SPDR S&P Regional Banking ETF NCSR Certified annual shareholder report (management investment company)

SPDR S&P Regional Banking ETF (KRE) N-CSRCertified annual shareholder report (management investment company)

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)

Ryan M. Louvar, Esq.
State Street Bank and Trust Company
One Lincoln Street/CPH0326
Boston, Massachusetts 02111

(Name and address of agent for service)

Copy to:

W. John McGuire, Esq.
Bingham McCutchen LLP
2020 K Street, N.W.
Washington, DC 20006

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

Date of fiscal year end: June 30

Date of reporting period: June 30, 2012

TABLE OF CONTENTS


	Item 1. Reports to Shareholders
	Item 2. Code of Ethics
	Item 3. Audit Committee Financial Expert
	Item 4. Principal Accountant Fees and Services
	Item 5. Disclosure of Audit Committees for Listed Companies
	Item 6. Schedule of Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8. Portfolio Managers of Closed-End Management Investment Companies
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
	Item 10. Submission of Matters to a Vote of Security Holders
	Item 11. Controls and Procedures
	Item 12. Exhibits
SIGNATURES

Item 1. Reports to Shareholders.

SPDR^® Series Trust — Equity Funds Annual Report June 30, 2012 Precise in a world that isn’t. SM

TABLE OF CONTENTS


President’s Letter to Shareholders		1
Management’s Discussion of Fund Performance & Portfolio Summary
SPDR Dow Jones Total Market ETF (TMW)		2
SPDR Dow Jones Large Cap ETF (ELR)		6
SPDR S&P^® 500 Growth ETF (SPYG)		10
SPDR S&P 500 Value ETF (SPYV)		14
SPDR Dow Jones Mid Cap ETF (EMM)		19
SPDR S&P 400 Mid Cap Growth ETF (MDYG)		23
SPDR S&P 400 Mid Cap Value ETF (MDYV)		27
SPDR S&P 600 Small Cap ETF (SLY)		31
SPDR S&P 600 Small Cap Growth ETF (SLYG)		35
SPDR S&P 600 Small Cap Value ETF (SLYV)		39
SPDR Global Dow ETF (DGT)		43
SPDR Dow Jones REIT ETF (RWR)		47
SPDR S&P Bank ETF (KBE) (formerly SPDR KBW Bank ETF)		52
SPDR S&P Capital Markets ETF (KCE) (formerly SPDR KBW Capital Markets ETF)		56
SPDR S&P Insurance ETF (KIE) (formerly SPDR KBW Insurance ETF)		61
SPDR S&P Mortgage Finance^(SM) ETF (KME) (formerly SPDR KBW Mortgage Finance ETF)		66
SPDR S&P Regional Banking^(SM) ETF (KRE) (formerly SPDR KBW Regional Banking ETF)		70
SPDR Morgan Stanley Technology ETF (MTK)		74
SPDR S&P Dividend ETF (SDY)		78
SPDR S&P Aerospace & Defense ETF (XAR)		82
SPDR S&P Biotech ETF (XBI)		86
SPDR S&P Health Care Equipment ETF (XHE)		90
SPDR S&P Health Care Services ETF (XHS)		94
SPDR S&P Homebuilders ETF (XHB)		98
SPDR S&P Metals & Mining ETF (XME)		102
SPDR S&P Oil & Gas Equipment & Services ETF (XES)		106
SPDR S&P Oil & Gas Exploration & Production ETF (XOP)		110
SPDR S&P Pharmaceuticals ETF (XPH)		114
SPDR S&P Retail ETF (XRT)		118
SPDR S&P Semiconductor ETF (XSD)		122
SPDR S&P Software & Services ETF (XSW)		126
SPDR S&P Telecom ETF (XTL)		130
SPDR S&P Transportation ETF (XTN)		134
SPDR Wells Fargo^® Preferred Stock ETF (PSK)		138
Schedules of Investments
SPDR Dow Jones Total Market ETF (TMW)		142
SPDR Dow Jones Large Cap ETF (ELR)		153
SPDR S&P^® 500 Growth ETF (SPYG)		162
SPDR S&P 500 Value ETF (SPYV)		166
SPDR Dow Jones Mid Cap ETF (EMM)		171


SPDR S&P 400 Mid Cap Growth ETF (MDYG)		177
SPDR S&P 400 Mid Cap Value ETF (MDYV)		181
SPDR S&P 600 Small Cap ETF (SLY)		185
SPDR S&P 600 Small Cap Growth ETF (SLYG)		192
SPDR S&P 600 Small Cap Value ETF (SLYV)		197
SPDR Global Dow ETF (DGT)		203
SPDR Dow Jones REIT ETF (RWR)		206
SPDR S&P Bank ETF (KBE)		208
SPDR S&P Capital Markets ETF (KCE)		209
SPDR S&P Insurance ETF (KIE)		210
SPDR S&P Mortgage Finance ETF (KME)		211
SPDR S&P Regional Banking ETF (KRE)		212
SPDR Morgan Stanley Technology ETF (MTK)		213
SPDR S&P Dividend ETF (SDY)		214
SPDR S&P Aerospace & Defense ETF (XAR)		216
SPDR S&P Biotech ETF (XBI)		217
SPDR S&P Health Care Equipment ETF (XHE)		218
SPDR S&P Health Care Services ETF (XHS)		219
SPDR S&P Homebuilders ETF (XHB)		220
SPDR S&P Metals & Mining ETF (XME)		221
SPDR S&P Oil & Gas Equipment & Services ETF (XES)		222
SPDR S&P Oil & Gas Exploration & Production ETF (XOP)		223
SPDR S&P Pharmaceuticals ETF (XPH)		224
SPDR S&P Retail ETF (XRT)		225
SPDR S&P Semiconductor ETF (XSD)		227
SPDR S&P Software & Services ETF (XSW)		228
SPDR S&P Telecom ETF (XTL)		230
SPDR S&P Transportation ETF (XTN)		231
SPDR Wells Fargo^® Preferred Stock ETF (PSK)		232
Financial Statements		236
Financial Highlights		266
Notes to Financial Statements		286
Report of Independent Registered Public Accounting Firm		307
Other Information		308

President’s Letter to Shareholders

Dear Shareholders:

The global recovery continued this year, but in an inconsistent and unpredictable, two steps forward and one step back fashion. After action from the European Central Bank and general economic resilience resulted in a solid first quarter in 2012, crippling debt pushing more European countries into recession, continued high unemployment in the United States, and weak industrial production in China prompted markets to retreat in April and May. Then the Standard & Poor’s 500 Index posted its biggest June rally since 1999. Yet, with turmoil from the eurozone debt crisis continuing to unfold and the U.S approaching a fiscal cliff amid a too-close-to-call presidential election, sustainable global growth may remain elusive.

In such an uncertain economic environment, investors are increasingly interested in taking a more active role in controlling risk and pursuing opportunities. With this in mind, the inherent benefits of Exchange Traded Funds (ETFs) — transparency, low costs, and liquidity — have become more important to investors seeking to more precisely position their portfolios.

As part of our continued commitment to provide the products you need to help achieve your investment goals, whether your focus is on income, capital preservation or growth, State Street Global Advisors launched a number of new SPDR ETFs since July 2011, including the following:

New Equity SPDRs

To enable investors to more precisely target sectors of the market, new equity funds include the SPDR S&P Aerospace & Defense ETF (Ticker Symbol: XAR), the SPDR S&P Health Care Services ETF (Ticker Symbol: XAR) and the SPDR S&P Software & Services ETF (Ticker Symbol: XSW).

New Fixed Income SPDRs

The SPDR Barclays Capital Investment Grade Floating Rate ETF (Ticker Symbol: FLRN) offers exposure to the one-month to 5-years segment of investment grade floating rate notes. The SPDR Barclays Capital Short Term Treasury ETF (Ticker Symbol: SST) is designed to track the 1-5 year segment of the U.S. treasury market while the SPDR Barclays Capital Short Term High Yield Bond ETF (Ticker Symbol: SJNK) provides exposure to high yield bonds with less than 5 years to maturity. The SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (Ticker Symbol: EMCD) provides exposure to U.S. dollar-denominated emerging market corporate debt while the SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (Ticker Symbol: XOVR) is designed to track U.S. corporate bonds that are at the crossover point between investment grade and high yield.

We take great pride in these new additions to our SPDR family. You will find additional information on the SPDR Series Trust Exchange Traded Funds, including Management’s Discussion of Fund Performance, in the enclosed June 30, 2012 Annual Report.

On behalf of the SPDR Series Trust, I thank you for your continued support.

Sincerely,

James Ross

President

SPDR Dow Jones Total Market ETF —
Management’s Discussion of Fund Performance

The SPDR Dow Jones Total Market ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks a broad universe of exchange traded U.S. equity securities. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 4.16%, and the total return for the Dow Jones U.S. Total Stock Market Index (the “Index”) was 3.97%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed to expenses of managing the Fund and slight variations between the Fund’s holdings and the Index constituents.

Overall the Fund stayed in positive territory for the one year return. The Fund began the one-year Reporting Period with a negative return for the third quarter of 2011. Weak payroll data in July, 2011 prevented respectable second-quarter earnings reports from boosting share prices in sustainable fashion, especially as negotiations on expansion of the US debt ceiling grew increasingly rancorous. The Fund rebounded with positive returns in the fourth quarter of 2011 and quarter one of 2012. Although volatilities were increased, US equity prices stabilized in September, 2011 as the Federal Reserve made a commitment to hold interest rates at minimal levels well into 2013. Hopes for progress in the Eurozone debt situation led to an improved outlook and higher equity prices in October. Stocks in the US began 2012 with an impressive uptrend, as ample liquidity and defensive positioning fostered equity investment. Solid quarterly earnings reports, declining jobless claims, and rallying consumer confidence, provided an encouraging fundamental backdrop. As major financial institutions passed stress tests in mid-March, US equities seemed to acquire additional cachet as a haven from funding strains in Europe and slowdown concerns in Asia. Stocks stumbled in early April when March payroll figures came in much lower than expected, but another season of solid earnings reports allowed them to recover their equilibrium within the month. Equity performance in May reflected the challenges of higher unemployment figures in the US and growing concerns that Greece might wind up leaving the Eurozone. Despite mild disappointment that the Federal Reserve did not announce more outright asset purchases, US equities still ended the second quarter of 2012 strong after Europe outlined cooperative plans to recapitalize troubled Eurozone banks.

On an individual security level, the top positive contributors to the Fund’s performance were Apple, Inc., Phillip Morris International, Inc. and Microsoft Corp. Apple had robust iPhone sales and solid iPhone and Mac growth. Phillip Morris International was rewarded for strong innovation, brand thinking, and market reach compared to its peers. Also helping Philip Morris is a larger share repurchase. Microsoft’s revenue excluding deferrals was up from last year, exceeding estimates. The top negative contributors to the Fund’s performance were Hewlett-Packard Co., Bank of America Corp., and Citigroup, Inc. Hewlett-Packard Co. is being hit by softness in the consumer PC market with volumes continuing to decline as well as the strategy to reduce headcount by the end of Fiscal Year 2013. Citigroup posted a large loss in the second quarter of calendar year 2012 from the sale of its stake in Akbank, and revenues were down significantly in its Securities and Banking lines. Bank of America’s total net revenues fell in 2011.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

SPDR Dow Jones Total Market ETF —
Performance Summary

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Total Market ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.20%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		4.16%		4.17%		3.97%		4.16%		4.17%		3.97%

THREE YEARS		58.65%		58.45%		59.91%		16.63%		16.58%		16.94%

FIVE YEARS		2.64%		2.64%		2.96%		0.52%		0.52%		0.58%

TEN YEARS (1)		68.89%		68.75%		81.13%		5.38%		5.37%		6.12%


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

The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to June 14, 2005.

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

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


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

The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to June 14, 2005.

SPDR Dow Jones Total Market ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




				INTERNATIONAL
				BUSINESS
DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	MICROSOFT CORP.	MACHINES CORP.	GENERAL ELECTRIC CO.

MARKET VALUE	$15,001,792	12,244,297	6,839,159	6,648,547	6,323,502

% OF NET ASSETS	3.5	2.9	1.6	1.6	1.5

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		8.4	%
Pharmaceuticals		5.4
Computers & Peripherals		4.8
Software		3.8
Media		3.7
Insurance		3.7
IT Services		3.4
Commercial Banks		3.2
Real Estate Investment Trusts		3.0
Specialty Retail		2.6
Diversified Telecommunication Services		2.6
Semiconductors & Semiconductor Equipment		2.5
Health Care Providers & Services		2.4
Machinery		2.4
Diversified Financial Services		2.4
Aerospace & Defense		2.3
Chemicals		2.3
Food & Staples Retailing		2.2
Hotels, Restaurants & Leisure		2.2
Beverages		2.2
Industrial Conglomerates		2.2
Biotechnology		2.1
Household Products		1.9
Tobacco		1.8
Electric Utilities		1.8
Health Care Equipment & Supplies		1.8
Communications Equipment		1.8
Energy Equipment & Services		1.8
Capital Markets		1.7
Food Products		1.6
Internet Software & Services		1.6
Road & Rail		1.1
Multi-Utilities		1.0
Multiline Retail		0.9
Metals & Mining		0.9
Internet & Catalog Retail		0.9
Electronic Equipment, Instruments & Components		0.8
Air Freight & Logistics		0.8
Consumer Finance		0.8
Electrical Equipment		0.6
Life Sciences Tools & Services		0.6
Textiles, Apparel & Luxury Goods		0.6
Commercial Services & Supplies		0.5
Household Durables		0.5
Auto Components		0.3
Automobiles		0.3
Wireless Telecommunication Services		0.3
Paper & Forest Products		0.3
Personal Products		0.3
Professional Services		0.2
Diversified Consumer Services		0.2
Construction & Engineering		0.2
Trading Companies & Distributors		0.2
Thrifts & Mortgage Finance		0.2
Leisure Equipment & Products		0.2
Building Products		0.2
Airlines		0.2
Independent Power Producers & Energy Traders		0.2
Distributors		0.1
Office Electronics		0.1
Containers & Packaging		0.1
Real Estate Management & Development		0.1
Construction Materials		0.1
Water Utilities		0.1
Gas Utilities		0.0	**
Marine		0.0	**
Short Term Investments		6.2
Other Assets & Liabilities		(5.7	)

TOTAL		100.0	%


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

SPDR Dow Jones Large Cap ETF —
Management’s Discussion of Fund Performance

The SPDR^® Dow Jones Large Cap ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of large capitalization exchange traded U.S. equity securities. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended (the “Reporting Period”), the total return for the Fund was 4.69%, and the total return for the Index was 4.77%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed to the expenses of managing the Fund and slight variations between the Fund’s holdings and the Index constituents.

The Fund experienced negative performance for the first quarter of the Reporting period as weak payroll data in July prevented respectable second-quarter earnings reports from boosting share prices in sustainable fashion. Also weighing on performance were negotiations on expansion of the US debt ceiling which grew increasingly bitter. The Fund experienced positive performance over the next two quarters with particularly strong performance in October 2011 and January 2012. These positive returns were achieved as sentiment regarding the US economy steadily healed during the fourth calendar quarter of 2011 and first calendar quarter of 2012. The Fund experienced another period of negative performance for the quarter ended June 30, 2012. During this period, stocks stumbled in early April when March payroll figures came in much lower than expected. Another season of solid earnings reports allowed the Fund to recover near equilibrium within the month. The Fund experienced the worst performance month of the quarter in May as a new set of poor employment figures and elections in Europe fostered growing concerns that Greece might wind up leaving the Eurozone. Despite mild disappointment that the Federal Reserve did not announce more outright asset purchases, the Fund ended the second quarter strong after Europe outlined cooperative plans to recapitalize troubled eurozone banks.

On an individual security level, the top contributors to the Fund were Apple, Inc., Philip Morris International, Inc., Microsoft Corp. and Exxon Mobil Corp. Apple had robust iPhone sales and solid iPhone and Mac growth. Phillip Morris International was rewarded for strong innovation, brand thinking, and market reach compared to its peers. Microsoft’s revenue excluding deferrals was up from last year, exceeding estimates. The top negative performers in the Fund were Citigroup, Inc., Hewlett-Packard Co., and Bank of America, Corp. Hewlett-Packard is being hit by softness in the consumer PC market with volumes continuing to decline. Citigroup posted a large loss in the second quarter of calendar year 2012 from the sale of its stake in Akbank, and revenues were down significantly in its Securities and Banking lines. Bank of America’s total net revenues fell in 2011.

SPDR Dow Jones Large Cap ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Large Cap ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.20%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		4.69%		4.69%		4.77%		4.69%		4.69%		4.77%

THREE YEARS		57.47%		57.41%		58.20%		16.34%		16.32%		16.52%

FIVE YEARS		2.13%		2.21%		2.36%		0.42%		0.44%		0.47%

SINCE INCEPTION (1)		29.80%		29.78%		30.56%		4.00%		4.00%		4.08%


(1)		For the period November 8, 2005 to June 30, 2012.

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

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

SPDR Dow Jones Large Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




					INTERNATIONAL BUSINESS
DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	MICROSOFT CORP.	GENERAL ELECTRIC CO.	MACHINES CORP.

MARKET VALUE	$1,684,840	1,245,215	713,665	685,240	670,057

% OF NET ASSETS	4.1	3.0	1.7	1.7	1.6

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		8.8	%
Pharmaceuticals		5.8
Computers & Peripherals		5.2
Insurance		3.9
Software		3.8
IT Services		3.7
Media		3.5
Diversified Telecommunication Services		2.8
Commercial Banks		2.8
Real Estate Investment Trusts		2.7
Diversified Financial Services		2.7
Beverages		2.5
Industrial Conglomerates		2.5
Chemicals		2.5
Specialty Retail		2.3
Semiconductors & Semiconductor Equipment		2.3
Food & Staples Retailing		2.3
Aerospace & Defense		2.2
Electric Utilities		2.1
Hotels, Restaurants & Leisure		2.0
Household Products		2.0
Health Care Providers & Services		2.0
Internet Software & Services		1.9
Tobacco		1.9
Machinery		1.8
Food Products		1.8
Health Care Equipment & Supplies		1.8
Capital Markets		1.7
Energy Equipment & Services		1.7
Communications Equipment		1.7
Biotechnology		1.5
Multi-Utilities		1.3
Internet & Catalog Retail		1.1
Road & Rail		0.9
Consumer Finance		0.9
Metals & Mining		0.8
Multiline Retail		0.8
Air Freight & Logistics		0.8
Textiles, Apparel & Luxury Goods		0.6
Electrical Equipment		0.6
Electronic Equipment, Instruments & Components		0.6
Life Sciences Tools & Services		0.5
Automobiles		0.4
Commercial Services & Supplies		0.4
Household Durables		0.4
Auto Components		0.3
Wireless Telecommunication Services		0.3
Professional Services		0.3
Containers & Packaging		0.2
Construction & Engineering		0.2
Paper & Forest Products		0.2
Gas Utilities		0.2
Personal Products		0.2
Trading Companies & Distributors		0.2
Airlines		0.2
Leisure Equipment & Products		0.1
Independent Power Producers & Energy Traders		0.1
Distributors		0.1
Thrifts & Mortgage Finance		0.1
Building Products		0.1
Real Estate Management & Development		0.1
Health Care Technology		0.1
Diversified Consumer Services		0.1
Office Electronics		0.1
Water Utilities		0.1
Construction Materials		0.1
Short Term Investments		18.3
Other Assets & Liabilities		(18.0	)

TOTAL		100.0	%


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

SPDR S&P 500 Growth ETF —
Management’s Discussion of Fund Performance

The SPDR S&P 500 Growth ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of large capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 7.54%, and the total return for the S&P 500 Growth Index (the “Index”) was 7.76%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The Fund underperformed the benchmark slightly due to the expenses of managing the Fund.

With its focus on growth stocks, the Fund tends to own securities which have growth factors such as sales growth, earnings change to price, and momentum. There was large uncertainty in the market over the past calendar year caused by financial concerns in Europe, a slowdown of economic activity in China, and a downgrade of the long-term US credit rating from AAA to AA+. Although earnings were respectable, poor payroll data in the first quarter of the calendar year continued the decline for the Funds’ return in first quarter. With the sentiment towards the US healing steadily in the fourth quarter the Fund regained strength and continued the momentum into the first quarter on the strength of technology, consumer, and healthcare names. In the second quarter of 2012 consumer related stocks stumbled ending the quarter on a down note but positive for the year.

On an individual security level, the top positive contributors to the Fund’s performance were Apple, Inc., Philip Morris International, Inc., and The Coca-Cola Co. Apple had robust iPhone sales and solid iPhone and Mac growth Philip Morris International was rewarded for strong innovation, brand thinking, and market reach compared to its peers. Also helping Philip Morris is a larger share repurchase. Coca-Cola Co. showed strong sales across many regions and is looking to expand to India. The top negative contributors to the Fund’s performance were Schlumberger Ltd. Freeport-McMoRan Copper & Gold, Inc., and Hewlett-Packard Co. Schlumberger Ltd. has been hurt by increasing supply costs in North America. Freeport-McMoRan Copper & Gold is dealing with labor unrest which is preventing their mines from running at full capacity and also political risks on rents to the governments. Hewlett-Packard is being hit by softness in the consumer PC market with volumes continuing to decline as well as its strategy to reduce headcount by the end of Fiscal Year 2013.

SPDR S&P 500 Growth ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 500 Growth ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.20%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P 500		NET ASSET		MARKET		S&P 500
	VALUE		VALUE		GROWTH INDEX		VALUE		VALUE		GROWTH INDEX

ONE YEAR		7.54%		7.68%		7.76%		7.54%		7.68%		7.76%

THREE YEARS (1)		66.28%		66.29%		62.02%		18.47%		18.47%		17.45%

FIVE YEARS (1)		17.52%		17.76%		16.14%		3.28%		3.32%		3.04%

TEN YEARS (1)		71.18%		72.67%		73.63%		5.52%		5.61%		5.67%


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

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

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


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

SPDR S&P 500 Growth ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




			INTERNATIONAL
			BUSINESS	JOHNSON &
DESCRIPTION	APPLE, INC.	EXXON MOBIL CORP.	MACHINES CORP.	JOHNSON	THE COCA-COLA CO.

MARKET VALUE	$17,747,760	8,318,688	7,337,966	6,026,014	5,731,171

% OF NET ASSETS	8.1	3.8	3.3	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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Computers & Peripherals		8.9	%
Oil, Gas & Consumable Fuels		8.5
Pharmaceuticals		7.3
IT Services		6.5
Software		4.9
Beverages		4.6
Chemicals		3.3
Household Products		3.2
Aerospace & Defense		2.9
Hotels, Restaurants & Leisure		2.9
Tobacco		2.8
Internet Software & Services		2.8
Health Care Equipment & Supplies		2.7
Biotechnology		2.6
Semiconductors & Semiconductor Equipment		2.4
Health Care Providers & Services		2.4
Energy Equipment & Services		2.4
Real Estate Investment Trusts		2.3
Machinery		2.0
Specialty Retail		2.0
Internet & Catalog Retail		1.8
Food Products		1.8
Food & Staples Retailing		1.6
Communications Equipment		1.6
Media		1.6
Air Freight & Logistics		1.3
Road & Rail		1.3
Textiles, Apparel & Luxury Goods		1.1
Industrial Conglomerates		1.0
Diversified Telecommunication Services		1.0
Multiline Retail		0.9
Insurance		0.8
Capital Markets		0.8
Electrical Equipment		0.7
Electric Utilities		0.6
Life Sciences Tools & Services		0.5
Consumer Finance		0.5
Multi-Utilities		0.5
Metals & Mining		0.5
Trading Companies & Distributors		0.3
Wireless Telecommunication Services		0.2
Diversified Financial Services		0.2
Personal Products		0.2
Health Care Technology		0.2
Electronic Equipment, Instruments & Components		0.2
Commercial Services & Supplies		0.2
Professional Services		0.1
Leisure Equipment & Products		0.1
Distributors		0.1
Auto Components		0.1
Diversified Consumer Services		0.1
Gas Utilities		0.1
Construction & Engineering		0.1
Automobiles		0.1
Containers & Packaging		0.1
Building Products		0.0	**
Household Durables		0.0	**
Short Term Investments		4.6
Other Assets & Liabilities		(4.3	)

TOTAL		100.0	%


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

SPDR S&P 500 Value ETF —
Management’s Discussion of Fund Performance

The SPDR S&P 500 Value ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of large capitalization exchange traded U.S. equity securities exhibiting “value” characteristics. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 2.81%, and the total return for the S&P 500 Value Index (the “Index”) was 3.00%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations and the variance primarily reflects the expenses of managing the Fund.

The first quarter of the fiscal year was not a welcoming one for the equity markets. Failure of the US government to make any headway in regard to the debt crisis loomed large throughout the quarter. In August, Standard & Poor’s weighed in by downgrading the long-term US credit rating from AAA to AA+, exacerbating these concerns and driving broad US equity averages to new 10-month lows. Value stocks, as measured by the S&P 500 Value Index, were hit particularly hard declining −16.3% during the first three months of the fiscal year. The tide quickly changed as hopes for a resolution to the significant issues facing Europe sparked the equity markets to rally as the value index rose sharply, increasing by 13% in the last three months of 2011. Stocks continued the momentum into 2012, as quarterly earnings reports were solid, and declining jobless claims and rising consumer confidence helped to backstop this momentum. More favorable credit conditions and well received bank stress test results helped financials lead value stocks to a strong first quarter of 2012. The ever increasing desire for yield also benefited value stocks during this period as they ended with another strong showing, rising an additional 13% during the period. The last quarter of the fiscal year reminded investors how volatile things can be. Stocks stumbled in April when March payroll figures disappointed, but another season of solid earnings reports did dampen the blow a bit. This too was fleeting as May brought worsening numbers from the employment front and election turmoil in Europe coupled with fears that Greece would have to exit the Eurozone didn’t help matters. This forced politicians in Europe to scramble in regard to a bailout plan and, once again, the markets reversed their course in June. The shift to cyclical stocks in the hopes that Central Banks would start to be more aggressively accommodating boosted Value stocks to a nearly 5% gain in June helping to shave off a good portion of the quarterly setback. For the quarter, the S&P Value Index returned −3.58% and this resulted in a positive 3.00% for the fiscal year despite a very bumpy ride. This equated to less than half the return of the growth stocks over the same period and a lack of exposure to Apple, which continued its meteoric rise, was a big factor in this relative shortfall.

On an individual security level, the top positive contributors to the Fund’s performance were Wells Fargo & Co., AT&T, Inc., and Pfizer, Inc. Wells Fargo benefitted from a resurgent mortgage and refinancing market thanks to continued record low rates coupled with a lack of exposure to both Europe and the investment banking business. AT&T was aided by strong smart phone sales and margins in their wireless business reaching all-time highs. Pfizer realized some significant expense cuts, underwent a sizeable share repurchase program, and sold its capsule making business, Capsugel, to KKR. The top negative contributors to the Fund’s performance were Citigroup, Inc., The Goldman Sachs Group, Inc. and Bank of America Corp. Citigroup posted a large loss in the second quarter of calendar year 2012 from the sale of its stake in Akbank, and revenues were down significantly in its Securities and Banking lines. Goldman Sachs was plagued by mounting regulatory probes and continued concerns involving the credit crisis. Bank of America’s total net revenues fell in 2011.

SPDR S&P 500 Value ETF —
Management’s Discussion of Fund Performance (continued)

SPDR S&P 500 Value ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 500 Value ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.20%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		S&P 500 VALUE INDEX		VALUE		VALUE		S&P 500 VALUE INDEX

ONE YEAR		2.81%		2.85%		3.00%		2.81%		2.85%		3.00%

THREE YEARS (1)		50.04%		49.94%		53.35%		14.48%		14.46%		15.32%

FIVE YEARS (1)		−11.52%		−11.38%		−12.72%		−2.42%		−2.39%		−2.68%

TEN YEARS (1)		58.14%		58.08%		61.32%		4.69%		4.69%		4.90%


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

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

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


	SPDR S&P
	500 Value		S&P 500
	ETF (a)		Value Index
	(1)		(b)
Jun-02		10000		10000
Jul-02		9338		9054
Aug-02		9384		9083
Sep-02		8353		8095
Oct-02		9117		8629
Nov-02		9615		9161
Dec-02		9207		8741
Jan-03		8980		8503
Feb-03		8682		8268
Mar-03		8699		8287
Apr-03		9516		8995
May-03		10077		9573
Jun-03		10287		9687
Jul-03		10296		9866
Aug-03		10343		10084
Sep-03		10305		9936
Oct-03		10725		10560
Nov-03		10775		10682
Dec-03		11555		11393
Jan-04		11792		11577
Feb-04		11977		11819
Mar-04		11741		11678
Apr-04		11558		11441
May-04		11616		11575
Jun-04		11885		11876
Jul-04		11766		11584
Aug-04		11947		11698
Sep-04		12038		11895
Oct-04		12199		12107
Nov-04		12656		12696
Dec-04		13071		13105
Jan-05		12776		12859
Feb-05		13184		13239
Mar-05		12970		13005
Apr-05		12858		12753
May-05		13036		13115
Jun-05		13125		13207
Jul-05		13400		13722
Aug-05		13347		13670
Sep-05		13548		13839
Oct-05		13272		13651
Nov-05		13750		14239
Dec-05		13788		14246
Jan-06		14138		14671
Feb-06		14285		14829
Mar-06		14463		15081
Apr-06		14810		15502
May-06		14454		15122
Jun-06		14542		15174
Jul-06		14888		15326
Aug-06		15205		15560
Sep-06		15575		15974
Oct-06		16065		16506
Nov-06		16391		16801
Dec-06		16759		17206
Jan-07		16959		17509
Feb-07		16643		17213
Mar-07		16906		17437
Apr-07		17620		18169
May-07		18240		18863
Jun-07		17873		18475
Jul-07		17134		17749
Aug-07		17402		17988
Sep-07		17998		18546
Oct-07		18035		18741
Nov-07		17241		17830
Dec-07		17044		17548
Jan-08		16340		16936
Feb-08		15588		16053
Mar-08		15520		15978
Apr-08		16180		16574
May-08		16097		16594
Jun-08		14503		14734
Jul-08		14578		14934
Aug-08		14686		15134
Sep-08		13725		14002
Oct-08		11519		11606
Nov-08		10741		10565
Dec-08		10825		10666
Jan-09		9629		9369
Feb-09		8439		8144
Mar-09		9186		8948
Apr-09		9922		9936
May-09		10586		10568
Jun-09		10540		10515
Jul-09		11315		11400
Aug-09		11807		12022
Sep-09		12144		12401
Oct-09		11901		11953
Nov-09		12612		12701
Dec-09		12683		12924
Jan-10		12384		12663
Feb-10		12684		13013
Mar-10		13445		13842
Apr-10		13700		14102
May-10		12659		12985
Jun-10		12057		12241
Jul-10		12889		13108
Aug-10		12409		12494
Sep-10		13283		13461
Oct-10		13693		13810
Nov-10		13612		13746
Dec-10		14635		14876
Jan-11		15104		15357
Feb-11		15657		15924
Mar-11		15618		15888
Apr-11		16011		16291
May-11		15716		15993
Jun-11		15382		15655
Jul-11		14833		15097
Aug-11		13918		14164
Sep-11		12882		13103
Oct-11		14330		14585
Nov-11		14283		14539
Dec-11		14538		14804
Jan-12		15247		15531
Feb-12		15877		16178
Mar-12		16409		16724
Apr-12		16188		16502
May-12		15108		15400
Jun-12		15814		16132


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

SPDR S&P 500 Value ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




					BERKSHIRE HATHAWAY,
DESCRIPTION	GENERAL ELECTRIC CO.	AT&T, INC.	WELLS FARGO & CO.	PFIZER, INC.	INC. (CLASS B)

MARKET VALUE	$3,870,092	3,663,887	3,114,468	3,019,946	2,572,314

% OF NET ASSETS	3.9	3.7	3.2	3.1	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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		9.8	%
Insurance		6.9
Commercial Banks		6.5
Diversified Financial Services		6.1
Media		5.5
Diversified Telecommunication Services		5.4
Pharmaceuticals		4.8
Industrial Conglomerates		4.8
Electric Utilities		4.1
Food & Staples Retailing		3.3
Capital Markets		3.1
Multi-Utilities		2.4
Software		2.3
Semiconductors & Semiconductor Equipment		2.1
Specialty Retail		2.1
Communications Equipment		2.1
Aerospace & Defense		2.0
Computers & Peripherals		1.8
Real Estate Investment Trusts		1.7
Machinery		1.7
Food Products		1.7
Health Care Providers & Services		1.6
Consumer Finance		1.4
Chemicals		1.2
Metals & Mining		1.1
Tobacco		1.1
Household Products		0.8
Automobiles		0.8
Energy Equipment & Services		0.8
Multiline Retail		0.7
Electronic Equipment, Instruments & Components		0.7
Hotels, Restaurants & Leisure		0.7
Internet Software & Services		0.7
IT Services		0.7
Commercial Services & Supplies		0.7
Health Care Equipment & Supplies		0.7
Beverages		0.6
Air Freight & Logistics		0.6
Paper & Forest Products		0.5
Household Durables		0.5
Auto Components		0.4
Road & Rail		0.3
Life Sciences Tools & Services		0.3
Electrical Equipment		0.3
Construction & Engineering		0.2
Containers & Packaging		0.2
Independent Power Producers & Energy Traders		0.2
Wireless Telecommunication Services		0.2
Office Electronics		0.2
Gas Utilities		0.1
Leisure Equipment & Products		0.1
Thrifts & Mortgage Finance		0.1
Airlines		0.1
Personal Products		0.1
Professional Services		0.1
Construction Materials		0.1
Real Estate Management & Development		0.1
Diversified Consumer Services		0.1
Building Products		0.1
Trading Companies & Distributors		0.1
Internet & Catalog Retail		0.1
Distributors		0.0	**
Short Term Investments		6.9
Other Assets & Liabilities		(6.5	)

TOTAL		100.0	%


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

SPDR Dow Jones Mid Cap ETF —
Management’s Discussion of Fund Performance

The SPDR Dow Jones Mid Cap ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of mid-capitalization exchange traded U.S. equity securities. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −2.73%, and the total return for the Dow Jones U.S. Mid-Cap Total Stock Market Index (the “Index”) was −2.63%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The Fund underperformed the benchmark slightly due to expenses of managing the Fund.

The volatility in the market, the downgrade of the US credit rating, soft employment data, and sluggish retail sales contributed to the Fund’s negative returns in the early part of the fiscal year. With the U.S. dollar rally, investors grew concerned with the earnings headwind that large stocks may see overseas and fled to domestic smaller cap names. In the later part of the fiscal year,, the Fund again had to deal with a sluggish economy, the banking turmoil in Europe, and strong volatility.

On an individual security level, the top positive contributors to the Fund’s performance were Seagate Technology PLC, Pharmasset, Inc., and Regeneron Pharmaceuticals, Inc. Seagate Technology increased dividends, had a repurchase authorization, and also signed long term price agreements with vendors. Pharmasset was acquired by Gildean for $11 billion, and Regeneron’s Eylea drug is increasing market shares as users of Avastin and Lucentis switch to Eylea. The top negative contributors to the Fund’s performance were Walter Energy, Inc., Dendreon Corp., and Rovi Corp. Walter Energy announced lower production guidance and increased costs. Dendreon is facing increasing pressure on its Provenge treatment from new treatments from Zytiga (Johnson and Johnson) and MDV3100 (Medivation). Rovi has experienced delays in adding new patent licensees in key growth areas and delays in launches for products and services.

SPDR Dow Jones Mid Cap ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		−2.73%		−2.77%		−2.63%		−2.73%		−2.77%		−2.63%

THREE YEARS		74.24%		74.17%		75.41%		20.33%		20.32%		20.60%

FIVE YEARS		11.15%		11.20%		11.60%		2.14%		2.15%		2.22%

SINCE INCEPTION (1)		46.62%		46.53%		47.81%		5.93%		5.92%		6.04%


(1)		For the period November 8, 2005 to June 30, 2012.

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

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

SPDR Dow Jones Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




			UNITED CONTINENTAL		CHURCH &
DESCRIPTION	DIGITAL REALTY TRUST, INC.	EQUINIX, INC.	HOLDINGS, INC.	THE MACERICH CO.	DWIGHT CO., INC.

MARKET VALUE	$367,017	361,663	356,775	347,568	342,694

% OF NET ASSETS	0.5	0.5	0.5	0.5	0.5

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Real Estate Investment Trusts		8.9	%
Insurance		6.2
Machinery		4.7
Specialty Retail		4.3
Software		3.9
Chemicals		3.5
Household Durables		3.1
Health Care Providers & Services		3.0
Commercial Banks		2.9
Oil, Gas & Consumable Fuels		2.9
IT Services		2.9
Energy Equipment & Services		2.6
Electronic Equipment, Instruments & Components		2.5
Multi-Utilities		2.4
Electric Utilities		2.3
Health Care Equipment & Supplies		2.2
Semiconductors & Semiconductor Equipment		2.1
Commercial Services & Supplies		2.1
Hotels, Restaurants & Leisure		2.0
Professional Services		2.0
Capital Markets		1.8
Metals & Mining		1.8
Media		1.6
Containers & Packaging		1.6
Gas Utilities		1.4
Internet Software & Services		1.4
Construction & Engineering		1.3
Road & Rail		1.3
Auto Components		1.2
Food Products		1.1
Textiles, Apparel & Luxury Goods		1.1
Aerospace & Defense		1.1
Biotechnology		1.0
Communications Equipment		1.0
Building Products		0.9
Diversified Consumer Services		0.9
Wireless Telecommunication Services		0.9
Electrical Equipment		0.8
Life Sciences Tools & Services		0.8
Household Products		0.8
Diversified Telecommunication Services		0.7
Thrifts & Mortgage Finance		0.7
Internet & Catalog Retail		0.6
Pharmaceuticals		0.6
Diversified Financial Services		0.6
Water Utilities		0.6
Leisure Equipment & Products		0.5
Construction Materials		0.5
Airlines		0.5
Real Estate Management & Development		0.5
Paper & Forest Products		0.5
Computers & Peripherals		0.5
Trading Companies & Distributors		0.5
Independent Power Producers & Energy Traders		0.3
Distributors		0.3
Beverages		0.3
Multiline Retail		0.3
Industrial Conglomerates		0.3
Personal Products		0.2
Marine		0.2
Health Care Technology		0.1
Office Electronics		0.1
Automobiles		0.1
Short Term Investments		12.7
Other Assets & Liabilities		(12.5	)

TOTAL		100.0	%


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

SPDR^® S&P 400 Mid Cap Growth ETF —
Management’s Discussion of Fund Performance

The SPDR^® S&P 400 Mid Cap Growth ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of medium capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. In seeking to track the performance of the S&P Mid Cap 400 Growth Index^SM (the “Index”), the Fund employs a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −3.66%, and the total return for the Index was −3.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Normal variations in performance were attributable to Fund expenses and slight variations between the Fund’s holdings and the Index constituents.

Mid cap growth stocks began the reporting period down nearly 19% for the third quarter of 2011. Weak payroll data in July 2011 prevented respectable second-quarter earnings reports from boosting share prices in sustainable fashion, especially as negotiations on expansion of the US debt ceiling grew increasingly rancorous. As well, passage of a new debt limit in early August reminded investors that government largesse could face serious constraints for the foreseeable future. Standard & Poor’s downgraded the U.S. long-term credit rating from AAA to AA+, exacerbating these concerns and driving broad U.S. equity averages downward.

The Fund rebounded with very strong returns in the fourth quarter of 2011 and the first quarter of 2012. Strong consumer spending on technology products benefitted the growth oriented Information Technology and Telecommunication Services Sectors. Stocks in the U.S. fared well as ample liquidity and defensive positioning fostered equity investment. Solid quarterly earnings reports, declining jobless claims, and rallying consumer confidence provided an encouraging fundamental backdrop. As major financial institutions passed stress tests in mid-March, U.S. equities seemed to acquire additional cachet as a haven from funding strains in Europe and slowdown concerns in Asia. Higher levels of liquidity created a more favorable backdrop for growth stocks.

Stocks stumbled in early April when March payroll figures came in much lower than expected, but another season of solid earnings reports allowed them to recover their equilibrium within the month. May’s negative return reflected the challenges of higher unemployment figures in the U.S. and growing concerns that Greece might wind up leaving the Eurozone. The second quarter of 2012 performance for mid cap growth was down nearly 6%.

On an individual constituent level, the top contributors to the Fund were Regeneron Pharmaceuticals, Inc., Equinix, Inc., and Monster Beverage Corp. Regeneron’s Eylea drug gained significant market share from users of Avastin and Lucentis. Equinix’s earnings surged due to improved bookings amid strong demand for cloud and digital media services. Monster experienced strong sales of alternative beverages as it gained significant market share from Red Bull. The top negative performers were Green Mountain Coffee Roasters, Inc., Polycom, Inc., and Rovi Corp. Green Mountain Coffee’s increasing prices and expiring K-Cup patents hurt its stock price. Poylcom experienced low growth in its enterprise wireless business and missed sales guidance in 2011. Rovi has experienced delays in adding new patent licenses in key growth areas and has experienced delays in product launches.

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 400 Mid Cap Growth ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P MIDCAP 400		NET ASSET		MARKET		S&P MIDCAP 400
	VALUE		VALUE		GROWTH INDEX		VALUE		VALUE		GROWTH INDEX

ONE YEAR		−3.66%		−3.68%		−3.70%		−3.66%		−3.68%		−3.70%

THREE YEARS (1)		77.22%		77.03%		74.28%		21.01%		20.97%		20.34%

FIVE YEARS (1)		19.67%		19.63%		22.41%		3.66%		3.65%		4.13%

SINCE INCEPTION (1) (2)		58.11%		57.94%		52.39%		7.14%		7.12%		6.52%


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the S&P MidCap 400 Growth Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.
(2)		For the period November 8, 2005 to June 30, 2012.

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

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


	SPDR S&P
	400 Mid
	Cap Growth		S&P MidCap
	ETF (a)		400 Growth
	(1)		Index (b)
11/8/2005		10000		10000
11/30/05		10327		10243
12/31/05		10438		10360
1/31/06		11007		10934
2/28/06		10942		10749
3/31/06		11426		10999
4/30/06		11469		11071
5/31/06		10834		10508
6/30/06		10810		10518
7/31/06		10326		10142
8/31/06		10549		10217
9/30/06		10706		10343
10/31/06		11048		10729
11/30/06		11571		11095
12/31/06		11620		10963
1/31/07		12062		11395
2/28/07		12090		11424
3/31/07		12204		11613
4/30/07		12698		11993
5/31/07		13342		12670
6/30/07		13213		12452
7/31/07		12787		11987
8/31/07		12814		12120
9/30/07		13338		12547
10/31/07		13830		12989
11/30/07		13016		12427
12/31/07		12902		12443
1/31/08		12127		11543
2/29/08		11948		11492
3/31/08		11626		11317
4/30/08		12395		12234
5/31/08		13060		12965
6/30/08		12307		12304
7/31/08		11976		11893
8/31/08		12099		12051
9/30/08		10334		10493
10/31/08		7989		8217
11/30/08		7145		7418
12/31/08		7541		7764
1/31/09		7249		7306
2/28/09		6696		6716
3/31/09		7321		7368
4/30/09		8557		8403
5/31/09		8948		8700
6/30/09		8922		8747
7/31/09		9777		9456
8/31/09		10136		9770
9/30/09		10906		10368
10/31/09		10391		10015
11/30/09		10875		10378
12/31/09		11717		10953
1/31/10		11139		10526
2/28/10		11719		11112
3/31/10		12612		11986
4/30/10		13025		12439
5/31/10		12118		11604
6/30/10		11318		10876
7/31/10		12144		11627
8/31/10		11525		11107
9/30/10		12946		12484
10/31/10		13472		12970
11/30/10		13967		13555
12/31/10		14845		14300
1/31/11		15044		14494
2/28/11		15814		15241
3/31/11		16295		15708
4/30/11		16859		16256
5/31/11		16686		16091
6/30/11		16411		15830
7/31/11		15905		15341
8/31/11		14828		14298
9/30/11		13331		12849
10/31/11		15101		14560
11/30/11		14934		14402
12/31/11		14686		14162
1/31/12		15689		15138
2/29/12		16469		15895
3/31/12		16748		16161
4/30/12		16732		16148
5/31/12		15677		15131
6/30/12		15811		15239


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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	REGENERON			CHURCH &
DESCRIPTION	PHARMACEUTICALS, INC.	EQUINIX, INC.	AMETEK, INC.	DWIGHT CO., INC.	PETSMART, INC.

MARKET VALUE	$977,152	927,959	886,402	851,520	816,864

% OF NET ASSETS	1.6	1.5	1.4	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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Real Estate Investment Trusts		10.2	%
Software		7.1
Machinery		5.4
Specialty Retail		5.3
IT Services		4.9
Health Care Equipment & Supplies		4.6
Health Care Providers & Services		4.5
Energy Equipment & Services		3.3
Biotechnology		3.1
Textiles, Apparel & Luxury Goods		2.7
Electrical Equipment		2.5
Oil, Gas & Consumable Fuels		2.4
Chemicals		2.4
Internet Software & Services		2.4
Food Products		2.3
Electronic Equipment, Instruments & Components		2.1
Road & Rail		2.1
Semiconductors & Semiconductor Equipment		1.9
Household Products		1.8
Commercial Banks		1.8
Containers & Packaging		1.7
Commercial Services & Supplies		1.6
Hotels, Restaurants & Leisure		1.5
Metals & Mining		1.5
Life Sciences Tools & Services		1.4
Capital Markets		1.3
Aerospace & Defense		1.3
Trading Companies & Distributors		1.3
Communications Equipment		1.2
Electric Utilities		1.1
Diversified Financial Services		1.0
Pharmaceuticals		1.0
Insurance		1.0
Distributors		0.9
Leisure Equipment & Products		0.9
Media		0.8
Household Durables		0.8
Gas Utilities		0.8
Professional Services		0.7
Diversified Consumer Services		0.7
Multi-Utilities		0.6
Auto Components		0.5
Airlines		0.4
Diversified Telecommunication Services		0.4
Health Care Technology		0.4
Marine		0.3
Construction Materials		0.3
Water Utilities		0.3
Office Electronics		0.3
Industrial Conglomerates		0.3
Paper & Forest Products		0.3
Building Products		0.2
Internet & Catalog Retail		0.1
Computers & Peripherals		0.1
Short Term Investments		13.6
Other Assets & Liabilities		(13.4	)

TOTAL		100.0	%


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

SPDR^® S&P 400 Mid Cap Value ETF —
Management’s Discussion of Fund Performance

The SPDR^® S&P 400 Mid Cap Value ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of medium capitalization exchange traded U.S. equity securities exhibiting “value” characteristics. In seeking to track the performance of the S&P Mid Cap 400 Value Index^SM (the “Index”), the Fund employs a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −0.82 %, and the total return for the Index was −0.86%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Mid cap value stocks began the reporting period down nearly 21% for the third quarter of 2011. Weak payroll data in July 2011 prevented respectable second-quarter earnings reports from boosting share prices in sustainable fashion, especially as negotiations on expansion of the U.S. debt ceiling grew increasingly rancorous. As well, passage of a new debt limit in early August reminded investors that government largesse could face serious constraints for the foreseeable future. Standard & Poor’s downgraded the U.S. long-term credit rating from AAA to AA+, exacerbating these concerns and driving broad U.S. equity averages downward.

The Fund rebounded with very strong returns in the fourth quarter of 2011 and the first quarter of 2012. Stocks in the U.S. fared well as ample liquidity and defensive positioning fostered equity investment. One noteworthy value-related theme that enjoyed an outstanding fourth quarter was homebuilding, which took kindly to nascent improvement in housing starts and existing home sales. As well, solid quarterly earnings reports, declining jobless claims, and rallying consumer confidence provided an encouraging fundamental backdrop. Major financial institutions passed stress tests in mid-March and these improving fundamentals in the value-driven Financials Sector further propelled the valuations of value stocks. Moreover, U.S. equities seemed to acquire additional cachet as a haven from funding strains in Europe and slowdown concerns in Asia.

On an individual constituent level, the top contributors to the Fund were Skyworks Solutions, Inc., Fortune Brands Home & Security, Inc., and Lender Processing Services, Inc. Skyworks experienced tremendous sales in its chips that enable wireless capabilities in cell phones and tablets. Fortune Brands Home and Security products benefitted from improved growth in new housing construction. Lender Processing Services generated strong sales and free cash flow through a surge in mortgage activity. The top negative performers were Patriot Coal Corp., Arch Coal, Inc., and Eastman Kodak Co. Patriot Coal and Arch Coal both suffered as global coal output declined due to a combination of low prices driven by cheap alternatives, weak demand, and cost of currency headwinds. Eastman Kodak’s 1,100 patents are for sale as part of the firm’s bankruptcy proceedings as the firm struggles to pay creditors.

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 400 Mid Cap Value ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P MIDCAP 400 VALUE

NET ASSET

MARKET

S&P MIDCAP 400 VALUE

VALUE

INDEX

VALUE

INDEX

ONE YEAR

−0.82%

−0.98%

−0.86%

−0.82%

−0.98%

−0.86%

THREE YEARS (1)

67.70%

67.50%

66.07%

18.81%

18.76%

18.42%

FIVE YEARS (1)

−0.20%

−0.34%

5.00%

−0.04%

−0.07%

0.98%

SINCE INCEPTION (1) (2)

31.09%

30.88%

36.88%

4.16%

4.13%

4.82%


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the S&P MidCap 400 Value Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.
(2)		For the period November 8, 2005 to June 30, 2012.

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

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


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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		VERTEX	NEW YORK COMMUNITY	EVEREST RE
DESCRIPTION	HOLLYFRONTIER CORP.	PHARMACEUTICALS, INC.	BANCORP, INC.	GROUP, LTD.	ASHLAND, INC.

MARKET VALUE	$297,399	225,134	224,049	221,572	220,752

% OF NET ASSETS	1.4	1.0	1.0	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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Real Estate Investment Trusts		9.4	%
Insurance		8.4
Commercial Banks		6.6
Machinery		5.5
Specialty Retail		4.6
Health Care Providers & Services		3.8
Chemicals		3.7
Electric Utilities		3.5
Oil, Gas & Consumable Fuels		3.1
Electronic Equipment, Instruments & Components		3.1
Capital Markets		3.0
Household Durables		2.7
Semiconductors & Semiconductor Equipment		2.3
Gas Utilities		2.1
Construction & Engineering		2.0
Energy Equipment & Services		1.9
Software		1.9
Commercial Services & Supplies		1.8
Multi-Utilities		1.8
Food Products		1.8
Metals & Mining		1.8
IT Services		1.7
Media		1.6
Hotels, Restaurants & Leisure		1.6
Thrifts & Mortgage Finance		1.5
Aerospace & Defense		1.3
Containers & Packaging		1.2
Computers & Peripherals		1.2
Road & Rail		1.2
Diversified Consumer Services		1.0
Biotechnology		1.0
Health Care Equipment & Supplies		0.9
Professional Services		0.9
Building Products		0.9
Electrical Equipment		0.8
Internet Software & Services		0.8
Communications Equipment		0.6
Food & Staples Retailing		0.6
Real Estate Management & Development		0.6
Marine		0.5
Paper & Forest Products		0.5
Textiles, Apparel & Luxury Goods		0.5
Trading Companies & Distributors		0.5
Household Products		0.4
Wireless Telecommunication Services		0.4
Industrial Conglomerates		0.3
Construction Materials		0.3
Multiline Retail		0.3
Water Utilities		0.3
Air Freight & Logistics		0.3
Diversified Telecommunication Services		0.3
Airlines		0.2
Automobiles		0.2
Tobacco		0.2
Life Sciences Tools & Services		0.2
Internet & Catalog Retail		0.1
Diversified Financial Services		0.1
Short Term Investments		27.5
Other Assets & Liabilities		(27.3	)

TOTAL		100.0	%


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

SPDR S&P 600 Small Cap ETF —
Management’s Discussion of Fund Performance

The SPDR S&P 600 Small Cap ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of small capitalization exchange traded U.S. equity securities. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 1.35%, and the total return for the S&P SmallCap 600 Growth Index (the “Index”) was 1.43%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The Fund underperformed the benchmark slightly due to the expenses of managing the Fund.

With its focus on small cap names the Fund tends to focus on the on the small-capitalization sector in the U.S. equity market. The Fund fell as a weak growth outlook and a flatter yield curve suggested brisker headwinds for smaller companies, whose shares prices lagged as stock exchange breadth deteriorated and investors looked to hide in shares of larger and more stable businesses. The U.S. dollar rally in the fourth quarter of the calendar year caused investors to flee large cap names overseas and stay in more domestically focused smaller firms which helped lead to the Funds’ positive return. While the continuation of the sluggish US activity and banking turmoil in Europe drove hopes for a more aggressive policy, small stocks attracted renewed interest. With this renewed interest small cap names were able to recover some ground in June but still ended the quarter slightly down.

On an individual security level, the top positive contributors to the Fund’s performance were Questcor Pharmaceuticals, Inc., Delphi Financial Group, and Extra Space Storage, Inc. Questcor is expanding into the field of Rheumatalogy. Delphi Financial Group benefited from its acquisition by Tokio Marine. Extra Space Storage has seen same store net operating income increase and same store revenue increase. The top negative contributors to the Fund’s performance were Diamond Foods, Inc., Lufkin Industries, Inc., and Crocs, Inc. Diamond Foods’ CEO and CFO were both placed on administrative leave after payments to walnut growers were improperly accounted for. For Lufkin Industries, there is concern in regard to having no long term contracts with the vendors that Lufkin uses to create its products. For Crocs there is concern regarding its small retail business and long term sales may slow as its backlog continues to decelerate.

SPDR S&P 600 Small Cap ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 600 Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.20%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET				NET ASSET		MARKET
	VALUE		VALUE		S&P SMALLCAP 600 INDEX		VALUE		VALUE		S&P SMALLCAP 600 INDEX

ONE YEAR		1.35%		1.39%		1.43%		1.35%		1.39%		1.43%

THREE YEARS (1)		77.50%		77.72%		71.84%		21.08%		21.13%		19.78%

FIVE YEARS (1)		13.66%		13.77%		9.52%		2.59%		2.61%		1.83%

SINCE INCEPTION (1) (2)		50.42%		50.53%		38.75%		6.34%		6.35%		5.04%


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the S&P SmallCap 600 Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.
(2)		For the period November 8, 2005 to June 30, 2012.

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

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


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

SPDR S&P 600 Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		QUESTCOR	EXTRA SPACE	SALIX	TANGER FACTORY
DESCRIPTION	KILROY REALTY CORP.	PHARMACEUTICALS, INC.	STORAGE, INC.	PHARMACEUTICALS, LTD.	OUTLET CENTERS, INC.

MARKET VALUE	$1,243,459	1,210,571	1,196,766	1,188,970	1,119,378

% OF NET ASSETS	0.7	0.7	0.7	0.6	0.6

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Real Estate Investment Trusts		8.3	%
Commercial Banks		6.2
Semiconductors & Semiconductor Equipment		4.9
Specialty Retail		4.8
Electronic Equipment, Instruments & Components		4.0
Machinery		3.6
Software		3.6
Health Care Equipment & Supplies		3.5
Hotels, Restaurants & Leisure		3.2
Health Care Providers & Services		3.1
Commercial Services & Supplies		2.6
Food Products		2.5
Pharmaceuticals		2.5
Chemicals		2.5
Insurance		2.4
Energy Equipment & Services		2.2
Textiles, Apparel & Luxury Goods		2.2
Aerospace & Defense		2.1
Gas Utilities		2.0
Internet Software & Services		1.9
IT Services		1.9
Oil, Gas & Consumable Fuels		1.8
Electrical Equipment		1.7
Communications Equipment		1.5
Household Durables		1.4
Metals & Mining		1.3
Food & Staples Retailing		1.3
Building Products		1.3
Electric Utilities		1.2
Capital Markets		1.2
Diversified Consumer Services		1.1
Paper & Forest Products		1.1
Professional Services		1.0
Thrifts & Mortgage Finance		1.0
Biotechnology		0.9
Computers & Peripherals		0.9
Consumer Finance		0.9
Road & Rail		0.8
Leisure Equipment & Products		0.8
Multi-Utilities		0.8
Construction & Engineering		0.8
Life Sciences Tools & Services		0.7
Media		0.7
Construction Materials		0.6
Trading Companies & Distributors		0.5
Air Freight & Logistics		0.5
Distributors		0.4
Diversified Telecommunication Services		0.4
Health Care Technology		0.4
Airlines		0.3
Auto Components		0.3
Personal Products		0.3
Household Products		0.3
Beverages		0.2
Internet & Catalog Retail		0.2
Multiline Retail		0.2
Water Utilities		0.2
Containers & Packaging		0.1
Diversified Financial Services		0.1
Wireless Telecommunication Services		0.1
Industrial Conglomerates		0.1
Real Estate Management & Development		0.1
Tobacco		0.1
Automobiles		0.1
Short Term Investments		19.6
Other Assets & Liabilities		(19.3	)

TOTAL		100.0	%


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

SPDR S&P 600 Small Cap Growth ETF —
Management’s Discussion of Fund Performance

The SPDR S&P 600 Small Cap Growth ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of small capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 1.07%, and the total return for the S&P Small Cap 600 Growth Index (the “Index”) was 1.18%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed to fund expenses and slight variations between the Fund’s holdings and the Index constituents.

Overall the Fund stayed in positive territory for the 1 year return with the most outperformance coming in the fourth quarter of 2011 and 1Q12, specifically October 2011 and January 2012. The Fund posted negative returns in third quarter of 2011, posting the worst performance of the one year return. The negative performance for this quarter was driven mostly by concerns about the slowdown of global growth, the debt crisis in Europe, and the deficit in the US. Hopes for progress in Europe helped the dour equity sentiment that had taken hold during August and September to reverse sharply in October. The fund posted its best return in the fourth quarter of 2011 on better than forecast macroeconomic data. The first quarter of 2012 was similar to the fourth quarter of 2011 in terms of positive returns driven by better than expected macroeconomic data and positive developments around the European sovereign debt crisis. Stocks in the US began 2012 with an impressive uptrend, as ample liquidity and defensive positioning fostered persistent share buying. Quarterly earnings reports were solid, and a steady drumbeat of auspicious economic news, including declining jobless claims and rallying consumer confidence, provided an encouraging fundamental backdrop. When the results of stress tests on major financial institutions arrived in mid-March, demonstrating that a solid majority of the largest banks could withstand even severe market dislocations, US equities seemed to acquire additional cachet as a haven from funding strains in Europe and slowdown concerns in Asia. Stocks stumbled in early April when March payroll figures came in much lower than expected, but another season of solid earnings reports allowed them to recover their equilibrium within the month. The stability quickly vanished when May brought a new set of poor employment figures and elections in Europe fostered growing concerns that Greece might wind up leaving the eurozone. Despite mild disappointment that the Federal Reserve did not announce more outright asset purchases, US equities still ended the second calendar quarter strong after Europe outlined cooperative plans to recapitalize troubled eurozone banks.

On an individual security level, the top positive contributors to the Fund’s performance were Questcor Pharmaceuticals, Inc., Salix Pharmaceuticals Ltd., and Cirrus Logic, Inc. Questcor is expanding into the field of Rheumatalogy. In 2011 Salix Pharmaceuticals, reported an increase in sales versus 2010 which marked the third consecutive year of growth. During the year ended March of 2012, sales at Cirrus Logic Inc increased versus 2011 which marked the third consecutive year of growth. The top negative contributors to the Fund’s performance were Crocs, Inc., GT Advanced Technologies, Inc., and Lufkin Industries, Inc. For Crocs Inc. there is concern regarding their small retail business and long term sales may slow as its backlog continues to decelerate. GT Advanced Technologies revenues in 2011 missed expectations due to order cancellations. For Lufkin Industries there is concern regarding the lack of long term contracts with the vendors that Lufkin uses to create its products.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 600 Small Cap Growth ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P SMALLCAP 600		NET ASSET		MARKET		S&P SMALLCAP 600
	VALUE		VALUE		GROWTH INDEX		VALUE		VALUE		GROWTH INDEX

ONE YEAR		1.07%		1.10%		1.18%		1.07%		1.10%		1.18%

THREE YEARS (1)		83.18%		83.11%		78.78%		22.36%		22.34%		21.37%

FIVE YEARS (1)		21.93%		21.68%		18.19%		4.04%		4.00%		3.40%

TEN YEARS (1)		137.70%		137.31%		133.23%		9.04%		9.03%		8.84%


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

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

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


	SPDR S&P
	600 SmallCap		S&P SmallCap
	Growth ETF		600 Growth
	(a)(1)		Index(b)
Jun-02		10000		10000
Jul-02		8522		8617
Aug-02		8405		8781
Sep-02		7580		8263
Oct-02		8095		8622
Nov-02		9051		9143
Dec-02		8268		8750
Jan-03		8148		8475
Feb-03		7939		8195
Mar-03		8039		8281
Apr-03		8792		8933
May-03		9734		9679
Jun-03		9898		9928
Jul-03		10499		10407
Aug-03		11068		10934
Sep-03		10869		10681
Oct-03		11845		11652
Nov-03		12221		12053
Dec-03		12240		12111
Jan-04		12685		12489
Feb-04		12816		12761
Mar-04		12867		12927
Apr-04		12420		12591
May-04		12619		12749
Jun-04		12984		13387
Jul-04		12199		12671
Aug-04		12057		12541
Sep-04		12482		13255
Oct-04		12757		13622
Nov-04		13543		14671
Dec-04		14098		15050
Jan-05		13716		14827
Feb-05		14039		15212
Mar-05		13701		14788
Apr-05		13132		14035
May-05		13859		14962
Jun-05		14169		15412
Jul-05		15022		16310
Aug-05		14851		15979
Sep-05		14927		16185
Oct-05		14460		15585
Nov-05		15251		16277
Dec-05		15329		16108
Jan-06		16592		17308
Feb-06		16544		17074
Mar-06		17449		17935
Apr-06		17479		17904
May-06		16356		17082
Jun-06		16297		17019
Jul-06		15550		16406
Aug-06		15910		16520
Sep-06		16019		16602
Oct-06		16940		17336
Nov-06		17462		17877
Dec-06		17378		17807
Jan-07		17887		18167
Feb-07		17912		18149
Mar-07		18180		18577
Apr-07		18730		19041
May-07		19644		19925
Jun-07		19495		19730
Jul-07		18603		18923
Aug-07		18848		19449
Sep-07		19423		19991
Oct-07		20131		20501
Nov-07		18724		18896
Dec-07		18749		18802
Jan-08		17169		17662
Feb-08		16771		17256
Mar-08		16502		17202
Apr-08		17447		18124
May-08		18424		18969
Jun-08		17350		17799
Jul-08		17282		17925
Aug-08		17741		18585
Sep-08		15453		17014
Oct-08		11928		13477
Nov-08		10438		11969
Dec-08		11063		12607
Jan-09		10287		11185
Feb-09		9245		9929
Mar-09		10090		10734
Apr-09		12058		12510
May-09		12662		12827
Jun-09		12976		13042
Jul-09		14122		14258
Aug-09		14489		14438
Sep-09		15573		15291
Oct-09		14438		14516
Nov-09		14882		14823
Dec-09		16245		16178
Jan-10		15601		15517
Feb-10		16390		16105
Mar-10		17697		17359
Apr-10		18631		18234
May-10		17211		17144
Jun-10		15989		16149
Jul-10		17066		17120
Aug-10		15948		15899
Sep-10		18099		17772
Oct-10		18968		18592
Nov-10		19814		19460
Dec-10		21156		20709
Jan-11		21231		20786
Feb-11		22201		21740
Mar-11		23074		22605
Apr-11		24020		23535
May-11		24038		23552
Jun-11		23518		23048
Jul-11		22682		22227
Aug-11		20976		20546
Sep-11		18914		18524
Oct-11		21662		21224
Nov-11		21782		21346
Dec-11		21894		21460
Jan-12		23064		22613
Feb-12		23628		23166
Mar-12		24327		23858
Apr-12		24154		23691
May-12		22843		22406
Jun-12		23770		23323


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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	QUESTCOR	SALIX	MID-AMERICA		CUBIST
	PHARMACEUTICALS,	PHARMACEUTICALS,	APARTMENT		PHARMACEUTICALS,
DESCRIPTION	INC.	LTD.	COMMUNITIES, INC.	PROASSURANCE CORP.	INC.

MARKET VALUE	$1,953,802	1,920,752	1,700,268	1,653,154	1,457,753

% OF NET ASSETS	1.3	1.3	1.1	1.1	1.0

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Semiconductors & Semiconductor Equipment		7.2	%
Real Estate Investment Trusts		7.1
Software		6.1
Specialty Retail		5.0
Health Care Equipment & Supplies		4.9
Pharmaceuticals		4.7
Health Care Providers & Services		3.9
Electronic Equipment, Instruments & Components		3.5
Hotels, Restaurants & Leisure		3.4
Food Products		3.2
Internet Software & Services		2.9
IT Services		2.7
Textiles, Apparel & Luxury Goods		2.6
Machinery		2.4
Chemicals		2.3
Aerospace & Defense		2.2
Energy Equipment & Services		2.2
Gas Utilities		2.1
Commercial Banks		2.1
Insurance		2.0
Commercial Services & Supplies		1.9
Biotechnology		1.8
Consumer Finance		1.8
Diversified Consumer Services		1.7
Food & Staples Retailing		1.5
Paper & Forest Products		1.4
Oil, Gas & Consumable Fuels		1.3
Electrical Equipment		1.3
Electric Utilities		1.3
Communications Equipment		1.2
Computers & Peripherals		0.9
Capital Markets		0.9
Road & Rail		0.9
Household Durables		0.8
Life Sciences Tools & Services		0.7
Air Freight & Logistics		0.7
Building Products		0.6
Health Care Technology		0.6
Leisure Equipment & Products		0.6
Metals & Mining		0.6
Trading Companies & Distributors		0.5
Multi-Utilities		0.5
Airlines		0.4
Beverages		0.4
Media		0.4
Distributors		0.4
Professional Services		0.4
Thrifts & Mortgage Finance		0.3
Household Products		0.3
Water Utilities		0.3
Construction Materials		0.3
Diversified Telecommunication Services		0.3
Internet & Catalog Retail		0.2
Personal Products		0.2
Short Term Investments		15.1
Other Assets & Liabilities		(15.0	)

TOTAL		100.0	%


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

SPDR S&P 600 Small Cap Value ETF —
Management’s Discussion of Fund Performance

The SPDR S&P 600 Small Cap Value ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of small capitalization exchange traded U.S. equity securities exhibiting “value” characteristics. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 1.61%, and the total return for the S&P Small Cap 600 Value Index (the “Index”) was 1.74%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Overall, the Fund stayed in positive territory for the one year return with the most outperformance coming in the fourth quarter of 2011 and the first quarter of 2012, specifically October 2011 and January 2012. The Fund underperformed in the third quarter of 2011, posting the worst performance of the one year return. The negative performance for this quarter was driven mostly by concerns about the slowdown of global growth, the debt crisis in Europe, and the deficit in the US. Hopes for progress in Europe helped the dour equity sentiment that had taken hold during August and September to reverse sharply in October. The Fund posted its best return in the fourth quarter of 2011 on better than forecast macroeconomic data. The first quarter of 2012 was similar to the fourth quarter of 2011 in terms of positive returns driven by better than expected macroeconomic data and positive developments around the European sovereign debt crisis. Stocks in the US began 2012 with an impressive uptrend, as ample liquidity and defensive positioning fostered persistent share buying. Quarterly earnings reports were solid, and a steady drumbeat of auspicious economic news, including declining jobless claims and rallying consumer confidence, provided an encouraging fundamental backdrop. When the results of stress tests on major financial institutions arrived in mid-March, demonstrating that a solid majority of the largest banks could withstand even severe market dislocations, US equities seemed to acquire additional cachet as a haven from funding strains in Europe and slowdown concerns in Asia. Stocks stumbled in early April when March payroll figures came in much lower than expected, but another season of solid earnings reports allowed them to recover their equilibrium within the month. The stability quickly vanished when May brought a new set of poor employment figures and elections in Europe fostered growing concerns that Greece might wind up leaving the eurozone. Despite mild disappointment that the Federal Reserve did not announce more outright asset purchases, US equities still ended the second calendar quarter strong after Europe outlined cooperative plans to recapitalize troubled eurozone banks.

On an individual security level, the top positive contributors to the Fund’s performance were Delphi Financial Group, Inc., Cabela’s, Inc., and Extra Space Storage, Inc. Delphi Financial Group [benefited from its acquisition] by Tokio Marine. Cabela’s relatively high-end customer base insulated the company from macro volatility and the fishing season was very strong year-to-year. Extra Space Storage has seen same store net operating income increase and same store revenue increase. The top negative contributors to the Fund’s performance were Swift Energy Co., Invacare Corp., and AAR Corp. Swift Energy Co. had underperformed due to lack of production growth. Invacare returns fell dramatically as a result of continued threats from the FDA to halt production at one of their wheelchair manufacturing plants due to quality concerns. AAR Corp. had poor results in the Airlift and the precision machining segments.

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P 600 Small Cap Value ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P SMALLCAP 600		NET ASSET		MARKET		S&P SMALLCAP 600
	VALUE		VALUE		VALUE INDEX		VALUE		VALUE		VALUE INDEX

ONE YEAR		1.61%		1.70%		1.74%		1.61%		1.70%		1.74%

THREE YEARS (1)		71.93%		71.93%		65.51%		19.80%		19.80%		18.29%

FIVE YEARS (1)		6.39%		6.44%		1.37%		1.25%		1.26%		0.27%

TEN YEARS (1)		117.78%		119.26%		95.99%		8.09%		8.17%		6.96%


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

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

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


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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	LASALLE HOTEL	SUSQUEHANNA		ACTUANT CORP.	DIAMONDROCK
DESCRIPTION	PROPERTIES	BANCSHARES, INC.	EMCOR GROUP, INC.	(CLASS A)	HOSPITALITY CO.

MARKET VALUE	$1,278,139	995,536	956,563	955,788	876,037

% OF NET ASSETS	1.1	0.8	0.8	0.8	0.7

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Commercial Banks		10.6	%
Real Estate Investment Trusts		9.5
Machinery		4.9
Electronic Equipment, Instruments & Components		4.6
Specialty Retail		4.6
Commercial Services & Supplies		3.4
Hotels, Restaurants & Leisure		3.0
Insurance		2.7
Chemicals		2.6
Semiconductors & Semiconductor Equipment		2.4
Health Care Providers & Services		2.4
Oil, Gas & Consumable Fuels		2.3
Energy Equipment & Services		2.2
Metals & Mining		2.2
Electrical Equipment		2.1
Health Care Equipment & Supplies		2.1
Household Durables		2.1
Building Products		2.0
Gas Utilities		1.9
Aerospace & Defense		1.9
Food Products		1.9
Textiles, Apparel & Luxury Goods		1.8
Thrifts & Mortgage Finance		1.7
Communications Equipment		1.7
Professional Services		1.7
Construction & Engineering		1.6
Capital Markets		1.4
Electric Utilities		1.3
Multi-Utilities		1.1
Leisure Equipment & Products		1.1
Food & Staples Retailing		1.1
Software		1.0
Media		1.0
Construction Materials		1.0
IT Services		1.0
Internet Software & Services		1.0
Computers & Peripherals		0.9
Road & Rail		0.8
Life Sciences Tools & Services		0.8
Paper & Forest Products		0.7
Auto Components		0.6
Diversified Telecommunication Services		0.6
Diversified Consumer Services		0.5
Distributors		0.5
Trading Companies & Distributors		0.5
Personal Products		0.4
Multiline Retail		0.3
Air Freight & Logistics		0.2
Containers & Packaging		0.2
Diversified Financial Services		0.2
Internet & Catalog Retail		0.2
Wireless Telecommunication Services		0.2
Industrial Conglomerates		0.2
Household Products		0.2
Real Estate Management & Development		0.2
Pharmaceuticals		0.1
Airlines		0.1
Tobacco		0.1
Automobiles		0.1
Health Care Technology		0.1
Biotechnology		0.1
Short Term Investments		16.0
Other Assets & Liabilities		(15.7	)

TOTAL		100.0	%


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

SPDR Global Dow ETF —
Management’s Discussion of Fund Performance

The Fund’s investment objective is to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of multinational blue-chip issuers. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −11.90%, and the total return for The Global Dow (the “Index”) was −12.14%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations.

International markets struggled in the final months of 2011 as Europe faced daunting fiscal challenges and investors questioned the overall macroeconomic stability of the continent. The lingering austerity concerns compelled prime ministers in Greece and Italy to step down in early November. Early 2012 changed momentum however and the market reaped double digit returns owing to strong corporate profits, concerted government and European Central Bank actions on bailouts and declining sovereign yields. Global equities quickly surrendered their rebound though in the second calendar quarter of 2012. The presidential elections in France, the forecasted slower growth in China, India and Japan, and the perennial debate on the incomplete initiatives to address the Eurozone austerity rescue plans were some factors causing investors to lack conviction in the market.

On an individual security level, the top positive contributors to the Fund’s performance were Apple, Inc., The Home Depot, Inc. and Visa, Inc. Apple’s constant innovation in technology and improvements in speed, display and design of its new iPhone and iPad versions have boosted the firm’s performance. With the housing market being curbed, home improvement firms like Home Depot have also seen a growth in their profits. Although credit markets are still in a crunch, Visa has managed to stay in the positive territory as they increase efficiencies in the traditional paper-based payment systems. The top negative contributors to the Fund’s performance were SunPower Corp., First Solar, Inc., and Suntech Power Holdings Co., Ltd. High inventories, shrinking margins and unfavorable international policy changes were some of the major issues causing the solar sector firms to experience dwindling earnings and lose significant market capitalization.

SPDR Global Dow ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Global Dow ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.50%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES GLOBAL

NET ASSET

MARKET

TITANS 50 INDEX

GLOBAL DOW

NET ASSET

MARKET

TITANS 50 INDEX

GLOBAL DOW

VALUE

U.S. CLOSE

INDEX (2)

VALUE

U.S. CLOSE

INDEX (2)

ONE YEAR

−11.90%

−12.04%

3.14%

−12.14%

−11.90%

−12.04%

3.14%

−12.14%

THREE YEARS (1)

16.67%

16.52%

38.23%

19.76%

5.27%

5.23%

11.40%

6.20%

FIVE YEARS (1)

−26.03%

−26.07%

−12.70%

N/A

−5.85%

−5.86%

−2.68%

N/A

TEN YEARS (1)

16.19%

16.00%

40.91%

N/A

1.51%

1.50%

3.49%

N/A


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

SPDR Global Dow ETF —
Performance Summary (continued)

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


			Dow Jones
	SPDR Global		Global Titans		Global Dow
	Dow ETF		50 Index		Index (c)
	(a) (1)		(b)		(2)
06/30/02		10000		10000
07/31/02		9262		9263
08/31/02		9259		9267
09/30/02		8201		8211
10/31/02		9119		9139
11/30/02		9625		9651
12/31/02		9027		9053
01/31/03		8729		8757
02/28/03		8524		8552
03/31/03		8607		8642
04/30/03		9343		9384
05/31/03		9740		9787
06/30/03		9879		9935
07/31/03		9943		10006
08/31/03		9943		10010
09/30/03		10072		10145
10/31/03		10421		10502
11/30/03		10576		10665
12/31/03		11278		11380
01/31/04		11426		11536
02/29/04		11536		11655
03/31/04		11241		11360
04/30/04		11190		11310
05/31/04		11271		11397
06/30/04		11408		11544
07/31/04		11148		11286
08/31/04		11221		11361
09/30/04		11222		11367
10/31/04		11359		11511
11/30/04		11723		11887
12/31/04		12103		12280
01/31/05		11843		12018
02/28/05		12254		12441
03/31/05		11950		12137
04/30/05		11885		12069
05/31/05		12030		12222
06/30/05		11950		12154
07/31/05		12205		12420
08/31/05		12250		12472
09/30/05		12428		12654
10/31/05		12179		12408
11/30/05		12403		12642
12/31/05		12454		12702
01/31/06		12794		13052
02/28/06		12736		12994
03/31/06		12935		13210
04/30/06		13303		13592
05/31/06		12951		13230
06/30/06		13011		13295
07/31/06		13412		13710
08/31/06		13826		14144
09/30/06		13960		14286
10/31/06		14357		14699
11/30/06		14618		14972
12/31/06		14924		15294
01/31/07		14998		15378
02/28/07		14540		14909
03/31/07		14701		15087
04/30/07		15365		15772
05/31/07		15745		16171
06/30/07		15707		16141
07/31/07		15356		15778
08/31/07		15569		16001
09/30/07		16221		16686
10/31/07		16535		17011
11/30/07		15968		16426
12/31/07		15812		16260
01/31/08		14786		15205
02/29/08		14323		14721
03/31/08		14349		14748
04/30/08		14929		15358
05/31/08		14751		15162
06/30/08		13622		14000
07/31/08		13457		13824
08/31/08		13293		13654
09/30/08		12278		12606
10/31/08		10350		10626		10000
11/30/08		9737		9998		9740
12/31/08		9847		10105		10150
01/31/09		8765		8985		9187
02/28/09		7939		8126		8258
03/31/09		8590		8800		9010
04/30/09		9154		9374		10137
05/31/09		9937		10174		11131
06/30/09		9959		10195		10994
07/31/09		10764		11016		11986
08/31/09		11099		11364		12357
09/30/09		11484		11759		12836
10/31/09		11479		11754		12613
11/30/09		12110		12401		13181
12/31/09		12151		12443		13495
01/31/10		11518		11791		12817
02/28/10		11658		11936		12893
03/31/10		12203		12497		13802
04/30/10		12056		12339		13627
05/31/10		10902		11150		12233
06/30/10		10467		10702		11771
07/31/10		11300		11550		12784
08/31/10		10872		11112		12262
09/30/10		11770		12035		13457
10/31/10		12213		12492		13976
11/30/10		11833		12100		13506
12/31/10		12726		13012		14472
01/31/11		13128		13426		14879
02/28/11		13511		13814		15339
03/31/11		13358		13658		15220
04/30/11		13896		14202		15723
05/31/11		13440		13929		15259
06/30/11		13188		13664		14987
07/31/11		12907		13616		14678
08/31/11		11880		12757		13496
09/30/11		10713		11931		12175
10/31/11		11793		13079		13410
11/30/11		11369		12893		12910
12/31/11		11252		13103		12778
01/31/12		11966		13525		13583
02/29/12		12503		14218		14193
03/31/12		12539		14578		14233
04/30/12		12213		14362		13853
05/31/12		11025		13305		12508
06/30/12		11619		14091		13170


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

SPDR Global Dow ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




				ANHEUSER-BUSCH	SAMSUNG ELECTRONICS
DESCRIPTION	THE HOME DEPOT, INC.	THE WALT DISNEY CO.	APPLE, INC.	INBEV NV	CO., LTD. GDR

MARKET VALUE	$1,015,871	943,664	913,376	897,028	881,227

% OF NET ASSETS	1.1	1.0	1.0	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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Commercial Banks		8.3	%
Oil, Gas & Consumable Fuels		6.9
Pharmaceuticals		6.6
Metals & Mining		4.6
Semiconductors & Semiconductor Equipment		3.5
Capital Markets		3.1
Aerospace & Defense		3.0
Industrial Conglomerates		2.9
Media		2.8
Electric Utilities		2.8
Chemicals		2.7
Food & Staples Retailing		2.6
Diversified Telecommunication Services		2.6
Wireless Telecommunication Services		2.5
IT Services		2.3
Computers & Peripherals		2.3
Insurance		2.2
Automobiles		2.2
Diversified Financial Services		2.2
Machinery		2.1
Software		2.0
Multi-Utilities		1.9
Biotechnology		1.8
Beverages		1.7
Internet Software & Services		1.6
Air Freight & Logistics		1.6
Household Durables		1.6
Communications Equipment		1.5
Specialty Retail		1.5
Food Products		1.4
Household Products		1.4
Hotels, Restaurants & Leisure		1.4
Health Care Equipment & Supplies		1.4
Textiles, Apparel & Luxury Goods		1.3
Trading Companies & Distributors		1.2
Health Care Providers & Services		0.9
Tobacco		0.9
Consumer Finance		0.8
Airlines		0.8
Electrical Equipment		0.7
Internet & Catalog Retail		0.7
Auto Components		0.7
Construction & Engineering		0.7
Office Electronics		0.6
Energy Equipment & Services		0.6
Building Products		0.5
Short Term Investments		3.3
Other Assets & Liabilities		(2.7	)

TOTAL		100.0	%


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

SPDR Dow Jones REIT ETF —
Management’s Discussion of Fund Performance

The SPDR Dow Jones REIT ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded real estate investment trusts. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 13.05%, and the total return for the Dow Jones U.S. Select REIT Index (the “Index”) was 13.29%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The small degree of performance deviation between the Fund and the Index is typically expected and is a result of expenses of managing the Fund and cash and receivable positions.

The Fund and its benchmark both experienced negative performance at the beginning of the Reporting Period. During the third quarter of 2011 the market sold off almost 15%, pressured by negative U.S. political headlines, news of an intensifying European sovereign debt crisis, potential disintegration of the Eurozone and fears of the rising cost of capital. This performance reversed promptly in the fourth quarter of 2011. The U.S. REIT market reclaimed all of its losses supported by stable real estate operating fundamentals and incremental improvements in the U.S. economy. Thus far, 2012 has been a strong positive year for U.S. REITs as well. The defensive characteristics of real estate, along with relatively high yields, attracted capital flows to the asset class and propelled the market to new highs amid current macro-economic uncertainty.

On an individual security level, the top positive contributors to the Fund’s performance for the Reporting Period were Extra Space Storage, Inc., LTC Properties, Inc. and Simon Property Group, Inc. During the Reporting Period, Extra Space Storage delivered four consecutive quarters of raising, and beating, earnings guidance. Transitional demand for self-storage space remained robust and rental rates have been on the rise for most of the Reporting Period. Extra Space Storage’s effective balance sheet management allowed the company to grow externally, by either outright acquisition of smaller self-storage operators or adding them to its management platform. Most of the outperformance for the healthcare REIT LTC, can be attributed to its inclusion into the Dow Jones Select series of real estate indices, which generated incremental investor demand during the rebalancing of Dow Jones indices in June of 2012. Simon Property Group, the blue-chip retail REIT, also repeatedly delivered positive earnings surprises and dividend increases over the Reporting Period. Continuous growth of retail sales and retailers’ desire to have a presence in high quality, well located malls played well into Simon Property Group’s top productivity mall portfolio. Simon Property Group made a number of acquisitions (both in and outside of the U.S.), including premium outlet assets that also continued to gain momentum with retailers.

The top negative contributors to the Fund’s performance were Parkway Properties, Inc., Ashford Hospitality Trust, Inc., and Corporate Office Properties Trust. Parkway Properties’ underperformance during the Reporting Period was the result of a higher vacancy in its suburban office portfolio that overall remains a challenged sector, and a weaker balance sheet that forced the company into asset disposition mode and led to an eventual sale of a 43% stake to TPG, a leading global private equity firm. Ashford Hospitality Trust, a small hotel REIT, failed to deliver against forecasted growth projections. A turnaround of a 28-asset portfolio, acquired from Highland (prior to the Reporting Period) progressed slower than expected. Growth in Ashford Hospitality Trust’s core legacy hotel portfolio weakened, its balance sheet remained levered and its aggressive CapEx program was not particularly well received by investors, given the rest of its operational challenges. Corporate Office Properties Trust, previously highly regarded as a niche office landlord to government and defense tenants, lost much of its appeal over the Reporting Period. Office Properties Trust’s portfolio continued to reflect the challenges the company faces with the U.S. election, defense budget reductions, weak fundamentals in suburban office sector and its unleased development

SPDR Dow Jones REIT ETF —
Management’s Discussion of Fund Performance (continued)

pipeline. Also, during the Reporting Period, its well respected CEO Randall Griffin retired. Even though it was widely publicized and anticipated, the change constituted a negative headline risk that kept many investors on the sidelines.

SPDR Dow Jones REIT ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Dow Jones REIT ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.25%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		13.05%		12.97%		13.29%		13.05%		12.97%		13.29%

THREE YEARS		136.42%		136.34%		138.01%		33.22%		33.20%		33.52%

FIVE YEARS		10.07%		10.06%		10.22%		1.94%		1.94%		1.97%

TEN YEARS		161.40%		161.20%		165.78%		10.09%		10.08%		10.27%

SPDR Dow Jones REIT ETF —
Performance Summary (continued)

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

SPDR Dow Jones REIT ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	SIMON PROPERTY
DESCRIPTION	GROUP, INC.	PUBLIC STORAGE	EQUITY RESIDENTIAL	HCP, INC.	VENTAS, INC.

MARKET VALUE	$227,354,817	101,581,749	93,475,395	92,363,478	90,644,360

% OF NET ASSETS	11.6	5.2	4.8	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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Specialized REITs		26.9	%
Retail REITs		26.2
Residential REITs		18.5
Office REITs		16.2
Diversified REITs		6.5
Industrial REITs		5.5
Short Term Investments		7.0
Other Assets & Liabilities		(6.8	)

TOTAL		100.0	%


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

SPDR S&P Bank ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Bank ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded national money centers and leading regional banks. In seeking this objective, the Fund uses a replication strategy.

Prior to October 24, 2011 the Fund was benchmarked to the KBW Bank Index. In the period since October 24, 2011 the Fund has tracked the S&P Bank Select Industry Index. The S&P Select Index provides access to the same market segments as the Fund’s prior index with the potential for broader diversification and reduced concentration risk. For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −6.22%, and the total return for the KBW Bank Index was −3.19%. For the period July 1, 2011 through October 23, 2011 the total return for the Fund was −18.97%. Since October 24, 2011 the total return for the Fund was 15.73% and the total return for S&P Banks Select Industry Index (the “Index”) was 16.03%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period can be attributed largely to the expenses of managing the Fund. While the industry remained the same, the methodology and subsequent weightings of the constituents were quite different and the two indices cannot be used interchangeably for performance purposes. Cash, security misweights, transaction costs and raising cash for the dividend distribution all contributed to tracking differential between the Fund and each respective benchmark.

The Index represents our nation’s largest FDIC-insured financial institutions. While the U.S. bank stress test results suggest that the banking system has made marked improvement, it continues to experience some burdens. Some of the factors that have weighed on the sector over the period ended June 30, 2012 uncertainty over Europe’s debt crisis, pressure on revenue from low interest rates, and the threat of stronger banking regulations on the horizon. The biggest banks face pressure to buy back bad mortgages that were sold to investors, and this problem could last for years. The big banks are also moving toward shutting down proprietary trading desks in preparation for the Volcker Rule, a rule drafted by regulators intended to restrict banks from making certain trades for their own profit.

On an individual security level, the top positive contributors to the Fund’s performance for the period October 24, 2011 to June 30, 2012 were Regions Financial Corp., Bank of America Corp., and BB&T Corp. Regions had solid business performance and continued improvement in asset quality metrics over the period. Additionally the bank successfully completed the sale of Morgan Keegan in the fourth quarter of the Reporting Period. Bank of America benefitted from record Tier 1 Common Equity ratio, improved liquidity and a reduction of risk-weighted assets. BB&T’s performance was helped not only from record revenue from home loans, but also its acquisitions of Colonial and BankAtlantic during the period, while not getting involved in other transactions when the bidding got too high. The top negative contributors to the Fund’s performance were Citigroup, Inc., First Niagara Financial Group, Inc., and Valley National Bancorp. Citigroup posted a large loss in the second quarter of calendar year 2012 from the sale of its stake in Akbank, and revenues were down significantly in its Securities and Banking lines. First Niagara Group also suffered a decline in share price during the second quarter of the calendar year 2012 prior to its announcement in late June that it would be repositioning its securities portfolio by selling over $3 billion in mortgage-backed securities and using the proceeds to repay short-term debt. These actions are expected to strengthen key metrics going forward. Despite a very strong balance sheet, Valley National Bancorp suffered below average EPS growth due to the low interest rate environment and weak recovery.

SPDR S&P Bank ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Bank ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

KBW BANK

S&P BANKS SELECT

NET ASSET

MARKET

KBW BANK

S&P BANKS SELECT

VALUE

INDEX

INDUSTRY INDEX (3)

VALUE

INDEX

INDUSTRY INDEX (3)

ONE YEAR (1)

−6.22%

−6.21%

−3.19%

N/A

−6.22%

−6.21%

−3.19%

N/A

THREE YEARS (1)

26.36%

26.37%

31.15%

N/A

8.11%

9.46%

N/A

FIVE YEARS (1)

−55.39%

−55.35%

−54.06%

N/A

−14.91%

−14.89%

−14.40%

N/A

SINCE INCEPTION (1)(2)

−47.40%

−47.38%

−45.47%

N/A

−9.21%

−8.70%

N/A


(1)		Effective October 24, 2011, the Fund changed its benchmark index to the S&P Banks Select Industry Index from the KBW Bank Index.
		The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to October 24, 2011.
(2)		For the period November 8, 2005 to June 30, 2012.
(3)		The S&P Banks Select Industry Index inception date is September 12, 2011.

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

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


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

SPDR S&P Bank ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		EAST WEST	SUNTRUST	FIRST HORIZON
DESCRIPTION	REGIONS FINANCIAL CORP.	BANCORP, INC.	BANKS, INC.	NATIONAL CORP.	POPULAR, INC.

MARKET VALUE	$40,293,848	40,152,494	40,105,060	39,894,423	39,802,942

% OF NET ASSETS	2.8	2.8	2.8	2.8	2.7

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Regional Banks		68.2	%
Thrifts & Mortgage Finance		10.2
Diversified Banks		8.0
Other Diversified Financial Services		7.9
Asset Management & Custody Banks		5.4
Short Term Investments		7.1
Other Assets & Liabilities		(6.8	)

TOTAL		100.0	%


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

SPDR S&P Capital Markets ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Capital Markets ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded companies that do business as broker-dealers, asset managers, trust and custody banks or exchanges. In seeking this objective, the Fund uses a replication strategy.

Prior to October 24, 2011 the Fund was benchmarked to the KBW Capital Markets Index. In the period since October 24, 2011 the Fund has tracked the S&P Capital Markets Select Industry Index. The S&P Select Index provides access to the same market segments as the Fund’s prior index with the potential for broader diversification and reduced concentration risk. For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −9.53%, and the total return for the KBW Capital Markets Index was −13.59%. For the period July 1, 2011 through October 23, 2011 the total return for the Fund was −18.05%. Since October 24, 2011 the total return for the Fund was 10.40% and the total return for S&P Capital Markets Select Industry Index (the “Index”) was 10.46%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index was within expectations. The performance differential can be largely attributed to the expenses of managing the Fund.

The first quarter of the fiscal year reacted to a progressive downshift in expectations for global economic growth. The following quarter began with fresh hopes that strong corporate profits would buoy equity prices and concerted government action would preserve macroeconomic stability, but the increasing concerns in the Eurozone diminished these hopes. The financial sector fell dramatically over the first three months of the Reporting period. The combined challenges of slow loan growth, flattening yield curves, fragile balance sheets, and potential liabilities for past miscues kept the sector under pressure. Shares of banks and major dealers continued to be a drag on the financials. A more optimistic outlook allowed economically sensitive equities to take a leadership role in October and recover from their summer beating. Respectable profits at many financial firms indicated that US earnings remained capable of outperforming expectations even against an uncertain economic backdrop. The Fund had its strongest performance of the period in October experiencing double digit returns.

Stocks in the US began 2012 with an impressive uptrend, as ample liquidity and defensive positioning fostered persistent share buying. Quarterly earnings reports were solid, and a steady drumbeat of auspicious economic news, including declining jobless claims and rallying consumer confidence, provided an encouraging fundamental backdrop. Sector performance in the first quarter of 2012 favored those groups, such as financials, that stood to benefit most from a more promising economic situation, although lingering worries about international activity took a toll on resource-related issues later in the period. Within the financials sector, the consumer banks, capital markets and diversified financial industries rallied significantly in the first calendar quarter of 2012 as they were helped by favorable credit conditions and well-received bank stress tests. In the last quarter of the Reporting period, collapsing oil prices diminished inflation risks considerably, and as share buyers began contemplating the potential for new and concerted central bank measures, volatility ebbed and the Fund reversed all gains during the Reporting period.

On an individual security level, the top positive contributors to the Fund’s performance were American Capital, Ltd., Prospect Capital Corp. and Affiliated Managers Group, Inc. American Capital enjoyed a profitable year as investors looked positively on the company’s various restructuring initiatives, resumption of dividend payouts and a new share buy back plan. Prospect Capital continued to enjoy substantial revenue momentum throughout the period. Affiliated Managers Group benefited from successfully completely its expansion into the high net worth individual wealth management business.

SPDR S&P Capital Markets ETF —
Management’s Discussion of Fund Performance (continued)

The top negative contributors to the Fund’s performance were Morgan Stanley, Goldman Sachs Group, Inc. and Franklin Resources, Inc. Morgan Stanley and The Goldman Sachs were both plagued by mounting regulatory probes and continued concerns involving the credit crisis. Franklin Resources continued to suffer from investor disappointment in their underwhelming revenue and profit growth.

SPDR S&P Capital Markets ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Capital Markets ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

KBW CAPITAL

S&P CAPITAL

NET ASSET

MARKET

MARKETS

MARKETS SELECT

NET ASSET

MARKET

KBW CAPITAL

MARKETS SELECT

VALUE

INDEX

INDUSTRY INDEX (3)

VALUE

MARKETS INDEX

INDUSTRY INDEX (3)

ONE YEAR (1)

−9.53%

−9.61%

−13.59%

N/A

−9.53%

−9.61%

−13.59%

N/A

THREE YEARS (1)

−1.61%

−1.75%

−5.26%

N/A

−0.54%

−0.59%

−1.78%

N/A

FIVE YEARS (1)

−51.06%

−51.03%

−52.79%

N/A

−13.32%

−13.31%

−13.93%

N/A

SINCE INCEPTION (1)(2)

−33.38%

−33.44%

−35.31%

N/A

−5.93%

−5.94%

−6.33%

N/A


(1)		Effective October 24, 2011, the Fund changed its benchmark index to the S&P Capital Markets Select Industry Index from the KBW Capital Markets Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to October 24, 2011.
(2)		For the period November 8, 2005 to June 30, 2012.
(3)		The S&P Capital Markets Select Industry Index inception date is September 12, 2011.

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

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


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

SPDR S&P Capital Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




			FEDERATED
			INVESTORS,		AMERIPRISE
DESCRIPTION	LAZARD, LTD. (CLASS A)	AMERICAN CAPITAL, LTD.	INC. (CLASS B)	SEI INVESTMENTS CO.	FINANCIAL, INC.

MARKET VALUE	$694,453	685,777	676,345	675,942	669,660

% 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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Asset Management & Custody Banks		61.7	%
Investment Banking & Brokerage		37.8
Short Term Investments		26.3
Other Assets & Liabilities		(25.8	)

TOTAL		100.0	%


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

SPDR S&P Insurance ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Insurance ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded companies in the insurance industry. In seeking this objective, the Fund uses a replication strategy.

Prior to October 24, 2011 the Fund was benchmarked to the KBW Insurance Index. In the period since October 24, 2011 the Fund has tracked the S&P Insurance Select Industry Index. The S&P Select Index provides access to the same market segments as the Fund’s prior index with the potential for broader diversification and reduced concentration risk. For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −0.65%, and the total return for the KBW Insurance Index was −6.00%. For the period July 1, 2011 through October 23, 2011 the total return for the Fund was −12.09%. Since October 24, 2011 the total return for the Fund was 13.01% and the total return for S&P Insurance Select Industry Index (the “Index”) was 13.33%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the respective Index during the Reporting Period can be largely attributed to well as expenses of managing the Fund.

The first quarter of the fiscal year reacted to a progressive downshift in expectations for global economic growth. Sector performance during this period saw delineation between economically sensitive groups, which attracted aggressive selling, and more defensive areas which handily outperformed the broader US equity market. Financials, which includes the insurance industry, were stark laggards as the Fund lost about a quarter of its value over the first three months of the Reporting period. The combined challenges of slow loan growth, flattening yield curves, fragile balance sheets, and potential liabilities for past miscues kept the sector under pressure. Shares of banks and major dealers have been a drag on the financials, but in-line performance from insurance stocks prevented devastation in many lenders from taking a greater toll on the sector. A more sanguine outlook allowed economically sensitive equities to take a leadership role in October and recover from their summer beating. Respectable profits at many financial firms indicated that US earnings remained capable of outperforming expectations even against an uncertain economic backdrop. The Fund had significant positive returns in October.

Stocks in the US began 2012 with an impressive uptrend, as ample liquidity and defensive positioning fostered persistent share buying. Quarterly earnings reports were solid, and a steady drumbeat of auspicious economic news, including declining jobless claims and rallying consumer confidence, provided an encouraging fundamental backdrop. Sector performance in the first quarter of 2012 favored those groups, such as financials, that stood to benefit most from a more promising economic situation, although lingering worries about international activity took a toll on resource-related issues later in the period. Within the financials sector, the consumer banks, capital markets and diversified financial industries rallied significantly in the first calendar quarter of 2012 as they were helped by favorable credit conditions and well-received bank stress tests. The Index had smaller gains as property-casualty carriers generally take less risk investing in order to satisfy liquidity demands. In the last quarter of the Reporting period, collapsing oil prices diminished inflation risks considerably, and as share buyers began contemplating the potential for new and concerted central bank measures, volatility ebbed and the Fund reversed all gains during the Reporting period.

On an individual security level, the top positive contributors to the Fund’s performance were Protective Life Corp., The Chubb Corp. and Cincinnati Financial Corp. Protective Life returned significant positive returns during the Reporting period as the company has steadily increased its dividends since reducing them amid the global financial crisis. Chubb has remained profitable and its underwriting results have been better than competitors. Cincinnati Financial has benefited from property and casualty insurance rates rising, and higher earned premiums. The top negative contributors to the Fund’s performance were MetLife, Inc., MGIC

SPDR S&P Insurance ETF —
Management’s Discussion of Fund Performance (continued)

Investment Corp. and Genworth Financial, Inc. (Class A). MetLife, the second largest weight in the Index, lost about a third of its value over the Reporting period. Natural disasters have hit property and casualty insurers hard and low interest rates have limited returns. MGIC Investment was down on continued delinquencies and loan losses. Genworth Financial had disappointing results in US mortgage insurance and continues to suffer from the troubled real estate market. Consumer confidence is lacking as the CEO resigned in May after shelving a plan for an initial public offering of its Australia mortgage insurance unit. Genworth Financial’s debt is also on review for possible downgrade by Moody’s.

SPDR S&P Insurance ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Insurance ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

KBW

S&P INSURANCE

KBW

S&P INSURANCE

NET ASSET

MARKET

INSURANCE

SELECT INDUSTRY

NET ASSET

MARKET

INSURANCE

SELECT INDUSTRY

VALUE

INDEX

INDEX (3)

VALUE

INDEX

INDEX (3)

ONE YEAR (1)

−0.65%

−0.67%

−6.00%

N/A

−0.65%

−0.67%

−6.00%

N/A

THREE YEARS (1)

61.01%

60.91%

53.57%

N/A

17.21%

17.18%

15.37%

N/A

FIVE YEARS (1)

−24.91%

−24.88%

−28.03%

N/A

−5.57%

−5.56%

−6.36%

N/A

SINCE INCEPTION (1)(2)

−12.62%

−12.66%

−15.75%

N/A

−2.01%

−2.02%

−2.54%

N/A


(1)		Effective October 24, 2011, the Fund changed its benchmark index to the S&P Insurance Select Industry Index from the KBW Insurance Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to October 24, 2011.
(2)		For the period November 8, 2005 to June 30, 2012.
(3)		The S&P Insurance Select Industry Index inception date is September 12, 2011.

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

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


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

SPDR S&P Insurance ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	ASSURED GUARANTY,	PROTECTIVE LIFE		PRINCIPAL FINANCIAL	AMERICAN
DESCRIPTION	LTD.	CORP.	TORCHMARK CORP.	GROUP, INC.	INTERNATIONAL GROUP, INC.

MARKET VALUE	$2,599,532	2,457,617	2,398,496	2,384,622	2,372,542

% OF NET ASSETS	2.8	2.6	2.6	2.5	2.5

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Property & Casualty Insurance		33.8	%
Life & Health Insurance		20.0
Reinsurance		18.9
Multi-line Insurance		17.3
Insurance Brokers		9.8
Short Term Investments		8.8
Other Assets & Liabilities		(8.6	)

TOTAL		100.0	%


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

SPDR S&P Mortgage Finance ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Mortgage Finance ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the mortgage banking, processing and marketing segment of the U.S. financial services industry. In seeking this objective, the Fund uses a replication strategy.

Prior to October 24, 2011 the Fund was benchmarked to the KBW Mortgage Finance Index. In the period since October 24, 2011 the Fund has tracked the S&P Mortgage Finance Select Industry Index. The S&P Select Index provides access to the same market segments as the Fund’s prior index with the potential for broader diversification and reduced concentration risk. For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 2.96%, and the total return for the KBW Mortgage Finance Index was 16.96%. For the period July 1, 2011 through October 23, 2011 the total return for the Fund was −17.57%. Since October 24, 2011 the total return for Fund was 24.91% and the total return for the S&P Mortgage Finance Select Industry Index (the “Index”) was 25.23%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period can be attributed largely to the expenses of managing the Fund. While the industry remained the same, the methodology and subsequent weightings of the constituents were quite different and the two indices cannot be used interchangeably for performance purposes. Several factors in addition to fees and expenses contributed to the Fund deviating from the Index over the past year. Cash, security misweights, transaction costs and raising cash for the dividend distribution all contributed to tracking differential between the Fund and each respective benchmark.

The Index represents our nation’s mortgage lending institutions. While the U.S. bank stress test results suggest that the banking system has made marked improvement, it continues to experience some burdens. The recovery is still being hampered by the continuing malaise in the residential housing market, with weakness persisting since December, and house prices remain below their pre-crisis peaks. Additionally, about ten percent of housing-related loans are either delinquent (i.e., 30 days or more in arrears) or in some stage of foreclosure.

On an individual security level, the top positive contributors to the Fund’s performance for the period October 24, 2011 to June 30, 2012 were Pulte Group, Inc., The Ryland Group, Inc. and Lennar Corp. (Class A). All three of these top contributors are leading national homebuilders with mortgage finance companies. Over the period ended June 30, 2012 industry volumes continued to remain down versus prior years, however positive sales momentum with strong year over year net new orders suggests a positive shift in buyer sentiment. The top negative contributors to the Fund’s performance were MGIC Investment Corp., XL Group PLC, and Old Republic International Corp. All three of these negative contributors are considered insurance companies with mortgage guaranty components of their business. Both MGIC and XL Group were down on continued delinquencies and loan losses. Old Republic largely underperformed during the last week of the period following its announcement on June 22, 2012 that it had withdrawn the previously announced spin-off of its Republic Financial Indemnity Group, Inc. subsidiary stock to ORI shareholders, concurrently reversing the financial effect of the partial RFIG leveraged buy-out.

SPDR S&P Mortgage Finance ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Mortgage Finance ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P MORTGAGE

NET ASSET

MARKET

KBW MORTGAGE

FINANCE SELECT

NET ASSET

MARKET

KBW MORTGAGE

FINANCE SELECT

VALUE

FINANCE INDEX

INDUSTRY INDEX (3)

VALUE

FINANCE INDEX

INDUSTRY INDEX (3)

ONE YEAR (1)

2.96%

2.93%

16.96%

N/A

2.96%

2.93%

16.96%

N/A

THREE YEARS (1)

14.83%

14.62%

31.06%

N/A

4.72%

4.65%

9.43%

N/A

SINCE INCEPTION (1)(2)

1.35%

1.31%

15.71%

N/A

0.43%

0.41%

4.59%

N/A


(1)		Effective October 24, 2011, the Fund changed its benchmark index to the S&P Mortgage Finance Select Industry Index from the KBW Mortgage Finance Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to October 24, 2011.
(2)		For the period April 29, 2009 to June 30, 2012.
(3)		The S&P Mortgage Finance Select Industry Index inception date is September 12, 2011.

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

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


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

SPDR S&P Mortgage Finance ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




DESCRIPTION	M.D.C. HOLDINGS, INC.	PULTE GROUP, INC.	THE RYLAND GROUP, INC.	LENNAR CORP. (CLASS A)	ASSURED GUARANTY, LTD.

MARKET VALUE	$129,046	127,683	127,670	124,753	123,544

% OF NET ASSETS	3.3	3.3	3.3	3.2	3.2

(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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Insurance		53.4	%
Thrifts & Mortgage Finance		23.9
Household Durables		22.5
Short Term Investments		26.1
Other Assets & Liabilities		(25.9	)

TOTAL		100.0	%


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

SPDR S&P Regional Banking ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Regional Banking ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the regional banking segment of the U.S. banking industry. In seeking this objective, the Fund uses a replication strategy.

Prior to October 24, 2011 the Fund was benchmarked to the KBW Regional Banking Index. In the period since October 24, 2011 the Fund has tracked the S&P Regional Banks Select Industry Index. The S&P Select Index provides access to the same market segments as the Fund’s prior index with the potential for broader diversification and reduced concentration risk. For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 9.59%, and the total return for the KBW Regional Banking Index was 9.07%. For the period July 1, 2011 through October 23, 2011 the total return for the Fund was −9.44%. Since October 24, 2011 the total return for Fund was 21.01% and the total return for the S&P Regional Banks Select Industry Index (the “Index”) was 21.41%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period can be attributed largely to cash drag and compounding.

The regional banks sector continued its gradual recovery in the second half of calendar year 2011 as risk aversion dominated investor sentiment. The beginning of 2012 witnessed a reversal and equities received a strong boost on grounds of improving corporate profits and concerted government actions to create macroeconomic stability. However, there tends to be seasonality in this rally that is affected by the overall concerns about the health of the economy, the decisions made by the Fed on their accommodating monetary easing and the momentum of mortgage refinancing. The lingering Eurozone crisis also weighed down on the US financial markets in the last calendar quarter and left the banks sector specifically in abeyance.

On an individual security level, the top positive contributors to the Fund’s performance were Regions Financial Corp., Texas Capital Bancshares, Inc. and Boston Private Financial Holdings, Inc. Regions Financial benefited from their lower loan-loss provisions and Texas Capital and Boston Private Financial reaped profits owing to its large client base in the commercial lending platform. The top negative contributors to the Fund’s performance were First Midwest Bancorp, Inc., SVB Financial Group, and First Niagara Financial Group, Inc. These firms witnessed dwindling earnings as outstanding claims, provisioning and litigation expenses and exposure to mortgage risk grew and weighed on their performance.

SPDR S&P Regional Banking ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Regional Banking ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

KBW

REGIONAL

S&P REGIONAL BANKS

REGIONAL

S&P REGIONAL BANKS

NET ASSET

MARKET

BANKING

SELECT INDUSTRY

NET ASSET

MARKET

BANKING

SELECT INDUSTRY

VALUE

INDEX

INDEX (3)

VALUE

INDEX

INDEX (3)

ONE YEAR (1)

9.59%

9.74%

9.07%

N/A

9.59%

9.74%

9.07%

N/A

THREE YEARS (1)

56.75%

57.09%

56.70%

N/A

16.16%

16.25%

16.15%

N/A

FIVE YEARS (1)

−31.67%

−32.07%

−32.14%

N/A

−7.33%

−7.44%

−7.46%

N/A

SINCE INCEPTION (1)(2)

−32.71%

−32.64%

−32.36%

N/A

−6.35%

−6.34%

−6.22%

N/A


(1)		Effective October 24, 2011, the Fund changed its benchmark index to the S&P Regional Banks Select Industry Index from the KBW Regional Banking Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index prior to October 24, 2011.
(2)		For the period June 19, 2006 to June 30, 2012.
(3)		The S&P Regional Banks Select Industry Index inception date is September 12, 2011.

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

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


	SPDR S&P				S&P Regional
	Regional Banking		KBW Regional		Banks Select
	ETF (a)		Banking Index		Industry Index
	(1)		(b)		(c) (2)
6/19/2006		10000		10000
06/30/06		10066		10066
07/31/06		10127		10132
08/31/06		10189		10199
09/30/06		10257		10269
10/31/06		10247		10263
11/30/06		10442		10464
12/31/06		10593		10692
01/31/07		10456		10554
02/28/07		10316		10422
03/31/07		10183		10292
04/30/07		9916		10025
05/31/07		10111		10229
06/30/07		9848		9968
07/31/07		8929		9039
08/31/07		9601		9725
09/30/07		9533		9658
10/31/07		9112		9228
11/30/07		8678		8791
12/31/07		8262		8343
01/31/08		8630		8719
02/29/08		7558		7630
03/31/08		7829		7904
04/30/08		7665		7738
05/31/08		7366		7435
06/30/08		5958		6005
07/31/08		6791		6844
08/31/08		7230		7286
09/30/08		8038		8099
10/31/08		7376		7426
11/30/08		6723		6764
12/31/08		6747		6795
01/31/09		4778		4805
02/28/09		4193		4215
03/31/09		4505		4530
04/30/09		4854		4883
05/31/09		4667		4695
06/30/09		4293		4316
07/31/09		4879		4906
08/31/09		4971		5000
09/30/09		5024		5050
10/31/09		4806		4832
11/30/09		4947		4972
12/31/09		5263		5291
01/31/10		5695		5727
02/28/10		5785		5819
03/31/10		6192		6231
04/30/10		6616		6659
05/31/10		5979		6020
06/30/10		5482		5518
07/31/10		5657		5695
08/31/10		5028		5063
09/30/10		5474		5514
10/31/10		5408		5450
11/30/10		5387		5430
12/31/10		6317		6372
01/31/11		6259		6315
02/28/11		6395		6453
03/31/11		6401		6461
04/30/11		6426		6488
05/31/11		6219		6281
06/30/11		6141		6202
07/31/11		5978		6039
08/31/11		5334		5388		10000
09/30/11		4688		4733		9657
10/31/11		5687		5710		11477
11/30/11		5735		5805		11578
12/31/11		5961		6044		12045
01/31/12		6295		6354		12725
02/29/12		6566		6558		13275
03/31/12		6969		6938		14098
04/30/12		6874		6839		13908
05/31/12		6532		6512		13218
06/30/12		6729		6764		13624


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

SPDR S&P Regional Banking ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	SYNOVUS	BANCORP	REGIONS	EAST	SUNTRUST
DESCRIPTION	FINANCIAL CORP.	SOUTH, INC.	FINANCIAL CORP.	WEST BANCORP, INC.	BANKS, INC.

MARKET VALUE	$22,404,003	21,863,867	21,733,360	21,656,817	21,632,108

% OF NET ASSETS	1.9	1.9	1.9	1.9	1.9

(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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Regional Banks		96.3	%
Thrifts & Mortgage Finance		3.5
Short Term Investments		11.1
Other Assets & Liabilities		(10.9	)

TOTAL		100.0	%


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

SPDR Morgan Stanley Technology ETF —
Management’s Discussion of Fund Performance

The SPDR Morgan Stanley Technology ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded electronics-based technology companies. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −1.21%, and the total return for the Morgan Stanley Technology Index (the “Index”) was −0.81%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund experienced negative returns for the one year reporting period. Although other Information Technology market cap indices had positive returns for the one year reporting period, the Fund’s relative underperformance was mainly due to its equal weighting methodology. Despite a soft economy, consumers still demanded and spent money on smart phones and gadgets that kept them satisfied with their social media needs. The Fund began the one year reporting period with a negative return for the third quarter of 2011. Weak payroll data in July 2011 prevented respectable second-quarter earnings reports from boosting share prices in sustainable fashion, especially as negotiations on expansion of the US debt ceiling grew increasingly rancorous. The Fund rebounded with positive returns in the fourth quarter of 2011 and first quarter of 2012. Although volatilities were increased, US equity prices stabilized in September 2011 as the Federal Reserve made a commitment to hold interest rates at minimal levels well into 2013. Hopes for progress in the Eurozone debt situation led to an improved outlook and higher equity prices in October. Stocks in the US began 2012 with an impressive uptrend, as ample liquidity and defensive positioning fostered equity investment. Solid quarterly earnings reports, declining jobless claims, and rallying consumer confidence, provided an encouraging fundamental backdrop. Stocks stumbled in early April when March payroll figures came in much lower than expected. Equity performance in May reflected the challenges of higher unemployment figures in the US and growing concerns that Greece might wind up leaving the Eurozone. The Fund ended the second quarter of 2012 with negative returns.

On an individual security level, the top positive contributors to the Fund’s performance were Apple, Inc., Seagate Technology PLC., and LinkedIn Corp. (Class A). Apple had robust iPhone sales and solid iPhone and Mac growth. LinkedIn reported strong results highlighted by strength in hiring solutions, marketing solutions, and premium subscriptions. The top negative contributors to the Fund’s performance were Nokia Oyj., Hewlett-Packard Co., and Felefonaktiebolaget LM Ericsson (Class B). Nokia’s net sales declined in 2011. Hewlett-Packard Co. is being hit by softness in the consumer PC market with volumes continuing to decline as well as the strategy to reduce headcount by the end of Fiscal Year 2013. Ericsson has been negatively impacted from a lack of sales growth and declining earnings.

SPDR Morgan Stanley Technology ETF —
Performance Summary

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Morgan Stanley Technology ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.50%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		−1.21%		−1.17%		−0.81%		−1.21%		−1.17%		−0.81%

THREE YEARS		45.24%		45.08%		47.31%		13.25%		13.20%		13.78%

FIVE YEARS		6.43%		6.41%		8.72%		1.25%		1.25%		1.69%

TEN YEARS		98.68%		98.40%		108.35%		7.11%		7.09%		7.62%

SPDR Morgan Stanley Technology ETF —
Performance Summary (continued)

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

SPDR Morgan Stanley Technology ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	LINKEDIN CORP.	SEAGATE
DESCRIPTION	(CLASS A)	TECHNOLOGY PLC	APPLE, INC.	TERADATA CORP.	EBAY, INC.

MARKET VALUE	$6,947,614	6,904,122	6,602,120	6,295,690	5,953,153

% of NET ASSETS	4.2	4.1	4.0	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.)

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Software		20.1	%
Semiconductors & Semiconductor Equipment		17.0
Computers & Peripherals		15.2
IT Services		15.0
Communications Equipment		13.6
Internet Software & Services		12.9
Internet & Catalog Retail		3.3
Electronic Equipment, Instruments & Components		2.8
Short Term Investments		8.5
Other Assets & Liabilities		(8.4	)

TOTAL		100.0	%


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

SPDR S&P Dividend ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Dividend ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded issuers that have historically followed a policy of making dividend payments. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 6.46%, and the total return for the S&P High Yield Dividend Aristocrats Index (the “Index”) was 6.84%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The Fund underperformed the benchmark slightly due to the expenses of managing the Fund.

With its focus on higher yielding dividend-paying companies, the Fund tends to own securities which are in industries considered to be defensive. During periods of market uncertainty, higher yielding stocks are also thought of as defensive since their dividends are thought to offer a cushion against market downturns. With the ongoing financial concerns in Europe and a slowdown in economic activity in China, these defensive names have performed well over the past year. With investors searching for yield, dividend stocks have been very much in favor over the last year and there has been strong investor interest and assets flowing to these high-dividend-paying securities.

The Fund invested in total return equity swaps to achieve efficient exposure to certain constituents of the Index during the Reporting Period. The use of these swaps helped keep the Fund’s tracking error in line with the Index.

On an individual security level, the top positive contributors to the Fund’s performance were Cincinnati Financial Corp., HCP, Inc., and Kimberly-Clark Corp. Cincinnati Financial has benefited from property and casualty insurance rates rising, and higher earned premiums, while HCP, a healthcare REIT, stands to benefit from the new federal health care law passed by Congress. Since business is expected to grow for hospitals and other medical facilities, HCP Inc. as an owner of some of these properties, stands to benefit. Kimberly-Clark also had a strong year, as it have been working to expand its existing portfolio to new consumer groups, as well as reaching out to new market segments with new products. The top negative contributors to the Fund’s performance were Pitney Bowes, Inc., National Fuel Gas Co., and Walgreen Co. Pitney Bowes has struggled to react to weakness in mail delivery as technology now has changed the way companies reach out to customers. National Fuel Gas has struggled this past year along with other natural gas companies who have been hurt both in the exploration and in the delivery business as natural gas prices saw large declines. Walgreen has also struggled as a disagreement with pharmacy benefits manager Express Scripts has caused prescriptions and revenues to drop significantly. Walgreen’s top competitors are enjoying an increase in traffic and revenues as a result.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

SPDR S&P Dividend ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Dividend ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		6.46%		6.50%		6.84%		6.46%		6.50%		6.84%

THREE YEARS		62.47%		62.56%		64.09%		17.56%		17.58%		17.95%

FIVE YEARS		9.52%		9.22%		10.31%		1.84%		1.78%		1.98%

SINCE INCEPTION (1)		34.61%		34.65%		36.06%		4.57%		4.58%		4.73%


(1)		For the period November 8, 2005 to June 30, 2012.

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

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

SPDR S&P Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




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

MARKET VALUE	$354,363,148	276,709,859	271,655,776	267,549,530	237,950,215

% OF NET ASSETS	3.9	3.0	3.0	2.9	2.6

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Insurance		8.6	%
Household Products		7.8
Gas Utilities		6.7
Food & Staples Retailing		5.3
Machinery		5.0
Chemicals		5.0
Real Estate Investment Trusts		4.6
Commercial Services & Supplies		4.5
Pharmaceuticals		4.2
Multi-Utilities		4.1
Beverages		3.4
Containers & Packaging		3.3
Household Durables		3.0
Capital Markets		3.0
Diversified Telecommunication Services		3.0
Health Care Equipment & Supplies		2.9
Electrical Equipment		2.8
Food Products		2.5
Metals & Mining		2.4
Commercial Banks		2.2
IT Services		1.8
Oil, Gas & Consumable Fuels		1.7
Hotels, Restaurants & Leisure		1.7
Computers & Peripherals		1.7
Distributors		1.7
Industrial Conglomerates		1.6
Specialty Retail		1.4
Media		1.4
Multiline Retail		1.2
Textiles, Apparel & Luxury Goods		1.1
Short Term Investments		10.3
Other Assets & Liabilities		(9.9	)

TOTAL		100.0	%


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

SPDR Aerospace & Defense ETF —
Management’s Discussion of Fund Performance

From September 28, 2011 (the Fund’s inception) through June 30, 2012 (the “Reporting Period”), the total return for the Fund was 18.86%, and the total return for the SPDR S&P Aerospace & Defense Select Industry Index (the “Index”) was 19.13%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential between the Fund and the Index is mainly due to the expenses of managing the Fund.

The commercial aircraft industry had its best year ever for production and its second best year for orders in the 2011 calendar year. This growth has continued into 2012. The Aerospace and Defense industry in general is becoming more global due to heightened competition, growing travel demands, and security requirements in emerging markets. This globalization provides opportunities for lower cost and for technologically advanced product introductions. These can be designed and manufactured anywhere, anytime, largely due to the Internet and digital product definition, design, and manufacturing software. Globalization is also affecting product selections, in that military and commercial customers alike are requiring that value be offset by placing work in their countries of origin. This is all reflected in the positive performance of the Fund and industry. The upward movement continues, as traditional countries are pressured to keep their jobs at home, but is balanced by the need for companies to grow revenues and continue to reduce labor costs. The trend in the industry toward globalization is also marked by new market entrants, some of which receive government financial support that may potentially invite World Trade Organization consideration in future years. All of this has driven the Fund’s positive return.

On an individual security level, the top positive contributors to the Fund’s performance were: Textron, Inc., TransDigm Group, Inc., and Goodrich Corp. The primary driver of Textron was Cessna, and improved optimism about the outlook for this division has driven the increase. TransDigm Group’s performance was boosted by the acquisitions of AmSafe, Schneller and Harco, as well as growth from commercial original equipment manufacturers. Goodrich was positively affected by passenger air traffic trending up. Maintenance schedules and low parts inventories meant airlines increased their spending.

The top negative contributors to the Fund’s performance were: GeoEye, Inc., AAR Corp. and DigitalGlobe. For GeoEye, the performance reflects the significant EnhancedView cut and uncertainty on the satellite cost share. AAR Corp. had lower anticipated profits for ongoing military support and reduced activity for other defense services. DigitalGlobe cited a downturn in government value-added services and unprofitable hardware sales (DAP and RGT infrastructure).

SPDR S&P Aerospace & Defense ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/28/11, 9/29/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Aerospace & Defense ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P AEROSPACE &

NET ASSET

MARKET

DEFENSE SELECT

NET ASSET

MARKET

DEFENSE SELECT

VALUE

INDUSTRY INDEX

VALUE

INDUSTRY INDEX

SINCE INCEPTION (1)

18.86%

18.87%

19.13%

N/A


(1)		For the period September 28, 2011 to June 30, 2012.

SPDR S&P Aerospace & Defense ETF —
Performance Summary (continued)

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

SPDR S&P Aerospace & Defense ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




			NORTHROP	L-3 COMMUNICATIONS
DESCRIPTION	RAYTHEON CO.	HEXCEL CORP.	GRUMMAN CORP.	HOLDINGS, INC.	THE BOEING CO.

MARKET VALUE	$654,577	637,941	636,752	634,266	633,853

% OF NET ASSETS	4.4	4.3	4.3	4.3	4.3

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Aerospace & Defense		99.7	%
Short Term Investments		24.5
Other Assets & Liabilities		(24.2	)

TOTAL		100.0	%


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

SPDR S&P Biotech ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Biotech ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the biotechnology segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 21.15%, and the total return for the S&P Biotechnology Select Industry Index (the “Index”) was 21.40%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The Fund underperformed the benchmark slightly due to the expenses of managing the Fund.

The Biotechnology industry had a strong year, benefitting primarily from its defensive characteristics. During periods of market uncertainty, biotechnology stocks are perceived to be defensive since their revenues do not necessarily follow what the rest of the market delivers. The past year saw a number of new drug launches and also commercial successes for the firms that introduced them. Because of the capital intensive nature of the industry, if a new drug does not perform as well as expected, a company’s stock can suffer as a result of the decreased revenues. A number of unsuccessful drugs were introduced into the marketplace this past year as well.

On an individual security level, the top positive contributors to the Fund’s performance were Medivation, Inc., Amylin Pharmaceuticals, Inc., and Alexion Pharmaceuticals, Inc. Investors have been betting on Medivation’s new prostrate cancer drug to have large commercial success while Amylin and its two successful, FDA-approved diabetes drugs are soon to be acquired by a joint Bristol Myers Squibb and AstraZeneca venture. Alexion Pharmaceuticals has also had a strong year primarily due to sales and expectations for its Soliris drug which is used to treat paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome. The top negative contributors to the Fund’s performance were Savient Pharmaceuticals, Dendreon Corp., and InterMune, Inc. Savient has struggled with the launch of its gout drug Krystexxa and has also been put under pressure by its largest creditor to liquidate itself. Dendreon has an innovative cancer drug in Provenge, however, it is costly and has not had commercial success. Intermune’s poor performance stems from delays and disappointments with its lung drug Esbriet.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

SPDR S&P Biotech ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Biotech ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		21.15%		21.05%		21.40%		21.15%		21.05%		21.40%

THREE YEARS		74.47%		74.34%		75.53%		20.39%		20.36%		20.63%

FIVE YEARS		76.34%		76.16%		78.59%		12.01%		11.99%		12.30%

SINCE INCEPTION (1)		81.30%		81.23%		84.73%		9.72%		9.71%		10.04%


(1) For the period January 31, 2006 to June 30, 2012.

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

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

SPDR S&P Biotech ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	ARENA	ONYX		SPECTRUM
DESCRIPTION	PHARMACEUTICALS, INC.	PHARMACEUTICALS, INC.	PHARMACYCLICS, INC.	PHARMACEUTICALS, INC.	CEPHEID, INC.

MARKET VALUE	$24,319,354	22,647,622	22,308,021	21,254,867	19,445,039

% OF NET ASSETS	3.8	3.5	3.5	3.3	3.0

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Biotechnology		99.8	%
Short Term Investments		23.7
Other Assets & Liabilities		(23.5	)

TOTAL		100.0	%


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

SPDR S&P Health Care Equipment ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Health Care Equipment ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the health care equipment and supplies segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 4.51%, and the total return for the S&P Health Care Equipment Select Industry Index (the “Index”) was 4.89%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Several factors contributed to the Fund trailing its benchmark, including the expenses of managing the Fund, such as cash, security misweights versus the Index, transaction costs and compounding (the exponential growth of outperformance or underperformance).

Despite a negative start in the first three months of the reporting period, the double digit positive returns that followed allowed the Fund to finish the reporting period with positive returns. While many other sectors in the S&P 500 Index were plagued with financial concerns over the economy both in the US and abroad, the health care sector was one of only five sectors that ended the year with positive returns, ending the reporting period as the best performer in the month of June. Typically, the healthcare sector reacts less sensitively to economic conditions. Additionally, a large part of the longer term growth in the health care equipment industry can be attributed to the rising aging population and growing need for medical equipment and imaging procedures. Unfortunately, this growth was partially minimized by the pending Supreme Court decision regarding the new health care law that loomed in the industry throughout the Reporting Period. The uncertainty over whether the law would be upheld weighed on various health care stocks at times during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Zoll Medical Corp., Align Technology, Inc. and Intuitive Surgical, Inc. Zoll Medical was the lead contributor thanks to very high returns as a result of continued success with Automated External Defibrillator product sales. Align Technology also enjoyed a very successful period thanks to strong earnings and continued success in their Invisalign product line. Intuitive Surgical’s stock benefited from continued strong sales and revenue growth. The top negative contributors to the Fund’s performance were Alere, Inc., Invacare Corp. and Hill-Rom Holdings, Inc. Alere was the top negative contributor as its annual sales suffered and it was plagued by a large recall of one of its key products toward the end of the reporting period. Invacare returns fell dramatically as a result of continued threats from the FDA to halt production at one of their wheelchair manufacturing plants due to quality concerns. Hill-Rom Holdings had a difficult year as well with very low profit margin and slowed growth in its international sales.

SPDR S&P Health Care Equipment ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/26/11, 1/27/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Health Care Equipment ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P HEALTH CARE EQUIPMENT		NET ASSET		MARKET		S&P HEALTH CARE EQUIPMENT
	VALUE		VALUE		SELECT INDUSTRY INDEX		VALUE		VALUE		SELECT INDUSTRY INDEX

ONE YEAR		4.51%		4.39%		4.89%		4.51%		4.39%		4.89%

SINCE INCEPTION (1)		14.37%		14.14%		14.96%		9.85%		9.69%		10.24%


(1) For the period January 26, 2011 to June 30, 2012.

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

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

SPDR S&P Health Care Equipment ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	NUVASIVE,	EDWARDS LIFESCIENCES	IDEXX LABORATORIES,	ALIGN TECHNOLOGY,	C.R. BARD,
DESCRIPTION	INC.	CORP.	INC.	INC.	INC.

MARKET VALUE	$625,961	616,804	592,545	572,066	566,531

% OF NET ASSETS	2.7	2.7	2.6	2.5	2.5

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Health Care Equipment		83.0	%
Health Care Supplies		16.8
Short Term Investments		0.2
Other Assets & Liabilities		0.0	**

TOTAL		100.0	%


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

SPDR S&P Health Care Services ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Health Care Services ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the health care providers and services segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

From September 28,2011 ( the Fund’s inception) through June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 24.35%, and the total return for the S&P Health Care Services Select Industry Index (the “Index”) was 24.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Several factors contributed to the Fund trailing its benchmark, including the expenses of managing the Fund, cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance).

The healthcare sector was one of the best performing sectors in the S&P 500 Index in calendar year 2011 and this strength continued in calendar year 2012. Companies within the Fund showed signs of an uptrend resulting from dividend yields and sound valuations throughout the Reporting Period. Additionally, the healthcare sector typically exhibits a lack of sensitivity to economic conditions. The pending Supreme Court decision regarding the new health care law loomed in the industry throughout the Reporting Period. The uncertainty over whether the law would be upheld weighed on health care stocks in the latter months of the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Community Health Systems, Inc., AMERIGROUP Corp. and Lincare Holdings, Inc. Strong sales and strong profits landed Community Health Systems the top performer spot in the Fund for the Reporting Period. Amerigroup had strong positive performance thanks to healthy revenues, better than expected earnings per share and growth in the form of expansion efforts. Speculation over a buyout by German company Linde AG helped boost Lincare Holdings’ stock price. The top negative contributors to the Fund’s performance were Accretive Health, Inc., PharMerica Corp. and Amedisys, Inc. Accretive Health saw its stock price decrease by more than 50% due to a lawsuit launched by the Minnesota Attorney General alleging breach of patients’ privacy. Despite strong earnings, PharMerica saw its shares fall when the Federal Trade Commission sued to block a takeover bid by Omnicare. Amedisys saw significant declines in value over the period primarily due to margin contractions, declining sales and increased expenses on salaries and benefits.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

SPDR S&P Health Care Services ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/28/11, 9/29/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Health Care Services ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P HEALTH CARE SERVICES SELECT

NET ASSET

MARKET

S&P HEALTH CARE SERVICES SELECT

VALUE

INDUSTRY INDEX

VALUE

INDUSTRY INDEX

SINCE INCEPTION (1)

24.35%

24.27%

24.71%

N/A


(1) For the period September 28, 2011 to June 30, 2012.

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

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

SPDR S&P Health Care Services ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		COMMUNITY	HEALTH MANAGEMENT	HMS	HCA
	LINCARE HOLDINGS,	HEALTH SYSTEMS,	ASSOCIATES, INC.	HOLDINGS	HOLDINGS,
DESCRIPTION	INC.	INC.	(CLASS A)	CORP.	INC.

MARKET VALUE	$293,525	246,412	233,804	232,004	230,538

% OF NET ASSETS	3.2	2.6	2.5	2.5	2.5

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Health Care Services		32.0	%
Health Care Facilities		26.8
Managed Health Care		24.5
Health Care Distributors		16.5
Short Term Investments		27.6
Other Assets & Liabilities		(27.4	)

TOTAL		100.0	%


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

SPDR S&P Homebuilders ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Homebuilders ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the homebuilding segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 19.85%, and the total return for the S&P Homebuilders Select Industry Index (the “Index”) was 20.17%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The Fund underperformed the benchmark slightly due to the expenses of managing the Fund.

The homebuilders industry has benefited from signs that the housing market is recovering. A number of housing indicators including builder confidence, new home sales, and construction starts have increased in 2012. As companies in the industry were forced to adjust operations over the last several years in weak housing markets, construction and administration costs have also come down. In addition to the building companies within the homebuilding industry, the related sub-industries of home improvement and building products are also seeing strong returns from the advance in the housing market.

On an individual security level, the top positive contributors to the Fund’s performance were Lennar Corp. (Class A), D.R. Horton, Inc. and The Ryland Group, Inc. All three builders have posted strong earnings in the last six months related to the improving housing market. The top negative contributors to the Fund’s performance were Tempur-Pedic International, Inc., Whirlpool Corp., and Owens Corning, Inc. After reporting a record first quarter in April 2012, Tempur-Pedic guided on a large negative earnings surprise in June. As the stock price dropped, a number of lawsuits claiming securities fraud have been launched against Tempur-Pedic causing the stock price to suffer further declines. Both Whirlpool and Owens Corning are facing pressure on margins due to increases in materials costs, including steel and asphalt.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

SPDR S&P Homebuilders ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Homebuilders ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P HOMEBUILDERS

NET ASSET

MARKET

S&P HOMEBUILDERS SELECT INDUSTRY

NET ASSET

MARKET

SELECT INDUSTRY

VALUE

INDEX

VALUE

INDEX

ONE YEAR

19.85%

19.94%

20.17%

19.85%

19.94%

20.17%

THREE YEARS

88.96%

89.09%

90.61%

23.63%

23.66%

23.99%

FIVE YEARS

−23.93%

−24.44%

−24.17%

−5.32%

−5.45%

−5.38%

SINCE INCEPTION (1)

−50.24%

−50.20%

−50.22%

−10.31%

−10.30%


(1) For the period January 31, 2006 to June 30, 2012.

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

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

100

SPDR S&P Homebuilders ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




DESCRIPTION	STANDARD PACIFIC CORP.	M.D.C. HOLDINGS, INC.	PULTE GROUP, INC.	THE RYLAND GROUP, INC.	USG CORP.

MARKET VALUE	$50,517,339	50,317,060	49,787,400	49,782,287	49,258,880

% OF NET ASSETS	3.8	3.8	3.8	3.8	3.7

(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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Homebuilding		29.5	%
Building Products		27.8
Home Furnishing Retail		14.6
Home Furnishings		12.2
Home Improvement Retail		9.6
Household Appliances		6.2
Short Term Investments		15.8
Other Assets & Liabilities		(15.7	)

TOTAL		100.0	%


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

101

SPDR S&P Metals & Mining ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Metals & Mining ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the metals and mining segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was −39.46%, and the total return for the S&P Metals & Mining Select Industry Index (the “Index”) was −39.46%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was in line with the Index.

The metals and mining industry faced a number of headwinds over the past year. Coal mining and steel companies have struggled as Europe’s financial problems and China’s economic slowdown have weakened demand. Also, utilities and other companies have been switching to cheaper natural gas from coal to generate electricity. While demand for coal and steel have declined, aluminum demand has been growing globally as manufacturers look to substitute heavier or costlier steel and copper with aluminum. Another relative bright spot for Metals and Mining was in the Gold sub-industry. Gold’s status as a perceived safe haven helped for much of the Reporting Period as global economic concerns drove gold prices higher.

On an individual security level, the top positive contributors to the Fund’s performance were Royal Gold, Inc., Reliance Steel & Aluminum Co., and Kaiser Aluminum Corp. Gold stocks generally perform well as interest rates and broad market investor sentiment drops, and Royal Gold was no exception during the Reporting Period. Reliance Steel & Aluminum was able to beat expectations on revenues and earnings per share and also completed a number of acquisitions this past year, while Kaiser Aluminum benefited from increasing foreign demand for aluminum and improved pricing.

The top negative contributors to the Fund’s performance were Patriot Coal Corp., James River Coal Corp., and Alpha Natural Resources, Inc. All three coal companies were hurt dramatically by the decrease in demand for coal caused by global economic concerns.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

102

SPDR S&P Metals & Mining ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Metals & Mining ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P METALS & MINING

NET ASSET

MARKET

S&P METALS & MINING

VALUE

SELECT INDUSTRY INDEX

VALUE

SELECT INDUSTRY INDEX

ONE YEAR

−39.46%

−39.49%

−39.46%

−39.49%

−39.46%

THREE YEARS

14.88%

14.89%

15.73%

4.73%

4.74%

4.99%

FIVE YEARS

−30.43%

−30.51%

−29.78%

−7.00%

−7.02%

−6.82%

SINCE INCEPTION (1)

1.37%

1.34%

2.73%

0.23%

0.22%

0.44%


(1) For the period June 19, 2006 to June 30, 2012.

103

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

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

104

SPDR S&P Metals & Mining ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		CLOUD PEAK	UNITED STATES	CARPENTER	CONSOL ENERGY,
DESCRIPTION	ARCH COAL, INC.	ENERGY, INC.	STEEL CORP.	TECHNOLOGY CORP.	INC.

MARKET VALUE	$25,213,369	24,306,806	24,038,284	23,910,480	23,894,197

% OF NET ASSETS	3.3	3.2	3.1	3.1	3.1

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Steel		34.2	%
Diversified Metals & Mining		23.6
Coal & Consumable Fuels		15.2
Precious Metals & Minerals		10.7
Gold		8.5
Aluminum		7.7
Short Term Investments		16.3
Other Assets & Liabilities		(16.2	)

TOTAL		100.0	%


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

105

SPDR S&P Oil & Gas Equipment & Services ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Oil & Gas Equipment & Services ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the oil and gas equipment and services segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −25.56%, and the total return for the S&P Oil & Gas Equipment & Services Select Industry Index (the “Index”) was −25.46%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential was caused mainly by the expenses of managing the Fund and minor security misweights in the Fund.

Struggling US equities were able to recover after the weak second quarter for 2011 and had a strong run at the end of 2011 and beginning of 2012. US stocks stumbled in early April when March payroll figures came in much lower than expected. The stability quickly vanished when May brought a new set of poor employment figures and elections in Europe fostered growing concerns that Greece might wind up leaving the eurozone. For the Reporting Period the Fund significantly lagged the 5.45% return of the S&P 500 Index. While an economically sensitive sector like energy started to interest bargain hunters during June, they could not recover fully from weak relative performance earlier in the second quarter of 2012, which belonged primarily to defensive issues. Even though natural gas prices bounced back in the second quarter of 2012, the sharp reversal in crude oil weighed on the group, with service names faltering badly.

On an individual security level, the top positive contributors to the Fund’s performance were Global Industries, Inc., Hornbeck Offshore Services, Inc. and Oceaneering International, Inc. Global Industries was acquired in November 2011 by Technip for cash. Hornbeck Offshore Services which provides supplies to offshore oil and gas operations, reported solid earnings limited supply of high-spec vessels in the Gulf of Mexico and a substantial increase in deepwater drilling permits issued. Oceaneering International, which provides engineered services and products primarily to the offshore oil and gas industry with a focus on deepwater applications worldwide, benefited from the international demand growth particularly in the deepwater sector of the offshore market.

The top negative contributors to the Fund’s performance were Basic Energy Services, Inc., Key Energy Services, Inc., and CARBO Ceramics, Inc. because of softer demand for well site services. Basic Energy Services, Inc., a provider of various well site services to oil and natural gas drilling and producing companies in the United States, had revenues suffer because of softer demand for well site services. Key Energy Services provides a range of well services to major oil companies, foreign national oil companies and independent oil and natural gas production companies. Key Energy Services, Inc.’s earnings results were negatively impacted by the decline in natural gas and oil prices. CARBO Ceramics, Inc., a supplier of ceramic proppant primarily used in the hydraulic fracturing of natural gas and oil wells in the United States and internationally, has been punished as natural gas prices sit at historical lows.

106

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Oil & Gas Equipment & Services ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P OIL & GAS

EQUIPMENT &

NET ASSET

MARKET

SERVICES SELECT

NET ASSET

MARKET

SERVICES SELECT

VALUE

INDUSTRY INDEX

VALUE

INDUSTRY INDEX

ONE YEAR

−25.56%

−25.46%

−25.56%

−25.46%

THREE YEARS

43.85%

44.01%

45.04%

12.88%

12.93%

13.19%

FIVE YEARS

−14.01%

−14.11%

−13.06%

−2.97%

−3.00%

−2.76%

SINCE INCEPTION (1)

13.64%

13.62%

15.40%

2.14%

2.38%


(1)		For the period June 19, 2006 to June 30, 2012.

107

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

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

108

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		EXTERRAN	HORNBECK OFFSHORE
DESCRIPTION	RPC, INC.	HOLDINGS, INC.	SERVICES, INC.	HECKMANN CORP.	DRIL-QUIP, INC.

MARKET VALUE	$6,951,857	6,932,035	6,882,558	6,752,219	6,654,302

% OF NET ASSETS	2.8	2.8	2.8	2.7	2.7

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil & Gas Equipment & Services		73.0	%
Oil & Gas Drilling		26.8
Short Term Investments		14.8
Other Assets & Liabilities		(14.6	)

TOTAL		100.0	%


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

109

SPDR S&P Oil & Gas Exploration & Production ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Oil & Gas Exploration & Production ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the oil and gas exploration and production segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −13.49%, and the total return for the S&P Oil & Gas Exploration & Production Select Industry Index (the “Index”) was −13.59%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The tracking in the Fund was caused mainly by fees and minor misweights in the Fund.

Struggling US equities were able to recover after the weak second quarter for 2011 and had a strong run at the end of 2011 and beginning of 2012. However US stocks stumbled in early April when March payroll figures came in much lower than expected. The stability quickly vanished when May brought a new set of poor employment figures and elections in Europe fostered growing concerns that Greece might wind up leaving the eurozone. For the Reporting Period the Fund significantly lagged the 5.45% return of the S&P 500 Index. While an economically sensitive sector like energy started to interest bargain hunters during June, they could not recover fully from weak relative performance earlier in the second quarter of 2012, which belonged primarily to defensive issues. Even though natural gas prices bounced back in the second quarter of 2012, the sharp reversal in crude oil weighed on the group.

On an individual security level, the top positive contributors to the Fund’s performance were Cobalt International Energy, Inc., GeoResources, Inc. and Western Refining, Inc. Cobalt International Energy, engaged in the exploration and production of oil primarily in the deepwater of the U.S. Gulf of Mexico, and offshore in Angola and Gabon in West Africa, rallied earlier this year on indications that its high-risk gamble of exploration activities off of the coast of Angola in West Africa had paid off. GeoResources, an independent oil and gas company that engages in the acquisition, exploration, development, and production of crude oil, natural gas, and related products, rose on the news of being acquired by Halcon Resources. Strong financial results based on favorable market conditions allowed Western Refining Inc. to increase its production and improve margins in the past year.

The top negative contributors to the Fund’s performance were Forest Oil Corp., Penn Virginia Corp. and Newfield Exploration Co. Forest Oil’s shares dropped as the company cut spending in two projects in East Texas and the Panhandle area. Penn Virginia shares plummeted on liquidity and exploration uncertainty as the company launched the sales process for its fields to bridge a budget gap with the proceeds. Oil and gas producer Newfield Exploration suffered as its profit fell on lower gas prices.

110

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

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Oil & Gas Exploration & Production ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P OIL & GAS

EXPLORATION &

NET ASSET

MARKET

PRODUCTION SELECT

NET ASSET

MARKET

PRODUCTION SELECT

VALUE

INDUSTRY INDEX

VALUE

INDUSTRY INDEX

ONE YEAR

−13.49%

−13.57%

−13.59%

−13.49%

−13.57%

−13.59%

THREE YEARS

62.77%

62.79%

63.85%

17.63%

17.64%

17.89%

FIVE YEARS

13.47%

13.54%

14.64%

2.56%

2.57%

2.77%

SINCE INCEPTION (1)

54.54%

54.46%

56.58%

7.48%

7.47%

7.65%


(1)		For the period June 19, 2006 to June 30, 2012.

111

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

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

112

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	QUICKSILVER	MCMORAN	ULTRA	BILL BARRETT	MARATHON
DESCRIPTION	RESOURCES, INC.	EXPLORATION CO.	PETROLEUM CORP.	CORP.	PETROLEUM CORP.

MARKET VALUE	$17,752,711	16,219,539	14,512,391	14,435,816	14,095,806

% OF NET ASSETS	2.0	1.9	1.7	1.7	1.6

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil & Gas Exploration & Production		73.9	%
Oil & Gas Refining & Marketing		15.9
Integrated Oil & Gas		9.8
Short Term Investments		13.9
Other Assets & Liabilities		(13.5	)

TOTAL		100.0	%


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

113

SPDR S&P Pharmaceuticals ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Pharmaceuticals ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the pharmaceuticals segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 17.86%, and the total return for the S&P Pharmaceuticals Select Industry Index (the “Index”) was 18.06%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The Fund seeks to replicate the performance of the Index. Expenses of managing the Fund, impact Fund performance and as a result, the Fund may perform differently than the Index.

The Pharmaceutical industry performed well over the last fiscal year. The nature of the Pharmaceutical industry allows it to grow earnings and dividends through up and down markets. Much of this can be supported by the changing demographics and the aging of the baby boomers. This shift has been supportive to the Pharmaceutical industry.

On an individual security level, the top positive contributors to the Fund’s performance were VIVUS, Inc., Questcor Pharmaceuticals, Inc., and Jazz Pharmaceuticals PLC. VIVUS’s strong performance is a result of the anticipated approval of Qnexa by the Food & Drug Administration (FDA). Qnexa is an obesity drug that the (FDA) had previously rejected over safety concerns. In April, the FDA also approved Avanafil, VIVUS Inc.’s erectile dysfunction drug, which also improved the stocks performance. Questcor Pharmaceuticals’ performance was helped by strong sales in its multiple sclerosis drug Acthar. In June, Questcor also announced that it would recommend the use of Acthar as a treatment for rheumatology conditions. Jazz Pharmaceuticals’ performance was driven by stronger 2012 earnings guidance.

The top negative contributors to the Fund’s performance were Avanir Pharmaceuticals, Inc., Hospira, Inc., and Warner Chilcott PLC. Avanir’s performance was impacted in the first half of the fiscal year because of the lower than expected sales of Nuedexta, which treats pseudobulbar affect, or a sudden, uncontrollable onset of laughing or crying. Hospira’s 2011 calendar year earnings were hurt by a slow down in production at the company’s facility in Rocky Mountain, North Carolina. Warner Chilcott’s weak performance results from the loss of its patent exclusivity in Western Europe on its blockbuster osteoporosis drug Actonel, which negatively impacted sales.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

114

SPDR S&P Pharmaceuticals ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Pharmaceuticals ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		17.86%		17.88%		18.06%		17.86%		17.88%		18.06%

THREE YEARS		104.31%		104.13%		105.89%		26.89%		26.85%		27.21%

FIVE YEARS		76.94%		77.12%		78.34%		12.09%		12.11%		12.26%

SINCE INCEPTION (1)		103.17%		103.16%		105.50%		12.47%		12.47%		12.57%


(1)		For the period June 19, 2006 to June 30, 2012.

115

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

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

116

SPDR S&P Pharmaceuticals ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	QUESTCOR				MERCK & CO.,
DESCRIPTION	PHARMACEUTICALS, INC.	VIVUS, INC.	VIROPHARMA, INC.	PERRIGO CO.	INC.

MARKET VALUE	$22,823,935	22,011,960	21,993,884	20,937,410	20,468,438

% OF NET ASSETS	4.8	4.7	4.7	4.4	4.3

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Pharmaceuticals		100.0	%
Short Term Investments		9.3
Other Assets & Liabilities		(9.3	)

TOTAL		100.0	%


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

117

SPDR S&P Retail ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Retail ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the retail segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 11.56%, and the total return for the S&P Retail Select Industry Index (the “Index”) was 11.72%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Expenses of managing the Fund impact Fund’s performance and as a result, the Fund may perform differently than the benchmark.

Over the fiscal year, the Fund generated positive returns in only the fourth quarter of 2011 and first quarter of 2012. Despite a weak third quarter of 2011, the fourth quarter of 2011 and first quarter of 2012 provided a large boost in returns with the Fund increasing significantly. Returns were driven by strong holiday retail sales in the final quarter of 2011 and nominal sales growth proved enough to drive the performance of the first quarter of 2012. With this solid return base the Fund was able to generate positive returns over the fiscal year.

On an individual security level, the top positive contributors to the Fund’s performance were Dollar Tree, Inc., GNC Holdings, Inc., and Expedia, Inc. Over the fiscal year, Dollar Tree performed well driven by the discount retailer’s continued earnings growth. GNC Holdings has been driven by is strong earning since it’s IPO in April 2011. During the first half of the fiscal year, Expedia was a drag on performance. However, Expedia boosted performance in the second half of the fiscal year as it experienced strong earnings growth in its global hotel bookings.

The top negative contributors to the Fund’s performance were RadioShack Corp., Netflix, Inc., and Office Depot, Inc. Throughout the fiscal year, RadioShack was a drag on performance driven by weak sales growth and increasing competition from other large discount retailers. Netflix had a difficult year after mishandling a subscription price hike and attempting to split DVD-by-mail and subscription into separate businesses. Both actions reduced the number of subscribers. Throughout the year, Office Depot continued to face tough competition from OfficeMax and Staples. During the year its sales shrank and decreased the value of Office Depot.

118

SPDR S&P Retail ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Retail ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

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

ONE YEAR		11.56%		11.62%		11.72%		11.56%		11.62%		11.72%

THREE YEARS		120.80%		120.87%		122.44%		30.22%		30.23%		30.53%

FIVE YEARS		44.50%		44.66%		46.40%		7.64%		7.66%		7.92%

SINCE INCEPTION (1)		71.85%		71.90%		74.93%		9.39%		9.40%		9.63%


(1)		For the period June 19, 2006 to June 30, 2012.

119

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

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

120

SPDR S&P Retail ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




					OFFICEMAX,
DESCRIPTION	SUPERVALU, INC.	SHUTTERFLY, INC.	SEARS HOLDINGS CORP.	RITE AID CORP.	INC.

MARKET VALUE	$9,093,159	9,053,458	8,616,919	8,591,437	8,544,726

% OF NET ASSETS	1.3	1.3	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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Apparel Retail		29.5	%
Specialty Stores		16.1
Automotive Retail		11.8
Food Retail		8.5
Internet Retail		7.6
Department Stores		7.3
General Merchandise Stores		6.1
Computer & Electronics Retail		4.1
Drug Retail		3.3
Hypermarkets & Super Centers		3.3
Catalog Retail		2.2
Short Term Investments		11.1
Other Assets & Liabilities		(10.9	)

TOTAL		100.0	%


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

121

SPDR S&P Semiconductor ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Semiconductor ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the semiconductor segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was −19.65%, and the total return for the S&P Semiconductor Select Industry Index (the “Index”) was −19.79%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations.

After the earthquake in Japan, the semiconductor market was largely idle as a result of damage to provider facilities. The industry tends to be cyclical and has seen slow growth in the last two years as a result of minimal demand and a surplus in supply. However, a feeling of optimism persists amid forecasts of strong growth in the industry, mainly due to continuing high demand for the myriad of “smart” devices on the market utilizing semiconductors.

On an individual security level, the top positive contributors to the Fund’s performance were Cirrus Logic, Inc., Netlogic Microsystems, Inc. and Skyworks Solutions, Inc. Cirrus Logic produces integrated circuits in the consumer audio and the energy market and derives the majority of its revenues from Apple products. Netlogic Microsystems is a manufacturer of memory systems for server and storage applications. Netlogic posted a narrower than expected loss during the period as well as a spike in revenue. Skyworks Solutions supplies radio frequency chips for Apple products.

The top negative contributors to the Fund’s performance were First Solar, Inc., OmniVision Technologies,Inc., and SunPower Corp. Poor earnings, increased costs and management woes as well as a multi-year slide in the solar industry have all helped contribute to First Solar being in the position of worst performer for the period. OmniVision’s sensors are used in a number of Apple consumer products, but OmniVision’s stock dropped during the period after it was determined that Apple was using Sony sensors for some of its products. In what has been an extremely difficult period in the solar industry, prices of some of SunPower’s solar modules fell significantly as a result of an industry-wide oversupply.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

122

SPDR S&P Semiconductor ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Semiconductor ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P SEMICONDUCTOR

NET ASSET

MARKET

SELECT INDUSTRY

NET ASSET

MARKET

SELECT INDUSTRY

VALUE

INDEX

VALUE

INDEX

ONE YEAR

−19.65%

−19.70%

−19.79%

−19.65%

−19.70%

−19.79%

THREE YEARS

34.88%

34.80%

35.56%

10.49%

10.47%

10.67%

FIVE YEARS

−12.83%

−12.86%

−13.67%

−2.71%

−2.72%

−2.90%

SINCE INCEPTION (1)

−12.68%

−12.73%

−13.04%

−2.09%

−2.10%

−2.15%


(1)		For the period January 31, 2006 to June 30, 2012.

123

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

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

124

SPDR S&P Semiconductor ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




DESCRIPTION	FIRST SOLAR, INC.	NVIDIA CORP.	CAVIUM, INC.	CREE, INC.	MICRON TECHNOLOGY, INC.

MARKET VALUE	$1,036,023	1,003,705	949,340	946,889	944,033

% OF NET ASSETS	2.7	2.6	2.5	2.5	2.5

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Semiconductors		99.9	%
Short Term Investments		19.2
Other Assets & Liabilities		(19.1	)

TOTAL		100.0	%


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

125

SPDR S&P Software & Services ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Software & Services ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the computer software segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

From September 28, 2011 (the Fund’s inception) through June 30, 2012 (the “Reporting Period”), the total return for the Fund was 23.25%, and the total return for the S&P Software & Services Select Industry Index (the “Index”) was 23.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential between the Fund and the Index was due mainly to the expenses of managing the Fund and minor security misweights in the Fund.

While healthy first-quarter earnings reports countered the hesitant tone of incoming economic indicators during the second calendar quarter of 2012, share prices had little buffer left when US employment figures lost momentum, Chinese trade data looked soft, and financial pressures once again started to percolate through the eurozone. Despite turbulent market conditions the Fund performed well above S&P 500 Index return of 5.45%. Strong performance of software and services stocks reflected solid earnings and the growing adoption of technologies such as powerful Internet-enabled smartphones and tablets, and HTML5. Additionally, an increasing percentage of corporate budgets was being committed to the Internet versus traditional media as people spend more time online.

On an individual security level, the top positive contributors to the Fund’s performance were AOL, Inc., VirnetX Holding Corp., and Equinix, Inc. AOL stock got a lift when AOL sold 800 patents related to internet technologies to Microsoft for approximately $1.1B in cash. VirnetX has been in the news in regards to their patent battle against Apple, Inc., Cisco Systems, Inc., and Aastra USA. In April of 2012 the company reached a settlement with Astra and the case was dismissed. Subsequently VirnetX signed a patent license agreement with Aastra USA that included both a one-time payment and royalties on all future sales covered by the agreement. Equinix, a data center services provider that protects and connects the information assets for the enterprises, financial services companies, and content and network providers primarily in the Americas, Europe, the Middle-East, Africa, and the Asia-Pacific, has had robust revenue growth, impressive record of earnings per share growth, expanding profit margins, and good cash flow from operations.

The top negative contributors to the Fund’s performance were Rovi Corp., KIT Digital, Inc., and Electronic Arts, Inc. For Rovi, the digital media solutions provider, shares fell on its low profit numbers due to a weakening market for consumer electronics devices that use its technology and slow pace of license renewals. KIT Digital, a leading video management software and services company, had major management turmoil and faces a securities fraud class action suit which drove the stock price down. Revenues of Electronic Arts, a video games maker, slowed as the company lost traction in traditional games and was slow to capture social games market played online, or through applications on smartphones and mobile devices.

126

SPDR S&P Software & Services ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/28/11, 9/29/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Software & Services ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P SOFTWARE &

NET ASSET

MARKET

SERVICES SELECT

NET ASSET

MARKET

SERVICES SELECT

VALUE

INDUSTRY INDEX

VALUE

INDUSTRY INDEX

SINCE INCEPTION (1)

23.25%

23.22%

23.61%

N/A


(1)		For the period September 28, 2011 to June 30, 2012.

127

SPDR S&P Software & Services ETF —
Performance Summary (continued)

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

128

SPDR S&P Software & Services ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




					QUEST SOFTWARE,
DESCRIPTION	REALPAGE, INC.	UNISYS CORP.	NETSUITE, INC.	PROGRESS SOFTWARE CORP.	INC.

MARKET VALUE	$173,260	162,793	148,865	148,323	148,051

% OF NET ASSETS	0.9	0.9	0.8	0.8	0.8

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Application Software		31.3	%
Data Processing & Outsourced Services		21.4
Internet Software & Services		21.1
Systems Software		12.1
IT Consulting & Other Services		10.7
Home Entertainment Software		2.6
Diversified Commercial & Professional Services		0.7
Short Term Investments		27.8
Other Assets & Liabilities		(27.7	)

TOTAL		100.0	%


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

129

SPDR S&P Telecom ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Telecom ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the telecommunications segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was −19.47%, and the total return for the S&P Telecom Select Industry Index (the “Index”) was −19.23%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations and the performance differential can be attributed primarily to expenses of managing the Fund. The remaining difference can be explained by a combination of cash drag, small security misweights, SEC dividend reinvestment, and compounding. .

Increased competition with regard to technological innovations in the telecommunications industry as well as potential for business slowdown due to an ailing economy are major factors that have affected the telecommunications index year to date. Companies in the sector point to weak North American sector revenues as consumers become more selective in their spending habits. On the upside, the growth in the smartphone market remains strong and reflects a shift from ordinary handset devices and possible growth opportunity.

On an individual security level, the top positive contributors to the Fund’s performance were Motorola Solutions, Inc., SBA Communications Corp. and Crown Castle International Corp. Motorola’s slight positive return on the year is largely explained by Google’s August 15^th 2011 announcement to acquire Motorola; this announcement resulted in a high premium verses the prior day’s closing price. SBA Communications reported consistent solid quarterly earnings results in addition to acquiring Mobilite Towers in early April 2012. Crown Castle also engaged in two acquisitions during the first two quarters of 2012 which increased its tower coverage and wireless communications presence.

The top negative contributors to the Fund’s performance were NII Holdings, Inc., Acme Packet, Inc. and Polycom, Inc. NII Holdings’ stock price has been on a decline mainly due to its delay in upgrading its technological capabilities into the popular 3G market. Acme Packet follows NII holdings consistent price slide through the 12 month period. Acme Packet has released four preannouncements with negative information regarding revenue and earnings per share since the third quarter of 2011 citing weaker than expected North American service provider activity. Polycom shares the challenges of Acme as challenges in North America stifled revenue growth and challenged the stock price throughout the fiscal year.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

130

SPDR S&P Telecom ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/26/11, 1/27/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Telecom ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P TELECOM SELECT

NET ASSET

MARKET

S&P TELECOM SELECT

VALUE

INDUSTRY INDEX

VALUE

INDUSTRY INDEX

ONE YEAR

−19.47%

−19.42%

−19.23%

−19.47%

−19.42%

−19.23%

SINCE INCEPTION (1)

−18.32%

−18.28%

−17.96%

−13.20%

−13.18%

−12.93%


(1)		For the period January 26, 2011 to June 30, 2012.

131

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

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

132

SPDR S&P Telecom ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




				FRONTIER
	LEAP WIRELESS			COMMUNICATIONS
DESCRIPTION	INTERNATIONAL, INC.	INTERDIGITAL, INC.	CIENA CORP.	CORP.	NETGEAR, INC.

MARKET VALUE	$115,386	108,921	100,381	100,009	99,354

% OF NET ASSETS	2.8	2.6	2.4	2.4	2.4

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Communications Equipment		60.1	%
Wireless Telecommunication Services		19.4
Integrated Telecommunication Services		13.6
Alternative Carriers		9.0
Short Term Investments		0.1
Other Assets & Liabilities		(2.2	)

TOTAL		100.0	%


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

133

SPDR S&P Transportation ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Transportation ETF (the “Fund”) seeks to replicate as closely as possible, before expenses, the performance of an index derived from the transportation segment of a U.S. total market composite index. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was −6.14%, and the total return for the S&P Transportation Select Industry Index (the “Index”) was −5.82%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to fund expenses. The remaining difference can be explained by a combination of cash drag, small security misweights, and compounding.

It is widely perceived that the US transportation sector is an indicator of the greater U.S. economy. The last two quarters of 2011 saw a dip in the value of the S&P 500 Index, while 2012 year to date the S&P 500 Index has been on an upswing. The Fund followed suit with a decline in the return through the final two quarters of 2011 while climbing sharply back throughout the first two quarters of 2012.

On an individual security level, the top positive contributors to the Fund’s performance were US Airways Group, Inc., J.B. Hunt Transport Services, Inc. and Allegiant Travel Co. US Airways outperformed its peers over the Reporting Period due to its effective cost restructure, steep decline in recent oil prices as well as looming discussions of a merger with AMR Corp. J.B. Hunt Transport Services seems to have been able to weather economic downturns through diversification of their intermodal shipping model. Allegiant Travel, the low cast carrier with a strategic focus on small US cities with low volume, has been able to post double digit operating margins for the fifth year in a row along with the 36^th consecutive profitable quarter.

The top negative contributors to the Fund’s performance were AMR Corp., Ryder Systems, Inc. and Atlas Air Worldwide Holdings, Inc. AMR Corp. was the biggest negative contributor for the reporting period due to filing for chapter 11 bankruptcy protection on November 29^th, 2011. Ryder Systems, Inc.’s underperformance can mainly be attributed to weaker than expected commercial rental trends. Atlas Air’s negative contribution in part is explained by the airfreight industry’s slowdown in demand during the third quarter of 2011.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

134

SPDR S&P Transportation ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/26/11, 1/27/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR S&P Transportation ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.35%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P TRANSPORTATION

NET ASSET

MARKET

SELECT INDUSTRY

NET ASSET

MARKET

S&P TRANSPORTATION

VALUE

INDEX

VALUE

SELECT INDUSTRY INDEX

ONE YEAR

−6.14%

−6.16%

−5.82%

−6.14%

−6.16%

−5.82%

SINCE INCEPTION (1)

−1.90%

−1.96%

−1.42%

−1.33%

−1.38%

−0.95%


(1)		For the period January 26, 2011 to June 30, 2012.

135

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

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

136

SPDR S&P Transportation ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




					J.B. HUNT
	AVIS BUDGET	US AIRWAYS	UNION PACIFIC	NORFOLK	TRANSPORT
DESCRIPTION	GROUP, INC.	GROUP, INC.	CORP.	SOUTHERN CORP.	SERVICES, INC.

MARKET VALUE	$438,368	425,560	419,017	418,993	417,379

% OF NET ASSETS	3.5	3.4	3.4	3.4	3.4

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

INDUSTRY BREAKDOWN AS OF JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Trucking		35.4	%
Airlines		22.2
Air Freight & Logistics		19.1
Railroads		17.6
Marine		5.7
Short Term Investments		0.0	**
Other Assets & Liabilities		0.0	**

TOTAL		100.0	%


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

137

SPDR Wells Fargo Preferred Stock ETF —
Management’s Discussion of Fund Performance

The SPDR Wells Fargo Preferred Stock ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon Preferred Securities. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30th, 2012 (the “Reporting Period”), the total return for the Fund was 5.70%, and the total return for the Wells Fargo Hybrid and Preferred Securities Aggregate Index (the “Index”) was 5.60%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to slight variations between the Fund’s holdings and the Index constituents.

The Federal Reserve’s low interest rates have provided generally stable market prices and dividend yields throughout the fiscal year in the preferred stock arena. Preferred stocks are a hybrid between traditional equities and bonds, and thus provide certain benefits in most market climates. The high yield and general nature of preferred stocks typically act as a defensive play in down markets. When the overall market is performing well, preferred stocks’ yield typically remains, but the diminished risk will likely mean less of a return, as compared to common stock. Since preferred stock prices are less volatile than common stock prices, this means little possibility of large capital gains. With characteristics of both stocks and bonds, the main drivers of the Fund’s performance are interest rates, underlying stock fundamentals and liquidity.

Preferred stocks are a hybrid between traditional equities and bonds, and thus provide certain benefits in most market climates. The high yield and general nature of preferred stocks typically act as a defensive play in down markets. When the overall market is performing well, preferred stocks’ yield typically remains, but the diminished risk will likely mean less of a return, as compared to common stock. Since preferred stock prices are less volatile than common stock prices, this means little possibility of large capital gains. With characteristics of both stocks and bonds, the main drivers of the Fund’s performance are interest rates, underlying stock fundamentals and liquidity.

The preferred stock index return was slightly higher than the S&P 500 Index return for the year. The Federal Reserve’s low interest rate policy has provided generally stable market prices and dividend yields throughout the 2012 fiscal year in the preferred stock arena. Preferred stock dividend yield averaged approximately 7% throughout 2011 with what many would consider very low risk as compared to the 2% yield common stock investors were paid within the S&P 500 Index. The thirst for higher yields coupled with the low volatility preferred stocks maintain make preferred stocks attractive vehicles for investors.

On an individual security level, the top positive contributors to the Fund’s performance were Wells Fargo & Co. Series J, American International Group, Inc. and Metlife, Inc., Series B, 6.50%. The top negative contributors to the Fund’s performance were Countrywide Capital V, 7.00%, Merrill Lynch Capital Trust, 6.45% and Merrill Lynch Capital Preferred.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

138

SPDR Wells Fargo Preferred Stock ETF —
Performance Summary

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

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Wells Fargo Preferred Stock ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.45%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

WELLS FARGO HYBRID

AND PREFERRED

NET ASSET

MARKET

SECURITIES

NET ASSET

MARKET

SECURITIES

VALUE

AGGREGATE INDEX

VALUE

AGGREGATE INDEX

ONE YEAR

5.70%

5.78%

5.60%

5.70%

5.78%

5.60%

SINCE INCEPTION (1)

34.51%

34.72%

35.72%

11.21%

11.28%

11.58%


(1)		For the period September 16, 2009 to June 30, 2012.

139

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

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

140

SPDR Wells Fargo Preferred Stock ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




					PNC FINANCIAL
	WELLS FARGO &	BARCLAYS BANK	HSBC HOLDINGS	CREDIT SUISSE	SERVICES
DESCRIPTION	CO. SERIES J, 8.00%	PLC SERIES 5, 8.13%	PLC, 8.00%	GUERNSEY, 7.90%	GROUP, INC., 6.13%

MARKET VALUE	$6,214,979	5,662,151	5,356,906	5,158,990	5,136,774

% OF NET ASSETS	2.5	2.2	2.1	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 JUNE 30, 2012*



	PERCENT OF
INDUSTRY	NET ASSETS

Commercial Banks		31.7	%
Diversified Financial Services		22.8
Insurance		16.7
Real Estate Investment Trusts		10.6
Electric Utilities		6.1
Capital Markets		3.7
Diversified Telecommunication Services		2.8
Multi-Utilities		2.0
Consumer Finance		1.0
Automobiles		0.8
Media		0.7
Wireless Telecommunication Services		0.5
Independent Power Producers & Energy Traders		0.4
Short Term Investments		15.0
Other Assets & Liabilities		(14.8	)

TOTAL		100.0	%


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

141

SPDR Dow Jones Total Market ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AEROSPACE & DEFENSE — 2.3%
BE Aerospace, Inc. (a)		5,701	$	248,906
Ceradyne, Inc.		995		25,522
Exelis, Inc.		6,618		65,253
General Dynamics Corp.		8,911		587,769
Goodrich Corp.		5,129		650,870
Honeywell International, Inc.		19,733		1,101,891
Huntington Ingalls Industries, Inc. (a)		1,679		67,563
L-3 Communications Holdings, Inc.		4,097		303,219
Lockheed Martin Corp.		9,217		802,616
National Presto Industries, Inc. (b)		1,332		92,934
Northrop Grumman Corp.		10,079		642,939
Precision Castparts Corp.		3,593		591,013
Raytheon Co.		12,995		735,387
Rockwell Collins, Inc. (b)		6,458		318,702
Textron, Inc.		8,139		202,417
The Boeing Co.		19,212		1,427,452
United Technologies Corp.		24,672		1,863,476

				9,727,929

AIR FREIGHT & LOGISTICS — 0.8%
C.H. Robinson Worldwide, Inc.		4,692		274,623
Expeditors International of Washington, Inc.		6,876		266,445
FedEx Corp.		8,472		776,120
Forward Air Corp. (b)		6,284		202,785
United Parcel Service, Inc. (Class B)		21,486		1,692,237
UTI Worldwide, Inc. (b)		6,814		99,552

				3,311,762

AIRLINES — 0.2%
Delta Air Lines, Inc. (a)		18,116		198,370
JetBlue Airways Corp. (a)(b)		9,890		52,417
Southwest Airlines Co.		21,402		197,326
United Continental Holdings, Inc. (a)(b)		9,244		224,907
US Airways Group, Inc. (a)(b)		5,461		72,795

				745,815

AUTO COMPONENTS — 0.3%
American Axle & Manufacturing Holdings, Inc. (a)(b)		1,431		15,011
BorgWarner, Inc. (a)(b)		2,776		182,078
Gentex Corp. (b)		10,001		208,721
Johnson Controls, Inc.		19,555		541,869
Modine Manufacturing Co. (a)(b)		13,276		92,003
The Goodyear Tire & Rubber Co. (a)(b)		9,817		115,939
WABCO Holdings, Inc. (a)		2,868		151,803

				1,307,424

AUTOMOBILES — 0.3%
Ford Motor Co.		91,424		876,756
Harley-Davidson, Inc.		8,808		402,790
Thor Industries, Inc. (b)		1,017		27,876

				1,307,422

BEVERAGES — 2.2%
Beam, Inc.		4,435		277,143
Central European Distribution Corp. (a)(b)		1,527		4,367
Coca-Cola Enterprises, Inc.		11,175		313,347
Constellation Brands, Inc. (Class A) (a)		7,980		215,939
Dr. Pepper Snapple Group, Inc. (b)		7,471		326,856
Molson Coors Brewing Co. (Class B) (b)		4,187		174,221
Monster Beverage Corp. (a)		4,698		334,498
PepsiCo, Inc.		43,308		3,060,143
The Coca-Cola Co.		57,495		4,495,534

				9,202,048

BIOTECHNOLOGY — 2.1%
Acorda Therapeutics, Inc. (a)(b)		2,523		59,442
Alexion Pharmaceuticals, Inc. (a)		4,783		474,952
Alkermes PLC (a)(b)		4,696		79,691
Alnylam Pharmaceuticals, Inc. (a)(b)		2,166		25,277
AMAG Pharmaceuticals, Inc. (a)(b)		589		9,071
Amgen, Inc.		30,110		2,199,235
Amylin Pharmaceuticals, Inc. (a)		5,188		146,457
AVI BioPharma, Inc. (a)(b)		21,735		13,606
Biogen Idec, Inc. (a)		8,658		1,250,042
BioMarin Pharmaceutical, Inc. (a)(b)		3,775		149,415
Celgene Corp. (a)		13,777		883,932
Chelsea Therapeutics International, Ltd. (a)(b)		13,356		19,767
Cubist Pharmaceuticals, Inc. (a)(b)		2,533		96,026
Dendreon Corp. (a)(b)		7,813		57,816
Gilead Sciences, Inc. (a)		26,697		1,369,022
Human Genome Sciences, Inc. (a)(b)		12,241		160,724
Incyte Corp. (a)(b)		2,862		64,967
InterMune, Inc. (a)(b)		1,159		13,850
Isis Pharmaceuticals, Inc. (a)(b)		4,517		54,204
Medivation, Inc. (a)		5,714		522,260
Myriad Genetics, Inc. (a)		2,760		65,605
Neurocrine Biosciences, Inc. (a)(b)		3,852		30,469
Novavax, Inc. (a)(b)		7,052		11,001
Onyx Pharmaceuticals, Inc. (a)(b)		2,250		149,513
PDL BioPharma, Inc. (b)		6,975		46,244
Regeneron Pharmaceuticals, Inc. (a)		1,771		202,284
Rigel Pharmaceuticals, Inc. (a)		16,700		155,310
SIGA Technologies, Inc. (a)(b)		14,705		42,203
Spectrum Pharmaceuticals, Inc. (a)(b)		6,120		95,227
Vertex Pharmaceuticals, Inc. (a)		4,629		258,854

				8,706,466

BUILDING PRODUCTS — 0.2%
Builders FirstSource, Inc. (a)(b)		50,451		239,138
Fortune Brands Home & Security, Inc. (a)		4,435		98,767
Masco Corp.		11,678		161,974
Quanex Building Products Corp. (b)		1,099		19,650
Simpson Manufacturing Co., Inc. (b)		2,770		81,743
USG Corp. (a)(b)		10,812		205,968

				807,240

CAPITAL MARKETS��— 1.7%
Affiliated Managers Group, Inc. (a)		1,330		145,568
Ameriprise Financial, Inc.		7,235		378,101

See accompanying notes to financial statements.

142

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

June 30, 2012


Security Description	Shares		Value

BlackRock, Inc.		1,105	$	187,651
Diamond Hill Investment Group, Inc. (b)		247		19,338
E*TRADE Financial Corp. (a)		5,973		48,023
Eaton Vance Corp. (b)		3,767		101,521
Federated Investors, Inc. (Class B) (b)		1,761		38,478
Franklin Resources, Inc.		4,377		485,803
Intl. FCStone, Inc. (a)(b)		5,202		100,659
Invesco, Ltd.		12,761		288,399
Janus Capital Group, Inc. (b)		10,819		84,605
Jefferies Group, Inc.		4,200		54,558
KBW, Inc. (b)		1,518		24,971
Knight Capital Group, Inc. (Class A) (a)(b)		1,356		16,191
Legg Mason, Inc.		6,368		167,924
Medallion Financial Corp. (b)		1,927		20,465
Morgan Stanley		34,485		503,136
Northern Trust Corp.		6,786		312,292
Raymond James Financial, Inc.		3,204		109,705
SEI Investments Co.		10,252		203,912
State Street Corp. (b)(c)		14,451		645,093
T. Rowe Price Group, Inc.		7,642		481,140
TD Ameritrade Holding Corp. (b)		7,805		132,685
The Bank of New York Mellon Corp.		32,811		720,201
The Charles Schwab Corp.		28,635		370,250
The Goldman Sachs Group, Inc.		12,506		1,198,825
Waddell & Reed Financial, Inc. (Class A) (b)		5,721		173,232
Walter Investment Management Corp. (b)		833		19,525

				7,032,251

CHEMICALS — 2.3%
Air Products & Chemicals, Inc.		5,556		448,536
Airgas, Inc.		2,527		212,293
Ashland, Inc. (b)		3,176		220,129
Cabot Corp.		3,621		147,375
Calgon Carbon Corp. (a)		3,116		44,309
Celanese Corp. (Series A)		5,301		183,521
CF Industries Holdings, Inc.		2,176		421,578
E. I. du Pont de Nemours & Co.		26,243		1,327,108
Eastman Chemical Co. (b)		7,400		372,738
Ecolab, Inc.		11,574		793,166
FMC Corp.		4,372		233,815
Monsanto Co.		16,374		1,355,440
PPG Industries, Inc.		5,699		604,778
Praxair, Inc.		9,900		1,076,427
Sigma-Aldrich Corp. (b)		3,099		229,109
Stepan Co. (b)		1,600		150,688
The Dow Chemical Co. (b)		30,383		957,064
The Mosaic Co.		5,210		285,300
The Sherwin-Williams Co.		2,337		309,302
TPC Group, Inc. (a)(b)		7,000		258,650

				9,631,326

COMMERCIAL BANKS — 3.2%
Bank of Hawaii Corp. (b)		1,501		68,971
Banner Corp.		7,600		166,516
BB&T Corp.		18,981		585,564
BBCN Bancorp, Inc. (a)		17,300		188,397
CapitalSource, Inc.		3,184		21,396
Cathay General Bancorp (b)		2,091		34,522
Centerstate Banks, Inc. (b)		4,265		30,495
CIT Group, Inc. (a)		5,790		206,356
Columbia Banking System, Inc. (b)		8,138		153,157
Comerica, Inc.		4,207		129,197
CVB Financial Corp. (b)		12,764		148,701
East West Bancorp, Inc.		3,692		86,614
F.N.B. Corp. (b)		11,571		125,777
Fifth Third Bancorp		22,229		297,869
First Bancorp (b)		4,782		42,512
First Commonwealth Financial Corp. (b)		40,738		274,167
First Financial Bancorp (b)		13,000		207,740
First Horizon National Corp. (b)		7,214		62,401
First Merchants Corp. (b)		9,144		113,934
First Niagara Financial Group, Inc.		16,552		126,623
Huntington Bancshares, Inc.		14,425		92,320
Independent Bank Corp.-Massachusetts (b)		5,879		171,726
International Bancshares Corp. (b)		11,385		222,235
Keycorp		14,927		115,535
M&T Bank Corp. (b)		2,443		201,719
MB Financial, Inc.		13,000		280,020
National Penn Bancshares, Inc. (b)		12,588		120,467
Old National Bancorp (b)		2,436		29,256
PacWest Bancorp (b)		3,429		81,164
Patriot National Bancorp, Inc. (a)(b)		11,776		18,135
PNC Financial Services Group, Inc.		16,972		1,037,159
Popular, Inc. (a)		18,632		309,478
Regions Financial Corp.		26,092		176,121
Sandy Spring Bancorp, Inc. (b)		6,387		114,966
Simmons First National Corp. (b)		6,123		142,360
SunTrust Banks, Inc.		14,610		354,000
Susquehanna Bancshares, Inc. (b)		10,998		113,279
Trustmark Corp. (b)		2,337		57,210
U.S. Bancorp		49,994		1,607,807
Umpqua Holdings Corp. (b)		9,738		128,152
United Bankshares, Inc. (b)		1,778		46,015
United Community Banks, Inc. (a)(b)		6,220		53,305
Wells Fargo & Co.		139,359		4,660,165
Western Alliance Bancorp (a)		15,600		146,016
Wilshire Bancorp, Inc. (a)(b)		28,900		158,372
Zions Bancorporation (b)		6,039		117,277

				13,625,168

COMMERCIAL SERVICES & SUPPLIES — 0.5%
ACCO Brands Corp. (a)		1,267		13,101
Avery Dennison Corp.		4,544		124,233
Cintas Corp.		6,279		242,432
Courier Corp. (b)		5,385		71,351
Covanta Holding Corp.		4,445		76,232
Ennis, Inc. (b)		10,086		155,123
Herman Miller, Inc. (b)		5,877		108,842
Iron Mountain, Inc.		7,803		257,187
Pitney Bowes, Inc. (b)		7,547		112,979
R.R. Donnelley & Sons Co. (b)		9,563		112,557
Republic Services, Inc.		8,138		215,331
Stericycle, Inc. (a)		2,166		198,557
Waste Connections, Inc. (b)		4,297		128,566

See accompanying notes to financial statements.

143

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

June 30, 2012


Security Description	Shares		Value

Waste Management, Inc. (b)		14,196	$	474,146

				2,290,637

COMMUNICATIONS EQUIPMENT — 1.8%
Arris Group, Inc. (a)		7,654		106,467
Brocade Communications Systems, Inc. (a)		8,133		40,096
Ciena Corp. (a)(b)		8,986		147,101
Cisco Systems, Inc.		164,553		2,825,375
Comtech Telecommunications Corp. (b)		1,527		43,642
Comverse Technology, Inc. (a)		113		658
EchoStar Corp. (Class A) (a)		1,849		48,850
Emulex Corp. (a)		1,094		7,877
F5 Networks, Inc. (a)		2,930		291,711
Finisar Corp. (a)(b)		7,204		107,772
Harmonic, Inc. (a)(b)		4,277		18,220
Harris Corp.		5,442		227,748
InterDigital, Inc. (b)		2,279		67,253
JDS Uniphase Corp. (a)(b)		10,405		114,455
Juniper Networks, Inc. (a)		17,364		283,207
Motorola Solutions, Inc.		9,409		452,667
Plantronics, Inc. (b)		1,501		50,133
Polycom, Inc. (a)(b)		6,957		73,188
QUALCOMM, Inc.		47,170		2,626,425
Riverbed Technology, Inc. (a)(b)		5,615		90,682
Tellabs, Inc.		19,051		63,440

				7,686,967

COMPUTERS & PERIPHERALS — 4.8%
Apple, Inc. (a)		25,688		15,001,792
Avid Technology, Inc. (a)(b)		2,507		18,627
Dell, Inc. (a)		51,703		647,322
EMC Corp. (a)		58,973		1,511,478
Hewlett-Packard Co.		70,226		1,412,245
Lexmark International, Inc. (Class A) (b)		3,175		84,391
NCR Corp. (a)		6,962		158,246
NetApp, Inc. (a)		12,930		411,433
Novatel Wireless, Inc. (a)		2,768		6,892
QLogic Corp. (a)		8,660		118,555
SanDisk Corp. (a)		10,075		367,536
Seagate Technology PLC (b)		15,119		373,893
Western Digital Corp. (a)		8,656		263,835

				20,376,245

CONSTRUCTION & ENGINEERING — 0.2%
Aecom Technology Corp. (a)		2,529		41,602
EMCOR Group, Inc.		2,449		68,131
Fluor Corp.		5,706		281,534
Jacobs Engineering Group, Inc. (a)		3,769		142,695
KBR, Inc.		4,631		114,432
Quanta Services, Inc. (a)		5,545		133,468
The Shaw Group, Inc. (a)		2,684		73,300
URS Corp.		2,365		82,491

				937,653

CONSTRUCTION MATERIALS — 0.1%
Eagle Materials, Inc. (b)		2,449		91,446
Martin Marietta Materials, Inc.		1,763		138,959
Vulcan Materials Co.		3,694		146,689

				377,094

CONSUMER FINANCE — 0.8%
American Express Co.		31,615		1,840,309
Capital One Financial Corp.		13,675		747,476
Discover Financial Services		13,614		470,772
SLM Corp.		15,009		235,791

				3,294,348

CONTAINERS & PACKAGING — 0.1%
Crown Holdings, Inc. (a)		7,738		266,883
Owens-Illinois, Inc. (a)		6,382		122,343
Sealed Air Corp.		8,661		133,726

				522,952

DISTRIBUTORS — 0.1%
Genuine Parts Co. (b)		3,174		191,234
LKQ Corp. (a)		5,385		179,859
Pool Corp. (b)		5,538		224,067

				595,160

DIVERSIFIED CONSUMER SERVICES — 0.2%
Apollo Group, Inc. (a)		4,438		160,611
Ascent Media Corp. (Class A) (a)(b)		416		21,528
Capella Education Co. (a)(b)		1,356		47,135
Career Education Corp. (a)		4,865		32,547
Corinthian Colleges, Inc. (a)(b)		3,708		10,716
DeVry, Inc.		1,916		59,339
H&R Block, Inc. (b)		9,479		151,474
ITT Educational Services, Inc. (a)(b)		1,517		92,158
Service Corp. International		20,213		250,035
Sotheby’s (b)		2,026		67,587
Strayer Education, Inc. (b)		518		56,472

				949,602

DIVERSIFIED FINANCIAL SERVICES — 2.4%
Bank of America Corp.		290,049		2,372,601
Citigroup, Inc.		64,942		1,780,060
CME Group, Inc.		2,012		539,438
IntercontinentalExchange, Inc. (a)		2,436		331,247
JPMorgan Chase & Co.		114,463		4,089,763
Leucadia National Corp.		7,467		158,823
Moody’s Corp. (b)		7,124		260,382
MSCI, Inc. (Class A) (a)		3,116		106,006
NYSE Euronext		9,734		248,996
PHH Corp. (a)(b)		2,013		35,187
The NASDAQ OMX Group, Inc.		5,873		133,141

				10,055,644

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.6%
AT&T, Inc.		167,397		5,969,377
CenturyLink, Inc.		17,290		682,782
Cogent Communications Group, Inc. (a)(b)		5,202		100,139
Frontier Communications Corp. (b)		37,030		141,825
Level 3 Communications, Inc. (a)(b)		1,749		38,740
SureWest Communications		5,290		111,460
tw telecom, Inc. (a)(b)		6,955		178,465
Verizon Communications, Inc.		78,800		3,501,872

See accompanying notes to financial statements.

144

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

June 30, 2012


Security Description	Shares		Value

Windstream Corp. (b)		15,545	$	150,165

				10,874,825

ELECTRIC UTILITIES — 1.8%
American Electric Power Co., Inc.		12,324		491,728
Duke Energy Corp. (b)		32,637		752,609
Edison International		9,998		461,908
Entergy Corp.		5,372		364,705
Exelon Corp.		24,610		925,828
FirstEnergy Corp.		13,865		682,019
Hawaiian Electric Industries, Inc. (b)		415		11,836
MGE Energy, Inc. (b)		5,808		274,718
NextEra Energy, Inc.		10,664		733,790
Northeast Utilities		4,297		166,767
Pepco Holdings, Inc. (b)		12,422		243,098
Pinnacle West Capital Corp.		3,360		173,846
PNM Resources, Inc. (b)		8,317		162,514
PPL Corp.		12,076		335,834
Progress Energy, Inc. (b)		6,474		389,541
Southern Co.		23,409		1,083,837
Unitil Corp. (b)		4,697		124,470
Xcel Energy, Inc.		16,352		464,560

				7,843,608

ELECTRICAL EQUIPMENT — 0.6%
Capstone Turbine Corp. (a)(b)		39,625		40,021
Cooper Industries PLC		2,444		166,632
Emerson Electric Co.		22,492		1,047,677
General Cable Corp. (a)(b)		3,121		80,959
GrafTech International, Ltd. (a)(b)		5,105		49,263
Hubbell, Inc. (Class B)		3,949		307,785
Rockwell Automation, Inc.		5,298		349,986
Roper Industries, Inc.		4,462		439,864
The Babcock & Wilcox Co. (a)		4,296		105,252

				2,587,439

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%
Amphenol Corp. (Class A)		7,052		387,296
Arrow Electronics, Inc. (a)		6,793		222,878
Avnet, Inc. (a)		7,805		240,862
Benchmark Electronics, Inc. (a)		5,719		79,780
Corning, Inc.		44,663		577,493
Dolby Laboratories, Inc. (Class A) (a)		2,083		86,028
FEI Co. (a)(b)		4,043		193,417
FLIR Systems, Inc. (b)		4,956		96,642
Itron, Inc. (a)(b)		1,272		52,457
Jabil Circuit, Inc.		7,649		155,504
Molex, Inc.		7,294		174,618
National Instruments Corp.		4,285		115,095
Power-One, Inc. (a)(b)		2,447		11,060
Sanmina-SCI Corp. (a)(b)		4,625		37,879
TE Connectivity, Ltd.		6,954		221,902
Tech Data Corp. (a)(b)		4,941		238,008
Trimble Navigation, Ltd. (a)		6,951		319,816
Vishay Intertechnology, Inc. (a)(b)		10,897		102,759
Vishay Precision Group, Inc. (a)(b)		765		10,672

				3,324,166

ENERGY EQUIPMENT & SERVICES — 1.8%
Baker Hughes, Inc.		14,362		590,278
Basic Energy Services, Inc. (a)(b)		12,268		126,606
Cameron International Corp. (a)		7,459		318,574
Diamond Offshore Drilling, Inc. (b)		1,501		88,754
Dresser-Rand Group, Inc. (a)		761		33,895
Exterran Holdings, Inc. (a)(b)		3,690		47,047
FMC Technologies, Inc. (a)		7,821		306,818
Halliburton Co.		28,215		801,024
Helix Energy Solutions Group, Inc. (a)(b)		2,111		34,641
Helmerich & Payne, Inc. (b)		3,846		167,224
ION Geophysical Corp. (a)(b)		35,580		234,472
McDermott International, Inc. (a)		8,642		96,272
Nabors Industries, Ltd. (a)		10,744		154,714
National Oilwell Varco, Inc.		13,943		898,487
Noble Corp. (a)		3,605		117,271
Oceaneering International, Inc.		1,267		60,639
Patterson-UTI Energy, Inc. (b)		8,806		128,215
Rowan Cos. PLC (a)		7,060		228,250
Schlumberger, Ltd.		40,606		2,635,735
Superior Energy Services, Inc. (a)		8,661		175,212
TGC Industries, Inc. (a)(b)		11,671		113,325
Tidewater, Inc.		2,113		97,959
Weatherford International, Ltd. (a)		12,433		157,029

				7,612,441

FOOD & STAPLES RETAILING — 2.2%
Costco Wholesale Corp.		12,926		1,227,970
CVS Caremark Corp.		43,118		2,014,904
Safeway, Inc. (b)		13,834		251,087
SUPERVALU, Inc. (b)		7,811		40,461
Sysco Corp.		18,793		560,219
The Kroger Co.		17,279		400,700
Wal-Mart Stores, Inc.		53,301		3,716,146
Walgreen Co.		27,099		801,588
Whole Foods Market, Inc.		4,296		409,495

				9,422,570

FOOD PRODUCTS — 1.6%
Archer-Daniels-Midland Co.		17,465		515,567
Bunge, Ltd.		4,286		268,904
Campbell Soup Co.		9,581		319,814
ConAgra Foods, Inc.		17,302		448,641
Dean Foods Co. (a)		6,802		115,838
Flowers Foods, Inc. (b)		9,469		219,965
General Mills, Inc.		20,829		802,750
Green Mountain Coffee Roasters, Inc. (a)(b)		2,530		55,103
H.J. Heinz Co. (b)		9,050		492,139
Kellogg Co.		6,209		306,290
Kraft Foods, Inc. (Class A)		41,863		1,616,749
McCormick & Co., Inc. (b)		3,351		203,238
Mead Johnson Nutrition Co.		5,790		466,153
Sanderson Farms, Inc.		342		15,670
Smithfield Foods, Inc. (a)		4,789		103,586
The Hershey Co.		5,272		379,742
The J.M. Smucker Co.		2,952		222,935
TreeHouse Foods, Inc. (a)(b)		2,785		173,478
Tyson Foods, Inc. (Class A)		11,232		211,498

				6,938,060

See accompanying notes to financial statements.

145

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June 30, 2012


Security Description	Shares		Value

GAS UTILITIES — 0.0% (d)
Delta Natural Gas Co., Inc. (b)		937	$	20,361
Gas Natural, Inc. (b)		992		10,019
Questar Corp. (b)		4,456		92,952

				123,332

HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%
ABIOMED, Inc. (a)(b)		3,520		80,326
Alere, Inc. (a)(b)		3,352		65,163
Baxter International, Inc.		17,879		950,269
Becton, Dickinson and Co.		7,314		546,722
Boston Scientific Corp. (a)		41,367		234,551
C.R. Bard, Inc.		3,850		413,644
CareFusion Corp. (a)		5,698		146,325
Covidien PLC		7,986		427,251
DENTSPLY International, Inc. (b)		3,602		136,192
Edwards Lifesciences Corp. (a)		5,861		605,441
Gen-Probe, Inc. (a)		1,777		146,069
Hologic, Inc. (a)		10,566		190,611
Intuitive Surgical, Inc. (a)		1,009		558,774
MAKO Surgical Corp. (a)(b)		1,186		30,373
Masimo Corp. (a)(b)		2,349		52,571
Medtronic, Inc.		33,571		1,300,205
NuVasive, Inc. (a)(b)		1,694		42,960
ResMed, Inc. (a)(b)		4,710		146,952
St. Jude Medical, Inc.		10,507		419,334
Stryker Corp.		8,219		452,867
Thoratec Corp. (a)		2,087		70,082
Varian Medical Systems, Inc. (a)(b)		4,774		290,116
Vascular Solutions, Inc. (a)(b)		2,174		27,305
Zimmer Holdings, Inc.		6,540		420,914

				7,755,017

HEALTH CARE PROVIDERS & SERVICES — 2.4%
Aetna, Inc.		13,018		504,708
Amedisys, Inc. (a)(b)		1,412		17,579
AmerisourceBergen Corp.		7,972		313,698
athenahealth, Inc. (a)(b)		1,356		107,355
Cardinal Health, Inc.		11,400		478,800
CIGNA Corp.		9,416		414,304
Community Health Systems, Inc. (a)		1,943		54,462
Coventry Health Care, Inc.		5,613		178,437
DaVita, Inc. (a)		4,199		412,384
Express Scripts Holding Co. (a)		26,280		1,467,212
Health Management Associates, Inc. (Class A) (a)(b)		8,639		67,816
Health Net, Inc. (a)		5,623		136,470
HEALTHSOUTH Corp. (a)(b)		5,796		134,815
Healthways, Inc. (a)(b)		751		5,993
Henry Schein, Inc. (a)(b)		4,717		370,237
Humana, Inc.		5,872		454,728
Laboratory Corp. of America Holdings (a)(b)		3,029		280,516
Lincare Holdings, Inc. (b)		6,896		234,602
McKesson Corp.		9,223		864,656
Omnicare, Inc. (b)		4,854		151,591
Patterson Cos., Inc. (b)		4,857		167,421
PSS World Medical, Inc. (a)(b)		4,376		91,852
Quest Diagnostics, Inc.		3,942		236,126
Tenet Healthcare Corp. (a)(b)		17,638		92,423
UnitedHealth Group, Inc.		34,146		1,997,541
VCA Antech, Inc. (a)(b)		5,115		112,428
WellCare Health Plans, Inc. (a)		664		35,192
WellPoint, Inc.		15,009		957,424

				10,340,770

HOTELS, RESTAURANTS & LEISURE — 2.2%
Biglari Holdings, Inc. (a)(b)		352		136,009
Bob Evans Farms, Inc. (b)		8,042		323,288
Brinker International, Inc. (b)		4,265		135,926
Carnival Corp.		12,266		420,356
Darden Restaurants, Inc. (b)		5,196		263,073
Gaylord Entertainment Co. (a)(b)		1,099		42,377
International Game Technology (b)		11,837		186,433
Interval Leisure Group, Inc. (b)		1,670		31,747
Las Vegas Sands Corp.		13,584		590,768
Marriott International, Inc. (Class A) (b)		11,829		463,697
Marriott Vacations Worldwide Corp. (a)(b)		1,415		43,837
McDonald’s Corp.		28,508		2,523,813
MGM Resorts International (a)		8,055		89,894
Panera Bread Co. (Class A) (a)		1,338		186,571
Penn National Gaming, Inc. (a)		3,862		172,207
Royal Caribbean Cruises, Ltd.		3,616		94,124
Scientific Games Corp. (Class A) (a)		5,880		50,274
Starbucks Corp.		21,556		1,149,366
Starwood Hotels & Resorts Worldwide, Inc.		7,060		374,462
The Cheesecake Factory, Inc. (a)(b)		6,112		195,340
Wyndham Worldwide Corp.		10,750		566,955
Wynn Resorts, Ltd.		3,534		366,546
Yum! Brands, Inc.		15,535		1,000,765

				9,407,828

HOUSEHOLD DURABLES — 0.5%
American Greetings Corp. (Class A) (b)		6,196		90,586
Brookfield Residential Properties, Inc. (a)(b)		5,886		64,157
D.R. Horton, Inc. (b)		10,508		193,137
Garmin, Ltd. (b)		5,020		192,216
Harman International Industries, Inc.		3,262		129,175
KB HOME (b)		5,797		56,811
Leggett & Platt, Inc. (b)		8,465		178,865
Lennar Corp. (Class A) (b)		7,050		217,916
Mohawk Industries, Inc. (a)(b)		1,501		104,815
Newell Rubbermaid, Inc.		11,572		209,916
NVR, Inc. (a)		252		214,200
Pulte Group, Inc. (a)(b)		15,377		164,534
The Ryland Group, Inc. (b)		2,424		62,006
Toll Brothers, Inc. (a)(b)		4,869		144,755
Whirlpool Corp.		2,677		163,725

				2,186,814

HOUSEHOLD PRODUCTS — 1.9%
Church & Dwight Co., Inc. (b)		8,471		469,886
Colgate-Palmolive Co.		13,821		1,438,766
Energizer Holdings, Inc. (a)		2,523		189,856
Kimberly-Clark Corp.		10,652		892,318

See accompanying notes to financial statements.

146

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

June 30, 2012


Security Description	Shares		Value

The Clorox Co. (b)		3,947	$	286,000
The Procter & Gamble Co.		79,820		4,888,975

				8,165,801

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2%
Calpine Corp. (a)		10,252		169,260
GenOn Energy, Inc. (a)		36,006		61,570
NRG Energy, Inc. (a)		10,672		185,266
The AES Corp. (a)		21,579		276,859

				692,955

INDUSTRIAL CONGLOMERATES — 2.2%
3M Co.		18,355		1,644,608
Danaher Corp.		13,420		698,914
General Electric Co.		303,431		6,323,502
Raven Industries, Inc.		2,600		180,934
Tyco International, Ltd.		6,551		346,220

				9,194,178

INSURANCE — 3.7%
ACE, Ltd.		4,457		330,398
Aflac, Inc.		14,112		601,030
American International Group, Inc. (a)		9,249		296,800
Aon PLC		7,971		372,883
Arthur J. Gallagher & Co. (b)		3,109		109,033
Assurant, Inc.		4,367		152,146
Assured Guaranty, Ltd.		4,522		63,760
Berkshire Hathaway, Inc. (Class B) (a)		54,538		4,544,652
Cincinnati Financial Corp. (b)		4,783		182,089
Eastern Insurance Holdings, Inc. (b)		1,927		32,759
Everest Re Group, Ltd.		1,947		201,495
Fidelity National Financial, Inc. (Class A) (b)		7,959		153,290
Genworth Financial, Inc. (Class A) (a)		14,597		82,619
Hartford Financial Services Group, Inc.		12,854		226,616
Lincoln National Corp.		12,926		282,692
Loews Corp.		13,592		556,049
Marsh & McLennan Cos., Inc.		13,852		446,450
MBIA, Inc. (a)(b)		5,951		64,330
MetLife, Inc.		16,544		510,382
Old Republic International Corp. (b)		12,172		100,906
PartnerRe, Ltd.		2,169		164,128
Principal Financial Group, Inc.		11,989		314,472
ProAssurance Corp.		3,682		328,029
Protective Life Corp.		907		26,675
Prudential Financial, Inc.		13,597		658,503
Reinsurance Group of America, Inc.		2,263		120,414
RenaissanceRe Holdings, Ltd.		2,433		184,932
Seabright Holdings, Inc. (b)		4,780		42,494
Selective Insurance Group, Inc. (b)		7,542		131,306
Stewart Information Services Corp. (b)		9,300		142,755
The Allstate Corp.		16,956		594,986
The Chubb Corp.		11,092		807,720
The Hanover Insurance Group, Inc.		3,347		130,968
The Phoenix Cos., Inc. (a)(b)		54,885		101,537
The Progressive Corp.		18,874		393,146
The Travelers Cos., Inc.		17,964		1,146,822
Torchmark Corp.		3,778		190,978
Unum Group		13,249		253,453
Validus Holdings, Ltd.		4,458		142,790
W.R. Berkley Corp. (b)		4,206		163,698
XL Group PLC		9,406		197,902

				15,548,087

INTERNET & CATALOG RETAIL — 0.9%
Amazon.com, Inc. (a)		9,498		2,168,868
Expedia, Inc.		4,883		234,726
HSN, Inc.		1,670		67,385
Liberty Interactive Corp. (Class A) (a)		18,955		337,209
Netflix, Inc. (a)(b)		1,174		80,384
Priceline.com, Inc. (a)		1,104		733,630
TripAdvisor, Inc. (a)		4,883		218,221

				3,840,423

INTERNET SOFTWARE & SERVICES — 1.6%
Akamai Technologies, Inc. (a)		6,457		205,010
AOL, Inc. (a)(b)		3,442		96,651
EarthLink, Inc. (b)		11,320		84,221
eBay, Inc. (a)		29,812		1,252,402
Equinix, Inc. (a)		1,191		209,199
Google, Inc. (Class A) (a)		6,615		3,837,163
IAC/InterActiveCorp.		4,355		198,588
Internap Network Services Corp. (a)(b)		14,275		92,930
Local.com Corp. (a)(b)		9,917		23,999
Monster Worldwide, Inc. (a)(b)		6,307		53,610
VeriSign, Inc. (a)(b)		6,621		288,477
WebMD Health Corp. (a)(b)		799		16,388
Yahoo!, Inc. (a)		34,158		540,721

				6,899,359

IT SERVICES — 3.4%
Accenture PLC (Class A)		9,893		594,470
Alliance Data Systems Corp. (a)(b)		1,935		261,225
Automatic Data Processing, Inc.		15,855		882,489
Broadridge Financial Solutions, Inc.		5,527		117,559
Cognizant Technology Solutions Corp. (Class A) (a)		10,334		620,040
Computer Sciences Corp.		5,886		146,091
Fidelity National Information Services, Inc.		13,362		455,377
Fiserv, Inc. (a)		6,716		485,030
International Business Machines Corp.		33,994		6,648,547
Jack Henry & Associates, Inc. (b)		4,196		144,846
Lender Processing Services, Inc.		3,951		99,881
Mastercard, Inc. (Class A)		2,449		1,053,339
Paychex, Inc.		11,065		347,552
SAIC, Inc.		6,393		77,483
Teradata Corp. (a)		6,952		500,614
The Western Union Co.		19,395		326,612
Total System Services, Inc.		6,210		148,605
Unisys Corp. (a)(b)		2,365		46,236
VeriFone Systems, Inc. (a)(b)		1,105		36,564
Visa, Inc. (Class A)		13,273		1,640,941

				14,633,501

LEISURE EQUIPMENT & PRODUCTS — 0.2%
Brunswick Corp. (b)		5,127		113,922
Hasbro, Inc. (b)		6,646		225,100

See accompanying notes to financial statements.

147

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

June 30, 2012


Security Description	Shares		Value

Mattel, Inc.		15,459	$	501,490

				840,512

LIFE SCIENCES TOOLS & SERVICES — 0.6%
Affymetrix, Inc. (a)(b)		3,198		14,998
Agilent Technologies, Inc.		12,758		500,624
Charles River Laboratories International, Inc. (a)		2,030		66,503
Covance, Inc. (a)		1,861		89,049
Illumina, Inc. (a)(b)		3,870		156,309
Life Technologies Corp. (a)		6,375		286,811
PerkinElmer, Inc.		7,066		182,303
Sequenom, Inc. (a)(b)		2,502		10,158
Techne Corp.		2,941		218,222
Thermo Fisher Scientific, Inc.		13,414		696,321
Waters Corp. (a)		3,957		314,463

				2,535,761

MACHINERY — 2.4%
AGCO Corp. (a)		2,262		103,441
Caterpillar, Inc.		17,602		1,494,586
CLARCOR, Inc. (b)		2,088		100,558
Commercial Vehicle Group, Inc. (a)(b)		24,773		213,543
Crane Co.		4,031		146,648
Cummins, Inc.		5,213		505,192
Deere & Co.		12,182		985,158
Donaldson Co., Inc. (b)		4,619		154,136
Dover Corp.		5,287		283,436
Eaton Corp.		10,072		399,153
Federal Signal Corp. (a)(b)		11,600		67,744
Flowserve Corp. (b)		1,520		174,420
Graco, Inc. (b)		601		27,694
Harsco Corp.		4,126		84,088
IDEX Corp.		7,224		281,592
Illinois Tool Works, Inc. (b)		18,039		954,083
Ingersoll-Rand PLC		4,451		187,743
ITT Corp. (b)		3,286		57,834
John Bean Technologies Corp. (b)		841		11,412
Joy Global, Inc.		4,272		242,351
Lincoln Electric Holdings, Inc. (b)		3,769		165,044
Meritor, Inc. (a)(b)		39,114		204,175
Mueller Water Products, Inc. (Class A) (b)		59,679		206,489
NACCO Industries, Inc. (b)		1,400		162,750
Navistar International Corp. (a)(b)		2,340		66,386
Oshkosh Corp. (a)		4,547		95,260
PACCAR, Inc.		9,737		381,593
Pall Corp.		7,149		391,837
Parker Hannifin Corp.		5,959		458,128
Pentair, Inc. (b)		4,870		186,424
SPX Corp.		2,602		169,963
Stanley Black & Decker, Inc.		3,948		254,093
Terex Corp. (a)(b)		4,203		74,939
The Manitowoc Co., Inc. (b)		25,198		294,817
Timken Co.		5,528		253,127
Watts Water Technologies, Inc. (Class A) (b)		4,853		161,799
Xylem, Inc.		6,618		166,575

				10,168,211

MARINE — 0.0% (d)
Genco Shipping & Trading, Ltd. (a)(b)		830		2,532

MEDIA — 3.7%
AMC Networks, Inc. (Class A) (a)		2,030		72,167
Cablevision Systems Corp. (Class A) (b)		8,237		109,470
CBS Corp.		20,240		663,467
Comcast Corp. (Class A)		79,884		2,553,891
DIRECTV (Class A) (a)		29,118		1,421,541
Discovery Communications, Inc. (Series A) (a)		9,219		497,826
DISH Network Corp. (Class A)		9,302		265,572
Gannett Co., Inc. (b)		12,423		182,991
Journal Communications, Inc. (Class A) (a)(b)		10,817		55,816
Knology, Inc. (a)(b)		7,455		146,640
Lamar Advertising Co. (Class A) (a)(b)		3,703		105,906
Liberty Global, Inc. (Series A) (a)		11,915		591,341
Liberty Media Corp. — Liberty Capital (Class A) (a)		5,119		450,011
Live Nation Entertainment, Inc. (a)(b)		4,529		41,576
News Corp. (Class A)		65,462		1,459,148
Omnicom Group, Inc.		8,973		436,088
Scripps Networks Interactive, Inc. (Class A)		2,089		118,781
Sirius XM Radio, Inc. (a)		102,557		189,730
The Interpublic Group of Cos., Inc.		17,285		187,542
The Madison Square Garden Co. (Class A) (a)		2,030		76,003
The McGraw-Hill Cos., Inc.		11,415		513,675
The New York Times Co. (Class A) (a)(b)		3,440		26,832
The Walt Disney Co.		52,292		2,536,162
Time Warner Cable, Inc.		9,076		745,140
Time Warner, Inc.		37,226		1,433,201
Valassis Communications, Inc. (a)(b)		415		9,026
Viacom, Inc. (Class B)		15,599		733,465
Virgin Media, Inc. (b)		9,071		221,242

				15,844,250

METALS & MINING — 0.9%
AK Steel Holding Corp. (b)		7,550		44,319
Alcoa, Inc.		26,105		228,419
Allegheny Technologies, Inc.		2,941		93,788
Allied Nevada Gold Corp. (a)(b)		1,609		45,663
Century Aluminum Co. (a)(b)		2,930		21,477
Cliffs Natural Resources, Inc.		4,708		232,057
Coeur d’Alene Mines Corp. (a)(b)		1,251		21,968
Commercial Metals Co. (b)		4,704		59,459
Freeport-McMoRan Copper & Gold, Inc.		26,789		912,701
McEwen Mining, Inc. (a)		76,500		230,265
Molycorp, Inc. (a)(b)		1,356		29,222
Newmont Mining Corp.		14,086		683,312
Nucor Corp.		8,559		324,386

See accompanying notes to financial statements.

