SPDR Series Trust – Equity Funds Series Trust...SPDR ® Series Trust – Equity Funds. ... 207...

Semi-Annual Report31 December 2015

SPDR Series Trust EquityFunds

TABLE OF CONTENTS

Fund Performance & Portfolio Summary (unaudited)SPDR Russell 3000 ETF (THRK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1SPDR Russell 1000 ETF (ONEK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4SPDR Russell 2000 ETF (TWOK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7SPDR Russell 1000 Yield Focus ETF (ONEY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10SPDR Russell 1000 Momentum Focus ETF (ONEO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11SPDR Russell 1000 Low Volatility Focus ETF (ONEV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12SPDR S&P 500 Buyback ETF (SPYB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13SPDR S&P 500 Growth ETF (SPYG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16SPDR S&P 500 Value ETF (SPYV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19SPDR S&P 500 High Dividend ETF (SPYD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22SPDR S&P 500 Fossil Fuel Free ETF (SPYX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23SPDR Russell Small Cap Completeness ETF (RSCO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24SPDR S&P 400 Mid Cap Growth ETF (MDYG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27SPDR S&P 400 Mid Cap Value ETF (MDYV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30SPDR S&P 600 Small Cap ETF (SLY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33SPDR S&P 600 Small Cap Growth ETF (SLYG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36SPDR S&P 600 Small Cap Value ETF (SLYV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39SPDR Global Dow ETF (DGT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42SPDR Dow Jones REIT ETF (RWR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45SPDR S&P Bank ETF (KBE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48SPDR S&P Capital Markets ETF (KCE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51SPDR S&P Insurance ETF (KIE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54SPDR S&P Regional Banking ETF (KRE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57SPDR Morgan Stanley Technology ETF (MTK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60SPDR S&P Dividend ETF (SDY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63SPDR S&P Aerospace & Defense ETF (XAR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66SPDR S&P Biotech ETF (XBI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69SPDR S&P Health Care Equipment ETF (XHE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72SPDR S&P Health Care Services ETF (XHS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75SPDR S&P Homebuilders ETF (XHB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78SPDR S&P Metals & Mining ETF (XME) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81SPDR S&P Oil & Gas Equipment & Services ETF (XES) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84SPDR S&P Oil & Gas Exploration & Production ETF (XOP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87SPDR S&P Pharmaceuticals ETF (XPH) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90SPDR S&P Retail ETF (XRT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93SPDR S&P Semiconductor ETF (XSD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96SPDR S&P Software & Services ETF (XSW) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99SPDR S&P Telecom ETF (XTL) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102SPDR S&P Transportation ETF (XTN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105SPDR S&P 1500 Value Tilt ETF (VLU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108SPDR S&P 1500 Momentum Tilt ETF (MMTM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

SPDR Russell 1000 Low Volatility ETF (LGLV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114SPDR Russell 2000 Low Volatility ETF (SMLV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117SPDR MSCI USA Quality Mix ETF (QUS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120SPDR Wells Fargo Preferred Stock ETF (PSK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

Schedules of InvestmentsSPDR Russell 3000 ETF (THRK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126SPDR Russell 1000 ETF (ONEK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150SPDR Russell 2000 ETF (TWOK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161SPDR Russell 1000 Yield Focus ETF (ONEY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180SPDR Russell 1000 Momentum Focus ETF (ONEO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184SPDR Russell 1000 Low Volatility Focus ETF (ONEV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194SPDR S&P 500 Buyback ETF (SPYB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200SPDR S&P 500 Growth ETF (SPYG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202SPDR S&P 500 Value ETF (SPYV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207SPDR S&P 500 High Dividend ETF (SPYD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212SPDR S&P 500 Fossil Fuel Free ETF (SPYX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214SPDR Russell Small Cap Completeness ETF (RSCO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220SPDR S&P 400 Mid Cap Growth ETF (MDYG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243SPDR S&P 400 Mid Cap Value ETF (MDYV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247SPDR S&P 600 Small Cap ETF (SLY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251SPDR S&P 600 Small Cap Growth ETF (SLYG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258SPDR S&P 600 Small Cap Value ETF (SLYV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263SPDR Global Dow ETF (DGT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269SPDR Dow Jones REIT ETF (RWR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272SPDR S&P Bank ETF (KBE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274SPDR S&P Capital Markets ETF (KCE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275SPDR S&P Insurance ETF (KIE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276SPDR S&P Regional Banking ETF (KRE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277SPDR Morgan Stanley Technology ETF (MTK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279SPDR S&P Dividend ETF (SDY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280SPDR S&P Aerospace & Defense ETF (XAR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282SPDR S&P Biotech ETF (XBI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283SPDR S&P Health Care Equipment ETF (XHE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285SPDR S&P Health Care Services ETF (XHS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286SPDR S&P Homebuilders ETF (XHB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287SPDR S&P Metals & Mining ETF (XME) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288SPDR S&P Oil & Gas Equipment & Services ETF (XES) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289SPDR S&P Oil & Gas Exploration & Production ETF (XOP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290SPDR S&P Pharmaceuticals ETF (XPH) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291SPDR S&P Retail ETF (XRT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292SPDR S&P Semiconductor ETF (XSD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294SPDR S&P Software & Services ETF (XSW) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295SPDR S&P Telecom ETF (XTL) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297SPDR S&P Transportation ETF (XTN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298

SPDR S&P 1500 Value Tilt ETF (VLU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299SPDR S&P 1500 Momentum Tilt ETF (MMTM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313SPDR Russell 1000 Low Volatility ETF (LGLV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327SPDR Russell 2000 Low Volatility ETF (SMLV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329SPDR MSCI USA Quality Mix ETF (QUS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332SPDR Wells Fargo Preferred Stock ETF (PSK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 417Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436

S P D R R U S S E L L 3 0 0 0 E T F P E R F O R M A N C E S U M M A R Y

The following performance chart of the Funds total return at net asset value, the total return based onmarket price and its benchmark index is provided for comparative purposes only and represents theperiods noted. The Funds per share net asset value (NAV) is the value of one share of the Fund and iscalculated 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 pershare of the Fund. The market price used to calculate the market return is determined by using themidpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fundare listed for trading, as of the time that the Funds NAV is calculated. NAV and market returns assumethat dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns donot include brokerage commissions that may be payable on secondary market transactions. If brokeragecommissions 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 aportfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, theFunds 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 aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR Russell 3000 ETF as stated in the Fees and Expenses table of theprospectus dated October 31, 2015 (as supplemented February 11, 2016) is 0.11%.

PERFORMANCE AS OF DECEMBER 31, 2015

CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN

NET ASSETVALUE

MARKETVALUE

DOW JONESU.S. TOTAL STOCK

MARKET INDEXRUSSELL 3000

INDEXNET ASSET

VALUEMARKETVALUE

DOW JONESU.S. TOTAL STOCK

MARKET INDEXRUSSELL 3000

INDEX

SIX MONTHS 1.35% 1.26% 1.45% 1.43% N/A N/A N/A N/A

ONE YEAR 0.48% 0.53% 0.44% 0.48% 0.48% 0.53% 0.44% 0.48%

THREE YEARS (1) 50.65% 50.90% 50.77% 51.04% 14.64% 14.70% 14.68% 14.75%

FIVE YEARS (1) 76.43% 76.58% 77.37% 77.64% 12.03% 12.04% 12.15% 12.18%

TEN YEARS (1) 102.45% 102.38% 105.63% 103.33% 7.31% 7.30% 7.48% 7.36%

(1) Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Total Stock Market Index to the Russell 3000 Index. TheFunds performance in the table above is based on the Funds prior investment strategy to track different benchmark indices for periods priorto July 9, 2013.

