,027,243
NET ASSETS	$	5,710,457		$	789,830,984		$	312,666,021
NET ASSETS CONSIST OF:
Paid-In Capital (Note 7)	$	4,999,856		$	2,068,548,735		$	589,991,329
Undistributed (distribution in excess of) net investment income (loss)		(1,992	)		(436,696	)		(1,562	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		163,824			(1,268,652,975	)		(276,397,371	)
Net unrealized appreciation (depreciation) on:
Investments		548,769			(9,628,080	)		(926,375	)
NET ASSETS	$	5,710,457		$	789,830,984		$	312,666,021
NET ASSET VALUE PER SHARE
Net asset value per share	$	57.10		$	30.44		$	22.33
Shares outstanding (unlimited amount authorized, $0.01 par value)		100,000			25,950,230			14,000,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	5,148,080		$	783,321,024		$	313,388,381
Investments in affiliated issuers		15,034			60,614,752			13,099,987
Total cost of investments	$	5,163,114		$	843,935,776		$	326,488,368
* Includes investments in securities on loan, at value	$	—		$	50,391,057		$	54,542,557

See accompanying notes to financial statements.

322

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 Technology Hardware ETF			SPDR S&P Telecom ETF
$	2,360,801,532		$	466,669,508		$	442,206,379		$	288,507,884		$	51,691,392		$	6,265,550		$	51,868,130
	14,188,976			18,260,955			3,914,658			10,795,190			744,319			2,254			1,475,652
	2,374,990,508			484,930,463			446,121,037			299,303,074			52,435,711			6,267,804			53,343,782
	—			1,995,002			122,595			—			—			—			—
	—			—			—			—			—			—			97,747
	—			—			32,111			—			—			—			—
	470,982			175,801			340,745			97,137			17,050			8,181			40,583
	828			331			262			247			50			10			34
	46,669			62,266			64,025			20,314			1,594			—			4,658
	2,375,508,987			487,163,863			446,680,775			299,420,772			52,454,405			6,275,995			53,486,804
	—			—			—			—			—			—			97,747
	13,164,845			18,011,400			3,301,163			10,511,054			663,016			—			1,361,837
	—			1,995,002			—			—			—			—			—
	2,203			—			—			—			—			—			—
	755,391			139,925			163,758			81,835			15,577			1,888			14,041
	—			4,752			5,186			—			—			—			—
	13,922,439			20,151,079			3,470,107			10,592,889			678,593			1,888			1,473,625
$	2,361,586,548		$	467,012,784		$	443,210,668		$	288,827,883		$	51,775,812		$	6,274,107		$	52,013,179
$	4,223,465,925		$	696,619,632		$	835,789,290		$	313,648,533		$	46,308,722		$	5,000,000		$	54,099,265
	338,891			(379,531	)		459,579			(44,581	)		(14,713	)		(492	)		(32,219	)
	(1,691,637,479	)		(120,557,972	)		(295,998,205	)		(43,824,688	)		(576,049	)		83,668			(5,439,971	)
	(170,580,789	)		(108,669,345	)		(97,039,996	)		19,048,619			6,057,852			1,190,931			3,386,104
$	2,361,586,548		$	467,012,784		$	443,210,668		$	288,827,883		$	51,775,812		$	6,274,107		$	52,013,179
$	41.43		$	39.08		$	44.10		$	56.08		$	54.50		$	62.74		$	69.35
	57,000,000			11,950,270			10,050,226			5,150,000			950,000			100,000			750,000
$	2,531,382,321		$	575,338,853		$	539,246,375		$	269,459,265		$	45,633,540		$	5,074,619		$	48,482,026
	14,188,976			18,260,955			3,914,658			10,795,190			744,319			2,254			1,475,652
$	2,545,571,297		$	593,599,808		$	543,161,033		$	280,254,455		$	46,377,859		$	5,076,873		$	49,957,678
$	119,265,211		$	55,441,018		$	23,563,044		$	28,579,584		$	8,758,339		$	—		$	10,825,889

323

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2016 (Unaudited)

	SPDR S&P Transportation ETF			SPDR S&P 1500 Value Tilt ETF			SPDR S&P 1500 Momentum Tilt ETF
ASSETS
Investments in unaffiliated issuers, at value* (Note 2)	$	288,543,140		$	8,800,821		$	18,695,548
Investments in affiliated issuers, at value (Note 2)		1,000,193			34,116			49,654
Total Investments		289,543,333			8,834,937			18,745,202
Cash		6,325			8			36
Receivable for investments sold		—			—			—
Receivable for fund shares sold		—			—			—
Dividends receivable — unaffiliated issuers (Note 2)		92,494			6,475			24,551
Dividends receivable — affiliated issuers (Note 2)		231			7			24
Securities lending income receivable — affiliated issuers		3,182			34			114
TOTAL ASSETS		289,645,565			8,841,461			18,769,927
LIABILITIES
Payable upon return of securities loaned		—			6,709			18,568
Payable for investments purchased		822,902			—			—
Advisory fee payable (Note 4)		84,147			512			1,921
Accrued Trustees’ fees and expenses (Note 5)		1,089			123			—
TOTAL LIABILITIES		908,138			7,344			20,489
NET ASSETS	$	288,737,427		$	8,834,117		$	18,749,438
NET ASSETS CONSIST OF:
Paid-In Capital (Note 7)	$	313,025,509		$	8,481,726		$	17,306,598
Undistributed (distribution in excess of) net investment income (loss)		1,385			(376	)		96,005
Accumulated net realized gain (loss) on investments and foreign currency transactions		(25,888,905	)		(4,806	)		(994,309	)
Net unrealized appreciation (depreciation) on:
Investments		1,599,438			357,573			2,341,144
NET ASSETS	$	288,737,427		$	8,834,117		$	18,749,438
NET ASSET VALUE PER SHARE
Net asset value per share	$	53.97		$	88.34		$	93.75
Shares outstanding (unlimited amount authorized, $0.01 par value)		5,350,000			100,000			200,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$	286,943,702		$	8,443,754		$	16,356,094
Investments in affiliated issuers		1,000,193			33,610			47,964
Total cost of investments	$	287,943,895		$	8,477,364		$	16,404,058
* Includes investments in securities on loan, at value	$	21,882,670		$	514,267		$	1,140,961

See accompanying notes to financial statements.

324

SPDR SSGA US Large Cap Low Volatility Index ETF			SPDR SSGA US Small Cap Low Volatility Index ETF			SPDR MSCI USA StrategicFactors ETF			SPDR Wells Fargo Preferred Stock ETF			SPDR FactSet Innovative Technology ETF			SPDR SSGA Gender Diversity Index ETF
$	75,768,823		$	190,618,791		$	12,913,283		$	470,783,077		$	11,647,083		$	270,703,266
	171,480			3,589,696			20,845			28,619,990			29,610			186,490
	75,940,303			194,208,487			12,934,128			499,403,067			11,676,693			270,889,756
	—			—			3			—			—			—
	—			—			—			6,394,306			—			—
	—			8			—			—			—			—
	112,408			291,459			17,805			1,744,293			917			386,682
	124			363			15			1,315			31			1,233
	416			4,519			—			38,074			—			—
	76,053,251			194,504,836			12,951,951			507,581,055			11,677,641			271,277,671
	—			2,841,162			—			10,023,208			—			—
	—			—			—			8,448,203			—			—
	7,422			18,831			1,655			190,043			4,590			47,828
	—			—			—			—			—			—
	7,422			2,859,993			1,655			18,661,454			4,590			47,828
$	76,045,829		$	191,644,843		$	12,950,296		$	488,919,601		$	11,673,051		$	271,229,843
$	72,239,851		$	165,317,105		$	12,307,028		$	536,065,705		$	11,202,771		$	258,349,073
	(82,306	)		(707,724	)		(28,664	)		(1,489,000	)		(51,475	)		(154,311	)
	1,824,692			15,086,161			(42,586	)		(19,926,253	)		58,983			347,886
	2,063,592			11,949,301			714,518			(25,730,851	)		462,772			12,687,195
$	76,045,829		$	191,644,843		$	12,950,296		$	488,919,601		$	11,673,051		$	271,229,843
$	80.05		$	93.49		$	64.75		$	41.97		$	58.37		$	62.35
	950,000			2,050,000			200,000			11,650,000			200,000			4,350,000
$	73,705,231		$	178,669,490		$	12,200,407		$	495,845,174		$	11,184,311		$	258,016,071
	171,480			3,589,696			19,203			29,288,744			29,610			186,490
$	73,876,711		$	182,259,186		$	12,219,610		$	525,133,918		$	11,213,921		$	258,202,561
$	3,821,735		$	36,105,089		$	—		$	9,780,143		$	—		$	—

325

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2016 (Unaudited)

	SPDR Russell 3000 ETF		SPDR Russell 1000 ETF		SPDR Russell 2000 ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	3,694,858	$	1,136,467	$	981,966
Dividend income — affiliated issuers (Notes 2 and 4)		7,061		1,970		2,846
Affiliated securities lending income — net (Notes 4 and 9)		39,918		8,234		79,659
Foreign taxes withheld		—		—		(128	)
TOTAL INVESTMENT INCOME (LOSS)		3,741,837		1,146,671		1,064,343
EXPENSES
Advisory fee (Note 4)		174,937		52,605		61,893
Trustees’ fees and expenses (Note 5)		3,117		978		944
Miscellaneous expenses		1,581		408		100
TOTAL EXPENSES		179,635		53,991		62,937
NET EXPENSES		179,635		53,991		62,937
NET INVESTMENT INCOME (LOSS)		3,562,202		1,092,680		1,001,406
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		18,870,832		82,051		284,782
Investments — affiliated issuers (Note 4)		18,723		—		—
Futures contracts		—		—		70,852
Net realized gain (loss)		18,889,555		82,051		355,634
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers		8,941,613		6,775,462		19,968,179
Investments — affiliated issuers (Note 4)		134,039		45,672		—
Futures contracts		—		—		(3,584	)
Net change in unrealized appreciation/depreciation		9,075,652		6,821,134		19,964,595
NET REALIZED AND UNREALIZED GAIN (LOSS)		27,965,207		6,903,185		20,320,229
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	31,527,409	$	7,995,865	$	21,321,635

See accompanying notes to financial statements.

326

SPDR Russell 1000 Yield Focus ETF			SPDR Russell 1000 Momentum Focus ETF			SPDR Russell 1000 Low Volatility Focus ETF		SPDR S&P 500 Buyback ETF			SPDR S&P 500 Growth ETF			SPDR S&P 500 Value ETF			SPDR S&P 500 High Dividend ETF
$	6,664,785		$	3,772,733		$	4,498,445	$	70,495		$	6,175,182		$	3,495,467		$	1,121,830
	2,310			1,748			1,569		38			2,226			9,516			348
	—			—			—		—			18,930			5,805			—
	(534	)		(959	)		—		—			—			—			—
	6,666,561			3,773,522			4,500,014		70,533			6,196,338			3,510,788			1,122,178
	378,938			365,064			406,223		13,573			522,941			196,903			29,558
	3,377			3,251			3,594		195			6,337			2,328			405
	452			444			462		14			4,698			541			14
	382,767			368,759			410,279		13,782			533,976			199,772			29,977
	382,767			368,759			410,279		13,782			533,976			199,772			29,977
	6,283,794			3,404,763			4,089,735		56,751			5,662,362			3,311,016			1,092,201
	1,485,389			2,994,159			1,328,043		198,434			47,162,167			8,066,789			507,561
	—			1,728			—		(4,616	)		—			(7,302	)		—
	—			—			—		—			—			—			—
	1,485,389			2,995,887			1,328,043		193,818			47,162,167			8,059,487			507,561
	31,493,514			17,768,579			18,461,560		837,302			(16,143,465	)		14,537,296			1,210,527
	—			14,571			—		9,668			—			257,523			—
	—			—			—		—			—			—			—
	31,493,514			17,783,150			18,461,560		846,970			(16,143,465	)		14,794,819			1,210,527
	32,978,903			20,779,037			19,789,603		1,040,788			31,018,702			22,854,306			1,718,088
$	39,262,697		$	24,183,800		$	23,879,338	$	1,097,539		$	36,681,064		$	26,165,322		$	2,810,289

327

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2016 (Unaudited)

	SPDR S&P 500 Fossil Fuel Reserves Free ETF			SPDR S&P 1000 ETF			SPDR S&P 400 Mid Cap Growth ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	1,154,859		$	1,065,707		$	3,645,205
Dividend income — affiliated issuers (Notes 2 and 4)		2,017			680			1,064
Affiliated securities lending income — net (Notes 4 and 9)		—			30,418			46,126
Foreign taxes withheld		—			(351	)		—
TOTAL INVESTMENT INCOME (LOSS)		1,156,876			1,096,454			3,692,395
EXPENSES
Advisory fee (Note 4)		131,243			58,528			315,715
Trustees’ fees and expenses (Note 5)		934			795			3,517
Miscellaneous expenses		84			337			171
TOTAL EXPENSES		132,261			59,660			319,403
Expenses waived/reimbursed by the Adviser (Note 4)		(26,249	)		—			—
NET EXPENSES		106,012			59,660			319,403
NET INVESTMENT INCOME (LOSS)		1,050,864			1,036,794			3,372,992
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		829,656			9,719,459			3,924,550
Investments — affiliated issuers (Note 4)		(185	)		—			—
Foreign currency transactions		—			—			—
Net realized gain (loss)		829,471			9,719,459			3,924,550
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers		6,157,196			7,514,651			24,259,942
Investments — affiliated issuers (Note 4)		53,389			—			—
Foreign currency translations		—			—			—
Net change in unrealized appreciation/depreciation		6,210,585			7,514,651			24,259,942
NET REALIZED AND UNREALIZED GAIN (LOSS)		7,040,056			17,234,110			28,184,492
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	8,090,920		$	18,270,904		$	31,557,484

See accompanying notes to financial statements.

328

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
$	2,975,665	$	3,863,988		$	5,158,619	$	5,737,970		$	1,003,814		$	89,541,214		$	25,004,087
	890		2,593			2,580		2,375			152			13,071			10,184
	31,301		139,903			302,264		93,682			5,771			98,960			48,161
	—		(430	)		—		(1,167	)		(30,286	)		—			(15,461	)
	3,007,856		4,006,054			5,463,463		5,832,860			979,451			89,653,245			25,046,971
	204,774		391,378			627,019		478,766			212,704			4,559,190			4,457,699
	2,033		4,213			6,556		4,756			903			33,514			24,824
	440		546			812		533			—			4,298			3,562
	207,247		396,137			634,387		484,055			213,607			4,597,002			4,486,085
	—		—			—		—			(37	)		—			—
	207,247		396,137			634,387		484,055			213,570			4,597,002			4,486,085
	2,800,609		3,609,917			4,829,076		5,348,805			765,881			85,056,243			20,560,886
	15,984,328		6,458,648			17,785,599		49,146,572			3,366,443			138,282,276			195,242,540
	—		—			—		—			—			—			—
	—		—			—		—			(22,301	)		—			—
	15,984,328		6,458,648			17,785,599		49,146,572			3,344,142			138,282,276			195,242,540
	20,190,382		81,861,215			113,455,849		66,243,716			4,431,641			(385,989,250	)		733,731,009
	—		—			—		—			—			—			—
	—		—			—		—			515			—			—
	20,190,382		81,861,215			113,455,849		66,243,716			4,432,156			(385,989,250	)		733,731,009
	36,174,710		88,319,863			131,241,448		115,390,288			7,776,298			(247,706,974	)		928,973,549
$	38,975,319	$	91,929,780		$	136,070,524	$	120,739,093		$	8,542,179		$	(162,650,731	)	$	949,534,435

329

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2016 (Unaudited)

	SPDR S&P Capital Markets ETF			SPDR S&P Insurance ETF		SPDR S&P Regional Banking ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	1,049,673		$	7,355,944	$	23,160,663
Dividend income — affiliated issuers (Notes 2 and 4)		17,811			2,124		7,782
Affiliated securities lending income — net (Notes 4 and 9)		16,102			7,208		79,401
Foreign taxes withheld		—			—		(18,407	)
TOTAL INVESTMENT INCOME (LOSS)		1,083,586			7,365,276		23,229,439
EXPENSES
Advisory fee (Note 4)		137,050			1,188,807		3,969,189
Trustees’ fees and expenses (Note 5)		1,067			4,976		21,637
Miscellaneous expenses		150			691		3,064
TOTAL EXPENSES		138,267			1,194,474		3,993,890
NET EXPENSES		138,267			1,194,474		3,993,890
NET INVESTMENT INCOME (LOSS)		945,319			6,170,802		19,235,549
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		(2,901,931	)		17,278,485		284,833,268
Investments — affiliated issuers (Note 4)		83,005			—		—
Net realized gain (loss)		(2,818,926	)		17,278,485		284,833,268
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers		18,767,124			90,689,336		619,798,449
Investments — affiliated issuers (Note 4)		795,138			—		—
Net change in unrealized appreciation/depreciation		19,562,262			90,689,336		619,798,449
NET REALIZED AND UNREALIZED GAIN (LOSS)		16,743,336			107,967,821		904,631,717
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	17,688,655		$	114,138,623	$	923,867,266

See accompanying notes to financial statements.

330

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
$	2,986,774		$	229,880,155		$	2,362,198	$	2,448,809		$	150,564		$	404,976		$	6,053,898
	2,597			5,175,175			1,043		3,368			288			571			2,862
	479,302			1,020,940			21,424		3,826,192			18,183			69,478			107,785
	(3,070	)		—			—		—			—			—			—
	3,465,603			236,076,270			2,384,665		6,278,369			169,035			475,025			6,164,545
	954,324			25,680,558			475,224		4,358,739			118,598			281,572			2,018,092
	4,731			120,229			1,789		19,950			592			2,202			16,118
	611			17,255			203		2,853			66			287			2,304
	959,666			25,818,042			477,216		4,381,542			119,256			284,061			2,036,514
	959,666			25,818,042			477,216		4,381,542			119,256			284,061			2,036,514
	2,505,937			210,258,228			1,907,449		1,896,827			49,779			190,964			4,128,031
	20,308,025			377,433,737			6,532,026		215,764,353			8,801,748			2,780,963			22,302,647
	—			4,511,937			—		—			—			—			—
	20,308,025			381,945,674			6,532,026		215,764,353			8,801,748			2,780,963			22,302,647
	52,423,914			(60,971,308	)		21,681,971		(91,096,799	)		(9,385,316	)		(17,878,574	)		(10,608,403	)
	—			58,179,584			—		—			—			—			—
	52,423,914			(2,791,724	)		21,681,971		(91,096,799	)		(9,385,316	)		(17,878,574	)		(10,608,403	)
	72,731,939			379,153,950			28,213,997		124,667,554			(583,568	)		(15,097,611	)		11,694,244
$	75,237,876		$	589,412,178		$	30,121,446	$	126,564,381		$	(533,789	)	$	(14,906,647	)	$	15,822,275

331

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2016 (Unaudited)

	SPDR S&P Internet ETF			SPDR S&P Metals & Mining ETF		SPDR S&P Oil & Gas Equipment & Services ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	8,354		$	4,029,987	$	988,093
Dividend income — affiliated issuers (Notes 2 and 4)		52			457,119		805
Affiliated securities lending income — net (Notes 4 and 9)		—			286,852		98,133
Foreign taxes withheld		—			—		(17,780	)
TOTAL INVESTMENT INCOME (LOSS)		8,406			4,773,958		1,069,251
EXPENSES
Advisory fee (Note 4)		10,230			1,335,433		423,730
Trustees’ fees and expenses (Note 5)		168			5,934		1,931
Miscellaneous expenses		—			449		259
TOTAL EXPENSES		10,398			1,341,816		425,920
NET EXPENSES		10,398			1,341,816		425,920
NET INVESTMENT INCOME (LOSS)		(1,992	)		3,432,142		643,331
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		270,363			155,147,689		(12,102,335	)
Investments — affiliated issuers (Note 4)		—			3,508,096		—
Net realized gain (loss)		270,363			158,655,785		(12,102,335	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers		283,347			11,761,350		55,653,239
Investments — affiliated issuers (Note 4)		—			3,892,475		—
Net change in unrealized appreciation/depreciation		283,347			15,653,825		55,653,239
NET REALIZED AND UNREALIZED GAIN (LOSS)		553,710			174,309,610		43,550,904
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	551,718		$	177,741,752	$	44,194,235

See accompanying notes to financial statements.