148

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

June 30, 2012


Security Description	Shares		Value

Reliance Steel & Aluminum Co.		1,579	$	79,740
Royal Gold, Inc. (b)		2,534		198,666
Schnitzer Steel Industries, Inc. (Class A) (b)		1,174		32,895
Southern Copper Corp. (b)		6,899		217,387
Steel Dynamics, Inc.		6,365		74,789
SunCoke Energy, Inc. (a)		2,439		35,731
Titanium Metals Corp.		4,356		49,266
United States Steel Corp. (b)		5,700		117,420
Walter Energy, Inc.		2,268		100,155
Worthington Industries, Inc. (b)		1,684		34,471

				3,867,556

MULTI-UTILITIES — 1.0%
Alliant Energy Corp.		1,265		57,646
Ameren Corp.		5,952		199,630
CMS Energy Corp.		11,737		275,819
Consolidated Edison, Inc.		7,803		485,269
Dominion Resources, Inc.		17,886		965,844
DTE Energy Co.		3,541		210,088
NiSource, Inc.		8,391		207,677
PG&E Corp.		10,244		463,746
Public Service Enterprise Group, Inc.		13,082		425,165
Sempra Energy		6,880		473,894
TECO Energy, Inc.		12,408		224,088
Wisconsin Energy Corp.		5,880		232,672

				4,221,538

MULTILINE RETAIL — 0.9%
Big Lots, Inc. (a)		5,294		215,942
Dillard’s, Inc. (Class A)		1,850		117,808
Dollar Tree, Inc. (a)		11,586		623,327
Family Dollar Stores, Inc.		4,962		329,874
J.C. Penney Co., Inc. (b)		6,801		158,531
Kohl’s Corp.		8,639		392,988
Macy’s, Inc.		15,189		521,742
Nordstrom, Inc.		7,633		379,284
Sears Holdings Corp. (a)(b)		2,449		146,205
Target Corp.		18,702		1,088,270

				3,973,971

OFFICE ELECTRONICS — 0.1%
Xerox Corp.		49,866		392,446
Zebra Technologies Corp. (Class A) (a)		4,381		150,531

				542,977

OIL, GAS & CONSUMABLE FUELS — 8.4%
Abraxas Petroleum Corp. (a)(b)		41,967		133,875
Adams Resources & Energy, Inc. (b)		741		31,063
Alpha Natural Resources, Inc. (a)(b)		11,088		96,576
Anadarko Petroleum Corp.		15,284		1,011,801
Apache Corp.		10,760		945,696
Approach Resources, Inc. (a)(b)		7,876		201,153
Arch Coal, Inc. (b)		5,957		41,044
BPZ Resources, Inc. (a)(b)		28,469		72,027
Cabot Oil & Gas Corp.		4,716		185,810
Chesapeake Energy Corp. (b)		17,375		323,175
Chevron Corp.		57,385		6,054,117
Cimarex Energy Co. (b)		1,761		97,066
Clayton Williams Energy, Inc. (a)(b)		1,097		53,073
Cobalt International Energy, Inc. (a)		4,858		114,163
Concho Resources, Inc. (a)		3,182		270,852
ConocoPhillips		38,276		2,138,863
CONSOL Energy, Inc.		6,030		182,347
Contango Oil & Gas Co. (a)(b)		494		29,245
Denbury Resources, Inc. (a)		11,516		174,007
Devon Energy Corp.		12,757		739,778
EOG Resources, Inc.		7,636		688,080
EXCO Resources, Inc. (b)		6,279		47,658
Exxon Mobil Corp.		143,091		12,244,297
Forest Oil Corp. (a)(b)		3,621		26,542
Goodrich Petroleum Corp. (a)(b)		2,364		32,765
Hess Corp.		8,393		364,676
Hollyfrontier Corp.		9,064		321,137
Houston American Energy Corp. (a)(b)		14,361		16,084
Kinder Morgan, Inc.		10,056		324,004
Marathon Oil Corp.		21,494		549,602
Marathon Petroleum Corp.		10,748		482,800
Murphy Oil Corp.		5,872		295,303
Newfield Exploration Co. (a)		3,949		115,745
Noble Energy, Inc.		6,060		514,009
Occidental Petroleum Corp.		23,741		2,036,266
Panhandle Oil & Gas, Inc. (b)		741		22,334
Patriot Coal Corp. (a)(b)		8,653		10,557
Peabody Energy Corp.		8,051		197,411
Phillips 66 (a)		19,163		636,978
Pioneer Natural Resources Co.		5,304		467,866
Plains Exploration & Production Co. (a)		6,532		229,796
QEP Resources, Inc. (b)		4,457		133,576
Quicksilver Resources, Inc. (a)(b)		1,429		7,745
Range Resources Corp.		6,137		379,696
Rex Energy Corp. (a)(b)		2,775		31,108
SandRidge Energy, Inc. (a)(b)		17,111		114,473
SM Energy Co.		5,637		276,833
Southwestern Energy Co. (a)		11,073		353,561
Spectra Energy Corp.		17,974		522,324
Sunoco, Inc.		4,616		219,260
Tesoro Corp. (a)		6,640		165,734
The Williams Cos., Inc.		18,390		530,000
Ultra Petroleum Corp. (a)(b)		4,044		93,295
Valero Energy Corp.		16,111		389,081
WPX Energy, Inc. (a)(b)		6,130		99,183
ZaZa Energy Corp. (a)(b)		12,072		54,565
Zion Oil & Gas, Inc. (a)		4,800		7,536

				35,897,611

PAPER & FOREST PRODUCTS — 0.3%
Domtar Corp.		519		39,813
International Paper Co.		15,777		456,113
Louisiana-Pacific Corp. (a)(b)		7,206		78,401
MeadWestvaco Corp.		9,808		281,980
Weyerhaeuser Co.		15,789		353,042

				1,209,349

PERSONAL PRODUCTS — 0.3%
Avon Products, Inc.		13,852		224,541
Herbalife, Ltd. (b)		5,461		263,930

See accompanying notes to financial statements.

149

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

June 30, 2012


Security Description	Shares		Value

The Estee Lauder Cos., Inc. (Class A)		10,331	$	559,114

				1,047,585

PHARMACEUTICALS — 5.4%
Abbott Laboratories		42,191		2,720,054
Allergan, Inc.		8,894		823,318
Auxilium Pharmaceuticals, Inc. (a)(b)		1,772		47,649
Bristol-Myers Squibb Co.		53,778		1,933,319
Eli Lilly & Co.		26,845		1,151,919
Endo Pharmaceuticals Holdings, Inc. (a)		3,862		119,645
Forest Laboratories, Inc. (a)		10,173		355,953
Hospira, Inc. (a)		6,448		225,551
Johnson & Johnson (b)		74,781		5,052,204
MAP Pharmaceuticals, Inc. (a)(b)		13,400		200,732
Merck & Co., Inc.		86,842		3,625,653
Mylan, Inc. (a)		11,321		241,930
Nektar Therapeutics (a)(b)		2,253		18,182
Perrigo Co. (b)		3,258		384,216
Pfizer, Inc.		227,481		5,232,063
Questcor Pharmaceuticals, Inc. (a)(b)		2,671		142,204
ViroPharma, Inc. (a)		3,876		91,861
VIVUS, Inc. (a)(b)		7,706		219,929
Watson Pharmaceuticals, Inc. (a)		5,115		378,459

				22,964,841

PROFESSIONAL SERVICES — 0.2%
Dun & Bradstreet Corp. (b)		2,783		198,066
Equifax, Inc.		6,058		282,303
IHS, Inc. (Class A) (a)(b)		1,777		191,436
Manpower, Inc.		2,757		101,044
Robert Half International, Inc. (b)		8,220		234,846

				1,007,695

REAL ESTATE INVESTMENT TRUSTS — 3.0%
Agree Realty Corp. (b)		6,890		152,476
American Assets Trust, Inc.		6,800		164,900
American Campus Communities, Inc.		3,456		155,451
American Tower Corp.		12,744		890,933
Annaly Capital Management, Inc.		18,721		314,138
Apartment Investment & Management Co. (Class A) (b)		6,785		183,399
Ashford Hospitality Trust, Inc. (b)		16,780		141,455
AvalonBay Communities, Inc. (b)		2,615		369,970
BioMed Realty Trust, Inc.		5,702		106,513
Boston Properties, Inc. (b)		6,456		699,637
BRE Properties, Inc. (b)		2,173		108,693
Camden Property Trust		1,160		78,497
CBL & Associates Properties, Inc. (b)		4,871		95,179
Cedar Shopping Centers, Inc. (b)		4,966		25,078
Colonial Properties Trust		1,016		22,494
Coresite Realty Corp. (b)		7,100		183,322
Corporate Office Properties Trust (b)		4,708		110,685
Cousins Properties, Inc. (b)		19,600		151,900
DDR Corp. (b)		5,189		75,967
Digital Realty Trust, Inc. (b)		2,195		164,779
Duke Realty Corp.		5,712		83,624
Equity Residential (b)		10,412		649,292
Extra Space Storage, Inc.		4,277		130,876
Glimcher Realty Trust		8,805		89,987
HCP, Inc.		8,997		397,218
Health Care REIT, Inc.		3,011		175,541
Home Properties, Inc.		1,510		92,654
Hospitality Properties Trust		4,632		114,735
Host Hotels & Resorts, Inc. (b)		21,000		332,220
Investors Real Estate Trust		19,387		153,157
iStar Financial, Inc. (a)(b)		40,800		263,160
Kimco Realty Corp.		9,807		186,627
LaSalle Hotel Properties (b)		6,874		200,308
Lexington Realty Trust (b)		4,457		37,751
Liberty Property Trust (b)		3,285		121,019
Monmouth Real Estate Investment Corp. (b)		12,434		145,727
National Retail Properties, Inc.		8,394		237,466
Pennsylvania Real Estate Investment Trust		6,285		94,149
Plum Creek Timber Co., Inc. (b)		6,709		266,347
Post Properties, Inc.		1,099		53,796
ProLogis		8,716		289,633
Public Storage		3,189		460,524
Realty Income Corp. (b)		4,277		178,650
Regency Centers Corp.		923		43,907
RLJ Lodging Trust		7,900		143,227
Senior Housing Properties Trust		3,761		83,946
Simon Property Group, Inc.		7,728		1,202,941
SL Green Realty Corp. (b)		2,018		161,924
Strategic Hotels & Resorts, Inc. (a)(b)		54,713		353,446
Sunstone Hotel Investors, Inc. (a)		1,605		17,639
Tanger Factory Outlet Centers, Inc.		7,797		249,894
The Macerich Co. (b)		5,213		307,828
UDR, Inc.		5,460		141,086
Ventas, Inc.		6,699		422,841
Vornado Realty Trust		8,714		731,802
Weingarten Realty Investors (b)		3,352		88,292

				12,898,700

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Brookfield Office Properties, Inc. (b)		4,688		81,665
CBRE Group, Inc. (a)		11,822		193,408
Forestar Group, Inc. (a)(b)		1,589		20,355
Jones Lang LaSalle, Inc.		1,925		135,462
The St. Joe Co. (a)		2,760		43,636

				474,526

ROAD & RAIL — 1.1%
Avis Budget Group, Inc. (a)(b)		2,862		43,502
Con-way, Inc.		830		29,971
CSX Corp.		38,368		857,909
Dollar Thrifty Automotive Group, Inc. (a)		3,027		245,066
J.B. Hunt Transport Services, Inc.		7,793		464,463
Kansas City Southern		3,611		251,181
Landstar System, Inc.		4,950		256,014
Norfolk Southern Corp.		12,424		891,671
Union Pacific Corp.		13,830		1,650,057

				4,689,834

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.5%
Advanced Micro Devices, Inc. (a)(b)		16,550		94,831

See accompanying notes to financial statements.

150

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

June 30, 2012


Security Description	Shares		Value

Altera Corp.		9,729	$	329,229
Anadigics, Inc. (a)(b)		5,280		9,557
Analog Devices, Inc.		10,413		392,258
Applied Materials, Inc.		42,151		483,050
AXT, Inc. (a)(b)		15,958		63,034
Broadcom Corp. (Class A) (a)		15,766		532,891
Cirrus Logic, Inc. (a)(b)		3,277		97,917
Cree, Inc. (a)(b)		1,095		28,109
Cypress Semiconductor Corp. (a)(b)		4,968		65,677
First Solar, Inc. (a)(b)		1,611		24,262
Intel Corp.		158,260		4,217,629
International Rectifier Corp. (a)(b)		3,437		68,706
Intersil Corp. (Class A)		9,055		96,436
KLA-Tencor Corp.		8,156		401,683
Lam Research Corp. (a)		14,297		539,569
Linear Technology Corp.		9,135		286,199
LSI Corp. (a)		19,227		122,476
Marvell Technology Group, Ltd.		14,017		158,112
Maxim Integrated Products, Inc.		6,056		155,276
MEMC Electronic Materials, Inc. (a)(b)		8,394		18,215
Microchip Technology, Inc.		7,545		249,588
Micron Technology, Inc. (a)		23,412		147,730
Microsemi Corp. (a)		4,785		88,475
MKS Instruments, Inc.		595		17,213
NVIDIA Corp. (a)		18,960		262,027
ON Semiconductor Corp. (a)		8,892		63,133
Rambus, Inc. (a)		4,274		24,533
Sigma Designs, Inc. (a)(b)		1,243		7,930
Skyworks Solutions, Inc. (a)		3,092		84,628
SunPower Corp. (a)		268		1,289
Teradyne, Inc. (a)(b)		10,058		141,415
Texas Instruments, Inc.		37,768		1,083,564
Xilinx, Inc.		8,240		276,617

				10,633,258

SOFTWARE — 3.8%
Activision Blizzard, Inc.		18,800		225,412
Adobe Systems, Inc. (a)		19,136		619,432
Autodesk, Inc. (a)		10,252		358,718
BMC Software, Inc. (a)		7,149		305,119
CA, Inc.		13,777		373,219
Cadence Design Systems, Inc. (a)(b)		14,170		155,728
Citrix Systems, Inc. (a)		8,409		705,851
Compuware Corp. (a)		15,878		147,507
Concur Technologies, Inc. (a)(b)		2,526		172,021
Electronic Arts, Inc. (a)		9,249		114,225
Intuit, Inc.		11,163		662,524
Microsoft Corp.		223,575		6,839,159
Nuance Communications, Inc. (a)(b)		8,814		209,950
Oracle Corp.		112,276		3,334,597
Parametric Technology Corp. (a)(b)		9,559		200,357
Red Hat, Inc. (a)		8,126		458,957
Rovi Corp. (a)		1,779		34,904
Salesforce.com, Inc. (a)		3,260		450,728
Smith Micro Software, Inc. (a)		5,885		10,828
Solera Holdings, Inc.		3,289		137,447
Symantec Corp. (a)		26,866		392,512
Synopsys, Inc. (a)		7,875		231,761
TiVo, Inc. (a)(b)		5,870		48,545
VMware, Inc. (Class A) (a)		1,170		106,517
Websense, Inc. (a)(b)		1,345		25,192

				16,321,210

SPECIALTY RETAIL — 2.6%
Abercrombie & Fitch Co. (Class A)		4,028		137,516
Advance Auto Parts, Inc.		4,380		298,804
Aeropostale, Inc. (a)		2,348		41,865
American Eagle Outfitters, Inc. (b)		8,130		160,405
AutoNation, Inc. (a)(b)		8,133		286,932
AutoZone, Inc. (a)		1,327		487,235
Bed Bath & Beyond, Inc. (a)		9,051		559,352
Best Buy Co., Inc. (b)		9,745		204,255
Chico’s FAS, Inc.		5,030		74,645
Dick’s Sporting Goods, Inc. (b)		3,186		152,928
Foot Locker, Inc.		7,215		220,635
GameStop Corp. (Class A) (b)		4,442		81,555
Genesco, Inc. (a)(b)		742		44,631
Limited Brands, Inc.		11,250		478,462
Lowe’s Cos., Inc.		39,551		1,124,830
O’Reilly Automotive, Inc. (a)		5,976		500,610
Office Depot, Inc. (a)(b)		11,405		24,635
OfficeMax, Inc. (a)(b)		2,030		10,272
PetSmart, Inc.		6,709		457,420
Pier 1 Imports, Inc. (b)		1,846		30,330
RadioShack Corp. (b)		6,547		25,140
Rent-A-Center, Inc. (b)		4,549		153,483
Ross Stores, Inc.		11,319		707,098
Staples, Inc. (b)		21,577		281,580
The Gap, Inc.		16,773		458,909
The Home Depot, Inc.		50,111		2,655,382
The Men’s Wearhouse, Inc. (b)		1,501		42,238
Tiffany & Co. (b)		4,958		262,526
TJX Cos., Inc.		23,417		1,005,292
Urban Outfitters, Inc. (a)		5,276		145,565
Williams-Sonoma, Inc. (b)		4,097		143,272

				11,257,802

TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Carter’s, Inc. (a)		2,927		153,960
Coach, Inc.		10,734		627,724
Crocs, Inc. (a)		1,016		16,408
Fifth & Pacific Cos, Inc. (a)(b)		8,231		88,319
Hanesbrands, Inc. (a)(b)		4,044		112,140
Iconix Brand Group, Inc. (a)(b)		1,338		23,375
NIKE, Inc. (Class B)		8,300		728,574
Quiksilver, Inc. (a)(b)		9,899		23,065
The Jones Group, Inc. (b)		6,868		65,658
Under Armour, Inc. (Class A) (a)(b)		1,687		159,388
V.F. Corp.		2,002		267,167
Wolverine World Wide, Inc. (b)		6,533		253,350

				2,519,128

THRIFTS & MORTGAGE FINANCE — 0.2%
Astoria Financial Corp. (b)		3,777		37,015
Berkshire Hills Bancorp, Inc. (b)		4,958		109,076
Doral Financial Corp. (a)(b)		89,466		134,199
Hudson City Bancorp, Inc.		9,218		58,719
MGIC Investment Corp. (a)(b)		8,805		25,358

See accompanying notes to financial statements.

151

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

June 30, 2012


Security Description	Shares		Value

New York Community Bancorp, Inc. (b)		8,631	$	108,146
OceanFirst Financial Corp. (b)		9,333		134,022
People’s United Financial, Inc.		10,166		118,027
Radian Group, Inc. (b)		10,672		35,111
TrustCo Bank Corp. NY (b)		17,193		93,874

				853,547

TOBACCO — 1.8%
Altria Group, Inc.		59,156		2,043,840
Lorillard, Inc.		4,206		554,981
Philip Morris International, Inc.		53,957		4,708,288
Reynolds American, Inc. (b)		11,993		538,126

				7,845,235

TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co.		12,074		486,703
Kaman Corp. (b)		5,272		163,116
W.W. Grainger, Inc.		1,328		253,967
Willis Lease Finance Corp. (a)(b)		992		12,221

				916,007

WATER UTILITIES — 0.1%
Aqua America, Inc. (b)		3,351		83,641
Artesian Resources Corp. (Class A) (b)		992		21,368
Cadiz, Inc. (a)(b)		4,698		33,872
Connecticut Water Service, Inc. (b)		2,348		68,045

				206,926

WIRELESS TELECOMMUNICATION SERVICES — 0.3%
Crown Castle International Corp. (a)		8,742		512,806
Leap Wireless International, Inc. (a)(b)		2,688		17,284
MetroPCS Communications, Inc. (a)		6,783		41,037
NII Holdings, Inc. (a)(b)		5,963		61,001
SBA Communications Corp. (Class A) (a)(b)		4,200		239,610
Sprint Nextel Corp. (a)		76,484		249,338
Telephone & Data Systems, Inc.		4,709		100,255

				1,221,331

TOTAL COMMON STOCKS —
(Cost $409,422,487)				423,844,220

SHORT TERM INVESTMENTS — 6.2%
MONEY MARKET FUNDS — 6.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		25,599,732		25,599,732
State Street Institutional Liquid Reserves Fund 0.20% (f)(g)		1,035,436		1,035,436

TOTAL SHORT TERM INVESTMENTS —
(Cost $26,635,168)				26,635,168

TOTAL INVESTMENTS — 105.7% (h)
(Cost $436,057,655)				450,479,388
OTHER ASSETS & LIABILITIES — (5.7)%				(24,370,779	)

NET ASSETS — 100.0%			$	426,108,609


(a)		Non-income producing security.
(b)		A portion of the security was on loan at June 30, 2012.
(c)		Affiliated issuer. (Note 3)
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

152

SPDR Dow Jones Large Cap ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 2.2%
BE Aerospace, Inc. (a)(b)		300	$	13,098
General Dynamics Corp.		933		61,541
Goodrich Corp.		395		50,125
Honeywell International, Inc.		2,194		122,513
L-3 Communications Holdings, Inc.		326		24,127
Lockheed Martin Corp. (a)		823		71,667
Northrop Grumman Corp. (a)		757		48,289
Precision Castparts Corp.		441		72,540
Raytheon Co. (a)		1,089		61,627
Rockwell Collins, Inc. (a)		455		22,454
Spirit Aerosystems Holdings, Inc. (Class A) (a)(b)		322		7,673
Textron, Inc. (a)		853		21,214
The Boeing Co.		2,040		151,572
TransDigm Group, Inc. (b)		139		18,668
United Technologies Corp. (a)		2,447		184,822

				931,930

AIR FREIGHT & LOGISTICS — 0.8%
C.H. Robinson Worldwide, Inc. (a)		512		29,967
Expeditors International of Washington, Inc.		677		26,234
FedEx Corp. (a)		918		84,098
United Parcel Service, Inc. (Class B) (a)		2,256		177,683

				317,982

AIRLINES — 0.2%
Delta Air Lines, Inc. (b)		2,565		28,087
Southwest Airlines Co. (a)		2,337		21,547
United Continental Holdings, Inc. (a)(b)		972		23,649

				73,283

AUTO COMPONENTS — 0.3%
Allison Transmission Holdings, Inc. (a)		100		1,756
BorgWarner, Inc. (a)(b)		359		23,547
Gentex Corp. (a)		435		9,078
Johnson Controls, Inc. (a)		2,083		57,720
Lear Corp.		313		11,809
The Goodyear Tire & Rubber Co. (a)(b)		747		8,822
TRW Automotive Holdings Corp. (b)		277		10,183
Visteon Corp. (b)		140		5,250

				128,165

AUTOMOBILES — 0.4%
Ford Motor Co.		11,699		112,193
General Motors Co. (a)(b)		1,824		35,969
Harley-Davidson, Inc. (a)		754		34,481

				182,643

BEVERAGES — 2.5%
Beam, Inc.		485		30,308
Brown-Forman Corp. (Class B) (a)		335		32,445
Coca-Cola Enterprises, Inc.		996		27,928
Constellation Brands, Inc. (Class A) (a)(b)		604		16,344
Dr. Pepper Snapple Group, Inc. (a)		669		29,269
Molson Coors Brewing Co. (Class B)		455		18,932
Monster Beverage Corp. (a)(b)		462		32,894
PepsiCo, Inc.		4,861		343,478
The Coca-Cola Co.		6,509		508,939

				1,040,537

BIOTECHNOLOGY — 1.5%
Alexion Pharmaceuticals, Inc. (a)(b)		554		55,012
Amgen, Inc.		2,440		178,218
Biogen Idec, Inc. (a)(b)		756		109,151
Celgene Corp. (b)		1,366		87,643
Gilead Sciences, Inc. (b)		2,323		119,123
Regeneron Pharmaceuticals, Inc. (a)(b)		220		25,128
United Therapeutics Corp. (a)(b)		158		7,802
Vertex Pharmaceuticals, Inc. (b)		668		37,355

				619,432

BUILDING PRODUCTS — 0.1%
Fortune Brands Home & Security, Inc. (b)		485		10,801
Masco Corp. (a)		1,174		16,284
Owens Corning, Inc. (a)(b)		371		10,588

				37,673

CAPITAL MARKETS — 1.7%
Affiliated Managers Group, Inc. (a)(b)		157		17,184
Ameriprise Financial, Inc.		703		36,739
BlackRock, Inc.		321		54,512
E*TRADE Financial Corp. (b)		754		6,062
Eaton Vance Corp. (a)		363		9,783
Franklin Resources, Inc. (a)		469		52,054
Invesco, Ltd.		1,380		31,188
Jefferies Group, Inc. (a)		380		4,936
Legg Mason, Inc.		442		11,656
LPL Investment Holdings, Inc. (a)		145		4,897
Morgan Stanley		4,119		60,096
Northern Trust Corp. (a)		669		30,787
Raymond James Financial, Inc.		307		10,512
SEI Investments Co. (a)		422		8,394
State Street Corp. (a)(c)		1,571		70,129
T. Rowe Price Group, Inc. (a)		762		47,976
TD Ameritrade Holding Corp. (a)		768		13,056
The Bank of New York Mellon Corp.		3,764		82,620
The Charles Schwab Corp. (a)		3,169		40,975
The Goldman Sachs Group, Inc.		1,297		124,330

				717,886

CHEMICALS — 2.5%
Air Products & Chemicals, Inc.		620		50,053
Airgas, Inc. (a)		218		18,314
Albemarle Corp. (a)		286		17,057
Ashland, Inc. (a)		219		15,179
Celanese Corp. (Series A)		470		16,271
CF Industries Holdings, Inc. (a)		212		41,073
E. I. du Pont de Nemours & Co. (a)		2,899		146,602
Eastman Chemical Co. (a)		407		20,501
Ecolab, Inc. (a)		856		58,662
FMC Corp. (a)		472		25,243
Huntsman Corp. (a)		543		7,026
International Flavors & Fragrances, Inc. (a)		249		13,645
LyondellBasell Industries NV		1,022		41,156
Monsanto Co.		1,668		138,077
PPG Industries, Inc.		488		51,787

See accompanying notes to financial statements.

153

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

June 30, 2012


Security Description	Shares		Value

Praxair, Inc.		935	$	101,662
Rockwood Holdings, Inc.		213		9,446
Sigma-Aldrich Corp. (a)		341		25,210
The Dow Chemical Co. (a)		3,732		117,558
The Mosaic Co.		851		46,601
The Scotts Miracle-Gro Co. (Class A) (a)		138		5,675
The Sherwin-Williams Co. (a)		281		37,190
Valspar Corp.		291		15,275

				1,019,263

COMMERCIAL BANKS — 2.8%
BB&T Corp. (a)		2,190		67,561
BOK Financial Corp. (a)		69		4,016
CIT Group, Inc. (b)		571		20,350
City National Corp. (a)		131		6,364
Comerica, Inc. (a)		567		17,413
Commerce Bancshares, Inc. (a)		218		8,262
Cullen/Frost Bankers, Inc. (a)		176		10,118
Fifth Third Bancorp (a)		2,817		37,748
First Republic Bank (a)(b)		219		7,358
Huntington Bancshares, Inc. (a)		2,679		17,146
Keycorp		2,932		22,694
M&T Bank Corp. (a)		400		33,028
PNC Financial Services Group, Inc.		1,647		100,648
Regions Financial Corp.		4,524		30,537
SunTrust Banks, Inc.		1,636		39,640
U.S. Bancorp (a)		6,043		194,343
Wells Fargo & Co.		15,514		518,788
Zions Bancorporation (a)		456		8,856

				1,144,870

COMMERCIAL SERVICES & SUPPLIES — 0.4%
Avery Dennison Corp.		377		10,307
Cintas Corp. (a)		350		13,514
Copart, Inc. (b)		372		8,813
Iron Mountain, Inc. (a)		563		18,556
Pitney Bowes, Inc. (a)		486		7,275
R.R. Donnelley & Sons Co. (a)		662		7,792
Republic Services, Inc. (a)		977		25,851
Stericycle, Inc. (a)(b)		286		26,218
Waste Connections, Inc. (a)		374		11,190
Waste Management, Inc. (a)		1,276		42,618

				172,134

COMMUNICATIONS EQUIPMENT — 1.7%
Cisco Systems, Inc.		16,730		287,254
F5 Networks, Inc. (b)		245		24,392
Harris Corp. (a)		360		15,066
JDS Uniphase Corp. (a)(b)		699		7,689
Juniper Networks, Inc. (b)		1,672		27,270
Motorola Solutions, Inc. (a)		956		45,993
Polycom, Inc. (a)(b)		522		5,492
QUALCOMM, Inc.		5,280		293,990
Riverbed Technology, Inc. (a)(b)		432		6,977

				714,123

COMPUTERS & PERIPHERALS — 5.2%
Apple, Inc. (b)		2,885		1,684,840
Dell, Inc. (a)(b)		4,924		61,649
EMC Corp. (b)		6,407		164,211
Hewlett-Packard Co.		6,176		124,199
NCR Corp. (b)		528		12,001
NetApp, Inc. (a)(b)		1,124		35,766
SanDisk Corp. (a)(b)		716		26,120
Seagate Technology PLC (a)		1,296		32,050
Western Digital Corp. (b)		689		21,001

				2,161,837

CONSTRUCTION & ENGINEERING — 0.2%
Aecom Technology Corp. (b)		303		4,984
Fluor Corp. (a)		537		26,495
Foster Wheeler AG (b)		372		6,447
Jacobs Engineering Group, Inc. (a)(b)		388		14,690
KBR, Inc.		463		11,441
Quanta Services, Inc. (a)(b)		609		14,659
URS Corp.		267		9,313

				88,029

CONSTRUCTION MATERIALS — 0.1%
Martin Marietta Materials, Inc. (a)		126		9,931
Vulcan Materials Co. (a)		365		14,494

				24,425

CONSUMER FINANCE — 0.9%
American Express Co.		3,180		185,108
Capital One Financial Corp.		1,791		97,896
Discover Financial Services		1,648		56,988
SLM Corp.		1,479		23,235

				363,227

CONTAINERS & PACKAGING — 0.2%
AptarGroup, Inc. (a)		207		10,567
Ball Corp. (a)		504		20,689
Bemis Co., Inc. (a)		318		9,966
Crown Holdings, Inc. (b)		505		17,417
Owens-Illinois, Inc. (b)		544		10,429
Rock-Tenn Co. (Class A)		200		10,910
Sealed Air Corp. (a)		526		8,121
Sonoco Products Co.		310		9,347

				97,446

DISTRIBUTORS — 0.1%
Genuine Parts Co. (a)		513		30,908
LKQ Corp. (b)		450		15,030

				45,938

DIVERSIFIED CONSUMER SERVICES — 0.1%
Apollo Group, Inc. (a)(b)		379		13,716
DeVry, Inc. (a)		197		6,101
H&R Block, Inc. (a)		942		15,053
Weight Watchers International, Inc. (a)		20		1,031

				35,901

DIVERSIFIED FINANCIAL SERVICES — 2.7%
Bank of America Corp.		33,406		273,261
CBOE Holdings, Inc. (a)		312		8,636
Citigroup, Inc.		9,136		250,418
CME Group, Inc.		197		52,818
IntercontinentalExchange, Inc. (b)		229		31,139
JPMorgan Chase & Co.		11,840		423,043
Leucadia National Corp. (a)		522		11,103
Moody’s Corp. (a)		606		22,149

See accompanying notes to financial statements.

154

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

June 30, 2012


Security Description	Shares		Value

MSCI, Inc. (Class A) (a)(b)		370	$	12,587
NYSE Euronext (a)		820		20,976
The NASDAQ OMX Group, Inc. (a)		361		8,184

				1,114,314

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.8%
AT&T, Inc. (a)		18,230		650,082
CenturyLink, Inc. (a)		1,971		77,835
Frontier Communications Corp. (a)		3,148		12,057
Level 3 Communications, Inc. (a)(b)		500		11,075
Verizon Communications, Inc. (a)		8,784		390,361
Windstream Corp. (a)		1,769		17,088

				1,158,498

ELECTRIC UTILITIES — 2.1%
American Electric Power Co., Inc.		1,509		60,209
Duke Energy Corp. (a)		4,109		94,754
Edison International (a)		952		43,982
Entergy Corp.		550		37,340
Exelon Corp.		2,641		99,354
FirstEnergy Corp.		1,317		64,783
ITC Holdings Corp. (a)		155		10,681
NextEra Energy, Inc.		1,346		92,618
Northeast Utilities		1,030		39,974
NV Energy, Inc.		741		13,027
OGE Energy Corp.		298		15,433
Pepco Holdings, Inc. (a)		680		13,308
Pinnacle West Capital Corp.		319		16,505
PPL Corp. (a)		1,733		48,195
Progress Energy, Inc. (a)		916		55,116
Southern Co.		2,705		125,242
Westar Energy, Inc.		342		10,243
Xcel Energy, Inc. (a)		1,520		43,183

				883,947

ELECTRICAL EQUIPMENT — 0.6%
AMETEK, Inc. (a)		497		24,805
Cooper Industries PLC		526		35,863
Emerson Electric Co.		2,325		108,299
Hubbell, Inc. (Class B)		169		13,172
Rockwell Automation, Inc. (a)		455		30,057
Roper Industries, Inc. (a)		281		27,701
The Babcock & Wilcox Co. (a)(b)		358		8,771

				248,668

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
Amphenol Corp. (Class A) (a)		515		28,284
Arrow Electronics, Inc. (a)(b)		384		12,599
Avnet, Inc. (b)		464		14,319
Corning, Inc.		4,732		61,185
Dolby Laboratories, Inc. (Class A) (b)		168		6,938
FLIR Systems, Inc. (a)		435		8,483
Ingram Micro, Inc. (Class A) (b)		431		7,530
Jabil Circuit, Inc. (a)		660		13,418
Mettler-Toledo International, Inc. (a)(b)		104		16,208
Molex, Inc. (a)		425		10,174
TE Connectivity, Ltd. (a)		1,292		41,228
Trimble Navigation, Ltd. (a)(b)		407		18,726

				239,092

ENERGY EQUIPMENT & SERVICES — 1.7%
Baker Hughes, Inc. (a)		1,338		54,992
Cameron International Corp. (b)		758		32,374
Diamond Offshore Drilling, Inc. (a)		211		12,476
FMC Technologies, Inc. (a)(b)		738		28,952
Halliburton Co.		2,826		80,230
Helmerich & Payne, Inc. (a)		295		12,827
McDermott International, Inc. (a)(b)		721		8,032
Nabors Industries, Ltd. (a)(b)		906		13,046
National Oilwell Varco, Inc.		1,293		83,321
Noble Corp. (b)		832		27,065
Oceaneering International, Inc.		354		16,942
Oil States International, Inc. (a)(b)		160		10,592
Patterson-UTI Energy, Inc.		493		7,178
Rowan Cos. PLC (a)(b)		342		11,057
Schlumberger, Ltd.		4,150		269,377
Superior Energy Services, Inc. (b)		500		10,115
Tidewater, Inc.		166		7,696
Weatherford International, Ltd. (b)		2,230		28,165

				714,437

FOOD & STAPLES RETAILING — 2.3%
Costco Wholesale Corp. (a)		1,359		129,105
CVS Caremark Corp.		4,047		189,117
Safeway, Inc. (a)		778		14,121
Sysco Corp.		1,867		55,655
The Kroger Co. (a)		1,738		40,304
Wal-Mart Stores, Inc.		5,435		378,928
Walgreen Co. (a)		2,690		79,570
Whole Foods Market, Inc. (a)		507		48,327

				935,127

FOOD PRODUCTS — 1.8%
Archer-Daniels-Midland Co. (a)		1,862		54,966
Bunge, Ltd. (a)		481		30,178
Campbell Soup Co. (a)		639		21,330
ConAgra Foods, Inc.		1,261		32,698
DE Master Blenders 1753 NV (b)		1,925		21,766
General Mills, Inc. (a)		1,868		71,993
Green Mountain Coffee Roasters, Inc. (a)(b)		385		8,385
H.J. Heinz Co. (a)		994		54,054
Hillshire Brands Co.		385		11,161
Hormel Foods Corp. (a)		471		14,328
Ingredion, Inc.		236		11,687
Kellogg Co. (a)		754		37,195
Kraft Foods, Inc. (Class A)		5,486		211,869
McCormick & Co., Inc. (a)		427		25,898
Mead Johnson Nutrition Co.		631		50,802
Ralcorp Holdings, Inc. (a)(b)		182		12,147
Smithfield Foods, Inc. (a)(b)		402		8,695
The Hershey Co. (a)		515		37,095
The J.M. Smucker Co.		375		28,320
Tyson Foods, Inc. (Class A)		923		17,380

				761,947

GAS UTILITIES — 0.2%
AGL Resources, Inc.		356		13,795
Atmos Energy Corp.		290		10,170
National Fuel Gas Co. (a)		214		10,054

See accompanying notes to financial statements.

155

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

June 30, 2012


Security Description	Shares		Value

ONEOK, Inc. (a)		626	$	26,486
Questar Corp. (a)		550		11,473
UGI Corp. (a)		339		9,977

				81,955

HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%
Baxter International, Inc.		1,753		93,172
Becton, Dickinson and Co. (a)		624		46,644
Boston Scientific Corp. (b)		4,654		26,388
C.R. Bard, Inc.		267		28,686
CareFusion Corp. (b)		655		16,820
Covidien PLC		1,487		79,554
DENTSPLY International, Inc. (a)		429		16,220
Edwards Lifesciences Corp. (a)(b)		356		36,775
Gen-Probe, Inc. (b)		174		14,303
Hologic, Inc. (a)(b)		800		14,432
IDEXX Laboratories, Inc. (a)(b)		193		18,553
Intuitive Surgical, Inc. (b)		119		65,901
Medtronic, Inc.		3,316		128,429
ResMed, Inc. (a)(b)		475		14,820
St. Jude Medical, Inc. (a)		994		39,671
Stryker Corp. (a)		920		50,692
Varian Medical Systems, Inc. (a)(b)		362		21,999
Zimmer Holdings, Inc. (a)		557		35,849

				748,908

HEALTH CARE PROVIDERS & SERVICES — 2.0%
Aetna, Inc.		1,150		44,585
AmerisourceBergen Corp.		831		32,700
Cardinal Health, Inc.		1,076		45,192
CIGNA Corp. (a)		875		38,500
Coventry Health Care, Inc. (a)		470		14,941
DaVita, Inc. (b)		269		26,418
Express Scripts Holding Co. (b)		2,537		141,641
HCA Holdings, Inc. (a)		553		16,828
Henry Schein, Inc. (a)(b)		294		23,076
Humana, Inc. (a)		500		38,720
Laboratory Corp. of America Holdings (a)(b)		313		28,987
McKesson Corp.		733		68,719
Omnicare, Inc. (a)		331		10,337
Patterson Cos., Inc. (a)		313		10,789
Quest Diagnostics, Inc. (a)		454		27,195
UnitedHealth Group, Inc.		3,200		187,200
Universal Health Services, Inc. (Class B)		292		12,603
WellPoint, Inc.		1,036		66,086

				834,517

HEALTH CARE TECHNOLOGY — 0.1%
Cerner Corp. (a)(b)		441		36,453

HOTELS, RESTAURANTS & LEISURE — 2.0%
Carnival Corp. (a)		1,244		42,632
Chipotle Mexican Grill, Inc. (a)(b)		99		37,615
Darden Restaurants, Inc. (a)		416		21,062
Dunkin’ Brands Group, Inc.		256		8,791
Hyatt Hotels Corp. (Class A) (a)(b)		122		4,534
International Game Technology (a)		951		14,978
Las Vegas Sands Corp.		1,214		52,797
Marriott International, Inc. (Class A) (a)		910		35,672
McDonald’s Corp.		3,148		278,692
MGM Resorts International (a)(b)		966		10,781
Panera Bread Co. (Class A) (a)(b)		100		13,944
Penn National Gaming, Inc. (a)(b)		209		9,319
Royal Caribbean Cruises, Ltd.		437		11,375
Starbucks Corp. (a)		2,314		123,383
Starwood Hotels & Resorts Worldwide, Inc. (a)		621		32,938
Wyndham Worldwide Corp. (a)		483		25,473
Wynn Resorts, Ltd. (a)		250		25,930
Yum! Brands, Inc. (a)		1,463		94,246

				844,162

HOUSEHOLD DURABLES — 0.4%
D.R. Horton, Inc. (a)		864		15,880
Garmin, Ltd. (a)		392		15,010
Harman International Industries, Inc. (a)		165		6,534
Leggett & Platt, Inc. (a)		510		10,776
Lennar Corp. (Class A) (a)		547		16,908
Mohawk Industries, Inc. (a)(b)		170		11,871
Newell Rubbermaid, Inc.		871		15,800
NVR, Inc. (a)(b)		16		13,600
Tempur-Pedic International, Inc. (a)(b)		207		4,842
Toll Brothers, Inc. (a)(b)		429		12,754
Tupperware Brands Corp.		187		10,240
Whirlpool Corp. (a)		234		14,312

				148,527

HOUSEHOLD PRODUCTS — 2.0%
Church & Dwight Co., Inc. (a)		438		24,296
Colgate-Palmolive Co.		1,391		144,803
Energizer Holdings, Inc. (a)(b)		214		16,103
Kimberly-Clark Corp. (a)		1,209		101,278
The Clorox Co. (a)		386		27,970
The Procter & Gamble Co.		8,574		525,157

				839,607

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
Calpine Corp. (a)(b)		1,142		18,854
NRG Energy, Inc. (a)(b)		745		12,933
The AES Corp. (b)		1,979		25,391

				57,178

INDUSTRIAL CONGLOMERATES — 2.5%
3M Co.		2,011		180,186
Danaher Corp. (a)		1,777		92,546
General Electric Co.		32,881		685,240
Tyco International, Ltd.		1,448		76,527

				1,034,499

INSURANCE — 3.9%
ACE, Ltd.		1,086		80,505
Aflac, Inc.		1,476		62,863
Alleghany Corp. (a)(b)		50		16,987
Allied World Assurance Company Holdings, Ltd. (a)		108		8,583
American Financial Group, Inc.		245		9,611
American International Group, Inc. (b)		2,244		72,010
Aon PLC (a)		1,007		47,107
Arch Capital Group, Ltd. (b)		364		14,447
Assurant, Inc. (a)		292		10,173

See accompanying notes to financial statements.

156

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

June 30, 2012


Security Description	Shares		Value

Assured Guaranty, Ltd. (a)		436	$	6,148
Axis Capital Holdings, Ltd. (a)		353		11,490
Berkshire Hathaway, Inc. (Class B) (b)		5,956		496,313
Brown & Brown, Inc. (a)		358		9,763
Cincinnati Financial Corp. (a)		477		18,159
CNA Financial Corp. (a)		85		2,356
Erie Indemnity Co. (Class A) (a)		85		6,087
Everest Re Group, Ltd. (a)		139		14,385
Fidelity National Financial, Inc. (Class A) (a)		684		13,174
Genworth Financial, Inc. (Class A) (b)		1,614		9,135
Hartford Financial Services Group, Inc. (a)		1,363		24,030
HCC Insurance Holdings, Inc. (a)		365		11,461
Lincoln National Corp. (a)		960		20,995
Loews Corp.		1,035		42,342
Markel Corp. (b)		30		13,251
Marsh & McLennan Cos., Inc. (a)		1,711		55,146
MetLife, Inc.		2,519		77,711
Old Republic International Corp.		732		6,068
PartnerRe, Ltd. (a)		224		16,950
Principal Financial Group, Inc. (a)		842		22,086
Prudential Financial, Inc.		1,500		72,645
Reinsurance Group of America, Inc.		230		12,238
RenaissanceRe Holdings, Ltd.		159		12,086
The Allstate Corp.		1,522		53,407
The Chubb Corp.		880		64,082
The Progressive Corp. (a)		1,856		38,660
The Travelers Cos., Inc. (a)		1,182		75,459
Torchmark Corp. (a)		324		16,378
Unum Group		935		17,887
Validus Holdings, Ltd. (a)		219		7,015
W.R. Berkley Corp. (a)		376		14,634
White Mountains Insurance Group, Ltd. (a)		20		10,435
XL Group PLC		996		20,956

				1,615,218

INTERNET & CATALOG RETAIL — 1.1%
Amazon.com, Inc. (b)		1,097		250,500
Expedia, Inc. (a)		329		15,815
Groupon, Inc. (a)(b)		1,033		10,981
Liberty Interactive Corp. (Class A) (b)		1,949		34,673
Netflix, Inc. (a)(b)		166		11,366
Priceline.com, Inc. (a)(b)		156		103,665
TripAdvisor, Inc. (b)		329		14,703

				441,703

INTERNET SOFTWARE & SERVICES — 1.9%
Akamai Technologies, Inc. (a)(b)		524		16,637
eBay, Inc. (b)		3,465		145,565
Equinix, Inc. (a)(b)		135		23,713
Facebook, Inc. (a)(b)		1,300		40,456
Google, Inc. (Class A) (b)		789		457,675
IAC/InterActiveCorp.		252		11,491
LinkedIn Corp. (Class A) (b)		147		15,622
Rackspace Hosting, Inc. (a)(b)		351		15,423
VeriSign, Inc. (a)(b)		515		22,438
Yahoo!, Inc. (b)		3,651		57,795

				806,815

IT SERVICES — 3.7%
Accenture PLC (Class A) (a)		2,219		133,340
Alliance Data Systems Corp. (a)(b)		164		22,140
Automatic Data Processing, Inc. (a)		1,520		84,603
Broadridge Financial Solutions, Inc.		455		9,678
Cognizant Technology Solutions Corp. (Class A) (b)		951		57,060
Computer Sciences Corp.		480		11,914
Fidelity National Information Services, Inc.		775		26,412
Fiserv, Inc. (b)		424		30,621
Genpact, Ltd. (b)		326		5,421
Global Payments, Inc. (a)		251		10,851
International Business Machines Corp.		3,426		670,057
Mastercard, Inc. (Class A)		323		138,926
Paychex, Inc. (a)		1,029		32,321
SAIC, Inc. (a)		1,115		13,514
Teradata Corp. (b)		536		38,597
The Western Union Co. (a)		1,991		33,528
Total System Services, Inc.		638		15,267
Vantiv, Inc. (a)(b)		100		2,329
VeriFone Systems, Inc. (a)(b)		300		9,927
Visa, Inc. (Class A)		1,645		203,371

				1,549,877

LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc. (a)		407		13,785
Mattel, Inc. (a)		1,058		34,322
Polaris Industries, Inc. (a)		200		14,296

				62,403

LIFE SCIENCES TOOLS & SERVICES — 0.5%
Agilent Technologies, Inc. (a)		1,063		41,712
Covance, Inc. (a)(b)		206		9,857
Illumina, Inc. (a)(b)		391		15,793
Life Technologies Corp. (b)		534		24,025
PerkinElmer, Inc.		379		9,778
Techne Corp. (a)		117		8,681
Thermo Fisher Scientific, Inc.		1,184		61,462
Waters Corp. (a)(b)		294		23,364

				194,672

MACHINERY — 1.8%
AGCO Corp. (a)(b)		284		12,987
Caterpillar, Inc.		1,829		155,300
Cummins, Inc.		548		53,107
Deere & Co. (a)		1,249		101,007
Donaldson Co., Inc. (a)		428		14,282
Dover Corp.		600		32,166
Eaton Corp.		1,041		41,255
Flowserve Corp. (a)		183		20,999
Gardner Denver, Inc. (a)		161		8,518
Illinois Tool Works, Inc. (a)		1,299		68,704
Ingersoll-Rand PLC (a)		916		38,637
Joy Global, Inc.		341		19,345
Lincoln Electric Holdings, Inc. (a)		258		11,298
Navistar International Corp. (a)(b)		210		5,958
PACCAR, Inc. (a)		1,084		42,482

See accompanying notes to financial statements.

157

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

June 30, 2012


Security Description	Shares		Value

Pall Corp.		383	$	20,992
Parker Hannifin Corp. (a)		470		36,134
Pentair, Inc. (a)		309		11,828
SPX Corp.		174		11,366
Stanley Black & Decker, Inc.		500		32,180
Timken Co. (a)		264		12,089
Xylem, Inc.		575		14,473

				765,107

MEDIA — 3.5%
AMC Networks, Inc. (Class A) (b)		180		6,399
Cablevision Systems Corp. (Class A) (a)		721		9,582
CBS Corp.		1,926		63,134
Charter Communications, Inc. (Class A) (b)		100		7,087
Clear Channel Outdoor Holdings, Inc. (Class A) (a)(b)		128		771
Comcast Corp. (Class A) (a)		8,422		269,251
DIRECTV (Class A) (a)(b)		2,077		101,399
Discovery Communications, Inc. (Series A) (a)(b)		822		44,388
DISH Network Corp. (Class A)		673		19,214
Gannett Co., Inc. (a)		598		8,809
John Wiley & Sons, Inc. (Class A)		159		7,789
Liberty Global, Inc. (Series A) (a)(b)		835		41,441
Liberty Media Corp. — Liberty Capital (Class A) (b)		372		32,702
News Corp. (Class A)		6,739		150,212
Omnicom Group, Inc. (a)		881		42,817
Scripps Networks Interactive, Inc. (Class A)		259		14,727
Sirius XM Radio, Inc. (a)(b)		11,045		20,433
The Interpublic Group of Cos., Inc.		1,534		16,644
The McGraw-Hill Cos., Inc.		935		42,075
The Walt Disney Co. (a)		5,216		252,976
The Washington Post Co. (Class B) (a)		19		7,103
Time Warner Cable, Inc.		977		80,212
Time Warner, Inc.		3,012		115,962
Viacom, Inc. (Class B) (a)		1,551		72,928
Virgin Media, Inc. (a)		945		23,049

				1,451,104

METALS & MINING — 0.8%
Alcoa, Inc. (a)		3,213		28,114
Allegheny Technologies, Inc.		301		9,599
Allied Nevada Gold Corp. (a)(b)		253		7,180
Cliffs Natural Resources, Inc. (a)		422		20,800
Freeport-McMoRan Copper & Gold, Inc.		2,907		99,041
Molycorp, Inc. (a)(b)		176		3,793
Newmont Mining Corp.		1,504		72,959
Nucor Corp. (a)		912		34,565
Reliance Steel & Aluminum Co. (a)		203		10,251
Royal Gold, Inc. (a)		168		13,171
Southern Copper Corp. (a)		529		16,669
Steel Dynamics, Inc. (a)		570		6,698
Titanium Metals Corp.		180		2,036
United States Steel Corp. (a)		447		9,208
Walter Energy, Inc.		192		8,479

				342,563

MULTI-UTILITIES — 1.3%
Alliant Energy Corp. (a)		352		16,041
Ameren Corp.		739		24,786
CenterPoint Energy, Inc.		1,219		25,197
CMS Energy Corp.		689		16,192
Consolidated Edison, Inc. (a)		913		56,780
Dominion Resources, Inc.		1,755		94,770
DTE Energy Co. (a)		519		30,792
Integrys Energy Group, Inc. (a)		246		13,990
MDU Resources Group, Inc. (a)		530		11,453
NiSource, Inc. (a)		859		21,260
PG&E Corp. (a)		1,246		56,406
Public Service Enterprise Group, Inc.		1,611		52,358
SCANA Corp. (a)		350		16,744
Sempra Energy		714		49,180
TECO Energy, Inc. (a)		631		11,396
Wisconsin Energy Corp. (a)		748		29,598

				526,943

MULTILINE RETAIL — 0.8%
Dollar General Corp. (a)(b)		710		38,617
Dollar Tree, Inc. (a)(b)		752		40,458
Family Dollar Stores, Inc. (a)		321		21,340
J.C. Penney Co., Inc. (a)		493		11,492
Kohl’s Corp. (a)		710		32,298
Macy’s, Inc.		1,327		45,582
Nordstrom, Inc. (a)		540		26,833
Sears Holdings Corp. (a)(b)		133		7,940
Target Corp.		1,886		109,746

				334,306

OFFICE ELECTRONICS — 0.1%
Xerox Corp. (a)		4,188		32,960

OIL, GAS & CONSUMABLE FUELS — 8.8%
Alpha Natural Resources, Inc. (a)(b)		652		5,679
Anadarko Petroleum Corp.		1,552		102,742
Apache Corp.		1,180		103,710
Arch Coal, Inc. (a)		650		4,479
Cabot Oil & Gas Corp.		678		26,713
Chesapeake Energy Corp. (a)		2,076		38,614
Chevron Corp.		6,139		647,664
Cimarex Energy Co. (a)		255		14,056
Cobalt International Energy, Inc. (b)		525		12,338
Concho Resources, Inc. (b)		315		26,813
ConocoPhillips (a)		3,930		219,608
CONSOL Energy, Inc. (a)		653		19,747
Continental Resources, Inc. (a)(b)		178		11,858
Denbury Resources, Inc. (a)(b)		1,210		18,283
Devon Energy Corp.		1,185		68,718
Energen Corp.		197		8,891
EOG Resources, Inc.		827		74,521
EQT Corp. (a)		461		24,723
Exxon Mobil Corp. (a)		14,552		1,245,215
Hess Corp. (a)		933		40,539
Hollyfrontier Corp.		597		21,152
Kinder Morgan, Inc.		1,482		47,750
Marathon Oil Corp.		2,147		54,899
Marathon Petroleum Corp.		1,073		48,199
Murphy Oil Corp.		598		30,073
Newfield Exploration Co. (b)		409		11,988

See accompanying notes to financial statements.

158

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

June 30, 2012


Security Description	Shares		Value

Noble Energy, Inc.		539	$	45,718
Occidental Petroleum Corp.		2,557		219,314
Peabody Energy Corp.		860		21,087
Phillips 66 (b)		1,914		63,621
Pioneer Natural Resources Co.		361		31,844
Plains Exploration & Production Co. (b)		402		14,142
QEP Resources, Inc. (a)		550		16,484
Range Resources Corp. (a)		489		30,254
SandRidge Energy, Inc. (a)(b)		1,125		7,526
SM Energy Co.		170		8,349
Southwestern Energy Co. (a)(b)		1,085		34,644
Spectra Energy Corp.		2,000		58,120
Sunoco, Inc.		375		17,812
The Williams Cos., Inc.		1,835		52,885
Ultra Petroleum Corp. (a)(b)		478		11,027
Valero Energy Corp.		1,680		40,572
Whiting Petroleum Corp. (b)		380		15,626
WPX Energy, Inc. (a)(b)		612		9,902

				3,627,899

PAPER & FOREST PRODUCTS — 0.2%
International Paper Co.		1,213		35,068
MeadWestvaco Corp. (a)		529		15,208
Weyerhaeuser Co. (a)		1,636		36,581

				86,857

PERSONAL PRODUCTS — 0.2%
Avon Products, Inc.		1,361		22,062
Herbalife, Ltd. (a)		372		17,979
The Estee Lauder Cos., Inc. (Class A)		748		40,481

				80,522

PHARMACEUTICALS — 5.8%
Abbott Laboratories (a)		4,928		317,708
Allergan, Inc.		950		87,942
Bristol-Myers Squibb Co. (a)		5,301		190,571
Eli Lilly & Co.		3,097		132,892
Endo Pharmaceuticals Holdings, Inc. (b)		329		10,192
Forest Laboratories, Inc. (b)		787		27,537
Hospira, Inc. (b)		501		17,525
Johnson & Johnson (a)		8,512		575,071
Merck & Co., Inc.		9,490		396,207
Mylan, Inc. (b)		1,324		28,294
Perrigo Co. (a)		271		31,959
Pfizer, Inc.		23,321		536,383
Warner Chilcott PLC (Class A) (b)		554		9,928
Watson Pharmaceuticals, Inc. (b)		418		30,928

				2,393,137

PROFESSIONAL SERVICES — 0.3%
Dun & Bradstreet Corp. (a)		170		12,099
Equifax, Inc.		409		19,059
IHS, Inc. (Class A) (a)(b)		149		16,052
Manpower, Inc. (a)		244		8,942
Nielsen Holdings NV (a)(b)		185		4,851
Robert Half International, Inc. (a)		448		12,799
Towers Watson & Co. (Class A) (a)		182		10,902
Verisk Analytics, Inc. (Class A) (b)		472		23,251

				107,955

REAL ESTATE INVESTMENT TRUSTS — 2.7%
Alexandria Real Estate Equities, Inc.		176		12,799
American Capital Agency Corp. (a)		898		30,182
American Tower Corp. (a)		1,245		87,038
Annaly Capital Management, Inc.		2,994		50,239
AvalonBay Communities, Inc. (a)		311		44,000
Boston Properties, Inc. (a)		458		49,633
BRE Properties, Inc. (a)		231		11,555
Camden Property Trust (a)		219		14,820
Chimera Investment Corp. (a)		3,129		7,384
DDR Corp.		699		10,233
Digital Realty Trust, Inc. (a)		315		23,647
Equity Residential (a)		909		56,685
Essex Property Trust, Inc. (a)		104		16,008
Federal Realty Investment Trust		180		18,736
General Growth Properties, Inc. (a)		1,240		22,432
HCP, Inc.		1,250		55,187
Health Care REIT, Inc.		619		36,088
Host Hotels & Resorts, Inc. (a)		2,246		35,532
Kimco Realty Corp. (a)		1,292		24,587
Liberty Property Trust (a)		293		10,794
Piedmont Office Realty Trust, Inc. (Class A) (a)		550		9,465
Plum Creek Timber Co., Inc. (a)		548		21,756
ProLogis		1,450		48,183
Public Storage (a)		435		62,818
Rayonier, Inc. (a)		369		16,568
Realty Income Corp. (a)		394		16,457
Regency Centers Corp. (a)		301		14,319
Simon Property Group, Inc. (a)		906		141,028
SL Green Realty Corp. (a)		250		20,060
The Macerich Co. (a)		421		24,860
UDR, Inc. (a)		713		18,424
Ventas, Inc. (a)		897		56,619
Vornado Realty Trust		563		47,281

				1,115,417

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Brookfield Office Properties, Inc. (a)		881		15,347
CBRE Group, Inc. (a)(b)		789		12,908
Jones Lang LaSalle, Inc. (a)		130		9,148

				37,403

ROAD & RAIL — 0.9%
CSX Corp.		3,305		73,900
Hertz Global Holdings, Inc. (a)(b)		768		9,830
J.B. Hunt Transport Services, Inc. (a)		271		16,151
Kansas City Southern (a)		339		23,581
Norfolk Southern Corp.		1,027		73,708
Union Pacific Corp.		1,502		179,204

				376,374

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.3%
Advanced Micro Devices, Inc. (a)(b)		1,741		9,976
Altera Corp.		944		31,945
Analog Devices, Inc. (a)		926		34,882
Applied Materials, Inc.		4,054		46,459
Atmel Corp. (b)		1,377		9,226
Broadcom Corp. (Class A) (b)		1,421		48,030

See accompanying notes to financial statements.

159

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

June 30, 2012


Security Description	Shares		Value

Cree, Inc. (a)(b)		337	$	8,651
First Solar, Inc. (a)(b)		172		2,590
Intel Corp.		15,655		417,206
KLA-Tencor Corp.		550		27,088
Lam Research Corp. (a)(b)		662		24,984
Linear Technology Corp. (a)		652		20,427
LSI Corp. (a)(b)		1,752		11,160
Marvell Technology Group, Ltd.		1,501		16,931
Maxim Integrated Products, Inc.		931		23,871
Microchip Technology, Inc. (a)		580		19,186
Micron Technology, Inc. (b)		2,831		17,864
NVIDIA Corp. (b)		1,900		26,258
ON Semiconductor Corp. (b)		1,266		8,989
Skyworks Solutions, Inc. (a)(b)		612		16,750
Texas Instruments, Inc.		3,547		101,763
Xilinx, Inc. (a)		782		26,252

				950,488

SOFTWARE — 3.8%
Activision Blizzard, Inc. (a)		1,304		15,635
Adobe Systems, Inc. (b)		1,560		50,497
Ansys, Inc. (a)(b)		289		18,239
Autodesk, Inc. (b)		720		25,193
BMC Software, Inc. (a)(b)		484		20,657
CA, Inc.		1,089		29,501
Citrix Systems, Inc. (b)		572		48,014
Electronic Arts, Inc. (b)		1,006		12,424
Factset Research Systems, Inc. (a)		141		13,105
Informatica Corp. (a)(b)		359		15,207
Intuit, Inc. (a)		846		50,210
Microsoft Corp.		23,330		713,665
Nuance Communications, Inc. (a)(b)		676		16,102
Oracle Corp.		11,894		353,252
Red Hat, Inc. (a)(b)		601		33,944
Rovi Corp. (b)		347		6,808
Salesforce.com, Inc. (a)(b)		365		50,465
Solera Holdings, Inc. (a)		217		9,068
Symantec Corp. (b)		2,312		33,778
Synopsys, Inc. (a)(b)		443		13,038
TIBCO Software, Inc. (b)		523		15,648
VMware, Inc. (Class A) (a)(b)		195		17,753
Zynga, Inc. (a)(b)		443		2,410

				1,564,613

SPECIALTY RETAIL — 2.3%
Abercrombie & Fitch Co. (Class A) (a)		271		9,252
Advance Auto Parts, Inc. (a)		228		15,554
American Eagle Outfitters, Inc. (a)		566		11,167
AutoNation, Inc. (a)(b)		137		4,833
AutoZone, Inc. (a)(b)		96		35,248
Bed Bath & Beyond, Inc. (b)		770		47,586
Best Buy Co., Inc. (a)		938		19,661
CarMax, Inc. (a)(b)		698		18,106
Dick’s Sporting Goods, Inc.		259		12,432
Foot Locker, Inc.		500		15,290
GameStop Corp. (Class A) (a)		466		8,556
Guess?, Inc. (a)		198		6,013
Limited Brands, Inc. (a)		809		34,407
Lowe’s Cos., Inc.		3,719		105,768
O’Reilly Automotive, Inc. (a)(b)		423		35,435
PetSmart, Inc. (a)		350		23,863
Ross Stores, Inc.		746		46,603
Sally Beauty Holdings, Inc. (b)		400		10,296
Signet Jewelers, Ltd.		300		13,203
Staples, Inc. (a)		2,231		29,115
The Gap, Inc. (a)		1,044		28,564
The Home Depot, Inc.		4,809		254,829
Tiffany & Co. (a)		394		20,862
TJX Cos., Inc.		2,380		102,173
Tractor Supply Co. (a)		220		18,273
Ulta Salon Cosmetics & Fragrance, Inc.		150		14,007
Urban Outfitters, Inc. (a)(b)		352		9,712

				950,808

TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Coach, Inc. (a)		867		50,702
Fossil, Inc. (a)(b)		165		12,629
Michael Kors Holdings Ltd. (b)		166		6,946
NIKE, Inc. (Class B)		1,167		102,439
PVH Corp. (a)		184		14,313
Ralph Lauren Corp. (a)		181		25,351
Under Armour, Inc. (Class A) (a)(b)		100		9,448
V.F. Corp. (a)		274		36,565

				258,393

THRIFTS & MORTGAGE FINANCE — 0.1%
Hudson City Bancorp, Inc. (a)		1,552		9,886
New York Community Bancorp, Inc. (a)		1,291		16,176
People’s United Financial, Inc. (a)		1,123		13,038
TFS Financial Corp. (a)(b)		299		2,856

				41,956

TOBACCO — 1.9%
Altria Group, Inc.		6,392		220,844
Lorillard, Inc.		420		55,419
Philip Morris International, Inc.		5,376		469,110
Reynolds American, Inc. (a)		1,065		47,786

				793,159

TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co.		901		36,319
MSC Industrial Direct Co., Inc. (Class A) (a)		137		8,981
W.W. Grainger, Inc. (a)		179		34,232

				79,532

WATER UTILITIES — 0.1%
American Water Works Co., Inc.		524		17,963
Aqua America, Inc. (a)		423		10,558

				28,521

WIRELESS TELECOMMUNICATION SERVICES — 0.3%
Crown Castle International Corp. (a)(b)		763		44,758
MetroPCS Communications, Inc. (b)		790		4,780
NII Holdings, Inc. (a)(b)		524		5,361
SBA Communications Corp. (Class A) (a)(b)		367		20,937
Sprint Nextel Corp. (b)		8,927		29,102
Telephone & Data Systems, Inc.		360		7,664

See accompanying notes to financial statements.

160

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

June 30, 2012


Security Description	Shares		Value

US Cellular Corp. (a)(b)		52	$	2,008

				114,610

TOTAL COMMON STOCKS —
(Cost $38,124,392)				41,329,875

SHORT TERM INVESTMENTS — 18.3%
MONEY MARKET FUNDS — 18.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		7,527,062		7,527,062
State Street Institutional Liquid Reserves Fund 0.20% (e)(f)		51,634		51,634

TOTAL SHORT TERM INVESTMENTS —
(Cost $7,578,696)				7,578,696

TOTAL INVESTMENTS — 118.0% (g)
(Cost $45,703,088)				48,908,571
OTHER ASSETS & LIABILITIES — (18.0)%				(7,471,477	)

NET ASSETS — 100.0%			$	41,437,094


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Affiliated issuer. (Note 3)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

161

SPDR S&P 500 Growth ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS —��99.7%
AEROSPACE & DEFENSE — 2.9%
General Dynamics Corp.		7,185	$	473,923
Goodrich Corp.		4,108		521,305
Honeywell International, Inc.		15,810		882,830
Lockheed Martin Corp.		8,648		753,068
Precision Castparts Corp.		3,001		493,635
Raytheon Co.		6,241		353,178
Rockwell Collins, Inc. (a)		3,432		169,369
The Boeing Co.		15,024		1,116,283
United Technologies Corp.		21,226		1,603,200

				6,366,791

AIR FREIGHT & LOGISTICS — 1.3%
C.H. Robinson Worldwide, Inc. (a)		5,371		314,365
Expeditors International of Washington, Inc.		4,910		190,262
United Parcel Service, Inc. (Class B)		31,180		2,455,737

				2,960,364

AUTO COMPONENTS — 0.1%
BorgWarner, Inc. (a)(b)		2,918		191,392

AUTOMOBILES — 0.1%
Harley-Davidson, Inc. (a)		3,112		142,312

BEVERAGES — 4.6%
Brown-Forman Corp. (Class B)		3,246		314,375
Dr. Pepper Snapple Group, Inc. (a)		3,618		158,287
Monster Beverage Corp. (b)		5,000		356,000
PepsiCo, Inc.		50,819		3,590,871
The Coca-Cola Co.		73,298		5,731,171

				10,150,704

BIOTECHNOLOGY — 2.6%
Alexion Pharmaceuticals, Inc. (b)		6,276		623,207
Amgen, Inc.		25,285		1,846,816
Biogen Idec, Inc. (b)		7,810		1,127,608
Celgene Corp. (b)		14,397		923,712
Gilead Sciences, Inc. (b)		24,457		1,254,155

				5,775,498

BUILDING PRODUCTS — 0.0% (c)
Masco Corp.		3,593		49,835

CAPITAL MARKETS — 0.8%
BlackRock, Inc.		4,175		708,999
Franklin Resources, Inc. (a)		4,614		512,108
T. Rowe Price Group, Inc.		8,215		517,216

				1,738,323

CHEMICALS — 3.3%
Air Products & Chemicals, Inc.		4,496		362,962
Airgas, Inc.		1,671		140,381
CF Industries Holdings, Inc.		2,114		409,566
E. I. du Pont de Nemours & Co. (a)		20,667		1,045,130
Eastman Chemical Co.		2,179		109,756
Ecolab, Inc.		9,520		652,406
FMC Corp.		4,512		241,302
International Flavors & Fragrances, Inc. (a)		2,680		146,864
Monsanto Co.		17,447		1,444,263
PPG Industries, Inc.		5,039		534,739
Praxair, Inc.		9,772		1,062,509
Sigma-Aldrich Corp. (a)		3,945		291,654
The Mosaic Co.		6,124		335,350
The Sherwin-Williams Co.		2,758		365,021

				7,141,903

COMMERCIAL SERVICES & SUPPLIES — 0.2%
Iron Mountain, Inc.		3,109		102,473
Stericycle, Inc. (a)(b)		2,738		250,992

				353,465

COMMUNICATIONS EQUIPMENT — 1.6%
F5 Networks, Inc. (b)		2,624		261,246
Juniper Networks, Inc. (b)		11,256		183,585
QUALCOMM, Inc.		55,730		3,103,046

				3,547,877

COMPUTERS & PERIPHERALS — 8.9%
Apple, Inc. (b)		30,390		17,747,760
EMC Corp. (b)		37,527		961,817
NetApp, Inc. (b)		11,690		371,976
SanDisk Corp. (a)(b)		7,767		283,340
Seagate Technology PLC		3,400		84,082

				19,448,975

CONSTRUCTION & ENGINEERING — 0.1%
Fluor Corp.		3,263		160,996

CONSUMER FINANCE — 0.5%
American Express Co.		19,533		1,137,016

CONTAINERS & PACKAGING — 0.1%
Ball Corp.		2,937		120,564

DISTRIBUTORS — 0.1%
Genuine Parts Co. (a)		3,496		210,634

DIVERSIFIED CONSUMER SERVICES — 0.1%
Apollo Group, Inc. (a)(b)		3,481		125,978
DeVry, Inc. (a)		1,959		60,670

				186,648

DIVERSIFIED FINANCIAL SERVICES — 0.2%
IntercontinentalExchange, Inc. (b)		2,381		323,768
Moody’s Corp. (a)		3,402		124,343

				448,111

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
Verizon Communications, Inc.		49,648		2,206,357

ELECTRIC UTILITIES — 0.6%
NextEra Energy, Inc.		7,970		548,416
Southern Co.		16,514		764,598

				1,313,014

ELECTRICAL EQUIPMENT — 0.7%
Cooper Industries PLC		3,110		212,040
Emerson Electric Co.		16,968		790,370
Rockwell Automation, Inc.		4,640		306,518
Roper Industries, Inc.		3,183		313,780

				1,622,708

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%
Amphenol Corp. (Class A)		5,354		294,042

See accompanying notes to financial statements.

162

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

June 30, 2012


Security Description	Shares		Value

FLIR Systems, Inc.		3,869	$	75,445

				369,487

ENERGY EQUIPMENT & SERVICES — 2.4%
Baker Hughes, Inc.		8,511		349,802
Cameron International Corp. (b)		7,950		339,545
Diamond Offshore Drilling, Inc.		2,271		134,284
FMC Technologies, Inc. (a)(b)		7,723		302,973
Halliburton Co.		17,304		491,261
Helmerich & Payne, Inc. (a)		3,430		149,136
National Oilwell Varco, Inc.		9,613		619,462
Schlumberger, Ltd.		43,314		2,811,512

				5,197,975

FOOD & STAPLES RETAILING — 1.6%
Costco Wholesale Corp.		8,355		793,725
Wal-Mart Stores, Inc.		35,355		2,464,951
Whole Foods Market, Inc.		3,882		370,032

				3,628,708

FOOD PRODUCTS — 1.8%
Campbell Soup Co. (a)		3,189		106,449
General Mills, Inc.		13,976		538,635
H.J. Heinz Co. (a)		7,869		427,916
Hormel Foods Corp. (a)		2,006		61,023
Kellogg Co.		8,062		397,698
Kraft Foods, Inc. (Class A)		31,037		1,198,649
McCormick & Co., Inc. (a)		3,066		185,953
Mead Johnson Nutrition Co.		6,612		532,332
The Hershey Co.		4,931		355,180
The J.M. Smucker Co.		2,138		161,462

				3,965,297

GAS UTILITIES — 0.1%
ONEOK, Inc.		4,082		172,709

HEALTH CARE EQUIPMENT & SUPPLIES — 2.7%
Baxter International, Inc.		17,848		948,621
Becton, Dickinson and Co. (a)		6,619		494,770
C.R. Bard, Inc.		2,742		294,601
Covidien PLC		11,271		602,999
DENTSPLY International, Inc.		2,808		106,170
Edwards Lifesciences Corp. (a)(b)		3,713		383,553
Intuitive Surgical, Inc. (b)		1,290		714,389
Medtronic, Inc.		21,973		851,014
St. Jude Medical, Inc.		10,336		412,510
Stryker Corp. (a)		10,559		581,801
Varian Medical Systems, Inc. (a)(b)		3,630		220,595
Zimmer Holdings, Inc.		5,836		375,605

				5,986,628

HEALTH CARE PROVIDERS & SERVICES — 2.4%
Aetna, Inc.		6,317		244,910
DaVita, Inc. (b)		3,096		304,058
Express Scripts Holding Co. (b)		26,060		1,454,930
Humana, Inc.		3,110		240,838
Laboratory Corp. of America Holdings (a)(b)		3,195		295,889
Patterson Cos., Inc. (a)		1,519		52,360
Quest Diagnostics, Inc.		5,168		309,563
UnitedHealth Group, Inc.		33,701		1,971,509
WellPoint, Inc.		5,535		353,078

				5,227,135

HEALTH CARE TECHNOLOGY — 0.2%
Cerner Corp. (b)		4,702		388,667

HOTELS, RESTAURANTS & LEISURE — 2.9%
Chipotle Mexican Grill, Inc. (a)(b)		1,030		391,348
Darden Restaurants, Inc. (a)		3,040		153,915
Marriott International, Inc. (Class A) (a)		3,517		137,866
McDonald’s Corp.		33,034		2,924,500
Starbucks Corp.		24,536		1,308,260
Starwood Hotels & Resorts Worldwide, Inc.		3,595		190,679
Wynn Resorts, Ltd.		2,544		263,864
Yum! Brands, Inc.		14,929		961,726

				6,332,158

HOUSEHOLD DURABLES — 0.0% (c)
Pulte Group, Inc. (a)(b)		4,276		45,753

HOUSEHOLD PRODUCTS — 3.2%
Colgate-Palmolive Co.		15,468		1,610,219
Kimberly-Clark Corp.		12,790		1,071,418
The Clorox Co. (a)		2,970		215,206
The Procter & Gamble Co.		66,811		4,092,174

				6,989,017

INDUSTRIAL CONGLOMERATES — 1.0%
3M Co.		17,346		1,554,202
Danaher Corp.		14,244		741,827

				2,296,029

INSURANCE — 0.8%
Aflac, Inc.		15,211		647,836
Aon PLC		6,995		327,226
The Chubb Corp.		4,952		360,605
The Travelers Cos., Inc.		6,501		415,024

				1,750,691

INTERNET & CATALOG RETAIL — 1.8%
Amazon.com, Inc. (b)		11,729		2,678,317
Expedia, Inc.		1,950		93,737
Netflix, Inc. (a)(b)		1,801		123,314
Priceline.com, Inc. (b)		1,616		1,073,864
TripAdvisor, Inc. (b)		1,952		87,235

				4,056,467

INTERNET SOFTWARE & SERVICES — 2.8%
Akamai Technologies, Inc. (b)		5,837		185,325
eBay, Inc. (b)		24,292		1,020,507
Google, Inc. (Class A) (b)		8,267		4,795,438
VeriSign, Inc. (b)		2,505		109,143

				6,110,413

IT SERVICES — 6.5%
Accenture PLC (Class A)		15,809		949,963
Automatic Data Processing, Inc.		15,897		884,827
Cognizant Technology Solutions Corp. (Class A) (b)		9,845		590,700
Fiserv, Inc. (b)		4,566		329,757
International Business Machines Corp.		37,519		7,337,966

See accompanying notes to financial statements.

163

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

June 30, 2012


Security Description	Shares		Value

Mastercard, Inc. (Class A)		3,462	$	1,489,041
Paychex, Inc.		5,300		166,473
Teradata Corp. (b)		5,396		388,566
The Western Union Co.		9,450		159,138
Visa, Inc. (Class A)		16,126		1,993,657

				14,290,088

LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc. (a)		2,179		73,803
Mattel, Inc. (a)		4,978		161,486

				235,289

LIFE SCIENCES TOOLS & SERVICES — 0.5%
Agilent Technologies, Inc.		7,870		308,819
Life Technologies Corp. (b)		5,799		260,897
Thermo Fisher Scientific, Inc.		7,122		369,703
Waters Corp. (b)		2,884		229,191

				1,168,610

MACHINERY — 2.0%
Caterpillar, Inc.		13,635		1,157,748
Cummins, Inc.		4,746		459,935
Deere & Co.		12,984		1,050,016
Dover Corp.		4,166		223,339
Flowserve Corp. (a)		1,346		154,453
Illinois Tool Works, Inc. (a)		9,626		509,119
Joy Global, Inc.		3,404		193,109
Pall Corp.		3,753		205,702
Parker Hannifin Corp.		3,187		245,017
Snap-On, Inc. (a)		1,022		63,620
Stanley Black & Decker, Inc.		2,976		191,535

				4,453,593

MEDIA — 1.6%
DIRECTV (Class A) (b)		21,240		1,036,937
Discovery Communications, Inc. (Series A) (a)(b)		8,247		445,338
Omnicom Group, Inc.		5,186		252,039
Scripps Networks Interactive, Inc. (Class A) (a)		3,130		177,972
The McGraw-Hill Cos., Inc.		5,282		237,690
Time Warner Cable, Inc.		7,006		575,192
Viacom, Inc. (Class B)		17,133		805,594

				3,530,762

METALS & MINING — 0.5%
Cliffs Natural Resources, Inc.		4,675		230,431
Newmont Mining Corp.		16,134		782,660

				1,013,091

MULTI-UTILITIES — 0.5%
Consolidated Edison, Inc.		5,051		314,122
Dominion Resources, Inc.		12,999		701,946

				1,016,068

MULTILINE RETAIL — 0.9%
Big Lots, Inc. (a)(b)		1,435		58,534
Dollar Tree, Inc. (b)		7,576		407,589
Family Dollar Stores, Inc.		3,796		252,358
Kohl’s Corp.		5,036		229,088
Nordstrom, Inc.		3,989		198,213
Target Corp.		13,126		763,802

				1,909,584

OIL, GAS & CONSUMABLE FUELS — 8.5%
Anadarko Petroleum Corp.		7,990		528,938
Apache Corp.		8,906		782,748
Cabot Oil & Gas Corp.		6,860		270,284
Chevron Corp.		34,683		3,659,057
CONSOL Energy, Inc. (a)		5,283		159,758
EOG Resources, Inc.		8,724		786,120
EQT Corp.		2,869		153,864
Exxon Mobil Corp.		97,215		8,318,688
Kinder Morgan, Inc.		7,902		254,602
Newfield Exploration Co. (b)		2,959		86,728
Noble Energy, Inc.		3,558		301,790
Occidental Petroleum Corp.		19,001		1,629,716
Peabody Energy Corp.		8,827		216,438
Pioneer Natural Resources Co.		3,980		351,076
Range Resources Corp. (a)		3,646		225,578
Southwestern Energy Co. (a)(b)		11,324		361,575
Spectra Energy Corp.		9,454		274,733
The Williams Cos., Inc.		8,750		252,175
WPX Energy, Inc. (a)(b)		3,532		57,148

				18,671,016

PERSONAL PRODUCTS — 0.2%
The Estee Lauder Cos., Inc. (Class A)		7,297		394,914

PHARMACEUTICALS — 7.3%
Abbott Laboratories		51,237		3,303,249
Allergan, Inc.		9,898		916,258
Bristol-Myers Squibb Co.		33,508		1,204,613
Eli Lilly & Co.		23,201		995,555
Johnson & Johnson (a)		89,195		6,026,014
Merck & Co., Inc.		64,208		2,680,684
Mylan, Inc. (b)		13,803		294,970
Perrigo Co. (a)		3,012		355,205
Watson Pharmaceuticals, Inc. (b)		4,083		302,101

				16,078,649

PROFESSIONAL SERVICES — 0.1%
Dun & Bradstreet Corp. (a)		1,615		114,939
Equifax, Inc.		2,148		100,097
Robert Half International, Inc.		1,609		45,969

				261,005

REAL ESTATE INVESTMENT TRUSTS — 2.3%
American Tower Corp.		12,757		891,842
Apartment Investment & Management Co. (Class A) (a)		1,677		45,329
AvalonBay Communities, Inc. (a)		2,107		298,098
Boston Properties, Inc. (a)		2,558		277,210
Equity Residential (a)		6,873		428,600
HCP, Inc.		5,871		259,205
Health Care REIT, Inc.		3,939		229,644
Plum Creek Timber Co., Inc. (a)		2,472		98,138
ProLogis (a)		5,455		181,270
Public Storage		3,260		470,777
Simon Property Group, Inc.		6,523		1,015,370
Ventas, Inc. (a)		9,356		590,551

See accompanying notes to financial statements.

164

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

June 30, 2012


Security Description	Shares		Value

Vornado Realty Trust		3,168	$	266,049

				5,052,083

ROAD & RAIL — 1.3%
CSX Corp.		16,070		359,325
Norfolk Southern Corp.		8,036		576,744
Union Pacific Corp.		15,517		1,851,333

				2,787,402

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%
Altera Corp.		10,402		352,004
Analog Devices, Inc.		5,909		222,592
Broadcom Corp. (Class A) (b)		15,760		532,688
First Solar, Inc. (a)(b)		1,921		28,930
Intel Corp.		83,078		2,214,029
KLA-Tencor Corp.		5,398		265,851
Lam Research Corp. (b)		6,471		244,216
Linear Technology Corp.		4,798		150,321
LSI Corp. (b)		8,822		56,196
Microchip Technology, Inc. (a)		6,288		208,007
NVIDIA Corp. (b)		6,384		88,227
Teradyne, Inc. (a)(b)		3,792		53,316
Texas Instruments, Inc.		21,126		606,105
Xilinx, Inc. (a)		8,548		286,956

				5,309,438

SOFTWARE — 4.9%
Adobe Systems, Inc. (b)		7,339		237,563
Autodesk, Inc. (b)		3,651		127,748
BMC Software, Inc. (b)		3,882		165,684
Citrix Systems, Inc. (b)		6,035		506,578
Electronic Arts, Inc. (b)		5,151		63,615
Intuit, Inc.		9,617		570,769
Microsoft Corp.		138,520		4,237,327
Oracle Corp.		126,134		3,746,180
Red Hat, Inc. (b)		6,238		352,322
Salesforce.com, Inc. (a)(b)		4,441		614,013
Symantec Corp. (b)		9,785		142,959

				10,764,758

SPECIALTY RETAIL — 2.0%
AutoZone, Inc. (b)		866		317,969
Bed Bath & Beyond, Inc. (b)		7,526		465,107
Limited Brands, Inc.		5,523		234,893
O’Reilly Automotive, Inc. (b)		4,120		345,132
Ross Stores, Inc.		7,315		456,968
The Home Depot, Inc.		23,028		1,220,254
Tiffany & Co.		4,115		217,889
TJX Cos., Inc.		24,063		1,033,025
Urban Outfitters, Inc. (b)		2,746		75,762

				4,366,999

TEXTILES, APPAREL & LUXURY GOODS — 1.1%
Coach, Inc.		9,475		554,098
Fossil, Inc. (a)(b)		1,675		128,205
NIKE, Inc. (Class B)		11,916		1,045,986
Ralph Lauren Corp.		2,137		299,308
V.F. Corp.		2,815		375,662

				2,403,259

TOBACCO — 2.8%
Altria Group, Inc.		22,069		762,484
Lorillard, Inc.		2,885		380,676
Philip Morris International, Inc.		55,377		4,832,197
Reynolds American, Inc. (a)		6,060		271,912

				6,247,269

TRADING COMPANIES & DISTRIBUTORS — 0.3%
Fastenal Co.		6,811		274,551
W.W. Grainger, Inc.		2,003		383,054

				657,605

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
Crown Castle International Corp. (b)		8,381		491,629

TOTAL COMMON STOCKS —
(Cost $174,216,734)				218,893,732

SHORT TERM INVESTMENTS — 4.6%
MONEY MARKET FUNDS — 4.6%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		9,781,869		9,781,869
State Street Institutional Liquid Reserves Fund 0.20% (e)(f)		384,557		384,557

TOTAL SHORT TERM INVESTMENTS —
(Cost $10,166,426)				10,166,426

TOTAL INVESTMENTS — 104.3% (g)
(Cost $184,383,160)				229,060,158
OTHER ASSETS & LIABILITIES — (4.3)%				(9,519,239	)

NET ASSETS — 100.0%			$	219,540,919


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

165

SPDR S&P 500 Value ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AEROSPACE & DEFENSE — 2.0%
General Dynamics Corp.		2,389	$	157,578
Honeywell International, Inc.		5,041		281,490
L-3 Communications Holdings, Inc.		1,748		129,370
Northrop Grumman Corp. (a)		4,376		279,145
Precision Castparts Corp.		896		147,383
Raytheon Co.		2,505		141,758
Rockwell Collins, Inc. (a)		672		33,163
Textron, Inc.		5,023		124,922
The Boeing Co.		4,967		369,048
United Technologies Corp.		4,436		335,051

				1,998,908

AIR FREIGHT & LOGISTICS — 0.6%
Expeditors International of Washington, Inc.		1,032		39,990
FedEx Corp.		5,516		505,321

				545,311

AIRLINES — 0.1%
Southwest Airlines Co.		13,713		126,434

AUTO COMPONENTS — 0.4%
BorgWarner, Inc. (a)(b)		470		30,827
Johnson Controls, Inc.		11,846		328,253
The Goodyear Tire & Rubber Co. (a)(b)		4,504		53,192

				412,272

AUTOMOBILES — 0.8%
Ford Motor Co.		67,046		642,971
Harley-Davidson, Inc. (a)		2,369		108,335

				751,306

BEVERAGES — 0.6%
Beam, Inc.		2,694		168,348
Coca-Cola Enterprises, Inc.		5,296		148,500
Constellation Brands, Inc. (Class A) (b)		2,716		73,495
Dr. Pepper Snapple Group, Inc.		1,836		80,325
Molson Coors Brewing Co. (Class B)		2,785		115,884

				586,552

BUILDING PRODUCTS — 0.1%
Masco Corp.		4,334		60,113

CAPITAL MARKETS — 3.1%
Ameriprise Financial, Inc.		3,852		201,306
E*TRADE Financial Corp. (b)		4,697		37,764
Federated Investors, Inc. (Class B) (a)		1,617		35,331
Invesco, Ltd.		7,969		180,099
Legg Mason, Inc.		2,236		58,963
Morgan Stanley		26,507		386,737
Northern Trust Corp.		4,197		193,146
State Street Corp. (a)(c)		8,598		383,815
The Bank of New York Mellon Corp.		20,943		459,699
The Charles Schwab Corp. (a)		18,775		242,761
The Goldman Sachs Group, Inc.		8,597		824,108

				3,003,729

CHEMICALS — 1.2%
Air Products & Chemicals, Inc.		1,266		102,204
Airgas, Inc.		343		28,815
E. I. du Pont de Nemours & Co. (a)		5,140		259,930
Eastman Chemical Co. (a)		1,322		66,589
The Dow Chemical Co. (a)		20,919		658,949
The Mosaic Co.		1,926		105,468

				1,221,955

COMMERCIAL BANKS — 6.5%
BB&T Corp.		12,190		376,061
Comerica, Inc. (a)		3,554		109,143
Fifth Third Bancorp		16,040		214,936
First Horizon National Corp. (a)		4,220		36,503
Huntington Bancshares, Inc.		15,026		96,166
Keycorp		16,613		128,585
M&T Bank Corp. (a)		2,219		183,223
PNC Financial Services Group, Inc.		9,180		560,990
Regions Financial Corp.		25,058		169,141
SunTrust Banks, Inc.		9,405		227,883
U.S. Bancorp (a)		33,216		1,068,227
Wells Fargo & Co.		93,136		3,114,468
Zions Bancorporation (a)		3,233		62,785

				6,348,111

COMMERCIAL SERVICES & SUPPLIES — 0.7%
Avery Dennison Corp. (a)		1,852		50,634
Cintas Corp. (a)		2,025		78,185
Iron Mountain, Inc.		1,425		46,968
Pitney Bowes, Inc. (a)		3,687		55,194
R.R. Donnelley & Sons Co. (a)		3,225		37,958
Republic Services, Inc. (a)		5,518		146,006
Waste Management, Inc. (a)		8,054		269,004

				683,949

COMMUNICATIONS EQUIPMENT — 2.1%
Cisco Systems, Inc.		93,936		1,612,881
Harris Corp. (a)		2,049		85,751
JDS Uniphase Corp. (a)(b)		4,042		44,462
Juniper Networks, Inc. (b)		3,124		50,952
Motorola Solutions, Inc.		5,161		248,296

				2,042,342

COMPUTERS & PERIPHERALS — 1.8%
Dell, Inc. (b)		26,079		326,509
EMC Corp. (b)		16,580		424,945
Hewlett-Packard Co.		34,660		697,013
Lexmark International, Inc. (Class A) (a)		1,209		32,135
Seagate Technology PLC		4,800		118,704
Western Digital Corp. (b)		4,076		124,237

				1,723,543

CONSTRUCTION & ENGINEERING — 0.2%
Fluor Corp.		1,232		60,787
Jacobs Engineering Group, Inc. (b)		2,311		87,494
Quanta Services, Inc. (b)		3,559		85,665

				233,946

CONSTRUCTION MATERIALS — 0.1%
Vulcan Materials Co. (a)		2,336		92,763

CONSUMER FINANCE — 1.4%
American Express Co.		7,056		410,730
Capital One Financial Corp.		10,189		556,931

See accompanying notes to financial statements.

166

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

June 30, 2012


Security Description	Shares		Value

Discover Financial Services		9,223	$	318,931
SLM Corp.		8,584		134,855

				1,421,447

CONTAINERS & PACKAGING — 0.2%
Ball Corp.		1,276		52,380
Bemis Co., Inc. (a)		1,881		58,951
Owens-Illinois, Inc. (b)		3,019		57,874
Sealed Air Corp.		3,571		55,136

				224,341

DISTRIBUTORS — 0.0% (d)
Genuine Parts Co. (a)		788		47,477

DIVERSIFIED CONSUMER SERVICES — 0.1%
H&R Block, Inc. (a)		5,177		82,728

DIVERSIFIED FINANCIAL SERVICES — 6.1%
Bank of America Corp.		189,054		1,546,462
Citigroup, Inc.		51,397		1,408,792
CME Group, Inc.		1,181		316,638
JPMorgan Chase & Co.		66,827		2,387,729
Leucadia National Corp. (a)		3,414		72,616
Moody’s Corp. (a)		1,514		55,336
NYSE Euronext		4,422		113,115
The NASDAQ OMX Group, Inc.		2,142		48,559

				5,949,247

DIVERSIFIED TELECOMMUNICATION SERVICES — 5.4%
AT&T, Inc.		102,745		3,663,887
CenturyLink, Inc. (a)		10,781		425,742
Frontier Communications Corp. (a)		17,364		66,504
Verizon Communications, Inc.		22,885		1,017,009
Windstream Corp. (a)		10,143		97,981

				5,271,123

ELECTRIC UTILITIES — 4.1%
American Electric Power Co., Inc.		8,430		336,357
Duke Energy Corp. (a)		31,563		727,843
Edison International (a)		5,686		262,693
Entergy Corp.		3,128		212,360
Exelon Corp.		14,842		558,356
FirstEnergy Corp.		7,354		361,743
NextEra Energy, Inc.		3,113		214,206
Northeast Utilities		5,467		212,174
Pepco Holdings, Inc. (a)		3,967		77,634
Pinnacle West Capital Corp.		1,969		101,876
PPL Corp. (a)		10,099		280,853
Progress Energy, Inc.		2,123		127,741
Southern Co.		6,307		292,014
Xcel Energy, Inc. (a)		8,501		241,514

				4,007,364

ELECTRICAL EQUIPMENT — 0.3%
Cooper Industries PLC		1,064		72,544
Emerson Electric Co.		3,766		175,420

				247,964

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%
Corning, Inc.		26,482		342,412
FLIR Systems, Inc.		638		12,441
Jabil Circuit, Inc.		3,323		67,557
Molex, Inc.		2,414		57,791
TE Connectivity, Ltd.		7,424		236,900

				717,101

ENERGY EQUIPMENT & SERVICES — 0.8%
Baker Hughes, Inc.		3,028		124,451
Halliburton Co.		6,678		189,588
Nabors Industries, Ltd. (b)		5,185		74,664
National Oilwell Varco, Inc.		2,206		142,155
Noble Corp. (b)		4,398		143,067
Rowan Cos. PLC (a)(b)		2,077		67,149

				741,074

FOOD & STAPLES RETAILING — 3.3%
Costco Wholesale Corp.		3,074		292,030
CVS Caremark Corp.		22,456		1,049,369
Safeway, Inc. (a)		4,243		77,010
Sysco Corp.		10,347		308,444
The Kroger Co.		9,975		231,320
Wal-Mart Stores, Inc.		11,243		783,862
Walgreen Co.		15,227		450,415
Whole Foods Market, Inc. (a)		750		71,490

				3,263,940

FOOD PRODUCTS — 1.7%
Archer-Daniels-Midland Co.		11,569		341,517
Campbell Soup Co. (a)		1,419		47,366
ConAgra Foods, Inc.		7,414		192,245
Dean Foods Co. (b)		2,931		49,915
General Mills, Inc.		3,685		142,020
H.J. Heinz Co. (a)		1,338		72,760
Hormel Foods Corp. (a)		1,350		41,067
Kraft Foods, Inc. (Class A)		14,182		547,709
McCormick & Co., Inc.		677		41,060
The J.M. Smucker Co. (a)		830		62,682
Tyson Foods, Inc. (Class A)		5,246		98,782

				1,637,123

GAS UTILITIES — 0.1%
AGL Resources, Inc.		2,138		82,847
ONEOK, Inc.		1,376		58,219

				141,066

HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Boston Scientific Corp. (b)		25,383		143,922
CareFusion Corp. (b)		3,879		99,613
Covidien PLC		2,396		128,186
DENTSPLY International, Inc. (a)		920		34,785
Medtronic, Inc.		6,313		244,502

				651,008

HEALTH CARE PROVIDERS & SERVICES — 1.6%
Aetna, Inc.		2,813		109,060
AmerisourceBergen Corp.		4,390		172,747
Cardinal Health, Inc.		6,061		254,562
CIGNA Corp.		4,972		218,768
Coventry Health Care, Inc.		2,522		80,174
Humana, Inc.		1,178		91,224
McKesson Corp.		4,176		391,500
Patterson Cos., Inc. (a)		828		28,541
Tenet Healthcare Corp. (b)		7,244		37,959

See accompanying notes to financial statements.

167

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

June 30, 2012


Security Description	Shares		Value

WellPoint, Inc.		2,894	$	184,608

				1,569,143

HOTELS, RESTAURANTS & LEISURE — 0.7%
Carnival Corp. (a)		7,852		269,088
Darden Restaurants, Inc. (a)		694		35,137
International Game Technology		5,242		82,562
Marriott International, Inc. (Class A) (a)		2,866		112,347
Starwood Hotels & Resorts Worldwide, Inc.		1,400		74,256
Wyndham Worldwide Corp. (a)		2,564		135,225

				708,615

HOUSEHOLD DURABLES — 0.5%
D.R. Horton, Inc. (a)		4,880		89,694
Harman International Industries, Inc. (a)		1,237		48,985
Leggett & Platt, Inc. (a)		2,526		53,374
Lennar Corp. (Class A) (a)		2,778		85,868
Newell Rubbermaid, Inc.		5,261		95,435
Pulte Group, Inc. (a)(b)		3,570		38,199
Whirlpool Corp.		1,362		83,300

				494,855

HOUSEHOLD PRODUCTS — 0.8%
The Clorox Co. (a)		716		51,881
The Procter & Gamble Co.		12,063		738,859

				790,740

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.2%
NRG Energy, Inc. (a)(b)		4,021		69,804
The AES Corp. (b)		10,937		140,322

				210,126

INDUSTRIAL CONGLOMERATES — 4.8%
3M Co.		2,800		250,880
Danaher Corp.		2,319		120,774
General Electric Co.		185,705		3,870,092
Tyco International, Ltd.		8,057		425,812

				4,667,558

INSURANCE — 6.9%
ACE, Ltd.		5,903		437,589
American International Group, Inc. (b)		11,254		361,141
Aon PLC		1,903		89,022
Assurant, Inc.		1,604		55,883
Berkshire Hathaway, Inc. (Class B) (b)		30,869		2,572,314
Cincinnati Financial Corp. (a)		2,859		108,842
Genworth Financial, Inc. (Class A) (b)		8,982		50,838
Hartford Financial Services Group, Inc.		7,745		136,544
Lincoln National Corp. (a)		5,040		110,225
Loews Corp.		5,261		215,228
Marsh & McLennan Cos., Inc.		9,558		308,054
MetLife, Inc.		18,459		569,460
Principal Financial Group, Inc. (a)		5,377		141,039
Prudential Financial, Inc.		8,213		397,756
The Allstate Corp.		8,661		303,914
The Chubb Corp.		2,069		150,665
The Progressive Corp.		10,666		222,173
The Travelers Cos., Inc.		3,323		212,140
Torchmark Corp. (a)		1,694		85,632
Unum Group		5,037		96,358
XL Group PLC		5,522		116,183

				6,741,000

INTERNET & CATALOG RETAIL — 0.1%
Expedia, Inc.		638		30,669
TripAdvisor, Inc. (b)		616		27,529

				58,198

INTERNET SOFTWARE & SERVICES — 0.7%
eBay, Inc. (b)		7,054		296,339
VeriSign, Inc. (a)(b)		1,455		63,394
Yahoo!, Inc. (b)		21,030		332,905

				692,638

IT SERVICES — 0.7%
Accenture PLC (Class A)		2,844		170,896
Computer Sciences Corp.		2,864		71,084
Fidelity National Information Services, Inc.		4,023		137,104
Paychex, Inc. (a)		2,716		85,310
SAIC, Inc. (a)		4,834		58,588
The Western Union Co.		5,722		96,358
Total System Services, Inc.		2,807		67,172

				686,512

LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc. (a)		862		29,196
Mattel, Inc. (a)		3,214		104,262

				133,458

LIFE SCIENCES TOOLS & SERVICES — 0.3%
Agilent Technologies, Inc.		1,814		71,181
PerkinElmer, Inc.		1,951		50,336
Thermo Fisher Scientific, Inc.		2,550		132,371

				253,888

MACHINERY — 1.7%
Caterpillar, Inc.		4,017		341,084
Cummins, Inc.		862		83,536
Dover Corp.		1,002		53,717
Eaton Corp.		5,802		229,933
Flowserve Corp. (a)		224		25,704
Illinois Tool Works, Inc. (a)		3,257		172,263
Ingersoll-Rand PLC		5,140		216,805
PACCAR, Inc. (a)		6,228		244,075
Parker Hannifin Corp.		972		74,727
Snap-On, Inc. (a)		430		26,768
Stanley Black & Decker, Inc.		1,389		89,396
Xylem, Inc.		3,186		80,192

				1,638,200

MEDIA — 5.5%
Cablevision Systems Corp. (Class A) (a)		3,918		52,070
CBS Corp.		11,363		372,479
Comcast Corp. (Class A)		47,252		1,510,646
Gannett Co., Inc. (a)		4,316		63,575
News Corp. (Class A)		36,989		824,485
Omnicom Group, Inc.		2,024		98,366
The Interpublic Group of Cos., Inc.		7,760		84,196

See accompanying notes to financial statements.

168

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

June 30, 2012


Security Description	Shares		Value

The McGraw-Hill Cos., Inc.		1,987	$	89,415
The Walt Disney Co.		31,332		1,519,602
The Washington Post Co. (Class B) (a)		75		28,037
Time Warner Cable, Inc.		1,786		146,631
Time Warner, Inc.		16,914		651,189

				5,440,691

METALS & MINING — 1.1%
Alcoa, Inc. (a)		18,897		165,349
Allegheny Technologies, Inc.		1,836		58,550
Freeport-McMoRan Copper & Gold, Inc.		16,572		564,608
Nucor Corp. (a)		5,493		208,184
Titanium Metals Corp.		1,470		16,626
United States Steel Corp. (a)		2,523		51,974

				1,065,291

MULTI-UTILITIES — 2.4%
Ameren Corp.		4,257		142,780
CenterPoint Energy, Inc.		7,467		154,343
CMS Energy Corp.		4,321		101,543
Consolidated Edison, Inc. (a)		2,412		150,002
Dominion Resources, Inc.		3,008		162,432
DTE Energy Co.		3,036		180,126
Integrys Energy Group, Inc. (a)		1,387		78,879
NiSource, Inc. (a)		4,921		121,795
PG&E Corp.		7,437		336,673
Public Service Enterprise Group, Inc.		8,859		287,917
SCANA Corp. (a)		2,074		99,220
Sempra Energy (a)		4,208		289,847
TECO Energy, Inc. (a)		3,871		69,910
Wisconsin Energy Corp. (a)		4,052		160,338

				2,335,805

MULTILINE RETAIL — 0.7%
Big Lots, Inc. (a)(b)		373		15,215
J.C. Penney Co., Inc. (a)		2,591		60,396
Kohl’s Corp. (a)		1,489		67,734
Macy’s, Inc.		7,277		249,965
Nordstrom, Inc.		672		33,392
Sears Holdings Corp. (a)(b)		669		39,939
Target Corp.		4,526		263,368

				730,009

OFFICE ELECTRONICS — 0.2%
Xerox Corp. (a)		22,977		180,829

OIL, GAS & CONSUMABLE FUELS — 9.8%
Alpha Natural Resources, Inc. (a)(b)		3,874		33,743
Anadarko Petroleum Corp.		4,429		293,200
Apache Corp.		2,035		178,856
Chesapeake Energy Corp. (a)		11,444		212,858
Chevron Corp.		15,864		1,673,652
ConocoPhillips		22,183		1,239,586
CONSOL Energy, Inc. (a)		1,142		34,534
Denbury Resources, Inc. (b)		7,008		105,891
Devon Energy Corp.		7,101		411,787
EQT Corp.		1,061		56,901
Exxon Mobil Corp.		29,545		2,528,166
Hess Corp.		5,300		230,285
Kinder Morgan, Inc.		4,600		148,212
Marathon Oil Corp.		12,220		312,465
Marathon Petroleum Corp.		6,015		270,194
Murphy Oil Corp.		3,370		169,477
Newfield Exploration Co. (b)		728		21,338
Noble Energy, Inc.		1,164		98,730
Occidental Petroleum Corp.		3,929		336,990
Phillips 66 (b)		10,991		365,341
QEP Resources, Inc.		3,222		96,563
Range Resources Corp. (a)		759		46,959
Spectra Energy Corp.		6,262		181,974
Sunoco, Inc.		1,900		90,250
Tesoro Corp. (b)		2,369		59,130
The Williams Cos., Inc.		6,314		181,970
Valero Energy Corp.		9,658		233,241
WPX Energy, Inc. (a)(b)		1,431		23,154

				9,635,447

PAPER & FOREST PRODUCTS — 0.5%
International Paper Co.		7,579		219,109
MeadWestvaco Corp.		2,911		83,691
Weyerhaeuser Co.		9,518		212,823

				515,623

PERSONAL PRODUCTS — 0.1%
Avon Products, Inc.		7,558		122,515

PHARMACEUTICALS — 4.8%
Bristol-Myers Squibb Co.		11,536		414,719
Eli Lilly & Co.		5,308		227,766
Forest Laboratories, Inc. (b)		4,662		163,124
Hospira, Inc. (a)(b)		2,900		101,442
Merck & Co., Inc.		18,641		778,262
Pfizer, Inc.		131,302		3,019,946

				4,705,259

PROFESSIONAL SERVICES — 0.1%
Equifax, Inc.		945		44,037
Robert Half International, Inc. (a)		1,719		49,112

				93,149

REAL ESTATE INVESTMENT TRUSTS — 1.7%
Apartment Investment & Management Co. (Class A) (a)		1,223		33,058
AvalonBay Communities, Inc. (a)		504		71,306
Boston Properties, Inc. (a)		1,155		125,167
Equity Residential		1,534		95,660
HCP, Inc.		4,150		183,223
Health Care REIT, Inc.		1,513		88,208
Host Hotels & Resorts, Inc. (a)		12,316		194,839
Kimco Realty Corp.		7,121		135,513
Plum Creek Timber Co., Inc. (a)		1,470		58,359
ProLogis (a)		5,049		167,778
Public Storage		718		103,686
Simon Property Group, Inc.		1,814		282,367
Vornado Realty Trust		1,530		128,490

				1,667,654

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc. (b)		5,622		91,976

ROAD & RAIL — 0.3%
CSX Corp.		9,703		216,959
Norfolk Southern Corp.		1,321		94,808

See accompanying notes to financial statements.

169

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

June 30, 2012


Security Description	Shares		Value

Ryder Systems, Inc.		940	$	33,850

				345,617

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.1%
Advanced Micro Devices, Inc. (a)(b)		10,187		58,372
Analog Devices, Inc.		2,060		77,600
Applied Materials, Inc.		22,490		257,735
Intel Corp.		43,108		1,148,828
Linear Technology Corp.		1,422		44,551
LSI Corp. (b)		4,613		29,385
Micron Technology, Inc. (b)		17,222		108,671
NVIDIA Corp. (b)		7,212		99,670
Teradyne, Inc. (a)(b)		1,331		18,714
Texas Instruments, Inc.		8,544		245,127

				2,088,653

SOFTWARE — 2.3%
Adobe Systems, Inc. (b)		4,595		148,740
Autodesk, Inc. (a)(b)		2,060		72,080
BMC Software, Inc. (b)		750		32,010
CA, Inc.		6,265		169,719
Electronic Arts, Inc. (b)		2,901		35,827
Microsoft Corp.		56,288		1,721,850
Symantec Corp. (b)		7,658		111,883

				2,292,109

SPECIALTY RETAIL — 2.1%
Abercrombie & Fitch Co. (Class A) (a)		1,500		51,210
AutoNation, Inc. (a)(b)		708		24,978
Best Buy Co., Inc. (a)		4,834		101,321
CarMax, Inc. (a)(b)		3,986		103,397
GameStop Corp. (Class A) (a)		2,286		41,971
Limited Brands, Inc.		1,288		54,779
Lowe’s Cos., Inc.		20,658		587,514
Staples, Inc.		12,229		159,588
The Gap, Inc. (a)		5,742		157,101
The Home Depot, Inc.		14,481		767,348
Urban Outfitters, Inc. (b)		470		12,967

				2,062,174

THRIFTS & MORTGAGE FINANCE — 0.1%
Hudson City Bancorp, Inc. (a)		9,223		58,751
People’s United Financial, Inc. (a)		6,104		70,867

				129,618

TOBACCO — 1.1%
Altria Group, Inc.		23,978		828,440
Lorillard, Inc.		687		90,649
Reynolds American, Inc. (a)		2,656		119,175

				1,038,264

TRADING COMPANIES & DISTRIBUTORS — 0.1%
Fastenal Co.		1,456		58,691

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
MetroPCS Communications, Inc. (b)		5,084		30,758
Sprint Nextel Corp. (a)(b)		52,534		171,261

				202,019

TOTAL COMMON STOCKS —
(Cost $105,379,962)				97,680,561

SHORT TERM INVESTMENTS — 6.9%
MONEY MARKET FUNDS — 6.9%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		6,556,293		6,556,293
State Street Institutional Liquid Reserves Fund 0.20% (f)(g)		233,121		233,121

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,789,414)				6,789,414

TOTAL INVESTMENTS — 106.5% (h)
(Cost $112,169,376)				104,469,975
OTHER ASSETS & LIABILITIES — (6.5)%				(6,349,917	)

NET ASSETS — 100.0%			$	98,120,058


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Affiliated issuer. (Note 3)
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

170

SPDR Dow Jones Mid Cap ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.1%
Alliant Techsystems, Inc.		1,448	$	73,225
BE Aerospace, Inc. (a)		4,212		183,896
Spirit Aerosystems Holdings, Inc. (Class A) (a)		5,171		123,225
TransDigm Group, Inc. (a)		2,037		273,569
Triumph Group, Inc.		1,710		96,222

				750,137

AIRLINES — 0.5%
United Continental Holdings, Inc. (a)(b)		14,664		356,775

AUTO COMPONENTS — 1.2%
Allison Transmission Holdings, Inc.		1,000		17,560
Gentex Corp. (b)		6,296		131,398
Lear Corp.		4,362		164,578
The Goodyear Tire & Rubber Co. (a)		10,979		129,662
TRW Automotive Holdings Corp. (a)		4,582		168,434
Visteon Corp. (a)		2,277		85,387
WABCO Holdings, Inc. (a)		2,860		151,380

				848,399

AUTOMOBILES — 0.1%
Tesla Motors, Inc. (a)(b)		2,400		75,096

BEVERAGES — 0.3%
Constellation Brands, Inc. (Class A) (a)		7,940		214,856

BIOTECHNOLOGY — 1.0%
Amylin Pharmaceuticals, Inc. (a)		6,497		183,410
BioMarin Pharmaceutical, Inc. (a)(b)		5,079		201,027
Dendreon Corp. (a)(b)		6,622		49,003
Onyx Pharmaceuticals, Inc. (a)(b)		2,789		185,329
United Therapeutics Corp. (a)(b)		2,051		101,278

				720,047

BUILDING PRODUCTS — 0.9%
Armstrong World Industries, Inc.		980		48,177
Fortune Brands Home & Security, Inc. (a)		6,800		151,436
Lennox International, Inc. (b)		2,130		99,322
Masco Corp.		15,868		220,089
Owens Corning, Inc. (a)		5,100		145,554

				664,578

CAPITAL MARKETS — 1.8%
Affiliated Managers Group, Inc. (a)		2,286		250,203
E*TRADE Financial Corp. (a)		11,387		91,551
Eaton Vance Corp. (b)		5,132		138,307
Federated Investors, Inc. (Class B) (b)		4,555		99,527
Jefferies Group, Inc.		6,391		83,019
Legg Mason, Inc.		5,815		153,342
LPL Investment Holdings, Inc.		2,495		84,256
Raymond James Financial, Inc.		4,890		167,434
SEI Investments Co.		6,393		127,157
Waddell & Reed Financial, Inc. (Class A) (b)		3,808		115,306

				1,310,102

CHEMICALS — 3.5%
Airgas, Inc.		2,914		244,805
Albemarle Corp.		3,915		233,491
Ashland, Inc.		3,124		216,524
Cabot Corp.		2,600		105,820
Cytec Industries, Inc.		1,998		117,163
Eastman Chemical Co.		5,728		288,519
Huntsman Corp.		8,574		110,948
International Flavors & Fragrances, Inc.		3,541		194,047
Intrepid Potash, Inc. (a)(b)		2,292		52,166
Kronos Worldwide, Inc. (b)		862		13,611
Rockwood Holdings, Inc.		3,023		134,070
RPM International, Inc.		5,797		157,678
Solutia, Inc.		5,400		151,470
The Scotts Miracle-Gro Co. (Class A)		1,822		74,921
Valspar Corp.		3,820		200,512
W.R. Grace & Co. (a)		2,703		136,366
Westlake Chemical Corp. (b)		877		45,832

				2,477,943

COMMERCIAL BANKS — 2.9%
Associated Banc-Corp. (b)		7,663		101,075
Bank of Hawaii Corp. (b)		1,968		90,430
BOK Financial Corp. (b)		1,179		68,618
City National Corp.		2,166		105,224
Commerce Bancshares, Inc.		3,965		150,274
Cullen/Frost Bankers, Inc. (b)		2,560		147,174
East West Bancorp, Inc.		6,353		149,041
First Citizens BancShares, Inc. (Class A)		252		41,996
First Horizon National Corp.		11,430		98,870
First Niagara Financial Group, Inc.		15,526		118,774
First Republic Bank (a)		3,415		114,744
Fulton Financial Corp. (b)		9,049		90,400
Hancock Holding Co.		3,512		106,905
Huntington Bancshares, Inc.		38,271		244,934
Prosperity Bancshares, Inc. (b)		2,046		85,993
Signature Bank (a)		2,000		121,940
Valley National Bancorp (b)		8,647		91,658
Zions Bancorporation (b)		8,076		156,836

				2,084,886

COMMERCIAL SERVICES & SUPPLIES — 2.1%
Avery Dennison Corp.		4,622		126,366
Cintas Corp.		4,991		192,703
Clean Harbors, Inc. (a)		2,053		115,830
Copart, Inc. (a)		4,974		117,834
Corrections Corp. of America		4,391		129,315
Covanta Holding Corp.		5,062		86,813
Iron Mountain, Inc.		6,869		226,402
KAR Auction Services, Inc. (a)		1,342		23,069
Pitney Bowes, Inc. (b)		8,259		123,637
R.R. Donnelley & Sons Co. (b)		8,019		94,384
Rollins, Inc. (b)		3,330		74,492
Waste Connections, Inc. (b)		5,213		155,973

				1,466,818

COMMUNICATIONS EQUIPMENT — 1.0%
Acme Packet, Inc. (a)(b)		2,417		45,077
Brocade Communications Systems, Inc. (a)		19,155		94,434
EchoStar Corp. (Class A) (a)		1,811		47,847
Harris Corp. (b)		5,000		209,250
JDS Uniphase Corp. (a)		10,124		111,364

See accompanying notes to financial statements.

171

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

June 30, 2012


Security Description	Shares		Value

Polycom, Inc. (a)		7,197	$	75,713
Riverbed Technology, Inc. (a)		6,856		110,724

				694,409

COMPUTERS & PERIPHERALS — 0.5%
Diebold, Inc.		2,809		103,680
Lexmark International, Inc. (Class A) (b)		3,104		82,505
NCR Corp. (a)		6,992		158,928

				345,113

CONSTRUCTION & ENGINEERING — 1.3%
Aecom Technology Corp. (a)		4,324		71,130
Foster Wheeler AG (a)		4,766		82,595
Jacobs Engineering Group, Inc. (a)		5,699		215,764
KBR, Inc.		6,605		163,209
Quanta Services, Inc. (a)		9,195		221,324
The Shaw Group, Inc. (a)		2,861		78,134
URS Corp.		3,381		117,929

				950,085

CONSTRUCTION MATERIALS — 0.5%
Martin Marietta Materials, Inc.		1,993		157,088
Vulcan Materials Co.		5,221		207,326

				364,414

CONTAINERS & PACKAGING — 1.6%
AptarGroup, Inc.		2,724		139,060
Bemis Co., Inc.		4,551		142,628
Greif, Inc. (Class A)		1,780		72,980
Owens-Illinois, Inc. (a)		7,403		141,916
Packaging Corp. of America		4,380		123,691
Rock-Tenn Co. (Class A)		3,187		173,851
Sealed Air Corp.		7,910		122,130
Silgan Holdings, Inc.		2,044		87,258
Sonoco Products Co.		4,423		133,354

				1,136,868

DISTRIBUTORS — 0.3%
LKQ Corp. (a)		6,434		214,896

DIVERSIFIED CONSUMER SERVICES — 0.9%
DeVry, Inc. (b)		2,521		78,075
Education Management Corp. (a)(b)		1,219		8,472
H&R Block, Inc. (b)		13,032		208,251
ITT Educational Services, Inc. (a)(b)		1,197		72,718
Service Corp. International		9,624		119,049
Sotheby’s (b)		2,981		99,446
Weight Watchers International, Inc. (b)		844		43,517

				629,528

DIVERSIFIED FINANCIAL SERVICES — 0.6%
CBOE Holdings, Inc. (b)		3,944		109,170
MSCI, Inc. (Class A) (a)		5,298		180,238
The NASDAQ OMX Group, Inc.		5,946		134,796

				424,204

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%
Frontier Communications Corp. (b)		44,300		169,669
Level 3 Communications, Inc. (a)(b)		7,257		160,743
tw telecom, Inc. (a)(b)		6,722		172,486

				502,898

ELECTRIC UTILITIES — 2.3%
Cleco Corp. (b)		2,669		111,644
Great Plains Energy, Inc.		6,087		130,323
Hawaiian Electric Industries, Inc. (b)		4,229		120,611
IDACORP, Inc.		2,199		92,534
ITC Holdings Corp.		2,302		158,631
NV Energy, Inc.		10,326		181,531
OGE Energy Corp.		4,342		224,872
Pepco Holdings, Inc. (b)		9,979		195,289
Pinnacle West Capital Corp.		4,849		250,887
Westar Energy, Inc.		5,587		167,331

				1,633,653

ELECTRICAL EQUIPMENT — 0.8%
Acuity Brands, Inc. (b)		1,885		95,965
Hubbell, Inc. (Class B)		2,478		193,135
Polypore International, Inc. (a)(b)		1,766		71,329
Regal-Beloit Corp.		1,820		113,313
The Babcock & Wilcox Co. (a)		5,259		128,846

				602,588

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.5%
Anixter International, Inc.		1,230		65,251
Arrow Electronics, Inc. (a)		5,006		164,247
Avnet, Inc. (a)		6,437		198,646
AVX Corp.		2,304		24,630
Dolby Laboratories, Inc. (Class A) (a)		2,256		93,173
FLIR Systems, Inc.		6,889		134,335
Ingram Micro, Inc. (Class A) (a)		6,856		119,774
IPG Photonics Corp. (a)(b)		1,401		61,070
Jabil Circuit, Inc.		8,551		173,842
Mettler-Toledo International, Inc. (a)(b)		1,424		221,930
Molex, Inc. (b)		6,545		156,687
National Instruments Corp.		4,073		109,401
Trimble Navigation, Ltd. (a)		5,474		251,859

				1,774,845

ENERGY EQUIPMENT & SERVICES — 2.6%
Atwood Oceanics, Inc. (a)(b)		2,547		96,378
CARBO Ceramics, Inc. (b)		878		67,369
Dresser-Rand Group, Inc. (a)		3,324		148,051
Dril-Quip, Inc. (a)(b)		1,602		105,075
Helmerich & Payne, Inc.		4,388		190,790
McDermott International, Inc. (a)		10,518		117,171
Oceaneering International, Inc.		4,838		231,547
Oil States International, Inc. (a)		2,260		149,612
Patterson-UTI Energy, Inc.		6,769		98,557
Rowan Cos. PLC (a)		5,468		176,780
RPC, Inc. (b)		3,280		38,999
SEACOR Holdings, Inc. (a)		944		84,375
Superior Energy Services, Inc. (a)		6,892		139,425
Tidewater, Inc.		2,255		104,542
Unit Corp. (a)		2,096		77,321

				1,825,992

FOOD PRODUCTS — 1.1%
Dean Foods Co. (a)		8,014		136,478
Flowers Foods, Inc. (b)		6,021		139,868
Ingredion, Inc.		3,386		167,675
Ralcorp Holdings, Inc. (a)		2,450		163,513

See accompanying notes to financial statements.

172

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

June 30, 2012


Security Description	Shares		Value

Smithfield Foods, Inc. (a)		6,701	$	144,943

				752,477

GAS UTILITIES — 1.4%
AGL Resources, Inc.		5,199		201,461
Atmos Energy Corp.		3,959		138,842
National Fuel Gas Co. (b)		3,693		173,497
Piedmont Natural Gas Co., Inc. (b)		3,139		101,045
Questar Corp.		7,859		163,939
UGI Corp.		5,028		147,974
WGL Holdings, Inc.		2,271		90,272

				1,017,030

HEALTH CARE EQUIPMENT & SUPPLIES — 2.2%
Alere, Inc. (a)(b)		3,542		68,857
DENTSPLY International, Inc. (b)		6,314		238,732
Gen-Probe, Inc. (a)		2,110		173,442
Hill-Rom Holdings, Inc.		2,771		85,485
Hologic, Inc. (a)		11,712		211,285
IDEXX Laboratories, Inc. (a)(b)		2,388		229,559
ResMed, Inc. (a)(b)		6,291		196,279
STERIS Corp. (b)		2,395		75,131
Teleflex, Inc.		1,799		109,577
The Cooper Cos., Inc.		2,074		165,422

				1,553,769

HEALTH CARE PROVIDERS & SERVICES — 3.0%
Accretive Health, Inc. (a)(b)		2,037		22,325
AMERIGROUP Corp. (a)(b)		2,150		141,706
Brookdale Senior Living, Inc. (a)		4,429		78,570
Catalyst Health Solutions, Inc. (a)		1,902		177,723
Community Health Systems, Inc. (a)		4,079		114,334
Coventry Health Care, Inc.		6,418		204,028
Health Net, Inc. (a)		3,721		90,309
HMS Holdings Corp. (a)(b)		3,800		126,578
LifePoint Hospitals, Inc. (a)(b)		2,167		88,804
Lincare Holdings, Inc. (b)		3,894		132,474
MEDNAX, Inc. (a)(b)		2,191		150,171
Omnicare, Inc.		5,017		156,681
Owens & Minor, Inc. (b)		2,801		85,795
Patterson Cos., Inc.		4,048		139,535
Tenet Healthcare Corp. (a)		18,291		95,845
Universal Health Services, Inc. (Class B)		4,002		172,726
VCA Antech, Inc. (a)(b)		3,762		82,689
WellCare Health Plans, Inc. (a)		1,900		100,700

				2,160,993

HEALTH CARE TECHNOLOGY — 0.1%
Allscripts Healthcare Solutions, Inc. (a)		8,229		89,943

HOTELS, RESTAURANTS & LEISURE — 2.0%
Bally Technologies, Inc. (a)(b)		1,951		91,034
Brinker International, Inc. (b)		3,310		105,490
Choice Hotels International, Inc. (b)		1,239		49,473
Dunkin’ Brands Group, Inc.		3,454		118,610
International Game Technology		13,399		211,034
MGM Resorts International (a)		14,239		158,907
Panera Bread Co. (Class A) (a)		1,310		182,667
Penn National Gaming, Inc. (a)(b)		2,875		128,196
The Wendy’s Co.		13,629		64,329
Wyndham Worldwide Corp.		6,432		339,224

				1,448,964

HOUSEHOLD DURABLES — 3.1%
D.R. Horton, Inc. (b)		12,245		225,063
Harman International Industries, Inc.		3,133		124,067
Jarden Corp.		3,452		145,053
Leggett & Platt, Inc. (b)		6,124		129,400
Lennar Corp. (Class A) (b)		7,252		224,159
Mohawk Industries, Inc. (a)		2,480		173,178
Newell Rubbermaid, Inc.		12,804		232,265
NVR, Inc. (a)		220		187,000
Pulte Group, Inc. (a)(b)		15,063		161,174
Tempur-Pedic International, Inc. (a)		2,862		66,942
Toll Brothers, Inc. (a)(b)		6,616		196,694
Tupperware Brands Corp.		2,531		138,598
Whirlpool Corp.		3,408		208,433

				2,212,026

HOUSEHOLD PRODUCTS — 0.8%
Church & Dwight Co., Inc.		6,178		342,694
Energizer Holdings, Inc. (a)		2,901		218,300

				560,994

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.3%
GenOn Energy, Inc. (a)		33,765		57,738
NRG Energy, Inc. (a)		10,232		177,628

				235,366

INDUSTRIAL CONGLOMERATES — 0.3%
Carlisle Cos., Inc.		2,748		145,699
Seaboard Corp. (a)(b)		16		34,128

				179,827

INSURANCE — 6.2%
Alleghany Corp. (a)		750		254,813
Allied World Assurance Company Holdings, Ltd.		1,660		131,920
American Financial Group, Inc.		3,806		149,309
American National Insurance Co.		633		45,114
Arch Capital Group, Ltd. (a)		5,921		235,005
Arthur J. Gallagher & Co. (b)		5,233		183,521
Aspen Insurance Holdings, Ltd.		3,097		89,503
Assurant, Inc.		3,769		131,312
Assured Guaranty, Ltd.		7,401		104,354
Axis Capital Holdings, Ltd.		5,760		187,488
Brown & Brown, Inc.		5,182		141,313
Cincinnati Financial Corp. (b)		6,699		255,031
Erie Indemnity Co. (Class A)		1,204		86,218
Everest Re Group, Ltd.		1,974		204,289
Fidelity National Financial, Inc. (Class A)		9,684		186,514
Genworth Financial, Inc. (Class A) (a)		21,572		122,098
HCC Insurance Holdings, Inc.		4,460		140,044
Markel Corp. (a)		435		192,140
Mercury General Corp.		1,176		49,004
Old Republic International Corp. (b)		10,786		89,416
PartnerRe, Ltd.		2,824		213,692
ProAssurance Corp.		1,283		114,302
Reinsurance Group of America, Inc.		3,309		176,072

See accompanying notes to financial statements.

173

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

June 30, 2012


Security Description	Shares		Value

RenaissanceRe Holdings, Ltd.		2,284	$	173,607
The Hanover Insurance Group, Inc.		1,988		77,790
Torchmark Corp.		4,335		219,134
Validus Holdings, Ltd.		3,796		121,586
W.R. Berkley Corp.		4,959		193,004
White Mountains Insurance Group, Ltd.		265		138,264

				4,405,857

INTERNET & CATALOG RETAIL — 0.6%
Expedia, Inc.		4,300		206,701
HomeAway, Inc. (a)(b)		1,392		30,262
TripAdvisor, Inc. (a)		4,400		196,636

				433,599

INTERNET SOFTWARE & SERVICES — 1.4%
Akamai Technologies, Inc. (a)		7,933		251,873
Equinix, Inc. (a)		2,059		361,663
IAC/InterActiveCorp.		3,165		144,324
Rackspace Hosting, Inc. (a)		5,023		220,711

				978,571

IT SERVICES — 2.9%
Alliance Data Systems Corp. (a)(b)		2,216		299,160
Booz Allen Hamilton Holding Corp. (b)		1,088		16,625
Broadridge Financial Solutions, Inc.		5,411		115,092
Computer Sciences Corp.		6,779		168,255
DST Systems, Inc.		1,514		82,225
FleetCor Technologies, Inc. (a)		1,949		68,293
Gartner, Inc. (a)		3,807		163,891
Genpact, Ltd. (a)		4,617		76,781
Global Payments, Inc.		3,488		150,786
Jack Henry & Associates, Inc.		3,780		130,486
Lender Processing Services, Inc.		3,744		94,648
NeuStar, Inc. (Class A) (a)(b)		2,917		97,428
SAIC, Inc.		15,100		183,012
Total System Services, Inc.		8,312		198,906
Vantiv, Inc. (a)(b)		1,300		30,277
VeriFone Systems, Inc. (a)(b)		4,652		153,935

				2,029,800

LEISURE EQUIPMENT & PRODUCTS — 0.5%
Hasbro, Inc. (b)		5,100		172,737
Polaris Industries, Inc.		2,888		206,434

				379,171

LIFE SCIENCES TOOLS & SERVICES — 0.8%
Bio-Rad Laboratories, Inc. (Class A) (a)		872		87,209
Bruker Corp. (a)		4,063		54,078
Charles River Laboratories International, Inc. (a)		2,171		71,122
Covance, Inc. (a)		2,443		116,898
PerkinElmer, Inc.		5,075		130,935
Techne Corp.		1,634		121,243

				581,485

MACHINERY — 4.7%
AGCO Corp. (a)		4,317		197,417
CLARCOR, Inc. (b)		2,207		106,289
Crane Co.		2,220		80,764
Donaldson Co., Inc. (b)		6,174		206,026
Gardner Denver, Inc.		2,235		118,254
Graco, Inc.		2,699		124,370
Harsco Corp.		3,561		72,573
IDEX Corp.		3,735		145,590
Kennametal, Inc.		3,511		116,390
Lincoln Electric Holdings, Inc.		3,722		162,986
Navistar International Corp. (a)(b)		2,684		76,145
Nordson Corp.		2,636		135,201
Oshkosh Corp. (a)		3,982		83,423
Pall Corp.		5,156		282,600
Pentair, Inc.		4,312		165,063
Sauer-Danfoss, Inc.		500		17,465
Snap-On, Inc.		2,569		159,920
SPX Corp.		2,250		146,970
Terex Corp. (a)(b)		4,875		86,921
Timken Co.		3,533		161,776
Trinity Industries, Inc.		3,500		87,430
Valmont Industries, Inc.		1,000		120,970
Wabtec Corp.		2,155		168,112
Woodward, Inc. (b)		2,544		100,335
Xylem, Inc.		8,200		206,394

				3,329,384

MARINE — 0.2%
Kirby Corp. (a)(b)		2,456		115,628

MEDIA — 1.6%
AMC Networks, Inc. (Class A) (a)		2,663		94,670
Cablevision Systems Corp. (Class A) (b)		10,500		139,545
Charter Communications, Inc. (Class A) (a)		1,797		127,353
Clear Channel Outdoor Holdings, Inc. (Class A) (a)		1,802		10,848
Gannett Co., Inc. (b)		10,387		153,000
John Wiley & Sons, Inc. (Class A)		2,277		111,550
Lamar Advertising Co. (Class A) (a)(b)		2,598		74,303
Morningstar, Inc. (b)		1,138		65,822
Pandora Media, Inc. (a)(b)		2,746		29,849
Regal Entertainment Group (b)		3,483		47,926
The Interpublic Group of Cos., Inc.		19,647		213,170
The Washington Post Co. (Class B) (b)		217		81,119

				1,149,155

METALS & MINING — 1.8%
Allegheny Technologies, Inc.		4,751		151,509
Allied Nevada Gold Corp. (a)(b)		3,615		102,594
Coeur d’Alene Mines Corp. (a)(b)		3,923		68,888
Compass Minerals International, Inc. (b)		1,431		109,157
Molycorp, Inc. (a)(b)		2,708		58,357
Reliance Steel & Aluminum Co.		3,326		167,963
Royal Gold, Inc.		2,595		203,448
Steel Dynamics, Inc.		9,812		115,291
Titanium Metals Corp.		3,674		41,553
United States Steel Corp. (b)		6,707		138,164
Walter Energy, Inc.		2,753		121,573

				1,278,497

MULTI-UTILITIES — 2.4%
Alliant Energy Corp.		4,837		220,422
CMS Energy Corp.		11,574		271,989
Integrys Energy Group, Inc.		3,445		195,917
MDU Resources Group, Inc. (b)		7,724		166,915
NiSource, Inc.		12,437		307,816

See accompanying notes to financial statements.

174

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

June 30, 2012


Security Description	Shares		Value

SCANA Corp. (b)		5,170	$	247,333
TECO Energy, Inc.		8,918		161,059
Vectren Corp.		3,544		104,619

				1,676,070

MULTILINE RETAIL — 0.3%
Big Lots, Inc. (a)		2,939		119,882
Dillard’s, Inc. (Class A)		1,463		93,164

				213,046

OFFICE ELECTRONICS — 0.1%
Zebra Technologies Corp. (Class A) (a)		2,357		80,986

OIL, GAS & CONSUMABLE FUELS — 2.9%
Alpha Natural Resources, Inc. (a)		9,800		85,358
Arch Coal, Inc. (b)		9,357		64,470
Berry Petroleum Co. (Class A) (b)		2,342		92,884
Energen Corp.		3,247		146,537
Laredo Petroleum Holdings, Inc. (a)(b)		800		16,640
Newfield Exploration Co. (a)		5,900		172,929
Oasis Petroleum, Inc. (a)		3,081		74,499
Plains Exploration & Production Co. (a)		5,700		200,526
Rosetta Resources, Inc. (a)		2,300		84,272
SandRidge Energy, Inc. (a)(b)		16,962		113,476
SM Energy Co.		2,805		137,753
Sunoco, Inc.		4,770		226,575
Teekay Corp.		1,830		53,582
Tesoro Corp. (a)		6,234		155,601
Ultra Petroleum Corp. (a)(b)		6,700		154,569
World Fuel Services Corp. (b)		3,103		118,007
WPX Energy, Inc. (a)(b)		8,600		139,148

				2,036,826

PAPER & FOREST PRODUCTS — 0.5%
Domtar Corp.		1,640		125,804
MeadWestvaco Corp.		7,632		219,420

				345,224

PERSONAL PRODUCTS — 0.2%
Nu Skin Enterprises, Inc. (Class A) (b)		2,592		121,565

PHARMACEUTICALS — 0.6%
Endo Pharmaceuticals Holdings, Inc. (a)		5,142		159,299
Salix Pharmaceuticals, Ltd. (a)		2,352		128,043
Warner Chilcott PLC (Class A) (a)		7,731		138,540

				425,882

PROFESSIONAL SERVICES — 2.0%
Dun & Bradstreet Corp.		2,166		154,154
Equifax, Inc.		5,342		248,937
IHS, Inc. (Class A) (a)		2,508		270,187
Manpower, Inc.		3,601		131,976
Robert Half International, Inc.		6,340		181,134
Towers Watson & Co. (Class A)		2,520		150,948
Verisk Analytics, Inc. (Class A) (a)		6,168		303,836

				1,441,172

REAL ESTATE INVESTMENT TRUSTS — 8.9%
Alexandria Real Estate Equities, Inc.		2,732		198,671
American Campus Communities, Inc.		3,343		150,368
Apartment Investment & Management Co. (Class A) (b)		5,341		144,367
BioMed Realty Trust, Inc.		6,750		126,090
BRE Properties, Inc.		3,399		170,018
Camden Property Trust		3,540		239,552
Chimera Investment Corp. (b)		45,398		107,139
DDR Corp.		10,276		150,441
Digital Realty Trust, Inc. (b)		4,889		367,017
Douglas Emmett, Inc.		6,160		142,296
Duke Realty Corp. (b)		11,836		173,279
Equity Lifestyle Properties, Inc.		1,822		125,663
Essex Property Trust, Inc. (b)		1,560		240,115
Federal Realty Investment Trust		2,829		294,471
Healthcare Trust of America, Inc.		2,600		25,792
Highwoods Properties, Inc.		3,205		107,848
Home Properties, Inc.		2,177		133,581
Hospitality Properties Trust		5,553		137,548
Kilroy Realty Corp. (b)		3,000		145,230
Liberty Property Trust (b)		5,140		189,358
Mack-Cali Realty Corp.		3,805		110,611
MFA Financial, Inc.		15,585		122,966
Mid-America Apartment Communities, Inc.		1,825		124,538
National Retail Properties, Inc.		4,247		120,148
OMEGA Healthcare Investors, Inc.		4,511		101,498
Piedmont Office Realty Trust, Inc. (Class A)		7,591		130,641
Rayonier, Inc.		5,434		243,987
Realty Income Corp. (b)		5,951		248,573
Regency Centers Corp.		3,957		188,234
Retail Properties of America, Inc. (Class A)		1,400		13,608
Senior Housing Properties Trust		7,231		161,396
SL Green Realty Corp. (b)		3,918		314,380
Taubman Centers, Inc.		2,598		200,462
The Macerich Co.		5,886		347,568
UDR, Inc.		10,112		261,294
Washington Real Estate Investment Trust (b)		2,922		83,131
Weingarten Realty Investors (b)		5,383		141,788

				6,283,667

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.5%
CBRE Group, Inc. (a)		13,137		214,921
Jones Lang LaSalle, Inc.		1,955		137,574

				352,495

ROAD & RAIL — 1.3%
Hertz Global Holdings, Inc. (a)		10,640		136,192
J.B. Hunt Transport Services, Inc.		4,337		258,485
Kansas City Southern		4,892		340,287
Landstar System, Inc.		2,118		109,543
Ryder Systems, Inc.		2,266		81,599

				926,106

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.1%
Advanced Micro Devices, Inc. (a)(b)		26,017		149,077
Atmel Corp. (a)		19,144		128,265
Cree, Inc. (a)(b)		5,105		131,045
Cypress Semiconductor Corp. (a)(b)		6,812		90,055
First Solar, Inc. (a)(b)		2,400		36,144
Lam Research Corp. (a)		8,540		322,300

See accompanying notes to financial statements.

175

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

June 30, 2012


Security Description	Shares		Value

LSI Corp. (a)		24,989	$	159,180
ON Semiconductor Corp. (a)		19,934		141,531
Skyworks Solutions, Inc. (a)		8,393		229,717
Teradyne, Inc. (a)		8,200		115,292

				1,502,606

SOFTWARE — 3.9%
Ansys, Inc. (a)(b)		4,109		259,319
Ariba, Inc. (a)		4,400		196,944
Cadence Design Systems, Inc. (a)		11,882		130,583
Compuware Corp. (a)		9,545		88,673
Concur Technologies, Inc. (a)(b)		2,047		139,401
Factset Research Systems, Inc. (b)		1,835		170,545
Fortinet, Inc. (a)		5,467		126,944
Informatica Corp. (a)		4,765		201,845
MICROS Systems, Inc. (a)		3,555		182,016
NetSuite, Inc. (a)(b)		1,700		93,109
Nuance Communications, Inc. (a)(b)		10,278		244,822
Parametric Technology Corp. (a)		5,268		110,417
Quality Systems, Inc.		1,713		47,124
Rovi Corp. (a)		4,903		96,197
Solarwinds, Inc. (a)		2,500		108,900
Solera Holdings, Inc.		3,061		127,919
Splunk, Inc. (a)(b)		600		16,860
Synopsys, Inc. (a)		6,418		188,882
TIBCO Software, Inc. (a)		7,442		222,665

				2,753,165

SPECIALTY RETAIL — 4.3%
Aaron’s, Inc.		3,126		88,497
Abercrombie & Fitch Co. (Class A)		3,791		129,425
Advance Auto Parts, Inc.		3,194		217,895
American Eagle Outfitters, Inc.		8,742		172,480
Ascena Retail Group, Inc. (a)		5,700		106,134
AutoNation, Inc. (a)(b)		1,705		60,152
Chico’s FAS, Inc.		7,404		109,875
Dick’s Sporting Goods, Inc. (b)		3,972		190,656
Foot Locker, Inc.		6,679		204,244
GameStop Corp. (Class A) (b)		5,865		107,681
GNC Holdings, Inc. (Class A) (b)		3,400		133,280
Guess?, Inc. (b)		2,819		85,613
PetSmart, Inc.		4,764		324,810
Sally Beauty Holdings, Inc. (a)		6,904		177,709
Signet Jewelers, Ltd.		3,832		168,646
Tractor Supply Co. (b)		3,190		264,961
Ulta Salon Cosmetics & Fragrance, Inc.		2,516		234,944
Urban Outfitters, Inc. (a)		5,049		139,302
Williams-Sonoma, Inc. (b)		3,963		138,586

				3,054,890

TEXTILES, APPAREL & LUXURY GOODS — 1.1%
Deckers Outdoor Corp. (a)(b)		1,732		76,226
Fossil, Inc. (a)(b)		2,332		178,491
Hanesbrands, Inc. (a)(b)		4,252		117,908
PVH Corp.		2,820		219,368
Under Armour, Inc. (Class A) (a)(b)		1,688		159,482

				751,475

THRIFTS & MORTGAGE FINANCE — 0.7%
BankUnited, Inc. (b)		1,726		40,699
Capitol Federal Financial, Inc.		7,434		88,316
Hudson City Bancorp, Inc.		21,910		139,567
People’s United Financial, Inc. (b)		15,903		184,634
TFS Financial Corp. (a)		4,121		39,355

				492,571

TRADING COMPANIES & DISTRIBUTORS — 0.5%
Air Lease Corp. (a)(b)		3,173		61,524
MRC Global, Inc. (a)(b)		1,000		21,280
MSC Industrial Direct Co., Inc. (Class A)		1,943		127,364
WESCO International, Inc. (a)(b)		1,900		109,345

				319,513

WATER UTILITIES — 0.6%
American Water Works Co., Inc.		7,701		263,990
Aqua America, Inc. (b)		6,115		152,631

				416,621

WIRELESS TELECOMMUNICATION SERVICES — 0.9%
Clearwire Corp. (Class A) (a)(b)		16,094		18,025
MetroPCS Communications, Inc. (a)		14,113		85,384
NII Holdings, Inc. (a)(b)		7,600		77,748
SBA Communications Corp. (Class A) (a)		5,417		309,040
Telephone & Data Systems, Inc.		4,243		90,333
US Cellular Corp. (a)(b)		658		25,412

				605,942

TOTAL COMMON STOCKS —
(Cost $66,128,207)				70,761,488

SHORT TERM INVESTMENTS — 12.7%
MONEY MARKET FUNDS — 12.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		8,890,620		8,890,620
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		105,351		105,351

TOTAL SHORT TERM INVESTMENTS —
(Cost $8,995,971)				8,995,971

TOTAL INVESTMENTS — 112.5% (f)
(Cost $75,124,178)				79,757,459
OTHER ASSETS & LIABILITIES — (12.5)%				(8,864,220	)

NET ASSETS — 100.0%			$	70,893,239


(a)		Non-income producing security.
(b)		A portion of the security was on loan at June 30, 2012.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

176

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

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.3%
Alliant Techsystems, Inc.		1,840	$	93,049
BE Aerospace, Inc. (a)		6,970		304,310
Esterline Technologies Corp. (a)		1,800		112,230
Triumph Group, Inc.		5,507		309,879

				819,468

AIRLINES — 0.4%
Alaska Air Group, Inc. (a)		7,830		281,097

AUTO COMPONENTS — 0.5%
Gentex Corp. (b)		15,950		332,876

BIOTECHNOLOGY — 3.1%
Regeneron Pharmaceuticals, Inc. (a)(b)		8,555		977,152
United Therapeutics Corp. (a)(b)		5,942		293,416
Vertex Pharmaceuticals, Inc. (a)		12,335		689,773

				1,960,341

BUILDING PRODUCTS — 0.2%
Fortune Brands Home & Security, Inc. (a)		6,000		133,620

CAPITAL MARKETS — 1.3%
Affiliated Managers Group, Inc. (a)		2,817		308,321
Eaton Vance Corp. (b)		7,100		191,345
Greenhill & Co., Inc. (b)		1,313		46,808
SEI Investments Co.		5,395		107,306
Waddell & Reed Financial, Inc. (Class A)		5,663		171,476

				825,256

CHEMICALS — 2.4%
Albemarle Corp.		9,875		588,945
Intrepid Potash, Inc. (a)(b)		5,739		130,620
Minerals Technologies, Inc.		1,300		82,914
NewMarket Corp. (b)		1,148		248,657
Sensient Technologies Corp.		3,100		113,863
The Scotts Miracle-Gro Co. (Class A)		3,152		129,610
Valspar Corp.		4,200		220,458

				1,515,067

COMMERCIAL BANKS — 1.8%
Bank of Hawaii Corp. (b)		2,520		115,794
Commerce Bancshares, Inc.		3,600		136,440
Cullen/Frost Bankers, Inc. (b)		3,740		215,013
Prosperity Bancshares, Inc.		3,000		126,090
Signature Bank (a)		5,066		308,874
SVB Financial Group (a)		2,431		142,748
Westamerica Bancorporation (b)		1,943		91,690

				1,136,649

COMMERCIAL SERVICES & SUPPLIES — 1.6%
Clean Harbors, Inc. (a)		5,248		296,092
Copart, Inc. (a)		11,484		272,056
Mine Safety Appliances Co.		1,600		64,384
Rollins, Inc. (b)		4,584		102,544
Waste Connections, Inc. (b)		9,366		280,231

				1,015,307

COMMUNICATIONS EQUIPMENT — 1.2%
ADTRAN, Inc. (b)		7,002		211,390
Ciena Corp. (a)(b)		5,638		92,294
Plantronics, Inc. (b)		2,111		70,508
Polycom, Inc. (a)		11,568		121,695
Riverbed Technology, Inc. (a)		17,459		281,963

				777,850

COMPUTERS & PERIPHERALS — 0.1%
QLogic Corp. (a)		5,934		81,236

CONSTRUCTION MATERIALS — 0.3%
Martin Marietta Materials, Inc.		2,661		209,740

CONTAINERS & PACKAGING — 1.7%
AptarGroup, Inc.		7,389		377,208
Packaging Corp. of America		4,564		128,887
Rock-Tenn Co. (Class A)		7,810		426,036
Silgan Holdings, Inc.		3,409		145,530

				1,077,661

DISTRIBUTORS — 0.9%
LKQ Corp. (a)		16,276		543,618

DIVERSIFIED CONSUMER SERVICES — 0.7%
ITT Educational Services, Inc. (a)(b)		2,023		122,897
Matthews International Corp. (Class A) (b)		1,600		51,984
Sotheby’s (b)		2,904		96,877
Strayer Education, Inc. (b)		1,325		144,452

				416,210

DIVERSIFIED FINANCIAL SERVICES — 1.0%
CBOE Holdings, Inc. (b)		6,546		181,193
MSCI, Inc. (Class A) (a)		13,386		455,392

				636,585

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
tw telecom, Inc. (a)(b)		10,492		269,225

ELECTRIC UTILITIES — 1.1%
Cleco Corp.		3,700		154,771
IDACORP, Inc.		3,200		134,656
OGE Energy Corp.		7,300		378,067

				667,494

ELECTRICAL EQUIPMENT — 2.5%
Acuity Brands, Inc. (b)		2,639		134,352
AMETEK, Inc.		17,760		886,402
Hubbell, Inc. (Class B)		4,810		374,891
Regal-Beloit Corp.		2,535		157,829

				1,553,474

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.1%
Mettler-Toledo International, Inc. (a)(b)		3,492		544,228
National Instruments Corp.		6,169		165,700
Trimble Navigation, Ltd. (a)		13,813		635,536

				1,345,464

ENERGY EQUIPMENT & SERVICES — 3.3%
Atwood Oceanics, Inc. (a)		4,285		162,144
CARBO Ceramics, Inc. (b)		2,163		165,967
Dresser-Rand Group, Inc. (a)		8,314		370,305
Dril-Quip, Inc. (a)(b)		3,786		248,324
Helix Energy Solutions Group, Inc. (a)		3,000		49,230
Oceaneering International, Inc.		11,937		571,305
Oil States International, Inc. (a)		5,703		377,539

See accompanying notes to financial statements.

177

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

June 30, 2012


Security Description	Shares		Value

Superior Energy Services, Inc. (a)		6,290	$	127,247

				2,072,061

FOOD PRODUCTS — 2.3%
Flowers Foods, Inc. (b)		6,244		145,048
Green Mountain Coffee Roasters, Inc. (a)(b)		14,384		313,284
Hillshire Brands Co.		4,800		139,152
Ingredion, Inc.		8,407		416,315
Lancaster Colony Corp.		2,148		152,959
Post Holdings, Inc. (a)		1,350		41,512
Ralcorp Holdings, Inc. (a)		2,700		180,198
Tootsie Roll Industries, Inc. (b)		1,355		32,330

				1,420,798

GAS UTILITIES — 0.8%
National Fuel Gas Co. (b)		5,312		249,558
Questar Corp.		5,800		120,988
WGL Holdings, Inc.		2,800		111,300

				481,846

HEALTH CARE EQUIPMENT & SUPPLIES — 4.6%
Gen-Probe, Inc. (a)		5,012		411,986
Hill-Rom Holdings, Inc.		3,583		110,536
Hologic, Inc. (a)		16,636		300,113
IDEXX Laboratories, Inc. (a)(b)		6,066		583,125
Masimo Corp. (a)(b)		4,525		101,270
ResMed, Inc. (a)(b)		15,692		489,590
STERIS Corp. (b)		3,235		101,482
Teleflex, Inc.		3,100		188,821
The Cooper Cos., Inc.		5,259		419,458
Thoratec Corp. (a)		6,445		216,423

				2,922,804

HEALTH CARE PROVIDERS & SERVICES — 4.5%
AMERIGROUP Corp. (a)(b)		5,381		354,662
Catalyst Health Solutions, Inc. (a)		5,546		518,218
Henry Schein, Inc. (a)		9,880		775,481
HMS Holdings Corp. (a)(b)		9,500		316,445
Lincare Holdings, Inc.		5,508		187,382
MEDNAX, Inc. (a)(b)		5,378		368,608
Universal Health Services, Inc. (Class B)		6,848		295,560

				2,816,356

HEALTH CARE TECHNOLOGY — 0.4%
Allscripts Healthcare Solutions, Inc. (a)		20,829		227,661

HOTELS, RESTAURANTS & LEISURE — 1.5%
Bally Technologies, Inc. (a)(b)		2,607		121,643
Life Time Fitness, Inc. (a)(b)		4,743		220,597
Panera Bread Co. (Class A) (a)		3,301		460,291
Scientific Games Corp. (Class A) (a)		2,100		17,955
The Cheesecake Factory, Inc. (a)(b)		4,065		129,917

				950,403

HOUSEHOLD DURABLES — 0.8%
Tempur-Pedic International, Inc. (a)		6,900		161,391
Tupperware Brands Corp.		6,184		338,636

				500,027

HOUSEHOLD PRODUCTS — 1.8%
Church & Dwight Co., Inc.		15,351		851,520
Energizer Holdings, Inc. (a)		3,992		300,398

				1,151,918

INDUSTRIAL CONGLOMERATES — 0.3%
Carlisle Cos., Inc.		3,100		164,362

INSURANCE — 1.0%
Alleghany Corp. (a)		650		220,838
Arthur J. Gallagher & Co. (b)		6,896		241,843
Brown & Brown, Inc.		5,072		138,313

				600,994

INTERNET & CATALOG RETAIL — 0.1%
HSN, Inc. (b)		2,200		88,770

INTERNET SOFTWARE & SERVICES — 2.4%
Equinix, Inc. (a)		5,283		927,959
Rackspace Hosting, Inc. (a)		11,738		515,767
ValueClick, Inc. (a)		3,243		53,153

				1,496,879

IT SERVICES — 4.9%
Alliance Data Systems Corp. (a)(b)		5,558		750,330
Broadridge Financial Solutions, Inc.		6,099		129,726
Gartner, Inc. (a)		10,296		443,243
Global Payments, Inc.		8,652		374,026
Jack Henry & Associates, Inc.		9,578		330,632
Lender Processing Services, Inc.		5,230		132,214
ManTech International Corp. (Class A) (b)		1,361		31,943
NeuStar, Inc. (Class A) (a)(b)		7,302		243,887
VeriFone Systems, Inc. (a)(b)		11,896		393,639
Wright Express Corp. (a)(b)		4,300		265,396

				3,095,036

LEISURE EQUIPMENT & PRODUCTS — 0.9%
Polaris Industries, Inc.		7,552		539,817

LIFE SCIENCES TOOLS & SERVICES — 1.4%
Bio-Rad Laboratories, Inc. (Class A) (a)		2,138		213,821
Charles River Laboratories International, Inc. (a)		2,431		79,640
Covance, Inc. (a)		6,113		292,507
Techne Corp.		4,097		303,997

				889,965

MACHINERY — 5.4%
CLARCOR, Inc. (b)		4,000		192,640
Crane Co.		4,079		148,394
Donaldson Co., Inc. (b)		16,382		546,667
Gardner Denver, Inc.		5,559		294,127
Graco, Inc.		4,250		195,840
IDEX Corp.		5,741		223,784
Lincoln Electric Holdings, Inc.		4,836		211,769
Nordson Corp.		4,510		231,318
Pentair, Inc.		4,500		172,260
SPX Corp.		3,048		199,095
Valmont Industries, Inc.		2,531		306,175
Wabtec Corp.		5,268		410,957
Woodward, Inc. (b)		6,598		260,225

				3,393,251

See accompanying notes to financial statements.

178

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

June 30, 2012


Security Description	Shares		Value

MARINE — 0.3%
Kirby Corp. (a)(b)		4,599	$	216,521

MEDIA — 0.8%
AMC Networks, Inc. (Class A) (a)		2,403		85,427
Cinemark Holdings, Inc.		7,000		159,950
John Wiley & Sons, Inc. (Class A)		3,671		179,842
Lamar Advertising Co. (Class A) (a)		2,883		82,454

				507,673

METALS & MINING — 1.5%
Carpenter Technology Corp.		3,063		146,534
Compass Minerals International, Inc. (b)		3,619		276,057
Royal Gold, Inc. (b)		6,600		517,440

				940,031

MULTI-UTILITIES — 0.6%
Alliant Energy Corp.		5,700		259,749
Black Hills Corp.		2,891		93,003

				352,752

OFFICE ELECTRONICS — 0.3%
Zebra Technologies Corp. (Class A) (a)		5,667		194,718

OIL, GAS & CONSUMABLE FUELS — 2.4%
Bill Barrett Corp. (a)(b)		5,285		113,205
Cimarex Energy Co.		9,491		523,144
Energen Corp.		5,600		252,728
Northern Oil and Gas, Inc. (a)(b)		6,877		109,619
Plains Exploration & Production Co. (a)		4,900		172,382
SM Energy Co.		7,109		349,123

				1,520,201

PAPER & FOREST PRODUCTS — 0.3%
Domtar Corp.		2,092		160,477

PHARMACEUTICALS — 1.0%
Endo Pharmaceuticals Holdings, Inc. (a)		12,962		401,563
Medicis Pharmaceutical Corp. (Class A)		6,542		223,409

				624,972

PROFESSIONAL SERVICES — 0.7%
FTI Consulting, Inc. (a)(b)		4,597		132,164
The Corporate Executive Board Co.		2,087		85,317
Towers Watson & Co. (Class A)		4,167		249,603

				467,084

REAL ESTATE INVESTMENT TRUSTS — 10.2%
Alexandria Real Estate Equities, Inc.		3,782		275,027
American Campus Communities, Inc.		5,298		238,304
BRE Properties, Inc.		5,183		259,254
Camden Property Trust		6,053		409,607
Essex Property Trust, Inc. (b)		3,887		598,287
Federal Realty Investment Trust		7,024		731,128
Highwoods Properties, Inc. (b)		3,490		117,439
Home Properties, Inc.		5,398		331,221
Liberty Property Trust (b)		5,145		189,542
National Retail Properties, Inc.		5,700		161,253
OMEGA Healthcare Investors, Inc.		5,173		116,393
Potlatch Corp.		1,728		55,192
Rayonier, Inc.		9,243		415,011
Realty Income Corp. (b)		8,924		372,755
Regency Centers Corp.		4,620		219,773
Senior Housing Properties Trust		8,027		179,163
SL Green Realty Corp. (b)		5,188		416,285
Taubman Centers, Inc.		6,496		501,231
The Macerich Co.		7,294		430,711
UDR, Inc.		14,366		371,217

				6,388,793

ROAD & RAIL — 2.1%
J.B. Hunt Transport Services, Inc.		9,922		591,351
Kansas City Southern		7,928		551,472
Landstar System, Inc.		3,750		193,950

				1,336,773

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.9%
Atmel Corp. (a)		21,090		141,303
Cree, Inc. (a)(b)		9,343		239,835
Cypress Semiconductor Corp. (a)(b)		5,575		73,702
Semtech Corp. (a)(b)		7,153		173,961
Silicon Laboratories, Inc. (a)		4,687		177,637
Skyworks Solutions, Inc. (a)		13,998		383,125

				1,189,563

SOFTWARE — 7.1%
ACI Worldwide, Inc. (a)		4,372		193,286
Advent Software, Inc. (a)(b)		3,464		93,909
Ansys, Inc. (a)		10,284		649,023
Cadence Design Systems, Inc. (a)		10,109		111,098
Concur Technologies, Inc. (a)(b)		5,231		356,231
Factset Research Systems, Inc. (b)		4,969		461,819
Fair Isaac Corp.		2,230		94,284
Informatica Corp. (a)		11,968		506,965
MICROS Systems, Inc. (a)		8,812		451,175
Parametric Technology Corp. (a)		6,218		130,329
Quest Software, Inc. (a)		3,499		97,447
Rovi Corp. (a)		12,229		239,933
Solera Holdings, Inc.		7,666		320,362
Synopsys, Inc. (a)		8,288		243,916
TIBCO Software, Inc. (a)		18,155		543,198

				4,492,975

SPECIALTY RETAIL — 5.3%
Aaron’s, Inc.		4,700		133,057
Advance Auto Parts, Inc.		8,068		550,399
Aeropostale, Inc. (a)		5,442		97,031
Ascena Retail Group, Inc. (a)		9,458		176,108
Dick’s Sporting Goods, Inc. (b)		7,368		353,664
Guess?, Inc. (b)		4,780		145,169
PetSmart, Inc.		11,981		816,864
Signet Jewelers, Ltd.		5,014		220,666
Tractor Supply Co. (b)		7,949		660,244
Williams-Sonoma, Inc. (b)		5,730		200,378

				3,353,580

TEXTILES, APPAREL & LUXURY GOODS — 2.7%
Carter’s, Inc. (a)		5,700		299,820
Deckers Outdoor Corp. (a)(b)		4,250		187,043
PVH Corp.		7,760		603,650
The Warnaco Group, Inc. (a)		4,570		194,591
Under Armour, Inc. (Class A) (a)(b)		4,109		388,218

				1,673,322

See accompanying notes to financial statements.

179

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

June 30, 2012


Security Description	Shares		Value

TRADING COMPANIES & DISTRIBUTORS — 1.3%
GATX Corp.		2,500	$	96,250
MSC Industrial Direct Co., Inc. (Class A)		5,051		331,093
United Rentals, Inc. (a)		3,669		124,893
Watsco, Inc. (b)		3,290		242,802

				795,038

WATER UTILITIES — 0.3%
Aqua America, Inc. (b)		8,243		205,746

TOTAL COMMON STOCKS —
(Cost $59,809,861)				62,831,405

SHORT TERM INVESTMENTS — 13.6%
MONEY MARKET FUNDS — 13.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		8,483,285		8,483,285
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		45,712		45,712

TOTAL SHORT TERM INVESTMENTS —
(Cost $8,528,997)				8,528,997

TOTAL INVESTMENTS — 113.4% (f)
(Cost $68,338,858)				71,360,402
OTHER ASSETS & LIABILITIES — (13.4)%				(8,413,307	)

NET ASSETS — 100.0%			$	62,947,095


(a)		Non-income producing security.
(b)		A portion of the security was on loan at June 30, 2012.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

180

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

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.3%
Alliant Techsystems, Inc.		669	$	33,831
BE Aerospace, Inc. (a)(b)		1,642		71,690
Esterline Technologies Corp. (b)		586		36,537
Exelis, Inc.		7,604		74,976
Huntington Ingalls Industries, Inc. (b)		1,996		80,319

				297,353

AIR FREIGHT & LOGISTICS — 0.3%
UTI Worldwide, Inc. (a)		4,167		60,880

AIRLINES — 0.2%
JetBlue Airways Corp. (a)(b)		9,309		49,338

AUTOMOBILES — 0.2%
Thor Industries, Inc. (a)		1,723		47,227

BIOTECHNOLOGY — 1.0%
Vertex Pharmaceuticals, Inc. (b)		4,026		225,134

BUILDING PRODUCTS — 0.9%
Fortune Brands Home & Security, Inc. (b)		4,256		94,781
Lennox International, Inc. (a)		2,080		96,991

				191,772

CAPITAL MARKETS — 3.0%
Affiliated Managers Group, Inc. (a)(b)		1,045		114,375
Apollo Investment Corp. (a)		8,097		62,185
Eaton Vance Corp. (a)		2,060		55,517
Greenhill & Co., Inc. (a)		680		24,242
Janus Capital Group, Inc. (a)		7,666		59,948
Jefferies Group, Inc. (a)		6,143		79,798
Raymond James Financial, Inc.		4,531		155,141
SEI Investments Co.		3,856		76,696
Waddell & Reed Financial, Inc. (Class A) (a)		1,388		42,029

				669,931

CHEMICALS — 3.7%
Ashland, Inc.		3,185		220,752
Cabot Corp.		2,578		104,925
Cytec Industries, Inc.		1,866		109,422
Minerals Technologies, Inc. (a)		237		15,116
Olin Corp. (a)		3,275		68,415
RPM International, Inc. (a)		5,338		145,194
Sensient Technologies Corp. (a)		880		32,322
The Scotts Miracle-Gro Co. (Class A) (a)		577		23,726
Valspar Corp.		2,120		111,279

				831,151

COMMERCIAL BANKS — 6.6%
Associated Banc-Corp.		7,104		93,702
BancorpSouth, Inc. (a)		3,346		48,584
Bank of Hawaii Corp. (a)		941		43,239
Cathay General Bancorp (a)		3,191		52,683
City National Corp. (a)		1,899		92,253
Commerce Bancshares, Inc. (a)		1,868		70,797
Cullen/Frost Bankers, Inc. (a)		1,103		63,412
East West Bancorp, Inc.		5,878		137,898
First Niagara Financial Group, Inc.		14,314		109,502
FirstMerit Corp.		4,466		73,778
Fulton Financial Corp. (a)		8,195		81,868
Hancock Holding Co. (a)		3,446		104,896
International Bancshares Corp. (a)		2,190		42,749
Prosperity Bancshares, Inc. (a)		824		34,633
SVB Financial Group (b)		910		53,435
Synovus Financial Corp. (a)		31,925		63,212
TCF Financial Corp. (a)		6,491		74,517
Trustmark Corp. (a)		2,604		63,746
Valley National Bancorp (a)		8,006		84,864
Webster Financial Corp. (a)		2,976		64,460
Westamerica Bancorporation (a)		433		20,433

				1,474,661

COMMERCIAL SERVICES & SUPPLIES — 1.8%
Corrections Corp. of America		4,064		119,685
Deluxe Corp. (a)		2,076		51,775
Herman Miller, Inc. (a)		2,370		43,892
HNI Corp. (a)		1,837		47,303
Mine Safety Appliances Co. (a)		645		25,955
Rollins, Inc.		928		20,759
The Brink’s Co.		1,916		44,413
Waste Connections, Inc. (a)		1,551		46,406

				400,188

COMMUNICATIONS EQUIPMENT — 0.6%
Ciena Corp. (a)(b)		1,901		31,120
Plantronics, Inc. (a)		955		31,897
Polycom, Inc. (b)		2,902		30,529
Tellabs, Inc. (a)		14,952		49,790

				143,336

COMPUTERS & PERIPHERALS — 1.2%
Diebold, Inc.		2,561		94,527
NCR Corp. (b)		6,465		146,949
QLogic Corp. (a)(b)		1,834		25,107

				266,583

CONSTRUCTION & ENGINEERING — 2.0%
Aecom Technology Corp. (b)		4,583		75,391
Granite Construction, Inc. (a)		1,408		36,763
KBR, Inc.		6,048		149,446
The Shaw Group, Inc. (b)		2,643		72,180
URS Corp.		3,066		106,942

				440,722

CONSTRUCTION MATERIALS — 0.3%
Martin Marietta Materials, Inc. (a)		893		70,386

CONTAINERS & PACKAGING — 1.2%
Greif, Inc. (Class A)		1,256		51,496
Packaging Corp. of America		2,244		63,371
Silgan Holdings, Inc.		763		32,572
Sonoco Products Co.		4,106		123,796

				271,235

DIVERSIFIED CONSUMER SERVICES — 1.0%
Matthews International Corp. (Class A)		569		18,487
Regis Corp.		2,320		41,667
Service Corp. International (a)		8,859		109,586
Sotheby’s (a)		1,678		55,978

				225,718

See accompanying notes to financial statements.

181

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

June 30, 2012


Security Description	Shares		Value

DIVERSIFIED FINANCIAL SERVICES — 0.1%
CBOE Holdings, Inc.		1,158	$	32,053

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
tw telecom, Inc. (a)(b)		2,270		58,248

ELECTRIC UTILITIES — 3.5%
Cleco Corp.		1,108		46,348
Great Plains Energy, Inc. (a)		6,210		132,956
Hawaiian Electric Industries, Inc. (a)		3,923		111,884
IDACORP, Inc.		858		36,105
NV Energy, Inc.		9,579		168,399
OGE Energy Corp.		1,316		68,155
PNM Resources, Inc. (a)		3,233		63,173
Westar Energy, Inc. (a)		5,121		153,374

				780,394

ELECTRICAL EQUIPMENT — 0.8%
Acuity Brands, Inc. (a)		754		38,386
General Cable Corp. (a)(b)		2,032		52,710
Hubbell, Inc. (Class B)		634		49,414
Regal-Beloit Corp. (a)		738		45,948

				186,458

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.1%
Arrow Electronics, Inc. (a)(b)		4,536		148,826
Avnet, Inc. (b)		5,887		181,673
Ingram Micro, Inc. (Class A) (b)		6,152		107,476
Itron, Inc. (a)(b)		1,616		66,644
National Instruments Corp. (a)		1,478		39,699
Tech Data Corp. (a)(b)		1,625		78,276
Vishay Intertechnology, Inc. (a)(b)		5,819		54,873

				677,467

ENERGY EQUIPMENT & SERVICES — 1.9%
Atwood Oceanics, Inc. (a)(b)		720		27,245
Helix Energy Solutions Group, Inc. (a)(b)		3,200		52,512
Patterson-UTI Energy, Inc. (a)		6,322		92,048
Superior Energy Services, Inc. (b)		4,055		82,033
Tidewater, Inc.		2,096		97,170
Unit Corp. (a)(b)		1,681		62,012

				413,020

FOOD & STAPLES RETAILING — 0.6%
Harris Teeter Supermarkets, Inc. (a)		1,999		81,939
SUPERVALU, Inc. (a)		8,622		44,662

				126,601

FOOD PRODUCTS — 1.8%
Flowers Foods, Inc. (a)		2,243		52,105
Hillshire Brands Co.		3,000		86,970
Post Holdings, Inc. (a)(b)		615		18,911
Ralcorp Holdings, Inc. (b)		1,231		82,157
Smithfield Foods, Inc. (a)(b)		6,537		141,395
Tootsie Roll Industries, Inc. (a)		529		12,622

				394,160

GAS UTILITIES — 2.1%
Atmos Energy Corp.		3,654		128,146
National Fuel Gas Co. (a)		1,425		66,946
Questar Corp. (a)		5,093		106,240
UGI Corp. (a)		4,560		134,201
WGL Holdings, Inc. (a)		1,043		41,459

				476,992

HEALTH CARE EQUIPMENT & SUPPLIES — 0.9%
Hill-Rom Holdings, Inc.		1,190		36,711
Hologic, Inc. (a)(b)		4,598		82,948
Masimo Corp. (a)(b)		671		15,017
STERIS Corp. (a)		1,167		36,609
Teleflex, Inc. (a)		523		31,856

				203,141

HEALTH CARE PROVIDERS & SERVICES — 3.8%
Community Health Systems, Inc. (b)		3,711		104,019
Health Management Associates, Inc. (Class A) (b)		10,388		81,546
Health Net, Inc. (b)		3,381		82,057
LifePoint Hospitals, Inc. (a)(b)		1,977		81,017
Lincare Holdings, Inc. (a)		1,495		50,860
Omnicare, Inc. (a)		4,585		143,190
Owens & Minor, Inc. (a)		2,579		78,995
Universal Health Services, Inc. (Class B) (a)		1,422		61,374
VCA Antech, Inc. (a)(b)		3,574		78,556
WellCare Health Plans, Inc. (b)		1,750		92,750

				854,364

HOTELS, RESTAURANTS & LEISURE — 1.6%
Bally Technologies, Inc. (a)(b)		782		36,488
Bob Evans Farms, Inc. (a)		1,195		48,039
Brinker International, Inc. (a)		3,060		97,522
International Speedway Corp. (Class A) (a)		1,122		29,374
Scientific Games Corp. (Class A) (b)		1,554		13,287
The Cheesecake Factory, Inc. (a)(b)		720		23,011
The Wendy’s Co. (a)		12,051		56,881
WMS Industries, Inc. (a)(b)		2,232		44,528

				349,130

HOUSEHOLD DURABLES — 2.7%
KB HOME (a)		2,958		28,988
M.D.C. Holdings, Inc. (a)		1,550		50,639
Mohawk Industries, Inc. (a)(b)		2,324		162,285
NVR, Inc. (a)(b)		207		175,950
Toll Brothers, Inc. (a)(b)		5,955		177,042

				594,904

HOUSEHOLD PRODUCTS — 0.4%
Energizer Holdings, Inc. (a)(b)		1,168		87,892

INDUSTRIAL CONGLOMERATES — 0.3%
Carlisle Cos., Inc. (a)		1,376		72,956

INSURANCE — 8.4%
Alleghany Corp. (b)		344		116,874
American Financial Group, Inc.		3,067		120,319
Arthur J. Gallagher & Co. (a)		2,226		78,066
Aspen Insurance Holdings, Ltd. (a)		2,889		83,492
Brown & Brown, Inc.		2,852		77,774
Everest Re Group, Ltd. (a)		2,141		221,572
Fidelity National Financial, Inc. (Class A) (a)		9,070		174,688
First American Financial Corp. (a)		4,314		73,166

See accompanying notes to financial statements.

182

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

June 30, 2012


Security Description	Shares		Value

HCC Insurance Holdings, Inc. (a)		4,107	$	128,960
Kemper Corp. (a)		2,037		62,638
Mercury General Corp. (a)		1,473		61,380
Old Republic International Corp. (a)		10,608		87,940
Protective Life Corp. (a)		3,288		96,700
Reinsurance Group of America, Inc.		2,992		159,204
StanCorp Financial Group, Inc. (a)		1,811		67,297
The Hanover Insurance Group, Inc.		1,841		72,038
W.R. Berkley Corp. (a)		4,548		177,008

				1,859,116

INTERNET & CATALOG RETAIL — 0.1%
HSN, Inc.		798		32,199

INTERNET SOFTWARE & SERVICES — 0.8%
AOL, Inc. (b)		3,795		106,564
Monster Worldwide, Inc. (a)(b)		4,921		41,828
ValueClick, Inc. (a)(b)		2,077		34,042

				182,434

IT SERVICES — 1.7%
Acxiom Corp. (a)(b)		3,117		47,098
Broadridge Financial Solutions, Inc. (a)		2,815		59,875
Convergys Corp. (a)		4,738		69,980
CoreLogic, Inc. (b)		4,355		79,740
DST Systems, Inc.		1,374		74,622
Lender Processing Services, Inc. (a)		1,478		37,364
ManTech International Corp. (Class A) (a)		440		10,327

				379,006

LIFE SCIENCES TOOLS & SERVICES — 0.2%
Charles River Laboratories International, Inc. (b)		1,082		35,446

MACHINERY — 5.5%
AGCO Corp. (a)(b)		3,946		180,451
CLARCOR, Inc. (a)		576		27,740
Crane Co.		512		18,627
Graco, Inc. (a)		878		40,458
Harsco Corp. (a)		3,290		67,050
IDEX Corp.		1,286		50,128
ITT Corp. (a)		3,781		66,546
Kennametal, Inc. (a)		3,255		107,903
Lincoln Electric Holdings, Inc. (a)		1,631		71,421
Nordson Corp. (a)		655		33,595
Oshkosh Corp. (a)(b)		3,710		77,724
Pentair, Inc. (a)		2,379		91,068
SPX Corp.		946		61,793
Terex Corp. (a)(b)		4,477		79,825
Timken Co.		3,407		156,007
Trinity Industries, Inc. (a)		3,280		81,934

				1,212,270

MARINE — 0.5%
Alexander & Baldwin Holdings, Inc.		1,699		90,472
Kirby Corp. (b)		585		27,542

				118,014

MEDIA — 1.6%
AMC Networks, Inc. (Class A) (b)		1,440		51,192
Cinemark Holdings, Inc.		1,514		34,595
DreamWorks Animation SKG, Inc. (Class A) (a)(b)		2,921		55,674
John Wiley & Sons, Inc. (Class A)		545		26,700
Lamar Advertising Co. (Class A) (a)(b)		1,276		36,494
Meredith Corp. (a)		1,528		48,804
Scholastic Corp. (a)		1,030		29,005
The New York Times Co. (Class A) (a)(b)		4,928		38,438
Valassis Communications, Inc. (a)(b)		1,762		38,323

				359,225

METALS & MINING — 1.8%
Carpenter Technology Corp.		647		30,952
Commercial Metals Co. (a)		4,750		60,040
Reliance Steel & Aluminum Co. (a)		3,063		154,682
Steel Dynamics, Inc. (a)		8,892		104,481
Worthington Industries, Inc. (a)		2,142		43,847

				394,002

MULTI-UTILITIES — 1.8%
Alliant Energy Corp.		2,387		108,775
Black Hills Corp.		712		22,905
MDU Resources Group, Inc. (a)		7,664		165,619
Vectren Corp. (a)		3,336		98,479

				395,778

MULTILINE RETAIL — 0.3%
Saks, Inc. (a)(b)		6,368		67,819

OIL, GAS & CONSUMABLE FUELS — 3.1%
Arch Coal, Inc. (a)		8,726		60,122
Energen Corp.		875		39,489
Forest Oil Corp. (a)(b)		4,811		35,265
Hollyfrontier Corp.		8,394		297,399
Plains Exploration & Production Co. (b)		3,411		119,999
Quicksilver Resources, Inc. (a)(b)		4,886		26,482
World Fuel Services Corp. (a)		2,920		111,048

				689,804

PAPER & FOREST PRODUCTS — 0.5%
Domtar Corp.		704		54,004
Louisiana-Pacific Corp. (a)(b)		5,593		60,852

				114,856

PROFESSIONAL SERVICES — 0.9%
Korn/Ferry International (b)		1,987		28,514
Manpower, Inc. (a)		3,256		119,332
The Corporate Executive Board Co.		602		24,610
Towers Watson & Co. (Class A) (a)		507		30,369

				202,825

REAL ESTATE INVESTMENT TRUSTS — 9.4%
Alexandria Real Estate Equities, Inc. (a)		1,132		82,319
American Campus Communities, Inc. (a)		1,086		48,848
BioMed Realty Trust, Inc. (a)		6,257		116,881
BRE Properties, Inc. (a)		1,205		60,274
Camden Property Trust (a)		1,030		69,700
Corporate Office Properties Trust (a)		2,924		68,743
Duke Realty Corp. (a)		10,815		158,332
Equity One, Inc. (a)		2,444		51,813
Highwoods Properties, Inc. (a)		1,683		56,633
Hospitality Properties Trust (a)		5,015		124,222

See accompanying notes to financial statements.

183

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

June 30, 2012


Security Description	Shares		Value

Liberty Property Trust (a)		2,857	$	105,252
Mack-Cali Realty Corp.		3,564		103,605
National Retail Properties, Inc.		2,236		63,256
OMEGA Healthcare Investors, Inc. (a)		2,370		53,325
Potlatch Corp. (a)		974		31,110
Rayonier, Inc. (a)		1,539		69,101
Realty Income Corp. (a)		2,113		88,260
Regency Centers Corp.		1,950		92,761
Senior Housing Properties Trust (a)		3,649		81,446
SL Green Realty Corp. (a)		1,753		140,661
The Macerich Co. (a)		2,698		159,317
UDR, Inc. (a)		4,879		126,073
Weingarten Realty Investors (a)		4,937		130,041

				2,081,973

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%
Jones Lang LaSalle, Inc.		1,782		125,399

ROAD & RAIL — 1.2%
Con-way, Inc. (a)		2,278		82,258
Kansas City Southern		1,570		109,209
Landstar System, Inc.		512		26,481
Werner Enterprises, Inc. (a)		1,821		43,504

				261,452

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.3%
Atmel Corp. (b)		10,267		68,789
Cree, Inc. (a)(b)		1,280		32,858
Cypress Semiconductor Corp. (a)(b)		4,142		54,757
Fairchild Semiconductor International, Inc. (b)		5,123		72,234
Integrated Device Technology, Inc. (b)		5,789		32,534
International Rectifier Corp. (a)(b)		2,794		55,852
Intersil Corp. (Class A) (a)		5,212		55,508
MEMC Electronic Materials, Inc. (a)(b)		9,532		20,684
RF Micro Devices, Inc. (a)(b)		11,264		47,872
Skyworks Solutions, Inc. (b)		2,562		70,122

				511,210

SOFTWARE — 1.9%
Cadence Design Systems, Inc. (a)(b)		7,399		81,315
Compuware Corp. (b)		8,840		82,124
Fair Isaac Corp. (a)		557		23,550
Mentor Graphics Corp. (b)		3,804		57,060
Parametric Technology Corp. (b)		2,553		53,511
Quest Software, Inc. (a)(b)		1,024		28,518
Synopsys, Inc. (a)(b)		2,898		85,288

				411,366

SPECIALTY RETAIL — 4.6%
Aaron’s, Inc.		1,322		37,426
Aeropostale, Inc. (b)		1,256		22,395
American Eagle Outfitters, Inc. (a)		7,927		156,400
ANN, Inc. (b)		1,979		50,445
Ascena Retail Group, Inc. (b)		1,962		36,532
Barnes & Noble, Inc. (a)(b)		1,677		27,603
Chico’s FAS, Inc.		6,806		101,001
Collective Brands, Inc. (b)		2,459		52,672
Dick’s Sporting Goods, Inc. (a)		1,112		53,376
Foot Locker, Inc.		6,152		188,128
Guess?, Inc. (a)		868		26,361
Office Depot, Inc. (a)(b)		11,544		24,935
RadioShack Corp. (a)		4,080		15,667
Rent-A-Center, Inc. (a)		2,411		81,347
Signet Jewelers, Ltd.		1,630		71,736
Williams-Sonoma, Inc. (a)		1,914		66,933

				1,012,957

TEXTILES, APPAREL & LUXURY GOODS — 0.5%
Hanesbrands, Inc. (a)(b)		3,970		110,088

THRIFTS & MORTGAGE FINANCE — 1.5%
Astoria Financial Corp. (a)		3,452		33,829
New York Community Bancorp, Inc. (a)		17,881		224,049
Washington Federal, Inc.		4,338		73,269

				331,147

TOBACCO — 0.2%
Universal Corp. (a)		951		44,060

TRADING COMPANIES & DISTRIBUTORS — 0.5%
GATX Corp. (a)		990		38,115
United Rentals, Inc. (b)		2,054		69,918

				108,033

WATER UTILITIES — 0.3%
Aqua America, Inc. (a)		2,603		64,971

WIRELESS TELECOMMUNICATION SERVICES — 0.4%
Telephone & Data Systems, Inc.		3,925		83,564

TOTAL COMMON STOCKS —
(Cost $21,587,150)				22,162,409

SHORT TERM INVESTMENTS — 27.5%
MONEY MARKET FUNDS — 27.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		6,057,766		6,057,766
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		50,273		50,273

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,108,039)				6,108,039

TOTAL INVESTMENTS — 127.3% (f)
(Cost $27,695,189)				28,270,448
OTHER ASSETS & LIABILITIES — (27.3)%				(6,055,922	)

NET ASSETS — 100.0%			$	22,214,526


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

184

SPDR S&P 600 Small Cap ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 2.1%
AAR Corp.		15,293	$	206,150
Aerovironment, Inc. (a)(b)		6,917		181,986
American Science & Engineering, Inc. (a)		3,382		190,914
Ceradyne, Inc. (a)		9,108		233,620
Cubic Corp.		5,969		286,990
Curtiss-Wright Corp. (a)		17,776		551,945
GenCorp, Inc. (a)(b)		22,279		145,036
Moog, Inc. (Class A) (b)		17,143		708,863
National Presto Industries, Inc. (a)		1,812		126,423
Orbital Sciences Corp. (b)		22,370		289,020
Teledyne Technologies, Inc. (b)		13,835		852,928

				3,773,875

AIR FREIGHT & LOGISTICS — 0.5%
Forward Air Corp. (a)		10,848		350,065
HUB Group, Inc. (Class A) (b)		14,314		518,167

				868,232

AIRLINES — 0.3%
Allegiant Travel Co. (a)(b)		5,680		395,783
SkyWest, Inc. (a)		19,221		125,513

				521,296

AUTO COMPONENTS — 0.3%
Drew Industries, Inc. (b)		7,141		198,877
Spartan Motors, Inc.		12,502		65,510
Standard Motor Products, Inc.		7,349		103,474
Superior Industries International, Inc. (a)		8,956		146,610

				514,471

AUTOMOBILES — 0.1%
Winnebago Industries, Inc. (a)(b)		10,972		111,805

BEVERAGES — 0.2%
Boston Beer Co., Inc. (Class A) (a)(b)		3,191		386,111

BIOTECHNOLOGY — 0.9%
ArQule, Inc. (b)		23,078		136,853
Cubist Pharmaceuticals, Inc. (a)(b)		23,963		908,437
Emergent Biosolutions, Inc. (b)		9,398		142,380
Momenta Pharmaceuticals, Inc. (a)(b)		16,941		229,042
Savient Pharmaceuticals, Inc. (a)(b)		26,513		14,320
Spectrum Pharmaceuticals, Inc. (a)(b)		19,115		297,429

				1,728,461

BUILDING PRODUCTS — 1.3%
A.O. Smith Corp.		14,653		716,385
AAON, Inc. (a)		7,098		133,797
Apogee Enterprises, Inc. (a)		10,617		170,615
Gibraltar Industries, Inc. (b)		11,454		118,893
Griffon Corp. (a)		17,409		149,369
NCI Building Systems, Inc. (b)		7,612		82,438
Quanex Building Products Corp. (a)		13,897		248,479
Simpson Manufacturing Co., Inc. (a)		15,353		453,067
Universal Forest Products, Inc. (a)		7,401		288,491

				2,361,534

CAPITAL MARKETS — 1.2%
Calamos Asset Management, Inc. (Class A)		7,701		88,176
Financial Engines, Inc. (a)(b)		15,059		323,016
Investment Technology Group, Inc. (b)		14,906		137,135
Piper Jaffray Co., Inc. (a)(b)		5,929		138,917
Prospect Capital Corp. (a)		44,990		512,436
Stifel Financial Corp. (a)(b)		20,230		625,107
SWS Group, Inc. (b)		11,051		58,902
Virtus Investment Partners, Inc. (a)(b)		2,935		237,735

				2,121,424

CHEMICALS — 2.5%
A. Schulman, Inc.		11,157		221,466
American Vanguard Corp. (a)		8,790		233,726
Balchem Corp.		11,063		360,764
Calgon Carbon Corp. (a)(b)		21,476		305,389
H.B. Fuller Co.		18,689		573,752
Hawkins, Inc.		3,353		128,018
Innophos Holdings, Inc.		8,189		462,351
Koppers Holdings, Inc.		7,793		264,962
Kraton Performance Polymers, Inc. (b)		12,309		269,690
LSB Industries, Inc. (b)		7,076		218,719
OM Group, Inc. (a)(b)		12,203		231,857
PolyOne Corp. (a)		33,884		463,533
Quaker Chemical Corp. (a)		4,892		226,059
Stepan Co. (a)		3,136		295,349
Tredegar Corp. (a)		8,869		129,133
Zep, Inc.		8,309		114,083

				4,498,851

COMMERCIAL BANKS — 6.2%
Bank of the Ozarks, Inc. (a)		10,921		328,504
BBCN Bancorp, Inc. (b)		29,568		321,996
Boston Private Financial Holdings, Inc.		29,579		264,140
City Holding Co. (a)		5,646		190,214
Columbia Banking System, Inc. (a)		14,935		281,077
Community Bank System, Inc. (a)		14,845		402,596
CVB Financial Corp. (a)		33,457		389,774
F.N.B. Corp. (a)		52,806		574,001
First BanCorp- Puerto Rico (b)		7,676		30,397
First Commonwealth Financial Corp. (a)		39,473		265,653
First Financial Bancorp (a)		22,036		352,135
First Financial Bankshares, Inc. (a)		11,954		413,130
First Midwest Bancorp, Inc.		28,344		311,217
Glacier Bancorp, Inc. (a)		27,270		422,412
Hanmi Financial Corp. (a)(b)		11,840		124,083
Home Bancshares, Inc.		8,480		259,318
Independent Bank Corp.-Massachusetts (a)		8,123		237,273
National Penn Bancshares, Inc. (a)		46,753		447,426
NBT Bancorp, Inc. (a)		12,542		270,782
Old National Bancorp (a)		35,906		431,231
PacWest Bancorp (a)		12,642		299,236
Pinnacle Financial Partners, Inc. (a)(b)		13,109		255,757
PrivateBancorp, Inc. (a)		22,742		335,672
S&T Bancorp, Inc.		10,637		196,465
Simmons First National Corp. (a)		6,462		150,242

See accompanying notes to financial statements.

185

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

June 30, 2012


Security Description	Shares		Value

Sterling Bancorp (a)		11,730	$	117,065
Susquehanna Bancshares, Inc.		70,816		729,405
Texas Capital Bancshares, Inc. (a)(b)		14,335		578,991
Tompkins Financial Corp. (a)		3,394		127,886
UMB Financial Corp. (a)		12,203		625,160
Umpqua Holdings Corp. (a)		42,380		557,721
United Bankshares, Inc. (a)		17,126		443,221
United Community Banks, Inc. (a)(b)		7,289		62,467
Wilshire Bancorp, Inc. (a)(b)		22,496		123,278
Wintrust Financial Corp. (a)		13,732		487,486

				11,407,411

COMMERCIAL SERVICES & SUPPLIES — 2.6%
ABM Industries, Inc. (a)		18,333		358,593
Consolidated Graphics, Inc. (b)		3,338		96,969
Encore Capital Group, Inc. (b)		8,315		246,290
G & K Services, Inc. (Class A)		7,187		224,163
Healthcare Services Group, Inc. (a)		25,310		490,508
Interface, Inc. (a)		22,013		300,037
Mobile Mini, Inc. (a)(b)		13,802		198,749
Portfolio Recovery Associates, Inc. (a)(b)		6,482		591,547
Sykes Enterprises, Inc. (b)		14,901		237,820
Tetra Tech, Inc. (a)(b)		23,944		624,460
The Geo Group, Inc. (a)(b)		23,213		527,399
UniFirst Corp.		5,775		368,156
United Stationers, Inc. (a)		15,303		412,416
Viad Corp. (a)		7,638		152,760

				4,829,867

COMMUNICATIONS EQUIPMENT — 1.5%
Arris Group, Inc. (b)		42,607		592,663
Bel Fuse, Inc. (Class B)		3,849		67,781
Black Box Corp.		6,645		190,711
Comtech Telecommunications Corp. (a)		6,761		193,229
Digi International, Inc. (a)(b)		9,632		98,632
Harmonic, Inc. (b)		44,470		189,442
Netgear, Inc. (a)(b)		14,370		495,909
Oplink Communications, Inc. (a)(b)		7,207		97,511
PC-Tel, Inc.		6,759		43,731
Symmetricom, Inc. (b)		15,958		95,588
ViaSat, Inc. (a)(b)		16,236		613,234

				2,678,431

COMPUTERS & PERIPHERALS — 0.9%
3D Systems Corp. (a)(b)		13,466		459,729
Avid Technology, Inc. (a)(b)		11,068		82,235
Intermec, Inc. (b)		19,527		121,068
Intevac, Inc. (a)(b)		8,868		66,687
Novatel Wireless, Inc. (b)		11,812		29,412
Stratasys, Inc. (a)(b)		8,096		401,157
Super Micro Computer, Inc. (a)(b)		10,408		165,071
Synaptics, Inc. (a)(b)		12,541		359,049

				1,684,408

CONSTRUCTION & ENGINEERING — 0.8%
Aegion Corp. (a)(b)		15,024		268,779
Comfort Systems USA, Inc. (a)		14,210		142,384
Dycom Industries, Inc. (b)		12,697		236,291
EMCOR Group, Inc.		25,182		700,563
Orion Marine Group, Inc. (a)(b)		10,214		71,090

				1,419,107

CONSTRUCTION MATERIALS — 0.6%
Eagle Materials, Inc.		17,099		638,477
Headwaters, Inc. (a)(b)		23,003		118,465
Texas Industries, Inc. (a)		10,566		412,180

				1,169,122

CONSUMER FINANCE — 0.9%
Cash America International, Inc. (a)		11,146		490,870
Ezcorp, Inc. (b)		16,674		391,172
First Cash Financial Services, Inc. (a)(b)		10,739		431,385
World Acceptance Corp. (a)(b)		5,265		346,437

				1,659,864

CONTAINERS & PACKAGING — 0.1%
Myers Industries, Inc.		12,615		216,473

DISTRIBUTORS — 0.4%
Pool Corp. (a)		17,913		724,760
VOXX International Corp. (a)(b)		7,079		65,976

				790,736

DIVERSIFIED CONSUMER SERVICES — 1.1%
American Public Education, Inc. (a)(b)		6,753		216,096
Capella Education Co. (b)		5,109		177,589
Career Education Corp. (a)(b)		20,146		134,777
Coinstar, Inc. (a)(b)		11,786		809,227
Corinthian Colleges, Inc. (b)		32,163		92,951
Hillenbrand, Inc. (a)		23,610		433,952
Lincoln Educational Services Corp. (a)		8,441		54,866
Universal Technical Institute, Inc.		8,141		109,985

				2,029,443

DIVERSIFIED FINANCIAL SERVICES — 0.1%
Interactive Brokers Group, Inc. (Class A)		14,628		215,324

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
Atlantic Tele-Network, Inc. (a)		3,544		119,539
Cbeyond, Inc. (b)		11,444		77,476
Cincinnati Bell, Inc. (a)(b)		74,347		276,571
General Communication, Inc. (Class A) (b)		12,387		102,936
Lumos Networks Corp.		5,551		52,457
Neutral Tandem, Inc. (b)		11,877		156,539

				785,518

ELECTRIC UTILITIES — 1.2%
ALLETE, Inc. (a)		12,528		523,670
El Paso Electric Co.		15,088		500,318
UIL Holdings Corp. (a)		19,071		683,886
UNS Energy Corp.		15,192		583,525

				2,291,399

ELECTRICAL EQUIPMENT — 1.7%
AZZ, Inc.		4,775		292,517
Belden, Inc. (a)		17,124		571,085
Brady Corp. (Class A)		19,943		548,632
Encore Wire Corp. (a)		7,277		194,878

See accompanying notes to financial statements.

186

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

June 30, 2012


Security Description	Shares		Value

EnerSys (b)		18,177	$	637,467
Franklin Electric Co., Inc.		7,207		368,494
II-VI, Inc. (a)(b)		20,705		345,152
Powell Industries, Inc. (a)(b)		3,410		127,398
Vicor Corp.		7,396		51,328

				3,136,951

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.0%
Agilysys, Inc. (a)(b)		5,592		48,483
Anixter International, Inc. (a)		10,573		560,898
Badger Meter, Inc. (a)		5,465		205,211
Benchmark Electronics, Inc. (a)(b)		21,686		302,520
Brightpoint, Inc. (a)(b)		26,169		141,574
Checkpoint Systems, Inc. (b)		15,149		131,948
Cognex Corp.		16,080		508,932
CTS Corp. (a)		12,997		122,432
Daktronics, Inc. (a)		13,973		96,553
DTS Inc. (a)(b)		6,323		164,904
Electro Scientific Industries, Inc.		9,115		107,739
FARO Technologies, Inc. (b)		6,383		268,597
FEI Co. (a)(b)		14,340		686,025
Insight Enterprises, Inc. (a)(b)		16,642		280,085
Littelfuse, Inc. (a)		8,192		466,043
Measurement Specialties, Inc. (a)(b)		5,700		185,307
Mercury Computer Systems, Inc. (a)(b)		11,580		149,729
Methode Electronics, Inc. (Class A) (a)		14,021		119,319
MTS Systems Corp. (a)		5,975		230,336
Newport Corp. (b)		14,189		170,552
OSI Systems, Inc. (b)		7,534		477,203
Park Electrochemical Corp.		7,832		202,692
Plexus Corp. (b)		13,165		371,253
Pulse Electronics Corp. (a)		15,203		29,950
RadiSys Corp. (a)(b)		8,597		53,989
Rofin-Sinar Technologies, Inc. (a)(b)		10,769		203,857
Rogers Corp. (a)(b)		6,212		246,057
Scansource, Inc. (a)(b)		10,366		317,614
SYNNEX Corp. (a)(b)		9,834		339,175
TTM Technologies, Inc. (a)(b)		19,327		181,867

				7,370,844

ENERGY EQUIPMENT & SERVICES — 2.2%
Basic Energy Services, Inc. (a)(b)		11,054		114,077
Bristow Group, Inc.		13,559		551,445
Exterran Holdings, Inc. (a)(b)		23,739		302,672
Gulf Island Fabrication, Inc. (a)		5,488		154,817
Hornbeck Offshore Services, Inc. (b)		13,280		514,998
ION Geophysical Corp. (a)(b)		48,453		319,305
Lufkin Industries, Inc. (a)		12,586		683,672
Matrix Service Co. (b)		9,627		109,266
OYO Geospace Corp. (b)		2,394		215,436
Pioneer Drilling Co. (b)		23,201		184,912
SEACOR Holdings, Inc. (b)		7,952		710,750
Tetra Technologies, Inc. (a)(b)		29,401		209,629

				4,070,979

FOOD & STAPLES RETAILING — 1.3%
Casey’s General Stores, Inc. (a)		14,380		848,276
Nash Finch Co.		4,581		98,400
Spartan Stores, Inc. (a)		8,155		147,850
The Andersons, Inc. (a)		7,015		299,260
United Natural Foods, Inc. (b)		18,453		1,012,332

				2,406,118

FOOD PRODUCTS — 2.5%
B&G Foods, Inc. (a)		18,346		488,004
Cal-Maine Foods, Inc. (a)		5,423		212,039
Calavo Growers, Inc. (a)		4,758		121,710
Darling International, Inc. (b)		44,379		731,810
Diamond Foods, Inc. (a)		8,328		148,571
Hain Celestial Group, Inc. (b)		16,885		929,350
J&J Snack Foods Corp. (a)		5,529		326,764
Sanderson Farms, Inc.		7,206		330,179
Seneca Foods Corp. (a)(b)		3,448		92,751
Snyders-Lance, Inc. (a)		17,678		446,016
TreeHouse Foods, Inc. (a)(b)		13,585		846,210

				4,673,404

GAS UTILITIES — 2.0%
New Jersey Resources Corp. (a)		15,746		686,683
Northwest Natural Gas Co. (a)		10,112		481,331
Piedmont Natural Gas Co., Inc.		27,251		877,210
South Jersey Industries, Inc.		11,507		586,512
Southwest Gas Corp.		17,333		756,585
The Laclede Group, Inc. (a)		8,569		341,132

				3,729,453

HEALTH CARE EQUIPMENT & SUPPLIES — 3.5%
Abaxis, Inc. (b)		8,280		306,360
Align Technology, Inc. (a)(b)		26,320		880,667
Analogic Corp.		4,608		285,696
Cantel Medical Corp.		7,713		210,179
CONMED Corp. (a)		10,637		294,326
CryoLife, Inc. (a)(b)		10,325		54,000
Cyberonics, Inc. (a)(b)		9,392		422,077
Greatbatch, Inc. (a)(b)		8,840		200,756
Haemonetics Corp. (b)		9,571		709,307
ICU Medical, Inc. (a)(b)		4,658		248,644
Integra LifeSciences Holdings Corp. (a)(b)		7,586		282,047
Invacare Corp.		11,981		184,867
Meridian Bioscience, Inc. (a)		15,722		321,672
Merit Medical Systems, Inc. (b)		15,866		219,109
Natus Medical, Inc. (a)(b)		11,069		128,622
Neogen Corp. (a)(b)		8,915		411,873
NuVasive, Inc. (b)		16,219		411,314
Palomar Medical Technologies, Inc. (a)(b)		7,339		62,382
SurModics, Inc. (a)(b)		5,494		95,046
Symmetry Medical, Inc. (b)		13,579		116,508
West Pharmaceutical Services, Inc. (a)		12,809		646,726

				6,492,178

HEALTH CARE PROVIDERS & SERVICES — 3.1%
Air Methods Corp. (a)(b)		4,248		417,366
Almost Family, Inc. (a)(b)		3,094		69,120
Amedisys, Inc. (a)(b)		11,292		140,585
AMN Healthcare Services, Inc. (a)(b)		15,230		90,314
AmSurg Corp. (b)		11,952		358,321

See accompanying notes to financial statements.

187

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

June 30, 2012


Security Description	Shares		Value

Bio-Reference Laboratories, Inc. (a)(b)		9,363	$	246,060
Centene Corp. (a)(b)		19,370		584,199
Chemed Corp. (a)		7,280		440,003
Corvel Corp. (a)(b)		2,396		117,404
Cross Country Healthcare, Inc. (a)(b)		11,811		51,614
Gentiva Health Services, Inc. (b)		11,671		80,880
Hanger Orthopedic Group, Inc. (a)(b)		12,944		331,884
Healthways, Inc. (a)(b)		12,518		99,894
IPC The Hospitalist Co. (a)(b)		6,230		282,344
Kindred Healthcare, Inc. (a)(b)		19,604		192,707
Landauer, Inc. (a)		3,580		205,241
LHC Group, Inc. (b)		5,978		101,387
Magellan Health Services, Inc. (b)		10,295		466,672
Molina Healthcare, Inc. (b)		10,753		252,265
MWI Veterinary Supply, Inc. (a)(b)		4,798		493,091
PharMerica Corp. (b)		11,134		121,583
PSS World Medical, Inc. (a)(b)		18,979		398,369
The Ensign Group, Inc. (a)		6,246		176,575

				5,717,878

HEALTH CARE TECHNOLOGY — 0.4%
Computer Programs and Systems, Inc. (a)		4,150		237,463
Medidata Solutions, Inc. (b)		8,320		271,814
Omnicell, Inc. (b)		12,522		183,322

				692,599

HOTELS, RESTAURANTS & LEISURE — 3.2%
Biglari Holdings, Inc. (a)(b)		545		210,583
BJ’s Restaurants, Inc. (a)(b)		9,214		350,132
Boyd Gaming Corp. (a)(b)		20,502		147,614
Buffalo Wild Wings, Inc. (a)(b)		7,020		608,213
CEC Entertainment, Inc.		6,904		251,098
Cracker Barrel Old Country Store, Inc.		8,800		552,640
DineEquity, Inc. (b)		5,943		265,296
Interval Leisure Group, Inc.		15,049		286,082
Jack in the Box, Inc. (a)(b)		16,699		465,568
Marcus Corp. (a)		7,558		103,998
Marriott Vacations Worldwide Corp. (b)		10,186		315,562
Monarch Casino & Resort, Inc. (a)(b)		4,241		38,763
Multimedia Games Holding Co., Inc. (b)		10,356		144,984
Papa John’s International, Inc. (b)		6,786		322,810
Peet’s Coffee & Tea, Inc. (a)(b)		5,018		301,281
Pinnacle Entertainment, Inc. (b)		23,653		227,542
Red Robin Gourmet Burgers, Inc. (b)		4,240		129,362
Ruby Tuesday, Inc. (a)(b)		24,026		163,617
Ruth’s Hospitality Group, Inc. (a)(b)		13,259		87,509
Shuffle Master, Inc. (b)		20,807		287,137
Sonic Corp. (b)		22,945		229,909
Texas Roadhouse, Inc. (Class A)		22,538		415,375

				5,905,075

HOUSEHOLD DURABLES — 1.4%
American Greetings Corp. (Class A) (a)		13,183		192,735
Blyth, Inc. (a)		3,955		136,685
Ethan Allen Interiors, Inc.		9,808		195,473
Helen of Troy, Ltd. (b)		11,975		405,833
iRobot Corp. (b)		10,335		228,920
La-Z-Boy, Inc. (b)		19,502		239,680
M/I Homes, Inc. (b)		7,168		124,150
Meritage Homes Corp. (a)(b)		10,716		363,701
Standard Pacific Corp. (a)(b)		38,434		237,906
The Ryland Group, Inc. (a)		16,806		429,898
Universal Electronics, Inc. (a)(b)		5,521		72,712

				2,627,693

HOUSEHOLD PRODUCTS — 0.3%
Central Garden & Pet Co. (Class A) (a)(b)		16,153		175,906
WD-40 Co.		6,034		300,554

				476,460

INDUSTRIAL CONGLOMERATES — 0.1%
Standex International Corp. (a)		4,806		204,591

INSURANCE — 2.4%
AMERISAFE, Inc. (b)		6,906		179,211
eHealth, Inc. (b)		7,514		121,050
Employers Holdings, Inc. (a)		11,923		215,091
Horace Mann Educators Corp.		15,040		262,899
Infinity Property & Casualty Corp.		4,458		257,093
Meadowbrook Insurance Group, Inc.		19,245		169,163
National Financial Partners Corp. (a)(b)		15,402		206,387
Presidential Life Corp.		7,978		78,424
ProAssurance Corp.		11,554		1,029,346
RLI Corp. (a)		6,292		429,114
Safety Insurance Group, Inc. (a)		5,752		233,761
Selective Insurance Group, Inc. (a)		20,793		362,006
Stewart Information Services Corp. (a)		7,317		112,316
The Navigators Group, Inc. (b)		4,133		206,857
Tower Group, Inc. (a)		14,903		311,026
United Fire Group, Inc.		7,955		169,680

				4,343,424

INTERNET & CATALOG RETAIL — 0.2%
Blue Nile, Inc. (a)(b)		5,217		154,997
NutriSystem, Inc. (a)		10,372		119,900
PetMed Express, Inc. (a)		7,585		92,234

				367,131

INTERNET SOFTWARE & SERVICES — 1.9%
Blucora, Inc. (b)		14,832		182,730
comScore, Inc. (a)(b)		12,834		211,248
DealerTrack Holdings, Inc. (a)(b)		15,889		478,418
Digital River, Inc. (b)		13,502		224,403
j2 Global, Inc. (a)		17,463		461,372
Liquidity Services, Inc. (a)(b)		8,847		452,878
LivePerson, Inc. (a)(b)		17,931		341,765
LogMeIn, Inc. (a)(b)		8,140		248,433
OpenTable, Inc. (a)(b)		8,544		384,565
Perficient, Inc. (b)		11,949		134,187
QuinStreet, Inc. (b)		9,900		91,674
Stamps.com, Inc. (b)		5,225		128,901
United Online, Inc. (a)		34,326		144,856
XO Group, Inc. (b)		9,833		87,219

				3,572,649

See accompanying notes to financial statements.

