nvcsr

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.

TABLE OF CONTENTS


Management’s Discussion of Fund Performance & Portfolio Summary (unaudited)
SPDR^® STOXX^® Europe 50 ETF (FEU)		1
SPDR EURO STOXX 50^® ETF (FEZ)		5
SPDR EURO STOXX Small Cap ETF (SMEZ)		9
SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ)		13
SPDR S&P International Dividend Currency Hedged ETF (HDWX)		15
SPDR MSCI International Real Estate Currency Hedged ETF (HREX)		16
SPDR S&P Emerging Asia Pacific ETF (GMF)		17
SPDR S&P Russia ETF (RBL)		21
SPDR S&P China ETF (GXC)		25
SPDR S&P Emerging Markets ETF (GMM)		29
SPDR S&P Emerging Markets Dividend ETF (EDIV)		33
SPDR S&P BRIC 40 ETF (BIK)		37
SPDR S&P Emerging Europe ETF (GUR)		41
SPDR S&P Emerging Latin America ETF (GML)		45
SPDR S&P Emerging Middle East & Africa ETF (GAF)		49
SPDR S&P World ex-US ETF (GWL)		53
SPDR S&P International Small Cap ETF (GWX)		57
SPDR Dow Jones International Real Estate ETF (RWX)		61
SPDR S&P Global Infrastructure ETF (GII)		65
SPDR S&P Global Natural Resources ETF (GNR)		69
SPDR MSCI ACWI ex-US ETF (CWI)		73
SPDR MSCI ACWI IMI ETF (ACIM)		77
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)		81
SPDR MSCI EM 50 ETF (EMFT)		85
SPDR MSCI EM Beyond BRIC ETF (EMBB)		89
SPDR MSCI EAFE Quality Mix ETF (QEFA)		93
SPDR MSCI Emerging Markets Quality Mix ETF (QEMM)		97
SPDR MSCI World Quality Mix ETF (QWLD)		101
SPDR MSCI Australia Quality Mix ETF (QAUS)		105
SPDR MSCI Canada Quality Mix ETF (QCAN)		109
SPDR MSCI Germany Quality Mix ETF (QDEU)		113
SPDR MSCI Japan Quality Mix ETF (QJPN)		117
SPDR MSCI Mexico Quality Mix ETF (QMEX)		121
SPDR MSCI South Korea Quality Mix ETF (QKOR)		125
SPDR MSCI Spain Quality Mix ETF (QESP)		129
SPDR MSCI Taiwan Quality Mix ETF (QTWN)		133
SPDR MSCI United Kingdom Quality Mix ETF (QGBR)		137
SPDR Russell/Nomura PRIME^TM Japan ETF (JPP)		141
SPDR Russell/Nomura Small Cap^TM Japan ETF (JSC)		145
SPDR S&P Global Dividend ETF (WDIV)		149
SPDR S&P International Dividend ETF (DWX)		153


SPDR S&P International Mid Cap ETF (MDD)		157
SPDR S&P Emerging Markets Small Cap ETF (EWX)		161
SPDR Dow Jones Global Real Estate ETF (RWO)		166
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		170
SPDR S&P International Consumer Staples Sector ETF (IPS)		174
SPDR S&P International Energy Sector ETF (IPW)		178
SPDR S&P International Financial Sector ETF (IPF)		182
SPDR S&P International Health Care Sector ETF (IRY)		187
SPDR S&P International Industrial Sector ETF (IPN)		191
SPDR S&P International Materials Sector ETF (IRV)		195
SPDR S&P International Technology Sector ETF (IPK)		199
SPDR S&P International Telecommunications Sector ETF (IST)		203
SPDR S&P International Utilities Sector ETF (IPU)		207
Schedules of Investments
SPDR STOXX Europe 50 ETF (FEU)		211
SPDR EURO STOXX 50 ETF (FEZ)		212
SPDR EURO STOXX Small Cap ETF (SMEZ)		213
SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ)		215
SPDR S&P International Dividend Currency Hedged ETF (HDWX)		216
SPDR MSCI International Real Estate Currency Hedged ETF (HREX)		218
SPDR S&P Emerging Asia Pacific ETF (GMF)		223
SPDR S&P Russia ETF (RBL)		233
SPDR S&P China ETF (GXC)		234
SPDR S&P Emerging Markets ETF (GMM)		242
SPDR S&P Emerging Markets Dividend ETF (EDIV)		257
SPDR S&P BRIC 40 ETF (BIK)		259
SPDR S&P Emerging Europe ETF (GUR)		260
SPDR S&P Emerging Latin America ETF (GML)		262
SPDR S&P Emerging Middle East & Africa ETF (GAF)		265
SPDR S&P World ex-US ETF (GWL)		268
SPDR S&P International Small Cap ETF (GWX)		282
SPDR Dow Jones International Real Estate ETF (RWX)		305
SPDR S&P Global Infrastructure ETF (GII)		307
SPDR S&P Global Natural Resources ETF (GNR)		309
SPDR MSCI ACWI ex-US ETF (CWI)		311
SPDR MSCI ACWI IMI ETF (ACIM)		322
SPDR MSCI ACWI Low Carbon Target ETF (LOWC)		331
SPDR MSCI EM 50 ETF (EMFT)		344
SPDR MSCI EM Beyond BRIC ETF (EMBB)		345
SPDR MSCI EAFE Quality Mix ETF (QEFA)		349
SPDR MSCI Emerging Markets Quality Mix ETF (QEMM)		355
SPDR MSCI World Quality Mix ETF (QWLD)		363
SPDR MSCI Australia Quality Mix ETF (QAUS)		373
SPDR MSCI Canada Quality Mix ETF (QCAN)		375


SPDR MSCI Germany Quality Mix ETF (QDEU)		377
SPDR MSCI Japan Quality Mix ETF (QJPN)		379
SPDR MSCI Mexico Quality Mix ETF (QMEX)		383
SPDR MSCI South Korea Quality Mix ETF (QKOR)		384
SPDR MSCI Spain Quality Mix ETF (QESP)		386
SPDR MSCI Taiwan Quality Mix ETF (QTWN)		387
SPDR MSCI United Kingdom Quality Mix ETF (QGBR)		389
SPDR Russell/Nomura PRIME Japan ETF (JPP)		391
SPDR Russell/Nomura Small Cap Japan ETF (JSC)		397
SPDR S&P Global Dividend ETF (WDIV)		405
SPDR S&P International Dividend ETF (DWX)		407
SPDR S&P International Mid Cap ETF (MDD)		409
SPDR S&P Emerging Markets Small Cap ETF (EWX)		417
SPDR Dow Jones Global Real Estate ETF (RWO)		428
SPDR S&P International Consumer Discretionary Sector ETF (IPD)		431
SPDR S&P International Consumer Staples Sector ETF (IPS)		434
SPDR S&P International Energy Sector ETF (IPW)		437
SPDR S&P International Financial Sector ETF (IPF)		439
SPDR S&P International Health Care Sector ETF (IRY)		442
SPDR S&P International Industrial Sector ETF (IPN)		444
SPDR S&P International Materials Sector ETF (IRV)		447
SPDR S&P International Technology Sector ETF (IPK)		450
SPDR S&P International Telecommunications Sector ETF (IST)		453
SPDR S&P International Utilities Sector ETF (IPU)		455
Financial Statements		458
Financial Highlights		504
Notes to Financial Statements		532
Report of Independent Registered Public Accounting Firm		570
Other Information (unaudited)		571

SPDR STOXX Europe 50 ETF —
Management’s Discussion of Fund Performance

The SPDR STOXX Europe 50 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the STOXX^® Europe 50 Index (the “Index”). In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −11.36%, and the total return for the Index was −11.50%. 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. Fees, cash and small security misweights contributed to the difference between the Fund’s performance and that of the Index.

The fourth quarter of 2014 saw a mixed performance for stocks in the Fund as the economic data in Eurozone countries confronted continued weakness and the European Central Bank (ECB) prepared for alternative measures to boost their balance sheet. After a turbulent January 2015 for equity markets as ECB announced a larger than expected quantitative easing, volatility subsided through the month of February and the stocks in the Fund witnessed a significant positive performance of 5.92% that month. However, this momentum was short-lived and the rest of the year witnessed a downward trajectory again as uncertainty lingered with the possibility of a Greek exit from the Eurozone. By the end of the third quarter of 2015, the Greek drama had been largely resolved, though, with Greece agreeing to a new, more austere bailout agreement with its creditors.

On an individual security level, the top positive contributors to the Fund’s performance were Nestle SA, Deutsche Telekom AG, and LVMH Moet Hennessy Louis Vuitton SE. The top negative contributors to the Fund’s performance were HSBC Holdings PLC, Royal Dutch Shell PLC (Class A), and Banco Santander SA.

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 STOXX Europe 50 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 the 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 STOXX Europe 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.29%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		STOXX EUROPE		NET ASSET		MARKET		STOXX EUROPE
	VALUE		VALUE		50 INDEX		VALUE		VALUE		50 INDEX

ONE YEAR		−11.36%		−10.98%		−11.50%		−11.36%		−10.98%		−11.50%

THREE YEARS		13.04%		12.70%		12.94%		4.17%		4.07%		4.14%

FIVE YEARS		16.49%		16.93%		16.17%		3.10%		3.18%		3.04%

TEN YEARS		17.93%		18.10%		17.83%		1.66%		1.68%		1.65%

SPDR STOXX Europe 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	NESTLE SA	NOVARTIS AG	ROCHE HOLDING AG	HSBC HOLDINGS PLC	SANOFI

MARKET VALUE	$15,693,837	15,276,137	12,133,262	9,692,966	7,433,420

% OF NET ASSETS	6.3	6.1	4.9	3.9	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Pharmaceuticals		24.2	%
Banks		15.4
Oil, Gas & Consumable Fuels		10.2
Food Products		6.3
Insurance		5.7
Diversified Telecommunication Services		4.3
Tobacco		4.0
Beverages		3.9
Capital Markets		3.5
Personal Products		3.1
Chemicals		2.9
Textiles, Apparel & Luxury Goods		2.3
Wireless Telecommunication Services		2.2
Electrical Equipment		2.0
Automobiles		1.9
Industrial Conglomerates		1.8
Software		1.7
Household Products		1.6
Multi-Utilities		1.4
Metals & Mining		1.1
Short Term Investments		0.1
Other Assets & Liabilities		0.4

TOTAL		100.0	%


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

SPDR EURO STOXX 50 ETF —
Management’s Discussion of Fund Performance

The SPDR EURO STOXX 50 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the EURO STOXX 50^® Index (the “Index”). In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −12.60%, and the total return for the Index was −12.90%. 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. Fees, cash and small security misweights contributed to the difference between the Fund’s performance and that of the Index.

The fourth quarter of 2014 saw a mixed performance for stocks in the Fund as the economic data in Eurozone countries confronted continued weakness and the European Central Bank (ECB) prepared for alternative measures to boost their balance sheet. After a turbulent January 2015 for equity markets as ECB announced a larger than expected quantitative easing, volatility subsided through the month of February and the stocks in the Fund witnessed a significant positive performance of 6.72% that month. However, this momentum was short-lived and the rest of the year witnessed a downward trajectory again as uncertainty lingered around with the possibility of a Greek exit from the Eurozone. By the end of the third quarter of 2015, the Greek drama had been largely resolved, though, with Greece agreeing to a new, more austere bailout agreement with its creditors.

On an individual security level, the top positive contributors to the Fund’s performance were Deutsche Telekom AG, LVMH Moet Hennessy Louis Vuitton SE, and Intesa Sanpaolo SpA. The top negative contributors to the Fund’s performance were Banco Bilbao Vizcaya Argentaria SA, Total SA, and Banco Santander SA.

SPDR EURO STOXX 50 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 the 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 EURO STOXX 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.29%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		EURO STOXX		NET ASSET		MARKET		EURO STOXX
	VALUE		VALUE		50 INDEX		VALUE		VALUE		50 INDEX

ONE YEAR		−12.60%		−12.02%		−12.90%		−12.60%		−12.02%		−12.90%

THREE YEARS		20.01%		20.12%		18.88%		6.27%		6.30%		5.94%

FIVE YEARS		9.92%		10.63%		7.75%		1.91%		2.04%		1.50%

TEN YEARS		17.47%		18.02%		13.71%		1.62%		1.67%		1.29%

SPDR EURO STOXX 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




				ANHEUSER-BUSCH
DESCRIPTION	SANOFI	TOTAL SA	BAYER AG	INBEV SA	BANCO SANTANDER SA

MARKET VALUE	$203,550,387	194,801,301	189,958,304	146,437,365	136,301,148

% OF NET ASSETS	5.0	4.8	4.7	3.6	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		16.6	%
Pharmaceuticals		9.7
Insurance		7.7
Oil, Gas & Consumable Fuels		6.7
Diversified Telecommunication Services		6.2
Automobiles		5.2
Chemicals		4.9
Personal Products		4.7
Industrial Conglomerates		4.1
Beverages		3.6
Electric Utilities		3.1
Software		2.8
Aerospace & Defense		2.7
Textiles, Apparel & Luxury Goods		2.0
Multi-Utilities		1.9
Food Products		1.7
Specialty Retail		1.6
Capital Markets		1.6
Construction & Engineering		1.5
Electrical Equipment		1.5
Semiconductors & Semiconductor Equipment		1.4
Media		1.2
Health Care Providers & Services		1.2
Air Freight & Logistics		1.2
Health Care Equipment & Supplies		1.2
Real Estate Investment Trusts		1.1
Communications Equipment		1.1
Building Products		1.0
Food & Staples Retailing		0.7
Metals & Mining		0.0	**
Short Term Investments		0.8
Other Assets & Liabilities		(0.7	)

TOTAL		100.0	%


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

SPDR EURO STOXX Small Cap ETF —
Management’s Discussion of Fund Performance

The SPDR EURO STOXX Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the EURO STOXX Small Index (the “Index”). In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −4.97%, and the total return for the Index was −5.16%. 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. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.

The fourth quarter of 2014 saw a mixed performance for stocks in the Fund as the economic data in Eurozone countries confronted continued weakness and the European Central Bank (ECB) prepared for alternative measures to boost their balance sheet. After a turbulent January 2015 for equity markets as ECB announced a larger than expected quantitative easing, volatility subsided through the month of February and the stocks in the Fund witnessed a significant positive performance of 6.4% that month. However, this momentum was short-lived and the rest of the year witnessed a downward trajectory again as uncertainty lingered around with the possibility of a Greek exit from the Eurozone. By the end of the third quarter of 2015, the Greek drama had been largely resolved, though, with Greece agreeing to a new, more austere bailout agreement with its creditors.

On an individual security level, the top positive contributors to the Fund’s performance were Paddy Power PLC, Altice NV (Class A), and Hermes International SCA. The top negative contributors to the Fund’s performance were Piraeus Bank SA, Delta Lloyd NV, and Eurobank Ergasias SA.

SPDR EURO STOXX 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, 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 EURO STOXX Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.45%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

EURO STOXX

NET ASSET

MARKET

EURO STOXX

VALUE

50 INDEX

VALUE

50 INDEX

ONE YEAR

−4.97%

−4.74%

−5.16%

−4.97%

−4.74%

−5.16%

SINCE INCEPTION (1)

−19.63%

−19.65%

−19.48%

−15.20%

−15.21%

−15.11%


(1)		For the period June 4, 2014 to September 30, 2015.

SPDR EURO STOXX Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




			BANCA POPOLARE DI
DESCRIPTION	PADDY POWER PLC	OSRAM LICHT AG	MILANO SCARL	TELEPERFORMANCE	SOCIETE BIC SA

MARKET VALUE	$242,951	223,116	215,439	215,307	212,261

% OF NET ASSETS	2.1	1.9	1.8	1.8	1.8

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Media		11.0	%
Banks		6.2
Real Estate Investment Trusts		5.7
Diversified Financial Services		5.5
Machinery		5.3
Insurance		4.6
Chemicals		4.0
Food & Staples Retailing		3.7
Pharmaceuticals		3.6
Electrical Equipment		3.2
Air Freight & Logistics		3.2
Hotels, Restaurants & Leisure		2.9
Food Products		2.6
Commercial Services & Supplies		2.5
Health Care Providers & Services		2.5
Oil, Gas & Consumable Fuels		2.4
Diversified Telecommunication Services		2.3
Airlines		2.1
Semiconductors & Semiconductor Equipment		2.0
Professional Services		1.8
Energy Equipment & Services		1.8
Wireless Telecommunication Services		1.8
Life Sciences Tools & Services		1.7
Real Estate Management & Development		1.7
Auto Components		1.5
Building Products		1.5
Beverages		1.4
Leisure Products		1.3
Independent Power and Renewable Electricity Producers		1.2
Containers & Packaging		1.2
Gas Utilities		1.2
Industrial Conglomerates		1.0
Capital Markets		1.0
Transportation Infrastructure		1.0
Household Durables		1.0
Thrifts & Mortgage Finance		0.9
Construction Materials		0.9
Aerospace & Defense		0.9
Short Term Investments		0.0	**
Other Assets & Liabilities		(0.1	)

TOTAL		100.0	%


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

SPDR S&P Emerging Asia Pacific ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Emerging Asia Pacific 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 the emerging markets of the Asia Pacific region. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −12.15%, and the total return for the S&P Asia Pacific Emerging BMI Index (the “Index”) was −11.96%. 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. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Index gained 1.07% in the last quarter of 2014. The Index could not hold the 2.35% positive return it realized in September. The Index declined 2.02% in December, reflecting continuing concerns over global growth as oil traded to new lows only to move much lower later in this quarter. China’s economy remains on a slowing trend. The HSBC Manufacturing PMI for December fell a half point to 49.5.

The Index gained 4.76% in the first quarter of 2015 representing the best quarter during the Reporting Period. The new year began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing. After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated. Fresh news in March came into the markets that raised uncertainties anew. On March 1, China eased administered rates, and maybe more consequentially, lowered its GDP forecast for 2015 to “about” 7%. The word “about” became key as it allows some wiggle room in case that the economy doesn’t grow at a pace officially targeted by the Chinese Government. Emerging market equites, commodities and indeed global equities traded lower on the news.

The second quarter of 2015 started off well as April 2015 delivered the best one month return during the Reporting Period. The Index gained 6.88% in April driven by the strong equity returns in China in spite of evidence suggesting a slowdown in economic growth. The economic concerns in China were realized in June 2015, causing the Index to decline −3.78%. On June 27, China’s central bank announced a surprise reduction in interest rates. This move was widely viewed as a response to a precipitous fall in China’s roaring stock market. The Chinese market has been viewed as particularly vulnerable given the rapid run up in shares driven in part by retail margin buying.

The third quarter of 2015 was the worst quarter during the Reporting Period, as the Index declined −18.66%. Global markets entered the third quarter of 2015 nervously with a sudden free fall in China’s stock market in previous months. By the end of the quarter, continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September.

On an individual security level, the top positive contributors to the Fund’s performance were Infosys, Ltd. ADR, China Life Insurance Co., Ltd., and Taiwan Semiconductor Manufacturing Co., Ltd. ADR. The top negative contributors to the Fund’s performance were PetroChina Co., Ltd. (Class H), Baidu, Inc. ADR, and Alibaba Group Holding, Ltd. ADR.

SPDR S&P Emerging Asia Pacific 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 (3/20/07, 3/23/07, 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 the 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 Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P ASIA PACIFIC		NET ASSET		MARKET		S&P ASIA PACIFIC
	VALUE		VALUE		EMERGING BMI INDEX		VALUE		VALUE		EMERGING BMI INDEX

ONE YEAR		−12.15%		−12.20%		−11.96%		−12.15%		−12.20%		−11.96%

THREE YEARS		4.13%		5.15%		7.07%		1.36%		1.69%		2.30%

FIVE YEARS		0.60%		0.57%		2.89%		0.12%		0.11%		0.57%

SINCE INCEPTION (1)		43.58%		43.61%		49.15%		4.33%		4.33%		4.80%


(1)		For the period March 20, 2007 to September 30, 2015.

SPDR S&P Emerging Asia Pacific ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




		TAIWAN SEMICONDUCTOR
	TENCENT	MANUFACTURING CO.,		ALIBABA GROUP	CHINA CONSTRUCTION
DESCRIPTION	HOLDINGS, LTD.	LTD. ADR	CHINA MOBILE, LTD.	HOLDING, LTD. ADR	BANK CORP. (CLASS H)

MARKET VALUE	$15,617,170	13,094,039	11,597,949	10,591,484	9,960,466

% OF NET ASSETS	3.7	3.0	2.7	2.5	2.3

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		15.3	%
Internet Software & Services		8.9
Semiconductors & Semiconductor Equipment		5.9
Oil, Gas & Consumable Fuels		5.2
Wireless Telecommunication Services		4.9
Insurance		3.9
Real Estate Management & Development		3.7
Electronic Equipment, Instruments & Components		3.6
IT Services		3.5
Pharmaceuticals		2.9
Food Products		2.5
Technology Hardware, Storage & Peripherals		2.5
Automobiles		2.3
Chemicals		2.1
Construction & Engineering		1.8
Diversified Telecommunication Services		1.7
Industrial Conglomerates		1.7
Independent Power and Renewable Electricity Producers		1.6
Transportation Infrastructure		1.6
Thrifts & Mortgage Finance		1.5
Internet & Catalog Retail		1.5
Textiles, Apparel & Luxury Goods		1.4
Construction Materials		1.4
Metals & Mining		1.4
Capital Markets		1.3
Machinery		1.2
Hotels, Restaurants & Leisure		1.1
Diversified Financial Services		1.1
Food & Staples Retailing		0.9
Electrical Equipment		0.9
Media		0.7
Beverages		0.7
Personal Products		0.7
Electric Utilities		0.6
Health Care Providers & Services		0.6
Household Products		0.6
Tobacco		0.5
Auto Components		0.5
Consumer Finance		0.5
Marine		0.5
Gas Utilities		0.4
Specialty Retail		0.4
Water Utilities		0.4
Household Durables		0.3
Airlines		0.3
Software		0.3
Energy Equipment & Services		0.2
Communications Equipment		0.2
Building Products		0.2
Commercial Services & Supplies		0.2
Diversified Consumer Services		0.2
Aerospace & Defense		0.2
Health Care Equipment & Supplies		0.2
Road & Rail		0.1
Multiline Retail		0.1
Biotechnology		0.1
Leisure Products		0.1
Trading Companies & Distributors		0.1
Distributors		0.1
Containers & Packaging		0.1
Paper & Forest Products		0.1
Air Freight & Logistics		0.0	**
Professional Services		0.0	**
Short Term Investments		5.8
Other Assets & Liabilities		(5.3	)

TOTAL		100.0	%


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

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

The SPDR S&P Russia ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an equity index based upon the Russian equity market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −29.32%, and the total return for the S&P Russia Capped BMI Index (the “Index”) was −27.22%. 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. Fund expenses, a cash drag, compounding, and optimization contributed to the difference between the Fund’s performance and that of the Index.

After a weak last quarter of 2014 when Index returns fell over 32%, Russian markets partially rebounded slightly in the first quarter of 2015 only to slide back down in the third quarter of 2015. Russia’s recession deepened in 2015 with a severe impact on households. The Russian economy continued to adjust to the sanctions shock from 2014 amid a tense geopolitical situation. Consumer demand dropped significantly and was driven by a sharp contraction in real wages which resulted from increase in consumer price inflation. Unemployment increased slightly from 5.3 percent in 2014 to 5.6 percent in the first half of 2015. The erosion of real income significantly increased the poverty rate.

Oil and gas prices remained low through the first half of 2015, further underlining Russia’s vulnerability to volatile global commodity markets. After rebounding in Q2, oil prices were again pressured over the third quarter, with Brent Crude decreasing 23.2% to finish at $47/barrel, while West Texas Intermediate declined 24.2% to end the period at $45/barrel. The energy sector was the main detractor from the Fund’s performance.

The ruble weakened in 2015 significantly, which created a price advantage for some industries, boosting exports, decreasing imports, and encouraging investment in certain sectors such as real estate, but failing to generate an overall increase in non-energy exports. Economic policy uncertainty combined with an unpredictable geopolitical situation and the continuation of the sanctions regime caused private investment to decline rapidly as capital costs rose and consumer demand evaporated.

Overall, emerging market equities were volatile through the third quarter of 2015, with no shortage of significant events causing considerable uncertainty across all major regions. The quarter opened on a positive note with news that Greece had successfully come to an agreement on austerity measures with creditors, but the resulting optimism was short lived as weakness across heavily weighted constituents China and Korea outweighed any positive sentiment through the remainder of July. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. This correction spread to all major markets including the S&P 500, which fell 3.2%. Concerns persisted through the weekend with the Dow Jones initially opening 1,000 points lower on Monday the 24th, before moderately rebounding but still closing the day 3.6% lower.

On an individual security level, the top positive contributors to the Fund’s performance were Surgutneftegas OAO ADR Pfd., Severstal PAO GDR, and Sistema JSFC GDR. The top negative contributors to the Fund’s performance were Yandex NV (Class A), Lukoil PJSC ADR, and Public Joint-Stock Company Gazprom PAO ADR.

SPDR S&P Russia 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 (3/10/10, 3/11/10, 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 the 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 Russia ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P RUSSIA CAPPED

NET ASSET

MARKET

S&P RUSSIA CAPPED

VALUE

BMI INDEX

VALUE

BMI INDEX

ONE YEAR

−29.32%

−29.15%

−27.22%

−29.32%

−29.15%

−27.22%

THREE YEARS

−42.09%

−42.12%

−39.60%

−16.65%

−16.66%

−15.48%

FIVE YEARS

−43.25%

−43.02%

−39.39%

−10.71%

−10.64%

−9.53%

SINCE INCEPTION (1)

−42.83%

−37.89%

−9.57%

−8.21%


(1)		For the period March 10, 2010 to September 30, 2015.

SPDR S&P Russia ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




				SBERBANK OF
DESCRIPTION	GAZPROM PAO ADR	LUKOIL PJSC ADR	MAGNIT PJSC GDR	RUSSIA ADR	NOVATEK OAO GDR

MARKET VALUE	$3,329,649	2,729,331	1,368,849	1,152,183	1,142,560

% OF NET ASSETS	14.4	11.8	5.9	5.0	5.0

(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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		47.3	%
Banks		12.2
Metals & Mining		11.7
Food & Staples Retailing		8.2
Wireless Telecommunication Services		5.8
Internet Software & Services		3.1
Diversified Telecommunication Services		1.8
Chemicals		1.6
Household Durables		1.4
Electric Utilities		1.1
IT Services		1.0
Energy Equipment & Services		0.8
Real Estate Management & Development		0.6
Road & Rail		0.6
Media		0.3
Short Term Investments		0.2
Other Assets & Liabilities		2.3

TOTAL		100.0	%


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

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

The SPDR S&P China ETF (the “Fund”) seeks to provide investments results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Chinese equity market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −8.69%, and the total return for the S&P China BMI Index (the “Index”) was −8.61%. 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 accumulation of small misweights between the Fund and the Index, and the impact of cash drag on returns helped offset some of the impact of fees and helps explain the difference between the Fund’s performance and that of the Index.

The Index started the year strongly, rising 20.6% over the first 3 quarters. Rising fear of a slowdown in the Chinese economy, concerns over asset valuations (both equity and real estate,) and fears of unsustainable bank loans and government investment policies combined to bring a significant change in the China equity markets. In the last quarter of the year (ending September 30, 2015) the Index fell over 24%, bringing the full year return into negative territory. Volatility also increased significantly in the market, as markets showed significant moves up and down, sometimes within the same trading session.

On an individual security level, top positive contributors to the Fund’s performance were Tencent Holdings, Ltd. (+12%), China Life Insurance Co., Ltd. (Class H) (+26%) and Ping An Insurance Group Co. of China, Ltd. (+33%). Tencent Holdings, Ltd., a leading Chinese internet provider, held up better than rival Alibaba. Its share price did not exhibit the sharp rise of Alibaba, and did not fall as much during the market downturn. Both China Life Insurance Co., Ltd. and Ping An Insurance Group Co. of China, Ltd. posted strong results in August helping support their share prices. Notable negative contributors to performance were Alibaba Group Holding, Ltd. ADR (−47%), PetroChina Co., Ltd. (Class H) (−44%), and CNOOC, Ltd. (−37%). Alibaba Group Holding, Ltd. had risen as much as 75% from its IPO price, before falling significantly in the latter part of the year on concerns over valuation, missed earnings estimates, increasing competition and regulatory concerns over the sale of counterfeit items on its website. Energy prices combined with the decline of the local market hit energy shares PetroChina Co., Ltd. and CNOOC, Ltd. particularly hard.

SPDR S&P China 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 (3/20/07, 3/23/07, 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 the 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 China ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

NET ASSET

MARKET

VALUE

S&P CHINA BMI INDEX

VALUE

S&P CHINA BMI INDEX

ONE YEAR

−8.69%

−8.58%

−8.61%

−8.69%

−8.58%

−8.61%

THREE YEARS

11.41%

12.46%

14.78%

3.67%

3.99%

4.71%

FIVE YEARS

−0.29%

−0.04%

0.46%

−0.06%

−0.01%

0.09%

SINCE INCEPTION (1)

52.03%

52.69%

55.60%

5.03%

5.08%

5.32%


(1)		For the period March 20, 2007 to September 30, 2015.

SPDR S&P China ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	TENCENT	CHINA	ALIBABA GROUP	CHINA CONSTRUCTION	INDUSTRIAL & COMMERCIAL
DESCRIPTION	HOLDINGS, LTD.	MOBILE, LTD.	HOLDING, LTD. ADR	BANK CORP. (CLASS H)	BANK OF CHINA, LTD. (CLASS H)

MARKET VALUE	$64,112,616	46,628,223	45,371,577	43,690,739	31,613,881

% OF NET ASSETS	7.8	5.7	5.6	5.3	3.9

(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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Internet Software & Services		19.2	%
Banks		17.1
Insurance		7.0
Wireless Telecommunication Services		5.7
Real Estate Management & Development		5.6
Oil, Gas & Consumable Fuels		5.5
Internet & Catalog Retail		3.2
Food Products		2.4
Independent Power and Renewable Electricity Producers		2.3
Transportation Infrastructure		2.0
Automobiles		2.0
Capital Markets		1.8
Pharmaceuticals		1.8
Construction & Engineering		1.6
Industrial Conglomerates		1.5
Diversified Telecommunication Services		1.5
Machinery		1.5
Textiles, Apparel & Luxury Goods		1.4
Electronic Equipment, Instruments & Components		1.1
Electrical Equipment		1.0
Metals & Mining		1.0
Construction Materials		0.9
Water Utilities		0.9
Semiconductors & Semiconductor Equipment		0.8
Personal Products		0.7
Health Care Providers & Services		0.7
Technology Hardware, Storage & Peripherals		0.6
Gas Utilities		0.6
Diversified Consumer Services		0.5
Marine		0.5
Airlines		0.5
Communications Equipment		0.5
Software		0.5
Hotels, Restaurants & Leisure		0.4
Commercial Services & Supplies		0.4
Specialty Retail		0.4
Household Durables		0.4
Food & Staples Retailing		0.4
Chemicals		0.4
Health Care Equipment & Supplies		0.4
Road & Rail		0.3
IT Services		0.3
Auto Components		0.3
Containers & Packaging		0.3
Paper & Forest Products		0.2
Media		0.2
Multiline Retail		0.2
Energy Equipment & Services		0.2
Beverages		0.2
Aerospace & Defense		0.2
Distributors		0.1
Diversified Financial Services		0.1
Household Products		0.1
Consumer Finance		0.1
Air Freight & Logistics		0.1
Building Products		0.0	**
Trading Companies & Distributors		0.0	**
Short Term Investments		12.2
Other Assets & Liabilities		(11.8	)

TOTAL		100.0	%


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

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

The SPDR S&P Emerging Markets 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 the emerging markets of the world. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −19.34%, and the total return for the S&P Emerging BMI Index (the “Index”) was −19.20%. 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. Fund expenses, cumulative security misweights and the Fund’s cash position contributed to the difference between the Fund’s performance and that of the Index.

During the Reporting Period, a significantly heightened, diverse and global level of geopolitical tensions had an appreciable impact on the Fund. One of the more impactful geopolitical events was the ongoing Western sanctions on Russia associated with events in the Ukraine. Along with humanitarian concerns, this led to significant negative impacts to the Russian economy and continuing worries regarding broader regional destabilization. Another geopolitical hotspot was the Middle East, where the focus continued to revolve around ISIS, which has been brutally seizing territory as it strives to establish a caliphate. A third area of increased geopolitical tensions can be found in the Pacific, where land disputes and saber rattling between China and its neighbors have remained a concern. For non-geopolitical issues, slowing growth continued to impact many markets, especially in China where concerns escalated regarding their ability to navigate a slowing economy without experiencing a hard landing. This led to increasing worries regarding potential currency wars. A strengthening US dollar and weakening local currencies have impacted most of the emerging market countries due to their propensity to have borrowed in US dollars. This has led to heightened concerns regarding the impact of a Federal Reserve interest rate increase, especially in regards to the likely impact on both debt servicing and capital outflows out of the emerging markets. Finally, many of the emerging market countries have been negatively impacted by declining commodity prices.

The Fund invested in futures to achieve the desired exposure during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Infosys Limited ADR, Tencent Holdings Ltd., and China Life Insurance Co. Ltd. Class H. The top negative contributors to the Fund’s performance were Banco Bradesco SA ADR Pfd., Baidu, Inc. ADR, and Petroleo Brasileiro SA ADR Pfd.

SPDR S&P Emerging 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 (3/20/07, 3/23/07, 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 the 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 Emerging Markets ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P EMERGING BMI

NET ASSET

MARKET

S&P EMERGING BMI

VALUE

INDEX

VALUE

INDEX

ONE YEAR

−19.34%

−19.51%

−18.96%

−19.34%

−19.51%

−18.96%

THREE YEARS

−12.78%

−12.28%

−11.43%

−4.46%

−4.27%

−3.97%

FIVE YEARS

−15.38%

−15.46%

−15.26%

−3.28%

−3.30%

−3.26%

SINCE INCEPTION (1)

14.06%

14.11%

16.49%

1.55%

1.56%

1.81%


(1)		For the period March 20, 2007 to September 30, 2015.

SPDR S&P Emerging Markets ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	TENCENT		ALIBABA GROUP	CHINA CONSTRUCTION	TAIWAN SEMICONDUCTOR
DESCRIPTION	HOLDINGS, LTD.	CHINA MOBILE, LTD.	HOLDING, LTD. ADR	BANK CORP. (CLASS H)	MANUFACTURING CO., LTD.

MARKET VALUE	$4,762,664	3,380,184	3,250,485	3,217,752	2,986,713

% OF NET ASSETS	2.5	1.8	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		17.0	%
Oil, Gas & Consumable Fuels		7.2
Internet Software & Services		6.1
Wireless Telecommunication Services		5.0
Real Estate Management & Development		3.7
Semiconductors & Semiconductor Equipment		3.5
Insurance		3.4
Metals & Mining		2.9
Food Products		2.8
IT Services		2.7
Electronic Equipment, Instruments & Components		2.5
Pharmaceuticals		2.3
Beverages		2.2
Automobiles		2.1
Media		2.1
Industrial Conglomerates		2.0
Diversified Financial Services		2.0
Diversified Telecommunication Services		1.7
Technology Hardware, Storage & Peripherals		1.7
Transportation Infrastructure		1.6
Independent Power and Renewable Electricity Producers		1.5
Construction & Engineering		1.5
Food & Staples Retailing		1.4
Chemicals		1.3
Construction Materials		1.3
Multiline Retail		1.2
Thrifts & Mortgage Finance		1.2
Household Durables		1.1
Internet & Catalog Retail		1.1
Capital Markets		1.0
Textiles, Apparel & Luxury Goods		0.9
Electric Utilities		0.9
Specialty Retail		0.9
Hotels, Restaurants & Leisure		0.8
Household Products		0.7
Machinery		0.6
Health Care Providers & Services		0.6
Electrical Equipment		0.6
Airlines		0.6
Paper & Forest Products		0.4
Water Utilities		0.4
Personal Products		0.4
Gas Utilities		0.3
Marine		0.3
Tobacco		0.3
Aerospace & Defense		0.2
Auto Components		0.2
Software		0.2
Air Freight & Logistics		0.2
Real Estate Investment Trusts		0.2
Building Products		0.2
Diversified Consumer Services		0.2
Communications Equipment		0.2
Consumer Finance		0.2
Road & Rail		0.2
Trading Companies & Distributors		0.1
Health Care Equipment & Supplies		0.1
Energy Equipment & Services		0.1
Leisure Products		0.1
Biotechnology		0.1
Commercial Services & Supplies		0.1
Distributors		0.1
Containers & Packaging		0.1
Professional Services		0.0	**
Multi-Utilities		0.0	**
Short Term Investments		7.0
Other Assets & Liabilities		(5.6	)

TOTAL		100.0	%


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

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

The SPDR S&P Emerging Markets Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks dividend-paying securities of publicly traded companies in emerging markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −28.56%, and the total return for the S&P Emerging Markets Dividend Opportunities Index (the “Index”) was −27.92%. 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. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.

The fourth quarter of 2014 began with emerging market stocks sliding as Grexit, Ebola, ISIS, and lack of Chinese growth all added to an increased level of uncertainty and volatility in the markets. Although emerging market equities continued to look attractive on a valuation basis, the stocks in the Fund fared poorly on account of further European economic weakness, soft oil prices, and Russia-Ukraine tensions. 2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining inflation and a major expansion of quantitative easing by the European Central Bank (ECB). All three quarters of 2015 witnessed the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, succumb to negative growth. In the third quarter of 2015, continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of equities in August and September.

On an individual security level, the top positive contributors to the Fund’s performance were Evergrande Real Estate Group, Ltd., Indiabulls Housing Finance, Ltd., and Zijin Mining Group Co., Ltd. (Class H). The top negative contributors to the Fund’s performance were CCR SA, Ecopetrol SA ADR, and Cia Energetica de Minas Gerais Pfd.

SPDR S&P Emerging Markets 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 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 (2/23/11, 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 the 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 Emerging Markets Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EMERGING

NET ASSET

MARKET

MARKETS DIVIDEND

NET ASSET

MARKET

MARKETS DIVIDEND

VALUE

OPPORTUNITIES INDEX

VALUE

OPPORTUNITIES INDEX

ONE YEAR

−28.56%

−27.92%

−28.56%

−27.92%

THREE YEARS

−34.14%

−34.05%

−32.43%

−13.00%

−12.96%

−12.26%

SINCE INCEPTION (1)

−36.56%

−36.63%

−32.13%

−9.41%

−9.44%

−8.08%


(1)		For the period February 23, 2011 to September 30, 2015.

SPDR S&P Emerging Markets Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




			ADVANCED INFO		ASUSTEK
DESCRIPTION	SK TELECOM CO., LTD.	VODACOM GROUP, LTD.	SERVICE PCL NVDR	MTN GROUP, LTD.	COMPUTER, INC.

MARKET VALUE	$11,609,232	9,915,463	9,475,530	8,151,671	7,807,304

% OF NET ASSETS	3.9	3.3	3.2	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Wireless Telecommunication Services		19.8	%
Semiconductors & Semiconductor Equipment		10.2
Banks		9.6
Real Estate Management & Development		7.6
Technology Hardware, Storage & Peripherals		6.3
Electric Utilities		5.9
Oil, Gas & Consumable Fuels		4.4
Real Estate Investment Trusts		4.0
Metals & Mining		3.9
Transportation Infrastructure		3.8
Specialty Retail		2.3
Insurance		1.9
Construction Materials		1.8
Tobacco		1.6
Automobiles		1.6
Road & Rail		1.6
Auto Components		1.3
Capital Markets		1.3
Industrial Conglomerates		1.3
Diversified Telecommunication Services		1.3
Electronic Equipment, Instruments & Components		1.2
Textiles, Apparel & Luxury Goods		1.2
Media		1.0
Diversified Financial Services		1.0
Marine		0.7
Water Utilities		0.7
Independent Power and Renewable Electricity Producers		0.6
Energy Equipment & Services		0.5
Multi-Utilities		0.3
Chemicals		0.3
Machinery		0.2
Thrifts & Mortgage Finance		0.2
Food & Staples Retailing		0.0	**
Short Term Investments		5.8
Other Assets & Liabilities		(5.2	)

TOTAL		100.0	%


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

SPDR S&P BRIC 40 ETF —
Management’s Discussion of Fund Performance

The SPDR S&P BRIC 40 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 the emerging markets of Brazil, Russia, India and China. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −18.23%, and the total return for the S&P BRIC 40 Index (the “Index”) was −17.61%. 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. Expenses, transaction costs, cash drag, lending income, misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.

It was a volatile period under review. For the first 9 months under review, the Fund returned +4.0%, but then gave this all back and then some by returning −21.36% during the last 3 months of the Reporting Period. The Fund invests in companies domiciled in the emerging market countries of Brazil, Russia, India, & China. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. Following concerns related to Chinese growth, pressure spread across the Latin American region with key commodity exporters Brazil falling significantly. Brazil was specifically pressured in August as a Q2 GDP release of −1.9% confirmed the economy’s slide into recession after a −0.7% fall in Q1. Additional catalysts weighing on Brazilian equities in the third quarter would include Moody’s downgrading the country’s credit rating to Baa3 from Baa2 in August, unemployment reaching 7.6% for the month of August (five-year high), and S&P downgrading its sovereign credit rating to junk status in September. Commodity prices were continually pressured in Q3, with weakness across oil, agricultural commodities and metal prices. After rebounding in Q2, Oil prices were again pressured over the third (calendar) quarter, with Brent Crude decreasing 23.2% to finish at $47/barrel, while West Texas Intermediate declined 24.2% to end the period at $45/barrel. This weakness in commodities, and specifically oil, weighed heavily on Brazil and Russia, given the high exposure to the Materials and Energy sectors that those two markets have within the Fund.

On an individual security level, the top positive contributors to the Fund’s performance were Infosys, Ltd. ADR, Tencent Holdings, Ltd., and China Life Insurance Co., Ltd. (Class H). The top negative contributors to the Fund’s performance were Public Joint-Stock Company Gazprom PAO ADR, Alibaba Group Holding, Ltd. ADR, and Baidu, Inc. ADR.

SPDR S&P BRIC 40 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 (6/19/07, 6/22/07, 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 the 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 BRIC 40 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

NET ASSET

MARKET

VALUE

S&P BRIC 40 INDEX

VALUE

S&P BRIC 40 INDEX

ONE YEAR

−18.23%

−17.85%

−17.61%

−18.23%

−17.85%

−17.61%

THREE YEARS

−13.02%

−12.47%

−11.31%

−4.54%

−4.34%

−3.92%

FIVE YEARS

−19.04%

−18.77%

−16.41%

−4.14%

−4.07%

−3.52%

SINCE INCEPTION (1)

−7.68%

−7.35%

−3.26%

−0.96%

−0.92%

−0.40%


(1)		For the period June 19, 2007 to September 30, 2015.

SPDR S&P BRIC 40 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




				INDUSTRIAL &
				COMMERCIAL
	TENCENT		CHINA CONSTRUCTION	BANK OF CHINA, LTD.
DESCRIPTION	HOLDINGS, LTD.	CHINA MOBILE, LTD.	BANK CORP. (CLASS H)	(CLASS H)	BAIDU, INC. ADR

MARKET VALUE	$9,256,586	6,775,389	5,645,433	4,880,049	3,901,894

% OF NET ASSETS	11.3	8.3	6.9	6.0	4.8

(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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		31.6	%
Internet Software & Services		18.9
Oil, Gas & Consumable Fuels		16.0
Wireless Telecommunication Services		8.3
Insurance		5.8
IT Services		4.7
Beverages		2.9
Food Products		2.2
Food & Staples Retailing		1.7
Metals & Mining		1.7
Real Estate Management & Development		1.5
Industrial Conglomerates		1.3
Personal Products		1.0
Diversified Telecommunication Services		0.8
Technology Hardware, Storage & Peripherals		0.7
Automobiles		0.5
Short Term Investments		3.6
Other Assets & Liabilities		(3.2	)

TOTAL		100.0	%


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

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

The SPDR S&P Emerging Europe 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 European emerging markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −28.73%, and the total return for the S&P European Emerging BMI Capped Index (the “Index”) was −27.42%. 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. Fund expenses, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The fourth quarter of 2014 witnessed mixed returns in the S&P European Emerging BMI ETF on account of the Russian-Ukraine fighting and bleak economic data from other Eurozone countries. The beginning of 2015 also had a turbulent start as the European Central Bank announced a larger than expected quantitative easing and drama with Greek debt and required austerity measures renewed afresh. The slowdown in European emerging market equities continued through the second quarter of 2015 as a cascade of worrying headlines emanated from the possibility of a Greek exit from the Eurozone and created a challenging situation for all euro-denominated nations. By the end of the third quarter of 2015, the Greek drama had been largely resolved, though, with Greece agreeing to a new, more austere bailout agreement with its creditors.

On an individual security level, the top positive contributors to the Fund’s performance were Polski Koncern Naftowy Orelen SA, OTP Bank PLC, and Tupras-Turkiye Petrol Rafinerileri AS. The top negative contributors to the Fund’s performance were oil company Lukoil PJSC ADR, Sberbank of Russia ADR, and Public Joint-Stock Company Gazprom ADR.

SPDR S&P Emerging Europe 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 (3/20/07, 3/23/07, 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 the 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 Emerging Europe ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EUROPEAN

NET ASSET

MARKET

EMERGING CAPPED BMI

NET ASSET

MARKET

EMERGING CAPPED BMI

VALUE

INDEX

VALUE

INDEX

ONE YEAR

−28.73%

−28.56%

−27.42%

−28.73%

−28.56%

−27.42%

THREE YEARS

−35.51%

−35.46%

−34.56%

−13.60%

−13.58%

−13.19%

FIVE YEARS

−39.06%

−38.94%

−37.74%

−9.43%

−9.40%

−9.04%

SINCE INCEPTION (1)

−46.70%

−46.77%

−43.93%

−7.11%

−7.12%

−6.56%


(1)		For the period March 20, 2007 to September 30, 2015.

SPDR S&P Emerging Europe ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	GAZPROM PAO ADR	LUKOIL PJSC ADR	SBERBANK	MAGNIT PJSC GDR	NOVATEK OAO GDR

MARKET VALUE	$3,355,269	2,082,122	1,765,802	1,497,112	1,079,567

% OF NET ASSETS	8.2	5.1	4.3	3.7	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		31.1	%
Banks		22.0
Metals & Mining		8.7
Food & Staples Retailing		5.9
Wireless Telecommunication Services		3.8
Electric Utilities		3.8
Diversified Telecommunication Services		2.9
Industrial Conglomerates		2.7
Insurance		2.2
Diversified Financial Services		1.8
Chemicals		1.6
Internet Software & Services		1.4
Household Durables		1.3
Airlines		1.1
Textiles, Apparel & Luxury Goods		0.8
Real Estate Management & Development		0.8
Beverages		0.8
Hotels, Restaurants & Leisure		0.8
Real Estate Investment Trusts		0.7
Pharmaceuticals		0.7
Software		0.6
Specialty Retail		0.5
Construction Materials		0.4
Food Products		0.4
Construction & Engineering		0.4
Media		0.3
Transportation Infrastructure		0.3
Automobiles		0.3
Energy Equipment & Services		0.3
Distributors		0.2
Consumer Finance		0.2
Marine		0.2
IT Services		0.2
Independent Power and Renewable Electricity Producers		0.2
Road & Rail		0.1
Machinery		0.1
Water Utilities		0.1
Short Term Investments		0.1
Other Assets & Liabilities		0.2

TOTAL		100.0	%


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

SPDR S&P Emerging Latin America ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Emerging Latin America 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 the Latin American emerging markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −38.76%, and the total return for the S&P Latin America BMI Index (the “Index”) was −38.55%. 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. Expenses, transaction costs, cash drag, lending income, misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.

It was a volatile period under review. The Fund produced negative returns in three out of the four quarters under review, but the last 3 months detracted the most from the overall Fund return, as it finished −23.58% for the quarter ending September 30, 2015. The Fund invests in companies domiciled in the emerging market countries of Brazil, Chile, Mexico, Colombia & Peru, with Brazil carrying the largest weight in both the Fund and Index. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. Following concerns related to Chinese growth, pressure spread across the Latin American region with key commodity exporters Brazil and Chile falling significantly as a result. Brazil was specifically pressured in August, as a Q2 2015 GDP release of −1.9%, confirmed the economy’s slide into recession after a −0.7% fall in the previous quarter. Additional catalysts weighing on Brazilian equities in the third quarter would include Moody’s downgrading the country’s credit rating to Baa3 from Baa2 in August, unemployment reaching 7.6% for the month of August (five-year high), as well as S&P downgrading its sovereign credit rating to junk status in September. The Latin American region was particularly exposed to soft commodity prices, as metals in combination with the oil and gas industry account for significant exposure within the region. The Colombian peso, Brazilian real, Chilean peso, Peruvian sol & Mexican peso each experienced significant currency depreciation over the 12 months under review. In fact, while the Index return, as measured in USD terms, was −38.63%, the return in local terms was much less negative at −13.09%. This implies aggregate regional currency depreciation for the five members of −29.38%.

On an individual security level, the top positive contributors to the Fund’s performance were Wal-Mart de Mexico SAB de CV, El Puerto de Liverpool SAB de CV, and Compania General de Electricidad SA. The top negative contributors to the Fund’s performance were Banco Bradesco SA ADR Pfd., Itau Unibanco Holding SA ADR Pfd., and Petroleo Brasileiro SA ADR Pfd.

SPDR S&P Emerging Latin America 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 (3/20/07, 3/23/07, 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 the 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 Emerging Latin America ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P LATIN AMERICA

NET ASSET

MARKET

S&P LATIN AMERICA

VALUE

BMI INDEX

VALUE

BMI INDEX

ONE YEAR

−38.76%

−38.52%

−38.55%

−38.76%

−38.52%

−38.55%

THREE YEARS

−44.64%

−44.45%

−43.49%

−17.89%

−17.79%

−17.34%

FIVE YEARS

−51.05%

−50.99%

−48.42%

−13.31%

−13.29%

−12.40%

SINCE INCEPTION (1)

−22.84%

−22.73%

−16.19%

−2.99%

−2.98%

−2.05%


(1)		For the period March 20, 2007 to September 30, 2015.

SPDR S&P Emerging Latin America ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




		ITAU UNIBANCO
		HOLDING SA			BANCO BRADESCO
	AMERICA MOVIL	PREFERENCE	AMBEV	FOMENTO ECONOMICO	SA PREFERENCE
DESCRIPTION	SAB DE CV (SERIES L)	SHARES ADR	SA ADR	MEXICANO SAB DE CV	SHARES ADR

MARKET VALUE	$1,315,035	1,096,682	1,055,798	961,824	772,263

% OF NET ASSETS	5.1	4.3	4.1	3.7	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		20.5	%
Beverages		9.3
Metals & Mining		7.1
Oil, Gas & Consumable Fuels		6.1
Wireless Telecommunication Services		5.5
Food Products		5.4
Food & Staples Retailing		4.4
Multiline Retail		3.5
Electric Utilities		3.3
Construction Materials		2.6
Industrial Conglomerates		2.6
Media		2.5
Transportation Infrastructure		2.4
Paper & Forest Products		2.4
Independent Power and Renewable Electricity Producers		2.1
Diversified Financial Services		2.0
Real Estate Investment Trusts		1.6
IT Services		1.5
Construction & Engineering		1.0
Insurance		1.0
Diversified Telecommunication Services		1.0
Household Products		0.9
Aerospace & Defense		0.9
Chemicals		0.8
Diversified Consumer Services		0.8
Capital Markets		0.8
Real Estate Management & Development		0.7
Tobacco		0.7
Containers & Packaging		0.7
Airlines		0.6
Machinery		0.5
Health Care Providers & Services		0.5
Personal Products		0.5
Auto Components		0.4
Water Utilities		0.4
Gas Utilities		0.3
Software		0.3
Household Durables		0.3
Consumer Finance		0.3
Road & Rail		0.3
Hotels, Restaurants & Leisure		0.2
Pharmaceuticals		0.1
Specialty Retail		0.1
Internet & Catalog Retail		0.1
Technology Hardware, Storage & Peripherals		0.1
Commercial Services & Supplies		0.1
Trading Companies & Distributors		0.1
Building Products		0.1
Short Term Investments		7.8
Other Assets & Liabilities		(7.2	)

TOTAL		100.0	%


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

SPDR S&P Emerging Middle East & Africa ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Emerging Middle East & Africa 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 the Middle Eastern and African emerging markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −16.01%, and the total return for the S&P Mid-East & Africa BMI Index (the “Index”) was −14.53%. 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. Expenses, transaction costs, cash drag, lending income, misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.

As of September 30, 2015, the Fund invested in companies domiciled in the emerging market countries of South Africa, Egypt, the United Arab Emirates, and Qatar. In accordance with the annual Index reconstitution, the Fund divested its Moroccan holdings due to S&P’s demotion of that market to Frontier status, effective September 18, 2015. Through the first three months of the period under review, the Fund’s performance was nearly flat, having returned 0.24%. However, during the quarter ending September 30, 2015, the Fund generated a negative return of −16.21%. Emerging market equities broadly were volatile during the third calendar quarter of 2015, with no shortage of significant events causing considerable uncertainty across all major regions. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant global equity selloff the following day. This event sent ripples across global equity markets and during the three day period beginning on August 20, the Fund experienced a negative return of −6.40%. In comparison with Asia and Latin America, the Middle East & African region was actually one of the better performers during this very difficult quarter. Most emerging currencies came under pressure during the 12 months under review, and the Mid-East African currencies experienced this as well. In fact, while the Index return as measured in USD terms, was −14.82%, the return in local terms was nearly flat at −0.046%. This implies aggregate regional currency return of −14.78%.

On an individual security level, the top positive contributors to the Fund’s performance were Naspers, Ltd. (Class N), Steinhoff International Holdings, Ltd., and Brait SE. The top negative contributors to the Fund’s performance were Emaar Properties PJSC, MTN Group, Ltd., and Sasol, Ltd.

SPDR S&P Emerging Middle East & Africa 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 (3/20/07, 3/23/07, 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 the 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 Emerging Middle East & Africa ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P MID-EAST &

NET ASSET

MARKET

S&P MID-EAST &

VALUE

AFRICA BMI INDEX

VALUE

AFRICA BMI INDEX

ONE YEAR

−16.01%

−16.11%

−14.53%

−16.01%

−16.11%

−14.53%

THREE YEARS

−12.68%

−12.64%

−9.03%

−4.42%

−4.40%

−3.11%

FIVE YEARS

−7.65%

−7.95%

−2.95%

−1.58%

−1.64%

−0.60%

SINCE INCEPTION (1)

21.88%

20.84%

33.52%

2.35%

2.24%

3.45%


(1)		For the period March 20, 2007 to September 30, 2015.

SPDR S&P Emerging Middle East & Africa ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	NASPERS, LTD.		STEINHOFF INTERNATIONAL		STANDARD BANK
DESCRIPTION	(CLASS N)	MTN GROUP, LTD.	HOLDINGS, LTD.	SASOL, LTD.	GROUP, LTD.

MARKET VALUE	$5,466,467	2,081,172	1,934,728	1,499,494	1,232,262

% OF NET ASSETS	13.6	5.2	4.8	3.7	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		16.8	%
Media		13.6
Wireless Telecommunication Services		7.3
Diversified Financial Services		7.3
Household Durables		4.8
Insurance		4.7
Real Estate Management & Development		4.6
Oil, Gas & Consumable Fuels		4.1
Real Estate Investment Trusts		3.9
Industrial Conglomerates		3.1
Metals & Mining		3.0
Food Products		3.0
Food & Staples Retailing		2.9
Health Care Providers & Services		2.6
Specialty Retail		2.3
Capital Markets		2.3
Pharmaceuticals		1.8
Multiline Retail		1.4
Diversified Telecommunication Services		1.2
Paper & Forest Products		1.0
Transportation Infrastructure		1.0
Hotels, Restaurants & Leisure		0.8
Construction & Engineering		0.8
Distributors		0.7
Chemicals		0.6
Marine		0.5
Containers & Packaging		0.5
Multi-Utilities		0.4
Construction Materials		0.4
Trading Companies & Distributors		0.4
IT Services		0.3
Energy Equipment & Services		0.2
Airlines		0.2
Electronic Equipment, Instruments & Components		0.2
Electrical Equipment		0.2
Tobacco		0.2
Diversified Consumer Services		0.2
Beverages		0.1
Building Products		0.1
Biotechnology		0.1
Commercial Services & Supplies		0.1
Professional Services		0.0	**
Textiles, Apparel & Luxury Goods		0.0	**
Short Term Investments		12.5
Other Assets & Liabilities		(12.2	)

TOTAL		100.0	%


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

SPDR S&P World ex-US ETF —
Management’s Discussion of Fund Performance

The SPDR S&P World ex-US 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 the developed world (ex-U.S.) equity markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −9.14%, and the total return for the S&P Developed Ex-U.S. BMI Index (the “Index”) was −8.76%. 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. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

The Fund started out the year slightly in the red for the first quarter of the period, though this was offset with a small comeback the following three months and remained relatively flat for the quarter ending June 2015. The overall negative performance was driven largely by the last quarter of the Reporting Period with the Fund falling over 10% in these three months. Global markets were very cautious in the beginning of this quarter due to continued uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns generally led to a broad selloff of global equities both in Europe and Asia during August and September. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year.

On an individual security level, the top positive contributors to the Fund’s performance were Nestle SA, Imperial Tobacco Group PLC, and Novo Nordisk A/S (Class B). The top negative contributors to the Fund’s performance were Glencore PLC, Banco Santander SA, and Royal Dutch Shell PLC (Class A).

SPDR S&P World ex-US 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 (4/20/07, 4/26/07, 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 the 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 World ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.34%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P DEVELOPED EX-US

NET ASSET

MARKET

S&P DEVELOPED EX-US

VALUE

BMI INDEX

VALUE

BMI INDEX

ONE YEAR

−9.14%

−8.35%

−8.76%

−9.14%

−8.35%

−8.76%

THREE YEARS

14.21%

15.03%

17.04%

4.53%

4.78%

5.39%

FIVE YEARS

19.09%

20.00%

23.32%

3.56%

3.71%

4.28%

SINCE INCEPTION (1)

−4.38%

−3.86%

0.75%

−0.53%

−0.46%

0.09%


(1)		For the period April 20, 2007 to September 30, 2015.

SPDR S&P World ex-US ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	NOVARTIS AG	NESTLE SA	ROCHE HOLDING AG	TOYOTA MOTOR CORP.	HSBC HOLDINGS PLC

MARKET VALUE	$10,863,596	10,346,984	8,310,482	7,408,881	6,684,767

% OF NET ASSETS	1.5	1.5	1.2	1.0	0.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		12.5	%
Pharmaceuticals		8.4
Insurance		5.4
Oil, Gas & Consumable Fuels		5.1
Chemicals		3.4
Automobiles		3.2
Food Products		3.0
Diversified Telecommunication Services		2.6
Metals & Mining		2.6
Real Estate Management & Development		2.3
Media		2.2
Machinery		2.2
Beverages		2.1
Capital Markets		2.0
Real Estate Investment Trusts		2.0
Food & Staples Retailing		1.9
Electric Utilities		1.8
Wireless Telecommunication Services		1.6
Personal Products		1.5
Textiles, Apparel & Luxury Goods		1.5
Hotels, Restaurants & Leisure		1.5
Technology Hardware, Storage & Peripherals		1.5
Industrial Conglomerates		1.5
Auto Components		1.4
Road & Rail		1.4
Electronic Equipment, Instruments & Components		1.4
Tobacco		1.3
Trading Companies & Distributors		1.3
Software		1.2
Household Durables		1.2
Electrical Equipment		1.1
Specialty Retail		1.0
Multi-Utilities		1.0
Aerospace & Defense		1.0
Semiconductors & Semiconductor Equipment		1.0
Construction & Engineering		1.0
Diversified Financial Services		0.9
Health Care Equipment & Supplies		0.9
Commercial Services & Supplies		0.8
IT Services		0.8
Professional Services		0.8
Household Products		0.8
Building Products		0.7
Multiline Retail		0.6
Biotechnology		0.6
Health Care Providers & Services		0.5
Gas Utilities		0.5
Construction Materials		0.5
Communications Equipment		0.5
Internet Software & Services		0.4
Transportation Infrastructure		0.4
Air Freight & Logistics		0.3
Energy Equipment & Services		0.3
Marine		0.3
Airlines		0.3
Containers & Packaging		0.3
Paper & Forest Products		0.2
Leisure Products		0.2
Water Utilities		0.1
Internet & Catalog Retail		0.1
Consumer Finance		0.1
Independent Power and Renewable Electricity Producers		0.1
Diversified Consumer Services		0.1
Distributors		0.1
Thrifts & Mortgage Finance		0.1
Health Care Technology		0.1
Life Sciences Tools & Services		0.0	**
Short Term Investments		6.9
Other Assets & Liabilities		(6.4	)

TOTAL		100.0	%


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

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

The SPDR S&P International Small Cap 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 the developed world (ex-U.S.) small cap equity markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −4.77%, and the total return for the S&P Developed Ex-U.S. Under USD2 Billion Index (the “Index”) was −4.78%. 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. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Index declined 5.33% in the last quarter of 2014 largely driven by concerns over both macroeconomic and geopolitical events. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Reports continued to flow out of Syria and Iraq about ISIS advances in the region. US airstrikes seemed to have stemmed the advances, but ISIS continues to hold large swaths of the region.

The Index gained 4.73% in the first quarter of 2015 as the new year began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing. After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated.

The second quarter of 2015 started off well as April 2015 delivered the best one month Index return of 6.01% during the Reporting Period. The returns were modest in local terms but the large decline in the US dollar helped to lift the Index on an unhedged basis. After rising for nine consecutive months on anticipated policy divergence, the US dollar declined nearly 4% for the month reflecting, in part, a softening in US data and a later expected start to possible Fed rate hikes.

The third quarter of 2015 was the worst quarter during the Reporting Period, as the Index declined −9.37%. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. Investors in global equities in the third quarter of 2015 found almost nowhere to hide amidst the chill in sentiment brought about by a slowdown in global growth led by emerging markets.

On an individual security level, the top positive contributors to the Fund’s performance were Hanmi Pharm Co., Ltd., Hanmi Science Co., Ltd, and Patrizia Immobilien AG. The top negative contributors to the Fund’s performance were Afren PLC, Beach Energy, Ltd., and Corus Entertainment, Inc. (Class B).

SPDR S&P International 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 (4/20/07, 4/26/07, 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 the 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 International Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-U.S. UNDER USD2		NET ASSET		MARKET		EX-U.S. UNDER USD2
	VALUE		VALUE		BILLION INDEX		VALUE		VALUE		BILLION INDEX

ONE YEAR		−4.77%		−4.66%		−4.78%		−4.77%		−4.66%		−4.78%

THREE YEARS		19.55%		20.02%		21.27%		6.13%		6.27%		6.64%

FIVE YEARS		24.84%		24.53%		25.99%		4.54%		4.49%		4.73%

SINCE INCEPTION (1)		4.96%		4.83%		3.28%		0.58%		0.56%		0.38%


(1)		For the period April 20, 2007 to September 30, 2015.

SPDR S&P International Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




		NIPPON KONPO UNYU		WIHLBORGS	MARUDAI FOOD
DESCRIPTION	SHOCHIKU CO., LTD.	SOKO CO., LTD.	SIMCORP A/S	FASTIGHETER AB	CO., LTD.

MARKET VALUE	$2,594,750	2,299,025	2,265,942	2,155,055	1,996,460

% OF NET ASSETS	0.4	0.4	0.4	0.3	0.3

(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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Real Estate Investment Trusts		6.0	%
Banks		5.3
Machinery		4.8
Real Estate Management & Development		4.2
Metals & Mining		4.2
Chemicals		3.8
Electronic Equipment, Instruments & Components		3.4
Hotels, Restaurants & Leisure		3.2
Capital Markets		3.2
Food Products		3.1
Construction & Engineering		3.1
Specialty Retail		3.0
Commercial Services & Supplies		3.0
Media		2.5
Trading Companies & Distributors		2.4
Oil, Gas & Consumable Fuels		2.3
Software		2.1
Pharmaceuticals		1.8
Auto Components		1.8
Building Products		1.8
IT Services		1.7
Electrical Equipment		1.7
Biotechnology		1.6
Semiconductors & Semiconductor Equipment		1.6
Textiles, Apparel & Luxury Goods		1.6
Health Care Providers & Services		1.5
Food & Staples Retailing		1.4
Energy Equipment & Services		1.2
Household Durables		1.2
Professional Services		1.2
Road & Rail		1.2
Health Care Equipment & Supplies		1.1
Insurance		1.1
Communications Equipment		1.0
Internet Software & Services		0.9
Internet & Catalog Retail		0.9
Beverages		0.8
Industrial Conglomerates		0.8
Diversified Consumer Services		0.8
Paper & Forest Products		0.7
Personal Products		0.6
Containers & Packaging		0.6
Aerospace & Defense		0.6
Air Freight & Logistics		0.6
Construction Materials		0.6
Multiline Retail		0.6
Thrifts & Mortgage Finance		0.6
Consumer Finance		0.6
Diversified Financial Services		0.5
Technology Hardware, Storage & Peripherals		0.5
Independent Power and Renewable Electricity Producers		0.5
Diversified Telecommunication Services		0.5
Marine		0.5
Leisure Products		0.4
Airlines		0.4
Distributors		0.3
Transportation Infrastructure		0.3
Multi-Utilities		0.3
Life Sciences Tools & Services		0.3
Wireless Telecommunication Services		0.2
Gas Utilities		0.2
Household Products		0.2
Health Care Technology		0.1
Electric Utilities		0.1
Water Utilities		0.0	**
Automobiles		0.0	**
Commercial & Professional Services		0.0	**
Short Term Investments		19.1
Other Assets & Liabilities		(18.2	)

TOTAL		100.0	%


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

SPDR Dow Jones International Real Estate ETF —
Management’s Discussion of Fund Performance

The SPDR Dow Jones International Real Estate 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 the international real estate market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −2.66%, and the total return for the Dow Jones Global ex-U.S. Select Real Estate Securities Index^SM (the “Index”) was −2.44%. 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. Expenses, cash drag and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

Real estate securities had a strong year globally relative to the broader market, outperforming the MSCI World ex-U.S. Index in each fiscal quarter other than the third, when most markets were unsettled on renewed concerns that Greece would not reach an accord with its creditors. Overall for the Reporting Period, the Index beat the World ex-US Index by 7.70%. Low global bond yields produced lower costs of capital and real estate securities were a prime benefactor. Investors continued to be attracted to the sector’s yield potential and the opportunity it offered to participate in economic growth. Also, the low borrowing costs allowed for higher rents and increased development and office occupancy.

On an individual security level, the top positive contributors to the Fund’s performance were Land Securities Group PLC, British Land Co. PLC, and Westfield Corp. The top negative contributors to the Fund’s performance were Global Logistic Properties, Ltd., BR Malls Participacoes SA, and Mitsui Fudosan Co., Ltd.

SPDR Dow Jones International Real Estate 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 (12/15/06, 12/20/06, 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 the 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 International Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.59%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

DOW JONES GLOBAL

EX-U.S. SELECT REAL

NET ASSET

MARKET

ESTATE SECURITIES

NET ASSET

MARKET

ESTATE SECURITIES

VALUE

INDEX

VALUE

INDEX

ONE YEAR

−2.66%

−2.14%

−2.44%

−2.66%

−2.14%

−2.44%

THREE YEARS

14.76%

15.32%

15.70%

4.70%

4.87%

4.98%

FIVE YEARS

34.33%

34.29%

36.78%

6.08%

6.07%

6.47%

SINCE INCEPTION (1)

−1.18%

−0.87%

2.13%

−0.14%

−0.10%

0.24%


(1)		For the period December 15, 2006 to September 30, 2015.

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

The SPDR S&P Global Infrastructure 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 the global infrastructure industry market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −8.77%, and the total return for the S&P Global Infrastructure Index (the “Index”) was −9.09%. 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. Fund expenses, cash drag, small security misweights, securities lending, compounding and dividend tax differences contributed to the difference between the Fund’s performance and that of the Index.

For the Reporting Period, the Index slightly lagged broader economic indices. An infrastructure index tends to track the broader environment; however, during this Reporting Period the underperformance of the energy sector hindered both Index and Fund performance. The fourth quarter of 2014 began as the third quarter ended, with stocks sliding and bond markets rallying. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Equities rolled over in December as the weakness in oil prices continued to put global growth into question. The industrials and utilities sectors, both major components of the Index, did not experience as much of a drop as the energy sector, yet their performance was lackluster. Chinese demand is a major driver of global growth and the Asian country continued to see weakness in its economy despite yuan devaluations and liquidity injections. As a result, industrial companies realized lower profits and have had to reduce future investments, manage larger inventories and work towards reducing costs.

On an individual security level, the top positive contributors to the Fund’s performance were Atlantia SpA, Transurban Group Ltd., and Grupo Aeroportuario del Pacifico SAB de CV ADR. The top negative contributors to the Fund’s performance were TransCanada Corp., E.ON SE, and Kinder Morgan, Inc..

SPDR S&P Global Infrastructure 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 (1/25/07, 1/30/07, 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 the 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 Global Infrastructure ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		S&P GLOBAL		NET ASSET		MARKET		S&P GLOBAL
	VALUE		VALUE		INFRASTRUCTURE INDEX		VALUE		VALUE		INFRASTRUCTURE INDEX

ONE YEAR		−8.77%		−8.79%		−9.09%		−8.77%		−8.79%		−9.09%

THREE YEARS (1)		18.46%		18.02%		17.68%		5.81%		5.68%		5.58%

FIVE YEARS (1)		26.86%		27.04%		31.85%		4.87%		4.90%		5.69%

SINCE INCEPTION (1)(2)		15.95%		15.60%		21.24%		1.72%		1.68%		2.24%


(1)		Effective May 1, 2013, the Fund changed its benchmark index from the Macquarie Global Infrastructure 100 Index to the S&P Global Infrastructure Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2013.
(2)		For the period January 25, 2007 to September 30, 2015.

SPDR S&P Global Natural Resources ETF —
Management’s Discussion of Fund Performance

The SPDR S&P Global Natural Resources ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks publicly traded companies in natural resources and/or commodities businesses. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −30.97%, and the total return for the S&P Global Natural Resources Index (the “Index”) was −30.76%. 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. Cumulative security misweights and Fund expenses contributed to the difference between the Fund’s performance and that of the Index.

The Fund had negative returns for the Reporting Period, including negative returns for every quarter. A persistent theme in the negative performance this past year has been the Chinese economy and its effect on commodities and metals producers. China is the world’s largest metals consumer and its recent economic weakness has had the result of dragging down the industrial metals markets. The once-frenzied demand for metals from China has abated along with the weak pace of growth in other countries like the United States. Chinese economic weakness prevailed for the Reporting Period despite various attempts by the government to bolster the market via yuan devaluations and liquidity injections. In addition to China, many emerging market countries are also large consumers of natural resources and lower demand in those countries also contributed to the Fund’s negative performance. The result has been lower demand, fewer new orders and increasing inventories. Companies held by the Fund have tried to adjust to these conditions by closing mines, reducing output and restricting future investments. In addition to ongoing economic weakness throughout the globe, in the third calendar quarter of the year, the Fund was negatively impacted by accounting and balance sheet fears of one of the companies held by the Fund.

On an individual security level, the top positive contributors to the Fund’s performance were Mondi PLC, Sealed Air Corp., and K+S AG. The top negative contributors to the Fund’s performance were Freeport-McMoRan, Inc., BHP Billiton, Ltd., and Glencore PLC.

SPDR S&P Global Natural Resources 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 (9/13/10, 9/14/10, 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 the 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 Global Natural Resources ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P GLOBAL NATURAL

NET ASSET

MARKET

S&P GLOBAL NATURAL

VALUE

RESOURCES INDEX

VALUE

RESOURCES INDEX

ONE YEAR

−30.97%

−31.01%

−30.76%

−30.97%

−31.01%

−30.76%

THREE YEARS

−30.80%

−30.70%

−29.69%

−11.55%

−11.51%

−11.09%

FIVE YEARS

−28.46%

−28.59%

−26.44%

−6.48%

−6.51%

−5.96%

SINCE INCEPTION (1)

−27.37%

−27.39%

−25.29%

−6.14%

−5.61%


(1)		For the period September 13, 2010 to September 30, 2015.

SPDR MSCI ACWI ex-US ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI ACWI ex-US 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 broad based world (ex-U.S.) equity markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −11.58%, and the total return for the MSCI ACWI ex USA Index (the “Index”) was −11.78%. 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. Fund expenses, cash drag, lending, compounding and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

The Index made it through the Reporting Period relatively flat until the fourth quarter of its fiscal year. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. Since 2000, emerging markets have provided the majority of global GDP growth, doubling their share of global output from about 20% to near 40% today. Already in 2015, however, the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, have succumbed to negative growth. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year. The period was also punctuated by a resumption of the selloff in commodity prices led by crude oil, taking the Bloomberg Commodity Index to a thirteen year low on August 24.

On an individual security level, the top positive contributors to the Fund’s performance were Novo Nordisk A/S (Class B), Infosys, Ltd. ADR, and Imperial Tobacco Group PLC. The top negative contributors to the Fund’s performance were HSBC Holdings PLC, Petroleo Brasileiro SA ADR Pfd., and Banco Santander SA.

SPDR MSCI ACWI ex-US 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 (1/10/07, 1/17/07, 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 the 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 MSCI ACWI ex-US ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

	NET ASSET		MARKET		MSCI ALL COUNTRY		NET ASSET		MARKET		MSCI ALL COUNTRY
	VALUE		VALUE		WORLD INDEX EX USA		VALUE		VALUE		WORLD INDEX EX USA

ONE YEAR		−11.58%		−11.21%		−11.78%		−11.58%		−11.21%		−11.78%

THREE YEARS		8.10%		8.97%		8.59%		2.63%		2.90%		2.79%

FIVE YEARS		9.90%		10.78%		11.90%		1.91%		2.07%		2.27%

SINCE INCEPTION (1)		6.53%		6.85%		9.09%		0.73%		0.76%		1.00%


(1)		For the period January 10, 2007 to September 30, 2015.

SPDR MSCI ACWI ex-US ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	NESTLE SA	NOVARTIS AG	ROCHE HOLDING AG	TOYOTA MOTOR CORP.	HSBC HOLDINGS PLC

MARKET VALUE	$11,048,073	9,813,597	9,076,932	8,137,150	6,997,014

% OF NET ASSETS	1.5	1.4	1.3	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		14.8	%
Pharmaceuticals		8.4
Oil, Gas & Consumable Fuels		6.2
Insurance		5.4
Automobiles		3.6
Chemicals		3.1
Diversified Telecommunication Services		3.0
Wireless Telecommunication Services		2.7
Beverages		2.6
Food Products		2.5
Media		2.2
Metals & Mining		2.0
Food & Staples Retailing		2.0
Capital Markets		1.7
Real Estate Management & Development		1.7
Textiles, Apparel & Luxury Goods		1.7
Semiconductors & Semiconductor Equipment		1.7
Road & Rail		1.6
Electric Utilities		1.6
Machinery		1.5
Personal Products		1.5
Technology Hardware, Storage & Peripherals		1.5
Tobacco		1.5
Real Estate Investment Trusts		1.4
Industrial Conglomerates		1.4
Electronic Equipment, Instruments & Components		1.3
Diversified Financial Services		1.3
Construction & Engineering		1.2
Hotels, Restaurants & Leisure		1.2
Electrical Equipment		1.1
Multi-Utilities		1.0
Trading Companies & Distributors		1.0
IT Services		1.0
Auto Components		0.8
Software		0.8
Internet Software & Services		0.8
Aerospace & Defense		0.7
Health Care Equipment & Supplies		0.7
Transportation Infrastructure		0.7
Specialty Retail		0.7
Building Products		0.7
Household Products		0.7
Multiline Retail		0.6
Household Durables		0.6
Gas Utilities		0.6
Construction Materials		0.5
Commercial Services & Supplies		0.4
Communications Equipment		0.4
Professional Services		0.4
Health Care Providers & Services		0.3
Independent Power and Renewable Electricity Producers		0.3
Marine		0.3
Water Utilities		0.3
Biotechnology		0.3
Air Freight & Logistics		0.2
Thrifts & Mortgage Finance		0.2
Containers & Packaging		0.2
Paper & Forest Products		0.2
Leisure Products		0.1
Consumer Finance		0.1
Energy Equipment & Services		0.1
Airlines		0.0	**
Internet & Catalog Retail		0.0	**
Diversified Consumer Services		0.0	**
Distributors		0.0	**
Short Term Investments		5.5
Other Assets & Liabilities		(4.6	)

TOTAL		100.0	%


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

SPDR MSCI ACWI IMI ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI ACWI IMI ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly traded companies in developed and emerging markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −5.61%, and the total return for the MSCI ACWI IMI Index (the “Index”) was −6.21%. 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. Dividend tax withholding differences, Fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.

Despite mixed but modestly positive performance in the beginning of the year, sharply negative drop in returns in the third quarter erased any previous gains for the 12 months reported period. Energy, materials and financial sectors were the main detractors from the Fund’s performance. US, Canada and Australia were the main detractors from the Fund’s performance on a country level. Small cap stocks underperformed large cap ones for the Reporting Period.

After a shaky beginning of the year, global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. Since 2000, emerging markets have provided the majority of global GDP growth, doubling their share of global output from about 20% to near 40% today. Already in 2015, however, the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, have succumbed to negative growth. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year. The period was also punctuated by a resumption of the selloff in commodity prices led by crude oil, taking the Bloomberg Commodity Index to a thirteen year low on August 24.

On an individual security level, the top positive contributors to the Fund’s performance were Amazon.com, Inc., O’Reilly Automotive, Inc., and Apple, Inc. The top negative contributors to the Fund’s performance were International Business Machines Corp., Chevron Corp., and Royal Dutch Shell PLC (Class B).

SPDR MSCI ACWI IMI 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 (2/27/12, 2/28/12, 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 the 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 MSCI ACWI IMI ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.25%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI ACWI

NET ASSET

MARKET

MSCI ACWI

VALUE

IMI INDEX

VALUE

IMI INDEX

ONE YEAR

−5.61%

−3.25%

−6.21%

−5.61%

−3.25%

−6.21%

SINCE INCEPTION (1)

27.31%

30.32%

25.27%

6.95%

7.65%

6.48%


(1)		For the period February 27, 2012 to September 30, 2015.

SPDR MSCI ACWI IMI ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




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

MARKET VALUE	$477,599	300,570	253,515	245,727	233,588

% OF NET ASSETS	1.4	0.9	0.7	0.7	0.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		8.3	%
Pharmaceuticals		5.8
Oil, Gas & Consumable Fuels		5.7
Insurance		4.7
Media		3.3
Real Estate Investment Trusts		2.9
Software		2.8
Technology Hardware, Storage & Peripherals		2.7
Food Products		2.5
Chemicals		2.5
Aerospace & Defense		2.4
Diversified Telecommunication Services		2.3
Specialty Retail		2.3
Biotechnology		2.3
Semiconductors & Semiconductor Equipment		2.3
Food & Staples Retailing		2.2
Capital Markets		2.2
Industrial Conglomerates		2.1
IT Services		2.0
Hotels, Restaurants & Leisure		1.9
Internet Software & Services		1.8
Machinery		1.8
Electric Utilities		1.7
Health Care Equipment & Supplies		1.7
Health Care Providers & Services		1.7
Automobiles		1.6
Metals & Mining		1.5
Beverages		1.4
Household Products		1.3
Electronic Equipment, Instruments & Components		1.3
Road & Rail		1.3
Wireless Telecommunication Services		1.2
Tobacco		1.2
Real Estate Management & Development		1.2
Multiline Retail		1.2
Textiles, Apparel & Luxury Goods		1.1
Communications Equipment		1.0
Energy Equipment & Services		1.0
Diversified Financial Services		0.9
Electrical Equipment		0.8
Internet & Catalog Retail		0.7
Commercial Services & Supplies		0.7
Construction & Engineering		0.7
Air Freight & Logistics		0.7
Consumer Finance		0.6
Life Sciences Tools & Services		0.6
Trading Companies & Distributors		0.5
Auto Components		0.5
Multi-Utilities		0.5
Professional Services		0.5
Personal Products		0.5
Building Products		0.4
Leisure Products		0.4
Thrifts & Mortgage Finance		0.4
Marine		0.3
Water Utilities		0.3
Construction Materials		0.2
Transportation Infrastructure		0.2
Household Durables		0.2
Independent Power and Renewable Electricity Producers		0.1
Airlines		0.1
Paper & Forest Products		0.1
Gas Utilities		0.1
Containers & Packaging		0.1
Short Term Investments		19.5
Other Assets & Liabilities		(18.8	)

TOTAL		100.0	%


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

SPDR MSCI ACWI Low Carbon Target ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly traded companies in developed and emerging markets, while seeking to minimize carbon exposure. In seeking this objective, the Fund uses a sampling strategy.

For the period ended from inception (11/25/14) to September 30, 2015 (the “Reporting Period”), the total return for the Fund was −8.25%, and the total return for the MSCI ACWI Low Carbon Target Index (the “Index”) was −8.46%. 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. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Fund saw mixed performance in the first quarter of 2015 on account of an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). By the end of January, Denmark, Singapore, India and Turkey also eased policy by cutting interest rates, while Brazil hiked rates. Volatility subsided through February as oil prices stabilized and the aggressive pace of global central bank actions moderated. US equity markets traded down slightly on the jobs report as expectations increased that the US economy is gaining strength and that the Federal Reserve may raise rates in the not too distant future. Markets in June were again unsettled by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, European Central Bank and International Monetary Fund) to extend an existing bailout agreement came to an impasse. The third quarter of 2015 was again a difficult one for the stocks in the Fund as a cascade of worrying headlines surrounding the Greek exit from the Eurozone and a sudden free fall in China’s stock market dragged the returns of the global markets.

On an individual security level, the top positive contributors to the Fund’s performance were Apple, Inc., Amazon.com, Inc., and Home Depot, Inc. The top negative contributors to the Fund’s performance were HSBC Holdings PLC, Banco Santander SA, and Schlumberger, Ltd.

SPDR MSCI ACWI Low Carbon Target 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/25/14, 11/26/14, 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 EURO STOXX Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.20%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI ACWI LOW

NET ASSET

MARKET

MSCI ACWI LOW

VALUE

CARBON TARGET INDEX

VALUE

CARBON TARGET INDEX

SINCE INCEPTION (1)

−8.25%

−7.87%

−8.46%

N/A


(1) For the period November 25, 2014 to September 30, 2015.

SPDR MSCI ACWI Low Carbon Target ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	APPLE, INC.	MICROSOFT CORP.	JOHNSON & JOHNSON	GENERAL ELECTRIC CO.	WELLS FARGO & CO.

MARKET VALUE	$1,546,847	839,302	663,438	662,202	643,980

% OF NET ASSETS	1.9	1.0	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		10.5	%
Pharmaceuticals		6.7
Insurance		5.0
Oil, Gas & Consumable Fuels		3.9
Technology Hardware, Storage & Peripherals		3.1
Media		3.0
Diversified Telecommunication Services		2.8
Beverages		2.6
IT Services		2.5
Software		2.5
Capital Markets		2.3
Aerospace & Defense		2.3
Chemicals		2.2
Automobiles		2.2
Internet Software & Services		2.2
Food & Staples Retailing		2.1
Real Estate Investment Trusts		2.1
Industrial Conglomerates		2.1
Semiconductors & Semiconductor Equipment		2.1
Biotechnology		2.0
Food Products		1.9
Machinery		1.8
Health Care Providers & Services		1.8
Tobacco		1.8
Specialty Retail		1.7
Health Care Equipment & Supplies		1.5
Wireless Telecommunication Services		1.4
Energy Equipment & Services		1.4
Metals & Mining		1.3
Hotels, Restaurants & Leisure		1.3
Diversified Financial Services		1.3
Household Products		1.2
Textiles, Apparel & Luxury Goods		1.2
Road & Rail		1.1
Real Estate Management & Development		1.1
Internet & Catalog Retail		1.1
Communications Equipment		1.0
Electrical Equipment		1.0
Trading Companies & Distributors		0.9
Electric Utilities		0.9
Personal Products		0.8
Gas Utilities		0.7
Electronic Equipment, Instruments & Components		0.6
Water Utilities		0.6
Transportation Infrastructure		0.6
Household Durables		0.6
Consumer Finance		0.5
Professional Services		0.5
Construction & Engineering		0.5
Multiline Retail		0.4
Multi-Utilities		0.4
Auto Components		0.4
Air Freight & Logistics		0.4
Life Sciences Tools & Services		0.3
Commercial Services & Supplies		0.2
Independent Power and Renewable Electricity Producers		0.2
Building Products		0.2
Containers & Packaging		0.2
Thrifts & Mortgage Finance		0.1
Diversified Consumer Services		0.1
Health Care Technology		0.1
Leisure Products		0.1
Marine		0.1
Distributors		0.0	**
Short Term Investments		0.2
Other Assets & Liabilities		0.3

TOTAL		100.0	%


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

SPDR MSCI EM 50 ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI EM 50 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly traded companies in emerging markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −18.67%, and the total return for the MSCI EM 50 Index (the “Index”) was −18.41%. 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. Fund expenses, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

During the Reporting Period, a significantly heightened, diverse and global level of geopolitical tensions had an appreciable impact on this Fund. One of the more impactful geopolitical events was the ongoing Western sanctions on Russia associated with events in the Ukraine. Along with humanitarian concerns, this led to significant negative impacts to the Russian economy and continuing worries regarding broader regional destabilization. Another geopolitical hotspot was the Middle East where the focus continued to revolve around ISIS, which has been brutally seizing territory as it strives to establish a caliphate. A third area of increased geopolitical tensions can be found in the Pacific where land disputes and saber rattling between China and its neighbors have remained a concern. For non-geopolitical issues, slowing growth continued to impact many markets, especially in China where concerns escalated regarding their ability to navigate a slowing economy without experiencing a hard landing. This led to increasing worries regarding potential currency wars. A strengthening US dollar and weakening local currencies have impacted most of the emerging market countries due to their propensity to have borrowed in US dollars. This has led to heightened concerns regarding the impact of a Federal Reserve interest rate increase especially in regards to the likely impact on both debt servicing and capital outflows out of the emerging markets. Finally, many of the emerging market countries have been negatively impacted by declining commodity prices.

On an individual security level, the top positive contributors to the Fund’s performance were Naspers, Ltd. (Class N), Tencent Holdings, Ltd., and China Life Insurance Co., Ltd. (Class H). The top negative contributors to the Fund’s performance were Banco Bradesco SA Pfd., Itau Unibanco Holding SA Pfd., and Petroleo Brasileiro SA Pfd.

SPDR MSCI EM 50 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 (2/27/12, 2/28/12, 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 the 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 MSCI EM 50 ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI EM

NET ASSET

MARKET

MSCI EM

VALUE

50 INDEX

VALUE

50 INDEX

ONE YEAR

−18.67%

−18.80%

−18.41%

−18.67%

−18.80%

−18.41%

THREE YEARS

−13.37%

−13.17%

−12.02%

−4.67%

−4.60%

−4.18%

SINCE INCEPTION (1)

−17.16%

−16.96%

−15.18%

−5.11%

−5.04%

−4.48%


(1)		For the period February 27, 2012 to September 30, 2015.

SPDR MSCI EM 50 ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




		TAIWAN
		SEMICONDUCTOR
	SAMSUNG ELECTRONICS	MANUFACTURING	TENCENT HOLDINGS,		CHINA CONSTRUCTION
DESCRIPTION	CO., LTD. GDR	CO., LTD. ADR	LTD.	CHINA MOBILE, LTD.	BANK CORP. (CLASS H)

MARKET VALUE	$336,893	316,666	276,667	235,184	180,185

% OF NET ASSETS	8.8	8.3	7.3	6.2	4.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		23.2	%
Semiconductors & Semiconductor Equipment		10.7
Wireless Telecommunication Services		10.2
Oil, Gas & Consumable Fuels		9.5
Technology Hardware, Storage & Peripherals		8.8
Internet Software & Services		8.3
Insurance		5.3
Media		5.3
Automobiles		3.4
Electronic Equipment, Instruments & Components		3.1
Beverages		2.0
Household Durables		1.2
Auto Components		1.1
Food & Staples Retailing		1.1
Diversified Financial Services		1.0
Food Products		1.0
Diversified Telecommunication Services		1.0
Real Estate Management & Development		0.9
Metals & Mining		0.8
Construction Materials		0.8
Chemicals		0.7
Short Term Investments		11.4
Other Assets & Liabilities		(10.8	)

TOTAL		100.0	%


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

SPDR MSCI EM Beyond BRIC ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI EM Beyond BRIC ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks publicly-traded companies in emerging markets, excluding securities in Brazil, Russia, India and China. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −21.86%, and the total return for the MSCI EM Beyond BRIC Index (the “Index”) was −21.55%. 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 difference between the Fund’s performance and that of the Index can be attributed to Fund expenses, a slight cash drag, security misweights and compounding.

During the Reporting Period, a significantly heightened, diverse and global level of geopolitical tensions had an appreciable impact on this Fund. One of the more impactful geopolitical events was the ongoing Western sanctions on Russia associated with events in Ukraine. Along with humanitarian concerns, this led to significant negative impacts to the Russian economy and continuing worries regarding broader regional destabilization. Another geopolitical hotspot was the Middle East, where the focus continued to revolve around ISIS which has been brutally seizing territory as it strives to establish a Caliphate. A third area of increased geopolitical tensions can be found in the Pacific where land disputes and saber rattling between China and its neighbors have remained a concern. For non-geopolitical issues, slowing growth continued to impact many markets. This led to increasing worries regarding potential currency wars. A strengthening US dollar and weakening local currencies have impacted most of the emerging market countries due to their propensity to have borrowed in US dollars. This has led to heightened concerns regarding the impact of a Federal Reserve interest rate increase, especially with regard to the likely impact on both debt servicing and capital outflows out of the emerging markets. Finally, many of the emerging market countries have been negatively impacted by declining commodity prices. The Index underperformed the MSCI Emerging Markets Index (which includes BRIC countries) over the last year. From a country perspective, having no exposure to China and India was the main driver of this under-performance, while at the same time, having no exposure to Brazil, as well as over-weights to South Africa and Taiwan, all led to positive contribution.

On an individual security level, the top positive contributors to the Fund’s performance were Naspers, Ltd., Steinhoff International Holdings, Ltd., Taiwan Semiconductor Manufacturing Co., Ltd., AmorePacific Corp. and LG Household & Health Care, Ltd. The top negative contributors to the Fund’s performance were America Movil SAB de CV, Sasol, Ltd., MTN Group, Ltd., Cemex SAB de CV and Samsung Electronics Co., Ltd.

SPDR MSCI EM Beyond BRIC 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/4/13, 12/5/13, 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 MSCI EM Beyond BRIC ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.49%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI EM BEYOND

NET ASSET

MARKET

MSCI EM BEYOND

VALUE

BRIC INDEX

VALUE

BRIC INDEX

ONE YEAR

−21.86%

−22.73%

−21.55%

−21.86%

−22.73%

−21.55%

SINCE INCEPTION (1)

−18.44%

−19.39%

−17.39%

−10.57%

−11.14%

−9.96%


(1)		For the period December 4, 2013 to September 30, 2015.

SPDR MSCI EM Beyond BRIC ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	TAIWAN
	SEMICONDUCTOR
	MANUFACTURING CO.,	SAMSUNG ELECTRONICS	NASPERS, LTD.	AMERICA MOVIL SAB	HON HAI PRECISION
DESCRIPTION	LTD. ADR	CO., LTD. GDR	(CLASS N)	DE CV (SERIES L)	INDUSTRY CO., LTD. GDR

MARKET VALUE	$86,424	80,325	63,459	49,424	32,403

% OF NET ASSETS	3.6	3.4	2.7	2.1	1.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		19.7	%
Wireless Telecommunication Services		6.8
Technology Hardware, Storage & Peripherals		5.7
Semiconductors & Semiconductor Equipment		5.3
Industrial Conglomerates		4.3
Media		4.0
Oil, Gas & Consumable Fuels		3.9
Diversified Financial Services		3.1
Food & Staples Retailing		3.0
Metals & Mining		2.9
Electronic Equipment, Instruments & Components		2.8
Food Products		2.7
Chemicals		2.7
Real Estate Management & Development		2.5
Insurance		2.3
Electric Utilities		2.2
Construction Materials		2.2
Automobiles		2.0
Beverages		1.9
Diversified Telecommunication Services		1.7
Transportation Infrastructure		1.5
Hotels, Restaurants & Leisure		1.3
Pharmaceuticals		1.2
Household Durables		1.1
Construction & Engineering		1.1
Multiline Retail		1.1
Household Products		0.9
Health Care Providers & Services		0.9
Real Estate Investment Trusts		0.9
Specialty Retail		0.8
Independent Power and Renewable Electricity Producers		0.8
Auto Components		0.7
Textiles, Apparel & Luxury Goods		0.7
Personal Products		0.6
Tobacco		0.6
Internet Software & Services		0.5
Gas Utilities		0.5
Machinery		0.4
Multi-Utilities		0.4
Capital Markets		0.4
Airlines		0.3
Energy Equipment & Services		0.2
IT Services		0.2
Distributors		0.2
Paper & Forest Products		0.1
Commercial Services & Supplies		0.1
Consumer Finance		0.1
Air Freight & Logistics		0.1
Aerospace & Defense		0.1
Software		0.0	**
Short Term Investments		4.2
Other Assets & Liabilities		(3.7	)

TOTAL		100.0	%


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

SPDR MSCI EAFE Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI EAFE Quality Mix 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 the European, Australasian, and Far Eastern developed equity markets. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −5.34%, and the total return for the MSCI EAFE (Europe, Australasia, Far East) Quality Mix Index (the “Index”) was −5.03%. 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. Expenses of the Fund, the effects of cash holdings and the cumulative effect of security misweights between the securities in the Fund and the Index contributed to the difference between the Fund’s performance and that of the Index.

The Fund had a negative return for the Reporting Period. A persistent theme in the performance of the Fund, especially in the first and fourth quarters of the Reporting Period, was falling oil prices. The Fund’s performance was negatively impacted by depressed oil prices and their resulting effect on companies in the Fund. In particular, oil producers in the Fund saw lower earnings and profits due to the drop in crude prices that could not be offset by inventory reductions or reduced capital investments. The Fund had positive performance in the second and third quarters of the Reporting Period as national central banks maintained accommodative monetary policies and companies posted positive earnings reports in spite of continued strength in the US dollar. The Fund was also helped by its emphasis on higher quality, greater value-weighted and lower volatility companies.

On an individual security level, the top positive contributors to the Fund’s performance were Eisai Co., Ltd., Imperial Tobacco Group PLC, and West Japan Railway Co. The top negative contributors to the Fund’s performance were BP PLC, Total SA, and Royal Dutch Shell PLC (Class B).

SPDR MSCI EAFE Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, 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 MSCI EAFE Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI EAFE QUALITY

NET ASSET

MARKET

MSCI EAFE QUALITY

VALUE

MIX INDEX

VALUE

MIX INDEX

ONE YEAR

−5.34%

−4.85%

−5.03%

−5.34%

−4.85%

−5.03%

SINCE INCEPTION (1)

−9.58%

−9.21%

−9.17%

−7.31%

−7.03%

−7.01%


(1)		For the period June 4, 2014 to September 30, 2015.

SPDR MSCI EAFE Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




				NOVO NORDISK A/S	BRITISH AMERICAN
DESCRIPTION	NESTLE SA	NOVARTIS AG	ROCHE HOLDING AG	(CLASS B)	TOBACCO PLC

MARKET VALUE	$143,861	129,923	120,465	84,147	77,366

% OF NET ASSETS	2.7	2.5	2.3	1.6	1.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Pharmaceuticals		11.7	%
Banks		9.1
Insurance		4.9
Food Products		4.3
Diversified Telecommunication Services		4.2
Oil, Gas & Consumable Fuels		3.9
Chemicals		3.4
Personal Products		3.3
Media		3.0
Electric Utilities		2.8
Beverages		2.7
Tobacco		2.6
Real Estate Investment Trusts		2.4
Food & Staples Retailing		2.3
Metals & Mining		1.9
Textiles, Apparel & Luxury Goods		1.9
Specialty Retail		1.8
Household Products		1.8
Hotels, Restaurants & Leisure		1.7
Multi-Utilities		1.7
Automobiles		1.6
Wireless Telecommunication Services		1.6
Machinery		1.5
Road & Rail		1.4
Health Care Equipment & Supplies		1.3
Health Care Providers & Services		1.3
Aerospace & Defense		1.2
Capital Markets		1.2
Auto Components		1.1
Trading Companies & Distributors		1.1
Software		1.1
Real Estate Management & Development		1.1
Airlines		1.0
Diversified Financial Services		0.9
Professional Services		0.9
Commercial Services & Supplies		0.9
Technology Hardware, Storage & Peripherals		0.7
Biotechnology		0.6
Multiline Retail		0.6
Gas Utilities		0.6
Industrial Conglomerates		0.6
Electrical Equipment		0.6
Transportation Infrastructure		0.6
Air Freight & Logistics		0.5
Semiconductors & Semiconductor Equipment		0.5
Marine		0.5
Household Durables		0.4
Building Products		0.4
IT Services		0.3
Construction & Engineering		0.3
Energy Equipment & Services		0.2
Containers & Packaging		0.2
Electronic Equipment, Instruments & Components		0.2
Internet Software & Services		0.2
Leisure Products		0.2
Construction Materials		0.1
Paper & Forest Products		0.1
Communications Equipment		0.1
Diversified Consumer Services		0.1
Health Care Technology		0.1
Independent Power and Renewable Electricity Producers		0.1
Water Utilities		0.0	**
Short Term Investments		0.0	**
Other Assets & Liabilities		0.6

TOTAL		100.0	%


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

SPDR MSCI Emerging Markets Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI Emerging Markets Quality Mix 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 the emerging equity markets of the world. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −18.29%, and the total return for the MSCI Emerging Markets (EM) Quality Mix Index (the “Index”) was −17.47%. 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. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.

Emerging market equities rolled into the fourth quarter of 2014 in a downward spiral as the IMF cut its global growth forecasts, oil traded to new lows, ISIS advanced in Syria and Iraq and fighting continued in eastern Ukraine and Russia. The beginning of 2015 also had a turbulent start for stocks in the Fund as the European Central Bank announced a larger than expected quantitative easing, drama with Greek debt and required austerity measures renewed afresh, and Brazil and India witnessed slow economic growth. The slowdown in emerging market equities continued through the third quarter of 2015 as a cascade of worrying headlines emanated from Chinese surprise currency devaluation, its plummeting stock markets that dramatically rattled other global financial markets, and plunging commodities that proved particularly toxic for emerging market currencies.

On an individual security level, the top positive contributors to the Fund’s performance were Infosys, Ltd., Hanergy Thin Film Power Group, Ltd., and Tencent Holdings, Ltd. The top negative contributors to the Fund’s performance were Petroleo Brasileiro SA Pfd., Sasol, Ltd., and Public Joint-Stock Company Gazprom PAO ADR.

SPDR MSCI Emerging Markets Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, 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 MSCI Emerging Markets Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI EM

NET ASSET

MARKET

QUALITY

NET ASSET

MARKET

QUALITY

VALUE

MIX INDEX

VALUE

MIX INDEX

ONE YEAR

−18.29%

−17.61%

−17.47%

−18.29%

−17.61%

−17.47%

SINCE INCEPTION (1)

−18.81%

−18.17%

−17.38%

−14.55%

−14.03%

−13.45%


(1)		For the period June 4, 2014 to September 30, 2015.

SPDR MSCI Emerging Markets Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	SAMSUNG ELECTRONICS	CHINA MOBILE,	TAIWAN SEMICONDUCTOR	TENCENT HOLDINGS,
DESCRIPTION	CO., LTD. GDR	LTD.	MANUFACTURING CO., LTD.	LTD.	INFOSYS, LTD. ADR

MARKET VALUE	$2,345,018	2,049,164	1,991,780	1,493,514	1,125,375

% OF NET ASSETS	3.3	2.9	2.8	2.1	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS


Banks		17.2	%
Wireless Telecommunication Services		8.2
Oil, Gas & Consumable Fuels		7.0
Technology Hardware, Storage & Peripherals		6.3
Semiconductors & Semiconductor Equipment		4.2
IT Services		4.0
Insurance		3.5
Food & Staples Retailing		3.2
Pharmaceuticals		3.2
Internet Software & Services		2.6
Electronic Equipment, Instruments & Components		2.3
Automobiles		2.3
Food Products		2.3
Diversified Telecommunication Services		2.1
Industrial Conglomerates		1.9
Beverages		1.9
Tobacco		1.7
Personal Products		1.7
Metals & Mining		1.6
Transportation Infrastructure		1.5
Real Estate Management & Development		1.3
Household Products		1.3
Electric Utilities		1.3
Diversified Financial Services		1.2
Independent Power and Renewable Electricity Producers		1.2
Textiles, Apparel & Luxury Goods		1.2
Health Care Providers & Services		1.2
Chemicals		1.1
Auto Components		0.9
Water Utilities		0.9
Construction Materials		0.8
Hotels, Restaurants & Leisure		0.8
Multiline Retail		0.8
Gas Utilities		0.7
Household Durables		0.6
Specialty Retail		0.5
Commercial Services & Supplies		0.5
Media		0.4
Machinery		0.4
Multi-Utilities		0.4
Construction & Engineering		0.4
Road & Rail		0.3
Real Estate Investment Trusts		0.3
Capital Markets		0.3
Airlines		0.3
Software		0.3
Electrical Equipment		0.2
Life Sciences Tools & Services		0.2
Thrifts & Mortgage Finance		0.2
Air Freight & Logistics		0.2
Leisure Products		0.1
Marine		0.1
Consumer Finance		0.1
Paper & Forest Products		0.1
Communications Equipment		0.1
Energy Equipment & Services		0.1
Trading Companies & Distributors		0.1
Diversified Consumer Services		0.0
Distributors		0.0
Aerospace & Defense		0.0
Containers & Packaging		0.0
Building Products		0.0
Health Care Equipment & Supplies		0.0
Other Assets & Liabilities		0.4

TOTAL		100.0	%


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

SPDR MSCI World Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI World Quality Mix 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 the developed equity markets of the world. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −1.25%, and the total return for the MSCI World Quality Mix Index (the “Index”) was −1.71%. 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. Fees, cash and an aggregation of miniscule security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Fund had a mixed performance in the fourth quarter of 2014 as global stocks rallied up and down on account of the IMF cutting its global growth forecasts, interest rates moving lower and Europe and Japan confronting continued weakness. Equities rolled over in December 2014 as the weakness in oil prices continued to put global growth into question. 2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). By the end of January 2015, Denmark, Singapore, India and Turkey also eased policy by cutting interest rates while Brazil hiked rates. The Fund again witnessed negative returns in the third quarter of 2015 as global markets plummeted on the uncertainty of a Greek exit from the Eurozone and a sudden free fall in China’s stock market.

On an individual security level, the top positive contributors to the Fund’s performance were Apple, Inc., Starbucks Corp., and Visa, Inc. (Class A). The top negative contributors to the Fund’s performance were Johnson & Johnson, Chevron Corp., and Exxon Mobil Corp.

100

SPDR MSCI World Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, 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 MSCI World Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

MSCI WORLD

NET ASSET

MARKET

MSCI WORLD

VALUE

QUALITY MIX INDEX

VALUE

QUALITY MIX INDEX

ONE YEAR

−1.25%

−1.36%

−1.71%

−1.25%

−1.36%

−1.71%

SINCE INCEPTION (1)

−1.27%

−1.44%

−1.63%

−0.96%

−1.09%

−1.23%


(1)		For the period June 4, 2014 to September 30, 2015.

101

SPDR MSCI World Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	EXXON MOBIL CORP.	APPLE, INC.	MICROSOFT CORP.	JOHNSON & JOHNSON	PROCTER & GAMBLE CO.

MARKET VALUE	$118,737	110,410	99,231	97,644	72,659

% OF NET ASSETS	2.1	1.9	1.7	1.7	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Pharmaceuticals		8.1	%
Banks		6.1
Oil, Gas & Consumable Fuels		4.9
Insurance		4.2
IT Services		3.9
Specialty Retail		3.5
Software		3.5
Diversified Telecommunication Services		3.2
Food Products		3.0
Household Products		3.0
Hotels, Restaurants & Leisure		3.0
Technology Hardware, Storage & Peripherals		2.7
Electric Utilities		2.5
Media		2.5
Chemicals		2.4
Health Care Providers & Services		2.4
Real Estate Investment Trusts		2.4
Food & Staples Retailing		2.3
Beverages		2.2
Aerospace & Defense		2.2
Biotechnology		2.0
Internet Software & Services		2.0
Health Care Equipment & Supplies		1.8
Multi-Utilities		1.8
Metals & Mining		1.6
Tobacco		1.4
Multiline Retail		1.4
Textiles, Apparel & Luxury Goods		1.4
Semiconductors & Semiconductor Equipment		1.3
Road & Rail		1.2
Wireless Telecommunication Services		1.2
Capital Markets		1.1
Commercial Services & Supplies		1.1
Automobiles		1.0
Industrial Conglomerates		1.0
Machinery		0.9
Communications Equipment		0.9
Diversified Financial Services		0.8
Personal Products		0.7
Air Freight & Logistics		0.7
Trading Companies & Distributors		0.6
Airlines		0.5
Auto Components		0.5
Professional Services		0.4
Electronic Equipment, Instruments & Components		0.4
Energy Equipment & Services		0.4
Internet & Catalog Retail		0.4
Household Durables		0.3
Electrical Equipment		0.3
Marine		0.2
Transportation Infrastructure		0.2
Health Care Technology		0.2
Consumer Finance		0.2
Gas Utilities		0.2
Real Estate Management & Development		0.2
Construction & Engineering		0.2
Building Products		0.1
Diversified Consumer Services		0.1
Distributors		0.1
Containers & Packaging		0.1
Life Sciences Tools & Services		0.1
Construction Materials		0.1
Leisure Products		0.1
Paper & Forest Products		0.1
Water Utilities		0.0	**
Thrifts & Mortgage Finance		0.0	**
Independent Power and Renewable Electricity Producers		0.0	**
Short Term Investments		0.3
Other Assets & Liabilities		0.4

TOTAL		100.0	%


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

103

SPDR MSCI Australia Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI Australia Quality Mix 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 the equity market of Australia. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −19.87%, and the total return for the MSCI Australia Quality Mix A-Series Index (the “Index”) was −19.77%. 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. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.

The MSCI Australia Quality Mix Index had a difficult second half of the fiscal year, under-performing the broader MSCI EAFE Index in each of the last two quarters. Over the year the Australian dollar fell nearly 20% relative to the US dollar, accounting for nearly all of the Index’s performance. In comparison, the MSCI Australian Quality Mix return calculated in Australian dollars was 0.03%. The potential of a US rate increase, continued volatility in China’s equity markets, and a second rate cut by Canada all helped to drive the Australian currency lower. However, this fiscal year the MSCI Australia Quality Mix Index was still able to post outperformance of 1.31% versus the MSCI Australia Index as a whole.

On an individual security level, the top positive contributors to the Fund’s performance were Toll Holdings, Ltd., Westfield Corp., and Incitec Pivot, Ltd. The top negative contributors to the Fund’s performance were Woodside Petroleum, Ltd., Woolworths, Ltd., and BHP Billiton, Ltd.

104

SPDR MSCI Australia Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, 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 MSCI Australia Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI AUSTRALIA

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

A-SERIES INDEX

VALUE

A-SERIES INDEX

ONE YEAR

−19.87%

−19.21%

−19.77%

−19.87%

−19.21%

−19.77%

SINCE INCEPTION (1)

−25.34%

−24.99%

−25.27%

−20.04%

−19.75%

−20.03%


(1)		For the period June 11, 2014 to September 30, 2015.

105

SPDR MSCI Australia Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




					COMMONWEALTH
DESCRIPTION	BHP BILLITON, LTD.	WESFARMERS, LTD.	CSL, LTD.	WOOLWORTHS, LTD.	BANK OF AUSTRALIA

MARKET VALUE	$413,085	401,428	377,410	358,263	329,131

% OF NET ASSETS	6.5	6.3	5.9	5.6	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.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		19.2	%
Food & Staples Retailing		11.9
Metals & Mining		11.8
Real Estate Investment Trusts		8.2
Biotechnology		5.9
Diversified Telecommunication Services		5.2
Insurance		5.1
Oil, Gas & Consumable Fuels		3.9
Containers & Packaging		3.8
Health Care Providers & Services		3.7
Transportation Infrastructure		3.0
Commercial Services & Supplies		2.9
Multi-Utilities		1.7
Chemicals		1.7
Diversified Financial Services		1.6
Hotels, Restaurants & Leisure		1.6
Gas Utilities		1.0
Capital Markets		0.9
Real Estate Management & Development		0.9
Road & Rail		0.8
Construction Materials		0.7
Health Care Equipment & Supplies		0.7
Beverages		0.6
Professional Services		0.4
Airlines		0.4
Construction & Engineering		0.3
Electric Utilities		0.3
Multiline Retail		0.3
Media		0.2
Energy Equipment & Services		0.2
IT Services		0.1
Short Term Investments		0.0	**
Other Assets & Liabilities		1.0

TOTAL		100.0	%


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

107

SPDR MSCI Canada Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI Canada Quality Mix 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 the equity market of Canada. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −19.84%, and the total return for the MSCI Canada Quality Mix A-Series 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. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.

The first half of the fiscal year the Bank of Canada provided shock therapy to the market by unexpectedly cutting overnight rates by 0.25% to 0.75%. Canadian stocks and bonds rallied, but the Canadian dollar traded down 2.5% on the news. The Bank of Canada’s cut was widely viewed as insurance against economic risk, which includes inflation, growth and financial stability. Weak oil prices also played a significant role in the Bank of Canada’s decision to cut rates. The themes for the second half of the fiscal year were similar to the themes that dominated the first half of the fiscal year. Commodities resumed their descent primarily led by crude oil. Total production remained at record high levels and new supply was expected to hit the market with the removal of sanctions on Iran. A surprise currency devaluation in China and plummeting stock markets rattled the global financial markets. This accelerated a selloff in oil and commodities sending the price of crude oil below $40 – the lowest level since 2009.

On an individual security level, the top positive contributors to the Fund’s performance were Dollarama, Inc., Alimentation Couche-Tard, Inc. (Class B), and Metro, Inc. (Class A). The top negative contributors to the Fund’s performance were Imperial Oil, Ltd., Potash Corp. of Saskatchewan, Inc., and Canadian Natural Resources, Ltd.

108

SPDR MSCI Canada Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, 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 MSCI Canada Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI CANADA

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

A-SERIES INDEX

VALUE

A-SERIES INDEX

ONE YEAR

−19.84%

−18.83%

−19.79%

−19.84%

−18.83%

−19.79%

SINCE INCEPTION (1)

−20.05%

−19.41%

−20.02%

−15.74%

−15.22%

−15.75%


(1)		For the period June 11, 2014 to September 30, 2015.

109

SPDR MSCI Canada Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	CANADIAN IMPERIAL	ROYAL BANK	TORONTO-DOMINION	CANADIAN NATIONAL
DESCRIPTION	BANK OF COMMERCE	OF CANADA	BANK	RAILWAY CO.	DOLLARAMA, INC.

MARKET VALUE	$378,671	356,044	355,571	324,667	321,811

% OF NET ASSETS	4.1	3.8	3.8	3.5	3.5

(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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		18.6	%
Oil, Gas & Consumable Fuels		17.6
Insurance		10.8
Food & Staples Retailing		8.5
Road & Rail		5.5
Multiline Retail		4.0
Diversified Telecommunication Services		3.5
Chemicals		3.4
Media		2.6
Metals & Mining		2.6
Auto Components		2.6
Real Estate Management & Development		2.3
Capital Markets		2.2
Textiles, Apparel & Luxury Goods		2.1
Food Products		1.9
IT Services		1.9
Software		1.5
Real Estate Investment Trusts		1.4
Multi-Utilities		1.3
Electric Utilities		1.3
Wireless Telecommunication Services		1.2
Diversified Financial Services		0.7
Pharmaceuticals		0.7
Trading Companies & Distributors		0.6
Aerospace & Defense		0.2
Construction & Engineering		0.1
Hotels, Restaurants & Leisure		0.1
Independent Power and Renewable Electricity Producers		0.1
Technology Hardware, Storage & Peripherals		0.1
Paper & Forest Products		0.1
Short Term Investments		0.1
Other Assets & Liabilities		0.4

TOTAL		100.0	%


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

111

SPDR MSCI Germany Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI Germany Quality Mix 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 the equity market of Germany. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −7.64%, and the total return for the MSCI Germany Quality Mix A-Series Index (the “Index”) was −7.71%. 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. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.

Germany had a solid first half of the fiscal year, significantly outpacing the broader MSCI EAFE in each of the first two quarters. The market was one of the only outliers in a struggling Eurozone during this period. Germany is the largest exporter in Europe thanks mostly to their position within the automobile industry. The decline of the euro ironically made exports look more attractive in other regions, boosting the country’s relative performance. The second half of the fiscal year wasn’t as kind to Germany, as the market gave back all of its first half gains and more. This slump was driven by the rebound of the euro, as well as the ongoing unrest in Greece since Germany is one of their primary lenders. Though down for the fiscal year, the Index was still able to post an outperformance of 2.52% versus the MSCI EAFE as a whole.

On an individual security level, the top positive contributors to the Fund’s performance were Fresenius SE & Co. KGaA, Deutsche Telekom AG, and Hannover Rueck SE. The top negative contributors to the Fund’s performance were RWE AG, Siemens AG, and E.ON SE.

112

SPDR MSCI Germany Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, 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 MSCI Germany Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI GERMANY

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

A-SERIES INDEX

VALUE

A-SERIES INDEX

ONE YEAR

−7.64%

−6.77%

−7.71%

−7.64%

−6.77%

−7.71%

SINCE INCEPTION (1)

−17.52%

−17.35%

−17.51%

−13.70%

−13.56%

−13.73%


(1)		For the period June 11, 2014 to September 30, 2015.

113

SPDR MSCI Germany Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	SIEMENS AG	BASF SE	SAP SE	BAYER AG	ALLIANZ SE

MARKET VALUE	$624,006	578,982	562,127	541,041	477,333

% OF NET ASSETS	6.4	6.0	5.8	5.6	4.9

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Chemicals		11.2	%
Insurance		10.7
Pharmaceuticals		7.9
Automobiles		7.6
Industrial Conglomerates		6.4
Health Care Providers & Services		5.8
Software		5.8
Household Products		4.9
Air Freight & Logistics		4.5
Textiles, Apparel & Luxury Goods		4.1
Diversified Telecommunication Services		3.6
Media		3.3
Diversified Financial Services		3.0
Auto Components		2.9
Multi-Utilities		2.8
Machinery		2.7
Personal Products		2.5
Capital Markets		2.5
Real Estate Management & Development		1.7
Semiconductors & Semiconductor Equipment		1.2
Biotechnology		1.0
Internet Software & Services		0.9
Banks		0.7
Airlines		0.5
Food & Staples Retailing		0.4
Construction Materials		0.3
Transportation Infrastructure		0.3
Metals & Mining		0.2
Trading Companies & Distributors		0.2
Electrical Equipment		0.1
Short Term Investments		0.0	**
Other Assets & Liabilities		0.3

TOTAL		100.0	%


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

115

SPDR MSCI Japan Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI Japan Quality Mix 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 the equity market of Japan. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 0.21%, and the total return for the MSCI Japan Quality Mix A-Series Index (the “Index”) was 0.45%. 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. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.

The Fund out-performed the broader MSCI EAFE in three of the four fiscal year quarters. This led to strong relative fiscal year-end outperformance of 11.61% versus the MSCI EAFE. Over the fiscal year, the Japanese Yen fell approximately 9.3% relative to the US dollar, offsetting nearly all of the Index’s performance. In comparison, the Japan Quality Mix return calculated in Japanese Yen was 9.98%. The potential of a US rate increase and continued volatility in the China’s equity markets helped to drive the Japanese currency lower. This fiscal year the MSCI Japan Quality Mix Index posted underperformance of 5.64% versus the MSCI Japan Index as a whole.

On an individual security level, the top positive contributors to the Fund’s performance were Oriental Land Co., Ltd., Kao Corp., and Fast Retailing Co., Ltd. The top negative contributors to the Fund’s performance were Mitsui & Co., Ltd, JGC Corp., and FANUC Corp.

116

SPDR MSCI Japan Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, 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 MSCI Japan Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					MSCI JAPAN						MSCI JAPAN
	NET ASSET		MARKET		QUALITY MIX		NET ASSET		MARKET		QUALITY MIX
	VALUE		VALUE		A-SERIES INDEX		VALUE		VALUE		A-SERIES INDEX

ONE YEAR		0.21%		0.93%		0.45%		0.21%		0.93%		0.45%

SINCE INCEPTION (1)		0.97%		1.50%		1.28%		0.74%		1.15%		0.98%


(1)		For the period June 11, 2014 to September 30, 2015.

117

SPDR MSCI Japan Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




DESCRIPTION	KDDI CORP.	BRIDGESTONE CORP.	KAO CORP.	JAPAN TOBACCO, INC.	TOYOTA MOTOR CORP.

MARKET VALUE	$307,307	292,832	288,725	259,158	256,105

% OF NET ASSETS	2.6	2.5	2.4	2.2	2.2

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Automobiles		7.6	%
Banks		7.4
Pharmaceuticals		5.6
Machinery		5.2
Electronic Equipment, Instruments & Components		5.0
Auto Components		5.0
Specialty Retail		4.5
Road & Rail		4.0
Wireless Telecommunication Services		3.8
Trading Companies & Distributors		3.5
Personal Products		2.7
Chemicals		2.6
Health Care Equipment & Supplies		2.5
Real Estate Investment Trusts		2.2
Tobacco		2.2
Real Estate Management & Development		2.1
Food & Staples Retailing		2.0
Technology Hardware, Storage & Peripherals		1.8
Leisure Products		1.7
Hotels, Restaurants & Leisure		1.7
Electric Utilities		1.5
Food Products		1.5
Airlines		1.5
IT Services		1.5
Household Durables		1.5
Insurance		1.5
Oil, Gas & Consumable Fuels		1.4
Beverages		1.2
Commercial Services & Supplies		1.2
Gas Utilities		1.2
Software		1.1
Diversified Telecommunication Services		1.1
Internet Software & Services		1.1
Diversified Financial Services		1.0
Household Products		0.8
Professional Services		0.6
Metals & Mining		0.6
Health Care Technology		0.6
Construction & Engineering		0.6
Health Care Providers & Services		0.5
Electrical Equipment		0.4
Air Freight & Logistics		0.4
Building Products		0.4
Industrial Conglomerates		0.4
Multiline Retail		0.4
Capital Markets		0.3
Textiles, Apparel & Luxury Goods		0.3
Diversified Consumer Services		0.3
Media		0.3
Independent Power and Renewable Electricity Producers		0.2
Marine		0.1
Semiconductors & Semiconductor Equipment		0.1
Construction Materials		0.1
Paper & Forest Products		0.1
Transportation Infrastructure		0.1
Consumer Finance		0.1
Containers & Packaging		0.1
Internet & Catalog Retail		0.0	**
Short Term Investments		0.0	**
Other Assets & Liabilities		0.8

TOTAL		100.0	%


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

119

SPDR MSCI Mexico Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI Mexico Quality Mix 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 the equity market of Mexico. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −20.76%, and the total return for the MSCI Mexico Quality Mix A-Series Index (the “Index”) was −20.60%. 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. Expenses, transaction costs, cash drag, lending income, misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.

It was a volatile period under review. The Fund produced negative returns in all four quarters under review, but the first and last quarters of the reporting period months detracted the most from the overall Fund return, as it finished −11.92% for the quarter ending December 31, 2014, and another −8.26% for the quarter ending September 30, 2015. The Fund invests in companies domiciled in the emerging market country of Mexico. For the quarter ending December 31, the Latin American region was particularly exposed to soft commodity prices, as the metals in combination with the oil and gas industry represented significant exposure. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. Following concerns related to Chinese growth, pressure spread across the Latin American region. This event sent ripples across global equity markets and during the 3 day period beginning on August 20, the Fund experienced a negative return of −7.42%. Most emerging currencies came under pressure during the 12 months under review, and the Mexican peso experienced this as well. In fact, while the Index return as measured in USD terms, was −20.60%, the return in local terms was actually +0.20%. This implies a depreciation of the Mexican peso of −20.75%.

On an individual security level, the top positive contributors to the Fund’s performance were Grupo Aeroportuario del Pacifico SAB de CV (Class B), El Puerto de Liverpool SAB de CV, and Wal-Mart de Mexico SAB de CV. The top negative contributors to the Fund’s performance were Grupo Televisa SAB, Grupo Mexico SAB. de C.V. (Series B), and America Movil SAB de CV (Series L).

120

SPDR MSCI Mexico Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/17/14, 9/18/14, 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 MSCI Mexico Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI MEXICO

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

A-SERIES INDEX

VALUE

A-SERIES INDEX

ONE YEAR

−20.76%

−20.56%

−20.60%

−20.76%

−20.56%

−20.60%

SINCE INCEPTION (1)

−23.86%

−23.58%

−23.67%

−23.08%

−22.82%

−22.97%


(1)		For the period September 17, 2014 to September 30, 2015.

121

SPDR MSCI Mexico Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	AMERICA MOVIL SAB	WAL-MART DE MEXICO	FOMENTO ECONOMICO	GRUPO MEXICO SAB
DESCRIPTION	DE CV (SERIES L)	SAB DE CV	MEXICANO SAB DE CV	DE CV (SERIES B)	GRUPO TELEVISA SAB

MARKET VALUE	$304,895	196,244	188,566	126,181	109,446

% OF NET ASSETS	13.5	8.7	8.3	5.6	4.8

(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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Wireless Telecommunication Services		13.5	%
Beverages		13.3
Food & Staples Retailing		12.2
Banks		8.9
Transportation Infrastructure		8.0
Food Products		7.5
Metals & Mining		7.5
Industrial Conglomerates		4.9
Media		4.8
Multiline Retail		4.0
Construction & Engineering		3.0
Household Products		3.0
Construction Materials		2.5
Real Estate Investment Trusts		2.1
Consumer Finance		1.9
Chemicals		1.7
Pharmaceuticals		0.8
Short Term Investments		0.0	**
Other Assets & Liabilities		0.4

TOTAL		100.0	%


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

123

SPDR MSCI South Korea Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI South Korea Quality Mix 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 the equity market of South Korea. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −15.78%, and the total return for the MSCI Korea Quality Mix A-Series Index (the “Index”) was −15.42%. 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. Fund expenses, a cash drag, and slight security misweights contributed to the difference between the Fund’s performance and that of the Index.

Emerging market equities were volatile through 2015, with no shortage of significant events causing considerable uncertainty across all major regions. The third quarter opened on a positive note with news that Greece had successfully come to an agreement on austerity measures with creditors, but the resulting optimism was short lived as weakness across heavily weighted constituents China and Korea outweighed any positive sentiment through the remainder of July. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. This correction spread to all major markets including the S&P 500, which fell 3.2%. Concerns persisted through the weekend with the Dow Jones initially opening 1,000 points lower on Monday the 24th, before moderately rebounding but still closing the day 3.6% lower. Following concerns related to Chinese growth, pressure spread across the Latin American region with key commodity exporters Brazil and Chile falling 33.6% and 13.6%, respectively. Brazil was specifically pressured in August as a Q2 GDP release of −1.9%, confirmed the economy’s slide into recession after a −0.7% fall in Q1. The increase in market jitters accelerated a selloff in oil and commodities generally that had been underway since early July sending the price of WTI crude below $40 on August 24 to the lowest level since 2009, while the broad Bloomberg Commodity Index declined to new thirteen year lows.

Over the twelve month reporting period, the MSCI Emerging Market Index (the “EM Index”) declined 19.3%. Developed markets (as defined by the MSCI World Index) outperformed emerging through the period, but also ended lower, falling 10.1%. MSCI South Korea Index has declined 18.4% for the reporting period, slightly outperforming the broader EM Index but lower than the Fund Index. Asia Pacific region was the best performing region in the MSCI Emerging Markets Index and declined 12.9%. Consumer staples and energy sectors were the strongest contributors to the fund’s performance during the reporting period. Information technology and consumer discretionary were the main detractors from the Fund’s performance. Exports contracted throughout the year and the slowdown in China, Korea’s main export destination, continues to cause concern for the industrial and material sectors.

On an individual security level, the top positive contributors to the Fund’s performance were LG Household & Health Care, Ltd., Amorepacific Corp., and S-Oil Corp. The top negative contributors to the Fund’s performance were POSCO, NAVER Corp., and Samsung Electronics Co., Ltd.

124

SPDR MSCI South Korea Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/17/14, 9/18/14, 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 MSCI South Korea Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI SOUTH KOREA

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

A-SERIES INDEX

VALUE

A-SERIES INDEX

ONE YEAR

−15.78%

−15.61%

−15.42%

−15.78%

−15.61%

−15.42%

SINCE INCEPTION (1)

−19.86%

−20.11%

−19.82%

−19.21%

−19.45%

−19.22%


(1)		For the period September 17, 2014 to September 30, 2015.

125

SPDR MSCI South Korea Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	SAMSUNG ELECTRONICS	HYUNDAI	HYUNDAI MOBIS	KIA MOTORS
DESCRIPTION	CO., LTD.	MOTOR CO.	CO., LTD.	CORP.	KT&G CORP.

MARKET VALUE	$374,078	118,714	97,069	94,918	80,617

% OF NET ASSETS	15.8	5.0	4.1	4.0	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Technology Hardware, Storage & Peripherals		19.1	%
Automobiles		11.4
Insurance		7.2
Auto Components		5.8
Banks		5.8
Industrial Conglomerates		4.3
Internet Software & Services		3.9
Personal Products		3.6
Tobacco		3.4
Chemicals		3.0
Electronic Equipment, Instruments & Components		3.0
Metals & Mining		2.4
Household Durables		2.3
Electric Utilities		2.0
Hotels, Restaurants & Leisure		1.8
Household Products		1.8
Semiconductors & Semiconductor Equipment		1.7
Food Products		1.6
IT Services		1.6
Commercial Services & Supplies		1.6
Oil, Gas & Consumable Fuels		1.5
Wireless Telecommunication Services		1.4
Multiline Retail		1.3
Air Freight & Logistics		1.2
Diversified Telecommunication Services		1.0
Software		0.9
Pharmaceuticals		0.8
Aerospace & Defense		0.8
Food & Staples Retailing		0.7
Machinery		0.6
Gas Utilities		0.4
Media		0.4
Construction & Engineering		0.4
Electrical Equipment		0.3
Capital Markets		0.3
Trading Companies & Distributors		0.2
Consumer Finance		0.2
Building Products		0.2
Airlines		0.1
Road & Rail		0.1
Specialty Retail		0.0	**
Marine		0.0	**
Short Term Investments		0.0	**
Other Assets & Liabilities		(0.1	)

TOTAL		100.0	%


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

127

SPDR MSCI Spain Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI Spain Quality Mix 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 the equity market of Spain. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −16.00%, and the total return for the MSCI Spain Quality Mix A-Series Index (the “Index”) was −15.90%. 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. Expenses, tax withholdings and positive cash drag contributed to the difference between the Fund’s performance and that of the Index.

The Fund under-performed the broader MSCI EAFE in the first three of the four fiscal year quarters. This led to fiscal year-end relative under-performance of 7.8% versus the MSCI EAFE Index. Over the fiscal year, the euro fell approximately 11.5% relative to the US dollar, contributing significantly to the Index’s under-performance. The potential of a US rate increase along with continued quantitative easing in Europe helped to drive the euro lower. Spain in particular in the Eurozone has suffered a slow recovery since the financial crisis and continues to post the region’s highest unemployment rate, 22.2% at fiscal year-end.

On an individual security level, the top positive contributors to the Fund’s performance were Industria de Diseno Textil, SA, International Consolidated Airlines Group SA, and Ferrovial SA. The top negative contributors to the Fund’s performance were Banco Bilbao Vizcaya Argentaria SA, Repsol SA, and Banco Santander SA.

128

SPDR MSCI Spain Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, 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 MSCI Spain Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI SPAIN

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

A-SERIES INDEX

VALUE

A-SERIES INDEX

ONE YEAR

−16.00%

−15.36%

−15.90%

−16.00%

−15.36%

−15.90%

SINCE INCEPTION (1)

−22.86%

−22.70%

−22.73%

−18.01%

−17.88%

−17.95%


(1)		For the period June 11, 2014 to September 30, 2015.

129

SPDR MSCI Spain Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




				BANCO BILBAO	INDUSTRIA DE
DESCRIPTION	BANCO SANTANDER SA	TELEFONICA SA	IBERDROLA SA	VIZCAYA ARGENTARIA SA	DISENO TEXTIL SA

MARKET VALUE	$258,775	208,160	167,113	162,548	162,202

% OF NET ASSETS	11.6	9.4	7.5	7.3	7.3

(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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		27.0	%
Electric Utilities		15.3
Diversified Telecommunication Services		9.4
Specialty Retail		7.3
Construction & Engineering		6.8
Gas Utilities		6.8
IT Services		4.5
Transportation Infrastructure		4.4
Oil, Gas & Consumable Fuels		3.6
Insurance		3.4
Machinery		2.8
Food & Staples Retailing		2.4
Biotechnology		2.4
Airlines		2.3
Media		1.4
Short Term Investments		0.0	**
Other Assets & Liabilities		0.2

TOTAL		100.0	%


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

131

SPDR MSCI Taiwan Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI Taiwan Quality Mix 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 the equity market of Taiwan. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −12.64%, and the total return for the MSCI Taiwan Quality Mix A-Series Index (the “Index”) was −12.16%. 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. Fund expenses, a cash drag, and slight security misweights contributed to the difference between the Fund’s performance and that of the Index.

Emerging market equities were volatile through 2015, with no shortage of significant events causing considerable uncertainty across all major regions. The third quarter opened on a positive note with news that Greece had successfully come to an agreement on austerity measures with creditors, but the resulting optimism was short lived as weakness across heavily weighted constituents China and Korea outweighed any positive sentiment through the remainder of July. The downward pressure across emerging market equities accelerated in August as a surprise devaluation of the yuan by the PBOC and a weak flash PMI reading on the evening of August 20 of 47.1 (6.5 year low and sixth consecutive monthly contraction) led to a significant equity selloff the following day. This correction spread to all major markets including the S&P 500, which fell 3.2%. Concerns persisted through the weekend with the Dow Jones initially opening 1,000 points lower on Monday the 24th, before moderately rebounding but still closing the day 3.6% lower. Following concerns related to Chinese growth, pressure spread across the Latin American region with key commodity exporters Brazil and Chile falling 33.6% and 13.6%, respectively. Brazil was specifically pressured in August as a Q2 GDP release of −1.9%, confirmed the economy’s slide into recession after a −0.7% fall in Q1. The increase in market jitters accelerated a selloff in oil and commodities generally that had been underway since early July, sending the price of WTI crude below $40 on August 24 to the lowest level since 2009 while the broad Bloomberg Commodity Index declined to new thirteen year lows.

Over the Reporting Period, the MSCI Emerging Market Index (the “EM Index”) declined 19.3%. Developed markets (as defined by the MSCI World Index) outperformed emerging markets through the period, but also ended lower, falling 10.1%. The MSCI Taiwan Index has declined 11.3% for the Reporting Period. The Asia Pacific region was the best performing region in the EM Index and declined 12.9%. Telecommunication and consumer discretionary sectors were the strongest contributors to the Fund’s performance during the Reporting Period. Information technology and financials were the main detractors from the Fund’s performance. Taiwan’s economic growth sunk to a six-year low in the second quarter, weighed down by slowdown in production and weak foreign demand affected by slowdown from China.

On an individual security level, the top positive contributors to the Fund’s performance were Taiwan Semiconductor Manufacturing Co., Ltd., Eclat Textile Co., Ltd., and Far EasTone Telecommunications Co., Ltd. The top negative contributors to the Fund’s performance were Hon Hai Precision Industry Co., Ltd., Delta Electronics, Inc., and MediaTek, Inc.

132

SPDR MSCI Taiwan Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/17/14, 9/18/14, 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 MSCI Taiwan Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI TAIWAN

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

A-SERIES INDEX

VALUE

A-SERIES INDEX

ONE YEAR

−12.64%

−12.79%

−12.16%

−12.64%

−12.79%

−12.16%

SINCE INCEPTION (1)

−15.80%

−16.09%

−15.46%

−15.26%

−15.54%

−14.98%


(1)		For the period September 17, 2014 to September 30, 2015.

133

SPDR MSCI Taiwan Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	TAIWAN
	SEMICONDUCTOR
	MANUFACTURING	HON HAI PRECISION	CHUNGHWA TELECOM		DELTA ELECTRONICS,
DESCRIPTION	CO., LTD.	INDUSTRY CO., LTD.	CO., LTD.	MEDIATEK, INC.	INC.

MARKET VALUE	$710,652	332,755	276,049	199,666	196,431

% OF NET ASSETS	14.1	6.6	5.4	4.0	3.9

(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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Semiconductors & Semiconductor Equipment		25.4	%
Electronic Equipment, Instruments & Components		17.6
Technology Hardware, Storage & Peripherals		16.1
Banks		11.0
Diversified Telecommunication Services		5.5
Wireless Telecommunication Services		4.3
Chemicals		2.7
Textiles, Apparel & Luxury Goods		2.6
Insurance		2.1
Food & Staples Retailing		2.1
Food Products		1.6
Metals & Mining		1.2
Leisure Products		1.1
Construction Materials		1.1
Diversified Financial Services		1.1
Auto Components		1.1
Oil, Gas & Consumable Fuels		0.7
Industrial Conglomerates		0.5
Capital Markets		0.4
Airlines		0.3
Specialty Retail		0.2
Real Estate Management & Development		0.2
Marine		0.2
Automobiles		0.1
Electrical Equipment		0.1
Machinery		0.1
Construction & Engineering		0.0	**
Building Products		0.0	**
Short Term Investments		0.0	**
Other Assets & Liabilities		0.6

TOTAL		100.0	%


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

135

SPDR MSCI United Kingdom Quality Mix ETF —
Management’s Discussion of Fund Performance

The SPDR MSCI United Kingdom Quality Mix 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 the equity market of the United Kingdom. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −8.85%, and the total return for the MSCI UK Quality Mix A-Series Index (the “Index”) was −8.62%. 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. Fund expenses, cash, and slight security misweights contributed to the difference between the Fund’s performance and that of the Index.

After a volatile beginning of the year, global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year. The quarter was also punctuated by a resumption of the selloff in commodity prices led by crude oil, taking the Bloomberg Commodity Index to a thirteen year low on August 24.

Setting up a showdown with the rest of the Eurozone, on June 26 Greece’s Syriza government announced a surprise referendum for July 5 asking its citizens to approve or reject terms to release funds from a just expired bailout package from the European Troika of creditors. On the night of the referendum the government won a victory with a successful ‘No’ vote, though it soon became clear the following week that the tactics employed by the Greek government only hardened the negotiating stance of its creditors, resulting in a tentative deal on July 13 with terms much more punitive than those in the just rejected referendum. The standoff before and after the referendum caused European equity markets to gyrate, though in comparison to previous episodes in 2010 and 2012 when Greece threatened to undo the Eurozone, peripheral bond spreads in Italy and Spain moved only modestly. This relative stability suggests that markets were convinced any Greek defaults or outright Eurozone exit could be firewalled. This lack of market reaction arguably also undermined the Greek government strategy to create negotiating leverage with the threat of market chaos.

The UK economy slowed a little in early 2015, but domestic demand growth remained relatively strong, helped by lower oil prices. Net exports continued to subtract from UK growth, reflecting sluggish growth in early 2015 in both the US and the Eurozone. Consumer discretionary and consumer staples sectors were the main contributors to the Fund’s performance, as low oil prices and subdued inflation continued to support consumer spending. Energy, materials and industrials were the main detractors from the Fund’s performance. The Index outperformed MSCI UK standard index by over 3% over the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Imperial Tobacco Group PLC, Reckitt Benckiser Group PLC, and RELX PLC. The top negative contributors to the Fund’s performance were HSBC Holdings PLC, BP PLC, and Royal Dutch Shell PLC (Class A).

136

SPDR MSCI United Kingdom Quality Mix 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/11/14, 6/12/14, 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 MSCI United Kingdom Quality Mix ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

MSCI UNITED KINGDOM

NET ASSET

MARKET

QUALITY MIX

NET ASSET

MARKET

QUALITY MIX

VALUE

A-SERIES INDEX

VALUE

A-SERIES INDEX

ONE YEAR

−8.85%

−8.56%

−8.62%

−8.85%

−8.56%

−8.62%

SINCE INCEPTION (1)

−13.28%

−12.93%

−12.99%

−10.33%

−10.05%

−10.13%


(1)		For the period June 11, 2014 to September 30, 2015.

137

SPDR MSCI United Kingdom Quality Mix ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




		RECKITT BENCKISER	BRITISH AMERICAN		ROYAL DUTCH SHELL
DESCRIPTION	HSBC HOLDINGS PLC	GROUP PLC	TOBACCO PLC	BP PLC	PLC (CLASS A)

MARKET VALUE	$110,236	97,218	97,176	95,974	84,459

% OF NET ASSETS	4.4	3.9	3.9	3.8	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		9.7	%
Banks		7.9
Pharmaceuticals		6.9
Media		6.0
Tobacco		5.5
Hotels, Restaurants & Leisure		5.1
Insurance		4.9
Aerospace & Defense		4.4
Metals & Mining		4.3
Household Products		3.9
Personal Products		3.1
Multi-Utilities		2.9
Beverages		2.7
Wireless Telecommunication Services		2.5
Real Estate Investment Trusts		2.5
Food Products		2.2
Multiline Retail		2.2
Trading Companies & Distributors		2.0
Diversified Telecommunication Services		2.0
Professional Services		1.9
Capital Markets		1.8
Health Care Equipment & Supplies		1.7
Food & Staples Retailing		1.4
Semiconductors & Semiconductor Equipment		1.4
Chemicals		1.2
Electric Utilities		1.2
Commercial Services & Supplies		1.0
Household Durables		0.9
Software		0.9
Textiles, Apparel & Luxury Goods		0.8
Specialty Retail		0.7
Water Utilities		0.6
Auto Components		0.6
Airlines		0.5
Machinery		0.5
Industrial Conglomerates		0.4
Air Freight & Logistics		0.4
Energy Equipment & Services		0.3
Paper & Forest Products		0.1
Containers & Packaging		0.1
Diversified Financial Services		0.1
Short Term Investments		0.0	**
Other Assets & Liabilities		0.8

TOTAL		100.0	%


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

139

SPDR Russell/Nomura PRIME Japan ETF —
Management’s Discussion of Fund Performance

The SPDR Russell/Nomura PRIME Japan 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 the Japanese equity market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −1.32%, and the total return for the Russell/Nomura PRIME^tm Index (the “Index”) was −0.59%. 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. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

Despite a very volatile year in the Japanese market, the Russell/Nomura PRIME Index still managed to finish off the Reporting Period in close to flat territory. A great deal of focus was placed on Japanese Prime Minister Shinzo Abe and his continued pledge to strengthen the country’s economy. After being appointed to another three-year term as party leader, Abe announced an ambitious goal to expand the economy by 20 percent. Unfortunately, both his lack of a detailed plan and inability to control deflation minimized any positive long term economic impact. The continued economic concerns and jitters over China’s economy also kept any meaningful profits throughout the period at bay.

On an individual security level, the top positive contributors to the Fund’s performance were Sony Corp., Central Japan Railway Co., and Mitsubishi UFJ Financial Group, Inc. The top negative contributors to the Fund’s performance were Toshiba Corp., Hitachi, Ltd., and SoftBank Group Corp.

140

SPDR Russell/Nomura PRIME Japan 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 (11/9/06, 11/14/06, 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 the 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 Russell/Nomura PRIME Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.30%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

RUSSELL/NOMURA

NET ASSET

MARKET

RUSSELL/NOMURA

VALUE

PRIME INDEX

VALUE

PRIME INDEX

ONE YEAR

−1.32%

−0.74%

−0.59%

−1.32%

−0.74%

−0.59%

THREE YEARS

28.69%

30.71%

31.62%

8.77%

9.34%

9.60%

FIVE YEARS

26.39%

27.47%

31.33%

4.80%

4.97%

5.60%

SINCE INCEPTION (1)

−0.90%

−0.11%

4.65%

−0.10%

−0.01%

0.51%


(1)		For the period November 9, 2006 to September 30, 2015.

141

SPDR Russell/Nomura PRIME Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	TOYOTA MOTOR	MITSUBISHI UFJ	NIPPON TELEGRAPH &	HONDA MOTOR	SUMITOMO MITSUI
DESCRIPTION	CORP.	FINANCIAL GROUP, INC.	TELEPHONE CORP.	CO., LTD.	FINANCIAL GROUP, INC.

MARKET VALUE	$1,005,619	643,632	460,482	415,880	410,644

% OF NET ASSETS	3.9	2.5	1.8	1.6	1.6

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		9.2	%
Automobiles		8.2
Pharmaceuticals		5.6
Machinery		5.1
Electronic Equipment, Instruments & Components		4.7
Road & Rail		4.5
Chemicals		4.1
Wireless Telecommunication Services		3.4
Auto Components		3.3
Trading Companies & Distributors		3.2
Real Estate Management & Development		3.1
Household Durables		2.9
Insurance		2.8
Technology Hardware, Storage & Peripherals		2.6
Food & Staples Retailing		2.0
Specialty Retail		1.8
Diversified Telecommunication Services		1.8
Construction & Engineering		1.8
Electric Utilities		1.6
Food Products		1.6
Metals & Mining		1.5
Electrical Equipment		1.5
Health Care Equipment & Supplies		1.4
Multiline Retail		1.4
Beverages		1.4
Personal Products		1.3
Capital Markets		1.3
Building Products		1.2
Commercial Services & Supplies		1.1
Tobacco		1.1
Leisure Products		1.0
Software		0.9
Diversified Financial Services		0.9
IT Services		0.9
Gas Utilities		0.8
Media		0.8
Oil, Gas & Consumable Fuels		0.7
Industrial Conglomerates		0.7
Airlines		0.6
Hotels, Restaurants & Leisure		0.5
Internet Software & Services		0.5
Health Care Providers & Services		0.5
Internet & Catalog Retail		0.5
Semiconductors & Semiconductor Equipment		0.4
Textiles, Apparel & Luxury Goods		0.4
Consumer Finance		0.4
Air Freight & Logistics		0.3
Professional Services		0.3
Marine		0.2
Household Products		0.2
Paper & Forest Products		0.2
Construction Materials		0.2
Independent Power and Renewable Electricity Producers		0.1
Transportation Infrastructure		0.1
Diversified Consumer Services		0.1
Containers & Packaging		0.1
Distributors		0.1
Biotechnology		0.0	**
Communications Equipment		0.0	**
Health Care Technology		0.0	**
Short Term Investments		18.9
Other Assets & Liabilities		(17.8	)

TOTAL		100.0	%


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

143

SPDR Russell/Nomura Small Cap Japan ETF —
Management’s Discussion of Fund Performance

The SPDR Russell/Nomura Small Cap Japan 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 the Japanese small cap equity market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 2.13%, and the total return for the Russell/Nomura Japan Small Cap^tm Index (the “Index”) was 2.57%. 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. Expenses of the Fund, the effects of cash holdings on the Fund performance and the cumulative effect of security misweights between the securities in the Fund and the Index contributed to the difference between the Fund’s performance and that of the Index.

Despite a very volatile year in the Japanese market, the Russell/Nomura Small Cap Index still managed to finish off the 12 month period in close to flat territory. A great deal of focus was placed on Japanese Prime Minister Shinzo Abe and his continued pledge to strengthen the country’s economy. After being appointed to another three-year team as party leader, Abe announced an ambitious goal to expand the economy by 20 percent. Unfortunately, both his lack of a detailed plan and inability to control deflation minimized any positive long term economic impact. The continued economic concerns and jitters over China’s economy also kept any meaningful profits throughout the period at bay.

On an individual security level, the top positive contributors to the Fund’s performance were Kose Corp., Sohgo Security Services Co., Ltd., and Adastria Co., Ltd. The top negative contributors to the Fund’s performance were COLOPL, Inc., Sanken Electric Co., Ltd., and Tadano, Ltd.

144

SPDR Russell/Nomura Small Cap Japan 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 (11/9/06, 11/14/06, 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 the 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 Russell/Nomura Small Cap Japan ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					RUSSELL/NOMURA						RUSSELL/NOMURA
	NET ASSET		MARKET		JAPAN SMALL CAP		NET ASSET		MARKET		JAPAN SMALL CAP
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

ONE YEAR		2.13%		2.39%		2.57%		2.13%		2.39%		2.57%

THREE YEARS		28.30%		29.84%		35.53%		8.66%		9.09%		10.67%

FIVE YEARS		39.51%		39.90%		51.47%		6.89%		6.95%		8.66%

SINCE INCEPTION (1)		20.79%		21.15%		32.39%		2.15%		2.18%		3.21%


(1)		For the period November 9, 2006 to September 30, 2015.

145

SPDR Russell/Nomura Small Cap Japan ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




		SOHGO SECURITY	TEMP HOLDINGS
DESCRIPTION	KOSE CORP.	SERVICES CO., LTD.	CO., LTD.	NEXON CO., LTD.	KINDEN CORP.

MARKET VALUE	$362,376	336,125	281,618	269,979	264,509

% OF NET ASSETS	0.6	0.6	0.5	0.5	0.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		7.7	%
Machinery		6.5
Construction & Engineering		5.8
Chemicals		4.7
Specialty Retail		4.5
Auto Components		4.3
Food Products		4.1
Electronic Equipment, Instruments & Components		3.7
Hotels, Restaurants & Leisure		3.6
Food & Staples Retailing		3.3
Commercial Services & Supplies		2.8
IT Services		2.5
Trading Companies & Distributors		2.5
Metals & Mining		2.5
Media		2.4
Pharmaceuticals		2.2
Building Products		2.1
Software		2.0
Household Durables		1.9
Personal Products		1.9
Textiles, Apparel & Luxury Goods		1.8
Health Care Equipment & Supplies		1.7
Real Estate Management & Development		1.7
Road & Rail		1.6
Capital Markets		1.6
Electrical Equipment		1.5
Professional Services		1.4
Semiconductors & Semiconductor Equipment		1.3
Consumer Finance		1.3
Diversified Financial Services		1.3
Beverages		1.2
Internet Software & Services		1.1
Technology Hardware, Storage & Peripherals		0.9
Health Care Providers & Services		0.8
Multiline Retail		0.8
Oil, Gas & Consumable Fuels		0.7
Internet & Catalog Retail		0.7
Containers & Packaging		0.7
Leisure Products		0.7
Biotechnology		0.6
Household Products		0.5
Industrial Conglomerates		0.5
Communications Equipment		0.4
Distributors		0.4
Construction Materials		0.4
Paper & Forest Products		0.3
Air Freight & Logistics		0.3
Energy Equipment & Services		0.3
Gas Utilities		0.2
Transportation Infrastructure		0.2
Electric Utilities		0.2
Automobiles		0.2
Wireless Telecommunication Services		0.1
Diversified Consumer Services		0.1
Marine		0.1
Life Sciences Tools & Services		0.1
Aerospace & Defense		0.1
Health Care Technology		0.1
Insurance		0.0	**
Diversified Telecommunication Services		0.0	**
Short Term Investments		24.2
Other Assets & Liabilities		(23.1	)

TOTAL		100.0	%


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

147

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

The SPDR S&P Global Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return of an index that tracks stocks of global companies that offer high dividend yields. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −5.17%, and the total return for the S&P Global Dividend Aristocrats Index (the “Index”) was −5.45%. 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. Fees, cash and small security misweights contributed to the difference between the Fund’s performance and that of the Index.

While dividend paying companies are often comparatively less volatile and more mature with solid cash flows, this didn’t protect the Fund from negative performance for the Reporting Period. Specifically, it was the last quarter, with a return of −7.75% that contributed most to the Fund’s negative performance for the time period. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new more austere bailout agreement with creditors in July. Continued volatility in China’s equity markets more generally led to a broad selloff of global equities in August and September.

On an individual security level, the top positive contributors to the Fund’s performance were HollyFrontier Corp., Amlin PLC, and UIL Holdings Corp. The top negative contributors to the Fund’s performance were Fortum Oyj, Natura Cosmeticos SA, and Neopost SA.

148

SPDR S&P Global 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 the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/29/13, 5/30/13, 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 the 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 Global Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

NET ASSET

MARKET

S&P GLOBAL DIVIDEND

NET ASSET

MARKET

S&P GLOBAL DIVIDEND

VALUE

ARISTOCRATS INDEX

VALUE

ARISTOCRATS INDEX

ONE YEAR

−5.17%

−4.53%

−5.45%

−5.17%

−4.53%

−5.45%

SINCE INCEPTION (1)

8.03%

8.60%

7.55%

3.35%

3.59%

3.16%


(1)		For the period May 29, 2013 to September 30, 2015.

149

SPDR S&P Global Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




			NEW YORK
	HOLLYFRONTIER	WILLIAM MORRISON	COMMUNITY
DESCRIPTION	CORP.	SUPERMARKETS PLC	BANCORP, INC.	AMLIN PLC	UNIVERSAL CORP.

MARKET VALUE	$2,493,233	1,122,574	1,121,869	1,118,449	1,113,590

% OF NET ASSETS	3.4	1.5	1.5	1.5	1.5

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Electric Utilities		9.6	%
Oil, Gas & Consumable Fuels		9.6
Insurance		6.4
Banks		5.6
Diversified Telecommunication Services		5.5
Real Estate Investment Trusts		4.6
Tobacco		3.9
Multi-Utilities		3.5
Food & Staples Retailing		3.4
Construction & Engineering		3.2
Gas Utilities		3.1
Media		3.1
Transportation Infrastructure		3.1
Real Estate Management & Development		3.0
Wireless Telecommunication Services		2.9
Commercial Services & Supplies		2.5
Food Products		2.4
Pharmaceuticals		2.3
Metals & Mining		2.1
Technology Hardware, Storage & Peripherals		2.0
Specialty Retail		1.9
Diversified Financial Services		1.9
Thrifts & Mortgage Finance		1.5
Capital Markets		1.3
Beverages		1.3
Energy Equipment & Services		1.1
Hotels, Restaurants & Leisure		1.1
Machinery		1.0
Aerospace & Defense		1.0
Leisure Products		1.0
Textiles, Apparel & Luxury Goods		0.9
Chemicals		0.8
Health Care Providers & Services		0.8
Electronic Equipment, Instruments & Components		0.7
Industrial Conglomerates		0.7
Personal Products		0.6
Independent Power and Renewable Electricity Producers		0.0	**
Short Term Investments		15.0
Other Assets & Liabilities		(14.4	)

TOTAL		100.0	%


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

151

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

The SPDR S&P International Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks exchange-listed common stocks of companies domiciled in countries outside the United States that offer high dividend yields. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −22.86%, and the total return for the S&P International Dividend Opportunities^® Index (the “Index”) was −22.09%. 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. Fund expenses, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.

During the third quarter of 2015, the Fund experienced the largest resistance and returned roughly −17%. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. Since 2000, emerging markets have provided the majority of global GDP growth, doubling their share of global output from about 20% to near 40% today. Already in 2015, however, the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, have succumbed to negative growth. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index, and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year.

On an individual security level, the top positive contributors to the Fund’s performance were Drillisch AG, Berkeley Group Holdings PLC, and Evergrande Real Estate Group, Ltd. The top negative contributors to the Fund’s performance were Canadian Oil Sands, Ltd., Crescent Point Energy Corp., and Baytex Energy Corp.

152

SPDR S&P International 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 (2/12/08, 2/19/08, 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 the 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 International Dividend ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.45%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P INTERNATIONAL

DIVIDEND

NET ASSET

MARKET

OPPORTUNITIES

NET ASSET

MARKET

OPPORTUNITIES

VALUE

INDEX

VALUE

INDEX

ONE YEAR

−22.86%

−22.75%

−22.09%

−22.86%

−22.75%

−22.09%

THREE YEARS

−11.18%

−11.01%

−7.46%

−3.88%

−3.81%

−2.55%

FIVE YEARS

−15.12%

−15.02%

−10.23%

−3.23%

−3.20%

−2.14%

SINCE INCEPTION (1)

−24.20%

−24.16%

−17.93%

−3.57%

−3.56%

−2.56%


(1)		For the period February 12, 2008 to September 30, 2015.

153

SPDR S&P International Dividend ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	FORTESCUE METALS	NATIONAL	BERKELEY GROUP	WOODSIDE
DESCRIPTION	GROUP, LTD.	GRID PLC	HOLDINGS PLC	PETROLEUM, LTD.	FORTUM OYJ

MARKET VALUE	$32,913,361	30,471,861	29,275,940	26,849,307	24,080,982

% OF NET ASSETS	3.4	3.1	3.0	2.7	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 SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Oil, Gas & Consumable Fuels		12.6	%
Electric Utilities		12.2
Real Estate Investment Trusts		9.6
Wireless Telecommunication Services		9.4
Diversified Telecommunication Services		7.0
Metals & Mining		6.8
Gas Utilities		6.4
Banks		5.0
Insurance		4.9
Multi-Utilities		4.2
Household Durables		3.0
Food & Staples Retailing		2.4
Hotels, Restaurants & Leisure		2.4
Construction & Engineering		2.1
Real Estate Management & Development		2.1
Capital Markets		1.3
Pharmaceuticals		1.1
Energy Equipment & Services		1.0
Construction Materials		0.9
Textiles, Apparel & Luxury Goods		0.9
Air Freight & Logistics		0.8
Diversified Financial Services		0.7
Semiconductors & Semiconductor Equipment		0.5
Road & Rail		0.5
Technology Hardware, Storage & Peripherals		0.4
Automobiles		0.4
Consumer Finance		0.4
Thrifts & Mortgage Finance		0.3
Short Term Investments		15.9
Other Assets & Liabilities		(15.2	)

TOTAL		100.0	%


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

155

SPDR S&P International Mid Cap ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Mid Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the mid-capitalization segment of global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −4.53%, and the total return for the S&P Developed Ex-U.S. between USD2 Billion and USD5 Billion Index (the “Index”) was −3.54%. 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. Expenses, cash drag, optimization and compounding contributed to the difference between the Fund’s performance and that of the Index.

The overall negative performance was driven largely by the last quarter of the Reporting Period; the Fund returned −9.33% in these three months. Global markets entered this quarter nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July. Continued volatility in China’s equity markets and growing concerns generally led to a broad selloff of global equities in August and September. Over the Reporting Period, the worst performing sectors were energy, industrials and materials. While its weight is one of the smallest in the Fund, the weakness of the energy sector contributed significantly to the negative performance.

On an individual security level, the top positive contributors to the Fund’s performance were Goldin Financial Holdings, Ltd., Alps Electric Co., Ltd., and Ryohin Keikaku Co., Ltd. The top negative contributors to the Fund’s performance were Macau Legend Development, Ltd., Trican Well Service, Ltd., and Penn West Petroleum, Ltd.

156

SPDR S&P International 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 (5/7/08, 5/13/08, 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 the 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 International Mid Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.45%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BETWEEN

NET ASSET

MARKET

USD2 BILLION AND

NET ASSET

MARKET

USD2 BILLION AND

VALUE

USD5 BILLION INDEX

VALUE

USD5 BILLION INDEX

ONE YEAR

−4.53%

−4.13%

−3.54%

−4.53%

−4.13%

−3.54%

THREE YEARS

22.94%

23.97%

27.46%

7.13%

7.42%

8.43%

FIVE YEARS

30.92%

30.57%

35.88%

5.54%

5.48%

6.32%

SINCE INCEPTION (1)

14.20%

14.42%

19.83%

1.81%

1.84%

2.48%


(1)		For the period May 7, 2008 to September 30, 2015.

157

SPDR S&P International Mid Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	MEDIPAL HOLDINGS	J FRONT RETAILING	HIROSHIMA BANK,	TOYO SUISAN
DESCRIPTION	CORP.	CO., LTD.	LTD.	KAISHA, LTD.	SURUGA BANK, LTD.

MARKET VALUE	$206,839	205,083	189,571	188,703	183,179

% OF NET ASSETS	0.5	0.4	0.4	0.4	0.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Banks		5.7	%
Real Estate Investment Trusts		5.0
Chemicals		4.9
Machinery		4.9
Hotels, Restaurants & Leisure		3.6
Food Products		3.6
Media		3.4
Real Estate Management & Development		3.2
Capital Markets		3.1
Commercial Services & Supplies		2.7
Insurance		2.7
Oil, Gas & Consumable Fuels		2.6
Metals & Mining		2.5
Electronic Equipment, Instruments & Components		2.4
Road & Rail		2.3
Auto Components		2.2
Health Care Providers & Services		2.2
Food & Staples Retailing		2.0
Diversified Financial Services		1.9
Specialty Retail		1.8
Construction & Engineering		1.8
Software		1.8
Household Durables		1.8
Health Care Equipment & Supplies		1.8
Multiline Retail		1.8
Pharmaceuticals		1.6
Diversified Telecommunication Services		1.5
Transportation Infrastructure		1.5
IT Services		1.4
Electric Utilities		1.4
Electrical Equipment		1.2
Trading Companies & Distributors		1.2
Professional Services		1.2
Internet Software & Services		1.2
Beverages		1.0
Energy Equipment & Services		1.0
Aerospace & Defense		0.9
Construction Materials		0.9
Industrial Conglomerates		0.9
Containers & Packaging		0.9
Semiconductors & Semiconductor Equipment		0.8
Air Freight & Logistics		0.7
Wireless Telecommunication Services		0.7
Leisure Products		0.7
Building Products		0.7
Marine		0.6
Textiles, Apparel & Luxury Goods		0.6
Paper & Forest Products		0.6
Multi-Utilities		0.6
Consumer Finance		0.5
Gas Utilities		0.5
Life Sciences Tools & Services		0.5
Technology Hardware, Storage & Peripherals		0.4
Airlines		0.4
Household Products		0.3
Biotechnology		0.3
Diversified Consumer Services		0.2
Internet & Catalog Retail		0.2
Thrifts & Mortgage Finance		0.2
Independent Power and Renewable Electricity Producers		0.1
Distributors		0.1
Personal Products		0.1
Communications Equipment		0.1
Short Term Investments		14.0
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.

159

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

The SPDR S&P Emerging Markets Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the small capitalization segment of global emerging market countries. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −21.38%, and the total return for the S&P Emerging Markets Under USD2 Billion Index (the “Index”) was −20.59%. 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. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Index dropped 5.92% in the last quarter of 2014 largely driven by concerns over both macroeconomic and geopolitical events. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Reports continued to flow out of Syria and Iraq about ISIS advances in the region. US airstrikes seemed to have stemmed the advances, but ISIS continues to hold large swaths of the region.

The Index gained 1.31% in the first quarter of 2015. The new year began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing. After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated. Fresh news in March came into the markets that raised uncertainties anew. On March 1, China eased administered rates, and maybe more consequentially, lowered its GDP forecast for 2015 to “about” 7%. The word “about” became key as it allows some wiggle room in case that the economy doesn’t grow at a pace officially targeted by the Chinese Government. Emerging market equites, commodities and global equities traded lower on the news.

The second quarter of 2015 started off well as April 2015 delivered the best one month return during the Reporting Period ended September 30, 2015. The Index gained 6.64% in April stemming from strong equity returns in China in spite of evidence suggesting a slowdown in economic growth. On June 27, China’s central bank announced a surprise reduction in interest rates. This move was widely viewed as a response to a precipitous fall in China’s roaring stock market. The Chinese market has been viewed as particularly vulnerable given the rapid run up in shares driven in part by retail margin buying. Markets in June were also unsettled by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, European Central Bank and International Monetary Fund) to extend an existing bailout agreement came to an impasse. The economic concerns in China and Greece were realized in June 2015 causing the Index to decline 4.83% for the month but still edged out a gain of 1.52% for the quarter.

The third quarter of 2015 was the worst quarter during the Reporting Period ended September 30, 2015, as the Index declined −18.22%. Global markets entered the third quarter of 2015 nervously with a sudden free fall in China’s stock market in previous months. By the end of the quarter, continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September.

On an individual security level, the top positive contributors to the Fund’s performance were Feng TAY Enterprise Co. Ltd., Eclat Textile Co., Ltd., and Jiangsu Future Land Co., Ltd. (Class B). The top negative contributors to the Fund’s performance were PT Trada Maritime Tbk, Epistar Corp., and Suncorp Technologies, Ltd.

160

SPDR S&P Emerging Markets 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 (5/12/08, 5/16/08, 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 the 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 Emerging Markets Small Cap ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.65%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P EMERGING

NET ASSET

MARKET

MARKETS UNDER USD2

NET ASSET

MARKET

MARKETS UNDER USD2

VALUE

BILLION INDEX

VALUE

BILLION INDEX

ONE YEAR

−21.38%

−20.74%

−20.59%

−21.38%

−20.74%

−20.59%

THREE YEARS

−10.67%

−10.62%

−6.64%

−3.69%

−3.67%

−2.27%

FIVE YEARS

−20.51%

−20.78%

−13.26%

−4.49%

−4.55%

−2.81%

SINCE INCEPTION (1)

−14.48%

0.99%

−2.09%

0.13%


(1)		For the period May 12, 2008 to September 30, 2015.

162

SPDR S&P Emerging Markets Small Cap ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




					CHINA TRAVEL
					INTERNATIONAL
	CLICKS GROUP,	TECH PRO TECHNOLOGY	TAL EDUCATION	PARQUE ARAUCO	INVESTMENT HONG
DESCRIPTION	LTD.	DEVELOPMENT, LTD.	GROUP ADR	SA	KONG, LTD.

MARKET VALUE	$1,693,166	1,580,902	1,565,769	1,507,460	1,446,742

% OF NET ASSETS	0.5	0.4	0.4	0.4	0.4

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Real Estate Management & Development		7.9	%
Semiconductors & Semiconductor Equipment		5.5
Chemicals		4.9
Electronic Equipment, Instruments & Components		4.6
Banks		4.4
Metals & Mining		3.9
Hotels, Restaurants & Leisure		3.5
Food Products		3.2
Construction & Engineering		2.8
Textiles, Apparel & Luxury Goods		2.8
Pharmaceuticals		2.5
Electrical Equipment		2.4
Capital Markets		2.3
Machinery		2.3
Technology Hardware, Storage & Peripherals		2.0
Household Durables		1.9
Auto Components		1.9
Internet Software & Services		1.8
Oil, Gas & Consumable Fuels		1.8
Transportation Infrastructure		1.8
Food & Staples Retailing		1.7
IT Services		1.7
Diversified Financial Services		1.6
Health Care Providers & Services		1.6
Marine		1.6
Media		1.5
Software		1.4
Specialty Retail		1.3
Real Estate Investment Trusts		1.3
Industrial Conglomerates		1.3
Communications Equipment		1.2
Electric Utilities		1.2
Diversified Consumer Services		1.1
Diversified Telecommunication Services		1.1
Construction Materials		1.1
Airlines		1.0
Consumer Finance		1.0
Commercial Services & Supplies		0.9
Containers & Packaging		0.9
Water Utilities		0.8
Health Care Equipment & Supplies		0.8
Independent Power and Renewable Electricity Producers		0.8
Multiline Retail		0.8
Trading Companies & Distributors		0.8
Automobiles		0.8
Energy Equipment & Services		0.7
Insurance		0.6
Beverages		0.5
Tobacco		0.5
Internet & Catalog Retail		0.5
Road & Rail		0.4
Distributors		0.4
Building Products		0.4
Paper & Forest Products		0.4
Personal Products		0.3
Air Freight & Logistics		0.3
Biotechnology		0.3
Thrifts & Mortgage Finance		0.2
Gas Utilities		0.2
Professional Services		0.2
Multi-Utilities		0.1
Wireless Telecommunication Services		0.1
Aerospace & Defense		0.1
Leisure Products		0.0	**
Household Products		0.0	**
Short Term Investments		8.5
Other Assets & Liabilities		(8.2	)

TOTAL		100.0	%


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

164

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

The SPDR Dow Jones Global Real Estate 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 the global real estate market. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 4.96%, and the total return for the Dow Jones Global Select Real Estate Securities Index^SM (the “Index”) was 4.70%. 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. Expenses, cash drag and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

Real estate securities had a strong year globally relative to the broader market, outperforming the MSCI World Index in each fiscal quarter other than the third, when most markets were unsettled on renewed concerns that Greece would not reach an accord with its creditors. Overall for the period, the Index beat the World Index by 6.41%. Low global bond yields produced lower costs of capital and real estate securities were a prime benefactor. Investors continued to be attracted to the sector’s yield potential and the opportunity it offered to participate in economic growth. Also, the low borrowing costs allowed for higher rents and increased development and office occupancy.

On an individual security level, the top positive contributors to the Fund’s performance were Simon Property Group, Inc., Public Storage, and Equity Residential. The top negative contributors to the Fund’s performance were BR Malls Participacoes SA, Host Hotels & Resorts, Inc., and Mitsui Fudosan Co., Ltd.

165

SPDR Dow Jones Global Real Estate 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 (5/7/08, 5/13/08, 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 the 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 Global Real Estate ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.50%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					DOW JONES GLOBAL						DOW JONES GLOBAL
					SELECT REAL						SELECT REAL
	NET ASSET		MARKET		ESTATE		NET ASSET		MARKET		ESTATE
	VALUE		VALUE		SECURITIES INDEX		VALUE		VALUE		SECURITIES INDEX

ONE YEAR		4.96%		4.85%		4.70%		4.96%		4.85%		4.70%

THREE YEARS		23.61%		23.71%		22.89%		7.32%		7.35%		7.12%

FIVE YEARS		54.49%		54.24%		53.14%		9.09%		9.05%		8.90%

SINCE INCEPTION (1)		24.48%		24.56%		21.89%		3.00%		3.01%		2.71%


(1)		For the period May 7, 2008 to September 30, 2015.

166

SPDR S&P International Consumer Discretionary Sector ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Consumer Discretionary Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the consumer discretionary sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −0.85%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Discretionary Sector Index (the “Index”) was −0.11%. 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. Fund expenses, a slight cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.

Despite negative returns for the past twelve months, the consumer discretionary sector was the third best performing sector in the S&P Global ex US Index, lagging behind consumer staples and health care sectors only. Media and specialty retail industries were the main contributors to the Fund’s performance, while automobile, hotels and restaurants were the weakest performing industries in the Fund. The automobile industry was dragged down by the Volkswagen emissions cheating scandal. On a country level, UK, Japan and France were the main positive contributors to the Fund’s performance, while Hong Kong and Korea were the main detractors.

Positive returns from the first three quarters of the Reporting Period were wiped off by the losses in the third quarter in 2015. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. By the end of the quarter, the Greek drama had been largely resolved with Greece agreeing to a new, more austere bailout agreement with creditors in July, while continued volatility in China’s equity markets and growing concerns surrounding emerging market growth prospects more generally led to a broad selloff of global equities in August and September. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. Since 2000, emerging markets have provided the majority of global GDP growth, doubling their share of global output from about 20% to near 40% today. Already in 2015, however, the second and fourth largest emerging markets by GDP, Brazil and Russia, respectively, have succumbed to negative growth. By the end of the quarter, investors in global equity markets experienced the worst three month performance of the last four years as measured by the MSCI World Index and many country level markets posting double digit gains through the first half of 2015 now were in the red for the year. The quarter was also punctuated by a resumption of the selloff in commodity prices.

On an individual security level, the top positive contributors to the Fund’s performance were Fast Retailing Co., Ltd., LVMH Moet Hennessy Louis Vuitton SE, and Industria de Diseno Textil SA The top negative contributors to the Fund’s performance were Hyundai Motor Co., Honda Motor Co., Ltd., and Volkswagen AG Pfd.

169

SPDR S&P International Consumer Discretionary Sector 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 (7/16/08, 7/22/08, 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 the 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 International Consumer Discretionary Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

CONSUMER

NET ASSET

MARKET

DISCRETIONARY

NET ASSET

MARKET

DISCRETIONARY

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

ONE YEAR

−0.85%

−0.37%

−0.11%

−0.85%

−0.37%

−0.11%

THREE YEARS

37.49%

38.78%

39.28%

11.20%

11.54%

11.69%

FIVE YEARS

48.87%

48.88%

50.78%

8.28%

8.29%

8.56%

SINCE INCEPTION (1)

63.07%

63.37%

64.28%

7.02%

7.04%

7.13%


(1)		For the period July 16, 2008 to September 30, 2015.

170

SPDR S&P International Consumer Discretionary Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




	TOYOTA		HONDA MOTOR	LVMH MOET HENNESSY	CIE FINANCIERE
DESCRIPTION	MOTOR CORP.	DAIMLER AG	CO., LTD.	LOUIS VUITTON SE	RICHEMONT SA

MARKET VALUE	$1,094,266	486,018	319,135	313,283	283,788

% OF NET ASSETS	7.6	3.4	2.2	2.2	2.0

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Automobiles		23.1	%
Media		18.1
Hotels, Restaurants & Leisure		12.0
Textiles, Apparel & Luxury Goods		11.1
Auto Components		11.1
Specialty Retail		8.7
Household Durables		7.3
Multiline Retail		4.2
Leisure Products		2.0
Internet & Catalog Retail		0.8
Diversified Consumer Services		0.5
Distributors		0.3
Short Term Investments		14.5
Other Assets & Liabilities		(13.7	)

TOTAL		100.0	%


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

172

SPDR S&P International Consumer Staples Sector ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Consumer Staples Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the consumer staples sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 3.41%, and the total return for the S&P Developed Ex-U.S. BMI Consumer Staples Sector Index (the “Index”) was 4.08%. 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. Expenses, cash drag, and optimization contributed to the difference between the Fund’s performance and that of the Index.

Consumer staples had a strong fiscal year, outpacing the market in the last 3 fiscal quarters and for the year as a whole. The sector’s defensive characteristics made it attractive to investors concerned about volatility and general global uncertainty. The decline of both oil and gas prices also contributed to the success of the consumer staples sector as it boosted disposable income. Spending in emerging markets continued to increase as well and consumer staple companies took advantage allocating more resources in those areas.

On an individual security level, the top positive contributors to the Fund’s performance were Nestle SA, Imperial Tobacco Group PLC, and Alimentation Couche-Tard, Inc. (Class B). The top negative contributors to the Fund’s performance were Casino Guichard-Perrachon SA, Wesfarmers, Ltd., and Woolworths, Ltd.

173

SPDR S&P International Consumer Staples Sector 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 (7/16/08, 7/22/08, 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 the 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 International Consumer Staples Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					S&P DEVELOPED						S&P DEVELOPED
					EX-U.S. BMI						EX-U.S. BMI
	NET ASSET		MARKET		CONSUMER STAPLES		NET ASSET		MARKET		CONSUMER STAPLES
	VALUE		VALUE		SECTOR INDEX		VALUE		VALUE		SECTOR INDEX

ONE YEAR		3.41%		3.92%		4.08%		3.41%		3.92%		4.08%

THREE YEARS		22.23%		23.01%		26.69%		6.92%		7.15%		8.21%

FIVE YEARS		49.12%		49.64%		56.69%		8.32%		8.39%		9.40%

SINCE INCEPTION (1)		70.23%		70.82%		86.06%		7.66%		7.71%		9.00%


(1)		For the period July 16, 2008 to SEPTEMBER 30, 2015.

174

SPDR S&P International Energy Sector ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Energy Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the energy sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −37.45%, and the total return for the S&P Developed Ex-U.S. BMI Energy Sector Index (the “Index”) was −37.74%. 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. Fund expenses, cash drag, securities lending, compounding and misweights between the Fund’s holdings and the Index constituents due to the Fund’s sampling methodology contributed to the difference between the Fund’s performance and that of the Index.

Energy was the worst performing of the sectors in the S&P Global ex-U.S. Index during the Reporting Period. The fourth quarter of 2014 began as the third quarter ended, with stocks sliding and bond markets rallying. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. The first and second quarters of 2015 gave this sector some room to breathe as the drag began to bounce back with a positive result at the end of June which saw oil scale a year-high of $61.43 per barrel. This positive sentiment was unfortunately short lived as the energy theme from the beginning of the fiscal year made a comeback. A primary contributor to that decline was crude oil, where total production remained at record high levels and new supply was expected to hit the market in coming months with the removal of sanctions on Iran. A cascade of worrying headlines emanating from China, including surprise currency devaluation and plummeting stock market, spilled over in dramatic fashion to rattle global financial markets in late August.

On an individual security level, the top positive contributors to the Fund’s performance were Saras SpA., Talisman Energy, Inc., and Dragon Oil PLC. The top negative contributors to the Fund’s performance were Total SA, BP PLC, and Royal Dutch Shell PLC (Class A).

177

SPDR S&P International Energy Sector 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 (7/16/08, 7/22/08, 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 the 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 International Energy Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI ENERGY

NET ASSET

MARKET

EX-U.S. BMI ENERGY

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

ONE YEAR

−37.45%

−36.84%

−37.74%

−37.45%

−36.84%

−37.74%

THREE YEARS

−32.11%

−31.61%

−31.04%

−12.11%

−11.89%

−11.66%

FIVE YEARS

−25.79%

−25.54%

−23.32%

−5.79%

−5.73%

−5.17%

SINCE INCEPTION (1)

−38.57%

−38.33%

−34.79%

−6.53%

−6.48%

−5.76%


(1)		For the period July 16, 2008 to September 30, 2015.

178

SPDR S&P International Financial Sector ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Financial Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the financial sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −9.25%, and the total return for the S&P Developed Ex-U.S. BMI Financials Sector Index (the “Index”) was −8.28%. 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. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Index lost 2.77% in the fourth quarter of 2014 as the equity market continued its downward path from the previous quarter. Most of the negative return for the quarter occurred in December 2014. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing.

The Index gained 3.40% in the first quarter of 2015. 2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). After a turbulent January for equity markets, volatility subsided through the month of February as oil prices stabilized and the aggressive pace of global central bank actions witnessed the prior month moderated. Coming in to March, the outlook for global investors appeared to be improving with equity market volatility declining substantially in February. Very quickly into the month, however, fresh news came into the markets that raised uncertainties anew. On March 1, China eased administered rates, and maybe more consequentially, lowered its GDP forecast for 2015 to “about” 7%. The word “about” became key as it allowed some wiggle room in case the economy doesn’t grow at a pace officially targeted by the Chinese Government. Emerging market equites, commodities and indeed global equities traded lower on the news.

The Index posted modest gains in the second quarter of 2015 despite the Index gaining 5.15% in April. The April gains in US dollar terms were largely due to the US dollar declining nearly 4% for the month, reflecting in part a softening in US data and a later expected start to possible Fed rate hikes. The Index dropped 4.20% in June as equity markets were unsettled by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, European Central Bank and International Monetary Fund) to extend an existing bailout agreement came to an impasse.

The third quarter delivered the worst quarter of the year ending on September 30, 2015. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. Setting up a showdown with the rest of the Eurozone, on June 26 Greece’s Syriza government announced a surprise referendum for July 5 asking its citizens to approve or reject terms to release funds from a just expired bailout package from the European Troika of creditors. The standoff before and after the referendum caused European equity markets to gyrate, though in comparison to previous episodes in 2010 and 2012 when Greece threatened to undo the Eurozone, peripheral bond spreads in Italy and Spain moved only modestly. This relative stability suggests that markets were convinced any Greek defaults or outright Eurozone exit could be firewalled. Investors in global equities in the third quarter of 2015 found almost nowhere to hide amidst the chill in sentiment brought about by a slowdown in global growth led by emerging markets.

On an individual security level, the top positive contributors to the Fund’s performance were CK Hutchison Holdings, Ltd., Tokio Marine Holdings, Inc., and Intesa Sanpaolo SpA. The top negative contributors to the

181

SPDR S&P International Financial Sector 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 (7/16/08, 7/22/08, 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 the 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 International Financial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

NET ASSET

MARKET

FINANCIALS SECTOR

NET ASSET

MARKET

FINANCIALS SECTOR

VALUE

INDEX

VALUE

INDEX

ONE YEAR

−9.25%

−8.92%

−8.28%

−9.25%

−8.92%

−8.28%

THREE YEARS

21.05%

21.20%

24.06%

6.57%

6.62%

7.46%

FIVE YEARS

17.15%

17.42%

22.62%

3.22%

3.26%

4.16%

SINCE INCEPTION (1)

−0.42%

−0.36%

4.56%

−0.06%

−0.05%

0.62%


(1)		For the period July 16, 2008 to September 30, 2015.

183

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

The SPDR S&P International Health Care Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the health care sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was 0.10%, and the total return for the S&P Developed Ex-U.S. BMI Health Care Sector Index (the “Index”) was 1.03%. 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. Cumulative security misweights and Fund expenses contributed to the difference between the Fund’s performance and that of the Index.

The Fund had positive returns for the Reporting Period. The Fund was helped by positive performance in the last calendar quarter of 2014 and first calendar quarter of 2015 on the back of accommodative monetary policy, a strong earnings season and mergers and acquisitions activity. Additionally, promising new drugs and therapies, ongoing efforts to increase corporate efficiency, growing demand in emerging markets and ever-increasing health care spending helped with the positive performance of the Fund. The Fund experienced negative performance in the second and third calendar quarters of 2015. The performance was driven by concerns of a global economic slowdown, weakness in China (regardless of continued government intervention, including yuan devaluations and liquidity injections) and uncertainty over the Fed’s rate decision despite ongoing merger activity in the sector and advances in product pipelines. The Fund’s performance was also driven by worries of increased regulation from various lawmakers after comments made by US Presidential candidate Hillary Clinton and her plan to cap drug prices and a proposal by Democrats in the US House of Representatives to examine drug pricing practices.

On an individual security level, the top positive contributors to the Fund’s performance were Valeant Pharmaceuticals International, Inc., Novo Nordisk A/S (Class B), and Fresenius SE & Co. KGaA. The top negative contributors to the Fund’s performance were Roche Holding, Ltd. Genusssch, Shire PLC, and Sanofi.

186

SPDR S&P International Health Care Sector 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 (7/16/08, 7/22/08, 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 the 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 International Health Care Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					S&P DEVELOPED						S&P DEVELOPED
	NET ASSET		MARKET		EX-U.S. BMI HEALTH		NET ASSET		MARKET		EX-U.S. BMI HEALTH
	VALUE		VALUE		CARE SECTOR INDEX		VALUE		VALUE		CARE SECTOR INDEX

ONE YEAR		0.10%		0.27%		1.03%		0.10%		0.27%		1.03%

THREE YEARS		45.00%		44.90%		48.89%		13.18%		13.16%		14.20%

FIVE YEARS		81.73%		82.28%		88.71%		12.69%		12.76%		13.54%

SINCE INCEPTION (1)		79.72%		80.04%		92.95%		8.47%		8.50%		9.55%


(1)		For the period July 16, 2008 to September 30, 2015.

187

SPDR S&P International Industrial Sector ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Industrial Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the industrial sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −10.70%, and the total return for the S&P Developed Ex-U.S. BMI Industrial Sector Index (the “Index”) was −9.65%. 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. Fund expenses and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Fund had negative performance for the Reporting Period. Disappointing European and US manufacturing data, slowing Eurozone growth and low oil prices contributed to negative performance in the last calendar quarter of 2014. Despite some positive macroeconomic influences in the first calendar quarter of 2015, the Fund still had negative performance as the drop in oil prices and weakening global demand, especially in China, weighed on the Fund. Additionally, the strong US dollar had an adverse effect on revenues of many Fund constituents. The negative performance continued in the second half of the Reporting Period. Chinese demand is a major driver of global growth and the Asian country continued to see weakness in its economy despite yuan devaluations and liquidity injections. This has led to softened demand for industrial products like engines, turbines and other types of power generation equipment. As a result, industrial companies realized lower profits and have had to reduce future investments, manage larger inventories and work towards reducing costs.

On an individual security level, the top positive contributors to the Fund’s performance were Hutchison Whampoa, Ltd, Central Japan Railway Co., and International Consolidated Airlines Group SA. The top negative contributors to the Fund’s performance were ABB, Ltd., Rolls-Royce Holdings PLC, and Siemens AG.

190

SPDR S&P International Industrial Sector 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 (7/16/08, 7/22/08, 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 the 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 International Industrial Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015




	CUMULATIVE TOTAL RETURN						AVERAGE ANNUAL TOTAL RETURN

					S&P DEVELOPED EX-U.S.						S&P DEVELOPED EX-U.S.
	NET ASSET		MARKET		BMI INDUSTRIAL SECTOR		NET ASSET		MARKET		BMI INDUSTRIAL SECTOR
	VALUE		VALUE		INDEX		VALUE		VALUE		INDEX

ONE YEAR		−10.70%		−10.25%		−9.65%		−10.70%		−10.25%		−9.65%

THREE YEARS		15.48%		16.04%		19.26%		4.91%		5.08%		6.05%

FIVE YEARS		16.13%		16.08%		23.39%		3.04%		3.03%		4.29%

SINCE INCEPTION (1)		13.39%		13.57%		19.83%		1.76%		1.78%		2.54%


(1)		For the period July 16, 2008 to September 30, 2015.

191

SPDR S&P International Industrial Sector ETF —
Portfolio Summary

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2015




		CANADIAN NATIONAL		CK HUTCHISON
DESCRIPTION	SIEMENS AG	RAILWAY CO.	ABB, LTD.	HOLDINGS, LTD.	AIRBUS GROUP SE

MARKET VALUE	$585,993	369,037	343,254	290,850	284,555

% OF NET ASSETS	3.4	2.1	2.0	1.7	1.7

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

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*



	PERCENT OF
INDUSTRY	NET ASSETS

Machinery		16.9	%
Road & Rail		11.4
Industrial Conglomerates		11.1
Trading Companies & Distributors		8.5
Construction & Engineering		8.2
Electrical Equipment		7.8
Aerospace & Defense		7.1
Commercial Services & Supplies		6.1
Building Products		5.5
Professional Services		5.3
Transportation Infrastructure		3.9
Airlines		2.5
Air Freight & Logistics		2.3
Marine		2.0
Food Products		0.3
Multi-Utilities		0.2
Auto Components		0.2
Real Estate Management & Development		0.1
Short Term Investments		6.1
Other Assets & Liabilities		(5.5	)

TOTAL		100.0	%


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

193

SPDR S&P International Materials Sector ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Materials Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the materials sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −21.82%, and the total return for the S&P Developed Ex-U.S. BMI Materials Sector Index (the “Index”) was −21.81%. 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. Expenses, transaction costs, cash and receivables drag, compounding, and security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Index lost 6.06% in the fourth quarter of 2014 as the equity markets continued its downward path from the third quarter of 2014. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth is not materializing. Copper fell to a four-year low in London after declines in China’s official PMI index. China is the world’s largest consumer of copper and a slowing economy could cut demand for the metal. Gold was down 2% on the quarter after hitting lows for the year below $1,150/oz in November. Gold futures rallied into the year-end, helped in part by reallocation to the metal while gold related equities sold off.

The Index gained 2.98% in the first quarter of 2015. 2015 began with a flurry of divergent Central Bank policy moves in response to an uneven global growth outlook, rapidly declining global inflation and a major anticipated expansion of quantitative easing by the European Central Bank (ECB). Commodities were a mixed bag in January as oil continued its move lower. Brent was down another 10% after being down 47% in 2014. Oil continued to be oversupplied in world markets and production did not seem to be slowing in the immediate future. Gold and silver traded higher as a reaction to central bank pressure on currencies around the world.

Global equity markets posted modest positive results for the second quarter of 2015 with gains in many major bourses in local terms wiped out by a volatile last few trading sessions of the quarter. The Index gained 5.15% in April but gave most of it back in the following months delivering a modest gain of 0.12% during the second quarter of 2015. The rise in commodity prices helped lift the Index but was offset by a steady stream of worrying headlines from Europe as increasingly acrimonious negotiations between Greece and the Troika (European Commission, European Central Bank and International Monetary Fund) to extend an existing bailout agreement came to an impasse.

The Index lost 19.59% during the third quarter of 2015 resulting in the worst performing quarter during the year ending in September 30, 2015. Global markets entered the third quarter of 2015 nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. That a slowdown in emerging markets should be cause for increasing market jitters is attributable to the outsize contribution they have made to global growth in recent years. For investors in industrial commodities, the growth concern emanating from emerging markets and China predictably weighed on returns.

On an individual security level, the top positive contributors to the Fund’s performance were Toray Industries, Inc., Sumitomo Chemical Co., Ltd., and CRH PLC. The top negative contributors to the Fund’s performance were BHP Billiton PLC, BHP Billiton, Ltd., and Glencore PLC.

194

SPDR S&P International Materials Sector 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 (7/16/08, 7/22/08, 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 the 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 International Materials Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

NET ASSET

MARKET

MATERIALS

NET ASSET

MARKET

MATERIALS

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

ONE YEAR

−21.82%

−21.54%

−21.81%

−21.82%

−21.54%

−21.81%

THREE YEARS

−24.78%

−24.44%

−24.11%

−9.05%

−8.92%

−8.79%

FIVE YEARS

−30.07%

−30.21%

−27.94%

−6.90%

−6.94%

−6.34%

SINCE INCEPTION (1)

−39.70%

−39.72%

−33.24%

−6.78%

−5.45%


(1)		For the period July 16, 2008 to September 30, 2015.

195

SPDR S&P International Technology Sector ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Technology Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the technology sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −6.50%, and the total return for the S&P Developed Ex-U.S. BMI Information Technology Sector Index (the “Index”) was −6.14%. 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. Cash, small security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.

Buoyed by a rebound in software names, information technology started the first two periods of the fiscal year with positive returns. This can be attributed to improving overseas demand and rising global information technology spending. Performance during this period was also helped by market fundamentals continuing to rebound for many tech names. Performance took a turn in the final two quarters of the fiscal year. During this period, healthy earnings data, accommodative monetary policy and increased mergers and acquisition activity was offset by geopolitical concerns around Greece’s debt crisis, increased unrest in the Middle East, weak macro and earnings reports, falling oil prices, and slowing growth in China. Additionally, the sector experienced a slowdown in demand and operating profits for the makers of various semiconductor and microprocessor chip products.

On an individual security level, the top positive contributors to the Fund’s performance were Nintendo Co., Ltd., NXP Semiconductors NV, and Constellation Software, Inc. The top negative contributors to the Fund’s performance were NAVER Corp., Hitachi, Ltd., and Samsung Electronics Co., Ltd.

198

SPDR S&P International Technology Sector 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 (7/16/08, 7/22/08, 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 the 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 International Technology Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

INFORMATION

NET ASSET

MARKET

TECHNOLOGY

NET ASSET

MARKET

TECHNOLOGY

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

ONE YEAR

−6.50%

−6.40%

−6.14%

−6.50%

−6.40%

−6.14%

THREE YEARS

24.92%

24.91%

26.88%

7.70%

7.69%

8.27%

FIVE YEARS

26.39%

26.51%

31.12%

4.80%

4.82%

5.57%

SINCE INCEPTION (1)

15.42%

15.22%

20.15%

2.01%

1.98%

2.58%


(1)		For the period July 16, 2008 to September 30, 2015.

199

SPDR S&P International Telecommunications Sector ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Telecommunications Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the telecommunications sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −2.70%, and the total return for the S&P Developed Ex-U.S. BMI Telecommunication Services Sector Index (the “Index”) was −2.27%. 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. Cash, small security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.

Although the first quarter of the fiscal year saw slightly negative returns, the first half of the calendar year 2015 brought two consecutive quarters of positive performance in the international telecommunications sector. Encouraging market trends in mobile broadband, cloud computing and data management ensured the steady growth of firms even while telecom operators struggled to generate revenue. Most countries already have, or are now in the process of developing, national broadband network policies for fixed broadband. Unfortunately, the positive momentum waned and those gains were wiped out in the final quarter of the fiscal year, when global equity indexes posted their worst performance in several years on concerns about the global economy. Disappointing macro data, Chinese yuan devaluation and uncertainty around the Fed’s rate decision weighed heavily on the markets, thus amounting to negative returns for the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance were Deutsche Telekom AG, Nippon Telegraph & Telephone Corp., and KDDI Corp. The top negative contributors to the Fund’s performance were TeliaSonera AB, Telefonica SA, and SoftBank Group Corp.

202

SPDR S&P International Telecommunications Sector 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 (7/16/08, 7/22/08, 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 the 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 International Telecommunications Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

EX-U.S. BMI

NET ASSET

MARKET

TELECOMMUNICATION

NET ASSET

MARKET

TELECOMMUNICATION

VALUE

SERVICES SECTOR INDEX

VALUE

SERVICES SECTOR INDEX

ONE YEAR

−2.70%

−2.58%

−2.27%

−2.70%

−2.58%

−2.27%

THREE YEARS

28.24%

28.27%

32.26%

8.64%

8.65%

9.78%

FIVE YEARS

35.23%

35.67%

42.23%

6.22%

6.29%

7.30%

SINCE INCEPTION (1)

34.31%

34.48%

43.62%

4.18%

4.19%

5.15%


(1)		For the period July 16, 2008 to September 30, 2015.

203

SPDR S&P International Utilities Sector ETF —
Management’s Discussion of Fund Performance

The SPDR S&P International Utilities Sector ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the utilities sector of developed global markets outside the United States. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2015 (the “Reporting Period”), the total return for the Fund was −11.98%, and the total return for the S&P Developed Ex-U.S. BMI Utilities Sector Index (the “Index”) was −11.52%. 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. Fees, cash, security misweights, and compounding contributed to the difference between the Fund’s performance and that of the Index.

The demand for utility services like electricity, gas and water varies with the swings of the economy. Three of the four quarters in the Reporting Period posted negative returns, signaling that there was some trouble in the global economy. The last quarter of the time period proved to be the worst performing; global markets entered it nervously with clouds of uncertainty surrounding the possibility of a Greek exit from the Eurozone and a sudden free fall in China’s stock market. While a variety of factors influenced utility stocks over this time period, nearly half of the overall performance was driven by a significant drop in German stock prices within this sector. This decline came as utility companies were short of the money they needed to set aside to build a safe disposal site for nuclear waste as part of Germany’s exit from nuclear power.

On an individual security level, the top positive contributors to the Fund’s performance were Veolia Environnement SA, Tokyo Electric Power Co., Inc., and Chubu Electric Power Co., Inc. The top negative contributors to the Fund’s performance were Engie, RWE AG, and E.ON SE.

206

SPDR S&P International Utilities Sector 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 (7/16/08, 7/22/08, 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 the 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 International Utilities Sector ETF as stated in the Fees and Expenses table of the prospectus dated January 31, 2015 (as supplemented September 24, 2015) is 0.40%.

PERFORMANCE AS OF SEPTEMBER 30, 2015

CUMULATIVE TOTAL RETURN

AVERAGE ANNUAL TOTAL RETURN

S&P DEVELOPED

NET ASSET

MARKET

EX-U.S. BMI UTILITIES

NET ASSET

MARKET

EX-U.S. BMI UTILITIES

VALUE

SECTOR INDEX

VALUE

SECTOR INDEX

ONE YEAR

−11.98%

−11.75%

−11.52%

−11.98%

−11.75%

−11.52%

THREE YEARS

9.07%

8.73%

11.24%

2.94%

2.83%

3.62%

FIVE YEARS

−4.67%

−4.75%

−0.80%

−0.95%

−0.97%

−0.16%

SINCE INCEPTION (1)

−27.19%

−23.45%

−4.31%

−3.64%


(1)		For the period July 16, 2008 to September 30, 2015.

207

SPDR STOXX Europe 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
BELGIUM — 2.2%
Anheuser-Busch InBev SA		50,481	$	5,348,685

DENMARK — 2.7%
Novo Nordisk A/S (Class B)		124,683		6,682,595

FRANCE — 12.1%
Air Liquide SA		22,543		2,658,536
AXA SA		137,781		3,327,419
BNP Paribas SA		73,427		4,299,771
LVMH Moet Hennessy Louis Vuitton SE		17,824		3,028,176
Sanofi		78,446		7,433,420
Schneider Electric SE		38,505		2,149,489
Total SA		158,538		7,114,113

				30,010,924

GERMANY — 14.4%
Allianz SE		30,011		4,698,342
BASF SE		60,317		4,599,905
Bayer AG		54,301		6,937,212
Daimler AG		65,451		4,737,918
Deutsche Bank AG		85,114		2,286,854
Deutsche Telekom AG		208,117		3,690,253
SAP SE		63,454		4,104,628
Siemens AG		50,965		4,547,759

				35,602,871

ITALY — 2.5%
ENI SpA		175,349		2,750,052
Intesa Sanpaolo SpA		943,790		3,324,862

				6,074,914

NETHERLANDS — 3.1%
ING Groep NV		254,127		3,588,415
Unilever NV		102,498		4,106,295

				7,694,710

SPAIN — 4.8%
Banco Bilbao Vizcaya Argentaria SA		414,105		3,503,814
Banco Santander SA		940,163		4,978,622
Telefonica SA		287,037		3,469,985

				11,952,421

SWITZERLAND — 23.1%
ABB, Ltd. (a)		151,686		2,673,250
Cie Financiere Richemont SA		34,207		2,650,159
Credit Suisse Group AG (a)		90,894		2,178,628
Nestle SA		209,344		15,693,837
Novartis AG		166,961		15,276,137
Roche Holding AG		46,130		12,133,262
UBS Group AG		230,791		4,253,962
Zurich Insurance Group AG (a)		9,856		2,412,808

				57,272,043

UNITED KINGDOM — 34.6%
AstraZeneca PLC		82,912		5,251,585
Barclays PLC		1,100,147		4,068,632
BG Group PLC		223,814		3,224,101
BP PLC		1,200,318		6,072,726
British American Tobacco PLC		122,415		6,755,146
BT Group PLC		549,879		3,494,971
Diageo PLC		164,967		4,424,192
GlaxoSmithKline PLC		319,442		6,125,854
HSBC Holdings PLC		1,283,147		9,692,966
Imperial Tobacco Group PLC		62,857		3,249,607
Lloyds Banking Group PLC		4,036,926		4,595,984
National Grid PLC		257,493		3,584,054
Prudential PLC		168,850		3,564,092
Reckitt Benckiser Group PLC		43,265		3,923,620
Rio Tinto PLC		80,162		2,683,501
Royal Dutch Shell PLC (Class A)		254,660		6,022,135
Unilever PLC		86,115		3,503,691
Vodafone Group PLC		1,743,190		5,504,116

				85,740,973

TOTAL COMMON STOCKS —
(Cost $286,858,593)				246,380,136

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (b)(c) (Cost $251,986)		251,986		251,986

TOTAL INVESTMENTS — 99.6%
(Cost $287,110,579)				246,632,122
OTHER ASSETS & LIABILITIES — 0.4%				993,526

NET ASSETS — 100.0%			$	247,625,648

PLC = Public Limited Company

See accompanying notes to financial statements.

210

SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.9%
BELGIUM — 3.6%
Anheuser-Busch InBev SA		1,382,079	$	146,437,365

FINLAND — 1.1%
Nokia Oyj		6,620,770		45,118,586

FRANCE — 35.9%
Air Liquide SA		619,214		73,025,002
AXA SA		3,770,739		91,063,572
BNP Paribas SA		2,009,982		117,701,437
Carrefour SA		998,887		29,480,790
Compagnie de Saint-Gobain		910,056		39,323,539
Danone SA		1,098,699		69,194,746
Engie (a)		2,924,117		47,132,801
Essilor International SA		389,022		47,289,351
L’Oreal SA		439,548		76,074,549
LVMH Moet Hennessy Louis Vuitton SE		488,833		83,049,396
Orange SA		3,669,292		55,375,833
Safran SA		615,284		46,222,347
Sanofi		2,148,098		203,550,387
Schneider Electric SE		1,057,635		59,041,037
Societe Generale SA		1,450,918		64,540,526
Total SA		4,341,147		194,801,301
Unibail-Rodamco SE		177,504		45,829,497
Vinci SA		942,676		59,673,760
Vivendi SA		2,108,208		49,724,939

				1,452,094,810

GERMANY — 30.5%
Allianz SE		821,574		128,620,699
BASF SE		1,651,196		125,923,792
Bayer AG		1,486,898		189,958,304
Bayerische Motoren Werke AG		577,530		51,070,569
Daimler AG		1,791,869		129,711,220
Deutsche Bank AG		2,337,851		62,813,679
Deutsche Post AG		1,723,104		47,652,585
Deutsche Telekom AG		5,696,143		101,001,869
E.ON SE		3,601,647		30,864,127
Fresenius SE & Co. KGaA		733,338		49,115,294
Muenchener Rueckversicherungs- Gesellschaft AG		264,210		49,178,627
SAP SE		1,736,898		112,354,136
Siemens AG		1,395,203		124,498,137
Volkswagen AG Preference Shares		283,490		30,932,557

				1,233,695,595

ITALY — 8.3%
Assicurazioni Generali SpA		2,424,789		44,281,116
Enel SpA		12,609,366		56,131,896
ENI SpA (a)		4,809,056		75,421,900
Intesa Sanpaolo SpA		25,828,622		90,991,231
UniCredit SpA		10,740,462		66,778,931

				333,605,074

LUXEMBOURG — 0.0% (b)
APERAM SA (c)		1		27

NETHERLANDS — 9.2%
Airbus Group SE		1,050,159		62,023,194
ASML Holding NV		667,884		58,270,252
ING Groep NV		6,955,423		98,214,448
Koninklijke Philips NV		1,715,068		40,289,473
Unilever NV		2,805,567		112,397,179

				371,194,546

SPAIN — 11.3%
Banco Bilbao Vizcaya Argentaria SA		11,333,581		95,895,376
Banco Santander SA		25,739,110		136,301,148
Iberdrola SA		10,334,868		68,606,329
Industria de Diseno Textil SA		1,891,602		63,197,193
Telefonica SA		7,856,031		94,971,425

				458,971,471

TOTAL COMMON STOCKS —
(Cost $4,596,036,309)				4,041,117,474

SHORT TERM INVESTMENTS — 0.8%
UNITED STATES — 0.8%
MONEY MARKET FUNDS — 0.8%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		29,979,227		29,979,227
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f)		278,198		278,198

TOTAL SHORT TERM INVESTMENTS —
(Cost $30,257,425)				30,257,425

TOTAL INVESTMENTS — 100.7%
(Cost $4,626,293,734)				4,071,374,899
OTHER ASSETS & LIABILITIES — (0.7)%				(26,954,056	)

NET ASSETS — 100.0%			$	4,044,420,843


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Amount shown represents less than 0.05% of net assets.
(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.

See accompanying notes to financial statements.

211

SPDR EURO STOXX Small Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 100.1%
AUSTRIA — 1.5%
IMMOFINANZ AG (a)		41,421	$	95,247
Raiffeisen Bank International AG (a)		5,743		75,068

				170,315

BELGIUM — 5.8%
Ackermans & van haaren NV		1,119		163,630
bpost SA		4,987		118,182
Cofinimmo SA		1,015		106,898
Colruyt SA (a)		3,023		145,201
Telenet Group Holding NV (a)		2,532		144,907

				678,818

FINLAND — 7.4%
Amer Sports Oyj		5,911		150,042
Huhtamaki Oyj		4,751		144,833
Kesko Oyj (Class B)		3,406		120,369
Metso Oyj		5,463		113,363
Neste Oyj		6,381		146,516
Orion Oyj (Class B)		5,057		190,797

				865,920

FRANCE — 19.6%
Air France-KLM (a)		12,348		85,871
CNP Assurances		7,452		103,230
Dassault Aviation SA		92		105,165
Eurazeo SA		2,059		136,752
Faurecia		3,007		93,212
Fonciere Des Regions		1,458		126,716
ICADE		1,768		119,576
Imerys SA		1,650		105,702
JCDecaux SA		3,242		117,234
Lagardere SCA		5,093		140,648
Orpea		2,000		158,664
Remy Cointreau SA		1,093		71,581
Rubis SCA		1,930		143,179
SEB SA		1,211		111,400
Societe BIC SA		1,370		212,261
Societe Television Francaise 1		5,971		83,647
Technicolor SA		15,287		105,166
Teleperformance		2,847		215,307
Vallourec SA		6,192		54,714

				2,290,025

GERMANY — 21.3%
Aareal Bank AG		2,985		105,824
Axel Springer SE		2,018		112,449
Bilfinger SE		2,295		84,795
Deutsche Euroshop AG		2,216		99,464
Deutsche Lufthansa AG (a)		11,540		160,053
Duerr AG		1,230		86,210
Evonik Industries AG		6,033		201,458
Fraport AG Frankfurt Airport Services Worldwide		1,852		114,094
Freenet AG		6,373		210,108
Fuchs Petrolub SE Preference Shares		3,466		152,861
Gerresheimer AG		1,566		114,042
Kabel Deutschland Holding AG (a)		1,022		132,904
KION Group AG (a)		3,043		134,749
Leoni AG		1,629		86,573
MorphoSys AG (a)		1,306		86,901
OSRAM Licht AG		4,325		223,116
Rheinmetall AG		1,975		120,768
Stada Arzneimittel AG		3,109		111,053
Telefonica Deutschland Holding AG		25,814		157,358

				2,494,780

GREECE — 2.0%
Hellenic Telecommunications Organization SA		12,223		106,423
National Bank of Greece SA (a)		74,430		31,987
OPAP SA		10,530		94,973

				233,383

IRELAND — 5.0%
Glanbia PLC		8,884		165,015
Kingspan Group PLC		7,384		177,582
Paddy Power PLC		2,109		242,951

				585,548

ITALY — 14.5%
Azimut Holding SpA		5,617		120,258
Banca Popolare dell’Emilia Romagna SC		24,005		197,483
Banca Popolare di Milano SCARL		218,576		215,439
Banca Popolare di Sondrio SCARL		22,612		103,335
Davide Campari-Milano SpA		11,152		88,633
Enel Green Power SpA		76,882		145,121
Exor SpA		4,778		207,898
Mediaset SpA		39,153		179,626
Recordati SpA		5,083		117,052
Saipem SpA (a)		12,561		100,462
Unipol Gruppo Finanziario SpA		24,544		107,616
UnipolSai SpA		53,973		117,181

				1,700,104

LUXEMBOURG — 2.5%
Eurofins Scientific SE		430		131,853
RTL Group SA		1,921		165,112

				296,965

NETHERLANDS — 8.9%
Aalberts Industries NV		4,783		141,271
ASM International NV		2,580		83,316
Delta Lloyd NV		9,412		78,828
Koninklijke Vopak NV		3,306		131,689
OCI NV (a)		4,532		115,746
PostNL NV (a)		22,023		80,092
SBM Offshore NV (a)		8,969		113,132
TNT Express NV		23,363		177,806
Wereldhave NV		2,008		115,568

				1,037,448

PORTUGAL — 2.2%
Banco Comercial Portugues SA (a)		2,028,012		98,474
Jeronimo Martins SGPS SA		12,206		164,112

				262,586

SPAIN — 8.1%
Bolsas y Mercados Espanoles SHMSF SA		3,954		133,336
Gamesa Corp. Tecnologica SA		11,186		154,581
Mapfre SA		49,579		129,225
Mediaset Espana Comunicacion SA		9,831		107,127

See accompanying notes to financial statements.

212

SPDR EURO STOXX Small Cap ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Merlin Properties Socimi SA (a)		16,111	$	191,528
Viscofan SA		2,208		132,797
Zardoya Otis SA		8,631		93,068

				941,662

UNITED KINGDOM — 1.3%
Dialog Semiconductor PLC (a)		3,884		155,081

TOTAL COMMON STOCKS —
(Cost $13,033,097)				11,712,635

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (c)(d) (Cost $1,463)		1,463		1,463

TOTAL INVESTMENTS — 100.1%
(Cost $13,034,560)				11,714,098
OTHER ASSETS & LIABILITIES — (0.1)%				(6,579	)

NET ASSETS — 100.0%			$	11,707,519

PLC = Public Limited Company

See accompanying notes to financial statements.

213

SPDR EURO STOXX 50 Currency Hedged ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

MUTUAL FUNDS — 98.2%
UNITED STATES — 98.2%
SPDR EURO STOXX 50 ETF (a) (Cost $7,429,789)		197,566	$	6,687,609

SHORT TERM INVESTMENT — 1.7%
MONEY MARKET FUND — 1.7%
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (a)(b) (Cost $113,782)		113,782		113,782

TOTAL INVESTMENTS — 99.9%
(Cost $7,543,571)				6,801,391
OTHER ASSETS & LIABILITIES — 0.1%				5,403

NET ASSETS — 100.0%			$	6,806,794


(a)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(b)		The rate shown is the annualized seven-day yield at period end.

At September 30, 2015, open futures contracts purchased were as follows:


	Expiration						Unrealized
Futures	Date		Contracts		Value		Depreciation

Euro Stoxx 50		12/18/2015		4	$	138,013	$	(3,159	)

At September 30, 2015, open forward foreign currency contracts were as follows:


									Net Unrealized
							Settlement		Appreciation/
Counterparty	Amount Sold			Amount Bought			Date		(Depreciation)

Bank of America N.A.		EUR	1,415,862		USD	1,587,195		10/5/2015	$	6,674
Bank of Montreal		EUR	1,415,862		USD	1,587,181		10/5/2015		6,659
Bank of Montreal		USD	370,000		EUR	330,031		10/5/2015		(1,588	)
Bank of Montreal		USD	1,433,157		EUR	1,283,849		10/5/2015		—
BNP Paribas SA		EUR	1,415,862		USD	1,587,237		10/5/2015		6,714
BNP Paribas SA		USD	370,000		EUR	330,034		10/5/2015		(1,584	)
Citibank N.A.		USD	1,433,173		EUR	1,283,849		10/5/2015		(17	)
HSBC Bank USA		USD	1,433,156		EUR	1,283,849		10/5/2015		1
Royal Bank of Canada		USD	1,433,156		EUR	1,283,849		10/5/2015		1
Standard Chartered Bank		EUR	1,415,862		USD	1,587,235		10/5/2015		6,713
Toronto Dominion Bank		EUR	1,415,864		USD	1,587,204		10/5/2015		6,681
UBS AG		USD	1,433,156		EUR	1,283,851		10/5/2015		3
Societe Generale		USD	160,439		EUR	144,000		10/7/2015		312
Bank of Montreal		EUR	1,283,849		USD	1,433,770		11/4/2015		(27	)
Citibank N.A.		EUR	1,283,849		USD	1,433,738		11/4/2015		(59	)
Goldman Sachs		USD	537,000		EUR	480,774		11/4/2015		(73	)
HSBC Bank USA		EUR	1,283,849		USD	1,433,795		11/4/2015		(3	)
Royal Bank of Canada		EUR	1,283,849		USD	1,433,786		11/4/2015		(12	)
UBS AG		EUR	1,283,851		USD	1,433,798		11/4/2015		(2	)

									$	30,393

EUR — Euro Currency

See accompanying notes to financial statements.