332

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 Technology Hardware ETF		SPDR S&P Telecom ETF
$	11,677,998	$	1,667,230		$	4,127,676	$	1,260,725	$	394,356	$	33,727	$	235,514
	4,186		1,815			1,952		1,189		228		41		165
	250,394		328,101			439,779		74,740		13,896		—		18,774
	—		—			—		—		—		—		—
	11,932,578		1,997,146			4,569,407		1,336,654		408,480		33,768		254,453
	3,521,658		888,446			957,949		422,506		87,103		10,428		54,774
	16,879		6,908			7,418		1,993		542		168		345
	2,261		963			1,036		238		67		—		39
	3,540,798		896,317			966,403		424,737		87,712		10,596		55,158
	3,540,798		896,317			966,403		424,737		87,712		10,596		55,158
	8,391,780		1,100,829			3,603,004		911,917		320,768		23,172		199,295
	192,190,378		(1,121,414	)		11,308,500		19,985,295		469,291		181,780		515,829
	—		—			—		—		—		—		—
	192,190,378		(1,121,414	)		11,308,500		19,985,295		469,291		181,780		515,829
	135,086,398		(29,617,906	)		26,073,905		31,753,246		2,952,220		869,799		4,396,585
	—		—			—		—		—		—		—
	135,086,398		(29,617,906	)		26,073,905		31,753,246		2,952,220		869,799		4,396,585
	327,276,776		(30,739,320	)		37,382,405		51,738,541		3,421,511		1,051,579		4,912,414
$	335,668,556	$	(29,638,491	)	$	40,985,409	$	52,650,458	$	3,742,279	$	1,074,751	$	5,111,709

333

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2016 (Unaudited)

	SPDR S&P Transportation ETF		SPDR S&P 1500 Value Tilt ETF			SPDR S&P 1500 Momentum Tilt ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 2)	$	1,113,863	$	50,563		$	212,880
Dividend income — affiliated issuers (Notes 2 and 4)		856		118			214
Affiliated securities lending income — net (Notes 4 and 9)		35,349		391			1,559
Foreign taxes withheld		—		(1	)		—
TOTAL INVESTMENT INCOME (LOSS)		1,150,068		51,071			214,653
EXPENSES
Advisory fee (Note 4)		376,252		2,575			11,172
Trustees’ fees and expenses (Note 5)		2,248		279			283
Miscellaneous expenses		283		8			21
TOTAL EXPENSES		378,783		2,862			11,476
NET EXPENSES		378,783		2,862			11,476
NET INVESTMENT INCOME (LOSS)		771,285		48,209			203,177
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers		2,088,408		1,875			(27,238	)
Investments — affiliated issuers (Note 4)		—		—			(49	)
Foreign currency transactions		—		—			—
Net realized gain (loss)		2,088,408		1,875			(27,287	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers		39,123,293		404,172			643,499
Investments — affiliated issuers (Note 4)		—		1,621			1,901
Net change in unrealized appreciation/depreciation		39,123,293		405,793			645,400
NET REALIZED AND UNREALIZED GAIN (LOSS)		41,211,701		407,668			618,113
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	41,982,986	$	455,877		$	821,290

See accompanying notes to financial statements.

334

SPDR SSGA US Large Cap Low Volatility Index ETF			SPDR SSGA US Small Cap Low Volatility Index ETF			SPDR MSCI USA StrategicFactors ETF			SPDR Wells Fargo Preferred Stock ETF			SPDR FactSet Innovative Technology ETF		SPDR SSGA Gender Diversity Index ETF
$	951,827		$	2,148,139		$	119,921		$	15,540,053		$	31,886	$	3,073,161
	450			735			300			494,368			44		1,721
	5,254			18,356			—			226,638			—		—
	—			(631	)		—			—			—		—
	957,531			2,166,599			120,221			16,261,059			31,930		3,074,882
	45,348			74,913			7,866			1,255,654			22,946		280,467
	730			873			178			5,084			185		2,570
	49			55			7			1,610			7		357
	46,127			75,841			8,051			1,262,348			23,138		283,394
	46,127			75,841			8,051			1,262,348			23,138		283,394
	911,404			2,090,758			112,170			14,998,711			8,792		2,791,488
	3,079,951			16,172,216			(33,706	)		13,784			174,132		13,296,867
	—			—			63			95,552			—		—
	—			—			—			—			3		—
	3,079,951			16,172,216			(33,643	)		109,336			174,135		13,296,867
	(2,938,501	)		9,190,845			569,318			(44,725,219	)		23,242		(2,255,541	)
	—			—			2,302			(1,770,209	)		—		—
	(2,938,501	)		9,190,845			571,620			(46,495,428	)		23,242		(2,255,541	)
	141,450			25,363,061			537,977			(46,386,092	)		197,377		11,041,326
$	1,052,854		$	27,453,819		$	650,147		$	(31,387,381	)	$	206,169	$	13,832,814

335

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Russell 3000 ETF						SPDR Russell 1000 ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,562,202		$	5,524,832		$	1,092,680		$	1,679,913
Net realized gain (loss)		18,889,555			13,078,517			82,051			(45,213	)
Net change in unrealized appreciation/depreciation		9,075,652			(11,575,204	)		6,821,134			1,028,113
Net increase (decrease) in net assets resulting from operations		31,527,409			7,028,145			7,995,865			2,662,813
Net equalization credits and charges (Note 2)		(146,669	)		(135,824	)		35,019			54,563
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,552,584	)		(5,829,503	)		(1,163,105	)		(1,749,803	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(3,552,584	)		(5,829,503	)		(1,163,105	)		(1,749,803	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		71,313,717			130,791,938			15,276,261			19,241,735
Cost of shares redeemed		(56,492,148	)		(38,328,610	)		—			—
Net income equalization (Note 2)		146,669			135,824			(35,019	)		(54,563	)
Net increase (decrease) in net assets from beneficial interest transactions		14,968,238			92,599,152			15,241,242			19,187,172
Net increase (decrease) in net assets during the period		42,796,394			93,661,970			22,109,021			20,154,745
Net assets at beginning of period		341,639,785			247,977,815			93,191,226			73,036,481
NET ASSETS AT END OF PERIOD	$	384,436,179		$	341,639,785		$	115,300,247		$	93,191,226
Undistributed (distribution in excess of) net investment income (loss)	$	202,660		$	193,042		$	(72,507	)	$	(2,082	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		450,000			850,000			150,000			200,000
Shares redeemed		(350,000	)		(250,000	)		—			—
Net increase (decrease)		100,000			600,000			150,000			200,000

* Inception date.

See accompanying notes to financial statements.

336

SPDR Russell 2000 ETF						SPDR Russell 1000 Yield Focus ETF						SPDR Russell 1000 Momentum Focus ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			For the Period 12/2/15* - 6/30/16			Six Months Ended 12/31/16 (Unaudited)			For the Period 12/2/15* - 6/30/16
$	1,001,406		$	1,257,252		$	6,283,794		$	6,788,181		$	3,404,763		$	3,624,057
	355,634			4,542,380			1,485,389			10,741,246			2,995,887			(6,762,817	)
	19,964,595			(9,846,581	)		31,493,514			12,600,171			17,783,150			17,865,363
	21,321,635			(4,046,949	)		39,262,697			30,129,598			24,183,800			14,726,603
	109,047			85,116			—			28,729			(7,414	)		8,436
	(1,181,882	)		(1,365,440	)		(6,757,954	)		(6,366,691	)		(3,889,340	)		(3,435,499	)
	—			(500,276	)		(11,866,661	)		—			—			—
	(1,181,882	)		(1,865,716	)		(18,624,615	)		(6,366,691	)		(3,889,340	)		(3,435,499	)
	51,112,322			78,638,705			—			335,428,454			29,268,559			337,629,630
	—			(58,720,026	)		—			—			—			(2,974,697	)
	(109,047	)		(85,116	)		—			(28,729	)		7,414			(8,436	)
	51,003,275			19,833,563			—			335,399,725			29,275,973			334,646,497
	71,252,075			14,006,014			20,638,082			359,191,361			49,563,019			345,946,037
	87,992,288			73,986,274			359,191,361			—			345,946,037			—
$	159,244,363		$	87,992,288		$	379,829,443		$	359,191,361		$	395,509,056		$	345,946,037
$	(188,734	)	$	(8,258	)	$	(88,943	)	$	385,217		$	(305,225	)	$	179,352
	700,000			1,150,000			—			5,650,000			450,000			5,700,000
	—			(850,000	)		—			—			—			(50,000	)
	700,000			300,000			—			5,650,000			450,000			5,650,000

337

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Russell 1000 Low Volatility Focus ETF						SPDR S&P 500 Buyback ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 12/2/15* - 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,089,735		$	4,557,985		$	56,751		$	174,614
Net realized gain (loss)		1,328,043			6,462,367			193,818			(1,005,764	)
Net change in unrealized appreciation/depreciation		18,461,560			18,628,383			846,970			(204,746	)
Net increase (decrease) in net assets resulting from operations		23,879,338			29,648,735			1,097,539			(1,035,896	)
Net equalization credits and charges (Note 2)		24,699			45,658			(1,399	)		(1,905	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(4,382,681	)		(4,339,058	)		(58,148	)		(176,917	)
Net realized gains		(6,923,104	)		—			—			(80,072	)
Total distributions to shareholders		(11,305,785	)		(4,339,058	)		(58,148	)		(256,989	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		13,219,684			360,552,240			—			—
Cost of shares redeemed		(6,661,191	)		—			(2,409,602	)		(4,503,369	)
Net income equalization (Note 2)		(24,699	)		(45,658	)		1,399			1,905
Net Increase (Decrease) in Net Assets from Beneficial Interest Transactions		6,533,794			360,506,582			(2,408,203	)		(4,501,464	)
Net increase (decrease) in net assets during the period		19,132,046			385,861,917			(1,370,211	)		(5,796,254	)
Net assets at beginning of period		385,861,917			—			9,231,774			15,028,028
NET ASSETS AT END OF PERIOD	$	404,993,963		$	385,861,917		$	7,861,563		$	9,231,774
Undistributed (distribution in excess of) net investment income (loss)	$	(78,954	)	$	213,992		$	(1,397	)	$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			6,050,000			—			—
Shares redeemed		(100,000	)		—			(50,000	)		(100,000	)
Net increase (decrease)		100,000			6,050,000			(50,000	)		(100,000	)

* Inception date.

See accompanying notes to financial statements.

338

SPDR S&P 500 Growth ETF						SPDR S&P 500 Value ETF						SPDR S&P 500 High Dividend ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			For the Period 10/21/15* - 6/30/16
$	5,662,362		$	9,739,546		$	3,311,016		$	5,863,625		$	1,092,201		$	371,718
	47,162,167			11,194,808			8,059,487			300,174			507,561			34,910
	(16,143,465	)		7,705,820			14,794,819			2,119,006			1,210,527			1,971,840
	36,681,064			28,640,174			26,165,322			8,282,805			2,810,289			2,378,468
	(188,209	)		144,869			54,895			50,547			259,404			85,439
	(5,666,454	)		(10,139,943	)		(3,484,692	)		(5,927,401	)		(1,366,018	)		(439,728	)
	—			—			—			—			(357,797	)		—
	(5,666,454	)		(10,139,943	)		(3,484,692	)		(5,927,401	)		(1,723,815	)		(439,728	)
	62,569,600			190,459,434			21,404,001			19,149,439			62,763,362			34,294,692
	(131,380,652	)		(54,300,497	)		—			(5,086,803	)		(1,679,411	)		(4,367,727	)
	188,209			(144,869	)		(54,895	)		(50,547	)		(259,404	)		(85,439	)
	(68,622,843	)		136,014,068			21,349,106			14,012,089			60,824,547			29,841,526
	(37,796,442	)		154,659,168			44,084,631			16,418,040			62,170,425			31,865,705
	711,123,160			556,463,992			246,308,046			229,890,006			31,865,705			—
$	673,326,718		$	711,123,160		$	290,392,677		$	246,308,046		$	94,036,130		$	31,865,705
$	(4,092	)	$	—		$	(173,676	)	$	—		$	(273,817	)	$	—
	600,000			1,950,000			200,000			200,000			1,800,000			1,100,000
	(1,250,000	)		(550,000	)		—			(50,000	)		(50,000	)		(150,000	)
	(650,000	)		1,400,000			200,000			150,000			1,750,000			950,000

339

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P 500 Fossil Fuel Reserves Free ETF						SPDR S&P 1000 ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 11/30/15* - 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,050,864		$	776,055		$	1,036,794		$	1,160,964
Net realized gain (loss)		829,471			(63,249	)		9,719,459			7,778,095
Net change in unrealized appreciation/depreciation		6,210,585			2,326,630			7,514,651			(14,009,881	)
Net increase (decrease) in net assets resulting from operations		8,090,920			3,039,436			18,270,904			(5,070,822	)
Net equalization credits and charges (Note 2)		3,083			39,449			(36,075	)		(41,352	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,093,811	)		(775,092	)		(1,039,258	)		(1,181,544	)
Net realized gains		(2,281	)		—			(871,357	)		(2,720,813	)
Total distributions to shareholders		(1,096,092	)		(775,092	)		(1,910,615	)		(3,902,357	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		10,314,227			98,063,252			93,130,185			13
Cost of shares redeemed		(5,151,164	)		—			(21,456,150	)		(28,508,682	)
Net income equalization (Note 2)		(3,083	)		(39,449	)		36,075			41,352
Net Increase (Decrease) in Net Assets from Beneficial Interest Transactions		5,159,980			98,023,803			71,710,110			(28,467,317	)
Net increase (decrease) in net assets during the period		12,157,891			100,327,596			88,034,324			(37,481,848	)
Net assets at beginning of period		100,327,596			—			62,580,120			100,061,968
NET ASSETS AT END OF PERIOD	$	112,485,487		$	100,327,596		$	150,614,444		$	62,580,120
Undistributed (distribution in excess of) net investment income (loss)	$	(41,510	)	$	1,437		$	(28,658	)	$	(26,194	)
SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			2,000,000			1,150,000			—
Shares redeemed		(100,000	)		—			(250,000	)		(350,000	)
Net increase (decrease)		100,000			2,000,000			900,000			(350,000	)

* Inception date.

See accompanying notes to financial statements.

340

SPDR S&P 400 Mid Cap Growth ETF						SPDR S&P 400 Mid Cap Value ETF						SPDR S&P 600 Small Cap ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
$	3,372,992		$	3,316,759		$	2,800,609		$	3,120,210		$	3,609,917		$	5,844,981
	3,924,550			4,744,704			15,984,328			(815,055	)		6,458,648			21,994,042
	24,259,942			(5,027,949	)		20,190,382			3,923,607			81,861,215			(26,410,555	)
	31,557,484			3,033,514			38,975,319			6,228,762			91,929,780			1,428,468
	152,150			103,419			221,175			214,770			72,241			102,080
	(3,394,648	)		(3,696,754	)		(3,213,396	)		(3,333,384	)		(3,798,192	)		(6,058,308	)
	—			(4,000,844	)		—			(3,565,591	)		(14,212,446	)		(8,875,886	)
	(3,394,648	)		(7,697,598	)		(3,213,396	)		(6,898,975	)		(18,010,638	)		(14,934,194	)
	135,536,814			151,560,938			132,629,076			95,155,158			121,778,769			61,124,087
	(37,469,191	)		(45,476,314	)		(4,230,565	)		(11,390,315	)		—			(15,572,359	)
	(152,150	)		(103,419	)		(221,175	)		(214,770	)		(72,241	)		(102,080	)
	97,915,473			105,981,205			128,177,336			83,550,073			121,706,528			45,449,648
	126,230,459			101,420,540			164,160,434			83,094,630			195,697,911			32,046,002
	345,259,404			243,838,864			207,341,683			124,247,053			443,391,545			411,345,543
$	471,489,863		$	345,259,404		$	371,502,117		$	207,341,683		$	639,089,456		$	443,391,545
$	(21,656	)	$	—		$	(412,787	)	$	—		$	(188,275	)	$	—
	1,050,000			1,250,000			1,500,000			1,200,000			1,050,000			600,000
	(300,000	)		(400,000	)		(50,000	)		(150,000	)		—			(150,000	)
	750,000			850,000			1,450,000			1,050,000			1,050,000			450,000

341

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P 600 Small Cap Growth ETF						SPDR S&P 600 Small Cap Value ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,829,076		$	7,789,937		$	5,348,805		$	6,756,663
Net realized gain (loss)		17,785,599			18,417,719			49,146,572			21,472,960
Net change in unrealized appreciation/depreciation		113,455,849			(26,898,586	)		66,243,716			(18,905,681	)
Net increase (decrease) in net assets resulting from operations		136,070,524			(690,930	)		120,739,093			9,323,942
Net equalization credits and charges (Note 2)		420,790			215,656			609,942			246,266
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(6,007,634	)		(8,471,086	)		(5,824,981	)		(6,995,261	)
Net realized gains		—			(26,591,181	)		(7,226,904	)		(19,555,634	)
Total distributions to shareholders		(6,007,634	)		(35,062,267	)		(13,051,885	)		(26,550,895	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		265,451,955			240,464,199			295,694,307			178,794,465
Cost of shares redeemed		—			(78,605,223	)		—			(52,777,405	)
Net income equalization (Note 2)		(420,790	)		(215,656	)		(609,942	)		(246,266	)
Net Increase (Decrease) in Net Assets from Beneficial Interest Transactions		265,031,165			161,643,320			295,084,365			125,770,794
Net increase (decrease) in net assets during the period		395,514,845			126,105,779			403,381,515			108,790,107
Net assets at beginning of period		686,129,845			560,024,066			501,367,624			392,577,517
NET ASSETS AT END OF PERIOD	$	1,081,644,690		$	686,129,845		$	904,749,139		$	501,367,624
Undistributed (distribution in excess of) net investment income (loss)	$	(1,178,558	)	$	—		$	(476,176	)	$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		1,350,000			1,350,000			2,600,000			1,850,000
Shares redeemed		—			(450,000	)		—			(550,000	)
Net increase (decrease)		1,350,000			900,000			2,600,000			1,300,000

See accompanying notes to financial statements.

342

SPDR Global Dow ETF						SPDR Dow Jones REIT ETF						SPDR S&P Bank ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
$	765,881		$	2,265,415		$	85,056,243		$	100,468,470		$	20,560,886		$	45,820,065
	3,344,142			746,142			138,282,276			115,730,292			195,242,540			169,474,946
	4,432,156			(9,569,583	)		(385,989,250	)		462,980,430			733,731,009			(638,402,125	)
	8,542,179			(6,558,026	)		(162,650,731	)		679,179,192			949,534,435			(423,107,114	)
	(43,087	)		(47,817	)		(1,994,253	)		961,476			809,572			(1,185,765	)
	(826,625	)		(2,263,923	)		(84,442,783	)		(125,941,984	)		(24,243,672	)		(45,203,374	)
	—			—			—			—			—			—
	(826,625	)		(2,263,923	)		(84,442,783	)		(125,941,984	)		(24,243,672	)		(45,203,374	)
	—			—			227,158,496			686,871,203			1,695,743,134			1,965,526,030
	(13,730,817	)		(12,684,256	)		(473,327,614	)		(286,617,424	)		(1,372,361,118	)		(2,479,488,429	)
	43,087			47,817			1,994,253			(961,476	)		(809,572	)		1,185,765
	(13,687,730	)		(12,636,439	)		(244,174,865	)		399,292,303			322,572,444			(512,776,634	)
	(6,015,263	)		(21,506,205	)		(493,262,632	)		953,490,987			1,248,672,779			(982,272,887	)
	86,520,589			108,026,794			3,816,521,363			2,863,030,376			2,041,170,689			3,023,443,576
$	80,505,326		$	86,520,589		$	3,323,258,731		$	3,816,521,363		$	3,289,843,468		$	2,041,170,689
$	44,408		$	105,152		$	613,460		$	—		$	(1,504,949	)	$	2,177,837
	—			—			2,350,000			7,650,000			46,250,000			60,550,000
	(200,000	)		(200,000	)		(5,100,000	)		(3,200,000	)		(37,500,000	)		(77,000,000	)
	(200,000	)		(200,000	)		(2,750,000	)		4,450,000			8,750,000			(16,450,000	)

343

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Capital Markets ETF						SPDR S&P Insurance ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	945,319		$	2,409,006		$	6,170,802		$	9,676,736
Net realized gain (loss)		(2,818,926	)		(11,027,343	)		17,278,485			21,710,681
Net change in unrealized appreciation/depreciation		19,562,262			(30,290,925	)		90,689,336			(17,155,718	)
Net increase (decrease) in net assets resulting from operations		17,688,655			(38,909,262	)		114,138,623			14,231,699
Net equalization credits and charges (Note 2)		(47,693	)		222,972			645,020			230,778
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(910,476	)		(2,749,331	)		(7,347,340	)		(9,742,845	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(910,476	)		(2,749,331	)		(7,347,340	)		(9,742,845	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		7,950,026			52,586,822			400,248,704			677,032,936
Cost of shares redeemed		(29,012,146	)		(103,339,310	)		(243,202,635	)		(465,442,597	)
Net income equalization (Note 2)		47,693			(222,972	)		(645,020	)		(230,778	)
Net Increase (Decrease) in Net Assets from Beneficial Interest Transactions		(21,014,427	)		(50,975,460	)		156,401,049			211,359,561
Voluntary contribution from Adviser		—			—			—			—
Net increase (decrease) in net assets during the period		(4,283,941	)		(92,411,081	)		263,837,352			216,079,193
Net assets at beginning of period		84,997,928			177,409,009			594,003,018			377,923,825
NET ASSETS AT END OF PERIOD	$	80,713,987		$	84,997,928		$	857,840,370		$	594,003,018
Undistributed (distribution in excess of) net investment income (loss)	$	34,843		$	—		$	(1,176,538	)	$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		200,000			1,350,000			5,150,000			9,600,000
Shares redeemed		(750,000	)		(2,500,000	)		(3,150,000	)		(6,800,000	)
Net increase (decrease)		(550,000	)		(1,150,000	)		2,000,000			2,800,000

(a) On September 8, 2015, the SPDR Morgan Stanley Technology ETF underwent a 2-for-1 share split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 12.

See accompanying notes to financial statements.