188

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

June 30, 2012


Security Description	Shares		Value

IT SERVICES — 1.9%
CACI International, Inc. (Class A) (b)		10,080	$	554,602
Cardtronics, Inc. (b)		16,683		503,993
CIBER, Inc. (b)		27,174		117,120
CSG Systems International, Inc. (b)		12,805		221,270
ExlService Holdings, Inc. (b)		6,400		157,696
Forrester Research, Inc. (a)		5,614		190,090
Heartland Payment Systems, Inc.		14,654		440,792
Higher One Holdings, Inc. (a)(b)		11,371		138,954
iGate Corp. (b)		11,341		193,024
MAXIMUS, Inc.		12,800		662,400
NCI, Inc. (Class A) (a)(b)		2,940		11,907
TeleTech Holdings, Inc. (a)(b)		9,361		149,776
Virtusa Corp. (b)		7,003		93,490

				3,435,114

LEISURE EQUIPMENT & PRODUCTS — 0.8%
Arctic Cat, Inc. (b)		4,790		175,123
Brunswick Corp. (a)		33,700		748,814
Callaway Golf Co. (a)		24,700		145,977
JAKKS Pacific, Inc. (a)		8,309		133,027
Sturm Ruger & Co, Inc. (a)		7,315		293,697

				1,496,638

LIFE SCIENCES TOOLS & SERVICES — 0.7%
Affymetrix, Inc. (a)(b)		26,768		125,542
Cambrex Corp. (b)		11,121		104,648
Enzo Biochem, Inc. (b)		12,452		20,795
eResearch Technology, Inc. (a)(b)		16,705		133,473
Luminex Corp. (a)(b)		14,327		350,868
PAREXEL International Corp. (a)(b)		22,556		636,756

				1,372,082

MACHINERY — 3.6%
Actuant Corp. (Class A) (a)		25,864		702,466
Albany International Corp. (Class A)		10,623		198,756
Astec Industries, Inc. (b)		7,557		231,849
Barnes Group, Inc. (a)		17,617		427,917
Briggs & Stratton Corp. (a)		18,369		321,274
Cascade Corp. (a)		3,257		153,242
CIRCOR International, Inc. (a)		6,536		222,812
EnPro Industries, Inc. (a)(b)		7,795		291,299
ESCO Technologies, Inc. (a)		10,168		370,522
Federal Signal Corp. (a)(b)		23,634		138,023
John Bean Technologies Corp. (a)		10,835		147,031
Kaydon Corp. (a)		12,069		258,156
Lindsay Corp. (a)		4,823		313,013
Lydall, Inc. (a)(b)		6,493		87,785
Mueller Industries, Inc.		14,410		613,722
Robbins & Myers, Inc.		16,549		692,079
Tennant Co. (a)		7,172		286,521
The Toro Co.		11,278		826,565
Watts Water Technologies, Inc. (Class A) (a)		11,067		368,974

				6,652,006

MEDIA — 0.7%
Arbitron, Inc.		10,001		350,035
Digital Generation, Inc. (a)(b)		10,408		128,747
Harte-Hanks, Inc. (a)		16,540		151,176
Live Nation Entertainment, Inc. (a)(b)		55,390		508,480
The E.W. Scripps Co. (Class A) (b)		11,715		112,581

				1,251,019

METALS & MINING — 1.3%
A.M. Castle & Co. (a)(b)		6,215		66,003
AK Steel Holding Corp. (a)		41,937		246,170
AMCOL International Corp. (a)		9,539		270,049
Century Aluminum Co. (a)(b)		20,554		150,661
Globe Specialty Metals, Inc. (a)		23,647		317,579
Haynes International, Inc.		4,649		236,820
Kaiser Aluminum Corp. (a)		5,984		310,211
Materion Corp. (a)		7,715		177,676
Olympic Steel, Inc. (a)		3,437		56,436
RTI International Metals, Inc. (a)(b)		11,433		258,729
SunCoke Energy, Inc. (b)		26,507		388,328

				2,478,662

MULTI-UTILITIES — 0.8%
Avista Corp. (a)		22,256		594,235
CH Energy Group, Inc. (a)		5,658		371,674
NorthWestern Corp.		13,777		505,616

				1,471,525

MULTILINE RETAIL — 0.2%
Fred’s, Inc. (Class A) (a)		14,056		214,916
Tuesday Morning Corp. (a)(b)		15,952		68,434

				283,350

OIL, GAS & CONSUMABLE FUELS — 1.8%
Approach Resources, Inc. (a)(b)		10,047		256,600
Cloud Peak Energy, Inc. (a)(b)		22,999		388,913
Comstock Resources, Inc. (a)(b)		18,254		299,731
Contango Oil & Gas Co. (a)(b)		4,802		284,278
GeoResources, Inc. (b)		7,606		278,456
Gulfport Energy Corp. (a)(b)		17,075		352,257
Overseas Shipholding Group, Inc. (a)		9,904		110,034
PDC Energy, Inc. (a)(b)		11,544		283,059
Penn Virginia Corp. (a)		17,729		130,131
Petroquest Energy, Inc. (a)(b)		21,482		107,410
Stone Energy Corp. (b)		18,535		469,677
Swift Energy Co. (a)(b)		16,146		300,477
					��
				3,261,023

PAPER & FOREST PRODUCTS — 1.1%
Buckeye Technologies, Inc.		14,944		425,755
Clearwater Paper Corp. (b)		8,673		295,923
Deltic Timber Corp. (a)		4,079		248,737
KapStone Paper and Packaging Corp. (b)		14,776		234,200
Neenah Paper, Inc. (a)		5,721		152,693
Schweitzer-Mauduit International, Inc.		5,869		399,914
Wausau Paper Corp. (a)		18,548		180,472

				1,937,694

PERSONAL PRODUCTS — 0.3%
Inter Parfums, Inc. (a)		6,041		104,328
Medifast, Inc. (b)		5,159		101,529
Prestige Brands Holdings, Inc. (b)		19,119		302,272

				508,129

PHARMACEUTICALS — 2.5%
Akorn, Inc. (a)(b)		25,443		401,236

See accompanying notes to financial statements.

189

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

June 30, 2012


Security Description	Shares		Value

Hi-Tech Pharmacal Co., Inc. (b)		3,987	$	129,179
Par Pharmaceutical Cos., Inc. (b)		13,921		503,105
Questcor Pharmaceuticals, Inc. (a)(b)		22,738		1,210,571
Salix Pharmaceuticals, Ltd. (a)(b)		21,840		1,188,970
The Medicines Co. (b)		20,727		475,477
ViroPharma, Inc. (a)(b)		26,261		622,386

				4,530,924

PROFESSIONAL SERVICES — 1.0%
CDI Corp. (a)		4,875		79,950
Exponent, Inc. (b)		5,107		269,803
Heidrick & Struggles International, Inc.		6,771		118,492
Insperity, Inc.		8,482		229,438
Kelly Services, Inc. (Class A) (a)		10,690		138,008
Navigant Consulting, Inc. (b)		19,668		248,603
On Assignment, Inc. (b)		16,086		256,733
Resources Connection, Inc.		16,063		197,575
The Dolan Co. (a)(b)		11,383		76,608
TrueBlue, Inc. (b)		14,646		226,720

				1,841,930

REAL ESTATE INVESTMENT TRUSTS — 8.3%
Acadia Realty Trust		16,273		377,208
Cedar Shopping Centers, Inc. (a)		21,560		108,878
Colonial Properties Trust		33,183		734,672
Cousins Properties, Inc.		39,525		306,319
DiamondRock Hospitality Co.		63,312		645,782
EastGroup Properties, Inc.		10,589		564,394
Entertainment Properties Trust (a)		17,728		728,798
Extra Space Storage, Inc.		39,110		1,196,766
Franklin Street Properties Corp.		27,362		289,490
Getty Realty Corp. (a)		10,214		195,598
Healthcare Realty Trust, Inc.		29,427		701,540
Inland Real Estate Corp. (a)		29,172		244,461
Kilroy Realty Corp. (a)		25,686		1,243,459
Kite Realty Group Trust		24,227		120,893
LaSalle Hotel Properties		32,287		940,843
Lexington Realty Trust (a)		51,224		433,867
LTC Properties, Inc. (a)		11,564		419,542
Medical Properties Trust, Inc.		51,232		492,852
Mid-America Apartment Communities, Inc.		15,479		1,056,287
Parkway Properties, Inc. (a)		8,241		94,277
Pennsylvania Real Estate Investment Trust		20,972		314,161
Post Properties, Inc.		20,272		992,314
PS Business Parks, Inc.		6,997		473,837
Sabra Healthcare REIT, Inc.		13,932		238,377
Saul Centers, Inc.		4,459		191,157
Sovran Self Storage, Inc.		11,002		551,090
Tanger Factory Outlet Centers, Inc.		34,926		1,119,378
Universal Health Realty Income Trust (a)		4,864		202,002
Urstadt Biddle Properties, Inc. (Class A) (a)		8,835		174,668

				15,152,910

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
Forestar Group, Inc. (a)(b)		13,177		168,797

ROAD & RAIL — 0.8%
Arkansas Best Corp. (a)		9,562		120,481
Heartland Express, Inc. (a)		21,584		308,867
Knight Transportation, Inc. (a)		22,225		355,378
Old Dominion Freight Line, Inc. (b)		17,738		767,878

				1,552,604

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.9%
Advanced Energy Industries, Inc. (b)		14,954		200,683
ATMI, Inc. (b)		12,011		247,066
Brooks Automation, Inc.		25,152		237,435
Cabot Microelectronics Corp.		8,654		252,783
CEVA, Inc. (b)		8,875		156,289
Cirrus Logic, Inc. (a)(b)		24,422		729,729
Cohu, Inc.		9,194		93,411
Cymer, Inc. (a)(b)		11,649		686,709
Diodes, Inc. (a)(b)		13,943		261,710
DSP Group, Inc. (b)		8,576		54,372
Entropic Communications, Inc. (a)(b)		33,036		186,323
Exar Corp. (a)(b)		17,086		139,422
GT Advanced Technologies, Inc. (a)(b)		45,262		238,983
Hittite Microwave Corp. (b)		10,553		539,469
Kopin Corp. (a)(b)		25,772		88,656
Kulicke & Soffa Industries, Inc. (b)		27,985		249,626
Micrel, Inc. (a)		18,747		178,659
Microsemi Corp. (b)		33,130		612,574
MKS Instruments, Inc.		19,920		576,286
Monolithic Power Systems, Inc. (b)		11,408		226,677
Nanometrics, Inc. (a)(b)		6,437		98,872
Pericom Semiconductor Corp. (a)(b)		9,047		81,423
Power Integrations, Inc. (a)		10,735		400,415
Rubicon Technology, Inc. (a)(b)		6,613		67,453
Rudolph Technologies, Inc. (a)(b)		12,108		105,582
Sigma Designs, Inc. (a)(b)		12,023		76,707
Standard Microsystems Corp. (b)		8,433		311,093
STR Holdings, Inc. (a)(b)		15,507		70,712
Supertex, Inc. (a)(b)		4,547		85,711
Tessera Technologies, Inc.		19,692		302,666
TriQuint Semiconductor, Inc. (a)(b)		62,937		346,153
Ultratech, Inc. (b)		9,913		312,259
Veeco Instruments, Inc. (a)(b)		14,689		504,714
Volterra Semiconductor Corp. (b)		9,535		223,596

				8,944,218

SOFTWARE — 3.6%
Blackbaud, Inc.		16,984		435,979
Bottomline Technologies, Inc. (a)(b)		13,743		248,061
CommVault Systems, Inc. (b)		16,833		834,412
Ebix, Inc. (a)		11,798		235,370
EPIQ Systems, Inc. (a)		12,273		150,344
Interactive Intelligence Group (a)(b)		5,452		153,801
JDA Software Group, Inc. (b)		16,087		477,623
Manhattan Associates, Inc. (b)		7,660		350,139
MicroStrategy, Inc. (b)		3,043		395,164
Monotype Imaging Holdings, Inc. (a)(b)		13,651		228,927
Netscout Systems, Inc. (b)		13,060		281,965
OPNET Technologies, Inc. (a)		5,613		149,250

See accompanying notes to financial statements.

190

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

June 30, 2012


Security Description	Shares		Value

Progress Software Corp. (b)		23,634	$	493,241
Quality Systems, Inc. (a)		14,968		411,770
Sourcefire, Inc. (a)(b)		11,085		569,769
Synchronoss Technologies, Inc. (a)(b)		10,235		189,040
Take-Two Interactive Software, Inc. (a)(b)		33,958		321,243
Tyler Technologies, Inc. (a)(b)		9,308		375,578
Vasco Data Security International (a)(b)		10,789		88,254
Websense, Inc. (a)(b)		13,982		261,883

				6,651,813

SPECIALTY RETAIL — 4.8%
Big 5 Sporting Goods Corp. (a)		8,191		61,924
Brown Shoe Co., Inc.		15,798		203,952
Cabela’s, Inc. (a)(b)		16,258		614,715
Christopher & Banks Corp.		13,260		15,647
Coldwater Creek, Inc. (b)		32,752		17,883
Genesco, Inc. (b)		9,243		555,966
Group 1 Automotive, Inc. (a)		8,668		395,348
Haverty Furniture Cos., Inc. (a)		7,170		80,089
Hibbett Sports, Inc. (a)(b)		9,875		569,886
Hot Topic, Inc. (a)		16,044		155,466
Jos. A. Bank Clothiers, Inc. (a)(b)		10,572		448,887
Kirkland’s, Inc. (b)		5,933		66,746
Lithia Motors, Inc. (Class A) (a)		8,143		187,696
Lumber Liquidators Holdings, Inc. (a)(b)		10,348		349,659
MarineMax, Inc. (a)(b)		8,905		84,687
Monro Muffler Brake, Inc. (a)		11,751		390,603
OfficeMax, Inc. (a)(b)		32,441		164,151
Pep Boys-Manny, Moe & Jack (a)		19,911		197,119
Rue21, Inc. (a)(b)		5,919		149,396
Select Comfort Corp. (a)(b)		21,411		447,918
Sonic Automotive, Inc. (Class A) (a)		13,279		181,524
Stage Stores, Inc.		11,518		211,010
Stein Mart, Inc. (a)(b)		10,099		80,287
The Buckle, Inc. (a)		10,108		399,974
The Cato Corp. (Class A) (a)		11,066		337,070
The Children’s Place Retail Stores, Inc. (a)(b)		9,139		455,396
The Finish Line, Inc. (Class A)		19,758		413,140
The Men’s Wearhouse, Inc. (a)		19,211		540,598
Vitamin Shoppe, Inc. (a)(b)		11,101		609,778
Zale Corp. (b)		9,886		26,593
Zumiez, Inc. (b)		8,234		326,066

				8,739,174

TEXTILES, APPAREL & LUXURY GOODS — 2.2%
Crocs, Inc. (a)(b)		34,032		549,617
Fifth & Pacific Cos, Inc. (a)(b)		41,166		441,711
Iconix Brand Group, Inc. (a)(b)		26,684		466,169
K-Swiss, Inc. (Class A) (a)(b)		10,098		31,102
Maidenform Brands, Inc. (a)(b)		8,901		177,308
Movado Group, Inc.		6,610		165,382
Oxford Industries, Inc.		5,260		235,122
Perry Ellis International, Inc. (a)(b)		4,609		95,637
Quiksilver, Inc. (b)		46,056		107,310
Skechers U.S.A., Inc. (a)(b)		13,964		284,447
Steven Madden, Ltd. (b)		14,925		473,869
True Religion Apparel, Inc. (a)		9,655		279,802
Wolverine World Wide, Inc.		18,374		712,544

				4,020,020

THRIFTS & MORTGAGE FINANCE — 1.0%
Bank Mutual Corp. (a)		17,405		76,756
Brookline Bancorp, Inc.		26,594		235,357
Dime Community Bancshares (a)		10,671		141,818
Northwest Bancshares, Inc. (a)		37,032		433,645
Oritani Financial Corp. (a)		17,162		246,961
Provident Financial Services, Inc. (a)		20,324		311,973
TrustCo Bank Corp. NY (a)		35,225		192,328
ViewPoint Financial Group		12,301		192,388

				1,831,226

TOBACCO — 0.1%
Alliance One International, Inc. (a)(b)		33,097		114,516

TRADING COMPANIES & DISTRIBUTORS — 0.5%
Applied Industrial Technologies, Inc. (a)		15,984		589,010
Kaman Corp. (a)		9,978		308,719
Lawson Products, Inc. (a)		1,442		13,339

				911,068

WATER UTILITIES — 0.2%
American States Water Co. (a)		7,113		281,533

WIRELESS TELECOMMUNICATION SERVICES — 0.1%
NTELOS Holdings Corp.		5,684		107,143
USA Mobility, Inc. (a)		8,302		106,764

				213,907

TOTAL COMMON STOCKS —
(Cost $183,128,208)				182,952,472

SHORT TERM INVESTMENTS — 19.6%
MONEY MARKET FUNDS — 19.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		35,735,740		35,735,740
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		163,838		163,838

TOTAL SHORT TERM INVESTMENTS —
(Cost $35,899,578)				35,899,578

TOTAL INVESTMENTS — 119.3% (f)
(Cost $219,027,786)				218,852,050
OTHER ASSETS & LIABILITIES — (19.3)%				(35,469,997	)

NET ASSETS — 100.0%			$	183,382,053


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

191

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

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 2.2%
Aerovironment, Inc. (a)(b)		11,250	$	295,987
American Science & Engineering, Inc. (a)		5,395		304,548
Cubic Corp.		9,695		466,136
Moog, Inc. (Class A) (b)		17,986		743,721
National Presto Industries, Inc. (a)		2,869		200,170
Teledyne Technologies, Inc. (b)		22,407		1,381,392

				3,391,954

AIR FREIGHT & LOGISTICS — 0.7%
Forward Air Corp.		17,570		566,984
HUB Group, Inc. (Class A) (b)		12,953		468,898

				1,035,882

AIRLINES — 0.4%
Allegiant Travel Co. (a)(b)		9,245		644,192

BEVERAGES — 0.4%
Boston Beer Co., Inc. (Class A) (a)(b)		5,174		626,054

BIOTECHNOLOGY — 1.8%
ArQule, Inc. (b)		37,216		220,691
Cubist Pharmaceuticals, Inc. (a)(b)		38,453		1,457,753
Emergent Biosolutions, Inc. (b)		10,031		151,970
Momenta Pharmaceuticals, Inc. (a)(b)		27,024		365,364
Savient Pharmaceuticals, Inc. (a)(b)		20,779		11,223
Spectrum Pharmaceuticals, Inc. (a)(b)		31,828		495,244

				2,702,245

BUILDING PRODUCTS — 0.6%
A.O. Smith Corp.		10,025		490,122
AAON, Inc. (a)		5,981		112,742
NCI Building Systems, Inc. (b)		3,312		35,869
Simpson Manufacturing Co., Inc.		10,866		320,656

				959,389

CAPITAL MARKETS — 0.9%
Financial Engines, Inc. (b)		24,268		520,549
Stifel Financial Corp. (b)		18,415		569,023
Virtus Investment Partners, Inc. (a)(b)		3,458		280,098

				1,369,670

CHEMICALS — 2.3%
American Vanguard Corp. (a)		5,284		140,501
Balchem Corp.		17,929		584,665
Calgon Carbon Corp. (a)(b)		14,562		207,072
H.B. Fuller Co.		13,743		421,910
Hawkins, Inc.		5,334		203,652
Innophos Holdings, Inc.		13,271		749,281
Koppers Holdings, Inc.		5,900		200,600
Kraton Performance Polymers, Inc. (b)		11,255		246,597
LSB Industries, Inc. (b)		5,777		178,567
Quaker Chemical Corp.		4,501		207,991
Stepan Co.		3,556		334,904

				3,475,740

COMMERCIAL BANKS — 2.1%
Bank of the Ozarks, Inc. (a)		9,987		300,409
City Holding Co. (a)		3,843		129,471
Community Bank System, Inc. (a)		11,124		301,683
CVB Financial Corp. (a)		16,359		190,582
First Financial Bancorp		16,118		257,566
First Financial Bankshares, Inc. (a)		10,836		374,492
Hanmi Financial Corp. (b)		6,532		68,455
Home Bancshares, Inc.		5,479		167,548
PacWest Bancorp		6,531		154,589
Texas Capital Bancshares, Inc. (a)(b)		9,804		395,983
Tompkins Financial Corp. (a)		3,837		144,578
UMB Financial Corp. (a)		12,225		626,287

				3,111,643

COMMERCIAL SERVICES & SUPPLIES — 1.9%
Consolidated Graphics, Inc. (b)		3,212		93,308
Encore Capital Group, Inc. (b)		9,749		288,765
Healthcare Services Group, Inc. (a)		26,402		511,671
Portfolio Recovery Associates, Inc. (a)(b)		10,318		941,621
Tetra Tech, Inc. (a)(b)		22,872		596,502
UniFirst Corp.		6,887		439,046

				2,870,913

COMMUNICATIONS EQUIPMENT — 1.2%
Netgear, Inc. (b)		23,097		797,077
Oplink Communications, Inc. (b)		7,122		96,361
ViaSat, Inc. (a)(b)		26,140		987,308

				1,880,746

COMPUTERS & PERIPHERALS — 0.9%
3D Systems Corp. (a)(b)		11,664		398,209
Stratasys, Inc. (a)(b)		8,592		425,734
Synaptics, Inc. (a)(b)		20,473		586,142

				1,410,085

CONSTRUCTION MATERIALS — 0.3%
Eagle Materials, Inc.		10,027		374,408
Headwaters, Inc. (a)(b)		14,792		76,179

				450,587

CONSUMER FINANCE — 1.8%
Cash America International, Inc. (a)		17,989		792,235
Ezcorp, Inc. (b)		26,808		628,916
First Cash Financial Services, Inc. (b)		17,257		693,214
World Acceptance Corp. (a)(b)		8,408		553,246

				2,667,611

DISTRIBUTORS — 0.4%
Pool Corp.		13,458		544,511

DIVERSIFIED CONSUMER SERVICES — 1.7%
American Public Education, Inc. (a)(b)		10,780		344,960
Capella Education Co. (b)		8,292		288,230
Coinstar, Inc. (a)(b)		19,003		1,304,746
Hillenbrand, Inc.		25,660		471,631
Universal Technical Institute, Inc.		7,556		102,081

				2,511,648

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
Atlantic Tele-Network, Inc. (a)		5,464		184,301
General Communication, Inc. (Class A) (b)		9,104		75,654
Neutral Tandem, Inc. (b)		13,243		174,543

				434,498

See accompanying notes to financial statements.

192

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

June 30, 2012


Security Description	Shares		Value

ELECTRIC UTILITIES — 1.3%
ALLETE, Inc.		10,192	$	426,026
El Paso Electric Co.		15,010		497,732
UIL Holdings Corp.		11,533		413,573
UNS Energy Corp.		14,813		568,967

				1,906,298

ELECTRICAL EQUIPMENT — 1.3%
AZZ, Inc.		7,624		467,046
Belden, Inc.		10,140		338,169
Franklin Electric Co., Inc.		11,439		584,876
II-VI, Inc. (b)		33,474		558,012
Vicor Corp.		6,168		42,806

				1,990,909

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.5%
Badger Meter, Inc. (a)		5,863		220,156
Cognex Corp.		25,931		820,716
DTS Inc. (a)(b)		9,948		259,444
FARO Technologies, Inc. (b)		10,299		433,382
FEI Co. (b)		15,875		759,460
Littelfuse, Inc.		13,086		744,463
Measurement Specialties, Inc. (a)(b)		6,234		202,667
Mercury Computer Systems, Inc. (b)		9,797		126,675
MTS Systems Corp.		9,581		369,348
OSI Systems, Inc. (b)		12,139		768,884
Park Electrochemical Corp.		5,302		137,216
Rofin-Sinar Technologies, Inc. (b)		8,123		153,768
Rogers Corp. (b)		6,223		246,493

				5,242,672

ENERGY EQUIPMENT & SERVICES — 2.2%
Basic Energy Services, Inc. (a)(b)		6,090		62,849
Hornbeck Offshore Services, Inc. (b)		10,963		425,145
ION Geophysical Corp. (a)(b)		24,188		159,399
Lufkin Industries, Inc.		20,383		1,107,205
OYO Geospace Corp. (b)		3,869		348,171
Pioneer Drilling Co. (b)		15,754		125,559
SEACOR Holdings, Inc. (b)		12,795		1,143,617

				3,371,945

FOOD & STAPLES RETAILING — 1.5%
Casey’s General Stores, Inc. (a)		23,075		1,361,194
United Natural Foods, Inc. (b)		17,462		957,966

				2,319,160

FOOD PRODUCTS — 3.2%
B&G Foods, Inc.		13,360		355,376
Calavo Growers, Inc. (a)		4,527		115,801
Darling International, Inc. (b)		33,764		556,768
Diamond Foods, Inc. (a)		7,881		140,597
Hain Celestial Group, Inc. (b)		17,154		944,156
J&J Snack Foods Corp.		8,736		516,298
Sanderson Farms, Inc. (a)		11,826		541,867
Snyders-Lance, Inc.		12,376		312,247
TreeHouse Foods, Inc. (a)(b)		21,938		1,366,518

				4,849,628

GAS UTILITIES — 2.1%
New Jersey Resources Corp. (a)		13,555		591,133
Northwest Natural Gas Co.		9,655		459,578
Piedmont Natural Gas Co., Inc.		20,251		651,880
South Jersey Industries, Inc.		18,500		942,945
Southwest Gas Corp.		12,985		566,795

				3,212,331

HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%
Abaxis, Inc. (b)		13,280		491,360
Align Technology, Inc. (a)(b)		28,425		951,101
Analogic Corp.		7,466		462,892
Cantel Medical Corp.		8,460		230,535
Cyberonics, Inc. (a)(b)		14,977		673,066
Greatbatch, Inc. (b)		9,822		223,058
Haemonetics Corp. (b)		15,395		1,140,923
ICU Medical, Inc. (a)(b)		7,566		403,873
Integra LifeSciences Holdings Corp. (b)		8,963		333,244
Meridian Bioscience, Inc. (a)		14,331		293,212
Merit Medical Systems, Inc. (b)		14,695		202,938
Neogen Corp. (a)(b)		14,320		661,584
NuVasive, Inc. (b)		26,293		666,790
SurModics, Inc. (b)		3,022		52,281
West Pharmaceutical Services, Inc.		13,379		675,506

				7,462,363

HEALTH CARE PROVIDERS & SERVICES — 3.9%
Air Methods Corp. (a)(b)		6,896		677,532
AmSurg Corp. (b)		12,116		363,238
Bio-Reference Laboratories, Inc. (a)(b)		9,162		240,777
Centene Corp. (b)		20,863		629,228
Chemed Corp. (a)		11,727		708,780
Corvel Corp. (b)		3,813		186,837
IPC The Hospitalist Co. (a)(b)		10,074		456,554
Landauer, Inc.		5,795		332,227
Magellan Health Services, Inc. (b)		16,648		754,654
MWI Veterinary Supply, Inc. (a)(b)		7,703		791,637
PSS World Medical, Inc. (a)(b)		19,095		400,804
The Ensign Group, Inc.		9,870		279,025

				5,821,293

HEALTH CARE TECHNOLOGY — 0.6%
Computer Programs and Systems, Inc. (a)		6,712		384,061
Medidata Solutions, Inc. (b)		13,655		446,109
Omnicell, Inc. (b)		8,035		117,632

				947,802

HOTELS, RESTAURANTS & LEISURE — 3.4%
Biglari Holdings, Inc. (b)		866		334,614
BJ’s Restaurants, Inc. (a)(b)		14,912		566,656
Buffalo Wild Wings, Inc. (b)		11,330		981,631
CEC Entertainment, Inc.		11,197		407,235
Cracker Barrel Old Country Store, Inc.		9,224		579,267
DineEquity, Inc. (b)		9,575		427,428
Interval Leisure Group, Inc.		10,828		205,840
Multimedia Games Holding Co., Inc. (b)		5,374		75,236
Papa John’s International, Inc. (b)		10,900		518,513
Peet’s Coffee & Tea, Inc. (a)(b)		8,015		481,220
Shuffle Master, Inc. (b)		14,932		206,062

See accompanying notes to financial statements.

193

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

June 30, 2012


Security Description	Shares		Value

Texas Roadhouse, Inc. (Class A)		21,837	$	402,456

				5,186,158

HOUSEHOLD DURABLES — 0.8%
Blyth, Inc. (a)		4,221		145,878
Helen of Troy, Ltd. (b)		10,861		368,079
iRobot Corp. (b)		16,462		364,633
The Ryland Group, Inc. (a)		12,680		324,355

				1,202,945

HOUSEHOLD PRODUCTS — 0.3%
WD-40 Co.		9,610		478,674

INSURANCE — 2.0%
eHealth, Inc. (b)		8,225		132,505
Infinity Property & Casualty Corp.		7,113		410,207
ProAssurance Corp.		18,556		1,653,154
RLI Corp. (a)		10,193		695,162
The Navigators Group, Inc. (b)		3,559		178,128

				3,069,156

INTERNET & CATALOG RETAIL — 0.2%
Blue Nile, Inc. (a)(b)		8,262		245,464

INTERNET SOFTWARE & SERVICES — 2.9%
Blucora, Inc. (b)		24,228		298,489
comScore, Inc. (a)(b)		21,494		353,791
DealerTrack Holdings, Inc. (b)		13,957		420,245
j2 Global, Inc. (a)		28,000		739,760
Liquidity Services, Inc. (b)		14,445		739,440
LivePerson, Inc. (a)(b)		29,737		566,787
LogMeIn, Inc. (a)(b)		13,130		400,728
OpenTable, Inc. (a)(b)		13,652		614,477
QuinStreet, Inc. (b)		10,000		92,600
Stamps.com, Inc. (b)		8,353		206,068

				4,432,385

IT SERVICES — 2.7%
CACI International, Inc. (Class A) (b)		16,253		894,240
Cardtronics, Inc. (b)		16,522		499,130
CSG Systems International, Inc. (b)		12,098		209,054
ExlService Holdings, Inc. (b)		7,900		194,656
Forrester Research, Inc. (a)		8,827		298,882
Heartland Payment Systems, Inc.		14,516		436,641
Higher One Holdings, Inc. (a)(b)		17,968		219,569
iGate Corp. (b)		8,170		139,053
MAXIMUS, Inc.		20,733		1,072,933
TeleTech Holdings, Inc. (b)		5,520		88,320
Virtusa Corp. (b)		5,209		69,540

				4,122,018

LEISURE EQUIPMENT & PRODUCTS — 0.6%
Brunswick Corp.		17,608		391,250
Sturm Ruger & Co, Inc. (a)		11,645		467,546

				858,796

LIFE SCIENCES TOOLS & SERVICES — 0.7%
Enzo Biochem, Inc. (b)		8,377		13,990
eResearch Technology, Inc. (a)(b)		11,982		95,736
Luminex Corp. (a)(b)		22,986		562,927
PAREXEL International Corp. (b)		16,103		454,588

				1,127,241

MACHINERY — 2.4%
Cascade Corp.		2,421		113,908
CIRCOR International, Inc.		4,235		144,371
Kaydon Corp.		7,422		158,756
Lindsay Corp. (a)		7,734		501,937
Robbins & Myers, Inc.		19,111		799,222
Tennant Co. (a)		7,817		312,289
The Toro Co.		18,162		1,331,093
Watts Water Technologies, Inc. (Class A)		9,429		314,363

				3,675,939

MEDIA — 0.4%
Arbitron, Inc.		15,949		558,215

METALS & MINING — 0.6%
AMCOL International Corp. (a)		9,065		256,630
Globe Specialty Metals, Inc. (a)		25,486		342,277
Haynes International, Inc.		4,788		243,901

				842,808

MULTI-UTILITIES — 0.5%
CH Energy Group, Inc. (a)		5,579		366,484
NorthWestern Corp.		11,441		419,885

				786,369

OIL, GAS & CONSUMABLE FUELS — 1.3%
Approach Resources, Inc. (b)		16,483		420,976
Cloud Peak Energy, Inc. (a)(b)		8,744		147,861
Contango Oil & Gas Co. (b)		7,722		457,143
GeoResources, Inc. (b)		12,059		441,480
Gulfport Energy Corp. (b)		18,272		376,951
PDC Energy, Inc. (a)(b)		7,393		181,276

				2,025,687

PAPER & FOREST PRODUCTS — 1.4%
Buckeye Technologies, Inc.		15,678		446,666
Clearwater Paper Corp. (b)		8,359		285,209
Deltic Timber Corp.		6,700		408,566
KapStone Paper and Packaging Corp. (b)		16,965		268,895
Schweitzer-Mauduit International, Inc.		9,403		640,721

				2,050,057

PERSONAL PRODUCTS — 0.2%
Inter Parfums, Inc.		4,899		84,606
Medifast, Inc. (b)		8,133		160,057

				244,663

PHARMACEUTICALS — 4.7%
Akorn, Inc. (b)		40,760		642,785
Hi-Tech Pharmacal Co., Inc. (b)		6,247		202,403
Par Pharmaceutical Cos., Inc. (b)		16,535		597,575
Questcor Pharmaceuticals, Inc. (a)(b)		36,698		1,953,802
Salix Pharmaceuticals, Ltd. (b)		35,282		1,920,752
The Medicines Co. (b)		33,296		763,810
ViroPharma, Inc. (a)(b)		42,244		1,001,183

				7,082,310

PROFESSIONAL SERVICES — 0.4%
Exponent, Inc. (b)		8,021		423,749

See accompanying notes to financial statements.

194

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

June 30, 2012


Security Description	Shares		Value

The Dolan Co. (b)		17,835	$	120,030

				543,779

REAL ESTATE INVESTMENT TRUSTS — 7.1%
Acadia Realty Trust		16,556		383,768
Colonial Properties Trust		15,594		345,251
EastGroup Properties, Inc.		17,063		909,458
Entertainment Properties Trust (a)		15,132		622,076
Extra Space Storage, Inc.		30,974		947,804
Healthcare Realty Trust, Inc.		19,570		466,549
Inland Real Estate Corp. (a)		14,223		119,189
Kilroy Realty Corp.		21,259		1,029,148
LTC Properties, Inc.		10,024		363,671
Mid-America Apartment Communities, Inc.		24,916		1,700,268
Post Properties, Inc.		18,236		892,652
PS Business Parks, Inc.		11,253		762,053
Sabra Healthcare REIT, Inc.		8,942		152,998
Saul Centers, Inc.		4,764		204,233
Sovran Self Storage, Inc.		9,611		481,415
Tanger Factory Outlet Centers, Inc.		33,203		1,064,156
Universal Health Realty Income Trust (a)		5,006		207,899
Urstadt Biddle Properties, Inc. (Class A)		6,591		130,304

				10,782,892

ROAD & RAIL — 0.9%
Heartland Express, Inc. (a)		14,713		210,543
Knight Transportation, Inc. (a)		16,292		260,509
Old Dominion Freight Line, Inc. (b)		20,553		889,739

				1,360,791

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.2%
ATMI, Inc. (b)		8,616		177,231
Brooks Automation, Inc.		27,005		254,927
Cabot Microelectronics Corp.		14,353		419,251
CEVA, Inc. (b)		13,908		244,920
Cirrus Logic, Inc. (a)(b)		39,188		1,170,937
Cymer, Inc. (b)		18,728		1,104,016
Diodes, Inc. (a)(b)		14,129		265,201
Entropic Communications, Inc. (a)(b)		52,111		293,906
Exar Corp. (a)(b)		27,933		227,933
GT Advanced Technologies, Inc. (a)(b)		72,908		384,954
Hittite Microwave Corp. (b)		17,009		869,500
Kopin Corp. (a)(b)		18,934		65,133
Kulicke & Soffa Industries, Inc. (b)		45,224		403,398
Micrel, Inc.		18,618		177,430
Microsemi Corp. (b)		38,183		706,004
MKS Instruments, Inc.		20,039		579,728
Monolithic Power Systems, Inc. (b)		12,079		240,010
Nanometrics, Inc. (a)(b)		6,846		105,155
Power Integrations, Inc. (a)		17,295		645,103
Rubicon Technology, Inc. (a)(b)		10,351		105,580
Standard Microsystems Corp. (b)		6,053		223,295
STR Holdings, Inc. (a)(b)		15,466		70,525
Supertex, Inc. (b)		2,754		51,913
Tessera Technologies, Inc.		20,212		310,658
TriQuint Semiconductor, Inc. (b)		59,679		328,235
Ultratech, Inc. (b)		10,711		337,396
Veeco Instruments, Inc. (a)(b)		23,557		809,419
Volterra Semiconductor Corp. (b)		15,339		359,700

				10,931,458

SOFTWARE — 6.1%
Blackbaud, Inc.		27,449		704,616
Bottomline Technologies, Inc. (b)		14,320		258,476
CommVault Systems, Inc. (b)		27,196		1,348,106
Ebix, Inc. (a)		18,895		376,955
EPIQ Systems, Inc.		8,834		108,216
Interactive Intelligence Group (b)		8,652		244,073
JDA Software Group, Inc. (b)		25,749		764,488
Manhattan Associates, Inc. (b)		12,263		560,542
MicroStrategy, Inc. (b)		4,903		636,704
Monotype Imaging Holdings, Inc. (b)		10,648		178,567
Netscout Systems, Inc. (b)		21,068		454,858
OPNET Technologies, Inc. (a)		9,138		242,979
Progress Software Corp. (b)		17,955		374,721
Quality Systems, Inc.		23,887		657,131
Sourcefire, Inc. (a)(b)		17,819		915,897
Synchronoss Technologies, Inc. (b)		16,490		304,570
Tyler Technologies, Inc. (b)		15,090		608,881
Vasco Data Security International (a)(b)		6,825		55,829
Websense, Inc. (a)(b)		22,445		420,395

				9,216,004

SPECIALTY RETAIL — 5.0%
Genesco, Inc. (b)		14,863		894,010
Hibbett Sports, Inc. (a)(b)		15,920		918,743
Jos. A. Bank Clothiers, Inc. (a)(b)		16,912		718,084
Kirkland’s, Inc. (b)		5,329		59,951
Lumber Liquidators Holdings, Inc. (a)(b)		11,586		391,491
Monro Muffler Brake, Inc. (a)		18,822		625,643
Rue21, Inc. (a)(b)		9,637		243,238
Select Comfort Corp. (a)(b)		14,421		301,687
The Buckle, Inc. (a)		16,600		656,862
The Cato Corp. (Class A)		10,561		321,688
The Children’s Place Retail Stores, Inc. (a)(b)		14,687		731,853
The Finish Line, Inc. (Class A)		15,730		328,914
Vitamin Shoppe, Inc. (a)(b)		17,913		983,961
Zumiez, Inc. (b)		9,078		359,489

				7,535,614

TEXTILES, APPAREL & LUXURY GOODS — 2.6%
Crocs, Inc. (b)		19,887		321,175
Fifth & Pacific Cos, Inc. (a)(b)		33,198		356,215
Iconix Brand Group, Inc. (a)(b)		30,777		537,674
Maidenform Brands, Inc. (b)		7,354		146,492
Oxford Industries, Inc.		3,563		159,266
Steven Madden, Ltd. (b)		23,887		758,412
True Religion Apparel, Inc.		15,591		451,827
Wolverine World Wide, Inc.		29,693		1,151,495

				3,882,556

THRIFTS & MORTGAGE FINANCE — 0.3%
Oritani Financial Corp.		20,843		299,931

See accompanying notes to financial statements.

195

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

June 30, 2012


Security Description	Shares		Value

ViewPoint Financial Group		13,062	$	204,289

				504,220

TRADING COMPANIES & DISTRIBUTORS — 0.5%
Applied Industrial Technologies, Inc.		14,236		524,596
Kaman Corp.		8,754		270,849

				795,445

WATER UTILITIES — 0.3%
American States Water Co. (a)		11,444		452,954

TOTAL COMMON STOCKS —
(Cost $140,500,642)				151,206,367

SHORT TERM INVESTMENTS — 15.1%
MONEY MARKET FUNDS — 15.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		22,607,900		22,607,900
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		195,301		195,301

TOTAL SHORT TERM INVESTMENTS —
(Cost $22,803,201)				22,803,201

TOTAL INVESTMENTS — 115.0% (f)
(Cost $163,303,843)				174,009,568
OTHER ASSETS & LIABILITIES — (15.0)%				(22,656,037	)

NET ASSETS — 100.0%			$	151,353,531


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

196

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

June 30, 2012


Security Description	Shares			Value

COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 1.9%
AAR Corp.		21,098		$	284,401
Ceradyne, Inc. (a)		12,623			323,780
Curtiss-Wright Corp.		24,110			748,616
GenCorp, Inc. (b)		30,962			201,563
Moog, Inc. (Class A) (b)		8,101			334,976
Orbital Sciences Corp. (b)		30,419			393,013

					2,286,349

AIR FREIGHT & LOGISTICS — 0.2%
HUB Group, Inc. (Class A) (b)		8,432			305,238

AIRLINES — 0.1%
SkyWest, Inc. (a)		25,751			168,154

AUTO COMPONENTS — 0.6%
Drew Industries, Inc. (b)		9,939			276,801
Spartan Motors, Inc.		17,946			94,037
Standard Motor Products, Inc.		10,417			146,672
Superior Industries International, Inc. (a)		12,109			198,224

					715,734

AUTOMOBILES — 0.1%
Winnebago Industries, Inc. (b)		15,033			153,186

BIOTECHNOLOGY — 0.1%
Emergent Biosolutions, Inc. (b)		4,102			62,146
Savient Pharmaceuticals, Inc. (a)(b)		18,036			9,741

					71,887

BUILDING PRODUCTS — 2.0%
A.O. Smith Corp.		11,468			560,670
AAON, Inc. (a)		4,406			83,053
Apogee Enterprises, Inc.		14,368			230,894
Gibraltar Industries, Inc. (b)		15,353			159,364
Griffon Corp.		23,669			203,080
NCI Building Systems, Inc. (a)(b)		7,129			77,207
Quanex Building Products Corp. (a)		18,694			334,249
Simpson Manufacturing Co., Inc.		11,507			339,572
Universal Forest Products, Inc.		10,233			398,882

					2,386,971

CAPITAL MARKETS — 1.4%
Calamos Asset Management, Inc. (Class A)		10,328			118,256
Investment Technology Group, Inc. (b)		20,195			185,794
Piper Jaffray Co., Inc. (a)(b)		7,961			186,526
Prospect Capital Corp. (a)		61,245			697,581
Stifel Financial Corp. (b)		11,780			364,002
SWS Group, Inc. (b)		14,467			77,109
Virtus Investment Partners, Inc. (a)(b)		976			79,056

					1,708,324

CHEMICALS — 2.6%
A. Schulman, Inc.		15,380			305,293
American Vanguard Corp. (a)		7,439			197,803
Calgon Carbon Corp. (a)(b)		16,713			237,659
H.B. Fuller Co.		13,853			425,287
Koppers Holdings, Inc.		5,412			184,008
Kraton Performance Polymers, Inc. (b)		7,085			155,232
LSB Industries, Inc. (b)		4,680			144,659
OM Group, Inc. (a)(b)		16,938			321,822
PolyOne Corp.		46,226			632,372
Quaker Chemical Corp.		2,692	��		124,397
Stepan Co. (a)		1,246			117,348
Tredegar Corp.		11,794			171,721
Zep, Inc.		11,261			154,614

					3,172,215

COMMERCIAL BANKS — 10.6%
Bank of the Ozarks, Inc. (a)		6,084			183,007
BBCN Bancorp, Inc. (b)		39,688			432,202
Boston Private Financial Holdings, Inc.		40,787			364,228
City Holding Co. (a)		4,191			141,195
Columbia Banking System, Inc.		20,647			388,576
Community Bank System, Inc. (a)		11,085			300,625
CVB Financial Corp. (a)		32,064			373,546
F.N.B. Corp. (a)		71,338			775,444
First BanCorp- Puerto Rico (b)		10,376			41,089
First Commonwealth Financial Corp. (a)		53,331			358,918
First Financial Bancorp (a)		16,280			260,154
First Financial Bankshares, Inc. (a)		6,899			238,429
First Midwest Bancorp, Inc.		39,013			428,363
Glacier Bancorp, Inc. (a)		36,682			568,204
Hanmi Financial Corp. (b)		10,521			110,260
Home Bancshares, Inc.		6,769			206,996
Independent Bank Corp.-Massachusetts (a)		10,997			321,222
National Penn Bancshares, Inc. (a)		63,424			606,968
NBT Bancorp, Inc. (a)		16,883			364,504
Old National Bancorp (a)		48,271			579,735
PacWest Bancorp (a)		11,508			272,394
Pinnacle Financial Partners, Inc. (a)(b)		17,870			348,644
PrivateBancorp, Inc.		30,634			452,158
S&T Bancorp, Inc.		14,881			274,852
Simmons First National Corp. (a)		8,848			205,716
Sterling Bancorp (a)		15,890			158,582
Susquehanna Bancshares, Inc.		96,654			995,536
Texas Capital Bancshares, Inc. (a)(b)		11,177			451,439
Tompkins Financial Corp. (a)		1,509			56,859
UMB Financial Corp. (a)		6,329			324,235
Umpqua Holdings Corp. (a)		57,185			752,555
United Bankshares, Inc. (a)		23,059			596,767
United Community Banks, Inc. (a)(b)		9,593			82,212
Wilshire Bancorp, Inc. (a)(b)		30,759			168,559
Wintrust Financial Corp. (a)		18,586			659,803

					12,843,976

COMMERCIAL SERVICES & SUPPLIES — 3.4%
ABM Industries, Inc.		24,619			481,548
Consolidated Graphics, Inc. (b)		1,798			52,232
Encore Capital Group, Inc. (b)		3,044			90,163
G & K Services, Inc. (Class A)		9,572			298,551
Healthcare Services Group, Inc.		12,476			241,785
Interface, Inc.		29,464			401,594
Mobile Mini, Inc. (a)(b)		19,156			275,846
Sykes Enterprises, Inc. (b)		20,133			321,323
Tetra Tech, Inc. (a)(b)		13,490			351,819
The Geo Group, Inc. (b)		31,423			713,931

See accompanying notes to financial statements.

197

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

June 30, 2012


Security Description	Shares		Value

UniFirst Corp.		2,138	$	136,297
United Stationers, Inc.		20,794		560,398
Viad Corp. (a)		10,306		206,120

				4,131,607

COMMUNICATIONS EQUIPMENT — 1.7%
Arris Group, Inc. (b)		57,810		804,137
Bel Fuse, Inc. (Class B)		5,176		91,149
Black Box Corp.		9,187		263,667
Comtech Telecommunications Corp. (a)		9,087		259,707
Digi International, Inc. (a)(b)		13,211		135,281
Harmonic, Inc. (b)		61,361		261,398
Oplink Communications, Inc. (b)		3,592		48,600
PC-Tel, Inc.		9,402		60,831
Symmetricom, Inc. (a)(b)		21,959		131,534

				2,056,304

COMPUTERS & PERIPHERALS — 0.9%
3D Systems Corp. (a)(b)		8,376		285,957
Avid Technology, Inc. (a)(b)		15,079		112,037
Intermec, Inc. (b)		26,583		164,815
Intevac, Inc. (b)		11,812		88,826
Novatel Wireless, Inc. (b)		16,458		40,980
Stratasys, Inc. (a)(b)		3,596		178,182
Super Micro Computer, Inc. (a)(b)		14,568		231,048

				1,101,845

CONSTRUCTION & ENGINEERING — 1.6%
Aegion Corp. (a)(b)		20,287		362,935
Comfort Systems USA, Inc.		18,900		189,378
Dycom Industries, Inc. (b)		17,040		317,114
EMCOR Group, Inc.		34,384		956,563
Orion Marine Group, Inc. (b)		13,978		97,287

				1,923,277

CONSTRUCTION MATERIALS — 1.0%
Eagle Materials, Inc.		14,937		557,748
Headwaters, Inc. (a)(b)		18,510		95,326
Texas Industries, Inc. (a)		14,499		565,606

				1,218,680

CONTAINERS & PACKAGING — 0.2%
Myers Industries, Inc.		17,493		300,180

DISTRIBUTORS — 0.5%
Pool Corp.		12,833		519,223
VOXX International Corp. (a)(b)		9,278		86,471

				605,694

DIVERSIFIED CONSUMER SERVICES — 0.5%
Career Education Corp. (b)		27,148		181,620
Corinthian Colleges, Inc. (b)		43,604		126,016
Hillenbrand, Inc.		10,425		191,611
Lincoln Educational Services Corp.		11,666		75,829
Universal Technical Institute, Inc.		4,492		60,687

				635,763

DIVERSIFIED FINANCIAL SERVICES — 0.2%
Interactive Brokers Group, Inc. (Class A)		20,310		298,963

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%
Cbeyond, Inc. (b)		15,550		105,273
Cincinnati Bell, Inc. (a)(b)		102,668		381,925
General Communication, Inc. (Class A) (b)		9,996		83,067
Lumos Networks Corp.		7,554		71,385
Neutral Tandem, Inc. (b)		4,692		61,841

				703,491

ELECTRIC UTILITIES — 1.3%
ALLETE, Inc.		8,654		361,737
El Paso Electric Co.		7,950		263,622
UIL Holdings Corp.		16,087		576,880
UNS Energy Corp.		8,208		315,269

				1,517,508

ELECTRICAL EQUIPMENT — 2.1%
Belden, Inc.		14,612		487,310
Brady Corp. (Class A)		26,964		741,780
Encore Wire Corp. (a)		9,965		266,863
EnerSys (b)		24,554		861,109
Powell Industries, Inc. (a)(b)		4,571		170,772
Vicor Corp.		4,792		33,256

				2,561,090

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.6%
Agilysys, Inc. (a)(b)		7,426		64,383
Anixter International, Inc. (a)		14,300		758,615
Badger Meter, Inc. (a)		2,421		90,909
Benchmark Electronics, Inc. (a)(b)		29,354		409,488
Brightpoint, Inc. (b)		34,833		188,447
Checkpoint Systems, Inc. (b)		20,834		181,464
CTS Corp.		17,615		165,933
Daktronics, Inc. (a)		18,576		128,360
Electro Scientific Industries, Inc.		12,187		144,050
FEI Co. (b)		6,022		288,093
Insight Enterprises, Inc. (b)		22,970		386,585
Measurement Specialties, Inc. (b)		2,692		87,517
Mercury Computer Systems, Inc. (a)(b)		7,280		94,130
Methode Electronics, Inc. (Class A) (a)		19,011		161,784
Newport Corp. (b)		19,178		230,520
Park Electrochemical Corp. (a)		6,033		156,134
Plexus Corp. (a)(b)		18,128		511,210
Pulse Electronics Corp. (a)		21,170		41,705
RadiSys Corp. (a)(b)		11,676		73,325
Rofin-Sinar Technologies, Inc. (b)		7,456		141,142
Rogers Corp. (b)		2,969		117,602
Scansource, Inc. (b)		14,303		438,244
SYNNEX Corp. (a)(b)		13,537		466,891
TTM Technologies, Inc. (a)(b)		25,954		244,227

				5,570,758

ENERGY EQUIPMENT & SERVICES — 2.2%
Basic Energy Services, Inc. (a)(b)		9,539		98,442
Bristow Group, Inc.		18,507		752,680
Exterran Holdings, Inc. (a)(b)		33,330		424,957
Gulf Island Fabrication, Inc.		7,352		207,400
Hornbeck Offshore Services, Inc. (b)		9,046		350,804

See accompanying notes to financial statements.

198

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

June 30, 2012


Security Description	Shares		Value

ION Geophysical Corp. (a)(b)		45,413	$	299,272
Matrix Service Co. (b)		12,940		146,869
Pioneer Drilling Co. (b)		18,045		143,819
Tetra Technologies, Inc. (b)		39,462		281,364

				2,705,607

FOOD & STAPLES RETAILING — 1.1%
Nash Finch Co. (a)		6,216		133,520
Spartan Stores, Inc. (a)		11,213		203,292
The Andersons, Inc.		9,472		404,075
United Natural Foods, Inc. (b)		10,233		561,382

				1,302,269

FOOD PRODUCTS — 1.9%
B&G Foods, Inc.		13,248		352,397
Cal-Maine Foods, Inc.		7,329		286,564
Calavo Growers, Inc. (a)		2,496		63,848
Darling International, Inc. (b)		31,938		526,658
Diamond Foods, Inc. (a)		4,475		79,834
Hain Celestial Group, Inc. (b)		8,582		472,353
Seneca Foods Corp. (a)(b)		4,733		127,318
Snyders-Lance, Inc. (a)		13,637		344,061

				2,253,033

GAS UTILITIES — 1.9%
New Jersey Resources Corp. (a)		9,823		428,381
Northwest Natural Gas Co. (a)		5,598		266,465
Piedmont Natural Gas Co., Inc.		19,988		643,414
Southwest Gas Corp.		12,859		561,295
The Laclede Group, Inc. (a)		11,453		455,944

				2,355,499

HEALTH CARE EQUIPMENT & SUPPLIES — 2.1%
Align Technology, Inc. (a)(b)		11,864		396,969
Cantel Medical Corp.		3,622		98,699
CONMED Corp.		14,628		404,757
CryoLife, Inc. (b)		14,541		76,049
Greatbatch, Inc. (a)(b)		3,890		88,342
Integra LifeSciences Holdings Corp. (b)		2,892		107,525
Invacare Corp.		16,478		254,256
Meridian Bioscience, Inc. (a)		8,877		181,623
Merit Medical Systems, Inc. (b)		8,818		121,777
Natus Medical, Inc. (b)		15,129		175,799
Palomar Medical Technologies, Inc. (a)(b)		10,037		85,314
SurModics, Inc. (a)(b)		4,900		84,770
Symmetry Medical, Inc. (b)		18,646		159,983
West Pharmaceutical Services, Inc. (a)		6,061		306,020

				2,541,883

HEALTH CARE PROVIDERS & SERVICES — 2.4%
Almost Family, Inc. (a)(b)		4,194		93,694
Amedisys, Inc. (a)(b)		15,671		195,104
AMN Healthcare Services, Inc. (b)		21,446		127,175
AmSurg Corp. (b)		6,199		185,846
Bio-Reference Laboratories, Inc. (a)(b)		4,892		128,562
Centene Corp. (b)		8,804		265,529
Cross Country Healthcare, Inc. (a)(b)		15,154		66,223
Gentiva Health Services, Inc. (b)		15,884		110,076
Hanger Orthopedic Group, Inc. (b)		17,429		446,879
Healthways, Inc. (a)(b)		17,178		137,080
Kindred Healthcare, Inc. (a)(b)		26,634		261,812
LHC Group, Inc. (b)		8,116		137,647
Molina Healthcare, Inc. (b)		14,847		348,311
PharMerica Corp. (b)		15,115		165,056
PSS World Medical, Inc. (a)(b)		9,401		197,327

				2,866,321

HEALTH CARE TECHNOLOGY — 0.1%
Omnicell, Inc. (b)		10,030		146,839

HOTELS, RESTAURANTS & LEISURE — 3.0%
Boyd Gaming Corp. (a)(b)		27,494		197,957
Cracker Barrel Old Country Store, Inc.		4,092		256,978
Interval Leisure Group, Inc.		11,080		210,631
Jack in the Box, Inc. (b)		22,576		629,419
Marcus Corp.		9,972		137,215
Marriott Vacations Worldwide Corp. (b)		14,076		436,075
Monarch Casino & Resort, Inc. (b)		5,889		53,825
Multimedia Games Holding Co., Inc. (b)		9,071		126,994
Pinnacle Entertainment, Inc. (b)		32,120		308,994
Red Robin Gourmet Burgers, Inc. (b)		5,598		170,795
Ruby Tuesday, Inc. (a)(b)		32,382		220,521
Ruth’s Hospitality Group, Inc. (a)(b)		18,122		119,605
Shuffle Master, Inc. (b)		16,323		225,257
Sonic Corp. (b)		30,759		308,205
Texas Roadhouse, Inc. (Class A)		12,176		224,404

				3,626,875

HOUSEHOLD DURABLES — 2.1%
American Greetings Corp. (Class A) (a)		18,160		265,499
Blyth, Inc. (a)		1,622		56,056
Ethan Allen Interiors, Inc. (a)		13,285		264,770
Helen of Troy, Ltd. (b)		6,928		234,790
La-Z-Boy, Inc. (b)		26,304		323,276
M/I Homes, Inc. (b)		9,945		172,247
Meritage Homes Corp. (a)(b)		14,334		486,496
Standard Pacific Corp. (a)(b)		52,976		327,922
The Ryland Group, Inc. (a)		12,080		309,007
Universal Electronics, Inc. (b)		7,584		99,881

				2,539,944

HOUSEHOLD PRODUCTS — 0.2%
Central Garden & Pet Co. (Class A) (a)(b)		21,402		233,068

INDUSTRIAL CONGLOMERATES — 0.2%
Standex International Corp.		6,460		275,002

INSURANCE — 2.7%
AMERISAFE, Inc. (b)		9,249		240,012
eHealth, Inc. (b)		3,192		51,423
Employers Holdings, Inc. (a)		16,064		289,795
Horace Mann Educators Corp.		20,190		352,921
Meadowbrook Insurance Group, Inc.		25,877		227,459
National Financial Partners Corp. (a)(b)		21,081		282,485
Presidential Life Corp.		10,949		107,629
Safety Insurance Group, Inc. (a)		7,824		317,967

See accompanying notes to financial statements.

199

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

June 30, 2012


Security Description	Shares		Value

Selective Insurance Group, Inc.		27,923	$	486,139
Stewart Information Services Corp. (a)		9,932		152,456
The Navigators Group, Inc. (b)		2,533		126,777
Tower Group, Inc. (a)		20,085		419,174
United Fire Group, Inc.		10,450		222,898

				3,277,135

INTERNET & CATALOG RETAIL — 0.2%
NutriSystem, Inc. (a)		14,387		166,314
PetMed Express, Inc. (a)		10,122		123,083

				289,397

INTERNET SOFTWARE & SERVICES — 1.0%
DealerTrack Holdings, Inc. (a)(b)		9,759		293,843
Digital River, Inc. (b)		18,974		315,348
Perficient, Inc. (b)		16,930		190,124
QuinStreet, Inc. (b)		4,800		44,448
United Online, Inc. (a)		47,561		200,707
XO Group, Inc. (b)		14,096		125,032

				1,169,502

IT SERVICES — 1.0%
Cardtronics, Inc. (b)		8,780		265,244
CIBER, Inc. (b)		37,136		160,056
CSG Systems International, Inc. (b)		6,988		120,753
ExlService Holdings, Inc. (b)		1,800		44,352
Heartland Payment Systems, Inc.		7,730		232,518
iGate Corp. (b)		8,284		140,994
NCI, Inc. (Class A) (b)		4,075		16,504
TeleTech Holdings, Inc. (b)		8,190		131,040
Virtusa Corp. (b)		5,092		67,978

				1,179,439

LEISURE EQUIPMENT & PRODUCTS — 1.1%
Arctic Cat, Inc. (b)		6,606		241,515
Brunswick Corp. (a)		31,030		689,487
Callaway Golf Co. (a)		33,603		198,594
JAKKS Pacific, Inc. (a)		11,277		180,545

				1,310,141

LIFE SCIENCES TOOLS & SERVICES — 0.8%
Affymetrix, Inc. (a)(b)		36,200		169,778
Cambrex Corp. (b)		15,204		143,070
Enzo Biochem, Inc. (b)		10,088		16,847
eResearch Technology, Inc. (a)(b)		12,185		97,358
PAREXEL International Corp. (b)		17,158		484,370

				911,423

MACHINERY — 4.9%
Actuant Corp. (Class A) (a)		35,191		955,788
Albany International Corp. (Class A)		14,540		272,043
Astec Industries, Inc. (b)		10,187		312,537
Barnes Group, Inc.		23,769		577,349
Briggs & Stratton Corp. (a)		24,785		433,490
Cascade Corp.		2,284		107,462
CIRCOR International, Inc.		5,158		175,836
EnPro Industries, Inc. (a)(b)		10,494		392,161
ESCO Technologies, Inc.		13,733		500,431
Federal Signal Corp. (a)(b)		31,948		186,576
John Bean Technologies Corp.		14,693		199,384
Kaydon Corp.		9,954		212,916
Lydall, Inc. (a)(b)		8,784		118,760
Mueller Industries, Inc.		19,586		834,168
Robbins & Myers, Inc.		6,227		260,413
Tennant Co.		3,182		127,121
Watts Water Technologies, Inc. (Class A) (a)		7,272		242,448

				5,908,883

MEDIA — 1.0%
Digital Generation, Inc. (a)(b)		14,386		177,955
Harte-Hanks, Inc. (a)		22,149		202,442
Live Nation Entertainment, Inc. (a)(b)		76,405		701,398
The E.W. Scripps Co. (Class A) (b)		16,025		154,000

				1,235,795

METALS & MINING — 2.2%
A.M. Castle & Co. (a)(b)		8,105		86,075
AK Steel Holding Corp. (a)		57,676		338,558
AMCOL International Corp. (a)		5,306		150,213
Century Aluminum Co. (a)(b)		27,623		202,476
Globe Specialty Metals, Inc. (a)		10,648		143,003
Haynes International, Inc.		2,369		120,677
Kaiser Aluminum Corp. (a)		8,079		418,815
Materion Corp.		10,380		239,051
Olympic Steel, Inc. (a)		4,704		77,240
RTI International Metals, Inc. (a)(b)		15,725		355,857
SunCoke Energy, Inc. (b)		35,732		523,474

				2,655,439

MULTI-UTILITIES — 1.1%
Avista Corp. (a)		29,978		800,413
CH Energy Group, Inc. (a)		2,974		195,362
NorthWestern Corp.		8,846		324,648

				1,320,423

MULTILINE RETAIL — 0.3%
Fred’s, Inc. (Class A) (a)		18,611		284,562
Tuesday Morning Corp. (a)(b)		21,841		93,698

				378,260

OIL, GAS & CONSUMABLE FUELS — 2.3%
Cloud Peak Energy, Inc. (a)(b)		23,958		405,130
Comstock Resources, Inc. (a)(b)		24,826		407,643
Gulfport Energy Corp. (a)(b)		8,076		166,608
Overseas Shipholding Group, Inc. (a)		13,222		146,896
PDC Energy, Inc. (a)(b)		9,364		229,605
Penn Virginia Corp. (a)		24,270		178,142
Petroquest Energy, Inc. (a)(b)		29,342		146,710
Stone Energy Corp. (b)		25,341		642,141
Swift Energy Co. (a)(b)		21,872		407,038

				2,729,913

PAPER & FOREST PRODUCTS — 0.7%
Buckeye Technologies, Inc.		6,790		193,447
Clearwater Paper Corp. (b)		4,682		159,750
KapStone Paper and Packaging Corp. (b)		5,988		94,910
Neenah Paper, Inc.		8,124		216,829
Wausau Paper Corp. (a)		25,249		245,673

				910,609

PERSONAL PRODUCTS — 0.4%
Inter Parfums, Inc.		4,092		70,669

See accompanying notes to financial statements.

200

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

June 30, 2012


Security Description	Shares		Value

Prestige Brands Holdings, Inc. (b)		25,582	$	404,451

				475,120

PHARMACEUTICALS — 0.1%
Par Pharmaceutical Cos., Inc. (b)		4,780		172,749

PROFESSIONAL SERVICES — 1.7%
CDI Corp. (a)		6,539		107,240
Heidrick & Struggles International, Inc.		9,176		160,580
Insperity, Inc.		11,798		319,136
Kelly Services, Inc. (Class A) (a)		14,315		184,807
Navigant Consulting, Inc. (b)		26,478		334,682
On Assignment, Inc. (b)		21,864		348,949
Resources Connection, Inc.		21,576		265,385
TrueBlue, Inc. (b)		20,838		322,572

				2,043,351

REAL ESTATE INVESTMENT TRUSTS — 9.5%
Acadia Realty Trust		8,601		199,371
Cedar Shopping Centers, Inc. (a)		28,654		144,703
Colonial Properties Trust		31,939		707,130
Cousins Properties, Inc.		52,980		410,595
DiamondRock Hospitality Co.		85,886		876,037
Entertainment Properties Trust (a)		11,412		469,147
Extra Space Storage, Inc.		27,276		834,646
Franklin Street Properties Corp.		36,849		389,862
Getty Realty Corp. (a)		13,880		265,802
Healthcare Realty Trust, Inc.		23,487		559,930
Inland Real Estate Corp.		27,411		229,704
Kilroy Realty Corp.		17,100		827,811
Kite Realty Group Trust		32,731		163,328
LaSalle Hotel Properties		43,862		1,278,139
Lexington Realty Trust (a)		69,135		585,573
LTC Properties, Inc.		7,076		256,717
Medical Properties Trust, Inc.		69,235		666,041
Parkway Properties, Inc. (a)		11,302		129,295
Pennsylvania Real Estate Investment Trust		28,627		428,833
Post Properties, Inc.		12,149		594,694
Sabra Healthcare REIT, Inc.		11,400		195,054
Saul Centers, Inc.		1,892		81,110
Sovran Self Storage, Inc.		6,856		343,417
Tanger Factory Outlet Centers, Inc.		19,366		620,680
Universal Health Realty Income Trust		2,193		91,075
Urstadt Biddle Properties, Inc. (Class A)		6,143		121,447

				11,470,141

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
Forestar Group, Inc. (b)		18,178		232,860

ROAD & RAIL — 0.8%
Arkansas Best Corp.		12,890		162,414
Heartland Express, Inc. (a)		16,508		236,230
Knight Transportation, Inc. (a)		16,723		267,401
Old Dominion Freight Line, Inc. (b)		6,722		290,995

				957,040

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%
Advanced Energy Industries, Inc. (a)(b)		20,162		270,574
ATMI, Inc. (b)		8,968		184,472
Brooks Automation, Inc.		10,568		99,762
Cohu, Inc.		12,425		126,238
Diodes, Inc. (a)(b)		7,190		134,956
DSP Group, Inc. (b)		11,670		73,988
Kopin Corp. (a)(b)		18,466		63,523
Micrel, Inc.		9,492		90,459
Microsemi Corp. (b)		13,303		245,972
MKS Instruments, Inc.		10,184		294,623
Monolithic Power Systems, Inc. (b)		5,290		105,112
Nanometrics, Inc. (a)(b)		2,796		42,947
Pericom Semiconductor Corp. (b)		12,549		112,941
Rudolph Technologies, Inc. (a)(b)		16,374		142,781
Sigma Designs, Inc. (a)(b)		16,545		105,557
Standard Microsystems Corp. (b)		6,179		227,943
STR Holdings, Inc. (a)(b)		7,894		35,997
Supertex, Inc. (a)(b)		3,813		71,875
Tessera Technologies, Inc.		9,012		138,514
TriQuint Semiconductor, Inc. (a)(b)		36,036		198,198
Ultratech, Inc. (b)		4,179		131,639

				2,898,071

SOFTWARE — 1.0%
Bottomline Technologies, Inc. (b)		6,484		117,036
EPIQ Systems, Inc.		8,689		106,441
Monotype Imaging Holdings, Inc. (b)		9,213		154,502
Progress Software Corp. (b)		17,234		359,674
Take-Two Interactive Software, Inc. (b)		46,544		440,306
Vasco Data Security International (a)(b)		8,840		72,311

				1,250,270

SPECIALTY RETAIL — 4.6%
Big 5 Sporting Goods Corp.		11,111		83,999
Brown Shoe Co., Inc.		22,268		287,480
Cabela’s, Inc. (b)		22,490		850,347
Christopher & Banks Corp. (a)		17,423		20,559
Coldwater Creek, Inc. (a)(b)		41,981		22,922
Group 1 Automotive, Inc. (a)		11,827		539,429
Haverty Furniture Cos., Inc. (a)		9,890		110,471
Hot Topic, Inc. (a)		21,707		210,341
Kirkland’s, Inc. (b)		3,812		42,885
Lithia Motors, Inc. (Class A)		10,951		252,421
Lumber Liquidators Holdings, Inc. (a)(b)		4,288		144,891
MarineMax, Inc. (b)		12,482		118,704
OfficeMax, Inc. (a)(b)		44,994		227,670
Pep Boys-Manny, Moe & Jack (a)		27,588		273,121
Select Comfort Corp. (a)(b)		17,079		357,293
Sonic Automotive, Inc. (Class A) (a)		18,165		248,316
Stage Stores, Inc. (a)		15,597		285,737
Stein Mart, Inc. (b)		13,555		107,762
The Cato Corp. (Class A)		6,043		184,070
The Finish Line, Inc. (Class A)		13,643		285,275
The Men’s Wearhouse, Inc. (a)		26,056		733,216

See accompanying notes to financial statements.

201

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

June 30, 2012


Security Description	Shares		Value

Zale Corp. (b)		12,436	$	33,453
Zumiez, Inc. (b)		3,594		142,322

				5,562,684

TEXTILES, APPAREL & LUXURY GOODS — 1.8%
Crocs, Inc. (b)		29,366		474,261
Fifth & Pacific Cos, Inc. (a)(b)		27,749		297,747
Iconix Brand Group, Inc. (a)(b)		10,500		183,435
K-Swiss, Inc. (Class A) (a)(b)		13,270		40,872
Maidenform Brands, Inc. (b)		5,690		113,345
Movado Group, Inc.		8,924		223,278
Oxford Industries, Inc.		3,992		178,442
Perry Ellis International, Inc. (a)(b)		6,579		136,514
Quiksilver, Inc. (b)		61,894		144,213
Skechers U.S.A., Inc. (a)(b)		19,287		392,876

				2,184,983

THRIFTS & MORTGAGE FINANCE — 1.7%
Bank Mutual Corp. (a)		22,689		100,059
Brookline Bancorp, Inc.		35,834		317,131
Dime Community Bancshares		14,366		190,924
Northwest Bancshares, Inc.		49,826		583,462
Oritani Financial Corp.		6,132		88,239
Provident Financial Services, Inc.		27,754		426,024
TrustCo Bank Corp. NY (a)		48,296		263,696
ViewPoint Financial Group		5,568		87,084

				2,056,619

TOBACCO — 0.1%
Alliance One International, Inc. (a)(b)		44,970		155,596

TRADING COMPANIES & DISTRIBUTORS — 0.5%
Applied Industrial Technologies, Inc.		9,647		355,492
Kaman Corp. (a)		6,167		190,807
Lawson Products, Inc. (a)		1,917		17,732

				564,031

WIRELESS TELECOMMUNICATION SERVICES — 0.2%
NTELOS Holdings Corp.		7,530		141,941
USA Mobility, Inc.		11,369		146,205

				288,146

TOTAL COMMON STOCKS —
(Cost $125,429,374)				120,871,554

SHORT TERM INVESTMENTS — 16.0%
MONEY MARKET FUNDS — 16.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		19,171,041		19,171,041
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		184,093		184,093

TOTAL SHORT TERM INVESTMENTS —
(Cost $19,355,134)				19,355,134

TOTAL INVESTMENTS — 115.7% (f)
(Cost $144,784,508)				140,226,688
OTHER ASSETS & LIABILITIES — (15.7)%				(19,025,877	)

NET ASSETS — 100.0%			$	121,200,811


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

202

SPDR Global Dow ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 1.2%
BHP Billiton, Ltd.		15,380	$	495,818
National Australia Bank, Ltd.		24,914		601,167

				1,096,985

BELGIUM — 1.0%
Anheuser-Busch InBev NV		11,531		897,028

BRAZIL — 1.9%
Cia Energetica de Minas Gerais Preference Shares		44,277		823,263
Petroleo Brasileiro SA Preference Shares		1,500		13,563
Petroleo Brasileiro SA Preference Shares ADR		23,881		433,201
Vale SA Preference Shares		24,737		479,923

				1,749,950

CANADA — 1.3%
Potash Corp. of Saskatchewan, Inc.		10,579		461,784
Research In Motion, Ltd. (a)(b)		19,479		144,069
Royal Bank of Canada (a)		12,385		633,677

				1,239,530

CHINA — 2.8%
China Construction Bank Corp.		843,557		575,287
China Petroleum & Chemical Corp.		640,957		568,502
Industrial & Commercial Bank of China		966,680		534,631
PetroChina Co., Ltd.		496,895		637,386
Suntech Power Holdings Co., Ltd. ADR (b)		140,427		264,003

				2,579,809

DENMARK — 0.2%
Vestas Wind Systems A/S (a)(b)		32,605		180,440

FINLAND — 0.2%
Nokia Oyj		95,003		195,313

FRANCE — 5.3%
BNP Paribas		14,302		550,579
Carrefour SA (a)		26,154		482,759
Compagnie de Saint-Gobain		13,655		504,270
GDF Suez		21,326		507,581
LVMH Moet Hennessy Louis Vuitton SA		3,831		582,678
Societe Generale (b)		22,870		534,317
Total SA		13,066		588,640
Veolia Environnement SA (a)		40,671		515,309
Vinci SA		13,030		608,267

				4,874,400

GERMANY — 4.9%
Allianz SE		6,767		679,370
BASF SE		9,449		655,921
Daimler AG		13,086		586,967
Deutsche Bank AG		17,909		647,731
E.ON AG		31,576		681,216
SAP AG		11,803		697,179
Siemens AG		6,585		552,712

				4,501,096

HONG KONG — 2.7%
China Mobile, Ltd.		59,881		654,250
China Unicom (Hong Kong), Ltd. (a)		291,154		366,342
CLP Holdings, Ltd.		67,452		571,749
Esprit Holdings, Ltd.		254,286		324,215
Hutchison Whampoa, Ltd.		68,415		586,526

				2,503,082

INDIA — 2.0%
Bharti Airtel, Ltd.		70,779		386,695
Infosys Technologies, Ltd. ADR		12,125		546,353
Reliance Industries, Ltd. GDR (c)		16,646		441,119
Tata Steel, Ltd. GDR (b)		57,629		460,744

				1,834,911

ITALY — 0.9%
Assicurazioni Generali SpA (a)		38,079		515,135
UniCredit SpA (a)(b)		81,222		307,163

				822,298

JAPAN — 10.2%
Bridgestone Corp. (a)		28,464		647,477
Canon, Inc. (a)		13,721		544,266
Honda Motor Co., Ltd. (a)		20,330		700,428
Komatsu, Ltd.		25,661		603,977
Mitsubishi Corp. (a)		27,219		544,448
Mitsubishi UFJ Financial Group, Inc. (a)		145,308		688,387
Mitsui & Co., Ltd.		37,877		557,308
Mizuho Financial Group, Inc.		428,255		719,215
Nintendo Co., Ltd.		3,556		412,245
Nippon Steel Corp.		209,553		470,109
Panasonic Corp.		61,856		498,476
Seven & I Holdings Co., Ltd.		23,135		695,007
Sony Corp.		30,542		429,862
Takeda Pharmaceutical Co., Ltd.		12,785		579,243
Toshiba Corp.		161,659		607,817
Toyota Motor Corp.		17,628		704,766

				9,403,031

LUXEMBOURG — 0.5%
ArcelorMittal		31,693		487,064

MEXICO — 0.7%
America Movil SAB de CV		511,014		661,895

NETHERLANDS — 0.7%
Royal Dutch Shell PLC (Class A)		18,837		635,995

NETHERLANDS ANTILLES — 0.6%
Schlumberger, Ltd.		8,151		529,082

NORWAY — 0.1%
Renewable Energy Corp. ASA (a)(b)		393,686		145,038

PORTUGAL — 0.5%
EDP — Energias de Portugal SA		190,587		450,835

RUSSIA — 0.5%
Gazprom OAO ADR		985		9,357
Gazprom OAO ADR		50,537		476,564

				485,921

SOUTH KOREA — 1.6%
LG Electronics, Inc. (a)		10,457		556,928
Samsung Electronics Co., Ltd. GDR		1,658		881,227

				1,438,155

SPAIN — 1.6%
Banco Bilbao Vizcaya Argentaria SA		75,238		537,461

See accompanying notes to financial statements.

203

SPDR Global Dow ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


Security Description	Shares		Value

Banco Santander SA		75,691	$	501,507
Telefonica SA		31,698		417,147

				1,456,115

SWEDEN — 0.5%
Telefonaktiebolaget LM Ericsson (Class B)		55,520		507,148

SWITZERLAND — 3.7%
ABB, Ltd. (b)		32,031		522,851
Credit Suisse Group AG (b)		24,765		451,605
Nestle SA		10,783		644,246
Novartis AG		11,046		617,362
Roche Holding AG		3,756		649,215
UBS AG (b)		48,657		568,051

				3,453,330

TAIWAN — 0.8%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (b)		50,033		698,461

UNITED KINGDOM — 6.5%
Anglo American PLC		15,351		502,854
AstraZeneca PLC		13,617		609,332
BAE Systems PLC		140,098		634,160
BP PLC		98,407		651,265
GlaxoSmithKline PLC		29,056		659,440
HSBC Holdings PLC		73,756		649,095
National Grid PLC		61,204		648,449
Rio Tinto PLC		10,512		497,759
Tesco PLC		100,817		490,271
Vodafone Group PLC		235,507		662,116

				6,004,741

UNITED STATES — 46.5%
3M Co.		7,790		697,984
Abbott Laboratories		12,031		775,639
Alcoa, Inc.		51,120		447,300
Amazon.com, Inc. (b)		2,864		653,994
American Express Co.		12,433		723,725
Amgen, Inc.		11,156		814,834
Apple, Inc. (b)		1,564		913,376
AT&T, Inc.		22,304		795,361
Bank of America Corp.		86,484		707,439
Baxter International, Inc.		11,226		596,662
Carnival Corp.		19,734		676,284
Caterpillar, Inc.		7,141		606,342
Chevron Corp.		6,334		668,237
Cisco Systems, Inc.		38,303		657,663
Colgate-Palmolive Co.		6,900		718,290
ConocoPhillips		9,504		531,084
Deere & Co.		7,915		640,086
E. I. du Pont de Nemours & Co.		13,421		678,700
eBay, Inc. (b)		20,393		856,710
Express Scripts Holding Co. (b)		14,756		823,827
Exxon Mobil Corp.		8,549		731,538
FedEx Corp.		8,290		759,447
First Solar, Inc. (b)		7,063		106,369
Freeport-McMoRan Copper & Gold, Inc.		14,119		481,034
General Electric Co.		39,784		829,099
Gilead Sciences, Inc. (b)		15,771		808,737
Google, Inc. (Class A) (b)		1,162		674,041
Hewlett-Packard Co.		25,697		516,767
Honeywell International, Inc.		13,421		749,429
Intel Corp.		30,854		822,259
International Business Machines Corp.		3,690		721,690
Johnson & Johnson		9,521		643,239
JPMorgan Chase & Co.		18,546		662,649
Kraft Foods, Inc. (Class A)		17,697		683,458
McDonald’s Corp.		7,000		619,710
Medtronic, Inc.		17,912		693,732
Merck & Co., Inc.		19,015		793,876
Microsoft Corp.		23,607		722,138
Monsanto Co.		9,168		758,927
News Corp. (Class A)		37,617		838,483
NIKE, Inc. (Class B)		7,256		636,932
Pfizer, Inc.		32,701		752,123
Philip Morris International, Inc.		9,077		792,059
Southwest Airlines Co.		76,204		702,601
SunPower Corp. (b)		49,153		236,426
The Bank of New York Mellon Corp.		31,050		681,547
The Boeing Co.		9,898		735,421
The Coca-Cola Co.		8,727		682,364
The Goldman Sachs Group, Inc.		5,955		570,846
The Home Depot, Inc.		19,171		1,015,871
The NASDAQ OMX Group, Inc.		26,637		603,861
The Procter & Gamble Co.		9,791		599,699
The Travelers Cos., Inc.		12,623		805,852
The Walt Disney Co.		19,457		943,664
Time Warner, Inc.		20,630		794,255
United Parcel Service, Inc. (Class B)		9,445		743,888
United Technologies Corp.		8,430		636,718
Verizon Communications, Inc.		17,454		775,656
Visa, Inc. (Class A)		7,085		875,919
Wal-Mart Stores, Inc.		11,749		819,140
Wells Fargo & Co.		25,221		843,390

				42,848,391

TOTAL COMMON STOCKS —
(Cost $111,001,420)				91,680,044

SHORT TERM INVESTMENTS — 3.3%
MONEY MARKET FUNDS — 3.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		2,968,835		2,968,835
State Street Institutional Liquid Reserves Fund 0.20% (e)(f)		19,187		19,187

TOTAL SHORT TERM INVESTMENTS —
(Cost $2,988,022)				2,988,022

TOTAL INVESTMENTS — 102.7% (g)
(Cost $113,989,442)				94,668,066
OTHER ASSETS & LIABILITIES — (2.7)%				(2,464,708	)

NET ASSETS — 100.0%			$	92,203,358

See accompanying notes to financial statements.

204

SPDR Global Dow ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.5% of net assets as of June 30, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Investment of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

205

SPDR Dow Jones REIT ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
DIVERSIFIED REITS — 6.5%
Colonial Properties Trust		434,928	$	9,629,306
Cousins Properties, Inc. (a)		417,784		3,237,826
Liberty Property Trust (a)		582,616		21,463,574
PS Business Parks, Inc.		93,424		6,326,673
Vornado Realty Trust		918,980		77,175,940
Washington Real Estate Investment Trust (a)		328,702		9,351,572

				127,184,891

INDUSTRIAL REITS — 5.5%
DCT Industrial Trust, Inc. (a)		1,225,328		7,719,567
DuPont Fabros Technology, Inc. (a)		315,381		9,007,281
EastGroup Properties, Inc. (a)		140,867		7,508,211
First Industrial Realty Trust, Inc. (b)		407,724		5,145,477
First Potomac Realty Trust (a)		254,929		3,000,514
ProLogis		2,289,390		76,076,430

				108,457,480

OFFICE REITS — 16.2%
Alexandria Real Estate Equities, Inc.		308,922		22,464,808
BioMed Realty Trust, Inc. (a)		765,118		14,292,404
Boston Properties, Inc.		743,026		80,521,728
Brandywine Realty Trust (a)		714,643		8,818,695
CommonWealth REIT		417,246		7,977,744
Corporate Office Properties Trust (a)		358,667		8,432,261
Digital Realty Trust, Inc. (a)		549,664		41,263,276
Douglas Emmett, Inc.		696,425		16,087,418
Duke Realty Corp. (a)		1,329,020		19,456,853
Franklin Street Properties Corp.		376,708		3,985,571
Highwoods Properties, Inc. (a)		368,714		12,407,226
Kilroy Realty Corp. (a)		340,923		16,504,082
Mack-Cali Realty Corp.		433,729		12,608,502
Parkway Properties, Inc. (a)		109,156		1,248,745
Piedmont Office Realty Trust, Inc. (Class A)		861,202		14,821,286
SL Green Realty Corp. (a)		447,085		35,874,100

				316,764,699

RESIDENTIAL REITS — 18.5%
American Campus Communities, Inc.		372,515		16,755,725
Apartment Investment & Management Co. (Class A) (a)		602,508		16,285,791
AvalonBay Communities, Inc.		474,209		67,091,089
BRE Properties, Inc.		384,862		19,250,797
Camden Property Trust		400,495		27,101,497
Education Realty Trust, Inc.		463,520		5,135,802
Equity Lifestyle Properties, Inc.		205,946		14,204,096
Equity Residential		1,498,964		93,475,395
Essex Property Trust, Inc. (a)		175,608		27,029,583
Home Properties, Inc.		240,722		14,770,702
Mid-America Apartment Communities, Inc.		204,172		13,932,697
Post Properties, Inc.		265,506		12,996,519
Sun Communities, Inc. (a)		122,096		5,401,527
UDR, Inc.		1,140,260		29,464,318

				362,895,538

RETAIL REITS — 26.2%
Acadia Realty Trust (a)		218,912		5,074,380
CBL & Associates Properties, Inc. (a)		738,928		14,438,653
Cedar Shopping Centers, Inc. (a)		263,393		1,330,135
DDR Corp. (a)		1,154,507		16,901,982
Equity One, Inc. (a)		308,203		6,533,904
Federal Realty Investment Trust		317,548		33,053,571
General Growth Properties, Inc.		1,918,796		34,711,020
Glimcher Realty Trust		695,560		7,108,623
Inland Real Estate Corp. (a)		383,821		3,216,420
Kimco Realty Corp.		2,027,353		38,580,528
Kite Realty Group Trust (a)		305,374		1,523,816
Pennsylvania Real Estate Investment Trust		275,593		4,128,383
Ramco-Gershenson Properties Trust		220,566		2,772,515
Regency Centers Corp.		448,449		21,332,719
Rouse Properties, Inc. (a)(b)		112,709		1,527,207
Saul Centers, Inc.		40,353		1,729,933
Simon Property Group, Inc.		1,460,586		227,354,817
Tanger Factory Outlet Centers, Inc.		457,229		14,654,189
Taubman Centers, Inc.		288,732		22,278,561
The Macerich Co. (a)		657,948		38,851,829
Weingarten Realty Investors (a)		602,673		15,874,407

				512,977,592

SPECIALIZED REITS — 26.9%
Ashford Hospitality Trust, Inc. (a)		338,667		2,854,963
CubeSmart		568,510		6,634,512
DiamondRock Hospitality Co.		839,348		8,561,349
Extra Space Storage, Inc.		518,026		15,851,595
FelCor Lodging Trust, Inc. (a)(b)		619,594		2,912,092
HCP, Inc.		2,092,038		92,363,478
Health Care REIT, Inc.		1,065,121		62,096,554
Healthcare Realty Trust, Inc. (a)		388,180		9,254,211
Hersha Hospitality Trust (a)		877,606		4,633,760
Hospitality Properties Trust		615,386		15,243,111
Host Hotels & Resorts, Inc.		3,583,290		56,687,648
LaSalle Hotel Properties (a)		424,398		12,366,958
LTC Properties, Inc.		150,980		5,477,554
Pebblebrook Hotel Trust (a)		261,826		6,103,164
Public Storage		703,426		101,581,749
Senior Housing Properties Trust		811,209		18,106,185
Sovran Self Storage, Inc.		144,564		7,241,211
Sunstone Hotel Investors, Inc. (b)		592,888		6,515,839
Universal Health Realty Income Trust (a)		58,871		2,444,912
Ventas, Inc.		1,436,064		90,644,360

				527,575,205

TOTAL COMMON STOCKS —
(Cost $1,744,046,555)				1,955,855,405

SHORT TERM INVESTMENTS — 7.0%
MONEY MARKET FUNDS — 7.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		133,282,910		133,282,910

See accompanying notes to financial statements.

206

SPDR Dow Jones REIT ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		4,040,861	$	4,040,861

TOTAL SHORT TERM INVESTMENTS —
(Cost $137,323,771)				137,323,771

TOTAL INVESTMENTS — 106.8% (f)
(Cost $1,881,370,326)				2,093,179,176
OTHER ASSETS & LIABILITIES — (6.8)%				(133,427,393	)

NET ASSETS — 100.0%			$	1,959,751,783


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

207

SPDR S&P Bank ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
ASSET MANAGEMENT & CUSTODY BANKS — 5.4%
Northern Trust Corp.		848,484	$	39,047,234
The Bank of New York Mellon Corp.		1,790,829		39,308,696

				78,355,930

DIVERSIFIED BANKS — 8.0%
Comerica, Inc.		1,244,943		38,232,200
U.S. Bancorp		1,219,699		39,225,520
Wells Fargo & Co.		1,168,019		39,058,555

				116,516,275

OTHER DIVERSIFIED FINANCIAL SERVICES — 7.9%
Bank of America Corp.		4,856,151		39,723,315
Citigroup, Inc.		1,321,980		36,235,472
JPMorgan Chase & Co.		1,090,023		38,946,522

				114,905,309

REGIONAL BANKS — 68.2%
Associated Banc-Corp.		2,975,092		39,241,464
Bank of Hawaii Corp. (a)		804,046		36,945,914
BB&T Corp.		1,265,478		39,039,996
CapitalSource, Inc.		5,587,876		37,550,527
CIT Group, Inc. (b)		1,063,209		37,892,769
City National Corp. (a)		765,306		37,178,566
Commerce Bancshares, Inc.		980,316		37,153,976
Cullen/Frost Bankers, Inc. (a)		658,035		37,830,432
East West Bancorp, Inc.		1,711,530		40,152,494
Fifth Third Bancorp		2,839,373		38,047,598
First Horizon National Corp. (a)		4,612,072		39,894,423
Fulton Financial Corp.		3,672,803		36,691,302
Hancock Holding Co.		1,257,285		38,271,755
Huntington Bancshares, Inc.		5,892,796		37,713,894
Keycorp		5,042,907		39,032,100
M&T Bank Corp.		459,306		37,924,896
PNC Financial Services Group, Inc.		618,549		37,799,529
Popular, Inc. (b)		2,396,324		39,802,942
Prosperity Bancshares, Inc. (a)		873,489		36,712,743
Regions Financial Corp.		5,969,459		40,293,848
Signature Bank (b)		608,529		37,102,013
SunTrust Banks, Inc.		1,655,182		40,105,060
SVB Financial Group (b)		646,875		37,984,500
TCF Financial Corp. (a)		3,349,675		38,454,269
Valley National Bancorp (a)		2,958,447		31,359,538
Zions Bancorporation (a)		1,995,200		38,746,784

				988,923,332

THRIFTS & MORTGAGE FINANCE — 10.2%
First Niagara Financial Group, Inc.		4,594,792		35,150,159
Hudson City Bancorp, Inc.		6,078,167		38,717,924
New York Community Bancorp, Inc. (a)		3,021,548		37,859,996
People’s United Financial, Inc. (a)		3,135,164		36,399,254

				148,127,333

TOTAL COMMON STOCKS —
(Cost $1,542,433,703)				1,446,828,179

SHORT TERM INVESTMENTS — 7.1%
MONEY MARKET FUNDS — 7.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		100,604,882		100,604,882
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		1,868,819		1,868,819

TOTAL SHORT TERM INVESTMENTS —
(Cost $102,473,701)				102,473,701

TOTAL INVESTMENTS — 106.8% (f)
(Cost $1,644,907,404)				1,549,301,880
OTHER ASSETS & LIABILITIES — (6.8)%				(98,671,486	)

NET ASSETS — 100.0%			$	1,450,630,394


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

208

SPDR S&P Capital Markets ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.5%
ASSET MANAGEMENT & CUSTODY BANKS — 61.7%
Affiliated Managers Group, Inc. (a)(b)		5,952	$	651,446
American Capital, Ltd. (b)		68,101		685,777
Ameriprise Financial, Inc.		12,814		669,660
Apollo Investment Corp. (a)		71,783		551,293
Ares Capital Corp. (a)		39,614		632,239
BlackRock Kelso Capital Corp.		17,831		174,031
BlackRock, Inc.		3,568		605,918
Cohen & Steers, Inc. (a)		6,362		219,553
Eaton Vance Corp. (a)		24,818		668,845
Federated Investors, Inc. (Class B) (a)		30,954		676,345
Fifth Street Finance Corp.		35,524		354,530
Financial Engines, Inc. (a)(b)		11,234		240,969
Franklin Resources, Inc. (a)		5,779		641,411
Hercules Technology Growth Capital, Inc. (a)		17,175		194,764
Invesco, Ltd.		27,194		614,584
Janus Capital Group, Inc. (a)		83,234		650,890
Legg Mason, Inc.		24,288		640,475
Main Street Capital Corp.		11,684		282,753
MCG Capital Corp. (a)		20,096		92,442
Northern Trust Corp. (a)		14,373		661,445
PennantPark Investment Corp. (a)		18,539		191,879
Prospect Capital Corp. (a)		57,154		650,984
SEI Investments Co.		33,984		675,942
State Street Corp. (a)(c)		14,765		659,110
T. Rowe Price Group, Inc. (a)		10,565		665,172
The Bank of New York Mellon Corp. (a)		30,319		665,502
Triangle Capital Corp. (a)		8,260		188,163
Virtus Investment Partners, Inc. (a)(b)		1,200		97,200
Waddell & Reed Financial, Inc. (Class A) (a)		21,480		650,414

				14,353,736

INVESTMENT BANKING & BROKERAGE — 37.8%
BGC Partners, Inc. (Class A)		56,976		334,449
E*TRADE Financial Corp. (b)		75,885		610,115
Evercore Partners, Inc. (Class A) (a)		14,213		332,442
Greenhill & Co., Inc. (a)		18,506		659,739
Investment Technology Group, Inc. (a)(b)		21,764		200,229
Jefferies Group, Inc. (a)		45,497		591,006
KBW, Inc. (a)		13,740		226,023
Knight Capital Group, Inc. (Class A) (a)(b)		45,805		546,912
Lazard, Ltd. (Class A)		26,720		694,453
LPL Investment Holdings, Inc. (a)		18,854		636,699
Morgan Stanley		45,336		661,452
Piper Jaffray Co., Inc. (a)(b)		7,189		168,438
Raymond James Financial, Inc. (a)		18,649		638,542
Stifel Financial Corp. (a)(b)		18,384		568,065
TD Ameritrade Holding Corp. (a)		36,993		628,881
The Charles Schwab Corp. (a)		50,491		652,849
The Goldman Sachs Group, Inc.		6,558		628,650

				8,778,944

TOTAL COMMON STOCKS —
(Cost $30,644,932)				23,132,680

SHORT TERM INVESTMENTS — 26.3%
MONEY MARKET FUNDS — 26.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		6,047,169		6,047,169
State Street Institutional Liquid Reserves Fund 0.20% (e)(f)		75,427		75,427

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,122,596)				6,122,596

TOTAL INVESTMENTS — 125.8% (g)
(Cost $36,767,528)				29,255,276
OTHER ASSETS & LIABILITIES — (25.8)%				(5,991,795	)

NET ASSETS — 100.0%			$	23,263,481


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Affiliated issuer. (Note 3)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

209

SPDR S&P Insurance ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
INSURANCE BROKERS — 9.8%
Aon PLC		48,224	$	2,255,919
Arthur J. Gallagher & Co. (a)		65,297		2,289,966
Brown & Brown, Inc.		86,754		2,365,782
Marsh & McLennan Cos., Inc.		70,472		2,271,312

				9,182,979

LIFE & HEALTH INSURANCE — 20.0%
Aflac, Inc.		55,512		2,364,256
Lincoln National Corp.		107,514		2,351,331
MetLife, Inc.		75,777		2,337,721
Principal Financial Group, Inc.		90,912		2,384,622
Protective Life Corp. (a)		83,564		2,457,617
Prudential Financial, Inc.		46,965		2,274,515
Torchmark Corp. (a)		47,448		2,398,496
Unum Group		113,962		2,180,093

				18,748,651

MULTI-LINE INSURANCE — 17.3%
American Financial Group, Inc.		57,966		2,274,006
American International Group, Inc. (b)		73,934		2,372,542
Assurant, Inc.		66,363		2,312,087
Genworth Financial, Inc. (Class A) (b)		419,075		2,371,965
Hartford Financial Services Group, Inc.		131,308		2,314,960
HCC Insurance Holdings, Inc.		71,203		2,235,774
Loews Corp.		56,510		2,311,824

				16,193,158

PROPERTY & CASUALTY INSURANCE — 33.8%
ACE, Ltd.		30,930		2,292,841
Alleghany Corp. (b)		6,856		2,329,326
Allied World Assurance Company Holdings, Ltd.		29,016		2,305,902
Assured Guaranty, Ltd.		184,364		2,599,532
Axis Capital Holdings, Ltd.		69,098		2,249,140
Cincinnati Financial Corp. (a)		61,411		2,337,917
Fidelity National Financial, Inc. (Class A) (a)		115,520		2,224,915
Old Republic International Corp. (a)		221,666		1,837,611
ProAssurance Corp.		24,081		2,145,376
The Allstate Corp.		65,729		2,306,431
The Chubb Corp.		31,471		2,291,718
The Progressive Corp.		102,923		2,143,886
The Travelers Cos., Inc.		36,333		2,319,499
W.R. Berkley Corp. (a)		58,819		2,289,235

				31,673,329

REINSURANCE — 18.9%
Alterra Capital Holdings Ltd. (a)		66,062		1,542,548
Arch Capital Group, Ltd. (b)		58,630		2,327,025
Everest Re Group, Ltd.		22,082		2,285,266
PartnerRe, Ltd.		31,259		2,365,369
Reinsurance Group of America, Inc.		44,272		2,355,713
RenaissanceRe Holdings, Ltd.		29,810		2,265,858
Validus Holdings, Ltd.		71,034		2,275,219
XL Group PLC		110,533		2,325,614

				17,742,612

TOTAL COMMON STOCKS —
(Cost $99,943,827)				93,540,729

SHORT TERM INVESTMENTS — 8.8%
MONEY MARKET FUNDS — 8.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		8,166,300		8,166,300
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		34,077		34,077

TOTAL SHORT TERM INVESTMENTS —
(Cost $8,200,377)				8,200,377

TOTAL INVESTMENTS — 108.6% (f)
(Cost $108,144,204)				101,741,106
OTHER ASSETS & LIABILITIES — (8.6)%				(8,042,944	)

NET ASSETS — 100.0%			$	93,698,162


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

210

SPDR S&P Mortgage Finance ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
HOUSEHOLD DURABLES — 22.5%
D.R. Horton, Inc. (a)		6,710	$	123,330
Lennar Corp. (Class A) (a)		4,036		124,753
M.D.C. Holdings, Inc.		3,950		129,046
NVR, Inc. (a)(b)		135		114,750
Pulte Group, Inc. (a)(b)		11,933		127,683
The Ryland Group, Inc. (a)		4,991		127,670
Toll Brothers, Inc. (a)(b)		4,150		123,380

				870,612

INSURANCE — 53.4%
ACE, Ltd.		1,471		109,045
Allied World Assurance Company Holdings, Ltd. (a)		1,381		109,748
Amtrust Financial Services, Inc. (a)		1,750		51,993
Aspen Insurance Holdings, Ltd. (a)		2,276		65,777
Assured Guaranty, Ltd. (a)		8,762		123,544
Axis Capital Holdings, Ltd.		3,286		106,959
Cincinnati Financial Corp. (a)		2,919		111,126
CNA Financial Corp.		1,639		45,433
Employers Holdings, Inc. (a)		1,295		23,362
Fidelity National Financial, Inc. (Class A)		5,489		105,718
First American Financial Corp. (a)		4,191		71,079
MBIA, Inc. (a)(b)		11,244		121,548
Mercury General Corp. (a)		1,201		50,046
Old Republic International Corp.		10,536		87,344
ProAssurance Corp.		963		85,794
RLI Corp. (a)		768		52,378
The Allstate Corp. (a)		3,123		109,586
The Chubb Corp.		1,498		109,084
The Hanover Insurance Group, Inc.		1,532		59,947
The Progressive Corp. (a)		4,893		101,921
The Travelers Cos., Inc.		1,724		110,060
Tower Group, Inc. (a)		1,674		34,936
W.R. Berkley Corp. (a)		2,798		108,898
XL Group PLC		5,255		110,565

				2,065,891

THRIFTS & MORTGAGE FINANCE — 23.9%
Astoria Financial Corp. (a)		5,945		58,261
BankUnited, Inc. (a)		1,852		43,670
Brookline Bancorp, Inc.		2,386		21,116
Capitol Federal Financial, Inc. (a)		5,695		67,657
Hudson City Bancorp, Inc. (a)		17,741		113,010
MGIC Investment Corp. (a)(b)		42,862		123,443
New York Community Bancorp, Inc. (a)		8,819		110,502
Northwest Bancshares, Inc. (a)		3,043		35,634
Ocwen Financial Corp. (a)(b)		6,212		116,661
Oritani Financial Corp. (a)		2,173		31,269
People’s United Financial, Inc. (a)		9,151		106,243
Provident Financial Services, Inc. (a)		1,728		26,525
TFS Financial Corp. (b)		1,534		14,650
Washington Federal, Inc.		3,178		53,676

				922,317

TOTAL COMMON STOCKS —
(Cost $3,304,074)				3,858,820

SHORT TERM INVESTMENTS — 26.1%
MONEY MARKET FUNDS — 26.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		1,006,471		1,006,471
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		3,673		3,673

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,010,144)				1,010,144

TOTAL INVESTMENTS — 125.9% (f)
(Cost $4,314,218)				4,868,964
OTHER ASSETS & LIABILITIES — (25.9)%				(1,002,167	)

NET ASSETS — 100.0%			$	3,866,797


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

211

SPDR S&P Regional Banking ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
REGIONAL BANKS — 96.3%
Associated Banc-Corp.		1,604,672	$	21,165,624
BancorpSouth, Inc.		1,505,776		21,863,867
Bank of Hawaii Corp. (a)		433,642		19,925,850
Bank of the Ozarks, Inc. (a)		463,984		13,956,639
BB&T Corp.		682,614		21,058,642
BBCN Bancorp, Inc. (b)		776,131		8,452,067
BOK Financial Corp.		170,363		9,915,127
Boston Private Financial Holdings, Inc.		1,112,424		9,933,946
CapitalSource, Inc.		3,013,881		20,253,280
Cathay General Bancorp (a)		930,054		15,355,192
Chemical Financial Corp. (a)		153,453		3,299,239
CIT Group, Inc. (b)		573,453		20,437,865
Citizens Republic Bancorp, Inc. (a)(b)		604,812		10,360,430
City Holding Co. (a)		124,420		4,191,710
City National Corp.		412,766		20,052,172
Columbia Banking System, Inc. (a)		577,414		10,866,931
Commerce Bancshares, Inc.		528,770		20,040,383
Community Bank System, Inc. (a)		512,883		13,909,387
Cullen/Frost Bankers, Inc. (a)		354,957		20,406,478
CVB Financial Corp. (a)		1,848,854		21,539,149
East West Bancorp, Inc.		923,138		21,656,817
F.N.B. Corp. (a)		1,793,999		19,500,769
Fifth Third Bancorp		1,531,473		20,521,738
First Commonwealth Financial Corp. (a)		1,412,453		9,505,809
First Financial Bancorp		563,051		8,997,555
First Financial Bankshares, Inc. (a)		185,523		6,411,675
First Horizon National Corp. (a)		2,487,608		21,517,809
First Midwest Bancorp, Inc.		1,150,215		12,629,361
First Republic Bank (b)		622,451		20,914,354
FirstMerit Corp.		1,279,957		21,144,890
Fulton Financial Corp.		2,037,231		20,351,938
Glacier Bancorp, Inc. (a)		731,710		11,334,188
Hancock Holding Co.		678,162		20,643,251
Home Bancshares, Inc.		162,907		4,981,696
Huntington Bancshares, Inc.		3,178,404		20,341,786
IBERIABANK Corp. (a)		365,759		18,452,542
Independent Bank Corp.-Massachusetts (a)		113,270		3,308,617
International Bancshares Corp.		528,253		10,311,499
Investors Bancorp, Inc. (b)		430,294		6,493,136
Keycorp		2,719,975		21,052,606
M&T Bank Corp.		247,677		20,450,690
MB Financial, Inc.		544,705		11,732,946
National Penn Bancshares, Inc. (a)		1,767,570		16,915,645
NBT Bancorp, Inc. (a)		279,848		6,041,918
Old National Bancorp (a)		1,227,410		14,741,194
Oriental Financial Group, Inc.		592,018		6,559,559
PacWest Bancorp		448,147		10,607,639
Park National Corp. (a)		79,029		5,512,273
Pinnacle Financial Partners, Inc. (a)(b)		343,939		6,710,250
PNC Financial Services Group, Inc.		333,682		20,391,307
Popular, Inc. (b)		1,292,490		21,468,259
PrivateBancorp, Inc. (a)		927,739		13,693,428
Prosperity Bancshares, Inc. (a)		471,117		19,801,047
Regions Financial Corp.		3,219,757		21,733,360
S&T Bancorp, Inc. (a)		215,536		3,980,950
Signature Bank (b)		328,251		20,013,463
State Bank Financial Corp. (a)(b)		286,545		4,344,022
Sterling Financial Corp. (b)		236,700		4,471,263
SunTrust Banks, Inc.		892,782		21,632,108
Susquehanna Bancshares, Inc.		2,099,821		21,628,156
SVB Financial Group (b)		348,893		20,486,997
Synovus Financial Corp. (a)		11,315,153		22,404,003
TCF Financial Corp.		1,806,710		20,741,031
Texas Capital Bancshares, Inc. (a)(b)		510,575		20,622,124
Trustmark Corp. (a)		687,167		16,821,848
UMB Financial Corp. (a)		396,996		20,338,105
Umpqua Holdings Corp. (a)		1,587,944		20,897,343
United Bankshares, Inc. (a)		793,966		20,547,840
Valley National Bancorp (a)		1,774,327		18,807,866
Westamerica Bancorporation (a)		300,370		14,174,460
Western Alliance Bancorp (b)		858,595		8,036,449
Wintrust Financial Corp. (a)		578,946		20,552,583
Zions Bancorporation (a)		1,076,171		20,899,241

				1,124,815,381

THRIFTS & MORTGAGE FINANCE — 3.5%
First Niagara Financial Group, Inc.		2,478,256		18,958,658
Webster Financial Corp.		982,269		21,275,947

				40,234,605

TOTAL COMMON STOCKS —
(Cost $1,194,232,450)				1,165,049,986

SHORT TERM INVESTMENTS — 11.1%
MONEY MARKET FUNDS — 11.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		128,355,506		128,355,506
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		969,167		969,167

TOTAL SHORT TERM INVESTMENTS —
(Cost $129,324,673)				129,324,673

TOTAL INVESTMENTS — 110.9% (f)
(Cost $1,323,557,123)				1,294,374,659
OTHER ASSETS & LIABILITIES — (10.9)%				(126,721,704	)

NET ASSETS — 100.0%			$	1,167,652,955


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

212

SPDR Morgan Stanley Technology ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.9%
COMMUNICATIONS EQUIPMENT — 13.6%
Cisco Systems, Inc.		240,104	$	4,122,586
F5 Networks, Inc. (a)		41,115		4,093,409
Juniper Networks, Inc. (a)		234,744		3,828,674
Nokia Oyj ADR (b)		920,397		1,905,222
QUALCOMM, Inc.		81,982		4,564,758
Telefonaktiebolaget LM Ericsson (Class B) ADR		459,668		4,196,769

				22,711,418

COMPUTERS & PERIPHERALS — 15.2%
Apple, Inc. (a)		11,305		6,602,120
Dell, Inc. (a)(b)		286,544		3,587,531
EMC Corp. (a)		193,153		4,950,511
Hewlett-Packard Co.		166,703		3,352,397
Seagate Technology PLC (b)		279,180		6,904,122

				25,396,681

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.8%
Flextronics International, Ltd. (a)		743,947		4,612,471

INTERNET & CATALOG RETAIL — 3.3%
Amazon.com, Inc. (a)		23,791		5,432,675

INTERNET SOFTWARE & SERVICES — 12.9%
eBay, Inc. (a)		141,708		5,953,153
Google, Inc. (Class A) (a)		6,882		3,992,041
LinkedIn Corp. (Class A) (a)		65,377		6,947,614
Yahoo!, Inc. (a)		287,895		4,557,378

				21,450,186

IT SERVICES — 15.0%
Accenture PLC (Class A)		79,510		4,777,756
Cognizant Technology Solutions Corp. (Class A) (a)		65,762		3,945,720
International Business Machines Corp.		23,458		4,587,916
Teradata Corp. (a)(b)		87,428		6,295,690
Visa, Inc. (Class A)		44,195		5,463,828

				25,070,910

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 17.0%
Analog Devices, Inc. (b)		126,048		4,748,228
Applied Materials, Inc.		416,998		4,778,797
Broadcom Corp. (Class A) (a)		149,926		5,067,499
Intel Corp.		185,400		4,940,910
NVIDIA Corp. (a)		318,824		4,406,148
Texas Instruments, Inc.		150,086		4,305,967

				28,247,549

SOFTWARE — 20.1%
Activision Blizzard, Inc. (b)		362,606		4,347,646
Intuit, Inc. (b)		83,170		4,936,140
Microsoft Corp.		165,690		5,068,457
Oracle Corp.		147,426		4,378,552
Salesforce.com, Inc. (a)(b)		40,213		5,559,849
SAP AG ADR (b)		79,486		4,718,289
VMware, Inc. (Class A) (a)		50,163		4,566,840

				33,575,773

TOTAL COMMON STOCKS —
(Cost $170,332,913)				166,497,663

SHORT TERM INVESTMENTS — 8.5%
MONEY MARKET FUNDS — 8.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		13,936,861		13,936,861
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		182,957		182,957

TOTAL SHORT TERM INVESTMENTS —
(Cost $14,119,818)				14,119,818

TOTAL INVESTMENTS — 108.4% (f)
(Cost $184,452,731)				180,617,481
OTHER ASSETS & LIABILITIES — (8.4)%				(13,964,343	)

NET ASSETS — 100.0%			$	166,653,138


(a)		Non-income producing security.
(b)		A portion of the security was on loan at June 30, 2012.
(c)		Investment of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

213

SPDR S&P Dividend ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.6%
BEVERAGES — 3.4%
PepsiCo, Inc.		2,360,275	$	166,777,032
The Coca-Cola Co.		1,846,006		144,339,209

				311,116,241

CAPITAL MARKETS — 3.0%
Eaton Vance Corp. (a)		5,227,183		140,872,582
T. Rowe Price Group, Inc.		2,088,566		131,496,115

				272,368,697

CHEMICALS — 5.0%
Air Products & Chemicals, Inc.		2,070,915		167,184,968
PPG Industries, Inc.		1,123,314		119,206,082
RPM International, Inc.		6,178,141		168,045,435

				454,436,485

COMMERCIAL BANKS — 2.2%
Commerce Bancshares, Inc. (a)		3,122,329		118,336,269
United Bankshares, Inc. (a)(b)		3,256,779		84,285,441

				202,621,710

COMMERCIAL SERVICES & SUPPLIES — 4.5%
ABM Industries, Inc. (a)(b)		2,728,519		53,369,832
Pitney Bowes, Inc. (a)(b)		23,671,553		354,363,148

				407,732,980

COMPUTERS & PERIPHERALS — 1.7%
Diebold, Inc. (b)		4,206,077		155,246,302

CONTAINERS & PACKAGING — 3.3%
Bemis Co., Inc. (a)(b)		5,482,890		171,833,772
Sonoco Products Co.		4,427,919		133,501,758

				305,335,530

DISTRIBUTORS — 1.7%
Genuine Parts Co. (a)		2,521,084		151,895,311

DIVERSIFIED TELECOMMUNICATION SERVICES — 3.0%
AT&T, Inc.		7,617,941		271,655,776

ELECTRICAL EQUIPMENT — 2.8%
Brady Corp. (Class A) (a)(b)		2,890,505		79,517,793
Emerson Electric Co.		3,696,514		172,183,622

				251,701,415

FOOD & STAPLES RETAILING — 5.3%
Sysco Corp. (a)		7,006,796		208,872,589
Wal-Mart Stores, Inc.		1,869,323		130,329,200
Walgreen Co.		4,883,087		144,441,713

				483,643,502

FOOD PRODUCTS — 2.5%
Archer-Daniels-Midland Co.		3,508,108		103,559,348
McCormick & Co., Inc. (a)		1,988,341		120,592,882

				224,152,230

GAS UTILITIES — 6.7%
National Fuel Gas Co. (a)		3,840,045		180,405,314
Northwest Natural Gas Co. (a)		1,053,511		50,147,124
Piedmont Natural Gas Co., Inc. (a)		3,244,146		104,429,060
Questar Corp. (a)		7,627,191		159,103,204
WGL Holdings, Inc. (a)(b)		2,997,711		119,159,012

				613,243,714

HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%
Becton, Dickinson and Co. (a)		1,714,263		128,141,159
Medtronic, Inc.		3,612,013		139,893,264

				268,034,423

HOTELS, RESTAURANTS & LEISURE — 1.7%
McDonald’s Corp.		1,772,884		156,953,420

HOUSEHOLD DURABLES — 3.0%
Leggett & Platt, Inc. (a)(b)		13,095,592		276,709,859

HOUSEHOLD PRODUCTS — 7.8%
Colgate-Palmolive Co.		1,297,029		135,020,719
Kimberly-Clark Corp.		2,375,878		199,027,300
The Clorox Co. (a)		2,733,277		198,053,251
The Procter & Gamble Co.		2,928,018		179,341,103

				711,442,373

INDUSTRIAL CONGLOMERATES — 1.6%
3M Co.		1,673,946		149,985,562

INSURANCE — 8.6%
Aflac, Inc.		4,152,694		176,863,238
Cincinnati Financial Corp. (a)		6,250,334		237,950,215
Mercury General Corp.		1,482,757		61,786,484
Old Republic International Corp. (b)		23,075,011		191,291,841
The Chubb Corp.		1,608,301		117,116,479

				785,008,257

IT SERVICES — 1.8%
Automatic Data Processing, Inc.		2,936,030		163,419,430

MACHINERY — 5.0%
Dover Corp.		2,006,121		107,548,147
Illinois Tool Works, Inc.		2,326,353		123,040,810
Pentair, Inc. (a)		2,697,868		103,274,387
Stanley Black & Decker, Inc.		1,903,173		122,488,214

				456,351,558

MEDIA — 1.4%
The McGraw-Hill Cos., Inc.		2,760,705		124,231,725

METALS & MINING — 2.4%
Nucor Corp.		5,769,999		218,682,962

MULTI-UTILITIES — 4.1%
Black Hills Corp. (a)(b)		2,351,685		75,653,706
Consolidated Edison, Inc.		3,356,889		208,764,927
Vectren Corp.		3,090,604		91,234,630

				375,653,263

MULTILINE RETAIL — 1.2%
Target Corp.		1,822,544		106,053,835

OIL, GAS & CONSUMABLE FUELS — 1.7%
Exxon Mobil Corp.		1,863,695		159,476,381

PHARMACEUTICALS — 4.2%
Abbott Laboratories		2,700,249		174,085,053
Johnson & Johnson (a)		3,163,779		213,744,909

				387,829,962

See accompanying notes to financial statements.

214

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

June 30, 2012


Security Description	Shares		Value

REAL ESTATE INVESTMENT TRUSTS — 4.6%
Federal Realty Investment Trust (a)		1,444,111	$	150,317,514
HCP, Inc.		6,060,012		267,549,530

				417,867,044

SPECIALTY RETAIL — 1.4%
Lowe’s Cos., Inc.		4,565,741		129,849,674

TEXTILES, APPAREL & LUXURY GOODS — 1.1%
V.F. Corp.		737,366		98,401,493

TOTAL COMMON STOCKS —
(Cost $8,444,953,138)				9,091,101,114

SHORT TERM INVESTMENTS — 10.3%
MONEY MARKET FUNDS — 10.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		923,885,678		923,885,678
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		13,086,860		13,086,860

TOTAL SHORT TERM INVESTMENTS —
(Cost $936,972,538)				936,972,538

TOTAL INVESTMENTS — 109.9% (f)
(Cost $9,381,925,676)				10,028,073,652
OTHER ASSETS & LIABILITIES — (9.9)%				(904,766,209	)

NET ASSETS — 100.0%			$	9,123,307,443


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Affiliated issuer. (Note 3)
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

215

SPDR S&P Aerospace & Defense ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 99.7%
AAR Corp. (a)		15,300	$	206,244
Aerovironment, Inc. (a)(b)		8,245		216,926
Alliant Techsystems, Inc. (a)		10,783		545,296
American Science & Engineering, Inc. (a)		2,373		133,956
BE Aerospace, Inc. (a)(b)		14,081		614,776
Ceradyne, Inc.		7,050		180,833
Cubic Corp.		2,718		130,681
Curtiss-Wright Corp. (a)		7,326		227,472
DigitalGlobe, Inc. (b)		15,635		237,027
Esterline Technologies Corp. (a)(b)		8,518		531,097
Exelis, Inc.		43,600		429,896
General Dynamics Corp. (a)		9,314		614,351
GeoEye, Inc. (b)		9,473		146,642
Goodrich Corp.		4,722		599,222
HEICO Corp. (a)		7,330		289,682
Hexcel Corp. (a)(b)		24,736		637,941
Honeywell International, Inc.		10,656		595,031
Huntington Ingalls Industries, Inc. (b)		7,013		282,203
L-3 Communications Holdings, Inc. (a)		8,570		634,266
Lockheed Martin Corp. (a)		7,163		623,754
Moog, Inc. (Class A) (a)(b)		3,618		149,604
National Presto Industries, Inc. (a)		2,093		146,029
Northrop Grumman Corp. (a)		9,982		636,752
Orbital Sciences Corp. (a)(b)		10,743		138,800
Precision Castparts Corp.		3,638		598,415
Raytheon Co. (a)		11,567		654,577
Rockwell Collins, Inc. (a)		11,859		585,242
Spirit Aerosystems Holdings, Inc. (Class A) (b)		25,986		619,246
Teledyne Technologies, Inc. (a)(b)		4,578		282,234
Textron, Inc. (a)		24,543		610,384
The Boeing Co.		8,531		633,853
TransDigm Group, Inc. (a)(b)		4,693		630,270
Triumph Group, Inc. (a)		9,494		534,227
United Technologies Corp.		7,902		596,838

TOTAL COMMON STOCKS —
(Cost $13,817,901)				14,693,767

SHORT TERM INVESTMENTS — 24.5%
MONEY MARKET FUNDS — 24.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		3,569,434		3,569,434
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		33,594		33,594

TOTAL SHORT TERM INVESTMENTS —
(Cost $3,603,028)				3,603,028

TOTAL INVESTMENTS — 124.2% (f)
(Cost $17,420,929)				18,296,795
OTHER ASSETS & LIABILITIES — (24.2)%				(3,565,835	)

NET ASSETS — 100.0%			$	14,730,960


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

216

SPDR S&P Biotech ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
BIOTECHNOLOGY — 99.8%
Achillion Pharmaceuticals, Inc. (a)(b)		1,676,032	$	10,391,398
Acorda Therapeutics, Inc. (b)		481,859		11,352,598
Affymax, Inc. (a)(b)		1,160,538		14,947,729
Alexion Pharmaceuticals, Inc. (b)		174,517		17,329,538
Alkermes PLC (b)		1,048,220		17,788,293
Alnylam Pharmaceuticals, Inc. (a)(b)		418,339		4,882,016
Amgen, Inc.		234,216		17,107,137
Amylin Pharmaceuticals, Inc. (b)		586,592		16,559,492
Arena Pharmaceuticals, Inc. (a)(b)		2,436,809		24,319,354
ARIAD Pharmaceuticals, Inc. (a)(b)		942,295		16,216,897
Aveo Pharmaceuticals, Inc. (a)(b)		488,357		5,938,421
Biogen Idec, Inc. (b)		120,854		17,448,901
BioMarin Pharmaceutical, Inc. (a)(b)		443,907		17,569,839
Celgene Corp. (b)		248,049		15,914,824
Cepheid, Inc. (a)(b)		434,526		19,445,039
Cubist Pharmaceuticals, Inc. (a)(b)		390,094		14,788,464
Dendreon Corp. (a)(b)		2,556,586		18,918,736
Dynavax Technologies Corp. (a)(b)		3,096,077		13,375,053
Emergent Biosolutions, Inc. (b)		215,713		3,268,052
Enzon Pharmaceuticals, Inc. (a)(b)		216,174		1,485,115
Exact Sciences Corp. (a)(b)		539,524		5,783,697
Exelixis, Inc. (a)(b)		2,024,508		11,195,529
Genomic Health, Inc. (a)(b)		181,517		6,062,668
Gilead Sciences, Inc. (b)		325,012		16,666,615
Halozyme Therapeutics, Inc. (a)(b)		1,540,121		13,645,472
Human Genome Sciences, Inc. (b)		1,211,139		15,902,255
Idenix Pharmaceuticals, Inc. (a)(b)		1,792,419		18,461,916
ImmunoGen, Inc. (a)(b)		546,147		9,164,347
Incyte Corp. (a)(b)		708,156		16,075,141
InterMune, Inc. (a)(b)		1,563,170		18,679,882
Ironwood Pharmaceuticals, Inc. (a)(b)		460,148		6,340,839
Isis Pharmaceuticals, Inc. (a)(b)		629,391		7,552,692
Medivation, Inc. (b)		185,611		16,964,845
Momenta Pharmaceuticals, Inc. (a)(b)		491,556		6,645,837
Myriad Genetics, Inc. (b)		701,948		16,685,304
Neurocrine Biosciences, Inc. (b)		875,705		6,926,827
NPS Pharmaceuticals, Inc. (b)		658,491		5,669,608
Onyx Pharmaceuticals, Inc. (b)		340,822		22,647,622
Opko Health, Inc. (a)(b)		1,795,961		8,261,421
Pharmacyclics, Inc. (a)(b)		408,497		22,308,021
Regeneron Pharmaceuticals, Inc. (b)		124,438		14,213,308
Rigel Pharmaceuticals, Inc. (a)(b)		381,457		3,547,550
Seattle Genetics, Inc. (a)(b)		685,829		17,413,198
Spectrum Pharmaceuticals, Inc. (a)(b)		1,365,994		21,254,867
Theravance, Inc. (a)(b)		724,014		16,087,591
United Therapeutics Corp. (b)		372,946		18,416,073
Vertex Pharmaceuticals, Inc. (b)		283,167		15,834,699
ZIOPHARM Oncology, Inc. (a)(b)		456,476		2,716,032

TOTAL COMMON STOCKS —
(Cost $592,151,764)				640,170,752

SHORT TERM INVESTMENTS — 23.7%
MONEY MARKET FUNDS — 23.7%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		150,735,091		150,735,091
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		1,272,065		1,272,065

TOTAL SHORT TERM INVESTMENTS —
(Cost $152,007,156)				152,007,156

TOTAL INVESTMENTS — 123.5% (f)
(Cost $744,158,920)				792,177,908
OTHER ASSETS & LIABILITIES — (23.5)%				(150,725,903	)

NET ASSETS — 100.0%			$	641,452,005


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

217

SPDR S&P Health Care Equipment ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
HEALTH CARE EQUIPMENT — 83.0%
Abaxis, Inc. (a)		4,132	$	152,884
ABIOMED, Inc. (a)		22,869		521,871
Accuray, Inc. (a)		29,000		198,360
Analogic Corp.		3,293		204,166
ArthroCare Corp. (a)		9,140		267,619
Baxter International, Inc.		10,443		555,045
Becton, Dickinson and Co.		7,193		537,677
Boston Scientific Corp. (a)		92,137		522,417
C.R. Bard, Inc.		5,273		566,531
CareFusion Corp. (a)		21,415		549,937
Conceptus, Inc. (a)		10,779		213,640
CONMED Corp.		5,770		159,656
Covidien PLC		10,028		536,498
Cyberonics, Inc. (a)		8,135		365,587
DexCom, Inc. (a)		16,533		214,268
Edwards Lifesciences Corp. (a)		5,971		616,804
Gen-Probe, Inc. (a)		6,492		533,642
Greatbatch, Inc. (a)		6,882		156,290
HeartWare International, Inc. (a)		6,158		546,830
Hill-Rom Holdings, Inc.		17,187		530,219
Hologic, Inc. (a)		31,075		560,593
IDEXX Laboratories, Inc. (a)		6,164		592,545
Insulet Corp. (a)		11,878		253,833
Integra LifeSciences Holdings Corp. (a)		9,604		357,077
Intuitive Surgical, Inc. (a)		983		544,376
Invacare Corp.		7,315		112,870
MAKO Surgical Corp. (a)		20,238		518,295
Masimo Corp. (a)		23,400		523,692
Medtronic, Inc.		14,045		543,963
NuVasive, Inc. (a)		24,683		625,961
NxStage Medical, Inc. (a)		25,710		430,900
Orthofix International NV (a)		4,859		200,434
Quidel Corp. (a)		8,210		128,733
ResMed, Inc. (a)		16,374		510,869
Sirona Dental Systems, Inc. (a)		11,968		538,680
St. Jude Medical, Inc.		13,497		538,665
STERIS Corp.		16,298		511,268
Stryker Corp.		10,232		563,783
Teleflex, Inc.		8,822		537,348
Thoratec Corp. (a)		16,474		553,197
Varian Medical Systems, Inc. (a)		8,865		538,726
Volcano Corp. (a)		18,651		534,351
Wright Medical Group, Inc. (a)		13,414		286,389
Zimmer Holdings, Inc.		8,671		558,066

				19,014,555

HEALTH CARE SUPPLIES — 16.8%
Alere, Inc. (a)		26,682		518,698
Align Technology, Inc. (a)		17,097		572,066
DENTSPLY International, Inc.		14,135		534,444
Endologix, Inc. (a)		17,096		263,962
Haemonetics Corp. (a)		4,966		368,030
ICU Medical, Inc. (a)		3,559		189,979
Meridian Bioscience, Inc.		9,697		198,401
Merit Medical Systems, Inc. (a)		11,559		159,630
Neogen Corp. (a)		3,979		183,830
The Cooper Cos., Inc.		6,682		532,956
West Pharmaceutical Services, Inc.		6,418		324,045

				3,846,041

TOTAL COMMON STOCKS —
(Cost $21,809,486)				22,860,596

SHORT TERM INVESTMENT — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund 0.20% (b)(c) (Cost $52,246)		52,246		52,246

TOTAL INVESTMENTS — 100.0% (d)
(Cost $21,861,732)				22,912,842
OTHER ASSETS & LIABILITIES — 0.0% (e)				5,659

NET ASSETS — 100.0%			$	22,918,501

PLC = Public Limited Company

See accompanying notes to financial statements.

218

SPDR S&P Health Care Services ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
HEALTH CARE DISTRIBUTORS — 16.5%
AmerisourceBergen Corp.		5,264	$	207,138
Cardinal Health, Inc.		4,656		195,552
Henry Schein, Inc. (a)(b)		2,625		206,036
McKesson Corp.		2,206		206,813
MWI Veterinary Supply, Inc. (a)(b)		1,051		108,011
Owens & Minor, Inc. (a)		6,757		206,967
Patterson Cos., Inc. (a)		5,878		202,615
PSS World Medical, Inc. (a)(b)		9,530		200,035

				1,533,167

HEALTH CARE FACILITIES — 26.8%
AmSurg Corp. (a)(b)		2,401		71,982
Brookdale Senior Living, Inc. (a)(b)		12,102		214,690
Community Health Systems, Inc. (b)		8,791		246,412
Emeritus Corp. (a)(b)		2,036		34,266
Hanger Orthopedic Group, Inc. (a)(b)		3,302		84,663
HCA Holdings, Inc.		7,576		230,538
Health Management Associates, Inc. (Class A) (a)(b)		29,784		233,804
HEALTHSOUTH Corp. (a)(b)		9,540		221,900
Kindred Healthcare, Inc. (a)(b)		15,528		152,640
LifePoint Hospitals, Inc. (a)(b)		4,770		195,475
Select Medical Holdings Corp. (b)		6,272		63,410
Sunrise Assisted Living, Inc. (a)(b)		10,862		79,184
Tenet Healthcare Corp. (a)(b)		41,684		218,424
The Ensign Group, Inc. (a)		1,068		30,192
Universal Health Services, Inc. (Class B) (a)		4,936		213,038
VCA Antech, Inc. (a)(b)		9,185		201,886

				2,492,504

HEALTH CARE SERVICES — 32.0%
Accretive Health, Inc. (b)		17,449		191,241
Air Methods Corp. (a)(b)		1,342		131,851
Amedisys, Inc. (b)		10,806		134,535
Bio-Reference Laboratories, Inc. (a)(b)		4,008		105,330
Catalyst Health Solutions, Inc. (b)		2,177		203,419
Chemed Corp. (a)		3,330		201,265
DaVita, Inc. (b)		2,279		223,821
Express Scripts Holding Co. (b)		3,668		204,784
HMS Holdings Corp. (a)(b)		6,965		232,004
IPC The Hospitalist Co. (a)(b)		2,013		91,229
Laboratory Corp. of America Holdings (a)(b)		2,277		210,873
Landauer, Inc. (a)		533		30,557
Lincare Holdings, Inc. (a)		8,628		293,525
MEDNAX, Inc. (a)(b)		3,129		214,462
MModal, Inc. (a)(b)		2,715		35,241
Omnicare, Inc. (a)		5,848		182,633
Quest Diagnostics, Inc.		3,519		210,788
Team Health Holdings, Inc. (a)(b)		3,168		76,317

				2,973,875

MANAGED HEALTH CARE — 24.5%
Aetna, Inc. (a)		4,512		174,930
AMERIGROUP Corp. (a)(b)		3,122		205,771
Centene Corp. (a)(b)		5,500		165,880
CIGNA Corp. (a)		4,348		191,312
Coventry Health Care, Inc.		6,012		191,121
Health Net, Inc. (a)(b)		7,816		189,694
Humana, Inc.		2,457		190,270
Magellan Health Services, Inc. (a)(b)		3,615		163,868
Molina Healthcare, Inc. (a)(b)		8,686		203,774
UnitedHealth Group, Inc.		3,363		196,736
Universal American Corp. (a)(b)		4,502		47,406
WellCare Health Plans, Inc. (b)		3,420		181,260
WellPoint, Inc.		2,824		180,143

				2,282,165

TOTAL COMMON STOCKS —
(Cost $8,731,609)				9,281,711

SHORT TERM INVESTMENTS — 27.6%
MONEY MARKET FUNDS — 27.6%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,548,666		2,548,666
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		18,111		18,111

TOTAL SHORT TERM INVESTMENTS —
(Cost $2,566,777)				2,566,777

TOTAL INVESTMENTS — 127.4% (f)
(Cost $11,298,386)				11,848,488
OTHER ASSETS & LIABILITIES — (27.4)%				(2,546,997	)

NET ASSETS — 100.0%			$	9,301,491


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

219

SPDR S&P Homebuilders ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.9%
BUILDING PRODUCTS — 27.8%
A.O. Smith Corp. (a)		871,657	$	42,615,311
Armstrong World Industries, Inc. (a)		885,317		43,522,184
Fortune Brands Home & Security, Inc. (b)		1,870,359		41,652,895
Lennox International, Inc.		986,169		45,985,060
Masco Corp.		3,095,161		42,929,883
Owens Corning, Inc. (b)		1,417,384		40,452,139
Quanex Building Products Corp. (a)		855,455		15,295,535
Simpson Manufacturing Co., Inc. (a)		655,056		19,330,703
Trex Co., Inc. (b)		566,172		17,036,116
Universal Forest Products, Inc. (a)		256,534		9,999,695
USG Corp. (a)(b)		2,585,768		49,258,880

				368,078,401

HOME FURNISHINGS — 12.2%
Ethan Allen Interiors, Inc.		1,034,004		20,607,700
La-Z-Boy, Inc. (b)		1,372,877		16,872,658
Leggett & Platt, Inc. (a)		2,004,917		42,363,896
Mohawk Industries, Inc. (b)		610,410		42,624,930
Tempur-Pedic International, Inc. (b)		1,636,105		38,268,496

				160,737,680

HOME FURNISHING RETAIL — 14.6%
Aaron’s, Inc.		1,189,729		33,681,228
Bed Bath & Beyond, Inc. (b)		590,151		36,471,332
Pier 1 Imports, Inc. (a)		2,632,948		43,259,335
Select Comfort Corp. (a)(b)		1,815,965		37,989,988
Williams-Sonoma, Inc.		1,186,002		41,474,490

				192,876,373

HOME IMPROVEMENT RETAIL — 9.6%
Lowe’s Cos., Inc.		1,496,600		42,563,304
Lumber Liquidators Holdings, Inc. (a)(b)		1,251,506		42,288,388
The Home Depot, Inc.		798,309		42,302,394

				127,154,086

HOMEBUILDING — 29.5%
D.R. Horton, Inc. (a)		2,616,369		48,088,862
Lennar Corp. (Class A) (a)		1,573,800		48,646,158
M.D.C. Holdings, Inc.		1,540,161		50,317,060
NVR, Inc. (b)		52,694		44,789,900
Pulte Group, Inc. (a)(b)		4,653,028		49,787,400
Standard Pacific Corp. (a)(b)		8,161,121		50,517,339
The Ryland Group, Inc. (a)		1,946,141		49,782,287
Toll Brothers, Inc. (a)(b)		1,618,322		48,112,713

				390,041,719

HOUSEHOLD APPLIANCES — 6.2%
Helen of Troy, Ltd. (b)		372,447		12,622,229
iRobot Corp. (a)(b)		1,221,052		27,046,302
Whirlpool Corp.		686,906		42,011,171

				81,679,702

TOTAL COMMON STOCKS —
(Cost $1,318,847,011)				1,320,567,961

SHORT TERM INVESTMENTS — 15.8%
MONEY MARKET FUNDS — 15.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		207,781,566		207,781,566
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		305,484		305,484

TOTAL SHORT TERM INVESTMENTS —
(Cost $208,087,050)				208,087,050

TOTAL INVESTMENTS — 115.7% (f)
(Cost $1,526,934,061)				1,528,655,011
OTHER ASSETS & LIABILITIES — (15.7)%				(207,252,973	)

NET ASSETS — 100.0%			$	1,321,402,038


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

220

SPDR S&P Metals & Mining ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.9%
ALUMINUM — 7.7%
Alcoa, Inc.		2,620,029	$	22,925,254
Century Aluminum Co. (a)(b)		2,371,729		17,384,773
Kaiser Aluminum Corp. (a)		258,120		13,380,941
Noranda Aluminium Holding Corp.		755,855		6,016,606

				59,707,574

COAL & CONSUMABLE FUELS — 15.2%
Alpha Natural Resources, Inc. (b)		2,395,161		20,861,852
Arch Coal, Inc. (a)		3,659,415		25,213,369
Cloud Peak Energy, Inc. (b)		1,437,422		24,306,806
CONSOL Energy, Inc. (a)		790,152		23,894,197
Peabody Energy Corp.		919,707		22,551,216

				116,827,440

DIVERSIFIED METALS & MINING — 23.6%
AMCOL International Corp. (a)		179,532		5,082,551
Compass Minerals International, Inc. (a)		312,394		23,829,414
Freeport-McMoRan Copper & Gold, Inc.		659,884		22,482,248
Globe Specialty Metals, Inc. (a)		1,095,897		14,717,897
Horsehead Holding Corp. (a)(b)		638,872		6,363,165
Materion Corp.		293,416		6,757,371
Molycorp, Inc. (a)(b)		1,062,992		22,907,478
RTI International Metals, Inc. (a)(b)		789,053		17,856,269
SunCoke Energy, Inc. (b)		1,256,431		18,406,714
Titanium Metals Corp.		1,959,869		22,166,118
Walter Energy, Inc.		471,976		20,842,460

				181,411,685

GOLD — 8.5%
Allied Nevada Gold Corp. (a)(b)		768,974		21,823,482
Newmont Mining Corp.		443,968		21,536,888
Royal Gold, Inc. (a)		282,158		22,121,187

				65,481,557

PRECIOUS METALS & MINERALS — 10.7%
Coeur d’Alene Mines Corp. (b)		1,186,729		20,838,961
Hecla Mining Co. (a)		4,873,915		23,151,096
McEwen Mining, Inc. (a)(b)		5,855,021		17,623,613
Stillwater Mining Co. (b)		2,408,010		20,564,406

				82,178,076

STEEL — 34.2%
AK Steel Holding Corp. (a)		3,848,751		22,592,168
Allegheny Technologies, Inc.		736,706		23,493,554
Carpenter Technology Corp.		499,801		23,910,480
Cliffs Natural Resources, Inc.		457,708		22,560,427
Commercial Metals Co.		1,875,868		23,710,972
Haynes International, Inc.		154,816		7,886,327
Nucor Corp.		599,785		22,731,852
Reliance Steel & Aluminum Co.		458,597		23,159,148
Schnitzer Steel Industries, Inc. (Class A) (a)		847,455		23,745,689
Steel Dynamics, Inc.		2,025,696		23,801,928
United States Steel Corp. (a)		1,166,907		24,038,284
Worthington Industries, Inc. (a)		1,041,131		21,311,952

				262,942,781

TOTAL COMMON STOCKS —
(Cost $1,107,522,400)				768,549,113

SHORT TERM INVESTMENTS — 16.3%
MONEY MARKET FUNDS — 16.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		125,083,465		125,083,465
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		740,479		740,479

TOTAL SHORT TERM INVESTMENTS —
(Cost $125,823,944)				125,823,944

TOTAL INVESTMENTS — 116.2% (f)
(Cost $1,233,346,344)				894,373,057
OTHER ASSETS & LIABILITIES — (16.2)%				(124,693,415	)

NET ASSETS — 100.0%			$	769,679,642


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

221

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

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.8%
OIL & GAS DRILLING — 26.8%
Atwood Oceanics, Inc. (a)		156,173	$	5,909,586
Diamond Offshore Drilling, Inc.		102,020		6,032,443
Helmerich & Payne, Inc.		133,115		5,787,840
Hercules Offshore, Inc. (a)(b)		1,762,415		6,238,949
Nabors Industries, Ltd. (a)		458,708		6,605,395
Noble Corp. (a)		192,337		6,256,723
Parker Drilling Co. (a)(b)		443,207		1,998,864
Patterson-UTI Energy, Inc.		411,297		5,988,484
Pioneer Drilling Co. (a)		389,118		3,101,271
Rowan Cos. PLC (a)		195,734		6,328,080
Transocean, Ltd.		145,810		6,522,081
Unit Corp. (a)		160,584		5,923,944

				66,693,660

OIL & GAS EQUIPMENT & SERVICES — 73.0%
Baker Hughes, Inc.		156,281		6,423,149
Basic Energy Services, Inc. (a)(b)		607,799		6,272,486
Bristow Group, Inc.		154,733		6,292,991
Cameron International Corp. (a)		133,461		5,700,119
CARBO Ceramics, Inc. (b)		83,848		6,433,657
Core Laboratories NV (b)		50,044		5,800,100
Dresser-Rand Group, Inc. (a)		141,002		6,280,229
Dril-Quip, Inc. (a)(b)		101,453		6,654,302
Exterran Holdings, Inc. (a)(b)		543,689		6,932,035
FMC Technologies, Inc. (a)		150,766		5,914,550
Gulfmark Offshore, Inc. (Class A) (a)(b)		142,940		4,865,678
Halliburton Co.		219,326		6,226,665
Heckmann Corp. (a)(b)		1,997,698		6,752,219
Helix Energy Solutions Group, Inc. (a)		377,389		6,192,954
Hornbeck Offshore Services, Inc. (a)(b)		177,477		6,882,558
ION Geophysical Corp. (a)(b)		805,789		5,310,150
Key Energy Services, Inc. (a)(b)		644,224		4,896,102
Lufkin Industries, Inc. (b)		108,981		5,919,848
McDermott International, Inc. (a)		571,582		6,367,423
National Oilwell Varco, Inc.		92,120		5,936,213
Newpark Resources, Inc. (a)(b)		819,697		4,836,212
Oceaneering International, Inc.		132,823		6,356,909
Oil States International, Inc. (a)		92,572		6,128,266
OYO Geospace Corp. (a)		24,460		2,201,155
RPC, Inc. (b)		584,681		6,951,857
Schlumberger, Ltd.		94,983		6,165,347
SEACOR Holdings, Inc. (a)		57,982		5,182,431
Superior Energy Services, Inc. (a)		304,714		6,164,364
Tetra Technologies, Inc. (a)(b)		453,258		3,231,730
Tidewater, Inc.		131,407		6,092,029
Weatherford International, Ltd. (a)		504,375		6,370,256

				181,733,984

TOTAL COMMON STOCKS —
(Cost $309,653,447)				248,427,644

SHORT TERM INVESTMENTS — 14.8%
MONEY MARKET FUNDS — 14.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		36,495,540		36,495,540
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		510,337		510,337

TOTAL SHORT TERM INVESTMENTS —
(Cost $37,005,877)				37,005,877

TOTAL INVESTMENTS — 114.6% (f)
(Cost $346,659,324)				285,433,521
OTHER ASSETS & LIABILITIES — (14.6)%				(36,461,701	)

NET ASSETS — 100.0%			$	248,971,820


(a)		Non-income producing security.
(b)		A portion of the security was on loan at June 30, 2012.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

222

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

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.6%
INTEGRATED OIL & GAS — 9.8%
Chevron Corp.		116,240	$	12,263,320
ConocoPhillips		217,250		12,139,930
Exxon Mobil Corp.		145,039		12,410,987
Hess Corp.		262,247		11,394,632
Marathon Oil Corp.		468,482		11,979,085
Murphy Oil Corp.		256,013		12,874,894
Occidental Petroleum Corp.		137,888		11,826,654

				84,889,502

OIL & GAS EXPLORATION & PRODUCTION — 73.9%
Anadarko Petroleum Corp.		183,642		12,157,100
Apache Corp.		141,344		12,422,724
Approach Resources, Inc. (a)(b)		440,039		11,238,596
Berry Petroleum Co. (Class A) (a)		309,075		12,257,914
Bill Barrett Corp. (a)(b)		673,941		14,435,816
BPZ Resources, Inc. (a)(b)		4,128,859		10,446,013
Cabot Oil & Gas Corp.		355,411		14,003,193
Carrizo Oil & Gas, Inc. (a)(b)		564,524		13,271,959
Chesapeake Energy Corp. (a)		638,661		11,879,095
Cimarex Energy Co.		237,191		13,073,968
Clayton Williams Energy, Inc. (a)(b)		125,487		6,071,061
Cobalt International Energy, Inc. (b)		515,889		12,123,391
Comstock Resources, Inc. (a)(b)		811,437		13,323,796
Concho Resources, Inc. (b)		127,095		10,818,326
Contango Oil & Gas Co. (b)		133,724		7,916,461
Continental Resources, Inc. (a)(b)		167,037		11,128,005
Denbury Resources, Inc. (b)		781,775		11,812,620
Devon Energy Corp.		199,801		11,586,460
Energen Corp.		264,684		11,945,189
Energy Partners, Ltd. (a)(b)		372,444		6,294,304
Energy XXI Bermuda, Ltd. (a)		402,692		12,600,233
EOG Resources, Inc.		124,887		11,253,568
EQT Corp.		254,096		13,627,168
EXCO Resources, Inc. (a)		1,803,942		13,691,920
Forest Oil Corp. (a)(b)		1,489,993		10,921,649
GeoResources, Inc. (b)		317,783		11,634,036
Goodrich Petroleum Corp. (a)(b)		830,358		11,508,762
Gulfport Energy Corp. (b)		623,039		12,853,295
Magnum Hunter Resources Corp. (a)(b)		2,818,727		11,782,279
McMoRan Exploration Co. (a)(b)		1,280,153		16,219,539
Newfield Exploration Co. (b)		401,645		11,772,215
Noble Energy, Inc.		138,168		11,719,410
Northern Oil and Gas, Inc. (a)(b)		677,847		10,804,881
Oasis Petroleum, Inc. (b)		467,202		11,296,944
PDC Energy, Inc. (a)(b)		508,984		12,480,288
Pioneer Natural Resources Co.		124,373		10,970,942
Plains Exploration & Production Co. (b)		329,939		11,607,254
QEP Resources, Inc.		446,054		13,368,238
Quicksilver Resources, Inc. (a)(b)		3,275,408		17,752,711
Range Resources Corp.		207,184		12,818,474
Resolute Energy Corp. (b)		1,340,097		12,824,728
Rex Energy Corp. (a)(b)		1,154,200		12,938,582
Rosetta Resources, Inc. (b)		301,532		11,048,132
SandRidge Energy, Inc. (a)(b)		1,849,466		12,372,928
SM Energy Co.		237,865		11,681,550
Southwestern Energy Co. (b)		432,888		13,822,114
Stone Energy Corp. (b)		495,040		12,544,314
Swift Energy Co. (a)(b)		639,332		11,897,969
Ultra Petroleum Corp. (a)(b)		629,059		14,512,391
VAALCO Energy, Inc. (a)(b)		1,360,476		11,740,908
W&T Offshore, Inc. (a)		743,527		11,375,963
Whiting Petroleum Corp. (b)		278,043		11,433,128
WPX Energy, Inc. (a)(b)		836,377		13,532,580

				640,615,084

OIL & GAS REFINING & MARKETING — 15.9%
Clean Energy Fuels Corp. (a)(b)		830,344		12,870,332
CVR Energy, Inc. (a)(b)		477,395		12,689,159
Hollyfrontier Corp.		374,020		13,251,529
Marathon Petroleum Corp.		313,798		14,095,806
Phillips 66 (b)		364,991		12,132,301
Rentech, Inc. (a)(b)		4,597,163		9,470,156
Sunoco, Inc.		250,804		11,913,190
Tesoro Corp. (b)		522,933		13,052,408
Valero Energy Corp.		551,362		13,315,392
Western Refining, Inc.		594,926		13,249,002
World Fuel Services Corp. (a)		308,740		11,741,382

				137,780,657

TOTAL COMMON STOCKS —
(Cost $1,060,018,902)				863,285,243

WARRANT — 0.0%
OIL & GAS EXPLORATION & PRODUCTION — 0.0%
Magnum Hunter Resources (expiring 10/14/13) (a)(b)(c) (Cost $0)		161,074		0

SHORT TERM INVESTMENTS — 13.9%
MONEY MARKET FUNDS — 13.9%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		117,389,967		117,389,967
State Street Institutional Liquid Reserves Fund 0.20% (e)(f)		3,382,722		3,382,722

TOTAL SHORT TERM INVESTMENTS —
(Cost $120,772,689)				120,772,689

TOTAL INVESTMENTS — 113.5% (g)
(Cost $1,180,791,591)				984,057,932
OTHER ASSETS & LIABILITIES — (13.5)%				(117,216,148	)

NET ASSETS — 100.0%			$	866,841,784


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs. (Note 2)
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

223

SPDR S&P Pharmaceuticals ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 100.0%
PHARMACEUTICALS — 100.0%
Abbott Laboratories		304,697	$	19,643,816
Akorn, Inc. (a)(b)		855,208		13,486,630
Allergan, Inc.		206,164		19,084,601
Auxilium Pharmaceuticals, Inc. (a)(b)		345,538		9,291,517
Bristol-Myers Squibb Co.		548,596		19,722,026
Eli Lilly & Co.		454,024		19,482,170
Endo Pharmaceuticals Holdings, Inc. (b)		631,038		19,549,557
Forest Laboratories, Inc. (b)		528,351		18,487,001
Hi-Tech Pharmacal Co., Inc. (b)		133,606		4,328,834
Hospira, Inc. (b)		575,021		20,114,235
Impax Laboratories, Inc. (b)		455,028		9,223,418
Jazz Pharmaceuticals PLC (a)(b)		435,255		19,590,828
Johnson & Johnson		299,360		20,224,762
Medicis Pharmaceutical Corp. (Class A) (a)		536,445		18,319,597
Merck & Co., Inc.		490,262		20,468,438
Mylan, Inc. (b)		875,021		18,699,199
Nektar Therapeutics (a)(b)		1,106,800		8,931,876
Optimer Pharmaceuticals, Inc. (a)(b)		551,361		8,557,123
Par Pharmaceutical Cos., Inc. (b)		369,829		13,365,620
Perrigo Co.		177,541		20,937,410
Pfizer, Inc.		851,676		19,588,548
Questcor Pharmaceuticals, Inc. (a)(b)		428,699		22,823,935
Salix Pharmaceuticals, Ltd. (a)(b)		354,146		19,279,708
The Medicines Co. (b)		307,958		7,064,556
ViroPharma, Inc. (a)(b)		928,012		21,993,884
VIVUS, Inc. (a)(b)		771,267		22,011,960
Warner Chilcott PLC (b)		982,643		17,608,963
Watson Pharmaceuticals, Inc. (b)		265,975		19,679,490

TOTAL COMMON STOCKS —
(Cost $403,361,533)				471,559,702

SHORT TERM INVESTMENTS — 9.3%
MONEY MARKET FUNDS — 9.3%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		43,840,387		43,840,387
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		60,156		60,156

TOTAL SHORT TERM INVESTMENTS —
(Cost $43,900,543)				43,900,543

TOTAL INVESTMENTS — 109.3% (f)
(Cost $447,262,076)				515,460,245
OTHER ASSETS & LIABILITIES — (9.3)%				(43,667,210	)

NET ASSETS — 100.0%			$	471,793,035


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

224

SPDR S&P Retail ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description		Shares		Value

COMMON STOCKS — 99.8%
APPAREL RETAIL — 29.5%
Abercrombie & Fitch Co. (Class A)			234,617	$	8,009,824
Aeropostale, Inc. (a)			430,158		7,669,717
American Eagle Outfitters, Inc.			386,917		7,633,872
ANN, Inc. (a)			293,159		7,472,623
Ascena Retail Group, Inc. (a)			394,947		7,353,913
Brown Shoe Co., Inc.			638,466		8,242,596
Chico’s FAS, Inc.			523,163		7,763,739
Collective Brands, Inc. (a)			354,928		7,602,558
DSW, Inc. (Class A)			131,398		7,148,051
Express, Inc. (a)			409,584		7,442,141
Foot Locker, Inc.			242,028		7,401,216
Genesco, Inc. (a)			116,387		7,000,678
Guess?, Inc. (b)			274,350		8,332,010
Hot Topic, Inc. (b)			780,530		7,563,336
Jos. A. Bank Clothiers, Inc. (a)(b)			183,880		7,807,545
Limited Brands, Inc.			176,300		7,498,039
Ross Stores, Inc.			117,055		7,312,426
Rue21, Inc. (a)(b)			287,656		7,260,437
Stage Stores, Inc.			425,586		7,796,736
The Buckle, Inc. (b)			198,783		7,865,843
The Cato Corp. (Class A)			191,133		5,821,911
The Children’s Place Retail Stores, Inc. (a)			164,911		8,217,515
The Finish Line, Inc. (Class A)			381,564		7,978,503
The Gap, Inc.			287,656		7,870,268
The Men’s Wearhouse, Inc. (b)			259,196		7,293,776
TJX Cos., Inc.			181,977		7,812,273
Urban Outfitters, Inc. (a)			273,186		7,537,202
Zumiez, Inc. (a)			200,751		7,949,740

					212,658,488

AUTOMOTIVE RETAIL — 11.8%
Advance Auto Parts, Inc.			101,553		6,927,946
Asbury Automotive Group, Inc. (a)			296,840		7,032,139
AutoNation, Inc. (a)(b)			202,874		7,157,395
AutoZone, Inc. (a)			19,658		7,217,828
CarMax, Inc. (a)			268,201		6,957,134
Group 1 Automotive, Inc. (b)			149,376		6,813,039
Lithia Motors, Inc. (Class A)			303,704		7,000,377
Monro Muffler Brake, Inc. (b)			223,482		7,428,542
O’Reilly Automotive, Inc. (a)			76,900		6,441,913
Penske Automotive Group, Inc. (b)			316,827		6,729,405
Pep Boys-Manny, Moe & Jack (b)			828,623		8,203,368
Sonic Automotive, Inc. (Class A) (b)			517,292		7,071,382

					84,980,468

CATALOG RETAIL — 2.2%
HSN, Inc.			189,175		7,633,211
Liberty Interactive Corp. (Class A) (a)			452,266		8,045,812
	��
					15,679,023

COMPUTER & ELECTRONICS RETAIL — 4.1%
Best Buy Co., Inc.			377,782		7,918,311
GameStop Corp. (Class A) (b)			396,727		7,283,908
RadioShack Corp. (b)			1,739,226		6,678,628
Rent-A-Center, Inc.			219,429		7,403,534

					29,284,381

DEPARTMENT STORES — 7.3%
Dillard’s, Inc. (Class A)			110,987		7,067,652
J.C. Penney Co., Inc. (b)			299,726		6,986,613
Kohl’s Corp.			167,469		7,618,165
Macy’s, Inc.			202,916		6,970,164
Nordstrom, Inc.			154,801		7,692,062
Saks, Inc. (a)(b)			742,916		7,912,055
Sears Holdings Corp. (a)(b)			144,337		8,616,919

					52,863,630

DRUG RETAIL — 3.3%
CVS Caremark Corp.			168,183		7,859,192
Rite Aid Corp. (a)(b)			6,136,741		8,591,437
Walgreen Co.			242,208		7,164,513

					23,615,142

FOOD RETAIL — 8.5%
Casey’s General Stores, Inc.			126,956		7,489,134
Harris Teeter Supermarkets, Inc.			195,227		8,002,355
Safeway, Inc. (b)			414,229		7,518,256
SUPERVALU, Inc. (b)			1,755,436		9,093,159
Susser Holdings Corp. (a)			166,385		6,184,530
The Fresh Market, Inc. (a)			136,587		7,325,161
The Kroger Co.			350,007		8,116,662
Whole Foods Market, Inc.			83,021		7,913,562

					61,642,819

GENERAL MERCHANDISE STORES — 6.1%
Big Lots, Inc. (a)			195,783		7,985,989
Dollar General Corp. (a)			150,025		8,159,860
Dollar Tree, Inc. (a)			141,414		7,608,073
Family Dollar Stores, Inc.			108,515		7,214,077
Fred’s, Inc. (Class A) (b)			371,655		5,682,605
Target Corp.			127,586		7,424,229

					44,074,833

HYPERMARKETS & SUPER CENTERS — 3.3%
Costco Wholesale Corp.			85,102		8,084,690
PriceSmart, Inc. (b)			115,095		7,770,063
Wal-Mart Stores, Inc.			110,684		7,716,889

					23,571,642

INTERNET RETAIL — 7.6%
Amazon.com, Inc. (a)			34,612		7,903,650
Blue Nile, Inc. (a)(b)			224,843		6,680,086
Expedia, Inc.			157,710		7,581,120
Netflix, Inc. (a)			114,986		7,873,091
Priceline.com, Inc. (a)			11,654		7,744,316
Shutterfly, Inc. (a)(b)			294,997		9,053,458
TripAdvisor, Inc. (a)			175,436		7,840,235

					54,675,956

SPECIALTY STORES — 16.1%
Barnes & Noble, Inc. (a)(b)			490,531		8,074,140
Cabela’s, Inc. (a)			215,645		8,153,537
Dick’s Sporting Goods, Inc.			159,834		7,672,032
GNC Holdings, Inc. (Class A)			198,188		7,768,970
Hibbett Sports, Inc. (a)(b)			131,919		7,613,045
Office Depot, Inc. (a)(b)			3,628,962		7,838,558
OfficeMax, Inc. (a)(b)			1,688,681		8,544,726
PetSmart, Inc.			113,388		7,730,794
Sally Beauty Holdings, Inc. (a)			282,145		7,262,412

See accompanying notes to financial statements.

225

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

June 30, 2012


Security Description	Shares		Value

Signet Jewelers, Ltd.		172,095	$	7,573,901
Staples, Inc. (b)		586,848		7,658,366
Tiffany & Co.		136,511		7,228,257
Tractor Supply Co.		86,048		7,147,147
Ulta Salon Cosmetics & Fragrance, Inc.		80,262		7,494,866
Vitamin Shoppe, Inc. (a)(b)		149,034		8,186,439

				115,947,190

TOTAL COMMON STOCKS —
(Cost $800,514,005)				718,993,572

SHORT TERM INVESTMENTS — 11.1%
MONEY MARKET FUNDS — 11.1%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		79,692,306		79,692,306
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		100		100

TOTAL SHORT TERM INVESTMENTS —
(Cost $79,692,406)				79,692,406

TOTAL INVESTMENTS — 110.9% (f)
(Cost $880,206,411)				798,685,978
OTHER ASSETS & LIABILITIES — (10.9)%				(78,474,457	)

NET ASSETS — 100.0%			$	720,211,521


(a)		Non-income producing security.
(b)		A portion of the security was on loan at June 30, 2012.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

226

SPDR S&P Semiconductor ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.9%
SEMICONDUCTORS — 99.9%
Advanced Micro Devices, Inc. (a)(b)		148,932	$	853,380
Altera Corp.		26,240		887,962
Analog Devices, Inc.		23,767		895,303
Applied Micro Circuits Corp. (a)(b)		49,778		284,730
Atmel Corp. (b)		124,104		831,497
Broadcom Corp. (Class A) (b)		25,849		873,696
Cavium, Inc. (a)(b)		33,905		949,340
CEVA, Inc. (a)(b)		34,007		598,863
Cirrus Logic, Inc. (a)(b)		30,693		917,107
Cree, Inc. (a)(b)		36,887		946,889
Cypress Semiconductor Corp. (a)(b)		67,059		886,520
Diodes, Inc. (a)(b)		20,920		392,668
Entropic Communications, Inc. (a)(b)		103,572		584,146
Fairchild Semiconductor International, Inc. (a)(b)		64,545		910,084
First Solar, Inc. (a)(b)		68,793		1,036,023
Freescale Semiconductor Holdings I, Ltd. (a)(b)		92,064		943,656
Hittite Microwave Corp. (a)(b)		15,995		817,664
Integrated Device Technology, Inc. (b)		165,079		927,744
Intel Corp.		33,322		888,031
International Rectifier Corp. (a)(b)		44,933		898,211
Intersil Corp. (Class A) (a)		83,824		892,726
Lattice Semiconductor Corp. (b)		166,718		628,527
Linear Technology Corp.		29,499		924,204
LSI Corp. (b)		133,340		849,376
Marvell Technology Group, Ltd.		71,649		808,201
Maxim Integrated Products, Inc.		33,985		871,375
Micrel, Inc. (a)		28,594		272,501
Microchip Technology, Inc.		27,535		910,858
Micron Technology, Inc. (b)		149,609		944,033
Microsemi Corp. (b)		41,474		766,854
Monolithic Power Systems, Inc. (a)(b)		24,238		481,609
NVIDIA Corp. (b)		72,627		1,003,705
OmniVision Technologies, Inc. (a)(b)		61,177		817,325
ON Semiconductor Corp. (b)		128,238		910,490
PMC-Sierra, Inc. (b)		137,950		847,013
Power Integrations, Inc. (a)		17,519		653,459
Rambus, Inc. (b)		91,202		523,499
RF Micro Devices, Inc. (a)(b)		203,668		865,589
Semtech Corp. (a)(b)		36,155		879,290
Silicon Image, Inc. (a)(b)		110,550		457,677
Silicon Laboratories, Inc. (b)		24,580		931,582
Skyworks Solutions, Inc. (b)		31,451		860,814
Spansion, Inc. (b)		28,246		310,141
Standard Microsystems Corp. (b)		24,057		887,463
Texas Instruments, Inc.		30,837		884,713
TriQuint Semiconductor, Inc. (a)(b)		161,706		889,383
Volterra Semiconductor Corp. (b)		26,372		618,423
Xilinx, Inc.		26,809		899,978

TOTAL COMMON STOCKS —
(Cost $45,015,609)				37,914,322

SHORT TERM INVESTMENTS — 19.2%
MONEY MARKET FUNDS — 19.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		7,241,651		7,241,651
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		25,945		25,945

TOTAL SHORT TERM INVESTMENTS —
(Cost $7,267,596)				7,267,596

TOTAL INVESTMENTS — 119.1% (f)
(Cost $52,283,205)				45,181,918
OTHER ASSETS & LIABILITIES — (19.1)%				(7,230,143	)

NET ASSETS — 100.0%			$	37,951,775


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Non-income producing security.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

See accompanying notes to financial statements.

227

SPDR S&P Software & Services ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 99.9%
APPLICATION SOFTWARE — 31.3%
ACI Worldwide, Inc. (a)		3,239	$	143,196
Adobe Systems, Inc. (a)		4,046		130,969
Advent Software, Inc. (a)(b)		4,864		131,863
Ansys, Inc. (a)(b)		1,983		125,147
Aspen Technology, Inc. (a)(b)		6,021		139,386
Autodesk, Inc. (a)		3,907		136,706
Blackbaud, Inc. (b)		5,074		130,250
Bottomline Technologies, Inc. (a)(b)		7,285		131,494
BroadSoft, Inc. (a)(b)		4,620		133,795
Cadence Design Systems, Inc. (a)(b)		12,151		133,539
Citrix Systems, Inc. (a)		1,661		139,424
Compuware Corp. (a)		14,261		132,485
Concur Technologies, Inc. (a)(b)		1,982		134,974
Ebix, Inc. (b)		7,183		143,301
Factset Research Systems, Inc. (b)		1,208		112,272
Fair Isaac Corp. (b)		3,147		133,055
Informatica Corp. (a)(b)		3,022		128,012
Interactive Intelligence Group (a)(b)		2,890		81,527
Intuit, Inc. (b)		2,247		133,359
JDA Software Group, Inc. (a)(b)		4,458		132,358
Kenexa Corp. (a)(b)		4,327		125,613
Manhattan Associates, Inc. (a)(b)		2,784		127,257
Mentor Graphics Corp. (a)(b)		8,937		134,055
MicroStrategy, Inc. (a)(b)		1,048		136,093
Monotype Imaging Holdings, Inc. (a)(b)		4,535		76,052
Netscout Systems, Inc. (a)(b)		6,047		130,555
Nuance Communications, Inc. (a)(b)		6,030		143,635
Parametric Technology Corp. (a)(b)		6,217		130,308
Pegasystems, Inc. (b)		4,032		132,975
QLIK Technologies, Inc. (a)(b)		5,853		129,468
Quest Software, Inc. (a)		5,316		148,051
RealPage, Inc. (a)(b)		7,481		173,260
Salesforce.com, Inc. (a)(b)		938		129,688
Solarwinds, Inc. (a)(b)		2,878		125,366
Solera Holdings, Inc. (b)		2,997		125,245
SS&C Technologies Holdings, Inc. (a)(b)		5,471		136,775
Synchronoss Technologies, Inc. (a)		7,155		132,153
Synopsys, Inc. (a)(b)		4,347		127,932
TIBCO Software, Inc. (a)		4,772		142,778
TiVo, Inc. (a)(b)		15,618		129,161
Tyler Technologies, Inc. (a)(b)		3,307		133,437
Ultimate Software Group, Inc. (a)		1,526		135,997
Verint Systems, Inc. (a)(b)		4,350		128,369
VirnetX Holding Corp. (a)		3,705		130,601

				5,771,936

DATA PROCESSING & OUTSOURCED SERVICES — 21.4%
Alliance Data Systems Corp. (a)		1,026		138,510
Automatic Data Processing, Inc.		2,386		132,805
Broadridge Financial Solutions, Inc.		6,098		129,704
Cardtronics, Inc. (a)(b)		4,587		138,573
Computer Sciences Corp.		4,897		121,544
Convergys Corp. (b)		8,931		131,911
CoreLogic, Inc. (a)		7,390		135,311
CSG Systems International, Inc. (a)(b)		6,350		109,728
DST Systems, Inc. (b)		2,447		132,897
Euronet Worldwide, Inc. (a)(b)		7,339		125,644
ExlService Holdings, Inc. (a)		5,617		138,403
Fidelity National Information Services, Inc.		3,954		134,752
Fiserv, Inc. (a)		1,853		133,824
FleetCor Technologies, Inc. (a)		3,492		122,360
Genpact, Ltd. (a)		8,426		140,124
Global Payments, Inc.		3,015		130,338
Heartland Payment Systems, Inc. (b)		4,448		133,796
Higher One Holdings, Inc. (a)		11,664		142,534
Jack Henry & Associates, Inc. (b)		3,752		129,519
Lender Processing Services, Inc. (b)		5,824		147,231
Mastercard, Inc. (Class A)		307		132,044
NeuStar, Inc. (Class A) (a)(b)		4,073		136,038
Paychex, Inc. (b)		4,130		129,723
Syntel, Inc. (b)		2,221		134,815
TeleTech Holdings, Inc. (a)(b)		7,213		115,408
The Western Union Co.		7,905		133,120
Total System Services, Inc.		5,461		130,682
VeriFone Systems, Inc. (a)(b)		3,659		121,076
Visa, Inc. (Class A)		1,099		135,869
Wright Express Corp. (a)(b)		2,221		137,080

				3,955,363

DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES — 0.7%
CoStar Group, Inc. (a)(b)		1,658		134,630

HOME ENTERTAINMENT SOFTWARE — 2.6%
Activision Blizzard, Inc.		10,826		129,804
Electronic Arts, Inc. (a)		9,508		117,424
Take-Two Interactive Software, Inc. (a)(b)		11,782		111,457
Zynga, Inc. (a)(b)		21,168		115,154

				473,839

INTERNET SOFTWARE & SERVICES — 21.1%
Akamai Technologies, Inc. (a)(b)		4,252		135,001
Ancestry.com, Inc. (a)(b)		4,869		134,044
AOL, Inc. (a)		4,660		130,853
Bankrate, Inc. (a)(b)		6,998		128,693
Blucora, Inc. (a)(b)		10,345		127,450
comScore, Inc. (a)(b)		7,033		115,763
Constant Contact, Inc. (a)(b)		6,403		114,486
DealerTrack Holdings, Inc. (a)(b)		4,833		145,522
Dice Holdings, Inc. (a)(b)		12,667		118,943
Digital River, Inc. (a)(b)		8,168		135,752
EarthLink, Inc. (b)		16,461		122,470
eBay, Inc. (a)(b)		3,120		131,071
Equinix, Inc. (a)		767		134,724
Google, Inc. (Class A) (a)		221		128,195
IAC/InterActiveCorp.		2,830		129,048
j2 Global, Inc. (b)		5,325		140,686
LinkedIn Corp. (Class A) (a)		1,330		141,339
Liquidity Services, Inc. (a)(b)		2,007		102,738
LivePerson, Inc. (a)		7,017		133,744
LogMeIn, Inc. (a)(b)		4,220		128,794
Monster Worldwide, Inc. (a)(b)		15,505		131,793
NIC, Inc. (b)		10,100		128,270
OpenTable, Inc. (a)(b)		3,046		137,100
Rackspace Hosting, Inc. (a)(b)		2,820		123,911
United Online, Inc. (b)		32,259		136,133

See accompanying notes to financial statements.

228

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

June 30, 2012


Security Description	Shares		Value

ValueClick, Inc. (a)(b)		7,574	$	124,138
VeriSign, Inc. (a)(b)		3,217		140,165
Web.com Group, Inc. (a)		7,578		138,829
WebMD Health Corp. (a)(b)		5,659		116,066
Yahoo!, Inc. (a)(b)		8,183		129,537

				3,885,258

IT CONSULTING & OTHER SERVICES — 10.7%
Accenture PLC (Class A) (b)		2,188		131,477
Acxiom Corp. (a)(b)		9,494		143,454
Booz Allen Hamilton Holding Corp. (b)		8,189		125,128
CACI International, Inc. (Class A) (a)(b)		2,618		144,042
Cognizant Technology Solutions Corp. (Class A) (a)(b)		2,176		130,560
Forrester Research, Inc. (b)		2,552		86,411
Gartner, Inc. (a)(b)		3,037		130,743
iGate Corp. (a)		7,582		129,046
International Business Machines Corp.		656		128,300
ManTech International Corp. (Class A)		5,420		127,207
MAXIMUS, Inc. (b)		2,793		144,538
SAIC, Inc.		11,117		134,738
Sapient Corp. (b)		11,548		116,288
Teradata Corp. (a)		1,865		134,299
Unisys Corp. (a)(b)		8,327		162,793

				1,969,024

SYSTEMS SOFTWARE — 12.1%
Ariba, Inc. (a)		2,868		128,372
BMC Software, Inc. (a)		2,931		125,095
CA, Inc.		5,028		136,209
CommVault Systems, Inc. (a)(b)		2,655		131,608
Fortinet, Inc. (a)(b)		5,861		136,092
MICROS Systems, Inc. (a)(b)		2,484		127,181
Microsoft Corp.		4,319		132,118
NetSuite, Inc. (a)		2,718		148,865
OPNET Technologies, Inc. (b)		4,740		126,037
Oracle Corp.		4,715		140,035
Progress Software Corp. (a)(b)		7,107		148,323
Red Hat, Inc. (a)		2,297		129,735
Rovi Corp. (a)		5,471		107,341
Sourcefire, Inc. (a)(b)		2,490		127,986
Symantec Corp. (a)		8,790		128,422
VMware, Inc. (Class A) (a)		1,365		124,270
Websense, Inc. (a)(b)		7,095		132,889

				2,230,578

TOTAL COMMON STOCKS —
(Cost $17,566,849)				18,420,628

SHORT TERM INVESTMENTS — 27.8%
MONEY MARKET FUNDS — 27.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		5,109,432		5,109,432
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		17,482		17,482

TOTAL SHORT TERM INVESTMENTS —
(Cost $5,126,914)				5,126,914

TOTAL INVESTMENTS — 127.7% (f)
(Cost $22,693,763)				23,547,542
OTHER ASSETS & LIABILITIES — (27.7)%				(5,102,284	)

NET ASSETS — 100.0%			$	18,445,258


(a)		Non-income producing security.
(b)		A portion of the security was on loan at June 30, 2012.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

229

SPDR S&P Telecom ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 102.1%
ALTERNATIVE CARRIERS — 9.0%
AboveNet, Inc. (a)		1,055	$	88,620
Cogent Communications Group, Inc. (a)		2,715		52,264
Iridium Communications, Inc. (a)		2,922		26,181
Level 3 Communications, Inc. (a)		4,225		93,584
Neutral Tandem, Inc. (a)		1,128		14,867
tw telecom, Inc. (a)		3,692		94,736

				370,252

COMMUNICATIONS EQUIPMENT — 60.1%
Acme Packet, Inc. (a)		3,861		72,008
ADTRAN, Inc.		3,028		91,415
Arris Group, Inc. (a)		6,431		89,455
Aruba Networks, Inc. (a)		6,444		96,982
Black Box Corp.		636		18,253
Brocade Communications Systems, Inc. (a)		19,373		95,509
Ciena Corp. (a)		6,132		100,381
Cisco Systems, Inc.		5,385		92,460
Comtech Telecommunications Corp.		1,539		43,985
Comverse Technology, Inc. (a)		15,640		91,025
EchoStar Corp. (Class A) (a)		2,097		55,403
Emulex Corp. (a)		12,457		89,690
F5 Networks, Inc. (a)		880		87,613
Finisar Corp. (a)		6,054		90,568
Harmonic, Inc. (a)		7,775		33,122
Harris Corp.		2,205		92,279
Infinera Corp. (a)		7,704		52,695
InterDigital, Inc.		3,691		108,921
Ixia (a)		2,303		27,682
JDS Uniphase Corp. (a)		8,563		94,193
Juniper Networks, Inc. (a)		5,334		86,998
Loral Space & Communications, Inc.		961		64,723
Motorola Solutions, Inc.		1,854		89,196
Netgear, Inc. (a)		2,879		99,354
Plantronics, Inc.		2,930		97,862
Polycom, Inc. (a)		8,175		86,001
Procera Networks, Inc. (a)		3,321		80,734
QUALCOMM, Inc.		1,533		85,357
Riverbed Technology, Inc. (a)		5,110		82,527
Sonus Networks, Inc. (a)		12,639		27,174
Tellabs, Inc.		19,821		66,004
ViaSat, Inc. (a)		2,256		85,209

				2,474,778

INTEGRATED TELECOMMUNICATION SERVICES — 13.6%
AT&T, Inc.		2,607		92,966
CenturyLink, Inc.		2,407		95,052
Cincinnati Bell, Inc. (a)		12,996		48,345
Consolidated Communications Holdings, Inc.		2,290		33,892
Frontier Communications Corp.		26,112		100,009
Verizon Communications, Inc.		2,123		94,346
Windstream Corp.		9,625		92,978

				557,588

WIRELESS TELECOMMUNICATION SERVICES — 19.4%
Clearwire Corp. (Class A) (a)		75,703		84,787
Crown Castle International Corp. (a)		1,612		94,560
Leap Wireless International, Inc. (a)		17,945		115,386
MetroPCS Communications, Inc. (a)		14,648		88,620
NII Holdings, Inc. (a)		7,972		81,554
SBA Communications Corp. (Class A) (a)		1,711		97,613
Sprint Nextel Corp. (a)		30,230		98,550
Telephone & Data Systems, Inc.		4,416		94,017
US Cellular Corp. (a)		1,070		41,323

				796,410

TOTAL COMMON STOCKS —
(Cost $5,471,667)				4,199,028

SHORT TERM INVESTMENT — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.20% (b)(c) (Cost $3,970)		3,970		3,970

TOTAL INVESTMENTS — 102.2% (d)
(Cost $5,475,637)				4,202,998
OTHER ASSETS & LIABILITIES — (2.2)%				(88,645	)

NET ASSETS — 100.0%			$	4,114,353

See accompanying notes to financial statements.

230

SPDR S&P Transportation ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

COMMON STOCKS — 100.0%
AIR FREIGHT & LOGISTICS — 19.1%
Atlas Air Worldwide Holdings, Inc. (a)		7,969	$	346,731
C.H. Robinson Worldwide, Inc.		6,697		391,976
Expeditors International of Washington, Inc.		9,855		381,881
FedEx Corp.		4,437		406,474
Forward Air Corp.		3,360		108,427
HUB Group, Inc. (Class A) (a)		4,911		177,778
United Parcel Service, Inc. (Class B)		5,062		398,683
UTI Worldwide, Inc.		10,177		148,686

				2,360,636

AIRLINES — 22.2%
Alaska Air Group, Inc. (a)		11,169		400,967
Allegiant Travel Co. (a)		3,336		232,452
Delta Air Lines, Inc. (a)		37,369		409,191
JetBlue Airways Corp. (a)		74,300		393,790
SkyWest, Inc.		14,656		95,704
Southwest Airlines Co.		42,812		394,727
United Continental Holdings, Inc. (a)		16,512		401,737
US Airways Group, Inc. (a)		31,925		425,560

				2,754,128

MARINE — 5.7%
Alexander & Baldwin Holdings, Inc.		6,492		345,699
Kirby Corp. (a)		7,601		357,855

				703,554

RAILROADS — 17.6%
CSX Corp.		18,401		411,446
Genesee & Wyoming, Inc. (Class A) (a)		7,686		406,128
Kansas City Southern		5,778		401,918
Norfolk Southern Corp.		5,838		418,993
RailAmerica, Inc. (a)		4,901		118,604
Union Pacific Corp.		3,512		419,017

				2,176,106

TRUCKING — 35.4%
AMERCO, Inc.		958		86,191
Arkansas Best Corp.		11,304		142,430
Avis Budget Group, Inc. (a)		28,840		438,368
Con-way, Inc.		11,188		403,999
Dollar Thrifty Automotive Group, Inc. (a)		4,825		390,632
Heartland Express, Inc.		8,057		115,296
Hertz Global Holdings, Inc. (a)		30,858		394,982
J.B. Hunt Transport Services, Inc.		7,003		417,379
Knight Transportation, Inc.		15,267		244,119
Landstar System, Inc.		7,422		383,866
Old Dominion Freight Line, Inc. (a)		9,107		394,242
Ryder Systems, Inc.		9,058		326,179
Swift Transportation Co. (a)		39,501		373,284
Werner Enterprises, Inc.		11,649		278,295

				4,389,262

TOTAL COMMON STOCKS —
(Cost $12,196,253)				12,383,686

SHORT TERM INVESTMENT — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund 0.20% (c)(d) (Cost $2,723)		2,723		2,723

TOTAL INVESTMENTS — 100.0% (e)
(Cost $12,198,976)				12,386,409
OTHER ASSETS & LIABILITIES — 0.0% (b)				4,427

NET ASSETS — 100.0%			$	12,390,836

See accompanying notes to financial statements.

231

SPDR Wells Fargo Preferred Stock ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


Security Description	Shares		Value

PREFERRED STOCKS — 99.8%
AUTOMOBILES — 0.8%
Ford Motor Co., 7.50%		77,035	$	2,136,951

CAPITAL MARKETS — 3.7%
The Bank of New York Capital V Series F, 5.95% (a)		45,486		1,175,358
The Charles Schwab Corp., 6.00%		63,032		1,642,614
The Goldman Sachs Group, Inc., 6.50% (a)		74,728		2,025,129
The Goldman Sachs Group, Inc., 6.13% (a)		172,200		4,532,304

				9,375,405

COMMERCIAL BANKS — 31.7%
Barclays Bank PLC Series 2, 6.63% (a)		62,952		1,517,143
Barclays Bank PLC Series 3, 7.10% (a)		116,137		2,880,198
Barclays Bank PLC Series 4, 7.75% (a)		97,108		2,439,353
Barclays Bank PLC Series 5, 8.13% (a)		223,095		5,662,151
BB&T Capital Trust V, 8.95% (b)		58,483		1,473,187
BB&T Capital Trust VI, 9.60% (a)		74,728		1,906,311
BB&T Capital Trust VII, 8.10% (a)		45,486		1,156,254
BB&T Corp., 5.85%		74,728		1,961,610
Fifth Third Capital Trust V, 7.25% (a)(b)		74,728		1,901,828
Fifth Third Capital Trust VI, 7.25% (a)(b)		112,093		2,861,734
HSBC Holdings PLC, 8.13% (a)		114,105		3,007,808
HSBC Holdings PLC, 8.00% (a)		197,090		5,356,906
HSBC Holdings PLC, Series A, 6.20%		75,845		1,901,434
HSBC USA, Inc. Series F, 3.50% (a)(b)		27,462		601,143
HSBC USA, Inc. Series G, 4.00% (a)(b)		19,808		449,444
KeyCorp Capital X, 8.00%		73,830		1,860,516
Lloyds Banking Group PLC, 7.75% (a)		112,093		2,987,278
M&T Capital Trust IV, 8.50%		45,486		1,171,264
National City Capital Trust IV, 8.00% (a)		67,256		1,696,869
PNC Capital Trust E, 7.75% (a)		58,483		1,477,865
PNC Financial Services Group, Inc., 6.13% (b)		194,944		5,136,774
Santander Finance Preferred SA Unipersonal, 10.50%		107,234		2,821,327
Suntrust Capital IX, 7.88%		89,024		2,242,515
UBS Preferred Funding Trust IV Series D, 0.94% (b)		38,989		596,532
US Bancorp Series B, 3.50% (a)(b)		129,963		2,965,756
US Bancorp Series D, 7.88% (a)		64,981		1,739,541
US Bancorp Series F, 6.50% (a)(b)		142,959		4,085,768
US Bancorp Series G, 6.00% (a)(b)		141,009		3,860,826
Wells Fargo & Co. Series J, 8.00% (a)		205,794		6,214,979
Wells Fargo Capital IX, 5.63% (a)		47,851		1,224,986
Wells Fargo Capital VII, 5.85% (a)		47,851		1,235,513
Wells Fargo Capital XII, 7.88% (a)		150,729		3,902,374

				80,297,187

CONSUMER FINANCE — 1.0%
Capital One Capital II, 7.50% (a)		44,837		1,152,311
HSBC Finance Corp., 6.36% (a)		30,493		768,423
HSBC USA, Inc. Series H, 6.50% (a)		19,795		515,660

				2,436,394

DIVERSIFIED FINANCIAL SERVICES — 22.8%
Credit Suisse Guernsey, 7.90%		198,194		5,158,990
Deutsche Bank Capital Funding Trust IX, 6.63% (a)		85,499		2,104,985
Deutsche Bank Capital Funding Trust VIII, 6.38% (a)		44,608		1,076,837
Deutsche Bank Capital Funding Trust X, 7.35% (a)		59,848		1,505,776
Deutsche Bank Contingent Capital Trust II, 6.55% (a)		59,477		1,467,298
Deutsche Bank Contingent Capital Trust III, 7.60% (a)		146,834		3,772,165
Deutsche Bank Contingent Capital Trust V, 8.05% (a)		102,970		2,694,725
General Electric Capital Corp., 6.63% (a)		94,282		2,494,702
General Electric Capital Corp., 6.50% (a)		24,199		670,312
General Electric Capital Corp., 6.10% (a)		94,282		2,460,760
General Electric Capital Corp., 6.05% (a)		56,962		1,455,949
General Electric Capital Corp., 6.00% (a)		94,282		2,429,647
General Electric Capital Corp., 5.88% (a)		71,449		1,869,106
General Electric Capital Corp. Series A, 6.45% (a)		47,140		1,231,768
ING Groep NV, 8.50% (a)		141,909		3,613,003
ING Groep NV, 7.38% (a)		106,432		2,535,210
ING Groep NV, 7.20% (a)		78,050		1,834,956
ING Groep NV, 7.05% (a)		56,764		1,322,601
ING Groep NV, 6.38% (a)		74,148		1,549,693
ING Groep NV, 6.20% (a)		35,478		728,009
ING Groep NV, 6.13% (a)		49,668		1,006,274
JP Morgan Chase & Co., 8.63% (a)		76,693		2,080,681
JP Morgan Chase Capital X, 7.00%		43,269		1,108,984
JP Morgan Chase Capital XI Series K, 5.88% (a)		46,462		1,173,630
JP Morgan Chase Capital XII, 6.25%		17,269		441,396
JP Morgan Chase Capital XIV, 6.20%		25,983		661,787
JP Morgan Chase Capital XIX Series S, 6.63% (a)		24,296		613,960
JP Morgan Chase Capital XVI, 6.35%		21,619		546,961
JP Morgan Chase Capital XXIV Series X, 6.88%		30,292		774,869
JP Morgan Chase Capital XXIX, 6.70% (a)		63,633		1,630,914
JP Morgan Chase Capital XXVI, 8.00% (b)		77,325		1,955,549
JP Morgan Chase Capital XXVIII, 7.20% (b)		63,632		1,595,891
KKR Financial Holdings LLC, 8.38%		33,628		908,292
Raymond James Financial, Inc., 6.90%		45,486		1,234,490

				57,710,170

See accompanying notes to financial statements.

232

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

June 30, 2012


Security Description	Shares		Value

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.8%
Qwest Corp., 7.50%		74,728	$	1,976,556
Qwest Corp., 7.38%		85,938		2,274,779
Qwest Corp., 7.00% (a)		68,231		1,754,901
Telephone & Data Systems, 7.00%		38,989		1,041,006

				7,047,242

ELECTRIC UTILITIES — 6.1%
American Electric Power, 8.75% (a)		40,939		1,115,588
BGE Capital Trust II, 6.20%		32,491		833,394
Constellation Energy Group, Inc. Series A, 8.63%		58,483		1,564,420
FPC Capital I Series A, 7.10% (a)		38,989		1,017,223
FPL Group Capital Trust I, 5.88% (a)		38,989		1,019,173
Georgia Power Co. Series D, 6.38% (a)		38,989		977,064
NextEra Energy Capital Holdings, Inc., 8.75%		48,736		1,399,211
NextEra Energy Capital Holdings, Inc., 7.45%		45,486		1,191,278
NextEra Energy Capital Holdings, Inc., 6.60%		45,486		1,197,192
NextEra Energy Capital Holdings, Inc., 5.70%		51,985		1,375,003
NextEra Energy Capital Holdings, Inc., 5.63%		45,486		1,182,181
SCE Trust I, 5.63%		61,732		1,572,931
Tennessee Valley Authority Series A, 4.15% (a)(b)		35,560		951,230

				15,395,888

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.4%
Tennessee Valley Authority Series D, 4.06% (b)		42,926		1,148,270

INSURANCE — 16.7%
Aegon NV, 8.00% (a)		68,231		1,800,616
Aegon NV, 7.25% (a)		136,460		3,455,167
Aegon NV, 6.88% (a)		71,480		1,771,989
Aegon NV, 6.50% (a)		64,981		1,557,595
Aegon NV, 6.38% (a)		129,963		3,174,996
Aegon NV Series 1, 4.00% (a)(b)		32,491		627,401
American International Group, Inc., 7.70% (a)(b)		142,959		3,674,046
American International Group, Inc. Series A-4, 6.45% (a)(b)		97,472		2,416,331
Arch Capital Group Ltd., 6.75%		42,238		1,098,188
Aviva PLC, 8.25% (a)		51,985		1,429,068
Axis Capital Holdings Series C, 6.88%		51,985		1,392,678
Everest RE Capital Trust II Series B, 6.20% (a)		41,588		1,056,751
MetLife, Inc. Series A, 4.00% (a)(b)		77,977		1,929,931
MetLife, Inc. Series B, 6.50%		194,944		5,029,555
PartnerRe, Ltd. Series C, 6.75% (a)		37,689		966,346
PartnerRe, Ltd. Series E, 7.25% (a)		48,573		1,301,756
Principal Financial Group, Inc. Series B, 6.52% (b)		32,491		848,340
Protective Life Corp., 6.25% (a)		37,365		959,907
Prudential Financial, Inc., 9.00%		119,566		3,247,413
Prudential PLC, 6.75% (a)		32,491		844,441
Prudential PLC, 6.50% (a)		38,989		1,003,577
RenaissanceRe Holdings, Ltd. Series C, 6.08%		32,491		825,271
RenaissanceRe Holdings, Ltd. Series D, 6.60%		38,989		989,931
W.R. Berkley Capital Trust II, 6.75%		32,491		826,571

				42,227,865

MEDIA — 0.7%
Comcast Corp., 6.63%		74,728		1,892,113

MULTI-UTILITIES — 2.0%
Dominion Resources Inc. Series A, 8.38% (a)		89,024		2,554,989
DTE Energy Co., 6.50%		36,390		1,027,653
Xcel Energy, Inc., 7.60% (a)		51,985		1,390,599

				4,973,241

REAL ESTATE INVESTMENT TRUSTS — 10.6%
CommonWealth REIT Series E, 7.25% (a)		35,740		969,984
Digital Realty Trust, Inc. Series E, 7.00% (a)		37,365		1,003,997
Harris Preferred Capital Corp. Series A, 7.38%		32,491		842,167
Health Care REIT, Inc. Series J, 6.50%		37,365		965,138
Hospitality Properties Trust. Series C, 7.00%		41,264		1,062,548
Hospitality Properties Trust. Series J, 7.13% (a)		37,689		1,002,527
Kimco Realty Corp. Series G, 7.75% (a)		59,783		1,533,434
Kimco Realty Corp. Series I, 6.00%		51,985		1,307,423
National Retail Properties, Inc. Series D, 6.63%		37,365		971,490
PS Business Parks, Inc., 6.00%		45,486		1,150,796
Public Storage, 5.90% (a)		59,783		1,602,184
Public Storage, 0.63%		37,365		977,095
Public Storage Series Q, 6.50% (a)		48,736		1,381,666
Public Storage Series R, 6.35% (a)		63,357		1,758,157
Public Storage Series T, 5.75%		60,108		1,586,250
Realty Income Corp. Series F, 6.63% (a)		53,122		1,434,294
Regency Centers Corp. Series 6, 6.63% (a)		32,491		864,910
Vornado Realty LP, 7.88%		59,783		1,673,924
Vornado Realty Trust Series I, 6.63% (a)		35,090		901,462
Wachovia Preferred Funding Corp. Series A, 7.25% (a)		97,472		2,638,567
Weingarten Realty Investors Series F, 6.50% (a)		45,486		1,159,893

				26,787,906

WIRELESS TELECOMMUNICATION SERVICES — 0.5%
US Cellular Corp., 6.95%		44,447		1,191,180

TOTAL PREFERRED STOCKS —
(Cost $247,100,490)				252,619,812

SHORT TERM INVESTMENTS — 15.0%
MONEY MARKET FUNDS — 15.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		37,501,994		37,501,994

See accompanying notes to financial statements.

233

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

June 30, 2012


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		556,574	$	556,574

TOTAL SHORT TERM INVESTMENTS —
(Cost $38,058,568)				38,058,568

TOTAL INVESTMENTS — 114.8% (f)
(Cost $285,159,058)				290,678,380
OTHER ASSETS & LIABILITIES — (14.8)%				(37,504,738	)

NET ASSETS — 100.0%			$	253,173,642


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Variable rate security. The interest rate shown reflects the rate as of June 30, 2012.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 1 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

234

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235

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2012


																											SPDR S&P
										SPDR S&P								SPDR S&P			SPDR S&P						600
	SPDR Dow Jones Total Market			SPDR Dow Jones			SPDR S&P 500 Growth			500					SPDR S&P 400 Mid Cap Growth			400 Mid Cap			600			SPDR S&P 600 Small Cap Growth			Small Cap
	ETF			Large Cap ETF			ETF			Value ETF			SPDR Dow Jones Mid Cap ETF		ETF			Value ETF			Small Cap ETF			ETF			Value ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	423,199,127		$	41,259,746		$	218,893,732		$	97,296,746		$	70,761,488	$	62,831,405		$	22,162,409		$	182,952,472		$	151,206,367		$	120,871,554
Investments in securities of affiliated issuers, at value (Note 3)		27,280,261			7,648,825			10,166,426			7,173,229			8,995,971		8,528,997			6,108,039			35,899,578			22,803,201			19,355,134

Total Investments		450,479,388			48,908,571			229,060,158			104,469,975			79,757,459		71,360,402			28,270,448			218,852,050			174,009,568			140,226,688
Cash		302,126			6,037			—			411			516		—			53			178,400			135,466			108,217
Receivable for investments sold		461,879			22,752			470,445			385,658			749		1,138,268			75,137			155,696			—			71,208
Dividends receivable — unaffiliated issuers		520,658			54,476			252,995			142,266			77,480		42,891			28,331			185,845			108,812			159,580
Dividends receivable — affiliated issuers		12,425			1,736			1,730			3,996			4,966		4,502			1,700			17,296			15,072			7,822

TOTAL ASSETS		451,776,476			48,993,572			229,785,328			105,002,306			79,841,170		72,546,063			28,375,669			219,389,287			174,268,918			140,573,515

LIABILITIES
Payable upon return of securities loaned		25,599,732			7,527,062			9,781,869			6,556,293			8,890,620		8,483,285			6,057,766			35,735,740			22,607,900			19,171,041
Payable for investments purchased		—			22,752			427,203			310,010			43,091		1,102,942			98,757			240,771			276,575			177,113
Payable for fund shares repurchased		—			—			—			—			—		—			—			1,261			—			—
Distributions payable		47			—			28			58			—		—			—			—			30			119
Accrued advisory fee (Note 3)		67,792			6,605			34,971			15,580			14,104		12,630			4,581			29,368			30,607			24,249
Accrued trustees’ fees and expenses (Note 3)		296			59			338			307			116		111			39			94			275			182

TOTAL LIABILITIES		25,667,867			7,556,478			10,244,409			6,882,248			8,947,931		9,598,968			6,161,143			36,007,234			22,915,387			19,372,704

NET ASSETS	$	426,108,609		$	41,437,094		$	219,540,919		$	98,120,058		$	70,893,239	$	62,947,095		$	22,214,526		$	183,382,053		$	151,353,531		$	121,200,811

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	424,781,550		$	39,314,218		$	225,339,821		$	119,830,176		$	66,144,300	$	66,398,922		$	23,237,278		$	184,298,156		$	162,428,907		$	131,904,948
Undistributed (distribution in excess of) net investment income		5,581			16,774			649			147,744			—		—			7,317			—			(30	)		2,041
Accumulated net realized gain (loss) on investments		(13,100,255	)		(1,099,381	)		(50,476,549	)		(14,158,461	)		115,658		(6,473,371	)		(1,605,328	)		(740,367	)		(21,781,071	)		(6,148,358	)
Net unrealized appreciation (depreciation) on:
Investments		14,421,733			3,205,483			44,676,998			(7,699,401	)		4,633,281		3,021,544			575,259			(175,736	)		10,705,725			(4,557,820	)

NET ASSETS	$	426,108,609		$	41,437,094		$	219,540,919		$	98,120,058		$	70,893,239	$	62,947,095		$	22,214,526		$	183,382,053		$	151,353,531		$	121,200,811

NET ASSET VALUE PER SHARE
Net asset value per share	$	101.45		$	63.75		$	63.63		$	67.63		$	61.65	$	78.68		$	55.54		$	70.53		$	121.07		$	71.24

Shares outstanding (unlimited amount authorized, $0.01 par value)		4,200,138			650,000			3,450,130			1,450,870			1,150,000		800,000			400,000			2,600,023			1,250,107			1,701,340

COST OF INVESTMENTS:
Unaffiliated issuers	$	408,725,135		$	38,050,100		$	174,216,734		$	104,989,026		$	66,128,207	$	59,809,861		$	21,587,150		$	183,128,208		$	140,500,642		$	125,429,374
Affiliated issuers		27,332,520			7,652,988			10,166,426			7,180,350			8,995,971		8,528,997			6,108,039			35,899,578			22,803,201			19,355,134

Total cost of investments	$	436,057,655		$	45,703,088		$	184,383,160		$	112,169,376		$	75,124,178	$	68,338,858		$	27,695,189		$	219,027,786		$	163,303,843		$	144,784,508

* Includes investments in securities on loan, at value	$	25,621,117		$	7,583,974		$	9,772,221		$	6,634,066		$	8,943,108	$	8,499,884		$	6,050,500		$	35,866,906		$	22,698,088		$	19,188,508

See accompanying notes to financial statements.

236

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237

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2012


																SPDR S&P			SPDR S&P			SPDR Morgan						SPDR S&P
										SPDR S&P Capital			SPDR S&P			Mortgage			Regional			Stanley			SPDR S&P			Aerospace &
	SPDR Global			SPDR Dow Jones			SPDR S&P			Markets			Insurance			Finance			Banking			Technology			Dividend			Defense
	Dow ETF			REIT ETF			Bank ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	91,680,044		$	1,955,855,405		$	1,446,828,179		$	22,473,571		$	93,540,729		$	3,858,820		$	1,165,049,986		$	166,497,663		$	7,529,670,408		$	14,693,767
Investments in securities of affiliated issuers, at value (Note 3)		2,988,022			137,323,771			102,473,701			6,781,705			8,200,377			1,010,144			129,324,673			14,119,818			2,498,403,244			3,603,028

Total Investments		94,668,066			2,093,179,176			1,549,301,880			29,255,276			101,741,106			4,868,964			1,294,374,659			180,617,481			10,028,073,652			18,296,795
Cash		—			—			57,305			—			—			—			27,969			—			—			—
Foreign currency, at value		155,313			—			—			—			—			—			—			—			—			—
Receivable for investments sold		911			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold		—			—			—			—			—			—			11,174			—			—			—
Receivable for foreign taxes recoverable		125,782			—			—			—			—			—			—			13,409			—			—
Dividends receivable — unaffiliated issuers		254,203			4,185,245			2,265,477			64,048			152,578			5,151			1,872,991			22,005			16,609,200			6,908
Dividends receivable — affiliated issuers		4,857			23,860			16,818			8,241			1,099			212			33,091			3,746			5,244,263			812
Other assets		—			—			—			—			—			—			—			—			301			—

TOTAL ASSETS		95,209,132			2,097,388,281			1,551,641,480			29,327,565			101,894,783			4,874,327			1,296,319,884			180,656,641			10,049,927,416			18,304,515

LIABILITIES
Payable upon return of securities loaned		2,968,835			133,282,910			100,604,882			6,047,169			8,166,300			1,006,471			128,355,506			13,936,861			923,885,678			3,569,434
Payable for investments purchased		—			3,960,422			—			—			—			—			—			—			—			—
Due to custodian		—			—			—			9,976			—			—			—			—			—			—
Payable for fund shares repurchased		—			—			1,541			—			303			—			—			—			113,918			—
Distributions payable		71			151			—			—			—			—			—			29			—			—
Accrued advisory fee (Note 3)		36,664			390,660			402,937			6,874			29,765			1,053			310,735			66,310			2,609,044			4,095
Accrued trustees’ fees and expenses (Note 3)		204			2,355			1,726			65			253			6			688			303			11,333			26

TOTAL LIABILITIES		3,005,774			137,636,498			101,011,086			6,064,084			8,196,621			1,007,530			128,666,929			14,003,503			926,619,973			3,573,555

NET ASSETS	$	92,203,358		$	1,959,751,783		$	1,450,630,394		$	23,263,481		$	93,698,162		$	3,866,797		$	1,167,652,955		$	166,653,138		$	9,123,307,443		$	14,730,960

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	141,686,678		$	2,055,607,160		$	2,362,491,610		$	115,924,054		$	141,288,951		$	4,377,358		$	1,574,219,615		$	221,357,170		$	8,521,087,650		$	13,770,163
Undistributed (distribution in excess of) net investment income		66,817			(151	)		1,944,720			74,388			250,907			3,195			349,217			(29	)		—			—
Accumulated net realized gain (loss) on investments		(30,227,033	)		(307,664,076	)		(818,200,412	)		(85,222,709	)		(41,438,598	)		(1,068,502	)		(377,733,413	)		(50,868,753	)		(43,928,183	)		84,931
Net unrealized appreciation (depreciation) on:
Investments		(19,321,376	)		211,808,850			(95,605,524	)		(7,512,252	)		(6,403,098	)		554,746			(29,182,464	)		(3,835,250	)		646,147,976			875,866
Foreign currency		(1,728	)		—			—			—			—			—			—			—			—			—

NET ASSETS	$	92,203,358		$	1,959,751,783		$	1,450,630,394		$	23,263,481		$	93,698,162		$	3,866,797		$	1,167,652,955		$	166,653,138		$	9,123,307,443		$	14,730,960

NET ASSET VALUE PER SHARE
Net asset value per share	$	51.21		$	72.90		$	22.05		$	31.02		$	40.74		$	38.67		$	27.34		$	64.09		$	55.66		$	58.92

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,800,583			26,881,892			65,802,118			750,000			2,300,000			100,000			42,702,585			2,600,108			163,903,658			250,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	111,001,420		$	1,744,046,555		$	1,542,433,703		$	29,613,244		$	99,943,827		$	3,304,074		$	1,194,232,450		$	170,332,913		$	6,747,114,831		$	13,817,901
Affiliated issuers		2,988,022			137,323,771			102,473,701			7,154,284			8,200,377			1,010,144			129,324,673			14,119,818			2,634,810,845			3,603,028

Total cost of investments	$	113,989,442		$	1,881,370,326		$	1,644,907,404		$	36,767,528		$	108,144,204		$	4,314,218		$	1,323,557,123		$	184,452,731		$	9,381,925,676		$	17,420,929

Foreign currency, at cost	$	157,939		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

* Includes investments in securities on loan, at value	$	2,874,818		$	133,676,724		$	99,824,129		$	6,065,408		$	8,122,856		$	1,014,018		$	127,385,887		$	14,303,159		$	919,767,140		$	3,622,473

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SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2012


				SPDR S&P Health		SPDR S&P Health
	SPDR S&P Biotech			Care Equipment		Care Services		SPDR S&P Homebuilders			SPDR S&P Metals & Mining			SPDR S&P Oil & Gas Equipment & Services			SPDR S&P Oil & Gas Exploration & Production				SPDR S&P Pharmaceuticals			SPDR S&P Retail			SPDR S&P Semiconductor
	ETF			ETF		ETF		ETF			ETF			ETF			ETF				ETF			ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	640,170,752		$	22,860,596	$	9,281,711	$	1,320,567,961		$	768,549,113		$	248,427,644		$	863,285,243			$	471,559,702		$	718,993,572		$	37,914,322
Investments in securities of affiliated issuers, at value (Note 3)		152,007,156			52,246		2,566,777		208,087,050			125,823,944			37,005,877			120,772,689				43,900,543			79,692,406			7,267,596

Total Investments		792,177,908			22,912,842		11,848,488		1,528,655,011			894,373,057			285,433,521			984,057,932				515,460,245			798,685,978			45,181,918
Receivable for investments sold		—			—		—		—			—			—			—				—			11,482,009			7,377
Receivable for fund shares sold		5			—		—		18,184			7,755			—			4,294				—			—			—
Receivable for foreign taxes recoverable		—			75		—		—			—			—			—				—			—			—
Dividends receivable — unaffiliated issuers		—			11,871		4,020		827,969			440,479			25,168			157,185				252,050			636,942			12,769
Dividends receivable — affiliated issuers		182,015			10		303		62,014			140,054			78,476			243,186				47,859			163,558			1,961

TOTAL ASSETS		792,359,928			22,924,798		11,852,811		1,529,563,178			894,961,345			285,537,165			984,462,597				515,760,154			810,968,487			45,204,025

LIABILITIES
Payable upon return of securities loaned		150,735,091			—		2,548,666		207,781,566			125,083,465			36,495,540			117,389,967				43,840,387			79,692,306			7,241,651
Due to custodian		—			—		—		—			—			—			—				—			9,661,474			—
Payable for investments purchased		—			—		—		—			—			—			—				—			1,145,911			—
Payable for fund shares repurchased		—			—		—		—			—			—			—				431			22,073			—
Accrued advisory fee (Note 3)		172,012			6,257		2,638		378,552			196,547			69,107			229,291		��		125,911			234,097			10,482
Accrued trustees’ fees and expenses (Note 3)		820			40		16		1,022			1,691			698			1,555				390			1,105			117

TOTAL LIABILITIES		150,907,923			6,297		2,551,320		208,161,140			125,281,703			36,565,345			117,620,813				43,967,119			90,756,966			7,252,250

NET ASSETS	$	641,452,005		$	22,918,501	$	9,301,491	$	1,321,402,038		$	769,679,642		$	248,971,820		$	866,841,784			$	471,793,035		$	720,211,521		$	37,951,775

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	775,882,703		$	21,650,033	$	8,590,125	$	1,572,929,756		$	1,610,346,001		$	396,800,403		$	1,326,255,245			$	408,981,608		$	878,717,865		$	81,788,671
Undistributed (distribution in excess of) net investment income		—			5,021		1,966		—			480,827			17,287			—				—			—			—
Accumulated net realized gain (loss) on investments		(182,449,686	)		212,337		159,298		(253,248,668	)		(502,173,899	)		(86,620,067	)		(262,679,802	)			(5,386,742	)		(76,985,911	)		(36,735,609	)
Net unrealized appreciation (depreciation) on:
Investments		48,018,988			1,051,110		550,102		1,720,950			(338,973,287	)		(61,225,803	)		(196,733,659	)			68,198,169			(81,520,433	)		(7,101,287	)

NET ASSETS	$	641,452,005		$	22,918,501	$	9,301,491	$	1,321,402,038		$	769,679,642		$	248,971,820		$	866,841,784			$	471,793,035		$	720,211,521		$	37,951,775

NET ASSET VALUE PER SHARE
Net asset value per share	$	88.48		$	57.30	$	62.01	$	21.36		$	41.49		$	30.74		$	50.40			$	59.34		$	59.03		$	44.65

Shares outstanding (unlimited amount authorized, $0.01 par value)		7,250,000			400,000		150,000		61,850,016			18,550,230			8,100,000			17,200,000				7,950,135			12,200,113			850,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	592,151,764		$	21,809,486	$	8,731,609	$	1,318,847,011		$	1,107,522,400		$	309,653,447		$	1,060,018,902			$	403,361,533		$	800,514,005		$	45,015,609
Affiliated issuers		152,007,156			52,246		2,566,777		208,087,050			125,823,944			37,005,877			120,772,689				43,900,543			79,692,406			7,267,596

Total cost of investments	$	744,158,920		$	21,861,732	$	11,298,386	$	1,526,934,061		$	1,233,346,344		$	346,659,324		$	1,180,791,591			$	447,262,076		$	880,206,411		$	52,283,205

* Includes investments in securities on loan, at value	$	149,389,722		$	—	$	2,528,811	$	212,467,699		$	127,487,900		$	36,446,782		$	118,457,057			$	43,670,805		$	79,931,307		$	7,314,312

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SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2012


	SPDR S&P Software & Services		SPDR S&P Telecom			SPDR S&P Transportation			SPDR Wells Fargo Preferred
	ETF		ETF			ETF			Stock ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	18,420,628	$	4,199,028		$	12,383,686		$	252,619,812
Investments in securities of affiliated issuers, at value (Note 3)		5,126,914		3,970			2,723			38,058,568

Total Investments		23,547,542		4,202,998			12,386,409			290,678,380
Cash		5,976		—			—			28,416
Receivable for investments sold		—		—			—			32,918,922
Dividends receivable — unaffiliated issuers		4,049		3,238			7,932			936,812
Dividends receivable — affiliated issuers		2,237		1			2			30,741

TOTAL ASSETS		23,559,804		4,206,237			12,394,343			324,593,271

LIABILITIES
Payable upon return of securities loaned		5,109,432		—			—			37,501,994
Payable for investments purchased		—		90,732			—			33,821,589
Payable for fund shares repurchased		—		—			—			7,895
Accrued advisory fee (Note 3)		5,084		1,139			3,485			87,986
Accrued trustees’ fees and expenses (Note 3)		30		13			22			165

TOTAL LIABILITIES		5,114,546		91,884			3,507			71,419,629

NET ASSETS	$	18,445,258	$	4,114,353		$	12,390,836		$	253,173,642

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	17,410,964	$	6,500,040		$	12,982,514		$	250,104,173
Undistributed (distribution in excess of) net investment income		1,491		—			2,406			626,792
Accumulated net realized gain (loss) on investments		179,024		(1,113,048	)		(781,517	)		(3,076,645	)
Net unrealized appreciation (depreciation) on:
Investments		853,779		(1,272,639	)		187,433			5,519,322

NET ASSETS	$	18,445,258	$	4,114,353		$	12,390,836		$	253,173,642

NET ASSET VALUE PER SHARE
Net asset value per share	$	61.48	$	41.14		$	49.56		$	45.21

Shares outstanding (unlimited amount authorized, $0.01 par value)		300,000		100,000			250,000			5,600,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	17,566,849	$	5,471,667		$	12,196,253		$	247,100,490
Affiliated issuers		5,126,914		3,970			2,723			38,058,568

Total cost of investments	$	22,693,763	$	5,475,637		$	12,198,976		$	285,159,058

* Includes investments in securities on loan, at value	$	5,163,861	$	—		$	—		$	36,602,184

See accompanying notes to financial statements.