214

SPDR S&P International Dividend Currency Hedged ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

MUTUAL FUNDS — 99.7%
UNITED STATES — 99.7%
SPDR S&P International Dividend ETF (a) (Cost $4,038,740)		114,286	$	3,881,153

SHORT TERM INVESTMENT — 0.4%
MONEY MARKET FUND — 0.4%
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (a)(b) (Cost $14,218)		14,218		14,218

TOTAL INVESTMENTS — 100.1%
(Cost $4,052,958)				3,895,371
OTHER ASSETS & LIABILITIES — (0.1)%				(3,443	)

NET ASSETS — 100.0%			$	3,891,928


(a)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(b)		The rate shown is the annualized seven-day yield at period end.

At September 30, 2015, open forward foreign currency contracts were as follows:


									Net Unrealized
							Settlement		Appreciation/
Counterparty	Amount Sold			Amount Bought			Date		Depreciation

Bank of America N.A.		CAD	484,000		USD	364,989		10/5/2015	$	3,992
Bank of America N.A.		CHF	44,000		USD	45,377		10/5/2015		341
Bank of America N.A.		DKK	384,000		USD	58,145		10/5/2015		685
Bank of Montreal		EUR	872,000		USD	984,997		10/5/2015		11,586
Bank of Montreal		USD	973,411		EUR	872,000		10/5/2015		—
Citibank N.A.		CZK	450,000		USD	18,786		10/5/2015		300
Citibank N.A.		NOK	100,000		USD	12,174		10/5/2015		452
Citibank N.A.		NZD	89,000		USD	56,299		10/5/2015		(622	)
Citibank N.A.		SEK	1,430,000		USD	172,825		10/5/2015		2,313
Citibank N.A.		SGD	65,000		USD	46,182		10/5/2015		470
Citibank N.A.		TRY	300,000		USD	97,556		10/5/2015		(1,406	)
Citibank N.A.		USD	192,219		ZAR	2,659,000		10/5/2015		(9	)
Citibank N.A.		USD	18,488		CZK	450,000		10/5/2015		(3	)
Citibank N.A.		USD	56,924		NZD	89,000		10/5/2015		(2	)
Citibank N.A.		USD	170,514		SEK	1,430,000		10/5/2015		(2	)
Citibank N.A.		USD	98,963		TRY	300,000		10/5/2015		(1	)
Citibank N.A.		USD	11,723		NOK	100,000		10/5/2015		—
Citibank N.A.		USD	45,712		SGD	65,000		10/5/2015		—
Citibank N.A.		ZAR	2,659,000		USD	195,595		10/5/2015		3,386
HSBC Bank USA		USD	57,463		DKK	384,000		10/5/2015		(2	)
HSBC Bank USA		USD	360,995		CAD	484,000		10/5/2015		3
HSBC Bank USA		USD	45,035		CHF	44,000		10/5/2015		—
Royal Bank of Canada		GBP	461,000		USD	709,352		10/5/2015		11,064
Royal Bank of Canada		HKD	1,765,000		USD	227,733		10/5/2015		(7	)
Royal Bank of Canada		USD	227,740		HKD	1,765,000		10/5/2015		—
Royal Bank of Canada		USD	698,289		GBP	461,000		10/5/2015		(1	)
Societe Generale		THB	4,824,000		USD	133,702		10/5/2015		806
Societe Generale		USD	66,436		THB	2,412,000		10/5/2015		12
BNP Paribas SA		AUD	1,370,000		USD	978,332		10/6/2015		16,469
UBS AG		USD	961,853		AUD	1,370,000		10/6/2015		11

See accompanying notes to financial statements.

215

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

September 30, 2015


									Net Unrealized
							Settlement		Appreciation/
Counterparty	Amount Sold			Amount Bought			Date		Depreciation

Bank of Montreal		EUR	872,000		USD	973,828		11/4/2015	$	(19	)
Citibank N.A.		CZK	450,000		USD	18,496		11/4/2015		(3	)
Citibank N.A.		NOK	100,000		USD	11,717		11/4/2015		(1	)
Citibank N.A.		NZD	89,000		USD	56,793		11/4/2015		(2	)
Citibank N.A.		SEK	1,430,000		USD	170,621		11/4/2015		(6	)
Citibank N.A.		SGD	65,000		USD	45,653		11/4/2015		(17	)
Citibank N.A.		TRY	300,000		USD	98,015		11/4/2015		(29	)
Citibank N.A.		ZAR	2,659,000		USD	191,210		11/4/2015		(18	)
Goldman Sachs		USD	4,493		CAD	6,000		11/4/2015		(19	)
Goldman Sachs		USD	24,582		EUR	22,000		11/4/2015		(13	)
Goldman Sachs		USD	66,599		AUD	95,000		11/4/2015		(6	)
Goldman Sachs		USD	21,937		HKD	170,000		11/4/2015		(2	)
Goldman Sachs		USD	9,584		DKK	64,000		11/4/2015		(1	)
Goldman Sachs		USD	15,146		GBP	10,000		11/4/2015		(1	)
Goldman Sachs		USD	5,970		ZAR	83,000		11/4/2015		(1	)
Goldman Sachs		USD	9,075		GBP	6,000		11/4/2015		12
Goldman Sachs		USD	11,901		AUD	17,000		11/4/2015		16
Goldman Sachs		USD	6,086		SEK	51,000		11/4/2015		—
HSBC Bank USA		CAD	484,000		USD	360,957		11/4/2015		4
HSBC Bank USA		CHF	44,000		USD	45,080		11/4/2015		(2	)
HSBC Bank USA		DKK	384,000		USD	57,498		11/4/2015		(4	)
Royal Bank of Canada		GBP	461,000		USD	698,187		11/4/2015		(4	)
Royal Bank of Canada		HKD	1,765,000		USD	227,733		11/4/2015		(3	)
Societe Generale		THB	2,412,000		USD	66,170		11/4/2015		(207	)
UBS AG		AUD	1,370,000		USD	960,362		11/4/2015		10

									$	49,519

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — Great British Pound

HKD — Hong Kong Dollar

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish Lira

ZAR — South African Rand

See accompanying notes to financial statements.

216

SPDR MSCI International Real Estate Currency Hedged ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 12.2%
Abacus Property Group		2,140	$	4,764
Aveo Group		2,990		5,627
BWP Trust		3,976		8,628
Cedar Woods Properties, Ltd.		458		1,383
Charter Hall Retail REIT		2,470		7,060
Cromwell Property Group		9,422		6,352
Dexus Property Group		7,428		37,297
Federation Centres		26,032		50,090
GDI Property Group		3,852		2,475
GPT Group		13,752		43,554
Growthpoint Properties Australia, Ltd.		1,502		3,291
Investa Office Fund		4,512		12,484
Mirvac Group		28,606		34,552
Scentre Group		41,190		112,810
Shopping Centres Australasia Property Group		5,276		7,225
Stockland		18,270		49,396
Westfield Corp.		15,272		106,926

				493,914

AUSTRIA — 1.1%
BUWOG AG (a)		424		8,992
CA Immobilien Anlagen AG (a)		574		10,553
Conwert Immobilien Invest SE (a)		496		6,694
IMMOFINANZ AG (a)		7,058		16,230
S IMMO AG (a)		414		3,512

				45,981

BELGIUM — 0.9%
Befimmo SA		158		9,681
Cofinimmo SA		158		16,640
Intervest Offices & Warehouses NV		106		2,448
Warehouses De Pauw CVA		108		8,358

				37,127

BERMUDA — 0.0% (b)
CSI Properties, Ltd.		40,000		1,265

CANADA — 3.7%
Allied Properties Real Estate Investment Trust		294		7,660
Artis Real Estate Investment Trust		520		4,918
Boardwalk Real Estate Investment Trust		180		7,360
Brookfield Canada Office Properties		100		1,838
Canadian Apartment Properties REIT		448		9,483
Canadian Real Estate Investment Trust		282		8,618
Choice Properties Real Estate Investment Trust		340		2,916
Cominar Real Estate Investment Trust		636		7,652
Crombie Real Estate Investment Trust		294		2,811
CT Real Estate Investment Trust		244		2,341
Dream Global Real Estate Investment Trust		424		2,796
Dream Industrial Real Estate Investment Trust		220		1,295
Dream Office Real Estate Investment Trust		410		6,483
First Capital Realty, Inc.		858		11,967
Granite Real Estate Investment Trust		178		4,989
H&R Real Estate Investment Trust		1,046		16,049
InnVest Real Estate Investment Trust		496		1,842
InterRent Real Estate Investment Trust		266		1,290
Killam Properties, Inc.		432		3,206
Mainstreet Equity Corp. (a)		44		1,029
Milestone Apartments Real Estate Investment Trust		230		2,630
Morguard Real Estate Investment Trust		236		2,406
Northern Property Real Estate Investment Trust		120		1,766
NorthWest Healthcare Properties Real Estate Investment Trust		216		1,289
Pure Industrial Real Estate Trust		716		2,371
RioCan Real Estate Investment Trust		1,202		22,835
Smart Real Estate Investment Trust		486		11,085

				150,925

CHINA — 1.5%
Far East Consortium International, Ltd.		8,000		2,973
K Wah International Holdings, Ltd.		8,000		3,179
Kerry Properties, Ltd.		5,000		13,677
Kowloon Development Co., Ltd.		2,000		2,292
Sino Land Co., Ltd.		24,000		36,356

				58,477

FINLAND — 0.4%
Citycon Oyj (a)		3,098		7,608
Sponda Oyj		1,642		6,401
Technopolis Oyj		660		2,534

				16,543

FRANCE — 8.7%
ANF Immobilier		50		1,113
Fonciere Des Regions		232		20,163
Gecina SA		268		32,593
ICADE		258		17,449
Klepierre		1,460		65,988
Mercialys SA		392		8,463
Nexity SA		230		9,888
Unibail-Rodamco SE		762		196,740

				352,397

GERMANY — 7.0%
ADLER Real Estate AG (a)		178		2,432
Alstria Office REIT-AG (a)		672		8,728
Deutsche Euroshop AG		354		15,889
Deutsche Wohnen AG		2,602		69,373
DIC Asset AG		344		3,091
DO Deutsche Office AG		698		3,420
Hamborner REIT AG		464		4,480
LEG Immobilien AG (a)		442		36,417
Patrizia Immobilien AG (a)		296		7,056
TAG Immobilien AG		774		9,162
TLG Immobilien AG		404		7,306
Vonovia SE		3,606		115,704

				283,058

HONG KONG — 13.6%
Champion REIT		18,000		8,965
Hang Lung Properties, Ltd.		18,000		40,320
Henderson Land Development Co., Ltd.		9,000		53,535
Hysan Development Co., Ltd.		5,000		20,774
Lai Sun Development Co., Ltd.		90,000		1,405

See accompanying notes to financial statements.

217

SPDR MSCI International Real Estate Currency Hedged ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		7,000	$	2,448
Link REIT		18,000		98,709
New World Development Co., Ltd.		42,000		40,645
Prosperity REIT		8,000		2,735
Redefine International PLC		7,860		6,269
Regal Real Estate Investment Trust		8,000		1,961
Sun Hung Kai Properties, Ltd.		14,000		181,547
Sunlight Real Estate Investment Trust		8,000		3,912
Swire Properties, Ltd.		9,200		25,404
Wharf Holdings, Ltd.		11,000		61,742

				550,371

ISRAEL — 0.4%
Africa Israel Properties, Ltd. (a)		100		1,309
Amot Investments, Ltd.		850		2,616
Bayside Land Corp.		6		1,762
Melisron, Ltd.		120		4,464
Nitsba Holdings 1995, Ltd. (a)		198		3,481
REIT 1, Ltd.		1,246		3,273

				16,905

ITALY — 0.2%
Beni Stabili SpA		7,900		6,124
Immobiliare Grande Distribuzione SpA		2,634		2,358

				8,482

JAPAN — 20.0%
Activia Properties, Inc.		4		16,733
Advance Residence Investment Corp.		6		12,645
Aeon Mall Co., Ltd.		600		9,173
AEON REIT Investment Corp.		4		4,215
Ardepro Co., Ltd.		600		491
Comforia Residential REIT, Inc.		2		3,766
Daibiru Corp.		200		1,550
Daikyo, Inc.		2,000		3,373
Daiwa House Industry Co., Ltd.		2,800		68,910
Daiwa House REIT Investment Corp.		2		7,339
Daiwa Office Investment Corp.		2		9,652
Daiwahouse Residential Investment Corp.		4		8,143
Frontier Real Estate Investment Corp.		2		7,740
Fukuoka REIT Corp.		4		5,912
Global One Real Estate Investment Corp.		1		2,998
GLP J-REIT		12		11,472
Hankyu REIT, Inc.		2		2,106
Heiwa Real Estate Co., Ltd.		200		2,134
Heiwa Real Estate REIT, Inc.		4		2,929
Hulic Co., Ltd.		1,400		12,590
Hulic REIT, Inc.		4		5,277
Ichigo Office REIT Investment		6		4,138
Industrial & Infrastructure Fund Investment Corp.		2		8,700
Invesco Office J-REIT, Inc.		2		1,563
Invincible Investment Corp.		12		6,673
Japan Excellent, Inc.		6		6,603
Japan Hotel REIT Investment Corp.		14		8,919
Japan Logistics Fund, Inc.		4		7,184
Japan Prime Realty Investment Corp.		4		12,975
Japan Real Estate Investment Corp.		6		27,604
Japan Rental Housing Investments, Inc.		8		5,217
Japan Retail Fund Investment Corp.		12		23,205
Kenedix Office Investment Corp.		2		9,502
Kenedix Residential Investment Corp.		2		5,160
Leopalace21 Corp. (a)		1,200		5,571
MCUBS MidCity Investment Corp.		2		5,202
Mitsubishi Estate Co., Ltd.		6,000		122,014
Mitsui Fudosan Co., Ltd.		4,000		108,980
Mori Hills REIT Investment Corp.		6		7,049
Mori Trust Sogo REIT, Inc.		4		6,840
Nippon Accommodations Fund, Inc.		2		6,655
Nippon Building Fund, Inc.		7		33,841
Nippon Prologis REIT, Inc.		8		14,508
NIPPON REIT Investment Corp.		2		4,302
Nomura Real Estate Holdings, Inc.		600		12,004
Nomura Real Estate Master Fund, Inc.		8		10,240
Nomura Real Estate Office Fund, Inc.		2		9,068
NTT Urban Development Corp.		600		5,496
Orix JREIT, Inc.		10		13,518
Premier Investment Corp.		2		9,953
Sekisui House SI Residential Investment Corp.		4		3,420
Sumitomo Realty & Development Co., Ltd.		2,000		63,307
Sun Frontier Fudousan Co., Ltd.		200		1,505
Takara Leben Co., Ltd.		400		1,950
TOC Co., Ltd.		200		1,396
Tokyo Tatemono Co., Ltd.		1,000		11,865
Tokyu REIT, Inc.		4		5,153
Top REIT, Inc.		1		3,863
Tosei Corp.		200		1,283
United Urban Investment Corp.		12		16,011

				811,585

LUXEMBOURG — 0.3%
Grand City Properties SA		596		11,426

NETHERLANDS — 1.1%
Eurocommercial Properties NV		368		16,029
NSI NV		998		3,859
VastNed Retail NV		148		6,398
Wereldhave NV		312		17,957

				44,243

NEW ZEALAND — 0.6%
Argosy Property, Ltd.		6,210		4,171
Goodman Property Trust		8,080		5,996
Kiwi Income Property Group, Ltd.		9,260		7,612
Precinct Properties New Zealand, Ltd.		7,964		5,782

				23,561

NORWAY — 0.2%
Entra ASA (c)		640		5,158
Norwegian Property ASA (a)		1,910		2,114
Selvaag Bolig ASA		254		750

				8,022

SINGAPORE — 7.1%
AIMS AMP Capital Industrial REIT		3,600		3,431
Ascendas Hospitality Trust		5,600		2,461
Ascendas India Trust		5,800		3,488
Ascendas Real Estate Investment Trust		15,800		26,002
Ascott Residence Trust		6,600		5,686
Cache Logistics Trust		5,400		3,684

See accompanying notes to financial statements.

218

SPDR MSCI International Real Estate Currency Hedged ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Cambridge Industrial Trust		7,000	$	3,003
CapitaLand Commercial Trust, Ltd.		16,000		15,078
CapitaLand Mall Trust		18,800		25,121
CapitaLand Retail China Trust		4,200		4,032
CDL Hospitality Trusts		5,000		4,571
City Developments, Ltd.		3,200		17,329
Far East Hospitality Trust		6,200		2,812
First Real Estate Investment Trust		3,800		3,447
Frasers Centrepoint Trust		4,200		5,627
Frasers Commercial Trust		4,600		4,303
Frasers Hospitality Trust		3,600		1,848
Global Logistic Properties, Ltd.		24,400		35,007
Ho Bee Land, Ltd.		1,400		1,920
Hong Fok Corp., Ltd.		1,800		854
Keppel DC REIT		4,000		2,869
Keppel REIT		14,800		9,940
Lippo Malls Indonesia Retail Trust		13,600		3,061
Mapletree Commercial Trust		9,800		8,650
Mapletree Greater China Commercial Trust		14,800		9,680
Mapletree Industrial Trust		9,400		9,817
Mapletree Logistics Trust		11,400		7,857
OUE Hospitality Trust		5,600		3,151
Parkway Life Real Estate Investment Trust		2,800		4,529
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust		4,600		2,443
SingHaiyi Group, Ltd.		6,600		473
Soilbuild Business Space REIT		5,000		2,831
SPH REIT		5,800		3,814
Starhill Global REIT		10,800		5,735
Suntec Real Estate Investment Trust		18,400		19,411
UOL Group, Ltd.		3,600		15,216
Wheelock Properties Singapore, Ltd.		2,400		2,540
Yanlord Land Group, Ltd.		4,600		3,284
Ying Li International Real Estate, Ltd. (a)		7,000		847

				285,852

SPAIN — 1.5%
Axiare Patrimonio SOCIMI SA		558		7,618
Hispania Activos Inmobiliarios SA (a)		638		8,856
Inmobiliaria Colonial SA (a)		14,802		10,277
Lar Espana Real Estate Socimi SA		464		4,428
Merlin Properties Socimi SA (a)		2,374		28,222

				59,401

SWEDEN — 3.3%
Castellum AB		1,198		16,812
Dios Fastigheter AB		346		2,290
Fabege AB		1,024		14,981
Fastighets AB Balder (Class B) (a)		644		12,193
Great Portland Estates PLC		2,660		34,450
Hemfosa Fastigheter AB		966		10,280
Hufvudstaden AB (Class A)		864		11,280
Klovern AB (Class B)		3,550		3,344
Kungsleden AB		1,268		8,504
Wallenstam AB (Class B)		1,418		11,632
Wihlborgs Fastigheter AB		536		9,586

				135,352

SWITZERLAND — 2.2%
Allreal Holding AG (a)		104		13,571
Intershop Holding AG		8		3,324
Mobimo Holding AG (a)		48		9,658
PSP Swiss Property AG (a)		320		26,232
Swiss Prime Site AG (a)		512		37,309

				90,094

UNITED KINGDOM — 13.7%
Big Yellow Group PLC		1,152		12,634
British Land Co. PLC		7,502		95,284
Capital & Counties Properties PLC		5,854		38,511
Derwent London PLC		814		44,869
Grainger PLC		3,220		11,608
Hammerson PLC		6,068		57,309
Hansteen Holdings PLC		5,570		10,184
Helical Bar PLC		778		4,835
Intu Properties PLC		7,252		36,206
Land Securities Group PLC		6,116		116,636
Londonmetric Property PLC		4,616		11,474
NewRiver Retail, Ltd.		934		4,966
Primary Health Properties PLC		818		5,018
Safestore Holdings PLC		1,606		7,170
Schroder Real Estate Investment Trust, Ltd.		4,012		3,540
Segro PLC		5,782		37,617
Shaftesbury PLC		2,044		28,392
Unite Group PLC		1,716		16,974
Workspace Group PLC		934		13,271

				556,498

TOTAL COMMON STOCKS —
(Cost $4,024,999)				4,041,479

SHORT TERM INVESTMENT — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e) (Cost $2,435)		2,435		2,435

TOTAL INVESTMENTS — 99.8%
(Cost $4,027,434)				4,043,914
OTHER ASSETS & LIABILITIES — 0.2%				8,406

NET ASSETS — 100.0%			$	4,052,320

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

219

SPDR MSCI International Real Estate Currency Hedged ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015

At September 30, 2015, open forward foreign currency contracts were as follows:


									Net Unrealized
							Settlement		Appreciation/
Counterparty	Amount Sold			Amount Bought			Date		Depreciation

Bank of America N.A.		GBP	388,000		USD	597,025		10/5/2015	$	9,312
Bank of America N.A.		SGD	419,000		USD	297,704		10/5/2015		3,039
Bank of Montreal		CAD	200,000		USD	150,820		10/5/2015		1,648
Bank of Montreal		CHF	91,000		USD	93,846		10/5/2015		705
Bank of Montreal		SEK	826,000		USD	99,832		10/5/2015		1,340
Bank of Montreal		USD	93,142		CHF	91,000		10/5/2015		(1	)
Bank of Montreal		USD	149,170		CAD	200,000		10/5/2015		2
Bank of Montreal		USD	98,491		SEK	826,000		10/5/2015		—
BNP Paribas SA		JPY	98,440,000		USD	820,301		10/5/2015		(1,671	)
Citibank N.A.		HKD	4,582,000		USD	591,202		10/5/2015		(20	)
Citibank N.A.		NOK	69,000		USD	8,400		10/5/2015		312
Citibank N.A.		NZD	38,000		USD	24,038		10/5/2015		(266	)
Citibank N.A.		USD	24,304		NZD	38,000		10/5/2015		(1	)
Citibank N.A.		USD	591,222		HKD	4,582,000		10/5/2015		—
Citibank N.A.		USD	8,089		NOK	69,000		10/5/2015		—
HSBC Bank USA		USD	294,676		SGD	419,000		10/5/2015		(11	)
HSBC Bank USA		USD	587,715		GBP	388,000		10/5/2015		(2	)
Royal Bank of Canada		EUR	763,000		USD	861,879		10/5/2015		10,144
Royal Bank of Canada		USD	851,734		EUR	763,000		10/5/2015		1
UBS AG		USD	821,971		JPY	98,440,000		10/5/2015		—
Bank of Montreal		AUD	704,000		USD	502,779		10/6/2015		8,508
Bank of Montreal		USD	494,270		AUD	704,000		10/6/2015		2
Citibank N.A.		ILS	68,000		USD	17,498		10/6/2015		173
Citibank N.A.		USD	17,326		ILS	68,000		10/6/2015		—
Bank of Montreal		AUD	704,000		USD	493,469		11/4/2015		(26	)
Bank of Montreal		CAD	200,000		USD	149,154		11/4/2015		(1	)
Bank of Montreal		CHF	91,000		USD	93,228		11/4/2015		(10	)
Bank of Montreal		SEK	826,000		USD	98,556		11/4/2015		(2	)
Citibank N.A.		HKD	4,582,000		USD	591,201		11/4/2015		(10	)
Citibank N.A.		ILS	68,000		USD	17,329		11/4/2015		(2	)
Citibank N.A.		NOK	69,000		USD	8,085		11/4/2015		—
Citibank N.A.		NZD	38,000		USD	24,249		11/4/2015		(1	)
Goldman Sachs		CAD	2,000		USD	1,491		11/4/2015		—
Goldman Sachs		EUR	2,000		USD	2,234		11/4/2015		—
Goldman Sachs		GBP	2,000		USD	3,029		11/4/2015		—
Goldman Sachs		SEK	19,000		USD	2,267		11/4/2015		—
Goldman Sachs		USD	25,879		JPY	3,098,000		11/4/2015		(2	)
Goldman Sachs		USD	6,309		AUD	9,000		11/4/2015		(1	)
Goldman Sachs		USD	2,049		CHF	2,000		11/4/2015		—
Goldman Sachs		USD	3,742		HKD	29,000		11/4/2015		—
Goldman Sachs		USD	255		ILS	1,000		11/4/2015		—
Goldman Sachs		USD	8,432		SGD	12,000		11/4/2015		—
HSBC Bank USA		GBP	388,000		USD	587,629		11/4/2015		(2	)
HSBC Bank USA		SGD	419,000		USD	294,298		11/4/2015		(96	)

See accompanying notes to financial statements.

220

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
CHINA — 33.3%
21Vianet Group, Inc. ADR (a)(b)		12,653	$	231,297
500.com, Ltd. ADR (Class A) (a)		2,300		37,306
51job, Inc. ADR (a)		3,764		103,134
58.com Inc, ADR (a)(b)		5,763		271,149
A8 New Media Group, Ltd. (a)		544,000		47,029
Agricultural Bank of China, Ltd. (Class H)		3,778,000		1,428,319
Air China, Ltd. (Class H)		513,414		404,766
Alibaba Group Holding, Ltd. ADR (a)(b)		179,608		10,591,484
Aluminum Corp. of China, Ltd. (Class H) (a)(b)		994,304		309,194
Angang Steel Co., Ltd. (b)		561,244		225,220
Anhui Conch Cement Co., Ltd. (Class H)		327,750		962,099
Anhui Expressway Co., Ltd. (Class H) (b)		72,000		58,529
Anta Sports Products, Ltd.		136,000		350,966
Autohome, Inc. ADR (a)		6,793		220,976
BAIC Motor Corp., Ltd. (Class H) (b)(c)		273,500		239,620
Baidu, Inc. ADR (a)		49,248		6,767,168
Bank of China, Ltd. (Class H)		12,318,466		5,292,933
Bank of Communications Co., Ltd. (Class H)		3,475,630		2,408,260
BBMG Corp. (Class H)		154,500		105,857
Beijing Enterprises Clean Energy Group, Ltd. (a)(b)		2,436,600		301,822
Bitauto Holdings, Ltd. ADR (a)(b)		3,528		105,029
Boer Power Holdings, Ltd. (b)		67,000		113,078
Boyaa Interactive International, Ltd. (b)		146,200		59,989
Brilliance China Automotive Holdings, Ltd. (b)		506,000		598,056
BYD Co., Ltd. (Class H) (a)(b)		125,800		663,083
BYD Electronic International Co., Ltd. (a)		161,000		99,923
CAR, Inc. (a)(b)		249,649		359,492
CGN Power Co., Ltd. (Class H) (c)		1,775,000		739,769
Chanjet Information Technology Co., Ltd. (Class H)		35,300		60,943
China Animal Healthcare, Ltd. (a)(b)(d)		305,700		102,557
China Assurance Finance Group, Ltd. (a)		205,000		26,716
China Biologic Products, Inc. (a)		1,100		98,802
China Cinda Asset Management Co., Ltd. (Class H)		1,518,600		525,138
China CITIC Bank Corp., Ltd. (Class H) (a)		1,832,341		1,061,569
China Coal Energy Co., Ltd. (Class H) (b)		896,000		361,866
China Communications Construction Co., Ltd. (Class H)		816,000		1,003,410
China Conch Venture Holdings, Ltd. (b)		204,100		432,953
China Construction Bank Corp. (Class H)		14,989,148		9,960,466
China COSCO Holdings Co., Ltd. (Class H) (a)(b)(e)		1,067,730		680,587
China Eastern Airlines Corp., Ltd. (Class H) (a)		254,000		151,744
China Fangda Group Co., Ltd. (Class B)		118,000		72,322
China Fire Safety Enterprise Group, Ltd. (a)		570,000		30,155
China Galaxy Securities Co., Ltd. (Class H) (b)		481,100		337,699
China Harmony New Energy Auto Holdings, Ltd.		105,500		49,687
China Hongqiao Group, Ltd. (b)		166,000		77,752
China Huiyuan Juice Group, Ltd. (a)		195,500		73,154
China International Marine Containers Group Co., Ltd. (Class H)		116,000		203,560
China Jicheng Holdings, Ltd. (a)(c)		626,300		163,241
China Lesso Group Holdings, Ltd.		186,000		149,759
China Life Insurance Co., Ltd. (Class H)		1,327,708		4,591,270
China Lilang, Ltd. (b)		115,000		98,083
China Lodging Group, Ltd. ADR (a)		5,455		132,720
China Longyuan Power Group Corp. (Class H)		661,000		709,611
China Machinery Engineering Corp. (Class H)		118,000		101,403
China Merchants Bank Co., Ltd. (Class H)		865,760		2,088,982
China Merchants Property Development Co., Ltd. (Class B)		296,126		961,735
China Minsheng Banking Corp., Ltd. (Class H)		1,202,600		1,107,937
China Molybdenum Co., Ltd. (Class H) (b)		185,000		89,754
China National Building Material Co., Ltd. (Class H) (b)		578,000		332,628
China NT Pharma Group Co., Ltd. (a)		145,500		33,793
China Oilfield Services, Ltd. (Class H) (b)		382,557		382,061
China Pacific Insurance Group Co., Ltd. (Class H)		402,000		1,486,094
China Petroleum & Chemical Corp. (Class H)		4,699,726		2,856,202
China Railway Construction Corp., Ltd. (Class H)		331,500		486,767
China Railway Group, Ltd. (Class H)		908,000		823,639
China Shengmu Organic Milk, Ltd. (a)(c)		469,000		102,877
China Shenhua Energy Co., Ltd. (Class H)		690,040		1,054,196
China Shipping Container Lines Co., Ltd. (a)(b)(e)		1,637,339		657,044
China Shipping Development Co., Ltd. (b)(e)		775,215		549,149
China Silver Group, Ltd.		120,000		29,264
China Southern Airlines Co., Ltd. (Class H)		282,000		207,041

See accompanying notes to financial statements.

222

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

China Telecom Corp., Ltd. (Class H)		3,149,320	$	1,515,727
China Vanke Co., Ltd. (Class H) (b)		172,700		368,573
Chinasoft International, Ltd. (a)		300,000		114,967
Chongqing Changan Automobile Co., Ltd. (Class B)		116,300		196,433
Chongqing Rural Commercial Bank Co., Ltd. (Class H)		277,000		156,191
CITIC Securities Co., Ltd. (Class H) (b)		289,500		515,493
CNinsure, Inc. ADR (a)(b)		11,532		88,220
Cogobuy Group (a)(c)		80,000		80,722
Colour Life Services Group Co., Ltd.		119,000		93,050
Consun Pharmaceutical Group, Ltd.		238,400		144,885
Coolpad Group, Ltd. (a)		600,000		112,257
Cosmo Lady China Holdings Co., Ltd. (b)(c)		130,000		137,548
Country Garden Holdings Co., Ltd. (b)		995,333		358,318
Credit China Holdings, Ltd.		536,000		138,322
CRRC Corp., Ltd. (Class H) (a)(b)		689,000		871,246
CSG Holding Co., Ltd. (Class B)		152,200		115,278
CT Environmental Group, Ltd. (b)		508,000		158,626
Ctrip.com International, Ltd. ADR (a)		27,112		1,712,936
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (c)		87,300		500,141
Datang International Power Generation Co., Ltd. (Class H)		498,000		188,275
Dazhong Transportation Group Co., Ltd. (Class B)		97,800		88,705
Dongfang Electric Corp., Ltd. (Class H)		28,400		29,133
Dongfeng Motor Group Co., Ltd. (Class H)		630,468		785,029
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b)		15,562		92,905
E-House China Holdings, Ltd. ADR (b)		22,421		133,181
FIH Mobile, Ltd.		446,000		204,295
First Tractor Co., Ltd. (Class H)		104,000		60,789
GF Securities Co., Ltd. (Class H) (a)(b)		149,200		269,521
Golden Eagle Retail Group, Ltd. (b)		124,000		145,279
Goodbaby International Holdings, Ltd. (a)		345,000		153,580
Great Wall Motor Co., Ltd. (Class H)		489,000		540,105
Greentown China Holdings, Ltd. (a)(b)		141,500		101,332
Guangshen Railway Co., Ltd.		96,000		38,152
Guangzhou Automobile Group Co., Ltd. (Class H)		652,032		530,877
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. (Class H) (b)		62,000		159,199
Guangzhou R&F Properties Co., Ltd. (Class H) (b)		530,976		480,958
Haitian International Holdings, Ltd.		101,000		166,551
Haitong Securities Co., Ltd. (Class H) (b)		459,600		661,820
Hengan International Group Co., Ltd.		118,500		1,152,118
Hi Sun Technology China, Ltd. (a)(b)		450,000		75,483
Homeinns Hotel Group ADR (a)		5,973		171,664
Huadian Fuxin Energy Corp., Ltd. (Class H)		320,000		110,244
Huadian Power International Corp., Ltd. (Class H)		284,000		220,969
Huaneng Power International, Inc. (Class H)		820,472		881,869
Huaneng Renewables Corp., Ltd. (Class H)		516,000		190,419
Huatai Securities Co., Ltd. (Class H) (a)(c)		101,200		199,265
Huishang Bank Corp., Ltd. (Class H)		911,000		398,486
Industrial & Commercial Bank of China, Ltd. (Class H)		13,661,138		7,861,714
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		350,878		285,264
Intime Retail Group Co., Ltd.		233,500		241,031
JD.com, Inc. ADR (a)		136,138		3,547,756
Jiangsu Expressway Co., Ltd. (Class H)		492,299		626,963
Jiangsu Future Land Co., Ltd. (Class B)		134,434		243,191
Jiangxi Copper Co., Ltd. (Class H)		473,578		574,401
Jingwei Textile Machinery (Class H) (b)		152,000		227,900
Jinheng Automotive Safety Technology Holdings, Ltd. (a)		244,000		29,595
JinkoSolar Holding Co., Ltd. ADR (a)(b)		4,426		97,106
Jumei International Holding, Ltd. ADR (a)(b)		3,400		33,558
Kama Co., Ltd. (Class B) (a)		162,217		135,613
Kangda International Environmental Co., Ltd. (a)(b)(c)		310,000		81,599
Kingsoft Corp., Ltd.		155,000		301,998
Konka Group Co., Ltd. (Class B)		662,600		252,214
KWG Property Holding, Ltd.		220,000		144,206
Lao Feng Xiang Co., Ltd. (Class B)		80,616		327,946
Launch Tech Co., Ltd. (Class H) (a)		25,000		29,677
Leyou Technologies Holdings, Ltd. (a)		320,800		34,770
Lifetech Scientific Corp. (a)		368,000		53,182
Livzon Pharmaceutical Group, Inc. (Class H) (e)		26,590		137,238
Luoyang Glass Co., Ltd. (Class H) (a)		82,000		53,855
Luthai Textile Co., Ltd.		67,000		82,820
Luye Pharma Group, Ltd. (a)		283,000		251,595
Maanshan Iron & Steel (a)(b)		972,971		209,658
Metallurgical Corp. of China, Ltd. (Class H) (e)		574,000		211,823
Mindray Medical International, Ltd. ADR		16,035		350,685
MOBI Development Co., Ltd.		660,000		102,193
Nanjing Panda Electronics Co., Ltd. (Class H)		46,000		31,636
NetEase, Inc. ADR		14,455		1,736,335
New China Life Insurance Co., Ltd. (Class H)		106,700		458,463
New Oriental Education & Technology Group, Inc. ADR		19,466		393,408
Nine Dragons Paper Holdings, Ltd.		248,000		128,319

See accompanying notes to financial statements.

223

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Noah Holdings, Ltd. ADS (a)(b)		3,451	$	81,064
Ourgame International Holdings, Ltd.		60,000		30,503
People’s Insurance Co. Group of China, Ltd. (Class H)		757,000		368,242
PetroChina Co., Ltd. (Class H)		3,677,208		2,547,933
Phoenix Healthcare Group Co., Ltd.		106,500		172,872
PICC Property & Casualty Co., Ltd. (Class H)		742,289		1,442,426
Ping An Insurance Group Co. of China, Ltd. (Class H)		795,728		3,937,545
Poly Culture Group Corp., Ltd. (Class H)		43,600		92,263
Qihoo 360 Technology Co., Ltd. ADR (a)(b)		15,194		726,729
Qunar Cayman Islands, Ltd. ADR (a)		6,741		202,702
Renhe Commercial Holdings Co., Ltd. (a)(b)		2,874,000		153,897
REXLot Holdings, Ltd. (b)(d)		3,100,000		131,999
Semiconductor Manufacturing International Corp. (a)		8,007,837		723,284
Shandong Airlines Co., Ltd. (Class B)		31,500		65,723
Shandong Chenming Paper Holdings, Ltd. (Class H)		76,500		29,514
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H)		94,000		147,973
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H)		372,000		234,239
Shang Gong Group Co., Ltd. (Class B) (a)		182,700		160,776
Shanghai Baosight Software Co., Ltd. (Class B)		26,700		87,763
Shanghai Electric Group Co., Ltd. (Class H) (b)		640,418		347,889
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H)		53,000		165,838
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H) (b)		252,000		231,513
Shanghai Haixin Group Co. (Class B)		115,000		68,310
Shanghai Highly Group Co., Ltd. (Class B)		338,800		207,007
Shanghai Jinjiang International Industrial Investment Co., Ltd. (Class B)		21,100		31,671
Shanghai Jinjiang International Travel Co., Ltd. (Class B)		40,431		129,864
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. (Class B)		57,400		84,263
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. (Class B)		95,261		258,348
Shanghai Mechanical and Electrical Industry Co., Ltd. (Class B)		73,439		167,000
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		94,900		197,881
Shanghai Prime Machinery Co., Ltd. (Class H)		832,000		135,266
Shanghai Tonva Petrochemical Co. Ltd. (Class H)		280,000		30,709
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. (Class B)		16,100		31,282
Shanghai Zhenhua Heavy Industries Co., Ltd. (Class B) (a)		157,200		76,556
Shengjing Bank Co., Ltd. (Class H) (b)(c)		35,000		49,316
Shenzhen Expressway Co., Ltd. (Class H)		46,000		29,974
Shenzhou International Group Holdings, Ltd.		70,000		360,385
Shunfeng International Clean Energy, Ltd. (a)		320,700		81,519
Sihuan Pharmaceutical Holdings Group, Ltd. (e)		91,000		11,742
Sina Corp. (a)		13,838		555,181
Sinopec Oilfield Service Corp. (Class H) (a)(b)		294,000		94,838
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a)(b)		830,878		316,268
Sinopharm Group Co. (Class H)		163,600		572,069
Sohu.com, Inc. (a)(b)		5,541		228,843
SouFun Holdings, Ltd. ADR (b)		35,864		236,702
SPT Energy Group, Inc. (a)(b)		342,000		30,890
Sun King Power Electronics Group (a)		213,000		23,911
Sunny Optical Technology Group Co., Ltd. (b)		151,800		301,248
Synertone Communication Corp. (a)		1,528,000		31,151
TAL Education Group ADR (a)		8,620		277,133
Tencent Holdings, Ltd.		936,070		15,617,170
Tian Ge Interactive Holdings, Ltd. (c)		80,000		34,787
Tianjin ZhongXin Pharmaceutical Group Co., Ltd. (Class S)		47,300		50,138
Tingyi Cayman Islands Holding Corp. (b)		522,383		830,415
Tong Ren Tang Technologies Co., Ltd. (Class H)		188,000		256,164
TravelSky Technology, Ltd. (Class H) (b)		152,000		191,225
Trina Solar, Ltd. ADR (a)(b)		16,886		151,467
Tsingtao Brewery Co., Ltd. (Class H) (b)		72,000		314,940
Universal Health International Group Holding, Ltd. (b)		318,000		104,632
Vipshop Holdings, Ltd. ADS (a)(b)		50,918		855,422
Want Want China Holdings, Ltd. (b)		1,501,000		1,231,780
Weichai Power Co., Ltd. (Class H)		30,000		27,832
Wisdom Holdings Group (b)		216,000		91,974
WuXi PharmaTech Cayman, Inc. ADR (a)		12,014		519,125
Xiamen International Port Co., Ltd. (Class H)		162,000		39,089
Xinchen China Power Holdings, Ltd. (a)(b)		345,000		78,793
Xinjiang Goldwind Science & Technology Co., Ltd. (Class H)		43,600		75,385
Xinyi Solar Holdings, Ltd. (b)		367,200		125,084
Yantai Changyu Pioneer Wine Co., Ltd. (Class B)		41,053		126,072
Yanzhou Coal Mining Co., Ltd. (Class H) (b)		512,882		227,652

See accompanying notes to financial statements.

224

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Yestar International Holdings Co., Ltd. (b)		500,000	$	198,708
Youku Tudou, Inc. ADR (a)(b)		20,835		367,321
YY, Inc. ADR (a)		4,884		266,373
Zhejiang Expressway Co., Ltd. (Class H)		286,000		310,354
Zhengzhou Coal Mining Machinery Group Co., Ltd. (Class H)		69,200		29,376
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		112,000		824,459
Zijin Mining Group Co., Ltd. (Class H)		1,390,685		362,473
ZTE Corp. (Class H)		127,440		290,068

				142,789,017

HONG KONG — 11.9%
AAC Technologies Holdings, Inc. (b)		111,000		691,060
Agile Property Holdings, Ltd. (b)		735,598		382,509
Alibaba Pictures Group, Ltd. (a)(b)		1,700,107		377,312
Asia Resources Holdings, Ltd. (a)		570,000		28,684
AVIC International Holding HK, Ltd. (a)(b)		720,000		78,038
AVIC Joy Holdings HK, Ltd. (a)		810,000		28,219
AviChina Industry & Technology Co., Ltd. (Class H)		606,000		446,482
Beijing Capital International Airport Co., Ltd.		182,000		169,318
Beijing Capital Land, Ltd. (Class H)		154,000		60,805
Beijing Enterprises Holdings, Ltd.		108,000		647,299
Beijing Enterprises Medical & Health Group, Ltd. (a)		570,400		57,408
Beijing Enterprises Water Group, Ltd. (a)		652,000		454,294
Belle International Holdings, Ltd.		813,000		702,847
BEP International Holdings, Ltd.		1,360,000		203,560
Biostime International Holdings, Ltd. (b)		32,500		62,316
C.banner International Holdings, Ltd. (a)(b)		248,000		82,239
Carnival Group International Holdings, Ltd. (a)(b)		1,380,000		172,721
CCT Land Holdings, Ltd. (a)		14,800,000		36,284
Changshouhua Food Co., Ltd.		109,000		58,649
Chia Tai Enterprises International, Ltd. (a)		20,300		7,910
Chiho-Tiande Group, Ltd. (a)(e)		58,000		38,991
China Aerospace International Holdings, Ltd. (b)		402,000		52,908
China Agri-Industries Holdings, Ltd. (a)(b)		387,000		132,328
China All Access Holdings, Ltd. (b)		248,000		78,720
China Beidahuang Industry Group Holdings, Ltd. (Class A) (a)		288,800		51,425
China Chengtong Development Group, Ltd. (a)		488,000		62,967
China Dongxiang Group Co., Ltd.		659,000		159,009
China Everbright International, Ltd.		394,000		550,071
China Everbright, Ltd.		152,000		345,969
China Fiber Optic Network System Group, Ltd. (a)(b)		1,006,800		136,404
China Finance Investment Holldings, Ltd. (a)		920,000		35,613
China Financial International Investments, Ltd. (a)		910,000		105,677
China Gas Holdings, Ltd.		390,000		535,429
China High Speed Transmission Equipment Group Co., Ltd. (a)		252,000		244,520
China Huarong Energy Co., Ltd. (a)(b)		1,148,500		45,940
China Huishan Dairy Holdings Co., Ltd. (b)		831,000		299,158
China Jinhai International Group, Ltd. (a)		546,000		53,543
China Medical System Holdings, Ltd.		225,000		257,514
China Mengniu Dairy Co., Ltd.		270,390		948,976
China Merchants Holdings International Co., Ltd.		421,375		1,236,932
China Minsheng Drawin Technology Group, Ltd. (a)		540,000		34,838
China Mobile, Ltd.		979,136		11,597,949
China Modern Dairy Holdings, Ltd. (b)		468,000		142,513
China National Culture Group, Ltd. (a)		2,340,000		27,778
China Nuclear Energy Technology Corp., Ltd. (a)		136,000		36,325
China Ocean Shipbuilding Industry Group, Ltd. (a)		2,357,800		69,973
China Oil Gangran Energy Group Holdings, Ltd. (a)		1,680,000		27,964
China Overseas Land & Investment, Ltd.		999,084		3,016,570
China Pharmaceutical Group, Ltd.		376,000		329,422
China Power International Development, Ltd. (b)		368,000		239,317
China Precious Metal Resources Holdings Co., Ltd. (a)		674,000		26,525
China Public Procurement, Ltd. (a)		1,812,000		28,992
China Resources Enterprise, Ltd.		337,018		625,327
China Resources Gas Group, Ltd.		82,000		211,188
China Resources Land, Ltd.		538,767		1,262,445
China Resources Power Holdings Co., Ltd.		438,000		999,199
China Singyes Solar Technologies Holdings, Ltd. (a)(b)		92,000		62,085
China South City Holdings, Ltd. (b)		522,000		127,300
China State Construction International Holdings, Ltd.		316,000		451,775
China Taiping Insurance Holdings Co., Ltd. (a)		165,741		514,328
China Travel International Investment Hong Kong, Ltd.		358,000		130,265
China Unicom (Hong Kong), Ltd.		1,044,172		1,321,711
China Yurun Food Group, Ltd. (a)(b)		258,659		58,740
CITIC Dameng Holdings, Ltd. (a)		322,000		26,591
Citic Resources Holdings, Ltd. (a)(b)		474,000		69,112
Citic Telecom International Holdings, Ltd.		259,000		88,561
CITIC, Ltd. (b)		819,000		1,490,042

See accompanying notes to financial statements.

225

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Citychamp Watch & Jewellery Group, Ltd. (a)(b)		620,000	$	95,199
CNOOC, Ltd.		2,975,249		3,044,332
Comba Telecom Systems Holdings, Ltd.		354,260		75,423
COSCO Pacific, Ltd. (e)		1,135,283		1,468,827
CP Pokphand Co., Ltd. (b)		1,170,000		129,831
Dawnrays Pharmaceutical Holdings, Ltd.		184,000		158,358
Digital China Holdings, Ltd.		193,000		178,555
Essex Bio-technology, Ltd.		87,000		52,985
EVA Precision Industrial Holdings, Ltd.		568,000		110,668
Evergrande Real Estate Group, Ltd. (b)		759,000		430,913
Far East Horizon, Ltd.		194,000		149,942
Fufeng Group, Ltd. (b)		158,000		64,015
Fullshare Holdings, Ltd. (a)		220,500		39,548
GCL Poly Energy Holdings, Ltd. (a)(b)		1,384,000		266,083
Geely Automobile Holdings, Ltd.		820,000		390,423
Global Bio-Chem Technology Group Co., Ltd. (a)		704,000		26,797
GOME Electrical Appliances Holding, Ltd. (b)		2,140,322		325,879
Guangdong Investment, Ltd.		414,000		615,387
Guotai Junan International Holdings, Ltd. (b)		389,000		109,923
Haier Electronics Group Co., Ltd.		189,000		315,079
Hanergy Thin Film Power Group, Ltd. (a)(b)(d)		5,962,000		0
Hang Fat Ginseng Holdings Co., Ltd. (b)		4,361,600		326,414
HNA International Investment Holdings, Ltd. (a)		604,000		30,784
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) (b)		1,322,400		162,100
Huabao International Holdings, Ltd.		357,000		112,857
Huajun Holdings, Ltd.		196,000		29,842
Huiyin Smart Community Co., Ltd. (a)		332,000		28,702
Imperial Pacific International Holdings, Ltd. (a)(b)		11,881,500		259,092
Joy City Property, Ltd.		614,000		90,317
Kingboard Chemical Holdings, Ltd.		169,200		205,004
Kingdee International Software Group Co., Ltd. (b)		330,000		123,483
Kunlun Energy Co., Ltd.		566,000		404,596
Lee & Man Paper Manufacturing, Ltd.		323,000		163,374
Lenovo Group, Ltd. (b)		1,395,703		1,175,985
Li Ning Co., Ltd. (a)(b)		405,874		175,441
Millennium Pacific Group Holdings, Ltd. (a)		33,800		54,080
Minth Group, Ltd.		120,000		213,986
National Agricultural Holdings, Ltd. (a)(b)		192,000		77,790
NetDragon Websoft, Inc.		69,000		172,721
North Mining Shares Co., Ltd. (a)		3,490,000		40,979
NVC Lighting Holdings, Ltd. (e)		170,000		0
Poly Property Group Co., Ltd. (b)		374,000		102,789
Shanghai Industrial Holdings, Ltd.		64,000		141,212
Shenzhen Investment, Ltd.		430,000		151,470
Shimao Property Holdings, Ltd.		225,500		338,102
SIM Technology Group, Ltd. (a)		590,000		29,690
Sino Biopharmaceutical, Ltd.		580,000		712,460
Sino I Technology, Ltd. (a)		2,300,000		27,303
Sino-Ocean Land Holdings, Ltd.		1,155,711		629,299
Sinotrans, Ltd. (Class H)		334,000		156,009
SITC International Holdings Co., Ltd.		255,000		123,057
Skyworth Digital Holdings, Ltd.		337,835		227,547
SSY Group, Ltd. (b)		753,289		177,872
Sun Art Retail Group, Ltd. (b)		319,500		245,292
Sunac China Holdings, Ltd.		393,000		204,866
Suncorp Technologies, Ltd. (a)(b)		2,340,000		59,783
Tack Fiori International Group, Ltd. (a)		336,000		73,269
TCL Multimedia Technology Holdings, Ltd. (b)		170,000		76,335
Tech Pro Technology Development, Ltd. (a)(b)		2,324,800		542,950
Tianneng Power International, Ltd. (a)		130,000		78,838
Tibet 5100 Water Resources Holdings, Ltd. (b)		469,000		124,057
Uni-President China Holdings, Ltd. (b)		274,000		264,453
United Energy Group, Ltd. (a)		736,000		80,722
United Laboratories International Holdings, Ltd. (a)		186,000		94,559
Victory City International Holdings, Ltd.		712,000		103,814
Vinda International Holdings, Ltd.		59,000		105,819
Vision Values Holdings, Ltd. (a)(d)		680,000		128,102
Wasion Group Holdings, Ltd.		108,000		111,623
West China Cement, Ltd.		484,000		65,574
WH Group, Ltd. (a)(c)		1,255,500		622,076
Xinyi Glass Holdings, Ltd. (b)		458,000		204,474
Yuhua Energy Holdings, Ltd. (a)		148,700		27,821

				51,063,834

INDIA — 18.8%
Adani Ports and Special Economic Zone, Ltd.		155,324		707,524
Adani Power, Ltd. (a)		121,785		45,827
Adani Transmissions, Ltd. (a)		65,490		26,789
AIA Engineering, Ltd.		13,203		199,473
Ajanta Pharma, Ltd.		5,214		117,541
Alembic Pharmaceuticals, Ltd.		15,393		160,320
Apollo Hospitals Enterprise, Ltd.		43,074		946,001
Apollo Tyres, Ltd.		73,312		200,983
Arvind Infrastructure, Ltd. (a)		6,683		6,801
Arvind, Ltd.		43,342		184,454
Asian Paints, Ltd.		41,164		527,782
Aurobindo Pharma, Ltd.		52,707		617,645
Axis Bank, Ltd.		198,974		1,502,460
Bajaj Auto, Ltd.		9,290		327,230
Bajaj Finance, Ltd.		2,262		176,826
Bharat Electronics, Ltd.		13,834		239,302
Bharat Forge, Ltd.		20,915		289,174
Bharat Heavy Electricals, Ltd.		237,415		743,459
Bharat Petroleum Corp., Ltd.		22,915		296,980
Bharti Airtel, Ltd.		299,876		1,543,466

See accompanying notes to financial statements.

226

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Bharti Infratel, Ltd.		77,182	$	417,658
Biocon, Ltd.		35,235		238,658
Bosch, Ltd.		1,108		327,248
Britannia Industries, Ltd.		3,772		177,107
Cadila Healthcare, Ltd.		7,904		251,871
Cipla, Ltd.		136,924		1,326,790
Coal India, Ltd.		208,690		1,041,542
Dabur India, Ltd.		54,608		229,613
DCB Bank, Ltd. (a)		112,373		244,896
DLF, Ltd.		100,757		210,831
Dr Reddy’s Laboratories, Ltd.		13,965		885,546
Eicher Motors, Ltd.		1,305		353,718
Emami, Ltd.		8,332		146,305
Escorts, Ltd.		75,108		174,783
GAIL India, Ltd.		70,740		325,788
Gillette India, Ltd.		1,419		105,173
Glenmark Pharmaceuticals, Ltd.		22,173		354,417
Godrej Consumer Products, Ltd.		24,317		451,906
Godrej Industries, Ltd.		28,676		152,074
Gujarat Mineral Development Corp., Ltd.		69,150		75,429
Gujarat Pipavav Port, Ltd. (a)		57,881		163,441
Havells India, Ltd.		54,997		211,350
HCL Technologies, Ltd.		77,305		1,156,690
HDFC Bank, Ltd.		254,133		4,137,985
Hero Motocorp, Ltd.		18,513		675,341
Hindalco Industries, Ltd.		173,266		186,887
Hindustan Unilever, Ltd.		170,662		2,118,325
Hindustan Zinc, Ltd.		368,454		784,733
Housing Development & Infrastructure, Ltd. (a)		101,085		113,420
Housing Development Finance Corp., Ltd.		275,638		5,092,626
ICICI Bank Ltd.		795		3,274
ICICI Bank, Ltd. ADR		275,185		2,306,050
Idea Cellular, Ltd.		304,073		692,549
IDFC, Ltd.		224,208		481,788
IIFL Holdings, Ltd. (a)		249,345		719,849
Indiabulls Housing Finance, Ltd.		91,336		1,104,896
Indian Hotels Co., Ltd. (a)		545,689		715,365
Indian Oil Corp., Ltd.		83,315		510,501
IndusInd Bank, Ltd.		38,799		557,071
Infosys, Ltd. ADR		346,703		6,618,560
ITC, Ltd. GDR (a)		302,577		1,518,634
Jaiprakash Associates, Ltd. (a)		483,653		83,261
Jindal Steel & Power, Ltd. (a)		89,865		83,033
JSW Steel, Ltd.		22,841		309,436
Jubilant Foodworks, Ltd.		7,999		195,143
Just Dial, Ltd.		8,824		132,219
Kotak Mahindra Bank, Ltd.		109,544		1,081,588
KPIT Technologies, Ltd.		81,564		132,709
Larsen & Toubro, Ltd. GDR		47,953		1,071,750
LIC Housing Finance, Ltd.		58,025		415,961
Lupin, Ltd.		25,554		791,847
Mahindra & Mahindra Financial Services, Ltd.		57,746		210,565
Mahindra & Mahindra, Ltd.		87,907		1,692,518
Marico, Ltd.		40,158		247,286
Marksans Pharma, Ltd.		154,839		244,973
MAX India, Ltd.		23,710		184,869
Mindtree, Ltd.		10,235		236,143
Motherson Sumi Systems, Ltd.		62,492		219,303
NCC, Ltd.		119,095		135,715
Nestle India, Ltd.		3,301		320,226
NTPC, Ltd.		211,474		398,688
Oil & Natural Gas Corp., Ltd.		363,038		1,268,476
Page Industries, Ltd.		1,196		241,826
PI Industries, Ltd.		14,237		138,162
Power Finance Corp., Ltd.		63,489		222,560
Power Grid Corp. of India, Ltd.		135,220		272,644
Rajesh Exports, Ltd.		39,442		338,057
Reliance Capital, Ltd.		52,382		300,135
Reliance Communications, Ltd. (a)		294,446		304,360
Reliance Industries, Ltd. GDR (c)		146,951		3,858,933
Reliance Infrastructure, Ltd.		95,694		507,190
Rural Electrification Corp., Ltd.		59,389		247,952
Shriram City Union Finance, Ltd.		11,243		292,200
Shriram Transport Finance Co., Ltd.		28,058		395,415
Siemens, Ltd.		42,912		866,837
Sintex Industries, Ltd.		151,858		243,611
SKS Microfinance, Ltd. (a)		42,296		261,321
State Bank of India		264,458		955,457
Steel Authority of India, Ltd.		322,217		252,069
Strides Arcolab, Ltd.		10,687		198,810
Sun Pharma Advanced Research Co., Ltd. (a)		19,081		111,902
Sun Pharmaceutical Industries, Ltd. (a)		181,546		2,401,806
Suzlon Energy, Ltd. (a)		507,248		161,123
Tata Consultancy Services, Ltd.		93,929		3,703,427
Tata Motors, Ltd. (a)		300,798		1,368,347
Tata Steel, Ltd.		53,761		174,125
Tech Mahindra, Ltd.		79,080		671,469
Torrent Pharmaceuticals, Ltd.		7,250		165,925
UltraTech Cement, Ltd.		9,650		393,027
United Breweries, Ltd.		11,711		157,297
United Spirits, Ltd. (a)		14,082		663,832
UPL, Ltd.		44,709		312,159
Vakrangee, Ltd.		156,527		305,352
Vedanta, Ltd.		191,143		246,646
Wipro, Ltd. ADR		128,778		1,582,682
WNS Holdings, Ltd. ADR (a)		13,297		371,651
Wockhardt, Ltd.		6,880		159,920
Yes Bank, Ltd.		33,508		372,498
Zee Entertainment Enterprises, Ltd.		234,566		1,402,429

				80,299,590

INDONESIA — 3.3%
Ace Hardware Indonesia Tbk PT		3,031,300		104,492
Adaro Energy Tbk PT		3,673,600		134,155
AKR Corporindo Tbk PT		168,800		67,405
Astra International Tbk PT		4,366,200		1,557,228
Bank Central Asia Tbk PT		2,825,296		2,367,270
Bank Mandiri Persero Tbk PT		1,845,605		998,390
Bank Negara Indonesia Persero Tbk PT		707,400		199,665
Bank Rakyat Indonesia Persero Tbk PT		2,465,996		1,456,032
Charoen Pokphand Indonesia Tbk PT		477,100		65,133
Ciputra Surya Tbk PT		584,088		65,785

See accompanying notes to financial statements.

227

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Citra Marga Nusaphala Persada Tbk PT (a)		456,044	$	46,694
Garda Tujuh Buana Tbk PT (a)(e)		127,500		0
Garuda Indonesia Tbk PT (a)		4,449,800		93,856
Gudang Garam Tbk PT		127,200		364,669
Indocement Tunggal Prakarsa Tbk PT		440,425		494,539
Indosat Tbk PT (a)		975,448		249,688
Intiland Development Tbk PT		1,604,200		64,059
Kalbe Farma Tbk PT		1,285,600		120,662
Kawasan Industri Jababeka Tbk PT		8,375,284		91,471
Lippo Cikarang Tbk PT (a)		417,200		190,089
Lippo Karawaci Tbk PT		2,109,100		162,681
Matahari Department Store Tbk PT		119,100		130,888
Matahari Putra Prima Tbk PT		579,300		75,922
Mayora Indah Tbk PT		93,800		170,313
Media Nusantara Citra Tbk PT		589,600		66,003
Metropolitan Land Tbk PT		2,682,112		39,911
Modernland Realty Tbk PT		7,269,600		215,359
Pakuwon Jati Tbk PT		2,902,800		65,585
Pembangunan Perumahan Persero Tbk PT		765,300		181,008
Perusahaan Gas Negara Persero Tbk PT		3,089,440		533,535
Selamat Sempurna Tbk PT		757,200		231,036
Semen Indonesia Persero Tbk PT		706,100		436,192
Summarecon Agung Tbk PT		1,099,500		84,057
Surya Semesta Internusa Tbk PT		1,748,700		80,572
Telekomunikasi Indonesia Persero Tbk PT		11,016,470		1,988,980
Tiga Pilar Sejahtera Food Tbk		1,161,500		114,961
Tower Bersama Infrastructure Tbk PT (a)		416,500		186,217
Unilever Indonesia Tbk PT		83,800		217,365
United Tractors Tbk PT		359,445		428,758
Wijaya Karya Persero Tbk PT		631,700		111,679

				14,252,304

MACAU — 0.0% (f)
Newtree Group Holdings, Ltd. (a)		154,000		59,215

MALAYSIA — 4.6%
7-Eleven Malaysia Holdings Bhd (Class B)		342,500		115,316
Aeon Credit Service M Bhd		57,900		178,346
AirAsia Bhd		312,400		90,968
Alliance Financial Group Bhd		925,810		705,560
APM Automotive Holdings Bhd		86,800		79,183
Astro Malaysia Holdings Bhd		317,500		203,685
Axiata Group Bhd		593,524		783,129
Berjaya Auto Bhd		367,280		163,765
British American Tobacco Malaysia Bhd		20,700		284,053
Bursa Malaysia Bhd		310,334		568,319
Cahya Mata Sarawak Bhd		309,700		362,840
Carlsberg Brewery Malay Bhd		254,603		692,726
CB Industrial Product Holding Bhd		288,400		122,689
CIMB Group Holdings Bhd		497,958		505,236
Coastal Contracts Bhd		142,900		60,791
Cypark Resources Bhd		291,400		112,695
Dialog Group Bhd		812,100		295,595
Eastern & Oriental Bhd		471,070		169,320
ECM Libra Financial Group Bhd (a)		1,166,172		344,884
Eco World Development Group Bhd (a)		426,300		134,802
Genting Bhd		635,300		1,050,704
Genting Malaysia Bhd		703,200		663,887
IJM Corp. Bhd		1,415,380		1,036,802
Inari Amertron Bhd		183,462		141,486
IOI Corp. Bhd		900,196		833,486
IOI Properties Group Bhd		620,513		279,501
Karex Bhd		356,950		263,911
KNM Group Bhd (a)		1,158,900		123,911
Kuala Lumpur Kepong Bhd		68,900		340,131
Land & General Bhd		1,536,000		138,024
Landmarks Bhd (a)		2,103,900		536,056
Lingkaran Trans Kota Holdings Bhd		75,400		88,166
Malayan Banking Bhd		599,632		1,167,685
Maxis Bhd		475,300		708,233
Media Prima Bhd		386,600		105,538
MKH Bhd		206,200		106,483
Muhibbah Engineering M Bhd		391,800		180,046
Oldtown Bhd		261,200		75,465
OSK Holdings Bhd		1,105,625		432,617
Padini Holdings Bhd		274,600		84,334
PPB Group Bhd		135,700		476,027
Press Metal Bhd		223,800		104,880
Prestariang Bhd		253,200		106,562
Public Bank Bhd		244,520		974,576
Salcon Bhd		832,200		121,164
SapuraKencana Petroleum Bhd		275,300		117,742
Sime Darby Bhd		451,105		799,433
TA Enterprise Bhd		937,800		131,206
Tambun Indah Land Bhd		531,000		157,038
TAN Chong Motor Holdings Bhd		761,800		415,929
Telekom Malaysia Bhd		184,009		279,629
Tenaga Nasional Bhd		425,250		1,162,829
TSH Resources Bhd		269,700		118,415
UEM Edgenta Bhd		115,700		93,439
Uzma Bhd		171,000		77,024
Wah Seong Corp. Bhd		879,900		242,206
Yinson Holdings Bhd		198,900		130,315

				19,838,782

PHILIPPINES — 2.6%
ABS-CBN Holdings Corp, PDR		236,500		308,654
Alliance Global Group, Inc.		1,010,000		331,048
Ayala Land, Inc.		2,061,788		1,499,803
BDO Unibank, Inc.		214,160		474,231
Belle Corp.		1,830,200		119,037
Bloomberry Resorts Corp.		580,700		64,729
Cebu Air, Inc.		80,000		148,139
Cebu Holdings, Inc.		1,212,200		129,675
Cosco Capital, Inc.		2,315,700		335,415
D&L Industries, Inc.		2,048,600		437,859
DoubleDragon Properties Corp.		662,500		282,066
First Gen Corp.		1,499,270		710,501
First Philippine Holdings Corp.		548,737		770,744
Globe Telecom, Inc.		3,005		150,957
GMA Holdings, Inc.		224,400		29,814
GT Capital Holdings, Inc.		8,995		243,446

See accompanying notes to financial statements.

228

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

JG Summit Holdings, Inc.		436,060	$	660,994
Jollibee Foods Corp.		57,410		236,813
LT Group, Inc.		688,500		148,483
Megawide Construction Corp. (a)		1,757,218		212,791
Metro Pacific Investments Corp.		1,642,000		174,950
Nickel Asia Corp.		895,284		122,589
Pepsi-Cola Products Philippines, Inc.		1,504,000		131,930
Philex Mining Corp.		1,156,900		118,066
Philippine Long Distance Telephone Co.		28,149		1,318,920
Puregold Price Club, Inc.		429,500		284,863
Robinsons Retail Holdings, Inc.		218,150		340,480
SM Investments Corp.		15,610		297,405
SM Prime Holdings, Inc.		1,331,900		588,441
Universal Robina Corp.		121,760		500,170

				11,173,013

SINGAPORE — 0.1%
Nam Cheong, Ltd. (b)		487,300		56,547
SIIC Environment Holdings, Ltd. (a)(b)		200,799		118,624
Silverlake Axis, Ltd. (b)		288,800		116,787
Yangzijiang Shipbuilding Holdings, Ltd. (b)		373,000		297,739

				589,697

TAIWAN — 20.7%
Acer, Inc. (a)		934,395		366,068
Advanced Semiconductor Engineering, Inc.		1,329,636		1,425,439
Advantech Co., Ltd.		59,000		403,159
Airtac International Group		11,900		62,703
Asia Cement Corp.		1,211,073		1,184,316
Asustek Computer, Inc.		164,138		1,408,215
AU Optronics Corp. ADR (b)		214,754		635,672
Catcher Technology Co., Ltd.		149,539		1,591,783
Cathay Financial Holding Co., Ltd.		1,764,604		2,408,897
Center Laboratories, Inc. (a)		60,900		124,473
Chang Hwa Commercial Bank, Ltd.		2,465,781		1,213,140
China Development Financial Holding Corp.		4,310,272		1,158,482
China Life Insurance Co., Ltd.		305,000		231,569
China Steel Chemical Corp.		38,877		119,840
China Steel Corp.		2,741,625		1,598,639
Chlitina Holding, Ltd.		33,000		241,531
Chunghwa Telecom Co., Ltd.		563,268		1,690,103
Coland Holdings, Ltd.		143,411		214,501
Compal Electronics, Inc.		1,343,431		758,874
CTBC Financial Holding Co., Ltd.		3,654,255		1,881,091
Delta Electronics, Inc.		411,893		1,926,400
E.Sun Financial Holding Co., Ltd.		512,854		301,381
Eclat Textile Co., Ltd.		31,000		489,560
eMemory Technology, Inc.		16,000		157,923
Epistar Corp.		289,170		222,624
Everlight Electronics Co., Ltd.		221,996		334,401
Far Eastern New Century Corp.		1,536,170		1,366,936
Far EasTone Telecommunications Co., Ltd.		223,000		480,844
Feng TAY Enterprise Co., Ltd.		34,770		215,943
Firich Enterprises Co., Ltd.		46,359		127,698
First Financial Holding Co., Ltd		3,125,099		1,423,627
Formosa Chemicals & Fibre Corp.		932,691		1,892,150
Formosa Petrochemical Corp.		285,000		677,716
Formosa Plastics Corp.		1,127,137		2,375,623
Foxconn Technology Co., Ltd.		309,277		884,789
Fubon Financial Holding Co., Ltd.		1,455,998		2,268,399
Giant Manufacturing Co., Ltd.		40,000		290,335
Hermes Microvision, Inc.		13,000		491,534
Himax Technologies, Inc. ADR (b)		25,459		202,908
Hiwin Technologies Corp.		24,620		130,848
Hon Hai Precision Industry Co., Ltd.		2,450,773		6,371,154
Hotai Motor Co., Ltd.		56,000		595,247
HTC Corp.		162,710		313,783
Hua Nan Financial Holdings Co., Ltd.		2,941,972		1,367,009
Innolux Corp.		1,286,753		400,553
Inotera Memories, Inc. (a)		377,000		235,285
Inventec Corp.		505,000		239,253
King Yuan Electronics Co., Ltd.		1,269,898		806,040
Largan Precision Co., Ltd.		20,710		1,610,131
Lite-On Technology Corp.		804,066		737,462
Macronix International Co., Ltd. (a)		1,927,374		245,842
Makalot Industrial Co., Ltd.		33,119		272,073
MediaTek, Inc.		282,219		2,087,019
Medigen Biotechnology Corp. (a)		34,000		100,366
Mega Financial Holding Co., Ltd.		2,411,986		1,670,132
Merry Electronics Co., Ltd.		36,000		43,514
MIN AIK Technology Co., Ltd.		52,000		86,384
Motech Industries, Inc. (a)		175,507		193,749
Nan Ya Plastics Corp.		1,229,759		2,076,520
Novatek Microelectronics Corp.		220,062		688,373
PChome Online, Inc.		16,043		184,170
Pegatron Corp.		464,630		1,131,678
Pou Chen Corp.		323,000		484,095
Powertech Technology, Inc.		376,518		678,081
President Chain Store Corp.		68,000		423,354
ProMOS Technologies, Inc. (a)(d)		1,135,850		0
Quanta Computer, Inc.		726,194		1,259,302
Radiant Opto-Electronics Corp.		61,000		188,034
Realtek Semiconductor Corp.		258,161		437,488
Shin Kong Financial Holding Co., Ltd.		3,353,980		794,504
Silicon Motion Technology Corp. ADR (b)		4,842		132,235
Siliconware Precision Industries Co., Ltd.		577,763		716,775
SinoPac Financial Holdings Co., Ltd.		3,968,723		1,253,503
Synnex Technology International Corp.		285,000		283,896
Tainan Enterprises Co., Ltd.		931,830		710,316
Taishin Financial Holding Co., Ltd.		3,633,715		1,285,636
Taiwan Cement Corp.		1,022,216		1,035,332
Taiwan FU Hsing Industrial Co., Ltd.		283,000		416,410
Taiwan Mobile Co., Ltd.		373,200		1,139,066
Taiwan Paiho, Ltd.		30,000		81,543
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		631,038		13,094,039
Tatung Co., Ltd. (a)		1,073,107		164,905
Teco Electric & Machinery Co., Ltd.		230,000		180,563
TPK Holding Co., Ltd.		40,000		95,240
Tripod Technology Corp.		524,361		753,239
Uni-President Enterprises Corp.		1,140,971		1,975,107

See accompanying notes to financial statements.

229

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

United Integrated Services Co., Ltd.		1,189,194	$	1,280,295
United Microelectronics Corp. ADR (b)		777,376		1,259,349
Walsin Lihwa Corp. (a)		714,000		151,788
Wistron Corp.		1,013,695		527,974
Yageo Corp.		328,564		502,912
Yuanta Financial Holding Co., Ltd.		2,350,383		870,843

				88,611,695

THAILAND — 4.2%
Advanced Info Service PCL		244,802		1,524,322
Airports of Thailand PCL		51,100		395,622
Bangkok Expressway PCL		1,353,275		1,351,597
Bank of Ayudhya PCL NVDR		245,400		204,528
BEC World PCL		174,800		154,115
Big C Supercenter PCL		1,000		5,538
Big C Supercenter PCL NVDR		37,300		206,566
Bumrungrad Hospital PCL		51,600		307,084
Central Plaza Hotel PCL		70,700		73,047
Charoen Pokphand Foods PCL		339,200		193,455
Chularat Hospital PCL		2,819,700		167,807
CP ALL PCL		1,079,000		1,419,541
E for L Aim PCL		4,146,200		121,090
Electricity Generating PCL		328,518		1,384,853
Energy Absolute PCL		332,200		196,785
Gunkul Engineering PCL		342,625		189,744
Hana Microelectronics PCL		151,000		117,530
Ichitan Group PCL		195,500		84,567
Indorama Ventures PCL		243,700		154,432
IRPC PCL		4,360,939		451,774
Jasmine International PCL		882,225		136,120
Kasikornbank PCL		82,054		385,458
KCE Electronics PCL		229,600		354,253
MC Group PCL		435,000		159,402
Mega Lifesciences PCL		332,100		167,445
Minor International PCL		439,480		345,094
Nok Airlines PCL (a)		574,000		110,704
PTT Exploration & Production PCL		450,032		867,950
PTT Global Chemical PCL NVDR		113,900		168,677
PTT PCL		161,555		1,068,279
Raimon Land PCL (a)		4,847,900		149,598
Siam Cement PCL NVDR		71,200		910,230
Siam Commercial Bank PCL		345,397		1,275,195
SNC Former PCL		59,000		22,270
Somboon Advance Technology PCL		241,300		105,708
Srisawad Power 1979 PCL		352,694		357,115
Superblock PCL NVDR (a)		1,482,500		64,128
SVI PCL (a)		1,410,700		196,281
Thai Beverage PCL		1,439,000		693,238
Thai Oil PCL		562,664		817,758
Thai Union Group PCL		314,700		159,539
TMB Bank PCL		2,897,400		193,187
True Corp. PCL NVDR (a)		1,540,800		413,908

				17,825,534

TOTAL COMMON STOCKS —
(Cost $483,201,294)				426,502,681

WARRANTS — 0.0% (f)
MALAYSIA — 0.0% (f)
CB Industrial Product Holding Bhd (expiring 11/6/19) (a)		55,233		4,272
Eastern & Oriental Bhd (expiring 7/21/19) (a)		102,340		4,889
Inari Amertron Bhd (expiring 2/17/20) (a)		24,462		7,513
KNM Group Bhd (expiring 4/21/20) (a)		122,500		3,205
OSK Holdings Bhd (expiring 7/22/20) (a)		429,631		31,765

				51,644

THAILAND — 0.0% (f)
Minor International PCL (expiring 11/3/17) (a)		19,060		1,554
Raimon Land PCL (expiring 6/14/18) (a)		2,131,875		11,748
Srisawad Power 1979 PCL (expiring 6/11/20) (a)		21,788		4,922

				18,224

TOTAL WARRANTS —
(Cost $0)				69,868

SHORT TERM INVESTMENTS — 5.8%
UNITED STATES — 5.8%
MONEY MARKET FUNDS — 5.8%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		24,557,557		24,557,557
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (h)(i)		144,386		144,386

TOTAL SHORT TERM INVESTMENTS —
(Cost $24,701,943)				24,701,943

TOTAL INVESTMENTS — 105.3%
(Cost $507,903,237)				451,274,492
OTHER ASSETS & LIABILITIES — (5.3)%				(22,827,269	)

NET ASSETS — 100.0%			$	428,447,223

See accompanying notes to financial statements.

230

SPDR S&P Emerging Asia Pacific ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


(a)		Non-income producing security
(b)		All or a portion of the security was on loan at September 30, 2015.
(c)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.6% of net assets as of September 30, 2015, 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 Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(f)		Amount shown represents less than 0.05% of net assets.
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(i)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PDR = Philippine Depository Receipts

See accompanying notes to financial statements.

231

SPDR S&P Russia ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 97.5%
RUSSIA — 97.5%
BANKS — 12.2%
Sberbank of Russia ADR (a)		146,635	$	721,444
Sberbank of Russia ADR (a)		233,448		1,152,183
VTB Bank PJSC GDR		468,269		945,903

				2,819,530

CHEMICALS — 1.6%
PhosAgro OAO GDR		15,658		216,080
Uralkali PJSC GDR (b)		10,566		156,694

				372,774

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.8%
Rostelecom PJSC ADR (a)		3,500		27,440
Rostelecom PJSC ADR (a)		49,987		395,897

				423,337

ELECTRIC UTILITIES — 1.1%
RusHydro PJSC ADR (a)		278,408		261,704
RusHydro PJSC ADR (a)		1,612		1,644

				263,348

ENERGY EQUIPMENT & SERVICES — 0.8%
Eurasia Drilling Co., Ltd. GDR		14,540		133,768
TMK PAO GDR		15,306		47,296

				181,064

FOOD & STAPLES RETAILING — 8.2%
Lenta, Ltd. GDR (b)		21,205		159,038
Magnit PJSC GDR		28,655		1,368,849
O’Key Group SA GDR		16,667		26,667
X5 Retail Group NV GDR (b)		19,961		347,321

				1,901,875

HOUSEHOLD DURABLES — 1.4%
PIK Group PJSC GDR		114,052		330,751

INTERNET SOFTWARE & SERVICES — 3.1%
Mail.ru Group, Ltd. GDR (b)		16,954		295,000
Yandex NV (Class A) (b)		39,614		425,058

				720,058

IT SERVICES — 1.0%
Luxoft Holding, Inc. (b)		1,993		126,137
QIWI PLC ADR		6,140		98,977

				225,114

MEDIA — 0.3%
CTC Media, Inc.		38,748		67,809

METALS & MINING — 11.7%
Evraz PLC (b)		85,695		94,629
Magnitogorsk Iron & Steel Works GDR		32,890		132,711
Mechel ADR (b)		79,043		71,929
MMC Norilsk Nickel PJSC ADR		69,808		1,001,396
Novolipetsk Steel OJSC GDR		15,990		183,086
Polymetal International PLC		38,346		330,211
Polyus Gold International, Ltd.		112,294		327,437
Severstal PAO GDR		38,492		408,015
United Co. RUSAL PLC (b)		366,000		146,871

				2,696,285

OIL, GAS & CONSUMABLE FUELS — 47.3%
Exillon Energy PLC (b)		32,682		55,446
Gazprom Neft OAO ADR		15,282		168,102
Gazprom PAO ADR		828,271		3,329,649
Lukoil PJSC ADR		80,369		2,729,331
NOVATEK OAO GDR		12,352		1,142,560
Rosneft OAO GDR		200,571		740,107
Surgutneftegas OAO ADR		172,205		879,107
Surgutneftegas OAO ADR Preference Shares		125,932		755,592
Tatneft PAO ADR		40,137		1,121,829

				10,921,723

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%
Etalon Group, Ltd. GDR		28,762		47,313
LSR Group PJSC GDR		52,244		94,562

				141,875

ROAD & RAIL — 0.6%
Globaltrans Investment PLC GDR (b)		32,183		129,376

WIRELESS TELECOMMUNICATION SERVICES — 5.8%
MegaFon PJSC GDR		16,789		203,986
Mobile TeleSystems PJSC ADR		94,988		685,813
Sistema JSFC GDR		33,350		229,448
VimpelCom, Ltd. ADR		52,151		214,602

				1,333,849

TOTAL COMMON STOCKS —
(Cost $38,715,337)				22,528,768

SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (c)(d) (Cost $46,732)		46,732		46,732

TOTAL INVESTMENTS — 97.7%
(Cost $38,762,069)				22,575,500
OTHER ASSETS & LIABILITIES — 2.3%				525,850

NET ASSETS — 100.0%			$	23,101,350

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

OJSC = Open Joint Stock Company

PJSC = Private Joint Stock Company

PLC = Public Limited Company

See accompanying notes to financial statements.

232

SPDR S&P China ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AEROSPACE & DEFENSE — 0.2%
AviChina Industry & Technology Co., Ltd. (Class H)		1,876,000	$	1,382,179

AIR FREIGHT & LOGISTICS — 0.1%
Sinotrans, Ltd. (Class H)		984,000		459,620

AIRLINES — 0.5%
Air China, Ltd. (Class H)		1,952,000		1,538,922
China Eastern Airlines Corp., Ltd. (Class H) (a)		1,942,000		1,160,181
China Southern Airlines Co., Ltd. (Class H)		1,390,000		1,020,522
Shandong Airlines Co., Ltd. (Class B)		106,000		221,162

				3,940,787

AUTO COMPONENTS — 0.3%
Minth Group, Ltd.		680,000		1,212,586
Xinchen China Power Holdings, Ltd. (a)(b)		765,000		174,715
Xinyi Glass Holdings, Ltd. (b)		1,598,000		713,425

				2,100,726

AUTOMOBILES — 2.0%
BAIC Motor Corp., Ltd. (Class H) (b)(c)		1,172,000		1,026,817
Brilliance China Automotive Holdings, Ltd. (b)		1,682,000		1,988,003
BYD Co., Ltd. (Class H) (a)(b)		478,500		2,522,142
Chongqing Changan Automobile Co., Ltd. (Class B)		390,400		659,394
Dongfeng Motor Group Co., Ltd. (Class H)		2,277,300		2,835,587
Geely Automobile Holdings, Ltd.		4,090,000		1,947,355
Great Wall Motor Co., Ltd. (Class H)		2,499,000		2,760,168
Guangzhou Automobile Group Co., Ltd. (Class H) (b)		1,990,637		1,620,753
Qingling Motors Co., Ltd. (Class H)		2,868,000		954,760

				16,314,979

BANKS — 17.1%
Agricultural Bank of China, Ltd. (Class H)		19,138,000		7,235,352
Bank of China, Ltd. (Class H)		54,306,700		23,334,212
Bank of Chongqing Co., Ltd. (Class H)		2,040,500		1,408,594
Bank of Communications Co., Ltd. (Class H)		16,073,824		11,137,533
China CITIC Bank Corp., Ltd. (Class H) (a)		7,724,471		4,475,181
China Construction Bank Corp. (Class H)		65,748,623		43,690,739
China Merchants Bank Co., Ltd. (Class H)		3,338,235		8,054,786
China Minsheng Banking Corp., Ltd. (Class H)		5,157,800		4,751,801
Chongqing Rural Commercial Bank Co., Ltd. (Class H)		2,130,000		1,201,037
Harbin Bank Co., Ltd. (Class H) (b)(c)		4,166,000		1,204,101
Huishang Bank Corp., Ltd. (Class H)		1,989,000		870,021
Industrial & Commercial Bank of China, Ltd. (Class H)		54,934,789		31,613,881
Shengjing Bank Co., Ltd. (Class H) (b)(c)		610,000		859,504

				139,836,742

BEVERAGES — 0.2%
Tibet 5100 Water Resources Holdings, Ltd. (b)		1,699,000		449,410
Tsingtao Brewery Co., Ltd. (Class H) (b)		243,000		1,062,922

				1,512,332

BUILDING PRODUCTS — 0.0% (d)
China Lesso Group Holdings, Ltd.		440,000		354,269

CAPITAL MARKETS — 1.8%
Central China Securities Co., Ltd. (Class H) (b)		444,000		228,587
China Cinda Asset Management Co., Ltd. (Class H)		9,258,200		3,201,525
China Everbright, Ltd.		702,000		1,597,832
China Financial International Investments, Ltd. (a)(b)		4,850,000		563,222
China Galaxy Securities Co., Ltd. (Class H) (b)		1,791,000		1,257,158
CITIC Securities Co., Ltd. (Class H) (b)		1,299,500		2,313,934
GF Securities Co., Ltd. (Class H) (a)(b)		598,000		1,080,251
Guotai Junan International Holdings, Ltd. (b)		2,094,000		591,720
Haitong Securities Co., Ltd. (Class H) (b)		2,050,600		2,952,845
Huatai Securities Co., Ltd. (Class H) (a)(c)		332,200		654,108
Noah Holdings, Ltd. ADS (a)(b)		13,817		324,561
Shenwan Hongyuan HK, Ltd.		610,000		245,573

				15,011,316

CHEMICALS — 0.4%
China Bluechemical, Ltd. (Class H)		2,328,000		621,797
China Lumena New Materials Corp. (a)(b)(e)		3,654,548		0
Fufeng Group, Ltd. (b)		655,000		265,379
Huabao International Holdings, Ltd.		1,573,000		497,268
Sinopec Oilfield Service Corp. (Class H) (a)(b)		1,524,000		491,610
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a)(b)		2,929,999		1,115,283
Yingde Gases Group Co., Ltd.		1,272,500		523,774

				3,515,111

COMMERCIAL SERVICES & SUPPLIES — 0.4%
China Everbright International, Ltd.		2,124,000		2,965,359
Dongjiang Environmental Co., Ltd. (Class H)		181,800		281,964
Yestar International Holdings Co., Ltd. (b)		845,000		335,817

				3,583,140

See accompanying notes to financial statements.

233

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

September 30, 2015


Security Description	Shares		Value

COMMUNICATIONS EQUIPMENT — 0.5%
BYD Electronic International Co., Ltd. (a)		592,000	$	367,420
China All Access Holdings, Ltd. (b)		1,274,000		404,390
China Fiber Optic Network System Group, Ltd. (a)(b)		1,155,600		156,564
Comba Telecom Systems Holdings, Ltd.		1,118,430		238,116
SIM Technology Group, Ltd. (a)		4,330,000		217,895
Suncorp Technologies, Ltd. (a)(b)		9,380,000		239,642
Synertone Communication Corp. (a)(b)		4,450,100		90,724
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. (Class H) (c)		321,500		340,166
ZTE Corp. (Class H)		733,997		1,670,661

				3,725,578

CONSTRUCTION & ENGINEERING — 1.6%
China Communications Construction Co., Ltd. (Class H)		3,212,394		3,950,183
China Machinery Engineering Corp. (Class H)		560,000		481,236
China Railway Construction Corp., Ltd. (Class H)		1,331,875		1,955,695
China Railway Group, Ltd. (Class H)		3,058,000		2,773,884
China Singyes Solar Technologies Holdings, Ltd. (a)(b)		358,000		241,591
China State Construction International Holdings, Ltd. (b)		1,202,000		1,718,461
Concord New Energy Group, Ltd. (b)		4,270,000		286,501
Metallurgical Corp. of China, Ltd. (Class H) (f)		2,860,000		1,055,425
Sinopec Engineering Group Co., Ltd. (Class H)		1,153,000		1,002,732

				13,465,708

CONSTRUCTION MATERIALS — 0.9%
Anhui Conch Cement Co., Ltd. (Class H)		1,185,000		3,478,526
BBMG Corp. (Class H)		746,500		511,470
China National Building Material Co., Ltd. (Class H) (b)		3,262,000		1,877,216
China Resources Cement Holdings, Ltd.		937,163		426,860
China Shanshui Cement Group, Ltd. (a)(b)(e)		1,913,000		931,563
CSG Holding Co., Ltd. (Class B)		388,000		293,877
Dongpeng Holdings Co., Ltd.		635,000		213,031

				7,732,543

CONSUMER FINANCE — 0.1%
China Financial Services Holdings, Ltd.		3,170,000		208,605
Credit China Holdings, Ltd. (b)		1,800,000		464,513

				673,118

CONTAINERS & PACKAGING — 0.3%
AMVIG Holdings, Ltd.		1,470,000		610,757
Beijing Enterprises Clean Energy Group, Ltd. (a)		9,920,000		1,228,792
Greatview Aseptic Packaging Co., Ltd.		557,000		259,453

				2,099,002

DISTRIBUTORS — 0.1%
Hang Fat Ginseng Holdings Co., Ltd. (b)		7,320,000		547,816
Xinhua Winshare Publishing and Media Co., Ltd. (Class H)		713,000		561,196

				1,109,012

DIVERSIFIED CONSUMER SERVICES — 0.5%
Fu Shou Yuan International Group, Ltd. (b)		754,000		473,801
New Oriental Education & Technology Group, Inc. ADR		115,776		2,339,833
TAL Education Group ADR (a)		50,694		1,629,812

				4,443,446

DIVERSIFIED FINANCIAL SERVICES — 0.1%
Far East Horizon, Ltd.		1,218,000		941,390

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%
Asia Satellite Telecommunications Holdings, Ltd.		33,500		52,044
China Communications Services Corp., Ltd. (Class H)		3,677,600		1,414,087
China Telecom Corp., Ltd. (Class H)		10,312,951		4,963,491
China Unicom (Hong Kong), Ltd.		4,059,805		5,138,894
Citic Telecom International Holdings, Ltd.		1,400,000		478,707

				12,047,223

ELECTRICAL EQUIPMENT — 1.0%
Boer Power Holdings, Ltd. (b)		230,000		388,178
China High Speed Transmission Equipment Group Co., Ltd. (a)		1,254,000		1,216,777
Dongfang Electric Corp., Ltd. (Class H) (b)		288,600		296,046
Shanghai Electric Group Co., Ltd. (Class H) (b)		2,636,000		1,431,934
Tech Pro Technology Development, Ltd. (a)(b)		5,333,396		1,245,598
Xinjiang Goldwind Science & Technology Co., Ltd. (Class H) (b)		322,800		558,128
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		466,000		3,430,339

				8,567,000

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%
AAC Technologies Holdings, Inc. (b)		559,745		3,484,842
Anxin-China Holdings, Ltd. (a)(b)(e)		3,068,000		75,215
Avic International Holdings, Ltd.		712,030		376,684
Digital China Holdings, Ltd.		862,000		797,484
Ju Teng International Holdings, Ltd. (b)		1,252,000		617,111
Kingboard Chemical Holdings, Ltd.		716,499		868,114
Shijiazhuang Baoshi Electronic Glass Co. Ltd. (Class B)		2,444,400		1,409,858
Sunny Optical Technology Group Co., Ltd. (b)		443,000		879,135

See accompanying notes to financial statements.

234

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

September 30, 2015


Security Description	Shares		Value

Wasion Group Holdings, Ltd.		438,000	$	452,691

				8,961,134

ENERGY EQUIPMENT & SERVICES — 0.2%
Anton Oilfield Services Group (a)(b)		924,000		120,417
China Oilfield Services, Ltd. (Class H) (b)		1,437,900		1,436,036
Hilong Holding, Ltd. (b)		670,000		135,728

				1,692,181

FOOD & STAPLES RETAILING — 0.4%
China Resources Enterprise, Ltd. (b)		927,751		1,721,416
Sun Art Retail Group, Ltd. (b)		1,647,500		1,264,847
Wumart Stores, Inc. (Class H) (a)		425,000		171,095

				3,157,358

FOOD PRODUCTS — 2.4%
Biostime International Holdings, Ltd. (b)		185,500		355,679
China Agri-Industries Holdings, Ltd. (a)(b)		1,877,600		642,014
China Huishan Dairy Holdings Co., Ltd. (b)		3,138,000		1,129,673
China Huiyuan Juice Group, Ltd. (a)		848,000		317,314
China Mengniu Dairy Co., Ltd.		1,071,110		3,759,226
China Milk Products Group, Ltd. (a)(e)		15,000		0
China Modern Dairy Holdings, Ltd. (b)		2,518,000		766,767
China Yurun Food Group, Ltd. (a)(b)		1,279,000		290,455
CP Pokphand Co., Ltd. (b)		3,844,000		426,557
Imperial Pacific International Holdings, Ltd. (a)(b)		38,420,800		837,816
Shenguan Holdings Group, Ltd. (b)		1,706,000		220,128
Tingyi Cayman Islands Holding Corp. (b)		1,671,844		2,657,675
Uni-President China Holdings, Ltd. (b)		1,336,400		1,289,833
Want Want China Holdings, Ltd. (b)		5,129,933		4,209,827
WH Group, Ltd. (a)(c)		5,235,106		2,593,894
YuanShengTai Dairy Farm, Ltd. (a)(b)		2,355,000		170,167

				19,667,025

GAS UTILITIES — 0.6%
China Gas Holdings, Ltd.		1,790,000		2,457,481
China Oil and Gas Group, Ltd. (a)(b)		2,736,000		169,454
China Resources Gas Group, Ltd.		719,000		1,851,761

				4,478,696

HEALTH CARE EQUIPMENT & SUPPLIES — 0.4%
Mindray Medical International, Ltd. ADR		76,162		1,665,663
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H)		1,932,000		1,216,529

				2,882,192

HEALTH CARE PROVIDERS & SERVICES — 0.7%
Phoenix Healthcare Group Co., Ltd.		444,000		720,708
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		752,000		1,568,031
Sinopharm Group Co., Ltd. (Class H)		838,800		2,933,075
Universal Health International Group Holding, Ltd. (b)		758,000		249,405

				5,471,219

HOTELS, RESTAURANTS & LEISURE — 0.4%
Ajisen China Holdings, Ltd.		464,000		208,350
China Lodging Group, Ltd. ADR (a)		21,214		516,137
China Travel International Investment Hong Kong, Ltd.		3,184,000		1,158,558
Homeinns Hotel Group ADR (a)		17,448		501,455
Jinmao Investments and Jinmao China Investments Holdings, Ltd.		1,034,000		613,725
REXLot Holdings, Ltd. (b)(e)		5,602,210		238,544
Shanghai Jin Jiang International Hotels Group Co., Ltd. (Class H) (b)		1,278,187		357,890

				3,594,659

HOUSEHOLD DURABLES — 0.4%
Haier Electronics Group Co., Ltd.		1,076,000		1,793,785
Hisense Kelon Electrical Holdings Co., Ltd. (Class H) (a)		298,000		149,191
Skyworth Digital Holdings, Ltd.		1,931,655		1,301,055

				3,244,031

HOUSEHOLD PRODUCTS — 0.1%
NVC Lighting Holdings, Ltd. (f)		2,205,000		0
Vinda International Holdings, Ltd.		466,000		835,788

				835,788

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 2.3%
Beijing Jingneng Clean Energy Co., Ltd. (Class H) (b)		1,418,000		433,631
CGN Power Co., Ltd. (Class H) (b)(c)		8,435,000		3,515,467
China Datang Corp. Renewable Power Co., Ltd. (a)		2,050,000		269,805
China Longyuan Power Group Corp. (Class H)		2,512,000		2,696,736
China Power International Development, Ltd. (b)		2,764,000		1,797,480
China Resources Power Holdings Co., Ltd.		1,434,112		3,271,605
Datang International Power Generation Co., Ltd. (Class H)		3,194,287		1,207,639
Huadian Fuxin Energy Corp., Ltd. (Class H)		1,960,000		675,247
Huadian Power International Corp., Ltd. (Class H)		1,184,000		921,222
Huaneng Power International, Inc. (Class H)		3,024,129		3,250,430
Huaneng Renewables Corp., Ltd. (Class H)		2,666,000		983,834

				19,023,096

INDUSTRIAL CONGLOMERATES — 1.5%
Beijing Enterprises Holdings, Ltd.		450,000		2,697,080
CITIC, Ltd. (b)		4,792,000		8,718,292

See accompanying notes to financial statements.

235

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

September 30, 2015


Security Description	Shares		Value

Shanghai Industrial Holdings, Ltd.		332,000	$	732,537

				12,147,909

INSURANCE — 7.0%
China Life Insurance Co., Ltd. (Class H)		5,309,040		18,358,884
China Pacific Insurance Group Co., Ltd. (Class H)		1,700,000		6,284,476
China Taiping Insurance Holdings Co., Ltd. (a)		865,091		2,684,555
CNinsure, Inc. ADR (a)(b)		31,185		238,565
New China Life Insurance Co., Ltd. (Class H)		438,700		1,884,983
People’s Insurance Co. Group of China, Ltd. (Class H)		5,229,000		2,543,639
PICC Property & Casualty Co., Ltd. (Class H)		3,798,858		7,381,991
Ping An Insurance Group Co. of China, Ltd. (Class H)		3,676,100		18,190,649

				57,567,742

INTERNET & CATALOG RETAIL — 3.2%
Ctrip.com International, Ltd. ADR (a)		106,445		6,725,195
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b)		59,509		355,269
JD.com, Inc. ADR (a)		574,151		14,962,375
Qunar Cayman Islands, Ltd. ADR (a)		8,220		247,175
Vipshop Holdings, Ltd. ADS (a)(b)		217,835		3,659,628

				25,949,642

INTERNET SOFTWARE & SERVICES — 19.2%
21Vianet Group, Inc. ADR (a)		47,236		863,474
58.com, Inc. ADR (a)(b)		14,466		680,625
Alibaba Group Holding, Ltd. ADR (a)(b)		769,401		45,371,577
Autohome, Inc. ADR (a)		12,880		418,986
Baidu, Inc. ADR (a)		198,590		27,288,252
Bitauto Holdings, Ltd. ADR (a)(b)		22,700		675,779
NetEase, Inc. ADR		56,837		6,827,261
Phoenix New Media, Ltd. ADR (a)		44,582		195,269
Qihoo 360 Technology Co., Ltd. ADR (a)(b)		67,145		3,211,545
Sina Corp. (a)		51,826		2,079,259
Sohu.com, Inc. (a)		32,191		1,329,488
SouFun Holdings, Ltd. ADR (b)		138,166		911,896
Tencent Holdings, Ltd.		3,842,815		64,112,616
Youku Tudou, Inc. ADR (a)(b)		96,243		1,696,764
YY, Inc. ADR (a)		21,386		1,166,393

				156,829,184

IT SERVICES — 0.3%
AGTech Holdings, Ltd. (a)(b)		1,772,000		384,121
Chinasoft International, Ltd. (a)(b)		676,000		259,059
Hi Sun Technology China, Ltd. (a)(b)		1,680,000		281,805
TravelSky Technology, Ltd. (Class H) (b)		975,000		1,226,605

				2,151,590

MACHINERY — 1.5%
China Conch Venture Holdings, Ltd. (b)		811,500		1,721,416
China Huarong Energy Co., Ltd. (a)(b)		2,899,500		115,979
China International Marine Containers Group Co., Ltd. (Class H)		621,100		1,089,923
CIMC Enric Holdings, Ltd. (b)		704,000		401,505
CRRC Corp., Ltd. (Class H) (a)(b)		2,980,950		3,769,435
Haitian International Holdings, Ltd.		725,000		1,195,541
Lonking Holdings, Ltd.		2,660,000		350,088
Weichai Power Co., Ltd. (Class H)		1,201,840		1,114,990
Yangzijiang Shipbuilding Holdings, Ltd. (b)		2,151,400		1,717,307
Zoomlion Heavy Industry Science and Technology Co., Ltd. (Class H) (b)		1,036,400		389,149

				11,865,333

MARINE — 0.5%
China COSCO Holdings Co., Ltd. (Class H) (a)(b)(f)		2,430,675		1,549,349
China Shipping Container Lines Co., Ltd. (a)(b)(f)		3,585,500		1,438,817
China Shipping Development Co., Ltd. (b)(f)		1,431,800		1,014,262
SITC International Holdings Co., Ltd.		815,000		393,301

				4,395,729

MEDIA — 0.2%
Alibaba Pictures Group, Ltd. (a)(b)		6,940,000		1,540,222
Poly Culture Group Corp., Ltd. (Class H)		110,700		234,254
Wisdom Holdings Group (b)		470,000		200,128

				1,974,604

METALS & MINING — 1.0%
Aluminum Corp. of China, Ltd. (Class H) (a)(b)		3,840,000		1,194,108
Angang Steel Co., Ltd. (b)		1,225,720		491,866
China Hongqiao Group, Ltd. (b)		515,000		241,218
China Metal Recycling Holdings, Ltd. (a)(b)(e)		268,085		0
China Molybdenum Co., Ltd. (Class H) (b)		1,340,000		650,112
China Precious Metal Resources Holdings Co., Ltd. (a)(b)		4,084,000		160,724
China Zhongwang Holdings, Ltd. (b)		969,200		367,668
Jiangxi Copper Co., Ltd. (Class H)		1,437,000		1,742,931
Maanshan Iron & Steel (a)(b)		2,110,000		454,668
MMG, Ltd. (a)		1,412,000		266,001
North Mining Shares Co., Ltd. (a)		9,640,000		113,192
Shougang Fushan Resources Group, Ltd.		3,138,000		388,705
Zhaojin Mining Industry Co., Ltd. (Class H) (b)		1,061,000		554,455
Zijin Mining Group Co., Ltd. (Class H)		6,342,750		1,653,196

				8,278,844

MULTILINE RETAIL — 0.2%
Golden Eagle Retail Group, Ltd. (b)		571,120		669,127

See accompanying notes to financial statements.

236

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

September 30, 2015


Security Description	Shares		Value

Intime Retail Group Co., Ltd.		800,500	$	826,317
Parkson Retail Group, Ltd. (b)		1,707,500		226,931

				1,722,375

OIL, GAS & CONSUMABLE FUELS — 5.5%
China Coal Energy Co., Ltd. (Class H) (b)		3,400,013		1,373,158
China Petroleum & Chemical Corp. (Class H)		19,092,640		11,603,323
China Shenhua Energy Co., Ltd. (Class H)		2,800,700		4,278,719
China Suntien Green Energy Corp., Ltd. (Class H)		1,155,000		204,173
CNOOC, Ltd.		12,034,174		12,313,598
Inner Mongolia Yitai Coal Co., Ltd. (b)		1,162,100		752,736
Kunlun Energy Co., Ltd.		2,869,400		2,051,145
Newocean Energy Holdings, Ltd. (b)		874,000		329,299
PetroChina Co., Ltd. (Class H)		15,336,930		10,626,940
Sinopec Kantons Holdings, Ltd.		1,222,000		625,975
United Energy Group, Ltd. (a)		3,056,000		335,172
Yanzhou Coal Mining Co., Ltd. (Class H) (b)		1,693,900		751,868

				45,246,106

PAPER & FOREST PRODUCTS — 0.2%
Lee & Man Paper Manufacturing, Ltd.		2,168,000		1,096,581
Nine Dragons Paper Holdings, Ltd.		1,754,000		907,548

				2,004,129

PERSONAL PRODUCTS — 0.7%
Hengan International Group Co., Ltd.		585,000		5,687,673

PHARMACEUTICALS — 1.8%
China Animal Healthcare, Ltd. (a)(e)		753,600		252,819
China Medical System Holdings, Ltd.		916,300		1,048,713
China Pharmaceutical Group, Ltd.		1,830,000		1,603,306
China Shineway Pharmaceutical Group, Ltd.		357,000		412,735
Consun Pharmaceutical Group, Ltd.		705,000		428,455
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. (Class H) (b)		234,000		600,848
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) (b)		4,448,400		545,284
Luye Pharma Group, Ltd. (a)		1,259,500		1,119,729
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H)		228,000		358,914
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H) (b)		246,000		769,737
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H)		556,000		510,799
Sihuan Pharmaceutical Holdings Group, Ltd. (f)		311,000		40,129
Sino Biopharmaceutical, Ltd.		2,472,000		3,036,553
SSY Group, Ltd. (b)		2,099,534		495,758
Tong Ren Tang Technologies Co., Ltd. (Class H) (b)		447,000		609,070
WuXi PharmaTech Cayman, Inc. ADR (a)		64,100		2,769,761

				14,602,610

REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.6%
Agile Property Holdings, Ltd. (b)		1,698,747		883,343
Beijing Capital Land, Ltd. (Class H)		988,000		390,098
Carnival Group International Holdings, Ltd. (a)(b)		8,450,000		1,057,606
China Jinmao Holdings Group, Ltd.		1,898,000		477,558
China Overseas Land & Investment, Ltd.		3,337,862		10,078,125
China Resources Land, Ltd.		2,140,555		5,015,771
China South City Holdings, Ltd. (b)		2,548,000		621,379
China Vanke Co., Ltd. (Class H) (b)		1,227,564		2,619,842
Colour Life Services Group Co., Ltd. (b)		345,000		269,766
Country Garden Holdings Co., Ltd. (b)		6,430,500		2,314,965
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (b)(c)		478,100		2,739,033
E-House China Holdings, Ltd. ADR (b)		65,088		386,623
Evergrande Real Estate Group, Ltd. (b)		3,789,000		2,151,160
First Sponsor Group, Ltd.		828,100		707,604
Greentown China Holdings, Ltd. (a)(b)		440,000		315,095
Guangzhou R&F Properties Co., Ltd. (Class H) (b)		1,053,424		954,192
Hopson Development Holdings, Ltd. (a)(b)		432,000		342,811
Hydoo International Holding Ltd. (b)		1,538,000		196,466
Jiangsu Future Land Co., Ltd. (Class B)		547,200		989,885
Kaisa Group Holdings, Ltd. (a)(f)		1,416,000		0
KWG Property Holding, Ltd.		857,092		561,806
Longfor Properties Co., Ltd.		965,000		1,215,270
Poly Property Group Co., Ltd. (b)		1,523,000		418,577
Redco Properties Group, Ltd. (c)		304,000		211,818
Renhe Commercial Holdings Co., Ltd. (a)(b)		10,377,000		555,668
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. (Class B)		399,200		1,082,630
Shenzhen Investment, Ltd.		2,069,432		728,969
Shimao Property Holdings, Ltd.		1,257,441		1,885,338
Shui On Land, Ltd. (b)		3,577,000		821,551
Sino-Ocean Land Holdings, Ltd.		4,049,212		2,204,847
Soho China, Ltd. (b)		1,097,000		426,058
Sunac China Holdings, Ltd.		1,368,300		713,277
Yanlord Land Group, Ltd. (b)		777,400		554,934
Yuexiu Property Co., Ltd.		7,430,000		1,217,553
Yuzhou Properties Co. (b)		2,971,840		690,229

				45,799,847

ROAD & RAIL — 0.3%
CAR, Inc. (a)(b)		961,000		1,383,831
Dazhong Transportation Group Co., Ltd. (Class B)		248,000		224,936

See accompanying notes to financial statements.

237

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

September 30, 2015


Security Description	Shares		Value

Guangshen Railway Co., Ltd. (b)		2,182,000	$	867,164

				2,475,931

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8%
China Jinhai International Group, Ltd. (a)		2,611,000		256,045
GCL Poly Energy Holdings, Ltd. (a)(b)		8,383,000		1,611,689
Hanergy Thin Film Power Group, Ltd. (a)(b)(e)		18,461,376		0
JinkoSolar Holding Co., Ltd. ADR (a)(b)		16,203		355,494
Semiconductor Manufacturing International Corp. (a)		23,986,000		2,166,463
Shunfeng International Clean Energy, Ltd. (a)		676,000		171,834
Trina Solar, Ltd. ADR (a)(b)		64,826		581,489
Xinyi Solar Holdings, Ltd. (b)		2,810,000		957,207
Yingli Green Energy Holding Co., Ltd. ADR (a)(b)		107,226		43,780

				6,144,001

SOFTWARE — 0.5%
Boyaa Interactive International, Ltd. (b)		329,000		134,995
Cheetah Mobile, Inc. ADR (a)(b)		17,271		249,739
Kingdee International Software Group Co., Ltd. (b)		1,230,000		460,255
Kingsoft Corp., Ltd.		600,000		1,169,025
NetDragon Websoft, Inc.		224,000		560,719
Shanda Games, Ltd. ADR (a)		100,500		673,350
Shanghai Baosight Software Co., Ltd. (Class B)		75,300		247,511
V1 Group, Ltd. (a)(b)		2,086,000		166,879

				3,662,473

SPECIALTY RETAIL — 0.4%
Baoxin Auto Group, Ltd.		750,000		319,353
BEP International Holdings, Ltd.		5,420,000		811,246
China Harmony New Energy Auto Holdings, Ltd.		371,000		174,728
GOME Electrical Appliances Holding, Ltd. (b)		8,290,279		1,262,254
Hengdeli Holdings, Ltd. (b)		3,048,895		436,678
Zhongsheng Group Holdings, Ltd. (b)		622,500		252,211

				3,256,470

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6%
Coolpad Group, Ltd. (a)		2,820,000		527,610
Lenovo Group, Ltd. (b)		5,172,000		4,357,799
TCL Communication Technology Holdings, Ltd. (b)		416,000		298,981

				5,184,390

TEXTILES, APPAREL & LUXURY GOODS — 1.4%
Anta Sports Products, Ltd.		724,000		1,868,375
Belle International Holdings, Ltd.		4,181,000		3,614,519
Bosideng International Holdings, Ltd. (b)		3,870,000		344,553
China Dongxiang Group Co., Ltd.		3,643,000		879,015
China Jicheng Holdings, Ltd. (a)(b)(c)		2,405,000		626,847
Cosmo Lady China Holdings Co., Ltd. (c)		358,000		378,785
Lao Feng Xiang Co., Ltd. (Class B)		85,900		349,441
Li Ning Co., Ltd. (a)(b)		1,511,207		653,227
Shenzhou International Group Holdings, Ltd.		469,000		2,414,578

				11,129,340

TRADING COMPANIES & DISTRIBUTORS — 0.0% (d)
Citic Resources Holdings, Ltd. (a)(b)		2,112,000		307,941

TRANSPORTATION INFRASTRUCTURE — 2.0%
Anhui Expressway Co., Ltd. (Class H) (b)		632,000		513,752
Beijing Capital International Airport Co., Ltd.		1,599,939		1,488,450
China Merchants Holdings International Co., Ltd.		1,435,828		4,214,823
Cosco International Holdings, Ltd. (f)		2,188,000		1,239,388
COSCO Pacific, Ltd. (f)		2,315,308		2,995,541
Dalian Port PDA Co., Ltd. (Class H) (b)		634,000		197,970
HNA Infrastructure Co., Ltd.		447,000		511,019
Jiangsu Expressway Co., Ltd. (Class H)		870,795		1,108,992
Qingdao Port International Co., Ltd. (Class H) (c)		1,029,000		462,051
Shenzhen Expressway Co., Ltd. (Class H)		932,000		607,299
Shenzhen International Holdings Ltd. (b)		788,795		1,080,897
Sichuan Expressway Co., Ltd. (Class H)		972,000		304,767
Xiamen International Port Co., Ltd. (Class H)		1,185,000		285,927
Yuexiu Transport Infrastructure, Ltd. (b)		460,000		288,463
Zhejiang Expressway Co., Ltd. (Class H)		1,020,000		1,106,857

				16,406,196

WATER UTILITIES — 0.9%
Beijing Enterprises Water Group, Ltd. (a)		3,778,000		2,632,396
CT Environmental Group, Ltd. (b)		2,114,400		660,234
Guangdong Investment, Ltd.		2,290,000		3,403,952
Kangda International Environmental Co., Ltd. (a)(c)		902,000		237,428
SIIC Environment Holdings, Ltd. (a)		104,280		61,605

				6,995,615

WIRELESS TELECOMMUNICATION SERVICES — 5.7%
China Mobile, Ltd.		3,936,504		46,628,223

TOTAL COMMON STOCKS —
(Cost $966,510,483)				814,236,497

See accompanying notes to financial statements.

238

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

September 30, 2015


Security Description	Shares		Value

SHORT TERM INVESTMENTS — 12.2%
UNITED STATES — 12.2%
MONEY MARKET FUNDS — 12.2%
State Street Navigator Securities Lending Prime Portfolio (g)(h)		100,160,856	$	100,160,856
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (h)(i)		8,325		8,325

TOTAL SHORT TERM INVESTMENTS —
(Cost $100,169,181)				100,169,181

TOTAL INVESTMENTS — 111.8%
(Cost $1,066,679,664)				914,405,678
OTHER ASSETS & LIABILITIES — (11.8)%				(96,497,493	)

NET ASSETS — 100.0%			$	817,908,185


(a)		Non-income producing security
(b)		All or a portion of the security was on loan at September 30, 2015.
(c)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.8% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(f)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(i)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

See accompanying notes to financial statements.

239

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 98.6%
BRAZIL — 6.0%
Ambev SA ADR		259,621	$	1,272,143
B2W Cia Digital (a)		4,348		16,226
Banco Bradesco SA Preference Shares ADR		182,962		980,676
Banco do Brasil SA		48,053		183,429
Banco Pan SA Preference Shares		22,673		7,858
Banco Santander Brasil SA		1,254		3,971
BB Seguridade Participacoes SA		31,867		198,551
BM&FBovespa SA		101,973		283,746
BR Malls Participacoes SA		37,553		98,646
Bradespar SA Preference Shares		26,547		54,668
Brasil Brokers Participacoes SA		10,297		4,525
Braskem SA Preference Shares ADR (b)		10,267		86,551
BRF — Brasil Foods SA ADR		29,221		519,842
CCR SA		28,642		87,538
Centrais Eletricas Brasileiras SA ADR (a)		32,895		42,435
Cia Energetica de Sao Paulo Preference Shares (Class B)		3,251		12,418
Cia Hering		2,598		9,167
Cielo SA		41,149		378,840
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (b)		13,000		163,020
Companhia de Saneamento Basico do Estado de Sao Paulo		41,794		166,254
Companhia Energetica de Minas Gerais ADR		73,383		130,622
Companhia Siderurgica Nacional SA ADR (b)		84,105		80,598
Cosan Logistica SA		10,499		3,059
Cosan SA Industria e Comercio		10,499		53,076
CPFL Energia SA (a)		7,529		28,116
Cyrela Brazil Realty SA		29,568		61,409
Duratex SA		21,718		32,070
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares (a)		2,014		5,538
Embraer SA		45,167		289,245
Estacio Participacoes SA		12,719		45,038
Eternit SA		12,089		5,283
Fibria Celulose SA ADR (b)		16,183		219,441
GAEC Educacao SA		1,662		4,044
Gafisa SA (a)		7,161		3,633
Gerdau SA ADR (b)		62,634		85,809
Hypermarcas SA (a)		2,742		10,522
Itau Unibanco Holding SA Preference Shares ADR		181,728		1,203,039
Itausa — Investimentos Itau SA Preference Shares		243,709		436,992
Itausa — Investimentos Itau SA		22,499		42,998
JBS SA		20,866		88,034
Kepler Weber SA		1,272		6,702
Klabin SA		8,614		47,332
Kroton Educacional SA		63,021		122,024
Log-in Logistica Intermodal SA (a)		10,286		3,746
Lojas Americanas SA Preference Shares		42,331		172,218
Lojas Renner SA		72,745		336,144
Magnesita Refratarios SA (a)		15,398		10,943
Marcopolo SA Preference Shares		23,647		9,502
Metalurgica Gerdau SA Preference Shares		32,956		24,167
Mills Estruturas e Servicos de Engenharia SA (a)		5,196		5,872
MMX Mineracao e Metalicos SA (a)		67,839		4,941
MRV Engenharia e Participacoes SA		5,735		8,771
Natura Cosmeticos SA		16,161		79,142
Oi SA, ADR (a)(c)		607		413
Oi SA, ADR (a)(b)(c)		19,101		12,912
PDG Realty SA Empreendimentos e Participacoes (a)		139,313		2,099
Petroleo Brasileiro SA ADR (a)(b)		56,034		243,748
Petroleo Brasileiro SA Preference Shares ADR (a)		125,825		463,036
Profarma Distribuidora de Produtos Farmaceuticos SA (a)		1,814		3,234
Prumo Logistica SA (a)		17,959		2,661
Qualicorp SA		5,016		18,694
Raia Drogasil SA		3,500		34,368
Restoque Comercio e Confeccoes de Roupas SA		6,748		5,541
Rodobens Negocios Imobiliarios SA		5,726		5,996
Rossi Residencial SA (a)		22,693		4,673
Rumo Logistica Operadora Multimodal SA (a)		3,841		5,797
Souza Cruz SA		38,347		258,090
Suzano Papel e Celulose SA Preference Shares (Class A)		5,090		24,658
T4F Entretenimento SA (a)		9,264		6,747
Telefonica Brasil SA ADR (b)		9,335		85,229
Telefonica Brasil SA Preference Shares		37,905		349,069
Tereos Internacional SA (a)		45,666		7,569
Tim Participacoes SA ADR		13,025		123,086
Totvs SA		3,182		24,085
Tractebel Energia SA ADR		14,704		126,307
Ultrapar Participacoes SA		15,438		258,983
Usinas Siderurgicas de Minas Gerais SA ADR (b)		45,106		38,340
Vale SA ADR (b)		75,342		316,436
Vale SA Preference Shares ADR (b)		109,458		366,684
Weg SA		68,228		264,725

				11,283,754

BRITISH VIRGIN ISLANDS — 0.0% (d)
Winsway Enterprises Holdings, Ltd. (a)(e)		10,000		187

CHILE — 1.6%
Antarchile SA		18,804		184,881
Empresa Nacional de Electricidad SA ADR		9,684		343,879
Empresas COPEC SA		43,279		391,780
Empresas Iansa SA		464,722		15,454
Enersis SA ADR		37,174		469,879
Enjoy SA		213,624		12,459

See accompanying notes to financial statements.

241

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Latam Airlines Group SA ADR (a)(b)		28,767	$	140,383
Multiexport Foods SA		194,362		24,794
Parque Arauco SA		268,552		459,872
SACI Falabella		107,759		666,167
Sociedad Quimica y Minera de Chile SA Preference Shares (Class B)		1,282		18,491
Tech Pack SA (a)		11,507		3,876
Vina Concha y Toro SA ADR		6,352		210,887

				2,942,802

CHINA — 22.4%
21Vianet Group, Inc. ADR (a)(b)		742		13,564
3SBio, Inc. (a)(f)		32,000		32,454
500.com, Ltd. ADR (Class A) (a)		424		6,877
58.com, Inc. ADR (a)(b)		530		24,936
Agricultural Bank of China, Ltd. (Class H)		1,268,000		479,383
Air China, Ltd. (Class H)		159,744		125,939
Alibaba Group Holding, Ltd. ADR (a)(b)		55,121		3,250,485
Aluminum Corp. of China, Ltd. (Class H) (a)(b)		360,000		111,948
Angang Steel Co., Ltd. (b)		74,640		29,952
Anhui Conch Cement Co., Ltd. (Class H)		124,135		364,394
Anhui Expressway Co., Ltd. (Class H) (b)		8,000		6,503
Anta Sports Products, Ltd.		35,000		90,322
Anton Oilfield Services Group (a)(b)		46,000		5,995
Aupu Group Holding Co., Ltd.		124,000		31,200
Autohome, Inc. ADR (a)		1,590		51,723
Avic International Holdings, Ltd.		70,000		37,032
BAIC Motor Corp., Ltd. (Class H) (b)(f)		10,000		8,761
Baidu, Inc. ADR (a)		14,377		1,975,544
BAIOO Family Interactive, Ltd. (b)(f)		150,000		9,871
Bank of China, Ltd. (Class H)		3,634,900		1,561,824
Bank of Communications Co., Ltd. (Class H)		1,032,864		715,670
Baoxin Auto Group, Ltd.		16,000		6,813
BBMG Corp. (Class H)		18,000		12,333
Beijing Enterprises Clean Energy Group, Ltd. (a)		738,000		91,416
Beijing Jingneng Clean Energy Co., Ltd. (Class H) (b)		52,000		15,902
Bitauto Holdings, Ltd. ADR (a)		954		28,401
BOE Technology Group Co., Ltd. (Class B) (a)		42,700		11,625
Boer Power Holdings, Ltd. (b)		7,000		11,814
Bona Film Group, Ltd. ADR (a)		848		10,100
Boyaa Interactive International, Ltd.		24,000		9,848
Brilliance China Automotive Holdings, Ltd. (b)		158,000		186,745
BYD Co., Ltd. (Class H) (a)(b)		25,500		134,409
BYD Electronic International Co., Ltd. (a)		25,000		15,516
Cabbeen Fashion, Ltd.		46,000		29,737
CAR, Inc. (a)(b)		37,000		53,280
CGN Power Co., Ltd. (Class H) (f)		478,000		199,217
Changyou.com, Ltd. ADR (a)		318		5,660
Chanjet Information Technology Co., Ltd. (Class H)		4,000		6,906
Cheetah Mobile, Inc. ADR (a)(b)		530		7,664
China Aircraft Leasing Group Holdings, Ltd.		6,500		6,450
China Aoyuan Property Group, Ltd.		44,000		8,232
China Automation Group, Ltd. (a)		57,000		6,031
China Child Care Corp., Ltd.		71,000		6,321
China Cinda Asset Management Co., Ltd. (Class H)		592,000		204,716
China CITIC Bank Corp., Ltd. (Class H) (a)		556,000		322,119
China Coal Energy Co., Ltd. (Class H) (b)		360,000		145,393
China Communications Construction Co., Ltd. (Class H)		255,241		313,862
China Communications Services Corp., Ltd. (Class H)		68,000		26,147
China Conch Venture Holdings, Ltd. (b)		77,700		164,823
China Construction Bank Corp. (Class H)		4,842,280		3,217,752
China COSCO Holdings Co., Ltd. (Class H) (a)(b)(e)		245,425		156,438
China Datang Corp. Renewable Power Co., Ltd. (a)		96,000		12,635
China Distance Education Holdings, Ltd. ADR		636		8,128
China Eastern Airlines Corp., Ltd. (Class H) (a)		60,000		35,845
China Fangda Group Co., Ltd. (Class B)		116,700		71,525
China Galaxy Securities Co., Ltd. (Class H) (b)		145,900		102,412
China Hanking Holdings, Ltd. (a)		56,000		28,831
China Harmony New Energy Auto Holdings, Ltd.		12,000		5,652
China Hongqiao Group, Ltd. (b)		17,500		8,197
China Huiyuan Juice Group, Ltd. (a)		27,000		10,103
China International Marine Containers Group Co., Ltd. (Class H)		10,300		18,075
China Jicheng Holdings, Ltd. (a)(f)		197,800		51,555
China Jiuhao Health Industry Corp., Ltd.		180,000		14,632
China Lesso Group Holdings, Ltd.		35,000		28,180
China Life Insurance Co., Ltd. (Class H)		381,260		1,318,413
China Lodging Group, Ltd. ADR (a)		954		23,211
China Longyuan Power Group Corp. (Class H)		115,000		123,457
China Machinery Engineering Corp. (Class H)		21,000		18,046
China Merchants Bank Co., Ltd. (Class H)		253,923		612,688
China Ming Yang Wind Power Group, Ltd. ADS (a)(b)		6,469		12,679
China Minsheng Banking Corp., Ltd. (Class H)		307,400		283,203

See accompanying notes to financial statements.

242

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

China Molybdenum Co., Ltd. (Class H) (b)		35,000	$	16,981
China National Accord Medicines Corp., Ltd. (Class B)		2,500		11,900
China National Building Material Co., Ltd. (Class H) (b)		72,000		41,435
China NT Pharma Group Co., Ltd. (a)		129,100		29,984
China Oilfield Services, Ltd. (Class H) (b)		153,723		153,524
China Pacific Insurance Group Co., Ltd. (Class H)		123,600		456,918
China Petroleum & Chemical Corp. (Class H)		1,419,200		862,502
China Railway Construction Corp., Ltd. (Class H)		130,490		191,609
China Railway Group, Ltd. (Class H)		289,487		262,591
China Sanjiang Fine Chemicals Co., Ltd. (a)(b)		31,000		5,680
China Shenhua Energy Co., Ltd. (Class H)		245,056		374,380
China Shipping Container Lines Co., Ltd. (a)(b)(e)		448,117		179,824
China Shipping Development Co., Ltd. (b)(e)		140,000		99,174
China Southern Airlines Co., Ltd. (Class H)		72,000		52,862
China Telecom Corp., Ltd. (Class H)		939,615		452,225
China Vanke Co., Ltd. (Class H) (b)		50,600		107,989
ChinaCache International Holdings, Ltd. ADR (a)		954		7,460
Chinasoft International, Ltd. (a)		58,000		22,227
Chongqing Changan Automobile Co., Ltd. (Class B)		55,400		93,572
Chongqing Machinery & Electric Co., Ltd.		54,000		7,107
CIFI Holdings Group Co., Ltd.		40,000		7,122
CITIC Securities Co., Ltd. (Class H)		83,000		147,793
CNinsure, Inc. ADR (a)		2,014		15,407
Cogobuy Group (a)(f)		22,000		22,199
Coland Holdings, Ltd.		11,938		17,856
Colour Life Services Group Co., Ltd.		27,000		21,112
Comtec Solar Systems Group, Ltd. (a)		128,000		10,240
Coolpad Group, Ltd. (a)		172,000		32,180
Cosmo Lady China Holdings Co., Ltd. (f)		29,000		30,684
Country Garden Holdings Co., Ltd. (b)		279,466		100,607
Credit China Holdings, Ltd.		72,000		18,580
CRRC Corp., Ltd. (Class H) (a)		209,000		264,282
CSG Holding Co., Ltd. (Class B)		8,200		6,211
Ctrip.com International, Ltd. ADR (a)		8,370		528,817
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (f)		30,100		172,443
Daqo New Energy Corp. ADR (a)(b)		636		10,170
Datang International Power Generation Co., Ltd. (Class H)		432,000		163,323
Dazhong Transportation Group Co., Ltd. (Class B)		49,500		44,896
Dongfang Electric Corp., Ltd. (Class H) (b)		14,400		14,771
Dongfeng Motor Group Co., Ltd. (Class H)		284,000		353,623
Dongpeng Holdings Co., Ltd.		23,000		7,716
Double Coin Holdings, Ltd. (Class B)		200		168
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(b)		2,757		16,459
E-House China Holdings, Ltd. ADR (b)		1,908		11,333
Fantasia Holdings Group Co., Ltd.		54,000		6,062
GF Securities Co., Ltd. (Class H) (a)(b)		83,600		151,018
Goodbaby International Holdings, Ltd. (a)		25,000		11,129
Great Wall Motor Co., Ltd. (Class H)		171,750		189,699
Greentown China Holdings, Ltd. (a)(b)		30,500		21,842
Guangdong Electric Power Development Co. Ltd. (Class B)		101,440		64,790
Guangshen Railway Co., Ltd. (b)		288,000		114,456
Guangzhou Automobile Group Co., Ltd. (Class H)		164,636		134,045
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. (Class H) (b)		6,000		15,406
Guangzhou R&F Properties Co., Ltd. (Class H) (b)		129,600		117,392
Guodian Technology & Environment Group Co., Ltd. (Class H) (a)		31,000		2,680
Haichang Ocean Park Holdings, Ltd. (a)(f)		44,000		8,573
Haitian International Holdings, Ltd.		5,000		8,245
Haitong Securities Co., Ltd. (Class H) (b)		129,600		186,623
Hangzhou Steam Turbine Co. (Class B) (g)		17,400		17,804
Harbin Electric Co., Ltd. (Class H) (b)		72,000		39,576
Hengan International Group Co., Ltd.		38,000		369,456
Hi Sun Technology China, Ltd. (a)(b)		99,000		16,606
HNA Infrastructure Co., Ltd.		23,000		26,294
Homeinns Hotel Group ADR (a)		636		18,279
Honworld Group, Ltd. (f)		14,000		7,966
Huadian Fuxin Energy Corp., Ltd. (Class H)		30,000		10,335
Huadian Power International Corp., Ltd. (Class H)		193,308		150,405
Huaneng Power International, Inc. (Class H)		288,000		309,552
Huaneng Renewables Corp., Ltd. (Class H)		140,000		51,664
Huangshan Tourism Development Co., Ltd. (Class B)		32,820		50,215
Huatai Securities Co., Ltd. (Class H) (a)(f)		35,400		69,703
Industrial & Commercial Bank of China, Ltd. (Class H)		3,908,590		2,249,316
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		26,665		21,679
Intime Retail Group Co., Ltd.		76,500		78,967

See accompanying notes to financial statements.

243

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

JA Solar Holdings Co., Ltd. ADR (a)(b)		1,166	$	9,095
JD.com, Inc. ADR (a)		42,839		1,116,384
Jiangnan Group, Ltd.		50,000		10,258
Jiangsu Expressway Co., Ltd. (Class H)		194,000		247,067
Jiangsu Future Land Co., Ltd. (Class B)		55,689		100,741
Jiangxi Copper Co., Ltd. (Class H)		74,000		89,754
JinkoSolar Holding Co., Ltd. ADR (a)(b)		742		16,279
Jumei International Holding, Ltd. ADR (a)(b)		424		4,185
Kama Co., Ltd. (Class B) (a)		7,100		5,936
Kingsoft Corp., Ltd.		33,000		64,296
Konka Group Co., Ltd. (Class B)		630,000		239,805
KWG Property Holding, Ltd.		70,412		46,154
Lao Feng Xiang Co., Ltd. (Class B)		9,301		37,836
Lifetech Scientific Corp. (a)		70,000		10,116
Livzon Pharmaceutical Group, Inc. (Class H) (e)		4,520		23,329
Luye Pharma Group, Ltd. (a)		32,000		28,449
Maanshan Iron & Steel (a)(b)		216,000		46,544
Metallurgical Corp. of China, Ltd. (Class H) (e)		90,000		33,213
Mindray Medical International, Ltd. ADR		2,984		65,260
MOBI Development Co., Ltd.		102,000		15,793
Momo, Inc. ADR (a)		848		10,600
NetEase, Inc. ADR		4,935		592,792
New China Life Insurance Co., Ltd. (Class H)		34,300		147,378
New Oriental Education & Technology Group, Inc. ADR		5,902		119,279
Nine Dragons Paper Holdings, Ltd.		108,000		55,881
Noah Holdings, Ltd. ADS (a)(b)		636		14,940
NQ Mobile, Inc. ADR (a)(b)		1,908		6,315
Ourgame International Holdings, Ltd.		23,000		11,693
Ozner Water International Holding, Ltd. (a)(f)		44,000		8,062
Parkson Retail Group, Ltd.		89,634		11,913
People’s Insurance Co. Group of China, Ltd. (Class H)		259,000		125,990
PetroChina Co., Ltd. (Class H)		1,100,970		762,861
PICC Property & Casualty Co., Ltd. (Class H)		367,506		714,143
Ping An Insurance Group Co. of China, Ltd. (Class H)		249,000		1,232,140
Poly Culture Group Corp., Ltd. (Class H)		3,000		6,348
PW Medtech Group, Ltd. (a)		26,000		5,435
Qihoo 360 Technology Co., Ltd. ADR (a)(b)		4,024		192,468
Qunar Cayman Islands, Ltd. ADR (a)		1,590		47,811
ReneSola, Ltd. ADR (a)(b)		8,802		8,556
Renhe Commercial Holdings Co., Ltd. (a)(b)		785,000		42,035
REXLot Holdings, Ltd. (g)		175,000		7,452
Semiconductor Manufacturing International Corp. (a)		1,315,000		118,773
Shandong Airlines Co., Ltd. (Class B)		2,900		6,051
Shandong Chenming Paper Holdings, Ltd. (Class B)		15,200		7,355
Shandong Luoxin Pharmaceutical Group Stock Co., Ltd. (Class H)		8,000		12,593
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H)		104,000		65,486
Shanghai Baosight Software Co., Ltd. (Class B)		2,700		8,875
Shanghai Electric Group Co., Ltd. (Class H) (b)		306,077		166,268
Shanghai Fosun Pharmaceutical Group Co., Ltd. (Class H)		12,500		39,113
Shanghai Fudan Microelectronics Group Co., Ltd. (Class H) (a)		16,000		9,724
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H)		8,000		7,350
Shanghai Greencourt Investment Group Co., Ltd. (Class B) (a)		68,848		39,794
Shanghai Jin Jiang International Hotels Group Co., Ltd. (Class H)		28,000		7,840
Shanghai Jinjiang International Industrial Investment Co., Ltd. (Class B)		39,458		59,226
Shanghai Jinjiang International Travel Co., Ltd. (Class B)		2,300		7,388
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. (Class B)		52,020		76,365
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. (Class B)		18,300		49,630
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		14,500		30,235
Shanghai Prime Machinery Co., Ltd. (Class H)		52,000		8,454
Shengjing Bank Co., Ltd. (Class H) (b)(f)		29,300		41,284
Shenzhen Expressway Co., Ltd. (Class H)		116,482		75,901
Shenzhou International Group Holdings, Ltd.		22,000		113,264
Shunfeng International Clean Energy, Ltd. (a)		54,000		13,726
Sihuan Pharmaceutical Holdings Group, Ltd. (e)		2,000		258
Sina Corp. (a)		4,147		166,378
Sinofert Holdings, Ltd.		46,000		6,826
Sinopec Oilfield Service Corp. (Class H) (a)(b)		64,000		20,645
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a)		286,600		109,092
Sinopharm Group Co., Ltd. (Class H)		46,000		160,851
Sinosoft Technology Group, Ltd.		28,000		13,982
Sinovac Biotech, Ltd. (a)		5,700		28,956
Soho China, Ltd.		24,000		9,321
SouFun Holdings, Ltd. ADR (b)		8,802		58,093
SPT Energy Group, Inc. (a)(b)		20,000		1,806

See accompanying notes to financial statements.

244

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Sunny Optical Technology Group Co., Ltd. (b)		32,000	$	63,504
Synertone Communication Corp. (a)		176,000		3,588
Tencent Holdings, Ltd.		285,467		4,762,664
Tian Ge Interactive Holdings, Ltd. (f)		29,000		12,610
Tingyi Cayman Islands Holding Corp.		196,000		311,575
Tong Ren Tang Technologies Co., Ltd. (Class H)		10,000		13,626
TravelSky Technology, Ltd. (Class H) (b)		141,841		178,444
Trigiant Group, Ltd. (b)		36,000		6,828
Trina Solar, Ltd. ADR (a)(b)		3,818		34,247
Universal Health International Group Holding, Ltd. (b)		27,000		8,884
Vimicro International Co. ADR (a)		2,500		31,150
Vipshop Holdings, Ltd. ADS (a)(b)		14,540		244,272
Want Want China Holdings, Ltd. (b)		398,000		326,615
Weiqiao Textile Co.		90,500		36,433
Wisdom Holdings Group (b)		33,000		14,051
WuXi PharmaTech Cayman, Inc. ADR (a)		2,202		95,148
Xiamen International Port Co., Ltd. (Class H)		40,000		9,652
Xinchen China Power Holdings, Ltd. (a)(b)		39,000		8,907
Xinjiang Goldwind Science & Technology Co., Ltd. (Class H) (b)		4,800		8,299
Xinyi Solar Holdings, Ltd. (b)		138,000		47,009
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. (Class H) (f)		10,000		10,581
Yanzhou Coal Mining Co., Ltd. (Class H) (b)		216,000		95,875
Yestar International Holdings Co., Ltd. (b)		22,500		8,942
Yingli Green Energy Holding Co., Ltd. ADR (a)(b)		10,498		4,286
Youku Tudou, Inc. ADR (a)		5,424		95,625
YY, Inc. ADR (a)		1,272		69,375
Zhaojin Mining Industry Co., Ltd. (Class H) (b)		15,500		8,100
Zhejiang Expressway Co., Ltd. (Class H)		253,862		275,479
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		33,500		246,602
Zijin Mining Group Co., Ltd. (Class H)		399,000		103,997
ZTE Corp. (Class H)		72,927		165,990

				42,283,074

COLOMBIA — 0.6%
Almacenes Exito SA		7,343		31,540
Banco Davivienda SA Preference Shares		12,347		95,908
Banco de Bogota SA		3,963		75,739
BanColombia SA		11,474		88,161
BanColombia SA ADR (b)		4,134		133,115
Bolsa de Valores de Colombia		7,489,248		40,028
Celsia SA ESP		8,036		9,293
Cementos Argos SA		8,163		24,961
Cementos Argos SA Preference Shares		9,750		28,425
Constructora Conconcreto SA		24,393		9,600
Corp Financiera Colombiana SA		3,681		45,286
Ecopetrol SA		110,421		47,572
Empresa de Telecomunicaciones de Bogota		217,515		40,303
Grupo Argos SA		3,302		19,146
Grupo Argos SA/Colombia Preference Shares		12,494		69,935
Grupo Aval Acciones y Valores SA		328,378		125,517
Grupo de Inversiones Suramericana SA		4,498		52,278
Grupo de Inversiones Suramericana SA Preference Shares		4,489		51,475
Grupo Nutresa SA		4,150		27,934
Interbolsa SA/Colombia (a)(g)		52,588		0
Interconexion Electrica SA ESP		16,733		38,755
Isagen SA ESP		73,773		68,823

				1,123,794

CZECH REPUBLIC — 0.4%
CEZ AS		15,067		313,286
Komercni Banka AS		1,590		344,191
Unipetrol (a)		10,740		68,601

				726,078

EGYPT — 0.5%
Commercial International Bank Egypt SAE		114,546		776,362
Egyptian Financial Group-Hermes Holding Co. (a)		62,720		64,642
Egyptian Kuwait Holding Co.		54,463		31,589
Global Telecom Holding GDR (a)		1,676		1,927
Global Telecom Holding SAE (a)		57,917		14,054
Global Telecom Holding SAE GDR (a)		28,452		32,720
Orascom Telecom Media & Technology Holding SAE (a)		50,320		4,499

				925,793

GREECE — 0.3%
Alpha Bank AE (a)		197,838		23,630
Diana Shipping, Inc. (a)		2,570		16,654
DryShips, Inc. (a)		13,117		2,214
Ellaktor SA (a)		230		393
Eurobank Ergasias SA (a)		435,646		10,698
FF Group (a)		1,014		20,600
Fourlis Holdings SA (a)		112		311
Frigoglass SAIC (a)		196		431
GEK Terna Holding Real Estate Construction SA (a)		279		523
Grivalia Properties REIC AE		4,985		44,293
Hellenic Exchanges — Athens Stock Exchange SA		9,456		52,249
Hellenic Telecommunications Organization SA		7,892		68,714
Intralot SA — Integrated Lottery Systems & Services (a)		21,251		40,326
JUMBO SA		3,238		28,373
Marfin Investment Group Holdings SA (a)		3,150		264
Mytilineos Holdings SA (a)		73		379

See accompanying notes to financial statements.

245

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

National Bank of Greece SA (a)		49,558	$	21,298
OPAP SA		9,744		87,884
Piraeus Bank SA (a)		51,978		4,526
Public Power Corp. SA		3,659		19,074
Terna Energy SA (a)		146		445
Titan Cement Co. SA		1,562		35,220

				478,499

HONG KONG — 8.1%
AAC Technologies Holdings, Inc. (b)		56,992		354,819
Agile Property Holdings, Ltd. (b)		252,999		131,559
AGTech Holdings, Ltd. (a)		56,000		12,139
Alibaba Pictures Group, Ltd. (a)(b)		592,400		131,474
AMVIG Holdings, Ltd.		48,000		19,943
Asian Citrus Holdings, Ltd. (a)(b)		48,000		6,379
AVIC International Holding HK, Ltd. (a)(b)		180,000		19,510
AviChina Industry & Technology Co., Ltd. (Class H)		114,000		83,992
Beijing Capital International Airport Co., Ltd.		216,000		200,948
Beijing Capital Land, Ltd. (Class H)		42,000		16,583
Beijing Enterprises Holdings, Ltd.		25,000		149,838
Beijing Enterprises Water Group, Ltd. (a)		240,000		167,225
Belle International Holdings, Ltd.		265,000		229,095
BEP International Holdings, Ltd.		410,000		61,367
Biostime International Holdings, Ltd. (b)		5,000		9,587
Bosideng International Holdings, Ltd. (b)		76,000		6,766
C.banner International Holdings, Ltd. (a)		12,000		3,979
Carnival Group International Holdings, Ltd. (a)(b)		260,000		32,542
CGN Meiya Power Holdings Co., Ltd. (a)(f)		24,000		5,946
CGN Mining Co., Ltd. (a)		80,000		5,987
Chaowei Power Holdings, Ltd. (a)(b)		33,000		16,819
Chia Tai Enterprises International, Ltd. (a)		2,300		896
Chiho-Tiande Group, Ltd. (a)(e)		14,000		9,412
China Aerospace International Holdings, Ltd. (b)		80,000		10,529
China Agri-Industries Holdings, Ltd. (a)(b)		64,000		21,884
China All Access Holdings, Ltd.		28,000		8,888
China Animation Characters Co., Ltd. (a)		10,000		7,548
China Chengtong Development Group, Ltd. (a)		236,000		30,451
China Dongxiang Group Co., Ltd.		40,000		9,652
China Electronics Corp. Holdings Co., Ltd. (b)		50,000		15,548
China Energine International Holdings, Ltd.		120,000		9,600
China Everbright International, Ltd.		130,000		181,496
China Everbright, Ltd.		38,000		86,492
China Fiber Optic Network System Group, Ltd. (a)(b)		78,800		10,676
China Financial International Investments, Ltd. (a)		160,000		18,581
China Financial Leasing Group, Ltd. (a)		80,000		9,497
China Financial Services Holdings, Ltd.		112,000		7,370
China Foods, Ltd. (a)		16,000		8,175
China Gas Holdings, Ltd.		120,000		164,747
China High Speed Transmission Equipment Group Co., Ltd. (a)		41,000		39,783
China Huarong Energy Co., Ltd. (a)(b)		199,500		7,980
China Huishan Dairy Holdings Co., Ltd. (b)		229,600		82,655
China Jinhai International Group, Ltd. (a)		168,000		16,475
China Medical System Holdings, Ltd.		79,000		90,416
China Mengniu Dairy Co., Ltd.		102,310		359,073
China Merchants China Direct Investments, Ltd.		4,000		6,173
China Merchants Holdings International Co., Ltd.		83,682		245,646
China Mobile, Ltd.		285,366		3,380,184
China Modern Dairy Holdings, Ltd. (b)		110,000		33,497
China National Culture Group, Ltd. (a)		260,000		3,086
China National Materials Co., Ltd. (Class H)		44,000		10,617
China Ocean Shipbuilding Industry Group, Ltd. (a)		315,000		9,348
China Oil and Gas Group, Ltd. (a)(b)		132,000		8,175
China Overseas Grand Oceans Group, Ltd. (b)		31,000		9,120
China Overseas Land & Investment, Ltd.		291,200		879,230
China Power International Development, Ltd. (b)		360,000		234,115
China Power New Energy Development Co., Ltd.		120,000		8,671
China Precious Metal Resources Holdings Co., Ltd. (a)(b)		190,000		7,477
China Public Procurement, Ltd. (a)		396,000		6,336
China Rare Earth Holdings, Ltd. (a)		85,200		6,926
China Resources Enterprise, Ltd.		72,469		134,464
China Resources Gas Group, Ltd.		24,000		61,811
China Resources Land, Ltd.		184,222		431,671
China Resources Power Holdings Co., Ltd.		149,600		341,279
China Singyes Solar Technologies Holdings, Ltd. (a)(b)		8,000		5,399
China South City Holdings, Ltd. (b)		82,000		19,997
China State Construction International Holdings, Ltd.		58,000		82,921
China Taiping Insurance Holdings Co., Ltd. (a)		56,835		176,371
China Travel International Investment Hong Kong, Ltd.		370,000		134,631
China Unicom (Hong Kong), Ltd.		293,668		371,724
China Vanguard Group, Ltd. (a)(b)		70,000		8,852

See accompanying notes to financial statements.

246

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

China Yurun Food Group, Ltd. (a)(b)		12,000	$	2,725
China ZhengTong Auto Services Holdings, Ltd.		17,000		7,019
CIMC Enric Holdings, Ltd. (b)		10,000		5,703
Citic Resources Holdings, Ltd. (a)(b)		78,000		11,373
Citic Telecom International Holdings, Ltd.		38,000		12,993
CITIC, Ltd. (b)		325,000		591,286
Citychamp Watch & Jewellery Group, Ltd. (a)		74,000		11,363
CNOOC, Ltd.		930,603		952,211
Comba Telecom Systems Holdings, Ltd.		47,602		10,135
Concord New Energy Group, Ltd.		120,000		8,052
COSCO Pacific, Ltd. (e)		154,413		199,779
CP Pokphand Co., Ltd.		242,000		26,854
Digital China Holdings, Ltd.		46,000		42,557
Essex Bio-technology, Ltd.		54,000		32,888
Eternity Investment, Ltd. (a)		39,600		2,453
Evergrande Real Estate Group, Ltd. (b)		205,000		116,386
Far East Horizon, Ltd.		107,000		82,700
Feiyu Technology International Co., Ltd. (f)		30,000		7,084
First Shanghai Investments, Ltd.		40,000		5,677
Fufeng Group, Ltd. (b)		29,000		11,750
Fullshare Holdings, Ltd. (a)		287,000		51,474
GCL Poly Energy Holdings, Ltd. (a)(b)		402,000		77,287
Geely Automobile Holdings, Ltd.		140,000		66,658
Global Bio-Chem Technology Group Co., Ltd. (a)		170,000		6,471
Golden Meditech Holdings, Ltd.		44,000		5,677
Goldpac Group, Ltd.		15,000		7,568
GOME Electrical Appliances Holding, Ltd. (b)		542,000		82,523
Greatview Aseptic Packaging Co., Ltd.		10,000		4,658
Guangdong Investment, Ltd.		290,000		431,068
Guotai Junan International Holdings, Ltd. (b)		99,000		27,975
Haier Electronics Group Co., Ltd.		30,000		50,013
Hanergy Thin Film Power Group, Ltd. (a)(b)(g)		856,000		0
Hang Fat Ginseng Holdings Co., Ltd. (b)		220,000		16,464
Hengdeli Holdings, Ltd.		953,600		136,579
Honghua Group, Ltd. (a)(b)		14,000		1,066
Hopson Development Holdings, Ltd. (a)(b)		26,000		20,632
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H)		259,600		31,822
Hua Hong Semiconductor, Ltd. (a)(f)		7,000		7,063
Huabao International Holdings, Ltd.		66,000		20,864
Imperial Pacific International Holdings, Ltd. (a)(b)		1,490,000		32,491
Joy City Property, Ltd.		164,000		24,124
Ju Teng International Holdings, Ltd. (b)		50,500		24,891
Kingboard Chemical Holdings, Ltd.		69,340		84,013
Kingboard Laminates Holdings, Ltd.		39,500		16,004
Kingdee International Software Group Co., Ltd. (b)		86,000		32,180
Kunlun Energy Co., Ltd.		360,000		257,340
Lee & Man Paper Manufacturing, Ltd.		34,000		17,197
Lenovo Group, Ltd. (b)		504,000		424,658
Li Ning Co., Ltd. (a)(b)		102,333		44,234
Lianhua Supermarket Holdings Co., Ltd. (a)		13,000		6,005
Millennium Pacific Group Holdings, Ltd. (a)		25,200		40,320
Minth Group, Ltd.		18,000		32,098
National Agricultural Holdings, Ltd. (a)		30,000		12,155
Neo Telemedia, Ltd. (a)		360,000		30,658
NetDragon Websoft, Inc.		13,500		33,793
Newocean Energy Holdings, Ltd. (b)		22,000		8,289
Pacific Online, Ltd.		22,000		7,097
Poly Property Group Co., Ltd. (b)		48,000		13,192
Portico International Holdings, Ltd. (a)		16,500		6,472
Pou Sheng International Holdings, Ltd. (a)		91,000		15,382
Real Nutriceutical Group, Ltd. (b)		59,000		10,049
Shanghai Industrial Urban Development Group, Ltd. (a)		40,000		7,381
Shenwan Hongyuan HK, Ltd.		10,000		4,026
Shenzhen International Holdings Ltd.		33,966		46,544
Shenzhen Investment, Ltd.		95,016		33,470
Shimao Property Holdings, Ltd.		108,000		161,929
Shougang Concord International Enterprises Co., Ltd. (a)		186,000		7,800
Silver Grant International Industries, Ltd.		58,000		7,858
SIM Technology Group, Ltd. (a)		218,000		10,970
Sino Biopharmaceutical, Ltd.		140,000		171,973
Sino-Ocean Land Holdings, Ltd.		277,980		151,364
SinoMedia Holding, Ltd.		16,000		5,182
Sinotrans, Ltd. (Class H)		326,300		152,413
SITC International Holdings Co., Ltd.		27,000		13,030
Skyworth Digital Holdings, Ltd.		69,411		46,751
Solargiga Energy Holdings, Ltd. (a)		471,000		12,155
SSY Group, Ltd. (b)		25,391		5,996
Sun Art Retail Group, Ltd. (b)		59,000		45,296
Sunac China Holdings, Ltd.		72,000		37,533
Suncorp Technologies, Ltd. (a)(b)		640,000		16,351
Tack Fiori International Group, Ltd. (a)		76,000		16,573
TCL Multimedia Technology Holdings, Ltd. (b)		24,000		10,777
Tech Pro Technology Development, Ltd. (a)(b)		196,000		45,775
Tiangong International Co., Ltd.		58,000		5,239
Tianneng Power International, Ltd. (a)		32,000		19,406
Tibet 5100 Water Resources Holdings, Ltd. (b)		25,000		6,613
Uni-President China Holdings, Ltd. (b)		30,000		28,955
United Laboratories International Holdings, Ltd. (a)		12,000		6,101

See accompanying notes to financial statements.

247

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Universal Medical Financial & Technical Advisory Services Co., Ltd. (a)		39,600	$	29,636
V1 Group, Ltd. (a)(b)		226,200		18,096
Vision Values Holdings, Ltd. (a)(g)		60,000		11,303
Wanda Hotel Development Co., Ltd. (a)		42,000		6,449
Wasion Group Holdings, Ltd.		24,000		24,805
West China Cement, Ltd.		90,000		12,193
WH Group, Ltd. (a)(f)		345,000		170,941
Xinyi Glass Holdings, Ltd.		100,000		44,645
Yingde Gases Group Co., Ltd.		23,500		9,673
Yip’s Chemical Holdings, Ltd.		10,000		4,129
Yuexiu Property Co., Ltd.		504,000		82,590
Yuexiu Transport Infrastructure, Ltd. (b)		1,258		789

				15,344,244

HUNGARY — 0.5%
MOL Hungarian Oil & Gas PLC		5,042		219,577
OTP Bank PLC		20,365		392,276
Richter Gedeon NyRt		17,438		276,857

				888,710

INDIA — 12.3%
Adani Enterprises, Ltd.		1,015		1,250
Adani Ports and Special Economic Zone, Ltd.		42,010		191,362
Adani Power, Ltd. (a)		1,941		730
Adani Transmissions, Ltd. (a)		985		403
AIA Engineering, Ltd.		685		10,349
Alok Industries, Ltd. (a)		258,384		24,012
Amtek Auto, Ltd.		8,431		5,639
Anant Raj, Ltd.		58,289		31,968
Apollo Hospitals Enterprise, Ltd.		5,203		114,269
Ashok Leyland, Ltd.		31,290		43,975
Aurobindo Pharma, Ltd.		16,973		198,898
Axis Bank, Ltd.		59,203		447,044
Bajaj Hindusthan Sugar, Ltd. (a)		88,988		18,980
Balrampur Chini Mills, Ltd. (a)		44,326		35,622
BF Investment, Ltd. (a)		10,442		19,837
Bharat Forge, Ltd.		1,267		17,518
Bharat Heavy Electricals, Ltd.		67,656		211,863
Bharti Airtel, Ltd.		110,496		568,724
Bharti Infratel, Ltd.		18,669		101,024
Biocon, Ltd.		2,351		15,924
Bosch, Ltd.		84		24,809
Britannia Industries, Ltd.		4,345		204,011
Cipla, Ltd.		46,184		447,522
Coal India, Ltd.		29,630		147,879
Core Education & Technologies, Ltd. (a)		10,751		732
DCB Bank, Ltd. (a)		122,590		267,162
Dewan Housing Finance Corp., Ltd.		30,484		102,147
Dr. Reddy’s Laboratories, Ltd. ADR		10,925		698,217
Educomp Solutions, Ltd. (a)		17,003		2,992
Eicher Motors, Ltd.		415		112,485
Era Infra Engineering, Ltd. (a)		2,941		173
Fortis Healthcare, Ltd. (a)		24,131		62,092
GAIL India, Ltd.		50,812		234,011
Gammon India, Ltd. (a)		41,814		7,867
Gateway Distriparks, Ltd.		14,438		78,536
Gitanjali Gems Ltd. (a)		1,890		1,027
Glenmark Pharmaceuticals, Ltd.		3,922		62,690
Godrej Consumer Products, Ltd.		2,818		52,370
Godrej Industries, Ltd.		24,846		131,763
Grasim Industries, Ltd. GDR		30		1,618
Gruh Finance Ltd.		40,604		164,637
GTL Infrastructure Ltd. (a)		284,534		9,970
GTL, Ltd. (a)		1,939		331
Gujarat NRE Coke, Ltd. (a)		14,472		695
Gujarat Pipavav Port, Ltd. (a)		3,029		8,553
GVK Power & Infrastructure, Ltd. (a)		127,904		15,101
HCL Technologies, Ltd.		26,764		400,461
HDFC Bank, Ltd.		73,553		1,197,645
Hero Motocorp, Ltd.		14,788		539,456
Hindalco Industries, Ltd.		47,073		50,773
Hindustan Construction Co. (a)		15,904		4,519
Hindustan Unilever, Ltd.		63,540		788,684
Housing Development & Infrastructure, Ltd. (a)		13,440		15,080
Housing Development Finance Corp., Ltd.		96,677		1,786,183
ICICI Bank, Ltd. ADR		99,147		830,852
Idea Cellular, Ltd.		20,270		46,166
IDFC, Ltd.		18		39
IIFL Holdings, Ltd. (a)		105,619		304,918
Indiabulls Housing Finance, Ltd.		4,974		60,171
Indiabulls Real Estate, Ltd. (a)		19,309		18,782
Indian Hotels Co., Ltd. (a)		63,522		83,273
Infosys, Ltd. ADR (b)		108,124		2,064,087
IRB Infrastructure Developers, Ltd.		4,186		15,136
ITC, Ltd.		7,229		36,211
ITC, Ltd. GDR		35,554		178,094
IVRCL Infrastructures & Projects, Ltd. (a)		16,306		1,851
Jain Irrigation Systems, Ltd.		11,077		10,826
Jaiprakash Associates, Ltd. (a)		59,308		10,210
Jet Airways India, Ltd. (a)		13,137		64,914
Jindal Steel & Power, Ltd. (a)		5,475		5,059
Kotak Mahindra Bank, Ltd.		25,636		253,118
Lanco Infratech, Ltd. (a)		33,238		2,507
Larsen & Toubro, Ltd. GDR		22,260		497,511
LIC Housing Finance, Ltd.		14,611		104,741
Lupin, Ltd.		8,886		275,352
Magma Fincorp, Ltd.		7,950		10,428
Mahanagar Telephone Nigam, Ltd. (a)		52,276		12,742
Mahindra & Mahindra Financial Services, Ltd.		13,173		48,034
Mahindra & Mahindra, Ltd. GDR		25,424		490,683
Marico, Ltd.		2,948		18,153
Marksans Pharma, Ltd.		11,399		18,035
Maruti Suzuki India, Ltd.		10,515		750,595
Mindtree, Ltd.		1,377		31,770
Monnet Ispat, Ltd. (a)		5,847		3,296
MRF, Ltd.		132		84,332
NCC, Ltd.		18,276		20,826
NTPC, Ltd.		92,825		175,001
Oil & Natural Gas Corp., Ltd.		132,210		461,949
OnMobile Global, Ltd.		4,067		5,353

See accompanying notes to financial statements.

248

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Opto Circuits India, Ltd. (a)		5,238	$	1,289
Page Industries, Ltd.		166		33,564
PS IT Infrastructure & Services, Ltd. (a)		1,057		151
PTC India, Ltd.		42,506		38,562
Punj Lloyd, Ltd. (a)		10,781		3,917
Rajesh Exports, Ltd.		6,920		59,311
RattanIndia Infrastructure, Ltd. (a)		52,700		1,686
REI Agro, Ltd. (a)		1,081,686		10,711
Reliance Capital, Ltd.		5,846		33,496
Reliance Communications, Ltd. (a)		71,926		74,348
Reliance Industries, Ltd. GDR (f)		46,592		1,223,506
Reliance Infrastructure, Ltd.		17,187		91,093
Rolta India, Ltd.		5,475		8,491
Ruchi Soya Industries Ltd.		31,251		15,140
SE Investments Ltd.		16,950		64,247
Sharda Cropchem, Ltd.		2,027		8,721
Shree Renuka Sugars, Ltd. (a)		70,689		7,754
Shriram Transport Finance Co., Ltd.		6,073		85,585
Siemens, Ltd.		15,671		316,559
Sintex Industries, Ltd.		39,491		63,352
SKS Microfinance, Ltd. (a)		2,675		16,527
State Bank of India GDR		6,732		244,708
Strides Arcolab, Ltd.		1,747		32,499
Sun Pharma Advanced Research Co., Ltd. (a)		2,099		12,310
Sun Pharmaceutical Industries, Ltd. (a)		55,284		731,393
Sun TV Network, Ltd.		5,203		28,476
Suzlon Energy, Ltd. (a)		297,576		94,523
Symphony, Ltd.		438		12,274
Tata Communications, Ltd.		11,688		73,647
Tata Consultancy Services, Ltd.		31,862		1,256,253
Tata Elxsi, Ltd.		997		28,554
Tata Motors, Ltd. ADR (a)		18,326		412,335
Tata Power Co., Ltd.		168,643		166,870
Tata Steel, Ltd.		24,908		80,674
Tech Mahindra, Ltd.		22,409		190,275
UltraTech Cement, Ltd.		252		10,264
Unitech, Ltd. (a)		109,029		10,215
United Breweries, Ltd.		3,658		49,133
United Spirits, Ltd. (a)		3,273		154,291
UPL, Ltd.		6,780		47,338
Vedanta, Ltd.		24,114		31,116
Videocon Industries, Ltd.		18,839		39,779
VST Industries Ltd.		1,362		33,295
Welspun India, Ltd.		1,293		16,648
Wipro, Ltd. ADR (b)		40,226		494,378
Wockhardt, Ltd.		1,601		37,214
Zee Entertainment Enterprises, Ltd.		28,687		171,515

				23,294,584

INDONESIA — 2.3%
Alam Sutera Realty Tbk PT		462,300		9,972
Astra International Tbk PT		1,538,188		548,603
Bank Central Asia Tbk PT		1,015,287		850,693
Bank Danamon Indonesia Tbk PT		309,018		61,065
Bank Mandiri Persero Tbk PT		766,949		414,885
Bank Negara Indonesia Persero Tbk PT		124,600		35,169
Bank Rakyat Indonesia Persero Tbk PT		769,465		454,326
Barito Pacific Tbk PT (a)		611,800		5,262
Bekasi Fajar Industrial Estate Tbk PT		287,900		5,424
Bumi Resources Tbk PT (a)		1,069,500		3,650
Bumi Serpong Damai Tbk PT		245,500		23,544
Charoen Pokphand Indonesia Tbk PT		267,600		36,532
Ciputra Development Tbk PT		381,300		21,212
Citra Marga Nusaphala Persada Tbk PT (a)		87,213		8,930
Garuda Indonesia Tbk PT (a)		820,600		17,308
Global Mediacom Tbk PT		39,700		2,547
Indocement Tunggal Prakarsa Tbk PT		32,600		36,605
Indofood Sukses Makmur Tbk PT		675,351		253,545
Indosat Tbk PT (a)		162,600		41,621
Japfa Comfeed Indonesia Tbk PT (a)		70,500		1,429
Kalbe Farma Tbk PT		3,382,167		317,439
Kawasan Industri Jababeka Tbk PT		314,249		3,432
Lippo Cikarang Tbk PT (a)		11,700		5,331
Lippo Karawaci Tbk PT		793,000		61,167
Matahari Putra Prima Tbk PT		39,900		5,229
Mayora Indah Tbk PT		22,567		40,975
Medco Energi Internasional Tbk PT		423,500		33,099
Media Nusantara Citra Tbk PT		52,200		5,844
Modernland Realty Tbk PT		495,400		14,676
Pakuwon Jati Tbk PT		349,000		7,885
Perusahaan Gas Negara Persero Tbk PT		928,600		160,366
Semen Indonesia Persero Tbk PT		52,500		32,432
Sigmagold Inti Perkasa Tbk PT (a)		795,600		24,058
Summarecon Agung Tbk PT		270,300		20,665
Telekomunikasi Indonesia Persero Tbk PT		2,350,900		424,446
Tiga Pilar Sejahtera Food Tbk		381,300		37,740
Unilever Indonesia Tbk PT		38,900		100,901
United Tractors Tbk PT		163,615		195,165
XL Axiata Tbk PT (a)		40,200		7,176

				4,330,348

MACAU — 0.0% (d)
Newtree Group Holdings, Ltd. (a)		14,000		5,383

MALAYSIA — 2.9%
Aeon Co. M Bhd		500,690		307,539
Aeon Credit Service M Bhd		6,900		21,254
AirAsia Bhd		77,800		22,655
Alliance Financial Group Bhd		298,500		227,487
Axiata Group Bhd		88,683		117,013
Berjaya Sports Toto Bhd		142,596		99,914
Bintulu Port Holdings Bhd		94		139
British American Tobacco Malaysia Bhd		3,000		41,167
Bursa Malaysia Bhd		61,093		111,880
CapitaMalls Malaysia Trust		97,400		31,242
Carlsberg Brewery Malay Bhd		152,876		415,946
CIMB Group Holdings Bhd		58,078		58,927
Dialog Group Bhd		1,047,967		381,447
Digi.Com Bhd		384,100		484,958
Felda Global Ventures Holdings Bhd		29,300		9,998
Genting Bhd		232,100		383,863
Genting Malaysia Bhd		36,500		34,459
Guan Chong Bhd (a)		67,000		12,879

See accompanying notes to financial statements.

249

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Hap Seng Plantations Holdings Bhd		9,500	$	4,927
IHH Healthcare Bhd		52,600		71,438
IOI Corp. Bhd		367,460		340,229
IOI Properties Group Bhd		265,550		119,613
Iskandar Waterfront City Bhd (a)		27,100		4,994
KLCC Property Holdings Bhd		38,700		61,628
KNM Group Bhd (a)		315,321		33,715
KPJ Healthcare Bhd		26,720		25,530
Lingkaran Trans Kota Holdings Bhd		25,000		29,233
Magnum Bhd		220,860		128,625
Malayan Banking Bhd		165,069		321,445
Malaysian Resources Corp. Bhd		409,100		109,819
MPHB Capital Bhd (a)		110,330		35,892
Naim Holdings Bhd		87		43
OSK Holdings Bhd		428,406		167,630
Pavilion Real Estate Investment Trust		92,600		31,599
POS Malaysia Bhd		72,700		60,532
Public Bank Bhd		53,800		214,429
SapuraKencana Petroleum Bhd		38,600		16,509
Sime Darby Bhd		66,634		118,087
SP Setia Bhd		23,649		16,947
Sunway Real Estate Investment Trust		96,200		33,921
TA Enterprise Bhd		378,400		52,941
TA Global Bhd		303,556		19,336
Telekom Malaysia Bhd		48,227		73,288
Tenaga Nasional Bhd		51,800		141,645
UEM Edgenta Bhd		49,300		39,815
UEM Sunrise Bhd		306,188		85,676
UMW Holdings Bhd		21,700		37,123
Unisem M Bhd		23,800		10,991
United Plantations Bhd		4,700		28,847
VS Industry Bhd		97,200		31,842
WCT Holdings Bhd		550,195		171,476

				5,402,532

MALTA — 0.0% (d)
Tiso Blackstar Group SE		135		106

MEXICO — 5.2%
Alfa SAB de CV (Class A)		302,213		587,957
America Movil SAB de CV (Series L) (b)		1,669,708		1,381,345
Axtel SAB de CV (a)(b)		117,660		54,919
Cemex SAB de CV (a)		791,259		550,486
Coca-Cola FEMSA SAB de CV (Series L)		44,926		311,547
Consorcio ARA SAB de CV (a)		116,908		42,081
Corporacion GEO SAB de CV (a)(b)(g)		42,565		0
Desarrolladora Homex SAB de CV (a)(b)(e)		19,859		571
El Puerto de Liverpool SAB de CV		25,900		335,511
Empresas ICA SAB de CV (a)(b)		47,932		20,110
Fibra Uno Administracion SA de CV REIT		100,131		206,268
Fomento Economico Mexicano SAB de CV		146,658		1,309,098
Grupo Aeroportuario del Sureste SAB de CV (Class B) (b)		33,829		515,577
Grupo Bimbo SAB de CV (a)(b)		213,785		540,053
Grupo Elektra SA de CV (b)		3,633		62,259
Grupo Financiero Banorte SAB de CV		112,566		549,985
Grupo Financiero Inbursa SAB de CV		90,235		186,042
Grupo Mexico SAB de CV (Series B)		222,718		537,780
Grupo Televisa SAB		136,573		710,799
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)		121,708		237,502
Industrias CH SAB, Series B (a)(b)		31,273		107,068
Industrias Penoles SAB de CV		10,848		147,504
Kimberly-Clark de Mexico SAB de CV (Class A)		189,085		426,555
Sare Holding SAB de CV (Class B) (a)(b)		131,095		2,212
TV Azteca SAB de CV		268,951		42,374
Urbi Desarrollos Urbanos SA de CV (a)(b)(g)		44,913		0
Wal-Mart de Mexico SAB de CV		357,203		874,946

				9,740,549

MONACO — 0.0% (d)
GasLog, Ltd. (b)		1,198		11,525

MOROCCO — 0.3%
Banque Marocaine du Commerce Exterieur		15,290		337,458
Banque Marocaine pour le Commerce et l’Industrie SA		1,398		79,648
Douja Promotion Groupe Addoha SA		12,839		33,081
Holcim Maroc SA		677		149,418

				599,605

PANAMA — 0.0% (d)
Avianca Holding SA Preference Shares (a)		109,817		65,631

PERU — 0.6%
Compania de Minas Buenaventura SA ADR		23,291		138,814
Credicorp, Ltd.		5,211		554,242
Southern Copper Corp. (b)		18,402		491,701
Volcan Compania Minera SAA (Class B)		353,565		41,493

				1,226,250

PHILIPPINES — 1.7%
Alliance Global Group, Inc.		145,700		47,756
Ayala Land, Inc.		936,280		681,077
Bank of the Philippine Islands		337,527		579,876
BDO Unibank, Inc.		239,034		529,312
Bloomberry Resorts Corp.		51,200		5,707
Cebu Air, Inc.		101,520		187,988
Cebu Holdings, Inc.		515,300		55,124
D&L Industries, Inc.		154,400		33,001
DoubleDragon Properties Corp.		101,900		43,385
East West Banking Corp. (a)		58,400		24,989
Filinvest Land, Inc.		4,306,000		154,773
First Philippine Holdings Corp.		28,460		39,974
Global Ferronickel Holdings, Inc. (a)		331,000		6,586
GMA Holdings, Inc.		249,600		33,163
GT Capital Holdings, Inc.		670		18,133
JG Summit Holdings, Inc.		33,820		51,265
Megawide Construction Corp. (a)		324,788		39,330

See accompanying notes to financial statements.

250

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Megaworld Corp.		468,300	$	43,784
Nickel Asia Corp.		39,000		5,340
Philippine Long Distance Telephone Co.		7,175		336,184
Puregold Price Club, Inc.		23,300		15,454
San Miguel Corp.		10,000		10,377
SM Investments Corp.		7,690		146,511
SM Prime Holdings, Inc.		217,690		96,177
Top Frontier Investment Holding Ltd. (a)		1,151		1,798
Universal Robina Corp.		16,290		66,917
Vista Land & Lifescapes, Inc.		74,600		8,028

				3,262,009

POLAND — 1.3%
Asseco Poland SA		6,046		85,875
Bank Pekao SA		11,031		447,906
Bank Zachodni WBK SA (a)		1,628		125,657
Bioton SA (a)		72		189
Eurocash SA		568		6,674
Getin Holding SA (a)		21,649		8,483
Getin Noble Bank SA (a)		60,251		13,627
Globe Trade Centre SA (a)		13,526		22,232
Globe Trade Centre SA (a)(e)		4,193		6,892
Grupa Lotos SA (a)		11,719		86,138
KGHM Polska Miedz SA		11,813		254,586
LPP SA		31		63,752
mBank SA (a)		1,786		162,981
Orange Polska SA		72,324		138,274
Orbis SA		5,660		84,173
PGE Polska Grupa Energetyczna SA		41,156		145,898
Polimex- Mostostal SA (a)		53,173		1,678
Polski Koncern Naftowy Orlen SA		15,624		272,004
Powszechna Kasa Oszczednosci Bank Polski SA (a)		32,699		253,075
Powszechny Zaklad Ubezpieczen SA		2,103		215,524

				2,395,618

QATAR — 0.8%
Aamal Co.		3,770		13,974
Industries Qatar QSC		3,122		105,437
Mannai Corp. QSC		2,049		57,103
Masraf Al Rayan QSC		22,240		262,577
Mazaya Qatar Real Estate Development QSC		11,502		49,614
Medicare Group		1,660		77,028
National Leasing		17,876		85,698
Ooredoo QSC		5,705		120,615
Qatar Electricity & Water Co. QSC		543		31,220
Qatar Insurance Co. SAQ		3,586		91,667
Qatar National Bank SAQ		10,581		544,731
Qatari Investors Group QSC		6,129		73,204
Vodafone Qatar QSC		22,133		82,527

				1,595,395

RUSSIA — 3.9%
Eurasia Drilling Co., Ltd. GDR		1,068		9,826
Evraz PLC (a)		13,631		15,052
Gazprom PAO ADR		320,804		1,289,632
LSR Group PJSC GDR		8,229		14,894
Lukoil PJSC ADR		27,057		918,856
Magnit PJSC GDR		8,977		428,831
Mail.ru Group, Ltd. GDR (a)		2,423		42,160
Mechel ADR (a)		19,265		17,531
MMC Norilsk Nickel PJSC ADR		38,294		549,327
Mobile TeleSystems PJSC ADR		59,180		427,280
Novatek OAO GDR		5,425		501,813
Novolipetsk Steel OJSC GDR		2,069		23,690
Novorossiysk Commercial Sea Port PJSC GDR		3,818		12,981
Pharmstandard OJSC GDR (a)		244		970
Polymetal International PLC		7,511		64,680
Rosneft OAO GDR		92,366		340,831
Rostelecom PJSC ADR		5,796		45,441
Sberbank of Russia ADR (c)		87,448		430,244
Sberbank of Russia ADR (c)		14,074		69,462
Severstal PAO GDR		34,368		364,301
Sistema JSFC GDR		9,129		62,808
Surgutneftegas OAO ADR		129,232		659,729
Tatneft PAO ADR		17,985		502,681
TMK PAO GDR		3,127		9,662
Uralkali PJSC GDR (a)		2,665		39,522
VimpelCom, Ltd. ADR		24,189		99,538
VTB Bank PJSC GDR		129,044		260,669
X5 Retail Group NV GDR (a)		2,533		44,074
Yandex NV (Class A) (a)		6,977		74,863

				7,321,348

SOUTH AFRICA — 7.8%
Adbee Rf, Ltd. (a)		1,082		2,729
Adcock Ingram Holdings, Ltd.		6,130		22,122
Adcorp Holdings, Ltd.		35,398		71,861
African Bank Investments, Ltd. (a)(g)		183,473		0
African Rainbow Minerals, Ltd.		7,548		28,315
Allied Electronics Corp., Ltd.		42,078		21,607
Anglo American Platinum, Ltd. (a)		2,058		34,096
AngloGold Ashanti, Ltd. (a)		18,174		143,912
Aquarius Platinum, Ltd. (a)		70,328		6,978
ArcelorMittal South Africa, Ltd. (a)(b)		14,112		8,726
Aspen Pharmacare Holdings, Ltd. (a)		18,097		384,792
Aveng, Ltd. (a)		40,731		10,605
Barclays Africa Group, Ltd.		24,483		301,367
Barloworld, Ltd.		17,424		95,015
Bidvest Group, Ltd.		25,542		602,612
Coronation Fund Managers, Ltd.		36,804		173,786
Discovery, Ltd.		25,095		249,843
FirstRand, Ltd. (b)		193,188		686,714
Foschini Group, Ltd.		15,891		161,278
Gold Fields, Ltd.		40,523		105,652
Grindrod, Ltd. (b)		68,548		73,173
Group Five, Ltd.		19,475		26,479
Harmony Gold Mining Co., Ltd. (a)(b)		16,406		10,240
Impala Platinum Holdings, Ltd. (a)		29,133		80,950
Imperial Holdings, Ltd.		13,453		164,954
Investec, Ltd.		14,846		113,651
Invicta Holdings, Ltd. (b)		27,785		117,554
Kumba Iron Ore, Ltd. (b)		2,890		16,407
Lewis Group, Ltd. (b)		17,605		78,940

See accompanying notes to financial statements.

251

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Massmart Holdings, Ltd.		11,462	$	89,610
MMI Holdings, Ltd. (b)		65,164		112,118
Mr. Price Group, Ltd.		11,946		166,745
MTN Group, Ltd.		73,790		949,926
Murray & Roberts Holdings, Ltd.		48,794		41,288
Naspers, Ltd. (Class N)		21,203		2,653,879
Nedbank Group, Ltd.		19,805		314,686
Netcare, Ltd.		153,300		402,458
Northam Platinum, Ltd. (a)		20,502		39,930
PPC, Ltd.		14,927		18,460
PSG Group, Ltd. (b)		16,654		267,991
Rand Merchant Insurance Holdings, Ltd.		80,862		242,229
Remgro, Ltd.		31,451		573,474
RMB Holdings, Ltd. (b)		65,909		314,220
Sanlam, Ltd.		103,783		448,848
Sappi, Ltd. (a)		20,695		63,610
Sasol, Ltd. (b)		24,362		682,918
Shoprite Holdings, Ltd.		34,746		394,929
Sibanye Gold, Ltd.		45,941		52,131
Standard Bank Group, Ltd.		66,772		651,929
Steinhoff International Holdings, Ltd. (b)		145,538		893,627
Sun International, Ltd.		12,120		76,259
Telkom SA SOC, Ltd.		19,615		94,394
Tiger Brands, Ltd.		14,322		315,701
Trans Hex Group, Ltd.		1,685		294
Truworths International, Ltd. (b)		28,119		172,899
Vodacom Group, Ltd.		25,667		255,241
Wilson Bayly Holmes-Ovcon, Ltd.		16,869		135,408
Woolworths Holdings, Ltd.		59,762		418,382
Zambezi Platinum RF, Ltd. Preference Shares		5,263		16,443

				14,654,385

SPAIN — 0.0% (d)
Cemex Latam Holdings SA (a)		3,132		12,479

TAIWAN — 13.7%
Acer, Inc. (a)		200,701		78,629
Adlink Technology, Inc.		36,993		102,348
Advanced Ceramic X Corp.		4,000		25,207
Advanced Semiconductor Engineering, Inc.		441,184		472,972
Advanced Wireless Semiconductor Co.		13,000		34,388
Advancetek Enterprise Co. Ltd.		177,000		92,189
Advantech Co., Ltd.		5,000		34,166
AGV Products Corp. (a)		361,000		69,728
Airmate Cayman International Co., Ltd. (a)		11,000		7,650
APCB, Inc.		70,000		25,192
Asustek Computer, Inc.		39,340		337,516
AU Optronics Corp. ADR (b)		74,720		221,171
Audix Corp.		55,600		55,216
Bank of Kaohsiung		111,588		28,806
Basso Industry Corp.		211,000		315,915
Biostar Microtech International Corp. (a)		141,000		29,975
C Sun Manufacturing Ltd.		68,000		28,086
Carnival Industrial Corp. (a)		143,000		25,145
Catcher Technology Co., Ltd.		41,000		436,429
Cathay Financial Holding Co., Ltd.		364,541		497,642
Cathay No. 1 REIT		97,000		51,258
Center Laboratories, Inc. (a)		43,124		88,140
Chailease Holding Co., Ltd.		38,608		60,385
Champion Building Materials Co. Ltd. (a)		100,000		21,684
Chang Hwa Commercial Bank, Ltd.		544,431		267,855
Chang Wah Electromaterials, Inc.		8,257		20,813
Charoen Pokphand Enterprise		333,060		216,460
Chen Full International Co., Ltd.		19,000		32,487
Cheng Loong Corp.		41,000		14,070
Cheng Shin Rubber Industry Co., Ltd.		26,850		44,033
China Airlines, Ltd. (a)		138,000		47,149
China Chemical & Pharmaceutical Co., Ltd.		109,000		56,606
China Development Financial Holding Corp.		868,945		233,548
China Steel Chemical Corp.		44,595		137,465
China Steel Corp.		560,451		326,799
Chipbond Technology Corp.		24,000		34,767
Chlitina Holding, Ltd.		2,000		14,638
Chong Hong Construction Co., Ltd.		7,717		10,148
Chung Hwa Pulp Corp.		155,000		48,015
Chunghwa Chemical Synthesis & Biotech Co. Ltd.		42,000		40,626
Chunghwa Telecom Co., Ltd.		179,457		538,466
CMC Magnetics Corp. (a)		180,933		21,650
Compal Electronics, Inc.		361,774		204,358
Coxon Precise Industrial Co. Ltd.		10,000		17,068
CTBC Financial Holding Co., Ltd.		915,081		471,054
Da-Li Construction Co., Ltd.		86,636		56,700
Delta Electronics, Inc.		136,025		636,181
Dimerco Express Taiwan Corp.		191,000		102,381
E.Sun Financial Holding Co., Ltd.		107,000		62,879
Eclat Textile Co., Ltd.		8,486		134,013
Elan Microelectronics Corp.		2,000		2,065
Elite Advanced Laser Corp.		8,000		31,949
Elite Material Co., Ltd.		13,000		28,584
Elite Semiconductor Memory Technology, Inc.		113,750		85,673
Epistar Corp.		43,180		33,243
Etron Technology, Inc. (a)		12,445		5,046
Eva Airways Corp. (a)		91,782		51,288
Excelsior Medical Co., Ltd.		30,344		43,036
Far Eastern New Century Corp.		393,850		350,461
Feng TAY Enterprise Co., Ltd.		14,060		87,321
Flytech Technology Co. Ltd.		8,854		25,195
Formosa Chemicals & Fibre Corp.		189,243		383,917
Formosa Plastics Corp.		295,714		623,265
Founding Construction & Development Co. Ltd.		289,407		153,372
Foxconn Technology Co., Ltd.		94,281		269,722
Fubon Financial Holding Co., Ltd.		458,903		714,956
Fullerton Technology Co. Ltd.		35,000		24,979
Fwusow Industry Co. Ltd.		139,627		62,334
Giant Manufacturing Co., Ltd.		30,302		219,943
Grape King, Inc.		31,664		157,226
Great Wall Enterprise Co.		37,300		20,504

See accompanying notes to financial statements.

252

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

HannStar Display Corp. (a)		102,500	$	12,887
Hermes Microvision, Inc.		3,000		113,431
Himax Technologies, Inc. ADR (b)		3,620		28,851
Hiwin Technologies Corp.		9,178		48,778
Hocheng Corp.		207,000		52,807
Hon Hai Precision Industry Co., Ltd.		664,905		1,728,521
Hong TAI Electric Industrial		133,000		31,142
Hota Industrial Manufacturing Co., Ltd.		9,000		28,699
Hotai Motor Co., Ltd.		30,433		323,485
HTC Corp.		65,198		125,733
Hua Nan Financial Holdings Co., Ltd.		550,942		255,999
Hung Sheng Construction Co., Ltd. (a)		75,000		34,280
Ibase Technology, Inc.		109,165		161,124
Innolux Corp.		279,820		87,105
Inotera Memories, Inc. (a)		87,000		54,297
Iron Force Industrial Co., Ltd.		6,000		28,699
Janfusun Fancyworld Corp. (a)		418,112		39,872
KEE TAI Properties Co., Ltd.		73,000		36,359
Kenda Rubber Industrial Co., Ltd.		4,673		6,670
Kerry TJ Logistics Co., Ltd.		64,000		72,887
Kindom Construction Co.		47,000		24,408
Kung Long Batteries Industrial Co. Ltd.		9,000		34,166
Kuoyang Construction Co., Ltd.		48,225		16,330
Kwong Fong Industries		37,000		17,923
Land Mark Optoelectronics Corp.		2,000		25,693
Largan Precision Co., Ltd.		4,000		310,986
Leofoo Development Co., Ltd.		135,000		39,441
Li Cheng Enterprise Co., Ltd.		6,000		32,526
Lite-On Technology Corp.		189,321		173,639
Long Bon International Co., Ltd.		11,000		7,015
Long Chen Paper Co. Ltd.		878,401		278,773
Makalot Industrial Co., Ltd.		4,000		32,860
MediaTek, Inc.		64,329		475,715
Medigen Biotechnology Corp. (a)		5,248		15,492
Mega Financial Holding Co., Ltd.		386,921		267,916
Merida Industry Co., Ltd.		2,100		11,288
Merry Electronics Co., Ltd.		13,356		16,144
Mosel Vitelic, Inc. (a)		3,758		247
Namchow Chemical Industrial Ltd.		63,000		134,887
Nan Ya Plastics Corp.		290,486		490,503
Nanya Technology Corp.		3,603		3,994
National Petroleum Co., Ltd.		360,003		390,315
Neo Solar Power Corp.		20,870		11,726
New Era Electronics Co. Ltd.		29,000		16,822
Newmax Technology Co., Ltd. (a)		30,185		13,888
Nexcom International Co. Ltd.		81,638		65,454
Novatek Microelectronics Corp.		36,225		113,315
Obi Pharma, Inc. (a)		3,000		34,804
Pacific Hospital Supply Co. Ltd.		26,000		49,983
Pan Jit International, Inc. (a)		9,000		2,870
Parade Technologies, Ltd.		4,000		29,155
PChome Online, Inc.		3,000		34,439
Pegatron Corp.		65,686		159,988
Phytohealth Corp. (a)		9,000		7,845
Pihsiang Machinery Manufacturing Co. Ltd. (a)		29,000		65,173
Portwell, Inc.		30,000		37,446
Pou Chen Corp.		243,462		364,888
Powertech Technology, Inc.		77,285		139,185
Precision Silicon Corp.		909		333
Promate Electronic Co., Ltd.		67,000		55,956
ProMOS Technologies, Inc. (a)(g)		130,950		0
Quanta Computer, Inc.		251,664		436,414
Radiant Opto-Electronics Corp.		21,000		64,733
Sampo Corp.		243,000		94,831
Sesoda Corp.		93,648		90,157
Shih Wei Navigation Co., Ltd.		124,321		46,629
Shin Kong Financial Holding Co., Ltd.		320,663		75,960
Silicon Motion Technology Corp. ADR (b)		1,000		27,310
Siliconware Precision Industries Co., Ltd.		151,473		187,918
Sinbon Electronics Co., Ltd.		82,592		139,211
Sinon Corp.		134,000		55,549
SinoPac Financial Holdings Co., Ltd.		818,784		258,609
Sinphar Pharmaceutical Co., Ltd.		85,120		70,314
Solar Applied Materials Technology Corp.		187,250		107,479
Solartech Energy Corp.		10,041		4,742
Stark Technology, Inc.		63,000		46,684
Supreme Electronics Co. Ltd.		167,347		66,578
Ta Ya Electric Wire & Cable (a)		423,000		56,524
Tainan Enterprises Co., Ltd.		45,000		34,303
Taishin Financial Holding Co., Ltd.		735,836		260,344
Taisun Enterprise Co., Ltd. (a)		172,000		52,758
Taiwan Acceptance Corp.		9,000		20,199
Taiwan Cement Corp.		321,533		325,659
Taiwan Chinsan Electronic Industrial Co. Ltd.		33,000		38,084
Taiwan Cogeneration Corp.		47,000		30,118
Taiwan Fire & Marine Insurance Co.		28,000		18,538
Taiwan FU Hsing Industrial Co., Ltd.		38,000		55,914
Taiwan Land Development Corp.		217,345		69,638
Taiwan Mobile Co., Ltd.		4,000		12,209
Taiwan Paiho, Ltd.		48,433		131,645
Taiwan Pulp & Paper Corp. (a)		335,000		107,843
Taiwan Sakura Corp.		109,000		53,296
Taiwan Semiconductor Manufacturing Co., Ltd.		756,500		2,986,713
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		27,319		566,869
Taiwan Tea Corp.		113,913		48,606
Taiwan Union Technology Corp.		141,000		91,424
Taiyen Biotech Co., Ltd.		57,500		39,291
Tatung Co., Ltd. (a)		185,885		28,565
TPK Holding Co., Ltd.		8,000		19,048
Transasia Airways Corp. (a)		279,000		57,617
Tripod Technology Corp.		77,320		111,069
TrueLight Corp.		13,000		35,059
Tung Thih Electronic Co., Ltd.		5,000		34,166
Uni-President Enterprises Corp.		134,993		233,683
United Microelectronics Corp. ADR (b)		273,423		442,945
Unity Opto Technology Co., Ltd.		12,759		5,599
Ve Wong Corp.		65,000		39,283
Visual Photonics Epitaxy Co., Ltd.		130,869		151,029

See accompanying notes to financial statements.

253

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Wei Chuan Food Corp. (a)		35,000	$	20,515
Wei Mon Industry Co. Ltd. (a)		240,450		15,335
Weikeng Industrial Co., Ltd.		71,000		38,166
Winbond Electronics Corp. (a)		48,000		9,913
Wistron Corp.		173,141		90,179
Zeng Hsing Industrial Co. Ltd.		28,350		109,775
Zenitron Corp.		151,000		70,163

				25,864,504

THAILAND — 2.9%
Advanced Info Service PCL		114,915		715,547
Airports of Thailand PCL		18,500		143,229
Bangkok Dusit Medical Services PCL		52,500		26,760
Bangkok Expressway PCL		346,487		346,057
Bangkokland PCL		740,800		30,208
Bank of Ayudhya PCL		26,700		22,253
Banpu PCL		149,480		82,369
BEC World PCL		28,600		25,216
Big C Supercenter PCL		3,800		21,044
BTS Group Holdings PCL		34,500		9,268
Bumrungrad Hospital PCL		8,300		49,395
Central Pattana PCL		55,500		68,429
Central Plaza Hotel PCL		41,200		42,568
CH Karnchang PCL		7,048		5,194
Charoen Pokphand Foods PCL		20,700		11,806
CP ALL PCL		191,400		251,807
Electricity Generating PCL		85,674		361,155
IRPC PCL		962,658		99,727
Jasmine International PCL		270,341		41,711
Kasikornbank PCL		61,800		290,313
Krung Thai Bank PCL		47,400		22,332
Land and Houses PCL		77,400		17,167
Minor International PCL		9,200		7,224
Pruksa Real Estate PCL		28,100		22,259
PTT Exploration & Production PCL		121,430		234,195
PTT Global Chemical PCL		23,700		35,098
PTT PCL		61,036		403,599
Quality Houses PCL		259,483		17,301
Sansiri PCL		269,433		12,620
Siam Cement PCL		41,273		529,914
Siam Commercial Bank PCL		123,602		456,335
Siam Future Development PCL		189,413		28,703
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		93,066		33,078
Thai Airways International PCL (a)		66,500		18,505
Thai Beverage PCL (b)		425,500		204,985
Thai Oil PCL		118,795		172,653
Thaicom PCL		42,400		36,798
Ticon Industrial Connection PCL		123,280		39,401
Tisco Financial Group PCL		173,718		171,109
Tisco Financial Group PCL NVDR		5,100		4,988
TMB Bank PCL		4,817,117		321,185
Total Access Communication PCL		7,800		12,411
True Corp. PCL (a)		395,573		106,264
TTCL PCL		7,600		4,795
U City PCL (a)(b)		7,078,800		7,801

				5,564,776

TURKEY — 1.5%
Akbank TAS		109,040		244,172
Anadolu Efes Biracilik Ve Malt Sanayii AS		23,438		165,272
Aselsan Elektronik Sanayi Ve Ticaret AS		3,241		14,718
BIM Birlesik Magazalar AS		4,267		75,609
Coca-Cola Icecek AS		490		5,600
Dogan Sirketler Grubu Holdings AS (a)		167,256		28,173
Eregli Demir ve Celik Fabrikalari TAS		161,235		198,632
Haci Omer Sabanci Holding AS		58,164		170,395
KOC Holding AS		87,295		340,213
Migros Ticaret AS (a)		911		5,265
Tupras-Turkiye Petrol Rafinerileri AS (a)		11,920		291,726
Turk Hava Yollari AO (a)		28,633		75,371
Turkcell Iletisim Hizmetleri AS		50,126		174,661
Turkiye Garanti Bankasi AS		216,334		502,296
Turkiye Halk Bankasi AS		11,152		37,201
Turkiye Is Bankasi (Class C)		136,205		211,882
Turkiye Vakiflar Bankasi Tao (Class D)		19,039		24,084
Ulker Biskuvi Sanayi AS		30,102		190,390
Yapi ve Kredi Bankasi AS		87,620		97,524

				2,853,184

UNITED ARAB EMIRATES — 1.0%
Abu Dhabi Commercial Bank PJSC		98,327		204,801
Agthia Group PJSC		7,648		16,658
Air Arabia PJSC		227,161		86,588
Ajman Bank PJSC (a)		62,032		29,556
Al Waha Capital PJSC		44,382		26,826
Aldar Properties PJSC		190,570		124,527
Arabtec Holding PJSC (a)		121,106		60,671
Bank of Sharjah		44,619		18,344
DAMAC Properties Dubai Co. PJSC		157,939		130,725
Depa, Ltd. (a)(e)		25,085		11,539
Deyaar Development PJSC (a)		149,764		26,668
DP World, Ltd.		7,788		165,417
Dubai Financial Market PJSC		90,270		41,290
Dubai Investments PJSC		73,100		47,170
Emaar Malls Group PJSC (a)		48,168		40,524
Emaar Properties PJSC		164,563		289,442
Eshraq Properties Co. PJSC (a)		115,597		21,087
First Gulf Bank PJSC		31,243		118,665
Gulf General Investment Co. (a)		100,542		19,053
Gulf Pharmaceutical Industries		18,083		12,309
Invest bank PSC		14,643		10,166
National Bank of Abu Dhabi PJSC		61,425		159,213
National Central Cooling Co. PJSC		171,277		55,494
Orascom Construction, Ltd. (a)		858		9,438
RAK Properties PJSC		174,804		29,032
Ras Al Khaimah Ceramics		16,904		16,569
SHUAA Capital PSC (a)		236,053		36,441
Union National Bank PJSC		36,053		60,369
Union Properties PJSC		69,636		17,898

				1,886,480

See accompanying notes to financial statements.

254

SPDR S&P Emerging Markets ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

UNITED STATES — 0.0% (d)
China Biologic Products, Inc. (a)		800	$	71,856

TOTAL COMMON STOCKS —
(Cost $247,049,266)				186,155,482

RIGHTS — 0.0% (d)
HONG KONG — 0.0% (d)
Golden Meditech Holdings, Ltd. (expired 9/29/15) (a)(e) (Cost $0)		22,000		0

WARRANTS — 0.0% (d)
MALAYSIA — 0.0% (d)
KNM Group Bhd (expiring 11/15/17) (a)		66,712		1,214
KNM Group Bhd (expiring 4/21/20) (a)		22,551		590
Malaysian Resources Corp. Bhd (expiring 09/16/18) (a)		123,400		3,369
OSK Holdings Bhd (expiring 7/22/20) (a)		101,001		7,468
WCT Holdings Bhd (expiring 8/27/20) (a)		108,949		3,346

				15,987

SOUTH AFRICA — 0.0% (d)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a)		335		135

THAILAND — 0.0% (d)
Minor International PCL (expiring 11/3/17) (a)		480		39
Sansiri PCL (expiring 11/24/17) (a)		75,433		395

				434

TOTAL WARRANTS —
(Cost $9,950)				16,556

SHORT TERM INVESTMENTS — 7.0%
UNITED STATES — 7.0%
MONEY MARKET FUNDS — 7.0%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		12,858,812		12,858,812
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (i)(j)(k)		258,144		258,144

TOTAL SHORT TERM INVESTMENTS —
(Cost $13,116,956)				13,116,956

TOTAL INVESTMENTS — 105.6%
(Cost $260,176,172)				199,288,994
OTHER ASSETS & LIABILITIES — (5.6)%				(10,582,113	)

NET ASSETS — 100.0%			$	188,706,881


(a)		Non-income producing security
(b)		All or a portion of the security was on loan at September 30, 2015.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(f)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.1% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(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)		Security, or a portion thereof, is designated on the Fund’s books or pledged as collateral for futures contracts.

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

OJSC = Open Joint Stock Company

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

PSC = Public Stock Company

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

At September 30, 2015, open futures contracts purchased were as follows:


	Expiration						Unrealized
Futures	Date		Contracts		Value		Depreciation

MSCI Taiwan Index Futures		10/29/2015		61	$	1,839,150	$	(1,989	)

See accompanying notes to financial statements.

255

SPDR S&P Emerging Markets Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.4%
BRAZIL — 10.5%
AES Tiete SA Preference Shares		359,396	$	1,269,906
Alupar Investimento SA		116,210		434,844
Banco do Brasil SA ADR		525,695		1,997,641
Banco do Estado do Rio Grande do Sul SA Preference Shares		570,567		799,549
CCR SA		2,247,528		6,869,101
CETIP SA — Mercados Organizados		186,067		1,537,338
Cia Paranaense de Energia Preference Shares		305,570		2,504,754
Companhia Energetica de Minas Gerais ADR (a)		2,625,756		4,673,846
EcoRodovias Infraestrutura e Logistica SA		1,048,130		1,605,644
Grendene SA		193,604		857,178
Light SA		507,161		1,471,065
Multiplus SA		167,900		1,348,024
Souza Cruz SA		503,498		3,388,728
Transmissora Alianca de Energia Electrica SA		536,865		2,571,106

				31,328,724

CHILE — 1.5%
Aguas Andinas SA Class A		2,863,151		1,485,890
Banco de Chile ADR		23,029		1,446,221
Banco Santander Chile		37,231,635		1,683,154

				4,615,265

CHINA — 5.9%
Bank of China, Ltd. (Class H)		4,272,536		1,835,800
CIFI Holdings Group Co., Ltd.		12,118,000		2,157,772
Country Garden Holdings Co., Ltd. (a)		5,394,000		1,941,828
Greentown China Holdings, Ltd. (a)(b)		2,501,000		1,791,027
Jiangsu Expressway Co., Ltd. (Class H)		2,200,000		2,801,788
KWG Property Holding, Ltd.		3,153,500		2,067,055
Soho China, Ltd. (a)		4,051,000		1,573,346
TCL Communication Technology Holdings, Ltd. (a)		4,765,000		3,424,630

				17,593,246

COLOMBIA — 1.5%
Ecopetrol SA ADR (a)		525,350		4,518,010

CZECH REPUBLIC — 0.9%
Komercni Banka AS		13,042		2,823,234

HONG KONG — 4.2%
Agile Property Holdings, Ltd. (a)		5,034,000		2,617,663
Evergrande Real Estate Group, Ltd. (a)		7,312,000		4,151,302
Shenzhen Investment, Ltd. (a)		4,960,829		1,747,481
Xinyi Glass Holdings, Ltd. (a)		8,724,000		3,894,819

				12,411,265

INDIA — 3.3%
Coal India, Ltd.		1,511,586		7,544,113
Indiabulls Housing Finance, Ltd.		59,159		715,649
NMDC, Ltd.		1,112,327		1,577,661

				9,837,423

INDONESIA — 1.2%
Indo Tambangraya Megah Tbk PT		1,612,900		1,087,194
Indocement Tunggal Prakarsa Tbk PT		1,411,700		1,585,151
Matahari Putra Prima Tbk PT		661,349		86,675
Media Nusantara Citra Tbk PT		6,636,500		742,925

				3,501,945

MALAYSIA — 2.0%
British American Tobacco Malaysia Bhd		106,600		1,462,802
HAP Seng Consolidated Bhd		686,500		866,764
Malayan Banking Bhd		1,319,444		2,569,400
YTL Corp. Bhd		2,810,800		1,023,097

				5,922,063

MEXICO — 1.4%
Grupo Financiero Santander Mexico SAB de CV ADR (Class B) (a)		214,012		1,570,848
Mexico Real Estate Management SA de CV (b)		897,385		1,130,551
PLA Administradora Industrial S de RL de CV (b)		738,791		1,341,414

				4,042,813

POLAND — 4.4%
Bank Handlowy w Warszawie SA		28,394		603,341
Bank Pekao SA		68,369		2,776,078
Energa SA		415,859		1,843,863
PGE Polska Grupa Energetyczna SA		1,160,562		4,114,180
Powszechny Zaklad Ubezpieczen SA		37,357		3,828,490

				13,165,952

RUSSIA — 1.6%
E.ON Russia JSC (b)		11,143,631		484,258
Eurasia Drilling Co., Ltd. GDR		148,140		1,362,888
Moscow Exchange MICEX-RTS PJSC		2,343,361		2,855,713

				4,702,859

SOUTH AFRICA — 14.7%
Barclays Africa Group, Ltd.		170,761		2,101,940
Capital Property Fund, Ltd.		1,371,686		1,557,494
Coronation Fund Managers, Ltd. (a)		492,086		2,323,591
Foschini Group, Ltd. (a)		669,224		6,791,944
Growthpoint Properties, Ltd. REIT		1,393,259		2,584,588
Hyprop Investments, Ltd.		203,088		1,772,962
Kumba Iron Ore, Ltd. (a)		584,860		3,320,425
MMI Holdings, Ltd. (a)		990,190		1,703,668
MTN Group, Ltd.		633,220		8,151,671
Redefine Properties, Ltd.		4,106,333		3,474,658
Vodacom Group, Ltd.		997,099		9,915,463

				43,698,404

SOUTH KOREA — 3.9%
SK Telecom Co., Ltd.		52,321		11,609,232

TAIWAN — 25.8%
Asustek Computer, Inc.		910,000		7,807,304
Chicony Electronics Co., Ltd.		860,096		1,979,964
China Development Financial Holding Corp.		7,952,000		2,137,277
China Steel Chemical Corp.		325,000		1,001,822
Far Eastern New Century Corp.		3,334,615		2,967,253

See accompanying notes to financial statements.

256

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

September 30, 2015


Security Description	Shares		Value

Inventec Corp.		6,612,000	$	3,132,555
King’s Town Bank		1,175,000		833,232
Lite-On Technology Corp.		2,795,837		2,564,248
MediaTek, Inc.		687,000		5,080,389
Mega Financial Holding Co., Ltd.		3,018,000		2,089,755
Novatek Microelectronics Corp.		2,491,000		7,792,058
Radiant Opto-Electronics Corp.		2,475,300		7,630,186
Realtek Semiconductor Corp.		1,357,000		2,299,616
Ruentex Development Co., Ltd.		2,680,217		2,918,101
Ruentex Industries, Ltd.		1,571,000		2,781,544
Synnex Technology International Corp.		1,819,000		1,811,957
Taiwan Cement Corp.		3,872,000		3,921,683
Taiwan Mobile Co., Ltd.		1,864,200		5,689,837
Transcend Information, Inc.		531,000		1,338,486
Vanguard International Semiconductor Corp.		5,496,000		6,225,823
Wan Hai Lines, Ltd.		3,308,000		2,079,587
WPG Holdings, Ltd.		1,971,000		1,897,523
Yulon Nissan Motor Co., Ltd.		130,282		981,245

				76,961,445

THAILAND — 9.2%
Advanced Info Service PCL		30		187
Advanced Info Service PCL NVDR		1,521,745		9,475,530
BEC World PCL NVDR		881,100		776,834
BTS Group Holdings PCL NVDR		17,323,200		4,653,566
Intouch Holdings PCL NVDR		3,445,222		6,905,632
Krung Thai Bank PCL NVDR		4,957,300		2,335,579
Land and Houses PCL NVDR		8,282,614		1,837,031
Tisco Financial Group PCL NVDR		915,200		895,153
TTW PCL NVDR		1,721,141		516,888

				27,396,400

TURKEY — 7.4%
Eregli Demir ve Celik Fabrikalari TAS		5,452,929		6,717,670
Tofas Turk Otomobil Fabrikasi AS		625,325		3,707,236
Turk Telekomunikasyon AS		1,918,246		3,782,323
Turk Traktor ve Ziraat Makineleri AS		31,263		756,342
Turkcell Iletisim Hizmetleri AS		2,068,086		7,206,113

				22,169,684

TOTAL COMMON STOCKS —
(Cost $399,538,361)				296,297,964

SHORT TERM INVESTMENT — 5.8%
UNITED STATES — 5.8%
MONEY MARKET FUND — 5.8%
State Street Navigator Securities Lending Prime Portfolio (c)(d) (Cost $17,309,750)		17,309,750		17,309,750

TOTAL INVESTMENTS — 105.2%
(Cost $416,848,111)				313,607,714
OTHER ASSETS & LIABILITIES — (5.2)%				(15,444,971	)

NET ASSETS — 100.0%			$	298,162,743

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

257

SPDR S&P BRIC 40 ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.6%
BRAZIL — 11.2%
Ambev SA ADR		473,674	$	2,321,002
Banco Bradesco SA Preference Shares ADR		262,528		1,407,150
BRF SA ADR		68,705		1,222,262
Itau Unibanco Holding SA Preference Shares ADR		315,763		2,090,351
Petroleo Brasileiro SA ADR (a)(b)		154,936		673,972
Ultrapar Participacoes SA ADR		45,129		754,557
Vale SA ADR (a)		154,015		646,863

				9,116,157

CHINA — 52.8%
Agricultural Bank of China, Ltd. (Class H)		2,476,000		936,082
Alibaba Group Holding, Ltd. ADR (a)(b)		38,439		2,266,748
Baidu, Inc. ADR (b)		28,396		3,901,894
Bank of China, Ltd. (Class H)		7,127,254		3,062,400
Bank of Communications Co., Ltd. (Class H)		2,148,000		1,488,346
China Construction Bank Corp. (Class H)		8,495,610		5,645,433
China Life Insurance Co., Ltd. (Class H)		773,000		2,673,067
China Merchants Bank Co., Ltd. (Class H)		474,860		1,145,784
China Petroleum & Chemical Corp. (Class H)		2,653,174		1,612,435
China Shenhua Energy Co., Ltd. (Class H)		354,000		540,817
China Telecom Corp., Ltd. (Class H)		1,440,000		693,053
Hengan International Group Co., Ltd.		81,500		792,385
Industrial & Commercial Bank of China, Ltd. (Class H)		8,479,960		4,880,049
PetroChina Co., Ltd. (Class H)		2,194,171		1,520,338
Ping An Insurance Group Co. of China, Ltd. (Class H)		410,000		2,028,826
Tencent Holdings, Ltd.		554,826		9,256,586
Want Want China Holdings, Ltd. (a)		712,000		584,296

				43,028,539

HONG KONG — 13.9%
China Mobile, Ltd.		572,000		6,775,389
China Overseas Land & Investment, Ltd.		416,560		1,257,734
CITIC, Ltd.		567,000		1,031,568
CNOOC, Ltd.		1,671,221		1,710,025
Lenovo Group, Ltd. (a)		652,000		549,359

				11,324,075

INDIA — 11.2%
HDFC Bank, Ltd. ADR		41,008		2,505,179
ICICI Bank, Ltd. ADR		145,659		1,220,622
Infosys, Ltd. ADR (a)		200,411		3,825,846
Reliance Industries, Ltd. GDR (c)		44,070		1,145,820
Tata Motors, Ltd. ADR (b)		19,811		445,748

				9,143,215

RUSSIA — 10.5%
Gazprom PAO ADR		615,252		2,473,313
Lukoil PJSC ADR (d)		1,675		57,051
Lukoil PJSC ADR (d)		52,270		1,775,089
Magnit PJSC GDR		29,993		1,432,766
MMC Norilsk Nickel PJSC ADR		50,812		728,898
Sberbank of Russia ADR (d)		14,597		71,817
Sberbank of Russia ADR (d)		264,807		1,306,955
Tatneft PAO ADR		25,201		704,368

				8,550,257

TOTAL COMMON STOCKS —
(Cost $120,749,550)				81,162,243

SHORT TERM INVESTMENTS — 3.6%
UNITED STATES — 3.6%
MONEY MARKET FUNDS — 3.6%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		2,786,086		2,786,086
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g)		153,764		153,764

TOTAL SHORT TERM INVESTMENTS —
(Cost $2,939,850)				2,939,850

TOTAL INVESTMENTS — 103.2%
(Cost $123,689,400)				84,102,093
OTHER ASSETS & LIABILITIES — (3.2)%				(2,597,563	)

NET ASSETS — 100.0%			$	81,504,530


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 1.4% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PJSC = Public Joint Stock Company

See accompanying notes to financial statements.

258

SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.7%
BRITISH VIRGIN ISLANDS — 0.1%
Lenta, Ltd. GDR (a)		6,772	$	50,790

CYPRUS — 0.2%
QIWI PLC ADR		4,217		67,978
TCS Group Holding PLC GDR		11,259		19,703

				87,681

CZECH REPUBLIC — 2.6%
CEZ AS		28,466		591,889
Komercni Banka AS		2,152		465,849

				1,057,738

GREECE — 4.7%
Aegean Airlines SA		4,532		33,945
Alpha Bank AE (a)		628,815		75,105
Athens Water Supply & Sewage Co. SA		4,219		26,844
Costamare, Inc.		3,124		38,331
Diana Shipping, Inc. (a)		3,488		22,602
DryShips, Inc. (a)		37,965		6,408
Ellaktor SA (a)		16,909		28,878
Eurobank Ergasias SA (a)		755,485		18,553
FF Group (a)		4,549		92,416
Fourlis Holdings SA (a)		6,257		17,391
GEK Terna Holding Real Estate Construction SA (a)		11,930		22,372
Grivalia Properties REIC AE		5,644		50,149
Hellenic Exchanges — Athens Stock Exchange SA		9,772		53,995
Hellenic Petroleum SA		8,054		48,098
Hellenic Telecommunications Organization SA		33,543		292,050
Intralot SA — Integrated Lottery Systems & Services (a)		18,763		35,605
JUMBO SA		14,994		131,386
Lamda Development SA (a)		3,941		20,368
Marfin Investment Group Holdings SA (a)		80,496		6,739
Metka SA		3,821		31,520
Motor Oil Hellas Corinth Refineries SA (a)		8,247		99,422
Mytilineos Holdings SA (a)		11,377		59,053
National Bank of Greece SA (a)		226,753		97,449
Navios Maritime Holdings, Inc. (b)		6,219		15,485
OPAP SA		28,289		255,147
Piraeus Bank SA (a)		237,075		20,642
Piraeus Port Authority SA		1,084		18,259
Public Power Corp. SA		16,032		83,573
Safe Bulkers, Inc.		2,731		7,538
Terna Energy SA (a)		8,176		24,915
Titan Cement Co. SA		7,359		165,933
Tsakos Energy Navigation, Ltd.		2,886		23,463

				1,923,634

HUNGARY — 3.2%
Magyar Telekom Telecommunications PLC (a)		97,366		135,327
MOL Hungarian Oil & Gas PLC		8,350		363,638
OTP Bank PLC		25,720		495,426
Richter Gedeon NyRt		18,337		291,131

				1,285,522

MONACO — 0.1%
GasLog, Ltd. (b)		4,910		47,234

POLAND — 19.9%
Alior Bank SA (a)		6,155		128,197
AmRest Holdings SE (a)		794		34,245
Asseco Poland SA		16,345		232,158
Bank Handlowy w Warszawie SA		4,410		93,708
Bank Millennium SA (a)		80,164		123,960
Bank Pekao SA		20,173		819,111
Bank Zachodni WBK SA (a)		4,130		318,774
Budimex SA		1,383		72,704
CCC SA		2,971		128,097
Cyfrowy Polsat SA (a)		22,593		138,854
Echo Investment SA (a)		84,057		143,685
Enea SA		16,980		60,328
Energa SA		26,833		118,974
Eurocash SA		10,253		120,473
Getin Holding SA (a)		59,642		23,370
Getin Noble Bank SA (a)		181,122		40,963
Globe Trade Centre SA (a)(c)		52,729		86,667
Grupa Azoty SA (a)		3,525		82,040
Grupa Kety SA		427		32,565
Grupa Lotos SA (a)		11,552		84,911
ING Bank Slaski SA		3,670		115,045
Jastrzebska Spolka Weglowa SA (a)		2,562		7,681
KGHM Polska Miedz SA		21,287		458,763
KRUK SA		2,011		92,074
LPP SA		110		226,217
Lubelski Wegiel Bogdanka SA		7,438		111,104
mBank SA (a)		2,369		216,182
Netia SA		161,637		238,042
Orange Polska SA		120,274		229,949
PGE Polska Grupa Energetyczna SA		103,788		367,928
Polski Koncern Naftowy Orlen SA		44,043		766,761
Polskie Gornictwo Naftowe i Gazownictwo SA		249,224		427,329
Powszechna Kasa Oszczednosci Bank Polski SA (a)		126,101		975,964
Powszechny Zaklad Ubezpieczen SA		7,575		776,315
Synthos SA		82,458		81,969
Tauron Polska Energia SA		227,977		196,648

				8,171,755

RUSSIA — 49.4%
AK Transneft OAO Preference Shares (a)		215		483,379
Alrosa PAO (a)		315,786		276,288
Bashneft OAO Preference Shares (a)		4,180		91,366
Bashneft PAO (a)		2,905		76,426
CTC Media, Inc.		9,086		15,900
E.ON Russia JSC (a)		895,000		38,893
Etalon Group, Ltd. GDR		14,218		23,389
Eurasia Drilling Co., Ltd. GDR		7,298		67,142
Evraz PLC (a)		66,597		73,540
Gazprom Neft OAO ADR (d)		3		33
Gazprom Neft OAO ADR (d)		5,996		66,316
Gazprom PAO ADR		834,644		3,355,269

See accompanying notes to financial statements.