1

S P D R R U S S E L L 3 0 0 0 E T F P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D )

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

$20,245(a)(1)

$20,621(b)(2)

$5,000

$10,000

$15,000

$25,000

$20,000

SPDR Russell 3000 ETF (a) (1)

12/3

1/15

12/3

1/05

12/3

1/06

12/3

1/07

12/3

1/08

12/3

1/09

12/3

1/10

12/3

1/11

12/3

1/12

12/3

1/13

12/3

1/14

Russell 3000 Index (b) (2)

Past Performance is not a guarantee of future results.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss andthe reinvestment of dividends and other income.

(1) Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Total Stock Market Index to the Russell 3000 Index. TheFunds performance in the table above is based on the Funds prior investment strategy to track different benchmark indices for periods priorto July 9, 2013.

(2) Index returns represent the Funds prior benchmark indices from December 31, 2005 through July 8, 2013 and the Russell 3000 Index fromJuly 9, 2013 through December 31, 2015.

2

S P D R R U S S E L L 3 0 0 0 E T F P O R T F O L I O S U M M A R Y

TOP FIVE HOLDINGS AS OF DECEMBER 31, 2015

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

MARKET VALUE $6,824,848 5,050,788 3,662,169 3,296,604 3,204,145

% OF NET ASSETS 2.7 2.0 1.5 1.3 1.3

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

INDUSTRY BREAKDOWN AS OF DECEMBER 31, 2015*

INDUSTRY% OF

NET ASSETS

Banks 5.9%Oil, Gas & Consumable Fuels 4.9Pharmaceuticals 4.9Software 4.4Real Estate Investment Trusts (REITs) 4.0Biotechnology 3.9Internet Software & Services 3.9IT Services 3.7Technology Hardware, Storage &

Peripherals 3.4Insurance 3.1Media 3.1Aerospace & Defense 2.6Health Care Providers & Services 2.6Specialty Retail 2.6Semiconductors & Semiconductor

Equipment 2.4Health Care Equipment & Supplies 2.3Chemicals 2.2Hotels, Restaurants & Leisure 2.2Capital Markets 2.1Food & Staples Retailing 2.1Industrial Conglomerates 2.1Diversified Telecommunication

Services 2.0Internet & Catalog Retail 2.0Beverages 1.9Diversified Financial Services 1.8Food Products 1.7Electric Utilities 1.6Household Products 1.6Machinery 1.5Communications Equipment 1.4Tobacco 1.3Energy Equipment & Services 1.0Multi-Utilities 1.0Textiles, Apparel & Luxury Goods 0.9Consumer Finance 0.8

INDUSTRY% OF

NET ASSETS

Road & Rail 0.8%Airlines 0.7Automobiles 0.7Life Sciences Tools & Services 0.7Air Freight & Logistics 0.6Commercial Services & Supplies 0.6Electronic Equipment, Instruments &

Components 0.6Household Durables 0.6Multiline Retail 0.6Auto Components 0.5Electrical Equipment 0.5Containers & Packaging 0.4Professional Services 0.4Building Products 0.3Metals & Mining 0.3Trading Companies & Distributors 0.3Construction & Engineering 0.2Diversified Consumer Services 0.2Gas Utilities 0.2Health Care Technology 0.2Personal Products 0.2Real Estate Management &

Development 0.2Thrifts & Mortgage Finance 0.2Construction Materials 0.1Distributors 0.1Independent Power Producers &

Energy Traders 0.1Leisure Equipment & Products 0.1Paper & Forest Products 0.1Water Utilities 0.1Wireless Telecommunication Services 0.1Short-Term Investments 4.5Liabilities in Excess of Other Assets (4.1)

TOTAL 100.0%

* The Funds industry breakdown is expressed as a percentage of total common stock and may change over time.

3


The following performance chart of the Funds total return at net asset value, the total return based onmarket price and its benchmark index is provided for comparative purposes only and represents theperiods noted. The Funds per share net asset value (NAV) is the value of one share of the Fund and iscalculated 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 pershare of the Fund. The market price used to calculate the market return is determined by using themidpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fundare listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did nottrade in the secondary market until several days after the Funds inception, for the period from inceptionto the first day of secondary market trading in shares of the Fund (11/8/05, 11/15/05, respectively), theNAV 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 theFund at NAV. Market returns do not include brokerage commissions that may be payable on secondarymarket transactions. If brokerage commissions were included market returns would be lower.





NET ASSETVALUE

MARKETVALUE

DOW JONESU.S. LARGE-CAPTOTAL STOCKMARKET INDEX

RUSSELL 1000INDEX

NET ASSETVALUE

MARKETVALUE

DOW JONESU.S. LARGE-CAPTOTAL STOCKMARKET INDEX

RUSSELL 1000INDEX


ONE YEAR 0.86% 0.96% 1.08% 0.92% 0.86% 0.96% 1.08% 0.92%

THREE YEARS (1) 51.51% 51.58% 52.04% 52.12% 14.85% 14.87% 15.00% 15.02%

FIVE YEARS (1) 78.41% 78.43% 79.57% 79.75% 12.28% 12.28% 12.42% 12.45%

TEN YEARS (1) 102.82% 103.08% 104.95% 104.27% 7.33% 7.34% 7.44% 7.41%

(1) Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Large-Cap Total Stock Market Index to the Russell 1000Index. The Funds performance in the table above is based on the Funds prior investment strategy to track a different benchmark index forperiods prior to July 9, 2013.

4



$20,282(a)(1)

$20,495(b)(2)

$5,000

$10,000

$15,000

$25,000

$20,000

SPDR Russell 1000 ETF (a) (1)

12/3

1/15

12/3

1/05

12/3

1/06

12/3

1/07

12/3

1/08

12/3

1/09

12/3

1/10

12/3

1/11

12/3

1/12

12/3

1/13

12/3

1/14

Russell 1000 Index (b) (2)



(1) Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Large-Cap Total Stock Market Index to the Russell 1000Index. The Funds performance in the table above is based on the Funds prior investment strategy to track a different benchmark index forperiods prior to July 9, 2013.

(2) Index returns represent the Funds prior benchmark index from December 31, 2005 through July 8, 2013 and the Russell 1000 Index from July 9,2013 through December 31, 2015.