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2012


																												SPDR S&P
										SPDR S&P									SPDR S&P			SPDR S&P						600
	SPDR Dow Jones Total Market			SPDR Dow Jones			SPDR S&P 500 Growth			500						SPDR S&P 400 Mid Cap Growth			400 Mid Cap			600			SPDR S&P 600 Small Cap Growth			Small Cap
	ETF			Large Cap ETF			ETF			Value ETF			SPDR Dow Jones Mid Cap ETF			ETF			Value ETF			Small Cap ETF			ETF			Value ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	4,486,411		$	814,607		$	3,885,462		$	3,804,864		$	1,047,081		$	535,268		$	493,698		$	1,410,012		$	1,573,696		$	2,126,850
Dividend income on securities of affiliated issuers (Note 3)		8,441			1,461			828			11,702			316			214			143			267			452			350
Affiliated securities lending — net (Note 3 and Note 8)		60,464			13,241			17,167			26,177			46,696			36,338			17,528			90,074			127,771			86,459
Foreign taxes withheld		(228	)		(896	)		—			—			—			—			—			—			—			—

TOTAL INVESTMENT INCOME		4,555,088			828,413			3,903,457			3,842,743			1,094,093			571,820			511,369			1,500,353			1,701,919			2,213,659

EXPENSES
Advisory fee (Note 3)		419,945			75,431			412,247			298,191			172,170			158,584			62,072			187,206			386,791			298,934
Trustees’ fees and expenses (Note 3)		4,336			855			4,737			3,901			1,714			1,571			537			1,768			3,949			2,715
Miscellaneous expenses		—			—			—			—			223			—			—			57			—			334

TOTAL EXPENSES		424,281			76,286			416,984			302,092			174,107			160,155			62,609			189,031			390,740			301,983

NET INVESTMENT INCOME		4,130,807			752,127			3,486,473			3,540,651			919,986			411,665			448,760			1,311,322			1,311,179			1,911,676

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		9,120,084			5,347,128			(2,701,457	)		16,656,411			3,631,649			(629,729	)		824,768			1,627,774			(3,273,099	)		2,042,553
Investments in securities of affiliated issuers		3,003			1,818			—			(8,737	)		—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		(8,786,745	)		(4,297,173	)		16,076,175			(15,217,974	)		(7,492,221	)		(3,141,012	)		(1,066,207	)		(3,156,642	)		(958,799	)		(5,568,215	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		336,342			1,051,773			13,374,718			1,429,700			(3,860,572	)		(3,770,741	)		(241,439	)		(1,528,868	)		(4,231,898	)		(3,525,662	)

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	4,467,149		$	1,803,900		$	16,861,191		$	4,970,351		$	(2,940,586	)	$	(3,359,076	)	$	207,321		$	(217,546	)	$	(2,920,719	)	$	(1,613,986	)

See accompanying notes to financial statements.

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Year Ended June 30, 2012


																					SPDR Morgan
									SPDR S&P Capital						SPDR S&P Mortgage			SPDR S&P Regional			Stanley
				SPDR Dow Jones		SPDR S&P			Markets			SPDR S&P Insurance			Finance			Banking			Technology			SPDR S&P Dividend		SPDR S&P Aerospace & Defense
	SPDR Global Dow ETF			REIT ETF		Bank ETF			ETF			ETF			ETF			ETF			ETF			ETF		ETF (1)

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	3,195,365		$	45,161,215	$	29,680,119		$	863,141		$	2,758,642		$	85,838		$	15,942,896		$	2,292,927		$	222,949,738	$	128,322
Dividend income on securities of affiliated issuers (Note 3)		129			3,717		149,330			29,426			315			19			2,034			793			64,245,705		30
Affiliated securities lending — net (Note 3 and Note 8)		45,506			288,738		198,053			46,805			28,709			2,685			358,642			60,862			1,988,022		986
Foreign taxes withheld		(187,307	)		—		—			—			—			—			(8,450	)		(89,522	)		—		—

TOTAL INVESTMENT INCOME		3,053,693			45,453,670		30,027,502			939,372			2,787,666			88,542			16,295,122			2,265,060			289,183,465		129,338

EXPENSES
Advisory fee (Note 3)		518,805			3,990,567		4,623,794			119,185			448,231			12,048			2,687,277			876,199			27,425,060		29,373
Trustees’ fees and expenses (Note 3)		2,814			36,368		30,511			1,008			3,342			84			12,718			4,338			166,439		111
Miscellaneous expenses		333			3		3			1,535			—			—			1,986			142			232		—

TOTAL EXPENSES		521,952			4,026,938		4,654,308			121,728			451,573			12,132			2,701,981			880,679			27,591,731		29,484

NET INVESTMENT INCOME		2,531,741			41,426,732		25,373,194			817,644			2,336,093			76,410			13,593,141			1,384,381			261,591,734		99,854

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(3,281,484	)		24,684,854		(296,794,893	)		(21,237,219	)		(24,332,654	)		(961,018	)		(8,137,780	)		(5,802,619	)		239,767,845		202,475
Investments in securities of affiliated issuers		—			—		(12,421,425	)		(2,412,335	)		—			—			—			—			4,134,475		—
Foreign currency transactions		(53,968	)		—		—			—			—			—			—			—			—		—
Swap contracts		—			—		—			—			—			—			—			—			1,267,130		—
Net change in unrealized appreciation (depreciation) on:
Investments		(15,581,366	)		133,961,050		140,087,935			13,837,420			13,606,264			987,906			76,282,609			(1,371,092	)		99,034,538		875,866
Foreign currency transactions		(12,885	)		—		—			—			—			—			—			—			—		—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND SWAPS		(18,929,703	)		158,645,904		(169,128,383	)		(9,812,134	)		(10,726,390	)		26,888			68,144,829			(7,173,711	)		344,203,988		1,078,341

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(16,397,962	)	$	200,072,636	$	(143,755,189	)	$	(8,994,490	)	$	(8,390,297	)	$	103,298		$	81,737,970		$	(5,789,330	)	$	605,795,722	$	1,178,195
						��


(1)		For the period September 28, 2011 (commencement of operations) to June 30, 2012.

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Year Ended June 30, 2012


				SPDR S&P Health		SPDR S&P Health
	SPDR S&P Biotech			Care Equipment		Care Services		SPDR S&P Homebuilders		SPDR S&P Metals & Mining			SPDR S&P Oil & Gas Equipment & Services			SPDR S&P Oil & Gas Exploration & Production			SPDR S&P Pharmaceuticals		SPDR S&P Retail			SPDR S&P Semiconductor
	ETF			ETF		ETF (1)		ETF		ETF			ETF			ETF			ETF		ETF			ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	323,679		$	120,222	$	47,567	$	15,928,808	$	10,380,545		$	2,199,233		$	5,996,945		$	3,075,206	$	8,631,760		$	367,954
Dividend income on securities of affiliated issuers (Note 3)		1,697			67		27		2,860		2,844			977			3,461			577		1,996			166
Affiliated securities lending — net (Note 3 and Note 8)		696,303			198		335		483,388		995,332			358,330			4,187,804			494,278		1,475,359			300,422
Foreign taxes withheld		—			—		—		—		—			(14,923	)		—			—		—			—

TOTAL INVESTMENT INCOME		1,021,679			120,487		47,929		16,415,056		11,378,721			2,543,617			10,188,210			3,570,061		10,109,115			668,542

EXPENSES
Advisory fee (Note 3)		1,756,608			76,625		21,601		3,474,190		2,811,984			1,190,100			3,043,060			1,033,206		2,437,269			187,710
Trustees’ fees and expenses (Note 3)		12,689			538		80		18,243		21,832			9,537			21,566			6,088		16,159			1,584
Miscellaneous expenses		2,757			—		—		2		94			1,273			5,911			1		63			—

TOTAL EXPENSES		1,772,054			77,163		21,681		3,492,435		2,833,910			1,200,910			3,070,537			1,039,295		2,453,491			189,294

NET INVESTMENT INCOME (LOSS)		(750,375	)		43,324		26,248		12,922,621		8,544,811			1,342,707			7,117,673			2,530,766		7,655,624			479,248

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		68,481,476			760,343		467,395		147,157,774		(215,076,622	)		4,738,646			(56,699,273	)		21,577,201		63,503,674			(16,775,557	)
Net change in unrealized appreciation (depreciation) on:
Investments		9,116,867			163,732		550,102		30,905,609		(263,538,536	)		(117,397,531	)		(132,972,116	)		35,531,916		(52,761,882	)		(3,936,228	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		77,598,343			924,075		1,017,497		178,063,383		(478,615,158	)		(112,658,885	)		(189,671,389	)		57,109,117		10,741,792			(20,711,785	)

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	76,847,968		$	967,399	$	1,043,745	$	190,986,004	$	(470,070,347	)	$	(111,316,178	)	$	(182,553,716	)	$	59,639,883	$	18,397,416		$	(20,232,537	)


(1)		For the period September 28, 2011 (commencement of operations) to June 30, 2012.

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Year Ended June 30, 2012


	SPDR S&P Software & Services			SPDR S&P Telecom			SPDR S&P Transportation			SPDR Wells Fargo Preferred
	ETF (1)			ETF			ETF			Stock ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	75,684		$	91,850		$	103,662		$	11,160,368
Dividend income on securities of affiliated issuers (Note 3)		60			29			29			1,204
Affiliated securities lending — net (Note 3 and Note 8)		2,602			17			—			207,815
Foreign taxes withheld		(98	)		—			—			(10,443	)

TOTAL INVESTMENT INCOME		78,248			91,896			103,691			11,358,944

EXPENSES
Advisory fee (Note 3)		38,839			23,656			42,686			686,881
Trustees’ fees and expenses (Note 3)		132			186			317			3,025
Miscellaneous expenses		—			—			—			98

TOTAL EXPENSES		38,971			23,842			43,003			690,004

NET INVESTMENT INCOME		39,277			68,054			60,688			10,668,940

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		746,478			(779,291	)		(961,532	)		(1,246,149	)
Net change in unrealized appreciation (depreciation) on:
Investments		853,779			(1,136,396	)		(391,058	)		1,465,698

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		1,600,257			(1,915,687	)		(1,352,590	)		219,549

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	1,639,534		$	(1,847,633	)	$	(1,291,902	)	$	10,888,489


(1)		For the period September 28, 2011 (commencement of operations) to June 30, 2012.

See accompanying notes to financial statements.

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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS


	SPDR Dow Jones Total Market ETF						SPDR Dow Jones Large Cap ETF						SPDR S&P 500 Growth ETF						SPDR S&P 500 Value ETF						SPDR Dow Jones Mid Cap ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,130,807		$	3,278,042		$	752,127		$	707,683		$	3,486,473		$	2,284,380		$	3,540,651		$	3,738,117		$	919,986		$	805,383
Net realized gain (loss) on investments		9,123,087			9,072,966			5,348,946			4,127,062			(2,701,457	)		(1,546,228	)		16,647,674			9,349,989			3,631,649			4,165,387
Net change in unrealized appreciation (depreciation) on investments		(8,786,745	)		37,671,976			(4,297,173	)		5,710,945			16,076,175			52,905,782			(15,217,974	)		24,683,035			(7,492,221	)		13,587,927

Net increase (decrease) in net assets resulting from operations		4,467,149			50,022,984			1,803,900			10,545,690			16,861,191			53,643,934			4,970,351			37,771,141			(2,940,586	)		18,558,697

Net equalization credits and charges (Note 2)		449,967			(15,030	)		1,129			3,085			41,336			(10,007	)		(132,046	)		282,714			305			15,560

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(4,394,238	)		(3,225,127	)		(729,312	)		(709,147	)		(3,532,003	)		(2,209,405	)		(3,345,581	)		(3,972,304	)		(931,681	)		(819,893	)

Total distributions to shareholders		(4,394,238	)		(3,225,127	)		(729,312	)		(709,147	)		(3,532,003	)		(2,209,405	)		(3,345,581	)		(3,972,304	)		(931,681	)		(819,893	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		261,016,427			16,525,970			20,974,824			14,842,768			25,926,694			—			—			53,271,237			5,697,898			18,782,168
Cost of shares redeemed		(28,506,737	)		(27,179,648	)		(17,865,138	)		(21,146,081	)		(12,300,602	)		(26,132,811	)		(75,222,569	)		(15,337,649	)		(11,260,897	)		(9,777,365	)
Net income equalization (Note 2)		(449,967	)		15,030			(1,129	)		(3,085	)		(41,336	)		10,007			132,046			(282,714	)		(305	)		(15,560	)

Net increase (decrease) in net assets from beneficial interest transactions		232,059,723			(10,638,648	)		3,108,557			(6,306,398	)		13,584,756			(26,122,804	)		(75,090,523	)		37,650,874			(5,563,304	)		8,989,243

Net increase (decrease) in net assets during the year		232,582,601			36,144,179			4,184,274			3,533,230			26,955,280			25,301,718			(73,597,799	)		71,732,425			(9,435,266	)		26,743,607
Net assets at beginning of year		193,526,008			157,381,829			37,252,820			33,719,590			192,585,639			167,283,921			171,717,857			99,985,432			80,328,505			53,584,898

NET ASSETS END OF YEAR (1)	$	426,108,609		$	193,526,008		$	41,437,094		$	37,252,820		$	219,540,919		$	192,585,639		$	98,120,058		$	171,717,857		$	70,893,239		$	80,328,505

SHARES OF BENEFICIAL INTEREST:
Shares sold		2,550,000			200,000			350,000			250,000			450,000			—			—			950,000			100,000			300,000
Shares redeemed		(300,000	)		(300,000	)		(300,000	)		(350,000	)		(200,000	)		(500,000	)		(1,100,000	)		(250,000	)		(200,000	)		(200,000	)

Net increase (decrease)		2,250,000			(100,000	)		50,000			(100,000	)		250,000			(500,000	)		(1,100,000	)		700,000			(100,000	)		100,000

(1) Including undistributed (distribution in excess of) net investment income	$	5,581		$	32,631		$	16,774		$	3,497		$	649		$	61,088		$	147,744		$	—		$	—		$	—

See accompanying notes to financial statements.

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


	SPDR S&P 400 Mid Cap Growth ETF						SPDR S&P 400 Mid Cap Value ETF						SPDR S&P 600 Small Cap ETF						SPDR S&P 600 Small Cap Growth ETF						SPDR S&P 600 Small Cap Value ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	411,665		$	355,989		$	448,760		$	571,656		$	1,311,322		$	718,904		$	1,311,179		$	931,786		$	1,911,676		$	2,080,652
Net realized gain (loss) on investments		(629,729	)		18,039,734			824,768			4,435,011			1,627,774			12,183,026			(3,273,099	)		26,658,070			2,042,553			7,676,769
Net change in unrealized appreciation (depreciation) on investments		(3,141,012	)		6,928,726			(1,066,207	)		2,858,967			(3,156,642	)		5,925,353			(958,799	)		30,505,039			(5,568,215	)		23,607,068

Net increase (decrease) in net assets resulting from operations		(3,359,076	)		25,324,449			207,321			7,865,634			(217,546	)		18,827,283			(2,920,719	)		58,094,895			(1,613,986	)		33,364,489

Net equalization credits and charges (Note 2)		(12,015	)		(6,383	)		(15,419	)		(18,136	)		199,599			(15,062	)		(26,184	)		(7,127	)		(62,686	)		(150,144	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(452,506	)		(334,614	)		(441,443	)		(577,286	)		(1,491,547	)		(712,057	)		(1,421,931	)		(880,548	)		(1,915,201	)		(2,127,002	)
Net realized gains		—			—			—			—			—			(40,489	)		—			—			—			—

Total distributions to shareholders		(452,506	)		(334,614	)		(441,443	)		(577,286	)		(1,491,547	)		(752,546	)		(1,421,931	)		(880,548	)		(1,915,201	)		(2,127,002	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		7,274,294			74,110,803			4,846,941			14,116,865			113,978,100			75,479,709			10,339,216			189,064,159			25,390,475			—
Cost of shares redeemed		(14,656,114	)		(84,882,842	)		(5,269,214	)		(18,698,596	)		(6,479,908	)		(67,531,879	)		(42,075,299	)		(183,056,024	)		(25,509,619	)		(48,952,240	)
Net income equalization (Note 2)		12,015			6,383			15,419			18,136			(199,599	)		15,062			26,184			7,127			62,686			150,144

Net increase (decrease) in net assets from beneficial interest transactions		(7,369,805	)		(10,765,656	)		(406,854	)		(4,563,595	)		107,298,593			7,962,892			(31,709,899	)		6,015,262			(56,458	)		(48,802,096	)

Voluntary contribution from Adviser		—			—			—			—			—			—			—			263,622			—			—

Net increase (decrease) in net assets during the year		(11,193,402	)		14,217,796			(656,395	)		2,706,617			105,789,099			26,022,567			(36,078,733	)		63,486,104			(3,648,331	)		(17,714,753	)
Net assets at beginning of year		74,140,497			59,922,701			22,870,921			20,164,304			77,592,954			51,570,387			187,432,264			123,946,160			124,849,142			142,563,895

NET ASSETS END OF YEAR (1)	$	62,947,095		$	74,140,497		$	22,214,526		$	22,870,921		$	183,382,053		$	77,592,954		$	151,353,531		$	187,432,264		$	121,200,811		$	124,849,142

SHARES OF BENEFICIAL INTEREST:
Shares sold		100,000			1,000,000			100,000			300,000			1,600,000			1,150,000			100,000			1,750,000			350,000			—
Shares redeemed		(200,000	)		(1,150,000	)		(100,000	)		(350,000	)		(100,000	)		(1,050,000	)		(400,000	)		(1,700,000	)		(400,000	)		(800,000	)

Net increase (decrease)		(100,000	)		(150,000	)		—			(50,000	)		1,500,000			100,000			(300,000	)		50,000			(50,000	)		(800,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	—		$	8,557		$	7,317		$	—		$	—		$	—		$	(30	)	$	46,688		$	2,041		$	—

See accompanying notes to financial statements.

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


	SPDR Global Dow ETF						SPDR Dow Jones REIT ETF						SPDR S&P Bank ETF						SPDR S&P Capital Markets ETF						SPDR S&P Insurance ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,531,741		$	3,212,599		$	41,426,732		$	33,298,814		$	25,373,194		$	13,165,726		$	817,644		$	1,308,110		$	2,336,093		$	3,150,713
Net realized gain (loss) on investments and foreign currency transactions		(3,335,452	)		(2,526,360	)		24,684,854			27,517,914			(309,216,318	)		48,750,087			(23,649,554	)		(6,348,532	)		(24,332,654	)		10,131,731
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(15,594,251	)		22,168,417			133,961,050			332,025,926			140,087,935			(18,409,788	)		13,837,420			11,414,411			13,606,264			16,141,163

Net increase (decrease) in net assets resulting from operations		(16,397,962	)		22,854,656			200,072,636			392,842,654			(143,755,189	)		43,506,025			(8,994,490	)		6,373,989			(8,390,297	)		29,423,607

Net equalization credits and charges (Note 2)		(75,487	)		149,587			698,627			354,966			(1,430,145	)		(581,031	)		(98,339	)		(131,050	)		(170,856	)		144,065

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,227,067	)		(3,235,910	)		(51,476,711	)		(44,180,325	)		(24,865,506	)		(11,935,556	)		(860,313	)		(1,142,134	)		(2,097,855	)		(3,385,649	)

Total distributions to shareholders		(2,227,067	)		(3,235,910	)		(51,476,711	)		(44,180,325	)		(24,865,506	)		(11,935,556	)		(860,313	)		(1,142,134	)		(2,097,855	)		(3,385,649	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			61,316,265			501,811,785			274,494,969			3,384,569,461			6,248,898,890			71,684,881			130,640,378			500,701,017			783,450,214
Cost of shares redeemed		(37,957,764	)		(12,019,558	)		(247,741,681	)		(203,529,068	)		(3,449,976,308	)		(5,342,495,643	)		(107,693,287	)		(118,052,987	)		(611,411,776	)		(758,563,504	)
Net income equalization (Note 2)		75,487			(149,587	)		(698,627	)		(354,966	)		1,430,145			581,031			98,339			131,050			170,856			(144,065	)

Net increase (decrease) in net assets from beneficial interest transactions		(37,882,277	)		49,147,120			253,371,477			70,610,935			(63,976,702	)		906,984,278			(35,910,067	)		12,718,441			(110,539,903	)		24,742,645

Net increase (decrease) in net assets during the year		(56,582,793	)		68,915,453			402,666,029			419,628,230			(234,027,542	)		937,973,716			(45,863,209	)		17,819,246			(121,198,911	)		50,924,668
Net assets at beginning of year		148,786,151			79,870,698			1,557,085,754			1,137,457,524			1,684,657,936			746,684,220			69,126,690			51,307,444			214,897,073			163,972,405

NET ASSETS END OF YEAR (1)	$	92,203,358		$	148,786,151		$	1,959,751,783		$	1,557,085,754		$	1,450,630,394		$	1,684,657,936		$	23,263,481		$	69,126,690		$	93,698,162		$	214,897,073

SHARES OF BENEFICIAL INTEREST:
Shares sold		—			1,050,000			7,450,000			4,400,000			166,350,000			252,600,000			2,450,000			3,550,000			13,650,000			19,050,000
Shares redeemed		(700,000	)		(200,000	)		(3,950,000	)		(3,300,000	)		(170,750,000	)		(215,000,000	)		(3,650,000	)		(3,250,000	)		(16,500,000	)		(18,550,000	)

Net increase (decrease)		(700,000	)		850,000			3,500,000			1,100,000			(4,400,000	)		37,600,000			(1,200,000	)		300,000			(2,850,000	)		500,000

(1) Including undistributed (distribution in excess of) net investment income	$	66,817		$	(183,889	)	$	(151	)	$	—		$	1,944,720		$	1,437,032		$	74,388		$	165,491		$	250,907		$	12,669

See accompanying notes to financial statements.

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


	SPDR S&P Mortgage Finance ETF						SPDR S&P Regional Banking ETF						SPDR Morgan Stanley Technology ETF						SPDR S&P Dividend ETF						SPDR S&P Aerospace & Defense ETF
																									For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*9/28/11-**
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	76,410		$	58,995		$	13,593,141		$	9,640,851		$	1,384,381		$	1,184,868		$	261,591,734		$	147,948,698		$	99,854
Net realized gain (loss) on investments and swaps		(961,018	)		(24,872	)		(8,137,780	)		(72,695,841	)		(5,802,619	)		7,569,213			245,169,450			101,909,097			202,475
Net change in unrealized appreciation (depreciation) on investments		987,906			(100,729	)		76,282,609			118,712,916			(1,371,092	)		39,563,278			99,034,538			522,505,618			875,866

Net increase (decrease) in net assets resulting from operations		103,298			(66,606	)		81,737,970			55,657,926			(5,789,330	)		48,317,359			605,795,722			772,363,413			1,178,195

Net equalization credits and charges (Note 2)		—			(718	)		645,878			(628,044	)		(23,994	)		(23,364	)		8,633,086			12,082,144			(339	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(74,216	)		(66,248	)		(14,745,467	)		(8,710,201	)		(1,408,564	)		(1,257,217	)		(269,726,465	)		(157,971,210	)		(100,392	)
Net realized gains		—			(12,065	)		—			—			—			—			—			—			—

Total distributions to shareholders		(74,216	)		(78,313	)		(14,745,467	)		(8,710,201	)		(1,408,564	)		(1,257,217	)		(269,726,465	)		(157,971,210	)		(100,392	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			2,156,762			3,325,683,791			3,167,296,529			15,551,641			9,544,380			3,804,836,094			4,239,233,832			16,145,781
Cost of shares redeemed		—			(2,089,624	)		(2,783,712,798	)		(3,358,767,950	)		(47,819,613	)		(32,673,433	)		(999,839,688	)		(821,095,621	)		(2,492,624	)
Net income equalization (Note 2)		—			718			(645,878	)		628,044			23,994			23,364			(8,633,086	)		(12,082,144	)		339

Net increase (decrease) in net assets from beneficial interest transactions		—			67,856			541,325,115			(190,843,377	)		(32,243,978	)		(23,105,689	)		2,796,363,320			3,406,056,067			13,653,496

Net increase (decrease) in net assets during the year		29,082			(77,781	)		608,963,496			(144,523,696	)		(39,465,866	)		23,931,089			3,141,065,663			4,032,530,414			14,730,960
Net assets at beginning of year		3,837,715			3,915,496			558,689,459			703,213,155			206,119,004			182,187,915			5,982,241,780			1,949,711,366			—

NET ASSETS END OF YEAR (1)	$	3,866,797		$	3,837,715		$	1,167,652,955		$	558,689,459		$	166,653,138		$	206,119,004		$	9,123,307,443		$	5,982,241,780		$	14,730,960

SHARES OF BENEFICIAL INTEREST:
Shares sold		—			50,000			133,600,000			129,600,000			250,000			150,000			71,650,000			83,050,000			300,000
Shares redeemed		—			(50,000	)		(112,850,000	)		(138,150,000	)		(800,000	)		(550,000	)		(18,400,000	)		(15,600,000	)		(50,000	)

Net increase (decrease)		—			—			20,750,000			(8,550,000	)		(550,000	)		(400,000	)		53,250,000			67,450,000			250,000

(1) Including undistributed (distribution in excess of) net investment income	$	3,195		$	1,002		$	349,217		$	951,880		$	(29	)	$	—		$	—		$	—		$	—


*		Commencement of operations

See accompanying notes to financial statements.

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


	SPDR S&P Biotech ETF						SPDR S&P Health Care Equipment ETF						SPDR S&P Health Care Services ETF			SPDR S&P Homebuilders ETF						SPDR S&P Metals & Mining ETF
										For the Period			For the Period
	Year Ended			Year Ended			Year Ended			*1/26/11-**			*9/28/11-**			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(750,375	)	$	(1,595,620	)	$	43,324		$	6,203		$	26,248		$	12,922,621		$	6,212,055		$	8,544,811		$	6,583,198
Net realized gain (loss) on investments		68,481,476			66,388,839			760,343			55,789			467,395			147,157,774			58,692,936			(215,076,622	)		254,514,396
Net change in unrealized appreciation (depreciation) on investments		9,116,867			97,269,968			163,732			887,378			550,102			30,905,609			107,036,548			(263,538,536	)		123,652,189

Net increase (decrease) in net assets resulting from operations		76,847,968			162,063,187			967,399			949,370			1,043,745			190,986,004			171,941,539			(470,070,347	)		384,749,783

Net equalization credits and charges (Note 2)		542,426			(102,818	)		(484	)		781			21			637,765			631,502			(402,237	)		(93,574	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			—			(38,785	)		(5,721	)		(24,282	)		(13,716,137	)		(17,300,102	)		(8,231,843	)		(6,854,787	)
Net realized gains		—			—			(70,845	)		—			—			—			—			—			—

Total distributions to shareholders		—			—			(109,630	)		(5,721	)		(24,282	)		(13,716,137	)		(17,300,102	)		(8,231,843	)		(6,854,787	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		593,826,223			537,492,479			10,099,145			18,340,023			11,109,362			3,121,179,045			1,926,858,489			4,958,888,773			5,836,041,623
Cost of shares redeemed		(671,860,849	)		(507,777,366	)		(7,322,085	)		—			(2,827,334	)		(2,751,427,523	)		(2,007,909,017	)		(4,842,095,682	)		(5,781,560,057	)
Net income equalization (Note 2)		(542,426	)		102,818			484			(781	)		(21	)		(637,765	)		(631,502	)		402,237			93,574

Net increase (decrease) in net assets from beneficial interest transactions		(78,577,052	)		29,817,931			2,777,544			18,339,242			8,282,007			369,113,757			(81,682,030	)		117,195,328			54,575,140

Net increase (decrease) in net assets during the year		(1,186,658	)		191,778,300			3,634,829			19,283,672			9,301,491			547,021,389			73,590,909			(361,509,099	)		432,376,562
Net assets at beginning of year		642,638,663			450,860,363			19,283,672			—			—			774,380,649			700,789,740			1,131,188,741			698,812,179

NET ASSETS END OF YEAR (1)	$	641,452,005		$	642,638,663		$	22,918,501		$	19,283,672		$	9,301,491		$	1,321,402,038		$	774,380,649		$	769,679,642		$	1,131,188,741

SHARES OF BENEFICIAL INTEREST:
Shares sold		8,050,000			8,200,000			200,000			350,000			200,000			164,100,000			115,450,000			96,350,000			90,450,000
Shares redeemed		(9,600,000	)		(8,100,000	)		(150,000	)		—			(50,000	)		(145,150,000	)		(121,500,000	)		(94,100,000	)		(89,450,000	)

Net increase (decrease)		(1,550,000	)		100,000			50,000			350,000			150,000			18,950,000			(6,050,000	)		2,250,000			1,000,000

(1) Including undistributed (distribution in excess of) net investment income	$	—		$	—		$	5,021		$	482		$	1,966		$	—		$	—		$	480,827		$	486,039


*		Commencement of operations

See accompanying notes to financial statements.

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


	SPDR S&P Oil & Gas Equipment & Services ETF						SPDR S&P Oil & Gas Exploration & Production ETF						SPDR S&P Pharmaceuticals ETF						SPDR S&P Retail ETF						SPDR S&P Semiconductor ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,342,707		$	3,299,221		$	7,117,673		$	7,298,246		$	2,530,766		$	2,003,260		$	7,655,624		$	5,994,861		$	479,248		$	452,447
Net realized gain (loss) on investments		4,738,646			71,715,426			(56,699,273	)		219,042,481			21,577,201			25,057,046			63,503,674			147,014,438			(16,775,557	)		6,782,622
Net change in unrealized appreciation (depreciation) on investments		(117,397,531	)		95,417,556			(132,972,116	)		41,010,922			35,531,916			27,624,650			(52,761,882	)		52,677,874			(3,936,228	)		12,427,303

Net increase (decrease) in net assets resulting from operations		(111,316,178	)		170,432,203			(182,553,716	)		267,351,649			59,639,883			54,684,956			18,397,416			205,687,173			(20,232,537	)		19,662,372

Net equalization credits and charges (Note 2)		(7,603	)		249,460			141,307			(112,354	)		149,285			6,723			344,544			1,846,716			(19,156	)		(34,074	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,325,420	)		(3,626,611	)		(7,389,791	)		(7,573,972	)		(2,797,862	)		(1,867,137	)		(7,667,018	)		(8,163,249	)		(460,261	)		(638,284	)
Net realized gains		—			—			—			—			(419,092	)		(917,357	)		—			—			—			—

Total distributions to shareholders		(1,325,420	)		(3,626,611	)		(7,389,791	)		(7,573,972	)		(3,216,954	)		(2,784,494	)		(7,667,018	)		(8,163,249	)		(460,261	)		(638,284	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		262,772,380			410,043,559			9,735,660,439			9,359,931,260			263,960,676			119,016,440			14,428,165,620			19,662,887,170			287,873,381			301,832,098
Cost of shares redeemed		(390,608,855	)		(336,544,093	)		(9,272,446,311	)		(9,562,642,129	)		(92,888,386	)		(69,682,783	)		(14,266,849,435	)		(20,002,002,708	)		(344,070,246	)		(310,676,934	)
Net income equalization (Note 2)		7,603			(249,460	)		(141,307	)		112,354			(149,285	)		(6,723	)		(344,544	)		(1,846,716	)		19,156			34,074

Net increase (decrease) in net assets from beneficial interest transactions		(127,828,872	)		73,250,006			463,072,821			(202,598,515	)		170,923,005			49,326,934			160,971,641			(340,962,254	)		(56,177,709	)		(8,810,762	)

Net increase (decrease) in net assets during the year		(240,478,073	)		240,305,058			273,270,621			57,066,808			227,495,219			101,234,119			172,046,583			(141,591,614	)		(76,889,663	)		10,179,252
Net assets at beginning of year		489,449,893			249,144,835			593,571,163			536,504,355			244,297,816			143,063,697			548,164,938			689,756,552			114,841,438			104,662,186

NET ASSETS END OF YEAR (1)	$	248,971,820		$	489,449,893		$	866,841,784		$	593,571,163		$	471,793,035		$	244,297,816		$	720,211,521		$	548,164,938		$	37,951,775		$	114,841,438

SHARES OF BENEFICIAL INTEREST:
Shares sold		7,800,000			10,700,000			181,800,000			178,950,000			4,900,000			2,600,000			265,200,000			430,150,000			6,200,000			5,450,000
Shares redeemed		(11,500,000	)		(8,850,000	)		(174,700,000	)		(182,600,000	)		(1,750,000	)		(1,500,000	)		(263,250,000	)		(439,250,000	)		(7,400,000	)		(5,900,000	)

Net increase (decrease)		(3,700,000	)		1,850,000			7,100,000			(3,650,000	)		3,150,000			1,100,000			1,950,000			(9,100,000	)		(1,200,000	)		(450,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	17,287		$	—		$	—		$	145,013		$	—		$	136,123		$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

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


	SPDR S&P Software & Services ETF			SPDR S&P Telecom ETF						SPDR S&P Transportation ETF						SPDR Wells Fargo Preferred Stock ETF
	For the Period						For the Period						For the Period
	*9/28/11-**			Year Ended			*1/26/11-**			Year Ended			*1/26/11-**			Year Ended			Year Ended
	6/30/12			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	39,277		$	68,054		$	31,483		$	60,688		$	22,140		$	10,668,940		$	6,248,415
Net realized gain (loss) on investments		746,478			(779,291	)		511,075			(961,532	)		(45,501	)		(1,246,149	)		1,203,067
Net change in unrealized appreciation (depreciation) on investments		853,779			(1,136,396	)		(136,243	)		(391,058	)		578,491			1,465,698			4,520,718

Net increase (decrease) in net assets resulting from operations		1,639,534			(1,847,633	)		406,315			(1,291,902	)		555,130			10,888,489			11,972,200

Net equalization credits and charges (Note 2)		(2,016	)		(10,206	)		26,126			(2,511	)		6,098			628,830			471,387

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(37,786	)		(56,064	)		(51,678	)		(58,282	)		(22,140	)		(10,454,723	)		(6,669,746	)
Return of capital		—			—			—			—			(5,256	)		—			—

Total distributions to shareholders		(37,786	)		(56,064	)		(51,678	)		(58,282	)		(27,396	)		(10,454,723	)		(6,669,746	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		19,902,446			4,644,593			52,890,507			—			15,395,273			156,456,286			63,689,814
Cost of shares redeemed		(3,058,936	)		(8,944,593	)		(42,927,094	)		(2,181,987	)		—			(22,325,527	)		(15,723,024	)
Net income equalization (Note 2)		2,016			10,206			(26,126	)		2,511			(6,098	)		(628,830	)		(471,387	)

Net increase (decrease) in net assets from beneficial interest transactions		16,845,526			(4,289,794	)		9,937,287			(2,179,476	)		15,389,175			133,501,929			47,495,403

Net increase (decrease) in net assets during the year		18,445,258			(6,203,697	)		10,318,050			(3,532,171	)		15,923,007			134,564,525			53,269,244
Net assets at beginning of year		—			10,318,050			—			15,923,007			—			118,609,117			65,339,873

NET ASSETS END OF YEAR (1)	$	18,445,258		$	4,114,353		$	10,318,050		$	12,390,836		$	15,923,007		$	253,173,642		$	118,609,117

SHARES OF BENEFICIAL INTEREST:
Shares sold		350,000			100,000			1,050,000			—			300,000			3,500,000			1,400,000
Shares redeemed		(50,000	)		(200,000	)		(850,000	)		(50,000	)		—			(500,000	)		(350,000	)

Net increase (decrease)		300,000			(100,000	)		200,000			(50,000	)		300,000			3,000,000			1,050,000

(1) Including undistributed (distribution in excess of) net investment income	$	1,491		$	—		$	—		$	2,406		$	—		$	626,792		$	(25,447	)


*		Commencement of operations

See accompanying notes to financial statements.

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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


	SPDR Dow Jones Total Market ETF															SPDR Dow Jones Large Cap ETF															SPDR S&P 500 Growth ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	99.24		$	76.77		$	67.33		$	93.41		$	108.50		$	62.09		$	48.17		$	42.69		$	59.55		$	68.91		$	60.18		$	45.21		$	39.70		$	54.02		$	57.36

Income (loss) from investment operations:
Net investment income (loss)		1.90	(1)		1.59	(1)		1.41	(1)		1.66	(1)		1.74			1.21	(1)		1.04	(1)		0.93	(1)		1.09	(1)		1.18			1.01	(1)		0.67	(1)		0.39	(1)		0.52	(1)		0.44
Net realized and unrealized gain (loss) (2)		1.89			22.46			9.36			(26.18	)		(15.07	)		1.62			13.92			5.38			(17.02	)		(9.26	)		3.45			14.96			5.52			(14.31	)		(3.33	)

Total from investment operations		3.79			24.05			10.77			(24.52	)		(13.33	)		2.83			14.96			6.31			(15.93	)		(8.08	)		4.46			15.63			5.91			(13.79	)		(2.89	)

Net equalization credits and charges (1)		0.21			(0.01	)		(0.03	)		0.09			0.03			0.00	(3)		(0.00	)(3)		(0.02	)		0.21			(0.00	)(3)		0.01			0.00	(3)		—			(0.03	)		0.01

Distributions to shareholders from:
Net investment income		(1.79	)		(1.57	)		(1.30	)		(1.65	)		(1.79	)		(1.17	)		(1.04	)		(0.81	)		(1.14	)		(1.18	)		(1.02	)		(0.66	)		(0.37	)		(0.50	)		(0.46	)
Net realized gains		—			—			—			—			—			—			—			—			—			(0.10	)		—			—			—			—			—
Return of capital		—			—			—			—			—			—			—			—			—			—			—			—			(0.03	)		—			—

Total distributions		(1.79	)		(1.57	)		(1.30	)		(1.65	)		(1.79	)		(1.17	)		(1.04	)		(0.81	)		(1.14	)		(1.28	)		(1.02	)		(0.66	)		(0.40	)		(0.50	)		(0.46	)

Net asset value, end of period	$	101.45		$	99.24		$	76.77		$	67.33		$	93.41		$	63.75		$	62.09		$	48.17		$	42.69		$	59.55		$	63.63		$	60.18		$	45.21		$	39.70		$	54.02

Total return (4)		4.16	%		31.45	%		15.87	%		(26.18	)%		(12.36	)%		4.69	%		31.17	%		14.67	%		(26.44	)%		(11.84	)%		7.54	%		34.65	%		14.83	%		(25.58	)%		(5.04	)%
Net assets, end of period (in 000’s)	$	426,109		$	193,526		$	157,382		$	158,238		$	126,113		$	41,437		$	37,253		$	33,720		$	38,419		$	8,933		$	219,541		$	192,586		$	167,284		$	154,817		$	289,015
Ratio of expenses to average net assets		0.20	%		0.22	%		0.20	%		0.21	%		0.20	%		0.20	%		0.22	%		0.20	%		0.23	%		0.20	%		0.20	%		0.22	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income (loss) to average net assets		1.97	%		1.73	%		1.76	%		2.42	%		1.74	%		1.99	%		1.80	%		1.84	%		2.63	%		1.80	%		1.69	%		1.22	%		0.83	%		1.27	%		0.81	%
Portfolio turnover rate (5)		3	%		2	%		2	%		10	%		1	%		4	%		5	%		5	%		10	%		7	%		21	%		46	%		15	%		32	%		14	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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267

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P 500 Value ETF															SPDR Dow Jones Mid Cap ETF															SPDR S&P 400 Mid Cap Growth ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	67.32		$	54.02		$	48.38		$	69.18		$	87.77		$	64.26		$	46.60		$	36.78		$	52.05		$	62.63		$	82.38		$	57.07		$	45.20		$	62.82		$	68.88

Income (loss) from investment operations:
Net investment income (loss)		1.52	(1)		1.51	(1)		1.51	(1)		1.93	(1)		2.37			0.80	(1)		0.76	(1)		0.69	(1)		0.74	(1)		0.65			0.50	(1)		0.36	(1)		0.30	(1)		0.33	(1)		0.28
Net realized and unrealized gain (loss) (2)		0.32			13.19			5.54			(20.78	)		(18.59	)		(2.60	)		17.65			9.67			(15.32	)		(7.80	)		(3.62	)		25.31			11.84			(17.64	)		(5.01	)

Total from investment operations		1.84			14.70			7.05			(18.85	)		(16.22	)		(1.80	)		18.41			10.36			(14.58	)		(7.15	)		(3.12	)		25.67			12.14			(17.31	)		(4.73	)

Net equalization credits and charges (1)		(0.06	)		0.11			(0.03	)		0.07			(0.09	)		0.00	(3)		0.01			0.04			0.06			(0.01	)		(0.01	)		(0.01	)		0.01			0.01			(0.00	)(3)

Distributions to shareholders from:
Net investment income		(1.47	)		(1.51	)		(1.38	)		(2.02	)		(2.28	)		(0.81	)		(0.76	)		(0.58	)		(0.75	)		(0.72	)		(0.57	)		(0.35	)		(0.28	)		(0.32	)		(0.29	)
Net realized gains		—			—			—			—			—			—			—			—			—			(2.70	)		—			—			—			—			(1.04	)

Total distributions		(1.47	)		(1.51	)		(1.38	)		(2.02	)		(2.28	)		(0.81	)		(0.76	)		(0.58	)		(0.75	)		(3.42	)		(0.57	)		(0.35	)		(0.28	)		(0.32	)		(1.33	)

Net asset value, end of period	$	67.63		$	67.32		$	54.02		$	48.38		$	69.18		$	61.65		$	64.26		$	46.60		$	36.78		$	52.05		$	78.68		$	82.38		$	57.07		$	45.20		$	62.82

Total return (4)		2.81	%		27.58	%		14.39	%		(27.33	)%		(18.85	)%		(2.73	)%		39.67	%		28.26	%		(27.89	)%		(11.53	)%		(3.66	)%		45.01	%		26.86	%		(27.51	)%		(6.85	)%
Net assets, end of period (in 000’s)	$	98,120		$	171,718		$	99,985		$	99,221		$	93,428		$	70,893		$	80,329		$	53,585		$	31,260		$	20,820		$	62,947		$	74,140		$	59,923		$	42,939		$	43,977
Ratio of expenses to average net assets		0.20	%		0.22	%		0.20	%		0.21	%		0.20	%		0.25	%		0.27	%		0.26	%		0.30	%		0.25	%		0.25	%		0.28	%		0.26	%		0.28	%		0.25	%
Ratio of net investment income (loss) to average net assets		2.37	%		2.36	%		2.66	%		3.73	%		2.80	%		1.34	%		1.31	%		1.47	%		2.02	%		1.17	%		0.65	%		0.50	%		0.52	%		0.75	%		0.45	%
Portfolio turnover rate (5)		25	%		41	%		15	%		36	%		13	%		20	%		23	%		31	%		58	%		45	%		33	%		88	%		45	%		74	%		59	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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269

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P 400 Mid Cap Value ETF															SPDR S&P 600 Small Cap ETF															SPDR S&P 600 Small Cap Growth ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	57.18		$	44.81		$	35.29		$	50.34		$	63.10		$	70.54		$	51.57		$	41.18		$	55.27		$	66.57		$	120.92		$	82.62		$	67.19		$	90.65		$	104.00

Income (loss) from investment operations:
Net investment income (loss)		0.97	(1)		1.05	(1)		1.17	(1)		1.30	(1)		1.28			0.95	(1)		0.70	(1)		0.67	(1)		0.86	(1)		0.69			0.97	(1)		0.61	(1)		0.26	(1)		0.56	(1)		0.42
Net realized and unrealized gain (loss) (2)		(1.60	)		12.42			9.32			(14.89	)		(12.58	)		(0.20	)		19.03			10.28			(14.20	)		(11.19	)		0.28			38.10			15.35			(23.51	)		(11.83	)

Total from investment operations		(0.63	)		13.47			10.49			(13.59	)		(11.30	)		0.75			19.73			10.95			(13.34	)		(10.50	)		1.25			38.71			15.61			(22.95	)		(11.41	)

Net equalization credits and charges (1)		(0.03	)		(0.03	)		0.08			(0.09	)		(0.10	)		0.14			(0.01	)		0.01			0.06			0.04			(0.02	)		(0.00	)(3)		(0.00	)(3)		0.04			(0.00	)(3)

Distributions to shareholders from:
Net investment income		(0.98	)		(1.07	)		(0.85	)		(1.37	)		(1.36	)		(0.90	)		(0.71	)		(0.57	)		(0.81	)		(0.84	)		(1.08	)		(0.57	)		(0.18	)		(0.55	)		(0.45	)
Net realized gains		—			—			—			—			—			—			(0.04	)		—			—			—			—			—			—			—			(1.49	)
Return of capital		—			—			(0.20	)		—			—			—			—			—			—			—			—			—			—			—			—

Total distributions		(0.98	)		(1.07	)		(1.05	)		(1.37	)		(1.36	)		(0.90	)		(0.75	)		(0.57	)		(0.81	)		(0.84	)		(1.08	)		(0.57	)		(0.18	)		(0.55	)		(1.94	)

Voluntary contribution from Adviser		—			—			—			—			—			—			—			—			—			—			—			0.16			—			—			—

Net asset value, end of period	$	55.54		$	57.18		$	44.81		$	35.29		$	50.34		$	70.53		$	70.54		$	51.57		$	41.18		$	55.27		$	121.07		$	120.92		$	82.62		$	67.19		$	90.65

Total return (4)		(0.82	)%		30.15	%		29.92	%		(27.27	)%		(18.18	)%		1.35	%		38.37	%		26.57	%		(23.98	)%		(15.76	)%		1.07	%		47.08	%(5)		23.22	%		(25.21	)%		(11.01	)%
Net assets, end of period (in 000’s)	$	22,215		$	22,871		$	20,164		$	8,823		$	10,068		$	183,382		$	77,593		$	51,570		$	22,651		$	13,817		$	151,354		$	187,432		$	123,946		$	94,077		$	86,129
Ratio of expenses to average net assets		0.25	%		0.28	%		0.26	%		0.34	%		0.25	%		0.20	%		0.24	%		0.26	%		0.32	%		0.25	%		0.25	%		0.27	%		0.25	%		0.26	%		0.25	%
Ratio of net investment income (loss) to average net assets		1.81	%		2.00	%		2.56	%		3.52	%		2.18	%		1.40	%		1.11	%		1.27	%		2.16	%		1.34	%		0.85	%		0.58	%		0.31	%		0.88	%		0.46	%
Portfolio turnover rate (6)		28	%		82	%		50	%		73	%		51	%		13	%		82	%		20	%		28	%		24	%		37	%		102	%		34	%		42	%		38	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a voluntary contribution during the Year Ended 6/30/11, the total return would have been 46.88%.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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271

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P 600 Small Cap Value ETF															SPDR Global Dow ETF															SPDR Dow Jones REIT ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	71.29		$	55.88		$	43.64		$	57.92		$	75.01		$	59.50		$	48.39		$	47.27		$	66.79		$	79.11		$	66.59		$	51.05		$	34.00		$	65.40		$	80.93

Income (loss) from investment operations:
Net investment income (loss)		1.09	(1)		1.03	(1)		1.30	(1)		1.52	(1)		1.25			1.29	(1)		1.54	(1)		1.33	(1)		1.64	(1)		1.89			1.71	(1)		1.47	(1)		1.39	(1)		1.91	(1)		2.43
Net realized and unrealized gain (loss) (2)		0.01			15.55			11.96			(14.33	)		(16.50	)		(8.35	)		10.91			1.21			(19.47	)		(12.28	)		6.67			15.98			17.37			(31.15	)		(14.86	)

Total from investment operations		1.10			16.58			13.26			(12.81	)		(15.25	)		(7.06	)		12.45			2.54			(17.83	)		(10.39	)		8.38			17.45			18.76			(29.24	)		(12.43	)

Net equalization credits and charges (1)		(0.04	)		(0.07	)		0.06			(0.02	)		0.01			(0.04	)		0.07			0.01			(0.09	)		0.03			0.03			0.02			0.01			0.11			0.16

Distributions to shareholders from:
Net investment income		(1.11	)		(1.10	)		(1.08	)		(1.28	)		(1.56	)		(1.19	)		(1.41	)		(1.43	)		(1.60	)		(1.96	)		(2.10	)		(1.93	)		(1.72	)		(2.27	)		(3.26	)
Net realized gains		—			—			—			(0.17	)		(0.29	)		—			—			—			—			—			—			—			—			—			—

Total distributions		(1.11	)		(1.10	)		(1.08	)		(1.45	)		(1.85	)		(1.19	)		(1.41	)		(1.43	)		(1.60	)		(1.96	)		(2.10	)		(1.93	)		(1.72	)		(2.27	)		(3.26	)

Net asset value, end of period	$	71.24		$	71.29		$	55.88		$	43.64		$	57.92		$	51.21		$	59.50		$	48.39		$	47.27		$	66.79		$	72.90		$	66.59		$	51.05		$	34.00		$	65.40

Total return (3)		1.61	%		29.68	%		30.49	%		(22.20	)%		(20.46	)%		(11.90	)%		25.99	%		5.10	%		(26.89	)%		(13.28	)%		13.05	%		34.55	%		55.42	%		(44.96	)%		(15.41	)%
Net assets, end of period (in 000’s)	$	121,201		$	124,849		$	142,564		$	69,885		$	89,856		$	92,203		$	148,786		$	79,871		$	70,923		$	163,654		$	1,959,752		$	1,557,086		$	1,137,458		$	908,890		$	1,289,796
Ratio of expenses to average net assets		0.25	%		0.27	%		0.26	%		0.27	%		0.25	%		0.50	%		0.52	%		0.50	%		0.51	%		0.50	%		0.25	%		0.26	%		0.25	%		0.25	%		(0.25	)%
Ratio of net investment income (loss) to average net assets		1.60	%		1.56	%		2.29	%		3.32	%		2.12	%		2.44	%		2.66	%		2.45	%		3.20	%		2.55	%		2.60	%		2.40	%		2.94	%		4.58	%		2.79	%
Portfolio turnover rate (4)		34	%		88	%		35	%		38	%		28	%		11	%		108	%		6	%		10	%		15	%		7	%		10	%		10	%		15	%		14	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(4)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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273

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Bank ETF															SPDR S&P Capital Markets ETF															SPDR S&P Insurance ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	24.00		$	22.90		$	18.08		$	28.58		$	55.44		$	35.45		$	31.10		$	33.41		$	45.12		$	68.80		$	41.73		$	35.26		$	26.52		$	40.89		$	59.41

Income (loss) from investment operations:
Net investment income (loss)		0.41	(1)		0.23	(1)		0.18	(1)		0.94	(1)		1.60			0.73	(1)		0.73	(1)		0.22	(1)		0.52	(1)		0.53	(1)		0.69	(1)		0.67	(1)		0.54	(1)		0.67	(1)		1.02	(1)
Net realized and unrealized gain (loss) (2)		(1.92	)		1.08			4.80			(10.67	)		(27.35	)		(4.09	)		4.36			(2.26	)		(11.79	)		(23.68	)		(0.98	)		6.49			8.67			(14.55	)		(18.56	)

Total from investment operations		(1.51	)		1.31			4.98			(9.73	)		(25.75	)		(3.36	)		5.09			(2.04	)		(11.27	)		(23.15	)		(0.29	)		7.16			9.21			(13.88	)		(17.54	)

Net equalization credits and charges (1)		(0.02	)		(0.01	)		—			0.03			0.66			(0.09	)		(0.07	)		(0.01	)		(0.03	)		0.10			(0.05	)		0.03			(0.02	)		0.14			0.12

Distributions to shareholders from:
Net investment income		(0.42	)		(0.20	)		(0.16	)		(0.80	)		(1.77	)		(0.98	)		(0.67	)		(0.24	)		(0.41	)		(0.63	)		(0.65	)		(0.72	)		(0.45	)		(0.63	)		(1.10	)
Return of capital		—			—			—			—			—			—			—			(0.02	)		—			—			—			—			—			—			—

Total distributions		(0.42	)		(0.20	)		(0.16	)		(0.80	)		(1.77	)		(0.98	)		(0.67	)		(0.26	)		(0.41	)		(0.63	)		(0.65	)		(0.72	)		(0.45	)		(0.63	)		(1.10	)

Net asset value, end of period	$	22.05		$	24.00		$	22.90		$	18.08		$	28.58		$	31.02		$	35.45		$	31.10		$	33.41		$	45.12		$	40.74		$	41.73		$	35.26		$	26.52		$	40.89

Total return (3)		(6.22	)%		5.63	%		27.55	%		(34.54	)%		(46.07	)%		(9.53	)%		16.04	%		(6.28	)%		(24.98	)%		(33.71	)%		(0.65	)%		20.35	%		34.65	%		(33.69	)%		(29.67	)%
Net assets, end of period (in 000’s)	$	1,450,630		$	1,684,658		$	746,684		$	821,694		$	883,280		$	23,263		$	69,127		$	51,307		$	80,188		$	117,300		$	93,698		$	214,897		$	163,972		$	139,205		$	63,374
Ratio of expenses to average net assets		0.35	%		0.36	%		0.35	%		0.35	%		0.35	%		0.36	%		0.38	%		0.35	%		0.36	%		0.35	%		0.35	%		0.37	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets		1.92	%		0.92	%		0.79	%		4.29	%		4.46	%		2.40	%		2.00	%		0.60	%		1.65	%		0.89	%		1.82	%		1.62	%		1.49	%		2.56	%		1.99	%
Portfolio turnover rate (4)		55	%		16	%		18	%		51	%		23	%		64	%		14	%		9	%		52	%		52	%		62	%		9	%		14	%		53	%		18	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(4)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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275

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Mortgage Finance ETF												SPDR S&P Regional Banking ETF															SPDR Morgan Stanley Technology ETF
										For the
										Period
	Year Ended			Year Ended			Year Ended			*4/29/09-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	38.38		$	39.15		$	36.18		$	41.19		$	25.45		$	23.05		$	18.31		$	26.56		$	45.90		$	65.43		$	51.32		$	44.96		$	55.15		$	61.90

Income (loss) from investment operations:
Net investment income (loss)		0.76	(1)		0.80	(1)		0.78	(1)		0.15	(1)		0.45	(1)		0.37	(1)		0.40	(1)		0.94	(1)		1.43			0.50	(1)		0.36	(1)		0.23	(1)		0.23	(1)		0.15
Net realized and unrealized gain (loss) (2)		0.27			(0.40	)		3.18			(5.02	)		1.90			2.42			4.66			(8.04	)		(18.58	)		(1.30	)		14.15			6.39			(10.18	)		(6.74	)

Total from investment operations		1.03			0.40			3.96			(4.87	)		2.35			2.79			5.06			(7.10	)		(17.15	)		(0.80	)		14.51			6.62			(9.95	)		(6.59	)

Net equalization credits and charges (1)		—			(0.01	)		(0.06	)		0.04			0.02			(0.02	)		0.01			0.07			(0.60	)		(0.01	)		(0.01	)		(0.03	)		(0.00	)(3)		(0.01	)

Distributions to shareholders from:
Net investment income		(0.74	)		(0.92	)		(0.73	)		(0.18	)		(0.48	)		(0.37	)		(0.33	)		(1.22	)		(1.59	)		(0.53	)		(0.39	)		(0.23	)		(0.24	)		(0.15	)
Net realized gains		—			(0.24	)		(0.20	)		—			—			—			—			—			—			—			—			—			—			—

Total distributions		(0.74	)		(1.16	)		(0.93	)		(0.18	)		(0.48	)		(0.37	)		(0.33	)		(1.22	)		(1.59	)		(0.53	)		(0.39	)		(0.23	)		(0.24	)		(0.15	)

Net asset value, end of period	$	38.67		$	38.38		$	39.15		$	36.18		$	27.34		$	25.45		$	23.05		$	18.31		$	26.56		$	64.09		$	65.43		$	51.32		$	44.96		$	55.15

Total return (4)		2.96	%		0.77	%		10.67	%		(11.73	)%		9.59	%		12.00	%		27.70	%		(27.94	)%		(39.51	)%		(1.21	)%		28.27	%		14.62	%		(17.97	)%		(10.67	)%
Net assets, end of period (in 000’s)	$	3,867		$	3,838		$	3,915		$	5,427		$	1,167,653		$	558,689		$	703,213		$	434,937		$	709,284		$	166,653		$	206,119		$	182,188		$	197,818		$	228,870
Ratio of expenses to average net assets		0.35	%		0.36	%		0.35	%		0.35	%(5)		0.35	%		0.36	%		0.35	%		0.35	%		0.35	%		0.50	%		0.53	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets		2.22	%		1.95	%		1.84	%		2.38	%(5)		1.77	%		1.50	%		1.72	%		3.68	%		4.04	%		0.79	%		0.57	%		0.42	%		0.56	%		0.26	%
Portfolio turnover rate (6)		91	%		35	%		27	%		5	%		44	%		13	%		23	%		51	%		35	%		21	%		10	%		17	%		19	%		24	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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277

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


																SPDR S&P																								SPDR S&P
																Aerospace																								Health
																&																								Care
	SPDR S&P Dividend ETF															Defense ETF			SPDR S&P Biotech ETF															SPDR S&P Health Care Equipment ETF						Services ETF
																For the																					For the			For the
																Period																					Period			Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*9/28/11-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*1/26/11-**			*9/28/11-**
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/12

Net asset value, beginning of period	$	54.06		$	45.13		$	37.96		$	44.30		$	62.57		$	50.00		$	73.03		$	51.82		$	50.71		$	57.47		$	50.93		$	55.10		$	50.37		$	50.00

Income (loss) from investment operations:
Net investment income (loss)		1.80	(1)		1.73	(1)		1.71	(1)		1.97	(1)		2.19	(1)		0.52	(1)		(0.11	)(1)		(0.20	)(1)		(0.12	)(1)		0.44	(1)		0.66			0.10	(1)		0.03	(1)		0.19	(1)
Net realized and unrealized gain (loss) (2)		1.53			8.80			6.97			(6.47	)		(17.49	)		8.90			15.48			21.42			1.23			(7.23	)		6.59			2.35			4.72			11.99

Total from investment operations		3.33			10.53			8.68			(4.50	)		(15.30	)		9.42			15.37			21.22			1.11			(6.79	)		7.25			2.45			4.75			12.18

Net equalization credits and charges (1)		0.06			0.14			0.15			0.16			0.02			(0.00	)(3)		0.08			(0.01	)		0.00	(3)		0.00	(3)		(0.02	)		(0.00	)(3)		0.00	(3)		0.00	(3)

Distributions to shareholders from:
Net investment income		(1.79	)		(1.74	)		(1.57	)		(2.00	)		(2.19	)		(0.50	)		—			—			—			(0.16	)		(0.69	)		(0.09	)		(0.02	)		(0.17	)
Net realized gains		—			—			—			—			(0.80	)		—			—			—			—			—			—			(0.16	)		—			—
Return of capital		—			—			(0.09	)		—			—			—			—			—			—			—			—			—			—			—

Total distributions		(1.79	)		(1.74	)		(1.66	)		(2.00	)		(2.99	)		(0.50	)		—			—			—			(0.16	)		(0.69	)		(0.25	)		(0.02	)		(0.17	)

Voluntary contribution from Adviser		—			—			—			—			—			—			—			—			—			0.19			—			—			—			—

Net asset value, end of period	$	55.66		$	54.06		$	45.13		$	37.96		$	44.30		$	58.92		$	88.48		$	73.03		$	51.82		$	50.71		$	57.47		$	57.30		$	55.10		$	62.01

Total return (4)		6.46	%		23.82	%		23.25	%		(10.06	)%		(25.05	)%		18.86	%		21.15	%		40.92	%		2.20	%		(11.46	)%(5)		14.15	%		4.51	%		9.43	%		24.35	%
Net assets, end of period (in 000’s)	$	9,123,307		$	5,982,242		$	1,949,711		$	658,655		$	230,378		$	14,731		$	641,452		$	642,639		$	450,860		$	428,508		$	264,342		$	22,919		$	19,284		$	9,301
Ratio of expenses to average net assets		0.35	%		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%(6)		0.35	%		0.37	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(6)		0.35	%(6)
Ratio of net investment income (loss) to average net assets		3.34	%		3.31	%		3.70	%		5.10	%		3.92	%		1.18	%(6)		(0.15	)%		(0.31	)%		(0.23	)%		0.83	%		1.48	%		0.20	%		0.12	%(6)		0.42	%(6)
Portfolio turnover rate (7)		94	%		52	%		44	%		105	%		48	%		23	%		61	%		74	%		80	%		78	%		79	%		42	%		21	%		25	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a voluntary contribution during the Year Ended 6/30/09, the total return would have been (11.79)%.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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279

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Homebuilders ETF															SPDR S&P Metals & Mining ETF															SPDR S&P Oil & Gas Equipment & Services ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	18.05		$	14.32		$	11.77		$	16.53		$	30.37		$	69.40		$	45.67		$	37.07		$	94.16		$	62.63		$	41.48		$	25.04		$	21.76		$	50.90		$	36.90
																																									��
Income (loss) from investment operations:
Net investment income (loss)		0.24	(1)		0.13	(1)		0.13	(1)		0.24	(1)		0.36			0.55	(1)		0.40	(1)		0.38	(1)		0.55	(1)		0.39			0.14	(1)		0.28	(1)		0.16	(1)		0.18	(1)		0.11
Net realized and unrealized gain (loss) (2)		3.29			3.93			2.55			(4.72	)		(13.82	)		(27.86	)		23.76			8.59			(57.11	)		31.54			(10.73	)		16.44			3.27			(29.14	)		14.11

Total from investment operations		3.53			4.06			2.68			(4.48	)		(13.46	)		(27.31	)		24.16			8.97			(56.56	)		31.93			(10.59	)		16.72			3.43			(28.96	)		14.22

Net equalization credits and charges (1)		0.01			0.01			(0.01	)		0.01			(0.06	)		(0.03	)		(0.01	)		(0.02	)		0.04			—			0.00	(3)		0.02			(0.00	)(3)		(0.00	)(3)		(0.00	)(3)

Distributions to shareholders from:
Net investment income		(0.23	)		(0.34	)		(0.12	)		(0.29	)		(0.32	)		(0.57	)		(0.42	)		(0.35	)		(0.57	)		(0.40	)		(0.15	)		(0.30	)		(0.15	)		(0.18	)		(0.12	)
Net realized gains		—			—			—			—			—			—			—			—			—			—			—			—			—			—			(0.10	)

Total distributions		(0.23	)		(0.34	)		(0.12	)		(0.29	)		(0.32	)		(0.57	)		(0.42	)		(0.35	)		(0.57	)		(0.40	)		(0.15	)		(0.30	)		(0.15	)		(0.18	)		(0.22	)

Net asset value, end of period	$	21.36		$	18.05		$	14.32		$	11.77		$	16.53		$	41.49		$	69.40		$	45.67		$	37.07		$	94.16		$	30.74		$	41.48		$	25.04		$	21.76		$	50.90

Total return (4)		19.85	%		28.59	%		22.61	%		(27.30	)%		(44.63	)%		(39.46	)%		52.93	%		24.08	%		(59.95	)%		51.22	%		(25.56	)%		67.00	%		15.71	%		(56.87	)%		38.61	%
Net assets, end of period (in 000’s)	$	1,321,402		$	774,381		$	700,790		$	556,111		$	535,553		$	769,680		$	1,131,189		$	698,812		$	602,423		$	819,193		$	248,972		$	489,450		$	249,145		$	199,101		$	279,948
Ratio of expenses to average net assets		0.35	%		0.37	%		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%		0.37	%		0.35	%		0.35	%		0.36	%
Ratio of net investment income (loss) to average net assets		1.30	%		0.78	%		0.84	%		1.84	%		1.80	%		1.06	%		0.63	%		0.78	%		1.43	%		0.59	%		0.39	%		0.77	%		0.56	%		0.75	%		0.28	%
Portfolio turnover rate (5)		46	%		38	%		48	%		82	%		76	%		32	%		68	%		43	%		68	%		59	%		30	%		96	%		39	%		42	%		51	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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281

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Oil & Gas Exploration & Production ETF															SPDR S&P Pharmaceuticals ETF															SPDR S&P Retail ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	58.77		$	39.02		$	31.67		$	70.10		$	45.93		$	50.89		$	38.66		$	30.00		$	31.08		$	35.57		$	53.48		$	35.65		$	27.70		$	29.26		$	43.54

Income (loss) from investment operations:
Net investment income (loss)		0.44	(1)		0.48	(1)		0.24	(1)		0.29	(1)		0.13			0.45	(1)		0.44	(1)		0.38	(1)		0.45	(1)		0.32	(1)		0.60	(1)		0.46	(1)		0.36	(1)		0.40	(1)		0.37
Net realized and unrealized gain (loss) (2)		(8.37	)		19.76			7.38			(38.46	)		24.16			8.53			12.40			8.56			(1.07	)		(4.51	)		5.50			17.69			8.30			(1.70	)		(14.39	)

Total from investment operations		(7.93	)		20.24			7.62			(38.17	)		24.29			8.98			12.84			8.94			(0.62	)		(4.19	)		6.10			18.15			8.66			(1.30	)		(14.02	)

Net equalization credits and charges (1)		0.01			(0.01	)		(0.04	)		0.02			0.02			0.03			(0.00	)(3)		0.04			0.03			0.03			0.03			0.14			(0.16	)		(0.01	)		(0.09	)

Distributions to shareholders from:
Net investment income		(0.45	)		(0.48	)		(0.23	)		(0.28	)		(0.14	)		(0.48	)		(0.41	)		(0.32	)		(0.44	)		(0.33	)		(0.58	)		(0.46	)		(0.55	)		(0.43	)		(0.31	)
Net realized gains		—			—			—			—			—			(0.08	)		(0.20	)		—			(0.05	)		—			—			—			—			—			—

Total distributions		(0.45	)		(0.48	)		(0.23	)		(0.28	)		(0.14	)		(0.56	)		(0.61	)		(0.32	)		(0.49	)		(0.33	)		(0.58	)		(0.46	)		(0.55	)		(0.43	)		(0.31	)

Voluntary contribution from Adviser		—			—			—			—			—			—			—			—			—			—			—			—			0.00	(3)		0.18			0.14

Net asset value, end of period	$	50.40		$	58.77		$	39.02		$	31.67		$	70.10		$	59.34		$	50.89		$	38.66		$	30.00		$	31.08		$	59.03		$	53.48		$	35.65		$	27.70		$	29.26

Total return (4)		(13.49	)%		51.84	%		23.92	%		(54.44	)%		52.99	%		17.86	%		33.35	%		30.00	%		(1.89	)%		(11.73	)%		11.56	%		51.46	%		30.67	%(5)		(3.61	)%(5)		(32.11	)%(5)
Net assets, end of period (in 000’s)	$	866,842		$	593,571		$	536,504		$	280,282		$	311,952		$	471,793		$	244,298		$	143,064		$	40,499		$	9,328		$	720,212		$	548,165		$	689,757		$	1,018,007		$	263,380
Ratio of expenses to average net assets		0.35	%		0.36	%		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%		0.36	%		0.36	%		0.35	%		0.35	%		0.36	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets		0.82	%		0.92	%		0.60	%		0.82	%		0.28	%		0.86	%		0.96	%		1.00	%		1.59	%		0.97	%		1.10	%		1.01	%		0.99	%		1.61	%		1.40	%
Portfolio turnover rate (6)		42	%		87	%		33	%		45	%		44	%		31	%		50	%		47	%		80	%		50	%		39	%		69	%		26	%		69	%		50	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a voluntary contribution during the Year Ended 6/30/10, the total return would have decreased by less than 0.005%. If the Adviser had not made a voluntary contribution during the Year Ended 6/30/09, the total return would have been (3.62)%. If the Adviser had not made a voluntary contribution during the Year Ended 6/30/08, the total return would have been (32.44)%.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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283

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


																SPDR S&P
																Software
																&
	SPDR S&P Semiconductor ETF															Services ETF			SPDR S&P Telecom ETF						SPDR S&P Transportation ETF						SPDR Wells Fargo Preferred Stock ETF
																For the						For the						For the									For the
																Period						Period						Period									Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*9/28/11-**			Year Ended			*1/26/11-**			Year Ended			*1/26/11-**			Year Ended			Year Ended			*9/16/09-**
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/10

Net asset value, beginning of period	$	56.02		$	41.86		$	33.86		$	41.62		$	53.22		$	50.00		$	51.59		$	51.00		$	53.08		$	50.88		$	45.62		$	42.15		$	40.00

Income (loss) from investment operations:
Net investment income (loss)		0.43	(1)		0.21	(1)		0.38	(1)		0.35	(1)		0.24			0.16	(1)		0.44	(1)		0.15	(1)		0.23	(1)		0.09	(1)		3.09	(1)		2.98	(1)		2.41	(1)
Net realized and unrealized gain (loss) (2)		(11.41	)		14.30			8.01			(7.84	)		(11.58	)		11.47			(10.42	)		0.45			(3.51	)		2.18			(0.84	)		3.32			0.95

Total from investment operations		(10.98	)		14.51			8.39			(7.49	)		(11.34	)		11.63			(9.98	)		0.60			(3.28	)		2.27			2.25			6.30			3.36

Net equalization credits and charges (1)		(0.02	)		(0.02	)		(0.02	)		0.02			0.01			(0.01	)		(0.07	)		0.13			(0.01	)		0.03			0.18			0.22			0.63

Distributions to shareholders from:
Net investment income		(0.37	)		(0.33	)		(0.37	)		(0.29	)		(0.27	)		(0.14	)		(0.40	)		(0.14	)		(0.23	)		(0.08	)		(2.84	)		(3.05	)		(1.84	)
Return of capital		—			—			—			—			—			—			—			—			—			(0.02	)		—			—			—

Total distributions		(0.37	)		(0.33	)		(0.37	)		(0.29	)		(0.27	)		(0.14	)		(0.40	)		(0.14	)		(0.23	)		(0.10	)		(2.84	)		(3.05	)		(1.84	)

Net asset value, end of period	$	44.65		$	56.02		$	41.86		$	33.86		$	41.62		$	61.48		$	41.14		$	51.59		$	49.56		$	53.08		$	45.21		$	45.62		$	42.15

Total return (3)		(19.65	)%		34.66	%		24.66	%		(17.88	)%		(21.30	)%		23.25	%		(19.47	)%		1.43	%		(6.14	)%		4.52	%		5.70	%		15.64	%		10.04	%
Net assets, end of period (in 000’s)	$	37,952		$	114,841		$	104,662		$	103,282		$	39,538		$	18,445		$	4,114		$	10,318		$	12,391		$	15,923		$	253,174		$	118,609		$	65,340
Ratio of expenses to average net assets		0.35	%		0.37	%		0.35	%		0.35	%		0.35	%		0.35	%(4)		0.35	%		0.35	%(4)		0.35	%		0.35	%(4)		0.45	%		0.46	%		0.45	%(4)
Ratio of net investment income (loss) to average net assets		0.89	%		0.40	%		0.87	%		1.12	%		0.52	%		0.35	%(4)		1.01	%		0.67	%(4)		0.50	%		0.41	%(4)		6.99	%		6.57	%		7.25	%(4)
Portfolio turnover rate (5)		36	%		88	%		19	%		41	%		65	%		32	%		50	%		64	%		25	%		19	%		69	%		26	%		22	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(4)		Annualized.
(5)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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285

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS

June 30, 2012


1.	Organization

SPDR Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end investment management company that was organized as a Massachusetts business trust on June 12, 1998.

As of June 30, 2012, the Trust offered sixty-three (63) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a “Fund”, collectively as the “Funds”). The financial statements herein relate to the following thirty-four (34) Funds: SPDR Dow Jones Total Market ETF, SPDR Dow Jones Large Cap ETF, SPDR S&P 500 Growth ETF, SPDR S&P 500 Value ETF, SPDR Dow Jones Mid Cap ETF, SPDR S&P 400 Mid Cap Growth ETF, SPDR S&P 400 Mid Cap Value ETF, SPDR S&P 600 Small Cap ETF, SPDR S&P 600 Small Cap Growth ETF, SPDR S&P 600 Small Cap Value ETF, SPDR Global Dow ETF, SPDR Dow Jones REIT ETF, SPDR S&P Bank ETF (formerly SPDR KBW Bank ETF), SPDR S&P Capital Markets ETF (formerly SPDR KBW Capital Markets ETF), SPDR S&P Insurance ETF (formerly SPDR KBW Insurance ETF), SPDR S&P Mortgage Finance ETF (formerly SPDR KBW Mortgage Finance ETF), SPDR S&P Regional Banking ETF (formerly SPDR KBW Regional Banking ETF), SPDR Morgan Stanley Technology ETF, SPDR S&P Dividend ETF, SPDR S&P Aerospace & Defense ETF, SPDR S&P Biotech ETF, SPDR S&P Health Care Equipment ETF, SPDR S&P Health Care Services ETF, SPDR S&P Homebuilders ETF, SPDR S&P Metals & Mining ETF, SPDR S&P Oil & Gas Equipment & Services ETF, SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Pharmaceuticals ETF, SPDR S&P Retail ETF, SPDR S&P Semiconductor ETF, SPDR S&P Software & Services ETF, SPDR S&P Telecom ETF, SPDR Transportation ETF and SPDR Wells Fargo Preferred Stock ETF. Each Fund operates as a non-diversified investment company. The other twenty-nine (29) Funds are included in a separate Annual Report.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this could involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

The Trust invests in various investments which are exposed to risks, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could be material.

An investment in a Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The value of each Fund’s shares will decline, more or less, in correlation with any decline in the value of the Fund’s benchmark index. The values of equity securities could decline generally or could underperform other investments. Generally, a Fund will not sell an equity security because the security’s issuer is in financial trouble, unless that security is removed from the Fund’s respective benchmark index.


2.	Summary of Significant Accounting Policies

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

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

Security Valuation

The value of each Fund’s portfolio securities is based on the market price of the securities, which generally means a valuation obtained from an exchange or other market (or based on a price quotation or other equivalent indication of

286

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

value supplied by an exchange or other market) or a valuation obtained from an independent pricing service. Investments in open-end investment companies are valued at their net asset value each business day. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the Trust (the “Board”) believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the “Committee”). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when trading in a security has been suspended or halted. Accordingly, a Fund’s net asset value may reflect certain portfolio securities’ fair values rather than their market prices. Fair value pricing involves subjective judgements and it is possible that the fair value determination for a security is materially different than the value that could be received on the sale of the security.

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


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

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

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

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

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s benchmark index, which, in turn, could result in a difference between the Fund’s performance and the performance of the Fund’s benchmark index. The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments.

The type of inputs used to value each security is identified in the Schedule of Investments, which also includes a breakdown of the Funds’ investments by industry.

The following table summarizes the inputs used in valuing the Funds’ investments as of June 30, 2012:


			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
SPDR Series Trust	Prices		Inputs		Inputs		Total

SPDR Dow Jones Total Market ETF	$	450,479,388	$	—	$	—	$	450,479,388
SPDR Dow Jones Large Cap ETF		48,908,571		—		—		48,908,571

287

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
SPDR Series Trust	Prices		Inputs			Inputs		Total

SPDR S&P 500 Growth ETF	$	229,060,158	$	—		$	—	$	229,060,158
SPDR S&P 500 Value ETF		104,469,975		—			—		104,469,975
SPDR Dow Jones Mid Cap ETF		79,757,459		—			—		79,757,459
SPDR S&P 400 Mid Cap Growth ETF		71,360,402		—			—		71,360,402
SPDR S&P 400 Mid Cap Value ETF		28,270,448		—			—		28,270,448
SPDR S&P 600 Small Cap ETF		218,852,050		—			—		218,852,050
SPDR S&P 600 Small Cap Growth ETF		174,009,568		—			—		174,009,568
SPDR S&P 600 Small Cap Value ETF		140,226,688		—			—		140,226,688
SPDR Global Dow ETF		94,668,066		—			—		94,668,066
SPDR Dow Jones REIT ETF		2,093,179,176		—			—		2,093,179,176
SPDR S&P Bank ETF		1,549,301,880		—			—		1,549,301,880
SPDR S&P Capital Markets ETF		29,255,276		—			—		29,255,276
SPDR S&P Insurance ETF		101,741,106		—			—		101,741,106
SPDR S&P Mortgage Finance ETF		4,868,964		—			—		4,868,964
SPDR S&P Regional Banking ETF		1,294,374,659		—			—		1,294,374,659
SPDR Morgan Stanley Technology ETF		180,617,481		—			—		180,617,481
SPDR S&P Dividend ETF		10,028,073,652		—			—		10,028,073,652
SPDR S&P Aerospace & Defense ETF		18,296,795		—			—		18,296,795
SPDR S&P Biotech ETF		792,177,908		—			—		792,177,908
SPDR S&P Health Care Equipment ETF		22,912,842		—			—		22,912,842
SPDR S&P Health Care Services ETF		11,848,488		—			—		11,848,488
SPDR S&P Homebuilders ETF		1,528,655,011		—			—		1,528,655,011
SPDR S&P Metals & Mining ETF		894,373,057		—			—		894,373,057
SPDR S&P Oil & Gas Equipment & Services ETF		285,433,521		—			—		285,433,521
SPDR S&P Oil & Gas Exploration & Production ETF		984,057,932		—	*		—		984,057,932
SPDR S&P Pharmaceuticals ETF		515,460,245		—			—		515,460,245
SPDR S&P Retail ETF		798,685,978		—			—		798,685,978
SPDR S&P Semiconductor ETF		45,181,918		—			—		45,181,918
SPDR S&P Software & Services ETF		23,547,542		—			—		23,547,542
SPDR Telecom ETF		4,202,998		—			—		4,202,998
SPDR Transportation ETF		12,386,409		—			—		12,386,409
SPDR Wells Fargo Preferred Stock ETF		290,678,380		—			—		290,678,380


*		Fund held Level 2 securities that were valued at $0 at June 30, 2012.

There were no transfers between levels for the period ended June 30, 2012.

Investment Income

Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded on the accrual basis. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities. Certain Funds invest in REITs. REITs will determine the characterization of their income annually

288

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

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 as dividend income initially and re-designate the prior calendar year’s return of capital or capital gain distributions at year end.

Expenses

Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees’ fees and other expenses which cannot be attributed to a Fund are allocated in such a manner as deemed equitable, taking into consideration the relative net assets of the Funds.

Equalization

Investment Transactions

Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities and foreign exchange transactions are recorded on the identified cost basis. Corporate actions (including cash dividends) are recorded net of foreign tax withholdings on the ex-dividend date.

Foreign Currency Translation and Foreign Investments

The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments and foreign currency transactions on the Statements of Operations. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of expropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government.

Some foreign markets in which the Funds invest are considered emerging markets. Investment in these emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market.

Swap Agreements

Each Fund may enter into swap agreements, including interest rate, index, total return and credit default swap agreements. The Funds will enter into swap agreements to gain market exposure. Swap agreements are contracts between parties in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset. In return, the other party agrees to make payments to the first party based on the return of a different specified rate, index or asset. Swap agreements will usually be done on a net basis,

289

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

i.e., where the two parties make net payments with a Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of the excess, if any, of a Fund’s obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund. Entering into this agreements involves, to varying degrees, market risk, liquidity risk, interest rate risk, and counterparty risk.

For the year ended June 30, 2012, the SPDR S&P Dividend ETF entered into total return swap transactions to gain exposure to a specific security, Eaton Vance Corp. Total return swaps involve commitments to pay interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty, respectively. Certain risks may arise when entering into swap transactions including counterparty default, liquidity or unfavorable changes in the value of the underlying reference security or index. Payments received or made at the end of each measurement period are recorded as realized gain or loss in the Statement of Operations. No total return swaps were outstanding as of June 30, 2012.

Realized Gain (Loss)

Interest

Foreign

Rate

Exchange

Credit

Equity

Commodity

Other

Contracts

Risk

Total

SPDR S&P Dividend ETF (a)

Total Return Swap Contract

—

1,267,130

—

1,267,130


(a)		Net realized gain (loss) on swap contracts.

Federal Income Tax

The Funds have qualified and intend to continue to qualify for and elect treatment as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all of their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, REITs and losses deferred due to wash sales.

Additionally, based on the Funds’ understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which the applicable Funds invest, the Funds will provide for foreign taxes and, where appropriate, deferred foreign taxes.

The Funds have reviewed the tax positions for the open tax years as of June 30, 2012 and have determined that no provision for income tax is required in the Funds’ Financial Statements. The Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Funds’ major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts. The Funds recognized interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations.

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

290

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

For the year ended June 30, 2012, the following Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:


	Net Gain (Loss)
	Reclassified to
	Paid in Capital

SPDR Dow Jones Total Market ETF	$	9,418,619
SPDR Dow Jones Large Cap ETF		5,352,917
SPDR S&P 500 Growth ETF		3,346,412
SPDR S&P 500 Value ETF		12,303,294
SPDR Dow Jones Mid Cap ETF		2,300,052
SPDR S&P 400 Mid Cap Growth ETF		513,322
SPDR S&P 400 Mid Cap Value ETF		617,487
SPDR S&P 600 Small Cap ETF		409,024
SPDR S&P 600 Small Cap Growth ETF		92,232
SPDR S&P 600 Small Cap Value ETF		(17,028	)
SPDR Global Dow ETF		(2,593,527	)
SPDR Dow Jones REIT ETF		48,239,190
SPDR S&P Bank ETF		(405,403	)
SPDR S&P Capital Markets ETF		(7,598,146	)
SPDR S&P Insurance ETF		(4,590,613	)
SPDR S&P Mortgage Finance ETF		—
SPDR S&P Regional Banking ETF		88,873,886
SPDR Morgan Stanley Technology ETF		5,042,718
SPDR S&P Dividend ETF		156,116,147
SPDR S&P Aerospace & Defense ETF		114,368
SPDR S&P Biotech ETF		106,489,466
SPDR S&P Health Care Equipment ETF		512,018
SPDR S&P Health Care Services ETF		287,066
SPDR S&P Homebuilders ETF		216,961,746
SPDR S&P Metals & Mining ETF		(64,806,097	)
SPDR S&P Oil & Gas Equipment & Services ETF		23,270,514
SPDR S&P Oil & Gas Exploration & Production ETF		32,026,352
SPDR S&P Pharmaceuticals ETF		25,154,734
SPDR S&P Retail ETF		80,631,172
SPDR S&P Semiconductor ETF		(11,710,121	)
SPDR S&P Software & Services ETF		542,971
SPDR S&P Telecom ETF		127,923
SPDR S&P Transportation ETF		(225,516	)
SPDR Wells Fargo Preferred Stock ETF		786,789

291

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

At June 30, 2012, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring June 30:


																						Non-Expiring —			Non-Expiring —
	2013			2014			2015			2016			2017			2018			2019			Short Term			Long Term

SPDR Dow Jones Total Market ETF	$	(153,659	)	$	(4,842,998	)	$	—		$	—		$	(1,378,715	)	$	(4,870,723	)	$	(1,146,926	)	$	—		$	—
SPDR Dow Jones Large Cap ETF		—			—			—			—			(131,432	)		(526,163	)		(227,965	)		—			(86,355	)
SPDR S&P 500 Growth ETF		(309,686	)		(3,652,975	)		—			—			(6,452,641	)		(26,035,843	)		(4,526,393	)		(51,773	)		(9,309,802	)
SPDR S&P 500 Value ETF		—			—			—			—			—			(13,363,719	)		—			—			—
SPDR Dow Jones Mid Cap ETF		—			—			—			—			—			—			—			—			—
SPDR S&P 400 Mid Cap Growth ETF		—			—			—			—			(1,189,015	)		(3,258,647	)		—			(85,582	)		(1,840,757	)
SPDR S&P 400 Mid Cap Value ETF		—			—			—			—			(258,758	)		(1,312,574	)		—			—			—
SPDR S&P 600 Small Cap ETF		—			—			—			—			—			—			—			—			(510,725	)
SPDR S&P 600 Small Cap Growth ETF		—			—			—			—			(2,152,440	)		(4,620,622	)		(597,565	)		—			(13,909,318	)
SPDR S&P 600 Small Cap Value ETF		—			—			—			—			—			(4,540,155	)		—			—			(1,256,290	)
SPDR Global Dow ETF		—			—			(282,717	)		—			(12,535,918	)		(9,895,403	)		(1,919,341	)		—			(5,393,973	)
SPDR Dow Jones REIT ETF		—			—			—			—			(1,122,565	)		(192,486,170	)		(41,263,965	)					(63,530,134	)
SPDR S&P Bank ETF		—			—			—			(435,385	)		(118,852,502	)		(300,189,040	)		(58,102,723	)		(160,618,353	)		(179,889,024	)
SPDR S&P Capital Markets ETF		—			—			—			(9,042,847	)		(23,772,407	)		(28,551,883	)		(3,599,019	)		(2,091,546	)		(18,161,491	)
SPDR S&P Insurance ETF		—			—			—			(514,950	)		(1,401,569	)		(15,750,318	)		(2,228,942	)		(8,924,643	)		(12,584,216	)
SPDR S&P Mortgage Finance ETF		—			—			—			—			—			—			(4,121	)		(522,029	)		(541,405	)
SPDR S&P Regional Banking ETF		—			—			—			—			(24,075,194	)		(150,464,974	)		(69,415,296	)		(10,910,095	)		(122,351,768	)
SPDR Morgan Stanley Technology ETF		(8,746,932	)		(3,784,746	)		(2,360,832	)		(745,443	)		(2,659,957	)		(20,984,667	)		—			(347,105	)		(11,067,251	)
SPDR S&P Dividend ETF		—			—			—			—			—			(20,923,750	)		(11,266,407	)		—			—
SPDR S&P Aerospace & Defense ETF		—			—			—			—			—			—			—			—			—
SPDR S&P Biotech ETF		—			—			(2,145,212	)		(733,614	)		(24,363,945	)		(73,086,286	)		(31,726,818	)		(16,250,473	)		(32,470,397	)
SPDR S&P Health Care Equipment ETF		—			—			—			—			—			—			—			—			—
SPDR S&P Health Care Services ETF		—			—			—			—			—			—			—			—			—
SPDR S&P Homebuilders ETF		—			—			(4,745,039	)		(8,203,751	)		(24,813,335	)		(116,404,014	)		(6,579,404	)		(49,354,688	)		(43,104,204	)
SPDR S&P Metals & Mining ETF		—			—			(104,652	)		—			(49,841,508	)		(215,129,022	)		(37,272,818	)		(142,380,127	)		(57,608,684	)
SPDR S&P Oil & Gas Equipment & Services ETF		—			—			—			—			(1,830,538	)		(54,465,863	)		(10,490,714	)		(16,208,120	)		(3,563,911	)
SPDR S&P Oil & Gas Exploration & Production ETF		—			—			—			—			(11,779,459	)		(112,377,725	)		(24,606,261	)		(91,846,768	)		(21,712,807	)
SPDR S&P Pharmaceuticals ETF		—			—			—			—			—			—			—			—			—
SPDR S&P Retail ETF		—			—			—			(1,022,978	)		(250,690	)		(32,271,270	)		(5,453,137	)		(35,812,546	)		(2,047,801	)
SPDR S&P Semiconductor ETF		—			—			(1,832,423	)		—			(12,113,199	)		(5,691,659	)		(1,965,596	)		(12,762,146	)		(2,316,368	)
SPDR S&P Software & Services ETF		—			—			—			—			—			—			—			—			—
SPDR S&P Telecom ETF		—			—			—			—			—			—			—			(997,870	)		(103,701	)
SPDR S&P Transportation ETF		—			—			—			—			—			—			—			(728,484	)		(51,140	)
SPDR Wells Fargo Preferred Stock ETF		—			—			—			—			—			(18,976	)		(173,528	)		(1,845,404	)		(636,000	)

292

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

During the tax year ended June 30, 2012, the Funds utilized/expired capital loss carryforwards in the following amounts:


	Amount Utilized		Amount Expired

SPDR Dow Jones Total Market ETF	$	209,466	$	1,139,028
SPDR S&P 500 Growth ETF		—		2,821,107
SPDR S&P 500 Value ETF		4,289,002		—
SPDR S&P 400 Mid Cap Value ETF		19,723		—
SPDR Global Dow ETF		—		984,760
SPDR Morgan Stanley Technology ETF		—		19,143,628
SPDR S&P Dividend ETF		70,701,386		—

Under current tax laws, certain capital and foreign currency losses realized after October 31 and December 31, may be deferred and treated as occurring on the first day of the following year. The Funds elected for federal income tax purposes to defer the following current year post October 31 and December 31 losses, as applicable, as though the losses were incurred on the first day of the next fiscal year:


	Post October			Late Year
	Capital Loss Deferral			Ordinary Loss Deferral

SPDR Dow Jones Total Market ETF	$	(598,566	)	$	—
SPDR Dow Jones Large Cap ETF		—			—
SPDR S&P 500 Growth ETF		—			—
SPDR S&P 500 Value ETF		—			—
SPDR Dow Jones Mid Cap ETF		—			—
SPDR S&P 400 Mid Cap Growth ETF		—			—
SPDR S&P 400 Mid Cap Value ETF		—			—
SPDR S&P 600 Small Cap ETF		—			—
SPDR S&P 600 Small Cap Growth ETF		—			—
SPDR S&P 600 Small Cap Value ETF		—			—
SPDR Global Dow ETF		—			—
SPDR Dow Jones REIT ETF		—			—
SPDR S&P Bank ETF		—			—
SPDR S&P Capital Markets ETF		—			—
SPDR S&P Insurance ETF		—			—
SPDR S&P Mortgage Finance ETF		—			—
SPDR S&P Regional Banking ETF		—			—
SPDR Morgan Stanley Technology ETF		—			—
SPDR S&P Dividend ETF		—			—
SPDR S&P Aerospace & Defense ETF		—			—
SPDR S&P Biotech ETF		—			—
SPDR S&P Health Care Equipment ETF		—			—
SPDR S&P Health Care Services ETF		—			—
SPDR S&P Homebuilders ETF		—			—
SPDR S&P Metals & Mining ETF		—			—
SPDR S&P Oil & Gas Equipment & Services ETF		—			—
SPDR S&P Oil & Gas Exploration & Production ETF		—			—

293

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Post October			Late Year
	Capital Loss Deferral			Ordinary Loss Deferral

SPDR S&P Pharmaceuticals ETF	$	(5,299,413	)	$	—
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 Wells Fargo Preferred Stock ETF		—			—

For the year ended June 30, 2012, there were no significant differences between the book basis and the tax basis character of distributions to shareholders.

The tax character of distributions paid during the year ended June 30, 2012 was as follows:


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR Dow Jones Total Market ETF	$	4,394,238	$	—	$	—
SPDR Dow Jones Large Cap ETF		729,312		—		—
SPDR S&P 500 Growth ETF		3,532,003		—		—
SPDR S&P 500 Value ETF		3,345,581		—		—
SPDR Dow Jones Mid Cap ETF		931,681		—		—
SPDR S&P 400 Mid Cap Growth ETF		452,506		—		—
SPDR S&P 400 Mid Cap Value ETF		441,443		—		—
SPDR S&P 600 Small Cap ETF		1,491,547		—		—
SPDR S&P 600 Small Cap Growth ETF		1,421,931		—		—
SPDR S&P 600 Small Cap Value ETF		1,915,201		—		—
SPDR Global Dow ETF		2,227,067		—		—
SPDR Dow Jones REIT ETF		51,476,711		—		—
SPDR S&P Bank ETF		24,865,506		—		—
SPDR S&P Capital Markets ETF		860,313		—		—
SPDR S&P Insurance ETF		2,097,855		—		—
SPDR S&P Mortgage Finance ETF		74,216		—		—
SPDR S&P Regional Banking ETF		14,745,467		—		—
SPDR Morgan Stanley Technology ETF		1,408,564		—		—
SPDR S&P Dividend ETF		269,726,465		—		—
SPDR S&P Aerospace & Defense ETF		100,392		—		—
SPDR S&P Biotech ETF		—		—		—
SPDR S&P Health Care Equipment ETF		109,630		—		—
SPDR S&P Health Care Services ETF		24,282		—		—
SPDR S&P Homebuilders ETF		13,716,137		—		—
SPDR S&P Metals & Mining ETF		8,231,843		—		—
SPDR S&P Oil & Gas Equipment & Services ETF		1,325,420		—		—
SPDR S&P Oil & Gas Exploration & Production ETF		7,389,791		—		—
SPDR S&P Pharmaceuticals ETF		2,797,862		419,092		—
SPDR S&P Retail ETF		7,667,018		—		—

294

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR S&P Semiconductor ETF	$	460,261	$	—	$	—
SPDR S&P Software & Services ETF		37,786		—		—
SPDR S&P Telecom ETF		56,064		—		—
SPDR S&P Transportation ETF		58,282		—		—
SPDR Wells Fargo Preferred Stock ETF		10,454,723		—		—

The tax character of distributions paid during the year ended June 30, 2011 was as follows:


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR Dow Jones Total Market ETF	$	3,225,127	$	—	$	—
SPDR Dow Jones Large Cap ETF		709,147		—		—
SPDR S&P 500 Growth ETF		2,209,405		—		—
SPDR S&P 500 Value ETF		3,972,304		—		—
SPDR Dow Jones Mid Cap ETF		778,349		41,544		—
SPDR S&P 400 Mid Cap Growth ETF		334,614		—		—
SPDR S&P 400 Mid Cap Value ETF		577,286		—		—
SPDR S&P 600 Small Cap ETF		752,546		—		—
SPDR S&P 600 Small Cap Growth ETF		880,548		—		—
SPDR S&P 600 Small Cap Value ETF		2,127,002		—		—
SPDR Global Dow ETF		3,235,910		—		—
SPDR Dow Jones REIT ETF		44,180,325		—		—
SPDR S&P Bank ETF		11,935,556		—		—
SPDR S&P Capital Markets ETF		1,142,134		—		—
SPDR S&P Insurance ETF		3,385,649		—		—
SPDR S&P Mortgage Finance ETF		66,248		12,065		—
SPDR S&P Regional Banking ETF		8,710,201		—		—
SPDR Morgan Stanley Technology ETF		1,257,217		—		—
SPDR S&P Dividend ETF		157,971,210		—		—
SPDR S&P Biotech ETF		—		—		—
SPDR S&P Health Care Equipment ETF		5,721		—		—
SPDR S&P Homebuilders ETF		17,300,102		—		—
SPDR S&P Metals & Mining ETF		6,854,787		—		—
SPDR S&P Oil & Gas Equipment & Services ETF		3,626,611		—		—
SPDR S&P Oil & Gas Exploration & Production ETF		7,573,972		—		—
SPDR S&P Pharmaceuticals ETF		1,867,137		917,357		—
SPDR S&P Retail ETF		8,163,249		—		—
SPDR S&P Semiconductor ETF		638,284		—		—
SPDR S&P Telecom ETF		51,678		—		—
SPDR S&P Transportation ETF		22,140		—		5,256
SPDR Wells Fargo Preferred Stock ETF		6,669,746		—		—

295

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

investments attributable to the tax deferral of losses on wash sales, in-kind transactions, the cumulative return of capital payments from REITs and the deferral of post-October losses and dividends payable.

As of June 30, 2012, the components of distributable earnings on a tax basis were as follows:


	Undistributed		Undistributed		Net Unrealized
	Ordinary		Long-Term		Appreciation
	Income		Capital Gains		(Depreciation)

SPDR Dow Jones Total Market ETF	$	—	$	—	$	14,318,691
SPDR Dow Jones Large Cap ETF		15,846		—		3,078,944
SPDR S&P 500 Growth ETF		—		—		44,540,239
SPDR S&P 500 Value ETF		144,968		—		(8,491,309	)
SPDR Dow Jones Mid Cap ETF		274,236		—		4,474,703
SPDR S&P 400 Mid Cap Growth ETF		—		—		2,922,174
SPDR S&P 400 Mid Cap Value ETF		5,200		—		543,380
SPDR S&P 600 Small Cap ETF		—		—		(405,378	)
SPDR S&P 600 Small Cap Growth ETF		—		—		10,204,599
SPDR S&P 600 Small Cap Value ETF		—		—		(4,907,572	)
SPDR Global Dow ETF		66,817		—		(19,522,785	)
SPDR Dow Jones REIT ETF		—		—		202,547,608
SPDR S&P Bank ETF		1,944,720		—		(95,718,908	)
SPDR S&P Capital Markets ETF		67,215		—		(7,508,596	)
SPDR S&P Insurance ETF		250,907		—		(6,437,058	)
SPDR S&P Mortgage Finance ETF		3,196		—		553,799
SPDR S&P Regional Banking ETF		414,158		—		(29,763,491	)
SPDR Morgan Stanley Technology ETF		—		—		(4,007,069	)
SPDR S&P Dividend ETF		—		—		634,409,950
SPDR S&P Aerospace & Defense ETF		85,206		—		875,591
SPDR S&P Biotech ETF		—		—		46,346,047
SPDR S&P Health Care Equipment ETF		150,087		92,632		1,025,749
SPDR S&P Health Care Services ETF		164,995		—		546,371
SPDR S&P Homebuilders ETF		—		—		1,676,717
SPDR S&P Metals & Mining ETF		480,827		—		(338,810,375	)
SPDR S&P Oil & Gas Equipment & Services ETF		17,287		—		(61,286,724	)
SPDR S&P Oil & Gas Exploration & Production ETF		—		—		(197,090,441	)
SPDR S&P Pharmaceuticals ETF		—		—		68,110,840
SPDR S&P Retail ETF		—		—		(81,647,922	)
SPDR S&P Semiconductor ETF		—		—		(7,155,506	)
SPDR S&P Software & Services ETF		182,557		—		851,737
SPDR S&P Telecom ETF		—		—		(1,284,116	)
SPDR S&P Transportation ETF		2,406		—		185,540
SPDR Wells Fargo Preferred Stock ETF		1,145,429		—		4,597,948

Distributions

Each Fund declares and distributes dividends from net investment income, if any, to its shareholders quarterly. The Trust declares and distributes net realized capital gains, if any, at least annually. Distributions are recorded on the

296

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.


3.	Fees and Compensation Paid to Affiliates and Other Related Party Transactions

Advisory Fee

Each Fund has entered into an Investment Advisory Agreement with SSgA Funds Management, Inc. (the “Adviser” or “SSgA FM”). As compensation for the services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:


	Annual Rate

SPDR Dow Jones Total Market ETF		0.20	%
SPDR Dow Jones Large Cap ETF		0.20
SPDR S&P 500 Growth ETF		0.20
SPDR S&P 500 Value ETF		0.20
SPDR Dow Jones Mid Cap ETF		0.25
SPDR S&P 400 Mid Cap Growth ETF		0.25
SPDR S&P 400 Mid Cap Value ETF		0.25
SPDR S&P 600 Small Cap ETF		0.20
SPDR S&P 600 Small Cap Growth ETF		0.25
SPDR S&P 600 Small Cap Value ETF		0.25
SPDR Global Dow ETF		0.50
SPDR Dow Jones REIT ETF		0.25
SPDR S&P Bank ETF		0.35
SPDR S&P Capital Markets ETF		0.35
SPDR S&P Insurance ETF		0.35
SPDR S&P Mortgage Finance ETF		0.35
SPDR S&P Regional Banking ETF		0.35
SPDR Morgan Stanley Technology ETF		0.50
SPDR S&P Dividend ETF		0.35
SPDR S&P Aerospace & Defense ETF		0.35
SPDR S&P Biotech ETF		0.35
SPDR S&P Health Care Equipment ETF		0.35
SPDR S&P Health Care Services ETF		0.35
SPDR S&P Homebuilders ETF		0.35
SPDR S&P Metals & Mining ETF		0.35
SPDR S&P Oil & Gas Equipment & Services ETF		0.35
SPDR S&P Oil & Gas Exploration & Production ETF		0.35
SPDR S&P Pharmaceuticals ETF		0.35
SPDR S&P Retail ETF		0.35
SPDR S&P Semiconductor ETF		0.35
SPDR S&P Software & Services ETF		0.35
SPDR S&P Telecom ETF		0.35
SPDR S&P Transportation ETF		0.35
SPDR Wells Fargo Preferred Stock ETF		0.45

297

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

The Adviser pays all operating expenses of each Fund other than management fee, distribution fee pursuant to each Fund’s Distribution and Service Plan, if any, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser. See also Note 4.

State Street also acts as the securities lending agent for the Funds and receives a portion of any lending income. In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”) for which SSgA FM serves as the investment adviser. Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 8 for additional information regarding securities lending.

For the year ended June 30, 2012, State Street earned securities lending agent fees from the following Funds:


	Securities Lending
	Agent Fees

SPDR Dow Jones Total Market ETF	$	10,639
SPDR Dow Jones Large Cap ETF		2,273
SPDR S&P 500 Growth ETF		3,027
SPDR S&P 500 Value ETF		4,622
SPDR Dow Jones Mid Cap ETF		8,216
SPDR S&P 400 Mid Cap Growth ETF		6,413
SPDR S&P 400 Mid Cap Value ETF		3,077
SPDR S&P 600 Small Cap ETF		15,772
SPDR S&P 600 Small Cap Growth ETF		22,557
SPDR S&P 600 Small Cap Value ETF		15,236
SPDR Global Dow ETF		8,030
SPDR Dow Jones REIT ETF		50,955
SPDR S&P Bank ETF		34,952
SPDR S&P Capital Markets ETF		8,261
SPDR S&P Insurance ETF		5,066
SPDR S&P Mortgage Finance ETF		472
SPDR S&P Regional Banking ETF		63,297
SPDR Morgan Stanley Technology ETF		10,740
SPDR S&P Dividend ETF		350,804
SPDR S&P Aerospace & Defense ETF		174
SPDR S&P Biotech ETF		122,885
SPDR S&P Health Care Equipment ETF		35
SPDR S&P Health Care Services ETF		59
SPDR S&P Homebuilders ETF		85,305
SPDR S&P Metals & Mining ETF		175,651
SPDR S&P Oil & Gas Equipment & Services ETF		63,237
SPDR S&P Oil & Gas Exploration & Production ETF		739,030
SPDR S&P Pharmaceuticals ETF		87,227
SPDR S&P Retail ETF		260,243

298

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Securities Lending
	Agent Fees

SPDR S&P Semiconductor ETF	$	53,019
SPDR S&P Software & Services ETF		460
SPDR S&P Telecom ETF		3
SPDR Wells Fargo Preferred Stock ETF		36,652

Distributor

State Street Global Markets, LLC (the “Distributor”), an affiliate of the Adviser, serves as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan adopted in accordance with Rule 12b-1 under the 1940 Act, each Fund, with the exception of SPDR Dow Jones Total Market ETF, is authorized to pay an amount of up to 0.25% of its average daily net assets for certain distribution-related activities. However, the Board of Trustees has determined that no such payments will be made through at least October 31, 2012 and therefore no such payments have been made.

The Distributor has established an assisted trading program to aid Authorized Participants in certain creation and redemption activity for which the Distributor receives commissions from Authorized Participants. In addition, the Distributor receives compensation from State Street associated with on-line creation and redemption activity of Authorized Participants.

Trustees’ Fees

The Trust, SSgA Master Trust, SSgA Active ETF Trust and SPDR Index Shares Funds pay, in the aggregate, each Independent Trustee an annual fee of $132,500 plus $7,500 per in-person meeting attended and $1,250 for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $37,500 and the Chairman of the Audit Committee receives an additional annual fee of $15,000. The Trust also reimburses each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated among the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

Transactions with Affiliates

The Funds listed below have invested in an affiliated company, State Street Corp. Amounts relating to these investments at June 30, 2012 and for the period then ended are:


	Number of												Number of
	Shares Held		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
	at 6/30/11		6/30/11		Cost		Shares		Proceeds		Shares		at 6/30/12		6/30/12		Income		Gain/(Loss)

SPDR Dow Jones Total Market ETF		6,713	$	302,689	$	397,108		8,772	$	43,123		1,034		14,451	$	645,093	$	7,124	$	3,003
SPDR Dow Jones Large Cap ETF		1,453		65,516		34,320		827		29,281		709		1,571		70,129		1,277		1,818
SPDR S&P 500 Value ETF		14,810		667,783		12,011		300		285,723		6,512		8,598		383,815		11,076		(8,737	)
SPDR S&P Bank ETF		1,000,018		45,090,812		33,697,114		967,441		72,030,069		1,967,459		—		—		145,222		(12,421,425	)
SPDR S&P Capital Markets ETF		120,246		5,421,892		2,946,215		76,095		7,046,656		181,576		14,765		659,110		29,225		(2,412,335	)

299

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

The Fund listed below had affiliated investments as a result of owning 5% or more of each company’s outstanding voting securities. Amounts relating to these investments at June 30, 2012 and for the period then ended are:


	Number of												Number of
	Shares Held		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
SPDR S&P Dividend ETF	at 6/30/11		6/30/11		Cost		Shares		Proceeds		Shares		at 6/30/12		6/30/12		Income		Gain/(Loss)

ABM Industries, Inc.		—	$	—	$	76,284,444		3,526,688	$	16,835,345		798,169		2,728,519	$	53,369,832	$	814,287	$	(869,992	)
Bemis Co.		3,417,152		115,431,394		89,554,080		2,969,449		27,806,622		903,711		5,482,890		171,833,772		4,540,906		1,105,911
Black Hills Corp.		1,644,026		49,468,742		50,730,583		1,589,545		28,822,672		881,886		2,351,685		75,653,706		3,493,473		1,824,902
Brady Corp.		—		—		102,715,447		3,214,739		9,851,403		324,234		2,890,505		79,517,793		955,186		(306,182	)
Diebold, Inc.		2,693,163		83,514,985		81,997,303		2,452,994		30,720,808		940,080		4,206,077		155,246,302		3,770,041		595,952
Leggett & Platt, Inc.		6,320,500		154,093,790		178,717,944		8,267,357		32,168,715		1,492,265		13,095,592		276,709,859		12,071,729		3,011,895
Old Republic International Corp.		—		—		275,685,498		28,985,932		60,822,890		5,910,921		23,075,011		191,291,841		9,232,680		(97,107	)
Pitney Bowes, Inc.		10,125,240		232,779,268		281,742,336		15,898,798		40,669,899		2,352,485		23,671,553		354,363,148		23,781,439		(1,132,080	)
United Bankshares, Inc.		—		—		109,889,764		3,885,486		16,497,629		628,707		3,256,779		84,285,441		1,926,493		(1,370,630	)
WGL Holdings, Inc.		1,281,754		49,334,712		101,819,321		2,465,355		30,307,869		749,398		2,997,711		119,159,012		3,606,714		1,371,806

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund-Institutional Class (“Liquid Reserves Fund”), a series of State Street Institutional Investment Trust. The Liquid Reserves Fund is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the State Street Money Market Portfolio (“Master Portfolio”) The Liquid Reserves Fund does not pay an investment advisory fee to the Adviser, but the Master Portfolio in which it invests pays an investment advisory fee to the Adviser. The Liquid Reserves Fund intends to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as dividend income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSgA FM serves as the investment adviser.

Amounts related to investments in Liquid Reserves Fund and/or Prime Portfolio at June 30, 2012 and for the period then ended are:


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/11		Cost		Shares		Proceeds		Shares		6/30/12		Income		Gain/(Loss)

SPDR Dow Jones Total Market ETF	$	245,149	$	7,238,458		7,238,458	$	6,448,171		6,448,171	$	1,035,436	$	1,317	$	—
SPDR Dow Jones Large Cap ETF		38,518		1,441,669		1,441,669		1,428,553		1,428,553		51,634		184		—
SPDR S&P 500 Growth ETF		373,817		7,170,608		7,170,608		7,159,868		7,159,868		384,557		828		—
SPDR S&P 500 Value ETF		266,800		6,290,450		6,290,450		6,324,129		6,324,129		233,121		626		—
SPDR Dow Jones Mid Cap ETF		125,811		3,763,095		3,763,095		3,783,555		3,783,555		105,351		316		—
SPDR S&P 400 Mid Cap Growth ETF		69,605		4,937,117		4,937,117		4,961,010		4,961,010		45,712		214		—
SPDR S&P 400 Mid Cap Value ETF		34,030		2,094,034		2,094,034		2,077,791		2,077,791		50,273		143		—
SPDR S&P 600 Small Cap ETF		171,881		5,841,431		5,841,431		5,849,474		5,849,474		163,838		267		—
SPDR S&P 600 Small Cap Growth ETF		699,650		9,031,359		9,031,359		9,535,708		9,535,708		195,301		452		—
SPDR S&P 600 Small Cap Value ETF		225,206		7,791,869		7,791,869		7,832,982		7,832,982		184,093		350		—
SPDR Global Dow ETF		5,427		3,226,660		3,226,660		3,212,900		3,212,900		19,187		129		—
SPDR Dow Jones REIT ETF		2,477,912		104,010,168		104,010,168		102,447,219		102,447,219		4,040,861		3,717		—
SPDR S&P Bank ETF		1,109,909		46,378,531		46,378,531		45,619,621		45,619,621		1,868,819		4,108		—
SPDR S&P Capital Markets ETF		77,276		1,481,023		1,481,023		1,482,872		1,482,872		75,427		201		—
SPDR S&P Insurance ETF		168,814		4,890,396		4,890,396		5,025,133		5,025,133		34,077		315		—
SPDR S&P Mortgage Finance ETF		12,930		196,600		196,600		205,857		205,857		3,673		19		—

300

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/11		Cost		Shares		Proceeds		Shares		6/30/12		Income		Gain/(Loss)

SPDR S&P Regional Banking ETF	$	390,216	$	30,066,039		30,066,039	$	29,487,088		29,487,088	$	969,167	$	2,034	$	—
SPDR Morgan Stanley Technology ETF		254,424		3,313,617		3,313,617		3,385,084		3,385,084		182,957		793		—
SPDR S&P Dividend ETF		6,949,460		502,713,596		502,713,596		496,576,196		496,576,196		13,086,860		52,757		—
SPDR S&P Aerospace & Defense ETF		—		156,479		156,479		122,885		122,885		33,594		30		—
SPDR S&P Biotech ETF		440,877		42,130,849		42,130,849		41,299,661		41,299,661		1,272,065		1,697		—
SPDR S&P Health Care Equipment ETF		28,004		452,648		452,648		428,406		428,406		52,246		67		—
SPDR S&P Health Care Services ETF		—		351,236		351,236		333,125		333,125		18,111		27		—
SPDR S&P Homebuilders ETF		574,922		26,096,305		26,096,305		26,365,743		26,365,743		305,484		2,860		—
SPDR S&P Metals & Mining ETF		1,488,044		26,333,211		26,333,211		27,080,776		27,080,776		740,479		2,844		—
SPDR S&P Oil & Gas Equipment & Services ETF		438,931		3,107,623		3,107,623		3,036,217		3,036,217		510,337		977		—
SPDR S&P Oil & Gas Exploration & Production ETF		711,179		27,988,766		27,988,766		25,317,223		25,317,223		3,382,722		3,461		—
SPDR S&P Pharmaceuticals ETF		160,236		4,190,086		4,190,086		4,290,166		4,290,166		60,156		577		—
SPDR S&P Retail ETF		552,703		43,792,765		43,792,765		44,345,368		44,345,368		100		1,996		—
SPDR S&P Semiconductor ETF		245,872		2,171,478		2,171,478		2,391,405		2,391,405		25,945		166		—
SPDR S&P Software & Services ETF		—		575,304		575,304		557,822		557,822		17,482		60		—
SPDR S&P Telecom ETF		21,474		318,056		318,056		335,560		335,560		3,970		29		—
SPDR S&P Transportation ETF		17,450		120,165		120,165		134,892		134,892		2,723		29		—
SPDR Wells Fargo Preferred Stock ETF		347,984		41,125,384		41,125,384		40,916,794		40,916,794		556,574		1,204		—


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/11		Cost		Shares		Proceeds		Shares		6/30/12		Income		Gain/(Loss)

SPDR Dow Jones Total Market ETF	$	13,804,801	$	64,338,567		64,338,567	$	52,543,636		52,543,636	$	25,599,732	$	58,983	$	—
SPDR Dow Jones Large Cap ETF		3,694,022		51,155,843		51,155,843		47,322,803		47,322,803		7,527,062		12,667		—
SPDR S&P 500 Growth ETF		11,843,174		80,428,559		80,428,559		82,489,864		82,489,864		9,781,869		17,139		—
SPDR S&P 500 Value ETF		11,171,737		77,325,938		77,325,938		81,941,382		81,941,382		6,556,293		26,013		—
SPDR Dow Jones Mid Cap ETF		14,783,115		39,389,085		39,389,085		45,281,580		45,281,580		8,890,620		46,557		—
SPDR S&P 400 Mid Cap Growth ETF		13,974,938		47,413,233		47,413,233		52,904,886		52,904,886		8,483,285		36,334		—
SPDR S&P 400 Mid Cap Value ETF		6,382,274		26,084,930		26,084,930		26,409,438		26,409,438		6,057,766		17,503		—
SPDR S&P 600 Small Cap ETF		21,819,706		66,794,841		66,794,841		52,878,807		52,878,807		35,735,740		90,074		—
SPDR S&P 600 Small Cap Growth ETF		39,363,170		99,553,186		99,553,186		116,308,456		116,308,456		22,607,900		127,771		—
SPDR S&P 600 Small Cap Value ETF		28,516,005		69,291,462		69,291,462		78,636,426		78,636,426		19,171,041		86,459		—
SPDR Global Dow ETF		—		27,467,193		27,467,193		24,498,358		24,498,358		2,968,835		45,502		—
SPDR Dow Jones REIT ETF		191,378,900		623,741,148		623,741,148		681,837,138		681,837,138		133,282,910		287,946		—
SPDR S&P Bank ETF		136,108,076		629,238,256		629,238,256		664,741,450		664,741,450		100,604,882		195,451		—
SPDR S&P Capital Markets ETF		5,330,408		82,206,395		82,206,395		81,489,634		81,489,634		6,047,169		46,805		—
SPDR S&P Insurance ETF		9,780,219		149,761,876		149,761,876		151,375,795		151,375,795		8,166,300		28,709		—
SPDR S&P Mortgage Finance ETF		1,089,305		5,348,165		5,348,165		5,430,999		5,430,999		1,006,471		2,679		—
SPDR S&P Regional Banking ETF		147,505,337		437,684,616		437,684,616		456,834,447		456,834,447		128,355,506		358,642		—
SPDR Morgan Stanley Technology ETF		11,458,990		226,442,817		226,442,817		223,964,946		223,964,946		13,936,861		60,815		—
SPDR S&P Dividend ETF		555,570,004		3,116,179,928		3,116,179,928		2,747,864,254		2,747,864,254		923,885,678		1,979,991		—
SPDR S&P Aerospace & Defense ETF		—		7,368,366		7,368,366		3,798,932		3,798,932		3,569,434		986		—
SPDR S&P Biotech ETF		120,553,488		514,700,923		514,700,923		484,519,320		484,519,320		150,735,091		696,292		—
SPDR S&P Health Care Equipment ETF		—		6,928,701		6,928,701		6,928,701		6,928,701		—		198		—
SPDR S&P Health Care Services ETF		—		3,637,552		3,637,552		1,088,886		1,088,886		2,548,666		335		—
SPDR S&P Homebuilders ETF		166,233,073		825,206,285		825,206,285		783,657,792		783,657,792		207,781,566		483,088		—

301

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/11		Cost		Shares		Proceeds		Shares		6/30/12		Income		Gain/(Loss)

SPDR S&P Metals & Mining ETF	$	192,488,820	$	653,555,977		653,555,977	$	720,961,332		720,961,332	$	125,083,465	$	992,219	$	—
SPDR S&P Oil & Gas Equipment & Services ETF		55,863,720		261,190,573		261,190,573		280,558,753		280,558,753		36,495,540		358,320		—
SPDR S&P Oil & Gas Exploration & Production ETF		197,417,176		802,927,796		802,927,796		882,955,005		882,955,005		117,389,967		4,186,788		—
SPDR S&P Pharmaceuticals ETF		33,652,274		228,043,195		228,043,195		217,855,082		217,855,082		43,840,387		494,278		—
SPDR S&P Retail ETF		109,987,556		794,364,981		794,364,981		824,660,231		824,660,231		79,692,306		1,465,349		—
SPDR S&P Semiconductor ETF		21,669,501		84,698,223		84,698,223		99,126,073		99,126,073		7,241,651		300,411		—
SPDR S&P Software & Services ETF		—		6,458,732		6,458,732		1,349,300		1,349,300		5,109,432		2,602		—
SPDR S&P Telecom ETF		—		1,962,745		1,962,745		1,962,745		1,962,745		—		17		—
SPDR Wells Fargo Preferred Stock ETF		11,691,297		169,977,717		169,977,717		144,167,020		144,167,020		37,501,994		207,815		—


4.	Shareholder Transactions

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Fund on the transaction date. Transaction fees ranging from $250 to $4,500 are charged to Authorized Participants for transactions on a given day regardless of the number of Creation Units that are created or redeemed on the same day. An additional fee, including a variable fee, may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities.


5.	Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes and the gross unrealized appreciation and depreciation at June 30, 2012 was as follows:


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR Dow Jones Total Market ETF	$	436,160,697	$	39,789,221	$	25,470,530	$	14,318,691
SPDR Dow Jones Large Cap ETF		45,829,627		5,357,178		2,278,234		3,078,944
SPDR S&P 500 Growth ETF		184,519,919		48,963,171		4,422,932		44,540,239
SPDR S&P 500 Value ETF		112,961,284		11,626,855		20,118,164		(8,491,309	)
SPDR Dow Jones Mid Cap ETF		75,282,756		10,070,603		5,595,900		4,474,703
SPDR S&P 400 Mid Cap Growth ETF		68,438,228		8,087,532		5,165,358		2,922,174
SPDR S&P 400 Mid Cap Value ETF		27,727,068		2,341,553		1,798,173		543,380
SPDR S&P 600 Small Cap ETF		219,257,427		11,692,811		12,098,188		(405,377	)
SPDR S&P 600 Small Cap Growth ETF		163,804,969		21,133,825		10,929,226		10,204,599
SPDR S&P 600 Small Cap Value ETF		145,134,260		10,392,854		15,300,426		(4,907,572	)
SPDR Global Dow ETF		114,189,124		7,448,225		26,969,283		(19,521,058	)
SPDR Dow Jones REIT ETF		1,890,631,568		300,152,456		97,604,848		202,547,608
SPDR S&P Bank ETF		1,645,020,789		14,868,581		110,587,490		(95,718,909	)
SPDR S&P Capital Markets ETF		36,763,872		274,551		7,783,147		(7,508,596	)
SPDR S&P Insurance ETF		108,178,164		2,437,672		8,874,730		(6,437,058	)
SPDR S&P Mortgage Finance ETF		4,315,164		651,098		97,298		553,800

302

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR S&P Regional Banking ETF	$	1,324,138,151	$	20,573,765	$	50,337,257	$	(29,763,492	)
SPDR Morgan Stanley Technology ETF		184,624,550		26,125,877		30,132,946		(4,007,069	)
SPDR S&P Dividend ETF		9,393,663,702		891,108,295		256,698,345		634,409,950
SPDR S&P Aerospace & Defense ETF		17,421,204		1,196,354		320,763		875,591
SPDR S&P Biotech ETF		745,831,860		93,891,973		47,545,925		46,346,048
SPDR S&P Health Care Equipment ETF		21,887,093		2,194,751		1,169,002		1,025,749
SPDR S&P Health Care Services ETF		11,302,117		827,312		280,941		546,371
SPDR S&P Homebuilders ETF		1,526,978,294		85,812,804		84,136,087		1,676,717
SPDR S&P Metals & Mining ETF		1,233,183,433		2,207,829		341,018,205		(338,810,376	)
SPDR S&P Oil & Gas Equipment & Services ETF		346,720,245		2,108,076		63,394,800		(61,286,724	)
SPDR S&P Oil & Gas Exploration & Production ETF		1,181,148,373		4,372,100		201,462,541		(197,090,441	)
SPDR S&P Pharmaceuticals ETF		447,349,406		71,462,480		3,351,641		68,110,839
SPDR S&P Retail ETF		880,333,900		5,472,625		87,120,547		(81,647,922	)
SPDR S&P Semiconductor ETF		52,337,424		266,726		7,422,232		(7,155,506	)
SPDR S&P Software & Services ETF		22,695,805		1,787,597		935,860		851,737
SPDR S&P Telecom ETF		5,487,114		100,212		1,384,328		(1,284,116	)
SPDR S&P Transportation ETF		12,200,869		1,165,896		980,356		185,540
SPDR Wells Fargo Preferred Stock ETF		286,080,432		5,344,244		746,296		4,597,948


6.	Investment Transactions

For the year ended June 30, 2012, the following Funds had in-kind contributions, in-kind redemptions and in-kind net realized gain/loss as follows:


					Realized
	Contributions		Redemptions		Gain/(Loss)

SPDR Dow Jones Total Market ETF	$	260,950,715	$	28,497,175	$	9,444,082
SPDR Dow Jones Large Cap ETF		20,952,447		17,845,300		5,395,693
SPDR S&P 500 Growth ETF		25,920,952		12,301,395		3,356,540
SPDR S&P 500 Value ETF		—		75,225,283		12,367,112
SPDR Dow Jones Mid Cap ETF		5,698,939		11,263,345		2,317,426
SPDR S&P 400 Mid Cap Growth ETF		7,275,013		14,654,951		540,346
SPDR S&P 400 Mid Cap Value ETF		4,846,190		5,268,992		630,985
SPDR S&P 600 Small Cap ETF		113,970,241		6,478,624		443,222
SPDR S&P 600 Small Cap Growth ETF		10,340,694		42,076,525		256,432
SPDR S&P 600 Small Cap Value ETF		25,389,337		25,463,669		471,358
SPDR Global Dow ETF		—		35,864,221		(2,500,341	)
SPDR Dow Jones REIT ETF		483,113,729		229,120,243		50,288,510
SPDR S&P Bank ETF		2,962,536,677		3,027,262,656		3,771,412
SPDR S&P Capital Markets ETF		65,151,422		101,157,543		(7,547,116	)
SPDR S&P Insurance ETF		432,393,106		543,139,344		(4,131,534	)
SPDR S&P Regional Banking ETF		2,803,771,348		2,261,925,556		92,752,548
SPDR Morgan Stanley Technology ETF		15,551,567		47,820,456		5,389,306

303

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


					Realized
	Contributions		Redemptions		Gain/(Loss)

SPDR S&P Dividend ETF	$	3,703,772,446	$	907,360,554	$	160,189,973
SPDR S&P Aerospace & Defense ETF		16,017,799		2,491,772		114,368
SPDR S&P Biotech ETF		551,453,930		629,357,915		109,416,377
SPDR S&P Health Care Equipment ETF		10,099,247		7,321,435		522,580
SPDR S&P Health Care Services ETF		10,864,336		2,827,386		287,407
SPDR S&P Homebuilders ETF		2,552,252,304		2,182,573,040		219,839,487
SPDR S&P Metals & Mining ETF		3,852,876,735		3,735,982,642		(64,161,588	)
SPDR S&P Oil & Gas Equipment & Services ETF		221,663,290		349,489,665		23,419,103
SPDR S&P Oil & Gas Exploration & Production ETF		6,872,719,380		6,410,488,453		34,494,338
SPDR S&P Pharmaceuticals ETF		261,331,980		90,256,466		25,304,548
SPDR S&P Retail ETF		10,497,192,145		10,335,272,358		82,698,076
SPDR S&P Semiconductor ETF		270,727,096		326,868,916		(11,469,906	)
SPDR S&P Software & Services ETF		19,753,887		3,058,765		543,142
SPDR Telecom ETF		4,644,647		8,945,196		140,235
SPDR Transportation ETF		—		2,182,013		(225,516	)
SPDR Wells Fargo Preferred Stock ETF		147,343,429		13,272,948		1,008,340

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.

For the year ended June 30, 2012, the Trust had purchases and sales of investment securities as follows:


	Purchases		Sales

SPDR Dow Jones Total Market ETF	$	5,863,753	$	6,704,822
SPDR Dow Jones Large Cap ETF		1,509,216		1,332,374
SPDR S&P 500 Growth ETF		44,753,257		44,213,281
SPDR S&P 500 Value ETF		38,023,610		37,491,928
SPDR Dow Jones Mid Cap ETF		14,608,794		13,641,768
SPDR S&P 400 Mid Cap Growth ETF		21,378,483		21,130,311
SPDR S&P 400 Mid Cap Value ETF		7,439,596		7,011,646
SPDR S&P 600 Small Cap ETF		12,798,513		13,143,465
SPDR S&P 600 Small Cap Growth ETF		57,929,293		57,411,343
SPDR S&P 600 Small Cap Value ETF		41,223,521		41,139,326
SPDR Global Dow ETF		11,950,042		13,863,594
SPDR Dow Jones REIT ETF		117,668,780		115,970,792
SPDR S&P Bank ETF		748,194,054		749,823,793
SPDR S&P Capital Markets ETF		22,928,387		23,120,888
SPDR S&P Insurance ETF		81,227,888		80,715,245
SPDR S&P Mortgage Finance ETF		3,197,410		3,190,538
SPDR S&P Regional Banking ETF		342,772,906		345,113,221
SPDR Morgan Stanley Technology ETF		36,526,438		36,288,308
SPDR S&P Dividend ETF		7,326,683,343		7,336,354,854

304

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Purchases		Sales

SPDR S&P Aerospace & Defense ETF	$	2,471,023	$	2,381,624
SPDR S&P Biotech ETF		316,622,895		318,500,962
SPDR S&P Health Care Equipment ETF		9,309,540		9,405,545
SPDR S&P Health Care Services ETF		2,298,409		1,962,136
SPDR S&P Homebuilders ETF		462,429,067		463,169,370
SPDR S&P Metals & Mining ETF		260,617,194		259,590,522
SPDR S&P Oil & Gas Equipment & Services ETF		102,833,456		103,021,087
SPDR S&P Oil & Gas Exploration & Production ETF		351,670,399		358,609,279
SPDR S&P Pharmaceuticals ETF		94,008,194		94,501,625
SPDR S&P Retail ETF		257,969,097		258,660,957
SPDR S&P Semiconductor ETF		22,093,626		20,722,949
SPDR S&P Software & Services ETF		4,509,388		4,347,284
SPDR Telecom ETF		3,643,789		3,417,974
SPDR Transportation ETF		3,064,744		3,048,554
SPDR Wells Fargo Preferred Stock ETF		106,207,932		106,162,521

For the year ended June 30, 2012, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.


7.	Concentration of Risk

A Fund’s assets may be concentrated in a particular industry, group of industries or sector. Because each Fund will generally concentrate its investments to approximately the same extent that its index is so concentrated, a Fund may be adversely affected by the performance of a particular industry, group of industries or sector, and its shares may be subject to increased price volatility. In addition, if a Fund concentrates in a single industry or group of industries, it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry or group of industries.


8.	Securities Lending

Each Fund may lend securities up to 331/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral held with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral 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 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. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.

305

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

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.

306

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

June 30, 2012

To the Shareholders and Board of Trustees of

SPDR^® Series Trust

We have audited the accompanying statements of assets and liabilities of SPDR Dow Jones Total Market ETF, SPDR Dow Jones Large Cap ETF, SPDR S&P^® 500 Growth ETF, SPDR S&P 500 Value ETF, SPDR Dow Jones Mid Cap ETF, SPDR S&P 400 Mid Cap Growth ETF, SPDR S&P 400 Mid Cap Value ETF, SPDR S&P 600 Small Cap ETF, SPDR S&P 600 Small Cap Growth ETF, SPDR S&P 600 Small Cap Value ETF, SPDR Global Dow ETF, SPDR Dow Jones REIT ETF, SPDR S&P Bank ETF (formerly, “SPDR KBW Bank ETF”), SPDR S&P Capital Markets ETF (formerly, “SPDR KBW Capital Markets ETF”), SPDR S&P Insurance ETF (formerly, “SPDR KBW Insurance ETF”), SPDR S&P Mortgage Finance ETF (formerly, “SPDR KBW Mortgage Finance^(SM) ETF”), SPDR S&P Regional Banking ETF (formerly, “SPDR KBW Regional Banking^(SM) 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, and SPDR Wells Fargo Preferred Stock ETF (collectively, the “Funds”) (thirty-four of the portfolios constituting SPDR^® Series Trust), including the schedules of investments, as of June 30, 2012, and the related statements of operations, statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2012 by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the above mentioned Funds of SPDR^® Series Trust at June 30, 2012, and the results of their operations, changes in their net assets, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

August 28, 2012

307

SPDR SERIES TRUST
OTHER INFORMATION

June 30, 2012

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested on January 1, 2012 and held for the six months ended June 30, 2012.

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds charge transaction fees at scheduled amounts ranging from $500 to $12,000 per Creation Unit to those persons creating or redeeming Creation Units. If you buy or sell the Funds’ shares in the secondary market, you will incur customary brokerage commissions and charges.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees, or brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		1/1/12 to
Actual	Expense Ratio			1/1/12		6/30/12		6/30/12

SPDR Dow Jones Total Market ETF		0.20	%	$	1,000	$	1,092.80	$	1.04
SPDR Dow Jones Large Cap ETF		0.20			1,000		1,093.50		1.04
SPDR S&P 500 Growth ETF		0.20			1,000		1,098.40		1.04
SPDR S&P 500 Value ETF		0.20			1,000		1,087.80		1.04
SPDR Dow Jones Mid Cap ETF		0.25			1,000		1,072.30		1.29
SPDR S&P 400 Mid Cap Growth ETF		0.25			1,000		1,076.60		1.29
SPDR S&P 400 Mid Cap Value ETF		0.25			1,000		1,083.50		1.30
SPDR S&P 600 Small Cap ETF		0.20			1,000		1,079.00		1.03
SPDR S&P 600 Small Cap Growth ETF		0.25			1,000		1,085.70		1.30
SPDR S&P 600 Small Cap Value ETF		0.25			1,000		1,072.10		1.29
SPDR Global Dow ETF		0.50			1,000		1,032.60		2.53
SPDR Dow Jones REIT ETF		0.25			1,000		1,147.40		1.33
SPDR S&P Bank ETF		0.35			1,000		1,121.30		1.85
SPDR S&P Capital Markets ETF		0.35			1,000		1,124.00		1.85

308

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		1/1/12 to
Actual	Expense Ratio			1/1/12		6/30/12		6/30/12

SPDR S&P Insurance ETF		0.35	%	$	1,000	$	1,102.10	$	1.83
SPDR S&P Mortgage Finance ETF		0.35			1,000		1,177.00		1.89
SPDR S&P Regional Banking ETF		0.35			1,000		1,128.90		1.85
SPDR Morgan Stanley Technology ETF		0.50			1,000		1,099.70		2.61
SPDR S&P Dividend ETF		0.35			1,000		1,048.80		1.78
SPDR S&P Aerospace & Defense ETF		0.35			1,000		1,066.00		1.80
SPDR S&P Biotech ETF		0.35			1,000		1,332.70		2.03
SPDR S&P Health Care Equipment ETF		0.35			1,000		1,167.30		1.89
SPDR S&P Health Care Services ETF		0.35			1,000		1,103.70		1.83
SPDR S&P Homebuilders ETF		0.35			1,000		1,260.00		1.97
SPDR S&P Metals & Mining ETF		0.35			1,000		852.60		1.61
SPDR S&P Oil & Gas Equipment & Services ETF		0.35			1,000		889.10		1.64
SPDR S&P Oil & Gas Exploration & Production ETF		0.35			1,000		961.30		1.71
SPDR S&P Pharmaceuticals ETF		0.35			1,000		1,161.00		1.88
SPDR S&P Retail ETF		0.35			1,000		1,128.70		1.85
SPDR S&P Semiconductor ETF		0.35			1,000		1,010.40		1.75
SPDR S&P Software & Services ETF		0.35			1,000		1,098.30		1.83
SPDR S&P Telecom ETF		0.35			1,000		987.70		1.73
SPDR S&P Transportation ETF		0.35			1,000		1,102.10		1.83
SPDR Wells Fargo Preferred Stock ETF		0.45			1,000		1,100.60		2.35
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		1/1/12 to
Hypothetical	Expense Ratio			1/1/12		6/30/12		6/30/12

SPDR Dow Jones Total Market ETF		0.20	%	$	1,000	$	1,023.91	$	1.01
SPDR Dow Jones Large Cap ETF		0.20			1,000		1,023.91		1.01
SPDR S&P 500 Growth ETF		0.20			1,000		1,023.91		1.01
SPDR S&P 500 Value ETF		0.20			1,000		1,023.91		1.01
SPDR Dow Jones Mid Cap ETF		0.25			1,000		1,023.66		1.26
SPDR S&P 400 Mid Cap Growth ETF		0.25			1,000		1,023.66		1.26
SPDR S&P 400 Mid Cap Value ETF		0.25			1,000		1,023.66		1.26
SPDR S&P 600 Small Cap ETF		0.20			1,000		1,023.91		1.01
SPDR S&P 600 Small Cap Growth ETF		0.25			1,000		1,023.66		1.26
SPDR S&P 600 Small Cap Value ETF		0.25			1,000		1,023.66		1.26
SPDR Global Dow ETF		0.50			1,000		1,022.41		2.51
SPDR Dow Jones REIT ETF		0.25			1,000		1,023.66		1.26
SPDR S&P Bank ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Capital Markets ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Insurance ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Mortgage Finance ETF		0.35			1,000		1,023.16		1.76

309

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		1/1/12 to
Hypothetical	Expense Ratio			1/1/12		6/30/12		6/30/12

SPDR S&P Regional Banking ETF		0.35	%	$	1,000	$	1,023.16	$	1.76
SPDR Morgan Stanley Technology ETF		0.50			1,000		1,022.41		2.51
SPDR S&P Dividend ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Aerospace & Defense ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Biotech ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Health Care Equipment ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Health Care Services ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Homebuilders ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Metals & Mining ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Oil & Gas Equipment & Services ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Oil & Gas Exploration & Production ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Pharmaceuticals ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Retail ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Semiconductor ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Software & Services ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Telecom ETF		0.35			1,000		1,023.16		1.76
SPDR S&P Transportation ETF		0.35			1,000		1,023.16		1.76
SPDR Wells Fargo Preferred Stock ETF		0.45			1,000		1,022.66		2.26

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2012.

Percentage of distributions which qualify for the corporate dividends received deduction:


	Percentage

SPDR Dow Jones Total Market ETF		96.23	%
SPDR Dow Jones Large Cap ETF		75.81
SPDR S&P 500 Growth ETF		97.02
SPDR S&P 500 Value ETF		93.00
SPDR Dow Jones Mid Cap ETF		41.85
SPDR S&P 400 Mid Cap Growth ETF		72.58
SPDR S&P 400 Mid Cap Value ETF		58.62
SPDR S&P 600 Small Cap ETF		57.02
SPDR S&P 600 Small Cap Growth ETF		76.22
SPDR S&P 600 Small Cap Value ETF		67.21
SPDR Global Dow ETF		39.94
SPDR S&P Bank ETF		93.09
SPDR S&P Capital Markets ETF		68.56
SPDR S&P Insurance ETF		65.19

310

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012


	Percentage

SPDR S&P Mortgage Finance ETF		65.39	%
SPDR S&P Regional Banking ETF		82.23
SPDR Morgan Stanley Technology ETF		87.41
SPDR S&P Dividend ETF		88.48
SPDR S&P Aerospace & Defense ETF		65.78
SPDR S&P Health Care Equipment ETF		37.67
SPDR S&P Health Care Services ETF		20.85
SPDR S&P Homebuilders ETF		82.99
SPDR S&P Metals & Mining ETF		96.14
SPDR S&P Oil & Gas Equipment & Services ETF		82.71
SPDR S&P Oil & Gas Exploration & Production ETF		99.56
SPDR S&P Pharmaceuticals ETF		86.63
SPDR S&P Retail ETF		45.63
SPDR S&P Semiconductor ETF		59.66
SPDR S&P Software & Services ETF		25.81
SPDR S&P Telecom ETF		100.00
SPDR S&P Transportation ETF		100.00
SPDR Wells Fargo Preferred Stock ETF		6.52

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2012, are considered qualified dividend income, and are eligible for reduced tax rates. These lower rates range from 5% to 15% depending on the individual’s tax bracket. These amounts are noted below:


	Amount

SPDR Dow Jones Total Market ETF	$	3,979,395
SPDR Dow Jones Large Cap ETF		582,335
SPDR S&P 500 Growth ETF		3,386,944
SPDR S&P 500 Value ETF		3,368,174
SPDR Dow Jones Mid Cap ETF		655,577
SPDR S&P 400 Mid Cap Growth ETF		297,699
SPDR S&P 400 Mid Cap Value ETF		261,995
SPDR S&P 600 Small Cap ETF		744,402
SPDR S&P 600 Small Cap Growth ETF		999,150
SPDR S&P 600 Small Cap Value ETF		1,278,691
SPDR Global Dow ETF		2,690,449
SPDR S&P Bank ETF		23,191,542
SPDR S&P Capital Markets ETF		505,390
SPDR S&P Insurance ETF		1,911,319
SPDR S&P Mortgage Finance ETF		56,159
SPDR S&P Regional Banking ETF		11,290,079
SPDR Morgan Stanley Technology ETF		1,934,169
SPDR S&P Dividend ETF		230,602,535

311

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012


	Amount

SPDR S&P Aerospace & Defense ETF	$	123,822
SPDR S&P Health Care Equipment ETF		118,145
SPDR S&P Health Care Services ETF		43,841
SPDR S&P Homebuilders ETF		10,377,043
SPDR S&P Metals & Mining ETF		7,597,026
SPDR S&P Oil & Gas Equipment & Services ETF		1,791,525
SPDR S&P Oil & Gas Exploration & Production ETF		4,088,425
SPDR S&P Pharmaceuticals ETF		2,990,364
SPDR S&P Retail ETF		2,862,518
SPDR S&P Semiconductor ETF		254,200
SPDR S&P Software & Services ETF		65,459
SPDR S&P Telecom ETF		77,032
SPDR S&P Transportation ETF		103,662
SPDR Wells Fargo Preferred Stock ETF		2,596,348

Qualified Interest Income

The Funds designated a portion of dividends distributed during the fiscal year ended June 30, 2012, as qualified interest income. These amounts are noted below:


	Amount

SPDR Wells Fargo Preferred Stock ETF	$	5,588,841

Long term capital gains dividends were paid from the following Funds during the year ended June 30, 2012:


	Amount

SPDR Dow Jones Mid Cap ETF	$	773,812
SPDR S&P Pharmaceuticals ETF		488,041

Foreign Tax Credit

The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended June 30, 2012, the total amount of foreign taxes that will be passed through are:


	Amount

SPDR Global Dow ETF	$	154,318

The amount of foreign source income earned on the following Funds during the year ended June 30, 2012 were as follows:


	Amount

SPDR Global Dow ETF	$	2,216,981

312

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012

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.

Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the website of the Securities and Exchange Commission, at www.sec.gov. Information regarding how the investment advisor voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at www.spdrs.com.

Quarterly Portfolio Schedule

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

313

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012 (Unaudited)

TRUSTEES


				Number of
				Portfolios
		Term of	Principal	in Fund
		Office and	Occupation(s)	Complex	Other
Name, Address	Position(s)	Length of	During Past	Overseen	Directorships
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	Held by Trustee

Independent Trustees


FRANK NESVET c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since September 2000	Chief Executive Officer, Libra Group, Inc. (1998-present) (a financial services consulting company).	137	SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


DAVID M. KELLY c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since September 2000	Retired.	137	Penson Worldwide Inc. (Director); CHX Holdings, Inc. and Chicago Stock Exchange (Director); SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


BONNY EUGENIA BOATMAN c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired (2005-present); Managing Director, Columbia Management Group, Bank of America (1984-2005).	137	SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


DWIGHT D. CHURCHILL c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; Head of Fixed Income and other Senior Management roles, Fidelity Investments (1993-2009).	137	SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee); Affiliated Managers Group, Inc. (Director).


CARL G. VERBONCOEUR c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009; Chief Executive Officer, Rydex Investments (2003-2009).	137	SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).

314

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012 (Unaudited)


				Number of
				Portfolios
		Term of	Principal	in Fund
		Office and	Occupation(s)	Complex	Other
Name, Address	Position(s)	Length of	During Past	Overseen	Directorships
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	Held by Trustee

Interested Trustee/President


JAMES E. ROSS* SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee and President	Term: Unlimited Served as President: since May 2005, Served as Trustee: since April 2010	Chairman and Director, SSgA Funds Management Inc. (2005-present); President, SSgA Funds Management Inc. (2005-2012); Senior Managing Director, State Street Global Advisors (2006-present); Principal, State Street Global Advisors (2006-present).	167	SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee); Select Sector SPDR Trust (Trustee); State Street Master Funds (Trustee); and State Street Institutional Investment Trust (Trustee).


*		Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

315

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012 (Unaudited)

OFFICERS


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years



ELLEN M. NEEDHAM SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967	Vice President	Term: Unlimited Served: since March 2008	Senior Managing Director (1992-present)* and Chief Operating Officer (May 2010-present), SSgA Funds Management, Inc.; Senior Managing Director, State Street Global Advisors (1992-present).*


MICHAEL P. RILEY SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Vice President	Term: Unlimited Served: since February 2005	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2008-present); Principal, State Street Global Advisors and SSgA Funds Management, Inc. (2005-2008)


RYAN M. LOUVAR State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1972	Secretary	Term: Unlimited Served: since August 2008	Vice President and Senior Counsel, State Street Bank and Trust Company (2005-present).*


MARK E. TUTTLE State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1970	Assistant Secretary	Term: Unlimited Served: since August 2007	Vice President and Counsel, State Street Bank and Trust Company (2007-present); Assistant Counsel, BISYS Group, Inc.(2005-2007) (a financial services company).


SCOTT E. HABEEB State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1968	Assistant Secretary	Term: Unlimited Served: since August 2011	Vice President and Counsel, State Street Bank and Trust Company (2007-present)*; Legal Analyst, Verizon Communications (2004-2007).


CHAD C. HALLETT State Street Bank and Trust Company Four Copley Place, CPH03 Boston, MA 02116 1969	Treasurer	Term: Unlimited Served: since November 2010	Vice President, State Street Bank and Trust Company (2001-present)*.


MATTHEW FLAHERTY State Street Bank and Trust Company Four Copley Place, CPH03 Boston, MA 02116 1971	Assistant Treasurer	Term: Unlimited Served: since May 2005	Assistant Vice President, State Street Bank and Trust Company (1994-present)*.

316

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012 (Unaudited)


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years

LAURA F. DELL State Street Bank and Trust Company Four Copley Place, CPH03 Boston, MA 02116 1964	Assistant Treasurer	Term: Unlimited Served: since November 2007	Vice President, State Street Bank and Trust Company (2002-present).*
JACQUELINE ANGELL SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1974	Chief Compliance Officer	Term: Unlimited Served: since February 2011	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2008-present); Director of Investment Adviser Oversight, Fidelity Investments (2006-2008).


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

317

The SPDR^® Family of Exchange Traded Funds

The following is a list of SPDR ETFs being offered, along with their respective exchange trading symbols. Please call 1-866-787-2257 to obtain a prospectus for any SPDR ETF. The prospectus contains more complete information, including charges, expenses, investment objectives and risk factors that should be carefully considered to determine if the Fund(s) are an appropriate investment for you. Read the prospectus(es) carefully before investing. Investing involves risk, including possible loss of principal.

SPDR Series Trust

SPDR Dow Jones Total Market ETF (TMW)

SPDR Dow Jones Large Cap ETF (ELR)

SPDR S&P 500 Growth ETF (SPYG)

SPDR S&P 500 Value ETF (SPYV)

SPDR Dow Jones Mid Cap ETF (EMM)

SPDR S&P 400 Mid Cap Growth ETF (MDYG)

SPDR S&P 400 Mid Cap Value ETF (MDYV)

SPDR S&P 600 Small Cap ETF (SLY)

SPDR S&P 600 Small Cap Growth ETF (SLYG)

SPDR S&P 600 Small Cap Value ETF (SLYV)

SPDR Global Dow ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR S&P Bank ETF (KBE)

SPDR S&P Capital Markets ETF (KCE)

SPDR S&P Insurance ETF (KIE)

SPDR S&P Mortgage Finance ETF (KME)

SPDR S&P Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Aerospace & Defense ETF (XAR)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Health Care Services ETF (XHS)

SPDR S&P Homebuilders ETF (XHB)

SPDR S&P Metals & Mining ETF (XME)

SPDR S&P Oil & Gas Equipment & Services ETF (XES)

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

SPDR S&P Pharmaceuticals ETF (XPH)

SPDR S&P Retail ETF (XRT)

SPDR S&P Semiconductor ETF (XSD)

SPDR S&P Software & Services ETF (XSW)

SPDR S&P Telecom ETF (XTL)

SPDR S&P Transportation ETF (XTN)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)

SPDR Barclays Capital TIPS ETF (IPE)

SPDR Barclays Capital Short Term Treasury ETF (SST)

SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)

SPDR Barclays Capital Long Term Treasury ETF (TLO)

SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)

SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR)

SPDR Barclays Capital Long Term Corporate Bond ETF (LWC)

SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND)

SPDR Barclays Capital Convertible Securities ETF (CWB)

SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)

SPDR Barclays Capital Aggregate Bond ETF (LAG)

SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)

SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)

SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)

SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)

SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)

SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)

SPDR DB International Government Inflation-Protected Bond ETF (WIP)

SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)

SPDR Barclays Capital International Treasury Bond ETF (BWX)

SPDR Barclays Capital International Corporate Bond ETF (IBND)

SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)

SPDR Barclays Capital High Yield Bond ETF (JNK)

SPDR Barclays Capital Short Term High Yield Bond ETF (SJNK)

SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (XOVR)

SPDR Index Shares Funds

SPDR STOXX Europe 50 ETF (FEU)

SPDR EURO STOXX 50 ETF (FEZ)

SPDR S&P Emerging Asia Pacific ETF (GMF)

SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)

SPDR S&P Russia ETF (RBL)

SPDR S&P China ETF (GXC)

SPDR S&P Emerging Markets ETF (GMM)

SPDR S&P Emerging Markets Dividend ETF (EDIV)

SPDR S&P BRIC 40 ETF (BIK)

SPDR S&P Emerging Europe ETF (GUR)

SPDR S&P Emerging Latin America ETF (GML)

SPDR S&P Emerging Middle East & Africa ETF (GAF)

SPDR S&P World ex-US ETF (GWL)

SPDR S&P International Small Cap ETF (GWX)

SPDR Dow Jones International Real Estate ETF (RWX)

SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)

SPDR S&P Global Natural Resources ETF (GNR)

SPDR MSCI ACWI ex-US ETF (CWI)

SPDR MSCI ACWI IMI ETF (ACIM)

SPDR MSCI EM 50 ETF (EMFT)

SPDR Russell/Nomura PRIME Japan ETF (JPP)

SPDR Russell/Nomura Small Cap Japan ETF (JSC)

SPDR S&P International Dividend ETF (DWX)

SPDR S&P International Mid Cap ETF (MDD)

SPDR S&P Emerging Markets Small Cap ETF (EWX)

SPDR Dow Jones Global Real Estate ETF (RWO)

SPDR S&P International Consumer Discretionary Sector ETF (IPD)

SPDR S&P International Consumer Staples Sector ETF (IPS)

SPDR S&P International Energy Sector ETF (IPW)

SPDR S&P International Financial Sector ETF (IPF)

SPDR S&P International Health Care Sector ETF (IRY)

SPDR S&P International Industrial Sector ETF (IPN)

SPDR S&P International Materials Sector ETF (IRV)

SPDR S&P International Technology Sector ETF (IPK)

SPDR S&P International Telecommunications Sector ETF (IST)

SPDR S&P International Utilities Sector ETF (IPU)

The Select Sectors SPDR Trust

The Consumer Discretionary Select Sector SPDR Fund (XLY)

The Consumer Staples Select Sector SPDR Fund (XLP)

The Energy Select Sector SPDR Fund (XLE)

The Financial Select Sector SPDR Fund (XLF)

The Health Care Select Sector SPDR Fund (XLV)

The Industrial Select Sector SPDR Fund (XLI)

The Materials Select Sector SPDR Fund (XLB)

The Technology Select Sector SPDR Fund (XLK)

The Utilities Select Sector SPDR Fund (XLU)

SSgA Active ETF Trust

SPDR SSgA Multi-Asset Real Return ETF (RLY)

SPDR SSgA Income Allocation ETF (INKM)

SPDR SSgA Global Allocation ETF (GAL)

SPDR Dow Jones Industrial Average ETF Trust (DIA)

SPDR S&P 500 ETF Trust (SPY)

State Street Global Markets, LLC, member FINRA, SIPC, is distributor for all investment portfolios of SPDR Series Trust, SPDR Index Shares Funds, and SSgA Active ETF Trust. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF Trust (SPY) and SPDR Dow Jones Industrial Average ETF Trust (DIA), both unit investment trusts, and all investment portfolios of The Select Sector SPDR Trust.

SPDR Series Trust

trustees
Bonny E. Boatman
Dwight D. Churchill
David M. Kelly
Frank Nesvet, Chairman
James E. Ross
Carl G. Verboncoeur

officers
James E. Ross, President
Ellen M. Needham, Vice President
Michael P. Riley, Vice President
Chad C. Hallett, Treasurer
Matthew W. Flaherty, Assistant Treasurer
Laura F. Dell, Assistant Treasurer
Ryan M. Louvar, Secretary
Mark E. Tuttle, Assistant Secretary
Scott E. Habeeb, Assistant Secretary
Jacqueline Angell, Chief Compliance Officer

investment manager
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111

distributor
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111

custodian, administrator and transfer agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

legal counsel
Bingham McCutchen LLP
2020 K Street, NW
Washington, DC 20006

independent registered public accounting firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation.
State Street Global Markets, LLC; member FINRA, SIPC.

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com Please read the prospectus carefully before you invest.

SPDR^® Series Trust — Fixed Income Funds Annual Report June 30, 2012

TABLE OF CONTENTS


President’s Letter to Shareholders		1
Performance & Portfolio Summary
SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)		2
SPDR Barclays Capital TIPS ETF (IPE)		7
SPDR Barclays Capital Short Term Treasury ETF (SST)		12
SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)		17
SPDR Barclays Capital Long Term Treasury ETF (TLO)		22
SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)		27
SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR)		32
SPDR Barclays Capital Long Term Corporate Bond ETF (LWC)		37
SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND)		42
SPDR Barclays Capital Convertible Securities ETF (CWB)		46
SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)		51
SPDR Barclays Capital Aggregate Bond ETF (LAG)		55
SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)		60
SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)		64
SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)		68
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)		72
SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)		76
SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)		80
SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)		84
SPDR DB International Government Inflation-Protected Bond ETF (WIP)		89
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)		93
SPDR Barclays Capital International Treasury Bond ETF (BWX)		98
SPDR Barclays Capital International Corporate Bond ETF (IBND)		103
SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)		107
SPDR Barclays Capital High Yield Bond ETF (JNK)		112
SPDR Barclays Capital Short Term High Yield Bond ETF (SJNK)		117
SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)		120
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)		125
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (XOVR)		126
Schedules of Investments
SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)		127
SPDR Barclays Capital TIPS ETF (IPE)		128
SPDR Barclays Capital Short Term Treasury ETF (SST)		129
SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)		131
SPDR Barclays Capital Long Term Treasury ETF (TLO)		133
SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)		134
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		144
SPDR Barclays Capital Long Term Corporate Bond ETF		158
SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND)		167
SPDR Barclays Capital Convertible Securities ETF (CWB)		177


SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)		180
SPDR Barclays Capital Aggregate Bond ETF (LAG)		181
SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)		195
SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)		203
SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)		206
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)		208
SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)		216
SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)		218
SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)		222
SPDR DB International Government Inflation-Protected Bond ETF (WIP)		226
SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)		228
SPDR Barclays Capital International Treasury Bond ETF (BWX)		231
SPDR Barclays Capital International Corporate Bond ETF (IBND)		236
SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)		243
SPDR Barclays Capital High Yield Bond ETF (JNK)		247
SPDR Barclays Capital Short Term High Yield Bond ETF (SJNK)		253
SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)		259
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)		262
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (XOVR)		265
Financial Statements		268
Financial Highlights		292
Notes to Financial Statements		308
Report of Independent Registered Public Accounting Firm		332
Other Information		333

President’s Letter to Shareholders

Dear Shareholders,

New Equity SPDRs

New Fixed Income SPDRs

On behalf of the SPDR Series Trust, I thank you for your continued support.

Sincerely,

James Ross

President

SPDR Barclays Capital 1-3 Month T-Bill ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital 1-3 Month T-Bill ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the 1-3 month sector of the United States Treasury Bill market. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −0.08%, and the total return for the Barclays Capital 1-3 Month U.S. Treasury Bill Index (the “Index”) was 0.04%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential between the Fund and the Index is largely due to the expenses of managing the Fund.

Most US fixed income indices (and most fixed income securities for that matter) trade in relation to US Treasury securities. Therefore, when explaining the returns of fixed income sectors, the best place to begin is to look at the performance of US Treasuries. During the Reporting Period, Treasuries rallied (increased in value) across the maturity spectrum mainly for four reasons. First, the downgrading of the US credit rating by Standard & Poor’s in August of 2011 (combined with the US debt ceiling debate) added significant uncertainty to the outlook for credit ratings of all entities and supported Treasuries which are seen to have the least principal risk of all bonds. Second, the US Federal Reserve (the “Fed”) continued to support the capital markets with unconventional methods. The Fed announced Operation Twist (which constitutes buying long Treasuries and selling short Treasuries) and stated their intentions to maintain short-term interest rates at current levels through late 2014. This was the first time that the Fed placed a clear timetable on their “easy money” policies. Third, the European crisis increased in intensity as Greece defaulted on existing debt and Spain and Italy moved to the forefront of investor’s concerns. Lastly, US economic data was inconsistent across the Reporting Period. During the Fall of 2011, data proved weaker than expected (leading to the Fed actions). During the first quarter of 2012, economic data was stronger than expected as employment data surged. However, the second quarter of 2012 saw a return to choppier employment and manufacturing data. As stated above, these factors resulted in higher government bond prices and lower interest rates as investors sought safety and took their cues from the Federal Reserve.

As with most Treasury rallies that occur due to a flight to quality, spread product (corporate bonds, agency bonds, mortgage-backed bonds) rallied in price but not as much as Treasuries of similar duration. Part of the reason is that investors preferred the safety of the Treasury bonds versus the higher yield but greater credit risk of non-Treasury securities. In the case of mortgage-backed securities, as interest rates drop, the mortgages that back the bonds are more prone to refinancing making the bonds more callable. This dynamic inhibits the price of mortgage-backed bonds from increasing in price as much as Treasuries during rallies. One sector within the spread product universe that did outperform Treasuries was below investment grade corporate bonds or high yield bonds. With interest rates at generational lows during much of the Reporting Period, investors felt compelled to maintain or increase their allocations to high yield corporate bonds. Default rates on these bonds remain very low by historical standards and investors felt a need to increase the yield profile of their bond portfolios.

Demand for short-dated Treasuries remained robust during the Reporting Period, as volatility and uncertainty in other asset classes provoked a flight to Treasury securities. The European crisis and the uncertainty over the direction of the U.S. economy combined to suppress demand for riskier assets such as equities in favor of the safety of short dated U.S. Treasuries. In particular, some traditional money market investors continue to shy away from any products with exposure to financial institutions in favor of Treasury Bills.

SPDR Barclays Capital 1-3 Month T-Bill ETF —
Management’s Discussion of Fund Performance (continued)

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

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/25/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital 1-3 Month T-Bill ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1345%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

NET ASSET

MARKET

1-3 MONTH U.S.

NET ASSET

MARKET

1-3 MONTH U.S.

VALUE

TREASURY BILL INDEX

VALUE

TREASURY BILL INDEX

ONE YEAR

−0.08%

−0.10%

0.04%

−0.08%

−0.10%

0.04%

THREE YEARS

−0.05%

−0.12%

0.30%

−0.02%

−0.04%

0.10%

FIVE YEARS

3.94%

3.88%

4.42%

0.78%

0.76%

0.87%

SINCE INCEPTION (1)

4.45%

4.43%

4.92%

0.86%

0.85%

0.93%


(1)		For the period May 25, 2007 to June 30, 2012.

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

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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	U.S. TREASURY	U.S. TREASURY	U.S. TREASURY	U.S. TREASURY	U.S. TREASURY
DESCRIPTION	BILL, 0.07%, 8/23/2012	BILL, 0.08%, 9/20/2012	BILL, 0.06%, 8/9/2012	BILL, 0.06%, 8/16/2012	BILL, 0.07%, 8/30/2012

MARKET VALUE	$222,416,271	222,393,462	157,764,309	157,762,923	157,758,856

% OF NET ASSETS	14.4	14.4	10.2	10.2	10.2

(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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

U.S. Treasury Obligations		100.0	%
Short Term Investments		0.0	**
Other Assets & Liabilities		0.0	**

TOTAL		100.0	%


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

SPDR Barclays Capital TIPS ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital TIPS ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the inflation protected sector of the United States Treasury market. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 12.03%, and the total return for the Barclays U.S. Government Inflation-Linked Bond Index (the “Index”) was 12.24%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can largely be attributed to the expenses of managing the fund.

The performance story for the TIPS sector during the Reporting Period was the aggressive move of real interest rates into negative territory. The real yield for the Index was modestly positive during the first half of 2011. However, the bid for US Treasury debt took the real yield to approximately −0.75% during the first quarter of 2012 before ending June 2012 around −0.50%. The same dynamic can be observed in the yields on nominal Treasuries which traded well below the inflation rate during the same time period.

SPDR Barclays Capital TIPS ETF —
Management’s Discussion of Fund Performance (continued)

SPDR Barclays Capital Tips ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/25/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital TIPS ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1845%.

PERFORMANCE AS OF JUNE 30, 2012




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS U.S.						BARCLAYS U.S.
					GOVERNMENT						GOVERNMENT
	NET ASSET		MARKET		INFLATION-LINKED		NET ASSET		MARKET		INFLATION-LINKED
	VALUE		VALUE		BOND INDEX		VALUE		VALUE		BOND INDEX

ONE YEAR		12.03%		12.12%		12.24%		12.03%		12.12%		12.24%

THREE YEARS		31.73%		31.82%		32.50%		9.62%		9.64%		9.83%

FIVE YEARS		49.76%		49.92%		50.75%		8.41%		8.44%		8.55%

SINCE INCEPTION (1)		49.36%		49.45%		50.44%		8.18%		8.20%		8.22%


(1)		For the period May 25, 2007 to June 30, 2012.

SPDR Barclays Capital Tips ETF —
Performance Summary (continued)

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

SPDR Barclays Capital Tips ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	TREASURY INFLATION	TREASURY INFLATION	TREASURY INFLATION	TREASURY INFLATION	TREASURY INFLATION
	PROTECTED INDEXED	PROTECTED INDEXED	PROTECTED INDEXED	PROTECTED INDEXED	PROTECTED INDEXED
DESCRIPTION	BOND, 2.38%, 1/15/2025	BOND, 0.13%, 1/15/2022	NOTE, 1.13%, 1/15/2021	BOND, 3.88%, 4/15/2029	NOTE, 0.13%, 4/15/2016

MARKET VALUE	$36,748,597	36,251,344	36,248,536	35,930,094	33,975,725

% OF NET ASSETS	5.0	4.9	4.9	4.9	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

U.S. Treasury Obligations		99.3	%
Short Term Investments		4.3
Other Assets & Liabilities		(3.6	)

TOTAL		100.0	%


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

SPDR Barclays Capital Short Term Treasury Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Short Term Treasury Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term (1-5 year remaining maturity) fixed rate, Treasury bond market. In seeking this objective, the Fund uses a replication strategy.

For the period since the Fund’s inception (November 30, 2011) through June 30, 2012 (the “Reporting Period”), the total return for the Fund was 0.49%, and the total return for the Barclays Capital 1-5 Year Treasury Index (the “Index”) was 0.58%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Security sampling was the primary reason for the performance deviation.

The US Treasury market was the beneficiary of a general flight to quality during the Reporting Period in spite of the fact that Standard & Poor’s downgraded the credit rating of the US in August of 2011. The yield-to-worst of the Index decreased by almost half from the end of June 2011 to end of June 2012. Yields on the 2-Year US Treasury Notes reached an all-time low in September, 2011. The combination of the European crisis and weak job growth in the US has led investors to buy Treasury debt even though the prevailing yields are below that of inflation.

SPDR Barclays Capital Short Term Treasury Bond ETF —
Management’s Discussion of Fund Performance (continued)

SPDR Barclays Capital Short Term Treasury ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/30/11, 12/1/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Short Term Treasury ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1200%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

NET ASSET

MARKET

1-5 YEAR U.S.

NET ASSET

MARKET

1-5 YEAR U.S.

VALUE

TREASURY INDEX

VALUE

TREASURY INDEX

SINCE INCEPTION (1)

0.49%

0.27%

0.58%

N/A


(1)		For the period November 30, 2011 to June 30, 2012.

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

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

SPDR Barclays Capital Short Term Treasury ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,
DESCRIPTION	2.50%, 3/31/2015	2.38%, 2/28/2015	2.63%, 12/31/2014	2.38%, 9/30/2014	2.25%, 1/31/2015

MARKET VALUE	$82,488	79,982	73,928	73,188	71,262

% OF NET ASSETS	1.4	1.3	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

U.S. Treasury Obligations		99.2	%
Short Term Investments		0.8
Other Assets & Liabilities		0.0	**

TOTAL		100.0	%


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

SPDR Barclays Capital Intermediate Term Treasury Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Intermediate Term Treasury Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the intermediate-term (3-10 year remaining maturity) fixed rate, Treasury bond market. In seeking this objective, the Fund uses a replicating strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 5.30%, and the total return for the Barclays Capital Intermediate Term Treasury Index (the “Index”) was 5.40%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Sampling of risk exposures coupled with trading costs over the period produced monthly performance differential volatility of seven basis points.

The US Treasury market was the beneficiary of a general flight to quality during the Reporting Period in spite of the fact that Standard & Poor’s downgraded the credit rating of the US in August of 2011. The yield-to-worst of the Index decreased from 1.34% at the end of June 2011 to 0.65% at the end of June 2012. Yields on the 10-Year US Treasury Note reached an all-time low (at the time) of 1.45% on June 1, 2012. The combination of Operation Twist (whereby the Federal Reserve buys long date Treasury debt and sells

SPDR Barclays Capital Intermediate Term Treasury Bond ETF —
Management’s Discussion of Fund Performance (continued)

short date debt) with the European crisis and weak job growth in the US have led investors to buy Treasury debt even though the prevailing yields are below that of inflation.

SPDR Barclays Capital Intermediate Term Treasury ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/23/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Intermediate Term Treasury ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1345%.

PERFORMANCE AS OF JUNE 30, 2012




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		INTERMEDIATE U.S.		NET ASSET		MARKET		INTERMEDIATE U.S.
	VALUE		VALUE		TREASURY INDEX		VALUE		VALUE		TREASURY INDEX

ONE YEAR		5.30%		5.21%		5.40%		5.30%		5.21%		5.40%

THREE YEARS		14.24%		14.12%		14.59%		4.54%		4.50%		4.64%

FIVE YEARS		33.13%		33.08%		33.48%		5.89%		5.88%		5.94%

SINCE INCEPTION (1)		33.12%		33.09%		33.57%		5.76%		5.76%		5.76%


(1)		For the period May 23, 2007 to June 30, 2012.

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

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

SPDR Barclays Capital Intermediate Term Treasury ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,	U.S. TREASURY NOTE,
DESCRIPTION	3.63%, 2/15/2020	2.63%, 11/15/2020	2.13%, 8/15/2021	3.38%, 11/15/2019	3.50%, 5/15/2020

MARKET VALUE	$3,083,344	2,623,504	2,207,457	2,169,394	2,150,527

% OF NET ASSETS	1.6	1.3	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

U.S. Treasury Obligations		99.3	%
Short Term Investments		7.5
Other Assets & Liabilities		(6.8	)

TOTAL		100.0	%


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

SPDR Barclays Capital Long Term Treasury Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Long Term Treasury Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the long-term (10+ year remaining maturity) fixed rate, Treasury bond market. In seeking this objective, the Fund uses a replication strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 32.03%, and the total return for the Barclays Capital Long Term Treasury Index (the “Index”) was 32.26%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Sampling of risk exposures coupled with trading costs over the Reporting Period produced monthly performance differential volatility of approximately two basis points.

The US Treasury market was the beneficiary of a general flight to quality during the Reporting Period in spite of the fact that Standard & Poor’s downgraded the credit rating of the US in August of 2011. The yield-to-worst of the Index decreased from 4.13% at the end of June 2011 to 2.52% at the end of June 2012. Yields on the 30-Year US Treasury Note reached an all-time low on June 1, 2012. The combination of Operation Twist (whereby the Federal Reserve buys long date Treasury debt and sells short date debt) with

SPDR Barclays Capital Long Term Treasury Bond ETF —
Management’s Discussion of Fund Performance (continued)

the European crisis and weak job growth in the US have led investors to buy Treasury debt even though the prevailing yields are below that of inflation.

SPDR Barclays Capital Long Term Treasury ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/23/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Long Term Treasury ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1345%.

PERFORMANCE AS OF JUNE 30, 2012




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		LONG U.S. TREASURY		NET ASSET		MARKET		LONG U.S. TREASURY
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

ONE YEAR		32.03%		32.44%		32.26%		32.03%		32.44%		32.26%

THREE YEARS		45.96%		46.38%		46.47%		13.43%		13.54%		13.56%

FIVE YEARS		76.73%		77.28%		77.13%		12.06%		12.13%		12.11%

SINCE INCEPTION (1)		75.13%		75.54%		75.69%		11.60%		11.65%		11.77%


(1)		For the period May 23, 2007 to June 30, 2012.

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

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

SPDR Barclays Capital Long Term Treasury ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	U.S. TREASURY BOND,	U.S. TREASURY BOND,	U.S. TREASURY BOND,	U.S. TREASURY BOND,	U.S. TREASURY BOND,
DESCRIPTION	3.75%, 8/15/2041	4.38%, 5/15/2040	4.25%, 11/15/2040	4.38%, 11/15/2039	3.13%, 2/15/2042

MARKET VALUE	$3,574,386	3,492,189	3,394,504	3,367,101	3,346,349

% OF NET ASSETS	5.5	5.4	5.2	5.2	5.2

(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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

U.S. Treasury Obligations		99.0	%
Short Term Investments		2.8
Other Assets & Liabilities		(1.8	)

TOTAL		100.0	%


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

SPDR Barclays Capital Short Term Corporate Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Short Term Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term U.S. corporate bond market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 1.63%, and the total return for the Barclays Capital U.S. 1-3 Year Corporate Bond Index (the “Index”) was 2.16%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Security sampling and transaction costs were the material sources of performance deviation.

Short term corporate bonds (as measured by the Index) posted relatively strong excess returns versus comparable duration Treasury securities. The risk premium over Treasuries of the Index did widen on the year as with most other credit asset classes. However, the widening of the risk premium was relatively moderate and wasn’t sufficient to offset the returns generated by coupon income.

SPDR Barclays Capital Short Term Corporate Bond ETF —
Management’s Discussion of Fund Performance (continued)

SPDR Barclays Capital Short Term Corporate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/16/09, 12/17/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Short Term Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1245%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

U.S. 1-3 YEAR

NET ASSET

MARKET

CORPORATE BOND

NET ASSET

MARKET

CORPORATE BOND

VALUE

INDEX

VALUE

INDEX

ONE YEAR

1.63%

1.68%

2.16%

1.63%

1.68%

2.16%

SINCE INCEPTION (1)

6.10%

6.45%

8.50%

2.36%

2.49%

3.21%


(1)		For the period December 16, 2009 to June 30, 2012.

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

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

SPDR Barclays Capital Short Term Corporate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	CITIGROUP, INC.,	FORD MOTOR CREDIT	JPMORGAN CHASE &	WELLS FARGO & CO.,	MORGAN STANLEY,
DESCRIPTION	5.00%, 9/15/2014	CO. LLC, 3.88%, 1/15/2015	CO., 1.88%, 3/20/2015	1.25%, 2/13/2015	4.75%, 4/1/2014

MARKET VALUE	$7,907,611	7,706,250	7,464,525	7,202,841	7,164,574

% OF NET ASSETS	0.7	0.7	0.7	0.7	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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		97.9	%
Short Term Investments		3.4
Other Assets & Liabilities		(1.3	)

TOTAL		100.0	%


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

SPDR Barclays Capital Intermediate Term Corporate Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Intermediate Term Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the intermediate term (1-10 years) sector of the United States corporate bond market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 6.41%, and the total return for the Barclays Capital U.S. Intermediate Corporate Bond Index (the “Index”) was 6.65%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Security sampling and transaction costs were the primary sources of the Fund’s performance deviation from the Index.

The majority of the asset class’ total return (as represented by the Index) can be explained by the return of Treasuries. For the Reporting Period, the Index only generated modest returns in excess of comparable duration Treasuries as the spread of corporate bonds to Treasuries widened. Corporate bonds capital gains lagged the performance of Treasuries due in part to the European crisis, weaker U.S. economic data and Operation Twist whereby the Federal Reserve purchased longer maturity Treasuries and sold shorter maturity securities. While intermediate corporate bonds underperformed Treasuries in terms of principal

SPDR Barclays Capital Intermediate Term Corporate Bond ETF —
Management’s Discussion of Fund Performance (continued)

appreciation, the extra coupon income provided by the corporate securities was enough to generate marginal overall excess returns for corporates versus comparable duration Treasuries.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/10/09, 2/11/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Intermediate Term Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1500%.

PERFORMANCE AS OF JUNE 30, 2012




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
					U.S. INTERMEDIATE						U.S. INTERMEDIATE
	NET ASSET		MARKET		CORPORATE BOND		NET ASSET		MARKET		CORPORATE BOND
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

ONE YEAR (1)		6.41%		6.62%		6.65%		6.41%		6.62%		6.65%

THREE YEARS		25.84%		24.80%		29.65%		7.96%		8.40%		9.04%

SINCE INCEPTION (1) (2)		29.43%		30.35%		39.50%		7.91%		8.14%		10.25%


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the Barclays Capital U.S. Intermediate Corporate Bond Index from the Barclays Capital U.S. Intermediate Credit Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to December 17, 2010.
(2)		For the period February 10, 2009 to June 30, 2012.

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

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


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the Barclays Capital U.S. Intermediate Corporate Bond Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index, for periods prior to December 17, 2010.

SPDR Barclays Capital Intermediate Term Corporate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




					AMERICAN
	MERRILL LYNCH &		THE GOLDMAN SACHS		INTERNATIONAL
	CO., INC.,	MORGAN STANLEY,	GROUP, INC.,	AMERICAN EXPRESS CO.,	GROUP, INC.,
DESCRIPTION	6.88%, 4/25/2018	3.45%, 11/2/2015	5.95%, 1/18/2018	7.25%, 5/20/2014	5.85%, 1/16/2018

MARKET VALUE	$1,842,375	1,453,712	1,386,342	1,375,451	1,267,995

% OF NET ASSETS	0.7	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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		97.5	%
Short Term Investments		6.2
Other Assets & Liabilities		(3.7	)

TOTAL		100.0	%


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

SPDR Barclays Capital Long Term Corporate Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Long Term Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the long term (10+ years) sector of the United States corporate bond market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 18.04%, and the total return for the Barclays Capital U.S. Long Term Corporate Bond Index (the “Index”) was 18.74%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Security sampling and transaction costs were the material sources of performance deviation.

The long end of the yield curve posted excellent results during the Reporting Period as the European crisis combined with Operation Twist to create significant demand for long Treasuries. While long corporate bonds benefited from the bid for Treasuries as the Index’s total return of 18.74% indicates, the Index did underperform comparable duration Treasuries. This was the result of spread widening as the risk premium over Treasuries increased. This spread widening is exacerbated by the long duration of the asset class which ended the Reporting Period at approximately 13.5 years.

SPDR Barclays Capital Long Term Corporate Bond ETF —
Management’s Discussion of Fund Performance (continued)

SPDR Barclays Capital Long Term Corporate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/10/09, 3/11/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Long Term Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1500%.

PERFORMANCE AS OF JUNE 30, 2012




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL U.S.						BARCLAYS CAPITAL U.S.
	NET ASSET		MARKET		LONG CORPORATE		NET ASSET		MARKET		LONG CORPORATE
	VALUE		VALUE		BOND INDEX		VALUE		VALUE		BOND INDEX

ONE YEAR (1)		18.04%		19.73%		18.74%		18.04%		19.73%		18.74%

THREE YEARS		45.00%		47.75%		52.49%		13.18%		13.90%		15.10%

SINCE INCEPTION (1)(2)		63.40%		66.81%		75.18%		16.00%		16.73%		18.31%


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the Barclays Capital U.S. Long Corporate Bond Index from the Barclays Capital U.S. Long Credit Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index. For periods prior to December 17, 2010.
(2)		For the period February 10, 2009 to June 30, 2012.

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

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


(1)		Effective December 17, 2010, the Fund changed its benchmark index to the Barclays Capital U.S. Long Corporate Bond Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index, for periods prior to December 17, 2010.

SPDR Barclays Capital Long Term Corporate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		GENERAL ELECTRIC	VERIZON
	AT&T, INC.,	CAPITAL CORP.,	COMMUNICATIONS, INC.,	NEWS AMERICA, INC.,	CONOCOPHILLIPS,
DESCRIPTION	5.35%, 9/1/2040	6.88%, 1/10/2039	7.75%, 12/1/2030	6.40%, 12/15/2035	6.50%, 2/1/2039

MARKET VALUE	$998,077	941,484	799,377	597,413	592,682

% OF NET ASSETS	1.1	1.1	0.9	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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		97.7	%
Short Term Investments		3.0
Other Assets & Liabilities		(0.7	)

TOTAL		100.0	%


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

SPDR Barclays Capital Issuer Scored Corporate Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Issuer Scored Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. corporate bond market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 8.72%, and the total return for the Barclays Capital Issuer Scored Corporate Index (the “Index”) was 9.30%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Security sampling was the material source of performance deviation.

As stated above, the sector (represented by the Index) returned a robust 9.30% during the 12-month period ended June 30, 2012. However, the Index did lag comparable duration Treasuries as the risk premium over Treasuries increased.

SPDR Barclays Capital Issuer Scored Corporate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/6/11, 4/7/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Issuer Scored Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.1600%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		ISSUER SCORED		NET ASSET		MARKET		ISSUER SCORED
	VALUE		VALUE		CORPORATE INDEX		VALUE		VALUE		CORPORATE INDEX

ONE YEAR		8.72%		9.71%		9.30%		8.72%		9.71%		9.30%

SINCE INCEPTION (1)(2)		11.14%		12.31%		12.28%		8.93%		9.85%		9.70%


(1)		For the period April 6, 2011 to June 30, 2012.

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

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

SPDR Barclays Capital Issuer Scored Corporate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	MANULIFE		FIRST HORIZON	ASSOCIATED
	FINANCIAL CORP.,	LAZARD GROUP LLC,	NATIONAL CORP.,	BANC-CORP.,	VORNADO REALTY LP,
DESCRIPTION	4.90%, 9/17/2020	6.85%, 6/15/2017	5.38%, 12/15/2015	5.13%, 3/28/2016	4.25%, 4/1/2015

MARKET VALUE	$125,681	103,583	100,102	90,514	88,995

% OF NET ASSETS	0.6	0.5	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		97.4	%
Short Term Investments		1.4
Other Assets & Liabilities		1.2

TOTAL		100.0	%


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

SPDR Barclays Capital Convertible Securities ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Convertible Securities ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks United States convertible securities markets with outstanding issue sizes greater than $500 million. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −4.89%, and the total return for the Barclays Capital U.S. Convertible Bond >$500MM Index (the “Index”) was −4.87%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. This Fund employs a sampling approach while seeking to match risks at the issuer level and overall characteristics of the Index. The performance differential can be attributed primarily to fund expenses and slight variations between the Fund’s holdings and the Index constituents.

Despite the volatility in the equity markets over the last year, the Fund was positioned to perform closely to the Index. The performance of the Fund was driven by a combination of positive returns from coupons from underlying securities offset by a more significant decrease in the value of aggregate equity optionality. While the general US equity markets did perform positively over the Reporting Period, the underlying equities that

SPDR Barclays Capital Convertible Securities ETF —
Management’s Discussion of Fund Performance (continued)

these securities are specifically connected to underperformed comparatively. The net effect of the two resulted in the negative performance for the Fund and Index.

SPDR Barclays Capital Convertible Securities ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/14/09, 4/15/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Convertible Securities ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.4000%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

U.S. CONVERTIBLE

NET ASSET

MARKET

BOND >$500MM

NET ASSET

MARKET

BOND >$500MM

VALUE

INDEX

VALUE

INDEX

ONE YEAR

−4.89%

−4.98%

−4.87%

−4.89%

−4.98%

−4.87%

THREE YEARS

37.30%

35.59%

39.14%

11.15%

10.68%

11.64%

SINCE INCEPTION (1)

45.87%

45.55%

53.63%

12.47%

12.39%

14.12%


(1) For the period April 14, 2009 to June 30, 2012.

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

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

SPDR Barclays Capital Convertible Securities ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	WELLS FARGO & CO.,		BANK OF AMERICA
	SERIES L,	GENERAL MOTORS CO.,	CORP., SERIES L,	CITIGROUP, INC.,	EMC CORP.,
DESCRIPTION	7.50%, 12/31/2049	4.75%, 12/1/2013	7.25%, 12/31/2049	7.50%, 12/15/2012	1.75%, 12/1/2013

MARKET VALUE	$32,842,125	24,060,936	23,651,550	21,259,179	21,161,530

% OF NET ASSETS	4.2	3.1	3.0	2.7	2.7

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

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Convertible Corporate Bonds & Notes		73.2	%
Convertible Preferred Stocks		25.7
Common Stocks		0.5
Short Term Investments		10.3
Other Assets & Liabilities		(9.7	)

TOTAL		100.0	%


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

SPDR Barclays Capital Mortgage Backed Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Mortgage Backed Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. agency mortgage pass-through sector of the U.S. investment grade bond market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 4.82%, and the total return for the Barclays Capital U.S. MBS Index (the “Index”) was 4.97%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations, and the performance differential can be attributed primarily to fund expenses.

The mortgage sector (as measured by the Index) underperformed comparable duration Treasuries during the Reporting Period. As interest rates rally (rates decrease), and the underlying home mortgages become more refinanceable, mortgage bonds tend to underperform Treasuries as home owners exercise their “call right”. Consequently, the risk premium compared to Treasury securities for the Index widened.

SPDR Barclays Capital Mortgage Backed Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/15/09, 1/27/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Mortgage Backed Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.3200%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		BARCLAYS CAPITAL U.S.		NET ASSET		MARKET		BARCLAYS CAPITAL U.S.
	VALUE		VALUE		MBS INDEX		VALUE		VALUE		MBS INDEX

ONE YEAR		4.82%		4.98%		4.97%		4.82%		4.98%		4.97%

THREE YEARS		17.92%		18.35%		17.08%		5.65%		5.78%		5.40%

SINCE INCEPTION (1)		19.70%		19.76%		19.39%		5.34%		5.35%		5.20%


(1) For the period January 15, 2009 to June 30, 2012.

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

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

SPDR Barclays Capital Mortgage Backed Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	FANNIE MAE,	FREDDIE MAC,	FANNIE MAE,	GINNIE MAE,	FANNIE MAE,
DESCRIPTION	4.00%, 30YR TBA	4.50%, 30YR TBA	4.50%, 30YR TBA	4.50%, 30YR TBA	5.50%, 30YR TBA

MARKET VALUE	$4,257,500	3,204,375	3,057,516	3,006,953	2,726,953

% OF NET ASSETS	11.0	8.3	7.9	7.8	7.0

(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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

U.S. Government Agency MBS TBA		99.8	%
Short Term Investments		99.6
Other Assets & Liabilities		(99.4	)

TOTAL		100.0	%


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

SPDR Barclays Capital Aggregate Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Aggregate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. dollar denominated investment grade bond market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 7.29%, and the total return for the Barclays Capital U.S. Aggregate Index (the “Index”) was 7.47%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. Sampling of risk exposures coupled with trading costs over the Reporting Period represented the largest sources of performance differential.

The Fund underperformed comparable duration Treasuries during the Reporting Period as Treasury securities (which represent approximately one third of the Fund) benefited from a flight to quality. Investors sought the safety of U.S. Treasuries due to the continuation of the European crisis and weakening U.S. economic data. Additionally, Operation Twist (whereby the Federal Reserve sold short U.S. Treasuries to purchase longer term securities) brought down yields at the back end of the yield curve.

SPDR Barclays Capital Aggregate Bond ETF —
Management’s Discussion of Fund Performance (continued)

This surge of demand for Treasury debt came at the expense of credit and mortgage bonds which represent approximately half of the Fund. As a result, these securities underperformed Treasuries.

SPDR Barclays Capital Aggregate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/23/07, 5/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Aggregate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.2245%.*

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		U.S. AGGREGATE		NET ASSET		MARKET		U.S. AGGREGATE
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

ONE YEAR		7.29%		7.27%		7.47%		7.29%		7.27%		7.47%

THREE YEARS		21.84%		21.44%		22.27%		6.81%		6.69%		6.93%

FIVE YEARS		39.57%		39.58%		38.90%		6.89%		6.90%		6.79%

SINCE INCEPTION (1)		38.85%		38.97%		38.40%		6.64%		6.66%		6.49%


(1)		For the period May 23, 2007 to June 30, 2012.
*		SSgA Funds Management, Inc. has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.1345% until October 31, 2012.

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

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

SPDR Barclays Capital Aggregate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	FANNIE MAE,	TREASURY NOTE,	FANNIE MAE,	GINNIE MAE,	FREDDIE MAC,
DESCRIPTION	4.50%, 30YR TBA	2.38%, 10/31/2014	4.00%, 30YR TBA	4.50%, 30YR TBA	5.00%, 30YR TBA

MARKET VALUE	$17,165,000	14,189,374	12,559,625	12,027,812	11,286,680

% OF NET ASSETS	2.9	2.4	2.1	2.0	1.9

(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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

U.S. Treasury Obligations		35.1	%
U.S. Government Agency MBS TBA		30.1
Corporate Bonds & Notes		23.6
U.S. Government Agency Obligations		5.5
Foreign Government Obligations		1.9
Commercial Mortgage Backed Securities		1.1
Collateralized Mortgage Obligations		0.9
Municipal Bonds & Notes		0.9
Asset Backed		0.2
Short Term Investments		35.6
Other Assets & Liabilities		(34.9	)

TOTAL		100.0	%


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

SPDR Nuveen Barclays Capital Municipal Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Nuveen Barclays Capital Municipal Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. municipal bond market and provides income that is exempt from federal income taxes. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 9.95%, and the total return for the Barclays Capital Municipal Managed Money Index (the “Index”) was 10.35%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. We employ representative sampling in the construction of the Fund. On June 30^th, 2012 the Index had 17,617 constituents while the Fund held roughly 370 of these names. Additionally, a large number of municipal bonds are embedded with call provisions, so in addition to duration and maturity, the optionality of the Fund can differ from that of the Index. We seek to match the duration, convexity coupon, State and sector distributions of the Index as closely as possible, however, the Fund is not expected to obtain an exact match at any given time.

The sluggishness of the recovery in the United States and continued accommodative stance of the Federal Reserve has kept interest rates low for the fiscal year. Municipal interest rates are lower across the curve from the end of the last fiscal year. This was the most significant contributing factor driving total returns during the Reporting Period. The rate movement of the past fiscal year has produced a flatter yield curve. The Fund, having a long duration posture consistent with the overall municipal market, has benefitted from this flattening of the yield curve. Credit spreads have tightened during this time as investors search for yield in a low interest rate environment. This has had a positive effect on the Fund, however, to a much lesser degree, as the strategy of the Fund focuses on bonds of AA-rating or higher.

On an individual security level, the top positive contributors to the Fund’s performance were those bonds with the longest maturity and highest convexity. The zero coupon bonds of Puerto Rico Sales Tax Financing Corporation 0% due August 1^st, 2044 produced a significant positive total return, benefitting from its highly convex and long duration structure. Also contributing was the tightening of credit spreads with helped this bond as it is generally one of the wider trading double-rated bonds. For similar reasons the bonds of Salem-Keizer School District, Oregon 0% due June 15^th, 2028 and San Diego Unified School district 0% due July 1^st 2028 both also provided significant positive total returns during the fiscal year. Given the positive returns from municipals during the reporting period, the securities which had the most negative effect on performance were those that were not owned for the entire period, but rather were purchased or sold at less opportune times within the Reporting Period. The bonds of Puerto Rico Sales Tax Financing Corporation 0% due August 1^st, 2037 purchased in April 2012 were down slightly by June 30^th, 2012. Similarly, the Metropolitan Wastewater Reclamation District of Colorado 3% due April 1^st, 2028 and purchased in February 2012 were also down by June 30^th, 2012.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

SPDR Nuveen Barclays Capital Municipal Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/11/07, 9/13/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.3000%.*

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		MUNICIPAL MANAGED		NET ASSET		MARKET		MUNICIPAL MANAGED
	VALUE		VALUE		MONEY INDEX		VALUE		VALUE		MONEY INDEX

ONE YEAR		9.95%		10.37%		10.35%		9.95%		10.37%		10.35%

THREE YEARS		23.24%		22.80%		24.19%		7.22%		7.09%		7.49%

SINCE INCEPTION (1)		30.40%		30.26%		32.52%		5.68%		5.66%		6.00%


(1)		For the period September 11, 2007 to June 30, 2012.
*		SSgA Funds Management, Inc. has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.2300% until October 31, 2012.

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

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

SPDR Nuveen Barclays Capital Municipal Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	NEW YORK, NY,	ARIZONA, SALT
	TRIBOROUGH	RIVER PROJECT,	NEW YORK,
	BRIDGE & TUNNEL	AGRICULTURAL	TRIBOROUGH	MILWAUKEE, WI,
	AUTHORITY	IMPROVEMENT &	BRIDGE & TUNNEL	GENERAL OBLIGATION,	WASHINGTON, STATE
	REVENUE,	POWER DISTRICT,	AUTHORITY REVENUE,	PROMISSORY NOTES,	GENERAL OBLIGATION,
	SERIES A-2, 5.00%,	SERIES A, 5.00%,	SERIES A, 5.00%,	SERIES N1, 5.00%,	SERIES D, 4.00%,
DESCRIPTION	11/15/2029	12/1/2031	1/1/2023	2/1/2019	2/1/2037

MARKET VALUE	$14,440,561	14,020,800	13,969,395	13,356,130	12,739,000

% OF NET ASSETS	1.3	1.2	1.2	1.2	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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Municipal Bonds & Notes		99.0	%
Short Term Investments		0.5
Other Assets & Liabilities		0.5

TOTAL		100.0	%


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

SPDR Nuveen Barclays Capital California Municipal Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Nuveen Barclays Capital California Municipal Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the California municipal bond market and provides income that is exempt from federal and California state income taxes. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 13.91%, and the total return for the Barclays Capital Managed Money Municipal California Index (the “Index”) was 13.40%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. We employ representative sampling in the construction of the Fund. On June 30^th, 2012 the underlying index had 1,820 constituents while the Fund held roughly 90 of these names. Additionally, a large number of municipal bonds are embedded with call provisions, so in addition to duration and maturity, the optionality of the Fund can differ from that of the Index. We seek to match the duration, convexity coupon, and sector distributions of the Index as closely as possible, however, the Fund is not expected to obtain an exact match at any given time.

The sluggishness of the recovery in the United States and continued accommodative stance of the Federal Reserve has kept interest rates low for the fiscal year. Municipal interest rates are lower across the curve from the end of the last fiscal year. This was the most significant contributing factor driving total returns during the reporting period. The rate movement of the past fiscal year has produced a flatter yield curve. The Fund, having a long duration posture consistent with the overall municipal market, has benefited from this flattening of the yield curve. Credit spreads have tightened during this time as investors search for yield in a low interest rate environment. This has had a positive effect on the Fund, however, to a much lesser degree, as the strategy of the Fund focuses on bonds of AA-rating or higher.

On an individual security level, the top positive contributors to the Fund’s performance were those bonds with the longest maturity and highest convexity. The zero coupon bonds of Poway Unified School District 0% due August 1^st, 2046 produced a total return of over 70%, benefitting from the highly convex and long duration structure. For similar reasons the bonds of Yosemite community College District, Oregon 0% due August 1^st 2042 and San Marcos Unified School District 0% due August 15^th, 2034 provided total returns of over 50% and over 45% respectively, during the fiscal year. Given the positive returns from municipals during the reporting period, the securities which had the most negative effect on performance were those that were not owned for the entire Reporting Period, but rather were purchased or sold at less opportune times within the Reporting Period. The bonds of Puerto Rico Sales Tax Financing Corporation 0% due 8/1/2037 purchased in April 2012 were down nearly 3% by June 30^th, 2012. Similarly, the Marin Water District 5% due July 1^st, 2044 and purchased in May 2012 were down over 0.41% by June 30^th, 2012 and the California Department of Water Resources 5% due May 1^st, 2019 purchased in January 2012 were down 0.26%.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

SPDR Nuveen Barclays Capital California Municipal Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/10/07, 10/15/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital California Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.2000%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
					MANAGED MONEY						MANAGED MONEY
	NET ASSET		MARKET		MUNICIPAL		NET ASSET		MARKET		MUNICIPAL
	VALUE		VALUE		CALIFORNIA INDEX		VALUE		VALUE		CALIFORNIA INDEX

ONE YEAR		13.91%		14.65%		13.40%		13.91%		14.65%		13.40%

THREE YEARS		30.12%		30.03%		29.90%		9.17%		9.15%		9.11%

SINCE INCEPTION (1)		33.47%		33.26%		34.05%		6.30%		6.27%		6.36%


(1)		For the period October 10, 2007 to June 30, 2012.

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

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

SPDR Nuveen Barclays Capital California Municipal Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	LOS ANGELES		LOS ANGELES
	COUNTY, CA,		COUNTY, CA,
	METROPOLITAN	LOS ANGELES, CA,	METROPOLITAN
	TRANSPORTATION	UNIFIED SCHOOL	TRANSPORTATION	CALIFORNIA, STATE	UNIVERSITY OF
	AUTHORITY, SALES	DISTRICT, GENERAL	AUTHORITY, SALES	DEPARTMENT OF WATER	CALIFORNIA,
	TAX REVENUE,	OBLIGATION, SERIES KY,	TAX REVENUE,	RESOURCES, SERIES M,	REVENUE, SERIES E,
DESCRIPTION	5.00%, 7/1/2026	5.00%, 7/1/2015	5.00%, 6/1/2020	4.00%, 5/1/2019	4.00%, 5/15/2019

MARKET VALUE	$2,861,036	2,616,508	2,382,714	2,323,060	2,320,826

% OF NET ASSETS	3.4	3.1	2.8	2.7	2.7

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

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Municipal Bonds & Notes		99.1	%
Short Term Investment		2.5
Other Assets & Liabilities		(1.6	)

TOTAL		100.0	%


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

SPDR Nuveen Barclays Capital New York Municipal Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Nuveen Barclays Capital New York Municipal Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the New York municipal bond market and provides income that is exempt from federal and New York state income taxes. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 10.10%, and the total return for the Barclays Capital Managed Money Municipal New York Index (the “Index”) was 10.94%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. We employ representative sampling in the construction of the Fund. On June 30^th, 2012 the Index had 2,779 constituents while the Fund held roughly 70 of these names. Additionally, a large number of municipal bonds are embedded with call provisions, so in addition to duration and maturity, the optionality of the Fund can differ from that of the Index. We seek to match the duration, convexity coupon, State and sector distributions of the Index as closely as possible, however, the Fund is not expected to obtain an exact match at any given time.

On an individual security level, the top positive contributors to the Fund’s performance were those bonds with the longest maturity and highest convexity. The zero coupon bonds of Puerto Rico Sales Tax Financing Corporation 0% due August 1^st, 2044 produced a significant positive total return, benefitting from its highly convex and long duration structure. Also contributing was the tightening of credit spreads which helped this bond as it is generally one of the wider trading double-rated bonds. For similar reasons the bonds of New York Liberty Development Corporation 5.125% due January 5^th, 2044 and New York State Dormitory Authority (Vassar College) 4.25% due July 1^st, 2039 both provided significant positive total returns during the fiscal year. Given the positives returns from municipals during the reporting period, the securities which had the most negative effect on performance were those that were not owned for the entire period, but rather were purchased or sold at less opportune times within the reporting period. The bonds of Puerto Rico Sales Tax Financing Corporation 0% due August 1^st, 2037 purchased in April 2012 were down slightly by June 30^th, 2012. Similarly, the New York City 5% due August 1^st, 2024 and New York State Urban Development Corporation 4% due March 15^th, 2024 purchased in February 2012 were also down slightly by June 30^th, 2012.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

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

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/11/07, 10/15/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital New York Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.2000%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
					MANAGED MONEY						MANAGED MONEY
	NET ASSET		MARKET		MUNICIPAL NEW YORK		NET ASSET		MARKET		MUNICIPAL NEW YORK
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

ONE YEAR		10.10%		10.22%		10.94%		10.10%		10.22%		10.94%

THREE YEARS		23.80%		21.41%		25.24%		7.38%		6.68%		7.79%

SINCE INCEPTION (1)		29.53%		29.49%		31.28%		5.63%		5.63%		5.90%


(1) For the period October 11, 2007 to June 30, 2012.

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

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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	NEW YORK, NY,	NEW YORK, NY,	NEW YORK, NY,	NEW YORK, NY,
	MUNICIPAL WATER	GENERAL	GENERAL	GENERAL	OYSTER BAY, NY,
	FINANCE AUTHORITY	OBLIGATION,	OBLIGATION,	OBLIGATION,	GENERAL
	REVENUE, SERIES HH,	SERIES C,	SERIES C,	SERIES E,	OBLIGATION,
DESCRIPTION	5.00%, 6/15/2032	5.00%, 8/1/2024	5.00%, 8/1/2017	5.00%, 8/1/2025	4.00%, 8/15/2026

MARKET VALUE	$1,139,870	1,101,059	978,813	893,893	778,391

% OF NET ASSETS	4.0	3.9	3.4	3.1	2.7

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

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Municipal Bonds & Notes		98.4	%
Short Term Investment		0.4
Other Assets & Liabilities		1.2

TOTAL		100.0	%


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

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short term tax exempt municipal bond market and provides income that is exempt from federal income taxes. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 2.36%, and the total return for the Barclays Capital Managed Money Municipal Short Term Index (the “Index”) was 2.68%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. We employ representative sampling in the construction of the Fund. On June 30^th, 2012 the Index had 3,702 constituents while the Fund held roughly 380 of these names. We seek to match the maturity, duration, coupon, State and sector distributions of the Index as closely as possible, however, the Fund is not expected to obtain an exact match at any given time.

On an individual security level, the top positive contributors to the Fund’s performance were those bonds with the longest maturity and bonds with excess credit spread. For these reasons, the bonds of Florida Hurricane 5% due July 1^st, 2016 had positive returns during the Reporting Period. Illinois Sales Tax Revenue 5% due June 15^th, 2015 and University of Illinois 5% due October 1^st, 2015 both also had positive returns. In all three instances, these bonds represented the longer maturity ranges of the Fund and benefitted from the tightening of credit spreads over the fiscal year. The bond contributing the most negatively to performance was Oyster Bay 3% due August 15^th, 2016. This bond had negative returns for the Reporting Period and the Fund held an overweight in the name, thereby magnifying its effect relative to the Index. Oyster Bay was downgraded from AA to A by Standard and Poors. The next two securities contributing most to negative performance were purchased at less opportune times within the Reporting Period. The bonds of Shelby County Tennessee 5% due April 1^st 2017 purchased in February 2012 were down slightly by June 30^th, 2012. Similarly, the Kentucky Turnpike authority 4% due July 1^st, 2017 and purchased in February 2012 was also down slightly by June 30^th, 2012.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

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

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/10/07, 10/15/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.2000%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
					MANAGED MONEY						MANAGED MONEY
	NET ASSET		MARKET		MUNICIPAL SHORT		NET ASSET		MARKET		MUNICIPAL SHORT
	VALUE		VALUE		TERM INDEX		VALUE		VALUE		TERM INDEX

ONE YEAR		2.36%		2.30%		2.68%		2.36%		2.30%		2.68%

THREE YEARS		8.52%		8.36%		9.86%		2.76%		2.71%		3.18%

SINCE INCEPTION (1)		18.98%		19.06%		21.76%		3.75%		3.76%		4.23%


(1) For the period October 10, 2007 to June 30, 2012.

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

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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




			MONTGOMERY
		DELAWARE, STATE	COUNTY,	ARKANSAS, STATE
	VIRGINIA, STATE	TRANSPORTATION	MD, GENERAL	HIGHWAY GRANT	MARYLAND, STATE
	TRANSPORTATION	AUTHORITY SYSTEM	OBLIGATION,	ANTICIPATION &	GENERAL OBLIGATION,
	BOARD REVENUE,	REVENUE,	SERIES A,	TAX REVENUE,	SERIES E,
DESCRIPTION	5.00%, 5/15/2016	5.00%, 7/1/2017	5.00%, 8/1/2015	4.00%, 8/1/2014	5.00%, 8/1/2016

MARKET VALUE	$18,813,956	18,518,160	18,449,925	18,243,380	17,056,350

% OF NET ASSETS	1.2	1.2	1.2	1.2	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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Municipal Bonds & Notes		98.9	%
Short Term Investment		0.2
Other Assets & Liabilities		0.9

TOTAL		100.0	%


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

SPDR Nuveen S&P VRDO Municipal Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Nuveen S&P VRDO Municipal Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the performance of variable rate demand obligations (“VRDOs”) issued by municipalities. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 0.55%, and the total return for the S&P National AMT-Free Municipal VRDO Index (the “Index”) was 0.28%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was outside of expectations. The 0.27% difference between the Fund’s performance and that of the Index is net of the 0.20% management fee, making the difference between the Fund’s performance and that of the Index even wider. We attribute the difference to a few of the Funds’ positions with outsized yields and the general yield advantage of the Fund versus the Index. We employ representative sampling in the construction of the Fund. On June 30^th, 2012 the underlying index had 201 constituents while the Fund held roughly 40 of these names. As rates have come down and the number of Index members with outsized coupons decreases (due to refinancing and replacing liquidity facilities), we expect this differential between the return on the Fund and the Index to narrow.

The sluggishness of the recovery in the United States and continued accommodative stance of the Federal Reserve has kept interest rates low for the fiscal year. Municipal interest rates are lower across the curve from the end of the last fiscal year. This drop was the most significant contributing factor driving total returns during the Reporting Period. Issuers paying above market rates on their variable rate demand programs continue to find alternative forms of financing through refinancing into fixed rate debt or replacing their liquidity providers with higher quality institutions.

On an individual security level, the top positive contributors to the Fund’s performance were those bonds with the highest yield. The three top yield providers during the year were: Bethlehem Pennsylvania Area School District; Ohio University at Athens and North Penn Water Authority. The securities which had the most negative effect on performance were the lowest yielding bonds. Among them: Eastern Municipal Water District of California; Illinois Finance Authority-Resurrection Hospital and Lower Merion Pennsylvania School District.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

SPDR Nuveen S&P Vrdo Municipal Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/23/09, 9/24/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen S&P VRDO Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.2000%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P NATIONAL AMT-FREE		NET ASSET		MARKET		S&P NATIONAL AMT-FREE
	VALUE		VALUE		MUNICIPAL VRDO INDEX		VALUE		VALUE		MUNICIPAL VRDO INDEX

ONE YEAR		0.55%		0.58%		0.28%		0.55%		0.58%		0.28%

SINCE INCEPTION (1)		1.61%		1.46%		0.86%		0.58%		0.52%		0.30%


(1)		For the period September 23, 2009 to June 30, 2012.

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

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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		FARMVILLE, VA,	MONTGOMERY	PERSON COUNTY, NC,
	CONNECTICUT, STATE	INDUSTRIAL	COUNTY, TN,	INDUSTRIAL FACILITIES	TARRANT COUNTY, TX,
	HOUSING FINANCE	DEVELOPMENT	PUBLIC BUILDING	& POLLUTION CONTROL	CULTURAL EDUCATION
	AUTHORITY REVENUE,	AUTHORITY	AUTHORITY	FINANCING AUTHORITY	FACILITIES FINANCE
	SERIES E, 0.30%,	REVENUE, 0.50%,	REVENUE, 0.50%,	REVENUE, 0.62%,	CORP. REVENUE, 0.28%,
DESCRIPTION	5/15/2036	9/1/2036	9/1/2029	11/1/2035	7/1/2047

MARKET VALUE	$700,000	700,000	700,000	700,000	700,000

% OF NET ASSETS	4.7	4.7	4.7	4.7	4.7

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Municipal Bonds & Notes		96.0	%
Short Term Investments		4.0
Other Assets & Liabilities		0.0	**

TOTAL		100.0	%


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

SPDR Nuveen S&P High Yield Municipal Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Nuveen S&P High Yield Municipal Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. high yield municipal bond market and to provide income that is exempt from federal income taxes. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 13.71%, and the total return for the S&P Municipal Yield Index (the “Index”) was 14.90%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. We employ representative sampling in the construction of the Fund. On June 30^th, 2012 the Index had approximately 23,000 constituents while the Fund held roughly 120 of these names. Additionally, a large number of municipal bonds are embedded with call provisions, so in addition to duration and maturity, the optionality of the Fund can differ from that of the Index. We seek to capture the largest members of the Index while matching the duration, convexity coupon, State and sector distributions of the Index as closely as possible, however, the Fund is not expected to obtain an exact match at any given time.

The sluggishness of the recovery in the United States and continued accommodative stance of the Federal Reserve has kept interest rates low for the fiscal year. Municipal interest rates are lower across the curve from the end of the last fiscal year. This was the most significant contributing factor driving total returns during the Reporting Period. The rate movement of the past fiscal year has produced a flatter yield curve. The Fund, having a long duration posture consistent with the overall municipal market, has benefited from this flattening of the yield curve. Credit spreads have tightened during this time as investors search for yield in a low interest rate environment. This has had a positive effect on the Fund.

On an individual security level, the top positive contributors to the Fund’s performance were: Lee County Florida Community Charter Schools; Vigo County Hospital Authority, Indiana — Union Hospital and Colorado Health Facilities Authority — Baptist Homes. All three benefitted from the general spread tightening in the high yield sector combined with solid operating performance. One of the securities contributing most negatively during the period was Brazos River Authority — TXU Energy (“TXU”). TXU faces a liquidity crunch in 2014 as refinancing will be necessary to restructure debt. Another under-performer was New Jersey Economic Development Authority — American Airlines (“American Airlines”). American Airlines declared bankruptcy in November 2011. The third worst performer was Tolomato Community Development District (“Tolomato”). Tolomato is currently restructuring and bondholders will receive new bonds under the terms of the restructuring agreement.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

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

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/13/11, 4/14/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen S&P High Yield Municipal Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5000%.*

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P MUNICIPAL		NET ASSET		MARKET		S&P MUNICIPAL
	VALUE		VALUE		YIELD INDEX		VALUE		VALUE		YIELD INDEX

ONE YEAR		13.71%		19.51%		14.90%		13.71%		19.51%		14.90%

SINCE INCEPTION (1)		19.64%		19.73%		20.74%		15.89%		15.96%		16.26%


(1)		For the period April 13, 2011 to June 30, 2012.
*		SSgA Funds Management, Inc. has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.4500% until October 31, 2012.

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

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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		PUBLIC AUTHORITY		MARCH, CA, JOINT
		FOR COLORADO		POWERS	TRAVIS COUNTY, TX,
	VIRGINIA, SMALL	ENERGY, NATURAL		REDEVELOPMENT	HEALTH FACILITIES
	BUSINESS FINANCING	GAS PURCHASE	ILLINOIS, FINANCE	AGENCY, TAX	DEVELOPMENT CORP.,
	AUTHORITY REVENUE,	REVENUE,	AUTHORITY REVENUE,	ALLOCATION, SERIES B,	REVENUE,
DESCRIPTION	5.50%, 1/1/2042	6.50%, 11/15/2038	7.13%, 2/15/2039	7.50%, 8/1/2041	7.13%, 11/1/2040

MARKET VALUE	$1,313,800	1,276,869	1,184,711	1,152,310	1,138,980

% OF NET ASSETS	1.4	1.3	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Municipal Bonds & Notes		99.0	%
Short Term Investment		2.6
Other Assets & Liabilities		(1.6	)

TOTAL		100.0	%


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

SPDR Nuveen Barclays Capital Build America Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Nuveen Barclays Capital Build America Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the market for taxable municipal securities with respect to which the issuer has made an irrevocable election to designate the bonds as “Qualified Bonds” under the Build America Bond program created under the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal securities on which the issuer receives federal support of the interest paid (“direct pay Build America Bonds”). In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30^th, 2012 (the “Reporting Period”), the total return for the Fund was 23.52%, and the total return for the Barclays Capital Build America Bond Index (the “Index”) was 24.09%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The Fund has been able to replicate the risk characteristics of the Index very closely. At the end of the reporting period the Fund owned all 194 positions in the Index. Although the Fund is not expected to be able to match the exposures to each Index holding perfectly, the Fund was able to minimize sustained issuer-specific overweights and underweights.