259

SPDR S&P Emerging Europe ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Globaltrans Investment PLC GDR (a)		11,765	$	47,295
LSR Group PJSC GDR		29,386		53,189
Lukoil PJSC ADR		61,311		2,082,122
Magnit PJSC GDR		31,340		1,497,112
Mail.ru Group, Ltd. GDR (a)		14,541		253,013
Mechel ADR (a)		21,209		19,300
MegaFon PJSC GDR		14,420		175,203
MMC Norilsk Nickel PJSC ADR		73,368		1,052,464
Mobile Telesystems OJSC (a)		38,158		123,828
Mobile TeleSystems PJSC ADR		76,477		552,164
Moscow Exchange MICEX-RTS PJSC		169,814		206,942
NOVATEK OAO GDR		11,671		1,079,567
Novolipetsk Steel OJSC GDR		12,976		148,575
O’Key Group SA GDR		5,475		8,760
PhosAgro OAO GDR		13,049		180,076
PIK Group PJSC GDR		52,582		152,488
Polymetal International PLC		32,564		280,420
Polyus Gold International, Ltd.		94,180		274,619
Rosneft OAO GDR		168,590		622,097
Rostelecom PJSC ADR (d)		26,665		209,054
Rostelecom PJSC ADR (d)		4		32
RusHydro PJSC ADR (d)		136,311		139,037
RusHydro PJSC ADR (d)		8,194		7,702
Sberbank of Russia (a)		1,540,110		1,765,802
Sberbank of Russia ADR		25,471		125,712
Severstal PAO GDR		31,743		336,476
Sistema JSFC GDR		26,457		182,024
Surgutneftegas OAO ADR		156,539		799,132
Surgutneftegas OAO Preference Shares (a)		1,084,900		645,755
Tatneft PAO ADR		32,489		908,068
TMK PAO GDR		6,631		20,490
United Co. RUSAL PLC (a)		159,134		63,858
Uralkali PJSC GDR (a)		18,028		267,355
VimpelCom, Ltd. ADR		31,217		128,458
VTB Bank PJSC GDR		346,470		699,869
X5 Retail Group NV GDR (a)		14,978		260,617
Yandex NV (a)		30,353		325,688

				20,262,304

TURKEY — 19.5%
Akbank TAS		244,403		547,288
Anadolu Anonim Turk Sigorta Sirketi		210,667		104,368
Anadolu Efes Biracilik Ve Malt Sanayii AS		34,840		245,672
Arcelik AS		70,101		341,504
BIM Birlesik Magazalar AS		27,880		494,018
Coca-Cola Icecek AS		6,960		79,536
Dogan Sirketler Grubu Holdings AS (a)		272,941		45,975
Dogus Otomotiv Servis ve Ticaret AS		30,010		96,143
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		292,370		242,374
Enka Insaat ve Sanayi AS		163,988		270,808
Eregli Demir ve Celik Fabrikalari TAS		285,056		351,171
Ford Otomotiv Sanayi AS		5,905		62,994
Haci Omer Sabanci Holding AS		162,031		474,681
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		115,915		47,472
KOC Holding AS		160,702		626,301
Kombassan Holdings AS (a)		16,396		10,181
Koza Altin Isletmeleri AS		4,041		29,296
Petkim Petrokimya Holding AS (a)		25,323		33,455
TAV Havalimanlari Holding AS		15,877		124,541
Tekfen Holding AS		8,445		11,659
Tofas Turk Otomobil Fabrikasi AS		7,802		46,254
Tupras-Turkiye Petrol Rafinerileri AS (a)		22,378		547,671
Turk Hava Yollari AO (a)		158,796		418,001
Turk Sise ve Cam Fabrikalari AS		90,290		85,586
Turk Telekomunikasyon AS		42,468		83,737
Turkcell Iletisim Hizmetleri AS		127,321		443,642
Turkiye Garanti Bankasi AS		364,789		846,988
Turkiye Halk Bankasi AS		81,865		273,086
Turkiye Is Bankasi (Class C)		207,775		323,217
Turkiye Sinai Kalkinma Bankasi AS		105,412		49,090
Turkiye Vakiflar Bankasi Tao (Class D)		101,880		128,875
Ulker Biskuvi Sanayi AS		23,381		147,881
Vestel Elektronik Sanayi ve Ticaret AS (a)		32,407		42,599
Yapi ve Kredi Bankasi AS		201,813		224,625
Yazicilar Holding AS (Class A)		13,756		73,602

				7,974,291

TOTAL COMMON STOCKS —
(Cost $85,575,722)				40,860,949

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Navigator Securities Lending Prime Portfolio (e)(f) (Cost $47,805)		47,805		47,805

TOTAL INVESTMENTS — 99.8%
(Cost $85,623,527)				40,908,754
OTHER ASSETS & LIABILITIES — 0.2%				100,302

NET ASSETS — 100.0%			$	41,009,056


(a)		Non-income producing security
(b)		All or a portion of the security was on loan at September 30, 2015.
(c)		Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(d)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

OJSC = Open Joint Stock Company

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

260

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.4%
BRAZIL — 43.3%
AES Tiete SA Preference Shares		14,540	$	51,376
Ambev SA ADR		215,469		1,055,798
B2W Cia Digital (a)		7,347		27,418
Banco Bradesco SA		11,546		68,488
Banco Bradesco SA Preference Shares ADR		144,079		772,263
Banco do Brasil SA		34,407		131,339
Banco do Brasil SA ADR		19,566		74,351
Banco Santander Brazil SA ADS ADR		21,900		68,985
BB Seguridade Participacoes SA		32,604		203,143
Bematech SA		10,211		25,643
BM&FBovespa SA		86,795		241,512
BR Malls Participacoes SA		18,806		49,401
BR Properties SA		9,944		26,721
Bradespar SA Preference Shares		20,229		41,657
Braskem SA Preference Shares ADR (b)		5,148		43,398
BRF SA		12,127		214,981
BRF — Brasil Foods SA ADR		22,793		405,487
BTG Pactual Grupo		10,823		71,674
CCR SA		50,521		154,407
Centrais Eletricas Brasileiras SA (a)		2,775		3,659
Centrais Eletricas Brasileiras SA ADR (a)		20,194		26,050
CETIP SA — Mercados Organizados		11,837		97,801
Cia Energetica de Sao Paulo Preference Shares (Class B)		17,859		68,217
Cia Hering		7,210		25,440
Cia Paranaense de Energia Preference Shares		9,772		80,101
Cielo SA		37,764		347,676
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR (b)		8,788		110,202
Companhia de Saneamento Basico do Estado de Sao Paulo		25,940		103,188
Companhia Energetica de Minas Gerais ADR		50,137		89,244
Companhia Siderurgica Nacional SA ADR (b)		40,652		38,957
Cosan Logistica SA		11,577		3,373
Cosan SA Industria e Comercio		11,577		58,525
Cosan, Ltd. BDR		8,184		23,430
CPFL Energia SA ADR (a)		13,782		103,365
Cyrela Brazil Realty SA		24,259		50,383
Duratex SA		47,589		70,273
EDP — Energias do Brasil SA		3,600		10,379
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares (a)		3,200		8,800
Embraer SA		34,573		221,402
Equatorial Energia SA		5,700		48,469
Estacio Participacoes SA		15,134		53,589
Fibria Celulose SA ADR (b)		12,706		172,293
Fleury SA		2,700		11,018
Gafisa SA (a)		17,074		8,661
Gerdau SA ADR (b)		33,429		45,798
Gerdau SA Preference Shares		6,503		8,933
Gol Linhas Aereas Inteligentes SA Preference Shares (a)		11,082		10,214
GP Investments, Ltd. BDR (a)		6,036		9,853
Hypermarcas SA (a)		17,628		67,644
Itau Unibanco Holding SA Preference Shares ADR		165,662		1,096,682
Itausa — Investimentos Itau SA Preference Shares		172,662		309,599
Itausa — Investimentos Itau SA		45,164		86,314
JBS SA		44,499		187,743
Kepler Weber SA		4,186		22,055
Klabin SA		29,915		164,377
Kroton Educacional SA		64,846		125,557
Linx SA		2,530		27,956
Localiza Rent a Car SA		7,332		45,002
Lojas Americanas SA Preference Shares		31,925		129,882
Lojas Renner SA		42,100		194,538
M Dias Branco SA		662		9,659
Marfrig Global Foods SA (a)		8,600		15,485
Metalurgica Gerdau SA Preference Shares		18,437		13,520
Minerva SA (a)		2,995		10,034
MRV Engenharia e Participacoes SA		6,129		9,374
Multiplan Empreendimentos Imobiliarios SA		4,476		47,661
Multiplus SA		1,200		9,634
Natura Cosmeticos SA		12,038		58,951
Odontoprev SA		5,900		14,150
Oi SA (a)		28		22
Oi SA Preference Shares (a)		305		214
Oi SA, ADR (a)(c)		5,023		3,416
Oi SA, ADR (a)(b)(c)		17,792		12,027
Ouro Fino Saude Animal Participacoes SA		1,222		10,281
PDG Realty SA Empreendimentos e Participacoes (a)		63,510		957
Petroleo Brasileiro SA ADR (a)(b)		63,021		274,141
Petroleo Brasileiro SA Preference Shares ADR (a)		106,778		392,943
Porto Seguro SA		4,500		34,016
Prumo Logistica SA (a)		53,736		7,962
Qualicorp SA		7,970		29,703
Raia Drogasil SA		5,400		53,024
Rumo Logistica Operadora Multimodal SA (a)		10,126		15,283
Sao Martinho SA		1,100		10,829
Smiles SA		1,508		11,380
Somos Educacao SA		5,891		19,380
Souza Cruz SA		26,777		180,219
Sul America SA		6,500		29,138
Suzano Papel e Celulose SA Preference Shares (Class A)		22,400		108,514
Telefonica Brasil SA Preference Shares		23,415		215,630
Tim Participacoes SA		12,342		23,277
Tim Participacoes SA ADR (b)		8,029		75,874
Totvs SA		7,077		53,567
Tractebel Energia SA ADR		9,806		84,234
Transmissora Alianca de Energia Electrica SA		5,800		27,777

See accompanying notes to financial statements.

261

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Ultrapar Participacoes SA ADR		23,836	$	398,538
Usinas Siderurgicas de Minas Gerais SA ADR (b)		24,185		20,557
Usinas Siderurgicas de Minas Gerais SA Preference Shares (Class A)		10,028		8,437
Vale SA ADR (b)		56,034		235,343
Vale SA Preference Shares ADR		118,217		396,027
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		1,200		13,790
Weg SA		29,348		113,870

				11,143,522

CHILE — 10.8%
Antarchile SA		13,015		127,964
Banco de Chile ADR		3,069		192,733
Banco de Credito e Inversiones		5,026		203,527
Banco Santander Chile ADR		3,595		65,501
Banmedica SA		13,988		22,756
Bupa Chile SA		45,000		34,747
CAP SA		7,672		20,104
Cencosud SA		85,334		165,783
Cia Cervecerias Unidas SA		6,000		66,008
Coca-Cola Embonor SA Preference Shares (Class B)		5,680		9,354
Colbun SA		82,815		21,290
Embotelladora Andina SA Preference Shares (Class B)		14,145		48,842
Empresa Nacional de Electricidad SA ADR		8,413		298,746
Empresas AquaChile SA (a)		22,933		7,889
Empresas CMPC SA		98,171		252,073
Empresas COPEC SA		35,990		325,796
Enersis SA ADR		25,399		321,043
Gasco SA		2,593		17,316
Grupo Security SA		41,244		11,676
Latam Airlines Group SA ADR (a)(b)		20,448		99,786
SACI Falabella		62,168		384,323
Sociedad Matriz SAAM SA		80,937		5,371
Sociedad Quimica y Minera de Chile SA ADR (b)		3,851		55,994
Sonda SA		18,679		27,892
Vina Concha y Toro SA		1,680		2,778

				2,789,292

COLOMBIA — 5.8%
Almacenes Exito SA		11,845		50,877
Banco Davivienda SA Preference Shares		6,813		52,922
Banco de Bogota SA		4,090		78,166
BanColombia SA		11,973		91,995
BanColombia SA ADR (b)		6,814		219,411
Bolsa de Valores de Colombia		1,214,855		6,493
Celsia SA ESP		12,429		14,373
Cementos Argos SA		15,567		47,602
Corp Financiera Colombiana SA		4,734		58,241
Ecopetrol SA ADR		10,892		93,671
Empresa de Energia de Bogota SA		103,073		58,095
Empresa de Telecomunicaciones de Bogota		58,718		10,880
Grupo Argos SA		17,450		101,180
Grupo Argos SA/Colombia Preference Shares		5,293		29,627
Grupo Aval Acciones y Valores SA		243,693		93,147
Grupo Aval Acciones y Valores SA Preference Shares		254,289		96,786
Grupo de Inversiones Suramericana SA		12,710		147,721
Grupo de Inversiones Suramericana SA Preference Shares		4,083		46,820
Grupo Nutresa SA		14,297		96,236
Grupo Odinsa SA (a)		876		2,554
Interconexion Electrica SA ESP		18,147		42,030
Isagen SA ESP		39,773		37,104
Organizacion Terpel SA		1,985		9,002

				1,484,933

LUXEMBOURG — 0.1%
Ternium SA ADR		1,078		13,249

MEXICO — 35.5%
Alfa SAB de CV (Class A)		200,034		389,167
Alsea SAB de CV		14,600		43,266
America Movil SAB de CV (Series L) (b)		1,589,556		1,315,035
Arca Continental SAB de CV		15,726		88,324
Asesor de Activos Prisma SAPI de CV REIT (a)		20,800		18,325
Axtel SAB de CV (a)		49,500		23,104
Banregio Grupo Financiero SAB de CV		2,029		10,828
Bolsa Mexicana de Valores SAB de CV		6,532		10,218
Cemex SAB de CV (a)		676,141		470,397
Coca-Cola FEMSA SAB de CV (Series L)		23,924		165,905
Concentradora Fibra Danhos SA de CV		38,405		80,949
Concentradora Fibra Hotelera Mexicana SA de CV		20,400		20,464
Concentradora Hipotecaria SAPI de CV		20,100		30,802
Controladora Comercial Mexicana SAB de CV		5,643		16,346
Controladora Vuela Cia de Aviacion SAB de CV (Class A) (a)		26,500		39,547
Corp Actinver SAB de CV (a)		19,500		17,490
Corp Inmobiliaria Vesta SAB de CV (b)		12,600		19,681
Corporacion GEO SAB de CV (a)(b)(d)		71,361		0
Desarrolladora Homex SAB de CV (a)(e)		28,753		827
El Puerto de Liverpool SAB de CV		14,737		190,905
Empresas ICA SAB de CV (a)(b)		40,562		17,018
Fibra Shop Portafolios Inmobiliarios SAPI de CV		17,400		17,208
Fibra Uno Administracion SA de CV REIT		99,312		204,581
Fomento Economico Mexicano SAB de CV		107,753		961,824
Genomma Lab Internacional SAB de CV (Class B) (a)		29,424		24,429
Gentera SAB de CV (b)		35,512		57,983
Gruma SAB de CV (Class B)		12,683		175,725
Grupo Aeromexico SAB de CV (a)		8,600		13,438
Grupo Aeroportuario del Centro Norte Sab de CV (a)(b)		6,500		32,150

See accompanying notes to financial statements.

262

SPDR S&P Emerging Latin America ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Grupo Aeroportuario del Pacifico SAB de CV (Class B)		11,975	$	103,888
Grupo Aeroportuario del Sureste SAB de CV (Class B) (b)		17,887		272,610
Grupo Bimbo SAB de CV (a)(b)		56,386		142,439
Grupo Carso SAB de CV		30,869		137,999
Grupo Comercial Chedraui SA de CV		3,700		9,617
Grupo Elektra SA de CV (b)		3,629		62,191
Grupo Financiero Banorte SAB de CV		132,981		649,731
Grupo Financiero Inbursa SAB de CV		170,889		352,331
Grupo Financiero Santander Mexico SAB de CV (Class B) (b)		71,769		106,044
Grupo GICSA SA de CV (a)		44,500		37,340
Grupo Herdez SAB de CV		8,600		22,689
Grupo Industrial Maseca SAB de CV (Class B)		7,400		10,283
Grupo Industrial Saltillo SAB de CV		8,000		15,243
Grupo Lala SAB de CV		9,800		23,097
Grupo Lamosa SAB de CV		6,600		11,956
Grupo Mexico SAB de CV (Series B)		182,847		441,506
Grupo Televisa SA de CV ADR		833		21,675
Grupo Televisa SAB		104,006		541,303
Hoteles City Express SAB de CV (a)		15,300		19,628
Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)		50,522		98,589
Industrias Bachoco SAB de CV, (Series B)		2,800		14,214
Industrias Penoles SAB de CV		6,393		86,928
Infraestructura Energetica Nova SAB de CV (b)		2,400		9,777
Kimberly-Clark de Mexico SAB de CV (Class A)		99,821		225,185
Medica Sur SAB de CV, Series B		7,500		22,128
Megacable Holdings SAB de CV		10,463		37,964
Mexichem SAB de CV		44,333		108,591
Mexico Real Estate Management SA de CV (a)		17,300		21,795
Minera Frisco SAB de CV (a)(b)		36,725		19,179
Nemak SAB de CV (a)(e)		89,900		108,484
OHL Mexico SAB de CV (a)		23,754		30,543
PLA Administradora Industrial S de RL de CV (a)		14,100		25,601
Promotora y Operadora de Infraestructura SAB de CV (a)		13,170		144,548
TV Azteca SAB de CV		190,594		30,029
Unifin Financiera SAPI de CV (a)		4,500		10,247
Urbi Desarrollos Urbanos SA de CV (a)(b)(d)		86,307		0
Vitro SAB de CV, (Series A)		2,800		6,336
Wal-Mart de Mexico SAB de CV (b)		284,785		697,563

				9,135,207

PANAMA — 0.3%
InRetail Peru Corp. (a)(e)		2,942		35,157
Intercorp Financial Services, Inc.		1,245		31,735

				66,892

PERU — 3.5%
Alicorp SAA (a)		25,766		40,637
Compania de Minas Buenaventura SA ADR		11,967		71,323
Compania Minera Milpo SA		69,281		38,501
Credicorp, Ltd.		3,122		332,056
Empresa de Distribucion Electrica de Lima Norte SAA		9,232		13,930
Enersur SA		8,613		20,055
Ferreyros SAA		33,776		13,213
Grana y Montero SA		7,037		5,680
Luz del Sur SAA		8,502		26,264
Minsur SA		103,547		24,111
Southern Copper Corp. (b)		10,707		286,091
Volcan Compania Minera SAA (Class B)		222,875		26,156

				898,017

SPAIN — 0.1%
Cemex Latam Holdings SA (a)		6,408		25,531

TOTAL COMMON STOCKS —
(Cost $57,733,708)				25,556,643

SHORT TERM INVESTMENTS — 7.8%
UNITED STATES — 7.8%
MONEY MARKET FUNDS — 7.8%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		1,984,900		1,984,900
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h)		31,061		31,061

TOTAL SHORT TERM INVESTMENTS —
(Cost $2,015,961)				2,015,961

TOTAL INVESTMENTS — 107.2%
(Cost $59,749,669)				27,572,604
OTHER ASSETS & LIABILITIES — (7.2)%				(1,859,423	)

NET ASSETS — 100.0%			$	25,713,181


(a)		Non-income producing security
(b)		All or a portion of the security was on loan at September 30, 2015.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(f)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.6% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(i)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

ADS = American Depositary Shares

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

263

SPDR S&P Emerging Middle East & Africa ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.7%
EGYPT — 3.7%
Arab Cotton Ginning		24,607	$	8,485
Commercial International Bank Egypt SAE		102,168		692,468
Eastern Tobacco		2,451		67,282
Edita Food Industries SAE (a)		6,797		29,523
Egyptian Financial Group-Hermes Holding Co. (a)		58,135		59,916
Egyptian Kuwait Holding Co.		100,146		58,085
ElSewedy Electric Co. (a)		13,130		72,105
Ezz Steel (a)		34,769		40,364
Global Telecom Holding SAE GDR (a)		56,836		65,361
Juhayna Food Industries		66,518		68,217
Maridive & Oil Services SAE (a)		29,309		9,086
Palm Hills Developments SAE (a)		106,577		27,086
Sidi Kerir Petrochemicals Co.		38,606		64,047
Six of October Development & Investment Co. (a)		40,557		46,358
Talaat Moustafa Group		143,006		124,193
Telecom Egypt Co.		62,962		56,127

				1,488,703

QATAR — 9.9%
Aamal Co.		16,725		61,995
Al Khalij Commercial Bank QSC		9,803		57,870
Al Meera Consumer Goods Co. QSC		756		51,852
Barwa Real Estate Co.		10,606		124,346
Commercial Bank QSC		12,941		200,402
Doha Bank QSC		10,153		139,943
Gulf International Services QSC		5,066		90,413
Industries Qatar QSC		7,256		245,051
Mannai Corp. QSC		375		10,451
Masraf Al Rayan QSC		40,067		473,053
Medicare Group		766		35,544
Ooredoo QSC		13,268		280,511
Qatar Electricity & Water Co. QSC		2,999		172,428
Qatar Gas Transport Co., Ltd.		15,100		92,290
Qatar Insurance Co. SAQ		8,463		216,336
Qatar International Islamic Bank QSC		4,126		84,626
Qatar Islamic Bank SAQ		6,440		202,109
Qatar National Bank SAQ		19,072		981,865
Qatar National Cement Co. QSC		1,471		42,409
Qatar Navigation QSC		3,122		83,835
Qatari Investors Group QSC		3,385		40,430
Salam International Investment Co.		6,973		23,626
United Development Co. QSC		9,651		62,007
Vodafone Qatar QSC		50,694		189,021

				3,962,413

SOUTH AFRICA — 75.7%
Adcock Ingram Holdings, Ltd.		16,255		58,662
Adcorp Holdings, Ltd.		8,073		16,389
Advtech, Ltd.		29,963		26,632
AECI, Ltd.		13,514		89,829
African Bank Investments, Ltd. (a)(b)		258,160		0
African Oxygen, Ltd.		14,847		16,160
African Rainbow Minerals, Ltd.		13,721		51,472
Alexander Forbes Group Holdings, Ltd.		44,304		24,512
Allied Electronics Corp., Ltd.		30,537		15,680
Anglo American Platinum, Ltd. (a)		7,040		116,636
AngloGold Ashanti, Ltd. (a)		43,836		347,118
Aquarius Platinum, Ltd. (a)		158,404		15,716
ArcelorMittal South Africa, Ltd. (a)(c)		19,002		11,750
Arrowhead Properties, Ltd. (Class A)		68,440		47,517
Ascendis Health, Ltd.		28,841		33,791
Aspen Pharmacare Holdings, Ltd. (a)		31,303		665,588
Assore, Ltd. (c)		6,573		35,339
Astral Foods, Ltd.		6,024		75,867
Attacq, Ltd. (a)(c)		73,521		116,713
Aveng, Ltd. (a)(c)		55,621		14,482
AVI, Ltd.		28,436		180,072
Barclays Africa Group, Ltd.		35,122		432,326
Barloworld, Ltd.		20,913		114,041
Bidvest Group, Ltd. (c)		30,509		719,798
Blue Label Telecoms, Ltd.		35,989		25,638
Brait SE (a)(c)		30,113		305,987
Capevin Holdings, Ltd.		21,007		14,631
Capital Property Fund, Ltd.		159,137		180,694
Capitec Bank Holdings, Ltd.		5,908		214,067
Cashbuild, Ltd.		1,971		43,478
Caxton and CTP Publishers and Printers, Ltd.		11,142		15,302
City Lodge Hotels, Ltd.		3,693		38,327
Clicks Group, Ltd.		22,810		148,190
Clover Industries, Ltd.		15,063		20,143
Consolidated Infrastructure Group, Ltd. (a)		4,068		9,724
Coronation Fund Managers, Ltd.		30,511		144,071
Curro Holdings, Ltd. (a)		12,731		33,331
DataTec, Ltd.		20,015		89,747
Delta Property Fund, Ltd.		31,880		18,215
Discovery, Ltd.		39,528		393,536
Distell Group, Ltd.		2,321		29,208
Emira Property Fund, Ltd.		31,838		40,664
EOH Holdings, Ltd.		9,697		104,165
Exxaro Resources, Ltd. (c)		14,835		56,327
Famous Brands, Ltd.		6,165		60,192
FirstRand, Ltd. (c)		344,271		1,223,759
Foschini Group, Ltd.		17,921		181,880
Gold Fields, Ltd.		77,286		201,501
Grindrod, Ltd. (c)		70,186		74,922
Group Five, Ltd.		15,314		20,822
Growthpoint Properties, Ltd. REIT		224,320		416,128
Harmony Gold Mining Co., Ltd. (a)(c)		53,075		33,126
Hosken Consolidated Investments, Ltd.		6,486		64,733
Hudaco Industries, Ltd.		3,475		27,298
Hyprop Investments, Ltd.		19,422		169,555
Illovo Sugar, Ltd.		28,140		33,254
Impala Platinum Holdings, Ltd. (a)		59,966		166,623
Imperial Holdings, Ltd.		21,610		264,971
Investec, Ltd.		24,568		188,076
Italtile, Ltd.		6,466		5,799
JSE, Ltd.		10,920		101,879
KAP Industrial Holdings, Ltd.		72,792		33,745
Kumba Iron Ore, Ltd. (c)		6,321		35,886
Lewis Group, Ltd. (c)		12,396		55,583
Liberty Holdings, Ltd.		9,966		90,996
Life Healthcare Group Holdings, Ltd.		97,720		251,668

See accompanying notes to financial statements.

264

SPDR S&P Emerging Middle East & Africa ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Massmart Holdings, Ltd.		13,158	$	102,870
Mediclinic International, Ltd.		47,460		379,042
Merafe Resources, Ltd.		230,552		11,672
MMI Holdings, Ltd. (c)		88,998		153,125
Mondi, Ltd.		12,255		257,216
Mpact, Ltd.		19,277		67,059
Mr. Price Group, Ltd.		25,468		355,487
MTN Group, Ltd.		161,665		2,081,172
Murray & Roberts Holdings, Ltd.		59,259		50,143
Nampak, Ltd.		56,272		104,999
Naspers, Ltd. (Class N)		43,674		5,466,467
Nedbank Group, Ltd.		18,916		300,560
Netcare, Ltd.		155,852		409,158
Northam Platinum, Ltd. (a)		41,587		80,996
Oceana Group, Ltd. (c)		4,455		31,060
Octodec Investments, Ltd.		10,091		18,501
Omnia Holdings, Ltd.		6,956		75,008
Pick n Pay Stores, Ltd. (c)		18,331		87,897
Pick’ n Pay Holdings, Ltd.		33,499		68,200
Pioneer Foods Group, Ltd.		12,746		180,455
PPC, Ltd. (c)		54,071		66,870
PSG Group, Ltd. (c)		7,435		119,642
Rand Merchant Insurance Holdings, Ltd.		77,791		233,030
Raubex Group, Ltd.		18,949		23,969
Redefine Properties, Ltd.		422,548		357,548
Remgro, Ltd.		47,180		860,275
Resilient Property Income Fund, Ltd.		34,620		290,466
Reunert, Ltd.		16,015		70,653
Rhodes Food Group Pty, Ltd. (a)		6,765		10,999
RMB Holdings, Ltd. (c)		78,247		373,041
SA Corporate Real Estate Fund Nominees Pty, Ltd.		155,757		57,337
Sanlam, Ltd.		173,197		749,055
Santam, Ltd.		1,389		22,703
Sappi, Ltd. (a)		50,603		155,538
Sasol, Ltd. (c)		53,492		1,499,494
Shoprite Holdings, Ltd.		41,057		466,661
Sibanye Gold, Ltd.		78,267		88,812
Spar Group, Ltd.		15,622		209,016
Spur Corp., Ltd.		3,871		9,239
Standard Bank Group, Ltd.		126,211		1,232,262
Steinhoff International Holdings, Ltd. (c)		315,094		1,934,728
Sun International, Ltd.		11,574		72,824
Super Group, Ltd. (a)		14,954		31,277
Telkom SA SOC, Ltd.		30,414		146,362
Tiger Brands, Ltd.		20,882		460,304
Tongaat Hulett, Ltd.		12,407		96,792
Trencor, Ltd.		13,377		50,588
Truworths International, Ltd. (c)		39,031		239,995
Tsogo Sun Holdings, Ltd.		41,945		73,412
Vodacom Group, Ltd.		55,156		548,488
Vukile Property Fund, Ltd.		26,525		35,336
Wilson Bayly Holmes-Ovcon, Ltd.		4,673		37,510
Woolworths Holdings, Ltd.		81,116		567,877
Zeder Investments, Ltd.		53,651		26,967

				30,354,088

UNITED ARAB EMIRATES — 10.4%
Abu Dhabi Commercial Bank PJSC		181,849		378,764
Agthia Group PJSC		16,841		36,682
Air Arabia PJSC		249,308		95,030
Ajman Bank PJSC (a)		28,553		13,605
Al Waha Capital PJSC		103,881		62,789
Aldar Properties PJSC		342,893		224,061
Arabtec Holding PJSC (a)		246,549		123,514
Bank of Sharjah		28,546		11,736
DAMAC Properties Dubai Co. PJSC		165,000		136,570
Dana Gas PJSC (a)		371,875		55,687
Deyaar Development PJSC (a)		157,340		28,016
DP World, Ltd.		18,098		384,401
Dubai Financial Market PJSC		174,441		79,791
Dubai Investments PJSC		154,526		99,712
Dubai Islamic Bank PJSC		107,765		196,585
Dubai Parks & Resorts PJSC (a)		204,541		67,385
Emaar Malls Group PJSC (a)		205,715		173,070
Emaar Properties PJSC		382,493		672,749
Emirates REIT CEIC, Ltd.		8,194		9,259
Eshraq Properties Co. PJSC (a)		124,092		22,637
First Gulf Bank PJSC		122,654		465,857
Gulf Pharmaceutical Industries		20,396		13,883
National Bank of Abu Dhabi PJSC		141,998		368,058
National Bank of Ras Al-Khaimah PSC		60,961		116,848
Orascom Construction, Ltd. (a)		3,575		39,325
RAK Properties PJSC		106,745		17,729
Ras Al Khaimah Ceramics		38,290		37,531
Union National Bank PJSC		119,991		200,919
Union Properties PJSC		101,080		25,980

				4,158,173

TOTAL COMMON STOCKS —
(Cost $53,483,026)				39,963,377

RIGHTS — 0.0% (d)
SOUTH AFRICA — 0.0% (d)
Super Group, Ltd. (expiring 10/9/15) (a) (Cost $0)		1,750		437

WARRANTS — 0.0% (d)
SOUTH AFRICA — 0.0% (d)
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a) (Cost $0)		888		358

SHORT TERM INVESTMENTS — 12.5%
UNITED STATES — 12.5%
MONEY MARKET FUNDS — 12.5%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		4,837,997		4,837,997
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g)		149,623		149,623

TOTAL SHORT TERM INVESTMENTS —
(Cost $4,987,620)				4,987,620

TOTAL INVESTMENTS — 112.2%
(Cost $58,470,646)				44,951,792
OTHER ASSETS & LIABILITIES — (12.2)%				(4,875,322	)

NET ASSETS — 100.0%			$	40,076,470

See accompanying notes to financial statements.

265

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 5.3%
Abacus Property Group REIT		11,074	$	24,652
AGL Energy, Ltd.		29,143		326,837
Alumina, Ltd. (a)		286,033		225,975
Amcor, Ltd.		84,816		784,432
AMP, Ltd.		161,199		629,403
Ansell, Ltd.		25,395		334,381
APA Group		112,014		672,559
Aristocrat Leisure, Ltd.		96,339		582,502
Arrium, Ltd. (a)(b)		161,979		9,896
Asciano, Ltd.		42,222		249,063
Australia & New Zealand Banking Group, Ltd.		124,167		2,361,276
BHP Billiton, Ltd.		136,976		2,137,373
Billabong International, Ltd. (a)(b)		124,742		56,940
BlueScope Steel, Ltd. (a)		36,654		92,665
Brambles, Ltd.		115,204		787,986
Bunnings Warehouse Property Trust (a)		176,820		383,691
Caltex Australia, Ltd.		11,688		256,743
carsales.com, Ltd. (a)		15,727		107,903
Commonwealth Bank of Australia		74,284		3,793,508
Computershare, Ltd.		74,359		552,995
CSL, Ltd.		25,597		1,603,414
CSR, Ltd.		103,556		210,167
Dexus Property Group		20,275		101,803
DUET Group		74,373		112,814
Fairfax Media, Ltd.		106,414		66,135
Federation Centres		141,430		272,135
Fortescue Metals Group, Ltd. (a)		74,204		94,840
Goodman Group		32,547		133,708
GPT Group		76,381		241,910
GWA Group, Ltd. (a)		94,994		165,440
Harvey Norman Holdings, Ltd. (a)		194,436		529,786
Hills, Ltd.		98,533		26,640
Iluka Resources, Ltd. (a)		22,924		99,971
Incitec Pivot, Ltd.		72,535		198,657
Ingenia Communities Group		353,338		107,937
Insurance Australia Group, Ltd. (a)		184,317		626,473
Lend Lease Group		72,441		638,440
Macquarie Group, Ltd.		20,527		1,105,061
Medibank Pvt, Ltd.		119,217		202,603
Mirvac Group		78,026		94,245
National Australia Bank, Ltd.		106,251		2,236,951
Newcrest Mining, Ltd. (b)		37,705		336,275
Orica, Ltd. (a)		13,222		139,649
Origin Energy, Ltd. (c)		81,252		316,108
Orora, Ltd.		81,632		132,423
OZ Minerals, Ltd.		20,741		48,211
Perpetual, Ltd. (a)		13,148		366,004
QBE Insurance Group, Ltd.		58,523		529,751
Ramsay Health Care, Ltd.		5,581		229,159
REA Group, Ltd. (a)		2,272		70,713
Recall Holdings, Ltd.		24,901		127,828
Rio Tinto, Ltd.		25,790		880,196
Santos, Ltd. (a)		68,020		190,113
Scentre Group		177,233		485,401
Seek, Ltd. (a)		15,333		129,211
Sonic Healthcare, Ltd.		53,403		684,416
South32, Ltd. (b)(d)		81,578		78,158
South32, Ltd. (a)(b)(d)		136,976		131,301
Stockland		41,408		111,953
Suncorp Group, Ltd.		55,695		476,773
Sydney Airport		47,009		196,752
Tatts Group, Ltd.		249,463		658,697
Telstra Corp., Ltd.		187,740		739,625
TPG Telecom, Ltd.		15,698		119,720
Transurban Group		58,350		407,304
Treasury Wine Estates, Ltd.		47,868		220,517
Wesfarmers, Ltd.		51,214		1,410,549
Westfield Corp.		87,403		611,946
Westpac Banking Corp.		138,904		2,897,097
Woodside Petroleum, Ltd.		39,760		807,768
Woolworths, Ltd. (a)		69,973		1,220,602
WorleyParsons, Ltd. (a)		21,434		88,958

				38,083,088

AUSTRIA — 0.2%
Andritz AG		1,547		69,488
Erste Group Bank AG (b)		15,262		441,919
OMV AG		15,171		367,989
Voestalpine AG		13,512		463,041

				1,342,437

BELGIUM — 1.2%
Aedifica SA		2,500		148,405
Ageas		20,017		820,135
Anheuser-Busch InBev SA		38,347		4,063,034
Bekaert SA (a)		4,242		111,394
Delhaize Group		7,316		645,969
Gimv NV		804		36,608
Groupe Bruxelles Lambert SA		3,492		262,760
KBC Groep NV		14,620		919,934
Proximus		6,146		211,714
Solvay SA		2,567		261,383
UCB SA		10,095		787,108
Umicore SA		4,363		167,754

				8,436,198

CANADA — 7.4%
AGF Management, Ltd. (a)		28,712		113,289
Agnico-Eagle Mines, Ltd.		9,870		249,051
Agrium, Inc. (a)		10,550		941,135
Alamos Gold, Inc. (Class A)		10,575		38,965
Alimentation Couche-Tard, Inc. (Class B)		18,182		832,274
Amaya, Inc. (a)(b)		7,994		145,069
ARC Resources, Ltd. (a)		16,084		211,622
Argonaut Gold, Inc. (b)		15,079		15,296
Athabasca Oil Corp. (a)(b)		14,785		14,005
Avigilon Corp. (a)(b)		2,937		24,973
B2Gold Corp. (a)(b)		47,893		50,369
Badger Daylighting, Ltd. (a)		2,840		41,307
Bank of Montreal		26,017		1,412,335
Bank of Nova Scotia		51,630		2,265,528
Bankers Petroleum, Ltd. (b)		24,091		31,266
Barrick Gold Corp.		51,971		329,107
BCE, Inc.		11,814		481,301

See accompanying notes to financial statements.

267

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

BlackBerry, Ltd. (a)(b)		27,854	$	170,153
Bombardier, Inc. (Class B) (a)		103,495		128,915
Brookfield Asset Management, Inc. (Class A)		46,936		1,470,010
CAE, Inc.		12,441		131,212
Cameco Corp.		28,755		348,955
Canadian Energy Services & Technology Corp. (a)		13,512		62,183
Canadian Imperial Bank of Commerce (a)		19,167		1,370,726
Canadian National Railway Co.		34,562		1,953,538
Canadian Natural Resources, Ltd.		56,289		1,091,185
Canadian Oil Sands, Ltd. (a)		29,862		140,545
Canadian Pacific Railway, Ltd. (a)		8,584		1,226,359
Canadian Solar, Inc. (a)(b)		1,958		32,542
Canadian Tire Corp., Ltd. (Class A)		3,614		323,608
Canadian Western Bank (a)		19,117		334,943
CCL Industries, Inc. (Class B)		1,076		150,345
Cenovus Energy, Inc.		33,134		500,210
CGI Group, Inc. (Class A) (b)		18,310		660,318
CI Financial Corp.		10,400		235,041
Constellation Software, Inc.		875		365,056
Crescent Point Energy Corp. (a)		30,680		349,432
CT Real Estate Investment Trust		12,572		120,591
Detour Gold Corp. (b)		8,323		88,339
Dollarama, Inc.		2,958		198,855
Eldorado Gold Corp.		28,470		90,887
Element Financial Corp. (b)		16,600		225,593
Emera, Inc.		6,300		208,026
Enbridge, Inc.		38,143		1,409,701
Encana Corp.		40,676		260,615
Enerplus Corp. (a)		6,756		32,755
Exchange Income Corp. (a)		6,168		111,794
Fairfax Financial Holdings, Ltd.		1,644		745,226
Finning International, Inc. (a)		5,979		87,319
Firm Capital Mortgage Investment Corp. (a)		25,074		231,533
First Majestic Silver Corp. (a)(b)		11,848		37,735
First Quantum Minerals, Ltd. (a)		37,687		137,458
Fortis, Inc.		10,754		306,169
Franco-Nevada Corp. (a)		7,344		322,146
Gildan Activewear, Inc.		10,009		300,710
Goldcorp, Inc. (a)		40,416		504,333
Gran Tierra Energy, Inc. (b)		21,542		45,954
Great-West Lifeco, Inc.		13,077		311,831
HNZ Group, Inc.		8,323		102,307
Home Capital Group, Inc. (a)		2,929		69,975
Husky Energy, Inc. (a)		29,822		462,889
IAMGOLD Corp. (b)		36,398		59,184
Imperial Oil, Ltd. (a)		25,969		818,952
Innergex Renewable Energy, Inc. (a)		21,743		169,474
Intact Financial Corp.		6,076		424,735
Inter Pipeline, Ltd.		14,500		266,271
InterOil Corp. (a)(b)		1,958		66,004
K-Bro Linen, Inc.		5,979		211,831
Keyera Corp. (a)		7,400		202,842
Kinross Gold Corp. (b)		47,301		81,852
Linamar Corp.		2,155		112,435
Loblaw Cos., Ltd.		10,072		516,183
Lundin Mining Corp. (b)		31,837		89,524
MacDonald, Dettwiler & Associates, Ltd.		1,958		105,998
Magna International, Inc.		16,920		807,824
Manulife Financial Corp.		89,572		1,378,956
Methanex Corp.		3,622		119,464
Metro, Inc., (Class A)		10,600		287,474
National Bank of Canada (a)		16,135		512,681
New Gold, Inc. (b)		25,766		57,847
Onex Corp.		3,500		201,093
Open Text Corp.		4,706		209,764
Pacific Exploration and Production Corp. (a)		15,053		33,459
Parex Resources, Inc. (b)		15,672		108,127
Pembina Pipeline Corp. (a)		13,270		317,819
Pengrowth Energy Corp. (a)		19,785		16,823
Penn West Petroleum, Ltd. (a)		22,011		9,851
Peyto Exploration & Development Corp. (a)		5,680		117,565
Potash Corp. of Saskatchewan, Inc.		46,180		944,818
Power Corp. of Canada		16,084		331,949
Power Financial Corp. (a)		13,397		305,772
Precision Drilling Corp. (a)		13,329		49,113
Pure Industrial Real Estate Trust		36,234		119,996
Redknee Solutions, Inc. (a)(b)		20,554		59,024
Restaurant Brands International, Inc. (a)		7,470		267,665
Richelieu Hardware, Ltd.		774		38,437
Rogers Communications, Inc. (Class B)		24,303		833,484
Royal Bank of Canada (a)		68,519		3,771,177
Russel Metals, Inc.		28,470		458,892
Saputo, Inc.		11,325		247,499
Secure Energy Services, Inc. (a)		8,231		55,131
SEMAFO, Inc. (a)(b)		19,882		42,857
Shaw Communications, Inc. (Class B) (a)		35,115		676,789
Sherritt International Corp. (a)		40,899		22,879
Silver Wheaton Corp.		17,190		205,659
Sirius XM Canada Holdings, Inc. (a)		546		2,008
SNC-Lavalin Group, Inc. (a)		8,573		242,860
Stantec, Inc. (a)		3,328		72,433
Sun Life Financial, Inc. (a)		33,293		1,068,793
Suncor Energy, Inc.		78,377		2,086,429
Tahoe Resources, Inc.		6,168		47,432
Teck Resources, Ltd. (Class B) (a)		30,580		145,293
TELUS Corp.		20,274		635,878
Thomson Reuters Corp.		18,270		730,964
TMX Group, Ltd.		2,112		73,818
Toronto-Dominion Bank		84,823		3,327,881
Tourmaline Oil Corp. (b)		5,483		127,066
TransCanada Corp. (a)		38,215		1,202,859
Trinidad Drilling, Ltd. (a)		9,804		16,161
Turquoise Hill Resources, Ltd. (b)		41,050		104,409
Valeant Pharmaceuticals International, Inc. (b)		14,509		2,577,791
West Fraser Timber Co., Ltd.		1,782		56,356
Yamana Gold, Inc. (a)		50,385		84,557
Yellow Pages, Ltd. (b)		4,854		57,711

				53,050,781

See accompanying notes to financial statements.

268

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

CHINA — 0.3%
China Everbright Water, Ltd. (a)(b)		105,400	$	44,846
Dah Sing Banking Group, Ltd. (a)		123,725		227,014
Dah Sing Financial Holdings, Ltd.		62,085		338,862
ENN Energy Holdings, Ltd. (a)		38,000		182,154
Hongkong Land Holdings, Ltd.		96,400		637,204
Sino Land Co., Ltd.		332,897		504,282

				1,934,362

DENMARK — 1.5%
AP Moeller — Maersk A/S (Class B)		561		862,076
Carlsberg A/S (Class B)		2,311		177,217
Chr Hansen Holding A/S		4,167		232,565
Coloplast A/S (Class B)		3,736		264,244
Danske Bank A/S		43,172		1,301,636
DSV A/S		7,575		282,564
FLSmidth & Co. A/S (a)		7,919		262,456
Genmab A/S (b)		2,311		211,451
GN Store Nord A/S		24,509		439,701
Jyske Bank A/S (b)		2,026		111,891
Novo Nordisk A/S (Class B)		84,478		4,527,740
Novozymes A/S (Class B)		9,427		410,326
Pandora A/S		5,294		617,069
SimCorp A/S		11,093		557,700
TDC A/S		11,260		57,907
Vestas Wind Systems A/S		11,644		603,869

				10,920,412

FINLAND — 0.9%
Amer Sports Oyj		5,805		147,351
Caverion Corp.		11,306		112,826
Elisa Oyj (a)		6,574		221,761
Fortum Oyj		19,340		285,613
Kemira Oyj (a)		18,387		211,813
Kesko Oyj (Class B)		3,234		114,291
Kone Oyj (Class B) (a)		16,528		627,279
Konecranes Oyj (a)		2,967		74,054
Lassila & Tikanoja Oyj		1,598		32,054
Metso Oyj		11,867		246,253
Neste Oyj (a)		10,538		241,966
Nokia Oyj		170,636		1,162,834
Sampo Oyj (Class A)		26,252		1,268,268
Sanoma Oyj (a)		16,174		59,651
Stockmann Oyj Abp (Class B) (a)(b)		16,929		131,617
Stora Enso Oyj		35,907		270,748
Tikkurila Oyj		7,923		131,334
UPM-Kymmene Oyj		29,794		445,651
Valmet Oyj		11,621		112,337
Wartsila Oyj Abp		8,665		343,076
YIT Oyj (a)		16,734		91,417

				6,332,194

FRANCE — 7.6%
Accor SA		14,985		698,520
Air Liquide SA		14,115		1,664,607
Albioma SA		13,388		222,521
Alcatel-Lucent (b)		139,860		512,069
Alstom SA (a)(b)		13,238		407,917
Arkema SA		1,874		120,951
Atos SE		3,504		268,083
AXA SA		86,173		2,081,083
BNP Paribas SA		44,007		2,576,982
Bollore SA		22,422		108,874
Bourbon SA (a)		14,629		183,382
Bouygues SA		13,925		493,204
Bureau Veritas SA		9,606		201,962
Cap Gemini SA		12,257		1,089,351
Carrefour SA		36,786		1,085,689
Casino Guichard-Perrachon SA		6,000		318,131
CGG SA (a)(b)		14,581		50,114
Christian Dior SE		2,481		462,631
Compagnie de Saint-Gobain		28,274		1,221,720
Compagnie Generale des Etablissements Michelin		8,349		758,799
Credit Agricole SA		51,466		589,138
Danone SA		26,255		1,653,508
Dassault Systemes		4,426		326,074
Edenred		15,225		248,041
EDF SA		13,181		231,955
Engie (a)		69,990		1,128,144
Essilor International SA		8,581		1,043,103
Eutelsat Communications SA		3,534		108,088
Faurecia		2,380		73,776
Gecina SA		1,594		193,855
Groupe Eurotunnel SE		17,491		237,611
Hermes International		1,159		420,463
Iliad SA		951		191,610
Ingenico Group		2,136		257,029
Kering		4,964		808,995
Klepierre		8,165		369,033
L’Oreal SA		11,230		1,943,627
Lagardere SCA		13,332		368,177
Legrand SA		11,746		621,942
LVMH Moet Hennessy Louis Vuitton SE		12,374		2,102,258
Natixis SA		20,067		110,632
Nexans SA (b)		4,189		140,793
Numericable-SFR SAS (b)		9,320		429,454
Orange SA		89,593		1,352,110
Pernod Ricard SA		8,987		904,662
Peugeot SA (b)		19,647		295,081
Plastic Omnium SA		3,081		70,331
Publicis Groupe SA		13,663		930,025
Renault SA		10,972		783,839
Rexel SA		12,702		155,681
Safran SA		14,674		1,102,364
Sanofi		51,631		4,892,472
Schneider Electric SE (d)		23,747		1,325,644
Schneider Electric SE (d)		2,000		111,437
SCOR SE		7,851		280,832
Societe BIC SA		1,175		182,049
Societe Generale SA		35,706		1,588,294
Societe Television Francaise 1		5,088		71,277
Sodexo SA		4,341		358,577
Suez Environnement Co.		15,435		276,186
Technicolor SA		17,786		122,358
Technip SA		6,580		309,699
Thales SA		4,349		301,809
Total SA (a)		109,646		4,920,171

See accompanying notes to financial statements.

269

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

UBISOFT Entertainment (b)		6,794	$	137,343
Unibail-Rodamco SE		4,182		1,079,744
Valeo SA		5,488		739,712
Vallourec SA (a)		8,215		72,590
Veolia Environnement SA		36,800		839,223
Vinci SA		20,177		1,277,255
Vivendi SA		54,163		1,277,508
Zodiac Aerospace		5,169		118,254

				54,000,423

GERMANY — 7.0%
Aareal Bank AG		2,157		76,470
adidas AG		12,492		1,004,121
Allianz SE		19,783		3,097,108
BASF SE		43,651		3,328,920
Bayer AG		35,797		4,573,237
Bayerische Motoren Werke AG		13,812		1,221,385
Bayerische Motoren Werke AG Preference Shares		2,349		160,812
Beiersdorf AG		4,314		381,243
Bilfinger SE (a)		5,754		212,598
Brenntag AG		6,688		359,575
Commerzbank AG (b)		39,531		415,760
Continental AG		4,741		1,006,036
Daimler AG		43,070		3,117,785
Deutsche Bank AG		56,447		1,516,625
Deutsche Boerse AG		11,683		1,004,559
Deutsche Lufthansa AG (b)		7,719		107,058
Deutsche Post AG		51,125		1,413,866
Deutsche Telekom AG		144,913		2,569,543
Deutsche Wohnen AG		14,551		387,953
DMG Mori AG		3,072		117,567
E.ON SE		87,191		747,179
Evonik Industries AG		5,245		175,144
Freenet AG		5,544		182,777
Fresenius Medical Care AG & Co. KGaA		13,629		1,062,197
Fresenius SE & Co. KGaA		17,111		1,146,009
Fuchs Petrolub SE Preference Shares		3,009		132,706
GEA Group AG		16,684		633,851
Hamborner REIT AG		16,247		156,874
Hannover Rueck SE		2,610		266,694
HeidelbergCement AG		6,101		417,195
Henkel AG & Co. KGaA		5,391		475,037
Henkel AG & Co. KGaA Preference Shares		8,503		872,931
Hochtief AG (a)		4,202		349,582
Hugo Boss AG		2,804		314,248
Infineon Technologies AG		48,819		547,939
K+S AG		9,079		303,273
Lanxess AG		3,961		184,884
LEG Immobilien AG (b)		2,522		207,789
Linde AG		7,790		1,260,425
MAN SE		4,062		413,338
Merck KGaA		8,973		792,174
Metro AG		7,015		193,335
MorphoSys AG (b)		937		62,348
MTU Aero Engines AG		1,641		136,998
Muenchener Rueckversicherungs- Gesellschaft AG		6,356		1,183,072
Norma Group SE		2,121		103,995
OHB SE (a)		4,488		88,422
OSRAM Licht AG		3,410		175,913
Porsche Automobil Holding SE Preference Shares		9,939		422,641
ProSiebenSat.1 Media SE		9,602		469,887
Puma AG Rudolf Dassler Sport (a)		1,700		351,060
Rheinmetall AG		1,847		112,941
RWE AG		23,262		263,557
Salzgitter AG (a)		4,405		109,110
SAP SE		47,468		3,070,547
Siemens AG		37,226		3,321,787
Symrise AG		5,282		317,147
Telefonica Deutschland Holding AG		21,890		133,438
ThyssenKrupp AG		22,307		390,435
TUI AG		20,568		379,472
United Internet AG		5,324		269,006
Volkswagen AG (a)		1,658		194,235
Volkswagen AG Preference Shares		6,871		749,718
Vonovia SE		19,164		614,907
Wincor Nixdorf AG		8,625		337,931
Wirecard AG		2,925		139,433

				50,305,802

HONG KONG — 2.7%
AIA Group, Ltd.		533,200		2,755,422
APT Satellite Holdings, Ltd.		152,000		131,209
Bank of East Asia, Ltd. (a)		206,476		692,689
Bloomage Biotechnology Corp., Ltd. (a)		24,147		36,516
BOC Hong Kong Holdings, Ltd.		159,500		468,207
Cheung Kong Infrastructure Holdings, Ltd. (a)		26,000		232,321
Cheung Kong Property Holdings, Ltd.		135,348		984,105
China Water Industry Group, Ltd. (a)(b)		760,000		144,154
Chong Hing Bank, Ltd.		1,385		2,881
CK Hutchison Holdings, Ltd.		135,348		1,749,907
CLP Holdings, Ltd.		138,500		1,182,157
Esprit Holdings, Ltd. (a)		153,019		113,727
Galaxy Entertainment Group, Ltd.		113,000		287,237
Hang Lung Group, Ltd.		129,000		437,765
Hang Lung Properties, Ltd.		238,000		533,117
Hang Seng Bank, Ltd.		32,200		578,350
HC International, Inc. (a)(b)		60,000		33,213
Henderson Land Development Co., Ltd.		58,300		346,789
HKT Trust/HKT, Ltd.		112,900		134,168
Hong Kong & China Gas Co., Ltd.		308,270		577,555
Hong Kong Exchanges and Clearing, Ltd.		51,426		1,173,169
Hopewell Highway Infrastructure, Ltd.		6,975		3,474
Hopewell Holdings		146,500		497,152
Hysan Development Co., Ltd.		26,841		111,519
Jardine Matheson Holdings, Ltd.		11,881		561,377
Jardine Strategic Holdings, Ltd.		4,000		107,360
Li & Fung, Ltd. (a)		396,000		301,980
Link REIT		113,351		621,598
Melco Crown Entertainment, Ltd. ADR		6,302		86,715

See accompanying notes to financial statements.

270

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Melco International Development, Ltd. (a)		34,000	$	41,546
MTR Corp., Ltd.		62,000		268,798
New World Development Co., Ltd.		543,252		525,724
Noble Group, Ltd. (a)		215,000		62,751
Pacific Basin Shipping, Ltd. (a)		554,000		167,986
Power Assets Holdings, Ltd.		59,000		556,500
Sands China, Ltd.		110,000		330,707
SJM Holdings, Ltd. (a)		57,000		40,304
Sun Hung Kai Properties, Ltd.		78,509		1,018,078
Swire Pacific, Ltd. (Class A)		25,500		284,447
Techtronic Industries Co., Ltd.		57,000		210,347
Wharf Holdings, Ltd.		86,000		482,707
Wheelock & Co., Ltd.		140,000		605,157
Wynn Macau, Ltd. (a)		46,800		53,019

				19,533,904

IRELAND — 0.7%
Bank of Ireland (b)		1,167,825		453,647
C&C Group PLC		16,858		66,652
CRH PLC		41,601		1,091,272
DCC PLC		3,679		278,025
FleetMatics Group PLC (a)(b)		2,304		113,103
Glanbia PLC		5,298		98,407
Grafton Group PLC		9,371		94,750
Green REIT PLC		168,316		278,442
Greencore Group PLC		22,451		92,909
ICON PLC (a)(b)		2,622		186,083
Irish Bank Resolution Corp., Ltd. (b)(e)		5,635		0
James Hardie Industries PLC		18,036		215,825
Kerry Group PLC (Class A)		6,545		490,588
Kingspan Group PLC		18,014		433,230
Paddy Power PLC		1,268		146,070
Ryanair Holdings PLC ADR		5,461		427,596
Smurfit Kappa Group PLC		8,235		220,616
UDG Healthcare PLC		10,516		80,124

				4,767,339

ISRAEL — 0.7%
Bank Hapoalim BM		46,435		233,423
Bank Leumi Le-Israel BM (b)		60,818		226,853
Bezeq The Israeli Telecommunication Corp., Ltd.		91,372		174,601
Check Point Software Technologies, Ltd. (a)(b)		6,199		491,767
Evogene, Ltd. (b)		7,231		59,434
Israel Chemicals, Ltd.		18,909		97,221
Mazor Robotics, Ltd. (b)		6,689		36,300
NICE Systems, Ltd.		2,683		146,355
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		6,935		295,960
REIT 1, Ltd.		64,945		170,599
Shufersal, Ltd. (b)		99,919		237,215
Stratasys, Ltd. (a)(b)		2,009		53,218
Strauss Group, Ltd. (b)		28,565		383,035
Teva Pharmaceutical Industries, Ltd. ADR		46,186		2,607,662

				5,213,643

ITALY — 2.2%
A2A SpA		62,915		77,954
Assicurazioni Generali SpA		59,220		1,081,466
Atlantia SpA		17,532		489,056
Azimut Holding SpA		4,210		90,135
Banca Generali SpA		3,090		86,955
Banca IFIS SpA		8,263		191,758
Banca Monte dei Paschi di Siena SpA (b)		154,052		273,761
Banca Popolare dell’Emilia Romagna SC		22,857		188,039
Banca Popolare di Milano SCARL		263,475		259,694
Banca Popolare di Sondrio SCARL		31,491		143,912
Banco Popolare SC (b)		11,105		163,874
Biesse SpA		499		7,536
Brembo SpA		3,790		146,378
Cairo Communication SpA (a)		21,853		104,209
Credito Valtellinese SC (b)		64,968		83,834
Davide Campari-Milano SpA (a)		11,062		87,917
Enel SpA		305,293		1,359,043
ENI SpA		112,552		1,765,188
Esprinet SpA		17,193		142,018
Exor SpA		4,157		180,877
Falck Renewables SpA		5,055		6,263
Finmeccanica SpA (b)		33,276		415,645
Immobiliare Grande Distribuzione SpA		167,492		149,944
Interpump Group SpA		8,477		112,698
Intesa Sanpaolo SpA		581,273		2,047,757
Iren SpA		127,987		208,441
Luxottica Group SpA		6,043		418,221
Mediaset SpA		30,962		142,047
Mediobanca SpA		17,954		176,162
Pirelli & C. SpA		13,823		230,986
Prada SpA (a)		19,300		73,962
Prysmian SpA		7,752		159,651
Recordati SpA		6,705		154,404
Reply SpA		1,660		181,869
Saipem SpA (a)(b)		18,100		144,763
Salvatore Ferragamo SpA (a)		2,904		77,247
SAVE SpA		7,003		98,574
Snam SpA		92,438		474,027
Societa Cattolica di Assicurazioni SCRL		21,483		151,076
Sogefi SpA (b)		16,423		33,585
Telecom Italia SpA (b)(d)		618,516		760,841
Telecom Italia SpA (d)		260,862		267,019
Terna Rete Elettrica Nazionale SpA		60,632		294,139
UBI Banca SCpA (a)		37,715		266,910
UniCredit SpA		231,021		1,436,375
Unipol Gruppo Finanziario SpA		15,585		68,334
UnipolSai SpA		39,576		85,924
World Duty Free SpA (b)		5,463		62,383
Yoox SpA (b)		3,080		92,484
Zignago Vetro SpA		16,857		104,432

				15,819,767

JAPAN — 21.7%
Acom Co., Ltd. (a)(b)		25,000		127,124
Activia Properties, Inc.		20		83,664
Aderans Co., Ltd.		17,600		139,754

See accompanying notes to financial statements.

271

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Advance Residence Investment Corp.		38	$	80,083
Advantest Corp. (a)		22,800		162,959
Aeon Co., Ltd. (a)		56,620		876,968
AEON Financial Service Co., Ltd.		3,500		68,851
AEON REIT Investment Corp.		80		84,298
Aisin Seiki Co., Ltd.		8,500		283,889
Ajinomoto Co., Inc.		22,000		461,988
Akita Bank, Ltd.		141,550		452,667
Alconix Corp. (a)		26,800		340,804
Alfresa Holdings Corp.		9,600		163,119
Alps Electric Co., Ltd. (a)		8,600		240,913
ANA Holdings, Inc.		36,000		100,517
Aomori Bank, Ltd.		10,101		32,387
Aoyama Trading Co., Ltd.		2,100		73,820
Aozora Bank, Ltd.		51,000		176,295
Asahi Glass Co., Ltd.		51,000		296,806
Asahi Group Holdings, Ltd.		33,036		1,067,502
Asahi Kasei Corp.		106,550		747,313
Asics Corp. (a)		9,000		213,268
Astellas Pharma, Inc.		128,100		1,652,524
Atom Corp. (a)		45,500		245,802
Awa Bank, Ltd.		11,550		66,350
Bandai Namco Holdings, Inc.		10,000		231,286
Bank of Iwate, Ltd. (a)		10,555		476,788
Bank of Kyoto, Ltd.		16,000		161,783
Bank of Okinawa, Ltd. (a)		12,055		496,735
Bank of Yokohama, Ltd.		54,550		329,810
Bridgestone Corp.		39,665		1,366,491
Brother Industries, Ltd.		8,800		105,366
Calbee, Inc.		3,700		119,096
Can Do Co., Ltd. (a)		5,300		67,486
Canon, Inc.		56,416		1,627,027
Casio Computer Co., Ltd. (a)		32,300		583,889
Central Japan Railway Co.		8,900		1,428,652
Chiba Bank, Ltd.		35,550		251,119
Chubu Electric Power Co., Inc.		42,465		624,397
Chugai Pharmaceutical Co., Ltd.		16,280		498,194
Chugoku Electric Power Co., Inc. (a)		6,100		83,887
COLOPL, Inc. (a)		2,000		31,996
Colowide Co., Ltd. (a)		2,400		33,626
COOKPAD, Inc. (a)		6,300		132,191
Credit Saison Co., Ltd. (a)		26,200		473,619
CyberAgent, Inc. (a)		2,900		112,838
Dai Nippon Printing Co., Ltd.		27,000		260,159
Dai-ichi Life Insurance Co., Ltd.		51,900		820,546
Daicel Corp.		11,700		142,825
Daifuku Co., Ltd. (a)		5,300		72,354
Daiichi Sankyo Co., Ltd. (a)		42,465		733,959
Daiken Medical Co., Ltd. (a)		13,400		110,319
Daikin Industries, Ltd.		18,010		1,003,922
Daisan Bank, Ltd.		7,651		11,435
Daishi Bank, Ltd.		15,176		71,087
Daito Trust Construction Co., Ltd.		5,355		542,140
Daiwa House Industry Co., Ltd.		29,800		733,399
Daiwa House REIT Investment Corp. (a)		10		36,697
Daiwa Securities Group, Inc.		109,550		704,051
Daiwahouse Residential Investment Corp. (a)		38		77,355
DeNA Co., Ltd. (a)		8,400		155,635
Denso Corp.		28,310		1,190,408
Dentsu, Inc.		9,600		490,561
Don Quijote Holdings Co., Ltd.		3,400		127,466
Dowa Holdings Co., Ltd. (a)		22,000		165,875
East Japan Railway Co.		17,000		1,427,253
Ebara Corp. (a)		19,000		69,803
Eighteenth Bank, Ltd.		8,251		25,422
Eisai Co., Ltd. (a)		14,251		836,509
Electric Power Development Co., Ltd.		5,500		167,390
Euglena Co., Ltd. (a)(b)		5,000		73,394
F@N Communications, Inc. (a)		8,200		53,678
FANUC Corp.		9,955		1,522,363
Fast Retailing Co., Ltd. (a)		2,600		1,052,678
Feed One Holdings Co., Ltd. (a)		211,900		253,010
Financial Products Group Co., Ltd. (a)		12,800		91,700
Foster Electric Co., Ltd.		15,800		314,113
Frontier Real Estate Investment Corp.		20		77,402
Fuji Heavy Industries, Ltd.		28,500		1,019,208
FUJIFILM Holdings Corp.		28,310		1,053,307
Fujitsu, Ltd.		102,513		443,811
Fukuoka Financial Group, Inc.		141,550		670,136
Fukuoka REIT Corp.		10		14,779
Furukawa Electric Co., Ltd.		110,550		173,535
GLP J-REIT (a)		155		148,186
GMO Internet, Inc.		3,500		45,122
GS Yuasa Corp. (a)		17,000		63,875
GungHo Online Entertainment, Inc. (a)		16,300		48,179
Gurunavi, Inc. (a)		6,000		98,593
Hankyu Hanshin Holdings, Inc.		55,513		338,367
Hankyu REIT, Inc.		178		187,415
Heiwa Real Estate REIT, Inc. (a)		407		298,033
Higo Bank, Ltd. (a)		9,550		70,410
Hino Motors, Ltd. (a)		9,300		94,192
Hirose Electric Co., Ltd. (a)		900		97,466
Hitachi Metals, Ltd.		11,300		130,488
Hitachi, Ltd.		245,475		1,231,628
Hokkoku Bank, Ltd.		141,550		572,039
Honda Motor Co., Ltd.		81,275		2,401,638
Hoya Corp.		31,506		1,026,743
Hulic Co., Ltd. (a)		14,800		133,091
Hyakugo Bank, Ltd.		10,550		50,651
Ibiden Co., Ltd. (a)		14,600		190,538
Ichigo Office REIT Investment		561		386,913
IHI Corp.		45,000		114,975
Iida Group Holdings Co., Ltd.		5,000		77,777
Industrial & Infrastructure Fund Investment Corp.		40		174,007
Infomart Corp.		12,400		139,774
Inpex Corp.		34,100		302,804
Intage Holdings, Inc.		10,800		153,751
Iriso Electronics Co., Ltd. (a)		2,200		95,520
Isetan Mitsukoshi Holdings, Ltd.		17,100		255,861
Isuzu Motors, Ltd.		60,300		601,666
ITOCHU Corp. (a)		104,250		1,094,597
Iwatani Corp. (a)		14,000		79,255
J Front Retailing Co., Ltd.		5,100		82,356
Jafco Co., Ltd.		2,100		82,411

See accompanying notes to financial statements.

272

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Japan Airlines Co., Ltd.		4,000	$	140,776
Japan Airport Terminal Co., Ltd. (a)		4,800		205,603
Japan Digital Laboratory Co., Ltd.		19,420		267,062
Japan Excellent, Inc.		84		92,441
Japan Exchange Group, Inc.		27,600		400,294
Japan Hotel REIT Investment Corp.		979		623,702
Japan Logistics Fund, Inc.		37		66,453
Japan Prime Realty Investment Corp.		29		94,072
Japan Real Estate Investment Corp.		35		161,024
Japan Retail Fund Investment Corp.		47		90,888
Japan Tissue Engineering Co., Ltd. (a)(b)		2,200		17,249
Japan Tobacco, Inc.		56,000		1,727,717
JFE Holdings, Inc. (a)		28,310		369,343
JGC Corp. (a)		8,000		105,774
Joyo Bank, Ltd.		31,000		162,552
JSR Corp. (a)		23,700		339,971
JTEKT Corp.		10,500		145,886
JX Holdings, Inc. (a)		177,300		637,904
Kajima Corp.		102,475		541,616
Kakaku.com, Inc. (a)		11,900		192,165
Kaken Pharmaceutical Co., Ltd.		2,000		184,528
Kansai Electric Power Co., Inc. (b)		52,400		580,594
Kansai Paint Co., Ltd.		12,000		162,518
Kao Corp.		23,500		1,060,164
Kawai Musical Instruments Manufacturing Co., Ltd. (a)		9,500		162,134
Kawasaki Heavy Industries, Ltd. (a)		46,000		157,859
KDDI Corp.		80,700		1,797,077
Keikyu Corp.		24,000		190,373
Keio Corp.		26,000		184,094
Keisei Electric Railway Co., Ltd.		15,000		163,946
Kenedix Office Investment Corp.		42		199,541
Kenedix, Inc. (a)		13,500		44,637
Keyence Corp.		2,000		888,406
Kikkoman Corp.		8,000		219,096
Kintetsu Group Holdings Co., Ltd. (a)		82,101		294,087
Kirin Holdings Co., Ltd.		26,800		350,314
Kiyo Bank, Ltd.		31,600		504,481
KNT-CT Holdings Co., Ltd. (b)		126,000		256,703
Kobe Steel, Ltd.		158,000		170,183
Koito Manufacturing Co., Ltd.		5,000		162,193
Komatsu, Ltd.		52,520		768,516
Konami Corp. (a)		4,300		92,739
Konica Minolta Holdings, Inc.		50,275		526,405
Kubota Corp.		78,550		1,072,672
Kuraray Co., Ltd.		15,400		191,078
Kurita Water Industries, Ltd.		14,910		315,343
Kyocera Corp.		25,000		1,139,732
Kyoritsu Maintenance Co., Ltd.		600		38,425
Kyoto Kimono Yuzen Co., Ltd.		22,500		187,868
Kyowa Hakko Kirin Co., Ltd.		11,000		163,303
Kyushu Electric Power Co., Inc. (a)(b)		17,900		194,447
Lawson, Inc.		3,000		220,682
Leopalace21 Corp. (a)(b)		1,600		7,428
LIXIL Group Corp. (a)		9,800		198,021
M3, Inc.		8,700		171,944
Makita Corp. (a)		5,600		295,980
Marubeni Corp. (a)		143,550		699,741
Matsuya Co., Ltd. (a)		26,200		377,583
Mazda Motor Corp.		20,200		317,088
MCUBS MidCity Investment Corp. REIT (a)		115		299,107
Medipal Holdings Corp.		30,599		483,135
MEIJI Holdings Co., Ltd.		5,200		379,476
Meiko Network Japan Co., Ltd. (a)		26,100		285,266
Milbon Co., Ltd.		12,100		399,578
Minebea Co., Ltd. (a)		16,000		168,463
MISUMI Group, Inc. (a)		51,400		527,455
Mitsubishi Chemical Holdings Corp.		66,300		343,942
Mitsubishi Corp.		83,138		1,356,073
Mitsubishi Electric Corp.		124,550		1,133,549
Mitsubishi Estate Co., Ltd.		56,925		1,157,607
Mitsubishi Gas Chemical Co., Inc.		15,000		68,885
Mitsubishi Heavy Industries, Ltd.		199,101		885,078
Mitsubishi Logistics Corp. (a)		9,000		103,853
Mitsubishi Materials Corp.		57,000		172,287
Mitsubishi Motors Corp.		42,300		322,111
Mitsubishi Tanabe Pharma Corp.		10,700		188,064
Mitsubishi UFJ Financial Group, Inc.		637,424		3,812,888
Mitsui & Co., Ltd. (a)		100,426		1,124,043
Mitsui Chemicals, Inc. (a)		111,550		354,866
Mitsui Fudosan Co., Ltd.		43,000		1,171,536
Mitsui OSK Lines, Ltd. (a)		118,550		283,099
Mizuho Financial Group, Inc. (a)		1,094,400		2,036,837
Mori Hills REIT Investment Corp.		60		70,488
MS&AD Insurance Group Holdings, Inc.		28,599		762,465
Murata Manufacturing Co., Ltd.		12,800		1,642,684
Musashino Bank, Ltd.		14,155		508,807
Nabtesco Corp.		5,200		94,348
Nachi-Fujikoshi Corp. (a)		15,000		61,871
Nagoya Railroad Co., Ltd.		40,000		156,640
Nanto Bank, Ltd. (a)		139,550		439,280
NEC Corp.		100,000		306,433
NGK Insulators, Ltd.		12,000		228,147
NGK Spark Plug Co., Ltd.		6,000		136,718
NH Foods, Ltd.		9,000		183,058
NHK Spring Co., Ltd.		10,300		99,332
Nidec Corp.		13,300		909,062
Nikon Corp. (a)		28,000		337,127
Nintendo Co., Ltd.		4,900		820,724
Nippon Accommodations Fund, Inc.		11		36,601
Nippon Building Fund, Inc.		38		183,710
Nippon Express Co., Ltd.		41,000		194,790
Nippon Paint Holdings Co., Ltd. (a)		9,700		168,544
Nippon Paper Industries Co., Ltd. (a)		4,200		63,930
Nippon Prologis REIT, Inc.		10		18,136
Nippon Steel & Sumitomo Metal Corp.		45,810		829,451
Nippon Suisan Kaisha, Ltd.		89,200		265,146
Nippon Telegraph & Telephone Corp.		29,000		1,011,664
Nippon Yusen K.K.		141,550		326,204
Nissan Motor Co., Ltd. (a)		113,141		1,033,493
Nissei ASB Machine Co., Ltd. (a)		4,300		84,553
Nissin Foods Holding Co., Ltd.		4,100		187,943
Nitori Holding Co., Ltd.		1,700		132,718
Nitto Denko Corp.		9,400		559,220

See accompanying notes to financial statements.

273

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Nomura Holdings, Inc.		183,285	$	1,053,049
Nomura Real Estate Residential Fund, Inc. (a)		16		89,642
Nomura Research Institute, Ltd.		3,300		126,059
NSK, Ltd.		17,800		171,364
NTT Data Corp.		10,800		541,961
NTT DoCoMo, Inc. (a)		83,000		1,381,196
Obayashi Corp.		89,550		761,173
Odakyu Electric Railway Co., Ltd.		28,000		251,092
Ogaki Kyoritsu Bank, Ltd. (a)		141,550		555,492
OJI Paper Co., Ltd.		23,000		98,326
Oki Electric Industry Co., Ltd.		36,000		55,909
Olympus Corp.		15,000		465,286
Omron Corp.		9,300		278,383
Ono Pharmaceutical Co., Ltd.		4,700		554,511
Oriental Land Co., Ltd. (a)		12,000		668,209
ORIX Corp.		56,500		722,732
Orix JREIT, Inc.		81		109,497
Osaka Gas Co., Ltd.		90,000		340,417
Otsuka Holdings Co., Ltd.		24,100		766,274
Panasonic Corp.		113,450		1,140,042
Pigeon Corp.		10,100		234,695
Rakuten, Inc. (a)		30,400		386,838
Raysum Co., Ltd. (a)		3,300		29,180
Recruit Holdings Co., Ltd.		20,000		597,837
Renesas Electronics Corp. (a)(b)		10,500		55,321
Resona Holdings, Inc.		95,600		483,967
Ricoh Co., Ltd. (a)		26,600		267,521
Ringer Hut Co., Ltd.		900		19,418
Riso Kyoiku Co., Ltd. (a)(b)		19,706		38,173
Rock Field Co., Ltd. (a)		12,700		292,037
Rohm Co., Ltd.		5,700		251,768
Rohto Pharmaceutical Co., Ltd. (a)		5,901		90,315
Ryohin Keikaku Co., Ltd.		1,000		203,064
San-In Godo Bank, Ltd.		7,550		73,568
Sankyo Seiko Co., Ltd.		51,900		201,074
Sanrio Co., Ltd. (a)		3,900		105,995
Santen Pharmaceutical Co., Ltd.		17,900		238,985
Sawai Pharmaceutical Co., Ltd.		1,600		92,715
SBI Holdings, Inc.		9,100		101,892
Secom Co., Ltd.		14,348		858,855
Sega Sammy Holdings, Inc.		5,300		51,511
Seibu Holdings, Inc.		10,000		201,812
Seiko Epson Corp.		18,200		256,364
Seino Holdings Co., Ltd.		9,200		95,484
Sekisui Chemical Co., Ltd.		17,000		177,857
Sekisui House SI Residential Investment Corp. (a)		154		131,671
Sekisui House, Ltd.		28,000		436,021
Seria Co., Ltd.		1,900		93,600
Seven & i Holdings Co., Ltd.		42,328		1,924,048
Sharp Corp. (a)(b)		80,000		91,513
Shiga Bank, Ltd.		11,550		58,442
Shikoku Bank, Ltd.		9,101		19,226
Shikoku Electric Power Co., Inc. (a)		9,300		151,033
Shimadzu Corp.		12,000		171,837
Shimano, Inc.		3,700		517,163
Shimizu Corp.		31,513		269,439
Shin-Etsu Chemical Co., Ltd.		22,917		1,170,104
Shinsei Bank, Ltd. (a)		82,000		167,745
Shionogi & Co., Ltd.		13,900		496,159
Shiseido Co., Ltd. (a)		10,500		227,990
Shizuoka Bank, Ltd.		27,000		269,628
SMC Corp.		2,200		478,612
SMS Co., Ltd.		9,000		151,497
SoftBank Group Corp.		44,436		2,032,113
Sohgo Security Services Co., Ltd.		3,800		172,605
Sompo Japan Nipponkoa Holdings, Inc.		29,000		836,839
Sony Corp.		54,620		1,321,889
Square Enix Holdings Co., Ltd.		3,400		84,060
Stanley Electric Co., Ltd. (a)		24,373		483,329
Start Today Co., Ltd. (a)		2,700		88,824
Starts Proceed Investment Corp.		51		72,307
Sumitomo Chemical Co., Ltd.		141,550		711,503
Sumitomo Corp. (a)		75,775		728,867
Sumitomo Dainippon Pharma Co., Ltd. (a)		5,300		52,838
Sumitomo Electric Industries, Ltd.		56,320		716,432
Sumitomo Heavy Industries, Ltd.		24,000		94,385
Sumitomo Metal Mining Co., Ltd.		24,000		270,931
Sumitomo Mitsui Financial Group, Inc.		62,300		2,347,076
Sumitomo Mitsui Trust Holdings, Inc.		242,550		885,829
Sumitomo Precision Products Co., Ltd. (a)		46,000		175,911
Sumitomo Realty & Development Co., Ltd.		20,000		633,073
Sun Corp. (a)		3,000		32,514
Sun Frontier Fudousan Co., Ltd. (a)		3,100		23,321
Suntory Beverage & Food, Ltd.		5,000		191,417
Suruga Bank, Ltd.		8,900		164,676
Suzuki Motor Corp.		19,400		593,185
Sysmex Corp.		5,800		304,129
T&D Holdings, Inc.		42,700		500,749
Tadano, Ltd.		6,000		66,180
Taiheiyo Cement Corp.		23,000		68,751
Taisei Corp.		86,438		561,506
Taiyo Yuden Co., Ltd. (a)		19,400		251,723
Takeda Pharmaceutical Co., Ltd. (a)		39,065		1,708,207
Takeuchi Manufacturing Co., Ltd.		16,600		288,298
TDK Corp.		11,255		632,456
Teijin, Ltd.		145,550		439,937
Temp Holdings Co., Ltd.		2,700		122,640
Terumo Corp.		28,600		804,759
THK Co., Ltd. (a)		5,400		85,397
Tobu Railway Co., Ltd.		47,000		201,319
Toho Bank, Ltd.		12,101		44,659
Tohoku Electric Power Co., Inc.		44,600		602,164
Tokio Marine Holdings, Inc.		42,465		1,574,997
Tokyo Dome Corp.		80,000		348,683
Tokyo Electric Power Co., Inc. (b)		56,975		379,151
Tokyo Electron, Ltd. (a)		10,655		499,455
Tokyo Gas Co., Ltd.		143,475		692,188
Tokyo Tatemono Co., Ltd.		8,300		98,479
Tokyu Corp.		50,550		369,317
Tokyu Fudosan Holdings Corp.		18,500		122,494
Toppan Printing Co., Ltd.		28,000		224,673

See accompanying notes to financial statements.

274

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Toray Industries, Inc. (a)		123,550	$	1,063,067
Toshiba Corp. (a)(b)		240,513		603,266
TOTO, Ltd.		4,000		124,076
Toyo Suisan Kaisha, Ltd.		3,000		113,222
Toyo Tire & Rubber Co., Ltd. (a)		8,300		178,662
Toyota Industries Corp.		9,000		425,333
Toyota Motor Corp.		127,288		7,408,881
Toyota Tsusho Corp.		8,400		176,255
Trend Micro, Inc. (a)		4,500		158,373
Unicharm Corp. (a)		16,800		296,541
United Urban Investment Corp.		55		73,385
Usen Corp. (b)		32,930		82,212
USS Co., Ltd.		9,810		162,510
ValueCommerce Co., Ltd.		4,400		17,120
Warabeya Nichiyo Co., Ltd.		14,400		249,729
West Japan Railway Co.		8,300		518,451
Yahoo! Japan Corp.		48,200		182,714
Yakult Honsha Co., Ltd. (a)		4,200		208,308
Yamada Denki Co., Ltd. (a)		75,080		302,163
Yamagata Bank, Ltd. (a)		128,176		510,499
Yamaha Corp.		10,000		220,265
Yamaha Motor Co., Ltd.		11,100		221,601
Yamanashi Chuo Bank, Ltd.		7,550		39,274
Yamato Holdings Co., Ltd.		15,000		286,060
Yaskawa Electric Corp. (a)		9,900		100,186
Yokogawa Electric Corp. (a)		9,600		99,956
Zenrin Co., Ltd.		27,100		364,531

				155,394,309

LUXEMBOURG — 0.1%
ArcelorMittal (a)		35,149		182,796
SES SA		14,514		456,389
Tenaris SA (a)		16,150		193,435

				832,620

MACAU — 0.0% (f)
MGM China Holdings, Ltd. (a)		21,600		25,000

NETHERLANDS — 2.9%
Aegon NV		123,250		706,462
AerCap Holdings NV (b)		3,524		134,758
Airbus Group SE		26,931		1,590,565
Akzo Nobel NV		14,946		967,474
Altice NV (Class A) (b)		13,512		282,425
ASML Holding NV		22,280		1,943,842
CNH Industrial NV		42,962		279,345
Constellium NV (Class A) (a)(b)		3,496		21,186
Fiat Chrysler Automobiles NV (b)		46,088		597,285
Fugro NV (a)(b)		5,738		101,232
Gemalto NV (a)		3,100		200,736
Heineken Holding NV		4,115		292,276
Heineken NV		9,357		754,529
ING Groep NV		188,657		2,663,942
Koninklijke Ahold NV		36,119		701,933
Koninklijke DSM NV		11,978		550,795
Koninklijke KPN NV		197,364		736,708
Koninklijke Philips NV		53,468		1,256,042
Mobileye NV (b)		5,910		268,787
NXP Semiconductor NV (a)(b)		14,802		1,288,810
OCI NV (b)		1,714		43,775
PostNL NV (b)		33,974		123,555
QIAGEN NV (b)		10,377		266,822
Randstad Holding NV		2,770		164,526
RELX NV		45,315		736,992
SBM Offshore NV (a)(b)		17,941		226,301
TNT Express NV		29,714		226,141
Unilever NV		85,147		3,411,176
Wolters Kluwer NV (a)		13,058		400,985

				20,939,405

NEW ZEALAND — 0.2%
a2 Milk Co., Ltd. (a)(b)		121,952		54,609
Air New Zealand, Ltd.		54,037		84,863
Auckland International Airport, Ltd.		22,663		70,748
Fisher & Paykel Healthcare Corp., Ltd.		104,713		475,593
Fletcher Building, Ltd.		15,324		66,659
Goodman Property Trust		100,031		74,228
Infratil, Ltd.		42,748		83,678
Kiwi Income Property Group, Ltd.		99,371		81,684
Property for Industry, Ltd.		98,055		92,834
Steel & Tube Holdings, Ltd.		63,850		109,056
Stride Property, Ltd. (a)		65,972		84,194
Vital Healthcare Property Trust		86,544		94,669
Xero, Ltd. (a)(b)		4,621		44,341

				1,417,156

NORWAY — 0.6%
Akastor ASA (a)(b)		5,977		7,708
Aker Solutions ASA		5,977		20,629
DnB ASA		51,773		671,896
DNO ASA (a)(b)		34,342		36,274
Norsk Hydro ASA		86,812		288,627
Opera Software ASA (a)		11,962		64,368
Orkla ASA		83,167		615,221
REC Silicon ASA (a)(b)		129,957		22,731
Schibsted ASA (Class A)		3,005		101,635
Schibsted ASA (Class B) (b)		2,900		91,454
Seadrill, Ltd. (a)(b)		8,424		49,033
Statoil ASA		58,690		853,860
Storebrand ASA (b)		48,135		157,440
Telenor ASA		44,118		821,846
TGS Nopec Geophysical Co. ASA (a)		4,889		90,157
Yara International ASA		14,542		578,782

				4,471,661

PAPUA NEW GUINEA — 0.0% (f)
Oil Search, Ltd.		50,632		254,939

PORTUGAL — 0.2%
Banco Comercial Portugues SA (a)(b)		1,957,088		95,030
EDP — Energias de Portugal SA		147,862		539,882
Galp Energia SGPS SA		18,027		177,059
Mota-Engil SGPS SA (a)		23,323		49,439
NOS SGPS SA		55,299		454,993
Pharol SGPS SA (b)		63,957		19,062

				1,335,465

SINGAPORE — 1.2%
AIMS AMP Capital Industrial REIT		125,798		119,879
Ascendas Hospitality Trust		179,600		78,944
Ascendas REIT		89,800		147,783
Cache Logistics Trust (a)		144,000		98,235
CapitaLand, Ltd.		280,000		527,745

See accompanying notes to financial statements.

275

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

China New Town Development Co., Ltd. (b)		1,712,700	$	61,430
City Developments, Ltd.		20,400		110,472
ComfortDelGro Corp., Ltd.		93,000		187,714
Cosco Corp. Singapore, Ltd. (a)(c)		563,700		148,666
Croesus Retail Trust		247,400		144,414
DBS Group Holdings, Ltd.		78,616		896,241
Flextronics International, Ltd. (a)(b)		59,052		622,408
Genting Singapore PLC (a)		568,900		290,071
Global Logistic Properties, Ltd.		75,000		107,602
IGG, Inc.		60,000		22,839
Jardine Cycle & Carriage, Ltd.		3,333		63,336
Keppel Corp., Ltd. (a)		149,175		711,306
Keppel REIT (a)		37,913		25,464
Lippo Malls Indonesia Retail Trust		840,800		189,223
Oversea-Chinese Banking Corp., Ltd. (a)		125,668		776,863
Oxley Holdings, Ltd. (a)		172,400		47,892
SembCorp Industries, Ltd. (a)		38,600		93,928
Singapore Airlines, Ltd.		20,200		152,008
Singapore Exchange, Ltd. (a)		36,000		177,987
Singapore Press Holdings, Ltd.		69,000		186,342
Singapore Telecommunications, Ltd.		335,400		849,174
Sino Grandness Food Industry Group, Ltd. (a)(b)		216,000		44,813
Soilbuild Business Space REIT		216,000		122,287
Tiger Airways Holdings, Ltd. (a)(b)		581,449		122,677
United Overseas Bank, Ltd.		49,212		642,016
UOL Group, Ltd.		27,428		115,931
Wilmar International, Ltd.		139,000		251,234

				8,136,924

SOUTH KOREA — 4.3%
AmorePacific Corp.		1,140		370,286
Asiana Airlines, Inc. (b)		34,506		153,709
Bioland, Ltd. (a)		11,994		246,397
BNK Financial Group, Inc.		11,512		133,059
Celltrion, Inc. (a)(b)		3,633		208,117
CJ CGV Co., Ltd. (a)		5,048		447,178
Coway Co., Ltd.		1,758		124,141
Credu Corp.		5,944		299,883
Crown Confectionery Co., Ltd.		682		457,429
Dae Han Flour Mills Co., Ltd.		1,909		339,023
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a)		3,914		21,034
Digitech Systems Co., Ltd. (b)(e)		19,094		0
Dongkuk Industries Co., Ltd.		68,776		199,023
Dongwon F&B Co., Ltd.		996		337,378
Dongwon Industries Co., Ltd. (a)		1,110		331,043
DY Corp.		10,170		49,936
E-Mart Co., Ltd.		769		149,544
Genic Co., Ltd. (a)(b)		6,445		222,391
GS Home Shopping, Inc.		995		159,495
Hana Financial Group, Inc.		11,200		249,456
Hana Tour Service, Inc.		3,446		421,556
Hancom, Inc.		8,110		163,527
Hankook Shell Oil Co., Ltd.		403		175,439
Hankook Tire Co., Ltd.		1,846		61,674
Hanssem Co., Ltd.		2,051		494,019
Harim Co., Ltd. (a)(b)		30,567		102,122
Hotel Shilla Co., Ltd. (a)		4,112		398,954
Huons Co., Ltd.		4,118		312,333
Hyundai Elevator Co., Ltd. (b)		2,773		119,782
Hyundai Engineering Plastics Co., Ltd. (a)		48,129		369,505
Hyundai Glovis Co., Ltd.		668		126,240
Hyundai Heavy Industries Co., Ltd. (b)		1,727		140,602
Hyundai Hy Communications & Networks Co., Ltd.		48,511		143,654
Hyundai Mobis Co., Ltd.		2,601		507,999
Hyundai Motor Co.		6,579		910,281
Hyundai Motor Co. Preference Shares		1,111		106,854
Hyundai Securities Co., Ltd.		53,063		339,786
Hyundai Steel Co.		2,306		100,193
INFINITT Co., Ltd. (a)(b)		16,576		142,643
Interpark Holdings Corp.		10,831		116,507
Jenax, Inc. (a)(b)		17,421		191,803
JoyCity Corp. (a)(b)		3,853		78,016
Kangwon Land, Inc.		4,005		142,927
KB Capital Co., Ltd.		4,973		98,805
KB Financial Group, Inc.		14,572		433,361
KCC Corp.		186		64,809
Kia Motors Corp.		9,499		429,551
KIWOOM Securities Co., Ltd.		7,523		359,235
Koh Young Technology, Inc.		12,625		365,340
Korea Electric Power Corp. ADR (a)		32,437		664,634
Korea Zinc Co., Ltd.		655		257,237
Korean Air Lines Co., Ltd. (b)		3,013		79,691
KT Corp. ADR (a)(b)		30,481		398,387
KT&G Corp.		4,619		434,505
Ktis Corp. (a)		27,341		126,867
KyungDong City Gas Co., Ltd.		1,768		161,093
LG Chem, Ltd.		1,893		455,962
LG Chem, Ltd. Preference Shares		825		132,245
LG Display Co., Ltd.		9,600		183,447
LG Display Co., Ltd. ADR		42,384		402,648
LG Electronics, Inc.		5,434		209,282
LG Household & Health Care, Ltd.		439		316,296
LG Uplus Corp.		10,163		103,748
Lotte Chemical Corp.		623		141,913
Lotte Food Co., Ltd.		416		368,163
Lotte Shopping Co., Ltd.		234		56,363
Medy-Tox, Inc.		769		276,575
Modetour Network, Inc. (a)		11,678		377,838
Muhak Co., Ltd. (b)		10,135		402,305
NAVER Corp.		1,373		594,237
NCSoft Corp.		728		116,082
Nexon GT Co., Ltd. (b)		9,791		96,233
NHN Entertainment Corp. (a)(b)		555		30,201
OCI Co., Ltd. (a)		649		45,117
Orion Corp.		136		108,084
Ottogi Corp.		357		312,936
POSCO ADR		20,835		729,642
S-1 Corp.		1,666		131,138
Sajo Industries Co., Ltd. (a)(b)		6,566		437,623
Samchuly Bicycle Co., Ltd. (a)		6,878		119,537
Samsung C&T Corp. (b)		4,026		497,603
Samsung Electronics Co., Ltd. GDR		12,045		5,691,263
Samsung Engineering Co., Ltd. (b)		1,351		34,764

See accompanying notes to financial statements.

276

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Samsung Fire & Marine Insurance Co., Ltd.		1,197	$	282,764
Samsung Heavy Industries Co., Ltd.		6,627		68,769
Samsung Life Insurance Co., Ltd.		3,505		292,453
Samsung SDI Co., Ltd.		1,361		124,583
Samsung SDS Co., Ltd.		1,640		398,481
Shinhan Financial Group Co., Ltd.		18,093		631,950
Shinsegae Food Co., Ltd.		2,500		421,834
SK Holdings Co., Ltd.		714		146,981
SK Hynix, Inc.		22,248		629,731
SK Innovation Co., Ltd. (b)		5,198		429,768
SK Telecom Co., Ltd. ADR		25,408		619,955
Woori Bank		7,947		62,956

				30,519,923

SPAIN — 2.9%
Abengoa SA (Class A) (a)		15,182		22,167
Abertis Infraestructuras SA		20,207		318,717
Acciona SA		3,509		247,941
Acerinox SA (a)		29,367		261,657
ACS, Actividades de Construccion y Servicios SA		18,041		517,453
Aena SA (b)(g)		3,182		350,751
Amadeus IT Holding SA (Class A)		19,375		826,705
Atresmedia Corp. de Medios de Comunicaion SA		9,890		125,522
Banco Bilbao Vizcaya Argentaria SA		275,668		2,332,474
Banco de Sabadell SA (a)		198,363		363,576
Banco Popular Espanol SA (a)		79,143		287,911
Banco Santander SA		618,069		3,272,977
Bankia SA (a)		129,387		167,248
Bankinter SA (a)		35,529		260,640
CaixaBank SA (b)		43,989		169,160
Distribuidora Internacional de Alimentacion SA (a)(b)		33,232		200,425
Ebro Puleva SA		4,465		87,445
Enagas SA		9,818		280,778
Endesa SA		13,750		289,164
Faes Farma SA		105,715		277,310
Ferrovial SA		18,245		434,610
Gamesa Corp. Tecnologica SA		25,905		357,986
Gas Natural SDG SA		15,595		303,420
Grifols SA (a)		8,870		365,302
Grifols SA Preference Shares (Class B)		5,620		173,081
Iberdrola SA		280,657		1,863,096
Indra Sistemas SA (a)(b)		21,652		224,095
Industria de Diseno Textil SA		48,570		1,622,692
International Consolidated Airlines Group SA (b)		29,212		260,183
Let’s GOWEX SA (a)(b)(e)		4,019		0
Mediaset Espana Comunicacion SA		41,454		451,717
NH Hotel Group SA (b)		36,812		196,417
Red Electrica Corp. SA		4,685		387,725
Repsol SA		54,994		639,039
Sacyr SA (a)		21,770		47,994
Telefonica SA		188,499		2,278,761
Zeltia SA (b)		45,723		171,744

				20,437,883

SWEDEN — 2.8%
AddTech AB (Class B)		8,497		120,560
Alfa Laval AB (a)		36,064		588,665
Assa Abloy AB (Class B)		42,931		767,297
Atlas Copco AB (Class A)		28,253		677,435
Atlas Copco AB (Class B)		17,301		385,748
Bilia AB (Class A)		6,506		129,933
BillerudKorsnas AB		7,689		110,288
Boliden AB		32,569		507,929
Concentric AB		7,153		82,941
Electrolux AB (Series B)		20,908		588,322
Elekta AB (Class B)		11,303		74,998
Getinge AB (Class B)		3,843		85,410
Great Portland Estates PLC		14,888		192,816
Hennes & Mauritz AB (Class B)		44,147		1,609,116
Hexagon AB, (Class B)		8,730		265,739
Hexpol AB		13,548		151,035
Husqvarna AB (Class B)		17,802		116,316
ICA Gruppen AB (a)		3,346		112,902
Industrivarden AB (Class A)		8,400		158,745
Industrivarden AB (Class C)		7,082		123,958
Investor AB (Class A)		5,800		192,110
Investor AB (Class B)		16,081		550,474
JM AB		3,585		96,090
Karo Bio AB (b)		40,676		220,669
Kinnevik Investment AB (Class B)		13,971		397,955
KNOW IT AB		16,582		101,326
Lagercrantz Group AB (Class B)		7,353		167,013
Lundin Petroleum AB (Class B) (a)(b)		9,865		126,796
Meda AB (Class A)		9,521		135,543
NetEnt AB (b)		10,252		569,009
Nibe Industrier AB (Class B) (a)		3,564		104,068
Nordea Bank AB		138,071		1,534,296
Opus Group AB (a)		63,771		46,001
Orexo AB (a)(b)		4,775		34,018
Qliro Group AB (a)(b)		49,836		62,391
Saab AB		4,321		115,405
Sandvik AB		66,639		565,717
Securitas AB (Class B)		13,856		168,676
Skandinaviska Enskilda Banken AB (Class A)		75,223		801,375
Skanska AB (Class B)		17,316		338,390
SKF AB (Class A)		11,367		207,497
Svenska Cellulosa AB (Class B)		21,339		594,853
Svenska Handelsbanken AB (Class A)		64,455		921,439
Swedbank AB (Class A)		44,593		983,093
Swedish Match AB		6,851		206,419
Swedish Orphan Biovitrum AB (a)(b)		9,544		125,629
Tele2 AB (Class B)		33,783		328,080
Telefonaktiebolaget LM Ericsson (Class B)		163,518		1,602,611
TeliaSonera AB		109,723		589,233
Tethys Oil AB		13,360		70,726
Trelleborg AB (Class B)		10,487		165,550
Volvo AB (Class A) (a)		97,402		927,909

				19,900,514

SWITZERLAND — 7.7%
ABB, Ltd. (b)		86,717		1,528,264

See accompanying notes to financial statements.

277

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Actelion, Ltd. (b)		4,647	$	588,306
Adecco SA (b)		12,969		945,698
Aryzta AG (b)		1,632		68,931
Baloise Holding AG		2,164		247,384
Chocoladefabriken Lindt & Spruengli AG (d)		42		245,655
Chocoladefabriken Lindt & Spruengli AG (d)		2		141,511
Cie Financiere Richemont SA		22,597		1,750,683
Clariant AG (b)		12,357		207,531
Coca-Cola HBC AG (b)		7,531		159,364
Comet Holding AG (a)(b)		227		156,468
Credit Suisse Group AG (b)		62,413		1,495,970
Galenica AG		163		207,024
Geberit AG		1,662		506,373
Givaudan SA (b)		400		648,859
Julius Baer Group, Ltd. (b)		14,258		645,265
Kuehne + Nagel International AG		5,223		669,245
LafargeHolcim, Ltd. (b)(d)		9,294		483,656
LafargeHolcim, Ltd. (b)(d)		16,312		852,244
Leonteq AG (b)		1,984		349,449
Logitech International SA (a)		7,277		94,584
Lonza Group AG (b)		2,291		299,652
Meyer Burger Technology AG (a)(b)		5,398		34,583
Nestle SA		138,021		10,346,984
Novartis AG		118,734		10,863,596
Partners Group Holding AG		474		160,207
PSP Swiss Property AG (b)		1,692		138,705
Roche Holding AG		31,596		8,310,482
Schindler Holding AG		1,931		276,676
SGS SA		484		842,084
Sika AG		93		286,395
Sonova Holding AG		2,443		313,532
STMicroelectronics NV (a)		35,364		240,403
Sulzer AG (a)		3,638		355,572
Swatch Group AG (d)		2,545		940,277
Swatch Group AG (d)		2,524		181,467
Swiss Life Holding AG (b)		1,389		309,046
Swiss Prime Site AG (b)		3,015		219,699
Swiss Re AG		15,131		1,294,598
Swisscom AG		1,099		546,857
Syngenta AG		5,026		1,605,378
Temenos Group AG (b)		4,177		170,996
U-Blox AG (a)(b)		790		158,550
UBS Group AG		170,412		3,141,050
Youlchon Chemical Co., Ltd.		10,153		106,644
Zurich Insurance Group AG (b)		7,351		1,799,569

				54,935,466

UNITED KINGDOM — 17.2%
3i Group PLC		89,635		633,117
Aberdeen Asset Management PLC		48,394		217,349
Admiral Group PLC		10,616		241,530
Afren PLC (a)(b)(d)		55,933		0
Aggreko PLC		9,386		135,208
Amec Foster Wheeler PLC		39,393		427,539
Amlin PLC		21,511		213,913
Anglo American PLC		67,127		560,158
Antofagasta PLC		14,817		112,153
ARM Holdings PLC		55,910		802,435
Ashtead Group PLC		18,934		266,727
Associated British Foods PLC		11,787		596,336
AstraZeneca PLC		58,612		3,712,441
Aviva PLC		219,794		1,504,857
Avon Rubber PLC		19,837		274,640
Babcock International Group PLC		22,360		309,062
BAE Systems PLC		188,909		1,281,093
Balfour Beatty PLC		115,961		441,765
Barclays PLC		724,689		2,680,090
Barratt Developments PLC		69,513		678,625
BBA Aviation PLC		23,075		93,569
Bellway PLC		4,388		165,238
Berkeley Group Holdings PLC		4,596		232,524
BG Group PLC		157,793		2,273,051
BHP Billiton PLC		81,578		1,241,881
Big Yellow Group PLC		12,032		131,952
Booker Group PLC		71,866		201,280
BP PLC		868,492		4,393,931
British American Tobacco PLC		84,053		4,638,241
British Land Co. PLC		74,164		941,970
Britvic PLC		9,320		95,787
BT Group PLC		407,492		2,589,975
BTG PLC (b)		16,314		161,367
Bunzl PLC		14,342		384,524
Burberry Group PLC		23,699		491,085
Cable & Wireless Communications PLC		195,260		163,857
Cairn Energy PLC (b)		18,894		40,068
Capita PLC		40,252		730,441
Capital & Counties Properties PLC		32,176		211,672
Carnival PLC		13,716		711,173
Centamin PLC		98,231		90,765
Centrica PLC		269,487		935,607
Cobham PLC		35,952		155,587
Compass Group PLC		75,083		1,197,598
Croda International PLC		3,247		133,239
Daily Mail & General Trust PLC		9,812		111,991
Darty PLC		38,578		56,391
Derwent London PLC		4,846		267,120
Diageo PLC		117,282		3,145,344
Dialog Semiconductor PLC (b)		3,371		134,598
Direct Line Insurance Group PLC		61,812		351,018
Dixons Carphone PLC		43,838		281,817
Drax Group PLC		16,589		61,313
DS Smith PLC		23,815		142,095
easyJet PLC		10,835		291,647
Experian PLC		47,857		766,959
FirstGroup PLC (b)		149,369		221,053
Foxtons Group PLC		15,729		56,514
Fresnillo PLC		8,542		76,534
G4S PLC		156,527		546,988
GKN PLC		74,063		300,661
GlaxoSmithKline PLC		224,678		4,308,590
Glencore PLC (b)		493,270		684,044
Halma PLC		16,358		178,775
Hammerson PLC		32,036		302,563
Hansteen Holdings PLC		57,147		104,482
Hargreaves Lansdown PLC		8,483		155,095
Hays PLC		264,844		614,997

See accompanying notes to financial statements.

278

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Henderson Group PLC		46,626	$	183,771
Hikma Pharmaceuticals PLC		6,012		207,632
HomeServe PLC		17,285		106,248
Howden Joinery Group PLC		25,643		188,970
HSBC Holdings PLC		884,924		6,684,767
ICAP PLC		68,917		477,280
IMI PLC		9,970		143,243
Imperial Tobacco Group PLC		41,259		2,133,025
Inchcape PLC		17,909		195,048
Indivior PLC		34,713		119,150
Informa PLC		26,891		228,717
Inmarsat PLC		13,234		196,854
InterContinental Hotels Group PLC		11,214		387,969
International Personal Finance PLC		14,468		85,032
Intertek Group PLC		7,232		266,308
Investec PLC		24,364		186,557
IP Group PLC (b)		30,189		105,176
ITV PLC		156,829		584,389
J Sainsbury PLC (a)		105,567		417,359
John Wood Group PLC		15,265		142,204
Johnson Matthey PLC		4,914		182,216
Keller Group PLC		4,331		56,714
Kingfisher PLC		167,751		911,205
Land Securities Group PLC		56,365		1,074,920
Legal & General Group PLC		382,753		1,380,444
Lloyds Banking Group PLC		2,527,384		2,877,391
London Stock Exchange Group PLC		10,320		378,143
Lonmin PLC (a)(b)		19,832		4,882
Man Group PLC		118,046		273,937
Marks & Spencer Group PLC		107,563		816,285
Meggitt PLC		27,060		195,190
Mondi PLC		31,246		654,572
National Grid PLC		179,413		2,497,256
Next PLC		9,161		1,056,011
Ocado Group PLC (b)		17,099		82,882
Old Mutual PLC		322,817		924,674
Ophir Energy PLC (b)		25,367		34,525
Pace PLC		15,033		82,090
Pearson PLC		51,081		872,016
Pennon Group PLC		17,810		209,617
Persimmon PLC (b)		22,745		691,816
Petrofac, Ltd.		10,237		119,090
Provident Financial PLC		2,837		134,937
Prudential PLC		133,458		2,817,037
Randgold Resources, Ltd.		7,348		429,855
Reckitt Benckiser Group PLC		28,376		2,573,365
RELX PLC		52,378		898,124
Rentokil Initial PLC		297,516		662,924
Rexam PLC		31,556		250,230
Rightmove PLC		4,395		242,859
Rio Tinto PLC		59,328		1,986,062
Rolls-Royce Holdings PLC (b)		93,349		957,281
Royal Bank of Scotland Group PLC (b)		75,276		359,177
Royal Dutch Shell PLC (Class A)		177,933		4,188,403
Royal Dutch Shell PLC (Class B)		109,450		2,591,288
Royal Mail PLC		19,596		136,186
RSA Insurance Group PLC		63,278		385,989
SABMiller PLC		47,727		2,701,644
Sage Group PLC		106,149		802,981
Schroders PLC		4,892		207,855
Segro PLC		32,121		208,974
Serco Group PLC (a)(b)		77,507		119,634
Severn Trent PLC		5,397		178,544
Shire PLC		29,795		2,032,744
Sky PLC		57,150		903,769
Smith & Nephew PLC		40,970		715,544
Smiths Group PLC		42,167		641,918
Sports Direct International PLC (b)		6,716		77,010
SSE PLC		58,845		1,333,466
St. James’s Place PLC		22,403		288,447
Standard Chartered PLC		96,818		939,766
Standard Life PLC		144,883		851,072
TalkTalk Telecom Group PLC (a)		18,619		88,699
Tate & Lyle PLC		38,998		347,345
Taylor Wimpey PLC		105,452		312,279
Telecom Plus PLC (a)		2,688		45,480
Tesco PLC (b)		406,618		1,128,374
Thomas Cook Group PLC (b)		45,902		80,446
Travis Perkins PLC		6,850		203,993
Trinity Mirror PLC		20,224		46,105
Tullow Oil PLC (b)		52,904		135,511
Unilever PLC		62,789		2,554,645
United Utilities Group PLC		30,418		426,200
Victrex PLC		4,070		109,244
Vodafone Group PLC		1,231,405		3,888,156
Weir Group PLC		4,746		84,111
Whitbread PLC		8,085		571,678
William Hill PLC		61,610		327,380
William Morrison Supermarkets PLC (a)		168,848		424,821
Wolseley PLC		15,555		909,019
Workspace Group PLC		10,098		143,476
WPP PLC		57,443		1,194,672
Xaar PLC		7,603		64,436

				122,774,739

TOTAL COMMON STOCKS —
(Cost $768,050,089)				711,116,354

RIGHTS — 0.0% (f)
SPAIN — 0.0% (f)
Banco Popular Espanol SA (expired 9/25/15) (a)(b) (Cost $1,776)		79,143		1,583

WARRANTS — 0.0% (f)
FRANCE — 0.0% (f)
Peugeot SA (expiring 4/29/17) (b) (Cost $15,679)		13,373		37,618

SHORT TERM INVESTMENTS — 6.9%
UNITED STATES — 6.9%
MONEY MARKET FUNDS — 6.9%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		49,401,027		49,401,027

See accompanying notes to financial statements.

279

SPDR S&P World ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (i)(j)		363,149	$	363,149

TOTAL SHORT TERM INVESTMENTS —
(Cost $49,764,176)				49,764,176

TOTAL INVESTMENTS — 106.4%
(Cost $817,831,720)				760,919,731
OTHER ASSETS & LIABILITIES — (6.4)%				(46,006,031	)

NET ASSETS — 100.0%			$	714,913,700


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(d)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(f)		Amount shown represents less than 0.05% of net assets.
(g)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

280

SPDR S&P International Small Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.1%
AUSTRALIA — 6.4%
Abacus Property Group REIT		132,989	$	296,051
Aconex, Ltd. (a)		111,425		324,730
Acrux, Ltd. (b)		53,574		21,445
AET&D Holdings No 1 Pty, Ltd. (a)(b)(c)		110,316		0
Ainsworth Game Technology, Ltd. (b)		62,446		122,788
ALE Property Group		73,333		193,118
ALS, Ltd.		150,959		487,651
Amalgamated Holdings, Ltd.		48,898		442,968
APN News & Media, Ltd. (a)		262,637		90,374
ARB Corp., Ltd. (b)		15,599		150,075
Ardent Leisure Group		232,696		439,575
Arrium, Ltd. (a)(b)		1,781,043		108,814
Asaleo Care, Ltd.		182,060		228,215
Aspen Group		211,332		199,609
Astro Japan Property Group		31,358		115,611
Austal, Ltd.		146,288		231,144
Austbrokers Holdings, Ltd.		24,904		154,601
Australian Agricultural Co., Ltd. (a)(b)		176,360		160,384
Australian Industrial REIT		40,813		67,640
Australian Pharmaceutical Industries, Ltd.		69,199		73,622
Automotive Holdings Group, Ltd.		63,679		176,638
Aveo Group		174,986		329,329
AWE, Ltd. (a)(b)		275,928		120,138
Beach Energy, Ltd. (b)		987,292		315,463
Bega Cheese, Ltd. (b)		53,476		177,628
Billabong International, Ltd. (a)(b)		300,564		137,196
Blackmores, Ltd.		3,588		367,746
BlueScope Steel, Ltd.		197,092		498,268
Bradken, Ltd. (a)		85,864		60,298
Breville Group, Ltd. (b)		24,520		101,593
Brickworks, Ltd.		15,938		173,819
Brookside Energy, Ltd. (a)(d)		49,351,929		34,657
BT Investment Management, Ltd.		71,867		482,480
Burson Group, Ltd.		94,475		242,823
BWP Trust		155,463		337,347
Cabcharge Australia, Ltd. (b)		56,753		119,166
Cardno, Ltd. (b)		62,450		125,865
carsales.com, Ltd.		84,488		579,671
Cash Converters International, Ltd. (b)		28,704		10,683
Charter Hall Group		115,574		353,054
Charter Hall Retail REIT		214,334		612,601
Collins Foods, Ltd.		31,923		72,858
Corporate Travel Management, Ltd. (b)		46,562		315,537
Cover-More Group, Ltd. (b)		135,235		211,780
Credit Corp. Group, Ltd.		8,238		59,066
Cromwell Property Group		445,252		300,171
CSG, Ltd.		81,210		99,232
CSR, Ltd.		310,985		631,145
CuDeco, Ltd. (a)(b)(e)		26,238		20,360
Decmil Group, Ltd.		31,613		20,535
Downer EDI, Ltd.		218,344		512,129
Drillsearch Energy, Ltd. (a)(b)		141,039		48,037
DuluxGroup, Ltd.		78,128		293,530
Energy World Corp., Ltd. (a)(b)		521,533		73,249
ERM Power, Ltd.		38,846		61,106
Evolution Mining, Ltd.		363,288		320,174
Fairfax Media, Ltd.		978,831		608,335
FlexiGroup, Ltd. (b)		102,847		169,727
Folkestone Education Trust		113,660		157,640
G8 Education, Ltd. (b)		153,904		315,591
GDI Property Group		202,510		130,125
Greencross, Ltd. (b)		47,844		218,726
Greenland Minerals & Energy, Ltd. (a)		4,931		90
GUD Holdings, Ltd.		42,466		257,064
GWA Group, Ltd. (b)		68,951		120,084
Hills, Ltd.		64,555		17,454
Hotel Property Investments		77,861		140,522
Independence Group NL (b)		241,734		429,487
Industria REIT (b)		92,344		129,373
Infigen Energy (a)		893,294		169,375
Ingenia Communities Group		319,378		97,563
Investa Office Fund REIT		189,752		525,018
Invocare, Ltd. (b)		210,355		1,602,782
IOOF Holdings, Ltd. (b)		100,711		604,693
iProperty Group, Ltd. (a)(b)		53,230		109,900
Iress, Ltd. (b)		50,268		337,828
iSelect, Ltd. (a)		153,307		162,028
iSentia Group, Ltd.		88,713		243,588
Jacana Minerals, Ltd. (a)(b)(e)		12,051		0
Japara Healthcare, Ltd. (b)		121,177		239,121
JB Hi-Fi, Ltd. (b)		76,041		1,019,936
Karoon Gas Australia, Ltd. (a)(b)		123,041		142,569
Kingsgate Consolidated, Ltd. (a)		104,426		52,800
Liquefied Natural Gas, Ltd. (a)(b)		221,575		198,391
Lynas Corp., Ltd. (a)(b)		746,605		16,778
M2 Group, Ltd.		84,094		560,432
MACA, Ltd.		27,709		17,124
Macquarie Atlas Roads Group		177,115		483,835
Mantra Group, Ltd.		136,794		384,254
Mayne Pharma Group, Ltd. (a)(b)		308,955		222,388
McMillan Shakespeare, Ltd.		17,385		150,288
Medusa Mining, Ltd. (a)		94,975		25,345
Mesoblast, Ltd. (a)(b)		107,820		239,265
Metals X, Ltd.		100,292		84,516
Metcash, Ltd. (b)		293,358		216,311
Mineral Resources, Ltd. (b)		80,090		231,722
MMA Offshore, Ltd. (b)		99,774		36,084
Monadelphous Group, Ltd. (b)		69,555		299,908
Mount Gibson Iron, Ltd. (a)(b)		491,058		60,348
Myer Holdings, Ltd. (b)		420,740		260,009
Navitas, Ltd. (b)		135,355		377,361
New South Resources, Ltd.		147,806		158,290
NewSat, Ltd. (a)(b)(e)		237,780		0
NEXTDC, Ltd. (a)		58,049		96,205
NIB Holdings, Ltd.		203,249		466,733
Nine Entertainment Co., Holdings, Ltd. (b)		222,643		245,471
Northern Star Resources, Ltd. (b)		292,691		548,798
Nufarm, Ltd.		114,979		657,256

See accompanying notes to financial statements.

281

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

September 30, 2015


Security Description	Shares		Value

Orocobre, Ltd. (a)		44,067	$	51,680
Orora, Ltd.		482,038		781,961
OZ Minerals, Ltd.		105,308		244,783
OzForex Group, Ltd. (b)		118,328		221,866
Pacific Brands, Ltd. (a)		1,172,731		584,721
Pact Group Holdings, Ltd.		12,727		42,364
Paladin Energy, Ltd. (a)(b)		738,620		88,178
Peet, Ltd.		35,757		26,994
Perpetual, Ltd.		18,624		518,440
Perseus Mining, Ltd. (a)(b)		262,520		56,228
Platinum Australia, Ltd. (a)(c)		610,876		0
Premier Investments, Ltd.		38,700		349,226
Primary Health Care, Ltd. (b)		165,274		439,881
Programmed Maintenance Services, Ltd. (b)		218,753		407,091
Qube Holdings, Ltd. (b)		299,025		415,781
RCR Tomlinson, Ltd.		46,850		70,736
Recall Holdings, Ltd.		140,217		719,797
Regis Resources, Ltd. (b)		138,996		174,234
Reject Shop, Ltd.		18,786		113,719
Resolute Mining, Ltd. (a)		338,614		73,716
Retail Food Group, Ltd. (b)		71,412		207,617
Ridley Corp., Ltd.		50,734		46,138
S2 Resources, Ltd. (a)(b)(e)		67,119		0
SAI Global, Ltd.		191,414		610,269
Sandfire Resources NL		53,580		202,807
Saracen Mineral Holdings, Ltd. (a)		253,954		89,170
Select Harvests, Ltd.		29,082		227,102
Senex Energy, Ltd. (a)		560,654		59,058
Seven West Media, Ltd.		447,322		232,458
Shopping Centres Australasia Property Group		264,569		362,298
Sigma Pharmaceuticals, Ltd.		1,265,530		662,095
Silver Chef, Ltd.		9,745		65,218
Sims Metal Management, Ltd. (b)		40,494		274,701
Sino Gas & Energy Holdings, Ltd. (a)(b)		610,987		35,183
Sirtex Medical, Ltd.		31,135		715,846
Skilled Group, Ltd.		51,724		62,113
Slater & Gordon, Ltd. (b)		146,541		302,551
Southern Cross Media Group, Ltd. (b)		455,896		284,936
Spotless Group Holdings, Ltd.		288,290		435,271
St Barbara, Ltd. (a)		257,106		189,580
Starpharma Holdings, Ltd. (a)		129,769		71,537
Steadfast Group, Ltd.		224,096		224,254
STW Communications Group, Ltd. (b)		606,261		300,152
Sundance Energy Australia, Ltd. (a)		180,464		36,118
Sunland Group, Ltd.		26,979		29,556
Super Retail Group, Ltd. (b)		50,310		314,792
Syrah Resources, Ltd. (a)		47,434		81,944
Tassal Group, Ltd.		39,595		119,286
Technology One, Ltd. (b)		120,679		325,428
Ten Network Holdings, Ltd. (a)(b)		470,784		59,510
TFS Corp., Ltd. (b)		139,263		149,141
Tox Free Solutions, Ltd.		29,976		54,311
Transfield Services, Ltd. (a)		305,936		226,660
Transpacific Industries Group, Ltd. (b)		688,608		328,831
UGL, Ltd. (b)		74,158		97,906
UXC, Ltd.		71,946		63,408
Veda Group, Ltd.		270,555		507,293
Village Roadshow, Ltd.		7,220		35,289
Virgin Australia Holdings, Ltd. (a)		489,525		166,728
Virtus Health, Ltd.		15,806		60,272
Vocus Communications, Ltd. (b)		119,969		495,380
Webjet, Ltd. (b)		55,300		163,881
Western Areas NL		108,169		163,318
Whitehaven Coal, Ltd. (a)(b)		197,996		124,443
WorleyParsons, Ltd.		92,301		383,077

				41,370,640

AUSTRIA — 0.4%
CA Immobilien Anlagen AG (a)		21,511		395,472
Conwert Immobilien Invest SE (a)(b)		24,674		332,987
DO & Co. AG		4,283		350,816
Flughafen Wien AG		571		51,443
Lenzing AG		2,766		207,082
POLYTEC Holding AG		3,257		24,755
Porr AG		7,468		191,731
RHI AG (b)		12,292		248,212
Schoeller-Bleckmann Oilfield Equipment AG (b)		4,609		259,503
Semperit AG Holding		4,933		149,363
Zumtobel Group AG		21,630		474,801

				2,686,165

BAHAMAS — 0.0% (f)
United International Enterprises		476		75,425

BELGIUM — 1.2%
Ablynx NV (a)(b)		30,876		396,351
Aedifica SA		5,754		341,570
AGFA-Gevaert NV (a)		189,157		681,158
AGFA-Gevaert NV VVPR Strip (b)(c)		42,353		0
Barco NV		16,766		1,080,607
Befimmo SA		2,522		154,525
Bekaert SA		4,605		120,926
BHF Kleinwort Benson Group (a)		116,927		696,975
Deceuninck NV		20,586		55,380
Econocom Group SA (b)		23,186		200,736
EVS Broadcast Equipment SA (b)		14,854		383,348
Fagron		14,609		277,387
Ion Beam Applications		10,757		346,056
Kinepolis Group NV		3,239		125,549
Lotus Bakeries		171		328,521
Melexis NV		9,832		453,705
Mobistar SA (a)		20,838		447,996
Nyrstar NV (a)(b)		210,665		471,720
Tessenderlo Chemie NV (a)		36,511		1,068,403
Tessenderlo Chemie NV VVPR Strip (a)(c)		4,451		0
ThromboGenics NV (a)		15,569		64,997
Warehouses De Pauw CVA REIT		3,589		277,751

				7,973,661

See accompanying notes to financial statements.

282

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

September 30, 2015


Security Description	Shares		Value

BERMUDA — 0.2%
Global Sources, Ltd. (a)(b)		7,617	$	63,297
Ship Finance International, Ltd. (b)		32,795		532,919
SmarTone Telecommunications Holdings, Ltd.		219,749		412,842
Trinity, Ltd. (b)		596,000		64,598

				1,073,656

CANADA — 9.4%
Advantage Oil & Gas, Ltd. (a)		127,472		662,698
Aecon Group, Inc.		10,926		110,751
Africa Oil Corp. (a)(b)		145,318		168,004
AG Growth International, Inc. (b)		6,091		162,963
AGF Management, Ltd. (Class B) (b)		10,916		43,071
AGT Food & Ingredients, Inc. (b)		10,331		199,731
Aimia, Inc.		57,655		502,283
Alacer Gold Corp. (a)		110,448		247,966
Alamos Gold, Inc. (Class A)		135,641		499,789
Alaris Royalty Corp. (b)		13,035		262,119
Algonquin Power & Utilities Corp. (b)		78,901		555,550
Altius Minerals Corp. (b)		3,173		28,376
Altus Group, Ltd. (b)		9,049		138,229
Arbutus Biopharma Corp. (a)(e)		11,948		72,763
Argonaut Gold, Inc. (a)(b)		64,375		65,302
Artis REIT		16,293		154,095
Asanko Gold, Inc. (a)		52,083		75,753
Atlantic Power Corp. (b)		58,373		108,848
Atrium Mortgage Investment Corp.		33,342		290,222
ATS Automation Tooling Systems, Inc. (a)		32,107		309,168
AutoCanada, Inc. (b)		8,600		165,880
Avigilon Corp. (a)(b)		14,690		124,909
B2Gold Corp. (a)		372,216		391,456
Badger Daylighting, Ltd. (b)		14,463		210,359
Ballard Power Systems, Inc. (a)(b)		68,280		82,504
Bankers Petroleum, Ltd. (a)		145,641		189,017
Baytex Energy Corp.		89,800		286,004
Bellatrix Exploration, Ltd. (a)(b)		91,892		139,822
Birchcliff Energy, Ltd. (a)		60,432		287,578
Bird Construction, Inc. (b)		18,405		164,735
Black Diamond Group, Ltd. (b)		11,680		72,483
BlackPearl Resources, Inc. (a)(b)		160,986		114,072
Bombardier, Inc. (Class B)		754,500		939,819
Bonavista Energy Corp. (b)		89,600		205,170
Bonterra Energy Corp. (b)		9,364		136,266
Boulder Energy, Ltd. (a)		14,148		52,447
Boyd Group Income Fund		1,473		67,942
BRP, Inc. (a)		14,504		273,918
Calfrac Well Services, Ltd. (b)		39,389		91,370
Callidus Capital Corp. (b)		17,815		151,880
Canaccord Genuity Group, Inc.		46,061		179,682
Canacol Energy, Ltd. (a)(b)		38,886		75,701
Canadian Energy Services & Technology Corp.		80,626		371,047
Canadian Solar, Inc. (a)(b)		16,357		271,853
Canadian Western Bank (b)		18,100		317,125
Canam Group, Inc.		3,588		34,443
Canexus Corp. (b)		86,987		75,263
Canyon Services Group, Inc.		24,636		84,527
Capital Power Corp. (b)		16,500		232,356
Capstone Infrastructure Corp. (b)		21,286		49,059
Capstone Mining Corp. (a)		198,540		65,158
Cardinal Energy, Ltd. (b)		43,595		289,398
Celestica, Inc. (a)		104,684		1,341,442
Centerra Gold, Inc.		71,855		404,107
Chartwell Retirement Residences		12,126		111,157
China Gold International Resources Corp., Ltd. (a)(b)		119,802		169,780
Chinook Energy, Inc. (a)(b)		117,241		53,343
Cogeco Cable, Inc.		5,600		269,411
Colliers International Group, Inc.		36,864		1,490,288
Colossus Minerals, Inc. (a)(b)(e)		380		0
Computer Modelling Group, Ltd.		39,635		334,948
Continental Gold, Inc. (a)(b)		54,559		67,146
Corus Entertainment, Inc. (Class B) (b)		83,903		883,025
Cott Corp.		72,206		776,617
Crew Energy, Inc. (a)		66,197		201,450
Delphi Energy Corp. (a)		63,676		32,771
Denison Mines Corp. (a)(b)		265,558		99,037
Descartes Systems Group, Inc. (a)		39,934		704,139
Detour Gold Corp. (a)(b)		66,522		706,055
DHX Media, Ltd.		30,940		193,851
DirectCash Payments, Inc. (b)		2,155		19,771
DIRTT Environmental Solutions (a)(b)		27,057		114,428
Dominion Diamond Corp.		43,921		467,154
Dorel Industries, Inc. (Class B)		14,163		332,445
Dream Unlimited Corp. (Class A) (a)(b)		78,979		414,129
Dundee Corp. (Class A) (a)		59,693		383,795
Dundee Precious Metals, Inc. (a)(b)		56,081		91,189
Enbridge Income Fund Holdings, Inc. (b)		17,358		405,499
Endeavour Mining Corp. (a)		218,875		89,790
Endeavour Silver Corp. (a)(b)		58,796		90,341
EnerCare, Inc. (b)		26,234		275,509
Enerflex, Ltd.		39,803		391,588
Enerplus Corp. (b)		80,800		391,736
Enghouse Systems, Ltd.		10,983		438,189
Ensign Energy Services, Inc.		53,500		327,616
Entertainment One, Ltd.		94,912		356,544
Epsilon Energy, Ltd. (a)		16,469		35,009
Equitable Group, Inc. (b)		6,291		263,943
Essential Energy Services Trust		37,391		18,965
Exchange Income Corp. (b)		12,198		221,087
Extendicare, Inc. (b)		43,740		261,324
Firm Capital Mortgage Investment Corp. (b)		29,680		274,065
First Majestic Silver Corp. (a)(b)		49,393		157,312
FirstService Corp.		30,552		982,851
Fortuna Silver Mines, Inc. (a)(b)		73,158		159,881
Freehold Royalties, Ltd. (b)		23,227		187,451
Gasfrac Energy Services, Inc. (a)(e)		21,904		0
Gibson Energy, Inc. (b)		37,549		468,557
Gluskin Sheff + Associates, Inc. (b)		12,267		182,262
GMP Capital, Inc.		97,720		301,753

See accompanying notes to financial statements.

283

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

September 30, 2015


Security Description	Shares		Value

Gran Tierra Energy, Inc. (a)		145,755	$	310,927
Granite Oil Corp.		9,426		50,550
Granite Real Estate Investment Trust		23,587		661,147
Great Basin Gold, Ltd. (a)(e)		266,255		0
Great Canadian Gaming Corp. (a)		27,813		386,897
Guardian Capital Group, Ltd. (Class A)		138,326		1,806,585
Guyana Goldfields, Inc. (a)		75,590		201,844
Heroux-Devtek, Inc. (a)		4,619		40,757
High Liner Foods, Inc.		5,378		62,537
HNZ Group, Inc.		10,950		134,598
Home Capital Group, Inc. (b)		22,000		525,591
Horizon North Logistics, Inc. (b)		71,093		126,204
HudBay Minerals, Inc.		84,500		310,722
IAMGOLD Corp. (a)		161,623		262,802
IMAX Corp. (a)(e)		25,358		856,847
Imperial Metals Corp. (a)		22,558		103,982
Innergex Renewable Energy, Inc. (b)		55,041		429,014
Interfor Corp. (a)		26,652		187,262
InterOil Corp. (a)(b)		16,501		556,249
InterRent Real Estate Investment Trust		7,774		37,690
Intertain Group, Ltd. (a)		39,541		338,577
Intertape Polymer Group, Inc.		17,763		189,064
Ithaca Energy, Inc. (a)(b)		152,909		70,712
Ivanhoe Mines, Ltd. (Class A) (a)		164,684		79,842
Jean Coutu Group PJC, Inc. (Class A)		8,600		128,997
Just Energy Group, Inc. (b)		75,909		465,408
Kelso Technologies, Inc.		19,277		30,482
Kelt Exploration, Ltd. (a)(b)		56,471		240,508
Kirkland Lake Gold, Inc. (a)(b)		40,576		167,970
Knight Therapeutics, Inc. (a)		21,539		113,422
KP Tissue, Inc.		6,253		56,714
Labrador Iron Ore Royalty Corp. (b)		24,348		259,697
Lake Shore Gold Corp. (a)(b)		237,666		198,542
Laurentian Bank of Canada (b)		3,274		122,906
Lightstream Resources, Ltd. (b)		67,986		17,748
Liquor Stores NA, Ltd. (b)		15,547		126,978
Lucara Diamond Corp.		108,262		121,126
MAG Silver Corp. (a)		49,922		353,740
Major Drilling Group International, Inc. (b)		95,960		318,507
Mart Resources, Inc.		203,797		25,081
Martinrea International, Inc.		65,078		512,586
MCAN Mortgage Corp. (b)		26,102		241,804
Medical Facilities Corp. (b)		15,699		183,957
MEG Energy Corp. (a)		64,100		393,961
Mitel Networks Corp. (a)(b)		37,065		239,069
Morguard Corp.		1,739		175,132
Morneau Shepell, Inc. (b)		18,534		212,062
MTY Food Group, Inc. (b)		9,270		220,082
Mullen Group, Ltd.		14,800		197,046
Nevsun Resources, Ltd. (b)		104,003		303,313
New Gold, Inc. (a)		165,100		370,665
Newalta Corp.		20,287		139,060
Norbord, Inc. (b)		12,070		172,313
North American Palladium, Ltd. (a)		235		771
North West Co., Inc. (b)		27,547		578,596
Novadaq Technologies, Inc. (a)(b)		22,308		232,672
Novagold Resources, Inc. (a)(b)		111,405		401,347
NuVista Energy, Ltd. (a)		98,265		370,134
OceanaGold Corp. (b)		153,409		223,128
OneREIT		8,821		20,396
Osisko Gold Royalties, Ltd.		33,812		355,597
Pacific Exploration and Production Corp. (b)		74,567		165,741
Painted Pony Petroleum, Ltd. (a)		47,122		191,904
Pan American Silver Corp.		43,100		272,610
Paramount Resources, Ltd. (Class A) (a)(b)		26,400		193,761
Parex Resources, Inc. (a)		57,259		395,052
Parkland Fuel Corp. (b)		43,536		742,323
Pason Systems, Inc.		15,100		211,290
Pengrowth Energy Corp.		224,400		190,808
Performance Sports Group, Ltd. (a)(b)		22,707		304,728
PHX Energy Services Corp.		9,473		20,137
Pizza Pizza Royalty Corp. (b)		21,397		216,093
Poseidon Concepts Corp. (a)(e)		43,064		0
Precision Drilling Corp.		135,000		497,427
Premier Gold Mines, Ltd. (a)(b)		91,826		154,105
Premium Brands Holdings Corp.		5,258		122,871
Pretium Resources, Inc. (a)(b)		40,506		244,118
Primero Mining Corp. (a)		53,558		124,637
ProMetic Life Sciences, Inc. (a)(b)		232,479		254,900
Pulse Seismic, Inc. (b)		19,280		33,507
Pure Technologies, Ltd.		31,834		122,521
Quebecor, Inc. (Class B)		17,500		381,275
Raging River Exploration, Inc. (a)(b)		81,426		447,609
Redknee Solutions, Inc. (a)(b)		30,876		88,665
Regal Lifestyle Communities, Inc.		8,346		74,328
Reitmans Canada, Ltd. (Class A)		25,911		81,558
Richelieu Hardware, Ltd.		8,124		403,443
RMP Energy, Inc. (a)		52,428		49,663
Rogers Sugar, Inc. (b)		9,181		27,871
Romarco Minerals, Inc. (a)		480,951		168,604
RONA, Inc.		54,659		554,866
Rubicon Minerals Corp. (a)(b)		181,309		129,825
Russel Metals, Inc.		16,100		259,507
Sandstorm Gold, Ltd. (a)(b)		37,047		98,096
Sandvine Corp. (a)(b)		35,597		61,598
Savanna Energy Services Corp. (b)		105,896		110,580
Seabridge Gold, Inc. (a)(b)		22,765		131,764
Sears Canada, Inc. (a)(b)		4,869		31,596
Secure Energy Services, Inc.		58,320		390,627
SEMAFO, Inc. (a)		133,158		287,034
ShawCor, Ltd.		18,835		393,081
Sherritt International Corp. (b)		152,943		85,558
Sierra Wireless, Inc. (a)(b)		16,184		341,377
Silver Standard Resources, Inc. (a)(b)		44,382		288,001
Silvercorp Metals, Inc. (b)		99,381		63,007
SilverCrest Mines, Inc. (a)		25,014		22,016
Sirius XM Canada Holdings, Inc. (b)		40,744		149,823
Solium Capital, Inc. (a)(b)		30,416		158,580

See accompanying notes to financial statements.

284

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

September 30, 2015


Security Description	Shares		Value

Southern Pacific Resource Corp. (a)(e)		281,142	$	0
Spartan Energy Corp. (a)(b)		119,692		203,549
Stuart Olson, Inc.		5,209		21,602
SunOpta, Inc. (a)		31,210		151,681
Sunshine Oilsands, Ltd. (a)(b)		1,674,500		140,441
Superior Plus Corp. (b)		57,127		468,282
Surge Energy, Inc. (b)		106,954		215,392
Tahoe Resources, Inc.		83,051		638,663
Taseko Mines, Ltd. (a)		25,320		10,009
Tembec, Inc. (a)(b)		20,383		16,267
Teranga Gold Corp. (a)		79,617		32,068
Thompson Creek Metals Co., Inc. (a)(b)		91,489		42,309
Timmins Gold Corp. (a)		45,501		11,369
TORC Oil & Gas, Ltd. (b)		31,526		131,917
Torex Gold Resources, Inc. (a)		368,629		343,691
Toromont Industries, Ltd. (b)		25,155		609,221
Torstar Corp. (Class B) (b)		19,590		61,954
Total Energy Services, Inc.		10,691		116,503
TransAlta Corp.		105,600		488,342
Transcontinental, Inc. (Class A)		38,940		551,846
TransForce, Inc. (b)		7,700		137,207
TransGlobe Energy Corp. (b)		49,556		129,000
Trevali Mining Corp. (a)		50,065		11,950
Tricon Capital Group, Inc. (b)		35,849		275,144
Trinidad Drilling, Ltd. (b)		94,412		155,628
Twin Butte Energy, Ltd. (b)		87,910		20,327
Uni-Select, Inc. (b)		28,907		1,302,292
Wajax Corp. (b)		5,276		86,930
Western Energy Services Corp. (b)		17,008		65,206
Western Forest Products, Inc. (b)		178,917		240,211
Westport Innovations, Inc. (a)(b)		22,980		56,906
Westshore Terminals Investment Corp.		7,312		138,528
Whistler Blackcomb Holdings, Inc.		18,770		301,003
Wi-LAN, Inc.		84,499		152,523
Winpak, Ltd. (b)		11,097		333,564
Yamana Gold, Inc. (b)		343,100		575,800
Yellow Pages, Ltd. (a)		11,465		136,311

				60,927,712

CHINA — 0.9%
Allied Properties HK, Ltd. (b)		2,552,391		526,942
China Everbright Water, Ltd. (a)(b)		152,900		65,057
China Sandi Holdings, Ltd. (a)		103		7
Chow Sang Sang Holdings International, Ltd.		242,939		485,875
Daphne International Holdings, Ltd. (a)		552,000		125,357
G-Resources Group, Ltd.		12,854,400		333,383
Greenland Hong Kong Holdings, Ltd. (a)		184,000		89,032
HKR International, Ltd.		2,575,659		1,232,985
K Wah International Holdings, Ltd. (b)		1,476,247		586,685
Midland Holdings, Ltd. (a)(b)		749,790		309,589
Nam Tai Property, Inc. (b)		5,210		31,781
Road King Infrastructure, Ltd.		1,148,482		998,802
Shun Tak Holdings, Ltd.		1,234,749		466,812
Texwinca Holdings, Ltd.		730,850		656,346

				5,908,653

DENMARK — 1.3%
ALK-Abello A/S		2,214		253,095
Amagerbanken A/S (a)(c)		308,573		0
Ambu A/S (Class B) (b)		17,735		478,984
Bang & Olufsen A/S (a)(b)		32,554		226,014
Bavarian Nordic A/S (a)		16,083		635,306
D/S Norden A/S (a)		14,526		319,938
FLSmidth & Co. A/S (b)		20,689		685,686
Forward Pharma A/S ADR (a)		2,511		59,159
IC Group A/S		25,229		717,242
Matas A/S		13,304		248,831
NKT Holding A/S		11,022		580,517
OW Bunker A/S (a)(e)		9,828		0
PER Aarsleff A/S (Class B)		475		162,829
Rockwool International A/S (Class B)		1,979		281,752
Royal Unibrew A/S		15,129		565,477
Santa Fe Group A/S (a)(b)		35,329		306,600
Schouw & Co.		3,042		163,405
SimCorp A/S		45,071		2,265,942
Solar A/S (Class B)		1,401		84,375
Spar Nord Bank A/S		31,572		359,028
Torm A/S (a)		10,698		153,665

				8,547,845

FINLAND — 1.2%
BasWare Oyj		4,256		185,707
Caverion Corp.		31,184		311,194
Cramo Oyj		14,996		311,853
Fiskars Oyj Abp		22,334		448,746
Kemira Oyj (b)		14,795		170,434
Konecranes Oyj (b)		18,539		462,721
Lassila & Tikanoja Oyj		69,841		1,400,941
Metsa Board Oyj		88,300		496,767
Olvi OYJ (Class A)		5,779		142,498
Oriola-KD OYJ (Class B) (a)		33,404		160,335
Outokumpu Oyj (a)(b)		106,159		244,110
Outotec Oyj (b)		54,969		202,853
PKC Group Oyj (b)		13,478		244,478
Poyry Oyj (a)(b)		85,220		342,457
Raisio Oyj (Class V)		33,417		160,397
Ramirent Oyj		32,539		248,803
Sanoma Oyj (b)		14,488		53,433
Sponda Oyj		48,751		190,029
Stockmann Oyj Abp (Class B) (a)(b)		10,118		78,664
Talvivaara Mining Co. PLC (a)(b)(c)		572,382		0
Tieto Oyj		28,022		706,292
Tikkurila Oyj		9,466		156,911
Uponor Oyj		14,467		187,810
Valmet Oyj		49,303		476,599
YIT Oyj (b)		45,960		251,076

				7,635,108

FRANCE — 2.1%
AB Science SA (a)(b)		4,337		59,450

See accompanying notes to financial statements.

285

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

September 30, 2015


Security Description	Shares		Value

Albioma SA		10,909	$	181,318
Alten SA		14,107		722,863
Altran Technologies SA		52,421		607,385
ANF Immobilier		3,248		72,330
Assystem		2,218		45,382
Beneteau SA		12,353		183,187
Bourbon SA (b)		7,406		92,838
Cellectis SA (a)(b)		13,918		371,620
CGG SA (a)(b)		81,891		281,454
Coface SA		32,942		289,612
DBV Technologies SA (a)(b)		6,456		453,938
Elis SA		25,966		404,044
Etablissements Maurel et Prom (a)(b)		40,827		150,893
Faiveley Transport SA (a)		2,200		226,911
Flamel Technologies SA ADR (a)		20,024		326,591
Fonciere De Paris SIIC		2,098		250,582
GameLoft SE (a)(b)		42,205		154,996
Gaztransport Et Technigaz SA		6,378		330,556
Genfit (a)(b)		8,633		327,017
GL Events		27,182		524,611
Groupe Fnac SA (a)		4,103		233,991
Haulotte Group SA		3,020		42,273
Innate Pharma SA (a)(b)		25,063		374,886
Interparfums SA		1,765		45,137
IPSOS		14,078		275,869
Jacquet Metal Service		33,801		456,726
Laurent-Perrier		13		1,121
LISI		7,308		197,535
Marie Brizard Wine & Spirits (a)(b)		13,571		293,883
Mersen		30,442		613,355
Montupet (b)		2,725		159,846
MPI (b)		28,237		69,343
Naturex (a)(b)		3,347		237,615
Neopost SA		10,962		284,862
Nexans SA (a)		11,725		394,080
NextRadioTV		3,998		161,998
NicOx SA (a)		13,455		25,217
Norbert Dentressangle SA		549		124,433
Parrot SA (a)		2,844		138,477
Pierre & Vacances SA (a)		1,010		27,261
Rallye SA (b)		9,557		156,286
Saft Groupe SA		19,377		632,449
Sequana SA (a)		24,941		112,754
SOITEC (a)(b)		120,400		68,542
Solocal Group (a)(b)		611,410		155,607
Tarkett SA		6,604		154,069
Trigano SA		3,076		145,996
UbiSoft Entertainment (a)		61,531		1,243,866
Vallourec SA		41,671		368,215
Valneva SE (a)(b)		12,183		43,518
Vetoquinol SA		2,379		104,098
Virbac SA (b)		1,782		307,325

				13,708,211

GERMANY — 3.0%
ADVA Optical Networking SE (a)		11,609		124,104
Aixtron SE (a)(b)		45,679		276,208
Alstria Office REIT-AG (a)(b)		45,906		596,207
Amadeus Fire AG		3,021		267,853
Aurelius AG		9,632		446,895
BayWa AG (b)		2,208		70,958
Bechtle AG		5,652		508,130
Bertrandt AG		803		83,567
Bilfinger SE (b)		16,230		599,664
Biotest AG Preference Shares (b)		10,248		214,487
Borussia Dortmund GmbH & Co. KGaA (b)		38,006		172,879
CANCOM SE		8,442		292,926
Cewe Stiftung & Co. KGaA		3,052		169,505
CompuGroup Medical AG (b)		8,060		265,771
Deutsche Pfandbriefbank AG (a)(g)		19,422		225,470
Deutz AG		34,192		114,424
DIC Asset AG		73,459		660,089
Draegerwerk AG & Co. KGaA		2,190		154,767
Draegerwerk AG & Co. KGaA Preference Shares		1,436		120,653
Elmos Semiconductor AG		9,717		146,863
ElringKlinger AG (b)		8,024		154,057
Evotec AG (a)		47,664		211,490
GFK SE		4,233		147,895
Grammer AG (b)		7,168		163,586
Hamborner REIT AG		34,010		328,386
Hamburger Hafen und Logistik AG (b)		6,699		108,913
Hawesko Holding AG		2,608		117,320
Heidelberger Druckmaschinen AG (a)(b)		110,841		283,333
Hornbach Holding AG Preference Shares		2,453		197,148
Indus Holding AG		42,975		1,915,955
Isra Vision AG		501		27,979
Jenoptik AG		81,489		1,152,489
Kloeckner & Co. SE (b)		55,132		450,542
Koenig & Bauer AG (a)		8,328		244,767
Kontron AG (a)(b)		64,513		182,336
LPKF Laser & Electronics AG (b)		12,492		116,239
MLP AG		63,047		279,042
MorphoSys AG (a)		10,060		669,389
Nemetschek AG		10,216		383,161
Norma Group SE		11,985		587,640
Patrizia Immobilien AG (a)		48,923		1,166,202
Pfeiffer Vacuum Technology AG		2,068		238,227
QSC AG (b)		19,417		32,663
RIB Software AG		15,954		250,300
Salzgitter AG (b)		8,688		215,198
Schaltbau Holding AG		2,366		122,545
SGL Carbon SE (a)(b)		17,001		269,763
Sixt SE (b)		10,391		504,728
SLM Solutions Group AG (a)		2,219		36,473
SMA Solar Technology AG (a)(b)		3,421		147,478
STRATEC Biomedical AG		2,864		166,209
Suss Microtec AG (a)(b)		4,032		25,447
TAG Immobilien AG (b)		50,996		603,682
Takkt AG		15,727		294,928
TLG Immobilien AG		20,991		379,585
Vossloh AG (a)		3,320		246,890
Wacker Neuson SE		9,315		134,704
Wincor Nixdorf AG		13,065		511,891

See accompanying notes to financial statements.

286

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

September 30, 2015


Security Description	Shares		Value

XING AG		1,598	$	342,483
zooplus AG (a)		2,546		321,143

				19,243,626

GIBRALTAR — 0.1%
888 Holdings PLC (b)		75,291		188,463
Bwin Party Digital Entertainment PLC		335,565		565,226

				753,689

GREECE — 0.0% (f)
TT Hellenic Postbank SA (a)(c)		129,076		0

HONG KONG — 3.2%
APT Satellite Holdings, Ltd.		134,500		116,103
Beijing Properties Holdings, Ltd. (a)(b)		1,240,000		73,600
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		87,000		96,092
Bloomage Biotechnology Corp., Ltd.		62,500		94,516
Cafe de Coral Holdings, Ltd.		182,000		608,228
Century Sunshine Group Holdings, Ltd.		792,698		65,461
China Cord Blood Corp. (a)		19,480		117,270
China Household Holdings, Ltd. (a)		705,000		28,200
China Innovationpay Group, Ltd. (a)(b)		2,340,000		150,967
China LNG Group, Ltd. (b)		7,750,000		319,998
China LotSynergy Holdings, Ltd. (b)		4,500,000		194,515
China Merchants Land, Ltd. (b)		212,000		34,740
China Ocean Resources Co., Ltd. (a)(b)		27,289		79,199
China Oceanwide Holdings, Ltd. (a)		488,000		63,597
China Regenerative Medicine International, Ltd. (a)		5,793,056		317,682
China Resources and Transportation Group, Ltd. (a)(b)		5,100,000		22,374
China Ruifeng Renewable Energy Holdings, Ltd. (a)		356,000		39,964
China Smarter Energy Group Holdings, Ltd. (a)(b)		1,320,000		120,928
China Strategic Holdings, Ltd. (a)		8,785,000		258,447
China Water Industry Group, Ltd. (a)		484,000		91,803
Chong Hing Bank, Ltd.		57,000		118,559
CK Life Sciences Int’l Holdings, Inc.		2,562,000		228,099
CST Mining Group, Ltd. (a)		14,132,000		145,878
Culturecom Holdings, Ltd. (a)		375,000		64,838
Dah Sing Financial Holdings, Ltd.		96,400		526,154
Digital Domain Holdings, Ltd. (a)		2,770,000		130,457
Emperor Entertainment Hotel, Ltd.		100,000		17,935
Emperor Watch & Jewellery, Ltd.		2,600,000		85,548
Enerchina Holdings, Ltd. (a)		2,238,000		114,065
Esprit Holdings, Ltd. (b)		918,600		682,723
EverChina International Holdings Co., Ltd. (a)		1,045,000		40,451
Extrawell Pharmaceutical Holdings, Ltd. (a)		1,370,000		64,522
Fairwood Holdings, Ltd.		149,000		421,042
FDG Electric Vehicles, Ltd. (a)(b)		7,202,493		520,435
Giordano International, Ltd.		1,322,000		637,968
Global Brands Group Holding, Ltd. (a)		2,602,000		537,184
Haier Healthwise Holdings, Ltd. (a)(b)		2,740,000		175,005
Hao Tian Development Group, Ltd. (a)		924,000		65,574
HC International, Inc. (a)(b)		168,000		92,996
Heng Tai Consumables Group, Ltd. (a)		3,270,000		33,755
Heritage International Holdings, Ltd. (a)(b)		7,260,000		627,635
HKBN, Ltd. (a)		520,413		600,318
HKC Holdings, Ltd. (a)		1,331,000		29,196
Honbridge Holdings, Ltd. (a)		1,324,000		181,088
Hong Kong Television Network, Ltd. (a)		121,000		25,449
Hopewell Highway Infrastructure, Ltd.		558,500		278,167
Hybrid Kinetic Group, Ltd. (a)		8,372,000		367,285
Imagi International Holdings, Ltd. (a)		5,544,000		80,119
Inspur International, Ltd. (b)		310,000		58,400
International Housewares Retail Co., Ltd.		65,000		13,671
iOne Holdings, Ltd. (a)		1,320,000		49,393
Kingwell Group, Ltd. (a)		532,000		18,191
Kong Sun Holdings, Ltd. (a)		4,000,000		340,643
KuangChi Science, Ltd. (a)(b)		631,000		129,456
L & A International Holdings, Ltd. (a)		328,000		133,315
L’sea Resources International Holdings, Ltd. (a)		1,600,000		97,032
Landing International Development, Ltd. (a)		5,308,500		147,267
Le Saunda Holdings, Ltd.		110,000		28,245
Lee’s Pharmaceutical Holdings, Ltd.		209,000		269,406
Loudong General Nice Resources China Holdings, Ltd. (a)(b)		1,101,000		103,706
Louis XIII Holdings, Ltd. (a)		84,500		23,551
Luk Fook Holdings International, Ltd. (b)		183,000		457,615
Macau Legend Development, Ltd. (a)(b)		2,942,985		417,711
Man Wah Holdings, Ltd.		288,800		280,973
Mascotte Holdings, Ltd. (a)		10,192,000		381,376
Mason Financial Holdings, Ltd. (a)		3,680,000		135,328
Mei Ah Entertainment Group, Ltd. (a)		1,840,000		211,302
New Focus Auto Tech Holdings, Ltd. (a)		700,000		73,161
Pacific Basin Shipping, Ltd. (b)		1,509,000		457,565
PAX Global Technology, Ltd. (b)		367,000		380,730
Peace Map Holding, Ltd. (a)		1,560,000		54,348
Peace Mark (Holdings), Ltd. (a)(c)		504,228		0
PetroAsian Energy Holdings, Ltd. (a)		2,276,000		46,988
Phoenix Satellite Television Holdings, Ltd.		1,000,000		211,612

See accompanying notes to financial statements.

287

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

September 30, 2015


Security Description	Shares		Value

Pico Far East Holdings, Ltd. (b)		202,000	$	46,916
Playmates Toys, Ltd.		272,000		52,294
Prosperity REIT		566,000		193,534
Redefine International PLC		300,222		239,432
Simsen International Corp., Ltd. (a)		342,000		159,746
Sincere Watch Hong Kong, Ltd. (a)(b)		1,090,000		122,361
Sino Oil And Gas Holdings, Ltd. (a)		6,570,000		144,115
Sinolink Worldwide Holdings, Ltd. (a)		674,000		73,052
Skyway Securities Group, Ltd. (a)		1,640,000		52,056
SMI Holdings Group, Ltd.		2,968,000		248,927
Spring Real Estate Investment Trust (b)		246,000		96,812
Summit Ascent Holdings, Ltd. (a)(b)		550,000		285,288
Sun Hung Kai & Co., Ltd. (b)		330,000		225,250
SUNeVision Holdings, Ltd.		134,000		41,324
Sunlight Real Estate Investment Trust		155,000		75,800
Superb Summit International Group, Ltd. (a)(b)(e)		2,435,000		0
TCC International Holdings, Ltd.		174,000		32,330
Television Broadcasts, Ltd.		171,300		570,260
Texhong Textile Group, Ltd.		213,500		147,383
Tongda Group Holdings, Ltd.		1,060,000		183,276
Town Health International Medical Group, Ltd. (b)		1,824,000		378,919
Truly International Holdings, Ltd.		730,000		184,618
TSC Group Holdings, Ltd. (a)		197,000		38,891
United Photovoltaics Group, Ltd. (a)(b)		2,094,000		199,942
Value Partners Group, Ltd. (b)		402,000		376,062
Varitronix International, Ltd.		106,000		70,575
Vitasoy International Holdings, Ltd.		562,000		831,029
Viva China Holdings, Ltd. (a)		1,752,000		189,893
VST Holdings, Ltd.		122,000		33,215
World Wide Touch Technology Holdings, Ltd. (a)		2,112,000		433,298
Yanchang Petroleum International, Ltd. (a)		4,240,000		123,643
Yuexiu Real Estate Investment Trust		1,063,000		539,040
Yuxing InfoTech Investment Holdings, Ltd. (b)		342,000		93,994
Zhongyu Gas Holdings, Ltd. (a)(b)		28,000		6,323

				20,796,712

IRELAND — 0.9%
C&C Group PLC		147,489		583,136
Cairn Homes PLC (a)		184,279		214,958
Dalata Hotel Group PLC (a)		76,960		369,398
FBD Holdings PLC		9,898		73,407
FleetMatics Group PLC (a)(b)		15,149		743,664
Fly Leasing, Ltd. ADR		17,553		231,700
Fyffes PLC		146,030		236,359
Green REIT PLC		303,180		501,545
Greencore Group PLC		169,975		703,407
Hibernia REIT PLC		215,865		305,536
IFG Group PLC		14,632		31,686
Irish Continental Group PLC		44,504		216,594
Irish Residential Properties REIT PLC		136,726		167,730
Kenmare Resources PLC (a)		1,205,542		35,244
Origin Enterprises PLC		25,246		180,526
Total Produce PLC		132,319		182,411
Trinity Biotech PLC ADR (b)		12,023		137,543
UDG Healthcare PLC		110,901		844,976

				5,759,820

ISRAEL — 1.5%
Africa Israel Properties, Ltd. (a)		2,446		32,020
Africa-Israel Investments, Ltd. (a)		32,461		20,991
Airport City, Ltd. (a)		18,019		174,456
Allot Communications, Ltd. (a)		10,277		49,305
Alony Hetz Properties & Investments, Ltd.		32,100		231,126
Caesarstone Sdot-Yam, Ltd. (b)		11,693		355,467
Cellcom Israel, Ltd. (a)		31,673		198,516
Compugen, Ltd. (a)		28,834		139,729
CyberArk Software, Ltd. (a)(b)		6,247		313,225
Delta-Galil Industries, Ltd.		5,353		160,253
Electra, Ltd.		308		38,005
Evogene, Ltd. (a)		20,116		165,340
EZchip Semiconductor, Ltd. (a)		16,409		412,850
Gazit-Globe, Ltd.		20,272		202,983
Harel Insurance Investments & Financial Services, Ltd.		40,627		168,516
IDI Insurance Co., Ltd.		6,605		301,229
Israel Discount Bank, Ltd. (Class A) (a)		430,668		786,304
Ituran Location and Control, Ltd.		12,590		258,831
Jerusalem Oil Exploration (a)		5,313		206,298
Matrix IT, Ltd.		11,349		66,766
Mazor Robotics, Ltd. (a)		14,561		79,021
Melisron, Ltd.		8,318		309,416
Mellanox Technologies, Ltd. (a)(b)		14,892		562,769
Migdal Insurance & Financial Holding, Ltd.		240,923		218,647
Nitsba Holdings 1995, Ltd. (a)		12,707		223,390
Nova Measuring Instruments, Ltd. (a)		25,380		244,624
Oil Refineries, Ltd. (a)		492,418		180,537
Orbotech, Ltd. (a)		24,202		373,921
Partner Communications Co., Ltd. (a)		53,381		211,489
Paz Oil Co., Ltd.		3,108		462,292
RADWARE, Ltd. (a)(b)		25,829		419,979
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		4,455		190,123
REIT 1, Ltd.		115,039		302,187
Sarine Technologies, Ltd.		106,000		126,732
Shikun & Binui, Ltd.		72,093		130,965
Shufersal, Ltd. (a)		56,832		134,923
SodaStream International, Ltd. (a)(b)		10,860		149,434
Stratasys, Ltd. (a)(b)		19,716		522,277
Strauss Group, Ltd. (a)		18,425		247,066
Syneron Medical, Ltd. (a)		10,039		71,779

See accompanying notes to financial statements.

288

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

September 30, 2015


Security Description	Shares		Value

Tower Semiconductor, Ltd. (a)		21,834	$	278,703

				9,722,484

ITALY — 1.7%
Amplifon SpA		184,006		1,389,508
Astaldi SpA (b)		111,225		1,011,241
Banca Carige SpA (a)(b)		118,791		192,005
Banca Popolare dell’Etruria e del Lazio SC (a)(b)(e)		46,016		0
Beni Stabili SpA		348,949		270,518
Brunello Cucinelli SpA		4,168		75,464
Cairo Communication SpA (b)		3,952		18,846
Cerved Information Solutions SpA (a)		55,084		405,203
CIR-Compagnie Industriali Riunite SpA (a)		47,814		47,902
Credito Valtellinese SC (a)		388,590		501,431
Danieli & C Officine Meccaniche SpA		4,679		71,241
EI Towers SpA		17,045		1,046,456
Esprinet SpA		42,523		351,250
Gruppo Editoriale L’Espresso SpA (a)(b)		26,073		26,106
Immobiliare Grande Distribuzione SpA		31,764		28,436
IMMSI SpA (a)		443,669		227,862
Industria Macchine Automatiche SpA (b)		6,724		300,227
Interpump Group SpA		98,942		1,315,388
Iren SpA		181,646		295,830
Italmobiliare SpA Preference Shares		13,316		368,627
Maire Tecnimont SpA (a)(b)		16,254		44,996
MARR SpA		4,869		92,287
Newron Pharmaceuticals SpA (a)		3,355		89,274
OVS SpA (a)(g)		18,108		123,502
Piaggio & C. SpA (b)		17,345		41,627
RCS MediaGroup SpA (a)(b)		82,765		82,593
Reply SpA		459		50,288
Safilo Group SpA (a)(b)		6,460		75,355
Salini Impregilo SpA		87,012		330,426
Societa Cattolica di Assicurazioni SCRL		13,847		97,377
Sorin SpA (a)		372,327		1,072,273
Yoox SpA (a)(b)		27,036		811,813

				10,855,352

JAPAN — 33.0%
3-D Matrix, Ltd. (a)(b)		8,300		73,391
Access Co., Ltd. (a)		6,600		37,198
Accordia Golf Co., Ltd. (b)		37,100		334,555
Achilles Corp.		31,000		38,050
Adastria Co., Ltd.		20,910		1,248,332
ADEKA Corp.		40,400		513,412
Aderans Co., Ltd.		17,400		138,166
Advanced Media, Inc. (a)(b)		3,900		25,107
Advantest Corp. (b)		37,000		264,451
Adways, Inc. (b)		8,100		50,724
AEON REIT Investment Corp.		361		380,397
Ahresty Corp.		8,100		47,478
Ai Holdings Corp. (b)		19,900		490,667
Aica Kogyo Co., Ltd.		25,200		502,254
Aichi Steel Corp. (b)		32,000		120,235
Aiful Corp. (a)(b)		95,800		353,556
Ain Pharmaciez, Inc.		14,700		747,489
Alpine Electronics, Inc.		21,000		228,823
Amano Corp.		29,900		343,526
Amiyaki Tei Co., Ltd.		1,700		66,643
AnGes MG, Inc. (a)(b)		47,000		80,449
Anritsu Corp. (b)		62,200		376,529
AOKI Holdings, Inc.		9,800		118,894
Arcs Co., Ltd.		24,500		460,276
Argo Graphics, Inc.		8,200		118,517
Ariake Japan Co., Ltd. (b)		3,900		152,236
Arisawa Manufacturing Co., Ltd. (b)		12,400		72,993
Artnature, Inc.		14,400		144,523
As One Corp.		3,800		115,651
Asahi Diamond Industrial Co., Ltd. (b)		28,700		259,046
Asahi Holdings, Inc.		48,173		721,197
Asatsu-DK, Inc.		3,400		76,224
ASKA Pharmaceutical Co., Ltd.		12,100		130,936
ASKUL Corp. (b)		6,600		250,465
Asukanet Co., Ltd. (b)		5,200		116,795
Ateam, Inc. (b)		6,400		86,570
Atom Corp. (b)		13,700		74,011
Autobacs Seven Co., Ltd. (b)		41,500		687,133
Avex Group Holdings, Inc. (b)		19,000		215,597
Awa Bank, Ltd.		125,000		718,073
Axial Retailing, Inc.		3,800		124,536
Azbil Corp.		23,900		602,664
Bank of Iwate, Ltd. (b)		1,800		81,309
Bank of Nagoya, Ltd. (b)		187,600		717,412
Bank of Okinawa, Ltd.		44,400		1,829,533
Bank of the Ryukyus, Ltd.		85,820		1,256,864
Best Denki Co., Ltd. (b)		242,269		248,813
Bic Camera, Inc. (b)		60,400		523,989
Broadleaf Co., Ltd.		13,900		140,782
Broccoli Co., Ltd. (b)		18,000		59,366
Bunka Shutter Co., Ltd.		39,600		283,365
C. Uyemura & Co., Ltd.		1,400		67,799
Calsonic Kansei Corp.		56,000		417,551
Can Do Co., Ltd. (b)		22,300		283,952
Capcom Co., Ltd. (b)		23,700		465,629
Central Glass Co., Ltd.		313,345		1,365,725
Chiome Bioscience, Inc. (a)(b)		6,600		28,601
Chiyoda Co., Ltd. (b)		18,600		595,591
Chiyoda Corp.		29,000		197,345
Chiyoda Integre Co., Ltd.		5,600		119,467
Chudenko Corp. (b)		4,600		89,031
Chugoku Marine Paints, Ltd.		33,000		208,032
CKD Corp.		4,000		32,831
Clarion Co., Ltd. (b)		59,000		185,722
Cocokara fine, Inc.		13,400		493,416
Colowide Co., Ltd. (b)		28,300		396,505
Comforia Residential REIT, Inc.		119		224,060
Cosmo Oil Co., Ltd. (a)		336,000		460,101
Create Restaurants Holdings, Inc. (b)		4,600		94,984
CROOZ, Inc. (b)		2,300		78,449

See accompanying notes to financial statements.

289

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

September 30, 2015


Security Description	Shares		Value

CYBERDYNE, Inc. (a)(b)		17,300	$	204,107
D.Western Therapeutics Institute, Inc. (a)		9,300		44,650
Daibiru Corp.		5,600		43,392
Daido Metal Co., Ltd.		26,600		220,325
Daido Steel Co., Ltd. (b)		146,000		460,802
Daifuku Co., Ltd. (b)		45,600		622,519
Daihen Corp.		48,000		226,043
DAIICHI CHUO KISEN KAISHA (a)(b)(e)		328,834		0
Daikyo, Inc. (b)		107,000		180,470
Daio Paper Corp. (b)		47,000		385,371
Daiseki Co., Ltd.		5,700		96,805
Daishi Bank, Ltd.		174,000		815,046
Daishinku Corp. (a)		9,000		17,359
Daito Bank, Ltd.		41,000		55,801
Daito Pharmaceutical Co., Ltd.		2,900		64,337
Daiwa House REIT Investment Corp. (b)		125		458,711
Daiwahouse Residential Investment Corp. (b)		250		508,913
DCM Holdings Co., Ltd.		73,393		535,595
Denki Kagaku Kogyo Kabushiki Kaisha		160,000		627,896
Densan System Co., Ltd.		15,300		252,179
Denyo Co., Ltd.		3,800		59,967
Descente, Ltd.		10,500		147,902
Digital Garage, Inc.		16,600		228,282
Dip Corp.		8,500		139,248
DMG Mori Co., Ltd. (b)		46,900		591,708
Doutor Nichires Holdings Co., Ltd. (b)		75,272		1,152,036
DTS Corp.		52,262		1,230,130
Dunlop Sports Co., Ltd.		2,600		24,358
Duskin Co., Ltd. (b)		6,400		115,747
Dynam Japan Holdings Co., Ltd.		103,200		127,834
Eagle Industry Co., Ltd.		13,000		230,769
Earth Chemical Co., Ltd.		10,600		402,705
Ebara Corp. (b)		63,000		231,453
EDION Corp. (b)		103,600		709,322
Ehime Bank, Ltd. (b)		630,200		1,304,969
Eidai Co., Ltd.		14,000		48,044
Eighteenth Bank, Ltd.		483,730		1,490,388
Eizo Corp. (b)		5,900		136,952
Elecom Co., Ltd.		8,600		98,448
en-japan, Inc.		5,800		154,486
Enplas Corp. (b)		5,300		182,766
EPS Holdings, Inc.		2,900		28,306
Euglena Co., Ltd. (a)(b)		32,800		481,463
Exedy Corp. (b)		7,000		154,536
F@N Communications, Inc. (b)		13,800		90,337
Fancl Corp. (b)		7,900		112,928
FCC Co., Ltd. (b)		80,428		1,284,672
Feed One Holdings Co., Ltd. (b)		48,000		57,312
Ferrotec Corp.		10,400		89,615
Fields Corp.		3,500		47,401
Financial Products Group Co., Ltd. (b)		11,900		85,252
Foster Electric Co., Ltd.		4,400		87,475
FP Corp. (b)		11,100		410,116
Frontier Real Estate Investment Corp.		104		402,488
Fudo Tetra Corp. (b)		83,000		110,191
Fuji Kyuko Co., Ltd.		27,000		252,044
Fuji Machine Manufacturing Co., Ltd.		39,400		344,768
Fuji Oil Co., Ltd.		41,500		537,093
Fuji Pharma Co., Ltd.		3,500		58,506
Fuji Seal International, Inc. (b)		8,900		255,634
Fujibo Holdings, Inc.		72,000		134,063
Fujicco Co., Ltd.		10,000		202,396
Fujikura, Ltd.		125,000		513,506
Fujimori Kogyo Co., Ltd.		7,500		183,484
Fujitec Co., Ltd. (b)		36,400		316,086
Fujitsu General, Ltd.		29,000		313,815
Fujiya Co., Ltd. (a)		68,000		108,446
Fukuda Corp.		20,000		189,538
Fukuda Denshi Co., Ltd.		4,900		241,799
Fukuoka REIT Corp.		1,217		1,798,597
Fukuyama Transporting Co., Ltd. (b)		97,000		522,398
Furukawa Co., Ltd. (b)		160,387		337,474
Furukawa Electric Co., Ltd.		343,000		538,421
Fuso Pharmaceutical Industries, Ltd.		22,000		50,332
Futaba Corp.		12,200		156,976
Fuyo General Lease Co., Ltd.		9,600		366,718
Genki Sushi Co., Ltd.		5,000		80,825
Global One Real Estate Investment Corp.		52		155,872
GLOBERIDE, Inc. (b)		6,800		79,489
Glory, Ltd.		12,800		301,070
GMO Internet, Inc.		30,300		390,625
GMO Payment Gateway, Inc.		6,200		238,133
GNI Group, Ltd. (a)(b)		46,000		76,049
Gree, Inc. (b)		46,600		208,166
Gulliver International Co., Ltd. (b)		29,700		270,800
Gurunavi, Inc. (b)		12,300		202,116
Hankyu REIT, Inc.		85		89,496
Hanwa Co., Ltd. (b)		88,000		321,830
Happinet Corp.		3,700		35,899
Harmonic Drive Systems, Inc. (b)		15,500		220,532
Hazama Ando Corp. (b)		92,400		588,663
Hearts United Group Co., Ltd. (b)		1,300		17,845
Heiwa Real Estate Co., Ltd.		14,900		158,996
Heiwa Real Estate REIT, Inc.		183		134,005
Heiwado Co., Ltd.		18,600		407,363
HI-LEX CORP.		6,800		198,722
Hibiya Engineering, Ltd.		7,500		83,288
Higo Bank, Ltd. (b)		110,000		811,005
Hiramatsu, Inc.		15,400		81,137
Hitachi Kokusai Electric, Inc.		20,372		214,156
Hitachi Maxell, Ltd.		11,100		159,876
Hitachi Transport System, Ltd.		9,600		157,508
Hitachi Zosen Corp.		153,700		794,392
Hogy Medical Co., Ltd. (b)		2,300		105,239
Hokkaido Gas Co., Ltd. (b)		12,000		27,754
Hokkoku Bank, Ltd.		145,000		585,981
Hokuetsu Bank, Ltd.		926,000		1,878,829
Hokuetsu Kishu Paper Co., Ltd. (b)		21,300		115,424

See accompanying notes to financial statements.

290

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

September 30, 2015


Security Description	Shares		Value

Hokuriku Electric Industry Co., Ltd. (b)		33,000	$	38,300
Hokuto Corp.		5,000		90,010
Horiba, Ltd. (b)		17,913		650,620
Hoshino Resorts REIT, Inc.		27		242,800
Hosiden Corp. (b)		104,100		548,467
House Foods Group, Inc. (b)		31,300		527,917
Hulic Reit, Inc.		228		300,789
Hyakujushi Bank, Ltd.		151,000		542,145
IBJ Leasing Co., Ltd. (b)		12,300		238,677
Ichigo Office REIT Investment		404		278,632
Ichigo, Inc. (b)		16,400		37,931
Iino Kaiun Kaisha, Ltd.		111,380		502,193
Imasen Electric Industrial		9,500		81,146
Imperial Hotel, Ltd.		10,900		220,066
Inaba Denki Sangyo Co., Ltd. (b)		3,000		90,177
Inabata & Co., Ltd.		3,400		35,316
Industrial & Infrastructure Fund Investment Corp.		144		626,427
Infomart Corp.		21,600		243,477
Intage Holdings, Inc.		4,000		56,945
Internet Initiative Japan, Inc. (b)		15,500		276,700
Invesco Office J-REIT, Inc.		116		90,658
Invincible Investment Corp.		1,183		657,853
Iriso Electronics Co., Ltd. (b)		3,300		143,281
Iseki & Co., Ltd. (b)		56,000		80,424
Ishihara Sangyo Kaisha, Ltd. (a)		84,000		72,241
IT Holdings Corp.		38,808		875,865
Itfor, Inc. (b)		37,000		148,908
Itoham Foods, Inc. (b)		60,000		325,137
Itoki Corp.		27,900		177,280
Iwasaki Electric Co., Ltd.		27,000		53,881
Iwatani Corp. (b)		125,000		707,636
J Trust Co., Ltd.		39,400		314,832
Jaccs Co., Ltd. (b)		75,000		281,176
Japan Asset Marketing Co., Ltd. (a)(b)		54,300		48,966
Japan Aviation Electronics Industry, Ltd.		21,000		312,637
Japan Cash Machine Co., Ltd. (b)		3,200		34,093
Japan Communications, Inc. (a)(b)		58,400		152,138
Japan Digital Laboratory Co., Ltd.		4,000		55,008
Japan Display, Inc. (a)		110,400		316,179
Japan Excellent, Inc.		672		739,528
Japan Hotel REIT Investment Corp.		1,305		831,391
Japan Logistics Fund, Inc.		868		1,558,943
Japan Petroleum Exploration Co., Ltd.		3,900		102,413
Japan Pile Corp. (b)		6,600		40,890
Japan Rental Housing Investments, Inc.		48		31,301
Japan Securities Finance Co., Ltd.		25,100		127,842
Japan Steel Works, Ltd. (b)		154,000		486,052
Japan Tissue Engineering Co., Ltd. (a)(b)		2,800		21,953
JCR Pharmaceuticals Co., Ltd. (b)		3,800		72,405
Jeol, Ltd. (b)		41,000		234,159
Jin Co., Ltd. (b)		6,600		308,604
Joban Kosan Co., Ltd.		80,000		100,864
Juki Corp. (b)		32,200		342,259
Juroku Bank, Ltd.		83,000		361,758
Justsystems Corp.		7,700		56,706
JVC Kenwood Corp.		75,600		168,540
K’s Holdings Corp. (b)		21,900		685,718
Kadokawa Dwango (b)		22,700		300,797
Kaga Electronics Co., Ltd.		6,400		81,226
Kagome Co., Ltd. (b)		16,300		261,176
Kagoshima Bank, Ltd. (b)		51,000		413,059
Kanamoto Co., Ltd. (b)		16,900		302,539
Kandenko Co., Ltd. (b)		25,000		161,149
Kanematsu Corp.		555,498		774,585
Kasai Kogyo Co., Ltd. (b)		8,000		88,907
Katakura Industries Co., Ltd. (b)		74,974		798,162
Kato Sangyo Co., Ltd.		14,600		315,004
KAWADA TECHNOLOGIES, Inc. (b)		1,300		45,752
Kawai Musical Instruments Manufacturing Co., Ltd.		9,300		158,721
Keihin Corp.		12,800		180,193
Keiyo Bank, Ltd.		140,000		741,118
Kenedix Office Investment Corp.		129		612,875
Kenedix Residential Investment Corp.		106		273,486
Kenedix, Inc. (b)		101,600		335,938
KEY Coffee, Inc. (b)		6,100		103,038
Kintetsu World Express, Inc.		6,000		105,306
Kissei Pharmaceutical Co., Ltd.		7,900		179,418
Kitano Construction Corp.		15,000		39,327
Kito Corp.		15,000		110,967
Kitz Corp.		177,500		785,497
Kiyo Bank, Ltd.		95,960		1,531,963
KLab, Inc. (a)(b)		15,500		149,092
Kokuyo Co., Ltd.		32,600		344,333
Komeri Co., Ltd. (b)		10,300		222,487
Komori Corp.		72,036		738,013
Kotobuki Spirits Co., Ltd. (b)		7,000		229,115
Kourakuen Holdings Corp. (b)		8,000		99,528
Kumagai Gumi Co., Ltd.		164,000		510,767
Kurabo Industries, Ltd.		508,600		900,290
Kureha Corp. (b)		35,000		125,371
Kuroda Electric Co., Ltd.		6,500		120,160
Kusuri No Aoki Co., Ltd.		3,600		190,273
KYB Co., Ltd. (b)		228,832		601,863
Kyoei Steel, Ltd. (b)		4,000		62,589
Kyokuto Kaihatsu Kogyo Co., Ltd.		15,800		157,255
Kyokuyo Co., Ltd. (b)		22,000		48,128
KYORIN Holdings, Inc.		30,300		461,970
Kyoritsu Maintenance Co., Ltd.		2,800		179,318
Kyosan Electric Manufacturing Co., Ltd.		12,000		31,963
Kyoto Kimono Yuzen Co., Ltd.		18,000		150,294
Kyowa Exeo Corp.		65,980		635,202
Kyudenko Corp. (b)		18,000		298,635
LAC Co., Ltd. (b)		6,900		81,753
Lasertec Corp. (b)		4,900		49,710
Leopalace21 Corp. (a)(b)		126,700		588,195
Life Corp. (b)		13,600		386,089
Lintec Corp.		12,700		265,845

See accompanying notes to financial statements.

291

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

September 30, 2015


Security Description	Shares		Value

Maeda Corp. (b)		74,000	$	538,788
Maeda Road Construction Co., Ltd.		16,000		279,481
Makino Milling Machine Co., Ltd. (b)		111,000		692,331
Mandom Corp.		8,800		286,561
Mani, Inc.		12,000		232,455
Marudai Food Co., Ltd. (b)		507,656		1,996,460
Maruha Nichiro Corp. (b)		34,220		490,592
Marusan Securities Co., Ltd. (b)		59,038		595,975
Maruwa Co., Ltd.		1,900		38,741
Marvelous, Inc. (b)		19,200		146,527
Matsuya Co., Ltd. (b)		27,700		399,200
MCUBS MidCity Investment Corp. REIT		71		184,666
Medinet Co., Ltd. (a)(b)		13,900		19,382
Megmilk Snow Brand Co., Ltd. (b)		16,000		305,398
Meidensha Corp. (b)		126,000		373,481
Meitec Corp.		12,500		434,184
Melco Holdings, Inc. (b)		4,000		65,261
Message Co., Ltd. (b)		3,500		72,651
Michinoku Bank, Ltd. (b)		627,200		1,084,043
Micronics Japan Co., Ltd. (b)		16,800		151,918
Minato Bank, Ltd.		626,800		1,114,753
Mirait Holdings Corp. (b)		41,860		378,178
Mitani Corp. (b)		4,400		104,007
Mitsuba Corp.		18,100		241,202
Mitsubishi Kakoki Kaisha, Ltd.		16,000		36,605
Mitsubishi Nichiyu Forklift Co., Ltd.		10,900		42,775
Mitsubishi Pencil Co., Ltd.		14,200		668,710
Mitsubishi Shokuhin Co., Ltd.		1,200		27,303
Mitsui Engineering & Shipbuilding Co., Ltd.		293,000		420,791
Mitsui Mining & Smelting Co., Ltd.		251,000		448,495
Mitsui Sugar Co., Ltd.		11,000		45,740
Mitsui-Soko Holdings Co., Ltd. (b)		235,000		682,837
Mitsumi Electric Co., Ltd. (b)		55,700		306,951
Miura Co., Ltd.		48,300		556,943
Miyaji Engineering Group, Inc. (b)		26,000		44,287
Miyazaki Bank, Ltd.		567,800		1,915,344
Miyoshi Oil & Fat Co., Ltd. (b)		30,000		32,564
Mizuno Corp. (b)		39,000		177,147
Mochida Pharmaceutical Co., Ltd.		3,100		178,859
Modec, Inc. (b)		9,000		109,189
Monex Group, Inc. (b)		91,600		224,096
Monogatari Corp.		1,400		54,532
Morinaga & Co., Ltd.		98,000		480,324
Morinaga Milk Industry Co., Ltd.		97,000		402,530
Morita Holdings Corp.		20,800		191,041
MOS Food Services, Inc. (b)		4,700		99,561
Moshi Moshi Hotline, Inc. (b)		22,600		233,048
Musashi Seimitsu Industry Co., Ltd. (b)		6,100		106,399
Musashino Bank, Ltd.		32,880		1,181,885
Mutoh Holdings Co., Ltd.		20,000		47,259
Nachi-Fujikoshi Corp. (b)		84,000		346,479
Nagase & Co., Ltd.		58,900		681,630
Nakanishi, Inc.		25,480		946,737
Namura Shipbuilding Co., Ltd. (b)		18,100		131,180
NanoCarrier Co., Ltd. (a)(b)		10,800		94,505
Nanto Bank, Ltd. (b)		127,000		399,775
NEC Networks & System Integration Corp.		3,700		65,897
NET One Systems Co., Ltd.		117,200		661,522
Neturen Co., Ltd. (b)		132,283		945,470
Next Co., Ltd. (b)		14,900		117,319
Nichi-iko Pharmaceutical Co., Ltd. (b)		25,600		670,112
Nichias Corp.		12,000		71,740
Nichicon Corp. (b)		10,900		77,997
Nichiha Corp.		7,500		103,327
Nichii Gakkan Co. (b)		6,700		46,433
Nichirei Corp. (b)		150,000		934,330
Nichireki Co., Ltd.		13,000		100,514
Nihon Dempa Kogyo Co., Ltd. (b)		25,200		174,642
Nihon Kohden Corp.		20,100		331,965
Nihon M&A Center, Inc. (b)		15,300		664,301
Nihon Nohyaku Co., Ltd. (b)		11,100		74,423
Nihon Parkerizing Co., Ltd.		41,400		336,689
Nihon Trim Co., Ltd. (b)		1,500		55,985
Nihon Unisys, Ltd. (b)		10,800		111,188
Nikkiso Co., Ltd. (b)		63,140		421,232
Nippon Accommodations Fund, Inc.		208		692,089
Nippon Beet Sugar Manufacturing Co., Ltd.		33,000		52,904
Nippon Carbon Co., Ltd. (b)		164,712		380,956
Nippon Chemi-Con Corp.		69,000		150,369
Nippon Chemiphar Co., Ltd.		13,000		60,569
Nippon Coke & Engineering Co., Ltd.		35,200		29,685
Nippon Concrete Industries Co., Ltd. (b)		31,400		105,659
Nippon Densetsu Kogyo Co., Ltd.		23,200		414,545
Nippon Flour Mills Co., Ltd.		54,000		336,359
Nippon Gas Co., Ltd. (b)		30,700		871,540
Nippon Kayaku Co., Ltd.		45,000		466,664
Nippon Koei Co., Ltd. (b)		17,000		70,263
Nippon Konpo Unyu Soko Co., Ltd.		130,680		2,299,025
Nippon Light Metal Holdings Co., Ltd. (b)		234,500		348,524
Nippon Paper Industries Co., Ltd. (b)		53,300		811,305
Nippon Parking Development Co., Ltd. (b)		42,100		44,643
NIPPON REIT Investment Corp.		52		111,846
Nippon Seiki Co., Ltd. (b)		55,200		1,066,529
Nippon Sheet Glass Co., Ltd. (a)(b)		414,000		349,134
Nippon Signal Co., Ltd.		31,600		303,955
Nippon Soda Co., Ltd.		64,000		362,844
Nippon Steel & Sumikin Bussan Corp. (b)		36,000		106,108
Nippon Suisan Kaisha, Ltd.		119,699		355,804
Nippon Thompson Co., Ltd.		141,600		584,064
Nippon Yakin Kogyo Co., Ltd. (a)(b)		76,400		95,687
Nipro Corp.		47,900		490,339
Nishi-Nippon Railroad Co., Ltd. (b)		149,000		727,800
Nishimatsu Construction Co., Ltd. (b)		125,000		517,680

See accompanying notes to financial statements.

292

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

September 30, 2015


Security Description	Shares		Value

Nishimatsuya Chain Co., Ltd.		23,253	$	214,930
Nishio Rent All Co., Ltd.		7,000		136,885
Nissha Printing Co., Ltd. (b)		23,400		444,886
Nisshin Oillio Group, Ltd.		24,000		86,770
Nisshin Steel Co., Ltd. (b)		52,100		463,295
Nissin Electric Co., Ltd.		8,000		49,096
Nissin Kogyo Co., Ltd. (b)		12,900		192,587
Nitto Boseki Co., Ltd. (b)		135,153		402,869
Nitto Kogyo Corp.		8,500		148,119
NOF Corp.		237,600		1,622,818
Nohmi Bosai, Ltd.		16,400		177,604
Nojima Corp. (b)		9,800		108,012
Nomura Real Estate Master Fund, Inc. (b)		241		308,482
Nomura Real Estate Office Fund, Inc.		177		802,497
Nomura Real Estate Residential Fund, Inc. (b)		53		296,940
Noritsu Koki Co., Ltd.		9,800		47,050
Noritz Corp. (b)		4,700		70,442
North Pacific Bank, Ltd.		146,200		576,182
NS United Kaiun Kaisha, Ltd.		19,000		37,281
NSD Co., Ltd.		19,100		233,796
Nuflare Technology, Inc. (b)		1,000		36,613
Obara Group, Inc. (b)		3,500		136,914
Oenon Holdings, Inc.		97,000		170,893
Ogaki Kyoritsu Bank, Ltd.		19,000		74,563
Ohsho Food Service Corp. (b)		6,800		224,840
Oiles Corp. (b)		10,900		161,181
Oita Bank, Ltd.		340,800		1,411,404
Okabe Co., Ltd. (b)		20,700		174,221
Okamoto Industries, Inc. (b)		32,000		301,925
Okamura Corp.		57,600		517,493
Okasan Securities Group, Inc.		88,682		530,915
Oki Electric Industry Co., Ltd.		521,000		809,135
Okinawa Electric Power Co., Inc.		3,000		67,307
OKUMA Corp. (b)		68,000		422,427
Okumura Corp. (b)		84,000		446,074
OncoTherapy Science, Inc. (a)(b)		20,800		52,970
Onward Holdings Co., Ltd. (b)		17,000		100,213
Open House Co., Ltd.		6,600		101,509
Orient Corp. (a)(b)		197,100		332,436
OSAKA Titanium Technologies Co., Ltd.		8,500		222,143
Osaki Electric Co., Ltd. (b)		9,000		44,262
OSG Corp. (b)		46,440		874,397
Otsuka Kagu, Ltd. (b)		7,200		91,559
Pacific Industrial Co., Ltd. (b)		29,300		291,373
Pacific Metals Co., Ltd. (b)		74,000		170,534
Pal Co., Ltd.		5,700		164,672
Paramount Bed Holdings Co., Ltd.		5,600		165,992
Pasona Group, Inc.		11,500		96,886
Penta-Ocean Construction Co., Ltd.		115,600		540,525
PeptiDream, Inc. (a)(b)		14,400		368,522
Piolax, Inc.		5,300		242,508
Pioneer Corp. (a)		165,800		358,554
Poletowin Pitcrew Holdings, Inc.		2,800		25,226
Premier Investment Corp.		345		1,716,862
Qol Co., Ltd.		8,600		122,862
Raito Kogyo Co., Ltd.		14,500		136,689
Relo Holdings, Inc.		5,900		574,408
Rengo Co., Ltd. (b)		212,000		817,802
ReproCELL, Inc. (a)(b)		21,000		80,483
Riso Kagaku Corp.		9,200		155,939
Rock Field Co., Ltd. (b)		5,300		121,874
Rohto Pharmaceutical Co., Ltd. (b)		46,400		710,151
Roland DG Corp.		4,400		93,977
Round One Corp. (b)		22,100		88,758
Ryobi, Ltd.		37,000		137,786
Ryosan Co., Ltd.		3,500		81,564
Sagami Chain Co., Ltd. (b)		21,000		212,867
Saibu Gas Co., Ltd. (b)		121,000		275,815
Saizeriya Co., Ltd.		8,400		189,792
Sakai Chemical Industry Co., Ltd.		267,765		748,977
San-A Co., Ltd.		10,200		446,274
San-Ai Oil Co., Ltd.		17,000		115,969
San-In Godo Bank, Ltd.		11,000		107,185
Sanden Holdings Corp. (b)		56,000		173,473
Sangetsu Co., Ltd.		16,300		259,270
Sanix, Inc. (a)(b)		10,700		22,693
Sanken Electric Co., Ltd. (b)		68,000		228,247
Sankyo Tateyama, Inc.		4,400		68,113
Sankyu, Inc.		136,000		655,216
Sanwa Holdings Corp.		87,300		597,721
Sanyo Electric Railway Co., Ltd.		39,000		152,724
Sanyo Shokai, Ltd. (b)		207,000		622,218
Sanyo Special Steel Co., Ltd.		224,937		850,803
Sapporo Holdings, Ltd. (b)		231,000		898,810
Sato Holdings Corp. (b)		41,040		762,443
SCREEN Holdings Co., Ltd. (b)		169,000		821,258
Seika Corp.		22,000		46,291
Seikagaku Corp.		20,600		251,641
Seiko Holdings Corp.		59,000		341,394
Seiren Co., Ltd.		134,580		1,486,656
Sekisui House REIT, Inc.		139		143,683
Sekisui House SI Residential Investment Corp.		270		230,852
Senko Co., Ltd. (b)		42,000		294,577
Senshu Ikeda Holdings, Inc.		103,660		448,344
Senshukai Co., Ltd. (b)		17,100		106,942
Septeni Holdings Co., Ltd. (b)		6,900		123,752
Seria Co., Ltd.		7,800		384,252
Shibuya Kogyo Co., Ltd.		10,900		163,548
Shiga Bank, Ltd.		128,000		647,668
Shima Seiki Manufacturing, Ltd. (b)		52,645		720,893
Shimachu Co., Ltd.		40,560		886,620
Shindengen Electric Manufacturing Co., Ltd.		41,000		131,457
Shinkawa, Ltd. (a)		9,200		50,315
Shinkin Central Bank (Class A) Preference Shares		351		645,935
Shinko Electric Industries Co., Ltd. (b)		26,500		148,470
Shinmaywa Industries, Ltd.		26,000		260,944
Shinsho Corp.		40,000		75,481
Ship Healthcare Holdings, Inc.		13,700		293,984
SHO-BOND Holdings Co., Ltd. (b)		11,300		430,714
Shochiku Co., Ltd. (b)		308,600		2,594,750

See accompanying notes to financial statements.

293

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

September 30, 2015


Security Description	Shares		Value

Shoei Co., Ltd.		5,600	$	83,697
Showa Aircraft Industry Co., Ltd.		7,000		64,585
Showa Corp.		22,500		178,474
Showa Denko KK (b)		537,000		587,375
SIA Reit, Inc.		48		176,746
Sinanen Co., Ltd.		14,000		51,785
Sinfonia Technology Co., Ltd. (b)		330,400		485,537
SK Kaken Co., Ltd. (b)		4,000		390,431
SMK Corp. (b)		125,343		517,008
SMS Co., Ltd.		9,200		154,863
Sodick Co., Ltd. (b)		24,100		149,914
Sogo Medical Co., Ltd.		2,200		69,252
Sosei Group Corp. (b)		6,000		186,114
St Marc Holdings Co., Ltd.		3,000		91,429
Star Micronics Co., Ltd. (b)		18,200		247,094
Starts Corp., Inc.		13,700		211,508
Starts Proceed Investment Corp.		68		96,409
Sumitomo Bakelite Co., Ltd. (b)		54,000		197,487
Sumitomo Forestry Co., Ltd.		88,000		980,186
Sumitomo Mitsui Construction Co., Ltd. (b)		363,600		437,176
Sumitomo Osaka Cement Co., Ltd.		184,793		654,216
Sumitomo Real Estate Sales Co., Ltd.		3,700		94,226
Sumitomo Seika Chemicals Co., Ltd. (b)		12,000		76,550
Sumitomo Warehouse Co., Ltd.		48,000		230,852
Sun Corp. (b)		10,000		108,379
Sun Frontier Fudousan Co., Ltd. (b)		5,800		43,634
SWCC Showa Holdings Co., Ltd. (a)(b)		45,000		28,932
T RAD Co., Ltd.		15,000		23,546
Tabuchi Electric Co., Ltd.		15,800		102,506
Tachi-S Co., Ltd. (b)		18,500		240,045
Tadano, Ltd.		32,000		352,958
Taikisha, Ltd.		6,000		135,265
Taiko Pharmaceutical Co., Ltd. (b)		4,200		59,687
Taiyo Holdings Co., Ltd. (b)		4,600		140,191
Taiyo Yuden Co., Ltd. (b)		59,100		766,847
Takaoka Toko Co., Ltd.		1,900		21,576
Takara Bio, Inc. (b)		23,100		215,444
Takara Holdings, Inc.		87,800		525,634
Takara Leben Co., Ltd. (b)		14,400		70,218
Takara Standard Co., Ltd.		53,000		375,268
Takasago International Corp.		51,739		1,261,016
Takasago Thermal Engineering Co., Ltd. (b)		32,300		445,266
Takashima & Co., Ltd.		36,000		75,748
Takata Corp. (a)(b)		15,400		168,575
Takeuchi Manufacturing Co., Ltd.		20,100		349,084
Takuma Co., Ltd.		34,000		255,784
Tamron Co., Ltd.		5,400		98,157
Tamura Corp. (b)		49,000		135,424
Tanseisha Co., Ltd.		21,600		141,577
TechnoPro Holdings, Inc.		5,400		142,479
Teikoku Electric Manufacturing Co., Ltd. (b)		3,600		23,746
Teikoku Sen-I Co., Ltd. (b)		13,200		153,420
Tekken Corp. (b)		72,000		182,157
TKC Corp. (b)		3,700		94,999
Toa Corp. (h)		33,000		79,080
Toa Corp. (h)		17,500		157,517
Toagosei Co., Ltd.		202,400		1,461,829
Tobishima Corp. (a)(b)		28,000		49,330
TOC Co., Ltd. (b)		156,860		1,094,936
Tochigi Bank, Ltd.		229,000		1,252,411
Toda Corp. (b)		129,000		568,714
Toei Co., Ltd.		170,400		1,335,996
Toho Bank, Ltd.		90,000		332,150
Toho Holdings Co., Ltd. (b)		67,219		1,396,409
Toho Zinc Co., Ltd. (b)		53,000		120,812
Tokai Carbon Co., Ltd. (b)		126,000		300,889
Tokai Corp.		1,600		44,086
TOKAI Holdings Corp. (b)		57,000		237,490
Tokai Rika Co., Ltd.		17,500		359,016
Toko, Inc.		17,000		40,028
Tokuyama Corp. (a)(b)		218,000		354,945
Tokyo Dome Corp.		79,000		344,324
Tokyo Ohka Kogyo Co., Ltd.		16,900		445,907
Tokyo Seimitsu Co., Ltd. (b)		21,200		391,376
Tokyo Steel Manufacturing Co., Ltd.		51,100		277,761
Tokyo Tekko Co., Ltd.		9,000		36,822
Tokyo TY Financial Group, Inc. (b)		17,100		532,568
Tokyotokeiba Co., Ltd.		73,000		174,325
Tokyu Construction Co., Ltd.		14,700		121,022
Tokyu REIT, Inc.		287		369,758
Tomoe Engineering Co., Ltd.		2,800		37,290
TOMONY Holdings, Inc.		215,080		836,866
Tomy Co., Ltd. (b)		52,400		255,076
Top REIT, Inc.		92		355,279
Topcon Corp.		23,800		310,206
Topre Corp.		23,000		442,082
Topy Industries, Ltd. (b)		345,981		710,653
Torii Pharmaceutical Co., Ltd.		3,700		86,626
Torishima Pump Manufacturing Co., Ltd. (b)		5,600		40,072
Toshiba Machine Co., Ltd.		51,000		159,262
Toshiba Plant Systems & Services Corp.		10,900		106,302
Toshiba TEC Corp.		54,000		171,336
Totetsu Kogyo Co., Ltd.		13,100		279,687
Towa Pharmaceutical Co., Ltd. (b)		2,800		178,850
Toyo Construction Co., Ltd.		9,700		42,359
Toyo Corp./Chuo-ku (b)		136,368		1,003,133
Toyo Engineering Corp. (a)(b)		58,000		139,473
Toyo Ink SC Holdings Co., Ltd.		60,000		218,929
Toyo Wharf & Warehouse Co., Ltd.		31,000		48,144
Toyobo Co., Ltd.		391,788		529,952
TPR Co., Ltd.		15,100		342,056
Trusco Nakayama Corp.		10,200		358,978
TS Tech Co., Ltd.		20,600		559,011
TSI Holdings Co., Ltd. (b)		65,100		469,096
Tsubakimoto Chain Co. (b)		62,000		386,707
Tsukui Corp. (b)		4,300		41,253
Tsumura & Co. (b)		27,200		589,354
Tsurumi Manufacturing Co., Ltd.		10,900		174,378
UACJ Corp. (b)		127,000		202,538
Ube Industries, Ltd.		314,000		545,335

See accompanying notes to financial statements.

294

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

September 30, 2015


Security Description	Shares		Value

Ulvac, Inc.		33,900	$	549,125
UMN Pharma, Inc. (a)(b)		4,600		88,148
Unipres Corp.		16,200		307,051
United Arrows, Ltd. (b)		12,500		515,593
United Super Markets Holdings, Inc. (b)		11,900		100,355
UNITED, Inc. (b)		3,700		39,977
Unitika, Ltd. (a)		1,045,000		497,349
UNY Group Holdings Co., Ltd.		74,300		466,527
Usen Corp. (a)		45,710		114,118
Ushio, Inc. (b)		41,800		500,141
UT Group Co., Ltd. (a)		11,100		59,687
Valor Co., Ltd.		31,400		786,278
VT Holdings Co., Ltd.		21,500		129,253
Wacoal Holdings Corp. (b)		72,000		858,481
Wacom Co., Ltd. (b)		71,600		263,048
Wakachiku Construction Co., Ltd. (b)		38,000		47,276
Wakita & Co., Ltd.		10,900		98,201
WirelessGate, Inc. (b)		4,300		72,238
Xebio Co., Ltd. (b)		8,000		143,347
YAMABIKO Corp.		20,800		168,811
Yamazen Corp.		46,100		379,147
Yodogawa Steel Works, Ltd. (b)		68,040		1,265,755
Yokogawa Bridge Holdings Corp. (b)		16,700		140,555
Yondoshi Holdings, Inc.		13,000		315,869
Yorozu Corp.		13,000		265,069
Yoshinoya Holdings Co., Ltd. (b)		30,400		394,452
Yushin Precision Equipment Co., Ltd.		1,400		23,753
Zenrin Co., Ltd.		56,477		759,691
Zensho Holdings Co., Ltd. (b)		19,000		177,047
ZERIA Pharmaceutical Co., Ltd. (b)		18,000		221,534
Zojirushi Corp.		23,000		329,545

				214,964,119

LUXEMBOURG — 0.1%
ADO Properties SA (a)(g)		4,830		116,564
BRAAS Monier Building Group SA		8,290		221,395
SAF-Holland SA (b)		15,205		199,937
Stabilus SA (a)		5,773		207,822

				745,718

MONGOLIA — 0.0% (f)
Mongolian Mining Corp. (a)(b)		1,198,500		30,465

NETHERLANDS — 1.2%
Amsterdam Commodities NV		15,153		346,748
AVG Technologies NV (a)(b)		21,217		461,470
BE Semiconductor Industries NV		13,164		203,516
Beter Bed Holding NV		12,188		270,737
BinckBank NV		40,236		330,653
Constellium NV (Class A) (a)(b)		31,011		187,927
Corbion NV		38,559		882,350
Fugro NV (a)(b)		18,308		322,996
Grontmij NV (a)(b)		27,184		138,703
IMCD Group NV		12,208		420,126
InterXion Holding NV (a)(b)		14,990		405,929
Koninklijke BAM Groep NV (a)		140,965		655,529
Koninklijke Ten Cate NV		10,937		296,237
Lastminute.com NV (a)		1,524		21,602
NSI NV		48,522		187,619
PostNL NV (a)		132,557		482,075
Refresco Gerber NV (a)(g)		18,100		282,858
Sligro Food Group NV		9,279		337,816
TKH Group NV		15,325		553,482
USG People NV		30,755		418,314
VastNed Retail NV		5,433		234,881
Wessanen		29,255		308,663

				7,750,231

NEW ZEALAND — 1.2%
a2 Milk Co., Ltd. (a)(b)		191,461		85,734
Air New Zealand, Ltd.		233,378		366,512
Argosy Property, Ltd.		322,568		216,664
Chorus, Ltd. (a)(b)		139,259		237,854
Ebos Group, Ltd.		29,522		235,310
Freightways, Ltd.		78,529		278,804
Genesis Energy, Ltd.		181,905		212,947
Goodman Property Trust		363,730		269,907
Heartland New Zealand, Ltd.		234,616		168,094
Infratil, Ltd. (b)		301,317		589,822
Kathmandu Holdings, Ltd. (b)		75,981		68,047
Kiwi Income Property Group, Ltd.		475,201		390,622
Mainfreight, Ltd.		57,394		556,231
Metlifecare, Ltd.		64,510		174,560
New Zealand Oil & Gas, Ltd. (b)		270,759		72,746
Nuplex Industries, Ltd.		136,246		339,039
NZX, Ltd.		241,398		151,334
PGG Wrightson, Ltd.		99,733		25,201
Port of Tauranga, Ltd. (b)		23,290		253,276
Precinct Properties New Zealand, Ltd.		262,402		190,519
Property for Industry, Ltd.		208,131		197,049
Restaurant Brands New Zealand, Ltd.		117,947		297,276
Skellerup Holdings, Ltd.		145,014		119,667
Sky City Entertainment Group, Ltd.		283,223		677,605
Sky Network Television, Ltd.		68,839		204,769
Steel & Tube Holdings, Ltd.		15,741		26,886
Stride Property, Ltd. (b)		247,622		316,015
Summerset Group Holdings, Ltd. (b)		60,041		135,581
Tower, Ltd.		132,035		168,926
Trade Me Group, Ltd.		199,793		467,776
Vital Healthcare Property Trust		210,137		229,866
Warehouse Group, Ltd.		62,435		99,849
Z Energy, Ltd.		70,089		297,262

				8,121,750

NORWAY — 1.7%
AF Gruppen ASA		13,076		168,624
Aker Solutions ASA		56,337		194,439
Atea ASA		39,526		362,592
Austevoll Seafood ASA		34,545		214,641
Avance Gas Holding, Ltd. (g)		12,916		164,289
Bakkafrost P/F		20,227		644,988
Borregaard ASA		53,084		318,940
BW LPG, Ltd. (b)(g)		27,433		170,451
BW Offshore, Ltd.		184,181		74,277
Det Norske Oljeselskap ASA (a)		46,445		258,633

See accompanying notes to financial statements.

295

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

September 30, 2015


Security Description	Shares		Value

DNO ASA (a)(b)		239,030	$	252,481
Ekornes ASA		45,383		508,098
Europris ASA (a)(g)		35,638		169,625
Fred Olsen Energy ASA (a)		13,953		72,546
Frontline, Ltd. (a)(b)		62,456		169,869
Hexagon Composites ASA (b)		51,125		89,903
Hoegh LNG Holdings, Ltd. (b)		19,840		267,479
Kongsberg Automotive ASA (a)		199,651		99,240
Kongsberg Gruppen ASA		12,600		181,688
Kvaerner ASA		106,179		48,795
Nordic Semiconductor ASA (a)(b)		80,157		392,328
Norwegian Air Shuttle AS (a)(b)		8,279		323,201
Opera Software ASA (b)		65,873		354,463
Petroleum Geo-Services ASA		102,640		393,834
ProSafe SE (b)		115,010		319,547
Protector Forsikring ASA		55,077		387,411
REC Silicon ASA (a)(b)		875,027		153,053
Salmar ASA		16,174		255,030
Solstad Offshore ASA		10,811		32,192
SpareBank 1 SMN		30,607		193,761
Spectrum ASA		20,451		71,686
Storebrand ASA (a)		144,196		471,637
TGS Nopec Geophysical Co. ASA (b)		36,559		674,177
Thin Film Electronics ASA (a)(b)		279,525		130,423
Tomra Systems ASA		112,596		1,056,000
Veidekke ASA		108,715		1,213,963
Wilh Wilhelmsen ASA (b)		21,194		90,938
XXL ASA (g)		29,626		288,272

				11,233,514

PANAMA — 0.0% (f)
Norstar Holdings, Inc.		6,605		130,101

PORTUGAL — 0.2%
Altri SGPS SA		193,258		777,254
CTT-Correios de Portugal SA		33,558		373,430
Mota-Engil SGPS SA (b)		45,377		96,188
Pharol SGPS SA (a)		234,502		69,891

				1,316,763

SINGAPORE — 2.4%
AIMS AMP Capital Industrial REIT		240,958		229,621
Ascendas Hospitality Trust (b)		498,000		218,897
Ascendas India Trust		584,000		351,164
Ascott Residence Trust		405,600		349,434
Biosensors International Group, Ltd. (a)		621,000		294,799
Boustead Singapore, Ltd.		300,657		158,586
Cache Logistics Trust (b)		481,000		328,131
Cambridge Industrial Trust		1,006,855		431,944
Cape PLC (b)		37,516		133,686
CapitaLand Retail China Trust		323,147		310,216
CDL Hospitality Trusts (b)		394,000		360,222
China New Town Development Co., Ltd. (a)		435,000		15,602
China Yuchai International, Ltd.		21,177		261,960
Civmec, Ltd. (b)		396,000		114,185
Cordlife Group, Ltd. (b)		242,000		215,296
Cosco Corp. Singapore, Ltd. (b)(e)		573,000		151,118
Croesus Retail Trust		181,000		105,654
CSE Global, Ltd. (b)		141,000		50,077
CWT, Ltd. (b)		184,000		256,221
Ezion Holdings, Ltd. (b)		512,000		234,053
Ezra Holdings, Ltd. (a)(b)		1,439,195		118,423
Far East Hospitality Trust		409,000		185,530
First Real Estate Investment Trust		542,031		491,751
Fortune Real Estate Investment Trust		444,000		415,925
Frasers Centrepoint Trust		256,000		342,978
Frasers Commercial Trust (b)		300,357		280,944
Frasers Hospitality Trust		202,000		103,706
GuocoLeisure, Ltd.		395,000		220,849
Haw Par Corp., Ltd.		67,986		388,724
Hong Fok Corp., Ltd.		238,000		112,983
Hyflux, Ltd. (b)		303,000		147,036
IGG, Inc.		430,000		163,676
International Healthway Corp., Ltd. (a)(b)		148,000		8,639
K1 Ventures, Ltd.		255,000		33,895
Keppel DC REIT		231,700		166,210
Keppel Infrastructure Trust (b)		780,538		288,194
Lian Beng Group, Ltd.		123,000		44,982
Lippo Malls Indonesia Retail Trust		1,190,000		267,811
Mapletree Greater China Commercial Trust		675,000		441,487
Mapletree Industrial Trust		775,437		809,849
Metro Holdings, Ltd.		324,000		197,103
Mewah International, Inc.		200,000		40,791
OM Holdings, Ltd. (a)		1,038		131
OSIM International, Ltd. (b)		196,000		223,996
OUE Commercial Real Estate Investment Trust		120,000		54,012
OUE Hospitality Trust		336,333		189,230
OUE, Ltd. (b)		86,000		108,566
Oxley Holdings, Ltd. (b)		122,000		33,891
Pacific Radiance, Ltd. (b)		220,000		48,738
Parkway Life Real Estate Investment Trust		244,000		394,683
Petra Foods, Ltd.		177,000		312,448
Raffles Medical Group, Ltd.		150,702		479,058
Religare Health Trust		446,000		297,982
Rotary Engineering, Ltd.		100,000		23,912
Rowsley, Ltd. (a)		1,592,000		193,696
Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (b)		389,729		206,938
Sinarmas Land, Ltd. (b)		571,000		226,890
Sino Grandness Food Industry Group, Ltd. (a)(b)		175,000		36,307
SMRT Corp., Ltd. (b)		344,000		315,718
Soilbuild Business Space REIT		249,000		140,970
Starhill Global REIT		720,000		382,305
Super Group, Ltd.		238,000		128,884
Swiber Holdings, Ltd. (a)(b)		101,300		13,892
Tiger Airways Holdings, Ltd. (a)(b)		305,850		64,530
Tuan Sing Holdings, Ltd.		188,936		38,534
UMS Holdings, Ltd.		319,000		113,296
United Engineers, Ltd. (b)		277,000		374,035
Venture Corp., Ltd.		75,000		437,267
Wing Tai Holdings, Ltd. (b)		543,299		638,096
XP Power, Ltd.		2,552		61,850

See accompanying notes to financial statements.