5



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

MARKET VALUE $2,405,402 1,777,024 1,290,696 1,160,774 1,124,476

% OF NET ASSETS 3.0 2.2 1.6 1.4 1.4



INDUSTRY% OF

NET ASSETS

Banks 5.8%Oil, Gas & Consumable Fuels 5.1Pharmaceuticals 5.1Software 4.4Internet Software & Services 4.0Biotechnology 3.7IT Services 3.7Technology Hardware, Storage &

Peripherals 3.7Real Estate Investment Trusts (REITs) 3.6Media 3.3Insurance 3.1Aerospace & Defense 2.7Health Care Providers & Services 2.6Specialty Retail 2.6Industrial Conglomerates 2.3Semiconductors & Semiconductor

Equipment 2.3Chemicals 2.2Food & Staples Retailing 2.2Health Care Equipment & Supplies 2.2Beverages 2.1Capital Markets 2.1Diversified Telecommunication

Services 2.1Hotels, Restaurants & Leisure 2.1Internet & Catalog Retail 2.0Diversified Financial Services 1.9Food Products 1.7Household Products 1.7Electric Utilities 1.6Machinery 1.5Communications Equipment 1.4Tobacco 1.4Multi-Utilities 1.1Energy Equipment & Services 1.0

INDUSTRY% OF

NET ASSETS

Textiles, Apparel & Luxury Goods 0.9%Consumer Finance 0.8Road & Rail 0.8Airlines 0.7Automobiles 0.7Life Sciences Tools & Services 0.7Air Freight & Logistics 0.6Household Durables 0.6Multiline Retail 0.6Commercial Services & Supplies 0.5Electrical Equipment 0.5Electronic Equipment, Instruments &

Components 0.5Auto Components 0.4Containers & Packaging 0.4Professional Services 0.4Metals & Mining 0.3Trading Companies & Distributors 0.3Building Products 0.2Health Care Technology 0.2Personal Products 0.2Real Estate Management &

Development 0.2Construction & Engineering 0.1Construction Materials 0.1Distributors 0.1Diversified Consumer Services 0.1Gas Utilities 0.1Independent Power Producers &

Energy Traders 0.1Leisure Equipment & Products 0.1Water Utilities 0.1Wireless Telecommunication Services 0.1Short-Term Investments 5.8Liabilities in Excess of Other Assets (5.5)

TOTAL 100.0%


6


The following performance chart of the Funds total return at net asset value, the total return based onmarket price and its benchmark index is provided for comparative purposes only and represents theperiods noted. The Funds per share net asset value (NAV) is the value of one share of the Fund and iscalculated 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 pershare of the Fund. The market price used to calculate the market return is determined by using themidpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fundare listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did nottrade in the secondary market until one day after the Funds inception, for the period from inception tothe first day of secondary market trading in shares of the Fund (7/8/13, 7/9/13, respectively), the NAV ofthe Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV andmarket returns assume that dividends and capital gain distributions have been reinvested in the Fund atNAV. Market returns do not include brokerage commissions that may be payable on secondary markettransactions. If brokerage commissions were included market returns would be lower.





NET ASSETVALUE

MARKETVALUE

RUSSELL 2000INDEX

NET ASSETVALUE

MARKETVALUE

RUSSELL 2000INDEX

SIX MONTHS 8.61% 8.75% 8.75% N/A N/A N/A

ONE YEAR 4.34% 4.36% 4.41% 4.34% 4.36% 4.41%

SINCE INCEPTION (1) 16.41% 16.37% 16.34% 6.31% 6.29% 6.29%

(1) For the period July 8, 2013 to December 31, 2015.

7



$11,634(b)

$11,641(a)

$10,000

$10,500

$9,500

$11,000

$11,500

$12,000

$12,500

$13,000

12/3

1/15

7/9/

13

9/30

/13

6/30

/14

6/30

/15

12/3

1/13

9/30

/14

3/31

/14

12/3

1/14

9/30

/15

3/31

/15

SPDR Russell 2000 ETF (a) Russell 2000 Index (b)



8



DESCRIPTION STERIS PLC TYLER TECHNOLOGIES, INC. DYAX CORP. CUBESMARTMANHATTANASSOCIATES, INC.

MARKET VALUE $358,694 328,245 300,320 279,040 269,113

% OF NET ASSETS 0.4 0.3 0.3 0.3 0.3



INDUSTRY% OF

NET ASSETS

Banks 9.3%Real Estate Investment Trusts (REITs) 9.1Biotechnology 6.3Software 4.6Health Care Equipment & Supplies 3.9Semiconductors & Semiconductor

Equipment 3.4Hotels, Restaurants & Leisure 3.3Electronic Equipment, Instruments &

Components 2.7Health Care Providers & Services 2.7Machinery 2.7Specialty Retail 2.7Insurance 2.6IT Services 2.5Internet Software & Services 2.4Thrifts & Mortgage Finance 2.2Commercial Services & Supplies 2.1Pharmaceuticals 2.0Oil, Gas & Consumable Fuels 1.8Chemicals 1.7Food Products 1.7Communications Equipment 1.6Media 1.6Aerospace & Defense 1.4Professional Services 1.4Capital Markets 1.3Gas Utilities 1.3Household Durables 1.3Electric Utilities 1.2Auto Components 1.1Diversified Consumer Services 1.1Building Products 0.9Energy Equipment & Services 0.9Food & Staples Retailing 0.9Construction & Engineering 0.8Textiles, Apparel & Luxury Goods 0.8

INDUSTRY% OF

NET ASSETS

Diversified TelecommunicationServices 0.7%

Electrical Equipment 0.7Life Sciences Tools & Services 0.7Metals & Mining 0.7Technology Hardware, Storage &

Peripherals 0.7Trading Companies & Distributors 0.7Health Care Technology 0.6Internet & Catalog Retail 0.6Paper & Forest Products 0.6Air Freight & Logistics 0.5Independent Power Producers &

Energy Traders 0.5Real Estate Management &

Development 0.5Road & Rail 0.5Consumer Finance 0.4Containers & Packaging 0.4Diversified Financial Services 0.4Multi-Utilities 0.4Multiline Retail 0.4Airlines 0.3Distributors 0.3Leisure Equipment & Products 0.3Water Utilities 0.3Beverages 0.2Construction Materials 0.2Household Products 0.2Personal Products 0.2Tobacco 0.2Marine 0.1Wireless Telecommunication Services 0.1Short-Term Investments 23.4Liabilities in Excess of Other Assets (23.1)

TOTAL 100.0%


9

S P D R R U S S E L L 1 0 0 0 Y I E L D F O C U S E T F P O R T F O L I O S U M M A R Y

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


DESCRIPTION SYSCO CORP. CENTURYLINK, INC.NATIONAL OILWELLVARCO, INC. KLA-TENCOR CORP. GENUINE PARTS CO.

MARKET VALUE $4,924,510 4,883,078 4,471,853 3,815,429 3,632,202

% OF NET ASSETS 1.5 1.5 1.3 1.2 1.1



INDUSTRY% OF

NET ASSETS

Real Estate Investment Trusts (REITs) 9.1%Insurance 6.3Oil, Gas & Consumable Fuels 5.2Electric Utilities 4.9Multi-Utilities 4.6Machinery 4.5Energy Equipment & Services 3.8Food Products 3.7IT Services 3.4Semiconductors & Semiconductor

Equipment 3.4Commercial Services & Supplies 3.2Containers & Packaging 3.0Media 2.8Specialty Retail 2.8Chemicals 2.5Capital Markets 2.2Hotels, Restaurants & Leisure 2.2Metals & Mining 2.2Diversified Telecommunication

Services 2.0Beverages 1.8Household Products 1.7Technology Hardware, Storage &

Peripherals 1.7Electrical Equipment 1.6Food & Staples Retailing 1.5Aerospace & Defense 1.4Trading Companies & Distributors 1.4Electronic Equipment, Instruments &