There were several factors contributing to the performance of the Fund. First, interest rates decreased during the reporting period, driving nearly all the performance of the Fund. Build America Bonds, on average, are longer dated securities and therefore have more pronounced interest rate sensitivity. The average maturity of the Index is approximately 25 years. The yield on 30-year Treasury Bonds decreased 162 basis points during the reporting period. Second, credit spreads widened modestly during the performance period, detracting from performance. The spread between the average yield to worst of the Index and 30-year US Treasury bonds widened 24 basis points during the reporting period, from 125 basis points to 149 basis points. The average credit quality of the Index and the Fund is Aa2/AA-. Thirdly, scarcity value has helped enhance the performance of the Fund since the Fund seeks to only own securities contained within the Barclays Build America Bond Index and subsequently within the Barclays U.S. Aggregate Index. Fund management believes that by virtue of inclusion in the aforementioned indices the securities benefit from greater liquidity and enhanced performance. The secondary market for Build America Bonds can be inefficient.

On an individual security level, the top performers in the Fund were Bay Area Toll Authority (BATA) 6.90% 2050 A+/A1, Los Angeles Water and Power Revenue 6.60% 2050 AA/Aa2 and University of California 5.95% 2045 AA-/Aa3. These securities were also the best performers in the Index. All three positions benefited from longer than average maturities and a contraction in credit spread when the average credit spread of the Index increased 24 basis points. The difference between BATA’s yield and the 30-year US Treasury decreased by 14 basis points. The difference between the L.A. Water and Power’s yield and the 30-year US Treasury decreased by 3 basis points. The difference between the University of California’s yield and the 30-year US Treasury decreased 22 basis points. The top negative performers in the Fund were Puerto Rico Electric Power Authority (PREPA) 6.125% 2040 BBB+/NR, North Carolina Turnpike 6.70% 2039 AA/Aa2, and State of California 6.65% 2022 A-/A1. These securities were also the worst performers in the Index. All three positions had positive returns due to a decrease in general market yields however were limited by specific factors. The PREPA position suffered from an above average increase in its credit spread. The difference between its market yield and the 30-year US Treasury yield increased 66 basis points during the period. The North Carolina Turnpike position suffered from a call provision that limited it’s upside price performance during a falling yield environment. The State of California position has a relatively shorter maturity which reduced its price sensitivity to falling yields.

SPDR Nuveen Barclays Capital Build America Bond ETF —
Management’s Discussion of Fund Performance (continued)

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fund.

SPDR Nuveen Barclays Capital Build America Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/12/10, 5/13/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Nuveen Barclays Capital Build America Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.3500%.

PERFORMANCE AS OF JUNE 30, 2012




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		BUILD AMERICA		NET ASSET		MARKET		BUILD AMERICA
	VALUE		VALUE		BOND INDEX		VALUE		VALUE		BOND INDEX

ONE YEAR		23.52%		24.62%		24.09%		23.52%		24.62%		24.09%

SINCE INCEPTION (1)		33.40%		33.41%		35.59%		14.44%		14.45%		15.07%


(1)		For the period May 12, 2010 to June 30, 2012.

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

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

SPDR Nuveen Barclays Capital Build America Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		NEW JERSEY,
	CALIFORNIA, STATE	STATE TURNPIKE	CALIFORNIA, STATE	CALIFORNIA, STATE	CALIFORNIA, STATE
	GENERAL OBLIGATION,	AUTHORITY REVENUE,	GENERAL OBLIGATION,	GENERAL OBLIGATION,	GENERAL OBLIGATION,
DESCRIPTION	7.55%, 4/1/2039	7.10%, 1/1/2041	7.60%, 11/1/2040	7.30%, 10/1/2039	7.63%, 3/1/2040

MARKET VALUE	$3,857,760	2,587,112	2,321,071	2,160,088	1,990,974

% OF NET ASSETS	3.8	2.5	2.3	2.1	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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Municipal Bonds & Notes		98.8	%
Other Assets & Liabilities		1.2

TOTAL		100.0	%


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

SPDR DB International Government Inflation-Protected Bond ETF —
Management’s Discussion of Fund Performance

The SPDR DB International Government Inflation-Protected Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the inflation protected sector of the global bond market outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −0.69%, and the total return for the DB Global Government ex-US Inflation-Linked Bond Capped Index (the “Index”) was −0.55%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential between the Fund and the Index is primarily due to the expenses of managing the Fund.

In terms of the total return, several factors contributed to the performance in this space. Returns are primarily driven by changes in local yield curves, inflation rates, expectations on inflation rates, and currency exchange rates. The DXY US Dollar Index (a general international value of the US Dollar) increased slightly for the period. As the Fund is unhedged to the USD, the Fund experienced a negative contribution to return approximately equal to the strengthening of the US Dollar. Fortunately, rallying yield curves in the underlying countries of this Fund offset the currency effect resulting in a net performance for the Fund and Index that was modestly negative.

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

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/13/08, 3/19/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR DB International Government Inflation-Protected Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5000%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DB GLOBAL

GOVERNMENT EX-U.S.

NET ASSET

MARKET

INFLATION-LINKED

NET ASSET

MARKET

INFLATION-LINKED

VALUE

BOND CAPPED INDEX

VALUE

BOND CAPPED INDEX

ONE YEAR

−0.69%

−1.05%

−0.55%

−0.69%

−1.05%

−0.55%

THREE YEARS

23.20%

21.84%

24.86%

7.20%

6.81%

7.68%

SINCE INCEPTION (1)

8.44%

8.08%

13.12%

1.90%

1.82%

2.89%


(1)		For the period March 13, 2008 to June 30, 2012.

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

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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	JAPANESE GOVERNMENT		UNITED KINGDOM	REPUBLIC OF	UNITED KINGDOM
	CPI LINKED BOND,	REPUBLIC OF FRANCE,	TREASURY BOND,	FRANCE,	TREASURY BOND,
DESCRIPTION	1.10%, 12/10/2016	2.25%, 7/25/2020	1.25%, 11/22/2027	1.00%, 7/25/2017	1.88%, 11/22/2022

MARKET VALUE	$62,969,371	56,398,680	48,000,725	41,044,406	37,911,217

% OF NET ASSETS	4.9	4.4	3.8	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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Foreign Government Obligations		98.9	%
Short Term Investments		0.1
Other Assets & Liabilities		1.0

TOTAL		100.0	%


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

SPDR Barclays Capital Short Term International Treasury Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Short Term International Treasury Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term (1-3 year remaining maturity) fixed rate, investment grade debt issued by foreign governments of investment grade countries. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −5.59%, and the total return for the Barclays Capital 1-3 Year Global Treasury ex-US Capped Index (the “Index”) was −5.23%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential between the Fund and the Index can be attributed largely to the Fund’s sampling of risk exposures coupled with trading costs.

The asset class (Treasuries ex-USD) underperformed comparable duration US Treasuries as the US was seen as a safe haven from the European crisis. Notable laggards during the Reporting Period were Spain and Italy, while Germany and France outperformed during the Reporting Period as “Core” Europe was seen as a safe haven from the issues of the peripheral nations.

SPDR Barclays Capital Short Term International Treasury Bond ETF —
Management’s Discussion of Fund Performance (continued)

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

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/15/09, 1/27/09, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Short Term International Treasury Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.3500%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

1-3 YEAR GLOBAL

NET ASSET

MARKET

TREASURY EX-US

NET ASSET

MARKET

TREASURY EX-US

VALUE

CAPPED INDEX

VALUE

CAPPED INDEX

ONE YEAR

−5.59%

−6.41%

−5.23%

−5.59%

−6.41%

−5.23%

THREE YEARS

7.27%

6.64%

8.85%

2.37%

2.17%

2.87%

SINCE INCEPTION (1)

13.93%

13.27%

16.02%

3.84%

3.67%

4.34%


(1)		For the period January 15, 2009 to June 30, 2012.

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

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

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		GOVERNMENT			GOVERNMENT
	KINGDOM OF	OF JAPAN	UNITED KINGDOM	COMMONWEALTH	OF JAPAN
	SWEDEN,	10 YEAR BOND,	TREASURY BOND,	OF AUSTRALIA,	2 YEAR BOND,
DESCRIPTION	6.75%, 5/5/2014	1.50%, 9/20/2014	2.75%, 1/22/2015	4.50%, 10/21/2014	0.20%, 8/15/2013

MARKET VALUE	$5,801,456	5,361,146	4,987,013	4,928,878	4,629,384

% OF NET ASSETS	2.6	2.4	2.2	2.2	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Foreign Government Obligations		98.2	%
Short Term Investments		0.2
Other Assets & Liabilities		1.6

TOTAL		100.0	%


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

SPDR Barclays Capital International Treasury Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital International Treasury Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the fixed-rate local currency sovereign debt of investment grade countries outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −0.58%, and the total return for the Barclays Capital Global Treasury Ex-US Capped Index (the “Index”) was 0.10%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

While the Index generated a small total return for Reporting Period, the asset class greatly underperformed comparable duration Treasuries. The sovereign securities that underperformed the most during the time period were those issued by Spain, Italy and Greece as the peripheral European nations continued to struggle with their debt loads. Conversely, the “core” European nations of Germany and France were amongst the strongest performers as money fled the periphery in search of safety.

SPDR Barclays Capital International Treasury Bond ETF —
Management’s Discussion of Fund Performance (continued)

SPDR Barclays Capital International Treasury Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/2/07, 10/5/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital International Treasury Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5000%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

NET ASSET

MARKET

GLOBAL TREASURY

NET ASSET

MARKET

GLOBAL TREASURY

VALUE

EX-US CAPPED INDEX

VALUE

EX-US CAPPED INDEX

ONE YEAR

−0.58%

−0.46%

0.10%

−0.58%

−0.46%

0.10%

THREE YEARS

15.27%

14.44%

17.07%

4.85%

4.60%

5.39%

SINCE INCEPTION (1)

26.20%

26.13%

30.87%

5.03%

5.01%

5.83%


(1)		For the period October 2, 2007 to June 30, 2012.

100

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

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

101

SPDR Barclays Capital International Treasury Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	GOVERNMENT OF	GOVERNMENT OF		GOVERNMENT OF	GOVERNMENT OF
	JAPAN	JAPAN		JAPAN	JAPAN
	10 YEAR BOND,	20 YEAR BOND,	KINGDOM OF DENMARK,	20 YEAR BOND,	20 YEAR BOND,
DESCRIPTION	1.50%, 9/20/2014	2.30%, 6/20/2027	4.50%, 11/15/2039	2.60%, 3/20/2019	2.90%, 9/20/2019

MARKET VALUE	$31,807,742	26,562,596	15,777,967	15,321,329	15,148,559

% OF NET ASSETS	1.7	1.4	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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Foreign Government Obligations		98.7	%
Short Term Investments		0.3
Other Assets & Liabilities		1.0

TOTAL		100.0	%


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

102

SPDR Barclays Capital International Corporate Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital International Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the investment grade corporate sector of the global bond market outside of the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −5.17%, and the total return for the Barclays Capital Global Aggregate ex-USD >$1B: Corporate Bond Index (the “Index”) was −4.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential was caused by pricing and accounting differences and the inability to directly access the JPY corporate bond market.

The 2011 calendar year was punctuated by an escalation in the crisis emanating from the European peripheral economies which expanded beyond Greece, Ireland and Portugal to also include Italy and Spain. Stronger economic data in the U.S. and further easing of reserve requirements by the Chinese central bank then helped ease markets at the start of 2012. Risky assets in general enjoyed strong returns in the first calendar quarter of 2012 including corporate bond debt. Financials — which are very sensitive to the eurozone crisis — outperformed utilities and industrials. The European Central Bank’s (ECB) liquidity measures also had a demonstrably positive impact — the ECB completed the second of its three-year Long Term Refinancing Operations (LTRO) at the end of February, allotting €529.5 billion to 800 European banks, which was on top of the €489 billion allotted in December.

The benefits of the ECB’s intervention faded in the second calendar quarter of 2012. The ongoing sovereign crisis and the threat to the economic outlook led to yield spreads widening across all sectors.

The Fund invested in Japanese foreign exchange forwards to help proxy the exposure to the Japanese corporate market during the Reporting Period. This had a material impact in helping the Fund track the Index.

Over the Reporting Period, spread levels rose across all sectors. Utilities ended the Reporting Period significantly wider. Financials and industrials were broadly similar with spreads widening slightly less than utilities. From a total return stand point, financials, which weight over half of the Index, were the main detractor to performance. Industrials and utilities also posted negative returns during the Reporting Period.

103

SPDR Barclays Capital International Corporate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/19/10, 5/20/10, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital International Corporate Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5500%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

GLOBAL AGGREGATE

NET ASSET

MARKET

EX-USD > $1B: CORPORATE

NET ASSET

MARKET

EX-USD > $1B: CORPORATE

VALUE

BOND INDEX

VALUE

BOND INDEX

ONE YEAR

−5.17%

−5.55%

−4.71%

−5.17%

−5.55%

−4.71%

SINCE INCEPTION (1)

12.74%

12.84%

13.93%

5.82%

5.87%

6.20%


(1)		For the period May 19, 2010 to June 30, 2012.

104

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

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

105

SPDR Barclays Capital International Corporate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	COOPERATIEVE CENTRALE	COOPERATIEVE CENTRALE	COOPERATIEVE CENTRALE		COOPERATIEVE CENTRALE
	RAIFFEISEN-BOERENLEENBANK	RAIFFEISEN-BOERENLEENBANK	RAIFFEISEN-BOERENLEENBANK		RAIFFEISEN-BOERENLEENBANK
	BA/NETHERLANDS,	BA/NETHERLANDS,	BA/NETHERLANDS,	DEUTSCHE BANK AG,	BA/NETHERLANDS,
DESCRIPTION	4.13%, 7/14/2025	3.38%, 4/21/2017	4.38%, 1/22/2014	5.13%, 8/31/2017	3.38%, 1/18/2016


MARKET VALUE	$623,904	600,088	599,295	504,263	468,917


% 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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		97.6	%
Short Term Investments		0.0	**
Other Assets & Liabilities		2.4

TOTAL		100.0	%


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

106

SPDR Barclays Capital Emerging Markets Local Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Emerging Markets Local Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the fixed-rate local currency sovereign debt of emerging market countries. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was −1.28%, and the total return for the Barclays Capital EM Local Currency Government Diversified Index (the “Index”) was −0.98%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed primarily to pricing and accounting differences. Further, access to local currency Russian bonds is restricted and the global bonds had a different performance pattern versus locally available bonds. Columbia on-shore bonds are also difficult to access and this exposure is taken using off-shore bonds. Timing impacts from obtaining exposure to restricted currencies, taxes and transaction costs also impacted the performance differential.

The 2011 calendar year was punctuated by an escalation in the crisis emanating from the European peripheral economies which expanded beyond Greece, Ireland and Portugal to also include Italy and Spain. Stronger economic data in the US and further easing of reserve requirements by the Chinese central bank then helped ease markets at the start of 2012. Risky assets in general enjoyed strong returns in the first calendar quarter of 2012 including emerging market debt. The European Central Bank’s (ECB) liquidity measures also had a demonstrably positive impact — the ECB completed the second of its three-year Long Term Refinancing Operations (LTRO) at the end of February, allotting €529.5 billion to 800 European banks, which was on top of the €489 billion allotted in December.

The benefits of the ECB’s intervention however faded in the second calendar quarter of 2012. After a strong appreciation of emerging market currencies in the first quarter, the selloff in May has been very impressive. Since currencies drive a large percentage of emerging market debt performance, the drop in the Polish Zloty or the Russian Ruble versus the US dollar drove the Index down sharply. Meanwhile as currencies weighed on overall performance, the slower global growth prospects led to anticipation of potential further easing policies. Economic turmoil in Europe has been cutting into demand for manufactured goods such as aircraft and Brazil’s still-strong currency makes its exports less competitive. So far, Brazil has responded to the slowdown by reducing its benchmark interest rate and taking measures to weaken the Brazilian real.

No region was completely shielded during the second quarter of 2012, but less export oriented countries faired better as growth expectations were downgraded. Meanwhile inflation forecasts did not point to upward growth. Eastern Europe is the region that was most exposed to the clouded horizon formed by the Eurozone crisis. This resulted in the region underperforming Latin America and Asia.

The Fund used foreign exchange forwards to gain and maintain adequate exposure to a number of currencies. The impact was marginal and intended for efficient portfolio management only (i.e., to help the Fund track the Index).

Over the reporting period, the emerging market government bond index was slightly lower but with some significant dispersion. The Peruvian and Philippines markets were up significantly while Colombia also posted impressive returns. On the other hand, the Eastern European region underperformed with the Czech Republic, Russia, Hungary and Poland all posting negative returns.

107

SPDR Barclays Capital Emerging Markets Local Bond ETF —
Management’s Discussion of Fund Performance (continued)

108

SPDR Barclays Capital Emerging Markets Local Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/23/11, 2/24/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Emerging Markets Local Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.5000%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL EM

LOCAL CURRENCY

NET ASSET

MARKET

GOVERNMENT

NET ASSET

MARKET

GOVERNMENT

VALUE

DIVERSIFIED INDEX

VALUE

DIVERSIFIED INDEX

ONE YEAR

−1.30%

−1.48%

−0.98%

−1.30%

−1.48%

−0.98%

SINCE INCEPTION (1) (2)

5.33%

6.49%

6.78%

3.91%

4.76%

4.75%


(1)		For the period February 23, 2011 to June 30, 2012.

109

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

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

110

SPDR Barclays Capital Emerging Markets Local Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		BRAZIL NOTAS DO	BRAZIL LETRAS DO	BRAZIL LETRAS DO
	RUSSIAN FOREIGN	TESOURO NACIONAL	TESOURO NACIONAL,	TESOURO NACIONAL,
	BOND–EUROBOND,	SERIES F,	ZERO COUPON,	ZERO COUPON,	TURKEY GOVERNMENT BOND,
DESCRIPTION	7.85%, 3/10/2018	10.00%, 1/1/2017	4/1/2014	7/1/2013	10.00%, 12/4/2013

MARKET VALUE	$8,590,474	4,719,633	4,580,091	3,627,845	3,176,895

% OF NET ASSETS	4.4	2.4	2.3	1.8	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Foreign Government Obligations		96.0	%
Short Term Investments		4.2
Other Assets & Liabilities		(0.2	)

TOTAL		100.0	%


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

111

SPDR Barclays Capital High Yield Bond ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital High Yield Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. high yield corporate bond market. In seeking this objective, the Fund uses a sampling strategy and may or may not hold all of the securities in the underlying index.

For the 12-month period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 6.50%, and the total return for the Barclays Capital High Yield Very Liquid Index (the “Index”) was 7.99%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was outside expectations. The performance differential can be attributed to expenses of managing the Fund, sector allocation and security selection. The majority of the performance deviation arises from security sampling.

High yield securities not only posted strong total returns during the Reporting Period, but returns in excess of comparable duration Treasuries were positive as well. This outperformance is attributable to the yield advantage that high yield securities have. This yield advantage was great enough to offset the widening in the risk premium of the Index over Treasuries. Given the low interest rate environment, investors have allocated away from US Treasury debt and into corporate debt, including high yield corporate bonds.

112

SPDR Barclays Capital High Yield Bond ETF —
Management’s Discussion of Fund Performance (continued)

113

SPDR Barclays Capital High Yield Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/28/07, 12/04/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital High Yield Bond ETF as stated in the Fees and Expenses table of the prospectus dated October 31, 2011 is 0.4000%.

PERFORMANCE AS OF JUNE 30, 2012




			CUMULATIVE TOTAL RETURN				AVERAGE ANNUAL TOTAL RETURN

					BARCLAYS CAPITAL						BARCLAYS CAPITAL
	NET ASSET		MARKET		HIGH YIELD VERY		NET ASSET		MARKET		HIGH YIELD VERY
	VALUE		VALUE		LIQUID INDEX		VALUE		VALUE		LIQUID INDEX

ONE YEAR		6.50%		6.50%		7.99%		6.50%		6.50%		7.99%

THREE YEARS		53.27%		50.69%		60.72%		15.30%		14.65%		17.13%

SINCE INCEPTION (1)		33.49%		34.56%		54.04%		6.49%		6.68%		9.70%


(1)		For the period November 28, 2007 to June 30, 2012.

114

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

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

115

SPDR Barclays Capital High Yield Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




				ENERGY FUTURE
				INTERMEDIATE	CAESARS
	SPRINT NEXTEL			HOLDING CO.	ENTERTAINMENT
	CORP., 9.00%,	HCA, INC., 6.50%,	FIRST DATA CORP.,	LLC/EFIH FINANCE,	OPERATING CO., INC.,
DESCRIPTION	11/15/2018	2/15/2020	12.63%, 1/15/2021	INC., 10.00%, 12/1/2020	11.25%, 6/1/2017

MARKET VALUE	$160,389,187	155,497,534	142,620,052	112,547,550	109,894,331

% OF NET ASSETS	1.5	1.4	1.3	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		97.1	%
Short Term Investments		1.0
Other Assets & Liabilities		1.9

TOTAL		100.0	%


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

116

SPDR Barclays Capital Short Term High Yield Bond ETF —
Management’s Discussion of Fund Performance

The SPDR^® Barclays Capital Short Term High Yield Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Capital US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index. In seeking this objective, the Fund uses a sampling strategy.

The Fund’s performance reflects the expenses of the managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

For the since inception period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 0.44 %, and the total return for the Index was 1.42%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund underperformed the return of the Index by 98 basis points for the Reporting Period. After adjusting for a pro-rata share of the forty basis points for the net expense ratio, the Fund’s gross return was eighty six basis points below the Index. Trading costs incurred during the initial funding month dragged down performance by 66 basis points.

The overall Index outperformed duration-matched Treasuries for the Reporting Period. Of the three major sectors, finance was the top performer followed by utilities and industrials. Single-C rated issues, while only a

117

SPDR Barclays Capital Short Term High Yield Bond ETF —
Management’s Discussion of Fund Performance (continued)

very small percentage of the Index, were the best performing quality bucket while Double-C issues were the worst performer.

118

SPDR Barclays Capital Short Term High Yield Bond ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




	CLEARWIRE COMMUNICATIONS			CAESARS
	LLC / CLEARWIRE	INTELSAT LUXEMBOURG	SPRINGLEAF	ENTERTAINMENT
	FINANCE, INC.,	SA, 11.25%,	FINANCE CORP.,	OPERATING CO.,	HCA, INC.,
DESCRIPTION	12.00%, 12/1/2015	2/4/2017	5.85%, 6/1/2013	INC., 11.25%, 6/1/2017	6.50%, 2/15/2016

MARKET VALUE	$1,820,000	1,802,500	1,680,000	1,636,875	1,616,250

% OF NET ASSETS	1.4	1.3	1.3	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		97.6	%
Short Term Investments		0.4
Other Assets & Liabilities		2.0

TOTAL		100.0	%


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

119

SPDR Barclays Capital Investment Grade Floating Rate ETF —
Management’s Discussion of Fund Performance

The SPDR Barclays Capital Investment Grade Floating Rate ETF (the “Fund”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of an index that tracks the market for U.S. dollar-denominated, investment grade floating rate notes with maturities greater than or equal to one month and less than five years. In seeking this objective, the Fund uses a sampling strategy.

For the period ended June 30, 2012 (the “Reporting Period”), the total return for the Fund was 1.95%, and the total return for the Barclays Capital U.S. Dollar Floating Rate Note G 5 Years Index (the “Index”) was 2.18%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The Fund’s performance relative to the Index during the Reporting Period was within expectations. The performance differential can be attributed to expenses of managing the Fund, sector allocation and security selection. Generally speaking, the Fund maintained a somewhat lower yield and shorter spread duration relative to the Index during the Reporting Period

The three month Libor, the rate to which all Fund holdings are indexed, changed little during the Reporting Period. Credit spreads in the Index however, narrowed.

120

SPDR Barclays Capital Investment Grade Floating Rate ETF —
Management’s Discussion of Fund Performance (continued)

On an individual security level, the top positive contributors to the Fund’s performance were Bank of America 1/30/14, Morgan Stanley 1/24/14 and Goldman Sachs 9/29/14. All three securities performed well due to spread tightening in response to investors’ more positive outlook on the investment banking sector. The European Central Bank’s bank lending program and the completion of Moody’s credit downgrades were both positive catalysts for these high beta names. The top negative contributors were JPMorgan Chase 2/26/13 and Westpac Bank 6/14/13. JPMorgan Chase’s spreads widened due to its large trading loss announced during the second quarter of 2012. Westpac Bank suffered as the Australian economy continues to cool and investors remain wary of frequent issuers such as Westpac who may suffer going forward from the fragile wholesale debt markets.

121

SPDR Barclays Capital Investment Grade Floating Rate Bond ETF —
Performance Summary

The following performance chart of the Fund’s total return at net asset value, the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/30/11, 12/1/11, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The total expense ratio for SPDR Barclays Capital Investment Grade Floating Rate Bond ETF as stated in the Fees and Expenses table of the prospectus dated November 30, 2011 is 0.1500%.

PERFORMANCE AS OF JUNE 30, 2012

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

BARCLAYS CAPITAL

U.S. DOLLAR

NET ASSET

MARKET

FLOATING RATE NOTE

NET ASSET

MARKET

FLOATING RATE NOTE

VALUE

< 5 YEARS INDEX

VALUE

< 5 YEARS INDEX

SINCE INCEPTION (1)

1.95%

1.39%

2.18%

N/A


(1) For the period November 30, 2011 to June 30, 2012.

122

SPDR Barclays Capital Investment Grade Floating Rate Bond ETF —
Performance Summary (continued)

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

123

SPDR Barclays Capital Investment Grade Floating Rate Bond ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		THE GOLDMAN SACHS	COMMONWEALTH	JPMORGAN
	MORGAN STANLEY,	GROUP, INC.,	BANK OF AUSTRALIA,	CHASE & CO.,	BANK OF AMERICA CORP.,
DESCRIPTION	2.07%, 1/24/2014	1.06%,9/29/2014	1.02%, 3/19/2013	1.12%, 2/26/2013	1.89%,1/30/2014


MARKET VALUE	$425,723	351,492	300,976	292,978	287,960


% OF NET ASSETS	4.7	3.9	3.3	3.2	3.2

(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 JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		98.1	%
Foreign Government Obligations		1.1
Short Term Investments		5.0
Other Assets & Liabilities		(4.2	)

TOTAL		100.0	%


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

124

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




		PETROBRAS
	PETROLEOS	INTERNATIONAL	AMERICA MOVIL SAB	MAJAPAHIT HOLDING	GAZPROM OAO
	MEXICANOS, 5.50%,	FINANCE CO.,3.50%,	DE CV, 5.00%,	BV, 7.75%,	VIA GAZ CAPITAL SA,
DESCRIPTION	1/21/2021	2/6/2017	3/30/2020	1/20/2020	9.25%, 4/23/2019

MARKET VALUE	$621,500	513,242	482,649	477,000	374,187

% OF NET ASSETS	4.1	3.4	3.2	3.2	2.5

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

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		96.9	%
Short Term Investments		1.6
Other Assets & Liabilities		1.5

TOTAL		100.0	%


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

125

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF —
Portfolio Summary

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

TOP FIVE HOLDINGS AS OF JUNE 30, 2012




			FRONTIER
		FORD MOTOR CREDIT	COMMUNICATIONS	TENNESSEE GAS	CHESAPEAKE ENERGY
	HCA, INC., 7.25%,	CO. LLC, 4.25%,	CORP., 8.50%,	PIPELINE CO.,	CORP., 6.63%,
DESCRIPTION	9/15/2020	2/3/2017	4/15/2020	7.00%, 3/15/2027	8/15/2020

MARKET VALUE	$165,000	157,234	132,500	125,298	123,750

% OF NET ASSETS	1.6	1.6	1.3	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.)

ASSET ALLOCATION AS OF JUNE 30, 2012*



	PERCENT OF
	NET ASSETS

Corporate Bonds & Notes		98.2	%
Short Term Investments		0.4
Other Assets & Liabilities		1.4

TOTAL		100.0	%


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

126

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

June 30, 2012


	Principal
Security Description	Amount		Value

U.S. TREASURY OBLIGATIONS — 100.0%
Treasury Bills*
0.06%, 8/2/2012	$	152,597,000	$	152,590,899
0.06%, 8/9/2012		157,772,000		157,764,309
0.06%, 8/16/2012		157,772,000		157,762,923
0.07%, 8/23/2012		222,431,000		222,416,271
0.07%, 8/30/2012		157,772,000		157,758,856
0.08%, 9/20/2012		222,431,000		222,393,462
0.08%, 9/13/2012		157,772,000		157,746,061
0.09%, 9/27/2012		152,597,000		152,563,424
0.70%, 9/6/2012		157,772,000		157,751,441

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $1,538,732,606)				1,538,747,646

	Shares
SHORT TERM INVESTMENT — 0.0% (a)
MONEY MARKET FUND — 0.0% (a)
State Street Institutional Liquid Reserves Fund 0.20% (b)(c)(d) (Cost $343,929)		343,929		343,929

TOTAL INVESTMENTS — 100.0% (e)
(Cost $1,539,076,535)				1,539,091,575
OTHER ASSETS & LIABILITIES — 0.0% (a)				420,847

NET ASSETS — 100.0%			$	1,539,512,422


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

See accompanying notes to financial statements.

127

SPDR Barclays Capital TIPS ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

U.S. TREASURY OBLIGATIONS — 99.3%
Treasury Inflation Protected Indexed Notes
0.13%, 4/15/2016	$	32,615,026	$	33,975,725
0.50%, 4/15/2015		18,385,884		19,095,395
1.13%, 1/15/2021		31,460,554		36,248,536
1.25%, 4/15/2014		13,545,017		13,995,795
1.25%, 7/15/2020		27,859,382		32,403,805
1.38%, 7/15/2018 (a)		13,029,805		14,886,553
1.38%, 1/15/2020		16,463,698		19,167,366
1.63%, 1/15/2015		18,670,511		19,857,768
1.63%, 1/15/2018		14,700,104		16,808,686
1.88%, 7/15/2013 (a)		20,209,775		20,705,521
1.88%, 7/15/2015		16,399,245		17,852,054
1.88%, 7/15/2019		13,348,900		15,979,033
2.00%, 1/15/2014		21,327,318		22,160,363
2.00%, 7/15/2014		18,914,243		20,054,961
2.00%, 1/15/2016		16,071,337		17,791,453
2.13%, 1/15/2019		12,898,247		15,447,715
2.38%, 1/15/2017		16,050,056		18,542,790
2.50%, 7/15/2016		18,582,467		21,297,180
2.63%, 7/15/2017		12,674,437		15,074,722
Treasury Inflation Protected Indexed Bonds
0.13%, 4/15/2017 (a)		13,573,027		14,336,510
0.13%, 1/15/2022		34,224,565		36,251,344
0.63%, 7/15/2021 (a)		29,838,856		33,275,099
0.75%, 2/15/2042 (a)		13,393,081		14,098,360
1.75%, 1/15/2028		14,003,864		17,553,003
2.00%, 1/15/2026		18,907,748		24,160,510
2.13%, 2/15/2040		13,169,945		18,711,594
2.13%, 2/15/2041		20,551,910		29,373,200
2.38%, 1/15/2025		27,872,787		36,748,597
2.38%, 1/15/2027		15,335,909		20,586,004
2.50%, 1/15/2029		12,366,759		17,156,899
3.38%, 4/15/2032		5,298,545		8,539,771
3.63%, 4/15/2028		19,470,085		30,032,606
3.88%, 4/15/2029		22,254,213		35,930,094

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $668,487,136)				728,099,012

	Shares
SHORT TERM INVESTMENTS — 4.3%
MONEY MARKET FUNDS — 4.3%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		31,170,780		31,170,780
State Street Institutional Liquid Reserves Fund 0.20% (c)(d)		229,449		229,449

TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $31,400,229)				31,400,229

TOTAL INVESTMENTS — 103.6% (f)
(Cost $699,887,365)				759,499,241
OTHER ASSETS & LIABILITIES — (3.6)%				(26,514,766	)

NET ASSETS — 100.0%			$	732,984,475


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Investments of cash collateral for securities loaned.
(c)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

128

SPDR Barclays Capital Short Term Treasury ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

U.S. TREASURY OBLIGATIONS — 99.2%
Treasury Bonds
7.25%, 5/15/2016	$	26,000	$	32,602
7.50%, 11/15/2016		20,000		25,870
8.75%, 5/15/2017		10,000		13,837
9.25%, 2/15/2016		6,000		7,867
9.88%, 11/15/2015		6,000		7,880
10.63%, 8/15/2015		4,000		5,258
11.25%, 2/15/2015		12,000		15,383
Treasury Notes
0.13%, 8/31/2013 (a)		63,000		62,897
0.13%, 9/30/2013		70,000		69,869
0.13%, 12/31/2013		60,000		59,841
0.25%, 10/31/2013		63,000		62,970
0.25%, 11/30/2013		68,000		67,954
0.25%, 1/31/2014		55,000		54,950
0.25%, 2/28/2014		60,000		59,941
0.25%, 3/31/2014		50,000		49,942
0.25%, 4/30/2014		50,000		49,938
0.25%, 5/31/2014		50,000		49,940
0.25%, 6/30/2014		50,000		49,938
0.25%, 9/15/2014		52,000		51,892
0.25%, 12/15/2014		55,000		54,861
0.25%, 1/15/2015		45,000		44,874
0.25%, 2/15/2015		50,000		49,827
0.25%, 5/15/2015		40,000		39,827
0.38%, 7/31/2013		68,000		68,085
0.38%, 11/15/2014		62,000		62,038
0.38%, 3/15/2015		50,000		49,972
0.38%, 4/15/2015		50,000		49,966
0.38%, 6/15/2015		45,000		44,961
0.50%, 10/15/2013		36,000		36,100
0.50%, 11/15/2013		48,000		48,139
0.50%, 8/15/2014		55,000		55,185
0.50%, 10/15/2014		52,000		52,190
0.63%, 7/15/2014		62,000		62,355
0.63%, 5/31/2017		50,000		49,769
0.75%, 8/15/2013		57,000		57,307
0.75%, 9/15/2013		54,000		54,309
0.75%, 12/15/2013		36,000		36,233
0.75%, 6/15/2014		62,000		62,521
0.88%, 11/30/2016		65,000		65,643
0.88%, 12/31/2016		53,000		53,473
0.88%, 1/31/2017		50,000		50,425
0.88%, 2/28/2017		55,000		55,474
0.88%, 4/30/2017		40,000		40,305
1.00%, 7/15/2013		52,000		52,398
1.00%, 1/15/2014		28,000		28,295
1.00%, 5/15/2014		44,000		44,546
1.00%, 8/31/2016		68,000		69,072
1.00%, 9/30/2016		68,000		69,056
1.00%, 10/31/2016		68,000		69,032
1.00%, 3/31/2017		60,000		60,818
1.25%, 2/15/2014		34,000		34,511
1.25%, 3/15/2014		36,000		36,568
1.25%, 4/15/2014		40,000		40,654
1.25%, 8/31/2015		50,000		51,245
1.25%, 9/30/2015		60,000		61,484
1.25%, 10/31/2015		60,000		61,493
1.38%, 11/30/2015		50,000		51,477
1.50%, 12/31/2013		45,000		45,803
1.50%, 6/30/2016		62,000		64,224
1.50%, 7/31/2016		68,000		70,452
1.75%, 1/31/2014		46,000		47,046
1.75%, 3/31/2014		52,000		53,292
1.75%, 7/31/2015		54,000		56,142
1.75%, 5/31/2016		44,000		46,006
1.88%, 2/28/2014		36,000		36,930
1.88%, 4/30/2014		54,000		55,521
1.88%, 6/30/2015		46,000		47,965
2.00%, 11/30/2013		38,000		38,916
2.00%, 1/31/2016		58,000		61,026
2.00%, 4/30/2016		44,000		46,407
2.13%, 11/30/2014		66,000		68,783
2.13%, 5/31/2015		64,000		67,145
2.13%, 12/31/2015		28,000		29,557
2.13%, 2/29/2016		30,000		31,730
2.25%, 5/31/2014		54,000		55,970
2.25%, 1/31/2015		68,000		71,262
2.25%, 3/31/2016		42,000		44,665
2.38%, 8/31/2014		66,000		68,882
2.38%, 9/30/2014		70,000		73,188
2.38%, 10/31/2014		64,000		66,995
2.38%, 2/28/2015		76,000		79,982
2.38%, 3/31/2016		30,000		32,033
2.50%, 3/31/2015		78,000		82,488
2.50%, 4/30/2015		60,000		63,518
2.50%, 6/30/2017		10,000		10,857
2.63%, 6/30/2014		62,000		64,843
2.63%, 7/31/2014		64,000		67,019
2.63%, 12/31/2014		70,000		73,928
2.63%, 2/29/2016		24,000		25,829
2.63%, 4/30/2016		26,000		28,032
2.75%, 10/31/2013		40,000		41,305
2.75%, 11/30/2016		42,000		45,823
2.75%, 5/31/2017		20,000		21,942
3.00%, 8/31/2016		44,000		48,320
3.00%, 9/30/2016		46,000		50,560
3.00%, 2/28/2017		30,000		33,157
3.13%, 8/31/2013		42,000		43,389
3.13%, 9/30/2013		42,000		43,484
3.13%, 10/31/2016		50,000		55,277
3.13%, 1/31/2017		45,000		49,931
3.13%, 4/30/2017		40,000		44,540
3.25%, 5/31/2016		22,000		24,275
3.25%, 6/30/2016		31,000		34,255
3.25%, 7/31/2016		44,000		48,693
3.25%, 12/31/2016		35,000		38,984
3.25%, 3/31/2017		40,000		44,710
3.38%, 7/31/2013		36,000		37,207
4.00%, 2/15/2014		48,000		50,848
4.00%, 2/15/2015		50,000		54,688
4.13%, 5/15/2015		42,000		46,421
4.25%, 8/15/2013		52,000		54,318
4.25%, 11/15/2013		54,000		56,917
4.25%, 8/15/2014		40,000		43,293
4.25%, 11/15/2014		42,000		45,845
4.25%, 8/15/2015		48,000		53,630

See accompanying notes to financial statements.

129

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

June 30, 2012


	Principal
Security Description	Amount		Value

4.50%, 11/15/2015	$	40,000	$	45,339
4.50%, 2/15/2016		38,000		43,414
4.50%, 5/15/2017		25,000		29,493
4.63%, 11/15/2016		36,000		42,139
4.63%, 2/15/2017		25,000		29,455
4.75%, 5/15/2014		46,000		49,789
4.88%, 8/15/2016		32,000		37,546
5.13%, 5/15/2016		28,000		32,873

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $5,954,472)				5,971,553

	Shares
SHORT TERM INVESTMENTS — 0.8%
MONEY MARKET FUNDS — 0.8%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		31,581		31,581
State Street Institutional Liquid Reserves Fund 0.20% (c)(d)		17,494		17,494

TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $49,075)				49,075

TOTAL INVESTMENTS — 100.0% (f)
(Cost $6,003,547)				6,020,628
OTHER ASSETS & LIABILITIES — 0.0% (g)				(1,189	)

NET ASSETS — 100.0%			$	6,019,439


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Investments of cash collateral for securities loaned.
(c)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)
(g)		Amount shown represents less than 0.05% of net assets.

See accompanying notes to financial statements.

130

SPDR Barclays Capital Intermediate Term Treasury ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

U.S. TREASURY OBLIGATIONS — 99.3%
Treasury Bonds
7.25%, 5/15/2016	$	816,000	$	1,023,199
7.50%, 11/15/2016		345,000		446,264
7.88%, 2/15/2021		178,000		272,299
8.00%, 11/15/2021		438,000		687,546
8.13%, 8/15/2019		395,000		586,022
8.13%, 5/15/2021		80,000		124,802
8.13%, 8/15/2021 (a)		81,000		127,231
8.50%, 2/15/2020		177,000		271,284
8.75%, 5/15/2017 (a)		273,000		377,742
8.75%, 5/15/2020 (a)		150,000		234,636
8.75%, 8/15/2020 (a)		267,000		421,075
8.88%, 8/15/2017		182,000		256,129
8.88%, 2/15/2019		271,000		407,982
9.00%, 11/15/2018		214,000		320,606
9.13%, 5/15/2018 (a)		289,000		425,157
9.25%, 2/15/2016		211,000		276,663
9.88%, 11/15/2015		247,000		324,375
10.63%, 8/15/2015		153,000		201,135
11.25%, 2/15/2015		470,000		602,512
Treasury Notes
0.13%, 8/31/2013 (a)		1,339,000		1,336,804
0.13%, 9/30/2013		1,377,000		1,374,425
0.13%, 12/31/2013		1,246,000		1,242,698
0.25%, 10/31/2013		1,377,000		1,376,339
0.25%, 11/30/2013		1,339,000		1,338,089
0.25%, 1/31/2014		1,372,000		1,370,751
0.25%, 2/28/2014		1,412,000		1,410,602
0.25%, 3/31/2014		1,130,000		1,128,678
0.25%, 4/30/2014		1,164,000		1,162,545
0.25%, 5/31/2014 (a)		1,939,000		1,936,654
0.25%, 6/30/2014		1,200,000		1,198,500
0.25%, 9/15/2014		1,375,000		1,372,154
0.25%, 12/15/2014		890,000		887,748
0.25%, 1/15/2015 (a)		914,000		911,432
0.25%, 2/15/2015		1,412,000		1,407,114
0.25%, 5/15/2015		1,455,000		1,448,700
0.38%, 7/31/2013		1,339,000		1,340,674
0.38%, 11/15/2014		905,000		905,552
0.38%, 3/15/2015		706,000		705,598
0.38%, 4/15/2015		970,000		969,331
0.38%, 6/15/2015		1,000,000		999,140
0.50%, 10/15/2013		1,180,000		1,183,269
0.50%, 11/15/2013		1,220,000		1,223,538
0.50%, 8/15/2014		1,165,000		1,168,914
0.50%, 10/15/2014		905,000		908,312
0.63%, 7/15/2014		1,165,000		1,171,676
0.63%, 5/31/2017 (a)		970,000		965,509
0.75%, 8/15/2013		1,233,000		1,239,646
0.75%, 9/15/2013		1,348,000		1,355,711
0.75%, 12/15/2013		975,000		981,299
0.75%, 6/15/2014		1,335,000		1,346,214
0.75%, 6/30/2017		1,200,000		1,201,176
0.88%, 11/30/2016		1,339,000		1,352,243
0.88%, 12/31/2016		1,019,000		1,028,100
0.88%, 1/31/2017		1,190,000		1,200,127
0.88%, 2/28/2017		942,000		950,111
0.88%, 4/30/2017 (a)		970,000		977,401
1.00%, 7/15/2013		1,134,000		1,142,675
1.00%, 1/15/2014		882,000		891,296
1.00%, 5/15/2014		1,500,000		1,518,615
1.00%, 8/31/2016		1,339,000		1,360,116
1.00%, 9/30/2016		907,000		921,086
1.00%, 10/31/2016		907,000		920,768
1.00%, 3/31/2017		1,237,000		1,253,860
1.00%, 6/30/2019		1,000,000		992,030
1.13%, 5/31/2019 (a)		970,000		971,503
1.25%, 2/15/2014		887,000		900,323
1.25%, 3/15/2014		803,000		815,663
1.25%, 4/15/2014		890,000		904,543
1.25%, 8/31/2015		957,000		980,839
1.25%, 9/30/2015		1,283,000		1,314,741
1.25%, 10/31/2015		1,308,000		1,340,556
1.25%, 1/31/2019 (a)		732,000		742,102
1.25%, 4/30/2019 (a)		485,000		490,393
1.38%, 11/30/2015		1,348,000		1,387,820
1.38%, 9/30/2018		901,000		922,417
1.38%, 11/30/2018		901,000		921,498
1.38%, 12/31/2018 (a)		624,000		637,965
1.38%, 2/28/2019 (a)		470,000		479,950
1.50%, 12/31/2013		1,110,000		1,129,814
1.50%, 6/30/2016		1,298,000		1,344,559
1.50%, 7/31/2016		1,339,000		1,387,284
1.50%, 8/31/2018		1,072,000		1,106,122
1.50%, 3/31/2019		470,000		483,198
1.75%, 1/31/2014		1,015,000		1,038,071
1.75%, 3/31/2014		1,129,000		1,157,044
1.75%, 7/31/2015		1,119,000		1,163,391
1.75%, 5/31/2016		999,000		1,044,534
1.75%, 10/31/2018		901,000		942,824
1.75%, 5/15/2022 (a)		1,970,000		1,985,858
1.88%, 2/28/2014		906,000		929,393
1.88%, 4/30/2014		1,423,000		1,463,072
1.88%, 6/30/2015		1,114,000		1,161,590
1.88%, 8/31/2017 (a)		1,169,000		1,233,295
1.88%, 9/30/2017		990,000		1,044,648
1.88%, 10/31/2017 (a)		993,000		1,047,754
2.00%, 11/30/2013		977,000		1,000,546
2.00%, 1/31/2016		1,177,000		1,238,416
2.00%, 4/30/2016		894,000		942,911
2.00%, 11/15/2021		1,810,000		1,876,282
2.00%, 2/15/2022 (a)		2,013,000		2,080,375
2.13%, 11/30/2014		1,694,000		1,765,436
2.13%, 5/31/2015		1,416,000		1,485,582
2.13%, 12/31/2015 (a)		709,000		748,420
2.13%, 2/29/2016		625,000		661,050
2.13%, 8/15/2021		2,100,000		2,207,457
2.25%, 5/31/2014		1,121,000		1,161,905
2.25%, 1/31/2015		1,202,000		1,259,660
2.25%, 3/31/2016 (a)		892,000		948,606
2.25%, 11/30/2017		761,000		818,204
2.25%, 7/31/2018		807,000		868,743
2.38%, 8/31/2014		1,625,000		1,695,964
2.38%, 9/30/2014		1,640,000		1,714,702
2.38%, 10/31/2014		1,596,000		1,670,693
2.38%, 2/28/2015		1,798,000		1,892,197
2.38%, 3/31/2016		774,000		826,438

See accompanying notes to financial statements.

131

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

June 30, 2012


	Principal
Security Description	Amount		Value

2.38%, 7/31/2017	$	1,007,000	$	1,087,580
2.38%, 5/31/2018		884,000		957,832
2.38%, 6/30/2018		892,000		966,937
2.50%, 3/31/2015		1,800,000		1,903,572
2.50%, 4/30/2015		1,474,000		1,560,421
2.50%, 6/30/2017		721,000		782,797
2.63%, 6/30/2014		1,426,000		1,491,382
2.63%, 7/31/2014		1,533,000		1,605,312
2.63%, 12/31/2014		1,549,000		1,635,930
2.63%, 2/29/2016 (a)		447,000		481,070
2.63%, 4/30/2016		781,000		842,043
2.63%, 1/31/2018 (a)		520,000		569,904
2.63%, 4/30/2018 (a)		709,000		778,099
2.63%, 8/15/2020		1,792,000		1,971,899
2.63%, 11/15/2020		2,387,000		2,623,504
2.75%, 10/31/2013		811,000		837,455
2.75%, 11/30/2016		1,157,000		1,262,310
2.75%, 5/31/2017 (a)		805,000		883,174
2.75%, 12/31/2017 (a)		756,000		833,301
2.75%, 2/28/2018 (a)		646,000		712,880
2.75%, 2/15/2019		1,409,000		1,563,891
2.88%, 3/31/2018		642,000		713,499
3.00%, 8/31/2016		965,000		1,059,744
3.00%, 9/30/2016		1,253,000		1,377,210
3.00%, 2/28/2017		605,000		668,664
3.13%, 8/31/2013		950,000		981,426
3.13%, 9/30/2013 (a)		859,000		889,357
3.13%, 10/31/2016		726,000		802,629
3.13%, 1/31/2017		1,156,000		1,282,675
3.13%, 4/30/2017		804,000		895,262
3.13%, 5/15/2019 (a)		1,067,000		1,212,827
3.13%, 5/15/2021		1,493,000		1,699,482
3.25%, 5/31/2016		414,000		456,820
3.25%, 6/30/2016		854,000		943,661
3.25%, 7/31/2016 (a)		775,000		857,669
3.25%, 12/31/2016		808,000		899,967
3.25%, 3/31/2017		1,161,000		1,297,719
3.38%, 7/31/2013		887,000		916,732
3.38%, 11/15/2019		1,875,000		2,169,394
3.50%, 2/15/2018		1,238,000		1,416,470
3.50%, 5/15/2020		1,841,000		2,150,527
3.63%, 8/15/2019 (a)		1,368,000		1,604,377
3.63%, 2/15/2020		2,621,000		3,083,344
3.63%, 2/15/2021		1,600,000		1,888,848
3.75%, 11/15/2018 (a)		1,085,000		1,271,002
3.88%, 5/15/2018		529,000		619,247
4.00%, 2/15/2014		1,276,000		1,351,718
4.00%, 2/15/2015		1,201,000		1,313,606
4.00%, 8/15/2018 (a)		395,000		467,423
4.13%, 5/15/2015		815,000		900,779
4.25%, 8/15/2013 (a)		1,115,000		1,164,696
4.25%, 11/15/2013		1,024,000		1,079,317
4.25%, 8/15/2014		804,000		870,193
4.25%, 11/15/2014		640,000		698,586
4.25%, 8/15/2015		1,163,000		1,299,408
4.25%, 11/15/2017		966,000		1,139,436
4.50%, 11/15/2015		879,000		996,320
4.50%, 2/15/2016		772,000		881,995
4.50%, 5/15/2017		572,000		674,806
4.63%, 11/15/2016		887,000		1,038,269
4.63%, 2/15/2017		478,000		563,184
4.75%, 5/15/2014		1,105,000		1,196,030
4.75%, 8/15/2017 (a)		881,000		1,057,085
4.88%, 8/15/2016 (a)		973,000		1,141,631
5.13%, 5/15/2016		515,000		604,636

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $185,678,659)				194,749,193

	Shares
SHORT TERM INVESTMENTS — 7.5%
MONEY MARKET FUNDS — 7.5%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		14,463,796		14,463,796
State Street Institutional Liquid Reserves Fund 0.20% (c)(d)		309,305		309,305

TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $14,773,101)				14,773,101

TOTAL INVESTMENTS — 106.8% (f)
(Cost $200,451,760)				209,522,294
OTHER ASSETS & LIABILITIES — (6.8)%				(13,305,853	)

NET ASSETS — 100.0%			$	196,216,441


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Investments of cash collateral for securities loaned.
(c)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

132

SPDR Barclays Capital Long Term Treasury ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

U.S. TREASURY OBLIGATIONS — 99.0%
Treasury Bonds
3.00%, 5/15/2042 (a)	$	2,096,000	$	2,194,575
3.13%, 11/15/2041		3,029,000		3,254,145
3.13%, 2/15/2042		3,117,000		3,346,349
3.50%, 2/15/2039		1,713,000		1,980,142
3.75%, 8/15/2041		2,966,000		3,574,386
3.88%, 8/15/2040		2,266,000		2,787,724
4.25%, 5/15/2039		1,727,000		2,253,735
4.25%, 11/15/2040		2,596,000		3,394,504
4.38%, 2/15/2038		988,000		1,310,365
4.38%, 11/15/2039		2,530,000		3,367,101
4.38%, 5/15/2040		2,622,000		3,492,189
4.38%, 5/15/2041		2,190,000		2,923,299
4.50%, 2/15/2036		1,251,000		1,679,355
4.50%, 5/15/2038		1,192,000		1,611,584
4.50%, 8/15/2039		1,597,000		2,164,797
4.63%, 2/15/2040		2,306,000		3,187,907
4.75%, 2/15/2037		578,000		805,096
4.75%, 2/15/2041		1,856,000		2,620,449
5.00%, 5/15/2037		772,000		1,113,208
5.25%, 11/15/2028		637,000		896,310
5.25%, 2/15/2029		638,000		900,014
5.38%, 2/15/2031		998,000		1,453,876
5.50%, 8/15/2028		541,000		778,629
6.00%, 2/15/2026 (a)		656,000		961,624
6.13%, 11/15/2027		1,099,000		1,660,512
6.13%, 8/15/2029		451,000		696,714
6.25%, 8/15/2023		1,191,000		1,729,737
6.25%, 5/15/2030		768,000		1,212,081
6.38%, 8/15/2027 (a)		406,000		625,260
6.50%, 11/15/2026		424,000		653,541
6.63%, 2/15/2027		407,000		635,950
6.75%, 8/15/2026 (a)		332,000		520,749
6.88%, 8/15/2025		493,000		769,982
7.13%, 2/15/2023		599,000		916,165
7.25%, 8/15/2022		565,000		863,586
7.50%, 11/15/2024		474,000		766,159
7.63%, 11/15/2022		304,000		477,836
7.63%, 2/15/2025		386,000		631,940

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $61,213,226)				64,211,575

	Shares
SHORT TERM INVESTMENTS — 2.8%
MONEY MARKET FUNDS — 2.8%
State Street Navigator Securities Lending Prime Portfolio (b)(c)		1,764,865		1,764,865
State Street Institutional Liquid Reserves Fund 0.20% (c)(d)		30,510		30,510

TOTAL SHORT TERM INVESTMENTS — (e)
(Cost $1,795,375)				1,795,375

TOTAL INVESTMENTS — 101.8% (f)
(Cost $63,008,601)				66,006,950
OTHER ASSETS & LIABILITIES — (1.8)%				(1,162,949	)

NET ASSETS — 100.0%			$	64,844,001


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Investments of cash collateral for securities loaned.
(c)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

133

SPDR Barclays Capital Short Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.9%
AEROSPACE & DEFENSE — 1.3%
General Dynamics Corp.:
1.38%, 1/15/2015	$	1,438,000	$	1,456,455
5.25%, 2/1/2014		1,450,000		1,552,195
Honeywell International, Inc. 3.88%, 2/15/2014		1,250,000		1,313,632
Northrop Grumman Corp. 3.70%, 8/1/2014		350,000		367,112
Raytheon Co. 1.40%, 12/15/2014		1,250,000		1,267,807
The Boeing Co.:
3.50%, 2/15/2015		1,000,000		1,069,802
5.00%, 3/15/2014		2,250,000		2,417,205
United Technologies Corp.:
1.20%, 6/1/2015		1,800,000		1,820,489
4.88%, 5/1/2015		2,500,000		2,784,489

				14,049,186

AIR FREIGHT & LOGISTICS — 0.2%
FedEx Corp. 7.38%, 1/15/2014		250,000		274,224
GATX Corp. 8.75%, 5/15/2014		250,000		277,844
United Parcel Service, Inc. 3.88%, 4/1/2014		1,575,000		1,661,449

				2,213,517

AIRLINES — 0.0% (a)
Southwest Airlines Co. 5.25%, 10/1/2014		122,000		130,085

AUTO COMPONENTS — 0.1%
Johnson Controls, Inc.:
1.75%, 3/1/2014		600,000		605,298
4.88%, 9/15/2013		250,000		260,951

				866,249

AUTOMOBILES — 0.5%
Daimler Finance North America LLC 6.50%, 11/15/2013		3,600,000		3,865,176
Harley-Davidson, Inc. 15.00%, 2/1/2014		50,000		58,860
PACCAR Financial Corp. 1.55%, 9/29/2014		1,500,000		1,522,857
PACCAR, Inc. 6.88%, 2/15/2014		250,000		273,517

				5,720,410

BEVERAGES — 3.0%
Anheuser-Busch InBev Worldwide, Inc.:
1.50%, 7/14/2014		2,600,000		2,633,362
3.63%, 4/15/2015		1,000,000		1,069,029
4.13%, 1/15/2015		2,000,000		2,153,449
5.38%, 11/15/2014		3,375,000		3,723,376
Bottling Group LLC 6.95%, 3/15/2014		1,625,000		1,795,020
Coca-Cola Enterprises, Inc. 1.13%, 11/12/2013		800,000		802,402
Coca-Cola HBC Finance BV 5.13%, 9/17/2013		350,000		360,868
Coca-Cola Refreshments USA, Inc.:
4.25%, 3/1/2015		350,000		379,331
7.38%, 3/3/2014		1,250,000		1,384,834
Diageo Capital PLC 7.38%, 1/15/2014		2,169,000		2,385,515
Diageo Finance BV 3.25%, 1/15/2015		500,000		529,112
PepsiAmericas, Inc. 4.38%, 2/15/2014		600,000		633,869
PepsiCo, Inc.:
0.75%, 3/5/2015		1,500,000		1,493,888
0.80%, 8/25/2014		1,500,000		1,497,994
0.88%, 10/25/2013		1,500,000		1,505,344
3.10%, 1/15/2015		2,625,000		2,765,945
3.75%, 3/1/2014		1,825,000		1,916,658
The Coca-Cola Co.:
0.75%, 11/15/2013		1,450,000		1,456,881
0.75%, 3/13/2015		1,500,000		1,497,827
3.63%, 3/15/2014		2,875,000		3,019,173

				33,003,877

BIOTECHNOLOGY — 0.6%
Amgen, Inc.:
1.88%, 11/15/2014		1,188,000		1,197,981
4.85%, 11/18/2014		2,500,000		2,691,263
Genzyme Corp. 3.63%, 6/15/2015		500,000		537,608
Gilead Sciences, Inc. 2.40%, 12/1/2014		1,000,000		1,025,772
Life Technologies Corp. 4.40%, 3/1/2015		1,000,000		1,059,205

				6,511,829

BUILDING MATERIALS — 0.1%
CRH America, Inc. 5.30%, 10/15/2013		1,203,000		1,253,183

CAPITAL MARKETS — 6.9%
BlackRock, Inc. 3.50%, 12/10/2014		1,800,000		1,909,939
Deutsche Bank Financial LLC 5.38%, 3/2/2015		2,000,000		2,073,807
Jefferies Group, Inc. 5.88%, 6/8/2014		500,000		521,250
Morgan Stanley:
2.88%, 1/24/2014		2,250,000		2,218,223
2.88%, 7/28/2014		135,000		132,495
4.10%, 1/26/2015		5,500,000		5,459,612
4.20%, 11/20/2014		2,500,000		2,501,995
4.75%, 4/1/2014		7,125,000		7,164,574
6.00%, 5/13/2014		3,600,000		3,727,223
6.00%, 4/28/2015		3,000,000		3,113,530
6.75%, 10/15/2013		625,000		654,850
Northern Trust Corp. 5.50%, 8/15/2013		1,500,000		1,582,023
TD Ameritrade Holding Corp. 4.15%, 12/1/2014		1,070,000		1,134,079
The Bank of New York Mellon Corp.:
1.50%, 1/31/2014		500,000		504,603
4.30%, 5/15/2014		4,800,000		5,124,274
4.95%, 3/15/2015		500,000		546,894

See accompanying notes to financial statements.

134

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

June 30, 2012


	Principal
Security Description	Amount		Value

5.13%, 8/27/2013	$	900,000	$	947,865
The Bear Stearns Cos. LLC 5.70%, 11/15/2014		5,500,000		5,947,350
The Charles Schwab Corp. 4.95%, 6/1/2014		1,700,000		1,823,348
The Goldman Sachs Group, Inc.:
3.30%, 5/3/2015		5,000,000		4,985,851
4.75%, 7/15/2013		2,875,000		2,946,490
5.00%, 10/1/2014		3,000,000		3,135,279
5.13%, 1/15/2015		4,750,000		4,958,892
5.15%, 1/15/2014		1,500,000		1,550,125
5.25%, 10/15/2013		3,850,000		3,993,144
5.50%, 11/15/2014		2,550,000		2,700,068
6.00%, 5/1/2014		4,438,000		4,688,823

				76,046,606

CHEMICALS — 1.8%
Airgas, Inc.:
2.85%, 10/1/2013		250,000		253,528
4.50%, 9/15/2014		1,124,000		1,199,070
E.I. du Pont de Nemours & Co.:
1.75%, 3/25/2014		2,600,000		2,653,159
3.25%, 1/15/2015		2,250,000		2,385,091
5.00%, 7/15/2013		750,000		784,021
Ecolab, Inc. 2.38%, 12/8/2014		1,500,000		1,541,716
ICI Wilmington, Inc. 5.63%, 12/1/2013		1,000,000		1,055,700
Potash Corp. of Saskatchewan, Inc. 5.25%, 5/15/2014		1,250,000		1,345,055
Praxair, Inc. 4.63%, 3/30/2015		2,100,000		2,314,527
The Dow Chemical Co.:
5.90%, 2/15/2015		4,000,000		4,455,823
7.60%, 5/15/2014		1,600,000		1,780,655
The Sherwin-Williams Co. 3.13%, 12/15/2014		500,000		523,060

				20,291,405

COMMERCIAL BANKS — 13.8%
Abbey National Treasury Services PLC/London 2.88%, 4/25/2014		875,000		854,703
Banco Bradesco SA/Cayman Islands 8.75%, 4/24/2015		500,000		537,585
Bank of Montreal 1.75%, 4/29/2014		1,250,000		1,271,206
Bank of Nova Scotia:
1.85%, 1/12/2015		1,500,000		1,524,067
2.38%, 12/17/2013		3,500,000		3,573,605
3.40%, 1/22/2015		3,625,000		3,810,830
Barclays Bank PLC:
2.38%, 1/13/2014		1,000,000		1,002,428
2.75%, 2/23/2015		4,300,000		4,326,797
3.90%, 4/7/2015		500,000		517,848
5.20%, 7/10/2014		5,000,000		5,273,772
BB&T Corp.:
2.05%, 4/28/2014		1,150,000		1,173,609
3.38%, 9/25/2013		750,000		770,342
5.70%, 4/30/2014		1,000,000		1,082,876
BBVA US Senior SAU 3.25%, 5/16/2014		1,550,000		1,480,319
BNP Paribas 3.25%, 3/11/2015		6,000,000		6,045,460
Canadian Imperial Bank of Commerce/Canada 1.45%, 9/13/2013		2,700,000		2,724,056
Commonwealth Bank of Australia/New York, NY 1.95%, 3/16/2015		3,500,000		3,518,005
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 1.85%, 1/10/2014		2,125,000		2,140,569
Credit Suisse of New York, NY:
2.20%, 1/14/2014		2,600,000		2,617,143
3.50%, 3/23/2015		4,000,000		4,114,946
5.50%, 5/1/2014		4,790,000		5,084,566
Deutsche Bank AG London:
3.45%, 3/30/2015		2,100,000		2,169,315
3.88%, 8/18/2014		2,150,000		2,235,336
Fifth Third Bank 4.75%, 2/1/2015		1,000,000		1,067,470
HSBC Bank USA NA 4.63%, 4/1/2014		3,000,000		3,131,361
HSBC Finance Corp.:
4.75%, 7/15/2013		1,785,000		1,839,826
5.25%, 1/15/2014		1,000,000		1,044,144
HSBC USA, Inc. 2.38%, 2/13/2015		4,675,000		4,712,956
JPMorgan Chase & Co.:
3.70%, 1/20/2015		4,700,000		4,885,412
5.38%, 1/15/2014		500,000		529,261
Key Bank NA 5.80%, 7/1/2014		1,050,000		1,125,428
National Australia Bank/New York 2.00%, 3/9/2015		2,500,000		2,506,215
National Bank of Canada 1.50%, 6/26/2015		2,500,000		2,506,242
PNC Funding Corp.:
3.00%, 5/19/2014		200,000		207,014
3.63%, 2/8/2015		3,500,000		3,707,165
5.40%, 6/10/2014		750,000		809,324
Royal Bank of Canada:
1.13%, 1/15/2014		500,000		503,148
1.15%, 3/13/2015		2,250,000		2,252,720
1.45%, 10/30/2014		4,475,000		4,525,106
2.10%, 7/29/2013		1,000,000		1,015,515
SouthTrust Corp. 5.80%, 6/15/2014		1,750,000		1,879,942
The Bank Of New York Mellon Corp. 1.20%, 2/20/2015		2,270,000		2,281,522
The Royal Bank of Scotland PLC:
3.25%, 1/11/2014		750,000		753,189
3.40%, 8/23/2013		2,050,000		2,070,578
The Toronto-Dominion Bank 1.38%, 7/14/2014		1,150,000		1,161,861
UFJ Finance Aruba AEC 6.75%, 7/15/2013		2,105,000		2,206,187

See accompanying notes to financial statements.

135

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

June 30, 2012


	Principal
Security Description	Amount		Value

Union Bank NA 2.13%, 12/16/2013	$	500,000	$	507,195
UnionBanCal Corp. 5.25%, 12/16/2013		1,500,000		1,570,275
US Bancorp:
1.13%, 10/30/2013		3,400,000		3,419,856
1.38%, 9/13/2013		1,750,000		1,764,026
2.88%, 11/20/2014		2,000,000		2,089,987
4.20%, 5/15/2014		3,725,000		3,948,171
US Bank NA:
4.95%, 10/30/2014		1,150,000		1,242,912
6.30%, 2/4/2014		1,500,000		1,612,482
Wachovia Bank 4.80%, 11/1/2014		337,000		360,289
Wachovia Corp.:
4.88%, 2/15/2014		500,000		524,768
5.25%, 8/1/2014		3,950,000		4,230,484
5.70%, 8/1/2013		350,000		367,862
Wells Fargo & Co.:
1.25%, 2/13/2015		7,250,000		7,202,841
3.63%, 4/15/2015		2,000,000		2,121,025
3.75%, 10/1/2014		5,450,000		5,743,456
4.95%, 10/16/2013		3,250,000		3,402,230
Westpac Banking Corp.:
1.85%, 12/9/2013		600,000		604,842
2.10%, 8/2/2013		2,100,000		2,122,538
4.20%, 2/27/2015		4,225,000		4,497,555
Zions Bancorporation 7.75%, 9/23/2014		1,000,000		1,095,000

				152,998,763

COMMERCIAL SERVICES & SUPPLIES — 0.3%
Cornell University 4.35%, 2/1/2014		10,000		10,580
Pitney Bowes, Inc.:
4.88%, 8/15/2014		800,000		831,214
5.00%, 3/15/2015		750,000		772,808
The Board Of Trustees Of The Leland Stanford Junior University 3.63%, 5/1/2014		500,000		526,941
Waste Management, Inc. 5.00%, 3/15/2014		1,350,000		1,436,021

				3,577,564

COMMUNICATIONS EQUIPMENT — 0.4%
Cisco Systems, Inc.:
1.63%, 3/14/2014		3,188,000		3,246,933
2.90%, 11/17/2014		1,400,000		1,476,147

				4,723,080

COMPUTERS & PERIPHERALS — 2.9%
Dell, Inc.:
1.40%, 9/10/2013		901,000		908,439
2.10%, 4/1/2014		1,000,000		1,018,804
5.63%, 4/15/2014		1,500,000		1,619,522
Hewlett-Packard Co.:
1.25%, 9/13/2013		3,750,000		3,754,314
1.55%, 5/30/2014		2,250,000		2,247,336
2.35%, 3/15/2015		2,100,000		2,127,319
4.75%, 6/2/2014		500,000		529,035
6.13%, 3/1/2014		4,750,000		5,100,931
HP Enterprise Services LLC, Series B 6.00%, 8/1/2013		600,000		629,211
International Business Machines Corp.:
0.55%, 2/6/2015		3,250,000		3,225,478
0.88%, 10/31/2014		5,500,000		5,507,867
1.00%, 8/5/2013		1,938,000		1,948,501
1.25%, 5/12/2014		773,000		781,825
6.50%, 10/15/2013		2,275,000		2,443,891

				31,842,473

CONSUMER FINANCE — 1.1%
Caterpillar Financial Services Corp.:
1.05%, 3/26/2015		1,000,000		1,001,228
1.38%, 5/20/2014		3,313,000		3,350,899
1.55%, 12/20/2013		2,750,000		2,790,075
1.65%, 4/1/2014		200,000		202,378
4.60%, 1/15/2014		500,000		525,741
4.90%, 8/15/2013		1,000,000		1,049,140
6.13%, 2/17/2014		1,938,000		2,099,166
6.20%, 9/30/2013		1,250,000		1,332,726

				12,351,353

DIVERSIFIED CONSUMER SERVICES — 0.2%
Yale University 2.90%, 10/15/2014		1,750,000		1,838,779

DIVERSIFIED FINANCIAL SERVICES — 20.2%
American Express Co. 7.25%, 5/20/2014		3,718,000		4,124,135
American Express Credit Corp.:
1.75%, 6/12/2015		519,000		525,515
5.13%, 8/25/2014		4,350,000		4,690,694
7.30%, 8/20/2013		4,200,000		4,492,978
Bank of America Corp.:
4.50%, 4/1/2015		5,500,000		5,663,969
4.75%, 8/15/2013		2,500,000		2,565,927
5.38%, 6/15/2014		600,000		626,711
7.38%, 5/15/2014		6,625,000		7,121,800
Boeing Capital Corp. 3.25%, 10/27/2014		500,000		528,567
BP Capital Markets PLC:
3.63%, 5/8/2014		1,250,000		1,311,424
3.88%, 3/10/2015		3,000,000		3,217,323
5.25%, 11/7/2013		5,263,000		5,569,242
Capital One Financial Corp.:
2.13%, 7/15/2014		350,000		351,826
2.15%, 3/23/2015		3,100,000		3,107,790
6.25%, 11/15/2013		250,000		264,710
7.38%, 5/23/2014		3,200,000		3,507,854
Citigroup, Inc.:
2.65%, 3/2/2015		2,500,000		2,493,282
4.75%, 5/19/2015		5,500,000		5,755,372
4.88%, 5/7/2015		750,000		769,420
5.00%, 9/15/2014		7,700,000		7,907,611
5.13%, 5/5/2014		1,250,000		1,303,844
5.50%, 10/15/2014		3,250,000		3,442,138
5.85%, 7/2/2013		1,438,000		1,491,191
6.00%, 12/13/2013		5,125,000		5,371,205
6.01%, 1/15/2015		5,250,000		5,633,033
6.38%, 8/12/2014		5,750,000		6,155,040

See accompanying notes to financial statements.

136

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

June 30, 2012


	Principal
Security Description	Amount		Value

6.50%, 8/19/2013	$	4,825,000	$	5,044,541
CME Group, Inc. 5.75%, 2/15/2014		2,500,000		2,694,259
Credit Suisse USA, Inc.:
4.88%, 1/15/2015		3,500,000		3,720,615
5.13%, 1/15/2014		2,250,000		2,353,815
5.50%, 8/15/2013		1,475,000		1,540,338
Ford Motor Credit Co. LLC:
2.75%, 5/15/2015		3,000,000		3,030,000
3.88%, 1/15/2015		7,500,000		7,706,250
7.00%, 4/15/2015		5,500,000		6,132,500
8.00%, 6/1/2014		5,000,000		5,550,000
General Electric Capital Corp.:
1.88%, 9/16/2013		3,250,000		3,280,020
2.10%, 1/7/2014		3,875,000		3,932,368
2.15%, 1/9/2015		6,250,000		6,357,291
4.75%, 9/15/2014		2,000,000		2,142,134
4.88%, 3/4/2015		1,000,000		1,086,657
5.40%, 9/20/2013		1,250,000		1,314,863
5.50%, 6/4/2014		3,125,000		3,372,890
5.65%, 6/9/2014		1,125,000		1,218,098
5.90%, 5/13/2014		3,375,000		3,666,044
General Electric Capital Corp., Series A 3.75%, 11/14/2014		3,750,000		3,957,979
HSBC Finance Corp. 5.25%, 4/15/2015		1,000,000		1,069,292
JPMorgan Chase & Co.:
1.65%, 9/30/2013		1,700,000		1,709,372
1.88%, 3/20/2015		7,500,000		7,464,525
2.05%, 1/24/2014		2,000,000		2,019,634
4.65%, 6/1/2014		2,500,000		2,632,985
4.88%, 3/15/2014		600,000		629,150
5.13%, 9/15/2014		5,188,000		5,499,771
5.25%, 5/1/2015		1,250,000		1,346,824
Lazard Group LLC 7.13%, 5/15/2015		285,000		307,682
Mellon Funding Corp.:
5.00%, 12/1/2014		625,000		674,197
5.20%, 5/15/2014		549,000		593,657
Merrill Lynch & Co., Inc.:
5.00%, 2/3/2014		1,050,000		1,078,812
5.00%, 1/15/2015		3,000,000		3,104,361
5.45%, 7/15/2014		3,500,000		3,642,738
National Rural Utilities Cooperative Finance Corp.:
1.00%, 2/2/2015		115,000		114,841
1.13%, 11/1/2013		2,500,000		2,506,250
4.75%, 3/1/2014		460,000		489,916
5.50%, 7/1/2013		1,487,000		1,557,960
Nomura Holdings, Inc. 5.00%, 3/4/2015		3,000,000		3,117,373
SLM Corp.:
5.00%, 10/1/2013		2,450,000		2,494,051
5.05%, 11/14/2014		1,100,000		1,127,500
5.38%, 5/15/2014		1,600,000		1,656,000
The Nasdaq OMX Group, Inc. 4.00%, 1/15/2015		1,000,000		1,036,562
The Royal Bank of Scotland Group PLC 4.88%, 3/16/2015		4,500,000		4,651,938
The Western Union Co. 6.50%, 2/26/2014		850,000		917,459
Toyota Motor Credit Corp.:
1.00%, 2/17/2015		4,250,000		4,262,737
1.25%, 11/17/2014		1,245,000		1,256,906
1.38%, 8/12/2013		2,650,000		2,675,637
UBS AG of Stamford, CT:
2.25%, 8/12/2013		2,625,000		2,636,418
2.25%, 1/28/2014		1,000,000		1,001,335
3.88%, 1/15/2015		3,500,000		3,604,200

				222,973,346

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%
British Telecommunications PLC 2.00%, 6/22/2015		2,000,000		2,022,898
Qwest Corp. 7.50%, 10/1/2014		1,100,000		1,224,341
Verizon Communications, Inc. 1.95%, 3/28/2014		2,750,000		2,808,773

				6,056,012

ELECTRIC UTILITIES — 3.7%
Arizona Public Service Co. 5.80%, 6/30/2014		800,000		867,224
Baltimore Gas & Electric Co. 6.13%, 7/1/2013		250,000		262,710
Carolina Power & Light Co. 5.13%, 9/15/2013		800,000		841,391
Commonwealth Edison Co. 1.63%, 1/15/2014		3,750,000		3,793,595
Consolidated Edison Co. of New York, Inc. 5.55%, 4/1/2014		500,000		539,061
Duke Energy Carolinas LLC 5.75%, 11/15/2013		1,000,000		1,065,510
Duke Energy Corp.:
3.95%, 9/15/2014		2,000,000		2,121,007
6.30%, 2/1/2014		2,000,000		2,164,001
Duke Energy Indiana, Inc. 5.00%, 9/15/2013		750,000		785,823
Empresa Nacional de Electricidad SA 8.35%, 8/1/2013		500,000		529,220
Enersis SA/Cayman Island 7.38%, 1/15/2014		625,000		669,269
Entergy Louisiana LLC 1.88%, 12/15/2014		1,225,000		1,250,548
Exelon Corp. 4.90%, 6/15/2015		2,000,000		2,159,392
Exelon Generation Co. LLC 5.35%, 1/15/2014		400,000		422,943
FirstEnergy Solutions Corp. 4.80%, 2/15/2015		2,000,000		2,139,446
Georgia Power Co.:
1.30%, 9/15/2013		1,500,000		1,508,023
6.00%, 11/1/2013		1,250,000		1,332,913
Nevada Power Co. 5.88%, 1/15/2015		1,000,000		1,108,468

See accompanying notes to financial statements.

137

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

June 30, 2012


	Principal
Security Description	Amount		Value

Nisource Finance Corp. 5.40%, 7/15/2014	$	725,000	$	777,576
NSTAR Electric Co. 4.88%, 4/15/2014		20,000		21,200
Ohio Power Co., Series L 5.75%, 9/1/2013		500,000		524,158
Oncor Electric Delivery Co. LLC 6.38%, 1/15/2015		1,250,000		1,391,150
Pacific Gas & Electric Co. 6.25%, 12/1/2013		910,000		981,371
Peco Energy Co. 5.00%, 10/1/2014		50,000		54,365
PG&E Corp. 5.75%, 4/1/2014		2,400,000		2,594,484
PPL Energy Supply LLC:
5.40%, 8/15/2014		350,000		375,636
6.30%, 7/15/2013		500,000		527,034
Progress Energy, Inc. 6.05%, 3/15/2014		1,000,000		1,083,163
PSEG Power LLC 5.00%, 4/1/2014		350,000		367,879
Public Service Co. of Colorado 5.50%, 4/1/2014		1,000,000		1,081,267
Public Service Electric & Gas Co.:
0.85%, 8/15/2014		345,000		345,269
5.00%, 8/15/2014		1,000,000		1,083,493
6.33%, 11/1/2013		543,000		580,652
Scottish Power, Ltd. 5.38%, 3/15/2015		1,200,000		1,241,704
Sierra Pacific Power Co., Series Q 5.45%, 9/1/2013		250,000		262,410
Southern California Edison Co.:
4.15%, 9/15/2014		300,000		321,495
5.75%, 3/15/2014		1,651,000		1,791,712
Southern California Edison Co., Series 0 5.00%, 1/15/2014		500,000		533,146
The Cleveland Electric Illuminating Co. 5.65%, 12/15/2013		250,000		265,138
The Dayton Power & Light Co. 5.13%, 10/1/2013		950,000		997,289
The Detroit Edison Co. 6.40%, 10/1/2013		250,000		266,714
Westar Energy, Inc. 6.00%, 7/1/2014		200,000		216,994

				41,245,843

ELECTRICAL EQUIPMENT — 0.2%
Emerson Electric Co. 5.63%, 11/15/2013		800,000		854,244
Roper Industries, Inc. 6.63%, 8/15/2013		900,000		954,218

				1,808,462

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%
Agilent Technologies, Inc. 2.50%, 7/15/2013		250,000		253,598
Amphenol Corp. 4.75%, 11/15/2014		750,000		804,532
Arrow Electronics, Inc. 6.88%, 7/1/2013		625,000		660,780
Avnet, Inc. 5.88%, 3/15/2014		350,000		370,416

				2,089,326

FOOD & STAPLES RETAILING — 1.6%
CVS Caremark Corp. 4.88%, 9/15/2014		1,625,000		1,761,521
Safeway, Inc. 6.25%, 3/15/2014		1,250,000		1,331,787
Target Corp. 1.13%, 7/18/2014		1,385,000		1,399,408
The Kroger Co. 7.50%, 1/15/2014		2,038,000		2,234,401
Wal-Mart Stores, Inc.:
0.75%, 10/25/2013		750,000		753,415
1.63%, 4/15/2014		1,510,000		1,539,863
3.00%, 2/3/2014		938,000		972,590
3.20%, 5/15/2014		4,438,000		4,647,142
Walgreen Co. 4.88%, 8/1/2013		2,375,000		2,484,385

				17,124,512

FOOD PRODUCTS — 1.5%
Bunge Ltd. Finance Corp. 5.35%, 4/15/2014		500,000		526,714
Campbell Soup Co.:
3.38%, 8/15/2014		180,000		190,074
4.88%, 10/1/2013		750,000		790,319
ConAgra Foods, Inc. 5.88%, 4/15/2014		850,000		918,321
Delhaize Group SA 5.88%, 2/1/2014		500,000		525,923
General Mills, Inc.:
1.55%, 5/16/2014		250,000		253,422
5.20%, 3/17/2015		2,000,000		2,215,323
5.25%, 8/15/2013		1,275,000		1,338,944
H.J. Heinz Co. 5.35%, 7/15/2013		975,000		1,021,815
Kellogg Co. 1.13%, 5/15/2015		750,000		752,555
Kraft Foods Group, Inc. 1.63%, 6/4/2015 (b)		3,000,000		3,025,789
Kraft Foods, Inc.:
5.25%, 10/1/2013		1,850,000		1,949,712
6.75%, 2/19/2014		600,000		656,643
Mead Johnson Nutrition Co. 3.50%, 11/1/2014		781,000		810,958
Unilever Capital Corp. 3.65%, 2/15/2014		1,125,000		1,177,260

				16,153,772

GAS UTILITIES — 0.0% (a)
Atmos Energy Corp. 4.95%, 10/15/2014		500,000		538,509

See accompanying notes to financial statements.

138

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

June 30, 2012


	Principal
Security Description	Amount		Value

HEALTH CARE EQUIPMENT & SUPPLIES — 1.2%
Baxter International, Inc. 4.00%, 3/1/2014	$	1,875,000	$	1,968,910
Boston Scientific Corp.:
4.50%, 1/15/2015		1,640,000		1,747,112
5.45%, 6/15/2014		646,000		690,937
CareFusion Corp. 5.13%, 8/1/2014		500,000		535,295
Covidien International Finance SA 1.35%, 5/29/2015		1,250,000		1,246,293
Hospira, Inc. 5.90%, 6/15/2014		350,000		376,657
Medtronic, Inc.:
3.00%, 3/15/2015		2,625,000		2,768,069
4.50%, 3/15/2014		550,000		582,342
St Jude Medical, Inc.:
2.20%, 9/15/2013		1,000,000		1,012,493
3.75%, 7/15/2014		950,000		997,409
Stryker Corp. 3.00%, 1/15/2015		750,000		787,427
Zimmer Holdings, Inc. 1.40%, 11/30/2014		450,000	��	451,462

				13,164,406

HEALTH CARE PROVIDERS & SERVICES — 0.8%
Coventry Health Care, Inc. 6.30%, 8/15/2014		850,000		923,459
Express Scripts, Inc. 6.25%, 6/15/2014		2,600,000		2,841,713
Howard Hughes Medical Institute 3.45%, 9/1/2014		490,000		518,782
UnitedHealth Group, Inc. 5.00%, 8/15/2014		2,350,000		2,546,208
WellPoint, Inc.:
5.00%, 12/15/2014		1,250,000		1,359,419
6.00%, 2/15/2014		325,000		349,912

				8,539,493

HOTELS, RESTAURANTS & LEISURE — 0.1%
Starwood Hotels & Resorts Worldwide, Inc. 7.88%, 10/15/2014		1,000,000		1,134,064

HOUSEHOLD DURABLES — 0.1%
Whirlpool Corp. 8.60%, 5/1/2014		607,000		665,293

HOUSEHOLD PRODUCTS — 0.9%
Colgate-Palmolive Co.:
0.60%, 11/15/2014		500,000		499,849
1.25%, 5/1/2014		1,350,000		1,366,150
Fortune Brands, Inc. 6.38%, 6/15/2014		662,000		727,162
Kimberly-Clark Corp. 5.00%, 8/15/2013		750,000		787,693
The Clorox Co. 5.00%, 1/15/2015		1,250,000		1,360,075
The Procter & Gamble Co.:
0.70%, 8/15/2014		3,500,000		3,506,420
4.95%, 8/15/2014		1,350,000		1,471,757

				9,719,106

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
TransAlta Corp.:
4.75%, 1/15/2015		1,000,000		1,040,366
5.75%, 12/15/2013		500,000		523,058

				1,563,424

INDUSTRIAL CONGLOMERATES — 0.4%
3M Co. 4.38%, 8/15/2013		1,250,000		1,305,534
Tyco Electronics Group SA 5.95%, 1/15/2014		850,000		909,848
Tyco International Finance SA:
4.13%, 10/15/2014		1,350,000		1,455,988
6.00%, 11/15/2013		750,000		798,808

				4,470,178

INSURANCE — 3.5%
ACE INA Holdings, Inc. 5.88%, 6/15/2014		715,000		778,496
American International Group, Inc.:
3.00%, 3/20/2015		1,050,000		1,055,319
3.65%, 1/15/2014		1,000,000		1,020,094
4.25%, 9/15/2014		2,550,000		2,644,385
Assurant, Inc. 5.63%, 2/15/2014		150,000		156,760
Berkshire Hathaway Finance Corp.:
1.50%, 1/10/2014		1,250,000		1,263,944
4.63%, 10/15/2013		38,000		39,934
4.85%, 1/15/2015		1,944,000		2,136,089
5.00%, 8/15/2013		2,250,000		2,360,733
5.10%, 7/15/2014		1,125,000		1,222,326
Berkshire Hathaway, Inc. 3.20%, 2/11/2015		2,500,000		2,651,094
CNA Financial Corp. 5.85%, 12/15/2014		1,250,000		1,342,531
Genworth Financial, Inc. 5.75%, 6/15/2014		1,425,000		1,446,375
Hartford Financial Services Group, Inc. 4.63%, 7/15/2013		250,000		256,054
Jefferson-Pilot Corp. 4.75%, 1/30/2014		250,000		259,993
Marsh & McLennan Cos, Inc. 5.38%, 7/15/2014		600,000		640,717
MetLife, Inc.:
2.38%, 2/6/2014		3,688,000		3,758,521
5.00%, 11/24/2013		500,000		527,656
5.00%, 6/15/2015		1,000,000		1,094,593
5.50%, 6/15/2014		750,000		807,402
Principal Financial Group, Inc. 7.88%, 5/15/2014		600,000		667,819
Principal Life Income Funding Trusts 5.10%, 4/15/2014		1,500,000		1,597,327
Prudential Financial, Inc.:
3.88%, 1/14/2015		2,000,000		2,087,002
4.50%, 7/15/2013		775,000		800,890
4.75%, 4/1/2014		1,670,000		1,758,519
5.10%, 9/20/2014		1,250,000		1,341,788

See accompanying notes to financial statements.

139

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

June 30, 2012


	Principal
Security Description	Amount		Value

The Allstate Corp.:
5.00%, 8/15/2014	$	2,490,000	$	2,686,950
6.20%, 5/16/2014		700,000		765,198
XL Group PLC 5.25%, 9/15/2014		1,000,000		1,051,723

				38,220,232

INTERNET SOFTWARE & SERVICES — 0.3%
eBay, Inc. 0.88%, 10/15/2013		850,000		855,153
Google, Inc. 1.25%, 5/19/2014		1,925,000		1,949,744

				2,804,897

LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc. 6.13%, 5/15/2014		850,000		920,105

LIFE SCIENCES TOOLS & SERVICES — 0.2%
Thermo Fisher Scientific, Inc.:
2.05%, 2/21/2014		620,000		633,482
3.20%, 5/1/2015		1,000,000		1,062,620
3.25%, 11/20/2014		500,000		530,571

				2,226,673

MACHINERY — 1.7%
Black & Decker Corp.:
4.75%, 11/1/2014		245,000		261,362
8.95%, 4/15/2014		1,000,000		1,118,410
Caterpillar, Inc.:
0.95%, 6/26/2015		3,000,000		3,006,680
1.38%, 5/27/2014		960,000		970,182
Danaher Corp. 1.30%, 6/23/2014		705,000		712,419
Deere & Co. 6.95%, 4/25/2014		160,000		177,670
Eaton Corp. 5.95%, 3/20/2014		350,000		377,809
Illinois Tool Works, Inc. 5.15%, 4/1/2014		1,500,000		1,614,163
Ingersoll-Rand Global Holding Co., Ltd.:
6.00%, 8/15/2013		3,795,000		3,999,458
9.50%, 4/15/2014		345,000		390,144
John Deere Capital Corp.:
0.88%, 4/17/2015		1,000,000		997,816
1.25%, 12/2/2014		1,975,000		1,993,266
1.60%, 3/3/2014		500,000		506,940
2.95%, 3/9/2015		2,500,000		2,638,961
Stanley Black & Decker, Inc. 6.15%, 10/1/2013		250,000		263,685

				19,028,965

MEDIA — 3.9%
CBS Corp. 8.20%, 5/15/2014		770,000		873,950
Comcast Corp.:
5.30%, 1/15/2014		1,000,000		1,062,914
6.50%, 1/15/2015		3,800,000		4,269,091
Cox Communications, Inc. 5.45%, 12/15/2014		4,000,000		4,398,567
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
3.55%, 3/15/2015		2,000,000		2,102,596
4.75%, 10/1/2014		1,703,000		1,828,390
Discovery Communications LLC 3.70%, 6/1/2015		2,000,000		2,130,744
NBCUniversal Media LLC 2.10%, 4/1/2014		2,625,000		2,672,063
News America, Inc. 5.30%, 12/15/2014		1,312,000		1,434,650
Reed Elsevier Capital, Inc. 7.75%, 1/15/2014		1,250,000		1,368,542
The Interpublic Group of Cos., Inc. 6.25%, 11/15/2014 (c)		500,000		540,000
The Walt Disney Co.:
0.88%, 12/1/2014		2,600,000		2,606,967
4.50%, 12/15/2013		1,980,000		2,088,680
Thomson Reuters Corp.:
5.25%, 8/15/2013		500,000		523,633
5.70%, 10/1/2014		500,000		546,361
5.95%, 7/15/2013		2,000,000		2,101,993
Time Warner Cable, Inc.:
3.50%, 2/1/2015		1,000,000		1,049,072
6.20%, 7/1/2013		1,740,000		1,829,755
7.50%, 4/1/2014		2,438,000		2,682,360
8.25%, 2/14/2014		2,150,000		2,373,472
Turner Broadcasting System, Inc. 8.38%, 7/1/2013		250,000		268,162
Viacom, Inc.:
1.25%, 2/27/2015		1,000,000		999,884
4.38%, 9/15/2014		1,150,000		1,231,493
WPP Finance UK:
5.88%, 6/15/2014		750,000		810,077
8.00%, 9/15/2014		1,100,000		1,246,962

				43,040,378

METALS & MINING — 2.4%
Alcoa, Inc. 6.00%, 7/15/2013		850,000		891,514
ArcelorMittal:
3.75%, 2/25/2015		1,500,000		1,505,427
9.00%, 2/15/2015		1,000,000		1,116,497
ArcelorMittal USA, Inc. 6.50%, 4/15/2014		1,000,000		1,060,230
Barrick Gold Corp. 1.75%, 5/30/2014		550,000		557,454
Barrick Gold Finance Co. 4.88%, 11/15/2014		700,000		756,844
Barrick Gold Finance Co. LLC 6.13%, 9/15/2013		1,350,000		1,433,474
BHP Billiton Finance USA, Ltd.:
1.00%, 2/24/2015		1,500,000		1,501,785
1.13%, 11/21/2014		2,875,000		2,892,778
5.50%, 4/1/2014		5,750,000		6,222,540
Freeport-McMoRan Copper & Gold, Inc. 1.40%, 2/13/2015		800,000		797,863
Rio Tinto Finance USA PLC 1.13%, 3/20/2015		2,000,000		2,002,704

See accompanying notes to financial statements.

140

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

June 30, 2012


	Principal
Security Description	Amount		Value

Rio Tinto Finance USA, Ltd.:
5.88%, 7/15/2013	$	343,000	$	360,594
8.95%, 5/1/2014		4,750,000		5,421,710

				26,521,414

MULTI-UTILITIES — 0.7%
Alliant Energy Corp. 4.00%, 10/15/2014		1,075,000		1,121,298
Ameren Corp. 8.88%, 5/15/2014		900,000		1,005,796
Dominion Resources, Inc. 1.80%, 3/15/2014		1,000,000		1,017,537
DTE Energy Co. 7.63%, 5/15/2014		810,000		903,431
MidAmerican Energy Co. 4.65%, 10/1/2014		500,000		538,023
Midamerican Energy Holdings Co. 5.00%, 2/15/2014		850,000		902,962
Sempra Energy:
2.00%, 3/15/2014		1,650,000		1,678,871
8.90%, 11/15/2013		350,000		382,963

				7,550,881

MULTILINE RETAIL — 0.1%
Macy’s Retail Holdings, Inc. 5.75%, 7/15/2014		619,000		672,766
Nordstrom, Inc. 6.75%, 6/1/2014		500,000		555,830

				1,228,596

OFFICE ELECTRONICS — 0.4%
Xerox Corp.:
4.25%, 2/15/2015		1,500,000		1,589,556
8.25%, 5/15/2014		2,375,000		2,645,748

				4,235,304

OIL, GAS & CONSUMABLE FUELS — 5.1%
Anadarko Petroleum Corp.:
5.75%, 6/15/2014		775,000		832,581
7.63%, 3/15/2014		500,000		548,124
Apache Corp. 6.00%, 9/15/2013		1,100,000		1,169,124
BP Capital Markets PLC 1.70%, 12/5/2014		3,350,000		3,406,679
Canadian Natural Resources, Ltd. 1.45%, 11/14/2014		1,750,000		1,766,627
Cenovus Energy, Inc. 4.50%, 9/15/2014		1,500,000		1,600,859
Chevron Corp. 3.95%, 3/3/2014		3,688,000		3,892,421
ConocoPhillips:
4.60%, 1/15/2015		3,850,000		4,211,414
4.75%, 2/1/2014		1,988,000		2,109,249
Consolidated Natural Gas Co. 5.00%, 12/1/2014		450,000		491,591
Devon Energy Corp. 5.63%, 1/15/2014		1,000,000		1,071,841
Diamond Offshore Drilling, Inc. 5.15%, 9/1/2014		125,000		134,513
EnCana Corp. 4.75%, 10/15/2013		850,000		886,198
EnCana Holdings Finance Corp. 5.80%, 5/1/2014		1,850,000		1,997,038
Energy Transfer Partners LP:
6.00%, 7/1/2013		650,000		676,587
8.50%, 4/15/2014		2,031,000		2,251,745
Enterprise Products Operating LLC 9.75%, 1/31/2014		900,000		1,014,571
Enterprise Products Operating LLC, Series G 5.60%, 10/15/2014		1,750,000		1,916,504
EOG Resources, Inc.:
2.95%, 6/1/2015		1,000,000		1,048,409
6.13%, 10/1/2013		500,000		531,725
Hess Corp. 7.00%, 2/15/2014		300,000		326,274
Husky Energy, Inc. 5.90%, 6/15/2014		1,225,000		1,327,420
Kinder Morgan Energy Partners LP 5.00%, 12/15/2013		2,400,000		2,522,157
Magellan Midstream Partners LP 6.45%, 6/1/2014		250,000		272,978
Noble Holding International, Ltd. 7.38%, 3/15/2014		625,000		682,545
Occidental Petroleum Corp. 1.45%, 12/13/2013		1,150,000		1,164,043
Panhandle Eastern Pipeline Co. LP 6.05%, 8/15/2013		625,000		657,215
PC Financial Partnership 5.00%, 11/15/2014		876,000		948,398
Petro-Canada 4.00%, 7/15/2013		250,000		257,329
Phillips 66 1.95%, 3/5/2015 (b)		1,500,000		1,517,472
Plains All American Pipeline LP/PAA Finance Corp. 5.63%, 12/15/2013		750,000		792,107
Shell International Finance BV 4.00%, 3/21/2014		4,820,000		5,096,665
Spectra Energy Capital LLC:
5.67%, 8/15/2014		500,000		537,770
5.90%, 9/15/2013		500,000		524,614
Talisman Energy, Inc. 5.13%, 5/15/2015		1,000,000		1,081,412
Total Capital Canada, Ltd. 1.63%, 1/28/2014		1,125,000		1,142,463
TransCanada PipeLines Ltd. 4.88%, 1/15/2015		1,000,000		1,092,035
TransCanada PipeLines, Ltd. 0.88%, 3/2/2015		850,000		846,442
Valero Energy Corp. 4.50%, 2/1/2015		1,100,000		1,170,194
Weatherford International, Ltd. 4.95%, 10/15/2013		450,000		469,718
Williams Partners LP 3.80%, 2/15/2015		1,500,000		1,582,240
XTO Energy, Inc. 5.75%, 12/15/2013		250,000		268,312

				55,837,603

See accompanying notes to financial statements.

141

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

June 30, 2012


	Principal
Security Description	Amount		Value

PAPER & FOREST PRODUCTS — 0.1%
Celulosa Arauco y Constitucion SA 5.13%, 7/9/2013	$	625,000	$	643,856
International Paper Co. 7.40%, 6/15/2014		750,000		828,613

				1,472,469

PERSONAL PRODUCTS — 0.1%
Avon Products, Inc. 5.63%, 3/1/2014		1,000,000		1,051,289

PHARMACEUTICALS — 4.4%
Abbott Laboratories:
2.70%, 5/27/2015		1,500,000		1,579,278
4.35%, 3/15/2014		750,000		798,139
Aristotle Holding, Inc. 2.75%, 11/21/2014 (b)		3,500,000		3,601,188
AstraZeneca PLC 5.40%, 6/1/2014		1,300,000		1,411,872
Bristol-Myers Squibb Co. 5.25%, 8/15/2013		750,000		790,224
Eli Lilly & Co. 4.20%, 3/6/2014		1,932,000		2,040,989
GlaxoSmithKline Capital, Inc. 4.38%, 4/15/2014		4,375,000		4,663,300
Johnson & Johnson 1.20%, 5/15/2014		1,775,000		1,796,031
McKesson Corp. 6.50%, 2/15/2014		875,000		952,044
Merck & Co, Inc. 4.75%, 3/1/2015		2,000,000		2,193,829
Merck & Co., Inc. 5.30%, 12/1/2013		2,000,000		2,135,259
Novartis Capital Corp.:
2.90%, 4/24/2015		3,000,000		3,174,559
4.13%, 2/10/2014		4,350,000		4,586,914
Pfizer, Inc.:
4.50%, 2/15/2014		2,250,000		2,387,176
5.35%, 3/15/2015		4,850,000		5,418,009
Sanofi:
1.20%, 9/30/2014		2,150,000		2,173,303
1.63%, 3/28/2014		2,350,000		2,387,030
Teva Pharmaceutical Finance III 1.70%, 3/21/2014		750,000		760,707
Teva Pharmaceutical Finance IV LLC 1.70%, 11/10/2014		1,325,000		1,349,275
Watson Pharmaceuticals, Inc. 5.00%, 8/15/2014		1,000,000		1,062,807
Wyeth 5.50%, 2/1/2014		2,625,000		2,820,315

				48,082,248

PIPELINES — 0.1%
Buckeye Partners LP 4.63%, 7/15/2013		350,000		359,204
Enbridge, Inc. 5.80%, 6/15/2014		985,000		1,068,452

				1,427,656

REAL ESTATE INVESTMENT TRUSTS — 1.1%
Boston Properties LP 5.63%, 4/15/2015		750,000		823,273
Duke Realty LP:
5.40%, 8/15/2014		200,000		212,282
7.38%, 2/15/2015		1,000,000		1,112,049
ERP Operating LP:
5.25%, 9/15/2014		500,000		534,172
6.58%, 4/13/2015		2,000,000		2,223,662
HCP, Inc.:
2.70%, 2/1/2014		560,000		565,525
5.65%, 12/15/2013		1,250,000		1,315,065
Health Care REIT, Inc. 6.00%, 11/15/2013		250,000		260,333
Hospitality Properties Trust 7.88%, 8/15/2014		1,350,000		1,449,749
ProLogis LP 7.63%, 8/15/2014		650,000		719,653
Simon Property Group LP:
4.20%, 2/1/2015		500,000		527,254
6.75%, 5/15/2014		1,000,000		1,084,462
UDR, Inc. 5.25%, 1/15/2015		425,000		449,760
Vornado Realty LP 4.25%, 4/1/2015		1,000,000		1,047,004

				12,324,243

REGIONAL BANKS — 0.1%
Regions Financial Corp. 7.75%, 11/10/2014		1,500,000		1,631,250

ROAD & RAIL — 0.9%
Burlington Northern Santa Fe LLC:
4.30%, 7/1/2013		250,000		258,691
4.88%, 1/15/2015		1,125,000		1,229,725
7.00%, 2/1/2014		1,750,000		1,915,595
Canadian National Railway Co. 4.95%, 1/15/2014		500,000		531,331
CSX Corp.:
5.50%, 8/1/2013		1,150,000		1,206,215
6.25%, 4/1/2015		1,500,000		1,705,840
Norfolk Southern Corp. 5.26%, 9/17/2014		1,100,000		1,199,273
Ryder System, Inc. 5.85%, 3/1/2014		1,000,000		1,063,401
Union Pacific Corp. 5.13%, 2/15/2014		1,225,000		1,307,476

				10,417,547

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%
Analog Devices, Inc. 5.00%, 7/1/2014		853,000		919,815
Broadcom Corp. 1.50%, 11/1/2013		250,000		251,774
Texas Instruments, Inc. 1.38%, 5/15/2014		1,775,000		1,800,142

				2,971,731

See accompanying notes to financial statements.

142

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

June 30, 2012


	Principal
Security Description	Amount		Value

SOFTWARE — 1.0%
Adobe Systems, Inc. 3.25%, 2/1/2015	$	500,000	$	522,031
CA, Inc. 6.13%, 12/1/2014		1,000,000		1,096,505
Microsoft Corp.:
0.88%, 9/27/2013		1,100,000		1,106,411
2.95%, 6/1/2014		4,150,000		4,338,583
Oracle Corp. 3.75%, 7/8/2014		3,838,000		4,080,880

				11,144,410

SPECIALTY RETAIL — 0.7%
AutoZone, Inc.:
5.75%, 1/15/2015		500,000		547,433
6.50%, 1/15/2014		1,000,000		1,079,560
Best Buy Co., Inc. 6.75%, 7/15/2013		1,072,000		1,118,388
Home Depot, Inc. 5.25%, 12/16/2013		2,400,000		2,558,054
Staples, Inc. 9.75%, 1/15/2014		2,650,000		2,961,269

				8,264,704

TOBACCO — 0.7%
Altria Group, Inc.:
7.75%, 2/6/2014		938,000		1,034,690
8.50%, 11/10/2013		2,950,000		3,243,329
Philip Morris International, Inc. 6.88%, 3/17/2014		3,100,000		3,418,643

				7,696,662

WIRELESS TELECOMMUNICATION SERVICES — 5.3%
America Movil SAB de CV:
3.63%, 3/30/2015		1,500,000		1,581,221
5.50%, 3/1/2014 (c)		1,525,000		1,631,750
5.75%, 1/15/2015		1,000,000		1,102,795
American Tower Corp. 4.63%, 4/1/2015		1,075,000		1,138,123
AT&T, Inc.:
0.88%, 2/13/2015		2,500,000		2,494,885
4.85%, 2/15/2014		1,338,000		1,423,744
5.10%, 9/15/2014		3,600,000		3,930,003
BellSouth Corp. 5.20%, 9/15/2014		2,249,000		2,435,828
Cellco Partnership/Verizon Wireless Capital LLC:
5.55%, 2/1/2014		5,650,000		6,042,324
7.38%, 11/15/2013		2,750,000		2,988,173
Deutsche Telekom International Finance BV:
4.88%, 7/8/2014		550,000		584,940
5.25%, 7/22/2013		3,000,000		3,133,781
5.88%, 8/20/2013		1,188,000		1,252,510
France Telecom SA 4.38%, 7/8/2014		2,025,000		2,127,420
Rogers Communications, Inc.:
6.38%, 3/1/2014		3,000,000		3,249,481
7.50%, 3/15/2015		1,000,000		1,145,410
Telecom Italia Capital SA:
4.95%, 9/30/2014		3,500,000		3,473,750
5.25%, 11/15/2013		2,350,000		2,334,655
6.18%, 6/18/2014		2,000,000		2,015,000
Telefonica Emisiones SAU:
3.73%, 4/27/2015		750,000		678,750
4.95%, 1/15/2015		3,375,000		3,189,375
Telefonos de Mexico SAB de CV 5.50%, 1/27/2015		300,000		327,591
Verizon Communications, Inc. 1.25%, 11/3/2014		3,132,000		3,158,554
Verizon New England, Inc., Series C 4.75%, 10/1/2013		625,000		650,819
Vodafone Group PLC:
4.15%, 6/10/2014		3,138,000		3,328,039
5.00%, 12/16/2013		2,650,000		2,810,926
5.38%, 1/30/2015		500,000		552,420

				58,782,267

TOTAL CORPORATE BONDS & NOTES —
(Cost $1,082,018,250)				1,081,545,629

	Shares
SHORT TERM INVESTMENT — 3.4%
MONEY MARKET FUND — 3.4%
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)(f) (Cost $37,784,863)		37,784,863		37,784,863

TOTAL INVESTMENTS — 101.3% (g)
(Cost $1,119,803,113)				1,119,330,492
OTHER ASSETS & LIABILITIES — (1.3)%				(13,898,225	)

NET ASSETS — 100.0%			$	1,105,432,267


(a)		Amount shown represents less than 0.05% of net assets.
(b)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.7% of net assets as of June 30, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (Note 2)
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Value is determined based on Level 1 inputs. (Note 2)
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

143

SPDR Barclays Capital Intermediate Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.5%
AEROSPACE & DEFENSE — 1.3%
General Dynamics Corp.:
5.25%, 2/1/2014	$	100,000	$	107,048
5.38%, 8/15/2015		150,000		169,852
Goodrich Corp. 3.60%, 2/1/2021		150,000		162,801
Honeywell International, Inc. 5.00%, 2/15/2019		440,000		522,647
L-3 Communications Corp.:
3.95%, 11/15/2016		50,000		53,027
4.75%, 7/15/2020		250,000		266,116
Lockheed Martin Corp.:
3.35%, 9/15/2021		150,000		154,665
4.25%, 11/15/2019		145,000		160,326
Northrop Grumman Corp. 1.85%, 11/15/2015		250,000		253,242
Raytheon Co. 3.13%, 10/15/2020		400,000		419,791
Textron, Inc. 4.63%, 9/21/2016		100,000		105,663
The Boeing Co. 3.50%, 2/15/2015		500,000		534,901
United Technologies Corp.:
1.20%, 6/1/2015 (a)		60,000		60,683
1.80%, 6/1/2017		33,000		33,657
4.50%, 4/15/2020 (a)		250,000		290,728
5.38%, 12/15/2017		260,000		312,887

				3,608,034

AIR FREIGHT & LOGISTICS — 0.4%
FedEx Corp. 8.00%, 1/15/2019		150,000		197,769
GATX Corp. 4.75%, 5/15/2015		175,000		185,073
United Parcel Service of America, Inc. 8.38%, 4/1/2020		100,000		141,488
United Parcel Service, Inc.:
3.13%, 1/15/2021		250,000		266,682
5.13%, 4/1/2019		250,000		301,526

				1,092,538

AIRLINES — 0.3%
American Airlines 2011-2 Pass Through Trust, Class A 8.63%, 4/15/2023		388,191		409,542
Delta Air Lines 2010-2 Pass Through Trust, Class A 4.95%, 11/23/2020		137,433		145,679
United Air Lines, Inc. Pass Through Trust 9.75%, 7/15/2018		208,722		237,942

				793,163

AUTO COMPONENTS — 0.1%
Johnson Controls, Inc.:
4.88%, 9/15/2013		200,000		208,761
5.00%, 3/30/2020		150,000		170,470

				379,231

AUTOMOBILES — 0.2%
Daimler Finance North America LLC 6.50%, 11/15/2013		440,000		472,410
PACCAR Financial Corp. 1.55%, 9/29/2014		150,000		152,286

				624,696

BEVERAGES — 2.4%
Anheuser-Busch InBev Worldwide, Inc.:
1.50%, 7/14/2014		100,000		101,283
2.88%, 2/15/2016 (a)		45,000		47,532
3.63%, 4/15/2015		300,000		320,709
4.13%, 1/15/2015 (a)		195,000		209,961
5.38%, 1/15/2020		615,000		732,019
7.75%, 1/15/2019		300,000		393,169
Coca-Cola Enterprises, Inc.:
1.13%, 11/12/2013		150,000		150,450
3.50%, 9/15/2020		150,000		157,520
Diageo Capital PLC:
4.83%, 7/15/2020		250,000		292,320
5.75%, 10/23/2017		175,000		210,350
Diageo Finance BV 3.25%, 1/15/2015 (a)		390,000		412,708
Dr. Pepper Snapple Group, Inc. 3.20%, 11/15/2021		200,000		204,704
PepsiCo, Inc.:
0.88%, 10/25/2013		350,000		351,247
2.50%, 5/10/2016		400,000		419,082
3.00%, 8/25/2021		320,000		328,747
3.10%, 1/15/2015		160,000		168,591
3.13%, 11/1/2020		250,000		260,512
3.75%, 3/1/2014		250,000		262,556
5.00%, 6/1/2018		285,000		332,827
The Coca-Cola Co.:
0.75%, 3/13/2015		100,000		99,855
1.50%, 11/15/2015		500,000		509,869
1.65%, 3/14/2018		250,000		250,949
3.15%, 11/15/2020		270,000		287,782
3.30%, 9/1/2021		300,000		318,757

				6,823,499

BIOTECHNOLOGY — 0.7%
Amgen, Inc.:
2.30%, 6/15/2016		250,000		253,983
4.10%, 6/15/2021		350,000		373,469
5.70%, 2/1/2019		250,000		293,123
6.15%, 6/1/2018		350,000		419,209
Biogen Idec, Inc. 6.88%, 3/1/2018		150,000		182,871
Genentech, Inc. 4.75%, 7/15/2015		150,000		165,918
Gilead Sciences, Inc. 4.50%, 4/1/2021 (a)		375,000		412,163

				2,100,736

BUILDING MATERIALS — 0.1%
CRH America, Inc. 6.00%, 9/30/2016		359,000		392,926

See accompanying notes to financial statements.

144

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

June 30, 2012


	Principal
Security Description	Amount		Value

BUILDING PRODUCTS — 0.1%
Owens Corning 9.00%, 6/15/2019	$	265,000	$	326,424

CAPITAL MARKETS — 5.8%
Ameriprise Financial, Inc. 5.30%, 3/15/2020		150,000		170,682
BlackRock, Inc. 5.00%, 12/10/2019		356,000		406,705
Jefferies Group, Inc. 5.13%, 4/13/2018		350,000		339,500
Morgan Stanley:
2.88%, 7/28/2014 (a)		40,000		39,258
3.45%, 11/2/2015		1,500,000		1,453,712
3.80%, 4/29/2016		1,000,000		966,037
4.75%, 4/1/2014 (a)		1,245,000		1,251,915
5.50%, 7/28/2021		200,000		195,648
5.63%, 9/23/2019		1,235,000		1,228,648
5.75%, 1/25/2021		300,000		293,818
6.00%, 4/28/2015		150,000		155,677
Northern Trust Corp.:
3.38%, 8/23/2021 (a)		150,000		159,263
3.45%, 11/4/2020		100,000		106,868
TD Ameritrade Holding Corp. 5.60%, 12/1/2019		145,000		165,129
The Bank of New York Mellon Corp.:
1.50%, 1/31/2014		350,000		353,222
1.97%, 6/20/2017		150,000		151,342
2.30%, 7/28/2016		70,000		72,261
3.10%, 1/15/2015		640,000		671,889
4.15%, 2/1/2021		250,000		276,368
The Bear Stearns Cos. LLC 7.25%, 2/1/2018		1,045,000		1,243,310
The Goldman Sachs Group, Inc.:
3.63%, 2/7/2016		750,000		749,855
3.70%, 8/1/2015		1,250,000		1,258,883
4.75%, 7/15/2013		250,000		256,217
5.25%, 10/15/2013		750,000		777,885
5.25%, 7/27/2021		550,000		553,481
5.38%, 3/15/2020		400,000		409,176
5.75%, 1/24/2022		400,000		420,671
5.95%, 1/18/2018		1,300,000		1,386,342
6.00%, 5/1/2014		160,000		169,043
6.00%, 6/15/2020		550,000		581,612
7.50%, 2/15/2019		150,000		170,355

				16,434,772

CHEMICALS — 1.7%
Air Products & Chemicals, Inc.:
2.00%, 8/2/2016		55,000		56,240
4.38%, 8/21/2019		100,000		112,806
Airgas, Inc. 2.85%, 10/1/2013		100,000		101,411
E.I. du Pont de Nemours & Co.:
3.25%, 1/15/2015		150,000		159,006
4.63%, 1/15/2020 (a)		350,000		405,732
5.00%, 7/15/2013		250,000		261,340
5.25%, 12/15/2016 (a)		250,000		292,849
Eastman Chemical Co. 3.00%, 12/15/2015 (a)		150,000		155,471
Ecolab, Inc.:
2.38%, 12/8/2014		250,000		256,953
4.35%, 12/8/2021		300,000		331,475
Lubrizol Corp. 8.88%, 2/1/2019		150,000		204,854
Monsanto Co. 2.75%, 4/15/2016		100,000		105,229
Potash Corp. of Saskatchewan, Inc. 3.75%, 9/30/2015		360,000		385,285
Praxair, Inc.:
2.45%, 2/15/2022 (a)		250,000		245,540
4.05%, 3/15/2021		100,000		111,136
The Dow Chemical Co.:
4.13%, 11/15/2021 (a)		250,000		266,921
4.25%, 11/15/2020		40,000		43,247
7.60%, 5/15/2014		355,000		395,083
8.55%, 5/15/2019		560,000		740,992
The Mosaic Co. 3.75%, 11/15/2021		150,000		156,710
Valspar Corp. 4.20%, 1/15/2022		50,000		52,711

				4,840,991

COMMERCIAL BANKS — 9.7%
Abbey National Treasury Services PLC 4.00%, 4/27/2016 (a)		250,000		243,673
Bank of Montreal 2.50%, 1/11/2017		250,000		257,246
Bank of Nova Scotia:
1.85%, 1/12/2015 (a)		500,000		508,022
2.38%, 12/17/2013 (a)		250,000		255,257
2.55%, 1/12/2017 (a)		250,000		259,117
2.90%, 3/29/2016		250,000		262,882
Barclays Bank PLC:
2.38%, 1/13/2014		350,000		350,850
5.00%, 9/22/2016 (a)		400,000		433,490
5.13%, 1/8/2020		500,000		542,595
5.20%, 7/10/2014		355,000		374,438
BB&T Corp.:
2.05%, 4/28/2014		100,000		102,053
3.95%, 4/29/2016		125,000		135,960
4.90%, 6/30/2017		250,000		275,182
5.25%, 11/1/2019		250,000		283,057
BBVA US Senior SAU 3.25%, 5/16/2014		250,000		238,761
BNP Paribas:
3.25%, 3/11/2015 (a)		550,000		554,167
3.60%, 2/23/2016 (a)		250,000		252,720
5.00%, 1/15/2021		250,000		254,144
Canadian Imperial Bank of Commerce/Canada 2.35%, 12/11/2015		250,000		258,777
Comerica Bank 5.20%, 8/22/2017		250,000		281,343
Commonwealth Bank of Australia/New York, NY 1.95%, 3/16/2015		250,000		251,286

See accompanying notes to financial statements.

145

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

June 30, 2012


	Principal
Security Description	Amount		Value

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands:
2.13%, 10/13/2015	$	500,000	$	501,902
4.50%, 1/11/2021		350,000		371,335
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrect:
3.38%, 1/19/2017		350,000		360,351
3.88%, 2/8/2022		100,000		101,310
Credit Suisse of New York, NY:
2.20%, 1/14/2014		100,000		100,659
4.38%, 8/5/2020		150,000		159,600
5.30%, 8/13/2019 (a)		370,000		412,578
5.50%, 5/1/2014		800,000		849,197
6.00%, 2/15/2018 (a)		250,000		265,498
Deutsche Bank AG London:
3.45%, 3/30/2015 (a)		250,000		258,252
3.88%, 8/18/2014		670,000		696,593
6.00%, 9/1/2017		370,000		421,224
Discover Bank/Greenwood DE 8.70%, 11/18/2019		350,000		438,639
Fifth Third Bancorp:
3.63%, 1/25/2016		150,000		158,455
4.50%, 6/1/2018		125,000		132,104
First Tennessee Bank 5.65%, 4/1/2016		250,000		259,538
HSBC Bank USA NA 6.00%, 8/9/2017		500,000		542,620
HSBC Holdings PLC 5.10%, 4/5/2021		250,000		278,722
HSBC USA, Inc. 2.38%, 2/13/2015		90,000		90,731
Huntington BancShares, Inc. 7.00%, 12/15/2020		25,000		28,858
JPMorgan Chase Bank NA 6.00%, 7/5/2017		650,000		724,727
KeyBank NA 4.95%, 9/15/2015		200,000		212,429
KeyCorp 5.10%, 3/24/2021		40,000		44,423
Lloyds TSB Bank PLC:
4.20%, 3/28/2017		350,000		360,140
4.88%, 1/21/2016		125,000		131,423
6.38%, 1/21/2021		300,000		339,315
Manufacturers & Traders Trust Co. 5.63%, 12/1/2021 (b)		250,000		242,500
National Australia Bank/New York 2.75%, 3/9/2017 (a)		300,000		300,913
PNC Funding Corp.:
2.70%, 9/19/2016		250,000		259,300
5.13%, 2/8/2020		360,000		415,321
5.40%, 6/10/2014		350,000		377,684
5.63%, 2/1/2017		350,000		387,006
Royal Bank of Canada:
1.13%, 1/15/2014 (a)		500,000		503,148
1.45%, 10/30/2014		100,000		101,120
2.30%, 7/20/2016 (a)		100,000		103,014
2.63%, 12/15/2015		250,000		261,120
SunTrust Banks, Inc.:
3.50%, 1/20/2017		150,000		154,263
3.60%, 4/15/2016		55,000		57,011
7.25%, 3/15/2018		150,000		176,477
Svenska Handelsbanken AB 3.13%, 7/12/2016		250,000		257,117
The Royal Bank of Scotland PLC:
3.40%, 8/23/2013		150,000		151,506
4.38%, 3/16/2016		500,000		509,312
The Toronto-Dominion Bank 2.38%, 10/19/2016		500,000		515,403
Union Bank NA 5.95%, 5/11/2016		255,000		285,383
US Bancorp:
1.38%, 9/13/2013		250,000		252,004
3.15%, 3/4/2015		640,000		673,543
4.13%, 5/24/2021		400,000		445,717
Wachovia Bank 4.80%, 11/1/2014		168,000		179,610
Wachovia Corp.:
4.88%, 2/15/2014		350,000		367,338
5.63%, 10/15/2016		500,000		558,188
Series G 5.75%, 2/1/2018		750,000		864,443
Wells Fargo & Co.:
1.25%, 2/13/2015		150,000		149,024
2.63%, 12/15/2016		250,000		256,305
3.50%, 3/8/2022		250,000		257,012
3.63%, 4/15/2015		780,000		827,200
3.68%, 6/15/2016		250,000		266,055
4.60%, 4/1/2021		200,000		221,839
4.95%, 10/16/2013		250,000		261,710
5.63%, 12/11/2017		700,000		807,609
Westpac Banking Corp.:
1.85%, 12/9/2013		500,000		504,035
3.00%, 12/9/2015 (a)		500,000		520,695
4.20%, 2/27/2015		250,000		266,128

				27,351,696

COMMERCIAL SERVICES & SUPPLIES — 0.5%
Cintas Corp. 6.13%, 12/1/2017		100,000		119,486
Pitney Bowes, Inc.:
5.00%, 3/15/2015		250,000		257,602
6.25%, 3/15/2019 (a)		135,000		139,370
Republic Services, Inc. 5.50%, 9/15/2019		305,000		353,826
The Western Union Co. 5.93%, 10/1/2016		150,000		171,724
Waste Management, Inc.:
4.60%, 3/1/2021		150,000		166,244
6.38%, 3/11/2015		200,000		225,623

				1,433,875

COMMUNICATIONS EQUIPMENT — 0.5%
Cisco Systems, Inc.:
1.63%, 3/14/2014		200,000		203,697
2.90%, 11/17/2014		150,000		158,158
4.45%, 1/15/2020		250,000		288,668
4.95%, 2/15/2019		320,000		375,860
5.50%, 2/22/2016		300,000		347,572

See accompanying notes to financial statements.

146

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

June 30, 2012


	Principal
Security Description	Amount		Value

Juniper Networks, Inc.:
3.10%, 3/15/2016	$	35,000	$	36,521
4.60%, 3/15/2021 (a)		100,000		107,713

				1,518,189

COMPUTERS & PERIPHERALS — 1.8%
Computer Sciences Corp. 6.50%, 3/15/2018		150,000		160,805
Dell, Inc.:
5.65%, 4/15/2018		200,000		230,488
5.88%, 6/15/2019 (a)		165,000		193,886
Hewlett-Packard Co.:
2.60%, 9/15/2017		200,000		200,190
2.65%, 6/1/2016 (a)		250,000		254,858
3.00%, 9/15/2016		250,000		257,174
3.30%, 12/9/2016		350,000		364,987
3.75%, 12/1/2020		500,000		496,025
4.75%, 6/2/2014		690,000		730,069
International Business Machines Corp.:
1.00%, 8/5/2013		150,000		150,813
1.25%, 5/12/2014		655,000		662,477
1.95%, 7/22/2016		350,000		360,648
5.70%, 9/14/2017		645,000		773,640
7.63%, 10/15/2018		250,000		333,926

				5,169,986

CONSTRUCTION & ENGINEERING — 0.1%
ABB Finance USA, Inc. 2.88%, 5/8/2022		100,000		100,974
URS Corp. 5.00%, 4/1/2022 (c)		150,000		148,181

				249,155

CONSUMER FINANCE — 0.9%
Caterpillar Financial Services Corp.:
1.38%, 5/20/2014		30,000		30,343
2.05%, 8/1/2016		500,000		514,260
6.20%, 9/30/2013		785,000		836,952
7.15%, 2/15/2019		250,000		325,663
Discover Financial Services 5.20%, 4/27/2022 (c)		100,000		103,404
SLM Corp.:
6.25%, 1/25/2016		150,000		156,000
8.45%, 6/15/2018		505,000		558,025

				2,524,647

CONTAINERS & PACKAGING — 0.1%
Bemis Co., Inc. 4.50%, 10/15/2021		150,000		162,004

DIVERSIFIED CONSUMER SERVICES — 0.1%
Yale University 2.90%, 10/15/2014		305,000		320,473

DIVERSIFIED FINANCIAL SERVICES — 15.7%
American Express Co.:
7.25%, 5/20/2014		1,240,000		1,375,451
8.13%, 5/20/2019		305,000		404,685
American Express Credit Corp.:
2.75%, 9/15/2015		400,000		415,532
2.80%, 9/19/2016		750,000		780,933
Bank of America Corp.:
3.63%, 3/17/2016		1,000,000		1,003,239
3.75%, 7/12/2016		600,000		602,672
4.50%, 4/1/2015		755,000		777,508
5.00%, 5/13/2021		350,000		358,513
5.25%, 12/1/2015 (a)		1,000,000		1,034,531
5.38%, 6/15/2014		350,000		365,581
5.63%, 7/1/2020		750,000		797,813
5.65%, 5/1/2018		600,000		630,931
5.70%, 1/24/2022 (a)		250,000		275,322
6.50%, 8/1/2016		350,000		382,235
Boeing Capital Corp.:
2.13%, 8/15/2016		100,000		103,791
2.90%, 8/15/2018 (a)		50,000		53,638
BP Capital Markets PLC:
3.88%, 3/10/2015		300,000		321,732
4.50%, 10/1/2020		450,000		506,299
5.25%, 11/7/2013		250,000		264,547
Capital One Bank USA NA 8.80%, 7/15/2019		395,000		496,187
Capital One Financial Corp.:
2.15%, 3/23/2015		200,000		200,503
3.15%, 7/15/2016 (a)		60,000		62,003
6.15%, 9/1/2016		250,000		279,266
7.38%, 5/23/2014		185,000		202,798
Citigroup, Inc.:
4.59%, 12/15/2015		1,100,000		1,149,364
4.75%, 5/19/2015		400,000		418,572
5.00%, 9/15/2014		500,000		513,481
5.38%, 8/9/2020		400,000		431,670
5.50%, 2/15/2017		215,000		224,053
5.85%, 8/2/2016		500,000		546,749
6.01%, 1/15/2015		350,000		375,536
6.13%, 11/21/2017		250,000		276,405
6.13%, 5/15/2018		250,000		275,758
6.38%, 8/12/2014		600,000		642,265
6.50%, 8/19/2013		350,000		365,925
8.50%, 5/22/2019		815,000		1,011,124
CME Group, Inc. 5.75%, 2/15/2014		250,000		269,426
Credit Suisse USA, Inc.:
4.88%, 1/15/2015		5,000		5,315
5.38%, 3/2/2016		300,000		327,516
5.85%, 8/16/2016		250,000		280,226
Ford Motor Credit Co. LLC:
2.75%, 5/15/2015		250,000		252,500
3.00%, 6/12/2017 (a)		150,000		149,315
5.88%, 8/2/2021		650,000		723,125
6.63%, 8/15/2017		1,000,000		1,140,000
7.00%, 4/15/2015		1,000,000		1,115,000
General Electric Capital Corp.:
3.50%, 6/29/2015		500,000		528,356
4.38%, 9/16/2020		450,000		484,142
4.63%, 1/7/2021		250,000		274,201
4.65%, 10/17/2021		250,000		276,579
5.30%, 2/11/2021		245,000		274,416
5.40%, 2/15/2017		750,000		853,850
5.63%, 9/15/2017		250,000		286,194
5.63%, 5/1/2018		770,000		882,718

See accompanying notes to financial statements.

147

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

June 30, 2012


	Principal
Security Description	Amount		Value

5.65%, 6/9/2014	$	500,000	$	541,377
5.90%, 5/13/2014		500,000		543,118
6.00%, 8/7/2019		250,000		293,075
General Electric Capital Corp., Series A 3.75%, 11/14/2014		350,000		369,411
HSBC Finance Corp.:
5.00%, 6/30/2015		810,000		864,395
5.25%, 4/15/2015		150,000		160,394
6.68%, 1/15/2021		500,000		537,469
JPMorgan Chase & Co.:
2.60%, 1/15/2016		600,000		606,489
3.15%, 7/5/2016		450,000		462,311
3.40%, 6/24/2015		500,000		517,886
3.45%, 3/1/2016		1,000,000		1,035,553
4.25%, 10/15/2020		800,000		830,478
4.40%, 7/22/2020		500,000		523,789
4.50%, 1/24/2022 (a)		500,000		537,755
4.63%, 5/10/2021		150,000		159,679
4.65%, 6/1/2014		1,020,000		1,074,258
Lazard Group LLC 6.85%, 6/15/2017		145,000		158,101
Merrill Lynch & Co., Inc.:
6.40%, 8/28/2017		250,000		268,893
6.88%, 4/25/2018		1,667,000		1,842,375
National Rural Utilities Cooperative Finance Corp.:
1.00%, 2/2/2015 (a)		150,000		149,793
5.45%, 2/1/2018		250,000		294,912
10.38%, 11/1/2018		185,000		266,734
Nomura Holdings, Inc.:
4.13%, 1/19/2016 (a)		202,000		205,299
5.00%, 3/4/2015		170,000		176,651
6.70%, 3/4/2020		155,000		172,016
Royal Bank of Scotland Group PLC 5.63%, 8/24/2020 (a)		500,000		527,126
SLM Corp.:
5.00%, 10/1/2013		265,000		269,765
8.00%, 3/25/2020		250,000		271,250
The Charles Schwab Corp. 4.45%, 7/22/2020		250,000		276,506
The Nasdaq OMX Group, Inc.:
5.25%, 1/16/2018		60,000		63,449
5.55%, 1/15/2020		246,000		255,013
The Royal Bank of Scotland Group PLC 4.88%, 3/16/2015		250,000		258,441
The Western Union Co. 5.25%, 4/1/2020		135,000		153,772
Toyota Motor Credit Corp.:
1.00%, 2/17/2015 (a)		250,000		250,749
1.38%, 8/12/2013 (a)		200,000		201,935
2.00%, 9/15/2016		100,000		102,194
2.80%, 1/11/2016		150,000		157,415
3.20%, 6/17/2015		150,000		159,676
3.30%, 1/12/2022 (a)		300,000		313,975
3.40%, 9/15/2021		150,000		158,614
4.25%, 1/11/2021		150,000		168,928
UBS AG of Stamford, CT:
2.25%, 8/12/2013		250,000		251,087
2.25%, 1/28/2014		250,000		250,334
3.88%, 1/15/2015		250,000		257,443
4.88%, 8/4/2020		45,000		47,982
5.75%, 4/25/2018		555,000		613,104
5.88%, 12/20/2017		400,000		444,180

				44,094,640

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%
AT&T, Inc. 3.88%, 8/15/2021		150,000		161,880
British Telecommunications PLC 5.95%, 1/15/2018		300,000		349,341
CenturyLink, Inc.:
5.80%, 3/15/2022		250,000		248,853
6.45%, 6/15/2021		500,000		522,039
Harris Corp. 6.38%, 6/15/2019		100,000		117,199
Qwest Corp. 7.50%, 10/1/2014		250,000		278,259
Telecom Italia Capital SA 7.00%, 6/4/2018		250,000		250,000
Verizon Communications, Inc.:
1.95%, 3/28/2014 (a)		250,000		255,343
3.50%, 11/1/2021		150,000		158,933
4.60%, 4/1/2021		350,000		400,004
8.75%, 11/1/2018		250,000		339,582

				3,081,433

ELECTRIC UTILITIES — 4.4%
Arizona Public Service Co. 6.25%, 8/1/2016		205,000		238,732
Baltimore Gas & Electric Co. 5.90%, 10/1/2016		150,000		173,517
Carolina Power & Light Co. 5.25%, 12/15/2015		320,000		363,106
CenterPoint Energy Houston Electric LLC, Series M 5.75%, 1/15/2014		210,000		224,315
Commonwealth Edison Co.:
1.63%, 1/15/2014		250,000		252,906
3.40%, 9/1/2021		100,000		106,812
4.00%, 8/1/2020		60,000		66,266
5.80%, 3/15/2018		520,000		621,999
Consolidated Edison Co. of New York, Inc.:
5.85%, 4/1/2018		208,000		253,432
6.65%, 4/1/2019		155,000		195,695
Consumers Energy Co., Series M 5.50%, 8/15/2016		250,000		288,416
Duke Energy Carolinas LLC:
1.75%, 12/15/2016 (a)		350,000		356,338
3.90%, 6/15/2021		150,000		165,584
Duke Energy Corp. 3.95%, 9/15/2014		670,000		710,537
Edison International 3.75%, 9/15/2017		350,000		374,223
Entergy Corp. 5.13%, 9/15/2020		300,000		311,174
Entergy Louisiana LLC 1.88%, 12/15/2014		90,000		91,877

See accompanying notes to financial statements.

148

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

June 30, 2012


	Principal
Security Description	Amount		Value

FirstEnergy Solutions Corp.:
4.80%, 2/15/2015	$	155,000	$	165,807
6.05%, 8/15/2021		250,000		271,673
Florida Power Corp. 3.10%, 8/15/2021		210,000		216,556
FPL Group Capital, Inc. 6.00%, 3/1/2019		470,000		552,702
Georgia Power Co.:
4.25%, 12/1/2019 (a)		360,000		400,824
6.00%, 11/1/2013		250,000		266,583
Great Plains Energy, Inc.:
2.75%, 8/15/2013		250,000		253,454
4.85%, 6/1/2021		75,000		80,255
Indiana Michigan Power Co., Series I 7.00%, 3/15/2019		165,000		204,683
Kentucky Utilities Co. 1.63%, 11/1/2015		250,000		254,248
LG&E and KU Energy LLC 3.75%, 11/15/2020		300,000		307,340
Nevada Power Co. 6.50%, 8/1/2018		305,000		375,768
Nisource Finance Corp. 6.40%, 3/15/2018		450,000		526,316
Ohio Power Co. 5.38%, 10/1/2021		250,000		295,176
Oncor Electric Delivery Co. LLC 6.38%, 1/15/2015		350,000		389,522
Pacific Gas & Electric Co.:
3.50%, 10/1/2020 (a)		250,000		269,696
8.25%, 10/15/2018		150,000		202,181
PG&E Corp. 5.75%, 4/1/2014		105,000		113,509
Progress Energy, Inc. 7.05%, 3/15/2019		150,000		189,126
PSEG Power LLC 5.13%, 4/15/2020 (a)		280,000		308,540
Public Service Electric & Gas Co.:
0.85%, 8/15/2014		20,000		20,016
2.70%, 5/1/2015		150,000		156,872
Scottish Power, Ltd. 5.38%, 3/15/2015		150,000		155,213
South Carolina Electric & Gas Co. 5.25%, 11/1/2018		200,000		232,916
Southern California Edison Co. 3.88%, 6/1/2021		35,000		38,554
TECO Finance, Inc. 5.15%, 3/15/2020		150,000		169,706
The Cleveland Electric Illuminating Co. 5.65%, 12/15/2013		250,000		265,138
The Detroit Edison Co. 3.45%, 10/1/2020		100,000		106,392
Union Electric Co.:
6.40%, 6/15/2017		250,000		299,299
6.70%, 2/1/2019		115,000		142,093
Virginia Electric and Power Co. 5.40%, 4/30/2018		155,000		184,993
Wisconsin Electric Power Co. 4.25%, 12/15/2019		150,000		169,263

				12,379,343

ELECTRICAL EQUIPMENT — 0.2%
Emerson Electric Co. 5.00%, 4/15/2019		400,000		468,575

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%
Agilent Technologies, Inc. 5.00%, 7/15/2020		200,000		225,924
Amphenol Corp. 4.00%, 2/1/2022		150,000		155,189
Arrow Electronics, Inc. 5.13%, 3/1/2021 (a)		150,000		155,446
Avnet, Inc. 6.63%, 9/15/2016		160,000		181,866
Energizer Holdings, Inc. 4.70%, 5/24/2022		100,000		103,919

				822,344

ENERGY EQUIPMENT & SERVICES — 0.3%
Cameron International Corp. 4.50%, 6/1/2021		50,000		54,154
Halliburton Co. 6.15%, 9/15/2019		125,000		154,805
Nabors Industries, Inc.:
4.63%, 9/15/2021		150,000		155,849
9.25%, 1/15/2019 (a)		295,000		381,141

				745,949

FOOD & STAPLES RETAILING — 1.9%
Costco Wholesale Corp. 5.50%, 3/15/2017		300,000		356,873
CVS Caremark Corp.:
4.13%, 5/15/2021 (a)		250,000		273,570
5.75%, 6/1/2017		465,000		545,545
Safeway, Inc.:
5.00%, 8/15/2019		190,000		195,594
6.25%, 3/15/2014 (a)		300,000		319,629
Target Corp.:
2.90%, 1/15/2022 (a)		100,000		102,169
5.38%, 5/1/2017		250,000		294,614
6.00%, 1/15/2018		310,000		374,164
The Kroger Co.:
6.40%, 8/15/2017		250,000		298,187
7.50%, 1/15/2014		250,000		274,092
Wal-Mart Stores, Inc.:
1.63%, 4/15/2014		250,000		254,944
2.80%, 4/15/2016		250,000		265,919
3.00%, 2/3/2014		545,000		565,098
3.25%, 10/25/2020 (a)		500,000		535,321
5.38%, 4/5/2017		350,000		410,680
Walgreen Co. 5.25%, 1/15/2019		250,000		284,583

				5,350,982

FOOD PRODUCTS — 1.9%
Archer-Daniels-Midland Co. 4.48%, 3/1/2021 (a)		150,000		173,489
Bunge Ltd. 8.50%, 6/15/2019		150,000		187,717
Campbell Soup Co.:
3.05%, 7/15/2017		100,000		107,596

See accompanying notes to financial statements.

149

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

June 30, 2012


	Principal
Security Description	Amount		Value

4.25%, 4/15/2021 (a)	$	150,000	$	170,451
ConAgra Foods, Inc. 7.00%, 4/15/2019		250,000		305,642
Delhaize Group SA 4.13%, 4/10/2019		100,000		97,320
General Mills, Inc. 5.70%, 2/15/2017 (a)		500,000		590,242
H.J. Heinz Co. 3.13%, 9/12/2021		150,000		155,019
Kellogg Co.:
1.75%, 5/17/2017		200,000		199,255
1.88%, 11/17/2016		200,000		202,485
3.25%, 5/21/2018		35,000		37,258
4.15%, 11/15/2019		150,000		165,384
Kraft Foods Group, Inc. 2.25%, 6/5/2017 (c)		750,000		765,486
Kraft Foods, Inc.:
4.13%, 2/9/2016		860,000		936,405
5.38%, 2/10/2020		410,000		484,928
Sara Lee Corp. 2.75%, 9/15/2015 (a)		200,000		205,232
The Hershey Co. 1.50%, 11/1/2016		250,000		251,256
Unilever Capital Corp.:
3.65%, 2/15/2014		155,000		162,200
4.25%, 2/10/2021		150,000		174,489

				5,371,854

GAS UTILITIES — 0.1%
Atmos Energy Corp. 8.50%, 3/15/2019		150,000		197,506
National Grid PLC 6.30%, 8/1/2016		100,000		115,503

				313,009

HEALTH CARE EQUIPMENT & SUPPLIES — 1.5%
Baxter International, Inc. 4.00%, 3/1/2014		510,000		535,543
Becton Dickinson and Co. 3.25%, 11/12/2020		250,000		262,309
Boston Scientific Corp.:
5.45%, 6/15/2014		150,000		160,434
6.40%, 6/15/2016		350,000		402,811
C.R. Bard, Inc. 2.88%, 1/15/2016		75,000		78,594
CareFusion Corp. 5.13%, 8/1/2014		150,000		160,589
Covidien International Finance SA 2.80%, 6/15/2015 (a)		350,000		364,093
DENTSPLY International, Inc. 4.13%, 8/15/2021		100,000		104,257
Hospira, Inc. 5.90%, 6/15/2014		250,000		269,041
Johnson & Johnson 2.95%, 9/1/2020		250,000		268,567
Medtronic, Inc.:
3.00%, 3/15/2015		300,000		316,351
3.13%, 3/15/2022		250,000		256,474
4.45%, 3/15/2020		185,000		211,373
St. Jude Medical, Inc. 2.50%, 1/15/2016		250,000		257,885
Stryker Corp. 2.00%, 9/30/2016		300,000		309,528
Zimmer Holdings, Inc. 3.38%, 11/30/2021		150,000		155,690

				4,113,539

HEALTH CARE PRODUCTS — 0.1%
Medtronic, Inc. 2.63%, 3/15/2016		250,000		262,129

HEALTH CARE PROVIDERS & SERVICES — 1.7%
Aetna, Inc. 6.00%, 6/15/2016		350,000		406,170
AmerisourceBergen Corp. 4.88%, 11/15/2019		250,000		287,723
Cardinal Health, Inc. 5.80%, 10/15/2016		250,000		288,517
CIGNA Corp. 4.50%, 3/15/2021		150,000		162,205
Cigna Corp. 5.13%, 6/15/2020		350,000		394,076
Coventry Health Care, Inc. 5.45%, 6/15/2021		190,000		214,391
Express Scripts, Inc. 6.25%, 6/15/2014		395,000		431,722
Humana, Inc. 7.20%, 6/15/2018		260,000		313,167
Laboratory Corp. of America Holdings 3.13%, 5/15/2016		250,000		260,616
McKesson Corp.:
3.25%, 3/1/2016		250,000		265,733
7.50%, 2/15/2019 (a)		135,000		176,328
Quest Diagnostics, Inc. 4.70%, 4/1/2021 (a)		150,000		166,307
UnitedHealth Group, Inc.:
1.88%, 11/15/2016 (a)		250,000		253,952
3.88%, 10/15/2020		250,000		270,889
4.88%, 3/15/2015		150,000		164,400
WellPoint, Inc.:
5.25%, 1/15/2016		200,000		223,699
5.88%, 6/15/2017		300,000		353,342
7.00%, 2/15/2019		45,000		56,470

				4,689,707

HOTELS, RESTAURANTS & LEISURE — 0.7%
Darden Restaurants, Inc. 6.20%, 10/15/2017		150,000		173,068
International Game Technology 5.50%, 6/15/2020		100,000		109,341
Marriott International, Inc. 6.38%, 6/15/2017		150,000		175,938
McDonald’s Corp.:
2.63%, 1/15/2022		150,000		151,439
3.50%, 7/15/2020		55,000		60,194
3.63%, 5/20/2021		50,000		55,038
5.35%, 3/1/2018		390,000		465,884
Starwood Hotels & Resorts Worldwide, Inc. 6.75%, 5/15/2018		250,000		290,187

See accompanying notes to financial statements.

150

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

June 30, 2012


	Principal
Security Description	Amount		Value

Wyndham Worldwide Corp. 5.63%, 3/1/2021	$	250,000	$	274,476
Yum! Brands, Inc.:
3.75%, 11/1/2021		30,000		31,541
5.30%, 9/15/2019		150,000		173,661
6.25%, 3/15/2018		100,000		119,351

				2,080,118

HOUSEHOLD DURABLES — 0.1%
Whirlpool Corp.:
4.85%, 6/15/2021 (a)		50,000		51,795
6.50%, 6/15/2016		250,000		273,799

				325,594

HOUSEHOLD PRODUCTS — 0.4%
Colgate-Palmolive Co. 2.95%, 11/1/2020		250,000		265,943
Fortune Brands, Inc. 6.38%, 6/15/2014		265,000		291,085
Kimberly-Clark Corp. 7.50%, 11/1/2018		195,000		258,767
Newell Rubbermaid, Inc. 6.25%, 4/15/2018		150,000		169,925
The Clorox Co. 3.80%, 11/15/2021 (a)		250,000		259,975

				1,245,695

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.1%
TransAlta Corp. 5.75%, 12/15/2013		200,000		209,223

INDUSTRIAL CONGLOMERATES — 1.0%
3M Co. 4.38%, 8/15/2013		250,000		261,107
Cooper US, Inc.:
2.38%, 1/15/2016		100,000		102,551
3.88%, 12/15/2020		150,000		163,923
General Electric Co. 5.25%, 12/6/2017		1,010,000		1,176,412
Koninklijke Philips Electronics NV:
3.75%, 3/15/2022		200,000		208,578
5.75%, 3/11/2018		100,000		118,253
Tyco Electronics Group SA 6.55%, 10/1/2017		210,000		253,544
Tyco International Finance SA:
3.38%, 10/15/2015		115,000		123,991
3.75%, 1/15/2018		100,000		110,347
4.13%, 10/15/2014		170,000		183,347

				2,702,053

INSURANCE — 4.1%
ACE INA Holdings, Inc.:
2.60%, 11/23/2015		250,000		259,451
5.90%, 6/15/2019		155,000		189,992
AEGON Funding Co. LLC 5.75%, 12/15/2020		100,000		110,850
Aflac, Inc. 8.50%, 5/15/2019		145,000		189,336
Allied World Assurance Co., Ltd. 7.50%, 8/1/2016		100,000		114,765
American International Group, Inc.:
5.85%, 1/16/2018		1,150,000		1,267,995
8.25%, 8/15/2018		600,000		723,469
AON Corp. 5.00%, 9/30/2020		225,000		250,157
Axis Specialty Finance LLC 5.88%, 6/1/2020		100,000		107,271
Berkshire Hathaway Finance Corp.:
1.50%, 1/10/2014 (a)		100,000		101,115
4.25%, 1/15/2021 (a)		100,000		110,056
5.40%, 5/15/2018 (a)		145,000		170,600
Berkshire Hathaway, Inc.:
1.90%, 1/31/2017		500,000		509,265
3.20%, 2/11/2015		350,000		371,153
3.40%, 1/31/2022 (a)		150,000		155,453
Chubb Corp. 6.38%, 3/29/2067 (b)		195,000		200,850
CNA Financial Corp.:
5.88%, 8/15/2020		150,000		164,630
6.50%, 8/15/2016 (a)		150,000		168,783
Genworth Financial, Inc.:
5.75%, 6/15/2014		45,000		45,675
7.20%, 2/15/2021 (a)		150,000		143,250
8.63%, 12/15/2016		150,000		160,500
Hartford Financial Services Group, Inc.:
4.00%, 3/30/2015		100,000		104,215
6.30%, 3/15/2018 (a)		330,000		359,917
Lincoln National Corp. 8.75%, 7/1/2019		300,000		378,695
Manulife Financial Corp. 3.40%, 9/17/2015		100,000		102,589
Marsh & McLennan Cos., Inc.:
4.80%, 7/15/2021		50,000		54,957
5.75%, 9/15/2015		185,000		204,582
MetLife, Inc.:
2.38%, 2/6/2014		150,000		152,868
4.75%, 2/8/2021		250,000		277,321
6.75%, 6/1/2016 (a)		515,000		602,884
PartnerRe, Ltd. 5.50%, 6/1/2020 (a)		100,000		105,496
Principal Financial Group, Inc. 7.88%, 5/15/2014		250,000		278,258
Prudential Financial, Inc.:
3.88%, 1/14/2015		125,000		130,438
4.75%, 4/1/2014		300,000		315,902
4.75%, 9/17/2015		320,000		344,595
7.38%, 6/15/2019		200,000		242,505
Reinsurance Group of America, Inc. 6.45%, 11/15/2019		250,000		280,097
The Allstate Corp. 5.00%, 8/15/2014		500,000		539,548
The Progressive Corp. 3.75%, 8/23/2021		150,000		161,910
The Travelers Cos., Inc. 6.25%, 6/20/2016		320,000		374,583
Transatlantic Holdings, Inc. 5.75%, 12/14/2015		100,000		108,427
Unum Group 7.13%, 9/30/2016		100,000		115,122

See accompanying notes to financial statements.

151

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

June 30, 2012


	Principal
Security Description	Amount		Value

Willis North America, Inc. 7.00%, 9/29/2019	$	250,000	$	288,906
WR Berkley Corp. 4.63%, 3/15/2022		150,000		151,321
XL Group PLC 5.25%, 9/15/2014		250,000		262,931

				11,452,683

INTERNET & CATALOG RETAIL — 0.1%
Expedia, Inc. 5.95%, 8/15/2020		200,000		208,000

INTERNET SOFTWARE & SERVICES — 0.2%
eBay, Inc. 3.25%, 10/15/2020 (a)		150,000		156,907
Google, Inc.:
1.25%, 5/19/2014		250,000		253,214
3.63%, 5/19/2021		150,000		166,378

				576,499

IT SERVICES — 0.1%
Fiserv, Inc. 6.80%, 11/20/2017		150,000		179,965

LIFE SCIENCES TOOLS & SERVICES — 0.4%
Life Technologies Corp. 5.00%, 1/15/2021		250,000		276,574
Thermo Fisher Scientific, Inc.:
2.25%, 8/15/2016		400,000		415,529
3.20%, 5/1/2015		250,000		265,655
3.20%, 3/1/2016		40,000		42,816

				1,000,574

MACHINERY — 1.1%
Caterpillar, Inc.:
1.38%, 5/27/2014		50,000		50,530
3.90%, 5/27/2021 (a)		250,000		277,548
Danaher Corp. 5.40%, 3/1/2019		250,000		300,013
Eaton Corp. 6.95%, 3/20/2019		150,000		189,864
Illinois Tool Works, Inc.:
3.38%, 9/15/2021		45,000		47,420
6.25%, 4/1/2019		250,000		309,442
Ingersoll-Rand Global Holding Co., Ltd.:
6.00%, 8/15/2013		100,000		105,388
9.50%, 4/15/2014		180,000		203,553
John Deere Capital Corp.:
1.25%, 12/2/2014 (a)		500,000		504,624
2.80%, 9/18/2017 (a)		250,000		264,560
3.90%, 7/12/2021		150,000		166,738
4.90%, 9/9/2013		250,000		262,093
Joy Global, Inc. 5.13%, 10/15/2021		80,000		89,147
Pentair, Inc. 5.00%, 5/15/2021		150,000		165,090
Stanley Black & Decker, Inc. 3.40%, 12/1/2021		100,000		103,999

				3,040,009

MEDIA — 4.4%
CBS Corp.:
3.38%, 3/1/2022 (a)		150,000		150,165
8.88%, 5/15/2019		145,000		191,593
Comcast Corp.:
3.13%, 7/15/2022		100,000		100,979
4.65%, 7/15/2042		48,000		47,924
5.70%, 5/15/2018		1,015,000		1,192,547
6.50%, 1/15/2015		500,000		561,723
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
3.50%, 3/1/2016		250,000		263,371
3.55%, 3/15/2015		395,000		415,263
3.80%, 3/15/2022		250,000		251,784
5.00%, 3/1/2021		150,000		164,791
5.20%, 3/15/2020		350,000		388,337
Discovery Communications LLC:
4.38%, 6/15/2021 (a)		100,000		108,994
5.05%, 6/1/2020		200,000		226,270
5.63%, 8/15/2019		100,000		116,291
NBCUniversal Media LLC:
2.10%, 4/1/2014		150,000		152,689
3.65%, 4/30/2015		500,000		531,046
4.38%, 4/1/2021		250,000		273,028
5.15%, 4/30/2020		150,000		173,358
News America, Inc.:
4.50%, 2/15/2021 (a)		200,000		218,485
6.90%, 3/1/2019		260,000		318,883
Omnicom Group, Inc. 4.45%, 8/15/2020		250,000		267,365
Reed Elsevier Capital, Inc. 8.63%, 1/15/2019		150,000		190,148
The Interpublic Group of Cos., Inc. 6.25%, 11/15/2014 (d)		100,000		108,000
The Walt Disney Co.:
3.75%, 6/1/2021		200,000		221,365
4.50%, 12/15/2013		380,000		400,858
5.50%, 3/15/2019		500,000		603,672
The Washington Post Co. 7.25%, 2/1/2019		100,000		114,526
Thomson Reuters Corp. 6.50%, 7/15/2018		405,000		496,294
Time Warner Cable, Inc.:
4.00%, 9/1/2021		250,000		262,501
5.00%, 2/1/2020 (a)		500,000		561,552
5.85%, 5/1/2017		500,000		582,481
6.20%, 7/1/2013		535,000		562,597
Time Warner, Inc.:
4.88%, 3/15/2020		350,000		393,268
5.88%, 11/15/2016		490,000		572,907
Viacom, Inc.:
3.50%, 4/1/2017		100,000		107,563
4.50%, 3/1/2021		200,000		222,558
6.25%, 4/30/2016		400,000		466,721
Virgin Media Secured Finance PLC 5.25%, 1/15/2021		125,000		139,643
WPP Finance UK 5.88%, 6/15/2014		250,000		270,026

				12,391,566

See accompanying notes to financial statements.

152

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

June 30, 2012


	Principal
Security Description	Amount		Value

METALS & MINING — 3.4%
Alcoa, Inc.:
5.40%, 4/15/2021 (a)	$	250,000	$	246,865
6.15%, 8/15/2020		200,000		209,593
6.75%, 7/15/2018 (a)		205,000		229,379
ArcelorMittal:
3.75%, 3/1/2016		250,000		248,889
5.50%, 3/1/2021 (a)		200,000		188,641
6.13%, 6/1/2018 (a)		300,000		302,865
6.25%, 2/25/2022 (a)		500,000		490,701
Barrick Gold Corp.:
1.75%, 5/30/2014		45,000		45,610
2.90%, 5/30/2016		250,000		261,795
6.95%, 4/1/2019		250,000		310,591
Barrick Gold Finance Co. LLC 6.13%, 9/15/2013		250,000		265,458
Barrick North America Finance LLC 4.40%, 5/30/2021		50,000		54,091
BHP Billiton Finance USA, Ltd.:
2.88%, 2/24/2022 (a)		300,000		303,377
3.25%, 11/21/2021		250,000		259,412
5.25%, 12/15/2015		500,000		569,174
5.50%, 4/1/2014		715,000		773,759
Cliffs Natural Resources, Inc. 4.88%, 4/1/2021 (a)		100,000		98,204
Freeport-McMoRan Copper & Gold, Inc. 3.55%, 3/1/2022		500,000		490,689
Newmont Mining Corp. 3.50%, 3/15/2022		150,000		148,034
Nucor Corp. 5.75%, 12/1/2017		250,000		299,601
Rio Tinto Finance USA, Ltd.:
2.25%, 9/20/2016		150,000		154,893
3.50%, 11/2/2020		400,000		422,778
3.75%, 9/20/2021		150,000		161,110
6.50%, 7/15/2018		300,000		370,660
8.95%, 5/1/2014		250,000		285,353
9.00%, 5/1/2019		300,000		409,751
Teck Resources, Ltd.:
10.25%, 5/15/2016		300,000		333,750
10.75%, 5/15/2019		225,000		271,125
Vale Overseas, Ltd.:
4.38%, 1/11/2022		100,000		102,220
5.63%, 9/15/2019		360,000		399,586
6.25%, 1/23/2017 (a)		500,000		570,747
Xstrata Canada Corp. 6.00%, 10/15/2015		150,000		167,708

				9,446,409

MULTI-UTILITIES — 1.2%
Dominion Resources, Inc.:
1.80%, 3/15/2014		600,000		610,523
4.45%, 3/15/2021 (a)		250,000		282,464
5.60%, 11/15/2016		300,000		348,680
MidAmerican Energy Holdings Co. 5.75%, 4/1/2018		490,000		578,230
NSTAR 4.50%, 11/15/2019		150,000		165,705
Sempra Energy:
6.15%, 6/15/2018		150,000		180,764
6.50%, 6/1/2016		395,000		462,773
Veolia Environnement SA 6.00%, 6/1/2018		100,000		110,552
Xcel Energy, Inc. 4.70%, 5/15/2020		650,000		751,034

				3,490,725

MULTILINE RETAIL — 0.3%
Kohl’s Corp. 4.00%, 11/1/2021 (a)		150,000		155,787
Macy’s Retail Holdings, Inc.:
3.88%, 1/15/2022		100,000		105,416
5.75%, 7/15/2014		200,000		217,372
Nordstrom, Inc. 6.75%, 6/1/2014		200,000		222,332

				700,907

OFFICE ELECTRONICS — 0.3%
Xerox Corp.:
4.25%, 2/15/2015		395,000		418,583
5.63%, 12/15/2019		350,000		388,460

				807,043

OIL, GAS & CONSUMABLE FUELS — 8.1%
Anadarko Petroleum Corp.:
5.95%, 9/15/2016		550,000		622,225
6.95%, 6/15/2019		155,000		188,706
Apache Corp. 6.90%, 9/15/2018		300,000		381,757
Baker Hughes, Inc. 7.50%, 11/15/2018		185,000		242,608
Boardwalk Pipelines LP 5.75%, 9/15/2019		150,000		164,696
BP Capital Markets PLC:
2.25%, 11/1/2016		250,000		256,648
3.20%, 3/11/2016		500,000		530,245
4.74%, 3/11/2021		500,000		574,405
Canadian Natural Resources, Ltd. 5.70%, 5/15/2017		355,000		412,812
Cenovus Energy, Inc. 4.50%, 9/15/2014		250,000		266,810
CenterPoint Energy Resources Corp.:
4.50%, 1/15/2021		65,000		70,074
6.15%, 5/1/2016		250,000		289,295
Chevron Corp.:
3.95%, 3/3/2014		150,000		158,314
4.95%, 3/3/2019		205,000		247,410
ConocoPhillips:
4.60%, 1/15/2015 (a)		150,000		164,081
5.75%, 2/1/2019		510,000		623,495
6.00%, 1/15/2020		250,000		314,451
ConocoPhillips Canada Funding Co. 5.63%, 10/15/2016		250,000		295,186
Devon Energy Corp. 2.40%, 7/15/2016 (a)		250,000		256,378
Diamond Offshore Drilling, Inc. 5.88%, 5/1/2019		145,000		170,467

See accompanying notes to financial statements.

153

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

June 30, 2012


	Principal
Security Description	Amount		Value

El Paso Natural Gas Co. 5.95%, 4/15/2017	$	150,000	$	167,960
Enbridge Energy Partners LP 5.20%, 3/15/2020		250,000		280,066
Enbridge, Inc. 5.60%, 4/1/2017		250,000		286,185
EnCana Corp. 6.50%, 5/15/2019		310,000		366,538
Energy Transfer Partners LP:
6.70%, 7/1/2018		250,000		287,416
8.50%, 4/15/2014		257,000		284,933
Ensco PLC:
3.25%, 3/15/2016		400,000		418,349
4.70%, 3/15/2021		125,000		135,277
Enterprise Products Operating LLC:
3.20%, 2/1/2016		100,000		104,730
6.30%, 9/15/2017		360,000		426,755
9.75%, 1/31/2014		250,000		281,825
EOG Resources, Inc.:
2.95%, 6/1/2015		350,000		366,943
4.40%, 6/1/2020 (a)		500,000		565,495
EQT Corp. 8.13%, 6/1/2019		150,000		178,943
Hess Corp. 8.13%, 2/15/2019		100,000		130,140
Husky Energy, Inc. 7.25%, 12/15/2019		250,000		309,360
Kinder Morgan Energy Partners LP:
5.30%, 9/15/2020		200,000		222,290
6.00%, 2/1/2017		505,000		580,372
Magellan Midstream Partners LP 6.55%, 7/15/2019		150,000		178,722
Marathon Oil Corp. 6.00%, 10/1/2017		300,000		350,061
Marathon Petroleum Corp. 5.13%, 3/1/2021		150,000		167,353
Nexen, Inc. 6.20%, 7/30/2019		155,000		177,990
Noble Energy, Inc. 8.25%, 3/1/2019		150,000		190,889
Noble Holding International, Ltd. 4.90%, 8/1/2020		200,000		215,743
NuStar Logistics LP 4.75%, 2/1/2022		150,000		152,757
Occidental Petroleum Corp.:
1.45%, 12/13/2013		250,000		253,053
1.75%, 2/15/2017		200,000		202,403
2.50%, 2/1/2016		300,000		314,392
ONEOK Partners LP:
3.25%, 2/1/2016		50,000		52,396
6.15%, 10/1/2016		150,000		173,051
ONEOK, Inc. 4.25%, 2/1/2022		150,000		155,729
Panhandle Eastern Pipeline Co. LP 6.20%, 11/1/2017		150,000		169,696
PC Financial Partnership 5.00%, 11/15/2014		250,000		270,662
Phillips 66:
2.95%, 5/1/2017 (c)		350,000		358,235
4.30%, 4/1/2022 (c)		500,000		528,060
Pioneer Natural Resources Co. 7.50%, 1/15/2020		250,000		308,750
Plains All American Pipeline LP/PAA Finance Corp.:
5.00%, 2/1/2021		250,000		280,322
5.75%, 1/15/2020		250,000		292,196
Rowan Cos., Inc. 7.88%, 8/1/2019		150,000		181,306
Shell International Finance BV:
3.10%, 6/28/2015		150,000		159,791
4.00%, 3/21/2014		680,000		719,032
4.30%, 9/22/2019		350,000		404,120
Southern Natural Gas Co. 4.40%, 6/15/2021		250,000		266,945
Southwestern Energy Co. 4.10%, 3/15/2022 (c)		250,000		250,757
Spectra Energy Capital LLC 5.67%, 8/15/2014		250,000		268,885
Suncor Energy, Inc. 6.10%, 6/1/2018		150,000		177,172
Talisman Energy, Inc. 7.75%, 6/1/2019		150,000		184,798
Total Capital International SA 2.88%, 2/17/2022 (a)		150,000		152,962
Total Capital SA:
3.00%, 6/24/2015		250,000		264,387
3.13%, 10/2/2015 (a)		300,000		319,512
4.13%, 1/28/2021		250,000		278,294
TransCanada PipeLines, Ltd.:
3.80%, 10/1/2020 (a)		350,000		385,333
7.13%, 1/15/2019		150,000		191,700
Transocean, Inc.:
4.95%, 11/15/2015		350,000		376,331
6.38%, 12/15/2021		250,000		284,507
Valero Energy Corp.:
6.13%, 6/15/2017		250,000		290,976
6.13%, 2/1/2020		145,000		167,945
Weatherford International, Ltd.:
4.95%, 10/15/2013		195,000		203,544
5.13%, 9/15/2020		250,000		267,486
Williams Partners LP:
3.80%, 2/15/2015		265,000		279,529
4.00%, 11/15/2021 (a)		150,000		154,597
XTO Energy, Inc. 5.75%, 12/15/2013		250,000		268,312

				22,914,321

PAPER & FOREST PRODUCTS — 0.4%
Celulosa Arauco y Constitucion SA 5.63%, 4/20/2015		250,000		269,582
International Paper Co.:
7.50%, 8/15/2021		250,000		318,266
7.95%, 6/15/2018		250,000		313,460
9.38%, 5/15/2019		130,000		173,825

				1,075,133

PERSONAL PRODUCTS — 0.4%
Avon Products, Inc. 4.20%, 7/15/2018 (a)		200,000		205,038

See accompanying notes to financial statements.

154

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

June 30, 2012


	Principal
Security Description	Amount		Value

The Procter & Gamble Co.:
1.45%, 8/15/2016	$	250,000	$	254,226
1.80%, 11/15/2015		750,000		772,766

				1,232,030

PHARMACEUTICALS — 3.8%
Abbott Laboratories 5.60%, 11/30/2017		930,000		1,117,891
Allergan, Inc. 5.75%, 4/1/2016		200,000		232,228
Aristotle Holding, Inc.:
3.90%, 2/15/2022 (c)		600,000		623,866
4.75%, 11/15/2021 (c)		250,000		276,647
AstraZeneca PLC 5.90%, 9/15/2017		250,000		300,570
Bristol-Myers Squibb Co. 5.25%, 8/15/2013 (a)		250,000		263,408
Eli Lilly & Co. 5.20%, 3/15/2017		350,000		406,368
GlaxoSmithKline Capital PLC:
1.50%, 5/8/2017		350,000		350,325
2.85%, 5/8/2022		350,000		356,603
GlaxoSmithKline Capital, Inc.:
4.38%, 4/15/2014		200,000		213,179
5.65%, 5/15/2018		250,000		301,545
Johnson & Johnson 5.55%, 8/15/2017		350,000		424,831
Mead Johnson Nutrition Co. 4.90%, 11/1/2019		150,000		172,234
Medco Health Solutions, Inc. 7.13%, 3/15/2018		205,000		252,293
Merck & Co., Inc.:
5.00%, 6/30/2019		310,000		372,435
5.30%, 12/1/2013		250,000		266,907
Novartis Capital Corp. 4.13%, 2/10/2014		570,000		601,044
Novartis Securities Investment, Ltd. 5.13%, 2/10/2019		500,000		594,179
Pfizer, Inc.:
5.35%, 3/15/2015		350,000		390,990
6.20%, 3/15/2019		560,000		701,650
Sanofi:
1.20%, 9/30/2014		250,000		252,710
2.63%, 3/29/2016		300,000		314,928
4.00%, 3/29/2021		250,000		277,393
Schering-Plough Corp. 6.00%, 9/15/2017		250,000		304,306
Teva Pharmaceutical Finance Co. BV 3.65%, 11/10/2021 (a)		300,000		316,021
Teva Pharmaceutical Finance III LLC 3.00%, 6/15/2015		250,000		262,996
Wyeth:
5.45%, 4/1/2017		350,000		413,500
5.50%, 2/1/2014		250,000		268,601

				10,629,648

PIPELINES — 0.1%
Buckeye Partners LP 4.88%, 2/1/2021		250,000		245,078
Williams Partners LP 4.13%, 11/15/2020		150,000		156,458

				401,536

REAL ESTATE INVESTMENT TRUSTS — 2.2%
AvalonBay Communities, Inc. 5.75%, 9/15/2016		100,000		114,268
Boston Properties LP:
5.63%, 4/15/2015		250,000		274,424
5.63%, 11/15/2020		150,000		173,962
Brandywine Operating Partnership LP 4.95%, 4/15/2018		200,000		206,277
Camden Property Trust 4.63%, 6/15/2021		50,000		53,454
CommonWealth REIT 6.25%, 6/15/2017		100,000		108,943
Digital Realty Trust LP 5.25%, 3/15/2021		100,000		106,374
Duke Realty LP 7.38%, 2/15/2015		300,000		333,615
ERP Operating LP:
4.63%, 12/15/2021		250,000		271,189
5.75%, 6/15/2017		110,000		125,849
6.58%, 4/13/2015		250,000		277,958
HCP, Inc.:
3.75%, 2/1/2016		55,000		56,712
5.38%, 2/1/2021		250,000		276,032
6.30%, 9/15/2016		150,000		168,907
Health Care REIT, Inc.:
4.95%, 1/15/2021		350,000		368,380
6.20%, 6/1/2016		100,000		110,261
Healthcare Realty Trust, Inc. 6.50%, 1/17/2017		150,000		165,897
Hospitality Properties Trust 7.88%, 8/15/2014		100,000		107,389
Kimco Realty Corp. 6.88%, 10/1/2019		100,000		118,545
Liberty Property LP 5.50%, 12/15/2016		250,000		277,755
ProLogis LP 6.25%, 3/15/2017		400,000		447,685
Realty Income Corp. 5.95%, 9/15/2016		250,000		279,132
Regency Centers LP 5.88%, 6/15/2017		150,000		170,607
Simon Property Group LP:
4.38%, 3/1/2021		150,000		163,110
5.10%, 6/15/2015		200,000		217,680
5.65%, 2/1/2020 (a)		550,000		640,937
5.88%, 3/1/2017 (a)		200,000		228,240
UDR, Inc. 4.63%, 1/10/2022		50,000		52,557
Ventas Realty LP/Ventas Capital Corp.:
4.25%, 3/1/2022 (a)		150,000		150,449
4.75%, 6/1/2021		100,000		104,346

				6,150,934

ROAD & RAIL — 0.7%
Burlington Northern Santa Fe LLC 7.00%, 2/1/2014		250,000		273,656

See accompanying notes to financial statements.

155

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

June 30, 2012


	Principal
Security Description	Amount		Value

Canadian National Railway Co. 5.55%, 3/1/2019	$	250,000	$	301,812
CSX Corp.:
6.25%, 4/1/2015		250,000		284,307
7.38%, 2/1/2019		205,000		260,865
Norfolk Southern Corp. 5.90%, 6/15/2019		250,000		304,648
Ryder System, Inc. 3.15%, 3/2/2015		250,000		258,064
Union Pacific Corp. 5.13%, 2/15/2014		365,000		389,575

				2,072,927

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.3%
Applied Materials, Inc. 4.30%, 6/15/2021		100,000		111,295
Broadcom Corp. 2.70%, 11/1/2018		150,000		155,943
Intel Corp.:
1.95%, 10/1/2016		150,000		155,089
3.30%, 10/1/2021		227,000		243,633
KLA-Tencor Corp. 6.90%, 5/1/2018		100,000		119,953
National Semiconductor Corp. 3.95%, 4/15/2015		150,000		162,120

				948,033

SOFTWARE — 1.1%
Adobe Systems, Inc. 3.25%, 2/1/2015		200,000		208,812
BMC Software, Inc. 4.25%, 2/15/2022		150,000		151,635
CA, Inc. 6.13%, 12/1/2014		150,000		164,476
Intuit, Inc. 5.75%, 3/15/2017		150,000		173,250
Microsoft Corp.:
2.50%, 2/8/2016		250,000		265,063
2.95%, 6/1/2014		250,000		261,360
4.20%, 6/1/2019		435,000		504,102
Oracle Corp.:
3.75%, 7/8/2014		505,000		536,958
5.00%, 7/8/2019		400,000		475,019
5.75%, 4/15/2018		250,000		302,062
Symantec Corp. 2.75%, 9/15/2015		125,000		127,487

				3,170,224

SPECIALTY RETAIL — 0.9%
Advance Auto Parts, Inc. 4.50%, 1/15/2022		50,000		52,528
AutoZone, Inc. 5.75%, 1/15/2015		300,000		328,460
Best Buy Co., Inc. 3.75%, 3/15/2016 (a)		150,000		147,000
Home Depot, Inc. 5.25%, 12/16/2013		250,000		266,464
Lowe’s Cos., Inc.:
2.13%, 4/15/2016 (a)		250,000		257,318
3.12%, 4/15/2022		250,000		254,321
4.63%, 4/15/2020		125,000		140,756
O’Reilly Automotive, Inc. 4.63%, 9/15/2021		100,000		105,469
Staples, Inc. 9.75%, 1/15/2014		100,000		111,746
The Home Depot, Inc.:
3.95%, 9/15/2020 (a)		250,000		276,516
5.40%, 3/1/2016		250,000		287,259
TJX Cos., Inc. 4.20%, 8/15/2015		150,000		162,525

				2,390,362

THRIFTS & MORTGAGE FINANCE — 0.1%
Santander Holdings USA, Inc. 4.63%, 4/19/2016		250,000		244,830

TOBACCO — 1.1%
Altria Group, Inc.:
4.13%, 9/11/2015		150,000		162,458
4.75%, 5/5/2021		400,000		451,981
8.50%, 11/10/2013		250,000		274,858
9.70%, 11/10/2018		440,000		607,004
Lorillard Tobacco Co.:
3.50%, 8/4/2016		45,000		46,686
6.88%, 5/1/2020		150,000		178,067
Philip Morris International, Inc.:
2.90%, 11/15/2021		250,000		254,919
5.65%, 5/16/2018		500,000		602,827
6.88%, 3/17/2014		250,000		275,697
Reynolds American, Inc. 7.63%, 6/1/2016		155,000		185,547

				3,040,044

TRANSPORTATION INFRASTRUCTURE — 0.2%
Burlington Northern Santa Fe LLC 3.45%, 9/15/2021		200,000		208,762
Canadian Pacific Railway, Ltd. 4.50%, 1/15/2022		150,000		162,564
Norfolk Southern Corp. 5.75%, 1/15/2016		150,000		172,003

				543,329

WIRELESS TELECOMMUNICATION SERVICES — 4.2%
America Movil SAB de CV:
2.38%, 9/8/2016		250,000		254,106
5.00%, 3/30/2020		350,000		396,472
5.50%, 3/1/2014 (d)		250,000		267,500
American Tower Corp.:
4.50%, 1/15/2018		100,000		106,132
4.63%, 4/1/2015		250,000		264,680
5.05%, 9/1/2020		100,000		105,740
AT&T, Inc.:
1.70%, 6/1/2017		250,000		250,824
2.95%, 5/15/2016		250,000		265,234
4.45%, 5/15/2021		400,000		449,476
5.10%, 9/15/2014		200,000		218,333
5.50%, 2/1/2018		798,000		938,845
BellSouth Corp. 5.20%, 9/15/2014		1,150,000		1,245,532

See accompanying notes to financial statements.

156

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

June 30, 2012


	Principal
Security Description	Amount		Value

Cellco Partnership/Verizon Wireless Capital LLC:
5.55%, 2/1/2014	$	515,000	$	550,760
8.50%, 11/15/2018		310,000		421,545
Deutsche Telekom International Finance BV:
6.00%, 7/8/2019		250,000		293,504
6.75%, 8/20/2018		150,000		180,094
Deutsche Telekom International Finance BV 4.88%, 7/8/2014		115,000		122,306
France Telecom SA:
2.75%, 9/14/2016 (a)		200,000		203,180
4.38%, 7/8/2014		205,000		215,368
5.38%, 7/8/2019		200,000		225,130
Rogers Communications, Inc. 6.80%, 8/15/2018		430,000		530,769
Telecom Italia Capital SA:
6.18%, 6/18/2014		450,000		453,375
7.18%, 6/18/2019		150,000		149,812
Telefonica Emisiones SAU:
3.99%, 2/16/2016		105,000		93,712
4.95%, 1/15/2015		500,000		472,500
5.13%, 4/27/2020		255,000		220,575
6.22%, 7/3/2017		250,000		234,375
Verizon Communications, Inc.:
3.00%, 4/1/2016		250,000		265,220
6.35%, 4/1/2019		800,000		995,170
Vodafone Group PLC:
4.15%, 6/10/2014		455,000		482,555
4.38%, 3/16/2021 (a)		250,000		282,477
5.63%, 2/27/2017		450,000		526,307

				11,681,608

TOTAL CORPORATE BONDS & NOTES —
(Cost $264,049,162)				274,192,561

	Shares
SHORT TERM INVESTMENTS — 6.2%
MONEY MARKET FUNDS — 6.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		13,566,242		13,566,242
State Street Institutional Liquid Reserves Fund 0.20% (f)(g)		4,036,053		4,036,053

TOTAL SHORT TERM INVESTMENTS — (h)
(Cost $17,602,295)				17,602,295

TOTAL INVESTMENTS — 103.7% (i)
(Cost $281,651,457)				291,794,856
OTHER ASSETS & LIABILITIES — (3.7)%				(10,507,335	)

NET ASSETS — 100.0%			$	281,287,521


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Variable rate security. Rate shown is rate in effect at June 30, 2012. Maturity date disclosed is the ultimate maturity.
(c)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.1% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (Note 2)
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)		The rate shown is the annualized seven-day yield at period end.
(h)		Value is determined based on Level 1 inputs. (Note 2)
(i)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

157

SPDR Barclays Capital Long Term Corporate Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.7%
AEROSPACE & DEFENSE — 2.4%
Honeywell International, Inc.:
5.38%, 3/1/2041	$	50,000	$	63,066
5.70%, 3/15/2036		100,000		126,594
Lockheed Martin Corp. 6.15%, 9/1/2036		260,000		326,831
Northrop Grumman Systems Corp. 7.75%, 2/15/2031		150,000		216,831
Raytheon Co.:
4.70%, 12/15/2041		150,000		163,687
7.20%, 8/15/2027		50,000		70,057
The Boeing Co.:
6.63%, 2/15/2038		115,000		162,878
6.88%, 3/15/2039		100,000		146,699
United Technologies Corp.:
3.10%, 6/1/2022		59,000		61,873
4.50%, 6/1/2042		247,000		270,727
5.40%, 5/1/2035		150,000		178,483
6.13%, 7/15/2038		230,000		301,464

				2,089,190

AIR FREIGHT & LOGISTICS — 0.3%
United Parcel Service, Inc. 6.20%, 1/15/2038		225,000		303,311

AIRLINES — 0.3%
Continental Airlines 2012-1 Pass Through Trust, Class A 4.15%, 4/11/2024 (a)		150,000		147,375
Delta Air Lines 2007-1 Pass Through Trust, Class A 6.82%, 8/10/2022		109,940		117,911

				265,286

AUTO COMPONENTS — 0.1%
Johnson Controls, Inc. 5.70%, 3/1/2041		50,000		58,620

AUTOMOBILES — 0.7%
Daimler Finance North America LLC 8.50%, 1/18/2031		177,000		268,656
Ford Motor Co. 7.45%, 7/16/2031		300,000		376,500

				645,156

BEVERAGES — 1.6%
Anheuser-Busch InBev Worldwide, Inc.:
6.38%, 1/15/2040		190,000		256,695
8.00%, 11/15/2039		200,000		311,280
Diageo Capital PLC 5.88%, 9/30/2036		100,000		129,670
Diageo Investment Corp. 4.25%, 5/11/2042		35,000		37,023
Molson Coors Brewing Co. 5.00%, 5/1/2042		250,000		269,981
PepsiCo, Inc. 5.50%, 1/15/2040		200,000		245,587
The Pepsi Bottling Group, Inc., Series B 7.00%, 3/1/2029		100,000		137,578

				1,387,814

BIOTECHNOLOGY — 1.0%
Amgen, Inc.:
5.15%, 11/15/2041		300,000		311,133
5.38%, 5/15/2043		125,000		134,816
6.38%, 6/1/2037		150,000		177,758
6.40%, 2/1/2039		150,000		179,200
Gilead Sciences, Inc. 5.65%, 12/1/2041		100,000		115,639

				918,546

BUILDING PRODUCTS — 0.1%
Owens Corning 7.00%, 12/1/2036		41,000		43,964

CAPITAL MARKETS — 1.7%
Jefferies Group, Inc. 6.25%, 1/15/2036		50,000		44,750
Morgan Stanley 6.25%, 8/9/2026		200,000		195,210
The Goldman Sachs Group, Inc.:
5.95%, 1/15/2027		100,000		98,932
6.13%, 2/15/2033 (b)		200,000		202,689
6.25%, 2/1/2041		430,000		444,002
6.75%, 10/1/2037		522,000		502,997

				1,488,580

CHEMICALS — 1.3%
Agrium, Inc. 6.13%, 1/15/2041		125,000		151,041
E.I. du Pont de Nemours & Co. 5.60%, 12/15/2036		100,000		126,460
Eastman Chemical Co. 3.60%, 8/15/2022		150,000		152,392
Ecolab, Inc. 5.50%, 12/8/2041		100,000		118,804
Monsanto Co. 5.88%, 4/15/2038		100,000		132,726
Potash Corp. of Saskatchewan, Inc. 5.63%, 12/1/2040		100,000		122,942
Rohm & Haas Co. 7.85%, 7/15/2029		100,000		130,925
The Dow Chemical Co.:
5.25%, 11/15/2041 (b)		100,000		110,159
9.40%, 5/15/2039		80,000		128,182

				1,173,631

COMMERCIAL BANKS — 3.7%
Bank One Corp. 7.63%, 10/15/2026		200,000		247,050
BB&T Capital Trust II 6.75%, 6/7/2036		150,000		150,375
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 5.25%, 5/24/2041		100,000		108,479
Fifth Third Bancorp 8.25%, 3/1/2038		100,000		134,829
HSBC Bank USA NA 5.88%, 11/1/2034		250,000		258,365
HSBC Holdings PLC:
6.10%, 1/14/2042		150,000		181,706

See accompanying notes to financial statements.

158

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

June 30, 2012


	Principal
Security Description	Amount		Value

6.50%, 9/15/2037 (b)	$	320,000	$	351,264
6.80%, 6/1/2038		150,000		168,672
7.63%, 5/17/2032		100,000		117,293
JPMorgan Chase & Co.:
5.60%, 7/15/2041		350,000		384,284
6.40%, 5/15/2038		35,000		41,724
NBD Bank NA/Michigan 8.25%, 11/1/2024		100,000		127,913
Santander UK PLC 7.95%, 10/26/2029		125,000		123,750
Wachovia Bank NA 6.60%, 1/15/2038		250,000		313,255
Wachovia Corp.:
5.50%, 8/1/2035		100,000		107,373
7.50%, 4/15/2035		300,000		374,656
Wells Fargo Capital X 5.95%, 12/15/2036		100,000		100,500

				3,291,488

COMMERCIAL SERVICES & SUPPLIES — 0.6%
Republic Services, Inc. 4.75%, 5/15/2023		200,000		220,323
Waste Management, Inc. 7.75%, 5/15/2032		200,000		276,294

				496,617

COMMUNICATIONS EQUIPMENT — 0.7%
Cisco Systems, Inc. 5.90%, 2/15/2039		395,000		507,274
Harris Corp. 6.15%, 12/15/2040		50,000		58,173
Motorola Solutions, Inc. 7.50%, 5/15/2025		50,000		61,428

				626,875

COMPUTERS & PERIPHERALS — 0.8%
Dell, Inc. 7.10%, 4/15/2028		50,000		61,305
Hewlett-Packard Co. 6.00%, 9/15/2041		175,000		193,368
International Business Machines Corp.:
5.60%, 11/30/2039		187,000		241,746
6.50%, 1/15/2028		150,000		201,859

				698,278

CONSTRUCTION & ENGINEERING — 0.0% (c)
ABB Finance USA, Inc. 4.38%, 5/8/2042		37,000		39,473

DIVERSIFIED FINANCIAL SERVICES — 6.7%
American Express Co. 8.15%, 3/19/2038		100,000		156,121
Aon Corp. 6.25%, 9/30/2040		50,000		62,231
Bank of America Corp. 5.88%, 2/7/2042 (b)		200,000		216,767
Citigroup, Inc.:
5.85%, 12/11/2034		200,000		210,022
5.88%, 1/30/2042		100,000		109,175
6.13%, 8/25/2036		150,000		145,670
6.63%, 6/15/2032		300,000		315,897
6.88%, 3/5/2038		280,000		334,351
8.13%, 7/15/2039		250,000		334,808
Credit Suisse USA, Inc. 7.13%, 7/15/2032		50,000		64,781
General Electric Capital Corp.:
5.88%, 1/14/2038		510,000		585,275
6.75%, 3/15/2032		430,000		529,162
6.88%, 1/10/2039		730,000		941,484
Goldman Sachs Capital I 6.35%, 2/15/2034		200,000		188,000
HJ Heinz Finance Co. 6.75%, 3/15/2032		50,000		63,376
JPMorgan Chase & Co. 5.50%, 10/15/2040		350,000		381,383
JPMorgan Chase Capital XXV 6.80%, 10/1/2037		200,000		200,400
JPMorgan Chase Capital XXVII 7.00%, 11/1/2039		150,000		150,300
Merrill Lynch & Co., Inc.:
6.11%, 1/29/2037		265,000		250,534
6.75%, 6/1/2028		150,000		165,335
7.75%, 5/14/2038		120,000		136,024
National Rural Utilities Cooperative Finance Corp. 8.00%, 3/1/2032		75,000		109,523
The Western Union Co. 6.20%, 11/17/2036		100,000		109,191
UBS AG of Stamford, CT 7.75%, 9/1/2026		100,000		114,858

				5,874,668

DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%
AT&T, Inc. 5.55%, 8/15/2041		100,000		119,522
Bellsouth Capital Funding Corp. 7.88%, 2/15/2030		150,000		197,799
British Telecommunications PLC 9.63%, 12/15/2030		245,000		372,259
CenturyLink, Inc. 7.65%, 3/15/2042		100,000		97,026
Qwest Corp.:
6.88%, 9/15/2033 (b)		150,000		150,000
7.25%, 10/15/2035		100,000		101,000
Verizon Communications, Inc.:
4.75%, 11/1/2041		300,000		332,553
6.25%, 4/1/2037 (b)		400,000		506,643
7.75%, 12/1/2030		570,000		799,377
8.95%, 3/1/2039		100,000		165,104

				2,841,283

ELECTRIC UTILITIES — 11.6%
Alabama Power Co.:
5.20%, 6/1/2041		100,000		121,240
6.13%, 5/15/2038		170,000		229,244
Appalachian Power Co. 5.80%, 10/1/2035		50,000		59,634
Arizona Public Service Co. 4.50%, 4/1/2042		100,000		104,015
Consolidated Edison Co. of New York:
5.70%, 12/1/2036		230,000		294,392
6.30%, 8/15/2037		50,000		69,010

See accompanying notes to financial statements.

159

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

June 30, 2012


	Principal
Security Description	Amount		Value

Consolidated Edison Co. of New York, Inc. 4.20%, 3/15/2042	$	75,000	$	78,802
Dominion Resources Inc/VA 4.90%, 8/1/2041		100,000		113,336
Duke Energy Carolinas LLC 6.00%, 1/15/2038		150,000		197,440
Duke Energy Indiana, Inc.:
4.20%, 3/15/2042		100,000		102,404
6.45%, 4/1/2039		230,000		316,842
Entergy Louisiana LLC 5.40%, 11/1/2024		100,000		116,587
Exelon Corp. 5.63%, 6/15/2035		150,000		162,503
Exelon Generation Co. LLC:
5.60%, 6/15/2042 (d)		160,000		163,290
6.25%, 10/1/2039		170,000		185,089
FirstEnergy Corp. 7.38%, 11/15/2031		100,000		126,207
Florida Power & Light Co.:
5.25%, 2/1/2041		250,000		309,267
5.69%, 3/1/2040		115,000		150,590
6.20%, 6/1/2036		150,000		204,493
Florida Power Corp.:
5.65%, 4/1/2040		100,000		127,307
6.35%, 9/15/2037		100,000		134,953
6.40%, 6/15/2038		80,000		109,071
Georgia Power Co. 4.75%, 9/1/2040		225,000		250,913
Iberdrola International BV 6.75%, 7/15/2036		100,000		93,169
Interstate Power & Light Co. 6.25%, 7/15/2039		50,000		65,887
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		150,000		167,269
Kansas City Power & Light Co. 5.30%, 10/1/2041		50,000		55,893
Kentucky Utilities Co. 5.13%, 11/1/2040		75,000		89,657
MidAmerican Energy Holdings Co. 8.48%, 9/15/2028		125,000		181,613
Nevada Power Co. 5.38%, 9/15/2040		175,000		206,853
Nisource Finance Corp.:
3.85%, 2/15/2023		100,000		99,291
5.25%, 2/15/2043		200,000		205,859
5.95%, 6/15/2041		100,000		111,810
Northern States Power Co. 5.35%, 11/1/2039		50,000		63,007
Oglethorpe Power Corp. 5.38%, 11/1/2040		65,000		76,263
Ohio Edison Co. 6.88%, 7/15/2036		100,000		128,392
Ohio Power Co. 6.60%, 2/15/2033		102,000		131,233
Oncor Electric Delivery Co. LLC:
7.00%, 9/1/2022		50,000		61,432
7.00%, 5/1/2032		150,000		180,847
7.50%, 9/1/2038		125,000		163,464
Pacific Gas & Electric Co.:
4.50%, 12/15/2041		100,000		105,696
5.40%, 1/15/2040		50,000		60,110
5.80%, 3/1/2037		150,000		187,715
6.05%, 3/1/2034		265,000		336,054
PacifiCorp:
4.10%, 2/1/2042		125,000		128,036
6.00%, 1/15/2039		100,000		131,343
Potomac Electric Power Co. 7.90%, 12/15/2038 (b)		100,000		161,926
PPL Electric Utilities Corp.:
5.20%, 7/15/2041 (b)		5,000		6,016
6.25%, 5/15/2039		50,000		68,320
Progress Energy, Inc.:
6.00%, 12/1/2039		100,000		125,152
7.75%, 3/1/2031		40,000		56,873
Public Service Co. of Colorado 6.25%, 9/1/2037 (b)		150,000		208,905
Public Service Electric & Gas Co.:
5.50%, 3/1/2040		100,000		128,745
5.80%, 5/1/2037		100,000		131,772
Puget Sound Energy, Inc.:
5.64%, 4/15/2041		100,000		127,393
5.80%, 3/15/2040		55,000		71,333
San Diego Gas & Electric Co. 3.95%, 11/15/2041 (b)		25,000		25,841
San Diego Gas & Electric Co., Series D 6.00%, 6/1/2026		100,000		131,098
South Carolina Electric & Gas Co.:
4.35%, 2/1/2042		50,000		52,027
5.30%, 5/15/2033		50,000		58,284
5.45%, 2/1/2041 (b)		50,000		61,102
Southern California Edison Co.:
4.05%, 3/15/2042		100,000		103,311
5.95%, 2/1/2038		200,000		261,722
6.00%, 1/15/2034		200,000		262,222
Southwestern Electric Power Co. 6.20%, 3/15/2040		130,000		159,798
Southwestern Public Service Co. Series F 6.00%, 10/1/2036		100,000		118,528	��
Tampa Electric Co. 6.55%, 5/15/2036		50,000		67,976
The Connecticut Light & Power Co. 6.35%, 6/1/2036		50,000		66,033
The Detroit Edison Co.:
3.95%, 6/15/2042		75,000		75,663
5.70%, 10/1/2037		50,000		62,418
The Toledo Edison Co. 6.15%, 5/15/2037		200,000		247,013
Union Electric Co. 8.45%, 3/15/2039		100,000		165,294
Virginia Electric and Power Co. 6.00%, 5/15/2037		250,000		325,499
Westar Energy, Inc. 4.13%, 3/1/2042		100,000		103,757

				10,191,543

See accompanying notes to financial statements.

160

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

June 30, 2012


	Principal
Security Description	Amount		Value

ELECTRICAL EQUIPMENT — 0.2%
Emerson Electric Co. 6.00%, 8/15/2032	$	150,000	$	195,876

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%
Corning, Inc.:
5.75%, 8/15/2040		75,000		87,088
7.25%, 8/15/2036		50,000		61,815

				148,903

ENERGY EQUIPMENT & SERVICES — 0.4%
Cameron International Corp. 5.95%, 6/1/2041		100,000		115,120
Halliburton Co. 6.70%, 9/15/2038		200,000		272,670

				387,790

FOOD & STAPLES RETAILING — 3.9%
CVS Caremark Corp.:
5.75%, 5/15/2041		200,000		237,993
6.13%, 9/15/2039		100,000		123,350
6.25%, 6/1/2027		100,000		124,945
Delhaize America LLC 9.00%, 4/15/2031		50,000		60,476
Safeway, Inc. 7.25%, 2/1/2031		50,000		53,116
Sysco Corp. 6.63%, 3/17/2039		100,000		145,833
Target Corp.:
6.35%, 11/1/2032		150,000		196,002
7.00%, 1/15/2038		215,000		304,035
The Kroger Co.:
5.40%, 7/15/2040		150,000		154,180
7.50%, 4/1/2031		65,000		83,131
Wal-Mart Stores, Inc.:
4.88%, 7/8/2040 (b)		450,000		523,555
5.00%, 10/25/2040		250,000		294,028
5.25%, 9/1/2035		430,000		513,602
5.88%, 4/5/2027		250,000		317,606
6.50%, 8/15/2037		200,000		278,386

				3,410,238

FOOD PRODUCTS — 2.1%
Archer-Daniels-Midland Co.:
5.38%, 9/15/2035		100,000		115,522
5.77%, 3/1/2041		150,000		188,621
ConAgra Foods, Inc. 7.13%, 10/1/2026		50,000		63,018
Kellogg Co., Series B 7.45%, 4/1/2031		45,000		61,271
Kraft Foods, Inc.:
5.00%, 6/4/2042 (d)		150,000		158,691
6.50%, 2/9/2040		165,000		211,883
6.88%, 1/26/2039		145,000		189,119
7.00%, 8/11/2037		350,000		454,906
Ralcorp Holdings, Inc. 6.63%, 8/15/2039		150,000		155,098
The Hershey Co. 7.20%, 8/15/2027		50,000		66,923
Unilever Capital Corp. 5.90%, 11/15/2032		160,000		221,057

				1,886,109

GAS UTILITIES — 0.2%
AGL Capital Corp. 5.88%, 3/15/2041		70,000		87,943
Southern Union Co. 7.60%, 2/1/2024		100,000		121,549

				209,492

HEALTH CARE EQUIPMENT & SUPPLIES — 0.6%
Becton Dickinson and Co. 6.00%, 5/15/2039		100,000		130,575
Boston Scientific Corp. 7.38%, 1/15/2040		101,000		137,421
Covidien International Finance SA 6.55%, 10/15/2037		100,000		136,199
Medtronic, Inc. 5.55%, 3/15/2040		100,000		125,620

				529,815

HEALTH CARE PROVIDERS & SERVICES — 1.8%
Aetna, Inc.:
4.50%, 5/15/2042		90,000		90,887
6.63%, 6/15/2036		100,000		127,841
CIGNA Corp. 5.88%, 3/15/2041		150,000		169,636
Kaiser Foundation Hospitals 4.88%, 4/1/2042		100,000		108,539
McKesson Corp. 6.00%, 3/1/2041		50,000		65,682
Quest Diagnostics, Inc. 6.95%, 7/1/2037		75,000		96,254
UnitedHealth Group, Inc.:
4.38%, 3/15/2042		50,000		51,563
5.95%, 2/15/2041		100,000		125,857
6.63%, 11/15/2037		100,000		131,769
6.88%, 2/15/2038		215,000		293,816
WellPoint, Inc.:
5.95%, 12/15/2034		150,000		179,115
6.38%, 6/15/2037		130,000		162,691

				1,603,650

HOTELS, RESTAURANTS & LEISURE — 0.4%
McDonald’s Corp. 6.30%, 3/1/2038 (b)		175,000		242,375
Yum! Brands, Inc. 6.88%, 11/15/2037		100,000		132,760

				375,135

HOUSEHOLD PRODUCTS — 0.2%
Kimberly-Clark Corp. 5.30%, 3/1/2041		150,000		189,701

INDUSTRIAL CONGLOMERATES — 0.4%
3M Co. 5.70%, 3/15/2037		150,000		203,972
Koninklijke Philips Electronics NV 6.88%, 3/11/2038		100,000		131,522

				335,494

See accompanying notes to financial statements.

161

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

June 30, 2012


	Principal
Security Description	Amount		Value

INSURANCE — 4.4%
ACE INA Holdings, Inc. 6.70%, 5/15/2036	$	100,000	$	136,894
Aflac, Inc.:
6.45%, 8/15/2040		50,000		58,112
6.90%, 12/17/2039		18,000		21,962
Alleghany Corp. 4.95%, 6/27/2022		50,000		50,863
American International Group, Inc.:
6.25%, 3/15/2037		100,000		91,000
8.18%, 5/15/2058 (e)		450,000		482,625
AON Corp. 8.21%, 1/1/2027 (b)		55,000		63,949
Assurant, Inc. 6.75%, 2/15/2034		50,000		55,413
AXA SA 8.60%, 12/15/2030		115,000		124,200
Berkshire Hathaway Finance Corp.:
4.40%, 5/15/2042		50,000		50,333
5.75%, 1/15/2040		100,000		121,249
Chubb Corp. 6.50%, 5/15/2038		170,000		231,999
Cincinnati Financial Corp. 6.92%, 5/15/2028		100,000		116,529
Endurance Specialty Holdings, Ltd. 7.00%, 7/15/2034		50,000		53,456
Hartford Financial Services Group, Inc. 6.63%, 3/30/2040		100,000		102,500
Lincoln National Corp. 6.30%, 10/9/2037		100,000		108,258
Marsh & McLennan Cos., Inc. 5.88%, 8/1/2033 (b)		50,000		57,006
MetLife, Inc.:
5.70%, 6/15/2035		250,000		296,269
6.40%, 12/15/2036		200,000		195,000
Principal Financial Group, Inc. 6.05%, 10/15/2036		50,000		56,120
Prudential Financial, Inc.:
5.63%, 5/12/2041		125,000		126,157
5.75%, 7/15/2033		75,000		77,227
6.63%, 12/1/2037		245,000		276,656
Swiss Re Solutions Holding Corp. 7.00%, 2/15/2026		85,000		100,610
The Allstate Corp.:
5.20%, 1/15/2042		50,000		55,602
5.95%, 4/1/2036 (b)		130,000		157,759
6.13%, 12/15/2032		100,000		119,187
The Progressive Corp. 6.25%, 12/1/2032		50,000		63,479
The Travelers Cos., Inc. 6.25%, 6/15/2037		180,000		231,439
XL Group PLC 6.25%, 5/15/2027		200,000		218,078

				3,899,931

IT SERVICES — 0.1%
SAIC, Inc. 5.95%, 12/1/2040		100,000		111,710

LEISURE EQUIPMENT & PRODUCTS — 0.1%
Hasbro, Inc. 6.35%, 3/15/2040		50,000		57,498

MACHINERY — 1.2%
Caterpillar, Inc.:
5.20%, 5/27/2041 (b)		215,000		258,557
7.30%, 5/1/2031		100,000		143,199
Deere & Co.:
3.90%, 6/9/2042		250,000		250,008
5.38%, 10/16/2029		150,000		191,681
Dover Corp. 5.38%, 3/1/2041		50,000		62,502
Illinois Tool Works, Inc. 4.88%, 9/15/2041		25,000		28,479
Parker Hannifin Corp. 3.50%, 9/15/2022		100,000		105,616
Stanley Black & Decker, Inc. 5.20%, 9/1/2040		50,000		55,901

				1,095,943

MEDIA — 7.5%
CBS Corp.:
5.50%, 5/15/2033		150,000		158,443
7.88%, 7/30/2030		75,000		96,665
Comcast Cable Communications Holdings, Inc. 9.46%, 11/15/2022		100,000		144,748
Comcast Corp.:
3.13%, 7/15/2022		150,000		151,468
4.65%, 7/15/2042		198,000		197,687
5.65%, 6/15/2035		250,000		278,257
6.55%, 7/1/2039		150,000		183,995
6.95%, 8/15/2037		260,000		329,433
7.05%, 3/15/2033		150,000		183,615
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
5.15%, 3/15/2042		100,000		99,845
6.00%, 8/15/2040		250,000		273,016
Discovery Communications LLC:
4.95%, 5/15/2042		75,000		78,489
6.35%, 6/1/2040		50,000		60,878
Grupo Televisa SA 6.63%, 3/18/2025		150,000		185,351
NBCUniversal Media LLC 6.40%, 4/30/2040		250,000		300,569
News America, Inc.:
6.15%, 2/15/2041 (b)		170,000		200,166
6.40%, 12/15/2035		525,000		597,413
6.65%, 11/15/2037		140,000		162,729
The Walt Disney Co.:
4.13%, 12/1/2041 (b)		50,000		53,233
4.38%, 8/16/2041		50,000		54,946
7.00%, 3/1/2032		100,000		142,124
Thomson Reuters Corp. 5.85%, 4/15/2040		50,000		58,955
Time Warner Cable, Inc.:
5.50%, 9/1/2041		250,000		269,325
5.88%, 11/15/2040		150,000		166,950
7.30%, 7/1/2038		305,000		387,503

See accompanying notes to financial statements.

162

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

June 30, 2012


	Principal
Security Description	Amount		Value

Time Warner Entertainment Co. LP 8.38%, 3/15/2023	$	150,000	$	202,588
Time Warner, Inc.:
4.90%, 6/15/2042		175,000		178,893
6.10%, 7/15/2040		150,000		170,780
6.20%, 3/15/2040		150,000		174,083
7.63%, 4/15/2031		340,000		440,033
7.70%, 5/1/2032		250,000		328,244
Viacom, Inc. 6.88%, 4/30/2036		180,000		233,904

				6,544,328

METALS & MINING — 3.3%
Alcoa, Inc.:
5.95%, 2/1/2037		100,000		94,342
6.75%, 1/15/2028		50,000		53,181
ArcelorMittal 6.75%, 3/1/2041		285,000		264,325
Barrick North America Finance LLC 5.70%, 5/30/2041		50,000		56,318
Barrick PD Australia Finance Pty Ltd. 5.95%, 10/15/2039		200,000		229,428
BHP Billiton Finance USA, Ltd. 4.13%, 2/24/2042		125,000		129,025
Cliffs Natural Resources, Inc. 6.25%, 10/1/2040		100,000		97,661
Newmont Mining Corp.:
4.88%, 3/15/2042 (b)		150,000		144,637
6.25%, 10/1/2039		90,000		102,533
Nucor Corp.:
4.13%, 9/15/2022		100,000		112,054
6.40%, 12/1/2037 (b)		50,000		67,954
Rio Tinto Alcan, Inc. 6.13%, 12/15/2033		165,000		206,656
Rio Tinto Finance USA, Ltd. 5.20%, 11/2/2040		200,000		235,546
Southern Copper Corp. 6.75%, 4/16/2040		275,000		295,285
Teck Resources, Ltd.:
6.13%, 10/1/2035		50,000		53,454
6.25%, 7/15/2041		150,000		165,294
Vale Overseas, Ltd. 6.88%, 11/21/2036		470,000		548,472

				2,856,165

MULTI-UTILITIES — 1.1%
Dominion Resources, Inc. Series E 6.30%, 3/15/2033		150,000		190,610
MidAmerican Energy Holdings Co.:
5.95%, 5/15/2037		250,000		305,636
6.13%, 4/1/2036		80,000		100,068
6.50%, 9/15/2037		80,000		105,285
Sempra Energy 6.00%, 10/15/2039		200,000		250,175

				951,774

MULTILINE RETAIL — 0.7%
Kohl’s Corp. 6.88%, 12/15/2037		100,000		124,152
Macy’s Retail Holdings, Inc.:
5.13%, 1/15/2042		100,000		105,760
6.65%, 7/15/2024		125,000		151,574
Nordstrom, Inc. 6.95%, 3/15/2028		150,000		195,855

				577,341

OIL, GAS & CONSUMABLE FUELS — 12.7%
Anadarko Finance Co. 7.50%, 5/1/2031		150,000		184,700
Anadarko Petroleum Corp.:
6.20%, 3/15/2040		75,000		84,624
6.45%, 9/15/2036		200,000		229,356
Apache Corp.:
4.75%, 4/15/2043		150,000		165,159
5.10%, 9/1/2040		150,000		170,362
6.00%, 1/15/2037		125,000		157,913
Baker Hughes, Inc. 5.13%, 9/15/2040		200,000		233,712
Canadian Natural Resources, Ltd.:
6.25%, 3/15/2038		80,000		97,159
7.20%, 1/15/2032		200,000		257,721
Cenovus Energy, Inc. 6.75%, 11/15/2039		100,000		124,371
Conoco Funding Co. 7.25%, 10/15/2031		65,000		92,547
Conoco, Inc. 6.95%, 4/15/2029		165,000		227,563
ConocoPhillips 6.50%, 2/1/2039		425,000		592,682
Devon Energy Corp.:
5.60%, 7/15/2041		200,000		231,963
7.95%, 4/15/2032		100,000		144,713
Devon Financing Corp. ULC 7.88%, 9/30/2031		65,000		92,939
Enbridge Energy Partners LP Series B 7.50%, 4/15/2038		100,000		128,042
EnCana Corp.:
6.50%, 2/1/2038 (b)		150,000		165,189
6.63%, 8/15/2037 (b)		150,000		166,469
Energy Transfer Partners LP:
6.05%, 6/1/2041		75,000		75,924
6.50%, 2/1/2042		130,000		138,701
6.63%, 10/15/2036		50,000		53,564
Enterprise Products Operating LLC:
6.13%, 10/15/2039		350,000		399,140
7.55%, 4/15/2038		115,000		146,145
Hess Corp.:
6.00%, 1/15/2040		50,000		55,743
7.30%, 8/15/2031		165,000		208,763
7.88%, 10/1/2029		100,000		133,521
Husky Energy, Inc. 6.80%, 9/15/2037		50,000		60,442
Kinder Morgan Energy Partners LP:
5.63%, 9/1/2041		100,000		104,642
6.95%, 1/15/2038		100,000		118,073
7.40%, 3/15/2031		300,000		363,664
Marathon Oil Corp.:
6.60%, 10/1/2037		50,000		61,317
6.80%, 3/15/2032		150,000		188,838

See accompanying notes to financial statements.