296

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

September 30, 2015


Security Description	Shares		Value

Yoma Strategic Holdings, Ltd. (a)(b)		705,333	$	181,058
Yongnam Holdings, Ltd. (a)		115,749		32,562

				15,595,827

SOUTH KOREA — 9.2%
Able C&C Co., Ltd.		7,926		186,899
Actoz Soft Co., Ltd. (a)		1,039		34,625
Advanced Process Systems Corp. (a)		6,345		41,433
AeroSpace Technology of Korea, Inc. (a)(b)		4,370		118,900
AfreecaTV Co., Ltd.		3,198		82,560
Ahnlab, Inc.		2,161		77,667
AJ Rent A Car Co., Ltd. (a)		2,864		29,116
AK Holdings, Inc.		1,903		128,601
Amicogen, Inc.		1,888		132,525
Asiana Airlines, Inc. (a)		43,109		192,032
Basic House Co., Ltd. (a)(b)		1,960		17,941
Binex Co., Ltd. (a)		14,877		212,116
Binggrae Co., Ltd.		4,002		254,915
Bioland, Ltd. (b)		3,897		80,057
Boryung Pharmaceutical Co., Ltd.		3,233		162,837
Bukwang Pharmaceutical Co., Ltd.		8,845		167,527
Byucksan Corp.		28,752		221,468
Cell Biotech Co., Ltd.		1,569		79,291
Celltrion Pharm, Inc. (a)		7,703		83,184
Chabiotech Co., Ltd. (a)(b)		26,172		312,439
Cheil Worldwide, Inc. (a)		42,190		647,817
Choa Pharmaceutical Co. (a)		17,860		62,306
Chong Kun Dang Pharmaceutical Corp.		3,434		223,081
Chongkundang Holdings Corp.		1,955		149,268
CJ Freshway Corp.		1,680		110,838
CNK International Co., Ltd. (a)(e)		16,071		0
Com2uSCorp (a)(b)		6,883		675,350
Corentec Co., Ltd. (a)		2,688		35,831
Cosmax BTI, Inc.		6,239		434,251
Cosmax, Inc.		4,565		820,337
Crown Confectionery Co., Ltd.		275		184,447
CrucialTec Co., Ltd. (a)		6,281		84,255
CrystalGenomics, Inc. (a)		5,283		58,834
CTC BIO, Inc. (a)		6,360		102,754
D.I Corp.		9,174		64,937
Dae Han Flour Mills Co., Ltd.		477		84,711
Daeduck GDS Co., Ltd.		3,270		26,788
Daelim Industrial Co., Ltd.		11,253		637,034
Daesang Corp.		15,655		406,795
Daesang Holdings Co., Ltd.		4,924		100,740
Daewon Pharmaceutical Co., Ltd.		9,018		162,055
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		52,940		284,508
Daewoong Pharmaceutical Co., Ltd.		1,705		116,515
Daou Technology, Inc.		17,815		438,875
DGB Financial Group, Inc.		39,310		348,228
Digital Power Communications Co., Ltd.		13,792		57,074
Dong-A Socio Holdings Co., Ltd.		4,067		499,239
Dong-A ST Co., Ltd.		4,287		415,933
Dongbu HiTek Co., Ltd. (a)(b)		7,247		86,208
DongKook Pharmaceutical Co., Ltd.		3,150		121,185
Dongkuk Steel Mill Co., Ltd. (a)(b)		52,235		314,212
Dongsung Finetec Co., Ltd.		4,278		21,836
Dongwha Pharm Co., Ltd.		30,901		183,013
Dongwon F&B Co., Ltd.		400		135,493
Dongwon Industries Co., Ltd.		1,084		323,289
Doosan Corp.		6,065		567,970
Doosan Heavy Industries & Construction Co., Ltd.		21,613		385,653
Doosan Infracore Co., Ltd. (a)		56,070		310,790
Eo Technics Co., Ltd.		4,887		453,118
Eugene Investment & Securities Co., Ltd. (a)(b)		107,797		270,561
Eugene Technology Co., Ltd.		3,771		38,496
Eusu Holdings Co., Ltd. (a)		6,548		49,001
Fila Korea, Ltd.		6,661		559,158
Gamevil, Inc. (a)(b)		3,228		187,640
GemVax & Kael Co., Ltd. (a)(b)		12,846		366,316
Genexine Co., Ltd. (a)		1,468		99,080
Genic Co., Ltd. (a)		2,881		99,412
GOLFZON Co., Ltd. (a)		2,178		159,128
GOLFZONYUWONHOLDINGS Co., Ltd.		10,618		73,456
Grand Korea Leisure Co., Ltd. (b)		13,600		381,507
Green Cross Cell Corp. (a)		1,763		72,585
Green Cross Corp.		3,889		613,552
Green Cross Holdings Corp.		12,792		432,228
GS Engineering & Construction Corp. (a)		24,481		507,052
GS Home Shopping, Inc.		2,394		383,751
Halla Holdings Corp.		2,582		128,741
Hana Tour Service, Inc.		4,442		543,398
Hanall Biopharma Co., Ltd. (a)(b)		15,743		168,016
Hancom, Inc.		6,137		123,744
Hanil Cement Co., Ltd.		1,658		186,041
Hanil E-Hwa Co., Ltd.		3,416		38,618
Hanjin Heavy Industries & Construction Co., Ltd. (a)(b)		36,178		125,446
Hanjin Kal Corp.		19,581		415,475
Hanjin Shipping Co., Ltd. (a)(b)		67,455		311,296
Hanjin Transportation Co., Ltd.		4,004		160,457
Hankook Shell Oil Co., Ltd.		290		126,247
Hanmi Pharm Co., Ltd. (a)		441		138,219
Hanmi Semiconductor Co., Ltd.		5,547		47,266
Hansol Chemical Co., Ltd.		2,637		163,074
Hansol Holdings Co., Ltd.		45,736		283,607
Hansol Paper Co., Ltd. (a)(b)		24,113		420,091
Hansol Technics Co., Ltd. (a)		12,244		245,851
Hanwha Investment & Securities Co., Ltd.		131,460		551,770
Hanwha Techwin Co., Ltd. (a)		17,327		451,704
Harim Co., Ltd. (a)(b)		12,374		41,341
Heung-A Shipping Co., Ltd. (b)		40,131		72,624
Hite Jinro Co., Ltd. (b)		31,178		599,729
HLB, Inc. (a)		16,103		350,508
Humax Co., Ltd.		31,097		512,905
Humedix Co., Ltd. (a)		1,426		72,906
Huons Co., Ltd.		4,095		310,588
Hwa Shin Co., Ltd.		3,244		16,531
Hyundai BNG Steel Co., Ltd.		2,480		22,074

See accompanying notes to financial statements.

297

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

September 30, 2015


Security Description	Shares		Value

Hyundai Corp. (e)		4,024	$	125,442
Hyundai Elevator Co., Ltd. (a)		7,791		336,539
Hyundai Engineering Plastics Co., Ltd.		5,124		39,339
Hyundai Home Shopping Network Corp.		3,820		418,966
Hyundai Hy Communications & Networks Co., Ltd.		7,480		22,150
Hyundai Livart Furniture Co., Ltd.		1,875		80,201
Hyundai Merchant Marine Co., Ltd. (a)(b)		48,200		250,089
Hyundai Mipo Dockyard Co., Ltd. (a)		3,861		216,617
Hyundai Rotem Co., Ltd. (a)(b)		23,501		341,025
Hyundai Securities Co., Ltd.		83,732		536,173
i-SENS, Inc. (a)		2,550		80,568
Il Dong Pharmaceutical Co., Ltd.		8,924		198,763
Iljin Display Co., Ltd.		5,724		36,267
Ilyang Pharmaceutical Co., Ltd. (a)		8,074		361,024
iMarketKorea, Inc.		7,858		194,909
InBody Co., Ltd.		2,581		84,705
Innox Corp. (a)		3,499		40,442
Inscobee, Inc. (a)		22,530		25,090
Interojo Co., Ltd.		3,459		108,121
Interpark Holdings Corp.		31,206		335,676
iNtRON Biotechnology, Inc. (a)(b)		4,677		190,781
IS Dongseo Co., Ltd.		6,185		276,037
JB Financial Group Co., Ltd. (b)		294,348		1,502,409
Jeil Pharmaceutical Co.		6,490		111,698
Jenax, Inc. (a)		7,034		77,443
JoyCity Corp. (a)		1,474		29,846
Jusung Engineering Co., Ltd. (a)		8,001		38,341
JW Pharmaceutical Corp.		5,486		175,878
JYP Entertainment Corp. (a)		12,368		43,721
KB Insurance Co., Ltd.		38,858		773,685
KCP Co., Ltd. (a)		6,344		190,539
Kginicis Co., Ltd.		16,592		278,563
KGMobilians Co., Ltd.		2,952		40,844
KH Vatec Co., Ltd. (b)		5,909		76,523
Koh Young Technology, Inc.		2,834		82,010
Kolao Holdings (b)		16,848		191,891
Kolon Corp.		3,818		216,460
Kolon Industries, Inc.		8,764		462,859
Kolon Life Science, Inc. (b)		1,937		271,275
Komipharm International Co., Ltd. (a)(b)		13,569		262,726
KONA I Co., Ltd.		5,973		221,222
Korea Electric Terminal Co., Ltd.		2,520		216,857
Korea Kolmar Co., Ltd. (b)		8,646		720,682
Korea Kolmar Holdings Co., Ltd.		2,056		131,308
Korea Line Corp. (a)		3,874		68,309
Korea Petrochemical Industries		1,394		195,228
Korea Real Estate Investment & Trust Co., Ltd.		51,848		143,913
Korea United Pharm, Inc.		6,868		123,419
Korean Reinsurance Co.		90,039		1,082,473
Kortek Corp. (b)		6,615		80,085
KT Skylife Co., Ltd.		14,760		253,409
Ktis Corp. (b)		13,635		63,269
Kumho Industrial Co., Ltd. (a)(b)		16,820		254,010
Kumho Petrochemical Co., Ltd.		9,546		428,455
Kumho Tire Co., Inc. (a)(b)		61,642		375,479
Kwang Dong Pharmaceutical Co., Ltd.		17,096		186,782
KyungDong City Gas Co., Ltd.		512		46,652
Kyungdong Pharm Co., Ltd.		6,815		137,990
LEENO Industrial, Inc.		3,397		126,675
LF Corp.		12,231		337,944
LG Hausys, Ltd.		3,760		509,137
LG Innotek Co., Ltd.		6,184		459,118
LG International Corp. (b)		36,878		844,713
LG Life Sciences, Ltd. (a)(b)		4,986		232,200
Lock & Lock Co., Ltd.		3,333		40,914
Lotte Food Co., Ltd.		727		643,401
LOTTE Himart Co., Ltd.		4,178		233,345
LS Corp.		12,658		366,295
LS Industrial Systems Co., Ltd.		10,922		419,262
Lumens Co., Ltd. (b)		14,744		46,522
Lutronic Corp.		2,917		101,392
Macrogen, Inc. (a)		3,321		96,103
Maeil Dairy Industry Co., Ltd.		1,489		48,741
Mando Corp.		2,862		330,797
Medipost Co., Ltd. (a)(b)		4,164		315,119
MegaStudy Co., Ltd.		3,897		128,059
MegaStudyEdu Co., Ltd. (a)		2,254		120,563
Meritz Financial Group, Inc.		31,958		388,252
Meritz Fire & Marine Insurance Co., Ltd. (b)		52,927		709,980
Mirae Asset Securities Co., Ltd. (b)		18,559		437,631
Mirae Corp. (a)		194,561		89,951
Modetour Network, Inc.		3,051		98,714
Muhak Co., Ltd. (a)		5,941		235,826
Naturalendo Tech Co., Ltd. (a)(b)		10,611		205,900
Neowiz Games Corp. (a)(b)		11,566		181,008
NEPES Corp. (a)		5,790		35,464
Nexen Tire Corp. (b)		25,776		312,061
NH Investment & Securities Co., Ltd.		3		25
NHN Entertainment Corp. (a)(b)		10,361		563,810
NICE Holdings Co., Ltd.		5,338		120,919
NongShim Co., Ltd.		2,725		841,433
OCI Co., Ltd.		7,393		513,949
OCI Materials Co., Ltd.		1,334		102,529
Opto Device Technology Co., Ltd.		6,003		43,555
Osstem Implant Co., Ltd. (a)		3,020		166,122
Paradise Co., Ltd.		24,057		455,648
Partron Co., Ltd. (b)		24,142		191,458
Pharmicell Co., Ltd. (a)		9,758		41,163
Poongsan Corp.		18,103		383,350
Posco ICT Co., Ltd.		7,881		36,769
Power Logics Co., Ltd. (a)		15,455		49,678
Redrover Co., Ltd. (a)		11,475		91,970
S&T Dynamics Co., Ltd.		7,267		84,607
Sajo Industries Co., Ltd. (a)		1,220		81,313
Sam Yung Trading Co., Ltd.		5,557		95,172
Samchully Co., Ltd.		490		46,301
Samchuly Bicycle Co., Ltd.		5,177		89,974
Samjin Pharmaceutical Co., Ltd.		9,991		221,685

See accompanying notes to financial statements.

298

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

September 30, 2015


Security Description	Shares		Value

Samkwang Glass		971	$	80,691
Samsung Engineering Co., Ltd. (a)		15,370		395,499
Samsung Fine Chemicals Co., Ltd. (b)		14,206		482,402
Samyang Holdings Corp.		3,831		437,949
Sansung Life & Science Co., Ltd. (a)(b)		7,273		260,166
Sapphire Technology Co., Ltd. (a)(b)		2,664		28,768
Schnell Biopharmaceuticals, Inc.		38,640		110,512
SeAH Steel Corp.		660		38,421
Sebang Co., Ltd.		2,593		40,143
Seegene, Inc. (a)(b)		13,354		466,427
Seobu T&D (a)		4,499		84,074
Seoul Semiconductor Co., Ltd. (a)(b)		22,950		274,943
SEOWONINTECH Co., Ltd.		2,901		32,184
Seoyeon Co., Ltd.		4,386		49,029
SFA Engineering Corp. (b)		21,033		798,519
Silicon Works Co., Ltd.		1,853		51,433
Silla Co., Ltd.		1,570		23,577
Sindoh Co., Ltd.		840		44,363
SK Chemicals Co., Ltd.		6,907		428,300
SK Communications Co., Ltd. (a)(b)		5,808		41,944
SK Networks Co., Ltd.		68,740		399,577
SKC Co., Ltd.		13,662		439,148
SM Culture & Contents Co., Ltd. (a)		15,511		35,987
SM Entertainment Co. (a)(b)		8,833		296,222
Soulbrain Co., Ltd.		7,367		266,637
Suheung Co., Ltd.		1,530		64,153
SundayToz Corp. (a)(b)		11,324		142,350
Sungshin Cement Co., Ltd. (a)		7,157		70,948
Sungwoo Hitech Co., Ltd.		27,939		186,213
Suprema, Inc. (a)		3,252		61,731
Synopex, Inc. (a)		29,999		38,343
Taekwang Industrial Co., Ltd.		512		517,054
Taihan Electric Wire Co., Ltd. (a)(e)		26,608		0
Tera Semicon Co., Ltd. (a)		2,641		36,987
Tongyang Life Insurance Co., Ltd.		7,703		92,283
Tongyang, Inc. (a)		135,510		346,406
Tovis Co., Ltd.		7,512		62,679
Value Added Technologies Co., Ltd.		3,600		118,907
Vieworks Co., Ltd.		1,640		45,936
ViroMed Co., Ltd. (a)(b)		4,963		515,016
Webzen, Inc. (a)		12,328		332,304
WeMade Entertainment Co., Ltd. (a)(b)		5,598		222,446
Whanin Pharmaceutical Co., Ltd.		8,588		148,531
Wins Co., Ltd.		3,913		48,199
WiSoL Co., Ltd.		5,330		64,978
Wonik IPS Co., Ltd. (a)		44,528		343,361
Woojeon & Handan Co., Ltd. (a)		8,140		11,812
Woongjin Thinkbig Co., Ltd. (a)		8,092		56,596
YG Entertainment, Inc. (b)		6,635		292,202
Yuanta Securities Korea Co., Ltd. (a)(b)		74,382		268,586
Yungjin Pharmaceutical Co., Ltd. (a)(b)		52,933		90,879

				59,630,400

SPAIN — 1.1%
Applus Services SA		33,782		319,774
Axiare Patrimonio SOCIMI SA REIT		21,539		294,045
Baron de Ley (a)		953		100,049
Construcciones y Auxiliar de Ferrocarriles SA		2,206		679,266
Euskaltel SA (a)(g)		30,878		355,016
Faes Farma SA		245,510		644,018
Hispania Activos Inmobiliarios SA (a)		24,049		333,814
Indra Sistemas SA (a)(b)		43,566		450,902
Lar Espana Real Estate Socimi SA REIT (b)		16,493		157,408
Let’s GOWEX SA (a)(b)(c)		9,561		0
NH Hotel Group SA (a)(b)		56,135		299,518
Obrascon Huarte Lain SA (b)		15,793		207,316
Promotora de Informaciones SA (Class A) (a)(b)		44,325		165,750
Sacyr SA (b)		114,311		252,009
Saeta Yield SA		13,520		124,506
Talgo SA (a)(g)		36,302		184,376
Tubacex SA (b)		156,828		329,987
Tubos Reunidos SA (b)		210,511		202,085
Vidrala SA		25,396		1,190,911
Zeltia SA (a)(b)		171,993		646,037

				6,936,787

SWEDEN — 2.8%
AddTech AB (Class B)		25,329		359,382
AF AB (Class B)		29,012		400,396
Arcam AB (a)(b)		8,312		145,932
Avanza Bank Holding AB		9,892		405,137
B&B Tools AB (Class B)		13,069		173,354
Beijer Alma AB		8,849		188,859
Beijer Ref AB		15,390		311,945
Bilia AB (Class A)		12,880		257,230
BioGaia AB (Class B)		3,822		126,230
Bufab Holding AB		22,632		124,129
Byggmax Group AB		26,931		239,221
Clas Ohlson AB (Class B)		13,332		203,468
Cloetta AB (Class B) (a)		107,482		306,284
Com Hem Holding AB		40,542		338,130
Concentric AB		21,761		252,324
D. Carnegie Co. & AB (a)		9,241		58,396
Duni AB		13,358		195,901
Eltel AB (a)(g)		21,773		238,185
Evolution Gaming Group AB (a)(g)		10,019		319,550
Fingerprint Cards AB (Class B) (a)(b)		24,277		894,426
Haldex AB		47,566		499,080
Hemfosa Fastigheter AB		46,402		493,782
HIQ International AB (a)		31,419		170,824
Hoist Finance AB (a)(g)		16,924		123,090
Holmen AB (Class B)		24,349		680,792

See accompanying notes to financial statements.

299

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

September 30, 2015


Security Description	Shares		Value

Industrial & Financial Systems (Class B)		10,291	$	361,968
Indutrade AB		12,403		565,356
Investment AB Oresund		7,600		155,406
Inwido AB		30,258		311,165
JM AB		24,922		667,990
KNOW IT AB		22,925		140,086
Kungsleden AB		66,774		447,838
Lagercrantz Group AB (Class B)		7,540		171,260
Lifco AB (Class B) (b)		17,285		376,117
Lindab International AB		20,335		150,445
Loomis AB (Class B)		19,877		519,259
Medivir AB (Class B) (a)		11,002		94,776
Modern Times Group AB (Class B)		19,671		504,496
Mycronic AB		15,270		83,751
NetEnt AB (a)		12,618		700,327
New Wave Group AB (Class B) (b)		163,633		630,179
Nolato AB (Class B)		11,822		296,006
Nordnet AB (Class B)		50,912		190,001
Opus Group AB (b)		84,191		60,731
Orexo AB (a)(b)		7,644		54,456
Proffice AB (Class B)		63,594		141,033
Qliro Group AB (a)(b)		93,173		116,646
Ratos AB (Class B)		54,151		325,731
Recipharm AB (Class B)		8,287		151,175
Rezidor Hotel Group AB		47,812		183,562
Sagax AB Class B		35,118		248,090
SAS AB (a)(b)		45,087		84,400
SkiStar AB		10,546		149,632
Sweco AB (Class B) (b)		15,682		216,895
Systemair AB		11,478		146,091
Tethys Oil AB		30,417		161,024
Thule Group AB (g)		26,938		308,338
Vostok New Ventures, Ltd. SDR (a)(b)		21,023		125,957
Wihlborgs Fastigheter AB		120,497		2,155,055

				18,501,289

SWITZERLAND — 2.5%
AFG Arbonia-Forster Holding AG (a)(b)		19,882		183,335
APG SGA SA		294		113,737
Ascom Holding AG		20,419		375,111
Autoneum Holding AG (a)		1,378		249,763
Basilea Pharmaceutica AG (a)		8,405		806,006
Belimo Holding AG		846		1,774,946
Bell AG (b)		79		219,512
Bobst Group SA		2,683		108,462
Bossard Holding AG (a)(b)		1,949		182,014
Burckhardt Compression Holding AG		1,337		431,026
Cembra Money Bank AG (a)		9,682		570,753
Comet Holding AG (a)		332		228,843
Conzzeta AG		184		121,179
EFG International AG (a)(b)		18,764		199,719
Evolva Holding SA (a)(b)		101,863		106,335
Gategroup Holding AG (a)		7,794		262,034
Gurit Holding AG (a)		64		35,370
HBM Healthcare Investments AG (Class A) (a)		3,024		284,728
Huber & Suhner AG		6,100		262,205
Implenia AG		4,852		239,347
Inficon Holding AG (a)		911		253,599
Interroll Holding AG (a)		388		275,980
Intershop Holding AG		245		101,801
Kardex AG (a)		3,943		260,082
Komax Holding AG		2,142		346,368
Kudelski SA		49,482		676,067
Kuoni Reisen Holding (Class B) (a)(b)		1,553		290,542
LEM Holding SA		265		189,034
MCH Group AG		410		24,505
Metall Zug AG (Class B)		62		163,074
Meyer Burger Technology AG (a)(b)		36,878		236,267
Micronas Semiconductor Holding AG (a)		36,638		140,613
Mobilezone Holding AG		13,905		189,982
Mobimo Holding AG (a)		2,998		603,221
Myriad Group AG (a)(b)		26,654		86,746
Orascom Development Holding AG (a)		5,150		62,194
Oriflame Holding AG (a)(b)		19,195		237,562
Orior AG (a)		5,571		307,885
Phoenix Mecano AG		109		50,506
Rieter Holding AG (a)		286		42,179
Santhera Pharmaceutical Holding AG (a)		2,073		229,131
Schmolz + Bickenbach AG (a)		179,040		113,606
Schweiter Technologies AG		326		262,075
Siegfried Holding AG (a)(b)		1,687		301,281
Swissquote Group Holding SA		5,350		117,173
Tecan Group AG		4,521		634,819
U-Blox AG (a)(b)		2,765		554,924
Valiant Holding AG		6,402		737,760
Valora Holding AG (a)		5,881		1,116,493
Vaudoise Assurances Holding SA		430		222,239
Wizz Air Holdings PLC (a)(g)		16,491		511,335
Ypsomed Holding AG (a)(b)		1,047		112,940
Zehnder Group AG		2,480		81,347

				16,287,755

UNITED KINGDOM — 10.1%
4imprint Group PLC		7,943		149,193
A.G.BARR PLC		44,638		354,643
Acacia Mining PLC		37,205		139,764
Air Berlin PLC (a)(b)		96,798		97,786
Aldermore Group PLC (a)		59,529		252,751
Alent PLC		99,502		732,502
Allied Minds PLC (a)(b)		87,319		465,578
Amarin Corp. PLC ADR (a)(b)		63,637		122,819
AO World PLC (a)(b)		82,382		210,143
APR Energy PLC (a)(b)		20,882		25,068
Arrow Global Group PLC		65,846		279,273
Assura PLC (h)		382,690		317,375
Assura PLC (a)(h)		76,538		5,507
Avon Rubber PLC		4,168		57,705
Big Yellow Group PLC		56,233		616,695
Bloomsbury Publishing PLC		20,333		52,205
Bodycote PLC		47,750		398,534
Brammer PLC		53,932		211,586

See accompanying notes to financial statements.

300

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

September 30, 2015


Security Description	Shares		Value

Brewin Dolphin Holdings PLC		105,919	$	412,333
Cairn Energy PLC (a)		242,202		513,626
Centamin PLC		446,711		412,760
Chemring Group PLC		185,059		625,109
Chesnara PLC		48,703		248,246
Chime Communications PLC		22,640		124,658
Circassia Pharmaceuticals PLC (a)		85,549		379,685
Clarkson PLC		11,832		365,082
Coats Group PLC (a)(b)		554,891		224,839
Communisis PLC		50,048		41,696
Computacenter PLC		31,379		359,337
Connect Group PLC		68,194		162,176
Consort Medical PLC		11,258		159,446
Countrywide PLC		65,053		494,666
Cranswick PLC		20,177		487,787
Daejan Holdings PLC		2,159		207,994
Dairy Crest Group PLC (b)		61,869		570,262
Darty PLC		338,792		495,224
De La Rue PLC		36,082		263,301
Debenhams PLC		446,022		533,733
Dechra Pharmaceuticals PLC		27,603		392,611
Development Securities PLC		52,834		196,074
Devro PLC		59,938		267,834
Dialight PLC (b)		12,053		116,025
Dignity PLC		14,439		520,104
Diploma PLC		46,383		467,220
Doric Nimrod Air Three, Ltd. Preference Shares		52,279		82,753
Drax Group PLC		158,731		586,668
E2V Technologies PLC		99,728		342,913
Electrocomponents PLC		167,594		454,669
Elementis PLC		140,194		473,985
Empiric Student Property PLC REIT		17,781		29,290
EnQuest PLC (a)(b)		287,677		120,923
Enterprise Inns PLC (a)		417,420		684,134
esure Group PLC		109,043		409,629
Exova Group PLC		55,035		150,056
F&C Commercial Property Trust, Ltd.		271,902		569,195
FDM Group Holdings PLC		38,814		283,385
Fenner PLC		159,724		398,599
Fidessa Group PLC		18,343		498,464
Findel PLC (a)		29,200		107,481
Flybe Group PLC (a)		116,973		130,231
Foxtons Group PLC		91,975		330,465
Fuller Smith & Turner PLC (Class A)		19,235		322,538
Games Workshop Group PLC		5,906		48,801
Gem Diamonds, Ltd.		93,122		164,684
Genel Energy PLC (a)		61,107		256,628
Genus PLC		32,443		697,831
Go-Ahead Group PLC		16,931		629,871
Grainger PLC		164,833		594,240
Greggs PLC		49,380		811,562
Gulf Keystone Petroleum, Ltd. (a)(b)		411,790		199,603
Gulf Marine Services PLC		80,602		140,406
Halfords Group PLC		82,886		579,797
Hansteen Holdings PLC		166,701		304,780
Headlam Group PLC		18,764		142,824
Helical Bar PLC		39,625		246,240
HellermannTyton Group PLC		69,481		491,290
Hilton Food Group PLC		29,789		206,494
Hochschild Mining PLC (a)(b)		59,716		63,318
Hogg Robinson Group PLC		29,721		26,956
Home Retail Group PLC		303,826		625,900
HomeServe PLC		121,679		747,943
Hunting PLC		63,124		383,329
Imagination Technologies Group PLC (a)		83,994		279,588
Infinis Energy PLC		51,863		105,662
Innovation Group PLC		542,073		320,231
Intelligent Energy Holdings PLC (a)		46,373		70,419
International Personal Finance PLC		86,309		507,258
Interserve PLC		90,784		789,336
IP Group PLC (a)		211,113		735,502
ITE Group PLC		294,848		629,736
J.D. Wetherspoon PLC		125,913		1,403,749
James Fisher & Sons PLC		19,123		269,679
John Menzies PLC		20,009		125,250
Johnston Press PLC (a)		27,494		31,235
Just Retirement Group PLC (h)		60,945		151,214
Just Retirement Group PLC (a)(h)		7,730		562
Kcom Group PLC		210,191		283,364
Keller Group PLC		53,815		704,708
Ladbrokes PLC		353,571		512,542
Laird PLC		193,114		1,101,336
Lamprell PLC (a)		112,687		194,590
Lancashire Holdings, Ltd.		58,580		613,152
Lavendon Group PLC		76,592		180,698
Londonmetric Property PLC		136,724		339,855
Lookers PLC		125,460		316,798
Low & Bonar PLC		85,555		84,560
LSL Property Services PLC		38,805		201,321
Luxfer Holdings PLC ADR (b)		8,597		92,762
Marshalls PLC		99,431		537,388
Marston’s PLC		142,055		322,552
McBride PLC (a)		141,225		323,020
McColl’s Retail Group PLC		59,848		134,169
McKay Securities PLC		51,759		196,201
Mears Group PLC		32,944		192,621
Mitie Group PLC		247,359		1,143,545
Morgan Advanced Materials PLC		171,571		733,661
Morgan Sindall PLC		63,258		707,152
Mothercare PLC (a)		57,633		193,150
N Brown Group PLC		69,808		323,781
NCC Group PLC		71,643		297,348
Northgate PLC		46,686		320,987
Novae Group PLC		25,519		334,365
OneSavings Bank PLC		57,723		341,087
Ophir Energy PLC (a)		261,788		356,294
Oxford Immunotec Global PLC (a)(b)		2,662		35,937
Oxford Instruments PLC		22,630		199,503
Pace PLC		166,249		907,831
Paragon Group of Cos. PLC		125,398		750,289
PayPoint PLC		72,438		1,121,394
Pendragon PLC		502,225		315,709

See accompanying notes to financial statements.

301

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

September 30, 2015


Security Description	Shares		Value

Petra Diamonds, Ltd. (a)		169,535	$	216,228
Petropavlovsk PLC (a)(b)		976,903		87,306
Photo-Me International PLC		48,501		115,527
Polypipe Group PLC		69,777		348,528
Poundland Group PLC		69,883		296,395
Premier Farnell PLC		351,410		557,582
Premier Foods PLC (a)		432,577		209,679
Premier Oil PLC (a)		218,483		220,576
Quintain Estates & Development PLC (a)		178,197		379,918
Rank Group PLC		57,722		233,712
Rathbone Brothers PLC		18,415		575,456
Raven Russia, Ltd. (a)		150,679		86,732
Renewables Infrastructure Group, Ltd.		94,885		146,242
Renold PLC (a)		80,640		87,184
Ricardo PLC		14,892		198,507
Robert Walters PLC		46,788		291,284
RPS Group PLC		194,784		663,123
Safestore Holdings PLC		75,929		339,002
Savills PLC		42,213		583,472
Schroder Real Estate Investment Trust, Ltd.		33,141		29,242
SDL PLC		44,649		219,804
Senior PLC		445,629		1,695,641
Serco Group PLC (a)		364,239		562,214
Shanks Group PLC		398,284		553,528
SIG PLC		301,764		793,520
Skyepharma PLC (a)		44,006		233,970
SOCO International PLC		97,305		232,512
Speedy Hire PLC		179,637		91,835
Spirent Communications PLC		323,256		369,687
ST Modwen Properties PLC		68,639		431,895
St. Ives PLC		59,746		163,579
Stallergenes Greer (a)		407		19,985
SThree PLC		55,531		292,302
Stobart Group, Ltd.		111,141		188,553
Stock Spirits Group PLC		86,343		242,612
Stolt-Nielsen, Ltd.		13,565		194,013
SuperGroup PLC (a)		19,271		397,578
SVG Capital PLC (a)		14,482		102,466
Synergy Health PLC (a)		21,291		699,837
Synthomer PLC		122,653		632,053
Telecom Plus PLC (b)		29,071		491,874
Topps Tiles PLC		25,332		56,023
Trinity Mirror PLC		101,350		231,047
Tritax Big Box REIT PLC		129,828		250,738
Tullett Prebon PLC		213,300		1,208,056
Tyman PLC		60,066		252,711
Urban & Civic PLC		35,687		144,872
Vectura Group PLC (a)		148,664		394,080
Vesuvius PLC		28,836		153,926
Vitec Group PLC		11,271		106,619
Wilmington PLC		20,984		86,457
Wincanton PLC (a)		220,840		686,597
Xaar PLC		30,078		254,912
Xchanging PLC		111,287		179,951
Zeal Network SE		4,283		192,503
Zoopla Property Group PLC (g)		135,776		429,638

				65,605,204

UNITED STATES — 0.1%
Diligent Corp. (a)		56,544		187,367
Globant SA (a)(b)		11,667		356,893
Magnachip Semiconductor Corp. (a)(b)		23,357		153,923
Ormat Technologies, Inc.		1		26

				698,209

TOTAL COMMON STOCKS —
(Cost $780,284,718)				644,586,891

RIGHTS — 0.0% (f)
HONG KONG — 0.0% (f)
Kingwell Group, Ltd. (expiring 10/27/15) (a)		59,111		801

SOUTH KOREA — 0.0% (f)
Kortek Corp. (expiring 10/27/15) (a)		1,365		3,743
Mirae Asset Securities Co., Ltd (expiring 11/5/15) (a)		16,168		69,568

				73,311

TOTAL RIGHTS —
(Cost $100,685)				74,112

WARRANTS — 0.0% (f)
HONG KONG — 0.0% (f)
HKC Holdings, Ltd. (expiring 10/17/15) (a)		276,200		356

SINGAPORE — 0.0% (f)
Interra Resources, Ltd. (expiring 12/8/15) (a)		25,700		18

TOTAL WARRANTS —
(Cost $0)				374

SHORT TERM INVESTMENTS — 19.1%
UNITED STATES — 19.1%
MONEY MARKET FUNDS — 19.1%
State Street Navigator Securities Lending Prime Portfolio (i)(j)		123,921,999		123,921,999
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (j)(k)		675,295		675,295

TOTAL SHORT TERM INVESTMENTS —
(Cost $124,597,294)				124,597,294

TOTAL INVESTMENTS — 118.2%
(Cost $904,982,697)				769,258,671
OTHER ASSETS & LIABILITIES — (18.2)%				(118,702,363	)

NET ASSETS — 100.0%			$	650,556,308

See accompanying notes to financial statements.

302

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

September 30, 2015


(a)		Non-income producing security
(b)		All or a portion of the security was on loan at September 30, 2015.
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(d)		Affiliated issuer (Note 3).
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(f)		Amount shown represents less than 0.05% of net assets.
(g)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.6% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(i)		Investments of cash collateral for securities loaned.
(j)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(k)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

303

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AUSTRALIA — 12.2%
Astro Japan Property Group		632,868	$	2,333,266
BGP Holdings PLC (a)(b)		32,410,441		0
BWP Trust (c)		5,700,458		12,369,726
Charter Hall Retail REIT		3,952,349		11,296,438
Dexus Property Group		11,473,821		57,611,071
Goodman Group		18,643,371		76,590,014
GPT Group		20,695,456		65,545,576
Investa Office Fund REIT		7,348,867		20,333,327
Scentre Group		63,591,924		174,164,009
Westfield Corp.		22,832,557		159,860,641

				580,104,068

AUSTRIA — 1.3%
Atrium European Real Estate, Ltd. (a)		2,027,361		8,859,805
BUWOG AG (a)(c)		598,886		12,701,619
CA Immobilien Anlagen AG (a)		875,666		16,098,796
IMMOFINANZ AG (a)		10,784,339		24,798,308

				62,458,528

BELGIUM — 0.8%
Befimmo SA		241,728		14,810,902
Cofinimmo SA		241,963		25,483,095

				40,293,997

BRAZIL — 0.3%
BR Malls Participacoes SA		5,473,940		14,379,239

CANADA — 9.9%
Artis REIT		794,482		7,514,009
Boardwalk REIT		279,239		11,417,828
Brookfield Asset Management, Inc. (Class A)		10,316,280		323,100,319
Canadian Apartment Properties REIT		697,597		14,766,766
Canadian REIT		420,581		12,852,393
Crombie Real Estate Investment Trust		458,486		4,384,120
First Capital Realty, Inc. (c)		1,343,170		18,734,451
H&R Real Estate Investment Trust		1,625,844		24,944,888
RioCan REIT		1,867,978		35,486,984
Smart Real Estate Investment Trust		730,606		16,664,378

				469,866,136

CHINA — 2.0%
Hongkong Land Holdings, Ltd.		14,053,600		92,894,296

FRANCE — 10.7%
Fonciere Des Regions		520,064		45,199,382
Gecina SA		429,341		52,214,474
Klepierre		2,253,225		101,838,888
Mercialys SA REIT		221,833		4,788,990
Unibail-Rodamco SE		1,170,734		302,270,088

				506,311,822

HONG KONG — 6.3%
Champion REIT		26,221,174		13,059,752
Hang Lung Group, Ltd.		829,808		2,815,976
Hang Lung Properties, Ltd.		25,190,755		56,426,927
Hysan Development Co., Ltd.		7,508,846		31,197,843
Link REIT		27,393,855		150,223,397
Prosperity REIT		13,858,000		4,738,511
Wheelock & Co., Ltd.		9,714,545		41,991,633

				300,454,039

ITALY — 0.3%
Beni Stabili SpA (c)		12,785,962		9,912,129
Immobiliare Grande Distribuzione SpA		3,612,076		3,233,647

				13,145,776

JAPAN — 22.1%
Activia Properties, Inc.		5,984		25,032,221
Aeon Mall Co., Ltd.		1,391,440		21,272,714
Daibiru Corp.		691,600		5,358,868
Daiwa Office Investment Corp. (c)		3,884		18,744,642
Frontier Real Estate Investment Corp.		5,934		22,965,048
Fukuoka REIT Corp.		8,041		11,883,747
Global One Real Estate Investment Corp. (c)		2,148		6,438,709
Hankyu REIT, Inc.		7,188		7,568,211
Heiwa Real Estate Co., Ltd. (c)		426,600		4,552,205
Hoshino Resorts REIT, Inc.		590		5,305,640
Hulic Co., Ltd. (c)		5,385,190		48,426,916
Hulic Reit, Inc. (c)		8,244		10,875,899
Japan Excellent, Inc.		14,778		16,263,018
Japan Prime Realty Investment Corp.		10,436		33,852,845
Japan Real Estate Investment Corp.		15,640		71,954,578
Japan Rental Housing Investments, Inc.		19,661		12,821,142
Japan Retail Fund Investment Corp.		29,041		56,159,108
Kenedix Office Investment Corp.		4,846		23,023,204
Kenedix Residential Investment Corp. (c)		4,098		10,573,056
MCUBS MidCity Investment Corp. REIT		3,192		8,302,158
Mitsui Fudosan Co., Ltd.		11,838,000		322,526,565
Mori Hills REIT Investment Corp. (c)		14,666		17,229,626
Mori Trust Sogo REIT, Inc. (c)		12,074		20,646,727
Nippon Building Fund, Inc.		16,870		81,557,467
Nomura Real Estate Office Fund, Inc. (c)		4,502		20,411,523
NTT Urban Development Corp.		1,282,931		11,751,140
Orix JREIT, Inc. (c)		26,738		36,144,802
Premier Investment Corp. (c)		2,671		13,291,997
Tokyu Fudosan Holdings Corp.		6,128,200		40,576,651
Tokyu REIT, Inc.		10,976		14,140,999
Top REIT, Inc.		2,054		7,931,992
United Urban Investment Corp.		31,612		42,179,248

				1,049,762,666

NETHERLANDS — 1.3%
Eurocommercial Properties NV		570,298		24,839,933
VastNed Retail NV (c)		224,270		9,695,718
Wereldhave NV		481,689		27,723,046

				62,258,697

NEW ZEALAND — 0.8%
Argosy Property, Ltd. (c)		9,280,983		6,233,896

See accompanying notes to financial statements.

304

SPDR Dow Jones International Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Goodman Property Trust		11,807,097	$	8,761,479
Kiwi Income Property Group, Ltd.		14,748,588		12,123,552
Precinct Properties New Zealand, Ltd. (c)		12,066,961		8,761,330

				35,880,257

PHILIPPINES — 2.4%
Ayala Land, Inc.		70,252,000		51,103,295
SM Prime Holdings, Inc.		138,042,300		60,987,880

				112,091,175

SINGAPORE — 6.3%
Ascendas REIT (c)		24,466,831		40,264,705
Cambridge Industrial Trust		12,263,579		5,261,117
CapitaLand Commercial Trust, Ltd.		24,006,676		22,623,916
CapitaLand Mall Trust		31,059,968		41,503,579
CapitaLand, Ltd.		30,088,899		56,711,618
Frasers Commercial Trust (c)		6,850,204		6,407,463
Global Logistic Properties, Ltd. (c)		37,007,100		53,094,088
Guocoland, Ltd. (c)		3,307,666		4,291,894
Keppel REIT (c)		20,270,000		13,614,073
Mapletree Logistics Trust		17,322,649		11,939,093
Starhill Global REIT		16,263,782		8,635,738
Suntec REIT (c)		30,081,351		31,733,614
United Industrial Corp., Ltd. (c)		2,263,131		4,870,371

				300,951,269

SOUTH AFRICA — 2.0%
Capital Property Fund, Ltd.		18,061,496		20,508,099
Growthpoint Properties, Ltd. REIT		26,245,110		48,686,416
Hyprop Investments, Ltd.		2,503,146		21,852,517
SA Corporate Real Estate Fund Nominees Pty, Ltd.		17,576,352		6,470,213

				97,517,245

SPAIN — 0.0% (d)
Martinsa-Fadesa SA (a)(b)		35,998		0

SWEDEN — 2.5%
Castellum AB		2,057,155		28,869,167
Fabege AB		1,681,881		24,605,409
Great Portland Estates PLC		4,110,307		53,233,044
Kungsleden AB		1,869,841		12,540,590

				119,248,210

SWITZERLAND — 2.1%
PSP Swiss Property AG (a)(c)		482,546		39,557,808
Swiss Prime Site AG (a)		832,282		60,647,302

				100,205,110

THAILAND — 0.4%
Central Pattana PCL NVDR		16,114,372		19,868,250

UNITED KINGDOM — 16.1%
Big Yellow Group PLC		1,751,275		19,205,864
British Land Co. PLC		12,221,553		155,228,117
Capital & Counties Properties PLC		8,882,444		58,433,679
Derwent London PLC		1,324,044		72,983,620
Grainger PLC (c)		4,984,489		17,969,605
Hammerson PLC		9,369,555		88,490,439
Intu Properties PLC		9,763,824		48,747,020
Land Securities Group PLC		9,567,165		182,452,543
Segro PLC		8,867,411		57,690,052
Shaftesbury PLC		3,321,066		46,130,458
Workspace Group PLC		1,407,118		19,992,830

				767,324,227

TOTAL COMMON STOCKS —
(Cost $4,460,074,844)				4,745,015,007

SHORT TERM INVESTMENTS — 1.7%
UNITED STATES — 1.7%
MONEY MARKET FUNDS — 1.7%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		77,123,206		77,123,206
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g)		412,581		412,581

TOTAL SHORT TERM INVESTMENTS —
(Cost $77,535,787)				77,535,787

TOTAL INVESTMENTS — 101.5%
(Cost $4,537,610,631)				4,822,550,794
OTHER ASSETS & LIABILITIES — (1.5)%				(69,492,476	)

NET ASSETS — 100.0%			$	4,753,058,318


(a)		Non-income producing security
(b)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(c)		All or a portion of the security was on loan at September 30, 2015.
(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.

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

305

SPDR S&P Global Infrastructure ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 8.0%
Macquarie Atlas Roads Group (a)		92,573	$	252,887
Qube Holdings Ltd. (a)		184,064		255,933
Sydney Airport		249,059		1,042,414
Transurban Group		418,815		2,923,482

				4,474,716

BRAZIL — 0.8%
CPFL Energia SA ADR (b)		11,103		83,273
Ultrapar Participacoes SA ADR		22,334		373,424

				456,697

CANADA — 7.2%
AltaGas, Ltd. (a)		6,970		170,936
Enbridge, Inc.		44,030		1,627,274
Inter Pipeline, Ltd. (a)		17,262		316,991
Pembina Pipeline Corp. (a)		17,646		422,625
TransCanada Corp. (a)		36,498		1,148,814
Veresen, Inc. (a)		15,015		114,234
Westshore Terminals Investment Corp. (a)		13,623		258,092

				4,058,966

CHILE — 0.6%
Empresa Nacional de Electricidad SA ADR		4,133		146,763
Enersis SA ADR		14,513		183,444

				330,207

CHINA — 0.7%
CGN Power Co., Ltd. (Class H) (c)		375,839		156,639
China Longyuan Power Group Corp. (Class H)		115,000		123,457
Huaneng Power International Inc, ADR		3,191		134,980

				415,076

FRANCE — 6.3%
Aeroports de Paris		7,490		847,358
Engie		59,784		963,637
Groupe Eurotunnel SE		126,141		1,713,595

				3,524,590

GERMANY — 2.2%
E.ON SE		74,029		634,388
Fraport AG Frankfurt Airport Services Worldwide		8,471		521,863
Hamburger Hafen und Logistik AG		5,462		88,802

				1,245,053

HONG KONG — 4.3%
Beijing Enterprises Water Group, Ltd. (b)		180,000		125,419
China Gas Holdings, Ltd.		80,000		109,832
China Merchants Holdings International Co., Ltd.		402,740		1,182,229
China Resources and Transportation Group, Ltd. (a)(b)		4,135,791		18,144
China Resources Power Holdings Co., Ltd.		66,000		150,564
COSCO Pacific, Ltd. (d)		441,413		571,099
Guangdong Investment, Ltd.		104,000		154,590
Hopewell Highway Infrastructure, Ltd.		233,000		116,048

				2,427,925

ITALY — 7.5%
Ansaldo STS SpA		27,522		291,239
Atlantia SpA		92,722		2,586,487
Enel SpA		260,915		1,161,490
Societa Iniziative Autostradali e Servizi SpA		15,653		175,426

				4,214,642

JAPAN — 3.2%
Japan Airport Terminal Co., Ltd. (a)		16,700		715,326
Kamigumi Co., Ltd.		59,000		480,808
Mitsubishi Logistics Corp. (a)		38,000		438,492
Sumitomo Warehouse Co., Ltd. (a)		35,000		168,330

				1,802,956

MEXICO — 2.4%
Grupo Aeroportuario del Pacifico SAB de CV ADR		7,437		645,829
Grupo Aeroportuario del Sureste SAB de CV, ADR		4,638		706,228

				1,352,057

NETHERLANDS — 0.2%
Koninklijke Vopak NV		3,419		136,190

NEW ZEALAND — 1.2%
Auckland International Airport, Ltd.		212,970		664,836

NORWAY — 0.2%
Golar LNG, Ltd.		4,515		125,878

SINGAPORE — 2.2%
Hutchison Port Holdings Trust (a)		1,239,000		681,450
SATS Ltd.		146,900		395,687
SIA Engineering Co., Ltd.		59,253		153,352

				1,230,489

SPAIN — 8.9%
Abertis Infraestructuras SA (a)		108,163		1,706,013
Aena SA (b)(c)		16,857		1,858,141
Iberdrola SA		219,342		1,456,066

				5,020,220

SWITZERLAND — 1.1%
Flughafen Zuerich AG		873		605,766

UNITED KINGDOM — 6.9%
BBA Aviation PLC		94,571		383,484
Centrica PLC		188,490		654,401
National Grid PLC		145,050		2,018,956
SSE PLC		36,532		827,839

				3,884,680

UNITED STATES — 35.6%
American Electric Power Co., Inc.		18,146		1,031,781
Cheniere Energy, Inc. (b)		12,125		585,637
Consolidated Edison, Inc. (a)		10,816		723,050
Dominion Resources, Inc. (a)		22,035		1,550,823
Duke Energy Corp. (a)		25,465		1,831,952
Edison International (a)		12,085		762,201
Exelon Corp.		31,866		946,420
Kinder Morgan, Inc.		92,434		2,558,573

See accompanying notes to financial statements.

306

SPDR S&P Global Infrastructure ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

NextEra Energy, Inc.		17,042	$	1,662,447
ONEOK, Inc.		10,733		345,603
PG&E Corp.		18,110		956,208
PPL Corp.		24,780		815,014
Public Service Enterprise Group, Inc.		18,699		788,350
Sempra Energy		8,744		845,720
Southern Co. (a)		33,631		1,503,306
Spectra Energy Corp.		34,519		906,814
Targa Resources Corp.		2,507		129,161
Wesco Aircraft Holdings, Inc. (a)(b)		13,195		160,979
Williams Cos., Inc.		35,116		1,294,025
Xcel Energy, Inc. (a)		18,772		664,716

				20,062,780

TOTAL COMMON STOCKS —
(Cost $65,840,727)				56,033,724

SHORT TERM INVESTMENTS — 10.0%
UNITED STATES — 10.0%
MONEY MARKET FUNDS — 10.0%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		5,589,364		5,589,364
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g)		48,040		48,040

TOTAL SHORT TERM INVESTMENTS —
(Cost $5,637,404)				5,637,404

TOTAL INVESTMENTS — 109.5%
(Cost $71,478,131)				61,671,128
OTHER ASSETS & LIABILITIES — (9.5)%				(5,371,668	)

NET ASSETS — 100.0%			$	56,299,460


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.6% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(g)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

307

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 10.4%
Amcor, Ltd.		1,022,359	$	9,455,425
BHP Billiton, Ltd.		1,810,317		28,248,183
Newcrest Mining, Ltd. (a)		536,260		4,782,676
Rio Tinto, Ltd.		298,536		10,188,842
South32, Ltd. (a)		3,739,280		3,584,367
Woodside Petroleum, Ltd.		135,702		2,756,935

				59,016,428

AUSTRIA — 0.5%
Voestalpine AG		76,589		2,624,618

BRAZIL — 1.4%
Fibria Celulose SA ADR (b)		189,761		2,573,159
Petroleo Brasileiro SA ADR (a)(b)		284,699		1,238,441
Vale SA ADR (b)		1,040,294		4,369,235

				8,180,835

CANADA — 9.9%
Agrium, Inc. (b)		122,732		10,948,570
Barrick Gold Corp.		818,659		5,206,671
Canadian Natural Resources, Ltd.		210,392		4,078,532
First Quantum Minerals, Ltd. (b)		485,704		1,771,532
Goldcorp, Inc. (b)		584,161		7,289,486
Imperial Oil, Ltd. (b)		48,682		1,535,224
Potash Corp. of Saskatchewan, Inc.		714,481		14,682,585
Silver Wheaton Corp.		284,372		3,402,198
Suncor Energy, Inc.		277,792		7,394,940

				56,309,738

CHINA — 0.5%
PetroChina Co., Ltd. (Class H)		4,048,000		2,804,854

COLOMBIA — 0.1%
Ecopetrol SA ADR		47,189		405,825

FINLAND — 1.8%
Stora Enso Oyj		487,850		3,678,519
UPM-Kymmene Oyj		455,981		6,820,447

				10,498,966

FRANCE — 3.6%
Total SA		456,769		20,496,702

GERMANY — 1.8%
K+S AG		147,555		4,928,893
ThyssenKrupp AG		306,844		5,370,627

				10,299,520

HONG KONG — 0.6%
CNOOC, Ltd.		3,080,000		3,151,515

INDIA — 0.7%
Reliance Industries, Ltd. GDR (c)		152,088		3,954,288

IRELAND — 0.9%
Smurfit Kappa Group PLC		198,422		5,315,723

ISRAEL — 0.3%
Israel Chemicals, Ltd.		368,841		1,896,408

ITALY — 1.4%
ENI SpA		516,710		8,103,721

JAPAN — 4.5%
JFE Holdings, Inc. (b)		405,800		5,294,222
Nippon Steel & Sumitomo Metal Corp. (b)		667,000		12,076,897
OJI Paper Co., Ltd. (b)		850,000		3,633,783
Sumitomo Metal Mining Co., Ltd. (b)		388,000		4,380,044

				25,384,946

LUXEMBOURG — 0.6%
ArcelorMittal (b)		713,750		3,711,933

NETHERLANDS — 0.2%
OCI NV (a)		54,171		1,383,516

NORWAY — 2.1%
Norsk Hydro ASA		959,821		3,191,152
Statoil ASA		202,433		2,945,127
Yara International ASA		152,676		6,076,612

				12,212,891

PERU — 0.7%
Southern Copper Corp. (b)		143,163		3,825,315

RUSSIA — 3.2%
Gazprom PAO ADR		1,137,734		4,573,691
Lukoil PJSC ADR (d)		3,605		122,786
Lukoil PJSC ADR (d)		96,175		3,266,103
MMC Norilsk Nickel PJSC ADR		345,443		4,955,380
Novolipetsk Steel OJSC GDR		59,534		681,664
Rosneft OAO GDR		208,854		770,671
Severstal PAO GDR		124,283		1,317,400
Uralkali PJSC GDR (a)		164,589		2,440,855

				18,128,550

SINGAPORE — 0.9%
Golden Agri-Resources, Ltd. (b)		5,498,600		1,276,136
Wilmar International, Ltd.		2,138,700		3,865,574

				5,141,710

SOUTH AFRICA — 0.5%
Sasol, Ltd. ADR		97,670		2,717,180

SOUTH KOREA — 2.0%
Korea Zinc Co., Ltd.		8,958		3,518,054
POSCO ADR		225,274		7,889,095

				11,407,149

SPAIN — 0.4%
Repsol YPF SA		189,918		2,206,877

SWITZERLAND — 4.5%
Syngenta AG		79,750		25,473,314

UNITED KINGDOM — 12.9%
Anglo American PLC		978,501		8,165,353
Antofagasta PLC (b)		270,475		2,047,281
BG Group PLC		653,489		9,413,686
BP PLC		3,496,557		17,690,007
Fresnillo PLC		130,193		1,166,496
Glencore PLC (a)		7,785,121		10,796,044
Mondi PLC		314,326		6,584,813
Royal Dutch Shell PLC (Class A)		748,656		17,622,773

				73,486,453

UNITED STATES — 33.0%
Alcoa, Inc.		921,760		8,904,202
Anadarko Petroleum Corp.		52,048		3,143,179
Archer-Daniels-Midland Co.		267,882		11,103,709

See accompanying notes to financial statements.

308

SPDR S&P Global Natural Resources ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Bunge, Ltd.		62,076	$	4,550,171
CF Industries Holdings, Inc.		101,528		4,558,607
Chevron Corp.		192,548		15,188,186
ConocoPhillips		126,074		6,046,509
Devon Energy Corp.		39,624		1,469,654
EOG Resources, Inc.		56,217		4,092,598
Exxon Mobil Corp.		428,031		31,824,105
Freeport-McMoRan, Inc. (b)		732,161		7,094,640
Halliburton Co.		87,200		3,082,520
Ingredion, Inc.		30,846		2,693,164
International Paper Co.		182,590		6,900,076
Monsanto Co.		205,471		17,534,895
Mosaic Co.		133,791		4,162,238
Newmont Mining Corp.		372,373		5,984,034
Nucor Corp. (b)		224,629		8,434,819
Occidental Petroleum Corp.		78,593		5,198,927
Packaging Corp. of America		42,695		2,568,531
Phillips 66 (b)		55,620		4,273,841
Plum Creek Timber Co., Inc. (b)		75,669		2,989,682
Rayonier, Inc. (b)		54,748		1,208,288
Schlumberger, Ltd.		130,064		8,970,514
Sealed Air Corp. (b)		90,620		4,248,266
WestRock Co.		112,395		5,781,599
Weyerhaeuser Co.		223,304		6,105,131

				188,112,085

TOTAL COMMON STOCKS —
(Cost $798,442,698)				566,251,060

SHORT TERM INVESTMENTS — 9.4%
UNITED STATES — 9.4%
MONEY MARKET FUNDS — 9.4%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		52,819,846		52,819,846
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g)		618,093		618,093

TOTAL SHORT TERM INVESTMENTS —
(Cost $53,437,939)				53,437,939

TOTAL INVESTMENTS — 108.8%
(Cost $851,880,637)				619,688,999
OTHER ASSETS & LIABILITIES — (8.8)%				(49,867,469	)

NET ASSETS — 100.0%			$	569,821,530


(a)		Non-income producing security
(b)		All or a portion of the security was on loan at September 30, 2015.
(c)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.7% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

OJSC = Open Joint Stock Company

PJSC = Public Joint Stock Company

PLC = Public Limited Company

See accompanying notes to financial statements.

309

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.1%
AUSTRALIA — 4.5%
Alumina, Ltd. (a)		425,537	$	336,188
Amcor, Ltd.		136,263		1,260,247
AMP, Ltd.		152,352		594,860
Australia & New Zealand Banking Group, Ltd.		141,321		2,687,492
BHP Billiton, Ltd.		153,200		2,390,533
Boral, Ltd.		152,644		564,914
Brambles, Ltd.		103,399		707,240
Coca-Cola Amatil, Ltd.		85,948		543,816
Commonwealth Bank of Australia		82,400		4,207,973
CSL, Ltd.		29,241		1,831,677
Federation Centres		266,049		511,922
Fortescue Metals Group, Ltd. (a)		117,319		149,945
Iluka Resources, Ltd.		22,971		100,176
Insurance Australia Group, Ltd. (a)		162,413		552,024
Lend Lease Group		81,013		713,987
Macquarie Group, Ltd.		25,128		1,352,753
Medibank Pvt, Ltd.		104		177
National Australia Bank, Ltd.		90,348		1,902,138
Newcrest Mining, Ltd. (b)		33,898		302,322
Origin Energy, Ltd. (c)		81,485		317,015
Qantas Airways, Ltd. (b)		41,962		109,620
QBE Insurance Group, Ltd.		50,449		456,665
Rio Tinto, Ltd.		18,512		631,803
Santos, Ltd. (a)		86,804		242,613
Scentre Group		99,950		273,741
Sonic Healthcare, Ltd.		49,861		639,022
South32, Ltd. (b)(d)		93,041		89,141
South32, Ltd. (b)(d)		166,352		159,460
Suncorp Group, Ltd.		107,768		922,540
Sydney Airport		41,933		175,507
Transurban Group		79,131		552,363
Wesfarmers, Ltd.		54,056		1,488,824
Westfield Corp.		80,206		561,557
Westpac Banking Corp.		150,086		3,130,318
Woodside Petroleum, Ltd.		35,959		730,546
Woolworths, Ltd. (a)		65,422		1,141,214

				32,332,333

AUSTRIA — 0.2%
Erste Group Bank AG (b)		28,818		834,440
OMV AG		13,475		326,851
Raiffeisen Bank International AG (b)		22,149		289,516

				1,450,807

BELGIUM — 1.1%
Ageas		21,300		872,702
Anheuser-Busch InBev NV VVPR Strip (b)(e)		8,694		0
Anheuser-Busch InBev SA		36,725		3,891,176
Delhaize Group		6,096		538,249
KBC Groep NV		17,447		1,097,817
Solvay SA		5,396		549,444
UCB SA		9,037		704,615

				7,654,003

BRAZIL — 1.2%
Ambev SA ADR		346,165		1,696,208
B2W Cia Digital (b)		21,839		81,500
Banco Bradesco SA Preference Shares ADR		157,661		845,063
Banco do Brasil SA		17,080		65,198
Banco do Estado do Rio Grande do Sul SA Preference Shares		5,362		7,514
BB Seguridade Participacoes SA		2,049		12,767
BM&FBovespa SA		65,671		182,733
Braskem SA Preference Shares (Class A)		488		2,043
BRF SA		8,676		153,804
Cielo SA		24,062		221,528
Companhia Energetica de Minas Gerais ADR		165,648		294,853
Companhia Siderurgica Nacional SA ADR (a)		85,117		81,568
EDP — Energias do Brasil SA		67,985		196,001
Embraer SA		33,219		212,731
Estacio Participacoes SA		6,338		22,443
Fibria Celulose SA		6,336		85,605
Gerdau SA ADR (a)		126,873		173,816
Itau Unibanco Holding SA Preference Shares ADR		229,396		1,518,601
JBS SA		21,257		89,684
Kroton Educacional SA		62,829		121,652
Lojas Renner SA		16,095		74,373
Natura Cosmeticos SA		5,559		27,223
Odontoprev SA		40,071		96,103
Oi SA Preference Shares (b)		23,400		16,395
Petroleo Brasileiro SA Preference Shares ADR (b)		178,801		657,988
Porto Seguro SA		6,435		48,643
Qualicorp SA		17,880		66,635
Raia Drogasil SA		17,203		168,922
Souza Cruz SA		14,861		100,020
Sul America SA		28,185		126,346
Tim Participacoes SA ADR (a)		13,824		130,637
Totvs SA		16,949		128,290
Vale SA ADR (a)		28,347		119,057
Vale SA Preference Shares ADR		139,908		468,692
Via Varejo SA		16,126		16,037

				8,310,673

CANADA — 6.4%
Agnico-Eagle Mines, Ltd.		7,593		191,595
Agrium, Inc. (a)		9,974		889,752
Alimentation Couche-Tard, Inc. (Class B)		13,592		622,168
Bank of Montreal		32,338		1,755,471
Bank of Nova Scotia		50,702		2,224,807
Barrick Gold Corp.		54,626		345,920
BlackBerry, Ltd. (a)(b)		27,817		169,927
Bombardier, Inc. (Class B) (a)		96,657		120,398
Brookfield Asset Management, Inc. (Class A)		50,463		1,580,474
CAE, Inc.		19,561		206,305
Cameco Corp.		22,518		273,266
Canadian Imperial Bank of Commerce (a)		20,019		1,431,656
Canadian National Railway Co.		37,663		2,128,815

See accompanying notes to financial statements.

310

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Canadian Natural Resources, Ltd.		62,808	$	1,217,558
Canadian Oil Sands, Ltd.		15,523		73,059
Canadian Pacific Railway, Ltd. (a)		11,641		1,663,099
Canadian Tire Corp., Ltd. (Class A)		6,592		590,266
Cenovus Energy, Inc.		43,736		660,265
CGI Group, Inc. (Class A) (b)		4,422		159,472
Constellation Software, Inc.		829		345,865
Eldorado Gold Corp.		28,824		92,017
Enbridge, Inc.		45,910		1,696,756
Encana Corp.		43,967		281,701
Enerplus Corp. (a)		17,674		85,687
Fairfax Financial Holdings, Ltd.		357		161,828
First Quantum Minerals, Ltd. (a)		22,080		80,533
Franco-Nevada Corp. (a)		5,493		240,951
Gildan Activewear, Inc.		42,371		1,272,995
Goldcorp, Inc. (a)		40,299		502,873
Husky Energy, Inc. (a)		22,784		353,647
IGM Financial, Inc. (a)		11,595		292,837
Imperial Oil, Ltd. (a)		25,549		805,707
Kinross Gold Corp. (b)		50,639		87,628
Loblaw Cos., Ltd.		22,773		1,167,101
Magna International, Inc.		9,872		471,326
Manulife Financial Corp.		80,056		1,232,458
National Bank of Canada		24,483		777,934
Onex Corp.		30,967		1,779,211
Open Text Corp.		97		4,324
Potash Corp. of Saskatchewan, Inc.		45,667		934,322
Restaurant Brands International, Inc. (a)		7,111		254,802
Rogers Communications, Inc. (Class B)		27,126		930,300
Royal Bank of Canada (a)		64,036		3,524,440
Shaw Communications, Inc. (Class B) (a)		29,052		559,934
Silver Wheaton Corp.		18,185		217,563
SNC-Lavalin Group, Inc. (a)		15,183		430,111
Sun Life Financial, Inc.		32,318		1,037,493
Suncor Energy, Inc.		63,682		1,695,242
Teck Resources, Ltd. (Class B) (a)		40,585		192,829
TELUS Corp.		19,028		596,798
Thomson Reuters Corp.		23,866		954,854
Toronto-Dominion Bank		80,867		3,172,674
TransAlta Corp. (a)		34,719		160,556
TransCanada Corp. (a)		34,174		1,075,664
Turquoise Hill Resources, Ltd. (b)		10,259		26,093
Valeant Pharmaceuticals International, Inc. (b)		12,758		2,266,693
West Fraser Timber Co., Ltd.		809		25,585
Yamana Gold, Inc. (a)		34,459		57,830

				46,151,435

CHILE — 0.3%
Embotelladora Andina SA Preference Shares (Class B)		14,802		51,110
Empresa Nacional de Electricidad SA ADR		28,370		1,007,419
Enersis SA ADR		87,474		1,105,671
Sociedad Quimica y Minera de Chile SA ADR (a)		6,654		96,749
Sonda SA		13,798		20,604

				2,281,553

CHINA — 3.2%
Agricultural Bank of China, Ltd. (Class H)		1,329,000		502,445
Air China, Ltd. (Class H)		64,000		50,456
Anhui Conch Cement Co., Ltd. (Class H)		8,500		24,951
Anta Sports Products, Ltd.		29,000		74,838
Bank of China, Ltd. (Class H)		3,899,436		1,675,489
Bank of Communications Co., Ltd. (Class H)		734,710		509,080
BBMG Corp. (Class H)		41,000		28,091
Brilliance China Automotive Holdings, Ltd. (a)		160,000		189,108
BYD Co., Ltd. (Class H) (a)(b)		24,500		129,138
CGN Power Co., Ltd. (Class H) (a)(f)		109,400		45,595
China CITIC Bank Corp., Ltd. (Class H) (b)		346,000		200,455
China Coal Energy Co., Ltd. (Class H) (a)		40,000		16,155
China Communications Construction Co., Ltd. (Class H)		214,000		263,149
China Conch Venture Holdings, Ltd.		16,000		33,940
China Construction Bank Corp. (Class H)		2,949,720		1,960,124
China COSCO Holdings Co., Ltd. (Class H) (a)(b)(c)		422,795		269,496
China Everbright Bank Co., Ltd. (Class H)		36,000		15,654
China Galaxy Securities Co., Ltd. (Class H) (a)		118,500		83,179
China International Marine Containers Group Co., Ltd. (Class H)		12,000		21,058
China Life Insurance Co., Ltd. (Class H)		374,000		1,293,308
China Merchants Bank Co., Ltd. (Class H)		273,014		658,752
China Minsheng Banking Corp., Ltd. (Class H)		194,000		178,729
China Oilfield Services, Ltd. (Class H) (a)		32,000		31,959
China Pacific Insurance Group Co., Ltd. (Class H)		118,200		436,956
China Petroleum & Chemical Corp. (Class H)		1,513,800		919,994
China Railway Construction Corp., Ltd. (Class H)		84,500		124,078
China Railway Group, Ltd. (Class H)		171,000		155,113
China Shenhua Energy Co., Ltd. (Class H)		115,500		176,453
China Southern Airlines Co., Ltd. (Class H)		110,000		80,761
China Telecom Corp., Ltd. (Class H)		1,120,000		539,042
CITIC Securities Co., Ltd. (Class H) (a)		47,000		83,690
CRRC Corp., Ltd. (Class H) (a)(b)		181,000		228,876

See accompanying notes to financial statements.

311

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Dalian Wanda Commercial Properties Co., Ltd. (Class H) (f)		4,600	$	26,353
Datang International Power Generation Co., Ltd. (Class H)		52,000		19,659
ENN Energy Holdings, Ltd. (a)		8,000		38,348
GF Securities Co., Ltd. (Class H) (a)(b)		4,400		7,948
Great Wall Motor Co., Ltd. (Class H)		154,500		170,647
Guangzhou Automobile Group Co., Ltd. (Class H) (a)		104,000		84,676
Haitong Securities Co., Ltd. (Class H) (a)		91,200		131,327
Hengan International Group Co., Ltd.		58,500		568,767
Huadian Power International Corp., Ltd. (Class H)		72,000		56,020
Huaneng Power International, Inc. (Class H)		528,000		567,511
Huatai Securities Co., Ltd. (Class H) (b)(f)		36,000		70,885
Industrial & Commercial Bank of China, Ltd. (Class H)		3,185,045		1,832,930
Jiangsu Expressway Co., Ltd. (Class H)		14,000		17,830
Kingsoft Corp., Ltd.		73,000		142,231
New China Life Insurance Co., Ltd. (Class H)		28,100		120,739
PetroChina Co., Ltd. (Class H)		1,084,000		751,102
PICC Property & Casualty Co., Ltd. (Class H)		273,610		531,683
Ping An Insurance Group Co. of China, Ltd. (Class H)		234,000		1,157,915
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H)		124,000		78,080
Shanghai Electric Group Co., Ltd. (Class H) (a)		168,000		91,261
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		17,900		37,324
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a)(b)		160,000		60,903
Sinopharm Group Co., Ltd. (Class H)		12,400		43,360
Tencent Holdings, Ltd.		247,700		4,132,568
Tingyi Cayman Islands Holding Corp. (a)		232,000		368,803
Tsingtao Brewery Co., Ltd. (Class H) (a)		8,000		34,993
Want Want China Holdings, Ltd. (a)		116,000		95,194
Yanzhou Coal Mining Co., Ltd. (Class H) (a)		230,000		102,090
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		43,500		320,214
Zijin Mining Group Co., Ltd. (Class H)		894,000		233,015
ZTE Corp. (Class H)		22,600		51,440

				22,945,928

COLOMBIA — 0.1%
Almacenes Exito SA		11,407		48,996
Banco Davivienda SA Preference Shares		9,265		71,968
BanColombia SA ADR (a)		14,985		482,517
Cementos Argos SA		13,699		41,890
Corp Financiera Colombiana SA		3,378		41,558
Isagen SA ESP		40,407		37,696

				724,625

DENMARK — 1.4%
AP Moeller — Maersk A/S (Class B)		585		898,956
Danske Bank A/S		39,400		1,187,910
DSV A/S		30,283		1,129,623
Novo Nordisk A/S (Class B)		110,178		5,905,175
Novozymes A/S (Class B)		3,586		156,087
Pandora A/S		4,753		554,010
Vestas Wind Systems A/S		8,295		430,187

				10,261,948

FINLAND — 0.9%
Elisa Oyj (a)		19,341		652,431
Fortum Oyj		28,861		426,219
Kone Oyj (Class B) (a)		22,587		857,233
Metso Oyj		15,307		317,637
Neste Oyj		17,028		390,984
Nokia Oyj		123,085		838,788
Sampo Oyj (Class A)		25,291		1,221,840
Stora Enso Oyj		50,980		384,403
UPM-Kymmene Oyj		36,439		545,045
Wartsila Oyj Abp		13,930		551,536

				6,186,116

FRANCE — 6.8%
Accor SA		14,174		660,715
Air Liquide SA		19,906		2,347,550
Alcatel-Lucent (b)		117,823		431,385
Alstom SA (a)(b)		12,402		382,156
AXA SA		78,794		1,902,880
BNP Paribas SA		49,985		2,927,044
Bouygues SA		14,045		497,454
Cap Gemini SA		9,126		811,080
Carrefour SA		37,024		1,092,713
Compagnie Generale des Etablissements Michelin		1,477		134,237
Credit Agricole SA		46,742		535,062
Danone SA		31,361		1,975,078
Engie		54,540		879,111
Essilor International SA		18,842		2,290,426
Hermes International		599		217,306
Kering		7,740		1,261,407
L’Oreal SA		15,224		2,634,886
Lagardere SCA		10,534		290,907
LVMH Moet Hennessy Louis Vuitton SE		12,397		2,106,166
Numericable-SFR SAS (b)		2,017		92,941
Orange SA		103,934		1,568,540
Pernod Ricard SA		10,798		1,086,963
Peugeot SA (b)		1,901		28,551
Publicis Groupe SA		14,304		973,658
Renault SA		15,609		1,115,107
Safran SA		5,496		412,879
Sanofi		54,542		5,168,314
Schneider Electric SE		28,318		1,580,814
Societe Generale SA		33,613		1,495,192

See accompanying notes to financial statements.

312

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Sodexo SA		8,214	$	678,497
Technip SA		8,893		418,564
Total SA		110,365		4,952,434
Unibail-Rodamco SE		4,107		1,060,380
Valeo SA		709		95,564
Vallourec SA (a)		6,549		57,869
Veolia Environnement SA		24,953		569,053
Vinci SA		29,617		1,874,831
Vivendi SA		72,066		1,699,774
Zodiac Aerospace		2,636		60,305

				48,367,793

GERMANY — 6.2%
adidas AG		17,687		1,421,701
Allianz SE		23,617		3,697,336
BASF SE		49,170		3,749,811
Bayer AG		38,610		4,932,611
Bayerische Motoren Werke AG		15,302		1,353,145
Commerzbank AG (b)		34,766		365,645
Continental AG		915		194,162
Daimler AG		49,516		3,584,403
Deutsche Bank AG		53,620		1,440,669
Deutsche Boerse AG		14,982		1,288,223
Deutsche Lufthansa AG (b)		21,659		300,397
Deutsche Post AG		57,811		1,598,768
Deutsche Telekom AG		157,180		2,787,057
E.ON SE		100,426		860,595
Fresenius Medical Care AG & Co. KGaA		16,277		1,268,573
Henkel AG & Co. KGaA Preference Shares		1,374		141,057
K+S AG		3,439		114,876
Linde AG		7,404		1,197,970
MAN SE		8,444		859,239
Merck KGaA		11,952		1,055,173
Metro AG		10,651		293,544
Muenchener Rueckversicherungs- Gesellschaft AG		11,904		2,215,746
OSRAM Licht AG		4,363		225,076
RWE AG		25,897		293,411
SAP SE		49,757		3,218,614
Siemens AG		45,039		4,018,965
ThyssenKrupp AG		21,211		371,252
TUI AG		4,798		88,521
Volkswagen AG (a)		6,707		785,728
Volkswagen AG Preference Shares		6,250		681,959
Vonovia SE		4,585		147,117

				44,551,344

GREECE — 0.1%
Alpha Bank AE (b)		135,287		16,159
Eurobank Ergasias SA (b)		299,434		7,353
Hellenic Telecommunications Organization SA		13,815		120,284
JUMBO SA		16,878		147,894
National Bank of Greece SA (b)		87,199		37,474
OPAP SA		24,279		218,980
Piraeus Bank SA (b)		94,162		8,198

				556,342

HONG KONG — 3.9%
AAC Technologies Holdings, Inc. (a)		46,000		286,385
AIA Group, Ltd.		563,000		2,909,420
Alibaba Health Information Technology, Ltd. (a)(b)		84,000		53,543
Alibaba Pictures Group, Ltd. (a)(b)		510,000		113,186
AviChina Industry & Technology Co., Ltd. (Class H)		363,000		267,447
Bank of East Asia, Ltd. (a)		247,811		831,361
Beijing Enterprises Water Group, Ltd. (b)		58,000		40,413
Belle International Holdings, Ltd.		348,000		300,850
BOC Hong Kong Holdings, Ltd.		90,500		265,660
Cheung Kong Property Holdings, Ltd.		146,032		1,061,787
China Agri-Industries Holdings, Ltd. (a)(b)		67,000		22,910
China Everbright International, Ltd.		26,000		36,299
China Everbright, Ltd.		44,000		100,149
China Huishan Dairy Holdings Co., Ltd. (a)		311,000		111,959
China Mengniu Dairy Co., Ltd.		138,000		484,332
China Merchants Holdings International Co., Ltd.		243,051		713,468
China Mobile, Ltd.		298,500		3,535,758
China Overseas Land & Investment, Ltd.		236,000		712,563
China Pharmaceutical Group, Ltd.		274,000		240,058
China Resources Enterprise, Ltd. (a)		175,753		326,105
China Resources Land, Ltd.		52,000		121,847
China Taiping Insurance Holdings Co., Ltd. (b)		83,800		260,049
China Unicom (Hong Kong), Ltd.		464,000		587,330
CITIC, Ltd. (a)		236,000		429,365
CK Hutchison Holdings, Ltd.		155,032		2,004,401
CNOOC, Ltd.		1,059,217		1,083,811
COSCO Pacific, Ltd. (c)		554,646		717,600
Evergrande Real Estate Group, Ltd. (a)		159,000		90,270
Fosun International, Ltd. (a)		51,500		88,380
Galaxy Entertainment Group, Ltd.		97,000		246,566
Geely Automobile Holdings, Ltd.		490,000		233,302
Goldin Properties Holdings, Ltd. (a)(b)		76,000		68,449
GOME Electrical Appliances Holding, Ltd. (a)		954,000		145,253
Hanergy Thin Film Power Group, Ltd. (a)(b)(e)		448,000		0
Hang Lung Properties, Ltd.		236,000		528,637
Hang Seng Bank, Ltd.		600		10,777
Henderson Land Development Co., Ltd.		105,943		630,186
Hong Kong & China Gas Co., Ltd.		687,135		1,287,372
Hong Kong Exchanges and Clearing, Ltd.		61,976		1,413,843
Lenovo Group, Ltd. (a)		284,000		239,291
Li & Fung, Ltd. (a)		472,000		359,936
Link REIT		194,786		1,068,174
New World Development Co., Ltd.		485,872		470,196
Noble Group, Ltd.		148,100		43,225

See accompanying notes to financial statements.

313

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Sands China, Ltd.		141,200	$	424,508
Shangri-La Asia, Ltd.		234,333		202,583
Sino Biopharmaceutical, Ltd.		288,000		353,773
Sinotrans, Ltd. (Class H)		56,000		26,157
SJM Holdings, Ltd. (a)		38,000		26,869
Sun Art Retail Group, Ltd. (a)		51,500		39,538
Sun Hung Kai Properties, Ltd.		105,185		1,364,003
Sunac China Holdings, Ltd.		81,300		42,381
Swire Pacific, Ltd. (Class A)		69,506		775,323
Techtronic Industries Co., Ltd.		42,500		156,838
WH Group, Ltd. (b)(f)		138,601		68,674
Wynn Macau, Ltd. (a)		32,000		36,253

				28,058,813

HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		7,280		317,040
OTP Bank PLC		2,643		50,910

				367,950

INDIA — 1.8%
ACC, Ltd.		2,134		43,784
Aditya Birla Nuvo, Ltd.		2,714		88,649
Ambuja Cements, Ltd.		20,223		63,405
Apollo Hospitals Enterprise, Ltd.		4,882		107,220
Aurobindo Pharma, Ltd.		5,461		63,995
Bajaj Auto, Ltd.		34		1,198
Bharat Forge, Ltd.		3,246		44,880
Bharat Heavy Electricals, Ltd.		2,574		8,060
Bharti Airtel, Ltd.		17,726		91,236
Bharti Infratel, Ltd.		20,437		110,591
Bosch, Ltd.		76		22,447
Dabur India, Ltd.		35,548		149,471
DLF, Ltd.		1,152		2,411
Dr. Reddy’s Laboratories, Ltd. ADR		21,077		1,347,031
Eicher Motors, Ltd.		477		129,290
GlaxoSmithKline Consumer Healthcare, Ltd.		505		46,546
Glenmark Pharmaceuticals, Ltd.		1,272		20,332
Godrej Consumer Products, Ltd.		7,662		142,390
HCL Technologies, Ltd.		24,268		363,114
Hindustan Unilever, Ltd.		26,991		335,023
Housing Development Finance Corp., Ltd.		56,171		1,037,803
ICICI Bank, Ltd. ADR		117,658		985,974
Idea Cellular, Ltd.		18,365		41,828
Indiabulls Housing Finance, Ltd.		14,192		171,681
Infosys, Ltd. ADR (a)		120,781		2,305,709
ITC, Ltd.		58,337		292,218
LIC Housing Finance, Ltd.		19,835		142,190
Lupin, Ltd.		6,402		198,380
Mahindra & Mahindra Financial Services, Ltd.		31,646		115,394
Mahindra & Mahindra, Ltd. GDR		20,487		395,399
Marico, Ltd.		27,996		172,395
Motherson Sumi Systems, Ltd.		8,487		29,783
Nestle India, Ltd.		701		68,003
Reliance Industries, Ltd. GDR (f)		53,903		1,401,478
Shree Cement, Ltd.		504		90,143
Shriram Transport Finance Co., Ltd.		7,124		100,397
Siemens, Ltd.		6,400		129,282
State Bank of India		6,999		25,287
Sun Pharmaceutical Industries, Ltd. (b)		30,737		406,642
Tata Consultancy Services, Ltd.		7,601		299,692
Tata Motors, Ltd. ADR (b)		34,352		772,920
Tech Mahindra, Ltd.		5,689		48,305
United Breweries, Ltd.		5,958		80,025
United Spirits, Ltd. (b)		1,634		77,027
UPL, Ltd.		12,591		87,911
Zee Entertainment Enterprises, Ltd.		21,834		130,542

				12,787,481

INDONESIA — 0.5%
Astra Agro Lestari Tbk PT		165,700		205,004
Astra International Tbk PT		2,414,600		861,180
Bank Central Asia Tbk PT		412,000		345,208
Bank Danamon Indonesia Tbk PT		9,200		1,818
Bank Mandiri Persero Tbk PT		476,500		257,765
Bank Rakyat Indonesia Persero Tbk PT		1,390,200		820,835
Bumi Serpong Damai Tbk PT		119,500		11,461
Charoen Pokphand Indonesia Tbk PT		1,209,800		165,160
Gudang Garam Tbk PT		57,000		163,413
Matahari Department Store Tbk PT		32,100		35,277
Summarecon Agung Tbk PT		335,300		25,634
Surya Citra Media Tbk PT		19,900		3,722
Telekomunikasi Indonesia Persero Tbk PT		3,240,500		585,060

				3,481,537

IRELAND — 0.4%
Bank of Ireland (b)		1,323,959		514,298
CRH PLC		31,286		820,690
James Hardie Industries PLC		81,333		973,259
Kerry Group PLC (Class A)		5,237		392,545

				2,700,792

ISRAEL — 0.6%
Bank Hapoalim BM		136,218		684,752
Bank Leumi Le-Israel BM (b)		132,650		494,789
NICE Systems, Ltd.		6,221		339,350
Teva Pharmaceutical Industries, Ltd. ADR		44,233		2,497,395

				4,016,286

ITALY — 1.6%
Assicurazioni Generali SpA		54,860		1,001,845
Atlantia SpA		41,412		1,155,191
Banca Monte dei Paschi di Siena SpA (b)		101,263		179,951
Banco Popolare SC (b)		13,308		196,384
Enel SpA		313,166		1,394,091
ENI SpA (a)		107,933		1,692,746
Finmeccanica SpA (b)		55,348		691,343
Intesa Sanpaolo SpA		564,956		1,990,274
Mediobanca SpA		37,515		368,091
Pirelli & C. SpA		48,683		813,505
Saipem SpA (a)(b)		23,147		185,128
Telecom Italia SpA (b)		772,723		950,532
UBI Banca SCpA (a)		55,217		390,772

See accompanying notes to financial statements.

314

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

UniCredit SpA		118,692	$	737,969

				11,747,822

JAPAN — 16.4%
Acom Co., Ltd. (a)(b)		1,800		9,153
Aeon Co., Ltd. (a)		34,900		540,554
Aisin Seiki Co., Ltd.		23,300		778,191
Ajinomoto Co., Inc.		1,000		20,999
Alps Electric Co., Ltd.		600		16,808
Asahi Glass Co., Ltd.		116,000		675,089
Asahi Group Holdings, Ltd.		35,300		1,140,659
Asahi Kasei Corp.		118,000		827,621
Astellas Pharma, Inc.		152,100		1,962,130
Bank of Yokohama, Ltd.		118,000		713,429
Bridgestone Corp.		35,300		1,216,113
Canon, Inc.		46,800		1,349,703
Central Japan Railway Co.		10,500		1,685,488
Chiba Bank, Ltd.		118,000		833,532
Chubu Electric Power Co., Inc.		47,000		691,078
Credit Saison Co., Ltd. (a)		34,800		629,082
Dai-ichi Life Insurance Co., Ltd.		26,900		425,292
Daiichi Sankyo Co., Ltd. (a)		47,100		814,069
Daikin Industries, Ltd.		22,400		1,248,632
Daiwa Securities Group, Inc.		116,000		745,503
Denso Corp.		23,600		992,357
Dentsu, Inc.		2,200		112,420
East Japan Railway Co.		23,000		1,930,990
Eisai Co., Ltd. (a)		11,800		692,640
Electric Power Development Co., Ltd.		11,800		359,128
FANUC Corp.		10,600		1,620,999
Fast Retailing Co., Ltd. (a)		1,100		445,364
Fuji Heavy Industries, Ltd.		5,400		193,113
FUJIFILM Holdings Corp.		35,000		1,302,217
Fujitsu, Ltd.		118,000		510,859
Hitachi, Ltd.		235,000		1,179,072
Honda Motor Co., Ltd.		82,400		2,434,882
Hoya Corp.		23,600		769,096
Inpex Corp.		46,400		412,027
ITOCHU Corp. (a)		117,700		1,235,818
Japan Real Estate Investment Corp.		236		1,085,760
Japan Retail Fund Investment Corp.		472		912,747
Japan Tobacco, Inc.		47,100		1,453,133
JFE Holdings, Inc. (a)		35,000		456,623
Joyo Bank, Ltd.		118,000		618,745
JSR Corp. (a)		23,600		338,536
JX Holdings, Inc. (a)		192,108		691,181
Kajima Corp.		118,000		623,671
Kamigumi Co., Ltd.		117,000		953,467
Kansai Electric Power Co., Inc. (b)		58,400		647,074
KDDI Corp.		70,800		1,576,618
Keikyu Corp. (a)		117,423		931,423
Keyence Corp.		300		133,261
Kintetsu Group Holdings Co., Ltd. (a)		235,000		841,773
Kobe Steel, Ltd.		236,000		254,198
Komatsu, Ltd.		58,800		860,410
Konica Minolta Holdings, Inc.		59,000		617,760
Kose Corp.		200		18,119
Kubota Corp.		103,000		1,406,559
Kyocera Corp.		23,400		1,066,789
LIXIL Group Corp. (a)		23,300		470,805
Makita Corp. (a)		11,600		613,101
Marubeni Corp. (a)		117,000		570,322
Marui Group Co., Ltd. (a)		54,000		648,821
MEIJI Holdings Co., Ltd.		3,200		233,524
Mitsubishi Chemical Holdings Corp.		118,000		612,144
Mitsubishi Corp.		82,400		1,344,035
Mitsubishi Electric Corp.		117,000		1,064,835
Mitsubishi Estate Co., Ltd.		100,618		2,046,133
Mitsubishi Heavy Industries, Ltd.		235,000		1,044,662
Mitsubishi UFJ Financial Group, Inc.		487,600		2,916,684
Mitsui & Co., Ltd. (a)		117,700		1,317,387
Mitsui Chemicals, Inc. (a)		118,000		375,385
Mitsui Fudosan Co., Ltd.		21,000		572,145
Mizuho Financial Group, Inc. (a)		676,600		1,259,251
MS&AD Insurance Group Holdings, Inc.		35,300		941,117
Murata Manufacturing Co., Ltd.		11,800		1,514,349
NEC Corp.		123,000		376,913
Nidec Corp.		16,700		1,141,454
Nintendo Co., Ltd.		4,000		669,979
Nippon Steel & Sumitomo Metal Corp.		47,100		852,806
Nippon Telegraph & Telephone Corp.		47,000		1,639,594
Nippon Yusen K.K.		118,000		271,933
Nissan Motor Co., Ltd. (a)		117,700		1,075,137
Nitori Holding Co., Ltd.		100		7,807
Nitto Denko Corp.		11,700		696,051
Nomura Holdings, Inc.		130,100		747,479
NTT Data Corp.		11,800		592,143
NTT DoCoMo, Inc. (a)		94,200		1,567,575
Obayashi Corp.		118,000		1,002,998
Ono Pharmaceutical Co., Ltd.		600		70,789
Oriental Land Co., Ltd. (a)		2,900		161,484
ORIX Corp.		105,000		1,343,130
Osaka Gas Co., Ltd.		235,000		888,866
Panasonic Corp.		119,200		1,197,822
Rakuten, Inc. (a)		16,700		212,506
Resona Holdings, Inc.		35,300		178,703
Rohm Co., Ltd.		11,600		512,370
Ryohin Keikaku Co., Ltd.		400		81,226
Secom Co., Ltd.		11,800		706,335
Seven & i Holdings Co., Ltd.		47,100		2,140,963
Sharp Corp. (a)(b)		116,000		132,693
Shin-Etsu Chemical Co., Ltd.		23,500		1,199,871
Shionogi & Co., Ltd.		5,000		178,475
Shiseido Co., Ltd. (a)		6,000		130,280
Shizuoka Bank, Ltd.		117,000		1,168,388
SoftBank Group Corp.		47,100		2,153,941
Sompo Japan Nipponkoa Holdings, Inc.		35,200		1,015,749
Sony Corp.		58,600		1,418,212
Sumitomo Chemical Co., Ltd.		118,000		593,128
Sumitomo Corp. (a)		58,900		566,549
Sumitomo Electric Industries, Ltd.		47,100		599,147
Sumitomo Mitsui Financial Group, Inc.		35,300		1,329,884
Sumitomo Mitsui Trust Holdings, Inc.		117,000		427,302
T&D Holdings, Inc.		23,300		273,242
Takeda Pharmaceutical Co., Ltd.		47,100		2,059,556

See accompanying notes to financial statements.

315

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

TDK Corp.		11,800	$	663,082
Teijin, Ltd.		218,000		658,924
Terumo Corp.		32,700		920,127
Tohoku Electric Power Co., Inc.		23,700		319,984
Tokio Marine Holdings, Inc.		35,300		1,309,252
Tokyo Electric Power Co., Inc. (b)		82,300		547,682
Tokyo Electron, Ltd. (a)		11,800		553,127
Tokyo Gas Co., Ltd.		235,000		1,133,745
Tokyu Corp.		118,000		862,105
Toppan Printing Co., Ltd.		118,000		946,838
Toray Industries, Inc. (a)		118,000		1,015,313
Toshiba Corp. (a)(b)		118,000		295,973
Toyota Motor Corp.		139,800		8,137,150
Toyota Tsusho Corp.		35,300		740,691
West Japan Railway Co.		18,800		1,174,323
Yahoo! Japan Corp.		153,100		580,365
Yakult Honsha Co., Ltd. (a)		900		44,637
Yamada Denki Co., Ltd. (a)		71,100		286,145
Yamaha Corp.		46,200		1,017,623
Yamaha Motor Co., Ltd.		47,100		940,309

				117,076,529

LUXEMBOURG — 0.0% (g)
ArcelorMittal (a)		38,697		201,248

MACAU — 0.0% (g)
MGM China Holdings, Ltd.		29,200		33,796

MALAYSIA — 0.5%
AirAsia Bhd		322,700		93,967
Alliance Financial Group Bhd		396,600		302,249
AMMB Holdings Bhd		125,300		129,982
Astro Malaysia Holdings Bhd		66,300		42,533
Berjaya Sports Toto Bhd		593,600		415,922
British American Tobacco Malaysia Bhd		22,700		311,497
Bumi Armada Bhd (b)		161,500		33,985
CIMB Group Holdings Bhd		227,800		231,130
Dialog Group Bhd		106,900		38,910
Felda Global Ventures Holdings Bhd		401,700		137,076
Gamuda Bhd		30,400		30,360
Genting Bhd		111,300		184,076
Genting Malaysia Bhd		282,100		266,329
Genting Plantations Bhd		123,200		277,748
Hong Leong Financial Group Bhd		17,100		54,462
IOI Properties Group Bhd		89,400		40,269
Lafarge Malaysia Bhd		113,700		232,793
Malaysia Airports Holdings Bhd		20,600		24,603
Petronas Chemicals Group Bhd		15,900		22,209
PPB Group Bhd		65,300		229,068
RHB Capital Bhd		50,300		68,085
SapuraKencana Petroleum Bhd		100,100		42,811
Tenaga Nasional Bhd		50,200		137,270
UEM Sunrise Bhd		133,700		37,411
UMW Holdings Bhd		27,600		47,216
Westports Holdings Bhd		90,100		86,908

				3,518,869

MEXICO — 1.0%
America Movil SAB de CV (Series L) (a)		2,195,831		1,816,605
Cemex SAB de CV (a)(b)		923,302		642,349
Controladora Comercial Mexicana SAB de CV		62,047		179,733
Fomento Economico Mexicano SAB de CV		159,040		1,419,622
Gentera SAB de CV (a)		84,972		138,739
Grupo Financiero Banorte SAB de CV		245,835		1,201,123
Grupo Mexico SAB de CV (Series B)		137,999		333,216
Grupo Televisa SAB		215,598		1,122,088
Industrias Penoles SAB de CV		9,930		135,021
Kimberly-Clark de Mexico SAB de CV (Class A)		80,668		181,978
Wal-Mart de Mexico SAB de CV		94,995		232,684

				7,403,158

NETHERLANDS — 2.7%
Airbus Group SE		27,743		1,638,523
Akzo Nobel NV		15,542		1,006,054
Altice NV (Class A) (b)		9,381		196,079
Altice NV (Class B) (b)		2,667		59,437
ASML Holding NV		18,450		1,609,690
CNH Industrial NV		39,530		257,030
Fiat Chrysler Automobiles NV (b)		89,191		1,155,885
Heineken NV		14,981		1,208,036
ING Groep NV		144,890		2,045,927
Koninklijke Ahold NV		55,155		1,071,877
Koninklijke DSM NV		12,772		587,306
Koninklijke KPN NV		312,602		1,166,862
Koninklijke Philips NV		56,379		1,324,426
RELX NV		72,030		1,171,478
TNT Express NV		31,528		239,947
Unilever NV		101,639		4,071,882
Wolters Kluwer NV (a)		21,730		667,285

				19,477,724

NEW ZEALAND — 0.0% (g)
Meridian Energy, Ltd.		56,971		76,533
Mighty River Power, Ltd.		7,400		11,906
Spark New Zealand, Ltd.		3,125		5,957

				94,396

NORWAY — 0.5%
DnB NOR ASA		94,794		1,230,210
Norsk Hydro ASA		143,306		476,455
Statoil ASA		50,514		734,911
Telenor ASA		45,744		852,136
Yara International ASA		11,715		466,265

				3,759,977

PERU — 0.1%
Cia de Minas Buenaventura SA ADR		12,280		73,189
Credicorp, Ltd.		3,414		363,113

				436,302

PHILIPPINES — 0.3%
Alliance Global Group, Inc.		137,500		45,068
Ayala Land, Inc.		74,100		53,902
BDO Unibank, Inc.		20,360		45,085
DMCI Holdings, Inc.		418,150		114,513
Energy Development Corp.		217,200		25,558
Globe Telecom, Inc.		1,675		84,144

See accompanying notes to financial statements.

316

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

GT Capital Holdings, Inc.		4,940	$	133,699
JG Summit Holdings, Inc.		60,740		92,072
Jollibee Foods Corp.		65,090		268,493
Megaworld Corp.		1,032,000		96,488
Metro Pacific Investments Corp.		1,277,000		136,060
Philippine Long Distance Telephone Co. ADR		14,712		679,106
SM Prime Holdings, Inc.		45,300		20,014
Universal Robina Corp.		38,420		157,823

				1,952,025

POLAND — 0.2%
Alior Bank SA (b)		19,311		402,212
Bank Millennium SA (b)		78,134		120,821
Bank Zachodni WBK SA (b)		674		52,023
CCC SA		4,654		200,661
Enea SA		34,732		123,399
Energa SA		21,639		95,944
Eurocash SA		14,756		173,383
Getin Noble Bank SA (b)		238,059		53,840
Grupa Azoty SA (b)		2,247		52,296
LPP SA		48		98,713
Orange Polska SA		56,478		107,979
Polski Koncern Naftowy Orlen SA		6,564		114,275
Powszechna Kasa Oszczednosci Bank Polski SA (b)		6,789		52,544

				1,648,090

PORTUGAL — 0.0% (g)
Banco Comercial Portugues SA (a)(b)		2,009,978		97,598
Jeronimo Martins SGPS SA		12,624		169,733

				267,331

RUSSIA — 0.7%
Gazprom PAO ADR		276,117		1,109,990
Lukoil PJSC ADR		33,547		1,142,611
MMC Norilsk Nickel PJSC ADR		18,169		261,088
Mobile TeleSystems PJSC ADR		55,133		398,060
RusHydro PJSC ADR (d)		40,054		40,855
RusHydro PJSC ADR (d)		41,939		39,423
Sberbank of Russia ADR		76,843		379,259
Surgutneftegas OAO ADR Preference Shares		77,509		465,054
Tatneft PAO ADR		38,686		1,081,274
Uralkali PJSC GDR (b)		5,939		88,075

				5,005,689

SINGAPORE — 1.1%
CapitaLand, Ltd. (a)		235,000		442,929
DBS Group Holdings, Ltd.		122,136		1,392,380
Singapore Exchange, Ltd. (a)		235,000		1,161,861
Singapore Press Holdings, Ltd. (a)		353,000		953,316
Singapore Telecommunications, Ltd.		822,800		2,083,184
United Overseas Bank, Ltd.		118,959		1,551,930

				7,585,600

SOUTH AFRICA — 1.3%
Anglo American Platinum, Ltd. (b)		9,276		153,681
AngloGold Ashanti, Ltd. (b)		24,559		194,472
Brait SE (a)(b)		19,178		194,873
Capitec Bank Holdings, Ltd.		3,033		109,896
Coronation Fund Managers, Ltd.		1,787		8,438
Discovery, Ltd.		59,775		595,113
FirstRand, Ltd. (a)		230,768		820,297
Foschini Group, Ltd.		4,574		46,421
Gold Fields, Ltd.		55,912		145,775
Impala Platinum Holdings, Ltd. (b)		35,398		98,358
Imperial Holdings, Ltd.		98		1,202
Massmart Holdings, Ltd.		1,144		8,944
Mr. Price Group, Ltd.		7,021		98,001
MTN Group, Ltd.		86,793		1,117,318
Naspers, Ltd. (Class N)		22,082		2,763,899
Pioneer Foods Group, Ltd.		4,496		63,653
PSG Group, Ltd. (a)		9,591		154,336
Rand Merchant Insurance Holdings, Ltd.		20,617		61,760
Resilient Property Income Fund, Ltd.		1,467		12,308
Sanlam, Ltd.		226,951		981,534
Sasol, Ltd. (a)		33,720		945,243
Standard Bank Group, Ltd.		77,151		753,264
Truworths International, Ltd. (a)		13,934		85,678
Woolworths Holdings, Ltd.		5,480		38,364

				9,452,828

SOUTH KOREA — 3.2%
AmorePacific Corp.		241		78,280
AmorePacific Corp. Preference Shares		1,247		195,682
AmorePacific Group		331		45,518
BGF retail Co., Ltd.		204		34,766
Celltrion, Inc. (a)(b)		4,816		275,885
CJ CheilJedang Corp.		1,434		460,337
CJ Corp.		92		20,491
Coway Co., Ltd.		50		3,531
E-Mart Co., Ltd.		1,662		323,202
Hana Financial Group, Inc.		27,901		621,435
Hanmi Pharm Co., Ltd. (b)		184		57,670
Hanmi Science Co., Ltd. (b)		438		51,364
Hanssem Co., Ltd.		224		53,954
Hotel Shilla Co., Ltd.		635		61,609
Hyundai Department Store Co., Ltd.		2,773		313,492
Hyundai Development Co.-Engineering & Construction		6,977		320,802
Hyundai Heavy Industries Co., Ltd. (a)(b)		3,223		262,397
Hyundai Mobis Co., Ltd.		4,332		846,079
Hyundai Motor Co.		9,292		1,285,656
Hyundai Steel Co.		3,935		170,971
KB Financial Group, Inc.		28,152		837,221
Kia Motors Corp.		17,001		768,796
Korea Aerospace Industries, Ltd.		177		10,139
Korea Electric Power Corp. ADR (a)		33,277		681,846
Korea Zinc Co., Ltd.		1,684		661,353
KT Corp. ADR (a)(b)		23,187		303,054
KT&G Corp.		8,224		773,624
LG Chem, Ltd. Preference Shares		4,459		714,764
LG Electronics, Inc. (a)		12,136		467,399
LG Household & Health Care, Ltd.		799		575,674
Lotte Chemical Corp.		1,626		370,387
NAVER Corp.		1,697		734,465
NCSoft Corp.		1,435		228,816
POSCO ADR		16,951		593,624

See accompanying notes to financial statements.

317

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Samsung C&T Corp. (b)		2,693	$	332,848
Samsung Electronics Co., Ltd. GDR		11,386		5,379,885
Samsung Fire & Marine Insurance Co., Ltd.		2,866		677,027
Samsung Heavy Industries Co., Ltd. (a)		8,160		84,677
Samsung SDS Co., Ltd.		829		201,427
Samsung Securities Co., Ltd.		14,245		546,221
Shinhan Financial Group Co., Ltd.		24,989		872,812
SK Holdings Co., Ltd.		2,617		538,723
SK Hynix, Inc.		20,930		592,425
SK Innovation Co., Ltd. (b)		4,570		377,845
SK Telecom Co., Ltd. ADR		11,518		281,039

				23,089,212

SPAIN — 2.4%
Abertis Infraestructuras SA		52,605		829,718
ACS, Actividades de Construccion y Servicios SA		24,558		704,373
Aena SA (b)(f)		591		65,146
Amadeus IT Holding SA (Class A) (a)		14,409		614,812
Banco Bilbao Vizcaya Argentaria SA		254,241		2,151,177
Banco de Sabadell SA (a)		66,614		122,096
Banco Popular Espanol SA (a)		84,748		308,301
Banco Santander SA		593,777		3,144,339
Distribuidora Internacional de Alimentacion SA (a)(b)		46,843		282,515
Ferrovial SA		66,493		1,583,914
Gas Natural SDG SA		19,683		382,957
Iberdrola SA		270,459		1,795,398
Industria de Diseno Textil SA		56,170		1,876,603
Mapfre SA		134,584		350,786
Repsol SA		64,295		747,118
Telefonica SA		197,120		2,382,980

				17,342,233

SWEDEN — 2.3%
Assa Abloy AB (Class B)		92,614		1,655,271
Atlas Copco AB (Class B)		63,478		1,415,323
Hennes & Mauritz AB (Class B)		50,439		1,838,454
Husqvarna AB (Class B)		117,800		769,691
Nordea Bank AB		155,884		1,732,241
Sandvik AB		63,578		539,731
Securitas AB (Class B)		38,337		466,697
Skandinaviska Enskilda Banken AB (Class A)		68,607		730,893
Skanska AB (Class B)		38,229		747,072
SKF AB (Class B)		37,164		681,063
Svenska Handelsbanken AB (Class A)		98,046		1,401,651
Swedbank AB (Class A)		41,799		921,496
Tele2 AB (Class B)		47,623		462,486
Telefonaktiebolaget LM Ericsson (Class B)		160,780		1,575,776
TeliaSonera AB		112,875		606,160
Volvo AB (Class B)		65,990		630,233

				16,174,238

SWITZERLAND — 7.0%
ABB, Ltd. (b)		112,029		1,974,352
Actelion, Ltd. (b)		198		25,067
Adecco SA (b)		9,508		693,322
Aryzta AG (b)		818		34,550
Cie Financiere Richemont SA		24,024		1,861,239
Coca-Cola HBC AG (b)		7,578		160,358
Credit Suisse Group AG (b)		64,036		1,534,872
Geberit AG		2,591		789,418
Givaudan SA (b)		674		1,093,327
Julius Baer Group, Ltd. (b)		7,336		332,001
Kuehne + Nagel International AG		5,513		706,404
LafargeHolcim, Ltd. (b)		15,622		816,194
Lonza Group AG (b)		1,291		168,857
Nestle SA		147,373		11,048,073
Novartis AG		107,258		9,813,597
Roche Holding AG		34,510		9,076,932
SGS SA		471		819,466
Sika AG		71		218,646
Sonova Holding AG		1,387		178,006
Swatch Group AG		2,686		992,371
Swiss Re AG		16,041		1,372,457
Syngenta AG		4,866		1,554,271
Transocean, Ltd. (a)		6,941		88,725
UBS Group AG		158,338		2,918,501
Zurich Insurance Group AG (b)		7,472		1,829,191

				50,100,197

TAIWAN — 2.5%
Advanced Semiconductor Engineering Inc, ADR		147,451		809,506
Advantech Co., Ltd.		14,000		95,665
Asia Pacific Telecom Co., Ltd. (b)		48,000		13,951
Asustek Computer, Inc.		11,000		94,374
AU Optronics Corp. ADR (a)		156,848		464,270
Catcher Technology Co., Ltd.		20,000		212,892
Cathay Financial Holding Co., Ltd.		148,000		202,038
Chicony Electronics Co., Ltd.		80,425		185,141
China Airlines, Ltd. (b)		462,000		157,847
China Development Financial Holding Corp.		280,000		75,256
China Life Insurance Co., Ltd.		161,400		122,542
China Motor Corp.		132,000		92,603
Chunghwa Telecom Co., Ltd. ADR (a)		59,429		1,795,944
Compal Electronics, Inc.		151,000		85,297
CTBC Financial Holding Co., Ltd.		303,184		156,069
CTCI Corp.		59,000		70,598
Delta Electronics, Inc.		34,000		159,016
E.Sun Financial Holding Co., Ltd.		173,520		101,970
Eclat Textile Co., Ltd.		9,000		142,130
Eva Airways Corp. (b)		285,000		159,259
Feng TAY Enterprise Co., Ltd.		15,390		95,581
Foxconn Technology Co., Ltd.		24,000		68,660
Fubon Financial Holding Co., Ltd.		198,000		308,478
Giant Manufacturing Co., Ltd.		17,000		123,392
Hermes Microvision, Inc.		2,000		75,621
Highwealth Construction Corp.		36,400		51,293
Hiwin Technologies Corp.		6,180		32,845
Hon Hai Precision Industry Co., Ltd. GDR		525,982		2,882,381
Hotai Motor Co., Ltd.		7,000		74,406
HTC Corp.		13,000		25,070

See accompanying notes to financial statements.

318

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Innolux Corp.		163,000	$	50,740
Inotera Memories, Inc. (b)		1,000		624
Largan Precision Co., Ltd.		4,000		310,986
MediaTek, Inc.		43,000		317,987
Mega Financial Holding Co., Ltd.		24,000		16,618
Merida Industry Co., Ltd.		28,000		150,513
Pegatron Corp.		48,000		116,911
Phison Electronics Corp.		3,000		18,860
Pou Chen Corp.		64,000		95,920
Powertech Technology, Inc.		2,000		3,602
President Chain Store Corp.		15,000		93,387
Radiant Opto-Electronics Corp.		13,000		40,073
Ruentex Development Co., Ltd.		35,158		38,278
ScinoPharm Taiwan, Ltd.		27,120		32,122
Siliconware Precision Industries Co., Ltd. ADR (a)		77,584		487,615
Standard Foods Corp.		138,000		297,563
Taishin Financial Holding Co., Ltd.		112,000		39,626
Taiwan Business Bank (b)		595,048		147,644
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		234,276		4,861,227
Teco Electric & Machinery Co., Ltd.		53,000		41,608
TPK Holding Co., Ltd.		21,000		50,001
Transcend Information, Inc.		7,000		17,645
Uni-President Enterprises Corp.		38,000		65,781
United Microelectronics Corp. ADR (a)		828,113		1,341,543
Wan Hai Lines, Ltd.		11,000		6,915
Zhen Ding Technology Holding, Ltd.		21,000		60,077

				17,637,961

THAILAND — 0.4%
Bangkok Bank PCL		338,176		1,481,471
BEC World PCL		49,100		43,290
Bumrungrad Hospital PCL		18,500		110,098
Central Pattana PCL		48,900		60,291
Delta Electronics Thailand PCL		42,200		102,317
Indorama Ventures PCL		27,000		17,110
IRPC PCL		2,987,000		309,440
Kasikornbank PCL		38,400		180,388
Minor International PCL		57,100		44,837
PTT PCL		94,977		628,034
Thai Union Group PCL		141,400		71,684
TMB Bank PCL		716,400		47,766

				3,096,726

TURKEY — 0.3%
Akbank TAS		295,251		661,152
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		538,790		446,656
Turkiye Garanti Bankasi AS		226,256		525,334
Turkiye Is Bankasi (Class C)		467,294		726,927

				2,360,069

UNITED KINGDOM — 14.9%
3i Group PLC		138,687		979,585
Anglo American PLC		74,809		624,263
ARM Holdings PLC		11,223		161,075
AstraZeneca PLC		52,576		3,330,125
BAE Systems PLC		146,673		994,668
Barclays PLC		699,554		2,587,134
BG Group PLC		156,530		2,254,857
BHP Billiton PLC		93,041		1,416,385
BP PLC		872,508		4,414,249
British American Tobacco PLC		78,677		4,341,581
British Land Co. PLC		131,455		1,669,633
BT Group PLC		333,133		2,117,357
Burberry Group PLC		31,321		649,027
Capita PLC		29,489		535,128
Centrica PLC		341,331		1,185,035
Cobham PLC		46,223		200,036
Compass Group PLC		132,586		2,114,788
Diageo PLC		147,774		3,963,099
Experian PLC		44,931		720,066
Fresnillo PLC		12,877		115,375
G4S PLC		69,373		242,426
GlaxoSmithKline PLC		202,620		3,885,590
Glencore PLC (b)		488,501		677,430
Hammerson PLC		111,680		1,054,758
HSBC Holdings PLC		926,259		6,997,014
ICAP PLC		128,726		891,484
Imperial Tobacco Group PLC		53,852		2,784,063
InterContinental Hotels Group PLC		9,951		344,274
J Sainsbury PLC (a)		118,082		466,837
Land Securities Group PLC		63,437		1,209,788
Lloyds Banking Group PLC		2,390,049		2,721,037
Marks & Spencer Group PLC		98,971		751,081
National Grid PLC		248,556		3,459,660
Next PLC		18,911		2,179,917
Old Mutual PLC		631,174		1,807,930
Pearson PLC		53,216		908,463
Prudential PLC		72,814		1,536,961
Randgold Resources, Ltd.		3,288		192,347
Reckitt Benckiser Group PLC		39,198		3,554,791
RELX PLC		77,472		1,328,410
Rio Tinto PLC		67,254		2,251,393
Rolls-Royce Holdings PLC (b)		86,765		889,763
Royal Bank of Scotland Group PLC (b)		130,168		621,092
Royal Dutch Shell PLC (Class A)		165,692		3,900,259
Royal Dutch Shell PLC (Class B)		101,864		2,411,685
RSA Insurance Group PLC		55,037		335,720
SABMiller PLC		48,680		2,755,590
Sage Group PLC		106,993		809,366
Severn Trent PLC		35,000		1,157,875
Shire PLC		25,883		1,765,850
Sky PLC		76,163		1,204,441
Smith & Nephew PLC		73,768		1,288,363
Smiths Group PLC		17,677		269,101
SSE PLC		70,289		1,592,795
Standard Chartered PLC		84,474		819,948
Standard Life PLC		153,515		901,778
Tesco PLC (b)		431,420		1,197,200
Tullow Oil PLC (b)		27,305		69,940
Unilever PLC		75,742		3,081,653
United Utilities Group PLC		51,855		726,563
Vodafone Group PLC		1,379,994		4,357,326
Whitbread PLC		7,575		535,617
Wolseley PLC		11,729		685,432

See accompanying notes to financial statements.

319

SPDR MSCI ACWI ex-US ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

WPP PLC		76,407	$	1,589,076

				106,585,553

TOTAL COMMON STOCKS —
(Cost $858,394,528)				709,235,332

RIGHTS — 0.0% (g)
HONG KONG — 0.0% (g)
Fosun International, Ltd. (expiring 10/19/15) (b)		5,768		0

SPAIN — 0.0% (g)
Banco Popular Espanol SA (expired 9/25/15) (a)(b)		84,748		1,696

TOTAL RIGHTS —
(Cost $1,902)				1,696

SHORT TERM INVESTMENTS — 5.5%
UNITED STATES — 5.5%
MONEY MARKET FUNDS — 5.5%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		38,237,835		38,237,835
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (i)(j)		756,698		756,698

TOTAL SHORT TERM INVESTMENTS —
(Cost $38,994,533)				38,994,533

TOTAL INVESTMENTS — 104.6%
(Cost $897,390,963)				748,231,561
OTHER ASSETS & LIABILITIES — (4.6)%				(32,920,203	)

NET ASSETS — 100.0%			$	715,311,358


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(d)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(f)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.2% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

320

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 2.3%
Alumina, Ltd.		20,642	$	16,308
Amcor, Ltd.		1,780		16,463
AMP, Ltd.		6,260		24,442
Australia & New Zealand Banking Group, Ltd.		1,401		26,643
BHP Billiton, Ltd.		1,738		27,120
Boral, Ltd. (a)		5,663		20,958
Brambles, Ltd.		4,151		28,392
Coca-Cola Amatil, Ltd.		2,042		12,920
Commonwealth Bank of Australia (a)		461		23,542
CSL, Ltd.		797		49,925
Federation Centres		16,205		31,181
Fortescue Metals Group, Ltd. (a)		3,105		3,968
Iluka Resources, Ltd. (a)		827		3,607
Insurance Australia Group, Ltd. (a)		9,544		32,439
Lend Lease Group		4,926		43,414
Macquarie Group, Ltd.		835		44,952
National Australia Bank, Ltd.		1,866		39,286
Newcrest Mining, Ltd. (b)		980		8,740
Origin Energy, Ltd. (c)		1,975		7,684
Orora, Ltd.		877		1,423
OZ Minerals, Ltd.		3,003		6,980
QBE Insurance Group, Ltd.		1,461		13,225
Recall Holdings, Ltd.		416		2,135
Rio Tinto, Ltd.		626		21,365
Santos, Ltd. (a)		2,287		6,392
Scentre Group		4,358		11,936
Shopping Centres Australasia Property Group		42,869		58,704
Sonic Healthcare, Ltd.		2,162		27,708
South32, Ltd. (b)(d)		1,875		1,796
South32, Ltd. (a)(b)(d)		1,738		1,666
Suncorp Group, Ltd.		3,155		27,008
Sydney Airport		462		1,934
Transurban Group		2,941		20,529
Wesfarmers, Ltd. (a)		1,908		52,551
Westfield Corp.		3,497		24,484
Westpac Banking Corp. (a)		2,019		42,110
Woodside Petroleum, Ltd.		803		16,314
Woolworths, Ltd. (a)		707		12,333

				812,577

AUSTRIA — 0.1%
OMV AG		839		20,351

BELGIUM — 0.5%
Anheuser-Busch InBev SA		488		51,706
Delhaize Group		440		38,850
Solvay SA		226		23,012
UCB SA		738		57,542

				171,110

BRAZIL — 0.3%
Ambev SA ADR		4,725		23,152
Banco Bradesco SA Preference Shares ADR		3,251		17,425
Companhia Energetica de Minas Gerais ADR		3,554		6,326
Companhia Siderurgica Nacional SA ADR (a)		3,119		2,989
Gerdau SA ADR (a)		2,818		3,861
Itau Unibanco Holding SA Preference Shares ADR		3,680		24,362
Oi SA, ADR (a)(b)		492		332
Petroleo Brasileiro SA Preference Shares ADR (b)		4,704		17,311
Tim Participacoes SA ADR		1,073		10,140
Vale SA Preference Shares ADR		3,748		12,556

				118,454

CANADA — 3.0%
Agrium, Inc. (a)		209		18,644
Bank of Montreal		458		24,863
Bank of Nova Scotia		578		25,363
Barrick Gold Corp.		893		5,655
Brookfield Asset Management, Inc. (Class A)		1,330		41,655
Cameco Corp. (a)		1,190		14,441
Canadian Imperial Bank of Commerce (a)		209		14,947
Canadian National Railway Co.		901		50,927
Canadian Natural Resources, Ltd.		901		17,466
Canadian Pacific Railway, Ltd. (a)		191		27,287
Canadian Tire Corp., Ltd. (Class A)		221		19,789
Cenovus Energy, Inc.		1,142		17,240
Eldorado Gold Corp.		1,227		3,917
Enbridge, Inc.		1,019		37,661
Encana Corp.		1,672		10,713
Enerplus Corp. (a)		1,315		6,375
First Quantum Minerals, Ltd. (a)		637		2,323
Goldcorp, Inc. (a)		875		10,919
IAMGOLD Corp. (b)		1,321		2,148
IGM Financial, Inc. (a)		352		8,890
Imperial Oil, Ltd. (a)		655		20,656
Kinross Gold Corp. (b)		1,934		3,347
Loblaw Cos., Ltd.		733		37,566
Manulife Financial Corp.		2,346		36,117
National Bank of Canada (a)		1,237		39,305
Onex Corp.		779		44,757
Penn West Petroleum, Ltd. (a)		1,013		453
Potash Corp. of Saskatchewan, Inc.		666		13,626
Rogers Communications, Inc. (Class B)		1,239		42,492
Royal Bank of Canada (a)		1,085		59,717
Shaw Communications, Inc. (Class B) (a)		827		15,939
Silver Wheaton Corp.		584		6,987
SNC-Lavalin Group, Inc. (a)		518		14,674
Sun Life Financial, Inc.		1,279		41,059
Suncor Energy, Inc.		1,821		48,476
Teck Resources, Ltd. (Class B) (a)		649		3,084
TELUS Corp.		1,750		54,887
TMX Group, Ltd.		20		699
Toronto-Dominion Bank		1,734		68,030
TransAlta Corp. (a)		2,029		9,383
TransCanada Corp. (a)		364		11,457
Valeant Pharmaceuticals International, Inc. (b)		708		125,789

See accompanying notes to financial statements.

321

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Yamana Gold, Inc. (a)		1,785	$	2,996

				1,062,719

CHILE — 0.0% (e)
Empresa Nacional de Electricidad SA ADR		154		5,469
Enersis SA ADR		392		4,955
Sociedad Quimica y Minera de Chile SA ADR (a)		88		1,279

				11,703

CHINA — 1.5%
Agricultural Bank of China, Ltd. (Class H)		42,000		15,879
Bank of China, Ltd. (Class H)		83,000		35,663
Bank of Communications Co., Ltd. (Class H)		30,000		20,787
China Construction Bank Corp. (Class H)		65,000		43,193
China Life Insurance Co., Ltd. (Class H)		11,000		38,038
China Merchants Bank Co., Ltd. (Class H)		14,174		34,200
China Petroleum & Chemical Corp. (Class H)		35,200		21,392
China Shenhua Energy Co., Ltd. (Class H)		5,500		8,403
China Telecom Corp., Ltd. (Class H)		36,000		17,326
Hengan International Group Co., Ltd.		3,000		29,168
Huaneng Power International, Inc. (Class H)		24,000		25,796
Industrial & Commercial Bank of China, Ltd. (Class H)		66,000		37,982
PetroChina Co., Ltd. (Class H)		24,000		16,630
PICC Property & Casualty Co., Ltd. (Class H)		13,859		26,931
Ping An Insurance Group Co. of China, Ltd. (Class H)		6,000		29,690
Tencent Holdings, Ltd.		6,000		100,103
Wumart Stores, Inc. (Class H) (b)		59,000		23,752
Yanzhou Coal Mining Co., Ltd. (Class H) (a)		12,000		5,326

				530,259

COLOMBIA — 0.0% (e)
BanColombia SA ADR		128		4,122

DENMARK — 0.7%
AP Moeller — Maersk A/S (Class B)		30		46,100
Danske Bank A/S		1,013		30,542
DSV A/S		1,519		56,662
Novo Nordisk A/S (Class B)		2,257		120,968

				254,272

FINLAND — 0.4%
Fortum Oyj		791		11,682
Metso Oyj		470		9,753
Nokia Oyj		4,901		33,399
Sampo Oyj (Class A)		554		26,764
UPM-Kymmene Oyj		1,803		26,969
Valmet Oyj		104		1,005
Wartsila Oyj Abp		536		21,222

				130,794

FRANCE — 3.2%
Accor SA		962		44,843
Alstom SA (b)		732		22,556
AXA SA		1,905		46,006
BNP Paribas SA		1,011		59,203
Bouygues SA		579		20,507
Cap Gemini SA		714		63,457
Carrefour SA		1,133		33,439
Credit Agricole SA		2,069		23,684
Danone SA		556		35,016
Engie		971		15,651
Essilor International SA		364		44,248
Groupe Fnac SA (b)		587		33,476
Hermes International		7		2,539
Kering		125		20,372
LVMH Moet Hennessy Louis Vuitton SE		197		33,469
Orange SA		2,775		41,879
Pernod Ricard SA		266		26,776
Publicis Groupe SA		461		31,380
Renault SA		672		48,008
Sanofi		887		84,051
Schneider Electric SE		643		35,895
Societe Generale SA		809		35,986
Sodexo SA		566		46,753
Technip SA		307		14,449
Total SA (a)		1,392		62,464
Unibail-Rodamco SE		215		55,511
Vallourec SA (a)		245		2,165
Veolia Environnement SA		1,705		38,883
Vinci SA		821		51,971
Vivendi SA		2,091		49,319

				1,123,956

GERMANY — 2.7%
adidas AG		488		39,226
Allianz SE		458		71,702
BASF SE		738		56,281
Bayer AG		869		111,019
Commerzbank AG (b)		821		8,635
Daimler AG		1,019		73,764
Deutsche Bank AG		1,262		33,908
Deutsche Boerse AG		352		30,267
Deutsche Lufthansa AG (b)		2,108		29,237
Deutsche Post AG		1,750		48,396
Deutsche Telekom AG		2,890		51,244
E.ON SE		1,809		15,502
Fresenius Medical Care AG & Co. KGaA		197		15,354
Linde AG		125		20,225
MAN SE		167		16,993
Merck KGaA		619		54,648
Muenchener Rueckversicherungs- Gesellschaft AG		266		49,512
OSRAM Licht AG		15		774
RWE AG		607		6,877
Salzgitter AG (a)		643		15,927
SAP SE		901		58,283
Siemens AG		716		63,891
ThyssenKrupp AG		1,130		19,778
Volkswagen AG (a)		215		25,187

See accompanying notes to financial statements.

322

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Volkswagen AG Preference Shares		197	$	21,495

				938,125

HONG KONG — 2.1%
AIA Group, Ltd.		8,400		43,409
Bank of East Asia, Ltd. (a)		7,637		25,621
Cheung Kong Property Holdings, Ltd.		9,920		72,127
China Mobile, Ltd.		5,500		65,148
China Overseas Land & Investment, Ltd.		12,000		36,232
China Unicom (Hong Kong), Ltd.		12,000		15,190
CITIC, Ltd. (a)		12,000		21,832
CK Hutchison Holdings, Ltd.		8,920		115,326
CNOOC, Ltd. (a)		18,000		18,418
COSCO Pacific, Ltd. (c)		10,240		13,248
Global Brands Group Holding, Ltd. (b)		8,000		1,652
Hang Lung Properties, Ltd.		6,000		13,440
Henderson Land Development Co., Ltd.		6,959		41,395
Hong Kong Exchanges and Clearing, Ltd.		1,836		41,884
Li & Fung, Ltd. (a)		12,000		9,151
Link REIT (a)		6,058		33,221
New World Development Co., Ltd.		18,715		18,111
Sands China, Ltd.		4,800		14,431
Shangri-La Asia, Ltd.		12,000		10,374
Sun Hung Kai Properties, Ltd.		6,253		81,087
Swire Pacific, Ltd. (Class A)		3,000		33,464

				724,761

HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		137		5,966
Richter Gedeon NyRt		1,112		17,655

				23,621

INDIA — 0.6%
Dr. Reddy’s Laboratories, Ltd. ADR		1,269		81,102
ICICI Bank, Ltd. ADR		3,958		33,168
Infosys, Ltd. ADR		2,215		42,284
Mahindra & Mahindra, Ltd. GDR		316		6,099
Reliance Industries, Ltd. GDR (f)		983		25,558
Tata Motors, Ltd. ADR (b)		1,183		26,617

				214,828

INDONESIA — 0.3%
Astra Agro Lestari Tbk PT		9,000		11,135
Astra International Tbk PT		30,200		10,771
Bank Central Asia Tbk PT		27,200		22,790
Bank Mandiri Persero Tbk PT		27,200		14,714
Bank Rakyat Indonesia Persero Tbk PT		31,800		18,776
Gudang Garam Tbk PT		3,000		8,601
Telekomunikasi Indonesia Persero Tbk PT		200,000		36,109

				122,896

IRELAND — 1.4%
Accenture PLC (Class A) (a)		619		60,823
Allegion PLC (a)		202		11,647
Allergan PLC (b)		229		62,245
CRH PLC		959		25,156
Eaton Corp. PLC (a)		1,233		63,253
Mallinckrodt PLC (a)(b)		77		4,923
Medtronic PLC (a)		2,859		191,381
Pentair PLC (a)		71		3,624
Perrigo Co. PLC		11		1,730
Seagate Technology PLC (a)		619		27,731
Tyco International PLC (a)		619		20,712
Weatherford International PLC (a)(b)		3,087		26,178

				499,403

ISRAEL — 0.4%
Bank Hapoalim BM		4,133		20,776
Bank Leumi Le-Israel BM (b)		18,820		70,199
Teva Pharmaceutical Industries, Ltd. ADR		708		39,974

				130,949

ITALY — 0.8%
Assicurazioni Generali SpA		1,714		31,301
Banca Monte dei Paschi di Siena SpA (b)		4,978		8,846
Enel SpA		7,551		33,614
ENI SpA		2,600		40,777
Intesa Sanpaolo SpA		13,625		47,999
Mediaset SpA		6,701		30,743
Saipem SpA (a)(b)		340		2,719
Telecom Italia SpA (b)		31,835		39,161
UniCredit SpA		4,695		29,191

				264,351

JAPAN — 8.0%
Aisin Seiki Co., Ltd.		600		20,039
Asahi Group Holdings, Ltd.		600		19,388
Asahi Kasei Corp.		6,000		42,082
Astellas Pharma, Inc. (a)		3,000		38,701
Bridgestone Corp. (a)		600		20,670
Canon, Inc.		600		17,304
Credit Saison Co., Ltd. (a)		1,200		21,692
Daiichi Sankyo Co., Ltd. (a)		1,800		31,111
Daikin Industries, Ltd.		600		33,446
Daiwa Securities Group, Inc.		6,000		38,561
Denso Corp. (a)		1,200		50,459
Eisai Co., Ltd. (a)		600		35,219
FUJIFILM Holdings Corp.		1,200		44,647
Fujitsu, Ltd.		5,000		21,647
Hitachi, Ltd.		6,000		30,104
Hokuhoku Financial Group, Inc.		12,000		27,354
Honda Motor Co., Ltd.		1,200		35,459
Hoya Corp.		1,200		39,107
ITOCHU Corp. (a)		1,800		18,900
Japan Tobacco, Inc.		1,200		37,022
JFE Holdings, Inc. (a)		1,200		15,656
Joyo Bank, Ltd.		6,000		31,462
JSR Corp. (a)		1,200		17,214
JX Holdings, Inc. (a)		3,000		10,794
Kajima Corp.		6,000		31,712
Kamigumi Co., Ltd.		6,000		48,896
Kansai Electric Power Co., Inc. (b)		1,200		13,296
KDDI Corp.		3,600		80,167
Kobe Steel, Ltd. (a)		18,000		19,388
Komatsu, Ltd. (a)		1,200		17,559
Konica Minolta Holdings, Inc. (a)		3,000		31,412
Kyocera Corp.		1,200		54,707
Makita Corp. (a)		600		31,712
Marubeni Corp. (a)		6,000		29,247

See accompanying notes to financial statements.

323

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Marui Group Co., Ltd. (a)		5,400	$	64,882
Mitsubishi Chemical Holdings Corp.		3,000		15,563
Mitsubishi Corp. (a)		1,200		19,573
Mitsubishi Electric Corp.		6,000		54,607
Mitsubishi Heavy Industries, Ltd.		6,000		26,672
Mitsubishi UFJ Financial Group, Inc. (a)		10,700		64,004
Mitsui & Co., Ltd. (a)		1,200		13,431
Mizuho Financial Group, Inc. (a)		22,100		41,131
MS&AD Insurance Group Holdings, Inc. (a)		1,200		31,993
Murata Manufacturing Co., Ltd.		600		77,001
NEC Corp.		2,000		6,129
Nippon Steel & Sumitomo Metal Corp. (a)		1,700		30,781
Nippon Yusen K.K. (a)		12,000		27,654
Nissan Motor Co., Ltd. (a)		2,400		21,923
Nitto Denko Corp.		600		35,695
Nomura Holdings, Inc. (a)		5,900		33,898
NTT Data Corp.		600		30,109
Obayashi Corp.		6,000		51,000
ORIX Corp.		2,400		30,700
Osaka Gas Co., Ltd.		6,000		22,694
Panasonic Corp. (a)		3,600		36,176
Resona Holdings, Inc. (a)		3,600		18,225
Rohm Co., Ltd.		600		26,502
Secom Co., Ltd.		600		35,915
Seven & i Holdings Co., Ltd.		600		27,273
Shin-Etsu Chemical Co., Ltd.		600		30,635
SoftBank Group Corp.		1,200		54,877
Sompo Japan Nipponkoa Holdings, Inc.		1,200		34,628
Sony Corp.		1,800		43,563
Sumitomo Chemical Co., Ltd.		6,000		30,159
Sumitomo Corp. (a)		1,200		11,543
Sumitomo Electric Industries, Ltd.		1,800		22,897
Sumitomo Mitsui Financial Group, Inc.		1,200		45,209
Sumitomo Mitsui Trust Holdings, Inc. (a)		6,000		21,913
T&D Holdings, Inc.		2,400		28,145
Takeda Pharmaceutical Co., Ltd. (a)		600		26,236
TDK Corp. (a)		600		33,716
Teijin, Ltd.		6,000		18,136
Terumo Corp. (a)		1,200		33,766
Tokio Marine Holdings, Inc.		1,200		44,507
Tokyo Electron, Ltd.		600		28,125
Tokyu Corp.		6,000		43,836
Toppan Printing Co., Ltd.		6,000		48,144
Toshiba Corp. (a)(b)		6,000		15,049
Toyota Motor Corp.		2,400		139,694
Toyota Tsusho Corp. (a)		1,800		37,769
West Japan Railway Co.		600		37,478
Yamada Denki Co., Ltd. (a)		2,400		9,659
Yamaha Corp.		3,600		79,295

				2,818,644

LUXEMBOURG — 0.0% (e)
ArcelorMittal (a)		1,203		6,256

MEXICO — 0.5%
America Movil SAB de CV (Series L)		46,226		38,243
Cemex SAB de CV (b)		21,900		15,236
Fomento Economico Mexicano SAB de CV		4,752		42,417
Grupo Financiero Banorte SAB de CV		4,574		22,348
Grupo Mexico SAB de CV (Series B)		7,607		18,368
Grupo Televisa SAB		4,040		21,026
Industrias Penoles SAB de CV		308		4,188

				161,826

NETHERLANDS — 1.5%
Airbus Group SE		406		23,979
Akzo Nobel NV		462		29,906
ASML Holding NV		436		38,039
CNH Industrial NV (a)		851		5,533
Heineken NV		322		25,966
ING Groep NV		4,174		58,939
Koninklijke Ahold NV		1,971		38,304
Koninklijke DSM NV		549		25,245
Koninklijke KPN NV		5,495		20,512
Koninklijke Philips NV		1,638		38,479
LyondellBasell Industries NV (Class A)		619		51,600
RELX NV		3,245		52,776
Unilever NV		1,225		49,076
Wolters Kluwer NV		2,616		80,332

				538,686

NORWAY — 0.3%
DnB ASA		2,239		29,057
Norsk Hydro ASA		6,885		22,891
Telenor ASA (a)		1,833		34,146
Yara International ASA		382		15,204

				101,298

PERU — 0.0% (e)
Compania de Minas Buenaventura SA ADR		185		1,103

PHILIPPINES — 0.1%
Philippine Long Distance Telephone Co. ADR		446		20,587

PORTUGAL — 0.0% (e)
Pharol SGPS SA (b)		5,239		1,561

RUSSIA — 0.3%
Gazprom PAO ADR (d)		468		1,900
Gazprom PAO ADR (d)		4,358		17,519
Lukoil PJSC ADR		590		20,096
MMC Norilsk Nickel PJSC ADR		720		10,346
Mobile TeleSystems PJSC ADR		1,124		8,115
RusHydro PJSC ADR (a)(d)		989		1,009
RusHydro PJSC ADR (d)		579		544
Sberbank of Russia ADR (d)		247		1,215
Sberbank of Russia ADR (d)		2,299		11,347
Surgutneftegas OAO ADR Preference Shares		5,191		31,146
Tatneft PAO ADR		601		16,798
Uralkali PJSC GDR (b)		88		1,305

				121,340

SINGAPORE — 0.4%
CapitaLand, Ltd. (a)		18,000		33,927
Singapore Exchange, Ltd. (a)		12,000		59,329
Singapore Press Holdings, Ltd. (a)		12,000		32,407

See accompanying notes to financial statements.

324

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Singapore Telecommunications, Ltd.		6,000	$	15,191

				140,854

SOUTH AFRICA — 0.7%
AngloGold Ashanti, Ltd. (b)		524		4,149
Discovery, Ltd.		7,825		77,905
FirstRand, Ltd. (a)		6,592		23,432
Gold Fields, Ltd.		1,269		3,309
Harmony Gold Mining Co., Ltd. (a)(b)		1,406		877
Impala Platinum Holdings, Ltd. (b)		953		2,648
MTN Group, Ltd.		2,434		31,334
Naspers, Ltd. (Class N)		388		48,564
Sanlam, Ltd.		6,103		26,395
Sasol, Ltd. (a)		470		13,175
Sibanye Gold, Ltd.		625		709
Standard Bank Group, Ltd.		1,577		15,397

				247,894

SOUTH KOREA — 1.5%
Actoz Soft Co., Ltd. (b)		373		12,430
E-Mart Co., Ltd.		24		4,667
Hana Financial Group, Inc.		328		7,306
Hyundai Heavy Industries Co., Ltd. (b)		35		2,849
Hyundai Mobis Co., Ltd.		83		16,211
Hyundai Motor Co.		184		25,459
Hyundai Steel Co.		142		6,170
JoyCity Corp. (b)		933		18,891
KB Financial Group, Inc.		448		13,323
KH Vatec Co., Ltd.		1,043		13,507
Kia Motors Corp.		262		11,848
Korea Electric Power Corp. ADR		492		10,081
KT&G Corp.		168		15,804
LG Chem, Ltd. Preference Shares		253		40,555
LG Electronics, Inc.		113		4,352
LG Household & Health Care, Ltd.		25		18,012
Lotte Chemical Corp.		15		3,417
NAVER Corp.		46		19,909
NHN Entertainment Corp. (b)		29		1,578
POSCO ADR		674		23,603
Samsung C&T Corp. (b)		97		11,989
Samsung Electronics Co., Ltd. GDR		228		107,730
Samsung Engineering Co., Ltd. (b)		71		1,827
Samsung Fire & Marine Insurance Co., Ltd.		55		12,993
Samsung Heavy Industries Co., Ltd.		373		3,871
Samsung Securities Co., Ltd.		270		10,353
SeAH Steel Corp.		1,061		61,764
Shinhan Financial Group Co., Ltd.		448		15,648
SK Holdings Co., Ltd.		59		12,145
SK Hynix, Inc.		693		19,615
SK Innovation Co., Ltd. (b)		59		4,878

				532,785

SPAIN — 1.0%
Acciona SA		786		55,538
Acerinox SA (a)		1,725		15,370
ACS, Actividades de Construccion y Servicios SA		1,284		36,828
Banco Bilbao Vizcaya Argentaria SA		5,029		42,551
Banco Santander SA		11,397		60,353
Iberdrola SA		4,361		28,950
Industria de Diseno Textil SA		1,195		39,924
Repsol SA		800		9,296
Telefonica SA		4,041		48,851

				337,661

SWEDEN — 1.1%
Assa Abloy AB (Class B)		2,034		36,353
Atlas Copco AB (Class B)		1,893		42,207
Nordea Bank AB		3,286		36,515
Sandvik AB		1,762		14,958
Securitas AB (Class B)		2,739		33,343
Skandinaviska Enskilda Banken AB (Class A)		4,145		44,158
Skanska AB (Class B)		1,797		35,117
SKF AB (Class B)		1,279		23,439
Svenska Handelsbanken AB (Class A)		1,681		24,031
Tele2 AB (Class B)		1,130		10,974
Telefonaktiebolaget LM Ericsson (Class B)		3,355		32,882
TeliaSonera AB		2,890		15,520
Volvo AB (Class A)		2,765		26,341

				375,838

SWITZERLAND — 3.4%
ABB, Ltd. (b)		2,497		44,006
ACE, Ltd. (a)		619		64,005
Adecco SA (b)		482		35,147
Cie Financiere Richemont SA		678		52,528
Credit Suisse Group AG (b)		1,470		35,234
Geberit AG		197		60,022
Givaudan SA (b)		24		38,932
Kuehne + Nagel International AG		232		29,727
LafargeHolcim, Ltd. (b)		462		24,138
Nestle SA		2,394		179,470
Novartis AG		1,630		149,137
Roche Holding AG		607		159,655
Santhera Pharmaceutical Holding AG (b)		300		33,159
SGS SA		24		41,756
Swatch Group AG		72		26,601
Swiss Re AG		584		49,967
Syngenta AG		60		19,165
TE Connectivity, Ltd.		1,233		73,844
Transocean, Ltd. (a)		440		5,625
UBS Group AG		3,393		62,540
Zurich Insurance Group AG (b)		119		29,132

				1,213,790

TAIWAN — 1.2%
Advanced Semiconductor Engineering Inc, ADR		7,130		39,144
AU Optronics Corp. ADR (a)		12,126		35,893
Chunghwa Telecom Co., Ltd. ADR (a)		1,624		49,077
Hon Hai Precision Industry Co., Ltd. GDR		11,641		63,793
Siliconware Precision Industries Co., Ltd. ADR		10,200		64,107
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		6,773		140,540

See accompanying notes to financial statements.

325

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

United Microelectronics Corp. ADR (a)		27,936	$	45,256

				437,810

THAILAND — 0.1%
Bangkok Bank PCL		6,600		28,913
PTT PCL		1,200		7,935

				36,848

TURKEY — 0.2%
Akbank TAS		4,514		10,108
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		24,717		20,490
Turkiye Garanti Bankasi AS		5,221		12,123
Turkiye Is Bankasi (Class C)		11,982		18,639

				61,360

UNITED KINGDOM — 7.5%
3i Group PLC		10,948		77,329
Anglo American PLC		1,376		11,482
AstraZeneca PLC		1,091		69,103
BAE Systems PLC		5,503		37,319
Barclays PLC		14,771		54,627
BG Group PLC		2,751		39,629
BHP Billiton PLC		408		6,211
BP PLC		11,427		57,812
British American Tobacco PLC		314		17,327
British Land Co. PLC		3,919		49,776
BT Group PLC		12,841		81,616
Burberry Group PLC		977		20,245
Capita PLC		3,317		60,193
Cobham PLC		16,349		70,753
Compass Group PLC		2,786		44,438
Diageo PLC		1,678		45,002
Experian PLC		2,294		36,764
G4S PLC		3,848		13,447
GlaxoSmithKline PLC		3,860		74,022
Glencore PLC (b)		3,281		4,550
Hammerson PLC		6,230		58,839
HSBC Holdings PLC		14,560		109,987
Imperial Tobacco Group PLC		619		32,001
Indivior PLC		551		1,891
InterContinental Hotels Group PLC		1,555		53,798
J Sainsbury PLC (a)		4,550		17,988
Land Securities Group PLC		2,722		51,910
Liberty Global PLC (Class A) (b)		619		26,580
Liberty Global PLC (Series C) (b)		1,103		45,245
Liberty Global PLC LiLAC (Series A) (b)		30		1,011
Liberty Global PLC LiLAC (Series C) (b)		54		1,849
Lloyds Banking Group PLC		53,476		60,882
Lonmin PLC (a)(b)		29		7
Marks & Spencer Group PLC		6,282		47,673
National Grid PLC		1,225		17,051
Next PLC		446		51,412
Noble Corp. PLC (a)		1,233		13,452
Old Mutual PLC		9,260		26,524
Paragon Offshore PLC (a)		741		178
Pearson PLC		738		12,599
Prudential PLC		2,997		63,261
Randgold Resources, Ltd.		181		10,588
Reckitt Benckiser Group PLC		494		44,800
RELX PLC		1,922		32,956
Rio Tinto PLC		1,326		44,389
Rolls-Royce Holdings PLC (b)		1,952		20,018
Royal Dutch Shell PLC (Class A)		226		5,320
Royal Dutch Shell PLC (Class B)		4,678		110,754
RSA Insurance Group PLC		4,358		26,583
SABMiller PLC		809		45,794
Sage Group PLC		10,498		79,414
Severn Trent PLC		1,543		51,046
Sky PLC		1,239		19,594
Smith & Nephew PLC		2,799		48,885
Smiths Group PLC		2,155		32,806
SSE PLC		1,054		23,884
Standard Chartered PLC		2,346		22,772
Standard Life PLC		10,377		60,957
Tesco PLC (b)		7,297		20,249
Tullow Oil PLC (b)		1,097		2,810
Unilever PLC		945		38,448
United Utilities Group PLC		2,745		38,461
Vodafone Group PLC		22,514		71,088
Whitbread PLC		2,017		142,619
Wolseley PLC		524		30,622
WPP PLC		2,125		44,195

				2,634,835

UNITED STATES — 51.1%
3M Co. (a)		619		87,756
Abbott Laboratories (a)		1,233		49,591
AbbVie, Inc.		607		33,027
Adobe Systems, Inc. (b)		1,851		152,189
ADT Corp. (a)		150		4,485
Aetna, Inc. (a)		1,233		134,903
Aflac, Inc.		1,233		71,674
Agilent Technologies, Inc.		1,233		42,329
Alexion Pharmaceuticals, Inc. (a)(b)		619		96,805
Allstate Corp.		1,233		71,810
Alphabet, Inc. (Class A) (b)		302		192,788
Alphabet, Inc. (Class C) (b)		302		183,743
Altera Corp.		619		31,000
Altria Group, Inc.		1,233		67,075
Amazon.com, Inc. (b)		399		204,244
American Capital Agency Corp. (a)		619		11,575
American Electric Power Co., Inc.		1,233		70,108
American Express Co.		1,233		91,402
American Tower Corp.		619		54,460
Amgen, Inc.		1,055		145,928
Anadarko Petroleum Corp.		619		37,381
Annaly Capital Management, Inc.		1,233		12,170
Anthem, Inc. (a)		619		86,660
Apache Corp.		619		24,240
Apple, Inc. (a)		4,330		477,599
Applied Materials, Inc.		4,318		63,431
Archer-Daniels-Midland Co. (a)		1,851		76,724
AT&T, Inc. (a)		5,489		178,832
Automatic Data Processing, Inc. (a)		619		49,743
Baker Hughes, Inc.		935		48,657
Bank of America Corp.		10,502		163,621
Bank of New York Mellon Corp.		1,851		72,467

See accompanying notes to financial statements.

326

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Baxalta, Inc. (a)		1,233	$	38,852
Baxter International, Inc.		1,233		40,504
Becton, Dickinson and Co. (a)		619		82,117
Bed Bath & Beyond, Inc. (a)(b)		619		35,295
Berkshire Hathaway, Inc. (Class B) (b)		619		80,718
Biogen, Inc. (b)		379		110,596
Boeing Co. (a)		619		81,058
Bristol-Myers Squibb Co. (a)		1,851		109,579
Broadcom Corp. (Class A)		1,233		63,413
C.H. Robinson Worldwide, Inc. (a)		619		41,956
California Resources Corp. (a)		492		1,279
Cameron International Corp. (b)		1,233		75,608
Capital One Financial Corp. (a)		619		44,890
Carnival Corp.		619		30,764
Caterpillar, Inc. (a)		619		40,458
CBS Corp. (Class B)		1,227		48,957
CDK Global, Inc.		204		9,747
Celgene Corp. (b)		1,237		133,806
CenturyLink, Inc. (a)		1,233		30,973
Charles Schwab Corp.		3,087		88,165
Chemours Co.		246		1,592
Chesapeake Energy Corp. (a)		1,851		13,568
Chevron Corp. (a)		1,551		122,343
Chubb Corp.		619		75,920
Church & Dwight Co., Inc.		1,233		103,449
Cisco Systems, Inc. (a)		6,169		161,936
Citigroup, Inc.		3,087		153,146
Citrix Systems, Inc. (a)(b)		619		42,884
Clorox Co.		619		71,513
Coach, Inc.		619		17,908
Coca-Cola Co. (a)		2,473		99,217
Cognizant Technology Solutions Corp. (Class A) (b)		1,237		77,449
Colgate-Palmolive Co. (a)		1,233		78,246
Comcast Corp. (Class A) Special		1,593		91,183
ConAgra Foods, Inc.		1,233		49,949
ConocoPhillips (a)		1,233		59,135
Corning, Inc. (a)		2,473		42,338
Costco Wholesale Corp.		619		89,489
CST Brands, Inc. (a)		66		2,222
CSX Corp. (a)		2,473		66,524
Cummins, Inc.		619		67,211
CVS Health Corp.		1,233		118,960
Danaher Corp. (a)		1,233		105,064
Deere & Co. (a)		619		45,806
Devon Energy Corp.		619		22,959
Discover Financial Services		1,233		64,104
Dollar Tree, Inc. (a)(b)		1,233		82,192
Dow Chemical Co.		1,851		78,482
Duke Energy Corp.		672		48,344
E. I. du Pont de Nemours & Co.		1,233		59,431
eBay, Inc. (a)(b)		1,851		45,238
Ecolab, Inc. (a)		619		67,917
Edison International (a)		1,233		77,765
Eli Lilly & Co.		1,233		103,190
EMC Corp.		2,473		59,748
Emerson Electric Co.		1,233		54,462
EOG Resources, Inc. (a)		1,237		90,054
Equity Residential (a)		619		46,499
Estee Lauder Cos., Inc. (Class A)		619		49,941
Exelon Corp. (a)		1,233		36,620
Express Scripts Holding Co. (a)(b)		863		69,868
Exxon Mobil Corp. (a)		3,305		245,727
Facebook, Inc. (Class A) (b)		597		53,670
Fastenal Co. (a)		619		22,662
FedEx Corp.		619		89,124
FirstEnergy Corp. (a)		1,233		38,605
FMC Technologies, Inc. (a)(b)		1,233		38,223
Ford Motor Co.		4,937		66,995
Franklin Resources, Inc. (a)		1,851		68,968
Freeport-McMoRan, Inc. (a)		1,233		11,948
General Dynamics Corp.		619		85,391
General Electric Co. (a)		9,262		233,588
General Mills, Inc. (a)		619		34,744
General Motors Co.		1,233		37,015
Gilead Sciences, Inc.		1,636		160,639
Goldman Sachs Group, Inc.		619		107,557
Halliburton Co.		1,233		43,587
Halyard Health, Inc. (a)(b)		77		2,190
HCP, Inc.		1,851		68,950
Hershey Co. (a)		619		56,874
Hess Corp. (a)		619		30,987
Hewlett-Packard Co.		2,473		63,334
Home Depot, Inc.		1,233		142,399
Honeywell International, Inc. (a)		1,233		116,753
Illinois Tool Works, Inc. (a)		1,233		101,488
Ingersoll-Rand PLC (a)		1,233		62,599
Intel Corp.		4,937		148,801
International Business Machines Corp. (a)		995		144,245
Intuit, Inc. (a)		619		54,936
J.M. Smucker Co. (a)		619		70,622
Johnson & Johnson (a)		1,851		172,791
Johnson Controls, Inc. (a)		1,233		50,997
JPMorgan Chase & Co.		3,705		225,894
Juniper Networks, Inc. (a)		1,233		31,700
Kellogg Co.		619		41,194
Keysight Technologies, Inc. (b)		618		19,059
Kimberly-Clark Corp.		619		67,496
Kinder Morgan, Inc. (a)		1,782		49,326
Kohl’s Corp. (a)		619		28,666
Kraft Heinz Co. (a)		101		7,129
L Brands, Inc. (a)		1,233		111,130
Las Vegas Sands Corp. (a)		619		23,503
Liberty Interactive Corp. QVC Group (Class A) (b)		1,233		32,342
Liberty TripAdvisor Holdings, Inc. (Class A) (b)		84		1,862
Liberty Ventures, (Series A) (b)		260		10,491
Lockheed Martin Corp. (a)		619		128,325
Lowe’s Cos., Inc.		1,851		127,571
Macy’s, Inc.		1,233		63,278
Marathon Oil Corp. (a)		1,851		28,505
Marathon Petroleum Corp.		1,238		57,357
Marsh & McLennan Cos., Inc. (a)		1,233		64,387
Mattel, Inc. (a)		2,473		52,081
McCormick & Co., Inc. (a)		1,851		152,115
McDonald’s Corp.		619		60,990

See accompanying notes to financial statements.

327

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

McKesson Corp.		619	$	114,534
Mead Johnson Nutrition Co.		619		43,578
Merck & Co., Inc. (a)		2,473		122,141
MetLife, Inc. (a)		1,851		87,275
Microsoft Corp.		6,791		300,570
Mondelez International, Inc. (Class A)		619		25,918
Monsanto Co.		619		52,825
Morgan Stanley (a)		1,851		58,307
Mosaic Co.		619		19,257
National Oilwell Varco, Inc. (a)		619		23,305
NetApp, Inc. (a)		619		18,322
Newmont Mining Corp.		619		9,947
News Corp. (Class A) (a)		376		4,745
NextEra Energy, Inc. (a)		619		60,383
NIKE, Inc. (Class B)		1,233		151,622
Noble Energy, Inc. (a)		1,233		37,212
Norfolk Southern Corp.		619		47,292
Northrop Grumman Corp. (a)		875		145,206
NOW, Inc. (a)(b)		154		2,279
O’Reilly Automotive, Inc. (a)(b)		619		154,750
Occidental Petroleum Corp.		1,233		81,563
Oracle Corp.		4,318		155,966
Outfront Media, Inc.		3		62
Parker-Hannifin Corp. (a)		619		60,229
PayPal Holdings, Inc. (b)		1,851		57,455
PepsiCo, Inc.		1,233		116,272
Pfizer, Inc.		6,097		191,507
PG&E Corp. (a)		619		32,683
Philip Morris International, Inc. (a)		1,233		97,814
Phillips 66		302		23,206
Pioneer Natural Resources Co. (a)		619		75,295
PNC Financial Services Group, Inc. (a)		619		55,215
PPL Corp.		1,851		60,879
Praxair, Inc.		619		63,051
Procter & Gamble Co. (a)		1,233		88,702
ProLogis, Inc.		1,851		72,004
Prudential Financial, Inc.		1,233		93,967
Public Service Enterprise Group, Inc.		1,233		51,983
Public Storage (a)		619		130,999
QUALCOMM, Inc.		1,851		99,454
Range Resources Corp. (a)		619		19,882
Raytheon Co.		619		67,632
Retail Opportunity Investments Corp. (a)		6,278		103,838
Ross Stores, Inc. (a)		1,238		60,006
Salesforce.com, Inc. (b)		1,275		88,523
SanDisk Corp.		619		33,630
Schlumberger, Ltd.		933		64,349
Seventy Seven Energy, Inc. (a)(b)		235		324
Simon Property Group, Inc.		619		113,723
Southern Co. (a)		619		27,669
Southwestern Energy Co. (a)(b)		619		7,855
Spectra Energy Corp. (a)		1,233		32,391
St. Jude Medical, Inc. (a)		1,233		77,790
Starbucks Corp.		2,466		140,167
State Street Corp. (a)(g)		619		41,603
Sysco Corp. (a)		1,233		48,050
Talen Energy Corp. (a)(b)		192		1,939
Target Corp.		619		48,691
Texas Instruments, Inc. (a)		1,851		91,662
Thermo Fisher Scientific, Inc. (a)		1,233		150,771
Time Warner Cable, Inc. (a)		619		111,030
Time Warner, Inc.		995		68,406
Time, Inc. (a)		154		2,934
TJX Cos., Inc.		1,233		88,061
Travelers Cos., Inc.		619		61,609
Twenty-First Century Fox, Inc. (Class A) (a)		3,087		83,287
Tyson Foods, Inc. (Class A) (a)		2,473		106,586
U.S. Bancorp (a)		1,851		75,910
Union Pacific Corp.		1,237		109,363
United Financial Bancorp, Inc.		9,881		128,947
United Parcel Service, Inc. (Class B) (a)		619		61,089
United Technologies Corp.		619		55,085
UnitedHealth Group, Inc.		1,233		143,040
Valero Energy Corp. (a)		1,233		74,103
Vector Group, Ltd. (a)		6,743		152,461
Verizon Communications, Inc.		2,091		90,979
Viacom, Inc. (Class B)		619		26,710
Visa, Inc. (Class A) (a)		2,478		172,617
Wal-Mart Stores, Inc.		1,233		79,948
Walgreens Boots Alliance, Inc.		1,233		102,462
Walt Disney Co. (a)		1,851		189,172
Waste Management, Inc. (a)		1,233		61,416
Wells Fargo & Co.		4,937		253,515
Western Digital Corp.		619		49,173
Whole Foods Market, Inc. (a)		1,233		39,024
Williams Cos., Inc.		1,851		68,209
WP GLIMCHER, Inc.		307		3,580
Yahoo!, Inc. (b)		1,851		53,512
Yum! Brands, Inc.		619		49,489
Zoetis, Inc.		71		2,924

				17,974,738

TOTAL COMMON STOCKS —
(Cost $39,626,846)				34,924,965

SHORT TERM INVESTMENTS — 19.5%
UNITED STATES — 19.5%
MONEY MARKET FUNDS — 19.5%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		6,738,898		6,738,898
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (i)(j)		139,125		139,125

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,878,023)				6,878,023

TOTAL INVESTMENTS — 118.8%
(Cost $46,504,869)				41,802,988
OTHER ASSETS & LIABILITIES — (18.8)%				(6,617,442	)

NET ASSETS — 100.0%			$	35,185,546

See accompanying notes to financial statements.

328

SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(d)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(e)		Amount shown represents less than 0.05% of net assets.
(f)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)		Affiliated issuer (Note 3).
(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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

329

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 2.3%
AMP, Ltd.		6,274	$	24,497
APA Group		12,101		72,657
ASX, Ltd.		648		17,238
Aurizon Holdings, Ltd.		1,467		5,161
Australia & New Zealand Banking Group, Ltd.		7,335		139,489
Brambles, Ltd.		5,427		37,120
Caltex Australia, Ltd.		2,856		62,736
Coca-Cola Amatil, Ltd.		1,923		12,167
Commonwealth Bank of Australia		4,387		224,034
Computershare, Ltd.		876		6,515
Crown Resorts, Ltd.		2,772		19,272
CSL, Ltd.		1,176		73,665
Dexus Property Group		4,670		23,448
Fortescue Metals Group, Ltd.		3,848		4,918
Goodman Group		9,409		38,654
GPT Group		8,181		25,910
Harvey Norman Holdings, Ltd.		1,832		4,992
Iluka Resources, Ltd.		8,594		37,478
Insurance Australia Group, Ltd.		5,762		19,584
Lend Lease Group		1,645		14,498
Macquarie Group, Ltd.		852		45,867
Mirvac Group		17,680		21,355
National Australia Bank, Ltd.		6,742		141,942
Newcrest Mining, Ltd. (a)		756		6,742
QBE Insurance Group, Ltd.		3,531		31,963
Ramsay Health Care, Ltd.		132		5,420
Scentre Group		17,163		47,006
Seek, Ltd.		924		7,787
Sonic Healthcare, Ltd.		708		9,074
Stockland		11,514		31,130
Suncorp Group, Ltd.		2,904		24,859
Sydney Airport		9,858		41,260
Tabcorp Holdings, Ltd.		4,432		14,535
Tatts Group, Ltd.		8,523		22,505
Telstra Corp., Ltd.		18,243		71,871
Transurban Group		9,322		65,071
Treasury Wine Estates, Ltd.		2,219		10,222
Wesfarmers, Ltd.		2,537		69,875
Westfield Corp.		8,114		56,810
Westpac Banking Corp.		7,922		165,228
Woolworths, Ltd.		3,815		66,548
WorleyParsons, Ltd.		3,011		12,497

				1,833,600

AUSTRIA — 0.0% (b)
Andritz AG		120		5,390
Erste Group Bank AG (a)		443		12,827
Raiffeisen Bank International AG (a)		720		9,412

				27,629

BELGIUM — 0.4%
Ageas		648		26,550
Anheuser-Busch InBev SA		2,183		231,298
Colruyt SA (a)		540		25,937
KBC Groep NV		519		32,657
Proximus		312		10,748
UCB SA		240		18,713
Umicore SA		144		5,537

				351,440

BERMUDA — 0.0% (b)
Marvell Technology Group, Ltd.		2,368		21,430

BRAZIL — 0.7%
AES Tiete SA Preference Shares		4,743		16,759
Ambev SA		13,272		64,728
Banco Bradesco SA		1,425		8,453
Banco Bradesco SA Preference Shares		5,691		30,613
Banco do Brasil SA		2,369		9,043
BB Seguridade Participacoes SA		1,188		7,402
BM&FBovespa SA		3,555		9,892
BRF SA		1,188		21,060
CCR SA		3,555		10,865
Cia Energetica de Minas Gerais Preference Shares		5,931		10,411
Cia Energetica de Sao Paulo Preference Shares (Class B)		4,743		18,117
Cia Paranaense de Energia Preference Shares		1,188		9,738
Cielo SA		1,425		13,119
Cosan SA Industria e Comercio		4,743		23,977
CPFL Energia SA (a)		6,120		22,854
EcoRodovias Infraestrutura e Logistica SA		1,188		1,820
EDP — Energias do Brasil SA		5,931		17,099
Embraer SA		1,188		7,608
Estacio Participacoes SA		1,188		4,207
Itau Unibanco Holding SA Preference Share		6,524		43,434
Itausa — Investimentos Itau SA Preference Shares		3,939		7,063
Klabin SA		1,212		6,660
Kroton Educacional SA		3,555		6,883
Souza Cruz SA		1,188		7,996
Telefonica Brasil SA Preference Shares		1,540		14,182
Tim Participacoes SA		1,483		2,797
Ultrapar Participacoes SA		10,677		179,114
Vale SA Preference Shares		8,301		27,768

				603,662

BRITISH VIRGIN ISLANDS — 0.0% (b)
Michael Kors Holdings, Ltd. (a)		519		21,923

CANADA — 3.1%
Agnico-Eagle Mines, Ltd.		1,188		29,977
Alimentation Couche-Tard, Inc. (Class B)		1,188		54,380
AltaGas, Ltd.		2,368		58,074
ARC Resources, Ltd.		681		8,960
Bank of Montreal		1,188		64,491
Bank of Nova Scotia		2,864		125,673
BCE, Inc.		588		23,955
BlackBerry, Ltd. (a)		732		4,472
Bombardier, Inc. (Class B)		2,368		2,950
Brookfield Asset Management, Inc. (Class A)		1,782		55,811
Cameco Corp.		6,374		77,351
Canadian Imperial Bank of Commerce		588		42,051
Canadian National Railway Co.		1,632		92,245
Canadian Pacific Railway, Ltd.		324		46,288

See accompanying notes to financial statements.

330

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Crescent Point Energy Corp.		912	$	10,387
Eldorado Gold Corp.		3,555		11,349
Enbridge, Inc.		5,131		189,633
First Quantum Minerals, Ltd.		5,927		21,618
Fortis, Inc.		3,961		112,770
Franco-Nevada Corp.		1,188		52,112
Goldcorp, Inc.		4,742		59,173
Inter Pipeline, Ltd.		6,019		110,530
Keyera Corp.		1,464		40,130
Loblaw Cos., Ltd.		396		20,295
Magna International, Inc.		552		26,355
Manulife Financial Corp.		3,555		54,729
Pembina Pipeline Corp.		3,555		85,143
PrairieSky Royalty, Ltd.		4,756		89,962
Restaurant Brands International, Inc.		151		5,411
Rogers Communications, Inc. (Class B)		1,188		40,743
Royal Bank of Canada		3,131		172,325
Silver Wheaton Corp.		4,260		50,966
SNC-Lavalin Group, Inc.		563		15,949
Sun Life Financial, Inc.		1,188		38,138
Toronto-Dominion Bank		3,959		155,324
TransCanada Corp.		5,259		165,533
Valeant Pharmaceuticals International, Inc. (a)		744		132,185
Veresen, Inc.		6,839		52,031
Vermilion Energy, Inc.		2,368		75,895
Yamana Gold, Inc.		4,742		7,958

				2,483,322

CHILE — 0.1%
Aguas Andinas SA Class A		112,426		58,346
Banco Santander Chile		202,278		9,144
Cencosud SA		3,771		7,326
Cia Cervecerias Unidas SA		567		6,238
Empresa Nacional de Telecomunicaciones SA		591		5,567
SACI Falabella		3,099		19,158
Sociedad Quimica y Minera de Chile SA Preference Shares (Class B)		372		5,366

				111,145

CHINA — 1.4%
Agricultural Bank of China, Ltd. (Class H)		108,000		40,831
Bank of China, Ltd. (Class H)		288,000		123,746
Bank of Communications Co., Ltd. (Class H)		48,000		33,259
China Cinda Asset Management Co., Ltd. (Class H)		12,000		4,150
China CITIC Bank Corp., Ltd. (Class H) (a)		48,000		27,809
China Communications Construction Co., Ltd. (Class H)		12,000		14,756
China Construction Bank Corp. (Class H)		240,000		159,483
China Everbright Bank Co., Ltd. (Class H)		12,000		5,218
China Life Insurance Co., Ltd. (Class H)		24,000		82,993
China Merchants Bank Co., Ltd. (Class H)		18,000		43,432
China Minsheng Banking Corp., Ltd. (Class H)		24,000		22,111
China Oilfield Services, Ltd. (Class H)		24,000		23,969
China Pacific Insurance Group Co., Ltd. (Class H)		4,800		17,744
China Telecom Corp., Ltd. (Class H)		48,000		23,102
Chongqing Changan Automobile Co., Ltd. (Class B)		2,400		4,054
Chongqing Rural Commercial Bank Co., Ltd. (Class H)		12,000		6,766
CITIC Securities Co., Ltd. (Class H)		6,000		10,684
Country Garden Holdings Co., Ltd.		12,000		4,320
Great Wall Motor Co., Ltd. (Class H)		18,000		19,881
Haitong Securities Co., Ltd. (Class H)		4,800		6,912
Industrial & Commercial Bank of China, Ltd. (Class H)		240,000		138,115
Jiangsu Expressway Co., Ltd. (Class H)		24,000		30,565
Ping An Insurance Group Co. of China, Ltd. (Class H)		12,000		59,380
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		2,400		5,004
Sinopec Engineering Group Co., Ltd. (Class H)		6,000		5,218
Sinopharm Group Co., Ltd. (Class H)		4,800		16,784
Tencent Holdings, Ltd.		12,000		200,205
Want Want China Holdings, Ltd.		12,000		9,848
Zhejiang Expressway Co., Ltd. (Class H)		24,000		26,044

				1,166,383

COLOMBIA — 0.1%
Almacenes Exito SA		1,503		6,456
Bancolombia SA Preference Shares		936		7,568
Interconexion Electrica SA ESP		18,516		42,884

				56,908

DENMARK — 0.6%
Carlsberg A/S (Class B)		431		33,051
Coloplast A/S (Class B)		264		18,672
Danske Bank A/S		1,980		59,697
Novo Nordisk A/S (Class B)		4,610		247,081
Novozymes A/S (Class B)		1,271		55,323
Pandora A/S		300		34,968
TDC A/S		2,368		12,178
Vestas Wind Systems A/S		624		32,361

				493,331

EGYPT — 0.0% (b)
Commercial International Bank Egypt SAE		852		5,775

FINLAND — 0.4%
Elisa Oyj		600		20,240
Kone Oyj (Class B)		1,503		57,043
Metso Oyj		396		8,217
Nokia Oyj		9,566		65,190
Nokian Renkaat Oyj		348		11,230
Orion Oyj (Class B)		288		10,866
Sampo Oyj (Class A)		1,716		82,902
Wartsila Oyj Abp		780		30,883

				286,571

FRANCE — 3.2%
Aeroports de Paris		252		28,509
Alcatel-Lucent (a)		3,399		12,445
Alstom SA (a)		636		19,598
Atos SE		230		17,597

See accompanying notes to financial statements.

331

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

AXA SA		6,482	$	156,541
BNP Paribas SA		3,119		182,644
Bollore SA		5,996		29,115
Bureau Veritas SA		612		12,867
Cap Gemini SA		372		33,062
Carrefour SA		872		25,736
Christian Dior SE		240		44,753
CNP Assurances		1,800		24,935
Credit Agricole SA		3,770		43,156
Danone SA		1,687		106,245
Dassault Systemes		205		15,103
Edenred		529		8,618
Essilor International SA		519		63,089
Eutelsat Communications SA		252		7,707
Fonciere Des Regions		178		15,470
Gecina SA		120		14,594
Groupe Eurotunnel SE		1,152		15,650
ICADE		252		17,044
Iliad SA		48		9,671
Kering		252		41,069
Klepierre		623		28,158
L’Oreal SA		792		137,075
Lagardere SCA		240		6,628
Legrand SA		960		50,831
LVMH Moet Hennessy Louis Vuitton SE		804		136,594
Natixis SA		1,872		10,321
Orange SA		5,063		76,409
Pernod Ricard SA		840		84,557
Peugeot SA (a)		768		11,535
Publicis Groupe SA		624		42,475
Remy Cointreau SA		108		7,073
Renault SA		648		46,293
Rexel SA		1,667		20,431
Safran SA		984		73,922
Sanofi		3,023		286,455
Schneider Electric SE		1,848		103,162
SCOR SE		1,056		37,773
Societe BIC SA		72		11,155
Societe Generale SA		2,356		104,801
Sodexo SA		396		32,711
Technip SA		772		36,335
Thales SA		696		48,300
Unibail-Rodamco SE		276		71,260
Valeo SA		72		9,705
Vinci SA		1,443		91,346
Vivendi SA		3,543		83,566
Zodiac Aerospace		780		17,844

				2,611,933

GERMANY — 3.1%
adidas AG		648		52,087
Allianz SE		1,443		225,907
BASF SE		1,962		149,626
Bayer AG		1,872		239,157
Bayerische Motoren Werke AG		996		88,076
Bayerische Motoren Werke AG Preference Shares		576		39,433
Beiersdorf AG		372		32,875
Brenntag AG		600		32,259
Commerzbank AG (a)		2,463		25,904
Continental AG		192		40,742
Daimler AG		2,602		188,356
Deutsche Bank AG		4,311		115,829
Deutsche Boerse AG		495		42,562
Deutsche Post AG		1,812		50,111
Deutsche Telekom AG		7,598		134,725
Deutsche Wohnen AG		891		23,756
Fraport AG Frankfurt Airport Services Worldwide		336		20,700
Fresenius Medical Care AG & Co. KGaA		443		34,526
Fresenius SE & Co. KGaA		648		43,400
GEA Group AG		420		15,956
Hannover Rueck SE		154		15,736
Henkel AG & Co. KGaA		396		34,894
Henkel AG & Co. KGaA Preference Shares		507		52,049
Hugo Boss AG		84		9,414
Infineon Technologies AG		3,983		44,705
MAN SE		48		4,884
Merck KGaA		360		31,782
Muenchener Rueckversicherungs- Gesellschaft AG		660		122,849
Porsche Automobil Holding SE Preference Shares		912		38,781
ProSiebenSat.1 Media SE		455		22,266
SAP SE		2,475		160,099
Siemens AG		2,356		210,233
Symrise AG		840		50,436
Telefonica Deutschland Holding AG		3,251		19,818
Volkswagen AG		48		5,623
Volkswagen AG Preference Shares		449		48,992
Vonovia SE		1,115		35,777

				2,504,325

GREECE — 0.0% (b)
Eurobank Ergasias SA (a)		19,974		491
FF Group (a)		192		3,901
Hellenic Telecommunications Organization SA		555		4,832
JUMBO SA		495		4,337
National Bank of Greece SA (a)		3,579		1,538
OPAP SA		531		4,789
Piraeus Bank SA (a)		4,566		398

				20,286

HONG KONG — 2.0%
AIA Group, Ltd.		24,000		124,025
Beijing Capital International Airport Co., Ltd.		24,000		22,328
Beijing Enterprises Water Group, Ltd. (a)		48,000		33,445
Belle International Holdings, Ltd.		12,000		10,374
BOC Hong Kong Holdings, Ltd.		6,000		17,613
Cheung Kong Infrastructure Holdings, Ltd.		12,000		107,225
China Jinmao Holdings Group, Ltd.		24,000		6,039
China Mobile, Ltd.		18,000		213,212
China Overseas Land & Investment, Ltd.		24,000		72,464
China Unicom (Hong Kong), Ltd.		24,000		30,379
CITIC, Ltd.		12,000		21,832
CK Hutchison Holdings, Ltd.		12,000		155,147
COSCO Pacific, Ltd. (c)		24,000		31,051

See accompanying notes to financial statements.

332

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

GCL Poly Energy Holdings, Ltd. (a)		24,000	$	4,614
Guangdong Investment, Ltd.		48,000		71,349
Hanergy Thin Film Power Group, Ltd. (a)(d)		24,000		0
Hang Lung Properties, Ltd.		12,000		26,880
Hong Kong & China Gas Co., Ltd.		66,000		123,653
Hong Kong Exchanges and Clearing, Ltd.		2,418		55,161
Kunlun Energy Co., Ltd.		48,000		34,312
Lenovo Group, Ltd.		24,000		20,222
Li & Fung, Ltd.		24,000		18,302
Link REIT		6,000		32,903
MTR Corp., Ltd.		12,000		52,026
New World Development Co., Ltd.		24,314		23,530
Sands China, Ltd.		4,800		14,431
Shimao Property Holdings, Ltd.		6,000		8,996
Sun Art Retail Group, Ltd.		6,000		4,606
Sun Hung Kai Properties, Ltd.		12,000		155,612
Swire Properties, Ltd.		4,800		13,254
Wharf Holdings, Ltd.		12,000		67,354
Wynn Macau, Ltd.		4,800		5,438
Yuexiu Property Co., Ltd.		48,000		7,866

				1,585,643

INDIA — 1.0%
Bharat Petroleum Corp., Ltd.		3,212		41,628
Cairn India, Ltd.		21,424		50,051
Dr. Reddy’s Laboratories, Ltd. ADR		1,188		75,925
Housing Development Finance Corp., Ltd.		3,253		60,102
ICICI Bank, Ltd. ADR		5,930		49,693
Infosys, Ltd. ADR		12,620		240,916
Larsen & Toubro, Ltd. GDR		2,999		67,028
Mahindra & Mahindra, Ltd. GDR		2,391		46,146
State Bank of India GDR		1,212		44,056
Tata Consultancy Services, Ltd.		1,304		51,414
Tata Motors, Ltd. ADR (a)		2,498		56,205
Wipro, Ltd. ADR		4,742		58,279

				841,443

INDONESIA — 0.2%
Astra International Tbk PT		64,800		23,111
Bank Central Asia Tbk PT		18,000		15,082
Bank Mandiri Persero Tbk PT		24,000		12,983
Bank Rakyat Indonesia Persero Tbk PT		24,000		14,171
Bumi Serpong Damai Tbk PT		47,200		4,527
Charoen Pokphand Indonesia Tbk PT		18,000		2,457
Jasa Marga Persero Tbk PT		24,000		7,904
Perusahaan Gas Negara Persero Tbk PT		124,800		21,552
Telekomunikasi Indonesia Persero Tbk PT		144,000		25,999
Unilever Indonesia Tbk PT		6,000		15,563
United Tractors Tbk PT		6,000		7,157

				150,506

IRELAND — 1.3%
Accenture PLC (Class A)		1,716		168,614
Allergan PLC (a)		937		254,686
Bank of Ireland (a)		51,284		19,922
Eaton Corp. PLC		1,575		80,797
Endo International PLC (a)		384		26,603
Jazz Pharmaceuticals PLC (a)		144		19,125
Kerry Group PLC (Class A)		348		26,085
Mallinckrodt PLC (a)		276		17,647
Medtronic PLC		3,909		261,668
Pentair PLC		728		37,157
Perrigo Co. PLC		348		54,730
Seagate Technology PLC		672		30,106
Weatherford International PLC (a)		2,710		22,981

				1,020,121

ISRAEL — 0.2%
Bank Hapoalim BM		3,363		16,905
Bank Leumi Le-Israel BM (a)		5,171		19,288
Bezeq The Israeli Telecommunication Corp., Ltd.		3,767		7,198
Teva Pharmaceutical Industries, Ltd.		2,195		125,552

				168,943

ITALY — 0.9%
Assicurazioni Generali SpA		3,744		68,372
Atlantia SpA		2,523		70,379
Banco Popolare SC (a)		672		9,917
Enel Green Power SpA		41,147		77,668
Intesa Sanpaolo SpA		30,486		107,399
Luxottica Group SpA		420		29,067
Mediobanca SpA		1,740		17,073
Saipem SpA (a)		876		7,006
Snam SpA		17,307		88,751
Telecom Italia SpA (a)(e)		8,762		10,778
Telecom Italia SpA (e)		37,771		38,662
Terna Rete Elettrica Nazionale SpA		24,758		120,107
UBI Banca SCpA		1,128		7,983
UniCredit SpA		10,735		66,745
UnipolSai SpA		3,687		8,005

				727,912

JAPAN — 7.5%
Alfresa Holdings Corp.		1,200		20,390
Amada Holdings Co., Ltd.		1,200		9,098
Asahi Group Holdings, Ltd.		1,200		38,776
Astellas Pharma, Inc.		6,000		77,402
Brother Industries, Ltd.		1,200		14,368
Canon, Inc.		3,600		103,823
Central Japan Railway Co.		1,200		192,627
Chugai Pharmaceutical Co., Ltd.		1,200		36,722
Dai-ichi Life Insurance Co., Ltd.		2,400		37,944
Daiichi Sankyo Co., Ltd.		1,200		20,741
Daikin Industries, Ltd.		1,200		66,891
Daiwa House Industry Co., Ltd.		2,400		59,066
Daiwa Securities Group, Inc.		12,000		77,121
Denso Corp.		1,200		50,459
Dentsu, Inc.		1,200		61,320
East Japan Railway Co.		1,200		100,747
FANUC Corp.		1,200		183,509
Fuji Heavy Industries, Ltd.		2,400		85,828
FUJIFILM Holdings Corp.		1,200		44,647
GungHo Online Entertainment, Inc.		1,200		3,547
Hino Motors, Ltd.		1,200		12,154
Hitachi Chemical Co., Ltd.		1,200		16,442
Hitachi Construction Machinery Co., Ltd.		1,200		16,001
Hitachi Metals, Ltd.		12,000		138,571
Hitachi, Ltd.		12,000		60,208

See accompanying notes to financial statements.

333

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Honda Motor Co., Ltd.		4,800	$	141,838
Hoya Corp.		1,200		39,107
Isuzu Motors, Ltd.		1,200		11,973
ITOCHU Corp.		9,600		100,797
Japan Tobacco, Inc.		3,600		111,067
JTEKT Corp.		1,200		16,673
Kao Corp.		1,200		54,136
KDDI Corp.		3,600		80,167
Keyence Corp.		100		44,420
Kirin Holdings Co., Ltd.		1,200		15,686
Komatsu, Ltd.		3,600		52,678
Kyocera Corp.		1,200		54,707
Marubeni Corp.		15,600		76,043
Mazda Motor Corp.		1,200		18,837
Medipal Holdings Corp.		2,400		37,894
Mitsubishi Corp.		6,000		97,867
Mitsubishi Electric Corp.		12,000		109,214
Mitsubishi Estate Co., Ltd.		3,000		61,007
Mitsubishi Heavy Industries, Ltd.		12,000		53,344
Mitsubishi Motors Corp.		1,200		9,138
Mitsubishi UFJ Financial Group, Inc.		40,800		244,054
Mitsubishi UFJ Lease & Finance Co., Ltd.		2,400		10,501
Mitsui & Co., Ltd.		4,800		53,725
Mitsui Fudosan Co., Ltd.		2,000		54,490
Mizuho Financial Group, Inc.		81,600		151,869
MS&AD Insurance Group Holdings, Inc.		2,400		63,985
Murata Manufacturing Co., Ltd.		400		51,334
NEC Corp.		9,000		27,579
Nidec Corp.		1,200		82,021
Nikon Corp.		1,200		14,448
Nippon Telegraph & Telephone Corp.		2,400		83,724
Nissan Motor Co., Ltd.		7,200		65,769
Nitto Denko Corp.		1,200		71,390
Nomura Holdings, Inc.		12,000		68,945
NTT DoCoMo, Inc.		6,000		99,846
Olympus Corp.		1,200		37,223
ORIX Corp.		4,800		61,400
Otsuka Holdings Co., Ltd.		1,200		38,155
Panasonic Corp.		4,800		48,234
Rakuten, Inc.		2,400		30,540
Resona Holdings, Inc.		8,400		42,524
Ricoh Co., Ltd.		2,400		24,137
SBI Holdings, Inc.		1,200		13,436
Secom Co., Ltd.		1,200		71,831
Sekisui House, Ltd.		2,400		37,373
Seven & i Holdings Co., Ltd.		2,400		109,094
Shin-Etsu Chemical Co., Ltd.		1,200		61,270
Shionogi & Co., Ltd.		1,200		42,834
Shiseido Co., Ltd.		1,200		26,056
SoftBank Group Corp.		2,400		109,755
Sompo Japan Nipponkoa Holdings, Inc.		1,200		34,628
Sony Corp.		2,400		58,084
Sumitomo Corp.		8,400		80,798
Sumitomo Metal Mining Co., Ltd.		12,000		135,465
Sumitomo Mitsui Financial Group, Inc.		3,600		135,626
Sumitomo Mitsui Trust Holdings, Inc.		12,000		43,826
Suzuki Motor Corp.		1,200		36,692
T&D Holdings, Inc.		2,400		28,145
Takeda Pharmaceutical Co., Ltd.		2,400		104,946
Toho Gas Co., Ltd.		12,000		70,538
Tokio Marine Holdings, Inc.		2,400		89,014
Tokyo Gas Co., Ltd.		12,000		57,893
Tokyu Corp.		12,000		87,672
Tokyu Fudosan Holdings Corp.		1,200		7,946
Toshiba Corp. (a)		12,000		30,099
Toyota Motor Corp.		7,200		419,081
Toyota Tsusho Corp.		1,200		25,179
Unicharm Corp.		1,200		21,181
Yahoo! Japan Corp.		3,600		13,647
Yamato Holdings Co., Ltd.		1,200		22,885

				6,115,882

LUXEMBOURG — 0.1%
RTL Group SA		120		10,314
SES SA		612		19,244
Subsea 7 SA (a)		3,935		29,524
Tenaris SA		1,455		17,427

				76,509

MACAU — 0.0% (b)
MGM China Holdings, Ltd.		4,800		5,556

MALAYSIA — 0.3%
Axiata Group Bhd		6,138		8,099
Bumi Armada Bhd (a)		60,300		12,689
CIMB Group Holdings Bhd		12,108		12,285
Gamuda Bhd		9,600		9,587
Genting Bhd		10,800		17,862
Genting Malaysia Bhd		16,800		15,861
IJM Corp. Bhd		14,400		10,548
IOI Properties Group Bhd		8,750		3,941
Malayan Banking Bhd		11,085		21,586
Petronas Chemicals Group Bhd		13,200		18,438
Petronas Dagangan Bhd		4,800		23,827
Petronas Gas Bhd		12,000		59,949
PPB Group Bhd		3,600		12,629
Public Bank Bhd		3,600		14,348
SapuraKencana Petroleum Bhd		47,300		20,229

				261,878

MEXICO — 0.5%
America Movil SAB de CV (Series L)		85,329		70,593
Coca-Cola FEMSA SAB de CV (Series L)		1,188		8,238
Fibra Uno Administracion SA de CV REIT		5,003		10,306
Fomento Economico Mexicano SAB de CV		4,742		42,328
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		1,188		10,306
Grupo Financiero Banorte SAB de CV		4,742		23,169
Grupo Financiero Santander Mexico SAB de CV (Class B)		2,368		3,499
Grupo Mexico SAB de CV (Series B)		56,528		136,494
Grupo Televisa SAB		4,742		24,680
Mexichem SAB de CV		1,188		2,910
OHL Mexico SAB de CV (a)		10,334		13,287
Wal-Mart de Mexico SAB de CV		16,589		40,634

				386,444

NETHERLANDS — 1.3%
Aegon NV		8,707		49,908
Airbus Group SE		1,692		99,931
Altice NV (Class A) (a)		396		8,277

See accompanying notes to financial statements.

334

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

ASML Holding NV		924	$	80,615
Chicago Bridge & Iron Co. NV		420		16,657
CNH Industrial NV		2,415		15,703
Core Laboratories NV		264		26,347
Delta Lloyd NV		861		7,211
Gemalto NV		168		10,879
Heineken NV		660		53,221
ING Groep NV		10,034		141,686
Koninklijke Ahold NV		732		14,226
Koninklijke KPN NV		7,694		28,720
Koninklijke Philips NV		2,820		66,246
Koninklijke Vopak NV		2,040		81,260
LyondellBasell Industries NV (Class A)		495		41,263
Mylan NV (a)		1,188		47,829
OCI NV (a)		204		5,210
Randstad Holding NV		552		32,786
RELX NV		2,330		37,895
Sensata Technologies Holding NV (a)		519		23,012
Unilever NV		4,265		170,865
Wolters Kluwer NV		852		26,163

				1,085,910

NEW ZEALAND — 0.0% (b)
Auckland International Airport, Ltd.		8,270		25,817

NORWAY — 0.2%
DnB ASA		3,119		40,478
Gjensidige Forsikring ASA		336		4,514
Orkla ASA		3,779		27,955
Seadrill, Ltd. (a)		1,992		11,595
Telenor ASA		2,760		51,414

				135,956

PERU — 0.0% (b)
Compania de Minas Buenaventura SA ADR		1,188		7,080
Credicorp, Ltd.		216		22,974

				30,054

PHILIPPINES — 0.1%
Aboitiz Power Corp.		54,000		49,910
Energy Development Corp.		45,500		5,354
International Container Terminal Services, Inc.		2,400		3,854
JG Summit Holdings, Inc.		4,720		7,155
Philippine Long Distance Telephone Co.		300		14,056
SM Investments Corp.		360		6,859
SM Prime Holdings, Inc.		22,800		10,073
Universal Robina Corp.		1,440		5,915

				103,176

POLAND — 0.1%
Bank Pekao SA		420		17,054
Bank Zachodni WBK SA (a)		96		7,410
Cyfrowy Polsat SA (a)		864		5,310
KGHM Polska Miedz SA		1,283		27,650
mBank SA (a)		48		4,380
Orange Polska SA		2,111		4,036
Powszechna Kasa Oszczednosci Bank Polski SA (a)		3,131		24,232
Powszechny Zaklad Ubezpieczen SA		204		20,907

				110,979

PORTUGAL — 0.0% (b)
Banco Comercial Portugues SA (a)		69,158		3,358

QATAR — 0.1%
Barwa Real Estate Co.		627		7,351
Doha Bank QSC		444		6,120
Industries Qatar QSC		420		14,184
Ooredoo QSC		444		9,387
Qatar National Bank SAQ		473		24,351

				61,393

RUSSIA — 0.3%
Magnit PJSC GDR		948		45,286
MegaFon PJSC GDR		1,200		14,580
Mobile TeleSystems PJSC ADR		3,555		25,667
Moscow Exchange MICEX-RTS PJSC		14,448		17,607
Rostelecom PJSC ADR		948		7,508
Sberbank of Russia ADR		8,294		40,935
Surgutneftegas OAO (a)		98,800		50,073
VTB Bank PJSC GDR		14,581		29,454

				231,110

SINGAPORE — 0.6%
Ascendas REIT		12,000		19,748
Avago Technologies, Ltd.		624		78,006
CapitaLand Mall Trust		12,000		16,035
DBS Group Holdings, Ltd.		12,171		138,752
Genting Singapore PLC		24,000		12,237
Global Logistic Properties, Ltd.		12,000		17,217
Oversea-Chinese Banking Corp., Ltd.		12,478		77,137
Singapore Telecommunications, Ltd.		36,000		91,146
UOL Group, Ltd.		12,240		51,735
Yangzijiang Shipbuilding Holdings, Ltd.		24,000		19,158

				521,171

SOUTH AFRICA — 0.7%
Aspen Pharmacare Holdings, Ltd. (a)		696		14,799
Barclays Africa Group, Ltd.		780		9,601
Bidvest Group, Ltd.		696		16,421
Brait SE (a)		1,162		11,807
FirstRand, Ltd.		12,337		43,854
Foschini Group, Ltd.		648		6,576
Growthpoint Properties, Ltd. REIT		13,466		24,980
Investec, Ltd.		1,068		8,176
Kumba Iron Ore, Ltd.		2,135		12,121
Liberty Holdings, Ltd.		1,283		11,715
Mediclinic International, Ltd.		785		6,269
Mr. Price Group, Ltd.		288		4,020
MTN Group, Ltd.		4,931		63,479
Naspers, Ltd. (Class N)		984		123,163
Nedbank Group, Ltd.		876		13,919
Redefine Properties, Ltd.		15,531		13,142
Remgro, Ltd.		264		4,814
RMB Holdings, Ltd.		4,787		22,822
Sanlam, Ltd.		3,923		16,966
Shoprite Holdings, Ltd.		1,044		11,866
Spar Group, Ltd.		455		6,088
Standard Bank Group, Ltd.		4,751		46,386
Steinhoff International Holdings, Ltd.		4,682		28,748

See accompanying notes to financial statements.

335

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Telkom SA SOC, Ltd.		1,044	$	5,024
Truworths International, Ltd.		1,116		6,862
Vodacom Group, Ltd.		1,704		16,945
Woolworths Holdings, Ltd.		2,219		15,535

				566,098

SOUTH KOREA — 1.5%
AmorePacific Corp.		120		38,977
AmorePacific Group		120		16,502
BNK Financial Group, Inc.		360		4,161
Celltrion, Inc. (a)		189		10,827
Coway Co., Ltd.		120		8,474
Daelim Industrial Co., Ltd.		216		12,228
Daewoo Engineering & Construction Co., Ltd. (a)		948		5,103
Daewoo International Corp.		240		4,201
Daewoo Securities Co., Ltd.		591		5,933
Daum Kakao Corp.		48		5,098
Dongbu Insurance Co., Ltd.		120		6,206
Doosan Corp.		60		5,619
E-Mart Co., Ltd.		72		14,002
GS Engineering & Construction Corp. (a)		228		4,722
Hana Financial Group, Inc.		948		21,115
Hanwha Life Insurance Co., Ltd.		828		5,700
Hyundai Department Store Co., Ltd.		96		10,853
Hyundai Development Co.-Engineering & Construction		240		11,035
Hyundai Engineering & Construction Co., Ltd.		312		9,002
Hyundai Glovis Co., Ltd.		36		6,803
Hyundai Mobis Co., Ltd.		264		51,562
Hyundai Motor Co.		444		61,433
Hyundai Motor Co. Preference Shares (e)		144		13,424
Hyundai Motor Co. Preference Shares (e)		144		13,850
Hyundai Wia Corp.		36		3,918
Industrial Bank of Korea		828		9,500
Kangwon Land, Inc.		591		21,091
KB Financial Group, Inc.		1,080		32,118
Kia Motors Corp.		888		40,156
Korea Aerospace Industries, Ltd.		120		6,874
Korea Electric Power Corp.		1,680		69,451
Korea Gas Corp.		708		23,743
Korea Zinc Co., Ltd.		72		28,276
KT&G Corp.		495		46,564
LG Household & Health Care, Ltd.		24		17,292
Lotte Shopping Co., Ltd.		24		5,781
NAVER Corp.		72		31,162
NCSoft Corp.		48		7,654
Orion Corp.		12		9,537
Paradise Co., Ltd.		240		4,546
S-1 Corp.		96		7,557
Samsung C&T Corp. (a)		182		22,495
Samsung Card Co., Ltd.		144		4,404
Samsung Electronics Co., Ltd.		276		264,055
Samsung Electronics Co., Ltd. Preference Share		60		46,419
Samsung Fire & Marine Insurance Co., Ltd.		84		19,843
Samsung Heavy Industries Co., Ltd.		360		3,736
Samsung Life Insurance Co., Ltd.		180		15,019
Samsung SDI Co., Ltd.		96		8,788
Samsung Securities Co., Ltd.		168		6,442
Shinhan Financial Group Co., Ltd.		1,188		41,494
SK Holdings Co., Ltd.		48		9,881
SK Hynix, Inc.		1,308		37,023
SK Telecom Co., Ltd.		60		13,313
Woori Bank		1,308		10,362

				1,215,324

SPAIN — 1.1%
Abertis Infraestructuras SA		3,224		50,851
Amadeus IT Holding SA (Class A)		1,008		43,010
Banco Bilbao Vizcaya Argentaria SA		15,186		128,491
Banco de Sabadell SA		8,797		16,124
Banco Popular Espanol SA		3,905		14,206
Banco Santander SA		39,996		211,798
Bankia SA		9,966		12,882
CaixaBank SA (a)		4,510		17,343
Enagas SA		2,267		64,832
Ferrovial SA		657		15,650
Grifols SA		168		6,919
Industria de Diseno Textil SA		2,415		80,684
Mapfre SA		10,813		28,184
Red Electrica Corp. SA		1,056		87,393
Telefonica SA		11,548		139,604

				917,971

SWEDEN — 1.1%
Alfa Laval AB		948		15,474
Assa Abloy AB (Class B)		1,872		33,458
Atlas Copco AB (Class A)		972		23,306
Atlas Copco AB (Class B)		2,279		50,813
Autoliv, Inc.		192		20,930
Boliden AB		4,179		65,173
Electrolux AB (Series B)		228		6,416
Getinge AB (Class B)		288		6,401
Hennes & Mauritz AB (Class B)		2,231		81,318
Hexagon AB, (Class B)		264		8,036
Industrivarden AB (Class C)		420		7,351
Investor AB (Class B)		1,455		49,807
Kinnevik Investment AB (Class B)		552		15,723
Lundin Petroleum AB (Class B) (a)		8,717		112,041
Nordea Bank AB		7,043		78,264
Sandvik AB		2,451		20,807
Skandinaviska Enskilda Banken AB (Class A)		2,339		24,918
SKF AB (Class B)		372		6,817
Svenska Handelsbanken AB (Class A)		1,449		20,715
Swedbank AB (Class A)		1,259		27,756
Swedish Match AB		495		14,914
Telefonaktiebolaget LM Ericsson (Class B)		7,370		72,232
TeliaSonera AB		8,282		44,476
Volvo AB (Class B)		4,883		46,635

				853,781

SWITZERLAND — 3.7%
ABB, Ltd. (a)		5,654		99,644
ACE, Ltd.		1,188		122,839
Actelion, Ltd. (a)		168		21,269
Adecco SA (a)		552		40,252

See accompanying notes to financial statements.

336

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Baloise Holding AG		48	$	5,487
Cie Financiere Richemont SA		1,319		102,188
Credit Suisse Group AG (a)		4,288		102,779
EMS-Chemie Holding AG		84		34,452
Geberit AG		60		18,281
Givaudan SA (a)		60		97,329
Julius Baer Group, Ltd. (a)		348		15,749
Kuehne + Nagel International AG		168		21,526
Nestle SA		8,126		609,180
Novartis AG		5,750		526,098
Roche Holding AG		1,704		448,192
Schindler Holding AG		84		12,036
Sika AG		12		36,954
Sulzer AG		48		4,691
Swatch Group AG		60		22,168
Swiss Life Holding AG (a)		156		34,709
Swiss Re AG		1,343		114,906
Swisscom AG		36		17,913
Syngenta AG		408		130,321
TE Connectivity, Ltd.		1,176		70,431
UBS Group AG		9,263		170,736
Zurich Insurance Group AG (a)		396		96,943

				2,977,073

TAIWAN — 1.2%
Advanced Semiconductor Engineering, Inc.		12,000		12,865
Cathay Financial Holding Co., Ltd.		24,000		32,763
China Development Financial Holding Corp.		48,000		12,901
Chunghwa Telecom Co., Ltd.		12,000		36,006
CTBC Financial Holding Co., Ltd.		51,888		26,710
E.Sun Financial Holding Co., Ltd.		13,043		7,665
Far Eastern New Century Corp.		12,240		10,892
Far EasTone Telecommunications Co., Ltd.		12,000		25,875
Formosa Petrochemical Corp.		60,000		142,677
Formosa Plastics Corp.		12,000		25,292
Fubon Financial Holding Co., Ltd.		24,000		37,391
Hon Hai Precision Industry Co., Ltd.		25,200		65,511
Inotera Memories, Inc. (a)		12,000		7,489
Inventec Corp.		12,000		5,685
MediaTek, Inc.		12,000		88,740
Mega Financial Holding Co., Ltd.		36,000		24,928
Pou Chen Corp.		12,000		17,985
Quanta Computer, Inc.		12,000		20,809
Ruentex Development Co., Ltd.		13,609		14,817
Shin Kong Financial Holding Co., Ltd.		37,469		8,876
SinoPac Financial Holdings Co., Ltd.		25,766		8,138
Taishin Financial Holding Co., Ltd.		24,000		8,491
Taiwan Mobile Co., Ltd.		12,000		36,626
Taiwan Semiconductor Manufacturing Co., Ltd.		60,000		236,884
Teco Electric & Machinery Co., Ltd.		12,000		9,421
Yuanta Financial Holding Co., Ltd.		61,573		22,814

				948,251

THAILAND — 0.2%
Advanced Info Service PCL		2,400		14,944
Airports of Thailand PCL		2,400		18,581
Bangkok Bank PCL NVDR		3,600		15,870
BTS Group Holdings PCL		22,800		6,125
CP ALL PCL		9,600		12,630
Energy Absolute PCL		54,000		31,988
Kasikornbank PCL NVDR		4,800		22,615
Krung Thai Bank PCL		10,800		5,088
Siam Commercial Bank PCL		4,800		17,721

				145,562

TURKEY — 0.1%
Akbank TAS		2,796		6,261
TAV Havalimanlari Holding AS		720		5,648
Turkcell Iletisim Hizmetleri AS		3,287		11,453
Turkiye Garanti Bankasi AS		3,555		8,254
Turkiye Halk Bankasi AS		1,431		4,774
Turkiye Is Bankasi (Class C)		3,351		5,213
Turkiye Vakiflar Bankasi Tao (Class D)		2,796		3,537

				45,140

UNITED ARAB EMIRATES — 0.0% (b)
Aldar Properties PJSC		5,985		3,911
DP World, Ltd.		594		12,617
Emaar Properties PJSC		6,597		11,603
First Gulf Bank PJSC		996		3,783

				31,914

UNITED KINGDOM — 7.6%
3i Group PLC		4,324		30,542
Aberdeen Asset Management PLC		2,904		13,043
Admiral Group PLC		324		7,371
Amec Foster Wheeler PLC		5,444		59,085
Antofagasta PLC		13,876		105,030
Aon PLC		612		54,229
ARM Holdings PLC		3,579		51,367
Ashtead Group PLC		1,728		24,343
Associated British Foods PLC		720		36,427
AstraZeneca PLC		3,292		208,513
Aviva PLC		12,064		82,598
Babcock International Group PLC		1,680		23,221
BAE Systems PLC		11,329		76,828
Barclays PLC		44,124		163,182
Barratt Developments PLC		3,648		35,614
BG Group PLC		3,246		46,759
British American Tobacco PLC		5,486		302,730
British Land Co. PLC		3,356		42,625
BT Group PLC		27,007		171,653
Bunzl PLC		1,455		39,010
Burberry Group PLC		1,319		27,332
Capita PLC		2,183		39,614
Cobham PLC		6,458		27,948
Compass Group PLC		5,231		83,436
Croda International PLC		1,008		41,363
Delphi Automotive PLC		672		51,099
Diageo PLC		7,790		208,917
Direct Line Insurance Group PLC		3,618		20,546
Dixons Carphone PLC		1,596		10,260
Ensco PLC (Class A)		1,283		18,065
Experian PLC		3,779		60,562
Fresnillo PLC		1,848		16,558
GlaxoSmithKline PLC		12,613		241,876
Hammerson PLC		4,151		39,204
Hargreaves Lansdown PLC		396		7,240

See accompanying notes to financial statements.

337

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

HSBC Holdings PLC		51,842	$	391,617
ICAP PLC		1,479		10,243
IMI PLC		1,420		20,402
Imperial Tobacco Group PLC		3,227		166,831
Inmarsat PLC		672		9,996
Intertek Group PLC		507		18,670
Intu Properties PLC		4,937		24,649
Investec PLC		1,680		12,864
ITV PLC		10,830		40,356
J Sainsbury PLC		1,716		6,784
Johnson Matthey PLC		1,563		57,958
Kingfisher PLC		7,610		41,337
Land Securities Group PLC		2,595		49,488
Legal & General Group PLC		16,756		60,432
Liberty Global PLC (Class A) (a)		876		37,615
Liberty Global PLC (Series C) (a)		1,044		42,825
Lloyds Banking Group PLC		150,444		171,278
London Stock Exchange Group PLC		612		22,425
Marks & Spencer Group PLC		4,670		35,440
Meggitt PLC		4,091		29,509
Melrose Industries PLC		4,314		17,264
National Grid PLC		11,761		163,702
Next PLC		420		48,414
Nielsen Holdings PLC		1,032		45,893
Old Mutual PLC		12,089		34,628
Pearson PLC		2,368		40,425
Persimmon PLC (a)		1,319		40,119
Petrofac, Ltd.		2,640		30,712
Prudential PLC		6,854		144,674
Randgold Resources, Ltd.		823		48,145
Reckitt Benckiser Group PLC		1,800		163,239
RELX PLC		3,675		63,015
Rolls-Royce Holdings PLC (a)		5,450		55,889
Royal Bank of Scotland Group PLC (a)		6,650		31,730
Royal Mail PLC		1,872		13,010
RSA Insurance Group PLC		2,040		12,444
SABMiller PLC		2,832		160,309
Sage Group PLC		2,892		21,877
Schroders PLC		648		27,533
Segro PLC		3,840		24,982
Severn Trent PLC		2,832		93,689
Shire PLC		1,491		101,722
Signet Jewelers, Ltd.		180		24,503
Sky PLC		3,483		55,080
Smith & Nephew PLC		2,844		49,671
Smiths Group PLC		1,848		28,133
Sports Direct International PLC (a)		936		10,733
Standard Chartered PLC		7,148		69,382
Standard Life PLC		4,761		27,967
Tesco PLC (a)		18,700		51,893
Travis Perkins PLC		1,128		33,592
Unilever PLC		3,555		144,639
United Utilities Group PLC		7,790		109,149
Vodafone Group PLC		72,795		229,850
Weir Group PLC		912		16,163
Whitbread PLC		624		44,122
William Hill PLC		3,305		17,562
Wolseley PLC		972		56,803
WPP PLC		4,835		100,556

				6,172,122

UNITED STATES — 50.2%
3M Co.		1,539		218,184
Abbott Laboratories		4,127		165,988
AbbVie, Inc.		3,995		217,368
Activision Blizzard, Inc.		1,188		36,697
Adobe Systems, Inc. (a)		1,188		97,677
ADT Corp.		588		17,581
Advance Auto Parts, Inc.		156		29,567
Aetna, Inc.		1,188		129,979
Affiliated Managers Group, Inc. (a)		132		22,571
Aflac, Inc.		1,716		99,751
Agilent Technologies, Inc.		1,188		40,784
Akamai Technologies, Inc. (a)		384		26,519
Alexion Pharmaceuticals, Inc. (a)		455		71,157
Alleghany Corp. (a)		48		22,469
Alliance Data Systems Corp. (a)		120		31,078
Allstate Corp.		1,188		69,189
Ally Financial, Inc. (a)		1,655		33,729
Alnylam Pharmaceuticals, Inc. (a)		166		13,340
Alphabet, Inc. (Class A) (a)		684		436,645
Alphabet, Inc. (Class C) (a)		721		438,671
Altera Corp.		1,188		59,495
Altria Group, Inc.		5,927		322,429
Amazon.com, Inc. (a)		948		485,272
American Capital Agency Corp.		3,118		58,307
American Express Co.		2,571		190,588
American International Group, Inc.		4,342		246,712
American Tower Corp.		924		81,294
American Water Works Co., Inc.		2,736		150,699
Ameriprise Financial, Inc.		576		62,859
AmerisourceBergen Corp.		564		53,574
AMETEK, Inc.		1,188		62,156
Amgen, Inc.		1,884		260,595
Amphenol Corp. (Class A)		467		23,798
Analog Devices, Inc.		1,188		67,015
Annaly Capital Management, Inc.		4,742		46,804
Anthem, Inc.		840		117,600
Apple, Inc.		14,024		1,546,847
Applied Materials, Inc.		3,555		52,223
Ashland, Inc.		336		33,808
Assurant, Inc.		443		35,001
AT&T, Inc.		15,440		503,035
Autodesk, Inc. (a)		472		20,834
Automatic Data Processing, Inc.		1,188		95,468
AutoZone, Inc. (a)		84		60,802
AvalonBay Communities, Inc.		348		60,837
Avery Dennison Corp.		540		30,548
Avnet, Inc.		1,188		50,704
Axis Capital Holdings, Ltd.		467		25,087
B/E Aerospace, Inc.		360		15,804
Baker Hughes, Inc.		1,793		93,308
Ball Corp.		407		25,315
Bank of America Corp.		26,071		406,186
Bank of New York Mellon Corp.		3,555		139,178
Baxter International, Inc.		1,431		47,008
BB&T Corp.		1,752		62,371
Becton, Dickinson and Co.		536		71,106

See accompanying notes to financial statements.

338

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Berkshire Hathaway, Inc. (Class B) (a)		2,389	$	311,526
Best Buy Co., Inc.		1,088		40,387
Biogen, Inc. (a)		576		168,083
BioMarin Pharmaceutical, Inc. (a)		323		34,018
BlackRock, Inc.		408		121,368
Boeing Co.		1,872		245,138
BorgWarner, Inc.		483		20,088
Boston Properties, Inc.		276		32,678
Boston Scientific Corp. (a)		3,555		58,338
Bristol-Myers Squibb Co.		4,091		242,187
Broadcom Corp. (Class A)		1,608		82,699
Brown-Forman Corp. (Class B)		519		50,291
C.R. Bard, Inc.		180		33,536
CA, Inc.		2,168		59,186
Cameron International Corp. (a)		1,188		72,848
Campbell Soup Co.		408		20,677
Capital One Financial Corp.		1,932		140,109
Cardinal Health, Inc.		1,088		83,580
CarMax, Inc. (a)		431		25,567
Caterpillar, Inc.		1,680		109,805
CBRE Group, Inc. (Class A) (a)		912		29,184
CBS Corp. (Class B)		1,188		47,401
Celanese Corp. (Series A)		888		52,543
Celgene Corp. (a)		1,944		210,282
CenturyLink, Inc.		1,188		29,843
Cerner Corp. (a)		744		44,610
Charles Schwab Corp.		2,955		84,395
Charter Communications, Inc. (Class A) (a)		132		23,212
Cheniere Energy, Inc. (a)		1,934		93,412
Chipotle Mexican Grill, Inc. (a)		72		51,858
Chubb Corp.		720		88,308
Cigna Corp.		792		106,936
Cimarex Energy Co.		216		22,136
Cincinnati Financial Corp.		505		27,169
Cisco Systems, Inc.		13,549		355,661
CIT Group, Inc.		498		19,935
Citigroup, Inc.		7,922		393,010
Citizens Financial Group, Inc.		1,116		26,628
Citrix Systems, Inc. (a)		384		26,604
CME Group, Inc.		828		76,789
Coach, Inc.		702		20,309
Cobalt International Energy, Inc. (a)		9,482		67,133
Coca-Cola Co.		10,669		428,040
Coca-Cola Enterprises, Inc.		1,188		57,440
Cognizant Technology Solutions Corp. (Class A) (a)		1,563		97,859
Colgate-Palmolive Co.		2,368		150,273
Comcast Corp. (Class A)		5,753		327,231
Comcast Corp. (Class A) Special		788		45,105
Comerica, Inc.		507		20,838
Computer Sciences Corp.		384		23,570
Concho Resources, Inc. (a)		406		39,910
Consolidated Edison, Inc.		888		59,363
Constellation Brands, Inc. (Class A)		624		78,131
Cooper Cos., Inc.		120		17,863
Corning, Inc.		3,555		60,862
Costco Wholesale Corp.		1,179		170,448
Crown Castle International Corp.		756		59,626
CSX Corp.		2,128		57,243
Cummins, Inc.		588		63,845
CVS Health Corp.		3,555		342,986
D.R. Horton, Inc.		1,188		34,880
Danaher Corp.		2,028		172,806
DaVita HealthCare Partners, Inc. (a)		300		21,699
Deere & Co.		827		61,198
Discover Financial Services		1,188		61,764
Discovery Communications, Inc. (Series A) (a)		1,188		30,924
DISH Network Corp. (Class A) (a)		495		28,878
Dollar General Corp.		660		47,810
Dollar Tree, Inc. (a)		288		19,198
Dover Corp.		636		36,366
Dr. Pepper Snapple Group, Inc.		552		43,636
E. I. du Pont de Nemours & Co.		1,860		89,652
eBay, Inc. (a)		2,832		69,214
Ecolab, Inc.		1,563		171,492
Edwards Lifesciences Corp. (a)		228		32,415
Electronic Arts, Inc. (a)		672		45,528
Eli Lilly & Co.		2,368		198,178
EMC Corp.		5,927		143,196
Emerson Electric Co.		2,368		104,595
EOG Resources, Inc.		1,188		86,486
Equifax, Inc.		431		41,885
Equinix, Inc.		84		22,966
Equity Residential		876		65,805
Essex Property Trust, Inc.		113		25,246
Estee Lauder Cos., Inc. (Class A)		744		60,026
Everest Re Group, Ltd.		276		47,842
Eversource Energy		2,368		119,868
Expedia, Inc.		252		29,655
Expeditors International of Washington, Inc.		1,188		55,895
Express Scripts Holding Co. (a)		2,076		168,073
F5 Networks, Inc. (a)		156		18,065
Facebook, Inc. (Class A) (a)		5,158		463,704
Fastenal Co.		1,188		43,493
FedEx Corp.		122		17,566
Fidelity National Information Services, Inc.		1,088		72,983
Fifth Third Bancorp		2,368		44,779
Fiserv, Inc. (a)		588		50,927
FleetCor Technologies, Inc. (a)		156		21,469
Flowserve Corp.		564		23,203
Fluor Corp.		1,188		50,312
FMC Technologies, Inc. (a)		1,620		50,220
FNF Group		300		10,641
Foot Locker, Inc.		324		23,318
Ford Motor Co.		8,294		112,550
Franklin Resources, Inc.		1,188		44,265
Freeport-McMoRan, Inc.		1,669		16,173
Frontier Communications Corp.		2,368		11,248
Gap, Inc.		612		17,442
Garmin, Ltd.		324		11,625
General Dynamics Corp.		924		127,466
General Electric Co.		26,257		662,202
General Growth Properties, Inc.		1,188		30,852
General Mills, Inc.		1,657		93,007
General Motors Co.		3,166		95,043

See accompanying notes to financial statements.