Components 1.3Gas Utilities 1.3

INDUSTRY% OF

NET ASSETS

Multiline Retail 1.3%Leisure Equipment & Products 1.2Textiles, Apparel & Luxury Goods 1.2Distributors 1.1Household Durables 1.1Software 1.0Diversified Consumer Services 0.9Air Freight & Logistics 0.7Automobiles 0.6Health Care Providers & Services 0.6Road & Rail 0.6Communications Equipment 0.5Construction & Engineering 0.5Health Care Equipment & Supplies 0.4Professional Services 0.4Thrifts & Mortgage Finance 0.3Airlines 0.2Auto Components 0.2Building Products 0.2Independent Power Producers &

Energy Traders 0.2Paper & Forest Products 0.2Personal Products 0.2Water Utilities 0.2Wireless Telecommunication Services 0.2Banks 0.1Consumer Finance 0.1Diversified Financial Services 0.1Other Assets in Excess of Liabilities 0.2

TOTAL 100.0%


10

S P D R R U S S E L L 1 0 0 0 M O M E N T U M F O C U S E T F P O R T F O L I O S U M M A R Y



DESCRIPTION LEAR CORP. KROGER CO. VALERO ENERGY CORP. TYSON FOODS, INC. MANPOWERGROUP, INC.

MARKET VALUE $2,258,721 2,247,317 2,198,728 2,165,891 2,152,767

% OF NET ASSETS 0.7 0.7 0.7 0.6 0.6



INDUSTRY% OF

NET ASSETS

Insurance 6.3%Health Care Providers & Services 5.4IT Services 4.2Oil, Gas & Consumable Fuels 4.1Specialty Retail 4.1Real Estate Investment Trusts (REITs) 3.9Machinery 3.5Chemicals 3.4Aerospace & Defense 3.2Media 3.2Food Products 2.7Hotels, Restaurants & Leisure 2.6Multi-Utilities 2.6Semiconductors & Semiconductor

Equipment 2.6Electric Utilities 2.5Health Care Equipment & Supplies 2.5Software 2.2Airlines 2.0Electronic Equipment, Instruments &

Components 2.0Auto Components 1.9Food & Staples Retailing 1.8Household Durables 1.7Professional Services 1.7Capital Markets 1.6Containers & Packaging 1.5Energy Equipment & Services 1.5Commercial Services & Supplies 1.4Beverages 1.2Building Products 1.1Diversified Financial Services 1.1Life Sciences Tools & Services 1.1Textiles, Apparel & Luxury Goods 1.1Banks 1.0Biotechnology 1.0Electrical Equipment 1.0Technology Hardware, Storage &

Peripherals 1.0

INDUSTRY% OF

NET ASSETS

Construction & Engineering 0.8%Household Products 0.8Internet & Catalog Retail 0.8Internet Software & Services 0.8Multiline Retail 0.8Metals & Mining 0.7Personal Products 0.7Road & Rail 0.7Air Freight & Logistics 0.6Automobiles 0.6Communications Equipment 0.6Consumer Finance 0.6Diversified Consumer Services 0.6Gas Utilities 0.6Leisure Equipment & Products 0.6Trading Companies & Distributors 0.6Real Estate Management &

Development 0.5Industrial Conglomerates 0.4Distributors 0.3Diversified Telecommunication

Services 0.3Pharmaceuticals 0.3Water Utilities 0.3Wireless Telecommunication Services 0.3Tobacco 0.2Construction Materials 0.1Health Care Technology 0.1Independent Power Producers &

Energy Traders 0.1Marine 0.1Paper & Forest Products 0.1Transportation Infrastructure 0.1Short-Term Investments 0.1Other Assets in Excess of Liabilities 0.1

TOTAL 100.0%


11

S P D R R U S S E L L 1 0 0 0 L O W V O L A T I L I T Y F O C U S E T F P O R T F O L I O S U M M A R Y



DESCRIPTION SYSCO CORP. AMERISOURCEBERGEN CORP. KROGER CO. GENUINE PARTS CO. KIMBERLY-CLARK CORP.

MARKET VALUE $4,269,945 4,054,024 3,355,352 3,338,029 3,293,378

% OF NET ASSETS 1.3 1.2 1.0 1.0 1.0



INDUSTRY% OF

NET ASSETS

Insurance 10.8%Food Products 5.9Health Care Providers & Services 5.2IT Services 4.9Electric Utilities 4.0Real Estate Investment Trusts (REITs) 3.9Machinery 3.8Multi-Utilities 3.8Specialty Retail 3.4Health Care Equipment & Supplies 3.2Media 3.1Chemicals 3.0Containers & Packaging 2.8Aerospace & Defense 2.4Commercial Services & Supplies 2.4Food & Staples Retailing 2.3Household Products 2.2Beverages 2.0Semiconductors & Semiconductor

Equipment 1.9Multiline Retail 1.8Professional Services 1.8Capital Markets 1.4Household Durables 1.4Gas Utilities 1.2Hotels, Restaurants & Leisure 1.2Software 1.2Auto Components 1.1Electronic Equipment, Instruments &

Components 1.1Life Sciences Tools & Services 1.1Distributors 1.0Diversified Financial Services 1.0Electrical Equipment 1.0Road & Rail 0.9

INDUSTRY% OF

NET ASSETS

Trading Companies & Distributors 0.9%Leisure Equipment & Products 0.8Textiles, Apparel & Luxury Goods 0.8Airlines 0.7Diversified Telecommunication

Services 0.7Oil, Gas & Consumable Fuels 0.7Construction & Engineering 0.6Energy Equipment & Services 0.6Internet Software & Services 0.6Metals & Mining 0.6Air Freight & Logistics 0.5Communications Equipment 0.5Diversified Consumer Services 0.5Personal Products 0.4Technology Hardware, Storage &

Peripherals 0.4Banks 0.3Building Products 0.3Industrial Conglomerates 0.3Internet & Catalog Retail 0.3Water Utilities 0.3Independent Power Producers &

Energy Traders 0.2Automobiles 0.1Consumer Finance 0.1Marine 0.1Paper & Forest Products 0.1Real Estate Management &

Development 0.1Thrifts & Mortgage Finance 0.1Wireless Telecommunication Services 0.1Other Assets in Excess of Liabilities 0.1

TOTAL 100.0%


12

S P D R S & P 5 0 0 B U Y B A C K E T F P E R F O R M A N C E S U M M A R Y

The following performance chart of the Funds total return at net asset value, the total return based onmarket price and its benchmark index is provided for comparative purposes only and represents theperiods noted. The Funds per share net asset value (NAV) is the value of one share of the Fund and iscalculated 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 pershare of the Fund. The market price used to calculate the market return is determined by using themidpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fundare listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did nottrade in the secondary market until the day after the Funds inception, for the period from inception to thefirst day of secondary market trading in shares of the Fund (2/4/15, 2/5/15, respectively), the NAV of theFund is used as a proxy for the secondary market trading price to calculate market returns. NAV andmarket returns assume that dividends and capital gain distributions have been reinvested in the Fund atNAV. Market returns do not include brokerage commissions that may be payable on secondary markettransactions. 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 aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR S&P 500 Buyback ETF as stated in the Fees and Expenses table of theprospectus dated October 31, 2015 (as supplemented February 11, 2016) is 0.35%.



