SPDR® Series Trust
Supplement Dated March 14, 2012
Prospectus Dated October 31, 2011, as supplemented,
SPDR S&P® Dividend ETF
Effective March 16, 2012, in THE FUNDS PRINCIPAL INVESTMENT STRATEGY section on page 62 of the prospectus dated October 31, 2011, as supplemented, the first two paragraphs are hereby deleted and replaced with the following two paragraphs:
In seeking to track the performance of the S&P High Yield Dividend Aristocrats Index (the Index), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. (SSgA FM or the Adviser), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Funds investment objective.
Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser).
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