344

SPDR S&P Regional Banking ETF						SPDR Morgan Stanley Technology ETF						SPDR S&P Dividend ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
$	19,235,549		$	42,209,053		$	2,505,937		$	4,250,630		$	210,258,228		$	334,323,209
	284,833,268			(244,333,339	)		20,308,025			25,994,641			381,945,674			839,688,675
	619,798,449			(222,548,155	)		52,423,914			(7,102,498	)		(2,791,724	)		817,082,036
	923,867,266			(424,672,441	)		75,237,876			23,142,773			589,412,178			1,991,093,920
	1,854,407			354,237			(1,118	)		8,261			1,303,353			1,489,698
	(21,882,691	)		(43,313,492	)		(2,386,267	)		(4,299,227	)		(219,990,902	)		(337,678,886	)
	—			—			—			—			(103,446,599	)		(448,199,837	)
	(21,882,691	)		(43,313,492	)		(2,386,267	)		(4,299,227	)		(323,437,501	)		(785,878,723	)
	5,821,034,369			6,915,682,618			24,057,600			71,074,568			1,478,340,738			1,954,488,107
	(4,808,987,251	)		(7,588,199,300	)		(23,437,284	)		(13,060,754	)		(794,600,746	)		(2,075,657,825	)
	(1,854,407	)		(354,237	)		1,118			(8,261	)		(1,303,353	)		(1,489,698	)
	1,010,192,711			(672,870,919	)		621,434			58,005,553			682,436,639			(122,659,416	)
	—			—			—			512,060			—			—
	1,914,031,693			(1,140,502,615	)		73,471,925			77,369,420			949,714,669			1,084,045,479
	1,615,032,907			2,755,535,522			489,476,965			412,107,545			14,009,561,240			12,925,515,761
$	3,529,064,600		$	1,615,032,907		$	562,948,890		$	489,476,965		$	14,959,275,909		$	14,009,561,240
$	(2,647,142	)	$	—		$	119,670		$	—		$	(9,732,674	)	$	—
	126,850,000			172,900,000			400,000			1,350,000			17,500,000			25,050,000
	(105,300,000	)		(193,300,000	)		(400,000	)		(250,000	)		(9,400,000	)		(27,650,000	)
	21,550,000			(20,400,000	)		—			1,100,000			8,100,000			(2,600,000	)

345

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Aerospace & Defense ETF						SPDR S&P Biotech ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(b)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,907,449		$	1,179,742		$	1,896,827		$	9,503,924
Net realized gain (loss)		6,532,026			5,991,111			215,764,353			(532,601,135	)
Net change in unrealized appreciation/depreciation		21,681,971			(6,135,405	)		(91,096,799	)		(480,371,832	)
Net increase (decrease) in net assets resulting from operations		30,121,446			1,035,448			126,564,381			(1,003,469,043	)
Net equalization credits and charges (Note 2)		1,138,970			1,388			(17,524	)		(256,280	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,080,594	)		(1,208,373	)		(1,922,807	)		(9,602,797	)
Net realized gains		—			(2,266,620	)		—			—
Total distributions to shareholders		(3,080,594	)		(3,474,993	)		(1,922,807	)		(9,602,797	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		377,670,920			96,204,024			5,430,980,722			9,862,806,087
Cost of shares redeemed		(82,298,947	)		(72,194,674	)		(4,972,931,556	)		(9,726,381,392	)
Net income equalization (Note 2)		(1,138,970	)		(1,388	)		17,524			256,280
Net Increase (Decrease) in Net Assets from Beneficial Interest Transactions		294,233,003			24,007,962			458,066,690			136,680,975
Net increase (decrease) in net assets during the period		322,412,825			21,569,805			582,690,740			(876,647,145	)
Net assets at beginning of period		181,497,371			159,927,566			1,873,832,757			2,750,479,902
NET ASSETS AT END OF PERIOD	$	503,910,196		$	181,497,371		$	2,456,523,497		$	1,873,832,757
Undistributed (distribution in excess of) net investment income (loss)	$	(1,173,145	)	$	—		$	(25,980	)	$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		6,050,000			1,800,000			86,900,000			160,350,000
Shares redeemed		(1,350,000	)		(1,350,000	)		(80,000,000	)		(158,450,000	)
Net increase (decrease)		4,700,000			450,000			6,900,000			1,900,000

(a) On September 8, 2015, the SPDR S&P Aerospace & Defense ETF underwent a 2-for-1 share split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 12.

(b) On September 8, 2015, the SPDR S&P Biotech ETF underwent a 3-for-1 share split. The capital share activity presented here have been retroactively adjusted to reflect this split. See Note 12.

(c) On September 8, 2015, the SPDR S&P Health Care Equipment ETF underwent a 2-for-1 share split. The capital share activity presented here have been retroactively adjusted to reflect this split. See Note 12.

(d) On September 8, 2015, the SPDR S&P Health Care Services ETF underwent a 2-for-1 share split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 12.

See accompanying notes to financial statements.

346

SPDR S&P Health Care Equipment ETF						SPDR S&P Health Care Services ETF						SPDR S&P Homebuilders ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(c)			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(d)			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
$	49,779		$	136,756		$	190,964		$	497,012		$	4,128,031		$	9,559,963
	8,801,748			3,981,204			2,780,963			(625,130	)		22,302,647			(88,503,871	)
	(9,385,316	)		(1,260,733	)		(17,878,574	)		(20,862,192	)		(10,608,403	)		(105,426,456	)
	(533,789	)		2,857,227			(14,906,647	)		(20,990,310	)		15,822,275			(184,370,364	)
	(246	)		889			(68,838	)		(6,462	)		(94,008	)		(67,491	)
	(60,429	)		(143,788	)		(183,167	)		(450,122	)		(4,044,933	)		(9,451,690	)
	—			(3,538,969	)		—			(1,474,070	)		—			—
	(60,429	)		(3,682,757	)		(183,167	)		(1,924,192	)		(4,044,933	)		(9,451,690	)
	54,050,104			11,295,091			5,305,238			180,588,036			812,409,529			2,825,613,988
	(26,142,680	)		(10,131,700	)		(171,394,613	)		(70,760,745	)		(947,005,975	)		(3,148,660,928	)
	246			(889	)		68,838			6,462			94,008			67,491
	27,907,670			1,162,502			(166,020,537	)		109,833,753			(134,502,438	)		(322,979,449	)
	27,313,206			337,861			(181,179,189	)		86,912,789			(122,819,104	)		(516,868,994	)
	47,364,467			47,026,606			283,541,646			196,628,857			1,240,151,388			1,757,020,382
$	74,677,673		$	47,364,467		$	102,362,457		$	283,541,646		$	1,117,332,284		$	1,240,151,388
$	(8,600	)	$	2,050		$	116,450		$	108,653		$	556,499		$	473,401
	1,050,000			250,000			100,000			3,200,000			23,900,000			81,500,000
	(550,000	)		(250,000	)		(3,100,000	)		(1,250,000	)		(27,850,000	)		(92,550,000	)
	500,000			—			(3,000,000	)		1,950,000			(3,950,000	)		(11,050,000	)

347

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Internet ETF						SPDR S&P Metals & Mining ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 6/27/16* - 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,992	)	$	(144	)	$	3,432,142		$	7,085,892
Net realized gain (loss)		270,363			—			158,655,785			(82,505,959	)
Net change in unrealized appreciation/depreciation		283,347			265,422			15,653,825			159,825,656
Net increase (decrease) in net assets resulting from operations		551,718			265,278			177,741,752			84,405,589
Net equalization credits and charges (Note 2)		—			—			(17,223	)		1,633,453
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			—			(3,868,838	)		(8,480,326	)
Net realized gains		(106,539	)		—			—			—
Total distributions to shareholders		(106,539	)		—			(3,868,838	)		(8,480,326	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			5,000,000			1,926,902,684			2,827,085,418
Cost of shares redeemed		—			—			(1,976,372,355	)		(2,504,085,459	)
Net income equalization (Note 2)		—			—			17,223			(1,633,453	)
Net Increase (Decrease) in Net Assets from Beneficial Interest Transactions		—			5,000,000			(49,452,448	)		321,366,506
Net increase (decrease) in net assets during the period		445,179			5,265,278			124,403,243			398,925,222
Net assets at beginning of period		5,265,278			—			665,427,741			266,502,519
NET ASSETS AT END OF PERIOD	$	5,710,457		$	5,265,278		$	789,830,984		$	665,427,741
Undistributed (distribution in excess of) net investment income (loss)	$	(1,992	)	$	—		$	(436,696	)	$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		—			100,000			69,650,000			139,250,000
Shares redeemed		—			—			(71,000,000	)		(122,900,000	)
Net increase (decrease)		—			100,000			(1,350,000	)		16,350,000

 * Inception date.

(a) On September 8, 2015, the SPDR S&P Pharmaceuticals ETF underwent a 2-for-1 share split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 12.

See accompanying notes to financial statements.

348

SPDR S&P Oil & Gas Equipment & Services ETF						SPDR S&P Oil & Gas Exploration & Production ETF						SPDR S&P Pharmaceuticals ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)
$	643,331		$	2,836,357		$	8,391,780		$	22,521,806		$	1,100,829		$	3,602,880
	(12,102,335	)		(74,371,512	)		192,190,378			(437,416,051	)		(1,121,414	)		(39,294,533	)
	55,653,239			3,452,497			135,086,398			110,037,033			(29,617,906	)		(238,927,254	)
	44,194,235			(68,082,658	)		335,668,556			(304,857,212	)		(29,638,491	)		(274,618,907	)
	32,693			67,727			(121,249	)		770,260			(22,689	)		(24,080	)
	(644,893	)		(2,988,892	)		(8,052,889	)		(23,739,194	)		(1,755,692	)		(3,327,538	)
	—			—			—			—			—			(43,524,180	)
	(644,893	)		(2,988,892	)		(8,052,889	)		(23,739,194	)		(1,755,692	)		(46,851,718	)
	100,830,097			196,518,766			9,616,505,384			11,451,716,777			184,206,829			498,858,302
	(70,653,937	)		(132,692,986	)		(9,525,674,005	)		(10,600,594,203	)		(194,192,930	)		(803,536,258	)
	(32,693	)		(67,727	)		121,249			(770,260	)		22,689			24,080
	30,143,467			63,758,053			90,952,628			850,352,314			(9,963,412	)		(304,653,876	)
	73,725,502			(7,245,770	)		418,447,046			522,526,168			(41,380,284	)		(626,148,581	)
	238,940,519			246,186,289			1,943,139,502			1,420,613,334			508,393,068			1,134,541,649
$	312,666,021		$	238,940,519		$	2,361,586,548		$	1,943,139,502		$	467,012,784		$	508,393,068
$	(1,562	)	$	—		$	338,891		$	—		$	(379,531	)	$	275,332
	4,800,000			10,500,000			252,600,000			348,300,000			4,400,000			11,150,000
	(3,550,000	)		(7,200,000	)		(251,450,000	)		(322,850,000	)		(4,600,000	)		(17,200,000	)
	1,250,000			3,300,000			1,150,000			25,450,000			(200,000	)		(6,050,000	)

349

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Retail ETF						SPDR S&P Semiconductor ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(b)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,603,004		$	8,793,042		$	911,917		$	1,260,637
Net realized gain (loss)		11,308,500			(129,584,817	)		19,985,295			(1,679,758	)
Net change in unrealized appreciation/depreciation		26,073,905			(17,017,571	)		31,753,246			(6,228,912	)
Net increase (decrease) in net assets resulting from operations		40,985,409			(137,809,346	)		52,650,458			(6,648,033	)
Net equalization credits and charges (Note 2)		(608,609	)		95,167			588			61,366
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,143,425	)		(8,889,779	)		(956,498	)		(1,263,058	)
Net realized gains		—			—			—			—
Total distributions to shareholders		(3,143,425	)		(8,889,779	)		(956,498	)		(1,263,058	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		3,893,247,244			7,855,105,487			158,035,850			239,912,003
Cost of shares redeemed		(3,978,851,622	)		(8,391,312,302	)		(116,593,607	)		(255,913,154	)
Net income equalization (Note 2)		608,609			(95,167	)		(588	)		(61,366	)
Other capital (Note 4)		(53,830	)		—			—			—
Net Increase (Decrease) in Net Assets from Beneficial Interest Transactions		(85,049,599	)		(536,301,982	)		41,441,655			(16,062,517	)
Net increase (decrease) in net assets during the period		(47,816,224	)		(682,905,940	)		93,136,203			(23,912,242	)
Net assets at beginning of period		491,026,892			1,173,932,832			195,691,680			219,603,922
NET ASSETS AT END OF PERIOD	$	443,210,668		$	491,026,892		$	288,827,883		$	195,691,680
Undistributed (distribution in excess of) net investment income (loss)	$	459,579		$	—		$	(44,581	)	$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		87,200,000			176,600,000			3,050,000			5,600,000
Shares redeemed		(88,850,000	)		(188,700,000	)		(2,300,000	)		(6,300,000	)
Net increase (decrease)		(1,650,000	)		(12,100,000	)		750,000			(700,000	)

 * Inception date.

(a) On September 8, 2015, the SPDR S&P Retail ETF underwent a 2-for-1 share split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 12.

(b) On September 8, 2015, the SPDR S&P Semiconductor ETF underwent a 2-for-1 share split. The capital stock activity presented here has been retroactively adjusted to reflect this split. See Note 12.

(c) On September 8, 2015, the SPDR S&P Software & Services ETF underwent a 2-for-1 share split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 12.

See accompanying notes to financial statements.

350

SPDR S&P Software & Services ETF						SPDR S&P Technology Hardware ETF					SPDR S&P Telecom ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(c)			Six Months Ended 12/31/16 (Unaudited)			For the Period 6/27/16* - 6/30/16		Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
$	320,768		$	238,095		$	23,172		$	2,143	$	199,295		$	389,282
	469,291			1,778,673			181,780			—		515,829			(4,977,727	)
	2,952,220			(2,713,329	)		869,799			321,132		4,396,585			3,900,105
	3,742,279			(696,561	)		1,074,751			323,275		5,111,709			(688,340	)
	9,074			(1,031	)		—			—		30,049			(50,898	)
	(335,481	)		(231,075	)		(25,807	)		—		(231,514	)		(350,399	)
	—			(92,191	)		(98,112	)		—		—			—
	(335,481	)		(323,266	)		(123,919	)		—		(231,514	)		(350,399	)
	2,827,435			5,160,077			—			5,000,000		27,014,325			11,169,208
	—			(9,766,909	)		—			—		(3,236,424	)		(58,618,547	)
	(9,074	)		1,031			—			—		(30,049	)		50,898
	—			—			—			—		—			—
	2,818,361			(4,605,801	)		—			5,000,000		23,747,852			(47,398,441	)
	6,234,233			(5,626,659	)		950,832			5,323,275		28,658,096			(48,488,078	)
	45,541,579			51,168,238			5,323,275			—		23,355,083			71,843,161
$	51,775,812		$	45,541,579		$	6,274,107		$	5,323,275	$	52,013,179		$	23,355,083
$	(14,713	)	$	—		$	(492	)	$	2,143	$	(32,219	)	$	—
	50,000			100,000			—			100,000		400,000			200,000
	—			(200,000	)		—			—		(50,000	)		(1,050,000	)
	50,000			(100,000	)		—			100,000		350,000			(850,000	)

351

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Transportation ETF						SPDR S&P 1500 Value Tilt ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	771,285		$	1,551,772		$	48,209		$	141,197
Net realized gain (loss)		2,088,408			(20,053,457	)		1,875			1,340,848
Net change in unrealized appreciation/depreciation		39,123,293			(12,973,576	)		405,793			(2,126,444	)
Net increase (decrease) in net assets resulting from operations		41,982,986			(31,475,261	)		455,877			(644,399	)
Net equalization credits and charges (Note 2)		87,720			(50,287	)		(1,082	)		(3,679	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(843,873	)		(1,477,795	)		(48,585	)		(143,213	)
Net realized gains		—			(1,036,480	)		—			(155,007	)
Total distributions to shareholders		(843,873	)		(2,514,275	)		(48,585	)		(298,220	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		132,810,339			81,619,618			4,482,465			—
Cost of shares redeemed		(55,374,956	)		(245,862,556	)		—			(7,616,947	)
Net income equalization (Note 2)		(87,720	)		50,287			1,082			3,679
Net Increase (Decrease) in Net Assets from Beneficial Interest Transactions		77,347,663			(164,192,651	)		4,483,547			(7,613,268	)
Net increase (decrease) in net assets during the period		118,574,496			(198,232,474	)		4,889,757			(8,559,566	)
Net assets at beginning of period.		170,162,931			368,395,405			3,944,360			12,503,926
NET ASSETS AT END OF PERIOD	$	288,737,427		$	170,162,931		$	8,834,117		$	3,944,360
Undistributed (distribution in excess of) net investment income (loss)	$	1,385		$	73,973		$	(376	)	$	—
SHARES OF BENEFICIAL INTEREST:
Shares sold		2,600,000			1,800,000			50,000			—
Shares redeemed		(1,150,000	)		(5,500,000	)		—			(100,000	)
Net increase (decrease)		1,450,000			(3,700,000	)		50,000			(100,000	)

(a) On September 8, 2015, the SPDR S&P Transportation ETF underwent a 2-for-1 share split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 12.

See accompanying notes to financial statements.

352

SPDR S&P 1500 Momentum Tilt ETF						SPDR SSGA US Large Cap Low Volatility Index ETF						SPDR SSGA US Small Cap Low Volatility Index ETF
Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
$	203,177		$	284,929		$	911,404		$	997,417		$	2,090,758		$	1,261,643
	(27,287	)		733,454			3,079,951			887,076			16,172,216			(460,418	)
	645,400			(277,485	)		(2,938,501	)		4,218,369			9,190,845			1,985,193
	821,290			740,898			1,052,854			6,102,862			27,453,819			2,786,418
	—			(6,430	)		7,270			133,968			607,799			127,801
	(211,070	)		(280,813	)		(993,710	)		(1,112,273	)		(2,883,486	)		(1,311,049	)
	—			—			(76,050	)		(159,339	)		(580,020	)		(51,892	)
	(211,070	)		(280,813	)		(1,069,760	)		(1,271,612	)		(3,463,506	)		(1,362,941	)
	—			8,344,674			16,082,052			37,971,952			101,609,843			29,971,841
	—			(8,276,337	)		(7,888,811	)		(3,896,097	)		—			—
	—			6,430			(7,270	)		(133,968	)		(607,799	)		(127,801	)
	—			74,767			8,185,971			33,941,887			101,002,044			29,844,040
	610,220			528,422			8,176,335			38,907,105			125,600,156			31,395,318
	18,139,218			17,610,796			67,869,494			28,962,389			66,044,687			34,649,369
$	18,749,438		$	18,139,218		$	76,045,829		$	67,869,494		$	191,644,843		$	66,044,687
$	96,005		$	103,898		$	(82,306	)	$	—		$	(707,724	)	$	85,004
	—			100,000			200,000			500,000			1,200,000			400,000
	—			(100,000	)		(100,000	)		(50,000	)		—			—
	—			—			100,000			450,000			1,200,000			400,000

353

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR MSCI USA StrategicFactors ETF						SPDR Wells Fargo Preferred Stock ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	112,170		$	109,614		$	14,998,711		$	21,543,846
Net realized gain (loss)		(33,643	)		32,544			109,336			517,784
Net change in unrealized appreciation/depreciation		571,620			284,607			(46,495,428	)		24,937,978
Net increase (decrease) in net assets resulting from operations		650,147			426,765			(31,387,381	)		46,999,608
Net equalization credits and charges (Note 2)		26,448			607			(268,987	)		997,816
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(140,834	)		(112,081	)		(17,303,363	)		(22,024,573	)
Net realized gains		—			(622	)		—			—
Total distributions to shareholders		(140,834	)		(112,703	)		(17,303,363	)		(22,024,573	)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		6,284,028			2,986,792			64,529,319			283,774,755
Cost of shares redeemed		—			(3,001,542	)		(92,427,243	)		(35,672,770	)
Net income equalization (Note 2)		(26,448	)		(607	)		268,987			(997,816	)
Net Increase (Decrease) in Net Assets from Beneficial Interest Transactions		6,257,580			(15,357	)		(27,628,937	)		247,104,169
Net increase (decrease) in net assets during the period		6,793,341			299,312			(76,588,668	)		273,077,020
Net assets at beginning of period		6,156,955			5,857,643			565,508,269			292,431,249
NET ASSETS AT END OF PERIOD	$	12,950,296		$	6,156,955		$	488,919,601		$	565,508,269
Undistributed (distribution in excess of) net investment income (loss)	$	(28,664	)	$	—		$	(1,489,000	)	$	815,652
SHARES OF BENEFICIAL INTEREST:
Shares sold		100,000			50,000			1,400,000			6,350,000
Shares redeemed		—			(50,000	)		(2,050,000	)		(800,000	)
Net increase (decrease)		100,000			—			(650,000	)		5,550,000

* Inception date.

See accompanying notes to financial statements.