NET ASSETVALUE

MARKETVALUE

S&P 500BUYBACK INDEX

NET ASSETVALUE

MARKETVALUE

S&P 500BUYBACK INDEX


SINCE INCEPTION (1) 5.86% 5.87% 5.53% N/A N/A N/A

(1) For the period February 4, 2015 to December 31, 2015.

13

S P D R S & P 5 0 0 B U Y B A C K E T F P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D )


$9,414(a)

$9,447(b)$9,500

$10,000

$9,000

$10,500

SPDR S&P 500 Buyback ETF (a) S&P 500 Buyback Index (b)

12/3

1/15

2/4/

15

2/28

/15

5/31

/15

4/30

/15

3/31

/15

6/30

/15

7/31

/15

8/31

/15

9/30

/15

10/3

1/15

11/3

0/15



14

S P D R S & P 5 0 0 B U Y B A C K E T F P O R T F O L I O S U M M A R Y


DESCRIPTION NVIDIA CORP. SANDISK CORP. VERISIGN, INC. AMERISOURCEBERGEN CORP. VALERO ENERGY CORP.

MARKET VALUE $120,864 116,492 111,210 107,755 105,216

% OF NET ASSETS 1.3 1.3 1.2 1.2 1.1



INDUSTRY% OF

NET ASSETS

Insurance 11.7%Specialty Retail 8.5Media 5.9Chemicals 4.9Technology Hardware, Storage &

Peripherals 4.8Aerospace & Defense 4.3Health Care Providers & Services 4.2Oil, Gas & Consumable Fuels 4.1Capital Markets 4.0Machinery 4.0Communications Equipment 3.8Airlines 3.3IT Services 3.0Construction & Engineering 2.9Hotels, Restaurants & Leisure 2.9Semiconductors & Semiconductor

Equipment 2.4Internet Software & Services 2.3Biotechnology 2.1Commercial Services & Supplies 2.0

INDUSTRY% OF

NET ASSETS

Consumer Finance 2.0%Energy Equipment & Services 1.8Multiline Retail 1.8Auto Components 1.1Automobiles 1.1Containers & Packaging 1.1Diversified Financial Services 1.1Health Care Equipment & Supplies 1.1Software 1.1Trading Companies & Distributors 1.1Beverages 1.0Food & Staples Retailing 1.0Industrial Conglomerates 1.0Household Durables 0.9Food Products 0.8Textiles, Apparel & Luxury Goods 0.7Short-Term Investments 0.1Other Assets in Excess of Liabilities 0.1

TOTAL 100.0%


15

S P D R S & P 5 0 0 G R O W T H E T F P E R F O R M A N C E S U M M A R Y



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 aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR S&P 500 Growth ETF as stated in the Fees and Expenses table of theprospectus dated October 31, 2015 (as supplemented February 11, 2016) is 0.15%.



NET ASSETVALUE

MARKETVALUE

S&P 500GROWTH INDEX

NET ASSETVALUE

MARKETVALUE

S&P 500GROWTH INDEX


ONE YEAR 5.38% 5.32% 5.52% 5.38% 5.32% 5.52%

THREE YEARS 59.97% 59.99% 60.95% 16.95% 16.96% 17.20%

FIVE YEARS (1) 90.99% 90.92% 93.05% 13.82% 13.81% 14.06%

TEN YEARS (1) 129.81% 129.73% 130.37% 8.68% 8.67% 8.70%

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

16

S P D R S & P 5 0 0 G R O W T H E T F P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D )


$10,000

$15,000

$5,000

$25,000

$20,000

SPDR S&P 500 Growth ETF (a) (1) S&P 500 Growth Index (b) (2)

12/3

1/15

12/3

1/05

12/3

1/06

12/3

1/07

12/3

1/08

12/3

1/09

12/3

1/10

12/3

1/11

12/3

1/12

12/3

1/13

12/3

1/14

$22,981(a)(1)$23,296(b)(2)



(1) Effective December 17, 2010, the Fund changed its benchmark index from the Dow Jones U.S. Large Cap Growth Total Stock Market Index tothe S&P 500 Growth Index. The Funds performance in the table above is based on the Funds prior investment strategy to track differentbenchmark indices for periods prior to December 17, 2010.

(2) Index returns represent the Funds prior benchmark indices from December 31, 2005 through December 16, 2010 and the S&P 500 GrowthIndex from December 17, 2010 through December 31, 2015.

17

S P D R S & P 5 0 0 G R O W T H E T F P O R T F O L I O S U M M A R Y


DESCRIPTION APPLE, INC. MICROSOFT CORP. AMAZON.COM, INC. FACEBOOK, INC. ALPHABET, INC.

MARKET VALUE $38,381,796 28,977,981 16,981,060 15,536,568 14,810,198

% OF NET ASSETS 6.4 4.8 2.8 2.6 2.5



INDUSTRY% OF

NET ASSETS

Internet Software & Services 8.0%Software 7.6Technology Hardware, Storage &

Peripherals 6.6Biotechnology 6.1IT Services 5.9Pharmaceuticals 5.7Specialty Retail 4.5Internet & Catalog Retail 4.3Media 4.0Real Estate Investment Trusts (REITs) 4.0Semiconductors & Semiconductor

Equipment 3.2Aerospace & Defense 3.0Industrial Conglomerates 3.0Beverages 2.8Health Care Equipment & Supplies 2.6Hotels, Restaurants & Leisure 2.5Tobacco 2.5Health Care Providers & Services 2.4Chemicals 1.9Food Products 1.8Food & Staples Retailing 1.5Capital Markets 1.4Textiles, Apparel & Luxury Goods 1.4Oil, Gas & Consumable Fuels 1.2Diversified Financial Services 1.0Life Sciences Tools & Services 1.0Communications Equipment 0.9Diversified Telecommunication

Services 0.9

INDUSTRY% OF

NET ASSETS

Household Products 0.9%Insurance 0.9Machinery 0.6Air Freight & Logistics 0.5Commercial Services & Supplies 0.5Household Durables 0.5Professional Services 0.5Airlines 0.3Auto Components 0.3Electronic Equipment, Instruments &

Components 0.3Multiline Retail 0.3Road & Rail 0.3Building Products 0.2Construction Materials 0.2Containers & Packaging 0.2Electrical Equipment 0.2Health Care Technology 0.2Multi-Utilities 0.2Personal Products 0.2Trading Companies & Distributors 0.2Consumer Finance 0.1Diversified Consumer Services 0.1Energy Equipment & Services 0.1Leisure Equipment & Products 0.1Real Estate Management &

Development 0.1Short-Term Investments 2.1Liabilities in Excess of Other Assets (1.8)

TOTAL 100.0%


18

S P D R S & P 5 0 0 V A L U E E T F P E R F O R M A N C E S U M M A R Y



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 aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR S&P 500 Value ETF as stated in the Fees and Expenses table of theprospectus dated October 31, 2015 (as supplemented February 11, 2016) is 0.15%.