163

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

June 30, 2012


	Principal
Security Description	Amount		Value

Marathon Petroleum Corp. 6.50%, 3/1/2041	$	150,000	$	169,941
Nexen, Inc. 7.50%, 7/30/2039		265,000		310,313
Noble Energy, Inc. 6.00%, 3/1/2041		300,000		342,418
Noble Holding International, Ltd.:
5.25%, 3/15/2042		250,000		247,748
6.05%, 3/1/2041		50,000		54,632
Occidental Petroleum Corp. 2.70%, 2/15/2023		125,000		125,788
ONEOK Partners LP:
6.13%, 2/1/2041		50,000		57,524
6.85%, 10/15/2037		100,000		120,496
Petro-Canada:
5.35%, 7/15/2033		100,000		106,413
6.80%, 5/15/2038		220,000		271,931
Phillips 66 5.88%, 5/1/2042 (d)		150,000		160,243
Pioneer Natural Resources Co. 3.95%, 7/15/2022		150,000		151,720
Plains All American Pipeline LP/PAA Finance Corp.:
3.65%, 6/1/2022 (b)		100,000		101,943
5.15%, 6/1/2042 (b)		100,000		105,304
6.65%, 1/15/2037		50,000		60,701
Shell International Finance BV:
5.50%, 3/25/2040		150,000		192,262
6.38%, 12/15/2038		190,000		265,603
Southern Natural Gas Co. 8.00%, 3/1/2032		65,000		86,659
Suncor Energy, Inc. 6.85%, 6/1/2039		200,000		249,561
Sunoco Logistics Partners Operations LP 6.10%, 2/15/2042		50,000		52,401
Talisman Energy, Inc.:
5.50%, 5/15/2042		75,000		75,660
6.25%, 2/1/2038		100,000		108,924
Tennessee Gas Pipeline Co. 7.00%, 3/15/2027		100,000		127,156
Tosco Corp. 8.13%, 2/15/2030		150,000		223,761
TransCanada Pipelines, Ltd.:
6.10%, 6/1/2040		100,000		131,262
6.20%, 10/15/2037		220,000		288,552
7.63%, 1/15/2039		165,000		246,464
Transcontinental Gas Pipe Line Co. LLC 5.40%, 8/15/2041		50,000		56,243
Transocean, Inc. 7.50%, 4/15/2031		155,000		180,781
Valero Energy Corp. 7.50%, 4/15/2032		225,000		267,870
Weatherford International, Ltd. 6.50%, 8/1/2036		125,000		132,740
Weatherford International, Ltd./Bermuda 5.95%, 4/15/2042		150,000		155,113
Western Gas Partners LP 4.00%, 7/1/2022		100,000		99,338
Williams Cos., Inc. 8.75%, 3/15/2032 (b)		62,000		84,573
Williams Partners LP 6.30%, 4/15/2040 (b)		100,000		117,553

				11,185,252

PAPER & FOREST PRODUCTS — 0.5%
Georgia-Pacific LLC 8.88%, 5/15/2031		200,000		281,308
International Paper Co.:
6.00%, 11/15/2041		100,000		112,631
8.70%, 6/15/2038		50,000		70,548

				464,487

PERSONAL PRODUCTS — 0.5%
The Procter & Gamble Co.:
5.50%, 2/1/2034		100,000		129,052
5.55%, 3/5/2037		200,000		265,792

				394,844

PHARMACEUTICALS — 4.7%
Abbott Laboratories:
5.30%, 5/27/2040		100,000		122,125
6.00%, 4/1/2039		250,000		329,678
AstraZeneca PLC 6.45%, 9/15/2037		250,000		340,314
Bristol-Myers Squibb Co. 5.88%, 11/15/2036		224,000		290,670
Eli Lilly & Co.:
5.50%, 3/15/2027		165,000		205,674
5.95%, 11/15/2037		100,000		130,712
Express Scripts Holding Co. 6.13%, 11/15/2041 (d)		75,000		91,105
GlaxoSmithKline Capital, Inc. 6.38%, 5/15/2038		330,000		453,626
Johnson & Johnson:
4.50%, 9/1/2040		150,000		176,433
6.73%, 11/15/2023		250,000		344,785
Merck & Co, Inc.:
5.85%, 6/30/2039		100,000		135,259
5.95%, 12/1/2028		100,000		130,230
6.50%, 12/1/2033		250,000		352,452
Pfizer, Inc. 7.20%, 3/15/2039		210,000		314,608
Teva Pharmaceutical Finance Co. LLC 6.15%, 2/1/2036		100,000		130,081
Wyeth 6.50%, 2/1/2034		425,000		584,475

				4,132,227

PIPELINES — 0.2%
CenterPoint Energy Resources Corp. 5.85%, 1/15/2041		35,000		42,106
Texas Eastern Transmission LP 7.00%, 7/15/2032		100,000		129,494

				171,600

REAL ESTATE — 0.2%
BioMed Realty LP 4.25%, 7/15/2022		100,000		99,503

See accompanying notes to financial statements.

164

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

June 30, 2012


	Principal
Security Description	Amount		Value

Boston Properties LP 3.85%, 2/1/2023	$	100,000	$	101,208

				200,711

REAL ESTATE INVESTMENT TRUSTS — 0.2%
Health Care REIT, Inc. 6.50%, 3/15/2041		86,000		91,686
Simon Property Group LP 6.75%, 2/1/2040		65,000		81,739

				173,425

ROAD & RAIL — 2.2%
Burlington Northern Santa Fe LLC:
5.40%, 6/1/2041		150,000		171,268
5.75%, 5/1/2040		150,000		178,256
7.95%, 8/15/2030		50,000		69,979
Canadian National Railway Co.:
6.38%, 11/15/2037		100,000		137,837
6.90%, 7/15/2028		95,000		131,670
Canadian Pacific Railway Co. 4.45%, 3/15/2023		100,000		106,656
CSX Corp.:
4.75%, 5/30/2042		115,000		117,979
6.22%, 4/30/2040		120,000		147,292
Norfolk Southern Corp.:
6.00%, 3/15/2105		100,000		117,253
7.25%, 2/15/2031		130,000		181,704
7.80%, 5/15/2027		150,000		211,130
Union Pacific Corp.:
4.16%, 7/15/2022		75,000		83,286
5.78%, 7/15/2040		200,000		246,457

				1,900,767

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%
Applied Materials, Inc. 5.85%, 6/15/2041		100,000		120,625
Intel Corp. 4.80%, 10/1/2041		164,000		186,194

				306,819

SOFTWARE — 1.0%
Microsoft Corp. 4.50%, 10/1/2040		300,000		338,432
Oracle Corp.:
5.38%, 7/15/2040		200,000		244,951
6.13%, 7/8/2039		205,000		271,222

				854,605

SPECIALTY RETAIL — 1.5%
Lowe’s Cos., Inc.:
5.80%, 10/15/2036		150,000		180,887
6.65%, 9/15/2037		150,000		200,811
McDonald’s Corp. 4.88%, 7/15/2040		75,000		88,692
Target Corp. 4.00%, 7/1/2042		250,000		245,325
The Home Depot, Inc.:
5.88%, 12/16/2036		265,000		336,737
5.95%, 4/1/2041		175,000		229,019
	��
				1,281,471

TEXTILES, APPAREL & LUXURY GOODS — 0.2%
V.F. Corp. 6.45%, 11/1/2037		100,000		130,021

TOBACCO — 1.1%
Altria Group, Inc. 9.95%, 11/10/2038		315,000		498,897
Lorillard Tobacco Co. 8.13%, 5/1/2040		50,000		62,213
Philip Morris International, Inc.:
4.38%, 11/15/2041		100,000		103,627
4.50%, 3/20/2042		150,000		158,653
6.38%, 5/16/2038		100,000		132,967

				956,357

TRANSPORTATION INFRASTRUCTURE — 0.6%
Burlington Northern Santa Fe LLC 4.40%, 3/15/2042		75,000		74,876
Canadian Pacific Railway Ltd. 5.75%, 1/15/2042		100,000		115,617
CSX Corp. 4.40%, 3/1/2043		200,000		194,742
Union Pacific Corp.:
2.95%, 1/15/2023		50,000		50,628
4.30%, 6/15/2042		50,000		50,169

				486,032

WIRELESS TELECOMMUNICATION SERVICES — 6.1%
Alltel Corp. 7.88%, 7/1/2032		100,000		148,342
America Movil SAB de CV:
6.13%, 3/30/2040		200,000		246,438
6.38%, 3/1/2035 (b)		100,000		123,845
AT&T Corp. 8.00%, 11/15/2031		219,000		317,762
AT&T, Inc.:
5.35%, 9/1/2040		870,000		998,077
6.15%, 9/15/2034		400,000		474,467
6.30%, 1/15/2038		165,000		205,167
6.55%, 2/15/2039		250,000		321,647
BellSouth Telecommunications, Inc. 6.38%, 6/1/2028		200,000		234,532
Deutsche Telekom International Finance BV:
8.75%, 6/15/2030		280,000		388,584
9.25%, 6/1/2032 (b)		50,000		74,034
Embarq Corp. 8.00%, 6/1/2036		200,000		209,544
France Telecom SA:
5.38%, 1/13/2042		100,000		106,079
8.50%, 3/1/2031		200,000		280,330
Koninklijke KPN NV 8.38%, 10/1/2030		100,000		127,290
New Cingular Wireless Services, Inc. 8.75%, 3/1/2031		150,000		224,696
Telecom Italia Capital SA:
6.38%, 11/15/2033		150,000		118,125
7.72%, 6/4/2038		150,000		131,250
Telefonica Emisiones SAU 7.05%, 6/20/2036		100,000		87,750

See accompanying notes to financial statements.

165

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

June 30, 2012


	Principal
Security Description	Amount		Value

Telefonica Europe BV 8.25%, 9/15/2030 (b)	$	195,000	$	189,150
Vodafone Group PLC:
6.15%, 2/27/2037		165,000		212,309
6.25%, 11/30/2032		100,000		125,691

				5,345,109

TOTAL CORPORATE BONDS & NOTES —
(Cost $79,830,897)				85,784,943

	Shares
SHORT TERM INVESTMENTS — 3.0%
MONEY MARKET FUNDS — 3.0%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		2,107,870		2,107,870
State Street Institutional Liquid Reserves Fund 0.20% (g)(h)		570,221		570,221

TOTAL SHORT TERM INVESTMENTS — (i)
(Cost $2,678,091)				2,678,091

TOTAL INVESTMENTS — 100.7% (j)
(Cost $82,508,988)				88,463,034
OTHER ASSETS & LIABILITIES — (0.7)%				(629,308	)

NET ASSETS — 100.0%			$	87,833,726


(a)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (Note 2)
(b)		A portion of the security was on loan at June 30, 2012.
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.7% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)		Variable rate security. Rate shown is rate in effect at June 30, 2012. Maturity date disclosed is the ultimate maturity.
(f)		Investments of cash collateral for securities loaned.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.
(i)		Value is determined based on Level 1 inputs. (Note 2)
(j)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

ULC = Unlimited Liability Corporation

See accompanying notes to financial statements.

166

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.4%
AEROSPACE & DEFENSE — 2.5%
Exelis, Inc. 5.55%, 10/1/2021 (a)	$	50,000	$	54,283
General Dynamics Corp. 5.25%, 2/1/2014		50,000		53,524
Goodrich Corp. 3.60%, 2/1/2021		50,000		54,267
Honeywell International, Inc. 4.25%, 3/1/2021		50,000		57,785
L-3 Communications Corp.:
3.95%, 11/15/2016		25,000		26,513
4.75%, 7/15/2020		25,000		26,612
Lockheed Martin Corp. 2.13%, 9/15/2016		50,000		50,899
Northrop Grumman Corp. 1.85%, 11/15/2015		50,000		50,648
Raytheon Co.:
3.13%, 10/15/2020		50,000		52,474
4.88%, 10/15/2040		15,000		16,774
Textron, Inc. 6.20%, 3/15/2015		60,000		64,700
The Boeing Co. 5.88%, 2/15/2040		20,000		26,398
United Technologies Corp. 6.13%, 7/15/2038		25,000		32,768

				567,645

AIR FREIGHT & LOGISTICS — 0.4%
GATX Corp. 8.75%, 5/15/2014		50,000		55,569
United Parcel Service, Inc. 4.88%, 11/15/2040		25,000		29,789

				85,358

AIRLINES — 0.2%
Continental Airlines, Inc. 5.98%, 4/19/2022		45,600		49,362

AUTO COMPONENTS — 0.5%
BorgWarner, Inc. 4.63%, 9/15/2020		50,000		54,309
Johnson Controls, Inc. 4.25%, 3/1/2021		50,000		54,295

				108,604

AUTOMOBILES — 0.6%
Daimler Finance North America LLC:
6.50%, 11/15/2013		50,000		53,683
8.50%, 1/18/2031		25,000		37,946
PACCAR Financial Corp. 1.55%, 9/29/2014		50,000		50,762

				142,391

BEVERAGES — 1.6%
Anheuser-Busch InBev Worldwide, Inc. 2.50%, 3/26/2013		50,000		50,698
Beam, Inc. 5.88%, 1/15/2036		25,000		28,536
Coca-Cola Enterprises, Inc. 2.13%, 9/15/2015		50,000		51,046
Coca-Cola HBC Finance BV 5.50%, 9/17/2015		25,000		26,975
Diageo Capital PLC 5.20%, 1/30/2013		25,000		25,681
Dr Pepper Snapple Group, Inc. 2.90%, 1/15/2016		50,000		52,263
PepsiCo, Inc. 3.13%, 11/1/2020		50,000		52,102
The Coca-Cola Co. 4.88%, 3/15/2019		50,000		58,597

				345,898

BIOTECHNOLOGY — 1.4%
Amgen, Inc. 6.38%, 6/1/2037		25,000		29,626
Biogen Idec, Inc. 6.88%, 3/1/2018		25,000		30,479
Celgene Corp. 3.95%, 10/15/2020		50,000		52,482
Genentech, Inc. 4.75%, 7/15/2015		35,000		38,714
Genzyme Corp. 3.63%, 6/15/2015		50,000		53,761
Gilead Sciences, Inc. 4.50%, 4/1/2021		50,000		54,955
Life Technologies Corp. 4.40%, 3/1/2015		50,000		52,960

				312,977

BUILDING MATERIALS — 0.3%
CRH America, Inc. 6.00%, 9/30/2016		50,000		54,725

BUILDING PRODUCTS — 0.1%
Owens Corning 7.00%, 12/1/2036		25,000		26,807

CAPITAL MARKETS — 2.4%
Ameriprise Financial, Inc. 7.30%, 6/28/2019		25,000		31,178
BlackRock, Inc. 3.50%, 12/10/2014		60,000		63,665
Janus Capital Group, Inc. 6.70%, 6/15/2017		25,000		27,095
Jefferies Group, Inc. 3.88%, 11/9/2015		50,000		49,250
Morgan Stanley 6.25%, 8/9/2026		25,000		24,401
Raymond James Financial, Inc. 8.60%, 8/15/2019		50,000		61,790
TD Ameritrade Holding Corp. 4.15%, 12/1/2014		50,000		52,994
The Bank of New York Mellon Corp.:
4.30%, 5/15/2014		55,000		58,716
5.45%, 5/15/2019		65,000		76,314
The Charles Schwab Corp. 4.95%, 6/1/2014		50,000		53,628
The Goldman Sachs Group, Inc. 5.50%, 11/15/2014		25,000		26,471

				525,502

See accompanying notes to financial statements.

167

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

CHEMICALS — 2.8%
Agrium, Inc. 6.13%, 1/15/2041	$	25,000	$	30,208
Air Products & Chemicals, Inc. 2.00%, 8/2/2016		15,000		15,338
E.I. du Pont de Nemours & Co. 6.00%, 7/15/2018		50,000		61,547
Eastman Chemical Co. 3.00%, 12/15/2015		25,000		25,912
FMC Corp. 3.95%, 2/1/2022		50,000		52,184
ICI Wilmington, Inc. 5.63%, 12/1/2013		42,000		44,340
Monsanto Co. 2.75%, 4/15/2016		25,000		26,307
Potash Corp. of Saskatchewan, Inc. 4.88%, 3/30/2020		50,000		57,815
PPG Industries, Inc. 5.75%, 3/15/2013		50,000		51,746
Praxair, Inc. 5.25%, 11/15/2014		50,000		54,829
RPM International, Inc. 6.13%, 10/15/2019		25,000		28,394
The Dow Chemical Co. 7.38%, 11/1/2029		50,000		66,376
The Mosaic Co.:
3.75%, 11/15/2021		25,000		26,118
4.88%, 11/15/2041		25,000		26,605
The Sherwin-Williams Co. 3.13%, 12/15/2014		50,000		52,306

				620,025

COMMERCIAL BANKS — 5.9%
Abbey National Treasury Services PLC 4.00%, 4/27/2016		50,000		48,735
American Express Bank FSB 6.00%, 9/13/2017		25,000		29,401
Associated Banc-Corp. 5.13%, 3/28/2016		85,000		90,514
Bank of Montreal 2.13%, 6/28/2013		50,000		50,751
Bank of Nova Scotia 3.40%, 1/22/2015		50,000		52,563
Barclays Bank PLC 5.13%, 1/8/2020		50,000		54,260
BB&T Corp. 3.20%, 3/15/2016		50,000		52,903
BBVA US Senior SAU 3.25%, 5/16/2014		50,000		47,752
BNP Paribas 5.00%, 1/15/2021		50,000		50,829
Canadian Imperial Bank of Commerce/Canada 1.45%, 9/13/2013		60,000		60,535
Credit Suisse of New York, NY 5.00%, 5/15/2013		50,000		51,561
Deutsche Bank AG 4.88%, 5/20/2013		50,000		51,480
Discover Bank/Greenwood DE 7.00%, 4/15/2020		50,000		57,560
First Horizon National Corp. 5.38%, 12/15/2015		95,000		100,102
KeyCorp:
5.10%, 3/24/2021		50,000		55,529
6.50%, 5/14/2013		75,000		78,558
Lloyds TSB Bank PLC 4.88%, 1/21/2016		50,000		52,569
PNC Funding Corp. 3.63%, 2/8/2015		20,000		21,184
Royal Bank of Canada 1.13%, 1/15/2014		50,000		50,315
SVB Financial Group 5.38%, 9/15/2020		50,000		54,179
The Toronto-Dominion Bank 2.38%, 10/19/2016		50,000		51,540
US Bancorp 4.20%, 5/15/2014		50,000		52,996
Wells Fargo & Co. 5.63%, 12/11/2017		50,000		57,686
Westpac Banking Corp. 3.00%, 8/4/2015		25,000		25,933
Zions Bancorporation 7.75%, 9/23/2014		25,000		27,375

				1,326,810

COMMERCIAL SERVICES & SUPPLIES — 0.7%
Avery Dennison Corp. 5.38%, 4/15/2020		35,000		37,083
Block Financial LLC 7.88%, 1/15/2013		50,000		51,255
Pitney Bowes, Inc. 4.88%, 8/15/2014		25,000		25,975
Republic Services, Inc. 5.25%, 11/15/2021		20,000		23,102
Waste Management, Inc. 6.38%, 11/15/2012		25,000		25,490

				162,905

COMMUNICATIONS EQUIPMENT — 0.9%
Cisco Systems, Inc. 5.90%, 2/15/2039		25,000		32,106
Harris Corp. 5.00%, 10/1/2015		50,000		55,104
Juniper Networks, Inc. 4.60%, 3/15/2021		50,000		53,856
Motorola Solutions, Inc. 6.00%, 11/15/2017		50,000		57,711

				198,777

COMPUTERS & PERIPHERALS — 0.7%
Dell, Inc. 5.40%, 9/10/2040		25,000		26,076
Hewlett-Packard Co. 4.75%, 6/2/2014		25,000		26,452
International Business Machines Corp. 5.70%, 9/14/2017		50,000		59,972
Lexmark International, Inc. 5.90%, 6/1/2013		50,000		51,760

				164,260

See accompanying notes to financial statements.

168

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

CONSTRUCTION & ENGINEERING — 0.2%
Fluor Corp. 3.38%, 9/15/2021	$	50,000	$	52,065

CONSUMER FINANCE — 0.1%
SLM Corp. 5.00%, 4/15/2015		25,000		25,625

CONTAINERS & PACKAGING — 0.4%
Bemis Co., Inc. 4.50%, 10/15/2021		50,000		54,001
Sonoco Products Co. 5.75%, 11/1/2040		40,000		44,417

				98,418

DIVERSIFIED FINANCIAL SERVICES — 4.6%
Allstate Life Global Funding Trusts 5.38%, 4/30/2013		50,000		52,021
Alterra Finance LLC 6.25%, 9/30/2020		50,000		54,668
AXA Financial, Inc. 7.00%, 4/1/2028		35,000		38,682
Boeing Capital Corp. 2.90%, 8/15/2018		15,000		16,091
BP Capital Markets PLC 3.13%, 10/1/2015		50,000		53,002
Capital One Financial Corp. 6.75%, 9/15/2017		17,000		20,113
Citigroup, Inc.:
3.95%, 6/15/2016		50,000		51,052
5.50%, 10/15/2014		60,000		63,547
CME Group, Inc. 5.40%, 8/1/2013		50,000		52,586
General Electric Capital Corp. 3.50%, 6/29/2015		50,000		52,836
HSBC Finance Corp. 6.38%, 11/27/2012		25,000		25,529
JPMorgan Chase & Co.:
4.75%, 5/1/2013		25,000		25,775
5.50%, 10/15/2040		25,000		27,242
Lazard Group LLC 6.85%, 6/15/2017		95,000		103,583
Moody’s Corp. 5.50%, 9/1/2020		50,000		54,052
Nomura Holdings, Inc. 5.00%, 3/4/2015		50,000		51,956
NYSE Euronext 4.80%, 6/28/2013		50,000		51,996
ORIX Corp. 5.00%, 1/12/2016		60,000		62,781
The Nasdaq OMX Group, Inc. 5.25%, 1/16/2018		30,000		31,725
The Western Union Co. 5.25%, 4/1/2020		25,000		28,476
Toyota Motor Credit Corp. 1.38%, 8/12/2013		50,000		50,484
UBS AG of Stamford, CT 2.25%, 8/12/2013		50,000		50,217

				1,018,414

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%
British Telecommunications PLC 5.15%, 1/15/2013		50,000		51,121

ELECTRIC UTILITIES — 4.9%
Appalachian Power Co. 5.80%, 10/1/2035		25,000		29,817
Arizona Public Service Co. 8.75%, 3/1/2019		50,000		66,321
Consolidated Edison Co. of New York 5.38%, 12/15/2015		50,000		56,764
Constellation Energy Group, Inc. 5.15%, 12/1/2020		50,000		55,214
Duke Energy Carolinas LLC 6.10%, 6/1/2037		25,000		32,712
Entergy Gulf States Louisiana LLC 5.59%, 10/1/2024		25,000		28,789
Entergy Louisiana LLC 1.88%, 12/15/2014		15,000		15,313
Exelon Generation Co. LLC 6.20%, 10/1/2017		50,000		57,900
Florida Power & Light Co. 4.13%, 2/1/2042		25,000		26,378
Georgia Power Co. 5.65%, 3/1/2037		25,000		31,158
Great Plains Energy, Inc. 4.85%, 6/1/2021		25,000		26,752
Kentucky Utilities Co. 5.13%, 11/1/2040		25,000		29,886
NextEra Energy Capital Holdings, Inc. 2.55%, 11/15/2013		50,000		50,900
Nisource Finance Corp. 5.95%, 6/15/2041		25,000		27,952
Oklahoma Gas & Electric Co. 5.25%, 5/15/2041		25,000		29,985
Pacific Gas & Electric Co. 5.80%, 3/1/2037		35,000		43,800
Potomac Electric Power Co. 7.90%, 12/15/2038		35,000		56,674
Progress Energy, Inc. 4.40%, 1/15/2021		50,000		55,643
Public Service Electric & Gas Co.:
0.85%, 8/15/2014		20,000		20,016
5.50%, 3/1/2040		15,000		19,312
Scottish Power, Ltd. 5.38%, 3/15/2015		25,000		25,869
Southern California Edison Co. 3.88%, 6/1/2021		20,000		22,031
TECO Finance, Inc. 5.15%, 3/15/2020		50,000		56,569
The Cleveland Electric Illuminating Co. 5.70%, 4/1/2017		50,000		56,571
The Detroit Edison Co. 5.60%, 6/15/2018		50,000		59,656
UIL Holdings Corp. 4.63%, 10/1/2020		34,000		35,330
Wisconsin Electric Power Co. 5.70%, 12/1/2036		25,000		31,540

See accompanying notes to financial statements.

169

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Wisconsin Power & Light Co. 5.00%, 7/15/2019	$	50,000	$	58,510

				1,107,362

ELECTRICAL EQUIPMENT — 0.5%
Emerson Electric Co. 4.25%, 11/15/2020		50,000		57,340
Roper Industries, Inc. 6.25%, 9/1/2019		50,000		60,546

				117,886

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%
Agilent Technologies, Inc. 6.50%, 11/1/2017		50,000		60,259
Arrow Electronics, Inc. 3.38%, 11/1/2015		50,000		50,821
Avnet, Inc. 6.63%, 9/15/2016		50,000		56,833
Corning, Inc. 5.75%, 8/15/2040		30,000		34,835

				202,748

ENERGY EQUIPMENT & SERVICES — 0.6%
Cameron International Corp. 5.95%, 6/1/2041		25,000		28,780
Halliburton Co. 6.70%, 9/15/2038		25,000		34,084
Nabors Industries, Inc. 9.25%, 1/15/2019		50,000		64,600

				127,464

FOOD & STAPLES RETAILING — 1.3%
Costco Wholesale Corp. 5.50%, 3/15/2017		25,000		29,739
CVS Caremark Corp. 6.13%, 8/15/2016		20,000		23,352
Safeway, Inc. 6.25%, 3/15/2014		50,000		53,272
Sysco Corp. 6.63%, 3/17/2039		25,000		36,458
Target Corp. 7.00%, 1/15/2038		25,000		35,353
The Kroger Co. 6.15%, 1/15/2020		50,000		60,140
Wal-Mart Stores, Inc. 6.20%, 4/15/2038		20,000		26,999
Walgreen Co. 4.88%, 8/1/2013		25,000		26,151

				291,464

FOOD PRODUCTS — 2.8%
Archer-Daniels-Midland Co. 5.77%, 3/1/2041		25,000		31,437
Bunge Ltd. Finance Corp. 5.35%, 4/15/2014		50,000		52,671
Campbell Soup Co. 4.25%, 4/15/2021		25,000		28,408
ConAgra Foods, Inc. 7.00%, 4/15/2019		50,000		61,129
Corn Products International, Inc. 4.63%, 11/1/2020		50,000		54,179
Delhaize Group SA 5.70%, 10/1/2040		25,000		21,344
General Mills, Inc. 5.70%, 2/15/2017		50,000		59,024
HJ Heinz Finance Co. 6.75%, 3/15/2032		27,000		34,223
Kellogg Co. 4.15%, 11/15/2019		50,000		55,128
Kraft Foods, Inc. 6.13%, 2/1/2018		35,000		42,119
Ralcorp Holdings, Inc. 6.63%, 8/15/2039		25,000		25,850
Sara Lee Corp. 2.75%, 9/15/2015		50,000		51,308
The Hershey Co. 4.13%, 12/1/2020		50,000		56,289
Unilever Capital Corp. 2.75%, 2/10/2016		50,000		52,856

				625,965

GAS UTILITIES — 0.8%
AGL Capital Corp. 5.25%, 8/15/2019		50,000		57,820
Atmos Energy Corp. 6.35%, 6/15/2017		50,000		58,715
National Grid PLC 6.30%, 8/1/2016		25,000		28,876
Southern California Gas Co. 5.45%, 4/15/2018		35,000		41,822

				187,233

HEALTH CARE EQUIPMENT & SUPPLIES — 2.0%
Baxter International, Inc. 6.25%, 12/1/2037		25,000		34,121
Becton Dickinson and Co. 3.25%, 11/12/2020		25,000		26,231
Boston Scientific Corp. 7.38%, 1/15/2040		35,000		47,621
C.R. Bard, Inc. 4.40%, 1/15/2021		25,000		28,609
CareFusion Corp. 6.38%, 8/1/2019		50,000		59,427
Covidien International Finance SA 4.20%, 6/15/2020		50,000		54,732
DENTSPLY International, Inc. 4.13%, 8/15/2021		50,000		52,128
Medtronic, Inc. 3.00%, 3/15/2015		25,000		26,363
St. Jude Medical, Inc. 2.50%, 1/15/2016		35,000		36,104
Stryker Corp. 2.00%, 9/30/2016		50,000		51,588
Zimmer Holdings, Inc. 5.75%, 11/30/2039		25,000		29,850

				446,774

See accompanying notes to financial statements.

170

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

HEALTH CARE PROVIDERS & SERVICES — 2.2%
Aetna, Inc. 3.95%, 9/1/2020	$	50,000	$	54,128
AmerisourceBergen Corp. 4.88%, 11/15/2019		50,000		57,544
Cardinal Health, Inc. 5.80%, 10/15/2016		50,000		57,703
Cigna Corp. 8.50%, 5/1/2019		50,000		65,926
Coventry Health Care, Inc. 6.30%, 8/15/2014		30,000		32,593
Express Scripts, Inc. 3.13%, 5/15/2016		20,000		20,811
Humana, Inc. 8.15%, 6/15/2038		25,000		34,056
Laboratory Corp. of America Holdings 4.63%, 11/15/2020		35,000		38,606
McKesson Corp. 4.75%, 3/1/2021		50,000		57,020
Quest Diagnostics, Inc. 6.40%, 7/1/2017		15,000		17,827
UnitedHealth Group, Inc. 3.88%, 10/15/2020		50,000		54,178

				490,392

HOTELS, RESTAURANTS & LEISURE — 1.2%
Darden Restaurants, Inc. 6.80%, 10/15/2037		25,000		29,757
International Game Technology 5.50%, 6/15/2020		35,000		38,269
Marriott International, Inc. 6.38%, 6/15/2017		50,000		58,646
McDonald’s Corp. 5.35%, 3/1/2018		20,000		23,891
Starbucks Corp. 6.25%, 8/15/2017		35,000		41,217
Wyndham Worldwide Corp. 4.25%, 3/1/2022		50,000		50,343
Yum! Brands, Inc. 3.88%, 11/1/2020		25,000		26,580

				268,703

HOUSEHOLD DURABLES — 0.2%
Newell Rubbermaid, Inc. 4.70%, 8/15/2020		50,000		53,438

HOUSEHOLD PRODUCTS — 0.8%
Church & Dwight Co., Inc. 3.35%, 12/15/2015		25,000		26,203
Colgate-Palmolive Co. 3.15%, 8/5/2015		25,000		26,757
Energizer Holdings, Inc. 4.70%, 5/19/2021		50,000		52,550
Kimberly-Clark Corp. 6.25%, 7/15/2018		25,000		31,128
The Clorox Co. 3.80%, 11/15/2021		50,000		51,995

				188,633

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.3%
TransAlta Corp. 6.65%, 5/15/2018		50,000		55,057

INDUSTRIAL CONGLOMERATES — 1.0%
3M Co. 1.38%, 9/29/2016		50,000		50,924
Cooper US, Inc. 2.38%, 1/15/2016		50,000		51,276
Koninklijke Philips Electronics NV 6.88%, 3/11/2038		25,000		32,881
Tyco Electronics Group SA 4.88%, 1/15/2021		50,000		54,799
Tyco International Finance SA 8.50%, 1/15/2019		25,000		33,976

				223,856

INSURANCE — 9.1%
ACE INA Holdings, Inc. 2.60%, 11/23/2015		50,000		51,890
AEGON Funding Co. LLC 5.75%, 12/15/2020		35,000		38,798
Aflac, Inc. 6.45%, 8/15/2040		50,000		58,112
Alleghany Corp. 5.63%, 9/15/2020		50,000		53,427
Allied World Assurance Co., Ltd. 7.50%, 8/1/2016		25,000		28,691
American Financial Group, Inc. 9.88%, 6/15/2019		30,000		37,975
American International Group, Inc.:
5.05%, 10/1/2015		50,000		52,904
5.45%, 5/18/2017		35,000		37,824
6.40%, 12/15/2020		20,000		22,556
AON Corp. 3.13%, 5/27/2016		35,000		36,298
Assurant, Inc. 6.75%, 2/15/2034		50,000		55,413
Axis Capital Holdings, Ltd. 5.75%, 12/1/2014		50,000		52,926
Cincinnati Financial Corp. 6.13%, 11/1/2034		50,000		54,944
CNA Financial Corp. 5.75%, 8/15/2021		25,000		27,549
Delphi Financial Group, Inc. 7.88%, 1/31/2020		25,000		29,468
Endurance Specialty Holdings, Ltd. 7.00%, 7/15/2034		50,000		53,457
Fidelity National Financial, Inc. 6.60%, 5/15/2017		30,000		32,144
Genworth Financial, Inc. 6.52%, 5/22/2018		25,000		24,125
Hartford Financial Services Group, Inc. 6.30%, 3/15/2018		50,000		54,533
HCC Insurance Holdings, Inc. 6.30%, 11/15/2019		50,000		56,220
Lincoln National Corp. 6.25%, 2/15/2020		25,000		28,171

See accompanying notes to financial statements.

171

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Loews Corp. 6.00%, 2/1/2035	$	25,000	$	28,694
Manulife Financial Corp. 4.90%, 9/17/2020		120,000		125,681
Markel Corp. 7.13%, 9/30/2019		50,000		57,831
Marsh & McLennan Cos., Inc.:
4.80%, 7/15/2021		25,000		27,479
5.75%, 9/15/2015		24,000		26,540
MetLife, Inc. 6.82%, 8/15/2018		25,000		30,409
PartnerRe, Ltd. 5.50%, 6/1/2020		50,000		52,748
Principal Financial Group, Inc. 8.88%, 5/15/2019		50,000		64,477
Protective Life Corp. 7.38%, 10/15/2019		50,000		57,632
Prudential Financial, Inc. 4.50%, 7/15/2013		50,000		51,670
Reinsurance Group of America, Inc. 6.45%, 11/15/2019		50,000		56,019
Swiss Re Solutions Holding Corp. 6.45%, 3/1/2019		50,000		56,911
The Hanover Insurance Group, Inc. 6.38%, 6/15/2021		50,000		54,494
The Progressive Corp. 3.75%, 8/23/2021		50,000		53,970
Transatlantic Holdings, Inc. 8.00%, 11/30/2039		50,000		58,744
Travelers Property Casualty Corp. 6.38%, 3/15/2033		25,000		31,624
Unitrin, Inc. 6.00%, 5/15/2017		50,000		52,954
Unum Group 7.13%, 9/30/2016		50,000		57,561
Validus Holdings, Ltd. 8.88%, 1/26/2040		25,000		28,150
W.R. Berkley Corp. 6.25%, 2/15/2037		50,000		52,860
Willis North America, Inc. 7.00%, 9/29/2019		50,000		57,781
XL Group PLC 6.38%, 11/15/2024		50,000		55,495

				2,027,149

INTERNET & CATALOG RETAIL — 0.2%
Expedia, Inc. 5.95%, 8/15/2020		35,000		36,400

IT SERVICES — 0.5%
Computer Sciences Corp., Series W 5.50%, 3/15/2013		25,000		25,625
Fiserv, Inc. 3.13%, 6/15/2016		35,000		36,247
SAIC, Inc. 4.45%, 12/1/2020		50,000		54,232

				116,104

LEISURE EQUIPMENT & PRODUCTS — 0.1%
Mattel, Inc. 6.20%, 10/1/2040		10,000		11,873

LIFE SCIENCES TOOLS & SERVICES — 0.1%
Bio-Rad Laboratories, Inc. 4.88%, 12/15/2020		25,000		26,720

MACHINERY — 3.5%
Caterpillar, Inc. 3.90%, 5/27/2021		50,000		55,510
Cummins, Inc. 7.13%, 3/1/2028		25,000		33,469
Danaher Corp. 5.40%, 3/1/2019		50,000		60,003
Deere & Co. 5.38%, 10/16/2029		25,000		31,947
Dover Corp. 5.38%, 3/1/2041		35,000		43,751
Eaton Corp. 6.95%, 3/20/2019		50,000		63,288
Harsco Corp. 2.70%, 10/15/2015		50,000		50,464
IDEX Corp. 4.50%, 12/15/2020		50,000		53,025
Illinois Tool Works, Inc. 4.88%, 9/15/2041 (a)		25,000		28,479
Ingersoll-Rand Global Holding Co., Ltd. 6.88%, 8/15/2018		35,000		42,576
Joy Global, Inc. 5.13%, 10/15/2021		20,000		22,287
Kennametal, Inc. 3.88%, 2/15/2022		50,000		51,804
Parker Hannifin Corp. 6.25%, 5/15/2038		25,000		33,474
Pentair, Inc. 5.00%, 5/15/2021		50,000		55,030
Snap-On, Inc. 6.13%, 9/1/2021		25,000		30,301
Stanley Black & Decker, Inc. 5.20%, 9/1/2040		35,000		39,130
Timken Co. 6.00%, 9/15/2014		50,000		53,349
Valmont Industries, Inc. 6.63%, 4/20/2020		25,000		29,615

				777,502

MEDIA — 3.2%
CBS Corp. 7.88%, 7/30/2030		25,000		32,222
Comcast Cable Communications LLC 7.13%, 6/15/2013		25,000		26,526
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
5.20%, 3/15/2020		25,000		27,738
6.38%, 3/1/2041		25,000		28,694
Discovery Communications LLC 5.63%, 8/15/2019		35,000		40,702
Grupo Televisa SAB 8.50%, 3/11/2032		50,000		68,980

See accompanying notes to financial statements.

172

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

NBCUniversal Media LLC 5.15%, 4/30/2020	$	25,000	$	28,893
News America, Inc. 6.20%, 12/15/2034		50,000		56,151
Omnicom Group, Inc. 6.25%, 7/15/2019		50,000		58,815
The Interpublic Group of Cos., Inc. 4.00%, 3/15/2022		50,000		50,353
The Mcgraw-Hill Cos., Inc. 6.55%, 11/15/2037		25,000		29,099
The Walt Disney Co. 2.75%, 8/16/2021		25,000		25,587
Time Warner Cable, Inc. 5.40%, 7/2/2012		50,000		50,000
Time Warner, Inc. 4.70%, 1/15/2021		50,000		56,116
Viacom, Inc. 4.25%, 9/15/2015		25,000		27,304
Virgin Media Secured Finance PLC 5.25%, 1/15/2021		50,000		55,857
WPP Finance UK 8.00%, 9/15/2014		50,000		56,680

				719,717

METALS & MINING — 3.4%
Alcoa, Inc. 5.40%, 4/15/2021		25,000		24,686
Allegheny Technologies, Inc. 9.38%, 6/1/2019		50,000		63,796
AngloGold Ashanti Holdings PLC 5.38%, 4/15/2020		50,000		51,645
ArcelorMittal 5.50%, 3/1/2021		50,000		47,160
Barrick North America Finance LLC 6.80%, 9/15/2018		50,000		61,863
BHP Billiton Finance USA, Ltd. 6.50%, 4/1/2019		35,000		44,413
Cliffs Natural Resources, Inc. 4.80%, 10/1/2020		50,000		49,556
Freeport-McMoRan Copper & Gold, Inc. 3.55%, 3/1/2022		50,000		49,069
Kinross Gold Corp. 5.13%, 9/1/2021		50,000		51,711
Newmont Mining Corp. 5.88%, 4/1/2035		25,000		27,024
Nucor Corp. 6.40%, 12/1/2037		25,000		33,977
Rio Tinto Finance USA, Ltd. 8.95%, 5/1/2014		50,000		57,071
Southern Copper Corp. 7.50%, 7/27/2035		25,000		28,994
Teck Resources, Ltd. 4.75%, 1/15/2022		28,000		29,928
Vale Overseas, Ltd.:
4.38%, 1/11/2022		40,000		40,888
6.88%, 11/10/2039		25,000		29,317
Xstrata Canada Corp.:
5.38%, 6/1/2015		50,000		54,380
6.20%, 6/15/2035		25,000		24,970

				770,448

MULTI-UTILITIES — 2.0%
American Water Capital Corp. 6.09%, 10/15/2017		35,000		40,933
CenterPoint Energy Resources Corp. 7.88%, 4/1/2013		35,000		36,782
Dominion Resources, Inc. 5.60%, 11/15/2016		50,000		58,113
Integrys Energy Group, Inc. 4.17%, 11/1/2020		50,000		52,730
MidAmerican Energy Holdings Co. 6.13%, 4/1/2036		50,000		62,543
NSTAR 4.50%, 11/15/2019		25,000		27,617
Sempra Energy 6.00%, 10/15/2039		25,000		31,272
United Utilities PLC 6.88%, 8/15/2028		50,000		57,402
Veolia Environnement SA 6.75%, 6/1/2038		25,000		28,310
Xcel Energy, Inc. 4.70%, 5/15/2020		50,000		57,772

				453,474

MULTILINE RETAIL — 0.6%
Kohl’s Corp. 6.88%, 12/15/2037		25,000		31,038
Macy’s Retail Holdings, Inc.:
3.88%, 1/15/2022		25,000		26,354
6.70%, 7/15/2034		25,000		29,483
Nordstrom, Inc. 4.00%, 10/15/2021		50,000		55,475

				142,350

OFFICE ELECTRONICS — 0.2%
Xerox Corp. 4.50%, 5/15/2021		45,000		46,627

OIL, GAS & CONSUMABLE FUELS — 9.6%
Alberta Energy Co., Ltd. 7.38%, 11/1/2031		45,000		53,112
Anadarko Petroleum Corp. 5.95%, 9/15/2016		25,000		28,283
Apache Corp. 6.00%, 9/15/2013		25,000		26,571
Baker Hughes, Inc. 3.20%, 8/15/2021		50,000		52,168
Boardwalk Pipelines LP 5.88%, 11/15/2016		25,000		27,675
Canadian Natural Resources, Ltd. 5.15%, 2/1/2013		25,000		25,632
Cenovus Energy, Inc. 6.75%, 11/15/2039		25,000		31,093
Chevron Corp. 4.95%, 3/3/2019		35,000		42,241
ConocoPhillips 4.60%, 1/15/2015		50,000		54,694
DCP Midstream Operating LP 3.25%, 10/1/2015		50,000		50,842

See accompanying notes to financial statements.

173

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Devon Financing Corp. ULC 7.88%, 9/30/2031	$	25,000	$	35,746
Diamond Offshore Drilling, Inc. 5.88%, 5/1/2019		50,000		58,782
Enbridge, Inc. 5.60%, 4/1/2017		50,000		57,237
Energy Transfer Partners LP 9.00%, 4/15/2019		25,000		31,165
Eni USA, Inc. 7.30%, 11/15/2027		35,000		46,438
Ensco PLC 4.70%, 3/15/2021		50,000		54,111
Enterprise Products Operating LLC, Series G 5.60%, 10/15/2014		35,000		38,330
EOG Resources, Inc. 4.40%, 6/1/2020		50,000		56,550
EQT Corp. 6.50%, 4/1/2018		50,000		56,966
Hess Corp. 7.88%, 10/1/2029		25,000		33,380
Husky Energy, Inc. 5.90%, 6/15/2014		25,000		27,090
Kinder Morgan Energy Partners LP 6.50%, 9/1/2039		35,000		39,850
Magellan Midstream Partners LP 6.55%, 7/15/2019		50,000		59,574
Marathon Oil Corp. 6.80%, 3/15/2032		35,000		44,062
Marathon Petroleum Corp. 5.13%, 3/1/2021		50,000		55,784
Nexen, Inc. 6.40%, 5/15/2037		30,000		31,579
Noble Energy, Inc. 8.25%, 3/1/2019		25,000		31,815
Noble Holding International, Ltd. 4.63%, 3/1/2021		50,000		52,977
NuStar Logistics LP 4.80%, 9/1/2020		25,000		25,659
Occidental Petroleum Corp. 4.10%, 2/1/2021		50,000		55,741
ONEOK Partners LP:
3.25%, 2/1/2016		30,000		31,438
6.13%, 2/1/2041		65,000		74,781
ONEOK, Inc. 5.20%, 6/15/2015		50,000		54,188
Panhandle Eastern Pipeline Co. LP 6.20%, 11/1/2017		25,000		28,283
Petro-Canada 6.05%, 5/15/2018		25,000		29,504
Plains All American Pipeline LP/PAA Finance Corp. 5.75%, 1/15/2020		50,000		58,439
Rowan Cos., Inc. 7.88%, 8/1/2019		35,000		42,305
Shell International Finance BV 4.30%, 9/22/2019		25,000		28,866
Southern Natural Gas Co. 8.00%, 3/1/2032		25,000		33,330
Spectra Energy Capital LLC 8.00%, 10/1/2019		50,000		63,883
Sunoco Logistics Partners Operations LP 4.65%, 2/15/2022		15,000		15,456
Talisman Energy, Inc. 5.85%, 2/1/2037		25,000		26,034
The Williams Cos., Inc. 7.50%, 1/15/2031		50,000		60,806
Total Capital SA 4.25%, 12/15/2021		25,000		28,123
TransCanada Pipelines, Ltd. 6.20%, 10/15/2037		25,000		32,790
Transocean, Inc. 6.50%, 11/15/2020		50,000		56,495
Valero Energy Corp.:
6.63%, 6/15/2037		25,000		27,667
9.38%, 3/15/2019		35,000		45,938
Weatherford International, Inc. 6.35%, 6/15/2017		50,000		57,709
XTO Energy, Inc. 6.25%, 8/1/2017		50,000		61,913

				2,143,095

PAPER & FOREST PRODUCTS — 0.3%
International Paper Co. 9.38%, 5/15/2019		50,000		66,856

PERSONAL PRODUCTS — 0.6%
Avon Products, Inc. 4.20%, 7/15/2018		25,000		25,630
The Estee Lauder Cos., Inc. 6.00%, 5/15/2037		50,000		63,716
The Procter & Gamble Co. 1.80%, 11/15/2015		50,000		51,518

				140,864

PHARMACEUTICALS — 2.3%
Abbott Laboratories 5.13%, 4/1/2019		25,000		29,768
Allergan, Inc./United States 3.38%, 9/15/2020		25,000		26,784
AstraZeneca PLC 5.90%, 9/15/2017		25,000		30,057
Bristol-Myers Squibb Co. 6.13%, 5/1/2038		25,000		33,458
Eli Lilly & Co. 5.20%, 3/15/2017		50,000		58,053
GlaxoSmithKline Capital, Inc. 5.38%, 4/15/2034		25,000		30,338
Hospira, Inc. 6.05%, 3/30/2017		50,000		56,509
Johnson & Johnson 5.85%, 7/15/2038		25,000		34,403
Medco Health Solutions, Inc. 6.13%, 3/15/2013		50,000		51,821
Merck & Co, Inc. 3.88%, 1/15/2021		50,000		56,233
Novartis Capital Corp. 2.90%, 4/24/2015		25,000		26,455
Teva Pharmaceutical Finance Co. LLC 6.15%, 2/1/2036		25,000		32,520

See accompanying notes to financial statements.

174

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Watson Pharmaceuticals, Inc. 6.13%, 8/15/2019	$	25,000	$	28,577
Wyeth 5.50%, 2/1/2014		25,000		26,860

				521,836

PIPELINES — 0.4%
Northern Border Pipeline Co. 7.50%, 9/15/2021		25,000		31,328
Spectra Energy Partners LP 4.60%, 6/15/2021		60,000		63,480

				94,808

PROFESSIONAL SERVICES — 0.2%
Dun & Bradstreet Corp. 2.88%, 11/15/2015		50,000		51,660

REAL ESTATE INVESTMENT TRUSTS — 6.5%
AvalonBay Communities, Inc. 5.70%, 3/15/2017		50,000		57,587
BioMed Realty LP 3.85%, 4/15/2016		50,000		51,185
Boston Properties LP 4.13%, 5/15/2021		50,000		52,711
Brandywine Operating Partnership LP 4.95%, 4/15/2018		50,000		51,569
BRE Properties, Inc. 5.50%, 3/15/2017		50,000		55,030
Camden Property Trust 4.63%, 6/15/2021		25,000		26,727
CommonWealth REIT 6.25%, 8/15/2016		50,000		53,356
Duke Realty LP 6.75%, 3/15/2020		25,000		29,317
ERP Operating LP 5.25%, 9/15/2014		50,000		53,417
HCP, Inc. 5.65%, 12/15/2013		50,000		52,603
Healthcare Realty Trust, Inc. 6.50%, 1/17/2017		50,000		55,299
Highwoods Realty LP 5.85%, 3/15/2017		30,000		32,384
Hospitality Properties Trust 6.75%, 2/15/2013		50,000		50,318
Kilroy Realty LP 5.00%, 11/3/2015		50,000		53,310
Kimco Realty Corp. 4.30%, 2/1/2018		50,000		52,582
Liberty Property LP:
4.75%, 10/1/2020		70,000		74,356
6.63%, 10/1/2017		25,000		29,463
Mack-Cali Realty LP 7.75%, 8/15/2019		50,000		61,479
ProLogis LP 4.50%, 8/15/2017		40,000		41,898
Realty Income Corp. 6.75%, 8/15/2019		50,000		58,577
Regency Centers LP 5.25%, 8/1/2015		50,000		53,971
Senior Housing Properties Trust 4.30%, 1/15/2016		50,000		50,195
Simon Property Group LP 6.13%, 5/30/2018		50,000		59,061
Tanger Properties LP 6.15%, 11/15/2015		60,000		65,604
UDR, Inc. 5.25%, 1/15/2015		50,000		52,913
Ventas Realty LP/Ventas Capital Corp.:
3.13%, 11/30/2015		15,000		15,253
4.75%, 6/1/2021		25,000		26,086
Vornado Realty LP 4.25%, 4/1/2015		85,000		88,995
Washington Real Estate Investment Trust 4.95%, 10/1/2020		50,000		53,448

				1,458,694

ROAD & RAIL — 1.6%
Canadian National Railway Co. 6.20%, 6/1/2036		25,000		33,465
Canadian Pacific Railway Co. 4.45%, 3/15/2023		50,000		53,328
Con-way, Inc. 7.25%, 1/15/2018		25,000		28,693
CSX Corp. 3.70%, 10/30/2020		50,000		52,637
JB Hunt Transport Services, Inc. 3.38%, 9/15/2015		50,000		51,177
Norfolk Southern Corp.:
3.25%, 12/1/2021		25,000		25,779
7.25%, 2/15/2031		25,000		34,943
Ryder System, Inc. 3.15%, 3/2/2015		50,000		51,613
Union Pacific Corp. 5.13%, 2/15/2014		25,000		26,683

				358,318

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.0%
Analog Devices, Inc. 3.00%, 4/15/2016		50,000		52,847
Applied Materials, Inc. 5.85%, 6/15/2041		30,000		36,188
Intel Corp. 4.80%, 10/1/2041		35,000		39,736
KLA-Tencor Corp. 6.90%, 5/1/2018		30,000		35,986
Maxim Integrated Products, Inc. 3.45%, 6/14/2013		60,000		61,504

				226,261

SOFTWARE — 1.2%
Adobe Systems, Inc. 3.25%, 2/1/2015		25,000		26,101
CA, Inc. 5.38%, 12/1/2019		50,000		56,385
Intuit, Inc. 5.75%, 3/15/2017		50,000		57,750
Microsoft Corp. 1.63%, 9/25/2015		50,000		51,388
Oracle Corp. 6.13%, 7/8/2039		25,000		33,076

See accompanying notes to financial statements.

175

SPDR Barclays Capital Issuer Scored Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Symantec Corp. 2.75%, 9/15/2015	$	50,000	$	50,995

				275,695

SPECIALTY RETAIL — 1.4%
Advance Auto Parts, Inc. 5.75%, 5/1/2020		50,000		56,509
AutoZone, Inc. 5.75%, 1/15/2015		21,000		22,992
Best Buy Co., Inc. 3.75%, 3/15/2016		30,000		29,400
Lowe’s Cos., Inc. 3.75%, 4/15/2021		50,000		53,150
O’Reilly Automotive, Inc. 4.63%, 9/15/2021		25,000		26,367
Staples, Inc. 9.75%, 1/15/2014		35,000		39,111
The Gap, Inc. 5.95%, 4/12/2021		50,000		52,000
The Home Depot, Inc. 5.40%, 9/15/2040		25,000		30,356

				309,885

TEXTILES, APPAREL & LUXURY GOODS — 0.2%
V.F. Corp. 6.45%, 11/1/2037		25,000		32,505

THRIFTS & MORTGAGE FINANCE — 0.3%
First Niagara Financial Group, Inc. 6.75%, 3/19/2020		60,000		67,832

TOBACCO — 0.6%
Altria Group, Inc. 9.25%, 8/6/2019		25,000		34,608
Lorillard Tobacco Co. 3.50%, 8/4/2016		25,000		25,937
Philip Morris International, Inc. 6.38%, 5/16/2038		25,000		33,242
Reynolds American, Inc. 7.75%, 6/1/2018		25,000		31,193

				124,980

WIRELESS TELECOMMUNICATION SERVICES — 2.3%
American Tower Corp. 4.50%, 1/15/2018		50,000		53,066
AT&T, Inc. 2.50%, 8/15/2015		50,000		52,057
Cellco Partnership/Verizon Wireless Capital LLC 8.50%, 11/15/2018		25,000		33,996
Deutsche Telekom International Finance BV 8.75%, 6/15/2030		20,000		27,756
France Telecom SA 4.38%, 7/8/2014		50,000		52,529
Koninklijke KPN NV 8.38%, 10/1/2030		35,000		44,551
Rogers Communications, Inc. 6.38%, 3/1/2014		50,000		54,158
Telecom Italia Capital SA 7.18%, 6/18/2019		50,000		49,937
Telefonica Emisiones SAU 3.99%, 2/16/2016		50,000		44,625
Verizon New York, Inc., Series A 7.38%, 4/1/2032		50,000		61,481
Vodafone Group PLC 6.15%, 2/27/2037		25,000		32,168

				506,324

TOTAL CORPORATE BONDS & NOTES —
(Cost $20,939,079)				21,832,641

	Shares
SHORT TERM INVESTMENT — 1.4%
MONEY MARKET FUND — 1.4%
State Street Institutional Liquid Reserves Fund 0.20% (b)(c)(d) (Cost $323,331)		323,331		323,331

TOTAL INVESTMENTS — 98.8% (e)
(Cost $21,262,410)				22,155,972
OTHER ASSETS & LIABILITIES — 1.2%				261,044

NET ASSETS — 100.0%			$	22,417,016

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

176

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CONVERTIBLE CORPORATE BONDS & NOTES — 73.2%
AEROSPACE & DEFENSE — 0.7%
L-3 Communications Holdings, Inc. 3.00%, 8/1/2035	$	5,476,000	$	5,357,116

AUTOMOBILES — 1.7%
Ford Motor Co. 4.25%, 11/15/2016		6,413,000		8,978,200
Navistar International Corp. 3.00%, 10/15/2014 (a)		4,522,000		4,211,917

				13,190,117

BEVERAGES — 0.6%
Molson Coors Brewing Co. 2.50%, 7/30/2013		4,544,000		4,626,928

BIOTECHNOLOGY — 8.0%
Amgen, Inc. 0.38%, 2/1/2013 (a)		18,383,000		19,120,526
Amylin Pharmaceuticals, Inc. 3.00%, 6/15/2014		4,350,000		4,416,816
Dendreon Corp. 2.88%, 1/15/2016		4,870,000		3,394,064
Gilead Sciences, Inc.:
0.63%, 5/1/2013		4,947,000		6,766,012
1.00%, 5/1/2014		8,988,000		11,159,501
1.63%, 5/1/2016		8,932,000		11,589,716
Illumina, Inc. 0.25%, 3/15/2016 (b)		7,000,000		6,212,990

				62,659,625

BUILDING PRODUCTS — 2.0%
Cemex SAB de CV:
3.25%, 3/15/2016		7,587,000		6,432,259
3.75%, 3/15/2018		4,788,000		3,966,379
4.88%, 3/15/2015		5,680,000		5,009,760

				15,408,398

CAPITAL MARKETS — 0.5%
Ares Capital Corp. 5.75%, 2/1/2016 (b)		3,657,000		3,757,202

COMMUNICATIONS EQUIPMENT — 1.2%
Alcatel-Lucent USA, Inc. Series B, 2.88%, 6/15/2025 (a)		6,498,000		6,408,081
Ciena Corp. 0.88%, 6/15/2017		3,800,000		3,277,120

				9,685,201

COMPUTERS & PERIPHERALS — 5.9%
EMC Corp. 1.75%, 12/1/2013		13,000,000		21,161,530
NetApp, Inc. 1.75%, 6/1/2013		9,149,000		10,506,712
SanDisk Corp.:
1.00%, 5/15/2013 (a)		7,358,000		7,265,819
1.50%, 8/15/2017 (a)		6,694,000		6,902,317

				45,836,378

CONTAINERS & PACKAGING — 0.6%
Owens-Brockway Glass Container, Inc. 3.00%, 6/1/2015 (b)		5,153,000		4,918,281

ELECTRICAL EQUIPMENT — 0.4%
Suntech Power Holdings Co., Ltd. 3.00%, 3/15/2013 (a)		4,370,000		2,960,762

FOOD PRODUCTS — 1.1%
Archer-Daniels-Midland Co. 0.88%, 2/15/2014		8,517,000		8,574,064

HEALTH CARE EQUIPMENT & SUPPLIES — 3.4%
Hologic, Inc.:
2.00%, 12/15/2037 (a)(c)		8,631,000		8,481,364
2.00%, 3/1/2042 (c)		1,000,000		926,163
Medtronic, Inc. 1.63%, 4/15/2013		16,837,000		16,962,099

				26,369,626

HEALTH CARE PROVIDERS & SERVICES — 0.6%
LifePoint Hospitals, Inc. 3.50%, 5/15/2014		4,735,000		5,071,611

HOTELS, RESTAURANTS & LEISURE — 2.0%
International Game Technology 3.25%, 5/1/2014		6,524,000		7,191,275
MGM Resorts International 4.25%, 4/15/2015		8,414,000		8,552,831

				15,744,106

HOUSEHOLD DURABLES — 0.7%
D.R. Horton, Inc. 2.00%, 5/15/2014 (a)		3,729,000		5,580,076

INSURANCE — 0.5%
Old Republic International Corp. 3.75%, 3/15/2018 (a)		4,411,000		4,021,782

INTERNET & CATALOG RETAIL — 2.2%
priceline.com, Inc.:
1.00%, 3/15/2018 (b)		7,100,000		7,475,022
1.25%, 3/15/2015 (b)		4,420,000		9,809,925

				17,284,947

INTERNET SOFTWARE & SERVICES — 2.2%
TIBCO Software, Inc. 2.25%, 5/1/2032 (b)		4,500,000		4,382,082
VeriSign, Inc. 3.25%, 8/15/2037		9,448,000		13,191,770

				17,573,852

INVESTMENT COMPANIES — 0.4%
Ares Capital Corp. 5.75%, 2/1/2016		3,000,000		3,082,200

IT SERVICES — 1.4%
Alliance Data Systems Corp. 1.75%, 8/1/2013		6,326,000		10,868,890

MARINE — 0.5%
DryShips, Inc. 5.00%, 12/1/2014		5,376,000		3,920,894

MEDIA — 3.5%
Liberty Media LLC 3.13%, 3/30/2023		8,690,000		10,524,720
Virgin Media, Inc. 6.50%, 11/15/2016		7,236,000		10,926,360

See accompanying notes to financial statements.

177

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

XM Satellite Radio, Inc. 7.00%, 12/1/2014 (b)	$	4,365,000	$	5,636,175

				27,087,255

METALS & MINING — 6.0%
Alcoa, Inc. 5.25%, 3/15/2014		4,128,000		6,177,882
AngloGold Ashanti, Holdings Finance PLC 3.50%, 5/22/2014 (b)		5,124,000		5,382,045
ArcelorMittal 5.00%, 5/15/2014 (a)		6,431,000		6,617,499
Goldcorp, Inc. 2.00%, 8/1/2014 (a)		6,437,000		7,241,303
Newmont Mining Corp.:
1.25%, 7/15/2014 (a)		4,373,000		5,482,736
1.63%, 7/15/2017		4,271,000		5,670,393
Sterlite Industries India, Ltd. 4.00%, 10/30/2014 (a)		4,450,000		3,990,849
United States Steel Corp. 4.00%, 5/15/2014 (a)		6,482,000		6,595,046

				47,157,753

OIL, GAS & CONSUMABLE FUELS — 4.9%
Chesapeake Energy Corp. 2.50%, 5/15/2037 (a)		16,673,000		14,277,090
Massey Energy Co. 3.25%, 8/1/2015 (a)		4,852,000		4,187,921
Peabody Energy Corp. 4.75%, 12/15/2066 (a)		6,173,000		5,043,341
Transocean, Inc. Series C 1.50%, 12/15/2037		12,731,000		12,712,693
USEC, Inc. 3.00%, 10/1/2014 (a)		4,825,000		2,355,797

				38,576,842

PHARMACEUTICALS — 2.1%
Mylan, Inc. 3.75%, 9/15/2015		4,180,000		7,182,870
Salix Pharmaceuticals, Ltd. 1.50%, 3/15/2019 (a)(b)		5,000,000		5,369,650
Teva Pharmaceutical Finance Co. LLC Series C 0.25%, 2/1/2026 (a)		4,000,000		4,200,000

				16,752,520

REAL ESTATE INVESTMENT TRUSTS — 2.8%
Annaly Capital Management, Inc.:
4.00%, 2/15/2015		4,251,000		5,208,198
5.00%, 5/15/2015 (a)		5,500,000		5,445,946
Boston Properties LP 3.63%, 2/15/2014 (b)		6,077,000		6,592,998
iStar Financial, Inc. 0.97%, 10/1/2012 (d)		5,000,000		4,987,000

				22,234,142

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.7%
Advanced Micro Devices, Inc. 6.00%, 5/1/2015		4,874,000		5,060,577
Intel Corp.:
2.95%, 12/15/2035		11,844,000		13,386,681
3.25%, 8/1/2039		14,270,000		19,154,335
Linear Technology Corp. Series A 3.00%, 5/1/2027 (a)		5,930,000		6,159,787
Microchip Technology, Inc. 2.13%, 12/15/2037		8,810,000		10,939,025
Micron Technology, Inc.:
1.88%, 6/1/2014		7,073,000		6,938,613
2.38%, 5/1/2032 (b)		4,000,000		3,705,712
Novellus Systems, Inc. 2.63%, 5/15/2041		5,450,000		6,689,330
Xilinx, Inc.:
2.63%, 6/15/2017 (a)		4,840,000		6,198,104
3.13%, 3/15/2037		4,773,000		5,688,700

				83,920,864

SOFTWARE — 4.6%
Electronic Arts, Inc. 0.75%, 7/15/2016 (b)		4,750,000		4,167,840
Microsoft Corp. Zero Coupon, 6/15/2013 (a)(b)(e)		9,543,000		10,110,904
Nuance Communications, Inc. 2.75%, 11/1/2031 (a)(b)		5,700,000		6,295,707
Salesforce.com, Inc. 0.75%, 1/15/2015		4,329,000		7,396,097
Symantec Corp. 1.00%, 6/15/2013		7,752,000		7,913,319

				35,883,867

WIRELESS TELECOMMUNICATION SERVICES — 2.0%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25%, 12/1/2040 (a)(b)		5,273,000		3,250,277
SBA Communications Corp.:
1.88%, 5/1/2013		4,139,000		5,728,376
4.00%, 10/1/2014		3,585,000		6,899,691

				15,878,344

TOTAL CONVERTIBLE CORPORATE BONDS & NOTES —
(Cost $566,753,150)				573,983,643

	Shares
CONVERTIBLE PREFERRED STOCKS — 25.7%
AEROSPACE & DEFENSE — 0.8%
United Technologies Corp. 7.50%, 8/1/2015		120,000		6,322,800

AUTO COMPONENTS — 0.4%
The Goodyear Tire & Rubber Co. 5.88%, 4/1/2014		74,500		3,218,400

AUTOMOBILES — 3.1%
General Motors Co. 4.75%, 12/1/2013 (a)		724,727		24,060,937

COMMERCIAL BANKS — 4.2%
Wells Fargo & Co. Series L 7.50%, 12/31/2049		29,193		32,842,125

DIVERSIFIED FINANCIAL SERVICES — 5.7%
Bank of America Corp. Series L 7.25%, 12/31/2049		24,258		23,651,550

See accompanying notes to financial statements.

178

SPDR Barclays Capital Convertible Securities ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


Security Description	Shares		Value
Citigroup, Inc. 7.50%, 12/15/2012 (a)		248,471	$	21,259,179

				44,910,729

ELECTRIC UTILITIES — 2.7%
AES Trust III 6.75%, 10/15/2029 (a)		63,478		3,130,100
NextEra Energy, Inc. 5.60%, 6/1/2015		30,000		1,537,500
PPL Corp.:
9.50%, 7/1/2013 (a)		167,474		8,859,375
8.75%, 5/1/2014		144,500		7,726,415

				21,253,390

FOOD PRODUCTS — 0.7%
Bunge, Ltd. 4.88%, 12/31/2049		57,000		5,450,625

HEALTH CARE EQUIPMENT & SUPPLIES — 0.3%
Alere, Inc. Series B 3.00%, 12/31/2049 (a)		12,461		2,579,427

INSURANCE — 2.7%
Hartford Financial Services Group, Inc. 7.25%, 4/1/2013 (a)		182,200		3,407,140
MetLife, Inc. 5.00%, 9/11/2013		289,800		17,929,926

				21,337,066

MACHINERY — 0.7%
Stanley Black & Decker, Inc. 4.75%, 11/17/2015 (a)		47,632		5,573,420

METALS & MINING — 0.6%
AngloGold Ashanti, Holdings Finance PLC 6.00%, 9/15/2013 (a)		118,112		4,866,214

OIL, GAS & CONSUMABLE FUELS — 1.7%
Apache Corp. 6.00%, 8/1/2013 (a)		190,000		9,545,600
CenterPoint Energy, Inc. 0.47%, 9/15/2029 (d)		105,921		3,868,182

				13,413,782

REAL ESTATE INVESTMENT TRUST — 0.8%
Health Care REIT, Inc. Series I 3.00%, 12/31/2049		108,145		5,839,830

THRIFTS & MORTGAGE FINANCE — 0.6%
Sovereign Capital Trust IV 4.38%, 3/1/2034 (a)		87,300		4,431,566

WIRELESS TELECOMMUNICATION SERVICES — 0.7%
Lucent Technologies Capital Trust I 7.75%, 3/15/2017		7,605		5,133,375

TOTAL CONVERTIBLE PREFERRED STOCKS —
(Cost $232,699,175) (f)				201,233,686

COMMON STOCKS — 0.5%
AUTO COMPONENTS — 0.5%
Dana Holding Corp. (a)		296,500		3,798,165

THRIFTS & MORTGAGE FINANCE — 0.0% (g)
Federal National Mortgage Association (a)(e)		100,000		25,500

TOTAL COMMON STOCKS —
(Cost $5,394,421) (f)				3,823,665

SHORT TERM INVESTMENTS — 10.3%
MONEY MARKET FUNDS — 10.3%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		78,566,992		78,566,992
State Street Institutional Liquid Reserves Fund 0.20% (i)(j)		1,950,503		1,950,503

TOTAL SHORT TERM INVESTMENTS — (f)
(Cost $80,517,495)				80,517,495

TOTAL INVESTMENTS — 109.7% (k)
(Cost $885,364,241)				859,558,489
OTHER ASSETS & LIABILITIES — (9.7)%				(75,978,152	)

NET ASSETS — 100.0%			$	783,580,337


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 11.1% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)		Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of June 30, 2012. Maturity date disclosed is the ultimate maturity.
(d)		Variable rate security. Rate shown is rate in effect at June 30, 2012. Maturity date disclosed is the ultimate maturity.
(e)		Non-income producing security.
(f)		Value is determined based on Level 1 inputs. (Note 2)
(g)		Amount shown represents less than 0.05% of net assets.
(h)		Investments of cash collateral for securities loaned.
(i)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(j)		The rate shown is the annualized seven-day yield at period end.
(k)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

179

SPDR Barclays Capital Mortgage Backed Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

U.S. GOVERNMENT AGENCY MBS TBA — 99.8%
Fannie Mae
3.50%, 15yr TBA	$	1,500,000	$	1,584,844
3.50%, 30yr TBA		1,400,000		1,471,531
4.00%, 15yr TBA		500,000		531,719
4.00%, 30yr TBA		4,000,000		4,257,500
4.50%, 15yr TBA		500,000		535,859
4.50%, 30yr TBA		2,850,000		3,057,516
5.00%, 15yr TBA		850,000		916,539
5.00%, 30yr TBA		1,850,000		2,002,336
5.50%, 15yr TBA		500,000		542,812
5.50%, 30yr TBA		2,500,000		2,726,953
6.00%, 30yr TBA		1,000,000		1,099,062
6.50%, 30yr TBA		500,000		562,734
Freddie Mac
3.00%, 15yr TBA		350,000		365,887
3.50%, 15yr TBA		500,000		525,937
4.00%, 15yr TBA		750,000		792,422
4.50%, 15yr TBA		400,000		424,813
4.50%, 30yr TBA		3,000,000		3,204,375
5.00%, 30yr TBA		2,250,000		2,418,574
5.50%, 30yr TBA		1,000,000		1,086,719
6.00%, 30yr TBA		1,000,000		1,095,937
6.50%, 30yr TBA		400,000		449,813
Ginnie Mae
3.50%, 30yr TBA		500,000		534,961
4.00%, 30yr TBA		94,002		102,935
4.00%, 30yr TBA		1,750,000		1,911,465
4.50%, 30yr TBA		2,750,000		3,006,953
5.00%, 30yr TBA		1,550,000		1,705,727
5.50%, 30yr TBA		750,000		832,031
6.00%, 30yr TBA		550,000		617,375
6.50%, 30yr TBA		250,000		289,102

TOTAL U.S. GOVERNMENT AGENCY MBS TBA —
(Cost $38,600,368)				38,654,431

	Shares
SHORT TERM INVESTMENT — 99.6%
MONEY MARKET FUND — 99.6%
State Street Institutional Liquid Reserves Fund 0.20% (a)(b)(c)(d) (Cost $38,609,848)		38,609,848		38,609,848

TOTAL INVESTMENTS — 199.4% (e)
(Cost $77,210,216)				77,264,279
OTHER ASSETS & LIABILITIES — (99.4)%				(38,518,670	)

NET ASSETS — 100.0%			$	38,745,609

TBA = To Be Announced

See accompanying notes to financial statements.

180

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 23.6%
AEROSPACE & DEFENSE — 0.3%
General Dynamics Corp. 5.25%, 2/1/2014	$	220,000	$	235,505
Honeywell International, Inc.:
4.25%, 3/1/2021 (a)		50,000		57,785
5.38%, 3/1/2041		100,000		126,132
L-3 Communications Corp. 3.95%, 11/15/2016		100,000		106,053
Lockheed Martin Corp. 3.35%, 9/15/2021 (a)		100,000		103,110
Raytheon Co. 1.40%, 12/15/2014		100,000		101,425
The Boeing Co.:
3.50%, 2/15/2015		250,000		267,451
6.13%, 2/15/2033		165,000		213,649
United Technologies Corp.:
4.50%, 4/15/2020 (a)		60,000		69,775
5.38%, 12/15/2017		250,000		300,853
5.70%, 4/15/2040		60,000		75,717
6.05%, 6/1/2036		100,000		128,463

				1,785,918

AIR FREIGHT & LOGISTICS — 0.1%
United Parcel Service, Inc.:
3.88%, 4/1/2014		250,000		263,722
6.20%, 1/15/2038		100,000		134,805

				398,527

AIRLINES — 0.0% (b)
Continental Airlines 2012-1 Pass Through Trust, Class A 4.15%, 4/11/2024 (c)		100,000		98,250
Delta Air Lines 2010-2 Pass Through Trust, Class A 4.95%, 5/25/2019		91,622		97,119

				195,369

AUTO COMPONENTS — 0.1%
Johnson Controls, Inc.:
4.25%, 3/1/2021 (a)		60,000		65,154
5.50%, 1/15/2016		250,000		279,476

				344,630

AUTOMOBILES — 0.0% (b)
Daimler Finance North America LLC 6.50%, 11/15/2013		100,000		107,366

BEVERAGES — 0.6%
Anheuser-Busch InBev Worldwide, Inc.:
1.50%, 7/14/2014		500,000		506,416
5.38%, 1/15/2020		335,000		398,742
6.38%, 1/15/2040		250,000		337,757
Bottling Group LLC 6.95%, 3/15/2014 (a)		200,000		220,926
Diageo Capital PLC 5.75%, 10/23/2017		250,000		300,500
Dr. Pepper Snapple Group, Inc. 3.20%, 11/15/2021		150,000		153,528
PepsiCo, Inc.:
0.75%, 3/5/2015		500,000		497,963
2.75%, 3/5/2022		350,000		351,736
4.50%, 1/15/2020 (a)		100,000		113,581
The Coca-Cola Co.:
0.75%, 11/15/2013		100,000		100,475
1.50%, 11/15/2015		600,000		611,843
3.15%, 11/15/2020		70,000		74,610

				3,668,077

BIOTECHNOLOGY — 0.2%
Amgen, Inc.:
1.88%, 11/15/2014 (a)		350,000		352,941
4.10%, 6/15/2021		100,000		106,706
4.50%, 3/15/2020		50,000		54,903
5.15%, 11/15/2041		324,000		336,024
5.75%, 3/15/2040		55,000		61,059
Gilead Sciences, Inc. 4.50%, 4/1/2021 (a)		200,000		219,820
Life Technologies Corp. 6.00%, 3/1/2020		100,000		117,330

				1,248,783

BUILDING MATERIALS — 0.0% (b)
CRH America, Inc. 6.00%, 9/30/2016		100,000		109,450

CAPITAL MARKETS — 0.8%
BlackRock, Inc. 3.50%, 12/10/2014		300,000		318,323
Jefferies Group, Inc. 5.13%, 4/13/2018		100,000		97,000
Morgan Stanley:
3.80%, 4/29/2016		500,000		483,019
5.75%, 1/25/2021		500,000		489,696
6.00%, 5/13/2014		560,000		579,790
Svensk Exportkredit AB 5.13%, 3/1/2017		205,000		236,745
The Bank of New York Mellon Corp.:
3.55%, 9/23/2021		100,000		105,966
4.30%, 5/15/2014 (a)		300,000		320,267
The Goldman Sachs Group, Inc.:
3.70%, 8/1/2015		500,000		503,553
4.75%, 7/15/2013		200,000		204,973
5.35%, 1/15/2016		555,000		581,726
5.95%, 1/15/2027		595,000		588,648
6.13%, 2/15/2033 (a)		400,000		405,378

				4,915,084

CHEMICALS — 0.3%
E.I. du Pont de Nemours & Co.:
5.25%, 12/15/2016		255,000		298,706
5.75%, 3/15/2019		250,000		303,110
Ecolab, Inc. 4.35%, 12/8/2021		100,000		110,492
Potash Corp. of Saskatchewan, Inc. 5.88%, 12/1/2036		100,000		123,146
PPG Industries, Inc. 6.65%, 3/15/2018		100,000		121,164
Praxair, Inc. 3.00%, 9/1/2021 (a)		250,000		257,873
The Dow Chemical Co.:
5.25%, 11/15/2041		250,000		275,397

See accompanying notes to financial statements.

181

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

8.55%, 5/15/2019	$	330,000	$	436,656

				1,926,544

COMMERCIAL BANKS — 4.1%
African Development Bank 1.25%, 9/2/2016 (a)		100,000		102,113
Asian Development Bank:
2.50%, 3/15/2016		200,000		213,486
2.75%, 5/21/2014		205,000		214,224
Bank of Nova Scotia:
2.38%, 12/17/2013 (a)		350,000		357,360
2.90%, 3/29/2016 (a)		100,000		105,153
Barclays Bank PLC:
3.90%, 4/7/2015 (a)		650,000		673,202
5.13%, 1/8/2020 (a)		100,000		108,519
BB&T Corp.:
2.05%, 4/28/2014 (a)		100,000		102,053
3.95%, 4/29/2016		100,000		108,768
BNP Paribas 5.00%, 1/15/2021 (a)		350,000		355,802
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands:
4.50%, 1/11/2021		100,000		106,096
5.25%, 5/24/2041		250,000		271,197
Corp. Andina de Fomento 3.75%, 1/15/2016		100,000		104,104
Council Of Europe Development Bank 1.25%, 9/22/2016		350,000		349,758
Credit Suisse of New York, NY:
4.38%, 8/5/2020 (a)		600,000		638,402
5.40%, 1/14/2020		100,000		102,729
5.50%, 5/1/2014		300,000		318,449
Deutsche Bank AG London 6.00%, 9/1/2017 (a)		250,000		284,611
European Bank for Reconstruction & Development 2.50%, 3/15/2016 (a)		450,000		478,301
European Investment Bank:
2.38%, 3/14/2014 (a)		545,000		560,618
2.50%, 5/16/2016 (a)		950,000		995,852
2.75%, 3/23/2015 (a)		300,000		315,671
4.00%, 2/16/2021		650,000		729,611
Export-Import Bank of Korea:
4.13%, 9/9/2015 (a)		200,000		211,391
5.88%, 1/14/2015		205,000		223,414
Fifth Third Bancorp 3.63%, 1/25/2016		100,000		105,637
HSBC Bank USA NA 4.63%, 4/1/2014		220,000		229,633
HSBC Finance Corp. 5.25%, 1/15/2014		200,000		208,829
HSBC Holdings PLC:
4.00%, 3/30/2022		500,000		515,832
6.50%, 9/15/2037		100,000		109,770
6.80%, 6/1/2038		100,000		112,448
Inter-American Development Bank 5.13%, 9/13/2016		405,000		478,754
International Bank for Reconstruction & Development:
1.00%, 9/15/2016		600,000		608,637
1.75%, 7/15/2013		100,000		101,532
2.38%, 5/26/2015		300,000		316,614
4.75%, 2/15/2035		80,000		102,801
International Finance Corp. 2.25%, 4/11/2016		650,000		689,013
JPMorgan Chase & Co.:
3.70%, 1/20/2015 (a)		600,000		623,670
6.00%, 1/15/2018		150,000		172,145
6.40%, 5/15/2038		355,000		423,198
JPMorgan Chase Bank NA 6.00%, 10/1/2017		405,000		453,562
Key Bank NA 5.80%, 7/1/2014		205,000		219,726
Korea Development Bank 4.00%, 9/9/2016		100,000		106,009
Kreditanstalt fuer Wiederaufbau:
2.38%, 8/25/2021		700,000		710,865
2.63%, 2/16/2016 (a)		1,950,000		2,071,759
2.75%, 9/8/2020		100,000		105,757
4.00%, 10/15/2013 (a)		720,000		752,311
4.50%, 7/16/2018 (a)		215,000		252,959
Landwirtschaftliche Rentenbank:
1.88%, 9/17/2018		400,000		408,637
3.13%, 7/15/2015		200,000		213,605
Lloyds TSB Bank PLC 6.38%, 1/21/2021 (a)		250,000		282,763
Nordic Investment Bank 2.50%, 7/15/2015 (a)		350,000		369,865
Oesterreichische Kontrollbank AG 2.00%, 6/3/2016 (a)		200,000		204,725
PNC Funding Corp.:
5.13%, 2/8/2020		150,000		173,050
5.25%, 11/15/2015		350,000		385,652
Royal Bank of Canada:
1.13%, 1/15/2014 (a)		100,000		100,630
2.30%, 7/20/2016 (a)		305,000		314,194
SunTrust Bank/Atlanta GA 5.00%, 9/1/2015		16,000		16,907
SunTrust Banks, Inc. 7.25%, 3/15/2018		60,000		70,591
The Bank Of New York Mellon Corp. 1.20%, 2/20/2015 (a)		200,000		201,015
The Korea Development Bank 3.50%, 8/22/2017		250,000		261,126
The Royal Bank of Scotland PLC:
3.40%, 8/23/2013		100,000		101,004
4.38%, 3/16/2016		500,000		509,312
6.13%, 1/11/2021 (a)		100,000		109,466
The Toronto-Dominion Bank 2.38%, 10/19/2016 (a)		100,000		103,081
Union Bank NA 5.95%, 5/11/2016		100,000		111,915
US Bancorp:
1.38%, 9/13/2013		100,000		100,801
2.45%, 7/27/2015		100,000		104,208

See accompanying notes to financial statements.

182

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

USB Capital XIII Trust 6.63%, 12/15/2039	$	250,000	$	252,500
Wachovia Bank NA 5.85%, 2/1/2037		200,000		231,391
Wachovia Corp. 5.63%, 10/15/2016		200,000		223,275
Wells Fargo & Co.:
1.25%, 2/13/2015		500,000		496,748
3.50%, 3/8/2022		500,000		514,024
5.63%, 12/11/2017		150,000		173,059
Wells Fargo Bank NA 4.75%, 2/9/2015		245,000		261,346
Westpac Banking Corp.:
3.00%, 12/9/2015 (a)		350,000		364,486
4.88%, 11/19/2019 (a)		100,000		108,799

				24,270,520

COMMERCIAL SERVICES & SUPPLIES — 0.1%
Cornell University 5.45%, 2/1/2019		150,000		181,577
Pitney Bowes, Inc. 5.25%, 1/15/2037 (a)		100,000		99,000
Republic Services, Inc.:
4.75%, 5/15/2023 (a)		250,000		275,403
5.00%, 3/1/2020 (a)		100,000		112,791
The Western Union Co. 5.93%, 10/1/2016		100,000		114,483
Waste Management, Inc. 7.38%, 3/11/2019		100,000		126,620

				909,874

COMMUNICATIONS EQUIPMENT — 0.1%
Cisco Systems, Inc.:
4.45%, 1/15/2020		500,000		577,336
5.50%, 2/22/2016		240,000		278,057

				855,393

COMPUTERS & PERIPHERALS — 0.4%
Dell, Inc.:
2.30%, 9/10/2015 (a)		100,000		102,627
6.50%, 4/15/2038		250,000		291,511
Hewlett-Packard Co.:
3.00%, 9/15/2016		350,000		360,044
4.05%, 9/15/2022 (a)		250,000		250,170
4.30%, 6/1/2021 (a)		100,000		102,522
6.13%, 3/1/2014		200,000		214,776
International Business Machines Corp.:
0.55%, 2/6/2015		500,000		496,227
5.70%, 9/14/2017		210,000		251,883
5.88%, 11/29/2032		165,000		217,230

				2,286,990

CONSUMER FINANCE — 0.2%
Caterpillar Financial Services Corp.:
1.65%, 4/1/2014		100,000		101,189
2.05%, 8/1/2016 (a)		300,000		308,556
7.15%, 2/15/2019		70,000		91,186
SLM Corp. 6.25%, 1/25/2016		700,000		728,000

				1,228,931

DIVERSIFIED CONSUMER SERVICES — 0.0% (b)
Stanford University 4.75%, 5/1/2019		110,000		130,241

DIVERSIFIED FINANCIAL SERVICES — 2.7%
American Express Co.:
7.25%, 5/20/2014		250,000		277,309
8.13%, 5/20/2019		150,000		199,026
American Express Credit Corp. 2.38%, 3/24/2017		500,000		510,690
Ameriprise Financial, Inc. 5.65%, 11/15/2015 (a)		100,000		113,227
Bank of America Corp.:
4.50%, 4/1/2015		1,000,000		1,029,813
5.00%, 5/13/2021		500,000		512,162
Bank of America NA 5.30%, 3/15/2017		385,000		400,719
Capital One Bank USA NA 8.80%, 7/15/2019		100,000		125,617
Capital One Financial Corp. 2.15%, 3/23/2015		500,000		501,256
Citigroup, Inc.:
4.45%, 1/10/2017		750,000		785,009
4.59%, 12/15/2015		200,000		208,975
5.50%, 2/15/2017		150,000		156,316
6.00%, 12/13/2013		879,000		921,227
6.00%, 10/31/2033		100,000		98,108
6.13%, 11/21/2017		250,000		276,405
6.63%, 6/15/2032		100,000		105,299
8.13%, 7/15/2039		150,000		200,885
Ford Motor Credit Co. LLC:
5.88%, 8/2/2021		500,000		556,250
7.00%, 4/15/2015		500,000		557,500
General Electric Capital Corp.:
1.88%, 9/16/2013		250,000		252,309
2.25%, 11/9/2015		200,000		203,872
2.90%, 1/9/2017 (a)		500,000		516,513
4.75%, 9/15/2014		200,000		214,213
5.63%, 5/1/2018		835,000		957,233
6.75%, 3/15/2032		340,000		418,407
6.88%, 1/10/2039		500,000		644,852
JPMorgan Chase & Co.:
3.45%, 3/1/2016		700,000		724,887
4.25%, 10/15/2020		750,000		778,573
JPMorgan Chase Capital XXVII 7.00%, 11/1/2039		100,000		100,200
Merrill Lynch & Co., Inc.:
6.05%, 5/16/2016		200,000		207,801
6.11%, 1/29/2037		350,000		330,894
6.88%, 4/25/2018		580,000		641,018
Morgan Stanley 6.63%, 4/1/2018		390,000		408,793
National Rural Utilities Cooperative Finance Corp. 8.00%, 3/1/2032		210,000		306,666

See accompanying notes to financial statements.

183

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Nomura Holdings, Inc.:
5.00%, 3/4/2015	$	70,000	$	72,739
6.70%, 3/4/2020		21,000		23,305
ORIX Corp. 5.00%, 1/12/2016		100,000		104,635
Private Export Funding Corp.:
1.38%, 2/15/2017		25,000		25,410
2.45%, 7/15/2024		200,000		197,998
Raymond James Financial, Inc. 5.63%, 4/1/2024		100,000		105,392
The Nasdaq OMX Group, Inc. 5.55%, 1/15/2020		200,000		207,327
Toyota Motor Credit Corp.:
1.38%, 8/12/2013 (a)		350,000		353,386
3.30%, 1/12/2022 (a)		150,000		156,988
UBS AG of Stamford, CT:
2.25%, 8/12/2013 (a)		250,000		251,087
5.75%, 4/25/2018		250,000		276,173

				16,016,464

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
British Telecommunications PLC 9.63%, 12/15/2030		100,000		151,943
CenturyLink, Inc.:
6.45%, 6/15/2021 (a)		350,000		365,427
7.65%, 3/15/2042		250,000		242,564
Telefonica Emisiones SAU 5.46%, 2/16/2021 (a)		350,000		306,250
Verizon Communications, Inc.:
1.95%, 3/28/2014 (a)		150,000		153,206
2.00%, 11/1/2016 (a)		500,000		511,294
6.40%, 2/15/2038		300,000		388,345
8.75%, 11/1/2018		200,000		271,665
8.95%, 3/1/2039		100,000		165,104

				2,555,798

ELECTRIC UTILITIES — 1.6%
Ameren Illinois Co. 6.25%, 4/1/2018		100,000		116,869
Commonwealth Edison Co.:
1.63%, 1/15/2014		100,000		101,163
Series 1 5.90%, 3/15/2036		100,000		128,741
Consolidated Edison Co. of New York, Inc.:
4.20%, 3/15/2042		100,000		105,070
4.45%, 6/15/2020 (a)		100,000		114,289
Dominion Resources Inc/VA:
4.90%, 8/1/2041 (a)		250,000		283,341
6.40%, 6/15/2018		250,000		307,053
Duke Energy Carolinas LLC:
4.25%, 12/15/2041		250,000		264,801
7.00%, 11/15/2018		220,000		281,255
Duke Energy Corp. 2.15%, 11/15/2016		250,000		254,401
Edison International 3.75%, 9/15/2017		50,000		53,460
Entergy Corp. 4.70%, 1/15/2017		500,000		525,400
Entergy Texas, Inc. 7.13%, 2/1/2019		25,000		30,515
Exelon Generation Co. LLC 4.00%, 10/1/2020		500,000		501,313
FirstEnergy Corp. 7.38%, 11/15/2031		200,000		252,415
Florida Power & Light Co. 5.69%, 3/1/2040 (a)		65,000		85,116
Georgia Power Co. 4.75%, 9/1/2040		100,000		111,517
Great Plains Energy, Inc. 4.85%, 6/1/2021		50,000		53,503
Hydro Quebec 2.00%, 6/30/2016		250,000		259,216
Kentucky Utilities Co. 1.63%, 11/1/2015		100,000		101,699
LG&E and KU Energy LLC 3.75%, 11/15/2020		100,000		102,447
Nevada Power Co. 5.45%, 5/15/2041 (a)		60,000		72,253
NextEra Energy Capital Holdings, Inc. 4.50%, 6/1/2021		200,000		218,576
Nisource Finance Corp. 6.40%, 3/15/2018		100,000		116,959
Northern States Power Co.:
1.95%, 8/15/2015		100,000		103,212
4.85%, 8/15/2040		100,000		117,854
Oncor Electric Delivery Co. LLC 6.80%, 9/1/2018		100,000		119,811
Pacific Gas & Electric Co.:
4.80%, 3/1/2014		430,000		457,580
6.25%, 12/1/2013		250,000		269,608
PacifiCorp:
3.85%, 6/15/2021 (a)		250,000		275,637
4.10%, 2/1/2042		50,000		51,214
PPL Electric Utilities Corp. 5.20%, 7/15/2041 (a)		50,000		60,156
Progress Energy, Inc. 7.75%, 3/1/2031		505,000		718,026
PSEG Power LLC 5.13%, 4/15/2020 (a)		80,000		88,154
Public Service Co. of Oklahoma 4.40%, 2/1/2021 (a)		100,000		110,434
Public Service Electric & Gas Co. 6.33%, 11/1/2013		250,000		267,335
Puget Sound Energy, Inc. 5.64%, 4/15/2041		80,000		101,915
San Diego Gas & Electric Co.:
4.30%, 4/1/2042		250,000		274,050
6.13%, 9/15/2037		115,000		159,047
Scottish Power, Ltd. 5.38%, 3/15/2015		100,000		103,475
South Carolina Electric & Gas Co. 5.45%, 2/1/2041		100,000		122,205
Southern California Edison Co.:
3.88%, 6/1/2021		70,000		77,108
5.50%, 3/15/2040 (a)		500,000		638,780
Southwestern Electric Power Co., Series G 6.45%, 1/15/2019		100,000		117,995

See accompanying notes to financial statements.

184

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

The Southern Co. 1.95%, 9/1/2016 (a)	$	350,000	$	356,621
Wisconsin Electric Power Co. 2.95%, 9/15/2021 (a)		250,000		257,921

				9,289,510

ELECTRICAL EQUIPMENT — 0.1%
Agilent Technologies, Inc. 5.50%, 9/14/2015		250,000		280,697
Emerson Electric Co. 4.88%, 10/15/2019		100,000		117,470
Honeywell International, Inc. 5.30%, 3/1/2018		250,000		294,277

				692,444

ENERGY EQUIPMENT & SERVICES — 0.0% (b)
Nabors Industries, Inc. 4.63%, 9/15/2021		150,000		155,849

FOOD & STAPLES RETAILING — 0.6%
CVS Caremark Corp.:
5.75%, 6/1/2017		350,000		410,625
6.25%, 6/1/2027		150,000		187,418
Safeway, Inc. 5.63%, 8/15/2014 (a)		215,000		228,737
Target Corp.:
2.90%, 1/15/2022 (a)		250,000		255,423
7.00%, 1/15/2038		220,000		311,106
The Kroger Co.:
5.40%, 7/15/2040		250,000		256,967
6.15%, 1/15/2020		100,000		120,280
Wal-Mart Stores, Inc.:
0.75%, 10/25/2013		150,000		150,683
2.80%, 4/15/2016 (a)		650,000		691,389
5.00%, 10/25/2040		100,000		117,611
5.88%, 4/5/2027		200,000		254,085
6.50%, 8/15/2037		250,000		347,982
Walgreen Co. 4.88%, 8/1/2013		100,000		104,606

				3,436,912

FOOD PRODUCTS — 0.4%
Archer-Daniels-Midland Co. 5.38%, 9/15/2035		240,000		277,253
ConAgra Foods, Inc. 5.88%, 4/15/2014		250,000		270,094
General Mills, Inc. 5.70%, 2/15/2017 (a)		305,000		360,048
Kellogg Co. 3.25%, 5/21/2018 (a)		65,000		69,194
Kraft Foods, Inc.:
4.13%, 2/9/2016		500,000		544,421
5.38%, 2/10/2020		150,000		177,413
6.50%, 2/9/2040		100,000		128,414
Unilever Capital Corp. 4.25%, 2/10/2021		250,000		290,814

				2,117,651

GAS UTILITIES — 0.0% (b)
Atmos Energy Corp. 5.50%, 6/15/2041		100,000		119,582
National Grid PLC 6.30%, 8/1/2016		100,000		115,502

				235,084

HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%
Baxter International, Inc. 6.25%, 12/1/2037		155,000		211,552
Boston Scientific Corp. 6.40%, 6/15/2016		100,000		115,089
Covidien International Finance SA 2.80%, 6/15/2015 (a)		100,000		104,026
Medtronic, Inc. 3.13%, 3/15/2022		500,000		512,948

				943,615

HEALTH CARE PRODUCTS — 0.0% (b)
Medtronic, Inc. 2.63%, 3/15/2016 (a)		100,000		104,852

HEALTH CARE PROVIDERS & SERVICES — 0.3%
Aetna, Inc. 3.95%, 9/1/2020		150,000		162,383
Cigna Corp.:
2.75%, 11/15/2016		50,000		51,077
4.00%, 2/15/2022		50,000		51,938
5.38%, 2/15/2042		50,000		53,179
Express Scripts, Inc. 6.25%, 6/15/2014		205,000		224,058
McKesson Corp. 4.75%, 3/1/2021 (a)		100,000		114,039
Quest Diagnostics, Inc. 6.95%, 7/1/2037		100,000		128,339
UnitedHealth Group, Inc.:
4.63%, 11/15/2041		250,000		266,083
6.00%, 2/15/2018		200,000		241,981
WellPoint, Inc.:
5.80%, 8/15/2040		55,000		65,747
5.95%, 12/15/2034 (a)		350,000		417,934

				1,776,758

HOTELS, RESTAURANTS & LEISURE — 0.1%
McDonald’s Corp. 5.35%, 3/1/2018		210,000		250,860
Wyndham Worldwide Corp. 2.95%, 3/1/2017		100,000		100,085
Yum! Brands, Inc. 3.75%, 11/1/2021		250,000		262,843

				613,788

HOUSEHOLD DURABLES — 0.0% (b)
Newell Rubbermaid, Inc. 4.70%, 8/15/2020 (a)		100,000		106,875

HOUSEHOLD PRODUCTS — 0.1%
Colgate-Palmolive Co. 1.30%, 1/15/2017 (a)		100,000		101,194
Fortune Brands, Inc. 6.38%, 6/15/2014		100,000		109,843
Kimberly-Clark Corp.:
5.00%, 8/15/2013		115,000		120,780
5.30%, 3/1/2041 (a)		45,000		56,911

				388,728

See accompanying notes to financial statements.

185

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

INDUSTRIAL CONGLOMERATES — 0.1%
3M Co. 4.38%, 8/15/2013 (a)	$	100,000	$	104,443
Cooper US, Inc. 3.88%, 12/15/2020		50,000		54,641
General Electric Co. 5.25%, 12/6/2017		250,000		291,191
Koninklijke Philips Electronics NV 3.75%, 3/15/2022 (a)		100,000		104,289
Tyco Electronics Group SA 4.88%, 1/15/2021		100,000		109,599
Tyco International Finance SA 3.38%, 10/15/2015 (a)		100,000		107,818

				771,981

INSURANCE — 1.0%
ACE INA Holdings, Inc. 5.70%, 2/15/2017		100,000		117,318
Aflac, Inc. 3.45%, 8/15/2015 (a)		100,000		104,973
American International Group, Inc.:
5.45%, 5/18/2017		490,000		529,538
8.18%, 5/15/2058 (d)		100,000		107,250
8.25%, 8/15/2018		250,000		301,445
AON Corp. 3.13%, 5/27/2016		100,000		103,709
Berkshire Hathaway Finance Corp. 5.00%, 8/15/2013		215,000		225,581
Berkshire Hathaway, Inc.:
1.90%, 1/31/2017		500,000		509,265
3.75%, 8/15/2021 (a)		100,000		106,510
CNA Financial Corp. 7.35%, 11/15/2019		100,000		118,179
Genworth Financial, Inc. 7.70%, 6/15/2020		100,000		98,500
Hartford Financial Services Group, Inc.:
4.00%, 3/30/2015		100,000		104,215
6.63%, 3/30/2040		100,000		102,500
Lincoln National Corp. 6.30%, 10/9/2037 (a)		100,000		108,258
Marsh & McLennan Cos., Inc. 5.75%, 9/15/2015		100,000		110,585
MetLife, Inc.:
5.70%, 6/15/2035		305,000		361,448
6.75%, 6/1/2016 (a)		500,000		585,324
Prudential Financial, Inc.:
3.88%, 1/14/2015		135,000		140,873
4.50%, 11/16/2021		600,000		624,134
5.80%, 11/16/2041 (a)		50,000		51,726
The Allstate Corp.:
5.20%, 1/15/2042		250,000		278,012
5.95%, 4/1/2036 (a)		165,000		200,232
The Travelers Cos., Inc.:
3.90%, 11/1/2020 (a)		100,000		110,619
5.75%, 12/15/2017		250,000		301,381
Willis Group Holdings PLC 5.75%, 3/15/2021		100,000		109,056
WR Berkley Corp. 4.63%, 3/15/2022 (a)		100,000		100,881
XLIT Ltd. 5.75%, 10/1/2021		100,000		110,471

				5,721,983

INTERNET SOFTWARE & SERVICES — 0.0% (b)
eBay, Inc. 0.88%, 10/15/2013		35,000		35,212
Google, Inc. 2.13%, 5/19/2016		100,000		104,080

				139,292

IT SERVICES — 0.0% (b)
Fiserv, Inc. 3.13%, 6/15/2016		100,000		103,562

LEISURE EQUIPMENT & PRODUCTS — 0.0% (b)
Mattel, Inc. 2.50%, 11/1/2016		100,000		102,567

LIFE SCIENCES TOOLS & SERVICES — 0.1%
Thermo Fisher Scientific, Inc.:
2.05%, 2/21/2014		30,000		30,652
2.25%, 8/15/2016		350,000		363,588

				394,240

MACHINERY — 0.2%
Caterpillar, Inc. 6.05%, 8/15/2036 (a)		165,000		215,203
Danaher Corp. 2.30%, 6/23/2016		100,000		103,746
Ingersoll-Rand Global Holding Co., Ltd. 6.88%, 8/15/2018		100,000		121,646
John Deere Capital Corp. 2.80%, 9/18/2017 (a)		400,000		423,297
Stanley Black & Decker, Inc. 3.40%, 12/1/2021		60,000		62,399

				926,291

MEDIA — 1.2%
CBS Corp. 8.20%, 5/15/2014		210,000		238,350
Comcast Corp.:
5.15%, 3/1/2020		250,000		291,001
6.40%, 5/15/2038		310,000		372,093
6.50%, 1/15/2017		330,000		391,287
Cox Communications, Inc. 5.45%, 12/15/2014		100,000		109,964
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
5.20%, 3/15/2020		515,000		571,410
6.38%, 3/1/2041		150,000		172,163
Discovery Communications LLC:
4.38%, 6/15/2021 (a)		100,000		108,994
6.35%, 6/1/2040		250,000		304,391
NBCUniversal Media LLC:
3.65%, 4/30/2015		75,000		79,657
5.15%, 4/30/2020		335,000		387,165
News America, Inc.:
4.50%, 2/15/2021		250,000		273,106
6.15%, 3/1/2037		240,000		264,019

See accompanying notes to financial statements.

186

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Omnicom Group, Inc. 4.45%, 8/15/2020	$	285,000	$	304,796
The Walt Disney Co.:
0.88%, 12/1/2014 (a)		250,000		250,670
2.75%, 8/16/2021		100,000		102,346
3.75%, 6/1/2021		100,000		110,683
4.38%, 8/16/2041		100,000		109,891
Thomson Reuters Corp. 4.70%, 10/15/2019		100,000		112,366
Time Warner Cable, Inc.:
4.00%, 9/1/2021		100,000		105,000
5.50%, 9/1/2041		250,000		269,325
5.85%, 5/1/2017		330,000		384,438
6.55%, 5/1/2037		350,000		412,177
Time Warner, Inc.:
4.88%, 3/15/2020		600,000		674,173
7.70%, 5/1/2032		240,000		315,114
Viacom, Inc.:
3.50%, 4/1/2017		100,000		107,563
3.88%, 12/15/2021		350,000		373,228

				7,195,370

METALS & MINING — 0.7%
Alcoa, Inc. 5.40%, 4/15/2021 (a)		150,000		148,119
ArcelorMittal:
4.50%, 2/25/2017		350,000		342,374
5.50%, 3/1/2021 (a)		100,000		94,320
Barrick Gold Corp. 2.90%, 5/30/2016		250,000		261,795
Barrick North America Finance LLC 5.70%, 5/30/2041		100,000		112,635
Barrick PD Australia Finance Pty Ltd. 4.95%, 1/15/2020		100,000		111,915
BHP Billiton Finance USA, Ltd.:
2.88%, 2/24/2022 (a)		250,000		252,814
5.50%, 4/1/2014		350,000		378,763
6.50%, 4/1/2019		100,000		126,895
Cliffs Natural Resources, Inc. 4.88%, 4/1/2021 (a)		200,000		196,409
Freeport-McMoRan Copper & Gold, Inc. 1.40%, 2/13/2015 (a)		250,000		249,332
Newmont Mining Corp. 6.25%, 10/1/2039		100,000		113,926
Nucor Corp. 5.75%, 12/1/2017 (a)		250,000		299,601
Rio Tinto Finance USA PLC:
3.50%, 3/22/2022 (a)		250,000		263,032
4.75%, 3/22/2042 (a)		250,000		277,772
Rio Tinto Finance USA, Ltd.:
1.88%, 11/2/2015 (a)		300,000		306,856
3.75%, 9/20/2021		100,000		107,407
Teck Resources, Ltd.:
6.25%, 7/15/2041		200,000		220,392
10.75%, 5/15/2019		50,000		60,250
Vale Overseas, Ltd. 6.88%, 11/21/2036		330,000		385,097

				4,309,704

MULTI-NATIONAL — 0.4%
Asian Development Bank 1.75%, 3/21/2019		500,000		513,983
European Investment Bank 1.13%, 4/15/2015 (a)		1,000,000		1,009,697
Inter-American Development Bank 1.75%, 8/24/2018		500,000		518,802
International Bank for Reconstruction & Development 0.50%, 11/26/2013		500,000		501,017

				2,543,499

MULTI-UTILITIES — 0.1%
Dominion Resources, Inc. 1.80%, 3/15/2014		100,000		101,754
MidAmerican Energy Holdings Co. 6.13%, 4/1/2036		255,000		318,967

				420,721

MULTILINE RETAIL — 0.0% (b)
Macy’s Retail Holdings, Inc.:
5.75%, 7/15/2014		60,000		65,211
6.70%, 7/15/2034		50,000		58,966
Nordstrom, Inc. 4.00%, 10/15/2021 (a)		100,000		110,951

				235,128

OIL, GAS & CONSUMABLE FUELS — 2.5%
Anadarko Petroleum Corp.:
5.95%, 9/15/2016		380,000		429,901
6.45%, 9/15/2036		100,000		114,678
Apache Corp.:
5.10%, 9/1/2040		100,000		113,575
5.63%, 1/15/2017		250,000		294,123
Baker Hughes, Inc. 3.20%, 8/15/2021		150,000		156,505
BP Capital Markets PLC:
1.70%, 12/5/2014		500,000		508,460
3.56%, 11/1/2021		100,000		105,862
4.74%, 3/11/2021		200,000		229,762
Canadian Natural Resources, Ltd.:
6.25%, 3/15/2038		105,000		127,521
6.50%, 2/15/2037		250,000		309,326
Cenovus Energy, Inc. 4.50%, 9/15/2014		100,000		106,724
CenterPoint Energy Resources Corp. 6.13%, 11/1/2017		100,000		116,470
Chevron Corp. 3.95%, 3/3/2014		100,000		105,543
Conoco, Inc. 6.95%, 4/15/2029		100,000		137,917
ConocoPhillips Canada Funding Co. 5.63%, 10/15/2016		580,000		684,833
Devon Energy Corp.:
6.30%, 1/15/2019		100,000		121,705
7.95%, 4/15/2032		200,000		289,426
Encana Corp.:
5.15%, 11/15/2041 (a)		150,000		141,558
5.90%, 12/1/2017		100,000		113,807

See accompanying notes to financial statements.

187

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Energy Transfer Partners LP:
6.50%, 2/1/2042	$	250,000	$	266,732
6.70%, 7/1/2018		100,000		114,966
Ensco PLC 4.70%, 3/15/2021		100,000		108,222
Enterprise Products Operating LLC:
3.20%, 2/1/2016		500,000		523,649
4.85%, 8/15/2042		250,000		245,753
5.20%, 9/1/2020 (a)		200,000		226,829
EOG Resources, Inc. 4.10%, 2/1/2021		100,000		110,974
Halliburton Co. 7.45%, 9/15/2039		100,000		145,811
Hess Corp. 5.60%, 2/15/2041		350,000		370,182
Husky Energy, Inc. 3.95%, 4/15/2022		250,000		255,258
Kinder Morgan Energy Partners LP:
3.95%, 9/1/2022		500,000		505,687
5.63%, 9/1/2041		50,000		52,321
5.80%, 3/15/2035		175,000		181,520
Marathon Oil Corp. 6.80%, 3/15/2032		100,000		125,892
Marathon Petroleum Corp.:
3.50%, 3/1/2016		55,000		57,051
6.50%, 3/1/2041		25,000		28,324
Nexen, Inc. 5.88%, 3/10/2035		100,000		98,577
Noble Holding International, Ltd.:
3.05%, 3/1/2016		100,000		102,692
3.95%, 3/15/2022		100,000		101,110
Occidental Petroleum Corp. 2.50%, 2/1/2016		100,000		104,797
ONEOK Partners LP 6.13%, 2/1/2041 (a)		100,000		115,047
ONEOK, Inc. 4.25%, 2/1/2022		250,000		259,548
Pemex Project Funding Master Trust:
5.75%, 3/1/2018 (a)		100,000		113,500
6.63%, 6/15/2035		115,000		137,425
Petro-Canada 5.95%, 5/15/2035		100,000		111,541
Petrobras International Finance Co.:
3.50%, 2/6/2017		600,000		613,714
3.88%, 1/27/2016		100,000		103,580
5.75%, 1/20/2020		105,000		115,500
6.88%, 1/20/2040		105,000		123,687
Petroleos Mexicanos 4.88%, 1/24/2022 (a)(e)		500,000		543,125
Phillips 66 5.88%, 5/1/2042 (e)		250,000		267,072
Plains All American Pipeline LP/PAA Finance Corp. 6.50%, 5/1/2018		100,000		120,198
Shell International Finance BV:
3.10%, 6/28/2015		300,000		319,582
6.38%, 12/15/2038		220,000		307,540
Southern Natural Gas Co. 5.90%, 4/1/2017 (e)		580,000		665,539
Spectra Energy Capital LLC 8.00%, 10/1/2019		100,000		127,767
Statoil ASA:
3.13%, 8/17/2017		100,000		107,939
3.15%, 1/23/2022		50,000		52,223
4.25%, 11/23/2041		50,000		52,239
5.10%, 8/17/2040		225,000		262,773
Suncor Energy, Inc. 6.10%, 6/1/2018		200,000		236,230
Talisman Energy, Inc. 3.75%, 2/1/2021		150,000		149,004
Total Capital Canada, Ltd. 1.63%, 1/28/2014 (a)		100,000		101,552
Total Capital International SA 2.88%, 2/17/2022 (a)		350,000		356,911
TransCanada PipeLines, Ltd.:
6.10%, 6/1/2040 (a)		100,000		131,262
6.50%, 8/15/2018		250,000		309,474
Transocean, Inc.:
6.00%, 3/15/2018		55,000		61,360
6.80%, 3/15/2038		250,000		280,998
Valero Energy Corp.:
6.13%, 2/1/2020 (a)		65,000		75,286
6.63%, 6/15/2037		100,000		110,669
Weatherford International, Inc. 6.80%, 6/15/2037		239,000		263,249
Williams Partners LP 5.25%, 3/15/2020		110,000		122,809

				14,652,386

PAPER & FOREST PRODUCTS — 0.1%
Georgia-Pacific LLC 7.25%, 6/1/2028		190,000		232,748
International Paper Co. 7.50%, 8/15/2021 (a)		250,000		318,266

				551,014

PERSONAL PRODUCTS — 0.1%
The Procter & Gamble Co.:
1.80%, 11/15/2015		350,000		360,624
5.55%, 3/5/2037		100,000		132,896

				493,520

PHARMACEUTICALS — 0.8%
Abbott Laboratories:
5.13%, 4/1/2019		250,000		297,681
6.00%, 4/1/2039		250,000		329,678
Aristotle Holding, Inc. 3.90%, 2/15/2022 (e)		250,000		259,944
AstraZeneca PLC:
5.90%, 9/15/2017		150,000		180,342
6.45%, 9/15/2037 (a)		75,000		102,094
Bristol-Myers Squibb Co. 6.13%, 5/1/2038 (a)		250,000		334,578
Eli Lilly & Co. 5.20%, 3/15/2017		225,000		261,237
GlaxoSmithKline Capital, Inc. 6.38%, 5/15/2038		355,000		487,992
Johnson & Johnson:
2.15%, 5/15/2016		100,000		104,434

See accompanying notes to financial statements.

188

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

3.55%, 5/15/2021 (a)	$	250,000	$	282,197
4.85%, 5/15/2041		100,000		124,200
Novartis Securities Investment, Ltd. 5.13%, 2/10/2019		300,000		356,507
Pfizer, Inc.:
5.35%, 3/15/2015		500,000		558,558
6.20%, 3/15/2019		135,000		169,148
Sanofi 2.63%, 3/29/2016		100,000		104,976
Schering-Plough Corp. 6.00%, 9/15/2017		305,000		371,253
Teva Pharmaceutical Finance IV BV 3.65%, 11/10/2021		50,000		52,670
Teva Pharmaceutical Finance IV LLC 1.70%, 11/10/2014 (a)		100,000		101,832
Wyeth 5.95%, 4/1/2037		240,000		312,644

				4,791,965

REAL ESTATE INVESTMENT TRUSTS — 0.4%
Boston Properties LP 4.13%, 5/15/2021		100,000		105,422
Camden Property Trust 4.88%, 6/15/2023		250,000		273,206
Duke Realty LP 6.75%, 3/15/2020 (a)		25,000		29,317
ERP Operating LP 5.13%, 3/15/2016		250,000		272,800
HCP, Inc. 5.38%, 2/1/2021		100,000		110,413
Health Care REIT, Inc.:
4.13%, 4/1/2019		500,000		507,524
5.25%, 1/15/2022		100,000		106,732
ProLogis LP 7.63%, 8/15/2014		100,000		110,716
Realty Income Corp. 5.88%, 3/15/2035		50,000		52,679
Simon Property Group LP:
2.15%, 9/15/2017 (a)		500,000		498,037
4.20%, 2/1/2015		300,000		316,353
Vornado Realty LP 4.25%, 4/1/2015		100,000		104,700

				2,487,899

ROAD & RAIL — 0.2%
Burlington Northern Santa Fe LLC 4.95%, 9/15/2041		100,000		108,229
Canadian National Railway Co. 2.85%, 12/15/2021		100,000		103,005
CSX Corp.:
6.15%, 5/1/2037		165,000		200,116
6.25%, 4/1/2015		250,000		284,307
Norfolk Southern Corp. 7.70%, 5/15/2017		230,000		289,590
Union Pacific Corp.:
5.78%, 7/15/2040		200,000		246,457
6.13%, 2/15/2020 (a)		100,000		123,362

				1,355,066

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%
Applied Materials, Inc. 5.85%, 6/15/2041		100,000		120,625
Intel Corp. 4.80%, 10/1/2041		185,000		210,036
Texas Instruments, Inc. 2.38%, 5/16/2016		100,000		105,096

				435,757

SOFTWARE — 0.2%
Microsoft Corp. 3.00%, 10/1/2020		400,000		434,682
Oracle Corp.:
5.75%, 4/15/2018		200,000		241,650
6.13%, 7/8/2039		350,000		463,062

				1,139,394

SPECIALTY RETAIL — 0.2%
Best Buy Co., Inc. 3.75%, 3/15/2016 (a)		100,000		98,000
Lowe’s Cos., Inc.:
2.13%, 4/15/2016 (a)		100,000		102,927
5.50%, 10/15/2035		250,000		295,500
Staples, Inc. 9.75%, 1/15/2014		100,000		111,746
The Home Depot, Inc.:
5.40%, 3/1/2016		255,000		293,005
5.95%, 4/1/2041		250,000		327,170

				1,228,348

THRIFTS & MORTGAGE FINANCE — 0.1%
Murray Street Investment Trust I 4.65%, 3/9/2017		500,000		500,363

TOBACCO — 0.2%
Altria Group, Inc.:
4.13%, 9/11/2015 (a)		250,000		270,763
9.70%, 11/10/2018		200,000		275,911
9.95%, 11/10/2038		100,000		158,380
Lorillard Tobacco Co. 3.50%, 8/4/2016		45,000		46,686
Philip Morris International, Inc. 2.90%, 11/15/2021 (a)		500,000		509,838
Reynolds American, Inc. 7.63%, 6/1/2016		100,000		119,708

				1,381,286

TRANSPORTATION INFRASTRUCTURE — 0.1%
Burlington Northern Santa Fe LLC 3.45%, 9/15/2021		350,000		365,333

WIRELESS TELECOMMUNICATION SERVICES — 1.0%
America Movil SAB de CV:
2.38%, 9/8/2016		500,000		508,212
5.00%, 3/30/2020		100,000		113,278
6.13%, 3/30/2040		100,000		123,219
American Tower Corp. 5.90%, 11/1/2021		100,000		111,689
AT&T Corp. 8.00%, 11/15/2031		16,000		23,215

See accompanying notes to financial statements.

189

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

AT&T, Inc.:
2.40%, 8/15/2016	$	150,000	$	154,767
4.45%, 5/15/2021		700,000		786,582
5.35%, 9/1/2040		320,000		367,109
5.63%, 6/15/2016		200,000		232,740
BellSouth Corp. 6.55%, 6/15/2034		600,000		704,437
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/1/2014		200,000		213,888
Deutsche Telekom International Finance BV 6.75%, 8/20/2018		410,000		492,257
France Telecom SA:
2.13%, 9/16/2015 (a)		100,000		100,465
4.13%, 9/14/2021 (a)		350,000		363,403
Rogers Communications, Inc. 6.80%, 8/15/2018		150,000		185,152
Telecom Italia Capital 5.25%, 10/1/2015		200,000		197,000
Telecom Italia Capital SA 7.72%, 6/4/2038		350,000		306,250
Telefonica Emisiones SAU 4.95%, 1/15/2015 (a)		210,000		198,450
Vodafone Group PLC 5.63%, 2/27/2017 (a)		490,000		573,090

				5,755,203

TOTAL CORPORATE BONDS & NOTES —
(Cost $134,807,663)				140,817,897

FOREIGN GOVERNMENT OBLIGATIONS — 1.9%
Brazilian Government International Bond:
4.88%, 1/22/2021		850,000		980,475
7.88%, 3/7/2015 (c)		100,000		117,000
11.00%, 8/17/2040		150,000		193,500
Canada Government International Bond 0.88%, 2/14/2017		250,000		251,399
Chile Government International Bond 3.25%, 9/14/2021		100,000		105,713
Colombia Government International Bond:
7.38%, 3/18/2019		200,000		260,000
7.38%, 9/18/2037		250,000		373,750
Export Development Canada 2.25%, 5/28/2015		200,000		210,492
Federal Republic of Brazil 8.25%, 1/20/2034 (c)		360,000		567,000
Israel Government International Bond 5.13%, 3/26/2019		100,000		113,750
Japan Finance Corp. 2.25%, 7/13/2016		250,000		262,197
Japan Finance Organization for Municipalities 4.00%, 1/13/2021		100,000		115,732
Mexico Government International Bond 5.75%, 10/12/2110		500,000		567,500
Panama Government International Bond:
5.20%, 1/30/2020 (c)		50,000		57,825
6.70%, 1/26/2036		200,000		271,000
Poland Government International Bond 5.13%, 4/21/2021		450,000		497,813
Province of British Columbia 2.10%, 5/18/2016		350,000		368,288
Province of Manitoba 1.38%, 4/28/2014		350,000		356,243
Province of Nova Scotia Canada 5.13%, 1/26/2017		100,000		116,770
Province of Ontario:
2.30%, 5/10/2016		300,000		313,698
4.10%, 6/16/2014		400,000		426,900
Province of Ontario Canada 3.00%, 7/16/2018		1,000,000		1,076,904
Province of Quebec 7.50%, 9/15/2029		455,000		703,697
Republic of Italy:
2.13%, 9/16/2013		700,000		689,147
6.88%, 9/27/2023		200,000		200,634
Republic of Korea 5.75%, 4/16/2014		100,000		107,589
Republic of Peru:
7.13%, 3/30/2019		100,000		130,000
8.75%, 11/21/2033		250,000		408,750
Republic of South Africa 5.50%, 3/9/2020		100,000		114,875
South Africa Government International Bond 4.67%, 1/17/2024		250,000		269,687
United Mexican States 5.63%, 1/15/2017		880,000		1,021,680

TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $10,675,935)				11,250,008

U.S. GOVERNMENT AGENCY MBS TBA — 30.1%
Fannie Mae
3.00%, 15yr TBA		2,800,000		2,933,438
3.50%, 15yr TBA		3,750,000		3,962,109
3.50%, 30yr TBA		6,500,000		6,832,109
4.00%, 15yr TBA		3,000,000		3,190,312
4.00%, 30yr TBA		11,800,000		12,559,625
4.50%, 15yr TBA		2,250,000		2,411,367
4.50%, 30yr TBA		16,000,000		17,165,000
5.00%, 30yr TBA		9,500,000		10,282,266
5.00%, 15yr TBA		2,000,000		2,156,563
5.50%, 30yr TBA		10,000,000		10,907,812
6.00%, 30yr TBA		5,750,000		6,319,609
6.50%, 30yr TBA		1,500,000		1,688,203
Freddie Mac
3.00%, 15yr TBA		4,000,000		4,181,562
3.50%, 15yr TBA		1,500,000		1,577,813
4.00%, 15yr TBA		3,500,000		3,697,969

See accompanying notes to financial statements.

190

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

4.00%, 30yr TBA	$	7,500,000	$	7,959,961
4.50%, 15yr TBA		1,750,000		1,858,555
4.50%, 30yr TBA		9,250,000		9,880,156
5.00%, 30yr TBA		10,500,000		11,286,680
5.50%, 15yr TBA		1,000,000		1,076,563
5.50%, 30yr TBA		6,000,000		6,520,312
6.00%, 30yr TBA		3,750,000		4,109,766
6.50%, 30yr TBA		2,000,000		2,249,063
Freddie Mac Gold Pool
3.50%, 30yr TBA		2,500,000		2,622,559
5.00%, 15yr TBA		500,000		535,234
Ginnie Mae
3.50%, 30yr TBA		4,250,000		4,547,168
4.00%, 30yr TBA		8,350,000		9,120,418
4.50%, 30yr TBA		11,000,000		12,027,812
5.00%, 30yr TBA		8,000,000		8,803,750
5.50%, 30yr TBA		4,000,000		4,437,500
6.00%, 30yr TBA		2,000,000		2,245,000
6.50%, 30yr TBA		750,000		867,305

TOTAL U.S. GOVERNMENT AGENCY MBS TBA —
(Cost $179,844,250)				180,013,559

U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.5%
Federal Home Loan Bank
0.88%, 12/27/2013		250,000		251,914
1.38%, 5/28/2014		750,000		764,163
4.75%, 12/16/2016 (a)		500,000		586,247
4.88%, 5/17/2017 (a)		1,200,000		1,433,668
5.00%, 11/17/2017		300,000		362,684
5.13%, 8/14/2013 (a)		1,510,000		1,590,727
5.38%, 5/18/2016		1,250,000		1,473,588
5.50%, 7/15/2036 (a)		250,000		337,755
Federal Home Loan Mortgage Corp.
0.38%, 10/30/2013		500,000		500,202
0.40%, 2/27/2014		100,000		99,754
0.50%, 10/18/2013		100,000		100,023
0.55%, 12/27/2013		100,000		99,904
0.55%, 2/27/2015		100,000		99,954
0.63%, 12/29/2014		1,000,000		1,004,181
0.80%, 1/13/2015		100,000		100,432
0.85%, 1/9/2015		100,000		100,157
0.88%, 12/19/2014		100,000		100,170
1.00%, 7/30/2014		2,000,000		2,025,200
1.00%, 12/5/2014		100,000		100,236
1.00%, 12/19/2014		100,000		100,306
1.00%, 6/30/2015		100,000		101,056
1.00%, 2/24/2016		100,000		100,506
1.00%, 3/8/2017		1,000,000		1,004,054
1.05%, 9/28/2015		100,000		100,164
1.50%, 7/13/2015		100,000		100,038
2.00%, 2/1/2017		100,000		100,145
2.25%, 1/23/2017		100,000		102,578
2.38%, 1/13/2022		800,000		821,943
4.13%, 9/27/2013		500,000		523,420
4.38%, 7/17/2015		500,000		557,828
4.50%, 4/2/2014		500,000		535,428
5.00%, 4/18/2017 (a)		723,000		860,274
6.75%, 3/15/2031		450,000		692,462
Federal National Mortgage Association
0.50%, 8/9/2013		1,000,000		1,002,265
0.50%, 12/27/2013		100,000		99,853
0.60%, 10/25/2013		100,000		99,925
0.60%, 11/14/2013		500,000		500,834
0.63%, 12/6/2013		200,000		199,921
0.70%, 9/19/2014		100,000		100,061
0.70%, 10/17/2014		100,000		100,031
0.75%, 12/18/2013 (a)		2,000,000		2,011,454
0.75%, 12/19/2014		2,500,000		2,518,246
0.75%, 9/14/2015		250,000		249,832
1.13%, 10/8/2013		100,000		100,985
1.13%, 4/27/2017 (a)		1,000,000		1,009,576
1.25%, 4/23/2015		250,000		251,680
1.75%, 11/14/2016		100,000		100,471
1.75%, 1/30/2019		100,000		100,645
2.00%, 9/21/2015		250,000		261,080
2.25%, 3/15/2016		300,000		316,464
2.50%, 5/15/2014 (a)		1,235,000		1,284,491
2.63%, 11/20/2014 (a)		300,000		315,433
3.63%, 9/6/2016		250,000		251,470
4.50%, 10/1/2040		1,314,080		1,410,225
5.00%, 5/11/2017 (a)		510,000		608,147
6.00%, 6/1/2017		126,180		134,354
7.13%, 1/15/2030 (a)		525,000		826,687
Government National Mortgage Association
4.00%, 6/15/2040		226,538		248,067
4.50%, 7/15/2039		1,003,554		1,099,215
Tennessee Valley Authority
3.88%, 2/15/2021		65,000		75,309
4.75%, 8/1/2013		100,000		104,826
5.25%, 9/15/2039		450,000		585,767

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS —
(Cost $31,858,307)				32,798,475

U.S. TREASURY OBLIGATIONS — 35.1%
Treasury Bonds
3.13%, 11/15/2041		2,550,000		2,739,541
3.13%, 2/15/2042		2,250,000		2,415,555
3.88%, 8/15/2040		2,500,000		3,075,600
4.38%, 5/15/2040		3,050,000		4,062,234
4.38%, 5/15/2041		1,600,000		2,135,744
4.50%, 8/15/2039		2,300,000		3,117,742
4.75%, 2/15/2037		3,000,000		4,178,700
4.75%, 2/15/2041		500,000		705,940
5.25%, 11/15/2028		500,000		703,540
5.38%, 2/15/2031		1,700,000		2,476,543
6.13%, 11/15/2027		2,000,000		3,021,860
6.25%, 8/15/2023		1,000,000		1,452,340
6.50%, 11/15/2026		300,000		462,411
6.88%, 8/15/2025		750,000		1,171,372
7.13%, 2/15/2023		1,000,000		1,529,490
7.50%, 11/15/2016		1,015,000		1,312,923
8.75%, 8/15/2020 (a)		1,130,000		1,782,078
8.88%, 8/15/2017		713,000		1,003,405
9.13%, 5/15/2018 (a)		500,000		735,565

See accompanying notes to financial statements.

191

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount			Value

Treasury Notes
0.13%, 12/31/2013	$	2,000,000		$	1,994,700
0.25%, 2/28/2014		3,850,000			3,846,189
0.25%, 12/15/2014		1,200,000			1,196,964
0.25%, 1/15/2015 (a)		2,000,000			1,994,380
0.25%, 2/15/2015		3,750,000			3,737,025
0.38%, 3/15/2015		2,500,000			2,498,575
0.50%, 11/15/2013		6,000,000			6,017,400
0.50%, 8/15/2014		8,000,000			8,026,880
0.75%, 8/15/2013		5,000,000			5,026,950
0.88%, 12/31/2016		3,000,000			3,026,790
0.88%, 2/28/2017 (a)		1,250,000			1,260,763
0.88%, 4/30/2017		2,500,000			2,519,075
1.00%, 7/15/2013		2,500,000			2,519,125
1.00%, 5/15/2014		6,000,000			6,074,459
1.00%, 3/31/2017		2,750,000			2,787,483
1.25%, 2/15/2014		3,500,000			3,552,570
1.25%, 4/15/2014		1,000,000			1,016,340
1.38%, 11/30/2018		250,000			255,688
1.38%, 12/31/2018 (a)		300,000			306,714
1.38%, 2/28/2019 (a)		3,300,000			3,369,861
1.50%, 12/31/2013		300,000			305,355
1.50%, 6/30/2016		10,000,000			10,358,700
1.50%, 8/31/2018		4,000,000			4,127,320
1.50%, 3/31/2019		750,000			771,060
1.88%, 6/30/2015		1,750,000			1,824,760
1.88%, 9/30/2017		2,000,000			2,110,400
2.00%, 11/15/2021		900,000			932,958
2.00%, 2/15/2022		1,000,000			1,033,470
2.13%, 12/31/2015 (a)		1,800,000			1,900,080
2.13%, 8/15/2021		3,250,000			3,416,302
2.25%, 7/31/2018		1,000,000			1,076,510
2.38%, 10/31/2014		13,555,000			14,189,374
2.38%, 2/28/2015		5,000,000			5,261,950
2.38%, 7/31/2017		5,000,000			5,400,100
2.63%, 2/29/2016 (a)		1,500,000			1,614,330
2.63%, 4/30/2018 (a)		1,000,000			1,097,460
2.63%, 8/15/2020		3,500,000			3,851,365
2.63%, 11/15/2020		1,000,000			1,099,080
2.75%, 10/31/2013 (f)		2,565,000			2,648,670
2.75%, 11/30/2016		4,380,000			4,778,667
3.00%, 2/28/2017		2,000,000			2,210,460
3.13%, 8/31/2013		5,945,000			6,141,661
3.13%, 10/31/2016		2,750,000			3,040,263
3.13%, 5/15/2019 (a)(f)		5,500,000			6,251,685
3.13%, 5/15/2021		1,000,000			1,138,300
3.38%, 11/15/2019		2,500,000			2,892,525
3.50%, 5/15/2020		1,000,000			1,168,130
3.63%, 2/15/2021		3,000,000			3,541,590
4.00%, 2/15/2014		6,100,000			6,461,974
4.13%, 5/15/2015		3,000,000			3,315,750
4.63%, 11/15/2016		2,500,000			2,926,350
4.75%, 8/15/2017 (a)		2,425,000	��		2,909,685
5.13%, 5/15/2016		810,000			950,980

TOTAL U.S. TREASURY OBLIGATIONS —
(Cost $201,401,100)					209,857,778

COMMERCIAL MORTGAGE BACKED SECURITIES — 1.1%
Bank of America Commercial Mortgage, Inc. 5.80%, 6/10/2049 (d)		780,000			870,075
Bear Stearns Commercial Mortgage Securities 4.75%, 2/13/2046 (d)		550,000			586,982
GE Capital Commercial Mortgage Corp. 5.54%, 12/10/2049		400,000			436,483
Greenwich Capital Commercial Funding Corp. 4.80%, 8/10/2042 (d)		250,000			269,408
GS Mortgage Securities Corp. II:
5.40%, 8/10/2038 (d)		250,000			268,040
5.55%, 4/10/2038 (d)		250,000			276,309
JPMorgan Chase Commercial Mortgage Securities Corp.:
4.87%, 3/15/2046		250,000			260,008
4.88%, 1/12/2038 (d)		232,529			241,006
5.44%, 6/12/2047		510,000			573,743
5.81%, 6/12/2043 (d)		500,000			560,663
LB-UBS Commercial Mortgage Trust:
4.37%, 3/15/2036		450,000			470,507
5.30%, 6/15/2029 (d)		151,580			154,471
Merrill Lynch/Countrywide Commercial Mortgage Trust 5.38%, 8/12/2048		400,000			431,630
Morgan Stanley Capital I:
5.51%, 11/12/2049 (d)		475,000			541,021
5.61%, 4/15/2049		147,829			151,288
Wachovia Bank Commercial Mortgage Trust:
4.96%, 11/15/2035 (d)		250,000			259,456
5.38%, 10/15/2044 (d)		300,000			328,763

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES —
(Cost $5,296,461)					6,679,853

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.9%
THRIFTS & MORTGAGE FINANCE — 0.9%
Citigroup/Deutsche Bank Commercial Mortgage Trust 5.66%, 10/15/2048		900,000			942,826
Commercial Mortgage Pass Through Certificates 4.06%, 12/10/2044		1,500,000			1,530,031
Greenwich Capital Commercial Funding Corp. 6.07%, 7/10/2038 (d)		840,000			957,446
LB-UBS Commercial Mortgage Trust 5.66%, 3/15/2039 (d)		500,000			561,203
Merrill Lynch Mortgage Trust 6.04%, 6/12/2050 (d)		700,000			747,084

See accompanying notes to financial statements.

192

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Morgan Stanley Capital I, Inc. 5.85%, 12/12/2049	$	525,000	$	547,010

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS —
(Cost $5,351,583)				5,285,600

ASSET BACKED — 0.2%
AUTOMOBILES — 0.1%
Ford Credit Auto Owner Trust 0.84%, 8/15/2016		500,000		501,012

CREDIT CARD RECEIVABLES — 0.1%
Citibank Credit Card Issuance Trust:
4.90%, 6/23/2016		200,000		216,612
5.35%, 2/7/2020		295,000		354,262

				570,874

MULTI-UTILITIES — 0.0% (b)
CenterPoint Energy Transition Bond Co. LLC 5.17%, 8/1/2019		250,000		286,125

TOTAL ASSET BACKED —
(Cost $1,284,454)				1,358,011

MUNICIPAL BONDS & NOTES — 0.9%
CALIFORNIA — 0.2%
California, State General Obligation:
5.95%, 4/1/2016		35,000		40,119
7.30%, 10/1/2039		500,000		620,715
7.60%, 11/1/2040		150,000		195,048
Los Angeles, CA, Unified School District, General Obligation 6.76%, 7/1/2034		150,000		194,298
San Francisco, CA, City & County Public Utilities Commission, Water Revenue 6.00%, 11/1/2040		50,000		62,781
University of California 4.86%, 5/15/2112		150,000		153,862

				1,266,823

CONNECTICUT — 0.0% (b)
Connecticut, State General Obligation 5.09%, 10/1/2030		100,000		113,208

GEORGIA — 0.1%
Georgia, Municipal Electric Authority Revenue 7.06%, 4/1/2057		250,000		264,438
Georgia, State General Obligation 4.50%, 11/1/2025		200,000		229,460

				493,898

ILLINOIS — 0.1%
Illinois, State General Obligation:
4.07%, 1/1/2014		100,000		103,194
5.10%, 6/1/2033		200,000		189,040
7.35%, 7/1/2035		250,000		290,530

				582,764

MASSACHUSETTS — 0.0% (b)
Massachusetts, State General Obligation 4.91%, 5/1/2029		100,000		116,456

NEW JERSEY — 0.1%
New Jersey, State Transportation Trust Revenue 6.10%, 12/15/2028		100,000		113,697
New Jersey, State Turnpike Authority Revenue 7.10%, 1/1/2041		250,000		352,467
Rutgers University, Revenue 5.67%, 5/1/2040		80,000		99,836

				566,000

NEW YORK — 0.2%
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue 5.72%, 6/15/2042		215,000		279,139
New York, NY, City Transitional Finance Authority Revenue 5.51%, 8/1/2037		100,000		121,310
New York, NY, General Obligation 5.52%, 10/1/2037		85,000		100,479
New York, NY, Metropolitan Transportation Authority Revenue 6.67%, 11/15/2039		250,000		320,492
Port Authority of New York & New Jersey 5.86%, 12/1/2024		250,000		315,313

				1,136,733

OHIO — 0.0% (b)
Ohio State University 4.91%, 6/1/2040		100,000		120,056

PENNSYLVANIA — 0.1%
Pennsylvania, Public School Building Authority Revenue 5.00%, 9/15/2027		100,000		111,403
Pennsylvania, Turnpike Commission Revenue 5.51%, 12/1/2045		75,000		88,665

				200,068

PUERTO RICO — 0.0% (b)
Government Development Bank for Puerto Rico 4.38%, 2/1/2019		150,000		152,610

TEXAS — 0.0% (b)
Texas, State Transportation Commission, Revenue Series B 5.18%, 4/1/2030		100,000		120,870

WASHINGTON — 0.1%
Washington, State General Obligation 5.14%, 8/1/2040		150,000		182,283

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $4,787,216)				5,051,769

See accompanying notes to financial statements.

193

SPDR Barclays Capital Aggregate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


Security Description	Shares		Value
SHORT TERM INVESTMENTS — 35.6%
MONEY MARKET FUNDS — 35.6%
State Street Institutional Liquid Reserves Fund 0.20% (f)(g)(h)		182,094,141	$	182,094,141
State Street Navigator Securities Lending Prime Portfolio (g)(i)		30,686,955		30,686,955

TOTAL SHORT TERM INVESTMENTS — (j)
(Cost $212,781,096)				212,781,096

TOTAL INVESTMENTS — 134.9% (k)
(Cost $788,088,065)				805,894,046
OTHER ASSETS & LIABILITIES — (34.9)%				(208,459,111	)

NET ASSETS — 100.0%			$	597,434,935


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Amount shown represents less than 0.05% of net assets.
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (Note 2)
(d)		Variable rate security. Rate shown is rate in effect at June 30, 2012. Maturity date disclosed is the ultimate maturity.
(e)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.3% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)		Security, or a portion of the security has been designated as collateral for TBA securities.
(g)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(h)		The rate shown is the annualized seven-day yield at period end.
(i)		Investments of cash collateral for securities loaned.
(j)		Value is determined based on Level 1 inputs. (Note 2)
(k)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

REIT = Real Estate Investment Trust

TBA = To Be Announced

See accompanying notes to financial statements.

194

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 99.0%
ALABAMA — 0.9%
Alabama, Auburn University, General Fee Revenue:
Series A 5.00%, 6/1/2036	$	890,000	$	997,147
5.00%, 6/1/2038 (a)		2,200,000		2,373,206
Alabama, Public School & College Authority Revenue:
5.00%, 12/1/2017		4,315,000		5,183,221
5.00%, 12/1/2023		1,500,000		1,720,335

				10,273,909

ALASKA — 0.3%
Alaska, State General Obligation Series A 5.00%, 8/1/2024		2,580,000		3,097,445

ARIZONA — 3.6%
Arizona, Salt River Project, Agricultural Improvement & Power District:
Series A 5.00%, 1/1/2016		500,000		575,845
Series A 5.00%, 1/1/2027		500,000		568,410
Series A 5.00%, 12/1/2031		12,000,000		14,020,800
Series A 5.00%, 1/1/2033		5,000,000		5,613,850
Arizona, State Transportation Board, Excise Tax Revenue 5.00%, 7/1/2021		1,500,000		1,718,025
Arizona, State Transportation Board, Highway Revenue Series A 5.00%, 7/1/2028		7,145,000		8,107,289
Chandler, AZ, General Obligation 4.25%, 7/1/2026		5,000,000		5,425,900
Maricopa County, AZ, Community College District, General Obligation Series C 3.00%, 7/1/2022		2,000,000		2,093,860
Phoenix, AZ, Civic Improvement Corp., Wastewater System Revenue, Senior Lien 5.50%, 7/1/2019		1,000,000		1,222,520
Pima County, AZ, Industrial Development Authority, Lease Revenue 5.00%, 9/1/2039		2,000,000		2,065,460

				41,411,959

CALIFORNIA — 11.2%
California, State Department of Water Resources, Revenue:
Series L 5.00%, 5/1/2020		10,000,000		12,349,500
Series AG 5.00%, 12/1/2025		5,760,000		6,817,594
California, State University Revenue Series A 5.00%, 11/1/2033 (a)		3,500,000		3,721,095
Eastern Municipal Water District, CA, Water & Sewer Revenue Series H 5.00%, 7/1/2033		4,035,000		4,370,793
Los Angeles, CA, Community College District, General Obligation:
Series A 5.00%, 8/1/2027 (a)		1,000,000		1,114,850
Series A 5.00%, 8/1/2032 (a)		1,345,000		1,485,996
Los Angeles, CA, Department of Water & Power Revenue Series A 5.00%, 7/1/2020		7,400,000		9,198,274
Los Angeles, CA, General Obligation Series B 5.00%, 9/1/2022		10,000,000		12,226,600
Los Angeles, CA, Unified School District 5.00%, 7/1/2018		330,000		398,439
Los Angeles, CA, Unified School District, General Obligation Series A-1 4.00%, 7/1/2016		1,250,000		1,402,012
Los Angeles, CA, Wastewater System Revenue:
Series A 5.00%, 6/1/2029		1,000,000		1,119,910
5.00%, 6/1/2039		1,845,000		2,011,050
Los Rios, CA, Community College District Election of 2008 Series A 5.00%, 8/1/2035		5,000,000		5,553,000
Metropolitan Water District of Southern California Series C 5.00%, 10/1/2027		4,000,000		5,224,960
Metropolitan Water District of Southern California, Waterworks Revenue Series A 5.00%, 1/1/2029		4,900,000		5,582,325
Oakland, CA, Joint Powers Financing Authority Lease Revenue Series B 5.00%, 8/1/2022 (a)		2,105,000		2,323,541
Sacramento, CA, Sanitation Districts Financing Authority Revenue 5.00%, 12/1/2024		3,500,000		4,107,460
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue Series A 5.25%, 5/15/2039		1,000,000		1,118,810
San Diego, CA, Unified School District Election of 2008 Series A Zero Coupon, 7/1/2028 (b)		2,000,000		935,360
San Francisco, CA, Bay Area Rapid Transit District, General Obligation Series B 5.00%, 8/1/2032		1,600,000		1,797,520
San Francisco, CA, Bay Area Toll Authority, Toll Bridge Revenue 5.13%, 4/1/2047		655,000		711,644
San Francisco, CA, Community College District, General Obligation Series B 5.00%, 6/15/2028 (a)		5,225,000		5,407,823
San Francisco, CA, Public Utilities Commission, Water Revenue:
Series B 5.00%, 9/1/2018		9,755,000		11,590,989
Subseries A 5.00%, 11/1/2024		6,750,000		8,052,412
5.00%, 6/15/2027		500,000		538,510
Series A 5.00%, 11/1/2030		6,000,000		6,921,840
San Francisco, CA, Unified School District, General Obligation 4.00%, 6/15/2025		900,000		964,503

See accompanying notes to financial statements.

195

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

San Joaquin County, CA, Transportation Authority, Sales Tax Revenue Series A 5.50%, 3/1/2041	$	4,700,000	$	5,423,048
University of California, Revenue:
Series S 5.00%, 5/15/2040		1,000,000		1,085,870
Series Q 5.25%, 5/15/2028		2,855,000		3,258,640

				126,814,368

COLORADO — 1.5%
Adams & Arapahoe, CO, Joint School Distric 28J Aurora 5.00%, 12/1/2023		5,000,000		6,201,050
Denver, CO, City & County General Obligation 5.25%, 8/1/2018		325,000		399,506
Denver, CO, City & County, School District No. 1 General Obligation Series C 5.00%, 12/1/2023		1,175,000		1,487,609
Metropolitan Wastewater Reclamation District, CO, Sewer Revenue:
Series A 3.00%, 4/1/2028		5,415,000		5,242,586
Series A 3.00%, 4/1/2029		650,000		622,622
Platte River, CO, Power Authority Revenue:
Series HH 5.00%, 6/1/2024		1,255,000		1,458,875
Series HH 5.00%, 6/1/2029		1,000,000		1,131,880

				16,544,128

CONNECTICUT — 2.0%
Connecticut, State General Obligation:
Series A 5.00%, 1/1/2016		500,000		573,790
Series B 5.00%, 12/1/2016		1,575,000		1,860,028
5.00%, 12/1/2020		7,500,000		9,250,500
5.00%, 12/1/2021		7,500,000		9,156,900
Series C 5.50%, 11/1/2016		1,380,000		1,654,992

				22,496,210

DELAWARE — 1.1%
Delaware, State General Obligation 5.00%, 7/1/2017		2,755,000		3,316,800
Delaware, State Transportation Authority, Transportation System Revenue 5.00%, 7/1/2022		5,280,000		6,680,414
New Castle County, DE, General Obligation Series A 5.00%, 7/15/2039		2,500,000		2,757,875

				12,755,089

DISTRICT OF COLUMBIA — 1.0%
District of Columbia, Water & Sewer Authority, Public Utility Revenue Series A 5.50%, 10/1/2039		5,000,000		5,764,550
Metropolitan Washington, DC, Airport Authority System Revenue:
Zero Coupon, 10/1/2033 (a)(b)		1,785,000		596,244
Series C 5.00%, 10/1/2028		5,000,000		5,508,100

				11,868,894

FLORIDA — 5.7%
Citizens Property Insurance Corp., FL Series A-1 4.50%, 6/1/2020 (a)		800,000		880,920
Florida, State Board of Education, Capital Outlay:
Series A 4.00%, 6/1/2021		750,000		870,465
Series C 4.00%, 6/1/2027		520,000		557,840
Series B 5.00%, 6/1/2015		2,600,000		2,928,198
Series A 5.00%, 6/1/2017		5,000,000		5,955,050
Series A 5.00%, 6/1/2018		4,000,000		4,848,800
Series D 5.00%, 6/1/2024		7,550,000		9,005,111
Florida, State Board of Education, General Obligation 5.00%, 6/1/2037		1,000,000		1,095,860
Florida, State Hurricane Catastrophe Fund Revenue Series A 5.00%, 7/1/2014		1,045,000		1,131,213
Florida, State, Department of Transportation General Obligation:
3.25%, 7/1/2030		1,000,000		975,980
5.00%, 7/1/2021		500,000		627,055
Florida, Water Pollution Control Financing Revenue:
Series A 5.00%, 7/15/2013		2,575,000		2,700,737
Series A 5.00%, 7/15/2014		1,375,000		1,503,494
JEA, FL, Bulk Power Supply System Revenue, Scherer 4 Project Series A 5.63%, 10/1/2033		5,000,000		5,335,600
Miami-Dade County, FL, General Obligation:
4.75%, 7/1/2034		1,675,000		1,832,031
5.00%, 10/1/2023 (a)		500,000		549,325
5.00%, 7/1/2031		1,980,000		2,211,739
6.00%, 10/1/2023		1,270,000		1,517,142
Miami-Dade County, FL, School Board Certificates of Participation Series B 4.00%, 5/1/2017 (a)		1,000,000		1,095,340
Orlando, FL, Utilities Commission Revenue 5.00%, 10/1/2029		1,400,000		1,603,630
Palm Beach County, FL, Public Improvement Revenue:
5.00%, 6/1/2025		9,040,000		10,749,826
5.00%, 5/1/2038		5,000,000		5,375,350
Tohopekaliga, FL, Water Authority Utility System Revenue 5.75%, 10/1/2029		750,000		909,240

				64,259,946

GEORGIA — 3.7%
Atlanta, GA, Metropolitan Rapid Transit Authority, Sales Tax Revenue Series B 5.00%, 7/1/2037 (a)		6,875,000		7,428,231
Augusta, GA, Water & Sewer Revenue 5.00%, 10/1/2014 (a)		1,085,000		1,191,764
Douglas County, GA, General Obligation 5.00%, 8/1/2016		4,000,000		4,678,760

See accompanying notes to financial statements.

196

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Fulton County, GA, Water & Sewer Revenue 5.00%, 1/1/2017	$	1,430,000	$	1,670,869
Georgia, State Environmental Loan Acquisition Corp. Revenue 5.13%, 3/15/2031		5,000,000		5,692,700
Georgia, State General Obligation:
Series F 5.00%, 12/1/2016		500,000		593,830
Series B 5.00%, 7/1/2022		4,500,000		5,367,600
Series I 5.00%, 7/1/2022		1,000,000		1,219,540
Series B 5.00%, 7/1/2024		1,145,000		1,344,322
Georgia, State Road & Tollway Authority Revenue Series B 5.00%, 10/1/2022		4,500,000		5,739,390
Gwinnett County, GA, School District, General Obligation 5.00%, 2/1/2019		5,380,000		6,645,268

				41,572,274

HAWAII — 1.2%
City & County of Honolulu, HI, General Obligation:
Series A 5.25%, 8/1/2031		2,620,000		3,138,026
Series A 5.25%, 8/1/2034		1,500,000		1,770,210
City & County of Honolulu, HI, Wastewater System Revenue Series A 5.00%, 7/1/2041		7,000,000		7,826,700
Hawaii, State General Obligation Series EA 5.00%, 12/1/2016		955,000		1,125,554

				13,860,490

IDAHO — 0.5%
Idaho, Housing & Financing Association, Unemployment Compensation Revenue 5.00%, 8/15/2015		5,000,000		5,604,550

ILLINOIS — 3.4%
Chicago, IL, Board of Education, General Obligation Series A 5.00%, 12/1/2041		1,660,000		1,808,022
Chicago, IL, General Obligation:
Series C Zero Coupon, 1/1/2031 (b)		600,000		236,472
Series C 5.00%, 1/1/2023		3,785,000		4,423,113
Series A 5.25%, 1/1/2037		5,000,000		5,520,150
Chicago, IL, O’Hare International Airport Revenue Series A 5.00%, 1/1/2038 (a)		1,500,000		1,574,775
Chicago, IL, Park District, General Obligation Series C 5.25%, 1/1/2040		500,000		554,480
Chicago, IL, Water Revenue 5.25%, 11/1/2038		2,500,000		2,752,050
Cook County, IL, General Obligation:
Series A 5.00%, 11/15/2019		2,000,000		2,377,100
Series A 5.25%, 11/15/2033		8,520,000		9,365,439
Illinois, State Finance Authority Revenue Series A 5.00%, 10/1/2051		1,000,000		1,085,400
Illinois, State General Obligation 5.00%, 1/1/2015 (a)		1,055,000		1,137,343
Illinois, State Toll Highway Authority Revenue 5.00%, 1/1/2028		1,300,000		1,430,182
Illinois, University of Chicago, Finance Authority Revenue:
Series A 4.00%, 10/1/2032		955,000		987,031
Series B 6.25%, 7/1/2038		5,000,000		5,902,750

				39,154,307

INDIANA — 0.5%
Indiana, State Finance Authority, Lease Revenue Series A-1 5.00%, 11/1/2015		3,000,000		3,370,140
Indianapolis, IN, Public Improvement Revenue Series B 5.00%, 2/1/2019		1,995,000		2,459,935

				5,830,075

IOWA — 0.2%
Iowa, State Finance Authority Revenue:
5.00%, 8/1/2020		600,000		728,730
5.00%, 8/1/2030		1,000,000		1,173,410

				1,902,140

KANSAS — 0.2%
Wichita, KS, Water & Sewer Utility Revenue Series A 5.00%, 10/1/2039		1,975,000		2,180,163

KENTUCKY — 0.9%
Kentucky, State Asset/Liability Commission Agency Revenue Series A 5.00%, 9/1/2021		570,000		691,387
Kentucky, State Economic Development Finance Authority Revenue Series A-1 6.00%, 12/1/2033 (a)		1,045,000		1,139,008
Kentucky, State Property & Buildings Commission Revenue:
Series A 3.00%, 8/1/2014		1,600,000		1,671,184
5.00%, 11/1/2017 (a)		450,000		531,531
Series A 5.00%, 11/1/2017		375,000		442,943
5.00%, 11/1/2018		1,000,000		1,199,650
5.00%, 8/1/2020		2,475,000		3,009,451
Kentucky, State Turnpike Authority, Economic Development Road Revenue Series A 5.00%, 7/1/2028		1,475,000		1,641,587

				10,326,741

LOUISIANA — 0.1%
Louisiana, State Gas & Fuels Tax Revenue Series B 5.00%, 5/1/2025		1,000,000		1,190,670

MARYLAND — 3.2%
Anne Arundel County, MD, General Obligation 5.00%, 4/1/2019		1,410,000		1,751,713

See accompanying notes to financial statements.

197

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Howard County, MD, General Obligation Series B 5.00%, 8/15/2017	$	4,745,000	$	5,719,908
Maryland, State Department of Transportation Revenue 5.00%, 2/15/2015		1,500,000		1,672,800
Maryland, State Economic Development Corp. Lease Revenue 3.25%, 6/1/2025		480,000		492,336
Maryland, State General Obligation:
Series C 5.00%, 3/1/2017		2,900,000		3,459,903
Series B 5.00%, 8/1/2017		500,000		603,350
Series E 5.00%, 8/1/2018		4,000,000		4,913,880
Series C 5.00%, 11/1/2018		4,000,000		4,939,160
Maryland, State Transportation Authority, Grant & Revenue Anticipation 5.25%, 3/1/2017		1,355,000		1,628,629
Montgomery County, MD, General Obligation:
Series A 4.00%, 7/1/2030		5,000,000		5,358,750
Series A 5.00%, 7/1/2017		5,000,000		6,030,450

				36,570,879

MASSACHUSETTS — 3.0%
Boston, MA, General Obigation 4.00%, 4/1/2018		450,000		522,923
Massachusetts, State General Obligation:
Series C 3.00%, 1/1/2014		4,130,000		4,292,392
Series B 3.00%, 6/1/2027		160,000		156,227
Series D 4.25%, 10/1/2027		2,750,000		3,046,532
Series A 5.00%, 3/1/2025		965,000		1,139,926
Series B 5.00%, 8/1/2025		5,000,000		5,912,550
Massachusetts, State Health & Educational Facilities Authority, Revenue Series A 5.50%, 11/15/2036		2,000,000		2,410,800
Massachusetts, State Port Authority Revenue 5.00%, 7/1/2040		405,000		444,062
Massachusetts, State School Building Authority Revenue:
Series 2009-1 5.00%, 5/1/2019		815,000		994,577
Series B 5.00%, 10/15/2041		1,500,000		1,694,625
Massachusetts, State Water Pollution Abatement Trust Revenue:
5.00%, 8/1/2024		500,000		606,535
5.00%, 8/1/2024		480,000		575,755
Massachusetts, State Water Resources Authority Revenue:
Series B 5.00%, 8/1/2026		5,830,000		7,074,297
Series B 5.00%, 8/1/2030		2,775,000		3,224,189
Series A 5.00%, 8/1/2042		1,500,000		1,693,650

				33,789,040

MICHIGAN — 0.9%
Detroit, MI, General Obligation:
5.00%, 11/1/2030		500,000		540,215
5.25%, 11/1/2035		550,000		590,573
Michigan, Municipal Bond Authority Revenue:
4.63%, 10/1/2025		3,000,000		3,356,460
5.00%, 10/1/2023		1,000,000		1,184,190
5.00%, 10/1/2029		2,905,000		3,346,792
Michigan, State Finance Authority Revenue 5.00%, 10/1/2022		1,000,000		1,234,790
Michigan, State Grant Anticipation Revenue 5.25%, 9/15/2021 (a)		450,000		513,212

				10,766,232

MINNESOTA — 0.9%
Minnesota, State General Obligation:
Series D 5.00%, 8/1/2018		2,000,000		2,445,080
Series D 5.00%, 8/1/2019		2,275,000		2,822,888
Series D 5.00%, 8/1/2021		600,000		751,836
Seried D 5.00%, 8/1/2022		855,000		1,062,594
University of Minnesota, Revenue Series A 5.00%, 12/1/2018		2,750,000		3,356,375

				10,438,773

MISSISSIPPI — 0.4%
Mississippi, State General Obligation:
Series B 5.00%, 12/1/2013		1,000,000		1,065,870
Series A 5.00%, 10/1/2036		3,000,000		3,428,820

				4,494,690

MISSOURI — 0.6%
Missouri, State Board of Public Buildings, Special Obligation Series A 1.00%, 10/1/2026		965,000		688,257
Missouri, State Health & Educational Facilities Authority Revenue Series A 5.25%, 3/15/2018		500,000		616,085
Missouri, State Highways & Transit Commission, State Road Revenue, Second Lien:
5.25%, 5/1/2019		4,000,000		4,758,840
5.25%, 5/1/2020		1,000,000		1,188,150

				7,251,332

NEBRASKA — 0.2%
Omaha, NE, Public Power District Electric Revenue Series C 5.00%, 2/1/2018		1,000,000		1,208,420
University of Nebraska, Revenue 5.00%, 7/1/2038		1,000,000		1,128,220

				2,336,640

NEVADA — 0.7%
Clark County, NV, General Obligation 5.00%, 6/1/2026		390,000		435,267
Las Vegas Valley, NV, Water District, General Obligation:
Series B 5.00%, 6/1/2015		1,500,000		1,693,530
Series A 5.00%, 2/1/2033		350,000		377,094
Las Vegas, NV, General Obligation 6.00%, 4/1/2039		4,265,000		4,875,151

				7,381,042

See accompanying notes to financial statements.

198

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

NEW JERSEY — 1.6%
New Jersey, Environmental Infrastructure Trust Revenue:
Series A 4.00%, 9/1/2022	$	3,200,000	$	3,590,560
4.00%, 9/1/2027		2,520,000		2,738,862
New Jersey, State General Obligation 5.00%, 6/1/2019		8,825,000		10,746,908
New Jersey, State Higher Education Assistance Authority Revenue Series 1A 5.00%, 12/1/2017		1,410,000		1,622,558

				18,698,888

NEW MEXICO — 1.7%
Albuquerque, NM, Municipal School District, General Obligation Series A 4.00%, 8/1/2022		6,650,000		7,466,952
New Mexico, State Finance Authority Transportation Revenue 5.00%, 6/15/2017		3,000,000		3,587,100
New Mexico, State General Obligation 5.00%, 3/1/2017		5,000,000		5,965,350
New Mexico, State Severance Tax Revenue Series A-1 4.00%, 7/1/2014		2,000,000		2,074,020

				19,093,422

NEW YORK — 17.3%
Erie County, NY, Fiscal Stability Authority Sales Tax Revenue Series A 5.00%, 5/15/2020		1,000,000		1,209,920
Erie County, NY, Industrial Development Agency Revenue:
5.25%, 5/1/2029		1,390,000		1,592,495
Series A 5.75%, 5/1/2019 (a)		1,500,000		1,827,000
Nassau County, NY, Sewer & Storm Water Finance Authority System, Revenue Series A 5.38%, 11/1/2028		1,275,000		1,455,247
New York & New Jersey, Port Authority Revenue:
4.25%, 7/15/2040		1,000,000		1,034,370
156th Series 4.75%, 11/1/2036		7,000,000		7,624,120
5.00%, 7/15/2039		4,500,000		5,005,440
New York, NY, City Municipal Water Finance Authority:
4.25%, 6/15/2031		3,000,000		3,238,440
4.50%, 6/15/2032		1,000,000		1,067,620
Series DD 4.50%, 6/15/2038		2,310,000		2,429,173
Series DD 4.63%, 6/15/2031		1,030,000		1,110,598
5.00%, 6/15/2026		3,000,000		3,545,010
5.00%, 6/15/2027		545,000		630,707
Series A 5.00%, 6/15/2038		1,000,000		1,109,200
5.00%, 6/15/2043		3,500,000		3,866,170
Series GG-2 5.25%, 6/15/2040		625,000		700,075
Series A 5.50%, 6/15/2021		1,150,000		1,401,160
New York, NY, City Transitional Finance Authority:
Series B 5.00%, 11/1/2014		1,050,000		1,160,491
Series B 5.00%, 11/1/2016		1,000,000		1,180,410
Series E-1 5.00%, 2/1/2018		500,000		602,710
5.00%, 11/1/2020		1,000,000		1,221,650
5.00%, 5/1/2023		865,000		1,019,428
Series B 5.00%, 11/1/2026		7,000,000		7,960,610
Series C 5.00%, 11/1/2028		2,000,000		2,339,060
5.50%, 11/1/2035		4,435,000		5,217,423
New York, NY, General Obligation:
Series A 4.25%, 2/15/2029		940,000		1,030,052
Series C 5.00%, 8/1/2015		5,000,000		5,645,800
Series C 5.00%, 11/15/2016		5,000,000		5,874,750
5.00%, 3/1/2017		5,000,000		5,872,600
Series C 5.00%, 8/1/2017		2,000,000		2,372,880
Series C 5.25%, 8/1/2017		550,000		659,291
Series B-1 5.25%, 9/1/2021		750,000		893,843
Series B-1 5.25%, 9/1/2023		7,180,000		8,393,492
New York, NY, Liberty Development Corp. Revenue:
5.13%, 1/15/2044		5,750,000		6,248,582
5.63%, 1/15/2046		1,000,000		1,124,760
New York, NY, Triborough Bridge & Tunnel Authority Revenue Series A-2 5.00%, 11/15/2029		12,620,000		14,440,561
New York, State Bridge Authority General Obligation 4.00%, 1/1/2027		1,000,000		1,079,470
New York, State Dormitory Authority Revenue:
Series B 5.00%, 7/1/2017		3,000,000		3,542,460
Series A 5.00%, 7/1/2038		3,350,000		3,583,863
5.25%, 7/1/2048		3,065,000		3,345,601
New York, State Dormitory Authority, Personal Income Tax Revenue:
Series A 4.00%, 3/15/2028		500,000		533,655
Series E 5.00%, 8/15/2018		400,000		483,012
Series A 5.00%, 3/15/2020		1,000,000		1,221,710
Series C 5.00%, 3/15/2025		4,550,000		5,340,562
Series B 5.25%, 2/15/2022		500,000		603,590
New York, State Dormitory Authority, State Income Tax Revenue:
Series E 4.50%, 3/15/2036		790,000		840,813
Series A 5.00%, 2/15/2020		7,850,000		9,579,198
5.00%, 7/1/2021		700,000		850,073
5.00%, 2/15/2029		750,000		867,045
New York, State Environmental Facilities Corp. Revenue Series A 5.13%, 6/15/2038		1,000,000		1,117,020
New York, State General Obligation:
3.00%, 3/1/2017		4,255,000		4,657,395
4.00%, 3/1/2018		1,030,000		1,190,886
Series E 5.00%, 8/1/2018		635,000		763,930
Series A-1 5.25%, 8/15/2028		760,000		870,329
New York, State Housing Finance Agency, Personal Income Tax Revenue Series A 5.00%, 3/15/2039		2,760,000		3,050,104
New York, State Thruway Authority, Personal Income Tax Revenue:
5.00%, 3/15/2022		6,510,000		7,869,744
Series A 5.00%, 3/15/2028		2,000,000		2,315,040
Series A 5.00%, 3/15/2029		2,000,000		2,315,720

See accompanying notes to financial statements.

199

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

New York, State Thruway Authority, Second General Highway & Bridge Trust Fund Series A 5.00%, 4/1/2021	$	500,000	$	577,115
New York, State Urban Development Corp., Revenue:
Series A 4.00%, 3/15/2041		1,470,000		1,501,370
5.00%, 1/1/2014		3,600,000		3,843,900
Series A-1 5.00%, 12/15/2016		2,630,000		3,110,080
Series B-1 5.00%, 3/15/2036		1,000,000		1,108,920
New York, Triborough Bridge & Tunnel Authority Revenue Series A 5.00%, 1/1/2023		11,500,000		13,969,395
Oyster Bay, NY, General Obligation 4.00%, 8/15/2026		3,910,000		4,112,851

				196,349,989

NORTH CAROLINA — 3.3%
Charlotte, NC, General Obligation Series B 5.00%, 6/1/2022		475,000		572,935
Charlotte, NC, Water & Sewer System Revenue 5.00%, 7/1/2038		8,585,000		9,549,611
Mecklenburg County, NC, General Obligation:
Series A 4.00%, 8/1/2015		3,135,000		3,470,100
Series A 5.00%, 8/1/2015		1,000,000		1,137,350
North Carolina, State Capital Improvement Revenue:
Series A 4.50%, 5/1/2026		4,500,000		5,143,005
Series A 5.00%, 5/1/2016		3,000,000		3,467,220
Series A 5.00%, 5/1/2017		2,125,000		2,518,656
Series C 5.00%, 5/1/2028		905,000		1,055,800
North Carolina, State General Obligation Series A 5.00%, 3/1/2018		2,165,000		2,634,675
North Carolina, State Grant Anticipation Revenue 5.00%, 3/1/2019		1,930,000		2,345,394
North Carolina, University of North Carolina-Chapel Hill, Revenue 5.00%, 12/1/2031		3,640,000		4,075,854
Wake County, NC, General Obligation Series C 5.00%, 3/1/2021		825,000		1,040,977

				37,011,577

OHIO — 2.1%
Columbus, OH, General Obligation:
Series A 4.00%, 6/1/2014		10,000,000		10,678,700
Series A 5.00%, 9/1/2018		300,000		360,150
Ohio, State Common Schools, General Obligation Series C 5.00%, 9/15/2015		5,000,000		5,681,350
Ohio, State Water Development Authority, Water Pollution Control Revenue 5.00%, 12/1/2020		2,630,000		3,237,635
Ohio, University of Akron, General Receipts:
Series A 5.00%, 1/1/2033 (a)		1,000,000		1,072,770
Series B 5.25%, 1/1/2023 (a)		1,970,000		2,240,836

				23,271,441

OKLAHOMA — 0.3%
Oklahoma, State Turnpike Authority Series A 5.00%, 1/1/2023		2,000,000		2,409,140
Tulsa County, OK, Educational Facilities Lease Revenue 5.50%, 9/1/2016		535,000		633,467

				3,042,607

OREGON — 1.1%
Oregon, State Department of Transportation Revenue Series A 5.00%, 11/15/2033		1,500,000		1,688,685
Portland, OR, Sewer System Revenue 5.00%, 3/1/2035		4,550,000		5,108,603
Salem-Keizer, OR, School District No. 24J, General Obligation Series B Zero Coupon, 6/15/2028 (b)		9,745,000		5,613,023

				12,410,311

PENNSYLVANIA — 2.4%
Pennsylvania, State General Obligation:
Series A 5.00%, 11/1/2013		1,000,000		1,062,380
5.00%, 3/15/2015		4,750,000		5,307,745
5.00%, 5/15/2015		1,000,000		1,124,320
5.00%, 7/1/2015		5,000,000		5,645,950
5.00%, 3/15/2017		2,630,000		3,121,863
5.00%, 4/15/2021		4,000,000		4,853,000
Series A 5.00%, 5/1/2021		1,340,000		1,646,043
5.00%, 11/15/2022		500,000		620,710
5.00%, 11/15/2023		755,000		925,071
Pennsylvania, Turnpike Commission Revenue:
4.50%, 12/1/2038		300,000		313,239
Series C 6.00%, 6/1/2023 (a)		755,000		896,947
Philadelphia, PA, General Obligation Series A 5.00%, 8/1/2018 (a)		1,870,000		2,138,326

				27,655,594

PUERTO RICO — 0.8%
Commonwealth of Puerto Rico 5.00%, 7/1/2016 (a)		3,250,000		3,604,868
Puerto Rico, Sales Tax Financing Revenue:
Series C Zero Coupon, 8/1/2037 (b)		12,000,000		2,997,360
Series C Zero Coupon, 8/1/2038 (b)		5,000,000		1,175,700
Series A Zero Coupon, 8/1/2044 (a)(b)		4,500,000		730,485

				8,508,413

RHODE ISLAND — 0.0% (c)
Rhode Island, State & Providence Plantations, Consolidated Capital Development Revenue Series A 4.00%, 10/1/2018		475,000		544,246

See accompanying notes to financial statements.

200

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

SOUTH CAROLINA — 1.8%
Charleston, SC, General Obligation:
4.00%, 11/1/2028	$	1,000,000	$	1,100,420
5.00%, 11/1/2023		1,035,000		1,282,945
South Carolina, State Education Assistance Authority Series I 5.00%, 10/1/2024		980,000		1,079,754
South Carolina, State General Obligation Series A 2.00%, 4/1/2024		3,000,000		2,929,050
South Carolina, State Public Service Authority:
Series E 5.00%, 1/1/2017		2,500,000		2,928,275
Series E 5.00%, 1/1/2040		2,200,000		2,458,742
Series D 5.00%, 12/1/2043		7,950,000		8,800,332

				20,579,518

SOUTH DAKOTA — 0.0% (c)
Sioux Falls, SD, Sales Tax Revenue Series A 3.38%, 11/15/2032		500,000		477,575

TENNESSEE — 1.4%
Memphis, TN, Electric System Revenue 5.00%, 12/1/2018		1,500,000		1,822,545
Nashville & Davidson County, TN, Health & Educational Facilities Board Revenue:
Series A 5.00%, 10/1/2013		2,000,000		2,116,400
Series B 5.00%, 10/1/2039		1,000,000		1,109,300
Shelby County, TN, General Obligation:
Series A 5.00%, 4/1/2019		705,000		864,098
Series A 5.00%, 3/1/2024		8,290,000		10,489,171

				16,401,514

TEXAS — 7.6%
Austin, TX, General Obligation 5.00%, 9/1/2022		570,000		719,859
Austin, TX, Water & Wastewater System Revenue 5.00%, 11/15/2041		1,500,000		1,685,865
Cypress-Fairbanks, TX, Independent School District, General Obligation 5.00%, 2/15/2025 (a)		500,000		596,715
Dallas, TX, Area Rapid Transit, Sales Tax Revenue Series A 5.00%, 12/1/2015		6,785,000		7,767,536
Dallas, TX, Civic Center Convention Complex Revenue:
5.00%, 8/15/2028 (a)		700,000		775,320
5.25%, 8/15/2038 (a)		510,000		557,675
Dallas, TX, General Obligation:
Series A 5.00%, 2/15/2019		1,250,000		1,519,975
5.00%, 2/15/2021		425,000		507,535
Garland, TX, General Obligation 5.00%, 2/15/2023		400,000		481,192
Harris County, TX, Metropolitan Transit Authority, Sales & Use Tax Revenue Series A 5.00%, 11/1/2031		5,395,000		6,158,177
Harris County, TX, Flood Control District Series A 5.00%, 10/1/2039		1,585,000		1,769,430
Harris County, TX, General Obligation:
Series A 4.75%, 3/1/2020		600,000		711,780
5.00%, 10/1/2021		500,000		617,250
5.00%, 10/1/2024		7,000,000		8,370,250
5.00%, 10/1/2025		400,000		474,680
Harris County, TX, Revenue Series C 5.00%, 8/15/2049		500,000		539,325
Harris County, TX, Road Revenue Series B 5.25%, 8/15/2047		3,000,000		3,258,960
Houston, TX, Airport System Revenue, Senior Lien Series A 5.50%, 7/1/2034		1,850,000		2,079,141
Houston, TX, General Obligation:
Series A 5.00%, 3/1/2022		2,000,000		2,403,440
Series D-1 5.00%, 10/1/2029		500,000		590,085
Houston, TX, Utility System Revenue Series A 5.25%, 11/15/2031 (a)		4,600,000		5,252,648
Hurst-Euless-Bedford, TX, Independent School District, General Obligation 5.00%, 8/15/2021		2,500,000		3,013,225
La Joya, TX, Independent School District, General Obligation 5.00%, 2/15/2034 (a)		3,300,000		3,608,088
Leander, TX, Independent School District, General Obligation Series A Zero Coupon, 8/15/2034 (a)(b)		10,000,000		3,920,000
Liberty Hill, TX, Independent School District 5.00%, 8/1/2035 (a)		1,000,000		1,129,290
San Antonio, TX, General Obligation:
5.00%, 2/1/2018		2,450,000		2,953,279
5.00%, 2/1/2019		3,000,000		3,675,840
San Antonio, TX, Independent School District, General Obligation 5.00%, 8/15/2025 (a)		2,000,000		2,383,460
Texas, State General Obligation 4.75%, 4/1/2037		1,940,000		2,096,422
Texas, State Public Finance Authority:
Series A 5.00%, 7/1/2014		1,735,000		1,894,030
Series A 5.00%, 1/1/2017		1,100,000		1,257,421
Series B 5.00%, 1/1/2018		500,000		563,325
Series B 5.00%, 7/1/2018		825,000		929,486
Texas, State Transportation Commission 5.00%, 4/1/2024		2,125,000		2,432,509
Texas, State Water Development Board, Revenue, Sub Lien A-1 5.00%, 7/15/2015		6,370,000		7,222,051
University of Texas, Revenue:
Series A 4.00%, 8/15/2021		500,000		586,545
Series B 5.00%, 8/15/2017		500,000		601,345

See accompanying notes to financial statements.

201

SPDR Nuveen Barclays Capital Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Williamson, TX, General Obligation 5.00%, 2/15/2032	$	625,000	$	710,269

				85,813,423

UTAH — 0.6%
Central Utah, Water Conservancy District, General Obligation Series A 5.00%, 4/1/2028		550,000		645,062
Utah, State General Obligation Series A 5.00%, 7/1/2022		880,000		1,112,742
Utah, Transport Authority Sales Tax Revenue:
Series A 5.00%, 6/15/2028		410,000		470,926
Series A 5.00%, 6/15/2036 (a)		3,850,000		4,248,668

				6,477,398

VIRGINIA — 2.4%
Fairfax County, VA, General Obligation:
Series A 3.00%, 4/1/2026		3,180,000		3,241,692
Series A 5.00%, 4/1/2030		450,000		531,225
Montgomery County, VA, Industrial Development Authority Revenue 5.00%, 2/1/2024		445,000		496,878
Virginia, College Building Authority, Educational Facilities Revenue:
5.00%, 9/1/2022		5,945,000		7,150,408
5.00%, 2/1/2027		3,620,000		4,268,450
Virginia, State Public Building Authority, Public Facilities Revenue:
Series B 5.00%, 8/1/2017		3,030,000		3,629,607
Series B 5.25%, 8/1/2027		2,000,000		2,308,040
Virginia, State Public School Authority Revenue Series B-1 5.00%, 8/1/2017		820,000		984,066
Virginia, State Resources Authority, Revenue Series B 5.00%, 11/1/2028		3,540,000		4,047,778
Virginia, State Transportation Board Revenue 5.00%, 5/15/2014		500,000		542,405

				27,200,549

WASHINGTON — 5.2%
Central Puget Sound, WA, Regional Transit Authority, Sales & Use Tax Revenue:
Series A 5.00%, 11/1/2032 (a)		3,000,000		3,357,180
Series A 5.00%, 11/1/2036		2,000,000		2,218,180
Energy Northwest Washington, Electricity Revenue Series A 5.00%, 7/1/2014		1,000,000		1,091,450
Energy Northwest, WA, Electric Revenue Series A 5.00%, 7/1/2017		4,195,000		5,009,627
Snohomish County, WA, School District No. 201 5.25%, 12/1/2024		2,825,000		3,331,579
Washington, State General Obligation:
Series D 4.00%, 2/1/2030		1,000,000		1,049,490
Series D 4.00%, 2/1/2037		12,500,000		12,739,000
Series R 5.00%, 7/1/2016		10,000,000		11,692,900
Series A 5.00%, 7/1/2023		900,000		1,055,124
Series D 5.00%, 1/1/2027		6,945,000		7,952,997
Series A 5.00%, 7/1/2032		2,000,000		2,267,260
Series C 5.00%, 6/1/2041		7,000,000		7,757,680

				59,522,467

WISCONSIN — 1.5%
Milwaukee, WI, General Obligation, Promissory Notes Series N1 5.00%, 2/1/2019		11,020,000		13,356,130
Wisconsin, State General Obligation:
4.00%, 11/1/2016		1,300,000		1,474,005
Series C 5.00%, 5/1/2014		2,000,000		2,166,100

				16,996,235

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $1,059,299,132)				1,124,227,153

	Shares
SHORT TERM INVESTMENT — 0.5%
MONEY MARKET FUND — 0.5%
State Street Institutional Tax Free Money Market Fund 0.00% (d)(e)(f) (Cost $5,402,072)		5,402,072		5,402,072

TOTAL INVESTMENTS — 99.5% (g)
(Cost $1,064,701,204)				1,129,629,225
OTHER ASSETS & LIABILITIES — 0.5%				5,967,139

NET ASSETS — 100.0%			$	1,135,596,364


(a)		Bond is insured by one of these companies:


		As a % of
	Insurance Coverage	Net Assets

	Assured Guaranty Municipal Corp.		3.29	%
	Assured Guaranty Corp.		1.68	%
	Permanent School Fund Guaranteed		1.02	%
	National Public Finance Guarantee Corp.		0.29	%

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

Escrow to Maturity = Bonds bearing this description are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

See accompanying notes to financial statements.

202

SPDR Nuveen Barclays Capital California Municipal Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 99.1%
CALIFORNIA — 97.9%
Alameda County, CA, Joint Powers Authority, Lease Revenue 5.00%, 12/1/2034 (a)	$	1,760,000	$	1,858,736
Bakersfield, CA, Wastewater Revenue Series A 5.00%, 9/15/2032 (a)		300,000		326,538
California, Bay Area Toll Authority Revenue 5.13%, 4/1/2039		125,000		138,279
California, State Department of Water Resources:
Series M 4.00%, 5/1/2019		2,000,000		2,323,060
Series H 4.38%, 5/1/2022 (a)		1,150,000		1,293,991
Series L 5.00%, 5/1/2017		500,000		596,260
Series L 5.00%, 5/1/2019		1,540,000		1,888,256
Series AJ 5.00%, 12/1/2021		400,000		509,496
Series AE 5.00%, 12/1/2022		1,000,000		1,195,210
Series AF 5.00%, 12/1/2026		660,000		773,368
California, State Public Works Board, Lease Revenue 5.00%, 4/1/2034		340,000		366,551
California, State University Revenue Series A 5.00%, 11/1/2033 (a)		1,500,000		1,594,755
Chaffey Community College District, CA, Election of 2002 Series C 5.00%, 6/1/2032 (a)		1,000,000		1,094,400
Eastern Municipal Water District, CA, Water & Sewer Revenue:
Series H 5.00%, 7/1/2033		160,000		173,315
Series H 5.00%, 7/1/2035		1,000,000		1,076,490
El Dorado, CA, Irrigation District, Certificates of Participation Series A 6.25%, 8/1/2029 (a)		1,200,000		1,317,672
Grossmont, CA, Union High School District, Election of 2004 5.00%, 8/1/2033		1,780,000		1,935,020
Long Beach, CA, Unified School District, General Obligation 5.00%, 8/1/2029		1,000,000		1,148,350
Los Angeles County, CA, Metropolitan Transportation Authority, Sales Tax Revenue:
5.00%, 6/1/2020		1,900,000		2,382,714
5.00%, 7/1/2026		2,450,000		2,861,036
Los Angeles, CA, Community College District, General Obligation:
Series F-1 5.00%, 8/1/2026		100,000		113,640
Series A 5.00%, 8/1/2032 (a)		1,000,000		1,104,830
Los Angeles, CA, Department of Airports Revenue:
Series A 5.00%, 5/15/2021		1,000,000		1,190,710
Series D 5.00%, 5/15/2040		1,000,000		1,095,070
Series C 5.25%, 5/15/2038		145,000		157,057
Los Angeles, CA, Department of Water & Power:
Series A 4.00%, 7/1/2013		100,000		103,712
Series A-1 5.00%, 7/1/2023 (a)		400,000		453,656
5.00%, 7/1/2037 (a)		200,000		212,964
Series A 5.00%, 7/1/2041		1,500,000		1,655,895
Los Angeles, CA, Harbor Department Revenue:
Series A 5.00%, 8/1/2029		1,515,000		1,720,192
Series C 5.25%, 8/1/2023		700,000		836,080
Los Angeles, CA, Unified School District, General Obligation:
Series A-1 4.00%, 7/1/2016		250,000		280,403
Series KY 5.00%, 7/1/2015		2,325,000		2,616,508
Series F 5.00%, 1/1/2034		1,000,000		1,107,960
Series D 5.25%, 7/1/2025		1,500,000		1,733,865
Los Angeles, CA, Wastewater System Revenue:
Series B 5.00%, 6/1/2030		1,000,000		1,149,910
5.00%, 6/1/2039		500,000		545,000
Los Angeles, CA, Water Utility, General Obligation Series A 4.00%, 9/1/2018		1,000,000		1,154,090
Los Rios, CA, Community College District Election of 2008 Series A 5.00%, 8/1/2035		340,000		377,604
Marin, CA, Water District Financing Authority Series A 5.00%, 7/1/2044		1,000,000		1,124,630
Metropolitan Water District of Southern California:
Series C 4.00%, 10/1/2017		250,000		288,600
Series C 5.00%, 10/1/2027		1,500,000		1,959,360
Series A 5.00%, 1/1/2031		850,000		960,253
Newport Mesa, CA, Unified School District Election of 2005 Zero Coupon, 8/1/2041 (b)		4,000,000		655,920
Oakland, CA, Joint Powers Financing Authority Lease Revenue Series B 5.00%, 8/1/2022 (a)		800,000		883,056
Palomar, CA, Community College District Election of 2006 Series B Zero Coupon, 8/1/2039 (b)		1,410,000		792,279
Pasadena, CA, Unified School District, General Obligation 5.00%, 5/1/2034 (c)		1,000,000		1,128,160
Poway, CA, Unified School District, General Obligation Zero Coupon, 8/1/2046 (b)		6,000,000		970,080
Riverside, CA, Electric Revenue Series D 5.00%, 10/1/2027 (a)		835,000		928,837
Sacramento, CA, Municipal Utility District, Electric Revenue:
Series U 5.00%, 8/15/2022 (a)		550,000		636,234
Series U 5.00%, 8/15/2023 (a)		1,000,000		1,147,560
San Bernardino, CA, Community College District:
Series B Zero Coupon, 8/1/2028 (b)		1,050,000		506,321
Series D Zero Coupon, 8/1/2032 (b)		2,290,000		866,650
San Diego County, CA, Regional Transportation Commission Revenue Series A 5.00%, 4/1/2042		1,000,000		1,120,210

See accompanying notes to financial statements.

203

SPDR Nuveen Barclays Capital California Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

San Diego County, CA, Water Authority Revenue, Certificates of Participation:
Series 2008-A 5.00%, 5/1/2015 (a)	$	200,000	$	223,332
Series 2008-A 5.00%, 5/1/2018 (a)		200,000		239,376
San Diego, CA, Community College District 5.00%, 8/1/2028		500,000		594,500
San Diego, CA, Community College District Election of 2006 5.00%, 8/1/2032 (a)		1,000,000		1,101,350
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue Series A 5.25%, 5/15/2039		500,000		559,405
San Diego, CA, Public Facilities Financing Authority, Water Revenue:
Series A 5.00%, 8/1/2024		1,000,000		1,187,330
Series A 5.00%, 8/1/2028		330,000		388,255
San Diego, CA, Unified School District Election of 2008 Series A Zero Coupon, 7/1/2028 (b)		3,000,000		1,403,040
San Francisco, CA, Bay Area Rapid Transit District Election of 2004 Series B 5.00%, 8/1/2022		500,000		593,220
San Francisco, CA, City & County Public Utilities Commission, Water Revenue:
Series A 4.25%, 11/1/2031		535,000		565,351
Series D 5.00%, 11/1/2015		1,000,000		1,142,370
Series A 5.00%, 11/1/2032		1,110,000		1,254,611
San Francisco, CA, City & County Unified School District Election of 2006 Series B 5.25%, 6/15/2022		800,000		942,792
San Joaquin County, CA, Transportation Authority, Sales Tax Revenue:
Series A 5.00%, 3/1/2027		1,000,000		1,155,550
Series A 5.50%, 3/1/2041		300,000		346,152
San Juan, CA, Public Power Agency Project Revenue Series L 5.00%, 7/1/2022 (a)		100,000		113,646
San Marcos, CA, Schools Financing Authority, Lease Revenue:
Zero Coupon, 8/15/2031 (a)(b)		1,000,000		392,790
Zero Coupon, 8/15/2034 (a)(b)		1,110,000		360,617
San Marcos, CA, Unified School District Election of 2010 Series A 5.00%, 8/1/2038		1,000,000		1,089,730
San Ramon Valley, CA, Unified School District 5.00%, 8/1/2028 (c)		1,000,000		1,169,880
Santa Clara County, CA, Financing Authority, Lease Revenue:
Series L 5.00%, 5/15/2028		750,000		822,015
Series L 5.25%, 5/15/2036		1,000,000		1,085,340
Santa Clara Valley, CA, Transportation Authority, Sales Tax Revenue Series A 5.00%, 4/1/2036 (a)		500,000		537,435
Santa Clara Valley, CA, Water District, Certificates of Participation Series A 5.00%, 6/1/2037 (a)		500,000		535,615
Southern California Public Power Authority:
5.00%, 7/1/2022		1,000,000		1,213,900
5.00%, 7/1/2030		1,500,000		1,684,515
Stanford University, Educational Facilities Authority Revenue:
Series T-4 5.00%, 3/15/2014		660,000		711,797
Series T-1 5.00%, 3/15/2039		350,000		474,793
Sweetwater, CA, Union High School District Election of 2006 Series A 5.00%, 8/1/2038 (a)		565,000		598,928
University of California, Revenue:
Series E 4.00%, 5/15/2019		2,010,000		2,320,826
Series K 5.00%, 5/15/2020 (a)		250,000		279,808
Series Q 5.25%, 5/15/2023		1,000,000		1,159,900
University of Southern California, Educational Facilities Authority Revenue Series A 5.00%, 10/1/2039		500,000		554,990
Yosemite, CA, Community College District, General Obligation Zero Coupon, 8/1/2042 (b)		500,000		181,715
	��
				83,415,667

PUERTO RICO — 1.2%
Puerto Rico, Sales Tax Financing Revenue:
Series C Zero Coupon, 8/1/2037 (b)		2,000,000		499,560
Series C Zero Coupon, 8/1/2038 (b)		1,000,000		235,140
Series A Zero Coupon, 8/1/2044 (a)(b)		1,500,000		243,495

				978,195

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $77,883,689)				84,393,862

	Shares
SHORT TERM INVESTMENT — 2.5%
MONEY MARKET FUND — 2.5%
State Street Institutional Tax Free Money Market Fund 0.00% (d)(e)(f) (Cost $2,176,895)		2,176,895		2,176,895

TOTAL INVESTMENTS — 101.6% (g)
(Cost $80,060,584)				86,570,757
OTHER ASSETS & LIABILITIES — (1.6)%				(1,377,476	)

NET ASSETS — 100.0%			$	85,193,281

See accompanying notes to financial statements.

204

SPDR Nuveen Barclays Capital California Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


(a)		Bond is insured by one of these companies:


		As a % of
	Insurance Coverage	Net Assets

	Assured Guaranty Municipal Corp.		12.70	%
	National Public Finance Guarantee Corp.		3.82	%
	Assured Guaranty Corp.		2.58	%
	Ambac Financial Group		1.41	%

(b)	Non-income producing security.
(c)	When-issued security.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	The rate shown is the annualized seven-day yield at period end.
(f)	Value is determined based on Level 1 inputs. (Note 2)
(g)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

205

SPDR Nuveen Barclays Capital New York Municipal Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 98.4%
NEW YORK — 96.4%
Albany County, NY, Airport Authority Revenue Series A 4.00%, 12/15/2024 (a)	$	300,000	$	312,222
Erie County, NY, Industrial Development Agency Revenue Series A 5.75%, 5/1/2024 (a)		500,000		586,270
Nassau County, NY, General Obligation:
Series C 5.00%, 7/1/2015 (a)		500,000		557,495
Series C 5.13%, 10/1/2035 (a)		100,000		108,114
Nassau County, NY, Interim Finance Authority Revenue:
Series A 3.00%, 11/15/2014		400,000		421,796
Series A 5.00%, 11/15/2014		100,000		110,126
Nassau County, NY, Sewer & Storm Water Finance Authority System, Revenue Series A 5.38%, 11/1/2028		400,000		456,548
New York & New Jersey, Port Authority Revenue:
4.00%, 12/1/2022		300,000		339,543
5.00%, 7/15/2022		100,000		115,847
5.00%, 7/15/2039		500,000		556,160
New York City, NY, Cultural Resource Revenue, Museum of Modern Art Series A-1 5.00%, 4/1/2031		300,000		341,763
New York, NY, City Transitional Finance Authority Revenue:
Series D 3.20%, 11/1/2018		140,000		156,274
Series B 5.00%, 11/1/2015		200,000		228,688
Series E 5.00%, 11/1/2017		500,000		602,540
Series A 5.00%, 11/1/2018		100,000		121,842
Series B 5.00%, 11/1/2018		200,000		245,042
Series S-5 5.00%, 1/15/2026		200,000		228,002
Series S-1A 5.25%, 7/15/2037		500,000		566,810
Series S-4 5.50%, 1/15/2033		500,000		573,280
New York, NY, General Obligation:
Series A 3.00%, 8/1/2017		200,000		217,662
Series E 4.00%, 8/1/2022		250,000		287,020
Series K 5.00%, 8/1/2013		200,000		210,144
Series C 5.00%, 8/1/2017		825,000		978,813
Series E 5.00%, 8/1/2021		300,000		363,540
Series G 5.00%, 8/1/2023		105,000		120,722
Series C 5.00%, 8/1/2024		950,000		1,101,059
Series E 5.00%, 8/1/2025		775,000		893,893
Series A-1 5.00%, 8/1/2035		250,000		279,340
New York, NY, Liberty Development Corp. Revenue:
5.13%, 1/15/2044		500,000		543,355
5.25%, 12/15/2043		500,000		564,265
New York, NY, Municipal Water Finance Authority Revenue:
Series EE 4.00%, 6/15/2045		255,000		251,772
Series HH 5.00%, 6/15/2032		1,000,000		1,139,870
Series GG-2 5.00%, 6/15/2035		100,000		110,603
Series AA 5.00%, 6/15/2044		500,000		552,310
Series DD 5.25%, 6/15/2024		200,000		234,056
Series EE 5.38%, 6/15/2043		370,000		424,120
Series A 5.63%, 6/15/2024		130,000		155,401
New York, State Bridge Authority General Obligation 4.00%, 1/1/2027		500,000		539,735
New York, State Dormitory Authority Revenue:
4.00%, 1/15/2022		500,000		545,075
Series C 5.00%, 10/1/2031 (a)		600,000		654,276
New York, State Dormitory Authority Revenue, Columbia University 5.00%, 7/1/2038		250,000		278,963
New York, State Dormitory Authority Revenue, Cornell University:
Series A 5.00%, 7/1/2034		355,000		400,181
Series A 5.00%, 7/1/2039		300,000		334,770
New York, State Dormitory Authority Revenue, Fordham University:
Series A 5.00%, 3/15/2017		100,000		118,449
5.00%, 10/1/2019 (a)		125,000		143,801
Series B 5.00%, 7/1/2033 (a)		500,000		538,525
New York, State Dormitory Authority Revenue, New York University Series A 5.00%, 7/1/2029		240,000		263,647
New York, State Dormitory Authority Revenue, Non State Supported Debt Series E 5.00%, 1/1/2019		250,000		298,955
New York, State Dormitory Authority, State Personal Income Tax Revenue:
Series B 5.00%, 2/15/2018		125,000		149,350
Series B 5.00%, 3/15/2028		260,000		301,392
New York, State Environmental Facilities Corp. Revenue:
Series A 5.00%, 6/15/2018		250,000		304,987
5.00%, 6/15/2036		500,000		557,160
5.00%, 6/15/2041		250,000		277,365
Series A 5.25%, 12/15/2026		200,000		236,462
New York, State Housing Finance Agency, Personal Income Tax Revenue Series A 5.00%, 3/15/2039		550,000		607,810
New York, State Local Government Assistance Corp. Revenue:
Series C 5.00%, 4/1/2018		200,000		241,898
Series A 5.00%, 4/1/2020		435,000		517,620
New York, State Municipal Bond Bank Agency Series C-1 5.00%, 2/15/2016 (a)		200,000		225,416
New York, State Power Authority Series C 5.00%, 11/15/2020 (a)		250,000		290,150
New York, State Thruway Authority, General Revenue Series B 5.00%, 4/1/2027		300,000		331,479
New York, State Thruway Authority, Second General Highway & Bridge Trust:
Series A-1 5.00%, 4/1/2021		300,000		368,313
Series B 5.00%, 4/1/2029		300,000		336,738
New York, State Urban Development Corp. Revenue:
Series A 4.00%, 3/15/2024		500,000		555,790

See accompanying notes to financial statements.

206

SPDR Nuveen Barclays Capital New York Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Series A 5.00%, 3/15/2016	$	250,000	$	288,937
5.00%, 12/15/2017		200,000		241,226
New York, Triborough Bridge & Tunnel Authority Revenue:
Series A 5.00%, 1/1/2023		500,000		607,365
5.00%, 11/15/2033		250,000		280,825
Oyster Bay, NY, General Obligation 4.00%, 8/15/2026		740,000		778,391
State of New York, General Obligation Series C 4.50%, 2/1/2020		200,000		239,944
Suffolk County, NY, Water Authority 5.00%, 6/1/2021		500,000		625,035

				27,536,337

PUERTO RICO — 2.0%
Puerto Rico, Sales Tax Financing Revenue:
Series C Zero Coupon, 8/1/2037 (b)		1,000,000		249,780
Series C Zero Coupon, 8/1/2038 (b)		500,000		117,570
Series A Zero Coupon, 8/1/2044 (a)(b)		1,335,000		216,710

				584,060

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $26,586,021)				28,120,397

	Shares
SHORT TERM INVESTMENT — 0.4%
MONEY MARKET FUND — 0.4%
State Street Institutional Tax Free Money Market Fund 0.00% (c)(d)(e) (Cost $108,090)		108,090		108,090

TOTAL INVESTMENTS — 98.8% (f)
(Cost $26,694,111)				28,228,487
OTHER ASSETS & LIABILITIES — 1.2%				328,518

NET ASSETS — 100.0%			$	28,557,005


(a)		Bond is insured by one of these companies:


		As a % of
	Insurance Coverage	Net Assets

	Assured Guaranty Municipal Corp.		5.60	%
	Assured Guaranty Corp.		5.34	%
	National Public Finance Guarantee Corp.		1.77	%

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

See accompanying notes to financial statements.

207

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 98.9%
ALABAMA — 0.7%
Alabama, Federal Aid Highway Finance Authority 4.00%, 3/1/2016	$	5,000,000	$	5,556,100
Alabama, Public School & College Authority Revenue:
5.00%, 5/1/2014		850,000		919,454
Series A 5.00%, 5/1/2014		1,500,000		1,622,565
Series A 5.00%, 5/1/2016		1,450,000		1,671,081
Series A 5.00%, 3/1/2017		1,000,000		1,177,500

				10,946,700

ALASKA — 0.1%
Alaska, State Municipal Bond Bank Authority Revenue 5.00%, 9/1/2016		1,000,000		1,167,740

ARIZONA — 1.7%
Arizona, Phoenix Civic Improvement Corp., Water System Revenue Series A 5.00%, 7/1/2017		1,775,000		2,119,687
Arizona, Salt River Project, Electrical Systems Revenue:
Series A 3.00%, 1/1/2014		1,070,000		1,112,072
Series B 3.00%, 1/1/2014		5,000,000		5,196,600
Arizona, State Certificates of Participation:
Series A 5.00%, 10/1/2013 (a)		6,500,000		6,855,745
5.00%, 10/1/2014 (a)		10,375,000		11,235,918

				26,520,022

ARKANSAS — 1.2%
Arkansas, State Highway Grant Anticipation & Tax Revenue 4.00%, 8/1/2014		17,000,000		18,243,380

CALIFORNIA — 9.4%
California, State Department of Water Resources Revenue:
Series L 4.00%, 5/1/2015		7,630,000		8,377,435
Series M 4.00%, 5/1/2015		6,000,000		6,587,760
Series L 5.00%, 5/1/2014		5,075,000		5,497,443
Series M 5.00%, 5/1/2014		550,000		595,782
Series L 5.00%, 5/1/2015		6,000,000		6,755,640
Series M 5.00%, 5/1/2016		4,900,000		5,699,288
Contra Costa, CA, Water District Revenue 3.00%, 10/1/2015		11,750,000		12,613,860
Los Angeles County, CA, Metropolitan Transportation Authority Sales Tax Revenue:
3.00%, 7/1/2013		3,000,000		3,082,050
Series A 5.00%, 7/1/2013 (a)		1,000,000		1,046,880
Los Angeles, CA, Department of Water & Power Revenue Series A 4.00%, 7/1/2013		5,000,000		5,185,600
Los Angeles, CA, General Obligation:
Series A 2.50%, 9/1/2014		8,825,000		9,185,501
Series A 5.00%, 9/1/2016		10,000,000		11,681,900
Los Angeles, CA, Unified School District, General Obligation:
Series A-1 4.00%, 7/1/2016		2,500,000		2,804,025
Series I 5.00%, 7/1/2013		2,250,000		2,355,480
Series H 5.00%, 7/1/2014 (a)		3,975,000		4,341,853
Series I 5.00%, 7/1/2014		2,000,000		2,179,980
5.00%, 7/1/2017		1,000,000		1,188,820
Northern California Power Agency Revenue, Hydroelectric No-1 Series C 5.00%, 7/1/2014 (a)		1,500,000		1,625,925
San Diego, CA, County Water Authority Revenue 5.00%, 7/1/2016		10,000,000		11,679,000
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue:
5.00%, 5/15/2014		750,000		813,315
5.00%, 5/15/2015		2,165,000		2,428,892
San Francisco, CA, City & County Public Utilities Commission, Water Revenue Series D 5.00%, 11/1/2015		5,360,000		6,123,103
San Francisco, CA, City & County, Certificates of Participation:
Series B 4.00%, 9/1/2015		5,000,000		5,466,400
Series B 5.00%, 9/1/2016		5,260,000		6,074,721
San Francisco, CA, City & County, General Obligation Series A 5.00%, 6/15/2014		10,075,000		10,940,946
San Francisco, CA, Unified School District, General Obliagtion 5.00%, 6/15/2017		8,170,000		9,707,921
Southern California, State Public Power Authority Revenue 5.00%, 7/1/2016		725,000		844,618

				144,884,138

COLORADO — 1.1%
Colorado, State Department of Transportation Revenue 5.00%, 12/15/2016		10,000,000		11,815,800
Colorado, State Higher Education Capital Construction Lease Program, Certificates of Participation 5.00%, 11/1/2016		2,085,000		2,406,278
Denver, CO, City & County General Obligation 5.50%, 8/1/2016		1,900,000		2,262,976

				16,485,054

CONNECTICUT — 4.3%
Connecticut, State General Obligation:
Series D 3.00%, 11/1/2016		3,500,000		3,826,445
Series D 5.00%, 11/1/2013		1,000,000		1,061,830
Series A 5.00%, 1/1/2014		1,000,000		1,067,910
Series D 5.00%, 1/1/2014		450,000		480,560
Series F 5.00%, 12/1/2014		13,750,000		15,224,137
Series A 5.00%, 1/1/2015		12,750,000		14,133,885
5.00%, 3/15/2015		5,000,000		5,585,650
Series D 5.00%, 12/1/2016		500,000		590,485

See accompanying notes to financial statements.

208

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

June 30, 2012


	Principal
Security Description	Amount		Value

Connecticut, State Health & Educational Facility Authority Revenue Series A-4 5.00%, 7/1/2049 (b)	$	5,000,000	$	5,582,450
Connecticut, State Special Tax Obligation Revenue:
Series B 3.00%, 12/1/2013		300,000		311,265
Series A 5.00%, 12/1/2013		5,575,000		5,940,609
Series A 5.00%, 12/1/2014		3,750,000		4,143,450
5.00%, 11/1/2015		500,000		569,945
Series 1 5.00%, 2/1/2016		3,100,000		3,563,512
Series A 5.00%, 11/1/2016		2,650,000		3,116,930
University of Connecticut, Revenue Series A 3.00%, 2/15/2014		415,000		431,695

				65,630,758

DELAWARE — 1.6%
Delaware, State General Obligation:
Series 2009C 2.00%, 10/1/2014		225,000		233,170
Series 2009A 5.00%, 1/1/2014		1,200,000		1,283,904
Series A 5.00%, 7/1/2015		4,000,000		4,535,880
Delaware, State Transportation Authority System Revenue 5.00%, 7/1/2017		15,500,000		18,518,160

				24,571,114

DISTRICT OF COLUMBIA — 0.3%
District of Columbia, Income Tax Revenue:
Series B 4.00%, 12/1/2013		2,000,000		2,102,840
Series A 5.00%, 12/1/2016		2,000,000		2,358,140

				4,460,980

FLORIDA — 4.5%
Florida, State Board of Education, General Obligation:
Series B 5.00%, 6/1/2014		500,000		543,615
Series C 5.00%, 6/1/2014		9,585,000		10,421,100
Florida, State General Obligation Series B 5.00%, 7/1/2014		8,070,000		8,799,609
Florida, State Hurricane Catastrophe Fund Revenue:
Series A 5.00%, 7/1/2014		2,000,000		2,165,000
Series A 5.00%, 7/1/2016		5,485,000		6,269,081
Jacksonville, FL, Special Tax Revenue:
Series B 5.00%, 10/1/2013		7,705,000		8,129,700
5.00%, 10/1/2014		9,120,000		10,032,547
Series B 5.00%, 10/1/2015		7,705,000		8,716,358
Lakeland, FL, Energy Systems Revenue 5.00%, 10/1/2015 (a)		7,510,000		8,345,337
Miami-Dade County, FL, Water & Sewer Revenue:
4.00%, 10/1/2013		150,000		156,799
Series B 5.00%, 10/1/2014 (a)		3,250,000		3,546,920
Tampa Bay, FL, Water Revenue 5.00%, 10/1/2013		1,500,000		1,586,715

				68,712,781

GEORGIA — 4.0%
Fulton County, GA, Water & Sewer Revenue 5.00%, 1/1/2017		2,430,000		2,839,309
Georgia, State Environmental Loan Acquisition Corp. Revenue 2.40%, 3/15/2016		3,270,000		3,317,480
Georgia, State General Obligation:
Series A 3.00%, 1/1/2014		200,000		208,046
Series B 4.00%, 1/1/2015		1,000,000		1,087,760
Series E-2 4.00%, 9/1/2016		4,400,000		5,007,200
Series F 5.00%, 12/1/2013		2,250,000		2,399,198
Series C 5.00%, 7/1/2014		5,000,000		5,463,550
Series G 5.00%, 11/1/2014		6,535,000		7,232,350
5.00%, 12/1/2014		500,000		555,135
Series D 5.00%, 5/1/2015		600,000		676,110
Series E 5.00%, 7/1/2016		2,990,000		3,507,778
Series I 5.00%, 11/1/2016		7,480,000		8,860,958
Series F 5.00%, 12/1/2016		4,790,000		5,688,891
Georgia, State Road & Tollway Authority Revenue:
Series A 5.00%, 3/1/2014		500,000		538,345
Series A 5.00%, 3/1/2016		4,590,000		5,319,122
Series A 5.00%, 6/1/2016		2,000,000		2,319,000
Series A 5.00%, 6/1/2017		1,040,000		1,235,364
Gwinnett Country, GA, Water & Sewer Authority Revenue 5.00%, 8/1/2016		4,000,000		4,691,080

				60,946,676

HAWAII — 1.0%
Hawaii, State General Obligation:
2.25%, 11/1/2013		250,000		256,463
Series DT 4.00%, 11/1/2014		2,000,000		2,163,340
Series DG 5.00%, 7/1/2012 (a)		120,000		120,000
Series DK 5.00%, 5/1/2014		1,000,000		1,083,620
Series DY 5.00%, 2/1/2015		1,000,000		1,112,680
Series EA 5.00%, 12/1/2016		1,965,000		2,315,929
Honolulu, HI, City & County General Obligation:
Series A 2.75%, 4/1/2014		1,750,000		1,822,432
Series B 5.25%, 7/1/2014 (a)		3,875,000		4,248,550
5.25%, 7/1/2016 (a)		2,250,000		2,644,245

				15,767,259

ILLINOIS — 1.2%
Chicago, IL, Water Revenue 5.00%, 11/1/2014 (a)		1,500,000		1,644,285
Cook County, IL, General Obligation Series A 5.00%, 11/15/2016		1,755,000		2,026,183
Illinois, State Sales Tax Revenue:
Series B 3.00%, 6/15/2014		1,675,000		1,754,596
3.00%, 6/15/2016		2,000,000		2,159,160
5.00%, 6/15/2015		2,575,000		2,886,678
Illinois, University of Chicago, Educational Facilities Authority Revenue Series B 1.88%, 7/1/2036 (b)		5,000,000		5,125,100

See accompanying notes to financial statements.

209

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

June 30, 2012


	Principal
Security Description	Amount		Value

University of Illinois, Certificates of Participation Sereis B 5.00%, 10/1/2015 (a)	$	2,420,000	$	2,699,776

				18,295,778

INDIANA — 0.7%
Indiana, State Finance Authority Revenue Series A 5.00%, 2/1/2015		1,250,000		1,389,487
Indiana, State Finance Authority, Lease Revenue:
Series A-1 5.00%, 11/1/2014		5,000,000		5,454,250
Series A-1 5.00%, 11/1/2016		2,665,000		3,073,225
Purdue University, Revenue Series Z-1 5.00%, 7/1/2014		500,000		545,100

				10,462,062

IOWA — 0.2%
Iowa, State Finance Authority Revenue 5.00%, 8/1/2016		1,000,000		1,164,880
Iowa, State General Obligation Series A 5.00%, 6/1/2017		1,610,000		1,912,439

				3,077,319

KENTUCKY — 0.8%
Kentucky, State Infrastructure Authority Revenue Series A 5.00%, 2/1/2017		2,035,000		2,412,920
Kentucky, State Property & Buildings Commission Revenue:
5.00%, 8/1/2014		225,000		244,235
Series A 5.00%, 11/1/2014		1,000,000		1,095,700
Series A 5.00%, 8/1/2016		4,690,000		5,418,451
Kentucky, State Turnpike Authority Revenue:
Series A 4.00%, 7/1/2017		1,150,000		1,306,664
5.00%, 7/1/2016		1,865,000		2,163,139

				12,641,109

LOUISIANA — 0.7%
Louisiana, Public Facilities Authority Revenue 4.00%, 6/1/2013 (a)		4,800,000		4,912,752
Louisiana, State General Obligation Series A 5.00%, 5/1/2014		5,000,000		5,413,300

				10,326,052

MARYLAND — 5.1%
Anne Arundel County, MD, General Obligation 5.00%, 4/1/2016		1,000,000		1,160,010
Baltimore County, MD, General Obligation:
5.00%, 2/1/2014		3,230,000		3,466,856
5.00%, 2/1/2016		2,000,000		2,314,380
Maryland, State Department of Transportation Revenue 5.00%, 2/15/2015		1,100,000		1,226,720
Maryland, State Department of Transportation, Revenue:
4.00%, 2/15/2014		2,500,000		2,646,475
5.00%, 5/1/2016		2,000,000		2,326,240
Maryland, State General Obligation:
Series A 3.00%, 3/1/2014		2,875,000		3,001,615
5.00%, 7/15/2013		1,175,000		1,232,881
Series B 5.00%, 8/1/2013		1,000,000		1,050,940
Series C 5.00%, 3/1/2016		2,240,000		2,598,467
Series B 5.00%, 8/1/2016		4,875,000		5,734,463
Series E 5.00%, 8/1/2016		14,500,000		17,056,350
Series C 5.00%, 11/1/2016		1,025,000		1,214,717
Series B 5.25%, 8/15/2014		200,000		220,684
Maryland, State Transportation Authority, Grant & Revenue Anticipation 5.25%, 3/1/2015		1,025,000		1,154,724
Montgomery County, MD, General Obligation:
Series A 5.00%, 8/1/2015		16,250,000		18,449,925
Series A 5.00%, 7/1/2016		3,835,000		4,489,174
Series A 5.00%, 7/1/2016		4,900,000		5,759,117
Washington, MD, Suburban Sanitation District, General Obligation 4.00%, 6/1/2016		2,700,000		3,053,835

				78,157,573

MASSACHUSETTS — 3.7%
Boston, MA, General Obligation Series A 5.00%, 4/1/2016		7,115,000		8,259,234
Boston, MA, Water & Sewer Commission, Water Revenue Series B 5.00%, 11/1/2014		4,545,000		5,023,270
Massachusetts Bay Transportation Authority, Sales Tax Revenue Series A 5.00%, 7/1/2015		1,000,000		1,134,290
Massachusetts, State General Obligation:
Series C 3.00%, 1/1/2014		4,125,000		4,287,195
Series C 4.00%, 12/1/2015		2,915,000		3,247,543
Series A 5.00%, 9/1/2014		1,500,000		1,647,600
Series C 5.00%, 1/1/2015		1,000,000		1,110,640
Series B 5.00%, 7/1/2016		1,000,000		1,165,850
Series A 5.00%, 8/1/2016		3,290,000		3,843,970
Series B 5.00%, 8/1/2016		10,000,000		11,683,800
Series A 5.00%, 3/1/2017		1,305,000		1,545,120
Massachusetts, State School Building Authority, Sales Tax Revenue Series A 5.00%, 8/15/2013 (a)		160,000		168,354
Massachusetts, State Special Obligation Revenue Series A 5.00%, 6/15/2015		2,100,000		2,370,585
Massachusetts, State Transportation Fund Revenue 5.00%, 6/1/2017		9,840,000		11,813,609

				57,301,060

See accompanying notes to financial statements.