354

SPDR FactSet Innovative Technology ETF						SPDR SSGA Gender Diversity Index ETF
Six Months Ended 12/31/16 (Unaudited)			For the Period 1/13/16* - 6/30/16			Six Months Ended 12/31/16 (Unaudited)			For the Period 3/7/16* - 6/30/16
$	8,792		$	(2,825	)	$	2,791,488		$	1,476,935
	174,135			46,573			13,296,867			202,903
	23,242			439,530			(2,255,541	)		14,942,736
	206,169			483,278			13,832,814			16,622,574
	(3,756	)		—			2,458			177,006
	(57,442	)		—			(2,945,799	)		(1,506,750	)
	(161,726	)		—			(12,940,545	)		—
	(219,168	)		—			(15,886,344	)		(1,506,750	)
	6,202,772			5,000,000			3,174,570			258,152,784
	—			—			—			(3,159,805	)
	3,756			—			(2,458	)		(177,006	)
	6,206,528			5,000,000			3,172,112			254,815,973
	6,189,773			5,483,278			1,121,040			270,108,803
	5,483,278			—			270,108,803			—
$	11,673,051		$	5,483,278		$	271,229,843		$	270,108,803
$	(51,475	)	$	(2,825	)	$	(154,311	)	$	—
	100,000			100,000			50,000			4,350,000
	—			—			—			(50,000	)
	100,000			100,000			50,000			4,300,000

355

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Russell 3000 ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	155.29		$	154.98		$	147.69		$	120.30		$	101.45		$	99.24
Income (loss) from investment operations:
Net investment income (loss) (a)		1.66			3.08			2.71			2.53			2.25			1.90
Net realized and unrealized gain (loss) (b)		11.96			0.44			8.56			27.38			18.83			1.89
Total from investment operations		13.62			3.52			11.27			29.91			21.08			3.79
Net equalization credits and charges (a)		(0.07	)		(0.08	)		(0.73	)		(0.00	)(c)		(0.00	)(c)		0.21
Distributions to shareholders from:
Net investment income		(1.70	)		(3.13	)		(3.25	)		(2.52	)		(2.23	)		(1.79	)
Net asset value, end of period	$	167.14		$	155.29		$	154.98		$	147.69		$	120.30		$	101.45
Total return (d)		8.74	%		2.34	%		7.17	%		25.02	%		20.91	%		4.16	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	384,436		$	341,640		$	247,978		$	612,924		$	499,249		$	426,109
Ratios to average net assets:
Total expenses		0.10	%(e)		0.10	%		0.11	%		0.10	%		0.20	%		0.20	%
Net investment income (loss)		2.04	%(e)		2.04	%		1.79	%		1.87	%		2.03	%		1.97	%
Portfolio turnover rate (f)		1	%		4	%		3	%		19	%		1	%		3	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

356

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Russell 1000 ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	98.10		$	97.38		$	92.46		$	75.29		$	63.75		$	62.09
Income (loss) from investment operations:
Net investment income (loss) (a)		1.07			1.98			1.82			1.63			1.46			1.21
Net realized and unrealized gain (loss) (b)		6.72			0.68			4.82			17.17			11.56			1.62
Total from investment operations		7.79			2.66			6.64			18.80			13.02			2.83
Net equalization credits and charges (a)		0.03			0.06			0.09			(0.00	)(c)		(0.01	)		0.00	(c)
Distributions to shareholders from:
Net investment income		(1.10	)		(2.00	)		(1.81	)		(1.63	)		(1.47	)		(1.17	)
Net asset value, end of period	$	104.82		$	98.10		$	97.38		$	92.46		$	75.29		$	63.75
Total return (d)		7.99	%		2.90	%		7.31	%		25.14	%		20.56	%		4.69	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	115,300		$	93,191		$	73,036		$	46,230		$	37,646		$	41,437
Ratios to average net assets:
Total expenses		0.10	%(e)		0.10	%		0.11	%		0.11	%		0.20	%		0.20	%
Net investment income (loss)		2.08	%(e)		2.08	%		1.89	%		1.92	%		2.11	%		1.99	%
Portfolio turnover rate (f)		2	%		5	%		3	%		8	%		6	%		4	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

357

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Russell 2000 ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			For the Period 7/8/13* - 6/30/14
Net asset value, beginning of period	$	67.69		$	73.99		$	70.93		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.64			1.12			1.02			0.95
Net realized and unrealized gain (loss) (b)		11.91			(6.01	)		3.36			10.77
Total from investment operations		12.55			(4.89	)		4.38			11.72
Net equalization credits and charges (a)		0.07			0.08			0.13			0.06
Distributions to shareholders from:
Net investment income		(0.69	)		(1.13	)		(1.15	)		(0.83	)
Net realized gains		—			(0.36	)		(0.30	)		(0.02	)
Total distributions		(0.69	)		(1.49	)		(1.45	)		(0.85	)
Net asset value, end of period	$	79.62		$	67.69		$	73.99		$	70.93
Total return (c)		18.68	%		(6.45	)%		6.43	%		19.69	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	159,244		$	87,992		$	73,986		$	53,198
Ratios to average net assets:
Total expenses		0.11	%(d)		0.12	%		0.12	%		0.12	%(d)
Net investment income (loss)		1.70	%(d)		1.68	%		1.44	%		1.42	%(d)
Portfolio turnover rate (e)		3	%		18	%		17	%		19	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

358

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Russell 1000 Yield Focus ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 12/3/15* - 6/30/16
Net asset value, beginning of period	$	63.57		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.11			1.21
Net realized and unrealized gain (loss) (b)		5.85			3.48
Total from investment operations		6.96			4.69
Net equalization credits and charges (a)		—			0.01
Distributions to shareholders from:
Net investment income		(1.20	)		(1.13	)
Net realized gains		(2.10	)		—
Total distributions		(3.30	)		(1.13	)
Net asset value, end of period	$	67.23		$	63.57
Total return (c)		10.94	%		7.93	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	379,829		$	359,191
Ratios to average net assets:
Total expenses		0.20	%(d)		0.20	%(d)
Net investment income (loss)		3.32	%(d)		3.50	%(d)
Portfolio turnover rate (e)		3	%		44	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

359

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Russell 1000 Momentum Focus ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 12/3/15* - 6/30/16
Net asset value, beginning of period	$	61.23		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.59			0.65
Net realized and unrealized gain (loss) (b)		3.70			1.19
Total from investment operations		4.29			1.84
Net equalization credits and charges (a)		(0.00	)(c)		0.00	(c)
Distributions to shareholders from:
Net investment income		(0.68	)		(0.61	)
Net asset value, end of period	$	64.84		$	61.23
Total return (d)		7.01	%		3.10	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	395,509		$	345,946
Ratios to average net assets:
Total expenses		0.20	%(e)		0.20	%(e)
Net investment income (loss)		1.87	%(e)		1.91	%(e)
Portfolio turnover rate (f)		29	%		55	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

360

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Russell 1000 Low Volatility Focus ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 12/3/15* - 6/30/16
Net asset value, beginning of period	$	63.78		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.66			0.79
Net realized and unrealized gain (loss) (b)		3.25			3.73
Total from investment operations		3.91			4.52
Net equalization credits and charges (a)		0.00	(c)		0.01
Distributions to shareholders from:
Net investment income		(0.71	)		(0.75	)
Net realized gains		(1.13	)		—
Total distributions		(1.84	)		(0.75	)
Net asset value, end of period	$	65.85		$	63.78
Total return (d)		6.12	%		7.60	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	404,994		$	385,862
Ratios to average net assets:
Total expenses		0.20	%(e)		0.20	%(e)
Net investment income (loss)		2.01	%(e)		2.28	%(e)
Portfolio turnover rate (f)		2	%		68	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

361

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 500 Buyback ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			For the Period 2/4/15* - 6/30/15
Net asset value, beginning of period	$	46.16		$	50.09		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.37			0.78			0.26
Net realized and unrealized gain (loss) (b)		6.28			(3.50	)		—
Total from investment operations		6.65			(2.72	)		0.26
Net equalization credits and charges (a)		(0.01	)		(0.01	)		0.07
Distributions to shareholders from:
Net investment income		(0.39	)		(0.80	)		(0.24	)
Net realized gains		—			(0.40	)		—
Total distributions		(0.39	)		(1.20	)		(0.24	)
Net asset value, end of period	$	52.41		$	46.16		$	50.09
Total return (c)		14.41	%		(5.43	)%		0.67	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	7,862		$	9,232		$	15,028
Ratios to average net assets:
Total expenses		0.36	%(d)		0.35	%		0.35	%(d)
Net investment income (loss)		1.46	%(d)		1.65	%		1.28	%(d)
Portfolio turnover rate (e)		53	%		98	%		18	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

362

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 500 Growth ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	100.87		$	98.49		$	90.95		$	72.83		$	63.63		$	60.18
Income (loss) from investment operations:
Net investment income (loss) (a)		0.86			1.57			1.45			1.28			1.25			1.01
Net realized and unrealized gain (loss) (b)		4.39			2.40			7.48			18.08			9.19			3.45
Total from investment operations		5.25			3.97			8.93			19.36			10.44			4.46
Net equalization credits and charges (a)		(0.03	)		0.02			0.04			0.05			(0.01	)		0.01
Distributions to shareholders from:
Net investment income		(0.88	)		(1.61	)		(1.43	)		(1.29	)		(1.23	)		(1.02	)
Net asset value, end of period	$	105.21		$	100.87		$	98.49		$	90.95		$	72.83		$	63.63
Total return (c)		5.18	%		4.12	%		9.90	%		26.78	%		16.49	%		7.54	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	673,327		$	711,123		$	556,464		$	427,451		$	247,627		$	219,541
Ratios to average net assets:
Total expenses		0.15	%(d)		0.15	%		0.18	%		0.20	%		0.20	%		0.20	%
Net investment income (loss)		1.62	%(d)		1.59	%		1.51	%		1.54	%		1.83	%		1.69	%
Portfolio turnover rate (e)		19	%		23	%		22	%		23	%		26	%		21	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

363

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 500 Value ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	100.50		$	99.92		$	97.95		$	82.26		$	67.63		$	67.32
Income (loss) from investment operations:
Net investment income (loss) (a)		1.33			2.52			2.32			2.04			1.85			1.52
Net realized and unrealized gain (loss) (b)		9.08			0.56			1.93			15.67			14.66			0.32
Total from investment operations		10.41			3.08			4.25			17.71			16.51			1.84
Net equalization credits and charges (a)		0.02			0.02			0.05			(0.02	)		0.03			(0.06	)
Distributions to shareholders from:
Net investment income		(1.38	)		(2.52	)		(2.33	)		(2.00	)		(1.91	)		(1.47	)
Net asset value, end of period	$	109.55		$	100.50		$	99.92		$	97.95		$	82.26		$	67.63
Total return (c)		10.42	%		3.29	%		4.40	%		21.67	%		24.70	%		2.81	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	290,393		$	246,308		$	229,890		$	205,773		$	156,368		$	98,120
Ratios to average net assets:
Total expenses		0.15	%(d)		0.15	%		0.18	%		0.20	%		0.20	%		0.20	%
Net investment income (loss)		2.52	%(d)		2.61	%		2.31	%		2.26	%		2.45	%		2.37	%
Portfolio turnover rate (e)		22	%		24	%		24	%		23	%		30	%		25	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

364

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 500 High Dividend ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 10/22/15* - 6/30/16
Net asset value, beginning of period	$	33.54		$	30.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.77			0.98
Net realized and unrealized gain (loss) (b)		1.25			3.26
Total from investment operations		2.02			4.24
Net equalization credits and charges (a)		0.18			0.23
Distributions to shareholders from:
Net investment income		(0.75	)		(0.93	)
Net realized gains		(0.16	)		—
Total distributions		(0.91	)		(0.93	)
Net asset value, end of period	$	34.83		$	33.54
Total return (c)		6.57	%		15.20	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	94,036		$	31,866
Ratios to average net assets:
Total expenses		0.12	%(d)		0.12	%(d)
Net investment income (loss)		4.43	%(d)		4.50	%(d)
Portfolio turnover rate (e)		18	%		23	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

365

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 500 Fossil Fuel Reserves Free ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 12/1/15* -  6/30/16
Net asset value, beginning of period	$	50.16		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.53			0.58
Net realized and unrealized gain (loss) (b)		3.41			0.11
Total from investment operations		3.94			0.69
Net equalization credits and charges (a)		0.00	(c)		0.03
Distributions to shareholders from:
Net investment income		(0.54	)		(0.56	)
Net realized gains		(0.00	)(c)		—
Total distributions		(0.54	)		(0.56	)
Net asset value, end of period	$	53.56		$	50.16
Total return (d)		7.88	%		1.48	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	112,485		$	100,328
Ratios to average net assets:
Total expenses		0.25	%(e)		0.25	%(e)
Net expenses		0.20	%(e)		0.20	%(e)
Net investment income (loss)		2.00	%(e)		2.05	%(e)
Portfolio turnover rate (f)		2	%		6	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

366

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 1000 ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	78.23		$	87.01		$	86.75		$	76.01		$	61.65		$	64.26
Income (loss) from investment operations:
Net investment income (loss) (a)		0.75			1.24			1.17			1.14			1.18			0.80
Net realized and unrealized gain (loss) (b)		10.93			(5.82	)		3.85			18.59			14.85			(2.60	)
Total from investment operations		11.68			(4.58	)		5.02			19.73			16.03			(1.80	)
Net equalization credits and charges (a)		(0.03	)		(0.04	)		0.04			(0.05	)		0.00	(c)		0.00	(c)
Distributions to shareholders from:
Net investment income		(0.78	)		(1.30	)		(1.17	)		(1.13	)		(1.19	)		(0.81	)
Net realized gains		(0.50	)		(2.86	)		(3.63	)		(7.81	)		(0.48	)		—
Total distributions		(1.28	)		(4.16	)		(4.80	)		(8.94	)		(1.67	)		(0.81	)
Net asset value, end of period	$	88.60		$	78.23		$	87.01		$	86.75		$	76.01		$	61.65
Total return (d)		14.92	%		(5.20	)%		6.03	%		26.70	%		26.19	%		(2.73	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	150,614		$	62,580		$	100,062		$	78,077		$	95,008		$	70,893
Ratios to average net assets:
Total expenses		0.10	%(e)		0.10	%		0.10	%		0.11	%		0.25	%		0.25	%
Net investment income (loss)		1.77	%(e)		1.57	%		1.36	%		1.37	%		1.71	%		1.34	%
Portfolio turnover rate (f)		32	%		16	%		17	%		75	%		29	%		20	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

367

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 400 Mid Cap Growth ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	123.31		$	125.05		$	116.83		$	95.79		$	78.68		$	82.38
Income (loss) from investment operations:
Net investment income (loss) (a)		1.04			1.35			1.26			0.89			0.94			0.50
Net realized and unrealized gain (loss) (b)		9.41			(0.19	)		9.05			21.02			17.14			(3.62	)
Total from investment operations		10.45			1.16			10.31			21.91			18.08			(3.12	)
Net equalization credits and charges (a)		0.05			0.04			0.03			0.02			0.04			(0.01	)
Distributions to shareholders from:
Net investment income		(1.00	)		(1.46	)		(1.27	)		(0.89	)		(1.01	)		(0.57	)
Net realized gains		—			(1.48	)		(0.85	)		—			—			—
Total distributions		(1.00	)		(2.94	)		(2.12	)		(0.89	)		(1.01	)		(0.57	)
Net asset value, end of period	$	132.81		$	123.31		$	125.05		$	116.83		$	95.79		$	78.68
Total return (c)		8.53	%		1.07	%		8.92	%		22.94	%		22.96	%		(3.66	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	471,490		$	345,259		$	243,839		$	175,250		$	91,003		$	62,947
Ratios to average net assets:
Total expenses		0.15	%(d)		0.15	%		0.21	%		0.25	%		0.25	%		0.25	%
Net investment income (loss)		1.60	%(d)		1.13	%		1.04	%		0.82	%		1.07	%		0.65	%
Portfolio turnover rate (e)		39	%		55	%		53	%		43	%		43	%		33	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

368

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 400 Mid Cap Value ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	82.94		$	85.69		$	86.27		$	68.97		$	55.54		$	57.18
Income (loss) from investment operations:
Net investment income (loss) (a)		0.91			1.60			1.39			1.31			1.23			0.97
Net realized and unrealized gain (loss) (b)		11.10			(1.02	)		1.48			17.19			13.39			(1.60	)
Total from investment operations		12.01			0.58			2.87			18.50			14.62			(0.63	)
Net equalization credits and charges (a)		0.07			0.11			(0.04	)		0.04			0.07			(0.03	)
Distributions to shareholders from:
Net investment income		(0.97	)		(1.61	)		(1.38	)		(1.23	)		(1.26	)		(0.98	)
Net realized gains		—			(1.83	)		(2.03	)		(0.01	)		—			—
Total distributions		(0.97	)		(3.44	)		(3.41	)		(1.24	)		(1.26	)		(0.98	)
Net asset value, end of period	$	94.05		$	82.94		$	85.69		$	86.27		$	68.97		$	55.54
Total return (c)		14.63	%		1.13	%		3.31	%		27.04	%		26.42	%		(0.82	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	371,502		$	207,342		$	124,247		$	112,157		$	48,282		$	22,215
Ratios to average net assets:
Total expenses		0.15	%(d)		0.15	%		0.21	%		0.25	%		0.25	%		0.25	%
Net investment income (loss)		2.05	%(d)		2.02	%		1.62	%		1.67	%		1.94	%		1.81	%
Portfolio turnover rate (e)		44	%		40	%		44	%		36	%		33	%		28	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

369

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 600 Small Cap ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	104.33		$	108.25		$	105.40		$	86.83		$	70.53		$	70.54
Income (loss) from investment operations:
Net investment income (loss) (a)		0.79			1.45			1.34			1.11			1.19			0.95
Net realized and unrealized gain (loss) (b)		19.05			(1.76	)		5.46			20.68			16.31			(0.20	)
Total from investment operations		19.84			(0.31	)		6.80			21.79			17.50			0.75
Net equalization credits and charges (a)		0.02			0.03			(0.03	)		0.00	(c)		0.01			0.14
Distributions to shareholders from:
Net investment income		(0.80	)		(1.48	)		(1.39	)		(1.09	)		(1.21	)		(0.90	)
Net realized gains		(2.81	)		(2.16	)		(2.53	)		(2.13	)		—			—
Total distributions		(3.61	)		(3.64	)		(3.92	)		(3.22	)		(1.21	)		(0.90	)
Net asset value, end of period	$	120.58		$	104.33		$	108.25		$	105.40		$	86.83		$	70.53
Total return (d)		19.04	%		(0.10	)%		6.55	%		25.23	%		24.98	%		1.35	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	639,089		$	443,392		$	411,346		$	426,877		$	316,922		$	183,382
Ratios to average net assets:
Total expenses		0.15	%(e)		0.15	%		0.18	%		0.20	%		0.20	%		0.20	%
Net investment income (loss)		1.38	%(e)		1.44	%		1.28	%		1.12	%		1.52	%		1.40	%
Portfolio turnover rate (f)		10	%		25	%		16	%		18	%		11	%		13	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

370

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 600 Small Cap Growth ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	178.22		$	189.84		$	181.62		$	145.80		$	121.07		$	120.92
Income (loss) from investment operations:
Net investment income (loss) (a)		1.12			2.27			1.91			1.24			1.57			0.97
Net realized and unrealized gain (loss) (b)		29.83			(3.94	)		14.55			35.70			24.73			0.28
Total from investment operations		30.95			(1.67	)		16.46			36.94			26.30			1.25
Net equalization credits and charges (a)		0.10			0.06			0.09			0.05			0.05			(0.02	)
Distributions to shareholders from:
Net investment income		(1.26	)		(2.41	)		(1.87	)		(1.10	)		(1.62	)		(1.08	)
Net realized gains		—			(7.60	)		(6.46	)		(0.07	)		—			—
Total distributions		(1.26	)		(10.01	)		(8.33	)		(1.17	)		(1.62	)		(1.08	)
Net asset value, end of period	$	208.01		$	178.22		$	189.84		$	181.62		$	145.80		$	121.07
Total return (c)		17.44	%		(0.73	)%		9.40	%		25.40	%		21.89	%		1.07	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,081,645		$	686,130		$	560,024		$	399,562		$	226,000		$	151,354
Ratios to average net assets:
Total expenses		0.15	%(d)		0.15	%		0.20	%		0.25	%		0.25	%		0.25	%
Net investment income (loss)		1.16	%(d)		1.29	%		1.06	%		0.73	%		1.19	%		0.85	%
Portfolio turnover rate (e)		49	%		57	%		49	%		54	%		45	%		37	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

371

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 600 Small Cap Value ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	100.25		$	106.07		$	110.22		$	89.75		$	71.24		$	71.29
Income (loss) from investment operations:
Net investment income (loss) (a)		0.92			1.58			1.62			1.47			1.37			1.09
Net realized and unrealized gain (loss) (b)		19.61			(1.45	)		2.15			20.92			18.57			0.01
Total from investment operations		20.53			0.13			3.77			22.39			19.94			1.10
Net equalization credits and charges (a)		0.11			0.06			0.05			0.04			(0.02	)		(0.04	)
Distributions to shareholders from:
Net investment income		(0.88	)		(1.57	)		(1.68	)		(1.41	)		(1.41	)		(1.11	)
Net realized gains		(0.98	)		(4.44	)		(6.29	)		(0.55	)		—			—
Total distributions		(1.86	)		(6.01	)		(7.97	)		(1.96	)		(1.41	)		(1.11	)
Net asset value, end of period	$	119.03		$	100.25		$	106.07		$	110.22		$	89.75		$	71.24
Total return (c)		20.62	%		0.56	%		3.50	%		25.09	%		28.17	%		1.61	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	904,749		$	501,368		$	392,578		$	308,732		$	170,652		$	121,201
Ratios to average net assets:
Total expenses		0.15	%(d)		0.15	%		0.21	%		0.25	%		0.25	%		0.25	%
Net investment income (loss)		1.68	%(d)		1.63	%		1.52	%		1.43	%		1.72	%		1.60	%
Portfolio turnover rate (e)		52	%		48	%		42	%		41	%		39	%		34	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

372

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Global Dow ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	64.07		$	69.67		$	72.15		$	58.79		$	51.21		$	59.50
Income (loss) from investment operations:
Net investment income (loss) (a)		0.61			1.55			1.65			1.77			1.41			1.29
Net realized and unrealized gain (loss) (b)		6.02			(5.53	)		(2.55	)		13.34			7.67			(8.35	)
Total from investment operations		6.63			(3.98	)		(0.90	)		15.11			9.08			(7.06	)
Net equalization credits and charges (a)		(0.03	)		(0.03	)		(0.01	)		0.02			(0.06	)		(0.04	)
Distributions to shareholders from:
Net investment income		(0.69	)		(1.59	)		(1.57	)		(1.77	)		(1.44	)		(1.19	)
Net asset value, end of period	$	69.98		$	64.07		$	69.67		$	72.15		$	58.79		$	51.21
Total return (c)		10.32	%		(5.68	)%		(1.25	)%		25.86	%		17.68	%		(11.90	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	80,505		$	86,521		$	108,027		$	115,474		$	88,220		$	92,203
Ratios to average net assets:
Total expenses		0.50	%(d)		0.50	%		0.50	%		0.51	%		0.50	%		0.50	%
Net investment income (loss)		1.80	%(d)		2.39	%		2.33	%		2.63	%		2.50	%		2.44	%
Portfolio turnover rate (e)		8	%		15	%		13	%		10	%		13	%		11	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