NET ASSETVALUE

MARKETVALUE

S&P 500VALUE INDEX

NET ASSETVALUE

MARKETVALUE

S&P 500VALUE INDEX


ONE YEAR 3.20% 3.27% 3.13% 3.20% 3.27% 3.13%

THREE YEARS 42.84% 42.85% 43.65% 12.62% 12.62% 12.84%

FIVE YEARS (1) 66.55% 66.48% 68.23% 10.74% 10.73% 10.97%

TEN YEARS (1) 76.78% 76.71% 75.70% 5.86% 5.86% 5.80%

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

19

S P D R S & P 5 0 0 V A L U E E T F P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D )


$17,678(a)(1)

$17,864(b)(2)

$10,000

$15,000

$5,000

$20,000

SPDR S&P 500 Value ETF (a) (1) S&P 500 Value Index (b) (2)

12/3

1/15

12/3

1/05

12/3

1/06

12/3

1/07

12/3

1/08

12/3

1/09

12/3

1/10

12/3

1/11

12/3

1/12

12/3

1/13

12/3

1/14



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

(2) Index returns represent the Funds prior benchmark indices from December 31, 2005 through December 16, 2010 and the S&P 500 Value Indexfrom December 17, 2010 through December 31, 2015.

20

S P D R S & P 5 0 0 V A L U E E T F P O R T F O L I O S U M M A R Y


DESCRIPTION EXXON MOBIL CORP. WELLS FARGO & CO.BERKSHIREHATHAWAY, INC.

JPMORGANCHASE & CO. PROCTER & GAMBLE CO

MARKET VALUE $8,152,011 6,345,715 6,214,595 6,106,388 5,429,818

% OF NET ASSETS 3.7 2.9 2.8 2.8 2.4



INDUSTRY% OF

NET ASSETS

Banks 12.3%Oil, Gas & Consumable Fuels 9.9Pharmaceuticals 5.9Insurance 4.6Diversified Telecommunication

Services 4.0Electric Utilities 3.5Food & Staples Retailing 3.2Diversified Financial Services 3.1Health Care Providers & Services 3.1Household Products 3.0Capital Markets 2.8Aerospace & Defense 2.4Chemicals 2.3Industrial Conglomerates 2.2Multi-Utilities 2.1Energy Equipment & Services 2.0Media 2.0Communications Equipment 1.9Beverages 1.8Machinery 1.8Health Care Equipment & Supplies 1.7Consumer Finance 1.6Food Products 1.6Semiconductors & Semiconductor

Equipment 1.6Real Estate Investment Trusts (REITs) 1.4Technology Hardware, Storage &

Peripherals 1.4Automobiles 1.3IT Services 1.3

INDUSTRY% OF

NET ASSETS

Biotechnology 1.2%Hotels, Restaurants & Leisure 1.2Road & Rail 1.2Airlines 1.0Software 1.0Air Freight & Logistics 0.9Multiline Retail 0.9Electrical Equipment 0.7Tobacco 0.7Specialty Retail 0.6Auto Components 0.5Electronic Equipment, Instruments &

Components 0.5Metals & Mining 0.5Containers & Packaging 0.4Textiles, Apparel & Luxury Goods 0.4Commercial Services & Supplies 0.3Household Durables 0.3Internet Software & Services 0.3Life Sciences Tools & Services 0.3Construction & Engineering 0.2Distributors 0.2Trading Companies & Distributors 0.2Independent Power Producers &

Energy Traders 0.1Leisure Equipment & Products 0.1Professional Services 0.1Short-Term Investments 3.6Liabilities in Excess of Other Assets (3.2)

TOTAL 100.0%


21

S P D R S & P 5 0 0 H I G H D I V I D E N D E T F P O R T F O L I O S U M M A R Y



DESCRIPTION AGL RESOURCES, INC. KLA-TENCOR CORP. PUBLIC STORAGE TECO ENERGY, INC. GENERAL ELECTRIC CO.

MARKET VALUE $73,254 72,055 66,631 66,465 65,820

% OF NET ASSETS 1.7 1.7 1.5 1.5 1.5



INDUSTRY% OF

NET ASSETS

Real Estate Investment Trusts (REITs) 16.7%Multi-Utilities 14.2Electric Utilities 13.8Oil, Gas & Consumable Fuels 6.7Diversified Telecommunication

Services 4.9Tobacco 4.0Energy Equipment & Services 3.4Hotels, Restaurants & Leisure 2.7Automobiles 2.6Commercial Services & Supplies 2.6Chemicals 2.5Pharmaceuticals 2.3Gas Utilities 1.7Semiconductors & Semiconductor

Equipment 1.6Industrial Conglomerates 1.5Leisure Equipment & Products 1.5

INDUSTRY% OF

NET ASSETS

Food & Staples Retailing 1.4%Household Products 1.4IT Services 1.4Insurance 1.4Aerospace & Defense 1.3Banks 1.3Textiles, Apparel & Luxury Goods 1.3Software 1.2Biotechnology 1.1Household Durables 1.1Machinery 1.1Consumer Finance 0.9Technology Hardware, Storage &

Peripherals 0.9Specialty Retail 0.8Short-Term Investments 0.4Other Assets in Excess of Liabilities 0.3

TOTAL 100.0%


22

S P D R S & P 5 0 0 F O S S I L F U E L F R E E E T F P O R T F O L I O S U M M A R Y



DESCRIPTION APPLE, INC. MICROSOFT CORP. GENERAL ELECTRIC CO.JOHNSON &JOHNSON AMAZON.COM, INC.

MARKET VALUE $2,035,202 1,537,295 1,020,412 985,701 902,989

% OF NET ASSETS 3.5 2.6 1.7 1.7 1.5



INDUSTRY% OF

NET ASSETS

Banks 6.3%Pharmaceuticals 6.1Software 4.6Internet Software & Services 4.5Technology Hardware, Storage &

Peripherals 4.3Biotechnology 3.9IT Services 3.9Media 3.2Health Care Providers & Services 2.9Insurance 2.9Aerospace & Defense 2.8Real Estate Investment Trusts (REITs) 2.8Industrial Conglomerates 2.7Specialty Retail 2.7Diversified Telecommunication

Services 2.6Semiconductors & Semiconductor

Equipment 2.6Food & Staples Retailing 2.5Beverages 2.4Health Care Equipment & Supplies 2.3Internet & Catalog Retail 2.3Capital Markets 2.2Chemicals 2.2Diversified Financial Services 2.1Household Products 2.0Hotels, Restaurants & Leisure 1.9Food Products 1.8Tobacco 1.7Communications Equipment 1.5Electric Utilities 1.4Machinery 1.2Multi-Utilities 1.2

INDUSTRY% OF

NET ASSETS

Energy Equipment & Services 1.1%Oil, Gas & Consumable Fuels 1.1Textiles, Apparel & Luxury Goods 1.0Consumer Finance 0.9Road & Rail 0.8Air Freight & Logistics 0.7Airlines 0.7Automobiles 0.7Life Sciences Tools & Services 0.7Multiline Retail 0.7Electrical Equipment 0.5Auto Components 0.4Commercial Services & Supplies 0.4Electronic Equipment, Instruments &

Components 0.4Household Durables 0.4Containers & Packaging 0.3Professional Services 0.3Trading Companies & Distributors 0.2Building Products 0.1Construction & Engineering 0.1Construction Materials 0.1Distributors 0.1Health Care Technology 0.1Independent Power Producers &

Energy Traders 0.1Leisure Equipment & Products 0.1Metals & Mining 0.1Personal Products 0.1Real Estate Management &

Development 0.1Other Assets in Excess of Liabilities 0.2

TOTAL 100.0%


23

S P D R R U S S E L L S M A L L C A P C O M P L E T E N E S S E T F P E R F O R M A N C E S U M M A R Y



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 aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR Russell Small Cap Completeness ETF as stated in the Fees and Expensestable of the prospectus dated October 31, 2015 (as supplemented February 11, 2016) is 0.10%.