339

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Gilead Sciences, Inc.		3,555	$	349,065
Goldman Sachs Group, Inc.		1,188		206,427
H&R Block, Inc.		1,188		43,006
Halliburton Co.		3,555		125,669
Hanesbrands, Inc.		864		25,004
Harley-Davidson, Inc.		540		29,646
Harman International Industries, Inc.		198		19,006
Hartford Financial Services Group, Inc.		1,968		90,095
HCA Holdings, Inc. (a)		564		43,631
HCP, Inc.		1,188		44,253
Helmerich & Payne, Inc.		552		26,088
Henry Schein, Inc. (a)		336		44,594
Hershey Co.		528		48,513
Hertz Global Holdings, Inc. (a)		1,188		19,875
Hewlett-Packard Co.		4,742		121,443
HollyFrontier Corp.		1,176		57,436
Hologic, Inc. (a)		502		19,643
Home Depot, Inc.		3,455		399,018
Honeywell International, Inc.		1,891		179,059
Host Hotels & Resorts, Inc.		1,188		18,782
Humana, Inc.		443		79,297
Huntington Bancshares, Inc.		1,188		12,593
IHS, Inc. (Class A) (a)		192		22,272
Illinois Tool Works, Inc.		1,179		97,043
Illumina, Inc. (a)		324		56,966
Incyte Corp. (a)		252		27,803
Ingersoll-Rand PLC		828		42,038
Intel Corp.		12,050		363,187
Intercontinental Exchange, Inc.		276		64,857
International Business Machines Corp.		2,368		343,289
International Flavors & Fragrances, Inc.		657		67,842
Interpublic Group of Cos., Inc.		1,188		22,726
Intuit, Inc.		612		54,315
Intuitive Surgical, Inc. (a)		84		38,605
Invesco, Ltd.		1,188		37,101
Iron Mountain, Inc.		156		4,839
J.M. Smucker Co.		431		49,173
Jacobs Engineering Group, Inc. (a)		1,188		44,467
Johnson & Johnson		7,107		663,438
Johnson Controls, Inc.		1,188		49,136
JPMorgan Chase & Co.		9,482		578,118
Juniper Networks, Inc.		1,188		30,543
Kansas City Southern		324		29,445
Kellogg Co.		588		39,131
Keurig Green Mountain, Inc.		312		16,268
KeyCorp		2,368		30,808
Kimberly-Clark Corp.		424		46,233
Kimco Realty Corp.		1,188		29,023
Kinder Morgan, Inc.		7,901		218,700
KLA-Tencor Corp.		528		26,400
Kohl’s Corp.		396		18,339
Kraft Heinz Co.		1,860		131,279
Kroger Co.		868		31,309
L Brands, Inc.		552		49,752
L-3 Communications Holdings, Inc.		300		31,356
Lam Research Corp.		483		31,554
Las Vegas Sands Corp.		1,188		45,108
Lennar Corp. (Class A)		507		24,402
Level 3 Communications, Inc. (a)		300		13,107
Liberty Interactive Corp. QVC Group (Class A) (a)		1,188		31,161
Liberty Media Corp. (Class A) (a)		472		16,860
Liberty Media Corp. (Class C) (a)		507		17,471
Lincoln National Corp.		1,188		56,382
Linear Technology Corp.		576		23,242
LinkedIn Corp. (Class A) (a)		240		45,631
LKQ Corp. (a)		534		15,144
Lockheed Martin Corp.		768		159,214
Loews Corp.		1,188		42,934
Lowe’s Cos., Inc.		2,368		163,203
M&T Bank Corp.		216		26,341
Macy’s, Inc.		804		41,261
ManpowerGroup, Inc.		540		44,221
Marathon Petroleum Corp.		1,512		70,051
Marsh & McLennan Cos., Inc.		853		44,544
Masco Corp.		1,188		29,914
Mastercard, Inc. (Class A)		2,368		213,404
Mattel, Inc.		1,188		25,019
McCormick & Co., Inc.		564		46,350
McDonald’s Corp.		2,760		271,943
McGraw Hill Financial, Inc.		588		50,862
McKesson Corp.		624		115,459
Mead Johnson Nutrition Co.		552		38,861
Merck & Co., Inc.		7,107		351,015
MetLife, Inc.		3,555		167,618
Micron Technology, Inc. (a)		2,368		35,473
Microsoft Corp.		18,963		839,302
Molson Coors Brewing Co. (Class B)		408		33,872
Mondelez International, Inc. (Class A)		4,575		191,555
Monsanto Co.		1,836		156,684
Monster Beverage Corp. (a)		384		51,894
Moody’s Corp.		336		32,995
Morgan Stanley		4,342		136,773
Mosaic Co.		132		4,107
Motorola Solutions, Inc.		483		33,028
Nasdaq, Inc.		431		22,985
National Oilwell Varco, Inc.		2,368		89,155
Navient Corp.		1,089		12,240
NetApp, Inc.		1,188		35,165
Netflix, Inc. (a)		924		95,412
News Corp. (Class A)		1,224		15,447
NIKE, Inc. (Class B)		1,824		224,297
Norfolk Southern Corp.		495		37,818
Northern Trust Corp.		600		40,896
Northrop Grumman Corp.		544		90,277
Nuance Communications, Inc. (a)		1,188		19,448
NVIDIA Corp.		2,368		58,371
O’Reilly Automotive, Inc. (a)		252		63,000
Oceaneering International, Inc.		588		23,097
Omnicom Group, Inc.		708		46,657
ONEOK, Inc.		2,646		85,201
Oracle Corp.		9,482		342,490
PACCAR, Inc.		1,188		61,978
Packaging Corp. of America		396		23,823
Palo Alto Networks, Inc. (a)		96		16,512
Parker-Hannifin Corp.		483		46,996
PartnerRe, Ltd.		264		36,664
Paychex, Inc.		612		29,150

See accompanying notes to financial statements.

340

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Pepco Holdings, Inc.		1,188	$	28,773
PepsiCo, Inc.		4,055		382,387
Pfizer, Inc.		15,516		487,358
PG&E Corp.		1,720		90,816
Philip Morris International, Inc.		4,359		345,799
Phillips 66		685		52,635
Pioneer Natural Resources Co.		824		100,231
PNC Financial Services Group, Inc.		1,596		142,363
Polaris Industries, Inc.		132		15,823
PPG Industries, Inc.		1,224		107,333
Precision Castparts Corp.		443		101,762
Priceline Group, Inc. (a)		132		163,266
Principal Financial Group, Inc.		839		39,718
Procter & Gamble Co.		7,107		511,278
Progressive Corp.		1,188		36,400
ProLogis, Inc.		1,431		55,666
Prudential Financial, Inc.		1,608		122,546
Public Storage		396		83,805
Pulte Group, Inc.		1,188		22,418
PVH Corp.		240		24,466
Qorvo, Inc. (a)		354		15,948
QUALCOMM, Inc.		4,542		244,042
Quanta Services, Inc. (a)		1,188		28,761
Quest Diagnostics, Inc.		360		22,129
Ralph Lauren Corp.		204		24,105
Raymond James Financial, Inc.		324		16,080
Raytheon Co.		988		107,949
Realogy Holdings Corp. (a)		431		16,219
Realty Income Corp.		455		21,562
Red Hat, Inc. (a)		336		24,152
Regeneron Pharmaceuticals, Inc. (a)		180		83,725
Regions Financial Corp.		4,742		42,725
Reynolds American, Inc.		3,066		135,732
Robert Half International, Inc.		396		20,259
Rockwell Automation, Inc.		588		59,664
Rockwell Collins, Inc.		495		40,511
Roper Technologies, Inc.		348		54,532
Ross Stores, Inc.		1,014		49,149
Salesforce.com, Inc. (a)		1,497		103,937
SanDisk Corp.		624		33,902
SBA Communications Corp. (Class A) (a)		180		18,853
Schlumberger, Ltd.		4,642		320,159
Sealed Air Corp.		788		36,941
Sempra Energy		332		32,111
ServiceNow, Inc. (a)		192		13,334
Sherwin-Williams Co.		467		104,038
Sigma-Aldrich Corp.		948		131,696
Simon Property Group, Inc.		768		141,097
Sirius XM Holdings, Inc. (a)		5,123		19,160
Skyworks Solutions, Inc.		455		38,316
SL Green Realty Corp.		180		19,469
Snap-On, Inc.		240		36,226
Spectra Energy Corp.		7,823		205,510
Splunk, Inc. (a)		331		18,321
Sprint Corp. (a)		1,307		5,019
St. Jude Medical, Inc.		1,088		68,642
Stanley Black & Decker, Inc.		636		61,679
Staples, Inc.		2,368		27,777
Starbucks Corp.		4,080		231,907
State Street Corp. (f)		1,188		79,845
Stryker Corp.		1,188		111,791
SunTrust Banks, Inc.		1,188		45,429
Symantec Corp.		2,368		46,105
Synopsys, Inc. (a)		528		24,383
Sysco Corp.		2,268		88,384
T-Mobile US, Inc. (a)		588		23,408
T. Rowe Price Group, Inc.		768		53,376
Target Corp.		1,188		93,448
TD Ameritrade Holding Corp.		1,088		34,642
TEGNA, Inc.		707		15,830
Tesla Motors, Inc. (a)		204		50,674
Tesoro Corp.		237		23,046
Texas Instruments, Inc.		2,368		117,263
Textron, Inc.		1,088		40,952
Thermo Fisher Scientific, Inc.		1,188		145,269
Tiffany & Co.		384		29,652
Time Warner Cable, Inc.		720		129,146
Time Warner, Inc.		2,368		162,800
TJX Cos., Inc.		1,860		132,841
Toll Brothers, Inc. (a)		988		33,829
Towers Watson & Co. (Class A)		240		28,171
Tractor Supply Co.		300		25,296
TransDigm Group, Inc. (a)		132		28,038
Travelers Cos., Inc.		1,188		118,242
Trimble Navigation, Ltd. (a)		1,188		19,507
TripAdvisor, Inc. (a)		276		17,394
Twenty-First Century Fox, Inc. (Class A)		2,676		72,198
Twenty-First Century Fox, Inc. (Class B)		2,207		59,743
Twitter, Inc. (a)		816		21,983
U.S. Bancorp		4,742		194,469
Under Armour, Inc. (Class A) (a)		360		34,841
Union Pacific Corp.		2,088		184,600
United Parcel Service, Inc. (Class B)		1,367		134,909
United Rentals, Inc. (a)		324		19,456
United Technologies Corp.		2,477		220,428
UnitedHealth Group, Inc.		2,595		301,046
Unum Group		1,188		38,111
V.F. Corp.		876		59,752
Valero Energy Corp.		798		47,960
Vantiv, Inc. (Class A) (a)		192		8,625
Varian Medical Systems, Inc. (a)		252		18,593
Ventas, Inc.		648		36,327
VEREIT, Inc.		2,356		18,188
Verisk Analytics, Inc. (a)		372		27,495
Verizon Communications, Inc.		10,669		464,208
Vertex Pharmaceuticals, Inc. (a)		519		54,049
Viacom, Inc. (Class B)		1,188		51,262
Visa, Inc. (Class A)		5,132		357,495
VMware, Inc. (Class A) (a)		216		17,019
Vornado Realty Trust		273		24,685
Voya Financial, Inc.		1,078		41,794
W.W. Grainger, Inc.		228		49,022
Wabtec Corp.		396		34,868
Wal-Mart Stores, Inc.		4,276		277,256
Walgreens Boots Alliance, Inc.		2,368		196,781
Walt Disney Co.		4,042		413,092
Waters Corp. (a)		204		24,115
Wells Fargo & Co.		12,541		643,980

See accompanying notes to financial statements.

341

SPDR MSCI ACWI Low Carbon Target ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Welltower, Inc.		792	$	53,634
Western Digital Corp.		624		49,571
Western Union Co.		1,188		21,812
Whirlpool Corp.		144		21,205
Whole Foods Market, Inc.		1,188		37,600
Williams Cos., Inc.		4,351		160,334
Workday, Inc. (Class A) (a)		156		10,742
Wyndham Worldwide Corp.		240		17,256
Wynn Resorts, Ltd.		204		10,836
Xerox Corp.		3,555		34,590
Xilinx, Inc.		1,188		50,371
XL Group PLC		1,188		43,148
Xylem, Inc.		648		21,287
Yahoo!, Inc. (a)		2,368		68,459
Yum! Brands, Inc.		900		71,955
Zimmer Biomet Holdings, Inc.		552		51,849
Zoetis, Inc.		984		40,522

				40,918,885

TOTAL COMMON STOCKS —
(Cost $88,460,676)				81,041,545

RIGHTS — 0.0% (b)
SPAIN — 0.0% (b)
Banco Popular Espanol SA (expired 9/25/15) (a) (Cost $88)		3,905		78

SHORT TERM INVESTMENT — 0.2%
UNITED STATES — 0.2%
MONEY MARKET FUND — 0.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h) (Cost $147,924)		147,924		147,924

TOTAL INVESTMENTS — 99.7%
(Cost $88,608,688)				81,189,547
OTHER ASSETS & LIABILITIES — 0.3%				284,688

NET ASSETS — 100.0%			$	81,474,235


(a)		Non-income producing security
(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 Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(d)		Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(e)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(f)		Affiliated issuer (Note 3).
(g)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(h)		The rate shown is the annualized seven-day yield at period end.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

342

SPDR MSCI EM 50 ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.4%
BRAZIL — 6.4%
Ambev SA ADR		15,218	$	74,568
Banco Bradesco SA Preference Shares ADR		8,160		43,738
BRF — Brasil Foods SA ADR		2,110		37,537
Itau Unibanco Holding SA Preference Shares ADR		9,826		65,048
Petroleo Brasileiro SA Preference Shares ADR (a)		6,353		23,379

				244,270

CHINA — 27.0%
Agricultural Bank of China, Ltd. (Class H)		74,000		27,977
Bank of China, Ltd. (Class H)		256,196		110,081
China Construction Bank Corp. (Class H)		271,154		180,185
China Life Insurance Co., Ltd. (Class H)		23,584		81,555
China Merchants Bank Co., Ltd. (Class H)		15,000		36,193
China Petroleum & Chemical Corp. (Class H)		81,600		49,591
Industrial & Commercial Bank of China, Ltd. (Class H)		237,454		136,650
PetroChina Co., Ltd. (Class H)		66,812		46,294
Ping An Insurance Group Co. of China, Ltd. (Class H)		17,000		84,122
Tencent Holdings, Ltd.		16,583		276,667

				1,029,315

HONG KONG — 8.7%
China Mobile, Ltd.		19,855		235,184
China Overseas Land & Investment, Ltd.		12,000		36,232
CNOOC, Ltd. (b)		57,362		58,694

				330,110

INDIA — 2.1%
ICICI Bank, Ltd. ADR		6,920		57,990
Tata Motors, Ltd. ADR (a)(b)		1,029		23,152

				81,142

MALAYSIA — 1.6%
Malayan Banking Bhd		15,063		29,333
Public Bank Bhd		8,130		32,403

				61,736

MEXICO — 4.1%
America Movil SAB de CV, Series L, ADR		5,178		85,696
Cemex SAB de CV ADR (a)		4,137		28,918
Grupo Televisa SA de CV ADR		1,578		41,059

				155,673

RUSSIA — 5.7%
Gazprom PAO ADR		19,101		76,786
Lukoil PJSC ADR		1,647		55,932
Magnit PJSC GDR		842		40,223
Sberbank of Russia ADR (c)		8,028		39,622
Sberbank of Russia ADR (c)		713		3,508

				216,071

SOUTH AFRICA — 10.6%
FirstRand, Ltd. (b)		10,903		38,756
MTN Group, Ltd.		5,366		69,079
Naspers, Ltd. (Class N)		1,282		160,462
Sasol, Ltd. (b)		1,791		50,206
Standard Bank Group, Ltd.		3,932		38,390
Steinhoff International Holdings, Ltd. (b)		7,429		45,615

				402,508

SOUTH KOREA — 18.2%
Hyundai Mobis Co., Ltd.		218		42,577
Hyundai Motor Co.		498		68,904
KB Financial Group, Inc. ADR		1,252		36,796
Kia Motors Corp.		842		38,076
NAVER Corp.		90		38,952
POSCO ADR		902		31,588
Samsung Electronics Co., Ltd. GDR		713		336,893
Shinhan Financial Group Co., Ltd. ADR		1,373		47,780
SK Hynix, Inc.		1,880		53,214

				694,780

TAIWAN — 15.0%
Cathay Financial Holding Co., Ltd.		26,650		36,380
Chunghwa Telecom Co., Ltd. ADR (b)		1,199		36,234
Formosa Plastics Corp.		13,280		27,990
Hon Hai Precision Industry Co., Ltd. GDR		21,786		119,387
MediaTek, Inc.		5,000		36,975
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (b)		15,261		316,666

				573,632

TOTAL COMMON STOCKS —
(Cost $4,834,974)				3,789,237

SHORT TERM INVESTMENTS — 11.4%
UNITED STATES — 11.4%
MONEY MARKET FUNDS — 11.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		428,141		428,141
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f)		7,182		7,182

TOTAL SHORT TERM INVESTMENTS —
(Cost $435,323)				435,323

TOTAL INVESTMENTS — 110.8%
(Cost $5,270,297)				4,224,560
OTHER ASSETS & LIABILITIES — (10.8)%				(410,766	)

NET ASSETS — 100.0%			$	3,813,794


(a)		Non-income producing security
(b)		All or a portion of the security was on loan at September 30, 2015.
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PJSC = Public Joint Stock Company

See accompanying notes to financial statements.

343

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
CHILE — 3.2%
AES Gener SA		3,116	$	1,454
Banco de Chile		91,964		9,563
Banco Santander Chile ADR		467		8,509
Cencosud SA ADR		1,152		6,728
Cia Cervecerias Unidas SA		287		3,157
Corpbanca SA		244,432		2,148
Empresa Nacional de Electricidad SA ADR		441		15,660
Empresas COPEC SA		410		3,711
Enersis SA ADR (a)		988		12,488
Latam Airlines Group SA ADR (a)(b)		733		3,577
SACI Falabella		657		4,062
Sociedad Quimica y Minera de Chile SA ADR		311		4,522

				75,579

COLOMBIA — 1.3%
Almacenes Exito SA		512		2,199
BanColombia SA ADR (a)		193		6,215
Cementos Argos SA		1,416		4,330
Ecopetrol SA ADR		449		3,861
Grupo de Inversiones Suramericana SA		691		8,031
Grupo de Inversiones Suramericana SA Preference Shares		185		2,121
Interconexion Electrica SA ESP		1,477		3,421

				30,178

CZECH REPUBLIC — 0.6%
CEZ AS		358		7,444
Komercni Banka AS		36		7,793

				15,237

EGYPT — 0.5%
Commercial International Bank Egypt SAE GDR		1,615		9,900
Global Telecom Holding SAE GDR (b)		2,245		2,582

				12,482

GREECE — 0.6%
Alpha Bank AE (b)		4,195		501
Eurobank Ergasias SA (b)		14,452		355
FF Group (b)		60		1,219
Hellenic Telecommunications Organization SA		474		4,127
JUMBO SA		114		999
National Bank of Greece SA (b)		2,735		1,175
OPAP SA		432		3,896
Piraeus Bank SA (b)		3,614		315
Titan Cement Co. SA		55		1,240

				13,827

HUNGARY — 0.8%
MOL Hungarian Oil & Gas PLC		119		5,182
OTP Bank PLC		456		8,784
Richter Gedeon NyRt		270		4,287

				18,253

INDONESIA — 5.6%
Adaro Energy Tbk PT		34,900		1,275
Astra International Tbk PT		34,900		12,447
Bank Central Asia Tbk PT		22,000		18,433
Bank Mandiri Persero Tbk PT		21,000		11,360
Bank Negara Indonesia Persero Tbk PT		20,000		5,645
Bank Rakyat Indonesia Persero Tbk PT		19,000		11,218
Charoen Pokphand Indonesia Tbk PT		18,000		2,457
Indocement Tunggal Prakarsa Tbk PT		4,000		4,491
Indofood Sukses Makmur Tbk PT		12,500		4,693
Kalbe Farma Tbk PT		67,400		6,326
Lippo Karawaci Tbk PT		55,900		4,312
Matahari Department Store Tbk PT		3,100		3,407
Perusahaan Gas Negara Persero Tbk PT		26,000		4,490
Semen Indonesia Persero Tbk PT		7,500		4,633
Surya Citra Media Tbk PT		14,200		2,656
Telekomunikasi Indonesia Persero Tbk PT		99,300		17,928
Tower Bersama Infrastructure Tbk PT (b)		3,601		1,610
Unilever Indonesia Tbk PT		3,500		9,079
United Tractors Tbk PT		4,500		5,368

				131,828

MALAYSIA — 7.7%
AirAsia Bhd		2,200		641
Alliance Financial Group Bhd		3,500		2,667
AMMB Holdings Bhd		3,500		3,631
Axiata Group Bhd		4,808		6,344
British American Tobacco Malaysia Bhd		300		4,117
Bumi Armada Bhd (b)		5,300		1,115
CIMB Group Holdings Bhd		8,595		8,721
Dialog Group Bhd		5,700		2,075
Digi.Com Bhd		7,300		9,217
Felda Global Ventures Holdings Bhd		2,900		990
Gamuda Bhd		6,000		5,992
Genting Bhd		4,600		7,608
Genting Malaysia Bhd		7,100		6,703
Hong Leong Bank Bhd		1,300		3,880
IHH Healthcare Bhd		6,100		8,284
IJM Corp. Bhd		7,600		5,567
IOI Corp. Bhd		5,500		5,092
IOI Properties Group Bhd		3,148		1,418
Kuala Lumpur Kepong Bhd		1,000		4,937
Malayan Banking Bhd		7,699		14,992
Malaysia Airports Holdings Bhd		1,585		1,893
Maxis Bhd		4,300		6,407
Petronas Chemicals Group Bhd		5,100		7,124
Petronas Dagangan Bhd		500		2,482
Petronas Gas Bhd		1,300		6,494
PPB Group Bhd		1,400		4,911
Public Bank Bhd		2,860		11,399
SapuraKencana Petroleum Bhd		8,300		3,550
Sime Darby Bhd		4,728		8,379
Telekom Malaysia Bhd		3,415		5,190
Tenaga Nasional Bhd		5,400		14,766
UMW Holdings Bhd		1,400		2,395
YTL Corp. Bhd		10,800		3,931

				182,912

MEXICO — 11.8%
Alfa SAB de CV (Class A)		5,372		10,451
America Movil SAB de CV (Series L)		59,741		49,424
Arca Continental SAB de CV		700		3,931
Cemex SAB de CV (b)		21,361		14,861
Coca-Cola FEMSA SAB de CV (Series L)		995		6,900

See accompanying notes to financial statements.

344

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

El Puerto de Liverpool SAB de CV (Class C1)		300	$	3,886
Fibra Uno Administracion SA de CV REIT		3,106		6,398
Fomento Economico Mexicano SAB de CV		3,182		28,403
Gentera SAB de CV		1,839		3,003
Gruma SAB de CV (Class B)		300		4,157
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		500		4,338
Grupo Aeroportuario del Sureste SAB de CV (Class B)		697		10,623
Grupo Bimbo SAB de CV (b)		3,683		9,304
Grupo Carso SAB de CV		1,393		6,227
Grupo Financiero Banorte SAB de CV		4,578		22,368
Grupo Financiero Inbursa SAB de CV		4,977		10,261
Grupo Financiero Santander Mexico SAB de CV (Class B)		3,982		5,884
Grupo Mexico SAB de CV (Series B)		4,464		10,779
Grupo Televisa SAB		4,774		24,846
Industrias Penoles SAB de CV		304		4,134
Kimberly-Clark de Mexico SAB de CV (Class A)		3,683		8,308
Mexichem SAB de CV		2,488		6,094
Promotora y Operadora de Infraestructura SAB de CV (b)		549		6,026
Wal-Mart de Mexico SAB de CV		8,391		20,553

				281,159

PERU — 1.0%
Compania de Minas Buenaventura SA ADR		161		960
Credicorp, Ltd. (a)		132		14,039
Southern Copper Corp. (a)		298		7,963

				22,962

PHILIPPINES — 3.8%
Aboitiz Equity Ventures, Inc.		5,790		7,148
Ayala Corp.		520		8,533
Ayala Land, Inc.		15,000		10,911
BDO Unibank, Inc.		4,730		10,474
Globe Telecom, Inc.		105		5,275
GT Capital Holdings, Inc.		170		4,601
International Container Terminal Services, Inc.		2,810		4,512
JG Summit Holdings, Inc.		3,760		5,700
Jollibee Foods Corp.		1,570		6,476
Philippine Long Distance Telephone Co.		115		5,388
SM Investments Corp.		400		7,621
SM Prime Holdings, Inc.		14,500		6,406
Universal Robina Corp.		1,980		8,133

				91,178

POLAND — 3.6%
Bank Pekao SA		281		11,410
Bank Zachodni WBK SA (b)		41		3,165
Eurocash SA		111		1,304
KGHM Polska Miedz SA		314		6,767
LPP SA		1		2,057
mBank SA (b)		39		3,559
Orange Polska SA		1,857		3,550
PGE Polska Grupa Energetyczna SA		1,662		5,892
Polski Koncern Naftowy Orlen SA		658		11,455
Polskie Gornictwo Naftowe i Gazownictwo SA		4,454		7,637
Powszechna Kasa Oszczednosci Bank Polski SA (b)		1,773		13,722
Powszechny Zaklad Ubezpieczen SA		122		12,503
Tauron Polska Energia SA		3,880		3,347

				86,368

QATAR — 2.9%
Barwa Real Estate Co.		117		1,372
Commercial Bank QSC		157		2,431
Doha Bank QSC		115		1,585
Ezdan Holding Group QSC		1,397		7,173
Gulf International Services QSC		78		1,392
Industries Qatar QSC		267		9,017
Masraf Al Rayan QSC		684		8,076
Ooredoo QSC		122		2,579
Qatar Electricity & Water Co. QSC		96		5,520
Qatar Insurance Co. SAQ		214		5,470
Qatar Islamic Bank SAQ		180		5,649
Qatar National Bank SAQ		265		13,643
Vodafone Qatar QSC		974		3,632

				67,539

SOUTH AFRICA — 13.9%
Anglo American Platinum, Ltd. (a)(b)		75		1,243
AngloGold Ashanti, Ltd. (b)		671		5,313
Aspen Pharmacare Holdings, Ltd. (b)		498		10,589
Barclays Africa Group, Ltd.		577		7,102
Bidvest Group, Ltd. (a)		565		13,330
Brait SE (a)(b)		409		4,156
Discovery, Ltd.		520		5,177
Exxaro Resources, Ltd. (a)		233		885
FirstRand, Ltd.		2,946		10,472
Foschini Group, Ltd.		490		4,973
Gold Fields, Ltd.		1,371		3,574
Growthpoint Properties, Ltd. REIT		3,645		6,762
Impala Platinum Holdings, Ltd. (b)		962		2,673
Imperial Holdings, Ltd.		349		4,279
Kumba Iron Ore, Ltd. (a)		74		420
Life Healthcare Group Holdings, Ltd.		2,251		5,797
Mediclinic International, Ltd.		672		5,367
MMI Holdings, Ltd.		2,293		3,945
Mondi, Ltd.		161		3,379
Mr. Price Group, Ltd.		266		3,713
MTN Group, Ltd.		2,258		29,068
Naspers, Ltd. (Class N)		507		63,459
Nedbank Group, Ltd.		365		5,800
Redefine Properties, Ltd.		6,564		5,554
Remgro, Ltd.		819		14,934
RMB Holdings, Ltd.		1,611		7,680
Sanlam, Ltd.		2,269		9,813
Sasol, Ltd. (a)		713		19,987
Shoprite Holdings, Ltd.		752		8,547
Spar Group, Ltd.		360		4,817
Standard Bank Group, Ltd.		1,556		15,192
Steinhoff International Holdings, Ltd. (a)		2,772		17,021
Tiger Brands, Ltd.		232		5,114
Truworths International, Ltd.		593		3,646
Vodacom Group, Ltd.		668		6,643

See accompanying notes to financial statements.

345

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Woolworths Holdings, Ltd.		1,469	$	10,284

				330,708

SOUTH KOREA — 15.7%
AmorePacific Corp.		30		9,744
AmorePacific Group		30		4,125
Celltrion, Inc. (b)		35		2,005
Cheil Worldwide, Inc. (b)		110		1,689
CJ CheilJedang Corp.		6		1,926
CJ Corp.		11		2,450
Coway Co., Ltd.		40		2,825
Daewoo Securities Co., Ltd.		50		502
Daum Kakao Corp.		23		2,443
E-Mart Co., Ltd.		27		5,251
GS Engineering & Construction Corp. (b)		50		1,036
Hana Financial Group, Inc.		290		6,459
Hankook Tire Co., Ltd.		99		3,307
Hanmi Pharm Co., Ltd. (b)		7		2,194
Hanssem Co., Ltd.		10		2,409
Hotel Shilla Co., Ltd.		30		2,911
Hyosung Corp.		26		2,468
Hyundai Development Co.-Engineering & Construction		50		2,299
Hyundai Engineering & Construction Co., Ltd.		91		2,626
Hyundai Glovis Co., Ltd.		15		2,835
Hyundai Heavy Industries Co., Ltd. (b)		43		3,501
Hyundai Mobis Co., Ltd.		56		10,937
Hyundai Motor Co.		123		17,018
Hyundai Motor Co. Preference Shares		38		3,543
Hyundai Steel Co.		83		3,606
Hyundai Wia Corp.		10		1,088
Industrial Bank of Korea		210		2,409
KB Financial Group, Inc. ADR		363		10,669
KEPCO Plant Service & Engineering Co., Ltd.		20		2,042
Kia Motors Corp.		223		10,084
Korea Aerospace Industries, Ltd.		30		1,719
Korea Electric Power Corp. ADR (a)		458		9,384
KT&G Corp.		90		8,466
LG Chem, Ltd.		40		9,635
LG Corp.		73		3,751
LG Display Co., Ltd. ADR		677		6,431
LG Electronics, Inc.		134		5,161
LG Household & Health Care, Ltd.		8		5,764
LG Innotek Co., Ltd.		20		1,485
Lotte Chemical Corp.		12		2,733
Lotte Shopping Co., Ltd.		18		4,336
NAVER Corp.		21		9,089
NCSoft Corp.		7		1,116
Orion Corp.		2		1,589
POSCO ADR		223		7,809
S-1 Corp.		14		1,102
S-Oil Corp.		54		2,852
Samsung C&T Corp. (b)		36		4,449
Samsung Electro-Mechanics Co., Ltd.		44		2,387
Samsung Electronics Co., Ltd. GDR (c)		170		80,325
Samsung Electronics Co., Ltd. GDR (c)		31		11,873
Samsung Fire & Marine Insurance Co., Ltd.		23		5,433
Samsung Heavy Industries Co., Ltd.		210		2,179
Samsung Life Insurance Co., Ltd.		61		5,090
Samsung SDI Co., Ltd.		59		5,401
Samsung SDS Co., Ltd.		20		4,859
Samsung Securities Co., Ltd.		44		1,687
Shinhan Financial Group Co., Ltd. ADR		296		10,301
SK Holdings Co., Ltd.		36		7,411
SK Hynix, Inc.		510		14,436
SK Innovation Co., Ltd. (b)		75		6,201
Woori Bank		403		3,193

				374,048

TAIWAN — 15.4%
Advanced Semiconductor Engineering Inc, ADR		1,381		7,582
Asia Cement Corp.		5,120		5,007
Asustek Computer, Inc.		1,000		8,579
AU Optronics Corp. ADR (a)		902		2,670
Catcher Technology Co., Ltd.		1,000		10,645
Cathay Financial Holding Co., Ltd.		6,450		8,805
Chang Hwa Commercial Bank, Ltd.		8,731		4,296
Cheng Shin Rubber Industry Co., Ltd.		2,000		3,280
China Development Financial Holding Corp.		12,000		3,225
China Steel Corp.		13,260		7,732
Chunghwa Telecom Co., Ltd. ADR		189		5,712
Compal Electronics, Inc.		7,000		3,954
CTBC Financial Holding Co., Ltd.		17,934		9,232
Delta Electronics, Inc.		2,000		9,354
E.Sun Financial Holding Co., Ltd.		12,915		7,590
Far Eastern New Century Corp.		7,282		6,480
Far EasTone Telecommunications Co., Ltd.		2,000		4,312
Feng TAY Enterprise Co., Ltd.		1,000		6,211
First Financial Holding Co., Ltd		5,781		2,633
Formosa Chemicals & Fibre Corp.		3,000		6,086
Formosa Plastics Corp.		4,000		8,431
Foxconn Technology Co., Ltd.		1,000		2,861
Fubon Financial Holding Co., Ltd.		7,000		10,906
Hon Hai Precision Industry Co., Ltd. GDR		5,913		32,403
HTC Corp.		1,000		1,928
Hua Nan Financial Holdings Co., Ltd.		10,938		5,082
Innolux Corp.		7,000		2,179
Inotera Memories, Inc. (b)		4,000		2,496
Inventec Corp.		2,000		947
Lite-On Technology Corp.		4,040		3,705
MediaTek, Inc.		1,000		7,395
Mega Financial Holding Co., Ltd.		12,000		8,309
Nan Ya Plastics Corp.		5,000		8,443
Pegatron Corp.		1,000		2,436
Pou Chen Corp.		4,000		5,995
Quanta Computer, Inc.		4,000		6,936
Siliconware Precision Industries Co., Ltd. ADR		659		4,142
SinoPac Financial Holdings Co., Ltd.		18,345		5,794
Taishin Financial Holding Co., Ltd.		15,886		5,621
Taiwan Cement Corp.		5,000		5,064
Taiwan Cooperative Financial Holding Co., Ltd.		6,098		2,519
Taiwan Mobile Co., Ltd.		2,000		6,104
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (a)		4,165		86,424
Uni-President Enterprises Corp.		4,534		7,849

See accompanying notes to financial statements.

346

SPDR MSCI EM Beyond BRIC ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

United Microelectronics Corp.		18,000	$	5,904
Yuanta Financial Holding Co., Ltd.		7,568		2,804

				366,062

THAILAND — 5.7%
Advanced Info Service PCL		2,200		13,699
Airports of Thailand PCL		1,000		7,742
Bangkok Bank PCL NVDR		1,258		5,546
BEC World PCL		3,300		2,909
Bumrungrad Hospital PCL		608		3,618
Central Pattana PCL		3,900		4,809
Charoen Pokphand Foods PCL		7,200		4,106
CP ALL PCL		9,600		12,630
Delta Electronics Thai PCL NVDR		900		2,182
Energy Absolute PCL NVDR		2,900		1,718
IRPC PCL NVDR		18,400		1,906
Kasikornbank PCL		3,100		14,563
Krung Thai Bank PCL		11,100		5,230
Minor International PCL		5,800		4,554
PTT Exploration & Production PCL		2,900		5,593
PTT Global Chemical PCL		3,800		5,628
PTT PCL		1,700		11,241
Siam Cement PCL NVDR		1,000		12,784
Siam Commercial Bank PCL		3,066		11,320
True Corp. PCL NVDR (b)		16,310		4,381

				136,159

TURKEY — 3.4%
Akbank TAS		3,401		7,616
Anadolu Efes Biracilik Ve Malt Sanayii AS		485		3,420
BIM Birlesik Magazalar AS		395		6,999
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		4,040		3,349
Eregli Demir ve Celik Fabrikalari TAS		3,015		3,714
Haci Omer Sabanci Holding AS		2,002		5,865
KOC Holding AS		1,639		6,388
TAV Havalimanlari Holding AS		160		1,255
Tofas Turk Otomobil Fabrikasi AS		428		2,537
Tupras-Turkiye Petrol Rafinerileri AS (b)		274		6,706
Turk Hava Yollari AO (b)		1,693		4,457
Turkcell Iletisim Hizmetleri AS		1,728		6,021
Turkiye Garanti Bankasi AS		4,534		10,527
Turkiye Halk Bankasi AS		887		2,959
Turkiye Is Bankasi (Class C)		4,152		6,459
Turkiye Vakiflar Bankasi Tao (Class D)		2,626		3,322

				81,594

UNITED ARAB EMIRATES — 2.0%
Abu Dhabi Commercial Bank PJSC		4,499		9,371
Aldar Properties PJSC		5,839		3,815
Arabtec Holding PJSC (b)		3,161		1,584
DP World, Ltd.		239		5,076
Dubai Financial Market PJSC		4,897		2,240
Dubai Islamic Bank PJSC		822		1,500
Emaar Malls Group PJSC (b)		6,226		5,238
Emaar Properties PJSC		5,580		9,814
First Gulf Bank PJSC		1,190		4,520
National Bank of Abu Dhabi PJSC		1,346		3,489

				46,647

TOTAL COMMON STOCKS —
(Cost $3,042,938)				2,364,720

SHORT TERM INVESTMENTS — 4.2%
UNITED STATES — 4.2%
MONEY MARKET FUNDS — 4.2%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		97,002		97,002
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f)		3,195		3,195

TOTAL SHORT TERM INVESTMENTS —
(Cost $100,197)				100,197

TOTAL INVESTMENTS — 103.7%
(Cost $3,143,135)				2,464,917
OTHER ASSETS & LIABILITIES — (3.7)%				(88,765	)

NET ASSETS — 100.0%			$	2,376,152


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

347

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 6.1%
AGL Energy, Ltd.		1,522	$	17,069
Amcor, Ltd.		697		6,446
AMP, Ltd.		535		2,089
ASX, Ltd.		141		3,751
Australia & New Zealand Banking Group, Ltd.		397		7,550
BHP Billiton, Ltd.		576		8,988
Brambles, Ltd.		943		6,450
Cochlear, Ltd.		46		2,696
Commonwealth Bank of Australia		445		22,725
CSL, Ltd.		380		23,803
Federation Centres		5,035		9,688
Flight Centre Travel Group, Ltd.		53		1,344
Fortescue Metals Group, Ltd.		1,274		1,628
GPT Group		3,697		11,709
Healthscope, Ltd.		3,702		6,629
Lend Lease Group		489		4,310
Macquarie Group, Ltd.		47		2,530
Medibank Pvt, Ltd.		9,055		15,388
National Australia Bank, Ltd.		380		8,000
Origin Energy, Ltd. (a)		184		716
QBE Insurance Group, Ltd.		241		2,182
Ramsay Health Care, Ltd.		63		2,587
REA Group, Ltd.		61		1,899
Rio Tinto, Ltd.		256		8,737
Scentre Group		3,400		9,312
Seek, Ltd.		169		1,424
Sonic Healthcare, Ltd.		1,159		14,854
South32, Ltd. (b)		1,736		1,664
Stockland		2,697		7,292
Suncorp Group, Ltd.		209		1,789
Telstra Corp., Ltd.		7,693		30,308
Transurban Group		1,725		12,041
Wesfarmers, Ltd.		455		12,532
Westfield Corp.		1,682		11,776
Westpac Banking Corp.		424		8,843
Woodside Petroleum, Ltd.		433		8,797
Woolworths, Ltd.		1,331		23,218

				322,764

AUSTRIA — 0.1%
Erste Group Bank AG (b)		80		2,316
OMV AG		61		1,480
Voestalpine AG		54		1,851

				5,647

BELGIUM — 1.4%
Ageas		60		2,458
Anheuser-Busch InBev SA		370		39,203
Colruyt SA (b)		202		9,703
Delhaize Group		34		3,002
KBC Groep NV		44		2,769
Proximus		340		11,712
Solvay SA		16		1,629
Umicore SA		52		1,999

				72,475

DENMARK — 2.7%
AP Moeller — Maersk A/S (Class A)		1		1,502
AP Moeller — Maersk A/S (Class B)		1		1,537
Carlsberg A/S (Class B)		24		1,840
Coloplast A/S (Class B)		184		13,014
Danske Bank A/S		104		3,136
DSV A/S		102		3,805
Novo Nordisk A/S (Class B)		1,570		84,147
Novozymes A/S (Class B)		156		6,790
Pandora A/S		75		8,742
TDC A/S		693		3,564
Tryg A/S		370		7,175
William Demant Holding A/S (b)		70		5,813

				141,065

FINLAND — 0.8%
Elisa Oyj		133		4,486
Fortum Oyj		320		4,726
Kone Oyj (Class B)		210		7,970
Metso Oyj		62		1,287
Nokia Oyj		338		2,303
Nokian Renkaat Oyj		82		2,646
Orion Oyj (Class B)		79		2,981
Sampo Oyj (Class A)		214		10,339
UPM-Kymmene Oyj		144		2,154
Wartsila Oyj Abp		80		3,167

				42,059

FRANCE — 6.4%
Aeroports de Paris		92		10,408
Air Liquide SA		240		28,304
Alstom SA (b)		63		1,941
AXA SA		521		12,582
BNP Paribas SA		318		18,622
Bouygues SA		55		1,948
Bureau Veritas SA		149		3,133
Cap Gemini SA		36		3,199
Carrefour SA		118		3,483
Christian Dior SE		12		2,238
Compagnie de Saint-Gobain		103		4,451
Compagnie Generale des Etablissements Michelin		99		8,998
Credit Agricole SA		261		2,988
Danone SA		119		7,494
Dassault Systemes		169		12,451
Engie		319		5,142
Essilor International SA		122		14,830
Eutelsat Communications SA		137		4,190
Hermes International		15		5,442
Kering		11		1,793
L’Oreal SA		169		29,250
Legrand SA		130		6,883
LVMH Moet Hennessy Louis Vuitton SE		125		21,237
Natixis SA		373		2,056
Orange SA		434		6,550
Pernod Ricard SA		21		2,114
Publicis Groupe SA		96		6,535
Renault SA		51		3,643
Rexel SA		5		61
Safran SA		39		2,930

See accompanying notes to financial statements.

348

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Sanofi		155	$	14,687
Schneider Electric SE		55		3,070
SCOR SE		298		10,659
Societe BIC SA		19		2,944
Societe Generale SA		233		10,364
Sodexo SA		103		8,508
Technip SA		30		1,412
Total SA		507		22,751
Unibail-Rodamco SE		13		3,356
Valeo SA		41		5,526
Veolia Environnement SA		135		3,079
Vinci SA		79		5,001
Vivendi SA		396		9,340
Zodiac Aerospace		97		2,219

				337,812

GERMANY — 6.6%
adidas AG		46		3,697
Allianz SE		87		13,620
Axel Springer SE		41		2,285
BASF SE		492		37,521
Bayer AG		49		6,260
Bayerische Motoren Werke AG		51		4,510
Bayerische Motoren Werke AG Preference Shares		26		1,780
Beiersdorf AG		161		14,228
Commerzbank AG (b)		296		3,113
Continental AG		58		12,308
Daimler AG		189		13,681
Deutsche Bank AG		379		10,183
Deutsche Boerse AG		78		6,707
Deutsche Post AG		548		15,155
Deutsche Telekom AG		571		10,125
E.ON SE		780		6,684
Fresenius Medical Care AG & Co. KGaA		290		22,602
Fresenius SE & Co. KGaA		213		14,266
Fuchs Petrolub SE Preference Shares		54		2,382
GEA Group AG		94		3,571
Hannover Rueck SE		35		3,576
HeidelbergCement AG		30		2,051
Henkel AG & Co. KGaA		90		7,930
Henkel AG & Co. KGaA Preference Shares		97		9,958
Hugo Boss AG		64		7,173
Infineon Technologies AG		211		2,368
K+S AG		69		2,305
Kabel Deutschland Holding AG (b)		44		5,722
Lanxess AG		36		1,680
Linde AG		37		5,987
MAN SE		135		13,737
Merck KGaA		64		5,650
Muenchener Rueckversicherungs- Gesellschaft AG		40		7,445
Porsche Automobil Holding SE Preference Shares		49		2,084
ProSiebenSat.1 Media SE		80		3,915
RWE AG		186		2,107
SAP SE		510		32,990
Siemens AG		102		9,102
Telefonica Deutschland Holding AG		1,296		7,900
ThyssenKrupp AG		83		1,453
United Internet AG		62		3,133
Volkswagen AG		24		2,812
Volkswagen AG Preference Shares		33		3,601

				349,357

HONG KONG — 4.7%
AIA Group, Ltd.		1,200		6,201
Bank of East Asia, Ltd.		1,825		6,123
BOC Hong Kong Holdings, Ltd.		5,500		16,145
Cheung Kong Infrastructure Holdings, Ltd.		2,000		17,871
Cheung Kong Property Holdings, Ltd.		500		3,635
CK Hutchison Holdings, Ltd.		500		6,464
CLP Holdings, Ltd.		3,000		25,606
Galaxy Entertainment Group, Ltd.		2,000		5,084
Hang Seng Bank, Ltd.		1,900		34,126
HKT Trust/HKT, Ltd.		3,540		4,207
Hong Kong & China Gas Co., Ltd.		4,840		9,068
Hong Kong Exchanges and Clearing, Ltd.		604		13,779
Li & Fung, Ltd.		4,000		3,050
Link REIT		1,500		8,226
MTR Corp., Ltd.		4,500		19,510
New World Development Co., Ltd.		2,026		1,961
Noble Group, Ltd.		3,000		876
Power Assets Holdings, Ltd.		3,000		28,297
Sands China, Ltd.		1,600		4,810
SJM Holdings, Ltd.		1,000		707
Sun Hung Kai Properties, Ltd.		1,000		12,968
Swire Pacific, Ltd. (Class A)		500		5,577
Techtronic Industries Co., Ltd.		1,000		3,690
Wharf Holdings, Ltd.		1,000		5,613
Yue Yuen Industrial Holdings, Ltd.		1,000		3,697

				247,291

IRELAND — 0.6%
CRH PLC		99		2,597
Kerry Group PLC (Class A)		268		20,088
Ryanair Holdings PLC		573		8,344

				31,029

ISRAEL — 0.9%
Bank Hapoalim BM		2,346		11,793
Bank Leumi Le-Israel BM (b)		2,385		8,896
Bezeq The Israeli Telecommunication Corp., Ltd.		3,417		6,529
Israel Chemicals, Ltd.		277		1,424
Mizrahi Tefahot Bank, Ltd.		411		4,855
Teva Pharmaceutical Industries, Ltd.		225		12,870

				46,367

ITALY — 1.1%
Assicurazioni Generali SpA		258		4,712
Banca Monte dei Paschi di Siena SpA (b)		860		1,528
Enel SpA		1,946		8,663
ENI SpA		764		11,982
Exor SpA		72		3,133
Intesa Sanpaolo SpA		1,993		7,021
Luxottica Group SpA		73		5,052
Snam SpA		454		2,328
Telecom Italia SpA		4,214		4,313
UBI Banca SCpA		311		2,201

See accompanying notes to financial statements.

349

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

UniCredit SpA		812	$	5,049

				55,982

JAPAN — 18.9%
ABC-Mart, Inc.		100		5,561
Aeon Co., Ltd.		300		4,647
ANA Holdings, Inc.		4,000		11,169
Aozora Bank, Ltd.		3,000		10,370
Asahi Group Holdings, Ltd.		100		3,231
Asahi Kasei Corp.		1,000		7,014
Asics Corp.		100		2,370
Astellas Pharma, Inc.		800		10,320
Bank of Yokohama, Ltd.		1,000		6,046
Benesse Holdings, Inc.		200		5,335
Bridgestone Corp.		300		10,335
Brother Industries, Ltd.		200		2,395
Calbee, Inc.		100		3,219
Canon, Inc.		800		23,072
Chubu Electric Power Co., Inc.		200		2,941
Chugoku Bank, Ltd.		100		1,477
Dai-ichi Life Insurance Co., Ltd.		300		4,743
Daihatsu Motor Co., Ltd.		200		2,306
Daiichi Sankyo Co., Ltd.		300		5,185
Daito Trust Construction Co., Ltd.		100		10,124
Denso Corp.		100		4,205
East Japan Railway Co.		200		16,791
Eisai Co., Ltd.		100		5,870
Electric Power Development Co., Ltd.		100		3,043
FamilyMart Co., Ltd.		200		9,101
Fuji Heavy Industries, Ltd.		100		3,576
FUJIFILM Holdings Corp.		100		3,721
Fujitsu, Ltd.		1,000		4,329
Hino Motors, Ltd.		200		2,026
Hitachi, Ltd.		1,000		5,017
Honda Motor Co., Ltd.		300		8,865
Hoya Corp.		200		6,518
Idemitsu Kosan Co., Ltd.		100		1,525
Inpex Corp.		200		1,776
ITOCHU Corp.		700		7,350
Iyo Bank, Ltd.		300		3,429
Japan Airlines Co., Ltd.		400		14,078
Japan Prime Realty Investment Corp.		3		9,732
Japan Real Estate Investment Corp.		3		13,802
Japan Retail Fund Investment Corp.		5		9,669
Japan Tobacco, Inc.		600		18,511
JFE Holdings, Inc.		200		2,609
JX Holdings, Inc.		1,400		5,037
Kakaku.com, Inc.		200		3,230
Kaneka Corp.		1,000		7,331
Kansai Electric Power Co., Inc. (b)		300		3,324
Kao Corp.		400		18,045
KDDI Corp.		400		8,907
Kirin Holdings Co., Ltd.		200		2,614
Koito Manufacturing Co., Ltd.		100		3,244
Komatsu, Ltd.		200		2,927
Kyocera Corp.		100		4,559
Kyowa Hakko Kirin Co., Ltd.		1,000		14,846
Lawson, Inc.		200		14,712
M3, Inc.		200		3,953
Marubeni Corp.		1,600		7,799
McDonald’s Holdings Co. (Japan), Ltd.		200		4,490
Miraca Holdings, Inc.		100		4,225
Mitsubishi Chemical Holdings Corp.		700		3,631
Mitsubishi Corp.		600		9,787
Mitsubishi Heavy Industries, Ltd.		1,000		4,445
Mitsubishi Motors Corp.		300		2,284
Mitsubishi Tanabe Pharma Corp.		700		12,303
Mitsubishi UFJ Financial Group, Inc.		3,400		20,338
Mitsui & Co., Ltd.		600		6,716
Mizuho Financial Group, Inc.		16,900		31,453
MS&AD Insurance Group Holdings, Inc.		100		2,666
Nagoya Railroad Co., Ltd.		1,000		3,916
NEC Corp.		1,000		3,064
Nippon Building Fund, Inc.		2		9,669
Nippon Paint Holdings Co., Ltd.		100		1,738
Nippon Prologis REIT, Inc.		4		7,254
Nippon Steel & Sumitomo Metal Corp.		100		1,811
Nippon Telegraph & Telephone Corp.		900		31,397
Nippon Yusen K.K.		1,000		2,305
Nissan Motor Co., Ltd.		700		6,394
Nissin Foods Holding Co., Ltd.		100		4,584
Nitori Holding Co., Ltd.		200		15,614
Nomura Holdings, Inc.		600		3,447
Nomura Research Institute, Ltd.		110		4,202
NTT DoCoMo, Inc.		1,700		28,290
Oracle Corp.		100		4,208
Oriental Land Co., Ltd.		200		11,137
ORIX Corp.		200		2,558
Osaka Gas Co., Ltd.		2,000		7,565
Otsuka Corp.		100		4,860
Otsuka Holdings Co., Ltd.		800		25,437
Panasonic Corp.		400		4,020
Park24 Co., Ltd.		400		7,501
Recruit Holdings Co., Ltd.		100		2,989
Resona Holdings, Inc.		900		4,556
Ricoh Co., Ltd.		200		2,011
Sankyo Co., Ltd.		200		7,097
Santen Pharmaceutical Co., Ltd.		300		4,005
Secom Co., Ltd.		200		11,972
Sega Sammy Holdings, Inc.		200		1,944
Sekisui House, Ltd.		200		3,114
Seven & i Holdings Co., Ltd.		100		4,546
Seven Bank, Ltd.		700		3,016
Sharp Corp. (b)		1,000		1,144
Shimamura Co., Ltd.		100		10,738
Shin-Etsu Chemical Co., Ltd.		100		5,106
Shionogi & Co., Ltd.		200		7,139
SoftBank Group Corp.		100		4,573
Sompo Japan Nipponkoa Holdings, Inc.		100		2,886
Sony Corp.		200		4,840
Sumitomo Corp.		500		4,809
Sumitomo Electric Industries, Ltd.		200		2,544
Sumitomo Mitsui Financial Group, Inc.		400		15,070
Sumitomo Mitsui Trust Holdings, Inc.		1,000		3,652
Suntory Beverage & Food, Ltd.		300		11,485
Suzuken Co., Ltd.		100		3,319
Suzuki Motor Corp.		100		3,058
Sysmex Corp.		100		5,244
T&D Holdings, Inc.		200		2,345

See accompanying notes to financial statements.

350

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Taisho Pharmaceutical Holdings Co., Ltd.		100	$	5,728
Takeda Pharmaceutical Co., Ltd.		600		26,236
Tobu Railway Co., Ltd.		1,000		4,283
Tohoku Electric Power Co., Inc.		200		2,700
Tokio Marine Holdings, Inc.		100		3,709
Tokyo Electric Power Co., Inc. (b)		700		4,658
Tokyo Gas Co., Ltd.		3,000		14,473
TonenGeneral Sekiyu K.K.		1,000		9,661
Toshiba Corp. (b)		1,000		2,508
Toyo Suisan Kaisha, Ltd.		100		3,774
Toyota Industries Corp.		100		4,726
Toyota Motor Corp.		400		23,282
Toyota Tsusho Corp.		100		2,098
Trend Micro, Inc.		100		3,519
Unicharm Corp.		500		8,826
United Urban Investment Corp.		7		9,340
USS Co., Ltd.		700		11,596
West Japan Railway Co.		400		24,986
Yahoo! Japan Corp.		800		3,033
Yamada Denki Co., Ltd.		1,200		4,829
Yamato Holdings Co., Ltd.		400		7,628

				996,035

LUXEMBOURG — 0.5%
ArcelorMittal		378		1,966
Millicom International Cellular SA SDR		44		2,744
RTL Group SA		26		2,235
SES SA		585		18,395
Tenaris SA		237		2,838

				28,178

NETHERLANDS — 3.3%
Aegon NV		568		3,256
Airbus Group SE		376		22,207
Akzo Nobel NV		34		2,201
ASML Holding NV		171		14,919
Boskalis Westminster NV		49		2,138
CNH Industrial NV		378		2,458
Fiat Chrysler Automobiles NV (b)		371		4,808
Heineken NV		36		2,903
ING Groep NV		669		9,447
Koninklijke Ahold NV		520		10,106
Koninklijke DSM NV		35		1,609
Koninklijke KPN NV		736		2,747
Koninklijke Philips NV		114		2,678
NN Group NV		527		15,071
QIAGEN NV (b)		111		2,854
RELX NV		724		11,775
Unilever NV		1,449		58,050
Wolters Kluwer NV		112		3,439

				172,666

NEW ZEALAND — 0.2%
Auckland International Airport, Ltd.		2,380		7,430
Ryman Healthcare, Ltd.		367		1,716

				9,146

NORWAY — 0.3%
DnB NOR ASA		185		2,401
Gjensidige Forsikring ASA		134		1,800
Seadrill, Ltd. (b)		190		1,106
Statoil ASA		343		4,990
Telenor ASA		240		4,471
Yara International ASA		52		2,070

				16,838

PORTUGAL — 0.1%
EDP — Energias de Portugal SA		613		2,238
Jeronimo Martins SGPS SA		169		2,273

				4,511

SINGAPORE — 2.3%
ComfortDelGro Corp., Ltd.		1,000		2,018
DBS Group Holdings, Ltd.		2,060		23,485
Keppel Corp., Ltd.		1,000		4,768
Oversea-Chinese Banking Corp., Ltd.		2,468		15,257
SembCorp Industries, Ltd.		1,000		2,433
SembCorp Marine, Ltd.		1,000		1,611
Singapore Airlines, Ltd.		2,000		15,050
Singapore Exchange, Ltd.		1,000		4,944
Singapore Press Holdings, Ltd.		2,000		5,401
Singapore Technologies Engineering Ltd.		1,000		2,096
Singapore Telecommunications, Ltd.		9,000		22,786
StarHub, Ltd.		2,000		4,867
United Overseas Bank, Ltd.		1,000		13,046
Wilmar International, Ltd.		1,000		1,807
Yangzijiang Shipbuilding Holdings, Ltd.		2,000		1,597

				121,166

SPAIN — 1.6%
ACS, Actividades de Construccion y Servicios SA		65		1,864
Banco Bilbao Vizcaya Argentaria SA		1,217		10,297
Banco de Sabadell SA		1,010		1,851
Banco Santander SA		2,613		13,837
CaixaBank SA (b)		441		1,694
Distribuidora Internacional de Alimentacion SA (b)		438		2,642
Endesa SA		253		5,321
Iberdrola SA		1,205		7,999
Industria de Diseno Textil SA		645		21,549
Repsol SA		365		4,241
Telefonica SA		954		11,533
Zardoya Otis SA		150		1,618

				84,446

SWEDEN — 1.8%
Alfa Laval AB		174		2,840
Assa Abloy AB (Class B)		465		8,311
Atlas Copco AB (Class A)		644		15,441
Hennes & Mauritz AB (Class B)		627		22,854
ICA Gruppen AB		50		1,687
Industrivarden AB (Class C)		121		2,118
Investor AB (Class B)		142		4,861
Kinnevik Investment AB (Class B)		224		6,380
Nordea Bank AB		536		5,956
Sandvik AB		171		1,452
Skandinaviska Enskilda Banken AB (Class A)		260		2,770
Skanska AB (Class B)		248		4,846
Svenska Cellulosa AB (Class B)		87		2,425
Svenska Handelsbanken AB (Class A)		231		3,302
Swedbank AB (Class A)		146		3,219

See accompanying notes to financial statements.

351

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Telefonaktiebolaget LM Ericsson (Class B)		358	$	3,509
TeliaSonera AB		585		3,142
Volvo AB (Class B)		234		2,235

				97,348

SWITZERLAND — 13.6%
ABB, Ltd. (b)		1,089		19,192
Actelion, Ltd. (b)		58		7,343
Adecco SA (b)		99		7,219
Barry Callebaut AG (b)		5		5,424
Chocoladefabriken Lindt & Spruengli AG		4		23,396
Cie Financiere Richemont SA		257		19,911
Credit Suisse Group AG (b)		293		7,023
EMS-Chemie Holding AG		9		3,691
Geberit AG		24		7,312
Givaudan SA (b)		12		19,466
Julius Baer Group, Ltd. (b)		232		10,499
Kuehne + Nagel International AG		151		19,348
LafargeHolcim, Ltd. (b)(c)		32		1,672
LafargeHolcim, Ltd. (b)(c)		27		1,405
Nestle SA		1,919		143,861
Novartis AG		1,420		129,923
Partners Group Holding AG		18		6,084
Roche Holding AG		458		120,465
Schindler Holding AG (c)		27		3,869
Schindler Holding AG (c)		17		2,485
SGS SA		5		8,699
Sika AG		1		3,080
Sonova Holding AG		24		3,080
Sulzer AG		17		1,662
Swatch Group AG (c)		15		5,542
Swatch Group AG (c)		40		2,876
Swiss Life Holding AG (b)		11		2,447
Swiss Prime Site AG (b)		188		13,699
Swiss Re AG		381		32,598
Swisscom AG		60		29,856
Syngenta AG		68		21,720
Transocean, Ltd.		205		2,620
UBS Group AG		511		9,419
Zurich Insurance Group AG (b)		75		18,360

				715,246

UNITED KINGDOM — 25.4%
Aberdeen Asset Management PLC		632		2,838
Admiral Group PLC		637		14,493
Aggreko PLC		81		1,167
Amec Foster Wheeler PLC		167		1,812
Anglo American PLC		467		3,897
ARM Holdings PLC		722		10,362
Associated British Foods PLC		179		9,056
AstraZeneca PLC		1,051		66,570
Aviva PLC		371		2,540
Babcock International Group PLC		322		4,451
BAE Systems PLC		2,319		15,726
Barclays PLC		4,613		17,060
BG Group PLC		1,856		26,736
BHP Billiton PLC		1,248		18,999
BP PLC		8,802		44,532
British American Tobacco PLC		1,402		77,366
BT Group PLC		2,316		14,720
Bunzl PLC		391		10,483
Burberry Group PLC		281		5,823
Capita PLC		577		10,471
Centrica PLC		5,667		19,675
Cobham PLC		687		2,973
Compass Group PLC		2,532		40,386
Croda International PLC		89		3,652
Diageo PLC		1,977		53,020
Direct Line Insurance Group PLC		1,699		9,648
easyJet PLC		96		2,584
Experian PLC		543		8,702
Fresnillo PLC		415		3,718
G4S PLC		3,050		10,658
GKN PLC		1,077		4,372
GlaxoSmithKline PLC		1,558		29,877
Glencore PLC (b)		3,264		4,526
Hargreaves Lansdown PLC		156		2,852
HSBC Holdings PLC		6,059		45,770
ICAP PLC		385		2,666
IMI PLC		183		2,629
Imperial Tobacco Group PLC		817		42,238
Inmarsat PLC		609		9,059
Intertek Group PLC		137		5,045
ITV PLC		2,331		8,686
J Sainsbury PLC		1,722		6,808
Johnson Matthey PLC		121		4,487
Kingfisher PLC		360		1,955
Land Securities Group PLC		248		4,730
Legal & General Group PLC		2,879		10,383
Lloyds Banking Group PLC		7,832		8,917
Marks & Spencer Group PLC		1,471		11,163
Meggitt PLC		476		3,434
Merlin Entertainments PLC (d)		680		3,828
Mondi PLC		198		4,148
National Grid PLC		2,383		33,169
Next PLC		198		22,824
Old Mutual PLC		759		2,174
Pearson PLC		127		2,168
Persimmon PLC (b)		182		5,536
Petrofac, Ltd.		183		2,129
Prudential PLC		1,279		26,997
Randgold Resources, Ltd.		214		12,519
Reckitt Benckiser Group PLC		712		64,570
RELX PLC		1,800		30,865
Rexam PLC		432		3,426
Rio Tinto PLC		807		27,015
Rolls-Royce Holdings PLC (b)		1,067		10,942
Royal Bank of Scotland Group PLC (b)		449		2,142
Royal Dutch Shell PLC (Class A)		896		21,091
Royal Dutch Shell PLC (Class B)		1,692		40,059
Royal Mail PLC		709		4,927
RSA Insurance Group PLC		300		1,830
SABMiller PLC		462		26,152
Sage Group PLC		688		5,204
Schroders PLC		70		2,974
Shire PLC		404		27,563
Sky PLC		1,726		27,295
Smith & Nephew PLC		1,129		19,718
Smiths Group PLC		257		3,912

See accompanying notes to financial statements.

352

SPDR MSCI EAFE Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Sports Direct International PLC (b)		203	$	2,328
SSE PLC		1,391		31,521
Standard Chartered PLC		765		7,426
Standard Life PLC		310		1,821
Tate & Lyle PLC		295		2,628
Tesco PLC (b)		3,351		9,299
Unilever PLC		1,319		53,665
United Utilities Group PLC		175		2,452
Vodafone Group PLC		10,258		32,390
Weir Group PLC		117		2,074
Whitbread PLC		93		6,576
William Hill PLC		530		2,816
William Morrison Supermarkets PLC		703		1,769
Wolseley PLC		149		8,707
WPP PLC		670		13,934

				1,338,298

TOTAL COMMON STOCKS —
(Cost $5,972,113)				5,235,726

SHORT TERM INVESTMENT — 0.0% (e)
UNITED STATES — 0.0% (e)
MONEY MARKET FUND — 0.0% (e)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g) (Cost $530)		530		530

TOTAL INVESTMENTS — 99.4%
(Cost $5,972,643)				5,236,256
OTHER ASSETS & LIABILITIES — 0.6%				32,009

NET ASSETS — 100.0%			$	5,268,265


(a)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(b)		Non-income producing security
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)		Amount shown represents less than 0.05% of net assets.
(f)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(g)		The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

353

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.6%
BRAZIL — 4.8%
AES Tiete SA Preference Shares		2,732	$	9,653
Ambev SA ADR		168,664		826,454
Banco Bradesco SA		6,022		35,721
Banco Bradesco SA Preference Shares		22,512		121,098
Banco do Brasil SA		14,868		56,754
Banco do Estado do Rio Grande do Sul SA Preference Shares		3,852		5,398
Banco Santander Brasil SA		2,600		8,234
BB Seguridade Participacoes SA		27,824		173,361
BM&FBovespa SA		7,704		21,437
BR Malls Participacoes SA		2,564		6,735
BRF — Brasil Foods SA ADR		4,101		72,957
CCR SA		2,420		7,396
Centrais Eletricas Brasileiras SA ADR preferred shares		4,435		9,580
CETIP SA — Mercados Organizados		5,142		42,485
Cia de Saneamento Basico do Estado de Sao Paulo ADR		2,947		11,434
Cia Energetica de Sao Paulo Preference Shares (Class B)		1,288		4,920
Cia Paranaense de Energia, ADR		1,488		12,216
Cielo SA		40,624		374,007
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Preference Shares ADR		1,488		18,660
Companhia Energetica de Minas Gerais ADR		25,159		44,783
Companhia Siderurgica Nacional SA ADR		8,868		8,498
Cosan SA Industria e Comercio		1,288		6,511
CPFL Energia SA ADR (a)		1,535		11,512
Cyrela Brazil Realty SA		2,564		5,325
EcoRodovias Infraestrutura e Logistica SA		1,424		2,181
EDP — Energias do Brasil SA		2,100		6,054
Embraer SA, ADR		736		18,827
Estacio Participacoes SA		6,164		21,827
Fibria Celulose SA ADR		847		11,485
Gerdau SA Preference Shares		11,904		16,352
Itau Unibanco Holding SA Preference Shares ADR		22,103		146,322
Itausa — Investimentos Itau SA Preference Shares		120,357		215,811
JBS SA		4,204		17,737
Klabin SA		1,766		9,704
Kroton Educacional SA		5,140		9,952
Lojas Renner SA		16,820		77,723
M Dias Branco SA		788		11,498
Natura Cosmeticos SA		604		2,958
Odontoprev SA		7,400		17,748
Oi SA, ADR (a)		13,837		9,354
Petroleo Brasileiro SA ADR (a)		31,740		138,069
Petroleo Brasileiro SA Preference Shares ADR (a)		44,492		163,731
Porto Seguro SA		664		5,019
Souza Cruz SA		18,624		125,346
Sul America SA		1,800		8,069
Telefonica Brasil SA ADR		2,947		26,906
Tim Participacoes SA ADR		1,462		13,816
Totvs SA		11,280		85,380
Tractebel Energia SA		6,372		54,023
Transmissora Alianca de Energia Electrica SA		7,704		36,895
Ultrapar Participacoes SA ADR		6,369		106,490
Usinas Siderurgicas de Minas Gerais SA Preference Shares (Class A)		5,140		4,324
Vale SA ADR		17,765		74,613
Vale SA Preference Shares ADR		31,388		105,150
Via Varejo SA		2,564		2,550

				3,441,043

CHILE — 1.8%
AES Gener SA		82,839		38,655
Aguas Andinas SA Class A		321,388		166,791
Banco de Chile ADR		5,217		327,627
Banco de Credito e Inversiones		735		29,764
Banco Santander Chile ADR		918		16,726
Cencosud SA ADR		3,919		22,887
Cia Cervecerias Unidas SA, ADR		3,813		84,458
Colbun SA		695,877		178,899
Corpbanca SA ADR		696		9,278
Empresa Nacional de Electricidad SA ADR		4,465		158,552
Empresa Nacional de Telecomunicaciones SA		678		6,386
Empresas CMPC SA		9,291		23,856
Empresas COPEC SA		5,074		45,932
Enersis SA ADR		2,434		30,766
Latam Airlines Group SA ADR (a)		1,924		9,389
SACI Falabella		4,498		27,807
Sociedad Quimica y Minera de Chile SA ADR		548		7,968
Vina Concha y Toro SA ADR		2,044		67,861

				1,253,602

CHINA — 12.1%
Agricultural Bank of China, Ltd. (Class H)		525,000		198,483
Air China, Ltd. (Class H)		10,000		7,884
Aluminum Corp. of China, Ltd. (Class H) (a)		28,000		8,707
Anhui Conch Cement Co., Ltd. (Class H)		7,500		22,016
Anta Sports Products, Ltd.		30,000		77,419
Bank of China, Ltd. (Class H)		1,496,071		642,824
Bank of Communications Co., Ltd. (Class H)		149,000		103,242
BBMG Corp. (Class H)		10,500		7,194
Brilliance China Automotive Holdings, Ltd.		102,000		120,557
CGN Power Co., Ltd. (Class H) (b)		16,100		6,710
China Cinda Asset Management Co., Ltd. (Class H)		45,000		15,561
China CITIC Bank Corp., Ltd. (Class H) (a)		169,000		97,910
China Coal Energy Co., Ltd. (Class H)		33,000		13,328
China Communications Construction Co., Ltd. (Class H)		39,000		47,957

See accompanying notes to financial statements.

354

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

China Communications Services Corp., Ltd. (Class H)		210,000	$	80,748
China Conch Venture Holdings, Ltd.		2,500		5,303
China Construction Bank Corp. (Class H)		1,326,394		881,405
China COSCO Holdings Co., Ltd. (Class H) (a)(c)		9,500		6,055
China Everbright Bank Co., Ltd. (Class H)		203,274		88,391
China International Marine Containers Group Co., Ltd. (Class H)		3,000		5,264
China Life Insurance Co., Ltd. (Class H)		32,000		110,657
China Longyuan Power Group Corp. (Class H)		15,000		16,103
China Merchants Bank Co., Ltd. (Class H)		46,000		110,993
China Minsheng Banking Corp., Ltd. (Class H)		79,300		73,058
China National Building Material Co., Ltd. (Class H)		50,000		28,774
China Oilfield Services, Ltd. (Class H)		18,000		17,977
China Pacific Insurance Group Co., Ltd. (Class H)		9,800		36,228
China Petroleum & Chemical Corp. (Class H)		568,395		345,435
China Railway Construction Corp., Ltd. (Class H)		21,500		31,570
China Railway Group, Ltd. (Class H)		39,000		35,377
China Shenhua Energy Co., Ltd. (Class H)		105,000		160,412
China Southern Airlines Co., Ltd. (Class H)		18,000		13,215
China Telecom Corp., Ltd. (Class H)		116,000		55,829
China Vanke Co., Ltd. (Class H)		8,328		17,773
Chongqing Changan Automobile Co., Ltd. (Class B)		18,700		31,585
Chongqing Rural Commercial Bank Co., Ltd. (Class H)		45,000		25,374
CITIC Securities Co., Ltd. (Class H)		2,000		3,561
Country Garden Holdings Co., Ltd.		60,266		21,696
CRRC Corp., Ltd. (Class H) (a)		12,000		15,174
Dalian Wanda Commercial Properties Co., Ltd. (Class H) (b)		14,000		80,206
Datang International Power Generation Co., Ltd. (Class H)		32,000		12,098
Dongfeng Motor Group Co., Ltd. (Class H)		90,000		112,064
ENN Energy Holdings, Ltd.		6,000		28,761
GF Securities Co., Ltd. (Class H) (a)		3,000		5,419
Great Wall Motor Co., Ltd. (Class H)		96,000		106,033
Guangzhou Automobile Group Co., Ltd. (Class H)		12,000		9,770
Guangzhou R&F Properties Co., Ltd. (Class H)		18,000		16,304
Haitian International Holdings, Ltd.		15,000		24,735
Haitong Securities Co., Ltd. (Class H)		4,400		6,336
Hengan International Group Co., Ltd.		38,374		373,092
Huadian Power International Corp., Ltd. (Class H)		10,000		7,781
Huaneng Power International, Inc. (Class H)		28,000		30,095
Industrial & Commercial Bank of China, Ltd. (Class H)		1,084,448		624,078
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		64,200		52,195
Jiangsu Expressway Co., Ltd. (Class H)		166,000		211,408
Jiangxi Copper Co., Ltd. (Class H)		19,000		23,045
Kingsoft Corp., Ltd.		15,000		29,226
Longfor Properties Co., Ltd.		12,000		15,112
Luye Pharma Group, Ltd. (a)		28,000		24,893
New China Life Insurance Co., Ltd. (Class H)		3,500		15,039
Nine Dragons Paper Holdings, Ltd.		14,000		7,244
People’s Insurance Co. Group of China, Ltd. (Class H)		39,000		18,972
PetroChina Co., Ltd. (Class H)		270,000		187,083
PICC Property & Casualty Co., Ltd. (Class H)		20,180		39,214
Ping An Insurance Group Co. of China, Ltd. (Class H)		20,000		98,967
Semiconductor Manufacturing International Corp. (a)		446,000		40,284
Shandong Weigao Group Medical Polymer Co., Ltd. (Class H)		20,000		12,593
Shanghai Electric Group Co., Ltd. (Class H)		10,000		5,432
Shanghai Pharmaceuticals Holding Co., Ltd. (Class H)		25,400		52,963
Shenzhou International Group Holdings, Ltd.		62,000		319,198
Shui On Land, Ltd.		27,500		6,316
Sihuan Pharmaceutical Holdings Group, Ltd. (c)		13,000		1,677
Sinopec Engineering Group Co., Ltd. (Class H)		42,241		36,736
Sinopec Shanghai Petrochemical Co., Ltd. (Class H) (a)		26,000		9,897
Sinopharm Group Co., Ltd. (Class H)		12,000		41,961
Soho China, Ltd.		247,500		96,125
Tencent Holdings, Ltd.		89,519		1,493,514
Tingyi Cayman Islands Holding Corp.		68,000		108,097
Tsingtao Brewery Co., Ltd. (Class H)		24,000		104,980
Want Want China Holdings, Ltd.		210,000		172,334
Weichai Power Co., Ltd. (Class H)		10,000		9,277
Yanzhou Coal Mining Co., Ltd. (Class H)		30,000		13,316
Zhejiang Expressway Co., Ltd. (Class H)		190,000		206,179
Zhuzhou CSR Times Electric Co., Ltd. (Class H)		15,000		110,419
Zijin Mining Group Co., Ltd. (Class H)		38,000		9,904
ZTE Corp. (Class H)		29,680		67,555

				8,665,676

COLOMBIA — 0.7%
Almacenes Exito SA		6,095		26,180
Banco Davivienda SA Preference Shares		10,467		81,305
BanColombia SA ADR		691		22,250
Corp Financiera Colombiana SA		3,310		40,722
Ecopetrol SA ADR		11,437		98,358

See accompanying notes to financial statements.

355

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Grupo Argos SA		1,593	$	9,237
Grupo Aval Acciones y Valores SA Preference Shares		23,735		9,034
Grupo de Inversiones Suramericana SA		1,303		15,144
Grupo de Inversiones Suramericana SA Preference Shares		14,374		164,826
Isagen SA ESP		52,555		49,029

				516,085

CZECH REPUBLIC — 0.2%
CEZ AS		4,428		92,071
Komercni Banka AS		206		44,593

				136,664

EGYPT — 0.5%
Commercial International Bank Egypt SAE GDR		55,612		340,902

GREECE — 0.1%
Alpha Bank AE (a)		26,452		3,159
Eurobank Ergasias SA (a)		113,446		2,786
FF Group (a)		268		5,445
Hellenic Telecommunications Organization SA		2,254		19,625
National Bank of Greece SA (a)		20,689		8,891
OPAP SA		6,403		57,751
Piraeus Bank SA (a)		40,013		3,484

				101,141

HONG KONG — 7.8%
AAC Technologies Holdings, Inc.		35,000		217,902
AviChina Industry & Technology Co., Ltd. (Class H)		4,000		2,947
Beijing Enterprises Holdings, Ltd.		27,500		164,822
Beijing Enterprises Water Group, Ltd. (a)		132,000		91,974
Belle International Holdings, Ltd.		135,000		116,709
China Agri-Industries Holdings, Ltd. (a)		27,000		9,232
China Everbright, Ltd.		2,000		4,552
China Gas Holdings, Ltd.		20,000		27,458
China Huishan Dairy Holdings Co., Ltd.		29,000		10,440
China Jinmao Holdings Group, Ltd.		34,000		8,555
China Medical System Holdings, Ltd.		89,000		101,861
China Mengniu Dairy Co., Ltd.		40,000		140,386
China Merchants Holdings International Co., Ltd.		10,000		29,355
China Mobile, Ltd.		172,997		2,049,164
China Overseas Land & Investment, Ltd.		112,000		338,166
China Pharmaceutical Group, Ltd.		124,000		108,639
China Power International Development, Ltd.		24,000		15,608
China Resources Cement Holdings, Ltd.		20,000		9,110
China Resources Enterprise, Ltd.		10,069		18,683
China Resources Gas Group, Ltd.		56,000		144,226
China Resources Land, Ltd.		10,444		24,472
China Resources Power Holdings Co., Ltd.		48,000		109,501
China State Construction International Holdings, Ltd.		6,000		8,578
China Taiping Insurance Holdings Co., Ltd. (a)		4,810		14,926
China Unicom (Hong Kong), Ltd.		60,000		75,948
CITIC, Ltd.		30,000		54,580
CNOOC, Ltd.		195,000		199,528
COSCO Pacific, Ltd. (c)		10,000		12,938
Evergrande Real Estate Group, Ltd.		84,000		47,690
Far East Horizon, Ltd.		11,000		8,502
Fosun International, Ltd.		8,000		13,729
GCL Poly Energy Holdings, Ltd. (a)		75,000		14,419
Geely Automobile Holdings, Ltd.		30,000		14,284
GOME Electrical Appliances Holding, Ltd.		71,000		10,810
Guangdong Investment, Ltd.		240,000		356,746
Haier Electronics Group Co., Ltd.		50,000		83,354
Hanergy Thin Film Power Group, Ltd. (a)(d)		598,000		0
Kunlun Energy Co., Ltd.		26,000		18,586
Lenovo Group, Ltd.		330,915		278,821
New World China Land, Ltd.		30,000		17,768
Shanghai Industrial Holdings, Ltd.		4,000		8,826
Shimao Property Holdings, Ltd.		15,000		22,490
Sino Biopharmaceutical, Ltd.		240,000		294,811
Sino-Ocean Land Holdings, Ltd.		45,000		24,503
Sinotrans, Ltd. (Class H)		13,000		6,072
Sun Art Retail Group, Ltd.		250,832		192,573
Sunac China Holdings, Ltd.		15,000		7,819
Yuexiu Property Co., Ltd.		74,000		12,126

				5,544,189

HUNGARY — 0.1%
MOL Hungarian Oil & Gas PLC		736		32,052
OTP Bank PLC		1,672		32,207
Richter Gedeon NyRt		2,095		33,262

				97,521

INDIA — 9.4%
ACC, Ltd.		1,140		23,390
Adani Ports and Special Economic Zone, Ltd.		2,351		10,709
Aditya Birla Nuvo, Ltd.		376		12,282
Ambuja Cements, Ltd.		17,404		54,566
Asian Paints, Ltd.		9,506		121,881
Aurobindo Pharma, Ltd.		5,498		64,428
Bajaj Auto, Ltd.		2,724		95,950
Bharat Heavy Electricals, Ltd.		4,352		13,628
Bharat Petroleum Corp., Ltd.		1,838		23,821
Bharti Airtel, Ltd.		5,639		29,024
Bharti Infratel, Ltd.		1,813		9,811
Bosch, Ltd.		181		53,458
Cairn India, Ltd.		7,956		18,587
Cipla, Ltd.		9,529		92,336
Coal India, Ltd.		28,635		142,913
Container Corp. of India, Ltd.		804		18,190
Dabur India, Ltd.		60,100		252,706
Divi’s Laboratories, Ltd.		7,719		131,114
Dr. Reddy’s Laboratories, Ltd. ADR		4,776		305,234
Eicher Motors, Ltd.		335		90,801
GAIL India, Ltd, GDR		513		14,005
GlaxoSmithKline Consumer Healthcare, Ltd.		323		29,771
Godrej Consumer Products, Ltd.		3,009		55,919
HCL Technologies, Ltd.		20,216		302,485

See accompanying notes to financial statements.

356

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Hero Motocorp, Ltd.		1,736	$	63,328
Hindalco Industries, Ltd.		21,346		23,024
Hindustan Unilever, Ltd.		28,421		352,773
Housing Development Finance Corp., Ltd.		4,423		81,718
ICICI Bank, Ltd. ADR		4,952		41,498
Idea Cellular, Ltd.		5,922		13,488
Indiabulls Housing Finance, Ltd.		1,100		13,307
Infosys, Ltd. ADR		58,951		1,125,375
ITC, Ltd.		76,285		382,122
JSW Steel, Ltd.		752		10,188
Larsen & Toubro, Ltd. GDR		977		21,836
LIC Housing Finance, Ltd.		2,145		15,377
Lupin, Ltd.		7,140		221,249
Mahindra & Mahindra, Ltd. GDR		2,690		51,917
Marico, Ltd.		6,986		43,019
Motherson Sumi Systems, Ltd.		7,531		26,428
Nestle India, Ltd.		773		74,988
NTPC, Ltd.		9,255		17,448
Oil & Natural Gas Corp., Ltd.		23,921		83,581
Oil India, Ltd.		1,733		11,177
Power Finance Corp., Ltd.		3,615		12,672
Reliance Communications, Ltd. (a)		12,256		12,669
Reliance Industries, Ltd. GDR (b)		5,294		137,644
Rural Electrification Corp., Ltd.		2,424		10,120
Shriram Transport Finance Co., Ltd.		727		10,245
State Bank of India GDR		1,143		41,548
Sun Pharmaceutical Industries, Ltd. (a)		40,561		536,611
Tata Consultancy Services, Ltd.		16,761		660,852
Tata Motors, Ltd. ADR (a)		1,272		28,620
Tata Power Co., Ltd.		12,347		12,217
Tata Steel, Ltd. GDR		12,974		42,684
Tech Mahindra, Ltd.		11,655		98,963
UltraTech Cement, Ltd.		213		8,675
UPL, Ltd.		7,127		49,761
Vedanta, Ltd.		9,613		12,404
Wipro, Ltd. ADR		21,823		268,205
Zee Entertainment Enterprises, Ltd.		15,581		93,156

				6,677,896

INDONESIA — 4.6%
Adaro Energy Tbk PT		199,900		7,300
Astra Agro Lestari Tbk PT		37,500		46,395
Astra International Tbk PT		541,000		192,951
Bank Central Asia Tbk PT		736,725		617,290
Bank Danamon Indonesia Tbk PT		245,500		48,514
Bank Mandiri Persero Tbk PT		457,000		247,217
Bank Negara Indonesia Persero Tbk PT		332,200		93,764
Bank Rakyat Indonesia Persero Tbk PT		485,300		286,542
Bumi Serpong Damai Tbk PT		192,400		18,452
Charoen Pokphand Indonesia Tbk PT		207,400		28,314
Gudang Garam Tbk PT		17,900		51,317
Indocement Tunggal Prakarsa Tbk PT		52,500		58,951
Indofood CBP Sukses Makmur Tbk PT		61,200		51,801
Indofood Sukses Makmur Tbk PT		324,900		121,976
Jasa Marga Persero Tbk PT		309,700		102,000
Kalbe Farma Tbk PT		1,984,200		186,230
Lippo Karawaci Tbk PT		86,100		6,641
Media Nusantara Citra Tbk PT		133,800		14,978
Perusahaan Gas Negara Persero Tbk PT		413,300		71,375
Semen Indonesia Persero Tbk PT		88,800		54,856
Summarecon Agung Tbk PT		261,700		20,007
Surya Citra Media Tbk PT		186,800		34,937
Tambang Batubara Bukit Asam Persero Tbk PT		52,500		20,158
Telekomunikasi Indonesia Persero Tbk PT		2,477,060		447,224
Tower Bersama Infrastructure Tbk PT (a)		157,800		70,552
Unilever Indonesia Tbk PT		126,300		327,604
United Tractors Tbk PT		45,000		53,678

				3,281,024

MALAYSIA — 4.1%
Alliance Financial Group Bhd		6,900		5,258
AMMB Holdings Bhd		9,100		9,440
Astro Malaysia Holdings Bhd		19,500		12,510
Axiata Group Bhd		150,865		199,060
Berjaya Sports Toto Bhd		33,600		23,543
British American Tobacco Malaysia Bhd		3,900		53,517
CIMB Group Holdings Bhd		37,691		38,242
Digi.Com Bhd		119,000		150,247
Gamuda Bhd		5,500		5,493
Genting Bhd		10,400		17,200
Genting Malaysia Bhd		15,600		14,728
Hong Leong Bank Bhd		61,000		182,067
IHH Healthcare Bhd		240,500		326,630
IJM Corp. Bhd		18,200		13,332
IOI Corp. Bhd		65,700		60,831
IOI Properties Group Bhd		27,300		12,297
Kuala Lumpur Kepong Bhd		2,600		12,835
Malayan Banking Bhd		181,264		352,982
Maxis Bhd		192,800		287,287
MISC Bhd		5,100		10,210
Petronas Chemicals Group Bhd		120,700		168,594
Petronas Dagangan Bhd		4,600		22,834
Petronas Gas Bhd		42,600		212,818
PPB Group Bhd		3,900		13,681
Public Bank Bhd		89,190		355,482
RHB Capital Bhd		7,874		10,658
SapuraKencana Petroleum Bhd		14,300		6,116
Sime Darby Bhd		55,817		98,917
Telekom Malaysia Bhd		59,185		89,940
Tenaga Nasional Bhd		40,600		111,019
UMW Holdings Bhd		5,200		8,896
Westports Holdings Bhd		23,700		22,860
YTL Corp. Bhd		35,100		12,776
YTL Power International Bhd		16,300		5,970

				2,928,270

MEXICO — 3.1%
Alfa SAB de CV (Class A)		13,315		25,904
America Movil SAB de CV (Series L)		301,674		249,574
Arca Continental SAB de CV		24,401		137,046
Cemex SAB de CV (a)		56,570		39,356
Coca-Cola FEMSA SAB de CV (Series L)		5,921		41,060
El Puerto de Liverpool SAB de CV		23,959		310,368
Fibra Uno Administracion SA de CV REIT		17,920		36,915
Fomento Economico Mexicano SAB de CV		7,409		66,134

See accompanying notes to financial statements.

357

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Gentera SAB de CV		29,594	$	48,320
Gruma SAB de CV (Class B)		5,428		75,206
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		11,844		102,752
Grupo Aeroportuario del Sureste SAB de CV (Class B)		4,435		67,592
Grupo Bimbo SAB de CV (a)		11,567		29,220
Grupo Carso SAB de CV		2,879		12,871
Grupo Financiero Banorte SAB de CV		14,500		70,846
Grupo Financiero Inbursa SAB de CV		64,631		133,253
Grupo Financiero Santander Mexico SAB de CV (Class B)		11,844		17,500
Grupo Lala SAB de CV		15,401		36,297
Grupo Mexico SAB de CV (Series B)		21,000		50,707
Grupo Televisa SAB		7,409		38,560
Industrias Penoles SAB de CV		888		12,074
Kimberly-Clark de Mexico SAB de CV (Class A)		36,836		83,098
Mexichem SAB de CV		5,921		14,503
OHL Mexico SAB de CV (a)		7,409		9,527
Promotora y Operadora de Infraestructura SAB de CV (a)		493		5,411
Wal-Mart de Mexico SAB de CV		198,423		486,025

				2,200,119

PERU — 0.6%
Compania de Minas Buenaventura SA ADR		5,921		35,289
Credicorp, Ltd.		2,592		275,685
Southern Copper Corp.		4,435		118,503

				429,477

PHILIPPINES — 1.9%
Aboitiz Equity Ventures, Inc.		9,720		11,999
Aboitiz Power Corp.		154,800		143,076
Ayala Corp.		640		10,502
Ayala Land, Inc.		12,100		8,802
Bank of the Philippine Islands		116,490		200,132
BDO Unibank, Inc.		72,780		161,162
DMCI Holdings, Inc.		15,030		4,116
International Container Terminal Services, Inc.		51,680		82,982
JG Summit Holdings, Inc.		7,580		11,490
Jollibee Foods Corp.		35,620		146,931
Megaworld Corp.		296,000		27,675
Metropolitan Bank & Trust		49,291		86,054
Philippine Long Distance Telephone Co.		7,409		347,148
SM Investments Corp.		540		10,288
Universal Robina Corp.		20,290		83,348

				1,335,705

POLAND — 1.4%
Bank Pekao SA		3,237		131,436
Bank Zachodni WBK SA (a)		766		59,124
CCC SA		600		25,869
Enea SA		4,193		14,897
Energa SA		3,487		15,461
Eurocash SA		700		8,225
Grupa Lotos SA (a)		2,524		18,552
KGHM Polska Miedz SA		1,569		33,814
LPP SA		39		80,204
mBank SA (a)		135		12,319
Orange Polska SA		6,749		12,903
PGE Polska Grupa Energetyczna SA		49,600		175,832
Polski Koncern Naftowy Orlen SA		3,282		57,138
Polskie Gornictwo Naftowe i Gazownictwo SA		15,136		25,953
Powszechna Kasa Oszczednosci Bank Polski SA (a)		6,975		53,983
Powszechny Zaklad Ubezpieczen SA		2,300		235,713
Tauron Polska Energia SA		18,878		16,284

				977,707

QATAR — 2.0%
Barwa Real Estate Co.		561		6,577
Commercial Bank QSC		17,562		271,961
Doha Bank QSC		4,208		58,001
Ezdan Holding Group QSC		1,342		6,890
Gulf International Services QSC		1,075		19,186
Industries Qatar QSC		5,603		189,226
Masraf Al Rayan QSC		11,311		133,544
Ooredoo QSC		2,602		55,011
Qatar Electricity & Water Co. QSC		4,580		263,327
Qatar Insurance Co. SAQ		4,911		125,538
Qatar Islamic Bank SAQ		4,937		154,940
Qatar National Bank SAQ		2,882		148,371
Vodafone Qatar QSC		3,126		11,656

				1,444,228

RUSSIA — 3.6%
AK Transneft OAO Preference Shares (a)		56		125,903
Alrosa PAO (a)		4,869		4,260
Gazprom PAO ADR		147,173		591,635
Lukoil PJSC ADR		13,305		451,838
Magnit PJSC GDR		7,979		381,157
MegaFon PJSC GDR		2,826		34,336
MMC Norilsk Nickel PJSC ADR		1,883		27,012
Mobile TeleSystems PJSC ADR		16,277		117,520
Moscow Exchange MICEX-RTS PJSC		25,557		31,145
NOVATEK OAO GDR		255		23,587
Rosneft OAO GDR		33,006		121,792
Rostelecom PJSC ADR		1,924		15,084
RusHydro PJSC ADR		17,029		16,007
Sberbank of Russia ADR		46,674		230,360
Severstal PAO GDR		620		6,572
Sistema JSFC GDR		4,454		30,644
Surgutneftegas OAO ADR		8,296		42,351
Surgutneftegas OAO ADR Preference Shares		7,006		42,036
Tatneft PAO ADR		7,665		214,237
Uralkali PJSC GDR (a)		428		6,347
VTB Bank PJSC GDR		44,013		88,906

				2,602,729

SOUTH AFRICA — 7.4%
African Bank Investments, Ltd. (a)(d)		1,693		0
African Rainbow Minerals, Ltd.		390		1,463
AngloGold Ashanti, Ltd. (a)		3,547		28,087
Aspen Pharmacare Holdings, Ltd. (a)		2,404		51,116

See accompanying notes to financial statements.

358

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Barclays Africa Group, Ltd.		2,374	$	29,222
Barloworld, Ltd.		2,149		11,719
Bidvest Group, Ltd.		10,941		258,131
Brait SE (a)		1,224		12,437
Coronation Fund Managers, Ltd.		7,334		34,631
Discovery, Ltd.		16,820		167,458
Exxaro Resources, Ltd.		1,653		6,276
FirstRand, Ltd.		101,608		361,180
Foschini Group, Ltd.		8,402		85,272
Gold Fields, Ltd.		7,529		19,630
Growthpoint Properties, Ltd. REIT		7,316		13,572
Hyprop Investments, Ltd.		1,013		8,844
Impala Platinum Holdings, Ltd. (a)		3,052		8,480
Imperial Holdings, Ltd.		1,783		21,862
Investec, Ltd.		2,569		19,667
Kumba Iron Ore, Ltd.		2,284		12,967
Liberty Holdings, Ltd.		8,643		78,917
Life Healthcare Group Holdings, Ltd.		58,991		151,925
Massmart Holdings, Ltd.		3,262		25,502
Mediclinic International, Ltd.		3,270		26,116
MMI Holdings, Ltd.		8,762		15,075
Mondi, Ltd.		487		10,221
Mr. Price Group, Ltd.		10,311		143,923
MTN Group, Ltd.		48,121		619,479
Nampak, Ltd.		2,721		5,077
Naspers, Ltd. (Class N)		320		40,053
Nedbank Group, Ltd.		7,274		115,578
Netcare, Ltd.		37,730		99,053
Pick n Pay Stores, Ltd.		18,947		90,850
Rand Merchant Insurance Holdings, Ltd.		27,338		81,893
Redefine Properties, Ltd.		153,833		130,169
Remgro, Ltd.		1,653		30,141
Resilient Property Income Fund, Ltd.		957		8,029
RMB Holdings, Ltd.		19,959		95,154
Sanlam, Ltd.		48,590		210,146
Sappi, Ltd. (a)		6,509		20,007
Sasol, Ltd.		19,723		552,877
Shoprite Holdings, Ltd.		21,226		241,258
Spar Group, Ltd.		11,250		150,521
Standard Bank Group, Ltd.		59,285		578,829
Steinhoff International Holdings, Ltd.		6,875		42,214
Telkom SA SOC, Ltd.		1,879		9,042
Tiger Brands, Ltd.		6,364		140,282
Truworths International, Ltd.		15,301		94,083
Tsogo Sun Holdings, Ltd.		16,494		28,868
Vodacom Group, Ltd.		25,536		253,938
Woolworths Holdings, Ltd.		2,539		17,775

				5,259,009

SOUTH KOREA — 15.9%
AmorePacific Corp.		1,179		382,954
AmorePacific Group		803		110,427
BNK Financial Group, Inc.		2,536		29,312
Cheil Worldwide, Inc. (a)		2,916		44,774
CJ CheilJedang Corp.		221		70,944
CJ Corp.		135		30,068
Coway Co., Ltd.		1,938		136,852
Daelim Industrial Co., Ltd.		312		17,662
Daewoo International Corp.		638		11,169
Daewoo Securities Co., Ltd.		796		7,992
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		1,528		8,212
DGB Financial Group, Inc.		1,693		14,997
Dongbu Insurance Co., Ltd.		5,085		262,980
Doosan Corp.		156		14,609
Doosan Heavy Industries & Construction Co., Ltd.		768		13,704
Doosan Infracore Co., Ltd. (a)		1,536		8,514
E-Mart Co., Ltd.		364		70,785
GS Engineering & Construction Corp. (a)		508		10,522
GS Holdings Corp.		374		14,372
Hana Financial Group, Inc.		6,462		143,927
Hankook Tire Co., Ltd.		777		25,959
Hanon Systems Corp.		898		29,736
Hanssem Co., Ltd.		240		57,808
Hanwha Chemical Corp.		1,028		18,690
Hanwha Corp.		1,158		37,955
Hanwha Life Insurance Co., Ltd.		2,954		20,336
Hotel Shilla Co., Ltd.		70		6,792
Hyosung Corp.		226		21,450
Hyundai Department Store Co., Ltd.		156		17,636
Hyundai Development Co.-Engineering & Construction		150		6,897
Hyundai Engineering & Construction Co., Ltd.		804		23,198
Hyundai Glovis Co., Ltd.		545		102,995
Hyundai Heavy Industries Co., Ltd. (a)		651		53,001
Hyundai Marine & Fire Insurance Co., Ltd.		8,306		211,977
Hyundai Mobis Co., Ltd.		2,398		468,351
Hyundai Motor Co.		2,157		298,446
Hyundai Motor Co. Preference Shares (e)		364		33,934
Hyundai Motor Co. Preference Shares (e)		903		86,849
Hyundai Motor Co., GDR		1,458		66,485
Hyundai Steel Co.		1,071		46,534
Hyundai Wia Corp.		302		32,868
Industrial Bank of Korea		3,864		44,335
Kangwon Land, Inc.		8,256		294,633
KB Financial Group, Inc. ADR		5,929		174,253
KCC Corp.		39		13,589
KEPCO Plant Service & Engineering Co., Ltd.		1,833		187,120
Kia Motors Corp.		5,973		270,103
Korea Electric Power Corp. ADR		11,478		235,184
Korea Gas Corp.		678		22,737
Korea Investment Holdings Co., Ltd.		188		9,691
Korea Zinc Co., Ltd.		38		14,924
Korean Air Lines Co., Ltd. (a)		758		20,048
KT Corp. ADR (a)		5,863		76,629
KT&G Corp.		6,618		622,549
Kumho Petrochemical Co., Ltd.		113		5,072
LG Chem, Ltd.		356		85,749
LG Chem, Ltd. Preference Shares		72		11,541
LG Corp.		703		36,120
LG Display Co., Ltd. ADR		7,955		75,573
LG Electronics, Inc.		1,830		70,480
LG Household & Health Care, Ltd.		226		162,831
LG Innotek Co., Ltd.		132		9,800
LG Uplus Corp.		2,446		24,970

See accompanying notes to financial statements.

359

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Lotte Chemical Corp.		108	$	24,601
Lotte Shopping Co., Ltd.		341		82,136
Mirae Asset Securities Co., Ltd.		150		3,537
NAVER Corp.		795		344,077
NCSoft Corp.		423		67,449
NH Investment & Securities Co., Ltd.		760		6,373
OCI Co., Ltd.		117		8,134
Orion Corp.		117		92,984
POSCO ADR		4,785		167,571
S-1 Corp.		2,318		182,460
S-Oil Corp.		407		21,495
Samsung C&T Corp. (a)		659		81,451
Samsung Card Co., Ltd.		508		15,536
Samsung Electro-Mechanics Co., Ltd.		466		25,280
Samsung Electronics Co., Ltd. GDR		4,963		2,345,018
Samsung Electronics Co., Ltd. GDR Preference Shares		1,243		476,069
Samsung Fire & Marine Insurance Co., Ltd.		978		231,030
Samsung Heavy Industries Co., Ltd.		2,316		24,033
Samsung Life Insurance Co., Ltd.		2,686		224,117
Samsung SDI Co., Ltd.		431		39,453
Samsung SDS Co., Ltd.		65		15,793
Samsung Securities Co., Ltd.		231		8,858
Shinhan Financial Group Co., Ltd. ADR		6,005		208,974
Shinsegae Co., Ltd.		91		18,157
SK Holdings Co., Ltd.		1,370		282,021
SK Hynix, Inc.		6,736		190,663
SK Innovation Co., Ltd. (a)		1,243		102,771
SK Networks Co., Ltd.		2,316		13,463
SK Telecom Co., Ltd. ADR		8,005		195,322
Woori Bank		6,554		51,921
Yuhan Corp.		1,141		234,399

				11,325,750

TAIWAN — 13.4%
Acer, Inc. (a)		52,258		20,473
Advanced Semiconductor Engineering, Inc.		52,000		55,747
Advantech Co., Ltd.		29,867		204,087
Asia Cement Corp.		156,200		152,749
Asustek Computer, Inc.		33,000		283,122
AU Optronics Corp.		117,000		34,502
Catcher Technology Co., Ltd.		17,000		180,958
Cathay Financial Holding Co., Ltd.		38,100		52,011
Chailease Holding Co., Ltd.		4,160		6,506
Chang Hwa Commercial Bank, Ltd.		52,794		25,974
Cheng Shin Rubber Industry Co., Ltd.		13,000		21,320
Chicony Electronics Co., Ltd.		60,280		138,766
China Airlines, Ltd. (a)		302,000		103,181
China Development Financial Holding Corp.		104,000		27,952
China Life Insurance Co., Ltd.		28,820		21,881
China Steel Corp.		318,440		185,682
Chunghwa Telecom Co., Ltd.		157,540		472,704
Compal Electronics, Inc.		62,000		35,022
CTBC Financial Holding Co., Ltd.		124,649		64,165
Delta Electronics, Inc.		68,000		318,032
E.Sun Financial Holding Co., Ltd.		52,680		30,958
Eclat Textile Co., Ltd.		6,000		94,754
Epistar Corp.		5,000		3,849
Eva Airways Corp. (a)		52,589		29,387
Far Eastern New Century Corp.		26,560		23,634
Far EasTone Telecommunications Co., Ltd.		179,449		386,937
Feng TAY Enterprise Co., Ltd.		8,240		51,175
First Financial Holding Co., Ltd		414,585		188,863
Formosa Chemicals & Fibre Corp.		20,000		40,574
Formosa Petrochemical Corp.		54,000		128,409
Formosa Plastics Corp.		60,000		126,460
Formosa Taffeta Co., Ltd.		74,000		69,781
Foxconn Technology Co., Ltd.		46,220		132,228
Fubon Financial Holding Co., Ltd.		26,000		40,507
Giant Manufacturing Co., Ltd.		8,000		58,067
Hermes Microvision, Inc.		1,000		37,810
Highwealth Construction Corp.		19,500		27,478
Hon Hai Precision Industry Co., Ltd.		149,058		387,499
Hotai Motor Co., Ltd.		1,000		10,629
HTC Corp.		52,000		100,281
Hua Nan Financial Holdings Co., Ltd.		390,946		181,656
Innolux Corp.		103,751		32,297
Inotera Memories, Inc. (a)		64,000		39,942
Inventec Corp.		26,000		12,318
Kinsus Interconnect Technology Corp.		34,000		65,052
Largan Precision Co., Ltd.		3,000		233,240
Lite-On Technology Corp.		186,910		171,428
MediaTek, Inc.		41,877		309,682
Mega Financial Holding Co., Ltd.		78,000		54,009
Merida Industry Co., Ltd.		6,000		32,253
Nan Ya Plastics Corp.		18,000		30,394
Novatek Microelectronics Corp.		20,000		62,562
Pegatron Corp.		24,000		58,456
Phison Electronics Corp.		3,000		18,860
Pou Chen Corp.		16,000		23,980
Powertech Technology, Inc.		4,000		7,204
President Chain Store Corp.		43,000		267,709
Quanta Computer, Inc.		36,000		62,428
Radiant Opto-Electronics Corp.		3,000		9,248
Realtek Semiconductor Corp.		11,000		18,641
Ruentex Development Co., Ltd.		4,536		4,939
Ruentex Industries, Ltd.		3,000		5,312
Shin Kong Financial Holding Co., Ltd.		67,936		16,093
Siliconware Precision Industries Co., Ltd.		10,300		12,778
Simplo Technology Co., Ltd.		7,000		22,534
SinoPac Financial Holdings Co., Ltd.		82,190		25,959
Standard Foods Corp.		17,699		38,163
Synnex Technology International Corp.		123,000		122,524
Taishin Financial Holding Co., Ltd.		65,496		23,173
Taiwan Business Bank (a)		130,047		32,267
Taiwan Cement Corp.		97,000		98,245
Taiwan Cooperative Financial Holding Co., Ltd.		714,466		295,095
Taiwan Mobile Co., Ltd.		153,542		468,635
Taiwan Semiconductor Manufacturing Co., Ltd.		504,495		1,991,780
Teco Electric & Machinery Co., Ltd.		13,000		10,206
TPK Holding Co., Ltd.		3,000		7,143
Transcend Information, Inc.		34,000		85,703
U-Ming Marine Transport Corp.		62,000		65,902

See accompanying notes to financial statements.

360

SPDR MSCI Emerging Markets Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Uni-President Enterprises Corp.		27,164	$	47,023
United Microelectronics Corp.		177,000		58,055
Wistron Corp.		53,681		27,959
WPG Holdings, Ltd.		37,000		35,621
Yuanta Financial Holding Co., Ltd.		53,466		19,810
Yulon Motor Co., Ltd.		7,000		6,261

				9,586,653

THAILAND — 2.3%
Advanced Info Service PCL		45,600		283,940
Bangkok Bank PCL NVDR		19,000		83,758
Bangkok Dusit Medical Services PCL		183,400		93,481
Banpu PCL		24,000		13,225
BEC World PCL		34,500		30,417
BTS Group Holdings PCL		833,000		223,771
Bumrungrad Hospital PCL		9,000		53,561
Charoen Pokphand Foods PCL		25,500		14,543
CP ALL PCL		125,700		165,372
Delta Electronics Thailand PCL		45,800		111,046
Glow Energy PCL		28,900		67,682
Home Product Center PCL		112,159		21,168
IRPC PCL		86,600		8,971
Kasikornbank PCL NVDR		24,000		113,073
Krung Thai Bank PCL		40,500		19,081
PTT Exploration & Production PCL		25,200		48,602
PTT Global Chemical PCL		16,500		24,435
PTT PCL		27,100		179,198
Siam Cement PCL		1,300		16,691
Siam Cement PCL NVDR		200		2,557
Siam Commercial Bank PCL		10,500		38,766
Thai Oil PCL		27,800		40,404

				1,653,742

TURKEY — 0.8%
Akbank TAS		20,016		44,821
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,759		12,403
BIM Birlesik Magazalar AS		7,304		129,423
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		16,727		13,867
Eregli Demir ve Celik Fabrikalari TAS		8,432		10,388
Ford Otomotiv Sanayi AS		2,059		21,965
Haci Omer Sabanci Holding AS		7,109		20,826
KOC Holding AS		7,394		28,816
Tofas Turk Otomobil Fabrikasi AS		3,372		19,991
Tupras-Turkiye Petrol Rafinerileri AS (a)		3,616		88,497
Turk Hava Yollari AO (a)		6,704		17,647
Turk Telekomunikasyon AS		12,901		25,438
Turkcell Iletisim Hizmetleri AS		5,604		19,527
Turkiye Garanti Bankasi AS		20,937		48,613
Turkiye Halk Bankasi AS		7,109		23,714
Turkiye Is Bankasi (Class C)		19,223		29,903
Turkiye Vakiflar Bankasi Tao (Class D)		10,521		13,309
Yapi ve Kredi Bankasi AS		10,506		11,694

				580,842

UNITED ARAB EMIRATES — 1.0%
Abu Dhabi Commercial Bank PJSC		28,612		59,595
Aldar Properties PJSC		18,195		11,889
DP World, Ltd.		8,667		184,087
Dubai Financial Market PJSC		6,173		2,824
Dubai Islamic Bank PJSC		5,910		10,781
Emaar Properties PJSC		12,285		21,607
First Gulf Bank PJSC		54,083		205,415
National Bank of Abu Dhabi PJSC		83,149		215,522

				711,720

TOTAL COMMON STOCKS —
(Cost $83,328,162)				71,091,694

RIGHTS — 0.0% (f)
HONG KONG — 0.0% (f)
Fosun International, Ltd. (expiring 10/19/15) (a)		896		0

SOUTH KOREA — 0.0% (f)
Mirae Asset Securities Co., Ltd (expiring 11/5/15) (a)		131		562

TOTAL RIGHTS —
(Cost $1,099)				562

TOTAL INVESTMENTS — 99.6%
(Cost $83,329,261)				71,092,256
OTHER ASSETS & LIABILITIES — 0.4%				278,870

NET ASSETS — 100.0%			$	71,371,126


(a)		Non-income producing security
(b)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.3% of net assets as of September 30, 2015, are 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 Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(d)		Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(e)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(f)		Amount shown represents less than 0.05% of net assets.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

361

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 1.4%
AGL Energy, Ltd.		87	$	976
Amcor, Ltd.		301		2,784
AMP, Ltd.		227		886
Aurizon Holdings, Ltd.		235		827
Australia & New Zealand Banking Group, Ltd.		191		3,632
BHP Billiton, Ltd.		192		2,996
Brambles, Ltd.		412		2,818
Cochlear, Ltd.		19		1,114
Commonwealth Bank of Australia		92		4,698
CSL, Ltd.		193		12,090
Flight Centre Travel Group, Ltd.		24		608
Fortescue Metals Group, Ltd.		264		337
Insurance Australia Group, Ltd.		203		690
Lend Lease Group		85		749
Macquarie Group, Ltd.		20		1,077
Medibank Pvt, Ltd.		3,210		5,455
National Australia Bank, Ltd.		181		3,811
Newcrest Mining, Ltd. (a)		109		972
Orica, Ltd.		58		613
Origin Energy, Ltd. (b)		79		307
QBE Insurance Group, Ltd.		110		996
REA Group, Ltd.		27		840
Rio Tinto, Ltd.		32		1,092
Santos, Ltd.		80		224
Scentre Group		471		1,290
Seek, Ltd.		73		615
South32, Ltd. (a)(c)		144		138
South32, Ltd. (a)(c)		192		184
Suncorp Group, Ltd.		84		719
Telstra Corp., Ltd.		2,662		10,487
Transurban Group		784		5,473
Wesfarmers, Ltd.		62		1,708
Westfield Corp.		106		742
Westpac Banking Corp.		201		4,192
Woodside Petroleum, Ltd.		32		650
Woolworths, Ltd.		333		5,809

				82,599

AUSTRIA — 0.1%
Erste Group Bank AG (a)		33		956
OMV AG		30		728
Raiffeisen Bank International AG (a)		32		418
Voestalpine AG		23		788

				2,890

BELGIUM — 0.2%
Ageas		26		1,065
Anheuser-Busch InBev SA		29		3,073
Colruyt SA (a)		21		1,009
Delhaize Group		15		1,324
Groupe Bruxelles Lambert SA		10		753
KBC Groep NV		19		1,196
Proximus		72		2,480
Solvay SA		7		713
Umicore SA		21		807

				12,420

BRITISH VIRGIN ISLANDS — 0.0% (d)
Michael Kors Holdings, Ltd. (a)		68		2,872

CANADA — 3.9%
Agnico-Eagle Mines, Ltd.		186		4,693
Agrium, Inc.		12		1,070
Alimentation Couche-Tard, Inc. (Class B)		96		4,394
Bank of Montreal		136		7,383
Bank of Nova Scotia		294		12,901
Barrick Gold Corp.		257		1,627
BCE, Inc.		158		6,437
Bombardier, Inc. (Class B)		295		367
Brookfield Asset Management, Inc. (Class A)		49		1,535
Canadian Imperial Bank of Commerce		81		5,793
Canadian National Railway Co.		190		10,739
Canadian Natural Resources, Ltd.		62		1,202
Canadian Oil Sands, Ltd.		120		565
Canadian Pacific Railway, Ltd.		7		1,000
Canadian Tire Corp., Ltd. (Class A)		11		985
Cenovus Energy, Inc.		42		634
CI Financial Corp.		40		904
Crescent Point Energy Corp.		25		285
Dollarama, Inc.		180		12,101
Eldorado Gold Corp.		467		1,491
Enbridge, Inc.		151		5,581
Encana Corp.		45		288
Fairfax Financial Holdings, Ltd.		12		5,440
First Capital Realty, Inc.		121		1,688
First Quantum Minerals, Ltd.		52		190
Franco-Nevada Corp.		241		10,572
Gildan Activewear, Inc.		52		1,562
Goldcorp, Inc.		910		11,356
Great-West Lifeco, Inc.		37		882
Husky Energy, Inc.		32		497
Imperial Oil, Ltd.		21		662
Intact Financial Corp.		167		11,674
Loblaw Cos., Ltd.		26		1,332
Magna International, Inc.		132		6,302
Manulife Financial Corp.		101		1,555
Metro, Inc., (Class A)		75		2,034
National Bank of Canada		188		5,974
Onex Corp.		18		1,034
Pembina Pipeline Corp.		8		192
Potash Corp. of Saskatchewan, Inc.		108		2,210
Power Corp. of Canada		39		805
Power Financial Corp.		33		753
Restaurant Brands International, Inc.		88		3,153
RioCan REIT		148		2,812
Rogers Communications, Inc. (Class B)		241		8,265
Royal Bank of Canada		258		14,200
Saputo, Inc.		56		1,224
Shaw Communications, Inc. (Class B)		363		6,996
Silver Wheaton Corp.		453		5,420
Sun Life Financial, Inc.		32		1,027
Suncor Energy, Inc.		107		2,848
Teck Resources, Ltd. (Class B)		67		318
TELUS Corp.		258		8,092
Thomson Reuters Corp.		150		6,001
Toronto-Dominion Bank		293		11,495
TransCanada Corp.		194		6,106

See accompanying notes to financial statements.

362

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Yamana Gold, Inc.		252	$	423

				227,069

DENMARK — 1.0%
AP Moeller — Maersk A/S (Class A)		1		1,502
AP Moeller — Maersk A/S (Class B)		1		1,537
Carlsberg A/S (Class B)		10		767
Coloplast A/S (Class B)		62		4,385
Danske Bank A/S		52		1,568
Novo Nordisk A/S (Class B)		684		36,660
Novozymes A/S (Class B)		93		4,048
Pandora A/S		34		3,963
TDC A/S		173		890
Tryg A/S		60		1,163

				56,483

FINLAND — 0.2%
Fortum Oyj		59		871
Kone Oyj (Class B)		100		3,795
Nokia Oyj		129		879
Orion Oyj (Class B)		35		1,321
Sampo Oyj (Class A)		24		1,159
Stora Enso Oyj		103		777
UPM-Kymmene Oyj		59		883
Wartsila Oyj Abp		36		1,425

				11,110

FRANCE — 1.8%
Aeroports de Paris		25		2,828
Air Liquide SA		15		1,769
Alcatel-Lucent (a)		267		978
Alstom SA (a)		27		832
Arkema SA		11		710
AXA SA		261		6,303
BNP Paribas SA		145		8,491
Bouygues SA		27		956
Bureau Veritas SA		56		1,177
Cap Gemini SA		14		1,244
Carrefour SA		62		1,830
Casino Guichard-Perrachon SA		8		424
Christian Dior SE		5		932
CNP Assurances		48		665
Compagnie de Saint-Gobain		38		1,642
Compagnie Generale des Etablissements Michelin		17		1,545
Credit Agricole SA		127		1,454
Danone SA		26		1,637
Dassault Systemes		76		5,599
EDF SA		27		475
Engie		160		2,579
Essilor International SA		15		1,823
Hermes International		8		2,902
Iliad SA		3		604
Kering		5		815
L’Oreal SA		8		1,385
Lagardere SCA		30		829
Legrand SA		16		847
LVMH Moet Hennessy Louis Vuitton SE		12		2,039
Natixis SA		158		871
Orange SA		213		3,215
Pernod Ricard SA		10		1,007
Peugeot SA (a)		81		1,217
Publicis Groupe SA		44		2,995
Renault SA		25		1,786
Rexel SA		44		539
Safran SA		16		1,202
Sanofi		63		5,970
Schneider Electric SE		26		1,451
SCOR SE		29		1,037
Societe BIC SA		8		1,240
Societe Generale SA		98		4,359
Sodexo SA		10		826
Suez Environnement Co.		51		913
Technip SA		11		518
Total SA		256		11,488
Unibail-Rodamco SE		5		1,291
Valeo SA		8		1,078
Veolia Environnement SA		61		1,391
Vinci SA		37		2,342
Vivendi SA		119		2,807

				104,857

GERMANY — 2.2%
adidas AG		11		884
Allianz SE		45		7,045
BASF SE		77		5,872
Bayer AG		29		3,705
Bayerische Motoren Werke AG		31		2,741
Bayerische Motoren Werke AG Preference Shares		11		753
Beiersdorf AG		22		1,944
Brenntag AG		18		968
Commerzbank AG (a)		145		1,525
Continental AG		6		1,273
Daimler AG		94		6,805
Deutsche Bank AG		252		6,771
Deutsche Boerse AG		54		4,643
Deutsche Lufthansa AG (a)		41		569
Deutsche Post AG		288		7,965
Deutsche Telekom AG		283		5,018
E.ON SE		398		3,411
Fresenius Medical Care AG & Co. KGaA		125		9,742
Fresenius SE & Co. KGaA		21		1,406
Fuchs Petrolub SE Preference Shares		22		970
Hannover Rueck SE		12		1,226
HeidelbergCement AG		12		821
Henkel AG & Co. KGaA		10		881
Henkel AG & Co. KGaA Preference Shares		9		924
Hugo Boss AG		10		1,121
Infineon Technologies AG		94		1,055
K+S AG		29		969
Kabel Deutschland Holding AG (a)		27		3,511
Lanxess AG		15		700
Linde AG		10		1,618
MAN SE		45		4,579
Merck KGaA		12		1,059
Metro AG		30		827
Muenchener Rueckversicherungs- Gesellschaft AG		21		3,909

See accompanying notes to financial statements.

363

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Porsche Automobil Holding SE Preference Shares		25	$	1,063
RWE AG		91		1,031
SAP SE		223		14,425
Siemens AG		51		4,551
Telefonica Deutschland Holding AG		324		1,975
ThyssenKrupp AG		37		648
TUI AG		59		1,088
United Internet AG		30		1,516
Volkswagen AG		5		586
Volkswagen AG Preference Shares		29		3,164

				127,257

HONG KONG — 1.9%
AIA Group, Ltd.		400		2,067
Bank of East Asia, Ltd.		1,223		4,103
BOC Hong Kong Holdings, Ltd.		1,000		2,936
Cheung Kong Infrastructure Holdings, Ltd.		1,000		8,935
CK Hutchison Holdings, Ltd.		500		6,465
CLP Holdings, Ltd.		2,000		17,071
Galaxy Entertainment Group, Ltd.		1,000		2,542
Hang Seng Bank, Ltd.		1,200		21,553
HKT Trust/HKT, Ltd.		3,540		4,207
Hong Kong & China Gas Co., Ltd.		3,300		6,183
Hong Kong Exchanges and Clearing, Ltd.		302		6,889
Link REIT		1,000		5,484
MTR Corp., Ltd.		2,000		8,671
New World Development Co., Ltd.		1,013		980
Noble Group, Ltd.		1,000		292
Power Assets Holdings, Ltd.		1,000		9,432
Sands China, Ltd.		800		2,405
SJM Holdings, Ltd.		1,000		707
Wynn Macau, Ltd.		400		453

				111,375

IRELAND — 1.0%
Accenture PLC (Class A)		284		27,906
Allergan PLC (a)		8		2,175
Bank of Ireland (a)		2,748		1,067
CRH PLC		44		1,154
Eaton Corp. PLC		24		1,231
James Hardie Industries PLC		109		1,304
Kerry Group PLC (Class A)		106		7,945
Medtronic PLC		57		3,816
Pentair PLC		14		715
Perrigo Co. PLC		25		3,932
Ryanair Holdings PLC		228		3,320
Seagate Technology PLC		24		1,075
Tyco International PLC		24		803
Weatherford International PLC (a)		48		407
Willis Group Holdings PLC		32		1,311

				58,161

ISRAEL — 0.3%
Bank Hapoalim BM		308		1,548
Bank Leumi Le-Israel BM (a)		418		1,559
Israel Chemicals, Ltd.		122		627
Mizrahi Tefahot Bank, Ltd.		89		1,051
NICE Systems, Ltd.		74		4,037
Teva Pharmaceutical Industries, Ltd.		188		10,754

				19,576

ITALY — 0.5%
Assicurazioni Generali SpA		123		2,246
Atlantia SpA		38		1,060
Banca Monte dei Paschi di Siena SpA (a)		715		1,270
Banco Popolare SC (a)		61		900
Enel SpA		939		4,180
ENI SpA		310		4,862
Intesa Sanpaolo SpA		1,159		4,083
Saipem SpA (a)		40		320
Snam SpA		185		949
Telecom Italia SpA (a)(c)		1,742		2,143
Telecom Italia SpA (c)		1,354		1,386
UBI Banca SCpA		129		913
UniCredit SpA		390		2,425

				26,737

JAPAN — 8.2%
Aeon Co., Ltd.		100		1,549
ANA Holdings, Inc.		2,000		5,584
Aozora Bank, Ltd.		1,000		3,457
Astellas Pharma, Inc.		400		5,160
Benesse Holdings, Inc.		100		2,668
Bridgestone Corp.		100		3,445
Calbee, Inc.		100		3,219
Canon, Inc.		700		20,188
Chubu Electric Power Co., Inc.		100		1,470
Chugoku Bank, Ltd.		200		2,954
Chugoku Electric Power Co., Inc.		100		1,375
Dai-ichi Life Insurance Co., Ltd.		100		1,581
Daiichi Sankyo Co., Ltd.		100		1,728
Eisai Co., Ltd.		100		5,870
FamilyMart Co., Ltd.		100		4,551
FUJIFILM Holdings Corp.		100		3,721
Hisamitsu Pharmaceutical Co., Inc.		100		3,332
Hitachi, Ltd.		1,000		5,017
Honda Motor Co., Ltd.		200		5,910
Idemitsu Kosan Co., Ltd.		100		1,525
Inpex Corp.		100		888
Isetan Mitsukoshi Holdings, Ltd.		100		1,496
ITOCHU Corp.		300		3,150
Japan Airlines Co., Ltd.		200		7,039
Japan Prime Realty Investment Corp.		1		3,244
Japan Real Estate Investment Corp.		1		4,601
Japan Retail Fund Investment Corp.		3		5,801
Japan Tobacco, Inc.		300		9,256
JFE Holdings, Inc.		100		1,305
JX Holdings, Inc.		700		2,519
Kakaku.com, Inc.		200		3,230
Kansai Electric Power Co., Inc. (a)		100		1,108
KDDI Corp.		300		6,681
Kirin Holdings Co., Ltd.		100		1,307
Kobe Steel, Ltd.		1,000		1,077
Komatsu, Ltd.		100		1,463
Kyushu Electric Power Co., Inc. (a)		100		1,086
Lawson, Inc.		100		7,356
M3, Inc.		300		5,929
Marubeni Corp.		1,000		4,875

See accompanying notes to financial statements.

364

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

McDonald’s Holdings Co. (Japan), Ltd.		100	$	2,245
Miraca Holdings, Inc.		100		4,225
Mitsubishi Chemical Holdings Corp.		300		1,556
Mitsubishi Corp.		300		4,893
Mitsubishi Motors Corp.		100		761
Mitsubishi Tanabe Pharma Corp.		300		5,273
Mitsubishi UFJ Financial Group, Inc.		2,000		11,963
Mitsui & Co., Ltd.		300		3,358
Mizuho Financial Group, Inc.		3,200		5,956
MS&AD Insurance Group Holdings, Inc.		100		2,666
Nagoya Railroad Co., Ltd.		1,000		3,916
Nikon Corp.		100		1,204
Nippon Building Fund, Inc.		1		4,834
Nippon Prologis REIT, Inc.		2		3,627
Nippon Steel & Sumitomo Metal Corp.		100		1,811
Nippon Telegraph & Telephone Corp.		400		13,954
Nissan Motor Co., Ltd.		400		3,654
Nissin Foods Holding Co., Ltd.		100		4,584
Nitori Holding Co., Ltd.		100		7,807
Nomura Holdings, Inc.		200		1,149
Nomura Research Institute, Ltd.		220		8,404
NTT DoCoMo, Inc.		1,368		22,765
Oracle Corp.		100		4,208
Oriental Land Co., Ltd.		200		11,137
ORIX Corp.		100		1,279
Osaka Gas Co., Ltd.		1,000		3,782
Otsuka Corp.		100		4,859
Otsuka Holdings Co., Ltd.		400		12,718
Panasonic Corp.		200		2,010
Park24 Co., Ltd.		100		1,875
Recruit Holdings Co., Ltd.		166		4,962
Resona Holdings, Inc.		400		2,025
Ricoh Co., Ltd.		100		1,006
Santen Pharmaceutical Co., Ltd.		500		6,676
Secom Co., Ltd.		200		11,972
Sekisui House, Ltd.		100		1,557
Seven & i Holdings Co., Ltd.		100		4,546
Showa Shell Sekiyu K.K.		200		1,571
SoftBank Group Corp.		100		4,573
Sony Corp.		200		4,840
Sumitomo Corp.		200		1,924
Sumitomo Electric Industries, Ltd.		100		1,272
Sumitomo Mitsui Financial Group, Inc.		200		7,535
Sumitomo Mitsui Trust Holdings, Inc.		1,000		3,652
Suntory Beverage & Food, Ltd.		200		7,657
Suzuken Co., Ltd.		100		3,319
T&D Holdings, Inc.		100		1,173
Takeda Pharmaceutical Co., Ltd.		589		25,755
Tobu Railway Co., Ltd.		1,000		4,283
Toho Co., Ltd.		100		2,274
Tohoku Electric Power Co., Inc.		100		1,350
Tokio Marine Holdings, Inc.		100		3,709
Tokyo Electric Power Co., Inc. (a)		300		1,996
Toshiba Corp. (a)		1,000		2,508
Toyota Motor Corp.		200		11,641
Unicharm Corp.		100		1,765
United Urban Investment Corp.		3		4,003
USS Co., Ltd.		300		4,970
West Japan Railway Co.		200		12,493
Yahoo! Japan Corp.		400		1,516
Yamada Denki Co., Ltd.		300		1,207
Yamato Holdings Co., Ltd.		400		7,628

				477,546

LUXEMBOURG — 0.0% (d)
ArcelorMittal		144		749
RTL Group SA		12		1,031
Subsea 7 SA (a)		54		405
Tenaris SA		46		551

				2,736

NETHERLANDS — 1.3%
Aegon NV		278		1,593
Airbus Group SE		177		10,454
Akzo Nobel NV		15		971
Altice NV (Class A) (a)		12		251
Altice NV (Class B) (a)		4		89
ASML Holding NV		12		1,047
Chicago Bridge & Iron Co. NV		25		992
CNH Industrial NV		94		611
Core Laboratories NV		11		1,098
Fiat Chrysler Automobiles NV (a)		262		3,395
Heineken Holding NV		16		1,136
Heineken NV		16		1,290
ING Groep NV		434		6,128
Koninklijke Ahold NV		90		1,749
Koninklijke DSM NV		14		644
Koninklijke KPN NV		337		1,258
Koninklijke Philips NV		56		1,316
LyondellBasell Industries NV (Class A)		146		12,171
Mylan NV (a)		22		886
Randstad Holding NV		18		1,069
RELX NV		342		5,562
Unilever NV		471		18,869

				72,579

NEW ZEALAND — 0.1%
Auckland International Airport, Ltd.		1,039		3,244
Ryman Healthcare, Ltd.		147		687

				3,931

NORWAY — 0.1%
DnB ASA		94		1,220
Norsk Hydro ASA		195		648
Seadrill, Ltd. (a)		27		157
Statoil ASA		118		1,717
Telenor ASA		45		838
Yara International ASA		23		916

				5,496

PORTUGAL — 0.0% (d)
EDP — Energias de Portugal SA		228		833
Galp Energia SGPS SA		60		589
Jeronimo Martins SGPS SA		72		968

				2,390

SINGAPORE — 0.7%
Flextronics International, Ltd. (a)		104		1,096
Oversea-Chinese Banking Corp., Ltd.		1,004		6,207
Singapore Airlines, Ltd.		1,000		7,525
Singapore Press Holdings, Ltd.		2,000		5,401

See accompanying notes to financial statements.

365

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Singapore Telecommunications, Ltd.		6,842	$	17,323
StarHub, Ltd.		1,000		2,433

				39,985

SPAIN — 0.7%
ACS, Actividades de Construccion y Servicios SA		26		746
Banco Bilbao Vizcaya Argentaria SA		451		3,816
Banco de Sabadell SA		405		742
Banco Popular Espanol SA		154		560
Banco Santander SA		1,120		5,931
CaixaBank SA (a)		183		703
Endesa SA		152		3,197
Ferrovial SA		49		1,167
Gas Natural SDG SA		35		681
Iberdrola SA		565		3,751
Industria de Diseno Textil SA		295		9,856
International Consolidated Airlines Group SA (a)		161		1,431
Repsol SA		115		1,336
Telefonica SA		448		5,416
Zardoya Otis SA		64		690

				40,023

SWEDEN — 0.7%
Alfa Laval AB		76		1,241
Assa Abloy AB (Class B)		60		1,072
Atlas Copco AB (Class A)		181		4,340
Atlas Copco AB (Class B)		106		2,363
Autoliv, Inc.		10		1,090
Boliden AB		74		1,154
Electrolux AB (Series B)		42		1,182
Hennes & Mauritz AB (Class B)		299		10,898
Investor AB (Class B)		67		2,294
Kinnevik Investment AB (Class B)		25		712
Nordea Bank AB		254		2,823
Sandvik AB		70		594
Skandinaviska Enskilda Banken AB (Class A)		116		1,236
Skanska AB (Class B)		48		938
SKF AB (Class B)		40		733
Svenska Cellulosa AB (Class B)		36		1,004
Svenska Handelsbanken AB (Class A)		105		1,501
Swedbank AB (Class A)		67		1,477
Telefonaktiebolaget LM Ericsson (Class B)		170		1,666
TeliaSonera AB		174		934
Volvo AB (Class B)		108		1,031

				40,283

SWITZERLAND — 4.2%
ABB, Ltd. (a)		110		1,939
ACE, Ltd.		25		2,585
Actelion, Ltd. (a)		26		3,292
Adecco SA (a)		13		948
Baloise Holding AG		9		1,029
Barry Callebaut AG (a)		3		3,254
Cie Financiere Richemont SA		119		9,219
Credit Suisse Group AG (a)		141		3,380
EMS-Chemie Holding AG		3		1,230
Geberit AG		10		3,047
Givaudan SA (a)		4		6,489
Julius Baer Group, Ltd. (a)		104		4,707
Kuehne + Nagel International AG		82		10,507
LafargeHolcim, Ltd. (a)(c)		14		731
LafargeHolcim, Ltd. (a)(c)		10		520
Nestle SA		488		36,584
Novartis AG		277		25,344
Partners Group Holding AG		7		2,366
Roche Holding AG		248		65,230
Schindler Holding AG (c)		19		2,722
Schindler Holding AG (c)		31		4,530
SGS SA		2		3,480
Swatch Group AG (c)		8		2,956
Swatch Group AG (c)		13		935
Swiss Life Holding AG (a)		4		890
Swiss Prime Site AG (a)		74		5,392
Swiss Re AG		39		3,337
Swisscom AG		30		14,928
Syngenta AG		23		7,346
TE Connectivity, Ltd.		102		6,109
Transocean, Ltd.		28		358
UBS Group AG		249		4,590
Zurich Insurance Group AG (a)		13		3,182

				243,156

UNITED KINGDOM — 8.2%
Aberdeen Asset Management PLC		282		1,267
Admiral Group PLC		64		1,456
Aggreko PLC		70		1,008
Amec Foster Wheeler PLC		77		836
Anglo American PLC		148		1,235
Aon PLC		12		1,063
ARM Holdings PLC		345		4,952
Associated British Foods PLC		21		1,063
AstraZeneca PLC		410		25,969
Aviva PLC		338		2,314
Babcock International Group PLC		12		166
BAE Systems PLC		1,094		7,419
Barclays PLC		2,251		8,325
BG Group PLC		190		2,737
BHP Billiton PLC		144		2,192
BP PLC		3,489		17,652
British American Tobacco PLC		511		28,198
British Land Co. PLC		84		1,067
BT Group PLC		425		2,701
Bunzl PLC		87		2,333
Burberry Group PLC		128		2,652
Capita PLC		264		4,791
Carnival PLC		26		1,348
Centrica PLC		1,505		5,225
Cobham PLC		301		1,303
Compass Group PLC		932		14,866
Croda International PLC		40		1,641
Delphi Automotive PLC		107		8,136
Diageo PLC		660		17,700
Direct Line Insurance Group PLC		223		1,266
easyJet PLC		39		1,050
Ensco PLC (Class A)		23		324
Experian PLC		60		962
Fresnillo PLC		280		2,509
G4S PLC		1,567		5,476

See accompanying notes to financial statements.

366

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

GKN PLC		158	$	641
GlaxoSmithKline PLC		822		15,763
Glencore PLC (a)		1,799		2,495
Hargreaves Lansdown PLC		73		1,335
HSBC Holdings PLC		2,155		16,279
ICAP PLC		156		1,080
IMI PLC		80		1,149
Imperial Tobacco Group PLC		259		13,390
Inmarsat PLC		540		8,032
Intertek Group PLC		55		2,025
ITV PLC		1,074		4,002
J Sainsbury PLC		172		680
Johnson Matthey PLC		54		2,002
Kingfisher PLC		167		907
Land Securities Group PLC		63		1,202
Legal & General Group PLC		298		1,075
Liberty Global PLC (Class A) (a)		31		1,331
Liberty Global PLC (Series C) (a)		45		1,846
Lloyds Banking Group PLC		2,616		2,978
London Stock Exchange Group PLC		50		1,832
Marks & Spencer Group PLC		144		1,093
Merlin Entertainments PLC (e)		403		2,268
National Grid PLC		780		10,857
Next PLC		77		8,876
Old Mutual PLC		359		1,028
Pearson PLC		53		905
Persimmon PLC (a)		97		2,950
Petrofac, Ltd.		81		942
Prudential PLC		124		2,617
Randgold Resources, Ltd.		111		6,494
Reckitt Benckiser Group PLC		275		24,939
RELX PLC		385		6,602
Rexam PLC		100		793
Rio Tinto PLC		356		11,918
Rolls-Royce Holdings PLC (a)		486		4,984
Royal Bank of Scotland Group PLC (a)		227		1,083
Royal Dutch Shell PLC (Class A)		716		16,854
Royal Dutch Shell PLC (Class B)		439		10,394
Royal Mail PLC		180		1,251
RSA Insurance Group PLC		141		860
SABMiller PLC		32		1,811
Sage Group PLC		300		2,269
Schroders PLC		30		1,275
Shire PLC		192		13,099
Sky PLC		834		13,189
Smith & Nephew PLC		221		3,860
Smiths Group PLC		111		1,690
Sports Direct International PLC (a)		79		906
SSE PLC		226		5,121
Standard Chartered PLC		395		3,834
Standard Life PLC		135		793
Tate & Lyle PLC		130		1,158
Tesco PLC (a)		1,711		4,748
Travis Perkins PLC		39		1,161
Tullow Oil PLC (a)		74		190
Unilever PLC		367		14,932
Vodafone Group PLC		3,956		12,491
Weir Group PLC		51		904
Whitbread PLC		41		2,899
William Hill PLC		224		1,190
William Morrison Supermarkets PLC		345		868
Wolseley PLC		69		4,032
WPP PLC		76		1,581

				474,955

UNITED STATES — 60.6%
3M Co.		167		23,676
Abbott Laboratories		476		19,145
AbbVie, Inc.		52		2,829
Activision Blizzard, Inc.		49		1,514
Adobe Systems, Inc. (a)		17		1,398
ADT Corp.		31		927
Advance Auto Parts, Inc.		19		3,601
AES Corp.		74		724
Aetna, Inc.		27		2,954
Aflac, Inc.		27		1,570
AGCO Corp.		19		886
Agilent Technologies, Inc.		18		618
Air Products & Chemicals, Inc.		9		1,148
Albemarle Corp.		21		926
Alcoa, Inc.		85		821
Alexion Pharmaceuticals, Inc. (a)		100		15,639
Alleghany Corp. (a)		19		8,894
Allstate Corp.		39		2,271
Ally Financial, Inc. (a)		97		1,977
Alphabet, Inc. (Class A) (a)		68		43,409
Alphabet, Inc. (Class C) (a)		73		44,415
Altria Group, Inc.		297		16,157
Amazon.com, Inc. (a)		5		2,559
Ameren Corp.		27		1,141
American Capital Agency Corp.		548		10,248
American Electric Power Co., Inc.		36		2,047
American Express Co.		40		2,965
American International Group, Inc.		171		9,716
American Tower Corp.		111		9,766
American Water Works Co., Inc.		49		2,699
Ameriprise Financial, Inc.		10		1,091
AmerisourceBergen Corp.		167		15,863
Amgen, Inc.		20		2,766
Amphenol Corp. (Class A)		72		3,669
Anadarko Petroleum Corp.		19		1,147
Analog Devices, Inc.		20		1,128
Annaly Capital Management, Inc.		1,355		13,374
Antero Resources Corp. (a)		18		381
Anthem, Inc.		30		4,200
Apache Corp.		40		1,566
Apple, Inc.		1,001		110,410
Applied Materials, Inc.		52		764
Arch Capital Group, Ltd. (a)		200		14,694
Archer-Daniels-Midland Co.		71		2,943
Arrow Electronics, Inc. (a)		19		1,050
Assurant, Inc.		16		1,264
AT&T, Inc.		1,090		35,512
Automatic Data Processing, Inc.		491		39,457
AutoZone, Inc. (a)		31		22,439
AvalonBay Communities, Inc.		41		7,168
Avnet, Inc.		24		1,024
Axis Capital Holdings, Ltd.		122		6,554
Baker Hughes, Inc.		27		1,405

See accompanying notes to financial statements.

367

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Bank of America Corp.		922	$	14,365
Bank of New York Mellon Corp.		96		3,758
Baxalta, Inc.		253		7,972
Baxter International, Inc.		253		8,311
BB&T Corp.		58		2,065
Becton, Dickinson and Co.		126		16,715
Bed Bath & Beyond, Inc. (a)		84		4,790
Berkshire Hathaway, Inc. (Class B) (a)		187		24,385
Best Buy Co., Inc.		45		1,670
Biogen, Inc. (a)		56		16,341
BlackRock, Inc.		6		1,785
Boeing Co.		196		25,666
BorgWarner, Inc.		17		707
Boston Scientific Corp. (a)		77		1,264
Bristol-Myers Squibb Co.		237		14,030
Broadcom Corp. (Class A)		36		1,851
Brown-Forman Corp. (Class B)		33		3,198
Bunge, Ltd.		23		1,686
C.H. Robinson Worldwide, Inc.		45		3,050
C.R. Bard, Inc.		82		15,277
CA, Inc.		86		2,348
Camden Property Trust		18		1,330
Cameron International Corp. (a)		16		981
Campbell Soup Co.		152		7,703
Capital One Financial Corp.		59		4,279
Cardinal Health, Inc.		140		10,755
CarMax, Inc. (a)		24		1,424
Carnival Corp.		25		1,243
Caterpillar, Inc.		43		2,810
CBS Corp. (Class B)		22		878
CDK Global, Inc.		54		2,580
Celanese Corp. (Series A)		17		1,006
Celgene Corp. (a)		196		21,201
CenterPoint Energy, Inc.		47		848
CenturyLink, Inc.		52		1,306
Cerner Corp. (a)		100		5,996
CF Industries Holdings, Inc.		75		3,367
Charles Schwab Corp.		39		1,114
Chesapeake Energy Corp.		54		396
Chevron Corp.		202		15,934
Chipotle Mexican Grill, Inc. (a)		13		9,363
Chubb Corp.		190		23,303
Church & Dwight Co., Inc.		197		16,528
Cigna Corp.		17		2,295
Cimarex Energy Co.		8		820
Cisco Systems, Inc.		276		7,245
CIT Group, Inc.		25		1,001
Citigroup, Inc.		333		16,520
Citrix Systems, Inc. (a)		37		2,563
Clorox Co.		154		17,792
CME Group, Inc.		24		2,226
Coach, Inc.		96		2,777
Coca-Cola Co.		508		20,381
Coca-Cola Enterprises, Inc.		65		3,143
Cognizant Technology Solutions Corp. (Class A) (a)		22		1,377
Colgate-Palmolive Co.		279		17,705
Columbia Pipeline Group, Inc.		28		512
Comcast Corp. (Class A)		120		6,826
Comcast Corp. (Class A) Special		31		1,774
Comerica, Inc.		23		945
Computer Sciences Corp.		17		1,043
ConAgra Foods, Inc.		32		1,296
ConocoPhillips		91		4,364
CONSOL Energy, Inc.		23		225
Consolidated Edison, Inc.		379		25,336
Corning, Inc.		93		1,592
Costco Wholesale Corp.		109		15,758
Crown Castle International Corp.		120		9,464
CSX Corp.		52		1,399
Cummins, Inc.		43		4,669
CVS Health Corp.		72		6,947
Danaher Corp.		26		2,215
Darden Restaurants, Inc.		22		1,508
DaVita HealthCare Partners, Inc. (a)		90		6,510
Deere & Co.		27		1,998
Delta Air Lines, Inc.		27		1,211
Devon Energy Corp.		25		927
Dick’s Sporting Goods, Inc.		28		1,389
Discover Financial Services		33		1,716
DISH Network Corp. (Class A) (a)		18		1,050
Dollar General Corp.		185		13,401
Dollar Tree, Inc. (a)		154		10,266
Dominion Resources, Inc.		249		17,525
Dover Corp.		12		686
Dow Chemical Co.		75		3,180
Dr. Pepper Snapple Group, Inc.		49		3,873
DTE Energy Co.		16		1,286
Duke Energy Corp.		248		17,841
E. I. du Pont de Nemours & Co.		241		11,616
Eastman Chemical Co.		40		2,589
Eaton Vance Corp.		32		1,069
eBay, Inc. (a)		145		3,544
Ecolab, Inc.		71		7,790
Edison International		24		1,514
Edwards Lifesciences Corp. (a)		27		3,839
Electronic Arts, Inc. (a)		100		6,775
Eli Lilly & Co.		469		39,251
EMC Corp.		97		2,344
Emerson Electric Co.		161		7,111
Entergy Corp.		18		1,172
EOG Resources, Inc.		21		1,529
EQT Corp.		13		842
Equity Residential		18		1,352
Estee Lauder Cos., Inc. (Class A)		60		4,841
Everest Re Group, Ltd.		100		17,334
Eversource Energy		25		1,265
Exelon Corp.		76		2,257
Expeditors International of Washington, Inc.		48		2,258
Express Scripts Holding Co. (a)		129		10,444
Exxon Mobil Corp.		1,597		118,737
F5 Networks, Inc. (a)		18		2,084
Facebook, Inc. (Class A) (a)		128		11,507
Fastenal Co.		74		2,709
Federal Realty Investment Trust		81		11,052
FedEx Corp.		17		2,448
Fidelity National Information Services, Inc.		59		3,958
Fifth Third Bancorp		86		1,626

See accompanying notes to financial statements.

368

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

FirstEnergy Corp.		45	$	1,409
Fiserv, Inc. (a)		17		1,472
FleetCor Technologies, Inc. (a)		15		2,064
Flowserve Corp.		35		1,440
Fluor Corp.		43		1,821
FMC Corp.		33		1,119
FMC Technologies, Inc. (a)		55		1,705
Foot Locker, Inc.		36		2,591
Ford Motor Co.		533		7,233
Franklin Resources, Inc.		102		3,801
Freeport-McMoRan, Inc.		81		785
Frontier Communications Corp.		177		841
GameStop Corp. (Class A)		36		1,484
Gap, Inc.		79		2,251
Garmin, Ltd.		29		1,041
Gartner, Inc. (a)		100		8,393
General Dynamics Corp.		71		9,794
General Electric Co.		549		13,846
General Mills, Inc.		659		36,990
General Motors Co.		252		7,565
Genuine Parts Co.		67		5,554
Gilead Sciences, Inc.		345		33,876
Goldman Sachs Group, Inc.		42		7,298
H&R Block, Inc.		80		2,896
Halliburton Co.		36		1,273
Harris Corp.		27		1,975
Hartford Financial Services Group, Inc.		40		1,831
HCA Holdings, Inc. (a)		21		1,625
HCP, Inc.		26		969
Helmerich & Payne, Inc.		26		1,229
Henry Schein, Inc. (a)		125		16,590
Hershey Co.		128		11,761
Hertz Global Holdings, Inc. (a)		37		619
Hess Corp.		30		1,502
Hewlett-Packard Co.		567		14,521
HollyFrontier Corp.		22		1,074
Home Depot, Inc.		392		45,272
Honeywell International, Inc.		179		16,950
Hormel Foods Corp.		11		696
Host Hotels & Resorts, Inc.		49		775
Hudson City Bancorp, Inc.		112		1,139
Humana, Inc.		13		2,327
Illinois Tool Works, Inc.		18		1,482
Ingersoll-Rand PLC		18		914
Intel Corp.		1,467		44,215
Intercontinental Exchange, Inc.		6		1,410
International Business Machines Corp.		144		20,876
International Flavors & Fragrances, Inc.		19		1,962
International Paper Co.		32		1,209
Intuit, Inc.		123		10,916
Intuitive Surgical, Inc. (a)		9		4,136
Invesco, Ltd.		29		906
J.B. Hunt Transport Services, Inc.		68		4,855
J.M. Smucker Co.		49		5,590
Jacobs Engineering Group, Inc. (a)		19		711
Johnson & Johnson		1,046		97,644
Johnson Controls, Inc.		42		1,737
JPMorgan Chase & Co.		384		23,412
Juniper Networks, Inc.		41		1,054
Kellogg Co.		238		15,839
Keurig Green Mountain, Inc.		26		1,356
KeyCorp		83		1,080
Kimberly-Clark Corp.		184		20,063
Kinder Morgan, Inc.		43		1,190
KLA-Tencor Corp.		17		850
Kohl’s Corp.		22		1,019
Kraft Heinz Co.		24		1,694
Kroger Co.		112		4,040
L Brands, Inc.		18		1,622
L-3 Communications Holdings, Inc.		9		941
Laboratory Corp. of America Holdings (a)		107		11,606
Las Vegas Sands Corp.		97		3,683
Leucadia National Corp.		40		810
Liberty Interactive Corp. QVC Group (Class A) (a)		40		1,049
Liberty Media Corp. (Class A) (a)		33		1,179
Liberty Media Corp. (Class C) (a)		66		2,274
Lincoln National Corp.		22		1,044
Linear Technology Corp.		66		2,663
Lockheed Martin Corp.		78		16,170
Loews Corp.		27		976
Lowe’s Cos., Inc.		254		17,506
Lululemon Athletica, Inc. (a)		29		1,469
M&T Bank Corp.		9		1,098
Macy’s, Inc.		126		6,466
ManpowerGroup, Inc.		13		1,065
Marathon Oil Corp.		61		939
Marathon Petroleum Corp.		188		8,710
Marsh & McLennan Cos., Inc.		256		13,368
Mastercard, Inc. (Class A)		321		28,929
Mattel, Inc.		94		1,980
McCormick & Co., Inc.		171		14,053
McDonald’s Corp.		590		58,133
McKesson Corp.		54		9,992
Mead Johnson Nutrition Co.		100		7,040
Merck & Co., Inc.		445		21,979
MetLife, Inc.		90		4,243
Mettler-Toledo International, Inc. (a)		9		2,563
MGM Resorts International (a)		41		756
Micron Technology, Inc. (a)		40		599
Microsoft Corp.		2,242		99,231
Molson Coors Brewing Co. (Class B)		16		1,328
Mondelez International, Inc. (Class A)		109		4,564
Monsanto Co.		115		9,814
Monster Beverage Corp. (a)		42		5,676
Morgan Stanley		106		3,339
Mosaic Co.		24		747
Motorola Solutions, Inc.		155		10,599
Murphy Oil Corp.		17		411
Nabors Industries, Ltd.		42		397
National Oilwell Varco, Inc.		26		979
Navient Corp.		70		787
NetApp, Inc.		29		858
New York Community Bancorp, Inc.		73		1,318
Newell Rubbermaid, Inc.		67		2,661
Newmont Mining Corp.		684		10,992
News Corp. (Class A)		63		795
NextEra Energy, Inc.		85		8,292

See accompanying notes to financial statements.

369

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

NIKE, Inc. (Class B)		185	$	22,749
Noble Energy, Inc.		15		453
Nordstrom, Inc.		39		2,797
Norfolk Southern Corp.		15		1,146
Northern Trust Corp.		18		1,227
Northrop Grumman Corp.		52		8,629
NRG Energy, Inc.		30		446
Nucor Corp.		21		789
NVIDIA Corp.		59		1,454
O’Reilly Automotive, Inc. (a)		63		15,750
Occidental Petroleum Corp.		52		3,440
Oceaneering International, Inc.		27		1,061
Omnicom Group, Inc.		65		4,283
ONEOK, Inc.		16		515
Oracle Corp.		933		33,700
PACCAR, Inc.		18		939
Parker-Hannifin Corp.		9		876
Patterson Cos., Inc.		106		4,584
Paychex, Inc.		498		23,720
PayPal Holdings, Inc. (a)		145		4,501
People’s United Financial, Inc.		407		6,402
Pepco Holdings, Inc.		300		7,266
PepsiCo, Inc.		605		57,051
Pfizer, Inc.		624		19,600
PG&E Corp.		285		15,048
Philip Morris International, Inc.		63		4,998
Phillips 66		182		13,985
Pioneer Natural Resources Co.		5		608
PNC Financial Services Group, Inc.		54		4,817
Polaris Industries, Inc.		19		2,278
PPG Industries, Inc.		12		1,052
PPL Corp.		44		1,447
Praxair, Inc.		66		6,723
Precision Castparts Corp.		31		7,121
Priceline Group, Inc. (a)		13		16,079
Principal Financial Group, Inc.		22		1,041
Procter & Gamble Co.		1,010		72,659
Progressive Corp.		151		4,627
ProLogis, Inc.		27		1,050
Prudential Financial, Inc.		35		2,667
Public Service Enterprise Group, Inc.		36		1,518
Public Storage		78		16,507
Pulte Group, Inc.		54		1,019
QUALCOMM, Inc.		461		24,770
Quest Diagnostics, Inc.		18		1,106
Ralph Lauren Corp.		15		1,772
Range Resources Corp.		38		1,221
Raytheon Co.		77		8,413
Regions Financial Corp.		136		1,225
RenaissanceRe Holdings, Ltd.		100		10,632
Republic Services, Inc.		137		5,644
ResMed, Inc.		34		1,733
Reynolds American, Inc.		232		10,271
Robert Half International, Inc.		38		1,944
Rockwell Automation, Inc.		37		3,754
Rockwell Collins, Inc.		38		3,110
Ross Stores, Inc.		196		9,500
Royal Caribbean Cruises, Ltd.		19		1,693
SanDisk Corp.		12		652
SBA Communications Corp. (Class A) (a)		116		12,150
SCANA Corp.		30		1,688
Schlumberger, Ltd.		100		6,897
Scripps Networks Interactive, Inc. (Class A)		21		1,033
SEI Investments Co.		39		1,881
Sempra Energy		22		2,128
Sherwin-Williams Co.		50		11,139
Sigma-Aldrich Corp.		128		17,782
Simon Property Group, Inc.		7		1,286
Skyworks Solutions, Inc.		41		3,453
Southern Co.		652		29,144
Southwest Airlines Co.		6		228
Southwestern Energy Co. (a)		78		990
Spectra Energy Corp.		52		1,366
St. Jude Medical, Inc.		66		4,164
Stanley Black & Decker, Inc.		12		1,164
Staples, Inc.		93		1,091
Starbucks Corp.		648		36,832
Starwood Hotels & Resorts Worldwide, Inc.		13		864
State Street Corp. (f)		36		2,420
Stericycle, Inc. (a)		105		14,628
Stryker Corp.		13		1,223
SunTrust Banks, Inc.		53		2,027
Symantec Corp.		46		896
Synopsys, Inc. (a)		194		8,959
Sysco Corp.		213		8,301
T. Rowe Price Group, Inc.		67		4,656
Target Corp.		266		20,924
TD Ameritrade Holding Corp.		61		1,942
Teradata Corp. (a)		41		1,187
Tesoro Corp.		21		2,042
Texas Instruments, Inc.		238		11,786
Textron, Inc.		28		1,054
Thermo Fisher Scientific, Inc.		13		1,590
Tiffany & Co.		29		2,239
Time Warner Cable, Inc.		14		2,511
Time Warner, Inc.		61		4,194
TJX Cos., Inc.		348		24,854
Tractor Supply Co.		39		3,288
Travelers Cos., Inc.		125		12,441
TripAdvisor, Inc. (a)		28		1,765
Twenty-First Century Fox, Inc. (Class A)		370		9,983
Twenty-First Century Fox, Inc. (Class B)		130		3,519
Tyson Foods, Inc. (Class A)		28		1,207
U.S. Bancorp		189		7,751
Ulta Salon Cosmetics & Fragrance, Inc. (a)		15		2,450
Under Armour, Inc. (Class A) (a)		34		3,291
Union Pacific Corp.		229		20,246
United Parcel Service, Inc. (Class B)		137		13,521
United Technologies Corp.		39		3,471
UnitedHealth Group, Inc.		159		18,446
Universal Health Services, Inc. (Class B)		12		1,498
Unum Group		30		962
Urban Outfitters, Inc. (a)		33		970
V.F. Corp.		200		13,642
Valero Energy Corp.		81		4,868
Varian Medical Systems, Inc. (a)		200		14,756
Ventas, Inc.		61		3,420
Verizon Communications, Inc.		770		33,503

See accompanying notes to financial statements.

370

SPDR MSCI World Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Visa, Inc. (Class A)		640	$	44,582
Voya Financial, Inc.		28		1,086
W.R. Berkley Corp.		139		7,557
W.W. Grainger, Inc.		16		3,440
Wabtec Corp.		22		1,937
Wal-Mart Stores, Inc.		705		45,712
Walgreens Boots Alliance, Inc.		44		3,656
Walt Disney Co.		358		36,588
Waste Management, Inc.		329		16,387
Waters Corp. (a)		21		2,482
WEC Energy Group, Inc.		194		10,131
Wells Fargo & Co.		582		29,886
Welltower, Inc.		181		12,257
Western Digital Corp.		13		1,033
Western Union Co.		68		1,248
Westlake Chemical Corp.		13		675
WestRock Co.		22		1,132
Weyerhaeuser Co.		34		930
Whirlpool Corp.		7		1,031
Whiting Petroleum Corp. (a)		14		214
Whole Foods Market, Inc.		100		3,165
Williams Cos., Inc.		22		811
Xcel Energy, Inc.		338		11,969
Xerox Corp.		123		1,197
Xilinx, Inc.		57		2,417
XL Group PLC		32		1,162
Yahoo!, Inc. (a)		143		4,134
Yum! Brands, Inc.		128		10,234
Zimmer Biomet Holdings, Inc.		10		939

				3,510,537

TOTAL COMMON STOCKS —
(Cost $6,066,094)				5,757,023

RIGHTS — 0.0% (d)
SPAIN — 0.0% (d)
Banco Popular Espanol SA (expired 9/25/15) (a) (Cost $4)		154		3

SHORT TERM INVESTMENT — 0.3%
UNITED STATES — 0.3%
MONEY MARKET FUND — 0.3%
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h) (Cost $16,482)		16,482		16,482

TOTAL INVESTMENTS — 99.6%
(Cost $6,082,580)				5,773,508
OTHER ASSETS & LIABILITIES — 0.4%				22,164

NET ASSETS — 100.0%			$	5,795,672


(a)		Non-income producing security
(b)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.0% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)		Affiliated issuer (Note 3).
(g)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).
(h)		The rate shown is the annualized seven-day yield at period end.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

371

SPDR MSCI Australia Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.0%
AIRLINES — 0.4%
Qantas Airways, Ltd. (a)		9,779	$	25,546

BANKS — 19.2%
Australia & New Zealand Banking Group, Ltd.		14,016		266,541
Bank of Queensland, Ltd.		444		3,620
Bendigo & Adelaide Bank, Ltd.		5,084		35,381
Commonwealth Bank of Australia		6,445		329,131
National Australia Bank, Ltd.		13,745		289,380
Westpac Banking Corp.		14,387		300,067

				1,224,120

BEVERAGES — 0.6%
Coca-Cola Amatil, Ltd.		4,840		30,624
Treasury Wine Estates, Ltd.		1,344		6,192

				36,816

BIOTECHNOLOGY — 5.9%
CSL, Ltd.		6,025		377,410

CAPITAL MARKETS — 0.9%
Macquarie Group, Ltd.		1,016		54,696
Platinum Asset Management, Ltd.		651		3,095

				57,791

CHEMICALS — 1.7%
Incitec Pivot, Ltd.		16,682		45,688
Orica, Ltd.		5,717		60,382

				106,070

COMMERCIAL SERVICES & SUPPLIES — 2.9%
Brambles, Ltd.		27,425		187,585

CONSTRUCTION & ENGINEERING — 0.3%
CIMIC Group, Ltd.		1,324		21,850

CONSTRUCTION MATERIALS — 0.7%
Boral, Ltd.		4,540		16,802
James Hardie Industries PLC		2,403		28,755

				45,557

CONTAINERS & PACKAGING — 3.8%
Amcor, Ltd.		26,486		244,959

DIVERSIFIED FINANCIAL SERVICES — 1.6%
ASX, Ltd.		3,928		104,490

DIVERSIFIED TELECOMMUNICATION SERVICES — 5.2%
Telstra Corp., Ltd.		81,137		319,649
TPG Telecom, Ltd.		1,466		11,181

				330,830

ELECTRIC UTILITIES — 0.3%
AusNet Services		18,749		17,972

ENERGY EQUIPMENT & SERVICES — 0.2%
WorleyParsons, Ltd.		2,343		9,724

FOOD & STAPLES RETAILING — 11.9%
Wesfarmers, Ltd.		14,575		401,428
Woolworths, Ltd.		20,538		358,263

				759,691

GAS UTILITIES — 1.0%
APA Group		10,901		65,452

HEALTH CARE EQUIPMENT & SUPPLIES — 0.7%
Cochlear, Ltd.		711		41,677

HEALTH CARE PROVIDERS & SERVICES — 3.7%
Healthscope, Ltd.		24,016		43,007
Ramsay Health Care, Ltd.		2,647		108,687
Sonic Healthcare, Ltd.		6,670		85,483

				237,177

HOTELS, RESTAURANTS & LEISURE — 1.6%
Aristocrat Leisure, Ltd.		1,378		8,332
Crown Resorts, Ltd.		4,057		28,205
Flight Centre Travel Group, Ltd.		673		17,061
Tabcorp Holdings, Ltd.		3,745		12,282
Tatts Group, Ltd.		14,155		37,376

				103,256

INSURANCE — 5.1%
AMP, Ltd.		11,415		44,570
Insurance Australia Group, Ltd.		23,387		79,490
Medibank Pvt, Ltd.		33,547		57,011
QBE Insurance Group, Ltd.		4,631		41,920
Suncorp Group, Ltd.		11,731		100,422

				323,413

IT SERVICES — 0.1%
Computershare, Ltd.		729		5,421

MEDIA — 0.2%
REA Group, Ltd.		490		15,251

METALS & MINING — 11.8%
Alumina, Ltd.		8,525		6,735
BHP Billiton, Ltd.		26,473		413,085
Fortescue Metals Group, Ltd.		24,411		31,200
Iluka Resources, Ltd.		4,088		17,828
Newcrest Mining, Ltd. (a)		5,050		45,039
Rio Tinto, Ltd.		6,096		208,052
South32, Ltd. (a)		29,483		28,261

				750,200

MULTI-UTILITIES — 1.7%
AGL Energy, Ltd.		9,788		109,772

MULTILINE RETAIL — 0.3%
Harvey Norman Holdings, Ltd.		5,759		15,692

OIL, GAS & CONSUMABLE FUELS — 3.9%
Caltex Australia, Ltd.		1,213		26,645
Origin Energy, Ltd. (b)		3,468		13,492
Santos, Ltd.		2,318		6,479
Woodside Petroleum, Ltd.		9,947		202,084

				248,700

PROFESSIONAL SERVICES — 0.4%
Seek, Ltd.		3,240		27,304

REAL ESTATE INVESTMENT TRUSTS — 8.2%
Dexus Property Group		4,928		24,744
Federation Centres		14,055		27,044
Goodman Group		11,642		47,827
GPT Group		25,123		79,568
Mirvac Group		12,676		15,311
Scentre Group		46,863		128,347
Stockland		18,987		51,335

See accompanying notes to financial statements.

372

SPDR MSCI Australia Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Westfield Corp.		20,866	$	146,092

				520,268

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.9%
Lend Lease Group		6,184		54,501

ROAD & RAIL — 0.8%
Asciano, Ltd.		1,979		11,674
Aurizon Holdings, Ltd.		10,474		36,850

				48,524

TRANSPORTATION INFRASTRUCTURE — 3.0%
Sydney Airport		13,612		56,972
Transurban Group		19,314		134,819

				191,791

TOTAL COMMON STOCKS —
(Cost $7,681,700)				6,308,810

SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e) (Cost $1,749)		1,749		1,749

TOTAL INVESTMENTS — 99.0%
(Cost $7,683,449)				6,310,559
OTHER ASSETS & LIABILITIES — 1.0%				64,125

NET ASSETS — 100.0%			$	6,374,684

PLC = Public Limited Company

See accompanying notes to financial statements.

373

SPDR MSCI Canada Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AEROSPACE & DEFENSE — 0.2%
Bombardier, Inc. (Class B)		9,323	$	11,613
CAE, Inc.		792		8,353

				19,966

AUTO COMPONENTS — 2.6%
Magna International, Inc.		5,039		240,581

BANKS — 18.6%
Bank of Montreal		4,603		249,874
Bank of Nova Scotia		7,059		309,749
Canadian Imperial Bank of Commerce		5,295		378,671
National Bank of Canada		2,624		83,376
Royal Bank of Canada		6,469		356,044
Toronto-Dominion Bank		9,063		355,571

				1,733,285

CAPITAL MARKETS — 2.2%
CI Financial Corp.		8,792		198,701
IGM Financial, Inc.		255		6,440

				205,141

CHEMICALS — 3.4%
Agrium, Inc.		645		57,539
Methanex Corp.		2,262		74,607
Potash Corp. of Saskatchewan, Inc.		8,950		183,112

				315,258

CONSTRUCTION & ENGINEERING — 0.1%
SNC-Lavalin Group, Inc.		459		13,003

DIVERSIFIED FINANCIAL SERVICES — 0.7%
Onex Corp.		1,174		67,452

DIVERSIFIED TELECOMMUNICATION SERVICES — 3.5%
BCE, Inc.		2,954		120,346
TELUS Corp.		6,470		202,926

				323,272

ELECTRIC UTILITIES — 1.3%
Fortis, Inc.		4,275		121,710

FOOD & STAPLES RETAILING — 8.5%
Alimentation Couche-Tard, Inc. (Class B)		6,675		305,546
Empire Co., Ltd. (Class A)		3,244		66,419
George Weston, Ltd.		874		70,379
Jean Coutu Group PJC, Inc. (Class A)		2,995		44,924
Loblaw Cos., Ltd.		1,662		85,176
Metro, Inc., (Class A)		7,976		216,310

				788,754

FOOD PRODUCTS — 1.9%
Saputo, Inc.		8,083		176,648

HOTELS, RESTAURANTS & LEISURE — 0.1%
Restaurant Brands International, Inc.		244		8,743

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%
TransAlta Corp.		1,616		7,473

INSURANCE — 10.8%
Fairfax Financial Holdings, Ltd.		236		106,979
Great-West Lifeco, Inc.		10,778		257,010
Industrial Alliance Insurance & Financial Services, Inc.		482		14,316
Intact Financial Corp.		4,391		306,947
Manulife Financial Corp.		6,780		104,378
Power Corp. of Canada		2,669		55,084
Power Financial Corp.		3,435		78,400
Sun Life Financial, Inc.		2,633		84,526

				1,007,640

IT SERVICES — 1.9%
CGI Group, Inc. (Class A) (a)		4,875		175,808

MEDIA — 2.6%
Shaw Communications, Inc. (Class B)		5,484		105,696
Thomson Reuters Corp.		3,484		139,391

				245,087

METALS & MINING — 2.6%
Agnico-Eagle Mines, Ltd.		971		24,501
Barrick Gold Corp.		6,206		39,300
Eldorado Gold Corp.		2,648		8,453
First Quantum Minerals, Ltd.		2,929		10,683
Franco-Nevada Corp.		977		42,856
Goldcorp, Inc.		4,043		50,451
Kinross Gold Corp. (a)		5,516		9,545
Silver Wheaton Corp.		2,194		26,249
Teck Resources, Ltd. (Class B)		4,241		20,150
Turquoise Hill Resources, Ltd. (a)		1,617		4,113
Yamana Gold, Inc.		4,313		7,238

				243,539

MULTI-UTILITIES — 1.3%
Atco, Ltd. (Class I)		827		24,180
Canadian Utilities, Ltd. (Class A)		3,749		100,975

				125,155

MULTILINE RETAIL — 4.0%
Canadian Tire Corp., Ltd. (Class A)		564		50,502
Dollarama, Inc.		4,787		321,811

				372,313

OIL, GAS & CONSUMABLE FUELS — 17.6%
AltaGas, Ltd.		959		23,519
ARC Resources, Ltd.		766		10,079
Baytex Energy Corp.		705		2,245
Cameco Corp.		1,070		12,985
Canadian Natural Resources, Ltd.		10,172		197,188
Canadian Oil Sands, Ltd.		2,783		13,098
Cenovus Energy, Inc.		4,518		68,206
Crescent Point Energy Corp.		1,658		18,884
Enbridge, Inc.		3,183		117,638
Encana Corp.		3,406		21,823
Enerplus Corp.		1,106		5,362
Husky Energy, Inc.		4,356		67,613
Imperial Oil, Ltd.		8,568		270,198
Inter Pipeline, Ltd.		1,802		33,091
Keyera Corp.		4,343		119,046
MEG Energy Corp. (a)		419		2,575
Paramount Resources, Ltd. (Class A) (a)		64		470
Pembina Pipeline Corp.		2,163		51,804
Peyto Exploration & Development Corp.		3,258		67,435
PrairieSky Royalty, Ltd.		4,670		88,335
Suncor Energy, Inc.		8,609		229,175
Tourmaline Oil Corp. (a)		341		7,903

See accompanying notes to financial statements.

374

SPDR MSCI Canada Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

TransCanada Corp.		4,031	$	126,880
Veresen, Inc.		2,246		17,088
Vermilion Energy, Inc.		2,242		71,857

				1,644,497

PAPER & FOREST PRODUCTS — 0.1%
West Fraser Timber Co., Ltd.		168		5,313

PHARMACEUTICALS — 0.7%
Valeant Pharmaceuticals International, Inc. (a)		366		65,027

REAL ESTATE INVESTMENT TRUSTS — 1.4%
H&R Real Estate Investment Trust		3,892		59,714
RioCan REIT		3,712		70,519

				130,233

REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.3%
Brookfield Asset Management, Inc. (Class A)		3,953		123,806
First Capital Realty, Inc.		6,722		93,758

				217,564

ROAD & RAIL — 5.5%
Canadian National Railway Co.		5,744		324,667
Canadian Pacific Railway, Ltd.		1,303		186,154

				510,821

SOFTWARE — 1.5%
Constellation Software, Inc.		29		12,099
Open Text Corp.		2,928		130,512

				142,611

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%
BlackBerry, Ltd. (a)		1,199		7,324

TEXTILES, APPAREL & LUXURY GOODS — 2.1%
Gildan Activewear, Inc.		6,544		196,608

TRADING COMPANIES & DISTRIBUTORS — 0.6%
Finning International, Inc.		4,030		58,855

WIRELESS TELECOMMUNICATION SERVICES — 1.2%
Rogers Communications, Inc. (Class B)		3,168		108,648

TOTAL COMMON STOCKS —
(Cost $10,318,036)				9,278,329

SHORT TERM INVESTMENT — 0.1%
UNITED STATES — 0.1%
MONEY MARKET FUND — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (b)(c) (Cost $6,707)		6,707		6,707

TOTAL INVESTMENTS — 99.6%
(Cost $10,324,743)				9,285,036
OTHER ASSETS & LIABILITIES — 0.4%				34,063

NET ASSETS — 100.0%			$	9,319,099

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

375

SPDR MSCI Germany Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AIR FREIGHT & LOGISTICS — 4.5%
Deutsche Post AG		15,939	$	440,794

AIRLINES — 0.5%
Deutsche Lufthansa AG (a)		3,402		47,184

AUTO COMPONENTS — 2.9%
Continental AG		1,330		282,225

AUTOMOBILES — 7.6%
Bayerische Motoren Werke AG		1,180		104,347
Bayerische Motoren Werke AG Preference Shares		1,664		113,917
Daimler AG		3,921		283,837
Porsche Automobil Holding SE Preference Shares		1,716		72,970
Volkswagen AG		195		22,844
Volkswagen AG Preference Shares		1,280		139,665

				737,580

BANKS — 0.7%
Commerzbank AG (a)		6,718		70,655

BIOTECHNOLOGY — 1.0%
QIAGEN NV (a)		3,598		92,515

CAPITAL MARKETS — 2.5%
Deutsche Bank AG		8,940		240,201

CHEMICALS — 11.2%
BASF SE		7,592		578,982
Evonik Industries AG		1,423		47,518
Fuchs Petrolub SE Preference Shares		1,063		46,882
K+S AG		2,076		69,346
Lanxess AG		331		15,450
Linde AG		1,228		198,691
Symrise AG		2,166		130,053

				1,086,922

CONSTRUCTION MATERIALS — 0.3%
HeidelbergCement AG		448		30,635

DIVERSIFIED FINANCIAL SERVICES — 3.0%
Deutsche Boerse AG		3,370		289,768

DIVERSIFIED TELECOMMUNICATION SERVICES — 3.6%
Deutsche Telekom AG		15,707		278,511
Telefonica Deutschland Holding AG		11,949		72,839

				351,350

ELECTRICAL EQUIPMENT — 0.1%
OSRAM Licht AG		202		10,421

FOOD & STAPLES RETAILING — 0.4%
Metro AG		1,240		34,175

HEALTH CARE PROVIDERS & SERVICES — 5.8%
Fresenius Medical Care AG & Co. KGaA		4,102		319,696
Fresenius SE & Co. KGaA		3,671		245,865

				565,561

HOUSEHOLD PRODUCTS — 4.9%
Henkel AG & Co. KGaA		1,185		104,418
Henkel AG & Co. KGaA Preference Shares		3,599		369,479

				473,897

INDUSTRIAL CONGLOMERATES — 6.4%
Siemens AG		6,993		624,006

INSURANCE — 10.7%
Allianz SE		3,049		477,333
Hannover Rueck SE		1,905		194,656
Muenchener Rueckversicherungs- Gesellschaft AG		1,941		361,287

				1,033,276

INTERNET SOFTWARE & SERVICES — 0.9%
United Internet AG		1,651		83,420

MACHINERY — 2.7%
GEA Group AG		1,973		74,957
MAN SE		1,864		189,676

				264,633

MEDIA — 3.3%
Axel Springer SE		615		34,270
Kabel Deutschland Holding AG (a)		592		76,986
ProSiebenSat.1 Media SE		2,070		101,298
RTL Group SA (b)		702		60,455
RTL Group SA (b)		534		45,898

				318,907

METALS & MINING — 0.2%
ThyssenKrupp AG		1,103		19,305

MULTI-UTILITIES — 2.8%
E.ON SE		22,771		195,135
RWE AG		7,047		79,842

				274,977

PERSONAL PRODUCTS — 2.5%
Beiersdorf AG		2,721		240,464

PHARMACEUTICALS — 7.9%
Bayer AG		4,235		541,041
Merck KGaA		2,502		220,887

				761,928

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.7%
Deutsche Wohnen AG		463		12,344
Vonovia SE		4,620		148,240

				160,584

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.2%
Infineon Technologies AG		10,729		120,421

SOFTWARE — 5.8%
SAP SE		8,690		562,127

TEXTILES, APPAREL & LUXURY GOODS — 4.1%
adidas AG		2,532		203,525
Hugo Boss AG		1,716		192,315

				395,840

TRADING COMPANIES & DISTRIBUTORS — 0.2%
Brenntag AG		334		17,957

See accompanying notes to financial statements.

376

SPDR MSCI Germany Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

TRANSPORTATION INFRASTRUCTURE — 0.3%
Fraport AG Frankfurt Airport Services Worldwide		445	$	27,415

TOTAL COMMON STOCKS —
(Cost $11,181,525)				9,659,143

SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e) (Cost $1)		1		1

TOTAL INVESTMENTS — 99.7%
(Cost $11,181,526)				9,659,144
OTHER ASSETS & LIABILITIES — 0.3%				28,922

NET ASSETS — 100.0%			$	9,688,066

See accompanying notes to financial statements.

377

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.2%
AIR FREIGHT & LOGISTICS — 0.4%
Yamato Holdings Co., Ltd.		2,500	$	47,677

AIRLINES — 1.5%
ANA Holdings, Inc.		18,000		50,259
Japan Airlines Co., Ltd.		3,600		126,698

				176,957

AUTO COMPONENTS — 5.0%
Aisin Seiki Co., Ltd.		700		23,379
Bridgestone Corp.		8,500		292,832
Denso Corp.		1,900		79,893
Koito Manufacturing Co., Ltd.		1,300		42,170
NGK Spark Plug Co., Ltd.		1,800		41,015
NHK Spring Co., Ltd.		400		3,858
NOK Corp.		200		4,297
Stanley Electric Co., Ltd.		200		3,966
Sumitomo Electric Industries, Ltd.		3,300		41,978
Sumitomo Rubber Industries, Inc.		2,000		27,654
Toyoda Gosei Co., Ltd.		200		3,913
Toyota Industries Corp.		600		28,355
Yokohama Rubber Co., Ltd.		200		3,509

				596,819

AUTOMOBILES — 7.6%
Daihatsu Motor Co., Ltd.		2,100		24,215
Fuji Heavy Industries, Ltd.		7,000		250,332
Honda Motor Co., Ltd.		5,000		147,748
Isuzu Motors, Ltd.		1,200		11,973
Mazda Motor Corp.		600		9,418
Mitsubishi Motors Corp.		9,300		70,819
Nissan Motor Co., Ltd.		12,200		111,441
Suzuki Motor Corp.		500		15,288
Toyota Motor Corp.		4,400		256,105
Yamaha Motor Co., Ltd.		400		7,986

				905,325

BANKS — 7.4%
Aozora Bank, Ltd.		14,000		48,395
Bank of Kyoto, Ltd.		1,000		10,111
Bank of Yokohama, Ltd.		5,000		30,230
Chiba Bank, Ltd.		3,000		21,191
Chugoku Bank, Ltd.		400		5,908
Fukuoka Financial Group, Inc.		2,000		9,469
Gunma Bank, Ltd.		1,000		6,371
Hachijuni Bank, Ltd.		1,000		7,055
Hiroshima Bank, Ltd.		1,000		5,745
Hokuhoku Financial Group, Inc.		2,000		4,559
Iyo Bank, Ltd.		600		6,858
Joyo Bank, Ltd.		1,000		5,244
Mitsubishi UFJ Financial Group, Inc.		36,500		218,333
Mizuho Financial Group, Inc.		98,300		182,950
Resona Holdings, Inc.		14,400		72,899
Seven Bank, Ltd.		4,600		19,819
Shinsei Bank, Ltd.		3,000		6,137
Shizuoka Bank, Ltd.		1,000		9,986
Sumitomo Mitsui Financial Group, Inc.		4,700		177,067
Sumitomo Mitsui Trust Holdings, Inc.		8,000		29,217
Suruga Bank, Ltd.		600		11,102

				888,646

BEVERAGES — 1.2%
Asahi Group Holdings, Ltd.		1,400		45,239
Kirin Holdings Co., Ltd.		4,100		53,593
Suntory Beverage & Food, Ltd.		1,300		49,768

				148,600

BUILDING PRODUCTS — 0.4%
Asahi Glass Co., Ltd.		4,000		23,279
Daikin Industries, Ltd.		200		11,148
LIXIL Group Corp.		600		12,124

				46,551

CAPITAL MARKETS — 0.3%
Daiwa Securities Group, Inc.		2,000		12,854
Nomura Holdings, Inc.		4,800		27,578
SBI Holdings, Inc.		200		2,239

				42,671

CHEMICALS — 2.6%
Asahi Kasei Corp.		7,000		49,096
Daicel Corp.		200		2,441
Hitachi Chemical Co., Ltd.		200		2,740
JSR Corp.		200		2,869
Kaneka Corp.		2,000		14,662
Kuraray Co., Ltd.		1,400		17,371
Mitsubishi Chemical Holdings Corp.		3,800		19,713
Mitsubishi Gas Chemical Co., Inc.		1,000		4,592
Mitsui Chemicals, Inc.		2,000		6,363
Nippon Paint Holdings Co., Ltd.		2,200		38,227
Nitto Denko Corp.		200		11,898
Shin-Etsu Chemical Co., Ltd.		1,200		61,270
Sumitomo Chemical Co., Ltd.		2,000		10,053
Taiyo Nippon Sanso Corp.		100		945
Teijin, Ltd.		2,000		6,045
Toray Industries, Inc.		7,000		60,231

				308,516

COMMERCIAL SERVICES & SUPPLIES — 1.2%
Dai Nippon Printing Co., Ltd.		2,000		19,271
Park24 Co., Ltd.		2,200		41,257
Secom Co., Ltd.		1,100		65,845
Toppan Printing Co., Ltd.		2,000		16,048

				142,421

CONSTRUCTION & ENGINEERING — 0.6%
JGC Corp.		2,000		26,443
Kajima Corp.		2,000		10,571
Obayashi Corp.		1,000		8,500
Shimizu Corp.		1,000		8,550
Taisei Corp.		2,000		12,992

				67,056

CONSTRUCTION MATERIALS — 0.1%
Taiheiyo Cement Corp.		3,000		8,968

CONSUMER FINANCE — 0.1%
Acom Co., Ltd. (a)		300		1,526
AEON Financial Service Co., Ltd.		100		1,967
Credit Saison Co., Ltd.		200		3,615

				7,108

See accompanying notes to financial statements.

378

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Group Holdings, Ltd.		400	$	6,326

DIVERSIFIED CONSUMER SERVICES — 0.3%
Benesse Holdings, Inc.		1,300		34,680

DIVERSIFIED FINANCIAL SERVICES — 1.0%
Japan Exchange Group, Inc.		6,400		92,822
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,000		4,375
ORIX Corp.		2,000		25,583

				122,780

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%
Nippon Telegraph & Telephone Corp.		3,800		132,563

ELECTRIC UTILITIES — 1.5%
Chubu Electric Power Co., Inc.		3,100		45,582
Chugoku Electric Power Co., Inc.		1,300		17,877
Hokuriku Electric Power Co.		700		9,387
Kansai Electric Power Co., Inc. (a)		3,100		34,348
Kyushu Electric Power Co., Inc. (a)		1,000		10,863
Shikoku Electric Power Co., Inc.		300		4,872
Tohoku Electric Power Co., Inc.		900		12,151
Tokyo Electric Power Co., Inc. (a)		7,400		49,245

				184,325

ELECTRICAL EQUIPMENT — 0.4%
Fuji Electric Holdings Co., Ltd.		1,000		3,607
Mitsubishi Electric Corp.		2,000		18,203
Nidec Corp.		400		27,340

				49,150

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.0%
Citizen Holdings Co., Ltd.		400		2,752
Hamamatsu Photonics K.K.		100		2,254
Hirose Electric Co., Ltd.		100		10,830
Hitachi High-Technologies Corp.		100		2,152
Hitachi, Ltd.		14,000		70,243
Ibiden Co., Ltd.		200		2,610
Keyence Corp.		500		222,102
Kyocera Corp.		700		31,912
Murata Manufacturing Co., Ltd.		1,700		218,169
Nippon Electric Glass Co., Ltd.		1,000		4,809
Omron Corp.		200		5,987
Shimadzu Corp.		1,000		14,320
TDK Corp.		100		5,619
Yaskawa Electric Corp.		200		2,024
Yokogawa Electric Corp.		200		2,082

				597,865

FOOD & STAPLES RETAILING — 2.0%
Aeon Co., Ltd.		3,300		51,113
FamilyMart Co., Ltd.		200		9,101
Lawson, Inc.		1,200		88,273
Seven & i Holdings Co., Ltd.		2,000		90,911

				239,398

FOOD PRODUCTS — 1.5%
Ajinomoto Co., Inc.		2,000		41,999
Calbee, Inc.		1,000		32,188
MEIJI Holdings Co., Ltd.		200		14,595
NH Foods, Ltd.		1,000		20,340
Nisshin Seifun Group, Inc.		500		7,235
Nissin Foods Holding Co., Ltd.		600		27,504
Toyo Suisan Kaisha, Ltd.		600		22,644
Yamazaki Baking Co., Ltd.		1,000		15,330

				181,835

GAS UTILITIES — 1.2%
Osaka Gas Co., Ltd.		16,000		60,519
Toho Gas Co., Ltd.		2,000		11,756
Tokyo Gas Co., Ltd.		14,000		67,542

				139,817

HEALTH CARE EQUIPMENT & SUPPLIES — 2.5%
Hoya Corp.		5,500		179,239
Olympus Corp.		200		6,204
Sysmex Corp.		1,900		99,628
Terumo Corp.		700		19,697

				304,768

HEALTH CARE PROVIDERS & SERVICES — 0.5%
Alfresa Holdings Corp.		800		13,593
Medipal Holdings Corp.		500		7,895
Miraca Holdings, Inc.		600		25,350
Suzuken Co., Ltd.		300		9,957

				56,795

HEALTH CARE TECHNOLOGY — 0.6%
M3, Inc.		3,500		69,173

HOTELS, RESTAURANTS & LEISURE — 1.7%
McDonald’s Holdings Co. (Japan), Ltd.		2,000		44,905
Oriental Land Co., Ltd.		2,800		155,915

				200,820

HOUSEHOLD DURABLES — 1.5%
Casio Computer Co., Ltd.		200		3,615
Iida Group Holdings Co., Ltd.		300		4,667
Nikon Corp.		1,000		12,040
Panasonic Corp.		3,000		30,147
Rinnai Corp.		500		37,991
Sekisui Chemical Co., Ltd.		1,000		10,462
Sekisui House, Ltd.		2,600		40,488
Sharp Corp. (a)		5,000		5,719
Sony Corp.		1,300		31,462

				176,591

HOUSEHOLD PRODUCTS — 0.8%
Unicharm Corp.		5,700		100,612

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%
Electric Power Development Co., Ltd.		800		24,348

INDUSTRIAL CONGLOMERATES — 0.4%
Keihan Electric Railway Co., Ltd.		1,000		6,646
Toshiba Corp. (a)		15,000		37,624

				44,270

INSURANCE — 1.5%
Dai-ichi Life Insurance Co., Ltd.		2,300		36,363
MS&AD Insurance Group Holdings, Inc.		900		23,994
Sompo Japan Nipponkoa Holdings, Inc.		600		17,314
Sony Financial Holdings, Inc.		1,800		29,428
T&D Holdings, Inc.		1,100		12,900

See accompanying notes to financial statements.

379

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Tokio Marine Holdings, Inc.		1,500	$	55,634

				175,633

INTERNET & CATALOG RETAIL — 0.0% (b)
Rakuten, Inc.		400		5,090

INTERNET SOFTWARE & SERVICES — 1.1%
Kakaku.com, Inc.		2,000		32,297
Mixi, Inc.		500		17,033
Yahoo! Japan Corp.		21,000		79,606

				128,936

IT SERVICES — 1.5%
Fujitsu, Ltd.		5,000		21,646
Itochu Techno-Solutions Corp.		1,000		21,250
Nomura Research Institute, Ltd.		1,320		50,424
NTT Data Corp.		600		30,109
Otsuka Corp.		1,100		53,455

				176,884

LEISURE PRODUCTS — 1.7%
Bandai Namco Holdings, Inc.		800		18,503
Sankyo Co., Ltd.		700		24,840
Sega Sammy Holdings, Inc.		200		1,944
Shimano, Inc.		1,100		153,751
Yamaha Corp.		200		4,405

				203,443

MACHINERY — 5.2%
Amada Holdings Co., Ltd.		300		2,274
FANUC Corp.		1,200		183,509
Hino Motors, Ltd.		3,000		30,384
Hitachi Construction Machinery Co., Ltd.		200		2,667
IHI Corp.		2,000		5,110
JTEKT Corp.		400		5,558
Kawasaki Heavy Industries, Ltd.		2,000		6,863
Komatsu, Ltd.		2,000		29,266
Kubota Corp.		11,000		150,215
Kurita Water Industries, Ltd.		200		4,230
Makita Corp.		1,200		63,424
Mitsubishi Heavy Industries, Ltd.		5,000		22,227
Nabtesco Corp.		100		1,814
NSK, Ltd.		400		3,851
SMC Corp.		500		108,776
Sumitomo Heavy Industries, Ltd.		1,000		3,933
THK Co., Ltd.		200		3,163

				627,264

MARINE — 0.1%
Mitsui OSK Lines, Ltd.		3,000		7,164
Nippon Yusen K.K.		4,000		9,218

				16,382

MEDIA — 0.3%
Dentsu, Inc.		400		20,440
Hakuhodo DY Holdings, Inc.		500		4,722
Toho Co., Ltd.		400		9,094

				34,256

METALS & MINING — 0.6%
Hitachi Metals, Ltd.		500		5,774
JFE Holdings, Inc.		1,200		15,655
Kobe Steel, Ltd.		7,000		7,540
Mitsubishi Materials Corp.		3,000		9,068
Nippon Steel & Sumitomo Metal Corp.		1,500		27,159
Sumitomo Metal Mining Co., Ltd.		1,000		11,289

				76,485

MULTILINE RETAIL — 0.4%
Don Quijote Holdings Co., Ltd.		100		3,749
Isetan Mitsukoshi Holdings, Ltd.		600		8,978
J Front Retailing Co., Ltd.		1,200		19,378
Marui Group Co., Ltd.		300		3,605
Takashimaya Co., Ltd.		1,000		8,057

				43,767

OIL, GAS & CONSUMABLE FUELS — 1.4%
Idemitsu Kosan Co., Ltd.		800		12,197
Inpex Corp.		2,000		17,760
JX Holdings, Inc.		17,200		61,884
Showa Shell Sekiyu K.K.		1,300		10,214
TonenGeneral Sekiyu K.K.		7,000		67,624

				169,679

PAPER & FOREST PRODUCTS — 0.1%
OJI Paper Co., Ltd.		2,000		8,550

PERSONAL PRODUCTS — 2.7%
Kao Corp.		6,400		288,725
Shiseido Co., Ltd.		1,400		30,399

				319,124

PHARMACEUTICALS — 5.6%
Astellas Pharma, Inc.		5,300		68,371
Chugai Pharmaceutical Co., Ltd.		800		24,481
Daiichi Sankyo Co., Ltd.		2,600		44,938
Eisai Co., Ltd.		400		23,479
Hisamitsu Pharmaceutical Co., Inc.		200		6,663
Kyowa Hakko Kirin Co., Ltd.		2,000		29,692
Mitsubishi Tanabe Pharma Corp.		3,900		68,547
Ono Pharmaceutical Co., Ltd.		100		11,798
Otsuka Holdings Co., Ltd.		6,500		206,671
Santen Pharmaceutical Co., Ltd.		1,800		24,032
Shionogi & Co., Ltd.		900		32,126
Sumitomo Dainippon Pharma Co., Ltd.		400		3,988
Taisho Pharmaceutical Holdings Co., Ltd.		600		34,367
Takeda Pharmaceutical Co., Ltd.		2,000		87,455

				666,608

PROFESSIONAL SERVICES — 0.6%
Recruit Holdings Co., Ltd.		2,600		77,719

REAL ESTATE INVESTMENT TRUSTS — 2.2%
Japan Prime Realty Investment Corp.		10		32,439
Japan Real Estate Investment Corp.		8		36,805
Japan Retail Fund Investment Corp.		25		48,345
Nippon Building Fund, Inc.		11		53,179
Nippon Prologis REIT, Inc.		22		39,898
United Urban Investment Corp.		38		50,703

				261,369

REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.1%
Aeon Mall Co., Ltd.		100		1,529
Daito Trust Construction Co., Ltd.		1,300		131,612
Daiwa House Industry Co., Ltd.		2,200		54,143
Mitsubishi Estate Co., Ltd.		1,000		20,336

See accompanying notes to financial statements.

380

SPDR MSCI Japan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Mitsui Fudosan Co., Ltd.		1,000	$	27,245
Nomura Real Estate Holdings, Inc.		200		4,001
NTT Urban Development Corp.		100		916
Tokyo Tatemono Co., Ltd.		200		2,373
Tokyu Fudosan Holdings Corp.		600		3,973

				246,128

ROAD & RAIL — 4.0%
Central Japan Railway Co.		300		48,157
East Japan Railway Co.		1,100		92,352
Hankyu Hanshin Holdings, Inc.		8,000		48,762
Keikyu Corp.		2,000		15,864
Keio Corp.		2,000		14,161
Kintetsu Group Holdings Co., Ltd.		8,000		28,656
Nagoya Railroad Co., Ltd.		8,000		31,328
Nippon Express Co., Ltd.		7,000		33,257
Odakyu Electric Railway Co., Ltd.		2,000		17,935
Tobu Railway Co., Ltd.		9,000		38,551
Tokyu Corp.		4,000		29,224
West Japan Railway Co.		1,300		81,203

				479,450

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%
Rohm Co., Ltd.		100		4,417
Tokyo Electron, Ltd.		100		4,687

				9,104

SOFTWARE — 1.1%
COLOPL, Inc.		400		6,399
GungHo Online Entertainment, Inc.		4,500		13,301
Konami Corp.		200		4,314
Nexon Co., Ltd.		200		2,647
Oracle Corp.		1,400		58,915
Trend Micro, Inc.		1,500		52,791

				138,367

SPECIALTY RETAIL — 4.5%
ABC-Mart, Inc.		700		38,926
Fast Retailing Co., Ltd.		600		242,926
Hikari Tsushin, Inc.		100		6,972
Nitori Holding Co., Ltd.		1,300		101,490
Sanrio Co., Ltd.		600		16,307
Shimamura Co., Ltd.		300		32,213
USS Co., Ltd.		4,600		76,203
Yamada Denki Co., Ltd.		4,800		19,318

				534,355

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.8%
Brother Industries, Ltd.		3,000		35,920
Canon, Inc.		3,400		98,056
FUJIFILM Holdings Corp.		1,200		44,648
Konica Minolta Holdings, Inc.		700		7,329
NEC Corp.		4,000		12,257
Ricoh Co., Ltd.		1,700		17,097
Seiko Epson Corp.		300		4,226

				219,533

TEXTILES, APPAREL & LUXURY GOODS — 0.3%
Asics Corp.		1,700		40,284

TOBACCO — 2.2%
Japan Tobacco, Inc.		8,400		259,158

TRADING COMPANIES & DISTRIBUTORS — 3.5%
ITOCHU Corp.		7,600		79,798
Marubeni Corp.		12,600		61,419
Mitsubishi Corp.		6,900		112,547
Mitsui & Co., Ltd.		8,900		99,615
Sumitomo Corp.		5,200		50,018
Toyota Tsusho Corp.		700		14,688

				418,085

TRANSPORTATION INFRASTRUCTURE — 0.1%
Kamigumi Co., Ltd.		1,000		8,149

WIRELESS TELECOMMUNICATION SERVICES — 3.8%
KDDI Corp.		13,800		307,307
NTT DoCoMo, Inc.		5,500		91,525
SoftBank Group Corp.		1,200		54,877

				453,709

TOTAL COMMON STOCKS —
(Cost $12,702,806)				11,850,942

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (c)(d) (Cost $4,203)		4,203		4,203

TOTAL INVESTMENTS — 99.2%
(Cost $12,707,009)				11,855,145
OTHER ASSETS & LIABILITIES — 0.8%				96,329

NET ASSETS — 100.0%			$	11,951,474

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

381

SPDR MSCI Mexico Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.6%
BANKS — 8.9%
Grupo Financiero Banorte SAB de CV		18,503	$	90,403
Grupo Financiero Inbursa SAB de CV		38,927		80,258
Grupo Financiero Santander Mexico SAB de CV (Class B)		20,053		29,630

				200,291

BEVERAGES — 13.3%
Arca Continental SAB de CV		11,675		65,572
Coca-Cola FEMSA SAB de CV (Series L)		6,865		47,606
Fomento Economico Mexicano SAB de CV		21,125		188,566

				301,744

CHEMICALS — 1.7%
Mexichem SAB de CV		15,497		37,959

CONSTRUCTION & ENGINEERING — 3.0%
Promotora y Operadora de Infraestructura SAB de CV (a)		6,177		67,796

CONSTRUCTION MATERIALS — 2.5%
Cemex SAB de CV (a)		80,952		56,319

CONSUMER FINANCE — 1.9%
Gentera SAB de CV		26,320		42,974

FOOD & STAPLES RETAILING — 12.2%
Controladora Comercial Mexicana SAB de CV		12,191		35,314
Grupo Comercial Chedraui SA de CV		17,232		44,791
Wal-Mart de Mexico SAB de CV		80,118		196,244

				276,349

FOOD PRODUCTS — 7.5%
Gruma SAB de CV (Class B)		3,271		45,320
Grupo Bimbo SAB de CV (a)		25,951		65,556
Grupo Lala SAB de CV		25,315		59,663

				170,539

HOUSEHOLD PRODUCTS — 3.0%
Kimberly-Clark de Mexico SAB de CV (Class A)		29,996		67,668

INDUSTRIAL CONGLOMERATES — 4.9%
Alfa SAB de CV (Class A)		26,339		51,243
Grupo Carso SAB de CV		13,087		58,505

				109,748

MEDIA — 4.8%
Grupo Televisa SAB		21,029		109,446

METALS & MINING — 7.5%
Grupo Mexico SAB de CV (Series B)		52,257		126,181
Industrias Penoles SAB de CV		2,554		34,728
Minera Frisco SAB de CV (a)		17,995		9,397

				170,306

MULTILINE RETAIL — 4.0%
El Puerto de Liverpool SAB de CV		6,941		89,914

PHARMACEUTICALS — 0.8%
Genomma Lab Internacional SAB de CV (Class B) (a)		20,713		17,197

REAL ESTATE INVESTMENT TRUSTS — 2.1%
Fibra Uno Administracion SA de CV REIT		23,048		47,479

TRANSPORTATION INFRASTRUCTURE — 8.0%
Grupo Aeroportuario del Pacifico SAB de CV (Class B)		8,509		73,819
Grupo Aeroportuario del Sureste SAB de CV (Class B)		5,221		79,572
OHL Mexico SAB de CV (a)		21,771		27,993

				181,384

WIRELESS TELECOMMUNICATION SERVICES — 13.5%
America Movil SAB de CV (Series L)		368,544		304,895

TOTAL COMMON STOCKS —
(Cost $2,987,229)				2,252,008

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (c)(d) (Cost $964)		964		964

TOTAL INVESTMENTS — 99.6%
(Cost $2,988,193)				2,252,972
OTHER ASSETS & LIABILITIES — 0.4%				7,927

NET ASSETS — 100.0%			$	2,260,899

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

382

SPDR MSCI South Korea Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 100.1%
AEROSPACE & DEFENSE — 0.8%
Korea Aerospace Industries, Ltd.		333	$	19,076

AIR FREIGHT & LOGISTICS — 1.2%
Hyundai Glovis Co., Ltd.		152		28,725

AIRLINES — 0.1%
Korean Air Lines Co., Ltd. (a)		87		2,301

AUTO COMPONENTS — 5.8%
Hankook Tire Co., Ltd.		504		16,838
Hanon Systems Corp.		261		8,643
Hyundai Mobis Co., Ltd.		497		97,069
Hyundai Wia Corp.		130		14,148

				136,698

AUTOMOBILES — 11.4%
Hyundai Motor Co.		858		118,714
Hyundai Motor Co. Preference Shares (b)		330		31,739
Hyundai Motor Co. Preference Shares (b)		261		24,332
Kia Motors Corp.		2,099		94,918

				269,703

BANKS — 5.8%
BNK Financial Group, Inc.		354		4,092
DGB Financial Group, Inc.		523		4,633
Hana Financial Group, Inc.		936		20,847
Industrial Bank of Korea		1,472		16,889
KB Financial Group, Inc.		1,182		35,152
Shinhan Financial Group Co., Ltd.		1,267		44,254
Woori Bank		1,333		10,560

				136,427

BUILDING PRODUCTS — 0.2%
KCC Corp.		12		4,181

CAPITAL MARKETS — 0.3%
Daewoo Securities Co., Ltd.		118		1,185
Korea Investment Holdings Co., Ltd.		29		1,495
Mirae Asset Securities Co., Ltd.		19		448
NH Investment & Securities Co., Ltd.		111		931
Samsung Securities Co., Ltd.		51		1,955

				6,014

CHEMICALS — 3.0%
Hanwha Chemical Corp.		150		2,727
Hanwha Corp.		131		4,294
Hyosung Corp.		35		3,322
Kumho Petrochemical Co., Ltd.		50		2,244
LG Chem, Ltd.		188		45,283
LG Chem, Ltd. Preference Shares		58		9,297
Lotte Chemical Corp.		16		3,645
OCI Co., Ltd.		18		1,251

				72,063

COMMERCIAL SERVICES & SUPPLIES — 1.6%
KEPCO Plant Service & Engineering Co., Ltd.		220		22,459
S-1 Corp.		185		14,562

				37,021

CONSTRUCTION & ENGINEERING — 0.4%
Daelim Industrial Co., Ltd.		36		2,038
Daewoo Engineering & Construction Co., Ltd. (a)		83		447
GS Engineering & Construction Corp. (a)		66		1,367
Hyundai Development Co.-Engineering & Construction		23		1,058
Hyundai Engineering & Construction Co., Ltd.		134		3,866

				8,776

CONSUMER FINANCE — 0.2%
Samsung Card Co., Ltd.		164		5,016

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%
KT Corp. (a)		541		14,012
LG Uplus Corp.		940		9,596

				23,608

ELECTRIC UTILITIES — 2.0%
Korea Electric Power Corp.		1,132		46,797

ELECTRICAL EQUIPMENT — 0.3%
Doosan Heavy Industries & Construction Co., Ltd.		107		1,909
LS Industrial Systems Co., Ltd.		136		5,221

				7,130

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.0%
LG Display Co., Ltd.		1,214		23,199
LG Innotek Co., Ltd.		83		6,162
Samsung Electro-Mechanics Co., Ltd.		388		21,048
Samsung SDI Co., Ltd.		223		20,413

				70,822

FOOD & STAPLES RETAILING — 0.7%
E-Mart Co., Ltd.		88		17,113

FOOD PRODUCTS — 1.6%
CJ CheilJedang Corp.		37		11,877
Lotte Confectionery Co., Ltd.		3		5,566
Orion Corp.		27		21,458

				38,901

GAS UTILITIES — 0.4%
Korea Gas Corp.		303		10,161

HOTELS, RESTAURANTS & LEISURE — 1.8%
Kangwon Land, Inc.		1,143		40,791
Paradise Co., Ltd.		164		3,106

				43,897

HOUSEHOLD DURABLES — 2.3%
Coway Co., Ltd.		360		25,422
Hanssem Co., Ltd.		50		12,043
LG Electronics, Inc.		446		17,177

				54,642

HOUSEHOLD PRODUCTS — 1.8%
LG Household & Health Care, Ltd.		58		41,789

INDUSTRIAL CONGLOMERATES — 4.3%
CJ Corp.		21		4,677
Doosan Corp.		21		1,967
LG Corp.		586		30,108
Samsung C&T Corp. (a)		149		18,416

See accompanying notes to financial statements.

383

SPDR MSCI South Korea Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

SK Holdings Co., Ltd.		230	$	47,347

				102,515

INSURANCE — 7.2%
Dongbu Insurance Co., Ltd.		523		27,048
Hanwha Life Insurance Co., Ltd.		1,725		11,876
Hyundai Marine & Fire Insurance Co., Ltd.		816		20,825
Samsung Fire & Marine Insurance Co., Ltd.		288		68,033
Samsung Life Insurance Co., Ltd.		503		41,970

				169,752

INTERNET SOFTWARE & SERVICES — 3.9%
Daum Kakao Corp.		196		20,819
NAVER Corp.		163		70,546

				91,365

IT SERVICES — 1.6%
Samsung SDS Co., Ltd.		160		38,876

MACHINERY — 0.6%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		211		1,134
Doosan Infracore Co., Ltd. (a)		249		1,380
Hyundai Heavy Industries Co., Ltd. (a)		98		7,978
Samsung Heavy Industries Co., Ltd.		365		3,788

				14,280

MARINE — 0.0% (c)
Hyundai Merchant Marine Co., Ltd. (a)		87		451

MEDIA — 0.4%
Cheil Worldwide, Inc. (a)		612		9,397

METALS & MINING — 2.4%
Hyundai Steel Co.		115		4,997
Korea Zinc Co., Ltd.		49		19,244
POSCO		229		32,554

				56,795

MULTILINE RETAIL — 1.3%
Hyundai Department Store Co., Ltd.		106		11,983
Lotte Shopping Co., Ltd.		70		16,861
Shinsegae Co., Ltd.		8		1,596

				30,440

OIL, GAS & CONSUMABLE FUELS — 1.5%
GS Holdings Corp.		253		9,723
S-Oil Corp.		170		8,978
SK Innovation Co., Ltd. (a)		209		17,280

				35,981

PERSONAL PRODUCTS — 3.6%
AmorePacific Corp.		160		51,970
AmorePacific Corp. Preference Shares		70		10,985
AmorePacific Group		155		21,315

				84,270

PHARMACEUTICALS — 0.8%
Celltrion, Inc. (a)		12		687
Yuhan Corp.		92		18,900

				19,587

ROAD & RAIL — 0.1%
CJ Korea Express Co., Ltd. (a)		11		1,851

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.7%
SK Hynix, Inc.		1,406		39,797

SOFTWARE — 0.9%
NCSoft Corp.		139		22,164

SPECIALTY RETAIL — 0.0% (c)
Hotel Shilla Co., Ltd.		12		1,164

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 19.1%
Samsung Electronics Co., Ltd.		391		374,078
Samsung Electronics Co., Ltd. Preference Share		101		78,138

				452,216

TOBACCO — 3.4%
KT&G Corp.		857		80,617

TRADING COMPANIES & DISTRIBUTORS — 0.2%
Daewoo International Corp.		209		3,659
SK Networks Co., Ltd.		344		1,999

				5,658

WIRELESS TELECOMMUNICATION SERVICES — 1.4%
SK Telecom Co., Ltd.		147		32,617

TOTAL COMMON STOCKS —
(Cost $2,968,569)				2,370,654

RIGHTS — 0.0% (c)
CAPITAL MARKETS — 0.0% (c)
Mirae Asset Securities Co., Ltd (expiring 11/5/15) (a) (Cost $118)		17		71

SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e) (Cost $689)		689		689

TOTAL INVESTMENTS — 100.1%
(Cost $2,969,376)				2,371,414
OTHER ASSETS & LIABILITIES — (0.1)%				(2,086	)

NET ASSETS — 100.0%			$	2,369,328

See accompanying notes to financial statements.

384

SPDR MSCI Spain Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.8%
AIRLINES — 2.3%
International Consolidated Airlines Group SA (a)		5,664	$	50,352

BANKS — 27.0%
Banco Bilbao Vizcaya Argentaria SA		19,211		162,548
Banco de Sabadell SA		23,832		43,681
Banco Popular Espanol SA		9,185		33,414
Banco Santander SA		48,867		258,775
Bankia SA		19,179		24,791
Bankinter SA		4,906		35,990
CaixaBank SA		10,774		41,432

				600,631

BIOTECHNOLOGY — 2.4%
Grifols SA		1,293		53,251

CONSTRUCTION & ENGINEERING — 6.8%
ACS, Actividades de Construccion y Servicios SA		1,840		52,775
Ferrovial SA		4,110		97,903

				150,678

DIVERSIFIED TELECOMMUNICATION SERVICES — 9.4%
Telefonica SA		17,219		208,160

ELECTRIC UTILITIES — 15.3%
Endesa SA		4,299		90,409
Iberdrola SA		25,174		167,113
Red Electrica Corp. SA		1,009		83,503

				341,025

FOOD & STAPLES RETAILING — 2.4%
Distribuidora Internacional de Alimentacion SA (a)		8,921		53,803

GAS UTILITIES — 6.8%
Enagas SA		3,073		87,883
Gas Natural SDG SA		3,216		62,571

				150,454

INSURANCE — 3.4%
Grupo Catalana Occidente SA		1,307		37,480
Mapfre SA		14,407		37,551

				75,031

IT SERVICES — 4.5%
Amadeus IT Holding SA (Class A)		2,324		99,162

MACHINERY — 2.8%
Zardoya Otis SA		5,774		62,261

MEDIA — 1.4%
Mediaset Espana Comunicacion SA		2,833		30,871

OIL, GAS & CONSUMABLE FUELS — 3.6%
Repsol SA		6,838		79,459

SPECIALTY RETAIL — 7.3%
Industria de Diseno Textil SA		4,855		162,202

TRANSPORTATION INFRASTRUCTURE — 4.4%
Abertis Infraestructuras SA		4,050		63,879
Aena SA (a)(b)		312		34,392

				98,271

TOTAL COMMON STOCKS —
(Cost $3,032,721)				2,215,611

RIGHTS — 0.0% (c)
BANKS — 0.0% (c)
Banco Popular Espanol SA (expired 9/25/15) (a) (Cost $206)		9,185		184

SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e) (Cost $328)		328		328

TOTAL INVESTMENTS — 99.8%
(Cost $3,033,255)				2,216,123
OTHER ASSETS & LIABILITIES — 0.2%				4,221

NET ASSETS — 100.0%			$	2,220,344

See accompanying notes to financial statements.