373

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones REIT ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	99.44		$	84.38		$	82.99		$	75.91		$	72.90		$	66.59
Income (loss) from investment operations:
Net investment income (loss) (a)		2.26			2.83			2.28			2.03			1.85			1.71
Net realized and unrealized gain (loss) (b)		(6.08	)		15.72			1.91			7.56			3.44			6.67
Total from investment operations		(3.82	)		18.55			4.19			9.59			5.29			8.38
Net equalization credits and charges (a)		(0.05	)		0.03			0.01			0.01			0.01			0.03
Distributions to shareholders from:
Net investment income		(2.30	)		(3.52	)		(2.81	)		(2.52	)		(2.29	)		(2.10	)
Net asset value, end of period	$	93.27		$	99.44		$	84.38		$	82.99		$	75.91		$	72.90
Total return (c)		(3.90	)%		22.43	%		4.97	%		13.02	%		7.36	%		13.05	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	3,323,259		$	3,816,521		$	2,863,030		$	2,579,540		$	2,180,930		$	1,959,752
Ratios to average net assets:
Total expenses		0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income (loss)		4.66	%(d)		3.14	%		2.55	%		2.66	%		2.45	%		2.60	%
Portfolio turnover rate (e)		3	%		10	%		5	%		6	%		7	%		7	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

374

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Bank ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	30.51		$	36.27		$	33.41		$	28.67		$	22.05		$	24.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.29			0.58			0.55			0.49			0.52			0.41
Net realized and unrealized gain (loss) (b)		13.01			(5.73	)		2.86			4.71			6.62			(1.92	)
Total from investment operations		13.30			(5.15	)		3.41			5.20			7.14			(1.51	)
Net equalization credits and charges (a)		0.01			(0.02	)		0.01			(0.00	)(c)		0.02			(0.02	)
Distributions to shareholders from:
Net investment income		(0.33	)		(0.59	)		(0.56	)		(0.46	)		(0.54	)		(0.42	)
Net asset value, end of period	$	43.49		$	30.51		$	36.27		$	33.41		$	28.67		$	22.05
Total return (d)		43.77	%		(14.30	)%		10.36	%		18.21	%		32.76	%		(6.22	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	3,289,843		$	2,041,171		$	3,023,444		$	2,492,584		$	2,289,295		$	1,450,630
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		1.61	%(e)		1.76	%		1.67	%		1.54	%		2.08	%		1.92	%
Portfolio turnover rate (f)		15	%		40	%		18	%		29	%		28	%		55	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

375

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Capital Markets ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	36.17		$	50.69		$	49.21		$	39.95		$	31.02		$	35.45
Income (loss) from investment operations:
Net investment income (loss) (a)		0.50			0.94			0.94			0.95			1.16			0.73
Net realized and unrealized gain (loss) (b)		8.71			(14.51	)		1.48			9.13			9.04			(4.09	)
Total from investment operations		9.21			(13.57	)		2.42			10.08			10.20			(3.36	)
Net equalization credits and charges (a)		(0.03	)		0.09			(0.01	)		0.02			0.09			(0.09	)
Distributions to shareholders from:
Net investment income		(0.51	)		(1.04	)		(0.93	)		(0.84	)		(1.36	)		(0.98	)
Net asset value, end of period	$	44.84		$	36.17		$	50.69		$	49.21		$	39.95		$	31.02
Total return (c)		25.47	%		(26.75	)%		4.92	%		25.39	%		33.67	%		(9.53	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	80,714		$	84,998		$	177,409		$	199,312		$	67,907		$	23,263
Ratios to average net assets:
Total expenses		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%
Net investment income (loss)		2.41	%(d)		2.17	%		1.92	%		2.03	%		3.11	%		2.40	%
Portfolio turnover rate (e)		29	%		29	%		28	%		33	%		56	%		64	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

376

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Insurance ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	71.14		$	68.09		$	64.15		$	54.03		$	40.74		$	41.73
Income (loss) from investment operations:
Net investment income (loss) (a)		0.70			1.30			1.21			0.97			0.98			0.69
Net realized and unrealized gain (loss) (b)		11.71			2.96			3.83			10.09			13.31			(0.98	)
Total from investment operations		12.41			4.26			5.04			11.06			14.29			(0.29	)
Net equalization credits and charges (a)		0.07			0.03			0.08			(0.01	)		0.06			(0.05	)
Distributions to shareholders from:
Net investment income		(0.74	)		(1.24	)		(1.18	)		(0.93	)		(1.06	)		(0.65	)
Net asset value, end of period	$	82.88		$	71.14		$	68.09		$	64.15		$	54.03		$	40.74
Total return (c)		17.60	%		6.37	%		8.05	%		20.52	%		35.60	%		(0.65	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	857,840		$	594,003		$	377,924		$	272,622		$	318,774		$	93,698
Ratios to average net assets:
Total expenses		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		1.82	%(d)		1.87	%		1.84	%		1.62	%		2.04	%		1.82	%
Portfolio turnover rate (e)		14	%		32	%		17	%		16	%		30	%		62	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

377

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Regional Banking ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	38.45		$	44.16		$	40.32		$	33.85		$	27.34		$	25.45
Income (loss) from investment operations:
Net investment income (loss) (a)		0.39			0.77			0.71			0.61			0.60			0.45
Net realized and unrealized gain (loss) (b)		17.05			(5.70	)		3.79			6.45			6.49			1.90
Total from investment operations		17.44			(4.93	)		4.50			7.06			7.09			2.35
Net equalization credits and charges (a)		0.04			0.01			0.04			0.01			0.01			0.02
Distributions to shareholders from:
Net investment income		(0.40	)		(0.79	)		(0.70	)		(0.60	)		(0.59	)		(0.48	)
Net asset value, end of period	$	55.53		$	38.45		$	44.16		$	40.32		$	33.85		$	27.34
Total return (c)		45.64	%		(11.16	)%		11.40	%		20.94	%		26.20	%		9.59	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	3,529,065		$	1,615,033		$	2,755,536		$	2,576,688		$	1,770,490		$	1,167,653
Ratios to average net assets:
Total expenses		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		1.70	%(d)		1.89	%		1.76	%		1.59	%		2.04	%		1.77	%
Portfolio turnover rate (e)		23	%		86	%		27	%		28	%		29	%		44	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

378

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Morgan Stanley Technology ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			Year Ended 6/30/12(a)
Net asset value, beginning of period	$	52.63		$	50.26		$	47.72		$	37.09		$	32.05		$	32.72
Income (loss) from investment operations:
Net investment income (loss) (b)		0.27			0.49			0.48			0.48			0.38			0.25
Net realized and unrealized gain (loss) (c)		7.89			2.31			2.48			10.64			5.05			(0.64	)
Total from investment operations		8.16			2.80			2.96			11.12			5.43			(0.39	)
Net equalization credits and charges (b)		0.00	(d)		0.00	(d)		0.03			(0.01	)		(0.01	)		(0.01	)
Voluntary contribution from Adviser		—			0.06			—			—			—			—
Distributions to shareholders from:
Net investment income		(0.26	)		(0.49	)		(0.45	)		(0.48	)		(0.38	)		(0.27	)
Net asset value, end of period	$	60.53		$	52.63		$	50.26		$	47.72		$	37.09		$	32.05
Total return (e)		15.50	%		5.73	%(f)		6.27	%		30.05	%		16.93	%		(1.21	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	562,949		$	489,477		$	412,108		$	224,296		$	178,029		$	166,653
Ratios to average net assets:
Total expenses		0.35	%(g)		0.35	%		0.42	%		0.50	%		0.50	%		0.50	%
Net investment income (loss)		0.92	%(g)		0.94	%		0.94	%		1.09	%		1.08	%		0.79	%
Portfolio turnover rate (h)		16	%		32	%		9	%		24	%		27	%		21	%

(a) On September 8, 2015, the SPDR Morgan Stanley Technology ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) If the Adviser had not made a contribution during the year ended June 30, 2016, the total return would have been 5.62%.

(g) Annualized.

(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

379

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Dividend ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	83.91		$	76.23		$	76.57		$	66.41		$	55.66		$	54.06
Income (loss) from investment operations:
Net investment income (loss) (a)		1.22			2.01			1.88			1.69			1.79			1.80
Net realized and unrealized gain (loss) (c)		2.18			10.29			1.59			11.42			10.78			1.53
Total from investment operations		3.40			12.30			3.47			13.11			12.57			3.33
Net equalization credits and charges (a)		0.01			0.01			0.00	(b)		(0.02	)		0.01			0.06
Distributions to shareholders from:
Net investment income		(1.27	)		(2.02	)		(1.86	)		(1.70	)		(1.83	)		(1.79	)
Net realized gains		(0.59	)		(2.61	)		(1.95	)		(1.23	)		—			—
Total distributions		(1.86	)		(4.63	)		(3.81	)		(2.93	)		(1.83	)		(1.79	)
Net asset value, end of period	$	85.46		$	83.91		$	76.23		$	76.57		$	66.41		$	55.66
Total return (d)		4.06	%		16.94	%		4.45	%		20.00	%		22.87	%		6.46	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	14,959,276		$	14,009,561		$	12,925,516		$	12,806,768		$	11,936,789		$	9,123,307
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		2.87	%(e)		2.62	%		2.41	%		2.35	%		2.92	%		3.34	%
Portfolio turnover rate (f)		13	%		32	%		28	%		33	%		44	%		94	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amount is less than $0.005 per share.

(c) 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.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

380

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Aerospace & Defense ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			For the Period 9/28/11* - 6/30/12(a)
Net asset value, beginning of period	$	55.85		$	57.12		$	49.81		$	38.36		$	29.46		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (b)		0.43			0.41			0.51			0.88			0.57			0.26
Net realized and unrealized gain (loss) (c)		7.31			(0.54	)		7.20			11.77			9.04			4.45
Total from investment operations		7.74			(0.13	)		7.71			12.65			9.61			4.71
Net equalization credits and charges (b)		0.26			0.00	(d)		0.07			0.04			0.01			(0.00	)(d)
Distributions to shareholders from:
Net investment income		(0.47	)		(0.42	)		(0.47	)		(0.79	)		(0.55	)		(0.25	)
Net realized gains		—			(0.72	)		—			(0.45	)		(0.17	)		—
Total distributions		(0.47	)		(1.14	)		(0.47	)		(1.24	)		(0.72	)		(0.25	)
Net asset value, end of period	$	63.38		$	55.85		$	57.12		$	49.81		$	38.36		$	29.46
Total return (e)		14.35	%		(0.11	)%		15.63	%		33.22	%		33.01	%		18.86	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	503,910		$	181,497		$	159,928		$	49,808		$	15,345		$	14,731
Ratios to average net assets:
Total expenses		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(f)
Net investment income (loss)		1.40	%(f)		0.78	%		0.93	%		1.81	%		1.75	%		1.18	%(f)
Portfolio turnover rate (g)		21	%		30	%		42	%		33	%		34	%		23	%

 * Commencement of operations.

(a) On September 8, 2015, the SPDR S&P Aerospace & Defense ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

381

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Biotech ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			Year Ended 6/30/12(a)
Net asset value, beginning of period	$	54.16		$	84.11		$	51.33		$	34.97		$	29.49		$	24.34
Income (loss) from investment operations:
Net investment income (loss) (b)		0.05			0.29			0.52			0.37			0.10			(0.04	)
Net realized and unrealized gain (loss) (c)		5.03			(29.93	)		32.83			16.33			5.48			5.16
Total from investment operations		5.08			(29.64	)		33.35			16.70			5.58			5.12
Net equalization credits and charges (b)		(0.00	)(d)		(0.01	)		0.01			0.02			(0.00	)(d)		0.03
Distributions to shareholders from:
Net investment income		(0.05	)		(0.30	)		(0.58	)		(0.36	)		(0.10	)		—
Net asset value, end of period	$	59.19		$	54.16		$	84.11		$	51.33		$	34.97		$	29.49
Total return (e)		9.38	%		(35.30	)%		65.37	%		48.59	%		18.35	%		21.15	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,456,523		$	1,873,833		$	2,750,480		$	1,108,657		$	849,853		$	641,452
Ratios to average net assets:
Total expenses		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.15	%(f)		0.45	%		0.81	%		0.84	%		0.31	%		(0.15	)%
Portfolio turnover rate (g)		29	%		75	%		78	%		86	%		61	%		61	%

(a) On September 8, 2015, the SPDR S&P Biotech ETF underwent a 3-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

382

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Health Care Equipment ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			Year Ended 6/30/12(a)
Net asset value, beginning of period	$	47.36		$	47.03		$	39.40		$	31.68		$	28.65		$	27.55
Income (loss) from investment operations:
Net investment income (loss) (b)		0.04			0.13			0.14			0.15			0.12			0.05
Net realized and unrealized gain (loss) (c)		2.43			3.41			8.27			7.68			3.46			1.18
Total from investment operations		2.47			3.54			8.41			7.83			3.58			1.23
Net equalization credits and charges (b)		(0.00	)(d)		0.00	(d)		0.01			(0.00	)(d)		(0.00	)(d)		(0.00	)(d)
Distributions to shareholders from:
Net investment income		(0.04	)		(0.13	)		(0.14	)		(0.11	)		(0.11	)		(0.05	)
Net realized gains		—			(3.08	)		(0.65	)		—			(0.44	)		(0.08	)
Total distributions		(0.04	)		(3.21	)		(0.79	)		(0.11	)		(0.55	)		(0.13	)
Net asset value, end of period	$	49.79		$	47.36		$	47.03		$	39.40		$	31.68		$	28.65
Total return (e)		5.20	%		7.91	%		21.52	%		24.74	%		12.70	%		4.51	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	74,678		$	47,364		$	47,027		$	31,522		$	19,009		$	22,919
Ratios to average net assets:
Total expenses		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.15	%(f)		0.28	%		0.31	%		0.39	%		0.39	%		0.20	%
Portfolio turnover rate (g)		18	%		39	%		40	%		46	%		34	%		42	%

(a) On September 8, 2015,the SPDR S&P Health Care Equipment ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

383

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Health Care Services ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			For the Period 9/28/11* - 6/30/12(a)
Net asset value, beginning of period	$	57.28		$	65.55		$	50.01		$	40.48		$	31.01		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (b)		0.07			0.13			0.12			0.14			0.27			0.10
Net realized and unrealized gain (loss) (c)		(4.75	)		(7.83	)		16.07			9.63			10.51			6.00
Total from investment operations		(4.68	)		(7.70	)		16.19			9.77			10.78			6.10
Net equalization credits and charges (b)		(0.02	)		(0.00	)(d)		(0.02	)		(0.01	)		0.02			0.00	(d)
Distributions to shareholders from:
Net investment income		(0.09	)		(0.11	)		(0.10	)		(0.11	)		(0.31	)		(0.09	)
Net realized gains		—			(0.46	)		(0.53	)		(0.12	)		(1.02	)		—
Total distributions		(0.09	)		(0.57	)		(0.63	)		(0.23	)		(1.33	)		(0.09	)
Net asset value, end of period	$	52.49		$	57.28		$	65.55		$	50.01		$	40.48		$	31.01
Total return (e)		(8.21	)%		(11.74	)%		32.52	%		24.16	%		35.66	%		24.35	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	102,362		$	283,542		$	196,629		$	80,011		$	44,526		$	9,301
Ratios to average net assets:
Total expenses		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(f)
Net investment income (loss)		0.24	%(f)		0.23	%		0.21	%		0.30	%		0.75	%		0.42	%(f)
Portfolio turnover rate (g)		15	%		36	%		37	%		33	%		48	%		25	%

 * Commencement of operations.

(a) On September 8, 2015, the SPDR S&P Health Care Services ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

384

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Homebuilders ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	33.56		$	36.60		$	32.75		$	29.45		$	21.36		$	18.05
Income (loss) from investment operations:
Net investment income (loss) (a)		0.12			0.20			0.18			0.14			0.16			0.24
Net realized and unrealized gain (loss) (b)		0.31			(3.04	)		3.86			3.30			8.08			3.29
Total from investment operations		0.43			(2.84	)		4.04			3.44			8.24			3.53
Net equalization credits and charges (a)		(0.00	)(c)		(0.00	)(c)		(0.01	)		(0.01	)		0.01			0.01
Distributions to shareholders from:
Net investment income		(0.13	)		(0.20	)		(0.18	)		(0.13	)		(0.16	)		(0.23	)
Net asset value, end of period	$	33.86		$	33.56		$	36.60		$	32.75		$	29.45		$	21.36
Total return (d)		1.25	%		(7.77	)%		12.37	%		11.64	%		38.64	%		19.85	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	1,117,332		$	1,240,151		$	1,757,020		$	1,897,730		$	2,475,307		$	1,321,402
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.72	%(e)		0.57	%		0.53	%		0.44	%		0.59	%		1.30	%
Portfolio turnover rate (f)		12	%		44	%		25	%		31	%		36	%		46	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

385

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Internet ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 6/28/16* - 6/30/16
Net asset value, beginning of period	$	52.65		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.02	)		(0.00	)(b)
Net realized and unrealized gain (loss) (c)		5.54			2.65
Total from investment operations		5.52			2.65
Distributions to shareholders from:
Net realized gains		(1.07	)		—
Net asset value, end of period	$	57.10		$	52.65
Total return (d)		10.44	%		5.31	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	5,710		$	5,265
Ratios to average net assets:
Total expenses		0.36	%(e)		0.35	%(e)
Net investment income (loss)		(0.07	)%(e)		(0.35	)%(e)
Portfolio turnover rate (f)		35	%		—	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) Amount is less than $0.005 per share.

(c) 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.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

386

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Metals & Mining ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	24.37		$	24.34		$	42.26		$	33.20		$	41.49		$	69.40
Income (loss) from investment operations:
Net investment income (loss) (a)		0.13			0.39			0.50			0.56			0.61			0.55
Net realized and unrealized gain (loss) (b)		6.08			(0.04	)		(17.82	)		9.07			(8.29	)		(27.86	)
Total from investment operations		6.21			0.35			(17.32	)		9.63			(7.68	)		(27.31	)
Net equalization credits and charges (a)		(0.00	)(c)		0.09			(0.01	)		(0.04	)		0.01			(0.03	)
Distributions to shareholders from:
Net investment income		(0.14	)		(0.41	)		(0.59	)		(0.53	)		(0.62	)		(0.57	)
Net asset value, end of period	$	30.44		$	24.37		$	24.34		$	42.26		$	33.20		$	41.49
Total return (d)		25.50	%		2.53	%		(41.32	)%		28.96	%		(18.75	)%		(39.46	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	789,831		$	665,428		$	266,503		$	494,491		$	610,940		$	769,680
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.90	%(e)		2.03	%		1.55	%		1.41	%		1.45	%		1.06	%
Portfolio turnover rate (f)		31	%		57	%		38	%		35	%		36	%		32	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

387

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Oil & Gas Equipment & Services ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	18.74		$	26.05		$	49.28		$	39.15		$	30.74		$	41.48
Income (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.27			0.51			0.34			0.28			0.14
Net realized and unrealized gain (loss) (b)		3.59			(7.30	)		(23.24	)		10.13			8.41			(10.73	)
Total from investment operations		3.64			(7.03	)		(22.73	)		10.47			8.69			(10.59	)
Net equalization credits and charges (a)		0.00	(c)		0.01			(0.00	)(c)		(0.00	)(c)		(0.00	)(c)		0.00	(c)
Distributions to shareholders from:
Net investment income		(0.05	)		(0.29	)		(0.50	)		(0.34	)		(0.28	)		(0.15	)
Net asset value, end of period	$	22.33		$	18.74		$	26.05		$	49.28		$	39.15		$	30.74
Total return (d)		19.48	%		(26.87	)%		(46.22	)%		26.84	%		28.34	%		(25.56	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	312,666		$	238,941		$	246,186		$	349,887		$	260,329		$	248,972
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.53	%(e)		1.45	%		1.56	%		0.77	%		0.77	%		0.39	%
Portfolio turnover rate (f)		16	%		51	%		36	%		26	%		31	%		30	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

388

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Oil & Gas Exploration & Production ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	34.79		$	46.73		$	82.28		$	58.23		$	50.40		$	58.77
Income (loss) from investment operations:
Net investment income (loss) (a)		0.16			0.44			0.71			0.59			0.79			0.44
Net realized and unrealized gain (loss) (b)		6.64			(11.91	)		(35.58	)		23.89			7.79			(8.37	)
Total from investment operations		6.80			(11.47	)		(34.87	)		24.48			8.58			(7.93	)
Net equalization credits and charges (a)		(0.00	)(c)		0.02			0.04			0.07			0.05			0.01
Distributions to shareholders from:
Net investment income		(0.16	)		(0.49	)		(0.72	)		(0.50	)		(0.80	)		(0.45	)
Net asset value, end of period	$	41.43		$	34.79		$	46.73		$	82.28		$	58.23		$	50.40
Total return (d)		19.56	%		(24.38	)%		(42.42	)%		42.27	%		17.18	%		(13.49	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	2,361,587		$	1,943,140		$	1,420,613		$	1,456,408		$	858,947		$	866,842
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.83	%(e)		1.34	%		1.29	%		0.85	%		1.42	%		0.82	%
Portfolio turnover rate (f)		15	%		44	%		44	%		46	%		40	%		42	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

389

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Pharmaceuticals ETF
	Six Months Ended 12/31/16 (Unaudited)(a)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			Year Ended 6/30/12(a)
Net asset value, beginning of period	$	41.84		$	62.34		$	51.86		$	35.20		$	29.67		$	25.45
Income (loss) from investment operations:
Net investment income (loss) (b)		0.09			0.26			0.41			0.27			0.59			0.23
Net realized and unrealized gain (loss) (c)		(2.70	)		(17.20	)		13.08			17.28			5.51			4.25
Total from investment operations		(2.61	)		(16.94	)		13.49			17.55			6.10			4.48
Net equalization credits and charges (b)		(0.00	)(d)		(0.00	)(d)		0.00	(d)		0.02			(0.01	)		0.02
Voluntary contribution from Adviser		—			—			0.05			—			—			—
Distributions to shareholders from:
Net investment income		(0.15	)		(0.24	)		(0.42	)		(0.27	)		(0.56	)		(0.24	)
Net realized gains		—			(3.32	)		(2.64	)		(0.64	)		—			(0.04	)
Total distributions		(0.15	)		(3.56	)		(3.06	)		(0.91	)		(0.56	)		(0.28	)
Net asset value, end of period	$	39.08		$	41.84		$	62.34		$	51.86		$	35.20		$	29.67
Total return (e)		(6.26	)%		(28.21	)%		26.97	%(f)		50.33	%		20.81	%		17.86	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	467,013		$	508,393		$	1,134,542		$	954,135		$	471,716		$	471,793
Ratios to average net assets:
Total expenses		0.35	%(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.43	%(g)		0.51	%		0.72	%		0.60	%		1.92	%		0.86	%
Portfolio turnover rate (h)		22	%		69	%		65	%		68	%		44	%		31	%

(a) On September 8, 2015, the SPDR S&P Pharmaceuticals ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) If the Adviser had not made a voluntary contribution during the year ended June 30, 2015, the total return would have been 26.88%.