NET ASSETVALUE

MARKETVALUE

DOW JONES U.S.MID-CAP

TOTAL STOCKMARKET INDEX

RUSSELLSMALL CAP

COMPLETENESSINDEX

NET ASSETVALUE

MARKETVALUE

DOW JONES U.S.MID-CAP

TOTAL STOCKMARKET INDEX

RUSSELLSMALL CAP

COMPLETENESSINDEX


ONE YEAR 3.50% 3.48% 0.02% 3.41% 3.50% 3.48% 0.02% 3.41%

THREE YEARS (1) 42.84% 42.92% 50.44% 43.67% 12.62% 12.64% 14.59% 12.85%

FIVE YEARS (1) 66.13% 65.95% 75.68% 62.96% 10.68% 10.66% 11.93% 10.26%

TEN YEARS (1) 119.45% 118.59% 133.32% 108.84% 8.18% 8.13% 8.84% 7.64%

(1) Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Mid-Cap Total Stock Market Index to the Russell SmallCap Completeness Index. The Funds performance in the table above is based on the Funds prior investment strategy to track a differentbenchmark index for periods prior to July 9, 2013.

24

S P D R R U S S E L L S M A L L C A P C O M P L E T E N E S S E T F P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D )


$21,945(a)(1)

$22,500(b)(2)

$10,000

$15,000

$5,000

$25,000

$20,000

SPDR Russell Small Cap Completeness ETF (a) (1) Russell Small Cap Completeness Index (b) (2)

12/3

1/15

12/3

1/05

12/3

1/06

12/3

1/07

12/3

1/08

12/3

1/09

12/3

1/10

12/3

1/11

12/3

1/12

12/3

1/13

12/3

1/14



(1) Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Mid-Cap Total Stock Market Index to the Russell SmallCap Completeness Index. The Funds performance in the table above is based on the Funds prior investment strategy to track a differentbenchmark index for periods prior to July 9, 2013.

(2) Index returns represent the Funds prior benchmark index from December 31, 2005 through July 8, 2013 and the Russell Small CapCompleteness Index from July 9, 2013 through December 31, 2015.

25

S P D R R U S S E L L S M A L L C A P C O M P L E T E N E S S E T F P O R T F O L I O S U M M A R Y


DESCRIPTION LINKEDIN CORP. TESLA MOTORS, INC. BIOMARIN PHARMACEUTICAL, INC. INCYTE CORP. LAS VEGAS SANDS CORP.

MARKET VALUE $431,703 431,538 320,356 311,252 302,891

% OF NET ASSETS 0.6 0.6 0.5 0.4 0.4



INDUSTRY% OF

NET ASSETS

Real Estate Investment Trusts (REITs) 10.0%Banks 5.9Biotechnology 5.0Software 4.6Insurance 4.4Hotels, Restaurants & Leisure 3.4IT Services 3.3Health Care Equipment & Supplies 3.1Machinery 3.1Media 3.1Internet Software & Services 2.5Specialty Retail 2.5Electronic Equipment, Instruments &

Components 2.4Oil, Gas & Consumable Fuels 2.4Chemicals 2.3Semiconductors & Semiconductor

Equipment 2.3Health Care Providers & Services 2.2Aerospace & Defense 1.7Capital Markets 1.7Food Products 1.7Commercial Services & Supplies 1.5Communications Equipment 1.4Household Durables 1.4Electric Utilities 1.2Professional Services 1.2Building Products 1.1Life Sciences Tools & Services 1.1Pharmaceuticals 1.1Thrifts & Mortgage Finance 1.1Containers & Packaging 1.0Energy Equipment & Services 1.0Gas Utilities 1.0Auto Components 0.9Electrical Equipment 0.9Diversified Financial Services 0.8Internet & Catalog Retail 0.8

INDUSTRY% OF

NET ASSETS

Metals & Mining 0.8%Road & Rail 0.8Trading Companies & Distributors 0.8Wireless Telecommunication Services 0.8Airlines 0.7Automobiles 0.7Diversified Consumer Services 0.7Food & Staples Retailing 0.7Real Estate Management &

Development 0.7Textiles, Apparel & Luxury Goods 0.7Construction & Engineering 0.6Consumer Finance 0.6Health Care Technology 0.6Leisure Equipment & Products 0.5Multi-Utilities 0.5Water Utilities 0.5Distributors 0.4Diversified Telecommunication

Services 0.4Personal Products 0.4Technology Hardware, Storage &

Peripherals 0.4Independent Power Producers &

Energy Traders 0.3Multiline Retail 0.3Paper & Forest Products 0.3Air Freight & Logistics 0.2Household Products 0.2Industrial Conglomerates 0.2Beverages 0.1Construction Materials 0.1Marine 0.1Tobacco 0.1Transportation Infrastructure 0.1Short-Term Investments 13.4Liabilities in Excess of Other Assets (12.8)

TOTAL 100.0%


26

S P D R S & P 4 0 0 M I D C A P G R O W T H E T F P E R F O R M A N C E S U M M A R Y



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 aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR S&P 400 Mid Cap Growth ETF as stated in the Fees and Expenses table ofthe prospectus dated October 31, 2015 (as supplemented February 11, 2016) is 0.15%.



NET ASSETVALUE

MARKETVALUE

S&P MIDCAP 400GROWTH INDEX

NET ASSETVALUE

MARKETVALUE

S&P MIDCAP 400GROWTH INDEX


ONE YEAR 1.93% 1.92% 2.02% 1.93% 1.92% 2.02%

THREE YEARS 44.96% 44.93% 45.70% 13.17% 13.17% 13.38%

FIVE YEARS (1) 67.85% 67.72% 69.26% 10.91% 10.90% 11.10%

TEN YEARS (1) 138.73% 138.82% 133.59% 9.09% 9.10% 8.86%

(1) Effective December 17, 2010, the Fund changed its benchmark index from the Dow Jones U.S. Mid-Cap Growth Total Stock Market Index to theS&P MidCap 400 Growth Index. The Funds performance in the table above is based on the Funds prior investment strategy to track a differentbenchmark index for periods prior to December 17, 2010.

27

S P D R S & P 4 0 0 M I D C A P G R O W T H E T F P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D )


$23,873(a)(1)

$24,448(b)(2)

$10,000

$15,000

$5,000

$25,000

$20,000

SPDR S&P 400 Mid Cap Growth ETF (a) (1) S&P MidCap 400 Growth Index (b) (2)

12/3

1/15

12/3

1/05

12/3

1/06

12/3

1/07

12/3

1/08

12/3

1/09

12/3

1/10

12/3

1/11

12/3

1/12

12/3

1/13

12/3

1/14



(1) Effective December 17, 2010, the Fund changed its benchmark index from the Dow Jones U.S. Mid-Cap Growth Total Stock Market Index to theS&P MidCap 400 Growth Index. The Funds performance in the table above is based on the Funds prior investment strategy to track a differentbenchmark index for periods prior to December 17, 2010.