385

SPDR MSCI Taiwan Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AIRLINES — 0.3%
China Airlines, Ltd. (a)		25,000	$	8,541
Eva Airways Corp. (a)		13,240		7,399

				15,940

AUTO COMPONENTS — 1.1%
Cheng Shin Rubber Industry Co., Ltd.		34,000		55,759

AUTOMOBILES — 0.1%
China Motor Corp.		3,000		2,105
Yulon Motor Co., Ltd.		6,000		5,366

				7,471

BANKS — 11.0%
Chang Hwa Commercial Bank, Ltd.		88,810		43,694
China Development Financial Holding Corp.		96,000		25,802
CTBC Financial Holding Co., Ltd.		146,367		75,345
E.Sun Financial Holding Co., Ltd.		56,259		33,061
First Financial Holding Co., Ltd		190,633		86,842
Hua Nan Financial Holdings Co., Ltd.		144,246		67,025
Mega Financial Holding Co., Ltd.		118,000		81,707
SinoPac Financial Holdings Co., Ltd.		108,084		34,138
Taishin Financial Holding Co., Ltd.		55,000		19,459
Taiwan Business Bank (a)		38,628		9,584
Taiwan Cooperative Financial Holding Co., Ltd.		186,034		76,837

				553,494

BUILDING PRODUCTS — 0.0% (b)
Taiwan Glass Industry Corp. (a)		2,000		729

CAPITAL MARKETS — 0.4%
Yuanta Financial Holding Co., Ltd.		51,311		19,011

CHEMICALS — 2.7%
Formosa Chemicals & Fibre Corp.		19,000		38,545
Formosa Plastics Corp.		28,000		59,015
Nan Ya Plastics Corp.		21,000		35,460
Taiwan Fertilizer Co., Ltd.		3,000		3,735

				136,755

CONSTRUCTION & ENGINEERING — 0.0% (b)
CTCI Corp.		2,000		2,393

CONSTRUCTION MATERIALS — 1.1%
Asia Cement Corp.		33,000		32,271
Taiwan Cement Corp.		25,000		25,321

				57,592

DIVERSIFIED FINANCIAL SERVICES — 1.1%
Chailease Holding Co., Ltd.		3,120		4,880
Fubon Financial Holding Co., Ltd.		33,000		51,413

				56,293

DIVERSIFIED TELECOMMUNICATION SERVICES — 5.5%
Asia Pacific Telecom Co., Ltd. (a)		12,000		3,488
Chunghwa Telecom Co., Ltd.		92,000		276,049

				279,537

ELECTRICAL EQUIPMENT — 0.1%
Teco Electric & Machinery Co., Ltd.		9,000		7,066

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 17.6%
AU Optronics Corp.		77,000		22,707
Delta Electronics, Inc.		42,000		196,431
Hon Hai Precision Industry Co., Ltd.		128,000		332,755
Innolux Corp.		92,000		28,639
Largan Precision Co., Ltd.		2,000		155,493
Simplo Technology Co., Ltd.		10,000		32,192
Synnex Technology International Corp.		41,000		40,841
TPK Holding Co., Ltd.		2,000		4,762
WPG Holdings, Ltd.		48,000		46,211
Zhen Ding Technology Holding, Ltd.		9,000		25,747

				885,778

FOOD & STAPLES RETAILING — 2.1%
President Chain Store Corp.		17,000		105,839

FOOD PRODUCTS — 1.6%
Standard Foods Corp.		7,600		16,387
Uni-President Enterprises Corp.		38,440		66,543

				82,930

INDUSTRIAL CONGLOMERATES — 0.5%
Far Eastern New Century Corp.		26,520		23,598

INSURANCE — 2.1%
Cathay Financial Holding Co., Ltd.		58,000		79,177
China Life Insurance Co., Ltd.		19,800		15,033
Shin Kong Financial Holding Co., Ltd.		49,376		11,696

				105,906

LEISURE PRODUCTS — 1.1%
Giant Manufacturing Co., Ltd.		5,000		36,292
Merida Industry Co., Ltd.		4,000		21,502

				57,794

MACHINERY — 0.1%
Hiwin Technologies Corp.		1,030		5,474

MARINE — 0.2%
Evergreen Marine Corp., Ltd.		7,070		2,974
U-Ming Marine Transport Corp.		2,000		2,126
Wan Hai Lines, Ltd.		2,000		1,257
Yang Ming Marine Transport Corp. (a)		8,000		2,311

				8,668

METALS & MINING — 1.2%
China Steel Corp.		101,000		58,893

OIL, GAS & CONSUMABLE FUELS — 0.7%
Formosa Petrochemical Corp.		14,000		33,291

REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
Highwealth Construction Corp.		3,900		5,496
Ruentex Development Co., Ltd.		4,402		4,792

				10,288

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 25.4%
Advanced Semiconductor Engineering, Inc.		53,000		56,819
Epistar Corp.		4,000		3,079
Hermes Microvision, Inc.		1,000		37,810
Inotera Memories, Inc. (a)		60,000		37,446
Kinsus Interconnect Technology Corp.		5,000		9,566
MediaTek, Inc.		27,000		199,666
Novatek Microelectronics Corp.		15,000		46,921
Phison Electronics Corp.		3,000		18,860
Powertech Technology, Inc.		6,000		10,806

See accompanying notes to financial statements.

386

SPDR MSCI Taiwan Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Radiant Opto-Electronics Corp.		2,000	$	6,165
Realtek Semiconductor Corp.		4,000		6,779
Siliconware Precision Industries Co., Ltd.		28,000		34,737
Taiwan Semiconductor Manufacturing Co., Ltd.		180,000		710,652
Transcend Information, Inc.		12,000		30,248
United Microelectronics Corp.		141,000		46,247
Vanguard International Semiconductor Corp.		21,000		23,789

				1,279,590

SPECIALTY RETAIL — 0.2%
Hotai Motor Co., Ltd.		1,000		10,629

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 16.1%
Acer, Inc. (a)		56,612		22,179
Advantech Co., Ltd.		10,000		68,332
Asustek Computer, Inc.		19,000		163,010
Casetek Holdings, Ltd.		3,000		12,755
Catcher Technology Co., Ltd.		13,000		138,380
Chicony Electronics Co., Ltd.		23,115		53,211
Compal Electronics, Inc.		60,000		33,893
Foxconn Technology Co., Ltd.		22,220		63,568
HTC Corp.		14,000		26,999
Inventec Corp.		44,000		20,846
Lite-On Technology Corp.		47,235		43,322
Pegatron Corp.		25,000		60,891
Quanta Computer, Inc.		42,000		72,833
Wistron Corp.		57,721		30,063

				810,282

TEXTILES, APPAREL & LUXURY GOODS — 2.6%
Eclat Textile Co., Ltd.		4,000		63,169
Feng TAY Enterprise Co., Ltd.		6,150		38,195
Formosa Taffeta Co., Ltd.		5,000		4,715
Pou Chen Corp.		12,000		17,985
Ruentex Industries, Ltd.		3,000		5,312

				129,376

WIRELESS TELECOMMUNICATION SERVICES — 4.3%
Far EasTone Telecommunications Co., Ltd.		39,000		84,094
Taiwan Mobile Co., Ltd.		43,000		131,243

				215,337

TOTAL COMMON STOCKS —
(Cost $6,128,108)				5,015,713

SHORT TERM INVESTMENT — 0.0% (b)
UNITED STATES — 0.0% (b)
MONEY MARKET FUND — 0.0% (b)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (c)(d) (Cost $484)		484		484

TOTAL INVESTMENTS — 99.4%
(Cost $6,128,592)				5,016,197
OTHER ASSETS & LIABILITIES — 0.6%				28,291

NET ASSETS — 100.0%			$	5,044,488

See accompanying notes to financial statements.

387

SPDR MSCI United Kingdom Quality Mix ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.2%
AEROSPACE & DEFENSE — 4.4%
BAE Systems PLC		8,991	$	60,973
Cobham PLC		332		1,437
Meggitt PLC		1,428		10,301
Rolls-Royce Holdings PLC (a)		3,584		36,753

				109,464

AIR FREIGHT & LOGISTICS — 0.4%
Royal Mail PLC		1,339		9,306

AIRLINES — 0.5%
easyJet PLC		470		12,651

AUTO COMPONENTS — 0.6%
GKN PLC		3,579		14,529

BANKS — 7.9%
Barclays PLC		9,881		36,543
HSBC Holdings PLC		14,593		110,236
Lloyds Banking Group PLC		26,430		30,090
Royal Bank of Scotland Group PLC (a)		1,430		6,823
Standard Chartered PLC		1,526		14,812

				198,504

BEVERAGES — 2.7%
Coca-Cola HBC AG (a)		54		1,143
Diageo PLC		1,572		42,159
SABMiller PLC		418		23,661

				66,963

CAPITAL MARKETS — 1.8%
3i Group PLC		406		2,868
Aberdeen Asset Management PLC		2,001		8,987
Hargreaves Lansdown PLC		789		14,425
ICAP PLC		1,005		6,960
Investec PLC		169		1,294
Schroders PLC		242		10,282

				44,816

CHEMICALS — 1.2%
Croda International PLC		370		15,183
Johnson Matthey PLC		427		15,833

				31,016

COMMERCIAL SERVICES & SUPPLIES — 1.0%
Aggreko PLC		477		6,871
Babcock International Group PLC		238		3,290
G4S PLC		4,476		15,641

				25,802

CONTAINERS & PACKAGING — 0.1%
Rexam PLC		229		1,816

DIVERSIFIED FINANCIAL SERVICES — 0.1%
London Stock Exchange Group PLC		44		1,612

DIVERSIFIED TELECOMMUNICATION SERVICES — 2.0%
BT Group PLC		4,970		31,589
Inmarsat PLC		1,221		18,162

				49,751

ELECTRIC UTILITIES — 1.2%
SSE PLC		1,307		29,618

ENERGY EQUIPMENT & SERVICES — 0.3%
Amec Foster Wheeler PLC		143		1,552
Petrofac, Ltd.		518		6,026

				7,578

FOOD & STAPLES RETAILING — 1.4%
J Sainsbury PLC		2,455		9,706
Tesco PLC		6,486		17,999
William Morrison Supermarkets PLC		3,472		8,735

				36,440

FOOD PRODUCTS — 2.2%
Associated British Foods PLC		817		41,334
Tate & Lyle PLC		1,623		14,456

				55,790

HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%
Smith & Nephew PLC		2,434		42,510

HOTELS, RESTAURANTS & LEISURE — 5.1%
Carnival PLC		42		2,178
Compass Group PLC		4,149		66,178
InterContinental Hotels Group PLC		51		1,764
Merlin Entertainments PLC (b)		1,650		9,288
TUI AG		566		10,443
Whitbread PLC		377		26,657
William Hill PLC		2,000		10,627

				127,135

HOUSEHOLD DURABLES — 0.9%
Barratt Developments PLC		197		1,923
Persimmon PLC (a)		609		18,523
Taylor Wimpey PLC		602		1,783

				22,229

HOUSEHOLD PRODUCTS — 3.9%
Reckitt Benckiser Group PLC		1,072		97,218

INDUSTRIAL CONGLOMERATES — 0.4%
Smiths Group PLC		753		11,463

INSURANCE — 4.9%
Admiral Group PLC		1,337		30,419
Aviva PLC		3,103		21,245
Direct Line Insurance Group PLC		4,836		27,463
Legal & General Group PLC		4,120		14,859
Old Mutual PLC		1,489		4,265
Prudential PLC		775		16,359
RSA Insurance Group PLC		884		5,392
St. James’s Place PLC		50		644
Standard Life PLC		404		2,373

				123,019

MACHINERY — 0.5%
IMI PLC		693		9,957
Melrose Industries PLC		307		1,228
Weir Group PLC		65		1,152

				12,337

MEDIA — 6.0%
ITV PLC		10,706		39,894
Pearson PLC		489		8,348
RELX PLC		4,106		70,405
Sky PLC		1,628		25,745

See accompanying notes to financial statements.

388

SPDR MSCI United Kingdom Quality Mix ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

WPP PLC		303	$	6,302

				150,694

METALS & MINING — 4.3%
Anglo American PLC		933		7,786
Antofagasta PLC		126		954
BHP Billiton PLC		970		14,766
Fresnillo PLC		534		4,784
Glencore PLC (a)		7,143		9,906
Randgold Resources, Ltd.		232		13,572
Rio Tinto PLC		1,654		55,369

				107,137

MULTI-UTILITIES — 2.9%
Centrica PLC		4,785		16,613
National Grid PLC		3,963		55,161

				71,774

MULTILINE RETAIL — 2.2%
Marks & Spencer Group PLC		943		7,156
Next PLC		418		48,184

				55,340

OIL, GAS & CONSUMABLE FUELS — 9.7%
BG Group PLC		1,010		14,549
BP PLC		18,970		95,974
Royal Dutch Shell PLC (Class A)		3,588		84,459
Royal Dutch Shell PLC (Class B)		2,027		47,990
Tullow Oil PLC (a)		338		866

				243,838

PAPER & FOREST PRODUCTS — 0.1%
Mondi PLC		90		1,885

PERSONAL PRODUCTS — 3.1%
Unilever PLC		1,939		78,891

PHARMACEUTICALS — 6.9%
AstraZeneca PLC		1,288		81,581
GlaxoSmithKline PLC		2,393		45,890
Shire PLC		668		45,574

				173,045

PROFESSIONAL SERVICES — 1.9%
Capita PLC		1,586		28,781
Experian PLC		498		7,981
Intertek Group PLC		300		11,047

				47,809

REAL ESTATE INVESTMENT TRUSTS — 2.5%
British Land Co. PLC		1,271		16,143
Hammerson PLC		1,405		13,270
Intu Properties PLC		1,707		8,522
Land Securities Group PLC		1,142		21,779
Segro PLC		374		2,433

				62,147

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.4%
ARM Holdings PLC		2,489		35,723

SOFTWARE — 0.9%
Sage Group PLC		2,856		21,605

SPECIALTY RETAIL — 0.7%
Dixons Carphone PLC		711		4,570
Kingfisher PLC		1,347		7,317
Sports Direct International PLC (a)		499		5,722

				17,609

TEXTILES, APPAREL & LUXURY GOODS — 0.8%
Burberry Group PLC		939		19,458

TOBACCO — 5.5%
British American Tobacco PLC		1,761		97,176
Imperial Tobacco Group PLC		779		40,273

				137,449

TRADING COMPANIES & DISTRIBUTORS — 2.0%
Ashtead Group PLC		66		930
Bunzl PLC		1,213		32,522
Travis Perkins PLC		445		13,252
Wolseley PLC		70		4,090

				50,794

WATER UTILITIES — 0.6%
Severn Trent PLC		206		6,815
United Utilities Group PLC		653		9,149

				15,964

WIRELESS TELECOMMUNICATION SERVICES — 2.5%
Vodafone Group PLC		19,968		63,049

TOTAL COMMON STOCKS —
(Cost $2,967,538)				2,485,778

SHORT TERM INVESTMENT — 0.0% (c)
UNITED STATES — 0.0% (c)
MONEY MARKET FUND — 0.0% (c)
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e) (Cost $983)		983		983

TOTAL INVESTMENTS — 99.2%
(Cost $2,968,521)				2,486,761
OTHER ASSETS & LIABILITIES — 0.8%				20,118

NET ASSETS — 100.0%			$	2,506,879

PLC = Public Limited Company

See accompanying notes to financial statements.

389

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 98.9%
JAPAN — 98.9%
AIR FREIGHT & LOGISTICS — 0.3%
Yamato Holdings Co., Ltd.		3,580	$	68,273

AIRLINES — 0.6%
All Nippon Airways Co., Ltd.		15,000		41,882
Japan Airlines Co., Ltd.		3,000		105,582

				147,464

AUTO COMPONENTS — 3.3%
Aisin Seiki Co., Ltd.		1,768		59,049
Bridgestone Corp.		5,703		196,473
Daido Metal Co., Ltd.		1,300		10,768
Denso Corp.		3,947		165,968
FCC Co., Ltd. (a)		1,484		23,704
Futaba Industrial Co., Ltd. (a)		608		2,188
Keihin Corp.		856		12,050
NGK Spark Plug Co., Ltd.		1,160		26,432
NHK Spring Co., Ltd.		540		5,208
Nifco, Inc. (a)		1,528		51,990
Nissin Kogyo Co., Ltd. (a)		916		13,675
NOK Corp.		1,516		32,569
Showa Corp.		1,812		14,373
Stanley Electric Co., Ltd. (a)		944		18,720
Sumitomo Electric Industries, Ltd.		5,687		72,343
Sumitomo Rubber Industries, Inc.		2,708		37,444
Tokai Rika Co., Ltd.		20		410
Toyo Tire & Rubber Co., Ltd. (a)		1,400		30,136
Toyota Industries Corp.		1,772		83,743

				857,243

AUTOMOBILES — 8.2%
Daihatsu Motor Co., Ltd. (a)		464		5,350
Fuji Heavy Industries, Ltd.		5,347		191,218
Honda Motor Co., Ltd.		14,074		415,880
Isuzu Motors, Ltd.		7,400		73,836
Mazda Motor Corp.		4,800		75,348
Mitsubishi Motors Corp. (a)		3,900		29,698
Nissan Motor Co., Ltd. (a)		20,262		185,084
Suzuki Motor Corp.		3,292		100,658
Toyota Motor Corp.		17,277		1,005,619
Yamaha Motor Co., Ltd.		1,816		36,255

				2,118,946

BANKS — 9.2%
77 Bank, Ltd.		5,803		32,803
Awa Bank, Ltd.		5,731		32,922
Bank of Kyoto, Ltd. (a)		2,916		29,485
Bank of Yokohama, Ltd.		11,947		72,232
Chiba Bank, Ltd.		9,063		64,020
Chugoku Bank, Ltd.		2,504		36,986
Fukuoka Financial Group, Inc.		9,000		42,608
Hachijuni Bank, Ltd.		8,719		61,517
Hiroshima Bank, Ltd. (a)		8,811		50,616
Hokuhoku Financial Group, Inc.		14,658		33,412
Hyakugo Bank, Ltd. (a)		6,147		29,512
Iyo Bank, Ltd.		2,380		27,205
Joyo Bank, Ltd.		6,155		32,274
Juroku Bank, Ltd. (a)		8,883		38,717
Mitsubishi UFJ Financial Group, Inc.		107,600		643,632
Mizuho Financial Group, Inc. (a)		206,900		385,071
Musashino Bank, Ltd.		620		22,286
Nanto Bank, Ltd. (a)		3,391		10,674
Nishi-Nippon City Bank, Ltd.		11,799		32,215
Resona Holdings, Inc.		14,300		72,393
Shinsei Bank, Ltd. (a)		14,726		30,125
Shizuoka Bank, Ltd.		3,363		33,584
Sumitomo Mitsui Financial Group, Inc.		10,900		410,644
Sumitomo Mitsui Trust Holdings, Inc.		29,981		109,495
Suruga Bank, Ltd.		496		9,177
Yamaguchi Financial Group, Inc. (a)		3,076		37,550

				2,381,155

BEVERAGES — 1.4%
Asahi Group Holdings, Ltd.		3,884		125,505
Ito En, Ltd. (a)		2,056		42,900
Kirin Holdings Co., Ltd.		9,207		120,349
Suntory Beverage & Food, Ltd.		1,400		53,596
Takara Holdings, Inc.		3,479		20,828

				363,178

BIOTECHNOLOGY — 0.0% (b)
GNI Group, Ltd. (a)(c)		4,000		6,613
Takara Bio, Inc.		500		4,663

				11,276

BUILDING PRODUCTS — 1.2%
Aica Kogyo Co., Ltd. (a)		384		7,653
Asahi Glass Co., Ltd. (a)		9,299		54,118
Daikin Industries, Ltd.		2,132		118,843
LIXIL Group Corp. (a)		2,672		53,991
Nippon Sheet Glass Co., Ltd. (a)(c)		9,000		7,590
TOTO, Ltd. (a)		2,222		68,924

				311,119

CAPITAL MARKETS — 1.3%
Daiwa Securities Group, Inc.		12,482		80,219
Jafco Co., Ltd.		312		12,244
Nomura Holdings, Inc.		27,676		159,010
Okasan Securities Group, Inc.		3,107		18,601
SBI Holdings, Inc.		2,358		26,402
Tokai Tokyo Financial Holdings, Inc. (a)		5,967		35,274

				331,750

CHEMICALS — 4.1%
Asahi Kasei Corp.		8,859		62,135
C. Uyemura & Co., Ltd.		300		14,528
Daicel Chemical Industries, Ltd.		3,055		37,293
DIC Corp.		9,391		20,936
Hitachi Chemical Co., Ltd. (a)		1,476		20,224
JSR Corp. (a)		2,060		29,550
Kaneka Corp.		3,224		23,635
Kansai Paint Co., Ltd.		3,092		41,876
Kuraray Co., Ltd.		4,471		55,474
Mitsubishi Chemical Holdings Corp.		9,123		47,327
Mitsubishi Gas Chemical Co., Inc.		3,268		15,008
Mitsui Chemicals, Inc. (a)		8,843		28,132
Nippon Paint Holdings Co., Ltd.		1,200		20,851
Nissan Chemical Industries, Ltd. (a)		3,216		70,327
Nitto Denko Corp.		1,184		70,438
Shin-Etsu Chemical Co., Ltd.		3,620		184,831

See accompanying notes to financial statements.

390

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Showa Denko KK (a)		11,723	$	12,823
Sumitomo Chemical Co., Ltd.		14,674		73,759
Teijin, Ltd.		9,367		28,313
Tokai Carbon Co., Ltd. (a)		2,828		6,753
Toray Industries, Inc. (a)		11,758		101,170
Tosoh Corp. (a)		8,599		41,141
Toyobo Co., Ltd.		12,302		16,640
Ube Industries, Ltd. (a)		14,543		25,257
Zeon Corp.		3,132		24,608

				1,073,029

COMMERCIAL SERVICES & SUPPLIES — 1.1%
Aeon Delight Co., Ltd.		300		8,642
Dai Nippon Printing Co., Ltd. (a)		5,739		55,298
Daiseki Co., Ltd.		600		10,190
Nissha Printing Co., Ltd. (a)		336		6,388
Park24 Co., Ltd.		1,500		28,130
Secom Co., Ltd.		2,068		123,788
Toppan Printing Co., Ltd.		6,299		50,544

				282,980

COMMUNICATIONS EQUIPMENT — 0.0% (b)
Denki Kogyo Co., Ltd.		2,000		9,018

CONSTRUCTION & ENGINEERING — 1.8%
Chiyoda Corp. (a)		1,688		11,487
COMSYS Holdings Corp. (a)		3,000		35,620
JGC Corp. (a)		2,760		36,492
Kajima Corp.		11,595		61,284
Maeda Corp. (a)		5,855		42,630
Nishimatsu Construction Co., Ltd. (a)		3,000		12,424
Obayashi Corp.		8,679		73,771
Raito Kogyo Co., Ltd.		100		943
Shimizu Corp.		8,559		73,180
Taisei Corp.		16,995		110,400
Tokyu Construction Co., Ltd. (a)		200		1,646

				459,877

CONSTRUCTION MATERIALS — 0.2%
Taiheiyo Cement Corp.		14,607		43,663

CONSUMER FINANCE — 0.4%
Acom Co., Ltd. (a)(c)		300		1,525
AEON Financial Service Co., Ltd.		1,540		30,295
Credit Saison Co., Ltd. (a)		2,064		37,311
J Trust Co., Ltd. (a)		700		5,593
Jaccs Co., Ltd. (a)		3,000		11,247
Orient Corp. (a)(c)		6,001		10,122

				96,093

CONTAINERS & PACKAGING — 0.1%
Toyo Seikan Group Holdings, Ltd. (a)		1,548		24,481

DISTRIBUTORS — 0.1%
Canon Marketing Japan, Inc.		1,492		22,000

DIVERSIFIED CONSUMER SERVICES — 0.1%
Benesse Holdings, Inc. (a)		928		24,756

DIVERSIFIED FINANCIAL SERVICES — 0.9%
Japan Exchange Group, Inc.		4,400		63,815
ORIX Corp.		11,500		147,105
Zenkoku Hosho Co., Ltd.		800		26,385

				237,305

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.8%
Nippon Telegraph & Telephone Corp.		13,200		460,482

ELECTRIC UTILITIES — 1.6%
Chubu Electric Power Co., Inc.		3,563		52,390
Chugoku Electric Power Co., Inc. (a)		2,448		33,665
Hokkaido Electric Power Co., Inc. (a)(c)		1,428		13,819
Hokuriku Electric Power Co.		2,112		28,321
Kansai Electric Power Co., Inc. (c)		7,211		79,898
Kyushu Electric Power Co., Inc. (a)(c)		3,576		38,846
Shikoku Electric Power Co., Inc. (a)		1,472		23,905
Tohoku Electric Power Co., Inc.		4,243		57,287
Tokyo Electric Power Co., Inc. (c)		13,067		86,957

				415,088

ELECTRICAL EQUIPMENT — 1.5%
Fuji Electric Holdings Co., Ltd.		9,099		32,821
Fujikura, Ltd.		6,107		25,088
Furukawa Electric Co., Ltd. (a)		5,899		9,260
GS Yuasa Corp. (a)		2,000		7,515
Mitsubishi Electric Corp.		17,974		163,584
Nidec Corp.		1,800		123,031
Tatsuta Electric Wire and Cable Co., Ltd.		2,000		7,247
Ushio, Inc. (a)		1,536		18,378

				386,924

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.7%
Alps Electric Co., Ltd. (a)		2,368		66,335
Amano Corp. (a)		1,836		21,094
Anritsu Corp.		100		605
Citizen Holdings Co., Ltd. (a)		4,403		30,293
Hamamatsu Photonics K.K. (a)		2,300		51,852
Hirose Electric Co., Ltd. (a)		200		21,659
Hitachi, Ltd.		38,933		195,340
Horiba, Ltd. (a)		604		21,938
Ibiden Co., Ltd. (a)		1,496		19,524
Iriso Electronics Co., Ltd. (a)		300		13,026
Japan Aviation Electronics Industry, Ltd.		1,000		14,887
Keyence Corp.		340		151,029
Kyocera Corp.		2,900		132,209
Murata Manufacturing Co., Ltd.		1,628		208,929
Nippon Electric Glass Co., Ltd. (a)		5,548		26,683
Oki Electric Industry Co., Ltd. (a)		9,166		14,235
Omron Corp.		2,080		62,262
Shimadzu Corp.		3,312		47,427
TDK Corp.		1,196		67,207
Yaskawa Electric Corp. (a)		2,604		26,352
Yokogawa Electric Corp. (a)		2,964		30,861

				1,223,747

FOOD & STAPLES RETAILING — 2.0%
Aeon Co., Ltd. (a)		6,603		102,272
Cawachi, Ltd. (a)		648		10,621
Cosmos Pharmaceutical Corp. (a)		200		23,496
FamilyMart Co., Ltd.		552		25,119
Lawson, Inc.		600		44,136
Seven & i Holdings Co., Ltd.		6,639		301,780
UNY Group Holdings Co., Ltd.		3,000		18,837

				526,261

See accompanying notes to financial statements.

391

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

FOOD PRODUCTS — 1.6%
Ajinomoto Co., Inc.		6,003	$	126,060
Hokuto Corp. (a)		600		10,801
Kikkoman Corp. (a)		2,256		61,785
MEIJI Holdings Co., Ltd.		1,200		87,572
Nissin Foods Holding Co., Ltd. (a)		940		43,089
Sakata Seed Corp.		2,384		39,214
Yakult Honsha Co., Ltd. (a)		864		42,852

				411,373

GAS UTILITIES — 0.8%
Osaka Gas Co., Ltd.		18,150		68,651
Saibu Gas Co., Ltd.		15,273		34,814
Tokyo Gas Co., Ltd.		20,873		100,701

				204,166

HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%
Asahi Intecc Co., Ltd.		1,000		35,820
Hoya Corp.		3,932		128,139
Nakanishi, Inc.		500		18,578
Olympus Corp.		1,542		47,832
Sysmex Corp.		1,200		62,923
Terumo Corp.		2,900		81,602

				374,894

HEALTH CARE PROVIDERS & SERVICES — 0.5%
BML, Inc.		300		8,329
Medipal Holdings Corp.		1,792		28,294
Miraca Holdings, Inc.		936		39,546
Nichii Gakkan Co. (a)		300		2,079
Suzuken Co., Ltd.		900		29,871
Tsukui Corp. (a)		1,400		13,431

				121,550

HEALTH CARE TECHNOLOGY — 0.0% (b)
M3, Inc.		400		7,905

HOTELS, RESTAURANTS & LEISURE — 0.5%
Oriental Land Co., Ltd. (a)		2,400		133,642
Round One Corp. (a)		1,200		4,819

				138,461

HOUSEHOLD DURABLES — 2.9%
Casio Computer Co., Ltd. (a)		3,348		60,522
Fujitsu General, Ltd.		1,000		10,821
Funai Electric Co., Ltd. (a)		595		5,470
Haseko Corp.		2,700		30,435
Nikon Corp. (a)		2,740		32,990
Panasonic Corp.		18,981		190,737
Pioneer Corp. (a)(c)		3,560		7,699
Sangetsu Co., Ltd.		500		7,953
Sekisui Chemical Co., Ltd.		3,079		32,213
Sekisui House, Ltd.		5,679		88,434
Sharp Corp. (a)(c)		8,519		9,745
Sony Corp.		10,211		247,122
Sumitomo Forestry Co., Ltd.		2,068		23,035

				747,176

HOUSEHOLD PRODUCTS — 0.2%
Unicharm Corp. (a)		2,700		47,658

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%
Electric Power Development Co., Ltd.		1,240		37,739

INDUSTRIAL CONGLOMERATES — 0.7%
Keihan Electric Railway Co., Ltd. (a)		8,747		58,136
Nisshinbo Holdings, Inc.		2,584		29,041
Toshiba Corp. (a)(c)		35,633		89,376

				176,553

INSURANCE — 2.8%
Dai-ichi Life Insurance Co., Ltd.		9,200		145,453
MS&AD Insurance Group Holdings, Inc.		5,336		142,261
Sompo Japan Nipponkoa Holdings, Inc.		3,000		86,569
Sony Financial Holdings, Inc.		2,400		39,237
T&D Holdings, Inc.		6,300		73,881
Tokio Marine Holdings, Inc.		6,447		239,115

				726,516

INTERNET & CATALOG RETAIL — 0.5%
ASKUL Corp.		500		18,975
Rakuten, Inc. (a)		7,700		97,982

				116,957

INTERNET SOFTWARE & SERVICES — 0.5%
DeNA Co., Ltd. (a)		1,200		22,234
F@N Communications, Inc.		600		3,928
Gree, Inc. (a)		900		4,020
Gurunavi, Inc. (a)		600		9,859
Internet Initiative Japan, Inc. (a)		900		16,066
Kakaku.com, Inc. (a)		400		6,459
Mixi, Inc. (a)		300		10,220
Yahoo! Japan Corp.		15,500		58,757

				131,543

IT SERVICES — 0.9%
Digital Garage, Inc. (a)		400		5,501
Fujitsu, Ltd.		15,498		67,096
IT Holdings Corp. (a)		1,232		27,805
Itochu Techno-Solutions Corp.		900		19,125
NET One Systems Co., Ltd. (a)		3,000		16,933
Nomura Research Institute, Ltd.		330		12,606
NTT Data Corp.		1,200		60,218
SCSK Corp. (a)		200		7,473
TKC Corp. (a)		600		15,405

				232,162

LEISURE PRODUCTS — 1.0%
Bandai Namco Holdings, Inc.		2,632		60,875
Sankyo Co., Ltd.		940		33,357
Sega Sammy Holdings, Inc.		2,431		23,627
Shimano, Inc. (a)		692		96,723
Yamaha Corp.		1,792		39,471

				254,053

MACHINERY — 5.1%
Amada Holdings Co., Ltd. (a)		2,627		19,917
DMG Mori Co., Ltd. (a)		1,468		18,521
FANUC Corp.		1,780		272,206
Glory, Ltd.		1,544		36,317
IHI Corp.		15,311		39,120
Japan Steel Works, Ltd. (a)		2,708		8,547

See accompanying notes to financial statements.

392

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

JTEKT Corp.		2,108	$	29,288
Kawasaki Heavy Industries, Ltd. (a)		11,978		41,105
Komatsu, Ltd. (a)		8,139		119,097
Komori Corp.		1,188		12,171
Kubota Corp.		7,663		104,645
Kurita Water Industries, Ltd.		1,476		31,217
Makita Corp. (a)		1,276		67,441
Minebea Co., Ltd. (a)		3,255		34,272
Mitsubishi Heavy Industries, Ltd.		27,676		123,030
Mitsui Engineering & Shipbuilding Co., Ltd. (a)		11,567		16,612
NGK Insulators, Ltd.		2,320		44,108
NSK, Ltd.		3,663		35,264
NTN Corp.		3,495		14,299
OKUMA Corp. (a)		2,648		16,450
OSG Corp. (a)		1,512		28,469
SMC Corp.		620		134,882
Sodick Co., Ltd.		200		1,244
Sumitomo Heavy Industries, Ltd.		5,795		22,790
Takuma Co., Ltd.		3,000		22,569
THK Co., Ltd. (a)		1,500		23,721
Toshiba Machine Co., Ltd.		2,944		9,193

				1,326,495

MARINE — 0.2%
Kawasaki Kisen Kaisha, Ltd. (a)		8,759		19,161
Mitsui OSK Lines, Ltd. (a)		6,491		15,501
Nippon Yusen K.K.		11,995		27,643

				62,305

MEDIA — 0.8%
Adways, Inc.		500		3,131
CyberAgent, Inc. (a)		600		23,346
Dentsu, Inc.		2,400		122,640
Toho Co., Ltd.		2,052		46,655
Usen Corp. (c)		1,670		4,169

				199,941

METALS & MINING — 1.5%
Daido Steel Co., Ltd. (a)		3,199		10,097
Dowa Holdings Co., Ltd. (a)		2,767		20,862
JFE Holdings, Inc. (a)		4,247		55,408
Kobe Steel, Ltd. (a)		18,645		20,083
Mitsubishi Materials Corp.		12,027		36,353
Mitsubishi Steel Manufacturing Co., Ltd.		6,000		10,971
Mitsui Mining & Smelting Co., Ltd.		8,839		15,794
Nippon Steel & Sumitomo Metal Corp.		5,576		100,952
Nippon Yakin Kogyo Co., Ltd. (c)		400		501
Nisshin Steel Co., Ltd. (a)		800		7,114
Sumitomo Metal Mining Co., Ltd.		5,575		62,935
Toho Zinc Co., Ltd. (a)		6,000		13,677
Tokyo Steel Manufacturing Co., Ltd.		244		1,326
Topy Industries, Ltd. (a)		8,000		16,432
Yodogawa Steel Works, Ltd. (a)		1,193		22,186

				394,691

MULTILINE RETAIL — 1.4%
Don Quijote Holdings Co., Ltd.		1,000		37,490
H2O Retailing Corp.		3,500		66,017
Isetan Mitsukoshi Holdings, Ltd.		3,641		54,479
J Front Retailing Co., Ltd.		2,800		45,215
Marui Group Co., Ltd. (a)		3,916		47,052
Ryohin Keikaku Co., Ltd.		336		68,230
Seria Co., Ltd. (a)		400		19,705
Takashimaya Co., Ltd.		3,332		26,847

				365,035

OIL, GAS & CONSUMABLE FUELS — 0.7%
Cosmo Oil Co., Ltd. (c)		8,927		12,224
Inpex Corp.		8,900		79,031
JX Holdings, Inc. (a)		21,700		78,074
TonenGeneral Sekiyu K.K.		2,547		24,606

				193,935

PAPER & FOREST PRODUCTS — 0.2%
Nippon Paper Industries Co., Ltd. (a)		600		9,133
OJI Paper Co., Ltd.		8,839		37,787

				46,920

PERSONAL PRODUCTS — 1.3%
Euglena Co., Ltd. (a)(c)		800		11,743
Kao Corp.		4,839		218,303
Mandom Corp.		1,616		52,623
Shiseido Co., Ltd. (a)		2,732		59,321

				341,990

PHARMACEUTICALS — 5.6%
Astellas Pharma, Inc.		19,100		246,395
Chugai Pharmaceutical Co., Ltd.		1,616		49,452
Daiichi Sankyo Co., Ltd. (a)		6,051		104,585
Eisai Co., Ltd. (a)		2,340		137,354
Hisamitsu Pharmaceutical Co., Inc.		604		20,122
Kissei Pharmaceutical Co., Ltd.		1,500		34,067
Kyowa Hakko Kirin Co., Ltd.		2,833		42,058
Mitsubishi Tanabe Pharma Corp.		3,000		52,728
Mochida Pharmaceutical Co., Ltd.		600		34,618
Nichi-iko Pharmaceutical Co., Ltd. (a)		300		7,853
Ono Pharmaceutical Co., Ltd.		632		74,564
Otsuka Holdings Co., Ltd.		3,800		120,823
Santen Pharmaceutical Co., Ltd.		4,800		64,085
Seikagaku Corp.		1,200		14,659
Shionogi & Co., Ltd. (a)		2,996		106,942
Sumitomo Dainippon Pharma Co., Ltd. (a)		1,460		14,556
Taisho Pharmaceutical Holdings Co., Ltd. (a)		500		28,639
Takeda Pharmaceutical Co., Ltd. (a)		6,555		286,632
Torii Pharmaceutical Co., Ltd.		300		7,024
Towa Pharmaceutical Co., Ltd. (a)		200		12,775
Tsumura & Co.		100		2,167

				1,462,098

PROFESSIONAL SERVICES — 0.3%
Meitec Corp.		1,212		42,098
Nihon M&A Center, Inc. (a)		600		26,051

				68,149

REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.1%
Daikyo, Inc. (a)		6,256		10,552
Daito Trust Construction Co., Ltd.		864		87,471
Daiwa House Industry Co., Ltd.		4,363		107,377
Heiwa Real Estate Co., Ltd. (a)		1,400		14,939
Hulic Co., Ltd. (a)		800		7,194

See accompanying notes to financial statements.

393

SPDR Russell/Nomura PRIME Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Leopalace21 Corp. (a)(c)		1,544	$	7,168
Mitsubishi Estate Co., Ltd.		10,111		205,614
Mitsui Fudosan Co., Ltd.		7,923		215,862
Sumitomo Realty & Development Co., Ltd.		2,843		89,991
Tokyo Tatemono Co., Ltd.		2,700		32,035
Tokyu Fudosan Holdings Corp.		4,000		26,485

				804,688

ROAD & RAIL — 4.5%
Central Japan Railway Co.		1,300		208,680
East Japan Railway Co.		2,700		226,681
Hankyu Hanshin Holdings, Inc.		12,486		76,106
Keikyu Corp. (a)		6,355		50,409
Keio Corp.		8,000		56,644
Keisei Electric Railway Co., Ltd.		3,147		34,396
Kintetsu Group Holdings Co., Ltd. (a)		18,038		64,612
Nagoya Railroad Co., Ltd. (a)		12,362		48,410
Nankai Electric Railway Co., Ltd.		9,111		46,405
Nippon Express Co., Ltd.		11,555		54,898
Odakyu Electric Railway Co., Ltd. (a)		3,483		31,234
Sotetsu Holdings, Inc. (a)		12,254		66,813
Tobu Railway Co., Ltd.		9,007		38,581
Tokyu Corp.		9,391		68,610
West Japan Railway Co.		1,600		99,942

				1,172,421

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4%
Advantest Corp. (a)		1,816		12,979
Disco Corp. (a)		284		19,824
Rohm Co., Ltd.		876		38,693
Sanken Electric Co., Ltd. (a)		3,404		11,426
SCREEN Holdings Co., Ltd.		364		1,769
Shinko Electric Industries Co., Ltd. (a)		892		4,997
Sumco Corp.		1,546		13,761

				103,449

SOFTWARE — 0.9%
GungHo Online Entertainment, Inc. (a)		3,100		9,163
Konami Corp. (a)		1,192		25,708
Nintendo Co., Ltd.		948		158,785
NSD Co., Ltd.		1,400		17,137
Square Enix Holdings Co., Ltd.		596		14,735
Trend Micro, Inc. (a)		568		19,990

				245,518

SPECIALTY RETAIL — 1.8%
Aoyama Trading Co., Ltd.		1,484		52,166
Arcland Sakamoto Co., Ltd.		500		10,729
Autobacs Seven Co., Ltd. (a)		780		12,915
Fast Retailing Co., Ltd. (a)		276		111,746
Gulliver International Co., Ltd. (a)		900		8,206
Hikari Tsushin, Inc.		284		19,800
Jin Co., Ltd. (a)		500		23,379
K’s Holdings Corp. (a)		400		12,525
Nitori Holding Co., Ltd.		600		46,842
Sanrio Co., Ltd. (a)		648		17,612
Shimachu Co., Ltd.		1,484		32,439
Shimamura Co., Ltd. (a)		332		35,649
USS Co., Ltd.		3,000		49,697
VT Holdings Co., Ltd.		900		5,411
Yamada Denki Co., Ltd. (a)		9,000		36,221

				475,337

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.6%
Brother Industries, Ltd.		2,732		32,711
Canon, Inc.		9,258		266,999
FUJIFILM Holdings Corp.		4,227		157,271
Konica Minolta Holdings, Inc.		6,075		63,608
NEC Corp.		17,918		54,907
Ricoh Co., Ltd. (a)		5,555		55,868
Roland DG Corp.		400		8,543
Seiko Epson Corp.		3,200		45,075
Wacom Co., Ltd. (a)		200		735

				685,717

TEXTILES, APPAREL & LUXURY GOODS — 0.4%
Asics Corp.		1,764		41,800
Gunze, Ltd.		6,223		18,758
Japan Wool Textile Co., Ltd. (a)		3,031		25,460
Onward Holdings Co., Ltd. (a)		2,580		15,209

				101,227

TOBACCO — 1.1%
Japan Tobacco, Inc.		9,000		277,669

TRADING COMPANIES & DISTRIBUTORS — 3.2%
Hanwa Co., Ltd. (a)		3,207		11,729
Inaba Denki Sangyo Co., Ltd. (a)		1,356		40,760
ITOCHU Corp. (a)		13,066		137,189
Iwatani Corp.		451		2,553
Kanematsu Corp.		9,000		12,550
Marubeni Corp. (a)		15,402		75,078
Mitsubishi Corp.		11,407		186,061
Mitsui & Co., Ltd. (a)		14,902		166,794
Nishio Rent All Co., Ltd.		400		7,822
Sojitz Corp. (a)		12,828		23,778
Sumitomo Corp. (a)		9,575		92,100
Toyota Tsusho Corp.		1,539		32,292
Yamazen Corp. (a)		4,200		34,543

				823,249

TRANSPORTATION INFRASTRUCTURE — 0.1%
Kamigumi Co., Ltd.		3,395		27,667
Mitsubishi Logistics Corp.		216		2,492

				30,159

WIRELESS TELECOMMUNICATION SERVICES — 3.4%
KDDI Corp.		15,000		334,029
NTT DoCoMo, Inc. (a)		12,600		209,675
SoftBank Group Corp.		7,215		329,951

				873,655

TOTAL COMMON STOCKS —
(Cost $30,647,776)				25,659,462

SHORT TERM INVESTMENTS — 18.9%
UNITED STATES — 18.9%
MONEY MARKET FUNDS — 18.9%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		4,865,671		4,865,671

See accompanying notes to financial statements.

394

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 98.9%
JAPAN — 98.9%
AEROSPACE & DEFENSE — 0.1%
Jamco Corp.		1,000	$	38,325

AIR FREIGHT & LOGISTICS — 0.3%
Kintetsu World Express, Inc.		7,200		126,367
Mitsui-Soko Holdings Co., Ltd. (a)		21,686		63,013

				189,380

AUTO COMPONENTS — 4.3%
Ahresty Corp.		4,300		25,204
Akebono Brake Industry Co., Ltd. (a)		4,400		13,924
Calsonic Kansei Corp.		13,000		96,932
Daido Metal Co., Ltd.		1,900		15,737
Eagle Industry Co., Ltd.		5,000		88,757
Exedy Corp. (a)		3,600		79,476
FCC Co., Ltd.		7,113		113,616
Futaba Industrial Co., Ltd. (a)		10,194		36,685
Keihin Corp.		7,341		103,343
KYB Co., Ltd. (a)		19,902		52,345
Mitsuba Corp.		2,700		35,980
Musashi Seimitsu Industry Co., Ltd. (a)		4,152		72,421
Nifco, Inc. (a)		6,900		234,772
Nippon Seiki Co., Ltd.		5,000		96,606
Nissin Kogyo Co., Ltd. (a)		7,534		112,477
Piolax, Inc.		900		41,181
Press Kogyo Co., Ltd. (a)		18,569		70,546
Riken Corp.		21,000		69,261
Sanden Holdings Corp. (a)		18,000		55,759
Showa Corp.		8,139		64,560
Sumitomo Riko Co., Ltd.		8,600		74,680
Tachi-S Co., Ltd. (a)		5,300		68,770
Takata Corp. (a)(b)		4,600		50,354
Tokai Rika Co., Ltd.		7,500		153,864
Topre Corp. (a)		5,834		112,135
Toyoda Gosei Co., Ltd.		9,500		185,851
Toyota Boshoku Corp. (a)		6,800		114,748
TPR Co., Ltd.		3,500		79,284
TS Tech Co., Ltd.		6,200		168,246
Unipres Corp.		5,200		98,560
Yorozu Corp.		1,000		20,390

				2,606,464

AUTOMOBILES — 0.2%
Nissan Shatai Co., Ltd. (a)		9,700		106,666

BANKS — 7.7%
Aichi Bank, Ltd.		1,149		65,813
Akita Bank, Ltd.		9,000		28,781
Aomori Bank, Ltd.		24,000		76,951
Awa Bank, Ltd.		20,000		114,892
Bank of Iwate, Ltd. (a)		2,956		133,528
Bank of Nagoya, Ltd. (a)		25,000		95,604
Bank of Okinawa, Ltd.		3,300		135,979
Bank of the Ryukyus, Ltd.		7,781		113,955
Chukyo Bank, Ltd.		11,000		22,594
Daishi Bank, Ltd.		45,000		210,788
Eighteenth Bank, Ltd.		17,000		52,378
Fukui Bank, Ltd.		12,000		24,548
Fukushima Bank, Ltd.		72,478		54,465
Higashi-nippon Bank, Ltd.		15,000		49,096
Higo Bank, Ltd. (a)		30,000		221,183
Hokkoku Bank, Ltd.		29,000		117,196
Hyakugo Bank, Ltd.		42,000		201,645
Hyakujushi Bank, Ltd.		35,000		125,663
Jimoto Holdings, Inc.		25,700		44,205
Juroku Bank, Ltd.		47,000		204,851
Kagoshima Bank, Ltd. (a)		25,000		202,480
Kansai Urban Banking Corp.		6,400		73,958
Keiyo Bank, Ltd.		35,000		185,280
Kiyo Bank, Ltd.		12,600		201,154
Miyazaki Bank, Ltd.		16,000		53,972
Musashino Bank, Ltd.		5,700		204,889
Nagano Bank, Ltd.		35,534		58,746
Nanto Bank, Ltd. (a)		35,000		110,174
North Pacific Bank, Ltd.		43,300		170,648
Ogaki Kyoritsu Bank, Ltd.		30,000		117,731
Oita Bank, Ltd. (a)		12,000		49,697
San-In Godo Bank, Ltd.		14,000		136,417
Senshu Ikeda Holdings, Inc.		18,200		78,717
Shiga Bank, Ltd.		20,000		101,198
Shikoku Bank, Ltd.		42,000		88,724
Shimizu Bank, Ltd.		2,500		62,330
Taiko Bank, Ltd. (a)		32,000		61,186
Tochigi Bank, Ltd.		20,846		114,008
Toho Bank, Ltd.		21,000		77,502
Tokyo TY Financial Group, Inc.		3,700		115,234
Tomato Bank, Ltd.		46,872		66,532
TOMONY Holdings, Inc.		24,705		96,126
Towa Bank, Ltd.		47,000		41,206
Yamagata Bank, Ltd. (a)		10,000		39,828
Yamanashi Chuo Bank, Ltd.		16,000		83,230

				4,685,082

BEVERAGES — 1.2%
Coca-Cola East Japan Co., Ltd.		8,200		132,074
Coca-Cola West Co., Ltd.		6,400		124,243
Ito En, Ltd. (a)		8,100		169,014
Oenon Holdings, Inc.		9,000		15,856
Sapporo Holdings, Ltd. (a)		33,000		128,401
Takara Holdings, Inc.		23,100		138,293

				707,881

BIOTECHNOLOGY — 0.6%
3-D Matrix, Ltd. (a)(b)		3,000		26,527
D.Western Therapeutics Institute, Inc. (b)		1,500		7,202
GNI Group, Ltd. (a)(b)		11,000		18,186
Japan Tissue Engineering Co., Ltd. (a)(b)		1,000		7,840
NanoCarrier Co., Ltd. (a)(b)		3,000		26,251
OncoTherapy Science, Inc. (a)(b)		17,700		45,076
PeptiDream, Inc. (a)(b)		4,000		102,367
ReproCELL, Inc. (a)(b)		8,600		32,960
Takara Bio, Inc. (a)		7,300		68,084
UMN Pharma, Inc. (a)(b)		1,000		19,162

				353,655

See accompanying notes to financial statements.

396

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

BUILDING PRODUCTS — 2.1%
Aica Kogyo Co., Ltd.		8,519	$	169,790
Bunka Shutter Co., Ltd.		9,577		68,530
Central Glass Co., Ltd.		35,309		153,896
Nichias Corp.		17,000		101,632
Nichiha Corp.		1,100		15,155
Nippon Sheet Glass Co., Ltd. (a)(b)		137,000		115,535
Nitto Boseki Co., Ltd.		20,020		59,676
Noritz Corp. (a)		5,565		83,406
Okabe Co., Ltd. (a)		3,300		27,774
Sankyo Tateyama, Inc.		4,000		61,921
Sanwa Holdings Corp.		28,310		193,831
Sekisui Jushi Corp.		1,200		15,601
Takara Standard Co., Ltd.		15,000		106,208
Takasago Thermal Engineering Co., Ltd. (a)		8,500		117,175

				1,290,130

CAPITAL MARKETS — 1.6%
Aizawa Securities Co., Ltd.		2,600		15,696
Ichigo, Inc. (a)		12,900		29,836
Ichiyoshi Securities Co., Ltd. (a)		7,900		68,139
Jafco Co., Ltd.		3,500		137,352
kabu.com Securities Co., Ltd		11,200		36,098
Kyokuto Securities Co., Ltd.		5,500		73,340
Marusan Securities Co., Ltd. (a)		3,600		36,341
Matsui Securities Co., Ltd.		12,700		109,434
Mito Securities Co., Ltd.		8,200		26,839
Monex Group, Inc. (a)		33,600		82,201
Okasan Securities Group, Inc.		22,447		134,384
Sawada Holdings Co., Ltd.		1,800		17,449
Sparx Group Co., Ltd. (a)		7,500		18,035
Tokai Tokyo Financial Holdings, Inc.		28,221		166,831
Toyo Securities Co., Ltd.		16,457		51,117

				1,003,092

CHEMICALS — 4.7%
ADEKA Corp.		12,913		164,101
Asahi Organic Chemicals Industry Co., Ltd. (a)		26,540		48,531
C. Uyemura & Co., Ltd.		976		47,266
Chugoku Marine Paints, Ltd.		6,000		37,824
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		600		24,298
Fujikura Kasei Co., Ltd.		8,238		36,525
Fujimi, Inc.		3,473		46,717
Fujimori Kogyo Co., Ltd.		2,500		61,161
Ihara Chemical Industry Co., Ltd. (a)		7,100		73,333
Ishihara Sangyo Kaisha, Ltd. (b)		55,811		47,998
Japan Pure Chemical Co., Ltd.		3,300		60,453
Kureha Corp.		20,000		71,640
Lintec Corp.		9,008		188,561
Nihon Nohyaku Co., Ltd. (a)		4,000		26,819
Nihon Parkerizing Co., Ltd.		14,600		118,736
Nippon Soda Co., Ltd.		24,065		136,435
Nippon Synthetic Chemical Industry Co., Ltd.		2,000		12,458
Nippon Valqua Industries, Ltd.		29,025		69,797
NOF Corp.		24,731		168,914
Okamoto Industries, Inc. (a)		9,841		92,851
Sakai Chemical Industry Co., Ltd.		8,000		22,377
Sakata INX Corp.		6,100		48,386
Sanyo Chemical Industries, Ltd.		11,000		73,661
Sumitomo Bakelite Co., Ltd.		30,000		109,715
T Hasegawa Co., Ltd. (a)		5,100		66,132
Taiyo Holdings Co., Ltd. (a)		3,500		106,667
Taki Chemical Co., Ltd.		4,000		23,212
Toagosei Co., Ltd.		19,000		137,227
Tokai Carbon Co., Ltd. (a)		30,542		72,935
Tokuyama Corp. (a)(b)		51,000		83,038
Tokyo Ohka Kogyo Co., Ltd.		6,700		176,780
Toyo Ink SC Holdings Co., Ltd. (a)		31,000		113,113
Toyobo Co., Ltd.		102,000		137,970
Zeon Corp.		19,000		149,284

				2,854,915

COMMERCIAL SERVICES & SUPPLIES — 2.8%
Aeon Delight Co., Ltd.		3,700		106,584
Asukanet Co., Ltd.		1,300		29,199
Daiseki Co., Ltd.		7,593		128,954
Duskin Co., Ltd. (a)		9,800		177,237
Itoki Corp.		3,000		19,062
Kokuyo Co., Ltd.		10,300		108,792
Kyodo Printing Co., Ltd.		15,000		41,331
Mitsubishi Pencil Co., Ltd.		1,000		47,092
Moshi Moshi Hotline, Inc.		8,744		90,167
Nippon Parking Development Co., Ltd. (a)		17,100		18,133
Nissha Printing Co., Ltd. (a)		4,800		91,259
Okamura Corp.		11,184		100,480
Oyo Corp.		1,100		12,776
Pilot Corp.		4,900		201,499
Prestige International, Inc. (a)		1,400		13,887
Sanix, Inc. (b)		2,900		6,150
Sato Holdings Corp. (a)		4,100		76,170
Sohgo Security Services Co., Ltd. (a)		7,400		336,125
Toppan Forms Co., Ltd.		7,300		86,309

				1,691,206

COMMUNICATIONS EQUIPMENT — 0.4%
Aiphone Co., Ltd.		3,106		46,448
Denki Kogyo Co., Ltd.		11,303		50,963
Hitachi Kokusai Electric, Inc.		9,634		101,275
Icom, Inc.		3,000		62,122
Japan Radio Co., Ltd.		3,000		9,694

				270,502

CONSTRUCTION & ENGINEERING — 5.8%
Chudenko Corp. (a)		4,000		77,418
Daiho Corp.		7,000		29,341
Fudo Tetra Corp. (a)		12,200		16,197
Hazama Ando Corp. (a)		22,000		140,158
Hibiya Engineering, Ltd.		1,200		13,326
Kandenko Co., Ltd. (a)		15,000		96,689
Kinden Corp.		20,924		264,509
Kumagai Gumi Co., Ltd.		53,000		165,065
Kyowa Exeo Corp.		12,376		119,146
Kyudenko Corp. (a)		5,657		93,854
Maeda Corp. (a)		16,158		117,645
Maeda Road Construction Co., Ltd.		11,000		192,143

See accompanying notes to financial statements.

397

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Mirait Holdings Corp. (a)		10,900	$	98,474
Mitsubishi Kakoki Kaisha, Ltd.		11,000		25,166
Nichireki Co., Ltd.		2,000		15,464
Nippo Corp.		10,000		169,916
Nippon Densetsu Kogyo Co., Ltd.		2,500		44,671
Nippon Koei Co., Ltd.		6,000		24,799
Nippon Road Co., Ltd.		15,000		74,771
Nishimatsu Construction Co., Ltd.		43,000		178,082
Okumura Corp. (a)		29,000		154,002
Penta-Ocean Construction Co., Ltd.		38,600		180,487
Raito Kogyo Co., Ltd.		3,700		34,879
Sanki Engineering Co., Ltd. (a)		11,496		86,389
SHO-BOND Holdings Co., Ltd. (a)		3,900		148,654
Sumitomo Mitsui Construction Co., Ltd. (a)		126,900		152,579
Taihei Dengyo Kaisha, Ltd. (a)		3,000		30,785
Taikisha, Ltd.		4,900		110,466
Tekken Corp. (a)		11,000		27,829
Toa Corp.		12,000		28,756
Tobishima Corp. (a)(b)		27,900		49,154
Toda Corp. (a)		34,000		149,894
Tokyu Construction Co., Ltd.		11,622		95,681
Toshiba Plant Systems & Services Corp.		6,800		66,317
Totetsu Kogyo Co., Ltd.		4,600		98,211
Toyo Construction Co., Ltd.		4,000		17,468
Toyo Engineering Corp. (a)(b)		20,000		48,094
Yahagi Construction Co. Ltd. (a)		2,400		21,422
Yokogawa Bridge Holdings Corp. (a)		2,800		23,566
Yurtec Corp.		3,000		27,103

				3,508,570

CONSTRUCTION MATERIALS — 0.4%
Sumitomo Osaka Cement Co., Ltd.		63,000		223,037

CONSUMER FINANCE — 1.3%
Acom Co., Ltd. (a)(b)		45,200		229,840
Aiful Corp. (a)(b)		41,900		154,635
Hitachi Capital Corp. (a)		7,200		174,702
J Trust Co., Ltd.		10,500		83,902
Jaccs Co., Ltd. (a)		18,000		67,482
Orient Corp. (a)(b)		49,300		83,151

				793,712

CONTAINERS & PACKAGING — 0.7%
FP Corp. (a)		3,900		144,095
Fuji Seal International, Inc. (a)		3,470		99,668
Rengo Co., Ltd. (a)		25,000		96,439
Taisei Lamick Co., Ltd. (a)		3,000		66,706

				406,908

DISTRIBUTORS — 0.4%
Arata Corp.		1,100		25,239
Canon Marketing Japan, Inc.		8,200		120,914
Doshisha Co., Ltd.		4,400		80,494
Paltac Corp.		2,100		37,787

				264,434

DIVERSIFIED CONSUMER SERVICES — 0.1%
JP-Holdings, Inc. (a)		3,600		10,340
Meiko Network Japan Co., Ltd.		6,400		69,951

				80,291

DIVERSIFIED FINANCIAL SERVICES — 1.3%
Century Tokyo Leasing Corp.		6,900		198,476
Financial Products Group Co., Ltd.		5,000		35,820
Fuyo General Lease Co., Ltd.		2,900		110,779
IBJ Leasing Co., Ltd. (a)		4,000		77,619
Japan Securities Finance Co., Ltd.		15,519		79,043
Ricoh Leasing Co., Ltd.		2,967		80,019
Zenkoku Hosho Co., Ltd.		6,300		207,782

				789,538

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (c)
Freebit Co., Ltd.		2,000		13,944

ELECTRIC UTILITIES — 0.2%
Okinawa Electric Power Co., Inc.		5,200		116,665

ELECTRICAL EQUIPMENT — 1.5%
Cosel Co., Ltd.		6,100		58,879
Daihen Corp.		17,971		84,629
Furukawa Electric Co., Ltd.		110,000		172,672
Futaba Corp.		4,000		51,468
Nippon Carbon Co., Ltd. (a)		23,000		53,196
Nissin Electric Co., Ltd.		3,000		18,411
Nitto Kogyo Corp.		1,800		31,366
Sanyo Denki Co., Ltd.		10,000		59,533
Sinfonia Technology Co., Ltd. (a)		43,826		64,404
SWCC Showa Holdings Co., Ltd. (a)(b)		61,075		39,267
Tatsuta Electric Wire and Cable Co., Ltd.		7,000		25,366
Toyo Tanso Co., Ltd.		2,400		29,939
Ushio, Inc.		16,700		199,817

				888,947

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.7%
Ai Holdings Corp. (a)		6,800		167,665
Amano Corp.		10,732		123,302
Anritsu Corp. (a)		23,800		144,074
Arisawa Manufacturing Co., Ltd. (a)		2,000		11,773
Daiwabo Holdings Co., Ltd.		23,635		41,245
DDS, Inc. (b)		3,000		10,946
Enplas Corp. (a)		1,100		37,933
ESPEC Corp. (a)		8,831		85,091
Hakuto Co., Ltd.		6,711		70,156
Horiba, Ltd.		5,100		185,238
Hosiden Corp. (a)		13,795		72,681
Iriso Electronics Co., Ltd. (a)		1,000		43,418
Japan Aviation Electronics Industry, Ltd.		9,000		133,987
Japan Cash Machine Co., Ltd. (a)		2,924		31,153
Kaga Electronics Co., Ltd.		1,200		15,230
Koa Corp.		6,791		58,801
Macnica Fuji Electronics Holdings, Inc. (b)		3,000		35,520
Maruwa Co., Ltd.		1,200		24,468
Mitsumi Electric Co., Ltd. (a)		15,500		85,417
Nichicon Corp. (a)		8,700		62,254
Nihon Dempa Kogyo Co., Ltd. (a)		3,595		24,914

See accompanying notes to financial statements.

398

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Nippon Ceramic Co., Ltd. (a)		4,023	$	59,254
Nippon Chemi-Con Corp.		17,432		37,989
Nippon Signal Co., Ltd.		10,700		102,922
Nohmi Bosai, Ltd.		1,500		16,244
Ryosan Co., Ltd.		6,596		153,713
Ryoyo Electro Corp.		7,104		89,983
Shibaura Electronics Co., Ltd.		1,100		16,734
Shinko Shoji Co., Ltd.		1,600		16,739
Siix Corp. (a)		1,000		25,926
SMK Corp. (a)		5,000		20,624
Tabuchi Electric Co., Ltd.		1,500		9,732
Taiyo Yuden Co., Ltd. (a)		14,500		188,143
Tamura Corp. (a)		7,000		19,346

				2,222,615

ENERGY EQUIPMENT & SERVICES — 0.3%
Japan Drilling Co., Ltd. (a)		1,100		23,403
Modec, Inc. (a)		3,500		42,462
Shinko Plantech Co., Ltd.		11,386		92,312

				158,177

FOOD & STAPLES RETAILING — 3.3%
Ain Pharmaciez, Inc.		3,000		152,549
Arcs Co., Ltd.		4,300		80,783
Axial Retailing, Inc. (a)		2,100		68,822
Belc Co., Ltd.		1,600		54,507
Cawachi, Ltd.		5,435		89,082
Cocokara fine, Inc.		1,100		40,504
Cosmos Pharmaceutical Corp. (a)		1,200		140,976
CREATE SD HOLDINGS Co., Ltd.		400		21,910
Heiwado Co., Ltd.		3,700		81,034
Kato Sangyo Co., Ltd.		5,200		112,193
Kobe Bussan Co., Ltd.		600		54,156
Kusuri No Aoki Co., Ltd.		1,400		73,995
Life Corp.		800		22,711
Matsumotokiyoshi Holdings Co., Ltd.		5,200		229,683
Ministop Co., Ltd. (a)		5,794		131,540
Okuwa Co., Ltd.		2,000		16,432
San-A Co., Ltd.		2,400		105,006
Sogo Medical Co., Ltd.		500		15,739
UNY Group Holdings Co., Ltd.		18,200		114,277
Valor Co., Ltd.		5,900		147,740
Welcia Holdings Co., Ltd.		2,300		111,385
Yaoko Co., Ltd. (a)		1,400		63,124
Yokohama Reito Co., Ltd. (a)		12,780		100,413

				2,028,561

FOOD PRODUCTS — 4.1%
Ariake Japan Co., Ltd.		3,564		139,120
Dydo Drinco, Inc.		1,500		63,750
Ezaki Glico Co., Ltd.		4,000		184,361
Fuji Oil Co., Ltd.		8,500		110,007
Fujicco Co., Ltd.		4,157		84,136
Hokuto Corp.		5,921		106,589
House Foods Group, Inc. (a)		7,300		123,124
Itoham Foods, Inc. (a)		10,000		54,189
J-Oil Mills, Inc.		14,000		40,095
Kagome Co., Ltd. (a)		8,600		137,798
Kameda Seika Co., Ltd.		1,500		62,435
Marudai Food Co., Ltd. (a)		25,417		99,957
Maruha Nichiro Corp. (a)		7,100		101,789
Megmilk Snow Brand Co., Ltd. (a)		6,800		129,794
Mitsui Sugar Co., Ltd.		19,497		81,071
Morinaga & Co., Ltd.		22,000		107,828
Morinaga Milk Industry Co., Ltd.		30,000		124,494
Nakamuraya Co., Ltd.		20,952		77,325
Nichirei Corp.		24,000		149,493
Nippon Flour Mills Co., Ltd.		9,000		56,060
Nippon Suisan Kaisha, Ltd.		33,375		99,207
Nisshin Oillio Group, Ltd.		18,000		65,077
Prima Meat Packers, Ltd.		10,000		26,636
Riken Vitamin Co., Ltd. (a)		2,980		94,303
S Foods, Inc. (a)		2,300		46,090
Sakata Seed Corp.		4,500		74,020
Showa Sangyo Co., Ltd.		11,000		42,709

				2,481,457

GAS UTILITIES — 0.2%
Saibu Gas Co., Ltd. (a)		13,000		29,633
Shizuoka Gas Co., Ltd.		15,519		100,424

				130,057

HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%
Asahi Intecc Co., Ltd.		7,200		257,905
CYBERDYNE, Inc. (a)(b)		5,800		68,429
Eiken Chemical Co., Ltd.		3,300		56,127
Fukuda Denshi Co., Ltd.		1,286		63,460
Hogy Medical Co., Ltd. (a)		1,600		73,210
Jeol, Ltd. (a)		7,000		39,978
Mani, Inc.		1,800		34,868
Nagaileben Co., Ltd.		1,800		33,215
Nakanishi, Inc.		3,600		133,762
Nikkiso Co., Ltd. (a)		9,100		60,710
Nipro Corp.		12,900		132,054
Paramount Bed Holdings Co., Ltd.		3,000		88,924

				1,042,642

HEALTH CARE PROVIDERS & SERVICES — 0.8%
As One Corp.		1,200		36,522
BML, Inc.		900		24,986
Message Co., Ltd. (a)		1,900		39,439
Nichii Gakkan Co. (a)		6,600		45,740
Ship Healthcare Holdings, Inc.		5,500		118,023
Toho Holdings Co., Ltd. (a)		6,800		141,263
Tokai Corp.		1,800		49,597
Tsukui Corp. (a)		1,700		16,309
Vital KSK Holdings, Inc. (a)		1,800		12,129
WIN-Partners Co., Ltd.		1,000		13,810

				497,818

HEALTH CARE TECHNOLOGY — 0.1%
FINDEX, Inc. (a)		3,000		22,093
Medinet Co., Ltd. (a)(b)		7,100		9,900

				31,993

HOTELS, RESTAURANTS & LEISURE — 3.6%
Accordia Golf Co., Ltd. (a)		12,700		114,524
Colowide Co., Ltd. (a)		11,400		159,723
Doutor Nichires Holdings Co., Ltd. (a)		7,775		118,996
Fuji Kyuko Co., Ltd.		4,000		37,340
Hiday Hidaka Corp.		1,000		25,300

See accompanying notes to financial statements.

399

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

HIS Co., Ltd.		5,900	$	191,880
Ichibanya Co., Ltd. (a)		1,900		86,302
Kappa Create Holdings Co., Ltd. (a)(b)		5,600		57,513
Kisoji Co., Ltd. (a)		4,900		80,968
KNT-CT Holdings Co., Ltd. (b)		10,000		20,373
Kura Corp.		900		28,443
Kyoritsu Maintenance Co., Ltd.		2,000		128,084
MOS Food Services, Inc. (a)		5,914		125,277
Ohsho Food Service Corp.		3,000		99,194
Plenus Co., Ltd. (a)		3,700		57,061
Round One Corp. (a)		9,500		38,154
Royal Holdings Co., Ltd.		6,300		107,626
Saizeriya Co., Ltd.		5,900		133,306
St Marc Holdings Co., Ltd.		3,200		97,524
Tokyo Dome Corp.		28,085		122,409
Tokyotokeiba Co., Ltd.		11,000		26,268
Toridoll.corp.		3,800		44,960
Yoshinoya Holdings Co., Ltd. (a)		9,700		125,862
Zensho Holdings Co., Ltd. (a)		15,846		147,657

				2,174,744

HOUSEHOLD DURABLES — 1.9%
Alpine Electronics, Inc.		7,000		76,274
Chofu Seisakusho Co., Ltd. (a)		3,800		73,738
Clarion Co., Ltd. (a)		18,000		56,661
Foster Electric Co., Ltd.		3,600		71,570
France Bed Holdings Co., Ltd.		9,747		68,850
Fujitsu General, Ltd.		10,000		108,212
Funai Electric Co., Ltd. (a)		3,600		33,095
Janome Sewing Machine Co., Ltd. (a)(b)		3,600		24,768
JVC Kenwood Corp. (a)		18,600		41,466
Misawa Homes Holdings, Inc. (a)		5,966		36,016
PanaHome Corp.		14,000		90,477
Pioneer Corp. (b)		49,000		105,966
Sangetsu Co., Ltd.		9,200		146,337
Starts Corp., Inc.		1,100		16,982
Tamron Co., Ltd.		2,900		52,714
Token Corp.		1,980		148,461
West Holdings Corp.		1,100		5,676
Zojirushi Corp.		2,000		28,656

				1,185,919

HOUSEHOLD PRODUCTS — 0.5%
Earth Chemical Co., Ltd.		2,500		94,978
Lion Corp. (a)		27,000		236,488

				331,466

INDUSTRIAL CONGLOMERATES — 0.5%
Katakura Industries Co., Ltd. (a)		4,980		53,016
Nisshinbo Holdings, Inc.		19,000		213,535
TOKAI Holdings Corp.		12,900		53,748

				320,299

INSURANCE — 0.0% (c)
Anicom Holdings, Inc. (b)		1,000		22,202

INTERNET & CATALOG RETAIL — 0.7%
ASKUL Corp.		2,500		94,873
Ikyu Corp.		1,200		26,021
Senshukai Co., Ltd. (a)		9,924		62,064
Start Today Co., Ltd.		7,400		243,443

				426,401

INTERNET SOFTWARE & SERVICES — 1.1%
Access Co., Ltd. (b)		3,200		18,035
Ateam, Inc. (a)		2,000		27,053
COOKPAD, Inc. (a)		6,300		132,191
CROOZ, Inc. (a)		800		27,287
Dip Corp.		1,800		29,488
F@N Communications, Inc. (a)		5,900		38,622
GMO Internet, Inc.		9,600		123,762
Gree, Inc. (a)		12,500		55,839
Gurunavi, Inc. (a)		2,900		47,653
Infomart Corp.		3,100		34,944
Internet Initiative Japan, Inc. (a)		3,500		62,481
SMS Co., Ltd.		2,100		35,349
UNITED, Inc.		1,200		12,965
V-Cube, Inc. (b)		1,000		21,083

				666,752

IT SERVICES — 2.5%
Bit-isle, Inc.		2,500		19,100
Digital Garage, Inc.		4,600		63,259
DTS Corp.		4,732		111,381
Future Architect, Inc.		7,100		40,016
GMO Payment Gateway, Inc.		2,000		76,817
Ines Corp.		10,060		90,634
IT Holdings Corp.		10,937		246,839
Itochu Techno-Solutions Corp.		7,200		153,000
LAC Co., Ltd.		1,500		17,772
NEC Networks & System Integration Corp.		4,100		73,021
NET One Systems Co., Ltd. (a)		13,000		73,377
Nihon Unisys, Ltd. (a)		5,500		56,623
NS Solutions Corp.		3,300		138,872
SCSK Corp.		6,300		235,398
TKC Corp. (a)		900		23,108
Transcosmos, Inc.		4,967		120,686

				1,539,903

LEISURE PRODUCTS — 0.7%
Fields Corp. (a)		3,600		48,755
Heiwa Corp.		11,200		191,615
Mizuno Corp. (a)		8,000		36,338
Tomy Co., Ltd. (a)		12,300		59,875
Universal Entertainment Corp. (a)		3,600		63,304

				399,887

LIFE SCIENCES TOOLS & SERVICES — 0.1%
Chiome Bioscience, Inc. (a)(b)		1,400		6,067
CMIC Holdings Co., Ltd.		1,300		18,453
EPS Holdings, Inc.		4,800		46,851

				71,371

MACHINERY — 6.5%
Aida Engineering, Ltd.		3,400		27,906
Asahi Diamond Industrial Co., Ltd. (a)		6,442		58,146
Chugai Ro Co., Ltd. (a)		27,522		50,326
CKD Corp.		9,805		80,477
Daifuku Co., Ltd. (a)		10,981		149,910
DMG Mori Co., Ltd.		14,600		184,199

See accompanying notes to financial statements.

400

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Fuji Machine Manufacturing Co., Ltd.		11,242	$	98,373
Fujitec Co., Ltd. (a)		11,200		97,257
Furukawa Co., Ltd. (a)		49,280		103,691
Harmonic Drive Systems, Inc. (a)		2,500		35,570
Hitachi Koki Co., Ltd. (a)		12,300		85,447
Hitachi Zosen Corp.		22,500		116,290
Iseki & Co., Ltd. (a)		22,000		31,595
Japan Steel Works, Ltd. (a)		50,000		157,809
Juki Corp. (a)		4,800		51,020
Kato Works Co., Ltd. (a)		11,000		44,086
Kitz Corp.		10,402		46,032
Komori Corp.		8,240		84,419
Kyokuto Kaihatsu Kogyo Co., Ltd.		4,840		48,172
Makino Milling Machine Co., Ltd.		11,739		73,219
Meidensha Corp. (a)		25,000		74,103
Mitsubishi Nichiyu Forklift Co., Ltd.		2,800		10,988
Mitsuboshi Belting, Ltd.		9,000		68,234
Miura Co., Ltd.		15,200		175,270
Morita Holdings Corp.		7,200		66,130
Nachi-Fujikoshi Corp. (a)		19,418		80,094
Namura Shipbuilding Co., Ltd. (a)		4,800		34,788
Nihon Trim Co., Ltd.		500		18,662
Nippon Sharyo, Ltd. (a)(b)		12,970		31,081
Nippon Thompson Co., Ltd.		11,511		47,480
Nitta Corp.		3,700		88,542
Nitto Kohki Co., Ltd.		4,400		83,984
Obara Group, Inc. (a)		1,200		46,942
Oiles Corp. (a)		3,900		57,670
OKUMA Corp. (a)		13,192		81,951
OSG Corp. (a)		11,100		208,997
Ryobi, Ltd.		15,723		58,552
Shibuya Kogyo Co., Ltd.		1,100		16,505
Shima Seiki Manufacturing, Ltd. (a)		5,400		73,945
Shinmaywa Industries, Ltd.		15,000		150,545
Sintokogio, Ltd.		11,319		88,461
Sodick Co., Ltd.		7,000		43,544
Star Micronics Co., Ltd. (a)		6,069		82,396
Tadano, Ltd.		10,913		120,370
Takeuchi Manufacturing Co., Ltd.		3,300		57,312
Takuma Co., Ltd.		7,000		52,661
Teikoku Sen-I Co., Ltd. (a)		1,900		22,083
Tocalo Co., Ltd.		3,800		68,534
Toshiba Machine Co., Ltd.		20,009		62,484
Tsubakimoto Chain Co. (a)		15,124		94,332
Tsugami Corp. (a)		12,000		44,187
Tsukishima Kikai Co., Ltd. (a)		6,400		53,010
Tsurumi Manufacturing Co., Ltd.		1,000		15,998
Union Tool Co.		2,732		65,765
YAMABIKO Corp.		2,000		16,232

				3,985,776

MARINE — 0.1%
Iino Kaiun Kaisha, Ltd.		17,506		78,932

MEDIA — 2.4%
Adways, Inc. (a)		2,100		13,151
Amuse, Inc.		400		17,301
Asatsu-DK, Inc.		3,700		82,950
Avex Group Holdings, Inc. (a)		5,592		63,454
Broccoli Co., Ltd. (a)		3,000		9,894
Daiichikosho Co., Ltd.		6,281		222,102
Kadokawa Dwango (a)		5,800		76,855
Next Co., Ltd. (a)		5,900		46,455
Septeni Holdings Co., Ltd. (a)		1,700		30,490
Shochiku Co., Ltd. (a)		17,243		144,981
SKY Perfect JSAT Holdings, Inc.		25,200		118,041
Toei Co., Ltd.		16,000		125,446
Tokyo Broadcasting System Holdings, Inc.		10,100		134,762
TV Asahi Holdings Corp.		8,400		127,931
Tv Tokyo Holdings Corp.		3,000		50,799
Usen Corp. (b)		11,680		29,160
ValueCommerce Co., Ltd.		1,200		4,669
Wowow, Inc.		2,600		70,772
Zenrin Co., Ltd.		5,924		79,686

				1,448,899

METALS & MINING — 2.5%
Aichi Steel Corp. (a)		19,000		71,390
Asahi Holdings, Inc.		6,500		97,311
Daido Steel Co., Ltd. (a)		39,000		123,091
Godo Steel, Ltd.		20,440		31,574
Kyoei Steel, Ltd. (a)		3,000		46,942
Maruichi Steel Tube, Ltd. (a)		8,300		187,117
Nippon Denko Co., Ltd.		23,600		42,366
Nippon Light Metal Holdings Co., Ltd.		69,500		103,294
Nippon Yakin Kogyo Co., Ltd. (a)(b)		18,000		22,544
Nisshin Steel Co., Ltd.		8,400		74,696
OSAKA Titanium Technologies Co., Ltd.		3,600		94,084
Pacific Metals Co., Ltd. (a)		15,000		34,568
Sanyo Special Steel Co., Ltd.		18,750		70,920
Toho Titanium Co., Ltd. (b)		5,800		68,817
Toho Zinc Co., Ltd. (a)		20,796		47,404
Tokyo Rope Manufacturing Co., Ltd. (a)(b)		33,654		48,332
Tokyo Steel Manufacturing Co., Ltd.		11,400		61,966
Tokyo Tekko Co., Ltd.		4,000		16,365
Toyo Kohan Co., Ltd.		4,000		11,923
UACJ Corp. (a)		34,000		54,223
Yamato Kogyo Co., Ltd. (a)		5,700		113,748
Yodogawa Steel Works, Ltd. (a)		4,800		89,295

				1,511,970

MULTILINE RETAIL — 0.8%
Izumi Co., Ltd.		5,700		230,113
Matsuya Co., Ltd. (a)		5,308		76,496
Parco Co., Ltd.		9,225		73,791
Seria Co., Ltd.		2,200		108,379

				488,779

OIL, GAS & CONSUMABLE FUELS — 0.7%
Cosmo Oil Co., Ltd. (b)		80,000		109,548
Itochu Enex Co., Ltd.		9,104		68,946
Japan Petroleum Exploration Co., Ltd. (a)		4,500		118,169
Nippon Gas Co., Ltd. (a)		3,700		105,039
San-Ai Oil Co., Ltd.		4,000		27,287

				428,989

See accompanying notes to financial statements.

401

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

PAPER & FOREST PRODUCTS — 0.3%
Daio Paper Corp. (a)		11,940	$	97,901
Hokuetsu Kishu Paper Co., Ltd. (a)		9,100		49,313
Mitsubishi Paper Mills, Ltd. (a)(b)		19,000		12,374
Tokushu Tokai Paper Co., Ltd.		8,000		21,442
Wood One Co., Ltd.		10,000		20,039

				201,069

PERSONAL PRODUCTS — 1.9%
Aderans Co., Ltd.		4,604		36,558
Dr Ci:Labo Co., Ltd. (a)		6,000		112,771
Euglena Co., Ltd. (a)(b)		7,300		107,155
Fancl Corp. (a)		6,900		98,633
Kose Corp.		4,000		362,376
Mandom Corp.		3,145		102,413
Milbon Co., Ltd.		2,700		89,162
Pola Orbis Holdings, Inc.		3,600		222,436

				1,131,504

PHARMACEUTICALS — 2.2%
ASKA Pharmaceutical Co., Ltd.		2,100		22,725
JCR Pharmaceuticals Co., Ltd.		1,200		22,865
Kissei Pharmaceutical Co., Ltd.		2,400		54,507
KYORIN Holdings, Inc.		9,700		147,891
Mochida Pharmaceutical Co., Ltd.		2,400		138,471
Nichi-iko Pharmaceutical Co., Ltd. (a)		5,965		156,141
Nippon Shinyaku Co., Ltd. (a)		7,000		251,618
Rohto Pharmaceutical Co., Ltd. (a)		13,700		209,678
Seikagaku Corp.		5,600		68,407
Sosei Group Corp. (a)		1,800		55,834
Torii Pharmaceutical Co., Ltd.		2,200		51,508
Towa Pharmaceutical Co., Ltd. (a)		1,400		89,425
ZERIA Pharmaceutical Co., Ltd. (a)		5,200		63,999

				1,333,069

PROFESSIONAL SERVICES — 1.4%
Benefit One, Inc.		1,200		20,220
en-japan, Inc.		1,100		29,299
Meitec Corp.		4,844		168,255
Nihon M&A Center, Inc. (a)		4,100		178,015
Nomura Co., Ltd.		7,300		103,010
Pasona Group, Inc.		4,400		37,069
Tanseisha Co., Ltd.		2,300		15,076
Temp Holdings Co., Ltd.		6,200		281,618
Yumeshin Holdings Co., Ltd. (a)		1,500		8,842

				841,404

REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.7%
Daibiru Corp.		10,026		77,686
Daikyo, Inc. (a)		35,352		59,626
Goldcrest Co., Ltd. (a)		3,409		63,105
Heiwa Real Estate Co., Ltd.		7,600		81,099
K.K. daVinci Holdings (b)(d)		262		0
Kabuki-Za Co., Ltd		1,000		41,122
Kenedix, Inc. (a)		32,700		108,122
NTT Urban Development Corp.		15,400		141,058
Open House Co., Ltd.		4,800		73,825
Raysum Co., Ltd.		1,100		9,727
Relo Holdings, Inc.		1,800		175,243
Shinoken Group Co., Ltd.		1,100		16,440
Sumitomo Real Estate Sales Co., Ltd.		1,100		28,013
Sun Frontier Fudousan Co., Ltd. (a)		1,600		12,037
Takara Leben Co., Ltd. (a)		14,800		72,168
TOC Co., Ltd.		10,000		69,803

				1,029,074

ROAD & RAIL — 1.6%
Fukuyama Transporting Co., Ltd. (a)		11,000		59,241
Hamakyorex Co., Ltd.		4,800		86,209
Hitachi Transport System, Ltd.		7,400		121,413
Kobe Electric Railway Co., Ltd. (a)(b)		24,500		71,189
Nippon Konpo Unyu Soko Co., Ltd.		6,900		121,390
Nishi-Nippon Railroad Co., Ltd. (a)		28,000		136,768
Sankyu, Inc.		35,830		172,621
Seino Holdings Co., Ltd.		19,000		197,194
Trancom Co., Ltd.		700		37,173

				1,003,198

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3%
Ferrotec Corp.		2,800		24,127
Lasertec Corp. (a)		4,900		49,710
Megachips Corp.		4,400		42,139
Micronics Japan Co., Ltd. (a)		4,400		39,788
Renesas Electronics Corp. (a)(b)		3,200		16,860
Sanken Electric Co., Ltd. (a)		17,000		57,062
SCREEN Holdings Co., Ltd. (a)		29,000		140,926
Shindengen Electric Manufacturing Co., Ltd.		7,000		22,444
Shinko Electric Industries Co., Ltd. (a)		11,200		62,749
Sumco Corp.		15,500		137,962
Tokyo Seimitsu Co., Ltd.		6,600		121,844
Ulvac, Inc.		4,902		79,404
UT Group Co., Ltd. (b)		2,200		11,830

				806,845

SOFTWARE — 2.0%
Advanced Media, Inc. (a)(b)		1,200		7,725
Broadleaf Co., Ltd.		2,900		29,372
Capcom Co., Ltd.		6,800		133,598
COLOPL, Inc. (a)		5,800		92,788
Fuji Soft, Inc. (a)		3,574		62,369
Justsystems Corp.		2,800		20,620
KLab, Inc. (a)(b)		4,600		44,247
Koei Tecmo Holdings Co., Ltd.		9,600		122,079
Marvelous, Inc. (a)		2,300		17,553
Nexon Co., Ltd.		20,400		269,979
NSD Co., Ltd.		9,200		112,614
OBIC Business Consultants Co., Ltd.		1,800		85,217
Square Enix Holdings Co., Ltd.		8,300		205,204

				1,203,365

SPECIALTY RETAIL — 4.5%
Adastria Co., Ltd.		2,350		140,296
AOKI Holdings, Inc.		6,100		74,006
Aoyama Trading Co., Ltd.		5,500		193,337
Arcland Sakamoto Co., Ltd.		2,700		57,938
AT-Group Co., Ltd.		1,000		20,874
Autobacs Seven Co., Ltd. (a)		10,688		176,966
Bic Camera, Inc. (a)		10,800		93,693
Carchs Holdings Co., Ltd.		4,800		27,774
Chiyoda Co., Ltd. (a)		3,213		102,884

See accompanying notes to financial statements.

402

SPDR Russell/Nomura Small Cap Japan ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

DCM Holdings Co., Ltd.		14,600	$	106,545
EDION Corp. (a)		11,150		76,341
Geo Holdings Corp. (a)		8,000		127,516
Gulliver International Co., Ltd. (a)		9,600		87,531
Hikari Tsushin, Inc.		2,600		181,272
Honeys Co., Ltd.		3,000		25,224
Jin Co., Ltd. (a)		1,200		56,110
K’s Holdings Corp. (a)		5,900		184,737
Kohnan Shoji Co., Ltd. (a)		8,700		109,545
Komeri Co., Ltd. (a)		5,230		112,971
Kyoto Kimono Yuzen Co., Ltd.		3,000		25,049
Laox Co., Ltd. (b)		7,000		20,749
Nishimatsuya Chain Co., Ltd.		8,766		81,025
Pal Co., Ltd.		2,100		60,669
Sanrio Co., Ltd. (a)		6,700		182,094
Shimachu Co., Ltd. (a)		8,200		179,248
United Arrows, Ltd. (a)		3,029		124,939
VT Holdings Co., Ltd.		4,300		25,851
Xebio Co., Ltd. (a)		4,561		81,726
Yellow Hat, Ltd.		1,000		21,642

				2,758,552

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.9%
Eizo Corp. (a)		3,800		88,206
Hitachi Maxell, Ltd.		6,300		90,740
Japan Digital Laboratory Co., Ltd.		4,700		64,634
Melco Holdings, Inc. (a)		2,200		35,894
Riso Kagaku Corp.		6,700		113,564
Roland DG Corp.		1,000		21,359
Toshiba TEC Corp.		21,000		66,630
Wacom Co., Ltd. (a)		20,900		76,784

				557,811

TEXTILES, APPAREL & LUXURY GOODS — 1.8%
Atsugi Co., Ltd.		59,470		53,628
Descente, Ltd.		5,000		70,430
Fujibo Holdings, Inc.		8,000		14,896
Gunze, Ltd.		35,348		106,547
Japan Vilene Co., Ltd.		1,000		9,944
Japan Wool Textile Co., Ltd. (a)		12,170		102,225
Kurabo Industries, Ltd.		29,000		51,334
Onward Holdings Co., Ltd. (a)		19,000		112,003
Sanyo Shokai, Ltd. (a)		17,516		52,651
Seiko Holdings Corp.		14,649		84,764
Seiren Co., Ltd.		9,400		103,838
TSI Holdings Co., Ltd. (a)		13,500		97,278
Unitika, Ltd. (b)		87,084		41,446
Wacoal Holdings Corp. (a)		11,000		131,157
Yondoshi Holdings, Inc. (a)		3,300		80,182

				1,112,323

TRADING COMPANIES & DISTRIBUTORS — 2.5%
Hanwa Co., Ltd.		28,032		102,518
Inaba Denki Sangyo Co., Ltd. (a)		3,863		116,117
Inabata & Co., Ltd.		9,475		98,417
Iwatani Corp. (a)		26,422		149,577
Kanamoto Co., Ltd. (a)		3,000		53,705
Kanematsu Corp.		61,000		85,058
Kuroda Electric Co., Ltd.		7,000		129,403
Mitani Corp.		1,200		28,366
MonotaRO Co., Ltd.		8,600		195,819
Nagase & Co., Ltd.		10,700		123,828
Nichiden Corp.		3,400		74,010
Nippon Steel & Sumikin Bussan Corp. (a)		12,000		35,369
Nishio Rent All Co., Ltd.		1,800		35,199
Okaya & Co., Ltd.		700		49,681
Trusco Nakayama Corp.		2,900		102,062
Wakita & Co., Ltd.		7,200		64,867
Yamazen Corp.		10,600		87,179

				1,531,175

TRANSPORTATION INFRASTRUCTURE — 0.2%
Sumitomo Warehouse Co., Ltd.		25,563		122,943

WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Japan Communications, Inc. (a)(b)		16,800		43,766
Okinawa Cellular Telephone Co.		1,000		26,218
WirelessGate, Inc. (a)		1,000		16,799

				86,783

TOTAL COMMON STOCKS —
(Cost $66,435,378)				60,278,068

SHORT TERM INVESTMENTS — 24.2%
UNITED STATES — 24.2%
MONEY MARKET FUNDS — 24.2%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		14,662,395		14,662,395
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g)		85,999		85,999

TOTAL SHORT TERM INVESTMENTS —
(Cost $14,748,394)				14,748,394

TOTAL INVESTMENTS — 123.1%
(Cost $81,183,772)				75,026,462
OTHER ASSETS & LIABILITIES — (23.1)%				(14,098,867	)

NET ASSETS — 100.0%			$	60,927,595


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Amount shown represents less than 0.05% of net assets.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (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.

See accompanying notes to financial statements.

403

SPDR S&P Global Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 5.0%
APA Group		141,233	$	847,997
Challenger, Ltd.		126,645		635,006
Coca-Cola Amatil, Ltd.		153,923		973,913
Sonic Healthcare, Ltd.		45,262		580,081
South32, Ltd. (a)		49,368		47,298
Woolworths, Ltd. (b)		33,059		576,678

				3,660,973

BRAZIL — 0.6%
Natura Cosmeticos SA		94,393		462,252

CANADA — 15.5%
Bank of Montreal		9,573		519,671
Bank of Nova Scotia		12,069		529,589
Canadian Imperial Bank of Commerce (b)		8,419		602,084
Cominar Real Estate Investment Trust		76,240		917,246
Emera, Inc.		22,834		753,980
Enbridge Income Fund Holdings, Inc. (b)		21,572		503,942
Fortis, Inc.		19,924		567,240
Great-West Lifeco, Inc.		21,756		518,788
IGM Financial, Inc. (b)		20,949		529,077
Labrador Iron Ore Royalty Corp. (b)		67,768		722,818
National Bank of Canada (b)		17,019		540,769
Power Corp. of Canada		23,156		477,904
Power Financial Corp. (b)		21,124		482,132
RioCan REIT		34,778		660,696
Rogers Communications, Inc. (Class B)		20,383		699,046
Royal Bank of Canada (b)		9,182		505,363
Shaw Communications, Inc. (Class B) (b)		27,045		521,252
TELUS Corp.		20,676		648,486
Vermilion Energy, Inc. (b)		19,196		615,240

				11,315,323

CHINA — 1.9%
Jiangsu Expressway Co., Ltd. (Class H)		622,000		792,142
Sino Land Co., Ltd.		378,887		573,949

				1,366,091

FINLAND — 2.0%
Fortum Oyj		51,952		767,226
Konecranes Oyj (b)		28,911		721,600

				1,488,826

FRANCE — 6.1%
Klepierre		14,431		652,237
Neopost SA (b)		29,941		778,056
Sanofi		7,469		707,751
Total SA (b)		20,753		931,254
Unibail-Rodamco SE		2,349		606,485
Vinci SA		12,797		810,082

				4,485,865

GERMANY — 3.4%
Bilfinger SE (b)		21,428		791,719
Deutsche Euroshop AG		11,998		538,523
Muenchener Rueckversicherungs- Gesellschaft AG		3,334		620,573
Siemens AG		5,744		512,554

				2,463,369

HONG KONG — 0.9%
CLP Holdings, Ltd.		80,000		682,834

ITALY — 3.3%
Atlantia SpA		29,259		816,182
Hera SpA		359,997		933,088
Tod’s SpA		7,420		648,525

				2,397,795

JAPAN — 3.2%
Canon, Inc. (b)		24,900		718,111
TonenGeneral Sekiyu K.K. (b)		80,000		772,847
UNY Group Holdings Co., Ltd. (b)		134,100		842,009

				2,332,967

MALAYSIA — 0.4%
AMMB Holdings Bhd		308,000		319,509

NORWAY — 2.5%
Orkla ASA		129,706		959,490
Statoil ASA		57,928		842,774

				1,802,264

PORTUGAL — 1.3%
EDP — Energias de Portugal SA		264,723		966,570

SINGAPORE — 0.9%
Singapore Telecommunications, Ltd.		273,100		691,441

SOUTH AFRICA — 3.4%
Foschini Group, Ltd.		54,871		556,885
MTN Group, Ltd.		49,761		640,591
Standard Bank Group, Ltd.		45,785		447,022
Truworths International, Ltd. (b)		133,742		822,358

				2,466,856

SOUTH KOREA — 1.4%
KT&G Corp.		10,822		1,018,015

SPAIN — 2.0%
Abertis Infraestructuras SA		39,271		619,406
Enagas SA		29,202		835,128

				1,454,534

SWEDEN — 2.1%
Skanska AB (Class B)		32,561		636,308
TeliaSonera AB		171,662		921,857

				1,558,165

SWITZERLAND — 3.0%
Baloise Holding AG		4,271		488,252
PSP Swiss Property AG (a)		5,627		461,286
Swiss Prime Site AG (a)		8,662		631,189
Syngenta AG		1,955		624,455

				2,205,182

TAIWAN — 0.7%
Simplo Technology Co., Ltd.		168,000		540,824

THAILAND — 1.0%
Advanced Info Service PCL NVDR		118,000		734,757

See accompanying notes to financial statements.

404

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

September 30, 2015


Security Description	Shares		Value

UNITED KINGDOM — 15.0%
Aberdeen Asset Management PLC		99,752	$	448,009
Amec Foster Wheeler PLC		74,471		808,247
Amlin PLC		112,471		1,118,449
BAE Systems PLC		104,788		710,623
BHP Billiton PLC		49,336		751,054
British American Tobacco PLC		13,569		748,769
Carillion PLC (b)		188,052		859,398
Centrica PLC		278,740		967,731
GlaxoSmithKline PLC		47,659		913,944
Sky PLC		47,905		757,569
Tate & Lyle PLC		87,190		776,578
United Business Media PLC		135,009		993,076
William Morrison Supermarkets PLC (b)		446,174		1,122,574

				10,976,021

UNITED STATES — 23.8%
AT&T, Inc. (b)		30,666		999,098
CME Group, Inc.		7,895		732,182
Consolidated Edison, Inc. (b)		10,188		681,068
Darden Restaurants, Inc.		11,759		805,962
Entergy Corp. (b)		7,922		515,722
HollyFrontier Corp.		51,049		2,493,233
Mattel, Inc. (b)		32,721		689,104
National Health Investors, Inc. (b)		9,055		520,572
New York Community Bancorp, Inc. (b)		62,119		1,121,869
Northwest Natural Gas Co. (b)		13,650		625,716
Old Republic International Corp. (b)		54,366		850,284
People’s United Financial, Inc. (b)		47,552		747,993
Pepco Holdings, Inc.		27,338		662,127
PPL Corp. (b)		21,400		703,846
R.R. Donnelley & Sons Co. (b)		72,193		1,051,130
Southern Co. (b)		15,288		683,374
Talen Energy Corp. (a)(b)		2,674		27,008
UIL Holdings Corp. (b)		15,980		803,315
Universal Corp. (b)		22,465		1,113,590
Verizon Communications, Inc. (b)		18,104		787,705
Williams Cos., Inc.		22,211		818,475

				17,433,373

TOTAL COMMON STOCKS —
(Cost $81,968,146)				72,823,806

SHORT TERM INVESTMENTS — 15.0%
UNITED STATES — 15.0%
MONEY MARKET FUNDS — 15.0%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		10,950,786		10,950,786
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (d)(e)		47,526		47,526

TOTAL SHORT TERM INVESTMENTS —
(Cost $10,998,312)				10,998,312

TOTAL INVESTMENTS — 114.4%
(Cost $92,966,458)				83,822,118
OTHER ASSETS & LIABILITIES — (14.4)%				(10,572,618	)

NET ASSETS — 100.0%			$	73,249,500

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

405

SPDR S&P International Dividend ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 23.1%
APA Group		2,698,617	$	16,203,141
ASX, Ltd.		144,269		3,837,734
Australia & New Zealand Banking Group, Ltd.		234,926		4,467,572
Bank of Queensland, Ltd.		572,320		4,666,196
Bendigo & Adelaide Bank, Ltd. (a)		559,057		3,890,645
Commonwealth Bank of Australia		75,514		3,856,321
CSR, Ltd.		4,361,287		8,851,245
Dexus Property Group		1,748,520		8,779,474
DUET Group		7,387,196		11,205,344
Federation Centres		5,156,789		9,922,515
Fortescue Metals Group, Ltd. (a)		25,751,884		32,913,361
Genworth Mortgage Insurance Australia, Ltd. (a)		2,064,540		3,334,594
Insurance Australia Group, Ltd. (a)		1,663,546		5,654,211
IOOF Holdings, Ltd. (a)		860,307		5,165,489
National Australia Bank, Ltd.		239,787		5,048,346
Spark Infrastructure Group		5,633,494		7,397,948
Stockland		3,501,744		9,467,536
Suncorp Group, Ltd.		576,142		4,932,023
Tatts Group, Ltd.		3,950,258		10,430,500
Westpac Banking Corp.		232,551		4,850,277
Woodside Petroleum, Ltd.		1,321,578		26,849,307
Woolworths, Ltd. (a)		1,365,296		23,816,078
WorleyParsons, Ltd. (a)		2,412,138		10,011,092

				225,550,949

BELGIUM — 0.8%
bpost SA		340,579		8,071,034

BRAZIL — 0.6%
Companhia Energetica de Minas Gerais ADR		3,546,290		6,312,396

CANADA — 9.1%
ARC Resources, Ltd. (a)		1,126,688		14,824,179
Artis REIT		528,129		4,994,910
Cominar Real Estate Investment Trust		679,749		8,178,079
Crescent Point Energy Corp. (a)		2,062,385		23,489,684
Freehold Royalties, Ltd. (a)		552,570		4,459,467
Gibson Energy, Inc. (a)		568,223		7,090,602
Smart Real Estate Investment Trust		281,113		6,411,901
Whitecap Resources, Inc. (a)		2,408,111		18,931,521

				88,380,343

CHINA — 2.0%
Bank of China, Ltd. (Class H)		6,913,000		2,970,341
CIFI Holdings Group Co., Ltd.		19,602,691		3,490,521
Country Garden Holdings Co., Ltd. (a)		8,652,200		3,114,772
Greentown China Holdings, Ltd. (a)(b)		4,002,500		2,866,288
Industrial & Commercial Bank of China, Ltd. (Class H)		4,747,000		2,731,804
TCL Communication Technology Holdings, Ltd. (a)		5,646,457		4,058,137

				19,231,863

COLOMBIA — 0.5%
Ecopetrol SA ADR (a)		558,411		4,802,335

CZECH REPUBLIC — 0.5%
Komercni Banka AS		20,871		4,517,996

DENMARK — 1.2%
TDC A/S		2,273,713		11,693,041

FINLAND — 5.3%
Elisa Oyj (a)		509,387		17,183,183
Fortum Oyj		1,630,621		24,080,982
Orion Oyj (Class B)		286,896		10,824,367

				52,088,532

FRANCE — 4.2%
CNP Assurances		223,784		3,100,003
EDF SA		1,060,572		18,663,601
Fonciere Des Regions		119,416		10,378,587
ICADE		124,160		8,397,383

				40,539,574

GERMANY — 4.1%
Drillisch AG (a)		393,374		20,861,810
Freenet AG		566,713		18,683,639

				39,545,449

HONG KONG — 3.3%
Agile Property Holdings, Ltd. (a)		8,080,000		4,201,573
Evergrande Real Estate Group, Ltd. (a)		11,704,000		6,644,809
SJM Holdings, Ltd. (a)		17,627,000		12,463,914
Yue Yuen Industrial Holdings, Ltd.		2,317,000		8,565,371

				31,875,667

INDONESIA — 0.0% (c)
Matahari Putra Prima Tbk PT		873,151		114,433

ITALY — 5.1%
Snam SpA		4,649,611		23,843,440
Terna Rete Elettrica Nazionale SpA		4,246,613		20,601,257
UnipolSai SpA		2,246,459		4,877,300

				49,321,997

NETHERLANDS — 0.7%
BE Semiconductor Industries NV (a)		312,857		4,836,787
Delta Lloyd NV		294,881		2,469,693

				7,306,480

NEW ZEALAND — 1.4%
Spark New Zealand, Ltd.		6,934,849		13,219,942

NORWAY — 0.3%
Gjensidige Forsikring ASA		206,690		2,776,867

PORTUGAL — 2.0%
EDP — Energias de Portugal SA		5,364,578		19,587,428

SINGAPORE — 1.1%
Keppel REIT (a)		7,324,000		4,919,066
StarHub, Ltd.		2,473,300		6,018,439

				10,937,505

SOUTH AFRICA — 4.7%
Barclays Africa Group, Ltd.		275,767		3,394,485
Coronation Fund Managers, Ltd.		832,016		3,928,714

See accompanying notes to financial statements.

406

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

September 30, 2015


Security Description	Shares		Value

Growthpoint Properties, Ltd. REIT		5,115,220	$	9,489,072
Kumba Iron Ore, Ltd. (a)		1,304,478		7,405,910
MMI Holdings, Ltd. (a)		1,602,469		2,757,123
MTN Group, Ltd.		259,620		3,342,183
Redefine Properties, Ltd.		13,703,842		11,595,787
Vodacom Group, Ltd.		419,563		4,172,265

				46,085,539

SPAIN — 2.5%
Bolsas y Mercados Espanoles SHMSF SA (a)		90,585		3,054,698
Enagas SA		729,436		20,860,640

				23,915,338

SWEDEN — 4.2%
NCC AB (Class B)		391,484		11,781,325
Ratos AB (Class B)		678,300		4,080,128
Swedbank AB (Class A)		180,868		3,987,396
TeliaSonera AB		3,958,896		21,259,999

				41,108,848

SWITZERLAND — 1.1%
Cembra Money Bank AG (b)		62,555		3,687,614
Swiss Re AG		41,554		3,555,332
Zurich Insurance Group AG (b)		14,001		3,427,530

				10,670,476

THAILAND — 1.6%
Advanced Info Service PCL		22,800		141,970
Advanced Info Service PCL NVDR		550,500		3,427,827
BTS Group Holdings PCL NVDR		16,899,997		4,539,881
Intouch Holdings PCL NVDR		1,992,508		3,993,800
Krung Thai Bank PCL		60,800		28,645
Krung Thai Bank PCL NVDR		8,181,200		3,854,485

				15,986,608

TURKEY — 2.4%
Eregli Demir ve Celik Fabrikalari TAS		5,038,931		6,207,650
Tofas Turk Otomobil Fabrikasi AS		632,457		3,749,518
Turk Telekomunikasyon AS		2,415,306		4,762,407
Turkcell Iletisim Hizmetleri AS		2,557,454		8,911,284

				23,630,859

UNITED KINGDOM — 17.5%
Admiral Group PLC		219,896		5,002,973
Amlin PLC		572,805		5,696,164
Berkeley Group Holdings PLC		578,660		29,275,940
Carillion PLC (a)		1,877,468		8,580,029
National Grid PLC		2,189,222		30,471,861
Phoenix Group Holdings		355,482		4,401,962
Rio Tinto PLC		568,423		19,028,513
Royal Dutch Shell PLC (Class A)		947,416		22,301,427
SSE PLC		1,000,054		22,661,882
Vodafone Group PLC		7,332,166		23,151,286

				170,572,037

TOTAL COMMON STOCKS —
(Cost $1,178,918,880)				967,843,536

SHORT TERM INVESTMENTS — 15.9%
UNITED STATES — 15.9%
MONEY MARKET FUNDS — 15.9%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		153,680,936		153,680,936
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f)		1,284,078		1,284,078

TOTAL SHORT TERM INVESTMENTS —
(Cost $154,965,014)				154,965,014

TOTAL INVESTMENTS — 115.2%
(Cost $1,333,883,894)				1,122,808,550
OTHER ASSETS & LIABILITIES — (15.2)%				(148,392,931	)

NET ASSETS — 100.0%			$	974,415,619


(a)		All or a portion of the security was on loan at September 30, 2015.
(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.

ADR = American Depositary Receipt

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

407

SPDR S&P International Mid Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 5.3%
Adelaide Brighton, Ltd.		8,385	$	25,614
Alumina, Ltd. (a)		62,488		49,368
Ansell, Ltd.		4,391		57,817
Aristocrat Leisure, Ltd.		14,974		90,538
AusNet Services		43,266		41,474
Bank of Queensland, Ltd.		11,623		94,764
Bendigo & Adelaide Bank, Ltd. (a)		13,194		91,821
BGP Holdings PLC (b)(c)		31,422		0
Boral, Ltd.		22,866		84,624
Challenger, Ltd.		13,026		65,313
Coca-Cola Amatil, Ltd.		12,271		77,642
Cochlear, Ltd.		1,800		105,510
Computershare, Ltd.		13,453		100,048
Domino’s Pizza Enterprises, Ltd.		1,653		46,711
DUET Group		52,991		80,380
Echo Entertainment Group, Ltd.		26,932		91,539
Flight Centre Travel Group, Ltd. (a)		1,657		42,007
Fortescue Metals Group, Ltd. (a)		45,933		58,707
Harvey Norman Holdings, Ltd. (a)		24,962		68,015
Healthscope, Ltd.		32,849		58,824
Iluka Resources, Ltd.		12,254		53,439
Incitec Pivot, Ltd.		45,458		124,499
Medibank Pvt, Ltd.		72,002		122,364
Mirvac Group		87,829		106,086
Orica, Ltd.		9,739		102,862
Platinum Asset Management, Ltd. (a)		4,120		19,587
REA Group, Ltd. (a)		1,151		35,823
Reece Australia, Ltd.		1,274		31,313
Santos, Ltd.		27,099		75,741
Seek, Ltd.		9,173		77,301
Spark Infrastructure Group (a)		33,204		43,604
Tabcorp Holdings, Ltd.		23,448		76,898
Tatts Group, Ltd.		51,095		134,914
Treasury Wine Estates, Ltd.		19,799		91,209
Washington H Soul Pattinson & Co., Ltd.		3,232		34,522

				2,460,878

AUSTRIA — 1.0%
ams AG		2,039		75,750
BUWOG AG (b)		1,646		34,909
IMMOFINANZ AG (b)		33,604		77,271
Mayr Melnhof Karton AG		203		23,408
Oesterreichische Post AG		859		29,418
Raiffeisen Bank International AG (b)		2,439		31,881
Telekom Austria AG		3,001		16,900
UNIQA Insurance Group AG		3,839		33,211
Verbund AG (a)		3,016		39,962
Vienna Insurance Group AG Wiener Versicherung Gruppe		1,219		35,855
Wienerberger AG		2,768		48,587

				447,152

BELGIUM — 1.4%
Ackermans & van haaren NV		678		99,143
bpost SA		1,915		45,382
Cie d’Entreprises CFE		55		6,953
Cofinimmo SA		1,429		150,500
Elia System Operator SA/NV		712		34,572
Euronav NV		2,723		37,979
Financiere de Tubize SA		433		27,932
Galapagos NV (b)		844		34,429
KBC Ancora		133		5,110
Ontex Group NV		858		26,290
S.A. D’Ieteren NV		457		17,602
Sofina SA		530		58,883
Umicore SA		2,172		83,512

				628,287

BERMUDA — 0.4%
Hiscox, Ltd.		11,719		167,218

CANADA — 7.5%
Air Canada (b)		8,743		69,973
Allied Properties REIT		3,680		95,877
AltaGas, Ltd. (a)		2,800		68,669
Amaya, Inc. (a)(b)		3,607		65,457
Atco, Ltd. (Class I)		3,177		92,891
BlackBerry, Ltd. (b)		11,322		69,163
CAE, Inc.		6,975		73,563
Canadian Apartment Properties REIT		1,648		34,885
Canadian Oil Sands, Ltd.		12,600		59,302
Canadian REIT		1,009		30,834
Canfor Corp. (b)		2,235		26,523
CCL Industries, Inc. (Class B)		824		115,134
Cineplex, Inc. (a)		1,769		62,582
Cominar Real Estate Investment Trust		1,882		22,642
Concordia Healthcare Corp.		487		20,683
DH Corp.		4,253		124,256
E-L Financial Corp., Ltd.		88		44,961
Eldorado Gold Corp.		19,100		60,974
Element Financial Corp. (b)		10,339		140,506
Emera, Inc.		3,561		117,585
Empire Co., Ltd. (Class A)		4,200		85,992
Finning International, Inc.		4,000		58,417
First Capital Realty, Inc.		2,587		36,083
First Quantum Minerals, Ltd.		18,800		68,570
Genworth MI Canada, Inc. (a)		710		15,225
H&R Real Estate Investment Trust		730		11,200
Hudson’s Bay Co.		3,406		57,364
IMAX Corp. (a)(b)		1,763		59,572
Industrial Alliance Insurance & Financial Services, Inc.		2,785		82,717
Kinross Gold Corp. (b)		37,114		64,224
Linamar Corp.		1,533		79,983
Lundin Mining Corp. (b)		18,102		50,902
MacDonald, Dettwiler & Associates, Ltd.		944		51,104
Maple Leaf Foods, Inc.		2,798		45,976
Methanex Corp.		2,200		72,562
Northland Power, Inc.		1,000		12,971
Peyto Exploration & Development Corp. (a)		3,800		78,653
PrairieSky Royalty, Ltd. (a)		3,776		71,425
Progressive Waste Solutions, Ltd. (a)		4,810		126,609
Ritchie Bros Auctioneers, Inc. (a)		2,661		68,475
Seven Generations Energy, Ltd. (Class A) (b)		5,432		51,091
Silver Wheaton Corp.		10,600		126,817
Smart Real Estate Investment Trust		1,578		35,993

See accompanying notes to financial statements.

408

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

September 30, 2015


Security Description	Shares		Value

SNC-Lavalin Group, Inc.		3,700	$	104,815
Stantec, Inc. (a)		2,596		56,501
Stella-Jones, Inc.		800		25,676
Teck Resources, Ltd. (Class B)		12,400		58,916
Veresen, Inc. (a)		9,139		69,529
Vermilion Energy, Inc. (a)		2,700		86,536
West Fraser Timber Co., Ltd.		1,990		62,934
Westjet Airlines, Ltd.		3,137		55,688
Whitecap Resources, Inc. (a)		9,096		71,509
WSP Global, Inc. (a)		1,705		57,278

				3,457,767

CHINA — 0.1%
Dah Sing Banking Group, Ltd. (a)		3,200		5,871
Kerry Properties, Ltd.		14,000		38,297

				44,168

DENMARK — 0.7%
Dfds A/S		810		25,755
GN Store Nord A/S		5,505		98,762
Sydbank A/S		2,431		92,355
Topdanmark A/S (b)		2,314		65,647
William Demant Holding A/S (b)		702		58,296

				340,815

FINLAND — 0.9%
Amer Sports Oyj		3,079		78,156
Cargotec Oyj		1,085		29,600
Citycon Oyj (b)		2,262		5,555
Huhtamaki Oyj		2,217		67,585
Kesko Oyj (Class B)		2,060		72,801
Metso Oyj		3,033		62,938
Nokian Renkaat Oyj		3,748		120,951

				437,586

FRANCE — 3.7%
Air France-KLM (a)(b)		3,470		24,131
Areva SA (b)		969		7,496
bioMerieux		426		45,997
Criteo SA ADR (b)		1,348		50,604
Edenred		4,871		79,357
Elior (e)		1,415		27,009
Eurazeo SA		889		59,045
Faurecia		1,437		44,544
Havas SA		7,647		62,227
Korian SA		3,036		114,139
Lagardere SCA		3,922		108,310
Mercialys SA REIT		2,901		62,628
Metropole Television SA		2,038		38,901
Nexity		1,018		43,766
Norbert Dentressangle SA		33		7,480
Orpea		1,274		101,069
Plastic Omnium SA		1,831		41,797
Remy Cointreau SA (a)		1,437		94,110
Rexel SA		6,365		78,012
Rothschild & Co.		581		16,862
Rubis SCA		1,331		98,741
Sa des Ciments Vicat		523		32,617
Sartorius Stedim Biotech		141		41,866
Schneider Electric SE		563		31,429
SEB SA		874		80,399
Societe Television Francaise 1		3,414		47,826
Somfy SA		19		5,472
Sopra Steria Group		288		31,884
SPIE SA (b)		588		9,757
Technicolor SA		7,921		54,492
Teleperformance		1,811		136,959
Worldline SA (b)(e)		533		13,625

				1,692,551

GERMANY — 4.0%
Aareal Bank AG		1,643		58,248
Aurubis AG		794		50,431
Carl Zeiss Meditec AG (a)		797		22,237
CTS Eventim AG & Co. KGaA		1,575		58,228
Deutsche Euroshop AG		848		38,062
DMG Mori AG		1,155		44,203
Drillisch AG		1,851		98,164
Duerr AG		768		53,829
Freenet AG		4,164		137,280
Gerresheimer AG		1,153		83,966
GRENKELEASING AG		155		24,499
Hella KGaA Hueck & Co.		542		19,521
KION Group AG (b)		1,129		49,994
Krones AG		399		41,911
KUKA AG (a)		826		63,149
KWS Saat SE		64		21,296
Lanxess AG		2,011		93,865
LEG Immobilien AG (b)		1,557		128,282
Leoni AG		1,193		63,402
MTU Aero Engines AG		1,546		129,067
Nordex SE (b)		1,451		39,569
Puma AG Rudolf Dassler Sport (a)		71		14,662
Rational AG		73		29,127
Rheinmetall AG		1,022		62,493
Rocket Internet SE (b)(e)		1,132		36,335
Sartorius AG		257		61,004
Software AG		1,652		48,111
Stada Arzneimittel AG		2,006		71,654
Stroeer SE		457		26,848
Suedzucker AG (a)		1,362		24,690
Wacker Chemie AG		157		11,901
Wirecard AG		3,485		166,128

				1,872,156

HONG KONG — 2.1%
ASM Pacific Technology, Ltd. (a)		6,100		39,787
Brightoil Petroleum Holdings, Ltd. (b)		75,000		26,322
Champion REIT		93,000		46,320
China Traditional Chinese Medicine Co., Ltd. (b)		28,000		21,063
Chinese Estates Holdings, Ltd.		12,000		28,180
First Pacific Co., Ltd.		72,500		44,248
Genting Hong Kong, Ltd.		52,999		17,225
Goldin Properties Holdings, Ltd. (a)(b)		36,000		32,423
Great Eagle Holdings, Ltd.		4,069		12,102
Guoco Group, Ltd.		1,000		11,484
Haitong International Securities Group, Ltd.		48,000		23,721
Hopewell Holdings		31,500		106,896

See accompanying notes to financial statements.

409

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

September 30, 2015


Security Description	Shares		Value

Hutchison Telecommunications Hong Kong Holdings, Ltd. (a)		20,000	$	8,026
Hysan Development Co., Ltd.		14,000		58,167
Johnson Electric Holdings, Ltd. (a)		10,000		32,968
Kerry Logistics Network, Ltd. (a)		12,000		17,032
Kingston Financial Group, Ltd. (a)(b)		96,000		33,321
Lifestyle International Holdings, Ltd.		8,000		11,437
Melco International Development, Ltd. (a)		33,000		40,324
Noble Group, Ltd.		144,000		42,028
Nord Anglia Education, Inc. (a)(b)		1,028		20,899
NWS Holdings, Ltd.		35,000		45,974
Orient Overseas International, Ltd.		5,000		23,419
Pacific Textiles Holdings, Ltd.		11,000		14,932
PCCW, Ltd.		139,807		71,617
Shangri-La Asia, Ltd.		66,000		57,058
Stella International Holdings, Ltd.		17,500		42,813
VTech Holdings, Ltd. (a)		3,300		39,110

				968,896

IRELAND — 1.1%
Avolon Holdings, Ltd. (a)(b)		545		16,590
Grafton Group PLC		10,622		107,399
ICON PLC (a)(b)		1,742		123,630
King Digital Entertainment PLC (a)		2,765		37,438
Kingspan Group PLC		3,249		78,137
Paddy Power PLC		1,348		155,285
Permanent TSB Group Holdings PLC (b)		1,812		9,607

				528,086

ISRAEL — 0.9%
Azrieli Group		714		28,524
Bezeq The Israeli Telecommunication Corp., Ltd.		57,347		109,583
Delek Group, Ltd.		124		27,088
Elbit Systems, Ltd.		443		32,721
Frutarom Industries, Ltd.		798		30,152
Israel Corp., Ltd.		75		17,962
Mizrahi Tefahot Bank, Ltd.		2,964		35,010
NICE Systems, Ltd.		2,055		112,099
Osem Investments, Ltd.		1,875		36,182
Tower Semiconductor, Ltd. (b)		1		13

				429,334

ITALY — 3.2%
A2A SpA		34,209		42,386
ACEA SpA		365		4,922
Anima Holding SpA (e)		5,400		47,077
Ansaldo STS SpA		3,535		37,407
Autogrill SpA (b)		2,998		27,241
Azimut Holding SpA		2,791		59,754
Banca Generali SpA		1,483		41,733
Banca Popolare dell’Emilia Romagna SC		12,307		101,247
Banca Popolare di Milano SCARL		173,375		170,887
Banca Popolare di Sondrio SCARL		13,655		62,402
Brembo SpA		388		14,985
Buzzi Unicem SpA (f)		36		600
Buzzi Unicem SpA (f)		3,478		34,941
Davide Campari-Milano SpA (a)		9,107		72,380
De’ Longhi SpA		1,404		34,400
DiaSorin SpA		619		27,030
ERG SpA		255		3,558
FinecoBank Banca Fineco SpA		13,714		90,931
Hera SpA		12,429		32,215
Infrastrutture Wireless Italiane SpA (b)(e)		2,728		13,338
Italcementi SpA		5,789		64,070
Moncler SpA		4,194		74,905
Prysmian SpA		6,417		132,157
Recordati SpA		3,922		90,317
Saipem SpA (a)(b)		6,462		51,683
Salvatore Ferragamo Italia SpA		355		9,443
Saras SpA (a)(b)		6,975		14,793
Tod’s SpA (a)		537		46,935
Unipol Gruppo Finanziario SpA		13,794		60,482
World Duty Free SpA (b)		2,624		29,964

				1,494,183

JAPAN — 31.1%
Activia Properties, Inc.		4		16,733
Advance Residence Investment Corp.		60		126,448
AEON Financial Service Co., Ltd. (a)		5,200		102,294
Aeon Mall Co., Ltd.		1,000		15,288
Air Water, Inc.		7,000		104,680
Alfresa Holdings Corp.		8,800		149,526
Amada Holdings Co., Ltd. (a)		11,100		84,155
Aozora Bank, Ltd.		5,000		17,284
Asahi Intecc Co., Ltd.		700		25,074
Bank of Kyoto, Ltd. (a)		11,000		111,226
Benesse Holdings, Inc. (a)		3,300		88,035
Brother Industries, Ltd.		4,300		51,486
Calbee, Inc. (a)		4,700		151,284
Canon Marketing Japan, Inc.		3,300		48,660
Chugoku Bank, Ltd.		6,400		94,532
Citizen Holdings Co., Ltd. (a)		9,700		66,737
Coca-Cola East Japan Co., Ltd.		1,000		16,107
Coca-Cola West Co., Ltd.		300		5,824
COLOPL, Inc.		200		3,200
COOKPAD, Inc.		700		14,688
Cosmos Pharmaceutical Corp.		100		11,748
Credit Saison Co., Ltd. (a)		3,900		70,501
CyberAgent, Inc. (a)		900		35,019
Daicel Corp.		11,200		136,721
Daiichikosho Co., Ltd.		400		14,144
DeNA Co., Ltd. (a)		2,100		38,909
DIC Corp.		28,000		62,422
Disco Corp. (a)		900		62,823
Dowa Holdings Co., Ltd. (a)		12,000		90,477
Ezaki Glico Co., Ltd.		1,100		50,699
FamilyMart Co., Ltd.		3,300		150,169
Fuji Electric Holdings Co., Ltd.		33,000		119,033
Fuji Television Network, Inc.		3,300		38,410
Fukuoka Financial Group, Inc.		33,000		156,231
GLP J-REIT		117		111,857
GungHo Online Entertainment, Inc. (a)		5,100		15,075
Gunma Bank, Ltd.		17,000		108,304
H2O Retailing Corp.		800		15,090
Hachijuni Bank, Ltd.		14,000		98,777
Hakuhodo DY Holdings, Inc.		6,600		62,327
Hamamatsu Photonics K.K. (a)		6,600		148,791

See accompanying notes to financial statements.

410

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

September 30, 2015


Security Description	Shares		Value

Haseko Corp.		8,300	$	93,558
Hikari Tsushin, Inc.		300		20,916
Hirose Electric Co., Ltd.		500		54,148
Hiroshima Bank, Ltd. (a)		33,000		189,571
HIS Co., Ltd.		300		9,757
Hisamitsu Pharmaceutical Co., Inc. (a)		4,400		146,587
Hitachi Capital Corp. (a)		3,300		80,072
Hitachi Construction Machinery Co., Ltd. (a)		3,300		44,004
Hitachi High-Technologies Corp.		300		6,455
Hokkaido Electric Power Co., Inc. (b)		3,100		30,000
Hokuhoku Financial Group, Inc.		33,000		75,222
Hokuriku Electric Power Co.		6,300		84,480
Hoshizaki Electric Co., Ltd.		2,300		160,356
Ibiden Co., Ltd. (a)		3,300		43,067
Idemitsu Kosan Co., Ltd. (a)		6,400		97,578
IHI Corp.		30,000		76,650
Ito En, Ltd.		400		8,346
Iyo Bank, Ltd. (a)		10,100		115,450
Izumi Co., Ltd.		300		12,111
J Front Retailing Co., Ltd.		12,700		205,083
Jafco Co., Ltd.		300		11,773
Japan Airport Terminal Co., Ltd. (a)		3,000		128,502
Japan Prime Realty Investment Corp.		33		107,047
Japan Retail Fund Investment Corp.		77		148,902
JGC Corp.		4,000		52,887
Joyo Bank, Ltd.		33,000		173,039
JSR Corp. (a)		6,200		88,937
JTEKT Corp.		4,500		62,522
Kakaku.com, Inc. (a)		4,000		64,593
Kaken Pharmaceutical Co., Ltd.		1,000		92,264
Kamigumi Co., Ltd.		8,000		65,194
Kaneka Corp.		11,000		80,641
Kansai Paint Co., Ltd.		8,000		108,346
Kawasaki Kisen Kaisha, Ltd. (a)		28,000		61,253
Keihan Electric Railway Co., Ltd. (a)		16,000		106,342
Keikyu Corp.		2,000		15,864
Keio Corp.		16,000		113,289
Keisei Electric Railway Co., Ltd.		10,000		109,297
Kewpie Corp. (a)		3,300		65,386
Kobayashi Pharmaceutical Co., Ltd.		300		22,519
Konami Corp.		4,300		92,739
Kuraray Co., Ltd. (a)		10,100		125,317
Kurita Water Industries, Ltd.		6,100		129,013
Laox Co., Ltd. (b)		5,000		14,821
Lion Corp. (a)		4,000		35,035
Mabuchi Motor Co., Ltd. (a)		1,600		69,069
Marui Group Co., Ltd. (a)		14,900		179,026
Matsumotokiyoshi Holdings Co., Ltd.		900		39,753
Medipal Holdings Corp.		13,100		206,839
Minebea Co., Ltd.		9,000		94,761
Miraca Holdings, Inc.		3,300		139,423
MISUMI Group, Inc. (a)		9,900		101,591
Mitsubishi Gas Chemical Co., Inc.		24,000		110,216
Mitsubishi Logistics Corp. (a)		2,000		23,079
Mitsubishi Materials Corp.		50,000		151,129
Mitsubishi UFJ Lease & Finance Co., Ltd.		17,200		75,254
Mitsui Chemicals, Inc. (a)		33,000		104,981
Mitsui OSK Lines, Ltd. (a)		33,000		78,804
Mixi, Inc. (a)		1,400		47,693
MonotaRO Co., Ltd.		1,400		31,877
Nabtesco Corp.		3,300		59,875
Nagoya Railroad Co., Ltd. (a)		33,000		129,228
Nankai Electric Railway Co., Ltd.		22,000		112,053
NH Foods, Ltd.		9,000		183,058
NHK Spring Co., Ltd.		7,100		68,472
Nifco, Inc.		300		10,207
Nippon Electric Glass Co., Ltd. (a)		12,000		57,713
Nippon Express Co., Ltd.		33,000		156,782
Nippon Prologis REIT, Inc. (a)		48		87,050
Nippon Shokubai Co., Ltd. (a)		1,600		108,212
Nippon Yusen K.K. (a)		37,000		85,267
Nishi-Nippon City Bank, Ltd.		23,000		62,798
Nissan Chemical Industries, Ltd. (a)		5,400		118,086
Nisshin Seifun Group, Inc.		7,700		111,419
Nisshinbo Holdings, Inc.		1,000		11,239
NOK Corp.		3,300		70,896
Nomura Real Estate Holdings, Inc.		3,300		66,019
NTN Corp.		25,000		102,284
NTT Urban Development Corp. (a)		3,300		30,227
Obic Co., Ltd.		3,300		150,169
OJI Paper Co., Ltd.		33,000		141,076
Orix JREIT, Inc.		70		94,627
Otsuka Corp.		900		43,736
Park24 Co., Ltd.		3,300		61,886
Pigeon Corp.		2,400		55,769
Pilot Corp.		700		28,786
Pola Orbis Holdings, Inc.		200		12,358
Resorttrust, Inc.		1,800		44,622
Rinnai Corp.		1,900		144,366
Sankyo Co., Ltd. (a)		3,300		117,104
Sanrio Co., Ltd. (a)		3,300		89,688
SBI Holdings, Inc.		6,600		73,900
SCSK Corp.		400		14,946
Seino Holdings Co., Ltd.		3,000		31,136
Seven Bank, Ltd. (a)		17,100		73,674
Sharp Corp. (a)(b)		38,000		43,468
Shikoku Electric Power Co., Inc. (a)		6,300		102,313
Shimadzu Corp.		10,000		143,197
Shimamura Co., Ltd.		300		32,213
Showa Shell Sekiyu K.K. (a)		6,000		47,142
Skylark Co., Ltd.		1,700		22,072
Sohgo Security Services Co., Ltd. (a)		1,800		81,760
Sojitz Corp. (a)		38,900		72,106
Sotetsu Holdings, Inc.		4,000		21,809
Square Enix Holdings Co., Ltd.		1,300		32,140
Stanley Electric Co., Ltd. (a)		7,000		138,814
Start Today Co., Ltd.		900		29,608
Sumco Corp.		3,500		31,153
Sumitomo Heavy Industries, Ltd.		33,000		129,779
Sumitomo Rubber Industries, Inc.		4,200		58,074
Sundrug Co., Ltd.		300		15,731
Suruga Bank, Ltd.		9,900		183,179
Suzuken Co., Ltd.		3,600		119,484
Taiheiyo Cement Corp.		33,000		98,643
Takashimaya Co., Ltd.		17,000		136,977
Teijin, Ltd.		28,000		84,632

See accompanying notes to financial statements.

411

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

September 30, 2015


Security Description	Shares		Value

Temp Holdings Co., Ltd.		900	$	40,880
THK Co., Ltd. (a)		3,700		58,513
Tobu Railway Co., Ltd.		7,000		29,984
Toho Co., Ltd.		8,000		181,890
Toho Gas Co., Ltd. (a)		14,000		82,294
Tokyo Tatemono Co., Ltd.		8,500		100,852
Tokyu Fudosan Holdings Corp.		5,600		37,079
Tosoh Corp. (a)		18,000		86,119
Toyo Seikan Group Holdings, Ltd. (a)		4,300		68,001
Toyo Suisan Kaisha, Ltd.		5,000		188,703
Toyo Tire & Rubber Co., Ltd.		1,900		40,898
Toyota Boshoku Corp. (a)		3,300		55,687
Trend Micro, Inc. (a)		3,300		116,140
Tsuruha Holdings, Inc.		1,000		85,918
United Urban Investment Corp.		101		134,762
Welcia Holdings Co., Ltd.		200		9,686
Yamada Denki Co., Ltd. (a)		29,500		118,724
Yamaguchi Financial Group, Inc. (a)		8,000		97,658
Yamaha Corp.		5,200		114,538
Yamazaki Baking Co., Ltd. (a)		5,000		76,650
Yaoko Co., Ltd.		100		4,509
Yaskawa Electric Corp. (a)		7,800		78,935
Yokogawa Electric Corp. (a)		5,700		59,349
Yokohama Rubber Co., Ltd.		4,000		70,171
Zenkoku Hosho Co., Ltd.		400		13,192
Zeon Corp.		2,000		15,714

				14,373,084

JERSEY — 0.2%
Beazley PLC		21,163		114,442

LUXEMBOURG — 0.6%
APERAM SA (a)(b)		1,084		29,125
B&M European Value Retail SA		12,553		61,874
Cosmo Pharmaceuticals SA (b)		74		11,277
Eurofins Scientific SE		252		77,272
Grand City Properties SA		1,431		27,434
L’Occitane International SA		10,500		21,867
Subsea 7 SA (a)(b)		6,513		48,866

				277,715

MALTA — 0.1%
Unibet Group PLC, SDR		665		55,502

NETHERLANDS — 1.5%
Aalberts Industries NV		2,584		76,321
Arcadis NV		3,330		78,078
ASM International NV		2,137		69,010
Cimpress NV (a)(b)		793		60,355
Delta Lloyd NV		5,336		44,690
Eurocommercial Properties NV		1,786		77,791
Euronext NV (e)		1,659		70,556
SBM Offshore NV (a)(b)		6,571		82,884
TNT Express NV		11,027		83,922
TomTom NV (b)		1,996		20,320
Wereldhave NV		302		17,381

				681,308

NEW ZEALAND — 1.1%
Auckland International Airport, Ltd.		21,423		66,877
Contact Energy, Ltd.		17,940		56,807
Fisher & Paykel Healthcare Corp., Ltd.		27,686		125,746
Fletcher Building, Ltd.		15,426		67,103
Meridian Energy, Ltd.		29,805		40,039
Mighty River Power, Ltd.		12,734		20,487
Ryman Healthcare, Ltd.		11,541		53,968
Spark New Zealand, Ltd.		45,066		85,910
Vector, Ltd.		1,415		2,851

				519,788

NORWAY — 0.3%
Golar LNG, Ltd.		2,337		65,155
Seadrill, Ltd. (a)(b)		9,374		54,563

				119,718

PORTUGAL — 0.5%
Banco Comercial Portugues SA (b)		968,609		47,033
NOS SGPS SA		12,304		101,236
Portucel SA		7,028		24,319
Sonae SGPS SA (a)		29,472		36,188

				208,776

SINGAPORE — 2.4%
Ascendas REIT		58,800		96,766
CapitaLand Commercial Trust, Ltd.		40,100		37,790
CapitaLand Mall Trust		60,000		80,175
ComfortDelGro Corp., Ltd.		75,600		152,593
Fraser and Neave, Ltd.		1,000		1,533
Golden Agri-Resources, Ltd. (a)		165,000		38,294
Hutchison Port Holdings Trust (a)		120,000		66,000
Keppel REIT (a)		20,200		13,567
Mapletree Commercial Trust		22,900		20,212
Olam International, Ltd.		10,000		14,206
SATS Ltd.		32,900		88,619
SembCorp Industries, Ltd. (a)		20,000		48,667
SembCorp Marine, Ltd.		16,000		25,768
SIA Engineering Co., Ltd. (a)		4,400		11,388
Singapore Post, Ltd. (a)		68,600		81,776
Singapore Press Holdings, Ltd.		35,000		94,522
StarHub, Ltd.		6,000		14,600
Suntec REIT (a)		64,000		67,515
UOL Group, Ltd. (a)		34,470		145,696

				1,099,687

SOUTH KOREA — 5.8%
BGF retail Co., Ltd.		245		41,753
BNK Financial Group, Inc.		7,167		82,838
CJ CGV Co., Ltd.		310		27,461
CJ CheilJedang Corp.		199		63,882
CJ E&M Corp. (b)		457		35,201
CJ Korea Express Co., Ltd. (b)		181		30,464
Cuckoo Electronics Co., Ltd.		54		12,392
Daewoo Engineering & Construction Co., Ltd. (b)		5,759		30,998
Daewoo International Corp.		1,741		30,478
Daewoo Securities Co., Ltd.		8,066		80,980
Dongbu Insurance Co., Ltd.		1,813		93,763
Dongsuh Cos., Inc.		1,210		37,465
GS Holdings Corp.		2,554		98,148
GS Retail Co., Ltd.		618		31,805
Hankook Tire Co., Ltd.		1,682		56,194
Hanmi Pharm Co., Ltd. (b)		110		34,477
Hanon Systems Corp.		540		17,882

See accompanying notes to financial statements.

412

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

September 30, 2015


Security Description	Shares		Value

Hansae Co., Ltd.		474	$	22,074
Hanwha Chemical Corp.		2,610		47,453
Hanwha Corp.		2,806		91,971
Hotel Shilla Co., Ltd.		980		95,081
Hyosung Corp.		605		57,422
Hyundai Department Store Co., Ltd.		360		40,699
Hyundai Development Co.-Engineering & Construction		1,745		80,235
Hyundai Engineering & Construction Co., Ltd.		1,581		45,617
Hyundai Greenfood Co., Ltd.		1,070		23,110
Hyundai Marine & Fire Insurance Co., Ltd.		1,676		42,773
Hyundai Wia Corp.		386		42,010
KCC Corp.		155		54,007
KEPCO Plant Service & Engineering Co., Ltd.		531		54,207
Korea Gas Corp.		803		26,929
Korea Investment Holdings Co., Ltd.		1,981		102,117
Korean Air Lines Co., Ltd. (b)		735		19,440
LG Uplus Corp.		7,257		74,082
Loen Entertainment, Inc.		113		7,627
Lotte Chilsung Beverage Co., Ltd.		15		30,524
Lotte Confectionery Co., Ltd.		37		68,643
Medy-Tox, Inc.		96		34,527
Meritz Securities Co., Ltd.		6,440		24,259
NCSoft Corp.		395		62,984
NH Investment & Securities Co., Ltd.		3,752		31,465
Orion Corp.		91		72,321
Ottogi Corp.		59		51,718
Pan Ocean Co., Ltd. (b)(d)		3,420		13,374
S-1 Corp.		743		58,485
Samlip General Foods Co., Ltd.		52		13,863
Samsung Electro-Mechanics Co., Ltd.		2,043		110,828
Samsung Heavy Industries Co., Ltd.		4,550		47,216
Samsung SDI Co., Ltd.		1,346		123,210
Samsung Securities Co., Ltd.		2,282		87,503
Shinsegae Co., Ltd.		158		31,525
Young Poong Corp.		25		28,495
Youngone Corp.		482		24,602
Yuhan Corp.		107		21,981

				2,670,558

SPAIN — 2.3%
Acciona SA		778		54,972
Acerinox SA (a)		4,218		37,582
Almirall SA		1,841		32,777
Atresmedia Corp. de Medios de Comunicaion SA		2,490		31,602
Bolsas y Mercados Espanoles SHMSF SA (a)		2,547		85,890
Cellnex Telecom SAU (b)(e)		4,529		76,844
Cia de Distribucion Integral Logista Holdings SAU		1,165		21,925
Corporacion Financiera Alba SA		420		17,464
Distribuidora Internacional de Alimentacion SA (a)(b)		15,452		93,193
Ebro Puleva SA		3,005		58,852
Fomento de Construcciones y Contratas SA (b)		2,408		17,767
Gamesa Corp. Tecnologica SA		9,638		133,189
Grupo Catalana Occidente SA		1,353		38,799
Inmobiliaria Colonial SA (b)		62,801		43,603
Mediaset Espana Comunicacion SA		6,094		66,405
Melia Hotels International SA		2,285		31,743
Merlin Properties Socimi SA (b)		6,455		76,737
Prosegur Cia de Seguridad SA		6,283		30,158
Tecnicas Reunidas SA (a)		745		32,878
Viscofan SA		1,513		90,997

				1,073,377

SWEDEN — 3.9%
AAK AB		755		48,881
Axfood AB		1,831		30,127
Axis Communications AB		14		577
Betsson AB (b)		3,025		50,783
BillerudKorsnas AB		5,213		74,773
Boliden AB		7,452		116,217
Castellum AB		7,962		111,735
Elekta AB (Class B)		12,592		83,551
Fabege AB		4,202		61,474
Fastighets AB Balder (b)		1,154		21,850
Great Portland Estates PLC		9,823		127,219
Hexpol AB		7,675		85,562
Hufvudstaden AB		3,539		46,205
Husqvarna AB (Class B)		10,224		66,802
Intrum Justitia AB		2,427		83,716
Investment AB Latour (Class B)		600		18,951
Lundin Petroleum AB (Class B) (b)		5,375		69,086
NCC AB (Class B)		2,407		72,436
Nibe Industrier AB (Class B) (a)		4,328		126,377
Nobia AB		2,607		31,736
Pandox AB (b)		876		12,732
Peab AB		11,150		77,173
Saab AB		1,672		44,655
Securitas AB (Class B)		8,900		108,344
SSAB AB (a)(b)		947		2,850
SSAB AB, (Series A) (a)(b)		7,761		26,521
Swedish Orphan Biovitrum AB (b)		3,503		46,110
Tele2 AB (Class B)		6,560		63,707
Trelleborg AB (Class B)		4,830		76,248
Wallenstam AB (Class B) (a)		3,799		31,164

				1,817,562

SWITZERLAND — 3.1%
Allreal Holding AG (b)		158		20,617
Aryzta AG (b)		2,306		97,399
Banque Cantonale Vaudoise (a)		131		77,090
Basellandschaftliche Kantonalbank		24		21,762
Bucher Industries AG		191		40,933
Daetwyler Holding AG (a)		178		24,083
DKSH Holding AG (b)		237		14,954
dorma+kaba Holding AG		44		26,929
Emmi AG (b)		36		14,995
Flughafen Zuerich AG		231		160,289
Forbo Holding AG (b)		40		44,868
GAM Holding AG (b)		6,105		107,155
Georg Fischer AG		109		61,634
Leonteq AG (b)		228		40,158
Logitech International SA (a)		5,725		74,412

See accompanying notes to financial statements.

413

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

September 30, 2015


Security Description	Shares		Value

Luzerner Kantonalbank AG		58	$	21,087
OC Oerlikon Corp. AG (b)		3,913		38,285
Panalpina Welttransport Holding AG (a)		538		58,640
PSP Swiss Property AG (b)		1,107		90,749
St Galler Kantonalbank AG		57		20,782
Straumann Holding AG		235		67,402
Sulzer AG (a)		713		69,687
Sunrise Communications Group AG (b)(e)		1,018		58,240
Temenos Group AG (b)		3,754		153,679
Vontobel Holding AG		558		28,183
VZ Holding AG		30		9,303

				1,443,315

UNITED KINGDOM — 14.1%
AA PLC (b)		18,282		78,481
Abengoa Yield PLC (a)		829		13,720
Aggreko PLC		6,651		95,809
Amlin PLC		16,563		164,708
Ashmore Group PLC (a)		9,898		36,958
Aveva Group PLC		1,876		57,856
Balfour Beatty PLC		20,621		78,558
BBA Aviation PLC		14,184		57,516
BCA Marketplace PLC (b)		18,675		48,302
Bellway PLC		3,487		131,309
Berendsen PLC		4,656		70,738
Betfair Group PLC		2,018		101,515
Booker Group PLC		43,696		122,383
Bovis Homes Group PLC		2,973		45,349
Britvic PLC		7,202		74,019
BTG PLC (b)		12,814		126,747
Cable & Wireless Communications PLC		142,142		119,282
Card Factory PLC		5,937		35,253
Carillion PLC (a)		13,577		62,047
Cineworld Group PLC		3,965		33,333
Close Brothers Group PLC		3,097		70,039
Crest Nicholson Holdings PLC		6,093		52,700
Daily Mail & General Trust PLC		7,039		80,341
Dialog Semiconductor PLC (b)		2,793		111,520
Domino’s Pizza Group PLC		3,971		53,414
Dunelm Group PLC		2,250		30,674
Essentra PLC		6,349		75,591
Euromoney Institutional Investor PLC		1,151		16,563
FirstGroup PLC (b)		34,159		50,552
Galliford Try PLC		1,494		35,892
Greene King PLC		8,990		108,328
Halma PLC		8,834		96,546
Hays PLC		36,060		83,735
Henderson Group PLC		30,704		121,016
Howden Joinery Group PLC		18,622		137,230
ICAP PLC		15,956		110,502
IG Group Holdings PLC		9,449		110,138
IMI PLC		6,057		87,023
Indivior PLC		19,151		65,734
Intermediate Capital Group PLC		8,433		65,977
International Game Technology PLC (a)		2,363		36,225
Jardine Lloyd Thompson Group PLC		3,932		60,692
JD Sports Fashion PLC		1,043		15,088
John Wood Group PLC		10,600		98,747
Jupiter Fund Management PLC		9,855		64,697
Just Eat PLC (b)		11,454		71,204
Kier Group PLC		1,737		35,520
Man Group PLC		57,803		134,137
Manchester United PLC (Class A) (a)		1,055		18,114
Markit, Ltd. (b)		2,541		73,689
Melrose Industries PLC		24,001		96,051
Michael Page International PLC		6,736		48,364
Micro Focus International PLC		2,538		46,249
Millennium & Copthorne Hotels PLC		3,325		24,311
Mitchells & Butlers PLC (b)		4,318		20,655
Moneysupermarket.com Group PLC		11,567		59,221
National Express Group PLC		12,100		52,200
Ocado Group PLC (a)(b)		15,983		77,473
Petrofac, Ltd.		6,862		79,828
Pets at Home Group PLC		3,792		15,836
Phoenix Group Holdings		3,990		49,409
Playtech Plc		5,173		64,920
PZ Cussons PLC		9,524		41,909
QinetiQ Group PLC		25,320		86,487
Redrow PLC		4,224		29,189
Regus PLC		17,224		79,992
Renishaw PLC		682		20,826
Rentokil Initial PLC		47,956		106,855
Restaurant Group PLC		11,190		114,413
Rotork PLC		25,354		63,291
RPC Group PLC		5,449		52,288
Saga PLC		10,623		33,067
Segro PLC		20,822		135,465
Shaftesbury PLC		5,975		82,994
Spectris PLC		3,510		89,907
Spirax-Sarco Engineering PLC		2,147		91,093
Spire Healthcare Group PLC (e)		1,536		8,376
SSP Group PLC		9,556		44,192
Stagecoach Group PLC		12,580		64,332
TalkTalk Telecom Group PLC (a)		15,094		71,906
Tate & Lyle PLC		11,099		98,856
Ted Baker PLC		654		31,770
Telecity Group PLC		6,290		103,662
Thomas Cook Group PLC (b)		44,326		77,684
Tullow Oil PLC (b)		24,142		61,838
Unite Group PLC		4,667		46,163
United Business Media PLC		10,300		75,763
Vedanta Resources PLC		1,523		9,809
Victrex PLC		1,919		51,509
Virgin Money Holdings UK PLC		4,198		24,577
Weir Group PLC		5,555		98,449
WH Smith PLC		6,288		148,967
Workspace Group PLC		2,677		38,036
WS Atkins PLC		4,268		89,734

				6,533,427

UNITED STATES — 0.1%
Eros International PLC (a)(b)		734		19,958
Nexteer Automotive Group Ltd.		21,000		21,135

				41,093

TOTAL COMMON STOCKS —
(Cost $49,766,159)				45,998,429

See accompanying notes to financial statements.

414

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

September 30, 2015


Security Description	Shares		Value

RIGHTS — 0.0% (g)
GERMANY — 0.0% (g)
RHOEN-KLINIKUM AG (expiring 10/8/15) (a)(b) (Cost $221)		1,957	$	44

SHORT TERM INVESTMENTS — 14.0%
UNITED STATES — 14.0%
MONEY MARKET FUNDS — 14.0%
State Street Navigator Securities Lending Prime Portfolio (h)(i)		6,425,112		6,425,112
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (i)(j)		37,447		37,447

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,462,559)				6,462,559

TOTAL INVESTMENTS — 113.4%
(Cost $56,228,939)				52,461,032
OTHER ASSETS & LIABILITIES — (13.4)%				(6,216,341	)

NET ASSETS — 100.0%			$	46,244,691


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(d)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(e)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.8% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(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.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

415

SPDR S&P Emerging Markets Small Cap ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.7%
BRAZIL — 4.9%
Aliansce Shopping Centers SA		105,711	$	282,731
Alupar Investimento SA		35,421		132,541
Arezzo Industria e Comercio SA		51,322		256,484
B2W Cia Digital (a)		89,800		335,119
Banco ABC Brasil SA (a)(b)		2,830		6,396
Banco ABC Brasil SA Preference Shares		73,243		171,062
Banco do Estado do Rio Grande do Sul SA Preference Shares		128,900		180,631
BR Malls Participacoes SA		217,900		572,391
BR Properties SA		284,331		764,033
Bradespar SA Preference Shares		180,400		371,496
Brasil Brokers Participacoes SA		312,566		137,368
Braskem SA Preference Shares (Class A)		113,800		476,411
Cia de Saneamento de Minas Gerais-COPASA		53,200		166,336
Cia Energetica de Sao Paulo Preference Shares (Class B)		72,000		275,021
Cia Ferro Ligas da Bahia — Ferbasa Prefernce Shares		108,576		208,048
Cia Hering		140,150		494,508
Cia Paranaense de Energia Preference Shares		46,300		379,521
Cia Siderurgica Nacional SA		517,500		509,449
Cosan Logistica SA		256,167		74,625
Cosan, Ltd. BDR		54,500		156,029
Direcional Engenharia SA		181,469		164,974
EcoRodovias Infraestrutura e Logistica SA		144,700		221,668
EDP — Energias do Brasil SA		34,500		99,464
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares (a)		109,315		300,606
Equatorial Energia SA		39,900		339,285
Estacio Participacoes SA		207,200		733,691
Eternit SA		332,139		145,135
Even Construtora e Incorporadora SA		265,623		229,471
Ez Tec Empreendimentos e Participacoes SA		93,009		270,014
Fleury SA		107,381		438,213
GAEC Educacao SA		95,913		233,403
Gafisa SA (a)		488,866		247,996
Helbor Empreendimentos SA		175,689		84,713
Iguatemi Empresa de Shopping Centers SA		44,100		227,591
International Meal Co. Alimentacao SA (a)		89,567		105,943
Iochpe-Maxion SA		91,076		346,514
JHSF Participacoes SA		147,492		53,708
JSL SA		43,700		105,355
Kepler Weber SA		16,980		89,464
Light SA		77,000		223,345
Linx SA		27,349		302,203
Localiza Rent a Car SA		62,000		380,537
Log-in Logistica Intermodal SA (a)		88,227		32,127
LPS Brasil Consultoria de I moveis SA		95,304		68,212
Magnesita Refratarios SA (a)		310,374		220,585
Mahle-Metal Leve SA		37,506		216,920
Marcopolo SA Preference Shares		547,068		219,819
Marfrig Global Foods SA (a)		226,383		407,631
Metalurgica Gerdau SA Preference Shares		281,500		206,427
Mills Estruturas e Servicos de Engenharia SA (a)		179,529		202,886
Minerva SA (a)		39,730		133,100
MRV Engenharia e Participacoes SA		278,990		426,688
Paranapanema SA (a)		232,097		120,072
PDG Realty SA Empreendimentos e Participacoes (a)		979,040		14,752
Prumo Logistica SA (a)		745,300		110,430
QGEP Participacoes SA		92,285		141,836
Qualicorp SA		109,911		409,618
Randon SA Implementos e Participacoes Preference Shares		229,067		167,402
Restoque Comercio e Confeccoes de Roupas SA		120,093		98,621
Rumo Logistica Operadora Multimodal SA (a)		170,961		258,033
Santos Brasil Participacoes SA		30,700		98,685
Sao Martinho SA		19,900		195,904
Ser Educacional SA		50,262		108,175
SLC Agricola SA		85,773		385,574
Smiles SA		41,478		313,016
Somos Educacao SA		84,815		279,028
Sul America SA		102,500		459,480
Totvs SA		49,400		373,916
Usinas Siderurgicas de Minas Gerais SA Preference Shares (Class A)		462,800		389,352
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		76,119		874,749
Via Varejo SA		173,505		172,549

				18,399,080

CHILE — 1.8%
Administradora de Fondos de Pensiones Habitat SA		450,128		524,621
Besalco SA		563,578		183,371
E.CL SA		210,000		291,261
Inversiones Aguas Metropolitanas SA		614,758		847,569
Inversiones La Construccion SA		53,219		572,634
Parque Arauco SA		880,313		1,507,460
Ripley Corp. SA		1,231,614		406,042
Salfacorp SA		568,572		298,560
Sociedad Matriz SAAM SA		8,757,970		581,212
Sociedad Quimica y Minera de Chile SA Preference Shares (Class B)		20,000		288,475
Vina Concha y Toro SA		825,793		1,365,689

				6,866,894

CHINA — 12.0%
21Vianet Group, Inc. ADR (a)		44,154		807,135
500.com, Ltd. ADR (Class A) (a)		9,900		160,578
51job, Inc. ADR (a)		25,390		695,686
Autohome, Inc. ADR (a)		12,400		403,372
Bank of Chongqing Co., Ltd. (Class H)		866,500		598,161
Baoxin Auto Group, Ltd.		300,000		127,741

See accompanying notes to financial statements.

416

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

September 30, 2015


Security Description	Shares		Value

Beijing Enterprises Clean Energy Group, Ltd. (a)		3,828,400	$	474,225
Beijing North Star Co., Ltd. (Class H)		630,000		182,089
Bitauto Holdings, Ltd. ADR (a)		14,100		419,757
Boer Power Holdings, Ltd.		126,000		212,654
Boyaa Interactive International, Ltd. (c)		907,200		372,242
Broad Greenstate International Co., Ltd.		560,000		122,838
BYD Electronic International Co., Ltd. (a)		166,000		103,026
Central China Securities Co., Ltd. (Class H) (c)		384,000		197,697
Chanjet Information Technology Co., Ltd. (Class H)		29,200		50,412
Cheetah Mobile, Inc. ADR (a)(c)		14,868		214,991
China Aircraft Leasing Group Holdings, Ltd.		98,500		97,737
China Animal Healthcare, Ltd. (a)(c)(d)		1,059,700		355,510
China Assurance Finance Group, Ltd. (a)		775,000		100,999
China Distance Education Holdings, Ltd. ADR (c)		39,170		500,593
China Fangda Group Co., Ltd. (Class B)		132,700		81,332
China Hanking Holdings, Ltd. (a)		140,000		72,077
China Harmony New Energy Auto Holdings, Ltd.		425,500		200,395
China Hongxing Sports, Ltd. (a)(c)(d)		4,758,000		0
China Huiyuan Juice Group, Ltd. (a)		1,737,900		650,307
China Lilang, Ltd. (c)		951,000		811,106
China Lodging Group, Ltd. ADR (a)		40,267		979,696
China Ming Yang Wind Power Group, Ltd. ADS (a)(c)		50,000		98,000
China NT Pharma Group Co., Ltd. (a)		437,900		101,705
China Pioneer Pharma Holdings, Ltd.		440,000		189,625
China SCE Property Holdings, Ltd. (c)		2,241,800		488,854
China Shanshui Cement Group, Ltd. (a)(c)(d)		1,224,000		596,045
China Shengmu Organic Milk, Ltd. (a)(e)		448,000		98,270
China Silver Group, Ltd.		1,016,000		247,771
China Suntien Green Energy Corp., Ltd. (Class H)		1,556,000		275,059
China Zhongwang Holdings, Ltd.		280,000		106,219
Chinasoft International, Ltd. (a)(c)		906,000		347,200
CNinsure, Inc. ADR (a)(c)		9,992		76,439
Cogobuy Group (a)(e)		265,000		267,392
Colour Life Services Group Co., Ltd. (c)		583,000		455,865
Consun Pharmaceutical Group, Ltd.		495,600		301,195
Coolpad Group, Ltd. (a)		2,504,000		468,487
Credit China Holdings, Ltd. (c)		2,024,000		522,319
Dongjiang Environmental Co., Ltd. (Class H)		100,000		155,096
Dongyue Group		839,000		217,597
Double Coin Holdings, Ltd. (Class B)		480,024		402,740
E-Commerce China Dangdang, Inc. (Class A) ADR (a)(c)		46,553		277,921
E-House China Holdings, Ltd. ADR (c)		56,682		336,691
First Tractor Co., Ltd. (Class H) (c)		604,500		353,338
Foshan Electrical and Lighting Co., Ltd. (Class B)		95,600		80,427
Fu Shou Yuan International Group, Ltd.		462,000		290,313
Fuyao Glass Industry Group Co., Ltd. (Class H) (a)(c)(e)		124,000		235,839
Guorui Properties, Ltd.		150,000		74,516
Hangzhou Steam Turbine Co. (Class B) (d)		787,050		805,325
Harbin Electric Co., Ltd. (Class H) (c)		1,138,000		625,529
Hi Sun Technology China, Ltd. (a)(c)		1,116,000		187,199
Hilong Holding, Ltd. (c)		1,469,000		297,589
Hisense Kelon Electrical Holdings Co., Ltd. (Class H) (a)		244,000		122,157
Homeinns Hotel Group ADR (a)		27,445		788,769
Huadian Energy Co., Ltd. (Class B) (a)		198,100		106,380
Huangshan Tourism Development Co., Ltd. (Class B)		391,000		598,230
Inner Mongolia Yitai Coal Co., Ltd. (Class B)		404,500		328,859
JA Solar Holdings Co., Ltd. ADR (a)(c)		60,912		475,114
Jiangnan Group, Ltd.		490,000		100,528
Jiangsu Future Land Co., Ltd. (Class B)		543,000		982,287
Jingwei Textile Machinery (Class H)		224,000		335,853
JinkoSolar Holding Co., Ltd. ADR (a)(c)		22,135		485,642
Jumei International Holding, Ltd. ADR (a)(c)		17,800		175,686
Kama Co., Ltd. (Class B) (a)		97,700		81,677
Kangda International Environmental Co., Ltd. (a)(c)(e)		1,771,200		466,223
KWG Property Holding, Ltd.		158,500		103,894
Launch Tech Co., Ltd. (Class H) (a)		75,000		89,032
Leyou Technologies Holdings, Ltd. (a)		879,200		95,293
Lifetech Scientific Corp. (a)		1,106,000		159,834
Lonking Holdings, Ltd.		2,241,000		294,943
Luoyang Glass Co., Ltd. (Class H) (a)		436,000		286,352
MIE Holdings Corp. (a)		1,910,754		202,169
Minth Group, Ltd.		94,000		167,622
Nanjing Panda Electronics Co., Ltd. (Class H)		138,000		94,908
Noah Holdings, Ltd. ADS (a)(c)		45,328		1,064,755
NQ Mobile, Inc. ADR (a)(c)		57,536		190,444
Ourgame International Holdings, Ltd.		181,000		92,017
Ozner Water International Holding, Ltd. (a)(c)(e)		1,225,000		224,450
Parkson Retail Group, Ltd. (c)		2,685,500		356,909
Peak Sport Products Co., Ltd.		1,127,000		286,474
Phoenix Healthcare Group Co., Ltd.		603,500		979,610

See accompanying notes to financial statements.

417

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

September 30, 2015


Security Description	Shares		Value

Poly Culture Group Corp., Ltd. (Class H) (c)		155,600	$	329,268
PW Medtech Group, Ltd. (a)(c)		2,354,000		492,059
Qunar Cayman Islands, Ltd. ADR (a)		20,947		629,876
Real Gold Mining, Ltd. (a)(d)		251,500		0
Renren, Inc. ADR (a)(c)		110,999		344,097
REXLot Holdings, Ltd. (c)(d)		13,122,064		558,742
Shanda Games, Ltd. ADR (a)		59,064		395,729
Shandong Airlines Co., Ltd. (Class B)		49,800		103,905
Shandong Chenming Paper Holdings, Ltd. (Class B)		152,600		73,838
Shandong Molong Petroleum Machinery Co., Ltd. (Class H) (a)		268,400		89,351
Shang Gong Group Co., Ltd. (Class B) (a)		113,000		99,440
Shanghai Chlor-Alkali Chemical Co., Ltd. (Class B) (a)		143,000		83,512
Shanghai Diesel Engine Co., Ltd. (Class B)		378,360		259,177
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. (Class H)		442,000		406,067
Shanghai Greencourt Investment Group Co., Ltd. (Class B) (a)		629,000		363,562
Shanghai Haixin Group Co. (Class B)		641,700		381,170
Shanghai Highly Group Co., Ltd. (Class B)		129,800		79,308
Shanghai Jin Jiang International Hotels Group Co., Ltd. (Class H) (c)		1,002,000		280,558
Shanghai Jinjiang International Industrial Investment Co., Ltd. (Class B)		116,200		174,416
Shanghai Jinjiang International Travel Co., Ltd. (Class B)		26,000		83,512
Shanghai Potevio Co., Ltd. (Class B) (a)		78,800		88,650
Shanghai Shibei Hi-Tech Co., Ltd. (Class B) (b)		118,500		100,607
Shenguan Holdings Group, Ltd. (c)		1,712,010		220,903
Shenzhen Expressway Co., Ltd. (Class H)		384,000		250,218
Shenzhen SEG Co., Ltd. (Class B) (a)		130,900		77,188
Shui On Land, Ltd. (c)		448,000		102,895
Shunfeng International Clean Energy, Ltd. (a)		1,403,300		356,708
Sinofert Holdings, Ltd.		1,482,000		219,908
Sinosoft Technology Group, Ltd.		140,000		69,909
Sohu.com, Inc. (a)		7,800		322,140
SouFun Holdings, Ltd. ADR (c)		113,000		745,800
SPT Energy Group, Inc. (a)(c)		1,224,000		110,554
Sun King Power Electronics Group (a)		711,000		79,815
Sunac China Holdings, Ltd.		889,000		463,424
Sunny Optical Technology Group Co., Ltd. (c)		506,000		1,004,159
TAL Education Group ADR (a)(c)		48,702		1,565,769
TCL Communication Technology Holdings, Ltd. (c)		636,000		457,096
Tian Ge Interactive Holdings, Ltd. (e)		692,000		300,906
Tianjin Capital Environmental Protection Group Co., Ltd. (Class H)		508,000		300,210
Tianjin ZhongXin Pharmaceutical Group Co., Ltd. (Class S)		135,200		143,312
Tong Ren Tang Technologies Co., Ltd. (Class H)		420,000		572,280
Trina Solar, Ltd. ADR (a)(c)		53,286		477,975
Wang Tai Holdings, Ltd. (a)		670,000		75,212
Wisdom Holdings Group (c)		1,160,000		493,932
Wumart Stores, Inc. (Class H) (a)		450,000		181,160
Xiamen International Port Co., Ltd. (Class H)		496,000		119,679
Xinchen China Power Holdings, Ltd. (a)(c)		739,000		168,777
Xinhua Winshare Publishing and Media Co., Ltd. (Class H)		485,000		381,739
Yestar International Holdings Co., Ltd. (c)		1,876,600		745,792
Yingli Green Energy Holding Co., Ltd. ADR (a)(c)		142,483		58,176
YuanShengTai Dairy Farm, Ltd. (a)(c)		4,955,000		358,036
YY, Inc. ADR (a)		14,300		779,922
Zhaojin Mining Industry Co., Ltd. (Class H) (c)		913,000		477,113
Zhengzhou Coal Mining Machinery Group Co., Ltd. (Class H)		225,200		95,600
Zhonglu Co., Ltd. (Class B) (a)		34,400		89,509

				44,991,692

CYPRUS — 0.3%
Global Ports Investments PLC, GDR		29,504		122,737
QIWI PLC ADR		36,561		589,363
TCS Group Holding PLC GDR		113,928		199,374

				911,474

CZECH REPUBLIC — 0.3%
Philip Morris CR AS		2,130		1,005,291

EGYPT — 1.3%
Arab Cotton Ginning		421,331		145,286
Citadel Capital SAE (a)		551,627		114,129
Eastern Tobacco		26,194		719,042
Egyptian Financial Group-Hermes Holding Co. (a)		454,714		468,649
Egyptian Kuwait Holding Co.		667,750		387,295
ElSewedy Electric Co. (a)		128,300		704,580
Ezz Steel (a)		463,706		538,322
Juhayna Food Industries		576,432		591,152
Maridive & Oil Services SAE (a)		240,889		74,676
Orascom Telecom Media & Technology Holding SAE (a)		3,708,639		331,549
Sidi Kerir Petrochemicals Co.		155,629		258,187
Six of October Development & Investment Co. (a)		535,765		612,397

				4,945,264

GREECE — 1.8%
Aegean Airlines SA		54,223		406,132
Aegean Marine Petroleum Network, Inc.		22,008		148,334
Alpha Bank AE (a)		2,858,887		341,462
Costamare, Inc.		35,172		431,561

See accompanying notes to financial statements.

418

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

September 30, 2015


Security Description	Shares		Value

Diana Shipping, Inc. (a)		130,458	$	845,368
DryShips, Inc. (a)		396,524		66,933
Ellaktor SA (a)		88,803		151,663
FF Group (a)		12,090		245,617
Grivalia Properties REIC AE		24,648		219,006
Hellenic Exchanges — Athens Stock Exchange SA		52,644		290,881
JUMBO SA		43,115		377,798
Metka SA		21,153		174,493
Motor Oil Hellas Corinth Refineries SA (a)		18,341		221,110
Mytilineos Holdings SA (a)		71,922		373,316
Navios Maritime Holdings, Inc. (c)		91,821		228,634
Piraeus Bank SA (a)		1,321,599		115,068
Public Power Corp. SA		57,134		297,833
Star Bulk Carriers Corp. (a)		44,248		90,708
StealthGas, Inc. (a)		42,386		190,313
Titan Cement Co. SA		21,456		483,795
Tsakos Energy Navigation, Ltd.		104,961		853,333

				6,553,358

HONG KONG — 9.5%
361 Degrees International, Ltd.		940,000		292,308
AAG Energy Holdings, Ltd. (a)(e)		584,000		85,904
Ajisen China Holdings, Ltd.		641,000		287,828
Anton Oilfield Services Group (a)(c)		1,086,000		141,529
Anxin-China Holdings, Ltd. (a)(d)		2,248,000		55,112
AVIC International Holding HK, Ltd. (a)(c)		1,906,000		206,584
Beijing Capital Land, Ltd. (Class H)		1,156,400		456,589
Beijing Enterprises Medical & Health Group, Ltd. (a)		2,105,600		211,917
Boshiwa International Holding, Ltd. (a)(c)(d)		1,843,000		0
Carnival Group International Holdings, Ltd. (a)(c)		3,450,000		431,804
CGN Meiya Power Holdings Co., Ltd. (a)(e)		420,000		104,051
Chaowei Power Holdings, Ltd. (a)(c)		544,000		277,263
Chiho-Tiande Group, Ltd. (a)(b)		394,000		264,868
China Aerospace International Holdings, Ltd. (c)		1,252,000		164,778
China All Access Holdings, Ltd.		384,000		121,888
China Animation Characters Co., Ltd. (a)		59,000		44,535
China Beidahuang Industry Group Holdings, Ltd. (Class A) (a)		1,019,200		181,482
China Chengtong Development Group, Ltd. (a)		1,710,000		220,644
China Dongxiang Group Co., Ltd. (c)		4,196,000		1,012,448
China Electronics Corp. Holdings Co., Ltd. (c)		206,000		64,059
China Energine International Holdings, Ltd.		692,000		55,360
China Financial International Investments, Ltd. (a)(c)		2,760,000		320,514
China Foods, Ltd. (a)		688,000		351,544
China Forestry Holdings, Ltd. (a)(c)(d)		1,642,000		0
China High Precision Automation Group, Ltd. (a)(d)		1,226,000		0
China High Speed Transmission Equipment Group Co., Ltd. (a)		988,000		958,672
China Huarong Energy Co., Ltd. (a)(c)		2,164,500		86,579
China Jinhai International Group, Ltd. (a)		2,086,000		204,561
China Lumena New Materials Corp. (a)(c)(d)		4,287,298		0
China Metal Recycling Holdings, Ltd. (a)(c)(d)		693,675		0
China Minsheng Drawin Technology Group, Ltd. (a)		1,700,000		109,677
China National Materials Co., Ltd. (Class H)		1,240,000		299,198
China Nuclear Energy Technology Corp., Ltd. (a)		458,000		122,330
China Ocean Shipbuilding Industry Group, Ltd. (a)(c)		9,497,200		281,851
China Oil and Gas Group, Ltd. (a)(c)		4,588,000		284,158
China Overseas Grand Oceans Group, Ltd. (c)		754,000		221,820
China Power New Energy Development Co., Ltd. (c)		4,880,000		352,617
China Precious Metal Resources Holdings Co., Ltd. (a)(c)		2,698,000		106,179
China Public Procurement, Ltd. (a)(c)		3,024,000		48,384
China Rare Earth Holdings, Ltd. (a)(c)		1,784,400		145,054
China Shineway Pharmaceutical Group, Ltd.		353,000		408,111
China Singyes Solar Technologies Holdings, Ltd. (a)(c)		442,000		298,277
China Travel International Investment Hong Kong, Ltd.		3,976,000		1,446,742
China Vanguard Group, Ltd. (a)		795,000		100,528
China Yurun Food Group, Ltd. (a)(c)		1,054,000		239,358
China ZhengTong Auto Services Holdings, Ltd.		703,500		290,476
Citic Resources Holdings, Ltd. (a)(c)		3,245,000		473,139
Citic Telecom International Holdings, Ltd.		859,000		293,721
Comba Telecom Systems Holdings, Ltd. (c)		819,490		174,471
Concord New Energy Group, Ltd.		7,820,000		524,693
Dah Chong Hong Holdings, Ltd. (c)		641,000		257,225
Dawnrays Pharmaceutical Holdings, Ltd.		576,000		495,728
Digital China Holdings, Ltd.		624,000		577,297
Fufeng Group, Ltd. (c)		923,600		374,205
Golden Meditech Holdings, Ltd.		756,000		97,548
Greatview Aseptic Packaging Co., Ltd.		942,048		438,809
Guangdong Land Holdings, Ltd. (a)		1,254,000		262,125
Guotai Junan International Holdings, Ltd. (c)		2,887,000		815,805
Hang Fat Ginseng Holdings Co., Ltd. (c)		3,860,000		288,876
Hengdeli Holdings, Ltd.		2,028,400		290,517

See accompanying notes to financial statements.

419

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

September 30, 2015


Security Description	Shares		Value

HNA International Investment Holdings, Ltd. (a)		1,006,000	$	51,273
Honghua Group, Ltd. (a)(c)		4,170,000		317,456
Hua Han Bio-Pharmaceutical Holdings, Ltd. (Class H) (c)		3,246,560		397,963
Huabao International Holdings, Ltd.		1,074,000		339,520
Huajun Holdings, Ltd.		836,000		127,287
Ju Teng International Holdings, Ltd. (c)		925,500		456,179
Kingboard Laminates Holdings, Ltd. (c)		971,500		393,612
Kingdee International Software Group Co., Ltd. (c)		1,148,000		429,571
Li Ning Co., Ltd. (a)(c)		2,052,749		887,312
Maoye International Holdings, Ltd. (c)		1,537,000		200,304
Millennium Pacific Group Holdings, Ltd. (a)		193,000		308,798
MMG, Ltd. (a)(c)		996,000		187,632
National Agricultural Holdings, Ltd. (a)(c)		524,000		212,303
Neo Telemedia, Ltd. (a)		2,080,000		177,134
NetDragon Websoft, Inc. (c)		242,000		605,777
Newocean Energy Holdings, Ltd. (c)		1,078,000		406,160
NVC Lighting Holdings, Ltd. (b)		2,578,000		0
Pacific Online, Ltd. (c)		862,100		278,095
Poly Property Group Co., Ltd. (c)		1,961,000		538,955
Pou Sheng International Holdings, Ltd. (a)		529,000		89,417
Real Nutriceutical Group, Ltd. (c)		955,000		162,657
Shenwan Hongyuan HK, Ltd.		115,000		46,296
Shougang Concord International Enterprises Co., Ltd. (a)(c)		8,884,000		372,552
Shougang Fushan Resources Group, Ltd. (c)		2,880,000		356,746
Sichuan Expressway Co., Ltd. (Class H) (c)		1,516,000		475,336
Sinotrans Shipping, Ltd.		2,020,000		388,359
Sinotruk Hong Kong, Ltd.		516,500		184,606
SITC International Holdings Co., Ltd.		478,000		230,672
Skyworth Digital Holdings, Ltd.		1,601,810		1,078,890
Springland International Holdings, Ltd.		1,259,000		333,024
SSY Group, Ltd. (c)		1,917,360		452,741
Suncorp Technologies, Ltd. (a)(c)		8,520,000		217,671
Tack Fiori International Group, Ltd. (a)		1,080,000		235,508
Tech Pro Technology Development, Ltd. (a)(c)		6,769,100		1,580,902
Tiangong International Co., Ltd. (c)		1,600,000		144,515
Tianjin Development Holdings, Ltd.		780,000		482,087
Tianjin Port Development Holdings, Ltd.		3,804,000		603,728
Tianneng Power International, Ltd. (a)		884,000		536,100
TPV Technology, Ltd.		1,212,000		181,408
United Energy Group, Ltd. (a)(c)		3,968,000		435,197
United Laboratories International Holdings, Ltd. (a)		900,500		457,800
Universal Medical Financial & Technical Advisory Services Co., Ltd. (a)(e)		348,900		261,111
V1 Group, Ltd. (a)(c)		2,122,999		169,839
Wanda Hotel Development Co., Ltd. (a)		492,000		75,545
Wasion Group Holdings, Ltd.		701,000		724,513
West China Cement, Ltd.		2,448,000		331,662
Xinyi Glass Holdings, Ltd.		350,000		156,257
Yingde Gases Group Co., Ltd.		1,133,500		466,560
Yip’s Chemical Holdings, Ltd.		399,580		164,987
Yuexiu Transport Infrastructure, Ltd. (c)		1,104,549		692,655
Yuhua Energy Holdings, Ltd. (a)		503,300		94,165
Zhidao International Holdings, Ltd. (a)		1,500,000		222,579

				35,443,156

HUNGARY — 0.1%
Magyar Telekom Telecommunications PLC (a)		325,961		453,046

INDIA — 10.6%
Adani Enterprises, Ltd.		95,919		118,145
AIA Engineering, Ltd.		32,671		493,599
Amtek Auto, Ltd.		180,963		121,028
Apollo Tyres, Ltd.		359,070		984,379
Arvind, Ltd.		181,888		774,077
Balkrishna Industries, Ltd.		38,610		394,188
Balrampur Chini Mills, Ltd. (a)		455,936		366,402
Bata India, Ltd.		54,396		893,548
Biocon, Ltd.		118,956		805,726
Ceat, Ltd.		4,758		92,924
CESC, Ltd.		118,591		933,787
Coromandel International, Ltd.		154,160		363,558
Credit Analysis & Research, Ltd.		13,216		225,461
Crompton Greaves, Ltd.		99,268		258,227
Dewan Housing Finance Corp., Ltd.		275,088		921,779
Dish TV India, Ltd. (a)		741,949		1,202,107
Federal Bank, Ltd.		1,379,182		1,343,673
Fortis Healthcare, Ltd. (a)		234,794		604,155
Gateway Distriparks, Ltd.		192,163		1,045,274
GMR Infrastructure, Ltd. (a)		1,079,942		222,931
Godrej Industries, Ltd.		188,956		1,002,066
Gujarat Pipavav Port, Ltd. (a)		222,424		628,067
Hexaware Technologies, Ltd.		224,518		846,731
Housing Development & Infrastructure, Ltd. (a)		369,307		414,373
IFCI, Ltd.		994,676		327,316
IIFL Holdings, Ltd. (a)		410,903		1,186,260
India Cements, Ltd. (a)		418,560		498,012
Indiabulls Real Estate, Ltd. (a)		470,300		457,475
Indian Hotels Co., Ltd. (a)		676,423		886,749
Info Edge India, Ltd.		87,589		1,065,439
Ipca Laboratories, Ltd.		67,702		765,103
IRB Infrastructure Developers, Ltd.		215,896		780,666
Jain Irrigation Systems, Ltd.		293,656		286,990
Jaiprakash Associates, Ltd. (a)		720,428		124,022
Jammu & Kashmir Bank, Ltd.		408,592		560,849
JSW Energy, Ltd.		250,686		359,760
Jubilant Foodworks, Ltd.		55,564		1,355,536
Just Dial, Ltd.		46,311		693,924
KPIT Technologies, Ltd.		48,990		79,710
Mahindra CIE Automotive, Ltd. (a)		19,043		74,095
Marksans Pharma, Ltd.		56,825		89,904

See accompanying notes to financial statements.

420

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

September 30, 2015


Security Description	Shares		Value

McLeod Russel India, Ltd.		126,494	$	297,157
Mindtree, Ltd.		43,658		1,007,280
Mphasis, Ltd.		93,847		586,544
NCC, Ltd.		96,107		109,519
PC Jeweller, Ltd.		14,404		77,319
PI Industries, Ltd.		36,660		355,765
Pipavav Defence & Offshore Engineering Co., Ltd. (a)		347,916		311,661
PTC India, Ltd.		434,208		393,923
Punj Lloyd, Ltd. (a)		689,025		250,354
Reliance Infrastructure, Ltd.		36,332		192,564
Rolta India, Ltd.		232,061		359,900
Shriram City Union Finance, Ltd.		6,836		177,664
Sintex Industries, Ltd.		423,607		679,552
SKS Microfinance, Ltd. (a)		190,106		1,174,550
Strides Arcolab, Ltd.		70,160		1,305,185
Sun Pharma Advanced Research Co., Ltd. (a)		17,420		102,161
Suzlon Energy, Ltd. (a)		1,363,684		433,163
Symphony, Ltd.		3,685		103,260
Tata Chemicals, Ltd.		167,144		972,078
Tata Elxsi, Ltd.		2,493		71,400
Tata Global Beverages, Ltd.		503,424		980,158
Thermax, Ltd.		59,697		774,679
TVS Motor Co., Ltd.		198,184		694,580
Union Bank of India		69,185		184,662
Unitech, Ltd. (a)		1,647,082		154,320
Vakrangee, Ltd.		197,881		386,025
Videocon Industries, Ltd.		135,342		285,777
Voltas, Ltd.		265,984		1,087,195
Welspun Corp., Ltd.		282,588		494,228
Welspun India, Ltd.		11,653		150,039
WNS Holdings, Ltd. ADR (a)		32,178		899,375

				39,700,052

INDONESIA — 3.0%
Adaro Energy Tbk PT		5,916,500		216,063
Adhi Karya Persero Tbk PT		509,000		78,174
AKR Corporindo Tbk PT		1,830,900		731,110
Alam Sutera Realty Tbk PT		17,505,200		377,587
Astra Agro Lestari Tbk PT		190,500		235,687
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		5,979,800		251,029
Bank Tabungan Negara Tbk PT		4,353,286		295,667
Ciputra Development Tbk PT		11,058,609		615,206
Dharma Satya Nusantara Tbk PT		365,000		73,498
Energi Mega Persada Tbk PT (a)		32,752,500		114,019
Gajah Tunggal Tbk PT		1,939,200		69,494
Garuda Indonesia Tbk PT (a)		9,333,700		196,868
Global Mediacom Tbk PT		1,120,500		71,896
Indosat Tbk PT (a)		463,600		118,669
Intiland Development Tbk PT		5,787,200		231,093
Japfa Comfeed Indonesia Tbk PT (a)		5,413,400		109,746
Kawasan Industri Jababeka Tbk PT		26,581,238		290,307
Link Net Tbk PT (a)		355,500		108,955
Lippo Karawaci Tbk PT		6,235,500		480,963
Matahari Putra Prima Tbk PT		2,600,500		340,816
Medco Energi Internasional Tbk PT		1,701,800		133,008
Media Nusantara Citra Tbk PT		2,352,000		263,296
Mitra Adiperkasa Tbk PT (a)		942,600		193,024
MNC Investama Tbk PT		12,289,500		166,936
MNC Sky Vision Tbk PT (a)		1,528,200		154,906
Modernland Realty Tbk PT		5,822,000		172,474
Pakuwon Jati Tbk PT		18,554,800		419,225
Pembangunan Perumahan Persero Tbk PT		4,424,900		1,046,572
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		3,006,100		284,194
Siloam International Hospitals Tbk PT		946,200		799,265
Summarecon Agung Tbk PT		11,299,100		863,822
Surya Semesta Internusa Tbk PT		3,199,300		147,408
Tambang Batubara Bukit Asam Persero Tbk PT		272,000		104,437
Timah Persero Tbk PT		3,884,429		169,695
Vale Indonesia Tbk PT		1,273,500		189,938
Waskita Karya Persero Tbk PT		1,140,500		120,667
Wijaya Karya Persero Tbk PT		4,014,500		709,731
XL Axiata Tbk PT (a)		1,626,000		290,238

				11,235,683

MACAU — 0.0% (f)
Newtree Group Holdings, Ltd. (a)		220,000		84,593

MALAYSIA — 5.0%
Aeon Co. M Bhd		1,059,100		650,531
AirAsia Bhd		608,100		177,073
Berjaya Auto Bhd		631,960		281,782
Berjaya Corp. Bhd		4,110,800		355,367
Berjaya Sports Toto Bhd		1,209,677		847,593
Boustead Holdings Bhd		627,260		563,653
Boustead Plantations Bhd		549,500		171,260
Bumi Armada Bhd (a)		477,000		100,375
Bursa Malaysia Bhd		664,573		1,217,042
Cahya Mata Sarawak Bhd		449,200		526,276
Carlsberg Brewery Malay Bhd		93,100		253,307
Datasonic Group Bhd		729,600		239,009
DRB-Hicom Bhd		1,281,500		387,737
Eastern & Oriental Bhd		1,342,110		482,405
Evergreen Fibreboard Bhd (a)		166,700		72,433
Felda Global Ventures Holdings Bhd		288,300		98,379
Gas Malaysia Bhd		325,600		183,697
IGB REIT		506,500		147,488
Inari Amertron Bhd		593,775		457,919
KNM Group Bhd (a)		3,588,606		383,699
KPJ Healthcare Bhd		1,160,993		1,109,292
Magnum Bhd		1,476,400		859,827
Malakoff Corp. Bhd		943,200		347,605
Malaysia Airports Holdings Bhd		95,000		113,462
Malaysian Bulk Carriers Bhd		712,600		142,658
Malaysian Resources Corp. Bhd		1,673,100		449,129
Media Prima Bhd		1,603,800		437,823
Oriental Holdings Bhd		265,500		421,587
OSK Holdings Bhd		1,103,800		431,903
Padini Holdings Bhd		575,800		176,837
Parkson Holdings Bhd (a)		414,176		114,008
Pavilion Real Estate Investment Trust		794,200		271,012
POS Malaysia Bhd		703,900		586,083
Press Metal Bhd		713,000		334,136
Sunway Real Estate Investment Trust		3,327,000		1,173,144
TAN Chong Motor Holdings Bhd		726,800		396,820

See accompanying notes to financial statements.

421

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

September 30, 2015


Security Description	Shares		Value

Top Glove Corp. Bhd		687,400	$	1,261,973
TSH Resources Bhd		631,800		277,398
UEM Sunrise Bhd		302,100		84,532
UOA Development Bhd		1,850,800		808,403
Wah Seong Corp. Bhd		1,317,984		362,796
WCT Holdings Bhd		1,356,686		422,831
Yinson Holdings Bhd		530,700		347,703

				18,527,987

MEXICO — 2.6%
Asesor de Activos Prisma SAPI de CV REIT (a)		376,212		331,441
Axtel SAB de CV (a)(c)		1,595,664		744,786
Banregio Grupo Financiero SAB de CV		207,685		1,108,356
Bolsa Mexicana de Valores SAB de CV (c)		556,256		870,158
Concentradora Fibra Hotelera Mexicana SA de CV		330,332		331,370
Consorcio ARA SAB de CV (a)		1,781,271		641,170
Controladora Vuela Cia de Aviacion SAB de CV (Class A) (a)		53,200		79,391
Corp Inmobiliaria Vesta SAB de CV (c)		214,331		334,775
Corporacion GEO SAB de CV (a)(c)(d)		791,193		0
Credito Real SAB de CV SOFOM		201,237		391,983
Empresas ICA SAB de CV (a)(c)		693,715		291,048
Genomma Lab Internacional SAB de CV (Class B) (a)(c)		118,600		98,467
Grupo Aeromexico SAB de CV (a)(c)		99,767		155,890
Grupo Aeroportuario del Centro Norte Sab de CV (a)(c)		220,999		1,093,079
Grupo GICSA SA de CV (a)		327,500		274,805
Hoteles City Express SAB de CV (a)(c)		130,457		167,356
Megacable Holdings SAB de CV (c)		159,886		580,134
Mexico Real Estate Management SA de CV (a)		601,429		757,697
PLA Administradora Industrial S de RL de CV (a)		356,563		647,407
Prologis Property Mexico SA de CV REIT (a)		131,348		200,974
Qualitas Controladora SAB de CV (a)		141,496		195,043
TV Azteca SAB de CV (c)		1,368,038		215,538
Urbi Desarrollos Urbanos SA de CV (a)(c)(d)		679,159		0
Vitro SAB de CV, (Series A)		29,700		67,210

				9,578,078

MONACO — 0.1%
GasLog, Ltd. (c)		51,088		491,467

PANAMA — 0.0% (f)
Avianca Holding SA Preference Shares (a)		195,803		117,020

PERU — 0.7%
Alicorp SAA (a)		162,692		256,590
Compania de Minas Buenaventura SA ADR		102,000		607,920
Ferreyros SAA		1,930,949		755,354
Grana y Montero SA		95,517		77,102
Luz del Sur SAA		218,975		676,436
Minsur SA		275,473		64,143
Volcan Compania Minera SAA (Class B)		620,393		72,806

				2,510,351

PHILIPPINES — 1.6%
Belle Corp.		2,676,400		174,075
Cebu Air, Inc.		483,760		895,794
Cosco Capital, Inc.		5,518,900		799,379
D&L Industries, Inc.		2,969,800		634,752
DoubleDragon Properties Corp.		206,700		88,004
First Gen Corp.		927,300		439,446
First Philippine Holdings Corp.		307,540		431,964
Manila Water Co., Inc.		1,014,000		471,855
Philex Mining Corp.		1,132,400		115,566
Rizal Commercial Banking Corp.		377,480		242,689
Robinsons Retail Holdings, Inc.		339,310		529,582
Security Bank Corp.		363,844		1,068,023
SM Prime Holdings, Inc.		1		0

				5,891,129

POLAND — 3.1%
Alior Bank SA (a)		54,896		1,143,381
Alumetal SA		12,115		156,115
AmRest Holdings SE (a)		12,903		556,493
Asseco Poland SA		101,822		1,446,242
Bank Millennium SA (a)		68,636		106,134
Boryszew SA		168,492		217,120
CCC SA		14,272		615,349
Ciech SA (a)		51,729		987,361
Echo Investment SA (a)		287,705		491,797
Emperia Holding SA		27,130		456,620
Eurocash SA		90,448		1,062,765
Fabryki Mebli Forte SA		8,967		121,445
Getin Noble Bank SA (a)		423,449		95,769
Globe Trade Centre SA (a)(b)		363,547		597,538
Grupa Kety SA		2,105		160,537
Grupa Lotos SA (a)		105,227		773,453
Inter Cars SA		2,822		175,886
Jastrzebska Spolka Weglowa SA (a)		55,516		166,436
KRUK SA		7,982		365,457
Lubelski Wegiel Bogdanka SA		36,689		548,036
Netia SA		501,304		738,268
PKP Cargo SA		14,021		248,853
Stomil Sanok SA		9,329		127,624
Synthos SA		186,609		185,502
Zespol Elektrowni Patnow Adamow Konin SA		19,240		70,938

				11,615,119

QATAR — 0.6%
Al Meera Consumer Goods Co. QSC		13,452		922,643
Mannai Corp. QSC		15,000		418,034
Medicare Group		12,000		556,829
Salam International Investment Co.		100,000		338,820

				2,236,326

RUSSIA — 0.6%
Aeroflot — Russian Airlines OJSC (a)		473,612		255,626

See accompanying notes to financial statements.

422

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

September 30, 2015


Security Description	Shares		Value

CTC Media, Inc.		65,805	$	115,159
DIXY Group OJSC (a)		22,440		106,546
Etalon Group, Ltd. GDR		57,991		95,395
Eurasia Drilling Co., Ltd. GDR		48,621		447,313
Globaltrans Investment PLC GDR (a)		104,359		419,523
LSR Group PJSC GDR		184,840		334,561
Mechel ADR (a)		208,200		189,462
Ros Agro PLC GDR		9,360		78,624
TMK PAO GDR		55,778		172,354

				2,214,563

SINGAPORE — 0.6%
Asian Pay Television Trust		774,500		427,585
Bumitama Agri, Ltd. (c)		326,300		183,585
Nam Cheong, Ltd. (c)		2,445,900		283,827
SIIC Environment Holdings, Ltd. (a)		1,097,560		648,393
Silverlake Axis, Ltd.		272,200		110,074
Yanlord Land Group, Ltd. (c)		841,700		600,834

				2,254,298

SOUTH AFRICA — 5.6%
Adcock Ingram Holdings, Ltd.		190,228		686,510
AECI, Ltd.		88,120		585,746
African Bank Investments, Ltd. (a)(d)		1,222,985		0
African Rainbow Minerals, Ltd.		44,121		165,514
Alexander Forbes Group Holdings, Ltd.		190,391		105,337
Aquarius Platinum, Ltd. (a)		1,488,371		147,670
ArcelorMittal South Africa, Ltd. (a)(c)		267,220		165,237
Arrowhead Properties, Ltd. (Class A)		207,507		144,071
Assore, Ltd.		26,256		141,164
Attacq, Ltd. (a)(c)		226,147		359,002
Aveng, Ltd. (a)(c)		379,721		98,864
Clicks Group, Ltd.		260,619		1,693,166
Coronation Fund Managers, Ltd.		72,216		340,998
Curro Holdings, Ltd. (a)		28,751		75,272
DataTec, Ltd.		281,414		1,261,855
Emira Property Fund, Ltd.		319,164		407,640
EOH Holdings, Ltd.		26,928		289,261
Exxaro Resources, Ltd.		64,488		244,856
Famous Brands, Ltd. (c)		37,498		366,112
Grindrod, Ltd. (c)		626,003		668,244
Harmony Gold Mining Co., Ltd. (a)(c)		405,685		253,205
Hosken Consolidated Investments, Ltd.		116,668		1,164,402
Illovo Sugar, Ltd.		147,058		173,785
JSE, Ltd.		143,938		1,342,880
KAP Industrial Holdings, Ltd.		148,761		68,963
Lewis Group, Ltd. (c)		187,067		838,805
Merafe Resources, Ltd.		3,783,842		191,559
Montauk Energy Holdings, Ltd. (a)		1		1
Mpact, Ltd.		210,102		730,882
Murray & Roberts Holdings, Ltd. (c)		343,769		290,887
Nampak, Ltd.		167,334		312,231
Northam Platinum, Ltd. (a)		438,033		853,130
Omnia Holdings, Ltd.		35,400		381,727
Pick’ n Pay Holdings, Ltd.		178,922		364,262
PPC, Ltd. (c)		517,061		639,455
Reunert, Ltd.		236,759		1,044,500
SA Corporate Real Estate Fund Nominees Pty, Ltd.		3,452,472		1,270,925
Sappi, Ltd. (a)		174,426		536,133
Sibanye Gold, Ltd.		397,400		450,944
Sun International, Ltd.		109,821		690,998
Super Group, Ltd. (a)		348,632		729,185
Tongaat Hulett, Ltd.		12,461		97,213
Wilson Bayly Holmes-Ovcon, Ltd.		84,337		676,977

				21,049,568

TAIWAN — 27.1%
A-DATA Technology Co., Ltd. (c)		257,652		258,219
Ability Enterprise Co., Ltd. (a)		556,000		273,546
AcBel Polytech, Inc.		311,000		182,761
Accton Technology Corp.		1,193,341		559,931
Adlink Technology, Inc. (c)		114,153		315,825
Advanced Ceramic X Corp.		54,642		344,339
Advanced International Multitech Co., Ltd.		20,000		11,601
AGV Products Corp. (a)(c)		1,558,926		301,109
Airtac International Group (c)		105,200		554,315
Alpha Networks, Inc. (b)		439,513		186,203
Altek Corp.		207,516		184,340
AmTRAN Technology Co., Ltd.		825,717		391,198
Arcadyan Technology Corp.		282,172		209,096
Asia Optical Co., Inc. (a)		208,540		205,832
Asia Polymer Corp.		521,367		278,675
Aten International Co., Ltd.		202,000		399,368
Basso Industry Corp.		434,000		649,797
BES Engineering Corp.		2,393,356		578,578
Capital Securities Corp.		2,273,730		620,092
Career Technology Co., Ltd.		237,726		168,940
Casetek Holdings, Ltd. (c)		170,000		722,800
Cathay No. 1 REIT		1,031,000		544,815
Cathay Real Estate Development Co., Ltd.		1,709,904		734,800
Center Laboratories, Inc. (a)		174,900		357,475
Chailease Holding Co., Ltd.		53,000		82,894
Chang Wah Electromaterials, Inc.		104,577		263,606
Charoen Pokphand Enterprise		673,675		437,830
Cheng Loong Corp.		1,409,128		483,582
Cheng Uei Precision Industry Co., Ltd.		315,915		440,856
Chin-Poon Industrial Co.		199,000		271,357
China Airlines, Ltd. (a)		500,000		170,830
China Bills Finance Corp.		834,394		282,545
China Chemical & Pharmaceutical Co., Ltd.		602,000		312,632
China Manmade Fibers Corp. (a)(c)		1,472,904		407,953
China Motor Corp.		813,000		570,353
China Petrochemical Development Corp. (a)		1,506,575		395,775
China Steel Chemical Corp. (c)		202,000		622,671
China Synthetic Rubber Corp.		654,832		477,290
Chipbond Technology Corp.		401,000		580,903
ChipMOS TECHNOLOGIES Bermuda, Ltd.		39,170		643,171
Chong Hong Construction Co., Ltd.		269,275		354,099
Chroma ATE, Inc. (c)		303,680		519,237
Chung Hung Steel Corp. (a)		875,239		110,842
Clevo Co.		501,265		548,800

See accompanying notes to financial statements.

423

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

September 30, 2015


Security Description	Shares		Value

CMC Magnetics Corp. (a)		1,710,788	$	204,707
Coretronic Corp.		372,065		336,161
CTCI Corp.		696,000		832,811
CyberTAN Technology, Inc.		518,210		233,708
D-Link Corp. (a)		1,044,054		311,369
Darwin Precisions Corp.		765,576		276,679
Dynapack International Technology Corp.		89,000		135,686
E Ink Holdings, Inc. (a)		748,000		352,107
Elan Microelectronics Corp. (c)		566,899		585,364
Elite Material Co., Ltd.		316,782		696,531
Elite Semiconductor Memory Technology, Inc.		304,674		229,471
eMemory Technology, Inc. (c)		59,000		582,340
Epistar Corp. (c)		897,572		691,017
Eternal Materials Co., Ltd.		798,099		702,904
Everlight Chemical Industrial Corp. (c)		552,147		277,520
Everlight Electronics Co., Ltd. (c)		480,503		723,801
Excelsior Medical Co., Ltd.		205,403		291,316
Far Eastern Department Stores, Ltd.		797,490		423,843
Far Eastern International Bank		3,008,211		892,574
Faraday Technology Corp.		353,385		434,655
Farglory Land Development Co., Ltd.		222,464		234,439
Feng Hsin Iron & Steel Co., Ltd.		489,270		539,382
Feng TAY Enterprise Co., Ltd.		9,035		56,113
Firich Enterprises Co., Ltd. (c)		151,838		418,243
FLEXium Interconnect, Inc. (c)		211,281		577,490
Formosa Taffeta Co., Ltd.		1,002,000		944,867
Formosan Rubber Group, Inc.		711,124		387,660
FSP Technology, Inc.		452,184		232,770
Gemtek Technology Corp.		415,234		195,464
GeoVision, Inc. (a)(c)		104,321		293,059
Gigabyte Technology Co., Ltd.		366,000		346,798
Gigastorage Corp. (a)(c)		407,114		238,624
Ginko International Co., Ltd. (c)		50,000		502,619
Gintech Energy Corp. (a)(c)		437,172		200,480
Global Unichip Corp.		104,669		184,687
Gloria Material Technology Corp.		541,913		279,782
Grand Pacific Petrochemical		1,059,000		484,032
Grape King, Inc.		124,000		615,716
Great Wall Enterprise Co.		901,867		495,750
HannStar Display Corp. (a)(c)		1,958,599		246,256
HannsTouch Solution, Inc. (a)(b)		953,000		95,510
Hey Song Corp.		424,770		404,420
Highwealth Construction Corp.		886,730		1,249,541
Himax Technologies, Inc. ADR (c)		80,368		640,533
Ho Tung Chemical Corp. (a)(c)		1,696,482		364,774
Hong TAI Electric Industrial		606,000		141,895
HTC Corp. (c)		175,000		337,484
Huaku Development Co., Ltd.		319,260		553,633
Huang Hsiang Construction Co.		312,484		253,859
I-Sheng Electric Wire & Cable Co., Ltd.		386,000		359,301
Ibase Technology, Inc. (c)		348,666		514,621
Ichia Technologies, Inc. (c)		183,000		100,594
ITE Technology, Inc.		270,887		208,960
Jess-Link Products Co., Ltd.		266,974		248,103
Jih Sun Financial Holdings Co., Ltd.		1,817,918		399,166
KEE TAI Properties Co., Ltd.		1,043,076		519,519
Kenda Rubber Industrial Co., Ltd. (c)		633,634		904,435
Kerry TJ Logistics Co., Ltd.		501,000		570,572
King Slide Works Co., Ltd.		65,000		888,315
King Yuan Electronics Co., Ltd.		1,386,656		880,149
King’s Town Bank		1,405,000		996,333
Kinpo Electronics (a)		1,266,371		403,823
Kinsus Interconnect Technology Corp.		198,030		378,890
Kuoyang Construction Co., Ltd. (c)		924,527		313,066
KYE Systems Corp. (a)		673,413		187,539
LCY Chemical Corp. (a)		509,862		355,367
Lingsen Precision Industries, Ltd.		800,694		219,825
Long Bon International Co., Ltd.		416,000		265,310
Longwell Co.		315,000		233,900
Lumax International Corp., Ltd.		208,358		273,993
Lung Yen Life Service Corp.		200,000		379,622
Macronix International Co., Ltd. (a)(c)		3,163,170		403,472
Makalot Industrial Co., Ltd.		144,014		1,183,078
Masterlink Securities Corp.		1,585,826		419,965
Medigen Biotechnology Corp. (a)		88,000		259,771
Mercuries & Associates Holding, Ltd.		521,835		335,185
Merry Electronics Co., Ltd. (c)		104,000		125,706
Micro-Star International Co., Ltd.		598,000		506,695
Microbio Co., Ltd. (a)(c)		559,723		458,963
MIN AIK Technology Co., Ltd. (c)		162,000		269,119
Mirle Automation Corp.		720,854		565,912
Mitac Holdings Corp.		734,999		456,479
Motech Industries, Inc. (a)		300,885		332,159
Nan Kang Rubber Tire Co., Ltd. (a)(c)		817,204		737,103
Nantex Industry Co., Ltd.		524,778		430,309
Neo Solar Power Corp. (c)		509,436		286,222
Nien Hsing Textile Co., Ltd.		405,938		247,798
Oriental Union Chemical Corp. (c)		835,500		586,138
Pan-International Industrial Co., Ltd.		544,539		190,181
Parade Technologies, Ltd.		60,000		437,324
PChome Online, Inc.		60,832		698,337
Phison Electronics Corp.		100,837		633,916
Phytohealth Corp. (a)(c)		311,511		271,517
PixArt Imaging, Inc.		104,060		212,055
Portwell, Inc.		215,000		268,362
Powertech Technology, Inc.		602,000		1,084,158
President Securities Corp.		1,329,850		506,860
Primax Electronics, Ltd. (c)		365,000		473,328
Prince Housing Development Corp.		1,886,996		569,064
Promate Electronic Co., Ltd.		493,000		411,738
Qisda Corp.		1,502,641		460,912
Radiant Opto-Electronics Corp. (c)		359,331		1,107,648
Radium Life Tech Co., Ltd. (a)(c)		960,810		316,598
Realtek Semiconductor Corp.		393,053		666,080
RichTek Technology Corp.		101,477		591,712
Ritek Corp. (a)		2,471,596		218,430
Sampo Corp.		1,488,527		580,900
Sanyang Industry Co., Ltd. (a)(c)		583,945		414,982
ScinoPharm Taiwan, Ltd. (c)		264,553		313,342
Senao International Co., Ltd.		176,911		243,117
Sercomm Corp. (c)		267,000		653,563
Shinkong Insurance Co., Ltd.		566,841		360,650
Shinkong Synthetic Fibers Corp.		2,285,796		600,475

See accompanying notes to financial statements.

424

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

September 30, 2015


Security Description	Shares		Value

Sigurd Microelectronics Corp.		692,694	$	441,776
Silicon Integrated Systems Corp. (a)(c)		1,003,000		164,489
Silicon Motion Technology Corp. ADR (c)		29,077		794,093
Simplo Technology Co., Ltd.		202,129		650,692
Sinbon Electronics Co., Ltd.		413,872		697,590
Sinmag Equipment Corp. (c)		103,726		378,016
Sino-American Silicon Products, Inc. (a)		464,058		483,401
Sinon Corp. (c)		1,209,662		501,462
Sinphar Pharmaceutical Co., Ltd. (c)		388,346		320,796
Sinyi Realty Co.		679,940		575,092
Soft-World International Corp.		100,848		158,649
Solar Applied Materials Technology Corp.		420,090		241,127
Solartech Energy Corp. (c)		427,207		201,748
St. Shine Optical Co., Ltd.		47,000		573,806
Standard Foods Corp.		548,592		1,182,903
Systex Corp. (c)		308,000		498,562
Ta Chong Bank Co., Ltd. (a)		2,152,315		866,090
Taichung Commercial Bank		2,619,632		740,681
Taiflex Scientific Co., Ltd.		323,725		345,084
Tainan Enterprises Co., Ltd.		372,000		283,568
Tainan Spinning Co., Ltd.		1,706,105		720,214
Taisun Enterprise Co., Ltd. (a)		830,549		254,758
Taiwan Acceptance Corp. (c)		301,000		675,542
Taiwan Building Materials Co., Ltd.		1,899,041		497,145
Taiwan Business Bank (a)		4,705,652		1,167,570
Taiwan Cogeneration Corp.		598,469		383,500
Taiwan Fertilizer Co., Ltd.		278,000		346,154
Taiwan Hon Chuan Enterprise Co., Ltd.		420,218		603,001
Taiwan Land Development Corp.		1,317,003		421,969
Taiwan Life Insurance Co., Ltd. (a)		519,025		427,168
Taiwan Secom Co., Ltd.		372,961		1,046,590
Taiwan Surface Mounting Technology Corp.		405,308		370,504
Taiyen Biotech Co., Ltd. (c)		405,979		277,413
Tatung Co., Ltd. (a)(c)		2,943,691		452,360
Test Rite International Co., Ltd.		521,896		317,790
Thye Ming Industrial Co., Ltd.		489,218		436,066
Ton Yi Industrial Corp. (c)		415,000		201,025
Tong Hsing Electronic Industries, Ltd.		103,327		262,338
Tong Yang Industry Co., Ltd.		470,872		467,619
Topco Scientific Co., Ltd.		320,965		460,575
Transcend Information, Inc.		233,484		588,541
Tripod Technology Corp.		498,353		715,879
TSRC Corp. (c)		601,028		363,236
TTY Biopharm Co., Ltd. (c)		261,436		760,628
Tung Ho Steel Enterprise Corp.		914,258		477,572
Tung Thih Electronic Co., Ltd.		81,893		559,591
TXC Corp. (c)		490,120		506,828
U-Ming Marine Transport Corp.		457,000		485,764
Unimicron Technology Corp. (c)		983,000		373,168
Unity Opto Technology Co., Ltd.		413,307		181,377
Unizyx Holding Corp. (c)		559,694		204,823
UPC Technology Corp.		887,914		248,354
USI Corp.		1,086,318		447,031
Ve Wong Corp.		239,000		144,442
Visual Photonics Epitaxy Co., Ltd.		292,162		337,170
Wafer Works Corp. (a)(c)		466,872		146,041
Wah Hong Industrial Corp.		76,000		38,545
Walsin Lihwa Corp. (a)		3,116,000		662,425
Wan Hai Lines, Ltd.		1,116,320		701,779
Waterland Financial Holdings Co., Ltd. (c)		2,254,660		551,211
Wei Chuan Food Corp. (a)(c)		285,899		167,576
Weikeng Industrial Co., Ltd.		417,628		224,494
Winbond Electronics Corp. (a)		2,658,730		549,066
Wistron NeWeb Corp.		206,435		429,452
WUS Printed Circuit Co., Ltd.		433,000		322,835
Yageo Corp.		569,640		871,911
Yang Ming Marine Transport Corp. (a)(c)		1,610,788		465,222
YFY, Inc.		2,076,941		646,531
Yieh Phui Enterprise Co., Ltd.		1,833,924		394,326
Yungtay Engineering Co., Ltd.		413,000		653,475
Zenitron Corp.		548,348		254,794
Zinwell Corp.		487,674		540,585

				101,135,649

THAILAND — 4.0%
Bangkok Expressway PCL NVDR		644,900		644,100
Bangkokland PCL NVDR		14,156,500		577,259
Central Plaza Hotel PCL NVDR (c)		435,300		449,752
Chularat Hospital PCL NVDR		3,134,300		186,530
Dynasty Ceramic PCL NVDR		3,278,020		334,169
Esso Thailand PCL NVDR (a)		940,900		132,211
GFPT PCL		283,000		75,243
Gunkul Engineering PCL NVDR		125,800		69,667
Hana Microelectronics PCL		1,405,560		1,094,009
Ichitan Group PCL NVDR		1,416,000		612,514
Inter Far East Engineering PCL NVDR		350,600		97,563
Jasmine International PCL NVDR		5,458,200		842,152
Kiatnakin Bank PCL NVDR		477,100		404,211
LPN Development PCL ADR NVDR		847,100		396,768
Major Cineplex Group PCL NVDR		230,500		203,224
MBK PCL NVDR		603,600		237,815
MK Restaurants Group PCL NVDR		660,300		1,050,622
Precious Shipping PCL (a)		575,400		112,559
Pruksa Real Estate PCL NVDR		196,100		155,335
PTG Energy PCL NVDR		182,700		73,996
Robinson Department Store PCL NVDR (c)		344,300		360,474
Siam Global House PCL NVDR		862,671		278,089
Sino Thai Engineering & Construction PCL NVDR		803,300		535,607
Sri Trang Agro-Industry PCL NVDR		470,400		145,157
Srisawad Power 1979 PCL NVDR		282,900		286,447
Supalai PCL NVDR (c)		473,300		238,639
Superblock PCL NVDR (a)		4,576,700		197,973
Thai Airways International PCL NVDR (a)		832,800		231,748
Thai Vegetable Oil PCL NVDR		438,600		344,403
Thaicom PCL NVDR		654,300		567,859
Thanachart Capital PCL		1,437,642		1,257,615
Thoresen Thai Agencies PCL		3,401,706		946,611
Tipco Asphalt PCL NVDR		187,500		152,397

See accompanying notes to financial statements.