(g) Annualized.

(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

390

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Retail ETF
	Six Months Ended 12/31/16 (Unaudited)(a)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			Year Ended 6/30/12(a)
Net asset value, beginning of period	$	41.97		$	49.33		$	43.38		$	38.28		$	29.52		$	26.74
Income (loss) from investment operations:
Net investment income (loss) (b)		0.30			0.53			0.54			0.28			0.51			0.30
Net realized and unrealized gain (loss) (c)		2.18			(7.36	)		5.85			5.12			8.80			2.75
Total from investment operations		2.48			(6.83	)		6.39			5.40			9.31			3.05
Net equalization credits and charges (b)		(0.05	)		0.01			0.05			0.01			(0.02	)		0.02
Distributions to shareholders from:
Net investment income		(0.30	)		(0.54	)		(0.49	)		(0.31	)		(0.53	)		(0.29	)
Net asset value, end of period	$	44.10		$	41.97		$	49.33		$	43.38		$	38.28		$	29.52
Total return (d)		5.79	%		(13.84	)%		14.87	%		14.13	%		31.78	%		11.56	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	443,211		$	491,027		$	1,173,933		$	628,931		$	1,175,195		$	720,212
Ratios to average net assets:
Total expenses		0.35	%(e)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		1.32	%(e)		1.16	%		1.15	%		0.67	%		1.53	%		1.10	%
Portfolio turnover rate (f)		16	%		41	%		45	%		40	%		29	%		39	%

(a) On September 8, 2015, the SPDR S&P Retail ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

391

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Semiconductor ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			Year Ended 6/30/12(a)
Net asset value, beginning of period	$	44.48		$	43.06		$	37.58		$	26.68		$	22.33		$	28.01
Income (loss) from investment operations:
Net investment income (loss) (b)		0.20			0.30			0.21			0.18			0.19			0.22
Net realized and unrealized gain (loss) (c)		11.60			1.41			5.47			10.87			4.36			(5.70	)
Total from investment operations		11.80			1.71			5.68			11.05			4.55			5.48
Net equalization credits and charges (b)		0.00	(d)		0.01			0.01			0.02			(0.02	)		(0.01	)
Distributions to shareholders from:
Net investment income		(0.20	)		(0.30	)		(0.21	)		(0.17	)		(0.18	)		(0.19	)
Net asset value, end of period	$	56.08		$	44.48		$	43.06		$	37.58		$	26.68		$	22.33
Total return (e)		26.56	%		4.03	%		15.18	%		41.59	%		20.40	%		(19.65	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	288,828		$	195,692		$	219,604		$	165,348		$	50,695		$	37,952
Ratios to average net assets:
Total expenses		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.76	%(f)		0.72	%		0.53	%		0.55	%		0.77	%		0.89	%
Portfolio turnover rate (g)		18	%		50	%		42	%		30	%		38	%		36	%

(a) On September 8, 2015, the SPDR S&P Semiconductor ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

392

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Software & Services ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			For the Period 9/28/11* - 6/30/12(a)
Net asset value, beginning of period	$	50.60		$	51.17		$	44.33		$	36.45		$	30.74		$	25.00
Income (loss) from investment operations:
Net investment income (loss) (b)		0.35			0.24			0.18			0.20			0.39			0.08
Net realized and unrealized gain (loss) (c)		3.90			(0.49	)		6.90			8.65			6.47			5.74
Total from investment operations		4.25			(0.25	)		7.08			8.85			6.86			5.82
Net equalization credits and charges (b)		0.01			(0.00	)(d)		(0.01	)		0.02			(0.04	)		(0.01	)
Distributions to shareholders from:
Net investment income		(0.36	)		(0.23	)		(0.17	)		(0.17	)		(0.38	)		(0.07	)
Net realized gains		—			(0.09	)		(0.06	)		(0.82	)		(0.73	)		—
Total distributions		(0.36	)		(0.32	)		(0.23	)		(0.99	)		(1.11	)		(0.07	)
Net asset value, end of period	$	54.50		$	50.60		$	51.17		$	44.33		$	36.45		$	30.74
Total return (e)		8.41	%		(0.46	)%		16.00	%		24.31	%		22.66	%		23.25	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	51,776		$	45,542		$	51,168		$	31,030		$	14,580		$	18,445
Ratios to average net assets:
Total expenses		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(f)
Net investment income (loss)		1.29	%(f)		0.49	%		0.37	%		0.46	%		1.18	%		0.35	%(f)
Portfolio turnover rate (g)		17	%		62	%		36	%		41	%		37	%		32	%

 * Commencement of operations.

(a) On September 8, 2015, the SPDR S&P Software & Services ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

393

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Technology Hardware ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 6/28/16* - 6/30/16
Net asset value, beginning of period	$	53.23		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.23			0.02
Net realized and unrealized gain (loss) (b)		10.52			3.21
Total from investment operations		10.75			3.23
Distributions to shareholders from:
Net investment income		(0.26	)		—
Net realized gains		(0.98	)		—
Total distributions		(1.24	)		—
Net asset value, end of period	$	62.74		$	53.23
Total return (c)		20.15	%		6.47	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	6,274		$	5,323
Ratios to average net assets:
Total expenses		0.36	%(d)		0.35	%(d)
Net investment income (loss)		0.78	%(d)		5.13	%(d)
Portfolio turnover rate (e)		22	%		—	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

394

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Telecom ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	58.39		$	57.47		$	56.90		$	48.70		$	41.14		$	51.59
Income (loss) from investment operations:
Net investment income (loss) (a)		0.42			0.76			0.79			0.56			1.08			0.44
Net realized and unrealized gain (loss) (b)		10.89			1.05			0.43			8.01			7.86			(10.42	)
Total from investment operations		11.31			1.81			1.22			8.57			8.94			(9.98	)
Net equalization credits and charges (a)		0.06			(0.10	)		0.03			0.15			(0.16	)		(0.07	)
Distributions to shareholders from:
Net investment income		(0.41	)		(0.79	)		(0.68	)		(0.52	)		(1.22	)		(0.40	)
Net asset value, end of period	$	69.35		$	58.39		$	57.47		$	56.90		$	48.70		$	41.14
Total return (c)		19.49	%		3.04	%		2.21	%		17.92	%		21.47	%		(19.47	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	52,013		$	23,355		$	71,843		$	25,604		$	7,305		$	4,114
Ratios to average net assets:
Total expenses		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		1.27	%(d)		1.37	%		1.34	%		1.03	%		2.38	%		1.01	%
Portfolio turnover rate (e)		20	%		33	%		47	%		46	%		42	%		50	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

395

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Transportation ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16(a)			Year Ended 6/30/15(a)			Year Ended 6/30/14(a)			Year Ended 6/30/13(a)			Year Ended 6/30/12(a)
Net asset value, beginning of period	$	43.63		$	48.48		$	46.85		$	33.15		$	24.78		$	26.54
Income (loss) from investment operations:
Net investment income (loss) (b)		0.18			0.30			0.23			0.20			0.21			0.12
Net realized and unrealized gain (loss) (c)		10.32			(4.63	)		1.64			13.67			8.39			(1.76	)
Total from investment operations		10.50			(4.33	)		1.87			13.87			8.60			(1.64	)
Net equalization credits and charges (b)		0.02			(0.01	)		(0.00	)(d)		0.02			0.01			(0.00	)(d)
Distributions to shareholders from:
Net investment income		(0.18	)		(0.31	)		(0.22	)		(0.19	)		(0.24	)		(0.12	)
Net realized gains		—			(0.20	)		(0.02	)		—			—			—
Total distributions		(0.18	)		(0.51	)		(0.24	)		(0.19	)		(0.24	)		(0.12	)
Net asset value, end of period	$	53.97		$	43.63		$	48.48		$	46.85		$	33.15		$	24.78
Total return (e)		24.13	%		(8.92	)%		3.94	%		41.97	%		34.87	%		(6.14	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	288,737		$	170,163		$	368,395		$	224,865		$	46,411		$	12,391
Ratios to average net assets:
Total expenses		0.35	%(f)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		0.72	%(f)		0.66	%		0.45	%		0.49	%		0.68	%		0.50	%
Portfolio turnover rate (g)		18	%		32	%		26	%		33	%		36	%		25	%

(a) On September 8, 2015, the SPDR S&P Transportation ETF underwent a 2-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split. See Note 12.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(c) 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.

(d) Amount is less than $0.005 per share.

(e) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

396

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 1500 Value Tilt ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			For the Period 10/24/12* - 6/30/13
Net asset value, beginning of period	$	78.89		$	83.36		$	84.11		$	70.33		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.94			1.88			1.74			1.45			0.95
Net realized and unrealized gain (loss) (b)		9.50			(1.28	)		2.19			15.16			10.31
Total from investment operations		10.44			0.60			3.93			16.61			11.26
Net equalization credits and charges (a)		(0.02	)		(0.05	)		0.10			—			—
Distributions to shareholders from:
Net investment income		(0.97	)		(1.92	)		(1.71	)		(1.45	)		(0.93	)
Net realized gains		—			(3.10	)		(3.07	)		(1.38	)		—
Total distributions		(0.97	)		(5.02	)		(4.78	)		(2.83	)		(0.93	)
Net asset value, end of period	$	88.34		$	78.89		$	83.36		$	84.11		$	70.33
Total return (c)		13.26	%		0.87	%		4.76	%		23.91	%		18.85	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	8,834		$	3,944		$	12,504		$	8,411		$	7,033
Ratios to average net assets:
Total expenses		0.13	%(d)		0.13	%		0.24	%		0.35	%		0.35	%(d)
Net investment income (loss)		2.25	%(d)		2.37	%		2.06	%		1.87	%		2.12	%(d)
Portfolio turnover rate (e)		2	%		12	%		12	%		12	%		12	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

397

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 1500 Momentum Tilt ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			For the Period 10/24/12* - 6/30/13
Net asset value, beginning of period	$	90.70		$	88.05		$	83.39		$	67.80		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.02			1.58			1.39			1.06			0.79
Net realized and unrealized gain (loss) (b)		3.09			2.72			4.85			15.94			7.75
Total from investment operations		4.11			4.30			6.24			17.00			8.54
Net equalization credits and charges (a)		—			(0.04	)		(0.03	)		(0.01	)		0.06
Distributions to shareholders from:
Net investment income		(1.06	)		(1.61	)		(1.27	)		(1.00	)		(0.80	)
Net realized gains		—			—			(0.28	)		(0.40	)		—
Total distributions		(1.06	)		(1.61	)		(1.55	)		(1.40	)		(0.80	)
Net asset value, end of period	$	93.75		$	90.70		$	88.05		$	83.39		$	67.80
Total return (c)		4.53	%		4.93	%		7.47	%		25.21	%		14.39	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	18,749		$	18,139		$	17,611		$	12,508		$	10,170
Ratios to average net assets:
Total expenses		0.12	%(d)		0.12	%		0.25	%		0.35	%		0.35	%(d)
Net investment income (loss)		2.18	%(d)		1.82	%		1.61	%		1.38	%		1.78	%(d)
Portfolio turnover rate (e)		33	%		62	%		70	%		55	%		36	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

398

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR SSGA US Large Cap Low Volatility Index ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			For the Period 2/20/13* - 6/30/13
Net asset value, beginning of period	$	79.85		$	72.41		$	72.96		$	62.81		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.97			1.97			1.79			1.63			0.55
Net realized and unrealized gain (loss) (b)		0.35			7.50			2.93			10.80			2.67
Total from investment operations		1.32			9.47			4.72			12.43			3.22
Net equalization credits and charges (a)		0.01			0.26			0.11			—			0.11
Distributions to shareholders from:
Net investment income		(1.05	)		(1.94	)		(1.71	)		(1.55	)		(0.52	)
Net realized gains		(0.08	)		(0.35	)		(3.67	)		(0.73	)		—
Total distributions		(1.13	)		(2.29	)		(5.38	)		(2.28	)		(0.52	)
Net asset value, end of period	$	80.05		$	79.85		$	72.41		$	72.96		$	62.81
Total return (c)		1.68	%		13.72	%		6.50	%		20.06	%		5.55	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	76,046		$	67,869		$	28,962		$	10,944		$	9,422
Ratios to average net assets:
Total expenses		0.12	%(d)		0.12	%		0.15	%		0.20	%		0.20	%(d)
Net investment income (loss)		2.41	%(d)		2.64	%		2.41	%		2.40	%		2.46	%(d)
Portfolio turnover rate (e)		82	%		68	%		75	%		59	%		31	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

399

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR SSGA US Small Cap Low Volatility Index ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			For the Period 2/20/13* - 6/30/13
Net asset value, beginning of period	$	77.70		$	77.00		$	73.85		$	62.28		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		1.44			2.23			1.97			1.84			0.72
Net realized and unrealized gain (loss) (b)		15.85			0.49			3.40			12.33			2.07
Total from investment operations		17.29			2.72			5.37			14.17			2.79
Net equalization credits and charges (a)		0.42			0.23			(0.18	)		0.20			0.06
Distributions to shareholders from:
Net investment income		(1.62	)		(2.15	)		(1.65	)		(1.90	)		(0.57	)
Net realized gains		(0.30	)		(0.10	)		(0.39	)		(0.90	)		—
Total distributions		(1.92	)		(2.25	)		(2.04	)		(2.80	)		(0.57	)
Net asset value, end of period	$	93.49		$	77.70		$	77.00		$	73.85		$	62.28
Total return (c)		22.89	%		4.00	%		7.06	%		23.32	%		4.74	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	191,645		$	66,045		$	34,649		$	14,770		$	9,342
Ratios to average net assets:
Total expenses		0.12	%(d)		0.12	%		0.18	%		0.25	%		0.25	%(d)
Net investment income (loss)		3.35	%(d)		2.97	%		2.59	%		2.65	%		3.24	%(d)
Portfolio turnover rate (e)		131	%		62	%		38	%		54	%		29	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

400

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI USA StrategicFactors ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			For the Period 4/15/15* -  6/30/15
Net asset value, beginning of period	$	61.57		$	58.58		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.68			1.27			0.26
Net realized and unrealized gain (loss) (b)		3.04			3.00			(1.44	)
Total from investment operations		3.72			4.27			(1.18	)
Net equalization credits and charges (a)		0.16			0.01			—
Distributions to shareholders from:
Net investment income		(0.70	)		(1.28	)		(0.24	)
Net realized gains		—			(0.01	)		—
Total distributions		(0.70	)		(1.29	)		(0.24	)
Net asset value, end of period	$	64.75		$	61.57		$	58.58
Total return (c)		6.33	%		7.45	%		(1.98	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	12,950		$	6,157		$	5,858
Ratios to average net assets:
Total expenses		0.15	%(d)		0.15	%		0.15	%(d)
Net investment income (loss)		2.14	%(d)		2.16	%		2.11	%(d)
Portfolio turnover rate (e)		9	%		17	%		10	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

401

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Wells Fargo Preferred Stock ETF
	Six Months Ended 12/31/16 (Unaudited)			Year Ended 6/30/16			Year Ended 6/30/15			Year Ended 6/30/14			Year Ended 6/30/13			Year Ended 6/30/12
Net asset value, beginning of period	$	45.98		$	43.32		$	43.57		$	43.57		$	45.21		$	45.62
Income (loss) from investment operations:
Net investment income (loss) (a)		1.22			2.51			2.42			2.55			2.86			3.09
Net realized and unrealized gain (loss) (b)		(3.76	)		2.48			(0.23	)		0.39			(1.72	)		(0.84	)
Total from investment operations		(2.54	)		4.99			2.19			2.94			1.14			2.25
Net equalization credits and charges (a)		(0.02	)		0.12			0.01			(0.10	)		0.06			0.18
Distributions to shareholders from:
Net investment income		(1.45	)		(2.45	)		(2.45	)		(2.84	)		(2.84	)		(2.84	)
Net asset value, end of period	$	41.97		$	45.98		$	43.32		$	43.57		$	43.57		$	45.21
Total return (c)		(5.67	)%		12.11	%		5.11	%		7.07	%		2.70	%		5.70	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	488,920		$	565,508		$	292,431		$	259,219		$	361,658		$	253,174
Ratios to average net assets:
Total expenses		0.45	%(d)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income (loss)		5.38	%(d)		5.61	%		5.48	%		6.08	%		6.27	%		6.99	%
Portfolio turnover rate (e)		20	%		31	%		48	%		23	%		67	%		69	%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

402

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR FactSet Innovative Technology ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 1/14/16* - 6/30/16
Net asset value, beginning of period	$	54.83		$	50.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.05			(0.03	)
Net realized and unrealized gain (loss) (b)		4.61			4.86
Total from investment operations		4.66			4.83
Net equalization credits and charges (a)		(0.02	)		—
Distributions to shareholders from:
Net investment income		(0.29	)		—
Net realized gains		(0.81	)		—
Total distributions		(1.10	)		—
Net asset value, end of period	$	58.37		$	54.83
Total return (c)		8.40	%		9.67	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	11,673		$	5,483
Ratios to average net assets:
Total expenses		0.45	%(d)		0.46	%(d)
Net investment income (loss)		0.17	%(d)		(0.12	)%(d)
Portfolio turnover rate (e)		68	%		11	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

403

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR SSGA Gender Diversity Index ETF
	Six Months Ended 12/31/16 (Unaudited)			For the Period 3/8/16* - 6/30/16
Net asset value, beginning of period	$	62.82		$	60.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.65			0.35
Net realized and unrealized gain (loss) (b)		2.53			2.78
Total from investment operations		3.18			3.13
Net equalization credits and charges (a)		0.00	(c)		0.04
Distributions to shareholders from:
Net investment income		(0.68	)		(0.35	)
Net realized gains		(2.97	)		—
Total distributions		(3.65	)		(0.35	)
Net asset value, end of period	$	62.35		$	62.82
Total return (d)		5.02	%		5.31	%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$	271,230		$	270,109
Ratios to average net assets:
Total expenses		0.20	%(e)		0.20	%(e)
Net investment income (loss)		1.99	%(e)		1.79	%(e)
Portfolio turnover rate (f)		49	%		1	%

 * Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.

(b) 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.

(c) Amount is less than $0.005 per share.

(d) 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 distribution. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

404

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2016 (Unaudited)

1. Organization

SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.

As of December 31, 2016, the Trust consists of seventy-six (76) series, each of which represents a separate series of beneficial interest in the Trust (each a “Fund,” and collectively, the “Funds”). The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following Funds:

SPDR Russell 3000 ETF

SPDR Russell 1000 ETF

SPDR Russell 2000 ETF

SPDR Russell 1000 Yield Focus ETF

SPDR Russell 1000 Momentum Focus ETF

SPDR Russell 1000 Low Volatility Focus ETF

SPDR S&P 500 Buyback ETF

SPDR S&P 500 Growth ETF

SPDR S&P 500 Value ETF

SPDR S&P 500 High Dividend ETF

SPDR S&P 500 Fossil Fuel Reserves Free ETF

SPDR S&P 1000 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 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 Internet 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 Technology Hardware ETF

SPDR S&P Telecom ETF

SPDR S&P Transportation ETF

SPDR S&P 1500 Value Tilt ETF

SPDR S&P 1500 Momentum Tilt ETF

SPDR SSGA US Large Cap Low Volatility Index ETF

SPDR SSGA US Small Cap Low Volatility Index ETF

SPDR MSCI USA StrategicFactors ETF

SPDR Wells Fargo Preferred Stock ETF

SPDR FactSet Innovative Technology ETF

SPDR SSGA Gender Diversity Index ETF

Each Fund is classified as a non-diversified investment company under the 1940 Act.

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 would involve future claims that may be made against the Trust that have not yet occurred.

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 (“U.S. GAAP”) 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. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

405

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

Security Valuation

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that each Fund’s listing exchange is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees of the Trust (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

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 Funds’ underlying benchmarks. Various inputs are used in determining the value of the Funds’ investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical asset or liability;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

406

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

The value of each Fund’s investments according to the fair value hierarchy as of December 31, 2016, is disclosed in each Fund’s respective Schedule of Investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period. The Funds had no material transfers between levels for the period ended December 31, 2016.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Certain Funds invest in Real Estate Investment Trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions initially as dividend income and re-designate the prior calendar year’s to return of capital or capital gains distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund within the Trust. 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 within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM’s understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Equalization

The Funds in the Trust 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,

407

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

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 in Net Assets.