(2) Index returns represent the Funds prior benchmark index from December 31, 2005 through December 16, 2010 and the S&P MidCap 400Growth Index from December 17, 2010 through December 31, 2015.

28

S P D R S & P 4 0 0 M I D C A P G R O W T H E T F P O R T F O L I O S U M M A R Y


DESCRIPTIONEXTRA SPACESTORAGE, INC. ACUITY BRANDS, INC. ALASKA AIR GROUP, INC. UDR, INC. HOLOGIC, INC.

MARKET VALUE $4,586,832 4,311,973 4,276,047 4,142,731 4,007,975

% OF NET ASSETS 1.4 1.4 1.3 1.3 1.3



INDUSTRY% OF

NET ASSETS

Real Estate Investment Trusts (REITs) 12.8%Software 8.4Health Care Equipment & Supplies 7.3IT Services 6.0Banks 4.8Health Care Providers & Services 3.8Hotels, Restaurants & Leisure 3.3Household Durables 3.3Food Products 3.1Diversified Financial Services 3.0Machinery 2.8Insurance 2.7Life Sciences Tools & Services 2.7Building Products 2.6Chemicals 2.4Airlines 2.3Capital Markets 2.3Electronic Equipment, Instruments &

Components 2.1Commercial Services & Supplies 1.9Electrical Equipment 1.7Semiconductors & Semiconductor

Equipment 1.5Containers & Packaging 1.3Media 1.3Communications Equipment 1.2Distributors 1.2Real Estate Management &

Development 1.2Textiles, Apparel & Luxury Goods 1.2

INDUSTRY% OF

NET ASSETS

Specialty Retail 1.1%Leisure Equipment & Products 1.0Professional Services 1.0Biotechnology 0.9Gas Utilities 0.8Aerospace & Defense 0.7Diversified Consumer Services 0.7Internet Software & Services 0.7Pharmaceuticals 0.6Food & Staples Retailing 0.5Auto Components 0.4Construction Materials 0.4Water Utilities 0.4Personal Products 0.3Road & Rail 0.3Trading Companies & Distributors 0.3Automobiles 0.2Beverages 0.2Electric Utilities 0.2Health Care Technology 0.2Metals & Mining 0.2Paper & Forest Products 0.2Thrifts & Mortgage Finance 0.2Construction & Engineering 0.1Household Products 0.1Short-Term Investments 5.9Liabilities in Excess of Other Assets (5.8)

TOTAL 100.0%


29

S P D R S & P 4 0 0 M I D C A P V A L U E E T F P E R F O R M A N C E S U M M A R Y



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 aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR S&P 400 Mid Cap Value ETF as stated in the Fees and Expenses table of theprospectus dated October 31, 2015 (as supplemented February 11, 2016) is 0.15%.



NET ASSETVALUE

MARKETVALUE

S&P MIDCAP 400VALUE INDEX

NET ASSETVALUE

MARKETVALUE

S&P MIDCAP 400VALUE INDEX


ONE YEAR 6.80% 6.80% 6.65% 6.80% 6.80% 6.65%

THREE YEARS (1) 39.43% 39.54% 40.49% 11.72% 11.75% 12.01%

FIVE YEARS (1) 60.65% 60.73% 62.47% 9.95% 9.96% 10.19%

TEN YEARS (1) 91.19% 91.46% 104.40% 6.70% 6.71% 7.41%

(1) Effective December 17, 2010, the Fund changed its benchmark index from the Dow Jones U.S. Mid-Cap Value Total Stock Market Index to theS&P MidCap 400 Value Index. The Funds performance in the table above is based on the Funds prior investment strategy to track a differentbenchmark index for periods prior to December 17, 2010.

30

S P D R S & P 4 0 0 M I D C A P V A L U E E T F P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D )


$19,119(a)(1)$19,473(b)(2)

$10,000

$15,000

$5,000

$25,000

$20,000

SPDR S&P 400 Mid Cap Value ETF (a) (1) S&P MidCap 400 Value Index (b) (2)

12/3

1/15

12/3

1/05

12/3

1/06

12/3

1/07

12/3

1/08

12/3

1/09

12/3

1/10

12/3

1/11

12/3

1/12

12/3

1/13

12/3

1/14



(1) Effective December 17, 2010, the Fund changed its benchmark index from the Dow Jones U.S. Mid-Cap Value Total Stock Market Index to theS&P MidCap 400 Value Index. The Funds performance in the table above is based on the Funds prior investment strategy to track a differentbenchmark index for periods prior to December 17, 2010.

(2) Index returns represent the Funds prior benchmark index from December 31, 2005 through December 16, 2010 and the S&P MidCap 400 ValueIndex from December 17, 2010 through December 31, 2015.

31

S P D R S & P 4 0 0 M I D C A P V A L U E E T F P O R T F O L I O S U M M A R Y


DESCRIPTION

NEW YORKCOMMUNITYBANCORP, INC.

EVERESTRE GROUP, LTD. ALLEGHANY CORP. HOLLYFRONTIER CORP.

ALLIANTENERGY CORP.

MARKET VALUE $1,705,734 1,699,258 1,603,455 1,572,583 1,525,154

% OF NET ASSETS 1.1 1.1 1.0 1.0 1.0



INDUSTRY% OF

NET ASSETS

Real Estate Investment Trusts (REITs) 8.8%Insurance 8.6Banks 6.3Machinery 5.6Electronic Equipment, Instruments &

Components 5.5Specialty Retail 4.2Chemicals 3.8Electric Utilities 3.6Oil, Gas & Consumable Fuels 3.4Aerospace & Defense 2.7Energy Equipment & Services 2.7Gas Utilities 2.6Metals & Mining 2.6Semiconductors & Semiconductor

Equipment 2.5Multi-Utilities 2.3IT Services 2.2Health Care Providers & Services 2.0Capital Markets 1.8Household Durables 1.8Media 1.8Containers & Packaging 1.7Commercial Services & Supplies 1.6Professional Services 1.5Food Products 1.4Health Care Equipment & Supplies 1.2Road & Rail 1.2Thrifts & Mortgage Finance 1.2Construction & Engineering 1.1Technology Hardware, Storage &

Peripherals 1.1

INDUSTRY% OF

NET ASSETS

Trading Companies & Distributors 1.0%Hotels, Restaurants & Leisure 0.9Software 0.9Communications Equipment 0.8Electrical Equipment 0.8Industrial Conglomerates 0.8Diversified Consumer Services 0.7Food & Staples Retailing 0.7Leisure Equipment & Products 0.7Personal Products 0.6Auto Components 0.5Multiline Retail 0.5Paper & Forest Products 0.5Consumer Finance 0.4Life Sciences Tools & Services 0.4Marine 0.4Textiles, Apparel & Luxury Goods 0.4Water Utilities 0.3Wireless Telecommunication Services 0.3Automobiles 0.2Health Care Technology 0.2Household Products 0.2Internet & Catalog Retail 0.2Internet Software & Services 0.2Beverages 0.1Independent Power Producers &

Energy Traders 0.1Pharmaceuticals 0.1Short-Term Investments 7.9Liabilities in Excess of Other Assets (7.6)

TOTAL 100.0%


32

S P D R S & P 6 0 0 S M A L L C A P E T F P E R F O R M A N C E S U M M A R Y

The following performance chart of the Funds total return at

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