210

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

June 30, 2012


	Principal
Security Description	Amount		Value

MICHIGAN — 1.2%
Michigan, State Finance Authority Revenue Series A 5.00%, 7/1/2017	$	10,000,000	$	11,861,500
University of Michigan, Revenue Series C 3.00%, 4/1/2014		5,920,000		6,179,059

				18,040,559

MINNESOTA — 3.0%
Minnesota, State General Obligation:
Series F 4.00%, 8/1/2015		350,000		386,733
Series F 4.00%, 8/1/2016		1,075,000		1,219,029
Series A 5.00%, 8/1/2013		9,075,000		9,536,282
Series H 5.00%, 11/1/2013		1,000,000		1,062,660
Series A 5.00%, 6/1/2014		1,675,000		1,822,115
Series D 5.00%, 8/1/2014		2,825,000		3,095,974
Series A 5.00%, 6/1/2015		1,685,000		1,901,876
Series D 5.00%, 8/1/2015		7,675,000		8,714,041
Series A 5.00%, 8/1/2016		400,000		469,636
Series D 5.00%, 8/1/2016		1,000,000		1,174,090
Series E 5.00%, 8/1/2016		1,550,000		1,819,840
Series A 5.00%, 10/1/2016		5,000,000		5,900,950
Northern Municipal Power Agency, Electric System Revenue Series A 5.00%, 1/1/2014 (a)		1,000,000		1,064,500
University of Minnesota, Revenue Series A 5.00%, 12/1/2015		7,000,000		7,988,260

				46,155,986

MISSOURI — 0.7%
Missouri, State Highways & Transportation Commission, State Road Revenue:
Series A 5.00%, 5/1/2014		7,350,000		7,964,607
Series A 5.00%, 5/1/2017		2,990,000		3,571,884

				11,536,491

NEBRASKA — 0.1%
Omaha, NE, Public Power District Electric Revenue Series A 5.00%, 2/1/2016		2,000,000		2,308,240

NEVADA — 0.4%
Clark County, NV, Highway Improvement Revenue 5.00%, 7/1/2016		2,685,000		3,089,173
Clark County, NV, Sales and Excise Tax Revenue Series B 3.00%, 7/1/2015		2,985,000		3,144,071
Las Vegas Valley, NV, Water District General Obligation Series A 5.00%, 2/1/2013		275,000		282,304

				6,515,548

NEW HAMPSHIRE — 0.1%
New Hampshire, State Municipal Bond Bank Series A 5.00%, 8/15/2017		1,265,000		1,510,220

NEW JERSEY — 1.5%
New Jersey, State General Obligation:
5.00%, 8/1/2014		13,000,000		14,207,310
Series A 5.00%, 6/15/2015		220,000		243,707
5.00%, 8/1/2015		2,445,000		2,764,782
Series Q 5.00%, 8/15/2016		4,850,000		5,642,199
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue Series A 5.00%, 12/1/2014		250,000		273,587
Princeton University, State Educational Facilities Authority Revenue Series K 5.00%, 7/1/2013		500,000		523,495

				23,655,080

NEW MEXICO — 1.3%
Albuquerque, NM, Municipal School District No 12 Series A 3.00%, 8/1/2015		8,250,000		8,844,000
New Mexico, State Finance Authority Transportation Revenue 5.00%, 6/15/2017		2,000,000		2,391,400
New Mexico, State Severance Tax Revenue:
Series B 5.00%, 7/1/2014		8,230,000		8,963,705
Series A — 2 5.00%, 7/1/2015		500,000		566,190

				20,765,295

NEW YORK — 17.4%
City of New York, NY:
Series B 4.00%, 8/1/2015		1,000,000		1,098,840
Series E 4.00%, 8/1/2015		450,000		494,478
5.00%, 8/1/2012		290,000		291,012
5.00%, 8/1/2013		1,645,000		1,728,434
5.00%, 8/1/2013		2,050,000		2,153,976
5.00%, 8/15/2013		685,000		720,997
Series A-1 5.00%, 8/1/2014		100,000		109,374
Series B 5.00%, 8/1/2014		115,000		125,780
5.00%, 6/1/2015		6,110,000		6,860,553
5.00%, 8/1/2015		3,000,000		3,387,480
Series B 5.00%, 8/1/2015		7,500,000		8,468,700
Series E 5.00%, 8/1/2015		3,250,000		3,669,770
Series I-1 5.00%, 8/1/2015		6,300,000		7,113,708
Series B 5.00%, 8/1/2016		5,000,000		5,804,800
Series F 5.00%, 8/1/2016		1,455,000		1,689,197
Series A-1 5.00%, 8/15/2016		2,470,000		2,871,276
Series H-1 5.00%, 3/1/2017		3,910,000		4,592,373
Series E 5.00%, 8/1/2017		2,950,000		3,499,998
Series E 5.00%, 8/1/2017		2,000,000		2,372,880
Series G 5.00%, 8/1/2017		2,320,000		2,752,541
New York, Metropolitan Transportation Authority Revenue Series A 5.00%, 11/15/2015		6,525,000		7,448,353
New York, NY, City Transitional Finance Authority Revenue:
3.00%, 11/1/2013		4,500,000		4,660,200
5.00%, 11/1/2014		4,605,000		5,089,584
Series B 5.00%, 11/1/2014		6,735,000		7,443,724
Series B 5.00%, 11/1/2015		5,000,000		5,717,200
Series C 5.00%, 11/1/2015		9,865,000		11,280,036
Series E 5.00%, 11/1/2015		5,000,000		5,717,200
Series A 5.00%, 11/1/2016		1,500,000		1,770,615

See accompanying notes to financial statements.

211

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

June 30, 2012


	Principal
Security Description	Amount		Value

New York, NY, City Transitional Finance Authority, Building Aid Revenue Series 1A 3.00%, 7/15/2013	$	7,000,000	$	7,196,000
New York, NY, City Transitional Finance Authority, Future Tax Secured Revenue Series C 5.00%, 11/1/2016		500,000		590,205
New York, NY, General Obligation:
Series C 4.00%, 8/1/2014		4,000,000		4,292,560
Series K 5.00%, 8/1/2013		5,000,000		5,253,600
New York, State Dormitory Authority:
4.00%, 5/15/2015		700,000		765,107
5.00%, 3/15/2013		210,000		216,991
Series E 5.00%, 8/15/2013		500,000		526,220
5.00%, 10/1/2013 (a)		2,500,000		2,638,100
5.00%, 2/15/2014		1,000,000		1,074,300
5.00%, 3/15/2014		320,000		345,002
Series E 5.00%, 2/15/2015		250,000		278,455
Series A 5.00%, 2/15/2016		5,025,000		5,792,167
Series A 5.00%, 4/1/2016		2,190,000		2,524,610
5.00%, 6/15/2016		1,300,000		1,515,436
Series A 5.00%, 12/15/2016		1,265,000		1,495,913
New York, State Dormitory Authority, Personal Income Tax Revenue Series A 5.00%, 3/15/2014		3,980,000		4,290,957
New York, State Environmental Facilities Revenue:
Series A 3.50%, 12/15/2013		2,500,000		2,609,275
4.00%, 8/15/2015		1,400,000		1,551,074
Series A 5.00%, 12/15/2013		2,200,000		2,343,616
Series A 5.00%, 6/15/2015		825,000		933,892
5.00%, 6/15/2016		3,690,000		4,325,123
Series A 5.00%, 8/15/2016		1,595,000		1,878,846
Series A 5.00%, 12/15/2016		765,000		904,643
Series A 5.00%, 6/15/2017		8,000,000		9,582,720
New York, State General Obligation:
Series C 3.00%, 2/1/2014		15,000,000		15,605,850
Series A 3.00%, 3/1/2015		13,245,000		14,088,442
New York, State Local Government Assistance Corp. Revenue:
Series A 5.00%, 4/1/2014		1,005,000		1,084,475
Series A 5.00%, 4/1/2015		3,200,000		3,588,416
New York, State Thruway Authority Personal Income Tax Revenue:
Series A 3.50%, 3/15/2014		2,330,000		2,454,282
Series A 5.00%, 3/15/2017		3,490,000		4,133,870
New York, State Urban Development Corp. Revenue:
5.00%, 12/15/2013		1,400,000		1,494,346
5.00%, 1/1/2014		4,275,000		4,564,631
Series A 5.00%, 1/1/2014		2,780,000		2,968,345
Series A 5.00%, 3/15/2014		510,000		549,484
Series A-1 5.00%, 1/1/2015		7,390,000		8,176,592
Series A-2 5.00%, 1/1/2015		2,610,000		2,887,808
Series B 5.00%, 1/1/2016		10,000,000		11,382,900
Series D 5.00%, 1/1/2016		2,075,000		2,361,952
Series A 5.00%, 3/15/2016		11,100,000		12,828,825
Oyster Bay, NY, General Obligation 3.00%, 8/15/2016		4,430,000		4,661,290
Suffolk County, NY, General Obligation Series C 4.00%, 10/15/2013		500,000		523,310
Westchester County, NY, General Obligation:
Series A 2.00%, 10/15/2013		1,245,000		1,272,452
5.00%, 11/1/2016		600,000		714,732

				267,199,893

NORTH CAROLINA — 3.7%
Charlotte, NC, Certificates of Participation 5.00%, 6/1/2014		5,455,000		5,916,657
Charlotte, NC, General Obligation 5.00%, 8/1/2015		550,000		624,641
Guilford County, NC, General Obligation:
Series A 4.00%, 2/1/2014		6,005,000		6,349,327
Series A 5.00%, 3/1/2017		9,220,000		10,972,169
Mecklenburg County, NC, General Obligation:
Series A 3.00%, 8/1/2014		1,970,000		2,077,266
Series C 5.00%, 12/1/2016		4,000,000		4,752,560
Mecklenburg County, NC, Public Facilities Corp. 5.00%, 3/1/2017		1,600,000		1,898,416
North Carolina, State Annual Appropriation Series A 5.00%, 5/1/2016		1,190,000		1,375,331
North Carolina, State Capital Improvement Obligation Series A 4.50%, 5/1/2014		1,745,000		1,867,813
North Carolina, State Capital Improvement Revenue Series A 5.00%, 5/1/2016		6,000,000		6,934,440
North Carolina, State General Obligation:
Series B 5.00%, 6/1/2015		1,125,000		1,271,542
Series A 5.00%, 3/1/2016		5,000,000		5,802,150
Series A 5.00%, 5/1/2016		4,745,000		5,483,986
North Carolina, State Grant & Revenue Anticipation:
4.00%, 3/1/2016		830,000		924,537
5.00%, 3/1/2014 (a)		1,050,000		1,127,794

				57,378,629

OHIO — 2.8%
Ohio, State Building Authority Revenue:
Series C 4.00%, 10/1/2015		3,145,000		3,453,367
Series C 4.00%, 10/1/2016		3,000,000		3,367,260
Ohio, State General Obligation:
Series C 5.00%, 9/15/2015		10,000,000		11,362,700
5.00%, 7/1/2016		3,225,000		3,770,960
Series A 5.00%, 9/15/2016		1,000,000		1,171,540
Series C 5.00%, 9/15/2016		2,000,000		2,343,080

See accompanying notes to financial statements.

212

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

June 30, 2012


	Principal
Security Description	Amount		Value

Ohio, State Infrastructure Project Revenue:
5.00%, 6/15/2015	$	475,000	$	532,641
Series 3 5.00%, 12/15/2016		12,930,000		15,172,838
Series 2008-1 6.00%, 6/15/2017		1,445,000		1,777,769
Ohio, State Water Development Authority Revenue 5.00%, 12/1/2015		715,000		819,848

				43,772,003

OKLAHOMA — 0.8%
Oklahoma, Grand River Dam Authority Revenue Series A 4.00%, 6/1/2016		880,000		983,022
Oklahoma, State Turnpike Authority Series A 5.00%, 1/1/2017		5,000,000		5,880,600
Tulsa County, OK, Industrial Authority, Educational Facilities Lease Revenue 4.00%, 9/1/2013		5,410,000		5,629,159

				12,492,781

OREGON — 0.8%
Oregon, State General Obligation Series J 5.00%, 5/1/2016		1,000,000		1,162,710
Portland, OR, Sewer System Revenue Series A 5.00%, 3/1/2015		8,690,000		9,710,467
Salem-Keizer, OR, School District No. 24J, General Obligation Series A 4.00%, 6/15/2015		1,250,000		1,366,937

				12,240,114

PENNSYLVANIA — 2.5%
Pennsylvania, Economic Development Financing Authority Revenue Series A 5.00%, 6/15/2014		9,175,000		9,702,655
Pennsylvania, Intergovernmental Cooperative Authority, Special Tax Revenue:
5.00%, 6/15/2014		2,000,000		2,173,920
5.00%, 6/15/2015		5,000,000		5,622,350
Pennsylvania, State General Obligation:
5.00%, 3/15/2014		8,920,000		9,618,525
Series A 5.00%, 2/15/2015		1,000,000		1,113,820
5.00%, 7/1/2016		1,700,000		1,984,869
Pennsylvania, State Higher Educational Facilities Authority Revenue 5.00%, 6/15/2015		7,110,000		7,983,890

				38,200,029

RHODE ISLAND — 0.4%
Rhode Island, State & Providence Plantations, Consolidated Capital Development, General Obligation Series A 5.00%, 10/1/2014		4,995,000		5,465,379

SOUTH CAROLINA — 1.9%
South Carolina, State General Obligation:
Series A 4.00%, 6/1/2015		15,000,000		16,503,300
5.00%, 3/1/2015		1,050,000		1,174,488
5.00%, 3/1/2016		5,000,000		5,786,400
South Carolina, State Public Service Authority Revenue:
Series E 5.00%, 1/1/2014		1,200,000		1,281,672
Series B 5.00%, 12/1/2016		3,500,000		4,095,280

				28,841,140

TENNESSEE — 1.4%
Memphis, TN, Electric System Revenue 5.00%, 12/1/2014		3,500,000		3,848,635
Murfreesboro, TN, General Obligation 5.00%, 6/1/2014		1,605,000		1,746,609
Nashville & Davidson County, Health & Educational Facilities Board Revenue 5.00%, 10/1/2014		1,000,000		1,100,290
Sevierville, TN, Public Building Authority Revenue 5.00%, 6/1/2014		1,000,000		1,086,630
Shelby County, TN, General Obligation Series A 5.00%, 4/1/2017		5,360,000		6,341,630
Tennessee, Metropolitan Government of Nashville & Davidson County 5.00%, 7/1/2016		2,800,000		3,260,768
Tennessee, State General Obligation:
Series A 4.00%, 5/1/2013		150,000		154,694
Series A 5.00%, 10/1/2013		500,000		529,420
Tennessee, State School Bond Authority:
3.00%, 5/1/2014		1,950,000		2,042,313
4.00%, 5/1/2015		2,000,000		2,189,400
5.00%, 5/1/2013 (a)		60,000		62,365

				22,362,754

TEXAS — 5.9%
Arlington, TX, Independent School District, General Obligation 5.00%, 2/15/2014 (a)		1,640,000		1,760,753
Dallas County, TX, Community College District, General Obligation 5.00%, 2/15/2014		1,340,000		1,438,664
Dallas, TX, Independent School District, General Obligation 4.00%, 2/15/2016 (a)		2,000,000		2,232,640
El Paso, TX, Independent School District, General Obligation Zero Coupon, 8/15/2013 (a)(c)		1,980,000		1,973,644
Frisco, TX, Refunding Improvement, General Obligation 5.00%, 2/15/2016		4,000,000		4,618,440
Houston, TX, General Obligation:
Series A 4.00%, 3/1/2017		4,000,000		4,534,720
Series A 5.00%, 3/1/2016		5,000,000		5,760,900
Series A 5.00%, 3/1/2017		530,000		624,870
Houston, TX, Utilities System Revenue:
Series C 5.00%, 11/15/2013		1,905,000		2,026,787
Series C 5.00%, 11/15/2015		4,685,000		5,358,047

See accompanying notes to financial statements.

213

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

June 30, 2012


	Principal
Security Description	Amount		Value

Series E 5.00%, 11/15/2016	$	13,775,000	$	16,230,118
Lamar, TX, Consolidated Independent School District, General Obligation 5.00%, 2/15/2013 (a)		180,000		185,251
Northside, TX, Tollway Authority Revenue Series A 5.00%, 9/1/2016		1,100,000		1,272,326
San Antonio, TX, Electric and Gas:
Series A 5.00%, 2/1/2014		200,000		214,502
Series D 5.00%, 2/1/2017		2,755,000		3,258,476
Texas A&M, State University Revenue:
Series D 4.00%, 5/15/2016		750,000		843,195
Series B 5.00%, 5/15/2016		1,000,000		1,162,270
Texas Tech, State University, Revenue:
Series A 3.00%, 8/15/2016		1,000,000		1,093,040
5.00%, 2/15/2017		2,695,000		3,186,271
Texas, State General Obligation:
5.00%, 10/1/2015		3,495,000		3,988,704
Series A 5.00%, 10/1/2015		8,000,000		9,130,080
5.00%, 10/1/2016		4,000,000		4,717,080
Series A 5.00%, 10/1/2016		2,110,000		2,488,260
Texas, State Public Finance Authority:
Series A 5.00%, 1/1/2017		1,100,000		1,257,421
Series A 5.00%, 7/1/2017		2,605,000		2,977,802
Texas, State University Revenue:
5.00%, 3/15/2015		500,000		558,565
5.00%, 3/15/2016		1,000,000		1,156,540
University of Texas, Revenue:
Series A 3.25%, 8/15/2013		2,650,000		2,738,139
Series A 5.00%, 8/15/2015		3,100,000		3,521,848

				90,309,353

UTAH — 1.1%
Utah, State General Obligation:
4.00%, 7/1/2013		2,000,000		2,075,240
Series A 5.00%, 7/1/2015		6,800,000		7,708,820
Series C 5.00%, 7/1/2015		800,000		906,920
Series A 5.00%, 7/1/2016		5,050,000		5,926,680

				16,617,660

VIRGINIA — 3.2%
Richmond, VA, General Obligation Series C 5.00%, 7/15/2016		2,000,000		2,327,960
Virginia, College Building Authority, Educational Facilities Revenue Series A 5.00%, 9/1/2013		2,000,000		2,107,860
Virginia, State Public Building Authority, Building Revenue:
Series B 5.00%, 8/1/2013		8,575,000		9,004,179
Series B 5.00%, 8/1/2014		1,500,000		1,638,975
Series B 5.00%, 8/1/2016		5,600,000		6,552,728
Virginia, State Public School Authority Series C 5.00%, 8/1/2013		8,570,000		9,002,785
Virginia, State Transportation Board Revenue:
Series A 5.00%, 9/15/2015		500,000		568,820
5.00%, 5/15/2016		16,170,000		18,813,956

				50,017,263

WASHINGTON — 3.8%
Energy Northwest Washington, Electricity Revenue:
Series A 4.00%, 7/1/2014		1,375,000		1,473,532
Series A 5.00%, 7/1/2014		1,485,000		1,620,803
Series D 5.00%, 7/1/2014		850,000		927,733
5.00%, 7/1/2015		500,000		564,595
Series C 5.00%, 7/1/2016		4,755,000		5,541,572
Series A 5.00%, 7/1/2017		4,500,000		5,373,855
Series A 5.25%, 7/1/2016		1,960,000		2,303,431
King County, WA, School District No 1 Series B 5.00%, 1/1/2016		4,500,000		5,157,360
Seattle, WA, Municipal Light & Power Revenue Series B 5.00%, 2/1/2015		7,540,000		8,379,353
Snohomish County, WA, Public Utility Revenue:
4.00%, 12/1/2013		3,625,000		3,809,295
5.00%, 12/1/2016		425,000		500,497
Washington, State General Obligation:
Series B-2 4.00%, 8/1/2013		5,000,000		5,199,550
Series R 5.00%, 1/1/2015		10,500,000		11,653,425
Series A 5.00%, 8/1/2015		4,110,000		4,659,671
5.00%, 7/1/2016		1,240,000		1,449,920

				58,614,592

WISCONSIN — 2.6%
Milwaukee, WI, General Obligation:
5.00%, 2/1/2015		8,825,000		9,797,780
Series N3 5.00%, 5/15/2016		2,590,000		3,000,619
Series N2 5.00%, 5/1/2017		10,000,000		11,826,600
Wisconsin, State General Obligation:
4.00%, 11/1/2016		1,950,000		2,211,007
Series A 5.00%, 5/1/2015		1,380,000		1,550,485
Series C 5.00%, 5/1/2015		10,000,000		11,235,400
Series C 5.00%, 5/1/2017		400,000		479,100

				40,100,991

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $1,494,795,527)				1,522,697,555

	Shares
SHORT TERM INVESTMENT — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Tax Free Money Market Fund 0.00% (d)(e)(f) (Cost $2,902,320)		2,902,320		2,902,320

TOTAL INVESTMENTS — 99.1% (g)
(Cost $1,497,697,847)				1,525,599,875
OTHER ASSETS & LIABILITIES — 0.9%				13,704,545

NET ASSETS — 100.0%			$	1,539,304,420

See accompanying notes to financial statements.

214

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

June 30, 2012


(a)		Bond is insured by one of these companies:


		As a % of
	Insurance Coverage	Net Assets

	Assured Guaranty Municipal Corp.		3.14	%
	Permanent School Fund Guaranteed		0.40	%
	Ambac Financial Group		0.33	%
	Assured Guaranty Corp.		0.24	%
	National Public Finance Guarantee Corp.		0.08	%

(b)	Variable rate security. Rate shown is rate in effect at June 30, 2012. Maturity date disclosed is the ultimate maturity.
(c)	Non-income producing security.
(d)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)	The rate shown is the annualized seven-day yield at period end.
(f)	Value is determined based on Level 1 inputs. (Note 2)
(g)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

215

SPDR Nuveen S&P VRDO Municipal Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 96.0%
ALABAMA — 0.7%
Alabama, State University Revenue Series B 0.29%, 9/1/2031 (a)	$	100,000	$	100,000

CALIFORNIA — 2.3%
California, Statewide Communities Development Authority Revenue 0.58%, 7/1/2036 (a)		200,000		200,000
Riverside, CA, Electric Revenue Series C 0.22%, 10/1/2035 (a)		150,000		150,000

				350,000

COLORADO — 6.0%
Broomfield, CO, Urban Renewal Authority, Tax Revenue 1.10%, 12/1/2030 (a)		400,000		400,000
Denver, CO, City & County Airport Revenue Series C 0.17%, 11/15/2022 (a)		500,000		500,000

				900,000

CONNECTICUT — 6.0%
Connecticut, State Health & Educational Facility Authority Revenue Series M 0.63%, 7/1/2024 (a)		200,000		200,000
Connecticut, State Housing Finance Authority Revenue Series E 0.30%, 5/15/2036 (a)		700,000		700,000

				900,000

ILLINOIS — 6.0%
Illinois, State Finance Authority Revenue:
Series C 0.29%, 5/15/2035 (a)		200,000		200,000
0.40%, 11/15/2037 (a)(b)		400,000		400,000
0.50%, 12/1/2022 (a)(b)		300,000		300,000

				900,000

MASSACHUSETTS — 3.3%
Massachusetts, State Water Resources Authority Revenue Series B 0.25%, 8/1/2031 (a)		500,000		500,000

NEBRASKA — 0.7%
Nebraska, Central Plains Energy Project Revenue 0.18%, 8/1/2039 (a)		100,000		100,000

NEW MEXICO — 0.7%
New Mexico, State Municipal Energy Acquisition Authority, Gas Supply Revenue 0.18%, 11/1/2039 (a)		100,000		100,000

NEW YORK — 15.9%
New York, NY, City Municipal Water Finance Authority Revenue:
Series B-4 0.15%, 6/15/2023 (a)		100,000		100,000
Series F-2 0.18%, 6/15/2033 (a)		400,000		400,000
New York, NY, City Transitional Finance Authority Revenue Series 3 0.50%, 11/1/2022 (a)		500,000		500,000
New York, NY, Metropolitan Transportation Authority Revenue 0.21%, 11/1/2035 (a)		100,000		100,000
New York, NY, Triborough Bridge & Tunnel Authority Revenue Series B-3 0.27%, 1/1/2032 (a)		390,000		390,000
New York, State Housing Finance Agency:
Series A 0.26%, 11/1/2037 (a)		500,000		500,000
0.90%, 11/1/2041 (a)		400,000		400,000

				2,390,000

NORTH CAROLINA — 7.9%
New Hanover, NC, Hospital Revenue 0.55%, 10/1/2026 (a)(b)		380,000		380,000
North Carolina, Medical Care Commission, Health Care Facilities Revenue 0.26%, 12/1/2028 (a)		100,000		100,000
Person County, NC, Industrial Facilities & Pollution Control Financing Authority Revenue 0.62%, 11/1/2035 (a)		700,000		700,000

				1,180,000

OHIO — 2.5%
Ohio State University, Revenue 2.00%, 12/1/2026 (a)(b)		380,000		380,000

PENNSYLVANIA — 6.7%
Emmaus, PA, General Authority Revenue Series A 0.17%, 3/1/2030 (a)		400,000		400,000
Pittsburgh, PA, Water & Sewer Authority 0.50%, 9/1/2033 (a)(b)		610,000		610,000

				1,010,000

RHODE ISLAND — 4.1%
Rhode Island, Health & Educational Building Corp., Revenue 0.50%, 10/1/2033 (a)		610,000		610,000

TENNESSEE — 7.2%
Clarksville, TN, Public Building Authority Revenue:
0.55%, 6/1/2024 (a)		100,000		100,000
0.55%, 6/1/2029 (a)		100,000		100,000
Montgomery County, TN, Public Building Authority Revenue 0.50%, 9/1/2029 (a)		700,000		700,000
Nashville & Davidson County, TN, Industrial Development Board Revenue 0.29%, 12/1/2031 (a)		187,000		187,000

				1,087,000

TEXAS — 10.6%
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue Series C 0.17%, 6/1/2024 (a)		400,000		400,000
Katy, TX, Independent School District, General Obligation Series C 0.33%, 8/15/2036 (a)(b)		500,000		500,000

See accompanying notes to financial statements.

216

SPDR Nuveen S&P VRDO Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue 0.28%, 7/1/2047 (a)	$	700,000	$	700,000

				1,600,000

VIRGINIA — 7.3%
Farmville, VA, Industrial Development Authority Revenue 0.50%, 9/1/2036 (a)(b)		700,000		700,000
Virginia, Small Business Financing Authority Revenue 0.46%, 10/1/2024 (a)		400,000		400,000

				1,100,000

WASHINGTON — 2.7%
Washington, State General Obligation Series 96A 0.18%, 6/1/2020 (a)		400,000		400,000

WEST VIRGINIA — 4.7%
West Virginia, Hospital Finance Authority Revenue 0.32%, 6/1/2030 (a)		700,000		700,000

WISCONSIN — 0.7%
Wisconsin, State Health & Educational Facilities Authority Revenue 0.50%, 3/15/2036 (a)(b)		100,000		100,000

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $14,407,000)				14,407,000

	Shares
SHORT TERM INVESTMENT — 4.0%
MONEY MARKET FUND — 4.0%
State Street Institutional Tax Free Money Market Fund 0.00% (c)(d)(e) (Cost $598,164)		598,164		598,164

TOTAL INVESTMENTS (f) — 100.0%
(Cost $15,005,164)				15,005,164
OTHER ASSETS & LIABILITIES — 0.0% (g)				2,491

NET ASSETS — 100.0%			$	15,007,655


		As a % of
	Insurance Coverage	Net Assets

	Assured Guaranty Municipal Corp.		14.46	%
	Assured Guaranty Corp.		4.66	%
	Permanent School Fund Guaranteed		3.33	%

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

See accompanying notes to financial statements.

217

SPDR Nuveen S&P High Yield Municipal Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 99.0%
ALABAMA — 1.0%
Jefferson County, AL, School Warrant Revenue Series A 5.00%, 1/1/2024	$	1,000,000	$	965,220

ALASKA — 0.4%
Northern Alaska, Tobacco Securitization Corp., Tobacco Settlement Revenue Asset Backed Bonds Series A 5.00%, 6/1/2032		500,000		424,120

ARIZONA — 4.4%
Downtown Phoenix, AZ, Hotel Corp. Revenue Series A 5.25%, 7/1/2023		1,000,000		1,032,580
Phoenix, AZ, Industrial Development Authority Education Revenue:
7.50%, 7/1/2042		500,000		512,355
Series A 7.50%, 7/1/2042		1,000,000		1,033,330
Quechan Indian Tribe, AZ, Fort Yuma Indian Reservation Revenue Series A 9.75%, 5/1/2025		1,000,000		1,045,200
Salt Verde, AZ, Financial Corp. Senior Gas Revenue 5.00%, 12/1/2037		530,000		536,863

				4,160,328

CALIFORNIA — 13.3%
California County, CA, Tobacco Securitization Agency, Tobacco Settlement Revenue 5.45%, 6/1/2028		990,000		862,042
California, Golden State Tobacco Securitization Corp., Revenue:
Series A-1 5.00%, 6/1/2033		1,000,000		755,170
Series A-1 5.13%, 6/1/2047		1,350,000		974,106
Series A-1 5.75%, 6/1/2047		1,380,000		1,103,655
California, Health Facilities Financing Authority Revenue Series A 5.00%, 4/1/2037 (a)		1,000,000		1,028,020
California, State Municipal Finance Authority, Mobile Home Park Revenue Series A 5.50%, 8/15/2047		435,000		449,298
California, Statewide Communities Development Authority Revenue:
5.00%, 8/15/2047		330,000		331,700
Series A 5.13%, 7/15/2031		500,000		507,595
Series A 5.25%, 7/1/2030		510,000		518,063
Daly City, CA, Housing Development Finance Agency, Mobile Home Park Revenue Series A 5.00%, 12/15/2047		250,000		253,343
Hesperia, CA, Public Financing Authority, Tax Allocation Series A 5.50%, 9/1/2022		1,000,000		976,350
March, CA, Joint Powers Redevelopment Agency, Tax Allocation Series B 7.50%, 8/1/2041		1,000,000		1,152,310
Oakley, CA, Public Finance Authority Revenue, Special Assessment 5.30%, 9/2/2034		170,000		174,617
Pittsburg, CA, Redevelopment Agency, Tax Allocation 6.50%, 9/1/2028		1,000,000		1,076,530
Rancho Mirage, CA, Joint Powers Financing Authority Revenue Series A 5.00%, 7/1/2027		1,000,000		1,024,210
San Benito, CA, Health Care District Revenue 5.40%, 10/1/2020		1,000,000		1,000,260
Tobacco Securitization Authority of Southern California, Tobacco Settlement Revenue Series A1 5.13%, 6/1/2046		675,000		508,910

				12,696,179

COLORADO — 7.3%
Colorado, Health Facilities Authority Revenue Series A 5.90%, 8/1/2037		1,000,000		956,620
Denver, CO, City & County Special Facilities, Airport Revenue Series A 5.25%, 10/1/2032		1,000,000		990,690
Harvest Junction, CO, Metropolitan District, General Obligation 5.00%, 12/1/2030		770,000		765,388
Metropolitan District, CO, Compark Business Campus, General Obligation:
Series A 5.75%, 12/1/2027		1,000,000		986,880
Series A 6.75%, 12/1/2039		1,000,000		1,007,360
Prairie Center, CO, Metropolitan District No. 3, General Obligation Series A 5.40%, 12/15/2031		1,000,000		969,540
Public Authority for Colorado, State Natural Gas Purchase Revenue 6.50%, 11/15/2038		1,035,000		1,276,869

				6,953,347

CONNECTICUT — 1.2%
Harbor Point, CT, Special Obligation Revenue Series A 7.88%, 4/1/2039		1,000,000		1,130,660

FLORIDA — 8.9%
Alachua County, FL, Health Facilities Authority Revenue 7.38%, 11/15/2019		300,000		303,108
Ave Maria, FL, Stewardship Community District, Special Assessment 6.70%, 5/1/2042		1,000,000		992,220
Escambia County, FL, Health Facilities Authority Revenue Series A 5.75%, 8/15/2029		1,000,000		1,094,790
Hillsborough County, FL, Industrial Development Authority, Hospital Revenue 5.25%, 10/1/2026		1,000,000		1,063,090

See accompanying notes to financial statements.

218

SPDR Nuveen S&P High Yield Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Lakes by the Bay Community Development District, FL, Special Assessment 5.75%, 11/1/2042	$	500,000	$	501,540
Lee County, FL, Industrial Development Authority, Revenue Series A 5.38%, 6/15/2037		1,000,000		988,460
Madison County, FL, Revenue Series A 6.00%, 7/1/2025		750,000		719,445
Pinellas County, FL, Educational Facilities Authority Revenue 5.25%, 10/1/2030		1,000,000		1,069,480
Renaissance Community Development District, FL, Special Assessment 5.55%, 5/1/2033		500,000		508,680
Seven Oaks, FL, Community Development District, Special Assessment Series A-2 6.50%, 5/1/2033		750,000		788,010
Tolomato, FL, Community Development District, Special Assessment 6.65%, 5/1/2040 (b)		1,000,000		445,620

				8,474,443

GUAM — 2.2%
Guam, Government General Obligation Series A 6.75%, 11/15/2029		1,000,000		1,107,450
Guam, Government Waterworks Authority, Water & Wastewater System Revenue 5.63%, 7/1/2040		1,000,000		1,013,950

				2,121,400

HAWAII — 1.7%
Hawaii, Pacific Health Special Purpose Revenue Series B 5.75%, 7/1/2040		1,000,000		1,095,210
Hawaii, State Department of Budget & Finance, Special Purpose Revenue Series A 4.65%, 3/1/2037		480,000		488,438

				1,583,648

ILLINOIS — 5.6%
Cook County, IL, Revenue 6.50%, 10/15/2040		1,000,000		1,027,580
Illinois, State Finance Authority Revenue:
6.13%, 5/15/2027		1,000,000		1,089,830
7.13%, 2/1/2034		1,000,000		1,081,280
7.13%, 2/15/2039		1,100,000		1,184,711
Illinois, State Finance Authority, Student Housing Revenue Series A 5.00%, 6/1/2024		500,000		430,005
Railsplitter, IL, Tobacco Settlement Authority Revenue 5.50%, 6/1/2023		475,000		543,533

				5,356,939

INDIANA — 3.8%
Indiana, State Finance Authority, Environmental Revenue:
6.00%, 12/1/2019		1,000,000		1,083,230
6.00%, 12/1/2026		500,000		534,715
Indiana, State Finance Authority, Hospital Revenue 5.50%, 8/15/2040		1,000,000		1,014,320
Vigo County, IN, Hospital Authority Revenue 5.75%, 9/1/2042 (c)		1,000,000		1,016,430

				3,648,695

IOWA — 0.9%
Tobacco Settlement Authority, IA, Tobacco Settlement Revenue Series C 5.50%, 6/1/2042		1,000,000		817,250

LOUISIANA — 0.6%
Louisiana, State Environmental Facilities & Community Development Authority Revenue 6.75%, 11/1/2032		500,000		558,100

MAINE — 0.5%
Rumford, ME, Solid Waste Disposal Revenue 6.88%, 10/1/2026		520,000		520,146

MASSACHUSETTS — 0.5%
Massachusetts, Port Authority Facilities Revenue:
Series A 5.00%, 1/1/2027 (a)		235,000		208,645
Series A 5.50%, 1/1/2016 (a)(b)		250,000		249,990

				458,635

MICHIGAN — 4.3%
Conner Creek Academy, MI, Public School Revenue 5.00%, 11/1/2026		1,000,000		852,210
Detroit, MI, Water and Sewerage Department System Revenue Series A 5.25%, 7/1/2039		960,000		983,270
Kent County, MI, Hospital Finance Authority Revenue Series A 5.25%, 7/1/2030		740,000		748,392
Michigan, State Public Power Agency Revenue Series A 5.00%, 1/1/2043		1,000,000		1,034,410
Michigan, State Tobacco Settlement Finance Authority Revenue Series A 6.88%, 6/1/2042		500,000		498,390

				4,116,672

MINNESOTA — 1.4%
St. Paul, MN, Housing & Redevelopment Authority, Lease Revenue Series A 6.63%, 12/1/2023		875,000		908,311
Tobacco Securitization Authority, MN, Tobacco Settlement Revenue Series B 5.25%, 3/1/2031		375,000		412,905

				1,321,216

NEBRASKA — 0.5%
Central Plains Energy Project, NE, Natural Gas Revenue 5.00%, 9/1/2032		500,000		508,745

See accompanying notes to financial statements.

219

SPDR Nuveen S&P High Yield Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

NEVADA — 0.2%
Las Vegas, NV, Local Improvement, Special Assessment 6.25%, 6/1/2024	$	200,000	$	204,000

NEW JERSEY — 4.5%
Bayonne, NJ, Redevelopment Agency Revenue Series A 5.38%, 11/1/2035		535,000		518,977
New Jersey, Economic Development Authority, Revenue:
6.40%, 9/15/2023		1,000,000		1,003,990
7.10%, 11/1/2031		1,000,000		425,020
Tobacco Settlement Financing Corp., NJ, Revenue:
Series 1A 4.63%, 6/1/2026		350,000		309,841
Series 1A 4.75%, 6/1/2034		1,000,000		770,900
Series 1A 5.00%, 6/1/2029		1,020,000		908,483
Series 1A 5.00%, 6/1/2041		500,000		388,305

				4,325,516

NEW MEXICO — 0.5%
Mariposa, NM, Public Improvement District, General Obligation 6.00%, 9/1/2032		500,000		437,570

NEW YORK — 6.9%
Chautauqua County, NY, Industrial Development Agency, Exempt Facility Revenue 5.88%, 4/1/2042		1,000,000		1,101,900
Hudson, NY, Yards Infrastructure Corp., Revenue Series A 5.75%, 2/15/2047		500,000		574,300
New York, NY, Industrial Development Agency Revenue:
4.00%, 1/1/2015 (a)		100,000		102,275
5.00%, 1/1/2031 (a)		1,000,000		1,004,800
5.00%, 9/1/2035		1,000,000		1,022,160
5.75%, 10/1/2037		1,000,000		522,600
Series A 8.50%, 8/1/2028		500,000		517,400
Syracuse, NY, Industrial Development Agency Revenue Series A 5.00%, 1/1/2036		1,000,000		1,002,790
TSASC, Inc., NY, Revenue Series 1 5.13%, 6/1/2042		1,000,000		717,340

				6,565,565

OHIO — 7.5%
Buckeye, OH, Tobacco Settlement Financing Authority:
Series A-2 5.13%, 6/1/2024		1,150,000		925,440
Series A-2 5.38%, 6/1/2024		1,000,000		824,060
Series A-2 5.88%, 6/1/2030		1,000,000		783,540
Series A-2 5.88%, 6/1/2047		500,000		383,665
Series A-2 6.00%, 6/1/2042		1,235,000		972,921
Series A-2 6.50%, 6/1/2047		1,000,000		839,630
Ohio, State Air Quality Development Authority Revenue:
Series E 5.63%, 10/1/2019		290,000		334,387
6.75%, 6/1/2024		1,000,000		1,050,740
Ohio, State Hospital Facilities Authority Revenue 6.00%, 12/1/2042 (d)		1,000,000		997,160

				7,111,543

OKLAHOMA — 1.2%
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue Series A 7.13%, 11/1/2030		1,000,000		1,113,690

PENNSYLVANIA — 2.8%
Allegheny County, PA, Hospital Development Authority Revenue Series A 5.38%, 11/15/2040		680,000		555,172
Erie, PA, Higher Education Building Authority Revenue 5.35%, 3/15/2028		540,000		577,503
Pennsylvania, State Economic Development Financing Authority Revenue 6.00%, 6/1/2031		515,000		499,133
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Revenue Series A 5.63%, 7/1/2042 (d)		1,000,000		1,000,750

				2,632,558

PUERTO RICO — 5.9%
Puerto Rico Commonwealth, General Obligation:
Series A 5.00%, 7/1/2022		1,000,000		1,073,680
Series A 5.13%, 7/1/2037		1,000,000		1,005,830
Puerto Rico, Electric Power Authority Revenue Series XX 5.25%, 7/1/2040		1,000,000		1,019,630
Puerto Rico, Industrial Tourist Educational, Medical & Environmental Revenue 5.38%, 4/1/2042		1,000,000		1,001,040
Puerto Rico, Sales Tax Financing Corp. Revenue Series A 5.38%, 8/1/2039		1,000,000		1,052,400
The Children’s Trust Fund, PR, Tobacco Settlement Revenue 5.63%, 5/15/2043		500,000		498,875

				5,651,455

TENNESSEE — 0.8%
Tennessee, State Energy Acquisition Corp., Gas Revenue Series A 5.25%, 9/1/2019		725,000		809,086

TEXAS — 4.5%
Austin, TX, Convention Center Revenue Series A 5.00%, 1/1/2034		490,000		494,758
Central Texas, Regional Mobility Authority Revenue 5.75%, 1/1/2025		1,000,000		1,112,160
Houston, TX, Airport System Revenue Series A 5.00%, 7/1/2028		1,000,000		1,097,360
Love Field, TX, Airport Modernization Corp. Revenue 5.25%, 11/1/2040		125,000		131,406

See accompanying notes to financial statements.

220

SPDR Nuveen S&P High Yield Municipal Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Texas, Brazos River Authority, Pollution Control Revenue Series D 5.40%, 10/1/2029 (e)	$	1,000,000	$	283,310
Travis County, TX, Health Facilities Development Corp., Revenue 7.13%, 11/1/2040		1,000,000		1,138,980

				4,257,974

UTAH — 1.1%
Utah, State Charter School Finance Authority Revenue Series A 5.80%, 6/15/2038		1,000,000		1,015,370

VIRGIN ISLANDS — 0.9%
Virgin Islands, Public Finance Authority Revenue 5.00%, 10/1/2031		800,000		825,944

VIRGINIA — 2.1%
Tobacco Settlement Financing Corp., VA, Revenue Series B1 5.00%, 6/1/2047		1,050,000		699,058
Virginia, Small Business Financing Authority Revenue 5.50%, 1/1/2042		1,250,000		1,313,800

				2,012,858

WASHINGTON — 0.5%
Washington, State Higher Education Facilities Authority Revenue 5.25%, 10/1/2046		500,000		518,115

WISCONSIN — 1.1%
Wisconsin, State Public Finance Authority Revenue Series A 8.63%, 6/1/2047		1,000,000		1,013,490

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $89,027,942)				94,310,477

	Shares
SHORT TERM INVESTMENT — 2.6%
MONEY MARKET FUND — 2.6%
State Street Institutional Tax Free Money Market Fund 0.00% (f)(g)(h) (Cost $2,457,747)		2,457,747		2,457,747

TOTAL INVESTMENTS — 101.6% (i)
(Cost $91,485,689)				96,768,224
OTHER ASSETS & LIABILITIES — (1.6)%				(1,485,300	)

NET ASSETS — 100.0%			$	95,282,924


(a)		Bond is insured by one of these companies:


		As a % of
	Insurance Coverage	Net Assets

	Ambac Financial Group		2.72	%

(b)	Securities are valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (Note 2)
(c)	Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.1% of net assets as of June 30, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	When-issued security.
(e)	Variable rate security. Rate shown is rate in effect at June 30, 2012. Maturity date disclosed is the ultimate maturity.
(f)	Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(g)	The rate shown is the annualized seven-day yield at period end.
(h)	Value is determined based on Level 1 inputs. (Note 2)
(i)	Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

221

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

MUNICIPAL BONDS & NOTES — 98.8%
ARIZONA — 0.5%
Arizona, Salt River Project, Agricultural Improvement & Power District Revenue 4.84%, 1/1/2041	$	310,000	$	359,699
Phoenix, AZ, General Obligation 5.27%, 7/1/2034		130,000		151,935

				511,634

CALIFORNIA — 35.0%
California, Bay Area Toll Authority, Toll Bridge Revenue 7.04%, 4/1/2050		800,000		1,131,576
California, State General Obligation:
5.70%, 11/1/2021		220,000		250,468
6.65%, 3/1/2022		450,000		549,900
7.30%, 10/1/2039		1,740,000		2,160,088
7.35%, 11/1/2039		480,000		599,371
7.50%, 4/1/2034		1,580,000		1,973,799
7.55%, 4/1/2039		3,000,000		3,857,760
7.60%, 11/1/2040		1,785,000		2,321,071
7.63%, 3/1/2040		1,540,000		1,990,974
7.70%, 11/1/2030		800,000		942,912
7.95%, 3/1/2036		930,000		1,100,413
California, State Public Works Board, Lease Revenue 8.36%, 10/1/2034		365,000		467,061
East Bay, CA, Municipal Utility District, Water System Revenue 5.87%, 6/1/2040		295,000		392,925
Los Angeles County, CA, Metropolitan Transportation Authority, Sales Tax Revenue 5.74%, 6/1/2039		510,000		634,384
Los Angeles County, CA, Public Works Financing Authority, Lease Revenue:
7.49%, 8/1/2033		250,000		307,430
7.62%, 8/1/2040		430,000		539,878
Los Angeles, CA, Community College District, General Obligation:
6.60%, 8/1/2042		405,000		532,923
6.75%, 8/1/2049		420,000		556,429
Los Angeles, CA, Department of Airports Revenue 6.58%, 5/15/2039		280,000		357,224
Los Angeles, CA, Department of Water & Power Revenue:
5.72%, 7/1/2039		400,000		496,684
6.17%, 7/1/2040		115,000		130,262
6.57%, 7/1/2045		830,000		1,195,615
6.60%, 7/1/2050		400,000		576,352
Los Angeles, CA, Department of Water & Power Waterworks Revenue 6.01%, 7/1/2039		115,000		142,487
Los Angeles, CA, Unified School District, General Obligation:
5.75%, 7/1/2034		960,000		1,125,427
5.76%, 7/1/2029		450,000		522,014
6.76%, 7/1/2034		1,150,000		1,489,618
Orange County, CA, Local Transportation Authority, Sales Tax Revenue Series A 6.91%, 2/15/2041		150,000		206,777
Sacramento, CA, Municipal Utility District, Electricity Revenue 6.16%, 5/15/2036		230,000		278,424
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue 5.91%, 4/1/2048		460,000		611,243
San Diego County, CA, Water Authority Revenue 6.14%, 5/1/2049		570,000		754,589
San Francisco, CA, Bay Area Toll Authority, Toll Bridge Revenue:
6.26%, 4/1/2049		1,395,000		1,859,689
6.79%, 4/1/2030		445,000		562,146
6.91%, 10/1/2050		170,000		239,166
6.92%, 4/1/2040		350,000		479,080
San Francisco, CA, City & County Public Utilities Commission, Water Revenue:
6.00%, 11/1/2040		350,000		428,155
6.00%, 11/1/2040		150,000		188,342
6.95%, 11/1/2050		400,000		563,100
Santa Clara Valley, CA, Transportation Authority, Sales Tax Revenue 5.88%, 4/1/2032		265,000		325,507
Southern California, Metropolitan Water District Revenue 6.95%, 7/1/2040		100,000		120,490
University of California, Revenue:
5.77%, 5/15/2043		555,000		681,102
5.95%, 5/15/2045		560,000		693,448
6.27%, 5/15/2031		105,000		119,811
6.55%, 5/15/2048		400,000		524,452
6.58%, 5/15/2049		600,000		786,288

				35,766,854

COLORADO — 0.9%
Colorado, Regional Transportation District, Sales Tax Revenue 5.84%, 11/1/2050		150,000		202,304
Colorado, State Bridge Enterprise Revenue Series A 6.08%, 12/1/2040		100,000		129,844
Denver, CO, City & County School District No 1, General Obligation 5.66%, 12/1/2033		365,000		457,330
Denver, CO, General Obligation 5.65%, 8/1/2030		100,000		113,472

				902,950

CONNECTICUT — 0.9%
Connecticut, State General Obligation:
5.09%, 10/1/2030		235,000		266,039
5.63%, 12/1/2029		425,000		512,308
Connecticut, State Special Tax Revenue 5.46%, 11/1/2030		100,000		118,715

				897,062

See accompanying notes to financial statements.

222

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

DISTRICT OF COLUMBIA — 0.9%
District of Columbia, Income Tax Revenue:
5.58%, 12/1/2035	$	140,000	$	171,566
5.59%, 12/1/2034		175,000		218,776
District of Columbia, Water & Sewer Authority Revenue 5.52%, 10/1/2044		100,000		120,157
Metropolitan Washington, DC, Airport Authority, Dules Road Revenue 7.46%, 10/1/2046		360,000		427,025

				937,524

GEORGIA — 3.3%
Georgia, Municipal Electric Authority Revenue:
6.64%, 4/1/2057		1,300,000		1,508,260
6.66%, 4/1/2057		595,000		681,965
7.06%, 4/1/2057		695,000		735,136
Georgia, State General Obligation 4.50%, 11/1/2025		365,000		418,765

				3,344,126

ILLINOIS — 5.1%
Chicago, IL, Board of Education, General Obligation 6.14%, 12/1/2039		385,000		429,056
Chicago, IL, Metropolitan Water Reclamation District, General Obligation 5.72%, 12/1/2038		420,000		530,342
Chicago, IL, O’Hare International Airport Revenue:
6.40%, 1/1/2040		390,000		494,192
6.85%, 1/1/2038		135,000		153,973
Chicago, IL, Transit Authority, Sales Tax Revenue 6.20%, 12/1/2040		635,000		706,368
Chicago, IL, Waste Water Transmission Revenue 6.90%, 1/1/2040		200,000		253,256
Chicago, IL, Water Revenue 6.74%, 11/1/2040		215,000		288,554
Cook County, IL, General Obligation 6.23%, 11/15/2034		315,000		347,020
Illinois, State General Obligation:
6.63%, 2/1/2035		625,000		679,100
6.73%, 4/1/2035		275,000		301,705
7.35%, 7/1/2035		320,000		371,878
Illinois, State Toll Highway Authority Revenue:
5.85%, 12/1/2034		270,000		326,921
6.18%, 1/1/2034		305,000		378,240

				5,260,605

INDIANA — 0.6%
Indianapolis, IN, Public Improvement Revenue 6.12%, 1/15/2040		460,000		593,032

KANSAS — 0.1%
Kansas, State Department of Transportation, Highway Revenue 4.60%, 9/1/2035		140,000		156,638

KENTUCKY — 0.5%
Louisville & Jefferson County, KY, Metropolitan Sewer District Revenue 6.25%, 5/15/2043		400,000		509,432

LOUISIANA — 0.3%
East Baton Rouge, LA, Sewer Commission Revenue 6.09%, 2/1/2045		255,000		285,495

MARYLAND — 0.7%
Maryland, State Transportation Authority Revenue 5.89%, 7/1/2043		520,000		675,090

MASSACHUSETTS — 2.8%
Massachusetts, State General Obligation:
Series E 4.20%, 12/1/2021		545,000		616,302
Series D 4.50%, 8/1/2031		50,000		54,458
4.91%, 5/1/2029		200,000		232,912
5.46%, 12/1/2039		660,000		824,696
Massachusetts, State School Building Authority Revenue:
5.45%, 11/1/2040		300,000		358,734
5.72%, 8/15/2039		510,000		655,126
Massachusetts, State Water Pollution Abatement Trust 5.19%, 8/1/2040		105,000		124,364

				2,866,592

MICHIGAN — 0.2%
Michigan, State General Obligation Series B 7.63%, 9/15/2027		200,000		248,522

MISSISSIPPI — 0.1%
Mississippi, State General Obligation 5.25%, 11/1/2034		135,000		158,626

MISSOURI — 1.3%
Missouri, State Highways & Transportation Commission, State Road Revenue 5.45%, 5/1/2033		355,000		429,639
University of Missouri, Revenue:
5.79%, 11/1/2041		100,000		135,118
5.96%, 11/1/2039		570,000		743,679

				1,308,436

NEVADA — 1.5%
Clark County, NV, Airport Revenue:
6.82%, 7/1/2045		600,000		821,130
6.88%, 7/1/2042		345,000		394,556
Las Vegas Valley, NV, Water District, General Obligation 7.01%, 6/1/2039		225,000		296,907

				1,512,593

See accompanying notes to financial statements.

223

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

NEW JERSEY — 6.6%
New Jersey, State Transportation Trust Revenue:
5.75%, 12/15/2028	$	705,000	$	825,090
6.10%, 12/15/2028		385,000		437,733
6.56%, 12/15/2040		365,000		489,202
6.88%, 12/15/2039		215,000		246,878
New Jersey, State Turnpike Authority Revenue:
7.10%, 1/1/2041		1,835,000		2,587,112
7.41%, 1/1/2040		1,145,000		1,669,009
Rutgers University, Revenue 5.67%, 5/1/2040		425,000		530,379

				6,785,403

NEW YORK — 14.8%
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue:
5.44%, 6/15/2043		425,000		531,318
5.72%, 6/15/2042		335,000		434,937
5.75%, 6/15/2041		365,000		466,138
5.79%, 6/15/2041		345,000		386,072
5.88%, 6/15/2044		600,000		785,172
5.95%, 6/15/2042		210,000		276,114
6.01%, 6/15/2042		215,000		284,651
6.28%, 6/15/2042		125,000		145,045
New York, NY, City Transitional Finance Authority Revenue:
5.51%, 8/1/2037		670,000		812,777
5.57%, 11/1/2038		450,000		548,280
5.77%, 8/1/2036		195,000		238,534
6.83%, 7/15/2040		260,000		350,597
New York, NY, General Obligation:
5.21%, 10/1/2031		270,000		304,147
5.52%, 10/1/2037		355,000		419,649
5.85%, 6/1/2040		275,000		340,428
Series G-1 5.97%, 3/1/2036		200,000		245,958
5.99%, 12/1/2036		695,000		849,081
6.25%, 6/1/2035		425,000		487,156
6.27%, 12/1/2037		220,000		282,363
6.65%, 12/1/2031		105,000		124,228
New York, NY, Metropolitan Transportation Authority Revenue:
5.87%, 11/15/2039		290,000		335,336
6.09%, 11/15/2040		280,000		354,346
6.55%, 11/15/2031		215,000		264,919
6.65%, 11/15/2039		210,000		264,718
6.67%, 11/15/2039		385,000		493,558
6.69%, 11/15/2040		425,000		548,564
6.81%, 11/15/2040		370,000		481,981
New York, NY, Metropolitan Transportation Authority, Dedicated Tax Fund 7.34%, 11/15/2039		670,000		980,572
New York, State Dormitory Authority, State Personal Income Tax Revenue:
5.29%, 3/15/2033		75,000		87,285
5.39%, 3/15/2040		105,000		126,404
5.43%, 3/15/2039		525,000		634,636
5.50%, 3/15/2030		125,000		151,115
5.60%, 3/15/2040		435,000		551,336
5.63%, 3/15/2039		330,000		402,425
New York, State Urban Development Corp. Revenue:
5.77%, 3/15/2039		635,000		770,687
Series C 5.84%, 3/15/2040		250,000		308,608

				15,069,135

NORTH CAROLINA — 0.2%
North Carolina, Turnkpike Authority Revenue Series B 6.70%, 1/1/2039		160,000		184,413

OHIO — 5.1%
Ohio State University, General Receipts Revenue 4.91%, 6/1/2040		570,000		684,319
Ohio, American Municipal Power, Inc. Revenue:
5.94%, 2/15/2047		370,000		445,894
6.05%, 2/15/2043		245,000		297,065
Series E 6.27%, 2/15/2050		235,000		270,396
6.45%, 2/15/2044		45,000		53,441
7.50%, 2/15/2050		445,000		595,753
7.83%, 2/15/2041		465,000		644,602
8.08%, 2/15/2050		850,000		1,219,673
Ohio, Northeast Regional Sewer District, Wastewater Revenue 6.04%, 11/15/2040		280,000		316,308
Ohio, State Water Development Authority, Water Quality Loan Fund 4.88%, 12/1/2034		565,000		637,230

				5,164,681

OREGON — 0.2%
Oregon, State Department of Transportation Revenue 5.83%, 11/15/2034		130,000		166,993

PENNSYLVANIA — 2.0%
Pennsylvania, Commonwealth Financing Authority Revenue 6.22%, 6/1/2039		20,000		25,002
Pennsylvania, State General Obligation:
4.65%, 2/15/2026		425,000		484,797
5.35%, 5/1/2030		315,000		345,429
5.45%, 2/15/2030		100,000		120,785
5.85%, 7/15/2030		150,000		171,846
Pennsylvania, Turnpike Commission Revenue:
5.51%, 12/1/2045		305,000		360,571
5.56%, 12/1/2049		375,000		447,465
6.11%, 12/1/2039		100,000		126,394

				2,082,289

PUERTO RICO — 0.1%
Puerto Rico, Electric Power Authority Revenue 6.13%, 7/1/2040		100,000		101,634

See accompanying notes to financial statements.

224

SPDR Nuveen Barclays Capital Build America Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

SOUTH CAROLINA — 0.3%
South Carolina, State Public Service Authority Revenue Series C 6.45%, 1/1/2050	$	245,000	$	346,339

TENNESSEE — 0.7%
Nashville & Davidson County, TN, Convention Center Authority Revenue 6.73%, 7/1/2043		335,000		384,912
Nashville & Davidson County, TN, Metropolitan Government, General Obligation 5.71%, 7/1/2034		275,000		328,281

				713,193

TEXAS — 10.1%
Dallas County, TX, Hospital District General Obligation 5.62%, 8/15/2044		370,000		469,948	��
Dallas, TX, Area Rapid Transit, Sales Tax Revenue:
4.92%, 12/1/2041		260,000		305,752
5.02%, 12/1/2048		435,000		528,238
6.00%, 12/1/2044		335,000		456,468
6.25%, 12/1/2034		170,000		194,791
Dallas, TX, Convention Center Hotel Development Corp. Revenue 7.09%, 1/1/2042		315,000		373,540
Dallas, TX, Independent School District, General Obligation 6.45%, 2/15/2035 (a)		445,000		539,932
North Texas, Tollway Authority Revenue:
6.72%, 1/1/2049		800,000		1,069,464
8.91%, 2/1/2030		135,000		155,640
San Antonio, TX, Electric & Gas Revenue:
5.72%, 2/1/2041		150,000		192,799
5.81%, 2/1/2041		50,000		64,903
5.99%, 2/1/2039		620,000		809,007
Texas, State General Obligation:
4.63%, 4/1/2033		110,000		126,145
4.68%, 4/1/2040		220,000		257,422
5.52%, 4/1/2039		1,095,000		1,425,570
Texas, State Transportation Commission, Revenue:
5.03%, 4/1/2026		695,000		831,811
Series B 5.18%, 4/1/2030		1,060,000		1,281,222
University of Texas, Revenue:
4.79%, 8/15/2046		55,000		65,710
5.13%, 8/15/2042		260,000		319,080
5.26%, 7/1/2039		290,000		362,091
Series B 6.28%, 8/15/2041		415,000		485,396

				10,314,929

UTAH — 1.3%
Utah, State General Obligation:
3.54%, 7/1/2025		360,000		394,625
4.55%, 7/1/2024		500,000		587,910
Utah, Transport Authority Sales Tax Revenue 5.94%, 6/15/2039		230,000		301,245

				1,283,780

VIRGINIA — 0.8%
University of Virginia, Revenue 6.20%, 9/1/2039		220,000		314,939
Virginia, Commonwealth Transportation Board Revenue 5.35%, 5/15/2035		395,000		478,621

				793,560

WASHINGTON — 1.9%
Central Puget Sound, WA, Regional Transit Authority, Sales & Use Tax Revenue 5.49%, 11/1/2039		325,000		409,087
Washington, State Convention Center, Public Facilities Revenue 6.79%, 7/1/2040		295,000		360,396
Washington, State General Obligation:
5.09%, 8/1/2033		305,000		358,152
5.14%, 8/1/2040		405,000		492,164
Series D 5.48%, 8/1/2039		245,000		309,477

				1,929,276

TOTAL MUNICIPAL BONDS & NOTES —
(Cost $94,156,636)				100,870,836

TOTAL INVESTMENTS — 98.8% (b)
(Cost $94,156,636)				100,870,836
OTHER ASSETS & LIABILITIES — 1.2%				1,206,844

NET ASSETS — 100.0%			$	102,077,680


(a)		Bond is insured by one of these companies:

See accompanying notes to financial statements.

225

SPDR DB International Government Inflation-Protected Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

FOREIGN GOVERNMENT OBLIGATIONS — 98.9%
AUSTRALIA — 4.8%
Commonwealth of Australia:
2.50%, 9/20/2030	AUD	6,758,704	$	8,734,264
3.00%, 9/20/2025	AUD	14,592,153		19,103,652
4.00%, 8/20/2015	AUD	12,022,296		13,571,089
4.00%, 8/20/2020	AUD	15,334,823		19,863,404

				61,272,409

BRAZIL — 4.4%
Federal Republic of Brazil:
6.00%, 8/15/2014	BRL	2,695,625		1,406,463
6.00%, 5/15/2017	BRL	46,064,996		24,704,097
6.00%, 8/15/2024	BRL	33,102,276		18,609,296
6.00%, 5/15/2035	BRL	19,016,018		11,179,436

				55,899,292

CANADA — 4.7%
Government of Canada:
1.50%, 12/1/2044	CAD	3,403,379		4,353,000
2.00%, 12/1/2041	CAD	7,173,793		10,094,398
3.00%, 12/1/2036	CAD	6,988,729		11,157,561
4.00%, 12/1/2031	CAD	6,210,597		10,490,850
4.25%, 12/1/2021	CAD	6,956,506		9,752,824
4.25%, 12/1/2026	CAD	8,503,014		13,551,108

				59,399,741

CHILE — 4.5%
Republic of Chile:
3.00%, 5/1/2017	CLP	2,104,344,480		4,333,797
3.00%, 1/1/2018	CLP	11,064,779,040		22,977,506
3.00%, 3/1/2028	CLP	3,552,495,520		7,499,799
3.00%, 1/1/2030	CLP	7,014,481,600		14,882,570
3.00%, 2/1/2031	CLP	1,221,877,440		2,592,304
5.00%, 1/1/2016	CLP	2,262,736,000		4,987,785

				57,273,761

FRANCE — 16.2%
Republic of France:
0.25%, 7/25/2018	EUR	5,636,620		7,005,869
1.00%, 7/25/2017	EUR	31,092,696		41,044,406
1.60%, 7/25/2015	EUR	24,591,747		32,865,311
1.80%, 7/25/2040	EUR	10,755,558		14,623,904
2.25%, 7/25/2020	EUR	40,193,228		56,398,680
2.50%, 7/25/2013	EUR	8,949,784		11,724,578
3.15%, 7/25/2032	EUR	15,807,132		25,803,232
3.40%, 7/25/2029	EUR	10,370,580		17,212,990

				206,678,970

GERMANY — 4.7%
Federal Republic of Germany:
0.10%, 4/15/2023	EUR	6,091,609		7,801,871
1.50%, 4/15/2016	EUR	23,341,418		31,757,132
1.75%, 4/15/2020	EUR	14,288,241		20,825,168

				60,384,171

ISRAEL — 4.4%
State of Israel:
2.75%, 8/30/2041	ILS	7,875,233		1,936,889
4.00%, 7/30/2021	ILS	74,666,058		22,318,548
4.00%, 7/31/2024	ILS	58,906,193		17,657,225
5.00%, 4/30/2015	ILS	46,538,327		13,485,559

				55,398,221

ITALY — 4.7%
Republic of Italy:
2.10%, 9/15/2017	EUR	5,726,550		6,354,508
2.10%, 9/15/2021	EUR	7,377,462		7,358,821
2.15%, 9/15/2014	EUR	13,084,941		16,117,244
2.35%, 9/15/2019	EUR	3,223,550		3,456,356
2.35%, 9/15/2035	EUR	8,676,265		7,046,793
2.55%, 9/15/2041	EUR	1,070,680		870,386
2.60%, 9/15/2023	EUR	18,304,889		18,065,831
3.10%, 9/15/2026	EUR	1,045,070		1,069,883

				60,339,822

JAPAN — 5.1%
Japanese Government CPI Linked Bond:
1.10%, 12/10/2016 (a)	JPY	4,700,024,400		62,969,371
1.40%, 6/10/2018 (a)	JPY	173,600,000		2,385,667

				65,355,038

MEXICO — 4.8%
United Mexican States:
3.50%, 12/19/2013	MXN	88,278,477		6,899,965
4.50%, 11/22/2035	MXN	349,402,257		32,772,630
5.00%, 6/16/2016	MXN	248,130,638		21,557,880

				61,230,475

POLAND — 4.2%
Republic of Poland:
2.75%, 8/25/2023	PLN	68,688,050		20,551,049
3.00%, 8/24/2016	PLN	105,225,480		32,478,865

				53,029,914

SOUTH AFRICA — 4.8%
Republic of South Africa:
2.50%, 1/31/2017	ZAR	186,187,647		24,661,184
3.45%, 12/7/2033	ZAR	251,861,303		36,130,261

				60,791,445

SOUTH KOREA — 3.8%
Republic of South Korea:
2.75%, 3/10/2017	KRW	19,714,906,795		18,571,589
2.75%, 6/10/2020	KRW	30,339,816,000		29,967,648

				48,539,237

SWEDEN — 4.7%
Kingdom of Sweden:
3.50%, 12/1/2015	SEK	128,828,006		20,881,125
3.50%, 12/1/2028	SEK	106,768,711		23,602,571
4.00%, 12/1/2020	SEK	77,605,393		14,995,569

				59,479,265

TURKEY — 4.6%
Republic of Turkey:
4.00%, 4/1/2020	TRY	41,427,930		23,946,979
9.00%, 5/21/2014	TRY	56,425,153		34,472,159

				58,419,138

See accompanying notes to financial statements.

226

SPDR DB International Government Inflation-Protected Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

UNITED KINGDOM — 18.5%
United Kingdom Treasury Bond:
0.38%, 3/22/2062	GBP	5,679,976	$	10,100,592
0.63%, 11/22/2042	GBP	6,019,303		11,042,233
0.75%, 11/22/2047	GBP	6,540,475		12,624,419
1.13%, 11/22/2037	GBP	6,904,915		13,785,928
1.25%, 11/22/2017	GBP	8,413,700		15,096,102
1.25%, 11/22/2027	GBP	24,973,107		48,000,725
1.25%, 11/22/2032	GBP	2,702,099		5,356,122
1.25%, 11/22/2055	GBP	6,092,610		14,207,318
1.88%, 11/22/2022	GBP	19,080,011		37,911,217
2.00%, 1/26/2035	GBP	8,263,696		18,752,889
2.50%, 7/26/2016	GBP	6,545,269		12,024,892
2.50%, 4/16/2020	GBP	1,966,257		3,900,948
4.13%, 7/22/2030	GBP	11,773,179		32,815,620

				235,619,005

TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $1,209,572,515)				1,259,109,904

	Shares
SHORT TERM INVESTMENT — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund 0.20% (b)(c)(d) (Cost $1,444,178)		1,444,178		1,444,178

TOTAL INVESTMENTS — 99.0% (e)
(Cost $1,211,016,693)				1,260,554,082
OTHER ASSETS & LIABILITIES — 1.0%				13,210,234

NET ASSETS — 100.0%			$	1,273,764,316

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

EUR — Euro Currency

GBP — Great British Pound

ILS — Israeli Shekel

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

PLN — Polish Zloty

SEK — Swedish Krona

TRY — Turkish Lira

ZAR — South African Rand

See accompanying notes to financial statements.

227

SPDR Barclays Capital Short Term International Treasury Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

FOREIGN GOVERNMENT OBLIGATIONS — 98.2%
AUSTRALIA — 3.7%
Commonwealth of Australia:
4.50%, 10/21/2014	AUD	4,600,000	$	4,928,878
5.50%, 12/15/2013 (a)	AUD	800,000		855,548
6.25%, 6/15/2014	AUD	2,425,000		2,664,820

				8,449,246

AUSTRIA — 3.6%
Republic of Austria:
3.40%, 10/20/2014 (b)	EUR	2,900,000		3,920,565
3.80%, 10/20/2013 (b)	EUR	1,425,000		1,888,147
4.13%, 1/15/2014	EUR	600,000		804,832
4.30%, 7/15/2014 (b)	EUR	1,050,000		1,433,919

				8,047,463

BELGIUM — 4.4%
Kingdom of Belgium:
3.50%, 3/28/2015	EUR	2,150,000		2,897,131
4.00%, 3/28/2014	EUR	1,805,000		2,413,413
4.25%, 9/28/2013	EUR	2,150,000		2,851,227
4.25%, 9/28/2014	EUR	1,275,000		1,735,606

				9,897,377

CANADA — 4.4%
Government of Canada:
1.00%, 2/1/2014	CAD	550,000		539,323
1.00%, 2/1/2015	CAD	1,150,000		1,125,747
1.50%, 11/1/2013	CAD	1,250,000		1,233,986
2.00%, 8/1/2013	CAD	500,000		495,694
2.00%, 3/1/2014	CAD	1,500,000		1,494,968
2.25%, 8/1/2014	CAD	1,450,000		1,457,965
2.50%, 9/1/2013	CAD	400,000		399,113
3.00%, 6/1/2014	CAD	2,100,000		2,136,564
4.50%, 6/1/2015	CAD	1,000,000		1,075,992

				9,959,352

DENMARK — 3.0%
Kingdom of Denmark:
2.00%, 11/15/2014	DKK	22,550,000		4,028,760
5.00%, 11/15/2013	DKK	14,950,000		2,731,229

				6,759,989

FRANCE — 4.5%
French Treasury Note:
0.75%, 9/25/2014	EUR	300,000		382,573
2.00%, 9/25/2013	EUR	300,000		388,405
Republic of France:
2.50%, 1/12/2014	EUR	550,000		720,782
2.50%, 1/15/2015	EUR	1,000,000		1,328,505
3.00%, 7/12/2014	EUR	500,000		666,886
4.00%, 10/25/2013	EUR	1,050,000		1,396,196
4.00%, 4/25/2014	EUR	1,400,000		1,891,754
4.00%, 10/25/2014	EUR	1,200,000		1,641,339
4.50%, 7/12/2013	EUR	1,325,000		1,755,040

				10,171,480

GERMANY — 10.2%
Federal Republic of Germany:
0.01%, 6/13/2014 (c)	EUR	1,100,000		1,392,270
0.25%, 12/13/2013	EUR	1,000,000		1,271,867
0.25%, 3/14/2014	EUR	1,150,000		1,462,677
2.25%, 4/11/2014	EUR	900,000		1,185,330
2.25%, 4/10/2015	EUR	1,200,000		1,607,897
2.50%, 10/10/2014	EUR	1,300,000		1,737,714
2.50%, 2/27/2015	EUR	1,550,000		2,086,898
3.75%, 7/4/2013	EUR	2,900,000		3,815,604
3.75%, 1/4/2015	EUR	1,250,000		1,727,938
4.00%, 10/11/2013	EUR	2,375,000		3,163,789
4.25%, 7/4/2014	EUR	2,525,000		3,467,429

				22,919,413

ITALY — 9.6%
Republic of Italy:
Zero Coupon, 9/30/2013 (c)	EUR	1,500,000		1,824,291
0.01%, 1/31/2014 (c)	EUR	600,000		718,942
2.25%, 11/1/2013	EUR	2,200,000		2,752,352
2.50%, 3/1/2015	EUR	1,350,000		1,642,349
3.00%, 4/1/2014	EUR	1,750,000		2,198,851
3.00%, 4/15/2015	EUR	1,500,000		1,842,638
3.50%, 6/1/2014	EUR	1,850,000		2,338,006
3.75%, 12/15/2013	EUR	1,325,000		1,690,400
4.25%, 8/1/2013	EUR	925,000		1,184,530
4.25%, 7/1/2014	EUR	300,000		384,337
4.25%, 8/1/2014	EUR	2,650,000		3,390,969
6.00%, 11/15/2014	EUR	1,350,000		1,784,785

				21,752,450

JAPAN — 22.4%
Government of Japan 2 Year Bond:
0.10%, 1/15/2014	JPY	165,000,000		2,067,693
0.10%, 3/15/2014	JPY	125,000,000		1,566,418
0.10%, 4/15/2014	JPY	70,000,000		877,191
0.10%, 5/15/2014	JPY	80,000,000		1,002,499
0.10%, 6/15/2014	JPY	80,000,000		1,002,494
0.20%, 8/15/2013	JPY	369,000,000		4,629,384
Government of Japan 5 Year Bond:
0.40%, 6/20/2015	JPY	160,000,000		2,022,292
0.50%, 12/20/2014	JPY	360,000,000		4,555,130
0.50%, 3/20/2015	JPY	125,000,000		1,583,106
0.70%, 12/20/2013	JPY	185,950,000		2,350,672
0.70%, 6/20/2014	JPY	284,250,000		3,604,592
0.70%, 9/20/2014	JPY	165,000,000		2,094,973
0.80%, 3/20/2014	JPY	198,950,000		2,522,985
0.90%, 12/20/2013	JPY	215,000,000		2,725,782
Government of Japan 10 Year Bond:
1.30%, 3/20/2015	JPY	330,000,000		4,269,027
1.40%, 9/20/2013	JPY	221,750,000		2,822,717
1.40%, 12/20/2013	JPY	206,650,000		2,638,845
1.50%, 3/20/2014	JPY	227,950,000		2,924,976
1.50%, 9/20/2014	JPY	415,000,000		5,361,146

				50,621,922

MEXICO — 3.2%
Mexican Bonos 9.50%, 12/18/2014	MXN	30,000,000		2,481,498
United Mexican States:
7.00%, 6/19/2014	MXN	31,350,000		2,436,396

See accompanying notes to financial statements.

228

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

June 30, 2012


	Principal
Security Description	Amount		Value

8.00%, 12/19/2013	MXN	29,650,000	$	2,313,486

				7,231,380

NETHERLANDS — 4.5%
Kingdom of the Netherlands:
0.75%, 4/15/2015	EUR	1,100,000		1,404,973
1.00%, 1/15/2014	EUR	2,475,000		3,179,387
2.75%, 1/15/2015	EUR	1,600,000		2,148,130
3.75%, 7/15/2014	EUR	1,450,000		1,968,195
4.25%, 7/15/2013	EUR	1,150,000		1,520,703

				10,221,388

POLAND — 3.3%
Republic of Poland:
Zero Coupon, 7/25/2013 (c)	PLN	900,000		256,923
Zero Coupon, 1/25/2014 (c)	PLN	4,950,000		1,382,078
Zero Coupon, 7/25/2014 (c)	PLN	2,500,000		682,363
5.00%, 10/24/2013	PLN	5,500,000		1,654,631
5.50%, 4/25/2015	PLN	4,750,000		1,456,469
5.75%, 4/25/2014	PLN	6,275,000		1,916,928

				7,349,392

SINGAPORE — 2.7%
Government of Singapore:
0.25%, 2/1/2014	SGD	1,300,000		1,026,694
1.38%, 10/1/2014	SGD	1,650,000		1,337,568
2.25%, 7/1/2013	SGD	2,525,000		2,034,268
3.63%, 7/1/2014	SGD	2,125,000		1,792,775

				6,191,305

SOUTH AFRICA — 2.6%
Republic of South Africa:
7.50%, 1/15/2014	ZAR	19,250,000		2,432,347
8.75%, 12/21/2014	ZAR	26,250,000		3,473,146

				5,905,493

SOUTH KOREA — 4.1%
Korea Monetary Stabilization Bond:
3.59%, 10/2/2013	KRW	2,250,000,000		1,971,205
3.90%, 8/2/2013	KRW	1,420,000,000		1,246,074
Korea Treasury Bond:
3.00%, 12/10/2013	KRW	1,895,000,000		1,647,926
3.25%, 12/10/2014	KRW	2,690,000,000		2,346,422
3.50%, 6/10/2014	KRW	1,150,000,000		1,007,954
5.00%, 9/10/2014	KRW	1,100,000,000		994,298

				9,213,879

SPAIN — 4.6%
Kingdom of Spain:
2.50%, 10/31/2013	EUR	500,000		619,579
3.00%, 4/30/2015	EUR	1,550,000		1,864,349
3.30%, 10/31/2014	EUR	1,550,000		1,909,787
3.40%, 4/30/2014	EUR	850,000		1,059,319
4.20%, 7/30/2013	EUR	1,550,000		1,967,106
4.25%, 1/31/2014	EUR	1,250,000		1,581,395
4.40%, 1/31/2015	EUR	1,000,000		1,256,639

				10,258,174

SWEDEN — 2.8%
Kingdom of Sweden:
1.50%, 8/30/2013	SEK	2,850,000		413,974
6.75%, 5/5/2014	SEK	36,275,000		5,801,456

				6,215,430

UNITED KINGDOM — 4.6%
United Kingdom Treasury Bond:
2.25%, 3/7/2014	GBP	1,500,000		2,429,890
2.75%, 1/22/2015	GBP	3,000,000		4,987,013
5.00%, 9/7/2014	GBP	750,000		1,296,960
8.00%, 9/27/2013	GBP	900,000		1,546,442

				10,260,305

TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $225,481,793)				221,425,438

	Shares
SHORT TERM INVESTMENTS — 0.2%
MONEY MARKET FUNDS — 0.2%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		460,144		460,144
State Street Institutional Liquid Reserves Fund 0.20% (e)(f)		48,022		48,022

TOTAL SHORT TERM INVESTMENTS — (g)
(Cost $508,166)				508,166

TOTAL INVESTMENTS — 98.4% (h)
(Cost $225,989,959)				221,933,604
OTHER ASSETS & LIABILITIES — 1.6%				3,589,491

NET ASSETS — 100.0%			$	225,523,095


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 3.2% of net assets as of June 30, 2012, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)		Non-income producing security.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Value is determined based on Level 1 inputs. (Note 2)
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro Currency

GBP — Great British Pound

See accompanying notes to financial statements.

229

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

June 30, 2012

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

PLN — Polish Zloty

SEK — Swedish Krona

SGD — Singapore Dollar

ZAR — South African Rand

See accompanying notes to financial statements.

230

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

FOREIGN GOVERNMENT OBLIGATIONS — 98.7%
AUSTRALIA — 4.2%
Commonwealth of Australia:
4.25%, 7/21/2017	AUD	1,500,000	$	1,657,322
4.50%, 10/21/2014	AUD	5,600,000		6,000,373
4.50%, 4/15/2020	AUD	6,250,000		7,138,193
4.75%, 10/21/2015	AUD	700,000		769,348
4.75%, 6/15/2016	AUD	6,050,000		6,729,554
4.75%, 4/21/2027	AUD	2,600,000		3,086,887
5.25%, 3/15/2019	AUD	7,285,000		8,608,000
5.50%, 12/15/2013 (a)	AUD	4,225,000		4,518,362
5.50%, 1/21/2018	AUD	4,025,000		4,728,239
5.50%, 4/21/2023	AUD	3,000,000		3,736,738
5.75%, 5/15/2021	AUD	5,550,000		6,928,725
5.75%, 7/15/2022	AUD	925,000		1,168,669
5.75%, 7/15/2022	AUD	3,500,000		4,421,990
6.00%, 2/15/2017 (a)	AUD	5,630,000		6,645,921
6.25%, 6/15/2014	AUD	5,800,000		6,373,590
6.25%, 4/15/2015	AUD	5,250,000		5,938,123

				78,450,034

AUSTRIA — 4.4%
Republic of Austria:
3.20%, 2/20/2017 (b)	EUR	2,800,000		3,852,638
3.40%, 10/20/2014 (b)	EUR	4,150,000		5,610,464
3.40%, 11/22/2022 (b)	EUR	1,900,000		2,592,035
3.50%, 7/15/2015 (b)	EUR	3,500,000		4,801,007
3.50%, 9/15/2021 (b)	EUR	6,950,000		9,671,018
3.65%, 4/20/2022 (b)	EUR	1,500,000		2,104,459
3.65%, 4/20/2022 (b)	EUR	375,000		526,115
3.80%, 10/20/2013 (b)	EUR	4,460,000		5,909,568
3.80%, 1/26/2062 (b)	EUR	750,000		1,062,518
3.90%, 7/15/2020 (b)	EUR	4,600,000		6,567,567
4.00%, 9/15/2016 (b)	EUR	4,700,000		6,655,049
4.15%, 3/15/2037 (b)	EUR	3,925,000		5,757,015
4.30%, 7/15/2014 (b)	EUR	3,350,000		4,574,885
4.30%, 9/15/2017 (b)	EUR	2,975,000		4,291,147
4.65%, 1/15/2018 (b)	EUR	5,545,000		8,145,191
4.85%, 3/15/2026 (b)	EUR	1,700,000		2,645,903
6.25%, 7/15/2027	EUR	3,615,000		6,425,149

				81,191,728

BELGIUM — 4.6%
Kingdom of Belgium:
2.75%, 3/28/2016	EUR	1,600,000		2,115,476
3.00%, 9/28/2019	EUR	1,300,000		1,676,676
3.25%, 9/28/2016	EUR	2,925,000		3,933,316
3.50%, 3/28/2015	EUR	2,650,000		3,570,882
3.50%, 6/28/2017	EUR	5,050,000		6,805,402
3.75%, 9/28/2015	EUR	4,425,000		6,034,466
4.00%, 3/28/2014	EUR	3,475,000		4,646,322
4.00%, 3/28/2019	EUR	4,220,000		5,821,310
4.00%, 3/28/2022	EUR	6,750,000		9,199,978
4.25%, 9/28/2013	EUR	2,400,000		3,182,765
4.25%, 9/28/2014	EUR	4,225,000		5,751,320
4.25%, 9/28/2021	EUR	3,750,000		5,206,754
4.25%, 9/28/2022	EUR	1,900,000		2,633,266
4.25%, 3/28/2041	EUR	2,525,000		3,412,698
4.50%, 3/28/2026	EUR	800,000		1,116,967
5.00%, 3/28/2035	EUR	6,025,000		8,974,325
5.50%, 9/28/2017	EUR	5,210,000		7,688,012
5.50%, 3/28/2028	EUR	2,020,000		3,120,505

				84,890,440

CANADA — 4.6%
Government of Canada:
0.75%, 5/1/2014	CAD	2,000,000		1,952,013
1.00%, 2/1/2014	CAD	4,500,000		4,412,644
1.50%, 8/1/2015	CAD	2,500,000		2,478,616
1.50%, 3/1/2017	CAD	3,900,000		3,869,204
2.00%, 3/1/2014	CAD	4,750,000		4,734,065
2.00%, 12/1/2014	CAD	4,500,000		4,511,477
2.50%, 9/1/2013	CAD	4,800,000		4,789,359
2.75%, 9/1/2016	CAD	2,550,000		2,655,257
2.75%, 6/1/2022	CAD	3,125,000		3,346,780
3.00%, 6/1/2014	CAD	5,250,000		5,341,409
3.25%, 6/1/2021	CAD	3,000,000		3,335,622
3.50%, 6/1/2020	CAD	3,000,000		3,368,140
3.50%, 12/1/2045	CAD	250,000		311,822
3.75%, 6/1/2019	CAD	3,575,000		4,032,216
4.00%, 6/1/2016	CAD	7,530,000		8,171,208
4.00%, 6/1/2041	CAD	3,975,000		5,259,969
4.25%, 6/1/2018	CAD	1,500,000		1,710,658
4.50%, 6/1/2015	CAD	4,750,000		5,110,962
5.00%, 6/1/2037	CAD	4,250,000		6,225,273
5.75%, 6/1/2029	CAD	3,990,000		5,881,380
5.75%, 6/1/2033	CAD	1,000,000		1,539,173
8.00%, 6/1/2027	CAD	1,000,000		1,725,636

				84,762,883

DENMARK — 3.7%
Kingdom of Denmark:
2.00%, 11/15/2014	DKK	21,500,000		3,841,168
2.50%, 11/15/2016	DKK	3,000,000		556,963
3.00%, 11/15/2021	DKK	53,150,000		10,287,594
4.00%, 11/15/2015	DKK	53,900,000		10,364,125
4.00%, 11/15/2017	DKK	34,580,000		6,931,702
4.00%, 11/15/2019	DKK	49,100,000		10,114,690
4.50%, 11/15/2039	DKK	62,985,000		15,777,967
5.00%, 11/15/2013	DKK	41,125,000		7,513,164
7.00%, 11/10/2024	DKK	14,300,000		3,864,923

				69,252,296

FRANCE — 10.1%
French Treasury Note:
0.75%, 9/25/2014	EUR	750,000		956,432
1.75%, 2/25/2017	EUR	2,250,000		2,894,481
2.00%, 9/25/2013	EUR	4,775,000		6,182,120
2.00%, 7/12/2015	EUR	3,275,000		4,304,222
2.25%, 2/25/2016	EUR	4,000,000		5,286,355
2.50%, 7/25/2016	EUR	1,500,000		2,000,848
Republic of France:
2.50%, 1/12/2014	EUR	2,775,000		3,636,676
2.50%, 1/15/2015	EUR	4,480,000		5,951,702
2.50%, 10/25/2020	EUR	4,600,000		5,855,727
3.00%, 7/12/2014	EUR	3,000,000		4,001,315
3.00%, 10/25/2015	EUR	5,250,000		7,108,901
3.00%, 4/25/2022	EUR	2,000,000		2,605,614
3.25%, 4/25/2016	EUR	4,450,000		6,089,962
3.25%, 10/25/2021	EUR	3,500,000		4,682,458

See accompanying notes to financial statements.

231

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

3.50%, 4/25/2015	EUR	3,900,000	$	5,327,916
3.50%, 4/25/2020	EUR	5,750,000		7,909,040
3.50%, 4/25/2026	EUR	4,200,000		5,524,982
3.75%, 4/25/2017	EUR	3,550,000		4,977,715
3.75%, 10/25/2019	EUR	4,030,000		5,655,106
3.75%, 4/25/2021	EUR	4,100,000		5,695,839
4.00%, 10/25/2013	EUR	1,500,000		1,994,566
4.00%, 4/25/2014	EUR	6,400,000		8,648,018
4.00%, 10/25/2014	EUR	1,300,000		1,778,117
4.00%, 4/25/2018	EUR	3,250,000		4,633,365
4.00%, 10/25/2038	EUR	3,925,000		5,329,195
4.00%, 4/25/2055	EUR	2,150,000		2,942,450
4.00%, 4/25/2060	EUR	1,000,000		1,366,145
4.25%, 10/25/2017	EUR	4,600,000		6,609,949
4.25%, 10/25/2018	EUR	4,700,000		6,785,852
4.25%, 4/25/2019	EUR	4,000,000		5,774,025
4.25%, 10/25/2023	EUR	6,500,000		9,352,518
4.50%, 7/12/2013	EUR	3,250,000		4,304,814
4.50%, 4/25/2041	EUR	2,950,000		4,360,022
4.75%, 4/25/2035	EUR	3,125,000		4,724,990
5.00%, 10/25/2016	EUR	3,850,000		5,640,217
5.50%, 4/25/2029	EUR	4,250,000		6,844,843
5.75%, 10/25/2032	EUR	2,735,000		4,641,223
6.00%, 10/25/2025	EUR	100,000		166,233
8.50%, 4/25/2023	EUR	2,500,000		4,842,854

				187,386,807

GERMANY — 4.5%
Federal Republic of Germany:
Zero Coupon, 6/13/2014 (c)	EUR	400,000		506,280
0.25%, 3/14/2014	EUR	1,250,000		1,589,866
0.75%, 9/13/2013	EUR	2,000,000		2,558,481
1.25%, 10/14/2016	EUR	750,000		981,559
1.75%, 7/4/2022	EUR	1,700,000		2,189,746
2.25%, 4/11/2014	EUR	2,450,000		3,226,730
2.25%, 4/10/2015	EUR	3,130,000		4,193,930
2.50%, 10/10/2014	EUR	2,375,000		3,174,670
2.50%, 1/4/2021	EUR	2,500,000		3,466,093
2.75%, 4/8/2016	EUR	1,900,000		2,623,163
3.00%, 7/4/2020	EUR	2,150,000		3,087,714
3.25%, 7/4/2021	EUR	2,650,000		3,878,662
3.25%, 7/4/2042	EUR	2,170,000		3,294,142
3.50%, 1/4/2016	EUR	3,900,000		5,495,895
3.50%, 7/4/2019	EUR	6,225,000		9,176,529
3.75%, 7/4/2013	EUR	2,400,000		3,157,742
3.75%, 1/4/2015	EUR	400,000		552,940
4.00%, 10/11/2013	EUR	2,000,000		2,664,244
4.00%, 7/4/2016	EUR	4,900,000		7,096,002
4.00%, 1/4/2037	EUR	3,000,000		4,982,722
4.25%, 7/4/2017	EUR	3,390,000		5,059,719
4.75%, 7/4/2040	EUR	200,000		377,753
5.50%, 1/4/2031	EUR	2,550,000		4,786,126
5.63%, 1/4/2028	EUR	3,115,000		5,737,556

				83,858,264

ITALY — 4.6%
Republic of Italy:
Zero Coupon, 9/30/2013 (c)	EUR	400,000		486,478
Zero Coupon, 1/31/2014 (c)	EUR	1,500,000		1,797,356
Zero Coupon, 5/30/2014 (c)	EUR	400,000		476,138
2.50%, 3/1/2015	EUR	1,500,000		1,824,832
3.00%, 4/1/2014	EUR	1,750,000		2,198,851
3.00%, 6/15/2015	EUR	3,200,000		3,919,334
3.00%, 11/1/2015	EUR	2,100,000		2,547,486
3.50%, 6/1/2014	EUR	2,000,000		2,527,575
3.75%, 12/15/2013	EUR	1,600,000		2,041,237
3.75%, 8/1/2016	EUR	2,250,000		2,761,033
3.75%, 3/1/2021	EUR	1,980,000		2,228,581
3.75%, 8/1/2021	EUR	2,600,000		2,888,389
4.00%, 9/1/2020	EUR	2,250,000		2,581,568
4.00%, 2/1/2037	EUR	4,065,000		3,950,317
4.25%, 8/1/2013	EUR	2,200,000		2,817,261
4.25%, 8/1/2014	EUR	500,000		639,805
4.25%, 2/1/2015	EUR	4,850,000		6,188,923
4.25%, 2/1/2019	EUR	1,750,000		2,093,004
4.25%, 9/1/2019	EUR	2,350,000		2,787,630
4.25%, 3/1/2020	EUR	1,500,000		1,762,124
4.50%, 2/1/2018	EUR	400,000		492,178
4.50%, 8/1/2018	EUR	1,475,000		1,800,252
4.50%, 3/1/2019	EUR	1,500,000		1,812,160
4.50%, 2/1/2020	EUR	1,750,000		2,095,027
4.75%, 9/15/2016	EUR	3,700,000		4,689,653
4.75%, 5/1/2017	EUR	1,500,000		1,881,075
4.75%, 9/1/2021	EUR	3,600,000		4,299,308
4.75%, 8/1/2023	EUR	1,475,000		1,725,946
5.00%, 3/1/2022	EUR	800,000		968,600
5.00%, 3/1/2025 (b)	EUR	525,000		608,127
5.00%, 8/1/2039	EUR	1,650,000		1,763,719
5.00%, 9/1/2040	EUR	525,000		559,407
5.25%, 8/1/2017	EUR	1,525,000		1,950,604
5.25%, 11/1/2029	EUR	1,750,000		2,023,285
5.50%, 9/1/2022	EUR	2,250,000		2,803,366
5.75%, 2/1/2033	EUR	2,275,000		2,715,965
6.00%, 11/15/2014	EUR	400,000		528,825
6.00%, 5/1/2031	EUR	1,250,000		1,542,291
6.50%, 11/1/2027	EUR	2,885,000		3,712,847

				86,490,557

JAPAN — 22.5%
Government of Japan 2 Year Bond:
0.10%, 9/15/2013	JPY	575,000,000		7,205,747
0.10%, 1/15/2014	JPY	400,000,000		5,012,588
0.10%, 6/15/2014	JPY	475,000,000		5,952,311
0.20%, 8/15/2013	JPY	475,000,000		5,959,235
0.20%, 12/15/2013	JPY	155,000,000		1,945,198
Government of Japan 5 Year Bond:
0.30%, 6/20/2016	JPY	545,000,000		6,871,672
0.30%, 3/20/2017	JPY	400,000,000		5,035,613
0.40%, 6/20/2015	JPY	400,000,000		5,055,731
0.40%, 6/20/2016	JPY	400,000,000		5,063,231
0.50%, 12/20/2014	JPY	475,000,000		6,010,241
0.50%, 3/20/2015	JPY	510,000,000		6,459,071
0.50%, 3/20/2016	JPY	400,000,000		5,080,296
0.60%, 12/20/2015	JPY	459,750,000		5,855,604

See accompanying notes to financial statements.

232

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

0.60%, 3/20/2016	JPY	480,000,000	$	6,118,625
0.80%, 3/20/2014	JPY	510,000,000		6,467,566
Government of Japan 10 Year Bond:
0.30%, 12/20/2016	JPY	1,135,000,000		14,297,458
0.80%, 9/20/2020	JPY	240,000,000		3,052,620
0.90%, 3/20/2022	JPY	280,000,000		3,538,271
1.00%, 9/20/2020	JPY	579,000,000		7,480,522
1.00%, 12/20/2021	JPY	250,000,000		3,195,964
1.00%, 3/20/2022	JPY	400,000,000		5,101,416
1.10%, 9/20/2021	JPY	715,000,000		9,232,712
1.20%, 12/20/2020	JPY	748,250,000		9,803,257
1.20%, 6/20/2021	JPY	625,000,000		8,161,189
1.30%, 12/20/2019	JPY	447,000,000		5,924,366
1.30%, 3/20/2020	JPY	600,000,000		7,947,252
1.30%, 3/20/2021	JPY	275,000,000		3,626,405
1.40%, 12/20/2013	JPY	875,000,000		11,173,429
1.50%, 9/20/2014	JPY	2,462,200,000		31,807,742
1.50%, 9/20/2015	JPY	625,000,000		8,179,424
1.60%, 12/20/2015	JPY	409,500,000		5,392,867
1.70%, 9/20/2016	JPY	777,000,000		10,365,184
1.70%, 12/20/2016	JPY	505,100,000		6,759,326
1.70%, 3/20/2017	JPY	680,000,000		9,124,127
1.70%, 9/20/2017	JPY	848,000,000		11,431,176
1.80%, 6/20/2017	JPY	300,000,000		4,052,147
1.90%, 6/20/2016	JPY	202,600,000		2,714,972
Government of Japan 20 Year Bond:
1.80%, 9/20/2030	JPY	251,350,000		3,251,932
1.80%, 9/20/2031	JPY	185,000,000		2,380,632
1.80%, 12/20/2031	JPY	555,000,000		7,128,512
1.90%, 12/20/2023	JPY	175,000,000		2,406,521
1.90%, 3/20/2029	JPY	404,300,000		5,374,297
1.90%, 9/20/2030	JPY	231,000,000		3,034,250
1.90%, 3/20/2031	JPY	55,000,000		721,422
2.10%, 9/21/2021	JPY	650,000,000		9,124,700
2.10%, 9/20/2024	JPY	200,000,000		2,798,945
2.10%, 9/20/2025	JPY	580,000,000		8,085,057
2.10%, 9/20/2029	JPY	457,750,000		6,242,972
2.10%, 12/20/2030	JPY	150,000,000		2,027,241
2.20%, 3/20/2031	JPY	400,000,000		5,480,351
2.30%, 6/20/2027	JPY	1,881,200,000		26,562,596
2.60%, 3/20/2019	JPY	1,068,300,000		15,321,329
2.90%, 9/20/2019	JPY	1,031,200,000		15,148,559
Government of Japan 30 Year Bond:
2.00%, 9/20/2040	JPY	575,000,000		7,391,687
2.00%, 3/20/2042	JPY	100,000,000		1,279,041
2.20%, 3/20/2041	JPY	210,000,000		2,811,415
2.30%, 3/20/2039	JPY	367,500,000		5,038,402
2.30%, 3/20/2040	JPY	303,250,000		4,159,010
2.40%, 3/20/2037	JPY	410,700,000		5,739,948
2.50%, 9/20/2034	JPY	600,000,000		8,551,237
2.50%, 9/20/2035	JPY	200,000,000		2,847,911
Government of Japan 40 Year Bond 2.20%, 3/20/2051	JPY	40,000,000		514,574

				419,877,096

MEXICO — 3.8%
Mexican Bonos:
6.00%, 6/18/2015	MXN	52,500,000		4,045,983
6.25%, 6/16/2016	MXN	39,000,000		3,054,865
6.50%, 6/10/2021	MXN	67,500,000		5,437,647
6.50%, 6/9/2022	MXN	15,000,000		1,207,171
7.50%, 6/3/2027	MXN	44,250,000		3,743,424
7.75%, 5/29/2031	MXN	25,300,000		2,116,380
7.75%, 11/13/2042	MXN	7,000,000		580,228
8.00%, 12/17/2015	MXN	15,000,000		1,230,637
8.00%, 6/11/2020	MXN	20,000,000		1,759,206
8.50%, 5/31/2029	MXN	51,400,000		4,673,920
8.50%, 11/18/2038	MXN	40,000,000		3,604,517
9.50%, 12/18/2014	MXN	71,250,000		5,893,559
10.00%, 11/20/2036	MXN	60,000,000		6,207,320
United Mexican States:
7.00%, 6/19/2014	MXN	40,000,000		3,108,639
7.25%, 12/15/2016	MXN	75,850,000		6,184,149
8.00%, 12/19/2013	MXN	67,500,000		5,266,789
8.50%, 12/13/2018	MXN	50,750,000		4,489,896
10.00%, 12/5/2024	MXN	71,220,000		7,432,684

				70,037,014

NETHERLANDS — 4.5%
Kingdom of the Netherlands:
0.75%, 4/15/2015	EUR	800,000		1,021,798
1.00%, 1/15/2014	EUR	2,425,000		3,115,157
2.25%, 7/15/2022	EUR	800,000		1,027,796
2.50%, 1/15/2017	EUR	5,150,000		6,935,927
2.50%, 1/15/2033	EUR	1,500,000		1,861,335
3.25%, 7/15/2015	EUR	8,650,000		11,851,294
3.25%, 7/15/2021	EUR	4,300,000		6,024,161
3.50%, 7/15/2020	EUR	5,880,000		8,376,783
3.75%, 7/15/2014	EUR	7,025,000		9,535,566
3.75%, 1/15/2023	EUR	4,025,000		5,857,361
3.75%, 1/15/2042	EUR	2,950,000		4,610,311
4.00%, 7/15/2018	EUR	4,160,000		6,036,187
4.00%, 1/15/2037	EUR	2,870,000		4,542,665
4.25%, 7/15/2013	EUR	3,500,000		4,628,225
4.50%, 7/15/2017	EUR	2,980,000		4,378,154
5.50%, 1/15/2028	EUR	2,430,000		4,256,656

				84,059,376

POLAND — 3.6%
Poland Government Bond:
4.75%, 10/25/2016	PLN	10,000,000		3,000,330
5.00%, 4/25/2016	PLN	34,750,000		10,527,148
5.25%, 10/25/2017	PLN	16,100,000		4,928,945
5.25%, 10/25/2020	PLN	15,650,000		4,749,444
5.75%, 10/25/2021	PLN	17,000,000		5,316,034
5.75%, 4/25/2029	PLN	6,700,000		2,091,931
Republic of Poland:
Zero Coupon, 7/25/2013	PLN	6,025,000		1,719,958
0.01%, 1/25/2014	PLN	9,000,000		2,512,870
5.00%, 10/24/2013	PLN	18,450,000		5,550,535
5.50%, 4/25/2015	PLN	22,750,000		6,975,721
5.50%, 10/25/2019	PLN	10,025,000		3,106,059
5.75%, 4/25/2014	PLN	22,100,000		6,751,251
5.75%, 9/23/2022	PLN	11,260,000		3,519,066

See accompanying notes to financial statements.

233

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

6.25%, 10/24/2015	PLN	18,715,000	$	5,883,732

				66,633,024

SOUTH AFRICA — 3.5%
Republic of South Africa:
7.50%, 1/15/2014	ZAR	33,600,000		4,245,551
8.25%, 9/15/2017	ZAR	66,350,000		8,696,852
8.75%, 12/21/2014	ZAR	12,500,000		1,653,879
South Africa Government Bond:
6.25%, 3/31/2036	ZAR	40,000,000		3,740,050
6.50%, 2/28/2041	ZAR	18,500,000		1,755,108
6.75%, 3/31/2021	ZAR	55,500,000		6,553,323
7.00%, 2/28/2031	ZAR	48,000,000		5,121,917
7.25%, 1/15/2020	ZAR	85,785,000		10,540,484
8.00%, 12/21/2018	ZAR	48,750,000		6,304,686
10.50%, 12/21/2026	ZAR	57,600,000		8,550,732
10.50%, 12/21/2026	ZAR	6,000,000		890,701
13.50%, 9/15/2015	ZAR	52,025,000		7,719,305

				65,772,588

SPAIN — 4.6%
Kingdom of Spain:
2.50%, 10/31/2013	EUR	7,000,000		8,674,103
3.15%, 1/31/2016	EUR	4,410,000		5,198,039
3.25%, 4/30/2016	EUR	2,300,000		2,702,315
3.30%, 10/31/2014	EUR	3,850,000		4,743,665
3.40%, 4/30/2014	EUR	3,475,000		4,330,746
3.80%, 1/31/2017	EUR	4,200,000		4,920,132
4.00%, 7/30/2015	EUR	2,800,000		3,441,197
4.00%, 4/30/2020	EUR	3,250,000		3,583,785
4.20%, 1/31/2037	EUR	3,985,000		3,457,685
4.25%, 1/31/2014	EUR	500,000		632,558
4.25%, 10/31/2016	EUR	4,250,000		5,110,414
4.40%, 1/31/2015	EUR	4,500,000		5,654,874
4.60%, 7/30/2019	EUR	5,220,000		6,052,884
4.65%, 7/30/2025	EUR	3,350,000		3,459,722
4.70%, 7/30/2041	EUR	2,350,000		2,167,512
4.85%, 10/31/2020	EUR	2,750,000		3,166,933
5.50%, 4/30/2021	EUR	7,400,000		8,833,522
5.75%, 7/30/2032	EUR	1,150,000		1,263,298
5.85%, 1/31/2022	EUR	2,200,000		2,683,003
5.90%, 7/30/2026	EUR	1,000,000		1,161,686
6.00%, 1/31/2029	EUR	3,150,000		3,612,564

				84,850,637

SWEDEN — 3.5%
Kingdom of Sweden:
1.50%, 8/30/2013	SEK	5,500,000		798,896
2.25%, 6/1/2032	SEK	10,000,000		1,487,468
3.00%, 7/12/2016	SEK	35,000,000		5,442,382
3.50%, 6/1/2022	SEK	54,300,000		9,225,839
3.50%, 3/30/2039	SEK	32,300,000		5,899,018
3.75%, 8/12/2017	SEK	43,635,000		7,103,483
4.25%, 3/12/2019	SEK	50,155,000		8,609,172
4.50%, 8/12/2015	SEK	57,350,000		9,172,145
5.00%, 12/1/2020	SEK	41,850,000		7,731,518
6.75%, 5/5/2014	SEK	62,800,000		10,043,596

				65,513,517

UNITED KINGDOM — 12.0%
United Kingdom Treasury Bond:
1.75%, 1/22/2017	GBP	5,700,000		9,338,183
2.00%, 1/22/2016	GBP	4,500,000		7,411,845
2.25%, 3/7/2014	GBP	5,275,000		8,545,114
2.75%, 1/22/2015	GBP	4,875,000		8,103,897
3.75%, 9/7/2019	GBP	4,500,000		8,251,750
3.75%, 9/7/2020	GBP	4,300,000		7,913,804
3.75%, 9/7/2021	GBP	2,250,000		4,154,002
3.75%, 7/22/2052	GBP	1,450,000		2,572,180
4.00%, 9/7/2016	GBP	4,650,000		8,305,457
4.00%, 3/7/2022	GBP	4,650,000		8,755,818
4.00%, 1/22/2060	GBP	2,575,000		4,892,957
4.25%, 12/7/2027	GBP	4,350,000		8,472,229
4.25%, 6/7/2032	GBP	2,625,000		5,082,826
4.25%, 9/7/2039	GBP	600,000		1,159,455
4.25%, 12/7/2040	GBP	4,500,000		8,690,548
4.25%, 12/7/2046	GBP	2,825,000		5,505,359
4.25%, 12/7/2049	GBP	4,025,000		7,859,385
4.25%, 12/7/2055	GBP	2,700,000		5,332,395
4.50%, 3/7/2019	GBP	4,200,000		8,006,700
4.50%, 9/7/2034	GBP	6,500,000		12,979,162
4.50%, 12/7/2042	GBP	2,725,000		5,504,520
4.75%, 9/7/2015	GBP	4,415,000		7,874,016
4.75%, 3/7/2020	GBP	4,600,000		8,985,401
4.75%, 12/7/2030	GBP	4,150,000		8,551,875
4.75%, 12/7/2038	GBP	3,414,000		7,130,840
5.00%, 9/7/2014	GBP	5,400,000		9,338,108
5.00%, 3/7/2018	GBP	4,225,000		8,110,885
5.00%, 3/7/2025	GBP	4,125,000		8,573,855
6.00%, 12/7/2028	GBP	3,350,000		7,846,312
8.00%, 12/7/2015	GBP	1,000,000		1,976,106
8.00%, 6/7/2021	GBP	3,775,000		9,103,266

				224,328,250

TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $1,784,607,871)				1,837,354,511

	Shares
SHORT TERM INVESTMENTS — 0.3%
MONEY MARKET FUNDS — 0.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		5,711,554		5,711,554

See accompanying notes to financial statements.

234

SPDR Barclays Capital International Treasury Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


Security Description	Shares		Value
State Street Institutional Liquid Reserves Fund 0.20% (e)(f)		328,388	$	328,388

TOTAL SHORT TERM INVESTMENTS — (g)
(Cost $6,039,942)				6,039,942

TOTAL INVESTMENTS — 99.0% (h)
(Cost $1,790,647,813)				1,843,394,453
OTHER ASSETS & LIABILITIES — 1.0%				19,531,016

NET ASSETS — 100.0%			$	1,862,925,469


(a)		A portion of the security was on loan at June 30, 2012.
(b)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.1% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)		Non-income producing security.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Value is determined based on Level 1 inputs. (Note 2)
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro Currency

GBP — Great British Pound

JPY — Japanese Yen

MXN — Mexican Peso

PLN — Polish Zloty

SEK — Swedish Krona

ZAR — South African Rand

See accompanying notes to financial statements.

235

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.6%
AUSTRALIA — 2.6%
Australia & New Zealand Banking Group, Ltd. 3.75%, 3/10/2017	EUR	100,000	$	135,923
BHP Billiton Finance, Ltd.:
2.13%, 11/29/2018	EUR	100,000		126,616
6.38%, 4/4/2016	EUR	50,000		74,524
Commonwealth Bank of Australia:
4.25%, 11/10/2016	EUR	100,000		138,509
4.38%, 2/25/2020	EUR	100,000		140,664
National Australia Bank, Ltd.:
3.50%, 1/23/2015	EUR	150,000		199,528
4.00%, 7/13/2020	EUR	150,000		205,751
5.50%, 5/20/2015	EUR	100,000		140,552
Telstra Corp., Ltd.:
4.25%, 3/23/2020	EUR	100,000		141,861
4.75%, 3/21/2017	EUR	100,000		144,009
Westpac Banking Corp. 4.25%, 9/22/2016	EUR	300,000		415,458

				1,863,395

AUSTRIA — 0.3%
Erste Group Bank AG 4.75%, 9/18/2013	EUR	50,000		65,727
OMV AG 6.25%, 4/7/2014	EUR	50,000		68,963
Raiffeisen Bank International AG 3.63%, 1/27/2014	EUR	50,000		65,292

				199,982

BELGIUM — 0.3%
Anheuser-Busch InBev NV 6.50%, 6/23/2017	GBP	50,000		93,028
Fortis Bank SA/NV 4.50%, 5/30/2014	EUR	100,000		132,979

				226,007

CANADA — 0.3%
The Toronto-Dominion Bank 5.38%, 5/14/2015	EUR	150,000		212,007

DENMARK — 0.7%
Carlsberg Breweries A/S:
3.38%, 10/13/2017	EUR	100,000		134,003
6.00%, 5/28/2014	EUR	50,000		68,895
Danske Bank A/S:
3.88%, 5/18/2016	EUR	100,000		132,127
4.75%, 6/4/2014	EUR	150,000		200,040

				535,065

FRANCE — 12.9%
Autoroutes du Sud de la France 5.63%, 7/4/2022	EUR	100,000		145,411
AXA SA 4.50%, 1/23/2015	EUR	150,000		202,242
Banque Federative du Credit Mutuel:
4.13%, 7/20/2020	EUR	100,000		132,177
4.25%, 2/5/2014	EUR	100,000		131,919
4.38%, 5/31/2016	EUR	100,000		135,417
Banque PSA Finance SA 4.25%, 2/25/2016	EUR	100,000		124,745
BNP Paribas SA:
2.88%, 7/13/2015	EUR	200,000		259,951
3.00%, 2/24/2017	EUR	100,000		129,465
3.50%, 3/7/2016	EUR	100,000		133,021
3.75%, 11/25/2020	EUR	200,000		262,546
4.50%, 3/21/2023	EUR	200,000		280,986
5.00%, 12/16/2013	EUR	50,000		66,634
Bouygues SA:
4.25%, 7/22/2020	EUR	100,000		133,835
6.13%, 7/3/2015	EUR	100,000		142,495
Caisse Centrale du Credit Immobilier de France 3.75%, 3/10/2014	EUR	50,000		62,025
Carrefour SA:
3.88%, 4/25/2021	EUR	100,000		124,779
4.00%, 4/9/2020	EUR	50,000		63,383
5.13%, 10/10/2014	EUR	100,000		135,863
5.38%, 6/12/2015	EUR	150,000		206,659
Cie de St-Gobain 4.75%, 4/11/2017	EUR	150,000		207,305
Cie Financiere et Industrielle des Autoroutes SA 5.00%, 5/24/2021	EUR	50,000		69,939
Credit Agricole SA 3.88%, 2/13/2019	EUR	100,000		126,631
Credit Agricole SA/London:
3.00%, 7/20/2015	EUR	100,000		127,867
3.63%, 3/8/2016	EUR	100,000		129,235
5.13%, 4/18/2023	EUR	100,000		136,031
Credit Mutuel Arkea:
5.00%, 6/28/2017	EUR	50,000		68,951
5.38%, 4/22/2014	EUR	150,000		202,045
Dexia Credit Local SA 5.38%, 7/21/2014	EUR	100,000		107,202
France Telecom SA:
3.00%, 6/15/2022	EUR	100,000		125,471
3.63%, 10/14/2015	EUR	100,000		135,698
3.88%, 4/9/2020	EUR	100,000		135,876
3.88%, 1/14/2021	EUR	100,000		135,690
4.75%, 2/21/2017	EUR	100,000		141,464
5.00%, 1/22/2014	EUR	100,000		134,449
5.00%, 5/12/2016	GBP	50,000		85,228
5.63%, 5/22/2018	EUR	100,000		148,910
8.13%, 1/28/2033	EUR	100,000		181,097
GDF Suez:
3.50%, 10/18/2022	EUR	100,000		133,407
5.00%, 10/1/2060	GBP	100,000		147,480
5.63%, 1/18/2016	EUR	100,000		145,011
6.13%, 2/11/2021	GBP	200,000		372,676
6.38%, 1/18/2021	EUR	50,000		80,552
6.88%, 1/24/2019	EUR	150,000		239,616
Gie GDF Suez Alliance 5.75%, 6/24/2023	EUR	100,000		155,707
HSBC France 4.88%, 1/15/2014	EUR	100,000		133,812
LVMH Moet Hennessy Louis Vuitton SA 4.38%, 5/12/2014	EUR	50,000		67,244

See accompanying notes to financial statements.

236

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

June 30, 2012


	Principal
Security Description	Amount		Value

Pernod-Ricard SA 4.88%, 3/18/2016	EUR	150,000	$	206,203
Sanofi 4.50%, 5/18/2016	EUR	200,000		283,480
Schneider Electric SA 4.00%, 8/11/2017	EUR	100,000		139,774
Societe Des Autoroutes Paris-Rhin-Rhone 5.00%, 1/12/2017	EUR	100,000		134,703
Societe Generale SA:
3.00%, 3/31/2015	EUR	150,000		193,591
3.13%, 9/21/2017	EUR	150,000		189,135
3.75%, 8/21/2014	EUR	150,000		196,380
4.75%, 3/2/2021	EUR	100,000		133,453
Total Capital SA:
3.50%, 2/27/2014	EUR	100,000		132,168
4.75%, 12/10/2013	EUR	50,000		66,958
4.88%, 1/28/2019	EUR	100,000		148,567
Veolia Environnement SA:
4.38%, 1/16/2017	EUR	50,000		69,038
5.13%, 5/24/2022	EUR	100,000		141,182
Vinci SA 4.13%, 2/20/2017	EUR	100,000		135,054
Vivendi SA:
3.50%, 7/13/2015	EUR	100,000		130,464
4.13%, 7/18/2017	EUR	100,000		130,967

				9,179,264

GERMANY — 5.0%
Bertelsmann AG 4.75%, 9/26/2016	EUR	50,000		70,618
BPCE SA:
2.88%, 9/22/2015	EUR	150,000		193,558
3.75%, 7/21/2017	EUR	50,000		65,817
4.50%, 2/10/2022	EUR	100,000		131,160
Commerzbank AG:
3.88%, 3/22/2017	EUR	100,000		133,154
4.00%, 9/16/2020	EUR	100,000		130,203
4.75%, 1/26/2015	EUR	100,000		134,974
5.00%, 2/6/2014	EUR	150,000		200,073
Daimler AG:
1.75%, 5/21/2015	EUR	100,000		128,471
3.00%, 7/19/2013	EUR	50,000		64,795
4.13%, 1/19/2017	EUR	50,000		69,548
4.63%, 9/2/2014	EUR	150,000		203,973
Deutsche Bank AG 5.13%, 8/31/2017	EUR	350,000		504,263
Evonik Degussa GmbH 5.13%, 12/10/2013	EUR	100,000		133,084
Henkel AG & Co. KGaA 4.63%, 3/19/2014	EUR	150,000		202,226
Merck Financial Services GmbH:
3.38%, 3/24/2015	EUR	100,000		133,783
4.50%, 3/24/2020	EUR	100,000		143,128
Metro AG 7.63%, 3/5/2015	EUR	100,000		145,193
ThyssenKrupp AG:
4.38%, 2/28/2017	EUR	100,000		127,338
8.00%, 6/18/2014	EUR	100,000		138,156
Volkswagen Financial Services AG:
3.38%, 7/28/2014	EUR	100,000		132,207
6.88%, 1/15/2014	EUR	150,000		206,481
Volkswagen Leasing GmbH 2.75%, 7/13/2015	EUR	100,000		131,157

				3,523,360

HONG KONG — 0.6%
Hutchison Whampoa Europe Finance 12, Ltd. 2.50%, 6/6/2017	EUR	100,000		127,336
Hutchison Whampoa Finance 03/13, Ltd. 5.88%, 7/8/2013	EUR	50,000		66,359
Hutchison Whampoa Finance 09, Ltd. 4.75%, 11/14/2016	EUR	150,000		209,850

				403,545

IRELAND — 2.4%
GE Capital European Funding:
2.00%, 2/27/2015	EUR	100,000		127,676
2.88%, 10/28/2014	EUR	50,000		65,254
2.88%, 9/17/2015	EUR	100,000		130,536
3.75%, 4/4/2016	EUR	100,000		134,142
4.13%, 10/27/2016	EUR	200,000		272,254
4.25%, 2/6/2014	EUR	100,000		132,363
4.25%, 3/1/2017	EUR	200,000		274,030
4.75%, 7/30/2014	EUR	130,000		174,658
5.25%, 5/18/2015	EUR	100,000		138,621
5.38%, 1/16/2018	EUR	100,000		144,178
5.38%, 1/23/2020	EUR	100,000		146,559

				1,740,271

ISRAEL — 0.2%
Teva Pharmaceutical Finance IV BV 2.88%, 4/15/2019	EUR	100,000		130,622

ITALY — 6.5%
Assicurazioni Generali SpA 5.13%, 9/16/2024	EUR	150,000		177,199
Atlantia SpA:
3.38%, 9/18/2017	EUR	200,000		236,286
4.50%, 2/8/2019	EUR	100,000		120,505
5.63%, 5/6/2016	EUR	200,000		261,962
Banca Monte dei Paschi di Siena SpA:
4.13%, 11/11/2013	EUR	100,000		122,147
4.50%, 3/7/2014	EUR	100,000		122,330
4.75%, 4/30/2014	EUR	100,000		123,390
Banco Popolare SC 4.13%, 10/22/2014	EUR	100,000		121,993
Enel SpA 5.25%, 6/20/2017	EUR	150,000		189,330
ENI SpA:
3.50%, 1/29/2018	EUR	50,000		63,491
4.00%, 6/29/2020	EUR	50,000		63,126
4.13%, 9/16/2019	EUR	100,000		128,223
4.25%, 2/3/2020	EUR	100,000		128,300
4.75%, 11/14/2017	EUR	50,000		67,727
5.00%, 1/28/2016	EUR	100,000		136,570
5.88%, 1/20/2014	EUR	150,000		201,998

See accompanying notes to financial statements.

237

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

June 30, 2012


	Principal
Security Description	Amount		Value

Intesa Sanpaolo SpA:
3.38%, 1/19/2015	EUR	100,000	$	122,900
3.75%, 11/23/2016	EUR	100,000		119,438
4.00%, 11/8/2018	EUR	100,000		115,228
4.13%, 1/14/2016	EUR	100,000		122,837
4.13%, 4/14/2020	EUR	150,000		168,372
4.75%, 6/15/2017	EUR	150,000		185,066
5.38%, 12/19/2013	EUR	150,000		192,917
Telecom Italia SpA:
5.13%, 1/25/2016	EUR	100,000		126,132
5.25%, 2/10/2022	EUR	100,000		112,885
6.38%, 6/24/2019	GBP	100,000		144,375
7.38%, 12/15/2017	GBP	100,000		154,960
Terna Rete Elettrica Nazionale SpA:
4.13%, 2/17/2017	EUR	100,000		126,791
4.75%, 3/15/2021	EUR	100,000		124,548
UniCredit SpA:
3.63%, 8/21/2013	EUR	100,000		125,887
4.38%, 2/10/2014	EUR	50,000		62,993
4.88%, 3/7/2017	EUR	100,000		119,639
5.25%, 1/14/2014	EUR	100,000		127,908
Unione di Banche Italiane SCPA 4.13%, 10/21/2013	EUR	100,000		124,995

				4,642,448

LUXEMBOURG — 1.1%
ArcelorMittal 9.38%, 6/3/2016	EUR	150,000		221,471
Glencore Finance Europe SA:
4.13%, 4/3/2018	EUR	100,000		129,126
5.25%, 3/22/2017	EUR	100,000		134,522
Novartis Finance SA 4.25%, 6/15/2016	EUR	100,000		142,010
Telecom Italia Finance SA 7.75%, 1/24/2033	EUR	100,000		126,216

				753,345

MEXICO — 0.3%
America Movil SAB de CV 3.75%, 6/28/2017	EUR	150,000		204,901

NETHERLANDS — 24.6%
ABB Finance BV 2.63%, 3/26/2019	EUR	100,000		128,504
ABN Amro Bank NV:
2.75%, 10/29/2013	EUR	200,000		257,541
3.63%, 10/6/2017	EUR	200,000		262,553
4.13%, 3/28/2022	EUR	100,000		129,647
4.25%, 4/11/2016	EUR	100,000		135,712
Allianz Finance II BV:
3.50%, 2/14/2022	EUR	100,000		130,265
4.00%, 11/23/2016	EUR	150,000		207,917
4.75%, 7/22/2019	EUR	100,000		142,747
BASF Finance Europe NV:
5.00%, 9/26/2014	EUR	100,000		138,045
5.13%, 6/9/2015	EUR	150,000		211,990
6.00%, 12/4/2013	EUR	100,000		136,137
Bayer Capital Corp. BV 4.63%, 9/26/2014	EUR	100,000		136,842
BMW Finance NV:
2.13%, 1/13/2015	EUR	100,000		129,639
3.25%, 1/28/2016	EUR	100,000		134,266
3.25%, 1/14/2019	EUR	100,000		134,111
3.63%, 1/29/2018	EUR	100,000		137,215
3.88%, 1/18/2017	EUR	100,000		138,056
4.00%, 9/17/2014	EUR	100,000		134,609
4.25%, 1/22/2014	EUR	150,000		199,553
8.88%, 9/19/2013	EUR	100,000		138,872
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands:
3.38%, 1/18/2016	EUR	350,000		468,917
3.38%, 4/21/2017	EUR	450,000		600,088
3.88%, 4/20/2016	EUR	280,000		379,389
4.00%, 9/10/2015	GBP	100,000		166,354
4.13%, 1/12/2021	EUR	200,000		272,059
4.13%, 7/14/2025	EUR	460,000		623,904
4.25%, 4/22/2014	EUR	250,000		334,425
4.38%, 1/22/2014	EUR	450,000		599,295
4.75%, 1/15/2018	EUR	200,000		283,353
4.75%, 6/6/2022	EUR	300,000		425,761
Daimler International Finance BV 7.88%, 1/16/2014	EUR	150,000		209,422
Deutsche Telekom International Finance BV:
4.00%, 1/19/2015	EUR	100,000		135,215
4.25%, 7/13/2022	EUR	100,000		140,627
4.50%, 10/25/2013	EUR	150,000		198,694
5.75%, 4/14/2015	EUR	100,000		141,414
6.00%, 1/20/2017	EUR	150,000		222,852
6.50%, 4/8/2022	GBP	50,000		94,066
Diageo Capital BV 5.50%, 7/1/2013	EUR	100,000		132,548
E.ON International Finance BV:
5.25%, 9/8/2015	EUR	50,000		71,062
5.50%, 1/19/2016	EUR	100,000		144,392
5.50%, 10/2/2017	EUR	200,000		300,178
5.75%, 5/7/2020	EUR	100,000		158,025
5.88%, 10/30/2037	GBP	100,000		189,622
6.00%, 10/30/2019	GBP	100,000		189,294
6.38%, 6/7/2032	GBP	50,000		99,690
6.75%, 1/27/2039	GBP	50,000		105,150
EADS Finance BV 4.63%, 8/12/2016	EUR	100,000		140,579
Enel Finance International NV:
4.00%, 9/14/2016	EUR	150,000		185,114
4.63%, 6/24/2015	EUR	100,000		127,414
5.00%, 9/14/2022	EUR	150,000		172,849
5.63%, 8/14/2024	GBP	100,000		131,890
5.75%, 10/24/2018	EUR	100,000		126,229
5.75%, 9/14/2040	GBP	100,000		112,718
Fortis Bank Nederland NV:
4.00%, 2/3/2015	EUR	100,000		133,006
4.63%, 7/9/2014	EUR	100,000		133,742
Generali Finance BV 4.75%, 5/12/2014	EUR	100,000		130,867
Heineken NV 7.13%, 4/7/2014	EUR	50,000		69,798
HIT Finance BV:
4.88%, 10/27/2021	EUR	150,000		165,611

See accompanying notes to financial statements.

238

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

June 30, 2012


	Principal
Security Description	Amount		Value

5.75%, 3/9/2018	EUR	100,000	$	121,537
Iberdrola International BV 4.25%, 10/11/2018	EUR	100,000		109,717
ING Bank NV:
2.25%, 9/23/2013	EUR	100,000		128,228
3.38%, 3/3/2015	EUR	200,000		263,320
3.88%, 5/24/2016	EUR	100,000		133,961
4.50%, 2/21/2022	EUR	200,000		266,425
ING Groep NV:
4.75%, 5/31/2017	EUR	150,000		204,869
5.63%, 9/3/2013	EUR	100,000		132,230
KBC Internationale Financieringsmaatschappij NV:
3.88%, 3/31/2015	EUR	100,000		127,604
4.50%, 9/17/2014	EUR	150,000		195,075
4.50%, 3/27/2017	EUR	100,000		127,161
Koninklijke KPN NV:
3.75%, 9/21/2020	EUR	100,000		128,888
4.00%, 6/22/2015	EUR	50,000		67,312
4.75%, 1/17/2017	EUR	100,000		139,104
5.75%, 9/17/2029	GBP	50,000		85,312
Linde Finance BV 4.75%, 4/24/2017	EUR	100,000		145,282
Nomura Europe Finance NV 5.13%, 12/9/2014	EUR	100,000		133,185
Repsol International Finance BV:
4.63%, 10/8/2014	EUR	150,000		191,880
4.88%, 2/19/2019	EUR	100,000		113,947
5.00%, 7/22/2013	EUR	50,000		64,049
Royal Bank of Scotland NV:
4.25%, 5/11/2016	EUR	50,000		65,447
4.75%, 1/4/2014	EUR	100,000		131,387
RWE Finance BV:
5.00%, 2/10/2015	EUR	150,000		208,545
5.75%, 11/20/2013	EUR	50,000		67,568
6.13%, 7/6/2039	GBP	50,000		94,629
6.25%, 6/3/2030	GBP	50,000		96,301
6.50%, 8/10/2021	EUR	100,000		163,545
6.63%, 1/31/2019	EUR	100,000		158,761
Schlumberger Finance BV:
2.75%, 12/1/2015	EUR	50,000		66,699
4.50%, 3/25/2014	EUR	100,000		134,327
Shell International Finance BV:
4.38%, 5/14/2018	EUR	200,000		290,676
4.50%, 2/9/2016	EUR	100,000		141,839
4.63%, 5/22/2017	EUR	100,000		145,392
Siemens Financieringsmaatschappij NV:
5.13%, 2/20/2017	EUR	150,000		220,152
5.38%, 6/11/2014	EUR	100,000		137,365
5.63%, 6/11/2018	EUR	100,000		153,303
ThyssenKrupp Finance Nederland BV 8.50%, 2/25/2016	EUR	50,000		71,065
Volkswagen International Finance NV:
1.88%, 5/15/2017	EUR	100,000		126,439
2.13%, 1/19/2015	EUR	100,000		129,174
3.25%, 1/21/2019	EUR	100,000		132,993
3.50%, 2/2/2015	EUR	100,000		133,422
5.38%, 11/15/2013	EUR	100,000		134,240
7.00%, 2/9/2016	EUR	100,000		149,734

				17,511,923

NORWAY — 1.0%
DnB NOR Bank ASA:
3.88%, 6/29/2020	EUR	200,000		270,324
4.38%, 2/24/2021	EUR	100,000		138,959
4.50%, 5/29/2014	EUR	100,000		134,440
Telenor ASA 4.88%, 5/29/2017	EUR	100,000		145,502

				689,225

SPAIN — 4.9%
Abertis Infraestructuras SA:
4.63%, 10/14/2016	EUR	50,000		59,645
5.13%, 6/12/2017	EUR	50,000		59,645
BBVA Senior Finance SAU:
3.00%, 8/22/2013	EUR	100,000		123,265
3.25%, 4/23/2015	EUR	100,000		116,939
3.88%, 8/6/2015	EUR	50,000		58,954
4.88%, 1/23/2014	EUR	150,000		187,173
Caja Ahorros Barcelona 3.75%, 11/5/2013	EUR	50,000		61,700
Criteria Caixacorp SA 4.13%, 11/20/2014	EUR	100,000		120,687
Gas Natural Capital Markets SA:
4.38%, 11/2/2016	EUR	100,000		115,698
5.25%, 7/9/2014	EUR	100,000		125,797
Iberdrola Finanzas SAU:
4.13%, 3/23/2020	EUR	100,000		104,909
7.50%, 11/25/2015	EUR	100,000		130,867
Santander International Debt SA Unipersonal:
2.88%, 9/20/2013	EUR	50,000		61,625
3.38%, 12/1/2015	EUR	100,000		116,108
3.50%, 8/12/2014	EUR	200,000		241,837
3.50%, 3/10/2015	EUR	150,000		179,122
4.13%, 10/4/2017	EUR	100,000		113,537
Telefonica Emisiones SAU:
3.41%, 3/24/2015	EUR	100,000		118,992
3.66%, 9/18/2017	EUR	150,000		162,987
4.38%, 2/2/2016	EUR	100,000		118,010
4.67%, 2/7/2014	EUR	150,000		187,788
4.69%, 11/11/2019	EUR	100,000		108,277
4.75%, 2/7/2017	EUR	100,000		116,260
4.80%, 2/21/2018	EUR	100,000		113,171
4.97%, 2/3/2016	EUR	100,000		119,843
5.43%, 2/3/2014	EUR	150,000		189,803
5.50%, 4/1/2016	EUR	100,000		122,076
5.60%, 3/12/2020	GBP	100,000		135,082

				3,469,797

SWEDEN — 2.9%
Nordea Bank AB:
2.75%, 8/11/2015	EUR	100,000		131,317
3.63%, 2/11/2016	EUR	100,000		134,225
3.75%, 2/24/2017	EUR	100,000		135,761
4.00%, 7/11/2019	EUR	100,000		136,817
4.00%, 6/29/2020	EUR	150,000		205,762
4.50%, 5/12/2014	EUR	100,000		134,290

See accompanying notes to financial statements.

239

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

June 30, 2012


	Principal
Security Description	Amount		Value

Skandinaviska Enskilda Banken AB 5.50%, 5/6/2014	EUR	150,000	$	204,231
Svenska Handelsbanken AB:
3.75%, 2/24/2017	EUR	150,000		205,017
4.38%, 10/20/2021	EUR	100,000		141,312
4.88%, 3/25/2014	EUR	200,000		270,475
Swedbank AB:
2.38%, 4/4/2016	EUR	100,000		128,362
3.38%, 2/9/2017	EUR	100,000		131,902
Volvo Treasury AB 5.00%, 5/31/2017	EUR	100,000		139,991

				2,099,462

SWITZERLAND — 1.9%
Roche Kapitalmarkt AG 4.50%, 3/23/2017	CHF	120,000		149,614
Swisscom AG 3.25%, 9/14/2018	CHF	150,000		177,284
UBS AG/London:
3.13%, 1/18/2016	EUR	100,000		131,930
3.50%, 7/15/2015	EUR	100,000		132,760
5.63%, 5/19/2014	EUR	100,000		136,170
6.00%, 4/18/2018	EUR	200,000		299,905
6.25%, 9/3/2013	EUR	100,000		133,899
6.63%, 4/11/2018	GBP	100,000		180,920

				1,342,482

UNITED KINGDOM — 14.9%
Abbey National Treasury Services PLC/London 3.38%, 10/20/2015	EUR	150,000		188,874
Anglo American Capital PLC 5.88%, 4/17/2015	EUR	50,000		70,380
Barclays Bank PLC:
3.50%, 3/18/2015	EUR	150,000		198,398
4.00%, 1/20/2017	EUR	150,000		204,257
4.88%, 8/13/2019	EUR	150,000		213,825
5.25%, 5/27/2014	EUR	300,000		406,354
5.75%, 8/17/2021	GBP	50,000		86,768
5.75%, 8/17/2021	GBP	50,000		86,768
BAT International Finance PLC:
5.38%, 6/29/2017	EUR	50,000		73,342
5.88%, 3/12/2015	EUR	150,000		212,204
BG Energy Capital PLC:
3.00%, 11/16/2018	EUR	100,000		132,859
5.13%, 12/1/2025	GBP	100,000		182,281
BP Capital Markets PLC:
2.18%, 2/16/2016	EUR	100,000		129,118
2.99%, 2/18/2019	EUR	100,000		131,436
3.10%, 10/7/2014	EUR	150,000		198,142
3.83%, 10/6/2017	EUR	50,000		68,989
British Telecommunications PLC 6.50%, 7/7/2015	EUR	150,000		216,816
Centrica PLC 7.00%, 9/19/2033	GBP	100,000		211,997
Credit Suisse AG/Guernsey 2.88%, 9/24/2015	EUR	150,000		196,537
Credit Suisse AG/London:
3.88%, 1/25/2017	EUR	200,000		271,635
4.75%, 8/5/2019	EUR	150,000		212,858
5.13%, 9/18/2017	EUR	200,000		287,432
6.13%, 8/5/2013	EUR	200,000		267,128
Diageo Finance PLC 6.63%, 12/5/2014	EUR	50,000		71,661
GlaxoSmithKline Capital PLC:
3.88%, 7/6/2015	EUR	100,000		137,039
5.25%, 12/19/2033	GBP	100,000		190,605
5.25%, 4/10/2042	GBP	50,000		93,199
5.63%, 12/13/2017	EUR	100,000		152,759
6.38%, 3/9/2039	GBP	50,000		107,947
HSBC Bank PLC:
3.13%, 11/15/2017	EUR	100,000		134,167
3.75%, 11/30/2016	EUR	100,000		138,244
3.88%, 10/24/2018	EUR	100,000		139,152
4.00%, 1/15/2021	EUR	100,000		140,025
HSBC Holdings PLC 4.50%, 4/30/2014	EUR	150,000		200,943
Imperial Tobacco Finance PLC:
4.38%, 11/22/2013	EUR	100,000		131,892
8.38%, 2/17/2016	EUR	150,000		229,642
9.00%, 2/17/2022	GBP	50,000		107,823
Lloyds TSB Bank PLC:
3.75%, 9/7/2015	EUR	100,000		132,001
4.50%, 9/15/2014	EUR	100,000		133,671
4.63%, 2/2/2017	EUR	100,000		133,793
5.38%, 9/3/2019	EUR	150,000		209,005
6.38%, 6/17/2016	EUR	200,000		283,607
6.50%, 9/17/2040	GBP	100,000		157,876
Nationwide Building Society:
3.13%, 4/3/2017	EUR	100,000		128,507
3.75%, 1/20/2015	EUR	150,000		197,445
SABMiller PLC 4.50%, 1/20/2015	EUR	50,000		68,343
Scottish & Southern Energy PLC 5.75%, 2/5/2014	GBP	50,000		83,512
Standard Chartered PLC:
4.13%, 1/18/2019	EUR	100,000		138,085
5.75%, 4/30/2014	EUR	250,000		342,181
Tesco PLC:
5.88%, 9/12/2016	EUR	100,000		147,491
6.13%, 2/24/2022	GBP	50,000		91,696
Thames Water Utilities Finance, Ltd. 5.13%, 9/28/2037	GBP	50,000		84,931
The Royal Bank of Scotland PLC:
4.75%, 5/18/2016	EUR	150,000		200,627
4.88%, 7/15/2015	EUR	50,000		66,987
4.88%, 1/20/2017	EUR	150,000		201,602
5.38%, 9/30/2019	EUR	200,000		272,134
5.50%, 3/23/2020	EUR	150,000		204,996
5.75%, 5/21/2014	EUR	150,000		201,909
6.63%, 9/17/2018	GBP	50,000		87,169
6.88%, 5/17/2025	GBP	50,000		85,489
Virgin Media Secured Finance PLC 7.00%, 1/15/2018	GBP	50,000		84,108
Vodafone Group PLC:
4.63%, 9/8/2014	GBP	50,000		83,723
4.65%, 1/20/2022	EUR	50,000		73,534
6.25%, 1/15/2016	EUR	100,000		147,563
6.88%, 12/4/2013	EUR	100,000		137,402

See accompanying notes to financial statements.

240

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

June 30, 2012


	Principal
Security Description	Amount		Value

Western Power Distribution West Midlands PLC 5.75%, 4/16/2032	GBP	100,000	$	178,095

				10,580,978

UNITED STATES — 14.2%
3M Co. 5.00%, 7/14/2014	EUR	100,000		136,858
American Express Credit Corp. 5.38%, 10/1/2014	GBP	50,000		83,542
ASIF III Jersey, Ltd. 4.75%, 9/11/2013	EUR	50,000		65,072
AT&T, Inc.:
5.88%, 4/28/2017	GBP	50,000		90,608
6.13%, 4/2/2015	EUR	100,000		144,017
7.00%, 4/30/2040	GBP	150,000		324,015
BAA Funding, Ltd.:
6.45%, 12/10/2031	GBP	100,000		179,945
6.75%, 12/3/2028	GBP	100,000		190,129
Bank of America Corp.:
4.63%, 8/7/2017	EUR	200,000		260,680
4.75%, 4/3/2017	EUR	150,000		197,105
5.13%, 9/26/2014	EUR	100,000		132,424
6.13%, 9/15/2021	GBP	50,000		81,528
7.00%, 6/15/2016	EUR	100,000		142,171
7.00%, 7/31/2028	GBP	100,000		173,305
BMW US Capital LLC 5.00%, 5/28/2015	EUR	100,000		139,730
Citigroup, Inc.:
3.95%, 10/10/2013	EUR	100,000		129,852
4.00%, 11/26/2015	EUR	100,000		132,045
4.38%, 1/30/2017	EUR	150,000		198,919
4.75%, 11/12/2013	EUR	50,000		65,672
5.00%, 8/2/2019	EUR	200,000		263,830
7.38%, 6/16/2014	EUR	100,000		138,482
7.38%, 9/4/2019	EUR	100,000		148,814
7.63%, 4/3/2018	GBP	100,000		181,376
HSBC Finance Corp. 4.88%, 5/30/2017	EUR	50,000		69,726
Johnson & Johnson 4.75%, 11/6/2019	EUR	100,000		150,912
JPMorgan Chase & Co.:
3.75%, 6/15/2016	EUR	100,000		134,566
3.88%, 9/23/2020	EUR	100,000		134,797
5.25%, 1/14/2015	EUR	200,000		275,739
6.13%, 4/1/2014	EUR	150,000		205,135
Merck & Co., Inc. 5.38%, 10/1/2014	EUR	100,000		139,071
Merrill Lynch & Co., Inc.:
4.45%, 1/31/2014	EUR	100,000		129,398
4.63%, 10/2/2013	EUR	100,000		129,684
4.88%, 5/30/2014	EUR	100,000		130,810
7.75%, 4/30/2018	GBP	50,000		87,556
Morgan Stanley:
4.00%, 11/17/2015	EUR	100,000		126,727
4.50%, 10/29/2014	EUR	200,000		259,334
4.50%, 2/23/2016	EUR	100,000		126,928
5.38%, 8/10/2020	EUR	100,000		125,411
5.50%, 10/2/2017	EUR	100,000		129,948
NYSE Euronext 5.38%, 6/30/2015	EUR	100,000		137,433
Pfizer, Inc.:
4.75%, 6/3/2016	EUR	200,000		285,841
5.75%, 6/3/2021	EUR	150,000		240,602
6.50%, 6/3/2038	GBP	100,000		219,607
Roche Holdings, Inc.:
5.50%, 3/4/2015	GBP	100,000		174,121
5.63%, 3/4/2016	EUR	200,000		293,070
6.50%, 3/4/2021	EUR	150,000		252,613
The Goldman Sachs Group, Inc.:
4.00%, 2/2/2015	EUR	130,000		168,309
4.38%, 3/16/2017	EUR	150,000		194,148
4.50%, 5/9/2016	EUR	100,000		130,740
4.75%, 1/28/2014	EUR	100,000		130,792
5.13%, 10/16/2014	EUR	100,000		132,666
5.13%, 10/23/2019	EUR	100,000		131,290
6.38%, 5/2/2018	EUR	100,000		140,486
The Procter & Gamble Co.:
4.50%, 5/12/2014	EUR	100,000		135,694
4.88%, 5/11/2027	EUR	100,000		153,852
5.13%, 10/24/2017	EUR	50,000		74,896
Toyota Motor Credit Corp. 6.63%, 2/3/2016	EUR	150,000		225,524
Wal-Mart Stores, Inc.:
4.88%, 1/19/2039	GBP	100,000		179,181
5.25%, 9/28/2035	GBP	100,000		187,727
5.63%, 3/27/2034	GBP	100,000		199,227
Wells Fargo & Co.:
4.13%, 11/3/2016	EUR	100,000		138,405
4.63%, 11/2/2035	GBP	50,000		81,536
Zurich Finance USA, Inc.:
4.50%, 9/17/2014	EUR	50,000		67,345
4.50%, 9/17/2014	EUR	50,000		67,345

				10,098,311

TOTAL CORPORATE BONDS & NOTES —
(Cost $72,140,840)				69,406,390

	Shares
SHORT TERM INVESTMENT — 0.0% (a)
MONEY MARKET FUND — 0.0% (a)
State Street Institutional Liquid Reserves Fund 0.20% (b)(c)(d) (Cost $1,033)		1,033		1,033

TOTAL INVESTMENTS — 97.6% (e)
(Cost $72,141,873)				69,407,423
OTHER ASSETS & LIABILITIES — 2.4%				1,736,429

NET ASSETS — 100.0%			$	71,143,852

See accompanying notes to financial statements.

241

SPDR Barclays Capital International Corporate Bond ETF
SCHEDULE OF INVESTMENTS��(continued)

June 30, 2012

At June 30, 2012, Open Forward Foreign Currency Exchange Contracts were as follows:

Forward Foreign Currency Contracts to Buy:


							Net Unrealized
							Appreciation/
Settlement Date	Contracts to Deliver			In Exchange for			(Depreciation)			Counterparty

7/6/2012		118,400,000	JPY		1,191,027	EUR	$	27,550		HSBC Bank PLC
7/6/2012		1,210,734	EUR		118,400,000	JPY		(52,560	)	Societe Generale
8/7/2012		1,191,267	EUR		118,400,000	JPY		(27,578	)	HSBC Bank PLC

							$	(52,588	)

CHF — Swiss Franc

EUR — Euro Currency

GBP — Great British Pound

JPY — Japanese Yen

See accompanying notes to financial statements.

242

SPDR Barclays Capital Emerging Markets Local Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

FOREIGN GOVERNMENT OBLIGATIONS — 96.0%
BRAZIL — 11.9%
Brazil Letras do Tesouro Nacional:
Zero Coupon, 7/1/2013 (a)	BRL	7,875,000	$	3,627,845
Zero Coupon, 1/1/2014 (a)	BRL	1,950,000		860,726
Zero Coupon, 4/1/2014 (a)	BRL	10,600,000		4,580,091
Zero Coupon, 7/1/2014 (a)	BRL	450,000		190,267
Zero Coupon, 1/1/2015 (a)	BRL	4,350,000		1,751,717
Zero Coupon, 1/1/2016 (a)	BRL	1,800,000		655,779
Brazil Notas do Tesouro Nacional Series F:
10.00%, 1/1/2014	BRL	4,750,000		2,415,105
10.00%, 1/1/2015	BRL	3,000,000		1,533,126
10.00%, 1/1/2017	BRL	9,300,000		4,719,633
10.00%, 1/1/2018	BRL	1,000,000		504,152
10.00%, 1/1/2021	BRL	2,480,000		1,231,612
10.00%, 1/1/2023	BRL	700,000		343,025
Brazilian Government International Bond:
8.50%, 1/5/2024	BRL	350,000		189,006
10.25%, 1/10/2028	BRL	500,000		307,786
12.50%, 1/5/2016	BRL	500,000		301,283
12.50%, 1/5/2022 (b)	BRL	250,000		171,852

				23,383,005

CHILE — 1.9%
Bonos del Banco Central de Chile en Pesos:
6.00%, 1/1/2015	CLP	220,000,000		435,766
6.00%, 5/1/2015	CLP	150,000,000		304,041
6.00%, 2/1/2016	CLP	345,000,000		690,641
6.00%, 8/1/2016	CLP	200,000,000		401,675
6.00%, 1/1/2017	CLP	125,000,000		250,531
6.00%, 2/1/2021	CLP	385,000,000		789,341
8.00%, 6/1/2014	CLP	190,000,000		397,121
Chile Government International Bond 5.50%, 8/5/2020	CLP	200,000,000		423,492

				3,692,608

COLOMBIA — 4.3%
Colombia Government International Bond:
7.75%, 4/14/2021 (b)	COP	460,000,000		320,464
9.85%, 6/28/2027	COP	200,000,000		169,207
12.00%, 10/22/2015	COP	570,000,000		395,596
Colombian TES:
7.25%, 6/15/2016	COP	3,000,000,000		1,748,767
7.50%, 8/26/2026	COP	1,000,000,000		574,686
8.00%, 10/28/2015	COP	500,000,000		296,812
9.25%, 5/14/2014	COP	500,000,000		297,232
10.00%, 7/24/2024	COP	1,000,000,000		693,635
10.25%, 11/14/2013	COP	500,000,000		296,588
11.00%, 7/24/2020	COP	3,500,000,000		2,452,432
13.50%, 9/12/2014	COP	2,000,000,000		1,293,030

				8,538,449

CZECH REPUBLIC — 4.5%
Czech Republic Government Bond:
2.75%, 3/31/2014	CZK	5,700,000		292,261
2.80%, 9/16/2013	CZK	13,850,000		705,776
3.40%, 9/1/2015	CZK	20,000,000		1,061,612
3.75%, 9/12/2020	CZK	11,000,000		585,803
3.85%, 9/29/2021	CZK	27,600,000		1,466,465
4.00%, 4/11/2017	CZK	32,200,000		1,760,010
4.20%, 12/4/2036	CZK	10,400,000		562,402
4.60%, 8/18/2018	CZK	7,900,000		447,235
4.70%, 9/12/2022	CZK	13,500,000		765,135
5.00%, 4/11/2019	CZK	9,600,000		553,877
5.70%, 5/25/2024	CZK	6,000,000		369,345
6.95%, 1/26/2016	CZK	4,300,000		255,315

				8,825,236

EGYPT — 2.0%
Egypt Government International Bond 5.75%, 4/29/2020	USD	150,000		143,250
Egypt Treasury Bills:
Zero Coupon, 9/11/2012 (a)	EGP	3,000,000		480,911
Zero Coupon, 2/5/2013 (a)	EGP	10,000,000		1,508,294
Zero Coupon, 2/19/2013 (a)	EGP	10,000,000		1,498,721
Zero Coupon, 6/11/2013 (a)	EGP	1,900,000		272,307

				3,903,483

HUNGARY — 3.6%
Hungary Government Bond:
5.50%, 2/12/2014	HUF	155,000,000		668,895
5.50%, 2/12/2016	HUF	152,000,000		632,848
6.00%, 11/24/2023	HUF	9,000,000		34,502
6.50%, 6/24/2019	HUF	30,000,000		124,438
6.75%, 8/22/2014	HUF	215,000,000		940,788
6.75%, 2/24/2017	HUF	67,000,000		286,213
6.75%, 11/24/2017	HUF	415,000,000		1,763,967
7.00%, 6/24/2022	HUF	214,000,000		899,918
7.50%, 10/24/2013	HUF	174,500,000		775,380
7.50%, 11/12/2020	HUF	80,200,000		348,834
8.00%, 2/12/2015	HUF	124,500,000		559,545

				7,035,328

INDONESIA — 4.5%
Indonesia Treasury Bond:
6.25%, 4/15/2017	IDR	5,400,000,000		592,015
6.38%, 4/15/2042	IDR	2,500,000,000		256,609
7.00%, 5/15/2022	IDR	12,800,000,000		1,449,671
7.00%, 5/15/2027	IDR	7,100,000,000		789,312
7.38%, 9/15/2016	IDR	4,520,000,000		514,984
8.25%, 7/15/2021	IDR	8,840,000,000		1,074,587
8.25%, 6/15/2032	IDR	10,160,000,000		1,238,299
8.38%, 9/15/2026	IDR	500,000,000		61,526

See accompanying notes to financial statements.

243

SPDR Barclays Capital Emerging Markets Local Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

9.00%, 9/15/2013	IDR	1,030,000,000	$	114,958
9.50%, 6/15/2015	IDR	6,420,000,000		762,807
9.50%, 7/15/2031	IDR	580,000,000		78,175
9.50%, 5/15/2041	IDR	2,000,000,000		274,671
9.75%, 5/15/2037	IDR	1,250,000,000		173,113
10.00%, 9/15/2024	IDR	1,000,000,000		136,299
10.00%, 2/15/2028	IDR	1,400,000,000		193,117
10.50%, 8/15/2030	IDR	2,600,000,000		377,728
11.00%, 11/15/2020	IDR	2,900,000,000		407,085
11.00%, 9/15/2025	IDR	2,000,000,000		292,779

				8,787,735

ISRAEL — 4.3%
Israel Government Bond — Fixed:
3.50%, 9/30/2013	ILS	1,700,000		441,813
3.50%, 8/31/2014	ILS	4,250,000		1,113,015
4.25%, 8/31/2016	ILS	5,800,000		1,558,264
4.50%, 1/30/2015	ILS	2,260,000		607,294
5.00%, 1/31/2020	ILS	650,000		177,816
5.50%, 2/28/2017	ILS	2,100,000		593,410
5.50%, 1/31/2022	ILS	4,320,000		1,208,379
5.50%, 1/31/2042	ILS	300,000		76,398
6.00%, 2/28/2019	ILS	4,500,000		1,308,727
6.25%, 10/30/2026	ILS	2,610,000		763,238
Israel Government Bond — Shahar:
6.50%, 1/31/2016	ILS	2,000,000		576,269
7.50%, 3/31/2014	ILS	550,000		152,902

				8,577,525

MALAYSIA — 6.1%
Malaysia Government Bond:
3.20%, 10/15/2015	MYR	700,000		221,228
3.31%, 10/31/2017	MYR	1,300,000		411,754
3.42%, 8/15/2022	MYR	300,000		93,402
3.43%, 8/15/2014	MYR	4,880,000		1,550,157
3.46%, 7/31/2013	MYR	600,000		189,910
3.50%, 5/31/2027	MYR	600,000		182,268
3.58%, 9/28/2018	MYR	5,150,000		1,642,355
3.74%, 2/27/2015	MYR	4,825,000		1,546,297
4.01%, 9/15/2017	MYR	3,970,000		1,295,303
4.13%, 4/15/2032	MYR	1,400,000		448,132
4.16%, 7/15/2021	MYR	3,940,000		1,304,447
4.23%, 6/30/2031	MYR	1,100,000		358,515
4.26%, 9/15/2016	MYR	2,310,000		759,241
4.38%, 11/29/2019	MYR	840,000		280,738
4.39%, 4/15/2026	MYR	2,400,000		807,235
4.50%, 4/15/2030	MYR	100,000		33,829
5.09%, 4/30/2014	MYR	2,700,000		881,782

				12,006,593

MEXICO — 8.6%
Mexican Bonos:
6.00%, 6/18/2015	MXN	7,100,000		547,171
6.25%, 6/16/2016	MXN	3,500,000		274,155
6.50%, 6/10/2021	MXN	29,500,000		2,376,453
7.50%, 6/3/2027	MXN	18,120,000		1,532,900
7.75%, 12/14/2017	MXN	3,800,000		320,765
7.75%, 11/13/2042	MXN	1,500,000		124,335
8.00%, 6/11/2020	MXN	5,400,000		474,985
8.50%, 5/31/2029	MXN	27,850,000		2,532,465
8.50%, 11/18/2038	MXN	15,000,000		1,351,694
9.00%, 6/20/2013	MXN	8,300,000		643,443
9.50%, 12/18/2014	MXN	8,800,000		727,906
10.00%, 11/20/2036	MXN	5,800,000		600,041
United Mexican States:
7.00%, 6/19/2014	MXN	37,600,000		2,922,121
7.25%, 12/15/2016	MXN	11,800,000		962,069
8.50%, 12/13/2018	MXN	17,800,000		1,574,781

				16,965,284

PERU — 2.3%
Peru Government Bond:
6.95%, 8/12/2031	PEN	1,430,000		622,019
8.20%, 8/12/2026	PEN	730,000		349,726
Peruvian Government International Bond:
6.85%, 2/12/2042	PEN	1,720,000		728,733
6.90%, 8/12/2037	PEN	400,000		173,916
7.84%, 8/12/2020	PEN	2,000,000		889,998
8.20%, 8/12/2026	PEN	2,080,000		996,480
8.60%, 8/12/2017	PEN	1,100,000		493,710
9.91%, 5/5/2015	PEN	695,000		302,936

				4,557,518

PHILIPPINES — 4.3%
Philippine Government Bond:
5.00%, 8/18/2018	PHP	1,000,000		23,879
5.88%, 1/31/2018	PHP	19,400,000		484,192
5.88%, 12/16/2020	PHP	48,000,000		1,193,285
6.25%, 1/27/2014	PHP	21,500,000		536,810
7.00%, 1/27/2016	PHP	36,700,000		955,556
7.00%, 3/31/2017	PHP	12,000,000		313,096
7.75%, 2/18/2020	PHP	13,100,000		362,924
7.88%, 2/19/2019	PHP	13,500,000		372,779
8.00%, 7/19/2031	PHP	76,687,338		2,263,291
8.13%, 12/16/2035	PHP	44,200,000		1,310,632
8.38%, 5/22/2015	PHP	4,000,000		107,389
Philippine Government International Bond:
4.95%, 1/15/2021	PHP	10,000,000		247,271
6.25%, 1/14/2036	PHP	10,000,000		253,056

				8,424,160

POLAND — 7.5%
Poland Government Bond:
4.75%, 10/25/2016	PLN	5,800,000		1,740,191
4.75%, 4/25/2017	PLN	1,800,000		539,790
5.00%, 4/25/2016	PLN	2,150,000		651,320
5.25%, 10/25/2017	PLN	2,400,000		734,750
5.25%, 10/25/2020	PLN	3,040,000		922,576
5.75%, 10/25/2021	PLN	7,800,000		2,439,121
5.75%, 4/25/2029	PLN	1,430,000		446,487
Republic of Poland:
Zero Coupon, 7/25/2013 (a)	PLN	2,380,000		679,419
Zero Coupon, 1/25/2014 (a)	PLN	8,800,000		2,457,028
5.50%, 4/25/2015	PLN	6,390,000		1,959,334

See accompanying notes to financial statements.

244

SPDR Barclays Capital Emerging Markets Local Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

5.50%, 10/25/2019	PLN	3,900,000	$	1,208,342
5.75%, 4/25/2014	PLN	1,400,000		427,681
6.25%, 10/24/2015	PLN	2,000,000		628,772

				14,834,811

RUSSIA — 4.3%
Russian Foreign Bond — Eurobond 7.85%, 3/10/2018 (b)	RUB	265,000,000		8,590,474

SOUTH AFRICA — 4.6%
Republic of South Africa:
7.50%, 1/15/2014	ZAR	2,800,000		353,796
8.25%, 9/15/2017	ZAR	6,600,000		865,098
8.75%, 12/21/2014	ZAR	6,500,000		860,017
South Africa Government Bond:
6.25%, 3/31/2036	ZAR	4,900,000		458,156
6.50%, 2/28/2041	ZAR	3,500,000		332,047
6.75%, 3/31/2021	ZAR	14,800,000		1,747,553
7.00%, 2/28/2031	ZAR	6,700,000		714,934
7.25%, 1/15/2020	ZAR	6,950,000		853,953
8.00%, 12/21/2018	ZAR	11,700,000		1,513,125
10.50%, 12/21/2026	ZAR	6,500,000		964,926
13.50%, 9/15/2015	ZAR	3,120,000		462,936

				9,126,541

SOUTH KOREA — 12.3%
Korea Treasury Bond:
3.00%, 12/10/2013	KRW	2,420,000,000		2,104,476
3.25%, 12/10/2014	KRW	3,150,000,000		2,747,669
3.50%, 6/10/2014	KRW	3,250,000,000		2,848,567
3.50%, 9/10/2016	KRW	3,480,000,000		3,047,439
3.75%, 6/10/2013	KRW	2,530,000,000		2,218,008
4.00%, 3/10/2016	KRW	720,000,000		641,306
4.00%, 12/10/2031	KRW	1,000,000,000		903,818
4.25%, 9/10/2014	KRW	530,000,000		471,811
4.25%, 6/10/2021	KRW	2,720,000,000		2,484,800
4.50%, 3/10/2015	KRW	600,000,000		539,316
4.75%, 12/10/2030	KRW	1,320,000,000		1,306,269
5.00%, 6/10/2020	KRW	1,550,000,000		1,483,240
5.25%, 9/10/2015	KRW	590,000,000		543,604
5.50%, 12/10/2029	KRW	280,000,000		299,228
5.75%, 9/10/2018	KRW	2,660,000,000		2,605,430

				24,244,981

THAILAND — 4.5%
Thailand Government Bond:
2.80%, 10/10/2017	THB	26,700,000		814,090
3.13%, 12/11/2015	THB	18,050,000		564,631
3.25%, 6/16/2017	THB	29,600,000		923,678
3.45%, 3/8/2019	THB	17,500,000		549,011
3.58%, 12/17/2027	THB	6,000,000		183,256
3.63%, 5/22/2015	THB	22,400,000		711,806
3.65%, 12/17/2021	THB	39,200,000		1,248,166
3.65%, 6/20/2031	THB	8,000,000		235,818
3.78%, 6/25/2032	THB	6,000,000		178,632
3.85%, 12/12/2025	THB	22,000,000		692,156
3.88%, 6/13/2019	THB	1,000,000		32,407
4.13%, 11/18/2016	THB	4,500,000		145,820
4.75%, 12/20/2024	THB	7,000,000		240,946
4.88%, 6/22/2029	THB	14,500,000		503,093
5.13%, 3/13/2018	THB	2,500,000		85,356
5.25%, 5/12/2014	THB	36,800,000		1,200,252
5.40%, 7/27/2016	THB	1,100,000		37,275
5.67%, 3/13/2028	THB	1,700,000		64,508
5.85%, 3/31/2021	THB	11,700,000		429,822

				8,840,723

TURKEY — 4.5%
Turkey Government Bond:
8.00%, 10/9/2013	TRY	1,930,000		1,057,995
9.00%, 3/5/2014	TRY	1,100,000		613,341
9.00%, 1/27/2016	TRY	1,860,000		1,043,788
9.00%, 3/8/2017	TRY	500,000		281,418
9.50%, 1/12/2022	TRY	1,350,000		788,564
10.00%, 12/4/2013	TRY	5,650,000		3,176,895
10.00%, 6/17/2015	TRY	1,750,000		1,004,312
10.50%, 1/15/2020	TRY	1,380,000		838,514

				8,804,827

TOTAL FOREIGN GOVERNMENT OBLIGATIONS —
(Cost $195,135,943)				189,139,281

	Shares
SHORT TERM INVESTMENTS — 4.2%
MONEY MARKET FUNDS — 4.2%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		4,442,300		4,442,300
State Street Institutional Liquid Reserves Fund 0.20% (d)(e)		3,749,153		3,749,153

TOTAL SHORT TERM INVESTMENTS — (f)
(Cost $8,191,453)				8,191,453

TOTAL INVESTMENTS — 100.2% (g)
(Cost $203,327,396)				197,330,734
OTHER ASSETS & LIABILITIES — (0.2)%				(301,215	)

NET ASSETS — 100.0%			$	197,029,519


(a)		Non-income producing security.
(b)		A portion of the security was on loan at June 30, 2012.
(c)		Investments of cash collateral for securities loaned.
(d)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(e)		The rate shown is the annualized seven-day yield at period end.
(f)		Value is determined based on Level 1 inputs. (Note 2)
(g)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

245

SPDR Barclays Capital Emerging Markets Local Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012

At June 30, 2012, Open Forward Foreign Currency Exchange Contracts were as follows:

Forward Foreign Currency Contracts to Buy:


									Net Unrealized
				Value at		In Exchange			Appreciation/
Settlement Date	Contracts to Deliver			June 30, 2012		for U.S. $			(Depreciation)		Counterparty

7/9/2012		16,470,000	EGP	$	2,709,760	$	(2,645,868	)	$	63,892	UBS AG London
7/9/2012		850,000	EGP		139,848		(139,775	)		73	UBS AG London
7/9/2012		14,740,000	RUB		453,941		(437,232	)		16,709	UBS AG London
8/8/2012		17,320,000	EGP		2,802,507		(2,773,419	)		29,088	UBS AG London
8/8/2012		8,390,000	RUB		257,019		(255,522	)		1,497	UBS AG London

									$	111,259

Forward Foreign Currency Contracts to Sell:


								Net Unrealized
				Value at		In Exchange		Appreciation/
Settlement Date	Contracts to Deliver			June 30, 2012		for U.S. $		(Depreciation)			Counterparty

7/9/2012		17,320,000	EGP	$	2,849,608	$	2,844,941	$	(4,667	)	UBS AG London
7/9/2012		6,350,000	RUB		195,558		192,564		(2,994	)	UBS AG London
7/9/2012		8,390,000	RUB		258,383		256,734		(1,649	)	UBS AG London

								$	(9,310	)

								$	101,949

BRL — Brazilian Real

CLP — Chilean Peso

COP — Colombian Peso

CZK — Czech Koruna

EGP — Egyptian Pound

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nuevo Sol

PHP — Philippine Peso

PLN — Polish Zloty

RUB — Russian Ruble

THB — Thai Baht

TRY — Turkish Lira

ZAR — South African Rand

See accompanying notes to financial statements.

246

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.1%
AEROSPACE & DEFENSE — 1.8%
BE Aerospace, Inc. 6.88%, 10/1/2020	$	33,705,000	$	37,244,025
Bombardier, Inc. 7.75%, 3/15/2020 (a)		41,223,000		45,860,588
Kratos Defense & Security Solutions, Inc. 10.00%, 6/1/2017		29,592,000		31,885,380
TransDigm, Inc. 7.75%, 12/15/2018		75,573,000		82,941,367

				197,931,360

AIRLINES — 0.9%
Air Canada 9.25%, 8/1/2015 (a)		28,435,000		27,795,212
Continental Airlines, Inc. 6.75%, 9/15/2015 (a)		38,420,000		39,476,550
Delta Air Lines, Inc. 9.50%, 9/15/2014 (a)		28,439,000		30,038,694

				97,310,456

AUTO COMPONENTS — 1.2%
Exide Technologies 8.63%, 2/1/2018		31,722,000		25,020,728
The Goodyear Tire & Rubber Co. 8.25%, 8/15/2020		47,242,000		50,017,468
Tomkins LLC/Tomkins, Inc. 9.00%, 10/1/2018		50,687,000		56,389,287

				131,427,483

AUTOMOBILES — 1.1%
Chrysler Group LLC/CG, Inc. 8.25%, 6/15/2021		79,645,000		81,835,237
Navistar International Corp. 8.25%, 11/1/2021		42,586,000		40,829,328

				122,664,565

BEVERAGES — 0.3%
Constellation Brands, Inc. 6.00%, 5/1/2022		28,024,000		30,125,800

BUILDING PRODUCTS — 1.4%
Associated Materials LLC 9.13%, 11/1/2017		33,820,000		30,184,350
Building Materials Corp. of America 6.75%, 5/1/2021 (a)		46,620,000		49,883,400
Ply Gem Industries, Inc. 8.25%, 2/15/2018		36,825,000		36,088,500
Texas Industries, Inc. 9.25%, 8/15/2020		30,343,000		30,343,000

				146,499,250

CAPITAL MARKETS — 0.6%
Offshore Group Investments, Ltd. 11.50%, 8/1/2015		59,565,000		64,628,025

CHEMICALS — 2.3%
Celanese US Holdings LLC 6.63%, 10/15/2018		28,306,000		30,782,775
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC 8.88%, 2/1/2018		47,485,000		48,434,700
Ineos Finance PLC 8.38%, 2/15/2019 (a)		47,100,000		48,748,500
LyondellBasell Industries NV 5.00%, 4/15/2019 (a)		96,527,000		101,232,691
Momentive Performance Materials, Inc. 9.00%, 1/15/2021		31,400,000		23,785,500

				252,984,166

COMMERCIAL SERVICES & SUPPLIES — 2.4%
ARAMARK Holdings Corp. PIK 8.63%, 5/1/2016 (a)		29,407,000		30,105,710
Interactive Data Corp. 10.25%, 8/1/2018		31,745,000		35,355,994
RR Donnelley & Sons Co. 7.25%, 5/15/2018		29,500,000		28,098,750
RSC Equipment Rental, Inc./RSC Holdings III LLC 8.25%, 2/1/2021		13,190,000		14,047,350
ServiceMaster Co. 8.00%, 2/15/2020		27,660,000		30,114,825
The Hertz Corp.:
6.75%, 4/15/2019		38,825,000		40,378,000
7.50%, 10/15/2018		9,440,000		10,124,400
UR Financing Escrow Corp. 7.63%, 4/15/2022 (a)		63,530,000		66,547,675

				254,772,704

COMPUTERS & PERIPHERALS — 1.9%
Fidelity National Information Services, Inc. 5.00%, 3/15/2022 (a)		30,500,000		31,033,750
iGate Corp. 9.00%, 5/1/2016		36,530,000		39,087,100
Infor US, Inc. 9.38%, 4/1/2019 (a)		47,668,000		50,885,590
Seagate HDD Cayman 7.75%, 12/15/2018		35,717,000		39,511,931
SunGard Data Systems, Inc. 7.38%, 11/15/2018		42,993,000		46,109,993

				206,628,364

CONSTRUCTION MATERIALS — 0.3%
Vulcan Materials Co. 7.50%, 6/15/2021		30,325,000		33,357,500

CONTAINERS & PACKAGING — 1.5%
Ball Corp. 5.00%, 3/15/2022		35,805,000		37,237,200
Berry Plastics Corp. 9.75%, 1/15/2021		39,200,000		42,630,000
Crown Americas LLC/Crown Americas Capital Corp. III 6.25%, 2/1/2021		33,435,000		36,527,738
Sealed Air Corp. 8.38%, 9/15/2021 (a)		35,682,000		40,320,660

				156,715,598

DISTRIBUTORS — 0.9%
HD Supply, Inc. 8.13%, 4/15/2019 (a)		44,964,000		48,561,120

See accompanying notes to financial statements.

247

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

McJunkin Red Man Corp. 9.50%, 12/15/2016	$	48,801,000	$	52,705,080

				101,266,200

DIVERSIFIED CONSUMER SERVICES — 0.7%
Reynolds Group Issuer, Inc. 9.75%, 4/15/2019 (a)		71,830,000		71,650,425

DIVERSIFIED FINANCIAL SERVICES — 4.9%
Ally Financial, Inc. 8.30%, 2/12/2015		95,228,000		103,798,520
Capital One Capital V 10.25%, 8/15/2039		51,880,000		52,917,600
CEVA Group PLC 8.38%, 12/1/2017 (a)		36,000,000		34,920,000
CIT Group, Inc.:
4.75%, 2/15/2015 (a)		5,000,000		5,118,750
7.00%, 5/2/2016 (a)		5,000,000		5,012,500
7.00%, 5/2/2017 (a)		55,124,613		55,227,971
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 8.00%, 1/15/2018		102,989,000		109,425,812
International Lease Finance Corp. 8.75%, 3/15/2017		70,395,000		79,018,388
TransUnion LLC/TransUnion Financing Corp. 11.38%, 6/15/2018		32,708,000		38,472,785
UPCB Finance III, Ltd. 6.63%, 7/1/2020 (a)		47,270,000		47,979,050

				531,891,376

DIVERSIFIED TELECOMMUNICATION SERVICES — 5.0%
Cricket Communications, Inc. 7.75%, 10/15/2020		75,700,000		72,293,500
Frontier Communications Corp. 8.50%, 4/15/2020		52,000,000		55,120,000
Hughes Satellite Systems Corp. 6.50%, 6/15/2019		52,031,000		55,282,937
Inmarsat Finance PLC 7.38%, 12/1/2017 (a)		39,825,000		42,513,187
Intelsat Jackson Holdings SA 7.25%, 4/1/2019		70,775,000		74,313,750
Level 3 Financing, Inc.:
8.13%, 7/1/2019		53,785,000		55,196,856
10.00%, 2/1/2018		5,825,000		6,305,563
Telesat Canada/Telesat LLC 6.00%, 5/15/2017 (a)		31,201,000		31,747,018
Virgin Media Finance PLC 8.38%, 10/15/2019		28,358,000		31,867,303
West Corp. 7.88%, 1/15/2019		30,415,000		31,783,675
Wind Acquisition Finance SA 11.75%, 7/15/2017 (a)		101,609,000		82,049,267

				538,473,056

ELECTRIC UTILITIES — 4.4%
Calpine Corp. 7.50%, 2/15/2021 (a)		94,695,000		102,270,600
Dubai Electricity & Water Authority 7.38%, 10/21/2020 (a)		71,025,000		77,772,375
EDP Finance BV 4.90%, 10/1/2019 (a)		47,188,000		37,586,044
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc. 10.00%, 12/1/2020		103,492,000		112,547,550
GenOn Energy, Inc. 9.50%, 10/15/2018		31,330,000		30,977,538
NRG Energy, Inc. 7.88%, 5/15/2021		57,500,000		58,075,000
The AES Corp. 7.38%, 7/1/2021 (a)		46,219,000		51,418,637

				470,647,744

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.2%
CDW LLC/CDW Finance Corp. 8.50%, 4/1/2019		64,644,000		68,845,860
NXP BV/NXP Funding LLC, Series 1 9.75%, 8/1/2018 (a)		48,345,000		55,113,300

				123,959,160

ENGINEERING & CONSTRUCTION — 0.3%
Abengoa Finance SAU 8.88%, 11/1/2017 (a)		33,245,000		29,421,825

FOOD PRODUCTS — 1.3%
Del Monte Corp. 7.63%, 2/15/2019		61,955,000		62,497,106
JBS USA LLC/JBS USA Finance, Inc. 8.25%, 2/1/2020 (a)		34,500,000		33,551,250
Post Holdings, Inc. 7.38%, 2/15/2022 (a)		36,500,000		38,507,500

				134,555,856

HEALTH CARE EQUIPMENT & SUPPLIES — 0.8%
Kinetic Concepts, Inc. 10.50%, 11/1/2018 (a)		81,760,000		85,848,000

HEALTH CARE PROVIDERS & SERVICES — 5.9%
Apria Healthcare Group, Inc. 11.25%, 11/1/2014		33,450,000		34,620,750
CHS/Community Health Systems, Inc. 8.00%, 11/15/2019		92,065,000		98,049,225
DaVita, Inc. 6.63%, 11/1/2020		36,650,000		38,207,625
Emergency Medical Services Corp. 8.13%, 6/1/2019		44,617,000		46,568,994
Fresenius Medical Care US Finance II, Inc. 5.63%, 7/31/2019 (a)		23,910,000		24,926,175
Fresenius Medical Care US Finance, Inc. 5.75%, 2/15/2021 (a)		14,496,000		15,093,960
HCA, Inc. 6.50%, 2/15/2020		143,481,000		155,497,534
Health Management Associates, Inc. 7.38%, 1/15/2020 (a)		44,755,000		47,608,131

See accompanying notes to financial statements.

248

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

IASIS Healthcare LLC/IASIS Capital Corp. 8.38%, 5/15/2019	$	39,850,000	$	39,451,500
Multiplan, Inc. 9.88%, 9/1/2018 (a)		31,475,000		34,465,125
Tenet Healthcare Corp. 8.88%, 7/1/2019		36,659,000		41,149,728
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc. Series 1 8.00%, 2/1/2018		56,035,000		57,295,787

				632,934,534

HOTELS, RESTAURANTS & LEISURE — 3.3%
Ameristar Casinos, Inc. 7.50%, 4/15/2021		37,114,000		39,711,980
Burger King Corp. 9.88%, 10/15/2018		39,796,000		45,317,695
Caesars Entertainment Operating Co., Inc. 11.25%, 6/1/2017		100,705,000		109,894,331
CityCenter Holdings LLC/CityCenter Finance Corp. 7.63%, 1/15/2016		42,700,000		45,048,500
MGM Resorts International 7.75%, 3/15/2022		47,100,000		48,630,750
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Series 1 7.75%, 8/15/2020		62,850,000		69,606,375

				358,209,631

HOUSEHOLD DURABLES — 1.1%
K Hovnanian Enterprises, Inc. 10.63%, 10/15/2016		38,875,000		37,028,438
Shea Homes LP/Shea Homes Funding Corp. 8.63%, 5/15/2019		34,520,000		37,109,000
Spectrum Brands Holdings, Inc. 9.50%, 6/15/2018		35,053,000		39,609,890

				113,747,328

INDUSTRIAL CONGLOMERATES — 0.5%
RBS Global, Inc./Rexnord LLC 8.50%, 5/1/2018		53,390,000		57,928,150

INTERNET SOFTWARE & SERVICES — 0.7%
Equinix, Inc. 8.13%, 3/1/2018		35,505,000		39,321,788
Zayo Group LLC/Zayo Capital Inc. 8.13%, 1/1/2020 (a)(b)		34,932,000		36,503,940

				75,825,728

INVESTMENT COMPANIES — 0.3%
PBF Holding Co. LLC/PBF Finance Corp. 8.25%, 2/15/2020 (a)		29,890,000		29,815,275

IT SERVICES — 1.6%
First Data Corp. 12.63%, 1/15/2021		142,442,000		142,620,052
GXS Worldwide, Inc. 9.75%, 6/15/2015		32,415,000		32,333,963

				174,954,015

MACHINERY — 1.6%
Case New Holland, Inc. 7.88%, 12/1/2017		70,604,000		81,547,620
Huntington Ingalls Industries, Inc. 7.13%, 3/15/2021		28,125,000		29,390,625
SPX Corp. 6.88%, 9/1/2017		28,060,000		30,585,400
The Manitowoc Co, Inc. 8.50%, 11/1/2020		28,460,000		30,736,800

				172,260,445

MEDIA — 9.5%
AMC Entertainment, Inc. 9.75%, 12/1/2020		29,243,000		31,582,440
AMC Networks, Inc. 7.75%, 7/15/2021 (a)		32,528,000		35,862,120
CCO Holdings LLC/CCO Holdings Capital Corp. 6.50%, 4/30/2021		71,521,000		76,169,865
Cengage Learning Acquisitions, Inc. 11.50%, 4/15/2020 (a)		34,500,000		35,707,500
Cequel Communications Holdings I LLC and Cequel Capital Corp. 8.63%, 11/15/2017 (a)		88,270,000		95,110,925
Clear Channel Communications, Inc. 9.00%, 3/1/2021		82,825,000		72,057,750
Clear Channel Worldwide Holdings, Inc. 9.25%, 12/15/2017		95,101,000		103,660,090
CSC Holdings LLC 6.75%, 11/15/2021 (a)		46,185,000		49,187,025
Cumulus Media Holdings, Inc. 7.75%, 5/1/2019		30,245,000		28,505,912
DISH DBS Corp. 6.75%, 6/1/2021		95,534,000		103,176,720
Nara Cable Funding, Ltd. 8.88%, 12/1/2018 (a)		47,110,000		40,514,600
Nielsen Finance LLC/Nielsen Finance Co. 7.75%, 10/15/2018		51,200,000		56,704,000
Sirius XM Radio, Inc. 8.75%, 4/1/2015 (a)		38,745,000		43,588,125
The McClatchy Co. 11.50%, 2/15/2017		39,830,000		41,323,625
Unitymedia Hessen Gmbh & Co. 8.13%, 12/1/2017 (a)		40,210,000		43,225,750
Univision Communications, Inc.:
6.88%, 5/15/2019 (a)		56,700,000		58,401,000
8.50%, 5/15/2021 (a)		1,000		1,008
Videotron Ltee 5.00%, 7/15/2022 (a)		37,692,000		38,257,380
Visant Corp. 10.00%, 10/1/2017		34,938,000		34,675,965

See accompanying notes to financial statements.

249

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

WMG Acquisition Corp. 11.50%, 10/1/2018	$	34,000,000	$	37,570,000

				1,025,281,800

METALS & MINING — 3.5%
FMG Resources August 2006 Pty, Ltd. 7.00%, 11/1/2015 (a)		97,105,000		99,047,100
Inmet Mining Corp. 8.75%, 6/1/2020 (a)		71,143,000		70,431,570
JMC Steel Group 8.25%, 3/15/2018 (a)		41,168,000		40,859,240
Molycorp, Inc. 10.00%, 6/1/2020 (a)		32,000,000		31,680,000
Novelis, Inc. 8.75%, 12/15/2020		67,085,000		72,284,087
Schaeffler Finance BV 7.75%, 2/15/2017 (a)		28,791,000		30,014,618
United States Steel Corp. 7.38%, 4/1/2020		29,768,000		28,726,120

				373,042,735

MULTILINE RETAIL — 0.4%
Sears Holdings Corp. 6.63%, 10/15/2018		46,715,000		41,693,138

OIL, GAS & CONSUMABLE FUELS — 15.6%
Alpha Natural Resources, Inc. 6.00%, 6/1/2019		38,964,000		33,216,810
Arch Coal, Inc. 7.25%, 6/15/2021		48,036,000		40,230,150
ATP Oil & Gas Corp. 11.88%, 5/1/2015		71,890,000		33,428,850
Berry Petroleum Co. 6.38%, 9/15/2022		28,385,000		29,307,513
Carrizo Oil & Gas, Inc. 8.63%, 10/15/2018		29,645,000		30,979,025
Chesapeake Energy Corp.:
6.63%, 8/15/2020		47,094,000		46,623,060
6.78%, 3/15/2019		14,500,000		14,137,500
Cie Generale de Geophysique — Veritas 6.50%, 6/1/2021		30,075,000		30,075,000
Cimarex Energy Co. 5.88%, 5/1/2022		40,000,000		41,550,000
Concho Resources, Inc. 7.00%, 1/15/2021		28,091,000		30,057,370
Consol Energy, Inc. 8.00%, 4/1/2017		71,691,000		74,379,412
Continental Resources, Inc. 5.00%, 9/15/2022 (a)		40,400,000		41,006,000
Crosstex Energy LP/Crosstex Energy Finance Corp. 8.88%, 2/15/2018		34,543,000		36,486,044
Denbury Resources, Inc. 8.25%, 2/15/2020		46,999,000		51,463,905
Energy Transfer Equity LP 7.50%, 10/15/2020		85,302,000		93,618,945
Energy XXI Gulf Coast, Inc. 9.25%, 12/15/2017		35,960,000		38,477,200
EP Energy LLC/EP Energy Finance, Inc. 9.38%, 5/1/2020 (a)		96,000,000		99,480,000
EXCO Resources, Inc. 7.50%, 9/15/2018		34,625,000		29,950,625
Expro Finance Luxembourg SCA 8.50%, 12/15/2016 (a)		46,937,000		44,942,177
Halcon Resources Corp. 9.75%, 7/15/2020 (a)		8,953,000		8,831,776
Kodiak Oil & Gas Corp. 8.13%, 12/1/2019 (a)		40,880,000		42,106,400
Linn Energy LLC/Linn Energy Finance Corp.:
6.25%, 11/1/2019 (a)		46,000,000		45,080,000
8.63%, 4/15/2020		36,699,000		39,543,173
MEG Energy Corp. 6.50%, 3/15/2021 (a)		36,035,000		36,800,744
Murray Energy Corp. 10.25%, 10/15/2015 (a)		31,690,000		27,807,975
Newfield Exploration Co.:
5.63%, 7/1/2024		17,200,000		17,587,000
5.75%, 1/30/2022		35,136,000		36,717,120
Oil States International, Inc. 6.50%, 6/1/2019		27,835,000		28,948,400
Peabody Energy Corp. 6.00%, 11/15/2018 (a)		81,035,000		80,629,825
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II 8.38%, 6/1/2020 (a)		27,900,000		28,318,500
PetroBakken Energy Ltd. 8.63%, 2/1/2020 (a)		43,525,000		43,307,375
Plains Exploration & Production Co.:
6.63%, 5/1/2021		12,389,000		12,512,890
6.75%, 2/1/2022		35,145,000		35,847,900
Precision Drilling Corp. 6.63%, 11/15/2020		29,747,000		30,639,410
QEP Resources, Inc. 6.88%, 3/1/2021		27,424,000		30,440,640
Range Resources Corp. 5.00%, 8/15/2022		28,040,000		27,689,500
Samson Investment Co. 9.75%, 2/15/2020 (a)		106,850,000		106,315,750
SandRidge Energy, Inc.:
7.50%, 3/15/2021		41,400,000		40,882,500
8.00%, 6/1/2018 (a)		2,420,000		2,450,250
SESI LLC 7.13%, 12/15/2021 (a)		36,226,000		39,395,775
W&T Offshore, Inc. 8.50%, 6/15/2019		28,440,000		29,364,300
WPX Energy, Inc. 6.00%, 1/15/2022		51,926,000		51,666,370

				1,682,293,159

PHARMACEUTICALS — 2.7%
ConvaTec Healthcare E SA 10.50%, 12/15/2018 (a)		35,325,000		35,501,625
Grifols, Inc. 8.25%, 2/1/2018		54,856,000		58,833,060

See accompanying notes to financial statements.

250

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Mylan, Inc. 7.88%, 7/15/2020 (a)	$	47,210,000	$	52,934,212
NBTY, Inc. 9.00%, 10/1/2018		30,985,000		34,238,425
Valeant Pharmaceuticals International 6.88%, 12/1/2018 (a)		47,812,000		49,425,655
Warner Chilcott Co. LLC/Warner Chilcott Finance LLC, Series 1 7.75%, 9/15/2018		60,460,000		64,843,350

				295,776,327

PIPELINES — 1.5%
Chesapeake Midstream Partners LP/CHKM Finance Corp. 6.13%, 7/15/2022		35,600,000		34,888,000
Kinder Morgan Finance Co. LLC 6.00%, 1/15/2018 (a)		34,651,000		36,037,040
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. 6.25%, 6/15/2022		33,420,000		34,422,600
Regency Energy Partners LP/Regency Energy Finance Corp. 6.88%, 12/1/2018		27,719,000		29,174,247
Rockies Express Pipeline LLC 5.63%, 4/15/2020 (a)		35,400,000		32,214,000

				166,735,887

REAL ESTATE INVESTMENT TRUSTS — 0.8%
Evergrande Real Estate Group, Ltd. 13.00%, 1/27/2015 (a)		64,225,000		60,532,063
The Rouse Co. LP 6.75%, 11/9/2015		28,685,000		29,975,825

				90,507,888

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.7%
Agile Property Holdings, Ltd. 8.88%, 4/28/2017 (a)		30,325,000		29,718,500
Country Garden Holdings Co. 11.13%, 2/23/2018 (a)		42,272,000		42,800,400
Kaisa Group Holdings, Ltd. 13.50%, 4/28/2015 (a)		26,790,000		25,450,500
Longfor Properties Co., Ltd. 9.50%, 4/7/2016 (a)		32,950,000		34,432,750
Realogy Corp., Series 1 7.88%, 2/15/2019 (a)		33,065,000		32,321,037
Renhe Commercial Holdings Co., Ltd. 13.00%, 3/10/2016 (a)		28,306,000		14,860,650

				179,583,837

SEMICONDUCTORS — 1.2%
Freescale Semiconductor, Inc. Series 1 9.25%, 4/15/2018 (a)		65,331,000		69,904,170
Sensata Technologies BV 6.50%, 5/15/2019 (a)		33,190,000		34,268,675
STATS ChipPAC, Ltd. 7.50%, 8/12/2015 (a)		28,335,000		30,318,450

				134,491,295

SOFTWARE — 0.1%
Audatex North America, Inc. 6.75%, 6/15/2018 (a)		13,400,000		14,103,500

SPECIALTY RETAIL — 3.3%
AmeriGas Finance LLC/AmeriGas Finance Corp. 7.00%, 5/20/2022		43,910,000		45,227,300
DineEquity, Inc. 9.50%, 10/30/2018		36,154,000		39,588,630
Inergy LP/Inergy Finance Corp.:
6.88%, 8/1/2021		9,176,000		9,176,000
7.00%, 10/1/2018		19,460,000		20,043,800
Ltd Brands, Inc. 6.63%, 4/1/2021		47,600,000		52,003,000
Michaels Stores, Inc. 7.75%, 11/1/2018		37,990,000		40,079,450
Phillips-Van Heusen Corp. 7.38%, 5/15/2020		28,611,000		31,686,683
Rite Aid Corp. 8.00%, 8/15/2020		31,007,000		35,115,427
Sally Holdings LLC/Sally Capital, Inc. 6.88%, 11/15/2019		32,905,000		35,784,187
Toys R Us Property Co. I LLC 10.75%, 7/15/2017		44,474,000		48,587,845

				357,292,322

TEXTILES, APPAREL & LUXURY GOODS — 0.5%
Hanesbrands, Inc. 6.38%, 12/15/2020		47,196,000		49,673,790

TOBACCO — 0.3%
Alliance One International, Inc. 10.00%, 7/15/2016		30,292,000		30,367,730

TRANSPORTATION INFRASTRUCTURE — 0.5%
CHC Helicopter SA 9.25%, 10/15/2020		52,000,000		50,830,000

WIRELESS TELECOMMUNICATION SERVICES — 5.3%
Avaya, Inc. 7.00%, 4/1/2019 (a)		48,833,000		45,292,608
Cincinnati Bell, Inc. 8.38%, 10/15/2020		36,600,000		37,332,000
Clearwire Communications LLC/Clearwire Finance, Inc. 12.00%, 12/1/2015 (a)		96,910,000		88,188,100
CommScope, Inc. 8.25%, 1/15/2019 (a)		72,203,000		76,354,672
MetroPCS Wireless, Inc. 7.88%, 9/1/2018		48,425,000		50,240,938
NII Capital Corp. 7.63%, 4/1/2021		72,110,000		61,834,325
Sprint Nextel Corp. 9.00%, 11/15/2018 (a)		143,525,000		160,389,187

See accompanying notes to financial statements.

251

SPDR Barclays Capital High Yield Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Windstream Corp. 7.88%, 11/1/2017	$	51,835,000	$	56,500,150

				576,131,980

TOTAL CORPORATE BONDS & NOTES —
(Cost $10,469,517,713)				10,466,239,407

	Shares
SHORT TERM INVESTMENT — 1.0%
MONEY MARKET FUND — 1.0%
State Street Institutional Liquid Reserves Fund 0.20% (c)(d)(e) (Cost $113,698,781)		113,698,781		113,698,781

TOTAL INVESTMENTS — 98.1% (f)
(Cost $10,583,216,494)				10,579,938,188
OTHER ASSETS & LIABILITIES — 1.9%				200,596,558

NET ASSETS — 100.0%			$	10,780,534,746


(a)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 37.2% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)		When-issued security.
(c)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PIK = Payment in Kind

PLC = Public Limited Company

ULC = Unlimited Liability Corporation

See accompanying notes to financial statements.

252

SPDR Barclays Capital Short Term High Yield Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 97.6%
AEROSPACE & DEFENSE — 1.2%
Alliant Techsystems, Inc. 6.75%, 4/1/2016	$	250,000	$	256,250
GeoEye, Inc. 9.63%, 10/1/2015		250,000		261,875
Kratos Defense & Security Solutions, Inc. 10.00%, 6/1/2017		500,000		538,750
L-3 Communications Corp. Series B 6.38%, 10/15/2015		250,000		255,469
Sequa Corp. 11.75%, 12/1/2015 (a)		250,000		263,750

				1,576,094

AIRLINES — 1.3%
Air Canada 9.25%, 8/1/2015 (a)		250,000		244,375
Continental Airlines, Inc. 6.75%, 9/15/2015 (a)		500,000		513,750
Delta Air Lines, Inc. 9.50%, 9/15/2014 (a)		750,000		792,188
United Air Lines, Inc. 9.88%, 8/1/2013 (a)		224,000		231,000

				1,781,313

AUTO COMPONENTS — 0.8%
Affinia Group, Inc. 9.00%, 11/30/2014		250,000		252,188
American Axle & Manufacturing Holdings, Inc. 9.25%, 1/15/2017 (a)		250,000		279,375
TRW Automotive, Inc. 7.25%, 3/15/2017 (a)		500,000		571,250

				1,102,813

BEVERAGES — 0.9%
Constellation Brands, Inc.:
7.25%, 5/15/2017		500,000		571,875
8.38%, 12/15/2014		500,000		567,500

				1,139,375

BUILDING PRODUCTS — 2.5%
China Shanshui Cement Group, Ltd. 8.50%, 5/25/2016 (a)		250,000		244,375
Hanson PLC 6.13%, 8/15/2016		650,000		692,250
Lafarge SA 6.50%, 7/15/2016		471,000		508,680
Masco Corp.:
4.80%, 6/15/2015		750,000		770,606
6.13%, 10/3/2016		816,000		870,835
USG Corp. 6.30%, 11/15/2016		200,000		191,500

				3,278,246

CAPITAL MARKETS — 1.2%
E*TRADE Financial Corp. 6.75%, 6/1/2016		250,000		254,375
Offshore Group Investments, Ltd.:
11.50%, 8/1/2015 (a)		250,000		271,250
11.50%, 8/1/2015		1,000,000		1,085,000

				1,610,625

CHEMICALS — 1.7%
Ashland, Inc. 9.13%, 6/1/2017		500,000		550,000
Georgia Gulf Corp. 9.00%, 1/15/2017 (a)		250,000		278,750
Huntsman International LLC 5.50%, 6/30/2016		250,000		250,000
Ineos Finance PLC 9.00%, 5/15/2015 (a)		435,000		458,925
Ineos Group Holdings, Ltd. 8.50%, 2/15/2016 (a)		250,000		229,375
MacDermid, Inc. 9.50%, 4/15/2017 (a)		250,000		261,250
Momentive Performance Materials, Inc. 11.50%, 12/1/2016		250,000		186,250

				2,214,550

COMMERCIAL BANKS — 2.3%
CIT Group, Inc.:
5.00%, 5/15/2017		500,000		515,000
5.25%, 4/1/2014 (a)		500,000		517,500
Dresdner Bank AG/New York NY 7.25%, 9/15/2015		250,000		253,403
Royal Bank of Scotland Group PLC 5.00%, 10/1/2014		1,500,000		1,505,680
Synovus Financial Corp. 5.13%, 6/15/2017		250,000		230,000

				3,021,583

COMMERCIAL SERVICES — 1.5%
Ashtead Capital, Inc. 9.00%, 8/15/2016 (a)		250,000		259,063
Ceridian Corp. 11.25%, 11/15/2015		750,000		720,000
National Money Mart Co. 10.38%, 12/15/2016		250,000		275,625
PHH Corp. 9.25%, 3/1/2016		250,000		265,625
RR Donnelley & Sons Co.:
6.13%, 1/15/2017		250,000		236,250
8.60%, 8/15/2016		250,000		265,000

				2,021,563

COMMERCIAL SERVICES & SUPPLIES — 1.9%
ARAMARK Holdings Corp. PIK 8.63%, 5/1/2016 (a)		1,250,000		1,279,700
Clean Harbors, Inc. 7.63%, 8/15/2016		250,000		260,938
Education Management LLC/Education Management Finance Corp. 8.75%, 6/1/2014		500,000		445,000
The ServiceMaster Co. PIK 10.75%, 7/15/2015 (a)		250,000		257,815
UR Merger Sub Corp. 10.88%, 6/15/2016		250,000		280,937

				2,524,390

See accompanying notes to financial statements.

253

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

June 30, 2012


	Principal
Security Description	Amount		Value

COMPUTERS & PERIPHERALS — 1.1%
iGate Corp. 9.00%, 5/1/2016	$	500,000	$	535,000
Seagate Technology HDD Holdings 6.80%, 10/1/2016		250,000		277,813
SunGard Data Systems, Inc. 10.25%, 8/15/2015		574,000		589,785

				1,402,598

CONSTRUCTION MATERIALS — 0.2%
West China Cement, Ltd. 7.50%, 1/25/2016 (a)		250,000		223,750

CONTAINERS & PACKAGING — 1.6%
Ball Corp. 7.13%, 9/1/2016		250,000		272,187
Berry Plastics Corp. 8.25%, 11/15/2015		200,000		212,500
Crown Americas LLC/Crown Americas Capital Corp. III 7.63%, 5/15/2017		250,000		270,000
Graphic Packaging International, Inc. 9.50%, 6/15/2017		250,000		275,000
Owens-Brockway Glass Container, Inc. 7.38%, 5/15/2016		250,000		278,750
Packaging Dynamics Corp. 8.75%, 2/1/2016 (a)		250,000		262,500
Sealed Air Corp.:
5.63%, 7/15/2013 (a)		250,000		258,125
7.88%, 6/15/2017		250,000		270,000

				2,099,062

DISTRIBUTORS — 0.4%
McJunkin Red Man Corp. 9.50%, 12/15/2016		500,000		540,000

DIVERSIFIED CONSUMER SERVICES — 0.4%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer LU 7.75%, 10/15/2016 (a)		500,000		526,250

DIVERSIFIED FINANCIAL SERVICES — 8.5%
Air Lease Corp. 5.63%, 4/1/2017 (a)		500,000		492,500
Aircastle, Ltd. 6.75%, 4/15/2017		250,000		252,500
Ally Financial, Inc.:
4.50%, 2/11/2014		498,000		504,847
5.50%, 2/15/2017		500,000		507,870
6.88%, 8/28/2012		810,000		814,050
8.30%, 2/12/2015		750,000		817,500
CIT Group, Inc.:
4.75%, 2/15/2015 (a)		500,000		511,875
7.00%, 5/2/2016 (a)		500,000		501,250
7.00%, 5/2/2017 (a)(b)		575,867		576,947
CNH Capital LLC 6.25%, 11/1/2016 (a)		250,000		267,500
Credit Acceptance Corp. 9.13%, 2/1/2017		250,000		271,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75%, 1/15/2016		500,000		525,625
International Lease Finance Corp.:
5.63%, 9/20/2013		250,000		255,938
6.38%, 3/25/2013		1,000,000		1,021,250
8.63%, 9/15/2015		750,000		828,750
8.75%, 3/15/2017		500,000		561,250
Leucadia National Corp. 8.13%, 9/15/2015		250,000		280,313
Nuveen Investments, Inc. 10.50%, 11/15/2015		500,000		507,500
PHH Corp. 7.13%, 3/1/2013		250,000		255,000
Springleaf Finance Corp. 5.85%, 6/1/2013		1,750,000		1,680,000

				11,433,715

DIVERSIFIED TELECOMMUNICATION SERVICES — 5.6%
Brightstar Corp. 9.50%, 12/1/2016 (a)		250,000		256,250
Cricket Communications,��Inc. 7.75%, 5/15/2016		600,000		636,750
Frontier Communications Corp.:
6.25%, 1/15/2013		375,000		382,734
8.25%, 5/1/2014		15,000		16,425
8.25%, 4/15/2017		1,000,000		1,075,000
Integra Telecom Holdings, Inc. 10.75%, 4/15/2016 (a)		250,000		243,750
Intelsat Jackson Holdings SA 11.25%, 6/15/2016		145,000		151,888
Intelsat Luxembourg SA 11.25%, 2/4/2017		1,750,000		1,802,500
Level 3 Financing, Inc. 8.75%, 2/15/2017		500,000		520,000
Nextel Communications, Inc. Series E 6.88%, 10/31/2013		821,000		824,079
Sable International Finance, Ltd. 7.75%, 2/15/2017 (a)		250,000		258,750
Telesat Canada/Telesat LLC 6.00%, 5/15/2017 (a)		333,000		338,827
Trilogy International Partners LLC/Trilogy International Finance, Inc. 10.25%, 8/15/2016 (a)		250,000		203,750
Virgin Media Finance PLC 9.50%, 8/15/2016		500,000		557,500
West Corp. 11.00%, 10/15/2016		250,000		263,750

				7,531,953

ELECTRIC UTILITIES — 4.8%
Calpine Construction Finance Co. LP/CCFC Finance Corp. 8.00%, 6/1/2016 (a)		750,000		810,000
DPL, Inc. 6.50%, 10/15/2016 (a)		750,000		810,000
Dubai Electricity & Water Authority 8.50%, 4/22/2015 (a)		750,000		833,437

See accompanying notes to financial statements.

254

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

June 30, 2012


	Principal
Security Description	Amount		Value

Edison Mission Energy 7.00%, 5/15/2017	$	500,000	$	280,000
EDP Finance BV 5.38%, 11/2/2012 (a)		500,000		500,950
GenOn Energy, Inc. 7.63%, 6/15/2014		475,000		484,500
Midwest Generation LLC 8.56%, 1/2/2016		248,033		236,872
NRG Energy, Inc. 7.38%, 1/15/2017		700,000		728,000
RRI Energy, Inc. 7.88%, 6/15/2017		250,000		232,500
Texas Competitive Electric Holdings Co. LLC 10.25%, 11/1/2015		1,500,000		386,250
The AES Corp. 9.75%, 4/15/2016		1,000,000		1,185,000

				6,487,509

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%
WireCo WorldGroup, Inc. 9.50%, 5/15/2017		250,000		252,500

FOOD PRODUCTS — 1.6%
Dean Foods Co. 7.00%, 6/1/2016		250,000		265,625
Harbinger Group, Inc. 10.63%, 11/15/2015		250,000		260,625
Ingles Markets, Inc. 8.88%, 5/15/2017		375,000		408,281
JBS USA LLC/JBS USA Finance, Inc. 11.63%, 5/1/2014		500,000		568,750
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp. 9.25%, 4/1/2015		340,000		349,350
Smithfield Foods, Inc. 10.00%, 7/15/2014		250,000		285,313

				2,137,944

GAS UTILITIES — 0.2%
Sabine Pass LNG LP 7.25%, 11/30/2013		250,000		258,750

HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%
Accellent, Inc. 8.38%, 2/1/2017		500,000		506,250
Alere, Inc. 9.00%, 5/15/2016		590,000		600,325
Bausch & Lomb, Inc. 9.88%, 11/1/2015		250,000		261,250
DJO Finance LLC/DJO Finance Corp. 10.88%, 11/15/2014		250,000		258,125
Fresenius US Finance II, Inc. 9.00%, 7/15/2015 (a)		250,000		287,187
Universal Hospital Services, Inc. 8.50%, 6/1/2015		250,000		254,844

				2,167,981

HEALTH CARE PROVIDERS & SERVICES — 4.3%
Apria Healthcare Group, Inc. 11.25%, 11/1/2014		475,000		491,625
Community Health Systems, Inc. 8.88%, 7/15/2015		500,000		513,125
HCA, Inc.:
5.75%, 3/15/2014		250,000		261,562
6.25%, 2/15/2013		750,000		766,875
6.50%, 2/15/2016		1,500,000		1,616,250
6.75%, 7/15/2013		500,000		521,250
Health Management Associates, Inc. 6.13%, 4/15/2016		250,000		265,000
Radiation Therapy Services, Inc. 8.88%, 1/15/2017 (a)		750,000		720,000
Tenet Healthcare Corp. 9.25%, 2/1/2015		250,000		278,125
Universal Health Services, Inc. 7.13%, 6/30/2016		250,000		278,750

				5,712,562

HOTELS, RESTAURANTS & LEISURE — 4.4%
Caesars Entertainment Operating Co., Inc.:
10.75%, 2/1/2016		324,000		255,960
11.25%, 6/1/2017		1,500,000		1,636,875
CityCenter Holdings LLC/CityCenter Finance Corp. 7.63%, 1/15/2016		500,000		527,500
Isle of Capri Casinos, Inc. 7.00%, 3/1/2014		250,000		249,687
Marina District Finance Co., Inc. 9.50%, 10/15/2015		250,000		242,500
MGM Mirage, Inc.:
6.63%, 7/15/2015		500,000		515,000
13.00%, 11/15/2013		500,000		570,000
MGM Resorts International:
7.50%, 6/1/2016		1,000,000		1,035,000
10.00%, 11/1/2016		500,000		553,750
Royal Caribbean Cruises, Ltd. 7.25%, 6/15/2016		250,000		270,000

				5,856,272

HOUSEHOLD DURABLES — 2.4%
Centex Corp. 6.50%, 5/1/2016		500,000		540,000
DR Horton, Inc. 4.75%, 5/15/2017		500,000		515,312
Jarden Corp. 7.50%, 5/1/2017		500,000		560,000
K Hovnanian Enterprises, Inc. 10.63%, 10/15/2016		500,000		476,250
Lennar Corp. Series B 5.60%, 5/31/2015		625,000		656,250
Simmons Bedding Co. 11.25%, 7/15/2015 (a)		500,000		517,505

				3,265,317

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS — 0.3%
Edison Mission Energy:
7.50%, 6/15/2013		500,000		305,000
7.75%, 6/15/2016		200,000		112,500

				417,500

See accompanying notes to financial statements.

255

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

June 30, 2012


	Principal
Security Description	Amount		Value

INDUSTRIAL CONGLOMERATES — 0.2%
SPX Corp. 7.63%, 12/15/2014	$	250,000	$	275,000

INTERNET SOFTWARE & SERVICES — 0.2%
Zayo Group LLC/Zayo Capital Inc. 10.25%, 3/15/2017		250,000		278,438

IT SERVICES — 2.1%
First Data Corp.:
9.88%, 9/24/2015		250,000		253,125
11.25%, 3/31/2016		1,500,000		1,413,750
First Data Corp. PIK 10.55%, 9/24/2015		500,000		511,250
GXS Worldwide, Inc. 9.75%, 6/15/2015		384,000		383,040
Lender Processing Services, Inc. 8.13%, 7/1/2016		250,000		260,625

				2,821,790

LEISURE EQUIPMENT & PRODUCTS — 1.6%
Easton-Bell Sports, Inc. 9.75%, 12/1/2016		160,000		175,400
Equinox Holdings, Inc. 9.50%, 2/1/2016 (a)		250,000		265,000
NCL Corp. Ltd. 11.75%, 11/15/2016		500,000		573,750
Royal Caribbean Cruises, Ltd.:
6.88%, 12/1/2013		250,000		263,875
7.00%, 6/15/2013		250,000		260,000
Sabre Holdings Corp. 8.35%, 3/15/2016		500,000		472,500
Travelport LLC 9.88%, 9/1/2014		250,000		182,812

				2,193,337

MACHINERY — 0.7%
Case New Holland, Inc. 7.75%, 9/1/2013		500,000		531,250
Lonking Holdings, Ltd. 8.50%, 6/3/2016 (a)		500,000		451,250

				982,500

MEDIA — 7.0%
Affinion Group, Inc. 11.50%, 10/15/2015		250,000		213,125
CCH II LLC/CH II Capital Corp. 13.50%, 11/30/2016		500,000		557,500
Cengage Learn Aquisitions, Inc. 10.50%, 1/15/2015 (a)		750,000		570,000
Clear Channel Communications, Inc. 5.50%, 9/15/2014		750,000		641,250
CSC Holdings LLC 8.50%, 4/15/2014		250,000		275,000
DISH DBS Corp.:
6.63%, 10/1/2014		1,350,000		1,447,875
7.13%, 2/1/2016		1,000,000		1,097,500
Gray Television, Inc. 10.50%, 6/29/2015		250,000		260,000
Lamar Media Corp. 9.75%, 4/1/2014		250,000		280,000
Lions Gate Entertainment, Inc. 10.25%, 11/1/2016 (a)		500,000		547,500
Mediacom Broadband LLC/Mediacom Broadband Corp. 8.50%, 10/15/2015		250,000		256,875
Mohegan Tribal Gaming Authority 10.50%, 12/15/2016 (a)		100,000		87,000
Palace Entertainment Holdings LLC/Palace Entertainment Holdings Corp. 8.88%, 4/15/2017 (a)		250,000		261,250
Quebecor Media, Inc. 7.75%, 3/15/2016		250,000		256,875
Shingle Springs Tribal Gaming Authority 9.38%, 6/15/2015 (a)		250,000		191,250
Sirius XM Radio, Inc. 8.75%, 4/1/2015 (a)		500,000		562,500
The McClatchy Co. 11.50%, 2/15/2017		500,000		518,750
WMG Acquisition Corp. 9.50%, 6/15/2016		1,000,000		1,090,000
XM Satellite Radio, Inc. 13.00%, 8/1/2014 (a)		250,000		278,750

				9,393,000

METALS & MINING — 5.2%
China Oriental Group Co., Ltd. 8.00%, 8/18/2015 (a)		500,000		437,500
Consolidated Minerals Ltd. 8.88%, 5/1/2016 (a)		250,000		191,250
Edgen Murray Corp. 12.25%, 1/15/2015		250,000		248,750
Essar Steel Algoma, Inc.:
9.38%, 3/15/2015 (a)		500,000		482,500
9.88%, 6/15/2015 (a)		250,000		211,875
Ferrexpo Finance PLC 7.88%, 4/7/2016 (a)		500,000		451,250
FMG Resources August 2006 Pty, Ltd.:
6.00%, 4/1/2017 (a)		1,000,000		1,005,000
7.00%, 11/1/2015 (a)		1,250,000		1,275,000
Ryerson, Inc. 12.00%, 11/1/2015		500,000		502,500
Schaeffler Finance BV 7.75%, 2/15/2017 (a)		750,000		781,875
Steel Dynamics, Inc. 6.75%, 4/1/2015		700,000		710,500
United States Steel Corp. 6.05%, 6/1/2017		500,000		486,250
Winsway Coking Coal Holding, Ltd. 8.50%, 4/8/2016 (a)		250,000		233,750

				7,018,000

MULTILINE RETAIL — 1.0%
Rite Aid Corp. 9.50%, 6/15/2017		500,000		511,250
SUPERVALU, Inc. 8.00%, 5/1/2016		750,000		759,375

				1,270,625

See accompanying notes to financial statements.