The following Funds utilized equalization during the period ended December 31, 2016:

SPDR Russell 3000 ETF

SPDR Russell 1000 ETF

SPDR Russell 2000 ETF

SPDR Russell 1000 Momentum Focus ETF

SPDR Russell 1000 Low Volatility Focus ETF

SPDR S&P 500 Buyback ETF

SPDR S&P 500 Growth ETF

SPDR S&P 500 Value ETF

SPDR S&P 500 High Dividend ETF

SPDR S&P 500 Fossil Fuel Reserves Free ETF

SPDR S&P 1000 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 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 S&P Transportation ETF

SPDR S&P 1500 Value Tilt ETF

SPDR SSGA US Large Cap Low Volatility Index ETF

SPDR SSGA US Small Cap Low Volatility Index ETF

SPDR MSCI USA StrategicFactors ETF

SPDR Wells Fargo Preferred Stock ETF

SPDR FactSet Innovative Technology ETF

SPDR SSGA Gender Diversity Index ETF

Distributions

Distributions from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Derivative Financial Instruments

Futures Contracts

Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.

For the period ended December 31, 2016, the SPDR Russell 2000 ETF entered into futures contracts to seek return enhancement and to manage cash flows.

408

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

The following tables summarize the value of the Funds’ derivative instruments as of December 31, 2016, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

	Liability Derivatives
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
SPDR Russell 2000 ETF
Futures Contracts (a)	$	—	$	—	$	—	$	(1,804	)	$	—	$	(1,804	)

(a) Unrealized appreciation (depreciation) on open futures contracts. The Statements of Assets and Liabilities only reflects the current day’s net variation margin.

	Net Realized Gain (Loss)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
SPDR Russell 2000 ETF
Futures Contracts	$	—	$	—	$	—	$	70,852	$	—	$	70,852

	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk			Commodity Contracts Risk		Total
SPDR Russell 2000 ETF
Futures Contracts	$	—	$	—	$	—	$	(3,584	)	$	—	$	(3,584	)

4. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, 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 Russell 3000 ETF		0.10	%
SPDR Russell 1000 ETF		0.10
SPDR Russell 2000 ETF		0.10
SPDR Russell 1000 Yield Focus ETF		0.20
SPDR Russell 1000 Momentum Focus ETF		0.20
SPDR Russell 1000 Low Volatility Focus ETF		0.20
SPDR S&P 500 Buyback ETF		0.35
SPDR S&P 500 Growth ETF		0.15
SPDR S&P 500 Value ETF		0.15
SPDR S&P 500 High Dividend ETF		0.12
SPDR S&P 500 Fossil Fuel Reserves Free ETF		0.25
SPDR S&P 1000 ETF		0.10
SPDR S&P 400 Mid Cap Growth ETF		0.15

409

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

	Annual Rate
SPDR S&P 400 Mid Cap Value ETF		0.15	%
SPDR S&P 600 Small Cap ETF		0.15
SPDR S&P 600 Small Cap Growth ETF		0.15
SPDR S&P 600 Small Cap Value ETF		0.15
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 Regional Banking ETF		0.35
SPDR Morgan Stanley Technology ETF		0.35
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 Internet 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
SPDR S&P Technology Hardware ETF		0.35
SPDR S&P Telecom ETF		0.35
SPDR S&P Transportation ETF		0.35
SPDR S&P 1500 Value Tilt ETF		0.12
SPDR S&P 1500 Momentum Tilt ETF		0.12
SPDR SSGA US Large Cap Low Volatility Index ETF		0.12
SPDR SSGA US Small Cap Low Volatility Index ETF		0.12
SPDR MSCI USA StrategicFactors ETF		0.15
SPDR Wells Fargo Preferred Stock ETF		0.45
SPDR FactSet Innovative Technology ETF		0.45
SPDR SSGA Gender Diversity Index ETF		0.20

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 expenses, taxes, interest, the fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

For the SPDR S&P 500 Fossil Fuel Reserves Free ETF, the Adviser has contractually agreed to waive its advisory fee and/or reimburse certain expenses, until October 31, 2017, so that the net annual fund operating expenses of the Fund will be limited to 0.20% of the Fund’s average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement (except for acquired fund fees and expenses from holdings in

410

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

acquired funds for non-cash management purposes), if any. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and the waiver and/or reimbursement may be cancelled or modified at any time after October 31, 2017. This waiver and/or reimbursement may not be terminated prior to October 31, 2017 except with the approval of the Fund’s Board of Trustees.

On November 2, 2015, the Adviser agreed to make a voluntary contribution of $512,060 to the SPDR Morgan Stanley Technology ETF in connection with a portfolio matter.

Administrator and Sub-Administrator Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

Distribution Fees

State Street Global Markets, LLC (“SSGM” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust. Pursuant to a Distribution and Service Plan adopted in accordance with Rule 12b-1 under the 1940 Act, each Fund (except for the SPDR Russell 3000 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 has determined that no such payments will be made through at least October 31, 2017 and therefore no such payments have been made.

Other Transactions with Affiliates — Securities Lending

State Street Corporation, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated November 28, 2007.

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, an affiliated money market fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2016, are disclosed in the Schedules of Investments.

Due to Custodian

In certain circumstances, the Funds may have cash overdrafts with the custodian. The Due to custodian amount if any, reflects cash overdrawn with State Street as custodian who is an affiliate of the Funds. As of December 31, 2016, the SPDR S&P Telecom ETF has a cash overdraft related to the sale of an investment security.

5. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

411

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the period ended December 31, 2016, were as follows:

	Purchases		Sales
SPDR Russell 3000 ETF	$	4,144,309	$	3,287,634
SPDR Russell 1000 ETF		1,787,436		1,599,250
SPDR Russell 2000 ETF		4,382,791		3,626,305
SPDR Russell 1000 Yield Focus ETF		10,298,479		23,625,805
SPDR Russell 1000 Momentum Focus ETF		106,129,961		106,543,351
SPDR Russell 1000 Low Volatility Focus ETF		8,204,974		15,793,030
SPDR S&P 500 Buyback ETF		4,082,692		4,458,886
SPDR S&P 500 Growth ETF		131,696,962		132,065,457
SPDR S&P 500 Value ETF		59,319,153		58,228,940
SPDR S&P 500 High Dividend ETF		9,041,178		10,405,737
SPDR S&P 500 Fossil Fuel Reserves Free ETF		2,382,770		2,145,087
SPDR S&P 1000 ETF		37,003,858		37,781,769
SPDR S&P 400 Mid Cap Growth ETF		163,399,471		164,346,411
SPDR S&P 400 Mid Cap Value ETF		119,974,466		120,540,070
SPDR S&P 600 Small Cap ETF		52,005,983		66,637,122
SPDR S&P 600 Small Cap Growth ETF		401,537,803		403,880,004
SPDR S&P 600 Small Cap Value ETF		329,866,106		338,002,169
SPDR Global Dow ETF		6,986,799		6,954,899
SPDR Dow Jones REIT ETF		108,755,506		131,600,234
SPDR S&P Bank ETF		380,896,491		379,287,217
SPDR S&P Capital Markets ETF		22,943,020		22,934,251
SPDR S&P Insurance ETF		92,481,903		95,110,372
SPDR S&P Regional Banking ETF		537,224,436		533,441,696
SPDR Morgan Stanley Technology ETF		98,214,414		84,813,309
SPDR S&P Dividend ETF		1,948,299,258		2,099,619,724
SPDR S&P Aerospace & Defense ETF		59,743,729		61,585,503
SPDR S&P Biotech ETF		691,182,345		690,493,271
SPDR S&P Health Care Equipment ETF		12,208,690		12,186,184
SPDR S&P Health Care Services ETF		24,921,713		24,654,117
SPDR S&P Homebuilders ETF		138,512,888		138,004,336
SPDR S&P Internet ETF		2,008,084		2,118,390
SPDR S&P Metals & Mining ETF		223,750,567		223,889,757
SPDR S&P Oil & Gas Equipment & Services ETF		38,546,907		38,383,477
SPDR S&P Oil & Gas Exploration & Production ETF		316,985,482		312,374,717
SPDR S&P Pharmaceuticals ETF		111,302,888		110,971,400
SPDR S&P Retail ETF		83,332,506		82,395,225
SPDR S&P Semiconductor ETF		43,931,659		43,535,197
SPDR S&P Software & Services ETF		8,786,013		8,281,118
SPDR S&P Technology Hardware ETF		1,306,103		1,271,140
SPDR S&P Telecom ETF		6,323,614		6,459,263
SPDR S&P Transportation ETF		38,845,200		38,626,563

412

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

	Purchases		Sales
SPDR S&P 1500 Value Tilt ETF	$	89,645	$	79,721
SPDR S&P 1500 Momentum Tilt ETF		6,112,823		6,067,828
SPDR SSGA US Large Cap Low Volatility Index ETF		60,110,888		60,195,114
SPDR SSGA US Small Cap Low Volatility Index ETF		162,487,126		165,197,280
SPDR MSCI USA StrategicFactors ETF		4,100,209		945,155
SPDR Wells Fargo Preferred Stock ETF		110,916,675		112,762,376
SPDR FactSet Innovative Technology ETF		7,013,720		7,265,663
SPDR SSGA Gender Diversity Index ETF		135,842,261		148,984,066

For the period ended December 31, 2016, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR Russell 3000 ETF	$	71,254,619	$	56,434,936	$	18,610,051
SPDR Russell 1000 ETF		15,237,194		—		—
SPDR Russell 2000 ETF		50,972,140		—		—
SPDR Russell 1000 Momentum Focus ETF		29,241,746		—		—
SPDR Russell 1000 Low Volatility Focus ETF		13,217,089		6,659,549		939,385
SPDR S&P 500 Buyback ETF		—		2,022,864		168,316
SPDR S&P 500 Growth ETF		57,213,098		125,978,852		52,872,395
SPDR S&P 500 Value ETF		21,398,577		—		—
SPDR S&P 500 High Dividend ETF		62,754,047		1,679,598		244,400
SPDR S&P 500 Fossil Fuel Reserves Free ETF		10,309,493		5,145,071		787,370
SPDR S&P 1000 ETF		93,012,334		21,443,975		7,650,558
SPDR S&P 400 Mid Cap Growth ETF		122,694,578		37,467,545		8,819,633
SPDR S&P 400 Mid Cap Value ETF		132,606,611		4,230,557		998,922
SPDR S&P 600 Small Cap ETF		121,475,457		—		—
SPDR S&P 600 Small Cap Growth ETF		265,169,464		—		—
SPDR S&P 600 Small Cap Value ETF		295,411,825		—		—
SPDR Global Dow ETF		—		13,653,691		3,215,804
SPDR Dow Jones REIT ETF		194,444,820		440,452,489		152,680,351
SPDR S&P Bank ETF		1,516,034,589		1,193,336,992		193,931,027
SPDR S&P Capital Markets ETF		7,950,519		29,004,160		1,937,006
SPDR S&P Insurance ETF		328,443,711		171,430,292		19,480,499
SPDR S&P Regional Banking ETF		3,994,730,956		2,982,774,208		297,598,597
SPDR Morgan Stanley Technology ETF		24,054,990		23,434,261		9,159,401
SPDR S&P Dividend ETF		1,300,742,773		618,608,825		208,428,974
SPDR S&P Aerospace & Defense ETF		337,196,335		41,827,677		8,384,836
SPDR S&P Biotech ETF		3,819,806,475		3,361,736,097		372,968,474
SPDR S&P Health Care Equipment ETF		53,971,087		26,141,949		8,918,197
SPDR S&P Health Care Services ETF		5,305,260		171,379,253		8,455,256
SPDR S&P Homebuilders ETF		649,066,065		783,772,211		38,880,640
SPDR S&P Metals & Mining ETF		1,431,001,283		1,480,454,308		184,375,519
SPDR S&P Oil & Gas Equipment & Services ETF		95,789,643		65,615,836		11,854,405

413

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

	In-kind Contributions		In-kind Redemptions		In-kind Net Realized Gains/(Losses)
SPDR S&P Oil & Gas Exploration & Production ETF	$	6,913,293,929	$	6,821,984,511	$	300,033,032
SPDR S&P Pharmaceuticals ETF		165,180,840		175,280,899		15,845,577
SPDR S&P Retail ETF		2,726,854,812		2,812,700,871		44,900,899
SPDR S&P Semiconductor ETF		155,170,082		114,009,720		20,346,288
SPDR S&P Software & Services ETF		2,827,355		—		—
SPDR S&P Telecom ETF		27,014,413		3,236,662		615,147
SPDR S&P Transportation ETF		130,484,116		53,042,292		7,261,565
SPDR S&P 1500 Value Tilt ETF		4,476,398		—		—
SPDR SSGA US Large Cap Low Volatility Index ETF		16,081,615		7,888,562		1,215,139
SPDR SSGA US Small Cap Low Volatility Index ETF		101,596,384		—		—
SPDR MSCI USA StrategicFactors ETF		3,104,922		—		—
SPDR Wells Fargo Preferred Stock ETF		62,212,144		90,091,078		3,842,219
SPDR FactSet Innovative Technology ETF		6,202,967		—		—
SPDR SSGA Gender Diversity Index ETF		3,174,933		—		—

The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes in Net Assets. The table represents the accumulation of a Fund’s daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transaction. The Funds reclassified these non-taxable gains and losses on the in-kind redemption of Creation Units as an increase or decrease to paid in capital in the Statements of Assets and Liabilities.

7. Shareholder Transactions

Each Fund issues and redeems its shares, at net asset value, by each fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash, except for certain funds that invest in “To Be Announced” or mortgage-backed securities. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.

8. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. 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. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. The federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2016, SSGA FM has analyzed each Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

414

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

As of December 31, 2016, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR Russell 3000 ETF	$	354,161,108	$	45,990,626	$	14,974,492	$	31,016,134
SPDR Russell 1000 ETF		93,577,903		23,975,251		2,251,718		21,723,533
SPDR Russell 2000 ETF		151,684,247		21,085,616		9,882,779		11,202,837
SPDR Russell 1000 Yield Focus ETF		335,183,123		53,710,587		9,920,016		43,790,571
SPDR Russell 1000 Momentum Focus ETF		360,088,437		39,466,709		4,179,847		35,286,862
SPDR Russell 1000 Low Volatility Focus ETF		367,788,653		46,272,648		9,377,444		36,895,204
SPDR S&P 500 Buyback ETF		7,463,855		841,804		448,815		392,989
SPDR S&P 500 Growth ETF		585,820,235		93,629,216		6,528,401		87,100,815
SPDR S&P 500 Value ETF		263,287,098		34,123,631		7,343,194		26,780,437
SPDR S&P 500 High Dividend ETF		90,644,793		4,859,499		1,691,033		3,168,466
SPDR S&P 500 Fossil Fuel Reserves Free ETF		103,861,911		10,757,546		2,263,626		8,493,920
SPDR S&P 1000 ETF		139,153,965		16,356,530		3,760,187		12,596,343
SPDR S&P 400 Mid Cap Growth ETF		427,002,000		52,370,087		4,844,512		47,525,575
SPDR S&P 400 Mid Cap Value ETF		348,381,065		32,944,981		7,350,286		25,594,695
SPDR S&P 600 Small Cap ETF		538,028,701		135,909,649		28,061,608		107,848,041
SPDR S&P 600 Small Cap Growth ETF		924,163,754		178,960,716		7,731,975		171,228,741
SPDR S&P 600 Small Cap Value ETF		845,755,089		97,780,385		29,623,263		68,157,122
SPDR Global Dow ETF		78,399,640		14,891,119		12,945,836		1,945,283
SPDR Dow Jones REIT ETF		2,856,971,702		510,747,585		54,996,526		455,751,059
SPDR S&P Bank ETF		2,722,613,262		565,781,504		1,562,193		564,219,311
SPDR S&P Capital Markets ETF		78,053,472		8,404,334		4,632,978		3,771,356
SPDR S&P Insurance ETF		774,833,305		85,793,792		3,773,511		82,020,281
SPDR S&P Regional Banking ETF		3,077,140,638		457,252,318		610,684		456,641,634
SPDR Morgan Stanley Technology ETF		458,928,665		114,232,372		7,864,653		106,367,719
SPDR S&P Dividend ETF		11,770,547,515		3,344,742,656		69,208,717		3,275,533,939
SPDR S&P Aerospace & Defense ETF		474,688,706		34,554,318		5,358,194		29,196,124
SPDR S&P Biotech ETF		3,276,303,664		34,018,378		606,385,941		(572,367,563	)
SPDR S&P Health Care Equipment ETF		73,533,209		4,828,465		3,512,344		1,316,121
SPDR S&P Health Care Services ETF		122,192,006		5,305,510		25,137,548		(19,832,038	)
SPDR S&P Homebuilders ETF		1,277,186,332		9,627,155		123,157,690		(113,530,535	)
SPDR S&P Internet ETF		5,163,114		703,659		154,890		548,769
SPDR S&P Metals & Mining ETF		844,542,963		47,309,529		57,544,796		(10,235,267	)
SPDR S&P Oil & Gas Equipment & Services ETF		326,857,400		35,381,164		36,676,571		(1,295,407	)
SPDR S&P Oil & Gas Exploration & Production ETF		2,548,347,050		16,942,048		190,298,590		(173,356,542	)
SPDR S&P Pharmaceuticals ETF		595,757,960		6,845,291		117,672,788		(110,827,497	)
SPDR S&P Retail ETF		543,221,996		43,179		97,144,138		(97,100,959	)
SPDR S&P Semiconductor ETF		280,495,261		37,499,506		18,691,693		18,807,813
SPDR S&P Software & Services ETF		46,380,743		7,915,793		1,860,825		6,054,968
SPDR S&P Technology Hardware ETF		5,076,873		1,303,350		112,419		1,190,931
SPDR S&P Telecom ETF		50,061,863		4,900,362		1,618,443		3,281,919

415

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR S&P Transportation ETF	$	289,596,287	$	17,901,629	$	17,954,583	$	(52,954	)
SPDR S&P 1500 Value Tilt ETF		8,478,920		595,761		239,744		356,017
SPDR S&P 1500 Momentum Tilt ETF		16,437,226		2,507,502		199,526		2,307,976
SPDR SSGA US Large Cap Low Volatility Index ETF		73,916,832		2,815,226		791,755		2,023,471
SPDR SSGA US Small Cap Low Volatility Index ETF		182,338,458		14,091,002		2,220,973		11,870,029
SPDR MSCI USA StrategicFactors ETF		12,219,437		905,892		191,201		714,691
SPDR Wells Fargo Preferred Stock ETF		526,623,422		214,929		27,435,284		(27,220,355	)
SPDR FactSet Innovative Technology ETF		11,224,052		939,008		486,367		452,641
SPDR SSGA Gender Diversity Index ETF		258,202,740		24,049,446		11,362,430		12,687,016

9. Securities Lending

Each Fund may lend securities 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 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 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 on the next business day.

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 the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of December 31, 2016, and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. 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.