425

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

September 30, 2015


Security Description	Shares		Value

Tisco Financial Group PCL		302,203	$	297,665
TPI Polene PCL		1,013,500		69,251
TTW PCL		1,603,400		481,528
VGI Global Media PCL NVDR		3,729,612		359,654
WHA Corp. PCL NVDR (a)(c)		4,833,300		420,808

				14,921,624

TURKEY — 1.7%
Afyon Cimento Sanayi TAS (a)		61,566		102,280
Akfen Holding AS		94,254		273,322
Albaraka Turk Katilim Bankasi		1,591,818		699,238
Aygaz AS (c)		118,313		380,602
Dogan Sirketler Grubu Holdings AS (a)(c)		968,572		163,148
GSD Holding		472,889		179,613
Ihlas Holding (a)		3		0
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D) (c)		1,413,565		578,919
Koza Altin Isletmeleri AS (c)		102,121		740,337
NET Holding AS (a)		271,603		280,775
Pegasus Hava Tasimaciligi AS (a)(c)		39,866		232,395
Petkim Petrokimya Holding AS (a)(c)		981,624		1,296,836
Sekerbank TAS (a)		1,066,626		489,674
Sinpas Gayrimenkul Yatirim Ortakligi AS		3		1
Tekfen Holding AS (c)		143,204		197,702
Torunlar Gayrimenkul Yatirim Ortakligi AS		194,809		195,597
Turkiye Sinai Kalkinma Bankasi AS		982,388		457,491
Yazicilar Holding AS (Class A)		25,804		138,064

				6,405,994

UNITED ARAB EMIRATES — 0.8%
Air Arabia PJSC		1,900,000		724,233
Al Waha Capital PJSC		1,150,000		695,101
Dana Gas PJSC (a)		3,150,000		471,704
Eshraq Properties Co. PJSC (a)		1,783,041		325,262
Exillon Energy PLC (a)		76,065		129,046
National Central Cooling Co. PJSC		700,000		226,799
RAK Properties PJSC		2,800,000		465,034

				3,037,179

TOTAL COMMON STOCKS —
(Cost $552,671,213)				372,575,935

RIGHTS — 0.0% (f)
HONG KONG — 0.0% (f)
Golden Meditech Holdings, Ltd. (expired 9/29/15) (a)(b)		378,000		0

SOUTH AFRICA — 0.0% (f)
Super Group, Ltd. (expiring 10/9/15) (a)		40,792		10,178

TOTAL RIGHTS —
(Cost $0)				10,178

WARRANTS — 0.0% (f)
MALAYSIA — 0.0% (f)
WCT Holdings Bhd (expiring 8/27/20) (a)		268,650		8,251

THAILAND — 0.0% (f)
WHA Corp. PCL NVDR (expiring 12/14/15) (a)(c)		483,330		5,593

TOTAL WARRANTS —
(Cost $0)				13,844

SHORT TERM INVESTMENT — 8.5%
UNITED STATES — 8.5%
MONEY MARKET FUND — 8.5%
State Street Navigator Securities Lending Prime Portfolio (g)(h) (Cost $31,737,344)		31,737,344		31,737,344

TOTAL INVESTMENTS — 108.2%
(Cost $584,408,557)				404,337,301
OTHER ASSETS & LIABILITIES — (8.2)%				(30,656,604	)

NET ASSETS — 100.0%			$	373,680,697


(a)		Non-income producing security
(b)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(c)		All or a portion of the security was on loan at September 30, 2015.
(d)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(e)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.6% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)		Amount shown represents less than 0.05% of net assets.
(g)		Investments of cash collateral for securities loaned.
(h)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

ADS = American Depositary Shares

GDR = Global Depositary Receipt

NVDR = Non Voting Depositary Receipt

OJSC = Open Joint Stock Company

PCL = Public Company Limited

PJSC = Public Joint Stock Company

PLC = Public Limited Company

REIC = Real Estate Investment Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

426

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.7%
AUSTRALIA — 5.0%
Astro Japan Property Group		122,115	$	450,215
BGP Holdings PLC (a)(b)		1,313,937		0
BWP Trust (c)		960,615		2,084,489
Charter Hall Retail REIT		612,704		1,751,205
Dexus Property Group		1,882,871		9,454,062
Goodman Group		3,064,684		12,590,223
GPT Group		3,383,067		10,714,675
Investa Office Fund REIT		1,201,432		3,324,201
Scentre Group		10,405,520		28,498,384
Westfield Corp.		3,735,997		26,157,336

				95,024,790

AUSTRIA — 0.5%
Atrium European Real Estate, Ltd. (a)		330,108		1,442,611
BUWOG AG (a)(c)		101,024		2,142,592
CA Immobilien Anlagen AG (a)		142,898		2,627,127
IMMOFINANZ AG (a)		1,761,810		4,051,236

				10,263,566

BELGIUM — 0.3%
Befimmo SA		38,225		2,342,082
Cofinimmo SA		39,581		4,168,597

				6,510,679

BRAZIL — 0.1%
BR Malls Participacoes SA		918,026		2,411,520

CANADA — 4.1%
Artis REIT		132,203		1,250,342
Boardwalk REIT		45,511		1,860,903
Brookfield Asset Management, Inc. (Class A)		1,693,138		53,028,168
Canadian Apartment Properties REIT		113,456		2,401,642
Canadian REIT		70,892		2,166,365
Crombie Real Estate Investment Trust		74,239		709,886
First Capital Realty, Inc. (c)		219,308		3,058,894
H&R Real Estate Investment Trust		262,977		4,034,785
RioCan REIT		302,378		5,744,438
Smart Real Estate Investment Trust		119,229		2,719,492

				76,974,915

CHINA — 0.8%
Hongkong Land Holdings, Ltd.		2,319,200		15,329,912

FRANCE — 4.4%
Fonciere Des Regions		85,028		7,389,885
Gecina SA		70,448		8,567,561
Klepierre		368,616		16,660,317
Mercialys SA REIT		35,947		776,033
Unibail-Rodamco SE		191,588		49,465,824

				82,859,620

HONG KONG — 2.6%
Champion REIT		4,276,462		2,129,940
Hang Lung Group, Ltd.		138,996		471,687
Hang Lung Properties, Ltd.		4,120,018		9,228,781
Hysan Development Co., Ltd.		1,226,731		5,096,836
Link REIT		4,482,182		24,579,549
Prosperity REIT		2,534,000		866,459
Wheelock & Co., Ltd.		1,583,016		6,842,670

				49,215,922

ITALY — 0.1%
Beni Stabili SpA (c)		2,082,502		1,614,429
Immobiliare Grande Distribuzione SpA		592,448		530,379

				2,144,808

JAPAN — 9.1%
Activia Properties, Inc.		1,002		4,191,558
Aeon Mall Co., Ltd.		225,600		3,449,034
Daibiru Corp.		117,500		910,450
Daiwa Office Investment Corp.		628		3,030,802
Frontier Real Estate Investment Corp.		969		3,750,106
Fukuoka REIT Corp.		1,357		2,005,502
Global One Real Estate Investment Corp.		355		1,064,126
Hankyu REIT, Inc.		1,061		1,117,122
Heiwa Real Estate Co., Ltd. (c)		74,400		793,915
Hoshino Resorts REIT, Inc.		98		881,276
Hulic Co., Ltd.		885,500		7,962,957
Hulic Reit, Inc.		1,343		1,771,753
Japan Excellent, Inc. (c)		2,466		2,713,804
Japan Prime Realty Investment Corp.		1,694		5,495,086
Japan Real Estate Investment Corp.		2,561		11,782,332
Japan Rental Housing Investments, Inc.		3,205		2,090,014
Japan Retail Fund Investment Corp.		4,767		9,218,363
Kenedix Office Investment Corp.		792		3,762,769
Kenedix Residential Investment Corp. (c)		699		1,803,457
MCUBS MidCity Investment Corp. REIT		520		1,352,482
Mitsui Fudosan Co., Ltd.		1,938,000		52,800,852
Mori Hills REIT Investment Corp.		2,338		2,746,684
Mori Trust Sogo REIT, Inc.		2,000		3,420,031
Nippon Building Fund, Inc.		2,764		13,362,468
Nomura Real Estate Office Fund, Inc. (c)		725		3,287,062
NTT Urban Development Corp.		217,900		1,995,878
Orix JREIT, Inc.		4,349		5,879,039
Premier Investment Corp. (c)		455		2,264,267
Tokyu Fudosan Holdings Corp.		998,100		6,608,719
Tokyu REIT, Inc.		1,829		2,356,404
Top REIT, Inc.		352		1,359,329
United Urban Investment Corp.		5,146		6,866,203

				172,093,844

NETHERLANDS — 0.5%
Eurocommercial Properties NV		92,573		4,032,115
VastNed Retail NV		37,811		1,634,658
Wereldhave NV		78,704		4,529,717

				10,196,490

NEW ZEALAND — 0.3%
Argosy Property, Ltd.		1,598,148		1,073,452
Goodman Property Trust		2,026,035		1,503,423
Kiwi Income Property Group, Ltd.		2,469,602		2,030,049

See accompanying notes to financial statements.

427

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Precinct Properties New Zealand, Ltd.		1,927,767	$	1,399,673

				6,006,597

PHILIPPINES — 1.0%
Ayala Land, Inc.		11,586,600		8,428,421
SM Prime Holdings, Inc.		22,575,900		9,974,162

				18,402,583

SINGAPORE — 2.6%
Ascendas REIT		3,980,469		6,550,600
Cambridge Industrial Trust		1,989,871		853,662
CapitaLand Commercial Trust, Ltd. (c)		3,920,982		3,695,137
CapitaLand Mall Trust		5,058,160		6,758,917
CapitaLand, Ltd.		4,921,400		9,275,865
Frasers Commercial Trust		972,583		909,723
Global Logistic Properties, Ltd.		6,059,700		8,693,852
Guocoland, Ltd.		606,999		787,617
Keppel REIT (c)		3,416,600		2,294,713
Mapletree Logistics Trust		2,944,173		2,029,179
Starhill Global REIT		2,777,224		1,474,649
Suntec REIT (c)		4,946,974		5,218,694
United Industrial Corp., Ltd.		395,605		851,362

				49,393,970

SOUTH AFRICA — 0.8%
Capital Property Fund, Ltd.		2,972,923		3,375,634
Growthpoint Properties, Ltd. REIT		4,291,657		7,961,308
Hyprop Investments, Ltd.		408,850		3,569,269
SA Corporate Real Estate Fund Nominees Pty, Ltd.		2,918,198		1,074,248

				15,980,459

SPAIN — 0.0% (d)
Martinsa-Fadesa SA (a)(b)		178		0

SWEDEN — 1.0%
Castellum AB		341,811		4,796,818
Fabege AB		275,153		4,025,405
Great Portland Estates PLC		674,433		8,734,657
Kungsleden AB		318,600		2,136,777

				19,693,657

SWITZERLAND — 0.9%
PSP Swiss Property AG (a)		78,885		6,466,778
Swiss Prime Site AG (a)		136,262		9,929,234

				16,396,012

THAILAND — 0.2%
Central Pattana PCL NVDR		2,613,900		3,222,814

UNITED KINGDOM — 6.6%
Big Yellow Group PLC		287,758		3,155,781
British Land Co. PLC		1,999,734		25,398,977
Capital & Counties Properties PLC		1,454,154		9,566,237
Derwent London PLC		216,742		11,947,198
Grainger PLC		829,289		2,989,674
Hammerson PLC		1,546,413		14,605,044
Intu Properties PLC		1,596,517		7,970,796
Land Securities Group PLC		1,565,490		29,854,992
Segro PLC		1,455,084		9,466,559
Shaftesbury PLC		540,876		7,512,906
Workspace Group PLC		228,091		3,240,798

				125,708,962

UNITED STATES — 58.8%
Acadia Realty Trust		133,431		4,012,270
Alexandria Real Estate Equities, Inc.		140,894		11,929,495
American Campus Communities, Inc.		218,708		7,925,978
American Homes 4 Rent (Class A)		304,938		4,903,403
Apartment Investment & Management Co. (Class A)		306,491		11,346,297
Ashford Hospitality Prime, Inc.		52,003		729,602
Ashford Hospitality Trust, Inc.		173,143		1,056,172
AvalonBay Communities, Inc.		260,436		45,529,422
BioMed Realty Trust, Inc.		399,350		7,979,013
Boston Properties, Inc.		301,031		35,642,070
Brandywine Realty Trust		354,297		4,364,939
Brixmor Property Group, Inc.		334,562		7,855,516
Camden Property Trust		170,429		12,594,703
Care Capital Properties, Inc.		162,389		5,347,470
CBL & Associates Properties, Inc.		296,522		4,077,178
Cedar Realty Trust, Inc. (c)		139,394		865,637
Columbia Property Trust, Inc.		243,367		5,646,114
Corporate Office Properties Trust		186,540		3,922,936
Cousins Properties, Inc.		399,807		3,686,221
CubeSmart		326,996		8,897,561
DCT Industrial Trust, Inc.		174,039		5,858,153
DDR Corp.		596,190		9,169,402
DiamondRock Hospitality Co.		394,946		4,364,153
Digital Realty Trust, Inc.		266,267		17,392,560
Douglas Emmett, Inc.		272,370		7,822,466
Duke Realty Corp.		677,135		12,899,422
DuPont Fabros Technology, Inc.		131,036		3,391,212
EastGroup Properties, Inc.		63,539		3,442,543
Education Realty Trust, Inc.		94,164		3,102,704
Equity Commonwealth (a)		252,472		6,877,337
Equity Lifestyle Properties, Inc.		156,899		9,189,574
Equity One, Inc.		144,251		3,511,069
Equity Residential		713,632		53,608,036
Essex Property Trust, Inc.		128,811		28,778,954
Extra Space Storage, Inc.		240,072		18,523,956
Federal Realty Investment Trust (c)		135,492		18,487,883
FelCor Lodging Trust, Inc.		258,473		1,827,404
First Industrial Realty Trust, Inc.		216,608		4,537,938
First Potomac Realty Trust		116,723		1,283,953
Forest City Enterprises, Inc. (Class A) (a)		406,417		8,181,174
Franklin Street Properties Corp.		172,352		1,852,784
General Growth Properties, Inc.		1,145,686		29,753,465
HCP, Inc.		906,643		33,772,452
Healthcare Realty Trust, Inc.		194,979		4,845,228
Hersha Hospitality Trust		98,396		2,229,653
Highwoods Properties, Inc.		184,346		7,143,408
Home Properties, Inc.		113,532		8,486,517
Hospitality Properties Trust		296,940		7,595,725
Host Hotels & Resorts, Inc. (c)		1,467,959		23,208,432
Inland Real Estate Corp.		173,856		1,408,234
Kilroy Realty Corp.		180,169		11,739,812
Kimco Realty Corp.		809,177		19,768,194
Kite Realty Group Trust		163,566		3,894,506
LaSalle Hotel Properties		219,967		6,244,863

See accompanying notes to financial statements.

428

SPDR Dow Jones Global Real Estate ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Liberty Property Trust		293,133	$	9,236,621
LTC Properties, Inc. (c)		69,844		2,980,244
Macerich Co.		262,953		20,200,050
Mack-Cali Realty Corp.		174,148		3,287,914
Mid-America Apartment Communities, Inc.		147,781		12,098,831
National Storage Affiliates Trust		44,983		609,520
New York REIT, Inc. (c)		315,050		3,169,403
NexPoint Residential Trust, Inc.		41,833		558,889
Parkway Properties, Inc.		166,485		2,590,507
Pebblebrook Hotel Trust		141,203		5,005,646
Pennsylvania Real Estate Investment Trust		134,053		2,658,271
Piedmont Office Realty Trust, Inc. (Class A)		295,758		5,291,111
Post Properties, Inc.		107,673		6,276,259
ProLogis, Inc.		1,027,326		39,962,981
PS Business Parks, Inc.		37,587		2,983,656
Public Storage		288,127		60,976,317
Ramco-Gershenson Properties Trust		152,598		2,290,496
Regency Centers Corp.		184,996		11,497,501
Retail Opportunity Investments Corp.		193,000		3,192,220
Rexford Industrial Realty, Inc.		106,582		1,469,766
RLJ Lodging Trust		255,568		6,458,203
Rouse Properties, Inc.		73,930		1,151,829
Saul Centers, Inc.		22,604		1,169,757
Senior Housing Properties Trust		465,319		7,538,168
Silver Bay Realty Trust Corp.		74,528		1,193,193
Simon Property Group, Inc.		606,411		111,409,829
SL Green Realty Corp. (c)		194,688		21,057,454
Sovran Self Storage, Inc.		70,478		6,646,075
Strategic Hotels & Resorts, Inc. (a)		540,833		7,458,087
Sun Communities, Inc. (c)		105,099		7,121,508
Sunstone Hotel Investors, Inc.		406,082		5,372,465
Tanger Factory Outlet Centers, Inc.		187,215		6,172,479
Taubman Centers, Inc.		118,969		8,218,379
UDR, Inc.		513,502		17,705,549
Universal Health Realty Income Trust (c)		25,554		1,199,505
Urban Edge Properties		179,304		3,871,173
Ventas, Inc.		651,952		36,548,429
Vornado Realty Trust		347,257		31,398,978
Washington Real Estate Investment Trust (c)		133,698		3,333,091
Weingarten Realty Investors		222,435		7,364,823
Welltower, Inc.		689,682		46,705,265
WP GLIMCHER, Inc.		365,934		4,266,790
Xenia Hotels & Resorts, Inc.		217,140		3,791,264

				1,115,993,659

TOTAL COMMON STOCKS —
(Cost $1,823,983,374)				1,893,824,779

SHORT TERM INVESTMENTS — 1.3%
UNITED STATES — 1.3%
MONEY MARKET FUNDS — 1.3%
State Street Navigator Securities Lending Prime Portfolio (e)(f)		20,157,461		20,157,461
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (f)(g)		3,964,339		3,964,339

TOTAL SHORT TERM INVESTMENTS —
(Cost $24,121,800)				24,121,800

TOTAL INVESTMENTS — 101.0%
(Cost $1,848,105,174)				1,917,946,579
OTHER ASSETS & LIABILITIES — (1.0)%				(18,752,851	)

NET ASSETS — 100.0%			$	1,899,193,728


(a)		Non-income producing security
(b)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(c)		All or a portion of the security was on loan at September 30, 2015.
(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.

NVDR = Non Voting Depositary Receipt

PCL = Public Company Limited

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

429

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.1%
AUSTRALIA — 1.8%
Aristocrat Leisure, Ltd.		10,441	$	63,130
Automotive Holdings Group, Ltd. (a)		12,725		35,298
Crown Resorts, Ltd. (a)		7,531		52,358
Fairfax Media, Ltd.		44,009		27,351
Tatts Group, Ltd.		27,669		73,059

				251,196

BELGIUM — 0.2%
S.A. D’Ieteren NV		920		35,435

CANADA — 4.8%
Amaya, Inc. (a)(b)		774		14,046
Canadian Tire Corp., Ltd. (Class A)		1,262		113,003
Gildan Activewear, Inc.		3,063		92,025
Magna International, Inc.		3,938		188,015
Restaurant Brands International, Inc. (a)		745		26,695
Shaw Communications, Inc. (Class B) (a)		4,179		80,544
Thomson Reuters Corp.		4,180		167,237

				681,565

DENMARK — 0.6%
Pandora A/S		733		85,438

FINLAND — 0.3%
Nokian Renkaat Oyj		1,120		36,143
Sanoma Oyj (a)		2,849		10,508

				46,651

FRANCE — 10.9%
Accor SA		1,688		78,685
Christian Dior SE		379		70,672
Compagnie Generale des Etablissements Michelin		1,669		151,687
Havas SA		6,865		55,864
Hermes International		300		108,834
Kering		706		115,059
Lagardere SCA		1,302		35,956
LVMH Moet Hennessy Louis Vuitton SE		1,844		313,283
Numericable-SFR SAS (b)		1,100		50,687
Peugeot SA (a)(b)		1,152		17,302
Publicis Groupe SA		1,078		73,378
Renault SA		1,581		112,947
Sodexo SA		1,176		97,140
Valeo SA		602		81,142
Vivendi SA		8,065		190,224

				1,552,860

GERMANY — 9.8%
adidas AG		1,850		148,705
Bayerische Motoren Werke AG		2,052		181,457
Bayerische Motoren Werke AG Preference Shares		347		23,756
Continental AG		680		144,295
Daimler AG		6,714		486,018
Hugo Boss AG		222		24,880
Kabel Deutschland Holding AG (b)		302		39,273
Leoni AG		210		11,160
Porsche Automobil Holding SE Preference Shares		777		33,041
ProSiebenSat.1 Media SE		1,159		56,717
TUI AG		6,423		118,502
Volkswagen AG (a)		190		22,259
Volkswagen AG Preference Shares		1,032		112,605

				1,402,668

HONG KONG — 2.8%
Esprit Holdings, Ltd. (a)		23,082		17,155
Fairwood Holdings, Ltd.		16,000		45,213
Galaxy Entertainment Group, Ltd.		16,000		40,671
Giordano International, Ltd.		80,000		38,606
Global Brands Group Holding, Ltd. (b)		62,000		12,800
Li & Fung, Ltd. (a)		62,000		47,280
Pico Far East Holdings, Ltd.		108,000		25,084
Sands China, Ltd.		24,000		72,154
Shangri-La Asia, Ltd.		16,500		14,264
SJM Holdings, Ltd. (a)		24,000		16,970
Techtronic Industries Co., Ltd.		15,500		57,200
Wynn Macau, Ltd. (a)		15,600		17,673

				405,070

IRELAND — 0.2%
Paddy Power PLC		266		30,642

ITALY — 0.7%
Mediaset SpA		8,217		37,698
Pirelli & C. SpA		3,510		58,653

				96,351

JAPAN — 34.1%
Aisin Seiki Co., Ltd.		2,300		76,817
Aoyama Trading Co., Ltd.		1,400		49,213
Asics Corp. (a)		800		18,957
Bandai Namco Holdings, Inc.		3,900		90,202
Benesse Holdings, Inc. (a)		1,600		42,684
Bookoff Corp.		1,500		11,285
Bridgestone Corp. (a)		6,300		217,040
Can Do Co., Ltd. (a)		800		10,187
Casio Computer Co., Ltd. (a)		3,900		70,501
Denso Corp. (a)		3,100		130,352
Dentsu, Inc. (a)		2,800		143,080
Fast Retailing Co., Ltd.		488		197,580
Fuji Corp., Ltd. (a)		3,100		17,394
Fuji Heavy Industries, Ltd.		4,300		153,775
GLOBERIDE, Inc. (a)		800		9,352
Gunze, Ltd.		15,000		45,214
Haseko Corp.		2,400		27,053
Honda Motor Co., Ltd. (a)		10,800		319,135
Isetan Mitsukoshi Holdings, Ltd.		5,100		76,309
Isuzu Motors, Ltd. (a)		4,200		41,907
Kappa Create Holdings Co., Ltd. (b)		800		8,216
Koito Manufacturing Co., Ltd.		800		25,951
Kojima Co., Ltd.		10,200		25,806
Konaka Co., Ltd.		5,800		29,832
Kyoritsu Maintenance Co., Ltd.		400		25,617
Kyoto Kimono Yuzen Co., Ltd. (a)		3,400		28,389
Mazda Motor Corp.		3,500		54,941
Mitsubishi Motors Corp. (a)		3,100		23,606
NGK Spark Plug Co., Ltd.		1,100		25,065
Nikon Corp. (a)		3,900		46,957
Nissan Motor Co., Ltd. (a)		15,300		139,759

See accompanying notes to financial statements.

430

SPDR S&P International Consumer Discretionary Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Oriental Land Co., Ltd. (a)		2,300	$	128,073
Otsuka Kagu, Ltd. (a)		2,100		26,705
Panasonic Corp. (a)		13,600		136,664
Pioneer Corp. (b)		3,200		6,920
Rakuten, Inc. (a)		6,300		80,167
Resorttrust, Inc. (a)		4,000		99,161
Ringer Hut Co., Ltd. (a)		1,100		23,733
Sanrio Co., Ltd. (a)		300		8,153
Sanyo Housing Nagoya Co., Ltd.		1,700		15,103
Sega Sammy Holdings, Inc. (a)		700		6,803
Sekisui Chemical Co., Ltd.		8,000		83,697
Sekisui House, Ltd.		8,000		124,577
Sharp Corp. (a)(b)		8,000		9,151
Shimano, Inc. (a)		1,300		181,706
Sony Corp.		7,100		171,831
Stanley Electric Co., Ltd. (a)		2,400		47,593
Suminoe Textile Co., Ltd.		7,000		19,755
Sumitomo Electric Industries, Ltd.		5,000		63,604
Sumitomo Forestry Co., Ltd.		6,800		75,742
Suzuki Motor Corp. (a)		3,500		107,018
Toho Co., Ltd.		1,000		22,736
Toyota Industries Corp. (a)		1,900		89,792
Toyota Motor Corp.		18,800		1,094,266
Yamada Denki Co., Ltd. (a)		10,000		40,245
Yamaha Motor Co., Ltd.		1,600		31,943

				4,877,314

LUXEMBOURG — 0.6%
SES SA		2,849		89,586

NETHERLANDS — 3.4%
Altice NV (Class A) (b)		1,500		31,352
Altice NV (Class B) (b)		500		11,143
Fiat Chrysler Automobiles NV (b)		7,734		100,230
RELX NV		12,554		204,175
Wolters Kluwer NV		4,556		139,906

				486,806

NORWAY — 0.5%
Schibsted ASA (Class A)		1,040		35,175
Schibsted ASA (Class B) (b)		1,040		32,797

				67,972

SINGAPORE — 0.6%
Genting Singapore PLC (a)		47,900		24,423
Singapore Press Holdings, Ltd. (a)		24,000		64,815

				89,238

SOUTH KOREA — 4.4%
Cheil Worldwide, Inc. (b)		1,044		16,030
CJ Hellovision Co., Ltd.		1,340		12,662
Coway Co., Ltd.		386		27,257
Credu Corp.		373		18,818
Fila Korea, Ltd.		101		8,478
Hanil E-Hwa Co., Ltd.		518		5,856
Hankook Tire Co., Ltd.		882		29,467
Hanon Systems Corp.		230		7,616
Hanssem Co., Ltd.		80		19,269
Hotel Shilla Co., Ltd.		249		24,159
Hyundai Department Store Co., Ltd.		147		16,619
Hyundai Engineering Plastics Co., Ltd.		2,315		17,773
Hyundai Mobis Co., Ltd.		472		92,186
Hyundai Motor Co.		1,059		146,525
Hyundai Wia Corp.		151		16,434
Kangwon Land, Inc.		711		25,374
Kia Motors Corp.		1,921		86,869
LG Electronics, Inc.		747		28,770
Lotte Shopping Co., Ltd.		103		24,809
Seoyeon Co., Ltd.		842		9,412

				634,383

SPAIN — 2.0%
Industria de Diseno Textil SA		7,758		259,190
NH Hotel Group SA (a)(b)		4,159		22,191

				281,381

SWEDEN — 2.5%
Electrolux AB (Series B)		3,868		108,840
Hennes & Mauritz AB (Class B)		6,688		243,771

				352,611

SWITZERLAND — 3.0%
Cie Financiere Richemont SA		3,663		283,788
Dufry AG (b)		174		20,301
Swatch Group AG		347		128,203

				432,292

UNITED KINGDOM — 15.9%
Burberry Group PLC		4,207		87,177
Carnival PLC		2,117		109,766
Compass Group PLC		15,187		242,238
GKN PLC		14,630		59,391
Home Retail Group PLC		11,676		24,053
Informa PLC		8,067		68,612
International Game Technology PLC		2,100		32,193
ITV PLC		34,431		128,300
Kingfisher PLC		28,259		153,500
Marks & Spencer Group PLC		15,156		115,017
Next PLC		2,159		248,873
Ocado Group PLC (b)		2,693		13,054
Pearson PLC		9,014		153,880
RELX PLC		11,059		189,628
Sky PLC		10,578		167,280
Sports Direct International PLC (b)		1,582		18,140
Thomas Cook Group PLC (b)		6,977		12,228
WH Smith PLC		740		17,531
Whitbread PLC		2,909		205,691
WPP PLC		11,011		229,001

				2,275,553

TOTAL COMMON STOCKS —
(Cost $15,661,741)				14,175,012

WARRANTS — 0.1%
FRANCE — 0.1%
Peugeot SA (expiring 4/29/17) (b) (Cost $7,745)		3,417		9,612

SHORT TERM INVESTMENTS — 14.5%
UNITED STATES — 14.5%
MONEY MARKET FUNDS — 14.5%
State Street Navigator Securities Lending Prime Portfolio (c)(d)		2,025,769		2,025,769

See accompanying notes to financial statements.

431

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 4.1%
Blackmores, Ltd.		271	$	27,776
Coca-Cola Amatil, Ltd.		25,983		164,401
Treasury Wine Estates, Ltd.		31,651		145,809
Wesfarmers, Ltd.		50,672		1,395,621
Woolworths, Ltd. (a)		51,657		901,099

				2,634,706

BELGIUM — 5.9%
Anheuser-Busch InBev NV VVPR Strip (b)(c)		2,040		0
Anheuser-Busch InBev SA		32,280		3,420,208
Delhaize Group		4,671		412,428

				3,832,636

CANADA — 3.1%
AGT Food & Ingredients, Inc. (a)		627		12,122
Alimentation Couche-Tard, Inc. (Class B)		15,157		693,806
Clearwater Seafoods, Inc.		1,311		9,954
Corby Spirit and Wine, Ltd.		1,263		17,861
Cott Corp.		3,821		41,097
Empire Co., Ltd. (Class A)		3,759		76,963
High Liner Foods, Inc.		529		6,151
Jean Coutu Group PJC, Inc. (Class A)		1,083		16,245
KP Tissue, Inc. (a)		2,959		26,838
Liquor Stores NA, Ltd. (a)		1,062		8,674
Loblaw Cos., Ltd.		13,216		677,311
Maple Leaf Foods, Inc.		753		12,373
Metro, Inc., (Class A)		6,578		178,396
North West Co., Inc.		1,500		31,506
Premium Brands Holdings Corp.		903		21,102
Saputo, Inc.		6,251		136,611
SunOpta, Inc. (b)		5,384		26,166

				1,993,176

DENMARK — 0.7%
Carlsberg A/S (Class B)		5,717		438,404
Royal Unibrew A/S		330		12,334

				450,738

FINLAND — 0.3%
Kesko Oyj (Class B)		5,882		207,873

FRANCE — 7.9%
Carrefour SA		25,290		746,400
Casino Guichard-Perrachon SA		3,632		192,575
Danone SA		26,424		1,664,152
L’Oreal SA		9,554		1,653,554
Pernod Ricard SA		8,968		902,749

				5,159,430

GERMANY — 2.5%
Beiersdorf AG		5,129		453,268
Henkel AG & Co. KGaA		426		37,538
Henkel AG & Co. KGaA Preference Shares		10,757		1,104,329
Metro AG		1,244		34,285

				1,629,420

HONG KONG — 0.3%
Vitasoy International Holdings, Ltd.		148,000		218,848

IRELAND — 1.1%
C&C Group PLC		8,781		34,718
Fyffes PLC		4,761		7,706
Glanbia PLC		4,117		76,471
Greencore Group PLC		23,979		99,232
Kerry Group PLC (Class A)		5,945		445,614
Origin Enterprises PLC		1,047		7,487
Total Produce PLC		9,171		12,643

				683,871

JAPAN — 17.4%
Aeon Co., Ltd. (a)		36,205		560,767
Ain Pharmaciez, Inc.		800		40,680
Ajinomoto Co., Inc.		31,728		666,271
Ariake Japan Co., Ltd. (a)		500		19,517
Asahi Group Holdings, Ltd.		25,782		833,101
Axial Retailing, Inc. (a)		600		19,664
Calbee, Inc.		3,400		109,439
Coca-Cola East Japan Co., Ltd.		2,600		41,877
Coca-Cola West Co., Ltd.		800		15,530
Cocokara fine, Inc.		700		25,775
Cosmos Pharmaceutical Corp.		100		11,748
Euglena Co., Ltd. (a)(b)		3,300		48,440
Ezaki Glico Co., Ltd. (a)		3,300		152,098
FamilyMart Co., Ltd.		3,200		145,619
Fuji Oil Co., Ltd.		3,300		42,709
Fujicco Co., Ltd. (a)		4,000		80,959
Genky Stores, Inc.		200		9,652
Hokuto Corp. (a)		3,200		57,606
Ito En, Ltd.		500		10,433
Japan Tobacco, Inc.		42,678		1,316,705
Kao Corp.		23,308		1,051,502
Kenko Mayonnaise Co., Ltd.		800		10,354
Kewpie Corp. (a)		6,500		128,790
KEY Coffee, Inc. (a)		6,500		109,794
Kikkoman Corp. (a)		5,000		136,935
Kirin Holdings Co., Ltd.		32,675		427,109
Kobe Bussan Co., Ltd.		200		18,052
Kose Corp. (a)		800		72,475
Kotobuki Spirits Co., Ltd.		300		9,819
Kusuri No Aoki Co., Ltd.		400		21,141
Lawson, Inc.		5,724		421,062
Life Corp. (a)		800		22,711
Lion Corp. (a)		31,000		271,523
Matsumotokiyoshi Holdings Co., Ltd.		1,300		57,421
Megmilk Snow Brand Co., Ltd. (a)		900		17,179
MEIJI Holdings Co., Ltd. (a)		6,400		467,048
Ministop Co., Ltd.		400		9,081
Morinaga & Co., Ltd. (a)		9,000		44,111
NH Foods, Ltd.		4,000		81,359
Nichirei Corp. (a)		26,388		164,367
Nippon Suisan Kaisha, Ltd.		9,200		27,347
Nisshin Seifun Group, Inc.		4,700		68,009
Nissin Foods Holding Co., Ltd. (a)		3,200		146,687
Oenon Holdings, Inc.		65,351		115,134
Pigeon Corp.		3,200		74,359
Qol Co., Ltd.		800		11,429

See accompanying notes to financial statements.

433

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

S Foods, Inc.		400	$	8,016
San-A Co., Ltd.		300		13,126
Seven & i Holdings Co., Ltd.		32,775		1,489,810
Shiseido Co., Ltd. (a)		18,493		401,545
Sugi Holdings Co., Ltd.		200		8,951
Sundrug Co., Ltd.		300		15,731
Suntory Beverage & Food, Ltd.		2,800		107,193
Takara Holdings, Inc.		3,100		18,559
Toyo Suisan Kaisha, Ltd.		3,100		116,996
Tsuruha Holdings, Inc.		900		77,326
Unicharm Corp. (a)		19,500		344,199
UNY Group Holdings Co., Ltd. (a)		26,200		164,509
Valor Co., Ltd. (a)		1,000		25,041
Warabeya Nichiyo Co., Ltd. (a)		300		5,203
Welcia Holdings Co., Ltd.		500		24,214
Yakult Honsha Co., Ltd. (a)		5,380		266,833
Yamazaki Baking Co., Ltd. (a)		4,000		61,320
Yaoko Co., Ltd. (a)		400		18,035

				11,359,995

NETHERLANDS — 6.5%
Heineken NV		9,797		790,009
Koninklijke Ahold NV		39,380		765,307
Unilever NV (a)		66,636		2,669,585

				4,224,901

NORWAY — 0.5%
Bakkafrost P/F		1,060		33,801
Marine Harvest (b)		19,824		251,925
Orkla ASA		3,784		27,992
Salmar ASA		390		6,149

				319,867

PORTUGAL — 0.2%
Jeronimo Martins SGPS SA		5,713		76,813
Sonae SGPS SA		18,007		22,110

				98,923

SINGAPORE — 0.5%
Golden Agri-Resources, Ltd. (a)		430,675		99,953
Wilmar International, Ltd.		132,000		238,582

				338,535

SOUTH KOREA — 3.9%
Able C&C Co., Ltd.		508		11,979
AmorePacific Corp.		1,034		335,856
AmorePacific Group		925		127,204
BGF retail Co., Ltd.		348		59,306
Binggrae Co., Ltd.		343		21,848
CJ CheilJedang Corp.		255		81,859
CJ Freshway Corp.		223		14,712
Coreana Cosmetics Co., Ltd. (b)		883		10,951
Cosmax BTI, Inc.		122		8,492
Cosmax, Inc.		189		33,964
Crown Confectionery Co., Ltd.		92		61,706
Dae Han Flour Mills Co., Ltd.		299		53,100
Daesang Corp.		1,475		38,328
Dongsuh Cos., Inc.		2,987		92,485
Dongwon F&B Co., Ltd.		28		9,484
Dongwon Industries Co., Ltd.		120		35,788
E-Mart Co., Ltd.		658		127,958
GS Retail Co., Ltd.		914		47,038
Hyundai Greenfood Co., Ltd.		1,380		29,805
Korea Kolmar Co., Ltd.		387		32,258
Korea Kolmar Holdings Co., Ltd.		195		12,454
KT&G Corp.		4,565		429,425
LG Household & Health Care, Ltd.		379		273,067
Lotte Chilsung Beverage Co., Ltd.		20		40,699
Lotte Confectionery Co., Ltd.		33		61,222
Lotte Food Co., Ltd.		91		80,536
Maeil Dairy Industry Co., Ltd.		1,058		34,633
Muhak Co., Ltd. (b)		464		18,418
Namyang Dairy Products Co., Ltd.		33		22,802
NongShim Co., Ltd.		128		39,524
Orion Corp.		133		105,700
Ottogi Corp.		133		116,584
Pulmuone Co., Ltd.		56		10,040
Sajo Industries Co., Ltd. (b)		438		29,193
Samlip General Foods Co., Ltd.		69		18,395
Samyang Holdings Corp.		224		25,607
Sansung Life & Science Co., Ltd. (b)		424		15,167

				2,567,587

SPAIN — 0.5%
Distribuidora Internacional de Alimentacion SA (a)(b)		8,581		51,753
Ebro Puleva SA		15,191		297,509

				349,262

SWEDEN — 1.3%
ICA Gruppen AB (a)		454		15,319
Svenska Cellulosa AB		3,953		109,252
Svenska Cellulosa AB (Class B)		13,639		380,205
Swedish Match AB		10,522		317,026

				821,802

SWITZERLAND — 15.9%
Aryzta AG (b)		2,044		86,333
Chocoladefabriken Lindt & Spruengli AG		132		772,060
Coca-Cola HBC AG (b)		6,469		136,891
Nestle SA		124,570		9,338,607
Oriflame Holding AG (a)(b)		1,970		24,381

				10,358,272

UNITED KINGDOM — 26.9%
Associated British Foods PLC		11,237		568,509
Booker Group PLC		25,168		70,490
British American Tobacco PLC		72,095		3,978,371
Diageo PLC		100,385		2,692,190
Greggs PLC		1,006		16,534
Imperial Tobacco Group PLC		38,985		2,015,463
J Sainsbury PLC		64,962		256,827
Reckitt Benckiser Group PLC		26,904		2,439,872
SABMiller PLC		35,609		2,015,690
Tate & Lyle PLC		25,086		223,434
Tesco PLC (b)		317,981		882,404
Unilever PLC		51,070		2,077,843
William Morrison Supermarkets PLC		110,174		277,198

				17,514,825

TOTAL COMMON STOCKS —
(Cost $64,319,763)				64,764,667

See accompanying notes to financial statements.

434

SPDR S&P International Consumer Staples Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

SHORT TERM INVESTMENTS — 5.3%
UNITED STATES — 5.3%
MONEY MARKET FUNDS — 5.3%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		3,446,144	$	3,446,144
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f)		25,992		25,992

TOTAL SHORT TERM INVESTMENTS —
(Cost $3,472,136)				3,472,136

TOTAL INVESTMENTS — 104.8%
(Cost $67,791,899)				68,236,803
OTHER ASSETS & LIABILITIES — (4.8)%				(3,106,540	)

NET ASSETS — 100.0%			$	65,130,263


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (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.

PLC = Public Limited Company

See accompanying notes to financial statements.

435

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 3.8%
Beach Energy, Ltd. (a)		34,203	$	10,929
Caltex Australia, Ltd.		7,367		161,826
Karoon Gas Australia, Ltd. (a)(b)		4,372		5,066
Liquefied Natural Gas, Ltd. (a)(b)		12,751		11,417
Origin Energy, Ltd. (c)		35,189		136,902
Paladin Energy, Ltd. (a)(b)		35,903		4,286
Santos, Ltd. (a)		26,451		73,929
Washington H Soul Pattinson & Co., Ltd.		3,581		38,249
Whitehaven Coal, Ltd. (a)(b)		11,042		6,940
Woodside Petroleum, Ltd.		20,082		407,988
WorleyParsons, Ltd. (a)		5,856		24,304

				881,836

AUSTRIA — 0.6%
OMV AG		5,360		130,013

BELGIUM — 0.2%
Euronav NV (a)		2,748		38,328

CANADA — 27.7%
AltaGas, Ltd. (a)		5,923		145,259
ARC Resources, Ltd. (a)		8,955		117,824
Athabasca Oil Corp. (a)(b)		15,972		15,130
Baytex Energy Corp. (a)		4,464		14,217
Bonavista Energy Corp. (a)		9,334		21,373
Bonterra Energy Corp. (a)		900		13,097
Cameco Corp.		15,872		192,614
Canadian Energy Services & Technology Corp. (a)		6,816		31,368
Canadian Natural Resources, Ltd.		32,291		625,974
Canadian Oil Sands, Ltd.		13,371		62,931
Cenovus Energy, Inc.		23,202		350,271
Crescent Point Energy Corp. (a)		13,123		149,465
Enbridge Income Fund Holdings, Inc. (a)		1,503		35,111
Enbridge, Inc.		24,373		900,785
Encana Corp.		22,208		142,289
Enerflex, Ltd.		2,064		20,306
Enerplus Corp. (a)		8,825		42,785
Ensign Energy Services, Inc.		3,623		22,186
Gibson Energy, Inc. (a)		3,451		43,064
Gran Tierra Energy, Inc. (b)		6,565		14,005
Husky Energy, Inc. (a)		9,996		155,155
Imperial Oil, Ltd. (a)		7,149		225,449
Inter Pipeline, Ltd. (a)		8,622		158,330
InterOil Corp. (a)(b)		1,042		35,126
Keyera Corp. (a)		4,556		124,885
Lightstream Resources, Ltd. (a)		4,547		1,187
MEG Energy Corp. (b)		3,563		21,898
Mullen Group, Ltd. (a)		2,718		36,187
Pacific Exploration and Production Corp. (a)		8,451		18,784
Paramount Resources, Ltd. (Class A) (a)(b)		1,407		10,327
Parkland Fuel Corp. (a)		2,187		37,290
Pason Systems, Inc.		1,804		25,243
Pembina Pipeline Corp. (a)		8,661		207,432
Pengrowth Energy Corp. (a)		14,104		11,993
Penn West Petroleum, Ltd. (a)		10,592		4,769
Peyto Exploration & Development Corp. (a)		3,690		76,376
PrairieSky Royalty, Ltd. (a)		3,956		74,830
Precision Drilling Corp. (a)		16,122		59,404
Raging River Exploration, Inc. (b)		7,644		42,020
Secure Energy Services, Inc.		3,116		20,871
Seven Generations Energy, Ltd. (Class A) (b)		4,493		42,259
ShawCor, Ltd.		1,676		34,978
Suncor Energy, Inc.		41,299		1,099,397
Sunshine Oilsands, Ltd. (a)(b)		62,000		5,200
Tourmaline Oil Corp. (b)		4,468		103,543
TransCanada Corp. (a)		20,209		636,100
Trican Well Service, Ltd. (b)		7,725		3,918
Trilogy Energy Corp. (a)		1,345		3,411
Veresen, Inc. (a)		5,689		43,282
Vermilion Energy, Inc. (a)		2,885		92,465
Whitecap Resources, Inc. (a)		7,899		62,098

				6,434,261

CYPRUS — 0.0% (d)
Ocean Rig UDW, Inc. (a)		1,022		2,177

FINLAND — 0.4%
Neste Oyj (a)		4,312		99,009

FRANCE — 13.4%
Bourbon SA (a)		776		9,727
CGG SA (a)(b)		7,074		24,313
Gaztransport Et Technigaz SA		477		24,722
Technip SA		3,483		163,933
Total SA (a)		64,263		2,883,689

				3,106,384

HONG KONG — 0.2%
Brightoil Petroleum Holdings, Ltd. (a)(b)		62,000		21,760
Sino Oil And Gas Holdings, Ltd. (a)(b)		445,000		9,761
Yanchang Petroleum International, Ltd. (b)		250,000		7,290

				38,811

ISRAEL — 0.2%
Delek Group, Ltd.		121		26,432
Paz Oil Co., Ltd.		153		22,758

				49,190

ITALY — 5.2%
ENI SpA (a)		71,784		1,125,810
Saipem SpA (a)(b)		8,136		65,071
Saras SpA (a)(b)		10,213		21,661

				1,212,542

JAPAN — 3.0%
Cosmo Oil Co., Ltd. (b)		4,000		5,477
Idemitsu Kosan Co., Ltd. (a)		3,200		48,789
Inpex Corp.		29,400		261,069
Japan Petroleum Exploration Co., Ltd. (a)		500		13,130
JX Holdings, Inc. (a)		66,197		238,169
Nippon Gas Co., Ltd. (a)		1,100		31,228
Showa Shell Sekiyu K.K. (a)		5,700		44,785

See accompanying notes to financial statements.

436

SPDR S&P International Energy Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

TonenGeneral Sekiyu K.K. (a)		5,000	$	48,303

				690,950

LUXEMBOURG — 0.9%
Subsea 7 SA (a)(b)		8,707		65,328
Tenaris SA (a)		12,771		152,963

				218,291

NETHERLANDS — 0.7%
Fugro NV (b)		1,655		29,198
Koninklijke Vopak NV		1,832		72,975
SBM Offshore NV (a)(b)		5,598		70,611

				172,784

NEW ZEALAND — 0.2%
Z Energy, Ltd.		10,682		45,305

NORWAY — 3.3%
Akastor ASA (a)(b)		9,892		12,757
Aker Solutions ASA		9,892		34,141
BW LPG, Ltd. (e)		2,239		13,912
DNO ASA (a)(b)		18,188		19,212
Fred Olsen Energy ASA (a)(b)		930		4,835
Golar LNG, Ltd. (a)		2,181		60,806
Kvaerner ASA		16,601		7,629
Petroleum Geo-Services ASA		9,037		34,675
ProSafe SE (a)		6,781		18,841
Seadrill, Ltd. (a)(b)		9,905		57,653
Ship Finance International, Ltd. (a)		1,804		29,315
Statoil ASA		28,084		408,584
TGS Nopec Geophysical Co. ASA (a)		2,956		54,511

				756,871

PAPUA NEW GUINEA — 0.7%
Oil Search, Ltd.		32,463		163,455

PORTUGAL — 0.3%
Galp Energia SGPS SA		7,392		72,603

SINGAPORE — 0.1%
Ezion Holdings, Ltd. (a)		32,080		14,665

SOUTH KOREA — 1.3%
GS Holdings Corp.		1,551		59,603
Hankook Shell Oil Co., Ltd.		123		53,546
S-Oil Corp.		1,225		64,697
SK Innovation Co., Ltd. (b)		1,623		134,189

				312,035

SPAIN — 1.8%
Repsol SA		29,356		341,121
Tecnicas Reunidas SA		1,864		82,260

				423,381

SWEDEN — 0.3%
Lundin Petroleum AB (Class B) (a)(b)		5,381		69,163

UNITED KINGDOM — 35.2%
Afren PLC (a)(b)(c)		26,211		0
Amec Foster Wheeler PLC		8,346		90,581
BG Group PLC		90,745		1,307,206
BP PLC		480,823		2,432,611
Cairn Energy PLC (b)		22,604		47,935
Genel Energy PLC (b)		4,281		17,979
John Wood Group PLC		14,642		136,400
Ophir Energy PLC (b)		12,033		16,377
Petrofac, Ltd.		7,166		83,364
Premier Oil PLC (b)		17,306		17,472
Royal Dutch Shell PLC (Class A)		103,603		2,438,733
Royal Dutch Shell PLC (Class B)		63,170		1,495,584
Tullow Oil PLC (b)		29,689		76,047

				8,160,289

TOTAL COMMON STOCKS —
(Cost $34,701,491)				23,092,343

SHORT TERM INVESTMENTS — 14.9%
UNITED STATES — 14.9%
MONEY MARKET FUNDS — 14.9%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		3,434,341		3,434,341
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h)		14,517		14,517

TOTAL SHORT TERM INVESTMENTS —
(Cost $3,448,858)				3,448,858

TOTAL INVESTMENTS — 114.4%
(Cost $38,150,349)				26,541,201
OTHER ASSETS & LIABILITIES — (14.4)%				(3,333,780	)

NET ASSETS — 100.0%			$	23,207,421


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 2 inputs (Note 2).
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.1% of net assets as of September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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.

PLC = Public Limited Company

See accompanying notes to financial statements.

437

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.5%
AUSTRALIA — 10.6%
AMP, Ltd.		7,877	$	30,756
Astro Japan Property Group		6,760		24,923
ASX, Ltd.		956		25,431
Australia & New Zealand Banking Group, Ltd.		7,397		140,668
Commonwealth Bank of Australia (a)		4,434		226,434
Federation Centres		17,704		34,065
Goodman Group		9,237		37,947
Insurance Australia Group, Ltd. (a)		6,582		22,371
Macquarie Group, Ltd.		836		45,006
National Australia Bank, Ltd.		7,044		148,301
QBE Insurance Group, Ltd.		4,167		37,720
Scentre Group		19,351		52,998
Servcorp, Ltd.		2,820		13,763
Stockland		6,042		16,336
Suncorp Group, Ltd.		3,617		30,963
Westfield Corp.		8,505		59,547
Westpac Banking Corp. (a)		8,113		169,211

				1,116,440

AUSTRIA — 0.6%
Erste Group Bank AG (b)		1,315		38,077
Sparkassen Immobilien AG (b)		2,884		24,466

				62,543

BELGIUM — 1.5%
Aedifica SA		587		34,846
Ageas		978		40,070
Groupe Bruxelles Lambert SA		298		22,423
KBC Groep NV		926		58,267

				155,606

CANADA — 11.6%
Bank of Montreal		2,044		110,959
Bank of Nova Scotia		3,421		150,113
Brookfield Asset Management, Inc. (Class A)		2,364		74,039
Canadian Imperial Bank of Commerce (a)		1,061		75,877
CI Financial Corp. (a)		931		21,041
Fairfax Financial Holdings, Ltd.		109		49,410
Great-West Lifeco, Inc.		1,876		44,734
Intact Financial Corp.		801		55,993
Manulife Financial Corp.		5,819		89,583
National Bank of Canada (a)		852		27,072
Power Corp. of Canada		1,079		22,269
Power Financial Corp. (a)		1,580		36,062
Royal Bank of Canada		3,747		206,229
Sun Life Financial, Inc.		1,832		58,812
Toronto-Dominion Bank		5,118		200,796

				1,222,989

CHINA — 0.8%
Hongkong Land Holdings, Ltd.		4,809		31,788
Sino Land Co., Ltd.		31,417		47,591

				79,379

DENMARK — 1.1%
Danske Bank A/S		2,015		60,752
Sydbank A/S		1,341		50,945

				111,697

FINLAND — 0.6%
Sampo Oyj (Class A)		1,359		65,655

FRANCE — 5.5%
ANF Immobilier		871		19,397
AXA SA		5,145		124,252
BNP Paribas SA		2,701		158,166
Credit Agricole SA		4,005		45,846
Klepierre		936		42,304
Mercialys SA REIT		1,696		36,614
Societe Generale SA		1,555		69,170
Unibail-Rodamco SE		333		85,977

				581,726

GERMANY — 5.2%
Allianz SE		1,184		185,360
Alstria Office REIT-AG (a)(b)		1,804		23,430
Commerzbank AG (b)		2,667		28,050
Deutsche Bank AG		3,861		103,738
Deutsche Boerse AG		355		30,524
Deutsche Wohnen AG		1,140		30,394
Hamborner REIT AG		3,626		35,011
Muenchener Rueckversicherungs- Gesellschaft AG		400		74,454
Sixt Leasing AG (b)		498		10,217
Vonovia SE		1,028		32,985

				554,163

HONG KONG — 5.9%
AIA Group, Ltd.		33,223		171,687
Bank of East Asia, Ltd. (a)		3,886		13,037
BOC Hong Kong Holdings, Ltd.		9,949		29,205
Cheung Kong Property Holdings, Ltd.		1,480		10,761
Hang Lung Properties, Ltd.		11,860		26,566
Hang Seng Bank, Ltd.		2,089		37,521
Henderson Land Development Co., Ltd.		8,143		48,437
Hong Kong Exchanges and Clearing, Ltd.		2,907		66,317
Link REIT		6,001		32,908
Lippo China Resources, Ltd.		120,000		4,568
New World Development Co., Ltd.		33,797		32,707
Sun Hung Kai Properties, Ltd.		5,274		68,391
Swire Pacific, Ltd. (Class A)		4,974		55,484
Wharf Holdings, Ltd.		3,911		21,952

				619,541

IRELAND — 0.4%
Bank of Ireland (b)		77,306		30,030
Irish Residential Properties REIT PLC		10,446		12,815

				42,845

ISRAEL — 0.8%
Bank Leumi Le-Israel BM (b)		8,955		33,403
Nitsba Holdings 1995, Ltd. (b)		841		14,785
Sella Capital Real Estate, Ltd.		24,138		35,442

				83,630

ITALY — 3.9%
Assicurazioni Generali SpA		4,587		83,767

See accompanying notes to financial statements.

438

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Banca Monte dei Paschi di Siena SpA (b)		6,975	$	12,395
Banca Popolare dell’Emilia Romagna SC		1,948		16,026
Banca Popolare dell’Etruria e del Lazio SC (b)(c)		1,627		0
Banca Popolare di Milano SCARL		19,555		19,274
Banco Popolare SC (b)		946		13,960
Intesa Sanpaolo SpA		39,379		138,728
UBI Banca SCpA		3,377		23,899
UniCredit SpA		16,173		100,556

				408,605

JAPAN — 16.5%
Bank of Kyoto, Ltd. (a)		3,000		30,334
Bank of the Ryukyus, Ltd.		2,300		33,684
Bank of Yokohama, Ltd.		8,954		54,136
Chiba Bank, Ltd.		6,000		42,383
Dai-ichi Life Insurance Co., Ltd.		3,183		50,324
Daito Trust Construction Co., Ltd.		472		47,785
Daiwa House Industry Co., Ltd.		1,890		46,514
Daiwa Securities Group, Inc.		3,878		24,923
Hitachi Capital Corp. (a)		900		21,838
Japan Exchange Group, Inc.		3,400		49,311
LIFENET INSURANCE Co. (b)		2,800		9,165
Mitsubishi Estate Co., Ltd. (a)		3,977		80,875
Mitsubishi UFJ Financial Group, Inc. (a)		38,844		232,354
Mitsui Fudosan Co., Ltd.		2,983		81,272
Mizuho Financial Group, Inc. (a)		56,928		105,951
MS&AD Insurance Group Holdings, Inc. (a)		2,174		57,960
Nippon Building Fund, Inc.		11		53,179
Nomura Holdings, Inc. (a)		16,907		97,138
ORIX Corp.		5,072		64,879
Raysum Co., Ltd. (a)		1,600		14,148
Relo Holdings, Inc.		100		9,736
Resona Holdings, Inc. (a)		5,627		28,486
Shizuoka Bank, Ltd. (a)		1,989		19,863
Sompo Japan Nipponkoa Holdings, Inc.		1,689		48,739
Sumitomo Mitsui Financial Group, Inc.		4,346		163,730
Sumitomo Mitsui Trust Holdings, Inc. (a)		17,825		65,100
Sumitomo Realty & Development Co., Ltd.		1,994		63,117
T&D Holdings, Inc.		3,377		39,602
Takara Leben Co., Ltd.		1,600		7,802
TOC Co., Ltd. (a)		200		1,396
Tokio Marine Holdings, Inc.		2,661		98,695

				1,744,419

NETHERLANDS — 1.8%
Aegon NV		6,824		39,115
ING Groep NV		10,960		154,761

				193,876

NORWAY — 0.4%
DnB ASA		2,574		33,404
Sparebanken Vest		1,985		12,101

				45,505

PORTUGAL — 0.0% (d)
Banco Comercial Portugues SA (b)		101,837		4,945

SINGAPORE — 2.1%
CapitaLand, Ltd. (a)		11,960		22,542
DBS Group Holdings, Ltd.		4,433		50,537
Oversea-Chinese Banking Corp., Ltd. (a)		11,001		68,007
United Overseas Bank, Ltd.		3,873		50,527
UOL Group, Ltd. (a)		8,400		35,505

				227,118

SOUTH KOREA — 1.9%
DGB Financial Group, Inc.		1,682		14,900
Hana Financial Group, Inc.		681		15,168
Hanwha General Insurance Co., Ltd. (b)		2,738		17,001
KB Financial Group, Inc.		908		27,003
KB Financial Group, Inc. ADR		584		17,164
Samsung Fire & Marine Insurance Co., Ltd.		129		30,473
Samsung Life Insurance Co., Ltd.		337		28,119
Shinhan Financial Group Co., Ltd.		1,111		38,805
Shinhan Financial Group Co., Ltd. ADR		449		15,625

				204,258

SPAIN — 4.3%
Banco Bilbao Vizcaya Argentaria SA		17,038		144,161
Banco de Sabadell SA (a)		16,935		31,040
Banco Popular Espanol SA (a)		5,427		19,743
Banco Santander SA		35,607		188,556
Bankia SA (a)		20,279		26,213
Bolsas y Mercados Espanoles SHMSF SA (a)		644		21,717
CaixaBank SA (b)		6,665		25,630

				457,060

SWEDEN — 3.3%
Investor AB (Class B)		1,693		57,954
Kinnevik Investment AB (Class B)		994		28,314
Nordea Bank AB		9,300		103,345
Skandinaviska Enskilda Banken AB (Class A)		4,451		47,418
Svenska Handelsbanken AB (Class A)		3,814		54,524
Swedbank AB (Class A)		2,843		62,676

				354,231

SWITZERLAND — 5.5%
Credit Suisse Group AG (b)		4,084		97,889
GAM Holding AG (b)		1,490		26,152
Julius Baer Group, Ltd. (b)		1,002		45,347
Swiss Life Holding AG (b)		227		50,507
Swiss Re AG		973		83,249
UBS Group AG		10,127		186,662
Zurich Insurance Group AG (b)		387		94,740

				584,546

UNITED KINGDOM — 15.2%
Aviva PLC		12,455		85,275
Barclays PLC		41,577		153,763
British Land Co. PLC		6,302		80,043
Derwent London PLC		1,255		69,178
Henderson Group PLC		5,829		22,974
HSBC Holdings PLC		50,643		382,560
Land Securities Group PLC		2,016		38,446
Legal & General Group PLC		16,600		59,870

See accompanying notes to financial statements.

439

SPDR S&P International Financial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Lloyds Banking Group PLC		124,269	$	141,478
London Stock Exchange Group PLC		1,784		65,369
Londonmetric Property PLC		26,985		67,077
Man Group PLC		9,224		21,405
Old Mutual PLC		15,133		43,347
Primary Health Properties PLC		3,205		19,662
Provident Financial PLC		413		19,644
Prudential PLC		7,190		151,767
Royal Bank of Scotland Group PLC (b)		5,457		26,038
RSA Insurance Group PLC		7,225		44,072
Safestore Holdings PLC		802		3,581
Standard Chartered PLC		5,917		57,433
Standard Life PLC		4,986		29,289
Tritax Big Box REIT PLC		5,209		10,060
Virgin Money Holdings UK PLC		2,472		14,472

				1,606,803

TOTAL COMMON STOCKS —
(Cost $13,141,520)				10,527,580

RIGHTS — 0.0% (d)
SPAIN — 0.0% (d)
Banco Popular Espanol SA (expired 9/25/15) (a)(b) (Cost $144)		6,429		129

SHORT TERM INVESTMENT — 11.4%
UNITED STATES — 11.4%
MONEY MARKET FUND — 11.4%
State Street Navigator Securities Lending Prime Portfolio (e)(f) (Cost $1,200,411)		1,200,411		1,200,411

TOTAL INVESTMENTS — 110.9%
(Cost $14,342,075)				11,728,120
OTHER ASSETS & LIABILITIES — (10.9)%				(1,148,309	)

NET ASSETS — 100.0%			$	10,579,811


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Securities are valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Securities’ values are determined based on Level 3 inputs (Note 2).
(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).

ADR = American Depositary Receipt

PLC = Public Limited Company

REIT = Real Estate Investment Trust

See accompanying notes to financial statements.

440

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.3%
AUSTRALIA — 3.5%
Ansell, Ltd.		9,727	$	128,077
Cochlear, Ltd.		3,407		199,708
CSL, Ltd.		21,808		1,366,069
Healthscope, Ltd.		80,215		143,644
Primary Health Care, Ltd. (a)		37,300		99,275
Ramsay Health Care, Ltd.		7,473		306,846
Sirtex Medical, Ltd.		3,679		84,586
Sonic Healthcare, Ltd.		23,816		305,227

				2,633,432

BELGIUM — 0.9%
Fagron (a)		2,532		48,076
Galapagos NV (a)(b)		1,890		77,099
UCB SA		6,910		538,773

				663,948

CANADA — 3.5%
Valeant Pharmaceuticals International, Inc. (b)		14,971		2,659,873

DENMARK — 6.8%
Coloplast A/S (Class B)		6,420		454,081
Genmab A/S (b)		3,085		282,269
GN Store Nord A/S		10,030		179,942
H. Lundbeck A/S (b)		4,055		108,000
Novo Nordisk A/S (Class B)		73,446		3,936,462
William Demant Holding A/S (b)		2,034		168,910

				5,129,664

FINLAND — 0.4%
Orion Oyj (Class B)		7,063		266,482

FRANCE — 8.7%
bioMerieux		1,141		123,199
DBV Technologies SA (b)		600		42,188
Essilor International SA		10,591		1,287,437
Genfit (a)(b)		1,245		47,161
Ipsen SA		2,898		179,213
Korian SA		5,102		191,811
Orpea		2,477		196,505
Sanofi		46,034		4,362,109
Virbac SA		336		57,947

				6,487,570

GERMANY — 9.8%
Bayer AG		31,521		4,026,958
Fresenius Medical Care AG & Co. KGaA		10,952		853,561
Fresenius SE & Co. KGaA		19,009		1,273,127
Gerresheimer AG		2,438		177,545
Merck KGaA		7,215		636,970
MorphoSys AG (b)		1,489		99,078
RHOEN-KLINIKUM AG		3,305		93,374
Stada Arzneimittel AG		5,085		181,636

				7,342,249

HONG KONG — 0.4%
CK Life Sciences Int’l Holdings, Inc. (a)		1,508,000		134,260
Lee’s Pharmaceutical Holdings, Ltd.		67,845		87,454
Town Health International Medical Group, Ltd. (a)		416,000		86,420

				308,134

IRELAND — 0.5%
ICON PLC (a)(b)		3,382		240,020
UDG Healthcare PLC (c)(d)		6,214		47,346
UDG Healthcare PLC (c)		10,833		82,539

				369,905

ISRAEL — 3.5%
Taro Pharmaceutical Industries, Ltd. (b)		972		138,889
Teva Pharmaceutical Industries, Ltd.		43,501		2,488,210

				2,627,099

ITALY — 0.3%
Recordati SpA		8,354		192,378

JAPAN — 15.7%
Alfresa Holdings Corp. (a)		11,900		202,200
Asahi Intecc Co., Ltd.		3,500		125,371
Astellas Pharma, Inc. (a)		104,900		1,353,238
Chugai Pharmaceutical Co., Ltd.		11,925		364,924
Daiichi Sankyo Co., Ltd. (a)		35,600		615,305
Eisai Co., Ltd. (a)		12,900		757,208
Hisamitsu Pharmaceutical Co., Inc. (a)		4,500		149,919
Hoya Corp.		13,700		446,467
Kaken Pharmaceutical Co., Ltd.		1,900		175,302
Kissei Pharmaceutical Co., Ltd.		3,200		72,676
KYORIN Holdings, Inc.		4,100		62,511
Kyowa Hakko Kirin Co., Ltd.		16,422		243,797
M3, Inc.		11,000		217,401
Medipal Holdings Corp.		10,600		167,366
Miraca Holdings, Inc.		3,000		126,748
Mitsubishi Tanabe Pharma Corp.		12,700		223,216
Nakanishi, Inc.		1,700		63,165
Nihon Kohden Corp. (a)		5,000		82,578
Nippon Shinyaku Co., Ltd. (a)		4,000		143,782
Olympus Corp. (a)		15,000		465,286
Ono Pharmaceutical Co., Ltd.		5,200		613,501
Otsuka Holdings Co., Ltd. (a)		27,200		864,840
Rohto Pharmaceutical Co., Ltd. (a)		8,300		127,031
Santen Pharmaceutical Co., Ltd.		22,900		305,741
Sawai Pharmaceutical Co., Ltd.		2,300		133,278
Shionogi & Co., Ltd. (a)		15,500		553,271
Ship Healthcare Holdings, Inc. (a)		3,200		68,668
Sumitomo Dainippon Pharma Co., Ltd. (a)		9,500		94,710
Suzuken Co., Ltd.		4,900		162,631
Sysmex Corp.		8,000		419,488
Taisho Pharmaceutical Holdings Co., Ltd. (a)		3,000		171,836
Takara Bio, Inc.		9,200		85,805
Takeda Pharmaceutical Co., Ltd. (a)		33,200		1,451,746
Terumo Corp. (a)		17,500		492,423
Toho Holdings Co., Ltd. (a)		4,200		87,251
Tsumura & Co. (a)		4,900		106,170

				11,796,850

LUXEMBOURG — 0.2%
Eurofins Scientific SE		576		176,621

See accompanying notes to financial statements.

441

SPDR S&P International Health Care Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

NETHERLANDS — 0.5%
QIAGEN NV (b)		14,518	$	373,299

NEW ZEALAND — 0.5%
Fisher & Paykel Healthcare Corp., Ltd.		40,512		184,000
Ryman Healthcare, Ltd.		33,357		155,984

				339,984

SINGAPORE — 0.4%
Biosensors International Group, Ltd. (b)		141,100		66,982
Haw Par Corp., Ltd. (a)		23,600		134,938
Raffles Medical Group, Ltd. (a)		43,290		137,612

				339,532

SOUTH KOREA — 1.4%
Cell Biotech Co., Ltd.		1,433		72,418
Celltrion, Inc. (a)(b)		4,780		273,823
Green Cross Corp.		617		97,342
Green Cross Holdings Corp.		3,285		110,996
Hanmi Pharm Co., Ltd. (b)		360		112,832
Hanmi Science Co., Ltd. (b)		1,480		173,559
Medy-Tox, Inc.		331		119,046
ViroMed Co., Ltd. (b)		831		86,234

				1,046,250

SPAIN — 0.8%
Grifols SA (a)		12,848		529,132
Grifols SA Preference Shares (Class B)		2,238		68,925

				598,057

SWEDEN — 1.3%
Elekta AB (Class B)		20,201		134,038
Getinge AB (Class B)		9,917		220,403
Karo Bio AB (b)		42,791		232,143
Meda AB (Class A)		16,371		233,061
Swedish Orphan Biovitrum AB (b)		9,521		125,326

				944,971

SWITZERLAND — 25.9%
Actelion, Ltd. (b)		5,274		667,684
Basilea Pharmaceutica AG (b)		1,219		116,897
Galenica AG (a)		242		307,361
Lonza Group AG (b)		3,093		404,550
Novartis AG		104,580		9,568,572
Roche Holding AG (a)(c)		2,251		591,489
Roche Holding AG (c)		27,161		7,143,974
Sonova Holding AG		2,626		337,018
Straumann Holding AG		546		156,603
Tecan Group AG		768		107,839

				19,401,987

UNITED KINGDOM — 14.3%
AstraZeneca PLC		55,270		3,500,761
BTG PLC (b)		20,633		204,088
Dechra Pharmaceuticals PLC		7,787		110,758
Genus PLC		7,100		152,717
GlaxoSmithKline PLC		183,347		3,515,997
Hikma Pharmaceuticals PLC		7,873		271,904
Shire PLC		28,275		1,929,043
Smith & Nephew PLC		50,918		889,286
Synergy Health PLC (b)		4,201		138,088

				10,712,642

TOTAL COMMON STOCKS —
(Cost $70,186,160)				74,410,927

RIGHTS — 0.0% (e)
GERMANY — 0.0% (e)
RHOEN-KLINIKUM AG (expiring 10/8/15) (a)(b) (Cost $385)		3,412		76

SHORT TERM INVESTMENTS — 8.7%
UNITED STATES — 8.7%
MONEY MARKET FUNDS — 8.7%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		6,462,640		6,462,640
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h)		32,337		32,337

TOTAL SHORT TERM INVESTMENTS —
(Cost $6,494,977)				6,494,977

TOTAL INVESTMENTS — 108.0%
(Cost $76,681,522)				80,905,980
OTHER ASSETS & LIABILITIES — (8.0)%				(6,005,071	)

NET ASSETS — 100.0%			$	74,900,909


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 2 inputs (Note 2).
(e)		Amount shown represents less than 0.05% of net assets.
(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.

PLC = Public Limited Company

See accompanying notes to financial statements.

442

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.4%
AUSTRALIA — 2.6%
Asciano, Ltd.		8,712	$	51,391
Brambles, Ltd.		14,317		97,927
CIMIC Group, Ltd. (a)		2,425		40,020
GWA Group, Ltd. (a)		19,060		33,195
Seek, Ltd. (a)		5,332		44,933
Transurban Group		25,702		179,409

				446,875

AUSTRIA — 0.4%
Andritz AG		857		38,495
Zumtobel Group AG (a)		1,303		28,602

				67,097

CANADA — 5.3%
Bombardier, Inc. (Class B)		17,838		22,219
CAE, Inc.		7,618		80,345
Canadian National Railway Co.		6,529		369,037
Canadian Pacific Railway, Ltd. (a)		1,228		175,439
Cargojet, Inc.		1,955		29,499
K-Bro Linen, Inc.		1,434		50,806
Progressive Waste Solutions, Ltd. (a)		900		23,690
SNC-Lavalin Group, Inc. (a)		2,253		63,824
Toromont Industries, Ltd. (a)		3,316		80,309
Westjet Airlines, Ltd.		1,351		23,902

				919,070

DENMARK — 1.9%
AP Moeller — Maersk A/S (Class B)		75		115,251
FLSmidth & Co. A/S (a)		1,069		35,429
NKT Holding A/S		1,261		66,416
Vestas Wind Systems A/S		2,135		110,723

				327,819

FINLAND — 1.5%
Kone Oyj (Class B)		3,365		127,710
Metso Oyj		1,756		36,439
Valmet Oyj		2,118		20,474
Wartsila Oyj Abp		1,944		76,970

				261,593

FRANCE — 8.0%
Air France-KLM (a)(b)		4,279		29,757
Alstom SA (b)		2,356		72,598
Bouygues SA		2,159		76,469
Bureau Veritas SA		1,820		38,265
Compagnie de Saint-Gobain		4,053		175,130
Eiffage SA		954		58,889
Legrand SA		2,304		121,995
Safran SA		2,437		183,076
Schneider Electric SE		4,831		269,684
Vallourec SA (a)		1,719		15,189
Vinci SA		4,492		284,355
Zodiac Aerospace		2,321		53,099

				1,378,506

GERMANY — 7.5%
Brenntag AG		1,367		73,496
Deutsche Lufthansa AG (b)		4,134		57,336
Deutsche Post AG		8,158		225,610
GEA Group AG		2,856		108,504
Hochtief AG		744		61,896
MAN SE		925		94,125
OSRAM Licht AG		902		46,532
Pfeiffer Vacuum Technology AG		435		50,111
Siemens AG		6,567		585,993

				1,303,603

HONG KONG — 3.8%
Cathay Pacific Airways, Ltd. (a)		27,000		50,585
Cheung Kong Property Holdings, Ltd.		2,091		15,204
CK Hutchison Holdings, Ltd.		22,496		290,850
Fosun International, Ltd.		25,500		43,761
Hopewell Highway Infrastructure, Ltd.		128,000		63,752
Jardine Matheson Holdings, Ltd.		1,982		93,649
Jardine Strategic Holdings, Ltd.		1,302		34,946
MTR Corp., Ltd.		12,000		52,025
Noble Group, Ltd. (a)		65,051		18,986

				663,758

IRELAND — 1.2%
DCC PLC		1,302		98,393
Ryanair Holdings PLC ADR		1,312		102,730

				201,123

ISRAEL — 0.3%
Inrom Construction Industries, Ltd.		23,915		58,336

ITALY — 1.5%
Ansaldo STS SpA		5,122		54,201
Atlantia SpA		3,052		85,136
Autostrada Torino-Milano SpA		2,949		39,107
Finmeccanica SpA (b)		7,058		88,160

				266,604

JAPAN — 31.8%
Asahi Glass Co., Ltd. (a)		13,000		75,656
Central Japan Railway Co.		1,600		256,836
Dai Nippon Printing Co., Ltd. (a)		9,000		86,720
Daikin Industries, Ltd. (a)		2,400		133,782
East Japan Railway Co.		3,100		260,264
FANUC Corp.		1,500		229,387
Futaba Corp.		2,800		36,027
Hankyu Hanshin Holdings, Inc.		15,000		91,429
IHI Corp. (a)		21,000		53,655
ITOCHU Corp.		14,600		153,296
Japan Airport Terminal Co., Ltd.		1,000		42,834
JGC Corp.		3,000		39,665
JTEKT Corp.		2,900		40,292
Kajima Corp.		14,000		73,995
Kamigumi Co., Ltd.		8,000		65,194
Kawasaki Heavy Industries, Ltd.		23,000		78,930
Kawasaki Kisen Kaisha, Ltd.		19,000		41,565
Keikyu Corp.		6,000		47,593
Keisei Electric Railway Co., Ltd.		4,000		43,719
Kintetsu Group Holdings Co., Ltd.		15,000		53,730
Kitano Construction Corp.		21,000		55,058
Kokuyo Co., Ltd.		5,100		53,868
Komatsu, Ltd.		8,900		130,232
Kubota Corp.		11,000		150,215
LIXIL Group Corp. (a)		2,600		52,536
Makita Corp. (a)		1,300		68,710
Marubeni Corp.		14,700		71,656

See accompanying notes to financial statements.

443

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Minebea Co., Ltd.		4,000	$	42,116
MISUMI Group, Inc.		4,900		50,283
Mitsubishi Corp.		13,300		216,938
Mitsubishi Electric Corp.		18,000		163,821
Mitsubishi Heavy Industries, Ltd.		32,000		142,252
Mitsui & Co., Ltd.		14,900		166,772
Mitsui OSK Lines, Ltd. (a)		12,000		28,656
NGK Insulators, Ltd.		3,000		57,037
Nidec Corp.		2,300		157,206
Nippon Air Conditioning Services Co., Ltd.		5,400		50,950
Nippon Express Co., Ltd.		13,000		61,763
Nippon Yusen K.K.		17,000		39,177
NSK, Ltd.		6,000		57,763
Obayashi Corp.		9,000		76,500
Odakyu Electric Railway Co., Ltd.		9,000		80,708
Park24 Co., Ltd.		1,900		35,631
Recruit Holdings Co., Ltd.		3,796		113,470
Secom Co., Ltd.		2,600		155,633
SMC Corp.		600		130,531
Sohgo Security Services Co., Ltd.		1,400		63,591
Sojitz Corp.		28,000		51,902
Sumitomo Corp. (a)		11,800		113,502
Sumitomo Electric Industries, Ltd.		2,363		30,059
Sumitomo Heavy Industries, Ltd.		13,000		51,125
Taisei Corp.		12,000		77,953
THK Co., Ltd.		2,300		36,373
Tobu Railway Co., Ltd.		14,000		59,967
Tokyu Corp.		18,000		131,507
Tomoe Corp.		21,600		61,861
Toppan Printing Co., Ltd.		10,000		80,240
Toshiba Corp. (a)(b)		36,000		90,297
TOTO, Ltd.		2,500		77,548
Toyota Tsusho Corp. (a)		2,300		48,260
West Japan Railway Co.		2,000		124,928
Yamato Holdings Co., Ltd.		5,000		95,353

				5,508,517

NETHERLANDS — 4.9%
Aalberts Industries NV		1,406		41,528
AerCap Holdings NV (b)		1,760		67,302
Airbus Group SE		4,818		284,555
Boskalis Westminster NV		1,275		55,619
CNH Industrial NV		8,281		53,844
Koninklijke Philips NV		9,583		225,119
Randstad Holding NV		1,982		117,722

				845,689

NEW ZEALAND — 0.2%
Metro Performance Glass, Ltd.		32,233		27,836

NORWAY — 0.3%
Orkla ASA		6,667		49,319

SINGAPORE — 1.4%
ComfortDelGro Corp., Ltd.		39,000		78,719
Keppel Corp., Ltd. (a)		20,900		99,657
Keppel Infrastructure Trust (a)		112,448		41,518
Neptune Orient Lines, Ltd. (a)(b)		38,750		26,298

				246,192

SOUTH KOREA — 3.5%
CJ Corp.		170		37,864
GS Global Corp.		9,307		50,803
Hyundai Development Co.-Engineering & Construction		790		36,324
Hyundai Engineering & Construction Co., Ltd.		1,138		32,835
Hyundai Glovis Co., Ltd.		224		42,332
Hyundai Heavy Industries Co., Ltd. (b)		454		36,962
KCC Corp.		77		26,829
Korea Aerospace Industries, Ltd.		687		39,355
LG Corp.		1,510		77,583
Samsung C&T Corp. (b)		793		98,013
Samsung Heavy Industries Co., Ltd.		1,904		19,758
SK Holdings Co., Ltd.		273		56,198
Young Poong Precision Corp.		6,558		52,008

				606,864

SPAIN — 2.5%
Abertis Infraestructuras SA (a)		4,454		70,251
ACS, Actividades de Construccion y Servicios SA		3,185		91,353
Aena SA (b)(c)		749		82,562
Ferrovial SA		3,575		85,159
International Consolidated Airlines Group SA (b)		10,894		97,030

				426,355

SWEDEN — 5.3%
Alfa Laval AB		4,044		66,009
Assa Abloy AB (Class B)		7,770		138,872
Atlas Copco AB (Class A)		4,991		119,671
Atlas Copco AB (Class B)		3,230		72,017
B&B Tools AB (Class B)		2,207		29,275
Sandvik AB		10,350		87,864
Securitas AB (Class B)		5,473		66,626
Skanska AB (Class B)		3,443		67,283
SKF AB (Class B)		3,326		60,952
Trelleborg AB (Class B)		5,310		83,825
Volvo AB (Class A)		5,925		56,445
Volvo AB (Class B)		8,249		78,782

				927,621

SWITZERLAND — 5.4%
ABB, Ltd. (b)		19,477		343,254
Adecco SA (b)		2,039		148,684
Geberit AG		516		157,213
Kuehne + Nagel International AG		797		102,123
Schindler Holding AG		427		61,181
SGS SA		73		127,009

				939,464

UNITED KINGDOM — 10.1%
Aggreko PLC		3,502		50,447
Ashtead Group PLC		5,275		74,310
Babcock International Group PLC		6,819		94,253
BAE Systems PLC		27,408		185,868
Balfour Beatty PLC		11,746		44,748
Bunzl PLC		2,772		74,320
Capita PLC		5,576		101,186
Cobham PLC		15,948		69,017

See accompanying notes to financial statements.

444

SPDR S&P International Industrial Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

easyJet PLC		2,892	$	77,844
Experian PLC		10,941		175,341
FirstGroup PLC (b)		23,134		34,236
G4S PLC		11,575		40,449
IMI PLC		2,868		41,206
Intertek Group PLC		1,346		49,565
Meggitt PLC		8,210		59,221
Melrose Industries PLC		13,094		52,402
Rentokil Initial PLC		44,709		99,620
Rolls-Royce Holdings PLC (b)		16,529		169,503
Smiths Group PLC		5,798		88,264
Weir Group PLC		1,949		34,541
Wolseley PLC		2,281		133,300

				1,749,641

TOTAL COMMON STOCKS —
(Cost $20,328,742)				17,221,882

SHORT TERM INVESTMENTS — 6.1%
UNITED STATES — 6.1%
MONEY MARKET FUNDS — 6.1%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		1,026,410		1,026,410
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f)		21,793		21,793

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,048,203)				1,048,203

TOTAL INVESTMENTS — 105.5%
(Cost $21,376,945)				18,270,085
OTHER ASSETS & LIABILITIES — (5.5)%				(948,491	)

NET ASSETS — 100.0%			$	17,321,594


(a)		All or a portion of the security was on loan at September 30, 2015.
(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 September 30, 2015, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

445

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 98.7%
AUSTRALIA — 10.8%
Alumina, Ltd. (a)		11,486	$	9,074
Amcor, Ltd.		5,110		47,260
Arrium, Ltd. (a)(b)		16,540		1,011
BHP Billiton, Ltd.		13,901		216,911
BlueScope Steel, Ltd. (a)		3,022		7,640
Boral, Ltd.		6,938		25,677
DuluxGroup, Ltd. (a)		1,570		5,899
Evolution Mining, Ltd.		1,346		1,186
Fortescue Metals Group, Ltd. (a)		8,553		10,932
Iluka Resources, Ltd. (a)		1,916		8,356
Incitec Pivot, Ltd.		8,449		23,140
Mineral Deposits, Ltd. (a)(b)		652		211
Newcrest Mining, Ltd. (b)		3,598		32,089
Northern Star Resources, Ltd. (a)		881		1,652
Orica, Ltd. (a)		2,209		23,331
Orora, Ltd.		4,030		6,537
OZ Minerals, Ltd.		2,402		5,583
Rio Tinto, Ltd.		2,038		69,556
Sims Metal Management, Ltd. (a)		1,690		11,464
South32, Ltd. (b)(c)		9,913		9,497
South32, Ltd. (b)(c)		13,901		13,325
St Barbara, Ltd. (b)		1,748		1,289

				531,620

AUSTRIA — 0.7%
RHI AG (a)		449		9,066
Voestalpine AG		810		27,758

				36,824

BELGIUM — 1.0%
Solvay SA		259		26,372
Tessenderlo Chemie NV (b)		120		3,512
Tessenderlo Chemie NV VVPR Strip (b)(d)		116		0
Umicore SA (a)		485		18,648

				48,532

CANADA — 10.3%
Agnico-Eagle Mines, Ltd.		1,134		28,614
Agrium, Inc. (a)		617		55,041
Alacer Gold Corp. (b)		827		1,857
Alamos Gold, Inc. (Class A)		1,268		4,672
AuRico Metals, Inc. (b)		556		274
B2Gold Corp. (a)(b)		3,366		3,540
Barrick Gold Corp.		4,928		31,207
Canam Group, Inc.		573		5,501
Canexus Corp. (a)		996		862
Canfor Corp. (b)		299		3,548
CCL Industries, Inc. (Class B)		150		20,959
Centerra Gold, Inc.		721		4,055
China Gold International Resources Corp., Ltd. (b)		700		992
Detour Gold Corp. (b)		611		6,485
Eldorado Gold Corp.		4,178		13,338
First Majestic Silver Corp. (b)		673		2,143
First Quantum Minerals, Ltd. (a)		2,843		10,369
Franco-Nevada Corp.		748		32,811
Goldcorp, Inc. (a)		4,035		50,351
Guyana Goldfields, Inc. (b)		500		1,335
HudBay Minerals, Inc.		1,038		3,817
IAMGOLD Corp. (b)		1,739		2,828
Interfor Corp. (b)		529		3,717
Intertape Polymer Group, Inc.		575		6,120
Ivanhoe Mines, Ltd. (Class A) (b)		1,493		724
Kinross Gold Corp. (b)		5,582		9,659
Labrador Iron Ore Royalty Corp. (a)		287		3,061
Lundin Mining Corp. (b)		2,308		6,490
Methanex Corp. (a)		374		12,336
New Gold, Inc. (b)		1,547		3,473
Novagold Resources, Inc. (b)		300		1,081
Osisko Gold Royalties, Ltd.		198		2,082
Pan American Silver Corp. (a)		1,022		6,464
Potash Corp. of Saskatchewan, Inc.		4,303		88,037
Richmont Mines, Inc. (b)		343		954
SEMAFO, Inc. (b)		2,061		4,443
Sherritt International Corp. (a)		2,432		1,360
Silver Wheaton Corp.		1,711		20,470
Tahoe Resources, Inc.		500		3,845
Tanzanian Royalty Exploration Corp. (a)(b)		827		247
Teck Resources, Ltd. (Class B) (a)		2,107		10,011
Thompson Creek Metals Co., Inc. (a)(b)		654		302
Torex Gold Resources, Inc. (b)		1,300		1,212
Turquoise Hill Resources, Ltd. (b)		5,035		12,806
West Fraser Timber Co., Ltd.		250		7,906
Winpak, Ltd. (a)		332		9,980
Yamana Gold, Inc. (a)		4,197		7,044

				508,423

CHINA — 0.0% (e)
G-Resources Group, Ltd.		66,000		1,712

DENMARK — 1.4%
Chr Hansen Holding A/S		446		24,892
Novozymes A/S (Class B)		1,027		44,702

				69,594

FINLAND — 1.6%
Stora Enso Oyj		4,240		31,971
UPM-Kymmene Oyj		3,262		48,792

				80,763

FRANCE — 4.1%
Air Liquide SA		1,506		177,605
Arkema SA		350		22,589
Eramet (a)(b)		21		773

				200,967

GERMANY — 12.7%
BASF SE		4,054		309,167
Evonik Industries AG		251		8,382
Fuchs Petrolub SE Preference Shares		196		8,644
HeidelbergCement AG		637		43,559
K+S AG		976		32,602
Lanxess AG		363		16,943
Linde AG		822		133,000
Salzgitter AG (a)		373		9,239
Symrise AG		449		26,959
ThyssenKrupp AG		1,862		32,590
Wacker Chemie AG (a)		68		5,155

				626,240

See accompanying notes to financial statements.

446

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

HONG KONG — 0.2%
CST Mining Group, Ltd. (b)		96,000	$	991
Fosun International, Ltd. (a)		4,724		8,107
Honbridge Holdings, Ltd. (b)		8,000		1,094
KuangChi Science, Ltd. (b)		4,000		821
L’sea Resources International Holdings, Ltd. (b)		10,000		606

				11,619

IRELAND — 3.0%
CRH PLC		4,050		106,239
James Hardie Industries PLC (a)		1,875		22,437
Smurfit Kappa Group PLC		809		21,673

				150,349

ISRAEL — 0.5%
Frutarom Industries, Ltd.		319		12,053
Israel Chemicals, Ltd.		1,975		10,155

				22,208

ITALY — 0.3%
Buzzi Unicem SpA		552		9,206
Italcementi SpA		446		4,936

				14,142

JAPAN — 19.9%
Air Water, Inc.		1,000		14,954
Asahi Kasei Corp.		5,833		40,911
Daicel Corp.		1,700		20,752
Denki Kagaku Kogyo Kabushiki Kaisha		6,855		26,901
DIC Corp.		3,000		6,688
Fuji Seal International, Inc. (a)		300		8,617
Hitachi Metals, Ltd.		1,000		11,548
JFE Holdings, Inc. (a)		3,256		42,479
JSR Corp. (a)		1,973		28,302
Kaneka Corp.		2,000		14,662
Kansai Paint Co., Ltd.		1,000		13,543
Kobe Steel, Ltd. (a)		21,641		23,310
Kuraray Co., Ltd. (a)		1,500		18,611
Maruichi Steel Tube, Ltd. (a)		300		6,763
Mitsubishi Chemical Holdings Corp.		8,102		42,030
Mitsubishi Gas Chemical Co., Inc.		2,000		9,185
Mitsubishi Materials Corp.		5,866		17,731
Mitsui Chemicals, Inc. (a)		6,876		21,874
Mitsui Mining & Smelting Co., Ltd. (a)		2,809		5,019
Nihon Nohyaku Co., Ltd.		800		5,364
Nippon Kayaku Co., Ltd.		1,000		10,370
Nippon Paint Holdings Co., Ltd.		900		15,638
Nippon Paper Industries Co., Ltd. (a)		400		6,089
Nippon Shokubai Co., Ltd.		200		13,527
Nippon Steel & Sumitomo Metal Corp. (a)		5,051		91,448
Nissan Chemical Industries, Ltd. (a)		400		8,747
Nitto Denko Corp.		876		52,115
OJI Paper Co., Ltd. (a)		6,000		25,650
Pack Corp.		300		6,603
Rengo Co., Ltd. (a)		2,000		7,715
Shin-Etsu Chemical Co., Ltd.		2,067		105,538
Showa Denko KK (a)		4,000		4,375
Sumitomo Chemical Co., Ltd.		8,838		44,424
Sumitomo Metal Mining Co., Ltd. (a)		2,927		33,042
T&K Toka Co., Ltd. (a)		300		5,080
Taiheiyo Cement Corp.		9,744		29,127
Teijin, Ltd.		3,805		11,501
Tomoku Co., Ltd.		3,000		6,162
Toray Industries, Inc. (a)		8,838		76,045
Tosoh Corp. (a)		3,000		14,353
Toyo Seikan Group Holdings, Ltd. (a)		600		9,489
Ube Industries, Ltd. (a)		11,866		20,608
Zeon Corp.		1,000		7,857

				984,747

LUXEMBOURG — 0.6%
APERAM SA (a)(b)		306		8,222
ArcelorMittal (a)		4,278		22,248

				30,470

NETHERLANDS — 2.3%
Akzo Nobel NV		1,102		71,334
Constellium NV (Class A) (a)(b)		213		1,291
Koninklijke DSM NV		849		39,040

				111,665

NEW ZEALAND — 0.2%
Fletcher Building, Ltd.		2,000		8,700
Steel & Tube Holdings, Ltd.		1,852		3,163

				11,863

NORWAY — 1.3%
Norsk Hydro ASA		5,907		19,639
Yara International ASA		1,105		43,980

				63,619

PORTUGAL — 0.5%
Portucel SA		6,453		22,330

SOUTH KOREA — 5.0%
Aekyung Petrochemical Co., Ltd.		150		7,580
Dongkuk Industries Co., Ltd.		938		2,714
Hanwha Chemical Corp.		377		6,854
Hanwha Corp.		265		8,686
Hyosung Corp.		116		11,010
Hyundai BNG Steel Co., Ltd.		110		979
Hyundai Steel Co.		263		11,427
Jenax, Inc. (b)		90		991
KISCO Corp.		20		967
Kolon Corp.		10		567
Kolon Industries, Inc.		24		1,268
Korea Petrochemical Industries		10		1,400
Korea Zinc Co., Ltd.		79		31,025
Kukdo Chemical Co., Ltd.		163		9,503
LG Chem, Ltd.		234		56,363
Lotte Chemical Corp.		72		16,401
OCI Co., Ltd.		88		6,118
Poongsan Holdings Corp.		70		2,401
POSCO ADR		1,368		47,907
Sinjin SM Co., Ltd.		69		1,473
SK Chemicals Co., Ltd.		34		2,108
Taekwang Industrial Co., Ltd.		6		6,059
Tongyang, Inc. (b)		710		1,815
Wonik Materials Co., Ltd. (b)		197		10,554
Young Poong Corp.		2		2,280

				248,450

See accompanying notes to financial statements.

447

SPDR S&P International Materials Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

SWEDEN — 0.8%
Boliden AB		1,252	$	19,525
Hexpol AB		1,140		12,709
SSAB AB, (Series A) (a)(b)		2,221		7,590

				39,824

SWITZERLAND — 7.2%
Clariant AG (b)		1,263		21,212
EMS-Chemie Holding AG		37		15,175
Givaudan SA (b)		40		64,886
LafargeHolcim, Ltd. (b)(c)		1,057		55,225
LafargeHolcim, Ltd. (b)(c)		916		47,668
Sika AG		4		12,318
Syngenta AG		411		131,279
Youlchon Chemical Co., Ltd.		719		7,552

				355,315

UNITED KINGDOM — 14.3%
Alent PLC		1,157		8,517
Anglo American PLC		6,365		53,114
Antofagasta PLC		1,760		13,322
BHP Billiton PLC		9,600		146,143
Croda International PLC		599		24,580
DS Smith PLC		3,970		23,687
Elementis PLC		1,585		5,359
Essentra PLC		1,051		12,513
Fresnillo PLC		635		5,689
Glencore PLC (b)		46,652		64,695
Johnson Matthey PLC		1,160		43,014
Lonmin PLC (a)(b)		1,839		453
Mondi PLC		1,496		31,340
Randgold Resources, Ltd.		608		35,568
Rexam PLC		2,992		23,726
Rio Tinto PLC		5,620		188,135
RPC Group PLC		969		9,298
Vedanta Resources PLC (a)		699		4,502
Victrex PLC		378		10,146

				703,801

TOTAL COMMON STOCKS —
(Cost $9,429,725)				4,875,077

RIGHTS — 0.0% (e)
HONG KONG — 0.0% (e)
Fosun International, Ltd. (expiring 10/19/15) (b)(d) (Cost $0)		840		0

SHORT TERM INVESTMENTS — 13.0%
UNITED STATES — 13.0%
MONEY MARKET FUNDS — 13.0%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		620,519		620,519
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h)		22,679		22,679

TOTAL SHORT TERM INVESTMENTS —
(Cost $643,198)				643,198

TOTAL INVESTMENTS — 111.7%
(Cost $10,072,923)				5,518,275
OTHER ASSETS & LIABILITIES — (11.7)%				(578,669	)

NET ASSETS — 100.0%			$	4,939,606


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(d)		Security is valued at fair value as determined in good faith by the Trust’s Oversight Committee in accordance with procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs (Note 2).
(e)		Amount shown represents less than 0.05% of net assets.
(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.

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

448

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.2%
AUSTRALIA — 0.9%
carsales.com, Ltd. (a)		3,036	$	20,830
Computershare, Ltd.		6,512		48,429
iProperty Group, Ltd. (a)(b)		2,525		5,213
Iress, Ltd. (a)		3,289		22,104

				96,576

AUSTRIA — 0.2%
ams AG		562		20,879

BELGIUM — 0.2%
Barco NV		301		19,400

CANADA — 3.8%
Avigilon Corp. (a)(b)		274		2,330
Blackberry, Ltd. (a)(b)		5,472		33,427
Canadian Solar, Inc. (a)(b)		341		5,667
Celestica, Inc. (b)		2,902		37,187
CGI Group, Inc. (Class A) (b)		3,021		108,947
Constellation Software, Inc.		221		92,203
DH Corp.		1,408		41,136
Mitel Networks Corp. (a)(b)		504		3,251
Open Text Corp.		1,264		56,341
Redknee Solutions, Inc. (a)(b)		781		2,243
Sandvine Corp. (a)(b)		1,900		3,288

				386,020

DENMARK — 0.4%
SimCorp A/S		711		35,745

FINLAND — 2.7%
Nokia Oyj		34,836		237,397
Tieto Oyj		1,325		33,397

				270,794

FRANCE — 5.5%
Alcatel-Lucent (b)		28,862		105,672
Atos SE		729		55,774
Cap Gemini SA		1,707		151,711
Criteo SA ADR (b)		444		16,668
Dassault Systemes		1,320		97,248
Ingenico Group		568		68,348
Neopost SA		512		13,305
SOITEC (a)(b)		2,851		1,623
Sopra Steria Group		90		9,964
UbiSoft Entertainment (b)		1,980		40,026

				560,339

GERMANY — 9.0%
Aixtron SE (a)(b)		1,545		9,342
Infineon Technologies AG		11,778		132,195
RIB Software AG		132		2,071
Rocket Internet SE (b)(c)		285		9,148
SAP SE		9,265		599,322
Software AG		689		20,066
United Internet AG		1,423		71,900
Wincor Nixdorf AG		528		20,687
Wirecard AG		1,104		52,627

				917,358

HONG KONG — 1.0%
ASM Pacific Technology, Ltd. (a)		4,049		26,410
China Innovationpay Group, Ltd. (a)(b)		84,000		5,419
Landing International Development, Ltd. (b)		136,651		3,791
Nan Hai Corp., Ltd. (b)		200,000		3,123
PAX Global Technology, Ltd.		10,000		10,374
Peace Map Holding, Ltd. (b)		120,000		4,181
Sinocom Software Group, Ltd. (b)		140,000		2,854
United Photovoltaics Group, Ltd. (b)		88,000		8,402
VTech Holdings, Ltd. (a)		2,271		26,915
World Wide Touch Technology Holdings, Ltd. (b)		44,000		9,027
Yunbo Digital Synergy Group, Ltd. (b)		6,000		2,013

				102,509

IRELAND — 0.2%
FleetMatics Group PLC (a)(b)		287		14,089
King Digital Entertainment PLC (a)		542		7,339

				21,428

ISRAEL — 2.1%
Check Point Software Technologies, Ltd. (a)(b)		1,428		113,283
CyberArk Software, Ltd. (b)		186		9,326
EZchip Semiconductor, Ltd. (b)		202		5,082
Ituran Location and Control, Ltd.		1,002		20,600
NICE Systems, Ltd.		812		44,294
Stratasys, Ltd. (a)(b)		368		9,748
Tower Semiconductor, Ltd. (b)		533		6,804
Wix.com, Ltd. (b)		177		3,083

				212,220

JAPAN — 32.1%
Advantest Corp. (a)		2,478		17,711
Alps Electric Co., Ltd. (a)		2,347		65,747
Anritsu Corp. (a)		1,800		10,896
Azbil Corp. (a)		1,286		32,428
Brother Industries, Ltd. (a)		3,248		38,890
Canon, Inc.		10,319		297,598
Citizen Holdings Co., Ltd. (a)		4,155		28,587
COLOPL, Inc. (a)		300		4,799
COOKPAD, Inc.		400		8,393
DeNA Co., Ltd. (a)		1,300		24,086
Dip Corp.		300		4,915
FUJIFILM Holdings Corp.		4,825		179,520
Fujitsu, Ltd.		20,688		89,565
GMO Internet, Inc.		500		6,446
GungHo Online Entertainment, Inc. (a)		3,800		11,232
Hamamatsu Photonics K.K. (a)		1,800		40,579
Hirose Electric Co., Ltd. (a)		400		43,318
Hitachi High-Technologies Corp.		1,177		25,326
Hitachi, Ltd.		46,325		232,428
Horiba, Ltd. (a)		886		32,180
Ibiden Co., Ltd. (a)		1,970		25,710
Infomart Corp.		500		5,636
IT Holdings Corp. (a)		1,779		40,151
Japan Digital Laboratory Co., Ltd.		1,483		20,394
Japan Display, Inc. (a)(b)		3,450		9,881
Kakaku.com, Inc. (a)		1,700		27,452
Keyence Corp.		392		174,128
Konami Corp.		1,385		29,871

See accompanying notes to financial statements.

449

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Konica Minolta Holdings, Inc. (a)		5,506	$	57,651
Kyocera Corp.		3,583		163,346
Mitsumi Electric Co., Ltd. (a)		1,779		9,804
Murata Manufacturing Co., Ltd.		1,969		252,691
NEC Corp.		26,578		81,444
Nexon Co., Ltd.		1,800		23,822
Nintendo Co., Ltd. (a)		1,083		181,397
Nippon Electric Glass Co., Ltd. (a)		4,933		23,725
Nomura Research Institute, Ltd.		1,509		57,643
NTT Data Corp.		1,692		84,907
Obic Co., Ltd.		1,090		49,601
Oki Electric Industry Co., Ltd. (a)		10,776		16,736
Omron Corp.		2,461		73,667
Otsuka Corp. (a)		800		38,876
Renesas Electronics Corp. (a)(b)		1,900		10,010
Ricoh Co., Ltd. (a)		6,801		68,399
Rohm Co., Ltd.		1,180		52,120
SCREEN Holdings Co., Ltd. (a)		4,937		23,991
SCSK Corp. (a)		1,000		37,365
Seiko Epson Corp.		3,100		43,666
Shimadzu Corp.		2,000		28,639
Sumco Corp.		1,878		16,716
Taiyo Yuden Co., Ltd. (a)		1,784		23,148
TDK Corp. (a)		1,478		83,054
Tokyo Electron, Ltd. (a)		1,770		82,969
Trend Micro, Inc. (a)		1,181		41,564
Wacom Co., Ltd. (a)		2,200		8,082
Yahoo! Japan Corp. (a)		13,919		52,763
Yaskawa Electric Corp. (a)		3,312		33,517
Yokogawa Electric Corp. (a)		3,035		31,601

				3,280,781

NETHERLANDS — 7.3%
ASM International NV		877		28,321
ASML Holding NV		4,218		368,004
Cimpress NV (a)(b)		462		35,163
Gemalto NV		939		60,803
Mobileye NV (a)(b)		1,204		54,758
NXP Semiconductor NV (a)(b)		2,327		202,612

				749,661

NEW ZEALAND — 0.1%
Xero, Ltd. (a)(b)		664		6,371

NORWAY — 0.2%
Nordic Semiconductor ASA (a)(b)		1,491		7,298
Opera Software ASA (a)		1,452		7,813
REC Silicon ASA (a)(b)		17,188		3,006

				18,117

SINGAPORE — 1.4%
Flextronics International, Ltd. (a)(b)		8,902		93,827
IGG, Inc.		9,000		3,426
Technovator International, Ltd. (b)		8,000		5,099
Venture Corp., Ltd.		6,925		40,375

				142,727

SOUTH KOREA — 18.8%
Actoz Soft Co., Ltd. (b)		96		3,199
AfreecaTV Co., Ltd.		225		5,809
Bluecom Co., Ltd.		272		3,155
Com2uSCorp (b)		97		9,518
Daou Technology, Inc.		330		8,130
Daum Kakao Corp.		249		26,448
Dongbu HiTek Co., Ltd. (b)		360		4,282
Dongwon Systems Corp.		58		4,394
DuzonBIzon Co., Ltd.		370		6,524
Eo Technics Co., Ltd.		96		8,901
Gamevil, Inc. (b)		62		3,604
GemVax & Kael Co., Ltd. (b)		300		8,555
Joymax Co., Ltd. (b)		177		2,852
KCP Co., Ltd. (b)		272		8,169
KH Vatec Co., Ltd.		276		3,574
LG Display Co., Ltd. ADR		4,834		45,923
LG Innotek Co., Ltd.		207		15,368
Lumens Co., Ltd.		969		3,058
NAVER Corp.		289		125,080
NCSoft Corp.		175		27,904
Neowiz Games Corp. (b)		220		3,443
Nexon GT Co., Ltd. (b)		286		2,811
NHN Entertainment Corp. (b)		279		15,182
Partron Co., Ltd.		870		6,900
Sam Young Electronics Co., Ltd.		1,489		16,833
Samsung Electro-Mechanics Co., Ltd.		616		33,417
Samsung Electronics Co., Ltd. GDR		2,541		1,200,623
Samsung SDI Co., Ltd.		470		43,023
Samsung SDS Co., Ltd.		322		78,238
Seoul Semiconductor Co., Ltd. (b)		581		6,960
SK Communications Co., Ltd. (b)		816		5,893
SK Hynix, Inc.		5,448		154,206
SundayToz Corp. (b)		294		3,696
Texcell-NetCom Co., Ltd. (b)		1,734		2,721
Tovis Co., Ltd.		290		2,420
UniTest, Inc.		524		4,620
Webzen, Inc. (b)		225		6,065
WeMade Entertainment Co., Ltd. (b)		115		4,570
Wonik IPS Co., Ltd. (b)		727		5,606

				1,921,674

SPAIN — 1.9%
Amadeus IT Holding SA		4,059		173,192
Indra Sistemas SA (a)(b)		1,626		16,829

				190,021

SWEDEN — 4.1%
Fingerprint Cards AB (Class B) (a)(b)		500		18,421
Hexagon AB, (Class B)		2,757		83,923
NetEnt AB (b)		338		18,760
Telefonaktiebolaget LM Ericsson (Class B)		30,539		299,307

				420,411

SWITZERLAND — 1.1%
Logitech International SA (a)		2,115		27,490
Myriad Group AG (a)(b)		1,050		3,417
STMicroelectronics NV (a)		7,558		51,379
Temenos Group AG (b)		844		34,551

				116,837

UNITED KINGDOM — 6.1%
ARM Holdings PLC		14,322		205,553
Auto Trader Group PLC (b)(c)		3,961		20,346
Aveva Group PLC		1,040		32,074

See accompanying notes to financial statements.

450

SPDR S&P International Technology Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Dialog Semiconductor PLC (b)		929	$	37,093
Fidessa Group PLC		319		8,669
Imagination Technologies Group PLC (b)		3,019		10,049
Just Eat PLC (b)		4,410		27,415
Micro Focus International PLC		734		13,375
Moneysupermarket.com Group PLC		4,428		22,671
Pace PLC		2,184		11,926
Playtech PLC		981		12,311
Sage Group PLC		14,551		110,073
Spectris PLC		1,756		44,979
Spirent Communications PLC		10,510		12,020
Telecity Group PLC		2,559		42,173
Xaar PLC		724		6,136
Zoopla Property Group PLC (c)		2,852		9,025

				625,888

UNITED STATES — 0.1%
Globant SA (a)(b)		186		5,690

TOTAL COMMON STOCKS —
(Cost $11,260,115)				10,121,446

SHORT TERM INVESTMENTS — 13.4%
UNITED STATES — 13.4%
MONEY MARKET FUNDS — 13.4%
State Street Navigator Securities Lending Prime Portfolio (d)(e)		1,359,852		1,359,852
State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (e)(f)		11,633		11,633

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,371,485)				1,371,485

TOTAL INVESTMENTS — 112.6%
(Cost $12,631,600)				11,492,931
OTHER ASSETS & LIABILITIES — (12.6)%				(1,286,439	)

NET ASSETS — 100.0%			$	10,206,492


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(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.

ADR = American Depositary Receipt

GDR = Global Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

451

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.2%
AUSTRALIA — 4.4%
M2 Group, Ltd.		18,687	$	124,537
Telstra Corp., Ltd.		317,164		1,249,507
TPG Telecom, Ltd.		27,490		209,651
Vocus Communications, Ltd.		1,692		6,986

				1,590,681

BELGIUM — 1.1%
Mobistar SA (a)		351		7,546
Proximus		10,926		376,373

				383,919

CANADA — 5.6%
BCE, Inc. (b)		15,348		628,654
BCE, Inc. (b)(c)		2,935		119,572
Rogers Communications, Inc. (Class B)		23,169		798,867
TELUS Corp.		15,471		487,955

				2,035,048

DENMARK — 0.9%
TDC A/S		63,361		325,847

FINLAND — 1.1%
Elisa Oyj		11,262		379,902

FRANCE — 5.5%
Iliad SA		1,959		394,705
Orange SA		105,842		1,597,335

				1,992,040

GERMANY — 9.3%
Deutsche Telekom AG		141,169		2,503,156
Drillisch AG		4,083		216,534
Freenet AG		10,511		346,531
Telefonica Deutschland Holding AG		50,992		310,839

				3,377,060

HONG KONG — 2.0%
Alibaba Health Information Technology, Ltd. (a)(c)		135,949		86,656
HKBN, Ltd. (a)		31,587		36,437
HKT Trust/HKT, Ltd.		301,662		358,489
PCCW, Ltd.		473,941		242,778

				724,360

ISRAEL — 0.9%
Bezeq The Israeli Telecommunication Corp., Ltd.		154,215		294,686
Cellcom Israel, Ltd. (a)		2,637		16,528
Partner Communications Co., Ltd. (a)		4,903		19,425

				330,639

ITALY — 3.8%
Infrastrutture Wireless Italiane SpA (a)(d)		3,034		14,834
Telecom Italia SpA (a)(b)		861,197		1,059,365
Telecom Italia SpA (b)		285,090		291,818

				1,366,017

JAPAN — 18.2%
KDDI Corp.		82,285		1,832,373
Nippon Telegraph & Telephone Corp.		42,600		1,486,100
NTT DoCoMo, Inc. (c)		78,937		1,313,584
SoftBank Group Corp.		43,285		1,979,476

				6,611,533

LUXEMBOURG — 0.8%
Millicom International Cellular SA SDR		4,881		304,370

NETHERLANDS — 2.4%
Koninklijke KPN NV		237,247		885,581

NEW ZEALAND — 0.8%
Chorus, Ltd. (a)		39,511		67,485
Spark New Zealand, Ltd.		120,335		229,395

				296,880

NORWAY — 2.6%
Telenor ASA		50,292		936,858

PORTUGAL — 0.0% (e)
Pharol SGPS SA (a)		19,899		5,931

SINGAPORE — 4.3%
Singapore Telecommunications, Ltd.		563,462		1,426,586
StarHub, Ltd. (c)		61,199		148,920

				1,575,506

SOUTH KOREA — 3.0%
KT Corp. ADR (a)(c)		19,614		256,355
LG Uplus Corp.		19,774		201,861
SK Telecom Co., Ltd. ADR		26,273		641,061

				1,099,277

SPAIN — 7.1%
Cellnex Telecom SAU (a)(d)		7,853		133,242
Euskaltel SA (a)(d)		3,537		40,666
Telefonica SA		198,064		2,394,392

				2,568,300

SWEDEN — 3.1%
Com Hem Holding AB		4,213		35,137
Tele2 AB		23,140		224,722
TeliaSonera AB		162,968		875,168

				1,135,027

SWITZERLAND — 2.6%
Sunrise Communications Group AG (a)(d)		1,121		64,132
Swisscom AG		1,771		881,241

				945,373

UNITED KINGDOM — 19.7%
BT Group PLC		373,668		2,374,993
Cable & Wireless Communications PLC		337,977		283,621
Inmarsat PLC		33,506		498,396
TalkTalk Telecom Group PLC (c)		41,799		199,126
Vodafone Group PLC		1,199,772		3,788,275

				7,144,411

TOTAL COMMON STOCKS —
(Cost $38,569,321)				36,014,560

SHORT TERM INVESTMENTS — 4.5%
UNITED STATES — 4.5%
MONEY MARKET FUNDS — 4.5%
State Street Navigator Securities Lending Prime Portfolio (f)(g)		1,591,584		1,591,584

See accompanying notes to financial statements.

452

SPDR S&P International Telecommunications Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

State Street Institutional Liquid Reserves Fund, Premier Class 0.13% (g)(h)		30,521	$	30,521

TOTAL SHORT TERM INVESTMENTS —
(Cost $1,622,105)				1,622,105

TOTAL INVESTMENTS — 103.7%
(Cost $40,191,426)				37,636,665
OTHER ASSETS & LIABILITIES — (3.7)%				(1,336,758	)

NET ASSETS — 100.0%			$	36,299,907


(a)		Non-income producing security
(b)		Reflects separate holdings of the issuer’s common stock traded on different securities exchanges.
(c)		All or a portion of the security was on loan at September 30, 2015.
(d)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.7% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(e)		Amount shown represents less than 0.05% of net assets.
(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.

ADR = American Depositary Receipt

PLC = Public Limited Company

SDR = Swedish Depositary Receipt

See accompanying notes to financial statements.

453

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS

September 30, 2015


Security Description	Shares		Value

COMMON STOCKS — 99.6%
AUSTRALIA — 3.9%
AGL Energy, Ltd.		32,879	$	368,736
APA Group		54,390		326,571
AusNet Services (a)		85,983		82,421
DUET Group (a)		98,098		148,801
Energy Developments, Ltd.		2,714		15,171
Energy World Corp., Ltd. (a)(b)		38,989		5,476
ERM Power, Ltd.		8,052		12,666
Infigen Energy (b)		42,894		8,133
Spark Infrastructure Group (a)		68,368		89,781

				1,057,756

AUSTRIA — 0.4%
EVN AG		1,457		16,026
Verbund AG (a)		6,154		81,540

				97,566

BELGIUM — 0.3%
Elia System Operator SA/NV		1,451		70,456

CANADA — 5.0%
Algonquin Power & Utilities Corp. (a)		9,487		66,799
Atco, Ltd. (Class I)		3,618		105,785
Atlantic Power Corp. (a)		5,943		11,082
Boralex, Inc. (Class A) (a)		1,448		13,770
Canadian Utilities, Ltd. (Class A)		5,657		152,364
Capital Power Corp. (a)		4,775		67,242
Capstone Infrastructure Corp. (a)		4,926		11,353
Emera, Inc.		7,156		236,292
Fortis, Inc.		13,638		388,277
Innergex Renewable Energy, Inc. (a)		4,263		33,228
Just Energy Group, Inc. (a)		5,585		34,242
Northland Power, Inc. (a)		5,419		70,289
Superior Plus Corp. (a)		6,391		52,388
TransAlta Corp. (a)		13,929		64,414
TransAlta Renewables, Inc.		2,357		18,073
Valener, Inc. (a)		2,022		25,111

				1,350,709

CHINA — 1.0%
China Everbright Water, Ltd. (a)(b)		27,600		11,744
ENN Energy Holdings, Ltd. (a)		37,000		177,360
HK Electric Investments & HK Electric Investments, Ltd. (a)(c)		115,027		81,928

				271,032

FINLAND — 1.2%
Fortum Oyj		21,253		313,864

FRANCE — 9.4%
Albioma SA		1,231		20,460
EDF SA		14,517		255,465
Engie		79,126		1,275,404
Rubis SCA (a)		1,990		147,630
Suez Environnement Co.		17,563		314,263
Theolia SA (b)		10,048		5,945
Veolia Environnement SA		23,643		539,178

				2,558,345

GERMANY — 4.1%
E.ON SE		97,917		839,095
RWE AG		24,324		275,589
RWE AG Preference Share		850		7,588

				1,122,272

HONG KONG — 8.7%
Canvest Environment Protection Group Co., Ltd. (a)(b)		30,000		12,852
Cheung Kong Infrastructure Holdings, Ltd. (a)		29,000		259,127
China Ruifeng Renewable Energy Holdings, Ltd. (b)		80,000		8,981
China Water Industry Group, Ltd. (a)(b)		57,045		10,820
CLP Holdings, Ltd.		97,000		827,937
Hong Kong & China Gas Co., Ltd. (a)		327,845		614,229
Kong Sun Holdings, Ltd. (b)		143,787		12,245
Power Assets Holdings, Ltd.		63,500		598,944
Towngas China Co., Ltd. (a)		46,000		28,253

				2,373,388

ISRAEL — 0.0% (d)
Tower Semiconductor, Ltd. (b)		1		1

ITALY — 10.5%
A2A SpA		75,725		93,826
ACEA SpA		2,414		32,551
Ascopiave SpA		4,064		9,345
Edison SpA (b)		5,830		4,825
Enel Green Power SpA (a)		78,729		148,607
Enel SpA		345,375		1,537,473
Falck Renewables SpA		7,137		8,843
Hera SpA		35,259		91,389
Iren SpA		27,498		44,783
Snam SpA		104,396		535,348
Terna Rete Elettrica Nazionale SpA		68,366		331,659

				2,838,649

JAPAN — 14.3%
Chubu Electric Power Co., Inc. (a)		35,188		517,397
Chugoku Electric Power Co., Inc. (a)		16,087		221,227
Electric Power Development Co., Ltd.		8,900		270,868
Hiroshima Gas Co., Ltd.		2,200		7,587
Hokkaido Electric Power Co., Inc. (a)(b)		10,100		97,741
Hokkaido Gas Co., Ltd.		3,000		6,939
Hokuriku Electric Power Co.		10,194		136,697
K&O Energy Group, Inc.		797		9,656
Kansai Electric Power Co., Inc. (b)		39,398		436,531
Kyushu Electric Power Co., Inc. (a)(b)		23,092		250,847
Okinawa Electric Power Co., Inc.		1,500		33,653
Osaka Gas Co., Ltd.		101,958		385,647
Saibu Gas Co., Ltd. (a)		16,000		36,471
Shikoku Electric Power Co., Inc. (a)		10,100		164,025
Shizuoka Gas Co., Ltd.		3,500		22,648
Toho Gas Co., Ltd. (a)		26,000		152,833
Tohoku Electric Power Co., Inc.		24,572		331,757
Tokyo Electric Power Co., Inc. (b)		39,199		260,858
Tokyo Gas Co., Ltd.		109,958		530,487

				3,873,869

NEW ZEALAND — 1.4%
Contact Energy, Ltd.		36,812		116,566
Genesis Energy, Ltd.		25,503		29,855
Infratil, Ltd.		27,471		53,774
Meridian Energy, Ltd.		59,397		79,792

See accompanying notes to financial statements.

454

SPDR S&P International Utilities Sector ETF
SCHEDULE OF INVESTMENTS (continued)

September 30, 2015


Security Description	Shares		Value

Mighty River Power, Ltd.		34,372	$	55,299
TrustPower, Ltd.		2,850		13,528
Vector, Ltd.		13,285		26,770

				375,584

NORWAY — 0.0% (d)
Scatec Solar ASA (c)		2,786		13,032

PORTUGAL — 1.8%
EDP — Energias de Portugal SA		126,852		463,168
REN — Redes Energeticas Nacionais SGPS SA		4,873		14,578

				477,746

SINGAPORE — 0.3%
Hyflux, Ltd. (a)		33,600		16,305
Kenon Holdings, Ltd. (b)		953		12,507
Keppel Infrastructure Trust (a)		126,638		46,758

				75,570

SOUTH KOREA — 2.2%
Busan City Gas Co., Ltd.		58		1,781
E1 Corp.		123		7,212
Hanjin Heavy Industries & Construction Holdings Co., Ltd.		683		3,826
Kg Eco Technology Service Co., Ltd.		1,156		3,755
Korea District Heating Corp.		174		9,747
Korea Electric Power Corp. ADR (a)		25,108		514,463
Korea Gas Corp.		1,323		44,368
KyungDong City Gas Co., Ltd.		125		11,390
Samchully Co., Ltd.		120		11,339

				607,881

SPAIN — 13.0%
Acciona SA		1,347		95,177
EDP Renovaveis SA (a)		10,306		67,471
Enagas SA		11,069		316,555
Endesa SA		15,506		326,093
Gas Natural SDG SA		17,592		342,274
Iberdrola SA		290,393		1,927,727
Red Electrica Corp. SA		5,288		437,628
Saeta Yield SA		2,958		27,241

				3,540,166

SWITZERLAND — 0.2%
Alpiq Holding AG (a)(b)		254		24,825
BKW AG		565		21,511

				46,336

UNITED KINGDOM — 21.9%
Abengoa Yield PLC (a)		1,800		29,790
Centrica PLC		249,346		865,681
Drax Group PLC		20,464		75,635
Infinis Energy PLC		4,990		10,166
National Grid PLC		192,066		2,673,374
Pennon Group PLC		20,288		238,782
Renewables Infrastructure Group, Ltd.		31,025		47,817
Severn Trent PLC		11,639		385,043
SSE PLC		48,338		1,095,371
Telecom Plus PLC		3,340		56,512
United Utilities Group PLC		33,322		466,890

				5,945,061

TOTAL COMMON STOCKS —
(Cost $32,872,760)				27,009,283

WARRANTS — 0.0% (d)
FRANCE — 0.0% (d)
Theolia SA (expiring 6/9/16) (b) (Cost $0)		12,075		472

SHORT TERM INVESTMENT — 9.0%
UNITED STATES — 9.0%
MONEY MARKET FUND — 9.0%
State Street Navigator Securities Lending Prime Portfolio (e)(f) (Cost $2,439,082)		2,439,082		2,439,082

TOTAL INVESTMENTS — 108.6%
(Cost $35,311,842)				29,448,837
OTHER ASSETS & LIABILITIES — (8.6)%				(2,334,613	)

NET ASSETS — 100.0%			$	27,114,224


(a)		All or a portion of the security was on loan at September 30, 2015.
(b)		Non-income producing security
(c)		Securities purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.4% of net assets as of September 30, 2015, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)		Amount shown represents less than 0.05% of net assets.
(e)		Investments of cash collateral for securities loaned.
(f)		Affiliated Fund managed by SSGA Funds Management, Inc. (Note 3).

ADR = American Depositary Receipt

PLC = Public Limited Company

See accompanying notes to financial statements.

455

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2015


													SPDR S&P International			SPDR MSCI International
													Dividend			Real Estate
	SPDR STOXX			SPDR EURO			SPDR EURO			SPDR EURO STOXX 50 Currency			Currency			Currency		SPDR S&P Emerging
	Europe			STOXX			STOXX			Hedged			Hedged			Hedged		Asia Pacific			SPDR S&P Russia			SPDR S&P
	50 ETF			50 ETF			Small Cap ETF			ETF			ETF			ETF		ETF			ETF			China ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	246,380,136		$	4,041,117,474		$	11,712,635		$	—		$	—		$	4,041,479	$	426,572,549		$	22,528,768		$	814,236,497
Investments in securities of affiliated issuers, at value (Notes 2 and 3)		251,986			30,257,425			1,463			6,801,391			3,895,371			2,435		24,701,943			46,732			100,169,181

Total Investments		246,632,122			4,071,374,899			11,714,098			6,801,391			3,895,371			4,043,914		451,274,492			22,575,500			914,405,678
Cash		—			—			—			—			—			—		—			511,745			—
Due from broker		—			—			—			17,544			—			—		—			—			—
Foreign currency, at value		611,175			2,675,165			409			16,981			—			—		1,049,824			15,353			1,650,927
Receivable for investments sold		—			—			4,052			—			—			—		273,517			—			—
Receivable for foreign taxes recoverable		573,720			956,995			5,560			—			—			157		—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			33,758			51,932			35,186		—			—			—
Dividends and interest receivable — unaffiliated issuers		453,150			2,705,066			2,661			—			—			3,502		1,490,748			36,877			3,498,862
Dividends receivable — affiliated issuers		38			345			1			9			2			—		261			5			122
Receivable from broker — variation margin on open futures contracts		—			—			—			22,634			—			—		—			—			—
Due from Investment Adviser		—			—			—			4,331			786			—		—			—			—

TOTAL ASSETS		248,270,205			4,077,712,470			11,726,781			6,896,648			3,948,091			4,082,759		454,088,842			23,139,480			919,555,589

LIABILITIES
Payable upon return of securities loaned		—			29,979,227			—			—			—			—		24,557,557			—			100,160,856
Payable for investments purchased		445,755			—			—			36,024			—			27,434		—			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			3,365			2,413			2,157		—			—			—
Due to custodian		—			—			5,222			—			—			—		—			—			—
Distributions payable		—			—			—			45,679			52,907			—		—			—			—
Accrued advisory fee (Note 3)		198,665			3,310,003			14,039			4,780			839			844		846,851			38,115			1,485,916
Deferred foreign taxes payable		—			—			—			—			—			—		236,817			—			—
Accrued trustees’ fees and expenses (Note 3)		137			2,397			1			6			4			4		394			15			632

TOTAL LIABILITIES		644,557			33,291,627			19,262			89,854			56,163			30,439		25,641,619			38,130			101,647,404

NET ASSETS	$	247,625,648		$	4,044,420,843		$	11,707,519		$	6,806,794		$	3,891,928		$	4,052,320	$	428,447,223		$	23,101,350		$	817,908,185

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	325,357,450		$	4,830,077,962		$	14,059,504		$	7,569,987		$	4,000,000		$	4,000,000	$	533,306,996		$	44,972,933		$	1,070,514,773
Undistributed (distribution in excess of) net investment income		—			—			(22,241	)		(35,761	)		(4	)		2,816		12,350,914			718,388			17,289,278
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(37,208,750	)		(230,630,791	)		(1,009,028	)		(12,486	)		—			—		(60,347,655	)		(6,403,340	)		(117,622,026	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $225,124, $0, $0, respectively)		(40,478,457	)		(554,918,835	)		(1,320,462	)		(742,180	)		(157,587	)		16,480		(56,853,869	)		(16,186,569	)		(152,273,986	)
Foreign currency		(44,595	)		(107,493	)		(254	)		30,393			49,519			33,024		(9,163	)		(62	)		146
Futures		—			—			—			(3,159	)		—			—		—			—			—

NET ASSETS	$	247,625,648		$	4,044,420,843		$	11,707,519		$	6,806,794		$	3,891,928		$	4,052,320	$	428,447,223		$	23,101,350		$	817,908,185

NET ASSET VALUE PER SHARE
Net asset value per share	$	31.54		$	33.77		$	46.83		$	34.03		$	38.92		$	40.52	$	72.62		$	14.90		$	68.73

Shares outstanding (unlimited amount authorized, $0.01 par value)		7,850,370			119,750,967			250,000			200,000			100,000			100,000		5,900,000			1,550,000			11,900,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	286,858,593		$	4,596,036,309		$	13,033,097		$	—		$	—		$	4,024,999	$	483,201,294		$	38,715,337		$	966,510,483
Affiliated issuers		251,986			30,257,425			1,463			7,543,571			4,052,958			2,435		24,701,943			46,732			100,169,181

Total cost of investments	$	287,110,579		$	4,626,293,734		$	13,034,560		$	7,543,571		$	4,052,958		$	4,027,434	$	507,903,237		$	38,762,069		$	1,066,679,664

Foreign currency, at cost	$	617,625		$	2,767,795		$	420		$	16,980		$	—		$	—	$	1,051,150		$	15,406		$	1,650,856

Foreign currency due to custodian, at cost	$	—		$	—		$	(5,215	)	$	—		$	—		$	—	$	—		$	—		$	—

* Includes investments in securities on loan, at value	$	—		$	28,784,352		$	—		$	—		$	—		$	—	$	24,240,528		$	—		$	97,758,716

See accompanying notes to financial statements.

456

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2015


				SPDR S&P Emerging												SPDR S&P Emerging
	SPDR S&P Emerging			Markets			SPDR S&P			SPDR S&P Emerging			SPDR S&P Emerging			Middle									SPDR Dow Jones International
	Markets			Dividend			BRIC			Europe			Latin America			East & Africa						SPDR S&P International			Real Estate
	ETF			ETF			40 ETF			ETF			ETF			ETF			SPDR S&P World ex-US ETF			Small Cap ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	186,172,038		$	296,297,964		$	81,162,243		$	40,860,949		$	25,556,643		$	39,964,172		$	711,155,555		$	644,626,720		$	4,745,015,007
Investments in securities of affiliated issuers, at value (Notes 2 and 3)		13,116,956			17,309,750			2,939,850			47,805			2,015,961			4,987,620			49,764,176			124,631,951			77,535,787

Total Investments		199,288,994			313,607,714			84,102,093			40,908,754			27,572,604			44,951,792			760,919,731			769,258,671			4,822,550,794
Cash		30,204			—			—			102,213			4,352			—			847			—			—
Due from broker		120,780			—			—			—			—			—			—			—			—
Foreign currency, at value		1,917,284			3,935,789			167,118			22,451			92,181			30,452			882,690			3,145,557			—
Receivable for investments sold		91,920			2,479,790			—			—			9,594			—			375,367			234,796			6,881,542
Receivable for foreign taxes recoverable		407			16,357			3,183			1,672			174			—			767,012			319,515			1,570,035
Dividends and interest receivable — unaffiliated issuers		478,624			1,503,815			136,687			149,522			55,374			15,166			2,024,199			2,245,548			11,582,888
Dividends receivable — affiliated issuers		13			111			14			7			4			2			39			98			1,161
Receivable from broker — variation margin on open futures contracts		64,249			—			—			—			—			—			—			—			—

TOTAL ASSETS		201,992,475			321,543,576			84,409,095			41,184,619			27,734,283			44,997,412			764,969,885			775,204,185			4,842,586,420

LIABILITIES
Payable upon return of securities loaned		12,858,812			17,309,750			2,786,086			47,805			1,984,900			4,837,997			49,401,027			123,921,999			77,123,206
Payable for investments purchased		62,164			—			—			70,376			—			28,893			—			1,622			271
Payable for fund shares repurchased		—			2,467,240			—			—			—			—			—			—			—
Due to custodian		—			3,154,501			—			—			—			—			—			2,092			4,949,341
Accrued advisory fee (Note 3)		299,789			444,628			118,401			57,346			36,182			54,019			654,757			721,774			7,375,617
Deferred foreign taxes payable		64,678			4,426			—			—			—			—			—			—			76,705
Accrued trustees’ fees and expenses (Note 3)		151			288			78			36			20			33			401			390			2,962

TOTAL LIABILITIES		13,285,594			23,380,833			2,904,565			175,563			2,021,102			4,920,942			50,056,185			124,647,877			89,528,102

NET ASSETS	$	188,706,881		$	298,162,743		$	81,504,530		$	41,009,056		$	25,713,181		$	40,076,470		$	714,913,700		$	650,556,308		$	4,753,058,318

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	268,821,662		$	591,547,763		$	219,313,816		$	129,224,900		$	77,329,650		$	76,968,132		$	766,336,513		$	777,833,432		$	5,316,340,099
Undistributed (distribution in excess of) net investment income		1,947,448			(709,247	)		1,611,074			667,972			93,188			227,898			5,017,897			6,179,070			(100,057,018	)
Accumulated net realized gain (loss) on investments, foreign currency transactions and futures		(21,088,711	)		(189,400,116	)		(99,833,058	)		(44,167,912	)		(19,528,188	)		(23,601,124	)		541,966			2,310,050			(747,830,987	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $64,678, $5,565, $0, $0, $0, $0, $0, $0, $75,941, respectively)		(60,951,856	)		(103,245,962	)		(39,587,307	)		(44,714,773	)		(32,177,065	)		(13,518,854	)		(56,911,989	)		(135,724,026	)		284,864,222
Foreign currency		(19,673	)		(29,695	)		5			(1,131	)		(4,404	)		418			(70,687	)		(42,218	)		(257,998	)
Futures		(1,989	)		—			—			—			—			—			—			—			—

NET ASSETS	$	188,706,881		$	298,162,743		$	81,504,530		$	41,009,056		$	25,713,181		$	40,076,470		$	714,913,700		$	650,556,308		$	4,753,058,318

NET ASSET VALUE PER SHARE
Net asset value per share	$	52.42		$	25.06		$	18.52		$	24.12		$	36.73		$	57.25		$	25.17		$	27.57		$	39.24

Shares outstanding (unlimited amount authorized, $0.01 par value)		3,600,000			11,900,000			4,400,000			1,700,000			700,000			700,000			28,400,000			23,600,000			121,135,379

COST OF INVESTMENTS:
Unaffiliated issuers	$	247,059,216		$	399,538,361		$	120,749,550		$	85,575,722		$	57,733,708		$	53,483,026		$	768,067,544		$	780,312,918		$	4,460,074,844
Affiliated issuers		13,116,956			17,309,750			2,939,850			47,805			2,015,961			4,987,620			49,764,176			124,669,779			77,535,787

Total cost of investments	$	260,176,172		$	416,848,111		$	123,689,400		$	85,623,527		$	59,749,669		$	58,470,646		$	817,831,720		$	904,982,697		$	4,537,610,631

Foreign currency, at cost	$	1,928,103		$	3,937,082		$	167,116		$	22,727		$	91,437		$	30,159		$	892,703		$	3,154,048		$	(4,936,857	)

* Includes investments in securities on loan, at value	$	13,607,413		$	17,378,557		$	5,997,548		$	47,034		$	2,309,998		$	5,238,278		$	53,424,117		$	121,302,311		$	77,980,151

See accompanying notes to financial statements.

458

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2015


				SPDR S&P Global
	SPDR S&P Global			Natural									SPDR MSCI ACWI Low Carbon									SPDR MSCI			SPDR MSCI Emerging
	Infrastructure			Resources						SPDR MSCI			Target			SPDR MSCI EM			SPDR MSCI EM Beyond			EAFE			Markets
	ETF			ETF			SPDR MSCI ACWI ex-US ETF			ACWI IMI ETF			ETF			50 ETF			BRIC ETF			Quality Mix ETF			Quality Mix ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	56,033,724		$	566,251,060		$	709,237,028		$	34,883,362		$	80,961,778		$	3,789,237		$	2,364,720		$	5,235,726		$	71,092,256
Investments in securities of affiliated issuers, at value* (Notes 2 and 3)		5,637,404			53,437,939			38,994,533			6,919,626			227,769			435,323			100,197			530			—

Total Investments		61,671,128			619,688,999			748,231,561			41,802,988			81,189,547			4,224,560			2,464,917			5,236,256			71,092,256
Cash		—			—			1,187			—			265			—			—			—			—
Foreign currency, at value		122,059			2,637,317			2,706,738			55,373			131,512			13,975			9,186			25,129			2,128,103
Receivable for investments sold		3,704,456			3,249,870			92,019			640			—			—			—			—			1,960,880
Receivable for fund shares sold		—			4,801,812			—			—			—			—			—			—			—
Receivable for foreign taxes recoverable		25,236			436,099			656,512			14,700			41,863			—			431			5,729			147
Dividends and interest receivable — unaffiliated issuers		153,326			1,632,620			2,439,182			71,809			154,678			8,666			3,079			13,869			110,569
Dividends receivable — affiliated issuers		15			48			84			223			414			1			—			—			6
Due from Investment Adviser		—			—			148,374			—			22,466			—			—			—			—

TOTAL ASSETS		65,676,220			632,446,765			754,275,657			41,945,733			81,540,745			4,247,202			2,477,613			5,280,983			75,291,961

LIABILITIES
Payable upon return of securities loaned		5,589,364			52,819,846			38,237,835			6,738,898			—			428,141			97,002			—			—
Payable for investments purchased		3,700,442			5,930,928			—			—			—			—			—			8,463			2,043,366
Payable for fund shares repurchased		—			3,256,105			—			—			—			—			—			—			—
Due to custodian		—			—			—			—			—			—			—			—			1,807,506
Accrued advisory fee (Note 3)		86,896			617,962			721,130			21,244			65,881			5,267			3,161			4,252			52,112
Deferred foreign taxes payable		—			—			5,089			—			552			—			1,296			—			17,842
Accrued trustees’ fees and expenses (Note 3)		58			394			245			45			77			—			2			3			9

TOTAL LIABILITIES		9,376,760			62,625,235			38,964,299			6,760,187			66,510			433,408			101,461			12,718			3,920,835

NET ASSETS	$	56,299,460		$	569,821,530		$	715,311,358		$	35,185,546		$	81,474,235		$	3,813,794		$	2,376,152		$	5,268,265		$	71,371,126

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	83,304,440		$	905,134,976		$	930,631,351		$	39,399,603		$	88,300,106		$	5,022,330		$	3,041,030		$	6,000,000		$	83,569,247
Undistributed (distribution in excess of) net investment income		796,927			6,025,548			6,613,656			490,989			538,675			65,842			18,940			39,314			710,303
Accumulated net realized gain (loss) on investments and foreign currency transactions		(17,987,067	)		(109,096,322	)		(72,664,130	)		(731	)		59,785			(228,224	)		(4,079	)		(34,207	)		(641,201	)
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $5,089, $0, $552, $0, $1,296, $0, $17,842, respectively)		(9,807,003	)		(232,191,638	)		(149,164,491	)		(4,701,881	)		(7,419,693	)		(1,045,737	)		(679,514	)		(736,387	)		(12,254,847	)
Foreign currency		(7,837	)		(51,034	)		(105,028	)		(2,434	)		(4,638	)		(417	)		(225	)		(455	)		(12,376	)

NET ASSETS	$	56,299,460		$	569,821,530		$	715,311,358		$	35,185,546		$	81,474,235		$	3,813,794		$	2,376,152		$	5,268,265		$	71,371,126

NET ASSET VALUE PER SHARE
Net asset value per share	$	43.31		$	32.56		$	30.31		$	58.64		$	67.90		$	38.14		$	47.52		$	52.68		$	47.58

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,300,000			17,500,000			23,600,000			600,000			1,200,000			100,000			50,000			100,000			1,500,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	65,840,727		$	798,442,698		$	858,396,430		$	39,582,082		$	88,367,760		$	4,834,974		$	3,042,938		$	5,972,113		$	83,329,261
Affiliated issuers		5,637,404			53,437,939			38,994,533			6,922,787			240,928			435,323			100,197			530			—

Total cost of investments	$	71,478,131		$	851,880,637		$	897,390,963		$	46,504,869		$	88,608,688		$	5,270,297		$	3,143,135		$	5,972,643		$	83,329,261

Foreign currency, at cost	$	122,474		$	2,657,490		$	2,765,420		$	57,039		$	134,415		$	14,392		$	9,371		$	25,411		$	2,131,242

* Includes investments in securities on loan, at value	$	6,054,577		$	51,907,963		$	42,007,322		$	7,277,105		$	—		$	426,686		$	99,759		$	—		$	—

See accompanying notes to financial statements.

460

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2015


																			SPDR MSCI
	SPDR MSCI												SPDR MSCI						South			SPDR MSCI
	World			SPDR MSCI Australia			SPDR MSCI Canada			SPDR MSCI Germany			Japan			SPDR MSCI Mexico			Korea			Spain			SPDR MSCI Taiwan
	Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	5,754,606		$	6,308,810		$	9,278,329		$	9,659,143		$	11,850,942		$	2,252,008		$	2,370,725		$	2,215,795		$	5,015,713
Investments in securities of affiliated issuers, at value (Notes 2 and 3)		18,902			1,749			6,707			1			4,203			964			689			328			484

Total Investments		5,773,508			6,310,559			9,285,036			9,659,144			11,855,145			2,252,972			2,371,414			2,216,123			5,016,197
Cash		11			—			396			—			—			—			—			—			—
Foreign currency, at value		14,623			42,856			25,058			13,289			24,163			9,648			314			5,420			19,990
Receivable for fund shares sold		—			—			2,329,773			—			—			—			—			—			—
Receivable for foreign taxes recoverable		2,216			—			—			23,616			8,813			—			—			627			—
Dividends and interest receivable — unaffiliated issuers		9,911			25,149			14,143			—			73,107			655			—			—			13,768
Dividends receivable — affiliated issuers		13			—			1			—			—			—			—			—			—

TOTAL ASSETS		5,800,282			6,378,564			11,654,407			9,696,049			11,961,228			2,263,275			2,371,728			2,222,170			5,049,955

LIABILITIES
Payable for investments purchased		—			—			2,331,044			—			—			—			—			—			—
Accrued advisory fee (Note 3)		4,606			3,875			4,263			7,981			9,753			2,375			2,398			1,820			5,463
Accrued trustees’ fees and expenses (Note 3)		4			5			1			2			1			1			2			6			4

TOTAL LIABILITIES		4,610			3,880			2,335,308			7,983			9,754			2,376			2,400			1,826			5,467

NET ASSETS	$	5,795,672		$	6,374,684		$	9,319,099		$	9,688,066		$	11,951,474		$	2,260,899		$	2,369,328		$	2,220,344		$	5,044,488

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	6,000,000		$	7,654,881		$	10,377,062		$	11,345,141		$	12,750,850		$	3,000,000		$	2,997,291		$	3,094,469		$	6,000,000
Undistributed (distribution in excess of) net investment income		35,638			169,896			36,372			—			51,278			11,725			—			35,684			147,135
Accumulated net realized gain (loss) on investments and foreign currency transactions		69,554			(77,032	)		(54,201	)		(134,563	)		975			(15,667	)		(30,005	)		(92,707	)		10,449
Net unrealized appreciation (depreciation) on:
Investments		(309,072	)		(1,372,890	)		(1,039,707	)		(1,522,382	)		(851,864	)		(735,221	)		(597,962	)		(817,132	)		(1,112,395	)
Foreign currency		(448	)		(171	)		(427	)		(130	)		235			62			4			30			(701	)

NET ASSETS	$	5,795,672		$	6,374,684		$	9,319,099		$	9,688,066		$	11,951,474		$	2,260,899		$	2,369,328		$	2,220,344		$	5,044,488

NET ASSET VALUE PER SHARE
Net asset value per share	$	57.96		$	42.50		$	46.60		$	48.44		$	59.76		$	22.61		$	23.69		$	44.41		$	50.44

Shares outstanding (unlimited amount authorized, $0.01 par value)		100,000			150,000			200,000			200,000			200,000			100,000			100,000			50,000			100,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	6,063,710		$	7,681,700		$	10,318,036		$	11,181,525		$	12,702,806		$	2,987,229		$	2,968,687		$	3,032,927		$	6,128,108
Affiliated issuers		18,870			1,749			6,707			1			4,203			964			689			328			484

Total cost of investments	$	6,082,580		$	7,683,449		$	10,324,743		$	11,181,526		$	12,707,009		$	2,988,193		$	2,969,376		$	3,033,255		$	6,128,592

Foreign currency, at cost	$	15,018		$	42,747		$	25,376		$	13,363		$	24,077		$	9,586		$	310		$	5,394		$	20,507

See accompanying notes to financial statements.

462

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2015


																									SPDR S&P International
																									Consumer
	SPDR MSCI United									SPDR S&P Global			SPDR S&P International						SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary
	Kingdom			SPDR Russell/Nomura			SPDR Russell/Nomura			Dividend			Dividend			SPDR S&P			Markets			Real Estate			Sector
	Quality Mix ETF			PRIME Japan ETF			Small Cap Japan ETF			ETF			ETF			International Mid Cap ETF			Small Cap ETF			ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	2,485,778		$	25,659,462		$	60,278,068		$	72,823,806		$	967,843,536		$	45,998,473		$	372,599,957		$	1,893,824,779		$	14,184,624
Investments in securities of affiliated issuers, at value (Notes 2 and 3)		983			4,890,345			14,748,394			10,998,312			154,965,014			6,462,559			31,737,344			24,121,800			2,072,448

Total Investments		2,486,761			30,549,807			75,026,462			83,822,118			1,122,808,550			52,461,032			404,337,301			1,917,946,579			16,257,072
Foreign currency, at value		16,188			36,229			515,670			197,828			3,286,191			151,443			1,489,549			—			36,138
Receivable for investments sold		—			—			682,288			—			15,694,440			134,655			240,552			1,126,608			—
Receivable for foreign taxes recoverable		89			46,587			16,945			44,331			313,186			20,085			10,308			217,733			11,578
Dividends and interest receivable — unaffiliated issuers		5,866			187,982			348,414			210,059			4,232,760			145,559			1,012,010			5,281,216			39,232
Dividends receivable — affiliated issuers		—			3			9			35			481			11			221			612			3

TOTAL ASSETS		2,508,904			30,820,608			76,589,788			84,274,371			1,146,335,608			52,912,785			407,089,941			1,924,572,748			16,344,023

LIABILITIES
Payable upon return of securities loaned		—			4,865,671			14,662,395			10,950,786			153,680,936			6,425,112			31,737,344			20,157,461			2,025,769
Payable for investments purchased		—			—			935,676			—			—			182,234			148,826			2,452,783			—
Payable for fund shares repurchased		—			—			—			—			16,886,733			—			—			—			—
Due to custodian		—			—			—			—			—			—			424,162			312,869			—
Accrued advisory fee (Note 3)		2,019			21,345			64,091			74,072			1,332,219			60,727			686,269			2,450,512			16,294
Deferred foreign taxes payable		—			—			—			—			19,243			—			412,345			4,390			—
Accrued trustees’ fees and expenses (Note 3)		6			5			31			13			858			21			298			1,005			8

TOTAL LIABILITIES		2,025			4,887,021			15,662,193			11,024,871			171,919,989			6,668,094			33,409,244			25,379,020			2,042,071

NET ASSETS	$	2,506,879		$	25,933,587		$	60,927,595		$	73,249,500		$	974,415,619		$	46,244,691		$	373,680,697		$	1,899,193,728		$	14,301,952

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	3,086,564		$	32,532,566		$	74,312,886		$	82,240,393		$	1,533,581,657		$	54,392,775		$	597,341,799		$	1,877,264,186		$	15,722,077
Undistributed (distribution in excess of) net investment income		—			180,711			(102,936	)		(2,708	)		6,613,187			359,077			6,509,733			(14,362,348	)		65,965
Accumulated net realized gain (loss) on investments and foreign currency transactions		(97,534	)		(1,783,802	)		(7,120,889	)		164,542			(354,653,125	)		(4,737,186	)		(49,694,153	)		(33,500,537	)		1
Net unrealized appreciation (depreciation) on:
Investments (net of deferred foreign taxes of $0, $0, $0, $0, $18,821, $0, $394,681, $4,390, $0, respectively)		(481,760	)		(4,988,314	)		(6,157,310	)		(9,144,340	)		(211,094,165	)		(3,767,907	)		(180,465,937	)		69,837,015			(1,484,862	)
Foreign currency		(391	)		(7,574	)		(4,156	)		(8,387	)		(31,935	)		(2,068	)		(10,745	)		(44,588	)		(1,229	)

NET ASSETS	$	2,506,879		$	25,933,587		$	60,927,595		$	73,249,500		$	974,415,619		$	46,244,691		$	373,680,697		$	1,899,193,728		$	14,301,952

NET ASSET VALUE PER SHARE
Net asset value per share	$	50.14		$	43.22		$	50.77		$	58.60		$	33.95		$	28.03		$	37.00		$	45.11		$	35.75

Shares outstanding (unlimited amount authorized, $0.01 par value)		50,000			600,000			1,200,075			1,250,000			28,701,326			1,650,000			10,100,000			42,100,000			400,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	2,967,538		$	30,647,776		$	66,435,378		$	81,968,146		$	1,178,918,880		$	49,766,380		$	552,671,213		$	1,823,983,374		$	15,669,486
Affiliated issuers		983			4,890,345			14,748,394			10,998,312			154,965,014			6,462,559			31,737,344			24,121,800			2,072,448

Total cost of investments	$	2,968,521		$	35,538,121		$	81,183,772		$	92,966,458		$	1,333,883,894		$	56,228,939		$	584,408,557		$	1,848,105,174		$	17,741,934

Foreign currency, at cost	$	16,456		$	36,088		$	517,297		$	201,753		$	3,291,011		$	152,082		$	1,490,105		$	(307,720	)	$	36,686

* Includes investments in securities on loan, at value	$	—		$	4,658,307		$	14,270,206		$	12,701,605		$	151,182,579		$	6,331,705		$	37,353,211		$	21,917,310		$	1,964,075

See accompanying notes to financial statements.

464

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2015


	SPDR S&P International
	Consumer			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	Staples			Energy			Financial			Health			Industrial			Materials			Technology			Telecommunications			Utilities
	Sector			Sector			Sector			Care Sector			Sector			Sector			Sector			Sector			Sector
	ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF

ASSETS
Investments in securities of unaffiliated issuers, at value* (Note 2)	$	64,764,667		$	23,092,343		$	10,527,709		$	74,411,003		$	17,221,882		$	4,875,077		$	10,121,446		$	36,014,560		$	27,009,755
Investments in securities of affiliated issuers, at value (Notes 2 and 3)		3,472,136			3,448,858			1,200,411			6,494,977			1,048,203			643,198			1,371,485			1,622,105			2,439,082

Total Investments		68,236,803			26,541,201			11,728,120			80,905,980			18,270,085			5,518,275			11,492,931			37,636,665			29,448,837
Foreign currency, at value		160,023			94,930			34,629			165,333			29,897			27,195			62,026			176,331			71,597
Receivable for investments sold		—			—			30,481			2,398,587			—			—			—			—			—
Receivable for foreign currency contracts sold		—			—			—			9,825			19,779			3,346			—			—			—
Receivable for foreign taxes recoverable		116,170			2,896			1,884			223,974			13,390			5,923			2,179			24,207			15,804
Dividends and interest receivable — unaffiliated issuers		128,985			71,347			41,438			171,025			54,550			14,334			20,111			96,127			47,501
Dividends receivable — affiliated issuers		13			9			2			5			2			2			1			2			6

TOTAL ASSETS		68,641,994			26,710,383			11,836,554			83,874,729			18,387,703			5,569,075			11,577,248			37,933,332			29,583,745

LIABILITIES
Payable upon return of securities loaned		3,446,144			3,434,341			1,200,411			6,462,640			1,026,410			620,519			1,359,852			1,591,584			2,439,082
Payable for investments purchased		—			45,077			6			—			—			—			—			—			—
Payable for fund shares repurchased		—			—			—			2,416,158			—			—			—			—			—
Due to custodian		—			—			42,667			9,825			19,779			3,259			—			—			1,560
Accrued advisory fee (Note 3)		65,559			23,533			13,655			85,158			19,908			5,687			10,897			41,814			28,842
Accrued trustees’ fees and expenses (Note 3)		28			11			4			39			12			4			7			27			37

TOTAL LIABILITIES		3,511,731			3,502,962			1,256,743			8,973,820			1,066,109			629,469			1,370,756			1,633,425			2,469,521

NET ASSETS	$	65,130,263		$	23,207,421		$	10,579,811		$	74,900,909		$	17,321,594		$	4,939,606		$	10,206,492		$	36,299,907		$	27,114,224

NET ASSETS CONSIST OF:
Paid in capital (Note 4)	$	64,820,893		$	36,373,943		$	14,305,659		$	70,588,313		$	21,529,317		$	10,680,702		$	11,574,982		$	42,067,708		$	37,240,925
Undistributed (distribution in excess of) net investment income		(19,742	)		(6,454	)		170,489			(1,914	)		94,402			6,163			50,873			158,692			31,380
Accumulated net realized gain (loss) on investments and foreign currency transactions		(106,816	)		(1,549,128	)		(1,280,808	)		105,954			(1,193,768	)		(1,192,107	)		(280,068	)		(3,370,018	)		(4,293,005	)
Net unrealized appreciation (depreciation) on:
Investments		444,904			(11,609,148	)		(2,613,955	)		4,224,458			(3,106,860	)		(4,554,648	)		(1,138,669	)		(2,554,761	)		(5,863,005	)
Foreign currency		(8,976	)		(1,792	)		(1,574	)		(15,902	)		(1,497	)		(504	)		(626	)		(1,714	)		(2,071	)

NET ASSETS	$	65,130,263		$	23,207,421		$	10,579,811		$	74,900,909		$	17,321,594		$	4,939,606		$	10,206,492		$	36,299,907		$	27,114,224

NET ASSET VALUE PER SHARE
Net asset value per share	$	39.47		$	15.47		$	19.24		$	48.32		$	26.65		$	16.47		$	29.16		$	24.20		$	15.95

Shares outstanding (unlimited amount authorized, $0.01 par value)		1,650,000			1,500,000			550,000			1,550,000			650,000			300,000			350,000			1,500,000			1,700,000

COST OF INVESTMENTS:
Unaffiliated issuers	$	64,319,763		$	34,701,491		$	13,141,664		$	70,186,545		$	20,328,742		$	9,429,725		$	11,260,115		$	38,569,321		$	32,872,760
Affiliated issuers		3,472,136			3,448,858			1,200,411			6,494,977			1,048,203			643,198			1,371,485			1,622,105			2,439,082

Total cost of investments	$	67,791,899		$	38,150,349		$	14,342,075		$	76,681,522		$	21,376,945		$	10,072,923		$	12,631,600		$	40,191,426		$	35,311,842

Foreign currency, at cost	$	160,764		$	95,499		$	35,517		$	168,104		$	30,024		$	27,191		$	62,421		$	176,548		$	72,328

* Includes investments in securities on loan, at value	$	3,374,095		$	4,034,931		$	1,143,350		$	6,131,869		$	1,128,106		$	528,741		$	1,498,591		$	1,526,897		$	2,366,735

See accompanying notes to financial statements.

466

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2015


													SPDR S&P International			SPDR MSCI International
													Dividend			Real Estate
	SPDR STOXX			SPDR EURO			SPDR EURO			SPDR EURO STOXX 50 Currency			Currency			Currency			SPDR S&P Emerging
	Europe			STOXX			STOXX			Hedged			Hedged			Hedged			Asia Pacific			SPDR S&P Russia			SPDR S&P
	50 ETF			50 ETF			Small Cap ETF			ETF (1)			ETF (2)			ETF (2)			ETF			ETF			China ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	10,711,691		$	169,568,557		$	252,544		$	—		$	—		$	4,140		$	21,556,375		$	1,171,704		$	31,316,870
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		294			4,262			15			93,793			52,960			—			2,871			156			1,646
Affiliated securities lending — net (Note 3 and Note 9)		130,268			5,509,302			—			—			—			—			822,970			—			2,864,087
Interest income (Note 2)		26			—			—			—			—			—			—			—			—
Foreign taxes withheld		(769,254	)		(20,870,304	)		(29,898	)		—			—			(476	)		(2,609,160	)		(126,983	)		(2,198,025	)

TOTAL INVESTMENT INCOME (LOSS)		10,073,025			154,211,817			222,661			93,793			52,960			3,664			19,773,056			1,044,877			31,984,578

EXPENSES
Advisory fee (Note 3)		771,881			12,970,948			35,918			5,508			839			844			3,869,887			159,731			6,482,489
Trustees’ fees and expenses (Note 3)		4,805			80,793			105			23			4			4			13,705			481			20,036
Miscellaneous expenses		3,173			16,856			474			70			—			—			12,445			438			4,414

TOTAL EXPENSES		779,859			13,068,597			36,497			5,601			843			848			3,896,037			160,650			6,506,939

Expenses waived by Adviser (Note 3)		—			—			—			(4,992	)		(786	)		—			—			—			—

NET EXPENSES		779,859			13,068,597			36,497			609			57			848			3,896,037			160,650			6,506,939

NET INVESTMENT INCOME		9,293,166			141,143,220			186,164			93,184			52,903			2,816			15,877,019			884,227			25,477,639

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers		(5,520,484	)		101,538,012			(1,013,223	)		—			—			—			(17,331,231	)		(1,356,182	)		4,308,281
Investments in securities of affiliated issuers		—			—			—			(17,857	)		—			—			—			—			—
Foreign currency transactions		(50,456	)		(94,238	)		(1,808	)		19,270			—			—			(735,874	)		(1,453	)		(5,179	)
Futures		—			—			—			(16,867	)		—			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $225,124, $0, $0, respectively)		(36,407,654	)		(870,442,123	)		(184,899	)		(742,180	)		(157,587	)		16,480			(104,631,995	)		(6,375,731	)		(127,877,423	)
Foreign currency translations		(4,964	)		109,863			15			30,393			49,519			33,024			139			(63	)		4,709
Futures		—			—			—			(3,159	)		—			—			—			—			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		(41,983,558	)		(768,888,486	)		(1,199,915	)		(730,400	)		(108,068	)		49,504			(122,698,961	)		(7,733,429	)		(123,569,612	)

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(32,690,392	)	$	(627,745,266	)	$	(1,013,751	)	$	(637,216	)	$	(55,165	)	$	52,320		$	(106,821,942	)	$	(6,849,202	)	$	(98,091,973	)


(1)		For the period June 8, 2015 (inception date) through September 30, 2015.
(2)		For the period September 14, 2015 (inception date) through September 30, 2015.

See accompanying notes to financial statements.

468

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2015


				SPDR S&P Emerging												SPDR S&P Emerging
	SPDR S&P Emerging			Markets			SPDR S&P			SPDR S&P Emerging			SPDR S&P Emerging			Middle									SPDR Dow Jones International
	Markets			Dividend			BRIC			Europe			Latin America			East & Africa						SPDR S&P International			Real Estate
	ETF			ETF			40 ETF			ETF			ETF			ETF			SPDR S&P World ex-US ETF			Small Cap ETF			ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	6,423,965		$	22,170,210		$	3,382,404		$	2,004,733		$	1,052,275		$	1,689,250		$	22,822,533		$	16,863,733		$	164,963,614
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		1,284			738			253			115			80			50			777			2,769			5,877
Affiliated securities lending — net (Note 3 and Note 9)		140,391			549,871			35,681			3,697			24,844			13,957			590,053			1,534,379			1,766,781
Interest income (Note 2)		2,701			2,612			—			—			—			—			506			1,314			2,081
Foreign taxes withheld		(698,401	)		(2,244,333	)		(322,739	)		(246,563	)		(75,003	)		(170,387	)		(1,885,423	)		(1,301,465	)		(15,690,889	)

TOTAL INVESTMENT INCOME (LOSS)		5,869,940			20,479,098			3,095,599			1,761,982			1,002,196			1,532,870			21,528,446			17,100,730			151,047,464

EXPENSES
Advisory fee (Note 3)		1,325,099			2,223,919			584,598			277,339			191,299			269,474			2,548,411			3,307,580			29,696,268
Trustees’ fees and expenses (Note 3)		4,602			8,481			2,445			1,046			766			1,042			13,826			13,234			94,495
Miscellaneous expenses		2,231			7,074			838			530			255			600			6,980			38,111			483,883

TOTAL EXPENSES		1,331,932			2,239,474			587,881			278,915			192,320			271,116			2,569,217			3,358,925			30,274,646

NET INVESTMENT INCOME		4,538,008			18,239,624			2,507,718			1,483,067			809,876			1,261,754			18,959,229			13,741,805			120,772,818

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers		(6,384,566	)		(88,739,243	)		(14,606,320	)		(5,530,203	)		(4,160,497	)		(675,540	)		29,486,660			13,197,116			(7,333,269	)
Investments in securities of affiliated issuers		—			—			—			—			—			—			—			(2,673	)		—
Foreign currency transactions		(459,799	)		(701,556	)		(346	)		(50,061	)		(62,014	)		(29,095	)		(218,759	)		(582,009	)		(2,748,635	)
Futures		(44,762	)		—			—			—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $64,678, $5,565, $0, $0, $0, $0, $0, $0, $75,941, respectively)		(46,531,064	)		(60,181,639	)		(7,905,225	)		(14,151,280	)		(13,580,860	)		(8,398,267	)		(126,090,575	)		(66,338,019	)		(255,531,749	)
Foreign currency translations		13,059			29,313			1,000			6,203			(983	)		7,962			26,725			(17,674	)		(20,610	)
Futures		47,404			—			—			—			—			—			—			—			—

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES		(53,359,728	)		(149,593,125	)		(22,510,891	)		(19,725,341	)		(17,804,354	)		(9,094,940	)		(96,795,949	)		(53,743,259	)		(265,634,263	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(48,821,720	)	$	(131,353,501	)	$	(20,003,173	)	$	(18,242,274	)	$	(16,994,478	)	$	(7,833,186	)	$	(77,836,720	)	$	(40,001,454	)	$	(144,861,445	)

See accompanying notes to financial statements.

470

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2015


				SPDR S&P Global
	SPDR S&P Global			Natural									SPDR MSCI ACWI Low Carbon									SPDR MSCI			SPDR MSCI Emerging
	Infrastructure			Resources						SPDR MSCI			Target			SPDR MSCI EM			SPDR MSCI EM Beyond			EAFE			Markets
	ETF			ETF			SPDR MSCI ACWI ex-US ETF			ACWI IMI ETF			ETF (1)			50 ETF			BRIC ETF			Quality Mix ETF			Quality Mix ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	3,702,400		$	26,717,382		$	23,830,284		$	1,480,858		$	2,017,517		$	106,894		$	78,106		$	191,665		$	1,787,408
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		202			1,277			864			1,163			1,601			6			3			5			140
Affiliated securities lending — net (Note 3 and Note 9)		64,588			441,968			457,400			22,852			—			885			441			—			—
Interest income (Note 2)		—			—			—			80			36			1			301			—			182
Foreign taxes withheld		(187,068	)		(1,616,240	)		(1,984,428	)		(61,508	)		(116,121	)		(14,377	)		(11,057	)		(13,936	)		(210,040	)

TOTAL INVESTMENT INCOME (LOSS)		3,580,122			25,544,387			22,304,120			1,443,445			1,903,033			93,409			67,794			177,734			1,577,690

EXPENSES
Advisory fee (Note 3)		417,287			2,603,548			2,476,912			122,307			217,849			14,448			14,597			17,172			151,783
Trustees’ fees and expenses (Note 3)		2,113			11,978			11,998			1,120			1,016			44			55			97			446
Miscellaneous expenses		1,001			4,907			15,278			332			249			11			207			—			2

TOTAL EXPENSES		420,401			2,620,433			2,504,188			123,759			219,114			14,503			14,859			17,269			152,231

Expenses waived by Adviser (Note 3)		—			—			(148,373	)		—			(72,877	)		—			—			—			—

NET EXPENSES		420,401			2,620,433			2,355,815			123,759			146,237			14,503			14,859			17,269			152,231

NET INVESTMENT INCOME		3,159,721			22,923,954			19,948,305			1,319,686			1,756,796			78,906			52,935			160,465			1,425,459

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers		1,206,980			(33,916,573	)		9,961,695			3,874,345			63,103			(120,898	)		(4,166	)		(29,517	)		(626,342	)
Investments in securities of affiliated issuers		—			—			—			7,969			—			—			—			—			—
Foreign currency transactions		(70,796	)		(211,101	)		(293,642	)		(11,097	)		(16,675	)		(32	)		(2,596	)		(3,383	)		(114,544	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $5,089, $0, $552, $0, $1,296, $0, $17,842, respectively)		(12,105,483	)		(214,633,944	)		(137,398,070	)		(5,202,072	)		(7,406,535	)		(868,312	)		(714,867	)		(423,602	)		(12,144,814	)
Investments in securities of affiliated issuers		—			—			—			(10,614	)		(13,158	)		—			—			—			—
Foreign currency translations		7,622			2,515			(27,963	)		856			(4,638	)		(199	)		33			268			(11,602	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(10,961,677	)		(248,759,103	)		(127,757,980	)		(1,340,613	)		(7,377,903	)		(989,441	)		(721,596	)		(456,234	)		(12,897,302	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(7,801,956	)	$	(225,835,149	)	$	(107,809,675	)	$	(20,927	)	$	(5,621,107	)	$	(910,535	)	$	(668,661	)	$	(295,769	)	$	(11,471,843	)


(1)		For the period November 25, 2014 (inception date) through September 30, 2015.

See accompanying notes to financial statements.

472

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2015


																			SPDR MSCI
	SPDR MSCI												SPDR MSCI						South			SPDR MSCI
	World			SPDR MSCI Australia			SPDR MSCI Canada			SPDR MSCI Germany			Japan			SPDR MSCI Mexico			Korea			Spain			SPDR MSCI Taiwan
	Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF			Quality Mix ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	160,071		$	301,526		$	105,962		$	246,170		$	177,857		$	49,163		$	42,191		$	207,194		$	230,015
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		59			7			4			9			8			1			2			5			5
Foreign taxes withheld		(6,902	)		(4,058	)		(15,894	)		(32,045	)		(21,186	)		(425	)		(9,283	)		(11,195	)		(49,795	)

TOTAL INVESTMENT INCOME (LOSS)		153,228			297,475			90,072			214,134			156,679			48,739			32,910			196,004			180,225

EXPENSES
Advisory fee (Note 3)		18,518			17,595			10,749			25,081			27,962			10,093			10,455			14,820			23,409
Trustees’ fees and expenses (Note 3)		105			125			47			119			116			45			46			117			102
Miscellaneous expenses		—			32			—			—			—			—			—			—			—

TOTAL EXPENSES		18,623			17,752			10,796			25,200			28,078			10,138			10,501			14,937			23,511

NET INVESTMENT INCOME		134,605			279,723			79,276			188,934			128,601			38,601			22,409			181,067			156,714

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers		69,693			(326,300	)		(53,959	)		(501,294	)		7,131			(14,984	)		(28,843	)		(1,013,189	)		10,449
Foreign currency transactions		(1,021	)		(4,590	)		(1,732	)		731			(4,779	)		(1,931	)		(111	)		(1,923	)		(9,579	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers		(271,437	)		(857,496	)		(1,009,820	)		(881,974	)		(857,360	)		(618,423	)		(440,626	)		32,716			(886,829	)
Investments in securities of affiliated issuers		(230	)		—			—			—			—			—			—			—			—
Foreign currency translations		(151	)		2,988			(296	)		(87	)		598			58			4			98			(680	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(203,146	)		(1,185,398	)		(1,065,807	)		(1,382,624	)		(854,410	)		(635,280	)		(469,576	)		(982,298	)		(886,639	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(68,541	)	$	(905,675	)	$	(986,531	)	$	(1,193,690	)	$	(725,809	)	$	(596,679	)	$	(447,167	)	$	(801,231	)	$	(729,925	)

See accompanying notes to financial statements.

474

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2015


																									SPDR S&P International
																									Consumer
	SPDR MSCI United									SPDR S&P Global			SPDR S&P International						SPDR S&P Emerging			SPDR Dow Jones Global			Discretionary
	Kingdom			SPDR Russell/Nomura			SPDR Russell/Nomura			Dividend			Dividend			SPDR S&P			Markets			Real Estate			Sector
	Quality Mix ETF			PRIME Japan ETF			Small Cap Japan ETF			ETF			ETF			International Mid Cap ETF			Small Cap ETF			ETF			ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	261,753		$	444,209		$	1,079,253		$	2,648,268		$	74,748,341		$	1,327,614		$	14,197,923		$	57,740,497		$	431,395
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		12			37			63			115			2,514			183			1,316			3,308			39
Affiliated securities lending — net (Note 3 and Note 9)		—			7,851			94,651			64,222			2,727,135			62,937			1,166,819			333,706			14,875
Interest income (Note 2)		—			—			—			—			983			14			883			—			—
Foreign taxes withheld		(1,738	)		(54,966	)		(123,583	)		(209,133	)		(6,143,313	)		(112,268	)		(1,659,364	)		(2,548,574	)		(41,201	)

TOTAL INVESTMENT INCOME (LOSS)		260,027			397,131			1,050,384			2,503,472			71,335,660			1,278,480			13,707,577			55,528,937			405,108

EXPENSES
Advisory fee (Note 3)		18,577			91,343			287,665			219,411			6,056,487			256,582			3,057,592			9,382,575			70,156
Trustees’ fees and expenses (Note 3)		108			387			1,205			781			26,252			1,136			9,254			33,260			300
Miscellaneous expenses		—			125			340			126			53,286			1,331			5,804			13,710			770

TOTAL EXPENSES		18,685			91,855			289,210			220,318			6,136,025			259,049			3,072,650			9,429,545			71,226

NET INVESTMENT INCOME		241,342			305,276			761,174			2,283,154			65,199,635			1,019,431			10,634,927			46,099,392			333,882

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers		(167,611	)		(760,124	)		213,114			463,145			(235,222,242	)		(1,190,080	)		(25,078,076	)		19,383,425			1,192,347
Foreign currency transactions		(2,347	)		(20,826	)		(74,657	)		(10,592	)		(1,120,070	)		(66,716	)		(395,301	)		(401,714	)		(10,028	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers (net of deferred foreign taxes of $0, $0, $0, $0, $18,821, $0, $394,681, $4,390, $0, respectively)		(130,336	)		(1,047,552	)		(161,072	)		(8,846,901	)		(163,128,220	)		(3,142,213	)		(93,910,977	)		(21,216,176	)		(1,856,146	)
Foreign currency translations		233			285			13,135			(5,861	)		124,934			2,505			27,908			(5,214	)		2,696

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(300,061	)		(1,828,217	)		(9,480	)		(8,400,209	)		(399,345,598	)		(4,396,504	)		(119,356,446	)		(2,239,679	)		(671,131	)

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(58,719	)	$	(1,522,941	)	$	751,694		$	(6,117,055	)	$	(334,145,963	)	$	(3,377,073	)	$	(108,721,519	)	$	43,859,713		$	(337,249	)

See accompanying notes to financial statements.

476

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2015


	SPDR S&P International
	Consumer			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International			SPDR S&P International
	Staples			Energy			Financial			Health			Industrial			Materials			Technology			Telecommunications			Utilities
	Sector			Sector			Sector			Care Sector			Sector			Sector			Sector			Sector			Sector
	ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF			ETF

INVESTMENT INCOME
Dividend income on securities of unaffiliated issuers (Note 2)	$	1,305,043		$	1,051,646		$	423,064		$	1,621,495		$	507,538		$	219,458		$	176,794		$	1,576,462		$	1,712,102
Dividend income on securities of affiliated issuers (Note 2 and Note 3)		70			35			30			55			22			13			14			85			49
Affiliated securities lending — net (Note 3 and Note 9)		—			26,130			8,434			21,129			14,637			3,728			9,058			30,946			44,160
Interest income (Note 2)		—			—			—			—			—			—			5			2			—
Foreign taxes withheld		(103,389	)		(98,305	)		(27,729	)		(163,473	)		(40,533	)		(8,091	)		(3,717	)		(112,963	)		(151,258	)

TOTAL INVESTMENT INCOME (LOSS)		1,201,724			979,506			403,799			1,479,206			481,664			215,108			182,154			1,494,532			1,605,053

EXPENSES
Advisory fee (Note 3)		200,874			95,446			51,940			341,817			91,602			28,196			49,786			192,313			188,453
Trustees’ fees and expenses (Note 3)		787			380			207			1,403			413			128			219			854			1,025
Miscellaneous expenses		1,547			376			339			752			1,437			783			1,162			3,107			678

TOTAL EXPENSES		203,208			96,202			52,486			343,972			93,452			29,107			51,167			196,274			190,156

NET INVESTMENT INCOME		998,516			883,304			351,313			1,135,234			388,212			186,001			130,987			1,298,258			1,414,897

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments in securities of unaffiliated issuers		1,813,830			(793,438	)		(126,442	)		6,335,296			274,418			(511,916	)		430,714			709,476			3,051,464
Foreign currency transactions		(4,891	)		(15,692	)		(5,594	)		(48,445	)		(17,613	)		(4,829	)		(7,597	)		(20,331	)		(29,177	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers		(3,189,997	)		(9,542,485	)		(1,692,616	)		(8,393,217	)		(3,061,407	)		(1,156,747	)		(1,248,547	)		(2,600,916	)		(10,156,141	)
Foreign currency translations		1,231			907			214			(3,062	)		316			386			294			1,466			2,304

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(1,379,827	)		(10,350,708	)		(1,824,438	)		(2,109,428	)		(2,804,286	)		(1,673,106	)		(825,136	)		(1,910,305	)		(7,131,550	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(381,311	)	$	(9,467,404	)	$	(1,473,125	)	$	(974,194	)	$	(2,416,074	)	$	(1,487,105	)	$	(694,149	)	$	(612,047	)	$	(5,716,653	)

See accompanying notes to financial statements.

478

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS


	SPDR STOXX Europe 50 ETF						SPDR EURO STOXX 50 ETF						SPDR EURO STOXX Small Cap ETF						SPDR EURO STOXX 50 Currency Hedged ETF			SPDR S&P International Dividend Currency Hedged ETF			SPDR MSCI International Real Estate Currency Hedged ETF
																For the Period			For the Period			For the Period			For the Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*6/4/14-**			*6/8/15-**			*9/14/15-**			*9/14/15-**
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/15			9/30/15

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	9,293,166		$	11,761,626		$	141,143,220		$	160,808,940		$	186,164		$	23,277		$	93,184		$	52,903		$	2,816
Net realized gain (loss) on investments, foreign currency transactions and futures		(5,570,940	)		1,664,411			101,443,774			194,543,394			(1,015,031	)		(265,612	)		(15,454	)		—			—
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and futures		(36,412,618	)		(6,756,666	)		(870,332,260	)		(111,175,297	)		(184,884	)		(1,135,832	)		(714,946	)		(108,068	)		49,504

Net increase (decrease) in net assets resulting from operations		(32,690,392	)		6,669,371			(627,745,266	)		244,177,037			(1,013,751	)		(1,378,167	)		(637,216	)		(55,165	)		52,320

Net equalization credits and charges (Note 2)		331,770			660,097			(1,214,874	)		6,844,538			63,393			—			32,788			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(9,622,930	)		(12,279,995	)		(143,035,636	)		(165,590,424	)		(256,115	)		(16,160	)		(125,977	)		(52,907	)		—

Total distributions to shareholders		(9,622,930	)		(12,279,995	)		(143,035,636	)		(165,590,424	)		(256,115	)		(16,160	)		(125,977	)		(52,907	)		—

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		61,025,115			178,982,848			1,034,566,636			2,213,989,332			7,847,122			8,982,073			7,569,987			4,000,000			4,000,000
Cost of shares redeemed		(32,815,692	)		(21,062,047	)		(1,168,853,153	)		(628,350,417	)		(2,467,346	)		—			—			—			—
Net income equalization (Note 2)		(331,770	)		(660,097	)		1,214,874			(6,844,538	)		(63,393	)		—			(32,788	)		—			—

Net increase (decrease) in net assets from beneficial interest transactions		27,877,653			157,260,704			(133,071,643	)		1,578,794,377			5,316,383			8,982,073			7,537,199			4,000,000			4,000,000

Voluntary contribution from Adviser		—			—			—			—			—			9,863			—			—			—

Net increase (decrease) in net assets during the year		(14,103,899	)		152,310,177			(905,067,419	)		1,664,225,528			4,109,910			7,597,609			6,806,794			3,891,928			4,052,320
Net assets at beginning of year		261,729,547			109,419,370			4,949,488,262			3,285,262,734			7,597,609			—			—			—			—

NET ASSETS END OF YEAR (1)	$	247,625,648		$	261,729,547		$	4,044,420,843		$	4,949,488,262		$	11,707,519		$	7,597,609		$	6,806,794		$	3,891,928		$	4,052,320

SHARES OF BENEFICIAL INTEREST:
Shares sold		1,700,000			4,650,000			26,750,000			53,800,000			150,000			150,000			200,000			100,000			100,000
Shares redeemed		(950,000	)		(550,000	)		(31,100,000	)		(15,400,000	)		(50,000	)		—			—			—			—

Net increase (decrease)		750,000			4,100,000			(4,350,000	)		38,400,000			100,000			150,000			200,000			100,000			100,000

(1) Including undistributed (distribution in excess of) net investment income	$	—		$	(641,120	)	$	—		$	(10,493,081	)	$	(22,241	)	$	5,569		$	(35,761	)	$	(4	)	$	2,816


*		Inception date.

See accompanying notes to financial statements.

480

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P Emerging Asia Pacific ETF						SPDR S&P Russia ETF						SPDR S&P China ETF						SPDR S&P Emerging Markets ETF						SPDR S&P Emerging Markets Dividend ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	15,877,019		$	9,792,541		$	884,227		$	735,713		$	25,477,639		$	19,849,632		$	4,538,008		$	4,771,977		$	18,239,624		$	22,769,170
Net realized gain (loss) on investments, foreign currency transactions and futures		(18,067,105	)		(2,280,917	)		(1,357,635	)		(5,423,988	)		4,303,102			11,688,452			(6,889,127	)		(407,687	)		(89,440,799	)		(42,536,752	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and futures		(104,631,856	)		34,002,847			(6,375,794	)		779,159			(127,872,714	)		1,935,083			(46,470,601	)		2,401,364			(60,152,326	)		(11,295,354	)

Net increase (decrease) in net assets resulting from operations		(106,821,942	)		41,514,471			(6,849,202	)		(3,909,116	)		(98,091,973	)		33,473,167			(48,821,720	)		6,765,654			(131,353,501	)		(31,062,936	)

Net equalization credits and charges (Note 2)		—			—			—			—			—			—			—			—			(349,335	)		529,331

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(10,643,553	)		(6,695,981	)		(854,073	)		(447,722	)		(17,843,531	)		(16,237,703	)		(4,507,319	)		(3,629,968	)		(16,798,542	)		(21,592,591	)

Total distributions to shareholders		(10,643,553	)		(6,695,981	)		(854,073	)		(447,722	)		(17,843,531	)		(16,237,703	)		(4,507,319	)		(3,629,968	)		(16,798,542	)		(21,592,591	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		227,969,415			283,492,388			16,037,529			18,178,584			202,232,959			233,346,479			45,399,268			135,365,420			22,707,186			53,666,361
Cost of shares redeemed		(369,551,101	)		(30,276,644	)		(8,367,902	)		(21,950,727	)		(216,315,583	)		(200,601,610	)		(88,647,909	)		(42,628,055	)		(67,694,997	)		(48,575,340	)
Net income equalization (Note 2)		—			—			—			—			—			—			—			—			349,335			(529,331	)
Other capital (Note 4)		—			—			—			—			321,712			1,657			—			—			85,601			130,332

Net increase (decrease) in net assets from beneficial interest transactions		(141,581,686	)		253,215,744			7,669,627			(3,772,143	)		(13,760,912	)		32,746,526			(43,248,641	)		92,737,365			(44,552,875	)		4,692,022

Net increase (decrease) in net assets during the year		(259,047,181	)		288,034,234			(33,648	)		(8,128,981	)		(129,696,416	)		49,981,990			(96,577,680	)		95,873,051			(193,054,253	)		(47,434,174	)
Net assets at beginning of year		687,494,404			399,460,170			23,134,998			31,263,979			947,604,601			897,622,611			285,284,561			189,411,510			491,216,996			538,651,170

NET ASSETS END OF YEAR (1)	$	428,447,223		$	687,494,404		$	23,101,350		$	23,134,998		$	817,908,185		$	947,604,601		$	188,706,881		$	285,284,561		$	298,162,743		$	491,216,996

SHARES OF BENEFICIAL INTEREST:
Shares sold		2,500,000			3,300,000			1,000,000			750,000			2,300,000			3,000,000			700,000			2,000,000			650,000			1,350,000
Shares redeemed		(4,800,000	)		(400,000	)		(500,000	)		(850,000	)		(2,800,000	)		(2,700,000	)		(1,400,000	)		(700,000	)		(2,150,000	)		(1,300,000	)

Net increase (decrease)		(2,300,000	)		2,900,000			500,000			(100,000	)		(500,000	)		300,000			(700,000	)		1,300,000			(1,500,000	)		50,000

(1) Including undistributed (distribution in excess of) net investment income	$	12,350,914		$	6,281,108		$	718,388		$	544,584		$	17,289,278		$	9,007,139		$	1,947,448		$	2,390,552		$	(709,247	)	$	(1,282,865	)

See accompanying notes to financial statements.

482

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P BRIC 40 ETF						SPDR S&P Emerging Europe ETF						SPDR S&P Emerging Latin America ETF						SPDR S&P Emerging Middle East & Africa ETF						SPDR S&P World ex-US ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,507,718		$	4,415,712		$	1,483,067		$	2,238,045		$	809,876		$	1,425,351		$	1,261,754		$	1,370,932		$	18,959,229		$	26,174,088
Net realized gain (loss) on investments and foreign currency transactions		(14,606,666	)		(7,465,068	)		(5,580,264	)		(6,285,718	)		(4,222,511	)		(5,587,888	)		(704,635	)		(777,282	)		29,267,901			34,415,149
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(7,904,225	)		766,083			(14,145,077	)		(5,352,335	)		(13,581,843	)		3,397,801			(8,390,305	)		3,285,694			(126,063,850	)		(27,098,565	)

Net increase (decrease) in net assets resulting from operations		(20,003,173	)		(2,283,273	)		(18,242,274	)		(9,400,008	)		(16,994,478	)		(764,736	)		(7,833,186	)		3,879,344			(77,836,720	)		33,490,672

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,046,052	)		(3,386,072	)		(1,961,721	)		(1,481,279	)		(877,726	)		(1,382,090	)		(1,502,559	)		(1,674,967	)		(20,112,214	)		(24,777,954	)

Total distributions to shareholders		(3,046,052	)		(3,386,072	)		(1,961,721	)		(1,481,279	)		(877,726	)		(1,382,090	)		(1,502,559	)		(1,674,967	)		(20,112,214	)		(24,777,954	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			29,041,852			3,096,917			23,596,442			—			—			—			—			128,435,729			207,812,677
Cost of shares redeemed		(51,108,703	)		(115,150,730	)		(8,749,045	)		(22,335,414	)		(5,623,087	)		(19,219,737	)		(13,728,647	)		(6,598,281	)		(141,016,522	)		(79,837,317	)

Net increase (decrease) in net assets from beneficial interest transactions		(51,108,703	)		(86,108,878	)		(5,652,128	)		1,261,028			(5,623,087	)		(19,219,737	)		(13,728,647	)		(6,598,281	)		(12,580,793	)		127,975,360

Net increase (decrease) in net assets during the year		(74,157,928	)		(91,778,223	)		(25,856,123	)		(9,620,259	)		(23,495,291	)		(21,366,563	)		(23,064,392	)		(4,393,904	)		(110,529,727	)		136,688,078
Net assets at beginning of year		155,662,458			247,440,681			66,865,179			76,485,438			49,208,472			70,575,035			63,140,862			67,534,766			825,443,427			688,755,349

NET ASSETS END OF YEAR (1)	$	81,504,530		$	155,662,458		$	41,009,056		$	66,865,179		$	25,713,181		$	49,208,472		$	40,076,470		$	63,140,862		$	714,913,700		$	825,443,427

SHARES OF BENEFICIAL INTEREST:
Shares sold		—			1,200,000			100,000			600,000			—			—			—			—			4,600,000			7,200,000
Shares redeemed		(2,300,000	)		(5,100,000	)		(300,000	)		(600,000	)		(100,000	)		(300,000	)		(200,000	)		(100,000	)		(5,200,000	)		(2,800,000	)

Net increase (decrease)		(2,300,000	)		(3,900,000	)		(200,000	)		—			(100,000	)		(300,000	)		(200,000	)		(100,000	)		(600,000	)		4,400,000

(1) Including undistributed (distribution in excess of) net investment income	$	1,611,074		$	2,149,733		$	667,972		$	1,196,687		$	93,188		$	223,053		$	227,898		$	441,064		$	5,017,897		$	5,408,856

See accompanying notes to financial statements.

484

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P International Small Cap ETF						SPDR Dow Jones International Real Estate ETF						SPDR S&P Global Infrastructure ETF						SPDR S&P Global Natural Resources ETF						SPDR MSCI ACWI ex-US ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	13,741,805		$	13,431,467		$	120,772,818		$	147,080,831		$	3,159,721		$	3,513,800		$	22,923,954		$	13,876,435		$	19,948,305		$	17,894,597
Net realized gain (loss) on investments and foreign currency transactions		12,612,434			126,291,899			(10,081,904	)		2,009,479			1,136,184			3,645,942			(34,127,674	)		(9,607,560	)		9,668,053			6,590,053
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(66,355,693	)		(116,936,922	)		(255,552,359	)		(23,184,292	)		(12,097,861	)		6,752,010			(214,631,429	)		4,014,399			(137,426,033	)		2,046,911

Net increase (decrease) in net assets resulting from operations		(40,001,454	)		22,786,444			(144,861,445	)		125,906,018			(7,801,956	)		13,911,752			(225,835,149	)		8,283,274			(107,809,675	)		26,531,561

Net equalization credits and charges (Note 2)		—			—			(1,772,371	)		(6,049,389	)		—			—			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(11,413,132	)		(23,935,017	)		(147,970,731	)		(207,509,734	)		(3,020,616	)		(3,517,695	)		(20,271,634	)		(12,447,584	)		(17,494,392	)		(16,800,571	)
Net realized gains		(71,368,674	)		—			—			—			—			—			—			—			—			—

Total distributions to shareholders		(82,781,806	)		(23,935,017	)		(147,970,731	)		(207,509,734	)		(3,020,616	)		(3,517,695	)		(20,271,634	)		(12,447,584	)		(17,494,392	)		(16,800,571	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		69,799,060			61,081,608			360,344,231			1,012,403,593			9,393,423			74,978,089			291,970,504			230,193,788			379,688,741			93,043,547
Cost of shares redeemed		(89,178,369	)		(81,085,368	)		(217,510,015	)		(73,642,653	)		(54,604,454	)		(25,255,803	)		(71,659,157	)		(38,175,395	)		(114,567,151	)		(21,105,047	)
Net income equalization (Note 2)		—			—			1,772,371			6,049,389			—			—			—			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(19,379,309	)		(20,003,760	)		144,606,587			944,810,329			(45,211,031	)		49,722,286			220,311,347			192,018,393			265,121,590			71,938,500

Net increase (decrease) in net assets during the year		(142,162,569	)		(21,152,333	)		(149,997,960	)		857,157,224			(56,033,603	)		60,116,343			(25,795,436	)		187,854,083			139,817,523			81,669,490
Net assets at beginning of year		792,718,877			813,871,210			4,903,056,278			4,045,899,054			112,333,063			52,216,720			595,616,966			407,762,883			575,493,835			493,824,345

NET ASSETS END OF YEAR (1)	$	650,556,308		$	792,718,877		$	4,753,058,318		$	4,903,056,278		$	56,299,460		$	112,333,063		$	569,821,530		$	595,616,966		$	715,311,358		$	575,493,835

SHARES OF BENEFICIAL INTEREST:
Shares sold		2,400,000			1,800,000			8,400,000			23,500,000			200,000			1,600,000			6,900,000			4,600,000			10,800,000			2,600,000
Shares redeemed		(3,000,000	)		(2,400,000	)		(5,300,000	)		(1,800,000	)		(1,200,000	)		(500,000	)		(1,650,000	)		(750,000	)		(3,600,000	)		(600,000	)

Net increase (decrease)		(600,000	)		(600,000	)		3,100,000			21,700,000			(1,000,000	)		1,100,000			5,250,000			3,850,000			7,200,000			2,000,000

(1) Including undistributed (distribution in excess of) net investment income	$	6,179,070		$	1,749,229		$	(97,410,330	)	$	(184,040,107	)	$	796,927		$	728,410		$	6,025,548		$	3,721,420		$	6,611,376		$	3,964,780

See accompanying notes to financial statements.

486

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR MSCI ACWI IMI ETF						SPDR MSCI ACWI Low Carbon Target ETF			SPDR MSCI EM 50 ETF						SPDR MSCI EM Beyond BRIC ETF						SPDR MSCI EAFE Quality Mix ETF
							For the Period												For the Period						For the Period
	Year Ended			Year Ended			*11/25/14-**			Year Ended			Year Ended			Year Ended			*12/4/13-**			Year Ended			*6/4/14-**
	9/30/15			9/30/14			9/30/15			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,319,686		$	488,149		$	1,756,796		$	78,906		$	88,865		$	52,935		$	62,113		$	160,465		$	45,327
Net realized gain (loss) on investments and foreign currency transactions		3,871,217			(410	)		46,428			(120,930	)		411,161			(6,762	)		196,923			(32,900	)		(636	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(5,211,830	)		(272,979	)		(7,424,331	)		(868,511	)		(123,228	)		(714,834	)		35,095			(423,334	)		(313,508	)

Net increase (decrease) in net assets resulting from operations		(20,927	)		214,760			(5,621,107	)		(910,535	)		376,798			(668,661	)		294,131			(295,769	)		(268,817	)

Net equalization credits and charges (Note 2)		—			—			31,015			—			—			—			—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,135,208	)		(241,004	)		(1,204,764	)		(58,446	)		(55,039	)		(62,060	)		(29,342	)		(163,771	)		(3,253	)
Net realized gains		(2,549	)		(8,630	)		—			—			—			—			—			(125	)		—

Total distributions to shareholders		(1,137,757	)		(249,634	)		(1,204,764	)		(58,446	)		(55,039	)		(62,060	)		(29,342	)		(163,896	)		(3,253	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		19,021,285			51,648,206			88,300,106			2,378,021			2,311,108			—			8,954,559			—			6,000,000
Cost of shares redeemed		(40,110,719	)		—			—			—			(2,583,320	)		—			(6,112,475	)		—			—
Net income equalization (Note 2)		—			—			(31,015	)		—			—			—			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(21,089,434	)		51,648,206			88,269,091			2,378,021			(272,212	)		—			2,842,084			—			6,000,000

Net increase (decrease) in net assets during the year		(22,248,118	)		51,613,332			81,474,235			1,409,040			49,547			(730,721	)		3,106,873			(459,665	)		5,727,930
Net assets at beginning of year		57,433,664			5,820,332			—			2,404,754			2,355,207			3,106,873			—			5,727,930			—

NET ASSETS END OF YEAR (1)	$	35,185,546		$	57,433,664		$	81,474,235		$	3,813,794		$	2,404,754		$	2,376,152		$	3,106,873		$	5,268,265		$	5,727,930

SHARES OF BENEFICIAL INTEREST:
Shares sold		300,000			800,000			1,200,000			50,000			50,000			—			150,000			—			100,000
Shares redeemed		(600,000	)		—			—			—			(50,000	)		—			(100,000	)		—			—

Net increase (decrease)		(300,000	)		800,000			1,200,000			50,000			—			—			50,000			—			100,000

(1) Including undistributed (distribution in excess of) net investment income	$	490,989		$	274,250		$	538,675		$	65,842		$	45,414		$	18,940		$	31,687		$	39,312		$	41,430


*		Inception date.

See accompanying notes to financial statements.

488

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR MSCI Emerging Markets Quality Mix ETF						SPDR MSCI World Quality Mix ETF						SPDR MSCI Australia Quality Mix ETF						SPDR MSCI Canada Quality Mix ETF						SPDR MSCI Germany Quality Mix ETF
				For the Period						For the Period						For the Period						For the Period						For the Period
	Year Ended			*6/4/14-**			Year Ended			*6/4/14-**			Year Ended			*6/11/14-**			Year Ended			*6/11/14-**			Year Ended			*6/11/14-**
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,425,459		$	77,331		$	134,605		$	37,275		$	279,723		$	110,356		$	79,276		$	37,670		$	188,934		$	1,867
Net realized gain (loss) on investments and foreign currency transactions		(740,886	)		(12,635	)		68,672			(773	)		(330,890	)		(1,923	)		(55,691	)		56,136			(500,563	)		(3,196	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(12,156,416	)		(110,807	)		(271,818	)		(37,702	)		(854,508	)		(518,553	)		(1,010,116	)		(30,018	)		(882,061	)		(640,451	)

Net increase (decrease) in net assets resulting from operations		(11,471,843	)		(46,111	)		(68,541	)		(1,200	)		(905,675	)		(410,120	)		(986,531	)		63,788			(1,193,690	)		(641,780	)

Net equalization credits and charges (Note 2)		—			—			—			—			17,046			—			26,740			—			27,707			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(678,425	)		(1,381	)		(130,140	)		(4,196	)		(283,692	)		—			(80,540	)		(2,368	)		(226,792	)		(344	)
Net realized gains		(361	)		—			(251	)		—			(205	)		—			—			—			—			—

Total distributions to shareholders		(678,786	)		(1,381	)		(130,391	)		(4,196	)		(283,897	)		—			(80,540	)		(2,368	)		(226,792	)		(344	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		77,383,767			6,000,000			—			6,000,000			7,475,175			6,000,000			7,395,073			6,000,000			8,374,401			6,000,000
Cost of shares redeemed		—			—			—			—			(5,500,799	)		—			—			(3,070,323	)		(2,623,729	)		—
Net income equalization (Note 2)		—			—			—			—			(17,046	)		—			(26,740	)		—			(27,707	)		—
Other capital (Note 4)		179,360			6,120			—			—			—			—			—			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		77,563,127			6,006,120			—			6,000,000			1,957,330			6,000,000			7,368,333			2,929,677			5,722,965			6,000,000

Net increase (decrease) in net assets during the year		65,412,498			5,958,628			(198,932	)		5,994,604			784,804			5,589,880			6,328,002			2,991,097			4,330,190			5,357,876
Net assets at beginning of year		5,958,628			—			5,994,604			—			5,589,880			—			2,991,097			—			5,357,876			—

NET ASSETS END OF YEAR (1)	$	71,371,126		$	5,958,628		$	5,795,672		$	5,994,604		$	6,374,684		$	5,589,880		$	9,319,099		$	2,991,097		$	9,688,066		$	5,357,876

SHARES OF BENEFICIAL INTEREST:
Shares sold		1,400,000			100,000			—			100,000			150,000			100,000			150,000			100,000			150,000			100,000
Shares redeemed		—			—			—			—			(100,000	)		—			—			(50,000	)		(50,000	)		—

Net increase (decrease)		1,400,000			100,000			—			100,000			50,000			100,000			150,000			50,000			100,000			100,000

(1) Including undistributed (distribution in excess of) net investment income	$	710,303		$	62,958		$	35,638		$	32,234		$	163,390		$	108,408		$	36,372		$	39,368		$	—		$	2,601


*		Commencement of operations.

See accompanying notes to financial statements.

490

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR MSCI Japan Quality Mix ETF						SPDR MSCI Mexico Quality Mix ETF						SPDR MSCI South Korea Quality Mix ETF						SPDR MSCI Spain Quality Mix ETF						SPDR MSCI Taiwan Quality Mix ETF
				For the Period						For the Period						For the Period						For the Period						For the Period
	Year Ended			*6/11/14-**			Year Ended			*9/16/14-**			Year Ended			*9/16/14-**			Year Ended			*6/11/14-**			Year Ended			*9/16/14-**
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	128,601		$	40,992		$	38,601		$	390		$	22,409		$	(419	)	$	181,067		$	94,572		$	156,714		$	(773	)
Net realized gain (loss) on investments and foreign currency transactions		2,352			(382	)		(16,915	)		(704	)		(28,954	)		12,121			(1,015,112	)		(4,936	)		870			9,685
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(856,762	)		5,133			(618,365	)		(116,794	)		(440,622	)		(157,336	)		32,814			(849,916	)		(887,509	)		(225,587	)

Net increase (decrease) in net assets resulting from operations		(725,809	)		45,743			(596,679	)		(117,108	)		(447,167	)		(145,634	)		(801,231	)		(760,280	)		(729,925	)		(216,675	)

Net equalization credits and charges (Note 2)		35,562			—			—			—			—			—			(19,841	)		—			—			—

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(118,700	)		—			(25,314	)		—			(37,871	)		—			(231,204	)		(5,821	)		(8,912	)		—
Net realized gains		(610	)		—			—			—			—			—			—			—			—			—

Total distributions to shareholders		(119,310	)		—			(25,314	)		—			(37,871	)		—			(231,204	)		(5,821	)		(8,912	)		—

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		6,750,850			6,000,000			—			3,000,000			—			3,000,000			—			9,023,738			—			6,000,000
Cost of shares redeemed		—			—			—			—			—			—			(5,004,858	)		—			—			—
Net income equalization (Note 2)		(35,562	)		—			—			—			—			—			19,841			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		6,715,288			6,000,000			—			3,000,000			—			3,000,000			(4,985,017	)		9,023,738			—			6,000,000

Net increase (decrease) in net assets during the year		5,905,731			6,045,743			(621,993	)		2,882,892			(485,038	)		2,854,366			(6,037,293	)		8,257,637			(738,837	)		5,783,325
Net assets at beginning of year		6,045,743			—			2,882,892			—			2,854,366			—			8,257,637			—			5,783,325			—

NET ASSETS END OF YEAR (1)	$	11,951,474		$	6,045,743		$	2,260,899		$	2,882,892		$	2,369,328		$	2,854,366		$	2,220,344		$	8,257,637		$	5,044,488		$	5,783,325

SHARES OF BENEFICIAL INTEREST:
Shares sold		100,000			100,000			—			100,000			—			100,000			—			150,000			—			100,000
Shares redeemed		—			—			—			—			—			—			(100,000	)		—			—			—

Net increase (decrease)		100,000			100,000			—			100,000			—			100,000			(100,000	)		150,000			—			100,000

(1) Including undistributed (distribution in excess of) net investment income	$	51,278		$	40,610		$	11,725		$	369		$	—		$	12,853		$	35,684		$	87,744		$	147,135		$	8,912


*		Commencement of operations.

See accompanying notes to financial statements.

492

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR MSCI United Kingdom Quality Mix ETF						SPDR Russell/Nomura PRIME Japan ETF						SPDR Russell/Nomura Small Cap Japan ETF						SPDR S&P Global Dividend ETF						SPDR S&P International Dividend ETF
				For the Period
	Year Ended			*6/11/14-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	241,342		$	61,755		$	305,276		$	1,094,248		$	761,174		$	836,771		$	2,283,154		$	775,811		$	65,199,635		$	70,444,331
Net realized gain (loss) on investments and foreign currency transactions		(169,958	)		(1,040	)		(780,950	)		5,486,630			138,457			1,146,097			452,553			285,553			(236,342,312	)		67,019,027
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(130,103	)		(352,048	)		(1,047,267	)		(3,608,750	)		(147,937	)		(2,284,312	)		(8,852,762	)		(575,700	)		(163,003,286	)		(86,957,107	)

Net increase (decrease) in net assets resulting from operations		(58,719	)		(291,333	)		(1,522,941	)		2,972,128			751,694			(301,444	)		(6,117,055	)		485,664			(334,145,963	)		50,506,251

Net equalization credits and charges (Note 2)		37,608			—			—			—			—			—			331,223			15,686			(191,392	)		871,464

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(310,927	)		(610	)		(818,770	)		(1,581,813	)		(590,950	)		(2,287,511	)		(2,598,923	)		(774,129	)		(65,787,191	)		(71,478,207	)
Net realized gains		—			—			—			—			—			—			(301,724	)		—			—			—

Total distributions to shareholders		(310,927	)		(610	)		(818,770	)		(1,581,813	)		(590,950	)		(2,287,511	)		(2,900,647	)		(774,129	)		(65,787,191	)		(71,478,207	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		8,180,101			6,000,000			9,767,212			18,324,183			—			—			53,067,531			19,989,175			162,361,436			251,950,147
Cost of shares redeemed		(11,011,633	)		—			(8,613,583	)		(119,503,938	)		(11,983,785	)		(22,266,802	)		—			—			(238,126,598	)		(85,690,252	)
Net income equalization (Note 2)		(37,608	)		—			—			—			—			—			(331,223	)		(15,686	)		191,392			(871,464	)

Net increase (decrease) in net assets from beneficial interest transactions		(2,869,140	)		6,000,000			1,153,629			(101,179,755	)		(11,983,785	)		(22,266,802	)		52,736,308			19,973,489			(75,573,770	)		165,388,431

Net increase (decrease) in net assets during the year		(3,201,178	)		5,708,057			(1,188,082	)		(99,789,440	)		(11,823,041	)		(24,855,757	)		44,049,829			19,700,710			(475,698,316	)		145,287,939
Net assets at beginning of year		5,708,057			—			27,121,669			126,911,109			72,750,636			97,606,393			29,199,671			9,498,961			1,450,113,935			1,304,825,996

NET ASSETS END OF YEAR (1)	$	2,506,879		$	5,708,057		$	25,933,587		$	27,121,669		$	60,927,595		$	72,750,636		$	73,249,500		$	29,199,671		$	974,415,619		$	1,450,113,935

SHARES OF BENEFICIAL INTEREST:
Shares sold		150,000			100,000			200,000			400,000			—			—			800,000			300,000			3,600,000			5,100,000
Shares redeemed		(200,000	)		—			(200,000	)		(2,600,000	)		(250,000	)		(450,000	)		—			—			(6,200,000	)		(1,800,000	)

Net increase (decrease)		(50,000	)		100,000			—			(2,200,000	)		(250,000	)		(450,000	)		800,000			300,000			(2,600,000	)		3,300,000

(1) Including undistributed (distribution in excess of) net investment income	$	—		$	60,153		$	180,710		$	699,387		$	(102,936	)	$	(343,891	)	$	(2,708	)	$	35,341		$	6,601,355		$	5,786,377


*		Commencement of operations.

See accompanying notes to financial statements.

494

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P International Mid Cap ETF						SPDR S&P Emerging Markets Small Cap ETF						SPDR Dow Jones Global Real Estate ETF						SPDR S&P International Consumer Discretionary Sector ETF						SPDR S&P International Consumer Staples Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,019,431		$	1,166,533		$	10,634,927		$	14,165,333		$	46,099,392		$	32,752,784		$	333,882		$	385,898		$	998,516		$	976,690
Net realized gain (loss) on investments and foreign currency transactions		(1,256,796	)		4,345,928			(25,473,377	)		4,826,776			18,981,711			15,272,479			1,182,319			1,704,705			1,808,939			13,653
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(3,139,708	)		(4,020,643	)		(93,883,069	)		24,288,920			(21,221,390	)		25,625,589			(1,853,450	)		(2,228,684	)		(3,188,766	)		(161,027	)

Net increase (decrease) in net assets resulting from operations		(3,377,073	)		1,491,818			(108,721,519	)		43,281,029			43,859,713			73,650,852			(337,249	)		(138,081	)		(381,311	)		829,316

Net equalization credits and charges (Note 2)		—			—			—			—			652,292			1,802,684			(1,165	)		(4,040	)		34,294			42,871

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(1,317,272	)		(1,269,253	)		(12,541,035	)		(15,106,089	)		(54,138,494	)		(40,259,506	)		(334,910	)		(441,020	)		(1,034,295	)		(1,023,722	)
Net realized gains		(4,175,861	)		(3,056,290	)		—			—			—			—			—			—			—			—

Total distributions to shareholders		(5,493,133	)		(4,325,543	)		(12,541,035	)		(15,106,089	)		(54,138,494	)		(40,259,506	)		(334,910	)		(441,020	)		(1,034,295	)		(1,023,722	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		24,147,721			26,880,442			9,545,721			—			521,262,317			486,791,879			4,080,127			5,846,832			33,260,747			6,105,682
Cost of shares redeemed		(39,478,986	)		—			(85,060,588	)		(220,214,602	)		(84,921,637	)		(50,428,622	)		(7,510,591	)		(5,839,099	)		(9,567,653	)		—
Net income equalization (Note 2)		—			—			—			—			(652,292	)		(1,802,684	)		1,165			4,040			(34,294	)		(42,871	)
Other capital (Note 4)		—			—			375,932			655,796			—			(164	)		—			—			—			—

Net increase (decrease) in net assets from beneficial interest transactions		(15,331,265	)		26,880,442			(75,138,935	)		(219,558,806	)		435,688,388			434,560,409			(3,429,299	)		11,773			23,658,800			6,062,811

Net increase (decrease) in net assets during the year		(24,201,471	)		24,046,717			(196,401,489	)		(191,383,866	)		426,061,899			469,754,439			(4,102,623	)		(571,368	)		22,277,488			5,911,276
Net assets at beginning of year		70,446,162			46,399,445			570,082,186			761,466,052			1,473,131,829			1,003,377,390			18,404,575			18,975,943			42,852,775			36,941,499

NET ASSETS END OF YEAR (1)	$	46,244,691		$	70,446,162		$	373,680,697		$	570,082,186		$	1,899,193,728		$	1,473,131,829		$	14,301,952		$	18,404,575		$	65,130,263		$	42,852,775

SHARES OF BENEFICIAL INTEREST:
Shares sold		800,000			800,000			200,000			—			10,600,000			10,700,000			100,000			150,000			800,000			150,000
Shares redeemed		(1,350,000	)		—			(1,900,000	)		(4,700,000	)		(1,800,000	)		(1,200,000	)		(200,000	)		(150,000	)		(250,000	)		—

Net increase (decrease)		(550,000	)		800,000			(1,700,000	)		(4,700,000	)		8,800,000			9,500,000			(100,000	)		—			550,000			150,000

(1) Including undistributed (distribution in excess of) net investment income	$	359,077		$	581,581		$	6,509,733		$	7,866,973		$	(7,162,702	)	$	(19,484,396	)	$	65,965		$	60,828		$	(19,742	)	$	(74,898	)

See accompanying notes to financial statements.

496

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P International Energy Sector ETF						SPDR S&P International Financial Sector ETF						SPDR S&P International Health Care Sector ETF						SPDR S&P International Industrial Sector ETF						SPDR S&P International Materials Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	883,304		$	536,448		$	351,313		$	322,674		$	1,135,234		$	1,076,313		$	388,212		$	536,137		$	186,001		$	179,174
Net realized gain (loss) on investments and foreign currency transactions		(809,130	)		70,669			(132,036	)		431,422			6,286,851			4,554,473			256,805			194,008			(516,745	)		(804,084	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(9,541,578	)		(515,923	)		(1,692,402	)		(440,409	)		(8,396,279	)		5,005,472			(3,061,091	)		(390,310	)		(1,156,361	)		381,792

Net increase (decrease) in net assets resulting from operations		(9,467,404	)		91,194			(1,473,125	)		313,687			(974,194	)		10,636,258			(2,416,074	)		339,835			(1,487,105	)		(243,118	)

Net equalization credits and charges (Note 2)		38,353			31,461			11,454			(81,523	)		31,728			25,355			14,332			(55,237	)		717			(453	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(880,204	)		(554,858	)		(355,265	)		(339,282	)		(1,138,903	)		(1,109,173	)		(390,429	)		(544,065	)		(185,820	)		(262,845	)
Net realized gains		—			—			—			—			(6,327	)		—			—			—			—			—

Total distributions to shareholders		(880,204	)		(554,858	)		(355,265	)		(339,282	)		(1,145,230	)		(1,109,173	)		(390,429	)		(544,065	)		(185,820	)		(262,845	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		16,572,201			8,581,829			5,587,093			6,700,984			32,275,374			9,716,923			3,101,822			12,363,293			—			—
Cost of shares redeemed		(2,329,192	)		(1,340,943	)		(4,102,395	)		(2,279,644	)		(21,379,712	)		(13,598,412	)		(7,297,580	)		(1,574,953	)		(990,508	)		(1,223,889	)
Net income equalization (Note 2)		(38,353	)		(31,461	)		(11,454	)		81,523			(31,728	)		(25,355	)		(14,332	)		55,237			(717	)		453

Net increase (decrease) in net assets from beneficial interest transactions		14,204,656			7,209,425			1,473,244			4,502,863			10,863,934			(3,906,844	)		(4,210,090	)		10,843,577			(991,225	)		(1,223,436	)

Net increase (decrease) in net assets during the year		3,895,401			6,777,222			(343,692	)		4,395,745			8,776,238			5,645,596			(7,002,261	)		10,584,110			(2,663,433	)		(1,729,852	)
Net assets at beginning of year		19,312,020			12,534,798			10,923,503			6,527,758			66,124,671			60,479,075			24,323,855			13,739,745			7,603,039			9,332,891

NET ASSETS END OF YEAR (1)	$	23,207,421		$	19,312,020		$	10,579,811		$	10,923,503		$	74,900,909		$	66,124,671		$	17,321,594		$	24,323,855		$	4,939,606		$	7,603,039

SHARES OF BENEFICIAL INTEREST:
Shares sold		850,000			300,000			250,000			300,000			650,000			200,000			100,000			400,000			—			—
Shares redeemed		(100,000	)		(50,000	)		(200,000	)		(100,000	)		(450,000	)		(300,000	)		(250,000	)		(50,000	)		(50,000	)		(50,000	)

Net increase (decrease)		750,000			250,000			50,000			200,000			200,000			(100,000	)		(150,000	)		350,000			(50,000	)		(50,000	)

(1) Including undistributed (distribution in excess of) net investment income	$	(6,454	)	$	1,660		$	170,489		$	130,491		$	(1,914	)	$	28,846		$	94,402		$	105,745		$	6,163		$	10,394

See accompanying notes to financial statements.

498

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)


	SPDR S&P International Technology Sector ETF						SPDR S&P International Telecommunications Sector ETF						SPDR S&P International Utilities Sector ETF
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	130,987		$	131,861		$	1,298,258		$	4,194,166		$	1,414,897		$	2,191,775
Net realized gain (loss) on investments and foreign currency transactions		423,117			496,168			689,145			1,157,507			3,022,287			(1,888,802	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(1,248,253	)		200,443			(2,599,450	)		(3,469,941	)		(10,153,837	)		4,571,985

Net increase (decrease) in net assets resulting from operations		(694,149	)		828,472			(612,047	)		1,881,732			(5,716,653	)		4,874,958

Net equalization credits and charges (Note 2)		(1,504	)		(1,072	)		(15,221	)		(133,997	)		(13,083	)		63,992

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(103,108	)		(206,790	)		(1,274,493	)		(4,048,039	)		(1,460,201	)		(2,223,595	)

Total distributions to shareholders		(103,108	)		(206,790	)		(1,274,493	)		(4,048,039	)		(1,460,201	)		(2,223,595	)

FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from sale of shares sold		—			1,543,488			3,867,631			20,600,179			2,732,569			27,067,122
Cost of shares redeemed		(1,587,742	)		(1,580,716	)		(9,245,790	)		(8,487,193	)		(38,028,330	)		—
Net income equalization (Note 2)		1,504			1,072			15,221			133,997			13,083			(63,992	)

Net increase (decrease) in net assets from beneficial interest transactions		(1,586,238	)		(36,156	)		(5,362,938	)		12,246,983			(35,282,678	)		27,003,130

Net increase (decrease) in net assets during the year		(2,384,999	)		584,454			(7,264,699	)		9,946,679			(42,472,615	)		29,718,485
Net assets at beginning of year		12,591,491			12,007,037			43,564,606			33,617,927			69,586,839			39,868,354

NET ASSETS END OF YEAR (1)	$	10,206,492		$	12,591,491		$	36,299,907		$	43,564,606		$	27,114,224		$	69,586,839

SHARES OF BENEFICIAL INTEREST:
Shares sold		—			50,000			150,000			750,000			150,000			1,450,000
Shares redeemed		(50,000	)		(50,000	)		(350,000	)		(300,000	)		(2,150,000	)		—

Net increase (decrease)		(50,000	)		—			(200,000	)		450,000			(2,000,000	)		1,450,000

(1) Including undistributed (distribution in excess of) net investment income	$	50,873		$	24,543		$	158,692		$	155,258		$	31,380		$	(203,910	)

See accompanying notes to financial statements.