256

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

June 30, 2012


	Principal
Security Description	Amount		Value

OIL, GAS & CONSUMABLE FUELS — 10.2%
Afren PLC 11.50%, 2/1/2016 (a)	$	500,000	$	532,500
Arch Coal, Inc. 8.75%, 8/1/2016		500,000		477,500
ATP Oil & Gas Corp. 11.88%, 5/1/2015		750,000		348,750
Chesapeake Energy Corp. 9.50%, 2/15/2015		1,000,000		1,077,500
Cie Generale de Geophysique — Veritas 7.75%, 5/15/2017		250,000		258,750
CITIC Resources Finance 2007, Ltd. 6.75%, 5/15/2014 (a)		500,000		522,500
Coffeyville Resources LLC/Coffeyville Finance, Inc. 9.00%, 4/1/2015 (a)		250,000		266,250
Consol Energy, Inc. 8.00%, 4/1/2017		750,000		778,125
Denbury Resources, Inc. 9.75%, 3/1/2016		250,000		274,688
El Paso Corp. 7.00%, 6/15/2017		750,000		850,767
Expro Finance Luxembourg SCA 8.50%, 12/15/2016 (a)		710,000		679,825
Forest Oil Corp. 8.50%, 2/15/2014		250,000		260,000
Hidili Industry International Development, Ltd. 8.63%, 11/4/2015 (a)		500,000		402,500
Kinder Morgan Finance Co. ULC 5.70%, 1/5/2016		250,000		263,125
Kinder Morgan Kansas, Inc. 6.50%, 9/1/2012		581,000		583,063
MIE Holdings Corp. 9.75%, 5/12/2016 (a)		250,000		241,875
Murray Energy Corp. 10.25%, 10/15/2015 (a)		250,000		219,375
Newfield Exploration Co. 6.63%, 4/15/2016		250,000		256,250
Peabody Energy Corp. 7.38%, 11/1/2016		500,000		550,000
Quicksilver Resources, Inc. 11.75%, 1/1/2016		1,000,000		973,750
Rockies Express Pipeline LLC 3.90%, 4/15/2015 (a)		500,000		481,250
Sabine Pass LNG LP 7.50%, 11/30/2016		1,000,000		1,050,000
SandRidge Energy, Inc. 9.88%, 5/15/2016		250,000		273,750
Stone Energy Corp. 8.63%, 2/1/2017		250,000		253,750
Sunoco, Inc. 5.75%, 1/15/2017		500,000		531,202
Tesoro Corp.:
6.50%, 6/1/2017		500,000		513,750
6.63%, 11/1/2015		200,000		204,000
Vulcan Materials Co. 6.50%, 12/1/2016		250,000		263,125
WPX Energy, Inc. 5.25%, 1/15/2017		250,000		253,125

				13,641,045

PAPER & FOREST PRODUCTS — 0.2%
Longview Fibre Paper & Packaging, Inc. 8.00%, 6/1/2016 (a)		250,000		250,000

PHARMACEUTICALS — 0.6%
Elan Finance PLC/Elan Finance Corp. 8.75%, 10/15/2016		250,000		271,563
Valeant Pharmaceuticals International 6.50%, 7/15/2016 (a)		500,000		522,500

				794,063

REAL ESTATE — 0.2%
CBRE Services, Inc. 11.63%, 6/15/2017		250,000		283,750

REAL ESTATE INVESTMENT TRUSTS — 2.9%
Evergrande Real Estate Group, Ltd. 13.00%, 1/27/2015 (a)		750,000		706,875
Felcor Lodging LP 10.00%, 10/1/2014		250,000		285,000
Host Hotels & Resorts LP:
6.75%, 6/1/2016		750,000		770,625
9.00%, 5/15/2017		250,000		276,875
iStar Financial, Inc.:
Series B 5.95%, 10/15/2013		250,000		241,562
8.63%, 6/1/2013		500,000		500,000
The Rouse Co. LP 6.75%, 11/9/2015		1,046,000		1,093,070

				3,874,007

REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.4%
Agile Property Holdings, Ltd. 8.88%, 4/28/2017 (a)		500,000		490,000
Atlantic Finance, Ltd. 10.75%, 5/27/2014 (a)		750,000		814,845
Country Garden Holdings Co., Ltd. 11.25%, 4/22/2017 (a)		1,000,000		1,020,000
Kaisa Group Holdings, Ltd. 13.50%, 4/28/2015 (a)		250,000		237,500
Longfor Properties Co., Ltd. 9.50%, 4/7/2016 (a)		500,000		522,500
Realogy Corp. 11.50%, 4/15/2017		250,000		236,875
Renhe Commercial Holdings Co., Ltd. 13.00%, 3/10/2016 (a)		500,000		262,500
Shanghai Industrial Urban Development Group Ltd. 9.75%, 7/23/2014 (a)		250,000		261,562
Shimao Property Holdings, Ltd. 8.00%, 12/1/2016 (a)		500,000		473,750
Susser Holdings LLC/Susser Finance Corp. 8.50%, 5/15/2016		250,000		271,875

				4,591,407

RETAIL — 0.2%
Tops Holding Corp./Tops Markets LLC 10.13%, 10/15/2015		250,000		265,625

See accompanying notes to financial statements.

257

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

June 30, 2012


	Principal
Security Description	Amount		Value

ROAD & RAIL — 0.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 7.75%, 5/15/2016	$	500,000	$	514,375

SEMICONDUCTORS — 0.2%
STATS ChipPAC, Ltd. 7.50%, 8/12/2015 (a)		250,000		267,500

SPECIALTY RETAIL — 2.1%
Michaels Stores, Inc. 11.38%, 11/1/2016		250,000		265,627
Office Depot, Inc. 6.25%, 8/15/2013		250,000		254,063
Rite Aid Corp.:
7.50%, 3/1/2017		250,000		255,000
9.75%, 6/12/2016		250,000		275,625
10.38%, 7/15/2016		450,000		476,156
The Bon-ton Department Stores, Inc. 10.25%, 3/15/2014		500,000		422,500
The Neiman Marcus Group, Inc. 10.38%, 10/15/2015		141,000		146,289
The Wendy’s Co. 10.00%, 7/15/2016		250,000		269,065
Toys R Us - Delaware, Inc. 7.38%, 9/1/2016 (a)		250,000		247,500
Toys R Us, Inc. 7.88%, 4/15/2013		250,000		255,000

				2,866,825

TELECOMMUNICATIONS — 0.1%
Sorenson Communications, Inc. 10.50%, 2/1/2015 (a)		250,000		193,750

TEXTILES, APPAREL & LUXURY GOODS — 0.7%
Hanesbrands, Inc. 8.00%, 12/15/2016		250,000		275,313
Mohawk Industries, Inc. 6.38%, 1/15/2016		500,000		551,250
Quiksilver, Inc. 6.88%, 4/15/2015		129,000		124,485

				951,048

THRIFTS & MORTGAGE FINANCE — 0.4%
Zoomlion HK SPV Co., Ltd. 6.88%, 4/5/2017 (a)		500,000		505,805

TOBACCO — 0.2%
Alliance One International, Inc. 10.00%, 7/15/2016		250,000		250,625

TRANSPORTATION INFRASTRUCTURE — 0.5%
AWAS Aviation Capital, Ltd. 7.00%, 10/17/2016 (a)		428,000		442,980
Florida East Coast Railway Corp. 8.13%, 2/1/2017		250,000		261,250

				704,230

WIRELESS TELECOMMUNICATION SERVICES — 4.4%
Avaya, Inc. 9.75%, 11/1/2015		500,000		413,750
Clearwire Communications LLC/Clearwire Finance, Inc. 12.00%, 12/1/2015 (a)		2,000,000		1,820,000
Crown Castle International Corp. 9.00%, 1/15/2015		500,000		545,625
Nextel Communications, Inc. Series D 7.38%, 8/1/2015		500,000		500,625
NII Capital Corp. 10.00%, 8/15/2016		500,000		521,250
Sprint Nextel Corp. 9.13%, 3/1/2017 (a)		1,500,000		1,575,000
Windstream Corp. 8.13%, 8/1/2013		500,000		526,875

				5,903,125

TOTAL CORPORATE BONDS & NOTES —
(Cost $131,904,734)				130,674,085

	Shares
SHORT TERM INVESTMENT — 0.4%
MONEY MARKET FUND — 0.4%
State Street Institutional Liquid Reserves Fund 0.20% (c)(d)(e) (Cost $592,611)		592,611		592,611

TOTAL INVESTMENTS — 98.0% (f)
(Cost $132,497,345)				131,266,696
OTHER ASSETS & LIABILITIES — 2.0%				2,698,874

NET ASSETS — 100.0%			$	133,965,570


(a)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 28.8% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (Note 2)
(c)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PIK = Payment in Kind

PLC = Public Limited Company

SCA = Societe en Commandite par Actions

ULC = Unlimited Liability Corporation

See accompanying notes to financial statements.

258

SPDR Barclays Capital Investment Grade Floating Rate ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 98.1%
AEROSPACE & DEFENSE — 0.6%
United Technologies Corp. 0.97%, 6/1/2015 (a)	$	50,000	$	50,534

AUTOMOBILES — 2.5%
Daimler Finance North America LLC 1.67%, 9/13/2013 (a)(b)		114,000		114,674
Toyota Motor Credit Corp. 0.87%, 1/17/2014 (a)		30,000		30,120
Volkswagen International Finance NV 1.08%, 4/1/2014 (a)(b)		80,000		79,835

				224,629

BEVERAGES — 2.4%
Anheuser-Busch InBev Worldwide, Inc. 1.19%, 3/26/2013 (a)		91,000		91,475
PepsiCo, Inc. 0.55%, 5/10/2013 (a)		50,000		50,110
The Coca-Cola Co. 0.42%, 3/14/2014 (a)		75,000		75,116

				216,701

CAPITAL MARKETS — 9.0%
Morgan Stanley 2.07%, 1/24/2014 (a)		438,000		425,723
The Goldman Sachs Group, Inc.:
0.92%, 3/22/2016 (a)		50,000		45,244
1.06%, 9/29/2014 (a)(c)		366,000		351,492

				822,459

CHEMICALS — 0.6%
EI du Pont de Nemours & Co. 0.89%, 3/25/2014 (a)		50,000		50,404

COMMERCIAL BANKS — 46.4%
Abbey National Treasury Services PLC 2.05%, 4/25/2014 (a)		111,000		106,215
African Development Bank:
0.59%, 7/22/2012 (a)		50,000		50,001
0.80%, 8/4/2014 (a)		76,000		76,283
ANZ National International Ltd./New Zealand 1.47%, 12/20/2013 (a)(b)		50,000		49,796
Australia & New Zealand Banking Group Ltd. 1.21%, 1/10/2014 (a)(b)		95,000		95,025
Bank of Montreal 0.94%, 4/29/2014 (a)		20,000		20,066
Bank of Nova Scotia 0.77%, 10/18/2012 (a)		92,000		92,061
Barclays Bank PLC 1.51%, 1/13/2014 (a)		138,000		138,146
BB&T Corp. 1.17%, 4/28/2014 (a)		50,000		50,273
BNP Paribas SA:
0.87%, 4/8/2013 (a)		122,000		120,950
1.37%, 1/10/2014 (a)(c)		65,000		63,642
Commonwealth Bank of Australia:
1.02%, 3/19/2013 (a)(b)		300,000		300,976
1.17%, 8/7/2013 (a)(b)		30,000		30,116
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 0.67%, 7/25/2013 (a)		92,000		92,001
Credit Agricole SA/London 1.92%, 1/21/2014 (a)(b)		114,000		110,752
Danske Bank A/S 1.52%, 4/14/2014 (a)(b)		20,000		19,556
Dexia Credit Local/New York 0.87%, 3/5/2013 (a)(b)		92,000		90,279
Fifth Third Bank/Ohio 0.58%, 5/17/2013 (a)		50,000		49,819
HSBC Bank PLC 0.90%, 5/15/2013 (a)(b)		244,000		243,932
ING Bank NV 1.52%, 3/15/2013 (a)(b)		164,000		164,054
Inter-American Development Bank 0.92%, 5/20/2014 (a)		76,000		76,854
Intesa Sanpaolo SpA 2.87%, 2/24/2014 (a)(b)		114,000		107,048
Kfw Bakengruppe:
0.47%, 3/17/2014 (a)(c)		140,000		139,934
0.65%, 1/17/2014 (a)		75,000		75,209
Kommunalbanken AS 0.67%, 4/1/2015 (a)(b)		100,000		99,919
Landwirtschaftliche Rentenbank 0.60%, 1/28/2014 (a)(b)		76,000		75,933
Lloyds TSB Bank PLC 2.82%, 1/24/2014 (a)(c)		92,000		92,509
National Australia Bank, Ltd. 1.23%, 12/10/2013 (a)(b)		182,000		182,801
Nordea Bank AB 1.37%, 1/14/2014 (a)(b)		35,000		35,004
PNC Funding Corp. 0.67%, 1/31/2014 (a)		116,000		115,445
Royal Bank of Canada 0.77%, 4/17/2014 (a)		122,000		122,325
Societe Financement de l’Economie Francaise 0.67%, 7/16/2012 (a)(b)		74,000		74,006
Standard Chartered PLC 1.42%, 5/12/2014 (a)(b)		15,000		14,986
SunTrust Bank/Atlanta GA 0.76%, 8/24/2015 (a)		50,000		46,666
The Bank Of New York Mellon Corp. 0.75%, 1/31/2014 (a)		76,000		76,122
The Toronto-Dominion Bank:
0.65%, 7/26/2013 (a)		74,000		74,154
0.77%, 7/14/2014 (a)		100,000		100,377
UBS AG/Stamford CT 1.47%, 1/28/2014 (a)		27,000		26,852
US Bank NA 0.69%, 10/26/2012 (a)		76,000		76,092
Wachovia Corp.:
0.84%, 10/15/2016 (a)		25,000		23,762
2.24%, 5/1/2013 (a)		232,000		235,343
Wells Fargo & Co.:
0.67%, 10/28/2015 (a)		50,000		48,958
1.39%, 6/26/2015 (a)		40,000		40,059
Westpac Banking Corp.:
0.66%, 12/14/2012 (a)(b)		80,000		80,028

See accompanying notes to financial statements.

259

SPDR Barclays Capital Investment Grade Floating Rate ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

0.89%, 6/14/2013 (a)(b)	$	214,000	$	214,396

				4,218,725

COMMUNICATIONS EQUIPMENT — 1.0%
Cisco Systems, Inc. 0.72%, 3/14/2014 (a)		90,000		90,458

COMPUTERS & PERIPHERALS — 2.0%
Dell, Inc. 1.07%, 4/1/2014 (a)		45,000		45,296
Hewlett-Packard Co.:
0.59%, 9/13/2012 (a)		43,000		43,019
0.75%, 5/24/2013 (a)		92,000		91,799

				180,114

DIVERSIFIED FINANCIAL SERVICES — 21.0%
American Express Credit Corp. 1.32%, 6/24/2014 (a)		92,000		92,567
Bank of America Corp. 1.89%, 1/30/2014 (a)		291,000		287,960
BlackRock, Inc. 0.77%, 5/24/2013 (a)		50,000		50,168
BRFkredit A/S 0.72%, 4/15/2013 (a)(b)		50,000		50,005
Citigroup, Inc.:
0.75%, 11/5/2014 (a)(c)		50,000		47,811
1.32%, 2/15/2013 (a)		214,000		214,002
Credit Suisse USA, Inc. 0.72%, 4/12/2013 (a)		76,000		75,884
General Electric Capital Corp.:
0.62%, 5/8/2013 (a)(c)		220,000		220,352
0.67%, 1/8/2016 (a)		40,000		38,624
0.73%, 9/15/2014 (a)		40,000		39,516
0.97%, 10/25/2013 (a)		20,000		20,021
1.34%, 5/9/2016 (a)		125,000		122,981
HSBC Finance Corp. 0.90%, 6/1/2016 (a)		80,000		73,321
John Deere Capital Corp.:
0.62%, 7/15/2013 (a)		50,000		50,141
0.71%, 4/25/2014 (a)		25,000		25,022
JPMorgan Chase & Co.:
1.12%, 2/26/2013 (a)		292,000		292,978
1.22%, 5/2/2014 (a)		65,000		64,946
1.52%, 3/20/2015 (a)		50,000		49,881
SLM Corp. 0.77%, 1/27/2014 (a)		50,000		47,763
The Western Union Co. 1.05%, 3/7/2013 (a)		50,000		50,209

				1,914,152

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%
Verizon Communications, Inc. 1.07%, 3/28/2014 (a)		42,000		42,369

FOOD PRODUCTS — 1.1%
Archer-Daniels-Midland Co. 0.63%, 8/13/2012 (a)		50,000		50,030
Kraft Foods, Inc. 1.34%, 7/10/2013 (a)		50,000		50,180

				100,210

INSURANCE — 3.2%
Berkshire Hathaway, Inc. 0.90%, 2/11/2013 (a)		138,000		138,514
MetLife Institutional Funding II 1.37%, 4/4/2014 (a)(b)		75,000		75,364
Metropolitan Life Global Funding I 1.22%, 1/10/2014 (a)(b)		50,000		50,036
Sun Life Financial Global Funding III LLC 0.72%, 10/6/2013 (a)(b)		30,000		29,735

				293,649

MACHINERY — 0.8%
Caterpillar, Inc. 0.64%, 5/21/2013 (a)		76,000		76,241

METALS & MINING — 0.6%
BHP Billiton Finance USA Ltd. 0.74%, 2/18/2014 (a)		55,000		55,190

MULTI-UTILITIES — 0.7%
DTE Energy Co. 1.17%, 6/3/2013 (a)		10,000		10,016
Sempra Energy 1.23%, 3/15/2014 (a)		50,000		50,101

				60,117

MULTILINE RETAIL — 0.5%
Target Corp. 0.64%, 7/18/2014 (a)		45,000		45,128

OFFICE ELECTRONICS — 0.2%
Xerox Corp. 1.29%, 5/16/2014 (a)(c)		20,000		19,973

OIL, GAS & CONSUMABLE FUELS — 2.0%
BP Capital Markets PLC 1.07%, 3/11/2014 (a)		69,000		69,478
Total Capital Canada, Ltd. 0.56%, 5/13/2013 (a)		114,000		114,085

				183,563

PERSONAL PRODUCTS — 0.5%
The Procter & Gamble Co. 0.39%, 2/6/2014 (a)		50,000		50,040

PHARMACEUTICALS — 1.8%
Sanofi 0.66%, 3/28/2013 (a)		114,000		114,329
Teva Pharmaceutical Finance III BV 0.97%, 3/21/2014 (a)		50,000		50,086

				164,415

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%
Texas Instruments, Inc. 0.65%, 5/15/2013 (a)		50,000		50,159

TEXTILES, APPAREL & LUXURY GOODS — 0.2%
VF Corp. 1.22%, 8/23/2013 (a)		15,000		15,000

TOTAL CORPORATE BONDS & NOTES —
(Cost $8,868,777)				8,924,230

See accompanying notes to financial statements.

260

SPDR Barclays Capital Investment Grade Floating Rate ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

FOREIGN GOVERNMENT OBLIGATIONS — 1.1%
REGIONAL (STATE/PROVINCE) — 1.1%
Province of Ontario Canada 0.62%, 4/1/2015 (a) (Cost $99,976)	$	100,000	$	99,924

	Shares
SHORT TERM INVESTMENTS — 5.0%
MONEY MARKET FUNDS — 5.0%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		395,678		395,678
State Street Institutional Liquid Reserves Fund 0.20% (e)(f)		61,364		61,364

TOTAL SHORT TERM INVESTMENTS — (g)
(Cost $457,042)				457,042

TOTAL INVESTMENTS — 104.2% (h)
(Cost $9,425,795)				9,481,196
OTHER ASSETS & LIABILITIES — (4.2)%				(383,189	)

NET ASSETS — 100.0%			$	9,098,007


(a)		Variable rate security. Rate shown is rate in effect at June 30, 2012. Maturity date disclosed is the ultimate maturity.
(b)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 26.3% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)		A portion of the security was on loan at June 30, 2012.
(d)		Investments of cash collateral for securities loaned.
(e)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(f)		The rate shown is the annualized seven-day yield at period end.
(g)		Value is determined based on Level 1 inputs. (Note 2)
(h)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

261

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 96.9%
AUSTRIA — 1.2%
OGX Austria GmbH 8.50%, 6/1/2018 (a)		200,000	$	178,000

BERMUDA — 2.8%
CBQ Finance, Ltd. 5.00%, 11/18/2014 (a)		100,000		105,868
Digicel Group, Ltd. 8.88%, 1/15/2015 (a)		100,000		101,000
Qtel International Finance, Ltd. 4.75%, 2/16/2021 (a)		200,000		213,000

				419,868

BRAZIL — 4.8%
Banco Bradesco SA 4.10%, 3/23/2015 (a)		150,000		156,975
Banco Santander Brasil SA 4.63%, 2/13/2017 (a)		200,000		197,000
Centrais Eletricas Brasileiras SA 5.75%, 10/27/2021 (a)		200,000		218,600
Hypermarcas SA 6.50%, 4/20/2021 (a)		150,000		144,000

				716,575

BRITISH VIRGIN ISLANDS — 5.5%
CNOOC Finance 2011, Ltd. 4.25%, 1/26/2021 (a)		200,000		214,062
CNPC General Capital, Ltd. 2.75%, 4/19/2017 (a)		200,000		201,675
Gerdau Trade, Inc. 5.75%, 1/30/2021 (a)		200,000		207,300
Sinopec Group Overseas Development 2012, Ltd. 2.75%, 5/17/2017 (a)		200,000		203,388

				826,425

CANADA — 0.7%
Novelis, Inc. 8.75%, 12/15/2020		100,000		107,750

CAYMAN ISLANDS — 18.2%
ADCB Finance Cayman, Ltd. 4.75%, 10/8/2014 (a)		100,000		105,900
Braskem Finance Ltd. 5.75%, 4/15/2021 (a)		200,000		205,500
Fibria Overseas Finance, Ltd. 7.50%, 5/4/2020 (a)		100,000		103,500
Hutchison Whampoa International 11, Ltd.:
3.50%, 1/13/2017 (a)		200,000		207,381
4.63%, 1/13/2022 (a)		200,000		209,654
IPIC GMTN Ltd. 5.00%, 11/15/2020 (a)		300,000		320,250
Kuwait Projects Co. 9.38%, 7/15/2020		100,000		110,880
Petrobras International Finance Co.:
3.50%, 2/6/2017		500,000		513,242
5.38%, 1/27/2021		100,000		107,777
6.75%, 1/27/2041		150,000		175,948
Vale Overseas, Ltd.:
6.25%, 1/23/2017		300,000		341,188
6.88%, 11/21/2036		150,000		173,993
Voto-Votorantim Overseas Trading Operations NV 6.63%, 9/25/2019 (a)		150,000		163,125

				2,738,338

CHILE — 2.7%
Corp Nacional del Cobre de Chile:
3.75%, 11/4/2020 (a)		100,000		104,289
3.88%, 11/3/2021 (a)		100,000		105,188
5.63%, 9/21/2035 (a)		75,000		87,704
Empresa Nacional del Petroleo 4.75%, 12/6/2021 (a)		100,000		104,477

				401,658

COLOMBIA — 0.8%
Ecopetrol SA 7.63%, 7/23/2019		100,000		126,000

INDIA — 1.3%
ICICI Bank, Ltd. 4.75%, 11/25/2016 (a)		200,000		198,204

INDONESIA — 1.3%
Pertamina Persero PT 6.00%, 5/3/2042 (a)		200,000		198,000

IRELAND — 3.1%
AK Transneft OJSC Via TransCapitalInvest, Ltd. 5.67%, 3/5/2014 (a)		150,000		157,912
Bank of Moscow via BOM Capital PL 6.70%, 3/11/2015 (a)		100,000		103,500
Gazprombank OJSC Via GPB Eurobond Finance PLC 6.50%, 9/23/2015		100,000		104,373
RZD Capital, Ltd. 5.74%, 4/3/2017		100,000		106,743

				472,528

ISRAEL — 1.4%
Israel Electric Corp., Ltd. 6.70%, 2/10/2017 (a)		200,000		207,225

KAZAKHSTAN — 2.4%
KazMunayGas National Co. 11.75%, 1/23/2015 (a)		300,000		356,985

LUXEMBOURG — 8.2%
CSN Resources SA 6.50%, 7/21/2020 (a)		100,000		108,330
Gazprom OAO Via Gaz Capital SA:
7.29%, 8/16/2037 (a)		100,000		113,500
9.25%, 4/23/2019 (a)		300,000		374,187
Russian Agricultural Bank OJSC Via RSHB Capital SA 9.00%, 6/11/2014 (a)		100,000		110,007
TNK-BP Finance SA 7.50%, 7/18/2016 (a)		200,000		222,260
VTB Bank OJSC Via VTB Capital SA 6.00%, 4/12/2017 (a)		300,000		304,500

				1,232,784

See accompanying notes to financial statements.

262

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

MALAYSIA — 1.3%
Petronas Capital, Ltd. 5.25%, 8/12/2019 (a)		175,000	$	201,101

MEXICO — 9.6%
America Movil SAB de CV 5.00%, 3/30/2020		425,000		482,649
Grupo Bimbo SAB de CV 4.50%, 1/25/2022 (a)		100,000		106,380
Grupo Televisa SA 6.63%, 3/18/2025		100,000		122,455
Petroleos Mexicanos:
5.50%, 1/21/2021		550,000		621,500
6.50%, 6/2/2041 (a)		100,000		116,750

				1,449,734

NETHERLANDS — 6.5%
Lukoil International Finance BV:
6.13%, 11/9/2020 (a)		200,000		209,740
6.38%, 11/5/2014 (a)		100,000		107,259
Majapahit Holding BV 7.75%, 1/20/2020 (a)		400,000		477,000
VimpelCom Holdings BV 7.50%, 3/1/2022 (a)		200,000		187,888

				981,887

PERU — 0.7%
Banco de Credito del Peru 4.75%, 3/16/2016 (a)		100,000		102,750

QATAR — 1.8%
Ras Laffan Liquefied Natural Gas Co., Ltd. III 5.50%, 9/30/2014 (a)(b)		250,000		269,375

SINGAPORE — 1.0%
DBS Bank Ltd. 2.38%, 9/14/2015		150,000		153,915

SOUTH KOREA — 5.5%
Hana Bank 4.50%, 10/30/2015 (a)		200,000		211,919
Hyundai Capital Services, Inc. 3.50%, 9/13/2017 (a)		200,000		201,687
Korea National Oil Corp. 3.13%, 4/3/2017 (a)		200,000		203,944
Korea Western Power Co., Ltd. 3.13%, 5/10/2017 (a)		200,000		204,025

				821,575

SPAIN — 1.5%
Cemex Espana Luxembourg 9.88%, 4/30/2019 (a)		250,000		221,562

TURKEY — 0.7%
Akbank TAS 5.13%, 7/22/2015 (a)		100,000		101,880

UNITED ARAB EMIRATES — 5.0%
Abu Dhabi National Energy Co.:
5.88%, 10/27/2016 (a)		100,000		111,750
5.88%, 12/13/2021 (a)		250,000		276,562
DP World Ltd. 6.85%, 7/2/2037 (a)		150,000		147,375
Dubai Electricity & Water Authority 7.38%, 10/21/2020 (a)		100,000		109,500
National Bank of Abu Dhabi PJSC 4.50%, 9/11/2014		100,000		105,250

				750,437

UNITED KINGDOM — 1.2%
Vedanta Resources PLC 6.75%, 6/7/2016 (a)		200,000		188,240

UNITED STATES — 5.1%
Atlantic Finance, Ltd. 10.75%, 5/27/2014 (a)		100,000		108,646
JBS USA LLC/JBS USA Finance, Inc. 8.25%, 2/1/2020 (a)		100,000		97,250
Reliance Holdings USA, Inc. 4.50%, 10/19/2020 (a)		250,000		234,946
Southern Copper Corp. 6.75%, 4/16/2040		150,000		158,844
Teva Pharmaceutical Finance Co. BV 2.40%, 11/10/2016		100,000		103,321
Teva Pharmaceutical Finance Co. LLC 6.15%, 2/1/2036		50,000		64,970

				767,977

VENEZUELA — 2.6%
Petroleos de Venezuela SA:
5.38%, 4/12/2027		100,000		56,250
8.50%, 11/2/2017 (a)		200,000		162,500
9.00%, 11/17/2021 (a)		100,000		72,700
12.75%, 2/17/2022 (a)		100,000		94,000

				385,450

TOTAL CORPORATE BONDS & NOTES —
(Cost $14,608,292)				14,576,223

	Shares
SHORT TERM INVESTMENT — 1.6%
MONEY MARKET FUND — 1.6%
State Street Institutional Liquid Reserves Fund 0.20% (c)(d)(e) (Cost $233,694)		233,694		233,694

TOTAL INVESTMENTS — 98.5% (f)
(Cost $14,841,986)				14,809,917
OTHER ASSETS & LIABILITIES — 1.5%				230,852

NET ASSETS — 100.0%			$	15,040,769

See accompanying notes to financial statements.

263

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


(a)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 72.1% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (Note 2)
(c)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

See accompanying notes to financial statements.

264

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF
SCHEDULE OF INVESTMENTS

June 30, 2012


	Principal
Security Description	Amount		Value

CORPORATE BONDS & NOTES — 98.2%
AEROSPACE & DEFENSE — 0.8%
Bombardier, Inc. 7.75%, 3/15/2020 (a)	$	75,000	$	83,437

AIRLINES — 1.1%
Delta Air Lines 2009-1 Class A Pass Through Trust 7.75%, 6/17/2021 (b)		41,064		46,608
UAL 2009-1 Pass Through Trust 10.40%, 5/1/2018		54,603		62,319

				108,927

BEVERAGES — 1.0%
SABMiller Holdings, Inc. 1.85%, 1/15/2015 (a)		100,000		101,428

BUILDING PRODUCTS — 2.0%
Building Materials Corp. of America 6.75%, 5/1/2021 (a)		50,000		53,500
Lafarge SA 7.13%, 7/15/2036		50,000		49,500
Masco Corp. 5.95%, 3/15/2022		100,000		102,939

				205,939

CHEMICALS — 2.1%
LyondellBasell Industries NV 5.00%, 4/15/2019 (a)		100,000		104,875
The Dow Chemical Co. 4.25%, 11/15/2020		100,000		108,487

				213,362

COMMERCIAL BANKS — 1.0%
Royal Bank of Scotland Group PLC 5.00%, 11/12/2013		100,000		100,060

COMMERCIAL SERVICES & SUPPLIES — 1.3%
ERAC USA Finance LLC 7.00%, 10/15/2037 (a)		50,000		60,272
RR Donnelley & Sons Co. 8.25%, 3/15/2019		75,000		73,500

				133,772

COMPUTERS & PERIPHERALS — 0.5%
Fidelity National Information Services, Inc. 5.00%, 3/15/2022 (a)		50,000		50,875

CONSUMER FINANCE — 1.0%
SLM Corp. 6.25%, 1/25/2016		100,000		105,000

CONTAINERS & PACKAGING — 1.6%
Ball Corp. 5.00%, 3/15/2022		75,000		78,000
Sealed Air Corp. 8.13%, 9/15/2019 (a)		75,000		83,625

				161,625

DIVERSIFIED FINANCIAL SERVICES — 6.2%
Bank of America Corp. 5.42%, 3/15/2017		100,000		103,544
Capital One Financial Corp. 2.15%, 3/23/2015		100,000		100,780
Citigroup, Inc. 4.88%, 5/7/2015		100,000		102,580
Ford Motor Credit Co. LLC 4.25%, 2/3/2017		150,000		157,234
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 8.00%, 1/15/2018		100,000		106,250
International Lease Finance Corp. 5.88%, 4/1/2019		50,000		50,048

				620,436

DIVERSIFIED TELECOMMUNICATION SERVICES — 5.8%
CenturyLink, Inc. 5.80%, 3/15/2022		100,000		99,550
Deutsche Telekom International Finance BV 2.25%, 3/6/2017 (a)		100,000		98,812
Frontier Communications Corp. 8.50%, 4/15/2020		125,000		132,500
Sprint Nextel Corp. 7.00%, 3/1/2020 (a)		100,000		104,000
UPCB Finance VI Ltd. 6.88%, 1/15/2022 (a)		75,000		76,500
Virgin Media Finance PLC 5.25%, 2/15/2022		75,000		76,688

				588,050

ELECTRIC UTILITIES — 8.7%
Calpine Corp. 7.88%, 1/15/2023 (a)		100,000		109,000
CMS Energy Corp. 4.25%, 9/30/2015		75,000		77,976
Dominion Resources Inc/VA 1.95%, 8/15/2016		75,000		76,428
Enel Finance International NV 6.00%, 10/7/2039 (a)		50,000		39,253
Exelon Generation Co. LLC 6.20%, 10/1/2017		75,000		86,468
FirstEnergy Solutions Corp. 4.80%, 2/15/2015		100,000		106,157
NRG Energy, Inc. 7.63%, 1/15/2018		100,000		103,500
PG&E Corp. 5.75%, 4/1/2014		75,000		80,697
Southwestern Electric Power Co. 5.55%, 1/15/2017		75,000		84,834
The AES Corp. 7.38%, 7/1/2021 (a)		100,000		111,250

				875,563

FOOD & STAPLES RETAILING — 1.2%
CVS Caremark Corp. 5.75%, 6/1/2017		100,000		118,099

FOOD PRODUCTS — 2.7%
Kellogg Co. 1.13%, 5/15/2015		75,000		75,361
Kraft Foods, Inc. 5.38%, 2/10/2020		100,000		118,335
The Kroger Co. 3.90%, 10/1/2015		75,000		80,906

				274,602

See accompanying notes to financial statements.

265

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

HEALTH CARE PROVIDERS & SERVICES — 2.7%
Fresenius Medical Care US Finance II, Inc. 5.63%, 7/31/2019 (a)	$	100,000	$	104,250
HCA, Inc. 7.25%, 9/15/2020		150,000		165,000

				269,250

HOTELS, RESTAURANTS & LEISURE — 1.9%
MGM Resorts International 9.00%, 3/15/2020		100,000		111,000
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Series 1 7.75%, 8/15/2020		75,000		83,062

				194,062

HOUSEHOLD DURABLES — 0.8%
Centex Corp. 6.50%, 5/1/2016		75,000		81,000

HOUSEHOLD PRODUCTS — 1.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 7.88%, 8/15/2019 (a)		100,000		108,250

INSURANCE — 3.9%
American International Group, Inc.:
3.80%, 3/22/2017		100,000		101,939
6.25%, 5/1/2036		50,000		57,668
Hartford Financial Services Group, Inc. 6.63%, 4/15/2042		50,000		51,501
Liberty Mutual Group, Inc. 4.95%, 5/1/2022 (a)		75,000		74,535
Prudential Financial, Inc. 5.10%, 9/20/2014		100,000		107,187

				392,830

LEISURE EQUIPMENT & PRODUCTS — 0.8%
Royal Caribbean Cruises, Ltd. 6.88%, 12/1/2013		75,000		79,163

MACHINERY — 0.6%
Case New Holland, Inc. 7.88%, 12/1/2017		50,000		57,750

MEDIA — 10.1%
CCO Holdings LLC/CCO Holdings Capital Corp. 6.63%, 1/31/2022		100,000		107,000
Comcast Corp. 5.15%, 3/1/2020		100,000		116,089
Cox Communications, Inc. 5.45%, 12/15/2014		50,000		55,019
CSC Holdings LLC 6.75%, 11/15/2021 (a)		100,000		106,500
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 3.80%, 3/15/2022		100,000		101,129
DISH DBS Corp. 5.88%, 7/15/2022 (a)		100,000		101,000
Historic TW, Inc. 6.63%, 5/15/2029		100,000		119,928
NBCUniversal Media LLC 5.15%, 4/30/2020		50,000		57,404
News America, Inc. 4.50%, 2/15/2021		75,000		82,226
Time Warner Cable, Inc. 4.00%, 9/1/2021		100,000		105,085
Viacom, Inc. 6.88%, 4/30/2036		50,000		64,737

				1,016,117

METALS & MINING — 4.2%
ArcelorMittal 4.50%, 2/25/2017		100,000		98,471
Barrick Gold Corp. 3.85%, 4/1/2022		100,000		103,532
FMG Resources August 2006 Pty Ltd. 6.88%, 4/1/2022 (a)		100,000		100,750
Teck Resources Ltd. 5.20%, 3/1/2042		50,000		47,906
United States Steel Corp. 6.05%, 6/1/2017		75,000		72,938

				423,597

OFFICE ELECTRONICS — 0.5%
Xerox Corp. 4.50%, 5/15/2021		50,000		51,885

OIL, GAS & CONSUMABLE FUELS — 19.0%
Anadarko Petroleum Corp. 6.38%, 9/15/2017		75,000		87,123
Canadian Natural Resources, Ltd. 5.70%, 5/15/2017		75,000		87,750
Chesapeake Energy Corp. 6.63%, 8/15/2020		125,000		123,750
Concho Resources, Inc. 8.63%, 10/1/2017		75,000		82,687
Consol Energy, Inc. 8.00%, 4/1/2017		75,000		77,813
Denbury Resources, Inc. 8.25%, 2/15/2020		75,000		82,125
Devon Energy Corp. 3.25%, 5/15/2022		75,000		76,304
Encana Corp. 5.90%, 12/1/2017		75,000		85,491
Energy Transfer Equity LP 7.50%, 10/15/2020		75,000		82,313
Energy Transfer Partners LP 6.50%, 2/1/2042		50,000		53,582
Enterprise Products Operating LLC 5.20%, 9/1/2020		100,000		114,407
Kinder Morgan Energy Partners LP 3.95%, 9/1/2022		100,000		101,311
Newfield Exploration Co. 7.13%, 5/15/2018		75,000		79,406
NGPL PipeCo LLC 7.12%, 12/15/2017 (a)		75,000		75,000
Peabody Energy Corp. 6.00%, 11/15/2018 (a)		100,000		99,500
Pioneer Natural Resources Co. 6.65%, 3/15/2017		75,000		87,110
Range Resources Corp. 5.00%, 8/15/2022		50,000		49,375

See accompanying notes to financial statements.

266

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF
SCHEDULE OF INVESTMENTS (continued)

June 30, 2012


	Principal
Security Description	Amount		Value

Rockies Express Pipeline LLC 6.85%, 7/15/2018 (a)	$	100,000	$	98,000
Suncor Energy, Inc. 6.10%, 6/1/2018		75,000		88,827
Tennessee Gas Pipeline Co. 7.00%, 3/15/2027		100,000		125,298
Transocean, Inc. 6.80%, 3/15/2038		50,000		56,218
Weatherford International, Ltd./Bermuda 5.95%, 4/15/2042		50,000		52,595
Western Gas Partners LP 4.00%, 7/1/2022		50,000		50,000

				1,915,985

PAPER & FOREST PRODUCTS — 0.6%
International Paper Co. 7.95%, 6/15/2018		50,000		63,006

PHARMACEUTICALS — 1.9%
Express Scripts Holding Co. 2.65%, 2/15/2017 (a)		100,000		101,737
Mylan, Inc. 7.88%, 7/15/2020 (a)		75,000		84,094

				185,831

REAL ESTATE — 2.2%
BioMed Realty LP 4.25%, 7/15/2022		50,000		49,958
Host Hotels & Resorts LP 5.88%, 6/15/2019		75,000		81,000
Weyerhaeuser Co. 7.38%, 10/1/2019		75,000		88,646

				219,604

ROAD & RAIL — 0.8%
Norfolk Southern Corp. 3.25%, 12/1/2021		75,000		77,525

SPECIALTY RETAIL — 2.8%
AmeriGas Partners LP/AmeriGas Finance Corp. 6.25%, 8/20/2019		75,000		75,375
JC Penney Corp, Inc. 7.95%, 4/1/2017		50,000		50,000
Ltd Brands, Inc. 5.63%, 2/15/2022		100,000		103,000
QVC, Inc. 7.50%, 10/1/2019 (a)		50,000		55,500

				283,875

THRIFTS & MORTGAGE FINANCE — 1.0%
Amsouth Bank/Birmingham AL 5.20%, 4/1/2015		100,000		102,000

TOBACCO — 1.0%
Altria Group, Inc. 9.70%, 11/10/2018		75,000		103,783

TRANSPORTATION INFRASTRUCTURE — 1.5%
Burlington Northern Santa Fe LLC 3.45%, 9/15/2021		100,000		104,627
CSX Corp. 4.40%, 3/1/2043		50,000		48,466

				153,093

WIRELESS TELECOMMUNICATION SERVICES — 3.8%
Embarq Corp. 7.08%, 6/1/2016		100,000		114,454
Telecom Italia Capital SA 7.18%, 6/18/2019		75,000		74,625
Telefonica Emisiones SAU 3.99%, 2/16/2016		100,000		89,398
Windstream Corp. 7.88%, 11/1/2017		100,000		109,000

				387,477

TOTAL CORPORATE BONDS & NOTES —
(Cost $9,824,625)				9,907,258

	Shares
SHORT TERM INVESTMENT — 0.4%
MONEY MARKET FUND — 0.4%
State Street Institutional Liquid Reserves Fund 0.20% (c)(d)(e) (Cost $42,182)		42,182		42,182

TOTAL INVESTMENTS — 98.6% (f)
(Cost $9,866,807)				9,949,440
OTHER ASSETS & LIABILITIES — 1.4%				145,333

NET ASSETS — 100.0%			$	10,094,773


(a)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 21.7% of net assets as of June 30, 2012, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)		Security is valued at fair value as determined in good faith by the Trust’s Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (Note 2)
(c)		Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3)
(d)		The rate shown is the annualized seven-day yield at period end.
(e)		Value is determined based on Level 1 inputs. (Note 2)
(f)		Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs. (Note 2)

PLC = Public Limited Company

See accompanying notes to financial statements.

267

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2012


																					SPDR Barclays
									SPDR Barclays								SPDR Barclays				Capital		SPDR Barclays
							SPDR Barclays		Capital		SPDR Barclays			SPDR Barclays			Capital		SPDR Barclays		Issuer		Capital
				SPDR Barclays			Capital		Intermediate		Capital			Capital			Intermediate		Capital		Scored		Convertible
	SPDR Barclays			Capital			Short Term Treasury		Term Treasury		Long Term Treasury			Short Term Corporate			Term Corporate		Long Term Corporate		Corporate		Securities
	Capital 1-3 Month T-Bill ETF			TIPS ETF			ETF		ETF		ETF			Bond ETF			Bond ETF		Bond ETF		Bond ETF		ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	1,538,747,646		$	728,099,012		$	5,971,553	$	194,749,193	$	64,211,575		$	1,081,545,629		$	274,192,561	$	85,784,943	$	21,832,641	$	779,040,994
Investments in securities of affiliated issuers, at value (Note 3)		343,929			31,400,229			49,075		14,773,101		1,795,375			37,784,863			17,602,295		2,678,091		323,331		80,517,495

Total Investments		1,539,091,575			759,499,241			6,020,628		209,522,294		66,006,950			1,119,330,492			291,794,856		88,463,034		22,155,972		859,558,489
Receivable for investments sold		724,219,669			8,756,773			178,641		5,472,297		965,831			—			—		—		—		4,354,827
Receivable for fund shares sold		—			—			—		—		—			3,034,673			—		8,042,113		—		—
Dividends receivable		—			—			—		—		—			—			—		—		—		920,289
Interest receivable — unaffiliated issuers		—			4,155,462			30,453		1,109,262		589,774			12,140,685			3,238,133		1,224,949		263,970		2,802,892
Interest receivable — affiliated issuers		23,055			2,826			11		1,570		157			3,237			2,464		361		37		30,477

TOTAL ASSETS		2,263,334,299			772,414,302			6,229,733		216,105,423		67,562,712			1,134,509,087			295,035,453		97,730,457		22,419,979		867,666,974

LIABILITIES
Payable upon return of securities loaned		—			31,170,780			31,581		14,463,796		1,764,865			—			13,566,242		2,107,870		—		78,566,992
Payable for investments purchased		700,741,009			8,146,542			178,094		5,402,581		947,269			28,965,754			147,874		7,779,287		—		5,259,000
Payable for fund shares repurchased		22,908,964			—			—		—		—			—			—		—		—		—
Accrued advisory fee (Note 3)		167,958			111,605			592		22,192		6,502			110,733			33,482		9,488		2,937		259,381
Accrued trustees’ fees and expenses (Note 3)		3,946			900			27		413		75			333			334		86		26		1,264

TOTAL LIABILITIES		723,821,877			39,429,827			210,294		19,888,982		2,718,711			29,076,820			13,747,932		9,896,731		2,963		84,086,637

NET ASSETS	$	1,539,512,422		$	732,984,475		$	6,019,439	$	196,216,441	$	64,844,001		$	1,105,432,267		$	281,287,521	$	87,833,726	$	22,417,016	$	783,580,337

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	1,539,869,669		$	672,219,909		$	6,000,000	$	186,271,497	$	62,223,489		$	1,104,472,992		$	270,549,850	$	81,538,130	$	21,423,491	$	831,481,420
Undistributed (distribution in excess of) net investment income		(372,162	)		3,130,361			1,866		76,299		11,860			886,001			270,902		183,854		61,314		7,917,235
Accumulated net realized gain (loss) on investments		(125	)		(1,977,671	)		492		798,111		(389,697	)		545,895			323,370		157,696		38,649		(30,012,566	)
Net unrealized appreciation (depreciation) on:
Investments		15,040			59,611,876			17,081		9,070,534		2,998,349			(472,621	)		10,143,399		5,954,046		893,562		(25,805,752	)

NET ASSETS	$	1,539,512,422		$	732,984,475		$	6,019,439	$	196,216,441	$	64,844,001		$	1,105,432,267		$	281,287,521	$	87,833,726	$	22,417,016	$	783,580,337

NET ASSET VALUE PER SHARE
Net asset value per share	$	45.82		$	59.59		$	30.10	$	61.31	$	72.05		$	30.37		$	33.89	$	39.92	$	32.02	$	37.67

Shares outstanding (unlimited amount authorized, $0.01 par value)		33,600,461			12,300,225			200,000		3,200,168		900,000			36,400,000			8,300,072		2,200,000		700,000		20,800,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	1,538,732,606		$	668,487,136		$	5,954,472	$	185,678,659	$	61,213,226		$	1,082,018,250		$	264,049,162	$	79,830,897	$	20,939,079	$	804,846,746
Affiliated issuers		343,929			31,400,229			49,075		14,773,101		1,795,375			37,784,863			17,602,295		2,678,091		323,331		80,517,495

Total cost of investments	$	1,539,076,535		$	699,887,365		$	6,003,547	$	200,451,760	$	63,008,601		$	1,119,803,113		$	281,651,457	$	82,508,988	$	21,262,410	$	885,364,241

* Includes investments in securities on loan, at value	$	—		$	30,451,288		$	30,961	$	14,136,566	$	1,707,248		$	—		$	13,275,144	$	2,049,698	$	—	$	77,679,255

See accompanying notes to financial statements.

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SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2012


								SPDR Nuveen
	SPDR Barclays					SPDR Nuveen		Barclays				SPDR Nuveen						SPDR Nuveen
	Capital			SPDR Barclays		Barclays		Capital		SPDR Nuveen		Barclays		SPDR Nuveen		SPDR Nuveen		Barclays			SPDR DB International
	Mortgage			Capital		Capital		California		Barclays		Capital		S&P VRDO		S&P High Yield		Capital			Government
	Backed			Aggregate		Municipal		Municipal		Capital New York Municipal		Short Term Municipal		Municipal		Municipal		Build America			Inflation-Protected
	Bond ETF			Bond ETF		Bond ETF		Bond ETF		Bond ETF		Bond ETF		Bond ETF		Bond ETF		Bond ETF			Bond ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	38,654,431		$	593,112,950	$	1,124,227,153	$	84,393,862	$	28,120,397	$	1,522,697,555	$	14,407,000	$	94,310,477	$	100,870,836		$	1,259,109,904
Investments in securities of affiliated issuers, at value (Note 3)		38,609,848			212,781,096		5,402,072		2,176,895		108,090		2,902,320		598,164		2,457,747		—			1,444,178

Total Investments		77,264,279			805,894,046		1,129,629,225		86,570,757		28,228,487		1,525,599,875		15,005,164		96,768,224		100,870,836			1,260,554,082
Foreign currency, at value		—			—		—		—		—		—		—		—		—			2,439,452
Receivable for investments sold		—			3,543,445		3,232,242		—		—		—		—		—		—			—
Interest receivable — unaffiliated issuers		62,017			3,601,688		13,732,125		927,091		333,245		18,333,907		4,970		1,273,322		1,410,096			11,288,154
Interest receivable — affiliated issuers		6,461			34,177		—		—		—		—		—		—		314			164
Due from Investment Adviser		—			24,988		66,141		—		—		—		—		3,681		—			—

TOTAL ASSETS		77,332,757			813,098,344		1,146,659,733		87,497,848		28,561,732		1,543,933,782		15,010,134		98,045,227		102,281,246			1,274,281,852

LIABILITIES
Payable upon return of securities loaned		—			30,686,955		—		—		—		—		—		—		—			—
Payable for when issued/delayed securities		38,570,354			180,092,758		—		2,290,470		—		—		—		1,962,060		—			—
Payable for investments purchased		—			4,750,936		10,784,871		—		—		4,374,926		—		764,472		118,493			—
Due to custodian		—			—		—		—		—		—		—		—		55,789			—
Deferred income for dollar rolls		10,381			42,031		—		—		—		—		—		—		—			—
Accrued advisory fee (Note 3)		6,349			90,337		276,927		13,967		4,682		252,026		2,460		35,711		29,238			515,237
Accrued trustees’ fees and expenses (Note 3)		64			392		1,571		130		45		2,410		19		60		46			2,299

TOTAL LIABILITIES		38,587,148			215,663,409		11,063,369		2,304,567		4,727		4,629,362		2,479		2,762,303		203,566			517,536

NET ASSETS	$	38,745,609		$	597,434,935	$	1,135,596,364	$	85,193,281	$	28,557,005	$	1,539,304,420	$	15,007,655	$	95,282,924	$	102,077,680		$	1,273,764,316

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	38,296,876		$	577,915,112	$	1,062,025,752	$	77,586,883	$	26,808,885	$	1,509,367,917	$	15,006,574	$	89,267,761	$	95,239,269		$	1,255,289,629
Undistributed (distribution in excess of) net investment income		(10,381	)		55,052		1,224,843		132,794		53,776		398,901		1,081		322,004		160,525			4,543,292
Accumulated net realized gain (loss) on investments and foreign currency transactions		405,051			1,658,790		7,417,748		963,431		159,968		1,635,574		—		410,624		(36,314	)		(35,325,353	)
Net unrealized appreciation (depreciation) on:
Investments		54,063			17,805,981		64,928,021		6,510,173		1,534,376		27,902,028		—		5,282,535		6,714,200			49,537,389
Foreign currency		—			—		—		—		—		—		—		—		—			(280,641	)

NET ASSETS	$	38,745,609		$	597,434,935	$	1,135,596,364	$	85,193,281	$	28,557,005	$	1,539,304,420	$	15,007,655	$	95,282,924	$	102,077,680		$	1,273,764,316

NET ASSET VALUE PER SHARE
Net asset value per share	$	27.68		$	58.57	$	24.16	$	24.34	$	23.80	$	24.39	$	30.02	$	56.05	$	60.05		$	59.24

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,400,000			10,200,132		47,002,072		3,500,128		1,200,010		63,102,164		500,000		1,700,000		1,700,000			21,500,483

COST OF INVESTMENTS:
Unaffiliated issuers	$	38,600,368		$	575,306,969	$	1,059,299,132	$	77,883,689	$	26,586,021	$	1,494,795,527	$	14,407,000	$	89,027,942	$	94,156,636		$	1,209,572,515
Affiliated issuers		38,609,848			212,781,096		5,402,072		2,176,895		108,090		2,902,320		598,164		2,457,747		—			1,444,178

Total cost of investments	$	77,210,216		$	788,088,065	$	1,064,701,204	$	80,060,584	$	26,694,111	$	1,497,697,847	$	15,005,164	$	91,485,689	$	94,156,636		$	1,211,016,693

Foreign currency, at cost	$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	2,378,776

* Includes investments in securities on loan, at value	$	—		$	29,997,576	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—

See accompanying notes to financial statements.

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SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2012


	SPDR Barclays			SPDR Barclays			SPDR Barclays			SPDR Barclays									SPDR Barclays		SPDR BofA Merrill
	Capital			Capital			Capital			Capital						SPDR Barclays			Capital		Lynch Emerging			SPDR BofA Merrill
	Short Term International			International			International			Emerging			SPDR Barclays			Capital			Investment		Markets			Lynch Crossover
	Treasury			Treasury			Corporate			Markets			Capital			Short Term High			Grade Floating		Corporate			Corporate
	Bond ETF			Bond ETF			Bond ETF			Local Bond ETF			High Yield Bond ETF			Yield Bond ETF			Rate ETF		Bond ETF			Bond ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	221,425,438		$	1,837,354,511		$	69,406,390		$	189,139,281		$	10,466,239,407		$	130,674,085		$	9,024,154	$	14,576,223		$	9,907,258
Investments in securities of affiliated issuers, at value (Note 3)		508,166			6,039,942			1,033			8,191,453			113,698,781			592,611			457,042		233,694			42,182

Total Investments		221,933,604			1,843,394,453			69,407,423			197,330,734			10,579,938,188			131,266,696			9,481,196		14,809,917			9,949,440
Cash		—			—			—			—			2,606,250			—			25,000		1,670,844			—
Foreign currency, at value		963,253			8,030,171			902,678			836,573			—			—			—		—			—
Receivable for investments sold		12,317,337			29,839,790			933,044			2,005,294			18,017,218			—			—		—			—
Receivable for fund shares sold		—			—			—			—			70,307,308			8,931,843			—		—			—
Unrealized appreciation on forward currency contracts		—			—			27,550			111,259			—			—			—		—			—
Interest receivable — unaffiliated issuers		2,420,217			23,043,221			1,380,215			3,136,803			207,460,657			2,690,266			13,414		233,296			146,320
Interest receivable — affiliated issuers		322			2,062			11			2,709			21,063			262			218		24			2
Due from Investment Adviser		—			—			—			—			—			—			—		—			334

TOTAL ASSETS		237,634,733			1,904,309,697			72,650,921			203,423,372			10,878,350,684			142,889,067			9,519,828		16,714,081			10,096,096

LIABILITIES
Payable upon return of securities loaned		460,144			5,711,554			—			4,442,300			—			—			395,678		—			—
Payable for investments purchased		8,062,856			34,934,575			1,395,156			1,864,381			91,786,793			8,884,591			25,000		1,670,844			—
Payable for when issued/delayed securities		—			—			—			—			2,606,250			—			—		—			—
Due to custodian		—			—			—			—			—			22			—		—			—
Unrealized depreciation on forward currency contracts		—			—			80,138			9,310			—			—			—		—			—
Payable for fund shares repurchased		3,522,048			—			—			—			—			—			—		—			—
Accrued advisory fee (Note 3)		66,164			735,347			31,682			77,674			3,410,922			38,742			1,117		2,462			1,319
Accrued trustees’ fees and expenses (Note 3)		426			2,752			93			188			11,973			142			26		6			4

TOTAL LIABILITIES		12,111,638			41,384,228			1,507,069			6,393,853			97,815,938			8,923,497			421,821		1,673,312			1,323

NET ASSETS	$	225,523,095		$	1,862,925,469		$	71,143,852		$	197,029,519		$	10,780,534,746		$	133,965,570		$	9,098,007	$	15,040,769		$	10,094,773

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	234,786,905		$	1,821,080,950		$	73,917,981		$	200,004,768		$	10,769,063,560		$	134,698,312		$	9,030,831	$	15,056,183		$	10,000,000
Undistributed (distribution in excess of) net investment income		(4,805,372	)		(936,513	)		190,163			3,036,014			22,117,881			528,409			10,827		16,655			12,013
Accumulated net realized gain (loss) on investments and foreign currency transactions		(414,849	)		(9,610,008	)		(161,909	)		(36,001	)		(7,368,389	)		(30,502	)		948		—			127
Net unrealized appreciation (depreciation) on:
Investments		(4,056,355	)		52,746,640			(2,734,450	)		(5,996,662	)		(3,278,306	)		(1,230,649	)		55,401		(32,069	)		82,633
Foreign currency		12,766			(355,600	)		(67,933	)		21,400			—			—			—		—			—

NET ASSETS	$	225,523,095		$	1,862,925,469		$	71,143,852		$	197,029,519		$	10,780,534,746		$	133,965,570		$	9,098,007	$	15,040,769		$	10,094,773

NET ASSET VALUE PER SHARE
Net asset value per share	$	35.80		$	59.14		$	32.34		$	30.79		$	39.16		$	29.77		$	30.33	$	30.08		$	25.24

Shares outstanding (unlimited amount authorized, $0.01 par value)		6,300,000			31,500,019			2,200,000			6,400,000			275,323,812			4,500,000			300,000		500,000			400,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	225,481,793		$	1,784,607,871		$	72,140,840		$	195,135,943		$	10,469,517,713		$	131,904,734		$	8,968,753	$	14,608,292		$	9,824,625
Affiliated issuers		508,166			6,039,942			1,033			8,191,453			113,698,781			592,611			457,042		233,694			42,182

Total cost of investments	$	225,989,959		$	1,790,647,813		$	72,141,873		$	203,327,396		$	10,583,216,494		$	132,497,345		$	9,425,795	$	14,841,986		$	9,866,807

Foreign currency, at cost	$	959,823		$	8,030,171		$	900,360		$	836,729		$	—		$	—		$	—	$	—		$	—

* Includes investments in securities on loan, at value	$	427,913		$	5,645,730		$	—		$	4,309,988		$	—		$	—		$	387,862	$	—		$	—

See accompanying notes to financial statements.

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273

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2012


																			SPDR Barclays
								SPDR Barclays							SPDR Barclays				Capital		SPDR Barclays
						SPDR Barclays		Capital		SPDR Barclays		SPDR Barclays			Capital		SPDR Barclays		Issuer		Capital
				SPDR Barclays		Capital		Intermediate		Capital		Capital			Intermediate		Capital		Scored		Convertible
	SPDR Barclays			Capital		Short Term Treasury		Term Treasury		Long Term Treasury		Short Term Corporate			Term Corporate		Long Term Corporate		Corporate		Securities
	Capital 1-3 Month T-Bill ETF			TIPS ETF		ETF (1)		ETF		ETF		Bond ETF			Bond ETF		Bond ETF		Bond ETF		ETF

INVESTMENT INCOME
Interest income on securities of unaffiliated issuers* (Note 2)	$	450,174		$	16,367,009	$	15,994	$	4,013,962	$	1,346,267	$	9,874,047		$	7,867,710	$	3,160,987	$	689,329	$	(3,626,198	)
Interest income on securities of affiliated issuers (Note 3)		1,065			1,759		34		2,251		315		12,423			2,150		754		550		6,201
Dividend income (Note 2)		—			—		—		—		—		—			—		—		—		13,998,043
Affiliated securities lending — net (Note 3 and Note 8)		345,510			34,208		5		42,065		7,695		—			23,555		9,166		5		377,204

TOTAL INVESTMENT INCOME		796,749			16,402,976		16,033		4,058,278		1,354,277		9,886,470			7,893,415		3,170,907		689,884		10,755,250

EXPENSES
Advisory fee (Note 3)		2,211,016			1,077,751		4,197		289,066		61,071		710,856			339,288		92,947		29,904		3,130,557
Trustees’ fees and expenses (Note 3)		42,658			12,632		57		5,286		904		9,510			5,009		1,205		366		19,802
Miscellaneous expenses		3			1		—		343		142		222			60		—		—		769

TOTAL EXPENSES		2,253,677			1,090,384		4,254		294,695		62,117		720,588			344,357		94,152		30,270		3,151,128

NET INVESTMENT INCOME (LOSS)		(1,456,928	)		15,312,592		11,779		3,763,583		1,292,160		9,165,882			7,549,058		3,076,755		659,614		7,604,122

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		96,661			12,842,797		492		3,892,875		4,766,278		1,656,152			483,806		191,607		38,649		15,447,903
Net change in unrealized appreciation (depreciation) on:
Investments		2,669			33,373,503		17,081		3,458,846		3,646,359		(2,643,868	)		6,208,322		5,249,857		770,608		(78,948,329	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		99,330			46,216,300		17,573		7,351,721		8,412,637		(987,716	)		6,692,128		5,441,464		809,257		(63,500,426	)

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(1,357,598	)	$	61,528,892	$	29,352	$	11,115,304	$	9,704,797	$	8,178,166		$	14,241,186	$	8,518,219	$	1,468,871	$	(55,896,304	)


*		Includes all amortization of premium and accretion of market discount. A Fund may treat amortization or accretion differently for tax purposes.
(1)		For the period November 30, 2011 (commencement of operations) to June 30, 2012.

See accompanying notes to financial statements.

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Year Ended June 30, 2012


										SPDR Nuveen
	SPDR Barclays						SPDR Nuveen			Barclays		SPDR Nuveen		SPDR Nuveen							SPDR Nuveen
	Capital			SPDR Barclays			Barclays			Capital		Barclays		Barclays							Barclays		SPDR DB International
	Mortgage			Capital			Capital			California		Capital New York		Capital		SPDR Nuveen		SPDR Nuveen			Capital		Government
	Backed			Aggregate			Municipal			Municipal		Municipal		Short Term Municipal		S&P VRDO Municipal		S&P High Yield Municipal			Build America		Inflation-Protected
	Bond ETF			Bond ETF			Bond ETF			Bond ETF		Bond ETF		Bond ETF		Bond ETF		Bond ETF			Bond ETF		Bond ETF

INVESTMENT INCOME
Interest income on securities of unaffiliated issuers* (Note 2)	$	535,234		$	7,859,225		$	33,285,852		$	2,997,948	$	930,318	$	22,125,363	$	90,682	$	3,501,866		$	2,510,653	$	61,898,083
Interest income on securities of affiliated issuers (Note 3)		60,168			190,042			1			1		—		—		—		—			1,031		6,428
Affiliated securities lending — net (Note 3 and Note 8)		—			37,778			—			—		—		—		—		—			—		15,525
Foreign taxes withheld		—			—			—			—		—		—		—		—			—		(150,472	)

TOTAL INVESTMENT INCOME		595,402			8,087,045			33,285,853			2,997,949		930,318		22,125,363		90,682		3,501,866			2,511,684		61,769,564

EXPENSES
Advisory fee (Note 3)		71,085			646,794			2,965,692			154,386		53,178		2,870,563		25,589		281,152			178,484		6,398,420
Trustees’ fees and expenses (Note 3)		854			6,875			21,877			1,790		610		33,106		278		1,107			886		32,698
Miscellaneous expenses		—			35			862			—		—		1,414		612		518			132		878

TOTAL EXPENSES		71,939			653,704			2,988,431			156,176		53,788		2,905,083		26,479		282,777			179,502		6,431,996

Expenses waived by Adviser (Note 3)		—			(182,193	)		(714,734	)		—		—		—		—		(29,740	)		—		—

NET INVESTMENT INCOME		523,463			7,615,534			31,012,156			2,841,773		876,530		19,220,280		64,203		3,248,829			2,332,182		55,337,568

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		1,123,279			3,520,250			16,459,767			1,029,518		339,723		6,603,624		—		618,150			106,607		(29,109,813	)
Foreign currency transactions		—			—			—			—		—		—		—		—			—		(1,894,525	)
Forward foreign currency contracts		—			—			—			—		—		—		—		—			—		9,852
Net change in unrealized appreciation (depreciation) on:
Investments		(81,520	)		11,336,859			42,753,645			5,959,895		1,253,655		6,882,043		—		3,518,679			6,024,659		(44,076,093	)
Foreign currency transactions		—			—			—			—		—		—		—		—			—		(679,614	)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		1,041,759			14,857,109			59,213,412			6,989,413		1,593,378		13,485,667		—		4,136,829			6,131,266		(75,750,193	)

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	1,565,222		$	22,472,643		$	90,225,568		$	9,831,186	$	2,469,908	$	32,705,947	$	64,203	$	7,385,658		$	8,463,448	$	(20,412,625	)


*		Includes all amortization of premium and accretion of market discount. A Fund may treat amortization or accretion differently for tax purposes.

See accompanying notes to financial statements.

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS (continued)

For the Year Ended June 30, 2012


	SPDR Barclays			SPDR Barclays			SPDR Barclays			SPDR Barclays									SPDR Barclays			SPDR BofA Merrill
	Capital			Capital			Capital			Capital									Capital			Lynch Emerging			SPDR BofA Merrill
	Short Term International			International			International			Emerging			SPDR Barclays			SPDR Barclays			Investment			Markets			Lynch Crossover
	Treasury			Treasury			Corporate			Markets			Capital			Capital			Grade Floating			Corporate			Corporate
	Bond ETF			Bond ETF			Bond ETF			Local Bond ETF			High Yield Bond ETF			Short Term High Yield Bond ETF (1)			Rate ETF (2)			Bond ETF (3)			Bond ETF (3)

INVESTMENT INCOME
Interest income on securities of unaffiliated issuers* (Note 2)	$	4,357,970		$	46,851,022		$	2,119,360		$	5,493,912		$	718,096,227		$	1,741,328		$	81,632		$	19,099		$	13,001
Interest income on securities of affiliated issuers (Note 3)		3,740			16,966			166			3,417			154,746			815			276			24			2
Affiliated securities lending — net (Note 3 and Note 8)		1,585			11,720			—			5,409			—			—			61			—			—
Foreign taxes withheld		(1,861	)		(29,615	)		—			(324,191	)		—			—			(72	)		—			—

TOTAL INVESTMENT INCOME		4,361,434			46,850,093			2,119,526			5,178,547			718,250,973			1,742,143			81,897			19,123			13,003

EXPENSES
Advisory fee (Note 3)		838,741			8,309,830			332,499			459,688			36,935,093			102,436			6,656			2,462			1,320
Trustees’ fees and expenses (Note 3)		6,152			38,913			1,467			1,305			189,254			204			59			6			4
Miscellaneous expenses		89			791			197			211			5,649			—			—			—			—

TOTAL EXPENSES		844,982			8,349,534			334,163			461,204			37,129,996			102,640			6,715			2,468			1,324

Expenses waived by Adviser (Note 3)		—			—			—			—			—			—			—			—			(334	)

NET INVESTMENT INCOME		3,516,452			38,500,559			1,785,363			4,717,343			681,120,977			1,639,503			75,182			16,655			12,013

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(2,688,329	)		20,081,449			(1,077,060	)		(674,139	)		117,795,768			(289,666	)		948			—			127
Foreign currency transactions		(1,479,540	)		(3,922,532	)		56,984			(1,446,793	)		—			—			—			—			—
Forward foreign currency contracts		(11,212	)		(292,379	)		(15,404	)		(7,492	)		—			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments		(14,273,388	)		(62,389,846	)		(4,141,482	)		(6,331,076	)		(141,094,309	)		(1,230,649	)		55,401			(32,069	)		82,633
Foreign currency transactions		(117,793	)		(1,050,681	)		(35,301	)		(87,567	)		—			—			—			—			—
Forward foreign currency contracts		(1,078	)		(908	)		(51,842	)		99,519			—			—			—			—			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(18,571,340	)		(47,574,897	)		(5,264,105	)		(8,447,548	)		(23,298,541	)		(1,520,315	)		56,349			(32,069	)		82,760

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(15,054,888	)	$	(9,074,338	)	$	(3,478,742	)	$	(3,730,205	)	$	657,822,436		$	119,188		$	131,531		$	(15,414	)	$	94,773


*		Includes all amortization of premium and accretion of market discount. A Fund may treat amortization or accretion differently for tax purposes.
(1)		For the period March 14, 2012 (commencement of operations) to June 30, 2012.
(2)		For the period November 30, 2011 (commencement of operations) to June 30, 2012.
(3)		For the period June 18, 2012 (commencement of operations) to June 30, 2012.

See accompanying notes to financial statements.

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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS


	SPDR Barclays Capital 1-3												SPDR Barclays Capital			SPDR Barclays Capital Intermediate						SPDR Barclays Capital Long
	Month T-Bill ETF						SPDR Barclays Capital TIPS ETF						Short Term Treasury ETF			Term Treasury ETF						Term Treasury ETF
													For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			*11/30/11-**			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,456,928	)	$	(24,311	)	$	15,312,592		$	16,013,763		$	11,779		$	3,763,583		$	4,450,342		$	1,292,160		$	1,116,098
Net realized gain (loss) on investments		96,661			141,985			12,842,797			5,048,284			492			3,892,875			2,561,206			4,766,278			66,196
Net change in unrealized appreciation (depreciation) on investments		2,669			48,486			33,373,503			7,956,560			17,081			3,458,846			(1,562,526	)		3,646,359			(2,166,685	)

Net increase (decrease) in net assets resulting from operations		(1,357,598	)		166,160			61,528,892			29,018,607			29,352			11,115,304			5,449,022			9,704,797			(984,391	)

Net equalization credits and charges (Note 2)		97,950			(15,250	)		509,896			84,741			—			(25,281	)		(40,997	)		92,288			5,228

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(69,285	)		—			(16,640,248	)		(14,198,063	)		(9,913	)		(3,826,971	)		(4,466,910	)		(1,326,817	)		(1,120,473	)
Net realized gains		—			—			—			—			—			(577,337	)		(427,780	)		—			—

Total distributions to shareholders		(69,285	)		—			(16,640,248	)		(14,198,063	)		(9,913	)		(4,404,308	)		(4,894,690	)		(1,326,817	)		(1,120,473	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		4,698,827,830			1,320,585,692			343,537,124			97,011,105			6,000,000			18,205,265			23,519,281			73,816,628			12,249,186
Cost of shares redeemed		(4,166,704,643	)		(1,366,467,544	)		(93,538,401	)		(53,489,195	)		—			(42,635,334	)		(52,855,546	)		(39,838,710	)		(11,316,783	)
Net income equalization (Note 2)		(97,950	)		15,250			(509,896	)		(84,741	)		—			25,281			40,997			(92,288	)		(5,228	)
Other capital (Note 4)		—			—			5,814			—			—			6,116			8,769			—			—

Net increase (decrease) in net assets from beneficial interest transactions		532,025,237			(45,866,602	)		249,494,641			43,437,169			6,000,000			(24,398,672	)		(29,286,499	)		33,885,630			927,175

Net increase (decrease) in net assets during the year		530,696,304			(45,715,692	)		294,893,181			58,342,454			6,019,439			(17,712,957	)		(28,773,164	)		42,355,898			(1,172,461	)
Net assets at beginning of year		1,008,816,118			1,054,531,810			438,091,294			379,748,840			—			213,929,398			242,702,562			22,488,103			23,660,564

NET ASSETS END OF YEAR (1)	$	1,539,512,422		$	1,008,816,118		$	732,984,475		$	438,091,294		$	6,019,439		$	196,216,441		$	213,929,398		$	64,844,001		$	22,488,103

SHARES OF BENEFICIAL INTEREST:
Shares sold		102,500,000			28,800,000			5,900,000			1,800,000			200,000			300,000			400,000			1,100,000			200,000
Shares redeemed		(90,900,000	)		(29,800,000	)		(1,600,000	)		(1,000,000	)		—			(700,000	)		(900,000	)		(600,000	)		(200,000	)

Net increase (decrease)		11,600,000			(1,000,000	)		4,300,000			800,000			200,000			(400,000	)		(500,000	)		500,000			—

(1) Including undistributed (distribution in excess of) net investment income	$	(372,162	)	$	—		$	3,130,361		$	2,803,579		$	1,866		$	76,299		$	139,687		$	11,860		$	46,517


*		Commencement of operations

See accompanying notes to financial statements.

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


	SPDR Barclays Capital Short Term Corporate Bond ETF						SPDR Barclays Capital Intermediate Term Corporate Bond ETF						SPDR Barclays Capital Long Term Corporate Bond ETF						SPDR Barclays Capital Issuer Scored Corporate Bond ETF						SPDR Barclays Capital Convertible Securities ETF
																						For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*4/6/11-**			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	9,165,882		$	4,557,463		$	7,549,058		$	5,139,144		$	3,076,755		$	1,763,430		$	659,614		$	97,465		$	7,604,122		$	9,647,870
Net realized gain (loss) on investments		1,656,152			1,530,039			483,806			1,481,854			191,607			692,393			38,649			5,349			15,447,903			15,343,463
Net change in unrealized appreciation (depreciation) on investments		(2,643,868	)		2,259,755			6,208,322			439,747			5,249,857			(1,262,797	)		770,608			122,954			(78,948,329	)		47,890,196

Net increase (decrease) in net assets resulting from operations		8,178,166			8,347,257			14,241,186			7,060,745			8,518,219			1,193,026			1,468,871			225,768			(55,896,304	)		72,881,529

Net equalization credits and charges (Note 2)		348,584			61,360			126,041			146,079			112,231			18,779			5,425			—			(86,216	)		624,469

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(8,595,101	)		(4,388,246	)		(7,474,239	)		(5,083,803	)		(3,007,660	)		(1,769,548	)		(640,917	)		(60,197	)		(26,426,564	)		(20,952,356	)
Net realized gains		(781,714	)		(214,565	)		(657,849	)		(670,571	)		—			(664,892	)		—			—			(9,742,085	)		(1,537,389	)

Total distributions to shareholders		(9,376,815	)		(4,602,811	)		(8,132,088	)		(5,754,374	)		(3,007,660	)		(2,434,440	)		(640,917	)		(60,197	)		(36,168,649	)		(22,489,745	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		847,040,810			229,963,664			83,502,549			92,779,559			50,429,117			11,065,103			9,330,175			12,000,000			212,781,925			641,067,083
Cost of shares redeemed		(79,000,558	)		(57,696,272	)		—			(16,270,063	)		(3,986,157	)		(7,200,153	)		—			—			(263,818,524	)		(24,551,048	)
Net income equalization (Note 2)		(348,584	)		(61,360	)		(126,041	)		(146,079	)		(112,231	)		(18,779	)		(5,425	)		—			86,216			(624,469	)
Other capital (Note 4)		665,278			15,433			111,134			2,333			327,188			20,420			51,316			42,000			109,541			35,696

Net increase (decrease) in net assets from beneficial interest transactions		768,356,946			172,221,465			83,487,642			76,365,750			46,657,917			3,866,591			9,376,066			12,042,000			(50,840,842	)		615,927,262

Net increase (decrease) in net assets during the year		767,506,881			176,027,271			89,722,781			77,818,200			52,280,707			2,643,956			10,209,445			12,207,571			(142,992,011	)		666,943,515
Net assets at beginning of year		337,925,386			161,898,115			191,564,740			113,746,540			35,553,019			32,909,063			12,207,571			—			926,572,348			259,628,833

NET ASSETS END OF YEAR (1)	$	1,105,432,267		$	337,925,386		$	281,287,521		$	191,564,740		$	87,833,726		$	35,553,019		$	22,417,016		$	12,207,571		$	783,580,337		$	926,572,348

SHARES OF BENEFICIAL INTEREST:
Shares sold		27,900,000			7,600,000			2,500,000			2,800,000			1,300,000			300,000			300,000			400,000			5,500,000			15,700,000
Shares redeemed		(2,600,000	)		(1,900,000	)		—			(500,000	)		(100,000	)		(200,000	)		—			—			(7,000,000	)		(600,000	)

Net increase (decrease)		25,300,000			5,700,000			2,500,000			2,300,000			1,200,000			100,000			300,000			400,000			(1,500,000	)		15,100,000

(1) Including undistributed (distribution in excess of) net investment income	$	886,001		$	315,220		$	270,902		$	199,040		$	183,854		$	114,758		$	61,314		$	37,268		$	7,917,235		$	4,369,463


*		Commencement of operations

See accompanying notes to financial statements.

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


	SPDR Barclays Capital Mortgage Backed Bond ETF						SPDR Barclays Capital Aggregate Bond ETF						SPDR Nuveen Barclays Capital Municipal Bond ETF						SPDR Nuveen Barclays Capital California Municipal Bond ETF						SPDR Nuveen Barclays Capital New York Municipal Bond ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	523,463		$	598,053		$	7,615,534		$	6,257,927		$	31,012,156		$	31,440,104		$	2,841,773		$	2,759,960		$	876,530		$	877,707
Net realized gain (loss) on investments		1,123,279			788,469			3,520,250			4,043,185			16,459,767			7,087,750			1,029,518			534,874			339,723			183,745
Net change in unrealized appreciation (depreciation) on investments		(81,520	)		(209,547	)		11,336,859			(2,280,889	)		42,753,645			(11,202,383	)		5,959,895			(1,322,812	)		1,253,655			(559,927	)

Net increase in net assets resulting from operations		1,565,222			1,176,975			22,472,643			8,020,223			90,225,568			27,325,471			9,831,186			1,972,022			2,469,908			501,525

Net equalization credits and charges (Note 2)		315			21,788			262,979			54,020			236,549			(33,639	)		4,440			41,450			1,401			492

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(547,777	)		(617,711	)		(7,551,717	)		(6,384,803	)		(30,903,162	)		(31,630,191	)		(2,820,526	)		(2,750,210	)		(873,962	)		(882,050	)
Net realized gains		(781,622	)		(668,150	)		(2,701,732	)		(3,289,893	)		(2,760,920	)		(5,638,860	)		(75,264	)		(547,910	)		—			(138,121	)

Total distributions to shareholders		(1,329,399	)		(1,285,861	)		(10,253,449	)		(9,674,696	)		(33,664,082	)		(37,269,051	)		(2,895,790	)		(3,298,120	)		(873,962	)		(1,020,171	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		24,935,769			21,896,498			354,570,466			73,695,114			290,172,530			78,013,855			9,541,167			15,721,737			2,385,699			4,558,910
Cost of shares redeemed		(22,005,784	)		(13,664,807	)		(29,119,079	)		(33,643,931	)		(84,616,202	)		(146,875,012	)		(4,510,237	)		(6,511,015	)		—			(4,392,267	)
Net income equalization (Note 2)		(315	)		(21,788	)		(262,979	)		(54,020	)		(236,549	)		33,639			(4,440	)		(41,450	)		(1,401	)		(492	)
Other capital (Note 4)		23,471			71,122			325,878			14,366			23,264			—			1,210			7,861			—			1,122

Net increase (decrease) in net assets from beneficial interest transactions		2,953,141			8,281,025			325,514,286			40,011,529			205,343,043			(68,827,518	)		5,027,700			9,177,133			2,384,298			167,273

Net increase (decrease) in net assets during the year		3,189,279			8,193,927			337,996,459			38,411,076			262,141,078			(78,804,737	)		11,967,536			7,892,485			3,981,645			(350,881	)
Net assets at beginning of year		35,556,330			27,362,403			259,438,476			221,027,400			873,455,286			952,260,023			73,225,745			65,333,260			24,575,360			24,926,241

NET ASSETS END OF YEAR (1)	$	38,745,609		$	35,556,330		$	597,434,935		$	259,438,476		$	1,135,596,364		$	873,455,286		$	85,193,281		$	73,225,745		$	28,557,005		$	24,575,360

SHARES OF BENEFICIAL INTEREST:
Shares sold		900,000			800,000			6,100,000			1,300,000			12,200,000			3,400,000			400,000			700,000			100,000			200,000
Shares redeemed		(800,000	)		(500,000	)		(500,000	)		(600,000	)		(3,600,000	)		(6,500,000	)		(200,000	)		(300,000	)		—			(200,000	)

Net increase (decrease)		100,000			300,000			5,600,000			700,000			8,600,000			(3,100,000	)		200,000			400,000			100,000			—

(1) Including undistributed (distribution in excess of) net investment income	$	(10,381	)	$	(1,012	)	$	55,052		$	27,075		$	1,224,843		$	1,187,029		$	132,794		$	141,153		$	53,776		$	50,430

See accompanying notes to financial statements.

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


	SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF						SPDR Nuveen S&P VRDO Municipal Bond ETF						SPDR Nuveen S&P High Yield Municipal Bond ETF						SPDR Nuveen Barclays Capital Build America Bond ETF						SPDR DB International Government Inflation-Protected Bond ETF
																For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*4/13/11-**			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	19,220,280		$	19,214,437		$	64,203		$	83,122		$	3,248,829		$	577,107		$	2,332,182		$	1,537,974		$	55,337,568		$	54,421,679
Net realized gain (loss) on investments and foreign currency transactions		6,603,624			6,421,088			—			—			618,150			—			106,607			169,390			(30,994,486	)		(10,258,472	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		6,882,043			2,658,575			—			—			3,518,679			1,763,856			6,024,659			599,730			(44,755,707	)		140,028,325

Net increase (decrease) in net assets resulting from operations		32,705,947			28,294,100			64,203			83,122			7,385,658			2,340,963			8,463,448			2,307,094			(20,412,625	)		184,191,532

Net equalization credits and charges (Note 2)		151,424			29,233			2,062			(1,678	)		99,234			—			155,278			31,488			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(19,407,131	)		(19,359,304	)		(71,881	)		(83,520	)		(3,013,802	)		(315,538	)		(2,280,069	)		(1,476,708	)		(45,531,927	)		(26,525,099	)
Net realized gains		(2,438,920	)		(4,028,194	)		—			—			(112,155	)		—			—			(9,797	)		—			—

Total distributions to shareholders		(21,846,051	)		(23,387,498	)		(71,881	)		(83,520	)		(3,125,957	)		(315,538	)		(2,280,069	)		(1,486,505	)		(45,531,927	)		(26,525,099	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		321,334,173			190,732,492			6,003,938			—			49,256,420			45,000,000			65,278,517			24,828,720			175,261,911			444,906,645
Cost of shares redeemed		(92,537,497	)		(148,473,640	)		—			(6,003,177	)		(5,269,471	)		—			—			(5,225,331	)		(197,452,173	)		(93,838,907	)
Net income equalization (Note 2)		(151,424	)		(29,233	)		(2,062	)		1,678			(99,234	)		—			(155,278	)		(31,488	)		—			—
Other capital (Note 4)		45,126			59,140			1,501			—			10,849			—			32,639			12,414			1,047,730			1,616,237

Net increase (decrease) in net assets from beneficial interest transactions		228,690,378			42,288,759			6,003,377			(6,001,499	)		43,898,564			45,000,000			65,155,878			19,584,315			(21,142,532	)		352,683,975

Net increase (decrease) in net assets during the year		239,701,698			47,224,594			5,997,761			(6,003,575	)		48,257,499			47,025,425			71,494,535			20,436,392			(87,087,084	)		510,350,408
Net assets at beginning of year		1,299,602,722			1,252,378,128			9,009,894			15,013,469			47,025,425			—			30,583,145			10,146,753			1,360,851,400			850,500,992

NET ASSETS END OF YEAR (1)	$	1,539,304,420		$	1,299,602,722		$	15,007,655		$	9,009,894		$	95,282,924		$	47,025,425		$	102,077,680		$	30,583,145		$	1,273,764,316		$	1,360,851,400

SHARES OF BENEFICIAL INTEREST:
Shares sold		13,200,000			7,900,000			200,000			—			900,000			900,000			1,100,000			500,000			2,900,000			7,400,000
Shares redeemed		(3,800,000	)		(6,200,000	)		—			(200,000	)		(100,000	)		—			—			(100,000	)		(3,400,000	)		(1,700,000	)

Net increase (decrease)		9,400,000			1,700,000			200,000			(200,000	)		800,000			900,000			1,100,000			400,000			(500,000	)		5,700,000

(1) Including undistributed (distribution in excess of) net investment income	$	398,901		$	585,752		$	1,081		$	8,759		$	322,004		$	230,082		$	160,525		$	108,412		$	4,543,292		$	8,953,245


*		Commencement of operations

See accompanying notes to financial statements.

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


	SPDR Barclays Capital Short Term International Treasury Bond ETF						SPDR Barclays Capital International Treasury Bond ETF						SPDR Barclays Capital International Corporate Bond ETF						SPDR Barclays Capital Emerging Markets Local Bond ETF
																						For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*2/23/11-**
	6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11			6/30/12			6/30/11

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,516,452		$	2,453,248		$	38,500,559		$	32,113,147		$	1,785,363		$	418,628		$	4,717,343		$	309,695
Net realized gain (loss) on investments and foreign currency transactions		(4,179,081	)		4,139,691			15,866,538			39,801,628			(1,035,480	)		188,141			(2,128,424	)		(233,476	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(14,392,259	)		18,410,725			(63,441,435	)		104,140,455			(4,228,625	)		1,459,669			(6,319,124	)		343,862

Net increase (decrease) in net assets resulting from operations		(15,054,888	)		25,003,664			(9,074,338	)		176,055,230			(3,478,742	)		2,066,438			(3,730,205	)		420,081

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(7,810,394	)		—			(62,242,574	)		(11,382,075	)		(1,118,887	)		(226,681	)		(673,556	)		(166,472	)
Net realized gains		—			—			—			—			—			(1,035	)		—			—

Total distributions to shareholders		(7,810,394	)		—			(62,242,574	)		(11,382,075	)		(1,118,887	)		(227,716	)		(673,556	)		(166,472	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		48,195,018			98,578,048			512,721,724			450,283,038			36,547,501			44,261,032			171,145,924			28,081,162
Cost of shares redeemed		(50,986,915	)		(7,532,663	)		(162,493,818	)		(70,723,956	)		(13,166,413	)		—			—			—
Other capital (Note 4)		73,772			129,336			940,934			917,974			152,127			115,334			1,723,336			229,249

Net increase (decrease) in net assets from beneficial interest transactions		(2,718,125	)		91,174,721			351,168,840			380,477,056			23,533,215			44,376,366			172,869,260			28,310,411

Net increase (decrease) in net assets during the year		(25,583,407	)		116,178,385			279,851,928			545,150,211			18,935,586			46,215,088			168,465,499			28,564,020
Net assets at beginning of year		251,106,502			134,928,117			1,583,073,541			1,037,923,330			52,208,266			5,993,178			28,564,020			—

NET ASSETS END OF YEAR (1)	$	225,523,095		$	251,106,502		$	1,862,925,469		$	1,583,073,541		$	71,143,852		$	52,208,266		$	197,029,519		$	28,564,020

SHARES OF BENEFICIAL INTEREST:
Shares sold		1,300,000			2,600,000			8,600,000			7,500,000			1,100,000			1,300,000			5,500,000			900,000
Shares redeemed		(1,400,000	)		(200,000	)		(2,700,000	)		(1,200,000	)		(400,000	)		—			—			—

Net increase (decrease)		(100,000	)		2,400,000			5,900,000			6,300,000			700,000			1,300,000			5,500,000			900,000

(1) Including undistributed (distribution in excess of) net investment income	$	(4,805,372	)	$	1,687,467		$	(936,513	)	$	15,823,766		$	190,163		$	411,339		$	3,036,014		$	(83,965	)


*		Commencement of operations

See accompanying notes to financial statements.

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


							SPDR Barclays			SPDR Barclays			SPDR BofA Merrill Lynch			SPDR BofA Merrill
							Capital Short			Capital Investment			Emerging Markets Corporate			Lynch Crossover
	SPDR Barclays Capital High Yield Bond ETF						Term High Yield Bond ETF			Grade Floating Rate ETF			Bond ETF			Corporate Bond ETF
							For the Period			For the Period			For the Period			For the Period
	Year Ended			Year Ended			*3/14/12-**			*11/30/11-**			*6/18/12-**			*6/18/12-**
	6/30/12			6/30/11			6/30/12			6/30/12			6/30/12			6/30/12

INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	681,120,977		$	519,246,810		$	1,639,503		$	75,182		$	16,655		$	12,013
Net realized gain (loss) on investments		117,795,768			327,623,154			(289,666	)		948			—			127
Net change in unrealized appreciation (depreciation) on investments		(141,094,309	)		10,291,259			(1,230,649	)		55,401			(32,069	)		82,633

Net increase (decrease) in net assets resulting from operations		657,822,436			857,161,223			119,188			131,531			(15,414	)		94,773

Net equalization credits and charges (Note 2)		14,470,021			7,548,278			248,040			1,730			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(674,892,495	)		(519,131,508	)		(1,111,094	)		(64,355	)		—			—
Net realized gains		(60,929,098	)		(97,393,593	)		—			—			—			—

Total distributions to shareholders		(735,821,593	)		(616,525,101	)		(1,111,094	)		(64,355	)		—			—

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		8,535,471,169			4,400,492,400			155,091,837			9,030,831			15,000,000			10,000,000
Cost of shares redeemed		(4,598,599,185	)		(2,028,216,846	)		(20,379,391	)		—			—			—
Net income equalization (Note 2)		(14,470,021	)		(7,548,278	)		(248,040	)		(1,730	)		—			—
Other capital (Note 4)		6,123,944			1,374,626			245,030			—			56,183			—

Net increase (decrease) in net assets from beneficial interest transactions		3,928,525,907			2,366,101,902			134,709,436			9,029,101			15,056,183			10,000,000

Net increase in net assets during the year		3,864,996,771			2,614,286,302			133,965,570			9,098,007			15,040,769			10,094,773
Net assets at beginning of year		6,915,537,975			4,301,251,673			—			—			—			—

NET ASSETS END OF YEAR (1)	$	10,780,534,746		$	6,915,537,975		$	133,965,570		$	9,098,007		$	15,040,769		$	10,094,773

SHARES OF BENEFICIAL INTEREST:
Shares sold		221,200,000			110,900,000			5,200,000			300,000			500,000			400,000
Shares redeemed		(119,300,000	)		(50,700,000	)		(700,000	)		—			—			—

Net increase (decrease)		101,900,000			60,200,000			4,500,000			300,000			500,000			400,000

(1) Including undistributed (distribution in excess of) net investment income	$	22,117,881		$	18,255,942		$	528,409		$	10,827		$	16,655		$	12,013


*		Commencement of operations

See accompanying notes to financial statements.

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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


																															SPDR
																															Barclays
																															Capital
																															Short
																															Term
	SPDR Barclays Capital 1-3 Month T-Bill ETF															SPDR Barclays Capital TIPS ETF															Treasury ETF
																															For the
																															Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*11/30/11-**
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12

Net asset value, beginning of period	$	45.85		$	45.85		$	45.86		$	45.88		$	45.96		$	54.76		$	52.74		$	49.74		$	52.00		$	47.88		$	30.00

Income (loss) from investment operations:
Net investment income (loss)		(0.04	)(1)		0.00	(1) (2)		0.00	(1) (2)		0.23	(1)		1.32			1.53	(1)		2.21	(1)		1.78	(1)		0.54	(1)		2.86			0.06	(1)
Net realized and unrealized gain (loss) (3)		0.01			0.00	(2)		0.00	(2)		0.11			0.03			4.93			1.70			2.78			(1.19	)		4.24			0.09

Total from investment operations		(0.03	)		0.00	(2)		0.00	(2)		0.34			1.35			6.46			3.91			4.56			(0.65	)		7.10			0.15

Net equalization credits and charges (1)		0.00	(2)		0.00	(2)		0.00	(2)		0.02			0.09			0.05			0.01			0.01			0.07			(0.12	)		—

Other Capital (1)		N/A			N/A			N/A			N/A			N/A			0.00	(2)		—			—			0.00	(2)		—			N/A

Distributions to shareholders from:
Net investment income		0.00	(2)		—			0.00	(2)		(0.37	)		(1.52	)		(1.68	)		(1.90	)		(1.57	)		(1.68	)		(2.86	)		(0.05	)
Net realized gains		—			—			0.00	(2)		(0.01	)		—			—			—			—			—			—			—
Return of capital		—			—			(0.01	)		—			—			—			—			—			—			—			—

Total distributions		—			—			(0.01	)		(0.38	)		(1.52	)		(1.68	)		(1.90	)		(1.57	)		(1.68	)		(2.86	)		(0.05	)

Net asset value, end of period	$	45.82		$	45.85		$	45.85		$	45.86		$	45.88		$	59.59		$	54.76		$	52.74		$	49.74		$	52.00		$	30.10

Total return (4)		(0.08	)%		0.01	%		0.00	%(5)		0.79	%		3.18	%		12.03	%		7.55	%		9.33	%		(1.11	)%		14.96	%		0.49	%
Net assets, end of period (in 000’s)	$	1,539,512		$	1,008,816		$	1,054,532		$	985,943		$	284,435		$	732,984		$	438,091		$	379,749		$	288,501		$	93,602		$	6,019
Ratio of expenses to average net assets		0.14	%		0.15	%		0.14	%		0.14	%		0.14	%		0.19	%		0.20	%		0.19	%		0.19	%		0.19	%		0.12	%(6)
Ratio of net investment income (loss) to average net assets		(0.09	)%		0.00	%(5)		0.00	%(5)		0.49	%		2.72	%		2.62	%		4.12	%		3.48	%		1.11	%		6.49	%		0.34	%(6)
Portfolio turnover rate (7)		619	%		628	%		623	%		692	%		583	%		23	%		21	%		18	%		21	%		16	%		24	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amount is less than $0.005 per share.
(3)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Amount is less than 0.005% per share.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR Barclays Capital Intermediate Term Treasury ETF															SPDR Barclays Capital Long Term Treasury ETF															SPDR Barclays Capital Short Term Corporate Bond ETF
																																					For the
																																					Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*12/16/09-**
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10

Net asset value, beginning of period	$	59.42		$	59.19		$	57.22		$	55.32		$	52.56		$	56.22		$	59.15		$	55.00		$	53.39		$	49.67		$	30.44		$	29.98		$	30.00

Income (loss) from investment operations:
Net investment income (loss)		1.07	(1)		1.17	(1)		1.19	(1)		1.43	(1)		2.06			1.92	(1)		2.17	(1)		2.20	(1)		2.36	(1)		2.47			0.49	(1)		0.56	(1)		0.31	(1)
Net realized and unrealized gain (loss) (2)		2.07			0.37			2.02			1.92			2.81			15.76			(2.94	)		4.06			1.64			3.72			(0.06	)		0.48			(0.17	)

Total from investment operations		3.14			1.54			3.21			3.35			4.87			17.68			(0.77	)		6.26			4.00			6.19			0.43			1.04			0.14

Net equalization credits and charges (1)		(0.01	)		(0.01	)		0.03			0.06			0.17			0.14			0.01			0.08			0.01			(0.01	)		0.02			0.01			0.04

Other Capital (1)		0.00	(3)		0.00	(3)		—			—			—			N/A			N/A			N/A			N/A			N/A			0.04			0.00	(3)		0.06

Distributions to shareholders from:
Net investment income		(1.08	)		(1.18	)		(1.19	)		(1.51	)		(2.24	)		(1.99	)		(2.17	)		(2.19	)		(2.40	)		(2.45	)		(0.50	)		(0.56	)		(0.26	)
Net realized gains		(0.16	)		(0.12	)		(0.08	)		—			(0.04	)		—			—			—			—			(0.01	)		(0.06	)		(0.03	)		—

Total distributions		(1.24	)		(1.30	)		(1.27	)		(1.51	)		(2.28	)		(1.99	)		(2.17	)		(2.19	)		(2.40	)		(2.46	)		(0.56	)		(0.59	)		(0.26	)

Net asset value, end of period	$	61.31		$	59.42		$	59.19		$	57.22		$	55.32		$	72.05		$	56.22		$	59.15		$	55.00		$	53.39		$	30.37		$	30.44		$	29.98

Total return (4)		5.30	%		2.62	%		5.73	%		6.20	%		9.73	%		32.03	%		(1.24	)%		11.93	%		7.51	%		12.62	%		1.63	%		3.60	%		0.79	%
Net assets, end of period (in 000’s)	$	196,216		$	213,929		$	242,703		$	143,070		$	44,261		$	64,844		$	22,488		$	23,661		$	16,499		$	10,678		$	1,105,432		$	337,925		$	161,898
Ratio of expenses to average net assets		0.14	%		0.16	%		0.14	%		0.14	%		0.14	%		0.14	%		0.15	%		0.14	%		0.14	%		0.14	%		0.13	%		0.13	%		0.13	%(5)
Ratio of net investment income (loss) to average net assets		1.75	%		1.98	%		2.06	%		2.50	%		3.51	%		2.85	%		3.79	%		4.01	%		4.14	%		4.58	%		1.61	%		1.83	%		1.94	%(5)
Portfolio turnover rate (6)		35	%		33	%		39	%		49	%		36	%		22	%		26	%		54	%		17	%		11	%		50	%		46	%		23	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

294

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295

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR Barclays Capital Intermediate Term Corporate Bond ETF												SPDR Barclays Capital Long Term Corporate Bond ETF												SPDR Barclays Capital Issuer Scored Corporate Bond ETF						SPDR Barclays Capital Convertible Securities ETF
										For the												For the						For the												For the
										Period												Period						Period												Period
	Year Ended			Year Ended			Year Ended			*2/10/09-**			Year Ended			Year Ended			Year Ended			*3/10/09-**			Year Ended			*4/6/11-**			Year Ended			Year Ended			Year Ended			*4/14/09-**
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/12			6/30/11			6/30/10			6/30/09			6/30/12			6/30/11			6/30/12			6/30/11			6/30/10			6/30/09

Net asset value, beginning of period	$	33.03		$	32.50		$	30.39		$	30.00		$	35.55		$	36.57		$	33.31		$	30.00		$	30.52		$	30.00		$	41.55		$	36.06		$	31.65		$	30.00

Income (loss) from investment operations:
Net investment income (loss)		1.12	(1)		1.14	(1)		1.31	(1)		0.59	(1)		1.92	(1)		2.00	(1)		2.07	(1)		0.65	(1)		1.11	(1)		0.24	(1)		0.37	(1)		0.68	(1)		1.43	(1)		0.35	(1)
Net realized and unrealized gain (loss) (2)		0.92			0.66			2.13			0.20			4.10			(0.22	)		3.30			3.13			1.40			0.32			(2.45	)		6.52			4.78			1.42

Total from investment operations		2.04			1.80			3.44			0.79			6.02			1.78			5.37			3.78			2.51			0.56			(2.08	)		7.20			6.21			1.77

Net equalization credits and charges (1)		0.02			0.03			0.09			0.05			0.07			0.02			0.06			—			0.01			—			(0.00	)(3)		0.04			0.05			0.05

Other Capital (1)		0.02			0.00	(3)		0.00	(3)		—			0.20			0.02			—			—			0.09			0.11			0.01			0.00	(3)		0.02			0.05

Distributions to shareholders from:
Net investment income		(1.12	)		(1.15	)		(1.38	)		(0.45	)		(1.92	)		(2.01	)		(2.09	)		(0.47	)		(1.11	)		(0.15	)		(1.29	)		(1.63	)		(1.76	)		(0.22	)
Net realized gains		(0.10	)		(0.15	)		(0.04	)		—			—			(0.83	)		(0.08	)		—			—			—			(0.52	)		(0.12	)		(0.11	)		—

Total distributions		(1.22	)		(1.30	)		(1.42	)		(0.45	)		(1.92	)		(2.84	)		(2.17	)		(0.47	)		(1.11	)		(0.15	)		(1.81	)		(1.75	)		(1.87	)		(0.22	)

Net asset value, end of period	$	33.89		$	33.03		$	32.50		$	30.39		$	39.92		$	35.55		$	36.57		$	33.31		$	32.02		$	30.52		$	37.67		$	41.55		$	36.06		$	31.65

Total return (4)		6.41	%		5.72	%		11.85	%		2.86	%		18.04	%		5.20	%		16.76	%		12.70	%		8.72	%		2.23	%		(4.89	)%		20.38	%		19.92	%		6.24	%
Net assets, end of period (in 000’s)	$	281,288		$	191,565		$	113,747		$	27,349		$	87,834		$	35,553		$	32,909		$	6,661		$	22,417		$	12,208		$	783,580		$	926,572		$	259,629		$	44,307
Ratio of expenses to average net assets		0.15	%		0.16	%		0.15	%		0.15	%(5)		0.15	%		0.17	%		0.15	%		0.15	%(5)		0.16	%		0.16	%(5)		0.40	%		0.41	%		0.40	%		0.40	%(5)
Ratio of net investment income (loss) to average net assets		3.34	%		3.45	%		4.13	%		5.22	%(5)		4.97	%		5.49	%		5.85	%		6.82	%(5)		3.53	%		3.42	%(5)		0.98	%		1.68	%		3.85	%		5.33	%(5)
Portfolio turnover rate (6)		15	%		37	%		42	%		4	%		21	%		58	%		42	%		27	%		17	%		6	%		17	%		33	%		26	%		9	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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297

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR Barclays Capital Mortgage Backed Bond ETF												SPDR Barclays Capital Aggregate Bond ETF															SPDR Nuveen Barclays Capital Municipal Bond ETF
										For the
										Period
	Year Ended			Year Ended			Year Ended			*1/15/09-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	27.35		$	27.36		$	26.26		$	26.05		$	56.40		$	56.67		$	54.47		$	53.13		$	52.09		$	22.75		$	22.94		$	21.95		$	21.73		$	22.16

Income (loss) from investment operations:
Net investment income (loss)		0.41	(1)		0.48	(1)		0.68	(1)		0.25	(1)		1.26	(1)		1.55	(1)		1.85	(1)		2.13	(1)		2.44			0.74	(1)		0.79	(1)		0.85	(1)		0.86	(1)		0.64
Net realized and unrealized gain (loss) (2)		0.85			0.50			1.29			0.14			2.68			0.58			3.13			1.41			0.91			1.48			(0.05	)		0.97			0.18			(0.53	)

Total from investment operations		1.26			0.98			1.97			0.39			3.94			2.13			4.98			3.54			3.35			2.22			0.74			1.82			1.04			0.11

Net equalization credits and charges (1)		0.00	(3)		0.02			0.07			—			0.04			0.01			0.01			0.03			0.31			0.01			0.00	(3)		0.02			0.03			0.05

Other Capital (1)		0.02			0.06			0.10			—			0.05			0.00	(3)		—			0.01			—			0.00	(3)		—			—			0.00	(3)		0.00	(3)

Distributions to shareholders from:
Net investment income		(0.43	)		(0.51	)		(0.73	)		(0.18	)		(1.35	)		(1.59	)		(1.86	)		(2.18	)		(2.62	)		(0.75	)		(0.79	)		(0.85	)		(0.85	)		(0.59	)
Net realized gains		(0.52	)		(0.56	)		(0.31	)		—			(0.51	)		(0.82	)		(0.93	)		(0.06	)		—			(0.07	)		(0.14	)		—			—			—

Total distributions		(0.95	)		(1.07	)		(1.04	)		(0.18	)		(1.86	)		(2.41	)		(2.79	)		(2.24	)		(2.62	)		(0.82	)		(0.93	)		(0.85	)		(0.85	)		(0.59	)

Net asset value, end of period	$	27.68		$	27.35		$	27.36		$	26.26		$	58.57		$	56.40		$	56.67		$	54.47		$	53.13		$	24.16		$	22.75		$	22.94		$	21.95		$	21.73

Total return (4)		4.82	%		3.88	%		8.31	%		1.51	%		7.29	%		3.83	%		9.36	%		6.90	%		7.13	%		9.95	%		3.33	%		8.50	%		5.07	%		0.73	%
Net assets, end of period (in 000’s)	$	38,746		$	35,556		$	27,362		$	5,252		$	597,435		$	259,438		$	221,027		$	196,090		$	116,880		$	1,135,596		$	873,455		$	952,260		$	583,859		$	256,404
Ratio of expenses to average net assets		0.20	%		0.21	%		0.21	%		0.20	%(5)		0.13	%		0.15	%		0.13	%		0.13	%		0.13	%		0.23	%		0.22	%		0.20	%		0.20	%		0.20	%(5)
Ratio of expenses to average net assets before waivers		N/A			N/A			N/A			N/A			0.19	%		0.20	%		0.19	%		0.19	%		0.19	%		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%(5)
Ratio of net investment income (loss) to average net assets		1.47	%		1.77	%		2.55	%		2.14	%(5)		2.17	%		2.74	%		3.33	%		3.98	%		4.13	%		3.14	%		3.46	%		3.75	%		3.96	%		3.79	%(5)
Portfolio turnover rate (6)		1,489	%		1,107	%		897	%		619	%		428	%		310	%		376	%		475	%		151	%		17	%		16	%		9	%		3	%		0	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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299

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR Nuveen Barclays Capital California Municipal Bond ETF															SPDR Nuveen Barclays Capital New York Municipal Bond ETF															SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF
													For the															For the															For the
													Period															Period															Period
	Year Ended			Year Ended			Year Ended			Year Ended			*10/10/07-**			Year Ended			Year Ended			Year Ended			Year Ended			*10/11/07-**			Year Ended			Year Ended			Year Ended			Year Ended			*10/10/07-**
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	22.19		$	22.53		$	21.25		$	21.74		$	22.18		$	22.34		$	22.66		$	21.49		$	21.64		$	21.96		$	24.20		$	24.08		$	23.67		$	22.82		$	22.53

Income (loss) from investment operations:
Net investment income (loss)		0.87	(1)		0.87	(1)		0.96	(1)		0.92	(1)		0.62			0.77	(1)		0.76	(1)		0.88	(1)		0.87	(1)		0.63			0.33	(1)		0.36	(1)		0.42	(1)		0.55	(1)		0.45
Net realized and unrealized gain (loss) (2)		2.16			(0.19	)		1.27			(0.52	)		(0.52	)		1.46			(0.20	)		1.16			(0.16	)		(0.39	)		0.23			0.19			0.41			0.83			0.19

Total from investment operations		3.03			0.68			2.23			0.40			0.10			2.23			0.56			2.04			0.71			0.24			0.56			0.55			0.83			1.38			0.64

Net equalization credits and charges (1)		0.00	(3)		0.01			0.01			0.02			0.02			0.00	(3)		0.00	(3)		0.01			0.01			—			0.00	(3)		0.00	(3)		0.01			0.03			0.06

Other Capital (1)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		—			0.00	(3)		0.00	(3)		0.00	(3)		—			0.00	(3)		0.00	(3)		0.01			0.01			0.01

Distributions to shareholders from:
Net investment income		(0.86	)		(0.86	)		(0.96	)		(0.91	)		(0.56	)		(0.77	)		(0.76	)		(0.88	)		(0.87	)		(0.56	)		(0.33	)		(0.36	)		(0.44	)		(0.57	)		(0.42	)
Net realized gains		(0.02	)		(0.17	)		—			—			—			—			(0.12	)		—			—			—			(0.04	)		(0.07	)		—			—			—

Total distributions		(0.88	)		(1.03	)		(0.96	)		(0.91	)		(0.56	)		(0.77	)		(0.88	)		(0.88	)		(0.87	)		(0.56	)		(0.37	)		(0.43	)		(0.44	)		(0.57	)		(0.42	)

Net asset value, end of period	$	24.34		$	22.19		$	22.53		$	21.25		$	21.74		$	23.80		$	22.34		$	22.66		$	21.49		$	21.64		$	24.39		$	24.20		$	24.08		$	23.67		$	22.82

Total return (4)		13.91	%		3.23	%		10.67	%		2.02	%		0.54	%		10.10	%		2.55	%		9.66	%		3.49	%		1.08	%		2.36	%		2.33	%		3.60	%		6.29	%		3.16	%
Net assets, end of period (in 000’s)	$	85,193		$	73,226		$	65,333		$	40,376		$	17,392		$	28,557		$	24,575		$	24,926		$	15,046		$	12,986		$	1,539,304		$	1,299,603		$	1,252,378		$	501,788		$	123,225
Ratio of expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%(5)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%(5)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%(5)
Ratio of net investment income (loss) to average net assets		3.68	%		3.92	%		4.32	%		4.33	%		4.04	%(5)		3.30	%		3.40	%		3.92	%		4.11	%		4.02	%(5)		1.34	%		1.49	%		1.77	%		2.35	%		2.66	%(5)
Portfolio turnover rate (6)		14	%		29	%		12	%		24	%		17	%		24	%		37	%		9	%		33	%		32	%		23	%		25	%		14	%		4	%		2	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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301

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR Nuveen S&P VRDO Municipal Bond ETF									SPDR Nuveen S&P High Yield Municipal Bond ETF						SPDR Nuveen Barclays Capital Build America Bond ETF									SPDR DB International Government Inflation-Protected Bond ETF
							For the						For the									For the															For the
							Period						Period									Period															Period
	Year Ended			Year Ended			*9/23/09-**			Year Ended			*4/13/11-**			Year Ended			Year Ended			*5/12/10-**			Year Ended			Year Ended			Year Ended			Year Ended			*3/13/08-**
	6/30/12			6/30/11			6/30/10			6/30/12			6/30/11			6/30/12			6/30/11			6/30/10			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08

Net asset value, beginning of period	$	30.03		$	30.03		$	30.00		$	52.25		$	50.00		$	50.97		$	50.73		$	50.00		$	61.86		$	52.18		$	51.90		$	60.71		$	61.85

Income (loss) from investment operations:
Net investment income (loss)		0.17	(1)		0.24	(1)		0.06	(1)		3.12	(1)		0.64	(1)		2.65	(1)		2.74	(1)		0.34	(1)		2.56	(1)		3.19	(1)		2.52	(1)		2.08	(1)		0.73
Net realized and unrealized gain (loss) (2)		—			—			—			3.70			1.96			8.92			0.16			0.49			(3.10	)		7.90			(1.96	)		(9.07	)		(1.35	)

Total from investment operations		0.17			0.24			0.06			6.82			2.60			11.57			2.90			0.83			(0.54	)		11.09			0.56			(6.99	)		(0.62	)

Net equalization credits and charges (1)		0.00	(3)		0.00	(3)		0.00	(3)		0.10			—			0.18			0.06			—			—			—			0.35			0.03			0.10

Other Capital (1)		0.00	(3)		—			0.01			0.01			—			0.04			0.02			—			0.05			0.09			0.17			0.07			0.05

Distributions to shareholders from:
Net investment income		(0.18	)		(0.24	)		(0.04	)		(3.01	)		(0.35	)		(2.71	)		(2.73	)		(0.10	)		(2.13	)		(1.50	)		(0.80	)		(0.04	)		(0.67	)
Net realized gains		—			—			—			(0.12	)		—			—			(0.01	)		—			—			—			—			—			—
Return of capital		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			—			—			—			(1.88	)		—
																								��
Total distributions		(0.18	)		(0.24	)		(0.04	)		(3.13	)		(0.35	)		(2.71	)		(2.74	)		(0.10	)		(2.13	)		(1.50	)		(0.80	)		(1.92	)		(0.67	)

Net asset value, end of period	$	30.02		$	30.03		$	30.03		$	56.05		$	52.25		$	60.05		$	50.97		$	50.73		$	59.24		$	61.86		$	52.18		$	51.90		$	60.71

Total return (4)		0.55	%		0.81	%		0.23	%		13.71	%		5.21	%		23.52	%		6.22	%		1.67	%		(0.69	)%		21.61	%		2.03	%		(11.34	)%		(0.73	)%
Net assets, end of period (in 000’s)	$	15,008		$	9,010		$	15,013		$	95,283		$	47,025		$	102,078		$	30,583		$	10,147		$	1,273,764		$	1,360,851		$	850,501		$	394,482		$	206,414
Ratio of expenses to average net assets		0.21	%		0.21	%		0.21	%(5)		0.45	%		0.45	%(5)		0.35	%		0.35	%		0.36	%(5)		0.50	%		0.52	%		0.50	%		0.50	%		0.50	%(5)
Ratio of expenses to average net assets before waivers		N/A			N/A			N/A			0.50	%		0.50	%(5)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Ratio of net investment income (loss) to average net assets		0.50	%		0.80	%		0.26	%(5)		5.78	%		5.86	%		4.57	%		5.54	%		5.10	%(5)		4.32	%		5.43	%		4.60	%		4.20	%		6.89	%(5)
Portfolio turnover rate (6)		92	%		77	%		173	%		24	%		33	%		112	%		58	%		16	%		40	%		23	%		40	%		50	%		2	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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303

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR Barclays Capital Short Term International Treasury Bond ETF												SPDR Barclays Capital International Treasury Bond ETF															SPDR Barclays Capital International Corporate Bond ETF									SPDR Barclays Capital Emerging Markets Local Bond ETF
										For the															For the									For the						For the
										Period															Period									Period						Period
	Year Ended			Year Ended			Year Ended			*1/15/09-**			Year Ended			Year Ended			Year Ended			Year Ended			*10/2/07-**			Year Ended			Year Ended			*5/19/10-**			Year Ended			*2/23/11-**
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/11			6/30/10			6/30/12			6/30/11

Net asset value, beginning of period	$	39.24		$	33.73		$	35.05		$	33.05		$	61.84		$	53.78		$	54.19		$	55.14		$	51.55		$	34.81		$	29.97		$	30.00		$	31.74		$	30.00

Income (loss) from investment operations:
Net investment income (loss)		0.54	(1)		0.51	(1)		0.46	(1)		0.21	(1)		1.39	(1)		1.42	(1)		1.48	(1)		1.51	(1)		0.97			0.97	(1)		0.93	(1)		0.07	(1)		1.57	(1)		0.55	(1)
Net realized and unrealized gain (loss) (2)		(2.73	)		4.97			(1.41	)		1.83			(1.79	)		7.09			(1.48	)		(1.32	)		3.49			(2.85	)		4.44			(0.14	)		(2.55	)		1.06

Total from investment operations		(2.19	)		5.48			(0.95	)		2.04			(0.40	)		8.51			—			0.19			4.46			(1.88	)		5.37			(0.07	)		(0.98	)		1.61

Net equalization credits and charges (1)		—			—			0.07			(0.06	)		—			—			(0.08	)		(0.01	)		0.11			—			—			—			—			—

Other Capital (1)		0.01			0.03			0.10			0.07			0.03			0.04			0.10			0.02			0.03			0.08			0.26			0.04			0.57			0.41

Distributions to shareholders from:
Net investment income		(1.26	)		—			(0.54	)		(0.05	)		(2.33	)		(0.49	)		(0.43	)		(1.15	)		(1.01	)		(0.67	)		(0.78	)		—			(0.54	)		(0.28	)
Net realized gains		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			—			(0.01	)		—			—			—
Return of capital		—			—			(0.00	)(3)		—			—			—			—			—			—			—			—			—			—			—

Total distributions		(1.26	)		—			(0.54	)		(0.05	)		(2.33	)		(0.49	)		(0.43	)		(1.15	)		(1.01	)		(0.67	)		(0.79	)		—			(0.54	)		(0.28	)

Net asset value, end of period	$	35.80		$	39.24		$	33.73		$	35.05		$	59.14		$	61.84		$	53.78		$	54.19		$	55.14		$	32.34		$	34.81		$	29.97		$	30.79		$	31.74

Total return (4)		(5.59	)%		16.34	%		(2.32	)%		6.22	%		(0.58	)%		15.95	%		(0.01	)%		0.50	%		8.95	%		(5.17	)%		19.01	%		(0.10	)%		(1.30	)%		6.70	%
Net assets, end of period (in 000’s)	$	225,523		$	251,107		$	134,928		$	10,514		$	1,862,925		$	1,583,074		$	1,037,923		$	1,089,231		$	760,990		$	71,144		$	52,208		$	5,993		$	197,030		$	28,564
Ratio of expenses to average net assets		0.35	%		0.36	%		0.35	%		0.36	%(5)		0.50	%		0.52	%		0.50	%		0.50	%		0.50	%(5)		0.55	%		0.55	%		0.55	%(5)		0.50	%		0.50	%(5)
Ratio of net investment income (loss) to average net assets		1.47	%		1.37	%		1.30	%		1.39	%(5)		2.32	%		2.41	%		2.62	%		2.91	%		3.03	%(5)		2.95	%		2.77	%		2.16	%(5)		5.13	%		5.01	%(5)
Portfolio turnover rate (6)		116	%		85	%		95	%		39	%		38	%		63	%		80	%		43	%		54	%		42	%		21	%		2	%		18	%		5	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		Annualized.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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305

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


																SPDR						SPDR
																Barclays			SPDR			BofA			SPDR
																Capital			Barclays			Merrill			BofA
																Short			Capital			Lynch			Merrill
																Term			Investment			Emerging			Lynch
																High			Grade			Markets			Crossover
																Yield			Floating			Corporate			Corporate
	SPDR Barclays Capital High Yield Bond ETF															Bond ETF			Rate ETF			Bond ETF			Bond ETF
													For the			For the			For the			For the			For the
													Period			Period			Period			Period			Period
	Year Ended			Year Ended			Year Ended			Year Ended			*11/28/07-**			*3/14/12-**			*11/30/11-**			*6/18/12-**			*6/18/12-**
	6/30/12			6/30/11			6/30/10			6/30/09			6/30/08			6/30/12			6/30/12			6/30/12			6/30/12

Net asset value, beginning of period	$	39.88		$	37.99		$	34.30		$	43.82		$	47.29		$	30.00		$	30.00		$	30.00		$	25.00

Income (loss) from investment operations:
Net investment income (loss)		2.85	(1)		3.25	(1)		4.16	(1)		4.75	(1)		2.19			0.56	(1)		0.30	(1)		0.06	(1)		0.05	(1)
Net realized and unrealized gain (loss) (2)		(0.53	)		2.53			3.70			(10.11	)		(4.04	)		(0.60	)		0.28			(0.20	)		0.19

Total from investment operations		2.32			5.78			7.86			(5.36	)		(1.85	)		(0.04	)		0.58			(0.14	)		0.24

Net equalization credits and charges (1)		0.06			0.05			0.14			0.39			0.39			0.09			0.01			—			—

Other Capital (1)		0.03			0.01			0.00	(3)		0.00	(3)		0.01			0.08			—			0.22			—

Distributions to shareholders from:
Net investment income		(2.87	)		(3.34	)		(4.31	)		(4.55	)		(2.02	)		(0.36	)		(0.26	)		—			—
Net realized gains		(0.26	)		(0.61	)		—			—			—			—			—			—			—

Total distributions		(3.13	)		(3.95	)		(4.31	)		(4.55	)		(2.02	)		(0.36	)		(0.26	)		—			—

Net asset value, end of period	$	39.16		$	39.88		$	37.99		$	34.30		$	43.82		$	29.77		$	30.33		$	30.08		$	25.24

Total return (4)		6.50	%		15.87	%		24.22	%		(10.13	)%(5)		(3.10	)%		0.44	%		1.95	%		0.27	%		0.95	%
Net assets, end of period (in 000’s)	$	10,780,535		$	6,915,538		$	4,301,252		$	1,900,709		$	394,346		$	133,966		$	9,098		$	15,041		$	10,095
Ratio of expenses to average net assets		0.40	%		0.41	%		0.40	%		0.40	%		0.40	%(6)		0.40	%(6)		0.15	%(6)		0.50	%(6)		0.30	%(6)
Ratio of expenses to average net assets before waivers		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.40	%(6)
Ratio of net investment income (loss) to average net assets		7.38	%		8.13	%		10.96	%		14.81	%		9.43	%(6)		6.40	%(6)		1.68	%(6)		3.38	%(6)		3.64	%(6)
Portfolio turnover rate (7)		38	%		40	%		53	%		30	%		19	%		16	%		5	%		6	%		1	%


*		Commencement of operations
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(3)		Amount is less than $0.005 per share.
(4)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(5)		If the Adviser had not made a voluntary contribution during the Year Ended 6/30/09 to the SPDR Barclays Capital High Yield Bond ETF, the total return would have been (10.44)%.
(6)		Annualized.
(7)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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307

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS

June 30, 2012


1.	Organization

As of June 30, 2012, the Trust offered sixty-three (63) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a “Fund”, collectively as the “Funds”). The financial statements herein relate to the following twenty-nine (29) Funds: SPDR Barclays Capital 1-3 Month T-Bill ETF, SPDR Barclays Capital TIPS ETF, SPDR Barclays Capital Short Term Treasury ETF, SPDR Barclays Capital Intermediate Term Treasury ETF, SPDR Barclays Capital Long Term Treasury ETF, SPDR Barclays Capital Short Term Corporate Bond ETF, SPDR Barclays Capital Intermediate Term Corporate Bond ETF, SPDR Barclays Capital Long Term Corporate Bond ETF, SPDR Barclays Capital Issuer Scored Corporate Bond ETF, SPDR Barclays Capital Convertible Securities ETF, SPDR Barclays Capital Mortgage Backed Bond ETF, SPDR Barclays Capital Aggregate Bond ETF, SPDR Nuveen Barclays Capital Municipal Bond ETF, SPDR Nuveen Barclays Capital California Municipal Bond ETF, SPDR Nuveen Barclays Capital New York Municipal Bond ETF, SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF, SPDR Nuveen S&P VRDO Municipal Bond ETF, SPDR Nuveen S&P High Yield Municipal Bond ETF, SPDR Nuveen Barclays Capital Build America Bond ETF, SPDR DB International Government Inflation-Protected Bond ETF, SPDR Barclays Capital Short Term International Treasury Bond ETF, SPDR Barclays Capital International Treasury Bond ETF, SPDR Barclays Capital International Corporate Bond ETF, SPDR Barclays Capital Emerging Markets Local Bond ETF, SPDR Barclays Capital High Yield Bond ETF, SPDR Barclays Capital Short Term High Yield Bond ETF, SPDR Barclays Capital Investment Grade Floating Rate ETF, SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF and SPDR BofA Merrill Lynch Crossover Corporate Bond ETF. Each Fund operates as a non-diversified investment company. The other thirty-four (34) Funds are included in a separate Annual Report.

An investment in a Fund involves risks similar to those of investing in any fund of fixed income securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in securities prices. The value of each Fund’s shares will decline, more or less, in correlation with any decline in the value of the Fund’s benchmark index. The values of fixed income securities could decline generally or could underperform other investments. Generally, Funds will not sell a fixed income security because the security’s issuer is in financial trouble, unless that security is removed from the Funds’ respective benchmark index.


2.	Summary of Significant Accounting Policies

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

308

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

Security Valuation

The value of each Fund’s portfolio securities and other financial instruments is based on the market price of the securities, which generally means a valuation obtained from an exchange or other market (or based on a price quotation or other equivalent indication of value supplied by an exchange or other market) or a valuation obtained from an independent pricing service. Investments in open-end investment companies are valued at their net asset value each business day. Variable Rate Demand Obligations are valued at par. Forward foreign currency contracts are valued at the forward rate and are marked-to-market daily. U.S. fixed income securities may be valued as of the announced closing time for trading in fixed income instruments on any day that the Securities Industry and Financial Markets Association announces an early closing time. If a security’s market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees of the Trust (the “Board”) believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the “Committee”). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when trading in a security has been suspended or halted. Accordingly, a Fund’s net asset value may reflect certain portfolio securities’ fair values rather than their market prices. Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be received on the sale of the security.


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

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

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

The type of inputs used to value each security is identified in the Schedule of Investments, which also includes a breakdown of the Fund’s investments by industry, debt securities issued by the U.S. government or U.S. government agencies, corporate debt securities, foreign government obligations, commercial mortgage obligations, debt issued by states of the U.S. and political subdivisions of states.

309

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

The following table summarizes the inputs used in valuing the Funds’ investments as of June 30, 2012:


			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
Fund	Prices		Inputs		Inputs		Total

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	343,929	$	1,538,747,646	$	—	$	1,539,091,575
SPDR Barclays Capital TIPS ETF		31,400,229		728,099,012		—		759,499,241
SPDR Barclays Capital Short Term Treasury ETF		49,075		5,971,553		—		6,020,628
SPDR Barclays Capital Intermediate Term Treasury ETF		14,773,101		194,749,193		—		209,522,294
SPDR Barclays Capital Long Term Treasury ETF		1,795,375		64,211,575		—		66,006,950
SPDR Barclays Capital Short Term Corporate Bond ETF		37,784,863		1,081,545,629		—		1,119,330,492
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		17,602,295		274,192,561		—		291,794,856
SPDR Barclays Capital Long Term Corporate Bond ETF		2,678,091		85,784,943		—		88,463,034
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		323,331		21,832,641		—		22,155,972
SPDR Barclays Capital Convertible Securities ETF		280,001,425		579,557,064		—		859,558,489
SPDR Barclays Capital Mortgage Backed Bond ETF		38,609,848		38,654,431		—		77,264,279
SPDR Barclays Capital Aggregate Bond ETF		212,781,096		593,112,950		—		805,894,046
SPDR Nuveen Barclays Capital Municipal Bond ETF		5,402,072		1,124,227,153		—		1,129,629,225
SPDR Nuveen Barclays Capital California Municipal Bond ETF		2,176,895		84,393,862		—		86,570,757
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		108,090		28,120,397		—		28,228,487
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		2,902,320		1,522,697,555		—		1,525,599,875
SPDR Nuveen S&P VRDO Municipal Bond ETF		598,164		14,407,000		—		15,005,164
SPDR Nuveen S&P High Yield Municipal Bond ETF		2,457,747		94,310,477		—		96,768,224
SPDR Nuveen Barclays Capital Build America Bond ETF		—		100,870,836		—		100,870,836
SPDR DB International Government Inflation-Protected Bond ETF		1,444,178		1,259,109,904		—		1,260,554,082
SPDR Barclays Capital Short Term International Treasury Bond ETF		508,166		221,425,438		—		221,933,604
SPDR Barclays Capital International Treasury Bond ETF		6,039,942		1,837,354,511		—		1,843,394,453
SPDR Barclays Capital International Corporate Bond ETF		1,033		69,406,390		—		69,407,423
SPDR Barclays Capital Emerging Markets Local Bond ETF		8,191,453		189,139,281		—		197,330,734
SPDR Barclays Capital High Yield Bond ETF		113,698,781		10,466,239,407		—		10,579,938,188
SPDR Barclays Capital Short Term High Yield Bond ETF		592,611		130,674,085		—		131,266,696

310

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
Fund	Prices		Inputs		Inputs		Total

SPDR Barclays Capital Investment Grade Floating Rate ETF	$	457,042	$	9,024,154	$	—	$	9,481,196
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		233,694		14,576,223		—		14,809,917
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		42,182		9,907,258		—		9,949,440


			Level 2 —			Level 3 —
	Level 1 —		Other Significant			Significant
	Quoted		Observable			Unobservable
Fund — Other Financial Instruments*	Prices		Inputs			Inputs		Total

SPDR Barclays Capital International Corporate Bond ETF	$	—	$	(52,588	)	$	—	$	(52,588	)
SPDR Barclays Capital Emerging Markets Local Bond ETF		—		101,949			—		101,949


*		Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as forward foreign currency contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

There were no transfers between levels for the year ended June 30, 2012.

Investment Income

Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Dividend income is recorded on the ex-dividend date. The value of additional securities received as dividend payments is recorded as income and as an increase to the cost basis of such securities. Amortization of premium and accretion of market discount recorded for financial reporting purposes may not accord with a Fund’s elections for tax purposes.

Expenses

Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Trustees’ fees and other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds.

Equalization

The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. SPDR DB International Government Inflation-Protected Bond ETF, SPDR Barclays Capital Short Term International Treasury Bond ETF, SPDR Barclays Capital International Treasury Bond ETF, SPDR Barclays Capital International Corporate Bond ETF and SPDR Barclays Capital Emerging Markets Local Bond ETF did not utilize equalization during the period due to book-tax differences affecting income from foreign currency. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

Investment Transactions

311

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

Foreign Currency Translation and Foreign Investments

Forward Foreign Currency Contracts

The SPDR DB International Government Inflation-Protected Bond ETF, SPDR Barclays Capital Short Term International Treasury Bond ETF, SPDR Barclays Capital International Treasury Bond ETF, SPDR Barclays Capital International Corporate Bond ETF, SPDR Barclays Capital Emerging Markets Local Bond ETF and the SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF may enter into forward foreign currency contracts to hedge their portfolio holdings against future movements in certain foreign currency exchange rates. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a set price. The forward currency contracts are valued at the forward rate and are marked-to-market daily. The change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of the securities of the Fund, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts to sell limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of the contracts.

312

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

The following tables summarize the value of the Fund’s derivative instruments as of June 30, 2012 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		Foreign
		Rate		Exchange		Credit		Equity		Commodity		Other
		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
		Risk		Risk		Risk		Risk		Risk		Risk		Total

SPDR DB International Government Inflation-Protected Bond ETF (a)	Forward Contract	$	—	$	—	$	—	$	—	$	—	$	—	$	—
SPDR Barclays Capital Short Term International Treasury Bond ETF (a)	Forward Contract		—		—		—		—		—		—		—
SPDR Barclays Capital International Treasury Bond ETF (a)	Forward Contract		—		—		—		—		—		—		—
SPDR Barclays Capital International Corporate Bond ETF (a)	Forward Contract		—		27,550		—		—		—		—		27,550
SPDR Barclays Capital Emerging Markets Local Bond ETF (a)	Forward Contract		—		111,259		—		—		—		—		111,259


(a)		Unrealized appreciation on forward currency contracts.


		Liability Derivatives
		Interest		Foreign
		Rate		Exchange		Credit		Equity		Commodity		Other
		Contracts		Contracts		Contracts		Contracts		Contracts		Contracts
		Risk		Risk		Risk		Risk		Risk		Risk		Total

SPDR DB International Government Inflation-Protected Bond ETF (a)	Forward Contract	$	—	$	—	$	—	$	—	$	—	$	—	$	—
SPDR Barclays Capital Short Term International Treasury Bond ETF (a)	Forward Contract		—		—		—		—		—		—		—
SPDR Barclays Capital International Treasury Bond ETF (a)	Forward Contract		—		—		—		—		—		—		—
SPDR Barclays Capital International Corporate Bond ETF (a)	Forward Contract		—		80,138		—		—		—		—		80,138
SPDR Barclays Capital Emerging Markets Local Bond ETF (a)	Forward Contract		—		9,310		—		—		—		—		9,310


(a)		Unrealized depreciation on forward currency contracts.

313

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


		Net Realized Gain (Loss)
		Interest		Foreign
		Rate		Exchange			Credit		Equity		Commodity		Other
		Contracts		Contracts			Contracts		Contracts		Contracts		Contracts
		Risk		Risk			Risk		Risk		Risk		Risk		Total

SPDR DB International Government Inflation-Protected Bond ETF (a)	Forward Contract	$	—	$	9,852		$	—	$	—	$	—	$	—	$	9,852
SPDR Barclays Capital Short Term International Treasury Bond ETF (a)	Forward Contract		—		(11,212	)		—		—		—		—		(11,212	)
SPDR Barclays Capital International Treasury Bond ETF (a)	Forward Contract		—		(292,379	)		—		—		—		—		(292,379	)
SPDR Barclays Capital International Corporate Bond ETF (a)	Forward Contract		—		(15,404	)		—		—		—		—		(15,404	)
SPDR Barclays Capital Emerging Markets Local Bond ETF (a)	Forward Contract		—		(7,492	)		—		—		—		—		(7,492	)


(a)		Net realized gain (loss) on forward foreign currency contracts.


		Net Change In Appreciation (Depreciation)
		Interest		Foreign
		Rate		Exchange			Credit		Equity		Commodity		Other
		Contracts		Contracts			Contracts		Contracts		Contracts		Contracts
		Risk		Risk			Risk		Risk		Risk		Risk		Total

SPDR DB International Government Inflation-Protected Bond ETF (a)	Forward Contract	$	—	$	—		$	—	$	—	$	—	$	—	$	—
SPDR Barclays Capital Short Term International Treasury Bond ETF (a)	Forward Contract		—		(1,078	)		—		—		—		—		(1,078	)
SPDR Barclays Capital International Treasury Bond ETF (a)	Forward Contract		—		(908	)		—		—		—		—		(908	)
SPDR Barclays Capital International Corporate Bond ETF (a)	Forward Contract		—		(51,842	)		—		—		—		—		(51,842	)
SPDR Barclays Capital Emerging Markets Local Bond ETF (a)	Forward Contract		—		99,519			—		—		—		—		99,519


(a)		Net change in unrealized appreciation (depreciation) on forward foreign currency contracts.

The volume of derivatives held at year end is indicative of the volume held throughout the year.

314

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

Mortgage Dollar Rolls

The SPDR Barclays Capital Aggregate Bond ETF and the SPDR Barclays Capital Mortgage Backed Bond ETF may enter into mortgage dollar roll transactions with respect to mortgage-backed securities for delivery in the current month and simultaneously 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 Fund receives compensation as consideration for entering into the commitment to repurchase.

The compensation is paid in the form of a lower price for the security upon its repurchase, or alternatively, a fee. Mortgage dollar rolls may be renewed with a new sale and repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Certain risks may arise upon entering into mortgage dollar rolls from the potential inability of counterparties to meet the terms of their commitments.

Additionally, the value of such securities may change adversely before the Fund is able to repurchase them. There can be no assurance that the Funds’ use of the cash that it receives from a mortgage dollar roll will provide a return that exceeds its costs. The Funds’ use of to-be announced (“TBA”) mortgage dollar rolls may cause the fund to experience higher transaction costs.

Inflation-Indexed Instruments

The SPDR Barclays Capital TIPS ETF and SPDR DB International Government Inflation-Protected Bond ETF may invest almost exclusively in inflation-indexed instruments which are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these instruments is generally fixed at issuance at a rate lower than typical bonds or notes. Over the life of an inflation-indexed instrument, however, interest will be paid based on a principal value, which is adjusted for any inflation or deflation. Any increase or decrease in the principal amount of an inflation-indexed instrument will result in an adjustment of interest income which is distributed to shareholders monthly. Investors will receive their inflation-adjusted principal at maturity. Deflation may cause dividends to be suspended.

Convertible Securities

SPDR Barclays Capital Convertible Securities ETF will invest in convertible securities. Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party. Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their “conversion value,” which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. Because convertible securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

Federal Income Tax

315

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for tax equalization, in-kind transactions, foreign currencies, amortization and accretion of premium and discount, for financial statement purposes, and losses deferred due to wash sales.


	Net Gain (Loss)
	Reclassified to
	Paid in Capital

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	38,420
SPDR Barclays Capital TIPS ETF		12,761,617
SPDR Barclays Capital Short Term Treasury ETF		—
SPDR Barclays Capital Intermediate Term Treasury ETF		1,886,628
SPDR Barclays Capital Long Term Treasury ETF		4,745,645
SPDR Barclays Capital Short Term Corporate Bond ETF		629,685
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—
SPDR Barclays Capital Long Term Corporate Bond ETF		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—
SPDR Barclays Capital Convertible Securities ETF		9,894,033
SPDR Barclays Capital Mortgage Backed Bond ETF		—
SPDR Barclays Capital Aggregate Bond ETF		—
SPDR Nuveen Barclays Capital Municipal Bond ETF		5,401,888
SPDR Nuveen Barclays Capital California Municipal Bond ETF		3,350
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		1,887,740
SPDR Nuveen S&P VRDO Municipal Bond ETF		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		219,522
SPDR Nuveen Barclays Capital Build America Bond ETF		—

316

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Net Gain (Loss)
	Reclassified to
	Paid in Capital

SPDR DB International Government Inflation-Protected Bond ETF	$	1,707,600
SPDR Barclays Capital Short Term International Treasury Bond ETF		742,985
SPDR Barclays Capital International Treasury Bond ETF		10,194,299
SPDR Barclays Capital International Corporate Bond ETF		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		—
SPDR Barclays Capital High Yield Bond ETF		126,984,915
SPDR Barclays Capital Short Term High Yield Bond ETF		(260,914	)
SPDR Barclays Capital Investment Grade Floating Rate ETF		—
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		—
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—

At June 30, 2012, the Funds had capital loss carryforwards which may be utilized to offset any net realized capital gains expiring June 30:


															Non-Expiring —		Non-Expiring —
	2013		2014		2015		2016		2017		2018		2019		Short Term		Long Term

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
SPDR Barclays Capital TIPS ETF		—		—		—		—		18,724		209,542		—		1,605,503		—
SPDR Barclays Capital Short Term Treasury ETF		—		—		—		—		—		—		—		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		—		—		—		—		—		—		—		—		—
SPDR Barclays Capital Long Term Treasury ETF		—		—		—		—		—		17,485		94,558		264,613		—
SPDR Barclays Capital Short Term Corporate Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Barclays Capital Long Term Corporate Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Barclays Capital Convertible Securities ETF		—		—		—		—		—		—		—		6,749,089		1,567,945
SPDR Barclays Capital Mortgage Backed Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Barclays Capital Aggregate Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Nuveen Barclays Capital Municipal Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		—		—		—		—		—		—		—		—		—
SPDR Nuveen Barclays Capital Build America Bond ETF		—		—		—		—		—		—		2,012		—		—
SPDR DB International Government Inflation-Protected Bond ETF		—		—		—		—		3,663,114		3,346,541		1,485,544		1,665,670		21,558,920
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		—		—		—		—		—		64,080		—		262,868
SPDR Barclays Capital International Treasury Bond ETF		—		—		—		—		—		532,370		5,552,225		2,529,167		—
SPDR Barclays Capital International Corporate Bond ETF		—		—		—		—		—		—		—		88,262		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		—		—		—		—		—		—		—		—		13,922
SPDR Barclays Capital High Yield Bond ETF		—		—		—		—		—		—		—		6,363,857		—
SPDR Barclays Capital Short Term High Yield Bond ETF		—		—		—		—		—		—		—		—		—

317

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

Non-Expiring —

2013

2014

2015

2016

2017

2018

2019

Short Term

Long Term

SPDR Barclays Capital Investment Grade Floating Rate ETF

—

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF

—

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF

—

During the tax year ended June 30, 2012, the Funds utilized/expired capital loss carryforwards in the following amounts:


	Amount Utilized		Amount Expired

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—	$	—
SPDR Barclays Capital TIPS ETF		—		—
SPDR Barclays Capital Short Term Treasury ETF		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		—		—
SPDR Barclays Capital Long Term Treasury ETF		—		—
SPDR Barclays Capital Short Term Corporate Bond ETF		—		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—		—
SPDR Barclays Capital Long Term Corporate Bond ETF		—		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—		—
SPDR Barclays Capital Convertible Securities ETF		—		—
SPDR Barclays Capital Mortgage Backed Bond ETF		—		—
SPDR Barclays Capital Aggregate Bond ETF		—		—
SPDR Nuveen Barclays Capital Municipal Bond ETF		—		—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		—		—
SPDR Nuveen Barclays Capital Build America Bond ETF		59,221		—
SPDR DB International Government Inflation-Protected Bond ETF		—		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		—
SPDR Barclays Capital International Treasury Bond ETF		—		—
SPDR Barclays Capital International Corporate Bond ETF		—		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		—		—
SPDR Barclays Capital High Yield Bond ETF		—		—
SPDR Barclays Capital Short Term High Yield Bond ETF		—		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		—		—
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		—		—
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—		—

318

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

Under current tax laws, capital and foreign currency losses realized after October 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds incurred the following losses during the period November 1, 2011 through June 30, 2012 that are deferred for tax purposes until fiscal 2013:


	Post October		Late Year
	Capital Loss Deferral		Ordinary Loss Deferral

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—	$	(372,162	)
SPDR Barclays Capital TIPS ETF		—		—
SPDR Barclays Capital Short Term Treasury ETF		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		—		—
SPDR Barclays Capital Long Term Treasury ETF		—		—
SPDR Barclays Capital Short Term Corporate Bond ETF		—		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—		—
SPDR Barclays Capital Long Term Corporate Bond ETF		—		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—		—
SPDR Barclays Capital Convertible Securities ETF		—		—
SPDR Barclays Capital Mortgage Backed Bond ETF		—		—
SPDR Barclays Capital Aggregate Bond ETF		—		—
SPDR Nuveen Barclays Capital Municipal Bond ETF		—		—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		—		—
SPDR Nuveen Barclays Capital Build America Bond ETF		—		—
SPDR DB International Government Inflation-Protected Bond ETF		—		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		(3,966,409	)
SPDR Barclays Capital International Treasury Bond ETF		—		—
SPDR Barclays Capital International Corporate Bond ETF		—		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		—		—
SPDR Barclays Capital High Yield Bond ETF		—		—
SPDR Barclays Capital Short Term High Yield Bond ETF		—		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		—		—
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		—		—
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—		—

For the year ended June 30, 2012, there were no significant differences between the book basis and the tax basis character of distributions to shareholders.

The tax character of distributions paid during the year ended June 30, 2012 was as follows:


	Ordinary		Tax Exempt		Long-Term		Tax Return
	Income		Income		Capital Gains		of Capital

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	69,285	$	—	$	—	$	—
SPDR Barclays Capital TIPS ETF		16,640,248		—		—		—
SPDR Barclays Capital Short Term Treasury ETF		9,913		—		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		3,964,750		—		439,558		—

319

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Ordinary		Tax Exempt		Long-Term		Tax Return
	Income		Income		Capital Gains		of Capital

SPDR Barclays Capital Long Term Treasury ETF	$	1,326,817	$	—	$	—	$	—
SPDR Barclays Capital Short Term Corporate Bond ETF		8,876,617		—		500,198		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		7,549,684		—		582,404		—
SPDR Barclays Capital Long Term Corporate Bond ETF		3,007,660		—		—		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		640,917		—		—		—
SPDR Barclays Capital Convertible Securities ETF		28,709,467		—		7,459,182		—
SPDR Barclays Capital Mortgage Backed Bond ETF		1,329,399		—		—		—
SPDR Barclays Capital Aggregate Bond ETF		9,394,064		—		859,385		—
SPDR Nuveen Barclays Capital Municipal Bond ETF		—		30,903,162		2,760,920		—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—		2,820,526		75,264		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—		873,962		—		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		598,346		19,407,131		1,840,574		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—		71,881		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		112,155		3,013,802		—		—
SPDR Nuveen Barclays Capital Build America Bond ETF		2,280,069		—		—		—
SPDR DB International Government Inflation-Protected Bond ETF		45,531,927		—		—		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		7,810,394		—		—		—
SPDR Barclays Capital International Treasury Bond ETF		62,242,574		—		—		—
SPDR Barclays Capital International Corporate Bond ETF		1,118,887		—		—		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		673,556		—		—		—
SPDR Barclays Capital High Yield Bond ETF		674,892,495		—		60,929,098		—
SPDR Barclays Capital Short Term High Yield Bond ETF		1,111,094		—		—		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		64,355		—		—		—
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		—		—		—		—
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—		—		—		—

The tax character of distributions paid during the year ended June 30, 2011 was as follows:


	Ordinary		Tax Exempt		Long-Term		Tax Return
	Income		Income		Capital Gains		of Capital

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—	$	—	$	—	$	—
SPDR Barclays Capital TIPS ETF		14,198,063		—		—		—
SPDR Barclays Capital Short Term Treasury ETF		—		—		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		4,716,465		—		178,225		—
SPDR Barclays Capital Long Term Treasury ETF		1,120,473		—		—		—
SPDR Barclays Capital Short Term Corporate Bond ETF		4,602,811		—		—		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		5,525,139		—		229,235		—
SPDR Barclays Capital Long Term Corporate Bond ETF		2,311,471		—		122,969		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		60,197		—		—		—
SPDR Barclays Capital Convertible Securities ETF		22,334,538		—		155,207		—

320

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Ordinary		Tax Exempt		Long-Term		Tax Return
	Income		Income		Capital Gains		of Capital

SPDR Barclays Capital Mortgage Backed Bond ETF	$	1,285,861	$	—	$	—	$	—
SPDR Barclays Capital Aggregate Bond ETF		9,251,113		—		423,583		—
SPDR Nuveen Barclays Capital Municipal Bond ETF		447,107		31,630,191		5,191,753		—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		5,301		2,744,909		547,910		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—		882,050		138,121		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		667,781		19,359,304		3,360,413		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—		83,520		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		—		315,538		—		—
SPDR Nuveen Barclays Capital Build America Bond ETF		1,486,505		—		—		—
SPDR DB International Government Inflation-Protected Bond ETF		26,525,099		—		—		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		—		—		—
SPDR Barclays Capital International Treasury Bond ETF		11,382,075		—		—		—
SPDR Barclays Capital International Corporate Bond ETF		227,716		—		—		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		166,472		—		—		—
SPDR Barclays Capital High Yield Bond ETF		582,296,620		—		34,228,481		—
SPDR Barclays Capital Short Term High Yield Bond ETF		—		—		—		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		—		—		—		—
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		—		—		—		—
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—		—		—		—

For the year ended June 30, 2012, there were no significant differences between the book basis and the tax basis of components of net assets other than differences in the net unrealized appreciation (depreciation) in the value of investments attributable to the tax deferral of losses on wash sales, the cumulative return of capital payment, PFICs (Passive Foreign Investment Companies), redemptions in-kind, dividend payables and the deferral of post-October losses.

As of June 30, 2012, the components of distributable earnings on a tax basis were as follows:


	Undistributed		Undistributed		Undistributed		Net Unrealized
	Ordinary		Tax Exempt		Long-Term		Appreciation
	Income		Income		Capital Gains		(Depreciation)

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—	$	—	$	—	$	14,915
SPDR Barclays Capital TIPS ETF		3,130,362		—		—		59,467,973
SPDR Barclays Capital Short Term Treasury ETF		2,358		—		—		17,081
SPDR Barclays Capital Intermediate Term Treasury ETF		76,299		—		799,564		9,069,081
SPDR Barclays Capital Long Term Treasury ETF		11,860		—		—		2,985,308
SPDR Barclays Capital Short Term Corporate Bond ETF		886,002		—		545,894		(472,621	)
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		277,587		—		322,689		10,137,395
SPDR Barclays Capital Long Term Corporate Bond ETF		219,799		—		127,012		5,948,785
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		100,148		—		—		893,377

321

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Undistributed		Undistributed		Undistributed		Net Unrealized
	Ordinary		Tax Exempt		Long-Term		Appreciation
	Income		Income		Capital Gains		(Depreciation)

SPDR Barclays Capital Convertible Securities ETF	$	12,836,793	$	—	$	—	$	(52,420,842	)
SPDR Barclays Capital Mortgage Backed Bond ETF		405,051		—		—		43,682
SPDR Barclays Capital Aggregate Bond ETF		1,330,037		—		425,836		17,763,950
SPDR Nuveen Barclays Capital Municipal Bond ETF		45,004		1,179,839		7,232,525		65,113,244
SPDR Nuveen Barclays Capital California Municipal Bond ETF		10,615		122,179		922,890		6,550,714
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—		53,776		156,849		1,537,495
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—		398,901		1,635,574		27,902,028
SPDR Nuveen S&P VRDO Municipal Bond ETF		—		1,081		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		263,343		394,516		—		5,357,304
SPDR Nuveen Barclays Capital Build America Bond ETF		160,524		—		—		6,679,898
SPDR DB International Government Inflation-Protected Bond ETF		15,545,344		—		—		34,649,132
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		—		—		(4,970,453	)
SPDR Barclays Capital International Treasury Bond ETF		6,907,139		—		—		43,551,142
SPDR Barclays Capital International Corporate Bond ETF		334,099		—		—		(3,019,966	)
SPDR Barclays Capital Emerging Markets Local Bond ETF		3,186,324		—		—		(6,147,651	)
SPDR Barclays Capital High Yield Bond ETF		22,117,881		—		—		(4,282,838	)
SPDR Barclays Capital Short Term High Yield Bond ETF		528,409		—		—		(1,261,151	)
SPDR Barclays Capital Investment Grade Floating Rate ETF		11,775		—		—		55,401
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		16,655		—		—		(32,069	)
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		12,140		—		—		82,633

Distributions

Each Fund declares and distributes dividends from net investment income, if any, to its shareholders monthly. Each Fund declares and distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.


3.	Fees and Compensation Paid to Affiliates and Other Related Party Transactions

Advisory Fee

322

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

each Fund pays the Adviser a fee accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:


	Annual Rate

SPDR Barclays Capital 1-3 Month T-Bill ETF		0.1345	%
SPDR Barclays Capital TIPS ETF		0.1845
SPDR Barclays Capital Short Term Treasury ETF		0.1200
SPDR Barclays Capital Intermediate Term Treasury ETF		0.1345
SPDR Barclays Capital Long Term Treasury ETF		0.1345
SPDR Barclays Capital Short Term Corporate Bond ETF		0.1245
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		0.1500
SPDR Barclays Capital Long Term Corporate Bond ETF		0.1500
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		0.1600
SPDR Barclays Capital Convertible Securities ETF		0.4000
SPDR Barclays Capital Mortgage Backed Bond ETF		0.2000
SPDR Barclays Capital Aggregate Bond ETF		0.1845	*
SPDR Nuveen Barclays Capital Municipal Bond ETF		0.3000	*
SPDR Nuveen Barclays Capital California Municipal Bond ETF		0.2000
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		0.2000
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		0.2000
SPDR Nuveen S&P VRDO Municipal Bond ETF		0.2000
SPDR Nuveen S&P High Yield Municipal Bond ETF		0.5000	*
SPDR Nuveen Barclays Capital Build America Bond ETF		0.3500
SPDR DB International Government Inflation-Protected Bond ETF		0.5000
SPDR Barclays Capital Short Term International Treasury Bond ETF		0.3500
SPDR Barclays Capital International Treasury Bond ETF		0.5000
SPDR Barclays Capital International Corporate Bond ETF		0.5500
SPDR Barclays Capital Emerging Markets Local Bond ETF		0.5000
SPDR Barclays Capital High Yield Bond ETF		0.4000
SPDR Barclays Capital Short Term High Yield Bond ETF		0.4000
SPDR Barclays Capital Investment Grade Floating Rate ETF		0.1500
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		0.5000
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		0.4000	*


*		The Adviser has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.1345%, 0.23%, 0.45% and 0.30% until October 31, 2012 for the SPDR Barclays Capital Aggregate Bond ETF, SPDR Nuveen Barclays Capital Municipal Bond ETF, SPDR Nuveen S&P High Yield Municipal Bond ETF and the SPDR BofA Merrill Lynch Crossover Corporate Bond ETF, respectively.

State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser.

323

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

Portfolio (“Prime Portfolio”) for which SSgA FM serves as the investment adviser. Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 8 for additional information regarding securities lending.

For the year ended June 30, 2012, State Street earned securities lending agent fees from the following Funds:


	Securities Lending
	Agent Fees

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	60,953
SPDR Barclays Capital TIPS ETF		6,036
SPDR Barclays Capital Short Term Treasury ETF		1
SPDR Barclays Capital Intermediate Term Treasury ETF		7,425
SPDR Barclays Capital Long Term Treasury ETF		1,357
SPDR Barclays Capital Short Term Corporate Bond ETF		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		4,163
SPDR Barclays Capital Long Term Corporate Bond ETF		1,621
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		1
SPDR Barclays Capital Convertible Securities ETF		66,568
SPDR Barclays Capital Mortgage Backed Bond ETF		—
SPDR Barclays Capital Aggregate Bond ETF		6,675
SPDR Nuveen Barclays Capital Municipal Bond ETF		—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Build America Bond ETF		—
SPDR DB International Government Inflation-Protected Bond ETF		2,739
SPDR Barclays Capital Short Term International Treasury Bond ETF		280
SPDR Barclays Capital International Treasury Bond ETF		2,068
SPDR Barclays Capital International Corporate Bond ETF		2
SPDR Barclays Capital Emerging Markets Local Bond ETF		955
SPDR Barclays Capital High Yield Bond ETF		—
SPDR Barclays Capital Short Term High Yield Bond ETF		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		9
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		—
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—

Distributor

State Street Global Markets, LLC (the “Distributor”), an affiliate of the Adviser, serves as the distributor of the shares of each Fund. Pursuant to a Distribution and Service Plan adopted in accordance with Rule 12b-1 under the 1940 Act, each Fund is authorized to pay an amount of up to 0.25% of its average daily net assets for certain distribution-related activities. However, the Board of Trustees has determined that no such payments will be made through at least October 31, 2012 and therefore no such payments have been made.

324

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012

Trustees’ Fees

The Trust, SSgA Master Trust, SSgA Active ETF Trust and SPDR Index Shares Funds pay, in the aggregate, each Independent Trustee an annual fee of $132,500 plus $7,500 per in-person meeting attended and $1,250 for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $37,500 and the Chairman of the Audit Committee receives an additional annual fee of $15,000. The Trust also reimburses each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated between the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

Transactions with Affiliates

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund-Institutional Class (“Liquid Reserves Fund”) and State Street Institutional Tax Free Money Market Fund-Institutional Class (“Tax Free Money Market Fund”), both a series of State Street Institutional Investment Trust. The Liquid Reserves Fund and Tax Free Money Market Fund are both feeder funds in a master/feeder fund structure that invest substantially all of their assets in the State Street Money Market Portfolio and State Street Tax Free Money Market Portfolio (“Master Portfolios”), respectively, each a series of State Street Master Funds . The Liquid Reserves Fund and Tax Free Money Market Fund do not pay an investment advisory fee to the Adviser, but the respective Master Portfolio in which they invest pays an investment advisory fee to the Adviser. The Liquid Reserves Fund and Tax Free Money Market Fund intend to declare dividends on shares from net investment income daily and pay them as of the last business day of each month. All income distributions earned by the Funds from affiliated money market funds are recorded as interest income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in Prime Portfolio, for which SSgA FM serves as the investment adviser.

Amounts related to investments in Liquid Reserves Fund, Tax Free Money Market Fund and/or Prime Portfolio at June 30, 2012 and for the period then ended are:


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/11		Cost		Shares		Proceeds		Shares		6/30/12		Income		Gain/(Loss)

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	226,280	$	22,423,691		22,423,691	$	22,306,042		22,306,042	$	343,929	$	1,065	$	—
SPDR Barclays Capital TIPS ETF		129,656		34,955,429		34,955,429		34,855,636		34,855,636		229,449		1,759		—
SPDR Barclays Capital Short Term Treasury ETF		—		1,091,116		1,091,116		1,073,622		1,073,622		17,494		34		—
SPDR Barclays Capital Intermediate Term Treasury ETF		323,743		67,641,441		67,641,441		67,655,879		67,655,879		309,305		2,251		—
SPDR Barclays Capital Long Term Treasury ETF		34,859		10,956,220		10,956,220		10,960,569		10,960,569		30,510		315		—
SPDR Barclays Capital Short Term Corporate Bond ETF		8,323,883		293,059,872		293,059,872		263,598,892		263,598,892		37,784,863		12,423		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		2,268,396		38,867,624		38,867,624		37,099,967		37,099,967		4,036,053		2,150		—
SPDR Barclays Capital Long Term Corporate Bond ETF		357,309		14,382,237		14,382,237		14,169,325		14,169,325		570,221		754		—

325

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Value at		Purchased				Sold				Value at				Realized
Liquid Reserves Fund	6/30/11		Cost		Shares		Proceeds		Shares		6/30/12		Income		Gain/(Loss)

SPDR Barclays Capital Issuer Scored Corporate Bond ETF	$	115,794	$	5,835,056		5,835,056	$	5,627,519		5,627,519	$	323,331	$	550	$	—
SPDR Barclays Capital Convertible Securities ETF		7,049,069		131,712,887		131,712,887		136,811,453		136,811,453		1,950,503		6,201		—
SPDR Barclays Capital Mortgage Backed Bond ETF		35,610,780		26,742,624		26,742,624		23,743,556		23,743,556		38,609,848		60,168		—
SPDR Barclays Capital Aggregate Bond ETF		82,330,487		185,153,142		185,153,142		85,389,488		85,389,488		182,094,141		190,042		—
SPDR Nuveen Barclays Capital Build America Bond ETF		133,062		57,958,199		57,958,199		58,091,261		58,091,261		—		1,031		—
SPDR DB International Government Inflation-Protected Bond ETF		678,762		177,329,595		177,329,595		176,564,179		176,564,179		1,444,178		6,428		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		2,669,507		74,292,640		74,292,640		76,914,125		76,914,125		48,022		3,740		—
SPDR Barclays Capital International Treasury Bond ETF		11,380,351		237,156,940		237,156,940		248,208,903		248,208,903		328,388		16,966		—
SPDR Barclays Capital International Corporate Bond ETF		47,951		7,763,047		7,763,047		7,809,965		7,809,965		1,033		166		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		510,500		44,808,486		44,808,486		41,569,833		41,569,833		3,749,153		3,417		—
SPDR Barclays Capital High Yield Bond ETF		53,523,887		2,376,308,254		2,376,308,254		2,316,133,360		2,316,133,360		113,698,781		154,746		—
SPDR Barclays Capital Short Term High Yield Bond ETF		—		18,025,207		18,025,207		17,432,596		17,432,596		592,611		815		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		—		1,653,680		1,653,680		1,592,316		1,592,316		61,364		276		—
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		—		1,081,635		1,081,635		847,941		847,941		233,694		24		—
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—		141,342		141,342		99,160		99,160		42,182		2		—


	Value at		Purchased				Sold				Value at				Realized
Tax Free Money Market Fund	6/30/11		Cost		Shares		Proceeds		Shares		6/30/12		Income		Gain/(Loss)

SPDR Nuveen Barclays Capital Municipal Bond ETF	$	623,561	$	119,067,876		119,067,876	$	114,289,365		114,289,365	$	5,402,072	$	1	$	—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		1,235,075		14,199,317		14,199,317		13,257,497		13,257,497		2,176,895		1		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		961,409		3,595,225		3,595,225		4,448,544		4,448,544		108,090		—		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		4,806,799		196,193,249		196,193,249		198,097,728		198,097,728		2,902,320		—		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		441,285		16,552,054		16,552,054		16,395,175		16,395,175		598,164		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		136,806		29,639,746		29,639,746		27,318,805		27,318,805		2,457,747		—		—


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/11		Cost		Shares		Proceeds		Shares		6/30/12		Income		Gain/(Loss)

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—	$	6,634,121,648		6,634,121,648	$	6,634,121,648		6,634,121,648	$	—	$	345,510	$	—
SPDR Barclays Capital TIPS ETF		47,365,200		390,627,102		390,627,102		406,821,522		406,821,522		31,170,780		34,208		—
SPDR Barclays Capital Short Term Treasury ETF		—		216,034		216,034		184,453		184,453		31,581		5		—

326

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	Value at		Purchased				Sold				Value at				Realized
Prime Portfolio	6/30/11		Cost		Shares		Proceeds		Shares		6/30/12		Income		Gain/(Loss)

SPDR Barclays Capital Intermediate Term Treasury ETF	$	37,531,952	$	151,511,808		151,511,808	$	174,579,964		174,579,964	$	14,463,796	$	42,065	$	—
SPDR Barclays Capital Long Term Treasury ETF		4,287,060		54,567,930		54,567,930		57,090,125		57,090,125		1,764,865		7,695		—
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		12,787,112		54,672,136		54,672,136		53,893,006		53,893,006		13,566,242		23,555		—
SPDR Barclays Capital Long Term Corporate Bond ETF		3,188,498		26,953,268		26,953,268		28,033,896		28,033,896		2,107,870		9,166		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—		677,765		677,765		677,765		677,765		—		5		—
SPDR Barclays Capital Convertible Securities ETF		98,903,836		481,187,514		481,187,514		501,524,358		501,524,358		78,566,992		377,204		—
SPDR Barclays Capital Aggregate Bond ETF		19,466,516		113,953,246		113,953,246		102,732,807		102,732,807		30,686,955		37,778		—
SPDR DB International Government Inflation-Protected Bond ETF		—		34,123,178		34,123,178		34,123,178		34,123,178		—		15,525		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		—		2,042,633		2,042,633		1,582,489		1,582,489		460,144		1,585		—
SPDR Barclays Capital International Treasury Bond ETF		4,774,225		30,995,890		30,995,890		30,058,561		30,058,561		5,711,554		11,720		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		—		9,748,918		9,748,918		5,306,618		5,306,618		4,442,300		5,409		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		—		139,700		139,700		139,700		139,700		—		61		—


4.	Shareholder Transactions

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 100,000 shares. Such transactions are generally permitted on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per unit of the Fund on the transaction date and in the case of SPDR Barclays Capital Aggregate Bond ETF and SPDR Barclays Capital Mortgage Backed Bond ETF, cash in lieu of TBA positions. Transaction fees ranging from of $250 to $1,500 per Creation Unit for each Fund, regardless of the number of Creation Units that are created or redeemed on the same day, are charged to those persons creating or redeeming Creation Units. An additional variable fee may be charged for certain transactions. Transaction fees are received by the Trust and/or Custodian and are used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities. The amounts are included in Other Capital on the Statements of Operations.


5.	Aggregate Unrealized Appreciation and Depreciation

The identified cost of investments in securities owned by each Fund for federal income tax purposes and the gross unrealized appreciation and depreciation at June 30, 2012 was as follows:


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	1,539,076,660	$	15,613	$	698	$	14,915
SPDR Barclays Capital TIPS ETF		700,031,268		59,615,119		147,146		59,467,973
SPDR Barclays Capital Short Term Treasury ETF		6,003,547		18,510		1,429		17,081
SPDR Barclays Capital Intermediate Term Treasury ETF		200,453,213		9,097,945		28,864		9,069,081
SPDR Barclays Capital Long Term Treasury ETF		63,021,642		3,013,627		28,319		2,985,308

327

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


			Gross		Gross		Net Unrealized
	Identified		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR Barclays Capital Short Term Corporate Bond ETF	$	1,119,803,113	$	2,020,957	$	2,493,578	$	(472,621	)
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		281,657,461		10,694,877		557,482		10,137,395
SPDR Barclays Capital Long Term Corporate Bond ETF		82,514,249		6,371,156		422,371		5,948,785
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		21,262,595		936,729		43,352		893,377
SPDR Barclays Capital Convertible Securities ETF		911,979,330		27,603,935		80,024,776		(52,420,841	)
SPDR Barclays Capital Mortgage Backed Bond ETF		77,220,597		82,967		39,285		43,682
SPDR Barclays Capital Aggregate Bond ETF		788,130,096		18,419,729		655,779		17,763,950
SPDR Nuveen Barclays Capital Municipal Bond ETF		1,064,515,981		66,080,025		966,781		65,113,244
SPDR Nuveen Barclays Capital California Municipal Bond ETF		80,020,043		6,589,007		38,293		6,550,714
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		26,690,992		1,564,181		26,686		1,537,495
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		1,497,697,847		28,319,712		417,684		27,902,028
SPDR Nuveen S&P VRDO Municipal Bond ETF		15,005,164		—		—		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		91,410,920		6,464,104		1,106,800		5,357,304
SPDR Nuveen Barclays Capital Build America Bond ETF		94,190,938		6,717,879		37,981		6,679,898
SPDR DB International Government Inflation-Protected Bond ETF		1,225,624,309		65,017,659		30,087,886		34,929,773
SPDR Barclays Capital Short Term International Treasury Bond ETF		226,916,823		1,997,205		6,980,424		(4,983,219	)
SPDR Barclays Capital International Treasury Bond ETF		1,799,487,711		86,216,663		42,309,921		43,906,742
SPDR Barclays Capital International Corporate Bond ETF		72,412,044		525,407		3,530,028		(3,004,621	)
SPDR Barclays Capital Emerging Markets Local Bond ETF		203,486,222		1,308,423		7,463,911		(6,155,488	)
SPDR Barclays Capital High Yield Bond ETF		10,584,221,026		188,636,372		192,919,210		(4,282,838	)
SPDR Barclays Capital Short Term High Yield Bond ETF		132,527,847		473,007		1,734,158		(1,261,151	)
SPDR Barclays Capital Investment Grade Floating Rate ETF		9,425,795		57,786		2,385		55,401
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		14,841,986		35,691		67,760		(32,069	)
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		9,866,807		94,178		11,545		82,633


6.	Investment Transactions

For the year ended June 30, 2012, the following Funds had in-kind contributions, in-kind redemptions and in-kind net realized gain/loss as follows:


					Realized
	Contributions		Redemptions		Gain/(Loss)

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	4,700,343,965	$	4,168,659,845	$	38,420
SPDR Barclays Capital TIPS ETF		329,897,380		93,240,171		12,881,209
SPDR Barclays Capital Short Term Treasury ETF		5,898,690		—		—

328

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


					Realized
	Contributions		Redemptions		Gain/(Loss)

SPDR Barclays Capital Intermediate Term Treasury ETF	$	12,020,796	$	36,184,105	$	1,888,491
SPDR Barclays Capital Long Term Treasury ETF		73,011,289		39,388,428		4,745,646
SPDR Barclays Capital Short Term Corporate Bond ETF		653,062,344		67,857,833		629,685
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		55,455,932		—		—
SPDR Barclays Capital Convertible Securities ETF		191,640,311		204,696,896		12,065,456
SPDR Barclays Capital Aggregate Bond ETF		145,733,195		—		—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		6,379,283		4,570,386		3,350
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		2,255,865		—		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		230,382,465		93,001,577		1,887,741
SPDR Nuveen S&P High Yield Municipal Bond ETF		12,749,608		5,253,935		219,522
SPDR DB International Government Inflation-Protected Bond ETF		—		13,017,108		2,127,194
SPDR Barclays Capital Short Term International Treasury Bond ETF		11,211,315		16,742,522		789,414
SPDR Barclays Capital International Treasury Bond ETF		147,388,851		105,727,756		12,759,415
SPDR Barclays Capital High Yield Bond ETF		7,104,610,317		4,133,647,293		128,180,617
SPDR Barclays Capital Short Term High Yield Bond ETF		85,930,189		16,275,892		(260,914	)
SPDR Barclays Capital Investment Grade Floating Rate ETF		2,377,732		—		—
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		3,706,767		—		—
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		9,867,487		—		—

For the year ended June 30, 2012, the Funds had purchases and sales of investment securities (excluding short-term securities) as follows:


	U.S. Government Obligations				Other Securities
	Purchases		Sales		Purchases		Sales

SPDR Barclays Capital 1-3 Month T-Bill ETF*	$	10,650,492,111	$	10,332,245,933	$	—	$	—
SPDR Barclays Capital TIPS ETF		139,388,087		136,472,851		—		—
SPDR Barclays Capital Short Term Treasury ETF*		1,564,051		1,461,004		—		—
SPDR Barclays Capital Intermediate Term Treasury ETF		75,282,331		75,237,319		—		—
SPDR Barclays Capital Long Term Treasury ETF		10,540,701		10,246,055		—		—
SPDR Barclays Capital Short Term Corporate Bond ETF*		—		—		459,880,121		281,372,875
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		—		—		59,990,977		34,560,246
SPDR Barclays Capital Long Term Corporate Bond ETF		—		—		58,515,010		12,882,697
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—		—		12,768,607		3,020,653
SPDR Barclays Capital Convertible Securities ETF		—		—		136,614,818		182,076,273
SPDR Barclays Capital Mortgage Backed Bond ETF		533,902,060		532,129,352		—		—

329

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


	U.S. Government Obligations				Other Securities
	Purchases		Sales		Purchases		Sales

SPDR Barclays Capital Aggregate Bond ETF	$	1,636,923,374	$	1,498,028,430	$	51,915,199	$	12,248,467
SPDR Nuveen Barclays Capital Municipal Bond ETF		—		—		189,816,781		166,510,750
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—		—		14,493,077		10,912,381
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—		—		7,345,797		6,207,543
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF*		—		—		449,806,110		334,558,961
SPDR Nuveen S&P VRDO Municipal Bond ETF*		—		—		17,267,000		11,422,000
SPDR Nuveen S&P High Yield Municipal Bond ETF		—		—		49,834,918		13,354,546
SPDR Nuveen Barclays Capital Build America Bond ETF		—		—		123,058,947		58,184,584
SPDR DB International Government Inflation-Protected Bond ETF		—		—		512,171,087		538,668,710
SPDR Barclays Capital Short Term International Treasury Bond ETF*		—		—		282,174,551		262,642,466
SPDR Barclays Capital International Treasury Bond ETF		—		—		968,184,516		619,164,654
SPDR Barclays Capital International Corporate Bond ETF		—		—		49,324,185		24,947,881
SPDR Barclays Capital Emerging Markets Local Bond ETF		—		—		185,039,049		15,980,816
SPDR Barclays Capital High Yield Bond ETF		—		—		4,423,636,387		3,460,053,649
SPDR Barclays Capital Short Term High Yield Bond ETF*		—		—		76,963,985		13,151,658
SPDR Barclays Capital Investment Grade Floating Rate ETF		—		—		7,614,664		330,296
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		—		—		10,905,255		847,941
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—		—		99,160		140,000

* Fund includes investments in short-term securities.

For the year ended June 30, 2012, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.


7.	Concentration of Risk

The Funds’ assets may be concentrated in a particular state or geographic area, or in a particular industry, group of industries or sector. Because each Fund will generally concentrate its investments to approximately the same extent that its index is so concentrated, a Fund may be adversely affected by the performance of bonds of a particular state or geographic area, or in a particular industry, group of industries or sector, and its shares may be subject to increased price volatility. In addition, if a Fund concentrates in a single industry, group of industries or type of instrument, it may be more susceptible to any single economic, market, political or regulatory occurrence affecting that industry, group of industries or type of instrument.

330

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2012


8.	Securities Lending

The market value of securities on loan as of June 30, 2012 and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

331

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

June 30, 2012

To the Shareholders and Board of Trustees of

SPDR^® Series Trust

We have audited the accompanying statements of assets and liabilities of SPDR Barclays Capital 1-3 Month T-Bill ETF, SPDR Barclays Capital TIPS ETF, SPDR Barclays Capital Short Term Treasury ETF, SPDR Barclays Capital Intermediate Term Treasury ETF, SPDR Barclays Capital Long Term Treasury ETF, SPDR Barclays Capital Short Term Corporate Bond ETF, SPDR Barclays Capital Intermediate Term Corporate Bond ETF, SPDR Barclays Capital Long Term Corporate Bond ETF, SPDR Barclays Capital Issuer Scored Corporate Bond ETF, SPDR Barclays Capital Convertible Securities ETF, SPDR Barclays Capital Mortgage Backed Bond ETF, SPDR Barclays Capital Aggregate Bond ETF, SPDR Nuveen Barclays Capital Municipal Bond ETF, SPDR Nuveen Barclays Capital California Municipal Bond ETF, SPDR Nuveen Barclays Capital New York Municipal Bond ETF, SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF, SPDR Nuveen S&P VRDO Municipal Bond ETF, SPDR Nuveen S&P High Yield Municipal Bond ETF, SPDR Nuveen Barclays Capital Build America Bond ETF, SPDR DB International Government Inflation-Protected Bond ETF, SPDR Barclays Capital Short Term International Treasury Bond ETF, SPDR Barclays Capital International Treasury Bond ETF, SPDR Barclays Capital International Corporate Bond ETF, SPDR Barclays Capital Emerging Markets Local Bond ETF, SPDR Barclays Capital High Yield Bond ETF, SPDR Barclays Capital Short Term High Yield Bond ETF, SPDR Barclays Capital Investment Grade Floating Rate Bond ETF, SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF, and SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (collectively, the “Funds”) (twenty-nine of the portfolios constituting SPDR^® Series Trust), including the schedules of investments, as of June 30, 2012, and the related statements of operations, statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the above mentioned Funds of SPDR^® Series Trust at June 30, 2012, and the results of their operations, changes in their net assets and their financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

August 28, 2012

332

SPDR SERIES TRUST
OTHER INFORMATION

June 30, 2012

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

The second table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds charge transaction fees at scheduled amounts ranging from $250 to $1,500 per Creation Unit to those persons creating or redeeming Creation Units. If you buy or sell the Funds’ shares in the secondary market, you will incur customary brokerage commissions and charges.


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		1/1/12 to
Actual	Expense Ratio			1/1/12		6/30/12		6/30/12

SPDR Barclays Capital 1-3 Month T-Bill ETF		0.14	%	$	1,000	$	999.70	$	0.70
SPDR Barclays Capital TIPS ETF		0.19			1,000		1,041.20		0.96
SPDR Barclays Capital Short Term Treasury ETF		0.12			1,000		1,003.40		0.60
SPDR Barclays Capital Intermediate Term Treasury ETF		0.14			1,000		1,010.30		0.70
SPDR Barclays Capital Long Term Treasury ETF		0.14			1,000		1,040.80		0.71
SPDR Barclays Capital Short Term Corporate Bond ETF		0.13			1,000		1,017.30		0.65
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		0.15			1,000		1,042.20		0.76
SPDR Barclays Capital Long Term Corporate Bond ETF		0.15			1,000		1,051.80		0.77
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		0.16			1,000		1,041.40		0.81
SPDR Barclays Capital Convertible Securities ETF		0.40			1,000		1,054.00		2.04

333

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		1/1/12 to
Actual	Expense Ratio			1/1/12		6/30/12		6/30/12

SPDR Barclays Capital Mortgage Backed Bond ETF		0.20	%	$	1,000	$	1,014.70	$	1.00
SPDR Barclays Capital Aggregate Bond ETF		0.13			1,000		1,022.60		0.65
SPDR Nuveen Barclays Capital Municipal Bond ETF		0.23			1,000		1,031.20		1.16
SPDR Nuveen Barclays Capital California Municipal Bond ETF		0.20			1,000		1,051.90		1.02
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		0.20			1,000		1,033.90		1.01
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		0.20			1,000		1,009.40		1.00
SPDR Nuveen S&P VRDO Municipal Bond ETF		0.21			1,000		1,001.10		1.04
SPDR Nuveen S&P High Yield Municipal Bond ETF		0.45			1,000		1,180.80		2.44
SPDR Nuveen Barclays Capital Build America Bond ETF		0.35			1,000		1,072.10		1.80
SPDR DB International Government Inflation-Protected Bond ETF		0.50			1,000		1,041.70		2.54
SPDR Barclays Capital Short Term International Treasury Bond ETF		0.35			1,000		997.40		1.74
SPDR Barclays Capital International Treasury Bond ETF		0.50			1,000		1,014.20		2.50
SPDR Barclays Capital International Corporate Bond ETF		0.55			1,000		1,025.80		2.77
SPDR Barclays Capital Emerging Markets Local Bond ETF		0.50			1,000		1,056.90		2.56
SPDR Barclays Capital High Yield Bond ETF		0.40			1,000		1,061.20		2.05
SPDR Barclays Capital Short Term High Yield Bond ETF**		0.40			1,000		1,004.40		1.17
SPDR Barclays Capital Investment Grade Floating Rate ETF		0.15			1,000		1,021.30		0.75
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF***		0.50			1,000		1,002.70		0.16
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF***		0.30			1,000		1,009.50		0.10
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		1/1/12 to
Hypothetical	Expense Ratio			1/1/12		6/30/12		6/30/12

SPDR Barclays Capital 1-3 Month T-Bill ETF		0.14	%	$	1,000	$	1,024.20	$	0.70
SPDR Barclays Capital TIPS ETF		0.19			1,000		1,023.96		0.96
SPDR Barclays Capital Short Term Treasury ETF		0.12			1,000		1,024.30		0.60
SPDR Barclays Capital Intermediate Term Treasury ETF		0.14			1,000		1,024.20		0.70

334

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		1/1/12 to
Hypothetical	Expense Ratio			1/1/12		6/30/12		6/30/12

SPDR Barclays Capital Long Term Treasury ETF		0.14	%	$	1,000	$	1,024.20	$	0.70
SPDR Barclays Capital Short Term Corporate Bond ETF		0.13			1,000		1,024.25		0.65
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		0.15			1,000		1,024.15		0.75
SPDR Barclays Capital Long Term Corporate Bond ETF		0.15			1,000		1,024.15		0.75
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		0.16			1,000		1,024.10		0.81
SPDR Barclays Capital Convertible Securities ETF		0.40			1,000		1,022.91		2.01
SPDR Barclays Capital Mortgage Backed Bond ETF		0.20			1,000		1,023.91		1.01
SPDR Barclays Capital Aggregate Bond ETF		0.13			1,000		1,024.25		0.65
SPDR Nuveen Barclays Capital Municipal Bond ETF		0.23			1,000		1,023.76		1.16
SPDR Nuveen Barclays Capital California Municipal Bond ETF		0.20			1,000		1,023.91		1.01
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		0.20			1,000		1,023.91		1.01
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		0.20			1,000		1,023.91		1.01
SPDR Nuveen S&P VRDO Municipal Bond ETF		0.21			1,000		1,023.86		1.06
SPDR Nuveen S&P High Yield Municipal Bond ETF		0.45			1,000		1,022.66		2.26
SPDR Nuveen Barclays Capital Build America Bond ETF		0.35			1,000		1,023.16		1.76
SPDR DB International Government Inflation-Protected Bond ETF		0.50			1,000		1,022.41		2.51
SPDR Barclays Capital Short Term International Treasury Bond ETF		0.35			1,000		1,023.16		1.76
SPDR Barclays Capital International Treasury Bond ETF		0.50			1,000		1,022.41		2.51
SPDR Barclays Capital International Corporate Bond ETF		0.55			1,000		1,022.17		2.77
SPDR Barclays Capital Emerging Markets Local Bond ETF		0.50			1,000		1,022.41		2.51
SPDR Barclays Capital High Yield Bond ETF		0.40			1,000		1,022.91		2.01
SPDR Barclays Capital Short Term High Yield Bond ETF**		0.40			1,000		1,022.91		2.01
SPDR Barclays Capital Investment Grade Floating Rate ETF		0.15			1,000		1,024.15		0.75

335

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		1/1/12 to
Hypothetical	Expense Ratio			1/1/12		6/30/12		6/30/12

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF***		0.50	%	$	1,000	$	1,022.41	$	2.51
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF***		0.30			1,000		1,023.41		1.51


*		Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 366.
**		Actual period is from commencement of operations 3/14/12. Hypothetical period is from 1/1/12.
***		Actual period is from commencement of operations 6/18/12. Hypothetical period is from 1/1/12.

Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2012.

Percentage of distributions which qualify for the corporate dividends received deduction:


	Percentage

SPDR Barclays Capital Convertible Securities ETF		16.53	%

Qualified Dividend Income


	Amount

SPDR Barclays Capital Convertible Securities ETF	$	5,670,468

Qualified Interest Income

The Funds designated a portion of dividends distributed during the fiscal year ended June 30, 2012, as qualified interest income. These amounts are noted below:


	Amount

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—
SPDR Barclays Capital TIPS ETF		15,354,297
SPDR Barclays Capital Short Term Treasury ETF		16,002
SPDR Barclays Capital Intermediate Term Treasury ETF		3,519,876
SPDR Barclays Capital Long Term Treasury ETF		1,182,095
SPDR Barclays Capital Short Term Corporate Bond ETF		8,010,730
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		6,332,307
SPDR Barclays Capital Long Term Corporate Bond ETF		2,554,640
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		585,769
SPDR Barclays Capital Convertible Securities ETF		9,883,391
SPDR Barclays Capital Mortgage Backed Bond ETF		64,042
SPDR Barclays Capital Aggregate Bond ETF		5,377,256

336

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012


	Amount

SPDR Nuveen Barclays Capital Municipal Bond ETF	$	—
SPDR Nuveen Barclays Capital California Municipal Bond ETF		—
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		—
SPDR Nuveen S&P VRDO Municipal Bond ETF		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Build America Bond ETF		2,511,690
SPDR DB International Government Inflation-Protected Bond ETF		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		—
SPDR Barclays Capital International Treasury Bond ETF		—
SPDR Barclays Capital International Corporate Bond ETF		—
SPDR Barclays Capital Emerging Markets Local Bond ETF		—
SPDR Barclays Capital High Yield Bond ETF		590,361,315
SPDR Barclays Capital Short Term High Yield Bond ETF		1,368,798
SPDR Barclays Capital Investment Grade Floating Rate ETF		46,096
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		961
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		10,875

Long term capital gains dividends were paid from the following Funds during the year ended June 30, 2012:


	Amount

SPDR Barclays Capital 1-3 Month T-Bill ETF	$	—
SPDR Barclays Capital TIPS ETF		—
SPDR Barclays Capital Short Term Treasury ETF		—
SPDR Barclays Capital Intermediate Term Treasury ETF		854,472
SPDR Barclays Capital Long Term Treasury ETF		—
SPDR Barclays Capital Short Term Corporate Bond ETF		824,984
SPDR Barclays Capital Intermediate Term Corporate Bond ETF		582,404
SPDR Barclays Capital Long Term Corporate Bond ETF		—
SPDR Barclays Capital Issuer Scored Corporate Bond ETF		—
SPDR Barclays Capital Convertible Securities ETF		7,459,188
SPDR Barclays Capital Mortgage Backed Bond ETF		—
SPDR Barclays Capital Aggregate Bond ETF		859,385
SPDR Nuveen Barclays Capital Municipal Bond ETF		3,424,831
SPDR Nuveen Barclays Capital California Municipal Bond ETF		95,792
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		3,295,821
SPDR Nuveen S&P VRDO Municipal Bond ETF		—
SPDR Nuveen S&P High Yield Municipal Bond ETF		—
SPDR Nuveen Barclays Capital Build America Bond ETF		—
SPDR DB International Government Inflation-Protected Bond ETF		—
SPDR Barclays Capital Short Term International Treasury Bond ETF		—
SPDR Barclays Capital International Treasury Bond ETF		—

337

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012


	Amount

SPDR Barclays Capital International Corporate Bond ETF	$	—
SPDR Barclays Capital Emerging Markets Local Bond ETF		—
SPDR Barclays Capital High Yield Bond ETF		60,929,098
SPDR Barclays Capital Short Term High Yield Bond ETF		—
SPDR Barclays Capital Investment Grade Floating Rate ETF		—
SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF		—
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF		—

The percentage of distributions paid by the Funds that are exempt-interest distributions are as follows:


	Percentage

SPDR Nuveen Barclays Capital Municipal Bond ETF		100.00	%
SPDR Nuveen Barclays Capital California Municipal Bond ETF		100.00
SPDR Nuveen Barclays Capital New York Municipal Bond ETF		100.00
SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF		97.01
SPDR Nuveen S&P VRDO Municipal Bond ETF		100.00
SPDR Nuveen S&P High Yield Municipal Bond ETF		96.41

At June 30, 2012, the Funds had foreign tax credits. These amounts are noted below:


	Amount

SPDR DB International Government Inflation Protected Bond ETF	$	150,472
SPDR Barclays Capital Emerging Markets Local Bond ETF		348,773

At June 30, 2012, the Funds had foreign source income. These amounts are noted below:


	Amount

SPDR DB International Government Inflation Protected Bond ETF	$	61,898,083
SPDR Barclays Capital Emerging Markets Local Bond ETF		5,092,420

Premium/Discount Information

Proxy Voting Policies and Procedures and Records

Quarterly Portfolio Schedule

338

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012

Reference Room may be obtained by calling 1-800-SEC-0330. The information on the Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.

Approval of Advisory Agreement

At in-person meetings held prior to June 30, 2012, the Board of Trustees of the Trust (the “Board”) evaluated various proposals related to advisory arrangements for new series of the Trust, including a proposal to approve the Investment Advisory Agreement (the “Agreement”) with respect to SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF and SPDR BofA Merrill Lynch Crossover Corporate Bond ETF, each a new fixed income series of the Trust (each a “New ETF”), which commenced operations during the most recent fiscal half-year period covered by this Annual Report. The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust’s Administrator, Transfer Agent and Custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services to be provided by the Adviser with respect to the New ETFs under the Agreement, (ii) costs to the Adviser of its services, and (iii) the extent to which economies of scale would be realized if and as the New ETFs grow and whether the fee in the Agreement reflects these economies of scale.

The Board considered the nature, extent and quality of services to be provided by the Adviser. In doing so, they relied on their prior experience with the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s anticipated responsibilities for managing investment operations of the New ETFs, in accordance with each New ETF’s investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of each New ETF, as an exchange-traded fund (“ETF”), and the experience and expertise of the Adviser with ETFs. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and compliance of the New ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each New ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and ETFs in particular. The Board also considered the Adviser’s experience in managing fixed income ETFs. The Board then determined that the nature, extent and quality of services anticipated to be provided by the Adviser to the Trust were necessary and appropriate.

The Board considered whether the Adviser benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions. The Board concluded that, to the extent that the Adviser or its affiliates derive other benefits from their relationship with the Trust, those benefits are not so significant as to cause the Adviser’s fees with respect to the New ETFs to be excessive.

The Board determined that the Adviser is likely to realize economies of scale in managing the New ETFs as assets grow in size. The Board further determined that such economies of scale are shared with the New ETFs by way of the relatively low advisory fee and unitary fee structure of the Trust, although the Board intends to continue to monitor fees as the New ETFs grow in size and assess whether fee breakpoints may be warranted.

The Board evaluated the New ETFs’ unitary fee through review of comparative information with respect to fees paid by similar funds — i.e., ETFs tracking fixed income indexes, as applicable. The Board reviewed the universe of similar ETFs for each New ETF based upon data from Lipper Analytical Services and related comparative information for similar ETFs. The Board also reviewed the estimated expense ratio for the New ETFs. The Board used a fund-by-fund

339

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012

analysis of the data. The Board concluded, based on the information presented, that each New ETF’s fees were fair and reasonable in light of those of its direct competitors.

The Board, including the Independent Trustees voting separately, approved the Agreement for each New ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services expected to be provided by the Adviser with respect to the New ETFs were appropriate; (b) the Adviser’s fee for each New ETF and the unitary fee, considered in relation to services expected to be provided, were fair and reasonable; (c) any additional benefits to the Adviser were not of a magnitude materially to affect the Board’s conclusions; and (d) fees expected to be paid to the Adviser were expected to share economies of scale with respect to the New ETFs by way of the relatively low fee structure of the Trust.

340

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012 (Unaudited)

TRUSTEES


				Number of
				Portfolios
		Term of	Principal	in Fund
		Office and	Occupation(s)	Complex	Other
Name, Address	Position(s)	Length of	During Past	Overseen	Directorships
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	Held by Trustee

Independent Trustees
FRANK NESVET c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1943	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since September 2000	Chief Executive Officer, Libra Group, Inc. (1998-present) (a financial services consulting company).	137	SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


DAVID M. KELLY c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since September 2000	Retired.	137	Penson Worldwide Inc. (Director); CHX Holdings, Inc. and Chicago Stock Exchange (Director); SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


BONNY EUGENIA BOATMAN c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired (2005 -present); Managing Director, Columbia Management Group, Bank of America (1984-2005).	137	SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


DWIGHT D. CHURCHILL c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1953	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; Head of Fixed Income and other Senior Management roles, Fidelity Investments (1993-2009).	137	SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee); Affiliated Managers Group, Inc. (Director).

341

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012 (Unaudited)


				Number of
				Portfolios
		Term of	Principal	in Fund
		Office and	Occupation(s)	Complex	Other
Name, Address	Position(s)	Length of	During Past	Overseen	Directorships
and Year of Birth	with Funds	Time Served	5 Years	by Trustee	Held by Trustee

CARL G. VERBONCOEUR c/o SPDR Series Trust State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1952	Independent Trustee	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009; Chief Executive Officer, Rydex Investments (2003-2009).	137	SPDR Index Shares Funds (Trustee); SSgA Active ETF Trust (Trustee); SSgA Master Trust (Trustee).


Interested Trustee/President


JAMES E. ROSS* SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee and President	Term: Unlimited Served as President: since May 2005, Served as Trustee: since April 2010	Chairman and Director, SSgA Funds Management Inc. (2005-present); President, SSgA Funds Management Inc. (2005-2012); Senior Managing Director, State Street Global Advisors (2006-present); Principal, State Street Global Advisors (2006-present).	167	SPDR Index Shares Funds (Trustee); SSgA Master Trust (Trustee); Select Sector SPDR Trust (Trustee); SSgA Active ETF Trust (Trustee); State Street Master Funds (Trustee); and State Street Institutional Investment Trust (Trustee).


*		Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

342

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012 (Unaudited)

OFFICERS


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years

ELLEN M. NEEDHAM SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967	Vice President	Term: Unlimited Served: since March 2008	Senior Managing Director (1992-present)* and Chief Operating Officer (May 2010-present), SSgA Funds Management, Inc.; Senior Managing Director, State Street Global Advisors (1992-present)*.


MICHAEL P. RILEY SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Vice President	Term: Unlimited Served: since February 2005	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2008-present); Principal, State Street Global Advisors and SSgA Funds Management, Inc. (2005-2008).


RYAN M. LOUVAR State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1972	Secretary	Term: Unlimited Served: since August 2008	Vice President and Senior Counsel, State Street Bank and Trust Company (2005-present)*.


MARK E. TUTTLE State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1970	Assistant Secretary	Term: Unlimited Served: since August 2007	Vice President and Counsel, State Street Bank and Trust Company (2007-present); Assistant Counsel, BISYS Group, Inc.(2005-2007) (a financial services company).


SCOTT E. HABEEB State Street Bank and Trust Company Four Copley Place, CPH0326 Boston, MA 02116 1968	Assistant Secretary	Term: Unlimited Served: since August 2011	Vice President and Counsel, State Street Bank and Trust Company (2007-present)*; Legal Analyst, Verizon Communications (2004-2007).


CHAD C. HALLETT State Street Bank and Trust Company Four Copley Place, CPH03 Boston, MA 02116 1969	Treasurer	Term: Unlimited Served: since November 2010	Vice President, State Street Bank and Trust Company (2001-present)*.


MATTHEW FLAHERTY State Street Bank and Trust Company Four Copley Place, CPH03 Boston, MA 02116 1971	Assistant Treasurer	Term: Unlimited Served: since May 2005	Assistant Vice President, State Street Bank and Trust Company (1994-present)*.

343

SPDR SERIES TRUST
OTHER INFORMATION (continued)

June 30, 2012 (Unaudited)


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During Past
and Year of Birth	with Funds	Time Served	5 Years

LAURA F. DELL State Street Bank and Trust Company Four Copley Place, CPH03 Boston, MA 02116 1964	Assistant Treasurer	Term: Unlimited Served: since November 2007	Vice President, State Street Bank and Trust Company (2002-present).*
JACQUELINE ANGELL SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1974	Chief Compliance Officer	Term: Unlimited Served: since February 2011	Vice President, State Street Global Advisors and SSgA Funds Management, Inc. (2008-present); Director of Investment Adviser Oversight, Fidelity Investments (2006-2008).


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

344

The SPDR^® Family of Exchange Traded Funds

SPDR Series Trust

SPDR Dow Jones Total Market ETF (TMW)

SPDR Dow Jones Large Cap ETF (ELR)

SPDR S&P 500 Growth ETF (SPYG)

SPDR S&P 500 Value ETF (SPYV)

SPDR Dow Jones Mid Cap ETF (EMM)

SPDR S&P 400 Mid Cap Growth ETF (MDYG)

SPDR S&P 400 Mid Cap Value ETF (MDYV)

SPDR S&P 600 Small Cap ETF (SLY)

SPDR S&P 600 Small Cap Growth ETF (SLYG)

SPDR S&P 600 Small Cap Value ETF (SLYV)

SPDR Global Dow ETF (DGT)

SPDR Dow Jones REIT ETF (RWR)

SPDR S&P Bank ETF (KBE)

SPDR S&P Capital Markets ETF (KCE)

SPDR S&P Insurance ETF (KIE)

SPDR S&P Mortgage Finance ETF (KME)

SPDR S&P Regional Banking ETF (KRE)

SPDR Morgan Stanley Technology ETF (MTK)

SPDR S&P Dividend ETF (SDY)

SPDR S&P Aerospace & Defense ETF (XAR)

SPDR S&P Biotech ETF (XBI)

SPDR S&P Health Care Equipment ETF (XHE)

SPDR S&P Health Care Services ETF (XHS)

SPDR S&P Homebuilders ETF (XHB)

SPDR S&P Metals & Mining ETF (XME)

SPDR S&P Oil & Gas Equipment & Services ETF (XES)

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

SPDR S&P Pharmaceuticals ETF (XPH)

SPDR S&P Retail ETF (XRT)

SPDR S&P Semiconductor ETF (XSD)

SPDR S&P Software & Services ETF (XSW)

SPDR S&P Telecom ETF (XTL)

SPDR S&P Transportation ETF (XTN)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays Capital 1-3 Month T-Bill ETF (BIL)

SPDR Barclays Capital TIPS ETF (IPE)

SPDR Barclays Capital Short Term Treasury ETF (SST)

SPDR Barclays Capital Intermediate Term Treasury ETF (ITE)

SPDR Barclays Capital Long Term Treasury ETF (TLO)

SDPR Barclays Capital Short Term Corporate Bond ETF (SCPB)

SPDR Barclays Capital Intermediate Term Corporate Bond ETF (ITR)

SPDR Barclays Capital Long Term Corporate Bond ETF (LWC)

SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND)

SPDR Barclays Capital Convertible Securities ETF (CWB)

SPDR Barclays Capital Mortgage Backed Bond ETF (MBG)

SPDR Barclays Capital Aggregate Bond ETF (LAG)

SPDR Nuveen Barclays Capital Municipal Bond ETF (TFI)

SPDR Nuveen Barclays Capital California Municipal Bond ETF (CXA)

SPDR Nuveen Barclays Capital New York Municipal Bond ETF (INY)

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF (SHM)

SPDR Nuveen S&P VRDO Municipal Bond ETF (VRD)

SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)

SPDR Nuveen Barclays Capital Build America Bond ETF (BABS)

SPDR DB International Government Inflation-Protected Bond ETF (WIP)

SPDR Barclays Capital Short Term International Treasury Bond ETF (BWZ)

SPDR Barclays Capital International Treasury Bond ETF (BWX)

SPDR Barclays Capital International Corporate Bond ETF (IBND)

SPDR Barclays Capital Emerging Markets Local Bond ETF (EBND)

SPDR Barclays Capital High Yield Bond ETF (JNK)

SPDR Barclays Capital Short Term High Yield Bond ETF (SJNK)

SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN)

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (XOVR)

SPDR Index Shares Funds

SPDR STOXX Europe 50 ETF (FEU)

SPDR EURO STOXX 50 ETF (FEZ)

SPDR S&P Emerging Asia Pacific ETF (GMF)

SPDR S&P Small Cap Emerging Asia Pacific ETF (GMFS)

SPDR S&P Russia ETF (RBL)

SPDR S&P China ETF (GXC)

SPDR S&P Emerging Markets ETF (GMM)

SPDR S&P Emerging Markets Dividend ETF (EDIV)

SPDR S&P BRIC 40 ETF (BIK)

SPDR S&P Emerging Europe ETF (GUR)

SPDR S&P Emerging Latin America ETF (GML)

SPDR S&P Emerging Middle East & Africa ETF (GAF)

SPDR S&P World ex-US ETF (GWL)

SPDR S&P International Small Cap ETF (GWX)

SPDR Dow Jones International Real Estate ETF (RWX)

SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII)

SPDR S&P Global Natural Resources ETF (GNR)

SPDR MSCI ACWI ex-US ETF (CWI)

SPDR MSCI ACWI IMI ETF (ACIM)

SPDR MSCI EM 50 ETF (EMFT)

SPDR Russell/Nomura PRIME Japan ETF (JPP)

SPDR Russell/Nomura Small Cap Japan ETF (JSC)

SPDR S&P International Dividend ETF (DWX)

SPDR S&P International Mid Cap ETF (MDD)

SPDR S&P Emerging Markets Small Cap ETF (EWX)

SPDR Dow Jones Global Real Estate ETF (RWO)

SPDR S&P International Consumer Discretionary Sector ETF (IPD)

SPDR S&P International Consumer Staples Sector ETF (IPS)

SPDR S&P International Energy Sector ETF (IPW)

SPDR S&P International Financial Sector ETF (IPF)

SPDR S&P International Health Care Sector ETF (IRY)

SPDR S&P International Industrial Sector ETF (IPN)

SPDR S&P International Materials Sector ETF (IRV)

SPDR S&P International Technology Sector ETF (IPK)

SPDR S&P International Telecommunications Sector ETF (IST)

SPDR S&P International Utilities Sector ETF (IPU)

The Select Sectors SPDR Trust

The Consumer Discretionary Select Sector SPDR Fund (XLY)

The Consumer Staples Select Sector SPDR Fund (XLP)

The Energy Select Sector SPDR Fund (XLE)

The Financial Select Sector SPDR Fund (XLF)

The Health Care Select Sector SPDR Fund (XLV)

The Industrial Select Sector SPDR Fund (XLI)

The Materials Select Sector SPDR Fund (XLB)

The Technology Select Sector SPDR Fund (XLK)

The Utilities Select Sector SPDR Fund (XLU)

SSgA Active ETF Trust

SPDR SSgA Multi-Asset Real Return ETF (RLY)

SPDR SSgA Income Allocation ETF (INKM)

SPDR SSgA Global Allocation ETF (GAL)

SPDR Dow Jones Industrial Average ETF Trust (DIA)

SPDR S&P 500 ETF Trust (SPY)

SPDR Series Trust

trustees
Bonny E. Boatman
Dwight D. Churchill
David M. Kelly
Frank Nesvet, Chairman
James E. Ross
Carl G. Verboncoeur

investment manager
SSgA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111

distributor
State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111

custodian, administrator and transfer agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

legal counsel
Morgan, Lewis and Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004

independent registered public accounting firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation.

State Street Global Markets, LLC is a member of FINRA and SIPC.

State Street Global Advisors State Street Financial Center One Lincoln Street Boston, MA 02111 ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; and inflation risk. Barclays Capital is a trademark of Barclays Capital, the investment banking division of Barclays Bank PLC (“Barclays Capital”) and has been licensed for use in connection with the listing and trading of the SPDR Barclays Capital ETFs. The products are not sponsored by, endorsed, sold or promoted by Barclays Capital and Barclays Capital makes no representation regarding the advisability of investing in them. “Deutsche Bank” and “DB Global Government ex-US Inflation-Linked Bond Capped IndexSM” are reprinted with permission. ^©Copyright 2008 Deutsche Bank AG. All rights reserved. “Deutsche Bank” and DB Global Government ex-US Inflation-Linked Bond Capped IndexSM are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by State Street Global Advisors. The SPDR DB International Government Inflation-Protected Bond ETF is not sponsored, endorsed, sold or promoted by Deutsche Bank AG. Deutsche Bank AG, as Index Provider, makes no representation, express or implied, regarding the advisability of investing in this product. “SPDR” is a registered trademark of Standard & Poor Financial Services LLC (“S&P”) and has been licensed for use by State Street Corporation. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Further limitations and important information that could affect investors’ rights are described in the prospectus for the applicable product. Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Celtain State Street affiliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500, SPDR S&P MidCap 400 and SPDR Dow Jones Industrial Average, all unit investment trusts, and Select Sector SPDRs. ALPS Distributors, Inc. is not affiliated with State Street Global Markets, LLC. Before investing, consider the fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, zcall 866.787.2257 or visit www.spdrs.com. Read it carefully. SPDRFISAR IBG-6882 For more complete information, please call 866.787.2257 or visit www.spdrs.com today

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

The Code of Ethics is attached hereto as Exhibit 12(a)(1).

Item 3. Audit Committee Financial Expert.

(a)(1) The Board of Trustees of the registrant has determined that the registrant has five Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”

(2) Bonny Boatman, Dwight Churchill, David M. Kelly, Frank Nesvet and Carl Verboncoeur are the registrant’s audit committee financial experts. The Board also determined that each of the foregoing persons are not “interested person(s)” of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.

For the fiscal years ending June 30, 2012 and June 30, 2011, the aggregate audit fees billed for professional services rendered by the principal accountant were $744,978 and $620,379, respectively. Audit fees include the performance of the annual audits, security counts performed during the course of the year for each series of the registrant and routine regulatory filings (one for each SEC registrant). The amount provided for the 2012 aggregate audit fees is an estimate provided by the principal accountant.

(b) Audit-Related Fees.

For the fiscal years ending June 30, 2012 and June 30, 2011, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

For the fiscal years ending June 30, 2012 and June 30, 2011, the aggregate tax fees billed for professional services rendered by the principal accountant were $536,740 and $470,800, respectively. Tax fees represent services related to the review of year-end distribution requirements, as well as the review and signing as preparer of all federal, state and excise income tax returns for the series of the registrant. The amount provided for the 2012 aggregate tax fees is an estimate provided by the principal accountant.

(d) All Other Fees.

There were no other fees billed by the principal accountant for the fiscal years ending June 30, 2012 and June 30, 2011.

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

The registrant’s Audit Committee Charter states the following with respect to pre-approval procedures:

Before the independent auditors are engaged by the Trust to render audit or non-audit services, either:

	a.		The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter.

	b.		De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.

	c.		Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors’ engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved.

	d.		Application of De Minimis Exception: The De Minimis exception set forth above applies to pre-approvals under this Section as well, except that the “total amount of revenues” calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person).

(e)(2) Percentage of Services.

One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed for by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser were as follows:


	FY 2012		FY 2011
	(in millions)		(in millions)
Non audit services billed to:
Registrant:	See Item 4(c)		See Item 4(c)
Investment Adviser:		—		—

Other entities in the Investment Company Complex (1)(2):
Audit Related Fees	$	7.4	$	11.9
Tax Fees		6.0		5.5
All Other Fees		1.5		0.2


(1)		Information is for the calendar year 2011 and 2010, respectively.

(2)		Services under the caption Audit-Related Fees consisted principally of reports on the processing of transactions by servicing organizations, audits of employee benefit plan, non-statutory audits and due diligence procedures. Services under the caption Tax Fees consisted principally of expatriate, compliance and corporate tax advisory services. Services under the caption All Other Fees consisted of advisory services related to certain regulatory initiatives.

(h) E&Y notified the Trust’s Audit Committee of all non-audit services that were rendered by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Trust, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Trust’s Audit Committee to consider whether such services were compatible with maintaining E&Y’s independence.

Item 5. Disclosure of Audit Committees for Listed Companies.

The registrant has an audit committee which was established by the Board of Trustees of the Trust in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the registrant’s audit committee are Bonny Boatman, Dwight Churchill, David M. Kelly, Frank Nesvet and Carl Verboncoeur

Item 6. Schedule of Investments.

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.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

Registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, James Ross, the registrant’s President and Principal Executive Officer, and Chad C. Hallett, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures and evaluated their effectiveness. Based on their review, Messrs. Ross and Hallett determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission.

(b) There were no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 12. Exhibits.

(a)(1) Code of Ethics referred to in Item 2.

(a)(2) Separate certifications required by Rule 30a-2 under the Investment Company Act of 1940 for each principal executive officer and principal financial officer of the registrant are attached.

(a)(3) Not applicable

(b) A single certification required by Rule 30a-2(b) under the Investment Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SPDR^® Series Trust


By:		/s/ James Ross James Ross
		President and Principal Executive Officer

Date:		September 5, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ James Ross James Ross
		President and Principal Executive Officer

Date:		September 5, 2012

By:		/s/ Chad C. Hallett

		Chad C. Hallett
		Treasurer and Principal Financial Officer

Date:		September 5, 2012

Non-income producing security.

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

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

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

Amount shown represents less than 0.05% of net assets.