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of December 31, 2016:

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR Russell 3000 ETF	$	10,306,409	$	1,215,249	$	9,414,442	$	10,629,691
SPDR Russell 1000 ETF		2,672,425		142,131		2,607,769		2,749,900
SPDR Russell 2000 ETF		11,956,620		3,850,055		8,529,012		12,379,067
SPDR S&P 500 Growth ETF		6,023,953		283,500		5,909,324		6,192,824
SPDR S&P 500 Value ETF		2,461,607		54,859		2,472,860		2,527,719
SPDR S&P 1000 ETF		8,278,831		1,312,887		7,190,421		8,503,308
SPDR S&P 400 Mid Cap Growth ETF		28,513,198		3,600,941		25,780,250		29,381,191
SPDR S&P 400 Mid Cap Value ETF		12,482,093		2,797,902		10,020,093		12,817,995

416

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

Fund	Market Value of Securities on Loan		Cash Collateral Received		Non Cash Collateral Received*		Total Collateral Received
SPDR S&P 600 Small Cap ETF	$	50,429,855	$	7,517,203	$	44,296,179	$	51,813,382
SPDR S&P 600 Small Cap Growth ETF		77,363,571		14,626,935		64,899,960		79,526,895
SPDR S&P 600 Small Cap Value ETF		46,929,593		10,598,607		37,715,116		48,313,723
SPDR Global Dow ETF		1,214,420		1,254		1,245,197		1,246,451
SPDR Dow Jones REIT ETF		72,529,419		3,902,037		69,617,883		73,519,920
SPDR S&P Bank ETF		84,643,341		—		87,180,046		87,180,046
SPDR S&P Capital Markets ETF		1,155,738		1,203,893		—		1,203,893
SPDR S&P Regional Banking ETF		40,157,924		8,738,477		32,468,195		41,206,672
SPDR Morgan Stanley Technology ETF		54,397,055		2,613,757		53,169,020		55,782,777
SPDR S&P Dividend ETF		794,319,345		107,866,945		704,549,690		812,416,635
SPDR S&P Aerospace & Defense ETF		14,034,423		—		14,300,773		14,300,773
SPDR S&P Biotech ETF		443,106,611		247,199,795		218,054,953		465,254,748
SPDR S&P Health Care Equipment ETF		14,906,805		183,715		14,910,593		15,094,308
SPDR S&P Health Care Services ETF		8,629,925		—		8,838,990		8,838,990
SPDR S&P Homebuilders ETF		102,167,470		46,906,387		57,610,023		104,516,410
SPDR S&P Metals & Mining ETF		50,391,057		44,642,333		11,293,028		55,935,361
SPDR S&P Oil & Gas Equipment & Services ETF		54,542,557		12,937,491		43,144,175		56,081,666
SPDR S&P Oil & Gas Exploration & Production ETF		119,265,211		13,164,845		110,528,443		123,693,288
SPDR S&P Pharmaceuticals ETF		55,441,018		18,011,400		38,420,656		56,432,056
SPDR S&P Retail ETF		23,563,044		3,301,163		20,898,745		24,199,908
SPDR S&P Semiconductor ETF		28,579,584		10,511,054		19,369,713		29,880,767
SPDR S&P Software & Services ETF		8,758,339		663,016		8,349,991		9,013,007
SPDR S&P Telecom ETF		10,825,889		1,361,837		9,879,854		11,241,691
SPDR S&P Transportation ETF		21,882,670		—		22,321,260		22,321,260
SPDR S&P 1500 Value Tilt ETF		514,267		6,709		521,769		528,478
SPDR S&P 1500 Momentum Tilt ETF		1,140,961		18,568		1,156,458		1,175,026
SPDR SSGA US Large Cap Low Volatility Index ETF		3,821,735		—		3,901,525		3,901,525
SPDR SSGA US Small Cap Low Volatility Index ETF		36,105,089		2,841,162		34,290,248		37,131,410
SPDR Wells Fargo Preferred Stock ETF		9,780,143		10,023,208		—		10,023,208

* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following tables reflect a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2016:

SPDR Russell 3000 ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,215,249	$	—	$	—	$	—	$	1,215,249
Total Borrowings	$	1,215,249	$	—	$	—	$	—	$	1,215,249
Gross amount of recognized liabilities for securities lending transactions									$	1,215,249

417

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR Russell 1000 ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	142,131	$	—	$	—	$	—	$	142,131
Total Borrowings	$	142,131	$	—	$	—	$	—	$	142,131
Gross amount of recognized liabilities for securities lending transactions									$	142,131

SPDR Russell 2000 ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	3,847,608	$	—	$	—	$	—	$	3,847,608
Rights		2,447		—		—		—		2,447
Total	$	3,850,055	$	—	$	—	$	—	$	3,850,055
Total Borrowings	$	3,850,055	$	—	$	—	$	—	$	3,850,055
Gross amount of recognized liabilities for securities lending transactions									$	3,850,055

SPDR S&P 500 Growth ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	283,500	$	—	$	—	$	—	$	283,500
Total Borrowings	$	283,500	$	—	$	—	$	—	$	283,500
Gross amount of recognized liabilities for securities lending transactions									$	283,500

SPDR S&P 500 Value ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	54,859	$	—	$	—	$	—	$	54,859
Total Borrowings	$	54,859	$	—	$	—	$	—	$	54,859
Gross amount of recognized liabilities for securities lending transactions									$	54,859

418

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR S&P 1000 ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,312,887	$	—	$	—	$	—	$	1,312,887
Total Borrowings	$	1,312,887	$	—	$	—	$	—	$	1,312,887
Gross amount of recognized liabilities for securities lending transactions									$	1,312,887

SPDR S&P 400 Mid Cap Growth ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	3,600,941	$	—	$	—	$	—	$	3,600,941
Total Borrowings	$	3,600,941	$	—	$	—	$	—	$	3,600,941
Gross amount of recognized liabilities for securities lending transactions									$	3,600,941

SPDR S&P 400 Mid Cap Value ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,797,902	$	—	$	—	$	—	$	2,797,902
Total Borrowings	$	2,797,902	$	—	$	—	$	—	$	2,797,902
Gross amount of recognized liabilities for securities lending transactions									$	2,797,902

SPDR S&P 600 Small Cap ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	7,517,203	$	—	$	—	$	—	$	7,517,203
Total Borrowings	$	7,517,203	$	—	$	—	$	—	$	7,517,203
Gross amount of recognized liabilities for securities lending transactions									$	7,517,203

419

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR S&P 600 Small Cap Growth ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	14,626,935	$	—	$	—	$	—	$	14,626,935
Total Borrowings	$	14,626,935	$	—	$	—	$	—	$	14,626,935
Gross amount of recognized liabilities for securities lending transactions									$	14,626,935

SPDR S&P 600 Small Cap Value ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	10,598,607	$	—	$	—	$	—	$	10,598,607
Total Borrowings	$	10,598,607	$	—	$	—	$	—	$	10,598,607
Gross amount of recognized liabilities for securities lending transactions									$	10,598,607

SPDR Global Dow ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,254	$	—	$	—	$	—	$	1,254
Total Borrowings	$	1,254	$	—	$	—	$	—	$	1,254
Gross amount of recognized liabilities for securities lending transactions									$	1,254

SPDR Dow Jones REIT ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	3,902,037	$	—	$	—	$	—	$	3,902,037
Total Borrowings	$	3,902,037	$	—	$	—	$	—	$	3,902,037
Gross amount of recognized liabilities for securities lending transactions									$	3,902,037

420

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR S&P Capital Markets ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,203,893	$	—	$	—	$	—	$	1,203,893
Total Borrowings	$	1,203,893	$	—	$	—	$	—	$	1,203,893
Gross amount of recognized liabilities for securities lending transactions									$	1,203,893

SPDR S&P Regional Banking ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	8,738,477	$	—	$	—	$	—	$	8,738,477
Total Borrowings	$	8,738,477	$	—	$	—	$	—	$	8,738,477
Gross amount of recognized liabilities for securities lending transactions									$	8,738,477

SPDR Morgan Stanley Technology ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,613,757	$	—	$	—	$	—	$	2,613,757
Total Borrowings	$	2,613,757	$	—	$	—	$	—	$	2,613,757
Gross amount of recognized liabilities for securities lending transactions									$	2,613,757

SPDR S&P Dividend ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	107,866,945	$	—	$	—	$	—	$	107,866,945
Total Borrowings	$	107,866,945	$	—	$	—	$	—	$	107,866,945
Gross amount of recognized liabilities for securities lending transactions									$	107,866,945

421

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR S&P Biotech ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	247,199,795	$	—	$	—	$	—	$	247,199,795
Total Borrowings	$	247,199,795	$	—	$	—	$	—	$	247,199,795
Gross amount of recognized liabilities for securities lending transactions									$	247,199,795

SPDR S&P Health Care Equipment ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	183,715	$	—	$	—	$	—	$	183,715
Total Borrowings	$	183,715	$	—	$	—	$	—	$	183,715
Gross amount of recognized liabilities for securities lending transactions									$	183,715

SPDR S&P Homebuilders ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	46,906,387	$	—	$	—	$	—	$	46,906,387
Total Borrowings	$	46,906,387	$	—	$	—	$	—	$	46,906,387
Gross amount of recognized liabilities for securities lending transactions									$	46,906,387

SPDR S&P Metals & Mining ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	44,642,333	$	—	$	—	$	—	$	44,642,333
Total Borrowings	$	44,642,333	$	—	$	—	$	—	$	44,642,333
Gross amount of recognized liabilities for securities lending transactions									$	44,642,333

422

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR S&P Oil & Gas Equipment & Services ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	12,937,491	$	—	$	—	$	—	$	12,937,491
Total Borrowings	$	12,937,491	$	—	$	—	$	—	$	12,937,491
Gross amount of recognized liabilities for securities lending transactions									$	12,937,491

SPDR S&P Oil & Gas Exploration & Production ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	13,164,845	$	—	$	—	$	—	$	13,164,845
Total Borrowings	$	13,164,845	$	—	$	—	$	—	$	13,164,845
Gross amount of recognized liabilities for securities lending transactions									$	13,164,845

SPDR S&P Pharmaceuticals ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	18,011,400	$	—	$	—	$	—	$	18,011,400
Total Borrowings	$	18,011,400	$	—	$	—	$	—	$	18,011,400
Gross amount of recognized liabilities for securities lending transactions									$	18,011,400

SPDR S&P Retail ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	3,301,163	$	—	$	—	$	—	$	3,301,163
Total Borrowings	$	3,301,163	$	—	$	—	$	—	$	3,301,163
Gross amount of recognized liabilities for securities lending transactions									$	3,301,163

423

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR S&P Semiconductor ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	10,511,054	$	—	$	—	$	—	$	10,511,054
Total Borrowings	$	10,511,054	$	—	$	—	$	—	$	10,511,054
Gross amount of recognized liabilities for securities lending transactions									$	10,511,054

SPDR S&P Software & Services ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	663,016	$	—	$	—	$	—	$	663,016
Total Borrowings	$	663,016	$	—	$	—	$	—	$	663,016
Gross amount of recognized liabilities for securities lending transactions									$	663,016

SPDR S&P Telecom ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	1,361,837	$	—	$	—	$	—	$	1,361,837
Total Borrowings	$	1,361,837	$	—	$	—	$	—	$	1,361,837
Gross amount of recognized liabilities for securities lending transactions									$	1,361,837

SPDR S&P 1500 Value Tilt ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	6,709	$	—	$	—	$	—	$	6,709
Total Borrowings	$	6,709	$	—	$	—	$	—	$	6,709
Gross amount of recognized liabilities for securities lending transactions									$	6,709

424

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

SPDR S&P 1500 Momentum Tilt ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	18,568	$	—	$	—	$	—	$	18,568
Total Borrowings	$	18,568	$	—	$	—	$	—	$	18,568
Gross amount of recognized liabilities for securities lending transactions									$	18,568

SPDR SSGA US Small Cap Low Volatility Index ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	2,841,162	$	—	$	—	$	—	$	2,841,162
Total Borrowings	$	2,841,162	$	—	$	—	$	—	$	2,841,162
Gross amount of recognized liabilities for securities lending transactions									$	2,841,162

SPDR Wells Fargo Preferred Stock ETF

	Remaining Contractual Maturity of the Agreements As of December 31, 2016
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Preferred Stocks	$	10,023,208	$	—	$	—	$	—	$	10,023,208
Total Borrowings	$	10,023,208	$	—	$	—	$	—	$	10,023,208
Gross amount of recognized liabilities for securities lending transactions									$	10,023,208

10. Line of Credit

Certain Funds and other affiliated funds (each, a “Participant” and, collectively, the “Participants”) participate in a $360 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires October 12, 2017, unless extended or renewed. Prior to October 13, 2016, the Participants could borrow up to $360 million at any time outstanding, subject to asset coverage and other limitations as specified in the agreements. The following Funds participate in the credit facility:

SPDR Russell 3000 ETF

SPDR Russell 1000 ETF

SPDR Russell 2000 ETF

SPDR Russell 1000 Yield Focus ETF

SPDR Russell 1000 Momentum Focus ETF

SPDR Russell 1000 Low Volatility Focus ETF

SPDR S&P 500 Buyback ETF

SPDR S&P 500 Growth ETF

SPDR S&P 500 Value ETF

SPDR S&P 500 High Dividend ETF

SPDR S&P 500 Fossil Fuel Reserves Free ETF

SPDR S&P 1000 ETF

425

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

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 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 Internet 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 Technology Hardware ETF

SPDR S&P Telecom ETF

SPDR S&P Transportation ETF

SPDR S&P 1500 Value Tilt ETF

SPDR S&P 1500 Momentum Tilt ETF

SPDR SSGA US Large Cap Low Volatility Index ETF

SPDR SSGA US Small Cap Low Volatility Index ETF

SPDR MSCI USA StrategicFactors ETF

SPDR Wells Fargo Preferred Stock ETF

SPDR FactSet Innovative Technology ETF

SPDR SSGA Gender Diversity Index ETF

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate. Prior to October 13, 2016, interest was calculated at a rate per annum equal to the sum of the New York Fed Bank Rate plus 1%. The funds had no outstanding loans during the period ended December 31, 2016.

11. Risks

Concentration of Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

12. Stock Splits

The Board authorized a 2-for-1 share split for the SPDR Morgan Stanley Technology ETF, SPDR S&P Aerospace & Defense ETF, SPDR S&P Health Care Equipment ETF, SPDR S&P Health Care Services ETF, SPDR S&P Pharmaceuticals ETF, SPDR S&P Retail ETF, SPDR S&P Semiconductor ETF, SPDR S&P Software & Services ETF, and SPDR S&P Transportation ETF effective after the close of trading on September 8, 2015 for shareholders of record on September 8, 2015. The impact of the stock split was to increase the number of shares outstanding by a factor of 2, while decreasing the NAV per share by a factor of 2, resulting in no effect to the net assets of the aforementioned Funds. The Board approved a 3-for-1 share split for the SPDR S&P Biotech ETF effective after the close of trading on September 8, 2015 for shareholders of record on September 8, 2015. The impact of the stock split was to increase the number of shares outstanding by a factor of 3, while decreasing the NAV per share by a factor of 3, resulting in no effect to the net assets of the aforementioned Funds. The financial statements and financial highlights of the aforementioned Funds have been adjusted to reflect the stock splits.

426

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2016 (Unaudited)

13. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

427

SPDR SERIES TRUST

OTHER INFORMATION

December 31, 2016 (Unaudited)

Expense Example

As a shareholder of a Fund, you incur two types of costs (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and to the extent applicable, distribution (12b-1) and or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2016 to December 31, 2016.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return — This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, 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 given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return — This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

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 sales load charges (loads). Therefore, the hypothetical 5% return section of the 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.

				Actual				Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period(a)		Ending Account Value		Expenses Paid During Period(a)
SPDR Russell 3000 ETF		0.10	%	$	1,087.40	$	0.53	$	1,024.70	$	0.51
SPDR Russell 1000 ETF		0.10			1,079.90		0.52		1,024.70		0.51
SPDR Russell 2000 ETF		0.11			1,186.80		0.61		1,024.70		0.56
SPDR Russell 1000 Yield Focus ETF		0.20			1,109.40		1.06		1,024.20		1.02
SPDR Russell 1000 Momentum Focus ETF		0.20			1,070.10		1.04		1,024.20		1.02
SPDR Russell 1000 Low Volatility Focus ETF		0.20			1,061.20		1.04		1,024.20		1.02
SPDR S&P 500 Buyback ETF		0.36			1,144.10		1.95		1,023.40		1.84
SPDR S&P 500 Growth ETF		0.15			1,051.80		0.78		1,024.40		0.77
SPDR S&P 500 Value ETF		0.15			1,104.20		0.80		1,024.40		0.77
SPDR S&P 500 High Dividend ETF		0.12			1,065.70		0.62		1,024.60		0.61
SPDR S&P 500 Fossil Fuel Reserves Free ETF		0.20			1,078.80		1.05		1,024.20		1.02
SPDR S&P 1000 ETF		0.10			1,149.20		0.54		1,024.70		0.51
SPDR S&P 400 Mid Cap Growth ETF		0.15			1,085.30		0.79		1,024.40		0.77
SPDR S&P 400 Mid Cap Value ETF		0.15			1,146.30		0.81		1,024.40		0.77
SPDR S&P 600 Small Cap ETF		0.15			1,190.40		0.83		1,024.40		0.77
SPDR S&P 600 Small Cap Growth ETF		0.15			1,174.40		0.82		1,024.40		0.77

428

SPDR SERIES TRUST

OTHER INFORMATION (continued)

December 31, 2016 (Unaudited)

				Actual				Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio			Ending Account Value		Expenses Paid During Period(a)		Ending Account Value		Expenses Paid During Period(a)
SPDR S&P 600 Small Cap Value ETF		0.15	%	$	1,206.20	$	0.83	$	1,024.40	$	0.77
SPDR Global Dow ETF		0.50			1,103.20		2.65		1,022.70		2.55
SPDR Dow Jones REIT ETF		0.25			961.00		1.24		1,023.90		1.28
SPDR S&P Bank ETF		0.35			1,437.70		2.15		1,023.40		1.79
SPDR S&P Capital Markets ETF		0.35			1,254.70		1.99		1,023.40		1.79
SPDR S&P Insurance ETF		0.35			1,176.00		1.92		1,023.40		1.79
SPDR S&P Regional Banking ETF		0.35			1,456.40		2.17		1,023.40		1.79
SPDR Morgan Stanley Technology ETF		0.35			1,155.00		1.90		1,023.40		1.79
SPDR S&P Dividend ETF		0.35			1,040.60		1.80		1,023.40		1.79
SPDR S&P Aerospace & Defense ETF		0.35			1,143.50		1.89		1,023.40		1.79
SPDR S&P Biotech ETF		0.35			1,093.80		1.85		1,023.40		1.79
SPDR S&P Health Care Equipment ETF		0.35			1,052.00		1.81		1,023.40		1.79
SPDR S&P Health Care Services ETF		0.35			917.90		1.69		1,023.40		1.79
SPDR S&P Homebuilders ETF		0.35			1,012.50		1.78		1,023.40		1.79
SPDR S&P Internet ETF		0.36			1,104.40		1.91		1,023.40		1.84
SPDR S&P Metals & Mining ETF		0.35			1,255.00		1.99		1,023.40		1.79
SPDR S&P Oil & Gas Equipment & Services ETF		0.35			1,194.80		1.94		1,023.40		1.79
SPDR S&P Oil & Gas Exploration & Production ETF		0.35			1,195.60		1.94		1,023.40		1.79
SPDR S&P Pharmaceuticals ETF		0.35			937.40		1.71		1,023.40		1.79
SPDR S&P Retail ETF		0.35			1,057.90		1.82		1,023.40		1.79
SPDR S&P Semiconductor ETF		0.35			1,265.60		2.00		1,023.40		1.79
SPDR S&P Software & Services ETF		0.35			1,084.10		1.84		1,023.40		1.79
SPDR S&P Technology Hardware ETF		0.36			1,201.50		2.00		1,023.40		1.84
SPDR S&P Telecom ETF		0.35			1,194.90		1.94		1,023.40		1.79
SPDR S&P Transportation ETF		0.35			1,241.30		1.98		1,023.40		1.79
SPDR S&P 1500 Value Tilt ETF		0.13			1,132.60		0.70		1,024.60		0.66
SPDR S&P 1500 Momentum Tilt ETF		0.12			1,045.30		0.62		1,024.60		0.61
SPDR SSGA US Large Cap Low Volatility Index ETF		0.12			1,016.80		0.61		1,024.60		0.61
SPDR SSGA US Small Cap Low Volatility Index ETF		0.12			1,228.90		0.67		1,024.60		0.61
SPDR MSCI USA StrategicFactors ETF		0.15			1,063.30		0.78		1,024.40		0.77
SPDR Wells Fargo Preferred Stock ETF		0.45			943.30		2.20		1,022.90		2.29
SPDR FactSet Innovative Technology ETF		0.45			1,084.00		2.36		1,022.90		2.29
SPDR SSGA Gender Diversity Index ETF		0.20			1,050.20		1.03		1,024.20		1.02

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

429

SPDR SERIES TRUST

OTHER INFORMATION (continued)

December 31, 2016 (Unaudited)

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Fund during the past calendar year can be found at http://www.spdrs.com.

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 SEC’s website, at www.sec.gov.

Information regarding how the investment adviser 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 investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

430

SPDR Series Trust

Trustees

Bonny E. Boatman

Dwight D. Churchill

David M. Kelly

Frank Nesvet, Chairman

James E. Ross

Carl G. Verboncoeur

Officers

Ellen M. Needham, President

Bruce S. Rosenberg, Treasurer

Ann Carpenter, Vice President; Deputy Treasurer

Michael P. Riley, Vice President

Chad C. Hallett, Deputy Treasurer

Darlene Anderson-Vasquez, Deputy Treasurer

Sujata Upreti, Assistant Treasurer

Dan Foley, Assistant Treasurer

Christopher A. Madden, Secretary

Patricia A. Morisette, Assistant Secretary

Brian Harris, Chief Compliance Officer; Anti-Money Laundering Officer; Code of Ethics Compliance Officer

Joshua A. Weinberg, Chief Legal Officer

Investment Manager and Administrator

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, Sub-Administrator and Transfer Agent

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP

111 Pennsylvania Avenue NW

Washington, DC 20006

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, MA 02116

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.

SPDR^® Series Trust — Equity Funds

For more complete information, please call 866.787.2257 or

visit www.spdrs.com today.

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.

The Russell 1000^® Index, Russell 2000^® Index, Russell 3000^® Index, and Russell Small Cap Completeness^® Index are trademarks of Russell Investment Group and have been licensed for use by State Street Bank and Trust Company through its State Street Global Advisors Division. The Products are not sponsored, endorsed, sold or promoted by Russell Investment Group and Russell Investment Group makes no representation regarding the advisability of investing in the Product.

Barclays is a trademark of Barclays, Inc. and has been licensed for use in connection with the listing and trading of the SPDR Barclays ETFs. SPDR Barclays ETFs are not sponsored by, endorsed, sold or promoted by Barclays, Inc. and Barclays makes no representation regarding the advisability of investing in them.

Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

DoubleLine is a registered trademark of DoubleLine Capital LP.

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, each an unit investment trust. ALPS Portfolio Solutions Distributor, Inc. is distributor for The Select Sector SPDR Trust. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC.

Distributor: State Street Global Markets, LLC is the distributor for all registered products on behalf of the adviser. SSGA Funds Management has retained GSO Capital Partners, Nuveen Asset Management, Massachusetts Financial Services Company & DoubleLine Capital LP as sub-advisers for certain series of the Trust.

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.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

© 2016 State Street Corporation - All Rights Reserved

SPDREQTYSAR

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. Investments.

(a) A Schedule of Investments for each series of the registrant is included as a part of the reports to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable to the registrant.

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, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Bruce S. Rosenberg, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Rosenberg 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 U.S. 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(a) under the Investment Company Act of 1940, as amended, for each principal executive officer and principal financial officer of the registrant are attached.

(a)(3) Not applicable to the registrant.

(b) A single certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, 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, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SPDR® Series Trust
By:	/s/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer
Date:	March 7, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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/ Ellen M. Needham
	Ellen M. Needham
	President and Principal Executive Officer
Date:	March 7, 2017
By:	/s/ Bruce S. Rosenberg
	Bruce S. Rosenberg
	Treasurer and Principal Financial Officer
Date:	March 7, 2017