500

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period


																																					SPDR EURO			SPDR S&P
																																					STOXX			International
																																					50			Dividend
																																					Currency			Currency
	SPDR STOXX Europe 50 ETF															SPDR EURO STOXX 50 ETF															SPDR EURO STOXX Small Cap ETF						Hedged ETF			Hedged ETF
																																		For the			For the			For the
																																		Period			Period			Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*6/4/14-**			*6/9/15-**			*9/15/15-**
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/15			9/30/15

Net asset value, beginning of period	$	36.86		$	36.47		$	31.50		$	28.26		$	33.39		$	39.88		$	38.33		$	30.96		$	28.72		$	36.90		$	50.65		$	60.00		$	38.73		$	40.00

Income (loss) from investment operations:
Net investment income (loss) (1)		1.23			2.03	(2)		1.19			1.25			1.23			1.20			1.32			1.19			1.42			1.63			1.18			0.16			0.63			0.53
Net realized and unrealized gain (loss) (3)		(5.37	)		0.22			4.84			3.21			(4.73	)		(6.11	)		1.46			7.19			1.77			(8.23	)		(4.00	)		(9.47	)		(4.52	)		(1.08	)

Total from investment operations		(4.14	)		2.25			6.03			4.46			(3.50	)		(4.91	)		2.78			8.38			3.19			(6.60	)		(2.82	)		(9.31	)		(3.89	)		(0.55	)

Net equalization credits and charges (1)		0.04			0.11			0.13			0.04			(0.03	)		(0.01	)		0.06			0.13			0.35			(0.00	)(4)		0.40			—			0.22			—

Other capital		—			—			—			—			—			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(1.22	)		(1.97	)		(1.19	)		(1.26	)		(1.60	)		(1.19	)		(1.29	)		(1.14	)		(1.30	)		(1.58	)		(1.40	)		(0.11	)		(1.03	)		(0.53	)

Total distributions		(1.22	)		(1.97	)		(1.19	)		(1.26	)		(1.60	)		(1.19	)		(1.29	)		(1.14	)		(1.30	)		(1.58	)		(1.40	)		(0.11	)		(1.03	)		(0.53	)

Voluntary contribution from Adviser		—			—			—			—			—			—			—			—			—			—			—			0.07			—			—

Net asset value, end of period	$	31.54		$	36.86		$	36.47		$	31.50		$	28.26		$	33.77		$	39.88		$	38.33		$	30.96		$	28.72		$	46.83		$	50.65		$	34.03		$	38.92

Total return (5)		(11.36	)%		6.33	%(2)		19.94	%(6)		16.25	%		(11.37	)%		(12.60	)%		7.20	%		28.10	%(6)		12.90	%		(18.88	)%		(4.97	)%		(15.43	)%(7)		(9.75	)%		(1.38	)%
Net assets, end of period (in 000’s)	$	247,626		$	261,730		$	109,419		$	37,809		$	29,684		$	4,044,421		$	4,949,488		$	3,285,263		$	993,820		$	116,356		$	11,708		$	7,598		$	6,807		$	3,892
Ratio of expenses to average net assets		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%		0.46	%		0.45	%(8)		0.04	%(8)		0.03	%(8)
Ratio of expenses to average net assets before waivers		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%		0.29	%		0.29	%		0.29	%		0.29	%		0.30	%		0.46	%		0.45	%(8)		0.33	%(8)		0.48	%(8)
Ratio of net investment income (loss) to average net assets		3.50	%		5.28	%(2)		3.47	%		4.12	%		3.55	%		3.16	%		3.16	%		3.43	%		4.78	%		4.29	%		2.33	%		0.89	%(8)		5.41	%(8)		30.27	%(8)
Portfolio turnover rate (9)		9	%		9	%		12	%		6	%		7	%		6	%		6	%		8	%		9	%		7	%		46	%		30	%		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)		Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.76 per share and 1.96% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been 4.56%.
(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)		Amount is less than $0.005 per share.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)		If the Adviser had not made a contribution during the period ended September 30, 2013, the total return would have been 19.93% for SPDR STOXX Europe 50 ETF and would have remained 28.10% for SPDR EURO STOXX 50 ETF.
(7)		If the Adviser had not made a contribution during the period ended September 30, 2014, the total return would have been (15.54)%.
(8)		Annualized
(9)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

502

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR MSCI
	International Real
	Estate
	Currency
	Hedged ETF			SPDR S&P Emerging Asia Pacific ETF															SPDR S&P Russia ETF															SPDR S&P China ETF
	For the
	Period
	*9/15/15-**			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
	9/30/15			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	40.00		$	83.84		$	75.37		$	73.54		$	66.85		$	82.86		$	22.03		$	27.19		$	28.54		$	25.65		$	30.01		$	76.42		$	74.18		$	65.45		$	57.68		$	76.14

Income (loss) from investment operations:
Net investment income (loss) (1)		0.03			1.83			1.74			1.62			1.32			1.52			0.56			0.75			0.70			0.57			0.57			1.92			1.77			1.63			1.68			1.31
Net realized and unrealized gain (loss) (2)		0.49			(11.83	)		7.95			1.96			8.00			(13.63	)		(7.02	)		(5.51	)		(0.82	)		2.80			(4.53	)		(8.34	)		1.93			8.72			7.56			(18.48	)

Total from investment operations		0.52			(10.00	)		9.69			3.58			9.32			(12.11	)		(6.46	)		(4.76	)		(0.12	)		3.37			(3.96	)		(6.42	)		3.70			10.35			9.24			(17.17	)

Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—

Other capital		—			—			—			—			—			—			—			—			—			—			—			0.02			—			—			—			—

Distributions to shareholders from:
Net investment income		—			(1.22	)		(1.22	)		(1.75	)		(1.71	)		(1.29	)		(0.67	)		(0.40	)		(1.23	)		(0.48	)		(0.29	)		(1.29	)		(1.46	)		(1.62	)		(1.47	)		(1.29	)
Net realized gains		—			—			—			—			(0.92	)		(2.61	)		—			—			—			—			(0.11	)		—			—			—			—			—

Total distributions		—			(1.22	)		(1.22	)		(1.75	)		(2.63	)		(3.90	)		(0.67	)		(0.40	)		(1.23	)		(0.48	)		(0.40	)		(1.29	)		(1.46	)		(1.62	)		(1.47	)		(1.29	)

Net asset value, end of period	$	40.52		$	72.62		$	83.84		$	75.37		$	73.54		$	66.85		$	14.90		$	22.03		$	27.19		$	28.54		$	25.65		$	68.73		$	76.42		$	74.18		$	65.45		$	57.68

Total return (3)		1.31	%		(12.15	)%		12.99	%		4.91	%		14.40	%		(15.55	)%		(29.32	)%		(17.72	)%		(0.41	)%		13.40	%		(13.58	)%		(8.69	)%		5.00	%		16.20	%		16.17	%		(22.95	)%
Net assets, end of period (in 000’s)	$	4,052		$	428,447		$	687,494		$	399,460		$	389,769		$	514,755		$	23,101		$	23,135		$	31,264		$	39,963		$	43,611		$	817,908		$	947,605		$	897,623		$	759,186		$	617,133
Ratio of expenses to average net assets		0.48	%(4)		0.53	%		0.59	%		0.59	%		0.60	%		0.60	%		0.59	%		0.60	%		0.60	%		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%		0.60	%
Ratio of net investment income (loss) to average net assets		1.60	%(4)		2.14	%		2.17	%		2.14	%		1.87	%		1.83	%		3.27	%		2.94	%		2.56	%		2.05	%		1.56	%		2.32	%		2.33	%		2.31	%		2.56	%		1.71	%
Portfolio turnover rate (5)		—	%		28	%		15	%		16	%		7	%		20	%		7	%		4	%		3	%		11	%		15	%		14	%		10	%		12	%		10	%		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)		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.

See accompanying notes to financial statements.

504

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Markets ETF															SPDR S&P Emerging Markets Dividend ETF															SPDR S&P BRIC 40 ETF
																												For the
																												Period
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			*2/23/11-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	66.35		$	63.14		$	63.85		$	57.26		$	69.89		$	36.66		$	40.34		$	43.70		$	43.89		$	50.00		$	23.23		$	23.34		$	22.97		$	20.92		$	25.84

Income (loss) from investment operations:
Net investment income (loss) (1)		1.28			1.39			1.38			1.48			1.36			1.44			1.77			2.45			3.18			2.32			0.48			0.54			0.57			0.54			0.60
Net realized and unrealized gain (loss) (2)		(13.88	)		2.85			(0.55	)		7.20			(12.20	)		(11.68	)		(3.86	)		(3.87	)		(0.78	)		(6.96	)		(4.62	)		(0.22	)		0.49			2.09			(5.00	)

Total from investment operations		(12.60	)		4.24			0.83			8.68			(10.84	)		(10.24	)		(2.09	)		(1.42	)		2.40			(4.64	)		(4.14	)		0.32			1.06			2.63			(4.40	)

Net equalization credits and charges (1)		—			—			—			—			—			(0.03	)		0.04			0.09			0.01			0.43			—			—			—			—			—

Other capital		—			—			—			0.00	(4)		—			0.01			0.01			0.05			—			—			—			—			—			0.00	(3)		—

Distributions to shareholders from:
Net investment income		(1.33	)		(1.03	)		(1.54	)		(1.41	)		(1.15	)		(1.34	)		(1.64	)		(2.08	)		(2.60	)		(1.28	)		(0.57	)		(0.43	)		(0.69	)		(0.58	)		(0.52	)
Net realized gains		—			—			—			(0.68	)		(0.64	)		—			—			—			—			—			—			—			—			—			—

Return of capital		—			—			—			—			—			—			—			—			—			(0.62	)		—			—			—			—			—

Total distributions		(1.33	)		(1.03	)		(1.54	)		(2.09	)		(1.79	)		(1.34	)		(1.64	)		(2.08	)		(2.60	)		(1.90	)		(0.57	)		(0.43	)		(0.69	)		(0.58	)		(0.52	)

Net asset value, end of period	$	52.42		$	66.35		$	63.14		$	63.85		$	57.26		$	25.06		$	36.66		$	40.34		$	43.70		$	43.89		$	18.52		$	23.23		$	23.34		$	22.97		$	20.92

Total return (5)		(19.34	)%		6.73	%		1.31	%		15.58	%		(16.06	)%		(28.56	)%		(5.16	)%		(2.80	)%		5.54	%		(8.73	)%		(18.23	)%		1.35	%		4.95	%		12.82	%		(17.49	)%
Net assets, end of period (in 000’s)	$	188,707		$	285,285		$	189,412		$	166,023		$	154,600		$	298,163		$	491,217		$	538,651		$	301,515		$	54,862		$	81,505		$	155,662		$	247,441		$	296,324		$	374,453
Ratio of expenses to average net assets		0.59	%		0.59	%		0.59	%		0.59	%		0.60	%		0.53	%		0.59	%		0.60	%		0.61	%		0.62	%(6)		0.50	%		0.50	%		0.50	%		0.50	%		0.51	%
Ratio of net investment income (loss) to average net assets		2.02	%		2.12	%		2.15	%		2.39	%		1.90	%		4.32	%		4.50	%		5.71	%		6.80	%		7.46	%(6)		2.12	%		2.30	%		2.45	%		2.32	%		2.23	%
Portfolio turnover rate (7)		18	%		9	%		21	%		11	%		4	%		78	%		67	%		85	%		134	%		42	%		12	%		7	%		9	%		13	%		10	%


*		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)		State Street reimbursed the Fund $29,705 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(4)		State Street reimbursed the Fund $6,299 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(6)		Annualized
(7)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

506

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Europe ETF															SPDR S&P Emerging Latin America ETF															SPDR S&P Emerging Middle East & Africa 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
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	35.19		$	40.26		$	41.26		$	37.16		$	45.55		$	61.51		$	64.16		$	71.28		$	64.12		$	84.48		$	70.16		$	67.53		$	70.76		$	62.01		$	71.33

Income (loss) from investment operations:
Net investment income (loss) (1)		0.82			1.07			1.02			0.95			1.02			1.13			1.58			1.65			1.76			1.93	(2)		1.69			1.47			1.52			2.13			1.87
Net realized and unrealized gain (loss) (3)		(10.80	)		(5.43	)		(0.37	)		4.22			(8.73	)		(24.66	)		(2.77	)		(7.23	)		7.40			(20.76	)		(12.64	)		2.87			(3.17	)		9.44			(9.65	)

Total from investment operations		(9.98	)		(4.36	)		0.65			5.17			(7.71	)		(23.53	)		(1.19	)		(5.58	)		9.16			(18.83	)		(10.95	)		4.34			(1.65	)		11.57			(7.78	)

Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(1.09	)		(0.71	)		(1.65	)		(1.07	)		(0.68	)		(1.25	)		(1.46	)		(1.54	)		(2.00	)		(1.53	)		(1.96	)		(1.71	)		(1.58	)		(2.82	)		(1.54	)

Total distributions		(1.09	)		(0.71	)		(1.65	)		(1.07	)		(0.68	)		(1.25	)		(1.46	)		(1.54	)		(2.00	)		(1.53	)		(1.96	)		(1.71	)		(1.58	)		(2.82	)		(1.54	)

Net asset value, end of period	$	24.12		$	35.19		$	40.26		$	41.26		$	37.16		$	36.73		$	61.51		$	64.16		$	71.28		$	64.12		$	57.25		$	70.16		$	67.53		$	70.76		$	62.01

Total return (4)		(28.73	)%		(11.01	)%		1.68	%		14.32	%		(17.35	)%		(38.76	)%		(1.88	)%		(7.86	)%		14.49	%		(22.78	)%(2)		(16.01	)%		6.51	%		(2.38	)%		19.26	%		(11.32	)%
Net assets, end of period (in 000’s)	$	41,009		$	66,865		$	76,485		$	86,639		$	118,917		$	25,713		$	49,208		$	70,575		$	114,055		$	121,832		$	40,076		$	63,141		$	67,535		$	91,986		$	105,410
Ratio of expenses to average net assets		0.53	%		0.59	%		0.59	%		0.60	%		0.61	%		0.53	%		0.59	%		0.59	%		0.59	%		0.60	%		0.53	%		0.59	%		0.59	%		0.59	%		0.60	%
Ratio of net investment income (loss) to average net assets		2.82	%		2.77	%		2.48	%		2.41	%		2.04	%		2.24	%		2.50	%		2.35	%		2.43	%		2.27	%(2)		2.47	%		2.09	%		2.26	%		3.17	%		2.55	%
Portfolio turnover rate (5)		7	%		15	%		6	%		6	%		10	%		6	%		5	%		10	%		7	%		12	%		4	%		23	%		2	%		7	%		4	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.21 per share and 0.24% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (23.11)%.
(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. 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.

See accompanying notes to financial statements.

508

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P World ex-US ETF															SPDR S&P International Small Cap ETF															SPDR Dow Jones International Real Estate 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
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	28.46		$	28.00		$	23.91		$	21.37		$	24.19		$	32.76		$	32.82		$	27.49		$	25.79		$	27.92		$	41.54		$	42.00		$	39.29		$	32.70		$	38.39

Income (loss) from investment operations:
Net investment income (loss) (1)		0.71			0.89			0.73			0.75			0.75			0.57			0.54			0.65			0.57			0.64			1.02			1.39			1.29			1.41			1.57
Net realized and unrealized gain (loss) (2)		(3.25	)		0.40			4.04			2.38			(2.89	)		(2.14	)		0.36			5.37			2.08			(2.14	)		(2.07	)		0.16			4.01			5.67			(3.82	)

Total from investment operations		(2.54	)		1.29			4.77			3.13			(2.14	)		(1.57	)		0.90			6.02			2.65			(1.50	)		(1.05	)		1.55			5.30			7.08			(2.25	)

Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			(0.01	)		(0.06	)		0.02			1.06			0.09

Other capital		—			—			—			—			—			—			—			—			0.00	(3)		—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(0.75	)		(0.83	)		(0.68	)		(0.59	)		(0.68	)		(0.49	)		(0.96	)		(0.69	)		(0.75	)		(0.63	)		(1.24	)		(1.95	)		(2.61	)		(1.55	)		(3.53	)
Net realized gains		—			—			—			—			—			(3.13	)		—			—			(0.20	)		—			—			—			—			—			—

Total distributions		(0.75	)		(0.83	)		(0.68	)		(0.59	)		(0.68	)		(3.62	)		(0.96	)		(0.69	)		(0.95	)		(0.63	)		(1.24	)		(1.95	)		(2.61	)		(1.55	)		(3.53	)

Net asset value, end of period	$	25.17		$	28.46		$	28.00		$	23.91		$	21.37		$	27.57		$	32.76		$	32.82		$	27.49		$	25.79		$	39.24		$	41.54		$	42.00		$	39.29		$	32.70

Total return (4)		(9.14	)%		4.52	%		20.27	%		14.99	%		(9.32	)%		(4.77	)%		2.69	%		22.25	%		10.74	%		(5.72	)%		(2.66	)%		3.57	%		13.83	%(5)		25.52	%		(6.76	)%
Net assets, end of period (in 000’s)	$	714,914		$	825,443		$	688,755		$	411,282		$	119,679		$	650,556		$	792,719		$	813,871		$	679,080		$	729,907		$	4,753,058		$	4,903,056		$	4,045,899		$	3,136,658		$	1,996,074
Ratio of expenses to average net assets		0.34	%		0.34	%		0.34	%		0.34	%		0.35	%		0.47	%		0.60	%		0.59	%		0.59	%		0.61	%		0.60	%		0.59	%		0.59	%		0.59	%		0.61	%
Ratio of net investment income (loss) to average net assets		2.53	%		3.06	%		2.79	%		3.28	%		2.94	%		1.93	%		1.59	%		2.20	%		2.16	%		2.12	%		2.40	%		3.27	%		3.10	%		3.96	%		4.05	%
Portfolio turnover rate (6)		8	%		17	%		2	%		8	%		2	%		17	%		51	%		21	%		2	%		22	%		8	%		8	%		11	%		11	%		10	%


(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)		State Street reimbursed the Fund $13,909 due to a record keeping error. The impact of the reimbursement is less than $0.005.
(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 contribution during the period ended September 30, 2013, the total return would have remained 13.83% for SPDR Dow Jones International Real Estate ETF.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

510

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Global Infrastructure ETF															SPDR S&P Global Natural Resources ETF															SPDR MSCI ACWI ex-US 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
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	48.84		$	43.51		$	40.42		$	38.94		$	40.91		$	48.62		$	48.54		$	50.90		$	45.94		$	50.76		$	35.09		$	34.29		$	30.49		$	27.55		$	31.77

Income (loss) from investment operations:
Net investment income (loss) (1)		1.46			1.68			1.99			1.60			1.71			1.51			1.33			1.30			1.14			1.23			0.94			1.17			0.90			0.89			0.95
Net realized and unrealized gain (loss) (2)		(5.62	)		5.20			2.71			1.53			(2.03	)		(16.27	)		(0.10	)		(2.41	)		4.78			(5.44	)		(4.92	)		0.72			3.88			2.93			(4.28	)

Total from investment operations		(4.16	)		6.88			4.70			3.13			(0.32	)		(14.76	)		1.23			(1.11	)		5.92			(4.21	)		(3.98	)		1.89			4.78			3.82			(3.33	)

Net equalization credits and charges (1)		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(1.37	)		(1.55	)		(1.61	)		(1.65	)		(1.65	)		(1.30	)		(1.15	)		(1.25	)		(0.96	)		(0.61	)		(0.80	)		(1.09	)		(0.98	)		(0.88	)		(0.89	)

Total distributions		(1.37	)		(1.55	)		(1.61	)		(1.65	)		(1.65	)		(1.30	)		(1.15	)		(1.25	)		(0.96	)		(0.61	)		(0.80	)		(1.09	)		(0.98	)		(0.88	)		(0.89	)

Net asset value, end of period	$	43.31		$	48.84		$	43.51		$	40.42		$	38.94		$	32.56		$	48.62		$	48.54		$	50.90		$	45.94		$	30.31		$	35.09		$	34.29		$	30.49		$	27.55

Total return (3)		(8.77	)%		15.95	%		11.99	%		8.20	%		(1.04	)%		(30.97	)%		2.39	%		(2.09	)%		13.07	%		(8.56	)%		(11.58	)%		5.43	%		15.96	%		14.20	%		(10.99	)%
Net assets, end of period (in 000’s)	$	56,299		$	112,333		$	52,217		$	36,378		$	35,045		$	569,822		$	595,617		$	407,763		$	414,852		$	163,076		$	715,311		$	575,494		$	493,824		$	384,218		$	363,713
Ratio of expenses to average net assets		0.40	%		0.41	%		0.50	%		0.59	%		0.60	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.32	%		0.35	%		0.34	%		0.34	%		0.35	%
Ratio of expenses to average net assets before waivers		0.40	%		0.41	%		0.50	%		0.59	%		0.60	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.34	%		0.35	%		0.34	%		0.34	%		0.35	%
Ratio of net investment income (loss) to average net assets		3.03	%		3.51	%		4.79	%		4.02	%		4.07	%		3.52	%		2.63	%		2.63	%		2.28	%		2.13	%		2.74	%		3.25	%		2.76	%		3.03	%		2.85	%
Portfolio turnover rate (4)		7	%		14	%		74	%		10	%		6	%		21	%		18	%		31	%		18	%		32	%		8	%		3	%		2	%		8	%		4	%


(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.

See accompanying notes to financial statements.

512

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


													SPDR MSCI ACWI Low
													Carbon
	SPDR MSCI ACWI IMI ETF												Target ETF			SPDR MSCI EM 50 ETF												SPDR MSCI EM Beyond BRIC ETF						SPDR MSCI EAFE Quality Mix ETF						SPDR MSCI Emerging Markets Quality Mix ETF
										For the			For the												For the						For the						For the						For the
										Period			Period												Period						Period						Period						Period
	Year Ended			Year Ended			Year Ended			*2/27/12-**			*11/26/14-**			Year Ended			Year Ended			Year Ended			*2/27/12-**			Year Ended			*12/4/13-**			Year Ended			*6/4/14-**			Year Ended			*6/4/14-**
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/15			9/30/15			9/30/14			9/30/13			9/30/12			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

Net asset value, beginning of period	$	63.82		$	58.20		$	50.04		$	50.00		$	75.00		$	48.10		$	47.10		$	47.31		$	50.00		$	62.14		$	60.00		$	57.28		$	60.00		$	59.59		$	60.00

Income (loss) from investment operations:
Net investment income (loss) (1)		1.74			1.48			1.30			0.88			1.53			1.24			1.15			0.92			0.86			1.06			0.77			1.60			0.45			1.58			0.77
Net realized and unrealized gain (loss) (2)		(5.17	)		5.39			8.16			(0.30	)		(7.64	)		(10.03	)		0.59			0.34			(3.09	)		(14.44	)		1.86			(4.56	)		(3.14	)		(12.48	)		(1.23	)

Total from investment operations		(3.43	)		6.87			9.46			0.58			(6.11	)		(8.79	)		1.74			1.26			(2.23	)		(13.38	)		2.63			(2.96	)		(2.69	)		(10.90	)		(0.46	)

Net equalization credits and charges (1)		—			—			—			—			0.03			—			—			—			—			—			—			—			—			—			—

Other capital		—			—			—			—			—			—			—			—			—			—			—			—			—			0.20			0.06

Distributions to shareholders from:
Net investment income		(1.75	)		(1.21	)		(1.28	)		(0.54	)		(1.02	)		(1.17	)		(0.74	)		(1.47	)		(0.46	)		(1.24	)		(0.49	)		(1.64	)		(0.03	)		(1.31	)		(0.01	)
Net realized gains		(0.00	)(3)		(0.04	)		(0.02	)		—			—			—			—			—			—			—			—			(0.00	)(3)		—			(0.00	)(3)		—

Total distributions		(1.75	)		(1.25	)		(1.30	)		(0.54	)		(1.02	)		(1.17	)		(0.74	)		(1.47	)		(0.46	)		(1.24	)		(0.49	)		(1.64	)		(0.03	)		(1.31	)		(0.01	)

Net asset value, end of period	$	58.64		$	63.82		$	58.20		$	50.04		$	67.90		$	38.14		$	48.10		$	47.10		$	47.31		$	47.52		$	62.14		$	52.68		$	57.28		$	47.58		$	59.59

Total return (4)		(5.61	)%		11.77	%		19.15	%		1.28	%		(8.25	)%		(18.67	)%		3.67	%		2.74	%		(4.37	)%		(21.86	)%		4.38	%		(5.34	)%		(4.48	)%		(18.29	)%		(0.65	)%
Net assets, end of period (in 000’s)	$	35,186		$	57,434		$	5,820		$	5,004		$	81,474		$	3,814		$	2,405		$	2,355		$	4,731		$	2,376		$	3,107		$	5,268		$	5,728		$	71,371		$	5,959
Ratio of expenses to average net assets		0.25	%		0.25	%		0.25	%		0.25	%(5)		0.20	%(5)		0.50	%		0.50	%		0.50	%		0.50	%(5)		0.52	%		0.56	%(5)		0.30	%		0.30	%(5)		0.30	%		0.31	%(5)
Ratio of expenses to average net assets before waivers		0.25	%		0.25	%		0.25	%		0.25	%(5)		0.30	%(5)		0.50	%		0.50	%		0.50	%		0.50	%(5)		0.52	%		0.56	%(5)		0.30	%		0.30	%(5)		0.30	%		0.31	%(5)
Ratio of net investment income (loss) to average net assets		2.70	%		2.31	%		2.40	%		3.08	%(5)		2.42	%(5)		2.73	%		2.39	%		1.97	%		3.16	%(5)		1.85	%		1.52	%(5)		2.80	%		2.35	%(5)		2.82	%		3.85	%(5)
Portfolio turnover rate (6)		3	%		0	%(7)		0	%(7)		0	%(7)		4	%		9	%		17	%		7	%		4	%		9	%		50	%		14	%		0	%(7)		23	%		0	%(7)


*		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.
(7)		Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

514

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR MSCI World Quality Mix ETF						SPDR MSCI Australia Quality Mix ETF						SPDR MSCI Canada Quality Mix ETF						SPDR MSCI Germany Quality Mix ETF						SPDR MSCI Japan Quality Mix ETF						SPDR MSCI Mexico Quality Mix ETF						SPDR MSCI South Korea Quality Mix ETF						SPDR MSCI Spain Quality Mix ETF
				For the						For the						For the						For the						For the						For the						For the						For the
				Period						Period						Period						Period						Period						Period						Period						Period
	Year Ended			*6/4/14-**			Year Ended			*6/11/14-**			Year Ended			*6/11/14-**			Year Ended			*6/11/14-**			Year Ended			*6/11/14-**			Year Ended			*9/16/14-**			Year Ended			*9/16/14-**			Year Ended			*6/11/14-**
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14

Net asset value, beginning of period	$	59.95		$	60.00		$	55.90		$	60.00		$	59.82		$	60.00		$	53.58		$	60.00		$	60.46		$	60.00		$	28.83		$	30.00		$	28.54		$	30.00		$	55.05		$	60.00

Income (loss) from investment operations:
Net investment income (loss) (1)		1.35			0.37			2.48			1.10			1.18			0.39			1.24			0.02	(2)		0.88			0.41			0.39			0.00	(3)		0.22			0.00	(3)		1.86			0.67	(4)
Net realized and unrealized gain (loss) (5)		(2.04	)		(0.38	)		(13.31	)		(5.20	)		(13.19	)		(0.55	)		(5.39	)		(6.44	)		(0.97	)		0.05			(6.36	)		(1.17	)		(4.69	)		(1.46	)		(10.25	)		(5.56	)

Total from investment operations		(0.69	)		(0.01	)		(10.83	)		(4.10	)		(12.01	)		(0.16	)		(4.15	)		(6.42	)		(0.09	)		0.46			(5.97	)		(1.17	)		(4.47	)		(1.46	)		(8.39	)		(4.89	)

Net equalization credits and charges (1)		—			—			0.15			—			0.40			—			0.18			—			0.24			—			—			—			—			—			(0.20	)		—

Distributions to shareholders from:
Net investment income		(1.30	)		(0.04	)		(2.72	)		—			(1.61	)		(0.02	)		(1.17	)		(0.00	)(3)		(0.84	)		—			(0.25	)		—			(0.38	)		—			(2.05	)		(0.06	)
Net realized gains		(0.00	)(3)		—			(0.00	)(3)		—			—			—			—			—			(0.01	)		—			—			—			—			—			—			—

Total distributions		(1.30	)		(0.04	)		(2.72	)		—			(1.61	)		(0.02	)		(1.17	)		—			(0.85	)		—			(0.25	)		—			(0.38	)		—			(2.05	)		(0.06	)

Net asset value, end of period	$	57.96		$	59.95		$	42.50		$	55.90		$	46.60		$	59.82		$	48.44		$	53.58		$	59.76		$	60.46		$	22.61		$	28.83		$	23.69		$	28.54		$	44.41		$	55.05

Total return (6)		(1.25	)%		(0.02	)%		(19.87	)%		(6.84	)%		(19.84	)%		(0.26	)%		(7.64	)%		(10.70	)%(2)		0.21	%		0.76	%		(20.76	)%		(3.90	)%		(15.78	)%		(4.85	)%		(16.00	)%		(8.16	)%(4)
Net assets, end of period (in 000’s)	$	5,796		$	5,995		$	6,375		$	5,590		$	9,319		$	2,991		$	9,688		$	5,358		$	11,951		$	6,046		$	2,261		$	2,883		$	2,369		$	2,854		$	2,220		$	8,258
Ratio of expenses to average net assets		0.30	%		0.30	%(7)		0.30	%		0.30	%(7)		0.30	%		0.30	%(7)		0.30	%		0.30	%(7)		0.30	%		0.30	%(7)		0.40	%		0.40	%(7)		0.40	%		0.40	%(7)		0.30	%		0.30	%(7)
Ratio of net investment income (loss) to average net assets		2.18	%		1.90	%(7)		4.77	%		5.99	%(7)		2.21	%		2.06	%(7)		2.26	%		0.11	%(2) (7)		1.38	%		2.21	%(7)		1.53	%		0.37	%(7)		0.86	%		(0.40	)%(7)		3.67	%		3.83	%(4) (7)
Portfolio turnover rate (8)		13	%		0	%(9)		12	%		1	%		15	%		2	%		18	%		1	%		23	%		0	%		7	%		0	%		16	%		1	%		12	%		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)		Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.02 per share and 0.04% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (10.73)%.
(3)		Amount is less than $0.005 per share.
(4)		Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.08 per share and 0.14% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (8.28)%.
(5)		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.
(6)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation.
(7)		Annualized
(8)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(9)		Amount shown represents less than 0.5%.

See accompanying notes to financial statements.

516

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR MSCI Taiwan Quality Mix ETF						SPDR MSCI United Kingdom Quality Mix ETF						SPDR Russell/Nomura PRIME Japan ETF															SPDR Russell/Nomura Small Cap Japan ETF
				For the						For the
				Period						Period
	Year Ended			*9/16/14-**			Year Ended			*6/11/14-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/15			9/30/14			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	57.83		$	60.00		$	57.08		$	60.00		$	45.20		$	45.33		$	35.57		$	37.12		$	37.80		$	50.17		$	51.37		$	41.65		$	43.79		$	39.65

Income (loss) from investment operations:
Net investment income (loss) (1)		1.57			(0.01	)		2.18			0.62	(2)		0.56			0.47			0.92			0.66			0.85			0.61			0.53			0.61			0.64			0.69
Net realized and unrealized gain (loss) (3)		(8.87	)		(2.16	)		(7.43	)		(3.53	)		(1.18	)		(0.01	)		9.34			(1.55	)		(0.56	)		0.48			(0.36	)		9.79			(2.00	)		4.12

Total from investment operations		(7.30	)		(2.17	)		(5.25	)		(2.91	)		(0.62	)		0.46			10.26			(0.89	)		0.29			1.09			0.17			10.40			(1.36	)		4.81

Net equalization credits and charges (1)		—			—			0.34			—			—			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(0.09	)		—			(2.03	)		(0.01	)		(1.36	)		(0.59	)		(0.50	)		(0.66	)		(0.97	)		(0.49	)		(1.37	)		(0.68	)		(0.78	)		(0.67	)

Total distributions		(0.09	)		—			(2.03	)		(0.01	)		(1.36	)		(0.59	)		(0.50	)		(0.66	)		(0.97	)		(0.49	)		(1.37	)		(0.68	)		(0.78	)		(0.67	)

Net asset value, end of period	$	50.44		$	57.83		$	50.14		$	57.08		$	43.22		$	45.20		$	45.33		$	35.57		$	37.12		$	50.77		$	50.17		$	51.37		$	41.65		$	43.79

Total return (4)		(12.64	)%		(3.61	)%		(8.85	)%		(4.86	)%(2)		(1.32	)%		1.01	%		29.11	%		(2.33	)%		0.56	%		2.13	%		0.31	%		25.23	%		(3.05	)%		12.17	%
Net assets, end of period (in 000’s)	$	5,044		$	5,783		$	2,507		$	5,708		$	25,934		$	27,122		$	126,911		$	14,227		$	14,846		$	60,928		$	72,751		$	97,606		$	64,563		$	98,537
Ratio of expenses to average net assets		0.40	%		0.40	%(5)		0.30	%		0.30	%(5)		0.37	%		0.50	%		0.50	%		0.50	%		0.51	%		0.45	%		0.55	%		0.55	%		0.55	%		0.56	%
Ratio of net investment income (loss) to average net assets		2.68	%		(0.37	)%(5)		3.90	%		3.40	%(2) (5)		1.22	%		1.06	%		2.18	%		1.83	%		2.16	%		1.20	%		1.05	%		1.34	%		1.54	%		1.63	%
Portfolio turnover rate (7)		16	%		0	%		31	%		0	%(6)		2	%		4	%		0	%(6)		1	%		3	%		19	%		28	%		13	%		22	%		10	%


*		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)		Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.10 per share and 0.18% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (5.02)%.
(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)		Annualized
(6)		Amount shown represents less than 0.5%.
(7)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

518

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Global Dividend ETF									SPDR S&P International Dividend ETF															SPDR S&P International Mid Cap ETF
							For the
							Period
	Year Ended			Year Ended			*5/29/13-**			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	9/30/15			9/30/14			9/30/13			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	64.89		$	63.33		$	60.00		$	46.33		$	46.60		$	45.27		$	45.07		$	53.88		$	32.02		$	33.14		$	27.69		$	26.04		$	28.76

Income (loss) from investment operations:
Net investment income (loss) (1)		2.70			2.99			0.75			2.05			2.41			3.27			3.29			3.48			0.54			0.66			0.67			0.68			0.76
Net realized and unrealized gain (loss) (2)		(6.27	)		1.32			3.20			(12.36	)		(0.29	)		1.20			(0.22	)		(9.35	)		(1.95	)		0.88			5.60			2.57			(2.31	)

Total from investment operations		(3.57	)		4.31			3.95			(10.31	)		2.12			4.47			3.07			(5.87	)		(1.41	)		1.54			6.27			3.25			(1.55	)

Net equalization credits and charges (1)		0.39			0.06			0.01			(0.01	)		0.03			(0.00	)(3)		0.14			0.37			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(2.61	)		(2.81	)		(0.63	)		(2.06	)		(2.42	)		(3.14	)		(3.01	)		(3.31	)		(0.64	)		(0.75	)		(0.75	)		(0.84	)		(0.70	)
Net realized gains		(0.50	)		—			—			—			—			—			—			—			(1.94	)		(1.91	)		(0.07	)		(0.76	)		(0.47	)

Total distributions		(3.11	)		(2.81	)		(0.63	)		(2.06	)		(2.42	)		(3.14	)		(3.01	)		(3.31	)		(2.58	)		(2.66	)		(0.82	)		(1.60	)		(1.17	)

Net asset value, end of period	$	58.60		$	64.89		$	63.33		$	33.95		$	46.33		$	46.60		$	45.27		$	45.07		$	28.03		$	32.02		$	33.14		$	27.69		$	26.04

Total return (4)		(5.17	)%		6.85	%		6.61	%		(22.86	)%		4.43	%		10.24	%		7.45	%		(11.06	)%		(4.53	)%		4.63	%		23.07	%		13.27	%		(6.00	)%
Net assets, end of period (in 000’s)	$	73,250		$	29,200		$	9,499		$	974,416		$	1,450,114		$	1,304,826		$	1,000,522		$	482,266		$	46,245		$	70,446		$	46,399		$	35,993		$	36,461
Ratio of expenses to average net assets		0.40	%		0.40	%		0.40	%(5)		0.46	%		0.46	%		0.45	%		0.45	%		0.46	%		0.45	%		0.46	%		0.45	%		0.45	%		0.46	%
Ratio of net investment income (loss) to average net assets		4.16	%		4.46	%		3.61	%(5)		4.84	%		4.96	%		6.97	%		7.11	%		6.24	%		1.79	%		1.98	%		2.23	%		2.56	%		2.49	%
Portfolio turnover rate (6)		31	%		37	%		10	%		76	%		62	%		121	%		127	%		142	%		29	%		41	%		53	%		28	%		32	%


*		Commencement of operations.
(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the 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.

See accompanying notes to financial statements.

520

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P Emerging Markets Small Cap ETF															SPDR Dow Jones Global Real Estate ETF															SPDR S&P International Consumer Discretionary Sector 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
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	48.31		$	46.15		$	44.43		$	40.57		$	54.62		$	44.24		$	42.16		$	40.56		$	32.58		$	36.00		$	36.81		$	37.95		$	27.65		$	25.05		$	26.90

Income (loss) from investment operations:
Net investment income (loss) (1)		1.01			1.01			0.95			0.96			0.99			1.17			1.23			1.16			1.12			1.16			0.80			0.72			0.68			0.52			0.47
Net realized and unrealized gain (loss) (2)		(11.19	)		2.11			1.81			5.15			(13.25	)		1.04			2.24			2.21			7.52			(2.00	)		(1.07	)		(1.00	)		10.26			3.11			(1.79	)

Total from investment operations		(10.18	)		3.12			2.76			6.11			(12.26	)		2.21			3.47			3.37			8.64			(0.84	)		(0.27	)		(0.28	)		10.94			3.63			(1.32	)

Net equalization credits and charges (1)		—			—			—			—			—			0.02			0.07			0.10			0.58			0.08			(0.00	)(3)		(0.01	)		(0.02	)		(0.13	)		(0.03	)

Other capital		0.04			0.05			0.03			0.04			—			—			—			—			—			—			—			—			—			—			—

Distributions to shareholders from:
Net investment income		(1.17	)		(1.01	)		(1.07	)		(0.92	)		(0.34	)		(1.36	)		(1.46	)		(1.87	)		(1.24	)		(2.66	)		(0.79	)		(0.85	)		(0.62	)		(0.51	)		(0.50	)
Net realized gains		—			—			—			(1.37	)		(1.45	)		—			—			—			—			—			—			—			—			(0.39	)		—

Total distributions		(1.17	)		(1.01	)		(1.07	)		(2.29	)		(1.79	)		(1.36	)		(1.46	)		(1.87	)		(1.24	)		(2.66	)		(0.79	)		(0.85	)		(0.62	)		(0.90	)		(0.50	)

Net asset value, end of period	$	37.00		$	48.31		$	46.15		$	44.43		$	40.57		$	45.11		$	44.24		$	42.16		$	40.56		$	32.58		$	35.75		$	36.81		$	37.95		$	27.65		$	25.05

Total return (4)		(21.38	)%		6.90	%		6.29	%(5)		16.09	%		(23.36	)%		4.96	%		8.44	%		8.61	%		28.56	%		(2.80	)%		(0.85	)%		(0.91	)%		39.94	%		14.40	%		(5.33	)%
Net assets, end of period (in 000’s)	$	373,681		$	570,082		$	761,466		$	897,446		$	908,812		$	1,899,194		$	1,473,132		$	1,003,377		$	543,476		$	273,706		$	14,302		$	18,405		$	18,976		$	5,529		$	11,271
Ratio of expenses to average net assets		0.65	%		0.65	%		0.65	%		0.66	%		0.66	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.44	%		0.50	%		0.50	%		0.51	%		0.50	%
Ratio of net investment income (loss) to average net assets		2.26	%		2.10	%		2.05	%		2.27	%		1.85	%		2.46	%		2.77	%		2.71	%		2.96	%		3.08	%		2.07	%		1.84	%		2.04	%		1.96	%		1.61	%
Portfolio turnover rate (6)		12	%		23	%		18	%		22	%		70	%		6	%		7	%		8	%		8	%		9	%		9	%		2	%		2	%		5	%		9	%


(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 contribution during the period ended September 30, 2013, the total return would have remained 6.29% for SPDR S&P Emerging Markets Small Cap ETF.
(6)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

522

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Consumer Staples Sector ETF															SPDR S&P International Energy Sector ETF															SPDR S&P International Financial Sector 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
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	38.96		$	38.89		$	34.52		$	29.60		$	29.80		$	25.75		$	25.07		$	25.31		$	22.46		$	24.52		$	21.85		$	21.76		$	17.67		$	15.47		$	19.60

Income (loss) from investment operations:
Net investment income (loss) (1)		0.85			0.96			0.92			0.82			0.88			0.78			0.89			0.81			0.79			0.70			0.62			0.72			0.70			0.64			0.69
Net realized and unrealized gain (loss) (2)		0.45			0.04			4.25			4.90			(0.37	)		(10.33	)		0.60			(0.28	)		2.89			(2.10	)		(2.62	)		0.39			4.27			2.15			(4.09	)

Total from investment operations		1.30			1.00			5.17			5.72			0.51			(9.55	)		1.49			0.53			3.68			(1.40	)		(2.00	)		1.11			4.97			2.79			(3.40	)

Net equalization credits and charges (1)		0.03			0.04			0.04			(0.00	)(3)		0.15			0.03			0.05			0.03			(0.02	)		0.00	(3)		0.02			(0.18	)		(0.11	)		(0.07	)		(0.01	)

Distributions to shareholders from:
Net investment income		(0.82	)		(0.97	)		(0.84	)		(0.80	)		(0.86	)		(0.76	)		(0.86	)		(0.80	)		(0.81	)		(0.66	)		(0.63	)		(0.84	)		(0.77	)		(0.52	)		(0.72	)

Total distributions		(0.82	)		(0.97	)		(0.84	)		(0.80	)		(0.86	)		(0.76	)		(0.86	)		(0.80	)		(0.81	)		(0.66	)		(0.63	)		(0.84	)		(0.77	)		(0.52	)		(0.72	)

Net asset value, end of period	$	39.47		$	38.96		$	38.89		$	34.52		$	29.60		$	15.47		$	25.75		$	25.07		$	25.31		$	22.46		$	19.24		$	21.85		$	21.76		$	17.67		$	15.47

Total return (4)		3.41	%		2.61	%		15.20	%		19.51	%		2.08	%		(37.45	)%		6.04	%		2.35	%		16.44	%		(6.14	)%		(9.25	)%		4.23	%		27.98	%		18.02	%		(17.99	)%
Net assets, end of period (in 000’s)	$	65,130		$	42,853		$	36,941		$	18,986		$	19,239		$	23,207		$	19,312		$	12,535		$	11,389		$	12,355		$	10,580		$	10,924		$	6,528		$	3,534		$	7,735
Ratio of expenses to average net assets		0.43	%		0.50	%		0.50	%		0.50	%		0.51	%		0.43	%		0.50	%		0.50	%		0.50	%		0.51	%		0.44	%		0.51	%		0.50	%		0.50	%		0.51	%
Ratio of net investment income (loss) to average net assets		2.12	%		2.40	%		2.47	%		2.53	%		2.81	%		3.95	%		3.30	%		3.30	%		3.16	%		2.55	%		2.92	%		3.19	%		3.50	%		3.94	%		3.47	%
Portfolio turnover rate (5)		5	%		5	%		4	%		7	%		2	%		5	%		9	%		2	%		6	%		4	%		12	%		20	%		2	%		6	%		4	%


(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.

See accompanying notes to financial statements.

524

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Health Care Sector ETF															SPDR S&P International Industrial Sector ETF															SPDR S&P International Materials Sector 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
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	48.98		$	41.71		$	35.15		$	29.55		$	29.46		$	30.40		$	30.53		$	24.67		$	22.46		$	25.65		$	21.72		$	23.33		$	23.68		$	22.83		$	26.34

Income (loss) from investment operations:
Net investment income (loss) (1)		0.73			0.81			0.77			0.86			0.74			0.55			0.68			0.63			0.55			0.62			0.59	(2)		0.46			0.44			0.42			0.42
Net realized and unrealized gain (loss) (3)		(0.67	)		7.30			6.53			5.57			0.04			(3.77	)		(0.07	)		6.18			2.32			(3.23	)		(5.23	)		(1.40	)		(0.31	)		0.87			(3.51	)

Total from investment operations		0.06			8.11			7.30			6.43			0.78			(3.22	)		0.61			6.81			2.87			(2.61	)		(4.64	)		(0.94	)		0.13			1.29			(3.09	)

Net equalization credits and charges (1)		0.02			0.02			0.07			(0.01	)		0.05			0.02			(0.07	)		(0.21	)		(0.10	)		(0.01	)		0.00	(4)		(0.00	)(4)		(0.01	)		0.01			(0.03	)

Distributions to shareholders from:
Net investment income		(0.74	)		(0.86	)		(0.81	)		(0.82	)		(0.74	)		(0.55	)		(0.67	)		(0.74	)		(0.56	)		(0.57	)		(0.61	)		(0.67	)		(0.47	)		(0.45	)		(0.39	)
Net realized gains		(0.00	)(4)		—			—			—			—			—			—			—			—			—			—			—			—			—			—

Total distributions		(0.74	)		(0.86	)		(0.81	)		(0.82	)		(0.74	)		(0.55	)		(0.67	)		(0.74	)		(0.56	)		(0.57	)		(0.61	)		(0.67	)		(0.47	)		(0.45	)		(0.39	)

Net asset value, end of period	$	48.32		$	48.98		$	41.71		$	35.15		$	29.55		$	26.65		$	30.40		$	30.53		$	24.67		$	22.46		$	16.47		$	21.72		$	23.33		$	23.68		$	22.83

Total return (5)		0.10	%		19.57	%		21.14	%		22.03	%		2.69	%		(10.70	)%		1.67	%		27.19	%		12.53	%		(10.62	)%		(21.82	)%(2)		(4.19	)%		0.43	%		5.79	%		(12.12	)%
Net assets, end of period (in 000’s)	$	74,901		$	66,125		$	60,479		$	28,123		$	19,207		$	17,322		$	24,324		$	13,740		$	8,635		$	20,211		$	4,940		$	7,603		$	9,333		$	11,842		$	19,403
Ratio of expenses to average net assets		0.44	%		0.50	%		0.50	%		0.50	%		0.50	%		0.45	%		0.51	%		0.50	%		0.50	%		0.50	%		0.45	%		0.52	%		0.50	%		0.50	%		0.51	%
Ratio of net investment income (loss) to average net assets		1.44	%		1.76	%		1.98	%		2.70	%		2.37	%		1.85	%		2.17	%		2.29	%		2.27	%		2.22	%		2.88	%(2)		1.95	%		1.90	%		1.77	%		1.42	%
Portfolio turnover rate (7)		11	%		13	%		8	%		14	%		5	%		12	%		4	%		7	%		11	%		0	%(6)		2	%		15	%		8	%		0	%(6)		1	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amount to $0.13 per share and 0.64% of average net assets. If the special dividends were not received during the year ended September 30, 2015, the total return would have been (22.96)%.
(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)		Amount is less than $0.005 per share.
(5)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(6)		Amount shown represents less than 0.5%.
(7)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

526

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period


	SPDR S&P International Technology Sector ETF															SPDR S&P International Telecommunications Sector ETF															SPDR S&P International Utilities Sector 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
	9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11			9/30/15			9/30/14			9/30/13			9/30/12			9/30/11

Net asset value, beginning of period	$	31.48		$	30.02		$	24.18		$	22.00		$	24.76		$	25.63		$	26.89		$	22.82		$	22.65		$	24.30		$	18.81		$	17.72		$	16.39		$	17.38		$	20.55

Income (loss) from investment operations:
Net investment income (loss) (1)		0.37			0.32			0.31			0.29			0.34			0.77			3.19	(2)		0.98			1.45			1.22	(3)		0.60			0.69			0.65			0.85			0.92	(4)
Net realized and unrealized gain (loss) (5)		(2.40	)		1.62			5.89			2.37			(2.68	)		(1.41	)		(1.01	)		4.01			0.10			(1.54	)		(2.82	)		1.04			1.33			(1.24	)		(3.20	)

Total from investment operations		(2.03	)		1.94			6.20			2.66			(2.34	)		(0.64	)		2.18			4.99			1.55			(0.32	)		(2.22	)		1.73			1.98			(0.39	)		(2.28	)

Net equalization credits and charges (1)		(0.00	)(6)		(0.00	)(6)		(0.06	)		(0.03	)		0.00	(6)		(0.01	)		(0.10	)		0.01			(0.01	)		0.01			(0.01	)		0.02			0.06			0.14			0.02

Distributions to shareholders from:
Net investment income		(0.29	)		(0.48	)		(0.30	)		(0.31	)		(0.33	)		(0.78	)		(3.34	)		(0.93	)		(1.37	)		(1.34	)		(0.63	)		(0.66	)		(0.71	)		(0.74	)		(0.91	)
Net realized gains		—			—			—			(0.14	)		(0.09	)		—			—			—			—			—			—			—			—			—			—

Total distributions		(0.29	)		(0.48	)		(0.30	)		(0.45	)		(0.42	)		(0.78	)		(3.34	)		(0.93	)		(1.37	)		(1.34	)		(0.63	)		(0.66	)		(0.71	)		(0.74	)		(0.91	)

Net asset value, end of period	$	29.16		$	31.48		$	30.02		$	24.18		$	22.00		$	24.20		$	25.63		$	26.89		$	22.82		$	22.65		$	15.95		$	18.81		$	17.72		$	16.39		$	17.38

Total return (7)		(6.50	)%		6.43	%		25.54	%		12.06	%		(9.74	)%		(2.70	)%		7.43	%(2)		22.68	%		7.23	%		(1.66	)%(3)		(11.98	)%		9.86	%		12.79	%		(1.30	)%		(11.45	)%(4)
Net assets, end of period (in 000’s)	$	10,206		$	12,591		$	12,007		$	10,881		$	18,702		$	36,300		$	43,565		$	33,618		$	25,098		$	12,458		$	27,114		$	69,587		$	39,868		$	25,403		$	9,561
Ratio of expenses to average net assets		0.45	%		0.53	%		0.50	%		0.50	%		0.51	%		0.44	%		0.51	%		0.50	%		0.50	%		0.51	%		0.45	%		0.50	%		0.50	%		0.50	%		0.51	%
Ratio of net investment income (loss) to average net assets		1.14	%		1.00	%		1.13	%		1.21	%		1.27	%		2.94	%		11.54	%(2)		4.18	%		6.48	%		4.84	%(3)		3.38	%		3.65	%		3.87	%		5.15	%		4.49	%(4)
Portfolio turnover rate (8)		5	%		4	%		13	%		6	%		1	%		21	%		16	%		7	%		3	%		8	%		6	%		8	%		1	%		8	%		2	%


(1)		Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(2)		Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $2.29 per share and 8.27% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been 0.02%.
(3)		Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.09 per share and 0.34% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (2.00)%.
(4)		Net investment income per share and the ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.08 per share and 0.39% of average net assets. If the special dividends were not received during the year ended September 30, 2011, the total return would have been (11.75)%.
(5)		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.
(6)		Amount is less than $0.005 per share.
(7)		Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Broker commission charges are not included in this calculation.
(8)		Portfolio Turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

528

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS

September 30, 2015


1.	Organization

SPDR Index Shares Funds (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company that was organized as a Massachusetts business trust on February 14, 2002.

As of September 30, 2015, the Trust offered fifty-four (54) portfolios, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees to authorize the issuance of unlimited number of shares of beneficial interest at a $0.01 par value. The financial statements herein relate to the following Funds (each a “Fund” and collectively the “Funds”):

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX 50 ETF

SPDR EURO STOXX Small Cap ETF

SPDR EURO STOXX 50 Currency Hedged ETF

SPDR S&P International Dividend Currency Hedged ETF

SPDR MSCI International Real Estate Currency Hedged ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Russia ETF

SPDR S&P China ETF

SPDR S&P Emerging Markets ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P BRIC 40 ETF

SPDR S&P Emerging Europe ETF

SPDR S&P Emerging Latin America ETF

SPDR S&P Emerging Middle East & Africa ETF

SPDR S&P World ex-US ETF

SPDR S&P International Small Cap ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P Global Infrastructure ETF

SPDR S&P Global Natural Resources ETF

SPDR MSCI ACWI ex-US ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EM 50 ETF

SPDR MSCI EM Beyond BRIC ETF

SPDR MSCI EAFE Quality Mix ETF

SPDR MSCI Emerging Markets Quality Mix ETF

SPDR MSCI World Quality Mix ETF

SPDR MSCI Australia Quality Mix ETF

SPDR MSCI Canada Quality Mix ETF

SPDR MSCI Germany Quality Mix ETF

SPDR MSCI Japan Quality Mix ETF

SPDR MSCI Mexico Quality Mix ETF

SPDR MSCI South Korea Quality Mix ETF

SPDR MSCI Spain Quality Mix ETF

SPDR MSCI Taiwan Quality Mix ETF

SPDR MSCI United Kingdom Quality Mix ETF

SPDR Russell/Nomura PRIME Japan ETF

SPDR Russell/Nomura Small Cap Japan ETF

SPDR S&P Global Dividend ETF

SPDR S&P International Dividend ETF

SPDR S&P International Mid Cap ETF

SPDR S&P Emerging Markets Small Cap ETF

SPDR Dow Jones Global Real Estate ETF

SPDR S&P International Consumer Discretionary Sector ETF

SPDR S&P International Consumer Staples Sector ETF

SPDR S&P International Energy Sector ETF

SPDR S&P International Financial Sector ETF

SPDR S&P International Health Care Sector ETF

SPDR S&P International Industrial Sector ETF

SPDR S&P International Materials Sector ETF

SPDR S&P International Technology Sector ETF

SPDR S&P International Telecommunications Sector ETF

SPDR S&P International Utilities Sector ETF

On March 31, 2015, the SPDR S&P Small Cap Emerging Asia Pacific ETF Fund was liquidated and closed.

Each fund is classified as a non-diversified investment company under the 1940 Act.

SPDR MSCI ACWI Low Carbon Target ETF was formed on November 25, 2014 and commenced operations on November 26, 2014. SPDR EURO STOXX 50 Currency Hedged ETF was formed on June 8, 2015 and commenced operations on June 9, 2015. SPDR S&P International Dividend Currency Hedged ETF and SPDR MSCI International Real Estate Currency Hedged ETF were formed on September 14, 2015 and commenced operations on September 15, 2015.

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

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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.


2.	Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services Investment Companies (“ASC 946”).

Security Valuation

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to policies and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees of the Trust (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for determining the fair value of investments. The members of the Committee are approved by the Board. Valuation techniques used to value each Fund’s investments by major category are as follows:


•	Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

•	Rights and warrants are valued at the last reported sale price obtained from independent pricing service or brokers on the valuation date. If no prices are obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to valuation policies and procedures approved by the Board.

•	Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value per share or unit. Money market funds generally value portfolio investments using the amortized cost method as set forth in Rule 2a-7 under the 1940 Act and in accordance with Fund procedures to stabilize net asset value.

•	Forward foreign currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. The rates are obtained from independent pricing services in accordance with valuation policy and procedures approved by the Board.

•	Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be

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September 30, 2015

determined in good faith by the Committee, in accordance with valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate the Fund’s net asset value and the prices used by the Funds’ underlying indices, which in turn could result in a difference between the Funds’ performance and the performance of the Funds’ underlying indices. Various inputs are used in determining the value of Funds’ investments. These inputs are categorized into a hierarchy consisting of three broad levels for financial reporting purposes.

The Funds value their assets and liabilities at fair value using a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:


•	Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

•	Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

•	Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period. Unless otherwise indicated on the Schedules of Investments, the values of the securities of the Funds are determined based on Level 1 inputs.

The SPDR S&P China ETF and SPDR S&P Global Infrastructure ETF had transfers from Level 1 to Level 2 during the period ended September 30, 2015 in the amount of $8,332,067 and $571,099, respectively, resulting from the temporary suspension of trading/halt or delisting of securities. At September 30, 2015 these investments were valued using alternative valuation procedures under the valuation policy and procedures adopted by the Board. At September 30, 2014 these investments were valued at exchange closing prices in accordance with Fund’s valuation policy.

All transfers are recognized as of the end of the reporting period.

The following table summarizes the value of each Funds’ investments according to the fair value hierarchy as of September 30, 2015:


			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
Fund	Prices		Inputs		Inputs		Total

SPDR STOXX Europe 50 ETF	$	246,632,122	$	—	$	—	$	246,632,122
SPDR EURO STOXX 50 ETF		4,071,374,899		—		—		4,071,374,899
SPDR EURO STOXX Small Cap ETF		11,714,098		—		—		11,714,098
SPDR EURO STOXX 50 Currency Hedged ETF		6,801,391		—		—		6,801,391

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SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
Fund	Prices		Inputs		Inputs			Total

SPDR S&P International Dividend Currency Hedged ETF	$	3,895,371	$	—	$	—		$	3,895,371
SPDR MSCI International Real Estate Currency Hedged ETF		4,043,914		—		—			4,043,914
SPDR S&P Emerging Asia Pacific ETF		447,156,433		3,755,401		362,658			451,274,492
SPDR S&P Russia ETF		22,575,500		—		—			22,575,500
SPDR S&P China ETF		903,574,626		9,332,911		1,498,141			914,405,678
SPDR S&P Emerging Markets ETF		198,531,819		720,616		36,559			199,288,994
SPDR S&P Emerging Markets Dividend ETF		313,607,714		—		—			313,607,714
SPDR S&P BRIC 40 ETF		84,102,093		—		—			84,102,093
SPDR S&P Emerging Europe ETF		40,822,087		86,667		—			40,908,754
SPDR S&P Emerging Latin America ETF		27,571,777		827		—	**		27,572,604
SPDR S&P Emerging Middle East & Africa ETF		44,951,792		—		—	**		44,951,792
SPDR S&P World ex-US ETF		760,454,957		464,774		—	**		760,919,731
SPDR S&P International Small Cap ETF		768,032,141		1,226,530		—	**		769,258,671
SPDR Dow Jones International Real Estate ETF		4,822,550,794		—		—	**		4,822,550,794
SPDR S&P Global Infrastructure ETF		61,100,029		571,099		—			61,671,128
SPDR S&P Global Natural Resources ETF		619,688,999		—		—			619,688,999
SPDR MSCI ACWI ex-US ETF		746,927,450		1,304,111		—	**		748,231,561
SPDR MSCI ACWI IMI ETF		41,782,056		20,932		—			41,802,988
SPDR MSCI ACWI Low Carbon Target ETF		81,158,496		31,051		—	**		81,189,547
SPDR MSCI EM 50 ETF		4,224,560		—		—			4,224,560
SPDR MSCI EM Beyond BRIC ETF		2,464,917		—		—			2,464,917
SPDR MSCI EAFE Quality Mix ETF		5,235,540		716		—			5,236,256
SPDR MSCI Emerging Markets Quality Mix ETF		71,071,586		20,670		—	**		71,092,256
SPDR MSCI World Quality Mix ETF		5,773,201		307		—			5,773,508
SPDR MSCI Australia Quality Mix ETF		6,297,067		13,492		—			6,310,559
SPDR MSCI Canada Quality Mix ETF		9,285,036		—		—			9,285,036
SPDR MSCI Germany Quality Mix ETF		9,659,144		—		—			9,659,144
SPDR MSCI Japan Quality Mix ETF		11,855,145		—		—			11,855,145
SPDR MSCI Mexico Quality Mix ETF		2,252,972		—		—			2,252,972
SPDR MSCI South Korea Quality Mix ETF		2,371,414		—		—			2,371,414
SPDR MSCI Spain Quality Mix ETF		2,216,123		—		—			2,216,123
SPDR MSCI Taiwan Quality Mix ETF		5,016,197		—		—			5,016,197
SPDR MSCI United Kingdom Quality Mix ETF		2,486,761		—		—			2,486,761
SPDR Russell/Nomura PRIME Japan ETF		30,549,807		—		—			30,549,807
SPDR Russell/Nomura Small Cap Japan ETF		75,026,462		—		—	**		75,026,462
SPDR S&P Global Dividend ETF		83,822,118		—		—			83,822,118
SPDR S&P International Dividend ETF		1,122,808,550		—		—			1,122,808,550
SPDR S&P International Mid Cap ETF		52,461,032		—		—	**		52,461,032

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
Fund	Prices		Inputs		Inputs			Total

SPDR S&P Emerging Markets Small Cap ETF	$	400,715,445	$	1,251,122	$	2,370,734		$	404,337,301
SPDR Dow Jones Global Real Estate ETF		1,917,946,579		—		—	**		1,917,946,579
SPDR S&P International Consumer Discretionary Sector ETF		16,257,072		—		—			16,257,072
SPDR S&P International Consumer Staples Sector ETF		68,236,803		—		—	**		68,236,803
SPDR S&P International Energy Sector ETF		26,404,299		136,902		—	**		26,541,201
SPDR S&P International Financial Sector ETF		11,728,120		—		—	**		11,728,120
SPDR S&P International Health Care Sector ETF		80,858,634		47,346		—			80,905,980
SPDR S&P International Industrial Sector ETF		18,270,085		—		—			18,270,085
SPDR S&P International Materials Sector ETF		5,518,275		—		—	**		5,518,275
SPDR S&P International Technology Sector ETF		11,492,931		—		—			11,492,931
SPDR S&P International Telecommunications Sector ETF		37,636,665		—		—			37,636,665
SPDR S&P International Utilities Sector ETF		29,448,837		—		—			29,448,837


*		Fund held Level 2 securities that were valued at $0 at September 30, 2015.
**		Fund held Level 3 securities that were valued at $0 at September 30, 2015.


			Level 2 —		Level 3 —
	Level 1 —		Other Significant		Significant
	Quoted		Observable		Unobservable
Assets — Other Financial Instruments*	Prices		Inputs		Inputs		Total

SPDR EURO STOXX 50 Currency Hedged ETF — Forward Foreign Currency Contracts	$	—	$	33,758	$	—	$	33,758
SPDR S&P International Dividend Currency Hedged ETF — Forward Foreign Currency Contracts		—		51,932		—		51,932
SPDR MSCI International Real Estate Currency Hedged ETF — Forward Foreign Currency Contracts		—		35,186		—		35,186


				Level 2 —			Level 3 —
	Level 1 —			Other Significant			Significant
	Quoted			Observable			Unobservable
Liabilities — Other Financial Instruments*	Prices			Inputs			Inputs		Total

SPDR EURO STOXX 50 Currency Hedged ETF — Futures Contracts	$	(3,159	)	$	—		$	—	$	(3,159	)
SPDR EURO STOXX 50 Currency Hedged ETF — Forward Foreign Currency Contracts	$	—		$	(3,365	)	$	—	$	(3,365	)
SPDR S&P International Dividend Currency Hedged ETF — Forward Foreign Currency Contracts		—			(2,413	)		—		(2,413	)
SPDR MSCI International Real Estate Currency Hedged ETF — Forward Foreign Currency Contracts		—			(2,157	)		—		(2,157	)
SPDR S&P Emerging Markets ETF — Futures Contracts		(1,989	)		—			—		(1,989	)


*		Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as futures and forward foreign currency contracts.

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SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income, if any, is recorded daily on an accrual basis. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Certain Funds invest in Real Estate Investment Trusts (REITs). REITs will determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds’ policy is to record all REIT distributions as dividend income initially and re-designate the prior calendar year’s return of capital or capital gain distributions at year end. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions are determined using the identified cost method.

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

Certain Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

The following Funds utilize equalization:

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX 50 ETF

SPDR EURO STOXX Small Cap ETF

SPDR EURO STOXX 50 Currency Hedged ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR Dow Jones International Real Estate ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI Australia Quality Mix ETF

SPDR MSCI Canada Quality Mix

SPDR MSCI Germany Quality Mix ETF

SPDR MSCI Japan Quality Mix ETF

SPDR MSCI Spain Quality Mix ETF

SPDR MSCI United Kingdom Quality Mix ETF

SPDR S&P Global Dividend ETF

SPDR S&P International Dividend ETF

SPDR Dow Jones Global Real Estate ETF

SPDR S&P International Consumer Discretionary Sector ETF

SPDR S&P International Consumer Staples Sector ETF

SPDR S&P International Energy Sector ETF

SPDR S&P International Financial Sector ETF

SPDR S&P International Health Care Sector ETF

SPDR S&P International Industrial Sector ETF

SPDR S&P International Materials Sector ETF

SPDR S&P International Technology Sector ETF

SPDR S&P International Telecommunications Sector ETF

SPDR S&P International Utilities Sector ETF

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates deemed appropriate pursuant to the valuation policies and procedures at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of transactions. The Funds do not isolate the effect of fluctuations in foreign exchange from the effect of fluctuations in the market price of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

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Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of September 30, 2015, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Futures

Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Variation margin payments are made or received by the Funds each day, depending on the daily fluctuations in the value of the underlying security or index. Such receipt or payment is recorded by the Funds for financial statement purposes as part of unrealized gains or losses, and is recorded on the Statements of Assets and Liabilities as Receivable or Payable from broker — variation margin on open futures contracts. The Funds recognize a realized gain or loss when a contract is closed, which is recorded on the Statements of Operations. The risk of loss in trading futures contracts in some strategies is potentially unlimited.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.

For the period ended September 30, 2015, the following Funds entered into futures contracts for the strategies listed below:


Funds			Strategies
SPDR EURO STOXX 50 Currency Hedged ETF			Investment exposure to correlate closely with the index
SPDR S&P Emerging Markets ETF			Return enhancement, hedging and exposing cash reserves to markets

Forward Foreign Currency Contracts

Certain Funds may engage in forward foreign currency contracts to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuations. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. Forward foreign currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies and are marked-to-market daily. The change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Certain risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gains on appreciated contracts, if any. Additionally, when utilizing forward foreign currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

For the period ended September 30, 2015, the following Funds entered into forward foreign currency contracts for the strategies listed below:


Funds			Strategies
SPDR EURO STOXX 50 Currency Hedged ETF			Hedging to offset the Fund’s exposure to the component currencies
SPDR S&P International Dividend Currency Hedged ETF			Hedging to offset the Fund’s exposure to the component currencies
SPDR MSCI International Real Estate Currency Hedged ETF			Hedging to offset the Fund’s exposure to the component currencies

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NOTES TO FINANCIAL STATEMENTS (continued)

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The following tables summarize the value of the Funds’ derivative instruments as of September 30, 2015 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:


		Asset Derivatives
		Foreign
		Exchange		Equity
		Contracts		Contracts
		Risk		Risk		Total

SPDR EURO STOXX 50 Currency Hedged ETF (a)	Futures Contract	$	—	$	22,634	$	22,634
SPDR EURO STOXX 50 Currency Hedged ETF (b)	Forward Contracts		33,758		—		33,758
SPDR S&P International Dividend Currency Hedged ETF (b)	Forward Contracts		51,932		—		51,932
SPDR MSCI International Real Estate Currency Hedged ETF (b)	Forward Contracts		35,186		—		35,186
SPDR S&P Emerging Markets ETF (a)	Futures Contract		—		64,249		64,249


(a) Receivable from broker — variation margin on open futures contracts
(b) Unrealized appreciation on forward foreign currency contracts


		Liability Derivatives
		Foreign
		Exchange			Equity
		Contracts			Contracts
		Risk			Risk		Total

SPDR EURO STOXX 50 Currency Hedged ETF (a)	Forward Contracts	$	(3,365	)	$	—	$	(3,365	)
SPDR S&P International Dividend Currency Hedged ETF (a)	Forward Contracts		(2,413	)		—		(2,413	)
SPDR MSCI International Real Estate Currency Hedged ETF (a)	Forward Contracts		(2,157	)		—		(2,157	)


(a) Unrealized depreciation on forward foreign currency contracts


		Net Realized Gain (Loss)
		Foreign
		Exchange			Equity
		Contracts			Contracts
		Risk			Risk			Total

SPDR EURO STOXX 50 Currency Hedged ETF (a)	Futures Contract	$	—		$	(16,867	)	$	(16,867	)
SPDR EURO STOXX 50 Currency Hedged ETF (b)	Forward Contracts		(434	)		—			(434	)
SPDR S&P Emerging Markets ETF (a)	Futures Contract		—			(44,762	)		(44,762	)


(a) Net realized gain/loss on futures
(b) Net realized gain (loss) on foreign currency transactions


		Net Change In Unrealized Appreciation (Depreciation)
		Foreign
		Exchange		Equity
		Contracts		Contracts
		Risk		Risk			Total

SPDR EURO STOXX 50 Currency Hedged ETF (a)	Futures Contract	$	—	$	(3,159	)	$	(3,159	)
SPDR EURO STOXX 50 Currency Hedged ETF (b)	Forward Contracts		30,393		—			30,393
SPDR S&P International Dividend Currency Hedged ETF (b)	Forward Contracts		49,519		—			49,519

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NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


		Net Change In Unrealized Appreciation (Depreciation)
		Foreign
		Exchange		Equity
		Contracts		Contracts
		Risk		Risk		Total

SPDR MSCI International Real Estate Currency Hedged ETF (b)	Forward Contracts	$	33,029	$	—	$	33,029
SPDR S&P Emerging Markets ETF (a)	Futures Contract		—		47,404		47,404


(a) Net change in unrealized appreciation (depreciation) on futures
(b) Net change in unrealized appreciation (depreciation) on foreign currency transactions

During the period ended September 30, 2015, average notional value related to futures contracts and forward contracts were as follows:


	Average Notional Value		Percent of Net Assets

SPDR EURO STOXX 50 Currency Hedged ETF — Futures	$	149,169		2	%
SPDR EURO STOXX 50 Currency Hedged ETF — Forwards		18,254,081		268	%
SPDR S&P International Dividend Currency Hedged ETF — Forwards		12,195,965		313	%
SPDR MSCI International Real Estate Currency Hedged ETF — Forwards		12,151,621		300	%
SPDR S&P Emerging Markets ETF — Futures		3,142,051		2	%

For financial reporting purposes, the Funds do not offset derivative assets or liabilities, including those that may be subject to an enforceable Foreign Exchange Master Agreement that allows for net settlement between counterparties, on their Statements of Assets and Liabilities. The following tables set forth the Funds’ net exposure to derivative assets and liabilities available for offset and net of collateral at September 30, 2015.

SPDR EURO STOXX 50 Currency Hedged ETF


								Collateral
	Gross Amounts		Offset			Net Asset		(Received)/		Net
Counterparty	of Assets		Amount			Balance		Pledged		Amount

Bank of America N.A.	$	6,674	$	—		$	6,674	$	—	$	6,674
Bank of Montreal		6,659		(1,615	)		5,044		—		5,044
BNP Paribas SA		6,714		(1,584	)		5,130		—		5,130
HSBC Bank		1		(1	)		—		—		—
Royal Bank of Canada		1		(1	)		—		—		—
Societe Generale		312		—			312		—		312
Standard Chartered Bank		6,713		—			6,713		—		6,713
Toronto Dominion Bank		6,681		—			6,681		—		6,681
UBS AG		3		(2	)		1		—		1

	$	33,758	$	(3,203	)	$	30,555	$	—	$	30,555

538

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


									Collateral
	Gross Amounts			Offset		Net Liability			(Received)/		Net
Counterparty	of Liabilities			Amount		Balance			Pledged		Amount

Bank of Montreal	$	(1,615	)	$	1,615	$	—		$	—	$	—
BNP Paribas SA		(1,584	)		1,584		—			—		—
Citibank N.A.		(76	)		—		(76	)		—		(76	)
Goldman Sachs		(73	)		—		(73	)		—		(73	)
HSBC Bank		(3	)		1		(2	)		—		(2	)
Royal Bank of Canada		(12	)		1		(11	)		—		(11	)
UBS AG		(2	)		2		—			—		—

	$	(3,365	)	$	3,203	$	(162	)	$	—	$	(162	)

SPDR S&P International Dividend Currency Hedged ETF


								Collateral
	Gross Amounts		Offset			Net Asset		(Received)/		Net
Counterparty	of Assets		Amount			Balance		Pledged		Amount

Bank of America N.A.	$	5,018	$	—		$	5,018	$	—	$	5,018
Bank of Montreal		11,586		(19	)		11,567		—		11,567
BNP Paribas SA		16,469		—			16,469		—		16,469
Citibank N.A.		6,921		(2,121	)		4,800		—		4,800
Goldman Sachs		28		(28	)		—		—		—
HSBC Bank		7		(7	)		—		—		—
Royal Bank of Canada		11,064		(15	)		11,049		—		11,049
Societe Generale		818		(207	)		611		—		611
UBS AG		21		—			21		—		21

	$	51,932	$	(2,397	)	$	49,535	$	—	$	49,535


									Collateral
	Gross Amounts			Offset		Net Liability			(Received)/		Net
Counterparty	of Liabilities			Amount		Balance			Pledged		Amount

Bank of Montreal	$	(19	)	$	19	$	—		$	—	$	—
Citibank N.A.		(2,121	)		2,121		—			—		—
Goldman Sachs		(43	)		28		(15	)		—		(15	)
HSBC Bank		(8	)		7		(1	)		—		(1	)
Royal Bank of Canada		(15	)		15		—			—		—
Societe Generale		(207	)		207		—			—		—

	$	(2,413	)	$	2,397	$	(16	)	$	—	$	(16	)

539

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

SPDR MSCI International Real Estate Currency Hedged ETF


								Collateral
	Gross Amounts		Offset			Net Asset		(Received)/		Net
Counterparty	of Assets		Amount			Balance		Pledged		Amount

Bank of America N.A.	$	12,351	$	—		$	12,351	$	—	$	12,351
Bank of Montreal		12,205		(41	)		12,164		—		12,164
Citibank N.A		485		(299	)		186		—		186
Royal Bank of Canada		10,145		(7	)		10,138		—		10,138

	$	35,186	$	(347	)	$	34,839	$	—	$	34,839


									Collateral
	Gross Amounts			Offset		Net Liability			(Received)/		Net
Counterparty	of Liabilities			Amount		Balance			Pledged		Amount

Bank of Montreal	$	(41	)	$	41	$	—		$	—	$	—
BNP Paribas SA		(1,671	)		—		(1,671	)		—		(1,671	)
Citibank N.A.		(299	)		299		—			—		—
Goldman Sachs		(3	)		—		(3	)		—		(3	)
HSBC Bank		(111	)		—		(111	)		—		(111	)
Royal Bank of Canada		(7	)		7		—			—		—
UBS AG		(25	)		—		(25	)		—		(25	)

	$	(2,157	)	$	347	$	(1,810	)	$	—	$	(1,810	)

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. GAAP. 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 SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) 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.

SSGA FM has reviewed the tax positions for the open tax years as of September 30, 2015 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, as applicable, remain subject to examination by the Funds’ major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. No income tax returns are currently under examination. Management has analyzed tax laws and regulations and their application to the Funds’ facts and circumstances and does not believe there are any uncertain tax provisions that require recognition of tax liability.

540

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

For the period ended September 30, 2015, 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 STOXX Europe 50 ETF	$	4,311,706
SPDR EURO STOXX 50 ETF		187,262,865
SPDR EURO STOXX Small Cap ETF		(268,259	)
SPDR EURO STOXX 50 Currency Hedged ETF		—
SPDR S&P International Dividend Currency Hedged ETF		—
SPDR MSCI International Real Estate Currency Hedged ETF		—
SPDR S&P Emerging Asia Pacific ETF		12,236,910
SPDR S&P Russia ETF		1,482,049
SPDR S&P China ETF		31,394,955
SPDR S&P Emerging Markets ETF		3,625,602
SPDR S&P Emerging Markets Dividend ETF		(2,467,332	)
SPDR S&P BRIC 40 ETF		(5,240,544	)
SPDR S&P Emerging Europe ETF		(2,202,948	)
SPDR S&P Emerging Latin America ETF		(2,301,719	)
SPDR S&P Emerging Middle East & Africa ETF		(61,771	)
SPDR S&P World ex-US ETF		27,406,799
SPDR S&P International Small Cap ETF		6,017,110
SPDR Dow Jones International Real Estate ETF		64,553,723
SPDR S&P Global Infrastructure ETF		2,816,906
SPDR S&P Global Natural Resources ETF		8,042,283
SPDR MSCI ACWI ex-US ETF		21,381,795
SPDR MSCI ACWI IMI ETF		3,952,932
SPDR MSCI ACWI Low Carbon Target ETF		—
SPDR MSCI EM 50 ETF		—
SPDR MSCI EM Beyond BRIC ETF		—
SPDR MSCI EAFE Quality Mix ETF		—
SPDR MSCI Emerging Markets Quality Mix ETF		—
SPDR MSCI World Quality Mix ETF		—
SPDR MSCI Australia Quality Mix ETF		(267,391	)
SPDR MSCI Canada Quality Mix ETF		—
SPDR MSCI Germany Quality Mix ETF		(371,005	)
SPDR MSCI Japan Quality Mix ETF		—
SPDR MSCI Mexico Quality Mix ETF		—
SPDR MSCI South Korea Quality Mix ETF		—
SPDR MSCI Spain Quality Mix ETF		(924,411	)
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		(70,400	)
SPDR Russell/Nomura PRIME Japan ETF		(606,272	)

541

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Net Gain (Loss)
	Reclassified to
	Paid in Capital

SPDR Russell/Nomura Small Cap Japan ETF	$	(888,409	)
SPDR S&P Global Dividend ETF		—
SPDR S&P International Dividend ETF		(2,839,032	)
SPDR S&P International Mid Cap ETF		3,528,705
SPDR S&P Emerging Markets Small Cap ETF		(5,009,763	)
SPDR Dow Jones Global Real Estate ETF		26,827,605
SPDR S&P International Consumer Discretionary Sector ETF		1,134,451
SPDR S&P International Consumer Staples Sector ETF		1,891,792
SPDR S&P International Energy Sector ETF		(45,760	)
SPDR S&P International Financial Sector ETF		89,464
SPDR S&P International Health Care Sector ETF		6,099,288
SPDR S&P International Industrial Sector ETF		915,470
SPDR S&P International Materials Sector ETF		487,183
SPDR S&P International Technology Sector ETF		326,514
SPDR S&P International Telecommunications Sector ETF		1,987,888
SPDR S&P International Utilities Sector ETF		4,183,141

At September 30, 2015, the Funds had the following capital loss carryforwards which may be utilized to offset any net realized capital gains expiring September 30:


									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term

SPDR STOXX Europe 50 ETF	$	—	$	5,783,115	$	6,195,941	$	2,032,222	$	2,379,500	$	19,496,678
SPDR EURO STOXX 50 ETF		—		6,389,360		14,945,357		8,709,645		31,888,622		163,156,886
SPDR EURO STOXX Small Cap ETF		—		—		—		—		875,818		107,373
SPDR EURO STOXX 50 Currency Hedged ETF		—		—		—		—		—		—
SPDR S&P International Dividend Currency Hedged ETF		—		—		—		—		—		—
SPDR MSCI International Real Estate Currency Hedged ETF		—		—		—		—		—		—
SPDR S&P Emerging Asia Pacific ETF		—		—		—		—		14,632,463		44,958,836
SPDR S&P Russia ETF		—		—		—		—		1,583,765		4,738,224
SPDR S&P China ETF		—		2,685,375		3,455,043		20,718,358		15,263,376		72,159,488
SPDR S&P Emerging Markets ETF		—		—		—		—		2,457,347		17,884,501
SPDR S&P Emerging Markets Dividend ETF		—		—		—		362,314		84,660,059		101,074,935
SPDR S&P BRIC 40 ETF		—		399,946		37,661,979		9,992,324		5,134,185		46,618,991
SPDR S&P Emerging Europe ETF		—		5,912,354		8,992,073		9,348,438		1,408,653		18,434,447
SPDR S&P Emerging Latin America ETF		—		3,111,521		3,011,913		2,259,987		2,918,792		8,208,771
SPDR S&P Emerging Middle East & Africa ETF		—		1,967,866		10,818,456		1,720,229		1,020,109		8,067,509
SPDR S&P World ex-US ETF		—		—		—		—		—		—
SPDR S&P International Small Cap ETF		—		—		—		—		—		—
SPDR Dow Jones International Real Estate ETF		2,568,760		37,378,612		162,058,595		64,649,806		63,152,390		348,296,416
SPDR S&P Global Infrastructure ETF		—		246,762		3,044,553		1,744,492		265,543		12,455,470

542

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


									Non-Expiring —		Non-Expiring —
	2016		2017		2018		2019		Short Term		Long Term

SPDR S&P Global Natural Resources ETF	$	—	$	—	$	—	$	—	$	21,304,614	$	76,888,168
SPDR MSCI ACWI ex-US ETF		—		2,856,017		36,957,682		2,453,209		3,589,192		25,543,676
SPDR MSCI ACWI IMI ETF		—		—		—		—		—		—
SPDR MSCI ACWI Low Carbon Target ETF		—		—		—		—		—		—
SPDR MSCI EM 50 ETF		—		—		—		—		49,303		178,202
SPDR MSCI EM Beyond BRIC ETF		—		—		—		—		—		3,817
SPDR MSCI EAFE Quality Mix ETF		—		—		—		—		28,213		772
SPDR MSCI Emerging Markets Quality Mix ETF		—		—		—		—		628,908		7,148
SPDR MSCI World Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Australia Quality Mix ETF		—		—		—		—		62,055		2,036
SPDR MSCI Canada Quality Mix ETF		—		—		—		—		50,026		—
SPDR MSCI Germany Quality Mix ETF		—		—		—		—		120,700		657
SPDR MSCI Japan Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—		—		—		15,667		—
SPDR MSCI South Korea Quality Mix ETF		—		—		—		—		24,894		—
SPDR MSCI Spain Quality Mix ETF		—		—		—		—		80,102		6,416
SPDR MSCI Taiwan Quality Mix ETF		—		—		—		—		—		—
SPDR MSCI United Kingdom Quality Mix ETF		—		—		—		—		91,233		2,666
SPDR Russell/Nomura PRIME Japan ETF		—		367,543		574,285		91,148		9,646		741,182
SPDR Russell/Nomura Small Cap Japan ETF		—		1,812,297		3,384,327		20,536		136,023		1,767,707
SPDR S&P Global Dividend ETF		—		—		—		—		—		—
SPDR S&P International Dividend ETF		—		—		13,759,514		—		142,328,414		194,513,294
SPDR S&P International Mid Cap ETF		—		—		—		—		1,777,369		2,879,406
SPDR S&P Emerging Markets Small Cap ETF		—		—		—		—		443,923		47,843,546
SPDR Dow Jones Global Real Estate ETF		—		103,944		4,030,131		1,089,710		15,902,031		1,807,525
SPDR S&P International Consumer Discretionary Sector ETF		—		—		—		—		—		—
SPDR S&P International Consumer Staples Sector ETF		—		—		—		1,783		36,980		62,069
SPDR S&P International Energy Sector ETF		—		4,624		119,106		316,377		69,240		1,018,093
SPDR S&P International Financial Sector ETF		—		39,777		563,054		43,972		67,883		542,975
SPDR S&P International Health Care Sector ETF		—		—		—		—		—		—
SPDR S&P International Industrial Sector ETF		—		4,087		41,800		85,376		76,533		957,703
SPDR S&P International Materials Sector ETF		—		60,733		154,398		205,070		4,717		648,452
SPDR S&P International Technology Sector ETF		—		—		—		—		46		279,949
SPDR S&P International Telecommunications Sector ETF		—		2,618		97,364		213,502		409,574		2,528,317
SPDR S&P International Utilities Sector ETF		—		16,137		130,798		182,287		133,708		3,733,468

543

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

During the tax year ended September 30, 2015, the Funds utilized/expired capital loss carryforwards in the following amounts:


	Amount Utilized		Amount Expired

SPDR STOXX Europe 50 ETF	$	—	$	—
SPDR EURO STOXX 50 ETF		—		—
SPDR EURO STOXX Small Cap ETF		—		—
SPDR EURO STOXX 50 Currency Hedged ETF		—		—
SPDR S&P International Dividend Currency Hedged ETF		—		—
SPDR MSCI International Real Estate Currency Hedged ETF		—		—
SPDR S&P Emerging Asia Pacific ETF		—		—
SPDR S&P Russia ETF		—		—
SPDR S&P China ETF		—		—
SPDR S&P Emerging Markets ETF		—		—
SPDR S&P Emerging Markets Dividend ETF		—		—
SPDR S&P BRIC 40 ETF		—		—
SPDR S&P Emerging Europe ETF		—		—
SPDR S&P Emerging Latin America ETF		—		—
SPDR S&P Emerging Middle East & Africa ETF		—		—
SPDR S&P World ex-US ETF		—		—
SPDR S&P International Small Cap ETF		—		—
SPDR Dow Jones International Real Estate ETF		—		—
SPDR S&P Global Infrastructure ETF		—		—
SPDR S&P Global Natural Resources ETF		—		—
SPDR MSCI ACWI ex-US ETF		—		—
SPDR MSCI ACWI IMI ETF		—		—
SPDR MSCI ACWI Low Carbon Target ETF		—		—
SPDR MSCI EM 50 ETF		—		—
SPDR MSCI EM Beyond BRIC ETF		—		—
SPDR MSCI EAFE Quality Mix ETF		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—		—
SPDR MSCI World Quality Mix ETF		—		—
SPDR MSCI Australia Quality Mix ETF		—		—
SPDR MSCI Canada Quality Mix ETF		—		—
SPDR MSCI Germany Quality Mix ETF		—		—
SPDR MSCI Japan Quality Mix ETF		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—
SPDR MSCI South Korea Quality Mix ETF		—		—
SPDR MSCI Spain Quality Mix ETF		—		—
SPDR MSCI Taiwan Quality Mix ETF		—		—
SPDR MSCI United Kingdom Quality Mix ETF		—		—
SPDR Russell/Nomura PRIME Japan ETF		—		—
SPDR Russell/Nomura Small Cap Japan ETF		1,078,695		—
SPDR S&P Global Dividend ETF		—		—

544

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Amount Utilized		Amount Expired

SPDR S&P International Dividend ETF	$	—	$	—
SPDR S&P International Mid Cap ETF		—		—
SPDR S&P Emerging Markets Small Cap ETF		—		—
SPDR Dow Jones Global Real Estate ETF		—		—
SPDR S&P International Consumer Discretionary Sector ETF		16,388		—
SPDR S&P International Consumer Staples Sector ETF		—		—
SPDR S&P International Energy Sector ETF		—		—
SPDR S&P International Financial Sector ETF		—		—
SPDR S&P International Health Care Sector ETF		—		—
SPDR S&P International Industrial Sector ETF		—		—
SPDR S&P International Materials Sector ETF		—		—
SPDR S&P International Technology Sector ETF		100,377		—
SPDR S&P International Telecommunications Sector ETF		—		—
SPDR S&P International Utilities Sector ETF		—		—

Under current tax laws, certain capital and foreign currency losses realized after October 31 and ordinary income losses realized after December 31, may be deferred and treated as occurring on the first day of the following fiscal year. The Funds elected for federal income tax purposes to defer the following current year post October 31 and post 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 STOXX Europe 50 ETF	$	—	$	—
SPDR EURO STOXX 50 ETF		—		—
SPDR EURO STOXX Small Cap ETF		—		—
SPDR EURO STOXX 50 Currency Hedged ETF		—		—
SPDR S&P International Dividend Currency Hedged ETF		—		—
SPDR MSCI International Real Estate Currency Hedged ETF		—		—
SPDR S&P Emerging Asia Pacific ETF		—		—
SPDR S&P Russia ETF		—		—
SPDR S&P China ETF		—		—
SPDR S&P Emerging Markets ETF		—		—
SPDR S&P Emerging Markets Dividend ETF		—		(700,023	)
SPDR S&P BRIC 40 ETF		—		—
SPDR S&P Emerging Europe ETF		—		—
SPDR S&P Emerging Latin America ETF		—		—
SPDR S&P Emerging Middle East & Africa ETF		—		—
SPDR S&P World ex-US ETF		—		—
SPDR S&P International Small Cap ETF		—		—
SPDR Dow Jones International Real Estate ETF		—		(2,646,687	)
SPDR S&P Global Infrastructure ETF		—		—
SPDR S&P Global Natural Resources ETF		—		—
SPDR MSCI ACWI ex-US ETF		—		—
SPDR MSCI ACWI IMI ETF		—		—

545

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Post October		Late Year
	Capital Loss Deferral		Ordinary Loss Deferral

SPDR MSCI ACWI Low Carbon Target ETF	$	—	$	—
SPDR MSCI EM 50 ETF		—		—
SPDR MSCI EM Beyond BRIC ETF		—		—
SPDR MSCI EAFE Quality Mix ETF		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		—		—
SPDR MSCI World Quality Mix ETF		—		—
SPDR MSCI Australia Quality Mix ETF		—		—
SPDR MSCI Canada Quality Mix ETF		—		—
SPDR MSCI Germany Quality Mix ETF		—		—
SPDR MSCI Japan Quality Mix ETF		—		—
SPDR MSCI Mexico Quality Mix ETF		—		—
SPDR MSCI South Korea Quality Mix ETF		—		—
SPDR MSCI Spain Quality Mix ETF		—		—
SPDR MSCI Taiwan Quality Mix ETF		—		—
SPDR MSCI United Kingdom Quality Mix ETF		—		—
SPDR Russell/Nomura PRIME Japan ETF		—		—
SPDR Russell/Nomura Small Cap Japan ETF		—		—
SPDR S&P Global Dividend ETF		—		—
SPDR S&P International Dividend ETF		—		—
SPDR S&P International Mid Cap ETF		—		—
SPDR S&P Emerging Markets Small Cap ETF		—		—
SPDR Dow Jones Global Real Estate ETF		—		(7,199,645	)
SPDR S&P International Consumer Discretionary Sector ETF		—		—
SPDR S&P International Consumer Staples Sector ETF		—		(2,110	)
SPDR S&P International Energy Sector ETF		—		—
SPDR S&P International Financial Sector ETF		—		—
SPDR S&P International Health Care Sector ETF		—		—
SPDR S&P International Industrial Sector ETF		—		—
SPDR S&P International Materials Sector ETF		—		—
SPDR S&P International Technology Sector ETF		—		—
SPDR S&P International Telecommunications Sector ETF		—		—
SPDR S&P International Utilities Sector ETF		—		32,765

For the period ended September 30, 2015, 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 period ended September 30, 2015 was as follows:


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR STOXX Europe 50 ETF	$	9,622,930	$	—	$	—
SPDR EURO STOXX 50 ETF		143,035,636		—		—
SPDR EURO STOXX Small Cap ETF		256,115		—		—
SPDR EURO STOXX 50 Currency Hedged ETF		125,977		—		—

546

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR S&P International Dividend Currency Hedged ETF	$	52,907	$	—	$	—
SPDR MSCI International Real Estate Currency Hedged ETF		—		—		—
SPDR S&P Emerging Asia Pacific ETF		10,643,553		—		—
SPDR S&P Russia ETF		854,073		—		—
SPDR S&P China ETF		17,843,531		—		—
SPDR S&P Emerging Markets ETF		4,507,319		—		—
SPDR S&P Emerging Markets Dividend ETF		16,798,542		—		—
SPDR S&P BRIC 40 ETF		3,046,052		—		—
SPDR S&P Emerging Europe ETF		1,961,721		—		—
SPDR S&P Emerging Latin America ETF		877,726		—		—
SPDR S&P Emerging Middle East & Africa ETF		1,502,559		—		—
SPDR S&P World ex-US ETF		20,112,214		—		—
SPDR S&P International Small Cap ETF		30,156,602		52,625,204		—
SPDR Dow Jones International Real Estate ETF		147,970,731		—		—
SPDR S&P Global Infrastructure ETF		3,020,616		—		—
SPDR S&P Global Natural Resources ETF		20,271,634		—		—
SPDR MSCI ACWI ex-US ETF		17,494,392		—		—
SPDR MSCI ACWI IMI ETF		1,137,757		—		—
SPDR MSCI ACWI Low Carbon Target ETF		1,204,764		—		—
SPDR MSCI EM 50 ETF		58,446		—		—
SPDR MSCI EM Beyond BRIC ETF		62,060		—		—
SPDR MSCI EAFE Quality Mix ETF		163,896		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		678,786		—		—
SPDR MSCI World Quality Mix ETF		130,391		—		—
SPDR MSCI Australia Quality Mix ETF		283,897		—		—
SPDR MSCI Canada Quality Mix ETF		80,540		—		—
SPDR MSCI Germany Quality Mix ETF		226,792		—		—
SPDR MSCI Japan Quality Mix ETF		119,310		—		—
SPDR MSCI Mexico Quality Mix ETF		25,314		—		—
SPDR MSCI South Korea Quality Mix ETF		37,871		—		(2,709	)
SPDR MSCI Spain Quality Mix ETF		231,204		—		—
SPDR MSCI Taiwan Quality Mix ETF		8,912		—		—
SPDR MSCI United Kingdom Quality Mix ETF		310,927		—		—
SPDR Russell/Nomura PRIME Japan ETF		818,770		—		—
SPDR Russell/Nomura Small Cap Japan ETF		590,950		—		—
SPDR S&P Global Dividend ETF		2,716,263		184,384		—
SPDR S&P International Dividend ETF		65,787,191		—		—
SPDR S&P International Mid Cap ETF		2,439,565		3,053,568		—
SPDR S&P Emerging Markets Small Cap ETF		12,541,035		—		—
SPDR Dow Jones Global Real Estate ETF		54,138,494		—		—
SPDR S&P International Consumer Discretionary Sector ETF		334,910		—		—

547

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR S&P International Consumer Staples Sector ETF	$	1,034,295	$	—	$	—
SPDR S&P International Energy Sector ETF		880,204		—		—
SPDR S&P International Financial Sector ETF		355,265		—		—
SPDR S&P International Health Care Sector ETF		1,145,230		—		—
SPDR S&P International Industrial Sector ETF		390,429		—		—
SPDR S&P International Materials Sector ETF		185,820		—		—
SPDR S&P International Technology Sector ETF		103,108		—		—
SPDR S&P International Telecommunications Sector ETF		1,274,493		—		—
SPDR S&P International Utilities Sector ETF		1,460,201		—		—

The tax character of distributions paid during the period ended September 30, 2014 was as follows:


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR STOXX Europe 50 ETF	$	12,279,995	$	—	$	—
SPDR EURO STOXX 50 ETF		165,590,424		—		—
SPDR EURO STOXX Small Cap ETF		16,160		—		—
SPDR S&P Emerging Asia Pacific ETF		6,695,981		—		—
SPDR S&P Small Cap Emerging Asia Pacific ETF		108,119		107,007		—
SPDR S&P Russia ETF		447,722		—		—
SPDR S&P China ETF		16,237,703		—		—
SPDR S&P Emerging Markets ETF		3,629,968		—		—
SPDR S&P Emerging Markets Dividend ETF		21,592,591		—		—
SPDR S&P BRIC 40 ETF		3,386,072		—		—
SPDR S&P Emerging Europe ETF		1,481,279		—		—
SPDR S&P Emerging Latin America ETF		1,382,090		—		—
SPDR S&P Emerging Middle East & Africa ETF		1,674,967		—		—
SPDR S&P World ex-US ETF		24,777,954		—		—
SPDR S&P International Small Cap ETF		23,935,017		—		—
SPDR Dow Jones International Real Estate ETF		207,509,734		—		—
SPDR S&P Global Infrastructure ETF		3,517,695		—		—
SPDR S&P Global Natural Resources ETF		12,447,584		—		—
SPDR MSCI ACWI ex-US ETF		16,800,571		—		—
SPDR MSCI ACWI IMI ETF		243,791		5,843		—
SPDR MSCI EM 50 ETF		55,039		—		—
SPDR MSCI EM Beyond BRIC ETF		29,342		—		—
SPDR MSCI EAFE Quality Mix ETF		3,253		—		—
SPDR MSCI Emerging Markets Quality Mix ETF		1,381		—		—
SPDR MSCI World Quality Mix ETF		4,196		—		—
SPDR MSCI Australia Quality Mix ETF		—		—		—
SPDR MSCI Canada Quality Mix ETF		2,368		—		—
SPDR MSCI Germany Quality Mix ETF		344		—		—
SPDR MSCI Japan Quality Mix ETF		—		—		—

548

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Ordinary		Long-Term		Tax Return
	Income		Capital Gains		of Capital

SPDR MSCI Mexico Quality Mix ETF	$	—	$	—	$	—
SPDR MSCI South Korea Quality Mix ETF		—		—		—
SPDR MSCI Spain Quality Mix ETF		5,821		—		—
SPDR MSCI Taiwan Quality Mix ETF		—		—		—
SPDR MSCI United Kingdom Quality Mix ETF		610		—		—
SPDR Russell/Nomura PRIME Japan ETF		1,581,813		—		—
SPDR Russell/Nomura Small Cap Japan ETF		2,287,511		—		—
SPDR S&P Global Dividend ETF		774,129		—		—
SPDR S&P International Dividend ETF		71,478,207		—		—
SPDR S&P International Mid Cap ETF		2,637,058		1,688,485		—
SPDR S&P Emerging Markets Small Cap ETF		15,106,089		—		—
SPDR Dow Jones Global Real Estate ETF		40,259,506		—		—
SPDR S&P International Consumer Discretionary Sector ETF		441,020		—		—
SPDR S&P International Consumer Staples Sector ETF		1,023,722		—		—
SPDR S&P International Energy Sector ETF		554,858		—		—
SPDR S&P International Financial Sector ETF		339,282		—		—
SPDR S&P International Health Care Sector ETF		1,109,173		—		—
SPDR S&P International Industrial Sector ETF		544,065		—		—
SPDR S&P International Materials Sector ETF		262,845		—		—
SPDR S&P International Technology Sector ETF		206,790		—		—
SPDR S&P International Telecommunications Sector ETF		4,048,039		—		—
SPDR S&P International Utilities Sector ETF		2,223,595		—		—

For the period ended September 30, 2015, significant differences between the book basis and the tax basis of components of net assets included 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 September 30, 2015, 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 STOXX Europe 50 ETF	$	—	$	—	$	(41,844,345	)
SPDR EURO STOXX 50 ETF		—		—		(560,567,249	)
SPDR EURO STOXX Small Cap ETF		—		—		(1,368,796	)
SPDR EURO STOXX 50 Currency Hedged ETF		10,174		19,549		(747,237	)
SPDR S&P International Dividend Currency Hedged ETF		72,324		29,131		(156,620	)
SPDR MSCI International Real Estate Currency Hedged ETF		44,056		18,123		(9,859	)
SPDR S&P Emerging Asia Pacific ETF		13,852,372		—		(59,120,849	)
SPDR S&P Russia ETF		746,513		—		(16,296,107	)
SPDR S&P China ETF		17,925,565		—		(156,250,509	)
SPDR S&P Emerging Markets ETF		2,181,858		—		(61,954,793	)

549

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Undistributed		Undistributed		Net Unrealized
	Ordinary		Long-Term		Appreciation
	Income		Capital Gains		(Depreciation)

SPDR S&P Emerging Markets Dividend ETF	$	—	$	—	$	(106,587,689	)
SPDR S&P BRIC 40 ETF		1,611,074		—		(39,612,937	)
SPDR S&P Emerging Europe ETF		667,972		—		(44,787,851	)
SPDR S&P Emerging Latin America ETF		93,188		—		(32,198,673	)
SPDR S&P Emerging Middle East & Africa ETF		456,645		—		(13,754,138	)
SPDR S&P World ex-US ETF		6,634,154		874,742		(58,931,709	)
SPDR S&P International Small Cap ETF		12,899,185		—		(140,176,304	)
SPDR Dow Jones International Real Estate ETF		—		—		117,469,492
SPDR S&P Global Infrastructure ETF		796,641		—		(10,044,800	)
SPDR S&P Global Natural Resources ETF		6,025,549		—		(243,146,212	)
SPDR MSCI ACWI ex-US ETF		7,629,456		—		(151,549,667	)
SPDR MSCI ACWI IMI ETF		494,379		—		(4,708,436	)
SPDR MSCI ACWI Low Carbon Target ETF		601,689		1,833		(7,429,392	)
SPDR MSCI EM 50 ETF		66,439		—		(1,047,470	)
SPDR MSCI EM Beyond BRIC ETF		20,666		—		(681,727	)
SPDR MSCI EAFE Quality Mix ETF		40,858		—		(743,610	)
SPDR MSCI Emerging Markets Quality Mix ETF		722,073		—		(12,284,138	)
SPDR MSCI World Quality Mix ETF		96,860		9,038		(310,226	)
SPDR MSCI Australia Quality Mix ETF		171,984		—		(1,388,092	)
SPDR MSCI Canada Quality Mix ETF		36,372		—		(1,044,308	)
SPDR MSCI Germany Quality Mix ETF		—		—		(1,535,718	)
SPDR MSCI Japan Quality Mix ETF		52,129		1,592		(853,098	)
SPDR MSCI Mexico Quality Mix ETF		11,725		—		(735,159	)
SPDR MSCI South Korea Quality Mix ETF		—		—		(603,069	)
SPDR MSCI Spain Quality Mix ETF		35,684		—		(823,290	)
SPDR MSCI Taiwan Quality Mix ETF		157,584		—		(1,113,096	)
SPDR MSCI United Kingdom Quality Mix ETF		—		—		(485,786	)
SPDR Russell/Nomura PRIME Japan ETF		192,931		—		(5,008,110	)
SPDR Russell/Nomura Small Cap Japan ETF		524,446		—		(6,788,849	)
SPDR S&P Global Dividend ETF		—		387,869		(9,378,761	)
SPDR S&P International Dividend ETF		7,391,602		—		(215,956,415	)
SPDR S&P International Mid Cap ETF		389,596		—		(3,880,904	)
SPDR S&P Emerging Markets Small Cap ETF		7,691,992		—		(183,065,627	)
SPDR Dow Jones Global Real Estate ETF		—		—		52,062,532
SPDR S&P International Consumer Discretionary Sector ETF		80,190		—		(1,500,316	)
SPDR S&P International Consumer Staples Sector ETF		—		—		412,312
SPDR S&P International Energy Sector ETF		7,916		—		(11,646,998	)
SPDR S&P International Financial Sector ETF		174,001		—		(2,642,192	)
SPDR S&P International Health Care Sector ETF		111,868		—		4,200,728
SPDR S&P International Industrial Sector ETF		114,913		—		(3,157,138	)
SPDR S&P International Materials Sector ETF		7,395		—		(4,675,122	)

550

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Undistributed		Undistributed		Net Unrealized
	Ordinary		Long-Term		Appreciation
	Income		Capital Gains		(Depreciation)

SPDR S&P International Technology Sector ETF	$	74,398	$	—	$	(1,162,892	)
SPDR S&P International Telecommunications Sector ETF		158,692		—		(2,675,116	)
SPDR S&P International Utilities Sector ETF		—		—		(5,963,070	)

Distributions

The following Funds declare and distribute dividends from net investment income, if any, to shareholders quarterly:

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX 50 ETF

SPDR EURO STOXX 50 Currency Hedged ETF

SPDR S&P International Dividend Currency Hedged ETF

SPDR MSCI International Real Estate Currency Hedged ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P Global Dividend ETF

SPDR S&P International Dividend ETF

SPDR Dow Jones Global Real Estate ETF

SPDR S&P International Consumer Discretionary Sector ETF

SPDR S&P International Consumer Staples Sector ETF

SPDR S&P International Energy Sector ETF

SPDR S&P International Financial Sector ETF

SPDR S&P International Health Care Sector ETF

SPDR S&P International Industrial Sector ETF

SPDR S&P International Materials Sector ETF

SPDR S&P International Technology Sector ETF

SPDR S&P International Telecommunications Sector ETF

SPDR S&P International Utilities Sector ETF

The following Funds declare and distribute dividends from net investment income, if any, to shareholders semi-annually:

SPDR EURO STOXX Small Cap ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Russia ETF

SPDR S&P China ETF

SPDR S&P Emerging Markets ETF

SPDR S&P BRIC 40 ETF

SPDR S&P Emerging Europe ETF

SPDR S&P Emerging Latin America ETF

SPDR S&P Emerging Middle East & Africa ETF

SPDR S&P World ex-US ETF

SPDR S&P International Small Cap ETF

SPDR S&P Global Infrastructure ETF

SPDR S&P Global Natural Resources ETF

SPDR MSCI ACWI ex-US ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EM 50 ETF

SPDR MSCI EM Beyond BRIC ETF

SPDR MSCI EAFE Quality Mix ETF

SPDR MSCI Emerging Markets Quality Mix ETF

SPDR MSCI World Quality Mix ETF

SPDR MSCI Australia Quality Mix ETF

SPDR MSCI Canada Quality Mix ETF

SPDR MSCI Germany Quality Mix ETF

SPDR MSCI Japan Quality Mix ETF

SPDR MSCI Mexico Quality Mix ETF

SPDR MSCI South Korea Quality Mix ETF

SPDR MSCI Spain Quality Mix ETF

SPDR MSCI Taiwan Quality Mix ETF

SPDR MSCI United Kingdom Quality Mix ETF

SPDR Russell/Nomura PRIME Japan ETF

SPDR Russell/Nomura Small Cap Japan ETF

SPDR S&P International Mid Cap ETF

SPDR S&P Emerging Markets Small Cap ETF

Each Fund declares and distributes net realized capital gains, if any, at least annually. Dividends and 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. GAAP.

551

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


3.	Fees and Compensation paid to Affiliates and other Related Party Transactions

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid quarterly, based on a percentage of each Fund’s average daily net assets as shown in the following table:


	Annual Rate

SPDR STOXX Europe 50 ETF		0.29	%
SPDR EURO STOXX 50 ETF		0.29
SPDR EURO STOXX Small Cap ETF		0.45
SPDR EURO STOXX 50 Currency Hedged ETF		0.32
SPDR S&P International Dividend Currency Hedged ETF		0.48
SPDR MSCI International Real Estate Currency Hedged ETF		0.48
SPDR S&P Emerging Asia Pacific ETF		0.49
SPDR S&P Russia ETF		0.59
SPDR S&P China ETF		0.59
SPDR S&P Emerging Markets ETF		0.59
SPDR S&P Emerging Markets Dividend ETF		0.49
SPDR S&P BRIC 40 ETF		0.49
SPDR S&P Emerging Europe ETF		0.49
SPDR S&P Emerging Latin America ETF		0.49
SPDR S&P Emerging Middle East & Africa ETF		0.49
SPDR S&P World ex-US ETF		0.34
SPDR S&P International Small Cap ETF		0.40
SPDR Dow Jones International Real Estate ETF		0.59
SPDR S&P Global Infrastructure ETF		0.40
SPDR S&P Global Natural Resources ETF		0.40
SPDR MSCI ACWI ex-US ETF		0.34
SPDR MSCI ACWI IMI ETF		0.25
SPDR MSCI ACWI Low Carbon Target ETF		0.30
SPDR MSCI EM 50 ETF		0.50
SPDR MSCI EM Beyond BRIC ETF		0.49
SPDR MSCI EAFE Quality Mix ETF		0.30
SPDR MSCI Emerging Markets Quality Mix ETF		0.30
SPDR MSCI World Quality Mix ETF		0.30
SPDR MSCI Australia Quality Mix ETF		0.30
SPDR MSCI Canada Quality Mix ETF		0.30
SPDR MSCI Germany Quality Mix ETF		0.30
SPDR MSCI Japan Quality Mix ETF		0.30
SPDR MSCI Mexico Quality Mix ETF		0.40
SPDR MSCI South Korea Quality Mix ETF		0.40
SPDR MSCI Spain Quality Mix ETF		0.30
SPDR MSCI Taiwan Quality Mix ETF		0.40

552

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Annual Rate

SPDR MSCI United Kingdom Quality Mix ETF		0.30	%
SPDR Russell/Nomura PRIME Japan ETF		0.30
SPDR Russell/Nomura Small Cap Japan ETF		0.40
SPDR S&P Global Dividend ETF		0.40
SPDR S&P International Dividend ETF		0.45
SPDR S&P International Mid Cap ETF		0.45
SPDR S&P Emerging Markets Small Cap ETF		0.65
SPDR Dow Jones Global Real Estate ETF		0.50
SPDR S&P International Consumer Discretionary Sector ETF		0.40
SPDR S&P International Consumer Staples Sector ETF		0.40
SPDR S&P International Energy Sector ETF		0.40
SPDR S&P International Financial Sector ETF		0.40
SPDR S&P International Health Care Sector ETF		0.40
SPDR S&P International Industrial Sector ETF		0.40
SPDR S&P International Materials Sector ETF		0.40
SPDR S&P International Technology Sector ETF		0.40
SPDR S&P International Telecommunications Sector ETF		0.40
SPDR S&P International Utilities Sector ETF		0.40

Prior to February 3, 2015, the Advisory fee for the following Funds was:


	Annual Rate

SPDR S&P Emerging Asia Pacific ETF		0.59	%
SPDR S&P Emerging Markets Dividend ETF		0.59
SPDR S&P BRIC 40 ETF		0.50
SPDR S&P Emerging Europe ETF		0.59
SPDR S&P Emerging Latin America ETF		0.59
SPDR S&P Emerging Middle East & Africa ETF		0.59
SPDR S&P International Small Cap ETF		0.59
SPDR MSCI EM Beyond BRIC ETF		0.55
SPDR Russell/Nomura PRIME Japan ETF		0.50
SPDR Russell/Nomura Small Cap Japan ETF		0.55
SPDR S&P International Consumer Discretionary Sector ETF		0.50
SPDR S&P International Consumer Staples Sector ETF		0.50
SPDR S&P International Energy Sector ETF		0.50
SPDR S&P International Financial Sector ETF		0.50
SPDR S&P International Health Care Sector ETF		0.50
SPDR S&P International Industrial Sector ETF		0.50
SPDR S&P International Materials Sector ETF		0.50
SPDR S&P International Technology Sector ETF		0.50
SPDR S&P International Telecommunications Sector ETF		0.50
SPDR S&P International Utilities Sector ETF		0.50

553

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

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, acquired fund fees and expenses, litigation expenses and other extraordinary expenses).

During the year ended September 30, 2014, the Adviser made a contribution of $9,863 to the SPDR EURO STOXX Small Cap ETF in connection with a portfolio investment matter. This amount can be found on the Statements of Changes in Net Assets.

Effective June 1, 2015, SSGA FM serves as Administrator and State Street Bank and Trust Company (“State Street”) serves as Sub-Administrator. State Street, an affiliate of the Adviser, receives fees for its services as Custodian, Sub-Administrator and Transfer Agent from the Adviser. Prior to June 1, 2015, State Street served as Administrator.

The Adviser has contractually agreed to waive its advisory fee and reimburse certain expenses, until January 31, 2017, so that the net annual Fund operating expenses of the SPDR MSCI ACWI ex-US ETF and the SPDR MSCI ACWI Low Carbon Target ETF will be limited to 0.30% and 0.20%, respectively, of each Fund’s average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement. Such fees and expenses paid by the Adviser are limited to certain direct operating expenses of the Fund and, therefore, do not include the Fund’s acquired fund fees and expenses, if any. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2017, the waiver may be cancelled or modified at any time. For the period ended September 30, 2015, SPDR MSCI ACWI ex-US ETF and the SPDR MSCI ACWI Low Carbon Target ETF waived $148,373 and $72,877, respectively.

For the SPDR EURO STOXX 50 Currency Hedged ETF and the SPDR S&P International Dividend Currency Hedged ETF, the Adviser has contractually agreed to waive its advisory fee and/or reimburse certain expenses in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in the underlying fund, until January 31, 2017. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2017, the waiver may be cancelled or modified at any time. The waiver and/or reimbursement may not be terminated during the relevant period except with the approval of the Fund’s Board of Trustees. For the period ended September 30, 2015, SPDR EURO STOXX 50 Currency Hedged ETF and the SPDR S&P International Dividend Currency Hedged ETF waived $4,992 and $786, respectively.

State Street also acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated November 28, 2007. Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street. In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Prime Portfolio (“Prime Portfolio”) for which SSGA FM serves as 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 9 for additional information regarding securities lending.

For the period ended September 30, 2015, State Street earned securities lending agent fees from the following Funds:


	Securities Lending
	Agent Fees

SPDR STOXX Europe 50 ETF	$	22,988
SPDR EURO STOXX 50 ETF		972,231
SPDR S&P Emerging Asia Pacific ETF		145,246
SPDR S&P China ETF		505,469

554

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Securities Lending
	Agent Fees

SPDR S&P Emerging Markets ETF	$	24,772
SPDR S&P Emerging Markets Dividend ETF		97,047
SPDR S&P BRIC 40 ETF		6,298
SPDR S&P Emerging Europe ETF		653
SPDR S&P Emerging Latin America ETF		4,387
SPDR S&P Emerging Middle East & Africa ETF		2,465
SPDR S&P World ex-US ETF		104,107
SPDR S&P International Small Cap ETF		270,794
SPDR Dow Jones International Real Estate ETF		317,571
SPDR S&P Global Infrastructure ETF		11,399
SPDR S&P Global Natural Resources ETF		78,000
SPDR MSCI ACWI ex-US ETF		80,729
SPDR MSCI ACWI IMI ETF		4,031
SPDR MSCI EM 50 ETF		157
SPDR MSCI EM Beyond BRIC ETF		76
SPDR Russell/Nomura PRIME Japan ETF		1,381
SPDR Russell/Nomura Small Cap Japan ETF		16,709
SPDR S&P Global Dividend ETF		11,342
SPDR S&P International Dividend ETF		482,396
SPDR S&P International Mid Cap ETF		11,099
SPDR S&P Emerging Markets Small Cap ETF		212,095
SPDR Dow Jones Global Real Estate ETF		61,625
SPDR S&P International Consumer Discretionary Sector ETF		2,622
SPDR S&P International Consumer Staples Sector ETF		2,509
SPDR S&P International Energy Sector ETF		4,600
SPDR S&P International Financial Sector ETF		1,489
SPDR S&P International Health Care Sector ETF		3,728
SPDR S&P International Industrial Sector ETF		2,585
SPDR S&P International Materials Sector ETF		652
SPDR S&P International Technology Sector ETF		1,599
SPDR S&P International Telecommunications Sector ETF		5,462
SPDR S&P International Utilities Sector ETF		7,795

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 has determined that no such payments will be made through at least October 31, 2015 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 activities for which the Distributor receives commissions from authorized participants. In addition, the

555

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

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 Trust and SPDR Series Trust (together, the “Trusts”) pay, in the aggregate, each Independent Trustee an annual fee of $200,000 (prior to July 1, 2015 the annual fee was $185,000) plus $10,000 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 $50,000 and the Chairman of the Audit Committee receives an additional annual fee of $20,000. The Trusts also reimburse 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 following Funds invested in an affiliated company, State Street Corp. Amounts relating to these investments at September 30, 2015 and for the period then ended are:


	Number of														Number of
	Shares Held		Cost at		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
	at 9/30/14		9/30/14		9/30/14		Cost		Shares		Proceeds		Shares		at 9/30/15		9/30/15		Income		Gain/(Loss)

SPDR MSCI ACWI IMI ETF		932	$	61,151	$	68,605	$	23,348		312	$	47,705		625		619	$	41,603	$	1,008	$	7,969
SPDR MSCI ACWI Low Carbon Target ETF		—		—		—		93,003		1,188		—		—		1,188		79,845		1,521		—
SPDR MSCI World Quality Mix ETF		36		2,388		2,650		—		—		—		—		36		2,420		46		—

The following Funds invested in an affiliated fund. Amounts relating to these investments at September 30, 2015 and for the period then ended are:


	Number of														Number of
	Shares Held		Cost at		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
	at 9/30/14		9/30/14		9/30/14		Cost		Shares		Proceeds		Shares		at 9/30/15		9/30/15		Income		Gain/(Loss)

SPDR EURO STOXX 50 Currency Hedged ETF
SPDR EURO STOXX 50 ETF		—	$	—	$	—	$	7,835,158		208,023	$	387,511		10,457		197,566	$	6,687,609	$	93,763	$	(17,857	)
SPDR S&P International Dividend Currency Hedged ETF
SPDR S&P International Dividend ETF		—		—		—		4,038,740		114,286		—		—		114,286		3,881,153		52,958		—

The Fund listed below has affiliated investments as a result of owning 5% or more of each company’s outstanding voting securities. Amounts relating to these investments at September 30, 2015 and for the period then ended are:


	Number of														Number of
	Shares Held		Cost at		Value at		Purchased				Sold				Shares Held		Value at		Dividend		Realized
	at 9/30/14		9/30/14		9/30/14		Cost		Shares		Proceeds		Shares		at 9/30/15		9/30/15		Income		Gain/(Loss)

SPDR S&P International Small Cap ETF
Brookside Energy, Ltd.		—	$	—	$	—	$	53,155		49,365,437	$	14		13,508		49,351,929	$	34,657	$	—	($	2,673	)

Each Fund may invest in certain money market funds managed by the Adviser, including the State Street Institutional Liquid Reserves Fund — Premier Class (formerly Institutional Class) (“Liquid Reserves Fund”) and State Street Institutional U.S. Government Money Market Fund — Premier Class (“U.S. Government Money Market Fund”), both series of State Street Institutional Investment Trust. The Liquid Reserves Fund and U.S. Government Money Market Fund are feeder funds in a master/feeder fund structure that invests substantially all of its assets in the State

556

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

Street Money Market Portfolio and the State Street U.S. Government Money Market Portfolio (“Master Portfolios”). The Liquid Reserves Fund and U.S. Government Money Market Fund do not pay an investment advisory fee to the Adviser, but the Master Portfolios in which they invest pay an investment advisory fee to the Adviser. The Liquid Reserves Fund and U.S. Government 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 dividend income on securities of affiliated issuers in the accompanying Statements of Operations. In addition, cash collateral from lending activities is invested in the Prime Portfolio, for which SSGA FM serves as the investment adviser.

Amounts related to investments in Liquid Reserves Fund, U.S. Government Money Market Fund and/or Prime Portfolio at September 30, 2015 and for the period then ended are:


	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/14		Cost		Shares		Proceeds		Shares		9/30/15		Income

SPDR STOXX Europe 50 ETF	$	1,265,544	$	10,268,281		10,268,281	$	11,281,839		11,281,839	$	251,986	$	294
SPDR EURO STOXX 50 ETF		11,687,767		147,616,972		147,616,972		159,026,541		159,026,541		278,198		4,262
SPDR EURO STOXX Small Cap ETF		11,709		433,153		433,153		443,399		443,399		1,463		15
SPDR EURO STOXX 50 Currency Hedged ETF		—		534,905		534,905		421,123		421,123		113,782		30
SPDR S&P International Dividend Currency Hedged ETF		—		91,973		91,973		77,755		77,755		14,218		2
SPDR MSCI International Real Estate Currency Hedged ETF		—		2,435		2,435		—		—		2,435		—
SPDR S&P Emerging Asia Pacific ETF		4,643,520		107,078,494		107,078,494		111,577,628		111,577,628		144,386		2,871
SPDR S&P Russia ETF		38,242		2,237,373		2,237,373		2,228,883		2,228,883		46,732		156
SPDR S&P China ETF		948,043		179,425,947		179,425,947		180,365,665		180,365,665		8,325		1,646
SPDR S&P Emerging Markets ETF		2,601,157		33,083,675		33,083,675		35,684,832		35,684,832		—		1,284
SPDR S&P Emerging Markets Dividend ETF		8,920,769		64,811,474		64,811,474		73,732,243		73,732,243		—		738
SPDR S&P BRIC 40 ETF		526,416		5,549,059		5,549,059		5,921,711		5,921,711		153,764		253
SPDR S&P Emerging Europe ETF		4,982		3,855,136		3,855,136		3,860,118		3,860,118		—		115
SPDR S&P Emerging Latin America ETF		—		1,826,967		1,826,967		1,795,906		1,795,906		31,061		80
SPDR S&P Emerging Middle East & Africa ETF		—		2,778,506		2,778,506		2,628,883		2,628,883		149,623		50
SPDR S&P World ex-US ETF		—		24,904,663		24,904,663		24,541,514		24,541,514		363,149		777
SPDR S&P International Small Cap ETF		1,813,375		100,736,185		100,736,185		101,874,265		101,874,265		675,295		2,769
SPDR Dow Jones International Real Estate ETF		34,936,010		211,321,206		211,321,206		245,844,635		245,844,635		412,581		5,877
SPDR S&P Global Infrastructure ETF		71,982		7,959,636		7,959,636		7,983,578		7,983,578		48,040		202
SPDR S&P Global Natural Resources ETF		1,378,033		46,704,789		46,704,789		47,464,729		47,464,729		618,093		1,277
SPDR MSCI ACWI ex-US ETF		172,949		30,325,120		30,325,120		30,498,069		30,498,069		—		864
SPDR MSCI ACWI IMI ETF		151,005		2,248,564		2,248,564		2,260,444		2,260,444		139,125		155
SPDR MSCI ACWI Low Carbon Target ETF		—		2,374,171		2,374,171		2,226,247		2,226,247		147,924		80
SPDR MSCI EM 50 ETF		266		343,739		343,739		336,823		336,823		7,182		6
SPDR MSCI EM Beyond BRIC ETF		—		111,071		111,071		107,876		107,876		3,195		3
SPDR MSCI EAFE Quality Mix ETF		1,339		186,500		186,500		187,309		187,309		530		5
SPDR MSCI Emerging Markets Quality Mix ETF		9,513		22,858,440		22,858,440		22,867,953		22,867,953		—		140
SPDR MSCI World Quality Mix ETF		10,265		417,226		417,226		411,009		411,009		16,482		13
SPDR MSCI Australia Quality Mix ETF		—		400,246		400,246		398,497		398,497		1,749		7
SPDR MSCI Canada Quality Mix ETF		2,012		140,040		140,040		135,345		135,345		6,707		4
SPDR MSCI Germany Quality Mix ETF		722		237,141		237,141		237,862		237,862		1		9
SPDR MSCI Japan Quality Mix ETF		1,009		164,476		164,476		161,282		161,282		4,203		8
SPDR MSCI Mexico Quality Mix ETF		479		19,232		19,232		18,747		18,747		964		1
SPDR MSCI South Korea Quality Mix ETF		5,570		47,645		47,645		52,526		52,526		689		2
SPDR MSCI Spain Quality Mix ETF		6		240,033		240,033		239,711		239,711		328		5

557

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Value at		Purchased				Sold				Value at
Liquid Reserves Fund	9/30/14		Cost		Shares		Proceeds		Shares		9/30/15		Income

SPDR MSCI Taiwan Quality Mix ETF	$	35,826	$	125,659		125,659	$	161,001		161,001	$	484	$	5
SPDR MSCI United Kingdom Quality Mix ETF		8,151		317,603		317,603		324,771		324,771		983		12
SPDR Russell/Nomura PRIME Japan ETF		21,841		1,045,201		1,045,201		1,042,368		1,042,368		24,674		37
SPDR Russell/Nomura Small Cap Japan ETF		96,763		1,131,732		1,131,732		1,142,496		1,142,496		85,999		63
SPDR S&P Global Dividend ETF		259,380		4,037,313		4,037,313		4,249,167		4,249,167		47,526		115
SPDR S&P International Dividend ETF		14,252,632		157,464,382		157,464,382		170,432,936		170,432,936		1,284,078		2,514
SPDR S&P International Mid Cap ETF		36,002		7,131,154		7,131,154		7,129,709		7,129,709		37,447		183
SPDR S&P Emerging Markets Small Cap ETF		—		52,904,902		52,904,902		52,904,902		52,904,902		—		1,316
SPDR Dow Jones Global Real Estate ETF		13,698,796		101,186,964		101,186,964		110,921,421		110,921,421		3,964,339		3,308
SPDR S&P International Consumer Discretionary Sector ETF		51,426		2,452,994		2,452,994		2,457,741		2,457,741		46,679		39
SPDR S&P International Consumer Staples Sector ETF		245,715		1,896,065		1,896,065		2,115,788		2,115,788		25,992		70
SPDR S&P International Energy Sector ETF		140,815		1,041,803		1,041,803		1,168,101		1,168,101		14,517		35
SPDR S&P International Financial Sector ETF		130,752		709,873		709,873		840,625		840,625		—		30
SPDR S&P International Health Care Sector ETF		90,513		2,600,814		2,600,814		2,658,990		2,658,990		32,337		55
SPDR S&P International Industrial Sector ETF		44,378		596,975		596,975		619,560		619,560		21,793		22
SPDR S&P International Materials Sector ETF		62,190		255,868		255,868		295,379		295,379		22,679		13
SPDR S&P International Technology Sector ETF		6,109		288,963		288,963		283,439		283,439		11,633		14
SPDR S&P International Telecommunications Sector ETF		262,882		2,837,056		2,837,056		3,069,417		3,069,417		30,521		85
SPDR S&P International Utilities Sector ETF		554,052		1,885,791		1,885,791		2,439,843		2,439,843		—		49


	Value at		Purchased				Sold				Value at		Income from
Prime Portfolio	9/30/14		Cost		Shares		Proceeds		Shares		9/30/15		Cash Collateral

SPDR STOXX Europe 50 ETF	$	3,067,594	$	132,373,777		132,373,777	$	135,441,371		135,441,371	$	—	$	112,963
SPDR EURO STOXX 50 ETF		58,567,565		3,181,699,608		3,181,699,608		3,210,287,946		3,210,287,946		29,979,227		5,132,943
SPDR S&P Emerging Asia Pacific ETF		37,269,587		161,614,495		161,614,495		174,326,525		174,326,525		24,557,557		706,836
SPDR S&P China ETF		107,999,843		398,107,271		398,107,271		405,946,258		405,946,258		100,160,856		2,373,923
SPDR S&P Emerging Markets ETF		16,220,774		59,196,057		59,196,057		62,558,019		62,558,019		12,858,812		132,594
SPDR S&P Emerging Markets Dividend ETF		86,295,235		225,161,033		225,161,033		294,146,518		294,146,518		17,309,750		497,114
SPDR S&P BRIC 40 ETF		7,484,526		78,241,929		78,241,929		82,940,369		82,940,369		2,786,086		32,283
SPDR S&P Emerging Europe ETF		—		2,754,444		2,754,444		2,706,639		2,706,639		47,805		3,697
SPDR S&P Emerging Latin America ETF		3,699,954		33,719,064		33,719,064		35,434,118		35,434,118		1,984,900		23,566
SPDR S&P Emerging Middle East & Africa ETF		2,557,190		20,907,209		20,907,209		18,626,402		18,626,402		4,837,997		11,042
SPDR S&P World ex-US ETF		45,988,685		264,256,338		264,256,338		260,843,996		260,843,996		49,401,027		524,165
SPDR S&P International Small Cap ETF		88,577,906		176,959,376		176,959,376		141,615,283		141,615,283		123,921,999		1,471,653
SPDR Dow Jones International Real Estate ETF		50,286,709		2,632,073,574		2,632,073,574		2,605,237,077		2,605,237,077		77,123,206		1,745,080
SPDR S&P Global Infrastructure ETF		15,919,982		153,929,560		153,929,560		164,260,178		164,260,178		5,589,364		50,165
SPDR S&P Global Natural Resources ETF		25,897,021		707,050,830		707,050,830		680,128,005		680,128,005		52,819,846		385,295
SPDR MSCI ACWI ex-US ETF		28,112,331		266,916,367		266,916,367		256,790,863		256,790,863		38,237,835		414,594
SPDR MSCI ACWI IMI ETF		9,719,463		77,609,074		77,609,074		80,589,639		80,589,639		6,738,898		20,588
SPDR MSCI EM 50 ETF		141,809		3,646,752		3,646,752		3,360,420		3,360,420		428,141		877
SPDR MSCI EM Beyond BRIC ETF		67,275		945,549		945,549		915,822		915,822		97,002		438
SPDR Russell/Nomura PRIME Japan ETF		3,923,260		17,246,858		17,246,858		16,304,447		16,304,447		4,865,671		7,749
SPDR Russell/Nomura Small Cap Japan ETF		13,400,169		29,725,825		29,725,825		28,463,599		28,463,599		14,662,395		92,412
SPDR S&P Global Dividend ETF		5,629,316		58,402,584		58,402,584		53,081,114		53,081,114		10,950,786		55,820
SPDR S&P International Dividend ETF		219,686,389		1,015,066,855		1,015,066,855		1,081,072,308		1,081,072,308		153,680,936		2,564,636

558

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Value at		Purchased				Sold				Value at		Income from
Prime Portfolio	9/30/14		Cost		Shares		Proceeds		Shares		9/30/15		Cash Collateral

SPDR S&P International Mid Cap ETF	$	8,645,480	$	26,453,463		26,453,463	$	28,673,831		28,673,831	$	6,425,112	$	59,985
SPDR S&P Emerging Markets Small Cap ETF		24,209,724		87,492,402		87,492,402		79,964,782		79,964,782		31,737,344		893,142
SPDR Dow Jones Global Real Estate ETF		36,031,602		605,509,827		605,509,827		621,383,968		621,383,968		20,157,461		307,699
SPDR S&P International Consumer Discretionary Sector ETF		3,636,022		20,676,398		20,676,398		22,286,651		22,286,651		2,025,769		13,647
SPDR S&P International Consumer Staples Sector ETF		2,614,374		31,479,181		31,479,181		30,647,411		30,647,411		3,446,144		13,485
SPDR S&P International Energy Sector ETF		2,934,069		21,267,125		21,267,125		20,766,853		20,766,853		3,434,341		20,452
SPDR S&P International Financial Sector ETF		443,839		8,327,049		8,327,049		7,570,477		7,570,477		1,200,411		5,662
SPDR S&P International Health Care Sector ETF		5,250,532		34,322,340		34,322,340		33,110,232		33,110,232		6,462,640		18,091
SPDR S&P International Industrial Sector ETF		2,817,118		10,810,119		10,810,119		12,600,827		12,600,827		1,026,410		12,919
SPDR S&P International Materials Sector ETF		790,923		4,109,275		4,109,275		4,279,679		4,279,679		620,519		2,496
SPDR S&P International Technology Sector ETF		1,440,406		12,369,284		12,369,284		12,449,838		12,449,838		1,359,852		8,623
SPDR S&P International Telecommunications Sector ETF		3,490,997		36,227,638		36,227,638		38,127,051		38,127,051		1,591,584		29,463
SPDR S&P International Utilities Sector ETF		3,015,709		34,173,140		34,173,140		34,749,767		34,749,767		2,439,082		40,697


	Value at		Purchased		Purchased		Sold		Sold		Value at				Realized
State Street Institutional U.S. Government Money Market Fund	6/30/15		Cost		Shares		Proceeds		Shares		9/30/15		Income		Gain/(Loss)

SPDR S&P Emerging Markets ETF		—		258,144		258,144		—		—		258,144		—		—
SPDR MSCI ACWI ex-US ETF		—		757,885		757,885		1,187		1,187		756,698		—		—


4.	Shareholder Transactions

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 25,000 shares for the following Fund:

SPDR MSCI Emerging Market Quality Mix ETF

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares for the following Funds:

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX 50 ETF

SPDR EURO STOXX Small Cap ETF

SPDR EURO STOXX 50 Currency Hedged ETF

SPDR S&P International Dividend Currency Hedged ETF

SPDR MSCI International Real Estate Currency Hedged ETF

SPDR S&P Russia ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P Global Natural Resources ETF

SPDR MSCI EM 50 ETF

SPDR MSCI EM Beyond BRIC ETF

SPDR MSCI Australia Quality Mix ETF

SPDR MSCI Canada Quality Mix ETF

SPDR MSCI Germany Quality Mix ETF

SPDR MSCI Spain Quality Mix ETF

SPDR MSCI United Kingdom Quality Mix ETF

SPDR Russell/Nomura Small Cap Japan ETF

SPDR S&P Global Dividend ETF

SPDR S&P International Consumer Discretionary Sector ETF

SPDR S&P International Consumer Staples Sector ETF

SPDR S&P International Energy Sector ETF

SPDR S&P International Financial Sector ETF

SPDR S&P International Health Care Sector ETF

SPDR S&P International Industrial Sector ETF

SPDR S&P International Materials Sector ETF

SPDR S&P International Technology Sector ETF

SPDR S&P International Telecommunications Sector ETF

SPDR S&P International Utilities Sector ETF

559

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 100,000 shares for the following Funds:

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P China ETF

SPDR S&P Emerging Markets ETF

SPDR S&P BRIC 40 ETF

SPDR S&P Emerging Europe ETF

SPDR S&P Emerging Latin America ETF

SPDR S&P Emerging Middle East & Africa ETF

SPDR S&P International Small Cap ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P Global Infrastructure ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

SPDR MSCI EAFE Quality Mix ETF

SPDR MSCI World Quality Mix ETF

SPDR MSCI Japan Quality Mix ETF

SPDR MSCI Mexico Quality Mix ETF

SPDR MSCI South Korea Quality Mix ETF

SPDR MSCI Taiwan Quality Mix ETF

SPDR S&P International Dividend ETF

SPDR S&P Emerging Markets Small Cap ETF

SPDR Dow Jones Global Real Estate ETF

Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 200,000 shares for the following Funds:

SPDR S&P World ex-US ETF

SPDR MSCI ACWI ex-US ETF

SPDR Russell/Nomura PRIME Japan ETF

SPDR S&P International Mid Cap ETF

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 Funds on the transaction date. Transaction fees ranging from $500 to $12,000 per Creation Unit are charged to authorized participants for transactions on a given day regardless of the number of Creation Unit 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

As of September 30, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


			Gross		Gross		Net Unrealized
	Tax		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR STOXX Europe 50 ETF	$	288,431,872	$	3,088,984	$	44,888,734	$	(41,799,750	)
SPDR EURO STOXX 50 ETF		4,631,834,655		84,686,256		645,146,012		(560,459,756	)
SPDR EURO STOXX Small Cap ETF		13,082,640		287,775		1,656,317		(1,368,542	)
SPDR EURO STOXX 50 Currency Hedged ETF		7,548,629		—		747,238		(747,238	)
SPDR S&P International Dividend Currency Hedged ETF		4,052,958		—		157,587		(157,587	)
SPDR MSCI International Real Estate Currency Hedged ETF		4,056,592		34,820		47,498		(12,678	)
SPDR S&P Emerging Asia Pacific ETF		510,161,053		49,924,061		108,810,622		(58,886,561	)
SPDR S&P Russia ETF		38,871,545		84,396		16,380,441		(16,296,045	)
SPDR S&P China ETF		1,070,656,333		72,241,863		228,492,518		(156,250,655	)
SPDR S&P Emerging Markets ETF		261,157,446		15,803,453		77,671,905		(61,868,452	)
SPDR S&P Emerging Markets Dividend ETF		420,160,145		4,831,281		111,383,712		(106,552,431	)
SPDR S&P BRIC 40 ETF		123,715,035		7,145,596		46,758,538		(39,612,942	)
SPDR S&P Emerging Europe ETF		85,699,087		696,398		45,483,118		(44,786,720	)

560

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


			Gross		Gross		Net Unrealized
	Tax		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR S&P Emerging Latin America ETF	$	59,766,872	$	1,868,482	$	34,062,750	$	(32,194,268	)
SPDR S&P Emerging Middle East & Africa ETF		58,706,348		7,641,552		21,396,108		(13,754,556	)
SPDR S&P World ex-US ETF		819,780,753		63,186,069		122,047,091		(58,861,022	)
SPDR S&P International Small Cap ETF		909,392,757		58,822,313		198,956,399		(140,134,086	)
SPDR Dow Jones International Real Estate ETF		4,704,747,360		404,007,428		286,203,994		117,803,434
SPDR S&P Global Infrastructure ETF		71,709,584		1,988,239		12,026,695		(10,038,456	)
SPDR S&P Global Natural Resources ETF		862,784,177		6,588,839		249,684,017		(243,095,178	)
SPDR MSCI ACWI ex-US ETF		899,671,111		31,871,994		183,311,544		(151,439,550	)
SPDR MSCI ACWI IMI ETF		46,508,987		1,161,375		5,867,374		(4,705,999	)
SPDR MSCI ACWI Low Carbon Target ETF		88,613,749		2,726,666		10,150,868		(7,424,202	)
SPDR MSCI EM 50 ETF		5,271,613		9,740		1,056,793		(1,047,053	)
SPDR MSCI EM Beyond BRIC ETF		3,145,122		83,638		763,843		(680,205	)
SPDR MSCI EAFE Quality Mix ETF		5,979,411		164,799		907,954		(743,155	)
SPDR MSCI Emerging Markets Quality Mix ETF		83,346,176		1,614,988		13,868,908		(12,253,920	)
SPDR MSCI World Quality Mix ETF		6,083,286		378,554		688,332		(309,778	)
SPDR MSCI Australia Quality Mix ETF		7,698,481		15,008		1,402,930		(1,387,922	)
SPDR MSCI Canada Quality Mix ETF		10,328,917		107,560		1,151,441		(1,043,881	)
SPDR MSCI Germany Quality Mix ETF		11,194,732		183,583		1,719,171		(1,535,588	)
SPDR MSCI Japan Quality Mix ETF		12,708,478		418,428		1,271,761		(853,333	)
SPDR MSCI Mexico Quality Mix ETF		2,988,193		48,961		784,182		(735,221	)
SPDR MSCI South Korea Quality Mix ETF		2,974,487		66,867		669,940		(603,073	)
SPDR MSCI Spain Quality Mix ETF		3,039,443		43,416		866,736		(823,320	)
SPDR MSCI Taiwan Quality Mix ETF		6,128,592		67,322		1,179,717		(1,112,395	)
SPDR MSCI United Kingdom Quality Mix ETF		2,972,156		26,907		512,302		(485,395	)
SPDR Russell/Nomura PRIME Japan ETF		35,550,343		1,011,483		6,012,019		(5,000,536	)
SPDR Russell/Nomura Small Cap Japan ETF		81,811,153		7,351,549		14,136,240		(6,784,691	)
SPDR S&P Global Dividend ETF		93,192,492		1,921,701		11,292,075		(9,370,374	)
SPDR S&P International Dividend ETF		1,338,714,209		37,749,250		253,654,909		(215,905,659	)
SPDR S&P International Mid Cap ETF		56,339,869		1,794,181		5,673,018		(3,878,837	)
SPDR S&P Emerging Markets Small Cap ETF		586,997,502		29,261,422		211,921,623		(182,660,201	)
SPDR Dow Jones Global Real Estate ETF		1,865,835,070		148,540,406		96,428,897		52,111,509
SPDR S&P International Consumer Discretionary Sector ETF		17,756,159		907,347		2,406,434		(1,499,087	)
SPDR S&P International Consumer Staples Sector ETF		67,815,515		4,329,249		3,907,961		421,288
SPDR S&P International Energy Sector ETF		38,186,407		27,810		11,673,016		(11,645,206	)
SPDR S&P International Financial Sector ETF		14,368,734		95,331		2,735,945		(2,640,614	)
SPDR S&P International Health Care Sector ETF		76,689,348		7,183,529		2,966,897		4,216,632
SPDR S&P International Industrial Sector ETF		21,425,726		639,201		3,794,842		(3,155,641	)
SPDR S&P International Materials Sector ETF		10,192,893		187,326		4,861,944		(4,674,618	)
SPDR S&P International Technology Sector ETF		12,655,197		1,430,646		2,592,912		(1,162,266	)

561

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


			Gross		Gross		Net Unrealized
	Tax		Unrealized		Unrealized		Appreciation
	Cost		Appreciation		Depreciation		(Depreciation)

SPDR S&P International Telecommunications Sector ETF	$	40,310,067	$	2,119,087	$	4,792,489	$	(2,673,402	)
SPDR S&P International Utilities Sector ETF		35,409,836		895,250		6,856,249		(5,960,999	)


6.	Investment Transactions

For the period ended September 30, 2015, 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 STOXX Europe 50 ETF	$	60,884,749		$	32,814,691	$	4,501,209
SPDR EURO STOXX 50 ETF		1,031,276,622			1,166,658,580		188,602,155
SPDR EURO STOXX Small Cap ETF		7,606,150			2,349,182		(262,097	)
SPDR EURO STOXX 50 Currency Hedged ETF		7,716,711			—		—
SPDR S&P International Dividend Currency Hedged ETF		3,922,245			—		—
SPDR MSCI International Real Estate Currency Hedged ETF		3,997,565			—		—
SPDR S&P Emerging Asia Pacific ETF		135,649,030			222,263,963		12,355,412
SPDR S&P Russia ETF		16,033,272			8,364,052		1,626,820
SPDR S&P China ETF		(103,577	)		203,700,319		36,012,709
SPDR S&P Emerging Markets ETF		30,988,809			60,237,592		3,662,884
SPDR S&P Emerging Markets Dividend ETF		15,250,308			41,386,684		(1,372,475	)
SPDR S&P BRIC 40 ETF		—			51,148,664		(5,095,967	)
SPDR S&P Emerging Europe ETF		2,776,644			7,797,743		(2,106,950	)
SPDR S&P Emerging Latin America ETF		—			3,695,123		(2,301,681	)
SPDR S&P Emerging Middle East & Africa ETF		—			10,399,468		(61,771	)
SPDR S&P World ex-US ETF		122,887,518			134,669,225		27,431,694
SPDR S&P International Small Cap ETF		60,712,708			77,108,853		6,109,570
SPDR Dow Jones International Real Estate ETF		358,882,212			216,051,610		65,901,513
SPDR S&P Global Infrastructure ETF		9,403,522			54,461,394		3,468,669
SPDR S&P Global Natural Resources ETF		291,589,346			71,634,943		9,106,636
SPDR MSCI ACWI ex-US ETF		364,751,162			109,923,591		21,634,785
SPDR MSCI ACWI IMI ETF		18,792,449			39,663,425		3,834,986
SPDR MSCI ACWI Low Carbon Target ETF		84,303,815			—		—
SPDR MSCI EM 50 ETF		2,127,904			—		—
SPDR MSCI Emerging Markets Quality Mix ETF		6,210,751			—		—
SPDR MSCI Australia Quality Mix ETF		7,465,239			5,501,273		(237,317	)
SPDR MSCI Canada Quality Mix ETF		7,394,061			—		—
SPDR MSCI Germany Quality Mix ETF		8,374,562			2,623,904		(370,548	)
SPDR MSCI Japan Quality Mix ETF		6,727,870			—		—
SPDR MSCI Spain Quality Mix ETF		—			5,004,853		(898,960	)
SPDR MSCI United Kingdom Quality Mix ETF		8,180,101			11,010,873		(61,305	)
SPDR Russell/Nomura PRIME Japan ETF		9,663,851			8,569,807		(604,697	)
SPDR Russell/Nomura Small Cap Japan ETF		—			11,526,401		(885,306	)

562

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


					Realized
	Contributions		Redemptions		Gain/(Loss)

SPDR S&P Global Dividend ETF	$	51,234,114	$	—	$	—
SPDR S&P International Dividend ETF		160,844,297		223,509,279		4,709,528
SPDR S&P International Mid Cap ETF		22,594,875		37,031,608		3,529,026
SPDR S&P Emerging Markets Small Cap ETF		4,344,980		37,286,404		(4,944,101	)
SPDR Dow Jones Global Real Estate ETF		520,657,685		84,779,532		27,033,065
SPDR S&P International Consumer Discretionary Sector ETF		3,926,652		7,241,843		1,134,451
SPDR S&P International Consumer Staples Sector ETF		31,727,638		9,226,364		1,907,559
SPDR S&P International Energy Sector ETF		16,339,020		2,304,523		(25,913	)
SPDR S&P International Financial Sector ETF		5,307,944		3,903,152		95,203
SPDR S&P International Health Care Sector ETF		32,180,042		21,287,797		6,100,631
SPDR S&P International Industrial Sector ETF		2,893,287		6,975,746		915,471
SPDR S&P International Materials Sector ETF		—		952,948		(453,176	)
SPDR S&P International Technology Sector ETF		—		1,484,147		326,514
SPDR S&P International Telecommunications Sector ETF		3,834,911		9,214,925		2,101,215
SPDR S&P International Utilities Sector ETF		2,737,936		38,120,454		4,269,103

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.

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended September 30, 2015 were as follows:


	Purchases		Sales

SPDR STOXX Europe 50 ETF	$	23,893,047	$	24,976,328
SPDR EURO STOXX 50 ETF		255,548,188		282,695,717
SPDR EURO STOXX Small Cap ETF		3,646,417		3,613,904
SPDR EURO STOXX 50 Currency Hedged ETF		118,446		387,511
SPDR S&P International Dividend Currency Hedged ETF		116,495		—
SPDR MSCI International Real Estate Currency Hedged ETF		27,434		—
SPDR S&P Emerging Asia Pacific ETF		204,367,038		250,547,057
SPDR S&P Russia ETF		1,912,505		2,305,037
SPDR S&P China ETF		353,738,214		155,601,573
SPDR S&P Emerging Markets ETF		40,576,358		52,658,138
SPDR S&P Emerging Markets Dividend ETF		326,826,094		344,504,644
SPDR S&P BRIC 40 ETF		14,046,959		14,564,403
SPDR S&P Emerging Europe ETF		3,452,961		4,479,978
SPDR S&P Emerging Latin America ETF		2,092,208		4,129,074
SPDR S&P Emerging Middle East & Africa ETF		2,129,940		5,791,728
SPDR S&P World ex-US ETF		57,366,748		62,527,703
SPDR S&P International Small Cap ETF		120,408,606		193,522,527
SPDR Dow Jones International Real Estate ETF		379,039,560		422,692,153
SPDR S&P Global Infrastructure ETF		6,795,913		12,785,688

563

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Purchases		Sales

SPDR S&P Global Natural Resources ETF	$	132,981,966	$	134,617,151
SPDR MSCI ACWI ex-US ETF		64,500,196		58,182,209
SPDR MSCI ACWI IMI ETF		1,632,786		1,749,788
SPDR MSCI ACWI Low Carbon Target ETF		7,930,718		3,665,758
SPDR MSCI EM 50 ETF		522,280		257,726
SPDR MSCI EM Beyond BRIC ETF		262,984		282,617
SPDR MSCI EAFE Quality Mix ETF		787,102		816,722
SPDR MSCI Emerging Markets Quality Mix ETF		83,827,906		12,129,555
SPDR MSCI World Quality Mix ETF		832,280		822,241
SPDR MSCI Australia Quality Mix ETF		675,783		822,516
SPDR MSCI Canada Quality Mix ETF		620,199		588,982
SPDR MSCI Germany Quality Mix ETF		1,503,086		1,572,163
SPDR MSCI Japan Quality Mix ETF		2,151,081		2,184,867
SPDR MSCI Mexico Quality Mix ETF		189,612		186,156
SPDR MSCI South Korea Quality Mix ETF		428,403		437,422
SPDR MSCI Spain Quality Mix ETF		571,608		761,854
SPDR MSCI Taiwan Quality Mix ETF		1,099,042		955,221
SPDR MSCI United Kingdom Quality Mix ETF		1,668,884		1,746,848
SPDR Russell/Nomura PRIME Japan ETF		390,921		874,655
SPDR Russell/Nomura Small Cap Japan ETF		12,310,289		12,717,806
SPDR S&P Global Dividend ETF		17,436,783		16,733,776
SPDR S&P International Dividend ETF		1,008,906,615		1,026,319,823
SPDR S&P International Mid Cap ETF		16,915,208		22,188,199
SPDR S&P Emerging Markets Small Cap ETF		58,659,103		104,257,394
SPDR Dow Jones Global Real Estate ETF		110,462,146		110,421,984
SPDR S&P International Consumer Discretionary Sector ETF		1,378,208		1,460,238
SPDR S&P International Consumer Staples Sector ETF		3,248,082		2,322,878
SPDR S&P International Energy Sector ETF		1,206,332		1,080,051
SPDR S&P International Financial Sector ETF		1,489,036		1,380,080
SPDR S&P International Health Care Sector ETF		9,280,834		8,689,827
SPDR S&P International Industrial Sector ETF		2,418,561		2,497,511
SPDR S&P International Materials Sector ETF		128,442		202,028
SPDR S&P International Technology Sector ETF		562,267		669,746
SPDR S&P International Telecommunications Sector ETF		9,155,522		9,246,086
SPDR S&P International Utilities Sector ETF		2,604,157		2,843,761

For the period ended September 30, 2015, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions.


7.	Concentration of Risk

Each 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

564

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

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. Foreign Investment Risks

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.


9.	Securities Lending

Each Fund may lend securities up to 25% 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 with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services.

The market value of securities on loan as of September 30, 2015 and the value of the invested cash collateral are disclosed in the Funds’ Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of September 30, 2015:


	Market Value of				Non Cash
Fund	Securities on Loan		Cash Collateral		Collateral*		Total Collateral

SPDR EURO STOXX 50 ETF	$	28,784,352	$	29,979,227	$	—	$	29,979,227
SPDR S&P Emerging Asia Pacific ETF		24,240,528		24,557,557		1,628,444		26,186,001
SPDR S&P China ETF		97,758,716		100,160,856		5,079,274		105,240,130
SPDR S&P Emerging Markets ETF		13,607,413		12,858,812		1,515,298		14,374,110
SPDR S&P Emerging Markets Dividend ETF		17,378,557		17,309,750		903,033		18,212,783

565

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015


	Market Value of				Non Cash
Fund	Securities on Loan		Cash Collateral		Collateral*		Total Collateral

SPDR S&P BRIC 40 ETF	$	5,997,548	$	2,786,086	$	3,124,270	$	5,910,356
SPDR S&P Emerging Europe ETF		47,034		47,805		—		47,805
SPDR S&P Emerging Latin America ETF		2,309,998		1,984,900		361,645		2,346,545
SPDR S&P Emerging Middle East & Africa ETF		5,238,278		4,837,997		567,555		5,405,552
SPDR S&P World ex-US ETF		53,424,117		49,401,027		6,428,911		55,829,938
SPDR S&P International Small Cap ETF		121,302,311		123,921,999		4,106,768		128,028,767
SPDR Dow Jones International Real Estate ETF		77,980,151		77,123,206		4,758,591		81,881,797
SPDR S&P Global Infrastructure ETF		6,054,577		5,589,364		618,211		6,207,575
SPDR S&P Global Natural Resources ETF		51,907,963		52,819,846		7,535,313		60,355,159
SPDR MSCI ACWI ex-US ETF		42,007,322		38,237,835		5,574,768		43,812,603
SPDR MSCI ACWI IMI ETF		7,277,105		6,738,898		653,592		7,392,490
SPDR MSCI EM 50 ETF		426,686		428,141		—		428,141
SPDR MSCI EM Beyond BRIC ETF		99,759		97,002		3,116		100,118
SPDR Russell/Nomura PRIME Japan ETF		4,658,307		4,865,671		58,001		4,923,672
SPDR Russell/Nomura Small Cap Japan ETF		14,270,206		14,662,395		413,682		15,076,077
SPDR S&P Global Dividend ETF		12,701,605		10,950,786		2,044,273		12,995,059
SPDR S&P International Dividend ETF		151,182,579		153,680,936		4,873,390		158,554,326
SPDR S&P International Mid Cap ETF		6,331,705		6,425,112		214,091		6,639,203
SPDR S&P Emerging Markets Small Cap ETF		37,353,211		31,737,344		9,660,766		41,398,110
SPDR Dow Jones Global Real Estate ETF		21,917,310		20,157,461		2,306,855		22,464,316
SPDR S&P International Consumer Discretionary Sector ETF		1,964,075		2,025,769		43,673		2,069,442
SPDR S&P International Consumer Staples Sector ETF		3,374,095		3,446,144		92,434		3,538,578
SPDR S&P International Energy Sector ETF		4,034,931		3,434,341		772,160		4,206,501
SPDR S&P International Financial Sector ETF		1,143,350		1,200,411		1,971		1,202,382
SPDR S&P International Health Care Sector ETF		6,131,869		6,462,640		—		6,462,640
SPDR S&P International Industrial Sector ETF		1,128,106		1,026,410		155,248		1,181,658
SPDR S&P International Materials Sector ETF		528,741		620,519		9,148		629,667
SPDR S&P International Technology Sector ETF		1,498,591		1,359,852		191,415		1,551,267
SPDR S&P International Telecommunications Sector ETF		1,526,897		1,591,584		—		1,591,584
SPDR S&P International Utilities Sector ETF		2,366,735		2,439,082		28,388		2,467,470

* The non cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

566

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)

September 30, 2015

10. Line of Credit

Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) share in a $300 million revolving credit facility provided by a syndication of banks. The Participants may borrow for the purpose of meeting shareholder redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses and are paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1%. A Participant may borrow up to a maximum of 33 percent of its assets or a lower amount as may be set forth in the Fund’s prospectus. The SPDR Index Shares Funds Participants had no outstanding loans during the period ended September 30, 2015.

Effective October 15, 2015, the line of credit agreement has been restated and amended to increase the aggregate commitment amount from $300 million to $360 million.

11. Recent Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-11, Transfers and Servicing (Topic 860) — Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU 2014-11”). ASU 2014-11 changes the accounting for repurchase-to-maturity transactions and enhances the required disclosures for repurchase agreements, reverse repurchase agreements and other similar transactions accounted for as secured borrowings, including securities lending. Management is evaluating the impact, if any, of this standard on the Funds’ financial statement disclosures, which would first be effective for annual and interim reporting periods beginning after December 15, 2014.

12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

567

SPDR INDEX SHARES FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of
the SPDR Index Shares Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the fifty-four funds, listed in footnote 1, (each a “Fund”) comprising the SPDR Index Shares Funds (the “Trust”) at September 30, 2015, the results of each of their operations for the period then ended, the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian and brokers and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

November 25, 2015

568

SPDR INDEX SHARES FUNDS
OTHER INFORMATION

September 30, 2015 (Unaudited)

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include creation and redemption fees or brokerage charges and (2) ongoing costs, including management fees, trustee fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. It is based on an investment of $1,000 invested on April 1, 2015 and held for the six months ended September 30, 2015.

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. Transaction fees at scheduled amounts ranging from $500 to $12,000 per Creation Unit are charged 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		4/1/15 to
Actual	Expense Ratio			4/1/15		9/30/15		9/30/15

SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	918.40	$	1.39
SPDR EURO STOXX 50 ETF		0.29			1,000		890.90		1.37
SPDR EURO STOXX Small Cap ETF		0.45			1,000		934.60		2.18
SPDR EURO STOXX 50 Currency Hedged ETF**		0.04			1,000		902.50		0.12
SPDR S&P International Dividend Currency Hedged ETF***		0.03			1,000		986.20		0.01
SPDR MSCI International Real Estate Currency Hedged ETF***		0.48			1,000		1,013.10		0.21
SPDR S&P Emerging Asia Pacific ETF		0.49			1,000		831.10		2.25
SPDR S&P Russia ETF		0.59			1,000		905.30		2.82
SPDR S&P China ETF		0.59			1,000		823.20		2.70
SPDR S&P Emerging Markets ETF		0.59			1,000		819.60		2.69
SPDR S&P Emerging Markets Dividend ETF		0.49			1,000		782.30		2.19

569

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/15 to
Actual	Expense Ratio			4/1/15		9/30/15		9/30/15

SPDR S&P BRIC 40 ETF		0.49	%	$	1,000	$	828.90	$	2.25
SPDR S&P Emerging Europe ETF		0.49			1,000		880.60		2.31
SPDR S&P Emerging Latin America ETF		0.49			1,000		783.50		2.19
SPDR S&P Emerging Middle East & Africa ETF		0.49			1,000		834.80		2.25
SPDR S&P World ex-US ETF		0.34			1,000		903.80		1.62
SPDR S&P International Small Cap ETF		0.41			1,000		955.40		2.01
SPDR Dow Jones International Real Estate ETF		0.59			1,000		922.80		2.84
SPDR S&P Global Infrastructure ETF		0.40			1,000		911.40		1.92
SPDR S&P Global Natural Resources ETF		0.40			1,000		770.00		1.77
SPDR MSCI ACWI ex-US ETF		0.31			1,000		884.60		1.46
SPDR MSCI ACWI IMI ETF		0.25			1,000		911.20		1.20
SPDR MSCI ACWI Low Carbon Target ETF		0.20			1,000		914.40		0.96
SPDR MSCI EM 50 ETF		0.50			1,000		820.10		2.28
SPDR MSCI EM Beyond BRIC ETF		0.51			1,000		826.10		2.33
SPDR MSCI EAFE Quality Mix ETF		0.30			1,000		927.90		1.45
SPDR MSCI Emerging Markets Quality Mix ETF		0.30			1,000		834.40		1.38
SPDR MSCI World Quality Mix ETF		0.30			1,000		939.20		1.46
SPDR MSCI Australia Quality Mix ETF		0.30			1,000		815.10		1.37
SPDR MSCI Canada Quality Mix ETF		0.30			1,000		867.40		1.40
SPDR MSCI Germany Quality Mix ETF		0.30			1,000		860.50		1.40
SPDR MSCI Japan Quality Mix ETF		0.30			1,000		919.70		1.44
SPDR MSCI Mexico Quality Mix ETF		0.40			1,000		915.20		1.92
SPDR MSCI South Korea Quality Mix ETF		0.40			1,000		878.90		1.88
SPDR MSCI Spain Quality Mix ETF		0.30			1,000		893.90		1.42
SPDR MSCI Taiwan Quality Mix ETF		0.40			1,000		829.30		1.83
SPDR MSCI United Kingdom Quality Mix ETF		0.30			1,000		939.30		1.46
SPDR Russell/Nomura PRIME Japan ETF		0.30			1,000		918.30		1.44
SPDR Russell/Nomura Small Cap Japan ETF		0.40			1,000		976.00		1.98
SPDR S&P Global Dividend ETF		0.40			1,000		915.00		1.92
SPDR S&P International Dividend ETF		0.45			1,000		834.90		2.07
SPDR S&P International Mid Cap ETF		0.45			1,000		924.80		2.17
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		828.90		2.98
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		924.10		2.41
SPDR S&P International Consumer Discretionary Sector ETF		0.40			1,000		906.50		1.91
SPDR S&P International Consumer Staples Sector ETF		0.40			1,000		994.10		2.00
SPDR S&P International Energy Sector ETF		0.40			1,000		823.60		1.83
SPDR S&P International Financial Sector ETF		0.40			1,000		908.70		1.91
SPDR S&P International Health Care Sector ETF		0.40			1,000		941.70		1.95

570

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/15 to
Actual	Expense Ratio			4/1/15		9/30/15		9/30/15

SPDR S&P International Industrial Sector ETF		0.40	%	$	1,000	$	886.00	$	1.89
SPDR S&P International Materials Sector ETF		0.41			1,000		806.40		1.86
SPDR S&P International Technology Sector ETF		0.40			1,000		871.00		1.88
SPDR S&P International Telecommunications Sector ETF		0.41			1,000		958.60		2.01
SPDR S&P International Utilities Sector ETF		0.40			1,000		962.30		1.97
								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/15 to
Hypothetical	Expense Ratio			4/1/15		9/30/15		9/30/15

SPDR STOXX Europe 50 ETF		0.29	%	$	1,000	$	1,023.65	$	1.47
SPDR EURO STOXX 50 ETF		0.29			1,000		1,023.65		1.47
SPDR EURO STOXX Small Cap ETF		0.45			1,000		1,022.84		2.28
SPDR EURO STOXX 50 Currency Hedged ETF**		0.04			1,000		1,024.90		0.20
SPDR S&P International Dividend Currency Hedged ETF***		0.03			1,000		1,024.95		0.15
SPDR MSCI International Real Estate Currency Hedged ETF***		0.48			1,000		1,022.69		2.43
SPDR S&P Emerging Asia Pacific ETF		0.49			1,000		1,022.64		2.48
SPDR S&P Russia ETF		0.59			1,000		1,022.14		2.99
SPDR S&P China ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Emerging Markets ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Emerging Markets Dividend ETF		0.49			1,000		1,022.64		2.48
SPDR S&P BRIC 40 ETF		0.49			1,000		1,022.64		2.48
SPDR S&P Emerging Europe ETF		0.49			1,000		1,022.64		2.48
SPDR S&P Emerging Latin America ETF		0.49			1,000		1,022.64		2.48
SPDR S&P Emerging Middle East & Africa ETF		0.49			1,000		1,022.64		2.48
SPDR S&P World ex-US ETF		0.34			1,000		1,023.40		1.72
SPDR S&P International Small Cap ETF		0.41			1,000		1,023.04		2.08
SPDR Dow Jones International Real Estate ETF		0.59			1,000		1,022.14		2.99
SPDR S&P Global Infrastructure ETF		0.40			1,000		1,023.09		2.03
SPDR S&P Global Natural Resources ETF		0.40			1,000		1,023.09		2.03
SPDR MSCI ACWI ex-US ETF		0.31			1,000		1,023.55		1.57
SPDR MSCI ACWI IMI ETF		0.25			1,000		1,023.85		1.27
SPDR MSCI ACWI Low Carbon Target ETF		0.20			1,000		1,024.10		1.01
SPDR MSCI EM 50 ETF		0.50			1,000		1,022.59		2.54
SPDR MSCI EM Beyond BRIC ETF		0.51			1,000		1,022.54		2.59
SPDR MSCI EAFE Quality Mix ETF		0.30			1,000		1,023.60		1.52
SPDR MSCI Emerging Markets Quality Mix ETF		0.30			1,000		1,023.60		1.52
SPDR MSCI World Quality Mix ETF		0.30			1,000		1,023.60		1.52

571

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


								Expenses Paid
				Beginning Account		Ending Account		During Period*
	Annualized			Value		Value		4/1/15 to
Hypothetical	Expense Ratio			4/1/15		9/30/15		9/30/15

SPDR MSCI Australia Quality Mix ETF		0.30	%	$	1,000	$	1,023.60	$	1.52
SPDR MSCI Canada Quality Mix ETF		0.30			1,000		1,023.60		1.52
SPDR MSCI Germany Quality Mix ETF		0.30			1,000		1,023.60		1.52
SPDR MSCI Japan Quality Mix ETF		0.30			1,000		1,023.60		1.52
SPDR MSCI Mexico Quality Mix ETF		0.40			1,000		1,023.09		2.03
SPDR MSCI South Korea Quality Mix ETF		0.40			1,000		1,023.09		2.03
SPDR MSCI Spain Quality Mix ETF		0.30			1,000		1,023.60		1.52
SPDR MSCI Taiwan Quality Mix ETF		0.40			1,000		1,023.09		2.03
SPDR MSCI United Kingdom Quality Mix ETF		0.30			1,000		1,023.60		1.52
SPDR Russell/Nomura PRIME Japan ETF		0.30			1,000		1,023.60		1.52
SPDR Russell/Nomura Small Cap Japan ETF		0.40			1,000		1,023.09		2.03
SPDR S&P Global Dividend ETF		0.40			1,000		1,023.09		2.03
SPDR S&P International Dividend ETF		0.45			1,000		1,022.84		2.28
SPDR S&P International Mid Cap ETF		0.45			1,000		1,022.84		2.28
SPDR S&P Emerging Markets Small Cap ETF		0.65			1,000		1,021.84		3.29
SPDR Dow Jones Global Real Estate ETF		0.50			1,000		1,022.59		2.54
SPDR S&P International Consumer Discretionary Sector ETF		0.40			1,000		1,023.09		2.03
SPDR S&P International Consumer Staples Sector ETF		0.40			1,000		1,023.09		2.03
SPDR S&P International Energy Sector ETF		0.40			1,000		1,023.09		2.03
SPDR S&P International Financial Sector ETF		0.40			1,000		1,023.09		2.03
SPDR S&P International Health Care Sector ETF		0.40			1,000		1,023.09		2.03
SPDR S&P International Industrial Sector ETF		0.40			1,000		1,023.09		2.03
SPDR S&P International Materials Sector ETF		0.41			1,000		1,023.04		2.08
SPDR S&P International Technology Sector ETF		0.40			1,000		1,023.09		2.03
SPDR S&P International Telecommunications Sector ETF		0.41			1,000		1,023.04		2.08
SPDR S&P International Utilities Sector ETF		0.40			1,000		1,023.09		2.03


*		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 365.
**		Actual period is from commencement of operations 6/9/15. Hypothetical period is from 4/1/15.
***		Actual period is from commencement of operations 9/15/15. Hypothetical period is from 4/1/15.

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 September 30, 2015.

Percentage of distributions which qualify for the corporate dividends received deduction:


	Percentage

SPDR STOXX Europe 50 ETF		0.00	%

572

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


	Percentage

SPDR EURO STOXX 50 ETF		0.00	%
SPDR EURO STOXX Small Cap ETF		0.00
SPDR EURO STOXX 50 Currency Hedged ETF		0.00
SPDR S&P International Dividend Currency Hedged ETF		0.00
SPDR MSCI International Real Estate Currency Hedged ETF		0.00
SPDR S&P Emerging Asia Pacific ETF		0.00
SPDR S&P Russia ETF		0.39
SPDR S&P China ETF		0.00
SPDR S&P Emerging Markets ETF		0.00
SPDR S&P Emerging Markets Dividend ETF		0.52
SPDR S&P BRIC 40 ETF		0.00
SPDR S&P Emerging Europe ETF		0.09
SPDR S&P Emerging Latin America ETF		0.00
SPDR S&P Emerging Middle East & Africa ETF		0.34
SPDR S&P World ex-US ETF		0.00
SPDR S&P International Small Cap ETF		0.00
SPDR Dow Jones International Real Estate ETF		0.00
SPDR S&P Global Infrastructure ETF		29.54
SPDR S&P Global Natural Resources ETF		20.23
SPDR MSCI ACWI ex-US ETF		0.00
SPDR MSCI ACWI IMI ETF		23.98
SPDR MSCI ACWI Low Carbon Target ETF		37.85
SPDR MSCI EM 50 ETF		0.00
SPDR MSCI EM Beyond BRIC ETF		0.00
SPDR MSCI EAFE Quality Mix ETF		0.00
SPDR MSCI Emerging Markets Quality Mix ETF		0.00
SPDR MSCI World Quality Mix ETF		43.48
SPDR MSCI Australia Quality Mix ETF		0.00
SPDR MSCI Canada Quality Mix ETF		0.00
SPDR MSCI Germany Quality Mix ETF		0.00
SPDR MSCI Japan Quality Mix ETF		0.00
SPDR MSCI Mexico Quality Mix ETF		0.00
SPDR MSCI South Korea Quality Mix ETF		0.00
SPDR MSCI Spain Quality Mix ETF		0.00
SPDR MSCI Taiwan Quality Mix ETF		0.00
SPDR MSCI United Kingdom Quality Mix ETF		0.00
SPDR Russell/Nomura PRIME Japan ETF		0.00
SPDR Russell/Nomura Small Cap Japan ETF		0.00
SPDR S&P Global Dividend ETF		11.67
SPDR S&P International Dividend ETF		0.17
SPDR S&P International Mid Cap ETF		0.00
SPDR S&P Emerging Markets Small Cap ETF		0.27

573

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


	Percentage

SPDR Dow Jones Global Real Estate ETF		0.00	%
SPDR S&P International Consumer Discretionary Sector ETF		0.00
SPDR S&P International Consumer Staples Sector ETF		0.00
SPDR S&P International Energy Sector ETF		0.00
SPDR S&P International Financial Sector ETF		0.00
SPDR S&P International Health Care Sector ETF		0.00
SPDR S&P International Industrial Sector ETF		0.00
SPDR S&P International Materials Sector ETF		0.00
SPDR S&P International Technology Sector ETF		0.00
SPDR S&P International Telecommunications Sector ETF		0.00
SPDR S&P International Utilities Sector ETF		0.00

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2015, are considered qualified dividend income, and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. These amounts are noted below:


	Amount

SPDR STOXX Europe 50 ETF	$	8,299,648
SPDR EURO STOXX 50 ETF		82,988,742
SPDR EURO STOXX Small Cap ETF		231,106
SPDR EURO STOXX 50 Currency Hedged ETF		—
SPDR S&P International Dividend Currency Hedged ETF		—
SPDR MSCI International Real Estate Currency Hedged ETF		2,123
SPDR S&P Emerging Asia Pacific ETF		11,229,783
SPDR S&P Russia ETF		1,116,268
SPDR S&P China ETF		21,355,485
SPDR S&P Emerging Markets ETF		3,633,691
SPDR S&P Emerging Markets Dividend ETF		8,263,046
SPDR S&P BRIC 40 ETF		2,936,727
SPDR S&P Emerging Europe ETF		1,812,746
SPDR S&P Emerging Latin America ETF		406,962
SPDR S&P Emerging Middle East & Africa ETF		741,472
SPDR S&P World ex-US ETF		15,595,654
SPDR S&P International Small Cap ETF		10,975,977
SPDR Dow Jones International Real Estate ETF		16,657,916
SPDR S&P Global Infrastructure ETF		2,420,512
SPDR S&P Global Natural Resources ETF		19,911,366
SPDR MSCI ACWI ex-US ETF		17,187,256
SPDR MSCI ACWI IMI ETF		811,912
SPDR MSCI ACWI Low Carbon Target ETF		1,734,906
SPDR MSCI EM 50 ETF		68,587
SPDR MSCI EM Beyond BRIC ETF		47,383

574

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


	Amount

SPDR MSCI EAFE Quality Mix ETF	$	170,920
SPDR MSCI Emerging Markets Quality Mix ETF		923,153
SPDR MSCI World Quality Mix ETF		143,781
SPDR MSCI Australia Quality Mix ETF		274,643
SPDR MSCI Canada Quality Mix ETF		103,149
SPDR MSCI Germany Quality Mix ETF		236,941
SPDR MSCI Japan Quality Mix ETF		171,841
SPDR MSCI Mexico Quality Mix ETF		46,611
SPDR MSCI South Korea Quality Mix ETF		42,188
SPDR MSCI Spain Quality Mix ETF		207,180
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		243,409
SPDR Russell/Nomura PRIME Japan ETF		408,587
SPDR Russell/Nomura Small Cap Japan ETF		967,393
SPDR S&P Global Dividend ETF		1,563,202
SPDR S&P International Dividend ETF		39,435,883
SPDR S&P International Mid Cap ETF		888,829
SPDR S&P Emerging Markets Small Cap ETF		3,941,748
SPDR Dow Jones Global Real Estate ETF		2,492,637
SPDR S&P International Consumer Discretionary Sector ETF		297,595
SPDR S&P International Consumer Staples Sector ETF		1,107,514
SPDR S&P International Energy Sector ETF		852,566
SPDR S&P International Financial Sector ETF		241,428
SPDR S&P International Health Care Sector ETF		1,284,731
SPDR S&P International Industrial Sector ETF		339,448
SPDR S&P International Materials Sector ETF		173,766
SPDR S&P International Technology Sector ETF		117,307
SPDR S&P International Telecommunications Sector ETF		1,030,214
SPDR S&P International Utilities Sector ETF		944,017

For the fiscal year ended September 30, 2015, certain dividends paid by the following Funds, may be subject to a minimum tax rate of 15% as provided for by the Internal Revenue Code:

SPDR STOXX Europe 50 ETF

SPDR EURO STOXX 50 ETF

SPDR EURO STOXX Small Cap ETF

SPDR EURO STOXX 50 Currency Hedged ETF

SPDR S&P International Dividend Currency Hedged ETF

SPDR MSCI International Real Estate Currency Hedged ETF

SPDR S&P Emerging Asia Pacific ETF

SPDR S&P Russia ETF

SPDR S&P China ETF

SPDR S&P Emerging Markets ETF

SPDR S&P Emerging Markets Dividend ETF

SPDR S&P BRIC 40 ETF

SPDR S&P Emerging Europe ETF

SPDR S&P Emerging Latin America ETF

SPDR S&P Emerging Middle East & Africa ETF

SPDR S&P World ex-US ETF

SPDR S&P International Small Cap ETF

SPDR Dow Jones International Real Estate ETF

SPDR S&P Global Infrastructure ETF

SPDR S&P Global Natural Resources ETF

SPDR MSCI ACWI ex-US ETF

SPDR MSCI ACWI IMI ETF

SPDR MSCI ACWI Low Carbon Target ETF

575

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

SPDR MSCI EM 50 ETF

SPDR MSCI EM Beyond BRIC ETF

SPDR MSCI EAFE Quality Mix ETF

SPDR MSCI Emerging Markets Quality Mix ETF

SPDR MSCI World Quality Mix ETF

SPDR MSCI Australia Quality Mix ETF

SPDR MSCI Canada Quality Mix ETF

SPDR MSCI Germany Quality Mix ETF

SPDR MSCI Japan Quality Mix ETF

SPDR MSCI Mexico Quality Mix ETF

SPDR MSCI South Korea Quality Mix ETF

SPDR MSCI Spain Quality Mix ETF

SPDR MSCI Taiwan Quality Mix ETF

SPDR MSCI United Kingdom Quality Mix ETF

SPDR Russell/Nomura PRIME Japan ETF

SPDR Russell/Nomura Small Cap Japan ETF

SPDR S&P Global Dividend ETF

SPDR S&P International Dividend ETF

SPDR S&P International Mid Cap ETF

SPDR S&P Emerging Markets Small Cap ETF

SPDR Dow Jones Global Real Estate ETF

SPDR S&P International Consumer Discretionary Sector ETF

SPDR S&P International Consumer Staples Sector ETF

SPDR S&P International Energy Sector ETF

SPDR S&P International Financial Sector ETF

SPDR S&P International Health Care Sector ETF

SPDR S&P International Industrial Sector ETF

SPDR S&P International Materials Sector ETF

SPDR S&P International Technology Sector ETF

SPDR S&P International Telecommunications Sector ETF

SPDR S&P International Utilities Sector ETF

The Funds noted above hereby designate the maximum amount of such dividends allowable up to the amount of dividends that were paid during the year. Complete information will be reported in conjunction with the 2015 form 1099-DIV.

Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2015:


	Amount

SPDR STOXX Europe 50 ETF	$	—
SPDR EURO STOXX 50 ETF		—
SPDR EURO STOXX Small Cap ETF		—
SPDR EURO STOXX 50 Currency Hedged ETF		—
SPDR S&P International Dividend Currency Hedged ETF		—
SPDR MSCI International Real Estate Currency Hedged ETF		—
SPDR S&P Emerging Asia Pacific ETF		—
SPDR S&P Russia ETF		—
SPDR S&P China ETF		—
SPDR S&P Emerging Markets ETF		—
SPDR S&P Emerging Markets Dividend ETF		—
SPDR S&P BRIC 40 ETF		—
SPDR S&P Emerging Europe ETF		—
SPDR S&P Emerging Latin America ETF		—
SPDR S&P Emerging Middle East & Africa ETF		—
SPDR S&P World ex-US ETF		958,936
SPDR S&P International Small Cap ETF		52,915,589
SPDR Dow Jones International Real Estate ETF		—
SPDR S&P Global Infrastructure ETF		—
SPDR S&P Global Natural Resources ETF		—
SPDR MSCI ACWI ex-US ETF		—
SPDR MSCI ACWI IMI ETF		24,134
SPDR MSCI ACWI Low Carbon Target ETF		—

576

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


	Amount

SPDR MSCI EM 50 ETF	$	—
SPDR MSCI EM Beyond BRIC ETF		—
SPDR MSCI EAFE Quality Mix ETF		—
SPDR MSCI Emerging Markets Quality Mix ETF		—
SPDR MSCI World Quality Mix ETF		—
SPDR MSCI Australia Quality Mix ETF		—
SPDR MSCI Canada Quality Mix ETF		—
SPDR MSCI Germany Quality Mix ETF		—
SPDR MSCI Japan Quality Mix ETF		—
SPDR MSCI Mexico Quality Mix ETF		—
SPDR MSCI South Korea Quality Mix ETF		—
SPDR MSCI Spain Quality Mix ETF		—
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		—
SPDR Russell/Nomura PRIME Japan ETF		—
SPDR Russell/Nomura Small Cap Japan ETF		—
SPDR S&P Global Dividend ETF		184,384
SPDR S&P International Dividend ETF		—
SPDR S&P International Mid Cap ETF		3,053,568
SPDR S&P Emerging Markets Small Cap ETF		—
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		10,998
SPDR S&P International Consumer Staples Sector ETF		—
SPDR S&P International Energy Sector ETF		—
SPDR S&P International Financial Sector ETF		—
SPDR S&P International Health Care Sector ETF		47,734
SPDR S&P International Industrial Sector ETF		—
SPDR S&P International Materials Sector ETF		—
SPDR S&P International Technology Sector ETF		—
SPDR S&P International Telecommunications Sector ETF		—
SPDR S&P International Utilities Sector ETF		—

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 September 30, 2015, the total amount of foreign taxes that will be passed through are:


	Amount

SPDR STOXX Europe 50 ETF	$	454,579
SPDR EURO STOXX 50 ETF		7,575,183
SPDR EURO STOXX Small Cap ETF		28,067
SPDR EURO STOXX 50 Currency Hedged ETF		—
SPDR S&P International Dividend Currency Hedged ETF		—

577

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


	Amount

SPDR MSCI International Real Estate Currency Hedged ETF	$	453
SPDR S&P Emerging Asia Pacific ETF		1,339,815
SPDR S&P Russia ETF		126,983
SPDR S&P China ETF		2,126,285
SPDR S&P Emerging Markets ETF		421,959
SPDR S&P Emerging Markets Dividend ETF		1,044,542
SPDR S&P BRIC 40 ETF		295,471
SPDR S&P Emerging Europe ETF		234,699
SPDR S&P Emerging Latin America ETF		38,470
SPDR S&P Emerging Middle East & Africa ETF		111,390
SPDR S&P World ex-US ETF		1,079,871
SPDR S&P International Small Cap ETF		972,770
SPDR Dow Jones International Real Estate ETF		8,190,290
SPDR S&P Global Infrastructure ETF		90,241
SPDR S&P Global Natural Resources ETF		1,091,288
SPDR MSCI ACWI ex-US ETF		1,249,193
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI ACWI Low Carbon Target ETF		—
SPDR MSCI EM 50 ETF		8,263
SPDR MSCI EM Beyond BRIC ETF		6,123
SPDR MSCI EAFE Quality Mix ETF		13,936
SPDR MSCI Emerging Markets Quality Mix ETF		117,922
SPDR MSCI World Quality Mix ETF		—
SPDR MSCI Australia Quality Mix ETF		3,848
SPDR MSCI Canada Quality Mix ETF		15,893
SPDR MSCI Germany Quality Mix ETF		31,950
SPDR MSCI Japan Quality Mix ETF		18,972
SPDR MSCI Mexico Quality Mix ETF		425
SPDR MSCI South Korea Quality Mix ETF		9,280
SPDR MSCI Spain Quality Mix ETF		10,942
SPDR MSCI Taiwan Quality Mix ETF		—
SPDR MSCI United Kingdom Quality Mix ETF		1,738
SPDR Russell/Nomura PRIME Japan ETF		40,858
SPDR Russell/Nomura Small Cap Japan ETF		96,719
SPDR S&P Global Dividend ETF		117,189
SPDR S&P International Dividend ETF		3,441,918
SPDR S&P International Mid Cap ETF		76,892
SPDR S&P Emerging Markets Small Cap ETF		452,064
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		25,608
SPDR S&P International Consumer Staples Sector ETF		82,327
SPDR S&P International Energy Sector ETF		73,360

578

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


	Amount

SPDR S&P International Financial Sector ETF	$	13,688
SPDR S&P International Health Care Sector ETF		114,584
SPDR S&P International Industrial Sector ETF		26,848
SPDR S&P International Materials Sector ETF		8,667
SPDR S&P International Technology Sector ETF		3,717
SPDR S&P International Telecommunications Sector ETF		57,263
SPDR S&P International Utilities Sector ETF		56,403

The amount of foreign source income earned on the following Funds during the year ended September 30, 2015 were as follows:


	Amount

SPDR STOXX Europe 50 ETF	$	10,703,137
SPDR EURO STOXX 50 ETF		169,642,261
SPDR EURO STOXX Small Cap ETF		252,543
SPDR EURO STOXX 50 Currency Hedged ETF		—
SPDR S&P International Dividend Currency Hedged ETF		—
SPDR MSCI International Real Estate Currency Hedged ETF		4,140
SPDR S&P Emerging Asia Pacific ETF		21,546,443
SPDR S&P Russia ETF		1,166,966
SPDR S&P China ETF		31,300,748
SPDR S&P Emerging Markets ETF		6,423,901
SPDR S&P Emerging Markets Dividend ETF		22,169,777
SPDR S&P BRIC 40 ETF		3,382,433
SPDR S&P Emerging Europe ETF		2,004,734
SPDR S&P Emerging Latin America ETF		1,052,274
SPDR S&P Emerging Middle East & Africa ETF		1,689,734
SPDR S&P World ex-US ETF		22,819,169
SPDR S&P International Small Cap ETF		16,872,797
SPDR Dow Jones International Real Estate ETF		164,958,464
SPDR S&P Global Infrastructure ETF		2,388,117
SPDR S&P Global Natural Resources ETF		21,097,510
SPDR MSCI ACWI ex-US ETF		23,830,536
SPDR MSCI ACWI IMI ETF		—
SPDR MSCI ACWI Low Carbon Target ETF		1,258,937
SPDR MSCI EM 50 ETF		106,893
SPDR MSCI EM Beyond BRIC ETF		78,105
SPDR MSCI EAFE Quality Mix ETF		191,665
SPDR MSCI Emerging Markets Quality Mix ETF		1,787,408
SPDR MSCI World Quality Mix ETF		78,082
SPDR MSCI Australia Quality Mix ETF		301,526
SPDR MSCI Canada Quality Mix ETF		105,962
SPDR MSCI Germany Quality Mix ETF		246,170
SPDR MSCI Japan Quality Mix ETF		177,857

579

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


	Amount

SPDR MSCI Mexico Quality Mix ETF	$	49,163
SPDR MSCI South Korea Quality Mix ETF		42,188
SPDR MSCI Spain Quality Mix ETF		207,194
SPDR MSCI Taiwan Quality Mix ETF		230,015
SPDR MSCI United Kingdom Quality Mix ETF		261,754
SPDR Russell/Nomura PRIME Japan ETF		444,198
SPDR Russell/Nomura Small Cap Japan ETF		1,080,264
SPDR S&P Global Dividend ETF		2,126,707
SPDR S&P International Dividend ETF		74,639,502
SPDR S&P International Mid Cap ETF		1,325,230
SPDR S&P Emerging Markets Small Cap ETF		14,167,525
SPDR Dow Jones Global Real Estate ETF		—
SPDR S&P International Consumer Discretionary Sector ETF		431,624
SPDR S&P International Consumer Staples Sector ETF		1,290,822
SPDR S&P International Energy Sector ETF		1,052,660
SPDR S&P International Financial Sector ETF		423,109
SPDR S&P International Health Care Sector ETF		1,621,608
SPDR S&P International Industrial Sector ETF		507,522
SPDR S&P International Materials Sector ETF		219,452
SPDR S&P International Technology Sector ETF		176,829
SPDR S&P International Telecommunications Sector ETF		1,575,732
SPDR S&P International Utilities Sector ETF		1,712,097

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 U.S. Securities and Exchange Commission, at www.sec.gov.

Information regarding how the investment adviser voted for the prior 12-months period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at www.spdrs.com.

Quarterly Portfolio Schedule

The Funds file a complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The 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.

580

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

Approval of Advisory Agreement

At in-person meetings held prior to September 30, 2015, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the operational series of the Trust (collectively, the “Current ETFs”) and to continue and/or approve, as the case may be, the Agreement with respect to SPDR EURO STOXX 50 Currency Hedged ETF, SPDR S&P International Dividend Currency Hedged ETF and SPDR MSCI International Real Estate Currency Hedged ETF, each of which commenced operations during the period covered by this Annual Report, and the previously approved non-operational series of the Trust (collectively, the “New ETFs” and together with the Current ETFs, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”) also met separately with their independent legal counsel to consider the Agreement.

In evaluating the Agreement, the Board drew on materials provided to them by SSGA FM, the Trust’s investment adviser and administrator, and other materials provided by State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”). In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by, or expected to be provided by, the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the Current ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by, or expected to be provided by, the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each SPDR ETF’s compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board also considered the Adviser’s experience in managing equity exchange-traded funds.

Investment Performance

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

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs’ historical profitability to the Adviser. The Independent Trustees, through their counsel, had

581

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable.

Fees Charged to Comparable Funds

The Board evaluated the SPDR ETFs’ unitary fee through review of comparative information with respect to fees paid by similar funds — i.e., exchange-traded funds tracking equity indexes. The Board reviewed the universe of similar exchange-traded funds for the SPDR ETFs based upon data independently obtained from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the historical expense ratios of the Current ETFs and estimated expense ratios for the New ETFs. In doing so, the Board used a fund by fund analysis of the data.

Other Benefits

The Board also considered whether the Adviser or its affiliates 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.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the Agreement did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

The Board, including the Independent Trustees voting separately, approved the Agreement for each SPDR ETF after weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee. The Board’s conclusions with respect to the Agreement were as follows: (a) the nature and extent of the services provided, or expected to be provided, by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation to services provided, or expected to be provided, and in relation to fees charged to comparable funds, was fair and reasonable; (d) profitability of the Trust’s relationships with the Adviser was not excessive; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with respect to the Current ETFs by way of the relatively low fee structure of the Trust.

582

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)

TRUSTEES AND OFFICERS


				Number of
				Portfolios	Other
		Term of	Principal	in Fund	Directorships
		Office and	Occupation(s)	Complex	Held by Trustee
Name, Address	Position(s)	Length of	During Past	Overseen	During the
and Year of Birth	with Fund	Time Served	5 Years	by Trustee	Past 5 Years

Trustees
Independent Trustees


FRANK NESVET c/o SPDR Index Shares 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. (a financial services consulting company) (1998-present).	197	SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee).
DAVID M. KELLY c/o SPDR Index Shares State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1938	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since September 2000	Retired.	197	Chicago Stock Exchange (Former Director, retired); Penson Worldwide Inc. (Former Director, retired); SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee).
BONNY EUGENIA BOATMAN c/o SPDR Index Shares State Street Financial Center One Lincoln Street Boston, MA 02111-2900 1950	Independent Trustee	Term: Unlimited Served: since April 2010	Retired.	197	SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee).
DWIGHT D. CHURCHILL c/o SPDR Index Shares 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; CEO and President, CFA Institute (June 2014-January 2015).	197	SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee); Affiliated Managers Group, Inc. (Director).
CARL G. VERBONCOEUR c/o SPDR Index Shares 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.	197	The Motley Fool Funds Trust (Trustee); SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active Trust (Trustee).

583

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


				Number of
				Portfolios	Other
		Term of	Principal	in Fund	Directorships
		Office and	Occupation(s)	Complex	Held by Trustee
Name, Address	Position(s)	Length of	During Past	Overseen	During the
and Year of Birth	with Fund	Time Served	5 Years	by Trustee	Past 5 Years

Interested Trustee


JAMES E. ROSS* SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Chairman and Director, SSGA Funds Management, Inc. (2005-present); Senior Managing Director and Principal, State Street Global Advisors (2006-present); President, SSGA Funds Management, Inc. (2005-2012).	261	SPDR Series Trust Funds (Trustee); SSGA Master Trust (Trustee); SSGA Active 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.

584

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During the
and Year of Birth	with Fund	Time Served	Past 5 Years

Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1967	President	Term: Unlimited Served: since October 2012	President and Director, SSGA Funds Management, Inc. (June 2012-present); Chief Operating Officer, SSGA Funds Management, Inc. (May 2010-June 2012); Senior Managing Director, SSGA Funds Management, Inc. (1992-2012); Senior Managing Director, State Street Global Advisors (1992-present).
ANN M. CARPENTER SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1966	Vice President; Assistant Treasurer	Term: Unlimited Served: since August 2012; Term: Unlimited Served: since April 2015	Chief Operating Officer, SSGA Funds Management, Inc. (April 2014-present); Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (2005-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).
JOSHUA A. WEINBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1978	Chief Legal Officer	Term: Unlimited Served: since February 2015	Vice President and Managing Counsel, State Street Global Advisors (2011-present); Clerk, SSGA Funds Management, Inc. (2013-present); Associate, Financial Services Group, Dechert LLP (2006-2011).
CHRISTOPHER A. MADDEN State Street Bank and Trust Company One Hundred Huntington Avenue, CPH0326 Boston, MA 02116 1967	Secretary	Term: Unlimited Served: since August 2013	Vice President and Senior Counsel, State Street Bank and Trust Company (2013-present); Counsel, Atlantic Fund Services (2009-2013); Vice President, Citigroup Fund Services, LLC (2005-2009).*
PATRICIA A. MORISETTE State Street Bank and Trust Company One Hundred Huntington Avenue, CPH0326 Boston, MA 02116 1973	Assistant Secretary	Term: Unlimited Served: since February 2015	Vice President and Counsel, State Street Bank and Trust Company (2014-present); Assistant Vice President and Counsel, John Hancock Financial Services (2011-2013); Independent legal consultant (2009-2011); Associate, Bingham McCutchen LLP (2003-2009).,*

585

SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)

September 30, 2015 (Unaudited)


		Term of	Principal
		Office and	Occupation(s)
Name, Address	Position(s)	Length of	During the
and Year of Birth	with Fund	Time Served	Past 5 Years

CHAD C. HALLETT SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1969	Treasurer	Term: Unlimited Served: since November 2010	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014-present); Vice President, State Street Bank and Trust Company (2001-November 2014).*
BRIAN HARRIS SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1973	Chief Compliance Officer	Term: Unlimited Served: since November 2013	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (2013-Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (2010-2013); Director of Compliance, AARP Financial Inc. (2008-2010).
TREVOR SWANBERG SSGA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 1979	Code of Ethics Compliance Officer	Term: Unlimited Served: since August 2015	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (January 2015-Present); Senior Manager – Mutual Fund Compliance, ICMA-Retirement Corporation (December 2011-January 2015); Assistant Vice President, J.P. Morgan (September 2007-December 2011).


*		Served in various capacities and/or with various affiliated entities during noted time period.
**		Served in various capacities and/or with unaffiliated mutual funds or closed-end funds for which State Street Bank and Trust Company or its affiliates act as a provider of services during the noted time period.

586

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 Index Shares Funds

SPDR STOXX Europe 50 ETF (FEU)

SPDR EURO STOXX 50 ETF (FEZ)

SPDR EURO STOXX Small Cap (SMEZ)

SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ)

SPDR S&P International Dividend Currency Hedged ETF (HDWX)

SPDR MSCI International Real Estate Currency Hedged ETF (HREX)

SPDR S&P Emerging Asia Pacific ETF (GMF)

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 S&P Global Infrastructure 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 ACWI Low Carbon Target ETF (LOWC)

SPDR MSCI EM 50 ETF (EMFT)

SPDR MSCI EM Beyond BRIC ETF (EMBB)

SPDR MSCI EAFE Quality Mix ETF (QEFA)

SPDR MSCI Emerging Markets Quality Mix ETF (QEMM)

SPDR MSCI World Quality Mix ETF (QWLD)

SPDR MSCI Australia Quality Mix ETF (QAUS)

SPDR MSCI Canada Quality Mix ETF (QCAN)

SPDR MSCI China A Shares IMI ETF (XINA)

SPDR MSCI Germany Quality Mix ETF (QDEU)

SPDR MSCI Japan Quality Mix ETF (QJPN)

SPDR MSCI Mexico Quality Mix ETF (QMEX)

SPDR MSCI South Korea Quality Mix ETF (QKOR)

SPDR MSCI Spain Quality Mix ETF (QESP)

SPDR MSCI Taiwan Quality Mix ETF (QTWN)

SPDR MSCI United Kingdom Quality Mix ETF (QGBR)

SPDR Russell/Nomura PRIME^tm Japan ETF (JPP)

SPDR Russell/Nomura Small Cap^tm Japan ETF (JSC)

SPDR S&P Global Dividend ETF (WDIV)

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)

SPDR Series Trust

SPDR Russell 3000^® ETF (THRK)

SPDR Russell 1000 ETF (ONEK)

SPDR Russell 2000 ETF (TWOK)

SPDR S&P 500 Buyback ETF (SPYB)

SPDR S&P 500 Growth ETF (SPYG)

SPDR S&P 500 Value ETF (SPYV)

SPDR S&P 500 High Dividend ETF (SPYD)

SPDR Russell Small Cap Completeness ETF (RSCO)

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 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 S&P 1500 Value Tilt ETF (VLU)

SPDR S&P 1500 Momentum Tilt ETF (MMTM)

SPDR Russell 1000 Low Volatility ETF (LGLV)

SPDR Russell 2000 Low Volatility ETF (SMLV)

SPDR MSCI USA Quality Mix ETF (QUS)

SPDR Wells Fargo Preferred Stock ETF (PSK)

SPDR Barclays 1-3 Month T-Bill ETF (BIL)

SPDR Barclays TIPS ETF (IPE)

SPDR Barclays 0-5 Year TIPS ETF (SIPE)

SPDR Barclays 1-10 Year TIPS ETF (TIPX)

SPDR Barclays Short Term Treasury ETF (SST)

SPDR Barclays Intermediate Term Treasury ETF (ITE)

SPDR Barclays Long Term Treasury ETF (TLO)

SPDR Barclays Short Term Corporate Bond ETF (SCPB)

SPDR Barclays Intermediate Term Corporate Bond ETF (ITR)

SPDR Barclays Long Term Corporate Bond ETF (LWC)

SPDR Barclays Issuer Scored Corporate Bond ETF (CBND)

SPDR Barclays Convertible Securities ETF (CWB)

SPDR Barclays Mortgage Backed Bond ETF (MBG)

SPDR Barclays Aggregate Bond ETF (BNDS)

SPDR Nuveen Barclays Municipal Bond ETF (TFI)

SPDR Nuveen Barclays California Municipal Bond ETF (CXA)

SPDR Nuveen Barclays New York Municipal Bond ETF (INY)

SPDR Nuveen Barclays Short Term Municipal Bond ETF (SHM)

SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB)

SPDR Nuveen Barclays Build America Bond ETF (BABS)

SPDR DB International Government Inflation-Protected Bond ETF (WIP)

SPDR Barclays Short Term International Treasury Bond ETF (BWZ)

SPDR Barclays International Treasury Bond ETF (BWX)

SPDR Barclays International Corporate Bond ETF (IBND)

SPDR Barclays Emerging Markets Local Bond ETF (EBND)

SPDR Barclays International High Yield Bond ETF (IJNK)

SPDR Barclays High Yield Bond ETF (JNK)

SPDR Barclays Short Term High Yield Bond ETF (SJNK)

SPDR Barclays Investment Grade Floating Rate ETF (FLRN)

SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)

SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (CJNK)

The Select Sector 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 Financial Services Select Sector SPDR Fund (XLFS)

The Health Care Select Sector SPDR Fund (XLV)

The Industrial Select Sector SPDR Fund (XLI)

The Materials Select Sector SPDR Fund (XLB)

The Real Estate Select Sector SPDR Fund (XLRE)

The Technology Select Sector SPDR Fund (XLK)

The Utilities Select Sector SPDR Fund (XLU)

SSGA Active Trust

SPDR SSGA Multi-Asset Real Return ETF (RLY)

SPDR SSGA Income Allocation ETF (INKM)

SPDR SSGA Global Allocation ETF (GAL)

SPDR Blackstone/GSO Senior Loan ETF (SRLN)

SPDR SSGA Ultra Short Term Bond ETF (ULST)

SPDR DoubleLine Total Return Tactical ETF (TOTL)

State Street Clarion Global Infrastructure & MLP Portfolio (SSIDX)

SPDR MFS Systematic Core Equity ETF (SYE)

SPDR MFS Systematic Growth Equity ETF (SYG)

SPDR MFS Systematic Value Equity ETF (SYV)

SPDR SSGA Risk Aware ETF (RORO)

SPDR S&P 500 ETF Trust (SPY)

SPDR Dow Jones Industrial Average ETF Trust (DIA)

SPDR S&P MidCap 400 ETF Trust (MDY)

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 Trust. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF Trust (DIA) and SPDR S&P MidCap 400 ETF Trust (MDY), all unit investment trusts, and ALPS Portfolio Solutions Distributors, Inc. is the distributor for all investment portfolios of The Select Sector SPDR Trust. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Markets, LLC.

SPDR^® Index Shares Funds

SPDR Index Shares Funds

Trustees

Bonny E. Boatman

Dwight D. Churchill

David M. Kelly

Frank Nesvet, Chairman

James E. Ross

Carl G. Verboncoeur

Officers

Ellen M. Needham, President

Ann M. Carpenter, Vice President and Assistant Treasurer

Michael P. Riley, Vice President

Chad C. Hallett, Treasurer

Joshua A. Weinberg, Chief Legal Officer

Christopher A. Madden, Secretary

Patricia A. Morisette, Assistant Secretary

Brian Harris, Chief Compliance Officer

Trevor Swanberg, Code of Ethics Compliance Officer

Investment Manager and Administrator

SSGA Funds Management, Inc.
State Street Financial Center
One Lincoln Street
Boston, MA 02111

Distributor

State Street Global Markets, LLC
One Lincoln Street
Boston, MA 02111

Custodian, Sub-Administrator and Transfer Agent

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP
2020 K Street NW
Washington, DC 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
101 Seaport Boulevard
Suite 500
Boston, MA 02210

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^® Index Shares Funds

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

ssga.com | spdrs.com

State Street Global Advisors, State Street Financial Center, One Lincoln Street, Boston, MA 02111

The investment return and principal value of an investment in the Funds will fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

SPDR STOXX Europe 50 ETF, SPDR EURO STOXX 50 ETF, SPDR EURO STOXX Small Cap ETF, SPDR EURO STOXX 50 Currency Hedged ETF, SPDR S&P International Dividend Currency Hedged ETF, SPDR MSCI International Real Estate Currency Hedged ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P Russia ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR Dow Jones International Real Estate ETF, SPDR S&P Global Infrastructure ETF, SPDR S&P Global Natural Resources ETF, SPDR MSCI ACWI ex-US ETF, SPDR MSCI ACWI IMI ETF, SPDR MSCI EM 50 ETF, SPDR MSCI EM Beyond BRIC ETF, SPDR MSCI EAFE Quality Mix ETF, SPDR MSCI Emerging Markets Quality Mix ETF, SPDR MSCI World Quality Mix ETF, SPDR MSCI Australia Quality Mix ETF, SPDR MSCI Canada Quality Mix ETF, SPDR MSCI China A Shares IMI ETF, SPDR MSCI Germany Quality Mix ETF, SPDR MSCI Japan Quality Mix ETF, SPDR MSCI Mexico Quality Mix ETF, SPDR MSCI South Korea Quality Mix ETF, SPDR MSCI Spain Quality Mix ETF, SPDR MSCI Taiwan Quality Mix ETF, SPDR MSCI United Kingdom Quality Mix ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P Global Dividend ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR Dow Jones Global Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, SPDR S&P International Utilities Sector ETF: In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility and price fluctuation.

For all SPDR Index Shares Funds: International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from

differences in generally accepted accounting principles or from economic or political instability in other nations.

In general, Fund shares can be expected to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may acquire Fund Shares and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indicies LLC, MSCI Inc., and Russell Investment Group. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds 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, SIPC. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, administrator, securities lending agent, transfer agent and shareholder servicing agent.

“Standard & Poor’s”, “S&P” and “SPDR” are registered trademarks 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.

This information must be preceded or accompanied by a current prospectus or summary prospectus. Read the prospectus carefully before you invest or send money.

Past performance is no guarantee of future results. It is not possible to invest directly in an index. Index performance does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling a fund. Index performance is not meant to represent that of any particular fund.

Not FDIC Insured. No Bank Guarantee. May Lose Value.


		© 2015 State Street Corporation. All Rights Reserved.
State Street Global Advisors		0515 Exp. Date: 05/31/2016 SPDRIDEXAR IBG-17342

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 (the “1940 Act”).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees.

For the fiscal years ending September 30, 2015 and September 30, 2014, the aggregate audit fees billed for professional services rendered by the principal accountant were $1,080,513 and $971,504, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant’s registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; (4) issuance of a Report on Internal Control for inclusion in the registrant’s Form N-SAR; and (5) Rule 17f-2 securities counts.

(b) Audit-Related Fees.

For the fiscal years ending September 30, 2015 and September 30, 2014, 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 that are not reported under paragraph (a) of this Item.

For the fiscal years ending September 30, 2015 and September 30, 2014, the aggregate tax fees billed for professional services rendered by the principal accountant were $491,825 and $436,975, respectively. Services included the review of the registrant’s federal, state and local income, franchise and other tax returns.

(d) All Other Fees.

There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2015 and September 30, 2014.

(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 Audit Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting; or

	b.		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.

	c.		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.

	d.		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.

	e.		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 for services rendered by the principal accountant to the registrant and its adviser and any entity controlling, controlled by, or under common control with the adviser that provided ongoing services to the registrant for the twelve months ended December 31, 2014 and December 31, 2013 were approximately $4,944,322 and $4,715,586, respectively. Such information is not readily available on a fiscal year basis.

(h) The principal accountant notified the registrant’s Audit Committee of all non-audit services that were rendered by the principal accountant to the registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides services to the registrant, 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 registrant’s Audit Committee to consider whether such services were compatible with maintaining the principal accountant’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 registrant 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, Frank Nesvet, David Kelly and Carl Verboncoeur.

Item 6. Schedule of Investments.

(a)

The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not applicable.

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, Ellen M. Needham, 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 (as defined in Rule 30a-3(c) under the 1940 Act) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. 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 changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics referred to in Item 2.

(a)(2) Separate certifications required by Rule 30a-2 under the 1940 Act 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 1940 Act, 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.


(Name and Address of Agent for Service)		Copy to:

Christopher A. Madden, Esq. State Street Bank and Trust Company One Lincoln Street/CPH0326 Boston, MA 02111		W. John McGuire, Esq. Morgan, Lewis & Brockius LLP 2020 K Street, N.W. Washington, DC 20006




		SUN HUNG KAI	MITSUBISHI ESTATE	LAND SECURITIES
DESCRIPTION	UNIBAIL-RODAMCO SE	PROPERTIES, LTD.	CO., LTD.	GROUP PLC	VONOVIA SE

MARKET VALUE	$196,740	181,547	122,014	116,636	115,704

% OF NET ASSETS	4.9	4.5	3.0	2.9	2.8




	BROOKFIELD ASSET
	MANAGEMENT, INC.			LAND SECURITIES
DESCRIPTION	(CLASS A)	MITSUI FUDOSAN CO., LTD.	UNIBAIL-RODAMCO SE	GROUP PLC	SCENTRE GROUP

MARKET VALUE	$323,100,319	322,526,565	302,270,088	182,452,543	174,164,009

% OF NET ASSETS	6.8	6.8	6.4	3.8	3.7


(1)		Effective May 1, 2013, the Fund changed its benchmark index from the Macquarie Global Infrastructure 100 Index to the S&P Global Infrastructure Index. The Fund’s performance in the table above is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2013.
(2)		Index returns represent the Fund’s prior investment strategy from January 25, 2007 through April 30, 2013 and the S&P Global Infrastructure Index from May 1, 2013 through September 30, 2015.




				BROOKFIELD ASSET
	SIMON PROPERTY			MANAGEMENT,	MITSUI FUDOSAN
DESCRIPTION	GROUP, INC.	PUBLIC STORAGE	EQUITY RESIDENTIAL	INC. (CLASS A)	CO., LTD.

MARKET VALUE	$111,409,829	60,976,317	53,608,036	53,028,168	52,800,852

% OF NET ASSETS	5.9	3.2	2.8	2.8	2.8




		ROYAL DUTCH SHELL PLC		ROYAL DUTCH SHELL PLC
DESCRIPTION	TOTAL SA	(CLASS A)	BP PLC	(CLASS B)	BG GROUP PLC

MARKET VALUE	$2,883,689	2,438,733	2,432,611	1,495,584	1,307,206

% OF NET ASSETS	12.4	10.5	10.5	6.4	5.6




		MITSUBISHI
	HSBC HOLDINGS	UFJ FINANCIAL	COMMONWEALTH	ROYAL BANK OF	TORONTO-DOMINION
DESCRIPTION	PLC	GROUP, INC.	BANK OF AUSTRALIA	CANADA	BANK

MARKET VALUE	$382,560	232,354	226,434	206,229	200,796

% OF NET ASSETS	3.6	2.2	2.1	2.0	1.9




					NOVO NORDISK
DESCRIPTION	NOVARTIS AG	ROCHE HOLDING AG	SANOFI	BAYER AG	A/S (CLASS B)

MARKET VALUE	$9,568,572	7,143,974	4,362,109	4,026,958	3,936,462

% OF NET ASSETS	12.8	9.5	5.8	5.4	5.3




	SAMSUNG ELECTRONICS			TELEFONAKTIEBOLAGET
DESCRIPTION	CO., LTD. GDR	SAP SE	ASML HOLDING NV	LM ERICSSON (CLASS B)	CANON, INC.

MARKET VALUE	$1,200,623	599,322	368,004	299,307	297,598

% OF NET ASSETS	11.8	5.9	3.6	2.9	2.9




	VODAFONE	DEUTSCHE			SOFTBANK
DESCRIPTION	GROUP PLC	TELEKOM AG	TELEFONICA SA	BT GROUP PLC	GROUP CORP.

MARKET VALUE	$3,788,275	2,503,156	2,394,392	2,374,993	1,979,476

% OF NET ASSETS	10.4	6.9	6.6	6.5	5.5


	PERCENT OF
COUNTRY	NET ASSETS

China		75.7	%
Hong Kong		23.9
Singapore		0.0	*
United States (Short Term Investments)		12.2
Other Assets & Liabilities		(11.8	)

Total		100.0	%


By:		/s/ Ellen M. Needham Ellen M. Needham
		President and Principal Executive Officer

Date:		December 4, 2015